# EDGAR Filing Document

**Accession Number:** 0001479026
**File Stem:** 0001193125-26-206736
**Filing Date:** 2026-5
**Character Count:** 4292537
**Document Hash:** 550dd7e70dd6d656e1a742570afdbaf7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-206736.hdr.sgml**: 20260505

**ACCESSION NUMBER**: 0001193125-26-206736

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 32

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260505

**DATE AS OF CHANGE**: 20260505

**EFFECTIVENESS DATE**: 20260505

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23013
- **FILM NUMBER:** 26944511

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

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

## Series and Classes Contracts Data

### Goldman Sachs ActiveBeta(R) International Equity ETF (Series ID: S000048289)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000233873 | Goldman Sachs ActiveBeta(R) World Equity ETF | GSWO            |

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

### Goldman Sachs Enhanced U.S. Equity ETF (Series ID: S000094964)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000263543 | Goldman Sachs Enhanced U.S. Equity ETF | GUSE            |

### Goldman Sachs Growth Opportunities ETF (Series ID: S000094965)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000263544 | Goldman Sachs Growth Opportunities ETF | GSGO            |

### Goldman Sachs Technology Opportunities ETF (Series ID: S000094966)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000263545 | Goldman Sachs Technology Opportunities ETF | GTOP            |

### Goldman Sachs Value Opportunities ETF (Series ID: S000094967)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000263546 | Goldman Sachs Value Opportunities ETF | GVLE            |

### Goldman Sachs MSCI World Private Equity Return Tracker ETF (Series ID: S000095713)

| Class ID   | Class Name                                                 | Ticker Symbol   |
|:---|:---|:---|
| C000264456 | Goldman Sachs MSCI World Private Equity Return Tracker ETF | GTPE            |

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

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

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

### Goldman Sachs ETF Trust

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

#### 200 West Street,

#### New York, New York 10282

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

#### Copies to:

---

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

---

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

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

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

#### Date of reporting period: February 28, 2026
ITEM 1. REPORTS TO STOCKHOLDERS.

The Semi-Annual Report to Shareholders is filed herewith.

![Image](g120512g97y94.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Access Emerging Markets USD Bond ETF

# Cboe BZX Exchange, Inc.: GEMD

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Access Emerging Markets USD Bond ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| Government | 86.9 |
| Energy | 6.9 |
| Basic Materials | 2.4 |
| Financial | 1.2 |
| Utilities | 0.5 |
| Industrial | 0.5 |
| Other | 0.2 |

---

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GEMD | $15 | 0.30%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics
* Total Net Assets as of Period End$36,607,834

* # of Portfolio Holdings as of Period End200

* Portfolio Turnover Rate for the Period12%

* Total Net Advisory Fees Paid for the Period$41,087

Goldman Sachs Access Emerging Markets USD Bond ETF

GEMD

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
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 Access Emerging Markets USD Bond ETF

381430388-SAR-0226 GEMD

![Image](g120512g97y94.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Access High Yield Corporate Bond ETF

# NYSE Arca, Inc.: GHYB

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Access High Yield Corporate Bond ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| Consumer Cyclical | 17.7 |
| Energy | 9.1 |
| Communications | 6.1 |
| Financial Company | 5.9 |
| Healthcare | 4.9 |
| Capital Goods | 4.5 |
| Consumer Noncyclical | 3.5 |
| Basic Industry | 3.4 |
| Electric | 3.4 |
| Technology | 3.1 |
| Other | 36.9 |

---

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GHYB | $8 | 0.15%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics
* Total Net Assets as of Period End$136,089,592

* # of Portfolio Holdings as of Period End929

* Portfolio Turnover Rate for the Period15%

* Total Net Advisory Fees Paid for the Period$65,874

Goldman Sachs Access High Yield Corporate Bond ETF

GHYB

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
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 Access High Yield Corporate Bond ETF

381430453-SAR-0226 GHYB

![Image](g120512g97y94.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Access Inflation Protected USD Bond ETF

# Cboe BZX Exchange, Inc.: GTIP

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Access Inflation Protected USD Bond ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| Government | 99.7 |
| Other | 0.1 |

---

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GTIP | $6 | 0.12%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics
* Total Net Assets as of Period End$232,463,956

* # of Portfolio Holdings as of Period End37

* Portfolio Turnover Rate for the Period17%

* Total Net Advisory Fees Paid for the Period$103,079

Goldman Sachs Access Inflation Protected USD Bond ETF

GTIP

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
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 Access Inflation Protected USD Bond ETF

381430362-SAR-0226 GTIP

![Image](g120512g97y94.jpg)

Semi-Annual Shareholder Report

February 28, 2026

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

# NYSE Arca, Inc.: GSIG

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| Banks | 24.9 |
| Electric | 9.0 |
| Energy | 8.2 |
| Consumer Cyclical | 7.3 |
| Capital Goods | 6.6 |
| Technology | 5.7 |
| Consumer Noncyclical | 5.1 |
| Wireless | 3.8 |
| Insurance | 3.7 |
| REITs and Real Estate | 3.6 |
| Other | 20.9 |

---

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GSIG | $4 | 0.08%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics
* Total Net Assets as of Period End$11,987,250

* # of Portfolio Holdings as of Period End556

* Portfolio Turnover Rate for the Period14%

* Total Net Advisory Fees Paid for the Period$3,463

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

GSIG

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
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 Access Investment Grade Corporate 1-5 Year Bond ETF

38149W507-SAR-0226 GSIG

![Image](g120512g97y94.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Access Investment Grade Corporate Bond ETF

# NYSE Arca, Inc.: GIGB

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Access Investment Grade Corporate Bond ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| Banks | 21.7 |
| Electric | 10.3 |
| Consumer Noncyclical | 8.0 |
| Technology | 7.7 |
| Energy | 7.0 |
| Consumer Cyclical | 6.8 |
| Wireless | 3.8 |
| Capital Goods | 3.4 |
| Food and Beverage | 3.1 |
| Healthcare | 3.1 |
| Other | 23.8 |

---

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GIGB | $4 | 0.08%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics
* Total Net Assets as of Period End$890,982,596

* # of Portfolio Holdings as of Period End2,268

* Portfolio Turnover Rate for the Period5%

* Total Net Advisory Fees Paid for the Period$274,535

Goldman Sachs Access Investment Grade Corporate Bond ETF

GIGB

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
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 Access Investment Grade Corporate Bond ETF

381430479-SAR-0226 GIGB

![Image](g120512g97y94.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Access Municipal Bond ETF

# NYSE Arca, Inc.: GMUN

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Access Municipal Bond ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| State | 14.4% |
| Water & Sewer | 9.2% |
| Appropriation | 8.3% |
| Hospitals | 7.7% |
| School District | 6.4% |
| Income Tax Financing | 5.9% |
| Higher Education | 5.5% |
| Gas Forward | 5.2% |
| Toll Roads, Bridges & Tunnels | 4.1% |
| City | 3.6% |
| Tax Backed District | 3.1% |
| Miscellaneous Tax | 3.0% |
| Combined Utilities | 2.8% |
| Sales Tax | 2.6% |
| Other | 18.4% |

---

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GMUN | $4 | 0.08%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics
* Total Net Assets as of Period End$10,275,425

* # of Portfolio Holdings as of Period End277

* Portfolio Turnover Rate for the Period11%

* Total Net Advisory Fees Paid for the Period$3,408

Goldman Sachs Access Municipal Bond ETF

GMUN

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
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 Access Municipal Bond ETF

38149W663-SAR-0226 GMUN

![Image](g120512g97y94.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Access Treasury 0-1 Year ETF

# NYSE Arca, Inc.: GBIL

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Access Treasury 0-1 Year ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| Government | 99.6 |

---

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GBIL | $6 | 0.12%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics
* Total Net Assets as of Period End$7,108,601,165

* # of Portfolio Holdings as of Period End1,618

* Portfolio Turnover Rate for the Period0%

* Total Net Advisory Fees Paid for the Period$3,893,770

Goldman Sachs Access Treasury 0-1 Year ETF

GBIL

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
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 Access Treasury 0-1 Year ETF

381430529-SAR-0226 GBIL

![Image](g120512g97y94.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Access U.S. Aggregate Bond ETF

# NYSE Arca, Inc.: GCOR

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Access U.S. Aggregate Bond ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| U.S. Treasury Notes | 34.0 |
| Mortgage-Backed Securities | 23.6 |
| Corporate Obligations | 22.0 |
| U.S. Treasury Bonds | 7.4 |
| Foreign Corporate Debt | 4.7 |
| U.S. Treasury Obligations | 4.6 |
| Sovereign Debt Obligations | 2.5 |
| U.S. Government Agency Obligations | 0.7 |
| Other | 11.3 |

---

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GCOR | $3 | 0.06%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics
* Total Net Assets as of Period End$780,340,959

* # of Portfolio Holdings as of Period End1,676

* Portfolio Turnover Rate for the Period133%

* Total Net Advisory Fees Paid for the Period$197,833

Goldman Sachs Access U.S. Aggregate Bond ETF

GCOR

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
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 Access U.S. Aggregate Bond ETF

38149W101-SAR-0226 GCOR

![Image](g120512g97y94.jpg)

Semi-Annual Shareholder Report

February 28, 2026

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

# The NASDAQ Stock Market LLC: GPRF

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Access U.S. Preferred Stock and Hybrid Securities ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| Banks | 27 |
| Financial | 25.4 |
| Electric | 15.9 |
| Energy | 8.6 |
| Insurance | 6.6 |
| Utilities | 3.3 |
| Wireless | 3 |
| Communications | 2.1 |
| Financial Company | 1.7 |
| Healthcare | 1 |
| Other | 4.2 |

---

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GPRF | $23 | 0.45%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics
* Total Net Assets as of Period End$122,507,371

* # of Portfolio Holdings as of Period End466

* Portfolio Turnover Rate for the Period11%

* Total Net Advisory Fees Paid for the Period$319,975

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

GPRF

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
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 Access U.S. Preferred Stock and Hybrid Securities ETF

38149W127-SAR-0226 GPRF

![Image](g120512g97y94.jpg)

Semi-Annual Shareholder Report

February 28, 2026

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

# NYSE Arca, Inc.: GEM

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs ActiveBeta<sup>®</sup> Emerging Markets Equity ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What 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 | 32.8% |
| Financials | 22.0% |
| Consumer Discretionary | 9.6% |
| Communication Services | 7.9% |
| Materials | 7.7% |
| Industrials | 6.1% |
| Consumer Staples | 3.4% |
| Health Care | 3.3% |
| Energy | 2.9% |
| Other | 5.8% |

---

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GEM | $23 | 0.41%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics
* Total Net Assets as of Period End$1,456,282,162

* # of Portfolio Holdings as of Period End748

* Portfolio Turnover Rate for the Period15%

* Total Net Advisory Fees Paid for the Period$2,272,308

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

GEM

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
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 ActiveBeta<sup>®</sup> Emerging Markets Equity ETF

381430206-SAR-0226 GEM

![Image](g120512g97y94.jpg)

Semi-Annual Shareholder Report

February 28, 2026

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

# NYSE Arca, Inc.: GSEU

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs ActiveBeta<sup>®</sup> Europe Equity ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| Financials | 25.2% |
| Industrials | 19.5% |
| Health Care | 13.8% |
| Consumer Staples | 9.0% |
| Information Technology | 7.5% |
| Consumer Discretionary | 7.0% |
| Utilities | 4.9% |
| Materials | 4.6% |
| Communication Services | 4.0% |
| Other | 4.7% |

---

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GSEU | $13 | 0.25%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics
* Total Net Assets as of Period End$125,734,550

* # of Portfolio Holdings as of Period End354

* Portfolio Turnover Rate for the Period12%

* Total Net Advisory Fees Paid for the Period$128,624

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

GSEU

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
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 ActiveBeta<sup>®</sup> Europe Equity ETF

381430305-SAR-0226 GSEU

![Image](g120512g97y94.jpg)

Semi-Annual Shareholder Report

February 28, 2026

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

# NYSE Arca, Inc.: GSIE

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs ActiveBeta<sup>®</sup> International Equity ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| Financials | 27.1% |
| Industrials | 19.2% |
| Health Care | 9.7% |
| Consumer Discretionary | 9.0% |
| Information Technology | 8.4% |
| Consumer Staples | 7.9% |
| Materials | 6.0% |
| Energy | 4.2% |
| Communication Services | 3.6% |
| Other | 5.0% |

---

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GSIE | $13 | 0.25%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics
* Total Net Assets as of Period End$5,510,506,387

* # of Portfolio Holdings as of Period End652

* Portfolio Turnover Rate for the Period14%

* Total Net Advisory Fees Paid for the Period$5,932,981

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

GSIE

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
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 ActiveBeta<sup>®</sup> International Equity ETF

381430107-SAR-0226 GSIE

![Image](g120512g97y94.jpg)

Semi-Annual Shareholder Report

February 28, 2026

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

# NYSE Arca, Inc.: GSJY

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs ActiveBeta<sup>®</sup> Japan Equity ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| Industrials | 27.6% |
| Financials | 18.1% |
| Consumer Discretionary | 15.9% |
| Information Technology | 13.7% |
| Health Care | 5.4% |
| Communication Services | 4.7% |
| Consumer Staples | 4.0% |
| Materials | 4.0% |
| Energy | 3.5% |
| Other | 3.0% |

---

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GSJY | $14 | 0.25%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics
* Total Net Assets as of Period End$86,003,868

* # of Portfolio Holdings as of Period End169

* Portfolio Turnover Rate for the Period10%

* Total Net Advisory Fees Paid for the Period$72,510

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

GSJY

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
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 ActiveBeta<sup>®</sup> Japan Equity ETF

381430404-SAR-0226 GSJY

![Image](g120512g97y94.jpg)

Semi-Annual Shareholder Report

February 28, 2026

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

# NYSE Arca, Inc.: GSLC

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What 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 | 32.3% |
| Financials | 12.4% |
| Communication Services | 10.9% |
| Consumer Discretionary | 10.4% |
| Health Care | 9.8% |
| Industrials | 9.3% |
| Consumer Staples | 6.8% |
| Utilities | 2.6% |
| Energy | 2.6% |
| Other | 2.8% |

---

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GSLC | $5 | 0.09%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics
* Total Net Assets as of Period End$14,704,108,244

* # of Portfolio Holdings as of Period End445

* Portfolio Turnover Rate for the Period9%

* Total Net Advisory Fees Paid for the Period$6,507,828

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

GSLC

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
The 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 ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF

381430503-SAR-0226 GSLC

![Image](g120512g97y94.jpg)

Semi-Annual Shareholder Report

February 28, 2026

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

# NYSE Arca, Inc.: GSSC

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| Industrials | 18.2% |
| Financials | 18.1% |
| Health Care | 17.5% |
| Information Technology | 13.2% |
| Consumer Discretionary | 10.7% |
| Energy | 4.3% |
| Materials | 3.9% |
| Real Estate | 3.9% |
| Consumer Staples | 3.2% |
| Other | 6.8% |

---

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GSSC | $10 | 0.20%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics
* Total Net Assets as of Period End$889,275,194

* # of Portfolio Holdings as of Period End1,329

* Portfolio Turnover Rate for the Period14%

* Total Net Advisory Fees Paid for the Period$713,075

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

GSSC

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

381430602-SAR-0226 GSSC

![Image](g120512g97y94.jpg)

Semi-Annual Shareholder Report

February 28, 2026

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

# Cboe BZX Exchange, Inc.: GSWO

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs ActiveBeta<sup>®</sup> World Equity ETF (the "Fund") (formerly, Goldman Sachs ActiveBeta<sup>®</sup> World Low Vol Plus Equity ETF) for the period of September 1, 2025 to February 28, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What 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 | 25.7% |
| Financials | 16.9% |
| Industrials | 10.8% |
| Consumer Discretionary | 10.8% |
| Health Care | 9.8% |
| Communication Services | 9.2% |
| Consumer Staples | 7.1% |
| Energy | 3.6% |
| Materials | 2.9% |
| Other | 2.9% |

---

## 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** |
| GSWO | $12 | 0.24%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics
* Total Net Assets as of Period End$1,575,570,963

* # of Portfolio Holdings as of Period End775

* Portfolio Turnover Rate for the Period53%

* Total Net Advisory Fees Paid for the Period$1,739,179

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

GSWO

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of 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 ActiveBeta<sup>®</sup> World Equity ETF

38149W739-SAR-0226 GSWO

![Image](g120512g97y94.jpg)

Semi-Annual Shareholder Report

February 28, 2026

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

# Cboe BZX Exchange, Inc.: GSEW

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Equal Weight U.S. Large Cap Equity ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What 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 | 16.7% |
| Industrials | 16.6% |
| Financials | 14.6% |
| Health Care | 11.8% |
| Consumer Discretionary | 8.9% |
| Utilities | 6.2% |
| Consumer Staples | 6.0% |
| Energy | 5.0% |
| Materials | 4.9% |
| Other | 9.2% |

---

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GSEW | $5 | 0.09%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics
* Total Net Assets as of Period End$1,645,973,576

* # of Portfolio Holdings as of Period End503

* Portfolio Turnover Rate for the Period28%

* Total Net Advisory Fees Paid for the Period$630,446

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

GSEW

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
The 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 Equal Weight U.S. Large Cap Equity ETF

381430438-SAR-0226 GSEW

![Image](g120512g97y94.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Hedge Industry VIP ETF

# NYSE Arca, Inc.: GVIP

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Hedge Industry VIP ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What 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 | 29.0% |
| Consumer Discretionary | 17.9% |
| Financials | 15.7% |
| Industrials | 14.4% |
| Communication Services | 12.7% |
| Health Care | 8.0% |
| Consumer Staples | 2.1% |
| Utilities | 1.9% |

---

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GVIP | $23 | 0.45%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics
* Total Net Assets as of Period End$454,496,631

* # of Portfolio Holdings as of Period End51

* Portfolio Turnover Rate for the Period83%

* Total Net Advisory Fees Paid for the Period$944,487

Goldman Sachs Hedge Industry VIP ETF

GVIP

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
The 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 Hedge Industry VIP ETF

381430545-SAR-0226 GVIP

![Image](g120512g97y94.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs India Equity ETF

# The NASDAQ Stock Market LLC: GIND

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs India Equity ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| Financials | 30.4% |
| Consumer Discretionary | 17.6% |
| Materials | 10.2% |
| Industrials | 9.3% |
| Health Care | 8.9% |
| Information Technology | 7.0% |
| Consumer Staples | 5.3% |
| Communication Services | 3.3% |
| Energy | 3.0% |
| Other | 4.4% |

---

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GIND | $37 | 0.75%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics
* Total Net Assets as of Period End$160,814,962

* # of Portfolio Holdings as of Period End121

* Portfolio Turnover Rate for the Period15%

* Total Net Advisory Fees Paid for the Period$348,927

Goldman Sachs India Equity ETF

GIND

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
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 India Equity ETF

38149W481-SAR-0226 GIND

![Image](g120512g97y94.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Innovate Equity ETF

# NYSE Arca, Inc.: GINN

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Innovate Equity ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What 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 | 27.0% |
| Health Care | 21.1% |
| Consumer Discretionary | 16.0% |
| Financials | 12.4% |
| Communication Services | 10.7% |
| Industrials | 7.2% |
| Utilities | 1.8% |
| Consumer Staples | 1.5% |
| Energy | 1.3% |
| Other | 0.7% |

---

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GINN | $25 | 0.50%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics
* Total Net Assets as of Period End$211,513,635

* # of Portfolio Holdings as of Period End477

* Portfolio Turnover Rate for the Period18%

* Total Net Advisory Fees Paid for the Period$555,861

Goldman Sachs Innovate Equity ETF

GINN

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
The 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 Innovate Equity ETF

38149W820-SAR-0226 GINN

![Image](g120512g97y94.jpg)

Semi-Annual Shareholder Report

February 28, 2026

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

# NYSE Arca, Inc.: JUST

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs JUST U.S. Large Cap Equity ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What 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 | 30.3% |
| Financials | 13.1% |
| Communication Services | 10.9% |
| Health Care | 10.3% |
| Industrials | 10.0% |
| Consumer Discretionary | 9.2% |
| Consumer Staples | 5.7% |
| Energy | 3.6% |
| Utilities | 2.4% |
| Other | 4.4% |

---

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| JUST | $10 | 0.20%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics
* Total Net Assets as of Period End$513,580,985

* # of Portfolio Holdings as of Period End444

* Portfolio Turnover Rate for the Period0%

* Total Net Advisory Fees Paid for the Period$478,536

Goldman Sachs JUST U.S. Large Cap Equity ETF

JUST

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
"JUST" is a trademark of Just Capital Foundation ("JCF") and has been licensed for use in connection with The Goldman Sachs JUST U.S. Large Cap Equity ETF. JCF and its affiliates do not recommend the purchase, sale or holding of any security based on the ETF and expressly disclaims all representation, warranties and liabilities in connection with the ETF. See https://www.gsam.com/content/gsam/us/en/individual/products/etf-fund-finder/goldman-sachs-just-u-s--large-cap-equity-etf.html for the full disclaimer.

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 JUST U.S. Large Cap Equity ETF

381430396-SAR-0226 JUST

![Image](g120512g97y94.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs MSCI World Private Equity Return Tracker ETF

# The NASDAQ Stock Market LLC: GTPE

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs MSCI World Private Equity Return Tracker ETF (the "Fund") for the period of October 21, 2025 to February 28, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What 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 | 22.2% |
| Industrials | 14.7% |
| Investment Company | 14.2% |
| Financials | 11.3% |
| Health Care | 10.1% |
| Consumer Discretionary | 5.7% |
| Materials | 4.8% |
| Consumer Staples | 4.2% |
| Communication Services | 2.7% |
| Other | 4.0% |

---

## 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** |
| GTPE | $18 | 0.47%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics
* Total Net Assets as of Period End$26,881,862

* # of Portfolio Holdings as of Period End1,456

* Portfolio Turnover Rate for the Period59%

* Total Net Advisory Fees Paid for the Period$41,618

Goldman Sachs MSCI World Private Equity Return Tracker ETF

GTPE

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
The MSCI indexes are the exclusive property of MSCI Inc. ("MSCI"). MSCI and the MSCI index names are service mark(s) of MSCI or its affiliates and have been licensed for use for certain purposes by Goldman Sachs Asset Management. The financial products referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such financial products or any index on which such financial products are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Goldman Sachs Asset Management and any relevant financial products. No purchaser, seller or holder of this product, or any other person or entity, should use or refer to any MSCI trade name, trademark or service mark to sponsor, endorse, market or promote this product without first contacting MSCI to determine whether MSCI's permission is required. Under no circumstances may any person or entity claim any affiliation with MSCI without the prior written permission of MSCI.

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 MSCI World Private Equity Return Tracker ETF

38149W457-SAR-0226 GTPE

![Image](g120512g97y94.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Small Cap Equity ETF

# NYSE Arca, Inc.: GSC

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Small Cap Equity ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| Industrials | 19.9% |
| Financials | 18.5% |
| Health Care | 15.8% |
| Information Technology | 15.4% |
| Consumer Discretionary | 11.9% |
| Materials | 7.4% |
| Energy | 4.2% |
| Utilities | 3.4% |
| Real Estate | 2.5% |
| Other | 1.2% |

---

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GSC | $39 | 0.75%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics
* Total Net Assets as of Period End$163,260,337

* # of Portfolio Holdings as of Period End98

* Portfolio Turnover Rate for the Period49%

* Total Net Advisory Fees Paid for the Period$550,425

Goldman Sachs Small Cap Equity ETF

GSC

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
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 Small Cap Equity ETF

38149W614-SAR-0226 GSC

![Image](g120512g97y94.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Future Health Care Equity ETF

# NYSE Arca, Inc.: GDOC

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Future Health Care Equity ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| Health Care | 98.8% |
| Investment Company | 1.1% |

---

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GDOC | $39 | 0.75%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics
* Total Net Assets as of Period End$22,605,846

* # of Portfolio Holdings as of Period End40

* Portfolio Turnover Rate for the Period38%

* Total Net Advisory Fees Paid for the Period$65,835

Goldman Sachs Future Health Care Equity ETF

GDOC

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of 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 Future Health Care Equity ETF

38149W770-SAR-0226 GDOC

![Image](g120512g97y94.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Future Tech Leaders Equity ETF

# NYSE Arca, Inc.: GTEK

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Future Tech Leaders Equity ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What 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 | 72.8% |
| Communication Services | 9.4% |
| Industrials | 9.4% |
| Consumer Discretionary | 3.5% |
| Health Care | 1.4% |
| Real Estate | 1.1% |
| Financials | 1.0% |
| Other | 1.3% |

---

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GTEK | $41 | 0.75%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics
* Total Net Assets as of Period End$179,888,282

* # of Portfolio Holdings as of Period End62

* Portfolio Turnover Rate for the Period29%

* Total Net Advisory Fees Paid for the Period$657,776

Goldman Sachs Future Tech Leaders Equity ETF

GTEK

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of 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 Future Tech Leaders Equity ETF

38149W812-SAR-0226 GTEK

![Image](g120512g97y94.jpg)

Semi-Annual Shareholder Report

February 28, 2026

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

# Cboe BZX Exchange, Inc.: GSEE

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs MarketBeta<sup>®</sup> Emerging Markets Equity ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What 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 | 32.7% |
| Financials | 19.8% |
| Consumer Discretionary | 10.4% |
| Industrials | 8.8% |
| Communication Services | 7.1% |
| Materials | 7.1% |
| Energy | 3.6% |
| Health Care | 3.2% |
| Consumer Staples | 3.2% |
| Other | 4.7% |

---

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GSEE | $20 | 0.36%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics
* Total Net Assets as of Period End$135,809,870

* # of Portfolio Holdings as of Period End1,983

* Portfolio Turnover Rate for the Period3%

* Total Net Advisory Fees Paid for the Period$218,923

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

GSEE

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
The 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 MarketBeta<sup>®</sup> Emerging Markets Equity ETF

381430164-SAR-0226 GSEE

![Image](g120512g97y94.jpg)

Semi-Annual Shareholder Report

February 28, 2026

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

# Cboe BZX Exchange, Inc.: GSID

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs MarketBeta<sup>®</sup> International Equity ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| Financials | 23.9% |
| Industrials | 19.9% |
| Health Care | 10.8% |
| Consumer Discretionary | 9.1% |
| Information Technology | 8.9% |
| Consumer Staples | 7.3% |
| Materials | 6.3% |
| Communication Services | 4.0% |
| Utilities | 3.7% |
| Other | 5.9% |

---

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GSID | $11 | 0.20%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics
* Total Net Assets as of Period End$971,137,597

* # of Portfolio Holdings as of Period End900

* Portfolio Turnover Rate for the Period2%

* Total Net Advisory Fees Paid for the Period$890,240

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

GSID

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
The 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 MarketBeta<sup>®</sup> International Equity ETF

381430180-SAR-0226 GSID

![Image](g120512g97y94.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF

# NYSE Arca, Inc.: GGUS

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What 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 | 43.4% |
| Consumer Discretionary | 14.1% |
| Communication Services | 10.7% |
| Health Care | 10.4% |
| Industrials | 8.5% |
| Financials | 7.2% |
| Consumer Staples | 3.6% |
| Real Estate | 0.6% |
| Energy | 0.5% |
| Other | 1.0% |

---

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GGUS | $6 | 0.12%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics
* Total Net Assets as of Period End$395,160,488

* # of Portfolio Holdings as of Period End390

* Portfolio Turnover Rate for the Period12%

* Total Net Advisory Fees Paid for the Period$214,623

Goldman Sachs MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF

GGUS

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
The fund is/are not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group"). The LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the fund or the suitability of the index for the purpose of the fund. See https://am.gs.com/en-us/individual/funds/detail/PV105434/38149W598/goldman-sachs-market-beta-russell-1000-growth-equity-etf for full disclaimer.

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 MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF

38149W598-SAR-0226 GGUS

![Image](g120512g97y94.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF

# NYSE Arca, Inc.: GVUS

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| Financials | 19.7% |
| Industrials | 13.9% |
| Health Care | 11.8% |
| Information Technology | 11.6% |
| Communication Services | 8.0% |
| Consumer Staples | 7.8% |
| Consumer Discretionary | 7.1% |
| Energy | 6.6% |
| Utilities | 4.5% |
| Other | 8.9% |

---

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GVUS | $6 | 0.12%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics
* Total Net Assets as of Period End$415,758,896

* # of Portfolio Holdings as of Period End858

* Portfolio Turnover Rate for the Period1%

* Total Net Advisory Fees Paid for the Period$217,413

Goldman Sachs MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF

GVUS

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
The fund is/are not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group"). The LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the fund or the suitability of the index for the purpose of the fund. See https://am.gs.com/en-us/individual/funds/detail/PV105433/38149W580/goldman-sachs-market-beta-russell-1000-value-equity-etf for full disclaimer.

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 MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF

38149W580-SAR-0226 GVUS

![Image](g120512g97y94.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs MarketBeta<sup>®</sup> U.S. Equity ETF

# Cboe BZX Exchange, Inc.: GSUS

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs MarketBeta<sup>®</sup> U.S. Equity ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What 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 | 32.4% |
| Financials | 12.2% |
| Communication Services | 11.2% |
| Consumer Discretionary | 10.1% |
| Health Care | 9.9% |
| Industrials | 9.0% |
| Consumer Staples | 5.4% |
| Energy | 3.5% |
| Utilities | 2.3% |
| Other | 3.9% |

---

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GSUS | $4 | 0.07%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics
* Total Net Assets as of Period End$2,954,228,131

* # of Portfolio Holdings as of Period End418

* Portfolio Turnover Rate for the Period1%

* Total Net Advisory Fees Paid for the Period$993,119

Goldman Sachs MarketBeta<sup>®</sup> U.S. Equity ETF

GSUS

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
The 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 MarketBeta<sup>®</sup> U.S. Equity ETF

381430123-SAR-0226 GSUS

![Image](g120512g97y94.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Dynamic California Municipal Income ETF

# NYSE Arca, Inc.: GCAL

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Dynamic California Municipal Income ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| Special Assessment | 11.2% |
| Hospital | 11.1% |
| School District GO | 10.4% |
| Water/Sewer | 7.3% |
| Airport | 6.2% |
| Sales Tax | 5.6% |
| City/County Appropriation | 5.2% |
| Muni Electric | 5.1% |
| Charter School | 4.4% |
| Corporate | 3.9% |
| University | 3.7% |
| State GO | 3.6% |
| TIF | 3.3% |
| State Housing | 3.0% |
| Other | 16.1% |

---

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GCAL | $15 | 0.30%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics
* Total Net Assets as of Period End$157,519,756

* # of Portfolio Holdings as of Period End323

* Portfolio Turnover Rate for the Period11%

* Total Net Advisory Fees Paid for the Period$182,295

Goldman Sachs Dynamic California Municipal Income ETF

GCAL

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
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 Dynamic California Municipal Income ETF

38149W564-SAR-0226 GCAL

![Image](g120512g97y94.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Dynamic New York Municipal Income ETF

# NYSE Arca, Inc.: GMNY

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Dynamic New York Municipal Income ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| University | 14.1% |
| Sales Tax | 8.0% |
| Hospital | 7.8% |
| Special Tax | 6.6% |
| City/County GO | 5.6% |
| Water/Sewer | 5.1% |
| Airport | 4.7% |
| Transportation | 4.3% |
| Muni Electric | 4.1% |
| Charter School | 4.1% |
| School District GO | 4.0% |
| Corporate | 3.9% |
| Stadium | 3.1% |
| Toll | 3.0% |
| Other | 20.6% |

---

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GMNY | $15 | 0.30%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics
* Total Net Assets as of Period End$32,953,174

* # of Portfolio Holdings as of Period End177

* Portfolio Turnover Rate for the Period14%

* Total Net Advisory Fees Paid for the Period$32,006

Goldman Sachs Dynamic New York Municipal Income ETF

GMNY

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
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 Dynamic New York Municipal Income ETF

38149W556-SAR-0226 GMNY

![Image](g120512g97y94.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Municipal Income ETF

# NYSE Arca, Inc.: GMUB

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Municipal Income ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| Hospital | 11.9% |
| Corporate | 8.4% |
| University | 7.7% |
| School District GO | 7.2% |
| State Housing | 5.5% |
| Sales Tax | 5.4% |
| City/County GO | 5.2% |
| Special Assessment | 4.8% |
| Airport | 4.5% |
| Water/Sewer | 4.4% |
| Muni Electric | 4.1% |
| LT Health | 3.8% |
| Special Tax | 3.5% |
| Corporate Elec | 3.2% |
| Other | 18.9% |

---

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GMUB | $9 | 0.18%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics
* Total Net Assets as of Period End$204,061,881

* # of Portfolio Holdings as of Period End440

* Portfolio Turnover Rate for the Period16%

* Total Net Advisory Fees Paid for the Period$108,291

Goldman Sachs Municipal Income ETF

GMUB

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
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 Municipal Income ETF

38149W549-SAR-0226 GMUB

![Image](g120512g97y94.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Ultra Short Municipal Income ETF

# NYSE Arca, Inc.: GUMI

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Ultra Short Municipal Income ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| VRDN | 16.3% |
| Hospital | 13.5% |
| City/County GO | 8.6% |
| School District GO | 7.6% |
| Airport | 5.4% |
| University | 5.4% |
| State GO | 5.2% |
| State Appropriation | 4.4% |
| Transportation | 4.0% |
| Misc | 3.7% |
| School District Appropriation | 3.6% |
| State Housing | 3.1% |
| Water/Sewer | 2.9% |
| Sales Tax | 2.3% |
| Other | 15.3% |

---

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GUMI | $8 | 0.16%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics
* Total Net Assets as of Period End$29,002,758

* # of Portfolio Holdings as of Period End214

* Portfolio Turnover Rate for the Period65%

* Total Net Advisory Fees Paid for the Period$12,153

Goldman Sachs Ultra Short Municipal Income ETF

GUMI

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
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 Ultra Short Municipal Income ETF

38149W572-SAR-0226 GUMI

![Image](g120512g97y94.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs U.S. Large Cap Buffer 1 ETF

# Cboe BZX Exchange, Inc.: GBXA

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs U.S. Large Cap Buffer 1 ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

### Asset Class Exposure (%)\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Gross** | **Long** | **Short** | **Net** |
| Developed Equity | 99.5 | 99.5 | - | 99.5 |
| Developed Equity Call Options | 10.8 | 0.0 | 10.8 | -10.8 |
| Developed Equity Put Options | 3.5 | 3.5 |  | 3.5 |

---

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GBXA | $24 | 0.48%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

\*Asset class exposure includes the impact of derivatives. "Gross Exposure" represents the sum of the absolute value of long and short notional contract values in U.S. dollars of the Fund's positions (for a given asset class), divided by the Fund's net assets exposure within each asset class. "Net Exposure" represents the net exposure within the Fund to a given asset class, calculated as the difference between long and short exposures. The exposure of option contracts is delta-adjusted.

## Key Fund Statistics
* Total Net Assets as of Period End$7,685,691

* # of Portfolio Holdings as of Period End6

* Portfolio Turnover Rate for the Period0%

* Total Net Advisory Fees Paid for the Period$28,706

Goldman Sachs U.S. Large Cap Buffer 1 ETF

GBXA

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
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 U.S. Large Cap Buffer 1 ETF

38149W531-SAR-0226 GBXA

![Image](g120512g97y94.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs U.S. Large Cap Buffer 3 ETF

# Cboe BZX Exchange, Inc.: GBXC

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs U.S. Large Cap Buffer 3 ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

### Asset Class Exposure (%)\*

---

| | | | |
|:---|:---|:---|:---|
| | **Gross** | **Short** | **Net** |
| Developed Equity Put Options | 1 | 0.1 | 0.9 |
| Developed Equity | 99.9 | - | 99.9 |
| Developed Equity Call Options<sup>Footnote Reference^</sup> | 0 | 0 | 0 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>^</sup> | &nbsp;&nbsp;Amounts are rounding to zero. |

---

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GBXC | $24 | 0.48%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

\*Asset class exposure includes the impact of derivatives. "Gross Exposure" represents the sum of the absolute value of long and short notional contract values in U.S. dollars of the Fund's positions (for a given asset class), divided by the Fund's net assets exposure within each asset class. "Net Exposure" represents the net exposure within the Fund to a given asset class, calculated as the difference between long and short exposures. The exposure of option contracts is delta-adjusted.

## Key Fund Statistics
* Total Net Assets as of Period End$9,753,664

* # of Portfolio Holdings as of Period End6

* Portfolio Turnover Rate for the Period0%

* Total Net Advisory Fees Paid for the Period$18,815

Goldman Sachs U.S. Large Cap Buffer 3 ETF

GBXC

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
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 U.S. Large Cap Buffer 3 ETF

38149W515-SAR-0226 GBXC

![Image](g120512g97y94.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Core Bond ETF

# NYSE Arca, Inc.: GBND

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Core Bond ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| Mortgage-Backed Securities | 37.5 |
| U.S. Treasury Notes | 31.4 |
| Corporate Obligations | 23.6 |
| Asset- Backed Securities | 14.0 |
| Collateralized Mortgage Obligations | 3.4 |
| Foreign Corporate Debt | 2.3 |
| Sovereign Debt Obligations | 1.1 |
| U.S. Treasury Bonds | 1.1 |
| Municipal Bond | 0.5 |
| Other | 6.2 |

---

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GBND | $12 | 0.23%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics
* Total Net Assets as of Period End$80,039,707

* # of Portfolio Holdings as of Period End477

* Portfolio Turnover Rate for the Period166%

* Total Net Advisory Fees Paid for the Period$42,397

Goldman Sachs Core Bond ETF

GBND

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
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 Core Bond ETF

38149W473-SAR-0226 GBND

![Image](g120512g97y94.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Corporate Bond ETF

# NYSE Arca, Inc.: GIGL

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Corporate Bond ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| Banks | 23.0 |
| Consumer Cyclical | 9.2 |
| Technology | 6.6 |
| Healthcare | 6.4 |
| REITs and Real Estate | 5.8 |
| Consumer Noncyclical | 5.1 |
| Energy | 4.8 |
| Food and Beverage | 4.3 |
| Software | 4.1 |
| Other | 27.9 |

---

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GIGL | $15 | 0.29%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics
* Total Net Assets as of Period End$54,105,809

* # of Portfolio Holdings as of Period End292

* Portfolio Turnover Rate for the Period17%

* Total Net Advisory Fees Paid for the Period$40,847

Goldman Sachs Corporate Bond ETF

GIGL

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
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 Corporate Bond ETF

38149W465-SAR-0226 GIGL

![Image](g120512g97y94.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Ultra Short Bond ETF

# Cboe BZX Exchange, Inc.: GSST

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Ultra Short Bond ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| Corporate Obligations | 30.1 |
| Foreign Corporate Debt | 26.4 |
| Asset- Backed Securities | 14.6 |
| Commercial Paper | 11.2 |
| Mortgage-Backed Securities | 5.9 |
| U.S. Treasury Notes | 5.8 |
| Certificate of Deposit | 5.5 |
| U.S. Government Agency Obligations | 0.9 |
| Other | 1.2 |

---

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GSST | $8 | 0.16%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics
* Total Net Assets as of Period End$1,387,532,334

* # of Portfolio Holdings as of Period End416

* Portfolio Turnover Rate for the Period36%

* Total Net Advisory Fees Paid for the Period$912,421

Goldman Sachs Ultra Short Bond ETF

GSST

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
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 Ultra Short Bond ETF

381430230-SAR-0226 GSST

![Image](g120512g97y94.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Enhanced U.S. Equity ETF

# The NASDAQ Stock Market LLC: GUSE

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Enhanced U.S. Equity ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| Information Technology | 31.1% |
| Financials | 13.4% |
| Consumer Discretionary | 10.1% |
| Communication Services | 9.7% |
| Industrials | 9.4% |
| Health Care | 8.6% |
| Consumer Staples | 5.7% |
| Energy | 3.3% |
| Materials | 2.9% |
| Other | 5.9% |

---

## 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** |
| GUSE | $23 | 0.43%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics
* Total Net Assets as of Period End$336,729,930

* # of Portfolio Holdings as of Period End122

* Portfolio Turnover Rate for the Period45%

* Total Net Advisory Fees Paid for the Period$745,836

Goldman Sachs Enhanced U.S. Equity ETF

GUSE

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of 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 Enhanced U.S. Equity ETF

38149W424-SAR-0226 GUSE

![Image](g120512g97y94.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Growth Opportunities ETF

# The NASDAQ Stock Market LLC: GSGO

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Growth Opportunities ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What 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 | 46.9% |
| Communication Services | 12.2% |
| Consumer Discretionary | 11.7% |
| Health Care | 9.4% |
| Industrials | 8.5% |
| Financials | 5.3% |
| Consumer Staples | 1.8% |
| Materials | 1.8% |
| Energy | 1.7% |
| Other | 0.8% |

---

## 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** |
| GSGO | $32 | 0.60%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics
* Total Net Assets as of Period End$146,459,751

* # of Portfolio Holdings as of Period End58

* Portfolio Turnover Rate for the Period29%

* Total Net Advisory Fees Paid for the Period$484,493

Goldman Sachs Growth Opportunities ETF

GSGO

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of 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 Growth Opportunities ETF

38149W440-SAR-0226 GSGO

![Image](g120512g97y94.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Technology Opportunities ETF

# The NASDAQ Stock Market LLC: GTOP

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Technology Opportunities ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What 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 | 63.2% |
| Communication Services | 15.4% |
| Consumer Discretionary | 12.8% |
| Financials | 4.7% |
| Real Estate | 3.0% |
| Other | 0.9% |

---

## 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** |
| GTOP | $43 | 0.81%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics
* Total Net Assets as of Period End$585,487,504

* # of Portfolio Holdings as of Period End37

* Portfolio Turnover Rate for the Period38%

* Total Net Advisory Fees Paid for the Period$2,980,487

Goldman Sachs Technology Opportunities ETF

GTOP

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of 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 Technology Opportunities ETF

38149W432-SAR-0226 GTOP

![Image](g120512g97y94.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Value Opportunities ETF

# The NASDAQ Stock Market LLC: GVLE

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Value Opportunities ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| Industrials | 18.1% |
| Financials | 16.3% |
| Health Care | 11.8% |
| Information Technology | 11.5% |
| Consumer Discretionary | 8.9% |
| Communication Services | 7.5% |
| Energy | 6.0% |
| Utilities | 6.0% |
| Consumer Staples | 5.6% |
| Other | 8.2% |

---

## 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** |
| GVLE | $29 | 0.57%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics
* Total Net Assets as of Period End$43,416,015

* # of Portfolio Holdings as of Period End34

* Portfolio Turnover Rate for the Period43%

* Total Net Advisory Fees Paid for the Period$131,840

Goldman Sachs Value Opportunities ETF

GVLE

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of 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 Value Opportunities ETF

38149W416-SAR-0226 GVLE

------

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.

The information required by this Item is only required in an annual report on this Form N-CSR.

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 Kathryn A. Cassidy, Joaquin Delgado, John F. Killian, Steven D. Krichmar, Michael Latham, 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](g120512g00k05.jpg)

Goldman Sachs Funds Semi-Annual Financial Statements February 28, 2026 Goldman Sachs Access Fixed Income ETFs Goldman Sachs Access Emerging Markets USD Bond ETF (GEMD) Goldman Sachs Access High Yield Corporate Bond ETF (GHYB) Goldman Sachs Access Inflation Protected USD Bond ETF (GTIP) Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF (GSIG) Goldman Sachs Access Investment Grade Corporate Bond ETF (GIGB) Goldman Sachs Access Municipal Bond ETF (GMUN) Goldman Sachs Access Treasury 0-1 Year ETF (GBIL) Goldman Sachs Access U.S. Aggregate Bond ETF (GCOR) Goldman Sachs Access U.S. Preferred Stock and Hybrid Securities ETF (GPRF)

------

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

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

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

## Goldman Sachs Access Fixed Income ETFs

---

| | |
|:---|:---|
| **Table of Contents** | **Page** |
|  **[Schedules of Investments](#afi120512_1)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Access Emerging Markets USD Bond ETF](#afi120512_2) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Access High Yield Corporate Bond ETF](#afi120512_3) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Access Inflation Protected USD Bond ETF](#afi120512_4) | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond](#afi120512_5) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Access Investment Grade Corporate Bond ETF](#afi120512_6) | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Access Municipal Bond ETF](#afi120512_7) | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Access Treasury 0-1 Year ETF](#afi120512_8) | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Access U.S. Aggregate Bond ETF](#afi120512_9) | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Access U.S. Preferred Stock and Hybrid Securities ETF](#afi120512_10) | 111 |
|  **[Financial Statements](#afi120512_11)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#afi120512_12) | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#afi120512_13) | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#afi120512_14) | 130 |
|  **[Financial Highlights](#afi120512_15)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Access Emerging Markets USD Bond ETF](#afi120512_16) | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Access High Yield Corporate Bond ETF](#afi120512_17) | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Access Inflation Protected USD Bond ETF](#afi120512_18) | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF](#afi120512_19) | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Access Investment Grade Corporate Bond ETF](#afi120512_20) | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Access Municipal Bond ETF](#afi120512_21) | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Access Treasury 0-1 Year ETF](#afi120512_22) | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Access U.S. Aggregate Bond ETF](#afi120512_23) | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Access U.S. Preferred Stock and Hybrid Securities ETF](#afi120512_24) | 143 |
|  **[Notes to Financial Statements](#afi120512_25)** | 144 |

---

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

------

GOLDMAN SACHS ACCESS EMERGING MARKETS USD BOND ETF

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

Schedule of Investments *February 28, 2026 (Unaudited)*

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Sovereign Debt Obligations – 86.4% | Sovereign Debt Obligations – 86.4% | Sovereign Debt Obligations – 86.4% | Sovereign Debt Obligations – 86.4% |
| Angola – 0.5% | Angola – 0.5% | Angola – 0.5% | Angola – 0.5% |
| Angolan Government International Bond (B-/B3) | Angolan Government International Bond (B-/B3) | Angolan Government International Bond (B-/B3) | Angolan Government International Bond (B-/B3) |
| $200000 | 8.750% | 04/14/32 | $196000 |
| Argentina – 4.8% | Argentina – 4.8% | Argentina – 4.8% | Argentina – 4.8% |
| Argentine Republic Government International Bond<sup>(a)</sup> (CCC+/NR) | Argentine Republic Government International Bond<sup>(a)</sup> (CCC+/NR) | Argentine Republic Government International Bond<sup>(a)</sup> (CCC+/NR) | Argentine Republic Government International Bond<sup>(a)</sup> (CCC+/NR) |
| 674239 | 4.125 | 07/09/35 | 510736 |
| 438000 | 5.000 | 01/09/38 | 346020 |
| 381600 | 0.750 | 07/09/30 | 324837 |
| 434489 | 3.500 | 07/09/41 | 305772 |
| 218045 | 4.125 | 07/09/46 | 156993 |
| 136500 | 1.000 | 07/09/29 | 120802 |
|  |  |  | 1765160 |
| Armenia – 0.5% | Armenia – 0.5% | Armenia – 0.5% | Armenia – 0.5% |
| Republic of Armenia International Bond (NR/Ba3) | Republic of Armenia International Bond (NR/Ba3) | Republic of Armenia International Bond (NR/Ba3) | Republic of Armenia International Bond (NR/Ba3) |
| 200000 | 3.600 | 02/02/31 | 184611 |
| Bahrain – 1.6% | Bahrain – 1.6% | Bahrain – 1.6% | Bahrain – 1.6% |
| Bahrain Government International Bond (B/NR) | Bahrain Government International Bond (B/NR) | Bahrain Government International Bond (B/NR) | Bahrain Government International Bond (B/NR) |
| 200000 | 6.750 | 09/20/29 | 205750 |
| 200000 | 6.000 | 09/19/44 | 173500 |
| 225000 | 5.625 | 05/18/34 | 213655 |
|  |  |  | 592905 |
| Brazil – 4.1% | Brazil – 4.1% | Brazil – 4.1% | Brazil – 4.1% |
| Brazilian Government International Bond (BB/Ba1) | Brazilian Government International Bond (BB/Ba1) | Brazilian Government International Bond (BB/Ba1) | Brazilian Government International Bond (BB/Ba1) |
| 205000 | 6.625 | 03/15/35 | 216019 |
| 200000 | 6.125 | 03/15/34 | 205500 |
| 200000 | 7.125 | 05/13/54 | 204750 |
| 200000 | 6.125 | 01/22/32 | 210250 |
| 380000 | 4.625 | 01/13/28 | 383325 |
| 150000 | 7.125 | 01/20/37 | 167250 |
| 128000 | 5.625 | 01/07/41 | 120480 |
| 10000 | 10.125 | 05/15/27 | 10712 |
|  |  |  | 1518286 |
| Chile – 2.6% | Chile – 2.6% | Chile – 2.6% | Chile – 2.6% |
| Chile Government International Bond (A/A2) | Chile Government International Bond (A/A2) | Chile Government International Bond (A/A2) | Chile Government International Bond (A/A2) |
| 400000 | 2.550 | 07/27/33 | 352266 |
| 250000 | 4.950 | 01/05/36 | 257050 |
| 200000 | 3.240 | 02/06/28 | 197411 |
| 200000 | 3.100 | 01/22/61 | 130175 |
|  |  |  | 936902 |
| China – 2.1% | China – 2.1% | China – 2.1% | China – 2.1% |
| China Government International Bond (A+/A1) | China Government International Bond (A+/A1) | China Government International Bond (A+/A1) | China Government International Bond (A+/A1) |
| 400000 | 1.250 | 10/26/26 | 394388 |
| 353000 | 4.250 | 11/20/29 | 366450 |
|  |  |  | 760838 |
| Colombia – 3.8% | Colombia – 3.8% | Colombia – 3.8% | Colombia – 3.8% |
| Colombia Government International Bond (BB/Baa3) | Colombia Government International Bond (BB/Baa3) | Colombia Government International Bond (BB/Baa3) | Colombia Government International Bond (BB/Baa3) |
| 200000 | 7.750 | 11/07/36 | 210500 |
| 250000 | 3.250 | 04/22/32 | 212911 |
| 200000 | 8.000 | 04/20/33 | 215479 |
| 200000 | 8.750 | 11/14/53 | 222000 |
| 200000 | 3.125 | 04/15/31 | 174337 |
| 200000 | 5.200 | 05/15/49 | 149750 |
| 100000 | 7.375 | 09/18/37 | 102714 |
| 110000 | 6.125 | 01/18/41 | 98994 |
|  |  |  | 1386685 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Sovereign Debt Obligations (Continued) | Sovereign Debt Obligations (Continued) | Sovereign Debt Obligations (Continued) | Sovereign Debt Obligations (Continued) |
| Costa Rica – 0.6% | Costa Rica – 0.6% | Costa Rica – 0.6% | Costa Rica – 0.6% |
| Costa Rica Government International Bond (BB/Ba2) | Costa Rica Government International Bond (BB/Ba2) | Costa Rica Government International Bond (BB/Ba2) | Costa Rica Government International Bond (BB/Ba2) |
| $200000 | 7.158% | 03/12/45 | $225000 |
| Dominican Republic – 3.5% | Dominican Republic – 3.5% | Dominican Republic – 3.5% | Dominican Republic – 3.5% |
| Dominican Republic International Bond (BB/Ba2) | Dominican Republic International Bond (BB/Ba2) | Dominican Republic International Bond (BB/Ba2) | Dominican Republic International Bond (BB/Ba2) |
| 225000 | 6.000 | 07/19/28 | 232031 |
| 200000 | 5.500 | 02/22/29 | 204250 |
| 200000 | 4.875 | 09/23/32 | 193000 |
| 200000 | 6.400 | 06/05/49 | 201500 |
| 350000 | 5.300 | 01/21/41 | 320688 |
| 150000 | 5.875 | 01/30/60 | 135937 |
|  |  |  | 1287406 |
| Ecuador – 0.6% | Ecuador – 0.6% | Ecuador – 0.6% | Ecuador – 0.6% |
| Ecuador Government International Bond<sup>(a)</sup> (B-/Ba3) | Ecuador Government International Bond<sup>(a)</sup> (B-/Ba3) | Ecuador Government International Bond<sup>(a)</sup> (B-/Ba3) | Ecuador Government International Bond<sup>(a)</sup> (B-/Ba3) |
| 207727 | 6.900 | 07/31/35 | 189551 |
| 45000 | 6.900 | 07/31/30 | 44572 |
|  |  |  | 234123 |
| Egypt – 1.3% | Egypt – 1.3% | Egypt – 1.3% | Egypt – 1.3% |
| Egypt Government International Bond (NR/Caa1) | Egypt Government International Bond (NR/Caa1) | Egypt Government International Bond (NR/Caa1) | Egypt Government International Bond (NR/Caa1) |
| 200000 | 8.500 | 01/31/47 | 192000 |
| 200000 | 7.500 | 02/16/61 | 171000 |
| 134000 | 6.875 | 04/30/40 | 122610 |
|  |  |  | 485610 |
| El Salvador – 0.6% | El Salvador – 0.6% | El Salvador – 0.6% | El Salvador – 0.6% |
| El Salvador Government International Bond (B-/B3) | El Salvador Government International Bond (B-/B3) | El Salvador Government International Bond (B-/B3) | El Salvador Government International Bond (B-/B3) |
| 150000 | 9.650 | 11/21/54 | 171750 |
| 60000 | 7.650 | 06/15/35 | 62624 |
|  |  |  | 234374 |
| Ghana – 1.1% | Ghana – 1.1% | Ghana – 1.1% | Ghana – 1.1% |
| Ghana Government International Bond<sup>(a)(b)</sup> (B-/Caa1) | Ghana Government International Bond<sup>(a)(b)</sup> (B-/Caa1) | Ghana Government International Bond<sup>(a)(b)</sup> (B-/Caa1) | Ghana Government International Bond<sup>(a)(b)</sup> (B-/Caa1) |
| 262500 | 5.000 | 07/03/29 | 258234 |
| 70014 | 0.000 | 01/03/30 | 61087 |
| 45098 | 5.000 | 07/03/35 | 40927 |
| 50000 | 1.500 | 01/03/37 | 28250 |
|  |  |  | 388498 |
| Guatemala – 0.6% | Guatemala – 0.6% | Guatemala – 0.6% | Guatemala – 0.6% |
| Guatemala Government Bond (BB+/NR) | Guatemala Government Bond (BB+/NR) | Guatemala Government Bond (BB+/NR) | Guatemala Government Bond (BB+/NR) |
| 225000 | 3.700 | 10/07/33 | 205031 |
| Honduras – 0.4% | Honduras – 0.4% | Honduras – 0.4% | Honduras – 0.4% |
| Honduras Government International Bond (BB-/B1) | Honduras Government International Bond (BB-/B1) | Honduras Government International Bond (BB-/B1) | Honduras Government International Bond (BB-/B1) |
| 150000 | 6.250 | 01/19/27 | 152625 |
| Hungary – 2.4% | Hungary – 2.4% | Hungary – 2.4% | Hungary – 2.4% |
| Hungary Government International Bond (BBB-/Baa2) | Hungary Government International Bond (BBB-/Baa2) | Hungary Government International Bond (BBB-/Baa2) | Hungary Government International Bond (BBB-/Baa2) |
| 400000 | 5.500 | 03/26/36 | 405747 |
| 200000 | 6.125 | 05/22/28 | 207981 |
| 250000 | 3.125 | 09/21/51 | 158953 |
| Hungary Government International Bond, Series 30Y (BBB-/Baa2) | Hungary Government International Bond, Series 30Y (BBB-/Baa2) | Hungary Government International Bond, Series 30Y (BBB-/Baa2) | Hungary Government International Bond, Series 30Y (BBB-/Baa2) |
| 100000 | 7.625 | 03/29/41 | 119171 |
|  |  |  | 891852 |
| India – 0.5% | India – 0.5% | India – 0.5% | India – 0.5% |
| Export-Import Bank of India (BBB/Baa3) | Export-Import Bank of India (BBB/Baa3) | Export-Import Bank of India (BBB/Baa3) | Export-Import Bank of India (BBB/Baa3) |
| 200000 | 2.250 | 01/13/31 | 182730 |

---

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

The accompanying notes are an integral part of these financial statements.<sub>3</sub>

------

GOLDMAN SACHS ACCESS EMERGING MARKETS USD BOND ETF

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

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Sovereign Debt Obligations (Continued) | Sovereign Debt Obligations (Continued) | Sovereign Debt Obligations (Continued) | Sovereign Debt Obligations (Continued) |
| Indonesia – 3.4% | Indonesia – 3.4% | Indonesia – 3.4% | Indonesia – 3.4% |
| Indonesia Government International Bond (BBB/Baa2) | Indonesia Government International Bond (BBB/Baa2) | Indonesia Government International Bond (BBB/Baa2) | Indonesia Government International Bond (BBB/Baa2) |
| $121000 | 7.750% | 01/17/38 | $150566 |
| 125000 | 8.500 | 10/12/35 | 158829 |
| 200000 | 3.050 | 03/12/51 | 133242 |
| 400000 | 4.650 | 09/20/32 | 403586 |
| 200000 | 3.850 | 07/18/27 | 200145 |
| 200000 | 4.900 | 04/16/36 | 198558 |
|  |  |  | 1244926 |
| Ivory Coast – 0.6% | Ivory Coast – 0.6% | Ivory Coast – 0.6% | Ivory Coast – 0.6% |
| Ivory Coast Government International Bond (BB/Ba2) | Ivory Coast Government International Bond (BB/Ba2) | Ivory Coast Government International Bond (BB/Ba2) | Ivory Coast Government International Bond (BB/Ba2) |
| 226000 | 6.125 | 06/15/33 | 224572 |
| Jamaica – 0.7% | Jamaica – 0.7% | Jamaica – 0.7% | Jamaica – 0.7% |
| Jamaica Government International Bond (BB/Ba3) | Jamaica Government International Bond (BB/Ba3) | Jamaica Government International Bond (BB/Ba3) | Jamaica Government International Bond (BB/Ba3) |
| 200000 | 7.875 | 07/28/45 | 242250 |
| Jordan – 0.7% | Jordan – 0.7% | Jordan – 0.7% | Jordan – 0.7% |
| Jordan Government International Bond (BB-/Ba3) | Jordan Government International Bond (BB-/Ba3) | Jordan Government International Bond (BB-/Ba3) | Jordan Government International Bond (BB-/Ba3) |
| 250000 | 7.750 | 01/15/28 | 261390 |
| Kazakhstan – 0.6% | Kazakhstan – 0.6% | Kazakhstan – 0.6% | Kazakhstan – 0.6% |
| Kazakhstan Government International Bond (BBB-/Baa1) | Kazakhstan Government International Bond (BBB-/Baa1) | Kazakhstan Government International Bond (BBB-/Baa1) | Kazakhstan Government International Bond (BBB-/Baa1) |
| 200000 | 6.500 | 07/21/45 | 221346 |
| Kenya – 1.0% | Kenya – 1.0% | Kenya – 1.0% | Kenya – 1.0% |
| Republic of Kenya Government International Bond (B/B3) | Republic of Kenya Government International Bond (B/B3) | Republic of Kenya Government International Bond (B/B3) | Republic of Kenya Government International Bond (B/B3) |
| 400000 | 8.250 | 02/28/48 | 375000 |
| Kuwait – 1.6% | Kuwait – 1.6% | Kuwait – 1.6% | Kuwait – 1.6% |
| Kuwait International Government Bond (AA-/NR) | Kuwait International Government Bond (AA-/NR) | Kuwait International Government Bond (AA-/NR) | Kuwait International Government Bond (AA-/NR) |
| 200000 | 4.136 | 10/09/30 | 200744 |
| 200000 | 4.016 | 10/09/28 | 200892 |
| 200000 | 4.652 | 10/09/35 | 200977 |
|  |  |  | 602613 |
| Mexico – 3.0% | Mexico – 3.0% | Mexico – 3.0% | Mexico – 3.0% |
| Mexico Government International Bond (BBB/Baa2) | Mexico Government International Bond (BBB/Baa2) | Mexico Government International Bond (BBB/Baa2) | Mexico Government International Bond (BBB/Baa2) |
| 200000 | 6.400 | 05/07/54 | 196218 |
| 200000 | 6.338 | 05/04/53 | 194610 |
| 325000 | 4.500 | 04/22/29 | 327602 |
| 200000 | 6.000 | 05/07/36 | 206086 |
| Mexico Government International Bond, GMTN (BBB/Baa2) | Mexico Government International Bond, GMTN (BBB/Baa2) | Mexico Government International Bond, GMTN (BBB/Baa2) | Mexico Government International Bond, GMTN (BBB/Baa2) |
| 106000 | 5.750 | 10/12/10 | 90568 |
| Mexico Government International Bond, MTN (BBB/Baa2) | Mexico Government International Bond, MTN (BBB/Baa2) | Mexico Government International Bond, MTN (BBB/Baa2) | Mexico Government International Bond, MTN (BBB/Baa2) |
| 120000 | 4.750 | 03/08/44 | 100851 |
|  |  |  | 1115935 |
| Morocco – 0.6% | Morocco – 0.6% | Morocco – 0.6% | Morocco – 0.6% |
| Morocco Government International Bond (BBB-/Ba1) | Morocco Government International Bond (BBB-/Ba1) | Morocco Government International Bond (BBB-/Ba1) | Morocco Government International Bond (BBB-/Ba1) |
| 200000 | 6.500 | 09/08/33 | 218207 |
| Nigeria – 0.6% | Nigeria – 0.6% | Nigeria – 0.6% | Nigeria – 0.6% |
| Nigeria Government International Bond (B-/B3) | Nigeria Government International Bond (B-/B3) | Nigeria Government International Bond (B-/B3) | Nigeria Government International Bond (B-/B3) |
| 200000 | 10.375 | 12/09/34 | 238826 |
| Oman – 2.0% | Oman – 2.0% | Oman – 2.0% | Oman – 2.0% |
| Oman Government International Bond (NR/Baa3) | Oman Government International Bond (NR/Baa3) | Oman Government International Bond (NR/Baa3) | Oman Government International Bond (NR/Baa3) |
| 200000 | 6.750 | 01/17/48 | 220929 |
| 200000 | 7.375 | 10/28/32 | 229984 |
| 275000 | 5.375 | 03/08/27 | 277882 |
|  |  |  | 728795 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Sovereign Debt Obligations (Continued) | Sovereign Debt Obligations (Continued) | Sovereign Debt Obligations (Continued) | Sovereign Debt Obligations (Continued) |
| Pakistan – 0.6% | Pakistan – 0.6% | Pakistan – 0.6% | Pakistan – 0.6% |
| Pakistan Government International Bond (B-/Caa1) | Pakistan Government International Bond (B-/Caa1) | Pakistan Government International Bond (B-/Caa1) | Pakistan Government International Bond (B-/Caa1) |
| $200000 | 6.875% | 12/05/27 | $202250 |
| Panama – 3.4% | Panama – 3.4% | Panama – 3.4% | Panama – 3.4% |
| Panama Government International Bond (BBB-/Baa3) | Panama Government International Bond (BBB-/Baa3) | Panama Government International Bond (BBB-/Baa3) | Panama Government International Bond (BBB-/Baa3) |
| 250000 | 6.853 | 03/28/54 | 271146 |
| 233000 | 8.875 | 09/30/27 | 250847 |
| 298000 | 6.700 | 01/26/36 | 327084 |
| 200000 | 3.875 | 03/17/28 | 198558 |
| 200000 | 3.870 | 07/23/60 | 139119 |
| 40000 | 9.375 | 04/01/29 | 46075 |
|  |  |  | 1232829 |
| Paraguay – 0.6% | Paraguay – 0.6% | Paraguay – 0.6% | Paraguay – 0.6% |
| Paraguay Government International Bond (BBB-/Baa3) | Paraguay Government International Bond (BBB-/Baa3) | Paraguay Government International Bond (BBB-/Baa3) | Paraguay Government International Bond (BBB-/Baa3) |
| 200000 | 6.000 | 02/09/36 | 216000 |
| Peru – 2.5% | Peru – 2.5% | Peru – 2.5% | Peru – 2.5% |
| Peruvian Government International Bond (BBB-/Baa1) | Peruvian Government International Bond (BBB-/Baa1) | Peruvian Government International Bond (BBB-/Baa1) | Peruvian Government International Bond (BBB-/Baa1) |
| 288000 | 8.750 | 11/21/33 | 364022 |
| 100000 | 6.550 | 03/14/37 | 112022 |
| 150000 | 3.550 | 03/10/51 | 108436 |
| 175000 | 5.875 | 08/08/54 | 177335 |
| 249000 | 2.780 | 12/01/60 | 141550 |
| 40000 | 3.230 | 07/28/21 | 22635 |
|  |  |  | 926000 |
| Philippines – 4.7% | Philippines – 4.7% | Philippines – 4.7% | Philippines – 4.7% |
| Philippine Government International Bond (BBB+/Baa2) | Philippine Government International Bond (BBB+/Baa2) | Philippine Government International Bond (BBB+/Baa2) | Philippine Government International Bond (BBB+/Baa2) |
| 200000 | 5.500 | 02/04/35 | 211580 |
| 200000 | 5.250 | 05/14/34 | 208401 |
| 200000 | 6.375 | 10/23/34 | 223953 |
| 200000 | 5.000 | 01/13/37 | 202702 |
| 200000 | 1.950 | 01/06/32 | 176037 |
| 200000 | 3.700 | 02/02/42 | 167270 |
| 400000 | 3.700 | 03/01/41 | 338311 |
| 100000 | 6.375 | 01/15/32 | 111093 |
| 63000 | 9.500 | 02/02/30 | 75730 |
|  |  |  | 1715077 |
| Poland – 2.1% | Poland – 2.1% | Poland – 2.1% | Poland – 2.1% |
| Republic of Poland Government International Bond, Series 10Y (A-/A2) | Republic of Poland Government International Bond, Series 10Y (A-/A2) | Republic of Poland Government International Bond, Series 10Y (A-/A2) | Republic of Poland Government International Bond, Series 10Y (A-/A2) |
| 150000 | 5.375 | 02/12/35 | 157520 |
| 154000 | 5.125 | 09/18/34 | 159882 |
| 200000 | 5.750 | 11/16/32 | 215833 |
| Republic of Poland Government International Bond, Series 30Y (A-/A2) | Republic of Poland Government International Bond, Series 30Y (A-/A2) | Republic of Poland Government International Bond, Series 30Y (A-/A2) | Republic of Poland Government International Bond, Series 30Y (A-/A2) |
| 253000 | 5.500 | 03/18/54 | 248449 |
|  |  |  | 781684 |
| Qatar – 4.9% | Qatar – 4.9% | Qatar – 4.9% | Qatar – 4.9% |
| Qatar Government International Bond (AA/Aa2) | Qatar Government International Bond (AA/Aa2) | Qatar Government International Bond (AA/Aa2) | Qatar Government International Bond (AA/Aa2) |
| 149000 | 9.750 | 06/15/30 | 183867 |
| 200000 | 3.250 | 06/02/26 | 199673 |
| 200000 | 4.000 | 03/14/29 | 200959 |
| 200000 | 4.817 | 03/14/49 | 191784 |
| 200000 | 4.500 | 04/23/28 | 202722 |
| 200000 | 4.875 | 02/27/35 | 211179 |
| 200000 | 4.625 | 05/29/29 | 205052 |
| 220000 | 5.103 | 04/23/48 | 220179 |

---

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

---

| | |
|:---|:---|
| 4 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS EMERGING MARKETS USD BOND ETF

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

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Sovereign Debt Obligations (Continued) | Sovereign Debt Obligations (Continued) | Sovereign Debt Obligations (Continued) | Sovereign Debt Obligations (Continued) |
| Qatar – (continued) | Qatar – (continued) | Qatar – (continued) | Qatar – (continued) |
| UAE Government International Bond (AA/Aa2) | UAE Government International Bond (AA/Aa2) | UAE Government International Bond (AA/Aa2) | UAE Government International Bond (AA/Aa2) |
| 200000 | 4.400% | 04/16/50 | $179780 |
|  |  |  | 1795195 |
| Romania – 3.0% | Romania – 3.0% | Romania – 3.0% | Romania – 3.0% |
| Romanian Government International Bond (BBB-/Baa3) | Romanian Government International Bond (BBB-/Baa3) | Romanian Government International Bond (BBB-/Baa3) | Romanian Government International Bond (BBB-/Baa3) |
| 298000 | 7.125 | 01/17/33 | 329939 |
| 198000 | 6.375 | 01/30/34 | 209524 |
| 90000 | 6.125 | 01/22/44 | 90124 |
| 134000 | 3.000 | 02/14/31 | 123441 |
| 160000 | 3.625 | 03/27/32 | 148730 |
| 70000 | 5.875 | 01/30/29 | 72699 |
| 50000 | 7.625 | 01/17/53 | 57732 |
| 50000 | 6.000 | 05/25/34 | 51572 |
|  |  |  | 1083761 |
| Saudi Arabia – 3.4% | Saudi Arabia – 3.4% | Saudi Arabia – 3.4% | Saudi Arabia – 3.4% |
| Saudi Government International Bond<sup>(c)</sup> (NR/Aa3) | Saudi Government International Bond<sup>(c)</sup> (NR/Aa3) | Saudi Government International Bond<sup>(c)</sup> (NR/Aa3) | Saudi Government International Bond<sup>(c)</sup> (NR/Aa3) |
| 200000 | 5.375 | 01/13/31 | 210529 |
| 200000 | 5.125 | 01/13/28 | 203924 |
| 300000 | 3.750 | 01/21/55 | 216118 |
| 200000 | 4.375 | 04/16/29 | 201477 |
| 200000 | 5.750 | 01/16/54 | 200171 |
| 200000 | 5.875 | 01/12/56 | 200590 |
|  |  |  | 1232809 |
| Senegal – 0.4% | Senegal – 0.4% | Senegal – 0.4% | Senegal – 0.4% |
| Senegal Government International Bond, Series 7Y (CCC+/Caa1) | Senegal Government International Bond, Series 7Y (CCC+/Caa1) | Senegal Government International Bond, Series 7Y (CCC+/Caa1) | Senegal Government International Bond, Series 7Y (CCC+/Caa1) |
| 200000 | 7.750 | 06/10/31 | 132382 |
| Serbia – 0.6% | Serbia – 0.6% | Serbia – 0.6% | Serbia – 0.6% |
| Serbia International Bond (BBB-/Ba2) | Serbia International Bond (BBB-/Ba2) | Serbia International Bond (BBB-/Ba2) | Serbia International Bond (BBB-/Ba2) |
| 200000 | 6.500 | 09/26/33 | 217959 |
| South Africa – 2.2% | South Africa – 2.2% | South Africa – 2.2% | South Africa – 2.2% |
| Republic of South Africa Government International Bond (BB/Ba2) | Republic of South Africa Government International Bond (BB/Ba2) | Republic of South Africa Government International Bond (BB/Ba2) | Republic of South Africa Government International Bond (BB/Ba2) |
| 270000 | 7.100 | 11/19/36 | 291910 |
| Republic of South Africa Government International Bond, Series 10Y (BB/Ba2) | Republic of South Africa Government International Bond, Series 10Y (BB/Ba2) | Republic of South Africa Government International Bond, Series 10Y (BB/Ba2) | Republic of South Africa Government International Bond, Series 10Y (BB/Ba2) |
| 327000 | 4.850 | 09/30/29 | 329029 |
| Republic of South Africa Government International Bond, Series 30Y (NR/Ba2) | Republic of South Africa Government International Bond, Series 30Y (NR/Ba2) | Republic of South Africa Government International Bond, Series 30Y (NR/Ba2) | Republic of South Africa Government International Bond, Series 30Y (NR/Ba2) |
| 200000 | 5.650 | 09/27/47 | 169500 |
|  |  |  | 790439 |
| Sri Lanka – 1.2% | Sri Lanka – 1.2% | Sri Lanka – 1.2% | Sri Lanka – 1.2% |
| Sri Lanka Government International Bond<sup>(a)</sup> (NR/Caa1) | Sri Lanka Government International Bond<sup>(a)</sup> (NR/Caa1) | Sri Lanka Government International Bond<sup>(a)</sup> (NR/Caa1) | Sri Lanka Government International Bond<sup>(a)</sup> (NR/Caa1) |
| 250000 | 3.350 | 03/15/33 | 233750 |
| 146000 | 4.000 | 04/15/28 | 142715 |
| 61000 | 3.600 | 02/15/38 | 61229 |
|  |  |  | 437694 |
| Suriname – 0.6% | Suriname – 0.6% | Suriname – 0.6% | Suriname – 0.6% |
| Suriname Government International Bond (CCC+/Caa1) | Suriname Government International Bond (CCC+/Caa1) | Suriname Government International Bond (CCC+/Caa1) | Suriname Government International Bond (CCC+/Caa1) |
| 200000 | 7.700 | 11/06/30 | 206550 |
| Turkey – 5.4% | Turkey – 5.4% | Turkey – 5.4% | Turkey – 5.4% |
| Turkiye Government International Bond (NR/Ba3) | Turkiye Government International Bond (NR/Ba3) | Turkiye Government International Bond (NR/Ba3) | Turkiye Government International Bond (NR/Ba3) |
| 200000 | 7.125 | 07/17/32 | 209050 |
| 200000 | 6.875 | 01/14/38 | 198946 |
| 200000 | 6.300 | 03/14/33 | 200595 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Sovereign Debt Obligations (Continued) | Sovereign Debt Obligations (Continued) | Sovereign Debt Obligations (Continued) | Sovereign Debt Obligations (Continued) |
| Turkey – (continued) | Turkey – (continued) | Turkey – (continued) | Turkey – (continued) |
| Turkiye Government International Bond, Series 10Y (NR/Ba3) | Turkiye Government International Bond, Series 10Y (NR/Ba3) | Turkiye Government International Bond, Series 10Y (NR/Ba3) | Turkiye Government International Bond, Series 10Y (NR/Ba3) |
| 200000 | 7.625% | 05/15/34 | $214989 |
| Turkiye Government International Bond, Series 11Y (NR/Ba3) | Turkiye Government International Bond, Series 11Y (NR/Ba3) | Turkiye Government International Bond, Series 11Y (NR/Ba3) | Turkiye Government International Bond, Series 11Y (NR/Ba3) |
| 200000 | 6.125 | 10/24/28 | 205123 |
| Turkiye Government International Bond, Series 30Y (NR/Ba3) | Turkiye Government International Bond, Series 30Y (NR/Ba3) | Turkiye Government International Bond, Series 30Y (NR/Ba3) | Turkiye Government International Bond, Series 30Y (NR/Ba3) |
| 220000 | 7.250 | 03/05/38 | 232405 |
| 50000 | 11.875 | 01/15/30 | 61687 |
| 30000 | 6.875 | 03/17/36 | 30578 |
| Turkiye Government International Bond, Series 31Y (NR/Ba3) | Turkiye Government International Bond, Series 31Y (NR/Ba3) | Turkiye Government International Bond, Series 31Y (NR/Ba3) | Turkiye Government International Bond, Series 31Y (NR/Ba3) |
| 200000 | 6.625 | 02/17/45 | 184202 |
| Turkiye Government International Bond, Series 5Y (NR/Ba3) | Turkiye Government International Bond, Series 5Y (NR/Ba3) | Turkiye Government International Bond, Series 5Y (NR/Ba3) | Turkiye Government International Bond, Series 5Y (NR/Ba3) |
| 200000 | 9.875 | 01/15/28 | 218125 |
| Turkiye Government International Bond, Series 6Y (NR/Ba3) | Turkiye Government International Bond, Series 6Y (NR/Ba3) | Turkiye Government International Bond, Series 6Y (NR/Ba3) | Turkiye Government International Bond, Series 6Y (NR/Ba3) |
| 200000 | 9.375 | 03/14/29 | 222694 |
|  |  |  | 1978394 |
| Ukraine – 0.7% | Ukraine – 0.7% | Ukraine – 0.7% | Ukraine – 0.7% |
| Ukraine Government International Bond<sup>(a)(b)</sup> (CCC+/NR) | Ukraine Government International Bond<sup>(a)(b)</sup> (CCC+/NR) | Ukraine Government International Bond<sup>(a)(b)</sup> (CCC+/NR) | Ukraine Government International Bond<sup>(a)(b)</sup> (CCC+/NR) |
| 35000 | 0.000 | 02/01/35 | 19950 |
| 104000 | 0.000 | 02/01/34 | 51220 |
| 45000 | 4.500 | 02/01/36 | 27169 |
| 90000 | 4.500 | 02/01/34 | 56250 |
| 50000 | 4.000 | 02/01/32 | 38937 |
| 56000 | 4.500 | 02/01/35 | 34370 |
| 38000 | 0.000 | 02/01/36 | 21613 |
|  |  |  | 249509 |
| United Arab Emirates – 1.2% | United Arab Emirates – 1.2% | United Arab Emirates – 1.2% | United Arab Emirates – 1.2% |
| UAE Government International Bond (NR/Aa2) | UAE Government International Bond (NR/Aa2) | UAE Government International Bond (NR/Aa2) | UAE Government International Bond (NR/Aa2) |
| 200000 | 4.857 | 07/02/34 | 209369 |
| 277000 | 2.875 | 10/19/41 | 214976 |
|  |  |  | 424345 |
| Uruguay – 2.2% | Uruguay – 2.2% | Uruguay – 2.2% | Uruguay – 2.2% |
| Oriental Republic of Uruguay (BBB+/Baa1) | Oriental Republic of Uruguay (BBB+/Baa1) | Oriental Republic of Uruguay (BBB+/Baa1) | Oriental Republic of Uruguay (BBB+/Baa1) |
| 20000 | 5.250 | 09/10/60 | 19127 |
| Uruguay Government International Bond<sup>(d)</sup> (BBB+/Baa1) | Uruguay Government International Bond<sup>(d)</sup> (BBB+/Baa1) | Uruguay Government International Bond<sup>(d)</sup> (BBB+/Baa1) | Uruguay Government International Bond<sup>(d)</sup> (BBB+/Baa1) |
| 262699 | 4.375 | 01/23/31 | 267816 |
| 150000 | 7.875 | 01/15/33 | 180448 |
| 120000 | 5.750 | 10/28/34 | 129125 |
| 100000 | 7.625 | 03/21/36 | 122660 |
| 60000 | 4.975 | 04/20/55 | 55866 |
| 24000 | 5.100 | 06/18/50 | 23120 |
|  |  |  | 798162 |
| Zambia – 0.3% | Zambia – 0.3% | Zambia – 0.3% | Zambia – 0.3% |
| Zambia Government International Bond<sup>(a)</sup> (CCC+/Caa2) | Zambia Government International Bond<sup>(a)</sup> (CCC+/Caa2) | Zambia Government International Bond<sup>(a)</sup> (CCC+/Caa2) | Zambia Government International Bond<sup>(a)</sup> (CCC+/Caa2) |
| 77777 | 5.750 | 06/30/33 | 75832 |
| 50000 | 0.500 | 12/31/53 | 36688 |
|  |  |  | 112520 |
| TOTAL SOVEREIGN DEBT<br>OBLIGATIONS<br>(Cost $30,295,987) | TOTAL SOVEREIGN DEBT<br>OBLIGATIONS<br>(Cost $30,295,987) | TOTAL SOVEREIGN DEBT<br>OBLIGATIONS<br>(Cost $30,295,987) | 31636055 |
| Corporate Obligations – 12.0% | Corporate Obligations – 12.0% | Corporate Obligations – 12.0% | Corporate Obligations – 12.0% |
| Brazil – 1.1% | Brazil – 1.1% | Brazil – 1.1% | Brazil – 1.1% |
| Petrobras Global Finance BV (BB/Ba1) | Petrobras Global Finance BV (BB/Ba1) | Petrobras Global Finance BV (BB/Ba1) | Petrobras Global Finance BV (BB/Ba1) |
| 165000 | 6.500 | 07/03/33 | 174488 |
| 130000 | 5.125 | 09/10/30 | 129837 |

---

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

The accompanying notes are an integral part of these financial statements.<sub>5</sub>

------

GOLDMAN SACHS ACCESS EMERGING MARKETS USD BOND ETF

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

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations (Continued) | Corporate Obligations (Continued) | Corporate Obligations (Continued) | Corporate Obligations (Continued) |
| Brazil – (continued) | Brazil – (continued) | Brazil – (continued) | Brazil – (continued) |
| Petrobras Global Finance BV (BB/Ba1) (continued) | Petrobras Global Finance BV (BB/Ba1) (continued) | Petrobras Global Finance BV (BB/Ba1) (continued) | Petrobras Global Finance BV (BB/Ba1) (continued) |
| 91000 | 6.850% | 06/05/15 | $87815 |
|  |  |  | 392140 |
| Chile – 2.9% | Chile – 2.9% | Chile – 2.9% | Chile – 2.9% |
| Corp. Nacional del Cobre de Chile (BBB+/Baa2) | Corp. Nacional del Cobre de Chile (BBB+/Baa2) | Corp. Nacional del Cobre de Chile (BBB+/Baa2) | Corp. Nacional del Cobre de Chile (BBB+/Baa2) |
| 200000 | 6.440 | 01/26/36 | 219384 |
| 205000 | 5.950 | 01/08/34 | 218186 |
| 200000 | 5.125 | 02/02/33 | 204500 |
| 200000 | 3.700 | 01/30/50 | 146280 |
| 100000 | 6.150 | 10/24/36 | 108039 |
| Empresa de Transporte de Pasajeros Metro SA (NR/A3) | Empresa de Transporte de Pasajeros Metro SA (NR/A3) | Empresa de Transporte de Pasajeros Metro SA (NR/A3) | Empresa de Transporte de Pasajeros Metro SA (NR/A3) |
| 200000 | 4.700 | 05/07/50 | 178118 |
|  |  |  | 1074507 |
| India – 0.5% | India – 0.5% | India – 0.5% | India – 0.5% |
| Indian Railway Finance Corp. Ltd. (BBB/Baa3) | Indian Railway Finance Corp. Ltd. (BBB/Baa3) | Indian Railway Finance Corp. Ltd. (BBB/Baa3) | Indian Railway Finance Corp. Ltd. (BBB/Baa3) |
| 200000 | 3.570 | 01/21/32 | 192271 |
| Indonesia – 1.1% | Indonesia – 1.1% | Indonesia – 1.1% | Indonesia – 1.1% |
| Pertamina Persero PT (BBB/Baa2) | Pertamina Persero PT (BBB/Baa2) | Pertamina Persero PT (BBB/Baa2) | Pertamina Persero PT (BBB/Baa2) |
| 200000 | 6.450 | 05/30/44 | 212326 |
| Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (NR/Baa2) | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (NR/Baa2) | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (NR/Baa2) | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (NR/Baa2) |
| 200000 | 6.150 | 05/21/48 | 201483 |
|  |  |  | 413809 |
| Kazakhstan – 0.5% | Kazakhstan – 0.5% | Kazakhstan – 0.5% | Kazakhstan – 0.5% |
| KazMunayGas National Co. JSC (BBB-/Baa1) | KazMunayGas National Co. JSC (BBB-/Baa1) | KazMunayGas National Co. JSC (BBB-/Baa1) | KazMunayGas National Co. JSC (BBB-/Baa1) |
| 200000 | 5.750 | 04/19/47 | 191935 |
| Mexico – 1.6% | Mexico – 1.6% | Mexico – 1.6% | Mexico – 1.6% |
| Petroleos Mexicanos (BBB/B1) | Petroleos Mexicanos (BBB/B1) | Petroleos Mexicanos (BBB/B1) | Petroleos Mexicanos (BBB/B1) |
| 200000 | 6.700 | 02/16/32 | 200605 |
| 155000 | 6.750 | 09/21/47 | 128787 |
| 104000 | 6.625 | 06/15/35 | 99489 |
| 65000 | 7.690 | 01/23/50 | 59394 |
| 50000 | 6.350 | 02/12/48 | 40106 |
| 50000 | 6.840 | 01/23/30 | 51328 |
| 15000 | 6.500 | 06/02/41 | 13425 |
|  |  |  | 593134 |
| Peru – 0.4% | Peru – 0.4% | Peru – 0.4% | Peru – 0.4% |
| Petroleos del Peru SA (B-/Caa1) | Petroleos del Peru SA (B-/Caa1) | Petroleos del Peru SA (B-/Caa1) | Petroleos del Peru SA (B-/Caa1) |
| 200000 | 4.750 | 06/19/32 | 147250 |
| Poland – 0.7% | Poland – 0.7% | Poland – 0.7% | Poland – 0.7% |
| Bank Gospodarstwa Krajowego (NR/A2) | Bank Gospodarstwa Krajowego (NR/A2) | Bank Gospodarstwa Krajowego (NR/A2) | Bank Gospodarstwa Krajowego (NR/A2) |
| 225000 | 5.750 | 07/09/34 | 241465 |
| Qatar – 1.0% | Qatar – 1.0% | Qatar – 1.0% | Qatar – 1.0% |
| QatarEnergy (AA/Aa2) | QatarEnergy (AA/Aa2) | QatarEnergy (AA/Aa2) | QatarEnergy (AA/Aa2) |
| 200000 | 2.250 | 07/12/31 | 181719 |
| 225000 | 3.125 | 07/12/41 | 177137 |
|  |  |  | 358856 |
| Saudi Arabia – 1.6% | Saudi Arabia – 1.6% | Saudi Arabia – 1.6% | Saudi Arabia – 1.6% |
| Gaci First Investment Co. (NR/Aa3) | Gaci First Investment Co. (NR/Aa3) | Gaci First Investment Co. (NR/Aa3) | Gaci First Investment Co. (NR/Aa3) |
| 200000 | 5.375 | 01/29/54 | 187380 |
| Saudi Arabian Oil Co. (NR/Aa3) | Saudi Arabian Oil Co. (NR/Aa3) | Saudi Arabian Oil Co. (NR/Aa3) | Saudi Arabian Oil Co. (NR/Aa3) |
| 200000 | 4.250 | 04/16/39 | 184391 |
| 200000 | 5.250 | 07/17/34 | 207228 |
|  |  |  | 578999 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations (Continued) | Corporate Obligations (Continued) | Corporate Obligations (Continued) | Corporate Obligations (Continued) |
| United Arab Emirates – 0.6% | United Arab Emirates – 0.6% | United Arab Emirates – 0.6% | United Arab Emirates – 0.6% |
| Adnoc Murban Rsc Ltd. (AA/Aa2) | Adnoc Murban Rsc Ltd. (AA/Aa2) | Adnoc Murban Rsc Ltd. (AA/Aa2) | Adnoc Murban Rsc Ltd. (AA/Aa2) |
| $200000 | 4.500% | 09/11/34 | $200086 |
| TOTAL CORPORATE<br>OBLIGATIONS<br>(Cost $4,226,519) | TOTAL CORPORATE<br>OBLIGATIONS<br>(Cost $4,226,519) | TOTAL CORPORATE<br>OBLIGATIONS<br>(Cost $4,226,519) | 4384452 |
| **Shares** | **Dividend Rate** | **Dividend Rate** | **Value** |
| Investment Company – 0.2%<sup>(e)</sup> | Investment Company – 0.2%<sup>(e)</sup> | Investment Company – 0.2%<sup>(e)</sup> | Investment Company – 0.2%<sup>(e)</sup> |
| Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |
| 83376 | 3.589% | 3.589% | 83376 |
| **(Cost $83,376)** | **(Cost $83,376)** | **(Cost $83,376)** |  |
| TOTAL INVESTMENTS – 98.6%<br>(Cost $34,605,882) | TOTAL INVESTMENTS – 98.6%<br>(Cost $34,605,882) | TOTAL INVESTMENTS – 98.6%<br>(Cost $34,605,882) | $36103883 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES – 1.4%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 1.4%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 1.4%** | 503951 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | NET ASSETS – 100.0% | $36607834 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| (a) | Step coupon. |
| (b) | Zero coupon bond until next reset date. |
| (c) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (d) | Pay-in-kind securities. |
| (e) | Represents an affiliated issuer. |

---

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| GMTN | —Global Medium Term Note |
| MTN | —Medium Term Note |

---

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

---

| | |
|:---|:---|
| 6 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

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

Schedule of Investments *February 28, 2026 (Unaudited)*

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – 87.2% | Corporate Obligations – 87.2% | Corporate Obligations – 87.2% | Corporate Obligations – 87.2% |
| Advertising – 1.2% | Advertising – 1.2% | Advertising – 1.2% | Advertising – 1.2% |
| Clear Channel Outdoor Holdings, Inc. | Clear Channel Outdoor Holdings, Inc. | Clear Channel Outdoor Holdings, Inc. | Clear Channel Outdoor Holdings, Inc. |
| $189000 | 7.750% | 04/15/28<sup>(a)</sup> | $190772 |
| 142000 | 7.500 | 06/01/29<sup>(a)</sup> | 143597 |
| 40000 | 7.125 | 02/15/31<sup>(a)</sup> | 42250 |
| 100000 | 7.500 | 03/15/33<sup>(a)</sup> | 108000 |
| Lamar Media Corp. | Lamar Media Corp. | Lamar Media Corp. | Lamar Media Corp. |
| 97000 | 3.750 | 02/15/28 | 95666 |
| 91000 | 4.000 | 02/15/30 | 88157 |
| 111000 | 3.625 | 01/15/31 | 104895 |
| Neptune Bidco U.S., Inc. | Neptune Bidco U.S., Inc. | Neptune Bidco U.S., Inc. | Neptune Bidco U.S., Inc. |
| 245000 | 9.290 | 04/15/29<sup>(a)</sup> | 246838 |
| 345000 | 10.375 | 05/15/31<sup>(a)</sup> | 348881 |
| 80000 | 9.500 | 02/15/33<sup>(a)</sup> | 78300 |
| Outfront Media Capital LLC / Outfront Media Capital Corp. | Outfront Media Capital LLC / Outfront Media Capital Corp. | Outfront Media Capital LLC / Outfront Media Capital Corp. | Outfront Media Capital LLC / Outfront Media Capital Corp. |
| 196000 | 4.625 | 03/15/30<sup>(a)</sup> | 192570 |
|  |  |  | 1639926 |
| Aerospace & Defense – 1.8% | Aerospace & Defense – 1.8% | Aerospace & Defense – 1.8% | Aerospace & Defense – 1.8% |
| Axon Enterprise, Inc. | Axon Enterprise, Inc. | Axon Enterprise, Inc. | Axon Enterprise, Inc. |
| 100000 | 6.125 | 03/15/30<sup>(a)</sup> | 103375 |
| 152000 | 6.250 | 03/15/33<sup>(a)</sup> | 157890 |
| Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. |
| 132000 | 4.600 | 06/15/28 | 133386 |
| TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
| 152000 | 6.750 | 08/15/28<sup>(a)</sup> | 154850 |
| 199000 | 4.625 | 01/15/29 | 198627 |
| 35000 | 6.375 | 03/01/29<sup>(a)</sup> | 35984 |
| 125000 | 4.875 | 05/01/29 | 125156 |
| 266000 | 6.875 | 12/15/30<sup>(a)</sup> | 277305 |
| 228000 | 7.125 | 12/01/31<sup>(a)</sup> | 239258 |
| 319000 | 6.625 | 03/01/32<sup>(a)</sup> | 331162 |
| 224000 | 6.375 | 05/31/33<sup>(a)</sup> | 229320 |
| 400000 | 6.250 | 01/31/34<sup>(a)</sup> | 414000 |
|  |  |  | 2400313 |
| Banks – 0.1% | Banks – 0.1% | Banks – 0.1% | Banks – 0.1% |
| Freedom Mortgage Corp. | Freedom Mortgage Corp. | Freedom Mortgage Corp. | Freedom Mortgage Corp. |
| 64000 | 6.625 | 01/15/27<sup>(a)</sup> | 64000 |
| 90000 | 12.250 | 10/01/30<sup>(a)</sup> | 98213 |
|  |  |  | 162213 |
| Basic Industry – 2.8% | Basic Industry – 2.8% | Basic Industry – 2.8% | Basic Industry – 2.8% |
| Arcosa, Inc. | Arcosa, Inc. | Arcosa, Inc. | Arcosa, Inc. |
| 100000 | 4.375 | 04/15/29<sup>(a)</sup> | 98625 |
| Ashland, Inc. | Ashland, Inc. | Ashland, Inc. | Ashland, Inc. |
| 115000 | 6.875 | 05/15/43 | 121469 |
| Avient Corp. | Avient Corp. | Avient Corp. | Avient Corp. |
| 126000 | 7.125 | 08/01/30<sup>(a)</sup> | 129780 |
| Axalta Coating Systems LLC | Axalta Coating Systems LLC | Axalta Coating Systems LLC | Axalta Coating Systems LLC |
| 215000 | 3.375 | 02/15/29<sup>(a)</sup> | 207206 |
| Calumet Specialty Products Partners LP / Calumet Finance Corp. | Calumet Specialty Products Partners LP / Calumet Finance Corp. | Calumet Specialty Products Partners LP / Calumet Finance Corp. | Calumet Specialty Products Partners LP / Calumet Finance Corp. |
| 47000 | 9.750 | 07/15/28<sup>(a)</sup> | 48397 |
| 110000 | 9.750 | 02/15/31<sup>(a)</sup> | 117150 |
| Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC |
| 299000 | 7.379 | 07/15/32 | 314698 |
| 263000 | 7.200 | 11/15/33 | 283711 |
| Chemours Co. (The) | Chemours Co. (The) | Chemours Co. (The) | Chemours Co. (The) |
| 75000 | 5.375 | 05/15/27 | 75938 |
| 86000 | 4.625 | 11/15/29<sup>(a)</sup> | 81592 |
| 60000 | 8.000 | 01/15/33<sup>(a)</sup> | 61275 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Basic Industry – (continued) | Basic Industry – (continued) | Basic Industry – (continued) | Basic Industry – (continued) |
| Chemours Co. (The), Series MTN | Chemours Co. (The), Series MTN | Chemours Co. (The), Series MTN | Chemours Co. (The), Series MTN |
| 114000 | 5.750% | 11/15/28<sup>(a)</sup> | $115140 |
| FMC Corp. | FMC Corp. | FMC Corp. | FMC Corp. |
| 200000 | 6.375 | 05/18/53 | 149352 |
| Graphic Packaging International LLC | Graphic Packaging International LLC | Graphic Packaging International LLC | Graphic Packaging International LLC |
| 61000 | 3.750 | 02/01/30<sup>(a)</sup> | 57874 |
| Huntsman International LLC | Huntsman International LLC | Huntsman International LLC | Huntsman International LLC |
| 155000 | 5.700 | 10/15/34 | 148988 |
| Magnera Corp. | Magnera Corp. | Magnera Corp. | Magnera Corp. |
| 90000 | 4.750 | 11/15/29<sup>(a)</sup> | 83813 |
| 75000 | 7.250 | 11/15/31<sup>(a)</sup> | 73875 |
| Olin Corp. | Olin Corp. | Olin Corp. | Olin Corp. |
| 75000 | 5.625 | 08/01/29 | 75375 |
| 134000 | 5.000 | 02/01/30 | 130650 |
| 75000 | 6.625 | 04/01/33<sup>(a)</sup> | 73406 |
| Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. |
| 280000 | 4.250 | 10/01/28<sup>(a)</sup> | 272650 |
| 223000 | 7.250 | 02/15/33<sup>(a)</sup> | 223836 |
| Qnity Electronics, Inc. | Qnity Electronics, Inc. | Qnity Electronics, Inc. | Qnity Electronics, Inc. |
| 75000 | 5.750 | 08/15/32<sup>(a)</sup> | 76875 |
| 50000 | 6.250 | 08/15/33<sup>(a)</sup> | 51938 |
| SCIH Salt Holdings, Inc. | SCIH Salt Holdings, Inc. | SCIH Salt Holdings, Inc. | SCIH Salt Holdings, Inc. |
| 208000 | 6.625 | 05/01/29<sup>(a)</sup> | 208260 |
| Tronox, Inc. | Tronox, Inc. | Tronox, Inc. | Tronox, Inc. |
| 45000 | 4.625 | 03/15/29<sup>(a)</sup> | 34987 |
| 80000 | 9.125 | 09/30/30<sup>(a)</sup> | 78500 |
| WR Grace Holdings LLC | WR Grace Holdings LLC | WR Grace Holdings LLC | WR Grace Holdings LLC |
| 215000 | 5.625 | 08/15/29<sup>(a)</sup> | 206131 |
| 250000 | 6.625 | 08/15/32<sup>(a)</sup> | 253750 |
|  |  |  | 3855241 |
| Broadcasting – 3.0% | Broadcasting – 3.0% | Broadcasting – 3.0% | Broadcasting – 3.0% |
| Discovery Communications LLC | Discovery Communications LLC | Discovery Communications LLC | Discovery Communications LLC |
| 78000 | 4.125 | 05/15/29 | 77610 |
| 168000 | 3.625 | 05/15/30 | 163800 |
| 150000 | 6.350 | 06/01/40 | 126000 |
| Gray Media, Inc. | Gray Media, Inc. | Gray Media, Inc. | Gray Media, Inc. |
| 181000 | 10.500 | 07/15/29<sup>(a)</sup> | 194123 |
| 103000 | 4.750 | 10/15/30<sup>(a)</sup> | 84717 |
| 177000 | 5.375 | 11/15/31<sup>(a)</sup> | 140273 |
| 60000 | 9.625 | 07/15/32<sup>(a)</sup> | 62550 |
| 50000 | 7.250 | 08/15/33<sup>(a)</sup> | 51656 |
| iHeartCommunications, Inc. | iHeartCommunications, Inc. | iHeartCommunications, Inc. | iHeartCommunications, Inc. |
| 50000 | 4.750 | 01/15/28<sup>(a)</sup> | 45000 |
| 59000 | 9.125 | 05/01/29<sup>(a)</sup> | 52731 |
| 80000 | 10.875 | 05/01/30<sup>(a)</sup> | 59600 |
| 181500 | 7.750 | 08/15/30<sup>(a)</sup> | 145200 |
| Nexstar Media, Inc. | Nexstar Media, Inc. | Nexstar Media, Inc. | Nexstar Media, Inc. |
| 172000 | 5.625 | 07/15/27<sup>(a)</sup> | 172108 |
| Scripps Escrow II, Inc. | Scripps Escrow II, Inc. | Scripps Escrow II, Inc. | Scripps Escrow II, Inc. |
| 153000 | 3.875 | 01/15/29<sup>(a)</sup> | 143629 |
| 130000 | 5.375 | 01/15/31<sup>(a)</sup> | 101237 |
| Sinclair Television Group, Inc. | Sinclair Television Group, Inc. | Sinclair Television Group, Inc. | Sinclair Television Group, Inc. |
| 73000 | 5.500 | 03/01/30<sup>(a)</sup> | 64879 |
| 84000 | 4.375 | 12/31/32<sup>(a)</sup> | 67095 |
| 136000 | 8.125 | 02/15/33<sup>(a)</sup> | 141610 |
| 110000 | 9.750 | 02/15/33<sup>(a)</sup> | 120862 |
| Sirius XM Radio LLC | Sirius XM Radio LLC | Sirius XM Radio LLC | Sirius XM Radio LLC |
| 321000 | 4.000 | 07/15/28(a) | 314179 |

---

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

The accompanying notes are an integral part of these financial statements.<sub>7</sub>

------

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

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

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Broadcasting – (continued) | Broadcasting – (continued) | Broadcasting – (continued) | Broadcasting – (continued) |
| Sirius XM Radio LLC – (continued) | Sirius XM Radio LLC – (continued) | Sirius XM Radio LLC – (continued) | Sirius XM Radio LLC – (continued) |
| 225000 | 5.500% | 07/01/29<sup>(a)</sup> | $225562 |
| 262000 | 4.125 | 07/01/30<sup>(a)</sup> | 247263 |
| 245000 | 3.875 | 09/01/31<sup>(a)</sup> | 224328 |
| TEGNA, Inc. | TEGNA, Inc. | TEGNA, Inc. | TEGNA, Inc. |
| 176000 | 4.625 | 03/15/28 | 175780 |
| 35000 | 5.000 | 09/15/29 | 35000 |
| Univision Communications, Inc. | Univision Communications, Inc. | Univision Communications, Inc. | Univision Communications, Inc. |
| 259000 | 8.000 | 08/15/28<sup>(a)</sup> | 267094 |
| 200000 | 4.500 | 05/01/29<sup>(a)</sup> | 190250 |
| 40000 | 7.375 | 06/30/30<sup>(a)</sup> | 40150 |
| 166000 | 8.500 | 07/31/31<sup>(a)</sup> | 170565 |
| 215000 | 9.375 | 08/01/32<sup>(a)</sup> | 227631 |
|  |  |  | 4132482 |
| Brokerage – 0.6% | Brokerage – 0.6% | Brokerage – 0.6% | Brokerage – 0.6% |
| Coinbase Global, Inc. | Coinbase Global, Inc. | Coinbase Global, Inc. | Coinbase Global, Inc. |
| 154000 | 3.375 | 10/01/28<sup>(a)</sup> | 147070 |
| Jane Street Group / JSG Finance, Inc. | Jane Street Group / JSG Finance, Inc. | Jane Street Group / JSG Finance, Inc. | Jane Street Group / JSG Finance, Inc. |
| 150000 | 7.125 | 04/30/31<sup>(a)</sup> | 156187 |
| 220000 | 6.125 | 11/01/32<sup>(a)</sup> | 221650 |
| 67000 | 6.750 | 05/01/33<sup>(a)</sup> | 68759 |
| Jefferies Finance LLC / JFIN Co.-Issuer Corp. | Jefferies Finance LLC / JFIN Co.-Issuer Corp. | Jefferies Finance LLC / JFIN Co.-Issuer Corp. | Jefferies Finance LLC / JFIN Co.-Issuer Corp. |
| 200000 | 5.000 | 08/15/28<sup>(a)</sup> | 192629 |
|  |  |  | 786295 |
| Building Materials – 2.0% | Building Materials – 2.0% | Building Materials – 2.0% | Building Materials – 2.0% |
| Advanced Drainage Systems, Inc. | Advanced Drainage Systems, Inc. | Advanced Drainage Systems, Inc. | Advanced Drainage Systems, Inc. |
| 100000 | 6.375 | 06/15/30<sup>(a)</sup> | 102250 |
| Arcosa, Inc. | Arcosa, Inc. | Arcosa, Inc. | Arcosa, Inc. |
| 100000 | 6.875 | 08/15/32<sup>(a)</sup> | 105000 |
| Builders FirstSource, Inc. | Builders FirstSource, Inc. | Builders FirstSource, Inc. | Builders FirstSource, Inc. |
| 44000 | 5.000 | 03/01/30<sup>(a)</sup> | 43670 |
| 133000 | 4.250 | 02/01/32<sup>(a)</sup> | 127348 |
| 98000 | 6.375 | 06/15/32<sup>(a)</sup> | 101062 |
| 60000 | 6.375 | 03/01/34<sup>(a)</sup> | 61800 |
| Camelot Return Merger Sub, Inc. | Camelot Return Merger Sub, Inc. | Camelot Return Merger Sub, Inc. | Camelot Return Merger Sub, Inc. |
| 154000 | 8.750 | 08/01/28<sup>(a)</sup> | 116848 |
| Cornerstone Building Brands, Inc. | Cornerstone Building Brands, Inc. | Cornerstone Building Brands, Inc. | Cornerstone Building Brands, Inc. |
| 55000 | 9.500 | 08/15/29<sup>(a)</sup> | 40150 |
| CP Atlas Buyer, Inc. | CP Atlas Buyer, Inc. | CP Atlas Buyer, Inc. | CP Atlas Buyer, Inc. |
| 61600 | 12.750 | 01/15/31(a)(b) | 55440 |
| JELD-WEN, Inc. | JELD-WEN, Inc. | JELD-WEN, Inc. | JELD-WEN, Inc. |
| 105000 | 4.875 | 12/15/27<sup>(a)</sup> | 86625 |
| LBM Acquisition LLC | LBM Acquisition LLC | LBM Acquisition LLC | LBM Acquisition LLC |
| 160000 | 6.250 | 01/15/29<sup>(a)</sup> | 122600 |
| 100000 | 9.500 | 06/15/31<sup>(a)</sup> | 93625 |
| Patrick Industries, Inc. | Patrick Industries, Inc. | Patrick Industries, Inc. | Patrick Industries, Inc. |
| 110000 | 4.750 | 05/01/29<sup>(a)</sup> | 109588 |
| Quikrete Holdings, Inc. | Quikrete Holdings, Inc. | Quikrete Holdings, Inc. | Quikrete Holdings, Inc. |
| 320000 | 6.375 | 03/01/32<sup>(a)</sup> | 332800 |
| 193000 | 6.750 | 03/01/33<sup>(a)</sup> | 200720 |
| Smyrna Ready Mix Concrete LLC | Smyrna Ready Mix Concrete LLC | Smyrna Ready Mix Concrete LLC | Smyrna Ready Mix Concrete LLC |
| 150000 | 6.000 | 11/01/28<sup>(a)</sup> | 150000 |
| 201000 | 8.875 | 11/15/31<sup>(a)</sup> | 213562 |
| Standard Building Solutions, Inc. | Standard Building Solutions, Inc. | Standard Building Solutions, Inc. | Standard Building Solutions, Inc. |
| 91000 | 6.250 | 08/01/33<sup>(a)</sup> | 93047 |
| Standard Industries, Inc. | Standard Industries, Inc. | Standard Industries, Inc. | Standard Industries, Inc. |
| 130000 | 4.750 | 01/15/28<sup>(a)</sup> | 129675 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Building Materials – (continued) | Building Materials – (continued) | Building Materials – (continued) | Building Materials – (continued) |
| Standard Industries, Inc. – (continued) | Standard Industries, Inc. – (continued) | Standard Industries, Inc. – (continued) | Standard Industries, Inc. – (continued) |
| 133000 | 4.375% | 07/15/30<sup>(a)</sup> | $128511 |
| 258000 | 3.375 | 01/15/31<sup>(a)</sup> | 239295 |
|  |  |  | 2653616 |
| Capital Goods – 4.3% | Capital Goods – 4.3% | Capital Goods – 4.3% | Capital Goods – 4.3% |
| Amsted Industries, Inc. | Amsted Industries, Inc. | Amsted Industries, Inc. | Amsted Industries, Inc. |
| 200000 | 4.625 | 05/15/30<sup>(a)</sup> | 198500 |
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal |
| Packaging Finance PLC | Packaging Finance PLC | Packaging Finance PLC | Packaging Finance PLC |
| 295000 | 4.000 | 09/01/29<sup>(a)</sup> | 281172 |
| Ball Corp. | Ball Corp. | Ball Corp. | Ball Corp. |
| 366000 | 6.000 | 06/15/29 | 378810 |
| 156000 | 2.875 | 08/15/30 | 145470 |
| Chart Industries, Inc. | Chart Industries, Inc. | Chart Industries, Inc. | Chart Industries, Inc. |
| 246000 | 7.500 | 01/01/30<sup>(a)</sup> | 256455 |
| 100000 | 9.500 | 01/01/31<sup>(a)</sup> | 105500 |
| Clean Harbors, Inc. | Clean Harbors, Inc. | Clean Harbors, Inc. | Clean Harbors, Inc. |
| 169000 | 6.375 | 02/01/31<sup>(a)</sup> | 173436 |
| Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. |
| 87000 | 6.625 | 04/15/29<sup>(a)</sup> | 87979 |
| 131000 | 6.875 | 01/15/30<sup>(a)</sup> | 133292 |
| 207000 | 8.750 | 04/15/30<sup>(a)</sup> | 206224 |
| 184000 | 6.750 | 04/15/32<sup>(a)</sup> | 186070 |
| CP Atlas Buyer, Inc. | CP Atlas Buyer, Inc. | CP Atlas Buyer, Inc. | CP Atlas Buyer, Inc. |
| 117000 | 9.750 | 07/15/30<sup>(a)</sup> | 117292 |
| Crown Americas LLC | Crown Americas LLC | Crown Americas LLC | Crown Americas LLC |
| 32000 | 5.250 | 04/01/30 | 32880 |
| Emerald Debt Merger Sub LLC | Emerald Debt Merger Sub LLC | Emerald Debt Merger Sub LLC | Emerald Debt Merger Sub LLC |
| 276000 | 6.625 | 12/15/30<sup>(a)</sup> | 286005 |
| EquipmentShare.com, Inc. | EquipmentShare.com, Inc. | EquipmentShare.com, Inc. | EquipmentShare.com, Inc. |
| 100000 | 9.000 | 05/15/28<sup>(a)</sup> | 105125 |
| 118000 | 8.000 | 03/15/33<sup>(a)</sup> | 125523 |
| FXI Holdings, Inc. | FXI Holdings, Inc. | FXI Holdings, Inc. | FXI Holdings, Inc. |
| 120000 | 14.000 | 11/15/29<sup>(a)(b)</sup> | 69750 |
| 60000 | 11.000 | 11/15/30<sup>(a)</sup> | 56250 |
| GFL Environmental Holdings U.S., Inc. | GFL Environmental Holdings U.S., Inc. | GFL Environmental Holdings U.S., Inc. | GFL Environmental Holdings U.S., Inc. |
| 100000 | 5.500 | 02/01/34<sup>(a)</sup> | 100500 |
| GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. |
| 100000 | 4.000 | 08/01/28<sup>(a)</sup> | 98875 |
| 94000 | 4.750 | 06/15/29<sup>(a)</sup> | 93648 |
| 100000 | 4.375 | 08/15/29<sup>(a)</sup> | 98375 |
| 90000 | 6.750 | 01/15/31<sup>(a)</sup> | 94725 |
| Global Infrastructure Solutions, Inc. | Global Infrastructure Solutions, Inc. | Global Infrastructure Solutions, Inc. | Global Infrastructure Solutions, Inc. |
| 150000 | 5.625 | 06/01/29<sup>(a)</sup> | 150188 |
| Graphic Packaging International LLC | Graphic Packaging International LLC | Graphic Packaging International LLC | Graphic Packaging International LLC |
| 92000 | 6.375 | 07/15/32<sup>(a)</sup> | 93265 |
| Herc Holdings, Inc. | Herc Holdings, Inc. | Herc Holdings, Inc. | Herc Holdings, Inc. |
| 175000 | 7.250 | 06/15/33<sup>(a)</sup> | 184844 |
| 191000 | 6.000 | 03/15/34<sup>(a)</sup> | 191955 |
| Madison IAQ LLC | Madison IAQ LLC | Madison IAQ LLC | Madison IAQ LLC |
| 284000 | 4.125 | 06/30/28<sup>(a)</sup> | 281160 |
| Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. |
| 389000 | 7.875 | 04/15/30<sup>(a)</sup> | 398239 |
| Owens-Brockway Glass Container, Inc. | Owens-Brockway Glass Container, Inc. | Owens-Brockway Glass Container, Inc. | Owens-Brockway Glass Container, Inc. |
| 102000 | 7.375 | 06/01/32<sup>(a)</sup> | 103147 |
| Resideo Funding, Inc. | Resideo Funding, Inc. | Resideo Funding, Inc. | Resideo Funding, Inc. |
| 77000 | 4.000 | 09/01/29<sup>(a)</sup> | 74291 |
| 100000 | 6.500 | 07/15/32<sup>(a)</sup> | 102375 |

---

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

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| | |
|:---|:---|
| 8 | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

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

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Capital Goods – (continued) | Capital Goods – (continued) | Capital Goods – (continued) | Capital Goods – (continued) |
| Sealed Air Corp. | Sealed Air Corp. | Sealed Air Corp. | Sealed Air Corp. |
| 120000 | 6.875% | 07/15/33<sup>(a)</sup> | $124350 |
| Sealed Air Corp/Sealed Air Corp. U.S. | Sealed Air Corp/Sealed Air Corp. U.S. | Sealed Air Corp/Sealed Air Corp. U.S. | Sealed Air Corp/Sealed Air Corp. U.S. |
| 54000 | 7.250 | 02/15/31<sup>(a)</sup> | 56160 |
| Sensata Technologies BV | Sensata Technologies BV | Sensata Technologies BV | Sensata Technologies BV |
| 200000 | 4.000 | 04/15/29<sup>(a)</sup> | 196836 |
| Sensata Technologies, Inc. | Sensata Technologies, Inc. | Sensata Technologies, Inc. | Sensata Technologies, Inc. |
| 149000 | 3.750 | 02/15/31<sup>(a)</sup> | 140991 |
| Terex Corp. | Terex Corp. | Terex Corp. | Terex Corp. |
| 131000 | 6.250 | 10/15/32<sup>(a)</sup> | 134930 |
| TopBuild Corp. | TopBuild Corp. | TopBuild Corp. | TopBuild Corp. |
| 225000 | 3.625 | 03/15/29<sup>(a)</sup> | 217969 |
|  |  |  | 5882556 |
| Communications – 4.7% | Communications – 4.7% | Communications – 4.7% | Communications – 4.7% |
| CCO Holdings LLC / CCO Holdings Capital Corp. | CCO Holdings LLC / CCO Holdings Capital Corp. | CCO Holdings LLC / CCO Holdings Capital Corp. | CCO Holdings LLC / CCO Holdings Capital Corp. |
| 99000 | 5.125 | 05/01/27<sup>(a)</sup> | 99186 |
| 380000 | 5.000 | 02/01/28<sup>(a)</sup> | 379050 |
| 258000 | 5.375 | 06/01/29<sup>(a)</sup> | 257355 |
| 253000 | 6.375 | 09/01/29<sup>(a)</sup> | 256795 |
| 176000 | 4.750 | 03/01/30<sup>(a)</sup> | 170500 |
| 225000 | 4.500 | 08/15/30<sup>(a)</sup> | 215156 |
| 442000 | 4.250 | 02/01/31<sup>(a)</sup> | 413270 |
| 150000 | 7.375 | 03/01/31<sup>(a)</sup> | 154875 |
| 234000 | 4.750 | 02/01/32<sup>(a)</sup> | 218205 |
| 413000 | 4.500 | 05/01/32 | 378411 |
| 100000 | 7.000 | 02/01/33<sup>(a)</sup> | 102375 |
| 289000 | 4.500 | 06/01/33<sup>(a)</sup> | 258655 |
| 295000 | 4.250 | 01/15/34<sup>(a)</sup> | 256650 |
| 165000 | 7.375 | 02/01/36<sup>(a)</sup> | 168094 |
| CSC Holdings LLC | CSC Holdings LLC | CSC Holdings LLC | CSC Holdings LLC |
| 315000 | 5.500 | 04/15/27<sup>(a)</sup> | 266175 |
| 250000 | 5.375 | 02/01/28<sup>(a)</sup> | 181250 |
| 240000 | 5.750 | 01/15/30<sup>(a)</sup> | 93000 |
| 250000 | 3.375 | 02/15/31<sup>(a)</sup> | 149375 |
| 250000 | 4.500 | 11/15/31<sup>(a)</sup> | 151250 |
| Directv Financing LLC | Directv Financing LLC | Directv Financing LLC | Directv Financing LLC |
| 100000 | 8.875 | 02/01/30<sup>(a)</sup> | 100375 |
| Directv Financing LLC / Directv Financing Co.-Obligor, Inc. | Directv Financing LLC / Directv Financing Co.-Obligor, Inc. | Directv Financing LLC / Directv Financing Co.-Obligor, Inc. | Directv Financing LLC / Directv Financing Co.-Obligor, Inc. |
| 130000 | 5.875 | 08/15/27<sup>(a)</sup> | 130488 |
| 401000 | 10.000 | 02/15/31<sup>(a)</sup> | 411526 |
| Discovery Communications LLC | Discovery Communications LLC | Discovery Communications LLC | Discovery Communications LLC |
| 135000 | 5.000 | 09/20/37 | 107663 |
| DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. |
| 185000 | 5.250 | 12/01/26<sup>(a)</sup> | 180375 |
| 450000 | 7.375 | 07/01/28 | 434250 |
| 168000 | 5.125 | 06/01/29 | 149940 |
| DISH Network Corp. | DISH Network Corp. | DISH Network Corp. | DISH Network Corp. |
| 234000 | 11.750 | 11/15/27<sup>(a)</sup> | 241605 |
| Getty Images, Inc. | Getty Images, Inc. | Getty Images, Inc. | Getty Images, Inc. |
| 140000 | 11.250 | 02/21/30<sup>(a)</sup> | 124600 |
| Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. |
| 168000 | 4.750 | 10/15/27<sup>(a)</sup> | 168630 |
| 131000 | 3.750 | 01/15/28<sup>(a)</sup> | 129362 |
|  |  |  | 6348441 |
| Consumer Cyclical – 15.2% | Consumer Cyclical – 15.2% | Consumer Cyclical – 15.2% | Consumer Cyclical – 15.2% |
| Adient Global Holdings Ltd. | Adient Global Holdings Ltd. | Adient Global Holdings Ltd. | Adient Global Holdings Ltd. |
| 135000 | 8.250 | 04/15/31<sup>(a)</sup> | 141257 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Consumer Cyclical – (continued) | Consumer Cyclical – (continued) | Consumer Cyclical – (continued) | Consumer Cyclical – (continued) |
| ADT Security Corp. (The) | ADT Security Corp. (The) | ADT Security Corp. (The) | ADT Security Corp. (The) |
| $107000 | 4.125% | 08/01/29<sup>(a)</sup> | $104592 |
| 99000 | 4.875 | 07/15/32<sup>(a)</sup> | 96649 |
| Advance Auto Parts, Inc. | Advance Auto Parts, Inc. | Advance Auto Parts, Inc. | Advance Auto Parts, Inc. |
| 100000 | 3.900 | 04/15/30 | 93448 |
| 213000 | 3.500 | 03/15/32 | 190350 |
| Allison Transmission, Inc. | Allison Transmission, Inc. | Allison Transmission, Inc. | Allison Transmission, Inc. |
| 200000 | 4.750 | 10/01/27<sup>(a)</sup> | 200000 |
| 211000 | 3.750 | 01/30/31<sup>(a)</sup> | 200978 |
| AMC Entertainment Holdings, Inc. | AMC Entertainment Holdings, Inc. | AMC Entertainment Holdings, Inc. | AMC Entertainment Holdings, Inc. |
| 75000 | 7.500 | 02/15/29<sup>(a)</sup> | 55125 |
| American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. |
| 249000 | 6.875 | 07/01/28 | 249934 |
| 139000 | 5.000 | 10/01/29 | 136220 |
| Anywhere Real Estate Group LLC / Realogy Co.-Issuer Corp. | Anywhere Real Estate Group LLC / Realogy Co.-Issuer Corp. | Anywhere Real Estate Group LLC / Realogy Co.-Issuer Corp. | Anywhere Real Estate Group LLC / Realogy Co.-Issuer Corp. |
| 50000 | 9.750 | 04/15/30<sup>(a)</sup> | 54062 |
| Asbury Automotive Group, Inc. | Asbury Automotive Group, Inc. | Asbury Automotive Group, Inc. | Asbury Automotive Group, Inc. |
| 100000 | 4.500 | 03/01/28 | 99625 |
| 121000 | 5.000 | 02/15/32<sup>(a)</sup> | 118126 |
| Ashton Woods USA LLC / Ashton Woods Finance Co. | Ashton Woods USA LLC / Ashton Woods Finance Co. | Ashton Woods USA LLC / Ashton Woods Finance Co. | Ashton Woods USA LLC / Ashton Woods Finance Co. |
| 200000 | 4.625 | 08/01/29<sup>(a)</sup> | 194250 |
| Asurion LLC and Asurion Co.-Issuer, Inc. | Asurion LLC and Asurion Co.-Issuer, Inc. | Asurion LLC and Asurion Co.-Issuer, Inc. | Asurion LLC and Asurion Co.-Issuer, Inc. |
| 400000 | 8.375 | 02/01/34<sup>(a)</sup> | 398000 |
| Bath & Body Works, Inc. | Bath & Body Works, Inc. | Bath & Body Works, Inc. | Bath & Body Works, Inc. |
| 96000 | 7.500 | 06/15/29 | 97680 |
| 84000 | 6.625 | 10/01/30<sup>(a)</sup> | 85785 |
| 118000 | 6.875 | 11/01/35 | 120655 |
| 93000 | 6.750 | 07/01/36 | 93465 |
| Bausch + Lomb Corp. | Bausch + Lomb Corp. | Bausch + Lomb Corp. | Bausch + Lomb Corp. |
| 240000 | 8.375 | 10/01/28<sup>(a)</sup> | 249000 |
| Beazer Homes USA, Inc. | Beazer Homes USA, Inc. | Beazer Homes USA, Inc. | Beazer Homes USA, Inc. |
| 100000 | 7.500 | 03/15/31<sup>(a)</sup> | 102375 |
| Boyd Gaming Corp. | Boyd Gaming Corp. | Boyd Gaming Corp. | Boyd Gaming Corp. |
| 174000 | 4.750 | 12/01/27 | 174217 |
| 154000 | 4.750 | 06/15/31<sup>(a)</sup> | 150728 |
| Brightstar Lottery PLC | Brightstar Lottery PLC | Brightstar Lottery PLC | Brightstar Lottery PLC |
| 200000 | 5.250 | 01/15/29<sup>(a)</sup> | 199750 |
| Caesars Entertainment, Inc. | Caesars Entertainment, Inc. | Caesars Entertainment, Inc. | Caesars Entertainment, Inc. |
| 174000 | 4.625 | 10/15/29<sup>(a)</sup> | 170955 |
| 152000 | 7.000 | 02/15/30<sup>(a)</sup> | 155610 |
| 239000 | 6.500 | 02/15/32<sup>(a)</sup> | 243780 |
| 220000 | 6.000 | 10/15/32<sup>(a)</sup> | 215875 |
| Carnival Corp. | Carnival Corp. | Carnival Corp. | Carnival Corp. |
| 92000 | 5.125 | 05/01/29<sup>(a)</sup> | 93437 |
| 110000 | 5.750 | 03/15/30<sup>(a)</sup> | 113987 |
| 100000 | 5.875 | 06/15/31<sup>(a)</sup> | 104688 |
| 202000 | 5.750 | 08/01/32<sup>(a)</sup> | 210080 |
| 320000 | 6.125 | 02/15/33<sup>(a)</sup> | 331400 |
| Carvana Co. | Carvana Co. | Carvana Co. | Carvana Co. |
| 293900 | 9.000 | 06/01/30<sup>(a)(b)</sup> | 307493 |
| 284074 | 9.000 | 06/01/31<sup>(a)(b)</sup> | 313902 |
| Churchill Downs, Inc. | Churchill Downs, Inc. | Churchill Downs, Inc. | Churchill Downs, Inc. |
| 47000 | 5.500 | 04/01/27<sup>(a)</sup> | 47117 |
| 246000 | 5.750 | 04/01/30<sup>(a)</sup> | 247538 |
| Cinemark USA, Inc. | Cinemark USA, Inc. | Cinemark USA, Inc. | Cinemark USA, Inc. |
| 76000 | 5.250 | 07/15/28<sup>(a)</sup> | 76190 |
| 50000 | 7.000 | 08/01/32<sup>(a)</sup> | 52063 |

---

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

The accompanying notes are an integral part of these financial statements.<sub>9</sub>

------

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

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

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

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

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

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Consumer Cyclical – (continued) | Consumer Cyclical – (continued) | Consumer Cyclical – (continued) | Consumer Cyclical – (continued) |
| Clarios Global LP / Clarios U.S. Finance Co. | Clarios Global LP / Clarios U.S. Finance Co. | Clarios Global LP / Clarios U.S. Finance Co. | Clarios Global LP / Clarios U.S. Finance Co. |
| $45000 | 6.750% | 05/15/28<sup>(a)</sup> | $46125 |
| 89000 | 6.750 | 02/15/30<sup>(a)</sup> | 93561 |
| Cooper-Standard Automotive, Inc. | Cooper-Standard Automotive, Inc. | Cooper-Standard Automotive, Inc. | Cooper-Standard Automotive, Inc. |
| 250000 | 13.500 | 03/31/27<sup>(a)(b)</sup> | 256875 |
| Crocs, Inc. | Crocs, Inc. | Crocs, Inc. | Crocs, Inc. |
| 50000 | 4.125 | 08/15/31<sup>(a)</sup> | 46750 |
| Dana, Inc. | Dana, Inc. | Dana, Inc. | Dana, Inc. |
| 73000 | 4.250 | 09/01/30 | 70080 |
| Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. |
| 197000 | 4.625 | 01/15/29<sup>(a)</sup> | 190105 |
| 160000 | 6.750 | 01/15/30<sup>(a)</sup> | 150800 |
| FirstCash, Inc. | FirstCash, Inc. | FirstCash, Inc. | FirstCash, Inc. |
| 146000 | 4.625 | 09/01/28<sup>(a)</sup> | 144175 |
| 79000 | 6.875 | 03/01/32<sup>(a)</sup> | 81864 |
| Gap, Inc. (The) | Gap, Inc. (The) | Gap, Inc. (The) | Gap, Inc. (The) |
| 87000 | 3.625 | 10/01/29<sup>(a)</sup> | 82976 |
| 122000 | 3.875 | 10/01/31<sup>(a)</sup> | 114070 |
| GEO Group, Inc. (The) | GEO Group, Inc. (The) | GEO Group, Inc. (The) | GEO Group, Inc. (The) |
| 136000 | 8.625 | 04/15/29 | 142120 |
| 105000 | 10.250 | 04/15/31 | 113138 |
| Goodyear Tire & Rubber Co. (The) | Goodyear Tire & Rubber Co. (The) | Goodyear Tire & Rubber Co. (The) | Goodyear Tire & Rubber Co. (The) |
| 129000 | 4.875 | 03/15/27 | 128839 |
| 48000 | 5.000 | 07/15/29 | 47280 |
| 68000 | 5.250 | 04/30/31 | 65450 |
| 140000 | 5.250 | 07/15/31 | 134225 |
| 120000 | 5.625 | 04/30/33 | 114150 |
| Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. |
| 257000 | 5.875 | 04/01/29<sup>(a)</sup> | 263104 |
| 94000 | 3.750 | 05/01/29<sup>(a)</sup> | 92002 |
| 139000 | 4.875 | 01/15/30 | 139174 |
| 280000 | 4.000 | 05/01/31<sup>(a)</sup> | 269500 |
| 245000 | 3.625 | 02/15/32<sup>(a)</sup> | 228462 |
| 100000 | 5.750 | 09/15/33<sup>(a)</sup> | 102375 |
| Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc. | Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc. | Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc. | Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc. |
| 280000 | 4.875 | 07/01/31<sup>(a)</sup> | 264250 |
| 140000 | 6.625 | 01/15/32<sup>(a)</sup> | 142975 |
| Iron Mountain Information Management Services, Inc. | Iron Mountain Information Management Services, Inc. | Iron Mountain Information Management Services, Inc. | Iron Mountain Information Management Services, Inc. |
| 58000 | 5.000 | 07/15/32<sup>(a)</sup> | 56333 |
| Iron Mountain, Inc. | Iron Mountain, Inc. | Iron Mountain, Inc. | Iron Mountain, Inc. |
| 86000 | 4.875 | 09/15/27<sup>(a)</sup> | 86215 |
| 168000 | 5.250 | 03/15/28<sup>(a)</sup> | 168210 |
| 35000 | 5.000 | 07/15/28<sup>(a)</sup> | 35044 |
| 92000 | 7.000 | 02/15/29<sup>(a)</sup> | 94760 |
| 45000 | 4.875 | 09/15/29<sup>(a)</sup> | 44662 |
| 145000 | 5.250 | 07/15/30<sup>(a)</sup> | 145000 |
| 217000 | 4.500 | 02/15/31<sup>(a)</sup> | 210083 |
| 115000 | 5.625 | 07/15/32<sup>(a)</sup> | 115144 |
| K Hovnanian Enterprises, Inc. | K Hovnanian Enterprises, Inc. | K Hovnanian Enterprises, Inc. | K Hovnanian Enterprises, Inc. |
| 70000 | 8.375 | 10/01/33<sup>(a)</sup> | 71925 |
| KB Home | KB Home | KB Home | KB Home |
| 100000 | 4.000 | 06/15/31 | 95500 |
| Kohl's Corp. | Kohl's Corp. | Kohl's Corp. | Kohl's Corp. |
| 108000 | 5.550 | 07/17/45 | 72090 |
| LCM Investments Holdings II LLC | LCM Investments Holdings II LLC | LCM Investments Holdings II LLC | LCM Investments Holdings II LLC |
| 199000 | 4.875 | 05/01/29<sup>(a)</sup> | 196761 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Consumer Cyclical – (continued) | Consumer Cyclical – (continued) | Consumer Cyclical – (continued) | Consumer Cyclical – (continued) |
| LGI Homes, Inc. | LGI Homes, Inc. | LGI Homes, Inc. | LGI Homes, Inc. |
| $100000 | 4.000% | 07/15/29<sup>(a)</sup> | $92875 |
| 50000 | 7.000 | 11/15/32<sup>(a)</sup> | 49187 |
| Liberty Interactive LLC | Liberty Interactive LLC | Liberty Interactive LLC | Liberty Interactive LLC |
| 429000 | 8.250 | 02/01/30 | 20378 |
| Light & Wonder International, Inc. | Light & Wonder International, Inc. | Light & Wonder International, Inc. | Light & Wonder International, Inc. |
| 67000 | 7.250 | 11/15/29<sup>(a)</sup> | 68759 |
| 172000 | 7.500 | 09/01/31<sup>(a)</sup> | 180170 |
| 100000 | 6.250 | 10/01/33<sup>(a)</sup> | 100500 |
| Lithia Motors, Inc. | Lithia Motors, Inc. | Lithia Motors, Inc. | Lithia Motors, Inc. |
| 105000 | 3.875 | 06/01/29<sup>(a)</sup> | 101981 |
| M/I Homes, Inc. | M/I Homes, Inc. | M/I Homes, Inc. | M/I Homes, Inc. |
| 100000 | 3.950 | 02/15/30 | 96500 |
| Macy's Retail Holdings LLC | Macy's Retail Holdings LLC | Macy's Retail Holdings LLC | Macy's Retail Holdings LLC |
| 50000 | 6.125 | 03/15/32<sup>(a)</sup> | 50500 |
| 98000 | 5.125 | 01/15/42 | 81830 |
| 115000 | 4.300 | 02/15/43 | 84525 |
| Marriott Ownership Resorts, Inc. | Marriott Ownership Resorts, Inc. | Marriott Ownership Resorts, Inc. | Marriott Ownership Resorts, Inc. |
| 100000 | 4.750 | 01/15/28 | 99375 |
| 150000 | 6.500 | 10/01/33<sup>(a)</sup> | 145875 |
| MGM Resorts International | MGM Resorts International | MGM Resorts International | MGM Resorts International |
| 100000 | 4.750 | 10/15/28 | 100125 |
| 228000 | 6.125 | 09/15/29 | 235125 |
| 100000 | 6.500 | 04/15/32 | 102625 |
| Michaels Cos., Inc. (The) | Michaels Cos., Inc. (The) | Michaels Cos., Inc. (The) | Michaels Cos., Inc. (The) |
| 125000 | 5.250 | 05/01/28<sup>(a)</sup> | 125500 |
| 162000 | 7.875 | 05/01/29<sup>(a)</sup> | 163418 |
| Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC | Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC | Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC | Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC |
| 100000 | 11.875 | 04/15/31<sup>(a)</sup> | 106000 |
| Muvico LLC | Muvico LLC | Muvico LLC | Muvico LLC |
| 40000 | 15.000 | 02/19/29<sup>(a)(b)</sup> | 38300 |
| NCL Corp. Ltd. | NCL Corp. Ltd. | NCL Corp. Ltd. | NCL Corp. Ltd. |
| 173000 | 7.750 | 02/15/29<sup>(a)</sup> | 185110 |
| 40000 | 6.750 | 02/01/32<sup>(a)</sup> | 41250 |
| 160000 | 6.250 | 09/15/33<sup>(a)</sup> | 162000 |
| NCL Finance Ltd. | NCL Finance Ltd. | NCL Finance Ltd. | NCL Finance Ltd. |
| 122000 | 6.125 | 03/15/28<sup>(a)</sup> | 125660 |
| New Home Co., Inc. (The) | New Home Co., Inc. (The) | New Home Co., Inc. (The) | New Home Co., Inc. (The) |
| 100000 | 8.500 | 11/01/30<sup>(a)</sup> | 104000 |
| Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |
| 100000 | 2.750 | 03/09/28<sup>(a)</sup> | 95321 |
| 205000 | 2.450 | 09/15/28<sup>(a)</sup> | 192145 |
| 58000 | 7.050 | 09/15/28<sup>(a)</sup> | 60158 |
| 300000 | 5.550 | 09/13/29<sup>(a)</sup> | 300213 |
| 55000 | 6.125 | 09/30/30<sup>(a)</sup> | 55231 |
| Nordstrom, Inc. | Nordstrom, Inc. | Nordstrom, Inc. | Nordstrom, Inc. |
| 54000 | 4.250 | 08/01/31 | 50760 |
| 194000 | 5.000 | 01/15/44 | 145985 |
| Park River Holdings, Inc. | Park River Holdings, Inc. | Park River Holdings, Inc. | Park River Holdings, Inc. |
| 75000 | 8.750 | 12/31/30<sup>(a)</sup> | 72281 |
| PetSmart LLC / PetSmart Finance Corp. | PetSmart LLC / PetSmart Finance Corp. | PetSmart LLC / PetSmart Finance Corp. | PetSmart LLC / PetSmart Finance Corp. |
| 280000 | 7.500 | 09/15/32<sup>(a)</sup> | 283500 |
| Premier Entertainment Sub LLC / Premier Entertainment Finance Corp. | Premier Entertainment Sub LLC / Premier Entertainment Finance Corp. | Premier Entertainment Sub LLC / Premier Entertainment Finance Corp. | Premier Entertainment Sub LLC / Premier Entertainment Finance Corp. |
| 60000 | 5.625 | 09/01/29<sup>(a)</sup> | 43125 |
| Prime Security Services Borrower LLC / Prime Finance, Inc. | Prime Security Services Borrower LLC / Prime Finance, Inc. | Prime Security Services Borrower LLC / Prime Finance, Inc. | Prime Security Services Borrower LLC / Prime Finance, Inc. |
| 162000 | 3.375 | 08/31/27<sup>(a)</sup> | 159772 |

---

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

---

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

---

------

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

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

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Consumer Cyclical – (continued) | Consumer Cyclical – (continued) | Consumer Cyclical – (continued) | Consumer Cyclical – (continued) |
| QVC, Inc. | QVC, Inc. | QVC, Inc. | QVC, Inc. |
| $135000 | 6.875% | 04/15/29<sup>(a)</sup> | $57881 |
| Resorts World Las Vegas LLC / RWLV Capital, Inc. | Resorts World Las Vegas LLC / RWLV Capital, Inc. | Resorts World Las Vegas LLC / RWLV Capital, Inc. | Resorts World Las Vegas LLC / RWLV Capital, Inc. |
| 235000 | 8.450 | 07/27/30<sup>(a)</sup> | 239406 |
| RHP Hotel Properties LP / RHP Finance Corp. | RHP Hotel Properties LP / RHP Finance Corp. | RHP Hotel Properties LP / RHP Finance Corp. | RHP Hotel Properties LP / RHP Finance Corp. |
| 85000 | 4.750 | 10/15/27 | 85159 |
| 85000 | 7.250 | 07/15/28<sup>(a)</sup> | 87338 |
| 134000 | 4.500 | 02/15/29<sup>(a)</sup> | 132325 |
| 171000 | 6.500 | 04/01/32<sup>(a)</sup> | 177412 |
| Sabre Financial Borrower LLC | Sabre Financial Borrower LLC | Sabre Financial Borrower LLC | Sabre Financial Borrower LLC |
| 124000 | 11.125 | 06/15/29<sup>(a)</sup> | 119970 |
| Sabre GLBL, Inc. | Sabre GLBL, Inc. | Sabre GLBL, Inc. | Sabre GLBL, Inc. |
| 130000 | 10.750 | 11/15/29<sup>(a)</sup> | 95225 |
| 115000 | 10.750 | 03/15/30<sup>(a)</sup> | 83806 |
| 110000 | 11.125 | 07/15/30<sup>(a)</sup> | 80163 |
| Saks Global Enterprises LLC | Saks Global Enterprises LLC | Saks Global Enterprises LLC | Saks Global Enterprises LLC |
| 65000 | 11.000 | 12/15/29<sup>(a)</sup> | 203 |
| Science Applications International Corp. | Science Applications International Corp. | Science Applications International Corp. | Science Applications International Corp. |
| 46000 | 5.875 | 11/01/33<sup>(a)</sup> | 45770 |
| Shea Homes LP / Shea Homes Funding Corp. | Shea Homes LP / Shea Homes Funding Corp. | Shea Homes LP / Shea Homes Funding Corp. | Shea Homes LP / Shea Homes Funding Corp. |
| 100000 | 4.750 | 02/15/28 | 99500 |
| Six Flags Entertainment Corp. | Six Flags Entertainment Corp. | Six Flags Entertainment Corp. | Six Flags Entertainment Corp. |
| 74000 | 7.250 | 05/15/31<sup>(a)</sup> | 72890 |
| Six Flags Entertainment Corp./Canada's Wonderland Co./Millennium Operations LLC | Six Flags Entertainment Corp./Canada's Wonderland Co./Millennium Operations LLC | Six Flags Entertainment Corp./Canada's Wonderland Co./Millennium Operations LLC | Six Flags Entertainment Corp./Canada's Wonderland Co./Millennium Operations LLC |
| 100000 | 8.625 | 01/15/32<sup>(a)</sup> | 101375 |
| Sonic Automotive, Inc. | Sonic Automotive, Inc. | Sonic Automotive, Inc. | Sonic Automotive, Inc. |
| 163000 | 4.875 | 11/15/31<sup>(a)</sup> | 157906 |
| Sotheby's/Bidfair Holdings, Inc. | Sotheby's/Bidfair Holdings, Inc. | Sotheby's/Bidfair Holdings, Inc. | Sotheby's/Bidfair Holdings, Inc. |
| 225000 | 5.875 | 06/01/29<sup>(a)</sup> | 216000 |
| Staples, Inc. | Staples, Inc. | Staples, Inc. | Staples, Inc. |
| 177000 | 10.750 | 09/01/29<sup>(a)</sup> | 163725 |
| 185000 | 12.750 | 01/15/30<sup>(a)</sup> | 131350 |
| Station Casinos LLC | Station Casinos LLC | Station Casinos LLC | Station Casinos LLC |
| 93000 | 4.500 | 02/15/28<sup>(a)</sup> | 93000 |
| 80000 | 4.625 | 12/01/31<sup>(a)</sup> | 77400 |
| 100000 | 6.625 | 03/15/32<sup>(a)</sup> | 102375 |
| Taylor Morrison Communities, Inc. | Taylor Morrison Communities, Inc. | Taylor Morrison Communities, Inc. | Taylor Morrison Communities, Inc. |
| 19000 | 5.750 | 01/15/28<sup>(a)</sup> | 19333 |
| 110000 | 5.750 | 11/15/32<sup>(a)</sup> | 113987 |
| Travel + Leisure Co. | Travel + Leisure Co. | Travel + Leisure Co. | Travel + Leisure Co. |
| 150000 | 6.000 | 04/01/27 | 152063 |
| 128000 | 4.500 | 12/01/29<sup>(a)</sup> | 125600 |
| Vail Resorts, Inc. | Vail Resorts, Inc. | Vail Resorts, Inc. | Vail Resorts, Inc. |
| 125000 | 5.625 | 07/15/30<sup>(a)</sup> | 127109 |
| VF Corp. | VF Corp. | VF Corp. | VF Corp. |
| 93000 | 6.450 | 11/01/37 | 92070 |
| Viking Cruises Ltd. | Viking Cruises Ltd. | Viking Cruises Ltd. | Viking Cruises Ltd. |
| 295000 | 7.000 | 02/15/29<sup>(a)</sup> | 295553 |
| 87000 | 9.125 | 07/15/31<sup>(a)</sup> | 92764 |
| Wayfair LLC | Wayfair LLC | Wayfair LLC | Wayfair LLC |
| 85000 | 7.250 | 10/31/29<sup>(a)</sup> | 88081 |
| 103000 | 7.750 | 09/15/30<sup>(a)</sup> | 108408 |
| Weekley Homes LLC / Weekley Finance Corp. | Weekley Homes LLC / Weekley Finance Corp. | Weekley Homes LLC / Weekley Finance Corp. | Weekley Homes LLC / Weekley Finance Corp. |
| 100000 | 6.750 | 01/15/34<sup>(a)</sup> | 100375 |
| Williams Scotsman, Inc. | Williams Scotsman, Inc. | Williams Scotsman, Inc. | Williams Scotsman, Inc. |
| 185000 | 6.625 | 06/15/29<sup>(a)</sup> | 191475 |
| 165000 | 6.625 | 04/15/30<sup>(a)</sup> | 171187 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Consumer Cyclical – (continued) | Consumer Cyclical – (continued) | Consumer Cyclical – (continued) | Consumer Cyclical – (continued) |
| Williams Scotsman, Inc. – (continued) | Williams Scotsman, Inc. – (continued) | Williams Scotsman, Inc. – (continued) | Williams Scotsman, Inc. – (continued) |
| 50000 | 7.375% | 10/01/31<sup>(a)</sup> | $52313 |
| Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. | Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. | Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. | Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. |
| 179000 | 5.250 | 05/15/27<sup>(a)</sup> | 179671 |
| Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. |
| 119000 | 5.125 | 10/01/29<sup>(a)</sup> | 120190 |
| 119000 | 7.125 | 02/15/31<sup>(a)</sup> | 128966 |
| Yum! Brands, Inc. | Yum! Brands, Inc. | Yum! Brands, Inc. | Yum! Brands, Inc. |
| 222000 | 4.750 | 01/15/30<sup>(a)</sup> | 223110 |
| 124000 | 3.625 | 03/15/31 | 117955 |
| 170000 | 4.625 | 01/31/32 | 168725 |
| 170000 | 5.375 | 04/01/32 | 173187 |
| 79000 | 6.875 | 11/15/37 | 88480 |
|  |  |  | 20677378 |
| Consumer Noncyclical – 3.4% | Consumer Noncyclical – 3.4% | Consumer Noncyclical – 3.4% | Consumer Noncyclical – 3.4% |
| Albertsons Cos. Inc / Safeway, Inc. / New Albertsons LP / Albertsons LLC | Albertsons Cos. Inc / Safeway, Inc. / New Albertsons LP / Albertsons LLC | Albertsons Cos. Inc / Safeway, Inc. / New Albertsons LP / Albertsons LLC | Albertsons Cos. Inc / Safeway, Inc. / New Albertsons LP / Albertsons LLC |
| 376000 | 4.875 | 02/15/30<sup>(a)</sup> | 373650 |
| 100000 | 6.250 | 03/15/33<sup>(a)</sup> | 102875 |
| 150000 | 5.750 | 03/31/34<sup>(a)</sup> | 150000 |
| Allied Universal Holdco LLC | Allied Universal Holdco LLC | Allied Universal Holdco LLC | Allied Universal Holdco LLC |
| 223000 | 7.875 | 02/15/31<sup>(a)</sup> | 236380 |
| Allied Universal Holdco LLC / Allied Universal Finance Corp. | Allied Universal Holdco LLC / Allied Universal Finance Corp. | Allied Universal Holdco LLC / Allied Universal Finance Corp. | Allied Universal Holdco LLC / Allied Universal Finance Corp. |
| 200000 | 6.000 | 06/01/29<sup>(a)</sup> | 198750 |
| Allied Universal Holdco LLC /Allied Universal Finance Corp. / Atlas Luxco 4 Sarl | Allied Universal Holdco LLC /Allied Universal Finance Corp. / Atlas Luxco 4 Sarl | Allied Universal Holdco LLC /Allied Universal Finance Corp. / Atlas Luxco 4 Sarl | Allied Universal Holdco LLC /Allied Universal Finance Corp. / Atlas Luxco 4 Sarl |
| 200000 | 4.625 | 06/01/28<sup>(a)</sup> | 197750 |
| Avantor Funding, Inc. | Avantor Funding, Inc. | Avantor Funding, Inc. | Avantor Funding, Inc. |
| 260000 | 4.625 | 07/15/28<sup>(a)</sup> | 258700 |
| 94000 | 3.875 | 11/01/29<sup>(a)</sup> | 89887 |
| Deluxe Corp. | Deluxe Corp. | Deluxe Corp. | Deluxe Corp. |
| 19000 | 8.125 | 09/15/29<sup>(a)</sup> | 19879 |
| Hologic, Inc. | Hologic, Inc. | Hologic, Inc. | Hologic, Inc. |
| 39000 | 4.625 | 02/01/28<sup>(a)</sup> | 38986 |
| 145000 | 3.250 | 02/15/29<sup>(a)</sup> | 144456 |
| ION Platform Finance U.S., Inc. | ION Platform Finance U.S., Inc. | ION Platform Finance U.S., Inc. | ION Platform Finance U.S., Inc. |
| 293000 | 7.875 | 09/30/32<sup>(a)</sup> | 235865 |
| LifePoint Health, Inc. | LifePoint Health, Inc. | LifePoint Health, Inc. | LifePoint Health, Inc. |
| 93000 | 5.375 | 01/15/29<sup>(a)</sup> | 91140 |
| Molina Healthcare, Inc. | Molina Healthcare, Inc. | Molina Healthcare, Inc. | Molina Healthcare, Inc. |
| 370000 | 3.875 | 11/15/30<sup>(a)</sup> | 337625 |
| 215000 | 6.250 | 01/15/33<sup>(a)</sup> | 212312 |
| Murphy Oil USA, Inc. | Murphy Oil USA, Inc. | Murphy Oil USA, Inc. | Murphy Oil USA, Inc. |
| 91000 | 3.750 | 02/15/31<sup>(a)</sup> | 85654 |
| Organon & Co / Organon Foreign Debt Co.-Issuer BV | Organon & Co / Organon Foreign Debt Co.-Issuer BV | Organon & Co / Organon Foreign Debt Co.-Issuer BV | Organon & Co / Organon Foreign Debt Co.-Issuer BV |
| 252000 | 4.125 | 04/30/28<sup>(a)</sup> | 247905 |
| 436000 | 5.125 | 04/30/31<sup>(a)</sup> | 389130 |
| Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. |
| 250000 | 5.150 | 06/15/30 | 247482 |
| Perrigo Finance Unlimited Co., Series USD | Perrigo Finance Unlimited Co., Series USD | Perrigo Finance Unlimited Co., Series USD | Perrigo Finance Unlimited Co., Series USD |
| 62000 | 6.125 | 09/30/32 | 60924 |
| Prestige Brands, Inc. | Prestige Brands, Inc. | Prestige Brands, Inc. | Prestige Brands, Inc. |
| 116000 | 3.750 | 04/01/31<sup>(a)</sup> | 108968 |
| RR Donnelley & Sons Co. | RR Donnelley & Sons Co. | RR Donnelley & Sons Co. | RR Donnelley & Sons Co. |
| 183000 | 9.500 | 08/01/29<sup>(a)</sup> | 188490 |
| RRD Intermediate Holdings, Inc. | RRD Intermediate Holdings, Inc. | RRD Intermediate Holdings, Inc. | RRD Intermediate Holdings, Inc. |
| 100590 | 11.000 | 12/01/30(a)(b) | 103608 |

---

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

The accompanying notes are an integral part of these financial statements.<sub>11</sub>

------

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

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

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Consumer Noncyclical – (continued) | Consumer Noncyclical – (continued) | Consumer Noncyclical – (continued) | Consumer Noncyclical – (continued) |
| Team Health Holdings, Inc. | Team Health Holdings, Inc. | Team Health Holdings, Inc. | Team Health Holdings, Inc. |
| 264510 | 13.500% | 06/30/28<sup>(a)(b)</sup> | $278727 |
| Teleflex, Inc. | Teleflex, Inc. | Teleflex, Inc. | Teleflex, Inc. |
| 149000 | 4.625 | 11/15/27 | 147882 |
| Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. |
| 100000 | 4.375 | 01/15/30 | 98625 |
|  |  |  | 4645650 |
| Consumer Products – 1.3% | Consumer Products – 1.3% | Consumer Products – 1.3% | Consumer Products – 1.3% |
| Edgewell Personal Care Co. | Edgewell Personal Care Co. | Edgewell Personal Care Co. | Edgewell Personal Care Co. |
| 77000 | 5.500 | 06/01/28<sup>(a)</sup> | 77193 |
| 77000 | 4.125 | 04/01/29<sup>(a)</sup> | 74305 |
| Energizer Holdings, Inc. | Energizer Holdings, Inc. | Energizer Holdings, Inc. | Energizer Holdings, Inc. |
| 50000 | 6.000 | 09/15/33<sup>(a)</sup> | 48937 |
| Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. |
| 193000 | 6.375 | 09/15/27 | 196136 |
| 98000 | 6.625 | 09/15/29 | 100083 |
| 88000 | 6.625 | 05/15/32 | 88110 |
| 56000 | 7.375 | 04/01/36 | 56127 |
| 95000 | 7.500 | 04/01/46 | 83362 |
| Scotts Miracle-Gro Co. (The) | Scotts Miracle-Gro Co. (The) | Scotts Miracle-Gro Co. (The) | Scotts Miracle-Gro Co. (The) |
| 80000 | 4.000 | 04/01/31 | 75900 |
| 203000 | 4.375 | 02/01/32 | 192596 |
| Somnigroup International, Inc. | Somnigroup International, Inc. | Somnigroup International, Inc. | Somnigroup International, Inc. |
| 230000 | 4.000 | 04/15/29<sup>(a)</sup> | 224250 |
| 43000 | 3.875 | 10/15/31<sup>(a)</sup> | 40528 |
| Whirlpool Corp. | Whirlpool Corp. | Whirlpool Corp. | Whirlpool Corp. |
| 164000 | 2.400 | 05/15/31 | 137244 |
| 190000 | 5.500 | 03/01/33 | 180610 |
| 141000 | 6.500 | 06/15/33 | 140648 |
| Whirlpool Corp., MTN | Whirlpool Corp., MTN | Whirlpool Corp., MTN | Whirlpool Corp., MTN |
| 61000 | 5.150 | 03/01/43 | 51347 |
|  |  |  | 1767376 |
| Distribution & Logistics – 0.4% | Distribution & Logistics – 0.4% | Distribution & Logistics – 0.4% | Distribution & Logistics – 0.4% |
| WESCO Distribution, Inc. | WESCO Distribution, Inc. | WESCO Distribution, Inc. | WESCO Distribution, Inc. |
| 124000 | 7.250 | 06/15/28<sup>(a)</sup> | 125240 |
| 189000 | 6.375 | 03/15/29<sup>(a)</sup> | 194434 |
| 149000 | 6.625 | 03/15/32<sup>(a)</sup> | 155332 |
| 100000 | 6.375 | 03/15/33<sup>(a)</sup> | 104500 |
|  |  |  | 579506 |
| Electric – 3.2% | Electric – 3.2% | Electric – 3.2% | Electric – 3.2% |
| AES Corp. (The) | AES Corp. (The) | AES Corp. (The) | AES Corp. (The) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.201%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.201%) |  |  |
| 176000 | 7.600 | 01/15/55 | 177747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.890%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.890%) |  |  |
| 50000 | 6.950 | 07/15/55 | 48556 |
| Alpha Generation LLC | Alpha Generation LLC | Alpha Generation LLC | Alpha Generation LLC |
| 50000 | 6.750 | 10/15/32<sup>(a)</sup> | 52000 |
| 100000 | 6.250 | 01/15/34<sup>(a)</sup> | 101625 |
| Artera Services LLC | Artera Services LLC | Artera Services LLC | Artera Services LLC |
| 72000 | 8.500 | 02/15/31<sup>(a)</sup> | 59670 |
| Clearway Energy Operating LLC | Clearway Energy Operating LLC | Clearway Energy Operating LLC | Clearway Energy Operating LLC |
| 165000 | 4.750 | 03/15/28<sup>(a)</sup> | 164794 |
| 147000 | 3.750 | 02/15/31<sup>(a)</sup> | 139650 |
| Constellation Energy Generation LLC | Constellation Energy Generation LLC | Constellation Energy Generation LLC | Constellation Energy Generation LLC |
| 11000 | 5.000 | 02/01/31<sup>(a)</sup> | 11181 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Electric – (continued) | Electric – (continued) | Electric – (continued) | Electric – (continued) |
| DPL LLC | DPL LLC | DPL LLC | DPL LLC |
| 100000 | 4.350% | 04/15/29 | $99000 |
| EUSHI Finance, Inc. | EUSHI Finance, Inc. | EUSHI Finance, Inc. | EUSHI Finance, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.136%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.136%) |  |  |
| 385000 | 7.625 | 12/15/54 | 407139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.509%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.509%) |  |  |
| 100000 | 6.250 | 04/01/56 | 101080 |
| NRG Energy, Inc. | NRG Energy, Inc. | NRG Energy, Inc. | NRG Energy, Inc. |
| 100000 | 5.750 | 01/15/28 | 100000 |
| 124000 | 3.375 | 02/15/29<sup>(a)</sup> | 119480 |
| 342000 | 5.250 | 06/15/29<sup>(a)</sup> | 344137 |
| 100000 | 5.750 | 07/15/29<sup>(a)</sup> | 100375 |
| 183000 | 3.625 | 02/15/31<sup>(a)</sup> | 173592 |
| 80000 | 6.000 | 02/01/33<sup>(a)</sup> | 82100 |
| 191000 | 6.250 | 11/01/34<sup>(a)</sup> | 198163 |
| PG&E Corp. | PG&E Corp. | PG&E Corp. | PG&E Corp. |
| 100000 | 5.000 | 07/01/28 | 99662 |
| 211000 | 5.250 | 07/01/30 | 211345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.883%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.883%) |  |  |
| 250000 | 7.375 | 03/15/55 | 258777 |
| Talen Energy Supply LLC | Talen Energy Supply LLC | Talen Energy Supply LLC | Talen Energy Supply LLC |
| 295000 | 6.250 | 02/01/34<sup>(a)</sup> | 299978 |
| 50000 | 6.500 | 02/01/36<sup>(a)</sup> | 51469 |
| TerraForm Power Operating LLC | TerraForm Power Operating LLC | TerraForm Power Operating LLC | TerraForm Power Operating LLC |
| 50000 | 5.000 | 01/31/28<sup>(a)</sup> | 50125 |
| Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC |
| 202000 | 5.625 | 02/15/27<sup>(a)</sup> | 201874 |
| 270000 | 4.375 | 05/01/29<sup>(a)</sup> | 267637 |
| 96000 | 7.750 | 10/15/31<sup>(a)</sup> | 101640 |
| 12000 | 6.875 | 04/15/32<sup>(a)</sup> | 12645 |
| XPLR Infrastructure Operating Partners LP | XPLR Infrastructure Operating Partners LP | XPLR Infrastructure Operating Partners LP | XPLR Infrastructure Operating Partners LP |
| 266000 | 4.500 | 09/15/27<sup>(a)</sup> | 265003 |
| 79000 | 7.750 | 04/15/34<sup>(a)</sup> | 82061 |
|  |  |  | 4382505 |
| Electrical – 0.0% | Electrical – 0.0% | Electrical – 0.0% | Electrical – 0.0% |
| EnerSys | EnerSys | EnerSys | EnerSys |
| 55000 | 6.625 | 01/15/32<sup>(a)</sup> | 56994 |
| Energy – 8.9% | Energy – 8.9% | Energy – 8.9% | Energy – 8.9% |
| Antero Midstream Partners LP / Antero Midstream Finance Corp. | Antero Midstream Partners LP / Antero Midstream Finance Corp. | Antero Midstream Partners LP / Antero Midstream Finance Corp. | Antero Midstream Partners LP / Antero Midstream Finance Corp. |
| 39000 | 5.750 | 01/15/28<sup>(a)</sup> | 38976 |
| 65000 | 5.375 | 06/15/29<sup>(a)</sup> | 65081 |
| 162000 | 6.625 | 02/01/32<sup>(a)</sup> | 168075 |
| 100000 | 5.750 | 10/15/33<sup>(a)</sup> | 101312 |
| Archrock Partners LP / Archrock Partners Finance Corp. | Archrock Partners LP / Archrock Partners Finance Corp. | Archrock Partners LP / Archrock Partners Finance Corp. | Archrock Partners LP / Archrock Partners Finance Corp. |
| 168000 | 6.250 | 04/01/28<sup>(a)</sup> | 168420 |
| 200000 | 6.625 | 09/01/32<sup>(a)</sup> | 208250 |
| Archrock Services LP / Archrock Partners Finance Corp. | Archrock Services LP / Archrock Partners Finance Corp. | Archrock Services LP / Archrock Partners Finance Corp. | Archrock Services LP / Archrock Partners Finance Corp. |
| 160000 | 6.000 | 02/01/34<sup>(a)</sup> | 161700 |
| Ascent Resources Utica Holdings LLC / ARU Finance Corp. | Ascent Resources Utica Holdings LLC / ARU Finance Corp. | Ascent Resources Utica Holdings LLC / ARU Finance Corp. | Ascent Resources Utica Holdings LLC / ARU Finance Corp. |
| 75000 | 9.000 | 11/01/27<sup>(a)</sup> | 90094 |
| 165000 | 5.875 | 06/30/29<sup>(a)</sup> | 165825 |
| 120000 | 6.625 | 07/15/33<sup>(a)</sup> | 124650 |
| Bristow Group, Inc. | Bristow Group, Inc. | Bristow Group, Inc. | Bristow Group, Inc. |
| 115000 | 6.875 | 03/01/28<sup>(a)</sup> | 114856 |

---

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

---

| | |
|:---|:---|
| 12 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

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

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Energy – (continued) | Energy – (continued) | Energy – (continued) | Energy – (continued) |
| Buckeye Partners LP | Buckeye Partners LP | Buckeye Partners LP | Buckeye Partners LP |
| $40000 | 3.950% | 12/01/26 | $39700 |
| 63000 | 4.125 | 12/01/27 | 62606 |
| 114000 | 4.500 | 03/01/28<sup>(a)</sup> | 113715 |
| 50000 | 5.850 | 11/15/43 | 47187 |
| 85000 | 5.600 | 10/15/44 | 78094 |
| California Resources Corp. | California Resources Corp. | California Resources Corp. | California Resources Corp. |
| 50000 | 8.250 | 06/15/29<sup>(a)</sup> | 52563 |
| 110000 | 7.000 | 01/15/34<sup>(a)</sup> | 112200 |
| Chord Energy Corp. | Chord Energy Corp. | Chord Energy Corp. | Chord Energy Corp. |
| 170000 | 6.750 | 03/15/33<sup>(a)</sup> | 176800 |
| CNX Midstream Partners LP | CNX Midstream Partners LP | CNX Midstream Partners LP | CNX Midstream Partners LP |
| 115000 | 4.750 | 04/15/30<sup>(a)</sup> | 112556 |
| CNX Resources Corp. | CNX Resources Corp. | CNX Resources Corp. | CNX Resources Corp. |
| 55000 | 7.250 | 03/01/32<sup>(a)</sup> | 57681 |
| Comstock Resources, Inc. | Comstock Resources, Inc. | Comstock Resources, Inc. | Comstock Resources, Inc. |
| 288000 | 6.750 | 03/01/29<sup>(a)</sup> | 287280 |
| 50000 | 5.875 | 01/15/30<sup>(a)</sup> | 48375 |
| CQP Holdco LP / BIP-V Chinook Holdco LLC | CQP Holdco LP / BIP-V Chinook Holdco LLC | CQP Holdco LP / BIP-V Chinook Holdco LLC | CQP Holdco LP / BIP-V Chinook Holdco LLC |
| 370000 | 5.500 | 06/15/31<sup>(a)</sup> | 370231 |
| Crescent Energy Finance LLC | Crescent Energy Finance LLC | Crescent Energy Finance LLC | Crescent Energy Finance LLC |
| 100000 | 7.750 | 07/31/29<sup>(a)</sup> | 100875 |
| 206000 | 7.625 | 04/01/32<sup>(a)</sup> | 208833 |
| 80000 | 7.875 | 04/15/32<sup>(a)</sup> | 81600 |
| 212000 | 7.375 | 01/15/33<sup>(a)</sup> | 210675 |
| 73000 | 8.375 | 01/15/34<sup>(a)</sup> | 75372 |
| CVR Energy, Inc. | CVR Energy, Inc. | CVR Energy, Inc. | CVR Energy, Inc. |
| 114000 | 5.750 | 02/15/28<sup>(a)</sup> | 113999 |
| 178000 | 7.875 | 02/15/34<sup>(a)</sup> | 174663 |
| Delek Logistics Partners LP / Delek Logistics Finance Corp. | Delek Logistics Partners LP / Delek Logistics Finance Corp. | Delek Logistics Partners LP / Delek Logistics Finance Corp. | Delek Logistics Partners LP / Delek Logistics Finance Corp. |
| 90000 | 8.625 | 03/15/29<sup>(a)</sup> | 93938 |
| 100000 | 7.375 | 06/30/33<sup>(a)</sup> | 103500 |
| Global Partners LP / GLP Finance Corp. | Global Partners LP / GLP Finance Corp. | Global Partners LP / GLP Finance Corp. | Global Partners LP / GLP Finance Corp. |
| 195000 | 6.875 | 01/15/29 | 196828 |
| Harvest Midstream I LP | Harvest Midstream I LP | Harvest Midstream I LP | Harvest Midstream I LP |
| 75000 | 7.500 | 09/01/28<sup>(a)</sup> | 75937 |
| Hilcorp Energy I LP / Hilcorp Finance Co. | Hilcorp Energy I LP / Hilcorp Finance Co. | Hilcorp Energy I LP / Hilcorp Finance Co. | Hilcorp Energy I LP / Hilcorp Finance Co. |
| 31000 | 6.250 | 11/01/28<sup>(a)</sup> | 31271 |
| 89000 | 5.750 | 02/01/29<sup>(a)</sup> | 89334 |
| 100000 | 6.000 | 04/15/30<sup>(a)</sup> | 98875 |
| 105000 | 6.000 | 02/01/31<sup>(a)</sup> | 102506 |
| 90000 | 8.375 | 11/01/33<sup>(a)</sup> | 95175 |
| 97000 | 6.875 | 05/15/34<sup>(a)</sup> | 95181 |
| 87000 | 7.250 | 02/15/35<sup>(a)</sup> | 86348 |
| Kinetik Holdings LP | Kinetik Holdings LP | Kinetik Holdings LP | Kinetik Holdings LP |
| 228000 | 6.625 | 12/15/28<sup>(a)</sup> | 234840 |
| 58000 | 5.875 | 06/15/30<sup>(a)</sup> | 58798 |
| Kodiak Gas Services LLC | Kodiak Gas Services LLC | Kodiak Gas Services LLC | Kodiak Gas Services LLC |
| 90000 | 7.250 | 02/15/29<sup>(a)</sup> | 93319 |
| 91000 | 6.500 | 10/01/33<sup>(a)</sup> | 93673 |
| Matador Resources Co. | Matador Resources Co. | Matador Resources Co. | Matador Resources Co. |
| 25000 | 6.875 | 04/15/28<sup>(a)</sup> | 25500 |
| 97000 | 6.250 | 04/15/33<sup>(a)</sup> | 98819 |
| Murphy Oil Corp. | Murphy Oil Corp. | Murphy Oil Corp. | Murphy Oil Corp. |
| 100000 | 6.000 | 10/01/32 | 99875 |
| 111000 | 5.875 | 12/01/42 | 98096 |
| Nabors Industries, Inc. | Nabors Industries, Inc. | Nabors Industries, Inc. | Nabors Industries, Inc. |
| 152000 | 9.125 | 01/31/30<sup>(a)</sup> | 159505 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Energy – (continued) | Energy – (continued) | Energy – (continued) | Energy – (continued) |
| Nabors Industries, Inc. – (continued) | Nabors Industries, Inc. – (continued) | Nabors Industries, Inc. – (continued) | Nabors Industries, Inc. – (continued) |
| $89000 | 8.875% | 08/15/31<sup>(a)</sup> | $92560 |
| Northern Oil & Gas, Inc. | Northern Oil & Gas, Inc. | Northern Oil & Gas, Inc. | Northern Oil & Gas, Inc. |
| 76000 | 8.750 | 06/15/31<sup>(a)</sup> | 79420 |
| 30000 | 7.875 | 10/15/33<sup>(a)</sup> | 30731 |
| PBF Holding Co. LLC / PBF Finance Corp. | PBF Holding Co. LLC / PBF Finance Corp. | PBF Holding Co. LLC / PBF Finance Corp. | PBF Holding Co. LLC / PBF Finance Corp. |
| 96000 | 9.875 | 03/15/30<sup>(a)</sup> | 101760 |
| 100000 | 7.875 | 09/15/30<sup>(a)</sup> | 100750 |
| Permian Resources Operating LLC | Permian Resources Operating LLC | Permian Resources Operating LLC | Permian Resources Operating LLC |
| 108000 | 8.000 | 04/15/27<sup>(a)</sup> | 108608 |
| 45000 | 5.875 | 07/01/29<sup>(a)</sup> | 45281 |
| 140000 | 7.000 | 01/15/32<sup>(a)</sup> | 147000 |
| 100000 | 6.250 | 02/01/33<sup>(a)</sup> | 103250 |
| SM Energy Co. | SM Energy Co. | SM Energy Co. | SM Energy Co. |
| 78000 | 6.625 | 01/15/27 | 78146 |
| 235000 | 8.375 | 07/01/28<sup>(a)</sup> | 242638 |
| 100000 | 6.500 | 07/15/28 | 100500 |
| 105000 | 8.625 | 11/01/30<sup>(a)</sup> | 111431 |
| 207000 | 8.750 | 07/01/31<sup>(a)</sup> | 217350 |
| 45000 | 9.625 | 06/15/33<sup>(a)</sup> | 49781 |
| Sunoco LP | Sunoco LP | Sunoco LP | Sunoco LP |
| 266000 | 7.000 | 05/01/29<sup>(a)</sup> | 276640 |
| 335000 | 4.500 | 10/01/29<sup>(a)</sup> | 329556 |
| 115000 | 4.625 | 05/01/30<sup>(a)</sup> | 112557 |
| 250000 | 6.250 | 07/01/33<sup>(a)</sup> | 258125 |
| 50000 | 5.875 | 03/15/34<sup>(a)</sup> | 50500 |
| Sunoco LP / Sunoco Finance Corp. | Sunoco LP / Sunoco Finance Corp. | Sunoco LP / Sunoco Finance Corp. | Sunoco LP / Sunoco Finance Corp. |
| 115000 | 5.875 | 03/15/28 | 115216 |
| 65000 | 4.500 | 04/30/30 | 63862 |
| Talos Production, Inc. | Talos Production, Inc. | Talos Production, Inc. | Talos Production, Inc. |
| 100000 | 9.000 | 02/01/29<sup>(a)</sup> | 104000 |
| 109000 | 9.375 | 02/01/31<sup>(a)</sup> | 116085 |
| Transocean International Ltd. | Transocean International Ltd. | Transocean International Ltd. | Transocean International Ltd. |
| 178000 | 8.250 | 05/15/29<sup>(a)</sup> | 185787 |
| 86000 | 8.500 | 05/15/31<sup>(a)</sup> | 91160 |
| 50000 | 7.875 | 10/15/32<sup>(a)</sup> | 53750 |
| 120000 | 6.800 | 03/15/38 | 116550 |
| Transocean Titan Financing Ltd. | Transocean Titan Financing Ltd. | Transocean Titan Financing Ltd. | Transocean Titan Financing Ltd. |
| 47667 | 8.375 | 02/01/28<sup>(a)</sup> | 48680 |
| Transocean, Inc. | Transocean, Inc. | Transocean, Inc. | Transocean, Inc. |
| 35000 | 8.750 | 02/15/30<sup>(a)</sup> | 36531 |
| USA Compression Partners LP / USA Compression Finance Corp. | USA Compression Partners LP / USA Compression Finance Corp. | USA Compression Partners LP / USA Compression Finance Corp. | USA Compression Partners LP / USA Compression Finance Corp. |
| 117000 | 7.125 | 03/15/29<sup>(a)</sup> | 120803 |
| 50000 | 6.250 | 10/01/33<sup>(a)</sup> | 50875 |
| Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
| 472000 | 8.125 | 06/01/28<sup>(a)</sup> | 486160 |
| 307000 | 9.500 | 02/01/29<sup>(a)</sup> | 330025 |
| 155000 | 7.000 | 01/15/30<sup>(a)</sup> | 157325 |
| 295000 | 9.875 | 02/01/32<sup>(a)</sup> | 313069 |
| Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC |
| 253000 | 6.500 | 01/15/34<sup>(a)</sup> | 266757 |
| 257000 | 7.750 | 05/01/35<sup>(a)</sup> | 292016 |
| 373000 | 6.750 | 01/15/36<sup>(a)</sup> | 397945 |
| Weatherford International Ltd. | Weatherford International Ltd. | Weatherford International Ltd. | Weatherford International Ltd. |
| 136000 | 8.625 | 04/30/30<sup>(a)</sup> | 139230 |
| 50000 | 6.750 | 10/15/33<sup>(a)</sup> | 52250 |
|  |  |  | 12138222 |

---

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

The accompanying notes are an integral part of these financial statements.<sub>13</sub>

------

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

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

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Financial Company – 5.8% | Financial Company – 5.8% | Financial Company – 5.8% | Financial Company – 5.8% |
| Azorra Finance Ltd. | Azorra Finance Ltd. | Azorra Finance Ltd. | Azorra Finance Ltd. |
| $25000 | 7.250% | 01/15/31<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26152 |
| Bread Financial Holdings, Inc. | Bread Financial Holdings, Inc. | Bread Financial Holdings, Inc. | Bread Financial Holdings, Inc. |
| 25000 | 6.750 | 05/15/31<sup>(a)</sup> | 25531 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.300%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.300%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.300%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.300%) |
| 134000 | 8.375 | 06/15/35<sup>(a)</sup> | 136513 |
| Burford Capital Global Finance LLC | Burford Capital Global Finance LLC | Burford Capital Global Finance LLC | Burford Capital Global Finance LLC |
| 200000 | 9.250 | 07/01/31<sup>(a)</sup> | 204750 |
| Cobra AcquisitionCo LLC | Cobra AcquisitionCo LLC | Cobra AcquisitionCo LLC | Cobra AcquisitionCo LLC |
| 100000 | 12.250 | 11/01/29<sup>(a)</sup> | 102375 |
| Coinbase Global, Inc. | Coinbase Global, Inc. | Coinbase Global, Inc. | Coinbase Global, Inc. |
| 147000 | 3.625 | 10/01/31<sup>(a)</sup> | 128258 |
| Compass Group Diversified Holdings LLC | Compass Group Diversified Holdings LLC | Compass Group Diversified Holdings LLC | Compass Group Diversified Holdings LLC |
| 184109 | 5.250 | 04/15/29<sup>(a)</sup> | 172372 |
| 110000 | 5.000 | 01/15/32<sup>(a)</sup> | 97350 |
| Credit Acceptance Corp. | Credit Acceptance Corp. | Credit Acceptance Corp. | Credit Acceptance Corp. |
| 162000 | 6.625 | 03/15/30<sup>(a)</sup> | 161393 |
| CrossCountry Intermediate HoldCo LLC | CrossCountry Intermediate HoldCo LLC | CrossCountry Intermediate HoldCo LLC | CrossCountry Intermediate HoldCo LLC |
| 50000 | 6.750 | 12/01/32<sup>(a)</sup> | 49563 |
| Encore Capital Group, Inc. | Encore Capital Group, Inc. | Encore Capital Group, Inc. | Encore Capital Group, Inc. |
| 50000 | 6.625 | 04/15/31<sup>(a)</sup> | 50625 |
| Enova International, Inc. | Enova International, Inc. | Enova International, Inc. | Enova International, Inc. |
| 104000 | 11.250 | 12/15/28<sup>(a)</sup> | 110370 |
| 100000 | 9.125 | 08/01/29<sup>(a)</sup> | 105000 |
| Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC |
| 189000 | 9.250 | 02/01/29<sup>(a)</sup> | 198214 |
| 122000 | 9.125 | 05/15/31<sup>(a)</sup> | 126422 |
| 80000 | 7.875 | 04/01/33<sup>(a)</sup> | 78900 |
| Hightower Holding LLC | Hightower Holding LLC | Hightower Holding LLC | Hightower Holding LLC |
| 100000 | 9.125 | 01/31/30<sup>(a)</sup> | 104375 |
| HUB International Ltd. | HUB International Ltd. | HUB International Ltd. | HUB International Ltd. |
| 63000 | 5.625 | 12/01/29<sup>(a)</sup> | 61976 |
| 287000 | 7.250 | 06/15/30<sup>(a)</sup> | 296687 |
| 249000 | 7.375 | 01/31/32<sup>(a)</sup> | 254291 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp. | Icahn Enterprises LP / Icahn Enterprises Finance Corp. | Icahn Enterprises LP / Icahn Enterprises Finance Corp. | Icahn Enterprises LP / Icahn Enterprises Finance Corp. |
| 93000 | 5.250 | 05/15/27 | 92070 |
| 93000 | 9.750 | 01/15/29 | 91954 |
| 180000 | 4.375 | 02/01/29 | 153900 |
| 50000 | 10.000 | 11/15/29<sup>(a)</sup> | 49437 |
| 84000 | 9.000 | 06/15/30 | 80325 |
| Jefferson Capital Holdings LLC | Jefferson Capital Holdings LLC | Jefferson Capital Holdings LLC | Jefferson Capital Holdings LLC |
| 155000 | 9.500 | 02/15/29<sup>(a)</sup> | 163234 |
| LD Holdings Group LLC | LD Holdings Group LLC | LD Holdings Group LLC | LD Holdings Group LLC |
| 170000 | 8.750 | 11/01/27<sup>(a)</sup> | 162138 |
| 50000 | 6.125 | 04/01/28<sup>(a)</sup> | 44625 |
| Navient Corp. | Navient Corp. | Navient Corp. | Navient Corp. |
| 77000 | 4.875 | 03/15/28 | 74594 |
| 336000 | 5.500 | 03/15/29 | 313740 |
| 50000 | 11.500 | 03/15/31 | 52937 |
| Navient Corp., MTN | Navient Corp., MTN | Navient Corp., MTN | Navient Corp., MTN |
| 205000 | 5.625 | 08/01/33 | 169125 |
| OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
| 120000 | 3.500 | 01/15/27 | 118350 |
| 243000 | 3.875 | 09/15/28 | 235406 |
| 224000 | 5.375 | 11/15/29 | 222040 |
| 84000 | 7.875 | 03/15/30 | 87780 |
| 176000 | 4.000 | 09/15/30 | 162580 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Financial Company – (continued) | Financial Company – (continued) | Financial Company – (continued) | Financial Company – (continued) |
| OneMain Finance Corp. – (continued) | OneMain Finance Corp. – (continued) | OneMain Finance Corp. – (continued) | OneMain Finance Corp. – (continued) |
| 69000 | 7.125% | 11/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70639 |
| 135000 | 6.750 | 03/15/32 | 136350 |
| 50000 | 7.125 | 09/15/32 | 51312 |
| 150000 | 6.500 | 03/15/33 | 148875 |
| 100000 | 6.750 | 09/15/33 | 99625 |
| Osaic Holdings, Inc. | Osaic Holdings, Inc. | Osaic Holdings, Inc. | Osaic Holdings, Inc. |
| 185000 | 6.750 | 08/01/32<sup>(a)</sup> | 186850 |
| 50000 | 8.000 | 08/01/33<sup>(a)</sup> | 49875 |
| PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. |
| 100000 | 4.250 | 02/15/29<sup>(a)</sup> | 96375 |
| 26000 | 7.875 | 12/15/29<sup>(a)</sup> | 27267 |
| 152000 | 7.125 | 11/15/30<sup>(a)</sup> | 156750 |
| 119000 | 5.750 | 09/15/31<sup>(a)</sup> | 116174 |
| 200000 | 6.750 | 02/15/34<sup>(a)</sup> | 197750 |
| PRA Group, Inc. | PRA Group, Inc. | PRA Group, Inc. | PRA Group, Inc. |
| 100000 | 8.375 | 02/01/28<sup>(a)</sup> | 101000 |
| 119000 | 5.000 | 10/01/29<sup>(a)</sup> | 109926 |
| Prospect Capital Corp. | Prospect Capital Corp. | Prospect Capital Corp. | Prospect Capital Corp. |
| 114000 | 3.437 | 10/15/28 | 101318 |
| Rocket Cos., Inc. | Rocket Cos., Inc. | Rocket Cos., Inc. | Rocket Cos., Inc. |
| 225000 | 6.500 | 08/01/29<sup>(a)</sup> | 231472 |
| 100000 | 7.125 | 02/01/32<sup>(a)</sup> | 104372 |
| 123000 | 6.375 | 08/01/33<sup>(a)</sup> | 127305 |
| Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc. | Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc. | Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc. | Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc. |
| 100000 | 3.625 | 03/01/29<sup>(a)</sup> | 96375 |
| 200000 | 4.000 | 10/15/33<sup>(a)</sup> | 184750 |
| SLM Corp. | SLM Corp. | SLM Corp. | SLM Corp. |
| 50000 | 6.500 | 01/31/30 | 51000 |
| Stonex Escrow Issuer LLC | Stonex Escrow Issuer LLC | Stonex Escrow Issuer LLC | Stonex Escrow Issuer LLC |
| 200000 | 6.875 | 07/15/32<sup>(a)</sup> | 207500 |
| StoneX Group, Inc. | StoneX Group, Inc. | StoneX Group, Inc. | StoneX Group, Inc. |
| 100000 | 7.875 | 03/01/31<sup>(a)</sup> | 106375 |
| United Wholesale Mortgage LLC | United Wholesale Mortgage LLC | United Wholesale Mortgage LLC | United Wholesale Mortgage LLC |
| 195000 | 5.500 | 04/15/29<sup>(a)</sup> | 191831 |
| UWM Holdings LLC | UWM Holdings LLC | UWM Holdings LLC | UWM Holdings LLC |
| 85000 | 6.625 | 02/01/30<sup>(a)</sup> | 84522 |
| 125000 | 6.250 | 03/15/31<sup>(a)</sup> | 120937 |
|  |  |  | 7921877 |
| Fixtures & Fittings – 0.0% | Fixtures & Fittings – 0.0% | Fixtures & Fittings – 0.0% | Fixtures & Fittings – 0.0% |
| Park River Holdings, Inc. | Park River Holdings, Inc. | Park River Holdings, Inc. | Park River Holdings, Inc. |
| 45000 | 8.000 | 03/15/31<sup>(a)</sup> | 45281 |
| Food and Beverage – 1.9% | Food and Beverage – 1.9% | Food and Beverage – 1.9% | Food and Beverage – 1.9% |
| B&G Foods, Inc. | B&G Foods, Inc. | B&G Foods, Inc. | B&G Foods, Inc. |
| 90000 | 5.250 | 09/15/27 | 86850 |
| Chobani Holdco II LLC | Chobani Holdco II LLC | Chobani Holdco II LLC | Chobani Holdco II LLC |
| 52375 | 8.750 | 10/01/29<sup>(a)(b)</sup> | 56107 |
| Chobani LLC / Chobani Finance Corp., Inc. | Chobani LLC / Chobani Finance Corp., Inc. | Chobani LLC / Chobani Finance Corp., Inc. | Chobani LLC / Chobani Finance Corp., Inc. |
| 100000 | 7.625 | 07/01/29<sup>(a)</sup> | 104125 |
| Darling Ingredients, Inc. | Darling Ingredients, Inc. | Darling Ingredients, Inc. | Darling Ingredients, Inc. |
| 100000 | 5.250 | 04/15/27<sup>(a)</sup> | 100187 |
| Fiesta Purchaser, Inc. | Fiesta Purchaser, Inc. | Fiesta Purchaser, Inc. | Fiesta Purchaser, Inc. |
| 202000 | 7.875 | 03/01/31<sup>(a)</sup> | 208818 |
| HLF Financing Sarl LLC / Herbalife International, Inc. | HLF Financing Sarl LLC / Herbalife International, Inc. | HLF Financing Sarl LLC / Herbalife International, Inc. | HLF Financing Sarl LLC / Herbalife International, Inc. |
| 8000 | 12.250 | 04/15/29<sup>(a)</sup> | 8570 |
| 144000 | 4.875 | 06/01/29<sup>(a)</sup> | 138600 |
| Lamb Weston Holdings, Inc. | Lamb Weston Holdings, Inc. | Lamb Weston Holdings, Inc. | Lamb Weston Holdings, Inc. |
| 205000 | 4.125 | 01/31/30<sup>(a)</sup> | 198850 |

---

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

---

| | |
|:---|:---|
| 14 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Food and Beverage – (continued) | Food and Beverage – (continued) | Food and Beverage – (continued) |
| Lamb Weston Holdings, Inc. – (continued) | Lamb Weston Holdings, Inc. – (continued) | Lamb Weston Holdings, Inc. – (continued) |
| 40000 | 4.375% 01/31/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38200 |
| Performance Food Group, Inc. | Performance Food Group, Inc. | Performance Food Group, Inc. |
| 146000 | 6.125 09/15/32<sup>(a)</sup> | 150563 |
| Post Holdings, Inc. | Post Holdings, Inc. | Post Holdings, Inc. |
| 97000 | 4.625 04/15/30<sup>(a)</sup> | 95302 |
| 301000 | 4.500 09/15/31<sup>(a)</sup> | 288960 |
| 68000 | 6.250 02/15/32<sup>(a)</sup> | 70210 |
| 100000 | 6.375 03/01/33<sup>(a)</sup> | 102125 |
| 160000 | 6.250 10/15/34<sup>(a)</sup> | 164000 |
| 142000 | 6.500 03/15/36<sup>(a)</sup> | 144840 |
| Primo Water Holdings Inc / Triton Water Holdings, Inc. | Primo Water Holdings Inc / Triton Water Holdings, Inc. | Primo Water Holdings Inc / Triton Water Holdings, Inc. |
| 100000 | 6.250 04/01/29<sup>(a)</sup> | 100375 |
| 60000 | 4.375 04/30/29<sup>(a)</sup> | 59175 |
| U.S. Foods, Inc. | U.S. Foods, Inc. | U.S. Foods, Inc. |
| 100000 | 6.875 09/15/28<sup>(a)</sup> | 103250 |
| 195000 | 4.750 02/15/29<sup>(a)</sup> | 194269 |
| 175000 | 4.625 06/01/30<sup>(a)</sup> | 173906 |
|  |  | 2587282 |
| Glass Packaging – 0.4% | Glass Packaging – 0.4% | Glass Packaging – 0.4% |
| Ardagh Group SA | Ardagh Group SA | Ardagh Group SA |
| 200000 | 12.000 12/01/30<sup>(a)(b)</sup> | 194000 |
| Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. |
| 149000 | 9.250 04/15/30<sup>(a)</sup> | 147138 |
| OI European Group BV | OI European Group BV | OI European Group BV |
| 35000 | 4.750 02/15/30<sup>(a)</sup> | 33731 |
| Owens-Brockway Glass Container, Inc. | Owens-Brockway Glass Container, Inc. | Owens-Brockway Glass Container, Inc. |
| 140000 | 6.625 05/13/27<sup>(a)</sup> | 140350 |
|  |  | 515219 |
| Hardware – 0.1% | Hardware – 0.1% | Hardware – 0.1% |
| NCR Voyix Corp. | NCR Voyix Corp. | NCR Voyix Corp. |
| 76000 | 5.000 10/01/28<sup>(a)</sup> | 74765 |
| 59000 | 5.125 04/15/29<sup>(a)</sup> | 58115 |
|  |  | 132880 |
| Healthcare – 5.1% | Healthcare – 5.1% | Healthcare – 5.1% |
| Acadia Healthcare Co., Inc. | Acadia Healthcare Co., Inc. | Acadia Healthcare Co., Inc. |
| 100000 | 7.375 03/15/33<sup>(a)</sup> | 103125 |
| Accendra Health, Inc. | Accendra Health, Inc. | Accendra Health, Inc. |
| 68000 | 6.625 04/01/30<sup>(a)</sup> | 32980 |
| AdaptHealth LLC | AdaptHealth LLC | AdaptHealth LLC |
| 180000 | 6.125 08/01/28<sup>(a)</sup> | 180225 |
| 88000 | 4.625 08/01/29<sup>(a)</sup> | 85030 |
| AMN Healthcare, Inc. | AMN Healthcare, Inc. | AMN Healthcare, Inc. |
| 110000 | 4.000 04/15/29<sup>(a)</sup> | 105196 |
| 110000 | 6.500 01/15/31<sup>(a)</sup> | 111098 |
| Charles River Laboratories International, Inc. | Charles River Laboratories International, Inc. | Charles River Laboratories International, Inc. |
| 215000 | 4.000 03/15/31<sup>(a)</sup> | 203309 |
| CHS/Community Health Systems, Inc. | CHS/Community Health Systems, Inc. | CHS/Community Health Systems, Inc. |
| 90000 | 6.000 01/15/29<sup>(a)</sup> | 89831 |
| 223000 | 6.875 04/15/29<sup>(a)</sup> | 215474 |
| 123000 | 6.125 04/01/30<sup>(a)</sup> | 109009 |
| 272000 | 5.250 05/15/30<sup>(a)</sup> | 261120 |
| 152000 | 4.750 02/15/31<sup>(a)</sup> | 140220 |
| 179000 | 10.875 01/15/32<sup>(a)</sup> | 194215 |
| 306000 | 9.750 01/15/34<sup>(a)</sup> | 323595 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Healthcare – (continued) | Healthcare – (continued) | Healthcare – (continued) | Healthcare – (continued) |
| CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.516%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.516%) |  |  |
| $183000 | 6.750% | 12/10/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191306 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.886%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.886%) |  |  |
| 174000 | 7.000 | 03/10/55 | 182185 |
| DaVita, Inc. | DaVita, Inc. | DaVita, Inc. | DaVita, Inc. |
| 322000 | 4.625 | 06/01/30<sup>(a)</sup> | 315157 |
| 193000 | 3.750 | 02/15/31<sup>(a)</sup> | 180938 |
| Encompass Health Corp. | Encompass Health Corp. | Encompass Health Corp. | Encompass Health Corp. |
| 137000 | 4.750 | 02/01/30 | 136486 |
| IQVIA, Inc. | IQVIA, Inc. | IQVIA, Inc. | IQVIA, Inc. |
| 280000 | 5.000 | 05/15/27<sup>(a)</sup> | 279825 |
| 250000 | 6.500 | 05/15/30<sup>(a)</sup> | 258750 |
| LifePoint Health, Inc. | LifePoint Health, Inc. | LifePoint Health, Inc. | LifePoint Health, Inc. |
| 145000 | 8.375 | 02/15/32<sup>(a)</sup> | 157325 |
| 40000 | 10.000 | 06/01/32<sup>(a)</sup> | 41750 |
| MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC |
| 25000 | 5.750 | 12/31/30<sup>(a)</sup> | 18437 |
| 50000 | 11.500 | 12/31/30<sup>(a)(b)</sup> | 45125 |
| 180675 | 6.750 | 03/31/31<sup>(a)(b)</sup> | 115632 |
| MPT Operating Partnership LP / MPT Finance Corp. | MPT Operating Partnership LP / MPT Finance Corp. | MPT Operating Partnership LP / MPT Finance Corp. | MPT Operating Partnership LP / MPT Finance Corp. |
| 100000 | 5.000 | 10/15/27 | 98187 |
| 45000 | 4.625 | 08/01/29 | 39094 |
| 287000 | 3.500 | 03/15/31 | 220631 |
| 237000 | 8.500 | 02/15/32<sup>(a)</sup> | 254479 |
| Radiology Partners, Inc. | Radiology Partners, Inc. | Radiology Partners, Inc. | Radiology Partners, Inc. |
| 120624 | 9.781 | 02/15/30<sup>(a)(b)</sup> | 113387 |
| 150000 | 8.500 | 07/15/32<sup>(a)</sup> | 153562 |
| Service Corp International | Service Corp International | Service Corp International | Service Corp International |
| 170000 | 5.750 | 10/15/32 | 173400 |
| Service Corp. International | Service Corp. International | Service Corp. International | Service Corp. International |
| 45000 | 4.625 | 12/15/27 | 45168 |
| 217000 | 5.125 | 06/01/29 | 218899 |
| 35000 | 4.000 | 05/15/31 | 33469 |
| Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. |
| 170000 | 5.125 | 11/01/27 | 170106 |
| 141000 | 4.625 | 06/15/28 | 140824 |
| 159000 | 6.125 | 10/01/28 | 158901 |
| 220000 | 4.250 | 06/01/29 | 217250 |
| 129000 | 6.125 | 06/15/30 | 131741 |
| 150000 | 6.750 | 05/15/31 | 156188 |
| 150000 | 6.875 | 11/15/31 | 163875 |
| 200000 | 5.500 | 11/15/32<sup>(a)</sup> | 202250 |
| 100000 | 6.000 | 11/15/33<sup>(a)</sup> | 103312 |
|  |  |  | 6872066 |
| Insurance – 1.5% | Insurance – 1.5% | Insurance – 1.5% | Insurance – 1.5% |
| Acrisure LLC / Acrisure Finance, Inc. | Acrisure LLC / Acrisure Finance, Inc. | Acrisure LLC / Acrisure Finance, Inc. | Acrisure LLC / Acrisure Finance, Inc. |
| 57000 | 8.250 | 02/01/29<sup>(a)</sup> | 57143 |
| 150000 | 4.250 | 02/15/29<sup>(a)</sup> | 143250 |
| 139000 | 8.500 | 06/15/29<sup>(a)</sup> | 139000 |
| 142000 | 6.000 | 08/01/29<sup>(a)</sup> | 132770 |
| 190000 | 7.500 | 11/06/30<sup>(a)</sup> | 193562 |
| 50000 | 6.750 | 07/01/32<sup>(a)</sup> | 49250 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer | Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer | Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer | Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer |
| 299000 | 4.250 | 10/15/27<sup>(a)</sup> | 295636 |
| 133000 | 6.750 | 10/15/27<sup>(a)</sup> | 133499 |

---

&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. | **15** |

---

------

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

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

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Insurance – (continued) | Insurance – (continued) | Insurance – (continued) | Insurance – (continued) |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer – (continued) | Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer – (continued) | Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer – (continued) | Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer – (continued) |
| 89000 | 6.750% | 04/15/28<sup>(a)</sup> | $89890 |
| 14000 | 5.875 | 11/01/29<sup>(a)</sup> | 13720 |
| 259000 | 7.000 | 01/15/31<sup>(a)</sup> | 263209 |
| 150000 | 6.500 | 10/01/31<sup>(a)</sup> | 151125 |
| AmWINS Group, Inc. | AmWINS Group, Inc. | AmWINS Group, Inc. | AmWINS Group, Inc. |
| 27000 | 6.375 | 02/15/29<sup>(a)</sup> | 27439 |
| 170000 | 4.875 | 06/30/29<sup>(a)</sup> | 165962 |
| Ryan Specialty LLC | Ryan Specialty LLC | Ryan Specialty LLC | Ryan Specialty LLC |
| 100000 | 4.375 | 02/01/30<sup>(a)</sup> | 97500 |
| 130000 | 5.875 | 08/01/32<sup>(a)</sup> | 131300 |
|  |  |  | 2084255 |
| Internet & Data – 0.2% | Internet & Data – 0.2% | Internet & Data – 0.2% | Internet & Data – 0.2% |
| ION Platform Finance U.S., Inc. / ION Platform Finance Sarl | ION Platform Finance U.S., Inc. / ION Platform Finance Sarl | ION Platform Finance U.S., Inc. / ION Platform Finance Sarl | ION Platform Finance U.S., Inc. / ION Platform Finance Sarl |
| 100000 | 4.625 | 05/01/28<sup>(a)</sup> | 92750 |
| 55000 | 5.000 | 05/01/28<sup>(a)</sup> | 51012 |
| 110000 | 9.000 | 08/01/29<sup>(a)</sup> | 102300 |
|  |  |  | 246062 |
| Leisure Time – 0.1% | Leisure Time – 0.1% | Leisure Time – 0.1% | Leisure Time – 0.1% |
| NCL Corp. Ltd. | NCL Corp. Ltd. | NCL Corp. Ltd. | NCL Corp. Ltd. |
| 100000 | 6.250 | 03/01/30<sup>(a)</sup> | 102625 |
| Media Non Cable – 1.0% | Media Non Cable – 1.0% | Media Non Cable – 1.0% | Media Non Cable – 1.0% |
| AMC Networks, Inc. | AMC Networks, Inc. | AMC Networks, Inc. | AMC Networks, Inc. |
| 90000 | 10.250 | 01/15/29<sup>(a)</sup> | 96694 |
| 46000 | 4.250 | 02/15/29 | 40710 |
| 50000 | 10.500 | 07/15/32<sup>(a)</sup> | 51000 |
| Discovery Global Holdings, Inc. | Discovery Global Holdings, Inc. | Discovery Global Holdings, Inc. | Discovery Global Holdings, Inc. |
| 208000 | 4.054 | 03/15/29 | 206700 |
| 377000 | 4.279 | 03/15/32 | 347311 |
| 336000 | 5.050 | 03/15/42 | 242340 |
| 25000 | 5.141 | 03/15/52 | 16875 |
| Paramount Global | Paramount Global | Paramount Global | Paramount Global |
| &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 3.899%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 3.899%) |  |  |
| 235000 | 6.250 | 02/28/57 | 194403 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.999%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.999%) |  |  |
| 77000 | 6.375 | 03/30/62 | 61027 |
| Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. |
| 110000 | 4.279 | 03/15/32 | 93088 |
|  |  |  | 1350148 |
| Metals – 1.1% | Metals – 1.1% | Metals – 1.1% | Metals – 1.1% |
| Alcoa Nederland Holding BV | Alcoa Nederland Holding BV | Alcoa Nederland Holding BV | Alcoa Nederland Holding BV |
| 270000 | 7.125 | 03/15/31<sup>(a)</sup> | 286628 |
| Arsenal AIC Parent LLC | Arsenal AIC Parent LLC | Arsenal AIC Parent LLC | Arsenal AIC Parent LLC |
| 160000 | 11.500 | 10/01/31<sup>(a)</sup> | 176400 |
| Commercial Metals Co. | Commercial Metals Co. | Commercial Metals Co. | Commercial Metals Co. |
| 100000 | 4.125 | 01/15/30 | 97375 |
| 150000 | 3.875 | 02/15/31 | 142688 |
| 110000 | 6.000 | 12/15/35<sup>(a)</sup> | 112750 |
| Kaiser Aluminum Corp. | Kaiser Aluminum Corp. | Kaiser Aluminum Corp. | Kaiser Aluminum Corp. |
| 150000 | 4.500 | 06/01/31<sup>(a)</sup> | 145500 |
| Novelis Corp. | Novelis Corp. | Novelis Corp. | Novelis Corp. |
| 145000 | 4.750 | 01/30/30<sup>(a)</sup> | 141012 |
| 289000 | 3.875 | 08/15/31<sup>(a)</sup> | 264435 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Metals – (continued) | Metals – (continued) | Metals – (continued) | Metals – (continued) |
| United States Steel Corp. | United States Steel Corp. | United States Steel Corp. | United States Steel Corp. |
| 150000 | 6.650% | 06/01/37 | $159000 |
|  |  |  | 1525788 |
| Metals and Mining – 1.0% | Metals and Mining – 1.0% | Metals and Mining – 1.0% | Metals and Mining – 1.0% |
| ATI, Inc. | ATI, Inc. | ATI, Inc. | ATI, Inc. |
| 142000 | 5.875 | 12/01/27 | 142355 |
| 105000 | 4.875 | 10/01/29 | 105263 |
| 112000 | 7.250 | 08/15/30 | 117460 |
| 105000 | 5.125 | 10/01/31 | 105525 |
| Big River Steel LLC / BRS Finance Corp. | Big River Steel LLC / BRS Finance Corp. | Big River Steel LLC / BRS Finance Corp. | Big River Steel LLC / BRS Finance Corp. |
| 130000 | 6.625 | 01/31/29<sup>(a)</sup> | 130406 |
| Cleveland-Cliffs, Inc. | Cleveland-Cliffs, Inc. | Cleveland-Cliffs, Inc. | Cleveland-Cliffs, Inc. |
| 130000 | 4.875 | 03/01/31<sup>(a)</sup> | 123175 |
| 220000 | 7.000 | 03/15/32<sup>(a)</sup> | 223850 |
| 155000 | 7.375 | 05/01/33<sup>(a)</sup> | 159650 |
| 200000 | 6.250 | 10/01/40 | 169500 |
| GrafTech Global Enterprises, Inc. | GrafTech Global Enterprises, Inc. | GrafTech Global Enterprises, Inc. | GrafTech Global Enterprises, Inc. |
| 135000 | 9.875 | 12/23/29<sup>(a)</sup> | 81000 |
|  |  |  | 1358184 |
| Natural Gas – 1.9% | Natural Gas – 1.9% | Natural Gas – 1.9% | Natural Gas – 1.9% |
| AmeriGas Partners LP / AmeriGas Finance Corp. | AmeriGas Partners LP / AmeriGas Finance Corp. | AmeriGas Partners LP / AmeriGas Finance Corp. | AmeriGas Partners LP / AmeriGas Finance Corp. |
| 100000 | 9.500 | 06/01/30<sup>(a)</sup> | 107125 |
| Blue Racer Midstream LLC / Blue Racer Finance Corp. | Blue Racer Midstream LLC / Blue Racer Finance Corp. | Blue Racer Midstream LLC / Blue Racer Finance Corp. | Blue Racer Midstream LLC / Blue Racer Finance Corp. |
| 96000 | 7.000 | 07/15/29<sup>(a)</sup> | 99960 |
| Ferrellgas LP / Ferrellgas Finance Corp. | Ferrellgas LP / Ferrellgas Finance Corp. | Ferrellgas LP / Ferrellgas Finance Corp. | Ferrellgas LP / Ferrellgas Finance Corp. |
| 100000 | 5.875 | 04/01/29<sup>(a)</sup> | 97250 |
| 150000 | 9.250 | 01/15/31<sup>(a)</sup> | 155906 |
| Genesis Energy LP / Genesis Energy Finance Corp. | Genesis Energy LP / Genesis Energy Finance Corp. | Genesis Energy LP / Genesis Energy Finance Corp. | Genesis Energy LP / Genesis Energy Finance Corp. |
| 150000 | 8.250 | 01/15/29 | 156656 |
| 114000 | 7.875 | 05/15/32 | 119415 |
| 200000 | 8.000 | 05/15/33 | 211750 |
| NGL Energy Operating LLC / NGL Energy Finance Corp. | NGL Energy Operating LLC / NGL Energy Finance Corp. | NGL Energy Operating LLC / NGL Energy Finance Corp. | NGL Energy Operating LLC / NGL Energy Finance Corp. |
| 218000 | 8.375 | 02/15/32<sup>(a)</sup> | 229718 |
| NuStar Logistics LP | NuStar Logistics LP | NuStar Logistics LP | NuStar Logistics LP |
| 198000 | 5.625 | 04/28/27 | 200475 |
| Prairie Acquiror LP | Prairie Acquiror LP | Prairie Acquiror LP | Prairie Acquiror LP |
| 84000 | 9.000 | 08/01/29<sup>(a)</sup> | 87675 |
| Rockies Express Pipeline LLC | Rockies Express Pipeline LLC | Rockies Express Pipeline LLC | Rockies Express Pipeline LLC |
| 118000 | 4.950 | 07/15/29<sup>(a)</sup> | 117852 |
| 100000 | 7.500 | 07/15/38<sup>(a)</sup> | 108875 |
| 108000 | 6.875 | 04/15/40<sup>(a)</sup> | 111240 |
| Suburban Propane Partners LP/Suburban Energy Finance Corp. | Suburban Propane Partners LP/Suburban Energy Finance Corp. | Suburban Propane Partners LP/Suburban Energy Finance Corp. | Suburban Propane Partners LP/Suburban Energy Finance Corp. |
| 170000 | 6.500 | 12/15/35<sup>(a)</sup> | 168938 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. |
| 98000 | 5.500 | 01/15/28<sup>(a)</sup> | 97878 |
| 41000 | 7.375 | 02/15/29<sup>(a)</sup> | 42486 |
| 101000 | 6.000 | 12/31/30<sup>(a)</sup> | 102389 |
| 91000 | 6.000 | 09/01/31<sup>(a)</sup> | 91796 |
| Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
| 303000 | 8.375 | 06/01/31<sup>(a)</sup> | 311711 |
|  |  |  | 2619095 |
| Other – 0.2% | Other – 0.2% | Other – 0.2% | Other – 0.2% |
| Global Infrastructure Solutions, Inc. | Global Infrastructure Solutions, Inc. | Global Infrastructure Solutions, Inc. | Global Infrastructure Solutions, Inc. |
| 55000 | 7.500 | 04/15/32<sup>(a)</sup> | 58094 |
| TopBuild Corp. | TopBuild Corp. | TopBuild Corp. | TopBuild Corp. |
| 100000 | 4.125 | 02/15/32<sup>(a)</sup> | 95125 |

---

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

---

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

---

------

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

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

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Other – (continued) | Other – (continued) | Other – (continued) | Other – (continued) |
| TopBuild Corp. – (continued) | TopBuild Corp. – (continued) | TopBuild Corp. – (continued) | TopBuild Corp. – (continued) |
| 70000 | 5.625% | 01/31/34<sup>(a)</sup> | $70962 |
|  |  |  | 224181 |
| Pharmaceuticals – 0.8% | Pharmaceuticals – 0.8% | Pharmaceuticals – 0.8% | Pharmaceuticals – 0.8% |
| 1261229 BC Ltd. | 1261229 BC Ltd. | 1261229 BC Ltd. | 1261229 BC Ltd. |
| 500000 | 10.000 | 04/15/32<sup>(a)</sup> | 517500 |
| Bausch Health Cos., Inc. | Bausch Health Cos., Inc. | Bausch Health Cos., Inc. | Bausch Health Cos., Inc. |
| 95000 | 5.000 | 01/30/28<sup>(a)</sup> | 83006 |
| 177000 | 4.875 | 06/01/28<sup>(a)</sup> | 164389 |
| 89000 | 11.000 | 09/30/28<sup>(a)</sup> | 93116 |
| 100000 | 5.000 | 02/15/29<sup>(a)</sup> | 76250 |
| 244000 | 6.250 | 02/15/29<sup>(a)</sup> | 193980 |
| 30000 | 5.250 | 02/15/31<sup>(a)</sup> | 19725 |
|  |  |  | 1147966 |
| Publishing – 0.2% | Publishing – 0.2% | Publishing – 0.2% | Publishing – 0.2% |
| McGraw-Hill Education, Inc. | McGraw-Hill Education, Inc. | McGraw-Hill Education, Inc. | McGraw-Hill Education, Inc. |
| 135000 | 5.750 | 08/01/28<sup>(a)</sup> | 135000 |
| 105000 | 8.000 | 08/01/29<sup>(a)</sup> | 104213 |
|  |  |  | 239213 |
| REITs and Real Estate – 2.8% | REITs and Real Estate – 2.8% | REITs and Real Estate – 2.8% | REITs and Real Estate – 2.8% |
| Anywhere Real Estate Group LLC / Realogy Co.-Issuer Corp. | Anywhere Real Estate Group LLC / Realogy Co.-Issuer Corp. | Anywhere Real Estate Group LLC / Realogy Co.-Issuer Corp. | Anywhere Real Estate Group LLC / Realogy Co.-Issuer Corp. |
| 146000 | 5.750 | 01/15/29<sup>(a)</sup> | 144358 |
| Arbor Realty SR, Inc. | Arbor Realty SR, Inc. | Arbor Realty SR, Inc. | Arbor Realty SR, Inc. |
| 115000 | 7.875 | 07/15/30<sup>(a)</sup> | 106661 |
| Brandywine Operating Partnership LP | Brandywine Operating Partnership LP | Brandywine Operating Partnership LP | Brandywine Operating Partnership LP |
| 100000 | 3.950 | 11/15/27 | 98581 |
| 109000 | 8.875 | 04/12/29 | 115770 |
| 100000 | 4.550 | 10/01/29 | 94354 |
| Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL | Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL | Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL | Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL |
| 32000 | 4.500 | 04/01/27<sup>(a)</sup> | 31633 |
| Cushman & Wakefield U.S. Borrower LLC | Cushman & Wakefield U.S. Borrower LLC | Cushman & Wakefield U.S. Borrower LLC | Cushman & Wakefield U.S. Borrower LLC |
| 114000 | 6.750 | 05/15/28<sup>(a)</sup> | 114998 |
| Diversified Healthcare Trust | Diversified Healthcare Trust | Diversified Healthcare Trust | Diversified Healthcare Trust |
| 56000 | 4.750 | 02/15/28 | 54770 |
| 108000 | 7.250 | 10/15/30<sup>(a)</sup> | 112284 |
| 129000 | 4.375 | 03/01/31 | 117229 |
| Forestar Group, Inc. | Forestar Group, Inc. | Forestar Group, Inc. | Forestar Group, Inc. |
| 100000 | 5.000 | 03/01/28<sup>(a)</sup> | 100000 |
| Howard Hughes Corp. (The) | Howard Hughes Corp. (The) | Howard Hughes Corp. (The) | Howard Hughes Corp. (The) |
| 119000 | 4.125 | 02/01/29<sup>(a)</sup> | 115430 |
| 165000 | 4.375 | 02/01/31<sup>(a)</sup> | 157369 |
| Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP |
| 169000 | 3.950 | 11/01/27 | 161226 |
| 46000 | 4.650 | 04/01/29 | 41112 |
| 50000 | 3.250 | 01/15/30 | 41860 |
| Kennedy-Wilson, Inc. | Kennedy-Wilson, Inc. | Kennedy-Wilson, Inc. | Kennedy-Wilson, Inc. |
| 186000 | 4.750 | 02/01/30 | 180420 |
| 130000 | 5.000 | 03/01/31 | 126750 |
| Millrose Properties, Inc. | Millrose Properties, Inc. | Millrose Properties, Inc. | Millrose Properties, Inc. |
| 137000 | 6.375 | 08/01/30<sup>(a)</sup> | 140425 |
| Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer | Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer | Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer | Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer |
| 135000 | 5.875 | 10/01/28<sup>(a)</sup> | 135337 |
| 158000 | 4.875 | 05/15/29<sup>(a)</sup> | 155433 |
| Realogy Group LLC / Realogy Co.-Issuer Corp. | Realogy Group LLC / Realogy Co.-Issuer Corp. | Realogy Group LLC / Realogy Co.-Issuer Corp. | Realogy Group LLC / Realogy Co.-Issuer Corp. |
| 50000 | 5.250 | 04/15/30<sup>(a)</sup> | 47375 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| REITs and Real Estate – (continued) | REITs and Real Estate – (continued) | REITs and Real Estate – (continued) | REITs and Real Estate – (continued) |
| Rithm Capital Corp. | Rithm Capital Corp. | Rithm Capital Corp. | Rithm Capital Corp. |
| 260000 | 8.000% | 04/01/29<sup>(a)</sup> | $261625 |
| Service Properties Trust | Service Properties Trust | Service Properties Trust | Service Properties Trust |
| 180000 | 3.950 | 01/15/28 | 171076 |
| 177000 | 8.375 | 06/15/29 | 185629 |
| 19000 | 4.950 | 10/01/29 | 17337 |
| 170000 | 8.625 | 11/15/31<sup>(a)</sup> | 179103 |
| 50000 | 8.875 | 06/15/32 | 50231 |
| Starwood Property Trust, Inc. | Starwood Property Trust, Inc. | Starwood Property Trust, Inc. | Starwood Property Trust, Inc. |
| 100000 | 4.375 | 01/15/27<sup>(a)</sup> | 99083 |
| 100000 | 5.250 | 10/15/28<sup>(a)</sup> | 100914 |
| 100000 | 7.250 | 04/01/29<sup>(a)</sup> | 104809 |
| 100000 | 6.000 | 04/15/30<sup>(a)</sup> | 102624 |
| 86000 | 6.500 | 07/01/30<sup>(a)</sup> | 89440 |
|  |  |  | 3755246 |
| Rental Equipment – 1.4% | Rental Equipment – 1.4% | Rental Equipment – 1.4% | Rental Equipment – 1.4% |
| Avis Budget Car Rental LLC / Avis Budget Finance, Inc. | Avis Budget Car Rental LLC / Avis Budget Finance, Inc. | Avis Budget Car Rental LLC / Avis Budget Finance, Inc. | Avis Budget Car Rental LLC / Avis Budget Finance, Inc. |
| 260000 | 5.750 | 07/15/27<sup>(a)</sup> | 260650 |
| 73000 | 4.750 | 04/01/28<sup>(a)</sup> | 71540 |
| 105000 | 5.375 | 03/01/29<sup>(a)</sup> | 100931 |
| 100000 | 8.000 | 02/15/31<sup>(a)</sup> | 99375 |
| 30000 | 8.375 | 06/15/32<sup>(a)</sup> | 29550 |
| EquipmentShare.com, Inc. | EquipmentShare.com, Inc. | EquipmentShare.com, Inc. | EquipmentShare.com, Inc. |
| 130000 | 8.625 | 05/15/32<sup>(a)</sup> | 139263 |
| Hertz Corp. (The) | Hertz Corp. (The) | Hertz Corp. (The) | Hertz Corp. (The) |
| 45000 | 4.625 | 12/01/26<sup>(a)</sup> | 41175 |
| 218000 | 12.625 | 07/15/29<sup>(a)</sup> | 200560 |
| 50000 | 5.000 | 12/01/29<sup>(a)</sup> | 26125 |
| United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. |
| 291000 | 4.875 | 01/15/28 | 291363 |
| 236000 | 3.875 | 02/15/31 | 228330 |
| 160000 | 3.750 | 01/15/32 | 151600 |
| 100000 | 5.375 | 11/15/33<sup>(a)</sup> | 100750 |
| 127000 | 6.125 | 03/15/34<sup>(a)</sup> | 132874 |
|  |  |  | 1874086 |
| Revenue – 0.2% | Revenue – 0.2% | Revenue – 0.2% | Revenue – 0.2% |
| Toledo Hospital (The) | Toledo Hospital (The) | Toledo Hospital (The) | Toledo Hospital (The) |
| 27000 | 4.982 | 11/15/45 | 23018 |
| Toledo Hospital (The), Series B | Toledo Hospital (The), Series B | Toledo Hospital (The), Series B | Toledo Hospital (The), Series B |
| 202000 | 5.325 | 11/15/28 | 205539 |
|  |  |  | 228557 |
| Software – 2.3% | Software – 2.3% | Software – 2.3% | Software – 2.3% |
| Clarivate Science Holdings Corp. | Clarivate Science Holdings Corp. | Clarivate Science Holdings Corp. | Clarivate Science Holdings Corp. |
| 185000 | 3.875 | 07/01/28<sup>(a)</sup> | 173438 |
| 65000 | 4.875 | 07/01/29<sup>(a)</sup> | 53787 |
| Cloud Software Group, Inc. | Cloud Software Group, Inc. | Cloud Software Group, Inc. | Cloud Software Group, Inc. |
| 573000 | 6.500 | 03/31/29<sup>(a)</sup> | 563415 |
| 487000 | 9.000 | 09/30/29<sup>(a)</sup> | 479555 |
| 257000 | 8.250 | 06/30/32<sup>(a)</sup> | 259164 |
| 315000 | 6.625 | 08/15/33<sup>(a)</sup> | 298463 |
| Fair Isaac Corp. | Fair Isaac Corp. | Fair Isaac Corp. | Fair Isaac Corp. |
| 87000 | 4.000 | 06/15/28<sup>(a)</sup> | 85586 |
| 170000 | 6.000 | 05/15/33<sup>(a)</sup> | 172550 |
| Flash Compute LLC | Flash Compute LLC | Flash Compute LLC | Flash Compute LLC |
| 125000 | 7.250 | 12/31/30<sup>(a)</sup> | 128438 |
| Gen Digital, Inc. | Gen Digital, Inc. | Gen Digital, Inc. | Gen Digital, Inc. |
| 223000 | 6.750 | 09/30/27<sup>(a)</sup> | 226066 |

---

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

---

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

---

------

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

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

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Software – (continued) | Software – (continued) | Software – (continued) | Software – (continued) |
| Gen Digital, Inc. – (continued) | Gen Digital, Inc. – (continued) | Gen Digital, Inc. – (continued) | Gen Digital, Inc. – (continued) |
| 175000 | 6.250% | 04/01/33<sup>(a)</sup> | $174782 |
| Rocket Software, Inc. | Rocket Software, Inc. | Rocket Software, Inc. | Rocket Software, Inc. |
| 215000 | 9.000 | 11/28/28<sup>(a)</sup> | 209356 |
| SS&C Technologies, Inc. | SS&C Technologies, Inc. | SS&C Technologies, Inc. | SS&C Technologies, Inc. |
| 322000 | 5.500 | 09/30/27<sup>(a)</sup> | 321195 |
| 38000 | 6.500 | 06/01/32<sup>(a)</sup> | 38855 |
|  |  |  | 3184650 |
| Technology – 3.0% | Technology – 3.0% | Technology – 3.0% | Technology – 3.0% |
| Arches Buyer, Inc. | Arches Buyer, Inc. | Arches Buyer, Inc. | Arches Buyer, Inc. |
| 94000 | 4.250 | 06/01/28<sup>(a)</sup> | 91180 |
| 132000 | 6.125 | 12/01/28<sup>(a)</sup> | 124740 |
| Block, Inc. | Block, Inc. | Block, Inc. | Block, Inc. |
| 100000 | 5.625 | 08/15/30<sup>(a)</sup> | 101750 |
| 184000 | 3.500 | 06/01/31 | 173190 |
| 359000 | 6.500 | 05/15/32 | 370667 |
| Central Parent Inc / CDK Global, Inc. | Central Parent Inc / CDK Global, Inc. | Central Parent Inc / CDK Global, Inc. | Central Parent Inc / CDK Global, Inc. |
| 167000 | 7.250 | 06/15/29<sup>(a)</sup> | 106254 |
| Central Parent LLC / CDK Global II LLC / CDK Financing Co., Inc. | Central Parent LLC / CDK Global II LLC / CDK Financing Co., Inc. | Central Parent LLC / CDK Global II LLC / CDK Financing Co., Inc. | Central Parent LLC / CDK Global II LLC / CDK Financing Co., Inc. |
| 100000 | 8.000 | 06/15/29<sup>(a)</sup> | 64125 |
| CoreWeave, Inc. | CoreWeave, Inc. | CoreWeave, Inc. | CoreWeave, Inc. |
| 209000 | 9.250 | 06/01/30<sup>(a)</sup> | 205604 |
| 245000 | 9.000 | 02/01/31<sup>(a)</sup> | 236425 |
| Entegris, Inc. | Entegris, Inc. | Entegris, Inc. | Entegris, Inc. |
| 107000 | 4.375 | 04/15/28<sup>(a)</sup> | 106465 |
| 100000 | 5.950 | 06/15/30<sup>(a)</sup> | 102375 |
| Go Daddy Operating Co LLC / GD Finance Co., Inc. | Go Daddy Operating Co LLC / GD Finance Co., Inc. | Go Daddy Operating Co LLC / GD Finance Co., Inc. | Go Daddy Operating Co LLC / GD Finance Co., Inc. |
| 197000 | 5.250 | 12/01/27<sup>(a)</sup> | 196508 |
| GoTo Group, Inc. | GoTo Group, Inc. | GoTo Group, Inc. | GoTo Group, Inc. |
| 120000 | 5.500 | 05/01/28<sup>(a)</sup> | 96150 |
| Match Group Holdings II LLC | Match Group Holdings II LLC | Match Group Holdings II LLC | Match Group Holdings II LLC |
| 46000 | 5.000 | 12/15/27<sup>(a)</sup> | 46115 |
| 131000 | 4.625 | 06/01/28<sup>(a)</sup> | 129854 |
| 110000 | 5.625 | 02/15/29<sup>(a)</sup> | 110687 |
| 218000 | 3.625 | 10/01/31<sup>(a)</sup> | 197290 |
| Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. |
| 90000 | 11.750 | 10/15/28<sup>(a)</sup> | 57712 |
| Pitney Bowes, Inc. | Pitney Bowes, Inc. | Pitney Bowes, Inc. | Pitney Bowes, Inc. |
| 110000 | 6.875 | 03/15/27<sup>(a)</sup> | 110206 |
| Seagate Data Storage Technology Pte Ltd. | Seagate Data Storage Technology Pte Ltd. | Seagate Data Storage Technology Pte Ltd. | Seagate Data Storage Technology Pte Ltd. |
| 56000 | 8.250 | 12/15/29<sup>(a)</sup> | 59150 |
| 213000 | 9.625 | 12/01/32<sup>(a)</sup> | 238826 |
| 45000 | 5.750 | 12/01/34<sup>(a)</sup> | 46238 |
| Snap, Inc. | Snap, Inc. | Snap, Inc. | Snap, Inc. |
| 180000 | 6.875 | 03/01/33<sup>(a)</sup> | 179325 |
| 140000 | 6.875 | 03/15/34<sup>(a)</sup> | 139300 |
| TriNet Group, Inc. | TriNet Group, Inc. | TriNet Group, Inc. | TriNet Group, Inc. |
| 100000 | 3.500 | 03/01/29<sup>(a)</sup> | 90000 |
| 110000 | 7.125 | 08/15/31<sup>(a)</sup> | 107250 |
| Twilio, Inc. | Twilio, Inc. | Twilio, Inc. | Twilio, Inc. |
| 100000 | 3.625 | 03/15/29 | 96375 |
| 50000 | 3.875 | 03/15/31 | 47313 |
| WULF Compute LLC | WULF Compute LLC | WULF Compute LLC | WULF Compute LLC |
| 330000 | 7.750 | 10/15/30<sup>(a)</sup> | 349387 |
| Xerox Corp. | Xerox Corp. | Xerox Corp. | Xerox Corp. |
| 100000 | 10.250 | 10/15/30<sup>(a)</sup> | 72375 |
| 65000 | 13.500 | 04/15/31<sup>(a)</sup> | 32744 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Technology – (continued) | Technology – (continued) | Technology – (continued) | Technology – (continued) |
| Xerox Corp. – (continued) | Xerox Corp. – (continued) | Xerox Corp. – (continued) | Xerox Corp. – (continued) |
| 150000 | 6.750% | 12/15/39 | $43500 |
| Xerox Holdings Corp. | Xerox Holdings Corp. | Xerox Holdings Corp. | Xerox Holdings Corp. |
| 60000 | 8.875 | 11/30/29<sup>(a)</sup> | 17325 |
|  |  |  | 4146405 |
| Transportation – 1.0% | Transportation – 1.0% | Transportation – 1.0% | Transportation – 1.0% |
| American Airlines, Inc. | American Airlines, Inc. | American Airlines, Inc. | American Airlines, Inc. |
| 252000 | 7.250 | 02/15/28<sup>(a)</sup> | 257670 |
| American Airlines, Inc. /AAdvantage Loyalty IP Ltd. | American Airlines, Inc. /AAdvantage Loyalty IP Ltd. | American Airlines, Inc. /AAdvantage Loyalty IP Ltd. | American Airlines, Inc. /AAdvantage Loyalty IP Ltd. |
| 319000 | 5.750 | 04/20/29<sup>(a)</sup> | 324184 |
| FTAI Aviation Investors LLC | FTAI Aviation Investors LLC | FTAI Aviation Investors LLC | FTAI Aviation Investors LLC |
| 169000 | 5.500 | 05/01/28<sup>(a)</sup> | 169422 |
| 116000 | 7.875 | 12/01/30<sup>(a)</sup> | 123105 |
| XPO CNW, Inc. | XPO CNW, Inc. | XPO CNW, Inc. | XPO CNW, Inc. |
| 160000 | 6.700 | 05/01/34 | 174200 |
| XPO, Inc. | XPO, Inc. | XPO, Inc. | XPO, Inc. |
| 158000 | 7.125 | 06/01/31<sup>(a)</sup> | 164517 |
| 85000 | 7.125 | 02/01/32<sup>(a)</sup> | 89144 |
|  |  |  | 1302242 |
| Water – 0.1% | Water – 0.1% | Water – 0.1% | Water – 0.1% |
| WBI Operating LLC | WBI Operating LLC | WBI Operating LLC | WBI Operating LLC |
| 30000 | 6.250 | 10/15/30<sup>(a)</sup> | 30525 |
| 55000 | 6.500 | 10/15/33<sup>(a)</sup> | 56100 |
|  |  |  | 86625 |
| Wireless – 0.7% | Wireless – 0.7% | Wireless – 0.7% | Wireless – 0.7% |
| EchoStar Corp. | EchoStar Corp. | EchoStar Corp. | EchoStar Corp. |
| 260676 | 10.750 | 11/30/29 | 284300 |
| 86000 | 6.750 | 11/30/30<sup>(b)</sup> | 87397 |
| SBA Communications Corp. | SBA Communications Corp. | SBA Communications Corp. | SBA Communications Corp. |
| 111000 | 3.875 | 02/15/27 | 110584 |
| 215000 | 3.125 | 02/01/29 | 207744 |
| Viasat, Inc. | Viasat, Inc. | Viasat, Inc. | Viasat, Inc. |
| 76000 | 5.625 | 04/15/27<sup>(a)</sup> | 76000 |
| 106000 | 6.500 | 07/15/28<sup>(a)</sup> | 105072 |
| 59000 | 7.500 | 05/30/31<sup>(a)</sup> | 58484 |
|  |  |  | 929581 |
| Wirelines – 1.5% | Wirelines – 1.5% | Wirelines – 1.5% | Wirelines – 1.5% |
| Cablevision Lightpath LLC | Cablevision Lightpath LLC | Cablevision Lightpath LLC | Cablevision Lightpath LLC |
| 200000 | 5.625 | 09/15/28<sup>(a)</sup> | 199875 |
| Cogent Communications Group LLC / Cogent Finance, Inc. | Cogent Communications Group LLC / Cogent Finance, Inc. | Cogent Communications Group LLC / Cogent Finance, Inc. | Cogent Communications Group LLC / Cogent Finance, Inc. |
| 75000 | 7.000 | 06/15/27<sup>(a)</sup> | 73781 |
| 90000 | 6.500 | 07/01/32<sup>(a)</sup> | 79988 |
| Embarq LLC | Embarq LLC | Embarq LLC | Embarq LLC |
| 135000 | 7.995 | 06/01/36 | 52144 |
| Level 3 Financing, Inc. | Level 3 Financing, Inc. | Level 3 Financing, Inc. | Level 3 Financing, Inc. |
| 95000 | 3.625 | 01/15/29<sup>(a)</sup> | 89775 |
| 98000 | 3.750 | 07/15/29<sup>(a)</sup> | 91630 |
| 226000 | 7.000 | 03/31/34<sup>(a)</sup> | 234475 |
| Lumen Technologies, Inc. | Lumen Technologies, Inc. | Lumen Technologies, Inc. | Lumen Technologies, Inc. |
| 90000 | 4.500 | 01/15/29<sup>(a)</sup> | 86625 |
| Lumen Technologies, Inc., Series U | Lumen Technologies, Inc., Series U | Lumen Technologies, Inc., Series U | Lumen Technologies, Inc., Series U |
| 85000 | 7.650 | 03/15/42 | 80219 |
| Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC | Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC | Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC | Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC |
| 100000 | 8.625 | 06/15/32<sup>(a)</sup> | 101750 |

---

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

---

| | |
|:---|:---|
| 18 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

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

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |  |
| Wirelines – (continued) | Wirelines – (continued) | Wirelines – (continued) |  |
| Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC | Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC | Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC | Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC |
| 132000 | 4.750% | 04/15/28<sup>(a)</sup> | $132330 |
| 155000 | 6.500 | 02/15/29<sup>(a)</sup> | 151512 |
| Uniti Services LLC | Uniti Services LLC | Uniti Services LLC | Uniti Services LLC |
| 55000 | 7.500 | 10/15/33<sup>(a)</sup> | 57406 |
| Windstream Services LLC / Windstream Escrow Finance Corp. | Windstream Services LLC / Windstream Escrow Finance Corp. | Windstream Services LLC / Windstream Escrow Finance Corp. | Windstream Services LLC / Windstream Escrow Finance Corp. |
| 235000 | 8.250 | 10/01/31<sup>(a)</sup> | 247925 |
| Zayo Group Holdings, Inc. | Zayo Group Holdings, Inc. | Zayo Group Holdings, Inc. | Zayo Group Holdings, Inc. |
| 190000 | 9.250 | 03/09/30<sup>(a)</sup>(b) | 185962 |
| 140000 | 13.750 | 09/09/30<sup>(a)</sup>(b) | 127225 |
|  |  |  | 1992622 |
| TOTAL CORPORATE OBLIGATIONS<br>(Cost $117,617,194) | TOTAL CORPORATE OBLIGATIONS<br>(Cost $117,617,194) | TOTAL CORPORATE OBLIGATIONS<br>(Cost $117,617,194) | 118580850 |
| Foreign Corporate Debt – 9.3% | Foreign Corporate Debt – 9.3% | Foreign Corporate Debt – 9.3% | Foreign Corporate Debt – 9.3% |
| Aerospace & Defense – 0.4% | Aerospace & Defense – 0.4% | Aerospace & Defense – 0.4% | Aerospace & Defense – 0.4% |
| Bombardier, Inc. (Canada) | Bombardier, Inc. (Canada) | Bombardier, Inc. (Canada) | Bombardier, Inc. (Canada) |
| 86000 | 7.000 | 06/01/32<sup>(a)</sup> | 90730 |
| 40000 | 6.750 | 06/15/33<sup>(a)</sup> | 42250 |
| 335000 | 7.450 | 05/01/34<sup>(a)</sup> | 377294 |
|  |  |  | 510274 |
| Basic Industry – 0.7% | Basic Industry – 0.7% | Basic Industry – 0.7% |  |
| Cascades Inc/Cascades USA, Inc. (Canada) | Cascades Inc/Cascades USA, Inc. (Canada) | Cascades Inc/Cascades USA, Inc. (Canada) | Cascades Inc/Cascades USA, Inc. (Canada) |
| 120000 | 5.375 | 01/15/28<sup>(a)</sup> | 119850 |
| INEOS Finance PLC (Luxembourg) | INEOS Finance PLC (Luxembourg) | INEOS Finance PLC (Luxembourg) | INEOS Finance PLC (Luxembourg) |
| 250000 | 6.750 | 05/15/28<sup>(a)</sup> | 232533 |
| Mercer International, Inc. (Germany) | Mercer International, Inc. (Germany) | Mercer International, Inc. (Germany) | Mercer International, Inc. (Germany) |
| 63000 | 12.875 | 10/01/28<sup>(a)</sup> | 44021 |
| 25000 | 5.125 | 02/01/29 | 15594 |
| Methanex Corp. (Canada) | Methanex Corp. (Canada) | Methanex Corp. (Canada) | Methanex Corp. (Canada) |
| 62000 | 5.250 | 12/15/29 | 62620 |
| 81000 | 5.650 | 12/01/44 | 74014 |
| NOVA Chemicals Corp. (Canada) | NOVA Chemicals Corp. (Canada) | NOVA Chemicals Corp. (Canada) | NOVA Chemicals Corp. (Canada) |
| 173000 | 5.250 | 06/01/27<sup>(a)</sup> | 174081 |
| 194000 | 9.000 | 02/15/30<sup>(a)</sup> | 206852 |
| 65000 | 7.000 | 12/01/31<sup>(a)</sup> | 69469 |
|  |  |  | 999034 |
| Capital Goods – 0.1% | Capital Goods – 0.1% | Capital Goods – 0.1% |  |
| Wrangler Holdco Corp. (Canada) | Wrangler Holdco Corp. (Canada) | Wrangler Holdco Corp. (Canada) | Wrangler Holdco Corp. (Canada) |
| 162000 | 6.625 | 04/01/32<sup>(a)</sup> | 169290 |
| Communications – 1.4% | Communications – 1.4% | Communications – 1.4% |  |
| Altice Financing SA (Luxembourg) | Altice Financing SA (Luxembourg) | Altice Financing SA (Luxembourg) | Altice Financing SA (Luxembourg) |
| 335000 | 5.750 | 08/15/29<sup>(a)</sup> | 232825 |
| Sunrise FinCo I BV (Netherlands) | Sunrise FinCo I BV (Netherlands) | Sunrise FinCo I BV (Netherlands) | Sunrise FinCo I BV (Netherlands) |
| 200000 | 4.875 | 07/15/31<sup>(a)</sup> | 193693 |
| Virgin Media Finance PLC (United Kingdom) | Virgin Media Finance PLC (United Kingdom) | Virgin Media Finance PLC (United Kingdom) | Virgin Media Finance PLC (United Kingdom) |
| 200000 | 5.000 | 07/15/30<sup>(a)</sup> | 168702 |
| Virgin Media Secured Finance PLC (United Kingdom) | Virgin Media Secured Finance PLC (United Kingdom) | Virgin Media Secured Finance PLC (United Kingdom) | Virgin Media Secured Finance PLC (United Kingdom) |
| 225000 | 5.500 | 05/15/29<sup>(a)</sup> | 220340 |
| 600000 | 4.500 | 08/15/30<sup>(a)</sup> | 548367 |
| VZ Secured Financing BV (Netherlands) | VZ Secured Financing BV (Netherlands) | VZ Secured Financing BV (Netherlands) | VZ Secured Financing BV (Netherlands) |
| 240000 | 5.000 | 01/15/32<sup>(a)</sup> | 214843 |
| 200000 | 7.500 | 01/15/33<sup>(a)</sup> | 197420 |
| Ziggo BV (Netherlands) | Ziggo BV (Netherlands) | Ziggo BV (Netherlands) | Ziggo BV (Netherlands) |
| 200000 | 4.875 | 01/15/30<sup>(a)</sup> | 188892 |
|  |  |  | 1965082 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) |  |
| Consumer Cyclical – 2.5% | Consumer Cyclical – 2.5% | Consumer Cyclical – 2.5% |  |
| 1011778 BC ULC / New Red Finance, Inc. (Canada) | 1011778 BC ULC / New Red Finance, Inc. (Canada) | 1011778 BC ULC / New Red Finance, Inc. (Canada) | 1011778 BC ULC / New Red Finance, Inc. (Canada) |
| $263000 | 3.875% | 01/15/28<sup>(a)</sup> | $260699 |
| 189000 | 4.375 | 01/15/28<sup>(a)</sup> | 188527 |
| 171000 | 3.500 | 02/15/29<sup>(a)</sup> | 164801 |
| 165000 | 6.125 | 06/15/29<sup>(a)</sup> | 170569 |
| 125000 | 5.625 | 09/15/29<sup>(a)</sup> | 127344 |
| 438000 | 4.000 | 10/15/30<sup>(a)</sup> | 422122 |
| Brookfield Residential Properties, Inc. / Brookfield Residential U.S. LLC (Canada) | Brookfield Residential Properties, Inc. / Brookfield Residential U.S. LLC (Canada) | Brookfield Residential Properties, Inc. / Brookfield Residential U.S. LLC (Canada) | Brookfield Residential Properties, Inc. / Brookfield Residential U.S. LLC (Canada) |
| 52000 | 6.250 | 09/15/27<sup>(a)</sup> | 52000 |
| 130000 | 4.875 | 02/15/30<sup>(a)</sup> | 122362 |
| Garda World Security Corp. (Canada) | Garda World Security Corp. (Canada) | Garda World Security Corp. (Canada) | Garda World Security Corp. (Canada) |
| 40000 | 6.500 | 01/15/31<sup>(a)</sup> | 41200 |
| 100000 | 8.250 | 08/01/32<sup>(a)</sup> | 102375 |
| 201000 | 8.375 | 11/15/32<sup>(a)</sup> | 206528 |
| Global Auto Holdings Ltd/AAG FH UK Ltd. (United Kingdom) | Global Auto Holdings Ltd/AAG FH UK Ltd. (United Kingdom) | Global Auto Holdings Ltd/AAG FH UK Ltd. (United Kingdom) | Global Auto Holdings Ltd/AAG FH UK Ltd. (United Kingdom) |
| 200000 | 11.500 | 08/15/29<sup>(a)</sup> | 205250 |
| Mattamy Group Corp. (Canada) | Mattamy Group Corp. (Canada) | Mattamy Group Corp. (Canada) | Mattamy Group Corp. (Canada) |
| 93000 | 4.625 | 03/01/30<sup>(a)</sup> | 90908 |
| Motion Bondco DAC (United Kingdom) | Motion Bondco DAC (United Kingdom) | Motion Bondco DAC (United Kingdom) | Motion Bondco DAC (United Kingdom) |
| 200000 | 6.625 | 11/15/27<sup>(a)</sup> | 190000 |
| Nissan Motor Co. Ltd. (Japan) | Nissan Motor Co. Ltd. (Japan) | Nissan Motor Co. Ltd. (Japan) | Nissan Motor Co. Ltd. (Japan) |
| 237000 | 4.810 | 09/17/30<sup>(a)</sup> | 225063 |
| 200000 | 8.125 | 07/17/35<sup>(a)</sup> | 218788 |
| ZF North America Capital, Inc. (Germany) | ZF North America Capital, Inc. (Germany) | ZF North America Capital, Inc. (Germany) | ZF North America Capital, Inc. (Germany) |
| 150000 | 6.875 | 04/14/28<sup>(a)</sup> | 154875 |
| 150000 | 7.125 | 04/14/30<sup>(a)</sup> | 153750 |
| 150000 | 6.750 | 04/23/30<sup>(a)</sup> | 151688 |
| 150000 | 6.875 | 04/23/32<sup>(a)</sup> | 150562 |
|  |  |  | 3399411 |
| Consumer Products – 0.0% | Consumer Products – 0.0% | Consumer Products – 0.0% |  |
| Kronos Acquisition Holdings, Inc. (Canada) | Kronos Acquisition Holdings, Inc. (Canada) | Kronos Acquisition Holdings, Inc. (Canada) | Kronos Acquisition Holdings, Inc. (Canada) |
| 30000 | 8.250 | 06/30/31<sup>(a)</sup> | 20662 |
| 106000 | 10.750 | 06/30/32<sup>(a)</sup> | 46773 |
|  |  |  | 67435 |
| Electric – 0.2% | Electric – 0.2% | Electric – 0.2% |  |
| TransAlta Corp. (Canada) | TransAlta Corp. (Canada) | TransAlta Corp. (Canada) | TransAlta Corp. (Canada) |
| 110000 | 5.875 | 02/01/34 | 110688 |
| 100000 | 6.500 | 03/15/40 | 101375 |
|  |  |  | 212063 |
| Energy – 0.2% | Energy – 0.2% | Energy – 0.2% |  |
| South Bow Canadian Infrastructure Holdings Ltd. (Canada) | South Bow Canadian Infrastructure Holdings Ltd. (Canada) | South Bow Canadian Infrastructure Holdings Ltd. (Canada) | South Bow Canadian Infrastructure Holdings Ltd. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.667%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.667%) |  |  |
| 125000 | 7.500 | 03/01/55 | 132998 |
| Vermilion Energy, Inc. (Canada) | Vermilion Energy, Inc. (Canada) | Vermilion Energy, Inc. (Canada) | Vermilion Energy, Inc. (Canada) |
| 95000 | 7.250 | 02/15/33<sup>(a)</sup> | 93100 |
|  |  |  | 226098 |
| Financial Company – 0.2% | Financial Company – 0.2% | Financial Company – 0.2% |  |
| goeasy Ltd. (Canada) | goeasy Ltd. (Canada) | goeasy Ltd. (Canada) | goeasy Ltd. (Canada) |
| 166000 | 9.250 | 12/01/28<sup>(a)</sup> | 164963 |
| 70000 | 6.875 | 02/15/31<sup>(a)</sup> | 60637 |
|  |  |  | 225600 |
| Hardware – 0.2% | Hardware – 0.2% | Hardware – 0.2% |  |
| Kioxia Holdings Corp. (Japan) | Kioxia Holdings Corp. (Japan) | Kioxia Holdings Corp. (Japan) | Kioxia Holdings Corp. (Japan) |
| 200000 | 6.250 | 07/24/30<sup>(a)</sup> | 208250 |

---

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **19** |

---

------

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

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

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) |  |
| Insurance – 0.1% | Insurance – 0.1% | Insurance – 0.1% |  |
| Jones Deslauriers Insurance Management, Inc. (Canada) | Jones Deslauriers Insurance Management, Inc. (Canada) | Jones Deslauriers Insurance Management, Inc. (Canada) | Jones Deslauriers Insurance Management, Inc. (Canada) |
| $100000 | 8.500% | 03/15/30<sup>(a)</sup> | $103875 |
| 65000 | 6.875 | 10/01/33<sup>(a)</sup> | 60125 |
|  |  |  | 164000 |
| Internet & Data – 0.3% | Internet & Data – 0.3% | Internet & Data – 0.3% |  |
| Rakuten Group, Inc. (Japan) | Rakuten Group, Inc. (Japan) | Rakuten Group, Inc. (Japan) | Rakuten Group, Inc. (Japan) |
| 100000 | 11.250 | 02/15/27<sup>(a)</sup> | 105250 |
| 265000 | 9.750 | 04/15/29<sup>(a)</sup> | 294749 |
|  |  |  | 399999 |
| Metals and Mining – 0.2% | Metals and Mining – 0.2% | Metals and Mining – 0.2% |  |
| Mineral Resources Ltd. (Australia) | Mineral Resources Ltd. (Australia) | Mineral Resources Ltd. (Australia) | Mineral Resources Ltd. (Australia) |
| 258000 | 9.250 | 10/01/28<sup>(a)</sup> | 271223 |
| 50000 | 7.000 | 04/01/31<sup>(a)</sup> | 52625 |
|  |  |  | 323848 |
| Mining – 0.5% | Mining – 0.5% | Mining – 0.5% |  |
| First Quantum Minerals Ltd. (Zambia) | First Quantum Minerals Ltd. (Zambia) | First Quantum Minerals Ltd. (Zambia) | First Quantum Minerals Ltd. (Zambia) |
| 200000 | 8.625 | 06/01/31<sup>(a)</sup> | 210500 |
| 288000 | 7.250 | 02/15/34<sup>(a)</sup> | 302760 |
| Fortescue Treasury Pty Ltd. (Australia) | Fortescue Treasury Pty Ltd. (Australia) | Fortescue Treasury Pty Ltd. (Australia) | Fortescue Treasury Pty Ltd. (Australia) |
| 208000 | 4.375 | 04/01/31<sup>(a)</sup> | 202194 |
|  |  |  | 715454 |
| Pharmaceuticals – 0.2% | Pharmaceuticals – 0.2% | Pharmaceuticals – 0.2% |  |
| Bausch Health Cos., Inc. (Canada) | Bausch Health Cos., Inc. (Canada) | Bausch Health Cos., Inc. (Canada) | Bausch Health Cos., Inc. (Canada) |
| 50000 | 5.250 | 01/30/30<sup>(a)</sup> | 35250 |
| 220000 | 14.000 | 10/15/30<sup>(a)</sup> | 221650 |
|  |  |  | 256900 |
| Software – 0.3% | Software – 0.3% | Software – 0.3% |  |
| Open Text Corp. (Canada) | Open Text Corp. (Canada) | Open Text Corp. (Canada) | Open Text Corp. (Canada) |
| 101000 | 3.875 | 02/15/28<sup>(a)</sup> | 96833 |
| 47000 | 3.875 | 12/01/29<sup>(a)</sup> | 42359 |
| Open Text Holdings, Inc. (Canada) | Open Text Holdings, Inc. (Canada) | Open Text Holdings, Inc. (Canada) | Open Text Holdings, Inc. (Canada) |
| 19000 | 4.125 | 02/15/30<sup>(a)</sup> | 17219 |
| 319000 | 4.125 | 12/01/31<sup>(a)</sup> | 280321 |
|  |  |  | 436732 |
| Transportation – 0.3% | Transportation – 0.3% | Transportation – 0.3% |  |
| VistaJet Malta Finance PLC / Vista Management Holding, Inc. (Switzerland) | VistaJet Malta Finance PLC / Vista Management Holding, Inc. (Switzerland) | VistaJet Malta Finance PLC / Vista Management Holding, Inc. (Switzerland) | VistaJet Malta Finance PLC / Vista Management Holding, Inc. (Switzerland) |
| 165000 | 7.875 | 05/01/27<sup>(a)</sup> | 166045 |
| 128000 | 9.500 | 06/01/28<sup>(a)</sup> | 132082 |
| 50000 | 6.375 | 02/01/30<sup>(a)</sup> | 46599 |
|  |  |  | 344726 |
| Wireless – 1.0% | Wireless – 1.0% | Wireless – 1.0% |  |
| Altice France SA (France) | Altice France SA (France) | Altice France SA (France) | Altice France SA (France) |
| 296920 | 6.500 | 10/15/31<sup>(a)</sup> | 288235 |
| 197947 | 6.500 | 04/15/32<sup>(a)</sup> | 189782 |
| 197947 | 6.875 | 07/15/32<sup>(a)</sup> | 191019 |
| Connect Finco Sarl / Connect U.S. Finco LLC (United Kingdom) | Connect Finco Sarl / Connect U.S. Finco LLC (United Kingdom) | Connect Finco Sarl / Connect U.S. Finco LLC (United Kingdom) | Connect Finco Sarl / Connect U.S. Finco LLC (United Kingdom) |
| 235000 | 9.000 | 09/15/29<sup>(a)</sup> | 250275 |
| Rogers Communications, Inc. (Canada) | Rogers Communications, Inc. (Canada) | Rogers Communications, Inc. (Canada) | Rogers Communications, Inc. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.653%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.653%) |  |  |
| 150000 | 7.000 | 04/15/55 | 157125 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.620%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.620%) |  |  |
| 225000 | 7.125 | 04/15/55 | 239344 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) |  |
| Wireless – (continued) | Wireless – (continued) | Wireless – (continued) |  |
| (US 5 Year CMT T-Note + 3.590%) | (US 5 Year CMT T-Note + 3.590%) | (US 5 Year CMT T-Note + 3.590%) | (US 5 Year CMT T-Note + 3.590%) |
| 65000 | 5.250% | 03/15/82<sup>(a)</sup> | $65243 |
|  |  |  | 1381023 |
| Wirelines – 0.5% | Wirelines – 0.5% | Wirelines – 0.5% |  |
| Fibercop SpA (Italy) | Fibercop SpA (Italy) | Fibercop SpA (Italy) | Fibercop SpA (Italy) |
| 200000 | 7.721 | 06/04/38<sup>(a)</sup> | 206576 |
| Iliad Holding SAS (France) | Iliad Holding SAS (France) | Iliad Holding SAS (France) | Iliad Holding SAS (France) |
| 200000 | 8.500 | 04/15/31<sup>(a)</sup> | 214171 |
| Telecom Italia Capital SA (Italy) | Telecom Italia Capital SA (Italy) | Telecom Italia Capital SA (Italy) | Telecom Italia Capital SA (Italy) |
| 50000 | 6.375 | 11/15/33 | 53124 |
| 163000 | 7.200 | 07/18/36 | 181146 |
|  |  |  | 655017 |
| TOTAL FOREIGN CORPORATE DEBT<br>(Cost $12,658,235) | TOTAL FOREIGN CORPORATE DEBT<br>(Cost $12,658,235) | TOTAL FOREIGN CORPORATE DEBT<br>(Cost $12,658,235) | 12660236 |
| **Shares** | **Dividend**<br> **Rate** | **Dividend**<br> **Rate** | **Value** |
| Investment Company – 2.0%<sup>(c)</sup> | Investment Company – 2.0%<sup>(c)</sup> | Investment Company – 2.0%<sup>(c)</sup> | Investment Company – 2.0%<sup>(c)</sup> |
| Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
| 2745362 | 3.589% | 3.589% | 2745362 |
| **(Cost $2,745,362)** | **(Cost $2,745,362)** | **(Cost $2,745,362)** |  |
| **TOTAL INVESTMENTS – 98.5%**<br> **(Cost $133,020,791)** | **TOTAL INVESTMENTS – 98.5%**<br> **(Cost $133,020,791)** | **TOTAL INVESTMENTS – 98.5%**<br> **(Cost $133,020,791)** | $133986448 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES – 1.5%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 1.5%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 1.5%** | 2103144 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% |  | $136089592 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Exempt from registration under Rule 144A of the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Pay-in-kind securities.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents an affiliated issuer.

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| CMT | —Constant Maturity Treasury Index |
| LIBOR | —London Interbank Offered Rate |
| LP | —Limited Partnership |
| MTN | —Medium Term Note |
| 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;

---

| | |
|:---|:---|
| 20 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS INFLATION PROTECTED USD BOND ETF

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

Schedule of Investments *February 28, 2026 (Unaudited)*

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| U.S. Treasury Inflation Indexed Bonds – 99.7% | U.S. Treasury Inflation Indexed Bonds – 99.7% | U.S. Treasury Inflation Indexed Bonds – 99.7% | U.S. Treasury Inflation Indexed Bonds – 99.7% |
| U.S. Treasury Inflation Indexed Bonds | U.S. Treasury Inflation Indexed Bonds | U.S. Treasury Inflation Indexed Bonds | U.S. Treasury Inflation Indexed Bonds |
| $3618052 | 0.375% | 01/15/27 | $3609855 |
| 8524116 | 0.125 | 04/15/27 | 8454552 |
| 1943379 | 0.375 | 07/15/27 | 1940854 |
| 6981461 | 1.625 | 10/15/27 | 7097753 |
| 5963066 | 0.500 | 01/15/28 | 5924357 |
| 6198025 | 1.250 | 04/15/28 | 6237070 |
| 17926022 | 0.750 | 07/15/28 | 17931706 |
| 10050810 | 2.375 | 10/15/28 | 10461938 |
| 5071493 | 0.875 | 01/15/29 | 5061937 |
| 4488218 | 2.125 | 04/15/29 | 4640537 |
| 4851148 | 3.875 | 04/15/29 | 5276597 |
| 10982409 | 0.250 | 07/15/29 | 10753891 |
| 336767 | 1.625 | 10/15/29 | 345061 |
| 15173437 | 0.125 | 01/15/30 | 14648785 |
| 7748971 | 0.125 | 07/15/30 | 7457905 |
| 403331 | 0.125 | 01/15/31 | 384001 |
| 13179963 | 0.125 | 07/15/31 | 12490462 |
| 12241873 | 0.125 | 01/15/32 | 11456844 |
| 15626749 | 0.625 | 07/15/32 | 15021931 |
| 4009557 | 1.125 | 01/15/33 | 3943297 |
| 10147075 | 1.375 | 07/15/33 | 10137849 |
| 7843322 | 1.750 | 01/15/34 | 7989614 |
| 13761127 | 1.875 | 07/15/34 | 14154692 |
| 6663955 | 2.125 | 01/15/35 | 6944473 |
| 4199483 | 2.125 | 02/15/40 | 4275033 |
| 698447 | 2.125 | 02/15/41 | 703992 |
| 13127934 | 0.750 | 02/15/42 | 10583406 |
| 1790040 | 0.625 | 02/15/43 | 1383219 |
| 726217 | 1.000 | 02/15/46 | 568168 |
| 6403439 | 0.875 | 02/15/47 | 4799863 |
| 5107946 | 1.000 | 02/15/48 | 3880935 |
| 1368921 | 1.000 | 02/15/49 | 1026010 |
| 8502928 | 0.250 | 02/15/50 | 5128184 |
| 1780384 | 0.125 | 02/15/51 | 1010684 |
| 6023002 | 0.125 | 02/15/52 | 3343635 |
| 2952240 | 2.125 | 02/15/54 | 2760247 |
| TOTAL U.S. TREASURY INFLATION INDEXED BONDS | TOTAL U.S. TREASURY INFLATION INDEXED BONDS | TOTAL U.S. TREASURY INFLATION INDEXED BONDS |  |
| (Cost $230,755,604) | (Cost $230,755,604) |  | 231829337 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | <br> **Dividend**<br> **Rate** | **Value** |
| Investment Company – 0.1%<sup>(a)</sup> | Investment Company – 0.1%<sup>(a)</sup> | Investment Company – 0.1%<sup>(a)</sup> |
| Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
| 283482 | 3.589% | $283482 |
| **(Cost $283,482)** | **(Cost $283,482)** | **(Cost $283,482)** |
| TOTAL INVESTMENTS – 99.8%<br>(Cost $231,039,086) | TOTAL INVESTMENTS – 99.8%<br>(Cost $231,039,086) | $232112819 |
|  **OTHER ASSETS IN EXCESS OF LIABILITIES – 0.2%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 0.2%** | 351137 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232463956 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
|  | (a) Represents an affiliated issuer. |

---

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **21** |

---

------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND ETF

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

Schedule of Investments *February 28, 2026 (Unaudited)*

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – 87.8% | Corporate Obligations – 87.8% | Corporate Obligations – 87.8% | Corporate Obligations – 87.8% |
| Aerospace & Defense – 2.2% | Aerospace & Defense – 2.2% | Aerospace & Defense – 2.2% | Aerospace & Defense – 2.2% |
| Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) |
| 23000 | 5.040% | 05/01/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23227 |
| 8000 | 3.250 | 03/01/28 | 7905 |
| 20000 | 3.450 | 11/01/28 | 19760 |
| 6000 | 2.950 | 02/01/30 | 5756 |
| 12000 | 5.150 | 05/01/30 | 12416 |
| Huntington Ingalls Industries, Inc. | Huntington Ingalls Industries, Inc. | Huntington Ingalls Industries, Inc. | Huntington Ingalls Industries, Inc. |
| 11000 | 3.483 | 12/01/27 | 10903 |
| Leidos, Inc. | Leidos, Inc. | Leidos, Inc. | Leidos, Inc. |
| 25000 | 2.300 | 02/15/31 | 22683 |
| Lockheed Martin Corp. | Lockheed Martin Corp. | Lockheed Martin Corp. | Lockheed Martin Corp. |
| 60000 | 4.450 | 05/15/28 | 60798 |
| 16000 | 1.850 | 06/15/30 | 14658 |
| Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. |
| 35000 | 3.200 | 02/01/27 | 34820 |
| 9000 | 3.250 | 01/15/28 | 8947 |
| RTX Corp. | RTX Corp. | RTX Corp. | RTX Corp. |
| 8000 | 6.700 | 08/01/28 | 8469 |
| 23000 | 5.750 | 01/15/29 | 24165 |
| Textron, Inc. | Textron, Inc. | Textron, Inc. | Textron, Inc. |
| 8000 | 3.650 | 03/15/27 | 7963 |
|  |  |  | 262470 |
| Banks – 19.6% | Banks – 19.6% | Banks – 19.6% | Banks – 19.6% |
| American Express Co. | American Express Co. | American Express Co. | American Express Co. |
| 12000 | 3.300 | 05/03/27 | 11946 |
| 11000 | 5.850 | 11/05/27 | 11344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.020%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.020%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.020%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.020%) |
| 24000 | 5.085 | 01/30/31<sup>(a)</sup> | 24773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.440%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.440%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.440%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.440%) |
| 10000 | 5.016 | 04/25/31<sup>(a)</sup> | 10323 |
| Bank of America Corp. | Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.580%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.580%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.580%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.580%) |
| 20000 | 4.376 | 04/27/28<sup>(a)</sup> | 20113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.990%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.990%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.990%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.990%) |
| 24000 | 6.204 | 11/10/28<sup>(a)</sup> | 24935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.302%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.302%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.302%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.302%) |
| 18000 | 3.419 | 12/20/28<sup>(a)</sup> | 17834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.630%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.630%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.630%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.630%) |
| 26000 | 5.202 | 04/25/29<sup>(a)</sup> | 26674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.110%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.110%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.110%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.110%) |
| 8000 | 4.623 | 05/09/29<sup>(a)</sup> | 8112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.150%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.150%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.150%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.150%) |
| 19000 | 2.592 | 04/29/31<sup>(a)</sup> | 17854 |
| Bank of America Corp., GMTN | Bank of America Corp., GMTN | Bank of America Corp., GMTN | Bank of America Corp., GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.632%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.632%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.632%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.632%) |
| 23000 | 3.593 | 07/21/28<sup>(a)</sup> | 22868 |
| Bank of America Corp., MTN | Bank of America Corp., MTN | Bank of America Corp., MTN | Bank of America Corp., MTN |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.040%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.040%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.040%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.040%) |
| 29000 | 4.948 | 07/22/28<sup>(a)</sup> | 29352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.332%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.332%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.332%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.332%) |
| 16000 | 3.970 | 03/05/29<sup>(a)</sup> | 15990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.060%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.060%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.060%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.060%) |
| 8000 | 2.087 | 06/14/29<sup>(a)</sup> | 7677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.572%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.572%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.572%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.572%) |
| 36000 | 4.271 | 07/23/29<sup>(a)</sup> | 36211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.472%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.472%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.472%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.472%) |
| 24000 | 3.974 | 02/07/30<sup>(a)</sup> | 23991 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.252%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.252%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.252%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.252%) |
| 32000 | 2.496% | 02/13/31<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.530%) |
| 4000 | 1.898 | 07/23/31<sup>(a)</sup> | 3625 |
| Bank of New York Mellon Corp. (The) | Bank of New York Mellon Corp. (The) | Bank of New York Mellon Corp. (The) | Bank of New York Mellon Corp. (The) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.887%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.887%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.887%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.887%) |
| 9000 | 4.942 | 02/11/31<sup>(a)</sup> | 9291 |
| Bank of New York Mellon Corp. (The), MTN | Bank of New York Mellon Corp. (The), MTN | Bank of New York Mellon Corp. (The), MTN | Bank of New York Mellon Corp. (The), MTN |
| 40000 | 2.050 | 01/26/27 | 39449 |
| 40000 | 3.400 | 01/29/28 | 39802 |
| Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |
| 14000 | 3.650 | 05/11/27 | 13962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.080%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.080%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.080%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.080%) |
| 11000 | 5.468 | 02/01/29<sup>(a)</sup> | 11291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.640%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.640%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.640%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.640%) |
| 36000 | 6.312 | 06/08/29<sup>(a)</sup> | 37672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.905%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.905%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.905%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.905%) |
| 29000 | 5.700 | 02/01/30<sup>(a)</sup> | 30211 |
| Charles Schwab Corp. (The) | Charles Schwab Corp. (The) | Charles Schwab Corp. (The) | Charles Schwab Corp. (The) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.210%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.210%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.210%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.210%) |
| 8000 | 5.643 | 05/19/29<sup>(a)</sup> | 8318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.878%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.878%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.878%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.878%) |
| 18000 | 6.196 | 11/17/29<sup>(a)</sup> | 19031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.940%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.940%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.940%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.940%) |
| 19000 | 4.343 | 11/14/31<sup>(a)</sup> | 19118 |
| Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.600%) |
| 23000 | 3.980 | 03/20/30<sup>(a)</sup> | 22949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.338%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.338%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.338%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.338%) |
| 40000 | 4.542 | 09/19/30<sup>(a)</sup> | 40521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.146%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.146%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.146%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.146%) |
| 73000 | 2.666 | 01/29/31<sup>(a)</sup> | 68955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.914%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.914%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.914%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.914%) |
| 11000 | 4.412 | 03/31/31<sup>(a)</sup> | 11074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.463%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.463%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.463%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.463%) |
| 37000 | 4.952 | 05/07/31<sup>(a)</sup> | 37972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.107%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.107%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.107%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.107%) |
| 12000 | 2.572 | 06/03/31<sup>(a)</sup> | 11224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.171%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.171%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.171%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.171%) |
| 14000 | 4.503 | 09/11/31<sup>(a)</sup> | 14119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.280%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.280%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.280%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.280%) |
| 4000 | 5.592 | 11/19/34<sup>(a)</sup> | 4134 |
| Citizens Financial Group, Inc. | Citizens Financial Group, Inc. | Citizens Financial Group, Inc. | Citizens Financial Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.450%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.450%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.450%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.450%) |
| 38000 | 5.299 | 01/29/36<sup>(a)</sup> | 38558 |
| Fifth Third Bancorp | Fifth Third Bancorp | Fifth Third Bancorp | Fifth Third Bancorp |
| 11000 | 2.550 | 05/05/27 | 10834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.355%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.355%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.355%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.355%) |
| 66000 | 4.055 | 04/25/28<sup>(a)</sup> | 66147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 2.127%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 2.127%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 2.127%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 2.127%) |
| 8000 | 4.772 | 07/28/30<sup>(a)</sup> | 8122 |
| First Horizon Corp. | First Horizon Corp. | First Horizon Corp. | First Horizon Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.766%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.766%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.766%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.766%) |
| 18000 | 5.514 | 03/07/31<sup>(a)</sup> | 18702 |
| First-Citizens Bank & Trust Co. | First-Citizens Bank & Trust Co. | First-Citizens Bank & Trust Co. | First-Citizens Bank & Trust Co. |
| 35000 | 6.125 | 03/09/28 | 36319 |

---

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

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| | |
|:---|:---|
| 22 | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND ETF

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) |
| Huntington Bancshares, Inc. | Huntington Bancshares, Inc. | Huntington Bancshares, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.020%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.020%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.020%) |
| 23000 | 6.208% 08/21/29<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.276%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.276%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.276%) |
| 10000 | 5.272 01/15/31<sup>(a)</sup> | 10365 |
| JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.170%) |
| 14000 | 2.947 02/24/28<sup>(a)</sup> | 13868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.560%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.560%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.560%) |
| 27000 | 4.323 04/26/28<sup>(a)</sup> | 27115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.930%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.930%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.930%) |
| 24000 | 4.979 07/22/28<sup>(a)</sup> | 24345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.990%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.990%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.990%) |
| 23000 | 4.851 07/25/28<sup>(a)</sup> | 23265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.207%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.207%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.207%) |
| 8000 | 3.509 01/23/29<sup>(a)</sup> | 7935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.015%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.015%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.015%) |
| 18000 | 2.069 06/01/29<sup>(a)</sup> | 17278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.522%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.522%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.522%) |
| 11000 | 4.203 07/23/29<sup>(a)</sup> | 11053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.450%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.450%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.450%) |
| 57000 | 5.299 07/24/29<sup>(a)</sup> | 58602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.570%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.570%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.570%) |
| 29000 | 6.087 10/23/29<sup>(a)</sup> | 30441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.160%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.160%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.160%) |
| 24000 | 5.581 04/22/30<sup>(a)</sup> | 25081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.125%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.125%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.125%) |
| 8000 | 4.995 07/22/30<sup>(a)</sup> | 8230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.510%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.510%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.510%) |
| 24000 | 2.739 10/15/30<sup>(a)</sup> | 22985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.040%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.040%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.040%) |
| 16000 | 2.522 04/22/31<sup>(a)</sup> | 15003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.515%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.515%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.515%) |
| 52000 | 2.956 05/13/31<sup>(</sup><sup>a)</sup> | 49425 |
| KeyCorp, GMTN | KeyCorp, GMTN | KeyCorp, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.227%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.227%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.227%) |
| 27000 | 5.121 04/04/31<sup>(a)</sup> | 27672 |
| M&T Bank Corp. | M&T Bank Corp. | M&T Bank Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.800%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.800%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.800%) |
| 5000 | 7.413 10/30/29<sup>(a)</sup> | 5421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.400%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.400%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.400%) |
| 24000 | 5.179 07/08/31<sup>(a)</sup> | 24799 |
| Morgan Stanley | Morgan Stanley | Morgan Stanley |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.240%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.240%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.240%) |
| 23000 | 6.296 10/18/28<sup>(a)</sup> | 23820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.260%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.260%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.260%) |
| 16000 | 5.656 04/18/30<sup>(a)</sup> | 16671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.100%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.100%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.100%) |
| 52000 | 4.654 10/18/30<sup>(a)</sup> | 52826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.108%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.108%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.108%) |
| 24000 | 5.230 01/15/31<sup>(a)</sup> | 24807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.510%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.510%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.510%) |
| 11000 | 5.192 04/17/31<sup>(a)</sup> | 11383 |
| Morgan Stanley, GMTN | Morgan Stanley, GMTN | Morgan Stanley, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.402%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.402%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.402%) |
| 24000 | 3.772 01/24/29<sup>(a)</sup> | 23941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.890%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.890%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.890%) |
| 16000 | 4.431 01/23/30<sup>(a)</sup> | 16148 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.143%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.143%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.143%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.143%) |
| 52000 | 2.699% | 01/22/31<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49131 |
| Morgan Stanley, MTN | Morgan Stanley, MTN | Morgan Stanley, MTN | Morgan Stanley, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.590%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.590%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.590%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.590%) |
| 70000 | 5.164 | 04/20/29<sup>(a)</sup> | 71484 |
| Northern Trust Corp. | Northern Trust Corp. | Northern Trust Corp. | Northern Trust Corp. |
| 26000 | 1.950 | 05/01/30 | 23992 |
| Pinnacle Financial Partners, Inc. | Pinnacle Financial Partners, Inc. | Pinnacle Financial Partners, Inc. | Pinnacle Financial Partners, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.347%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.347%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.347%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.347%) |
| 18000 | 6.168 | 11/01/30<sup>(a)</sup> | 18908 |
| PNC Financial Services Group, Inc. (The) | PNC Financial Services Group, Inc. (The) | PNC Financial Services Group, Inc. (The) | PNC Financial Services Group, Inc. (The) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.620%) |
| 11000 | 5.354 | 12/02/28<sup>(a)</sup> | 11294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.841%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.841%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.841%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.841%) |
| 29000 | 5.582 | 06/12/29<sup>(a)</sup> | 30016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.198%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.198%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.198%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.198%) |
| 24000 | 5.492 | 05/14/30<sup>(a)</sup> | 25041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.072%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.072%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.072%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.072%) |
| 16000 | 5.222 | 01/29/31<sup>(a)</sup> | 16646 |
| Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.356%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.356%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.356%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.356%) |
| 11000 | 6.499 | 03/09/29<sup>(a)</sup> | 11452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.940%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.940%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.940%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.940%) |
| 32000 | 5.353 | 09/06/30<sup>(a)</sup> | 32955 |
| State Street Corp. | State Street Corp. | State Street Corp. | State Street Corp. |
| 16000 | 4.536 | 02/28/28 | 16282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.018%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.018%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.018%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.018%) |
| 24000 | 4.530 | 02/20/29<sup>(a)</sup> | 24363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.484%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.484%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.484%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.484%) |
| 18000 | 5.684 | 11/21/29<sup>(a)</sup> | 18792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.490%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.490%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.490%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.490%) |
| 18000 | 3.031 | 11/01/34<sup>(a)</sup> | 17152 |
| Synchrony Financial | Synchrony Financial | Synchrony Financial | Synchrony Financial |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.680%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.680%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.680%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.680%) |
| 18000 | 5.450 | 03/06/31<sup>(a)</sup> | 18366 |
| Truist Financial Corp., MTN | Truist Financial Corp., MTN | Truist Financial Corp., MTN | Truist Financial Corp., MTN |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.446%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.446%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.446%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.446%) |
| 18000 | 7.161 | 10/30/29<sup>(a)</sup> | 19346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.620%) |
| 18000 | 5.435 | 01/24/30<sup>(a)</sup> | 18648 |
| 22000 | 1.950 | 06/05/30 | 20211 |
| U.S. Bancorp | U.S. Bancorp | U.S. Bancorp | U.S. Bancorp |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.061%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.061%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.061%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.061%) |
| 35000 | 5.046 | 02/12/31<sup>(a)</sup> | 36116 |
| U.S. Bancorp, MTN | U.S. Bancorp, MTN | U.S. Bancorp, MTN | U.S. Bancorp, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.730%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.730%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.730%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.730%) |
| 5000 | 2.215 | 01/27/28<sup>(a)</sup> | 4928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.660%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.660%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.660%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.660%) |
| 4000 | 4.548 | 07/22/28<sup>(a)</sup> | 4038 |
| 35000 | 3.000 | 07/30/29 | 33988 |
| U.S. Bancorp, Series X | U.S. Bancorp, Series X | U.S. Bancorp, Series X | U.S. Bancorp, Series X |
| 11000 | 3.150 | 04/27/27 | 10927 |
| US Bancorp | US Bancorp | US Bancorp | US Bancorp |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.020%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.020%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.020%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.020%) |
| 18000 | 5.775 | 06/12/29<sup>(a)</sup> | 18711 |

---

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **23** |

---

------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND ETF

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

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| Webster Financial Corp. | Webster Financial Corp. | Webster Financial Corp. | Webster Financial Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.125%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.125%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.125%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.125%) |
| 24000 | 5.784% | 09/11/35<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24780 |
| Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.790%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.790%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.790%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.790%) |
| 29000 | 6.303 | 10/23/29<sup>(a)</sup> | 30591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.500%) |
| 29000 | 5.198 | 01/23/30<sup>(a)</sup> | 29935 |
| 10000 | 5.150 | 04/23/31<sup>(a)</sup> | 10360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.110%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.110%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.110%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.110%) |
| 9000 | 5.244 | 01/24/31<sup>(a)</sup> | 9343 |
| Wells Fargo & Co., MTN | Wells Fargo & Co., MTN | Wells Fargo & Co., MTN | Wells Fargo & Co., MTN |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.510%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.510%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.510%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.510%) |
| 34000 | 3.526 | 03/24/28<sup>(a)</sup> | 33807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.572%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.572%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.572%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.572%) |
| 9000 | 3.584 | 05/22/28<sup>(a)</sup> | 8958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.100%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.100%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.100%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.100%) |
| 9000 | 2.393 | 06/02/28<sup>(a)</sup> | 8814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.980%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.980%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.980%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.980%) |
| 10000 | 4.808 | 07/25/28<sup>(a)</sup> | 10113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.740%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.740%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.740%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.740%) |
| 29000 | 5.574 | 07/25/29<sup>(a)</sup> | 30004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.262%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.262%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.262%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.262%) |
| 27000 | 2.572 | 02/11/31<sup>(a)</sup> | 25384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 4.032%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 4.032%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 4.032%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 4.032%) |
| 16000 | 4.478 | 04/04/31<sup>(a)</sup> | 16166 |
|  |  |  | 2349040 |
| Basic Industry – 0.6% | Basic Industry – 0.6% | Basic Industry – 0.6% | Basic Industry – 0.6% |
| Dow Chemical Co. (The) | Dow Chemical Co. (The) | Dow Chemical Co. (The) | Dow Chemical Co. (The) |
| 3000 | 7.375 | 11/01/29 | 3295 |
| Ecolab, Inc. | Ecolab, Inc. | Ecolab, Inc. | Ecolab, Inc. |
| 16000 | 4.800 | 03/24/30 | 16472 |
| LYB International Finance III LLC | LYB International Finance III LLC | LYB International Finance III LLC | LYB International Finance III LLC |
| 20000 | 2.250 | 10/01/30 | 18094 |
| Mosaic Co. (The) | Mosaic Co. (The) | Mosaic Co. (The) | Mosaic Co. (The) |
| 20000 | 5.375 | 11/15/28 | 20647 |
| Sherwin-Williams Co. (The) | Sherwin-Williams Co. (The) | Sherwin-Williams Co. (The) | Sherwin-Williams Co. (The) |
| 8000 | 3.450 | 06/01/27 | 7956 |
| 9000 | 4.500 | 08/15/30 | 9138 |
|  |  |  | 75602 |
| Broadcasting – 0.1% | Broadcasting – 0.1% | Broadcasting – 0.1% | Broadcasting – 0.1% |
| Fox Corp. | Fox Corp. | Fox Corp. | Fox Corp. |
| 11000 | 4.709 | 01/25/29 | 11165 |
| Brokerage – 1.1% | Brokerage – 1.1% | Brokerage – 1.1% | Brokerage – 1.1% |
| Cboe Global Markets, Inc. | Cboe Global Markets, Inc. | Cboe Global Markets, Inc. | Cboe Global Markets, Inc. |
| 5000 | 1.625 | 12/15/30 | 4468 |
| CME Group, Inc. | CME Group, Inc. | CME Group, Inc. | CME Group, Inc. |
| 9000 | 4.400 | 03/15/30 | 9167 |
| Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. |
| 30000 | 3.750 | 09/21/28 | 29951 |
| 16000 | 4.350 | 06/15/29 | 16204 |
| 10000 | 2.100 | 06/15/30 | 9228 |
| Nasdaq, Inc. | Nasdaq, Inc. | Nasdaq, Inc. | Nasdaq, Inc. |
| 65000 | 5.350 | 06/28/28 | 66915 |
|  |  |  | 135933 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Building Materials – 1.2% | Building Materials – 1.2% | Building Materials – 1.2% | Building Materials – 1.2% |
| Amrize Finance U.S. LLC | Amrize Finance U.S. LLC | Amrize Finance U.S. LLC | Amrize Finance U.S. LLC |
| 20000 | 4.950% | 04/07/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20523 |
| Martin Marietta Materials, Inc. | Martin Marietta Materials, Inc. | Martin Marietta Materials, Inc. | Martin Marietta Materials, Inc. |
| 30000 | 2.500 | 03/15/30 | 28300 |
| Masco Corp. | Masco Corp. | Masco Corp. | Masco Corp. |
| 25000 | 2.000 | 10/01/30 | 22634 |
| Mohawk Industries, Inc. | Mohawk Industries, Inc. | Mohawk Industries, Inc. | Mohawk Industries, Inc. |
| 20000 | 3.625 | 05/15/30 | 19550 |
| Owens Corning | Owens Corning | Owens Corning | Owens Corning |
| 8000 | 3.500 | 02/15/30 | 7830 |
| Stanley Black & Decker, Inc. | Stanley Black & Decker, Inc. | Stanley Black & Decker, Inc. | Stanley Black & Decker, Inc. |
| 40000 | 4.250 | 11/15/28 | 40189 |
|  |  |  | 139026 |
| Capital Goods – 6.6% | Capital Goods – 6.6% | Capital Goods – 6.6% | Capital Goods – 6.6% |
| 3M Co. | 3M Co. | 3M Co. | 3M Co. |
| 11000 | 3.050 | 04/15/30 | 10583 |
| Amphenol Corp. | Amphenol Corp. | Amphenol Corp. | Amphenol Corp. |
| 30000 | 2.800 | 02/15/30 | 28720 |
| Caterpillar Financial Services Corp. | Caterpillar Financial Services Corp. | Caterpillar Financial Services Corp. | Caterpillar Financial Services Corp. |
| 34000 | 4.850 | 02/27/29 | 35083 |
| 70000 | 4.700 | 11/15/29 | 72079 |
| CNH Industrial Capital LLC | CNH Industrial Capital LLC | CNH Industrial Capital LLC | CNH Industrial Capital LLC |
| 65000 | 4.550 | 04/10/28 | 65713 |
| 8000 | 5.100 | 04/20/29 | 8233 |
| Cummins, Inc. | Cummins, Inc. | Cummins, Inc. | Cummins, Inc. |
| 70000 | 4.700 | 02/15/31 | 71995 |
| Honeywell International, Inc. | Honeywell International, Inc. | Honeywell International, Inc. | Honeywell International, Inc. |
| 20000 | 4.250 | 01/15/29 | 20255 |
| 8000 | 2.700 | 08/15/29 | 7689 |
| 17000 | 4.700 | 02/01/30 | 17445 |
| 30000 | 1.950 | 06/01/30 | 27611 |
| IDEX Corp. | IDEX Corp. | IDEX Corp. | IDEX Corp. |
| 16000 | 4.950 | 09/01/29 | 16440 |
| Ingersoll Rand, Inc. | Ingersoll Rand, Inc. | Ingersoll Rand, Inc. | Ingersoll Rand, Inc. |
| 40000 | 5.176 | 06/15/29 | 41466 |
| Jabil, Inc. | Jabil, Inc. | Jabil, Inc. | Jabil, Inc. |
| 23000 | 4.250 | 05/15/27 | 23058 |
| John Deere Capital Corp., MTN | John Deere Capital Corp., MTN | John Deere Capital Corp., MTN | John Deere Capital Corp., MTN |
| 8000 | 4.900 | 06/11/27 | 8118 |
| 11000 | 4.750 | 01/20/28 | 11238 |
| 23000 | 4.850 | 06/11/29 | 23763 |
| 28000 | 4.375 | 10/15/30 | 28484 |
| Otis Worldwide Corp. | Otis Worldwide Corp. | Otis Worldwide Corp. | Otis Worldwide Corp. |
| 18000 | 2.293 | 04/05/27 | 17685 |
| Republic Services, Inc. | Republic Services, Inc. | Republic Services, Inc. | Republic Services, Inc. |
| 16000 | 3.375 | 11/15/27 | 15903 |
| 40000 | 1.450 | 02/15/31 | 35283 |
| Rockwell Automation, Inc. | Rockwell Automation, Inc. | Rockwell Automation, Inc. | Rockwell Automation, Inc. |
| 65000 | 3.500 | 03/01/29 | 64319 |
| Roper Technologies, Inc. | Roper Technologies, Inc. | Roper Technologies, Inc. | Roper Technologies, Inc. |
| 8000 | 2.000 | 06/30/30 | 7256 |
| 29000 | 4.450 | 09/15/30 | 29064 |
| Sonoco Products Co. | Sonoco Products Co. | Sonoco Products Co. | Sonoco Products Co. |
| 16000 | 4.600 | 09/01/29 | 16218 |
| Waste Management, Inc. | Waste Management, Inc. | Waste Management, Inc. | Waste Management, Inc. |
| 11000 | 7.000 | 07/15/28 | 11758 |
| 9000 | 4.625 | 02/15/30 | 9211 |
| 32000 | 4.650 | 03/15/30 | 32872 |

---

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

---

| | |
|:---|:---|
| 24 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND ETF

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Capital Goods – (continued) | Capital Goods – (continued) | Capital Goods – (continued) | Capital Goods – (continued) | Capital Goods – (continued) |
|  Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. |
| $| 11000 | 4.700% | 09/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11167 |
|  WRKCo, Inc. | WRKCo, Inc. | WRKCo, Inc. | WRKCo, Inc. | WRKCo, Inc. |
|  | 11000 | 4.900 | 03/15/29 | 11244 |
|  Xylem, Inc. | Xylem, Inc. | Xylem, Inc. | Xylem, Inc. | Xylem, Inc. |
|  | 11000 | 1.950 | 01/30/28 | 10623 |
|  |  |  |  | 790576 |
| Communications – 1.2% | Communications – 1.2% | Communications – 1.2% | Communications – 1.2% | Communications – 1.2% |
|  Charter Communications Operating LLC / Charter Communications Operating Capital | Charter Communications Operating LLC / Charter Communications Operating Capital | Charter Communications Operating LLC / Charter Communications Operating Capital | Charter Communications Operating LLC / Charter Communications Operating Capital | Charter Communications Operating LLC / Charter Communications Operating Capital |
|  | 11000 | 5.050 | 03/30/29 | 11175 |
|  Comcast Corp. | Comcast Corp. | Comcast Corp. | Comcast Corp. | Comcast Corp. |
|  | 23000 | 3.550 | 05/01/28 | 22899 |
|  | 16000 | 3.400 | 04/01/30 | 15650 |
|  | 60000 | 1.950 | 01/15/31 | 54205 |
|  Walt Disney Co. (The) | Walt Disney Co. (The) | Walt Disney Co. (The) | Walt Disney Co. (The) | Walt Disney Co. (The) |
|  | 23000 | 3.700 | 03/23/27 | 22977 |
|  | 16000 | 3.800 | 03/22/30 | 15992 |
|  |  |  |  | 142898 |
| Consumer Cyclical – 7.2% | Consumer Cyclical – 7.2% | Consumer Cyclical – 7.2% | Consumer Cyclical – 7.2% | Consumer Cyclical – 7.2% |
|  Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. |
|  | 9000 | 4.550 | 12/01/27 | 9147 |
|  | 36000 | 3.450 | 04/13/29 | 35765 |
|  | 19000 | 4.100 | 11/20/30 | 19132 |
|  American Honda Finance Corp. | American Honda Finance Corp. | American Honda Finance Corp. | American Honda Finance Corp. | American Honda Finance Corp. |
|  | 11000 | 5.650 | 11/15/28 | 11489 |
|  | 28000 | 4.450 | 01/08/31 | 28295 |
|  American Honda Finance Corp., GMTN | American Honda Finance Corp., GMTN | American Honda Finance Corp., GMTN | American Honda Finance Corp., GMTN | American Honda Finance Corp., GMTN |
|  | 11000 | 3.500 | 02/15/28 | 10926 |
|  AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. |
|  | 16000 | 1.950 | 08/01/28 | 15243 |
|  AutoZone, Inc. | AutoZone, Inc. | AutoZone, Inc. | AutoZone, Inc. | AutoZone, Inc. |
|  | 11000 | 4.000 | 04/15/30 | 10954 |
|  Costco Wholesale Corp. | Costco Wholesale Corp. | Costco Wholesale Corp. | Costco Wholesale Corp. | Costco Wholesale Corp. |
|  | 12000 | 1.600 | 04/20/30 | 10990 |
|  Ford Motor Co. | Ford Motor Co. | Ford Motor Co. | Ford Motor Co. | Ford Motor Co. |
|  | 29000 | 6.625 | 10/01/28 | 30756 |
|  | 25000 | 9.625 | 04/22/30 | 29196 |
|  General Motors Co. | General Motors Co. | General Motors Co. | General Motors Co. | General Motors Co. |
|  | 19000 | 6.800 | 10/01/27 | 19722 |
|  General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
|  | 11000 | 2.700 | 08/20/27 | 10807 |
|  | 18000 | 3.850 | 01/05/28 | 17965 |
|  | 25000 | 5.550 | 07/15/29 | 25997 |
|  | 24000 | 5.350 | 01/07/30 | 24875 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
|  | 5000 | 4.450 | 06/01/28 | 5016 |
|  | 19000 | 4.875 | 11/15/30 | 18937 |
|  Home Depot, Inc. (The) | Home Depot, Inc. (The) | Home Depot, Inc. (The) | Home Depot, Inc. (The) | Home Depot, Inc. (The) |
|  | 11000 | 2.800 | 09/14/27 | 10875 |
|  | 19000 | 4.900 | 04/15/29 | 19600 |
|  Lear Corp. | Lear Corp. | Lear Corp. | Lear Corp. | Lear Corp. |
|  | 16000 | 4.250 | 05/15/29 | 16010 |
|  Lennar Corp. | Lennar Corp. | Lennar Corp. | Lennar Corp. | Lennar Corp. |
|  | 11000 | 4.750 | 11/29/27 | 11096 |
|  Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. |
|  | 11000 | 1.700 | 09/15/28 | 10417 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Consumer Cyclical – (continued) | Consumer Cyclical – (continued) | Consumer Cyclical – (continued) | Consumer Cyclical – (continued) | Consumer Cyclical – (continued) |
|  Lowe's Cos., Inc. – (continued) | Lowe's Cos., Inc. – (continued) | Lowe's Cos., Inc. – (continued) | Lowe's Cos., Inc. – (continued) | Lowe's Cos., Inc. – (continued) |
| $| 32000 | 1.700% | 10/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28758 |
|  Marriott International, Inc., Series X | Marriott International, Inc., Series X | Marriott International, Inc., Series X | Marriott International, Inc., Series X | Marriott International, Inc., Series X |
|  | 35000 | 4.000 | 04/15/28 | 35079 |
|  Mastercard, Inc. | Mastercard, Inc. | Mastercard, Inc. | Mastercard, Inc. | Mastercard, Inc. |
|  | 16000 | 2.950 | 06/01/29 | 15595 |
|  McDonald's Corp., MTN | McDonald's Corp., MTN | McDonald's Corp., MTN | McDonald's Corp., MTN | McDonald's Corp., MTN |
|  | 23000 | 3.500 | 03/01/27 | 22948 |
|  | 35000 | 2.125 | 03/01/30 | 32698 |
|  NIKE, Inc. | NIKE, Inc. | NIKE, Inc. | NIKE, Inc. | NIKE, Inc. |
|  | 9000 | 2.850 | 03/27/30 | 8649 |
|  Starbucks Corp. | Starbucks Corp. | Starbucks Corp. | Starbucks Corp. | Starbucks Corp. |
|  | 10000 | 2.000 | 03/12/27 | 9810 |
|  | 11000 | 3.500 | 03/01/28 | 10929 |
|  Target Corp. | Target Corp. | Target Corp. | Target Corp. | Target Corp. |
|  | 16000 | 2.350 | 02/15/30 | 15101 |
|  Toll Brothers Finance Corp. | Toll Brothers Finance Corp. | Toll Brothers Finance Corp. | Toll Brothers Finance Corp. | Toll Brothers Finance Corp. |
|  | 35000 | 4.350 | 02/15/28 | 35175 |
|  Toyota Motor Credit Corp. | Toyota Motor Credit Corp. | Toyota Motor Credit Corp. | Toyota Motor Credit Corp. | Toyota Motor Credit Corp. |
|  | 32000 | 4.550 | 08/09/29 | 32762 |
|  Toyota Motor Credit Corp., MTN | Toyota Motor Credit Corp., MTN | Toyota Motor Credit Corp., MTN | Toyota Motor Credit Corp., MTN | Toyota Motor Credit Corp., MTN |
|  | 130000 | 1.900 | 01/13/27 | 128086 |
|  | 23000 | 3.050 | 03/22/27 | 22870 |
|  Visa, Inc. | Visa, Inc. | Visa, Inc. | Visa, Inc. | Visa, Inc. |
|  | 16000 | 1.900 | 04/15/27 | 15695 |
|  | 29000 | 2.750 | 09/15/27 | 28611 |
|  Walmart, Inc. | Walmart, Inc. | Walmart, Inc. | Walmart, Inc. | Walmart, Inc. |
|  | 19000 | 7.550 | 02/15/30 | 21714 |
|  |  |  |  | 867690 |
| Consumer Noncyclical – 4.6% | Consumer Noncyclical – 4.6% | Consumer Noncyclical – 4.6% | Consumer Noncyclical – 4.6% | Consumer Noncyclical – 4.6% |
|  Abbott Laboratories | Abbott Laboratories | Abbott Laboratories | Abbott Laboratories | Abbott Laboratories |
|  | 11000 | 1.150 | 01/30/28 | 10485 |
|  AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
|  | 18000 | 4.800 | 03/15/27 | 18165 |
|  | 18000 | 4.800 | 03/15/29 | 18493 |
|  | 23000 | 3.200 | 11/21/29 | 22453 |
|  Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. |
|  | 23000 | 4.800 | 02/14/29 | 23492 |
|  Amgen, Inc. | Amgen, Inc. | Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
|  | 35000 | 3.000 | 02/22/29 | 34193 |
|  | 11000 | 5.250 | 03/02/30 | 11483 |
|  Becton Dickinson & Co. | Becton Dickinson & Co. | Becton Dickinson & Co. | Becton Dickinson & Co. | Becton Dickinson & Co. |
|  | 35000 | 3.700 | 06/06/27 | 34898 |
|  Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. |
|  | 22000 | 1.450 | 11/13/30 | 19651 |
|  Cardinal Health, Inc. | Cardinal Health, Inc. | Cardinal Health, Inc. | Cardinal Health, Inc. | Cardinal Health, Inc. |
|  | 8000 | 5.000 | 11/15/29 | 8270 |
|  Centene Corp. | Centene Corp. | Centene Corp. | Centene Corp. | Centene Corp. |
|  | 11000 | 4.625 | 12/15/29 | 10762 |
|  | 32000 | 3.375 | 02/15/30 | 29573 |
|  Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. |
|  | 16000 | 4.750 | 02/15/30 | 16383 |
|  Eli Lilly & Co. | Eli Lilly & Co. | Eli Lilly & Co. | Eli Lilly & Co. | Eli Lilly & Co. |
|  | 32000 | 4.750 | 02/12/30 | 33149 |
|  Gilead Sciences, Inc. | Gilead Sciences, Inc. | Gilead Sciences, Inc. | Gilead Sciences, Inc. | Gilead Sciences, Inc. |
|  | 16000 | 4.800 | 11/15/29 | 16477 |
|  Johnson & Johnson | Johnson & Johnson | Johnson & Johnson | Johnson & Johnson | Johnson & Johnson |
|  | 3000 | 4.700 | 03/01/30 | 3108 |

---

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **25** |

---

------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND ETF

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

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Consumer Noncyclical – (continued) | Consumer Noncyclical – (continued) | Consumer Noncyclical – (continued) | Consumer Noncyclical – (continued) | Consumer Noncyclical – (continued) |
|  Merck & Co., Inc. | Merck & Co., Inc. | Merck & Co., Inc. | Merck & Co., Inc. | Merck & Co., Inc. |
| $| 32000 | 4.150% | 09/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32422 |
|  Merck Sharp & Dohme Corp. | Merck Sharp & Dohme Corp. | Merck Sharp & Dohme Corp. | Merck Sharp & Dohme Corp. | Merck Sharp & Dohme Corp. |
|  | 11000 | 6.400 | 03/01/28 | 11565 |
|  Novartis Capital Corp. | Novartis Capital Corp. | Novartis Capital Corp. | Novartis Capital Corp. | Novartis Capital Corp. |
|  | 19000 | 4.100 | 11/05/30 | 19110 |
|  Pfizer Investment Enterprises Pte Ltd. | Pfizer Investment Enterprises Pte Ltd. | Pfizer Investment Enterprises Pte Ltd. | Pfizer Investment Enterprises Pte Ltd. | Pfizer Investment Enterprises Pte Ltd. |
|  | 32000 | 4.650 | 05/19/30 | 32780 |
|  Pfizer, Inc. | Pfizer, Inc. | Pfizer, Inc. | Pfizer, Inc. | Pfizer, Inc. |
|  | 37000 | 3.450 | 03/15/29 | 36625 |
|  Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. |
|  | 16000 | 4.375 | 11/01/27 | 16152 |
|  | 18000 | 4.875 | 02/15/28 | 18358 |
|  | 16000 | 5.125 | 02/15/30 | 16612 |
|  | 14000 | 4.000 | 10/29/30 | 13968 |
|  Stryker Corp. | Stryker Corp. | Stryker Corp. | Stryker Corp. | Stryker Corp. |
|  | 16000 | 4.850 | 02/10/30 | 16528 |
|  Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. |
|  | 8000 | 5.000 | 01/31/29 | 8250 |
|  Viatris, Inc. | Viatris, Inc. | Viatris, Inc. | Viatris, Inc. | Viatris, Inc. |
|  | 10000 | 2.300 | 06/22/27 | 9764 |
|  | 6000 | 2.700 | 06/22/30 | 5534 |
|  |  |  |  | 548703 |
| Consumer Products – 0.6% | Consumer Products – 0.6% | Consumer Products – 0.6% | Consumer Products – 0.6% | Consumer Products – 0.6% |
|  Hasbro, Inc. | Hasbro, Inc. | Hasbro, Inc. | Hasbro, Inc. | Hasbro, Inc. |
|  | 8000 | 3.900 | 11/19/29 | 7934 |
|  Kenvue, Inc. | Kenvue, Inc. | Kenvue, Inc. | Kenvue, Inc. | Kenvue, Inc. |
|  | 16000 | 5.050 | 03/22/28 | 16388 |
|  | 32000 | 5.000 | 03/22/30 | 33157 |
|  Procter & Gamble Co. (The) | Procter & Gamble Co. (The) | Procter & Gamble Co. (The) | Procter & Gamble Co. (The) | Procter & Gamble Co. (The) |
|  | 4000 | 1.900 | 02/01/27 | 3937 |
|  | 9000 | 3.000 | 03/25/30 | 8746 |
|  |  |  |  | 70162 |
| Distributors – 0.2% | Distributors – 0.2% | Distributors – 0.2% | Distributors – 0.2% | Distributors – 0.2% |
|  PACCAR Financial Corp., MTN | PACCAR Financial Corp., MTN | PACCAR Financial Corp., MTN | PACCAR Financial Corp., MTN | PACCAR Financial Corp., MTN |
|  | 19000 | 4.600 | 01/31/29 | 19422 |
| Electric – 9.0% | Electric – 9.0% | Electric – 9.0% | Electric – 9.0% | Electric – 9.0% |
|  AEP Texas, Inc. | AEP Texas, Inc. | AEP Texas, Inc. | AEP Texas, Inc. | AEP Texas, Inc. |
|  | 24000 | 5.450 | 05/15/29 | 25022 |
|  AES Corp. (The) | AES Corp. (The) | AES Corp. (The) | AES Corp. (The) | AES Corp. (The) |
|  | 25000 | 5.450 | 06/01/28 | 25583 |
|  Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. |
|  | 19000 | 3.700 | 07/15/30 | 18837 |
|  Black Hills Corp. | Black Hills Corp. | Black Hills Corp. | Black Hills Corp. | Black Hills Corp. |
|  | 11000 | 5.950 | 03/15/28 | 11420 |
|  CenterPoint Energy, Inc., Series A | CenterPoint Energy, Inc., Series A | CenterPoint Energy, Inc., Series A | CenterPoint Energy, Inc., Series A | CenterPoint Energy, Inc., Series A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.254%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.254%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.254%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.254%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.254%) |
|  | 24000 | 7.000 | 02/15/55<sup>(a)</sup> | 25350 |
|  CMS Energy Corp. | CMS Energy Corp. | CMS Energy Corp. | CMS Energy Corp. | CMS Energy Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.116%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.116%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.116%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.116%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.116%) |
|  | 8000 | 4.750 | 06/01/50<sup>(a)</sup> | 7960 |
|  Commonwealth Edison Co., Series 122 | Commonwealth Edison Co., Series 122 | Commonwealth Edison Co., Series 122 | Commonwealth Edison Co., Series 122 | Commonwealth Edison Co., Series 122 |
|  | 22000 | 2.950 | 08/15/27 | 21757 |
|  Consolidated Edison Co. of New York, Inc., Series 20A | Consolidated Edison Co. of New York, Inc., Series 20A | Consolidated Edison Co. of New York, Inc., Series 20A | Consolidated Edison Co. of New York, Inc., Series 20A | Consolidated Edison Co. of New York, Inc., Series 20A |
|  | 30000 | 3.350 | 04/01/30 | 29365 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Electric – (continued) | Electric – (continued) | Electric – (continued) | Electric – (continued) | Electric – (continued) |
|  Constellation Energy Generation LLC | Constellation Energy Generation LLC | Constellation Energy Generation LLC | Constellation Energy Generation LLC | Constellation Energy Generation LLC |
| $| 27000 | 4.400% | 01/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27107 |
|  Consumers Energy Co. | Consumers Energy Co. | Consumers Energy Co. | Consumers Energy Co. | Consumers Energy Co. |
|  | 12000 | 4.700 | 01/15/30 | 12344 |
|  Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.262%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.262%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.262%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.262%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.262%) |
|  | 20000 | 6.000 | 02/15/56<sup>(a)</sup> | 20296 |
|  DTE Electric Co. | DTE Electric Co. | DTE Electric Co. | DTE Electric Co. | DTE Electric Co. |
|  | 22000 | 4.250 | 05/14/27 | 22164 |
|  | 12000 | 2.250 | 03/01/30 | 11272 |
|  DTE Energy Co. | DTE Energy Co. | DTE Energy Co. | DTE Energy Co. | DTE Energy Co. |
|  | 11000 | 4.875 | 06/01/28 | 11205 |
|  Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. |
|  | 23000 | 4.300 | 03/15/28 | 23206 |
|  Edison International | Edison International | Edison International | Edison International | Edison International |
|  | 29000 | 5.750 | 06/15/27 | 29510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.658%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.658%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.658%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.658%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.658%) |
|  | 20000 | 7.875 | 06/15/54<sup>(a)</sup> | 20839 |
|  Entergy Corp. | Entergy Corp. | Entergy Corp. | Entergy Corp. | Entergy Corp. |
|  | 11000 | 1.900 | 06/15/28 | 10503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.670%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.670%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.670%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.670%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.670%) |
|  | 20000 | 7.125 | 12/01/54<sup>(a)</sup> | 20986 |
|  Exelon Corp. | Exelon Corp. | Exelon Corp. | Exelon Corp. | Exelon Corp. |
|  | 18000 | 5.150 | 03/15/28 | 18434 |
|  FirstEnergy Corp. | FirstEnergy Corp. | FirstEnergy Corp. | FirstEnergy Corp. | FirstEnergy Corp. |
|  | 16000 | 2.650 | 03/01/30 | 15113 |
|  FirstEnergy Corp., Series B | FirstEnergy Corp., Series B | FirstEnergy Corp., Series B | FirstEnergy Corp., Series B | FirstEnergy Corp., Series B |
|  | 11000 | 3.900 | 07/15/27 | 10990 |
|  National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. |
|  | 30000 | 4.300 | 12/10/30 | 30280 |
|  National Rural Utilities Cooperative Finance Corp., GMTN | National Rural Utilities Cooperative Finance Corp., GMTN | National Rural Utilities Cooperative Finance Corp., GMTN | National Rural Utilities Cooperative Finance Corp., GMTN | National Rural Utilities Cooperative Finance Corp., GMTN |
|  | 18000 | 4.850 | 02/07/29 | 18514 |
|  National Rural Utilities Cooperative Finance Corp., MTN | National Rural Utilities Cooperative Finance Corp., MTN | National Rural Utilities Cooperative Finance Corp., MTN | National Rural Utilities Cooperative Finance Corp., MTN | National Rural Utilities Cooperative Finance Corp., MTN |
|  | 55000 | 5.050 | 09/15/28 | 56552 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  | 5000 | 4.900 | 02/28/28 | 5099 |
|  | 10000 | 5.050 | 03/15/30 | 10379 |
|  | 19000 | 2.250 | 06/01/30 | 17694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.547%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.547%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.547%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.547%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.547%) |
|  | 35000 | 3.800 | 03/15/82<sup>(a)</sup> | 34440 |
|  NiSource, Inc. | NiSource, Inc. | NiSource, Inc. | NiSource, Inc. | NiSource, Inc. |
|  | 14000 | 5.200 | 07/01/29 | 14481 |
|  NSTAR Electric Co. | NSTAR Electric Co. | NSTAR Electric Co. | NSTAR Electric Co. | NSTAR Electric Co. |
|  | 74000 | 4.850 | 03/01/30 | 76303 |
|  Pacific Gas and Electric Co. | Pacific Gas and Electric Co. | Pacific Gas and Electric Co. | Pacific Gas and Electric Co. | Pacific Gas and Electric Co. |
|  | 17000 | 3.300 | 03/15/27 | 16885 |
|  | 11000 | 5.450 | 06/15/27 | 11180 |
|  | 9599 | 4.550 | 07/01/30 | 9673 |
|  Piedmont Natural Gas Co., Inc. | Piedmont Natural Gas Co., Inc. | Piedmont Natural Gas Co., Inc. | Piedmont Natural Gas Co., Inc. | Piedmont Natural Gas Co., Inc. |
|  | 24000 | 3.500 | 06/01/29 | 23694 |
|  Public Service Electric and Gas Co., MTN | Public Service Electric and Gas Co., MTN | Public Service Electric and Gas Co., MTN | Public Service Electric and Gas Co., MTN | Public Service Electric and Gas Co., MTN |
|  | 18000 | 3.650 | 09/01/28 | 17948 |
|  | 30000 | 2.450 | 01/15/30 | 28429 |

---

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

---

| | |
|:---|:---|
| 26 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND ETF

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Electric – (continued) | Electric – (continued) | Electric – (continued) | Electric – (continued) | Electric – (continued) |
|  San Diego Gas & Electric Co., Series VVV | San Diego Gas & Electric Co., Series VVV | San Diego Gas & Electric Co., Series VVV | San Diego Gas & Electric Co., Series VVV | San Diego Gas & Electric Co., Series VVV |
| $| 25000 | 1.700% | 10/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22501 |
|  Sempra | Sempra | Sempra | Sempra | Sempra |
|  | 35000 | 3.250 | 06/15/27 | 34714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.868%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.868%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.868%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.868%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.868%) |
|  | 5000 | 4.125 | 04/01/52<sup>(a)</sup> | 4949 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  | 9000 | 5.850 | 11/01/27 | 9256 |
|  | 19000 | 5.150 | 06/01/29 | 19582 |
|  Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. |
|  | 29000 | 2.950 | 04/15/27 | 28735 |
|  Southern Co. (The) | Southern Co. (The) | Southern Co. (The) | Southern Co. (The) | Southern Co. (The) |
|  | 12000 | 5.500 | 03/15/29 | 12535 |
|  Southern Co. (The), Series A | Southern Co. (The), Series A | Southern Co. (The), Series A | Southern Co. (The), Series A | Southern Co. (The), Series A |
|  | 10000 | 3.700 | 04/30/30 | 9861 |
|  Southwestern Electric Power Co., Series M | Southwestern Electric Power Co., Series M | Southwestern Electric Power Co., Series M | Southwestern Electric Power Co., Series M | Southwestern Electric Power Co., Series M |
|  | 38000 | 4.100 | 09/15/28 | 38130 |
|  Union Electric Co. | Union Electric Co. | Union Electric Co. | Union Electric Co. | Union Electric Co. |
|  | 65000 | 3.500 | 03/15/29 | 64452 |
|  Virginia Electric and Power Co., Series A | Virginia Electric and Power Co., Series A | Virginia Electric and Power Co., Series A | Virginia Electric and Power Co., Series A | Virginia Electric and Power Co., Series A |
|  | 21000 | 2.875 | 07/15/29 | 20321 |
|  WEC Energy Group, Inc. | WEC Energy Group, Inc. | WEC Energy Group, Inc. | WEC Energy Group, Inc. | WEC Energy Group, Inc. |
|  | 25000 | 1.800 | 10/15/30 | 22469 |
|  |  |  |  | 1078319 |
| Electrical – 0.1% | Electrical – 0.1% | Electrical – 0.1% | Electrical – 0.1% | Electrical – 0.1% |
|  Hubbell, Inc. | Hubbell, Inc. | Hubbell, Inc. | Hubbell, Inc. | Hubbell, Inc. |
|  | 12000 | 3.500 | 02/15/28 | 11916 |
| Energy – 6.7% | Energy – 6.7% | Energy – 6.7% | Energy – 6.7% | Energy – 6.7% |
|  Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc. | Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc. | Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc. | Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc. | Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc. |
|  | 9000 | 3.337 | 12/15/27 | 8932 |
|  Boardwalk Pipelines LP | Boardwalk Pipelines LP | Boardwalk Pipelines LP | Boardwalk Pipelines LP | Boardwalk Pipelines LP |
|  | 23000 | 4.450 | 07/15/27 | 23109 |
|  | 20000 | 3.400 | 02/15/31 | 19104 |
|  BP Capital Markets America, Inc. | BP Capital Markets America, Inc. | BP Capital Markets America, Inc. | BP Capital Markets America, Inc. | BP Capital Markets America, Inc. |
|  | 107000 | 5.017 | 11/17/27 | 109175 |
|  | 36000 | 4.699 | 04/10/29 | 36905 |
|  Chevron Corp. | Chevron Corp. | Chevron Corp. | Chevron Corp. | Chevron Corp. |
|  | 75000 | 1.995 | 05/11/27 | 73627 |
|  | 28000 | 2.236 | 05/11/30 | 26267 |
|  DCP Midstream Operating LP | DCP Midstream Operating LP | DCP Midstream Operating LP | DCP Midstream Operating LP | DCP Midstream Operating LP |
|  | 8000 | 5.625 | 07/15/27 | 8154 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  | 23000 | 5.550 | 02/15/28 | 23662 |
|  | 16000 | 3.750 | 05/15/30 | 15720 |
|  | 30000 | 6.300 | 01/15/31 | 30262 |
|  Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC |
|  | 23000 | 3.125 | 07/31/29 | 22453 |
|  Enterprise Products Operating LLC, Series E | Enterprise Products Operating LLC, Series E | Enterprise Products Operating LLC, Series E | Enterprise Products Operating LLC, Series E | Enterprise Products Operating LLC, Series E |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.295%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.295%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.295%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.295%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.295%) |
|  | 8000 | 5.250 | 08/16/77<sup>(a)</sup> | 8002 |
|  EQT Corp. | EQT Corp. | EQT Corp. | EQT Corp. | EQT Corp. |
|  | 11000 | 7.000 | 02/01/30 | 12057 |
|  Expand Energy Corp. | Expand Energy Corp. | Expand Energy Corp. | Expand Energy Corp. | Expand Energy Corp. |
|  | 35000 | 5.375 | 03/15/30 | 35616 |
|  Exxon Mobil Corp. | Exxon Mobil Corp. | Exxon Mobil Corp. | Exxon Mobil Corp. | Exxon Mobil Corp. |
|  | 20000 | 2.610 | 10/15/30 | 18954 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Energy – (continued) | Energy – (continued) | Energy – (continued) | Energy – (continued) | Energy – (continued) |
|  Hercules Capital, Inc. | Hercules Capital, Inc. | Hercules Capital, Inc. | Hercules Capital, Inc. | Hercules Capital, Inc. |
| $| 11000 | 3.375% | 01/20/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10879 |
|  | 20000 | 5.350 | 02/10/29 | 19872 |
|  Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. |
|  | 11000 | 5.000 | 02/01/29 | 11348 |
|  Marathon Petroleum Corp. | Marathon Petroleum Corp. | Marathon Petroleum Corp. | Marathon Petroleum Corp. | Marathon Petroleum Corp. |
|  | 20000 | 3.800 | 04/01/28 | 19945 |
|  MPLX LP | MPLX LP | MPLX LP | MPLX LP | MPLX LP |
|  | 8000 | 2.650 | 08/15/30 | 7495 |
|  Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
|  | 8000 | 3.500 | 08/15/29 | 7830 |
|  ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
|  | 8000 | 3.400 | 09/01/29 | 7835 |
|  | 8000 | 4.400 | 10/15/29 | 8062 |
|  | 8000 | 3.100 | 03/15/30 | 7673 |
|  Phillips 66 Co. | Phillips 66 Co. | Phillips 66 Co. | Phillips 66 Co. | Phillips 66 Co. |
|  | 32000 | 3.750 | 03/01/28 | 31904 |
|  Plains All American Pipeline LP / PAA Finance Corp. | Plains All American Pipeline LP / PAA Finance Corp. | Plains All American Pipeline LP / PAA Finance Corp. | Plains All American Pipeline LP / PAA Finance Corp. | Plains All American Pipeline LP / PAA Finance Corp. |
|  | 20000 | 4.700 | 01/15/31 | 20358 |
|  Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC |
|  | 19000 | 5.000 | 03/15/27 | 19048 |
|  Shell Finance U.S., Inc. | Shell Finance U.S., Inc. | Shell Finance U.S., Inc. | Shell Finance U.S., Inc. | Shell Finance U.S., Inc. |
|  | 17000 | 2.375 | 11/07/29 | 16185 |
|  Shell International Finance BV | Shell International Finance BV | Shell International Finance BV | Shell International Finance BV | Shell International Finance BV |
|  | 45000 | 2.750 | 04/06/30 | 43023 |
|  Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. |
|  | 11000 | 6.150 | 03/01/29 | 11653 |
|  Tennessee Gas Pipeline Co. LLC | Tennessee Gas Pipeline Co. LLC | Tennessee Gas Pipeline Co. LLC | Tennessee Gas Pipeline Co. LLC | Tennessee Gas Pipeline Co. LLC |
|  | 8000 | 7.000 | 10/15/28 | 8598 |
|  Transcontinental Gas Pipe Line Co. LLC | Transcontinental Gas Pipe Line Co. LLC | Transcontinental Gas Pipe Line Co. LLC | Transcontinental Gas Pipe Line Co. LLC | Transcontinental Gas Pipe Line Co. LLC |
|  | 50000 | 4.000 | 03/15/28 | 50077 |
|  Western Midstream Operating LP | Western Midstream Operating LP | Western Midstream Operating LP | Western Midstream Operating LP | Western Midstream Operating LP |
|  | 10000 | 4.050 | 02/01/30 | 9873 |
|  Williams Cos., Inc. (The) | Williams Cos., Inc. (The) | Williams Cos., Inc. (The) | Williams Cos., Inc. (The) | Williams Cos., Inc. (The) |
|  | 19000 | 4.800 | 11/15/29 | 19495 |
|  |  |  |  | 803152 |
| Financial Company – 2.4% | Financial Company – 2.4% | Financial Company – 2.4% | Financial Company – 2.4% | Financial Company – 2.4% |
|  Air Lease Corp. | Air Lease Corp. | Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
|  | 21000 | 3.625 | 04/01/27 | 20921 |
|  | 11000 | 3.625 | 12/01/27 | 10928 |
|  Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
|  | 9000 | 7.100 | 11/15/27 | 9446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.730%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.730%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.730%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.730%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.730%) |
|  | 11000 | 5.543 | 01/17/31<sup>(a)</sup> | 11330 |
|  Apollo Debt Solutions BDC | Apollo Debt Solutions BDC | Apollo Debt Solutions BDC | Apollo Debt Solutions BDC | Apollo Debt Solutions BDC |
|  | 16000 | 5.875 | 08/30/30 | 16144 |
|  Ares Capital Corp. | Ares Capital Corp. | Ares Capital Corp. | Ares Capital Corp. | Ares Capital Corp. |
|  | 11000 | 2.875 | 06/15/27 | 10797 |
|  | 8000 | 5.950 | 07/15/29 | 8188 |
|  Ares Strategic Income Fund | Ares Strategic Income Fund | Ares Strategic Income Fund | Ares Strategic Income Fund | Ares Strategic Income Fund |
|  | 24000 | 5.800 | 09/09/30<sup>(b)</sup> | 23917 |
|  Blackstone Private Credit Fund | Blackstone Private Credit Fund | Blackstone Private Credit Fund | Blackstone Private Credit Fund | Blackstone Private Credit Fund |
|  | 11000 | 4.000 | 01/15/29 | 10571 |
|  | 35000 | 5.950 | 07/16/29 | 35246 |
|  Blackstone Secured Lending Fund | Blackstone Secured Lending Fund | Blackstone Secured Lending Fund | Blackstone Secured Lending Fund | Blackstone Secured Lending Fund |
|  | 24000 | 5.875 | 11/15/27 | 24414 |
|  Blue Owl Capital Corp. | Blue Owl Capital Corp. | Blue Owl Capital Corp. | Blue Owl Capital Corp. | Blue Owl Capital Corp. |
|  | 12000 | 5.950 | 03/15/29 | 11967 |

---

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **27** |

---

------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND ETF

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

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Financial Company – (continued) | Financial Company – (continued) | Financial Company – (continued) | Financial Company – (continued) | Financial Company – (continued) |
|  Blue Owl Credit Income Corp. | Blue Owl Credit Income Corp. | Blue Owl Credit Income Corp. | Blue Owl Credit Income Corp. | Blue Owl Credit Income Corp. |
| $| 23000 | 7.950% | 06/13/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23901 |
|  | 14000 | 7.750 | 01/15/29 | 14589 |
|  FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. |
|  | 10000 | 3.250 | 07/15/27 | 9687 |
|  GATX Corp. | GATX Corp. | GATX Corp. | GATX Corp. | GATX Corp. |
|  | 29000 | 3.850 | 03/30/27 | 28953 |
|  Golub Capital BDC, Inc. | Golub Capital BDC, Inc. | Golub Capital BDC, Inc. | Golub Capital BDC, Inc. | Golub Capital BDC, Inc. |
|  | 5000 | 6.000 | 07/15/29 | 5035 |
|  Morgan Stanley Direct Lending Fund | Morgan Stanley Direct Lending Fund | Morgan Stanley Direct Lending Fund | Morgan Stanley Direct Lending Fund | Morgan Stanley Direct Lending Fund |
|  | 8000 | 6.150 | 05/17/29 | 8246 |
|  |  |  |  | 284280 |
| Food and Beverage – 1.4% | Food and Beverage – 1.4% | Food and Beverage – 1.4% | Food and Beverage – 1.4% | Food and Beverage – 1.4% |
|  Campbell's Co. (The) | Campbell's Co. (The) | Campbell's Co. (The) | Campbell's Co. (The) | Campbell's Co. (The) |
|  | 11000 | 4.150 | 03/15/28 | 11033 |
|  | 11000 | 2.375 | 04/24/30 | 10172 |
|  Coca-Cola Co. (The) | Coca-Cola Co. (The) | Coca-Cola Co. (The) | Coca-Cola Co. (The) | Coca-Cola Co. (The) |
|  | 20000 | 1.000 | 03/15/28 | 19013 |
|  Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. |
|  | 9000 | 4.850 | 11/01/28 | 9128 |
|  Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
|  | 11000 | 3.150 | 08/01/29 | 10683 |
|  General Mills, Inc. | General Mills, Inc. | General Mills, Inc. | General Mills, Inc. | General Mills, Inc. |
|  | 12000 | 4.875 | 01/30/30 | 12329 |
|  Ingredion, Inc. | Ingredion, Inc. | Ingredion, Inc. | Ingredion, Inc. | Ingredion, Inc. |
|  | 19000 | 2.900 | 06/01/30 | 18107 |
|  Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. |
|  | 18000 | 3.950 | 04/15/29 | 17894 |
|  Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. |
|  | 9000 | 4.625 | 01/30/29 | 9161 |
|  PepsiCo, Inc. | PepsiCo, Inc. | PepsiCo, Inc. | PepsiCo, Inc. | PepsiCo, Inc. |
|  | 16000 | 4.600 | 02/07/30 | 16454 |
|  | 11000 | 2.750 | 03/19/30 | 10553 |
|  | 12000 | 1.625 | 05/01/30 | 10973 |
|  Sysco Corp. | Sysco Corp. | Sysco Corp. | Sysco Corp. | Sysco Corp. |
|  | 12000 | 5.950 | 04/01/30 | 12770 |
|  |  |  |  | 168270 |
| Healthcare – 2.4% | Healthcare – 2.4% | Healthcare – 2.4% | Healthcare – 2.4% | Healthcare – 2.4% |
|  Cigna Group (The) | Cigna Group (The) | Cigna Group (The) | Cigna Group (The) | Cigna Group (The) |
|  | 16000 | 2.400 | 03/15/30 | 15074 |
|  | 32000 | 4.500 | 09/15/30 | 32477 |
|  CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
|  | 29000 | 4.300 | 03/25/28 | 29149 |
|  | 19000 | 3.750 | 04/01/30 | 18685 |
|  | 8000 | 1.750 | 08/21/30 | 7193 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  | 33000 | 5.875 | 02/01/29 | 34379 |
|  | 10000 | 3.500 | 09/01/30 | 9703 |
|  Humana, Inc. | Humana, Inc. | Humana, Inc. | Humana, Inc. | Humana, Inc. |
|  | 28000 | 1.350 | 02/03/27 | 27302 |
|  McKesson Corp. | McKesson Corp. | McKesson Corp. | McKesson Corp. | McKesson Corp. |
|  | 35000 | 3.950 | 02/16/28 | 35078 |
|  UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
|  | 23000 | 5.250 | 02/15/28 | 23631 |
|  | 32000 | 4.250 | 01/15/29 | 32316 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Healthcare – (continued) | Healthcare – (continued) | Healthcare – (continued) | Healthcare – (continued) | Healthcare – (continued) |
|  Universal Health Services, Inc. | Universal Health Services, Inc. | Universal Health Services, Inc. | Universal Health Services, Inc. | Universal Health Services, Inc. |
| $| 19000 | 4.625% | 10/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19075 |
|  |  |  |  | 284062 |
| Insurance – 3.4% | Insurance – 3.4% | Insurance – 3.4% | Insurance – 3.4% | Insurance – 3.4% |
|  American International Group, Inc., Series A-9 | American International Group, Inc., Series A-9 | American International Group, Inc., Series A-9 | American International Group, Inc., Series A-9 | American International Group, Inc., Series A-9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 2.868%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 2.868%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 2.868%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 2.868%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 2.868%) |
|  | 20000 | 5.750 | 04/01/48<sup>(a)</sup> | 20429 |
|  American National Group, Inc. | American National Group, Inc. | American National Group, Inc. | American National Group, Inc. | American National Group, Inc. |
|  | 25000 | 5.750 | 10/01/29 | 25523 |
|  Athene Holding Ltd. | Athene Holding Ltd. | Athene Holding Ltd. | Athene Holding Ltd. | Athene Holding Ltd. |
|  | 60000 | 4.125 | 01/12/28 | 59752 |
|  Berkshire Hathaway Finance Corp. | Berkshire Hathaway Finance Corp. | Berkshire Hathaway Finance Corp. | Berkshire Hathaway Finance Corp. | Berkshire Hathaway Finance Corp. |
|  | 9000 | 2.300 | 03/15/27 | 8875 |
|  Brighthouse Financial, Inc. | Brighthouse Financial, Inc. | Brighthouse Financial, Inc. | Brighthouse Financial, Inc. | Brighthouse Financial, Inc. |
|  | 19000 | 3.700 | 06/22/27 | 18810 |
|  Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. |
|  | 9000 | 3.650 | 04/05/27 | 8960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.846%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.846%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.846%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.846%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.846%) |
|  | 20000 | 6.875 | 12/15/52<sup>(a)</sup> | 20587 |
|  Enstar Group Ltd. | Enstar Group Ltd. | Enstar Group Ltd. | Enstar Group Ltd. | Enstar Group Ltd. |
|  | 16000 | 4.950 | 06/01/29 | 16267 |
|  F&G Annuities & Life, Inc. | F&G Annuities & Life, Inc. | F&G Annuities & Life, Inc. | F&G Annuities & Life, Inc. | F&G Annuities & Life, Inc. |
|  | 20000 | 6.500 | 06/04/29 | 20592 |
|  Globe Life, Inc. | Globe Life, Inc. | Globe Life, Inc. | Globe Life, Inc. | Globe Life, Inc. |
|  | 65000 | 4.550 | 09/15/28 | 65679 |
|  Horace Mann Educators Corp. | Horace Mann Educators Corp. | Horace Mann Educators Corp. | Horace Mann Educators Corp. | Horace Mann Educators Corp. |
|  | 20000 | 4.700 | 10/01/30 | 20201 |
|  Lincoln National Corp. | Lincoln National Corp. | Lincoln National Corp. | Lincoln National Corp. | Lincoln National Corp. |
|  | 18000 | 3.800 | 03/01/28 | 17888 |
|  | 25000 | 3.400 | 01/15/31 | 23541 |
|  Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. |
|  | 20000 | 4.650 | 03/15/30 | 20399 |
|  Progressive Corp. (The) | Progressive Corp. (The) | Progressive Corp. (The) | Progressive Corp. (The) | Progressive Corp. (The) |
|  | 19000 | 3.200 | 03/26/30 | 18417 |
|  Prudential Financial, Inc. | Prudential Financial, Inc. | Prudential Financial, Inc. | Prudential Financial, Inc. | Prudential Financial, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 2.665%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 2.665%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 2.665%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 2.665%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 2.665%) |
|  | 11000 | 5.700 | 09/15/48<sup>(a)</sup> | 11141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.035%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.035%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.035%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.035%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.035%) |
|  | 20000 | 3.700 | 10/01/50<sup>(a)</sup> | 18776 |
|  Radian Group, Inc. | Radian Group, Inc. | Radian Group, Inc. | Radian Group, Inc. | Radian Group, Inc. |
|  | 11000 | 4.875 | 03/15/27 | 11084 |
|  |  |  |  | 406921 |
| Lodging – 0.2% | Lodging – 0.2% | Lodging – 0.2% | Lodging – 0.2% | Lodging – 0.2% |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
|  | 8000 | 3.900 | 08/08/29 | 7829 |
|  | 8000 | 6.000 | 08/15/29 | 8364 |
|  | 8000 | 6.000 | 06/14/30 | 8389 |
|  |  |  |  | 24582 |
| Media Non Cable – 0.6% | Media Non Cable – 0.6% | Media Non Cable – 0.6% | Media Non Cable – 0.6% | Media Non Cable – 0.6% |
|  Netflix, Inc. | Netflix, Inc. | Netflix, Inc. | Netflix, Inc. | Netflix, Inc. |
|  | 5000 | 6.375 | 05/15/29 | 5376 |
|  Omnicom Group, Inc. | Omnicom Group, Inc. | Omnicom Group, Inc. | Omnicom Group, Inc. | Omnicom Group, Inc. |
|  | 20000 | 2.450 | 04/30/30 | 18613 |
|  Paramount Global | Paramount Global | Paramount Global | Paramount Global | Paramount Global |
|  | 37000 | 3.700 | 06/01/28 | 35788 |

---

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

---

| | |
|:---|:---|
| 28 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND ETF

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Media Non Cable – (continued) | Media Non Cable – (continued) | Media Non Cable – (continued) | Media Non Cable – (continued) | Media Non Cable – (continued) |
|  Paramount Global – (continued) | Paramount Global – (continued) | Paramount Global – (continued) | Paramount Global – (continued) | Paramount Global – (continued) |
| $| 20000 | 4.200% | 06/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19246 |
|  |  |  |  | 79023 |
| Metals – 0.4% | Metals – 0.4% | Metals – 0.4% | Metals – 0.4% | Metals – 0.4% |
|  Nucor Corp. | Nucor Corp. | Nucor Corp. | Nucor Corp. | Nucor Corp. |
|  | 20000 | 2.700 | 06/01/30 | 18943 |
|  Steel Dynamics, Inc. | Steel Dynamics, Inc. | Steel Dynamics, Inc. | Steel Dynamics, Inc. | Steel Dynamics, Inc. |
|  | 25000 | 3.250 | 01/15/31 | 23934 |
|  |  |  |  | 42877 |
| Mining – 0.1% | Mining – 0.1% | Mining – 0.1% | Mining – 0.1% | Mining – 0.1% |
|  Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. |
|  | 9000 | 4.250 | 03/01/30 | 9053 |
| Publishing – 0.6% | Publishing – 0.6% | Publishing – 0.6% | Publishing – 0.6% | Publishing – 0.6% |
|  S&P Global, Inc. | S&P Global, Inc. | S&P Global, Inc. | S&P Global, Inc. | S&P Global, Inc. |
|  | 81000 | 2.700 | 03/01/29 | 78267 |
| REITs and Real Estate – 3.6% | REITs and Real Estate – 3.6% | REITs and Real Estate – 3.6% | REITs and Real Estate – 3.6% | REITs and Real Estate – 3.6% |
|  American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |
|  | 21000 | 4.900 | 02/15/29 | 21403 |
|  AvalonBay Communities, Inc., MTN | AvalonBay Communities, Inc., MTN | AvalonBay Communities, Inc., MTN | AvalonBay Communities, Inc., MTN | AvalonBay Communities, Inc., MTN |
|  | 11000 | 3.200 | 01/15/28 | 10927 |
|  Boston Properties LP | Boston Properties LP | Boston Properties LP | Boston Properties LP | Boston Properties LP |
|  | 11000 | 4.500 | 12/01/28 | 11096 |
|  | 5000 | 3.400 | 06/21/29 | 4874 |
|  Brixmor Operating Partnership LP | Brixmor Operating Partnership LP | Brixmor Operating Partnership LP | Brixmor Operating Partnership LP | Brixmor Operating Partnership LP |
|  | 11000 | 3.900 | 03/15/27 | 11001 |
|  CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. |
|  | 8000 | 4.800 | 06/15/30 | 8153 |
|  Digital Realty Trust LP | Digital Realty Trust LP | Digital Realty Trust LP | Digital Realty Trust LP | Digital Realty Trust LP |
|  | 11000 | 3.700 | 08/15/27 | 10953 |
|  DOC DR LLC | DOC DR LLC | DOC DR LLC | DOC DR LLC | DOC DR LLC |
|  | 27000 | 3.950 | 01/15/28 | 26976 |
|  EPR Properties | EPR Properties | EPR Properties | EPR Properties | EPR Properties |
|  | 8000 | 3.750 | 08/15/29 | 7814 |
|  Equinix, Inc. | Equinix, Inc. | Equinix, Inc. | Equinix, Inc. | Equinix, Inc. |
|  | 13000 | 1.800 | 07/15/27 | 12633 |
|  ERP Operating LP | ERP Operating LP | ERP Operating LP | ERP Operating LP | ERP Operating LP |
|  | 20000 | 3.250 | 08/01/27 | 19849 |
|  | 16000 | 3.000 | 07/01/29 | 15556 |
|  | 14000 | 2.500 | 02/15/30 | 13269 |
|  Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP |
|  | 8000 | 3.000 | 01/15/30 | 7671 |
|  Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |
|  | 32000 | 5.700 | 04/01/28 | 33063 |
|  Healthpeak OP LLC | Healthpeak OP LLC | Healthpeak OP LLC | Healthpeak OP LLC | Healthpeak OP LLC |
|  | 16000 | 3.000 | 01/15/30 | 15309 |
|  Highwoods Realty LP | Highwoods Realty LP | Highwoods Realty LP | Highwoods Realty LP | Highwoods Realty LP |
|  | 8000 | 3.050 | 02/15/30 | 7538 |
|  Kimco Realty OP LLC | Kimco Realty OP LLC | Kimco Realty OP LLC | Kimco Realty OP LLC | Kimco Realty OP LLC |
|  | 21000 | 3.800 | 04/01/27 | 21012 |
|  Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. |
|  | 40000 | 4.500 | 04/01/27 | 40207 |
|  Prologis LP | Prologis LP | Prologis LP | Prologis LP | Prologis LP |
|  | 12000 | 2.250 | 04/15/30 | 11241 |
|  Public Storage Operating Co. | Public Storage Operating Co. | Public Storage Operating Co. | Public Storage Operating Co. | Public Storage Operating Co. |
|  | 5000 | 3.385 | 05/01/29 | 4940 |
|  Realty Income Corp. | Realty Income Corp. | Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |
|  | 23000 | 3.250 | 06/15/29 | 22533 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| REITs and Real Estate – (continued) | REITs and Real Estate – (continued) | REITs and Real Estate – (continued) | REITs and Real Estate – (continued) | REITs and Real Estate – (continued) |
|  Simon Property Group LP | Simon Property Group LP | Simon Property Group LP | Simon Property Group LP | Simon Property Group LP |
| $| 23000 | 3.375% | 06/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22885 |
|  | 11000 | 2.450 | 09/13/29 | 10486 |
|  Ventas Realty LP | Ventas Realty LP | Ventas Realty LP | Ventas Realty LP | Ventas Realty LP |
|  | 11000 | 4.400 | 01/15/29 | 11116 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP | VICI Properties LP | VICI Properties LP |
|  | 21000 | 4.950 | 02/15/30 | 21390 |
|  Welltower OP LLC | Welltower OP LLC | Welltower OP LLC | Welltower OP LLC | Welltower OP LLC |
|  | 18000 | 4.125 | 03/15/29 | 18122 |
|  WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. |
|  | 8000 | 3.850 | 07/15/29 | 7943 |
|  |  |  |  | 429960 |
| Revenue – 0.3% | Revenue – 0.3% | Revenue – 0.3% | Revenue – 0.3% | Revenue – 0.3% |
|  Ascension Health, Series 2025 | Ascension Health, Series 2025 | Ascension Health, Series 2025 | Ascension Health, Series 2025 | Ascension Health, Series 2025 |
|  | 35000 | 4.294 | 11/15/30 | 35464 |
|  SSM Health Care Corp. | SSM Health Care Corp. | SSM Health Care Corp. | SSM Health Care Corp. | SSM Health Care Corp. |
|  | 5000 | 4.894 | 06/01/28 | 5086 |
|  |  |  |  | 40550 |
| Software – 0.7% | Software – 0.7% | Software – 0.7% | Software – 0.7% | Software – 0.7% |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
|  | 29000 | 3.250 | 11/15/27 | 28478 |
|  | 32000 | 4.650 | 05/06/30 | 31993 |
|  | 20000 | 4.450 | 09/26/30 | 19594 |
|  |  |  |  | 80065 |
| Technology – 5.7% | Technology – 5.7% | Technology – 5.7% | Technology – 5.7% | Technology – 5.7% |
|  Accenture Capital, Inc. | Accenture Capital, Inc. | Accenture Capital, Inc. | Accenture Capital, Inc. | Accenture Capital, Inc. |
|  | 48000 | 4.050 | 10/04/29 | 48307 |
|  Adobe, Inc. | Adobe, Inc. | Adobe, Inc. | Adobe, Inc. | Adobe, Inc. |
|  | 16000 | 2.300 | 02/01/30 | 15003 |
|  Alphabet, Inc. | Alphabet, Inc. | Alphabet, Inc. | Alphabet, Inc. | Alphabet, Inc. |
|  | 19000 | 4.100 | 11/15/30 | 19159 |
|  Apple, Inc. | Apple, Inc. | Apple, Inc. | Apple, Inc. | Apple, Inc. |
|  | 73000 | 3.000 | 06/20/27 | 72518 |
|  | 29000 | 4.000 | 05/10/28 | 29259 |
|  | 30000 | 1.650 | 05/11/30 | 27603 |
|  Arrow Electronics, Inc. | Arrow Electronics, Inc. | Arrow Electronics, Inc. | Arrow Electronics, Inc. | Arrow Electronics, Inc. |
|  | 35000 | 3.875 | 01/12/28 | 34745 |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  | 18000 | 4.750 | 04/15/29 | 18449 |
|  | 14000 | 5.050 | 07/12/29 | 14491 |
|  | 11000 | 4.350 | 02/15/30 | 11128 |
|  | 19000 | 4.200 | 10/15/30 | 19109 |
|  Cadence Design Systems, Inc. | Cadence Design Systems, Inc. | Cadence Design Systems, Inc. | Cadence Design Systems, Inc. | Cadence Design Systems, Inc. |
|  | 66000 | 4.200 | 09/10/27 | 66279 |
|  CDW LLC / CDW Finance Corp. | CDW LLC / CDW Finance Corp. | CDW LLC / CDW Finance Corp. | CDW LLC / CDW Finance Corp. | CDW LLC / CDW Finance Corp. |
|  | 11000 | 5.100 | 03/01/30 | 11203 |
|  Cisco Systems, Inc. | Cisco Systems, Inc. | Cisco Systems, Inc. | Cisco Systems, Inc. | Cisco Systems, Inc. |
|  | 20000 | 4.800 | 02/26/27 | 20191 |
|  Dell International LLC / EMC Corp. | Dell International LLC / EMC Corp. | Dell International LLC / EMC Corp. | Dell International LLC / EMC Corp. | Dell International LLC / EMC Corp. |
|  | 20000 | 5.250 | 02/01/28 | 20469 |
|  | 14000 | 5.300 | 10/01/29 | 14543 |
|  Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. |
|  | 11000 | 3.500 | 07/01/29 | 10687 |
|  Flex Ltd. | Flex Ltd. | Flex Ltd. | Flex Ltd. | Flex Ltd. |
|  | 8000 | 4.875 | 06/15/29 | 8166 |
|  Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. |
|  | 14000 | 4.550 | 10/15/29 | 14149 |

---

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **29** |

---

------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND ETF

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

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Technology – (continued) | Technology – (continued) | Technology – (continued) | Technology – (continued) | Technology – (continued) |
|  HP, Inc. | HP, Inc. | HP, Inc. | HP, Inc. | HP, Inc. |
| $| 12000 | 5.400% | 04/25/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12454 |
|  Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. |
|  | 23000 | 4.875 | 02/10/28 | 23388 |
|  | 11000 | 5.125 | 02/10/30 | 11342 |
|  International Business Machines Corp. | International Business Machines Corp. | International Business Machines Corp. | International Business Machines Corp. | International Business Machines Corp. |
|  | 28000 | 6.220 | 08/01/27 | 28953 |
|  Intuit, Inc. | Intuit, Inc. | Intuit, Inc. | Intuit, Inc. | Intuit, Inc. |
|  | 10000 | 1.350 | 07/15/27 | 9675 |
|  Keysight Technologies, Inc. | Keysight Technologies, Inc. | Keysight Technologies, Inc. | Keysight Technologies, Inc. | Keysight Technologies, Inc. |
|  | 12000 | 4.600 | 04/06/27 | 12063 |
|  | 16000 | 3.000 | 10/30/29 | 15424 |
|  Marvell Technology, Inc. | Marvell Technology, Inc. | Marvell Technology, Inc. | Marvell Technology, Inc. | Marvell Technology, Inc. |
|  | 24000 | 2.450 | 04/15/28 | 23172 |
|  Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. |
|  | 12000 | 4.300 | 08/15/29 | 12200 |
|  | 19000 | 4.200 | 11/15/30 | 19168 |
|  TD SYNNEX Corp. | TD SYNNEX Corp. | TD SYNNEX Corp. | TD SYNNEX Corp. | TD SYNNEX Corp. |
|  | 5000 | 2.375 | 08/09/28 | 4790 |
|  Texas Instruments, Inc. | Texas Instruments, Inc. | Texas Instruments, Inc. | Texas Instruments, Inc. | Texas Instruments, Inc. |
|  | 35000 | 2.900 | 11/03/27 | 34685 |
|  |  |  |  | 682772 |
| Transportation – 1.3% | Transportation – 1.3% | Transportation – 1.3% | Transportation – 1.3% | Transportation – 1.3% |
|  CSX Corp. | CSX Corp. | CSX Corp. | CSX Corp. | CSX Corp. |
|  | 11000 | 3.250 | 06/01/27 | 10928 |
|  | 35000 | 2.400 | 02/15/30 | 33024 |
|  Ryder System, Inc., MTN | Ryder System, Inc., MTN | Ryder System, Inc., MTN | Ryder System, Inc., MTN | Ryder System, Inc., MTN |
|  | 11000 | 5.650 | 03/01/28 | 11345 |
|  | 35000 | 5.500 | 06/01/29 | 36484 |
|  Southwest Airlines Co. | Southwest Airlines Co. | Southwest Airlines Co. | Southwest Airlines Co. | Southwest Airlines Co. |
|  | 16000 | 2.625 | 02/10/30 | 15051 |
|  United Parcel Service of America, Inc. | United Parcel Service of America, Inc. | United Parcel Service of America, Inc. | United Parcel Service of America, Inc. | United Parcel Service of America, Inc. |
|  | 35000 | 7.620 | 04/01/30 | 39774 |
|  United Parcel Service, Inc. | United Parcel Service, Inc. | United Parcel Service, Inc. | United Parcel Service, Inc. | United Parcel Service, Inc. |
|  | 12000 | 4.450 | 04/01/30 | 12280 |
|  |  |  |  | 158886 |
| Water – 0.1% | Water – 0.1% | Water – 0.1% | Water – 0.1% | Water – 0.1% |
|  American Water Capital Corp. | American Water Capital Corp. | American Water Capital Corp. | American Water Capital Corp. | American Water Capital Corp. |
|  | 11000 | 3.750 | 09/01/28 | 10984 |
| Wireless – 3.6% | Wireless – 3.6% | Wireless – 3.6% | Wireless – 3.6% | Wireless – 3.6% |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. | American Tower Corp. | American Tower Corp. |
|  | 23000 | 5.500 | 03/15/28 | 23674 |
|  | 50000 | 3.950 | 03/15/29 | 49849 |
|  | 14000 | 4.900 | 03/15/30 | 14398 |
|  | 8000 | 2.100 | 06/15/30 | 7357 |
|  AT&T, Inc. | AT&T, Inc. | AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
|  | 5000 | 1.650 | 02/01/28 | 4793 |
|  | 44000 | 4.700 | 08/15/30 | 45064 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  | 35000 | 2.900 | 03/15/27 | 34666 |
|  | 50000 | 2.250 | 01/15/31 | 45267 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  | 20000 | 5.000 | 01/11/28 | 20361 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
|  | 10000 | 3.750 | 04/15/27 | 9984 |
|  | 42000 | 2.050 | 02/15/28 | 40628 |
|  | 8000 | 4.850 | 01/15/29 | 8196 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Wireless – (continued) | Wireless – (continued) | Wireless – (continued) | Wireless – (continued) | Wireless – (continued) |
|  T-Mobile USA, Inc. – (continued) | T-Mobile USA, Inc. – (continued) | T-Mobile USA, Inc. – (continued) | T-Mobile USA, Inc. – (continued) | T-Mobile USA, Inc. – (continued) |
| $| 20000 | 3.875% | 04/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19877 |
|  Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
|  | 14000 | 2.100 | 03/22/28 | 13540 |
|  | 29000 | 4.329 | 09/21/28 | 29273 |
|  | 19000 | 4.016 | 12/03/29 | 19027 |
|  | 45000 | 7.750 | 12/01/30 | 52038 |
|  |  |  |  | 437992 |
| TOTAL CORPORATE OBLIGATIONS<br>(Cost $10,384,126) | TOTAL CORPORATE OBLIGATIONS<br>(Cost $10,384,126) | TOTAL CORPORATE OBLIGATIONS<br>(Cost $10,384,126) | TOTAL CORPORATE OBLIGATIONS<br>(Cost $10,384,126) | 10524618 |
| Foreign Corporate Debt – 11.0% | Foreign Corporate Debt – 11.0% | Foreign Corporate Debt – 11.0% | Foreign Corporate Debt – 11.0% | Foreign Corporate Debt – 11.0% |
| Banks – 5.3% | Banks – 5.3% | Banks – 5.3% | Banks – 5.3% | Banks – 5.3% |
|  Bank of Montreal (Canada) | Bank of Montreal (Canada) | Bank of Montreal (Canada) | Bank of Montreal (Canada) | Bank of Montreal (Canada) |
|  | 16000 | 5.370 | 06/04/27 | 16309 |
|  | 18000 | 5.203 | 02/01/28 | 18463 |
|  | 14000 | 5.717 | 09/25/28 | 14600 |
|  Bank of Montreal, Series J (Canada) | Bank of Montreal, Series J (Canada) | Bank of Montreal, Series J (Canada) | Bank of Montreal, Series J (Canada) | Bank of Montreal, Series J (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.970%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.970%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.970%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.970%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.970%) |
|  | 20000 | 4.439 | 01/14/32(a) | 20067 |
|  Bank of Nova Scotia (The) (Canada) | Bank of Nova Scotia (The) (Canada) | Bank of Nova Scotia (The) (Canada) | Bank of Nova Scotia (The) (Canada) | Bank of Nova Scotia (The) (Canada) |
|  | 29000 | 2.951 | 03/11/27 | 28800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.070%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.070%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.070%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.070%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.070%) |
|  | 13000 | 5.130 | 02/14/31(a) | 13467 |
|  Bank of Nova Scotia (The), GMTN (Canada) | Bank of Nova Scotia (The), GMTN (Canada) | Bank of Nova Scotia (The), GMTN (Canada) | Bank of Nova Scotia (The), GMTN (Canada) | Bank of Nova Scotia (The), GMTN (Canada) |
|  | 74000 | 5.450 | 08/01/29 | 77338 |
|  Canadian Imperial Bank of Commerce (Canada) | Canadian Imperial Bank of Commerce (Canada) | Canadian Imperial Bank of Commerce (Canada) | Canadian Imperial Bank of Commerce (Canada) | Canadian Imperial Bank of Commerce (Canada) |
|  | 23000 | 5.001 | 04/28/28 | 23497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.335%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.335%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.335%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.335%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.335%) |
|  | 32000 | 4.631 | 09/11/30(a) | 32550 |
|  Mitsubishi UFJ Financial Group, Inc. (Japan) | Mitsubishi UFJ Financial Group, Inc. (Japan) | Mitsubishi UFJ Financial Group, Inc. (Japan) | Mitsubishi UFJ Financial Group, Inc. (Japan) | Mitsubishi UFJ Financial Group, Inc. (Japan) |
|  | 11000 | 3.287 | 07/25/27 | 10941 |
|  | 19000 | 3.961 | 03/02/28 | 19058 |
|  | 36000 | 3.741 | 03/07/29 | 35925 |
|  Royal Bank of Canada (Canada) | Royal Bank of Canada (Canada) | Royal Bank of Canada (Canada) | Royal Bank of Canada (Canada) | Royal Bank of Canada (Canada) |
|  | 19000 | 3.625 | 05/04/27 | 18993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.060%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.060%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.060%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.060%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.060%) |
|  | 16000 | 4.696 | 08/06/31(a) | 16368 |
|  Royal Bank of Canada, GMTN (Canada) | Royal Bank of Canada, GMTN (Canada) | Royal Bank of Canada, GMTN (Canada) | Royal Bank of Canada, GMTN (Canada) | Royal Bank of Canada, GMTN (Canada) |
|  | 11000 | 4.240 | 08/03/27 | 11070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 0.810%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 0.810%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 0.810%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 0.810%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 0.810%) |
|  | 14000 | 4.715 | 03/27/28(a) | 14143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.080%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.080%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.080%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.080%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.080%) |
|  | 24000 | 4.650 | 10/18/30(a) | 24506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.130%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.130%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.130%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.130%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.130%) |
|  | 13000 | 4.970 | 05/02/31(a) | 13415 |
|  Sumitomo Mitsui Financial Group, Inc. (Japan) | Sumitomo Mitsui Financial Group, Inc. (Japan) | Sumitomo Mitsui Financial Group, Inc. (Japan) | Sumitomo Mitsui Financial Group, Inc. (Japan) | Sumitomo Mitsui Financial Group, Inc. (Japan) |
|  | 11000 | 3.446 | 01/11/27 | 10988 |
|  | 18000 | 3.352 | 10/18/27 | 17893 |
|  | 29000 | 3.544 | 01/17/28 | 28872 |
|  | 11000 | 3.944 | 07/19/28 | 11025 |
|  | 10000 | 2.142 | 09/23/30 | 9164 |
|  Toronto-Dominion Bank (The) (Canada) | Toronto-Dominion Bank (The) (Canada) | Toronto-Dominion Bank (The) (Canada) | Toronto-Dominion Bank (The) (Canada) | Toronto-Dominion Bank (The) (Canada) |
|  | 24000 | 4.783 | 12/17/29 | 24716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.500%) |
|  | 35000 | 5.146 | 09/10/34(a) | 35719 |

---

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

---

| | |
|:---|:---|
| 30 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND ETF

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
|  Toronto-Dominion Bank (The), GMTN (Canada) | Toronto-Dominion Bank (The), GMTN (Canada) | Toronto-Dominion Bank (The), GMTN (Canada) | Toronto-Dominion Bank (The), GMTN (Canada) | Toronto-Dominion Bank (The), GMTN (Canada) |
| $| 23000 | 4.994% | 04/05/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23694 |
|  Toronto-Dominion Bank (The), MTN (Canada) | Toronto-Dominion Bank (The), MTN (Canada) | Toronto-Dominion Bank (The), MTN (Canada) | Toronto-Dominion Bank (The), MTN (Canada) | Toronto-Dominion Bank (The), MTN (Canada) |
|  | 4000 | 4.808 | 06/03/30 | 4115 |
|  Westpac Banking Corp. (Australia) | Westpac Banking Corp. (Australia) | Westpac Banking Corp. (Australia) | Westpac Banking Corp. (Australia) | Westpac Banking Corp. (Australia) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.750%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.750%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.750%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.750%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.750%) |
|  | 66000 | 2.668 | 11/15/35<sup>(a)</sup> | 60643 |
|  |  |  |  | 636339 |
| Communications – 0.6% | Communications – 0.6% | Communications – 0.6% | Communications – 0.6% | Communications – 0.6% |
|  RELX Capital, Inc. (United Kingdom) | RELX Capital, Inc. (United Kingdom) | RELX Capital, Inc. (United Kingdom) | RELX Capital, Inc. (United Kingdom) | RELX Capital, Inc. (United Kingdom) |
|  | 45000 | 4.000 | 03/18/29 | 44939 |
|  | 24000 | 4.750 | 03/27/30 | 24452 |
|  |  |  |  | 69391 |
| Consumer Cyclical – 0.1% | Consumer Cyclical – 0.1% | Consumer Cyclical – 0.1% | Consumer Cyclical – 0.1% | Consumer Cyclical – 0.1% |
|  Honda Motor Co. Ltd. (Japan) | Honda Motor Co. Ltd. (Japan) | Honda Motor Co. Ltd. (Japan) | Honda Motor Co. Ltd. (Japan) | Honda Motor Co. Ltd. (Japan) |
|  | 19000 | 4.688 | 07/08/30 | 19379 |
| Consumer Noncyclical – 0.5% | Consumer Noncyclical – 0.5% | Consumer Noncyclical – 0.5% | Consumer Noncyclical – 0.5% | Consumer Noncyclical – 0.5% |
|  Astrazeneca Finance LLC (United Kingdom) | Astrazeneca Finance LLC (United Kingdom) | Astrazeneca Finance LLC (United Kingdom) | Astrazeneca Finance LLC (United Kingdom) | Astrazeneca Finance LLC (United Kingdom) |
|  | 32000 | 4.850 | 02/26/29 | 32940 |
|  AstraZeneca PLC (United Kingdom) | AstraZeneca PLC (United Kingdom) | AstraZeneca PLC (United Kingdom) | AstraZeneca PLC (United Kingdom) | AstraZeneca PLC (United Kingdom) |
|  | 8000 | 1.375 | 08/06/30 | 7168 |
|  BAT International Finance PLC (United Kingdom) | BAT International Finance PLC (United Kingdom) | BAT International Finance PLC (United Kingdom) | BAT International Finance PLC (United Kingdom) | BAT International Finance PLC (United Kingdom) |
|  | 20000 | 5.931 | 02/02/29 | 21066 |
|  |  |  |  | 61174 |
| Energy – 1.5% | Energy – 1.5% | Energy – 1.5% | Energy – 1.5% | Energy – 1.5% |
|  Canadian Natural Resources Ltd. (Canada) | Canadian Natural Resources Ltd. (Canada) | Canadian Natural Resources Ltd. (Canada) | Canadian Natural Resources Ltd. (Canada) | Canadian Natural Resources Ltd. (Canada) |
|  | 20000 | 5.000 | 12/15/29 | 20680 |
|  Enbridge, Inc. (Canada) | Enbridge, Inc. (Canada) | Enbridge, Inc. (Canada) | Enbridge, Inc. (Canada) | Enbridge, Inc. (Canada) |
|  | 11000 | 3.125 | 11/15/29 | 10649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.903%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.903%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.903%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.903%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.903%) |
|  | 10000 | 6.250 | 03/01/78<sup>(a)</sup> | 10200 |
|  Equinor ASA (Norway) | Equinor ASA (Norway) | Equinor ASA (Norway) | Equinor ASA (Norway) | Equinor ASA (Norway) |
|  | 70000 | 2.375 | 05/22/30 | 65828 |
|  TotalEnergies Capital International SA (France) | TotalEnergies Capital International SA (France) | TotalEnergies Capital International SA (France) | TotalEnergies Capital International SA (France) | TotalEnergies Capital International SA (France) |
|  | 16000 | 2.829 | 01/10/30 | 15423 |
|  TransCanada PipeLines Ltd. (Canada) | TransCanada PipeLines Ltd. (Canada) | TransCanada PipeLines Ltd. (Canada) | TransCanada PipeLines Ltd. (Canada) | TransCanada PipeLines Ltd. (Canada) |
|  | 16000 | 4.100 | 04/15/30 | 16007 |
|  Transcanada Trust (Canada) | Transcanada Trust (Canada) | Transcanada Trust (Canada) | Transcanada Trust (Canada) | Transcanada Trust (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 3.208%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 3.208%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 3.208%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 3.208%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 3.208%) |
|  | 5000 | 5.300 | 03/15/77<sup>(a)</sup> | 5033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 4.416%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 4.416%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 4.416%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 4.416%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 4.416%) |
|  | 20000 | 5.500 | 09/15/79<sup>(a)</sup> | 20275 |
|  Woodside Finance Ltd. (Australia) | Woodside Finance Ltd. (Australia) | Woodside Finance Ltd. (Australia) | Woodside Finance Ltd. (Australia) | Woodside Finance Ltd. (Australia) |
|  | 20000 | 5.400 | 05/19/30 | 20741 |
|  |  |  |  | 184836 |
| Financial Company – 0.5% | Financial Company – 0.5% | Financial Company – 0.5% | Financial Company – 0.5% | Financial Company – 0.5% |
|  Brookfield Finance, Inc. (Canada) | Brookfield Finance, Inc. (Canada) | Brookfield Finance, Inc. (Canada) | Brookfield Finance, Inc. (Canada) | Brookfield Finance, Inc. (Canada) |
|  | 29000 | 3.900 | 01/25/28 | 28954 |
|  | 8000 | 4.850 | 03/29/29 | 8216 |
|  | 8000 | 4.350 | 04/15/30 | 8042 |
|  ORIX Corp. (Japan) | ORIX Corp. (Japan) | ORIX Corp. (Japan) | ORIX Corp. (Japan) | ORIX Corp. (Japan) |
|  | 18000 | 5.000 | 09/13/27 | 18284 |
|  |  |  |  | 63496 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) |
| Food and Beverage – 0.1% | Food and Beverage – 0.1% | Food and Beverage – 0.1% | Food and Beverage – 0.1% |
| Anheuser-Busch InBev Worldwide, Inc. (Belgium) | Anheuser-Busch InBev Worldwide, Inc. (Belgium) | Anheuser-Busch InBev Worldwide, Inc. (Belgium) | Anheuser-Busch InBev Worldwide, Inc. (Belgium) |
| 11000 | 3.500% | 06/01/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10836 |
| Forest Products & Paper – 0.2% | Forest Products & Paper – 0.2% | Forest Products & Paper – 0.2% | Forest Products & Paper – 0.2% |
| Suzano Austria GmbH (Brazil) | Suzano Austria GmbH (Brazil) | Suzano Austria GmbH (Brazil) | Suzano Austria GmbH (Brazil) |
| 21000 | 2.500 | 09/15/28 | 20117 |
| Insurance – 0.3% | Insurance – 0.3% | Insurance – 0.3% | Insurance – 0.3% |
| Fairfax Financial Holdings Ltd. (Canada) | Fairfax Financial Holdings Ltd. (Canada) | Fairfax Financial Holdings Ltd. (Canada) | Fairfax Financial Holdings Ltd. (Canada) |
| 19000 | 4.625 | 04/29/30 | 19217 |
| Manulife Financial Corp. (Canada) | Manulife Financial Corp. (Canada) | Manulife Financial Corp. (Canada) | Manulife Financial Corp. (Canada) |
| 14000 | 2.484 | 05/19/27 | 13787 |
|  |  |  | 33004 |
| Metals – 0.4% | Metals – 0.4% | Metals – 0.4% | Metals – 0.4% |
| ArcelorMittal SA (Luxembourg) | ArcelorMittal SA (Luxembourg) | ArcelorMittal SA (Luxembourg) | ArcelorMittal SA (Luxembourg) |
| 32000 | 6.550 | 11/29/27 | 33321 |
| 11000 | 4.250 | 07/16/29 | 11064 |
|  |  |  | 44385 |
| Metals and Mining – 0.4% | Metals and Mining – 0.4% | Metals and Mining – 0.4% | Metals and Mining – 0.4% |
| BHP Billiton Finance USA Ltd. (Australia) | BHP Billiton Finance USA Ltd. (Australia) | BHP Billiton Finance USA Ltd. (Australia) | BHP Billiton Finance USA Ltd. (Australia) |
| 11000 | 5.000 | 02/21/30 | 11420 |
| 20000 | 5.250 | 09/08/30 | 21020 |
| Rio Tinto Finance USA PLC (Australia) | Rio Tinto Finance USA PLC (Australia) | Rio Tinto Finance USA PLC (Australia) | Rio Tinto Finance USA PLC (Australia) |
| 12000 | 4.875 | 03/14/30 | 12387 |
|  |  |  | 44827 |
| Transportation – 0.4% | Transportation – 0.4% | Transportation – 0.4% | Transportation – 0.4% |
| Canadian Pacific Railway Co. (Canada) | Canadian Pacific Railway Co. (Canada) | Canadian Pacific Railway Co. (Canada) | Canadian Pacific Railway Co. (Canada) |
| 48000 | 4.000 | 06/01/28 | 48192 |
| Wireless – 0.2% | Wireless – 0.2% | Wireless – 0.2% | Wireless – 0.2% |
| Rogers Communications, Inc. (Canada) | Rogers Communications, Inc. (Canada) | Rogers Communications, Inc. (Canada) | Rogers Communications, Inc. (Canada) |
| 9000 | 5.000 | 02/15/29 | 9237 |
| TELUS Corp. (Canada) | TELUS Corp. (Canada) | TELUS Corp. (Canada) | TELUS Corp. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.769%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.769%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.769%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.769%) |
| 20000 | 6.625 | 10/15/55<sup>(a)</sup> | 20569 |
|  |  |  | 29806 |
| Wirelines – 0.5% | Wirelines – 0.5% | Wirelines – 0.5% | Wirelines – 0.5% |
| British Telecommunications PLC (United Kingdom) | British Telecommunications PLC (United Kingdom) | British Telecommunications PLC (United Kingdom) | British Telecommunications PLC (United Kingdom) |
| 20000 | 9.625 | 12/15/30 | 24481 |
| Deutsche Telekom International Finance BV (Germany) | Deutsche Telekom International Finance BV (Germany) | Deutsche Telekom International Finance BV (Germany) | Deutsche Telekom International Finance BV (Germany) |
| 28000 | 8.750 | 06/15/30 | 32888 |
|  |  |  | 57369 |
| TOTAL FOREIGN CORPORATE DEBT<br>(Cost $1,305,491) | TOTAL FOREIGN CORPORATE DEBT<br>(Cost $1,305,491) | TOTAL FOREIGN CORPORATE DEBT<br>(Cost $1,305,491) | 1323151 |
| **TOTAL INVESTMENTS – 98.8%**<br> **(Cost $11,689,617)** | **TOTAL INVESTMENTS – 98.8%**<br> **(Cost $11,689,617)** | **TOTAL INVESTMENTS – 98.8%**<br> **(Cost $11,689,617)** | $11847769 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES – 1.2%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 1.2%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 1.2%** | 139481 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | NET ASSETS – 100.0% | $11987250 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **31** |

---

------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND ETF

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

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

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

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

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

(a) Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on February 28, 2026.

(b) Exempt from registration under Rule 144A of the Securities Act of 1933.

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| CMT | —Constant Maturity Treasury Index |
| GMTN | —Global Medium Term Note |
| LIBOR | —London Interbank Offered Rate |
| LP | —Limited Partnership |
| MTN | —Medium Term Note |
| PLC | —Public Limited Company |
| REIT | —Real Estate Investment Trust |
| SOFR | —Secured Overnight Financing Rate |
| SOFRINDX | —Secured Overnight Financing Rate Index |
| TSFR | —Term Secured Overnight Financing Rate |

---

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

---

| | |
|:---|:---|
| 32 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

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

Schedule of Investments *February 28, 2026 (Unaudited)*

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – 83.8% | Corporate Obligations – 83.8% | Corporate Obligations – 83.8% | Corporate Obligations – 83.8% |
| Aerospace & Defense – 2.1% | Aerospace & Defense – 2.1% | Aerospace & Defense – 2.1% | Aerospace & Defense – 2.1% |
| Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) |
| $167000 | 6.259% | 05/01/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171002 |
| 2560000 | 2.950 | 02/01/30 | 2455708 |
| 100000 | 6.125 | 02/15/33 | 109549 |
| 1560000 | 3.600 | 05/01/34 | 1440534 |
| 100000 | 3.300 | 03/01/35 | 87745 |
| 100000 | 3.900 | 05/01/49 | 76349 |
| 300000 | 5.930 | 05/01/60 | 299721 |
| 1167000 | 7.008 | 05/01/64 | 1352179 |
| General Dynamics Corp. | General Dynamics Corp. | General Dynamics Corp. | General Dynamics Corp. |
| 440000 | 3.500 | 04/01/27 | 439195 |
| 230000 | 3.750 | 05/15/28 | 230609 |
| 250000 | 4.250 | 04/01/40 | 233376 |
| 384000 | 4.250 | 04/01/50 | 332240 |
| L3Harris Technologies, Inc. | L3Harris Technologies, Inc. | L3Harris Technologies, Inc. | L3Harris Technologies, Inc. |
| 560000 | 4.400 | 06/15/28 | 563164 |
| 130000 | 2.900 | 12/15/29 | 124681 |
| 481000 | 5.250 | 06/01/31 | 503579 |
| 130000 | 6.150 | 12/15/40 | 143579 |
| Leidos, Inc. | Leidos, Inc. | Leidos, Inc. | Leidos, Inc. |
| 300000 | 4.375 | 05/15/30 | 300344 |
| 477000 | 2.300 | 02/15/31 | 432783 |
| 300000 | 5.750 | 03/15/33 | 319416 |
| Lockheed Martin Corp. | Lockheed Martin Corp. | Lockheed Martin Corp. | Lockheed Martin Corp. |
| 91000 | 5.100 | 11/15/27 | 93239 |
| 402000 | 5.250 | 01/15/33 | 427803 |
| 815000 | 4.750 | 02/15/34 | 837083 |
| 193000 | 4.070 | 12/15/42 | 169090 |
| 232000 | 3.800 | 03/01/45 | 190702 |
| 100000 | 4.700 | 05/15/46 | 92402 |
| 546000 | 2.800 | 06/15/50 | 355553 |
| 168000 | 4.090 | 09/15/52 | 136607 |
| 220000 | 4.150 | 06/15/53 | 179838 |
| 200000 | 5.700 | 11/15/54 | 206010 |
| 148000 | 5.900 | 11/15/63 | 156185 |
| Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. |
| 1075000 | 4.030 | 10/15/47 | 882877 |
| 268000 | 5.250 | 05/01/50 | 259355 |
| 388000 | 5.200 | 06/01/54 | 368850 |
| RTX Corp. | RTX Corp. | RTX Corp. | RTX Corp. |
| 715000 | 3.125 | 05/04/27 | 709408 |
| 1079000 | 6.000 | 03/15/31 | 1170885 |
| 760000 | 6.100 | 03/15/34 | 841124 |
| 520000 | 4.500 | 06/01/42 | 478168 |
| 856000 | 4.150 | 05/15/45 | 730833 |
| 400000 | 3.750 | 11/01/46 | 316685 |
| 3000 | 4.625 | 11/16/48 | 2671 |
| 446000 | 2.820 | 09/01/51 | 285396 |
|  |  |  | 18506517 |
| Agriculture – 0.2% | Agriculture – 0.2% | Agriculture – 0.2% | Agriculture – 0.2% |
| Archer-Daniels-Midland Co. | Archer-Daniels-Midland Co. | Archer-Daniels-Midland Co. | Archer-Daniels-Midland Co. |
| 402000 | 4.535 | 03/26/42 | 372293 |
| 140000 | 3.750 | 09/15/47 | 111165 |
| Bunge Ltd. Finance Corp. | Bunge Ltd. Finance Corp. | Bunge Ltd. Finance Corp. | Bunge Ltd. Finance Corp. |
| 125000 | 5.250 | 04/21/32 | 131273 |
| JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings | JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings | JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings | JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings |
| 92000 | 3.000 | 05/15/32 | 83769 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Agriculture – (continued) | Agriculture – (continued) | Agriculture – (continued) | Agriculture – (continued) |
| JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings – (continued) | JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings – (continued) | JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings – (continued) | JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings – (continued) |
| 130000 | 5.750% | 04/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136746 |
| 218000 | 6.750 | 03/15/34 | 244030 |
| 346000 | 4.375 | 02/02/52 | 275482 |
| 609000 | 6.500 | 12/01/52 | 643513 |
|  |  |  | 1998271 |
| Banks – 14.1% | Banks – 14.1% | Banks – 14.1% | Banks – 14.1% |
| American Express Co. | American Express Co. | American Express Co. | American Express Co. |
| 170000 | 1.650 | 11/04/26 | 167526 |
| 300000 | 3.300 | 05/03/27 | 298640 |
| 222000 | 5.850 | 11/05/27 | 228951 |
| 546000 | 4.050 | 05/03/29 | 550371 |
| 180000 | 4.050 | 12/03/42 | 157734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.930%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.930%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.930%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.930%) |
| 659000 | 5.043 | 07/26/28<sup>(a)</sup> | 668480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.280%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.280%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.280%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.280%) |
| 550000 | 5.282 | 07/27/29<sup>(a)</sup> | 566731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.090%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.090%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.090%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.090%) |
| 300000 | 5.532 | 04/25/30<sup>(a)</sup> | 313650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.940%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.940%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.940%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.940%) |
| 250000 | 6.489 | 10/30/31<sup>(a)</sup> | 274132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.255%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.255%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.255%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.255%) |
| 620000 | 4.989 | 05/26/33<sup>(a)</sup> | 633108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.237%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.237%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.237%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.237%) |
| 670000 | 4.804 | 10/24/36<sup>(a)</sup> | 664698 |
| Bank of America Corp. | Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.774%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.774%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.774%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.774%) |
| 355000 | 3.705 | 04/24/28<sup>(a)</sup> | 353728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.990%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.990%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.990%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.990%) |
| 432000 | 6.204 | 11/10/28<sup>(a)</sup> | 448828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.302%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.302%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.302%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.302%) |
| 788000 | 3.419 | 12/20/28<sup>(a)</sup> | 780735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.570%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.570%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.570%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.570%) |
| 290000 | 5.819 | 09/15/29<sup>(a)</sup> | 302186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.150%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.150%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.150%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.150%) |
| 519000 | 2.592 | 04/29/31<sup>(a)</sup> | 487691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.320%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.320%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.320%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.320%) |
| 962000 | 2.687 | 04/22/32<sup>(a)</sup> | 892038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.220%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.220%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.220%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.220%) |
| 949000 | 2.299 | 07/21/32<sup>(a)</sup> | 856274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.210%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.210%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.210%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.210%) |
| 322000 | 2.572 | 10/20/32<sup>(a)</sup> | 293477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.910%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.910%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.910%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.910%) |
| 950000 | 5.288 | 04/25/34<sup>(a)</sup> | 986964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.840%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.840%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.840%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.840%) |
| 1446000 | 5.872 | 09/15/34<sup>(a)</sup> | 1553288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.738%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.738%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.738%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.738%) |
| 400000 | 5.518 | 10/25/35<sup>(a)</sup> | 410771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.310%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.310%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.310%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.310%) |
| 750000 | 5.511 | 01/24/36<sup>(a)</sup> | 788992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.697%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.697%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.697%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.697%) |
| 440000 | 5.744 | 02/12/36<sup>(a)</sup> | 460006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.640%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.640%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.640%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.640%) |
| 90000 | 5.464 | 05/09/36<sup>(a)</sup> | 94457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.200%) |
| 830000 | 2.482 | 09/21/36<sup>(a)</sup> | 734687 |

---

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **33** |

---

------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

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

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.200%) – (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.200%) – (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.200%) – (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.200%) – (continued) |
| $156000 | 6.110% | 01/29/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168687 |
| 370000 | 7.750 | 05/14/38 | 453081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.076%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.076%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.076%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.076%) |
| 418000 | 4.244 | 04/24/38<sup>(a)</sup> | 393653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.580%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.580%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.580%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.580%) |
| 761000 | 3.311 | 04/22/42<sup>(a)</sup> | 612852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.452%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.452%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.452%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.452%) |
| 190000 | 3.946 | 01/23/49<sup>(a)</sup> | 153479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.560%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.560%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.560%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.560%) |
| 130000 | 2.972 | 07/21/52<sup>(a)</sup> | 86261 |
| Bank of America Corp., GMTN | Bank of America Corp., GMTN | Bank of America Corp., GMTN | Bank of America Corp., GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.632%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.632%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.632%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.632%) |
| 643000 | 3.593 | 07/21/28<sup>(a)</sup> | 639315 |
| Bank of America Corp., MTN | Bank of America Corp., MTN | Bank of America Corp., MTN | Bank of America Corp., MTN |
| 157000 | 3.248 | 10/21/27 | 155890 |
| 96000 | 5.875 | 02/07/42 | 103124 |
| 53000 | 5.000 | 01/21/44 | 51710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.837%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.837%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.837%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.837%) |
| 426000 | 3.824 | 01/20/28<sup>(a)</sup> | 425725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.050%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.050%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.050%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.050%) |
| 292000 | 2.551 | 02/04/28<sup>(a)</sup> | 288137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.040%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.040%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.040%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.040%) |
| 472000 | 4.948 | 07/22/28<sup>(a)</sup> | 477726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.332%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.332%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.332%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.332%) |
| 290000 | 3.970 | 03/05/29<sup>(a)</sup> | 289815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.060%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.060%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.060%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.060%) |
| 306000 | 2.087 | 06/14/29<sup>(a)</sup> | 293655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.572%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.572%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.572%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.572%) |
| 857000 | 4.271 | 07/23/29<sup>(a)</sup> | 862034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.472%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.472%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.472%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.472%) |
| 644000 | 3.974 | 02/07/30<sup>(a)</sup> | 643760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.442%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.442%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.442%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.442%) |
| 420000 | 3.194 | 07/23/30<sup>(a)</sup> | 407822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.452%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.452%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.452%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.452%) |
| 281000 | 2.884 | 10/22/30<sup>(a)</sup> | 269664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.252%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.252%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.252%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.252%) |
| 465000 | 2.496 | 02/13/31<sup>(a)</sup> | 435843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.530%) |
| 705000 | 1.898 | 07/23/31<sup>(a)</sup> | 638848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.370%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.370%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.370%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.370%) |
| 536000 | 1.922 | 10/24/31<sup>(a)</sup> | 484096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.330%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.330%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.330%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.330%) |
| 554000 | 2.972 | 02/04/33<sup>(a)</sup> | 511686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.582%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.582%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.582%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.582%) |
| 118000 | 4.078 | 04/23/40<sup>(a)</sup> | 105956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.930%) |
| 532000 | 2.676 | 06/19/41<sup>(a)</sup> | 395834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.252%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.252%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.252%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.252%) |
| 246000 | 4.443 | 01/20/48<sup>(a)</sup> | 218344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.782%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.782%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.782%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.782%) |
| 335000 | 4.330 | 03/15/50<sup>(a)</sup> | 285158 |
| Bank of America Corp., Series L | Bank of America Corp., Series L | Bank of America Corp., Series L | Bank of America Corp., Series L |
| 341000 | 4.183 | 11/25/27 | 341866 |
| Bank of America Corp., Series N | Bank of America Corp., Series N | Bank of America Corp., Series N | Bank of America Corp., Series N |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.220%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.220%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.220%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.220%) |
| 404000 | 2.651 | 03/11/32<sup>(a)</sup> | 374120 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| Bank of America NA | Bank of America NA | Bank of America NA | Bank of America NA |
| 500000 | 6.000% | 10/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547509 |
| Bank of New York Mellon Corp. (The) | Bank of New York Mellon Corp. (The) | Bank of New York Mellon Corp. (The) | Bank of New York Mellon Corp. (The) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.350%) |
| 500000 | 5.316 | 06/06/36<sup>(a)</sup> | 522891 |
| Bank of New York Mellon Corp. (The), MTN | Bank of New York Mellon Corp. (The), MTN | Bank of New York Mellon Corp. (The), MTN | Bank of New York Mellon Corp. (The), MTN |
| 160000 | 2.050 | 01/26/27 | 157794 |
| 136000 | 3.250 | 05/16/27 | 135272 |
| 579000 | 3.400 | 01/29/28 | 576134 |
| 339000 | 3.850 | 04/28/28 | 340436 |
| 1072000 | 3.300 | 08/23/29 | 1047688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.331%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.331%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.331%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.331%) |
| 553000 | 3.442 | 02/07/28<sup>(a)</sup> | 550423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.845%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.845%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.845%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.845%) |
| 634000 | 6.474 | 10/25/34<sup>(a)</sup> | 711509 |
| Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |
| 339000 | 3.750 | 03/09/27 | 338351 |
| 187000 | 3.650 | 05/11/27 | 186492 |
| 368000 | 3.800 | 01/31/28 | 366939 |
| 296000 | 6.700 | 11/29/32 | 330613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.057%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.057%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.057%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.057%) |
| 211000 | 4.927 | 05/10/28<sup>(a)</sup> | 213143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.080%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.080%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.080%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.080%) |
| 200000 | 5.468 | 02/01/29<sup>(a)</sup> | 205283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.640%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.640%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.640%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.640%) |
| 204000 | 6.312 | 06/08/29<sup>(a)</sup> | 213475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.370%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.370%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.370%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.370%) |
| 373000 | 5.268 | 05/10/33<sup>(a)</sup> | 383551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.600%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.600%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.600%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.600%) |
| 912000 | 5.817 | 02/01/34<sup>(a)</sup> | 960482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.860%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.860%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.860%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.860%) |
| 359000 | 6.377 | 06/08/34<sup>(a)</sup> | 390062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.630%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.630%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.630%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.630%) |
| 160000 | 5.197 | 09/11/36<sup>(a)</sup> | 159933 |
| Capital One NA | Capital One NA | Capital One NA | Capital One NA |
| 650000 | 4.650 | 09/13/28 | 659412 |
| Charles Schwab Corp. (The) | Charles Schwab Corp. (The) | Charles Schwab Corp. (The) | Charles Schwab Corp. (The) |
| 570000 | 2.000 | 03/20/28 | 550465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.210%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.210%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.210%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.210%) |
| 1440000 | 5.643 | 05/19/29<sup>(a)</sup> | 1497116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.500%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.500%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.500%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.500%) |
| 258000 | 5.853 | 05/19/34<sup>(a)</sup> | 278051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.010%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.010%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.010%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.010%) |
| 256000 | 6.136 | 08/24/34<sup>(a)</sup> | 281537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.230%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.230%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.230%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.230%) |
| 510000 | 4.914 | 11/14/36<sup>(a)</sup> | 511750 |
| Citibank NA | Citibank NA | Citibank NA | Citibank NA |
| 250000 | 5.803 | 09/29/28 | 261936 |
| 1494000 | 5.570 | 04/30/34 | 1590286 |
| Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.770%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.770%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.770%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.770%) |
| 62000 | 1.462 | 06/09/27<sup>(a)</sup> | 61490 |
| 510000 | 4.125 | 07/25/28 | 510365 |
| 98000 | 8.125 | 07/15/39 | 126226 |
| 1006000 | 5.300 | 05/06/44 | 986836 |
| 309000 | 4.650 | 07/30/45 | 283520 |
| 100000 | 4.750 | 05/18/46 | 89244 |

---

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

---

| | |
|:---|:---|
| 34 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

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

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.454%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.454%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.454%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.454%) |
| $880000 | 4.075% | 04/23/29<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.364%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.364%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.364%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.364%) |
| 452000 | 5.174 | 02/13/30<sup>(a)</sup> | 466035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.600%) |
| 740000 | 3.980 | 03/20/30<sup>(a)</sup> | 738358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.422%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.422%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.422%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.422%) |
| 688000 | 2.976 | 11/05/30<sup>(a)</sup> | 659482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.107%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.107%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.107%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.107%) |
| 200000 | 2.572 | 06/03/31<sup>(a)</sup> | 187069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.167%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.167%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.167%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.167%) |
| 850000 | 2.561 | 05/01/32<sup>(a)</sup> | 779587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.177%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.177%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.177%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.177%) |
| 66000 | 2.520 | 11/03/32<sup>(a)</sup> | 59777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.939%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.939%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.939%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.939%) |
| 966000 | 3.785 | 03/17/33<sup>(a)</sup> | 930181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.086%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.086%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.086%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.086%) |
| 700000 | 4.910 | 05/24/33<sup>(a)</sup> | 715596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.338%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.338%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.338%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.338%) |
| 500000 | 6.270 | 11/17/33<sup>(a)</sup> | 549531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.056%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.056%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.056%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.056%) |
| 699000 | 5.827 | 02/13/35<sup>(a)</sup> | 728242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.447%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.447%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.447%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.447%) |
| 544000 | 5.449 | 06/11/35<sup>(a)</sup> | 568564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.488%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.488%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.488%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.488%) |
| 90000 | 5.174 | 09/11/36<sup>(a)</sup> | 91773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.430%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.430%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.430%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.430%) |
| 66000 | 3.878 | 01/24/39<sup>(a)</sup> | 59181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 4.548%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 4.548%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 4.548%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 4.548%) |
| 338000 | 5.316 | 03/26/41<sup>(a)</sup> | 342413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.379%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.379%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.379%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.379%) |
| 263000 | 2.904 | 11/03/42<sup>(a)</sup> | 196842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.101%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.101%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.101%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.101%) |
| 90000 | 4.281 | 04/24/48<sup>(a)</sup> | 77361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.746%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.746%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.746%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.746%) |
| 300000 | 5.612 | 03/04/56<sup>(a)</sup> | 302270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citizens Bank NA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citizens Bank NA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citizens Bank NA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citizens Bank NA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.000%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.000%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.000%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.000%) |
| 1092000 | 4.575 | 08/09/28<sup>(a)</sup> | 1102365 |
| Citizens Financial Group, Inc. | Citizens Financial Group, Inc. | Citizens Financial Group, Inc. | Citizens Financial Group, Inc. |
| 92000 | 3.250 | 04/30/30 | 88553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.750%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.750%) |  |  |
| 183000 | 5.641 | 05/21/37<sup>(a)</sup> | 188492 |
| Fifth Third Bancorp | Fifth Third Bancorp | Fifth Third Bancorp | Fifth Third Bancorp |
| 220000 | 2.550 | 05/05/27 | 216681 |
| 190000 | 8.250 | 03/01/38 | 236562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 2.192%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 2.192%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 2.192%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 2.192%) |
| 273000 | 6.361 | 10/27/28<sup>(a)</sup> | 283735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 2.127%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 2.127%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 2.127%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 2.127%) |
| 603000 | 4.772 | 07/28/30<sup>(a)</sup> | 612185 |
| Fifth Third Bank NA | Fifth Third Bank NA | Fifth Third Bank NA | Fifth Third Bank NA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.610%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.610%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.610%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.610%) |
| 300000 | 5.332 | 08/25/33<sup>(a)</sup> | 309458 |
| First Citizens BancShares, Inc. | First Citizens BancShares, Inc. | First Citizens BancShares, Inc. | First Citizens BancShares, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.970%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.970%) |  |  |
| 170000 | 6.254 | 03/12/40<sup>(a)</sup> | 174445 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| Huntington Bancshares, Inc. | Huntington Bancshares, Inc. | Huntington Bancshares, Inc. | Huntington Bancshares, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.020%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.020%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.020%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.020%) |
| $490000 | 6.208% | 08/21/29<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514062 |
| 100000 | 2.550 | 02/04/30 | 94241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.170%) |  |  |
| 390000 | 2.487 | 08/15/36<sup>(a)</sup> | 345065 |
| JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.930%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.930%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.930%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.930%) |
| 3329000 | 5.571 | 04/22/28<sup>(a)</sup> | 3389083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.560%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.560%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.560%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.560%) |
| 140000 | 4.323 | 04/26/28<sup>(a)</sup> | 140597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.592%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.592%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.592%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.592%) |
| 240000 | 4.452 | 12/05/29<sup>(a)</sup> | 242513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.160%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.160%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.160%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.160%) |
| 250000 | 5.581 | 04/22/30<sup>(a)</sup> | 261256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.125%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.125%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.125%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.125%) |
| 656000 | 4.995 | 07/22/30<sup>(a)</sup> | 674860 |
| 448000 | 8.750 | 09/01/30 | 531126 |
| 30000 | 5.600 | 07/15/41 | 31395 |
| 958000 | 5.625 | 08/16/43 | 997115 |
| 209000 | 4.850 | 02/01/44 | 201904 |
| 144000 | 4.950 | 06/01/45 | 136906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.510%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.510%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.510%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.510%) |
| 1460000 | 2.739 | 10/15/30<sup>(a)</sup> | 1398252 |
| 222000 | 2.525 | 11/19/41<sup>(a)</sup> | 162676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.010%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.010%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.010%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.010%) |
| 2000000 | 5.140 | 01/24/31<sup>(a)</sup> | 2076388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.790%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.790%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.790%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.790%) |
| 196000 | 4.493 | 03/24/31<sup>(a)</sup> | 198530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.065%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.065%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.065%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.065%) |
| 914000 | 1.953 | 02/04/32<sup>(a)</sup> | 822604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.250%) |
| 30000 | 2.580 | 04/22/32<sup>(a)</sup> | 27714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.180%) |
| 803000 | 2.545 | 11/08/32<sup>(a)</sup> | 732421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.810%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.810%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.810%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.810%) |
| 331000 | 6.254 | 10/23/34<sup>(a)</sup> | 364764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.620%) |
| 600000 | 5.336 | 01/23/35<sup>(a)</sup> | 626483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.490%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.490%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.490%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.490%) |
| 170000 | 5.766 | 04/22/35<sup>(a)</sup> | 182019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.460%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.460%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.460%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.460%) |
| 1500000 | 5.294 | 07/22/35<sup>(a)</sup> | 1556140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.340%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.340%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.340%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.340%) |
| 200000 | 4.946 | 10/22/35<sup>(a)</sup> | 203244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.680%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.680%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.680%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.680%) |
| 2000000 | 5.572 | 04/22/36<sup>(a)</sup> | 2113942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.635%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.635%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.635%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.635%) |
| 550000 | 5.576 | 07/23/36<sup>(a)</sup> | 572167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.460%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.460%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.460%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.460%) |
| 1000000 | 3.157 | 04/22/42<sup>(a)</sup> | 788339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.550%) |
| 100000 | 5.534 | 11/29/45<sup>(a)</sup> | 102408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.642%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.642%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.642%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.642%) |
| 1000000 | 3.964 | 11/15/48<sup>(a)</sup> | 816017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.482%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.482%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.482%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.482%) |
| 1605000 | 3.897 | 01/23/49<sup>(a)</sup> | 1305021 |

---

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **35** |

---

------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

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

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| Keybank National Association | Keybank National Association | Keybank National Association | Keybank National Association |
| 390000 | 4.900% | 08/08/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392948 |
| KeyCorp | KeyCorp | KeyCorp | KeyCorp |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 2.420%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 2.420%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 2.420%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 2.420%) |
| 453000 | 6.401 | 03/06/35<sup>(a)</sup> | 494695 |
| KeyCorp, MTN | KeyCorp, MTN | KeyCorp, MTN | KeyCorp, MTN |
| 91000 | 4.100 | 04/30/28 | 91413 |
| 365000 | 2.550 | 10/01/29 | 347591 |
| M&T Bank Corp. | M&T Bank Corp. | M&T Bank Corp. | M&T Bank Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.800%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.800%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.800%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.800%) |
| 650000 | 7.413 | 10/30/29<sup>(a)</sup> | 704665 |
| Manufacturers & Traders Trust Co. | Manufacturers & Traders Trust Co. | Manufacturers & Traders Trust Co. | Manufacturers & Traders Trust Co. |
| 1610000 | 4.700 | 01/27/28 | 1634240 |
| Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
| 250000 | 3.950 | 04/23/27 | 249737 |
| 546000 | 3.591 | 07/22/28<sup>(a)</sup> | 543588 |
| 573000 | 3.971 | 07/22/38<sup>(a)</sup> | 521737 |
| 314000 | 6.375 | 07/24/42 | 351030 |
| 585000 | 4.300 | 01/27/45 | 509209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.610%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.610%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.610%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.610%) |
| 400000 | 4.210 | 04/20/28<sup>(a)</sup> | 400689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.830%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.830%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.830%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.830%) |
| 230000 | 6.407 | 11/01/29<sup>(a)</sup> | 243687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.290%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.290%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.290%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.290%) |
| 620000 | 2.943 | 01/21/33<sup>(a)</sup> | 571582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.730%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.730%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.730%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.730%) |
| 984000 | 5.466 | 01/18/35<sup>(a)</sup> | 1031362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.418%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.418%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.418%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.418%) |
| 400000 | 5.587 | 01/18/36<sup>(a)</sup> | 420365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.757%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.757%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.757%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.757%) |
| 650000 | 5.664 | 04/17/36<sup>(a)</sup> | 687953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.620%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.620%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.620%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.620%) |
| 300000 | 5.297 | 04/20/37<sup>(a)</sup> | 307601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.693%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.693%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.693%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.693%) |
| 490000 | 4.457 | 04/22/39<sup>(a)</sup> | 469644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.485%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.485%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.485%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.485%) |
| 99000 | 3.217 | 04/22/42<sup>(a)</sup> | 78839 |
| Morgan Stanley, GMTN | Morgan Stanley, GMTN | Morgan Stanley, GMTN | Morgan Stanley, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.402%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.402%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.402%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.402%) |
| 410000 | 3.772 | 01/24/29<sup>(a)</sup> | 408984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.143%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.143%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.143%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.143%) |
| 586000 | 2.699 | 01/22/31<sup>(a)</sup> | 553667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 4.840%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 4.840%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 4.840%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 4.840%) |
| 50000 | 5.597 | 03/24/51<sup>(a)</sup> | 51336 |
| Morgan Stanley, MTN | Morgan Stanley, MTN | Morgan Stanley, MTN | Morgan Stanley, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.590%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.590%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.590%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.590%) |
| 568000 | 5.164 | 04/20/29<sup>(a)</sup> | 580039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.120%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.120%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.120%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.120%) |
| 768000 | 3.622 | 04/01/31<sup>(a)</sup> | 751596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.034%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.034%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.034%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.034%) |
| 748000 | 1.794 | 02/13/32<sup>(a)</sup> | 663727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.020%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.020%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.020%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.020%) |
| 1623000 | 1.928 | 04/28/32<sup>(a)</sup> | 1437084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.870%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.870%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.870%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.870%) |
| 200000 | 5.250 | 04/21/34<sup>(a)</sup> | 207265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.880%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.880%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.880%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.880%) |
| 1050000 | 5.424 | 07/21/34<sup>(a)</sup> | 1098841 |
| 1132000 | 4.375 | 01/22/47 | 986797 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.430%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.430%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.430%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.430%) |
| $950000 | 2.802% | 01/25/52<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615299 |
| Morgan Stanley, Series I | Morgan Stanley, Series I | Morgan Stanley, Series I | Morgan Stanley, Series I |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.314%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.314%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.314%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.314%) |
| 754000 | 4.892 | 10/22/36<sup>(a)</sup> | 751583 |
| Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA |
| 250000 | 5.882 | 10/30/26 | 253411 |
| Northern Trust Corp. | Northern Trust Corp. | Northern Trust Corp. | Northern Trust Corp. |
| 188000 | 3.650 | 08/03/28 | 187940 |
| 674000 | 1.950 | 05/01/30 | 621940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 1.131%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 1.131%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 1.131%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 1.131%) |
| 170000 | 3.375 | 05/08/32<sup>(a)</sup> | 168357 |
| Pinnacle Financial Partners, Inc. | Pinnacle Financial Partners, Inc. | Pinnacle Financial Partners, Inc. | Pinnacle Financial Partners, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.347%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.347%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.347%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.347%) |
| 170000 | 6.168 | 11/01/30<sup>(a)</sup> | 178572 |
| PNC Bank NA | PNC Bank NA | PNC Bank NA | PNC Bank NA |
| 1286000 | 4.050 | 07/26/28 | 1288532 |
| 500000 | 2.700 | 10/22/29 | 477145 |
| PNC Financial Services Group, Inc. (The) | PNC Financial Services Group, Inc. (The) | PNC Financial Services Group, Inc. (The) | PNC Financial Services Group, Inc. (The) |
| 525000 | 3.450 | 04/23/29 | 518925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.841%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.841%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.841%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.841%) |
| 788000 | 5.582 | 06/12/29<sup>(a)</sup> | 815619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.198%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.198%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.198%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.198%) |
| 850000 | 5.492 | 05/14/30<sup>(a)</sup> | 886862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 2.140%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 2.140%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 2.140%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 2.140%) |
| 250000 | 6.037 | 10/28/33<sup>(a)</sup> | 270939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.284%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.284%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.284%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.284%) |
| 500000 | 6.875 | 10/20/34<sup>(a)</sup> | 568777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.170%) |  |  |
| 150000 | 5.423 | 01/25/41<sup>(a)</sup> | 151583 |
| Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. |
| 504000 | 3.244 | 10/05/26 | 502104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.249%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.249%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.249%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.249%) |
| 339000 | 2.490 | 01/06/28<sup>(a)</sup> | 334213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.356%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.356%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.356%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.356%) |
| 438000 | 6.499 | 03/09/29<sup>(a)</sup> | 456006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.280%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.280%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.280%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.280%) |
| 330000 | 7.660 | 11/09/31<sup>(a)</sup> | 371939 |
| State Street Corp. | State Street Corp. | State Street Corp. | State Street Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.730%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.730%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.730%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.730%) |
| 289000 | 2.203 | 02/07/28<sup>(a)</sup> | 284442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.018%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.018%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.018%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.018%) |
| 370000 | 4.530 | 02/20/29<sup>(a)</sup> | 375600 |
| 486000 | 2.400 | 01/24/30 | 461253 |
| 239000 | 2.200 | 03/03/31 | 217163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.490%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.490%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.490%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.490%) |
| 892000 | 3.031 | 11/01/34<sup>(a)</sup> | 849970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.215%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.215%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.215%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.215%) |
| 690000 | 4.784 | 10/23/36<sup>(a)</sup> | 690002 |
| Synchrony Financial | Synchrony Financial | Synchrony Financial | Synchrony Financial |
| 511000 | 3.950 | 12/01/27 | 508374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 2.130%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 2.130%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 2.130%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 2.130%) |
| 220000 | 5.935 | 08/02/30<sup>(a)</sup> | 228631 |
| Truist Financial Corp., MTN | Truist Financial Corp., MTN | Truist Financial Corp., MTN | Truist Financial Corp., MTN |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.368%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.368%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.368%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.368%) |
| 165000 | 4.123 | 06/06/28<sup>(a)</sup> | 165612 |

---

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

---

| | |
|:---|:---|
| 36 | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

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

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.435%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.435%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.435%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.435%) |
| $564000 | 4.873% | 01/26/29<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.862%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.862%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.862%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.862%) |
| 202000 | 1.887 | 06/07/29<sup>(a)</sup> | 193301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.620%) |
| 543000 | 5.435 | 01/24/30<sup>(a)</sup> | 562565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.240%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.240%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.240%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.240%) |
| 685000 | 4.916 | 07/28/33<sup>(a)</sup> | 694618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.922%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.922%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.922%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.922%) |
| 186000 | 5.711 | 01/24/35<sup>(a)</sup> | 197474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.395%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.395%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.395%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.395%) |
| 850000 | 4.964 | 10/23/36<sup>(a)</sup> | 849425 |
| U.S. Bancorp | U.S. Bancorp | U.S. Bancorp | U.S. Bancorp |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.090%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.090%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.090%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.090%) |
| 872000 | 5.850 | 10/21/33<sup>(a)</sup> | 940676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.101%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.101%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.101%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.101%) |
| 1060000 | 5.033 | 01/26/37<sup>(a)</sup> | 1070722 |
| U.S. Bancorp, MTN | U.S. Bancorp, MTN | U.S. Bancorp, MTN | U.S. Bancorp, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.730%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.730%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.730%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.730%) |
| 138000 | 2.215 | 01/27/28<sup>(a)</sup> | 136014 |
| 431000 | 3.900 | 04/26/28 | 432803 |
| 14000 | 3.000 | 07/30/29 | 13595 |
| 220000 | 1.375 | 07/22/30 | 196998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.660%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.660%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.660%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.660%) |
| 357000 | 4.548 | 07/22/28<sup>(a)</sup> | 360366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.020%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.020%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.020%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.020%) |
| 622000 | 2.677 | 01/27/33<sup>(a)</sup> | 567034 |
| U.S. Bancorp, Series V | U.S. Bancorp, Series V | U.S. Bancorp, Series V | U.S. Bancorp, Series V |
| 84000 | 2.375 | 07/22/26 | 83479 |
| U.S. Bancorp, Series X | U.S. Bancorp, Series X | U.S. Bancorp, Series X | U.S. Bancorp, Series X |
| 227000 | 3.150 | 04/27/27 | 225495 |
| Wachovia Corp. | Wachovia Corp. | Wachovia Corp. | Wachovia Corp. |
| 132000 | 7.500 | 04/15/35 | 156126 |
| 250000 | 5.500 | 08/01/35 | 261683 |
| Webster Financial Corp. | Webster Financial Corp. | Webster Financial Corp. | Webster Financial Corp. |
| 350000 | 4.100 | 03/25/29 | 347621 |
| Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.060%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.060%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.060%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.060%) |
| 1014000 | 6.491 | 10/23/34<sup>(a)</sup> | 1128353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.380%) |
| 254000 | 5.211 | 12/03/35<sup>(a)</sup> | 260852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.340%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.340%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.340%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.340%) |
| 385000 | 4.892 | 09/15/36<sup>(a)</sup> | 387206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.530%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.530%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.530%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.530%) |
| 979000 | 3.068 | 04/30/41<sup>(a)</sup> | 764465 |
| 263000 | 5.606 | 01/15/44 | 262416 |
| 465000 | 3.900 | 05/01/45 | 380504 |
| Wells Fargo & Co., GMTN | Wells Fargo & Co., GMTN | Wells Fargo & Co., GMTN | Wells Fargo & Co., GMTN |
| 192000 | 4.300 | 07/22/27 | 192562 |
| Wells Fargo & Co., MTN | Wells Fargo & Co., MTN | Wells Fargo & Co., MTN | Wells Fargo & Co., MTN |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.070%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.070%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.070%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.070%) |
| 335000 | 5.707 | 04/22/28<sup>(a)</sup> | 341436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.572%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.572%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.572%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.572%) |
| 168000 | 3.584 | 05/22/28<sup>(a)</sup> | 167214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.100%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.100%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.100%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.100%) |
| 645000 | 2.393 | 06/02/28<sup>(a)</sup> | 631647 |
| 732000 | 4.897 | 07/25/33<sup>(a)</sup> | 746671 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.980%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.980%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.980%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.980%) |
| $455000 | 4.808% | 07/25/28<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.740%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.740%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.740%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.740%) |
| 605000 | 5.574 | 07/25/29<sup>(a)</sup> | 625955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.432%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.432%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.432%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.432%) |
| 1360000 | 2.879 | 10/30/30<sup>(a)</sup> | 1300652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.262%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.262%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.262%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.262%) |
| 1620000 | 2.572 | 02/11/31<sup>(a)</sup> | 1523063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 4.032%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 4.032%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 4.032%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 4.032%) |
| 338000 | 4.478 | 04/04/31<sup>(a)</sup> | 341513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.500%) |
| 346000 | 3.350 | 03/02/33<sup>(a)</sup> | 324773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.990%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.990%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.990%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.990%) |
| 808000 | 5.557 | 07/25/34<sup>(a)</sup> | 850585 |
| 330000 | 4.400 | 06/14/46 | 278500 |
| 562000 | 4.750 | 12/07/46 | 499009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 4.502%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 4.502%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 4.502%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 4.502%) |
| 760000 | 5.013 | 04/04/51<sup>(a)</sup> | 696979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.130%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.130%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.130%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.130%) |
| 674000 | 4.611 | 04/25/53<sup>(a)</sup> | 583356 |
| Wells Fargo Bank NA | Wells Fargo Bank NA | Wells Fargo Bank NA | Wells Fargo Bank NA |
| 690000 | 6.600 | 01/15/38 | 781589 |
| Zions Bancorp NA | Zions Bancorp NA | Zions Bancorp NA | Zions Bancorp NA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.830%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.830%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.830%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.830%) |
| 440000 | 6.816 | 11/19/35<sup>(a)</sup> | 469156 |
|  |  |  | 125572173 |
| Basic Industry – 0.9% | Basic Industry – 0.9% | Basic Industry – 0.9% | Basic Industry – 0.9% |
| Air Products and Chemicals, Inc. | Air Products and Chemicals, Inc. | Air Products and Chemicals, Inc. | Air Products and Chemicals, Inc. |
| 135000 | 4.900 | 10/11/32 | 139939 |
| 126000 | 2.700 | 05/15/40 | 96359 |
| Albemarle Corp. | Albemarle Corp. | Albemarle Corp. | Albemarle Corp. |
| 243000 | 4.650 | 06/01/27 | 244726 |
| 520000 | 5.050 | 06/01/32 | 529361 |
| Cabot Corp. | Cabot Corp. | Cabot Corp. | Cabot Corp. |
| 75000 | 5.000 | 06/30/32 | 76793 |
| CF Industries, Inc. | CF Industries, Inc. | CF Industries, Inc. | CF Industries, Inc. |
| 200000 | 5.150 | 03/15/34 | 203790 |
| 500000 | 4.950 | 06/01/43 | 460777 |
| Dow Chemical Co. (The) | Dow Chemical Co. (The) | Dow Chemical Co. (The) | Dow Chemical Co. (The) |
| 220000 | 7.375 | 11/01/29 | 241611 |
| 92000 | 2.100 | 11/15/30 | 81950 |
| 462000 | 4.375 | 11/15/42 | 365784 |
| 390000 | 5.550 | 11/30/48 | 340908 |
| 180000 | 3.600 | 11/15/50 | 117006 |
| DuPont de Nemours, Inc. | DuPont de Nemours, Inc. | DuPont de Nemours, Inc. | DuPont de Nemours, Inc. |
| 370000 | 5.319 | 11/15/38 | 375555 |
| 32000 | 5.419 | 11/15/48 | 30848 |
| FMC Corp. | FMC Corp. | FMC Corp. | FMC Corp. |
| 92000 | 3.450 | 10/01/29 | 81123 |
| 100000 | 4.500 | 10/01/49 | 61464 |
| International Paper Co. | International Paper Co. | International Paper Co. | International Paper Co. |
| 120000 | 7.300 | 11/15/39 | 140760 |
| LYB International Finance III LLC | LYB International Finance III LLC | LYB International Finance III LLC | LYB International Finance III LLC |
| 636000 | 5.500 | 03/01/34 | 639727 |
| 240000 | 4.200 | 10/15/49 | 174773 |
| 263000 | 4.200 | 05/01/50 | 190314 |
| 90000 | 3.625 | 04/01/51 | 58432 |

---

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **37** |

---

------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

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

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Basic Industry – (continued) | Basic Industry – (continued) | Basic Industry – (continued) | Basic Industry – (continued) |
| Mosaic Co. (The) | Mosaic Co. (The) | Mosaic Co. (The) | Mosaic Co. (The) |
| 230000 | 4.050% | 11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230179 |
| 240000 | 5.375 | 11/15/28 | 247760 |
| Packaging Corp. of America | Packaging Corp. of America | Packaging Corp. of America | Packaging Corp. of America |
| 100000 | 3.050 | 10/01/51 | 65945 |
| PPG Industries, Inc. | PPG Industries, Inc. | PPG Industries, Inc. | PPG Industries, Inc. |
| 221000 | 2.800 | 08/15/29 | 212773 |
| Sherwin-Williams Co. (The) | Sherwin-Williams Co. (The) | Sherwin-Williams Co. (The) | Sherwin-Williams Co. (The) |
| 1321000 | 3.450 | 06/01/27 | 1313751 |
| 1000000 | 2.950 | 08/15/29 | 965376 |
| 300000 | 4.500 | 06/01/47 | 259842 |
| Westlake Corp. | Westlake Corp. | Westlake Corp. | Westlake Corp. |
| 100000 | 6.375 | 11/15/55 | 100500 |
| Weyerhaeuser Co. | Weyerhaeuser Co. | Weyerhaeuser Co. | Weyerhaeuser Co. |
| 242000 | 4.000 | 11/15/29 | 241055 |
| 100000 | 4.000 | 04/15/30 | 99195 |
|  |  |  | 8388376 |
| Broadcasting – 0.1% | Broadcasting – 0.1% | Broadcasting – 0.1% | Broadcasting – 0.1% |
| Fox Corp. | Fox Corp. | Fox Corp. | Fox Corp. |
| 826000 | 6.500 | 10/13/33 | 904951 |
| Brokerage – 0.6% | Brokerage – 0.6% | Brokerage – 0.6% | Brokerage – 0.6% |
| Affiliated Managers Group, Inc. | Affiliated Managers Group, Inc. | Affiliated Managers Group, Inc. | Affiliated Managers Group, Inc. |
| 229000 | 5.500 | 08/20/34 | 236257 |
| Blackrock, Inc. | Blackrock, Inc. | Blackrock, Inc. | Blackrock, Inc. |
| 516000 | 3.250 | 04/30/29 | 507609 |
| 159000 | 2.400 | 04/30/30 | 149825 |
| 200000 | 1.900 | 01/28/31 | 182028 |
| 141000 | 2.100 | 02/25/32 | 125657 |
| 686000 | 4.750 | 05/25/33 | 707934 |
| Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. |
| 400000 | 1.850 | 09/15/32 | 344449 |
| 1443000 | 5.200 | 06/15/62 | 1331536 |
| Jefferies Financial Group, Inc. | Jefferies Financial Group, Inc. | Jefferies Financial Group, Inc. | Jefferies Financial Group, Inc. |
| 200000 | 5.875 | 07/21/28 | 208089 |
| 279000 | 4.150 | 01/23/30 | 276649 |
| 229000 | 2.625 | 10/15/31 | 203874 |
| 492000 | 6.200 | 04/14/34 | 515203 |
| Nasdaq, Inc. | Nasdaq, Inc. | Nasdaq, Inc. | Nasdaq, Inc. |
| 340000 | 5.550 | 02/15/34 | 357623 |
| 200000 | 3.250 | 04/28/50 | 138681 |
| 100000 | 6.100 | 06/28/63 | 103519 |
| Raymond James Financial, Inc. | Raymond James Financial, Inc. | Raymond James Financial, Inc. | Raymond James Financial, Inc. |
| 30000 | 3.750 | 04/01/51 | 22315 |
|  |  |  | 5411248 |
| Building Materials – 0.2% | Building Materials – 0.2% | Building Materials – 0.2% | Building Materials – 0.2% |
| Allegion U.S. Holding Co., Inc. | Allegion U.S. Holding Co., Inc. | Allegion U.S. Holding Co., Inc. | Allegion U.S. Holding Co., Inc. |
| 160000 | 5.411 | 07/01/32 | 168681 |
| Fortune Brands Innovations, Inc. | Fortune Brands Innovations, Inc. | Fortune Brands Innovations, Inc. | Fortune Brands Innovations, Inc. |
| 179000 | 5.875 | 06/01/33 | 191920 |
| Martin Marietta Materials, Inc. | Martin Marietta Materials, Inc. | Martin Marietta Materials, Inc. | Martin Marietta Materials, Inc. |
| 185000 | 3.450 | 06/01/27 | 183829 |
| 340000 | 4.250 | 12/15/47 | 284978 |
| Masco Corp. | Masco Corp. | Masco Corp. | Masco Corp. |
| 215000 | 1.500 | 02/15/28 | 204819 |
| Owens Corning | Owens Corning | Owens Corning | Owens Corning |
| 250000 | 5.950 | 06/15/54 | 259148 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Building Materials – (continued) | Building Materials – (continued) | Building Materials – (continued) | Building Materials – (continued) |
| Stanley Black & Decker, Inc. | Stanley Black & Decker, Inc. | Stanley Black & Decker, Inc. | Stanley Black & Decker, Inc. |
| 225000 | 3.000% | 05/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206811 |
|  |  |  | 1500186 |
| Capital Goods – 3.4% | Capital Goods – 3.4% | Capital Goods – 3.4% | Capital Goods – 3.4% |
| 3M Co. | 3M Co. | 3M Co. | 3M Co. |
| 465000 | 3.250 | 08/26/49 | 325202 |
| 3M Co., MTN | 3M Co., MTN | 3M Co., MTN | 3M Co., MTN |
| 115000 | 3.625 | 09/14/28 | 114485 |
| 200000 | 4.000 | 09/14/48 | 160806 |
| Amphenol Corp. | Amphenol Corp. | Amphenol Corp. | Amphenol Corp. |
| 340000 | 3.800 | 11/15/27 | 340405 |
| 1250000 | 2.200 | 09/15/31 | 1130522 |
| 500000 | 4.625 | 02/15/36 | 496701 |
| AptarGroup, Inc. | AptarGroup, Inc. | AptarGroup, Inc. | AptarGroup, Inc. |
| 215000 | 3.600 | 03/15/32 | 205083 |
| Avery Dennison Corp. | Avery Dennison Corp. | Avery Dennison Corp. | Avery Dennison Corp. |
| 250000 | 4.875 | 12/06/28 | 255114 |
| Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |
| 134000 | 5.800 | 06/15/31 | 142459 |
| Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. |
| 1220000 | 2.722 | 02/15/30 | 1157806 |
| Caterpillar Financial Services Corp. | Caterpillar Financial Services Corp. | Caterpillar Financial Services Corp. | Caterpillar Financial Services Corp. |
| 700000 | 4.500 | 01/08/27 | 704451 |
| Caterpillar, Inc. | Caterpillar, Inc. | Caterpillar, Inc. | Caterpillar, Inc. |
| 40000 | 2.600 | 04/09/30 | 38123 |
| 300000 | 5.200 | 05/15/35 | 313997 |
| 100000 | 6.050 | 08/15/36 | 112818 |
| 170000 | 5.200 | 05/27/41 | 174598 |
| 388000 | 3.803 | 08/15/42 | 331893 |
| 246000 | 3.250 | 09/19/49 | 179587 |
| Corning, Inc. | Corning, Inc. | Corning, Inc. | Corning, Inc. |
| 130000 | 4.375 | 11/15/57 | 108026 |
| 328000 | 5.450 | 11/15/79 | 313867 |
| Cummins, Inc. | Cummins, Inc. | Cummins, Inc. | Cummins, Inc. |
| 990000 | 4.900 | 02/20/29 | 1021619 |
| 227000 | 1.500 | 09/01/30 | 204873 |
| 279000 | 5.150 | 02/20/34 | 291471 |
| Deere & Co. | Deere & Co. | Deere & Co. | Deere & Co. |
| 504000 | 3.900 | 06/09/42 | 443350 |
| 190000 | 3.750 | 04/15/50 | 151663 |
| Eaton Corp. | Eaton Corp. | Eaton Corp. | Eaton Corp. |
| 80000 | 4.350 | 05/18/28 | 80985 |
| 511000 | 4.150 | 03/15/33 | 510678 |
| General Electric Co. | General Electric Co. | General Electric Co. | General Electric Co. |
| 240000 | 4.300 | 07/29/30 | 243585 |
| General Electric Co., MTN | General Electric Co., MTN | General Electric Co., MTN | General Electric Co., MTN |
| 85000 | 6.750 | 03/15/32 | 97250 |
| 590000 | 5.875 | 01/14/38 | 649543 |
| Honeywell International, Inc. | Honeywell International, Inc. | Honeywell International, Inc. | Honeywell International, Inc. |
| 519000 | 2.500 | 11/01/26 | 513691 |
| 80000 | 2.700 | 08/15/29 | 76891 |
| 450000 | 4.700 | 02/01/30 | 461780 |
| 640000 | 1.750 | 09/01/31 | 566777 |
| 300000 | 5.000 | 02/15/33 | 313367 |
| 200000 | 4.500 | 01/15/34 | 200797 |
| 200000 | 5.250 | 03/01/54 | 192463 |
| Illinois Tool Works, Inc. | Illinois Tool Works, Inc. | Illinois Tool Works, Inc. | Illinois Tool Works, Inc. |
| 109000 | 2.650 | 11/15/26 | 108120 |

---

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

---

| | |
|:---|:---|
| 38 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

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

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Capital Goods – (continued) | Capital Goods – (continued) | Capital Goods – (continued) | Capital Goods – (continued) |
| Illinois Tool Works, Inc. – (continued) | Illinois Tool Works, Inc. – (continued) | Illinois Tool Works, Inc. – (continued) | Illinois Tool Works, Inc. – (continued) |
| $792000 | 3.900% | 09/01/42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686351 |
| Jabil, Inc. | Jabil, Inc. | Jabil, Inc. | Jabil, Inc. |
| 210000 | 3.000 | 01/15/31 | 196808 |
| Jacobs Engineering Group, Inc. | Jacobs Engineering Group, Inc. | Jacobs Engineering Group, Inc. | Jacobs Engineering Group, Inc. |
| 228000 | 5.900 | 03/01/33 | 241411 |
| John Deere Capital Corp. | John Deere Capital Corp. | John Deere Capital Corp. | John Deere Capital Corp. |
| 273000 | 1.450 | 01/15/31 | 243510 |
| John Deere Capital Corp., MTN | John Deere Capital Corp., MTN | John Deere Capital Corp., MTN | John Deere Capital Corp., MTN |
| 1400000 | 4.750 | 01/20/28 | 1430358 |
| 140000 | 2.450 | 01/09/30 | 133426 |
| 100000 | 4.700 | 06/10/30 | 103043 |
| 500000 | 4.900 | 03/07/31 | 520315 |
| 225000 | 3.900 | 06/07/32 | 223270 |
| John Deere Capital Corp., Series I | John Deere Capital Corp., Series I | John Deere Capital Corp., Series I | John Deere Capital Corp., Series I |
| 540000 | 5.150 | 09/08/33 | 570650 |
| Johnson Controls International PLC | Johnson Controls International PLC | Johnson Controls International PLC | Johnson Controls International PLC |
| 110000 | 6.000 | 01/15/36 | 119806 |
| Leggett & Platt, Inc. | Leggett & Platt, Inc. | Leggett & Platt, Inc. | Leggett & Platt, Inc. |
| 215000 | 4.400 | 03/15/29 | 212913 |
| Oshkosh Corp. | Oshkosh Corp. | Oshkosh Corp. | Oshkosh Corp. |
| 376000 | 3.100 | 03/01/30 | 362404 |
| Otis Worldwide Corp. | Otis Worldwide Corp. | Otis Worldwide Corp. | Otis Worldwide Corp. |
| 1115000 | 2.565 | 02/15/30 | 1052846 |
| Parker-Hannifin Corp. | Parker-Hannifin Corp. | Parker-Hannifin Corp. | Parker-Hannifin Corp. |
| 250000 | 4.250 | 09/15/27 | 251676 |
| 660000 | 3.250 | 06/14/29 | 646022 |
| 200000 | 4.500 | 09/15/29 | 203596 |
| Pentair Finance Sarl | Pentair Finance Sarl | Pentair Finance Sarl | Pentair Finance Sarl |
| 222000 | 5.900 | 07/15/32 | 239225 |
| Quanta Services, Inc. | Quanta Services, Inc. | Quanta Services, Inc. | Quanta Services, Inc. |
| 280000 | 4.500 | 01/15/31 | 283193 |
| 500000 | 5.250 | 08/09/34 | 517208 |
| Regal Rexnord Corp. | Regal Rexnord Corp. | Regal Rexnord Corp. | Regal Rexnord Corp. |
| 206000 | 6.050 | 04/15/28 | 213428 |
| 469000 | 6.400 | 04/15/33 | 511803 |
| Republic Services, Inc. | Republic Services, Inc. | Republic Services, Inc. | Republic Services, Inc. |
| 390000 | 3.950 | 05/15/28 | 391109 |
| 846000 | 4.875 | 04/01/29 | 870429 |
| 500000 | 5.000 | 04/01/34 | 518133 |
| Rockwell Automation, Inc. | Rockwell Automation, Inc. | Rockwell Automation, Inc. | Rockwell Automation, Inc. |
| 100000 | 6.250 | 12/01/37 | 112201 |
| 50000 | 2.800 | 08/15/61 | 29312 |
| Roper Technologies, Inc. | Roper Technologies, Inc. | Roper Technologies, Inc. | Roper Technologies, Inc. |
| 65000 | 4.900 | 10/15/34 | 64394 |
| Snap-on, Inc. | Snap-on, Inc. | Snap-on, Inc. | Snap-on, Inc. |
| 460000 | 4.100 | 03/01/48 | 380521 |
| 100000 | 3.100 | 05/01/50 | 68614 |
| Sonoco Products Co. | Sonoco Products Co. | Sonoco Products Co. | Sonoco Products Co. |
| 440000 | 5.000 | 09/01/34 | 443649 |
| Timken Co. (The) | Timken Co. (The) | Timken Co. (The) | Timken Co. (The) |
| 130000 | 4.500 | 12/15/28 | 131003 |
| Vontier Corp. | Vontier Corp. | Vontier Corp. | Vontier Corp. |
| 100000 | 2.950 | 04/01/31 | 92923 |
| Waste Connections, Inc. | Waste Connections, Inc. | Waste Connections, Inc. | Waste Connections, Inc. |
| 300000 | 4.200 | 01/15/33 | 297251 |
| 200000 | 2.950 | 01/15/52 | 132479 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Capital Goods – (continued) | Capital Goods – (continued) | Capital Goods – (continued) | Capital Goods – (continued) |
| Waste Management, Inc. | Waste Management, Inc. | Waste Management, Inc. | Waste Management, Inc. |
| 678000 | 4.875% | 02/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698330 |
| 788000 | 4.625 | 02/15/30 | 806497 |
| 193000 | 1.500 | 03/15/31 | 170745 |
| 1081000 | 5.350 | 10/15/54 | 1066948 |
| Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. |
| 316000 | 3.450 | 11/15/26 | 314813 |
| 306000 | 4.700 | 09/15/28 | 310658 |
| WestRock MWV LLC | WestRock MWV LLC | WestRock MWV LLC | WestRock MWV LLC |
| 170000 | 7.950 | 02/15/31 | 195869 |
| WW Grainger, Inc. | WW Grainger, Inc. | WW Grainger, Inc. | WW Grainger, Inc. |
| 185000 | 4.450 | 09/15/34 | 185980 |
| 442000 | 3.750 | 05/15/46 | 360131 |
| Xylem, Inc. | Xylem, Inc. | Xylem, Inc. | Xylem, Inc. |
| 600000 | 1.950 | 01/30/28 | 579451 |
|  |  |  | 29919548 |
| Communications – 2.1% | Communications – 2.1% | Communications – 2.1% | Communications – 2.1% |
| Charter Communications Operating LLC / Charter | Charter Communications Operating LLC / Charter | Charter Communications Operating LLC / Charter | Charter Communications Operating LLC / Charter |
| Communications Operating Capital | Communications Operating Capital | Communications Operating Capital | Communications Operating Capital |
| 151000 | 3.750 | 02/15/28 | 149608 |
| 346000 | 4.200 | 03/15/28 | 345246 |
| 174000 | 2.250 | 01/15/29 | 164344 |
| 430000 | 5.050 | 03/30/29 | 436841 |
| 188000 | 6.100 | 06/01/29 | 196826 |
| 617000 | 2.800 | 04/01/31 | 560780 |
| 160000 | 2.300 | 02/01/32 | 139550 |
| 268000 | 6.550 | 06/01/34 | 284983 |
| 1005000 | 6.384 | 10/23/35 | 1049593 |
| 274000 | 5.375 | 04/01/38 | 254570 |
| 400000 | 3.500 | 06/01/41 | 289645 |
| 623000 | 5.125 | 07/01/49 | 494511 |
| 413000 | 4.800 | 03/01/50 | 314702 |
| Comcast Corp. | Comcast Corp. | Comcast Corp. | Comcast Corp. |
| 138000 | 3.150 | 02/15/28 | 136389 |
| 356000 | 4.150 | 10/15/28 | 358698 |
| 490000 | 4.550 | 01/15/29 | 500131 |
| 150000 | 2.650 | 02/01/30 | 142967 |
| 400000 | 3.400 | 04/01/30 | 391254 |
| 242000 | 4.250 | 10/15/30 | 244003 |
| 460000 | 4.650 | 02/15/33 | 467018 |
| 192000 | 5.300 | 06/01/34 | 200465 |
| 430000 | 4.200 | 08/15/34 | 417589 |
| 260000 | 5.300 | 05/15/35 | 272176 |
| 249000 | 5.650 | 06/15/35 | 265572 |
| 400000 | 4.400 | 08/15/35 | 388904 |
| 357000 | 6.500 | 11/15/35 | 402184 |
| 480000 | 3.900 | 03/01/38 | 426567 |
| 340000 | 4.000 | 08/15/47 | 264538 |
| 356000 | 3.969 | 11/01/47 | 274456 |
| 200000 | 4.000 | 03/01/48 | 154776 |
| 400000 | 4.700 | 10/15/48 | 342122 |
| 396000 | 3.999 | 11/01/49 | 299826 |
| 356000 | 3.450 | 02/01/50 | 244940 |
| 359000 | 2.800 | 01/15/51 | 215882 |
| 482000 | 2.887 | 11/01/51 | 291566 |
| 207000 | 2.450 | 08/15/52 | 113116 |
| 100000 | 5.650 | 06/01/54 | 96143 |
| 550000 | 2.937 | 11/01/56 | 320309 |

---

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **39** |

---

------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

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

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Communications – (continued) | Communications – (continued) | Communications – (continued) | Communications – (continued) |
| Comcast Corp. – (continued) | Comcast Corp. – (continued) | Comcast Corp. – (continued) | Comcast Corp. – (continued) |
| 396000 | 4.950% | 10/15/58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339351 |
| 472000 | 2.650 | 08/15/62 | 246319 |
| 488000 | 2.987 | 11/01/63 | 272224 |
| Netflix, Inc. | Netflix, Inc. | Netflix, Inc. | Netflix, Inc. |
| 705000 | 5.875 | 11/15/28 | 740398 |
| Omnicom Group, Inc. | Omnicom Group, Inc. | Omnicom Group, Inc. | Omnicom Group, Inc. |
| 63000 | 2.600 | 08/01/31 | 57412 |
| Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC |
| 170000 | 6.550 | 05/01/37 | 174970 |
| 296000 | 7.300 | 07/01/38 | 320207 |
| 342000 | 6.750 | 06/15/39 | 352560 |
| 148000 | 5.875 | 11/15/40 | 139216 |
| 433000 | 5.500 | 09/01/41 | 386614 |
| 329000 | 4.500 | 09/15/42 | 260130 |
| TWDC Enterprises 18 Corp., GMTN | TWDC Enterprises 18 Corp., GMTN | TWDC Enterprises 18 Corp., GMTN | TWDC Enterprises 18 Corp., GMTN |
| 290000 | 4.125 | 06/01/44 | 247642 |
| TWDC Enterprises 18 Corp., MTN | TWDC Enterprises 18 Corp., MTN | TWDC Enterprises 18 Corp., MTN | TWDC Enterprises 18 Corp., MTN |
| 217000 | 1.850 | 07/30/26 | 215106 |
| 102000 | 2.950 | 06/15/27 | 101142 |
| Walt Disney Co. (The) | Walt Disney Co. (The) | Walt Disney Co. (The) | Walt Disney Co. (The) |
| 557000 | 2.200 | 01/13/28 | 544129 |
| 98000 | 2.000 | 09/01/29 | 92377 |
| 374000 | 3.800 | 03/22/30 | 373803 |
| 455000 | 2.650 | 01/13/31 | 430456 |
| 268000 | 6.200 | 12/15/34 | 303586 |
| 75000 | 6.400 | 12/15/35 | 85248 |
| 356000 | 6.650 | 11/15/37 | 411126 |
| 204000 | 4.625 | 03/23/40 | 197379 |
| 376000 | 2.750 | 09/01/49 | 242826 |
| 242000 | 4.700 | 03/23/50 | 219677 |
| 180000 | 3.600 | 01/13/51 | 135070 |
| 383000 | 3.800 | 05/13/60 | 283670 |
|  |  |  | 19085428 |
| Consumer Cyclical – 6.8% | Consumer Cyclical – 6.8% | Consumer Cyclical – 6.8% | Consumer Cyclical – 6.8% |
| Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. |
| 89000 | 3.300 | 04/13/27 | 88726 |
| 200000 | 1.200 | 06/03/27 | 194190 |
| 1092000 | 3.150 | 08/22/27 | 1084522 |
| 364000 | 4.650 | 12/01/29 | 375055 |
| 313000 | 1.500 | 06/03/30 | 283947 |
| 163000 | 2.100 | 05/12/31 | 148307 |
| 1695000 | 3.600 | 04/13/32 | 1649325 |
| 786000 | 4.800 | 12/05/34 | 819925 |
| 110000 | 4.650 | 11/20/35 | 110650 |
| 675000 | 3.875 | 08/22/37 | 624388 |
| 152000 | 2.875 | 05/12/41 | 116939 |
| 440000 | 4.950 | 12/05/44 | 428110 |
| 425000 | 4.050 | 08/22/47 | 351247 |
| 383000 | 2.500 | 06/03/50 | 231149 |
| 697000 | 3.100 | 05/12/51 | 472265 |
| 638000 | 4.250 | 08/22/57 | 517095 |
| 264000 | 3.250 | 05/12/61 | 170137 |
| 393000 | 4.100 | 04/13/62 | 304479 |
| American Honda Finance Corp. | American Honda Finance Corp. | American Honda Finance Corp. | American Honda Finance Corp. |
| 262000 | 4.250 | 09/01/28 | 264226 |
| 440000 | 5.650 | 11/15/28 | 459548 |
| 1030000 | 5.100 | 01/08/36 | 1037618 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Consumer Cyclical – (continued) | Consumer Cyclical – (continued) | Consumer Cyclical – (continued) | Consumer Cyclical – (continued) |
| Aptiv Swiss Holdings Ltd. | Aptiv Swiss Holdings Ltd. | Aptiv Swiss Holdings Ltd. | Aptiv Swiss Holdings Ltd. |
| 330000 | 3.250% | 03/01/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312653 |
| 110000 | 3.100 | 12/01/51 | 72955 |
| 200000 | 5.750 | 09/13/54 | 195363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.385%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.385%) |  |  |
| 200000 | 6.875 | 12/15/54<sup>(a)</sup> | 208753 |
| AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. |
| 240000 | 5.890 | 03/15/35 | 251873 |
| AutoZone, Inc. | AutoZone, Inc. | AutoZone, Inc. | AutoZone, Inc. |
| 94000 | 4.500 | 02/01/28 | 95089 |
| Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. |
| 350000 | 5.850 | 08/01/34 | 363472 |
| Costco Wholesale Corp. | Costco Wholesale Corp. | Costco Wholesale Corp. | Costco Wholesale Corp. |
| 91000 | 3.000 | 05/18/27 | 90404 |
| 298000 | 1.375 | 06/20/27 | 289587 |
| 583000 | 1.600 | 04/20/30 | 533954 |
| 278000 | 1.750 | 04/20/32 | 244562 |
| Darden Restaurants, Inc. | Darden Restaurants, Inc. | Darden Restaurants, Inc. | Darden Restaurants, Inc. |
| 366000 | 6.300 | 10/10/33 | 402157 |
| Dick's Sporting Goods, Inc. | Dick's Sporting Goods, Inc. | Dick's Sporting Goods, Inc. | Dick's Sporting Goods, Inc. |
| 205000 | 3.150 | 01/15/32 | 190729 |
| Dollar General Corp. | Dollar General Corp. | Dollar General Corp. | Dollar General Corp. |
| 347000 | 5.450 | 07/05/33 | 364623 |
| Dollar Tree, Inc. | Dollar Tree, Inc. | Dollar Tree, Inc. | Dollar Tree, Inc. |
| 414000 | 4.200 | 05/15/28 | 415874 |
| eBay, Inc. | eBay, Inc. | eBay, Inc. | eBay, Inc. |
| 130000 | 5.125 | 11/06/35 | 131165 |
| 275000 | 4.000 | 07/15/42 | 229056 |
| Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. |
| 130000 | 2.950 | 03/15/31 | 120618 |
| Ford Holdings LLC | Ford Holdings LLC | Ford Holdings LLC | Ford Holdings LLC |
| 312000 | 9.300 | 03/01/30 | 358002 |
| Ford Motor Co. | Ford Motor Co. | Ford Motor Co. | Ford Motor Co. |
| 50000 | 4.750 | 01/15/43 | 40126 |
| 351000 | 5.291 | 12/08/46 | 301543 |
| Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
| 200000 | 4.271 | 01/09/27 | 199668 |
| 1335000 | 5.800 | 03/05/27 | 1354209 |
| 410000 | 2.900 | 02/16/28 | 397668 |
| 650000 | 5.918 | 03/20/28 | 668299 |
| 200000 | 6.800 | 05/12/28 | 209407 |
| 1110000 | 6.798 | 11/07/28 | 1168899 |
| 300000 | 2.900 | 02/10/29 | 285884 |
| 500000 | 5.113 | 05/03/29 | 505495 |
| 605000 | 7.122 | 11/07/33 | 659813 |
| General Motors Co. | General Motors Co. | General Motors Co. | General Motors Co. |
| 290000 | 5.000 | 10/01/28 | 296523 |
| 215000 | 5.600 | 10/15/32 | 226523 |
| 860000 | 6.250 | 04/15/35 | 923523 |
| 503000 | 6.600 | 04/01/36 | 551374 |
| 127000 | 5.150 | 04/01/38 | 123876 |
| 232000 | 6.750 | 04/01/46 | 251573 |
| 200000 | 5.400 | 04/01/48 | 184283 |
| 190000 | 5.950 | 04/01/49 | 187866 |
| General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
| 356000 | 2.350 | 02/26/27 | 350618 |
| 92000 | 5.000 | 04/09/27 | 92984 |

---

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

---

| | |
|:---|:---|
| 40 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

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

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Consumer Cyclical – (continued) | Consumer Cyclical – (continued) | Consumer Cyclical – (continued) | Consumer Cyclical – (continued) |
| General Motors Financial Co., Inc. – (continued) | General Motors Financial Co., Inc. – (continued) | General Motors Financial Co., Inc. – (continued) | General Motors Financial Co., Inc. – (continued) |
| $465000 | 2.700% | 08/20/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456862 |
| 300000 | 6.000 | 01/09/28 | 309808 |
| 250000 | 2.400 | 10/15/28 | 239981 |
| 300000 | 5.550 | 07/15/29 | 311968 |
| 500000 | 5.850 | 04/06/30 | 528913 |
| 924000 | 2.350 | 01/08/31 | 843607 |
| 250000 | 2.700 | 06/10/31 | 230136 |
| Genuine Parts Co. | Genuine Parts Co. | Genuine Parts Co. | Genuine Parts Co. |
| 460000 | 4.950 | 08/15/29 | 465433 |
| Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
| 1000000 | 2.900 | 05/15/30 | 931656 |
| 542000 | 2.900 | 11/15/31 | 487395 |
| Home Depot, Inc. (The) | Home Depot, Inc. (The) | Home Depot, Inc. (The) | Home Depot, Inc. (The) |
| 66000 | 2.800 | 09/14/27 | 65249 |
| 103000 | 3.900 | 12/06/28 | 103613 |
| 100000 | 4.900 | 04/15/29 | 103161 |
| 228000 | 2.950 | 06/15/29 | 222313 |
| 202000 | 1.375 | 03/15/31 | 178034 |
| 455000 | 1.875 | 09/15/31 | 406270 |
| 629000 | 5.875 | 12/16/36 | 688960 |
| 460000 | 3.300 | 04/15/40 | 381800 |
| 284000 | 4.200 | 04/01/43 | 249420 |
| 150000 | 4.875 | 02/15/44 | 141932 |
| 118000 | 4.400 | 03/15/45 | 104327 |
| 408000 | 4.250 | 04/01/46 | 350594 |
| 244000 | 3.125 | 12/15/49 | 168620 |
| 300000 | 3.350 | 04/15/50 | 214977 |
| 115000 | 2.375 | 03/15/51 | 66917 |
| 662000 | 4.950 | 09/15/52 | 612622 |
| 100000 | 3.500 | 09/15/56 | 70823 |
| Lear Corp. | Lear Corp. | Lear Corp. | Lear Corp. |
| 250000 | 2.600 | 01/15/32 | 227342 |
| 160000 | 3.550 | 01/15/52 | 111691 |
| Lennar Corp. | Lennar Corp. | Lennar Corp. | Lennar Corp. |
| 250000 | 4.750 | 11/29/27 | 252184 |
| Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. |
| 170000 | 3.100 | 05/03/27 | 168504 |
| 180000 | 1.300 | 04/15/28 | 170787 |
| 202000 | 1.700 | 09/15/28 | 191288 |
| 157000 | 1.700 | 10/15/30 | 141096 |
| 208000 | 3.750 | 04/01/32 | 201337 |
| 780000 | 5.150 | 07/01/33 | 811473 |
| 826000 | 3.000 | 10/15/50 | 537486 |
| 742000 | 4.250 | 04/01/52 | 591944 |
| 474000 | 5.625 | 04/15/53 | 467134 |
| Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
| 1220000 | 4.900 | 04/15/29 | 1252494 |
| Marriott International, Inc., Series FF | Marriott International, Inc., Series FF | Marriott International, Inc., Series FF | Marriott International, Inc., Series FF |
| 1958000 | 4.625 | 06/15/30 | 1994896 |
| Marriott International, Inc., Series GG | Marriott International, Inc., Series GG | Marriott International, Inc., Series GG | Marriott International, Inc., Series GG |
| 300000 | 3.500 | 10/15/32 | 282830 |
| Mastercard, Inc. | Mastercard, Inc. | Mastercard, Inc. | Mastercard, Inc. |
| 84000 | 2.950 | 11/21/26 | 83407 |
| 144000 | 3.300 | 03/26/27 | 143447 |
| 575000 | 4.875 | 03/09/28 | 587721 |
| 132000 | 2.950 | 06/01/29 | 128656 |
| 668000 | 3.350 | 03/26/30 | 656922 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Consumer Cyclical – (continued) | Consumer Cyclical – (continued) | Consumer Cyclical – (continued) | Consumer Cyclical – (continued) |
| Mastercard, Inc. – (continued) | Mastercard, Inc. – (continued) | Mastercard, Inc. – (continued) | Mastercard, Inc. – (continued) |
| $222000 | 2.000% | 11/18/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199602 |
| 162000 | 3.650 | 06/01/49 | 124731 |
| 400000 | 3.850 | 03/26/50 | 317774 |
| McDonald's Corp. | McDonald's Corp. | McDonald's Corp. | McDonald's Corp. |
| 684000 | 5.450 | 08/14/53 | 673599 |
| McDonald's Corp., MTN | McDonald's Corp., MTN | McDonald's Corp., MTN | McDonald's Corp., MTN |
| 251000 | 3.500 | 03/01/27 | 250433 |
| 118000 | 3.800 | 04/01/28 | 118004 |
| 91000 | 2.625 | 09/01/29 | 87387 |
| 53000 | 2.125 | 03/01/30 | 49514 |
| 321000 | 4.700 | 12/09/35 | 324219 |
| 328000 | 6.300 | 10/15/37 | 370633 |
| 150000 | 4.875 | 12/09/45 | 139545 |
| 300000 | 4.450 | 03/01/47 | 262840 |
| 296000 | 4.450 | 09/01/48 | 257656 |
| 1000 | 4.200 | 04/01/50 | 828 |
| NIKE, Inc. | NIKE, Inc. | NIKE, Inc. | NIKE, Inc. |
| 190000 | 2.750 | 03/27/27 | 188541 |
| 186000 | 2.850 | 03/27/30 | 178736 |
| 250000 | 3.250 | 03/27/40 | 206204 |
| 268000 | 3.875 | 11/01/45 | 220313 |
| 310000 | 3.375 | 03/27/50 | 227277 |
| O'Reilly Automotive, Inc. | O'Reilly Automotive, Inc. | O'Reilly Automotive, Inc. | O'Reilly Automotive, Inc. |
| 300000 | 4.200 | 04/01/30 | 301049 |
| PulteGroup, Inc. | PulteGroup, Inc. | PulteGroup, Inc. | PulteGroup, Inc. |
| 340000 | 6.375 | 05/15/33 | 380195 |
| Ralph Lauren Corp. | Ralph Lauren Corp. | Ralph Lauren Corp. | Ralph Lauren Corp. |
| 66000 | 5.000 | 06/15/32 | 68792 |
| Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. |
| 400000 | 5.375 | 01/15/36 | 408866 |
| Sekisui House U.S., Inc. | Sekisui House U.S., Inc. | Sekisui House U.S., Inc. | Sekisui House U.S., Inc. |
| 300000 | 3.850 | 01/15/30 | 291465 |
| Sekisui House US, Inc. | Sekisui House US, Inc. | Sekisui House US, Inc. | Sekisui House US, Inc. |
| 388000 | 3.966 | 08/06/61 | 265984 |
| Starbucks Corp. | Starbucks Corp. | Starbucks Corp. | Starbucks Corp. |
| 100000 | 4.000 | 11/15/28 | 100309 |
| 300000 | 3.000 | 02/14/32 | 281449 |
| 92000 | 4.300 | 06/15/45 | 79017 |
| 250000 | 4.500 | 11/15/48 | 215377 |
| 94000 | 4.450 | 08/15/49 | 80332 |
| 642000 | 3.500 | 11/15/50 | 466891 |
| Target Corp. | Target Corp. | Target Corp. | Target Corp. |
| 1262000 | 2.350 | 02/15/30 | 1191109 |
| 273000 | 2.950 | 01/15/52 | 179127 |
| 250000 | 4.800 | 01/15/53 | 227795 |
| Toll Brothers Finance Corp. | Toll Brothers Finance Corp. | Toll Brothers Finance Corp. | Toll Brothers Finance Corp. |
| 300000 | 3.800 | 11/01/29 | 297301 |
| Toyota Motor Credit Corp. | Toyota Motor Credit Corp. | Toyota Motor Credit Corp. | Toyota Motor Credit Corp. |
| 134000 | 4.625 | 01/12/28 | 136374 |
| 1167000 | 4.550 | 08/09/29 | 1194775 |
| Toyota Motor Credit Corp., MTN | Toyota Motor Credit Corp., MTN | Toyota Motor Credit Corp., MTN | Toyota Motor Credit Corp., MTN |
| 100000 | 3.200 | 01/11/27 | 99597 |
| 672000 | 1.900 | 01/13/27 | 662106 |
| 296000 | 3.050 | 03/22/27 | 294326 |
| 224000 | 4.550 | 09/20/27 | 227222 |
| 350000 | 1.900 | 04/06/28 | 338355 |
| 94000 | 4.450 | 06/29/29 | 95836 |

---

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **41** |

---

------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

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

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Consumer Cyclical – (continued) | Consumer Cyclical – (continued) | Consumer Cyclical – (continued) | Consumer Cyclical – (continued) |
| Toyota Motor Credit Corp., MTN – (continued) | Toyota Motor Credit Corp., MTN – (continued) | Toyota Motor Credit Corp., MTN – (continued) | Toyota Motor Credit Corp., MTN – (continued) |
| 436000 | 2.150% | 02/13/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408536 |
| 391000 | 3.375 | 04/01/30 | 382172 |
| Visa, Inc. | Visa, Inc. | Visa, Inc. | Visa, Inc. |
| 66000 | 1.900 | 04/15/27 | 64741 |
| 499000 | 2.750 | 09/15/27 | 492311 |
| 274000 | 2.050 | 04/15/30 | 256040 |
| 94000 | 1.100 | 02/15/31 | 82598 |
| 302000 | 4.150 | 12/14/35 | 295430 |
| 960000 | 4.700 | 02/12/36 | 968266 |
| 94000 | 2.700 | 04/15/40 | 73413 |
| 352000 | 4.300 | 12/14/45 | 312624 |
| 94000 | 3.650 | 09/15/47 | 74685 |
| 94000 | 2.000 | 08/15/50 | 51968 |
| Walmart, Inc. | Walmart, Inc. | Walmart, Inc. | Walmart, Inc. |
| 121000 | 3.050 | 07/08/26 | 120648 |
| 310000 | 1.050 | 09/17/26 | 305578 |
| 126000 | 3.950 | 09/09/27 | 126634 |
| 166000 | 3.700 | 06/26/28 | 166529 |
| 224000 | 1.500 | 09/22/28 | 213102 |
| 1078000 | 3.250 | 07/08/29 | 1066250 |
| 207000 | 7.550 | 02/15/30 | 236568 |
| 109000 | 1.800 | 09/22/31 | 98413 |
| 195000 | 5.250 | 09/01/35 | 208191 |
| 330000 | 6.500 | 08/15/37 | 387678 |
| 255000 | 4.050 | 06/29/48 | 215006 |
| 212000 | 2.650 | 09/22/51 | 135795 |
| 410000 | 4.500 | 09/09/52 | 368532 |
| Western Union Co. (The) | Western Union Co. (The) | Western Union Co. (The) | Western Union Co. (The) |
| 120000 | 6.200 | 11/17/36 | 124693 |
|  |  |  | 60838807 |
| Consumer Noncyclical – 6.9% | Consumer Noncyclical – 6.9% | Consumer Noncyclical – 6.9% | Consumer Noncyclical – 6.9% |
| Abbott Laboratories | Abbott Laboratories | Abbott Laboratories | Abbott Laboratories |
| 452000 | 3.750 | 11/30/26 | 451521 |
| 538000 | 4.750 | 11/30/36 | 543387 |
| 840000 | 4.900 | 11/30/46 | 794932 |
| AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
| 230000 | 4.650 | 03/15/28 | 234248 |
| 442000 | 4.250 | 11/14/28 | 447269 |
| 204000 | 4.800 | 03/15/29 | 209580 |
| 625000 | 3.200 | 11/21/29 | 610144 |
| 328000 | 5.200 | 03/15/35 | 342124 |
| 561000 | 4.050 | 11/21/39 | 506783 |
| 30000 | 4.400 | 11/06/42 | 27120 |
| 643000 | 5.350 | 03/15/44 | 645255 |
| 266000 | 4.850 | 06/15/44 | 251016 |
| 185000 | 4.700 | 05/14/45 | 170017 |
| 200000 | 4.450 | 05/14/46 | 176064 |
| 835000 | 4.875 | 11/14/48 | 771907 |
| 506000 | 4.250 | 11/21/49 | 426902 |
| 70000 | 5.400 | 03/15/54 | 69043 |
| 65000 | 5.600 | 03/15/55 | 66028 |
| Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. |
| 1080000 | 4.800 | 02/14/29 | 1103093 |
| 92000 | 5.800 | 02/14/39 | 96087 |
| 242000 | 3.400 | 02/04/41 | 189530 |
| 220000 | 4.250 | 08/09/42 | 186403 |
| 256000 | 5.375 | 01/31/44 | 251305 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Consumer Noncyclical – (continued) | Consumer Noncyclical – (continued) | Consumer Noncyclical – (continued) | Consumer Noncyclical – (continued) |
| Altria Group, Inc. – (continued) | Altria Group, Inc. – (continued) | Altria Group, Inc. – (continued) | Altria Group, Inc. – (continued) |
| 148000 | 3.875% | 09/16/46 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113913 |
| 464000 | 5.950 | 02/14/49 | 470236 |
| 654000 | 3.700 | 02/04/51 | 467712 |
| 134000 | 4.000 | 02/04/61 | 98402 |
| Amgen, Inc. | Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
| 820000 | 5.150 | 03/02/28 | 839409 |
| 1500000 | 2.450 | 02/21/30 | 1418181 |
| 154000 | 3.350 | 02/22/32 | 146644 |
| 760000 | 4.200 | 03/01/33 | 750614 |
| 302000 | 5.250 | 03/02/33 | 315542 |
| 288000 | 6.400 | 02/01/39 | 316675 |
| 661000 | 3.150 | 02/21/40 | 533239 |
| 400000 | 5.600 | 03/02/43 | 408048 |
| 100000 | 3.375 | 02/21/50 | 73053 |
| 40000 | 4.663 | 06/15/51 | 34901 |
| 353000 | 3.000 | 01/15/52 | 234128 |
| 190000 | 5.650 | 03/02/53 | 190009 |
| 945000 | 5.750 | 03/02/63 | 940700 |
| Baxter International, Inc. | Baxter International, Inc. | Baxter International, Inc. | Baxter International, Inc. |
| 119000 | 1.915 | 02/01/27 | 116740 |
| 46000 | 6.250 | 12/01/37 | 48733 |
| 1247000 | 3.132 | 12/01/51 | 777227 |
| Becton Dickinson & Co. | Becton Dickinson & Co. | Becton Dickinson & Co. | Becton Dickinson & Co. |
| 200000 | 3.700 | 06/06/27 | 199418 |
| 200000 | 4.693 | 02/13/28 | 202488 |
| Biogen, Inc. | Biogen, Inc. | Biogen, Inc. | Biogen, Inc. |
| 466000 | 5.200 | 09/15/45 | 435344 |
| 540000 | 3.150 | 05/01/50 | 355639 |
| Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. |
| 160000 | 1.125 | 11/13/27 | 153581 |
| 500000 | 4.125 | 06/15/39 | 458535 |
| 140000 | 3.550 | 03/15/42 | 115323 |
| 1300000 | 5.500 | 02/22/44 | 1319989 |
| 100000 | 2.550 | 11/13/50 | 60510 |
| 1007000 | 6.250 | 11/15/53 | 1105422 |
| 691000 | 5.550 | 02/22/54 | 683566 |
| Cardinal Health, Inc. | Cardinal Health, Inc. | Cardinal Health, Inc. | Cardinal Health, Inc. |
| 85000 | 5.125 | 02/15/29 | 87813 |
| 500000 | 5.000 | 11/15/29 | 516858 |
| 120000 | 4.600 | 03/15/43 | 107068 |
| 120000 | 4.500 | 11/15/44 | 104184 |
| Centene Corp. | Centene Corp. | Centene Corp. | Centene Corp. |
| 258000 | 4.625 | 12/15/29 | 252413 |
| 1160000 | 3.375 | 02/15/30 | 1072042 |
| 368000 | 2.500 | 03/01/31 | 318934 |
| 407000 | 2.625 | 08/01/31 | 352444 |
| DENTSPLY SIRONA, Inc. | DENTSPLY SIRONA, Inc. | DENTSPLY SIRONA, Inc. | DENTSPLY SIRONA, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.379%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.379%) |  |  |
| 151000 | 8.375 | 09/12/55<sup>(a)</sup> | 151040 |
| Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. |
| 453000 | 5.375 | 06/15/34 | 471155 |
| 290000 | 3.600 | 03/15/51 | 208780 |
| Eli Lilly & Co. | Eli Lilly & Co. | Eli Lilly & Co. | Eli Lilly & Co. |
| 664000 | 4.500 | 02/09/29 | 679076 |
| 1150000 | 4.200 | 08/14/29 | 1165030 |
| 1000000 | 4.250 | 03/15/31 | 1014780 |

---

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

---

| | |
|:---|:---|
| 42 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

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

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Consumer Noncyclical – (continued) | Consumer Noncyclical – (continued) | Consumer Noncyclical – (continued) | Consumer Noncyclical – (continued) |
| Eli Lilly & Co. – (continued) | Eli Lilly & Co. – (continued) | Eli Lilly & Co. – (continued) | Eli Lilly & Co. – (continued) |
| $480000 | 4.700% | 02/09/34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491848 |
| 80000 | 3.950 | 05/15/47 | 66083 |
| 190000 | 3.950 | 03/15/49 | 155533 |
| 159000 | 2.250 | 05/15/50 | 92500 |
| 795000 | 2.500 | 09/15/60 | 439955 |
| Gilead Sciences, Inc. | Gilead Sciences, Inc. | Gilead Sciences, Inc. | Gilead Sciences, Inc. |
| 1107000 | 4.800 | 11/15/29 | 1140004 |
| 528000 | 4.000 | 09/01/36 | 498200 |
| 492000 | 2.600 | 10/01/40 | 369941 |
| 365000 | 4.800 | 04/01/44 | 340023 |
| 326000 | 2.800 | 10/01/50 | 209598 |
| GlaxoSmithKline Capital, Inc. | GlaxoSmithKline Capital, Inc. | GlaxoSmithKline Capital, Inc. | GlaxoSmithKline Capital, Inc. |
| 362000 | 3.875 | 05/15/28 | 363503 |
| 150000 | 5.375 | 04/15/34 | 160657 |
| 548000 | 6.375 | 05/15/38 | 624322 |
| Johnson & Johnson | Johnson & Johnson | Johnson & Johnson | Johnson & Johnson |
| 175000 | 4.850 | 03/01/32 | 183409 |
| 536000 | 3.550 | 03/01/36 | 498369 |
| 144000 | 3.625 | 03/03/37 | 131897 |
| 640000 | 4.500 | 09/01/40 | 625993 |
| 238000 | 3.750 | 03/03/47 | 194278 |
| 424000 | 2.450 | 09/01/60 | 236459 |
| Johnson & Johnson | Johnson & Johnson | Johnson & Johnson | Johnson & Johnson |
| 330000 | 1.300 | 09/01/30 | 298191 |
| Kroger Co. (The) | Kroger Co. (The) | Kroger Co. (The) | Kroger Co. (The) |
| 452000 | 8.000 | 09/15/29 | 508681 |
| 500000 | 3.950 | 01/15/50 | 386581 |
| 690000 | 5.650 | 09/15/64 | 667114 |
| Medtronic Global Holdings SCA | Medtronic Global Holdings SCA | Medtronic Global Holdings SCA | Medtronic Global Holdings SCA |
| 794000 | 4.500 | 03/30/33 | 800027 |
| Medtronic, Inc. | Medtronic, Inc. | Medtronic, Inc. | Medtronic, Inc. |
| 580000 | 4.375 | 03/15/35 | 571752 |
| 385000 | 4.625 | 03/15/45 | 357518 |
| Merck & Co., Inc. | Merck & Co., Inc. | Merck & Co., Inc. | Merck & Co., Inc. |
| 150000 | 1.700 | 06/10/27 | 146522 |
| 100000 | 3.400 | 03/07/29 | 99095 |
| 180000 | 4.300 | 05/17/30 | 182700 |
| 614000 | 4.500 | 05/17/33 | 623056 |
| 610000 | 2.350 | 06/24/40 | 448131 |
| 470000 | 4.900 | 05/17/44 | 447870 |
| 100000 | 4.000 | 03/07/49 | 81339 |
| 123000 | 2.450 | 06/24/50 | 73961 |
| 623000 | 2.750 | 12/10/51 | 391399 |
| 355000 | 5.000 | 05/17/53 | 331019 |
| 92000 | 2.900 | 12/10/61 | 54662 |
| 623000 | 5.150 | 05/17/63 | 581225 |
| Mylan, Inc. | Mylan, Inc. | Mylan, Inc. | Mylan, Inc. |
| 195000 | 4.550 | 04/15/28 | 196137 |
| 210000 | 5.400 | 11/29/43 | 184626 |
| Novartis Capital Corp. | Novartis Capital Corp. | Novartis Capital Corp. | Novartis Capital Corp. |
| 550000 | 2.000 | 02/14/27 | 541506 |
| 250000 | 3.100 | 05/17/27 | 248570 |
| 1370000 | 3.800 | 09/18/29 | 1371921 |
| 265000 | 4.000 | 09/18/31 | 265900 |
| 248000 | 4.200 | 09/18/34 | 245862 |
| 160000 | 4.400 | 05/06/44 | 145267 |
| 200000 | 2.750 | 08/14/50 | 131379 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Consumer Noncyclical – (continued) | Consumer Noncyclical – (continued) | Consumer Noncyclical – (continued) | Consumer Noncyclical – (continued) |
| Pfizer Investment Enterprises Pte Ltd. | Pfizer Investment Enterprises Pte Ltd. | Pfizer Investment Enterprises Pte Ltd. | Pfizer Investment Enterprises Pte Ltd. |
| 980000 | 4.450% | 05/19/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993729 |
| 620000 | 4.750 | 05/19/33 | 632031 |
| 1069000 | 5.110 | 05/19/43 | 1041994 |
| Pfizer, Inc. | Pfizer, Inc. | Pfizer, Inc. | Pfizer, Inc. |
| 330000 | 3.600 | 09/15/28 | 329507 |
| 700000 | 3.450 | 03/15/29 | 692902 |
| 830000 | 4.000 | 12/15/36 | 788713 |
| 380000 | 4.100 | 09/15/38 | 353611 |
| 678000 | 3.900 | 03/15/39 | 609547 |
| 750000 | 4.400 | 05/15/44 | 681896 |
| 160000 | 4.125 | 12/15/46 | 134389 |
| Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. |
| 792000 | 4.750 | 02/12/27 | 799534 |
| 400000 | 5.125 | 11/17/27 | 408240 |
| 340000 | 4.875 | 02/15/28 | 346758 |
| 300000 | 5.500 | 09/07/30 | 316965 |
| 800000 | 5.625 | 09/07/33 | 857930 |
| 650000 | 3.875 | 08/21/42 | 546958 |
| 424000 | 4.250 | 11/10/44 | 366629 |
| Regeneron Pharmaceuticals, Inc. | Regeneron Pharmaceuticals, Inc. | Regeneron Pharmaceuticals, Inc. | Regeneron Pharmaceuticals, Inc. |
| 346000 | 2.800 | 09/15/50 | 215468 |
| Revvity, Inc. | Revvity, Inc. | Revvity, Inc. | Revvity, Inc. |
| 250000 | 2.250 | 09/15/31 | 222702 |
| Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC |
| 160000 | 5.150 | 09/02/29 | 165493 |
| 410000 | 3.550 | 09/02/50 | 291480 |
| Sanofi SA | Sanofi SA | Sanofi SA | Sanofi SA |
| 100000 | 3.750 | 11/03/27 | 100427 |
| 600000 | 4.200 | 11/03/32 | 603229 |
| Stryker Corp. | Stryker Corp. | Stryker Corp. | Stryker Corp. |
| 490000 | 4.625 | 03/15/46 | 442095 |
| Takeda U.S. Financing, Inc. | Takeda U.S. Financing, Inc. | Takeda U.S. Financing, Inc. | Takeda U.S. Financing, Inc. |
| 230000 | 5.900 | 07/07/55 | 239147 |
| Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. |
| 725000 | 5.086 | 08/10/33 | 757406 |
| 470000 | 2.800 | 10/15/41 | 352753 |
| Utah Acquisition Sub, Inc. | Utah Acquisition Sub, Inc. | Utah Acquisition Sub, Inc. | Utah Acquisition Sub, Inc. |
| 154000 | 3.950 | 06/15/26 | 154059 |
| Viatris, Inc. | Viatris, Inc. | Viatris, Inc. | Viatris, Inc. |
| 503000 | 2.700 | 06/22/30 | 463928 |
| 540000 | 3.850 | 06/22/40 | 426253 |
| 26000 | 4.000 | 06/22/50 | 17838 |
| Wyeth LLC | Wyeth LLC | Wyeth LLC | Wyeth LLC |
| 339000 | 6.500 | 02/01/34 | 383540 |
| Zimmer Biomet Holdings, Inc. | Zimmer Biomet Holdings, Inc. | Zimmer Biomet Holdings, Inc. | Zimmer Biomet Holdings, Inc. |
| 50000 | 3.550 | 03/20/30 | 48784 |
| 300000 | 4.250 | 08/15/35 | 284234 |
| Zoetis, Inc. | Zoetis, Inc. | Zoetis, Inc. | Zoetis, Inc. |
| 94000 | 3.000 | 09/12/27 | 92962 |
| 100000 | 3.900 | 08/20/28 | 99960 |
| 265000 | 4.700 | 02/01/43 | 245796 |
|  |  |  | 61168766 |
| Consumer Products – 0.7% | Consumer Products – 0.7% | Consumer Products – 0.7% | Consumer Products – 0.7% |
| Brunswick Corp. | Brunswick Corp. | Brunswick Corp. | Brunswick Corp. |
| 135000 | 4.400 | 09/15/32 | 131109 |
| Colgate-Palmolive Co. | Colgate-Palmolive Co. | Colgate-Palmolive Co. | Colgate-Palmolive Co. |
| 150000 | 4.600 | 03/01/33 | 154780 |

---

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **43** |

---

------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

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

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Consumer Products – (continued) | Consumer Products – (continued) | Consumer Products – (continued) | Consumer Products – (continued) |
| Estee Lauder Cos., Inc. (The) | Estee Lauder Cos., Inc. (The) | Estee Lauder Cos., Inc. (The) | Estee Lauder Cos., Inc. (The) |
| 1510000 | 1.950% | 03/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1361667 |
| Haleon U.S. Capital LLC | Haleon U.S. Capital LLC | Haleon U.S. Capital LLC | Haleon U.S. Capital LLC |
| 300000 | 3.375 | 03/24/29 | 294741 |
| Haleon US Capital LLC | Haleon US Capital LLC | Haleon US Capital LLC | Haleon US Capital LLC |
| 300000 | 3.625 | 03/24/32 | 288624 |
| 400000 | 4.000 | 03/24/52 | 322445 |
| Hasbro, Inc. | Hasbro, Inc. | Hasbro, Inc. | Hasbro, Inc. |
| 263000 | 6.350 | 03/15/40 | 287182 |
| Kenvue, Inc. | Kenvue, Inc. | Kenvue, Inc. | Kenvue, Inc. |
| 210000 | 5.050 | 03/22/28 | 215088 |
| 270000 | 5.050 | 03/22/53 | 252271 |
| Kimberly-Clark Corp. | Kimberly-Clark Corp. | Kimberly-Clark Corp. | Kimberly-Clark Corp. |
| 100000 | 3.950 | 11/01/28 | 100583 |
| 226000 | 3.700 | 06/01/43 | 183961 |
| Mattel, Inc. | Mattel, Inc. | Mattel, Inc. | Mattel, Inc. |
| 352000 | 6.200 | 10/01/40 | 363494 |
| Polaris, Inc. | Polaris, Inc. | Polaris, Inc. | Polaris, Inc. |
| 300000 | 5.600 | 03/01/31 | 305400 |
| Procter & Gamble Co. (The) | Procter & Gamble Co. (The) | Procter & Gamble Co. (The) | Procter & Gamble Co. (The) |
| 214000 | 1.900 | 02/01/27 | 210654 |
| 756000 | 2.850 | 08/11/27 | 748788 |
| 512000 | 3.000 | 03/25/30 | 497544 |
| 232000 | 1.200 | 10/29/30 | 206251 |
| 196000 | 1.950 | 04/23/31 | 179081 |
| 76000 | 2.300 | 02/01/32 | 70250 |
| 199000 | 4.050 | 01/26/33 | 200925 |
|  |  |  | 6374838 |
| Electric – 10.3% | Electric – 10.3% | Electric – 10.3% | Electric – 10.3% |
| AEP Texas, Inc. | AEP Texas, Inc. | AEP Texas, Inc. | AEP Texas, Inc. |
| 150000 | 4.700 | 05/15/32 | 152348 |
| 480000 | 5.400 | 06/01/33 | 502276 |
| 222000 | 5.700 | 05/15/34 | 235313 |
| AEP Texas, Inc., Series I | AEP Texas, Inc., Series I | AEP Texas, Inc., Series I | AEP Texas, Inc., Series I |
| 180000 | 2.100 | 07/01/30 | 166211 |
| AEP Transmission Co. LLC | AEP Transmission Co. LLC | AEP Transmission Co. LLC | AEP Transmission Co. LLC |
| 100000 | 3.750 | 12/01/47 | 79071 |
| 700000 | 3.800 | 06/15/49 | 538902 |
| AEP Transmission Co. LLC, Series M | AEP Transmission Co. LLC, Series M | AEP Transmission Co. LLC, Series M | AEP Transmission Co. LLC, Series M |
| 1250000 | 3.650 | 04/01/50 | 951381 |
| AES Corp. (The) | AES Corp. (The) | AES Corp. (The) | AES Corp. (The) |
| 204000 | 2.450 | 01/15/31 | 189653 |
| Alabama Power Co. | Alabama Power Co. | Alabama Power Co. | Alabama Power Co. |
| 530000 | 5.850 | 11/15/33 | 574856 |
| 370000 | 6.125 | 05/15/38 | 412111 |
| Alliant Energy Corp. | Alliant Energy Corp. | Alliant Energy Corp. | Alliant Energy Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.077%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.077%) |  |  |
| 470000 | 5.750 | 04/01/56<sup>(a)</sup> | 468146 |
| Ameren Illinois Co. | Ameren Illinois Co. | Ameren Illinois Co. | Ameren Illinois Co. |
| 400000 | 5.900 | 12/01/52 | 424676 |
| American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. |
| 100000 | 5.200 | 01/15/29 | 103695 |
| 100000 | 5.625 | 03/01/33 | 106276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.675%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.675%) |  |  |
| 100000 | 6.950 | 12/15/54<sup>(a)</sup> | 108300 |
| 486000 | 3.875 | 02/15/62<sup>(a)</sup> | 479014 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Electric – (continued) | Electric – (continued) | Electric – (continued) | Electric – (continued) |
| American Electric Power Co., Inc., Series D | American Electric Power Co., Inc., Series D | American Electric Power Co., Inc., Series D | American Electric Power Co., Inc., Series D |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.940%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.940%) |  |  |
| $544000 | 6.050% | 03/15/56<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547268 |
| Arizona Public Service Co. | Arizona Public Service Co. | Arizona Public Service Co. | Arizona Public Service Co. |
| 400000 | 2.200 | 12/15/31 | 357066 |
| 100000 | 4.500 | 04/01/42 | 90199 |
| 110000 | 4.200 | 08/15/48 | 90681 |
| 160000 | 4.250 | 03/01/49 | 130036 |
| 110000 | 3.500 | 12/01/49 | 78946 |
| Atmos Energy Corp. | Atmos Energy Corp. | Atmos Energy Corp. | Atmos Energy Corp. |
| 434000 | 5.500 | 06/15/41 | 451175 |
| 1582000 | 4.150 | 01/15/43 | 1390596 |
| Avista Corp. | Avista Corp. | Avista Corp. | Avista Corp. |
| 327000 | 4.000 | 04/01/52 | 255539 |
| Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. |
| 240000 | 6.125 | 04/01/36 | 262909 |
| 100000 | 5.150 | 11/15/43 | 97284 |
| 300000 | 4.450 | 01/15/49 | 253606 |
| 600000 | 4.250 | 10/15/50 | 493507 |
| 100000 | 2.850 | 05/15/51 | 63012 |
| Black Hills Corp. | Black Hills Corp. | Black Hills Corp. | Black Hills Corp. |
| 700000 | 2.500 | 06/15/30 | 653858 |
| 161000 | 6.000 | 01/15/35 | 173482 |
| CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC |
| 1650000 | 5.200 | 10/01/28 | 1704921 |
| CenterPoint Energy Houston Electric LLC, Series AC | CenterPoint Energy Houston Electric LLC, Series AC | CenterPoint Energy Houston Electric LLC, Series AC | CenterPoint Energy Houston Electric LLC, Series AC |
| 1089000 | 4.250 | 02/01/49 | 914806 |
| CenterPoint Energy Houston Electric LLC, Series AJ | CenterPoint Energy Houston Electric LLC, Series AJ | CenterPoint Energy Houston Electric LLC, Series AJ | CenterPoint Energy Houston Electric LLC, Series AJ |
| 100000 | 4.850 | 10/01/52 | 91531 |
| CenterPoint Energy, Inc., Series A | CenterPoint Energy, Inc., Series A | CenterPoint Energy, Inc., Series A | CenterPoint Energy, Inc., Series A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.254%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.254%) |  |  |
| 182000 | 7.000 | 02/15/55<sup>(a)</sup> | 192237 |
| CMS Energy Corp. | CMS Energy Corp. | CMS Energy Corp. | CMS Energy Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.961%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.961%) |  |  |
| 452000 | 6.500 | 06/01/55<sup>(a)</sup> | 472249 |
| Commonwealth Edison Co. | Commonwealth Edison Co. | Commonwealth Edison Co. | Commonwealth Edison Co. |
| 285000 | 4.900 | 02/01/33 | 292914 |
| 100000 | 5.900 | 03/15/36 | 109144 |
| 100000 | 4.600 | 08/15/43 | 90773 |
| 150000 | 4.700 | 01/15/44 | 137098 |
| Connecticut Light and Power Co. (The) | Connecticut Light and Power Co. (The) | Connecticut Light and Power Co. (The) | Connecticut Light and Power Co. (The) |
| 300000 | 4.900 | 07/01/33 | 307701 |
| Connecticut Light and Power Co. (The), Series A | Connecticut Light and Power Co. (The), Series A | Connecticut Light and Power Co. (The), Series A | Connecticut Light and Power Co. (The), Series A |
| 130000 | 4.150 | 06/01/45 | 110329 |
| Consolidated Edison Co. of New York, Inc. | Consolidated Edison Co. of New York, Inc. | Consolidated Edison Co. of New York, Inc. | Consolidated Edison Co. of New York, Inc. |
| 980000 | 4.450 | 03/15/44 | 867382 |
| Consolidated Edison Co. of New York, Inc., Series 07-A | Consolidated Edison Co. of New York, Inc., Series 07-A | Consolidated Edison Co. of New York, Inc., Series 07-A | Consolidated Edison Co. of New York, Inc., Series 07-A |
| 1768000 | 6.300 | 08/15/37 | 1976338 |
| Constellation Energy Generation LLC | Constellation Energy Generation LLC | Constellation Energy Generation LLC | Constellation Energy Generation LLC |
| 430000 | 3.900 | 01/08/28 | 430127 |
| 300000 | 5.600 | 03/01/28 | 309783 |
| 100000 | 6.500 | 10/01/53 | 110259 |
| 135000 | 5.750 | 03/15/54 | 135370 |
| Consumers Energy Co. | Consumers Energy Co. | Consumers Energy Co. | Consumers Energy Co. |
| 210000 | 3.250 | 08/15/46 | 154100 |

---

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

---

| | |
|:---|:---|
| 44 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

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

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Electric – (continued) | Electric – (continued) | Electric – (continued) | Electric – (continued) |
| Dominion Energy South Carolina, Inc. | Dominion Energy South Carolina, Inc. | Dominion Energy South Carolina, Inc. | Dominion Energy South Carolina, Inc. |
| 280000 | 5.100% | 06/01/65 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256684 |
| Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
| 500000 | 5.375 | 11/15/32 | 526296 |
| Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.262%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.262%) |  |  |
| 1200000 | 6.000 | 02/15/56<sup>(a)</sup> | 1217735 |
| Dominion Energy, Inc., Series A | Dominion Energy, Inc., Series A | Dominion Energy, Inc., Series A | Dominion Energy, Inc., Series A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.386%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.386%) |  |  |
| 501000 | 6.875 | 02/01/55<sup>(a)</sup> | 528081 |
| Dominion Energy, Inc., Series C | Dominion Energy, Inc., Series C | Dominion Energy, Inc., Series C | Dominion Energy, Inc., Series C |
| 1597000 | 3.375 | 04/01/30 | 1557068 |
| DTE Electric Co. | DTE Electric Co. | DTE Electric Co. | DTE Electric Co. |
| 300000 | 4.300 | 07/01/44 | 265847 |
| 150000 | 5.850 | 05/15/55 | 155715 |
| DTE Electric Co., Series B | DTE Electric Co., Series B | DTE Electric Co., Series B | DTE Electric Co., Series B |
| 100000 | 3.650 | 03/01/52 | 75095 |
| DTE Electric Co., Series C | DTE Electric Co., Series C | DTE Electric Co., Series C | DTE Electric Co., Series C |
| 1420000 | 2.625 | 03/01/31 | 1329246 |
| DTE Energy Co. | DTE Energy Co. | DTE Energy Co. | DTE Energy Co. |
| 190000 | 4.875 | 06/01/28 | 193545 |
| Duke Energy Carolinas LLC | Duke Energy Carolinas LLC | Duke Energy Carolinas LLC | Duke Energy Carolinas LLC |
| 830000 | 4.950 | 01/15/33 | 859253 |
| 850000 | 5.300 | 02/15/40 | 874384 |
| 345000 | 3.200 | 08/15/49 | 243362 |
| Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. |
| 158000 | 2.450 | 06/01/30 | 148359 |
| 100000 | 2.550 | 06/15/31 | 92184 |
| 644000 | 4.500 | 08/15/32 | 652897 |
| 604000 | 3.750 | 09/01/46 | 465137 |
| 350000 | 3.500 | 06/15/51 | 244636 |
| 316000 | 5.000 | 08/15/52 | 281766 |
| 100000 | 6.100 | 09/15/53 | 104198 |
| 250000 | 5.800 | 06/15/54 | 247383 |
| 180000 | 5.700 | 09/15/55 | 176833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.588%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.588%) |  |  |
| 392000 | 6.450 | 09/01/54<sup>(a)</sup> | 413732 |
| Duke Energy Florida LLC | Duke Energy Florida LLC | Duke Energy Florida LLC | Duke Energy Florida LLC |
| 310000 | 6.400 | 06/15/38 | 347625 |
| 160000 | 5.950 | 11/15/52 | 169588 |
| Duke Energy Florida Project Finance LLC, Series 2026 | Duke Energy Florida Project Finance LLC, Series 2026 | Duke Energy Florida Project Finance LLC, Series 2026 | Duke Energy Florida Project Finance LLC, Series 2026 |
| 146603 | 2.538 | 09/01/29 | 141860 |
| Duke Energy Indiana LLC | Duke Energy Indiana LLC | Duke Energy Indiana LLC | Duke Energy Indiana LLC |
| 150000 | 5.900 | 05/15/55 | 157234 |
| Duke Energy Indiana LLC, Series UUU | Duke Energy Indiana LLC, Series UUU | Duke Energy Indiana LLC, Series UUU | Duke Energy Indiana LLC, Series UUU |
| 220000 | 4.200 | 03/15/42 | 193939 |
| Duke Energy Progress LLC | Duke Energy Progress LLC | Duke Energy Progress LLC | Duke Energy Progress LLC |
| 500000 | 6.300 | 04/01/38 | 552213 |
| Eastern Energy Gas Holdings LLC | Eastern Energy Gas Holdings LLC | Eastern Energy Gas Holdings LLC | Eastern Energy Gas Holdings LLC |
| 634000 | 5.650 | 10/15/54 | 633092 |
| Eastern Gas Transmission & Storage, Inc. | Eastern Gas Transmission & Storage, Inc. | Eastern Gas Transmission & Storage, Inc. | Eastern Gas Transmission & Storage, Inc. |
| 500000 | 3.000 | 11/15/29 | 483093 |
| Edison International | Edison International | Edison International | Edison International |
| 1344000 | 5.250 | 11/15/28 | 1371124 |
| 1131000 | 5.450 | 06/15/29 | 1163300 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Electric – (continued) | Electric – (continued) | Electric – (continued) | Electric – (continued) |
| Entergy Arkansas LLC | Entergy Arkansas LLC | Entergy Arkansas LLC | Entergy Arkansas LLC |
| 590000 | 4.950% | 01/15/36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595385 |
| Entergy Louisiana LLC | Entergy Louisiana LLC | Entergy Louisiana LLC | Entergy Louisiana LLC |
| 832000 | 4.000 | 03/15/33 | 811534 |
| 878000 | 5.150 | 09/15/34 | 907701 |
| 182000 | 4.200 | 09/01/48 | 148994 |
| Entergy Mississippi LLC | Entergy Mississippi LLC | Entergy Mississippi LLC | Entergy Mississippi LLC |
| 230000 | 5.800 | 04/15/55 | 235458 |
| Evergy Kansas Central, Inc. | Evergy Kansas Central, Inc. | Evergy Kansas Central, Inc. | Evergy Kansas Central, Inc. |
| 110000 | 5.900 | 11/15/33 | 119038 |
| Evergy Metro, Inc. | Evergy Metro, Inc. | Evergy Metro, Inc. | Evergy Metro, Inc. |
| 1460000 | 5.125 | 08/15/35 | 1492713 |
| Eversource Energy | Eversource Energy | Eversource Energy | Eversource Energy |
| 740000 | 5.125 | 05/15/33 | 755619 |
| 886000 | 5.950 | 07/15/34 | 947956 |
| Exelon Corp. | Exelon Corp. | Exelon Corp. | Exelon Corp. |
| 400000 | 5.150 | 03/15/29 | 414338 |
| 1995000 | 4.050 | 04/15/30 | 1986856 |
| 1500000 | 5.300 | 03/15/33 | 1575332 |
| FirstEnergy Corp., Series B | FirstEnergy Corp., Series B | FirstEnergy Corp., Series B | FirstEnergy Corp., Series B |
| 908000 | 2.250 | 09/01/30 | 833908 |
| FirstEnergy Corp., Series C | FirstEnergy Corp., Series C | FirstEnergy Corp., Series C | FirstEnergy Corp., Series C |
| 378000 | 3.400 | 03/01/50 | 265026 |
| Florida Power & Light Co. | Florida Power & Light Co. | Florida Power & Light Co. | Florida Power & Light Co. |
| 150000 | 5.150 | 06/15/29 | 156343 |
| 395000 | 5.300 | 06/15/34 | 417121 |
| 715000 | 5.690 | 03/01/40 | 753601 |
| 918000 | 5.250 | 02/01/41 | 930317 |
| 490000 | 3.800 | 12/15/42 | 411658 |
| 50000 | 3.950 | 03/01/48 | 40413 |
| 50000 | 4.125 | 06/01/48 | 41741 |
| 65000 | 5.300 | 04/01/53 | 63804 |
| 200000 | 5.800 | 03/15/65 | 205086 |
| Georgia Power Co. | Georgia Power Co. | Georgia Power Co. | Georgia Power Co. |
| 160000 | 4.000 | 10/01/28 | 160925 |
| 892000 | 4.950 | 05/17/33 | 921729 |
| 100000 | 5.125 | 05/15/52 | 94360 |
| Georgia Power Co., Series A | Georgia Power Co., Series A | Georgia Power Co., Series A | Georgia Power Co., Series A |
| 546000 | 3.250 | 03/15/51 | 380773 |
| IPALCO Enterprises, Inc. | IPALCO Enterprises, Inc. | IPALCO Enterprises, Inc. | IPALCO Enterprises, Inc. |
| 300000 | 5.750 | 04/01/34 | 310040 |
| ITC Holdings Corp. | ITC Holdings Corp. | ITC Holdings Corp. | ITC Holdings Corp. |
| 460000 | 5.300 | 07/01/43 | 443967 |
| Kentucky Utilities Co. | Kentucky Utilities Co. | Kentucky Utilities Co. | Kentucky Utilities Co. |
| 75000 | 3.300 | 06/01/50 | 52555 |
| Louisville Gas and Electric Co. | Louisville Gas and Electric Co. | Louisville Gas and Electric Co. | Louisville Gas and Electric Co. |
| 590000 | 5.125 | 11/15/40 | 594083 |
| National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. |
| 600000 | 8.000 | 03/01/32 | 723780 |
| 100000 | 4.023 | 11/01/32 | 99179 |
| National Rural Utilities Cooperative Finance Corp., MTN | National Rural Utilities Cooperative Finance Corp., MTN | National Rural Utilities Cooperative Finance Corp., MTN | National Rural Utilities Cooperative Finance Corp., MTN |
| 170000 | 1.650 | 06/15/31 | 149658 |
| NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
| 10000 | 2.250 | 06/01/30 | 9312 |
| 826000 | 5.250 | 03/15/34 | 854874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.979%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.979%) |  |  |
| 880000 | 6.500 | 08/15/55<sup>(a)</sup> | 934985 |

---

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **45** |

---

------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

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

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Electric – (continued) | Electric – (continued) | Electric – (continued) | Electric – (continued) |
| NiSource, Inc. | NiSource, Inc. | NiSource, Inc. | NiSource, Inc. |
| 100000 | 2.950% | 09/01/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96581 |
| 300000 | 1.700 | 02/15/31 | 266359 |
| 220000 | 5.250 | 02/15/43 | 214597 |
| 190000 | 5.650 | 02/01/45 | 191696 |
| 250000 | 3.950 | 03/30/48 | 197043 |
| 250000 | 5.000 | 06/15/52 | 225805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.451%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.451%) |  |  |
| 381000 | 6.950 | 11/30/54<sup>(a)</sup> | 398929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.527%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.527%) |  |  |
| 120000 | 6.375 | 03/31/55<sup>(a)</sup> | 125161 |
| Northern States Power Co. | Northern States Power Co. | Northern States Power Co. | Northern States Power Co. |
| 897000 | 3.600 | 09/15/47 | 697322 |
| 50000 | 5.100 | 05/15/53 | 46897 |
| NSTAR Electric Co. | NSTAR Electric Co. | NSTAR Electric Co. | NSTAR Electric Co. |
| 300000 | 5.500 | 03/15/40 | 311644 |
| Oglethorpe Power Corp. | Oglethorpe Power Corp. | Oglethorpe Power Corp. | Oglethorpe Power Corp. |
| 140000 | 5.375 | 11/01/40 | 141207 |
| 155000 | 5.250 | 09/01/50 | 144227 |
| 121000 | 6.200 | 12/01/53 | 127378 |
| Oklahoma Gas and Electric Co. | Oklahoma Gas and Electric Co. | Oklahoma Gas and Electric Co. | Oklahoma Gas and Electric Co. |
| 160000 | 3.850 | 08/15/47 | 128783 |
| Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC |
| 1140000 | 4.150 | 06/01/32 | 1133022 |
| 130000 | 7.500 | 09/01/38 | 160029 |
| 200000 | 5.350 | 10/01/52 | 193980 |
| ONE Gas, Inc. | ONE Gas, Inc. | ONE Gas, Inc. | ONE Gas, Inc. |
| 134000 | 2.000 | 05/15/30 | 123696 |
| 1092000 | 4.658 | 02/01/44 | 1006521 |
| Pacific Gas and Electric Co. | Pacific Gas and Electric Co. | Pacific Gas and Electric Co. | Pacific Gas and Electric Co. |
| 195000 | 2.100 | 08/01/27 | 190042 |
| 482000 | 6.100 | 01/15/29 | 506268 |
| 490000 | 4.200 | 03/01/29 | 491042 |
| 172000 | 4.550 | 07/01/30 | 173323 |
| 1334000 | 2.500 | 02/01/31 | 1220307 |
| 386000 | 3.250 | 06/01/31 | 363903 |
| 326000 | 6.150 | 01/15/33 | 350191 |
| 263000 | 3.300 | 08/01/40 | 204817 |
| 100000 | 3.950 | 12/01/47 | 76507 |
| 1000 | 4.950 | 07/01/50 | 864 |
| 200000 | 3.500 | 08/01/50 | 138437 |
| 165000 | 6.700 | 04/01/53 | 177797 |
| 1127000 | 5.900 | 10/01/54 | 1111706 |
| PacifiCorp | PacifiCorp | PacifiCorp | PacifiCorp |
| 1258000 | 5.450 | 02/15/34 | 1290331 |
| 260000 | 2.900 | 06/15/52 | 157058 |
| 370000 | 5.350 | 12/01/53 | 333320 |
| 698000 | 5.500 | 05/15/54 | 642141 |
| PECO Energy Co. | PECO Energy Co. | PECO Energy Co. | PECO Energy Co. |
| 325000 | 4.875 | 09/15/35 | 329201 |
| 356000 | 5.950 | 10/01/36 | 391222 |
| 203000 | 3.000 | 09/15/49 | 135680 |
| Piedmont Natural Gas Co., Inc. | Piedmont Natural Gas Co., Inc. | Piedmont Natural Gas Co., Inc. | Piedmont Natural Gas Co., Inc. |
| 284000 | 4.100 | 09/18/34 | 272338 |
| PPL Capital Funding, Inc. | PPL Capital Funding, Inc. | PPL Capital Funding, Inc. | PPL Capital Funding, Inc. |
| 139000 | 5.250 | 09/01/34 | 143424 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Electric – (continued) | Electric – (continued) | Electric – (continued) | Electric – (continued) |
| PPL Electric Utilities Corp. | PPL Electric Utilities Corp. | PPL Electric Utilities Corp. | PPL Electric Utilities Corp. |
| 50000 | 5.550% | 08/15/55 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50326 |
| Public Service Co. of Colorado | Public Service Co. of Colorado | Public Service Co. of Colorado | Public Service Co. of Colorado |
| 92000 | 1.875 | 06/15/31 | 81768 |
| 100000 | 3.950 | 03/15/43 | 83037 |
| 360000 | 5.750 | 05/15/54 | 369281 |
| Public Service Co. of Colorado, Series 39 | Public Service Co. of Colorado, Series 39 | Public Service Co. of Colorado, Series 39 | Public Service Co. of Colorado, Series 39 |
| 290000 | 4.500 | 06/01/52 | 246910 |
| Public Service Co. of Oklahoma | Public Service Co. of Oklahoma | Public Service Co. of Oklahoma | Public Service Co. of Oklahoma |
| 754000 | 5.200 | 01/15/35 | 772237 |
| Public Service Electric and Gas Co. | Public Service Electric and Gas Co. | Public Service Electric and Gas Co. | Public Service Electric and Gas Co. |
| 885000 | 4.850 | 08/01/34 | 898235 |
| Public Service Electric and Gas Co., MTN | Public Service Electric and Gas Co., MTN | Public Service Electric and Gas Co., MTN | Public Service Electric and Gas Co., MTN |
| 360000 | 5.375 | 11/01/39 | 373261 |
| 100000 | 5.500 | 03/01/40 | 103673 |
| Public Service Electric and Gas Co., Series I | Public Service Electric and Gas Co., Series I | Public Service Electric and Gas Co., Series I | Public Service Electric and Gas Co., Series I |
| 591000 | 4.000 | 06/01/44 | 498982 |
| Public Service Enterprise Group, Inc. | Public Service Enterprise Group, Inc. | Public Service Enterprise Group, Inc. | Public Service Enterprise Group, Inc. |
| 350000 | 5.850 | 11/15/27 | 361324 |
| Puget Sound Energy, Inc. | Puget Sound Energy, Inc. | Puget Sound Energy, Inc. | Puget Sound Energy, Inc. |
| 279000 | 5.330 | 06/15/34 | 291408 |
| 140000 | 5.483 | 06/01/35 | 146116 |
| 158000 | 6.274 | 03/15/37 | 175840 |
| 322000 | 5.795 | 03/15/40 | 337667 |
| 92000 | 5.764 | 07/15/40 | 95902 |
| 425000 | 5.638 | 04/15/41 | 439832 |
| 216000 | 4.434 | 11/15/41 | 195166 |
| San Diego Gas & Electric Co. | San Diego Gas & Electric Co. | San Diego Gas & Electric Co. | San Diego Gas & Electric Co. |
| 984000 | 3.950 | 11/15/41 | 834376 |
| 100000 | 5.350 | 04/01/53 | 96395 |
| San Diego Gas & Electric Co., Series VVV | San Diego Gas & Electric Co., Series VVV | San Diego Gas & Electric Co., Series VVV | San Diego Gas & Electric Co., Series VVV |
| 300000 | 1.700 | 10/01/30 | 270015 |
| Sempra | Sempra | Sempra | Sempra |
| 766000 | 3.250 | 06/15/27 | 759736 |
| 226000 | 3.400 | 02/01/28 | 223829 |
| 402000 | 6.000 | 10/15/39 | 423471 |
| 240000 | 4.000 | 02/01/48 | 187581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.868%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.868%) |  |  |
| 346000 | 4.125 | 04/01/52<sup>(a)</sup> | 342502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.789%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.789%) |  |  |
| 495000 | 6.875 | 10/01/54<sup>(a)</sup> | 510227 |
| Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
| 92000 | 5.850 | 11/01/27 | 94621 |
| 70000 | 5.950 | 11/01/32 | 74974 |
| 100000 | 5.200 | 06/01/34 | 102013 |
| 250000 | 4.650 | 10/01/43 | 218021 |
| 1417000 | 4.000 | 04/01/47 | 1094146 |
| 243000 | 3.650 | 02/01/50 | 173379 |
| Southern California Edison Co., Series 20A | Southern California Edison Co., Series 20A | Southern California Edison Co., Series 20A | Southern California Edison Co., Series 20A |
| 175000 | 2.950 | 02/01/51 | 109585 |
| Southern California Edison Co., Series C | Southern California Edison Co., Series C | Southern California Edison Co., Series C | Southern California Edison Co., Series C |
| 200000 | 4.125 | 03/01/48 | 157018 |
| Southern Co. (The) | Southern Co. (The) | Southern Co. (The) | Southern Co. (The) |
| 1152000 | 5.700 | 03/15/34 | 1223438 |
| 980000 | 4.400 | 07/01/46 | 836628 |

---

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

---

| | |
|:---|:---|
| 46 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

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

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Electric – (continued) | Electric – (continued) | Electric – (continued) | Electric – (continued) |
| Southern Co. (The), Series 2025 | Southern Co. (The), Series 2025 | Southern Co. (The), Series 2025 | Southern Co. (The), Series 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.069%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.069%) |  |  |
| $170000 | 6.375% | 03/15/55<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178302 |
| Southwestern Public Service Co. | Southwestern Public Service Co. | Southwestern Public Service Co. | Southwestern Public Service Co. |
| 250000 | 4.500 | 08/15/41 | 223653 |
| System Energy Resources, Inc. | System Energy Resources, Inc. | System Energy Resources, Inc. | System Energy Resources, Inc. |
| 602000 | 5.300 | 12/15/34 | 614101 |
| Tampa Electric Co. | Tampa Electric Co. | Tampa Electric Co. | Tampa Electric Co. |
| 175000 | 2.400 | 03/15/31 | 161468 |
| Toledo Edison Co. (The) | Toledo Edison Co. (The) | Toledo Edison Co. (The) | Toledo Edison Co. (The) |
| 779000 | 6.150 | 05/15/37 | 863215 |
| Tucson Electric Power Co. | Tucson Electric Power Co. | Tucson Electric Power Co. | Tucson Electric Power Co. |
| 250000 | 1.500 | 08/01/30 | 224225 |
| Union Electric Co. | Union Electric Co. | Union Electric Co. | Union Electric Co. |
| 740000 | 5.300 | 08/01/37 | 773673 |
| 350000 | 3.900 | 04/01/52 | 272744 |
| Virginia Electric and Power Co. | Virginia Electric and Power Co. | Virginia Electric and Power Co. | Virginia Electric and Power Co. |
| 100000 | 5.000 | 04/01/33 | 102854 |
| 240000 | 4.000 | 01/15/43 | 201947 |
| 160000 | 4.600 | 12/01/48 | 139303 |
| 774000 | 2.450 | 12/15/50 | 446489 |
| 1135000 | 2.950 | 11/15/51 | 723030 |
| Virginia Electric and Power Co., Series A | Virginia Electric and Power Co., Series A | Virginia Electric and Power Co., Series A | Virginia Electric and Power Co., Series A |
| 440000 | 3.500 | 03/15/27 | 438533 |
| Virginia Electric and Power Co., Series C | Virginia Electric and Power Co., Series C | Virginia Electric and Power Co., Series C | Virginia Electric and Power Co., Series C |
| 196000 | 4.900 | 09/15/35 | 196367 |
| Virginia Electric and Power Co., Series D | Virginia Electric and Power Co., Series D | Virginia Electric and Power Co., Series D | Virginia Electric and Power Co., Series D |
| 30000 | 5.600 | 09/15/55 | 29521 |
| WEC Energy Group, Inc. | WEC Energy Group, Inc. | WEC Energy Group, Inc. | WEC Energy Group, Inc. |
| 431000 | 1.800 | 10/15/30 | 387367 |
| Wisconsin Electric Power Co. | Wisconsin Electric Power Co. | Wisconsin Electric Power Co. | Wisconsin Electric Power Co. |
| 100000 | 4.150 | 10/15/30 | 100493 |
| 115000 | 4.600 | 10/01/34 | 116161 |
| Wisconsin Power and Light Co. | Wisconsin Power and Light Co. | Wisconsin Power and Light Co. | Wisconsin Power and Light Co. |
| 214000 | 3.950 | 09/01/32 | 208765 |
| 204000 | 5.375 | 03/30/34 | 212806 |
| Wisconsin Public Service Corp. | Wisconsin Public Service Corp. | Wisconsin Public Service Corp. | Wisconsin Public Service Corp. |
| 640000 | 4.752 | 11/01/44 | 588920 |
| Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. |
| 100000 | 5.450 | 08/15/33 | 104512 |
| 872000 | 5.500 | 03/15/34 | 911582 |
| 100000 | 5.600 | 04/15/35 | 105238 |
|  |  |  | 91460106 |
| Electrical – 0.1% | Electrical – 0.1% | Electrical – 0.1% | Electrical – 0.1% |
| Emerson Electric Co. | Emerson Electric Co. | Emerson Electric Co. | Emerson Electric Co. |
| 250000 | 1.950 | 10/15/30 | 228963 |
| 514000 | 6.000 | 08/15/32 | 566951 |
|  |  |  | 795914 |
| Energy – 6.0% | Energy – 6.0% | Energy – 6.0% | Energy – 6.0% |
| APA Corp. | APA Corp. | APA Corp. | APA Corp. |
| 100000 | 6.100 | 02/15/35 | 104519 |
| 210000 | 5.100 | 09/01/40 | 193878 |
| Baker Hughes Holdings LLC | Baker Hughes Holdings LLC | Baker Hughes Holdings LLC | Baker Hughes Holdings LLC |
| 50000 | 5.125 | 09/15/40 | 49538 |
| Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc. | Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc. | Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc. | Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc. |
| 354000 | 3.337 | 12/15/27 | 351323 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Energy – (continued) | Energy – (continued) | Energy – (continued) | Energy – (continued) |
| Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc. – (continued) | Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc. – (continued) | Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc. – (continued) | Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc. – (continued) |
| 300000 | 4.080% | 12/15/47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243735 |
| Boardwalk Pipelines LP | Boardwalk Pipelines LP | Boardwalk Pipelines LP | Boardwalk Pipelines LP |
| 400000 | 4.450 | 07/15/27 | 401897 |
| 277000 | 4.800 | 05/03/29 | 281858 |
| 245000 | 3.600 | 09/01/32 | 231961 |
| BP Capital Markets America, Inc. | BP Capital Markets America, Inc. | BP Capital Markets America, Inc. | BP Capital Markets America, Inc. |
| 272000 | 3.937 | 09/21/28 | 273080 |
| 472000 | 4.234 | 11/06/28 | 476889 |
| 92000 | 4.812 | 02/13/33 | 94144 |
| 301000 | 4.989 | 04/10/34 | 310941 |
| 522000 | 5.227 | 11/17/34 | 547146 |
| 330000 | 3.060 | 06/17/41 | 258237 |
| 111000 | 3.000 | 02/24/50 | 74384 |
| 92000 | 2.772 | 11/10/50 | 58754 |
| 315000 | 2.939 | 06/04/51 | 206892 |
| 337000 | 3.001 | 03/17/52 | 221715 |
| 333000 | 3.379 | 02/08/61 | 223187 |
| BP Capital Markets PLC | BP Capital Markets PLC | BP Capital Markets PLC | BP Capital Markets PLC |
| 100000 | 3.723 | 11/28/28 | 99819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.153%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.153%) |  |  |
| 300000 | 6.450 | 09/01/74<sup>(a)</sup> | 321000 |
| Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC |
| 660000 | 5.125 | 06/30/27 | 667322 |
| 100000 | 3.700 | 11/15/29 | 98606 |
| Cheniere Energy Partners LP | Cheniere Energy Partners LP | Cheniere Energy Partners LP | Cheniere Energy Partners LP |
| 185000 | 5.950 | 06/30/33 | 198350 |
| Cheniere Energy, Inc. | Cheniere Energy, Inc. | Cheniere Energy, Inc. | Cheniere Energy, Inc. |
| 685000 | 4.625 | 10/15/28 | 685629 |
| Chevron Corp. | Chevron Corp. | Chevron Corp. | Chevron Corp. |
| 135000 | 1.995 | 05/11/27 | 132528 |
| Chevron USA, Inc. | Chevron USA, Inc. | Chevron USA, Inc. | Chevron USA, Inc. |
| 500000 | 4.475 | 02/26/28 | 508312 |
| 52000 | 6.000 | 03/01/41 | 58056 |
| 98000 | 2.343 | 08/12/50 | 58890 |
| ConocoPhillips | ConocoPhillips | ConocoPhillips | ConocoPhillips |
| 848000 | 6.500 | 02/01/39 | 971538 |
| ConocoPhillips Co. | ConocoPhillips Co. | ConocoPhillips Co. | ConocoPhillips Co. |
| 430000 | 5.300 | 05/15/53 | 409068 |
| 908000 | 5.550 | 03/15/54 | 893889 |
| Coterra Energy, Inc. | Coterra Energy, Inc. | Coterra Energy, Inc. | Coterra Energy, Inc. |
| 102000 | 5.600 | 03/15/34 | 107095 |
| 100000 | 5.900 | 02/15/55 | 99150 |
| Devon Energy Corp. | Devon Energy Corp. | Devon Energy Corp. | Devon Energy Corp. |
| 360000 | 7.875 | 09/30/31 | 423900 |
| 112000 | 5.200 | 09/15/34 | 115005 |
| 250000 | 4.750 | 05/15/42 | 227477 |
| 293000 | 5.000 | 06/15/45 | 268068 |
| Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. |
| 455000 | 6.250 | 03/15/33 | 497677 |
| 205000 | 5.400 | 04/18/34 | 213473 |
| 185000 | 5.750 | 04/18/54 | 179946 |
| 290000 | 5.900 | 04/18/64 | 285738 |
| Enbridge Energy Partners LP, Series B | Enbridge Energy Partners LP, Series B | Enbridge Energy Partners LP, Series B | Enbridge Energy Partners LP, Series B |
| 176000 | 7.500 | 04/15/38 | 211160 |

---

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **47** |

---

------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

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

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Energy – (continued) | Energy – (continued) | Energy – (continued) | Energy – (continued) |
| Energy Transfer LP | Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
| 200000 | 5.500% | 06/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202951 |
| 66000 | 4.000 | 10/01/27 | 66053 |
| 230000 | 4.950 | 06/15/28 | 234680 |
| 551000 | 5.250 | 04/15/29 | 569481 |
| 545000 | 3.750 | 05/15/30 | 535443 |
| 374000 | 6.400 | 12/01/30 | 408051 |
| 354000 | 5.750 | 02/15/33 | 375226 |
| 100000 | 6.550 | 12/01/33 | 110736 |
| 350000 | 5.350 | 01/15/36 | 355036 |
| 370000 | 6.500 | 02/01/42 | 397420 |
| 100000 | 5.950 | 10/01/43 | 100519 |
| 511000 | 5.350 | 05/15/45 | 472826 |
| 159000 | 5.300 | 04/15/47 | 145757 |
| 521000 | 5.400 | 10/01/47 | 481875 |
| 259000 | 6.000 | 06/15/48 | 254834 |
| 362000 | 6.250 | 04/15/49 | 367050 |
| 431000 | 5.000 | 05/15/50 | 370794 |
| 280000 | 5.950 | 05/15/54 | 270153 |
| Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC |
| 326000 | 3.125 | 07/31/29 | 318254 |
| 150000 | 2.800 | 01/31/30 | 143659 |
| 51000 | 5.350 | 01/31/33 | 53887 |
| 150000 | 5.950 | 02/01/41 | 160949 |
| 207000 | 4.850 | 08/15/42 | 196340 |
| 196000 | 4.450 | 02/15/43 | 174889 |
| 160000 | 4.850 | 03/15/44 | 150133 |
| 160000 | 5.100 | 02/15/45 | 153520 |
| 135000 | 4.900 | 05/15/46 | 125818 |
| 244000 | 4.800 | 02/01/49 | 220295 |
| 368000 | 4.200 | 01/31/50 | 304703 |
| 1515000 | 3.950 | 01/31/60 | 1131853 |
| Enterprise Products Operating LLC, Series E | Enterprise Products Operating LLC, Series E | Enterprise Products Operating LLC, Series E | Enterprise Products Operating LLC, Series E |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.295%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.295%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.295%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.295%) |
| 81000 | 5.250 | 08/16/77<sup>(a)</sup> | 81018 |
| Enterprise Products Operating LLC, Series J | Enterprise Products Operating LLC, Series J | Enterprise Products Operating LLC, Series J | Enterprise Products Operating LLC, Series J |
| 371000 | 5.750 | 03/01/35 | 396537 |
| EOG Resources, Inc. | EOG Resources, Inc. | EOG Resources, Inc. | EOG Resources, Inc. |
| 136000 | 4.375 | 04/15/30 | 137770 |
| 236000 | 4.950 | 04/15/50 | 215189 |
| Expand Energy Corp. | Expand Energy Corp. | Expand Energy Corp. | Expand Energy Corp. |
| 614000 | 5.375 | 03/15/30 | 624798 |
| Exxon Mobil Corp. | Exxon Mobil Corp. | Exxon Mobil Corp. | Exxon Mobil Corp. |
| 71000 | 2.275 | 08/16/26 | 70491 |
| 62000 | 3.294 | 03/19/27 | 61831 |
| 378000 | 3.482 | 03/19/30 | 372854 |
| 249000 | 2.610 | 10/15/30 | 235982 |
| 560000 | 4.227 | 03/19/40 | 523272 |
| 341000 | 3.567 | 03/06/45 | 274783 |
| 335000 | 3.095 | 08/16/49 | 234101 |
| 456000 | 4.327 | 03/19/50 | 390462 |
| 460000 | 3.452 | 04/15/51 | 338676 |
| Halliburton Co. | Halliburton Co. | Halliburton Co. | Halliburton Co. |
| 344000 | 4.850 | 11/15/35 | 344528 |
| 292000 | 6.700 | 09/15/38 | 333258 |
| 252000 | 7.450 | 09/15/39 | 305061 |
| Helmerich & Payne, Inc. | Helmerich & Payne, Inc. | Helmerich & Payne, Inc. | Helmerich & Payne, Inc. |
| 497000 | 2.900 | 09/29/31 | 451186 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Energy – (continued) | Energy – (continued) | Energy – (continued) | Energy – (continued) |
| Hess Corp. | Hess Corp. | Hess Corp. | Hess Corp. |
| $248000 | 4.300% | 04/01/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249040 |
| 148000 | 6.000 | 01/15/40 | 162251 |
| 323000 | 5.600 | 02/15/41 | 339946 |
| HF Sinclair Corp. | HF Sinclair Corp. | HF Sinclair Corp. | HF Sinclair Corp. |
| 174000 | 6.250 | 01/15/35 | 183046 |
| Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP |
| 160000 | 7.500 | 11/15/40 | 193941 |
| 661000 | 5.500 | 03/01/44 | 652314 |
| Kinder Morgan Energy Partners LP, MTN | Kinder Morgan Energy Partners LP, MTN | Kinder Morgan Energy Partners LP, MTN | Kinder Morgan Energy Partners LP, MTN |
| 758000 | 6.950 | 01/15/38 | 876156 |
| Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. |
| 222000 | 2.000 | 02/15/31 | 201261 |
| 306000 | 5.550 | 06/01/45 | 303512 |
| 142000 | 5.050 | 02/15/46 | 131627 |
| 380000 | 5.200 | 03/01/48 | 356862 |
| 200000 | 3.600 | 02/15/51 | 143661 |
| 100000 | 5.450 | 08/01/52 | 95215 |
| Kinder Morgan, Inc., GMTN | Kinder Morgan, Inc., GMTN | Kinder Morgan, Inc., GMTN | Kinder Morgan, Inc., GMTN |
| 420000 | 7.750 | 01/15/32 | 495610 |
| Marathon Petroleum Corp. | Marathon Petroleum Corp. | Marathon Petroleum Corp. | Marathon Petroleum Corp. |
| 152000 | 5.850 | 12/15/45 | 153443 |
| 130000 | 5.000 | 09/15/54 | 112608 |
| MPLX LP | MPLX LP | MPLX LP | MPLX LP |
| 189000 | 4.125 | 03/01/27 | 189225 |
| 160000 | 4.000 | 03/15/28 | 160224 |
| 470000 | 4.800 | 02/15/29 | 478709 |
| 314000 | 2.650 | 08/15/30 | 294176 |
| 640000 | 5.300 | 04/01/36 | 644158 |
| 350000 | 4.500 | 04/15/38 | 325766 |
| 235000 | 5.200 | 03/01/47 | 214750 |
| 320000 | 4.700 | 04/15/48 | 269764 |
| 295000 | 5.500 | 02/15/49 | 277274 |
| 584000 | 4.950 | 03/14/52 | 502100 |
| 100000 | 5.650 | 03/01/53 | 94843 |
| Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
| 158000 | 5.375 | 01/01/32 | 164151 |
| 705000 | 5.550 | 10/01/34 | 734119 |
| 100000 | 6.450 | 09/15/36 | 109125 |
| 190000 |  | 10/10/36<sup>(b)</sup> | 116613 |
| 190000 | 6.200 | 03/15/40 | 199025 |
| ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
| 134000 | 5.550 | 11/01/26 | 135091 |
| 180000 | 4.550 | 07/15/28 | 182263 |
| 182000 | 3.100 | 03/15/30 | 174555 |
| 592000 | 6.100 | 11/15/32 | 641700 |
| 928000 | 6.625 | 09/01/53 | 981430 |
| Ovintiv, Inc. | Ovintiv, Inc. | Ovintiv, Inc. | Ovintiv, Inc. |
| 233000 | 8.125 | 09/15/30 | 267966 |
| Patterson-UTI Energy, Inc. | Patterson-UTI Energy, Inc. | Patterson-UTI Energy, Inc. | Patterson-UTI Energy, Inc. |
| 633000 | 3.950 | 02/01/28 | 630298 |
| Phillips 66 | Phillips 66 | Phillips 66 | Phillips 66 |
| 292000 | 3.900 | 03/15/28 | 291843 |
| 290000 | 2.150 | 12/15/30 | 264457 |
| 339000 | 4.650 | 11/15/34 | 338246 |
| 580000 | 5.875 | 05/01/42 | 598999 |
| 634000 | 4.875 | 11/15/44 | 575751 |

---

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

---

| | |
|:---|:---|
| 48 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

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

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Energy – (continued) | Energy – (continued) | Energy – (continued) | Energy – (continued) |
| Phillips 66 Co. | Phillips 66 Co. | Phillips 66 Co. | Phillips 66 Co. |
| 260000 | 4.950% | 12/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264684 |
| Plains All American Pipeline LP / PAA Finance Corp. | Plains All American Pipeline LP / PAA Finance Corp. | Plains All American Pipeline LP / PAA Finance Corp. | Plains All American Pipeline LP / PAA Finance Corp. |
| 240000 | 4.500 | 12/15/26 | 240907 |
| 339000 | 3.550 | 12/15/29 | 332609 |
| 100000 | 3.800 | 09/15/30 | 98137 |
| 760000 | 5.600 | 01/15/36 | 778368 |
| 130000 | 5.150 | 06/01/42 | 121681 |
| 188000 | 4.700 | 06/15/44 | 164583 |
| Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC |
| 742906 | 5.900 | 09/15/37 | 794307 |
| Shell Finance U.S., Inc. | Shell Finance U.S., Inc. | Shell Finance U.S., Inc. | Shell Finance U.S., Inc. |
| 100000 | 2.375 | 11/07/29 | 95209 |
| 100000 | 4.125 | 05/11/35 | 97724 |
| 556000 | 6.375 | 12/15/38<sup>(c)</sup> | 630314 |
| 350000 | 5.500 | 03/25/40<sup>(c)</sup> | 367570 |
| 320000 | 4.375 | 05/11/45 | 280753 |
| 428000 | 4.000 | 05/10/46 | 353589 |
| 440000 | 3.750 | 09/12/46 | 348742 |
| 200000 | 3.250 | 04/06/50 | 141959 |
| Shell International Finance BV | Shell International Finance BV | Shell International Finance BV | Shell International Finance BV |
| 216000 | 2.750 | 04/06/30 | 206508 |
| 300000 | 3.625 | 08/21/42 | 245699 |
| Spectra Energy Partners LP | Spectra Energy Partners LP | Spectra Energy Partners LP | Spectra Energy Partners LP |
| 105000 | 5.950 | 09/25/43 | 108824 |
| 209000 | 4.500 | 03/15/45 | 181625 |
| Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. |
| 52000 | 5.500 | 02/15/35 | 53721 |
| 230000 | 5.550 | 08/15/35 | 238122 |
| 200000 | 4.950 | 04/15/52 | 176135 |
| 300000 | 6.250 | 07/01/52 | 309733 |
| 40000 | 6.125 | 05/15/55 | 40403 |
| Targa Resources Partners LP / Targa Resources Partners Finance Corp. | Targa Resources Partners LP / Targa Resources Partners Finance Corp. | Targa Resources Partners LP / Targa Resources Partners Finance Corp. | Targa Resources Partners LP / Targa Resources Partners Finance Corp. |
| 86000 | 5.500 | 03/01/30 | 87448 |
| 367000 | 4.875 | 02/01/31 | 371209 |
| 768000 | 4.000 | 01/15/32 | 744820 |
| Valero Energy Corp. | Valero Energy Corp. | Valero Energy Corp. | Valero Energy Corp. |
| 460000 | 6.625 | 06/15/37 | 519146 |
| 92000 | 3.650 | 12/01/51 | 65409 |
| Western Midstream Operating LP | Western Midstream Operating LP | Western Midstream Operating LP | Western Midstream Operating LP |
| 417000 | 4.050 | 02/01/30 | 411684 |
| 270000 | 5.250 | 02/01/50 | 235419 |
| Williams Cos., Inc. (The) | Williams Cos., Inc. (The) | Williams Cos., Inc. (The) | Williams Cos., Inc. (The) |
| 518000 | 3.750 | 06/15/27 | 517443 |
| 384000 | 3.500 | 11/15/30 | 372678 |
| 730000 | 2.600 | 03/15/31 | 675576 |
| 270000 | 7.750 | 06/15/31 | 310771 |
| 150000 | 5.150 | 03/15/36 | 152068 |
| 542000 | 6.300 | 04/15/40 | 590747 |
| 370000 | 5.100 | 09/15/45 | 346918 |
| 440000 | 4.850 | 03/01/48 | 391491 |
| 269000 | 5.800 | 11/15/54 | 270129 |
|  |  |  | 53822732 |
| Financial Company – 1.9% | Financial Company – 1.9% | Financial Company – 1.9% | Financial Company – 1.9% |
| Air Lease Corp. | Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
| 160000 | 1.875 | 08/15/26 | 158415 |
| 92000 | 2.200 | 01/15/27 | 90617 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Financial Company – (continued) | Financial Company – (continued) | Financial Company – (continued) | Financial Company – (continued) |
| Air Lease Corp. – (continued) | Air Lease Corp. – (continued) | Air Lease Corp. – (continued) | Air Lease Corp. – (continued) |
| 354000 | 3.125% | 12/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332383 |
| Air Lease Corp., MTN | Air Lease Corp., MTN | Air Lease Corp., MTN | Air Lease Corp., MTN |
| 400000 | 2.875 | 01/15/32 | 363754 |
| Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
| 186000 | 7.100 | 11/15/27 | 195228 |
| 1016000 | 2.200 | 11/02/28 | 966679 |
| 393000 | 8.000 | 11/01/31 | 446708 |
| Apollo Global Management, Inc. | Apollo Global Management, Inc. | Apollo Global Management, Inc. | Apollo Global Management, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.168%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.168%) |  |  |
| 209000 | 6.000 | 12/15/54<sup>(a)</sup> | 204727 |
| Ares Capital Corp. | Ares Capital Corp. | Ares Capital Corp. | Ares Capital Corp. |
| 288000 | 2.150 | 07/15/26 | 285772 |
| 430000 | 7.000 | 01/15/27 | 439249 |
| 600000 | 2.875 | 06/15/28 | 573088 |
| 230000 | 5.500 | 09/01/30 | 228142 |
| Ares Strategic Income Fund | Ares Strategic Income Fund | Ares Strategic Income Fund | Ares Strategic Income Fund |
| 1510000 | 5.700 | 03/15/28 | 1523182 |
| Blackstone Private Credit Fund | Blackstone Private Credit Fund | Blackstone Private Credit Fund | Blackstone Private Credit Fund |
| 313000 | 2.625 | 12/15/26 | 308607 |
| 580000 | 3.250 | 03/15/27 | 571611 |
| 140000 | 4.950 | 09/26/27 | 140159 |
| 960000 | 6.250 | 01/25/31 | 965400 |
| Blackstone Secured Lending Fund | Blackstone Secured Lending Fund | Blackstone Secured Lending Fund | Blackstone Secured Lending Fund |
| 1000000 | 5.350 | 04/13/28 | 1004473 |
| Blue Owl Capital Corp. | Blue Owl Capital Corp. | Blue Owl Capital Corp. | Blue Owl Capital Corp. |
| 400000 | 2.875 | 06/11/28 | 374851 |
| Blue Owl Credit Income Corp. | Blue Owl Credit Income Corp. | Blue Owl Credit Income Corp. | Blue Owl Credit Income Corp. |
| 150000 | 7.750 | 09/16/27 | 154265 |
| 920000 | 7.950 | 06/13/28 | 956054 |
| Blue Owl Finance LLC | Blue Owl Finance LLC | Blue Owl Finance LLC | Blue Owl Finance LLC |
| 260000 | 3.125 | 06/10/31 | 231665 |
| 660000 | 4.375 | 02/15/32 | 631613 |
| Blue Owl Technology Finance Corp. | Blue Owl Technology Finance Corp. | Blue Owl Technology Finance Corp. | Blue Owl Technology Finance Corp. |
| 310000 | 6.125 | 01/23/31 | 296277 |
| Franklin BSP Capital Corp. | Franklin BSP Capital Corp. | Franklin BSP Capital Corp. | Franklin BSP Capital Corp. |
| 250000 | 7.200 | 06/15/29 | 258669 |
| 300000 | 6.000 | 10/02/30<sup>(c)</sup> | 291987 |
| FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. |
| 205000 | 7.875 | 01/15/29 | 208745 |
| 100000 | 6.875 | 08/15/29 | 99065 |
| 100000 | 6.125 | 01/15/30 | 96043 |
| 100000 | 6.125 | 01/15/31 | 94717 |
| GATX Corp. | GATX Corp. | GATX Corp. | GATX Corp. |
| 410000 | 4.700 | 04/01/29 | 417758 |
| 373000 | 1.900 | 06/01/31 | 331479 |
| 613000 | 4.900 | 03/15/33 | 623192 |
| Golub Capital Private Credit Fund | Golub Capital Private Credit Fund | Golub Capital Private Credit Fund | Golub Capital Private Credit Fund |
| 250000 | 5.800 | 09/12/29 | 252547 |
| LPL Holdings, Inc. | LPL Holdings, Inc. | LPL Holdings, Inc. | LPL Holdings, Inc. |
| 270000 | 5.650 | 03/15/35 | 276094 |
| Main Street Capital Corp. | Main Street Capital Corp. | Main Street Capital Corp. | Main Street Capital Corp. |
| 250000 | 6.500 | 06/04/27 | 254028 |
| Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.050%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.050%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.050%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.050%) |
| 1354000 | 6.627 | 11/01/34<sup>(a)</sup> | 1525516 |

---

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **49** |

---

------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

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

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Financial Company – (continued) | Financial Company – (continued) | Financial Company – (continued) | Financial Company – (continued) |
| Oaktree Specialty Lending Corp. | Oaktree Specialty Lending Corp. | Oaktree Specialty Lending Corp. | Oaktree Specialty Lending Corp. |
| 130000 | 6.340% | 02/27/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127936 |
| Sixth Street Specialty Lending, Inc. | Sixth Street Specialty Lending, Inc. | Sixth Street Specialty Lending, Inc. | Sixth Street Specialty Lending, Inc. |
| 300000 | 5.625 | 08/15/30 | 298723 |
|  |  |  | 16599418 |
| Food and Beverage – 2.4% | Food and Beverage – 2.4% | Food and Beverage – 2.4% | Food and Beverage – 2.4% |
| Campbell's Co. (The) | Campbell's Co. (The) | Campbell's Co. (The) | Campbell's Co. (The) |
| 510000 | 5.400 | 03/21/34 | 520820 |
| Coca-Cola Co. (The) | Coca-Cola Co. (The) | Coca-Cola Co. (The) | Coca-Cola Co. (The) |
| 411000 | 3.375 | 03/25/27 | 409639 |
| 126000 | 1.450 | 06/01/27 | 122825 |
| 136000 | 1.500 | 03/05/28 | 130692 |
| 132000 | 1.000 | 03/15/28 | 125483 |
| 94000 | 2.125 | 09/06/29 | 89263 |
| 656000 | 3.450 | 03/25/30 | 648288 |
| 143000 | 1.650 | 06/01/30 | 130970 |
| 439000 | 2.000 | 03/05/31 | 401816 |
| 114000 | 1.375 | 03/15/31 | 101193 |
| 428000 | 4.650 | 08/14/34 | 443245 |
| 132000 | 2.500 | 06/01/40 | 100529 |
| 101000 | 2.875 | 05/05/41 | 79040 |
| 292000 | 2.600 | 06/01/50 | 185293 |
| 165000 | 3.000 | 03/05/51 | 112185 |
| 229000 | 2.500 | 03/15/51 | 141187 |
| 422000 | 2.750 | 06/01/60 | 252885 |
| Coca-Cola Consolidated, Inc. | Coca-Cola Consolidated, Inc. | Coca-Cola Consolidated, Inc. | Coca-Cola Consolidated, Inc. |
| 250000 | 5.450 | 06/01/34 | 265501 |
| Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. |
| 200000 | 1.375 | 11/01/27 | 191447 |
| 242000 | 8.250 | 09/15/30 | 278048 |
| 572000 | 5.300 | 11/01/38 | 553304 |
| Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
| 100000 | 4.800 | 01/15/29 | 102127 |
| 384000 | 3.150 | 08/01/29 | 372940 |
| 60000 | 2.875 | 05/01/30 | 56988 |
| 160000 | 2.250 | 08/01/31 | 143888 |
| General Mills, Inc. | General Mills, Inc. | General Mills, Inc. | General Mills, Inc. |
| 124000 | 3.200 | 02/10/27 | 123310 |
| 120000 | 4.550 | 04/17/38 | 113137 |
| Hershey Co. (The) | Hershey Co. (The) | Hershey Co. (The) | Hershey Co. (The) |
| 150000 | 2.450 | 11/15/29 | 142462 |
| 250000 | 4.750 | 02/24/30 | 257956 |
| 600000 | 1.700 | 06/01/30 | 545670 |
| Hormel Foods Corp. | Hormel Foods Corp. | Hormel Foods Corp. | Hormel Foods Corp. |
| 152000 | 3.050 | 06/03/51 | 101660 |
| Ingredion, Inc. | Ingredion, Inc. | Ingredion, Inc. | Ingredion, Inc. |
| 140000 | 2.900 | 06/01/30 | 133419 |
| J M Smucker Co. (The) | J M Smucker Co. (The) | J M Smucker Co. (The) | J M Smucker Co. (The) |
| 134000 | 2.125 | 03/15/32 | 117728 |
| 150000 | 6.500 | 11/15/43 | 163794 |
| 466000 | 6.500 | 11/15/53 | 512434 |
| JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings | JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings | JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings | JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings |
| 160000 | 5.500 | 01/15/36 | 164883 |
| Kellanova, Series B | Kellanova, Series B | Kellanova, Series B | Kellanova, Series B |
| 1339000 | 7.450 | 04/01/31 | 1539195 |
| Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. |
| 124000 | 3.430 | 06/15/27 | 123067 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Food and Beverage – (continued) | Food and Beverage – (continued) | Food and Beverage – (continued) | Food and Beverage – (continued) |
| Keurig Dr Pepper, Inc. – (continued) | Keurig Dr Pepper, Inc. – (continued) | Keurig Dr Pepper, Inc. – (continued) | Keurig Dr Pepper, Inc. – (continued) |
| 1350000 | 3.950% | 04/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1342046 |
| 842000 | 3.200 | 05/01/30 | 805426 |
| 92000 | 3.800 | 05/01/50 | 68064 |
| 412000 | 4.500 | 04/15/52 | 342003 |
| Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. |
| 296000 | 3.000 | 06/01/26 | 295490 |
| 115000 | 3.875 | 05/15/27 | 114771 |
| 250000 | 6.875 | 01/26/39 | 282544 |
| 403000 | 5.000 | 06/04/42 | 371267 |
| 512000 | 4.375 | 06/01/46 | 421670 |
| 2000 | 4.875 | 10/01/49 | 1731 |
| Molson Coors Beverage Co. | Molson Coors Beverage Co. | Molson Coors Beverage Co. | Molson Coors Beverage Co. |
| 190000 | 5.000 | 05/01/42 | 178259 |
| 346000 | 4.200 | 07/15/46 | 281437 |
| Mondelez International, Inc. | Mondelez International, Inc. | Mondelez International, Inc. | Mondelez International, Inc. |
| 435000 | 2.750 | 04/13/30 | 412523 |
| 466000 | 2.625 | 09/04/50 | 284425 |
| PepsiCo, Inc. | PepsiCo, Inc. | PepsiCo, Inc. | PepsiCo, Inc. |
| 218000 | 3.000 | 10/15/27 | 216219 |
| 96000 | 2.625 | 07/29/29 | 92599 |
| 210000 | 2.750 | 03/19/30 | 201469 |
| 160000 | 1.625 | 05/01/30 | 146300 |
| 100000 | 1.400 | 02/25/31 | 88884 |
| 400000 | 1.950 | 10/21/31 | 359542 |
| 650000 | 4.650 | 07/23/32 | 668934 |
| 262000 | 2.625 | 10/21/41 | 195281 |
| 100000 | 4.000 | 03/05/42 | 87701 |
| 301000 | 4.450 | 04/14/46 | 272782 |
| 252000 | 3.450 | 10/06/46 | 196379 |
| 563000 | 2.875 | 10/15/49 | 380335 |
| 130000 | 3.625 | 03/19/50 | 100423 |
| Pilgrim's Pride Corp. | Pilgrim's Pride Corp. | Pilgrim's Pride Corp. | Pilgrim's Pride Corp. |
| 150000 | 3.500 | 03/01/32 | 140415 |
| 335000 | 6.250 | 07/01/33 | 361597 |
| 25000 | 6.875 | 05/15/34 | 28003 |
| Sysco Corp. | Sysco Corp. | Sysco Corp. | Sysco Corp. |
| 455000 | 3.300 | 07/15/26 | 453964 |
| 547000 | 3.250 | 07/15/27 | 542825 |
| 251000 | 5.950 | 04/01/30 | 267108 |
| 270000 | 6.600 | 04/01/50 | 303070 |
| Tyson Foods, Inc. | Tyson Foods, Inc. | Tyson Foods, Inc. | Tyson Foods, Inc. |
| 761000 | 3.550 | 06/02/27 | 757323 |
| 160000 | 4.550 | 06/02/47 | 140274 |
|  |  |  | 21201394 |
| Hardware – 0.3% | Hardware – 0.3% | Hardware – 0.3% | Hardware – 0.3% |
| Advanced Micro Devices, Inc. | Advanced Micro Devices, Inc. | Advanced Micro Devices, Inc. | Advanced Micro Devices, Inc. |
| 1228000 | 3.924 | 06/01/32 | 1218229 |
| CDW LLC / CDW Finance Corp. | CDW LLC / CDW Finance Corp. | CDW LLC / CDW Finance Corp. | CDW LLC / CDW Finance Corp. |
| 300000 | 2.670 | 12/01/26 | 296715 |
| Micron Technology, Inc. | Micron Technology, Inc. | Micron Technology, Inc. | Micron Technology, Inc. |
| 145000 | 5.650 | 11/01/32 | 154641 |
| 250000 | 5.875 | 02/09/33 | 269338 |
| 250000 | 5.875 | 09/15/33 | 269095 |
| 206000 | 6.050 | 11/01/35 | 223488 |

---

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

---

| | |
|:---|:---|
| 50 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

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

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Hardware – (continued) | Hardware – (continued) | Hardware – (continued) | Hardware – (continued) |
| Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. |
| 240000 | 4.000% | 04/14/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233906 |
|  |  |  | 2665412 |
| Healthcare – 3.1% | Healthcare – 3.1% | Healthcare – 3.1% | Healthcare – 3.1% |
| Aetna, Inc. | Aetna, Inc. | Aetna, Inc. | Aetna, Inc. |
| 140000 | 6.625 | 06/15/36 | 155618 |
| 314000 | 3.875 | 08/15/47 | 242326 |
| Cencora, Inc. | Cencora, Inc. | Cencora, Inc. | Cencora, Inc. |
| 300000 | 2.700 | 03/15/31 | 279511 |
| Cigna Group (The) | Cigna Group (The) | Cigna Group (The) | Cigna Group (The) |
| 1210000 | 4.375 | 10/15/28 | 1223848 |
| 220000 | 2.375 | 03/15/31 | 201797 |
| 280000 | 4.800 | 08/15/38 | 271022 |
| 30000 | 4.800 | 07/15/46 | 27009 |
| 466000 | 4.900 | 12/15/48 | 422121 |
| 266000 | 3.400 | 03/15/50 | 189286 |
| 585000 | 3.400 | 03/15/51 | 415106 |
| 489000 | 5.600 | 02/15/54 | 479805 |
| CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
| 180000 | 5.000 | 01/30/29 | 184613 |
| 1500000 | 3.750 | 04/01/30 | 1475148 |
| 1600000 | 1.875 | 02/28/31 | 1425262 |
| 100000 | 2.125 | 09/15/31 | 88837 |
| 531000 | 5.700 | 06/01/34 | 558787 |
| 780000 | 4.780 | 03/25/38 | 745514 |
| 500000 | 6.000 | 06/01/44 | 508846 |
| 131000 | 5.125 | 07/20/45 | 120136 |
| 100000 | 5.050 | 03/25/48 | 89051 |
| 100000 | 4.250 | 04/01/50 | 79016 |
| 1280000 | 6.050 | 06/01/54 | 1282557 |
| 141000 | 6.000 | 06/01/63 | 138859 |
| Danaher Corp. | Danaher Corp. | Danaher Corp. | Danaher Corp. |
| 340000 | 2.800 | 12/10/51 | 218371 |
| DH Europe Finance II Sarl | DH Europe Finance II Sarl | DH Europe Finance II Sarl | DH Europe Finance II Sarl |
| 70000 | 3.400 | 11/15/49 | 50958 |
| Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. |
| 358000 | 3.650 | 12/01/27 | 356844 |
| 314000 | 4.101 | 03/01/28 | 315008 |
| 134000 | 2.875 | 09/15/29 | 128647 |
| 268000 | 2.550 | 03/15/31 | 246959 |
| 384000 | 4.625 | 05/15/42 | 347934 |
| 309000 | 4.650 | 01/15/43 | 277880 |
| 158000 | 4.650 | 08/15/44 | 139957 |
| 332000 | 4.375 | 12/01/47 | 277274 |
| 118000 | 4.550 | 03/01/48 | 101258 |
| 954000 | 3.125 | 05/15/50 | 633339 |
| GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. |
| 1657000 | 5.905 | 11/22/32 | 1798388 |
| HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. |
| 380000 | 5.200 | 06/01/28 | 389076 |
| 400000 | 5.625 | 09/01/28 | 411624 |
| 476000 | 5.875 | 02/01/29 | 495892 |
| 404000 | 4.125 | 06/15/29 | 404744 |
| 350000 | 3.500 | 09/01/30 | 339592 |
| 299000 | 5.500 | 03/01/32 | 313101 |
| 100000 | 5.125 | 06/15/39 | 97576 |
| 315000 | 5.500 | 06/15/47 | 301194 |
| 2000 | 5.250 | 06/15/49 | 1832 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Healthcare – (continued) | Healthcare – (continued) | Healthcare – (continued) | Healthcare – (continued) |
| HCA, Inc. – (continued) | HCA, Inc. – (continued) | HCA, Inc. – (continued) | HCA, Inc. – (continued) |
| 220000 | 3.500% | 07/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151288 |
| 749000 | 4.625 | 03/15/52 | 618976 |
| 151000 | 6.000 | 04/01/54 | 150740 |
| 510000 | 5.950 | 09/15/54 | 508933 |
| 120000 | 6.200 | 03/01/55 | 122745 |
| 100000 | 6.100 | 04/01/64 | 100024 |
| Humana, Inc. | Humana, Inc. | Humana, Inc. | Humana, Inc. |
| 300000 | 5.375 | 04/15/31 | 308785 |
| 786000 | 5.950 | 03/15/34 | 825779 |
| 510000 | 5.500 | 03/15/53 | 459101 |
| 55000 | 5.750 | 04/15/54 | 51399 |
| Illumina, Inc. | Illumina, Inc. | Illumina, Inc. | Illumina, Inc. |
| 150000 | 2.550 | 03/23/31 | 137861 |
| Solventum Corp. | Solventum Corp. | Solventum Corp. | Solventum Corp. |
| 290000 | 5.900 | 04/30/54 | 290099 |
| UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
| 430000 | 6.875 | 02/15/38 | 498497 |
| 395000 | 3.500 | 08/15/39 | 330893 |
| 170000 | 2.750 | 05/15/40 | 127724 |
| 1064000 | 5.500 | 07/15/44 | 1061542 |
| 290000 | 4.250 | 06/15/48 | 239186 |
| 680000 | 3.700 | 08/15/49 | 509717 |
| 1127000 | 5.625 | 07/15/54 | 1108078 |
| 706000 | 3.875 | 08/15/59 | 513690 |
| 186000 | 3.125 | 05/15/60 | 113524 |
| 150000 | 4.950 | 05/15/62 | 130557 |
| 880000 | 5.500 | 04/15/64 | 832885 |
| Universal Health Services, Inc. | Universal Health Services, Inc. | Universal Health Services, Inc. | Universal Health Services, Inc. |
| 100000 | 5.050 | 10/15/34 | 100266 |
|  |  |  | 27543812 |
| Insurance – 2.6% | Insurance – 2.6% | Insurance – 2.6% | Insurance – 2.6% |
| Allstate Corp. (The) | Allstate Corp. (The) | Allstate Corp. (The) | Allstate Corp. (The) |
| 100000 | 3.850 | 08/10/49 | 77828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 2.120%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 2.120%) |  |  |
| 242000 | 6.500 | 05/15/67<sup>(a)</sup> | 254473 |
| American International Group, Inc. | American International Group, Inc. | American International Group, Inc. | American International Group, Inc. |
| 130000 | 6.250 | 05/01/36 | 142350 |
| 676000 | 4.750 | 04/01/48 | 609421 |
| 180000 | 4.375 | 06/30/50 | 152801 |
| Aon Corp. | Aon Corp. | Aon Corp. | Aon Corp. |
| 808000 | 2.800 | 05/15/30 | 766497 |
| 50000 | 6.250 | 09/30/40 | 55351 |
| Aon Corp. / Aon Global Holdings PLC | Aon Corp. / Aon Global Holdings PLC | Aon Corp. / Aon Global Holdings PLC | Aon Corp. / Aon Global Holdings PLC |
| 90000 | 5.000 | 09/12/32 | 92930 |
| 50000 | 2.900 | 08/23/51 | 31691 |
| Aon North America, Inc. | Aon North America, Inc. | Aon North America, Inc. | Aon North America, Inc. |
| 586000 | 5.750 | 03/01/54 | 582302 |
| Arch Capital Finance LLC | Arch Capital Finance LLC | Arch Capital Finance LLC | Arch Capital Finance LLC |
| 150000 | 5.031 | 12/15/46 | 141849 |
| Arthur J Gallagher & Co. | Arthur J Gallagher & Co. | Arthur J Gallagher & Co. | Arthur J Gallagher & Co. |
| 728000 | 5.000 | 02/15/32 | 748394 |
| 320000 | 6.750 | 02/15/54 | 352530 |
| Athene Holding Ltd. | Athene Holding Ltd. | Athene Holding Ltd. | Athene Holding Ltd. |
| 239000 | 3.950 | 05/25/51 | 164568 |
| 250000 | 6.625 | 05/19/55 | 245336 |

---

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **51** |

---

------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

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

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Insurance – (continued) | Insurance – (continued) | Insurance – (continued) | Insurance – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.582%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.582%) |  |  |
| $201000 | 6.875% | 06/28/55<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195222 |
| Berkshire Hathaway Finance Corp. | Berkshire Hathaway Finance Corp. | Berkshire Hathaway Finance Corp. | Berkshire Hathaway Finance Corp. |
| 92000 | 1.450 | 10/15/30 | 82860 |
| 323000 | 2.875 | 03/15/32 | 304421 |
| 200000 | 4.200 | 08/15/48 | 168491 |
| 100000 | 4.250 | 01/15/49 | 84598 |
| 754000 | 2.850 | 10/15/50 | 488100 |
| 50000 | 2.500 | 01/15/51 | 30164 |
| 834000 | 3.850 | 03/15/52 | 646850 |
| Berkshire Hathaway, Inc. | Berkshire Hathaway, Inc. | Berkshire Hathaway, Inc. | Berkshire Hathaway, Inc. |
| 84000 | 4.500 | 02/11/43 | 78999 |
| Brighthouse Financial, Inc. | Brighthouse Financial, Inc. | Brighthouse Financial, Inc. | Brighthouse Financial, Inc. |
| 100000 | 4.700 | 06/22/47 | 74949 |
| 136000 | 3.850 | 12/22/51 | 84902 |
| Brown & Brown, Inc. | Brown & Brown, Inc. | Brown & Brown, Inc. | Brown & Brown, Inc. |
| 580000 | 5.650 | 06/11/34 | 598790 |
| Chubb INA Holdings LLC | Chubb INA Holdings LLC | Chubb INA Holdings LLC | Chubb INA Holdings LLC |
| 367000 | 4.350 | 11/03/45 | 326415 |
| 1030000 | 3.050 | 12/15/61 | 650840 |
| CNA Financial Corp. | CNA Financial Corp. | CNA Financial Corp. | CNA Financial Corp. |
| 245000 | 5.500 | 06/15/33 | 257239 |
| CNO Financial Group, Inc. | CNO Financial Group, Inc. | CNO Financial Group, Inc. | CNO Financial Group, Inc. |
| 285000 | 6.450 | 06/15/34 | 298885 |
| Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. |
| 366000 | 3.650 | 04/05/27 | 364382 |
| 279000 | 3.900 | 04/05/32 | 265437 |
| 702000 | 5.750 | 01/15/34 | 733598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.846%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.846%) |  |  |
| 192000 | 6.875 | 12/15/52<sup>(a)</sup> | 197636 |
| Equitable Holdings, Inc. | Equitable Holdings, Inc. | Equitable Holdings, Inc. | Equitable Holdings, Inc. |
| 211000 | 4.350 | 04/20/28 | 212521 |
| 355000 | 5.000 | 04/20/48 | 323551 |
| Everest Reinsurance Holdings, Inc. | Everest Reinsurance Holdings, Inc. | Everest Reinsurance Holdings, Inc. | Everest Reinsurance Holdings, Inc. |
| 324000 | 3.500 | 10/15/50 | 229375 |
| F&G Annuities & Life, Inc. | F&G Annuities & Life, Inc. | F&G Annuities & Life, Inc. | F&G Annuities & Life, Inc. |
| 130000 | 6.250 | 10/04/34 | 125012 |
| First American Financial Corp. | First American Financial Corp. | First American Financial Corp. | First American Financial Corp. |
| 158000 | 5.450 | 09/30/34 | 160735 |
| Hartford Insurance Group, Inc. (The) | Hartford Insurance Group, Inc. (The) | Hartford Insurance Group, Inc. (The) | Hartford Insurance Group, Inc. (The) |
| 320000 | 6.625 | 03/30/40 | 364437 |
| 100000 | 6.100 | 10/01/41 | 109668 |
| Jackson Financial, Inc. | Jackson Financial, Inc. | Jackson Financial, Inc. | Jackson Financial, Inc. |
| 190000 | 3.125 | 11/23/31 | 175198 |
| 358000 | 5.670 | 06/08/32 | 374594 |
| Lincoln National Corp. | Lincoln National Corp. | Lincoln National Corp. | Lincoln National Corp. |
| 891000 | 5.852 | 03/15/34 | 946045 |
| Markel Group, Inc. | Markel Group, Inc. | Markel Group, Inc. | Markel Group, Inc. |
| 160000 | 5.000 | 03/30/43 | 150343 |
| Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. |
| 674000 | 4.550 | 11/08/27 | 680806 |
| 965000 | 4.375 | 03/15/29 | 974895 |
| 530000 | 2.250 | 11/15/30 | 484882 |
| 100000 | 4.200 | 03/01/48 | 82654 |
| 206000 | 4.900 | 03/15/49 | 188528 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Insurance – (continued) | Insurance – (continued) | Insurance – (continued) | Insurance – (continued) |
| MetLife, Inc. | MetLife, Inc. | MetLife, Inc. | MetLife, Inc. |
| 400000 | 5.700% | 06/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426562 |
| 256000 | 4.125 | 08/13/42 | 221649 |
| 222000 | 4.875 | 11/13/43 | 206419 |
| 310000 | 4.600 | 05/13/46 | 278492 |
| 380000 | 5.000 | 07/15/52 | 344115 |
| 160000 | 5.250 | 01/15/54 | 150952 |
| 342000 | 6.400 | 12/15/66 | 359100 |
| PartnerRe Finance B LLC | PartnerRe Finance B LLC | PartnerRe Finance B LLC | PartnerRe Finance B LLC |
| 350000 | 3.700 | 07/02/29 | 344637 |
| Principal Financial Group, Inc. | Principal Financial Group, Inc. | Principal Financial Group, Inc. | Principal Financial Group, Inc. |
| 40000 | 4.300 | 11/15/46 | 34282 |
| 100000 | 5.500 | 03/15/53 | 98848 |
| Progressive Corp. (The) | Progressive Corp. (The) | Progressive Corp. (The) | Progressive Corp. (The) |
| 114000 | 4.000 | 03/01/29 | 114339 |
| 100000 | 3.950 | 03/26/50 | 79435 |
| Prudential Financial, Inc. | Prudential Financial, Inc. | Prudential Financial, Inc. | Prudential Financial, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 2.380%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 2.380%) |  |  |
| 159000 | 4.500 | 09/15/47<sup>(a)</sup> | 157549 |
| 170000 | 3.905 | 12/07/47 | 136060 |
| 228000 | 3.935 | 12/07/49 | 178955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.035%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.035%) |  |  |
| 572000 | 3.700 | 10/01/50<sup>(a)</sup> | 536991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.234%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.234%) |  |  |
| 84000 | 6.000 | 09/01/52<sup>(a)</sup> | 87746 |
| Prudential Financial, Inc., MTN | Prudential Financial, Inc., MTN | Prudential Financial, Inc., MTN | Prudential Financial, Inc., MTN |
| 118000 | 5.700 | 12/14/36 | 125833 |
| 282000 | 4.600 | 05/15/44 | 258811 |
| 211000 | 4.350 | 02/25/50 | 175430 |
| 480000 | 3.700 | 03/13/51 | 357097 |
| Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.392%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.392%) |  |  |
| 409000 | 6.650 | 09/15/55<sup>(a)</sup> | 426129 |
| Selective Insurance Group, Inc. | Selective Insurance Group, Inc. | Selective Insurance Group, Inc. | Selective Insurance Group, Inc. |
| 100000 | 5.900 | 04/15/35 | 106380 |
| Travelers Cos., Inc. (The) | Travelers Cos., Inc. (The) | Travelers Cos., Inc. (The) | Travelers Cos., Inc. (The) |
| 380000 | 6.750 | 06/20/36 | 440645 |
| 140000 | 4.050 | 03/07/48 | 115111 |
| 420000 | 3.050 | 06/08/51 | 283927 |
| 200000 | 5.700 | 07/24/55 | 204825 |
| Trinity Acquisition PLC | Trinity Acquisition PLC | Trinity Acquisition PLC | Trinity Acquisition PLC |
| 120000 | 6.125 | 08/15/43 | 122178 |
| Unum Group | Unum Group | Unum Group | Unum Group |
| 300000 | 6.000 | 06/15/54 | 294853 |
| Voya Financial, Inc. | Voya Financial, Inc. | Voya Financial, Inc. | Voya Financial, Inc. |
| 250000 | 5.000 | 09/20/34 | 248639 |
| W R Berkley Corp. | W R Berkley Corp. | W R Berkley Corp. | W R Berkley Corp. |
| 180000 | 3.150 | 09/30/61 | 110599 |
| Willis North America, Inc. | Willis North America, Inc. | Willis North America, Inc. | Willis North America, Inc. |
| 100000 | 5.350 | 05/15/33 | 103222 |
| 300000 | 3.875 | 09/15/49 | 229267 |
|  |  |  | 23293420 |
| Lodging – 0.1% | Lodging – 0.1% | Lodging – 0.1% | Lodging – 0.1% |
| Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
| 357000 | 3.500 | 08/18/26 | 355766 |

---

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

---

| | |
|:---|:---|
| 52 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

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

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Lodging – (continued) | Lodging – (continued) | Lodging – (continued) | Lodging – (continued) |
| Las Vegas Sands Corp. – (continued) | Las Vegas Sands Corp. – (continued) | Las Vegas Sands Corp. – (continued) | Las Vegas Sands Corp. – (continued) |
| 215000 | 5.900% | 06/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218812 |
| 487000 | 3.900 | 08/08/29 | 476567 |
|  |  |  | 1051145 |
| Media Non Cable – 0.2% | Media Non Cable – 0.2% | Media Non Cable – 0.2% | Media Non Cable – 0.2% |
| Netflix, Inc. | Netflix, Inc. | Netflix, Inc. | Netflix, Inc. |
| 289000 | 4.375 | 11/15/26 | 289995 |
| 428000 | 4.875 | 04/15/28 | 439424 |
| 227000 | 6.375 | 05/15/29 | 244083 |
| Omnicom Group, Inc. | Omnicom Group, Inc. | Omnicom Group, Inc. | Omnicom Group, Inc. |
| 300000 | 5.300 | 11/01/34 | 302335 |
| Paramount Global | Paramount Global | Paramount Global | Paramount Global |
| 150000 | 4.950 | 01/15/31 | 140908 |
| 340000 | 4.200 | 05/19/32 | 299903 |
| 100000 | 5.250 | 04/01/44 | 68071 |
| 80000 | 4.900 | 08/15/44 | 51489 |
| 581000 | 4.950 | 05/19/50 | 367581 |
|  |  |  | 2203789 |
| Metals – 0.1% | Metals – 0.1% | Metals – 0.1% | Metals – 0.1% |
| Nucor Corp. | Nucor Corp. | Nucor Corp. | Nucor Corp. |
| 400000 | 6.400 | 12/01/37 | 450872 |
| Steel Dynamics, Inc. | Steel Dynamics, Inc. | Steel Dynamics, Inc. | Steel Dynamics, Inc. |
| 300000 | 5.375 | 08/15/34 | 311314 |
| 300000 | 3.250 | 10/15/50 | 205956 |
|  |  |  | 968142 |
| Metals and Mining – 0.0% | Metals and Mining – 0.0% | Metals and Mining – 0.0% | Metals and Mining – 0.0% |
| Newmont Corp. | Newmont Corp. | Newmont Corp. | Newmont Corp. |
| 138000 | 2.600 | 07/15/32 | 126540 |
| 100000 | 4.875 | 03/15/42 | 97252 |
|  |  |  | 223792 |
| Mining – 0.0% | Mining – 0.0% | Mining – 0.0% | Mining – 0.0% |
| Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. |
| 200000 | 5.450 | 03/15/43 | 197836 |
| Natural Gas – 0.0% | Natural Gas – 0.0% | Natural Gas – 0.0% | Natural Gas – 0.0% |
| Spire, Inc. | Spire, Inc. | Spire, Inc. | Spire, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.556%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.556%) |  |  |
| 130000 | 6.250 | 06/01/56<sup>(a)</sup> | 130796 |
| Publishing – 0.3% | Publishing – 0.3% | Publishing – 0.3% | Publishing – 0.3% |
| Moody's Corp. | Moody's Corp. | Moody's Corp. | Moody's Corp. |
| 536000 | 5.000 | 08/05/34 | 551792 |
| 50000 | 2.550 | 08/18/60 | 26645 |
| S&P Global, Inc. | S&P Global, Inc. | S&P Global, Inc. | S&P Global, Inc. |
| 1000000 | 2.450 | 03/01/27 | 985283 |
| 200000 | 2.500 | 12/01/29 | 189759 |
| 140000 | 1.250 | 08/15/30 | 124016 |
| 250000 | 5.250 | 09/15/33 | 263811 |
| 290000 | 3.900 | 03/01/62 | 218404 |
|  |  |  | 2359710 |
| REITs and Real Estate – 2.5% | REITs and Real Estate – 2.5% | REITs and Real Estate – 2.5% | REITs and Real Estate – 2.5% |
| Agree LP | Agree LP | Agree LP | Agree LP |
| 500000 | 5.600 | 06/15/35 | 528341 |
| Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. |
| 250000 | 2.000 | 05/18/32 | 215122 |
| 134000 | 1.875 | 02/01/33 | 111458 |
| 299000 | 5.625 | 05/15/54 | 290171 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| REITs and Real Estate – (continued) | REITs and Real Estate – (continued) | REITs and Real Estate – (continued) | REITs and Real Estate – (continued) |
| American Assets Trust LP | American Assets Trust LP | American Assets Trust LP | American Assets Trust LP |
| $597000 | 6.150% | 10/01/34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609856 |
| American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |
| 173000 | 4.300 | 04/15/52 | 138098 |
| Americold Realty Operating Partnership LP | Americold Realty Operating Partnership LP | Americold Realty Operating Partnership LP | Americold Realty Operating Partnership LP |
| 366000 | 5.409 | 09/12/34 | 363527 |
| Boston Properties LP | Boston Properties LP | Boston Properties LP | Boston Properties LP |
| 250000 | 6.750 | 12/01/27 | 261040 |
| 300000 | 4.500 | 12/01/28 | 302632 |
| 877000 | 2.450 | 10/01/33 | 728684 |
| 80000 | 5.750 | 01/15/35 | 81680 |
| Digital Realty Trust LP | Digital Realty Trust LP | Digital Realty Trust LP | Digital Realty Trust LP |
| 450000 | 5.550 | 01/15/28 | 463092 |
| 635000 | 3.600 | 07/01/29 | 627986 |
| Equinix, Inc. | Equinix, Inc. | Equinix, Inc. | Equinix, Inc. |
| 270000 | 3.200 | 11/18/29 | 260961 |
| 204000 | 2.150 | 07/15/30 | 186659 |
| 910000 | 2.500 | 05/15/31 | 830482 |
| GLP Capital LP / GLP Financing II, Inc. | GLP Capital LP / GLP Financing II, Inc. | GLP Capital LP / GLP Financing II, Inc. | GLP Capital LP / GLP Financing II, Inc. |
| 406000 | 5.300 | 01/15/29 | 416288 |
| 207000 | 3.250 | 01/15/32 | 188854 |
| 321000 | 5.250 | 02/15/33 | 322687 |
| 100000 | 6.750 | 12/01/33 | 109030 |
| 100000 | 6.250 | 09/15/54 | 100074 |
| HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. |
| 102000 | 6.150 | 01/15/31 | 105595 |
| 395000 | 6.375 | 07/01/34 | 407490 |
| Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP |
| 627000 | 2.050 | 03/15/31 | 557926 |
| Highwoods Realty LP | Highwoods Realty LP | Highwoods Realty LP | Highwoods Realty LP |
| 422000 | 3.050 | 02/15/30 | 397642 |
| 488000 | 2.600 | 02/01/31 | 438414 |
| Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP |
| 1003000 | 5.500 | 04/15/35 | 1023061 |
| Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP |
| 125000 | 4.950 | 01/15/33 | 126305 |
| Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP |
| 782000 | 6.250 | 01/15/36 | 799506 |
| Kimco Realty OP LLC | Kimco Realty OP LLC | Kimco Realty OP LLC | Kimco Realty OP LLC |
| 145000 | 3.200 | 04/01/32 | 136209 |
| NNN REIT, Inc. | NNN REIT, Inc. | NNN REIT, Inc. | NNN REIT, Inc. |
| 582000 | 3.000 | 04/15/52 | 375375 |
| Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. |
| 185000 | 3.625 | 10/01/29 | 180518 |
| 420000 | 5.200 | 07/01/30 | 430631 |
| Piedmont Operating Partnership LP | Piedmont Operating Partnership LP | Piedmont Operating Partnership LP | Piedmont Operating Partnership LP |
| 500000 | 3.150 | 08/15/30 | 463665 |
| 60000 | 2.750 | 04/01/32 | 52376 |
| Prologis L.P. | Prologis L.P. | Prologis L.P. | Prologis L.P. |
| 500000 | 1.750 | 07/01/30 | 455442 |
| Prologis LP | Prologis LP | Prologis LP | Prologis LP |
| 700000 | 2.250 | 04/15/30 | 655714 |
| 500000 | 1.625 | 03/15/31 | 445039 |
| 490000 | 3.000 | 04/15/50 | 329335 |
| 100000 | 5.250 | 03/15/54 | 96168 |
| Realty Income Corp. | Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |
| 375000 | 5.625 | 10/13/32 | 401572 |
| 110000 | 4.900 | 07/15/33 | 112746 |

---

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **53** |

---

------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

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

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| REITs and Real Estate – (continued) | REITs and Real Estate – (continued) | REITs and Real Estate – (continued) | REITs and Real Estate – (continued) |
| Realty Income Corp. – (continued) | Realty Income Corp. – (continued) | Realty Income Corp. – (continued) | Realty Income Corp. – (continued) |
| 50000 | 5.875% | 03/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55160 |
| 269000 | 5.375 | 09/01/54 | 265259 |
| Safehold GL Holdings LLC | Safehold GL Holdings LLC | Safehold GL Holdings LLC | Safehold GL Holdings LLC |
| 286000 | 5.650 | 01/15/35 | 298872 |
| Simon Property Group LP | Simon Property Group LP | Simon Property Group LP | Simon Property Group LP |
| 64000 | 3.250 | 11/30/26 | 63770 |
| 450000 | 3.375 | 12/01/27 | 447303 |
| 242000 | 2.450 | 09/13/29 | 230690 |
| 94000 | 2.650 | 07/15/30 | 88868 |
| 250000 | 6.250 | 01/15/34 | 276636 |
| 384000 | 3.250 | 09/13/49 | 270800 |
| 1364000 | 3.800 | 07/15/50 | 1052680 |
| 126000 | 6.650 | 01/15/54 | 143667 |
| Store Capital LLC | Store Capital LLC | Store Capital LLC | Store Capital LLC |
| 94000 | 4.500 | 03/15/28 | 94458 |
| 170000 | 5.400 | 04/30/30 | 174564 |
| 417000 | 2.750 | 11/18/30 | 383526 |
| 254000 | 2.700 | 12/01/31 | 227578 |
| Ventas Realty LP | Ventas Realty LP | Ventas Realty LP | Ventas Realty LP |
| 555000 | 2.500 | 09/01/31 | 505366 |
| VICI Properties LP | VICI Properties LP | VICI Properties LP | VICI Properties LP |
| 650000 | 4.750 | 02/15/28 | 657339 |
| 750000 | 4.950 | 02/15/30 | 763934 |
| 760000 | 5.125 | 05/15/32 | 772137 |
| Welltower OP LLC | Welltower OP LLC | Welltower OP LLC | Welltower OP LLC |
| 290000 | 4.250 | 04/15/28 | 292434 |
| 276000 | 3.100 | 01/15/30 | 267107 |
|  |  |  | 22459599 |
| Revenue – 1.0% | Revenue – 1.0% | Revenue – 1.0% | Revenue – 1.0% |
| Adventist Health System | Adventist Health System | Adventist Health System | Adventist Health System |
| 85000 | 2.952 | 03/01/29 | 82056 |
| 50000 | 3.630 | 03/01/49 | 35103 |
| Allina Health System, Series 2019 | Allina Health System, Series 2019 | Allina Health System, Series 2019 | Allina Health System, Series 2019 |
| 190000 | 3.887 | 04/15/49 | 150550 |
| Ascension Health | Ascension Health | Ascension Health | Ascension Health |
| 200000 | 3.945 | 11/15/46 | 166929 |
| Ascension Health, Series B | Ascension Health, Series B | Ascension Health, Series B | Ascension Health, Series B |
| 840000 | 2.532 | 11/15/29 | 805321 |
| Banner Health | Banner Health | Banner Health | Banner Health |
| 686000 | 2.913 | 01/01/51 | 458702 |
| Baptist Health South Florida, Inc., Series 2017 | Baptist Health South Florida, Inc., Series 2017 | Baptist Health South Florida, Inc., Series 2017 | Baptist Health South Florida, Inc., Series 2017 |
| 100000 | 4.342 | 11/15/41 | 89594 |
| Baylor Scott & White Holdings, Series 2021 | Baylor Scott & White Holdings, Series 2021 | Baylor Scott & White Holdings, Series 2021 | Baylor Scott & White Holdings, Series 2021 |
| 536000 | 1.777 | 11/15/30 | 486739 |
| California Institute of Technology | California Institute of Technology | California Institute of Technology | California Institute of Technology |
| 328000 | 4.700 | 11/01/11 | 272427 |
| CommonSpirit Health | CommonSpirit Health | CommonSpirit Health | CommonSpirit Health |
| 220000 | 3.347 | 10/01/29 | 213942 |
| 217000 | 4.350 | 11/01/42 | 193002 |
| 310000 | 4.187 | 10/01/49 | 253090 |
| Duke University | Duke University | Duke University | Duke University |
| 50000 | 3.299 | 10/01/46 | 38418 |
| Ford Foundation (The), Series 2017 | Ford Foundation (The), Series 2017 | Ford Foundation (The), Series 2017 | Ford Foundation (The), Series 2017 |
| 280000 | 3.859 | 06/01/47 | 235089 |
| Georgetown University (The), Series A | Georgetown University (The), Series A | Georgetown University (The), Series A | Georgetown University (The), Series A |
| 430000 | 5.215 | 10/01/18 | 394427 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Revenue – (continued) | Revenue – (continued) | Revenue – (continued) | Revenue – (continued) |
| Hackensack Meridian Health, Inc. | Hackensack Meridian Health, Inc. | Hackensack Meridian Health, Inc. | Hackensack Meridian Health, Inc. |
| 190000 | 4.211% | 07/01/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162406 |
| Kaiser Foundation Hospitals | Kaiser Foundation Hospitals | Kaiser Foundation Hospitals | Kaiser Foundation Hospitals |
| 399000 | 4.150 | 05/01/47 | 341310 |
| Kaiser Foundation Hospitals, Series 2019 | Kaiser Foundation Hospitals, Series 2019 | Kaiser Foundation Hospitals, Series 2019 | Kaiser Foundation Hospitals, Series 2019 |
| 274000 | 3.266 | 11/01/49 | 198766 |
| Kaiser Foundation Hospitals, Series 2021 | Kaiser Foundation Hospitals, Series 2021 | Kaiser Foundation Hospitals, Series 2021 | Kaiser Foundation Hospitals, Series 2021 |
| 87000 | 2.810 | 06/01/41 | 66443 |
| 364000 | 3.002 | 06/01/51 | 245250 |
| Massachusetts Institute of Technology | Massachusetts Institute of Technology | Massachusetts Institute of Technology | Massachusetts Institute of Technology |
| 400000 | 4.678 | 07/01/14 | 345508 |
| Mayo Clinic, Series 2013 | Mayo Clinic, Series 2013 | Mayo Clinic, Series 2013 | Mayo Clinic, Series 2013 |
| 100000 | 4.000 | 11/15/47 | 82535 |
| Memorial Sloan-Kettering Cancer Center, Series 2015 | Memorial Sloan-Kettering Cancer Center, Series 2015 | Memorial Sloan-Kettering Cancer Center, Series 2015 | Memorial Sloan-Kettering Cancer Center, Series 2015 |
| 373000 | 4.200 | 07/01/55 | 311571 |
| Montefiore Obligated Group, Series 18-C | Montefiore Obligated Group, Series 18-C | Montefiore Obligated Group, Series 18-C | Montefiore Obligated Group, Series 18-C |
| 391000 | 5.246 | 11/01/48 | 345583 |
| New York and Presbyterian Hospital (The) | New York and Presbyterian Hospital (The) | New York and Presbyterian Hospital (The) | New York and Presbyterian Hospital (The) |
| 250000 | 4.763 | 08/01/16 | 210699 |
| Northwell Healthcare, Inc. | Northwell Healthcare, Inc. | Northwell Healthcare, Inc. | Northwell Healthcare, Inc. |
| 203000 | 6.150 | 11/01/43 | 213741 |
| NYU Langone Hospitals | NYU Langone Hospitals | NYU Langone Hospitals | NYU Langone Hospitals |
| 300000 | 4.368 | 07/01/47 | 267895 |
| Piedmont Healthcare, Inc., Series 2042 | Piedmont Healthcare, Inc., Series 2042 | Piedmont Healthcare, Inc., Series 2042 | Piedmont Healthcare, Inc., Series 2042 |
| 405000 | 2.719 | 01/01/42 | 296924 |
| Providence St Joseph Health Obligated Group, Series A | Providence St Joseph Health Obligated Group, Series A | Providence St Joseph Health Obligated Group, Series A | Providence St Joseph Health Obligated Group, Series A |
| 159000 | 3.930 | 10/01/48 | 126812 |
| Sutter Health | Sutter Health | Sutter Health | Sutter Health |
| 569000 | 5.547 | 08/15/53 | 586480 |
| Toledo Hospital (The) | Toledo Hospital (The) | Toledo Hospital (The) | Toledo Hospital (The) |
| 250000 | 4.982 | 11/15/45 | 213125 |
| Trinity Health Corp., Series 2021 | Trinity Health Corp., Series 2021 | Trinity Health Corp., Series 2021 | Trinity Health Corp., Series 2021 |
| 100000 | 2.632 | 12/01/40 | 75063 |
| Trustees of Dartmouth College | Trustees of Dartmouth College | Trustees of Dartmouth College | Trustees of Dartmouth College |
| 70000 | 3.474 | 06/01/46 | 54601 |
| Trustees of the University of Pennsylvania (The) | Trustees of the University of Pennsylvania (The) | Trustees of the University of Pennsylvania (The) | Trustees of the University of Pennsylvania (The) |
| 100000 | 4.674 | 09/01/12 | 84537 |
| University of Chicago (The), Series C | University of Chicago (The), Series C | University of Chicago (The), Series C | University of Chicago (The), Series C |
| 170000 | 2.547 | 04/01/50 | 115407 |
| University of Southern California | University of Southern California | University of Southern California | University of Southern California |
| 253000 | 5.250 | 10/01/11 | 245675 |
| William Marsh Rice University | William Marsh Rice University | William Marsh Rice University | William Marsh Rice University |
| 100000 | 3.574 | 05/15/45 | 81563 |
| Willis-Knighton Medical Center, Series 2018 | Willis-Knighton Medical Center, Series 2018 | Willis-Knighton Medical Center, Series 2018 | Willis-Knighton Medical Center, Series 2018 |
| 300000 | 4.813 | 09/01/48 | 270000 |
|  |  |  | 8817283 |
| Software – 1.8% | Software – 1.8% | Software – 1.8% | Software – 1.8% |
| MSCI, Inc. | MSCI, Inc. | MSCI, Inc. | MSCI, Inc. |
| 145000 | 5.250 | 09/01/35 | 144764 |
| 50000 | 5.150 | 03/15/36 | 49598 |
| Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
| 1700000 | 4.800 | 08/03/28 | 1717689 |
| 628000 | 6.150 | 11/09/29 | 660560 |
| 873000 | 2.950 | 04/01/30 | 812901 |
| 774000 | 4.650 | 05/06/30 | 773816 |
| 1270000 | 4.950 | 02/04/31 | 1266725 |
| 704000 | 6.250 | 11/09/32 | 744999 |
| 120000 | 4.300 | 07/08/34 | 110757 |

---

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

---

| | |
|:---|:---|
| 54 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

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

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Software – (continued) | Software – (continued) | Software – (continued) | Software – (continued) |
| Oracle Corp. – (continued) | Oracle Corp. – (continued) | Oracle Corp. – (continued) | Oracle Corp. – (continued) |
| 600000 | 3.900% | 05/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526624 |
| 145000 | 5.200 | 09/26/35 | 140015 |
| 250000 | 3.850 | 07/15/36 | 212798 |
| 1463000 | 3.800 | 11/15/37 | 1208033 |
| 1290000 | 6.500 | 04/15/38 | 1352797 |
| 754000 | 3.600 | 04/01/40 | 578729 |
| 362000 | 3.650 | 03/25/41 | 271398 |
| 899000 | 4.125 | 05/15/45 | 648555 |
| 490000 | 4.000 | 11/15/47 | 337730 |
| 187000 | 3.950 | 03/25/51 | 124120 |
| 895000 | 4.375 | 05/15/55 | 620922 |
| 908000 | 3.850 | 04/01/60 | 554550 |
| 376000 | 4.100 | 03/25/61 | 245304 |
| 100000 | 6.125 | 08/03/65 | 88252 |
| 1127000 | 6.100 | 09/26/65 | 978374 |
| Paychex, Inc. | Paychex, Inc. | Paychex, Inc. | Paychex, Inc. |
| 112000 | 5.600 | 04/15/35 | 114693 |
| Salesforce, Inc. | Salesforce, Inc. | Salesforce, Inc. | Salesforce, Inc. |
| 460000 | 3.700 | 04/11/28 | 458841 |
| 455000 | 1.950 | 07/15/31 | 404565 |
| 411000 | 2.900 | 07/15/51 | 251470 |
| Workday, Inc. | Workday, Inc. | Workday, Inc. | Workday, Inc. |
| 400000 | 3.500 | 04/01/27 | 397762 |
| 164000 | 3.800 | 04/01/32 | 155370 |
|  |  |  | 15952711 |
| Technology – 7.5% | Technology – 7.5% | Technology – 7.5% | Technology – 7.5% |
| Adobe, Inc. | Adobe, Inc. | Adobe, Inc. | Adobe, Inc. |
| 102000 | 2.150 | 02/01/27 | 100567 |
| 470000 | 2.300 | 02/01/30 | 440719 |
| 401000 | 4.950 | 04/04/34 | 411814 |
| Alphabet, Inc. | Alphabet, Inc. | Alphabet, Inc. | Alphabet, Inc. |
| 162000 | 1.998 | 08/15/26 | 160668 |
| 50000 | 0.800 | 08/15/27 | 48109 |
| 1600000 | 4.000 | 05/15/30 | 1611731 |
| 1164000 | 1.100 | 08/15/30 | 1037253 |
| 1000000 | 4.375 | 11/15/32 | 1013834 |
| 340000 | 4.500 | 05/15/35 | 342012 |
| 100000 | 5.500 | 02/15/46 | 101777 |
| 536000 | 5.450 | 11/15/55 | 531780 |
| 253000 | 2.250 | 08/15/60 | 132928 |
| 400000 | 5.300 | 05/15/65 | 379119 |
| 1460000 | 5.750 | 02/15/66 | 1484397 |
| Analog Devices, Inc. | Analog Devices, Inc. | Analog Devices, Inc. | Analog Devices, Inc. |
| 75000 | 3.500 | 12/05/26 | 74844 |
| 300000 | 1.700 | 10/01/28 | 284956 |
| 410000 | 2.950 | 10/01/51 | 271917 |
| Apple, Inc. | Apple, Inc. | Apple, Inc. | Apple, Inc. |
| 120000 | 3.000 | 06/20/27 | 119208 |
| 692000 | 2.900 | 09/12/27 | 685057 |
| 218000 | 3.000 | 11/13/27 | 216428 |
| 1282000 | 1.200 | 02/08/28 | 1227314 |
| 252000 | 1.400 | 08/05/28 | 239888 |
| 320000 | 3.250 | 08/08/29 | 316942 |
| 336000 | 1.650 | 05/11/30 | 309155 |
| 454000 | 4.200 | 05/12/30 | 461417 |
| 118000 | 1.250 | 08/20/30 | 106121 |
| 2488000 | 1.650 | 02/08/31 | 2247102 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Technology – (continued) | Technology – (continued) | Technology – (continued) | Technology – (continued) |
| Apple, Inc. – (continued) | Apple, Inc. – (continued) | Apple, Inc. – (continued) | Apple, Inc. – (continued) |
| $272000 | 1.700% | 08/05/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243959 |
| 310000 | 4.500 | 02/23/36 | 317656 |
| 64000 | 4.450 | 05/06/44 | 59782 |
| 100000 | 3.750 | 11/13/47 | 80974 |
| 717000 | 2.950 | 09/11/49 | 488229 |
| 309000 | 2.550 | 08/20/60 | 175158 |
| 325000 | 2.800 | 02/08/61 | 192840 |
| 808000 | 2.850 | 08/05/61 | 492046 |
| 100000 | 4.100 | 08/08/62 | 80100 |
| Applied Materials, Inc. | Applied Materials, Inc. | Applied Materials, Inc. | Applied Materials, Inc. |
| 92000 | 3.300 | 04/01/27 | 91670 |
| 578000 | 1.750 | 06/01/30 | 528656 |
| 1344000 | 4.350 | 04/01/47 | 1202190 |
| AppLovin Corp. | AppLovin Corp. | AppLovin Corp. | AppLovin Corp. |
| 102000 | 5.500 | 12/01/34 | 103790 |
| Arrow Electronics, Inc. | Arrow Electronics, Inc. | Arrow Electronics, Inc. | Arrow Electronics, Inc. |
| 135000 | 5.875 | 04/10/34 | 142347 |
| Automatic Data Processing, Inc. | Automatic Data Processing, Inc. | Automatic Data Processing, Inc. | Automatic Data Processing, Inc. |
| 467000 | 1.250 | 09/01/30 | 415542 |
| Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
| 183000 | 3.459 | 09/15/26 | 182482 |
| 605000 | 4.750 | 04/15/29 | 620085 |
| 420000 | 5.050 | 07/12/29 | 434731 |
| 53000 | 4.350 | 02/15/30 | 53615 |
| 1567000 | 4.150 | 11/15/30 | 1569968 |
| 514000 | 2.450 | 02/15/31 | 474509 |
| 570000 | 4.300 | 11/15/32 | 568663 |
| 521000 | 3.419 | 04/15/33 | 488278 |
| 290000 | 3.469 | 04/15/34 | 267990 |
| 25000 | 4.800 | 10/15/34 | 25350 |
| 600000 | 3.137 | 11/15/35<sup>(c)</sup> | 523269 |
| 419000 | 3.187 | 11/15/36<sup>(c)</sup> | 360602 |
| 1800000 | 3.500 | 02/15/41 | 1492527 |
| 322000 | 3.750 | 02/15/51 | 247919 |
| Broadridge Financial Solutions, Inc. | Broadridge Financial Solutions, Inc. | Broadridge Financial Solutions, Inc. | Broadridge Financial Solutions, Inc. |
| 250000 | 2.600 | 05/01/31 | 226955 |
| Cisco Systems, Inc. | Cisco Systems, Inc. | Cisco Systems, Inc. | Cisco Systems, Inc. |
| 203000 | 4.950 | 02/24/32 | 211250 |
| 658000 | 5.050 | 02/26/34 | 684331 |
| 505000 | 5.500 | 01/15/40 | 529558 |
| 165000 | 5.300 | 02/26/54 | 160364 |
| 100000 | 5.350 | 02/26/64 | 95735 |
| Concentrix Corp. | Concentrix Corp. | Concentrix Corp. | Concentrix Corp. |
| 138000 | 6.850 | 08/02/33 | 132999 |
| Dell International LLC / EMC Corp. | Dell International LLC / EMC Corp. | Dell International LLC / EMC Corp. | Dell International LLC / EMC Corp. |
| 792000 | 4.900 | 10/01/26 | 794854 |
| 200000 | 5.250 | 02/01/28 | 204686 |
| 200000 | 5.300 | 10/01/29 | 207759 |
| 50000 | 5.750 | 02/01/33 | 53070 |
| 113000 | 8.100 | 07/15/36 | 137306 |
| 450000 | 3.375 | 12/15/41 | 347262 |
| Dell, Inc. | Dell, Inc. | Dell, Inc. | Dell, Inc. |
| 140000 | 7.100 | 04/15/28 | 150018 |
| 713000 | 5.400 | 09/10/40 | 708314 |
| Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. |
| 275000 | 1.650 | 03/01/28 | 261789 |
| 400000 | 3.100 | 03/01/41 | 294930 |

---

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **55** |

---

------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

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

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Technology – (continued) | Technology – (continued) | Technology – (continued) | Technology – (continued) |
| Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. |
| $363000 | 3.200% | 07/01/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361515 |
| 190000 | 5.450 | 03/02/28 | 194192 |
| 360000 | 5.375 | 08/21/28 | 369413 |
| 69000 | 4.200 | 10/01/28 | 68912 |
| 285000 | 5.450 | 03/15/34 | 290958 |
| 392000 | 4.400 | 07/01/49 | 310233 |
| Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. |
| 400000 | 4.400 | 09/25/27 | 402293 |
| 1064000 | 5.000 | 10/15/34 | 1053831 |
| HP, Inc. | HP, Inc. | HP, Inc. | HP, Inc. |
| 830000 | 2.650 | 06/17/31 | 752287 |
| 507000 | 5.500 | 01/15/33 | 520070 |
| 161000 | 6.100 | 04/25/35 | 172001 |
| IBM International Capital Pte Ltd. | IBM International Capital Pte Ltd. | IBM International Capital Pte Ltd. | IBM International Capital Pte Ltd. |
| 100000 | 5.250 | 02/05/44 | 97029 |
| 910000 | 5.300 | 02/05/54 | 844873 |
| Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. |
| 300000 | 4.150 | 08/05/32 | 293461 |
| 674000 | 5.150 | 02/21/34 | 689618 |
| 148000 | 4.600 | 03/25/40 | 134751 |
| 170000 | 4.250 | 12/15/42 | 141836 |
| 100000 | 5.625 | 02/10/43 | 97853 |
| 110000 | 4.900 | 07/29/45 | 96942 |
| 1000000 | 4.750 | 03/25/50 | 837455 |
| 200000 | 3.050 | 08/12/51 | 126688 |
| 746000 | 5.700 | 02/10/53 | 712498 |
| 100000 | 5.600 | 02/21/54 | 94340 |
| 224000 | 3.100 | 02/15/60 | 128765 |
| 271000 | 4.950 | 03/25/60 | 227948 |
| International Business Machines Corp. | International Business Machines Corp. | International Business Machines Corp. | International Business Machines Corp. |
| 655000 | 1.700 | 05/15/27 | 639030 |
| 130000 | 4.150 | 07/27/27 | 130732 |
| 230000 | 4.650 | 02/10/28 | 233739 |
| 540000 | 4.150 | 05/15/39 | 488304 |
| 180000 | 5.600 | 11/30/39 | 186960 |
| 80000 | 4.000 | 06/20/42 | 68174 |
| 300000 | 4.250 | 05/15/49 | 244838 |
| 300000 | 2.950 | 05/15/50 | 194361 |
| 120000 | 4.900 | 07/27/52 | 106137 |
| International Business Machines Corp., Series | International Business Machines Corp., Series | International Business Machines Corp., Series | International Business Machines Corp., Series |
| 167000 | 5.700 | 02/10/55 | 164098 |
| Intuit, Inc. | Intuit, Inc. | Intuit, Inc. | Intuit, Inc. |
| 600000 | 5.200 | 09/15/33 | 621651 |
| 100000 | 5.500 | 09/15/53 | 94547 |
| Keysight Technologies, Inc. | Keysight Technologies, Inc. | Keysight Technologies, Inc. | Keysight Technologies, Inc. |
| 517000 | 4.950 | 10/15/34 | 526789 |
| KLA Corp. | KLA Corp. | KLA Corp. | KLA Corp. |
| 650000 | 4.100 | 03/15/29 | 654117 |
| 100000 | 3.300 | 03/01/50 | 71057 |
| 100000 | 4.950 | 07/15/52 | 93098 |
| 322000 | 5.250 | 07/15/62 | 304842 |
| Kyndryl Holdings, Inc. | Kyndryl Holdings, Inc. | Kyndryl Holdings, Inc. | Kyndryl Holdings, Inc. |
| 130000 | 6.350 | 02/20/34 | 124929 |
| Lam Research Corp. | Lam Research Corp. | Lam Research Corp. | Lam Research Corp. |
| 436000 | 4.000 | 03/15/29 | 437400 |
| 228000 | 1.900 | 06/15/30 | 209228 |
| 220000 | 4.875 | 03/15/49 | 205834 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Technology – (continued) | Technology – (continued) | Technology – (continued) | Technology – (continued) |
| Lam Research Corp. – (continued) | Lam Research Corp. – (continued) | Lam Research Corp. – (continued) | Lam Research Corp. – (continued) |
| $298000 | 2.875% | 06/15/50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197062 |
| Marvell Technology, Inc. | Marvell Technology, Inc. | Marvell Technology, Inc. | Marvell Technology, Inc. |
| 61000 | 5.950 | 09/15/33 | 65666 |
| 200000 | 5.450 | 07/15/35 | 208004 |
| Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. |
| 730000 | 3.500 | 08/15/27 | 729865 |
| 1064000 | 4.600 | 05/15/28 | 1085155 |
| 290000 | 4.800 | 05/15/30 | 300372 |
| 638000 | 4.200 | 11/15/30 | 643645 |
| 888000 | 4.600 | 11/15/32 | 902455 |
| 850000 | 5.500 | 11/15/45 | 841888 |
| 214000 | 5.625 | 11/15/55 | 210025 |
| 410000 | 4.650 | 08/15/62 | 334857 |
| 51000 | 5.750 | 05/15/63 | 49772 |
| 1504000 | 5.550 | 08/15/64 | 1416036 |
| 1000000 | 5.750 | 11/15/65 | 975786 |
| Microsoft Corp. | Microsoft Corp. | Microsoft Corp. | Microsoft Corp. |
| 87000 | 3.300 | 02/06/27 | 86708 |
| 592000 | 3.500 | 02/12/35 | 561476 |
| 470000 | 3.450 | 08/08/36 | 433369 |
| 81000 | 4.100 | 02/06/37 | 79384 |
| 390000 | 5.200 | 06/01/39 | 415081 |
| 310000 | 5.300 | 02/08/41 | 326040 |
| 508000 | 2.525 | 06/01/50 | 316280 |
| 129000 | 2.921 | 03/17/52 | 85775 |
| 576000 | 2.675 | 06/01/60 | 334286 |
| 400000 | 3.041 | 03/17/62 | 252294 |
| Motorola Solutions, Inc. | Motorola Solutions, Inc. | Motorola Solutions, Inc. | Motorola Solutions, Inc. |
| 624000 | 4.600 | 05/23/29 | 633509 |
| 386000 | 2.750 | 05/24/31 | 357437 |
| 130000 | 5.500 | 09/01/44 | 128849 |
| NetApp, Inc. | NetApp, Inc. | NetApp, Inc. | NetApp, Inc. |
| 280000 | 5.500 | 03/17/32 | 291762 |
| NVIDIA Corp. | NVIDIA Corp. | NVIDIA Corp. | NVIDIA Corp. |
| 635000 | 1.550 | 06/15/28 | 606828 |
| 461000 | 2.000 | 06/15/31 | 420129 |
| PayPal Holdings, Inc. | PayPal Holdings, Inc. | PayPal Holdings, Inc. | PayPal Holdings, Inc. |
| 160000 | 5.150 | 06/01/34 | 164873 |
| 480000 | 3.250 | 06/01/50 | 338689 |
| 25000 | 5.050 | 06/01/52 | 22563 |
| QUALCOMM, Inc. | QUALCOMM, Inc. | QUALCOMM, Inc. | QUALCOMM, Inc. |
| 304000 | 3.250 | 05/20/27 | 302449 |
| 200000 | 1.300 | 05/20/28 | 189741 |
| 114000 | 2.150 | 05/20/30 | 106080 |
| 871000 | 4.650 | 05/20/35 | 886070 |
| 1003000 | 4.500 | 05/20/52 | 861087 |
| 198000 | 6.000 | 05/20/53 | 209523 |
| Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. |
| 140000 | 5.000 | 04/01/32 | 144262 |
| 150000 | 5.700 | 04/01/55 | 149726 |
| Texas Instruments, Inc. | Texas Instruments, Inc. | Texas Instruments, Inc. | Texas Instruments, Inc. |
| 10000 | 4.500 | 05/23/30 | 10212 |
| 215000 | 5.100 | 05/23/35 | 224174 |
| 968000 | 4.150 | 05/15/48 | 819620 |
| 284000 | 2.700 | 09/15/51 | 178544 |
| 100000 | 5.150 | 02/08/54 | 96573 |

---

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

---

| | |
|:---|:---|
| 56 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

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

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| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Technology – (continued) | Technology – (continued) | Technology – (continued) | Technology – (continued) |
| Trimble, Inc. | Trimble, Inc. | Trimble, Inc. | Trimble, Inc. |
| 210000 | 6.100% | 03/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224581 |
| Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. |
| 923000 | 4.800 | 09/15/34 | 925371 |
| 193000 | 4.800 | 09/15/35 | 192049 |
| VeriSign, Inc. | VeriSign, Inc. | VeriSign, Inc. | VeriSign, Inc. |
| 245000 | 5.250 | 06/01/32 | 250452 |
| Verisk Analytics, Inc. | Verisk Analytics, Inc. | Verisk Analytics, Inc. | Verisk Analytics, Inc. |
| 200000 | 5.250 | 06/05/34 | 203575 |
| 100000 | 5.500 | 06/15/45 | 97632 |
| VMware, Inc. | VMware, Inc. | VMware, Inc. | VMware, Inc. |
| 263000 | 1.800 | 08/15/28 | 250252 |
| 228000 | 2.200 | 08/15/31 | 204030 |
|  |  |  | 66644714 |
| Transportation – 1.8% | Transportation – 1.8% | Transportation – 1.8% | Transportation – 1.8% |
| American Airlines Group, Inc. Pass-Through Trust, Series 2015-1, A | American Airlines Group, Inc. Pass-Through Trust, Series 2015-1, A | American Airlines Group, Inc. Pass-Through Trust, Series 2015-1, A | American Airlines Group, Inc. Pass-Through Trust, Series 2015-1, A |
| 118521 | 3.375 | 05/01/27 | 116919 |
| American Airlines Group, Inc. Pass-Through Trust, Series 2015-2, AA | American Airlines Group, Inc. Pass-Through Trust, Series 2015-2, AA | American Airlines Group, Inc. Pass-Through Trust, Series 2015-2, AA | American Airlines Group, Inc. Pass-Through Trust, Series 2015-2, AA |
| 230964 | 3.600 | 09/22/27 | 228627 |
| American Airlines Group, Inc. Pass-Through Trust, Series 2016-1, AA | American Airlines Group, Inc. Pass-Through Trust, Series 2016-1, AA | American Airlines Group, Inc. Pass-Through Trust, Series 2016-1, AA | American Airlines Group, Inc. Pass-Through Trust, Series 2016-1, AA |
| 54820 | 3.575 | 01/15/28 | 54151 |
| Burlington Northern Santa Fe LLC | Burlington Northern Santa Fe LLC | Burlington Northern Santa Fe LLC | Burlington Northern Santa Fe LLC |
| 190000 | 5.750 | 05/01/40 | 202052 |
| 300000 | 4.400 | 03/15/42 | 272027 |
| 92000 | 4.450 | 03/15/43 | 82924 |
| 180000 | 4.900 | 04/01/44 | 171260 |
| 180000 | 4.150 | 04/01/45 | 153342 |
| 92000 | 3.900 | 08/01/46 | 74867 |
| 206000 | 4.150 | 12/15/48 | 172568 |
| 219000 | 3.550 | 02/15/50 | 163259 |
| 379000 | 3.300 | 09/15/51 | 266516 |
| 736000 | 4.450 | 01/15/53 | 631936 |
| 170000 | 5.200 | 04/15/54 | 162345 |
| CSX Corp. | CSX Corp. | CSX Corp. | CSX Corp. |
| 450000 | 3.800 | 03/01/28 | 450324 |
| 200000 | 4.250 | 03/15/29 | 202868 |
| 270000 | 4.100 | 03/15/44 | 231272 |
| 700000 | 3.800 | 11/01/46 | 559998 |
| 240000 | 4.300 | 03/01/48 | 204364 |
| 130000 | 4.500 | 11/15/52 | 113120 |
| 100000 | 4.500 | 08/01/54 | 85981 |
| 100000 | 4.250 | 11/01/66 | 78728 |
| Federal Express Corp. Pass Through Trusts, Series 20-1, AA | Federal Express Corp. Pass Through Trusts, Series 20-1, AA | Federal Express Corp. Pass Through Trusts, Series 20-1, AA | Federal Express Corp. Pass Through Trusts, Series 20-1, AA |
| 520955 | 1.875 | 02/20/34 | 458998 |
| FedEx Corp. | FedEx Corp. | FedEx Corp. | FedEx Corp. |
| 180000 | 4.250 | 05/15/30 | 181623 |
| 180000 | 2.400 | 05/15/31 | 165736 |
| 344000 | 5.100 | 01/15/44 | 326228 |
| 430000 | 4.750 | 11/15/45 | 385712 |
| 360000 | 4.550 | 04/01/46 | 314092 |
| Norfolk Southern Corp. | Norfolk Southern Corp. | Norfolk Southern Corp. | Norfolk Southern Corp. |
| 92000 | 4.450 | 03/01/33 | 92346 |
| 225000 | 5.550 | 03/15/34 | 239346 |
| 807000 | 5.100 | 05/01/35 | 831725 |
| 410000 | 4.450 | 06/15/45 | 359398 |

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|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Transportation – (continued) | Transportation – (continued) | Transportation – (continued) | Transportation – (continued) |
| Norfolk Southern Corp. – (continued) | Norfolk Southern Corp. – (continued) | Norfolk Southern Corp. – (continued) | Norfolk Southern Corp. – (continued) |
| 150000 | 4.550% | 06/01/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128124 |
| 332000 | 3.155 | 05/15/55 | 217915 |
| 150000 | 5.950 | 03/15/64 | 155132 |
| Ryder System, Inc., MTN | Ryder System, Inc., MTN | Ryder System, Inc., MTN | Ryder System, Inc., MTN |
| 380000 | 2.850 | 03/01/27 | 375879 |
| Union Pacific Corp. | Union Pacific Corp. | Union Pacific Corp. | Union Pacific Corp. |
| 160000 | 2.400 | 02/05/30 | 151279 |
| 290000 | 2.375 | 05/20/31 | 267898 |
| 1096000 | 2.800 | 02/14/32 | 1017992 |
| 140000 | 3.200 | 05/20/41 | 112098 |
| 278000 | 3.799 | 10/01/51 | 213444 |
| 95000 | 2.950 | 03/10/52 | 61651 |
| 250000 | 4.950 | 09/09/52 | 232484 |
| 831000 | 3.875 | 02/01/55 | 635454 |
| 408000 | 3.839 | 03/20/60 | 300333 |
| 100000 | 3.550 | 05/20/61 | 68415 |
| 446000 | 3.799 | 04/06/71 | 312908 |
| United Airlines, Inc. Pass-Through Trust, Series 2024-1, AA | United Airlines, Inc. Pass-Through Trust, Series 2024-1, AA | United Airlines, Inc. Pass-Through Trust, Series 2024-1, AA | United Airlines, Inc. Pass-Through Trust, Series 2024-1, AA |
| 866445 | 5.450 | 02/15/37 | 905256 |
| United Parcel Service, Inc. | United Parcel Service, Inc. | United Parcel Service, Inc. | United Parcel Service, Inc. |
| 100000 | 3.400 | 03/15/29 | 99073 |
| 940000 | 4.875 | 03/03/33 | 978816 |
| 300000 | 5.150 | 05/22/34 | 316016 |
| 250000 | 6.200 | 01/15/38 | 281253 |
| 200000 | 4.875 | 11/15/40 | 197261 |
| 820000 | 3.750 | 11/15/47 | 646727 |
|  |  |  | 15710060 |
| Water – 0.2% | Water – 0.2% | Water – 0.2% | Water – 0.2% |
| American Water Capital Corp. | American Water Capital Corp. | American Water Capital Corp. | American Water Capital Corp. |
| 892000 | 4.450 | 06/01/32 | 899569 |
| 130000 | 4.300 | 09/01/45 | 111931 |
| 160000 | 4.000 | 12/01/46 | 128962 |
| 100000 | 3.450 | 05/01/50 | 72427 |
| 30000 | 5.700 | 09/01/55 | 30443 |
| Essential Utilities, Inc. | Essential Utilities, Inc. | Essential Utilities, Inc. | Essential Utilities, Inc. |
| 400000 | 5.375 | 01/15/34 | 418404 |
|  |  |  | 1661736 |
| Wireless – 3.5% | Wireless – 3.5% | Wireless – 3.5% | Wireless – 3.5% |
| American Tower Corp. | American Tower Corp. | American Tower Corp. | American Tower Corp. |
| 496000 | 3.375 | 10/15/26 | 494235 |
| 200000 | 2.750 | 01/15/27 | 198100 |
| 1018000 | 3.600 | 01/15/28 | 1011098 |
| 361000 | 3.800 | 08/15/29 | 357988 |
| 80000 | 2.900 | 01/15/30 | 76483 |
| 300000 | 1.875 | 10/15/30 | 270619 |
| 470000 | 5.900 | 11/15/33 | 508120 |
| 251000 | 3.100 | 06/15/50 | 168416 |
| AT&T, Inc. | AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
| 83000 | 3.800 | 02/15/27 | 83002 |
| 282000 | 2.300 | 06/01/27 | 276804 |
| 912000 | 4.350 | 03/01/29 | 922374 |
| 1139000 | 4.300 | 02/15/30 | 1150908 |
| 885000 | 4.550 | 11/01/32 | 890305 |
| 910000 | 2.550 | 12/01/33 | 789090 |
| 384000 | 5.400 | 02/15/34 | 401317 |
| 379000 | 4.500 | 05/15/35 | 370205 |

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| The accompanying notes are an integral part of these financial statements. | **57** |

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GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

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Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

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|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Wireless – (continued) | Wireless – (continued) | Wireless – (continued) | Wireless – (continued) |
| AT&T, Inc. – (continued) | AT&T, Inc. – (continued) | AT&T, Inc. – (continued) | AT&T, Inc. – (continued) |
| $1320000 | 5.375% | 08/15/35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1369210 |
| 140000 | 4.850 | 03/01/39 | 134984 |
| 458000 | 5.150 | 03/15/42 | 441241 |
| 190000 | 4.300 | 12/15/42 | 164201 |
| 150000 | 4.800 | 06/15/44 | 134841 |
| 255000 | 4.350 | 06/15/45 | 215142 |
| 293000 | 4.500 | 03/09/48 | 246331 |
| 225000 | 4.550 | 03/09/49 | 189637 |
| 538000 | 3.650 | 06/01/51 | 385689 |
| 130000 | 3.300 | 02/01/52 | 85880 |
| 660000 | 3.500 | 09/15/53 | 450900 |
| 620000 | 3.550 | 09/15/55 | 420929 |
| 530000 | 3.800 | 12/01/57 | 370583 |
| 617000 | 3.650 | 09/15/59 | 416638 |
| 192000 | 3.850 | 06/01/60 | 134640 |
| Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
| 260000 | 3.800 | 02/15/28 | 258792 |
| 100000 | 2.500 | 07/15/31 | 90572 |
| 181000 | 5.200 | 09/01/34 | 186098 |
| 329000 | 4.750 | 05/15/47 | 289920 |
| 486000 | 5.200 | 02/15/49 | 449963 |
| T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
| 378000 | 3.750 | 04/15/27 | 377403 |
| 62000 | 2.625 | 02/15/29 | 59605 |
| 713000 | 2.550 | 02/15/31 | 659084 |
| 176000 | 2.875 | 02/15/31 | 165642 |
| 56000 | 5.050 | 07/15/33 | 57707 |
| 605000 | 5.750 | 01/15/34 | 648456 |
| 178000 | 4.700 | 01/15/35 | 176651 |
| 328000 | 4.375 | 04/15/40 | 299563 |
| 444000 | 3.000 | 02/15/41 | 337824 |
| 339000 | 4.500 | 04/15/50 | 283605 |
| 256000 | 3.300 | 02/15/51 | 174541 |
| 925000 | 3.400 | 10/15/52 | 633656 |
| 340000 | 5.650 | 01/15/53 | 333580 |
| 380000 | 5.750 | 01/15/54 | 377620 |
| 1000000 | 5.700 | 01/15/56 | 983057 |
| 400000 | 3.600 | 11/15/60 | 270972 |
| 200000 | 5.800 | 09/15/62 | 200360 |
| Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
| 383000 | 4.125 | 03/16/27 | 384240 |
| 1705000 | 4.016 | 12/03/29 | 1707410 |
| 314000 | 3.150 | 03/22/30 | 303253 |
| 110000 | 7.750 | 12/01/30 | 127205 |
| 1870000 | 2.550 | 03/21/31 | 1733121 |
| 303000 | 5.050 | 05/09/33 | 314880 |
| 140000 | 4.500 | 08/10/33 | 140232 |
| 605000 | 4.400 | 11/01/34 | 592878 |
| 180000 | 5.850 | 09/15/35 | 195256 |
| 220000 | 4.272 | 01/15/36 | 209069 |
| 649000 | 5.000 | 01/15/36 | 650801 |
| 397000 | 5.250 | 03/16/37 | 404841 |
| 382000 | 2.650 | 11/20/40 | 278545 |
| 610000 | 3.400 | 03/22/41 | 486630 |
| 60000 | 6.550 | 09/15/43 | 66821 |
| 135000 | 4.125 | 08/15/46 | 110017 |
| 514000 | 4.862 | 08/21/46 | 462385 |

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| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Wireless – (continued) | Wireless – (continued) | Wireless – (continued) | Wireless – (continued) |
| Verizon Communications, Inc. – (continued) | Verizon Communications, Inc. – (continued) | Verizon Communications, Inc. – (continued) | Verizon Communications, Inc. – (continued) |
| 311000 | 4.522% | 09/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263712 |
| 352000 | 2.875 | 11/20/50 | 221847 |
| 499000 | 3.550 | 03/22/51 | 360787 |
| 130000 | 2.987 | 10/30/56 | 79190 |
| 231000 | 3.000 | 11/20/60 | 139755 |
| 760000 | 3.700 | 03/22/61 | 527204 |
| 753000 | 6.000 | 11/30/65 | 753937 |
|  |  |  | 30958597 |
| TOTAL CORPORATE OBLIGATIONS<br>(Cost $758,426,565) | TOTAL CORPORATE OBLIGATIONS<br>(Cost $758,426,565) | TOTAL CORPORATE OBLIGATIONS<br>(Cost $758,426,565) | 746391227 |
| Foreign Corporate Debt – 14.4% | Foreign Corporate Debt – 14.4% | Foreign Corporate Debt – 14.4% | Foreign Corporate Debt – 14.4% |
| Aerospace & Defense – 0.0% | Aerospace & Defense – 0.0% | Aerospace & Defense – 0.0% | Aerospace & Defense – 0.0% |
| Embraer Netherlands Finance BV (Brazil) | Embraer Netherlands Finance BV (Brazil) | Embraer Netherlands Finance BV (Brazil) | Embraer Netherlands Finance BV (Brazil) |
| 100000 | 5.400 | 01/09/38 | 100375 |
| Banks – 7.6% | Banks – 7.6% | Banks – 7.6% | Banks – 7.6% |
| Banco Bilbao Vizcaya Argentaria SA (Spain) | Banco Bilbao Vizcaya Argentaria SA (Spain) | Banco Bilbao Vizcaya Argentaria SA (Spain) | Banco Bilbao Vizcaya Argentaria SA (Spain) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 2.700%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 2.700%) |  |  |
| 600000 | 6.138 | 09/14/28<sup>(a)</sup> | 619730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.950%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.950%) |  |  |
| 300000 | 6.033 | 03/13/35<sup>(a)</sup> | 321031 |
| Banco Santander SA (Spain) | Banco Santander SA (Spain) | Banco Santander SA (Spain) | Banco Santander SA (Spain) |
| 1000000 | 4.250 | 04/11/27 | 1003799 |
| 2000000 | 5.294 | 08/18/27 | 2036434 |
| 310000 | 4.379 | 04/12/28 | 312406 |
| 600000 | 6.607 | 11/07/28 | 638972 |
| 325000 | 3.490 | 05/28/30 | 315794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 0.900%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 0.900%) |  |  |
| 200000 | 1.722 | 09/14/27<sup>(a)</sup> | 197302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 2.000%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 2.000%) |  |  |
| 200000 | 4.175 | 03/24/28<sup>(a)</sup> | 200147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.600%) |  |  |
| 336000 | 3.225 | 11/22/32<sup>(a)</sup> | 310405 |
| Bank of Montreal (Canada) | Bank of Montreal (Canada) | Bank of Montreal (Canada) | Bank of Montreal (Canada) |
| 86000 | 5.266 | 12/11/26 | 86970 |
| 511000 | 5.203 | 02/01/28 | 524129 |
| 219000 | 5.717 | 09/25/28 | 228387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.250%) |
| 310000 | 4.640 | 09/10/30<sup>(a)</sup> | 315321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5 Year USD Swap + 1.432%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5 Year USD Swap + 1.432%) |  |  |
| 424000 | 3.803 | 12/15/32<sup>(a)</sup> | 421873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.400%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.400%) |  |  |
| 600000 | 3.088 | 01/10/37<sup>(a)</sup> | 548848 |
| Bank of Nova Scotia (The) (Canada) | Bank of Nova Scotia (The) (Canada) | Bank of Nova Scotia (The) (Canada) | Bank of Nova Scotia (The) (Canada) |
| 80000 | 1.950 | 02/02/27 | 78801 |
| 684000 | 4.850 | 02/01/30 | 702744 |
| 300000 | 2.150 | 08/01/31 | 269841 |
| 530000 | 2.450 | 02/02/32 | 479548 |
| 490000 | 5.650 | 02/01/34 | 525400 |

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| 58 | **The accompanying notes are an integral part of these financial statements.** |

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GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

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| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.000%) |
| $120000 | 4.404% | 09/08/28<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.760%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.760%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.760%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.760%) |
| 180000 | 4.043 | 09/15/28<sup>(a)</sup> | 180385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.890%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.890%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.890%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.890%) |
| 129000 | 4.932 | 02/14/29<sup>(a)</sup> | 131527 |
| Barclays PLC (United Kingdom) | Barclays PLC (United Kingdom) | Barclays PLC (United Kingdom) | Barclays PLC (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 3.054%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 3.054%) |  |  |
| 200000 | 5.088 | 06/20/30<sup>(a)</sup> | 204247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.900%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.900%) |  |  |
| 1000000 | 2.645 | 06/24/31<sup>(a)</sup> | 934273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.200%) |  |  |
| 1000000 | 2.667 | 03/10/32<sup>(a)</sup> | 920217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.300%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.300%) |  |  |
| 1000000 | 2.894 | 11/24/32<sup>(a)</sup> | 916785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.570%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.570%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.570%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.570%) |
| 200000 | 7.119 | 06/27/34<sup>(a)</sup> | 225041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.910%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.910%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.910%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.910%) |
| 920000 | 5.335 | 09/10/35<sup>(a)</sup> | 943201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.900%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.900%) |  |  |
| 500000 | 3.564 | 09/23/35<sup>(a)</sup> | 477678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.830%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.830%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.830%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.830%) |
| 200000 | 5.860 | 08/11/46<sup>(a)</sup> | 206474 |
| Canadian Imperial Bank of Commerce (Canada) | Canadian Imperial Bank of Commerce (Canada) | Canadian Imperial Bank of Commerce (Canada) | Canadian Imperial Bank of Commerce (Canada) |
| 105000 | 5.001 | 04/28/28 | 107271 |
| 930000 | 3.600 | 04/07/32 | 896516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.030%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.030%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.030%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.030%) |
| 210000 | 4.857 | 03/30/29<sup>(a)</sup> | 213300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.833%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.833%) |  |  |
| 200000 | 6.950 | 01/28/85<sup>(a)</sup> | 205906 |
| Cooperatieve Rabobank UA (Netherlands) | Cooperatieve Rabobank UA (Netherlands) | Cooperatieve Rabobank UA (Netherlands) | Cooperatieve Rabobank UA (Netherlands) |
| 86000 | 5.250 | 05/24/41 | 87321 |
| 510000 | 5.750 | 12/01/43 | 524178 |
| 485000 | 5.250 | 08/04/45 | 467064 |
| Deutsche Bank AG (Germany) | Deutsche Bank AG (Germany) | Deutsche Bank AG (Germany) | Deutsche Bank AG (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.219%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.219%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.219%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.219%) |
| 900000 | 2.311 | 11/16/27<sup>(a)</sup> | 889408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.318%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.318%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.318%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.318%) |
| 664000 | 2.552 | 01/07/28<sup>(a)</sup> | 656630 |
| 1740000 | 5.414 | 05/10/29 | 1815704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.043%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.043%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.043%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.043%) |
| 410000 | 3.547 | 09/18/31<sup>(a)</sup> | 394312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.257%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.257%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.257%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.257%) |
| 480000 | 3.742 | 01/07/33<sup>(a)</sup> | 451532 |
| HSBC Holdings PLC (United Kingdom) | HSBC Holdings PLC (United Kingdom) | HSBC Holdings PLC (United Kingdom) | HSBC Holdings PLC (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M U.S. T-Bill MMY + 1.808%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M U.S. T-Bill MMY + 1.808%) |  |  |
| 1005000 | 4.041 | 03/13/28<sup>(a)</sup> | 1005424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.060%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.060%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.060%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.060%) |
| 570000 | 5.597 | 05/17/28<sup>(a)</sup> | 580308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.610%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.610%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.610%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.610%) |
| 710000 | 5.210 | 08/11/28<sup>(a)</sup> | 721944 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.732%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.732%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.732%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.732%) |
| $200000 | 2.013% | 09/22/28<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.350%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.350%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.350%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.350%) |
| 290000 | 7.390 | 11/03/28<sup>(a)</sup> | 305840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.872%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.872%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.872%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.872%) |
| 771000 | 3.973 | 05/22/30<sup>(a)</sup> | 766308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.187%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.187%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.187%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.187%) |
| 500000 | 2.804 | 05/24/32<sup>(a)</sup> | 461713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.530%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.530%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.530%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.530%) |
| 580000 | 4.762 | 03/29/33<sup>(a)</sup> | 582560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.870%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.870%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.870%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.870%) |
| 502000 | 5.402 | 08/11/33<sup>(a)</sup> | 524542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.390%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.390%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.390%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.390%) |
| 1420000 | 6.254 | 03/09/34<sup>(a)</sup> | 1556615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.780%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.780%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.780%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.780%) |
| 300000 | 5.719 | 03/04/35<sup>(a)</sup> | 320336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.880%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.880%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.880%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.880%) |
| 315000 | 5.790 | 05/13/36<sup>(a)</sup> | 335505 |
| 83000 | 6.100 | 01/14/42 | 91114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.650%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.650%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.650%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.650%) |
| 400000 | 6.332 | 03/09/44<sup>(a)</sup> | 441779 |
| HSBC Holdings PLC, Series \*\* (United Kingdom) | HSBC Holdings PLC, Series \*\* (United Kingdom) | HSBC Holdings PLC, Series \*\* (United Kingdom) | HSBC Holdings PLC, Series \*\* (United Kingdom) |
| 510000 | 6.500 | 05/02/36 | 555419 |
| 878000 | 6.500 | 09/15/37 | 962892 |
| ING Groep NV (Netherlands) | ING Groep NV (Netherlands) | ING Groep NV (Netherlands) | ING Groep NV (Netherlands) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.440%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.440%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.440%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.440%) |
| 326000 | 5.335 | 03/19/30<sup>(a)</sup> | 337742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.070%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.070%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.070%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.070%) |
| 250000 | 4.252 | 03/28/33<sup>(a)</sup> | 247518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.610%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.610%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.610%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.610%) |
| 785000 | 5.525 | 03/25/36<sup>(a)</sup> | 824830 |
| Lloyds Banking Group PLC (United Kingdom) | Lloyds Banking Group PLC (United Kingdom) | Lloyds Banking Group PLC (United Kingdom) | Lloyds Banking Group PLC (United Kingdom) |
| 1404000 | 3.750 | 01/11/27 | 1404115 |
| 940000 | 4.375 | 03/22/28 | 947940 |
| 200000 | 5.300 | 12/01/45 | 192794 |
| 490000 | 4.344 | 01/09/48 | 415807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 1.205%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 1.205%) |  |  |
| 1420000 | 3.574 | 11/07/28<sup>(a)</sup> | 1410546 |
| Mitsubishi UFJ Financial Group, Inc. (Japan) | Mitsubishi UFJ Financial Group, Inc. (Japan) | Mitsubishi UFJ Financial Group, Inc. (Japan) | Mitsubishi UFJ Financial Group, Inc. (Japan) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 0.670%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 0.670%) |  |  |
| 240000 | 1.640 | 10/13/27<sup>(a)</sup> | 237055 |
| 95000 | 3.961 | 03/02/28 | 95288 |
| 140000 | 4.050 | 09/11/28 | 140694 |
| 94000 | 3.741 | 03/07/29 | 93803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.380%) |  |  |
| 1800000 | 5.422 | 02/22/29<sup>(a)</sup> | 1850816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 0.950%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 0.950%) |  |  |
| 200000 | 2.309 | 07/20/32<sup>(a)</sup> | 181436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.100%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.100%) |  |  |
| 500000 | 2.852 | 01/19/33<sup>(a)</sup> | 460937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 2.125%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 2.125%) |  |  |
| 200000 | 5.133 | 07/20/33<sup>(a)</sup> | 207765 |

---

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **59** |

---

------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

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

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.630%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.630%) |  |  |
| 800000 | 5.441% | 02/22/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 0.900%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 0.900%) |  |  |
| 460000 | 5.057 | 01/14/37<sup>(a)</sup> | 465634 |
| Mizuho Financial Group, Inc. (Japan) | Mizuho Financial Group, Inc. (Japan) | Mizuho Financial Group, Inc. (Japan) | Mizuho Financial Group, Inc. (Japan) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.532%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.532%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.532%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.532%) |
| 580000 | 1.979 | 09/08/31<sup>(a)</sup> | 527228 |
| 390000 | 2.564 | 09/13/31 | 354266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 2.400%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 2.400%) |  |  |
| 740000 | 5.669 | 09/13/33<sup>(a)</sup> | 790093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.300%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.300%) |  |  |
| 1120000 | 5.579 | 05/26/35<sup>(a)</sup> | 1189055 |
| National Australia Bank Ltd. (Australia) | National Australia Bank Ltd. (Australia) | National Australia Bank Ltd. (Australia) | National Australia Bank Ltd. (Australia) |
| 1150000 | 5.087 | 06/11/27 | 1170139 |
| National Bank of Canada (Canada) | National Bank of Canada (Canada) | National Bank of Canada (Canada) | National Bank of Canada (Canada) |
| 2540000 | 4.500 | 10/10/29 | 2582671 |
| NatWest Group PLC (United Kingdom) | NatWest Group PLC (United Kingdom) | NatWest Group PLC (United Kingdom) | NatWest Group PLC (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.100%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.100%) |  |  |
| 201000 | 5.583 | 03/01/28<sup>(a)</sup> | 204387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 1.905%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 1.905%) |  |  |
| 420000 | 5.076 | 01/27/30<sup>(a)</sup> | 431097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 2.100%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 2.100%) |  |  |
| 480000 | 6.016 | 03/02/34<sup>(a)</sup> | 517446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.350%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.350%) |  |  |
| 370000 | 3.032 | 11/28/35<sup>(a)</sup> | 343545 |
| Royal Bank of Canada (Canada) | Royal Bank of Canada (Canada) | Royal Bank of Canada (Canada) | Royal Bank of Canada (Canada) |
| 425000 | 3.625 | 05/04/27 | 424846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.887%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.887%) |  |  |
| 200000 | 7.500 | 05/02/84<sup>(a)</sup> | 211397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.462%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.462%) |  |  |
| 238000 | 6.500 | 11/24/85<sup>(a)</sup> | 237995 |
| Royal Bank of Canada, GMTN (Canada) | Royal Bank of Canada, GMTN (Canada) | Royal Bank of Canada, GMTN (Canada) | Royal Bank of Canada, GMTN (Canada) |
| 212000 | 1.400 | 11/02/26 | 208830 |
| 405000 | 4.240 | 08/03/27 | 407593 |
| 612000 | 4.900 | 01/12/28 | 625179 |
| 792000 | 4.950 | 02/01/29 | 818391 |
| 309000 | 2.300 | 11/03/31 | 282382 |
| 300000 | 5.000 | 02/01/33 | 311549 |
| 431000 | 5.000 | 05/02/33 | 447504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 0.720%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 0.720%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 0.720%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 0.720%) |
| 339000 | 4.510 | 10/18/27<sup>(a)</sup> | 340913 |
| Santander UK Group Holdings PLC (United Kingdom) | Santander UK Group Holdings PLC (United Kingdom) | Santander UK Group Holdings PLC (United Kingdom) | Santander UK Group Holdings PLC (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 1.400%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 1.400%) |  |  |
| 1260000 | 3.823 | 11/03/28<sup>(a)</sup> | 1258178 |
| Sumitomo Mitsui Financial Group, Inc. (Japan) | Sumitomo Mitsui Financial Group, Inc. (Japan) | Sumitomo Mitsui Financial Group, Inc. (Japan) | Sumitomo Mitsui Financial Group, Inc. (Japan) |
| 829000 | 1.402 | 09/17/26 | 818992 |
| 174000 | 3.446 | 01/11/27 | 173820 |
| 390000 | 5.716 | 09/14/28 | 406809 |
| 300000 | 1.902 | 09/17/28 | 284849 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| Sumitomo Mitsui Financial Group, Inc. (Japan) – (continued) | Sumitomo Mitsui Financial Group, Inc. (Japan) – (continued) | Sumitomo Mitsui Financial Group, Inc. (Japan) – (continued) | Sumitomo Mitsui Financial Group, Inc. (Japan) – (continued) |
| 1540000 | 5.316% | 07/09/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1601728 |
| 300000 | 5.424 | 07/09/31 | 316516 |
| 2060000 | 5.808 | 09/14/33 | 2228074 |
| Toronto-Dominion Bank (The) (Canada) | Toronto-Dominion Bank (The) (Canada) | Toronto-Dominion Bank (The) (Canada) | Toronto-Dominion Bank (The) (Canada) |
| 215000 | 5.298 | 01/30/32 | 226801 |
| 63000 | 4.456 | 06/08/32 | 63553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.500%) |  |  |
| 260000 | 5.146 | 09/10/34<sup>(a)</sup> | 265340 |
| Toronto-Dominion Bank (The), MTN (Canada) | Toronto-Dominion Bank (The), MTN (Canada) | Toronto-Dominion Bank (The), MTN (Canada) | Toronto-Dominion Bank (The), MTN (Canada) |
| 500000 | 4.808 | 06/03/30 | 514312 |
| 500000 | 2.000 | 09/10/31 | 450224 |
| 100000 | 3.200 | 03/10/32 | 94324 |
| UBS AG (Switzerland) | UBS AG (Switzerland) | UBS AG (Switzerland) | UBS AG (Switzerland) |
| 200000 | 4.500 | 06/26/48 | 177261 |
| UBS Group AG (Switzerland) | UBS Group AG (Switzerland) | UBS Group AG (Switzerland) | UBS Group AG (Switzerland) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.730%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.730%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.730%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.730%) |
| 2940000 | 4.194 | 04/01/31<sup>(a)(c)</sup> | 2942531 |
| Westpac Banking Corp. (Australia) | Westpac Banking Corp. (Australia) | Westpac Banking Corp. (Australia) | Westpac Banking Corp. (Australia) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 2.680%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 2.680%) |  |  |
| 140000 | 5.405 | 08/10/33<sup>(a)</sup> | 146407 |
| 270000 | 6.820 | 11/17/33 | 305771 |
| 150000 | 2.963 | 11/16/40 | 117282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.750%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.750%) |  |  |
| 500000 | 2.668 | 11/15/35<sup>(a)</sup> | 459419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.530%) |  |  |
| 190000 | 3.020 | 11/18/36<sup>(a)</sup> | 174007 |
| Westpac Banking Corp., GMTN (Australia) | Westpac Banking Corp., GMTN (Australia) | Westpac Banking Corp., GMTN (Australia) | Westpac Banking Corp., GMTN (Australia) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5 Year USD Swap + 2.236%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5 Year USD Swap + 2.236%) |  |  |
| 339000 | 4.322 | 11/23/31<sup>(a)</sup> | 339056 |
|  |  |  | 67665303 |
| Basic Industry – 0.1% | Basic Industry – 0.1% | Basic Industry – 0.1% | Basic Industry – 0.1% |
| Nutrien Ltd. (Canada) | Nutrien Ltd. (Canada) | Nutrien Ltd. (Canada) | Nutrien Ltd. (Canada) |
| 554000 | 5.800 | 03/27/53 | 565423 |
| Beverages – 0.2% | Beverages – 0.2% | Beverages – 0.2% | Beverages – 0.2% |
| Coca-Cola Femsa SAB de CV (Mexico) | Coca-Cola Femsa SAB de CV (Mexico) | Coca-Cola Femsa SAB de CV (Mexico) | Coca-Cola Femsa SAB de CV (Mexico) |
| 750000 | 2.750 | 01/22/30 | 715340 |
| 330000 | 5.250 | 11/26/43 | 333932 |
| Fomento Economico Mexicano SAB de CV (Mexico) | Fomento Economico Mexicano SAB de CV (Mexico) | Fomento Economico Mexicano SAB de CV (Mexico) | Fomento Economico Mexicano SAB de CV (Mexico) |
| 630000 | 3.500 | 01/16/50 | 480190 |
|  |  |  | 1529462 |
| Brokerage – 0.3% | Brokerage – 0.3% | Brokerage – 0.3% | Brokerage – 0.3% |
| Brookfield Asset Management Ltd. (Canada) | Brookfield Asset Management Ltd. (Canada) | Brookfield Asset Management Ltd. (Canada) | Brookfield Asset Management Ltd. (Canada) |
| 250000 | 5.298 | 01/15/36 | 250063 |
| Nomura Holdings, Inc. (Japan) | Nomura Holdings, Inc. (Japan) | Nomura Holdings, Inc. (Japan) | Nomura Holdings, Inc. (Japan) |
| 300000 | 2.172 | 07/14/28 | 287290 |
| 300000 | 2.679 | 07/16/30 | 280631 |
| 576000 | 2.999 | 01/22/32 | 531253 |
| 1007000 | 5.783 | 07/03/34 | 1074887 |
|  |  |  | 2424124 |
| Capital Goods – 0.0% | Capital Goods – 0.0% | Capital Goods – 0.0% | Capital Goods – 0.0% |
| nVent Finance Sarl (United Kingdom) | nVent Finance Sarl (United Kingdom) | nVent Finance Sarl (United Kingdom) | nVent Finance Sarl (United Kingdom) |
| 140000 | 5.650 | 05/15/33 | 147259 |

---

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

---

| | |
|:---|:---|
| 60 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

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

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) |
| Commercial Services – 0.0% | Commercial Services – 0.0% | Commercial Services – 0.0% | Commercial Services – 0.0% |
| Triton Container International Ltd. / TAL International Container Corp. (Bermuda) | Triton Container International Ltd. / TAL International Container Corp. (Bermuda) | Triton Container International Ltd. / TAL International Container Corp. (Bermuda) | Triton Container International Ltd. / TAL International Container Corp. (Bermuda) |
| $220000 | 5.150% | 02/15/33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219601 |
| Communications – 0.0% | Communications – 0.0% | Communications – 0.0% | Communications – 0.0% |
| RELX Capital, Inc. (United Kingdom) | RELX Capital, Inc. (United Kingdom) | RELX Capital, Inc. (United Kingdom) | RELX Capital, Inc. (United Kingdom) |
| 410000 | 5.250 | 03/27/35 | 422348 |
| Consumer Cyclical – 0.0% | Consumer Cyclical – 0.0% | Consumer Cyclical – 0.0% | Consumer Cyclical – 0.0% |
| Magna International, Inc. (Canada) | Magna International, Inc. (Canada) | Magna International, Inc. (Canada) | Magna International, Inc. (Canada) |
| 195000 | 5.875 | 06/01/35 | 209272 |
| Toyota Motor Corp. (Japan) | Toyota Motor Corp. (Japan) | Toyota Motor Corp. (Japan) | Toyota Motor Corp. (Japan) |
| 215000 | 5.118 | 07/13/28 | 221772 |
|  |  |  | 431044 |
| Consumer Noncyclical – 1.1% | Consumer Noncyclical – 1.1% | Consumer Noncyclical – 1.1% | Consumer Noncyclical – 1.1% |
| Astrazeneca Finance LLC (United Kingdom) | Astrazeneca Finance LLC (United Kingdom) | Astrazeneca Finance LLC (United Kingdom) | Astrazeneca Finance LLC (United Kingdom) |
| 356000 | 4.875 | 03/03/28 | 363436 |
| 200000 | 1.750 | 05/28/28 | 191495 |
| 1000000 | 4.850 | 02/26/29 | 1029376 |
| 300000 | 2.250 | 05/28/31 | 274594 |
| AstraZeneca PLC (United Kingdom) | AstraZeneca PLC (United Kingdom) | AstraZeneca PLC (United Kingdom) | AstraZeneca PLC (United Kingdom) |
| 888000 | 4.000 | 01/17/29 | 894416 |
| 440000 | 6.450 | 09/15/37 | 504793 |
| 200000 | 4.375 | 08/17/48 | 177277 |
| 94000 | 3.000 | 05/28/51 | 64615 |
| BAT Capital Corp. (United Kingdom) | BAT Capital Corp. (United Kingdom) | BAT Capital Corp. (United Kingdom) | BAT Capital Corp. (United Kingdom) |
| 500000 | 3.462 | 09/06/29 | 492318 |
| 500000 | 6.343 | 08/02/30 | 545279 |
| 154000 | 5.625 | 08/15/35 | 162009 |
| 1072000 | 4.390 | 08/15/37 | 1000643 |
| 100000 | 7.081 | 08/02/53 | 115039 |
| Bayer U.S. Finance II LLC (Germany) | Bayer U.S. Finance II LLC (Germany) | Bayer U.S. Finance II LLC (Germany) | Bayer U.S. Finance II LLC (Germany) |
| 377000 | 4.650 | 11/15/43<sup>(c)</sup> | 321224 |
| 392000 | 4.700 | 07/15/64<sup>(c)</sup> | 306997 |
| GlaxoSmithKline Capital PLC (United Kingdom) | GlaxoSmithKline Capital PLC (United Kingdom) | GlaxoSmithKline Capital PLC (United Kingdom) | GlaxoSmithKline Capital PLC (United Kingdom) |
| 314000 | 3.375 | 06/01/29 | 309661 |
| Reynolds American, Inc. (United Kingdom) | Reynolds American, Inc. (United Kingdom) | Reynolds American, Inc. (United Kingdom) | Reynolds American, Inc. (United Kingdom) |
| 800000 | 5.700 | 08/15/35 | 843499 |
| 325000 | 5.850 | 08/15/45 | 325952 |
| Takeda Pharmaceutical Co. Ltd. (Japan) | Takeda Pharmaceutical Co. Ltd. (Japan) | Takeda Pharmaceutical Co. Ltd. (Japan) | Takeda Pharmaceutical Co. Ltd. (Japan) |
| 1865000 | 3.025 | 07/09/40 | 1460166 |
|  |  |  | 9382789 |
| Consumer Products – 0.2% | Consumer Products – 0.2% | Consumer Products – 0.2% | Consumer Products – 0.2% |
| Unilever Capital Corp. (United Kingdom) | Unilever Capital Corp. (United Kingdom) | Unilever Capital Corp. (United Kingdom) | Unilever Capital Corp. (United Kingdom) |
| 100000 | 2.900 | 05/05/27 | 99263 |
| 300000 | 4.250 | 08/12/27 | 302512 |
| 500000 | 3.500 | 03/22/28 | 499450 |
| 700000 | 2.125 | 09/06/29 | 663173 |
| 200000 | 1.750 | 08/12/31 | 177952 |
| 78000 | 5.900 | 11/15/32 | 86211 |
| 250000 | 5.000 | 12/08/33 | 262110 |
|  |  |  | 2090671 |
| Electric – 0.0% | Electric – 0.0% | Electric – 0.0% | Electric – 0.0% |
| Emera U.S. Finance LP (Canada) | Emera U.S. Finance LP (Canada) | Emera U.S. Finance LP (Canada) | Emera U.S. Finance LP (Canada) |
| 305000 | 2.639 | 06/15/31 | 280701 |
| Energy – 1.0% | Energy – 1.0% | Energy – 1.0% | Energy – 1.0% |
| Canadian Natural Resources Ltd. (Canada) | Canadian Natural Resources Ltd. (Canada) | Canadian Natural Resources Ltd. (Canada) | Canadian Natural Resources Ltd. (Canada) |
| 299000 | 3.850 | 06/01/27 | 298891 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) |
| Energy – (continued) | Energy – (continued) | Energy – (continued) | Energy – (continued) |
| Canadian Natural Resources Ltd. (Canada) – (continued) | Canadian Natural Resources Ltd. (Canada) – (continued) | Canadian Natural Resources Ltd. (Canada) – (continued) | Canadian Natural Resources Ltd. (Canada) – (continued) |
| 268000 | 6.250% | 03/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289565 |
| Canadian Natural Resources Ltd., GMTN (Canada) | Canadian Natural Resources Ltd., GMTN (Canada) | Canadian Natural Resources Ltd., GMTN (Canada) | Canadian Natural Resources Ltd., GMTN (Canada) |
| 364000 | 4.950 | 06/01/47 | 330833 |
| Cenovus Energy, Inc. (Canada) | Cenovus Energy, Inc. (Canada) | Cenovus Energy, Inc. (Canada) | Cenovus Energy, Inc. (Canada) |
| 100000 | 6.750 | 11/15/39 | 111641 |
| Enbridge, Inc. (Canada) | Enbridge, Inc. (Canada) | Enbridge, Inc. (Canada) | Enbridge, Inc. (Canada) |
| 200000 | 6.000 | 11/15/28 | 210680 |
| 484000 | 3.125 | 11/15/29 | 468562 |
| 170000 | 6.200 | 11/15/30 | 184237 |
| 122000 | 5.700 | 03/08/33 | 129867 |
| 605000 | 2.500 | 08/01/33 | 529087 |
| 260000 | 3.400 | 08/01/51 | 183012 |
| 155000 | 5.950 | 04/05/54 | 159452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.680%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.680%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.680%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.680%) |
| 130000 | 5.500 | 07/15/77<sup>(a)</sup> | 130975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.903%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.903%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.903%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.903%) |
| 480000 | 6.250 | 03/01/78<sup>(a)</sup> | 489600 |
| Equinor ASA (Norway) | Equinor ASA (Norway) | Equinor ASA (Norway) | Equinor ASA (Norway) |
| 120000 | 3.625 | 04/06/40 | 103777 |
| Suncor Energy, Inc. (Canada) | Suncor Energy, Inc. (Canada) | Suncor Energy, Inc. (Canada) | Suncor Energy, Inc. (Canada) |
| 848000 | 5.950 | 12/01/34 | 911902 |
| 100000 | 4.000 | 11/15/47 | 78694 |
| TotalEnergies Capital International SA (France) | TotalEnergies Capital International SA (France) | TotalEnergies Capital International SA (France) | TotalEnergies Capital International SA (France) |
| 142000 | 2.829 | 01/10/30 | 136877 |
| 210000 | 2.986 | 06/29/41 | 161758 |
| 144000 | 3.461 | 07/12/49 | 106295 |
| 322000 | 3.127 | 05/29/50 | 221387 |
| 307000 | 3.386 | 06/29/60 | 205287 |
| TotalEnergies Capital SA (France) | TotalEnergies Capital SA (France) | TotalEnergies Capital SA (France) | TotalEnergies Capital SA (France) |
| 96000 | 3.883 | 10/11/28 | 96581 |
| 611000 | 5.150 | 04/05/34 | 640747 |
| 540000 | 5.488 | 04/05/54 | 535386 |
| TransCanada PipeLines Ltd. (Canada) | TransCanada PipeLines Ltd. (Canada) | TransCanada PipeLines Ltd. (Canada) | TransCanada PipeLines Ltd. (Canada) |
| 55000 | 4.625 | 03/01/34 | 54732 |
| 366000 | 6.200 | 10/15/37 | 402033 |
| 578000 | 7.625 | 01/15/39 | 698771 |
| 150000 | 5.100 | 03/15/49 | 143438 |
| Transcanada Trust (Canada) | Transcanada Trust (Canada) | Transcanada Trust (Canada) | Transcanada Trust (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 4.416%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 4.416%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 4.416%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 4.416%) |
| 603000 | 5.500 | 09/15/79<sup>(a)</sup> | 611291 |
| Woodside Finance Ltd. (Australia) | Woodside Finance Ltd. (Australia) | Woodside Finance Ltd. (Australia) | Woodside Finance Ltd. (Australia) |
| 261000 | 5.100 | 09/12/34 | 262448 |
|  |  |  | 8887806 |
| Financial Company – 0.8% | Financial Company – 0.8% | Financial Company – 0.8% | Financial Company – 0.8% |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland) | AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland) | AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland) | AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland) |
| 952000 | 2.450 | 10/29/26 | 943458 |
| 300000 | 3.000 | 10/29/28 | 291931 |
| 200000 | 5.100 | 01/19/29 | 205370 |
| 632000 | 3.300 | 01/30/32 | 591695 |
| 300000 | 3.400 | 10/29/33 | 275123 |
| 480000 | 3.850 | 10/29/41 | 401571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.720%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.720%) |  |  |
| 689000 | 6.950 | 03/10/55<sup>(a)</sup> | 739242 |
| Brookfield Finance, Inc. (Canada) | Brookfield Finance, Inc. (Canada) | Brookfield Finance, Inc. (Canada) | Brookfield Finance, Inc. (Canada) |
| 521000 | 3.900 | 01/25/28 | 520171 |

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

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| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **61** |

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------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

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

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

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

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

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| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) |
| Financial Company – (continued) | Financial Company – (continued) | Financial Company – (continued) | Financial Company – (continued) |
| Brookfield Finance, Inc. (Canada) – (continued) | Brookfield Finance, Inc. (Canada) – (continued) | Brookfield Finance, Inc. (Canada) – (continued) | Brookfield Finance, Inc. (Canada) – (continued) |
| 120000 | 4.850% | 03/29/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123238 |
| 719000 | 4.350 | 04/15/30 | 722799 |
| 237000 | 4.700 | 09/20/47 | 206052 |
| 100000 | 3.500 | 03/30/51 | 69107 |
| CI Financial Corp. (Canada) | CI Financial Corp. (Canada) | CI Financial Corp. (Canada) | CI Financial Corp. (Canada) |
| 242000 | 3.200 | 12/17/30 | 223025 |
| ORIX Corp. (Japan) | ORIX Corp. (Japan) | ORIX Corp. (Japan) | ORIX Corp. (Japan) |
| 1465000 | 4.650 | 09/10/29 | 1501914 |
|  |  |  | 6814696 |
| Food and Beverage – 0.7% | Food and Beverage – 0.7% | Food and Beverage – 0.7% | Food and Beverage – 0.7% |
| Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, | Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, | Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, | Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, |
| Inc. (Belgium) | Inc. (Belgium) | Inc. (Belgium) | Inc. (Belgium) |
| 700000 | 4.700 | 02/01/36 | 700614 |
| 1497000 | 4.900 | 02/01/46 | 1403974 |
| Anheuser-Busch InBev Finance, Inc. (Belgium) | Anheuser-Busch InBev Finance, Inc. (Belgium) | Anheuser-Busch InBev Finance, Inc. (Belgium) | Anheuser-Busch InBev Finance, Inc. (Belgium) |
| 385000 | 4.900 | 02/01/46 | 361075 |
| Anheuser-Busch InBev Worldwide, Inc. (Belgium) | Anheuser-Busch InBev Worldwide, Inc. (Belgium) | Anheuser-Busch InBev Worldwide, Inc. (Belgium) | Anheuser-Busch InBev Worldwide, Inc. (Belgium) |
| 139000 | 4.900 | 01/23/31 | 145025 |
| 304000 | 5.450 | 01/23/39 | 318809 |
| 1505000 | 4.950 | 01/15/42 | 1460347 |
| 262000 | 4.439 | 10/06/48 | 229587 |
| 425000 | 5.550 | 01/23/49 | 430815 |
| 439000 | 5.800 | 01/23/59 | 457662 |
| Diageo Capital PLC (United Kingdom) | Diageo Capital PLC (United Kingdom) | Diageo Capital PLC (United Kingdom) | Diageo Capital PLC (United Kingdom) |
| 940000 | 5.500 | 01/24/33 | 997616 |
|  |  |  | 6505524 |
| Forest Products & Paper – 0.1% | Forest Products & Paper – 0.1% | Forest Products & Paper – 0.1% | Forest Products & Paper – 0.1% |
| Suzano Austria GmbH (Brazil) | Suzano Austria GmbH (Brazil) | Suzano Austria GmbH (Brazil) | Suzano Austria GmbH (Brazil) |
| 354000 | 6.000 | 01/15/29 | 366770 |
| Suzano Austria GmbH, Series DM3N (Brazil) | Suzano Austria GmbH, Series DM3N (Brazil) | Suzano Austria GmbH, Series DM3N (Brazil) | Suzano Austria GmbH, Series DM3N (Brazil) |
| 188000 | 3.125 | 01/15/32 | 170426 |
|  |  |  | 537196 |
| Insurance – 0.2% | Insurance – 0.2% | Insurance – 0.2% | Insurance – 0.2% |
| AXA SA (France) | AXA SA (France) | AXA SA (France) | AXA SA (France) |
| 410000 | 8.600 | 12/15/30 | 483593 |
| Fairfax Financial Holdings Ltd. (Canada) | Fairfax Financial Holdings Ltd. (Canada) | Fairfax Financial Holdings Ltd. (Canada) | Fairfax Financial Holdings Ltd. (Canada) |
| 654000 | 5.750 | 05/20/35 | 692261 |
| Manulife Financial Corp. (Canada) | Manulife Financial Corp. (Canada) | Manulife Financial Corp. (Canada) | Manulife Financial Corp. (Canada) |
| 290000 | 3.703 | 03/16/32 | 280265 |
|  |  |  | 1456119 |
| Internet – 0.3% | Internet – 0.3% | Internet – 0.3% | Internet – 0.3% |
| Alibaba Group Holding Ltd. (China) | Alibaba Group Holding Ltd. (China) | Alibaba Group Holding Ltd. (China) | Alibaba Group Holding Ltd. (China) |
| 400000 | 2.700 | 02/09/41 | 303319 |
| 400000 | 4.400 | 12/06/57 | 339316 |
| 500000 | 3.250 | 02/09/61 | 331269 |
| Baidu, Inc. (China) | Baidu, Inc. (China) | Baidu, Inc. (China) | Baidu, Inc. (China) |
| 490000 | 4.875 | 11/14/28 | 501832 |
| 560000 | 3.425 | 04/07/30 | 549034 |
| MercadoLibre, Inc. (Brazil) | MercadoLibre, Inc. (Brazil) | MercadoLibre, Inc. (Brazil) | MercadoLibre, Inc. (Brazil) |
| 390000 | 3.125 | 01/14/31 | 364650 |
|  |  |  | 2389420 |
| Lodging – 0.1% | Lodging – 0.1% | Lodging – 0.1% | Lodging – 0.1% |
| Sands China Ltd. (Macau) | Sands China Ltd. (Macau) | Sands China Ltd. (Macau) | Sands China Ltd. (Macau) |
| 740000 | 5.400 | 08/08/28 | 755904 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) |
| Media – 0.0% | Media – 0.0% | Media – 0.0% | Media – 0.0% |
| Grupo Televisa SAB (Mexico) | Grupo Televisa SAB (Mexico) | Grupo Televisa SAB (Mexico) | Grupo Televisa SAB (Mexico) |
| $200000 | 6.125% | 01/31/46 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154821 |
| 200000 | 5.250 | 05/24/49 | 137045 |
|  |  |  | 291866 |
| Metals – 0.0% | Metals – 0.0% | Metals – 0.0% | Metals – 0.0% |
| ArcelorMittal SA (Luxembourg) | ArcelorMittal SA (Luxembourg) | ArcelorMittal SA (Luxembourg) | ArcelorMittal SA (Luxembourg) |
| 160000 | 7.000 | 10/15/39 | 184927 |
| Metals and Mining – 0.4% | Metals and Mining – 0.4% | Metals and Mining – 0.4% | Metals and Mining – 0.4% |
| BHP Billiton Finance USA Ltd. (Australia) | BHP Billiton Finance USA Ltd. (Australia) | BHP Billiton Finance USA Ltd. (Australia) | BHP Billiton Finance USA Ltd. (Australia) |
| 1473000 | 5.000 | 02/21/30 | 1529237 |
| 1003000 | 5.500 | 09/08/53 | 1015427 |
| Rio Tinto Alcan, Inc. (Canada) | Rio Tinto Alcan, Inc. (Canada) | Rio Tinto Alcan, Inc. (Canada) | Rio Tinto Alcan, Inc. (Canada) |
| 450000 | 5.750 | 06/01/35 | 486092 |
| Rio Tinto Finance USA Ltd. (Australia) | Rio Tinto Finance USA Ltd. (Australia) | Rio Tinto Finance USA Ltd. (Australia) | Rio Tinto Finance USA Ltd. (Australia) |
| 160000 | 2.750 | 11/02/51 | 101517 |
| Rio Tinto Finance USA PLC (Australia) | Rio Tinto Finance USA PLC (Australia) | Rio Tinto Finance USA PLC (Australia) | Rio Tinto Finance USA PLC (Australia) |
| 160000 | 5.250 | 03/14/35 | 166936 |
| 160000 | 4.125 | 08/21/42 | 140087 |
| 30000 | 5.750 | 03/14/55 | 31249 |
| 27000 | 5.875 | 03/14/65 | 28097 |
|  |  |  | 3498642 |
| Mining – 0.3% | Mining – 0.3% | Mining – 0.3% | Mining – 0.3% |
| AngloGold Ashanti Holdings PLC (Australia) | AngloGold Ashanti Holdings PLC (Australia) | AngloGold Ashanti Holdings PLC (Australia) | AngloGold Ashanti Holdings PLC (Australia) |
| 300000 | 3.750 | 10/01/30 | 289921 |
| Barrick North America Finance LLC (Canada) | Barrick North America Finance LLC (Canada) | Barrick North America Finance LLC (Canada) | Barrick North America Finance LLC (Canada) |
| 92000 | 7.500 | 09/15/38 | 110689 |
| 634000 | 5.750 | 05/01/43 | 657394 |
| Southern Copper Corp. (Mexico) | Southern Copper Corp. (Mexico) | Southern Copper Corp. (Mexico) | Southern Copper Corp. (Mexico) |
| 484000 | 7.500 | 07/27/35 | 576925 |
| 171000 | 6.750 | 04/16/40 | 196310 |
| 76000 | 5.250 | 11/08/42 | 74689 |
| 86000 | 5.875 | 04/23/45 | 90130 |
| Vale Canada Ltd. (Canada) | Vale Canada Ltd. (Canada) | Vale Canada Ltd. (Canada) | Vale Canada Ltd. (Canada) |
| 108000 | 7.200 | 09/15/32 | 120990 |
| Vale Overseas Ltd. (Brazil) | Vale Overseas Ltd. (Brazil) | Vale Overseas Ltd. (Brazil) | Vale Overseas Ltd. (Brazil) |
| 250000 | 8.250 | 01/17/34 | 302961 |
| 298000 | 6.400 | 06/28/54 | 312194 |
| Vale SA (Brazil) | Vale SA (Brazil) | Vale SA (Brazil) | Vale SA (Brazil) |
| 120000 | 5.625 | 09/11/42 | 122561 |
| Yamana Gold, Inc. (Canada) | Yamana Gold, Inc. (Canada) | Yamana Gold, Inc. (Canada) | Yamana Gold, Inc. (Canada) |
| 55000 | 4.625 | 12/15/27 | 55379 |
|  |  |  | 2910143 |
| Natural Gas – 0.0% | Natural Gas – 0.0% | Natural Gas – 0.0% | Natural Gas – 0.0% |
| South Bow USA Infrastructure Holdings LLC (Canada) | South Bow USA Infrastructure Holdings LLC (Canada) | South Bow USA Infrastructure Holdings LLC (Canada) | South Bow USA Infrastructure Holdings LLC (Canada) |
| 400000 | 5.026 | 10/01/29 | 409431 |
| Semiconductors – 0.1% | Semiconductors – 0.1% | Semiconductors – 0.1% | Semiconductors – 0.1% |
| TSMC Arizona Corp. (Taiwan) | TSMC Arizona Corp. (Taiwan) | TSMC Arizona Corp. (Taiwan) | TSMC Arizona Corp. (Taiwan) |
| 350000 | 2.500 | 10/25/31 | 323573 |
| 450000 | 3.125 | 10/25/41 | 379915 |
|  |  |  | 703488 |
| Technology – 0.2% | Technology – 0.2% | Technology – 0.2% | Technology – 0.2% |
| NXP BV / NXP Funding LLC / NXP USA, Inc. (Netherlands) | NXP BV / NXP Funding LLC / NXP USA, Inc. (Netherlands) | NXP BV / NXP Funding LLC / NXP USA, Inc. (Netherlands) | NXP BV / NXP Funding LLC / NXP USA, Inc. (Netherlands) |
| 470000 | 4.300 | 06/18/29 | 473949 |
| 226000 | 3.400 | 05/01/30 | 219395 |
| 263000 | 2.500 | 05/11/31 | 241223 |

---

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

---

| | |
|:---|:---|
| 62 | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

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

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) |
| Technology – (continued) | Technology – (continued) | Technology – (continued) | Technology – (continued) |
| NXP BV / NXP Funding LLC / NXP USA, Inc. (Netherlands) – (continued) | NXP BV / NXP Funding LLC / NXP USA, Inc. (Netherlands) – (continued) | NXP BV / NXP Funding LLC / NXP USA, Inc. (Netherlands) – (continued) | NXP BV / NXP Funding LLC / NXP USA, Inc. (Netherlands) – (continued) |
| 545000 | 5.000% | 01/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556848 |
|  |  |  | 1491415 |
| Transportation – 0.2% | Transportation – 0.2% | Transportation – 0.2% | Transportation – 0.2% |
| Canadian National Railway Co. (Canada) | Canadian National Railway Co. (Canada) | Canadian National Railway Co. (Canada) | Canadian National Railway Co. (Canada) |
| 260000 | 5.850 | 11/01/33 | 284257 |
| 436000 | 6.125 | 11/01/53 | 472905 |
| Canadian Pacific Railway Co. (Canada) | Canadian Pacific Railway Co. (Canada) | Canadian Pacific Railway Co. (Canada) | Canadian Pacific Railway Co. (Canada) |
| 640000 | 2.450 | 12/02/31 | 584165 |
| 95000 | 3.100 | 12/02/51 | 64673 |
| 400000 | 6.125 | 09/15/15 | 413910 |
|  |  |  | 1819910 |
| Wireless – 0.3% | Wireless – 0.3% | Wireless – 0.3% | Wireless – 0.3% |
| Rogers Communications, Inc. (Canada) | Rogers Communications, Inc. (Canada) | Rogers Communications, Inc. (Canada) | Rogers Communications, Inc. (Canada) |
| 110000 | 5.000 | 02/15/29 | 112890 |
| 380000 | 5.300 | 02/15/34 | 388394 |
| 145000 | 4.500 | 03/15/42 | 126859 |
| 528000 | 4.550 | 03/15/52 | 432331 |
| TEL U.S. Corp. (Canada) | TEL U.S. Corp. (Canada) | TEL U.S. Corp. (Canada) | TEL U.S. Corp. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.709%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.709%) |  |  |
| 444000 | 7.000 | 10/15/55<sup>(a)</sup> | 469228 |
| Vodafone Group PLC (United Kingdom) | Vodafone Group PLC (United Kingdom) | Vodafone Group PLC (United Kingdom) | Vodafone Group PLC (United Kingdom) |
| 100000 | 4.375 | 02/19/43 | 87449 |
| 145000 | 5.250 | 05/30/48 | 137164 |
| 400000 | 4.875 | 06/19/49 | 356488 |
| 434000 | 5.750 | 02/10/63 | 422459 |
|  |  |  | 2533262 |
| Wirelines – 0.2% | Wirelines – 0.2% | Wirelines – 0.2% | Wirelines – 0.2% |
| Bell Telephone Co. of Canada or Bell Canada (Canada) | Bell Telephone Co. of Canada or Bell Canada (Canada) | Bell Telephone Co. of Canada or Bell Canada (Canada) | Bell Telephone Co. of Canada or Bell Canada (Canada) |
| 118000 | 4.464 | 04/01/48 | 100358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.363%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.363%) |  |  |
| 645000 | 7.000 | 09/15/55<sup>(a)</sup> | 686179 |
| Bell Telephone Co. of Canada or Bell Canada, Series US-5 (Canada) | Bell Telephone Co. of Canada or Bell Canada, Series US-5 (Canada) | Bell Telephone Co. of Canada or Bell Canada, Series US-5 (Canada) | Bell Telephone Co. of Canada or Bell Canada, Series US-5 (Canada) |
| 263000 | 2.150 | 02/15/32 | 232016 |
| Orange SA (France) | Orange SA (France) | Orange SA (France) | Orange SA (France) |
| 95000 | 5.500 | 02/06/44 | 96215 |
| Telefonica Emisiones SA (Spain) | Telefonica Emisiones SA (Spain) | Telefonica Emisiones SA (Spain) | Telefonica Emisiones SA (Spain) |
| 840000 | 4.665 | 03/06/38 | 782857 |
|  |  |  | 1897625 |
| TOTAL FOREIGN CORPORATE DEBT<br>(Cost $127,280,172) | TOTAL FOREIGN CORPORATE DEBT<br>(Cost $127,280,172) | TOTAL FOREIGN CORPORATE DEBT<br>(Cost $127,280,172) | 128346474 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| Investment Company – 0.5%<sup>(d)</sup> | Investment Company – 0.5%<sup>(d)</sup> | Investment Company – 0.5%<sup>(d)</sup> |
| Goldman Sachs Financial Square Government Fund – Institutional Shares | Goldman Sachs Financial Square Government Fund – Institutional Shares | Goldman Sachs Financial Square Government Fund – Institutional Shares |
| 4711556 | 3.589% | $4711556 |
| **(Cost $4,711,556)** | **(Cost $4,711,556)** |  |
| TOTAL INVESTMENTS – 98.7%<br>(Cost $890,418,293) | TOTAL INVESTMENTS – 98.7%<br>(Cost $890,418,293) | $879449257 |
|  **OTHER ASSETS IN EXCESS OF LIABILITIES – 1.3%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 1.3%** | 11533339 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890982596 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| (a) | Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on February 28, 2026. |
| (b) | Issued with a zero coupon. Income is recognized through the accretion of discount. |
| (c) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (d) | Represents an affiliated issuer. |

---

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| CMT | —Constant Maturity Treasury Index |
| GMTN | —Global Medium Term Note |
| LIBOR | —London Interbank Offered Rate |
| LP | —Limited Partnership |
| MMY | —Money Market Yield |
| MTN | —Medium Term Note |
| PLC | —Public Limited Company |
| REIT | —Real Estate Investment Trust |
| SOFR | —Secured Overnight Financing Rate |
| SOFRINDX | —Secured Overnight Financing Rate Index |
| T-Bill | —Treasury Bill |
| TSFR | —Term Secured Overnight Financing Rate |

---

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **63** |

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------

GOLDMAN SACHS ACCESS MUNICIPAL BOND ETF

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

Schedule of Investments *February 28, 2026 (Unaudited)*

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

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

---

| | | | |
|:---|:---|:---|:---|
| <br> **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds - 99.0% | Municipal Bonds - 99.0% | Municipal Bonds - 99.0% | Municipal Bonds - 99.0% |
| Alabama - 2.8% | Alabama - 2.8% | Alabama - 2.8% | Alabama - 2.8% |
| Alabama Highway Authority Special Obligation RB Series 2025 (AG) (Aa2/AA) | Alabama Highway Authority Special Obligation RB Series 2025 (AG) (Aa2/AA) | Alabama Highway Authority Special Obligation RB Series 2025 (AG) (Aa2/AA) | Alabama Highway Authority Special Obligation RB Series 2025 (AG) (Aa2/AA) |
| $25000 | 5.000% | 09/01/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26059 |
| Alabama Public School and College Authority Tax Exempt Capital Improvement and RB, Series 2020-A (Aa1/AA) | Alabama Public School and College Authority Tax Exempt Capital Improvement and RB, Series 2020-A (Aa1/AA) | Alabama Public School and College Authority Tax Exempt Capital Improvement and RB, Series 2020-A (Aa1/AA) | Alabama Public School and College Authority Tax Exempt Capital Improvement and RB, Series 2020-A (Aa1/AA) |
| 30000 | 5.000 | 11/01/2034 | 33344 |
| Alabama Public School and College Authority Tax Exempt Capital Improvement and RB, Series 2020-A (Aa1/AA) | Alabama Public School and College Authority Tax Exempt Capital Improvement and RB, Series 2020-A (Aa1/AA) | Alabama Public School and College Authority Tax Exempt Capital Improvement and RB, Series 2020-A (Aa1/AA) | Alabama Public School and College Authority Tax Exempt Capital Improvement and RB, Series 2020-A (Aa1/AA) |
| 30000 | 5.000 | 11/01/2035 | 33194 |
| 25000 | 4.000 | 11/01/2036 | 26096 |
| Black Belt Energy Gas District Gas Project RB Series 2022C-1 (A1/NR) | Black Belt Energy Gas District Gas Project RB Series 2022C-1 (A1/NR) | Black Belt Energy Gas District Gas Project RB Series 2022C-1 (A1/NR) | Black Belt Energy Gas District Gas Project RB Series 2022C-1 (A1/NR) |
| 15000 | 5.250 <sup>(a)(b)</sup> | 02/01/2053 | 16056 |
| Southeast Energy Authority A Cooperative District Energy Supply RB, Series 2025H (A1/NR) | Southeast Energy Authority A Cooperative District Energy Supply RB, Series 2025H (A1/NR) | Southeast Energy Authority A Cooperative District Energy Supply RB, Series 2025H (A1/NR) | Southeast Energy Authority A Cooperative District Energy Supply RB, Series 2025H (A1/NR) |
| 25000 | 5.000 | 11/01/2035 | 27470 |
| Southeast Energy Authority, A Cooperative District Energy Supply RB Series 2025C (Aa1/NR) | Southeast Energy Authority, A Cooperative District Energy Supply RB Series 2025C (Aa1/NR) | Southeast Energy Authority, A Cooperative District Energy Supply RB Series 2025C (Aa1/NR) | Southeast Energy Authority, A Cooperative District Energy Supply RB Series 2025C (Aa1/NR) |
| 30000 | 5.000<sup></sup> <sup>(a)(b)</sup> | 05/01/2055 | 32511 |
| The Black Belt Energy Gas District Gas Project RB 2025 Series F (NR/AA-) | The Black Belt Energy Gas District Gas Project RB 2025 Series F (NR/AA-) | The Black Belt Energy Gas District Gas Project RB 2025 Series F (NR/AA-) | The Black Belt Energy Gas District Gas Project RB 2025 Series F (NR/AA-) |
| 25000 | 5.000 | 12/01/2035 | 27509 |
| The Black Belt Energy Gas District Gas Project Revenue Refunding Bonds 2025 Series D (Aa3/NR) | The Black Belt Energy Gas District Gas Project Revenue Refunding Bonds 2025 Series D (Aa3/NR) | The Black Belt Energy Gas District Gas Project Revenue Refunding Bonds 2025 Series D (Aa3/NR) | The Black Belt Energy Gas District Gas Project Revenue Refunding Bonds 2025 Series D (Aa3/NR) |
| 30000 | 5.000 <sup>(a)(b)</sup> | 12/01/2055 | 33333 |
| The Black Belt Energy Gas District Gas Supply RB, Series 2023B (Aa1/NR) | The Black Belt Energy Gas District Gas Supply RB, Series 2023B (Aa1/NR) | The Black Belt Energy Gas District Gas Supply RB, Series 2023B (Aa1/NR) | The Black Belt Energy Gas District Gas Supply RB, Series 2023B (Aa1/NR) |
| 30000 | 5.250 <sup>(a)(b)</sup> | 12/01/2053 | 32863 |
|  |  |  | 288435 |
| Arizona - 1.3% | Arizona - 1.3% | Arizona - 1.3% | Arizona - 1.3% |
| Arizona Board of Regents University of Arizona System Revenue Refunding Bonds Series 2016 (Aa3/AA-) | Arizona Board of Regents University of Arizona System Revenue Refunding Bonds Series 2016 (Aa3/AA-) | Arizona Board of Regents University of Arizona System Revenue Refunding Bonds Series 2016 (Aa3/AA-) | Arizona Board of Regents University of Arizona System Revenue Refunding Bonds Series 2016 (Aa3/AA-) |
| 30000 | 3.000 | 06/01/2034 | 30056 |
| 50000 | 3.000 | 06/01/2035 | 50093 |
| City of Mesa Utility Systems Revenue Refunding Bonds Series 2019C (Aa2/AA-) | City of Mesa Utility Systems Revenue Refunding Bonds Series 2019C (Aa2/AA-) | City of Mesa Utility Systems Revenue Refunding Bonds Series 2019C (Aa2/AA-) | City of Mesa Utility Systems Revenue Refunding Bonds Series 2019C (Aa2/AA-) |
| 20000 | 5.000 | 07/01/2034 | 21618 |
| Salt Verde Financial Corp. RB Gas Senior Series 2007-1 (A3/ BBB+) | Salt Verde Financial Corp. RB Gas Senior Series 2007-1 (A3/ BBB+) | Salt Verde Financial Corp. RB Gas Senior Series 2007-1 (A3/ BBB+) | Salt Verde Financial Corp. RB Gas Senior Series 2007-1 (A3/ BBB+) |
| 30000 | 5.000 | 12/01/2037 | 33446 |
|  |  |  | 135213 |
| Arkansas - 0.6% | Arkansas - 0.6% | Arkansas - 0.6% | Arkansas - 0.6% |
| Arkansas Development Finance Authority Health Care Revenue Refunding Bonds Baptist Memorial Health Care Corporation Series 2020B-1 (NR/BBB+) | Arkansas Development Finance Authority Health Care Revenue Refunding Bonds Baptist Memorial Health Care Corporation Series 2020B-1 (NR/BBB+) | Arkansas Development Finance Authority Health Care Revenue Refunding Bonds Baptist Memorial Health Care Corporation Series 2020B-1 (NR/BBB+) | Arkansas Development Finance Authority Health Care Revenue Refunding Bonds Baptist Memorial Health Care Corporation Series 2020B-1 (NR/BBB+) |
| 25000 | 5.000 | 09/01/2039 | 25930 |
| City of Fort Smith Water and Sewer Refunding and Construction RB Series 2018 (NR/A) | City of Fort Smith Water and Sewer Refunding and Construction RB Series 2018 (NR/A) | City of Fort Smith Water and Sewer Refunding and Construction RB Series 2018 (NR/A) | City of Fort Smith Water and Sewer Refunding and Construction RB Series 2018 (NR/A) |
| 30000 | 5.000 | 10/01/2030 | 31898 |
|  |  |  | 57828 |
| California - 17.1% | California - 17.1% | California - 17.1% | California - 17.1% |
| Anaheim Lease RB Anaheim Public Improvement Project 1997 (AGM) (A1/AA) | Anaheim Lease RB Anaheim Public Improvement Project 1997 (AGM) (A1/AA) | Anaheim Lease RB Anaheim Public Improvement Project 1997 (AGM) (A1/AA) | Anaheim Lease RB Anaheim Public Improvement Project 1997 (AGM) (A1/AA) |
| 50000 | 0.000 <sup>(c)</sup> | 09/01/2032 | 42460 |
| California Community Choice Financing Authority Clean Energy Project RB Series 2021B-1 (Green Bonds) (A1/NR) | California Community Choice Financing Authority Clean Energy Project RB Series 2021B-1 (Green Bonds) (A1/NR) | California Community Choice Financing Authority Clean Energy Project RB Series 2021B-1 (Green Bonds) (A1/NR) | California Community Choice Financing Authority Clean Energy Project RB Series 2021B-1 (Green Bonds) (A1/NR) |
| 30000 | 4.000 <sup>(a)(b)</sup> | 02/01/2052 | 31185 |

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---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| California – (continued) | California – (continued) | California – (continued) | California – (continued) |
| California Community Choice Financing Authority Clean Energy Project RB Series 2024D (Aa1/NR) | California Community Choice Financing Authority Clean Energy Project RB Series 2024D (Aa1/NR) | California Community Choice Financing Authority Clean Energy Project RB Series 2024D (Aa1/NR) | California Community Choice Financing Authority Clean Energy Project RB Series 2024D (Aa1/NR) |
| $40000 | 5.000 %<sup>(a)(b)</sup> | 02/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44284 |
| California Community Choice Financing Authority Clean Energy Project RB Series 2026A-1 (A1/NR) | California Community Choice Financing Authority Clean Energy Project RB Series 2026A-1 (A1/NR) | California Community Choice Financing Authority Clean Energy Project RB Series 2026A-1 (A1/NR) | California Community Choice Financing Authority Clean Energy Project RB Series 2026A-1 (A1/NR) |
| 30000 | 5.000 <sup>(a)(b)</sup> | 04/01/2056 | 33320 |
| California Health Facilities Financing Authority RB Adventist Health System/West Series 2013A (NR/BBB+) | California Health Facilities Financing Authority RB Adventist Health System/West Series 2013A (NR/BBB+) | California Health Facilities Financing Authority RB Adventist Health System/West Series 2013A (NR/BBB+) | California Health Facilities Financing Authority RB Adventist Health System/West Series 2013A (NR/BBB+) |
| 50000 | 4.000 | 03/01/2033 | 50018 |
| California Health Facilities Financing Authority, Refunding RB (Cedars-Sinai Medical Center) Series 2015 (Aa3/NR) | California Health Facilities Financing Authority, Refunding RB (Cedars-Sinai Medical Center) Series 2015 (Aa3/NR) | California Health Facilities Financing Authority, Refunding RB (Cedars-Sinai Medical Center) Series 2015 (Aa3/NR) | California Health Facilities Financing Authority, Refunding RB (Cedars-Sinai Medical Center) Series 2015 (Aa3/NR) |
| 30000 | 3.500 | 11/15/2034 | 30010 |
| California Infrastructure and Economic Development Bank California Clean Water and Drinking Water State Revolving Fund RB Series 2024 (Aaa/AAA) | California Infrastructure and Economic Development Bank California Clean Water and Drinking Water State Revolving Fund RB Series 2024 (Aaa/AAA) | California Infrastructure and Economic Development Bank California Clean Water and Drinking Water State Revolving Fund RB Series 2024 (Aaa/AAA) | California Infrastructure and Economic Development Bank California Clean Water and Drinking Water State Revolving Fund RB Series 2024 (Aaa/AAA) |
| 30000 | 5.000 | 10/01/2033 | 36643 |
| 40000 | 5.000 | 10/01/2035 | 48385 |
| City of Los Angeles Department of Water and Power Water System RB 2017 Series A (Aa2/AA-) | City of Los Angeles Department of Water and Power Water System RB 2017 Series A (Aa2/AA-) | City of Los Angeles Department of Water and Power Water System RB 2017 Series A (Aa2/AA-) | City of Los Angeles Department of Water and Power Water System RB 2017 Series A (Aa2/AA-) |
| 30000 | 5.000 | 07/01/2033 | 30627 |
| County of Santa Clara GO Bonds (Election of 2008) 2013 Series B3 (NR/AAA) | County of Santa Clara GO Bonds (Election of 2008) 2013 Series B3 (NR/AAA) | County of Santa Clara GO Bonds (Election of 2008) 2013 Series B3 (NR/AAA) | County of Santa Clara GO Bonds (Election of 2008) 2013 Series B3 (NR/AAA) |
| 50000 | 3.250 | 08/01/2035 | 50005 |
| Department of Water and Power of the City of Los Angeles RB Series 2018 D (Aa2/A) | Department of Water and Power of the City of Los Angeles RB Series 2018 D (Aa2/A) | Department of Water and Power of the City of Los Angeles RB Series 2018 D (Aa2/A) | Department of Water and Power of the City of Los Angeles RB Series 2018 D (Aa2/A) |
| 50000 | 5.000 | 07/01/2033 | 58333 |
| 30000 | 5.000 | 07/01/2034 | 31558 |
| Infrastructure and Economic Development Bank, California Clean Water and Drinking Water State Revolving Fund RB Breen Bond Series 2023 (Aaa/AAA) | Infrastructure and Economic Development Bank, California Clean Water and Drinking Water State Revolving Fund RB Breen Bond Series 2023 (Aaa/AAA) | Infrastructure and Economic Development Bank, California Clean Water and Drinking Water State Revolving Fund RB Breen Bond Series 2023 (Aaa/AAA) | Infrastructure and Economic Development Bank, California Clean Water and Drinking Water State Revolving Fund RB Breen Bond Series 2023 (Aaa/AAA) |
| 30000 | 5.000 | 10/01/2028 | 32548 |
| Long Beach California Bond Financial Authority Natural Gas Pure RB 2007A (A1/A-) | Long Beach California Bond Financial Authority Natural Gas Pure RB 2007A (A1/A-) | Long Beach California Bond Financial Authority Natural Gas Pure RB 2007A (A1/A-) | Long Beach California Bond Financial Authority Natural Gas Pure RB 2007A (A1/A-) |
| 35000 | 5.500 | 11/15/2037 | 42710 |
| Los Angeles County Metropolitan Transportation Authority Measure R Senior Sales Tax RB 2021-A (Aa1/AAA) | Los Angeles County Metropolitan Transportation Authority Measure R Senior Sales Tax RB 2021-A (Aa1/AAA) | Los Angeles County Metropolitan Transportation Authority Measure R Senior Sales Tax RB 2021-A (Aa1/AAA) | Los Angeles County Metropolitan Transportation Authority Measure R Senior Sales Tax RB 2021-A (Aa1/AAA) |
| 30000 | 5.000 | 06/01/2029 | 33198 |
| Los Angeles County Metropolitan Transportation Authority Measure R Senior Sales Tax RB Series 2021-A (Aa1/AAA) | Los Angeles County Metropolitan Transportation Authority Measure R Senior Sales Tax RB Series 2021-A (Aa1/AAA) | Los Angeles County Metropolitan Transportation Authority Measure R Senior Sales Tax RB Series 2021-A (Aa1/AAA) | Los Angeles County Metropolitan Transportation Authority Measure R Senior Sales Tax RB Series 2021-A (Aa1/AAA) |
| 40000 | 4.000 | 06/01/2034 | 43924 |
| Los Angeles County Public Works Financing Authority Lease RB 2021 Series F Green Bonds (Aa2/AA+) | Los Angeles County Public Works Financing Authority Lease RB 2021 Series F Green Bonds (Aa2/AA+) | Los Angeles County Public Works Financing Authority Lease RB 2021 Series F Green Bonds (Aa2/AA+) | Los Angeles County Public Works Financing Authority Lease RB 2021 Series F Green Bonds (Aa2/AA+) |
| 30000 | 5.000 | 12/01/2034 | 34805 |
| Los Angeles Unified School District 2019 GO Refunding Bond Series A (Aa2/NR) | Los Angeles Unified School District 2019 GO Refunding Bond Series A (Aa2/NR) | Los Angeles Unified School District 2019 GO Refunding Bond Series A (Aa2/NR) | Los Angeles Unified School District 2019 GO Refunding Bond Series A (Aa2/NR) |
| 40000 | 3.000 | 01/01/2034 | 40312 |
| Marin Healthcare District Marin County California GO Bonds Election of 2013 Series 2017A (Aa2/NR) | Marin Healthcare District Marin County California GO Bonds Election of 2013 Series 2017A (Aa2/NR) | Marin Healthcare District Marin County California GO Bonds Election of 2013 Series 2017A (Aa2/NR) | Marin Healthcare District Marin County California GO Bonds Election of 2013 Series 2017A (Aa2/NR) |
| 30000 | 3.000 | 08/01/2037 | 28892 |
| Metropolitan Water District of Southern California Subordinate Water Revenue Refunding Bonds, 2020 Series A (NR/AA+) | Metropolitan Water District of Southern California Subordinate Water Revenue Refunding Bonds, 2020 Series A (NR/AA+) | Metropolitan Water District of Southern California Subordinate Water Revenue Refunding Bonds, 2020 Series A (NR/AA+) | Metropolitan Water District of Southern California Subordinate Water Revenue Refunding Bonds, 2020 Series A (NR/AA+) |
| 30000 | 4.000 | 07/01/2029 | 31966 |
| M-S-R Energy Authority Gas RB Series 2009 B (NR/BBB+) | M-S-R Energy Authority Gas RB Series 2009 B (NR/BBB+) | M-S-R Energy Authority Gas RB Series 2009 B (NR/BBB+) | M-S-R Energy Authority Gas RB Series 2009 B (NR/BBB+) |
| 40000 | 6.500 | 11/01/2039 | 50108 |
| M-S-R Energy Authority Gas RB Series 2009 C (NR/BBB+) | M-S-R Energy Authority Gas RB Series 2009 C (NR/BBB+) | M-S-R Energy Authority Gas RB Series 2009 C (NR/BBB+) | M-S-R Energy Authority Gas RB Series 2009 C (NR/BBB+) |
| 40000 | 6.500 | 11/01/2039 | 50108 |

---

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

---

| | |
|:---|:---|
| 64 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS MUNICIPAL BOND ETF

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

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| California – (continued) | California – (continued) | California – (continued) | California – (continued) |
| San Bernadino Community College District, San Bernardino and Riverside Counties Election of 2002 GO Bonds Series D (Aa1/ AA) | San Bernadino Community College District, San Bernardino and Riverside Counties Election of 2002 GO Bonds Series D (Aa1/ AA) | San Bernadino Community College District, San Bernardino and Riverside Counties Election of 2002 GO Bonds Series D (Aa1/ AA) | San Bernadino Community College District, San Bernardino and Riverside Counties Election of 2002 GO Bonds Series D (Aa1/ AA) |
| $50000 | 0.000 %<sup>(c)</sup> | 08/01/2032 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42545 |
| San Diego Unified School District GO Refunding Bonds Series 2012 R-1 (Aa2/AA-) | San Diego Unified School District GO Refunding Bonds Series 2012 R-1 (Aa2/AA-) | San Diego Unified School District GO Refunding Bonds Series 2012 R-1 (Aa2/AA-) | San Diego Unified School District GO Refunding Bonds Series 2012 R-1 (Aa2/AA-) |
| 50000 | 0.000 <sup>(c)</sup> | 07/01/2031 | 44145 |
| San Francisco Bay Area Rapid Transit District GO Bonds Election of 2016 2017 Series A-1 Green Bonds (Aa1/AA-) | San Francisco Bay Area Rapid Transit District GO Bonds Election of 2016 2017 Series A-1 Green Bonds (Aa1/AA-) | San Francisco Bay Area Rapid Transit District GO Bonds Election of 2016 2017 Series A-1 Green Bonds (Aa1/AA-) | San Francisco Bay Area Rapid Transit District GO Bonds Election of 2016 2017 Series A-1 Green Bonds (Aa1/AA-) |
| 30000 | 5.000 | 08/01/2031 | 31349 |
| 25000 | 4.000 | 08/01/2036 | 25443 |
| San Francisco Unified School District California GO Bonds Proposition A Election of 2006 Series F 2015 and Proposition A Election of 2011 Series C 2015 (A1/AA-) | San Francisco Unified School District California GO Bonds Proposition A Election of 2006 Series F 2015 and Proposition A Election of 2011 Series C 2015 (A1/AA-) | San Francisco Unified School District California GO Bonds Proposition A Election of 2006 Series F 2015 and Proposition A Election of 2011 Series C 2015 (A1/AA-) | San Francisco Unified School District California GO Bonds Proposition A Election of 2006 Series F 2015 and Proposition A Election of 2011 Series C 2015 (A1/AA-) |
| 40000 | 3.500 | 06/15/2035 | 40012 |
| San Jose Evergreen California Community College District GO Bonds Election of 2004 B (AGM) (Aaa/AA+) | San Jose Evergreen California Community College District GO Bonds Election of 2004 B (AGM) (Aaa/AA+) | San Jose Evergreen California Community College District GO Bonds Election of 2004 B (AGM) (Aaa/AA+) | San Jose Evergreen California Community College District GO Bonds Election of 2004 B (AGM) (Aaa/AA+) |
| 50000 | 0.000 <sup>(c)</sup> | 09/01/2031 | 44194 |
| Santa Clara County Financing Authority California Refunding Lease RB Multiple Facilities Projects 2016 Series Q (NR/ AA+) | Santa Clara County Financing Authority California Refunding Lease RB Multiple Facilities Projects 2016 Series Q (NR/ AA+) | Santa Clara County Financing Authority California Refunding Lease RB Multiple Facilities Projects 2016 Series Q (NR/ AA+) | Santa Clara County Financing Authority California Refunding Lease RB Multiple Facilities Projects 2016 Series Q (NR/ AA+) |
| 50000 | 3.000 | 05/15/2035 | 49999 |
| Santa Clara Unified School District Election of 2014 GO Bonds Series 2019 (Aaa/AAA) | Santa Clara Unified School District Election of 2014 GO Bonds Series 2019 (Aaa/AAA) | Santa Clara Unified School District Election of 2014 GO Bonds Series 2019 (Aaa/AAA) | Santa Clara Unified School District Election of 2014 GO Bonds Series 2019 (Aaa/AAA) |
| 30000 | 3.000 | 07/01/2033 | 30041 |
| State of California Department of Water Resources and Water System Central Valley Project RB Series AX (Aa1/AAA) | State of California Department of Water Resources and Water System Central Valley Project RB Series AX (Aa1/AAA) | State of California Department of Water Resources and Water System Central Valley Project RB Series AX (Aa1/AAA) | State of California Department of Water Resources and Water System Central Valley Project RB Series AX (Aa1/AAA) |
| 35000 | 5.000 | 12/01/2030 | 36874 |
| State of California GO Various Purpose Bonds (Aa2/AA-) | State of California GO Various Purpose Bonds (Aa2/AA-) | State of California GO Various Purpose Bonds (Aa2/AA-) | State of California GO Various Purpose Bonds (Aa2/AA-) |
| 30000 | 5.000 | 03/01/2030 | 33532 |
| 70000 | 5.000 | 11/01/2031 | 78692 |
| 30000 | 5.000 | 11/01/2032 | 32277 |
| 30000 | 5.000 | 03/01/2034 | 33228 |
| State of California GO Various Purpose Refunding Bonds (Aa2/ AA-) | State of California GO Various Purpose Refunding Bonds (Aa2/ AA-) | State of California GO Various Purpose Refunding Bonds (Aa2/ AA-) | State of California GO Various Purpose Refunding Bonds (Aa2/ AA-) |
| 50000 | 5.000 | 11/01/2032 | 58915 |
| 40000 | 4.000 | 11/01/2034 | 40948 |
| State of California Tax Exempt Various Purpose GO Refunding Bonds (Aa2/AA-) | State of California Tax Exempt Various Purpose GO Refunding Bonds (Aa2/AA-) | State of California Tax Exempt Various Purpose GO Refunding Bonds (Aa2/AA-) | State of California Tax Exempt Various Purpose GO Refunding Bonds (Aa2/AA-) |
| 20000 | 5.000 | 10/01/2028 | 21546 |
| The Regents of The University of California General RB Series 2024 BV (Aa2/AA) | The Regents of The University of California General RB Series 2024 BV (Aa2/AA) | The Regents of The University of California General RB Series 2024 BV (Aa2/AA) | The Regents of The University of California General RB Series 2024 BV (Aa2/AA) |
| 40000 | 5.000 | 05/15/2036 | 47413 |
| The Regents of the University of California General Revenue Bonds 2017 Series AY (Aa2/AA) | The Regents of the University of California General Revenue Bonds 2017 Series AY (Aa2/AA) | The Regents of the University of California General Revenue Bonds 2017 Series AY (Aa2/AA) | The Regents of the University of California General Revenue Bonds 2017 Series AY (Aa2/AA) |
| 30000 | 5.000 | 05/15/2032 | 31057 |
| The Regents of the University of California General Revenue Bonds 2017 Series Bv (Aa2/AA) | The Regents of the University of California General Revenue Bonds 2017 Series Bv (Aa2/AA) | The Regents of the University of California General Revenue Bonds 2017 Series Bv (Aa2/AA) | The Regents of the University of California General Revenue Bonds 2017 Series Bv (Aa2/AA) |
| 50000 | 5.000 | 05/15/2033 | 59429 |
| The Regents of the University of California Limited Project RB 2022 Series S (Aa3/AA-) | The Regents of the University of California Limited Project RB 2022 Series S (Aa3/AA-) | The Regents of the University of California Limited Project RB 2022 Series S (Aa3/AA-) | The Regents of the University of California Limited Project RB 2022 Series S (Aa3/AA-) |
| 40000 | 5.000 | 05/15/2029 | 43696 |
| The Regents of the University of California Limited Project RB 2022 Series S Forward Delivery (Aa3/AA-) | The Regents of the University of California Limited Project RB 2022 Series S Forward Delivery (Aa3/AA-) | The Regents of the University of California Limited Project RB 2022 Series S Forward Delivery (Aa3/AA-) | The Regents of the University of California Limited Project RB 2022 Series S Forward Delivery (Aa3/AA-) |
| 25000 | 5.000 | 05/15/2031 | 28563 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| California – (continued) | California – (continued) | California – (continued) | California – (continued) |
| WM S Hart High School District GO Bonds Election 2001 2005 B (AGM) (Aa2/AA) | WM S Hart High School District GO Bonds Election 2001 2005 B (AGM) (Aa2/AA) | WM S Hart High School District GO Bonds Election 2001 2005 B (AGM) (Aa2/AA) | WM S Hart High School District GO Bonds Election 2001 2005 B (AGM) (Aa2/AA) |
| 30000 | 0.000 %<sup>(c)</sup> | 09/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27469 |
|  |  |  | 1756766 |
| Colorado - 1.9% | Colorado - 1.9% | Colorado - 1.9% | Colorado - 1.9% |
| Colorado Health Facilities Authority Hospital RB Series 2015 (NR/A-) | Colorado Health Facilities Authority Hospital RB Series 2015 (NR/A-) | Colorado Health Facilities Authority Hospital RB Series 2015 (NR/A-) | Colorado Health Facilities Authority Hospital RB Series 2015 (NR/A-) |
| 30000 | 5.000 | 01/15/2035 | 30054 |
| Colorado Health Facilities Authority RB for Commonspirit Health Series 2024A (A3/A-) | Colorado Health Facilities Authority RB for Commonspirit Health Series 2024A (A3/A-) | Colorado Health Facilities Authority RB for Commonspirit Health Series 2024A (A3/A-) | Colorado Health Facilities Authority RB for Commonspirit Health Series 2024A (A3/A-) |
| 50000 | 5.000 | 12/01/2034 | 57673 |
| Colorado Health Facilities Authority RB Series 2019A (NR/A+) | Colorado Health Facilities Authority RB Series 2019A (NR/A+) | Colorado Health Facilities Authority RB Series 2019A (NR/A+) | Colorado Health Facilities Authority RB Series 2019A (NR/A+) |
| 30000 | 5.000 | 11/01/2034 | 32168 |
| Joint School District No. 28J In Adams and Arapahoe Counties Colorado GO Bonds Series 2025 (ST AID WITHHLDG) | Joint School District No. 28J In Adams and Arapahoe Counties Colorado GO Bonds Series 2025 (ST AID WITHHLDG) | Joint School District No. 28J In Adams and Arapahoe Counties Colorado GO Bonds Series 2025 (ST AID WITHHLDG) | Joint School District No. 28J In Adams and Arapahoe Counties Colorado GO Bonds Series 2025 (ST AID WITHHLDG) |
| (Aa1/AA) |  |  |  |
| 30000 | 5.500 | 12/01/2040 | 36137 |
| State of Colorado Building Excellent Schools Today Certificates of Participation Tax-Exempt Series 2019O (Aa2/AA-) | State of Colorado Building Excellent Schools Today Certificates of Participation Tax-Exempt Series 2019O (Aa2/AA-) | State of Colorado Building Excellent Schools Today Certificates of Participation Tax-Exempt Series 2019O (Aa2/AA-) | State of Colorado Building Excellent Schools Today Certificates of Participation Tax-Exempt Series 2019O (Aa2/AA-) |
| 40000 | 4.000 | 03/15/2039 | 40577 |
|  |  |  | 196609 |
| Connecticut - 1.0% | Connecticut - 1.0% | Connecticut - 1.0% | Connecticut - 1.0% |
| City of New Haven Connecticut GO Bonds Issue of 2025 (AG) (A1/AA) | City of New Haven Connecticut GO Bonds Issue of 2025 (AG) (A1/AA) | City of New Haven Connecticut GO Bonds Issue of 2025 (AG) (A1/AA) | City of New Haven Connecticut GO Bonds Issue of 2025 (AG) (A1/AA) |
| 25000 | 5.000 | 08/01/2035 | 29560 |
| State of Connecticut GO Bonds 2024 Series B (Social Bonds) (Aa2/AA-) | State of Connecticut GO Bonds 2024 Series B (Social Bonds) (Aa2/AA-) | State of Connecticut GO Bonds 2024 Series B (Social Bonds) (Aa2/AA-) | State of Connecticut GO Bonds 2024 Series B (Social Bonds) (Aa2/AA-) |
| 40000 | 5.000 | 01/15/2038 | 46044 |
| State of Connecticut Tax Exempt GO Bonds 2018 Series E (Aa2/ AA-) | State of Connecticut Tax Exempt GO Bonds 2018 Series E (Aa2/ AA-) | State of Connecticut Tax Exempt GO Bonds 2018 Series E (Aa2/ AA-) | State of Connecticut Tax Exempt GO Bonds 2018 Series E (Aa2/ AA-) |
| 30000 | 5.000 | 09/15/2034 | 31860 |
|  |  |  | 107464 |
| Delaware - 0.3% | Delaware - 0.3% | Delaware - 0.3% | Delaware - 0.3% |
| The State of Delaware GO Refunding Bonds Series 2017A (Aaa/ AAA) | The State of Delaware GO Refunding Bonds Series 2017A (Aaa/ AAA) | The State of Delaware GO Refunding Bonds Series 2017A (Aaa/ AAA) | The State of Delaware GO Refunding Bonds Series 2017A (Aaa/ AAA) |
| 27000 | 5.000 | 01/01/2028 | 28444 |
| District of Columbia - 2.8% | District of Columbia - 2.8% | District of Columbia - 2.8% | District of Columbia - 2.8% |
| District of Columbia Washington D.C. General Obligation Bonds Series 2024A (Aa1/AA+) | District of Columbia Washington D.C. General Obligation Bonds Series 2024A (Aa1/AA+) | District of Columbia Washington D.C. General Obligation Bonds Series 2024A (Aa1/AA+) | District of Columbia Washington D.C. General Obligation Bonds Series 2024A (Aa1/AA+) |
| 40000 | 5.000 | 08/01/2036 | 46869 |
| District of Columbia Washington D.C. GO Bonds Series 2017D (Aa1/AA+) | District of Columbia Washington D.C. GO Bonds Series 2017D (Aa1/AA+) | District of Columbia Washington D.C. GO Bonds Series 2017D (Aa1/AA+) | District of Columbia Washington D.C. GO Bonds Series 2017D (Aa1/AA+) |
| 40000 | 4.000 | 06/01/2033 | 40684 |
| District of Columbia Washington D.C. GO Bonds Series 2021D (Aa1/AA+) | District of Columbia Washington D.C. GO Bonds Series 2021D (Aa1/AA+) | District of Columbia Washington D.C. GO Bonds Series 2021D (Aa1/AA+) | District of Columbia Washington D.C. GO Bonds Series 2021D (Aa1/AA+) |
| 30000 | 5.000 | 02/01/2029 | 32469 |
| District of Columbia Washington D.C. Income Tax Secured RB Series 2019A Tax Exempt (Aa1/AAA) | District of Columbia Washington D.C. Income Tax Secured RB Series 2019A Tax Exempt (Aa1/AAA) | District of Columbia Washington D.C. Income Tax Secured RB Series 2019A Tax Exempt (Aa1/AAA) | District of Columbia Washington D.C. Income Tax Secured RB Series 2019A Tax Exempt (Aa1/AAA) |
| 30000 | 5.000 | 03/01/2030 | 32881 |
| District of Columbia Washington D.C. Income Tax Secured Revenue and Refunding Bonds Series 2025A (Tax-Exempt) (Aa1/AAA) | District of Columbia Washington D.C. Income Tax Secured Revenue and Refunding Bonds Series 2025A (Tax-Exempt) (Aa1/AAA) | District of Columbia Washington D.C. Income Tax Secured Revenue and Refunding Bonds Series 2025A (Tax-Exempt) (Aa1/AAA) | District of Columbia Washington D.C. Income Tax Secured Revenue and Refunding Bonds Series 2025A (Tax-Exempt) (Aa1/AAA) |
| 50000 | 5.000 | 06/01/2039 | 57789 |

---

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **65** |

---

------

GOLDMAN SACHS ACCESS MUNICIPAL BOND ETF

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

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

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

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

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| District of Columbia – (continued) | District of Columbia – (continued) | District of Columbia – (continued) | District of Columbia – (continued) |
| Washington Metropolitan Area Transit Authority Second Lien Dedicated RB Series 2023A (NR/AA) | Washington Metropolitan Area Transit Authority Second Lien Dedicated RB Series 2023A (NR/AA) | Washington Metropolitan Area Transit Authority Second Lien Dedicated RB Series 2023A (NR/AA) | Washington Metropolitan Area Transit Authority Second Lien Dedicated RB Series 2023A (NR/AA) |
| 70000 | 5.000% | 07/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77034 |
|  |  |  | 287726 |
| Florida - 4.6% | Florida - 4.6% | Florida - 4.6% | Florida - 4.6% |
| Central Florida Expressway Authority Senior Lien Refunding RB Series 2017 (BAM) (Aa3/AA) | Central Florida Expressway Authority Senior Lien Refunding RB Series 2017 (BAM) (Aa3/AA) | Central Florida Expressway Authority Senior Lien Refunding RB Series 2017 (BAM) (Aa3/AA) | Central Florida Expressway Authority Senior Lien Refunding RB Series 2017 (BAM) (Aa3/AA) |
| 80000 | 3.250 | 07/01/2039 | 79764 |
| City of Cape Coral Fl Water and Sewer Refunding RB Series 2017 (A1/A+) | City of Cape Coral Fl Water and Sewer Refunding RB Series 2017 (A1/A+) | City of Cape Coral Fl Water and Sewer Refunding RB Series 2017 (A1/A+) | City of Cape Coral Fl Water and Sewer Refunding RB Series 2017 (A1/A+) |
| 20000 | 5.000 | 10/01/2032 | 20774 |
| City of Jacksonville Transportation RB Refunding Series 2015 (Aa2/AA) | City of Jacksonville Transportation RB Refunding Series 2015 (Aa2/AA) | City of Jacksonville Transportation RB Refunding Series 2015 (Aa2/AA) | City of Jacksonville Transportation RB Refunding Series 2015 (Aa2/AA) |
| 30000 | 3.000 | 10/01/2031 | 30009 |
| City of Lakeland Energy System Refunding RB Series 2016 (Aa2/ AA) | City of Lakeland Energy System Refunding RB Series 2016 (Aa2/ AA) | City of Lakeland Energy System Refunding RB Series 2016 (Aa2/ AA) | City of Lakeland Energy System Refunding RB Series 2016 (Aa2/ AA) |
| 40000 | 2.500 | 10/01/2027 | 40003 |
| Florida Housing Finance Corporation Homeowner Mortgage RB 2021 Series 1 Non-AMT (Social Bonds) (GNMA/FNMA/ FHLMC) (Aaa/NR) | Florida Housing Finance Corporation Homeowner Mortgage RB 2021 Series 1 Non-AMT (Social Bonds) (GNMA/FNMA/ FHLMC) (Aaa/NR) | Florida Housing Finance Corporation Homeowner Mortgage RB 2021 Series 1 Non-AMT (Social Bonds) (GNMA/FNMA/ FHLMC) (Aaa/NR) | Florida Housing Finance Corporation Homeowner Mortgage RB 2021 Series 1 Non-AMT (Social Bonds) (GNMA/FNMA/ FHLMC) (Aaa/NR) |
| 30000 | 1.800 | 07/01/2036 | 25113 |
| Florida State Board of Education Public Education Capital Outlay Refunding Bonds 2019 Series C (Aaa/AAA) | Florida State Board of Education Public Education Capital Outlay Refunding Bonds 2019 Series C (Aaa/AAA) | Florida State Board of Education Public Education Capital Outlay Refunding Bonds 2019 Series C (Aaa/AAA) | Florida State Board of Education Public Education Capital Outlay Refunding Bonds 2019 Series C (Aaa/AAA) |
| 30000 | 5.000 | 06/01/2031 | 32710 |
| JEA Water and Sewer System RB 2017 Series A (Aa1/AA+) | JEA Water and Sewer System RB 2017 Series A (Aa1/AA+) | JEA Water and Sewer System RB 2017 Series A (Aa1/AA+) | JEA Water and Sewer System RB 2017 Series A (Aa1/AA+) |
| 40000 | 3.250 | 10/01/2036 | 40002 |
| Miami-Dade County Florida Transit System Sales Surtax Revenue Refunding Bonds Series 2019 (NR/AA) | Miami-Dade County Florida Transit System Sales Surtax Revenue Refunding Bonds Series 2019 (NR/AA) | Miami-Dade County Florida Transit System Sales Surtax Revenue Refunding Bonds Series 2019 (NR/AA) | Miami-Dade County Florida Transit System Sales Surtax Revenue Refunding Bonds Series 2019 (NR/AA) |
| 25000 | 3.000 | 07/01/2038 | 24200 |
| Miami-Dade County Florida Water and Sewer System Revenue Refunding Bonds Series 2017B (Aa3/AA) | Miami-Dade County Florida Water and Sewer System Revenue Refunding Bonds Series 2017B (Aa3/AA) | Miami-Dade County Florida Water and Sewer System Revenue Refunding Bonds Series 2017B (Aa3/AA) | Miami-Dade County Florida Water and Sewer System Revenue Refunding Bonds Series 2017B (Aa3/AA) |
| 30000 | 4.000 | 10/01/2037 | 30404 |
| Orlando Utilities Commission Utility System RB Series 2018A (Aa2/AA) | Orlando Utilities Commission Utility System RB Series 2018A (Aa2/AA) | Orlando Utilities Commission Utility System RB Series 2018A (Aa2/AA) | Orlando Utilities Commission Utility System RB Series 2018A (Aa2/AA) |
| 30000 | 5.000 | 10/01/2032 | 31237 |
| Reedy Creek Improvement District Florida Ad Valorem Tax Bonds Series 2017A (Aa3/AA-) | Reedy Creek Improvement District Florida Ad Valorem Tax Bonds Series 2017A (Aa3/AA-) | Reedy Creek Improvement District Florida Ad Valorem Tax Bonds Series 2017A (Aa3/AA-) | Reedy Creek Improvement District Florida Ad Valorem Tax Bonds Series 2017A (Aa3/AA-) |
| 20000 | 5.000 | 06/01/2030 | 20663 |
| State of Florida Full Faith and Credit State Board of Education Public Education Capital Outlay Refunding Bonds 2022 Series B Forward Delivery (Aaa/AAA) | State of Florida Full Faith and Credit State Board of Education Public Education Capital Outlay Refunding Bonds 2022 Series B Forward Delivery (Aaa/AAA) | State of Florida Full Faith and Credit State Board of Education Public Education Capital Outlay Refunding Bonds 2022 Series B Forward Delivery (Aaa/AAA) | State of Florida Full Faith and Credit State Board of Education Public Education Capital Outlay Refunding Bonds 2022 Series B Forward Delivery (Aaa/AAA) |
| 30000 | 5.000 | 06/01/2028 | 31942 |
| Tampa Bay Water, Florida Utility System Revenue Refunding & Improvement Revenue Bonds 2001 A (NATL) (Aa1/AA+) | Tampa Bay Water, Florida Utility System Revenue Refunding & Improvement Revenue Bonds 2001 A (NATL) (Aa1/AA+) | Tampa Bay Water, Florida Utility System Revenue Refunding & Improvement Revenue Bonds 2001 A (NATL) (Aa1/AA+) | Tampa Bay Water, Florida Utility System Revenue Refunding & Improvement Revenue Bonds 2001 A (NATL) (Aa1/AA+) |
| 30000 | 6.000 | 10/01/2029 | 33732 |
| The School Board of Miami-Dade County Florida Certificates of Participation Series 2015D (A1/A+) | The School Board of Miami-Dade County Florida Certificates of Participation Series 2015D (A1/A+) | The School Board of Miami-Dade County Florida Certificates of Participation Series 2015D (A1/A+) | The School Board of Miami-Dade County Florida Certificates of Participation Series 2015D (A1/A+) |
| 35000 | 4.000 | 02/01/2032 | 35042 |
|  |  |  | 475595 |
| Georgia - 0.7% | Georgia - 0.7% | Georgia - 0.7% | Georgia - 0.7% |
| Forsyth County School District Georgia GO Bonds Series 2020 (Aaa/AAA) | Forsyth County School District Georgia GO Bonds Series 2020 (Aaa/AAA) | Forsyth County School District Georgia GO Bonds Series 2020 (Aaa/AAA) | Forsyth County School District Georgia GO Bonds Series 2020 (Aaa/AAA) |
| 30000 | 5.000 | 02/01/2030 | 33342 |
| State of Georgia GO Bonds Series 2015A (Aaa/AAA) | State of Georgia GO Bonds Series 2015A (Aaa/AAA) | State of Georgia GO Bonds Series 2015A (Aaa/AAA) | State of Georgia GO Bonds Series 2015A (Aaa/AAA) |
| 35000 | 4.000 | 02/01/2033 | 35046 |
|  |  |  | 68388 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Hawaii - 1.2% | Hawaii - 1.2% | Hawaii - 1.2% | Hawaii - 1.2% |
| City and County of Honolulu GO Bonds Series 2018A Tax Exempt (Aa2/NR) | City and County of Honolulu GO Bonds Series 2018A Tax Exempt (Aa2/NR) | City and County of Honolulu GO Bonds Series 2018A Tax Exempt (Aa2/NR) | City and County of Honolulu GO Bonds Series 2018A Tax Exempt (Aa2/NR) |
| $30000 | 5.000% | 09/01/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32095 |
| City and County of Honolulu GO Tax Exempt Refunding Bonds Series 2017D (Aa2/NR) | City and County of Honolulu GO Tax Exempt Refunding Bonds Series 2017D (Aa2/NR) | City and County of Honolulu GO Tax Exempt Refunding Bonds Series 2017D (Aa2/NR) | City and County of Honolulu GO Tax Exempt Refunding Bonds Series 2017D (Aa2/NR) |
| 30000 | 5.000 | 09/01/2033 | 31159 |
| City and County of Honolulu Transit Improvements GO Series E (Aa2/NR) | City and County of Honolulu Transit Improvements GO Series E (Aa2/NR) | City and County of Honolulu Transit Improvements GO Series E (Aa2/NR) | City and County of Honolulu Transit Improvements GO Series E (Aa2/NR) |
| 30000 | 5.000 | 03/01/2029 | 32529 |
| State of Hawaii GO Bonds of 2018 Series FT (Aa2/AA+) | State of Hawaii GO Bonds of 2018 Series FT (Aa2/AA+) | State of Hawaii GO Bonds of 2018 Series FT (Aa2/AA+) | State of Hawaii GO Bonds of 2018 Series FT (Aa2/AA+) |
| 30000 | 5.000 | 01/01/2034 | 31415 |
|  |  |  | 127198 |
| Illinois - 4.2% | Illinois - 4.2% | Illinois - 4.2% | Illinois - 4.2% |
| City of Chicago Chicago O'Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2025C (NON-AMT) (NR/A+) | City of Chicago Chicago O'Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2025C (NON-AMT) (NR/A+) | City of Chicago Chicago O'Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2025C (NON-AMT) (NR/A+) | City of Chicago Chicago O'Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2025C (NON-AMT) (NR/A+) |
| 30000 | 5.000 | 01/01/2041 | 34187 |
| City of Chicago GO Bonds Series 2019A (NR/BBB) | City of Chicago GO Bonds Series 2019A (NR/BBB) | City of Chicago GO Bonds Series 2019A (NR/BBB) | City of Chicago GO Bonds Series 2019A (NR/BBB) |
| 40000 | 5.000 | 01/01/2039 | 40425 |
| Illinois Community College District No. 512 GO Bonds Series 2020 (Aaa/NR) | Illinois Community College District No. 512 GO Bonds Series 2020 (Aaa/NR) | Illinois Community College District No. 512 GO Bonds Series 2020 (Aaa/NR) | Illinois Community College District No. 512 GO Bonds Series 2020 (Aaa/NR) |
| 40000 | 4.000 | 12/15/2029 | 41697 |
| Illinois Finance Authority RB for The University of Chicago, Series 2021A (Forward Delivery) (Aa2/AA-) | Illinois Finance Authority RB for The University of Chicago, Series 2021A (Forward Delivery) (Aa2/AA-) | Illinois Finance Authority RB for The University of Chicago, Series 2021A (Forward Delivery) (Aa2/AA-) | Illinois Finance Authority RB for The University of Chicago, Series 2021A (Forward Delivery) (Aa2/AA-) |
| 20000 | 5.000 | 10/01/2032 | 23043 |
| Illinois St GO Bonds October 2020 B (A2/A-) | Illinois St GO Bonds October 2020 B (A2/A-) | Illinois St GO Bonds October 2020 B (A2/A-) | Illinois St GO Bonds October 2020 B (A2/A-) |
| 40000 | 4.000 | 10/01/2032 | 41571 |
| 20000 | 4.000 | 10/01/2034 | 20544 |
| Regional Transportation Authority GO Bonds 2004A (AGM) (Aa2/ AA) | Regional Transportation Authority GO Bonds 2004A (AGM) (Aa2/ AA) | Regional Transportation Authority GO Bonds 2004A (AGM) (Aa2/ AA) | Regional Transportation Authority GO Bonds 2004A (AGM) (Aa2/ AA) |
| 30000 | 5.750 | 06/01/2029 | 32596 |
| State of Illinois Build Illinois Bonds Sales Tax RB Junior Obligation Series C of March 2025 (NR/A) | State of Illinois Build Illinois Bonds Sales Tax RB Junior Obligation Series C of March 2025 (NR/A) | State of Illinois Build Illinois Bonds Sales Tax RB Junior Obligation Series C of March 2025 (NR/A) | State of Illinois Build Illinois Bonds Sales Tax RB Junior Obligation Series C of March 2025 (NR/A) |
| 40000 | 5.000 | 06/15/2042 | 43860 |
| State of Illinois GO Bonds Refunding Series October 2024 (A2/A-) | State of Illinois GO Bonds Refunding Series October 2024 (A2/A-) | State of Illinois GO Bonds Refunding Series October 2024 (A2/A-) | State of Illinois GO Bonds Refunding Series October 2024 (A2/A-) |
| 50000 | 5.000 | 02/01/2034 | 57747 |
| State of Illinois GO Bonds, Series May 2023B (A2/A-) | State of Illinois GO Bonds, Series May 2023B (A2/A-) | State of Illinois GO Bonds, Series May 2023B (A2/A-) | State of Illinois GO Bonds, Series May 2023B (A2/A-) |
| 50000 | 5.000 | 05/01/2034 | 56099 |
| The Illinois State Toll Highway Authority Toll Highway Senior RB 2021 Series A (Aa3/AA-) | The Illinois State Toll Highway Authority Toll Highway Senior RB 2021 Series A (Aa3/AA-) | The Illinois State Toll Highway Authority Toll Highway Senior RB 2021 Series A (Aa3/AA-) | The Illinois State Toll Highway Authority Toll Highway Senior RB 2021 Series A (Aa3/AA-) |
| 35000 | 5.000 | 01/01/2043 | 37752 |
|  |  |  | 429521 |
| Indiana - 2.3% | Indiana - 2.3% | Indiana - 2.3% | Indiana - 2.3% |
| Allen County, Indiana Building Corporation Indiana Lease Rental RB Series 2024 (ST INTERCEPT) (Aa2/NR) (NR) | Allen County, Indiana Building Corporation Indiana Lease Rental RB Series 2024 (ST INTERCEPT) (Aa2/NR) (NR) | Allen County, Indiana Building Corporation Indiana Lease Rental RB Series 2024 (ST INTERCEPT) (Aa2/NR) (NR) | Allen County, Indiana Building Corporation Indiana Lease Rental RB Series 2024 (ST INTERCEPT) (Aa2/NR) (NR) |
| 80000 | 5.000 | 07/15/2041 | 88285 |
| City of Carmel Redevelopment Authority Indiana Ad Valorem Property Tax Lease Rental Bonds Series 2024B (NR/AA) | City of Carmel Redevelopment Authority Indiana Ad Valorem Property Tax Lease Rental Bonds Series 2024B (NR/AA) | City of Carmel Redevelopment Authority Indiana Ad Valorem Property Tax Lease Rental Bonds Series 2024B (NR/AA) | City of Carmel Redevelopment Authority Indiana Ad Valorem Property Tax Lease Rental Bonds Series 2024B (NR/AA) |
| 60000 | 4.000 | 07/15/2041 | 60659 |
| Indiana Finance Authority State Revolving Fund Program Bonds Series 2024A (NR/AAA) | Indiana Finance Authority State Revolving Fund Program Bonds Series 2024A (NR/AAA) | Indiana Finance Authority State Revolving Fund Program Bonds Series 2024A (NR/AAA) | Indiana Finance Authority State Revolving Fund Program Bonds Series 2024A (NR/AAA) |
| 50000 | 5.000 | 02/01/2039 | 57594 |
| Indiana Revenues Special Program Carmel Jr Waterworks Project Series 2008 B (AGM) (A1/AA) | Indiana Revenues Special Program Carmel Jr Waterworks Project Series 2008 B (AGM) (A1/AA) | Indiana Revenues Special Program Carmel Jr Waterworks Project Series 2008 B (AGM) (A1/AA) | Indiana Revenues Special Program Carmel Jr Waterworks Project Series 2008 B (AGM) (A1/AA) |
| 30000 | 0.000 <sup>(c)</sup> | 06/01/2031 | 26230 |
|  |  |  | 232768 |

---

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

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| | |
|:---|:---|
| 66 | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS ACCESS MUNICIPAL BOND ETF

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

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

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

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

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

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

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| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Iowa - 0.9% | Iowa - 0.9% |  |  |
| Board of Regents State of Iowa Hospital Revenue Refunding Bonds Series S.U.I. 2022C University of Iowa Hospitals and Clinics (Aa2/AA) | Board of Regents State of Iowa Hospital Revenue Refunding Bonds Series S.U.I. 2022C University of Iowa Hospitals and Clinics (Aa2/AA) | Board of Regents State of Iowa Hospital Revenue Refunding Bonds Series S.U.I. 2022C University of Iowa Hospitals and Clinics (Aa2/AA) | Board of Regents State of Iowa Hospital Revenue Refunding Bonds Series S.U.I. 2022C University of Iowa Hospitals and Clinics (Aa2/AA) |
| $30000 | 5.000% | 09/01/2028 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31966 |
| Iowa Finance Authority State Revolving Fund RB Series 2017 Green Bonds (Aaa/AAA) | Iowa Finance Authority State Revolving Fund RB Series 2017 Green Bonds (Aaa/AAA) | Iowa Finance Authority State Revolving Fund RB Series 2017 Green Bonds (Aaa/AAA) | Iowa Finance Authority State Revolving Fund RB Series 2017 Green Bonds (Aaa/AAA) |
| 30000 | 5.000 | 08/01/2027 | 31240 |
| 30000 | 5.000 | 08/01/2030 | 31179 |
|  |  |  | 94385 |
| Kentucky - 1.0% | Kentucky - 1.0% |  |  |
| Commonwealth of Kentucky State Property and Buildings Commission RB Project No. 132 Series A (Aa3/NR) | Commonwealth of Kentucky State Property and Buildings Commission RB Project No. 132 Series A (Aa3/NR) | Commonwealth of Kentucky State Property and Buildings Commission RB Project No. 132 Series A (Aa3/NR) | Commonwealth of Kentucky State Property and Buildings Commission RB Project No. 132 Series A (Aa3/NR) |
| 30000 | 5.000 | 04/01/2036 | 35623 |
| Public Energy Authority of Kentucky Gas Supply RB, 2025 Series B (Baa2/NR) | Public Energy Authority of Kentucky Gas Supply RB, 2025 Series B (Baa2/NR) | Public Energy Authority of Kentucky Gas Supply RB, 2025 Series B (Baa2/NR) | Public Energy Authority of Kentucky Gas Supply RB, 2025 Series B (Baa2/NR) |
| 25000 | 5.000 | 12/01/2033 | 26658 |
| Public Energy Authority of Kentucky Gas Supply Revenue Refunding Bonds 2025 Series C (A1/NR) | Public Energy Authority of Kentucky Gas Supply Revenue Refunding Bonds 2025 Series C (A1/NR) | Public Energy Authority of Kentucky Gas Supply Revenue Refunding Bonds 2025 Series C (A1/NR) | Public Energy Authority of Kentucky Gas Supply Revenue Refunding Bonds 2025 Series C (A1/NR) |
| 30000 | 5.000 | 05/01/2036 | 33004 |
| Public Energy Authority of Kentucky Gas Supply RR Bonds 2023 Series A-1 (Fixed Rate) 2023 (A1/NR) | Public Energy Authority of Kentucky Gas Supply RR Bonds 2023 Series A-1 (Fixed Rate) 2023 (A1/NR) | Public Energy Authority of Kentucky Gas Supply RR Bonds 2023 Series A-1 (Fixed Rate) 2023 (A1/NR) | Public Energy Authority of Kentucky Gas Supply RR Bonds 2023 Series A-1 (Fixed Rate) 2023 (A1/NR) |
| 10000 | 5.250 <sup>(a)(b)</sup> | 04/01/2054 | 11006 |
|  |  |  | 106291 |
| Louisiana - 0.6% | Louisiana - 0.6% |  |  |
| City of Shreveport, Louisiana Water & Sewer RB Junior Lien Series 2018C (BAM) (Ba1/AA) | City of Shreveport, Louisiana Water & Sewer RB Junior Lien Series 2018C (BAM) (Ba1/AA) | City of Shreveport, Louisiana Water & Sewer RB Junior Lien Series 2018C (BAM) (Ba1/AA) | City of Shreveport, Louisiana Water & Sewer RB Junior Lien Series 2018C (BAM) (Ba1/AA) |
| 20000 | 5.000 | 12/01/2026 | 20337 |
| Louisiana Public Facilities Authority Revenue Reference RB Ochsner Clinic Foundation 2016 (A3/A) | Louisiana Public Facilities Authority Revenue Reference RB Ochsner Clinic Foundation 2016 (A3/A) | Louisiana Public Facilities Authority Revenue Reference RB Ochsner Clinic Foundation 2016 (A3/A) | Louisiana Public Facilities Authority Revenue Reference RB Ochsner Clinic Foundation 2016 (A3/A) |
| 40000 | 4.000 | 05/15/2041 | 40004 |
|  |  |  | 60341 |
| Maryland - 2.0% | Maryland - 2.0% |  |  |
| Montgomery County GO Consolidated Public Improvement Bonds Series 2020 A (Aaa/AAA) | Montgomery County GO Consolidated Public Improvement Bonds Series 2020 A (Aaa/AAA) | Montgomery County GO Consolidated Public Improvement Bonds Series 2020 A (Aaa/AAA) | Montgomery County GO Consolidated Public Improvement Bonds Series 2020 A (Aaa/AAA) |
| 30000 | 4.000 | 08/01/2031 | 32045 |
| State of Maryland GO Bonds State and Local Facilities Loan of 2019 First Series Tax Exempt Bonds Bidding Group 1 (Aa1/ AAA) | State of Maryland GO Bonds State and Local Facilities Loan of 2019 First Series Tax Exempt Bonds Bidding Group 1 (Aa1/ AAA) | State of Maryland GO Bonds State and Local Facilities Loan of 2019 First Series Tax Exempt Bonds Bidding Group 1 (Aa1/ AAA) | State of Maryland GO Bonds State and Local Facilities Loan of 2019 First Series Tax Exempt Bonds Bidding Group 1 (Aa1/ AAA) |
| 30000 | 5.000 | 03/15/2027 | 30921 |
| State of Maryland GO Bonds State and Local Facilities Loan of 2020 Second Series A Tax Exempt Bonds Bidding Group 2 (Aa1/AAA) | State of Maryland GO Bonds State and Local Facilities Loan of 2020 Second Series A Tax Exempt Bonds Bidding Group 2 (Aa1/AAA) | State of Maryland GO Bonds State and Local Facilities Loan of 2020 Second Series A Tax Exempt Bonds Bidding Group 2 (Aa1/AAA) | State of Maryland GO Bonds State and Local Facilities Loan of 2020 Second Series A Tax Exempt Bonds Bidding Group 2 (Aa1/AAA) |
| 30000 | 5.000 | 08/01/2032 | 33479 |
| State of Maryland GO Bonds State and Local Facilities Loan of 2020 Second Series A Tax Exempt Bonds Second Series A Bidding Group 1 Bonds (Aa1/AAA) | State of Maryland GO Bonds State and Local Facilities Loan of 2020 Second Series A Tax Exempt Bonds Second Series A Bidding Group 1 Bonds (Aa1/AAA) | State of Maryland GO Bonds State and Local Facilities Loan of 2020 Second Series A Tax Exempt Bonds Second Series A Bidding Group 1 Bonds (Aa1/AAA) | State of Maryland GO Bonds State and Local Facilities Loan of 2020 Second Series A Tax Exempt Bonds Second Series A Bidding Group 1 Bonds (Aa1/AAA) |
| 30000 | 5.000 | 08/01/2028 | 32077 |
| 35000 | 5.000 | 08/01/2030 | 39279 |
| Washington Suburban Sanitary District Maryland Consolidated Public Improvement Refunding Bonds of 2020 Montgomery and Prince George's Counties Maryland (CNTY GTD) (Aaa/ AAA) | Washington Suburban Sanitary District Maryland Consolidated Public Improvement Refunding Bonds of 2020 Montgomery and Prince George's Counties Maryland (CNTY GTD) (Aaa/ AAA) | Washington Suburban Sanitary District Maryland Consolidated Public Improvement Refunding Bonds of 2020 Montgomery and Prince George's Counties Maryland (CNTY GTD) (Aaa/ AAA) | Washington Suburban Sanitary District Maryland Consolidated Public Improvement Refunding Bonds of 2020 Montgomery and Prince George's Counties Maryland (CNTY GTD) (Aaa/ AAA) |
| 30000 | 5.000 | 06/01/2030 | 33545 |
|  |  |  | 201346 |

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| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Massachusetts - 3.2% | Massachusetts - 3.2% |  |  |
| Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2019 Series F (Aa1/AA+) | Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2019 Series F (Aa1/AA+) | Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2019 Series F (Aa1/AA+) | Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2019 Series F (Aa1/AA+) |
| $55000 | 5.000% | 05/01/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60058 |
| Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2024 Series B (Aa1/AA+) | Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2024 Series B (Aa1/AA+) | Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2024 Series B (Aa1/AA+) | Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2024 Series B (Aa1/AA+) |
| 40000 | 5.000 | 05/01/2036 | 47430 |
| Commonwealth of Massachusetts GO Refunding Bonds 2018 Series C (Aa1/AA+) | Commonwealth of Massachusetts GO Refunding Bonds 2018 Series C (Aa1/AA+) | Commonwealth of Massachusetts GO Refunding Bonds 2018 Series C (Aa1/AA+) | Commonwealth of Massachusetts GO Refunding Bonds 2018 Series C (Aa1/AA+) |
| 20000 | 5.000 | 09/01/2032 | 23435 |
| Massachusetts Bay Transn Authority Mass Sales Tax Revenue Sen Sales Tax Bonds A-1 (Aa2/AA+) | Massachusetts Bay Transn Authority Mass Sales Tax Revenue Sen Sales Tax Bonds A-1 (Aa2/AA+) | Massachusetts Bay Transn Authority Mass Sales Tax Revenue Sen Sales Tax Bonds A-1 (Aa2/AA+) | Massachusetts Bay Transn Authority Mass Sales Tax Revenue Sen Sales Tax Bonds A-1 (Aa2/AA+) |
| 40000 | 5.250 | 07/01/2034 | 49189 |
| Massachusetts Development Finance Agency RB Dana-Farber Cancer Institute Issue Series N 2016 (A1/A) | Massachusetts Development Finance Agency RB Dana-Farber Cancer Institute Issue Series N 2016 (A1/A) | Massachusetts Development Finance Agency RB Dana-Farber Cancer Institute Issue Series N 2016 (A1/A) | Massachusetts Development Finance Agency RB Dana-Farber Cancer Institute Issue Series N 2016 (A1/A) |
| 50000 | 5.000 | 12/01/2041 | 50573 |
| Massachusetts Water Resources Authority General Revenue Refunding Green Bonds 2024 Series C (Aa1/AA+) | Massachusetts Water Resources Authority General Revenue Refunding Green Bonds 2024 Series C (Aa1/AA+) | Massachusetts Water Resources Authority General Revenue Refunding Green Bonds 2024 Series C (Aa1/AA+) | Massachusetts Water Resources Authority General Revenue Refunding Green Bonds 2024 Series C (Aa1/AA+) |
| 40000 | 5.000 | 08/01/2034 | 48415 |
| The Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2015 Series D (Aa1/AA+) | The Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2015 Series D (Aa1/AA+) | The Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2015 Series D (Aa1/AA+) | The Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2015 Series D (Aa1/AA+) |
| 50000 | 3.000 | 09/01/2032 | 50005 |
|  |  |  | 329105 |
| Michigan - 0.3% | Michigan - 0.3% |  |  |
| Michigan State Housing Development Authority Rental Housing RB 2019 Series A-1 Non-AMT (NR/AA+) | Michigan State Housing Development Authority Rental Housing RB 2019 Series A-1 Non-AMT (NR/AA+) | Michigan State Housing Development Authority Rental Housing RB 2019 Series A-1 Non-AMT (NR/AA+) | Michigan State Housing Development Authority Rental Housing RB 2019 Series A-1 Non-AMT (NR/AA+) |
| 35000 | 2.875 | 10/01/2034 | 33543 |
| Minnesota - 1.0% | Minnesota - 1.0% |  |  |
| Minnesota Public Facilities Authority State Revolving Fund RB Series 2023A (Aaa/AAA) | Minnesota Public Facilities Authority State Revolving Fund RB Series 2023A (Aaa/AAA) | Minnesota Public Facilities Authority State Revolving Fund RB Series 2023A (Aaa/AAA) | Minnesota Public Facilities Authority State Revolving Fund RB Series 2023A (Aaa/AAA) |
| 50000 | 5.000 | 03/01/2033 | 58878 |
| State of Minnesota GO State Various Purpose Bonds Series 2018A (Aaa/AAA) | State of Minnesota GO State Various Purpose Bonds Series 2018A (Aaa/AAA) | State of Minnesota GO State Various Purpose Bonds Series 2018A (Aaa/AAA) | State of Minnesota GO State Various Purpose Bonds Series 2018A (Aaa/AAA) |
| 40000 | 5.000 | 08/01/2031 | 42663 |
|  |  |  | 101541 |
| Missouri - 0.5% | Missouri - 0.5% |  |  |
| Health and Educational Facilities Authority of The State of Missouri Health Facilities RB Bjc Health System Series 2025A (Aa2/AA) | Health and Educational Facilities Authority of The State of Missouri Health Facilities RB Bjc Health System Series 2025A (Aa2/AA) | Health and Educational Facilities Authority of The State of Missouri Health Facilities RB Bjc Health System Series 2025A (Aa2/AA) | Health and Educational Facilities Authority of The State of Missouri Health Facilities RB Bjc Health System Series 2025A (Aa2/AA) |
| 40000 | 5.000 | 04/01/2036 | 47673 |
| Montana - 0.5% | Montana - 0.5% |  |  |
| City of Forsyth Rosebud County Montana Pollution Control Revenue Refunding Bonds Puget Sound Energy Project Series 2013A Non-AMT (NR/A-) | City of Forsyth Rosebud County Montana Pollution Control Revenue Refunding Bonds Puget Sound Energy Project Series 2013A Non-AMT (NR/A-) | City of Forsyth Rosebud County Montana Pollution Control Revenue Refunding Bonds Puget Sound Energy Project Series 2013A Non-AMT (NR/A-) | City of Forsyth Rosebud County Montana Pollution Control Revenue Refunding Bonds Puget Sound Energy Project Series 2013A Non-AMT (NR/A-) |
| 50000 | 3.900 <sup>(b)</sup> | 03/01/2031 | 50022 |
| Nebraska - 0.4% | Nebraska - 0.4% |  |  |
| Omaha Public Power District Nebraska Electric System RB 2024 Series C (Aa2/AA) | Omaha Public Power District Nebraska Electric System RB 2024 Series C (Aa2/AA) | Omaha Public Power District Nebraska Electric System RB 2024 Series C (Aa2/AA) | Omaha Public Power District Nebraska Electric System RB 2024 Series C (Aa2/AA) |
| 35000 | 5.000 | 02/01/2042 | 38808 |
| Nevada - 0.6% | Nevada - 0.6% |  |  |
| Clark County School District GO Limited Tax Building and Refunding Bonds Series 2017C (A1/AA-) | Clark County School District GO Limited Tax Building and Refunding Bonds Series 2017C (A1/AA-) | Clark County School District GO Limited Tax Building and Refunding Bonds Series 2017C (A1/AA-) | Clark County School District GO Limited Tax Building and Refunding Bonds Series 2017C (A1/AA-) |
| 30000 | 5.000 | 06/15/2027 | 31082 |
| 30000 | 5.000 | 06/15/2029 | 31458 |
|  |  |  | 62540 |

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

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| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **67** |

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------

GOLDMAN SACHS ACCESS MUNICIPAL BOND ETF

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

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

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

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

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| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| New Jersey - 2.5% | New Jersey - 2.5% | New Jersey - 2.5% | New Jersey - 2.5% |
| New Jersey Educational Facilities Authority Princeton University RB 2024 Series A-1 (Aaa/AAA) | New Jersey Educational Facilities Authority Princeton University RB 2024 Series A-1 (Aaa/AAA) | New Jersey Educational Facilities Authority Princeton University RB 2024 Series A-1 (Aaa/AAA) | New Jersey Educational Facilities Authority Princeton University RB 2024 Series A-1 (Aaa/AAA) |
| $40000 | 5.000% | 03/01/2031 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45631 |
| New Jersey Health Care Facilities Financing Authority RB Valley Health System Obligated Group Series 2019 (NR/A) | New Jersey Health Care Facilities Financing Authority RB Valley Health System Obligated Group Series 2019 (NR/A) | New Jersey Health Care Facilities Financing Authority RB Valley Health System Obligated Group Series 2019 (NR/A) | New Jersey Health Care Facilities Financing Authority RB Valley Health System Obligated Group Series 2019 (NR/A) |
| 30000 | 5.000 | 07/01/2032 | 32352 |
| New Jersey State Transportation Authority System Bonds Series 2006C (AMBAC) (A1/A) | New Jersey State Transportation Authority System Bonds Series 2006C (AMBAC) (A1/A) | New Jersey State Transportation Authority System Bonds Series 2006C (AMBAC) (A1/A) | New Jersey State Transportation Authority System Bonds Series 2006C (AMBAC) (A1/A) |
| 25000 | 0.000 <sup>(c)</sup> | 12/15/2028 | 23351 |
| New Jersey State Transportation Authority System Bonds Series 2006C (AGM) (A1/AA) | New Jersey State Transportation Authority System Bonds Series 2006C (AGM) (A1/AA) | New Jersey State Transportation Authority System Bonds Series 2006C (AGM) (A1/AA) | New Jersey State Transportation Authority System Bonds Series 2006C (AGM) (A1/AA) |
| 20000 | 0.000 <sup>(c)</sup> | 12/15/2029 | 18271 |
| New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (A1/A) | New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (A1/A) | New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (A1/A) | New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (A1/A) |
| 20000 | 0.000 <sup>(c)</sup> | 12/15/2031 | 17172 |
| 30000 | 0.000 <sup>(c)</sup> | 12/15/2034 | 23142 |
| New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL) (A1/A) | New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL) (A1/A) | New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL) (A1/A) | New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL) (A1/A) |
| 40000 | 0.000 <sup>(c)</sup> | 12/15/2027 | 38319 |
| New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (A1/A) | New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (A1/A) | New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (A1/A) | New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (A1/A) |
| 40000 | 0.000 <sup>(c)</sup> | 12/15/2033 | 32066 |
| New Jersey Transportation Trust Fund Authority Transportation System Bonds 2018 Series A (A1/A) | New Jersey Transportation Trust Fund Authority Transportation System Bonds 2018 Series A (A1/A) | New Jersey Transportation Trust Fund Authority Transportation System Bonds 2018 Series A (A1/A) | New Jersey Transportation Trust Fund Authority Transportation System Bonds 2018 Series A (A1/A) |
| 30000 | 5.000 | 12/15/2029 | 32261 |
|  |  |  | 262565 |
| New York - 15.4% | New York - 15.4% |  |  |
| Dormitory Authority of The State of New York New York Personal Income Tax RB General Purpose Series 2020A Bidding Group 2 Bonds Tax Exempt (Aa1/NR) | Dormitory Authority of The State of New York New York Personal Income Tax RB General Purpose Series 2020A Bidding Group 2 Bonds Tax Exempt (Aa1/NR) | Dormitory Authority of The State of New York New York Personal Income Tax RB General Purpose Series 2020A Bidding Group 2 Bonds Tax Exempt (Aa1/NR) | Dormitory Authority of The State of New York New York Personal Income Tax RB General Purpose Series 2020A Bidding Group 2 Bonds Tax Exempt (Aa1/NR) |
| 30000 | 5.000 | 03/15/2032 | 33558 |
| Dormitory Authority of The State of New York New York State Personal Income Tax RB General Purpose Series 2020A Bidding Group 2 Bonds Tax Exempt (Aa1/NR) | Dormitory Authority of The State of New York New York State Personal Income Tax RB General Purpose Series 2020A Bidding Group 2 Bonds Tax Exempt (Aa1/NR) | Dormitory Authority of The State of New York New York State Personal Income Tax RB General Purpose Series 2020A Bidding Group 2 Bonds Tax Exempt (Aa1/NR) | Dormitory Authority of The State of New York New York State Personal Income Tax RB General Purpose Series 2020A Bidding Group 2 Bonds Tax Exempt (Aa1/NR) |
| 30000 | 5.000 | 03/15/2031 | 33637 |
| 50000 | 4.000 | 03/15/2034 | 52538 |
| Dormitory Authority of The State Of New York New York State Personal Income Tax RB General Purpose Series 2020A Bidding Group 2 Bonds Tax Exempt (Aa1/NR) | Dormitory Authority of The State Of New York New York State Personal Income Tax RB General Purpose Series 2020A Bidding Group 2 Bonds Tax Exempt (Aa1/NR) | Dormitory Authority of The State Of New York New York State Personal Income Tax RB General Purpose Series 2020A Bidding Group 2 Bonds Tax Exempt (Aa1/NR) | Dormitory Authority of The State Of New York New York State Personal Income Tax RB General Purpose Series 2020A Bidding Group 2 Bonds Tax Exempt (Aa1/NR) |
| 30000 | 5.000 | 03/15/2033 | 33432 |
| Dormitory Authority of The State of New York School Districts RB Financing Program RB Series 2017B (AGM ST INTERCEPT) (Aa3/AA) | Dormitory Authority of The State of New York School Districts RB Financing Program RB Series 2017B (AGM ST INTERCEPT) (Aa3/AA) | Dormitory Authority of The State of New York School Districts RB Financing Program RB Series 2017B (AGM ST INTERCEPT) (Aa3/AA) | Dormitory Authority of The State of New York School Districts RB Financing Program RB Series 2017B (AGM ST INTERCEPT) (Aa3/AA) |
| 30000 | 5.000 | 10/01/2028 | 31307 |
| 30000 | 5.000 | 10/01/2032 | 31305 |
| Dormitory Authority of The State of New York State Sales Tax RB Series 2018A (Aa1/AA+) | Dormitory Authority of The State of New York State Sales Tax RB Series 2018A (Aa1/AA+) | Dormitory Authority of The State of New York State Sales Tax RB Series 2018A (Aa1/AA+) | Dormitory Authority of The State of New York State Sales Tax RB Series 2018A (Aa1/AA+) |
| 30000 | 5.000 | 03/15/2028 | 31788 |
| Hudson Yards Infrastructure Corp. Hudson Yards RB Fiscal 2022 Series A Green Bonds (Aa2/AA) | Hudson Yards Infrastructure Corp. Hudson Yards RB Fiscal 2022 Series A Green Bonds (Aa2/AA) | Hudson Yards Infrastructure Corp. Hudson Yards RB Fiscal 2022 Series A Green Bonds (Aa2/AA) | Hudson Yards Infrastructure Corp. Hudson Yards RB Fiscal 2022 Series A Green Bonds (Aa2/AA) |
| 20000 | 5.000 | 02/15/2032 | 23266 |
| Hudson Yards Infrastructure Corporation Revenue Bonds Fiscal Green Bonds Series 2022 A (Aa2/AA) | Hudson Yards Infrastructure Corporation Revenue Bonds Fiscal Green Bonds Series 2022 A (Aa2/AA) | Hudson Yards Infrastructure Corporation Revenue Bonds Fiscal Green Bonds Series 2022 A (Aa2/AA) | Hudson Yards Infrastructure Corporation Revenue Bonds Fiscal Green Bonds Series 2022 A (Aa2/AA) |
| 30000 | 4.000 | 02/15/2038 | 31057 |
| Long Island Power Authority Electric System RB Series C (AGC) (A2/AA) | Long Island Power Authority Electric System RB Series C (AGC) (A2/AA) | Long Island Power Authority Electric System RB Series C (AGC) (A2/AA) | Long Island Power Authority Electric System RB Series C (AGC) (A2/AA) |
| 30000 | 5.250 | 09/01/2029 | 32578 |

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---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| New York – (continued) | New York – (continued) | New York – (continued) | New York – (continued) |
| Metropolitan Transportation Authority Dedicated Tax Fund Refunding Green Bonds Subseries 2017B-2 (NR/AA) | Metropolitan Transportation Authority Dedicated Tax Fund Refunding Green Bonds Subseries 2017B-2 (NR/AA) | Metropolitan Transportation Authority Dedicated Tax Fund Refunding Green Bonds Subseries 2017B-2 (NR/AA) | Metropolitan Transportation Authority Dedicated Tax Fund Refunding Green Bonds Subseries 2017B-2 (NR/AA) |
| $25000 | 3.125% | 11/15/2033 | $25037 |
| Metropolitan Transportation Authority New York Transportation RB Subseries 2021A-2 (A2/A) | Metropolitan Transportation Authority New York Transportation RB Subseries 2021A-2 (A2/A) | Metropolitan Transportation Authority New York Transportation RB Subseries 2021A-2 (A2/A) | Metropolitan Transportation Authority New York Transportation RB Subseries 2021A-2 (A2/A) |
| 70000 | 4.000 | 11/15/2041 | 70050 |
| Metropolitan Transportation Authority RB Refunding for Climate Bond Certified Series 2020 E (A2/A) | Metropolitan Transportation Authority RB Refunding for Climate Bond Certified Series 2020 E (A2/A) | Metropolitan Transportation Authority RB Refunding for Climate Bond Certified Series 2020 E (A2/A) | Metropolitan Transportation Authority RB Refunding for Climate Bond Certified Series 2020 E (A2/A) |
| 30000 | 5.000 | 11/15/2029 | 33013 |
| 30000 | 5.000 | 11/15/2033 | 33064 |
| Metropolitan Transportation Authority Transportation Revenue Refunding Green Bonds Series 2017C-1 (A2/A) | Metropolitan Transportation Authority Transportation Revenue Refunding Green Bonds Series 2017C-1 (A2/A) | Metropolitan Transportation Authority Transportation Revenue Refunding Green Bonds Series 2017C-1 (A2/A) | Metropolitan Transportation Authority Transportation Revenue Refunding Green Bonds Series 2017C-1 (A2/A) |
| 35000 | 5.000 | 11/15/2034 | 36725 |
| 30000 | 3.250 | 11/15/2036 | 28134 |
| Metropolitan Transportation Authority Transportation Revenue Refunding Green Bonds, Series 2017C-2, Capital Appreciation Bonds, Climate Bond Certified (A2/A) | Metropolitan Transportation Authority Transportation Revenue Refunding Green Bonds, Series 2017C-2, Capital Appreciation Bonds, Climate Bond Certified (A2/A) | Metropolitan Transportation Authority Transportation Revenue Refunding Green Bonds, Series 2017C-2, Capital Appreciation Bonds, Climate Bond Certified (A2/A) | Metropolitan Transportation Authority Transportation Revenue Refunding Green Bonds, Series 2017C-2, Capital Appreciation Bonds, Climate Bond Certified (A2/A) |
| 30000 | 0.000 <sup>(c)</sup> | 11/15/2033 | 23917 |
| New York City Housing Development Corp. Multi-Family Housing RB 2017 Series G-1 Sustainable Neighborhood Bonds (Aa2/ AA+) | New York City Housing Development Corp. Multi-Family Housing RB 2017 Series G-1 Sustainable Neighborhood Bonds (Aa2/ AA+) | New York City Housing Development Corp. Multi-Family Housing RB 2017 Series G-1 Sustainable Neighborhood Bonds (Aa2/ AA+) | New York City Housing Development Corp. Multi-Family Housing RB 2017 Series G-1 Sustainable Neighborhood Bonds (Aa2/ AA+) |
| 30000 | 3.450 | 11/01/2037 | 29999 |
| New York City Municipal Water Finance Authority Water & Sewer System Second General Resolution RB Fiscal 2024 Subseries BB-2 (Aa1/AA+) | New York City Municipal Water Finance Authority Water & Sewer System Second General Resolution RB Fiscal 2024 Subseries BB-2 (Aa1/AA+) | New York City Municipal Water Finance Authority Water & Sewer System Second General Resolution RB Fiscal 2024 Subseries BB-2 (Aa1/AA+) | New York City Municipal Water Finance Authority Water & Sewer System Second General Resolution RB Fiscal 2024 Subseries BB-2 (Aa1/AA+) |
| 40000 | 5.000 | 06/15/2035 | 48501 |
| New York City Transitional Finance Authority Building Aid RB Fiscal 2023 Series S-1 Subseries S-1A Tax Exempt Bonds (ST AID WITHHLDG) (Aa2/AA) | New York City Transitional Finance Authority Building Aid RB Fiscal 2023 Series S-1 Subseries S-1A Tax Exempt Bonds (ST AID WITHHLDG) (Aa2/AA) | New York City Transitional Finance Authority Building Aid RB Fiscal 2023 Series S-1 Subseries S-1A Tax Exempt Bonds (ST AID WITHHLDG) (Aa2/AA) | New York City Transitional Finance Authority Building Aid RB Fiscal 2023 Series S-1 Subseries S-1A Tax Exempt Bonds (ST AID WITHHLDG) (Aa2/AA) |
| 40000 | 5.000 | 07/15/2030 | 45025 |
| New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2001 Series C (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2001 Series C (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2001 Series C (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2001 Series C (Aa1/AAA) |
| 30000 | 5.000 | 02/01/2030 | 33175 |
| New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2010 Subseries G-5 (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2010 Subseries G-5 (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2010 Subseries G-5 (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2010 Subseries G-5 (Aa1/AAA) |
| 30000 | 5.000 | 05/01/2030 | 33357 |
| New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2019 Series A Subseries A-1 (Aa1/ AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2019 Series A Subseries A-1 (Aa1/ AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2019 Series A Subseries A-1 (Aa1/ AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2019 Series A Subseries A-1 (Aa1/ AAA) |
| 30000 | 5.000 | 08/01/2034 | 31812 |
| New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2021 Series D Subseries D-1 Tax Exempt Bonds (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2021 Series D Subseries D-1 Tax Exempt Bonds (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2021 Series D Subseries D-1 Tax Exempt Bonds (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2021 Series D Subseries D-1 Tax Exempt Bonds (Aa1/AAA) |
| 30000 | 5.000 | 11/01/2034 | 33177 |
| New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2022 Series A Subseries A-1 Tax Exempt Bonds (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2022 Series A Subseries A-1 Tax Exempt Bonds (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2022 Series A Subseries A-1 Tax Exempt Bonds (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2022 Series A Subseries A-1 Tax Exempt Bonds (Aa1/AAA) |
| 30000 | 5.000 | 11/01/2028 | 32214 |
| 25000 | 5.000 | 11/01/2034 | 28218 |
| New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2022 Series A Subseries A-1 Tax- Exempt Bonds (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2022 Series A Subseries A-1 Tax- Exempt Bonds (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2022 Series A Subseries A-1 Tax- Exempt Bonds (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2022 Series A Subseries A-1 Tax- Exempt Bonds (Aa1/AAA) |
| 40000 | 5.000 | 11/01/2032 | 45551 |
| New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2022 Series C Subseries C-1 Tax Exempt (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2022 Series C Subseries C-1 Tax Exempt (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2022 Series C Subseries C-1 Tax Exempt (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2022 Series C Subseries C-1 Tax Exempt (Aa1/AAA) |
| 20000 | 5.000 | 02/01/2035 | 22572 |

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|:---|:---|
| 68 | **The accompanying notes are an integral part of these financial statements.** |

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GOLDMAN SACHS ACCESS MUNICIPAL BOND ETF

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

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

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

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

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| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| New York – (continued) | New York – (continued) | New York – (continued) | New York – (continued) |
| New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2025 Series C Subseries C-1 Tax- Exempt Bonds (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2025 Series C Subseries C-1 Tax- Exempt Bonds (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2025 Series C Subseries C-1 Tax- Exempt Bonds (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2025 Series C Subseries C-1 Tax- Exempt Bonds (Aa1/AAA) |
| 40000 | 5.000% | 05/01/2039 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45520 |
| New York Convention Center Development Corp. RB for New York City Hotel Unit Fee Revenue Series 2015 (A2/NR) | New York Convention Center Development Corp. RB for New York City Hotel Unit Fee Revenue Series 2015 (A2/NR) | New York Convention Center Development Corp. RB for New York City Hotel Unit Fee Revenue Series 2015 (A2/NR) | New York Convention Center Development Corp. RB for New York City Hotel Unit Fee Revenue Series 2015 (A2/NR) |
| 30000 | 5.000 | 11/15/2032 | 30048 |
| 30000 | 3.500 | 11/15/2034 | 30007 |
| New York State Dormitory Authority RB for Memorial Sloan- Kettering Cancer Center (NATL) (WR/NR) | New York State Dormitory Authority RB for Memorial Sloan- Kettering Cancer Center (NATL) (WR/NR) | New York State Dormitory Authority RB for Memorial Sloan- Kettering Cancer Center (NATL) (WR/NR) | New York State Dormitory Authority RB for Memorial Sloan- Kettering Cancer Center (NATL) (WR/NR) |
| 50000 | 0.000 <sup>(c)</sup> | 07/01/2027 | 48374 |
| New York State Dormitory Authority Revenue Non State Supported Debt RB New York University 2015A (Aa2/AA-) | New York State Dormitory Authority Revenue Non State Supported Debt RB New York University 2015A (Aa2/AA-) | New York State Dormitory Authority Revenue Non State Supported Debt RB New York University 2015A (Aa2/AA-) | New York State Dormitory Authority Revenue Non State Supported Debt RB New York University 2015A (Aa2/AA-) |
| 30000 | 2.800 | 07/01/2027 | 30009 |
| New York State Environmental Facilities Corp. State Clean Water and Drinking Water Revolving Funds RB New York City Municipal Water Finance Authority Projects - Second Resolution Bonds Series 2017 E Subordinated SRF Bonds (Aaa/AAA) | New York State Environmental Facilities Corp. State Clean Water and Drinking Water Revolving Funds RB New York City Municipal Water Finance Authority Projects - Second Resolution Bonds Series 2017 E Subordinated SRF Bonds (Aaa/AAA) | New York State Environmental Facilities Corp. State Clean Water and Drinking Water Revolving Funds RB New York City Municipal Water Finance Authority Projects - Second Resolution Bonds Series 2017 E Subordinated SRF Bonds (Aaa/AAA) | New York State Environmental Facilities Corp. State Clean Water and Drinking Water Revolving Funds RB New York City Municipal Water Finance Authority Projects - Second Resolution Bonds Series 2017 E Subordinated SRF Bonds (Aaa/AAA) |
| 20000 | 5.000 | 06/15/2030 | 20736 |
| New York State Thruway Authority General Revenue Junior Indebtedness Refunding Obligations Series 2026A (A1/A) | New York State Thruway Authority General Revenue Junior Indebtedness Refunding Obligations Series 2026A (A1/A) | New York State Thruway Authority General Revenue Junior Indebtedness Refunding Obligations Series 2026A (A1/A) | New York State Thruway Authority General Revenue Junior Indebtedness Refunding Obligations Series 2026A (A1/A) |
| 30000 | 5.000 | 01/01/2043 | 33759 |
| New York State Thruway Authority New York State Personal Income Tax RB Series 2025A (Aa1/NR) | New York State Thruway Authority New York State Personal Income Tax RB Series 2025A (Aa1/NR) | New York State Thruway Authority New York State Personal Income Tax RB Series 2025A (Aa1/NR) | New York State Thruway Authority New York State Personal Income Tax RB Series 2025A (Aa1/NR) |
| 40000 | 5.000 | 03/15/2039 | 46721 |
| State of New York Mortgage Agency Homeowner Mortgage RB Series 225 (NON-AMT) (Aa1/NR) | State of New York Mortgage Agency Homeowner Mortgage RB Series 225 (NON-AMT) (Aa1/NR) | State of New York Mortgage Agency Homeowner Mortgage RB Series 225 (NON-AMT) (Aa1/NR) | State of New York Mortgage Agency Homeowner Mortgage RB Series 225 (NON-AMT) (Aa1/NR) |
| 60000 | 2.000 | 10/01/2035 | 52028 |
| The City of New York GO Bonds Fiscal 2013 Series E (Aa2/AA) | The City of New York GO Bonds Fiscal 2013 Series E (Aa2/AA) | The City of New York GO Bonds Fiscal 2013 Series E (Aa2/AA) | The City of New York GO Bonds Fiscal 2013 Series E (Aa2/AA) |
| 35000 | 3.000 | 08/01/2033 | 34877 |
| The City of New York GO Bonds Fiscal 2018 Series 1 (Aa2/AA) | The City of New York GO Bonds Fiscal 2018 Series 1 (Aa2/AA) | The City of New York GO Bonds Fiscal 2018 Series 1 (Aa2/AA) | The City of New York GO Bonds Fiscal 2018 Series 1 (Aa2/AA) |
| 30000 | 5.000 | 08/01/2031 | 31118 |
| The City of New York GO Bonds Fiscal 2021 Series C (Aa2/AA) | The City of New York GO Bonds Fiscal 2021 Series C (Aa2/AA) | The City of New York GO Bonds Fiscal 2021 Series C (Aa2/AA) | The City of New York GO Bonds Fiscal 2021 Series C (Aa2/AA) |
| 30000 | 5.000 | 08/01/2030 | 33520 |
| 30000 | 5.000 | 08/01/2034 | 33020 |
| The Port Authority of New York and New Jersey Consolidated Bonds Two Hundred Fifty-First Series (Aa3/AA-) | The Port Authority of New York and New Jersey Consolidated Bonds Two Hundred Fifty-First Series (Aa3/AA-) | The Port Authority of New York and New Jersey Consolidated Bonds Two Hundred Fifty-First Series (Aa3/AA-) | The Port Authority of New York and New Jersey Consolidated Bonds Two Hundred Fifty-First Series (Aa3/AA-) |
| 40000 | 5.000 | 08/15/2042 | 45947 |
| Triborough Bridge and Tunnel Authority MTA Bridges and Tunnels General RB Series 2024A General RB Subseries 2024A-1 (Aa3/AA-) | Triborough Bridge and Tunnel Authority MTA Bridges and Tunnels General RB Series 2024A General RB Subseries 2024A-1 (Aa3/AA-) | Triborough Bridge and Tunnel Authority MTA Bridges and Tunnels General RB Series 2024A General RB Subseries 2024A-1 (Aa3/AA-) | Triborough Bridge and Tunnel Authority MTA Bridges and Tunnels General RB Series 2024A General RB Subseries 2024A-1 (Aa3/AA-) |
| 15000 | 5.000 | 11/15/2042 | 16764 |
| Triborough Bridge and Tunnel Authority MTA Bridges and Tunnels Payroll Mobility Tax Senior Lien Refunding Green Bonds Series 2023A Climate Bond Certified (NR/AA+) | Triborough Bridge and Tunnel Authority MTA Bridges and Tunnels Payroll Mobility Tax Senior Lien Refunding Green Bonds Series 2023A Climate Bond Certified (NR/AA+) | Triborough Bridge and Tunnel Authority MTA Bridges and Tunnels Payroll Mobility Tax Senior Lien Refunding Green Bonds Series 2023A Climate Bond Certified (NR/AA+) | Triborough Bridge and Tunnel Authority MTA Bridges and Tunnels Payroll Mobility Tax Senior Lien Refunding Green Bonds Series 2023A Climate Bond Certified (NR/AA+) |
| 30000 | 5.000 | 11/15/2029 | 33205 |
| Triborough Bridge and Tunnel Authority MTA Bridges and Tunnels Payroll Mobility Tax Senior Lien Refunding Green Bonds Series 2023C (NR/AA+) | Triborough Bridge and Tunnel Authority MTA Bridges and Tunnels Payroll Mobility Tax Senior Lien Refunding Green Bonds Series 2023C (NR/AA+) | Triborough Bridge and Tunnel Authority MTA Bridges and Tunnels Payroll Mobility Tax Senior Lien Refunding Green Bonds Series 2023C (NR/AA+) | Triborough Bridge and Tunnel Authority MTA Bridges and Tunnels Payroll Mobility Tax Senior Lien Refunding Green Bonds Series 2023C (NR/AA+) |
| 40000 | 5.000 | 11/15/2037 | 46322 |
|  |  |  | 1579982 |
| North Carolina - 0.8% | North Carolina - 0.8% |  |  |
| County of Wake Limited Obligation Bonds Series 2021 (Aa1/AA+) | County of Wake Limited Obligation Bonds Series 2021 (Aa1/AA+) | County of Wake Limited Obligation Bonds Series 2021 (Aa1/AA+) | County of Wake Limited Obligation Bonds Series 2021 (Aa1/AA+) |
| 30000 | 4.000 | 03/01/2034 | 31993 |

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| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| North Carolina – (continued) | North Carolina – (continued) | North Carolina – (continued) | North Carolina – (continued) |
| North Carolina Medical Care Commission Health Care Facilities RB Vidant Health Series 2015 (A2/A) | North Carolina Medical Care Commission Health Care Facilities RB Vidant Health Series 2015 (A2/A) | North Carolina Medical Care Commission Health Care Facilities RB Vidant Health Series 2015 (A2/A) | North Carolina Medical Care Commission Health Care Facilities RB Vidant Health Series 2015 (A2/A) |
| 50000 | 4.000% | 06/01/2034 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50031 |
|  |  |  | 82024 |
| North Dakota - 0.7% | North Dakota - 0.7% |  |  |
| North Dakota Public Finance Authority Revolving Fund Program Bonds Series 2022A (Aaa/AAA) | North Dakota Public Finance Authority Revolving Fund Program Bonds Series 2022A (Aaa/AAA) | North Dakota Public Finance Authority Revolving Fund Program Bonds Series 2022A (Aaa/AAA) | North Dakota Public Finance Authority Revolving Fund Program Bonds Series 2022A (Aaa/AAA) |
| 30000 | 5.000 | 10/01/2031 | 34470 |
| State of North Dakota Housing Finance Agency Program Bonds Home Mortgage Finance Program 2021 Series B (NON-AMT) (Social Bonds) (Aa1/NR) | State of North Dakota Housing Finance Agency Program Bonds Home Mortgage Finance Program 2021 Series B (NON-AMT) (Social Bonds) (Aa1/NR) | State of North Dakota Housing Finance Agency Program Bonds Home Mortgage Finance Program 2021 Series B (NON-AMT) (Social Bonds) (Aa1/NR) | State of North Dakota Housing Finance Agency Program Bonds Home Mortgage Finance Program 2021 Series B (NON-AMT) (Social Bonds) (Aa1/NR) |
| 40000 | 2.300 | 07/01/2036 | 34722 |
|  |  |  | 69192 |
| Ohio - 2.7% | Ohio - 2.7% |  |  |
| American Municipal Power Inc. Prairie State Energy Campus Project RB Refunding Series 2019C (A1/A) | American Municipal Power Inc. Prairie State Energy Campus Project RB Refunding Series 2019C (A1/A) | American Municipal Power Inc. Prairie State Energy Campus Project RB Refunding Series 2019C (A1/A) | American Municipal Power Inc. Prairie State Energy Campus Project RB Refunding Series 2019C (A1/A) |
| 30000 | 5.000 | 02/15/2033 | 32759 |
| City of Columbus Sewerage System RB Refunding Series 2015 (Aa1/AA) | City of Columbus Sewerage System RB Refunding Series 2015 (Aa1/AA) | City of Columbus Sewerage System RB Refunding Series 2015 (Aa1/AA) | City of Columbus Sewerage System RB Refunding Series 2015 (Aa1/AA) |
| 30000 | 5.000 | 06/01/2030 | 30198 |
| County of Ohio Hospital Facilities RB for Mercy Health Series 2017A (A1/A+) | County of Ohio Hospital Facilities RB for Mercy Health Series 2017A (A1/A+) | County of Ohio Hospital Facilities RB for Mercy Health Series 2017A (A1/A+) | County of Ohio Hospital Facilities RB for Mercy Health Series 2017A (A1/A+) |
| 40000 | 5.000 | 08/01/2028 | 42018 |
| Ohio Housing Finance Agency Residential Mortgage RB Mortgage-Backed Securities Program 2022 Series A Non- AMT Social Bonds (GNMA/FNMA/FHLMC) (Aa1/NR) | Ohio Housing Finance Agency Residential Mortgage RB Mortgage-Backed Securities Program 2022 Series A Non- AMT Social Bonds (GNMA/FNMA/FHLMC) (Aa1/NR) | Ohio Housing Finance Agency Residential Mortgage RB Mortgage-Backed Securities Program 2022 Series A Non- AMT Social Bonds (GNMA/FNMA/FHLMC) (Aa1/NR) | Ohio Housing Finance Agency Residential Mortgage RB Mortgage-Backed Securities Program 2022 Series A Non- AMT Social Bonds (GNMA/FNMA/FHLMC) (Aa1/NR) |
| 30000 | 2.300 | 03/01/2033 | 27853 |
| Ohio Water Development Authority State of Ohio Water Pollution Control Loan Fund RB Series 2020B (Aaa/AAA) | Ohio Water Development Authority State of Ohio Water Pollution Control Loan Fund RB Series 2020B (Aaa/AAA) | Ohio Water Development Authority State of Ohio Water Pollution Control Loan Fund RB Series 2020B (Aaa/AAA) | Ohio Water Development Authority State of Ohio Water Pollution Control Loan Fund RB Series 2020B (Aaa/AAA) |
| 45000 | 4.000 | 12/01/2037 | 47022 |
| Ohio Water Development Authority State Of Ohio Water Pollution Control Loan Fund RB Series 2020B (Aaa/AAA) | Ohio Water Development Authority State Of Ohio Water Pollution Control Loan Fund RB Series 2020B (Aaa/AAA) | Ohio Water Development Authority State Of Ohio Water Pollution Control Loan Fund RB Series 2020B (Aaa/AAA) | Ohio Water Development Authority State Of Ohio Water Pollution Control Loan Fund RB Series 2020B (Aaa/AAA) |
| 30000 | 5.250 | 12/01/2035 | 33645 |
| State of Ohio Higher Education GO Refunding Bonds Series 2017C (Aaa/AAA) | State of Ohio Higher Education GO Refunding Bonds Series 2017C (Aaa/AAA) | State of Ohio Higher Education GO Refunding Bonds Series 2017C (Aaa/AAA) | State of Ohio Higher Education GO Refunding Bonds Series 2017C (Aaa/AAA) |
| 30000 | 5.000 | 08/01/2027 | 31248 |
| State of Ohio Turnpike Junior Lien Revenue Refunding Bonds 2022 Series A (Aa3/A+) | State of Ohio Turnpike Junior Lien Revenue Refunding Bonds 2022 Series A (Aa3/A+) | State of Ohio Turnpike Junior Lien Revenue Refunding Bonds 2022 Series A (Aa3/A+) | State of Ohio Turnpike Junior Lien Revenue Refunding Bonds 2022 Series A (Aa3/A+) |
| 30000 | 5.000 | 02/15/2039 | 33766 |
|  |  |  | 278509 |
| Oklahoma - 1.1% | Oklahoma - 1.1% |  |  |
| Creek County Educational Facilities Authority Educational Facilities Lease RB Sapulpa Public Schools Project Series 2024 (BAM) (NR/AA) | Creek County Educational Facilities Authority Educational Facilities Lease RB Sapulpa Public Schools Project Series 2024 (BAM) (NR/AA) | Creek County Educational Facilities Authority Educational Facilities Lease RB Sapulpa Public Schools Project Series 2024 (BAM) (NR/AA) | Creek County Educational Facilities Authority Educational Facilities Lease RB Sapulpa Public Schools Project Series 2024 (BAM) (NR/AA) |
| 80000 | 5.000 | 09/01/2040 | 88642 |
| Grand River Dam Authority RB Series 2014A (A1/AA-) | Grand River Dam Authority RB Series 2014A (A1/AA-) | Grand River Dam Authority RB Series 2014A (A1/AA-) | Grand River Dam Authority RB Series 2014A (A1/AA-) |
| 30000 | 3.375 | 06/01/2034 | 30006 |
|  |  |  | 118648 |
| Oregon - 1.7% | Oregon - 1.7% |  |  |
| City of Portland Oregon Second Lien Sewer System RB 2020 Series A (Aa2/AA) | City of Portland Oregon Second Lien Sewer System RB 2020 Series A (Aa2/AA) | City of Portland Oregon Second Lien Sewer System RB 2020 Series A (Aa2/AA) | City of Portland Oregon Second Lien Sewer System RB 2020 Series A (Aa2/AA) |
| 20000 | 5.000 | 03/01/2027 | 20587 |
| Medford Hospital Facilities Authority RB Refunding for Asante Health System Obligated Group Series 2020 A (NR/A+) | Medford Hospital Facilities Authority RB Refunding for Asante Health System Obligated Group Series 2020 A (NR/A+) | Medford Hospital Facilities Authority RB Refunding for Asante Health System Obligated Group Series 2020 A (NR/A+) | Medford Hospital Facilities Authority RB Refunding for Asante Health System Obligated Group Series 2020 A (NR/A+) |
| 40000 | 5.000 | 08/15/2033 | 43817 |

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| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **69** |

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GOLDMAN SACHS ACCESS MUNICIPAL BOND ETF

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

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

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

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

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| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Oregon – (continued) | Oregon – (continued) | Oregon – (continued) | Oregon – (continued) |
| State of Oregon Department of Transportation Highway User Tax Revenue Subordinate Lien Bonds Series 2026A (Aa2/AA+) | State of Oregon Department of Transportation Highway User Tax Revenue Subordinate Lien Bonds Series 2026A (Aa2/AA+) | State of Oregon Department of Transportation Highway User Tax Revenue Subordinate Lien Bonds Series 2026A (Aa2/AA+) | State of Oregon Department of Transportation Highway User Tax Revenue Subordinate Lien Bonds Series 2026A (Aa2/AA+) |
| 25000 | 5.000% | 11/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28370 |
| State of Oregon Housing and Community Services Department Mortgage RB Single-Family Mortgage Program 2017 Series D Non-AMT (Aa2/NR) | State of Oregon Housing and Community Services Department Mortgage RB Single-Family Mortgage Program 2017 Series D Non-AMT (Aa2/NR) | State of Oregon Housing and Community Services Department Mortgage RB Single-Family Mortgage Program 2017 Series D Non-AMT (Aa2/NR) | State of Oregon Housing and Community Services Department Mortgage RB Single-Family Mortgage Program 2017 Series D Non-AMT (Aa2/NR) |
| 45000 | 3.150 | 07/01/2032 | 45059 |
| West Linn-Wilsonville School District No. 3JT GO Bonds for Clackamas and Washington Counties Series 2020A (SCH BD GTY) (Aa1/NR) | West Linn-Wilsonville School District No. 3JT GO Bonds for Clackamas and Washington Counties Series 2020A (SCH BD GTY) (Aa1/NR) | West Linn-Wilsonville School District No. 3JT GO Bonds for Clackamas and Washington Counties Series 2020A (SCH BD GTY) (Aa1/NR) | West Linn-Wilsonville School District No. 3JT GO Bonds for Clackamas and Washington Counties Series 2020A (SCH BD GTY) (Aa1/NR) |
| 50000 | 0.000 <sup>(c)</sup> | 06/15/2035 | 36296 |
|  |  |  | 174129 |
| Pennsylvania - 2.8% | Pennsylvania - 2.8% | Pennsylvania - 2.8% | Pennsylvania - 2.8% |
| Commonwealth Financing Authority Tax Exempt RB Series 2015 A (Aa3/A) | Commonwealth Financing Authority Tax Exempt RB Series 2015 A (Aa3/A) | Commonwealth Financing Authority Tax Exempt RB Series 2015 A (Aa3/A) | Commonwealth Financing Authority Tax Exempt RB Series 2015 A (Aa3/A) |
| 30000 | 5.000 | 06/01/2033 | 30145 |
| Department of Water and Power of the City of Los Angeles RB Series 2018 D (A3/A) | Department of Water and Power of the City of Los Angeles RB Series 2018 D (A3/A) | Department of Water and Power of the City of Los Angeles RB Series 2018 D (A3/A) | Department of Water and Power of the City of Los Angeles RB Series 2018 D (A3/A) |
| 30000 | 3.250 | 07/01/2032 | 30004 |
| Pennsylvania Housing Finance Agency Single Family Mortgage RB Series 2017-123B (NON-AMT) (Aa1/AA+) | Pennsylvania Housing Finance Agency Single Family Mortgage RB Series 2017-123B (NON-AMT) (Aa1/AA+) | Pennsylvania Housing Finance Agency Single Family Mortgage RB Series 2017-123B (NON-AMT) (Aa1/AA+) | Pennsylvania Housing Finance Agency Single Family Mortgage RB Series 2017-123B (NON-AMT) (Aa1/AA+) |
| 40000 | 3.450 | 10/01/2032 | 40066 |
| Pennsylvania Turnpike Commission Turnpike Subordinate RB Series B of 2021 (A2/A+) | Pennsylvania Turnpike Commission Turnpike Subordinate RB Series B of 2021 (A2/A+) | Pennsylvania Turnpike Commission Turnpike Subordinate RB Series B of 2021 (A2/A+) | Pennsylvania Turnpike Commission Turnpike Subordinate RB Series B of 2021 (A2/A+) |
| 50000 | 4.000 | 12/01/2040 | 51266 |
| Port Authority of Allegheny County Pennsylvania Special Revenue Transportation Bonds Refunding Series of 2020 (Aa3/AA-) | Port Authority of Allegheny County Pennsylvania Special Revenue Transportation Bonds Refunding Series of 2020 (Aa3/AA-) | Port Authority of Allegheny County Pennsylvania Special Revenue Transportation Bonds Refunding Series of 2020 (Aa3/AA-) | Port Authority of Allegheny County Pennsylvania Special Revenue Transportation Bonds Refunding Series of 2020 (Aa3/AA-) |
| 30000 | 5.000 | 03/01/2029 | 32402 |
| Sports and Exhibition Authority of Pittsburgh and Allegheny County Allegheny County Hotel Room Excise Tax RB Refunding Series A Of 2022 (AGM) (A2/AA) | Sports and Exhibition Authority of Pittsburgh and Allegheny County Allegheny County Hotel Room Excise Tax RB Refunding Series A Of 2022 (AGM) (A2/AA) | Sports and Exhibition Authority of Pittsburgh and Allegheny County Allegheny County Hotel Room Excise Tax RB Refunding Series A Of 2022 (AGM) (A2/AA) | Sports and Exhibition Authority of Pittsburgh and Allegheny County Allegheny County Hotel Room Excise Tax RB Refunding Series A Of 2022 (AGM) (A2/AA) |
| 30000 | 5.000 | 02/01/2031 | 33388 |
| Sports and Exhibition Authority of Pittsburgh and Allegheny County Hotel Room Excise Tax RB Refunding Series A Of 2022 (AGM) (A2/AA) | Sports and Exhibition Authority of Pittsburgh and Allegheny County Hotel Room Excise Tax RB Refunding Series A Of 2022 (AGM) (A2/AA) | Sports and Exhibition Authority of Pittsburgh and Allegheny County Hotel Room Excise Tax RB Refunding Series A Of 2022 (AGM) (A2/AA) | Sports and Exhibition Authority of Pittsburgh and Allegheny County Hotel Room Excise Tax RB Refunding Series A Of 2022 (AGM) (A2/AA) |
| 20000 | 5.000 | 02/01/2032 | 22629 |
| The City of Philadelphia, Pennsylvania GO Bonds, Series 2021A (Tax-Exempt) (A1/A+) | The City of Philadelphia, Pennsylvania GO Bonds, Series 2021A (Tax-Exempt) (A1/A+) | The City of Philadelphia, Pennsylvania GO Bonds, Series 2021A (Tax-Exempt) (A1/A+) | The City of Philadelphia, Pennsylvania GO Bonds, Series 2021A (Tax-Exempt) (A1/A+) |
| 40000 | 5.000 | 05/01/2034 | 44743 |
|  |  |  | 284643 |
| South Carolina - 0.2% | South Carolina - 0.2% | South Carolina - 0.2% | South Carolina - 0.2% |
| South Carolina Public Service Authority Revenue Obligations 2026 Tax-Exempt Refunding Series C (A3/A-) | South Carolina Public Service Authority Revenue Obligations 2026 Tax-Exempt Refunding Series C (A3/A-) | South Carolina Public Service Authority Revenue Obligations 2026 Tax-Exempt Refunding Series C (A3/A-) | South Carolina Public Service Authority Revenue Obligations 2026 Tax-Exempt Refunding Series C (A3/A-) |
| 20000 | 5.000 <sup>(d)</sup> | 12/01/2037 | 23505 |
| Tennessee - 1.6% | Tennessee - 1.6% | Tennessee - 1.6% | Tennessee - 1.6% |
| City of Memphis Tennessee Electric System RB Series 2025 (Aa2/ NR) | City of Memphis Tennessee Electric System RB Series 2025 (Aa2/ NR) | City of Memphis Tennessee Electric System RB Series 2025 (Aa2/ NR) | City of Memphis Tennessee Electric System RB Series 2025 (Aa2/ NR) |
| 25000 | 5.000 | 12/01/2041 | 28778 |
| Metropolitan Government Nashville & Davidson County Health & Ed. Fac. Board (WR/A) | Metropolitan Government Nashville & Davidson County Health & Ed. Fac. Board (WR/A) | Metropolitan Government Nashville & Davidson County Health & Ed. Fac. Board (WR/A) | Metropolitan Government Nashville & Davidson County Health & Ed. Fac. Board (WR/A) |
| 30000 | 5.000 | 07/01/2031 | 33425 |
| Tennessee State School Bond Authority Higher Educational Facilities Second Program Bonds 2017 Refunding Series B (ST INTERCEPT) (Aa1/AA+) | Tennessee State School Bond Authority Higher Educational Facilities Second Program Bonds 2017 Refunding Series B (ST INTERCEPT) (Aa1/AA+) | Tennessee State School Bond Authority Higher Educational Facilities Second Program Bonds 2017 Refunding Series B (ST INTERCEPT) (Aa1/AA+) | Tennessee State School Bond Authority Higher Educational Facilities Second Program Bonds 2017 Refunding Series B (ST INTERCEPT) (Aa1/AA+) |
| 30000 | 5.000 | 11/01/2027 | 31380 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Tennessee – (continued) | Tennessee – (continued) | Tennessee – (continued) | Tennessee – (continued) |
| Tennessee State School Bond Authority Higher Educational Facilities Second Program Bonds 2017 Series A (ST HGR ED INTERCEPT PROG) (Aa1/AA+) | Tennessee State School Bond Authority Higher Educational Facilities Second Program Bonds 2017 Series A (ST HGR ED INTERCEPT PROG) (Aa1/AA+) | Tennessee State School Bond Authority Higher Educational Facilities Second Program Bonds 2017 Series A (ST HGR ED INTERCEPT PROG) (Aa1/AA+) | Tennessee State School Bond Authority Higher Educational Facilities Second Program Bonds 2017 Series A (ST HGR ED INTERCEPT PROG) (Aa1/AA+) |
| 30000 | 5.000% | 11/01/2033 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31175 |
| The Metropolitan Government of Nashville and Davidson County GO Improvement Bonds Series 2021C (Aa2/AA+) | The Metropolitan Government of Nashville and Davidson County GO Improvement Bonds Series 2021C (Aa2/AA+) | The Metropolitan Government of Nashville and Davidson County GO Improvement Bonds Series 2021C (Aa2/AA+) | The Metropolitan Government of Nashville and Davidson County GO Improvement Bonds Series 2021C (Aa2/AA+) |
| 40000 | 3.000 | 01/01/2034 | 40138 |
|  |  |  | 164896 |
| Texas - 11.8% | Texas - 11.8% |  |  |
| Allen Independent School District Texas Collin County Unlimited Tax Refunding Bonds Series 2025A (PSF-GTD) (Aaa/AAA) | Allen Independent School District Texas Collin County Unlimited Tax Refunding Bonds Series 2025A (PSF-GTD) (Aaa/AAA) | Allen Independent School District Texas Collin County Unlimited Tax Refunding Bonds Series 2025A (PSF-GTD) (Aaa/AAA) | Allen Independent School District Texas Collin County Unlimited Tax Refunding Bonds Series 2025A (PSF-GTD) (Aaa/AAA) |
| 40000 | 5.000 | 02/15/2041 | 45122 |
| Austin Public Improvement Refunding Bonds 2020 (Aa1/AAA) | Austin Public Improvement Refunding Bonds 2020 (Aa1/AAA) | Austin Public Improvement Refunding Bonds 2020 (Aa1/AAA) | Austin Public Improvement Refunding Bonds 2020 (Aa1/AAA) |
| 30000 | 5.000 | 09/01/2029 | 32931 |
| Board of Regents of The Texas A&M University System Revenue Financing System Bonds Series 2017E (Aaa/AAA) | Board of Regents of The Texas A&M University System Revenue Financing System Bonds Series 2017E (Aaa/AAA) | Board of Regents of The Texas A&M University System Revenue Financing System Bonds Series 2017E (Aaa/AAA) | Board of Regents of The Texas A&M University System Revenue Financing System Bonds Series 2017E (Aaa/AAA) |
| 30000 | 5.000 | 05/15/2028 | 31017 |
| Board of Regents of The University of Houston System Consolidated Revenue and Refunding Bonds Series 2022A (Aa2/AA+) | Board of Regents of The University of Houston System Consolidated Revenue and Refunding Bonds Series 2022A (Aa2/AA+) | Board of Regents of The University of Houston System Consolidated Revenue and Refunding Bonds Series 2022A (Aa2/AA+) | Board of Regents of The University of Houston System Consolidated Revenue and Refunding Bonds Series 2022A (Aa2/AA+) |
| 20000 | 5.000 | 02/15/2031 | 22552 |
| Board of Regents of the University of Texas System Current Refunding Revenue Bonds, Series A (Aaa/AAA) | Board of Regents of the University of Texas System Current Refunding Revenue Bonds, Series A (Aaa/AAA) | Board of Regents of the University of Texas System Current Refunding Revenue Bonds, Series A (Aaa/AAA) | Board of Regents of the University of Texas System Current Refunding Revenue Bonds, Series A (Aaa/AAA) |
| 30000 | 5.000 | 08/15/2032 | 32684 |
| Board of Regents of The University of Texas System Permanent University Fund Bonds Series 2024A (Aaa/AAA) | Board of Regents of The University of Texas System Permanent University Fund Bonds Series 2024A (Aaa/AAA) | Board of Regents of The University of Texas System Permanent University Fund Bonds Series 2024A (Aaa/AAA) | Board of Regents of The University of Texas System Permanent University Fund Bonds Series 2024A (Aaa/AAA) |
| 30000 | 5.000 | 07/01/2039 | 34438 |
| City of Dallas International Airport Joint Revenue Refunding Bonds Series 2022B (A1/AA-) | City of Dallas International Airport Joint Revenue Refunding Bonds Series 2022B (A1/AA-) | City of Dallas International Airport Joint Revenue Refunding Bonds Series 2022B (A1/AA-) | City of Dallas International Airport Joint Revenue Refunding Bonds Series 2022B (A1/AA-) |
| 80000 | 4.000 | 11/01/2041 | 82243 |
| City of Dallas Texas GO Refunding and Improvement Bonds Series 2019A (NR/AA-) | City of Dallas Texas GO Refunding and Improvement Bonds Series 2019A (NR/AA-) | City of Dallas Texas GO Refunding and Improvement Bonds Series 2019A (NR/AA-) | City of Dallas Texas GO Refunding and Improvement Bonds Series 2019A (NR/AA-) |
| 50000 | 3.000 | 02/15/2036 | 48223 |
| City of Houston Texas Combined Utility System First Lien Revenue Refunding Bonds Series 2018D (Aa2/NR) | City of Houston Texas Combined Utility System First Lien Revenue Refunding Bonds Series 2018D (Aa2/NR) | City of Houston Texas Combined Utility System First Lien Revenue Refunding Bonds Series 2018D (Aa2/NR) | City of Houston Texas Combined Utility System First Lien Revenue Refunding Bonds Series 2018D (Aa2/NR) |
| 30000 | 5.000 | 11/15/2032 | 32085 |
| City of San Antonio Texas Electric and Gas Systems Revenue Refunding Bonds New Series 2024C (Aa2/AA-) | City of San Antonio Texas Electric and Gas Systems Revenue Refunding Bonds New Series 2024C (Aa2/AA-) | City of San Antonio Texas Electric and Gas Systems Revenue Refunding Bonds New Series 2024C (Aa2/AA-) | City of San Antonio Texas Electric and Gas Systems Revenue Refunding Bonds New Series 2024C (Aa2/AA-) |
| 80000 | 5.000 | 02/01/2039 | 91103 |
| Collin County Community College District Texas Limited Tax Bonds Series 2018 (Aaa/AAA) | Collin County Community College District Texas Limited Tax Bonds Series 2018 (Aaa/AAA) | Collin County Community College District Texas Limited Tax Bonds Series 2018 (Aaa/AAA) | Collin County Community College District Texas Limited Tax Bonds Series 2018 (Aaa/AAA) |
| 35000 | 4.000 | 08/15/2031 | 35775 |
| Ector County Texas Certificates of Obligation Series 2024 (NR/ AA-) | Ector County Texas Certificates of Obligation Series 2024 (NR/ AA-) | Ector County Texas Certificates of Obligation Series 2024 (NR/ AA-) | Ector County Texas Certificates of Obligation Series 2024 (NR/ AA-) |
| 30000 | 5.000 | 02/15/2038 | 34178 |
| Harris County Cultural Education Facilities Finance Corporation Hospital RB for Memorial Hermann Health System Series 2019A (Aa3/AA-) | Harris County Cultural Education Facilities Finance Corporation Hospital RB for Memorial Hermann Health System Series 2019A (Aa3/AA-) | Harris County Cultural Education Facilities Finance Corporation Hospital RB for Memorial Hermann Health System Series 2019A (Aa3/AA-) | Harris County Cultural Education Facilities Finance Corporation Hospital RB for Memorial Hermann Health System Series 2019A (Aa3/AA-) |
| 30000 | 5.000 | 12/01/2027 | 31411 |
| Harris County Cultural Education Facilities Finance Corporation Hospital RB Memorial Hermann Health System 2024B (Aa3/ AA-) | Harris County Cultural Education Facilities Finance Corporation Hospital RB Memorial Hermann Health System 2024B (Aa3/ AA-) | Harris County Cultural Education Facilities Finance Corporation Hospital RB Memorial Hermann Health System 2024B (Aa3/ AA-) | Harris County Cultural Education Facilities Finance Corporation Hospital RB Memorial Hermann Health System 2024B (Aa3/ AA-) |
| 50000 | 5.000 | 07/01/2038 | 56450 |
| Harris County Texas Tax and Subordinate Lien Revenue Refunding Bonds Series 2022A (Aaa/NR) | Harris County Texas Tax and Subordinate Lien Revenue Refunding Bonds Series 2022A (Aaa/NR) | Harris County Texas Tax and Subordinate Lien Revenue Refunding Bonds Series 2022A (Aaa/NR) | Harris County Texas Tax and Subordinate Lien Revenue Refunding Bonds Series 2022A (Aaa/NR) |
| 30000 | 5.000 | 08/15/2027 | 31256 |
| 20000 | 5.000 | 08/15/2032 | 23152 |

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

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| | |
|:---|:---|
| 70 | **The accompanying notes are an integral part of these financial statements.** |

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GOLDMAN SACHS ACCESS MUNICIPAL BOND ETF

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

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

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

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

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

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

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| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Texas – (continued) | Texas – (continued) | Texas – (continued) | Texas – (continued) |
| Harris County Texas Toll Road First Lien Revenue Refunding Bonds Series 2025A (Aa2/NR) | Harris County Texas Toll Road First Lien Revenue Refunding Bonds Series 2025A (Aa2/NR) | Harris County Texas Toll Road First Lien Revenue Refunding Bonds Series 2025A (Aa2/NR) | Harris County Texas Toll Road First Lien Revenue Refunding Bonds Series 2025A (Aa2/NR) |
| 25000 | 5.000% | 08/15/2036 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29540 |
| Hurst-Euless-Bedford Independent School District Unlimited Tax Refunding Bonds Series 2017A (NR/AA+) | Hurst-Euless-Bedford Independent School District Unlimited Tax Refunding Bonds Series 2017A (NR/AA+) | Hurst-Euless-Bedford Independent School District Unlimited Tax Refunding Bonds Series 2017A (NR/AA+) | Hurst-Euless-Bedford Independent School District Unlimited Tax Refunding Bonds Series 2017A (NR/AA+) |
| 20000 | 5.000 | 08/15/2027 | 20793 |
| 20000 | 5.000 | 08/15/2028 | 20779 |
| Irving Independent School District Dallas County Texas Unlimited Tax School Building Bonds Series 2025 (PSF-GTD) (Aaa/AAA) | Irving Independent School District Dallas County Texas Unlimited Tax School Building Bonds Series 2025 (PSF-GTD) (Aaa/AAA) | Irving Independent School District Dallas County Texas Unlimited Tax School Building Bonds Series 2025 (PSF-GTD) (Aaa/AAA) | Irving Independent School District Dallas County Texas Unlimited Tax School Building Bonds Series 2025 (PSF-GTD) (Aaa/AAA) |
| 25000 | 5.000 | 02/15/2039 | 28737 |
| Lower Colorado River Authority Transmission Contract Refunding RB LCRA Transmission Services Corporation Project Series 2024 (AG) (NR/AA) | Lower Colorado River Authority Transmission Contract Refunding RB LCRA Transmission Services Corporation Project Series 2024 (AG) (NR/AA) | Lower Colorado River Authority Transmission Contract Refunding RB LCRA Transmission Services Corporation Project Series 2024 (AG) (NR/AA) | Lower Colorado River Authority Transmission Contract Refunding RB LCRA Transmission Services Corporation Project Series 2024 (AG) (NR/AA) |
| 40000 | 5.000 | 05/15/2041 | 44251 |
| Midland County Texas Certificates of Obligation Series 2024 (NR/ AA+) | Midland County Texas Certificates of Obligation Series 2024 (NR/ AA+) | Midland County Texas Certificates of Obligation Series 2024 (NR/ AA+) | Midland County Texas Certificates of Obligation Series 2024 (NR/ AA+) |
| 20000 | 5.000 | 02/15/2042 | 21896 |
| North East Texas Regional Mobility Authority Senior Lien Revenue and Refunding Bonds Series 2025A (Baa1/A) | North East Texas Regional Mobility Authority Senior Lien Revenue and Refunding Bonds Series 2025A (Baa1/A) | North East Texas Regional Mobility Authority Senior Lien Revenue and Refunding Bonds Series 2025A (Baa1/A) | North East Texas Regional Mobility Authority Senior Lien Revenue and Refunding Bonds Series 2025A (Baa1/A) |
| 25000 | 5.000 | 01/01/2042 | 27270 |
| North Texas Municipal Water District Water System RB Refunding Bonds Series 2021A (Aa1/AAA) | North Texas Municipal Water District Water System RB Refunding Bonds Series 2021A (Aa1/AAA) | North Texas Municipal Water District Water System RB Refunding Bonds Series 2021A (Aa1/AAA) | North Texas Municipal Water District Water System RB Refunding Bonds Series 2021A (Aa1/AAA) |
| 30000 | 4.000 | 09/01/2030 | 32266 |
| North Texas Tollway Authority System Revenue Refunding Bonds First Tier Bonds Series 2020A (Aa3/AA-) | North Texas Tollway Authority System Revenue Refunding Bonds First Tier Bonds Series 2020A (Aa3/AA-) | North Texas Tollway Authority System Revenue Refunding Bonds First Tier Bonds Series 2020A (Aa3/AA-) | North Texas Tollway Authority System Revenue Refunding Bonds First Tier Bonds Series 2020A (Aa3/AA-) |
| 80000 | 3.000 | 01/01/2038 | 76700 |
| Richardson Independent School District Texas Dallas County Unlimited Tax Refunding Bonds Series 2026 (PSF-GTD) (Aaa/AAA) | Richardson Independent School District Texas Dallas County Unlimited Tax Refunding Bonds Series 2026 (PSF-GTD) (Aaa/AAA) | Richardson Independent School District Texas Dallas County Unlimited Tax Refunding Bonds Series 2026 (PSF-GTD) (Aaa/AAA) | Richardson Independent School District Texas Dallas County Unlimited Tax Refunding Bonds Series 2026 (PSF-GTD) (Aaa/AAA) |
| 20000 | 5.000 <sup>(d)</sup> | 02/15/2042 | 22727 |
| Tarrant County Cultural Education Facilities Finance Corporation RB Ascension Senior Credit Group Series 2025C-2 (Aa3/AA) | Tarrant County Cultural Education Facilities Finance Corporation RB Ascension Senior Credit Group Series 2025C-2 (Aa3/AA) | Tarrant County Cultural Education Facilities Finance Corporation RB Ascension Senior Credit Group Series 2025C-2 (Aa3/AA) | Tarrant County Cultural Education Facilities Finance Corporation RB Ascension Senior Credit Group Series 2025C-2 (Aa3/AA) |
| 20000 | 5.000 <sup>(a)(b)</sup> | 11/15/2051 | 23209 |
| Texas Transportation Commission Central Texas Turnpike System Second Tier Revenue Refunding Bonds Series 2024-C (A3/A-) | Texas Transportation Commission Central Texas Turnpike System Second Tier Revenue Refunding Bonds Series 2024-C (A3/A-) | Texas Transportation Commission Central Texas Turnpike System Second Tier Revenue Refunding Bonds Series 2024-C (A3/A-) | Texas Transportation Commission Central Texas Turnpike System Second Tier Revenue Refunding Bonds Series 2024-C (A3/A-) |
| 25000 | 5.000 | 08/15/2042 | 27717 |
| Texas Water Development Board State Revolving Fund RB New Series 2022 (NR/AAA) | Texas Water Development Board State Revolving Fund RB New Series 2022 (NR/AAA) | Texas Water Development Board State Revolving Fund RB New Series 2022 (NR/AAA) | Texas Water Development Board State Revolving Fund RB New Series 2022 (NR/AAA) |
| 25000 | 5.000 | 08/01/2032 | 29090 |
| Texas Water Development Board State Revolving Fund RB New Series 2023 (NR/AAA) | Texas Water Development Board State Revolving Fund RB New Series 2023 (NR/AAA) | Texas Water Development Board State Revolving Fund RB New Series 2023 (NR/AAA) | Texas Water Development Board State Revolving Fund RB New Series 2023 (NR/AAA) |
| 40000 | 5.000 | 08/01/2032 | 46545 |
| Trinity River Authority of Texas Regional Wastewater System Revenue Improvement and Refunding Bonds Series 2018 (NR/AAA) | Trinity River Authority of Texas Regional Wastewater System Revenue Improvement and Refunding Bonds Series 2018 (NR/AAA) | Trinity River Authority of Texas Regional Wastewater System Revenue Improvement and Refunding Bonds Series 2018 (NR/AAA) | Trinity River Authority of Texas Regional Wastewater System Revenue Improvement and Refunding Bonds Series 2018 (NR/AAA) |
| 30000 | 5.000 | 08/01/2033 | 31824 |
| Trinity River Authority Regional Wastewater System Revenue Improvement and Refunding Bonds Series 2017B (NR/AAA) | Trinity River Authority Regional Wastewater System Revenue Improvement and Refunding Bonds Series 2017B (NR/AAA) | Trinity River Authority Regional Wastewater System Revenue Improvement and Refunding Bonds Series 2017B (NR/AAA) | Trinity River Authority Regional Wastewater System Revenue Improvement and Refunding Bonds Series 2017B (NR/AAA) |
| 30000 | 5.000 | 08/01/2030 | 31170 |
| Wylie Independent School District Collin County Texas Unlimited Tax School Building Bonds Series 2024 (PSF-GTD) (Aaa/NR) | Wylie Independent School District Collin County Texas Unlimited Tax School Building Bonds Series 2024 (PSF-GTD) (Aaa/NR) | Wylie Independent School District Collin County Texas Unlimited Tax School Building Bonds Series 2024 (PSF-GTD) (Aaa/NR) | Wylie Independent School District Collin County Texas Unlimited Tax School Building Bonds Series 2024 (PSF-GTD) (Aaa/NR) |
| 30000 | 5.000 | 08/15/2036 | 34425 |
|  |  |  | 1213559 |
| Utah - 1.0% | Utah - 1.0% |  |  |
| State Board of Regents of The State of Utah University of Utah General Revenue Series 2017A (ST APPROP) (Aa1/AA+) | State Board of Regents of The State of Utah University of Utah General Revenue Series 2017A (ST APPROP) (Aa1/AA+) | State Board of Regents of The State of Utah University of Utah General Revenue Series 2017A (ST APPROP) (Aa1/AA+) | State Board of Regents of The State of Utah University of Utah General Revenue Series 2017A (ST APPROP) (Aa1/AA+) |
| 30000 | 5.000 | 08/01/2031 | 31117 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Utah – (continued) | Utah – (continued) | Utah – (continued) | Utah – (continued) |
| Utah Board of Higher Education University of Utah General RB Series 2022B Green Bonds (Aa1/AA+) | Utah Board of Higher Education University of Utah General RB Series 2022B Green Bonds (Aa1/AA+) | Utah Board of Higher Education University of Utah General RB Series 2022B Green Bonds (Aa1/AA+) | Utah Board of Higher Education University of Utah General RB Series 2022B Green Bonds (Aa1/AA+) |
| 30000 | 5.000% | 08/01/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33493 |
| Utah Transit Authority Sales Tax Revenue Refunding Bonds Series 2006 C (AGM) (Aa2/AA+) | Utah Transit Authority Sales Tax Revenue Refunding Bonds Series 2006 C (AGM) (Aa2/AA+) | Utah Transit Authority Sales Tax Revenue Refunding Bonds Series 2006 C (AGM) (Aa2/AA+) | Utah Transit Authority Sales Tax Revenue Refunding Bonds Series 2006 C (AGM) (Aa2/AA+) |
| 30000 | 5.250 | 06/15/2032 | 34075 |
|  |  |  | 98685 |
| Virginia - 1.4% | Virginia - 1.4% |  |  |
| Fairfax County Virginia Public Improvement Bonds Series 2023A (ST AID WITHHLDG) (Aaa/AAA) | Fairfax County Virginia Public Improvement Bonds Series 2023A (ST AID WITHHLDG) (Aaa/AAA) | Fairfax County Virginia Public Improvement Bonds Series 2023A (ST AID WITHHLDG) (Aaa/AAA) | Fairfax County Virginia Public Improvement Bonds Series 2023A (ST AID WITHHLDG) (Aaa/AAA) |
| 30000 | 4.000 | 10/01/2031 | 32851 |
| 50000 | 4.000 | 10/01/2034 | 54196 |
| Virginia College Building Authority Educational Facilities Revenue Refunding Bonds 21St Century College and Equipment Programs Series 2017E (Aa1/AA+) | Virginia College Building Authority Educational Facilities Revenue Refunding Bonds 21St Century College and Equipment Programs Series 2017E (Aa1/AA+) | Virginia College Building Authority Educational Facilities Revenue Refunding Bonds 21St Century College and Equipment Programs Series 2017E (Aa1/AA+) | Virginia College Building Authority Educational Facilities Revenue Refunding Bonds 21St Century College and Equipment Programs Series 2017E (Aa1/AA+) |
| 30000 | 5.000 | 02/01/2029 | 31560 |
| Virginia Educational Facilities RB Refunding for Public Higher Education Financing Program Series 2016A (ST INTERCEPT) (Aa1/AA+) | Virginia Educational Facilities RB Refunding for Public Higher Education Financing Program Series 2016A (ST INTERCEPT) (Aa1/AA+) | Virginia Educational Facilities RB Refunding for Public Higher Education Financing Program Series 2016A (ST INTERCEPT) (Aa1/AA+) | Virginia Educational Facilities RB Refunding for Public Higher Education Financing Program Series 2016A (ST INTERCEPT) (Aa1/AA+) |
| 30000 | 5.000 | 09/01/2028 | 30389 |
|  |  |  | 148996 |
| Washington - 2.6% | Washington - 2.6% |  |  |
| Federal Way School District No. 210 Washington Unlimited Tax GO and Refunding Bonds 2019 (SCH BD GTY) (Aaa/NR) | Federal Way School District No. 210 Washington Unlimited Tax GO and Refunding Bonds 2019 (SCH BD GTY) (Aaa/NR) | Federal Way School District No. 210 Washington Unlimited Tax GO and Refunding Bonds 2019 (SCH BD GTY) (Aaa/NR) | Federal Way School District No. 210 Washington Unlimited Tax GO and Refunding Bonds 2019 (SCH BD GTY) (Aaa/NR) |
| 40000 | 3.000 | 12/01/2037 | 39060 |
| State of Washington Various Purpose GO Bonds Series 2019A (Aaa/AA+) | State of Washington Various Purpose GO Bonds Series 2019A (Aaa/AA+) | State of Washington Various Purpose GO Bonds Series 2019A (Aaa/AA+) | State of Washington Various Purpose GO Bonds Series 2019A (Aaa/AA+) |
| 30000 | 5.000 | 08/01/2032 | 32029 |
| 25000 | 5.000 | 08/01/2034 | 26613 |
| State of Washington Various Purpose GO Bonds Series 2021C (Aaa/AA+) | State of Washington Various Purpose GO Bonds Series 2021C (Aaa/AA+) | State of Washington Various Purpose GO Bonds Series 2021C (Aaa/AA+) | State of Washington Various Purpose GO Bonds Series 2021C (Aaa/AA+) |
| 50000 | 5.000 | 02/01/2030 | 55451 |
| State of Washington Various Purpose GO Bonds Series 2023B (Aaa/AA+) | State of Washington Various Purpose GO Bonds Series 2023B (Aaa/AA+) | State of Washington Various Purpose GO Bonds Series 2023B (Aaa/AA+) | State of Washington Various Purpose GO Bonds Series 2023B (Aaa/AA+) |
| 40000 | 5.000 | 02/01/2037 | 45696 |
| State of Washington Various Purpose GO Refunding Bonds Series R-2018D (Aaa/AA+) | State of Washington Various Purpose GO Refunding Bonds Series R-2018D (Aaa/AA+) | State of Washington Various Purpose GO Refunding Bonds Series R-2018D (Aaa/AA+) | State of Washington Various Purpose GO Refunding Bonds Series R-2018D (Aaa/AA+) |
| 30000 | 5.000 | 08/01/2031 | 31231 |
| The Central Puget Sound Regional Transit Authority Sales Tax and Motor Vehicle Excise Tax Improvement and Refunding Bonds Series 2021S-1 Green Bonds (Aa1/AAA) | The Central Puget Sound Regional Transit Authority Sales Tax and Motor Vehicle Excise Tax Improvement and Refunding Bonds Series 2021S-1 Green Bonds (Aa1/AAA) | The Central Puget Sound Regional Transit Authority Sales Tax and Motor Vehicle Excise Tax Improvement and Refunding Bonds Series 2021S-1 Green Bonds (Aa1/AAA) | The Central Puget Sound Regional Transit Authority Sales Tax and Motor Vehicle Excise Tax Improvement and Refunding Bonds Series 2021S-1 Green Bonds (Aa1/AAA) |
| 30000 | 5.000 | 11/01/2030 | 33877 |
|  |  |  | 263957 |
| Wisconsin - 0.9% | Wisconsin - 0.9% |  |  |
| State of Wisconsin State of Wisconsin GO Refunding Bonds of 2024 Series 1 (Aa1/AA+) | State of Wisconsin State of Wisconsin GO Refunding Bonds of 2024 Series 1 (Aa1/AA+) | State of Wisconsin State of Wisconsin GO Refunding Bonds of 2024 Series 1 (Aa1/AA+) | State of Wisconsin State of Wisconsin GO Refunding Bonds of 2024 Series 1 (Aa1/AA+) |
| 40000 | 5.000 | 05/01/2038 | 46242 |

---

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **71** |

---

------

GOLDMAN SACHS ACCESS MUNICIPAL BOND ETF

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

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br> **Amount** | <br>**Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Wisconsin – (continued) | Wisconsin – (continued) | Wisconsin – (continued) | Wisconsin – (continued) | Wisconsin – (continued) |
|  Wisconsin Health and Educational Facilities Authority Revenue Refunding Bonds Series 2015 Prohealth Care Inc. Obligated Group (A1/A+) | Wisconsin Health and Educational Facilities Authority Revenue Refunding Bonds Series 2015 Prohealth Care Inc. Obligated Group (A1/A+) | Wisconsin Health and Educational Facilities Authority Revenue Refunding Bonds Series 2015 Prohealth Care Inc. Obligated Group (A1/A+) | Wisconsin Health and Educational Facilities Authority Revenue Refunding Bonds Series 2015 Prohealth Care Inc. Obligated Group (A1/A+) | Wisconsin Health and Educational Facilities Authority Revenue Refunding Bonds Series 2015 Prohealth Care Inc. Obligated Group (A1/A+) |
| $| 45000 | 3.150% | 08/15/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45004 |
|  |  |  |  | 91246 |
| **TOTAL MUNICIPAL BONDS**<br> **(Cost $9,836,421)** | **TOTAL MUNICIPAL BONDS**<br> **(Cost $9,836,421)** | **TOTAL MUNICIPAL BONDS**<br> **(Cost $9,836,421)** | **TOTAL MUNICIPAL BONDS**<br> **(Cost $9,836,421)** | 10172086 |
| **TOTAL INVESTMENTS - 99.0%**<br> **(Cost $9,836,421)** | **TOTAL INVESTMENTS - 99.0%**<br> **(Cost $9,836,421)** | **TOTAL INVESTMENTS - 99.0%**<br> **(Cost $9,836,421)** | **TOTAL INVESTMENTS - 99.0%**<br> **(Cost $9,836,421)** | $10172086 |
|  **OTHER ASSETS IN EXCESS OF LIABILITIES - 1.0%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 1.0%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 1.0%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 1.0%** | 103339 |
| NET ASSETS - 100.0% | NET ASSETS - 100.0% | NET ASSETS - 100.0% |  | $10275425 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Security with "Put" features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Variable Rate Demand Instruments – rate shown is that which is in effect on February 28, 2026. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Issued with a zero coupon. Income is recognized through the accretion of discount.

&nbsp;&nbsp;&nbsp;&nbsp;(d) When-issued security.

Security ratings disclosed, if any, are issued by either Standard & Poor's, Moody's Investor Service or Fitch and are unaudited. A brief description of the ratings is available in the Fund's Statement of Additional Information.

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| AGC | - Insured by Assured Guaranty Corp. |
| AGM | - Insured by Assured Guaranty Municipal Corp. |
| AGM ST |  |
| INTERCEPT | - Assured Guaranty Municipal Corp. State-Aid Intercept |
| AMBAC | - Insured by American Municipal Bond Assurance Corp. |
| AMT | - Alternative Minimum Tax (subject to) |
| BAM | - Build America Mutual Assurance Co. |
| CNTY GTD | - County Guaranteed |
| FHLMC | - Insured by Federal Home Loan Mortgage Corp. |
| FNMA | - Insured by Federal National Mortgage Association |
| GNMA | - Insured by Government National Mortgage |
|  | Association |
| GO | - General Obligation |
| MTA | - Metropolitan Transportation Authority |
| NATL | - National Public Finance Guarantee Corp. |
| NR | - Not Rated |
| RB | - Revenue Bond |
| ST AID |  |
| WITHHLDG | - State Aid Withholding |
| ST APPROP | - State Appropriation |

---

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

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

---

| | |
|:---|:---|
| 72 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF

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

Schedule of Investments *February 28, 2026 (Unaudited)*

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate<sup>(a)</sup>** | **Maturity**<br> **Date** | **Value** |
| U.S. Treasury Bills – 63.0% | U.S. Treasury Bills – 63.0% | U.S. Treasury Bills – 63.0% | U.S. Treasury Bills – 63.0% |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| $221000 | 3.584% | 04/02/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220312 |
| 299000 | 3.588 | 04/02/26 | 298070 |
| 819000 | 3.588 | 04/02/26 | 816451 |
| 192000 | 3.591 | 04/02/26 | 191402 |
| 192000 | 3.591 | 04/02/26 | 191402 |
| 24000 | 3.591 | 04/02/26 | 23925 |
| 48000 | 3.594 | 04/02/26 | 47851 |
| 182000 | 3.599 | 04/02/26 | 181434 |
| 78000 | 3.599 | 04/02/26 | 77757 |
| 60000 | 3.602 | 04/02/26 | 59813 |
| 72000 | 3.602 | 04/02/26 | 71776 |
| 120000 | 3.602 | 04/02/26 | 119627 |
| 578599500 | 3.620 | 04/02/26 | 576798881 |
| 39000 | 3.622 | 04/02/26 | 38879 |
| 44953000 | 3.632 | 04/02/26 | 44813105 |
| 360000 | 3.664 | 04/02/26 | 358880 |
| 303000 | 3.669 | 04/02/26 | 302057 |
| 133000 | 3.673 | 04/02/26 | 132586 |
| 505000 | 3.674 | 04/02/26 | 503428 |
| 900000 | 3.676 | 04/02/26 | 897199 |
| 303000 | 3.677 | 04/02/26 | 302057 |
| 2222000 | 3.679 | 04/02/26 | 2215085 |
| 300000 | 3.685 | 04/02/26 | 299066 |
| 400000 | 3.692 | 04/02/26 | 398755 |
| 96000 | 3.731 | 04/02/26 | 95701 |
| 24000 | 3.731 | 04/02/26 | 23925 |
| 108000 | 3.766 | 04/02/26 | 107664 |
| 65000 | 3.773 | 04/02/26 | 64798 |
| 216000 | 3.775 | 04/02/26 | 215328 |
| 36000 | 3.779 | 04/02/26 | 35888 |
| 221000 | 3.792 | 04/02/26 | 220312 |
| 598000 | 3.792 | 04/02/26 | 596139 |
| 546000 | 3.794 | 04/02/26 | 544301 |
| 112000 | 3.802 | 04/02/26 | 111651 |
| 156000 | 3.805 | 04/02/26 | 155515 |
| 403000 | 3.805 | 04/02/26 | 401746 |
| 65000 | 3.809 | 04/02/26 | 64798 |
| 312000 | 3.815 | 04/02/26 | 311029 |
| 52000 | 3.818 | 04/02/26 | 51838 |
| 59605400 | 3.819 | 04/02/26 | 59419906 |
| 39000 | 3.822 | 04/02/26 | 38879 |
| 156000 | 3.830 | 04/02/26 | 155515 |
| 91000 | 3.842 | 04/02/26 | 90717 |
| 540000 | 3.571 | 04/07/26 | 538050 |
| 22000 | 3.574 | 04/07/26 | 21921 |
| 44000 | 3.593 | 04/07/26 | 43841 |
| 24000 | 3.603 | 04/07/26 | 23913 |
| 36000 | 3.603 | 04/07/26 | 35870 |
| 168000 | 3.606 | 04/07/26 | 167393 |
| 216000 | 3.606 | 04/07/26 | 215220 |
| 72000 | 3.606 | 04/07/26 | 71740 |
| 84000 | 3.606 | 04/07/26 | 83697 |
| 36000 | 3.608 | 04/07/26 | 35870 |
| 276000 | 3.609 | 04/07/26 | 275003 |
| 323700 | 3.609 | 04/07/26 | 322531 |
| 108000 | 3.624 | 04/07/26 | 107610 |
| 72000 | 3.624 | 04/07/26 | 71740 |
| 396000 | 3.640 | 04/07/26 | 394570 |
| 156000 | 3.643 | 04/07/26 | 155437 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate<sup>(a)</sup>** | **Maturity**<br> **Date** | **Value** |
| U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) |
| U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) |
| $108000 | 3.643% | 04/07/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107610 |
| 156000 | 3.644 | 04/07/26 | 155437 |
| 648000 | 3.644 | 04/07/26 | 645660 |
| 1932000 | 3.644 | 04/07/26 | 1925022 |
| 876000 | 3.644 | 04/07/26 | 872836 |
| 132000 | 3.645 | 04/07/26 | 131523 |
| 33000 | 3.645 | 04/07/26 | 32881 |
| 33000 | 3.658 | 04/07/26 | 32881 |
| 55000 | 3.660 | 04/07/26 | 54801 |
| 99000 | 3.676 | 04/07/26 | 98642 |
| 44000 | 3.680 | 04/07/26 | 43841 |
| 15000 | 3.685 | 04/07/26 | 14946 |
| 242000 | 3.689 | 04/07/26 | 241126 |
| 33000 | 3.696 | 04/07/26 | 32881 |
| 72485500 | 3.704 | 04/07/26 | 72223706 |
| 36000 | 3.597 | 04/09/26 | 35863 |
| 540000 | 3.598 | 04/09/26 | 537939 |
| 24000 | 3.598 | 04/09/26 | 23908 |
| 384000 | 3.598 | 04/09/26 | 382535 |
| 24000 | 3.598 | 04/09/26 | 23908 |
| 48000 | 3.599 | 04/09/26 | 47817 |
| 299000 | 3.599 | 04/09/26 | 297859 |
| 819000 | 3.599 | 04/09/26 | 815875 |
| 72000 | 3.602 | 04/09/26 | 71725 |
| 132000 | 3.602 | 04/09/26 | 131496 |
| 168000 | 3.610 | 04/09/26 | 167359 |
| 72000 | 3.610 | 04/09/26 | 71725 |
| 216000 | 3.617 | 04/09/26 | 215176 |
| 84000 | 3.617 | 04/09/26 | 83679 |
| 36000 | 3.626 | 04/09/26 | 35863 |
| 24000 | 3.626 | 04/09/26 | 23908 |
| 156000 | 3.634 | 04/09/26 | 155405 |
| 108000 | 3.634 | 04/09/26 | 107588 |
| 108000 | 3.637 | 04/09/26 | 107588 |
| 72000 | 3.637 | 04/09/26 | 71725 |
| 96000 | 3.640 | 04/09/26 | 95634 |
| 300000 | 3.640 | 04/09/26 | 298855 |
| 132000 | 3.647 | 04/09/26 | 131496 |
| 876000 | 3.649 | 04/09/26 | 872657 |
| 1932000 | 3.649 | 04/09/26 | 1924627 |
| 156000 | 3.649 | 04/09/26 | 155405 |
| 648000 | 3.649 | 04/09/26 | 645527 |
| 60000 | 3.653 | 04/09/26 | 59771 |
| 36000 | 3.654 | 04/09/26 | 35863 |
| 36000 | 3.655 | 04/09/26 | 35863 |
| 264000 | 3.667 | 04/09/26 | 262993 |
| 48000 | 3.672 | 04/09/26 | 47817 |
| 36000 | 3.675 | 04/09/26 | 35863 |
| 16000 | 3.685 | 04/09/26 | 15939 |
| 108000 | 3.692 | 04/09/26 | 107588 |
| 250000000 | 3.693 | 04/09/26 | 249045978 |
| 72405800 | 3.822 | 04/09/26 | 72129493 |
| 540000 | 3.581 | 04/14/26 | 537671 |
| 44000 | 3.585 | 04/14/26 | 43810 |
| 22000 | 3.587 | 04/14/26 | 21905 |
| 73304500 | 3.600 | 04/14/26 | 72988284 |
| 60000 | 3.622 | 04/14/26 | 59741 |
| 216000 | 3.626 | 04/14/26 | 215068 |
| 84000 | 3.626 | 04/14/26 | 83638 |

---

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **73** |

---

------

GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF

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

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate<sup>(a)</sup>** | **Maturity**<br> **Date** | **Value** |
| U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) |
| U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) |
| $72000 | 3.631% | 04/14/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71689 |
| 108000 | 3.631 | 04/14/26 | 107534 |
| 55000 | 3.635 | 04/14/26 | 54763 |
| 33000 | 3.637 | 04/14/26 | 32858 |
| 33000 | 3.642 | 04/14/26 | 32858 |
| 96000 | 3.642 | 04/14/26 | 95586 |
| 300000 | 3.642 | 04/14/26 | 298706 |
| 33000 | 3.651 | 04/14/26 | 32858 |
| 132000 | 3.651 | 04/14/26 | 131431 |
| 108000 | 3.652 | 04/14/26 | 107534 |
| 156000 | 3.652 | 04/14/26 | 155327 |
| 242000 | 3.654 | 04/14/26 | 240956 |
| 876000 | 3.656 | 04/14/26 | 872221 |
| 648000 | 3.656 | 04/14/26 | 645205 |
| 1932000 | 3.656 | 04/14/26 | 1923666 |
| 156000 | 3.656 | 04/14/26 | 155327 |
| 15000 | 3.678 | 04/14/26 | 14935 |
| 99000 | 3.686 | 04/14/26 | 98573 |
| 44000 | 3.688 | 04/14/26 | 43810 |
| 80000000 | 3.690 | 04/14/26 | 79654901 |
| 24000 | 3.585 | 04/16/26 | 23891 |
| 192000 | 3.590 | 04/16/26 | 191131 |
| 216000 | 3.590 | 04/16/26 | 215022 |
| 585000 | 3.591 | 04/16/26 | 582352 |
| 143000 | 3.600 | 04/16/26 | 142353 |
| 78000 | 3.600 | 04/16/26 | 77647 |
| 78000 | 3.602 | 04/16/26 | 77647 |
| 182000 | 3.602 | 04/16/26 | 181176 |
| 48000 | 3.603 | 04/16/26 | 47783 |
| 39000 | 3.607 | 04/16/26 | 38823 |
| 819000 | 3.609 | 04/16/26 | 815293 |
| 299000 | 3.609 | 04/16/26 | 297647 |
| 130000 | 3.614 | 04/16/26 | 129412 |
| 78000 | 3.614 | 04/16/26 | 77647 |
| 65000 | 3.615 | 04/16/26 | 64706 |
| 52000 | 3.625 | 04/16/26 | 51765 |
| 91000 | 3.639 | 04/16/26 | 90588 |
| 234000 | 3.639 | 04/16/26 | 232941 |
| 75000 | 3.641 | 04/16/26 | 74661 |
| 45000 | 3.642 | 04/16/26 | 44796 |
| 15281500 | 3.642 | 04/16/26 | 15212341 |
| 135000 | 3.644 | 04/16/26 | 134389 |
| 90000 | 3.645 | 04/16/26 | 89593 |
| 375000 | 3.648 | 04/16/26 | 373303 |
| 120000 | 3.648 | 04/16/26 | 119457 |
| 75000 | 3.650 | 04/16/26 | 74661 |
| 135000 | 3.650 | 04/16/26 | 134389 |
| 195000 | 3.650 | 04/16/26 | 194117 |
| 45000 | 3.652 | 04/16/26 | 44796 |
| 2415000 | 3.653 | 04/16/26 | 2404071 |
| 1095000 | 3.653 | 04/16/26 | 1090044 |
| 810000 | 3.653 | 04/16/26 | 806334 |
| 195000 | 3.653 | 04/16/26 | 194117 |
| 330000 | 3.654 | 04/16/26 | 328507 |
| 45000 | 3.656 | 04/16/26 | 44796 |
| 165000 | 3.658 | 04/16/26 | 164253 |
| 60000 | 3.670 | 04/16/26 | 59728 |
| 360000 | 3.681 | 04/16/26 | 358371 |
| 20000 | 3.682 | 04/16/26 | 19909 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate<sup>(a)</sup>** | **Maturity**<br> **Date** | **Value** |
| U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) |
| U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) |
| $135000 | 3.689% | 04/16/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134389 |
| 24000 | 3.722 | 04/16/26 | 23891 |
| 96000 | 3.722 | 04/16/26 | 95566 |
| 108000 | 3.740 | 04/16/26 | 107511 |
| 36000 | 3.758 | 04/16/26 | 35837 |
| 216000 | 3.772 | 04/16/26 | 215022 |
| 65000 | 3.780 | 04/16/26 | 64706 |
| 598000 | 3.790 | 04/16/26 | 595294 |
| 112000 | 3.795 | 04/16/26 | 111493 |
| 351000 | 3.798 | 04/16/26 | 349411 |
| 195000 | 3.798 | 04/16/26 | 194117 |
| 104000 | 3.802 | 04/16/26 | 103529 |
| 117000 | 3.802 | 04/16/26 | 116471 |
| 39000 | 3.809 | 04/16/26 | 38824 |
| 52000 | 3.811 | 04/16/26 | 51765 |
| 156000 | 3.813 | 04/16/26 | 155294 |
| 403000 | 3.813 | 04/16/26 | 401176 |
| 65000 | 3.815 | 04/16/26 | 64706 |
| 73282600 | 3.818 | 04/16/26 | 72950948 |
| 91000 | 3.819 | 04/16/26 | 90588 |
| 312000 | 3.823 | 04/16/26 | 310588 |
| 156000 | 3.831 | 04/16/26 | 155294 |
| 249580000 | 3.690 | 04/21/26 | 248329578 |
| 540000 | 3.577 | 04/23/26 | 537192 |
| 24000 | 3.582 | 04/23/26 | 23875 |
| 384000 | 3.582 | 04/23/26 | 382003 |
| 39000 | 3.592 | 04/23/26 | 38797 |
| 24000 | 3.593 | 04/23/26 | 23875 |
| 819000 | 3.594 | 04/23/26 | 814741 |
| 299000 | 3.594 | 04/23/26 | 297445 |
| 132000 | 3.594 | 04/23/26 | 131314 |
| 72000 | 3.594 | 04/23/26 | 71626 |
| 182000 | 3.597 | 04/23/26 | 181054 |
| 78000 | 3.597 | 04/23/26 | 77594 |
| 84000 | 3.606 | 04/23/26 | 83563 |
| 216000 | 3.606 | 04/23/26 | 214877 |
| 48000 | 3.611 | 04/23/26 | 47750 |
| 108000 | 3.635 | 04/23/26 | 107438 |
| 72000 | 3.635 | 04/23/26 | 71626 |
| 36000 | 3.648 | 04/23/26 | 35813 |
| 36000 | 3.649 | 04/23/26 | 35813 |
| 36000 | 3.651 | 04/23/26 | 35813 |
| 132000 | 3.653 | 04/23/26 | 131314 |
| 60000 | 3.653 | 04/23/26 | 59688 |
| 24000 | 3.654 | 04/23/26 | 23875 |
| 36000 | 3.654 | 04/23/26 | 35813 |
| 264000 | 3.659 | 04/23/26 | 262627 |
| 108000 | 3.663 | 04/23/26 | 107438 |
| 156000 | 3.663 | 04/23/26 | 155189 |
| 96000 | 3.668 | 04/23/26 | 95501 |
| 300000 | 3.669 | 04/23/26 | 298440 |
| 1932000 | 3.670 | 04/23/26 | 1921953 |
| 156000 | 3.670 | 04/23/26 | 155189 |
| 876000 | 3.670 | 04/23/26 | 871445 |
| 648000 | 3.670 | 04/23/26 | 644630 |
| 16000 | 3.671 | 04/23/26 | 15917 |
| 48000 | 3.678 | 04/23/26 | 47750 |
| 108000 | 3.703 | 04/23/26 | 107438 |
| 65000 | 3.769 | 04/23/26 | 64662 |

---

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

---

| | |
|:---|:---|
| 74 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF

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

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate<sup>(a)</sup>** | **Maturity**<br> **Date** | **Value** |
| U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) |  |
| U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) |  |
| $161200 | 3.775% | 04/23/26 | $160362 |
| 598000 | 3.790 | 04/23/26 | 594890 |
| 112000 | 3.795 | 04/23/26 | 111418 |
| 221000 | 3.795 | 04/23/26 | 219851 |
| 351000 | 3.797 | 04/23/26 | 349175 |
| 195000 | 3.797 | 04/23/26 | 193986 |
| 156000 | 3.808 | 04/23/26 | 155189 |
| 403000 | 3.808 | 04/23/26 | 400904 |
| 65000 | 3.812 | 04/23/26 | 64662 |
| 52000 | 3.813 | 04/23/26 | 51730 |
| 91000 | 3.816 | 04/23/26 | 90527 |
| 39000 | 3.816 | 04/23/26 | 38797 |
| 312000 | 3.818 | 04/23/26 | 310378 |
| 23679100 | 3.822 | 04/23/26 | 23555962 |
| 50000000 | 3.822 | 04/23/26 | 49739987 |
| 156000 | 3.836 | 04/23/26 | 155189 |
| 675000 | 3.574 | 04/28/26 | 671134 |
| 30000 | 3.609 | 04/28/26 | 29828 |
| 60000 | 3.616 | 04/28/26 | 59656 |
| 50000000 | 3.616 | 04/28/26 | 49713644 |
| 47939000 | 3.616 | 04/28/26 | 47664447 |
| 270000 | 3.621 | 04/28/26 | 268454 |
| 105000 | 3.621 | 04/28/26 | 104399 |
| 45000 | 3.626 | 04/28/26 | 44742 |
| 45000 | 3.628 | 04/28/26 | 44742 |
| 45000 | 3.635 | 04/28/26 | 44742 |
| 330000 | 3.635 | 04/28/26 | 328110 |
| 225000 | 3.636 | 04/28/26 | 223711 |
| 2415000 | 3.638 | 04/28/26 | 2401169 |
| 1095000 | 3.638 | 04/28/26 | 1088729 |
| 810000 | 3.638 | 04/28/26 | 805361 |
| 195000 | 3.638 | 04/28/26 | 193883 |
| 30000 | 3.638 | 04/28/26 | 29828 |
| 45000 | 3.638 | 04/28/26 | 44742 |
| 120000 | 3.642 | 04/28/26 | 119313 |
| 375000 | 3.642 | 04/28/26 | 372852 |
| 135000 | 3.645 | 04/28/26 | 134227 |
| 195000 | 3.645 | 04/28/26 | 193883 |
| 60000 | 3.650 | 04/28/26 | 59656 |
| 165000 | 3.652 | 04/28/26 | 164055 |
| 75000 | 3.654 | 04/28/26 | 74570 |
| 135000 | 3.658 | 04/28/26 | 134227 |
| 21000 | 3.668 | 04/28/26 | 20880 |
| 585000 | 3.577 | 04/30/26 | 581531 |
| 26000 | 3.579 | 04/30/26 | 25846 |
| 208000 | 3.579 | 04/30/26 | 206767 |
| 208000 | 3.579 | 04/30/26 | 206767 |
| 78000 | 3.589 | 04/30/26 | 77538 |
| 143000 | 3.589 | 04/30/26 | 142152 |
| 182000 | 3.594 | 04/30/26 | 180921 |
| 78000 | 3.594 | 04/30/26 | 77538 |
| 24000 | 3.596 | 04/30/26 | 23858 |
| 819000 | 3.604 | 04/30/26 | 814144 |
| 299000 | 3.604 | 04/30/26 | 297227 |
| 52000 | 3.605 | 04/30/26 | 51692 |
| 39000 | 3.607 | 04/30/26 | 38769 |
| 48000 | 3.611 | 04/30/26 | 47715 |
| 91000 | 3.614 | 04/30/26 | 90460 |
| 234000 | 3.614 | 04/30/26 | 232613 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate<sup>(a)</sup>** | **Maturity**<br> **Date** | **Value** |
| U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) |
| U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) |
| $208000 | 3.616% | 04/30/26 | $206767 |
| 65000 | 3.616 | 04/30/26 | 64615 |
| 117000 | 3.624 | 04/30/26 | 116306 |
| 78000 | 3.624 | 04/30/26 | 77538 |
| 169000 | 3.639 | 04/30/26 | 167998 |
| 2093000 | 3.639 | 04/30/26 | 2080590 |
| 702000 | 3.639 | 04/30/26 | 697838 |
| 949000 | 3.639 | 04/30/26 | 943373 |
| 65000 | 3.639 | 04/30/26 | 64615 |
| 36000 | 3.641 | 04/30/26 | 35787 |
| 104000 | 3.643 | 04/30/26 | 103383 |
| 325000 | 3.643 | 04/30/26 | 323073 |
| 286000 | 3.646 | 04/30/26 | 284304 |
| 36000 | 3.654 | 04/30/26 | 35787 |
| 143000 | 3.655 | 04/30/26 | 142152 |
| 36000 | 3.659 | 04/30/26 | 35787 |
| 264000 | 3.659 | 04/30/26 | 262435 |
| 60000 | 3.665 | 04/30/26 | 59644 |
| 390000 | 3.674 | 04/30/26 | 387688 |
| 48000 | 3.681 | 04/30/26 | 47715 |
| 17000 | 3.683 | 04/30/26 | 16899 |
| 108000 | 3.690 | 04/30/26 | 107360 |
| 24000 | 3.721 | 04/30/26 | 23858 |
| 96000 | 3.721 | 04/30/26 | 95431 |
| 108000 | 3.753 | 04/30/26 | 107360 |
| 65000 | 3.760 | 04/30/26 | 64615 |
| 598000 | 3.771 | 04/30/26 | 594454 |
| 36000 | 3.781 | 04/30/26 | 35787 |
| 216000 | 3.782 | 04/30/26 | 214719 |
| 195000 | 3.789 | 04/30/26 | 193844 |
| 351000 | 3.789 | 04/30/26 | 348919 |
| 112000 | 3.797 | 04/30/26 | 111336 |
| 117000 | 3.797 | 04/30/26 | 116306 |
| 104000 | 3.797 | 04/30/26 | 103383 |
| 65000 | 3.807 | 04/30/26 | 64615 |
| 39000 | 3.809 | 04/30/26 | 38769 |
| 52000 | 3.810 | 04/30/26 | 51692 |
| 156000 | 3.810 | 04/30/26 | 155075 |
| 403000 | 3.810 | 04/30/26 | 400610 |
| 73667900 | 3.815 | 04/30/26 | 73231101 |
| 312000 | 3.821 | 04/30/26 | 310150 |
| 91000 | 3.824 | 04/30/26 | 90460 |
| 156000 | 3.826 | 04/30/26 | 155075 |
| 416000 | 3.559 | 05/07/26 | 413259 |
| 26000 | 3.559 | 05/07/26 | 25829 |
| 39000 | 3.571 | 05/07/26 | 38743 |
| 78000 | 3.571 | 05/07/26 | 77486 |
| 143000 | 3.571 | 05/07/26 | 142058 |
| 299000 | 3.572 | 05/07/26 | 297030 |
| 819000 | 3.572 | 05/07/26 | 813604 |
| 585000 | 3.574 | 05/07/26 | 581146 |
| 78000 | 3.578 | 05/07/26 | 77486 |
| 182000 | 3.578 | 05/07/26 | 180801 |
| 52000 | 3.586 | 05/07/26 | 51657 |
| 24000 | 3.587 | 05/07/26 | 23842 |
| 130000 | 3.601 | 05/07/26 | 129144 |
| 78000 | 3.601 | 05/07/26 | 77486 |
| 65000 | 3.601 | 05/07/26 | 64572 |
| 52000 | 3.603 | 05/07/26 | 51657 |

---

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **75** |

---

------

GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF

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

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate<sup>(a)</sup>** | **Maturity**<br> **Date** | **Value** |
| U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) |
| U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) |
| $234000 | 3.625% | 05/07/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232458 |
| 91000 | 3.625 | 05/07/26 | 90400 |
| 169000 | 3.630 | 05/07/26 | 167887 |
| 117000 | 3.630 | 05/07/26 | 116229 |
| 325000 | 3.632 | 05/07/26 | 322859 |
| 104000 | 3.632 | 05/07/26 | 103315 |
| 39000 | 3.633 | 05/07/26 | 38743 |
| 26000 | 3.633 | 05/07/26 | 25829 |
| 949000 | 3.638 | 05/07/26 | 942748 |
| 702000 | 3.638 | 05/07/26 | 697375 |
| 2093000 | 3.638 | 05/07/26 | 2079211 |
| 169000 | 3.638 | 05/07/26 | 167887 |
| 78000 | 3.644 | 05/07/26 | 77486 |
| 117000 | 3.644 | 05/07/26 | 116229 |
| 143000 | 3.652 | 05/07/26 | 142058 |
| 17000 | 3.660 | 05/07/26 | 16888 |
| 36000 | 3.661 | 05/07/26 | 35763 |
| 390000 | 3.661 | 05/07/26 | 387431 |
| 48000 | 3.668 | 05/07/26 | 47684 |
| 36000 | 3.671 | 05/07/26 | 35763 |
| 36000 | 3.671 | 05/07/26 | 35763 |
| 264000 | 3.674 | 05/07/26 | 262261 |
| 60000 | 3.676 | 05/07/26 | 59605 |
| 108000 | 3.680 | 05/07/26 | 107288 |
| 120000 | 3.726 | 05/07/26 | 119209 |
| 108000 | 3.771 | 05/07/26 | 107288 |
| 30000000 | 3.778 | 05/07/26 | 29802350 |
| 47173000 | 3.778 | 05/07/26 | 46862208 |
| 36000 | 3.784 | 05/07/26 | 35763 |
| 42000 | 3.639 | 05/12/26 | 41704 |
| 308000 | 3.645 | 05/12/26 | 305828 |
| 42000 | 3.648 | 05/12/26 | 41704 |
| 42000 | 3.650 | 05/12/26 | 41704 |
| 19000 | 3.658 | 05/12/26 | 18866 |
| 48900000 | 3.659 | 05/12/26 | 48555214 |
| 50000000 | 3.659 | 05/12/26 | 49647458 |
| 70000 | 3.659 | 05/12/26 | 69506 |
| 126000 | 3.664 | 05/12/26 | 125112 |
| 56000 | 3.665 | 05/12/26 | 55605 |
| 56000 | 3.551 | 05/14/26 | 55593 |
| 448000 | 3.551 | 05/14/26 | 444745 |
| 448000 | 3.551 | 05/14/26 | 444745 |
| 667000 | 3.553 | 05/14/26 | 662154 |
| 1827000 | 3.553 | 05/14/26 | 1813727 |
| 112000 | 3.565 | 05/14/26 | 111186 |
| 1305000 | 3.566 | 05/14/26 | 1295519 |
| 174000 | 3.570 | 05/14/26 | 172736 |
| 406000 | 3.570 | 05/14/26 | 403050 |
| 87000 | 3.573 | 05/14/26 | 86368 |
| 319000 | 3.575 | 05/14/26 | 316682 |
| 174000 | 3.575 | 05/14/26 | 172736 |
| 56000 | 3.584 | 05/14/26 | 55593 |
| 112000 | 3.595 | 05/14/26 | 111186 |
| 588000 | 3.600 | 05/14/26 | 583728 |
| 203000 | 3.602 | 05/14/26 | 201525 |
| 522000 | 3.602 | 05/14/26 | 518208 |
| 84000 | 3.612 | 05/14/26 | 83390 |
| 56000 | 3.612 | 05/14/26 | 55593 |
| 224000 | 3.619 | 05/14/26 | 222373 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate<sup>(a)</sup>** | **Maturity**<br> **Date** | **Value** |
| U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) |
| U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) |
| $700000 | 3.619% | 05/14/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694915 |
| 252000 | 3.621 | 05/14/26 | 250169 |
| 168000 | 3.622 | 05/14/26 | 166779 |
| 364000 | 3.630 | 05/14/26 | 361356 |
| 1512000 | 3.630 | 05/14/26 | 1501015 |
| 2044000 | 3.630 | 05/14/26 | 2029150 |
| 4508000 | 3.630 | 05/14/26 | 4475250 |
| 364000 | 3.630 | 05/14/26 | 361356 |
| 252000 | 3.630 | 05/14/26 | 250169 |
| 308000 | 3.635 | 05/14/26 | 305762 |
| 84000 | 3.637 | 05/14/26 | 83390 |
| 84000 | 3.649 | 05/14/26 | 83390 |
| 140000 | 3.652 | 05/14/26 | 138983 |
| 38000 | 3.660 | 05/14/26 | 37724 |
| 252000 | 3.664 | 05/14/26 | 250169 |
| 112000 | 3.666 | 05/14/26 | 111186 |
| 840000 | 3.668 | 05/14/26 | 833897 |
| 84000 | 3.669 | 05/14/26 | 83390 |
| 616000 | 3.672 | 05/14/26 | 611525 |
| 224000 | 3.713 | 05/14/26 | 222373 |
| 56000 | 3.713 | 05/14/26 | 55593 |
| 252000 | 3.736 | 05/14/26 | 250169 |
| 145000 | 3.763 | 05/14/26 | 143947 |
| 1334000 | 3.769 | 05/14/26 | 1324309 |
| 480000 | 3.773 | 05/14/26 | 476513 |
| 84000 | 3.780 | 05/14/26 | 83390 |
| 87000 | 3.796 | 05/14/26 | 86368 |
| 348000 | 3.800 | 05/14/26 | 345472 |
| 899000 | 3.800 | 05/14/26 | 892469 |
| 21711000 | 3.804 | 05/14/26 | 21553270 |
| 348000 | 3.828 | 05/14/26 | 345472 |
| 148825000 | 3.831 | 05/14/26 | 147743792 |
| 19000 | 3.639 | 05/19/26 | 18853 |
| 42000 | 3.644 | 05/19/26 | 41676 |
| 23688000 | 3.645 | 05/19/26 | 23505112 |
| 42000 | 3.653 | 05/19/26 | 41676 |
| 42000 | 3.653 | 05/19/26 | 41676 |
| 308000 | 3.663 | 05/19/26 | 305622 |
| 126000 | 3.664 | 05/19/26 | 125027 |
| 75000000 | 3.664 | 05/19/26 | 74420948 |
| 70000 | 3.666 | 05/19/26 | 69460 |
| 56000 | 3.668 | 05/19/26 | 55568 |
| 37091000 | 3.787 | 05/21/26 | 36796184 |
| 42000 | 3.642 | 05/26/26 | 41646 |
| 42000 | 3.648 | 05/26/26 | 41646 |
| 308000 | 3.650 | 05/26/26 | 305407 |
| 19000 | 3.652 | 05/26/26 | 18840 |
| 126000 | 3.657 | 05/26/26 | 124939 |
| 42000 | 3.661 | 05/26/26 | 41646 |
| 98900000 | 3.662 | 05/26/26 | 98067254 |
| 70000 | 3.663 | 05/26/26 | 69411 |
| 56000 | 3.670 | 05/26/26 | 55528 |
| 26000 | 3.569 | 05/28/26 | 25775 |
| 416000 | 3.569 | 05/28/26 | 412403 |
| 39000 | 3.573 | 05/28/26 | 38663 |
| 299000 | 3.577 | 05/28/26 | 296414 |
| 819000 | 3.577 | 05/28/26 | 811918 |
| 52000 | 3.580 | 05/28/26 | 51550 |
| 143000 | 3.583 | 05/28/26 | 141763 |

---

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

---

| | |
|:---|:---|
| 76 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF

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

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate<sup>(a)</sup>** | **Maturity**<br> **Date** | **Value** |
| U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) |
| U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) |
| $78000 | 3.583% | 05/28/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77326 |
| 78000 | 3.586 | 05/28/26 | 77326 |
| 182000 | 3.586 | 05/28/26 | 180426 |
| 585000 | 3.591 | 05/28/26 | 579941 |
| 24000 | 3.594 | 05/28/26 | 23792 |
| 52000 | 3.595 | 05/28/26 | 51550 |
| 234000 | 3.601 | 05/28/26 | 231977 |
| 91000 | 3.601 | 05/28/26 | 90213 |
| 130000 | 3.611 | 05/28/26 | 128876 |
| 143000 | 3.611 | 05/28/26 | 141763 |
| 26000 | 3.625 | 05/28/26 | 25775 |
| 39000 | 3.625 | 05/28/26 | 38663 |
| 117000 | 3.626 | 05/28/26 | 115988 |
| 78000 | 3.626 | 05/28/26 | 77326 |
| 169000 | 3.628 | 05/28/26 | 167539 |
| 117000 | 3.628 | 05/28/26 | 115988 |
| 2093000 | 3.629 | 05/28/26 | 2074901 |
| 702000 | 3.629 | 05/28/26 | 695930 |
| 949000 | 3.629 | 05/28/26 | 940794 |
| 169000 | 3.629 | 05/28/26 | 167539 |
| 104000 | 3.630 | 05/28/26 | 103101 |
| 143000 | 3.630 | 05/28/26 | 141763 |
| 325000 | 3.630 | 05/28/26 | 322190 |
| 36000 | 3.637 | 05/28/26 | 35689 |
| 36000 | 3.649 | 05/28/26 | 35689 |
| 60000 | 3.651 | 05/28/26 | 59481 |
| 36000 | 3.652 | 05/28/26 | 35689 |
| 390000 | 3.653 | 05/28/26 | 386628 |
| 48000 | 3.656 | 05/28/26 | 47585 |
| 264000 | 3.664 | 05/28/26 | 261717 |
| 108000 | 3.664 | 05/28/26 | 107066 |
| 17000 | 3.671 | 05/28/26 | 16853 |
| 312500000 | 3.676 | 05/28/26 | 309797742 |
| 24000 | 3.724 | 05/28/26 | 23792 |
| 96000 | 3.724 | 05/28/26 | 95170 |
| 108000 | 3.755 | 05/28/26 | 107066 |
| 36000 | 3.779 | 05/28/26 | 35689 |
| 26621000 | 3.783 | 05/28/26 | 26390802 |
| 50000000 | 3.783 | 05/28/26 | 49567639 |
| 675000 | 3.562 | 06/04/26 | 668708 |
| 97941000 | 3.566 | 06/04/26 | 97028060 |
| 60000 | 3.571 | 06/04/26 | 59441 |
| 30000 | 3.573 | 06/04/26 | 29720 |
| 105000 | 3.593 | 06/04/26 | 104021 |
| 270000 | 3.593 | 06/04/26 | 267483 |
| 195000 | 3.600 | 06/04/26 | 193182 |
| 135000 | 3.600 | 06/04/26 | 133742 |
| 45000 | 3.605 | 06/04/26 | 44581 |
| 30000 | 3.605 | 06/04/26 | 29720 |
| 195000 | 3.611 | 06/04/26 | 193182 |
| 810000 | 3.611 | 06/04/26 | 802450 |
| 3510000 | 3.611 | 06/04/26 | 3477282 |
| 375000 | 3.617 | 06/04/26 | 371505 |
| 120000 | 3.617 | 06/04/26 | 118881 |
| 165000 | 3.620 | 06/04/26 | 163462 |
| 225000 | 3.621 | 06/04/26 | 222903 |
| 45000 | 3.632 | 06/04/26 | 44581 |
| 21000 | 3.635 | 06/04/26 | 20804 |
| 45000 | 3.641 | 06/04/26 | 44581 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate<sup>(a)</sup>** | **Maturity**<br> **Date** | **Value** |
| U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) |
| U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) |
| $75000 | 3.648% | 06/04/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74301 |
| 45000 | 3.659 | 06/04/26 | 44581 |
| 330000 | 3.662 | 06/04/26 | 326924 |
| 60000 | 3.663 | 06/04/26 | 59441 |
| 135000 | 3.667 | 06/04/26 | 133742 |
| 25092000 | 3.566 | 06/11/26 | 24841340 |
| 675000 | 3.570 | 06/18/26 | 667784 |
| 30000 | 3.582 | 06/18/26 | 29679 |
| 105000 | 3.589 | 06/18/26 | 103878 |
| 270000 | 3.589 | 06/18/26 | 267114 |
| 60000 | 3.595 | 06/18/26 | 59359 |
| 32551400 | 3.604 | 06/18/26 | 32203412 |
| 50000000 | 3.604 | 06/18/26 | 49465480 |
| 15389300 | 3.605 | 06/18/26 | 15224782 |
| 30000 | 3.607 | 06/18/26 | 29679 |
| 45000 | 3.607 | 06/18/26 | 44519 |
| 135000 | 3.609 | 06/18/26 | 133557 |
| 195000 | 3.609 | 06/18/26 | 192915 |
| 375000 | 3.611 | 06/18/26 | 370991 |
| 120000 | 3.611 | 06/18/26 | 118717 |
| 90000 | 3.616 | 06/18/26 | 89038 |
| 135000 | 3.616 | 06/18/26 | 133557 |
| 810000 | 3.616 | 06/18/26 | 801341 |
| 2415000 | 3.616 | 06/18/26 | 2389183 |
| 1095000 | 3.616 | 06/18/26 | 1083294 |
| 195000 | 3.616 | 06/18/26 | 192915 |
| 165000 | 3.622 | 06/18/26 | 163236 |
| 45000 | 3.643 | 06/18/26 | 44519 |
| 45000 | 3.643 | 06/18/26 | 44519 |
| 75000 | 3.646 | 06/18/26 | 74198 |
| 45000 | 3.654 | 06/18/26 | 44519 |
| 21000 | 3.661 | 06/18/26 | 20776 |
| 330000 | 3.664 | 06/18/26 | 326472 |
| 60000 | 3.671 | 06/18/26 | 59359 |
| 135000 | 3.674 | 06/18/26 | 133557 |
| 10000 | 3.670 | 06/23/26 | 9888 |
| 49300000 | 3.678 | 06/23/26 | 48747708 |
| 250000000 | 3.680 | 06/23/26 | 247199331 |
| 50000000 | 3.680 | 06/23/26 | 49439866 |
| 540000 | 3.581 | 07/02/26 | 533484 |
| 73447000 | 3.584 | 07/02/26 | 72560788 |
| 216000 | 3.590 | 07/02/26 | 213394 |
| 84000 | 3.590 | 07/02/26 | 82986 |
| 60000 | 3.612 | 07/02/26 | 59276 |
| 108000 | 3.613 | 07/02/26 | 106697 |
| 156000 | 3.613 | 07/02/26 | 154118 |
| 108000 | 3.614 | 07/02/26 | 106697 |
| 72000 | 3.614 | 07/02/26 | 71131 |
| 156000 | 3.621 | 07/02/26 | 154118 |
| 876000 | 3.621 | 07/02/26 | 865430 |
| 1932000 | 3.621 | 07/02/26 | 1908688 |
| 648000 | 3.621 | 07/02/26 | 640181 |
| 300000 | 3.621 | 07/02/26 | 296380 |
| 96000 | 3.621 | 07/02/26 | 94842 |
| 132000 | 3.622 | 07/02/26 | 130407 |
| 33000 | 3.624 | 07/02/26 | 32602 |
| 242000 | 3.626 | 07/02/26 | 239080 |
| 33000 | 3.631 | 07/02/26 | 32602 |
| 33000 | 3.635 | 07/02/26 | 32602 |

---

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **77** |

---

------

GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF

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

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate<sup>(a)</sup>** | **Maturity**<br> **Date** | **Value** |
| U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) |  |
| U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) |  |
| $44000 | 3.637% | 07/02/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43469 |
| 55000 | 3.651 | 07/02/26 | 54336 |
| 99000 | 3.653 | 07/02/26 | 97805 |
| 15000 | 3.656 | 07/02/26 | 14819 |
| 33000 | 3.608 | 07/09/26 | 32580 |
| 33000 | 3.617 | 07/09/26 | 32580 |
| 242000 | 3.617 | 07/09/26 | 238921 |
| 44000 | 3.632 | 07/09/26 | 43440 |
| 15000 | 3.634 | 07/09/26 | 14809 |
| 74135000 | 3.640 | 07/09/26 | 73191724 |
| 33000 | 3.641 | 07/09/26 | 32580 |
| 99000 | 3.644 | 07/09/26 | 97740 |
| 55000 | 3.648 | 07/09/26 | 54300 |
| 33000 | 3.606 | 07/16/26 | 32559 |
| 242000 | 3.614 | 07/16/26 | 238768 |
| 33000 | 3.623 | 07/16/26 | 32559 |
| 44000 | 3.629 | 07/16/26 | 43412 |
| 15000 | 3.631 | 07/16/26 | 14800 |
| 55000 | 3.633 | 07/16/26 | 54265 |
| 33000 | 3.635 | 07/16/26 | 32559 |
| 99000 | 3.636 | 07/16/26 | 97678 |
| 74135000 | 3.639 | 07/16/26 | 73144863 |
| 33000 | 3.600 | 07/23/26 | 32538 |
| 242000 | 3.612 | 07/23/26 | 238613 |
| 33000 | 3.615 | 07/23/26 | 32538 |
| 15000 | 3.623 | 07/23/26 | 14790 |
| 44000 | 3.627 | 07/23/26 | 43384 |
| 33000 | 3.633 | 07/23/26 | 32538 |
| 55000 | 3.635 | 07/23/26 | 54230 |
| 99000 | 3.638 | 07/23/26 | 97614 |
| 25000000 | 3.639 | 07/23/26 | 24650111 |
| 49135000 | 3.639 | 07/23/26 | 48447328 |
| 33000 | 3.590 | 07/30/26 | 32516 |
| 242000 | 3.602 | 07/30/26 | 238450 |
| 33000 | 3.604 | 07/30/26 | 32516 |
| 15000 | 3.616 | 07/30/26 | 14780 |
| 44000 | 3.621 | 07/30/26 | 43354 |
| 55000 | 3.632 | 07/30/26 | 54193 |
| 99000 | 3.636 | 07/30/26 | 97548 |
| 33000 | 3.637 | 07/30/26 | 32516 |
| 25000000 | 3.641 | 07/30/26 | 24633235 |
| 49135000 | 3.641 | 07/30/26 | 48414160 |
| 16000 | 3.504 | 08/06/26 | 15755 |
| 48000 | 3.512 | 08/06/26 | 47266 |
| 88000 | 3.512 | 08/06/26 | 86654 |
| 32000 | 3.514 | 08/06/26 | 31510 |
| 24000 | 3.516 | 08/06/26 | 23633 |
| 16000 | 3.517 | 08/06/26 | 15755 |
| 128000 | 3.517 | 08/06/26 | 126042 |
| 128000 | 3.517 | 08/06/26 | 126042 |
| 112000 | 3.521 | 08/06/26 | 110287 |
| 48000 | 3.521 | 08/06/26 | 47266 |
| 184000 | 3.524 | 08/06/26 | 181185 |
| 504000 | 3.524 | 08/06/26 | 496289 |
| 48000 | 3.539 | 08/06/26 | 47266 |
| 360000 | 3.541 | 08/06/26 | 354492 |
| 56000 | 3.550 | 08/06/26 | 55143 |
| 144000 | 3.550 | 08/06/26 | 141797 |
| 120000 | 3.555 | 08/06/26 | 118164 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate<sup>(a)</sup>** | **Maturity**<br> **Date** | **Value** |
| U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) |
| U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) |
| $24000 | 3.582% | 08/06/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23633 |
| 16000 | 3.582 | 08/06/26 | 15755 |
| 72000 | 3.590 | 08/06/26 | 70898 |
| 104000 | 3.590 | 08/06/26 | 102409 |
| 104000 | 3.595 | 08/06/26 | 102409 |
| 584000 | 3.595 | 08/06/26 | 575065 |
| 1288000 | 3.595 | 08/06/26 | 1268295 |
| 432000 | 3.595 | 08/06/26 | 425391 |
| 200000 | 3.597 | 08/06/26 | 196940 |
| 64000 | 3.597 | 08/06/26 | 63021 |
| 24000 | 3.598 | 08/06/26 | 23633 |
| 88000 | 3.606 | 08/06/26 | 86654 |
| 32000 | 3.613 | 08/06/26 | 31510 |
| 24000 | 3.613 | 08/06/26 | 23633 |
| 176000 | 3.614 | 08/06/26 | 173307 |
| 72000 | 3.616 | 08/06/26 | 70898 |
| 11000 | 3.627 | 08/06/26 | 10832 |
| 37500000 | 3.633 | 08/06/26 | 36926293 |
| 24000 | 3.634 | 08/06/26 | 23633 |
| 40000 | 3.642 | 08/06/26 | 39388 |
| 51638600 | 3.889 | 08/06/26 | 50848588 |
| 94844000 | 3.636 | 08/13/26 | 93328096 |
| 94844000 | 3.629 | 08/20/26 | 93265760 |
| 94844000 | 3.636 | 08/27/26 | 93199368 |
| 18000 | 3.494 | 10/01/26 | 17634 |
| 36000 | 3.503 | 10/01/26 | 35268 |
| 567000 | 3.514 | 10/01/26 | 555475 |
| 207000 | 3.514 | 10/01/26 | 202792 |
| 18000 | 3.517 | 10/01/26 | 17634 |
| 144000 | 3.517 | 10/01/26 | 141073 |
| 144000 | 3.517 | 10/01/26 | 141073 |
| 27000 | 3.519 | 10/01/26 | 26451 |
| 27000 | 3.520 | 10/01/26 | 26451 |
| 99000 | 3.520 | 10/01/26 | 96988 |
| 54000 | 3.520 | 10/01/26 | 52902 |
| 36000 | 3.522 | 10/01/26 | 35268 |
| 126000 | 3.526 | 10/01/26 | 123439 |
| 54000 | 3.526 | 10/01/26 | 52902 |
| 198000 | 3.526 | 10/01/26 | 193975 |
| 405000 | 3.528 | 10/01/26 | 396768 |
| 63000 | 3.529 | 10/01/26 | 61719 |
| 162000 | 3.529 | 10/01/26 | 158707 |
| 27000 | 3.537 | 10/01/26 | 26451 |
| 36000 | 3.545 | 10/01/26 | 35268 |
| 27000 | 3.549 | 10/01/26 | 26451 |
| 18000 | 3.549 | 10/01/26 | 17634 |
| 135000 | 3.554 | 10/01/26 | 132256 |
| 54000 | 3.554 | 10/01/26 | 52902 |
| 99000 | 3.557 | 10/01/26 | 96988 |
| 45000 | 3.560 | 10/01/26 | 44085 |
| 81000 | 3.561 | 10/01/26 | 79354 |
| 54000 | 3.561 | 10/01/26 | 52902 |
| 81000 | 3.562 | 10/01/26 | 79354 |
| 12000 | 3.565 | 10/01/26 | 11756 |
| 81000 | 3.568 | 10/01/26 | 79354 |
| 117000 | 3.568 | 10/01/26 | 114622 |
| 657000 | 3.569 | 10/01/26 | 643646 |
| 1449000 | 3.569 | 10/01/26 | 1419547 |
| 486000 | 3.569 | 10/01/26 | 476121 |

---

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

---

| | |
|:---|:---|
| 78 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF

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

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate<sup>(a)</sup>** | **Maturity**<br> **Date** | **Value** |
| U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) |
| U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) |
| $117000 | 3.569% | 10/01/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114622 |
| 27000 | 3.575 | 10/01/26 | 26451 |
| 225000 | 3.585 | 10/01/26 | 220427 |
| 72000 | 3.585 | 10/01/26 | 70537 |
| 270000 | 3.587 | 10/01/26 | 264512 |
| 18000 | 3.609 | 10/01/26 | 17634 |
| 72000 | 3.609 | 10/01/26 | 70537 |
| 45000 | 3.634 | 10/01/26 | 44085 |
| 81000 | 3.636 | 10/01/26 | 79354 |
| 27000 | 3.642 | 10/01/26 | 26451 |
| 144000 | 3.646 | 10/01/26 | 141073 |
| 414000 | 3.648 | 10/01/26 | 405585 |
| 135000 | 3.676 | 10/01/26 | 132256 |
| 243000 | 3.676 | 10/01/26 | 238061 |
| 27000 | 3.681 | 10/01/26 | 26451 |
| 72000 | 3.687 | 10/01/26 | 70537 |
| 81000 | 3.687 | 10/01/26 | 79354 |
| 279000 | 3.691 | 10/01/26 | 273329 |
| 108000 | 3.691 | 10/01/26 | 105805 |
| 77000 | 3.698 | 10/01/26 | 75435 |
| 45000 | 3.713 | 10/01/26 | 44085 |
| 36000 | 3.720 | 10/01/26 | 35268 |
| 108000 | 3.730 | 10/01/26 | 105805 |
| 63000 | 3.730 | 10/01/26 | 61719 |
| 216000 | 3.732 | 10/01/26 | 211610 |
| 52070700 | 3.755 | 10/01/26 | 51012298 |
| 60000 | 3.505 | 10/29/26 | 58630 |
| 638000 | 3.510 | 10/29/26 | 623433 |
| 90000 | 3.515 | 10/29/26 | 87945 |
| 120000 | 3.517 | 10/29/26 | 117260 |
| 87000 | 3.521 | 10/29/26 | 85014 |
| 480000 | 3.530 | 10/29/26 | 469040 |
| 480000 | 3.530 | 10/29/26 | 469040 |
| 60000 | 3.530 | 10/29/26 | 58630 |
| 1890000 | 3.534 | 10/29/26 | 1846847 |
| 690000 | 3.534 | 10/29/26 | 674246 |
| 87000 | 3.536 | 10/29/26 | 85014 |
| 210000 | 3.537 | 10/29/26 | 205205 |
| 540000 | 3.537 | 10/29/26 | 527670 |
| 120000 | 3.539 | 10/29/26 | 117260 |
| 330000 | 3.540 | 10/29/26 | 322465 |
| 180000 | 3.540 | 10/29/26 | 175890 |
| 116000 | 3.543 | 10/29/26 | 113351 |
| 1350000 | 3.546 | 10/29/26 | 1319176 |
| 420000 | 3.548 | 10/29/26 | 410410 |
| 180000 | 3.548 | 10/29/26 | 175890 |
| 40000 | 3.556 | 10/29/26 | 39087 |
| 270000 | 3.558 | 10/29/26 | 263835 |
| 180000 | 3.558 | 10/29/26 | 175890 |
| 240000 | 3.565 | 10/29/26 | 234520 |
| 750000 | 3.565 | 10/29/26 | 732876 |
| 145000 | 3.565 | 10/29/26 | 141689 |
| 261000 | 3.566 | 10/29/26 | 255041 |
| 480000 | 3.569 | 10/29/26 | 469040 |
| 150000 | 3.569 | 10/29/26 | 146575 |
| 60000 | 3.569 | 10/29/26 | 58630 |
| 90000 | 3.569 | 10/29/26 | 87945 |
| 330000 | 3.572 | 10/29/26 | 322465 |
| 87000 | 3.578 | 10/29/26 | 85014 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate<sup>(a)</sup>** | **Maturity**<br> **Date** | **Value** | **Value** |
| U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) |
| U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) |
| $| 270000 | 3.580% | 10/29/26 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263835 |
|  | 390000 | 3.580 | 10/29/26 |  | 381095 |
|  | 390000 | 3.582 | 10/29/26 |  | 381095 |
|  | 2190000 | 3.582 | 10/29/26 |  | 2139997 |
|  | 4830000 | 3.582 | 10/29/26 |  | 4719719 |
|  | 1620000 | 3.582 | 10/29/26 |  | 1583011 |
|  | 900000 | 3.614 | 10/29/26 |  | 879451 |
|  | 60000 | 3.622 | 10/29/26 |  | 58630 |
|  | 240000 | 3.622 | 10/29/26 |  | 234520 |
|  | 270000 | 3.633 | 10/29/26 |  | 263835 |
|  | 90000 | 3.645 | 10/29/26 |  | 87945 |
|  | 150000000 | 3.655 | 10/29/26 |  | 146575131 |
|  | 33218000 | 3.727 | 10/29/26 |  | 32459551 |
|  |  |  |  |  | 4479450769 |
| TOTAL U.S. TREASURY BILLS<br>(Cost $4,478,587,719) | TOTAL U.S. TREASURY BILLS<br>(Cost $4,478,587,719) | TOTAL U.S. TREASURY BILLS<br>(Cost $4,478,587,719) | TOTAL U.S. TREASURY BILLS<br>(Cost $4,478,587,719) |  | 4479450769 |
| U.S. Treasury Notes - 36.6% | U.S. Treasury Notes - 36.6% | U.S. Treasury Notes - 36.6% | U.S. Treasury Notes - 36.6% | U.S. Treasury Notes - 36.6% | U.S. Treasury Notes - 36.6% |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  | 54000 | 3.582 | 04/30/26 |  | 53739 |
|  | 84000 | 3.585 | 04/30/26 |  | 83595 |
|  | 168000 | 3.588 | 04/30/26 |  | 167190 |
|  | 392000 | 3.588 | 04/30/26 |  | 390109 |
|  | 156000 | 3.589 | 04/30/26 |  | 156289 |
|  | 286000 | 3.589 | 04/30/26 |  | 286531 |
|  | 108000 | 3.596 | 04/30/26 |  | 107479 |
|  | 168000 | 3.611 | 04/30/26 |  | 167190 |
|  | 308000 | 3.611 | 04/30/26 |  | 306514 |
|  | 432000 | 3.611 | 04/30/26 |  | 429916 |
|  | 432000 | 3.611 | 04/30/26 |  | 429916 |
|  | 54000 | 3.611 | 04/30/26 |  | 53739 |
|  | 644000 | 3.617 | 04/30/26 |  | 640893 |
|  | 1764000 | 3.617 | 04/30/26 |  | 1755490 |
|  | 1260000 | 3.619 | 04/30/26 |  | 1253921 |
|  | 234000 | 3.620 | 04/30/26 |  | 234434 |
|  | 156000 | 3.620 | 04/30/26 |  | 156289 |
|  | 598000 | 3.628 | 04/30/26 |  | 599110 |
|  | 1638000 | 3.628 | 04/30/26 |  | 1641039 |
|  | 52000 | 3.629 | 04/30/26 |  | 52096 |
|  | 416000 | 3.629 | 04/30/26 |  | 416772 |
|  | 416000 | 3.629 | 04/30/26 |  | 416772 |
|  | 46000 | 3.630 | 04/30/26 |  | 46085 |
|  | 468000 | 3.632 | 04/30/26 |  | 468868 |
|  | 182000 | 3.632 | 04/30/26 |  | 182338 |
|  | 504000 | 3.632 | 04/30/26 |  | 501569 |
|  | 196000 | 3.632 | 04/30/26 |  | 195054 |
|  | 962000 | 3.640 | 04/30/26 |  | 963785 |
|  | 243000 | 3.646 | 04/30/26 |  | 241828 |
|  | 162000 | 3.646 | 04/30/26 |  | 161218 |
|  | 108000 | 3.650 | 04/30/26 |  | 107479 |
|  | 104000 | 3.657 | 04/30/26 |  | 104193 |
|  | 135000 | 3.661 | 04/30/26 |  | 134349 |
|  | 338000 | 3.673 | 04/30/26 |  | 338627 |
|  | 234000 | 3.673 | 04/30/26 |  | 234434 |
|  | 416000 | 3.681 | 04/30/26 |  | 416772 |
|  | 130000 | 3.681 | 04/30/26 |  | 130241 |
|  | 78000 | 3.685 | 04/30/26 |  | 78145 |
|  | 52000 | 3.685 | 04/30/26 |  | 52096 |

---

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **79** |

---

------

GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF

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

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate<sup>(a)</sup>** | **Maturity**<br> **Date** | **Value** |
| U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) |
| U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) |
| $243000 | 3.691% | 04/30/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241828 |
| 351000 | 3.691 | 04/30/26 | 349307 |
| 675000 | 3.691 | 04/30/26 | 671744 |
| 216000 | 3.691 | 04/30/26 | 214958 |
| 270000 | 3.702 | 04/30/26 | 268697 |
| 162000 | 3.702 | 04/30/26 | 161218 |
| 135000 | 3.702 | 04/30/26 | 134349 |
| 81000 | 3.703 | 04/30/26 | 80609 |
| 135000 | 3.718 | 04/30/26 | 134349 |
| 1404000 | 3.722 | 04/30/26 | 1406605 |
| 4186000 | 3.722 | 04/30/26 | 4193767 |
| 1898000 | 3.722 | 04/30/26 | 1901522 |
| 200000 | 3.722 | 04/30/26 | 200371 |
| 1458000 | 3.722 | 04/30/26 | 1450966 |
| 1971000 | 3.722 | 04/30/26 | 1961491 |
| 4347000 | 3.722 | 04/30/26 | 4326029 |
| 351000 | 3.722 | 04/30/26 | 349307 |
| 594000 | 3.725 | 04/30/26 | 591134 |
| 297000 | 3.727 | 04/30/26 | 295567 |
| 81000 | 3.734 | 04/30/26 | 80609 |
| 50000000 | 3.738 | 04/30/26 | 50092773 |
| 3149000 | 3.738 | 04/30/26 | 3154843 |
| 81000 | 3.742 | 04/30/26 | 80609 |
| 306000 | 3.746 | 04/30/26 | 306568 |
| 108000 | 3.748 | 04/30/26 | 107479 |
| 52000 | 3.749 | 04/30/26 | 52096 |
| 198000 | 3.753 | 04/30/26 | 198367 |
| 290000 | 3.758 | 04/30/26 | 288601 |
| 270000 | 3.761 | 04/30/26 | 270501 |
| 37000 | 3.764 | 04/30/26 | 36821 |
| 392000 | 3.764 | 04/30/26 | 390109 |
| 308000 | 3.765 | 04/30/26 | 306514 |
| 243000 | 3.766 | 04/30/26 | 241828 |
| 476000 | 3.774 | 04/30/26 | 473704 |
| 36000 | 3.774 | 04/30/26 | 36067 |
| 216000 | 3.774 | 04/30/26 | 216401 |
| 130000 | 3.775 | 04/30/26 | 130241 |
| 252000 | 3.776 | 04/30/26 | 252468 |
| 168000 | 3.777 | 04/30/26 | 167190 |
| 252000 | 3.777 | 04/30/26 | 250784 |
| 252000 | 3.777 | 04/30/26 | 252468 |
| 144000 | 3.781 | 04/30/26 | 144267 |
| 56000 | 3.782 | 04/30/26 | 55730 |
| 392000 | 3.783 | 04/30/26 | 390109 |
| 126000 | 3.786 | 04/30/26 | 126234 |
| 198000 | 3.786 | 04/30/26 | 198367 |
| 224000 | 3.788 | 04/30/26 | 222919 |
| 392000 | 3.788 | 04/30/26 | 390109 |
| 108000 | 3.791 | 04/30/26 | 108200 |
| 144000 | 3.792 | 04/30/26 | 144267 |
| 168000 | 3.792 | 04/30/26 | 167190 |
| 224000 | 3.793 | 04/30/26 | 222919 |
| 198000 | 3.794 | 04/30/26 | 198367 |
| 54000 | 3.797 | 04/30/26 | 54100 |
| 238000 | 3.798 | 04/30/26 | 238442 |
| 196000 | 3.800 | 04/30/26 | 195054 |
| 308000 | 3.800 | 04/30/26 | 306514 |
| 140000 | 3.800 | 04/30/26 | 139325 |
| 390000 | 3.804 | 04/30/26 | 390724 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate<sup>(a)</sup>** | **Maturity**<br> **Date** | **Value** |
| U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) |
| U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) |
| $702000 | 3.804% | 04/30/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703303 |
| 112000 | 3.805 | 04/30/26 | 111460 |
| 810000 | 3.806 | 04/30/26 | 806092 |
| 243000 | 3.806 | 04/30/26 | 241828 |
| 308000 | 3.809 | 04/30/26 | 306514 |
| 96000 | 3.809 | 04/30/26 | 96178 |
| 396000 | 3.810 | 04/30/26 | 396735 |
| 234000 | 3.810 | 04/30/26 | 234434 |
| 231000 | 3.810 | 04/30/26 | 231429 |
| 208000 | 3.810 | 04/30/26 | 208386 |
| 468000 | 3.811 | 04/30/26 | 465742 |
| 1288000 | 3.812 | 04/30/26 | 1281786 |
| 336000 | 3.816 | 04/30/26 | 334379 |
| 868000 | 3.816 | 04/30/26 | 863813 |
| 360000 | 3.817 | 04/30/26 | 360668 |
| 585000 | 3.818 | 04/30/26 | 582178 |
| 156000 | 3.818 | 04/30/26 | 155247 |
| 130000 | 3.819 | 04/30/26 | 130241 |
| 756000 | 3.819 | 04/30/26 | 752353 |
| 420000 | 3.819 | 04/30/26 | 417974 |
| 616000 | 3.820 | 04/30/26 | 613028 |
| 112000 | 3.821 | 04/30/26 | 111460 |
| 252000 | 3.821 | 04/30/26 | 250784 |
| 104000 | 3.821 | 04/30/26 | 104193 |
| 312000 | 3.822 | 04/30/26 | 312579 |
| 806000 | 3.822 | 04/30/26 | 807496 |
| 224000 | 3.822 | 04/30/26 | 222919 |
| 252000 | 3.822 | 04/30/26 | 250784 |
| 245000 | 3.822 | 04/30/26 | 243818 |
| 84000 | 3.823 | 04/30/26 | 83595 |
| 196000 | 3.823 | 04/30/26 | 195054 |
| 624000 | 3.824 | 04/30/26 | 625158 |
| 140000 | 3.824 | 04/30/26 | 139325 |
| 81000 | 3.824 | 04/30/26 | 80609 |
| 420000 | 3.826 | 04/30/26 | 417974 |
| 84000 | 3.827 | 04/30/26 | 83595 |
| 810000 | 3.828 | 04/30/26 | 811503 |
| 952000 | 3.829 | 04/30/26 | 947407 |
| 336000 | 3.829 | 04/30/26 | 334379 |
| 1260000 | 3.832 | 04/30/26 | 1253921 |
| 672000 | 3.837 | 04/30/26 | 668758 |
| 270000 | 3.839 | 04/30/26 | 270501 |
| 612000 | 3.843 | 04/30/26 | 613136 |
| 216000 | 3.843 | 04/30/26 | 216401 |
| 162000 | 3.846 | 04/30/26 | 162301 |
| 72000 | 3.846 | 04/30/26 | 72134 |
| 336000 | 3.849 | 04/30/26 | 334379 |
| 1419800 | 4.009 | 04/30/26 | 1412951 |
| 19269600 | 4.034 | 04/30/26 | 19305354 |
| 5091700 | 4.036 | 04/30/26 | 5067137 |
| 8034700 | 4.038 | 04/30/26 | 7995939 |
| 28193600 | 4.040 | 04/30/26 | 28057588 |
| 144000 | 4.047 | 04/30/26 | 143305 |
| 90000 | 4.054 | 04/30/26 | 90167 |
| 70000 | 4.057 | 04/30/26 | 70130 |
| 25994400 | 4.060 | 04/30/26 | 25868997 |
| 119000 | 4.064 | 04/30/26 | 118426 |
| 25994400 | 4.068 | 04/30/26 | 26042632 |
| 99000 | 4.096 | 04/30/26 | 98522 |

---

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

---

| | |
|:---|:---|
| 80 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF

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

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate<sup>(a)</sup>** | **Maturity**<br> **Date** | **Value** |
| U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) |
| U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) |
| $27000 | 4.097% | 04/30/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26870 |
| 21493100 | 4.146 | 04/30/26 | 21389413 |
| 13433200 | 4.150 | 04/30/26 | 13368395 |
| 15085100 | 4.156 | 04/30/26 | 15012326 |
| 81000 | 4.159 | 04/30/26 | 80609 |
| 976700 | 4.163 | 04/30/26 | 978512 |
| 1260000 | 4.170 | 04/30/26 | 1253921 |
| 45000 | 4.171 | 04/30/26 | 45084 |
| 99000 | 4.173 | 04/30/26 | 98522 |
| 1260000 | 4.176 | 04/30/26 | 1262338 |
| 63000 | 4.177 | 04/30/26 | 63117 |
| 63000 | 4.178 | 04/30/26 | 62696 |
| 126000 | 4.181 | 04/30/26 | 125392 |
| 99000 | 4.183 | 04/30/26 | 99184 |
| 36000 | 4.189 | 04/30/26 | 35826 |
| 45000 | 4.191 | 04/30/26 | 45084 |
| 29234000 | 4.192 | 04/30/26 | 29092969 |
| 162000 | 4.193 | 04/30/26 | 162301 |
| 45000 | 4.197 | 04/30/26 | 44783 |
| 216000 | 4.202 | 04/30/26 | 214958 |
| 81000 | 4.202 | 04/30/26 | 80609 |
| 216000 | 4.206 | 04/30/26 | 216401 |
| 81000 | 4.206 | 04/30/26 | 81150 |
| 36000 | 4.208 | 04/30/26 | 35826 |
| 261000 | 4.209 | 04/30/26 | 259741 |
| 1395000 | 4.209 | 04/30/26 | 1388270 |
| 180000 | 4.211 | 04/30/26 | 179132 |
| 180000 | 4.212 | 04/30/26 | 179132 |
| 261000 | 4.212 | 04/30/26 | 261484 |
| 709000 | 4.212 | 04/30/26 | 710316 |
| 49478000 | 4.213 | 04/30/26 | 49569805 |
| 85000 | 4.224 | 04/30/26 | 84590 |
| 84000 | 4.225 | 04/30/26 | 83595 |
| 189000 | 4.225 | 04/30/26 | 188088 |
| 112000 | 4.279 | 04/30/26 | 111460 |
| 90000 | 3.610 | 05/31/26 | 90250 |
| 165000 | 3.610 | 05/31/26 | 165458 |
| 210000 | 3.611 | 05/31/26 | 210582 |
| 90000 | 3.611 | 05/31/26 | 90250 |
| 240000 | 3.624 | 05/31/26 | 240666 |
| 240000 | 3.624 | 05/31/26 | 240666 |
| 30000 | 3.624 | 05/31/26 | 30083 |
| 60000 | 3.655 | 05/31/26 | 60166 |
| 234000 | 3.659 | 05/31/26 | 234649 |
| 91000 | 3.659 | 05/31/26 | 91252 |
| 481000 | 3.664 | 05/31/26 | 482334 |
| 117000 | 3.671 | 05/31/26 | 117324 |
| 78000 | 3.671 | 05/31/26 | 78216 |
| 65000 | 3.673 | 05/31/26 | 65180 |
| 945000 | 3.675 | 05/31/26 | 947621 |
| 141000 | 3.675 | 05/31/26 | 141391 |
| 90000 | 3.679 | 05/31/26 | 90250 |
| 225000 | 3.679 | 05/31/26 | 225624 |
| 169000 | 3.692 | 05/31/26 | 169469 |
| 117000 | 3.692 | 05/31/26 | 117324 |
| 2093000 | 3.707 | 05/31/26 | 2098805 |
| 949000 | 3.707 | 05/31/26 | 951632 |
| 212000 | 3.707 | 05/31/26 | 212588 |
| 169000 | 3.707 | 05/31/26 | 169469 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate<sup>(a)</sup>** | **Maturity**<br> **Date** | **Value** |
| U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) |
| U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) |
| $104000 | 3.711% | 05/31/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104288 |
| 325000 | 3.711 | 05/31/26 | 325901 |
| 176000 | 3.725 | 05/31/26 | 176488 |
| 272000 | 3.730 | 05/31/26 | 272754 |
| 32000 | 3.745 | 05/31/26 | 32089 |
| 224000 | 3.746 | 05/31/26 | 224621 |
| 240000 | 3.749 | 05/31/26 | 240666 |
| 432000 | 3.749 | 05/31/26 | 433198 |
| 224000 | 3.753 | 05/31/26 | 224621 |
| 224000 | 3.754 | 05/31/26 | 224621 |
| 128000 | 3.754 | 05/31/26 | 128355 |
| 144000 | 3.754 | 05/31/26 | 144399 |
| 140000 | 3.769 | 05/31/26 | 140388 |
| 128000 | 3.770 | 05/31/26 | 128355 |
| 690000 | 3.776 | 05/31/26 | 691914 |
| 60000 | 3.778 | 05/31/26 | 60166 |
| 75000 | 3.780 | 05/31/26 | 75208 |
| 128000 | 3.786 | 05/31/26 | 128355 |
| 96000 | 3.787 | 05/31/26 | 96266 |
| 144000 | 3.787 | 05/31/26 | 144399 |
| 288000 | 3.790 | 05/31/26 | 288799 |
| 96000 | 3.801 | 05/31/26 | 96266 |
| 105000 | 3.804 | 05/31/26 | 105291 |
| 465000 | 3.804 | 05/31/26 | 466290 |
| 54000 | 3.804 | 05/31/26 | 54150 |
| 176000 | 3.812 | 05/31/26 | 176488 |
| 88000 | 3.828 | 05/31/26 | 88244 |
| 330000 | 3.839 | 05/31/26 | 330915 |
| 64000 | 3.843 | 05/31/26 | 64178 |
| 144000 | 3.843 | 05/31/26 | 144399 |
| 736000 | 3.849 | 05/31/26 | 738041 |
| 4991500 | 3.980 | 05/31/26 | 5005344 |
| 6982600 | 4.012 | 05/31/26 | 7001966 |
| 99000 | 4.012 | 05/31/26 | 99275 |
| 13965300 | 4.014 | 05/31/26 | 14004032 |
| 77000 | 4.019 | 05/31/26 | 77214 |
| 8653700 | 4.078 | 05/31/26 | 8677700 |
| 38034000 | 4.176 | 05/31/26 | 38139485 |
| 72000 | 3.540 | 06/30/26 | 72225 |
| 266000 | 3.550 | 06/30/26 | 266831 |
| 114000 | 3.550 | 06/30/26 | 114356 |
| 57000 | 3.551 | 06/30/26 | 57178 |
| 68000 | 3.552 | 06/30/26 | 67378 |
| 102000 | 3.554 | 06/30/26 | 101068 |
| 238000 | 3.554 | 06/30/26 | 235825 |
| 187000 | 3.556 | 06/30/26 | 185291 |
| 102000 | 3.556 | 06/30/26 | 101068 |
| 36000 | 3.558 | 06/30/26 | 36113 |
| 198000 | 3.559 | 06/30/26 | 198619 |
| 108000 | 3.559 | 06/30/26 | 108338 |
| 34000 | 3.561 | 06/30/26 | 33689 |
| 51000 | 3.566 | 06/30/26 | 50534 |
| 272000 | 3.568 | 06/30/26 | 269514 |
| 306000 | 3.568 | 06/30/26 | 303203 |
| 288000 | 3.568 | 06/30/26 | 288900 |
| 288000 | 3.568 | 06/30/26 | 288900 |
| 36000 | 3.568 | 06/30/26 | 36113 |
| 414000 | 3.581 | 06/30/26 | 415294 |
| 1134000 | 3.581 | 06/30/26 | 1137544 |

---

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **81** |

---

------

GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF

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

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate<sup>(a)</sup>** | **Maturity**<br> **Date** | **Value** |
| U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) |  |
| U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) |  |
| $810000 | 3.587% | 06/30/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812531 |
| 391000 | 3.595 | 06/30/26 | 387426 |
| 1071000 | 3.595 | 06/30/26 | 1061210 |
| 72000 | 3.598 | 06/30/26 | 72225 |
| 324000 | 3.602 | 06/30/26 | 325013 |
| 126000 | 3.602 | 06/30/26 | 126394 |
| 765000 | 3.603 | 06/30/26 | 758007 |
| 425000 | 3.605 | 06/30/26 | 421115 |
| 90000 | 3.620 | 06/30/26 | 90281 |
| 68000 | 3.624 | 06/30/26 | 67378 |
| 378000 | 3.633 | 06/30/26 | 379181 |
| 102000 | 3.635 | 06/30/26 | 101068 |
| 153000 | 3.635 | 06/30/26 | 151601 |
| 108000 | 3.635 | 06/30/26 | 108338 |
| 162000 | 3.635 | 06/30/26 | 162506 |
| 34000 | 3.640 | 06/30/26 | 33689 |
| 51000 | 3.640 | 06/30/26 | 50534 |
| 162000 | 3.645 | 06/30/26 | 162506 |
| 234000 | 3.645 | 06/30/26 | 234731 |
| 352000 | 3.651 | 06/30/26 | 348782 |
| 221000 | 3.653 | 06/30/26 | 218980 |
| 153000 | 3.653 | 06/30/26 | 151601 |
| 102000 | 3.654 | 06/30/26 | 101068 |
| 255000 | 3.654 | 06/30/26 | 252669 |
| 64000 | 3.654 | 06/30/26 | 63415 |
| 136000 | 3.657 | 06/30/26 | 134757 |
| 425000 | 3.657 | 06/30/26 | 421115 |
| 234000 | 3.665 | 06/30/26 | 234731 |
| 972000 | 3.665 | 06/30/26 | 975038 |
| 2898000 | 3.665 | 06/30/26 | 2907056 |
| 1042000 | 3.665 | 06/30/26 | 1045256 |
| 22000 | 3.665 | 06/30/26 | 21799 |
| 144000 | 3.671 | 06/30/26 | 144450 |
| 187000 | 3.671 | 06/30/26 | 185291 |
| 48000 | 3.673 | 06/30/26 | 47561 |
| 1241000 | 3.674 | 06/30/26 | 1229656 |
| 221000 | 3.674 | 06/30/26 | 218980 |
| 2737000 | 3.674 | 06/30/26 | 2711982 |
| 918000 | 3.674 | 06/30/26 | 909609 |
| 80000 | 3.676 | 06/30/26 | 79269 |
| 48000 | 3.677 | 06/30/26 | 47561 |
| 48000 | 3.685 | 06/30/26 | 47561 |
| 121000 | 3.687 | 06/30/26 | 121378 |
| 88000 | 3.689 | 06/30/26 | 87196 |
| 144000 | 3.691 | 06/30/26 | 142684 |
| 540000 | 3.695 | 06/30/26 | 541688 |
| 112000 | 3.696 | 06/30/26 | 110976 |
| 187000 | 3.697 | 06/30/26 | 187584 |
| 22000 | 3.697 | 06/30/26 | 22069 |
| 144000 | 3.702 | 06/30/26 | 144450 |
| 36000 | 3.702 | 06/30/26 | 36113 |
| 112000 | 3.704 | 06/30/26 | 110976 |
| 96000 | 3.705 | 06/30/26 | 95122 |
| 16000 | 3.705 | 06/30/26 | 15854 |
| 132000 | 3.707 | 06/30/26 | 132413 |
| 22000 | 3.707 | 06/30/26 | 22069 |
| 154000 | 3.709 | 06/30/26 | 154481 |
| 154000 | 3.709 | 06/30/26 | 154481 |
| 510000 | 3.709 | 06/30/26 | 505338 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate<sup>(a)</sup>** | **Maturity**<br> **Date** | **Value** |
| U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) |  |
| U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) |  |
| $136000 | 3.709% | 06/30/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134757 |
| 136000 | 3.714 | 06/30/26 | 134757 |
| 34000 | 3.714 | 06/30/26 | 33689 |
| 874000 | 3.716 | 06/30/26 | 876731 |
| 16000 | 3.718 | 06/30/26 | 15854 |
| 688000 | 3.718 | 06/30/26 | 681711 |
| 165000 | 3.720 | 06/30/26 | 165516 |
| 297000 | 3.720 | 06/30/26 | 297928 |
| 95000 | 3.727 | 06/30/26 | 95297 |
| 66000 | 3.729 | 06/30/26 | 66206 |
| 50000000 | 3.729 | 06/30/26 | 49542968 |
| 3963400 | 3.729 | 06/30/26 | 3927172 |
| 782000 | 3.733 | 06/30/26 | 774852 |
| 162000 | 3.733 | 06/30/26 | 162506 |
| 64000 | 3.734 | 06/30/26 | 63415 |
| 45664000 | 3.734 | 06/30/26 | 45806700 |
| 336000 | 3.735 | 06/30/26 | 332929 |
| 70000 | 3.735 | 06/30/26 | 69360 |
| 88000 | 3.736 | 06/30/26 | 88275 |
| 98000 | 3.737 | 06/30/26 | 98306 |
| 88000 | 3.737 | 06/30/26 | 88275 |
| 99000 | 3.737 | 06/30/26 | 99309 |
| 288000 | 3.738 | 06/30/26 | 285367 |
| 85000 | 3.739 | 06/30/26 | 84223 |
| 64000 | 3.742 | 06/30/26 | 63415 |
| 72000 | 3.742 | 06/30/26 | 71342 |
| 132000 | 3.742 | 06/30/26 | 132413 |
| 341000 | 3.742 | 06/30/26 | 342066 |
| 56000 | 3.743 | 06/30/26 | 55488 |
| 88000 | 3.743 | 06/30/26 | 87196 |
| 153000 | 3.743 | 06/30/26 | 151601 |
| 48000 | 3.743 | 06/30/26 | 47561 |
| 99000 | 3.744 | 06/30/26 | 99309 |
| 66000 | 3.744 | 06/30/26 | 66206 |
| 120000 | 3.744 | 06/30/26 | 118903 |
| 312000 | 3.746 | 06/30/26 | 312975 |
| 57000 | 3.747 | 06/30/26 | 57178 |
| 121000 | 3.748 | 06/30/26 | 121378 |
| 77000 | 3.748 | 06/30/26 | 77241 |
| 51000 | 3.751 | 06/30/26 | 50534 |
| 72000 | 3.753 | 06/30/26 | 71342 |
| 88000 | 3.755 | 06/30/26 | 88275 |
| 204000 | 3.758 | 06/30/26 | 202135 |
| 344000 | 3.758 | 06/30/26 | 340856 |
| 242000 | 3.758 | 06/30/26 | 242756 |
| 48000 | 3.761 | 06/30/26 | 47561 |
| 55000 | 3.761 | 06/30/26 | 55172 |
| 228000 | 3.761 | 06/30/26 | 228713 |
| 54000 | 3.761 | 06/30/26 | 54169 |
| 33000 | 3.763 | 06/30/26 | 33103 |
| 43989000 | 3.764 | 06/30/26 | 43586913 |
| 40000 | 3.767 | 06/30/26 | 39634 |
| 264000 | 3.771 | 06/30/26 | 264825 |
| 56000 | 3.776 | 06/30/26 | 55488 |
| 121000 | 3.776 | 06/30/26 | 121378 |
| 44000 | 3.782 | 06/30/26 | 44138 |
| 64000 | 3.782 | 06/30/26 | 64200 |
| 192000 | 3.785 | 06/30/26 | 190245 |
| 32000 | 3.785 | 06/30/26 | 31707 |

---

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

---

| | |
|:---|:---|
| 82 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF

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

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate<sup>(a)</sup>** | **Maturity**<br> **Date** | **Value** |
| U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) |
| U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) |
| $165000 | 3.786% | 06/30/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165516 |
| 99000 | 3.788 | 06/30/26 | 99309 |
| 44000 | 3.788 | 06/30/26 | 44138 |
| 77000 | 3.790 | 06/30/26 | 77241 |
| 240000 | 3.793 | 06/30/26 | 240750 |
| 495000 | 3.809 | 06/30/26 | 496547 |
| 132000 | 3.810 | 06/30/26 | 132413 |
| 374000 | 3.810 | 06/30/26 | 375169 |
| 99000 | 3.970 | 06/30/26 | 99309 |
| 77000 | 3.977 | 06/30/26 | 77241 |
| 22146100 | 4.002 | 06/30/26 | 22215306 |
| 39551900 | 4.133 | 06/30/26 | 39675499 |
| 78000 | 3.545 | 07/31/26 | 77033 |
| 72000 | 3.546 | 07/31/26 | 72212 |
| 36000 | 3.548 | 07/31/26 | 36106 |
| 50000 | 3.551 | 07/31/26 | 49380 |
| 54000 | 3.555 | 07/31/26 | 54159 |
| 104000 | 3.559 | 07/31/26 | 102710 |
| 364000 | 3.563 | 07/31/26 | 359486 |
| 156000 | 3.563 | 07/31/26 | 154065 |
| 416000 | 3.564 | 07/31/26 | 410841 |
| 468000 | 3.564 | 07/31/26 | 462196 |
| 108000 | 3.566 | 07/31/26 | 108319 |
| 252000 | 3.566 | 07/31/26 | 252743 |
| 156000 | 3.567 | 07/31/26 | 154065 |
| 286000 | 3.567 | 07/31/26 | 282453 |
| 220000 | 3.570 | 07/31/26 | 220649 |
| 120000 | 3.570 | 07/31/26 | 120354 |
| 1170000 | 3.572 | 07/31/26 | 1155489 |
| 598000 | 3.577 | 07/31/26 | 590583 |
| 1638000 | 3.577 | 07/31/26 | 1617685 |
| 40000 | 3.580 | 07/31/26 | 40118 |
| 640000 | 3.581 | 07/31/26 | 641888 |
| 324000 | 3.581 | 07/31/26 | 324956 |
| 126000 | 3.581 | 07/31/26 | 126372 |
| 468000 | 3.583 | 07/31/26 | 462196 |
| 182000 | 3.583 | 07/31/26 | 179743 |
| 338000 | 3.591 | 07/31/26 | 333808 |
| 234000 | 3.591 | 07/31/26 | 231098 |
| 810000 | 3.592 | 07/31/26 | 812389 |
| 650000 | 3.595 | 07/31/26 | 641938 |
| 208000 | 3.595 | 07/31/26 | 205420 |
| 460000 | 3.597 | 07/31/26 | 461357 |
| 1260000 | 3.597 | 07/31/26 | 1263716 |
| 75000 | 3.609 | 07/31/26 | 74070 |
| 130000 | 3.610 | 07/31/26 | 128388 |
| 162000 | 3.613 | 07/31/26 | 162478 |
| 234000 | 3.613 | 07/31/26 | 234690 |
| 54000 | 3.613 | 07/31/26 | 54159 |
| 36000 | 3.613 | 07/31/26 | 36106 |
| 104000 | 3.616 | 07/31/26 | 102710 |
| 80000 | 3.616 | 07/31/26 | 80236 |
| 234000 | 3.620 | 07/31/26 | 231098 |
| 156000 | 3.620 | 07/31/26 | 154065 |
| 270000 | 3.621 | 07/31/26 | 270796 |
| 550000 | 3.621 | 07/31/26 | 543179 |
| 338000 | 3.626 | 07/31/26 | 333808 |
| 1404000 | 3.626 | 07/31/26 | 1386587 |
| 4186000 | 3.626 | 07/31/26 | 4134084 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate<sup>(a)</sup>** | **Maturity**<br> **Date** | **Value** |
| U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) |
| U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) |
| $1898000 | 3.626% | 07/31/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1874460 |
| 390000 | 3.628 | 07/31/26 | 385163 |
| 156000 | 3.628 | 07/31/26 | 154065 |
| 200000 | 3.629 | 07/31/26 | 200590 |
| 120000 | 3.629 | 07/31/26 | 120354 |
| 100000 | 3.629 | 07/31/26 | 100295 |
| 75000 | 3.635 | 07/31/26 | 74070 |
| 125000 | 3.642 | 07/31/26 | 123450 |
| 450000 | 3.643 | 07/31/26 | 451327 |
| 144000 | 3.643 | 07/31/26 | 144425 |
| 75000 | 3.646 | 07/31/26 | 74070 |
| 972000 | 3.647 | 07/31/26 | 974867 |
| 1112000 | 3.647 | 07/31/26 | 1115280 |
| 234000 | 3.647 | 07/31/26 | 234690 |
| 2394000 | 3.647 | 07/31/26 | 2401060 |
| 286000 | 3.647 | 07/31/26 | 282453 |
| 442000 | 3.651 | 07/31/26 | 436518 |
| 364000 | 3.652 | 07/31/26 | 359486 |
| 286000 | 3.658 | 07/31/26 | 282453 |
| 100000 | 3.662 | 07/31/26 | 98760 |
| 34000 | 3.664 | 07/31/26 | 33578 |
| 364000 | 3.665 | 07/31/26 | 359486 |
| 52000 | 3.666 | 07/31/26 | 51355 |
| 312000 | 3.666 | 07/31/26 | 308130 |
| 52000 | 3.669 | 07/31/26 | 51355 |
| 225000 | 3.675 | 07/31/26 | 222209 |
| 208000 | 3.679 | 07/31/26 | 205420 |
| 780000 | 3.685 | 07/31/26 | 770326 |
| 100000 | 3.691 | 07/31/26 | 100295 |
| 1196000 | 3.697 | 07/31/26 | 1181167 |
| 432000 | 3.699 | 07/31/26 | 426642 |
| 600000 | 3.700 | 07/31/26 | 601770 |
| 920000 | 3.702 | 07/31/26 | 922713 |
| 130000 | 3.704 | 07/31/26 | 128388 |
| 156000 | 3.706 | 07/31/26 | 154065 |
| 234000 | 3.706 | 07/31/26 | 231098 |
| 208000 | 3.713 | 07/31/26 | 205420 |
| 234000 | 3.713 | 07/31/26 | 231098 |
| 231000 | 3.713 | 07/31/26 | 228135 |
| 208000 | 3.713 | 07/31/26 | 205420 |
| 390000 | 3.713 | 07/31/26 | 385163 |
| 702000 | 3.713 | 07/31/26 | 693294 |
| 200000 | 3.713 | 07/31/26 | 197520 |
| 50000 | 3.713 | 07/31/26 | 49380 |
| 336000 | 3.715 | 07/31/26 | 336991 |
| 180000 | 3.719 | 07/31/26 | 180531 |
| 78000 | 3.719 | 07/31/26 | 77033 |
| 572000 | 3.722 | 07/31/26 | 564906 |
| 156000 | 3.722 | 07/31/26 | 154065 |
| 286000 | 3.723 | 07/31/26 | 282453 |
| 182000 | 3.723 | 07/31/26 | 179743 |
| 315000 | 3.724 | 07/31/26 | 315929 |
| 567000 | 3.724 | 07/31/26 | 568672 |
| 75000 | 3.724 | 07/31/26 | 74070 |
| 225000 | 3.725 | 07/31/26 | 222209 |
| 78000 | 3.725 | 07/31/26 | 77033 |
| 40000 | 3.728 | 07/31/26 | 40118 |
| 160000 | 3.728 | 07/31/26 | 160472 |
| 189000 | 3.732 | 07/31/26 | 189557 |

---

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **83** |

---

------

GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF

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

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate<sup>(a)</sup>** | **Maturity**<br> **Date** | **Value** |
| U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) |
| U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) |
| $168000 | 3.732% | 07/31/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168495 |
| 182000 | 3.732 | 07/31/26 | 182537 |
| 60000 | 3.738 | 07/31/26 | 60177 |
| 312000 | 3.739 | 07/31/26 | 308130 |
| 806000 | 3.739 | 07/31/26 | 796004 |
| 60000 | 3.739 | 07/31/26 | 60177 |
| 130000 | 3.742 | 07/31/26 | 128388 |
| 312000 | 3.742 | 07/31/26 | 308130 |
| 624000 | 3.744 | 07/31/26 | 616261 |
| 148000 | 3.745 | 07/31/26 | 146164 |
| 240000 | 3.746 | 07/31/26 | 240708 |
| 104000 | 3.747 | 07/31/26 | 102710 |
| 297000 | 3.748 | 07/31/26 | 293316 |
| 620000 | 3.749 | 07/31/26 | 621829 |
| 240000 | 3.749 | 07/31/26 | 240708 |
| 1170000 | 3.753 | 07/31/26 | 1155489 |
| 40234400 | 3.753 | 07/31/26 | 40353060 |
| 100000 | 3.755 | 07/31/26 | 100295 |
| 68000 | 3.756 | 07/31/26 | 68201 |
| 480000 | 3.757 | 07/31/26 | 481416 |
| 182000 | 3.759 | 07/31/26 | 179743 |
| 80000 | 3.759 | 07/31/26 | 80236 |
| 390000 | 3.763 | 07/31/26 | 385163 |
| 351000 | 3.769 | 07/31/26 | 346647 |
| 140000 | 3.772 | 07/31/26 | 140413 |
| 255000 | 3.773 | 07/31/26 | 255752 |
| 555000 | 3.777 | 07/31/26 | 548117 |
| 52000 | 3.777 | 07/31/26 | 52153 |
| 117000 | 3.777 | 07/31/26 | 117345 |
| 324000 | 3.787 | 07/31/26 | 319982 |
| 918000 | 3.787 | 07/31/26 | 906615 |
| 442000 | 3.792 | 07/31/26 | 443304 |
| 156000 | 3.792 | 07/31/26 | 156460 |
| 81780700 | 3.848 | 07/31/26 | 80766428 |
| 2143300 | 3.900 | 07/31/26 | 2116718 |
| 9792000 | 3.900 | 07/31/26 | 9820879 |
| 50000000 | 3.900 | 07/31/26 | 50147461 |
| 50000000 | 3.902 | 07/31/26 | 49379883 |
| 9284700 | 3.902 | 07/31/26 | 9169548 |
| 6651000 | 3.965 | 07/31/26 | 6670615 |
| 36000 | 3.567 | 08/31/26 | 35488 |
| 576000 | 3.567 | 08/31/26 | 567810 |
| 72000 | 3.570 | 08/31/26 | 70976 |
| 266000 | 3.574 | 08/31/26 | 262218 |
| 114000 | 3.574 | 08/31/26 | 112379 |
| 108000 | 3.574 | 08/31/26 | 106464 |
| 198000 | 3.574 | 08/31/26 | 195185 |
| 36000 | 3.575 | 08/31/26 | 35488 |
| 871300 | 3.579 | 08/31/26 | 858911 |
| 1134000 | 3.591 | 08/31/26 | 1117876 |
| 414000 | 3.591 | 08/31/26 | 408113 |
| 80000 | 3.591 | 08/31/26 | 78863 |
| 10182100 | 3.595 | 08/31/26 | 10186475 |
| 57000 | 3.596 | 08/31/26 | 56190 |
| 13674500 | 3.603 | 08/31/26 | 13680376 |
| 9116300 | 3.603 | 08/31/26 | 9120217 |
| 810000 | 3.611 | 08/31/26 | 798483 |
| 54000 | 3.615 | 08/31/26 | 53232 |
| 54000 | 3.622 | 08/31/26 | 53232 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate<sup>(a)</sup>** | **Maturity**<br> **Date** | **Value** |
| U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) |
| U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) |
| $450000 | 3.623% | 08/31/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443602 |
| 270000 | 3.629 | 08/31/26 | 266161 |
| 396000 | 3.636 | 08/31/26 | 390369 |
| 36000 | 3.638 | 08/31/26 | 35488 |
| 54000 | 3.638 | 08/31/26 | 53232 |
| 234000 | 3.642 | 08/31/26 | 230673 |
| 162000 | 3.642 | 08/31/26 | 159697 |
| 54000 | 3.643 | 08/31/26 | 53232 |
| 72000 | 3.646 | 08/31/26 | 70976 |
| 144000 | 3.652 | 08/31/26 | 141953 |
| 450000 | 3.652 | 08/31/26 | 443602 |
| 198000 | 3.665 | 08/31/26 | 195185 |
| 90000 | 3.665 | 08/31/26 | 88720 |
| 162000 | 3.677 | 08/31/26 | 159697 |
| 25000 | 3.678 | 08/31/26 | 24645 |
| 972000 | 3.679 | 08/31/26 | 958179 |
| 2898000 | 3.679 | 08/31/26 | 2856794 |
| 1314000 | 3.679 | 08/31/26 | 1295317 |
| 234000 | 3.679 | 08/31/26 | 230673 |
| 286000 | 3.690 | 08/31/26 | 281933 |
| 39000 | 3.694 | 08/31/26 | 38445 |
| 46487600 | 3.718 | 08/31/26 | 45826604 |
| 68000 | 3.721 | 08/31/26 | 67033 |
| 143000 | 3.723 | 08/31/26 | 140967 |
| 585000 | 3.728 | 08/31/26 | 576682 |
| 195000 | 3.728 | 08/31/26 | 192227 |
| 255000 | 3.747 | 08/31/26 | 251374 |
| 52000 | 3.754 | 08/31/26 | 51261 |
| 117000 | 3.754 | 08/31/26 | 115336 |
| 442000 | 3.782 | 08/31/26 | 435715 |
| 156000 | 3.782 | 08/31/26 | 153782 |
| 64607000 | 3.885 | 08/31/26 | 63688369 |
| 204000 | 3.553 | 09/30/26 | 203853 |
| 48000 | 3.555 | 09/30/26 | 47247 |
| 88000 | 3.555 | 09/30/26 | 86620 |
| 56000 | 3.556 | 09/30/26 | 55960 |
| 896000 | 3.556 | 09/30/26 | 895353 |
| 56000 | 3.557 | 09/30/26 | 55960 |
| 168000 | 3.560 | 09/30/26 | 167879 |
| 392000 | 3.560 | 09/30/26 | 391717 |
| 54000 | 3.562 | 09/30/26 | 53153 |
| 126000 | 3.562 | 09/30/26 | 124024 |
| 16000 | 3.563 | 09/30/26 | 15749 |
| 256000 | 3.564 | 09/30/26 | 251985 |
| 32000 | 3.566 | 09/30/26 | 31498 |
| 87000 | 3.566 | 09/30/26 | 86937 |
| 168000 | 3.567 | 09/30/26 | 167879 |
| 308000 | 3.567 | 09/30/26 | 307777 |
| 20000 | 3.572 | 09/30/26 | 19686 |
| 84000 | 3.574 | 09/30/26 | 83939 |
| 40000 | 3.575 | 09/30/26 | 39373 |
| 112000 | 3.578 | 09/30/26 | 111919 |
| 33000 | 3.578 | 09/30/26 | 32482 |
| 48000 | 3.580 | 09/30/26 | 47247 |
| 120000 | 3.580 | 09/30/26 | 118118 |
| 504000 | 3.580 | 09/30/26 | 496095 |
| 184000 | 3.580 | 09/30/26 | 181114 |
| 112000 | 3.581 | 09/30/26 | 111919 |
| 84000 | 3.581 | 09/30/26 | 83939 |

---

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

---

| | |
|:---|:---|
| 84 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF

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

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate<sup>(a)</sup>** | **Maturity**<br> **Date** | **Value** |
| U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) |
| U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) |
| $2408000 | 3.582% | 09/30/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2406260 |
| 196000 | 3.585 | 09/30/26 | 195858 |
| 504000 | 3.585 | 09/30/26 | 503636 |
| 30000 | 3.586 | 09/30/26 | 29529 |
| 616000 | 3.588 | 09/30/26 | 615555 |
| 220000 | 3.588 | 09/30/26 | 216550 |
| 12765600 | 3.589 | 09/30/26 | 12565389 |
| 420000 | 3.590 | 09/30/26 | 419696 |
| 168000 | 3.590 | 09/30/26 | 167879 |
| 84000 | 3.591 | 09/30/26 | 83939 |
| 450000 | 3.594 | 09/30/26 | 442942 |
| 70000 | 3.597 | 09/30/26 | 68902 |
| 180000 | 3.597 | 09/30/26 | 177177 |
| 1260000 | 3.598 | 09/30/26 | 1259089 |
| 30000 | 3.601 | 09/30/26 | 29529 |
| 168000 | 3.602 | 09/30/26 | 167879 |
| 132000 | 3.608 | 09/30/26 | 131905 |
| 140000 | 3.610 | 09/30/26 | 139899 |
| 112000 | 3.611 | 09/30/26 | 111919 |
| 30000 | 3.615 | 09/30/26 | 29529 |
| 168000 | 3.616 | 09/30/26 | 167879 |
| 252000 | 3.616 | 09/30/26 | 251818 |
| 24000 | 3.618 | 09/30/26 | 23983 |
| 144000 | 3.618 | 09/30/26 | 143896 |
| 30000 | 3.619 | 09/30/26 | 29529 |
| 50000 | 3.619 | 09/30/26 | 49216 |
| 20000 | 3.619 | 09/30/26 | 19686 |
| 150000 | 3.619 | 09/30/26 | 147647 |
| 40000 | 3.619 | 09/30/26 | 39373 |
| 252000 | 3.620 | 09/30/26 | 251818 |
| 80000 | 3.620 | 09/30/26 | 78745 |
| 250000 | 3.620 | 09/30/26 | 246079 |
| 90000 | 3.621 | 09/30/26 | 88588 |
| 130000 | 3.621 | 09/30/26 | 127961 |
| 252000 | 3.624 | 09/30/26 | 251818 |
| 364000 | 3.624 | 09/30/26 | 363737 |
| 700000 | 3.625 | 09/30/26 | 699494 |
| 224000 | 3.625 | 09/30/26 | 223838 |
| 308000 | 3.625 | 09/30/26 | 307777 |
| 96000 | 3.629 | 09/30/26 | 95931 |
| 140000 | 3.630 | 09/30/26 | 139899 |
| 24000 | 3.631 | 09/30/26 | 23983 |
| 364000 | 3.631 | 09/30/26 | 363737 |
| 3556000 | 3.631 | 09/30/26 | 3553430 |
| 4508000 | 3.631 | 09/30/26 | 4504742 |
| 90000 | 3.633 | 09/30/26 | 88588 |
| 110000 | 3.636 | 09/30/26 | 108275 |
| 168000 | 3.637 | 09/30/26 | 167879 |
| 130000 | 3.640 | 09/30/26 | 127961 |
| 1610000 | 3.640 | 09/30/26 | 1584749 |
| 540000 | 3.640 | 09/30/26 | 531531 |
| 730000 | 3.640 | 09/30/26 | 718551 |
| 180000 | 3.642 | 09/30/26 | 179870 |
| 14000 | 3.643 | 09/30/26 | 13780 |
| 38000 | 3.646 | 09/30/26 | 37973 |
| 240000 | 3.647 | 09/30/26 | 236236 |
| 72000 | 3.651 | 09/30/26 | 71948 |
| 140000 | 3.654 | 09/30/26 | 139899 |
| 480000 | 3.655 | 09/30/26 | 479653 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate<sup>(a)</sup>** | **Maturity**<br> **Date** | **Value** |
| U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) |
| U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) |
| $96000 | 3.656% | 09/30/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95931 |
| 50000000 | 3.657 | 09/30/26 | 49215820 |
| 1722200 | 3.657 | 09/30/26 | 1695190 |
| 56000 | 3.658 | 09/30/26 | 55960 |
| 224000 | 3.658 | 09/30/26 | 223838 |
| 840000 | 3.660 | 09/30/26 | 839393 |
| 84000 | 3.664 | 09/30/26 | 83939 |
| 1288000 | 3.667 | 09/30/26 | 1287069 |
| 252000 | 3.669 | 09/30/26 | 251818 |
| 1218000 | 3.675 | 09/30/26 | 1217120 |
| 132000 | 3.680 | 09/30/26 | 131905 |
| 84000 | 3.680 | 09/30/26 | 83939 |
| 2458000 | 3.690 | 09/30/26 | 2456224 |
| 21150000 | 3.693 | 09/30/26 | 21134716 |
| 50000000 | 3.693 | 09/30/26 | 49963867 |
| 261000 | 3.693 | 09/30/26 | 260811 |
| 252000 | 3.693 | 09/30/26 | 251818 |
| 232000 | 3.693 | 09/30/26 | 231832 |
| 84000 | 3.694 | 09/30/26 | 83939 |
| 336000 | 3.700 | 09/30/26 | 335757 |
| 140000 | 3.703 | 09/30/26 | 139899 |
| 336000 | 3.704 | 09/30/26 | 335757 |
| 868000 | 3.704 | 09/30/26 | 867373 |
| 112000 | 3.724 | 09/30/26 | 111919 |
| 196000 | 3.724 | 09/30/26 | 195858 |
| 672000 | 3.729 | 09/30/26 | 671514 |
| 90264400 | 3.741 | 09/30/26 | 90199170 |
| 146950000 | 3.573 | 10/31/26 | 144550581 |
| 46000 | 3.585 | 10/31/26 | 45249 |
| 69000 | 3.591 | 10/31/26 | 67873 |
| 506000 | 3.596 | 10/31/26 | 497738 |
| 69000 | 3.609 | 10/31/26 | 67873 |
| 1035000 | 3.614 | 10/31/26 | 1018100 |
| 414000 | 3.614 | 10/31/26 | 407240 |
| 161000 | 3.614 | 10/31/26 | 158371 |
| 115000 | 3.622 | 10/31/26 | 113122 |
| 92000 | 3.626 | 10/31/26 | 90498 |
| 575000 | 3.635 | 10/31/26 | 565611 |
| 184000 | 3.635 | 10/31/26 | 180996 |
| 69000 | 3.635 | 10/31/26 | 67873 |
| 5382000 | 3.639 | 10/31/26 | 5294122 |
| 1242000 | 3.639 | 10/31/26 | 1221720 |
| 299000 | 3.639 | 10/31/26 | 294118 |
| 253000 | 3.639 | 10/31/26 | 248869 |
| 207000 | 3.640 | 10/31/26 | 203620 |
| 207000 | 3.644 | 10/31/26 | 203620 |
| 138000 | 3.644 | 10/31/26 | 135747 |
| 299000 | 3.647 | 10/31/26 | 294118 |
| 207000 | 3.647 | 10/31/26 | 203620 |
| 31000 | 3.651 | 10/31/26 | 30494 |
| 69000 | 3.654 | 10/31/26 | 67873 |
| 46000 | 3.654 | 10/31/26 | 45249 |
| 512000 | 3.540 | 11/15/26 | 515590 |
| 32000 | 3.540 | 11/15/26 | 32224 |
| 96000 | 3.550 | 11/15/26 | 96673 |
| 176000 | 3.550 | 11/15/26 | 177234 |
| 96000 | 3.554 | 11/15/26 | 96673 |
| 224000 | 3.554 | 11/15/26 | 225571 |
| 368000 | 3.565 | 11/15/26 | 370580 |

---

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **85** |

---

------

GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF

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

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate<sup>(a)</sup>** | **Maturity**<br> **Date** | **Value** |
| U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) |  |
| U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) |  |
| $1008000 | 3.565% | 11/15/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015068 |
| 64000 | 3.567 | 11/15/26 | 64449 |
| 45000 | 3.573 | 11/15/26 | 45316 |
| 336000 | 3.577 | 11/15/26 | 338356 |
| 330000 | 3.579 | 11/15/26 | 332314 |
| 288000 | 3.581 | 11/15/26 | 290019 |
| 112000 | 3.581 | 11/15/26 | 112785 |
| 592000 | 3.584 | 11/15/26 | 596151 |
| 45000 | 3.594 | 11/15/26 | 45316 |
| 528000 | 3.620 | 11/15/26 | 531702 |
| 176000 | 3.625 | 11/15/26 | 177234 |
| 80000 | 3.627 | 11/15/26 | 80561 |
| 240000 | 3.631 | 11/15/26 | 241683 |
| 99072000 | 3.638 | 11/15/26 | 99766665 |
| 208000 | 3.641 | 11/15/26 | 209458 |
| 144000 | 3.641 | 11/15/26 | 145010 |
| 208000 | 3.642 | 11/15/26 | 209458 |
| 801000 | 3.642 | 11/15/26 | 806616 |
| 1742000 | 3.642 | 11/15/26 | 1754214 |
| 864000 | 3.642 | 11/15/26 | 870058 |
| 60001200 | 3.532 | 11/30/26 | 60295346 |
| 72000 | 3.535 | 11/30/26 | 72353 |
| 96000 | 3.536 | 11/30/26 | 96471 |
| 176000 | 3.536 | 11/30/26 | 176863 |
| 50000 | 3.537 | 11/30/26 | 50245 |
| 544000 | 3.540 | 11/30/26 | 546667 |
| 64000 | 3.542 | 11/30/26 | 64314 |
| 1008000 | 3.544 | 11/30/26 | 1012942 |
| 368000 | 3.544 | 11/30/26 | 369804 |
| 96000 | 3.544 | 11/30/26 | 96471 |
| 224000 | 3.544 | 11/30/26 | 225098 |
| 528000 | 3.548 | 11/30/26 | 530588 |
| 48000 | 3.552 | 11/30/26 | 48235 |
| 100000 | 3.552 | 11/30/26 | 100490 |
| 450000 | 3.556 | 11/30/26 | 452206 |
| 175000 | 3.556 | 11/30/26 | 175858 |
| 72000 | 3.560 | 11/30/26 | 72353 |
| 925000 | 3.567 | 11/30/26 | 929535 |
| 96000 | 3.572 | 11/30/26 | 96471 |
| 240000 | 3.572 | 11/30/26 | 241177 |
| 325000 | 3.589 | 11/30/26 | 326593 |
| 225000 | 3.589 | 11/30/26 | 226103 |
| 50000 | 3.591 | 11/30/26 | 50245 |
| 75000 | 3.591 | 11/30/26 | 75368 |
| 200000 | 3.592 | 11/30/26 | 200980 |
| 625000 | 3.592 | 11/30/26 | 628064 |
| 375000 | 3.595 | 11/30/26 | 376838 |
| 4539000 | 3.604 | 11/30/26 | 4561252 |
| 1350000 | 3.604 | 11/30/26 | 1356618 |
| 480000 | 3.609 | 11/30/26 | 482353 |
| 98036000 | 3.634 | 11/30/26 | 98516606 |
| 45000 | 3.499 | 12/31/26 | 45267 |
| 60000 | 3.508 | 12/31/26 | 60356 |
| 330000 | 3.510 | 12/31/26 | 331959 |
| 99610000 | 3.520 | 12/31/26 | 100201434 |
| 63000 | 3.522 | 12/31/26 | 61832 |
| 45000 | 3.528 | 12/31/26 | 45267 |
| 462000 | 3.529 | 12/31/26 | 453437 |
| 63000 | 3.538 | 12/31/26 | 61832 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate<sup>(a)</sup>** | **Maturity**<br> **Date** | **Value** |
| U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) |  |
| U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) |  |
| $| 270000 | 3.543% | 12/31/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271603 |
|  | 105000 | 3.543 | 12/31/26 | 105623 |
|  | 84000 | 3.545 | 12/31/26 | 82443 |
|  | 555000 | 3.547 | 12/31/26 | 558295 |
|  | 75000 | 3.554 | 12/31/26 | 75445 |
|  | 165000 | 3.560 | 12/31/26 | 165980 |
|  | 189000 | 3.563 | 12/31/26 | 185497 |
|  | 29000 | 3.565 | 12/31/26 | 28462 |
|  | 148345000 | 3.569 | 12/31/26 | 145595402 |
|  | 63000 | 3.573 | 12/31/26 | 61832 |
|  | 135000 | 3.573 | 12/31/26 | 135802 |
|  | 90000 | 3.573 | 12/31/26 | 90534 |
|  | 105000 | 3.575 | 12/31/26 | 103054 |
|  | 195000 | 3.578 | 12/31/26 | 196158 |
|  | 135000 | 3.578 | 12/31/26 | 135802 |
|  | 375000 | 3.582 | 12/31/26 | 377227 |
|  | 120000 | 3.582 | 12/31/26 | 120713 |
|  | 540000 | 3.587 | 12/31/26 | 543206 |
|  | 2715000 | 3.587 | 12/31/26 | 2731120 |
|  | 45000 | 3.588 | 12/31/26 | 45267 |
|  | 30000 | 3.588 | 12/31/26 | 30178 |
|  | 63000 | 3.485 | 01/31/27 | 63345 |
|  | 462000 | 3.507 | 01/31/27 | 464527 |
|  | 63000 | 3.519 | 01/31/27 | 63345 |
|  | 84000 | 3.537 | 01/31/27 | 84459 |
|  | 105000 | 3.557 | 01/31/27 | 105574 |
|  | 29000 | 3.558 | 01/31/27 | 29159 |
|  | 63000 | 3.559 | 01/31/27 | 63345 |
|  | 149194000 | 3.571 | 01/31/27 | 150009904 |
|  | 149076000 | 3.577 | 01/31/27 | 149891259 |
|  | 50000000 | 3.561 | 02/28/27 | 50294922 |
|  | 149664000 | 3.561 | 02/28/27 | 150546783 |
|  |  |  |  | 2603984254 |
| TOTAL U.S. TREASURY NOTES<br>(Cost $2,602,650,020) | TOTAL U.S. TREASURY NOTES<br>(Cost $2,602,650,020) | TOTAL U.S. TREASURY NOTES<br>(Cost $2,602,650,020) | TOTAL U.S. TREASURY NOTES<br>(Cost $2,602,650,020) | 2603984254 |
| TOTAL INVESTMENTS - 99.6%<br>(Cost $7,081,237,739) | TOTAL INVESTMENTS - 99.6%<br>(Cost $7,081,237,739) | TOTAL INVESTMENTS - 99.6%<br>(Cost $7,081,237,739) | TOTAL INVESTMENTS - 99.6%<br>(Cost $7,081,237,739) | $7083435023 |
|  **OTHER ASSETS IN EXCESS<br>OF LIABILITIES - 0.4%** | **OTHER ASSETS IN EXCESS<br>OF LIABILITIES - 0.4%** | **OTHER ASSETS IN EXCESS<br>OF LIABILITIES - 0.4%** | **OTHER ASSETS IN EXCESS<br>OF LIABILITIES - 0.4%** | 25166142 |
| NET ASSETS - 100.0% | NET ASSETS - 100.0% | NET ASSETS - 100.0% | NET ASSETS - 100.0% | $7108601165 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

 <br> (a) Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.

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

---

| | |
|:---|:---|
| 86 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

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

Schedule of Investments *February 28, 2026 (Unaudited)*

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| U.S. Treasury Notes – 34.0% | U.S. Treasury Notes – 34.0% | U.S. Treasury Notes – 34.0% | U.S. Treasury Notes – 34.0% | U.S. Treasury Notes – 34.0% |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  $ | 400 | 1.625 %<sup>(a)</sup> | 05/15/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398 |
|  | 8503000 | 1.625 <sup>(a)</sup> | 09/30/26 | 8405548 |
|  | 1700000 | 1.250 <sup>(a)</sup> | 11/30/26 | 1671088 |
|  | 9838000 | 1.500 <sup>(a)</sup> | 01/31/27 | 9659166 |
|  | 1324000 | 4.125 <sup>(a)</sup> | 01/31/27 | 1331073 |
|  | 1000000 | 2.375 <sup>(a)</sup> | 05/15/27 | 987029 |
|  | 1200000 | 3.750 <sup>(a)</sup> | 06/30/27 | 1204717 |
|  | 400000 | 0.375 <sup>(a)</sup> | 07/31/27 | 383247 |
|  | 14618000 | 2.250 <sup>(a)</sup> | 08/15/27 | 14374829 |
|  | 2462200 | 4.250 <sup>(a)</sup> | 01/15/28 | 2499876 |
|  | 40481800 | 0.750 <sup>(a)</sup> | 01/31/28 | 38518835 |
|  | 7064000 | 3.750 <sup>(a)</sup> | 04/15/28 | 7116405 |
|  | 1061000 | 3.875 <sup>(a)</sup> | 07/15/28 | 1072869 |
|  | 3100000 | 2.875 <sup>(a)</sup> | 08/15/28 | 3063243 |
|  | 4267000 | 1.125 <sup>(a)</sup> | 08/31/28 | 4038717 |
|  | 5491100 | 3.750 <sup>(a)</sup> | 12/31/28 | 5545191 |
|  | 2400000 | 2.875 <sup>(a)</sup> | 04/30/29 | 2362104 |
|  | 1895100 | 4.625 <sup>(a)</sup> | 04/30/29 | 1963937 |
|  | 2554000 | 3.250 <sup>(a)</sup> | 06/30/29 | 2540830 |
|  | 21792000 | 4.000 <sup>(a)</sup> | 10/31/29 | 22207768 |
|  | 42604000 | 3.875 <sup>(a)</sup> | 11/30/29 | 43237242 |
|  | 2471900 | 4.000 <sup>(a)</sup> | 02/28/30 | 2521036 |
|  | 3113500 | 3.875 <sup>(a)</sup> | 04/30/30 | 3161781 |
|  | 300000 | 3.625 <sup>(a)</sup> | 08/31/30 | 301608 |
|  | 3568000 | 0.875 <sup>(a)</sup> | 11/15/30 | 3163407 |
|  | 1950000 | 1.125 <sup>(a)</sup> | 02/15/31 | 1740394 |
|  | 2668300 | 1.625 <sup>(a)</sup> | 05/15/31 | 2425175 |
|  | 26780000 | 1.250 <sup>(a)</sup> | 08/15/31 | 23706081 |
|  | 2630000 | 1.375 <sup>(a)</sup> | 11/15/31 | 2328749 |
|  | 3517700 | 1.875 <sup>(a)</sup> | 02/15/32 | 3187622 |
|  | 13259000 | 2.875 <sup>(a)</sup> | 05/15/32 | 12684162 |
|  | 2586800 | 2.750 <sup>(a)</sup> | 08/15/32 | 2448997 |
|  | 4700300 | 4.125 <sup>(a)</sup> | 11/15/32 | 4818650 |
|  | 956000 | 3.500 <sup>(a)</sup> | 02/15/33 | 942953 |
|  | 3340000 | 3.375 <sup>(a)</sup> | 05/15/33 | 3262626 |
|  | 2032700 | 3.875 <sup>(a)</sup> | 08/15/33 | 2047719 |
|  | 12913800 | 4.000 <sup>(a)</sup> | 02/15/34 | 13085510 |
|  | 3040500 | 3.875 <sup>(a)</sup> | 08/15/34 | 3045558 |
|  | 529000 | 4.250 <sup>(a)</sup> | 11/15/34 | 543589 |
|  | 2245400 | 4.625 <sup>(a)</sup> | 02/15/35 | 2369244 |
|  | 2513400 | 4.250 <sup>(a)</sup> | 05/15/35 | 2578393 |
|  | 2624900 | 4.250 <sup>(a)</sup> | 08/15/35 | 2690636 |
| TOTAL U.S. TREASURY NOTES<br>(Cost $261,662,189) | TOTAL U.S. TREASURY NOTES<br>(Cost $261,662,189) | TOTAL U.S. TREASURY NOTES<br>(Cost $261,662,189) | TOTAL U.S. TREASURY NOTES<br>(Cost $261,662,189) | 265238002 |
| Mortgage-Backed Securities – 23.6% | Mortgage-Backed Securities – 23.6% | Mortgage-Backed Securities – 23.6% | Mortgage-Backed Securities – 23.6% | Mortgage-Backed Securities – 23.6% |
|  Federal Home Loan Mortgage Corporation | Federal Home Loan Mortgage Corporation | Federal Home Loan Mortgage Corporation | Federal Home Loan Mortgage Corporation | Federal Home Loan Mortgage Corporation |
|  | 1227654 | 2.000 | 04/01/36 | 1151717 |
|  | 1679133 | 2.000 | 09/01/36 | 1572165 |
|  | 199059 | 4.500 | 07/01/48 | 199835 |
|  | 186611 | 2.500 | 11/01/50 | 165444 |
|  | 7960378 | 2.000 | 03/01/51 | 6657238 |
|  | 7089021 | 2.000 | 05/01/51 | 5919342 |
|  | 2207142 | 2.500 | 05/01/51 | 1926535 |
|  | 2387688 | 2.000 | 07/01/51 | 1996538 |
|  | 9156994 | 2.500 | 08/01/51 | 8095636 |
|  | 2247441 | 3.000 | 05/01/52 | 2038405 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Mortgage-Backed Securities – (continued) | Mortgage-Backed Securities – (continued) | Mortgage-Backed Securities – (continued) | Mortgage-Backed Securities – (continued) | Mortgage-Backed Securities – (continued) |
| Federal Home Loan Mortgage Corporation – (continued) | Federal Home Loan Mortgage Corporation – (continued) | Federal Home Loan Mortgage Corporation – (continued) | Federal Home Loan Mortgage Corporation – (continued) | Federal Home Loan Mortgage Corporation – (continued) |
| $— | 829086 | 3.500% | 05/01/52 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783809 |
|  | 153965 | 4.500 | 05/01/52 | 153152 |
|  | 2989228 | 3.000 | 08/01/52 | 2753786 |
|  | 1112667 | 4.000 | 08/01/52 | 1082913 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  | 2950941 | 2.000 | 08/01/36 | 2758454 |
|  | 1000000 | 5.000 | TBA-15yr<sup>(b)</sup> | 1015156 |
|  | 2000000 | 1.500 | TBA-15yr<sup>(b)</sup> | 1823750 |
|  | 2000000 | 2.500 | TBA-15yr<sup>(b)</sup> | 1907187 |
|  | 1000000 | 3.000 | TBA-15yr<sup>(b)</sup> | 968437 |
|  | 2021707 | 3.500 | 07/01/45 | 1954924 |
|  | 49956 | 4.500 | 06/01/48 | 49983 |
|  | 281601 | 4.500 | 07/01/48 | 283658 |
|  | 20483 | 5.000 | 12/01/48 | 20978 |
|  | 34753 | 4.500 | 01/01/49 | 34917 |
|  | 28103 | 4.500 | 08/01/49 | 28152 |
|  | 461068 | 4.500 | 08/01/49 | 463218 |
|  | 176004 | 5.000 | 12/01/49 | 179850 |
|  | 20258 | 4.500 | 01/01/50 | 20267 |
|  | 89466 | 4.500 | 03/01/50 | 89564 |
|  | 53385 | 5.000 | 04/01/50 | 55293 |
|  | 1230889 | 2.500 | 06/01/50 | 1091282 |
|  | 39468 | 4.500 | 10/01/50 | 39466 |
|  | 76921 | 4.500 | 10/01/50 | 77177 |
|  | 1603083 | 2.500 | 11/01/50 | 1419750 |
|  | 1671989 | 2.500 | 01/01/51 | 1469271 |
|  | 79165 | 2.500 | 02/01/51 | 70184 |
|  | 426265 | 2.500 | 03/01/51 | 377522 |
|  | 805669 | 2.000 | 04/01/51 | 673664 |
|  | 3513232 | 2.000 | 05/01/51 | 2932997 |
|  | 751950 | 2.000 | 09/01/51 | 627884 |
|  | 544367 | 2.500 | 09/01/51 | 482139 |
|  | 3490677 | 2.000 | 10/01/51 | 2913647 |
|  | 2148950 | 2.500 | 10/01/51 | 1903361 |
|  | 990423 | 2.500 | 11/01/51 | 875309 |
|  | 1265077 | 2.500 | 11/01/51 | 1120448 |
|  | 2019572 | 4.500 | 10/01/52 | 2007377 |
|  | 650717 | 5.000 | 10/01/52 | 655036 |
|  | 780801 | 5.000 | 11/01/52 | 789616 |
|  | 1094811 | 3.500 | 12/01/52 | 1035523 |
|  | 1031705 | 4.000 | 12/01/52 | 1005112 |
|  | 1961003 | 5.500 | 01/01/55 | 1993866 |
|  | 1000000 | 7.000 | TBA-30yr<sup>(b)</sup> | 1050352 |
|  | 5944944 | 5.500 | 11/01/55 | 6091358 |
|  | 1000000 | 1.500 | TBA-30yr<sup>(b)</sup> | 794062 |
|  | 6000000 | 2.000 | TBA-30yr<sup>(b)</sup> | 4970625 |
|  | 2000000 | 2.500 | TBA-30yr<sup>(b)</sup> | 1732500 |
|  | 9000000 | 3.000 | TBA-30yr<sup>(b)</sup> | 8142187 |
|  | 5000000 | 3.500 | TBA-30yr<sup>(b)</sup> | 4712500 |
|  | 6000000 | 4.000 | TBA-30yr<sup>(b)</sup> | 5831250 |
|  | 4000000 | 4.500 | TBA-30yr<sup>(b)</sup> | 3956875 |
|  | 11000000 | 5.000 | TBA-30yr<sup>(b)</sup> | 11055000 |
|  | 2000000 | 5.500 | TBA-30yr<sup>(b)</sup> | 2032187 |
|  | 13000000 | 6.000 | TBA-30yr<sup>(b)</sup> | 13337187 |
|  | 5000000 | 6.500 | TBA-30yr<sup>(b)</sup> | 5192969 |
| Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  | 39802 | 5.000 | 12/20/48 | 40568 |
|  | 21342 | 5.000 | 05/20/49 | 21742 |

---

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **87** |

---

------

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

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

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Mortgage-Backed Securities – (continued) | Mortgage-Backed Securities – (continued) | Mortgage-Backed Securities – (continued) | Mortgage-Backed Securities – (continued) | Mortgage-Backed Securities – (continued) |
|  Government National Mortgage Association – (continued) | Government National Mortgage Association – (continued) | Government National Mortgage Association – (continued) | Government National Mortgage Association – (continued) | Government National Mortgage Association – (continued) |
| $| 225507 | 3.000% | 09/20/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207785 |
|  | 77675 | 4.500 | 03/20/50 | 78253 |
|  | 40795 | 5.000 | 05/20/50 | 42089 |
|  | 168917 | 4.000 | 09/20/50 | 165652 |
|  | 2630613 | 2.000 | 11/20/50 | 2230678 |
|  | 597593 | 3.000 | 07/20/51 | 549125 |
|  | 2805522 | 2.000 | 09/20/51 | 2379538 |
|  | 4658410 | 2.500 | 09/20/51 | 4115193 |
|  | 3872998 | 3.000 | 03/20/52 | 3555678 |
|  | 3924721 | 4.500 | 09/20/52 | 3913659 |
|  | 1831757 | 4.500 | 10/20/52 | 1830743 |
|  | 1455658 | 4.000 | 05/20/53 | 1412560 |
|  | 4000000 | 6.000 | TBA-30yr<sup>(b)</sup> | 4080625 |
|  | 2000000 | 2.000 | TBA-30yr<sup>(b)</sup> | 1695000 |
|  | 3000000 | 2.500 | TBA-30yr<sup>(b)</sup> | 2648437 |
|  | 3000000 | 3.500 | TBA-30yr<sup>(b)</sup> | 2814844 |
|  | 2000000 | 4.000 | TBA-30yr<sup>(b)</sup> | 1923750 |
|  | 5000000 | 5.000 | TBA-30yr<sup>(b)</sup> | 5017969 |
|  | 4000000 | 5.500 | TBA-30yr<sup>(b)</sup> | 4051875 |
|  | 1000000 | 6.500 | TBA-30yr<sup>(b)</sup> | 1039531 |
|  | 2000000 | 3.500 | TBA-30yr<sup>(b)</sup> | 1869062 |
| TOTAL MORTGAGE-BACKED SECURITIES<br>(Cost $180,991,472) | TOTAL MORTGAGE-BACKED SECURITIES<br>(Cost $180,991,472) | TOTAL MORTGAGE-BACKED SECURITIES<br>(Cost $180,991,472) | TOTAL MORTGAGE-BACKED SECURITIES<br>(Cost $180,991,472) | 184294342 |
| Corporate Obligations – 22.0% | Corporate Obligations – 22.0% | Corporate Obligations – 22.0% | Corporate Obligations – 22.0% | Corporate Obligations – 22.0% |
| Aerospace & Defense – 0.6% | Aerospace & Defense – 0.6% | Aerospace & Defense – 0.6% | Aerospace & Defense – 0.6% | Aerospace & Defense – 0.6% |
|  Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) |
|  | 225000 | 6.259 | 05/01/27<sup>(c)</sup> | 230392 |
|  | 35000 | 3.250 | 02/01/35<sup>(c)</sup> | 31152 |
|  | 100000 | 3.300 | 03/01/35<sup>(c)</sup> | 87745 |
|  | 164000 | 3.650 | 03/01/47<sup>(c)</sup> | 122349 |
|  | 50000 | 3.750 | 02/01/50<sup>(c)</sup> | 36976 |
|  | 364000 | 5.805 | 05/01/50<sup>(c)</sup> | 364273 |
|  | 223000 | 3.825 | 03/01/59<sup>(c)</sup> | 157615 |
|  | 250000 | 3.950 | 08/01/59<sup>(c)</sup> | 180648 |
|  | 135000 | 5.930 | 05/01/60<sup>(c)</sup> | 134874 |
|  General Dynamics Corp. | General Dynamics Corp. | General Dynamics Corp. | General Dynamics Corp. | General Dynamics Corp. |
|  | 209000 | 3.625 | 04/01/30<sup>(c)</sup> | 206875 |
|  | 205000 | 4.250 | 04/01/40<sup>(c)</sup> | 191368 |
|  L3Harris Technologies, Inc. | L3Harris Technologies, Inc. | L3Harris Technologies, Inc. | L3Harris Technologies, Inc. | L3Harris Technologies, Inc. |
|  | 250000 | 5.050 | 06/01/29<sup>(c)</sup> | 257978 |
|  | 100000 | 1.800 | 01/15/31<sup>(c)</sup> | 89498 |
|  Leidos, Inc. | Leidos, Inc. | Leidos, Inc. | Leidos, Inc. | Leidos, Inc. |
|  | 100000 | 4.375 | 05/15/30<sup>(c)</sup> | 100115 |
|  | 100000 | 5.400 | 03/15/32<sup>(c)</sup> | 104224 |
|  Lockheed Martin Corp. | Lockheed Martin Corp. | Lockheed Martin Corp. | Lockheed Martin Corp. | Lockheed Martin Corp. |
|  | 239000 | 5.250 | 01/15/33<sup>(c)</sup> | 254341 |
|  | 196000 | 5.700 | 11/15/54<sup>(c)</sup> | 201890 |
|  Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. |
|  | 300000 | 3.250 | 01/15/28<sup>(c)</sup> | 298238 |
|  | 175000 | 4.750 | 06/01/43 | 164354 |
|  | 208000 | 4.950 | 03/15/53<sup>(c)</sup> | 191448 |
|  | 100000 | 5.200 | 06/01/54<sup>(c)</sup> | 95065 |
|  RTX Corp. | RTX Corp. | RTX Corp. | RTX Corp. | RTX Corp. |
|  | 400000 | 6.100 | 03/15/34<sup>(c)</sup> | 442697 |
|  | 85000 | 4.625 | 11/16/48<sup>(c)</sup> | 75688 |
|  | 188000 | 6.400 | 03/15/54<sup>(c)</sup> | 209600 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Aerospace & Defense – (continued) | Aerospace & Defense – (continued) | Aerospace & Defense – (continued) | Aerospace & Defense – (continued) | Aerospace & Defense – (continued) |
|  Textron, Inc. | Textron, Inc. | Textron, Inc. | Textron, Inc. | Textron, Inc. |
| $| 80000 | 3.000% | 06/01/30<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76458 |
|  | 100000 | 2.450 | 03/15/31<sup>(c)</sup> | 91572 |
|  |  |  |  | 4397433 |
| Agriculture – 0.1% | Agriculture – 0.1% | Agriculture – 0.1% | Agriculture – 0.1% | Agriculture – 0.1% |
|  Archer-Daniels-Midland Co. | Archer-Daniels-Midland Co. | Archer-Daniels-Midland Co. | Archer-Daniels-Midland Co. | Archer-Daniels-Midland Co. |
|  | 50000 | 5.375 | 09/15/35 | 53182 |
|  | 292000 | 4.500 | 03/15/49<sup>(c)</sup> | 257060 |
|  Bunge Ltd. Finance Corp. | Bunge Ltd. Finance Corp. | Bunge Ltd. Finance Corp. | Bunge Ltd. Finance Corp. | Bunge Ltd. Finance Corp. |
|  | 100000 | 4.100 | 01/07/28<sup>(c)</sup> | 100589 |
|  | 100000 | 2.750 | 05/14/31<sup>(c)</sup> | 93058 |
|  JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings | JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings | JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings | JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings | JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings |
|  | 160000 | 6.375 | 04/15/66<sup>(c)</sup> | 163420 |
|  |  |  |  | 667309 |
| Banks – 4.0% | Banks – 4.0% | Banks – 4.0% | Banks – 4.0% | Banks – 4.0% |
|  American Express Co. | American Express Co. | American Express Co. | American Express Co. | American Express Co. |
|  | 172000 | 2.550 | 03/04/27<sup>(c)</sup> | 170145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.970%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.970%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.970%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.970%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.970%) |
|  | 52000 | 5.389 | 07/28/27<sup>(c)(d)</sup> | 52298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.835%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.835%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.835%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.835%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.835%) |
|  | 188000 | 5.043 | 05/01/34<sup>(c)(d)</sup> | 193191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.790%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.790%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.790%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.790%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.790%) |
|  | 287000 | 5.667 | 04/25/36<sup>(c)(d)</sup> | 304573 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.960%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.960%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.960%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.960%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.960%) |
|  | 57000 | 1.734 | 07/22/27<sup>(c)(d)</sup> | 56519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.340%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.340%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.340%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.340%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.340%) |
|  | 183000 | 5.933 | 09/15/27<sup>(c)(d)</sup> | 185115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.774%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.774%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.774%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.774%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.774%) |
|  | 260000 | 3.705 | 04/24/28<sup>(c)(d)</sup> | 259069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.302%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.302%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.302%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.302%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.302%) |
|  | 142000 | 3.419 | 12/20/28<sup>(c)(d)</sup> | 140691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.830%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.830%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.830%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.830%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.830%) |
|  | 283000 | 4.979 | 01/24/29<sup>(c)(d)</sup> | 288663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.630%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.630%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.630%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.630%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.630%) |
|  | 340000 | 5.202 | 04/25/29<sup>(c)(d)</sup> | 348808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.000%) |
|  | 280000 | 5.162 | 01/24/31<sup>(c)(d)</sup> | 290654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.150%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.150%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.150%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.150%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.150%) |
|  | 280000 | 2.592 | 04/29/31<sup>(c)(d)</sup> | 263109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.650%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.650%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.650%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.650%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.650%) |
|  | 272000 | 5.468 | 01/23/35<sup>(c)(d)</sup> | 284785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.200%) |
|  | 84000 | 2.482 | 09/21/36<sup>(c)(d)</sup> | 74354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.076%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.076%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.076%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.076%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.076%) |
|  | 394000 | 4.244 | 04/24/38<sup>(c)(d)</sup> | 371051 |
|  | 300000 | 7.750 | 05/14/38 | 367362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.560%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.560%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.560%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.560%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.560%) |
|  | 20000 | 2.972 | 07/21/52<sup>(c)(d)</sup> | 13271 |
|  Bank of America Corp., MTN | Bank of America Corp., MTN | Bank of America Corp., MTN | Bank of America Corp., MTN | Bank of America Corp., MTN |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.322%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.322%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.322%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.322%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.322%) |
|  | 80000 | 3.559 | 04/23/27<sup>(c)(d)</sup> | 79814 |
|  | 75000 | 3.248 | 10/21/27<sup>(c)</sup> | 74470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.040%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.040%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.040%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.040%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.040%) |
|  | 444000 | 4.948 | 07/22/28<sup>(c)(d)</sup> | 449386 |

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

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| | |
|:---|:---|
| 88 | **The accompanying notes are an integral part of these financial statements.** |

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GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

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

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

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

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

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

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

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| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.472%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.472%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.472%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.472%) |
| 292000 | 3.974% | 02/07/30(c)(d) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.252%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.252%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.252%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.252%) |
| 106000 | 2.496 | 02/13/31<sup>(c)(d)</sup> | 99353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.530%) |
| 40000 | 1.898 | 07/23/31<sup>(c)(d)</sup> | 36247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.160%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.160%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.160%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.160%) |
| 400000 | 5.015 | 07/22/33<sup>(c)(d)</sup> | 411518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.930%) |
| 211000 | 2.676 | 06/19/41<sup>(c)(d)</sup> | 156994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.412%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.412%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.412%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.412%) |
| 184000 | 4.083 | 03/20/51<sup>(c)(d)</sup> | 149411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.880%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.880%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.880%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.880%) |
| 60000 | 2.831 | 10/24/51<sup>(c)(d)</sup> | 38781 |
| Bank of America Corp., Series L | Bank of America Corp., Series L | Bank of America Corp., Series L | Bank of America Corp., Series L |
| 67000 | 4.183 | 11/25/27<sup>(c)</sup> | 67170 |
| 73000 | 4.750 | 04/21/45 | 67657 |
| Bank of America Corp., Series N | Bank of America Corp., Series N | Bank of America Corp., Series N | Bank of America Corp., Series N |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.650%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.650%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.650%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.650%) |
| 42000 | 3.483 | 03/13/52<sup>(c)(d)</sup> | 30785 |
| Bank of New York Mellon Corp. (The) | Bank of New York Mellon Corp. (The) | Bank of New York Mellon Corp. (The) | Bank of New York Mellon Corp. (The) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.026%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.026%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.026%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.026%) |
| 100000 | 4.947 | 04/26/27<sup>(c)(d)</sup> | 100157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.887%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.887%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.887%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.887%) |
| 191000 | 4.942 | 02/11/31<sup>(c)(d)</sup> | 197173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.512%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.512%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.512%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.512%) |
| 100000 | 4.706 | 02/01/34<sup>(c)(d)</sup> | 101413 |
| Bank of New York Mellon Corp. (The), MTN | Bank of New York Mellon Corp. (The), MTN | Bank of New York Mellon Corp. (The), MTN | Bank of New York Mellon Corp. (The), MTN |
| 14000 | 2.800 | 05/04/26<sup>(c)</sup> | 13965 |
| 228000 | 3.400 | 01/29/28<sup>(c)</sup> | 226872 |
| 16000 | 1.800 | 07/28/31<sup>(c)</sup> | 14265 |
| Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |
| 170000 | 3.750 | 03/09/27<sup>(c)</sup> | 169674 |
| 10000 | 3.800 | 01/31/28<sup>(c)</sup> | 9971 |
| 50000 | 6.700 | 11/29/32<sup>(c)</sup> | 55847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.440%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.440%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.440%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.440%) |
| 292000 | 7.149 | 10/29/27<sup>(c)(d)</sup> | 298102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.057%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.057%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.057%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.057%) |
| 41000 | 4.927 | 05/10/28<sup>(c)(d)</sup> | 41417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.337%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.337%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.337%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.337%) |
| 95000 | 2.359 | 07/29/32<sup>(c)(d)</sup> | 83999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.600%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.600%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.600%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.600%) |
| 343000 | 5.817 | 02/01/34<sup>(c)(d)</sup> | 361234 |
| Charles Schwab Corp. (The) | Charles Schwab Corp. (The) | Charles Schwab Corp. (The) | Charles Schwab Corp. (The) |
| 310000 | 2.900 | 03/03/32<sup>(c)</sup> | 286832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.010%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.010%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.010%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.010%) |
| 384000 | 6.136 | 08/24/34<sup>(c)(d)</sup> | 422305 |
| Citibank NA | Citibank NA | Citibank NA | Citibank NA |
| 1000000 | 4.914 | 05/29/30<sup>(c)</sup> | 1033463 |
| Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.825%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.825%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.825%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.825%) |
| 1156000 | 3.887 | 01/10/28<sup>(c)(d)</sup> | 1155325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.887%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.887%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.887%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.887%) |
| 168000 | 4.658 | 05/24/28<sup>(c)(d)</sup> | 169444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.364%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.364%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.364%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.364%) |
| 390000 | 5.174 | 02/13/30<sup>(c)(d)</sup> | 402110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.422%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.422%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.422%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.422%) |
| 266000 | 2.976 | 11/05/30<sup>(c)(d)</sup> | 254974 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.056%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.056%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.056%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.056%) |
| 188000 | 5.827% | 02/13/35(c)(d) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.447%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.447%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.447%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.447%) |
| 478000 | 5.449 | 06/11/35<sup>(c)(d)</sup> | 499584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 4.548%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 4.548%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 4.548%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 4.548%) |
| 135000 | 5.316 | 03/26/41<sup>(c)(d)</sup> | 136762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.746%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.746%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.746%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.746%) |
| 80000 | 5.612 | 03/04/56<sup>(c)(d)</sup> | 80605 |
| Citizens Financial Group, Inc. | Citizens Financial Group, Inc. | Citizens Financial Group, Inc. | Citizens Financial Group, Inc. |
| 15000 | 2.850 | 07/27/26<sup>(c)</sup> | 14913 |
| 196000 | 2.500 | 02/06/30<sup>(c)</sup> | 184739 |
| Discover Bank | Discover Bank | Discover Bank | Discover Bank |
| 147000 | 3.450 | 07/27/26<sup>(c)</sup> | 146643 |
| Fifth Third Bancorp | Fifth Third Bancorp | Fifth Third Bancorp | Fifth Third Bancorp |
| 88000 | 2.550 | 05/05/27<sup>(c)</sup> | 86672 |
| 144000 | 3.950 | 03/14/28<sup>(c)</sup> | 144207 |
| 40000 | 8.250 | 03/01/38 | 49803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.660%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.660%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.660%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.660%) |
| 124000 | 4.337 | 04/25/33<sup>(c)(d)</sup> | 122730 |
| First Horizon Corp. | First Horizon Corp. | First Horizon Corp. | First Horizon Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.766%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.766%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.766%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.766%) |
| 270000 | 5.514 | 03/07/31<sup>(c)(d)</sup> | 280535 |
| Huntington Bancshares, Inc. | Huntington Bancshares, Inc. | Huntington Bancshares, Inc. | Huntington Bancshares, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.020%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.020%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.020%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.020%) |
| 100000 | 6.208 | 08/21/29<sup>(c)(d)</sup> | 104911 |
| JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
| 40000 | 7.625 | 10/15/26 | 40890 |
| 155000 | 8.000 | 04/29/27 | 162189 |
| 80000 | 4.250 | 10/01/27 | 80569 |
| 100000 | 8.750 | 09/01/30 | 118555 |
| 160000 | 5.500 | 10/15/40 | 170239 |
| 15000 | 5.400 | 01/06/42 | 15359 |
| 80000 | 5.625 | 08/16/43 | 83266 |
| 40000 | 4.850 | 02/01/44 | 38642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.599%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.599%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.599%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.599%) |
| 346000 | 3.782 | 02/01/28<sup>(c)(d)</sup> | 345213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.642%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.642%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.642%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.642%) |
| 50000 | 3.540 | 05/01/28<sup>(c)(d)</sup> | 49763 |
| 170000 | 3.964 | 11/15/48<sup>(c)(d)</sup> | 138723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.990%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.990%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.990%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.990%) |
| 361000 | 4.851 | 07/25/28<sup>(c)(d)</sup> | 365161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.860%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.860%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.860%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.860%) |
| 100000 | 4.505 | 10/22/28<sup>(c)(d)</sup> | 101128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.592%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.592%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.592%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.592%) |
| 40000 | 4.452 | 12/05/29<sup>(c)(d)</sup> | 40419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.510%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.510%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.510%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.510%) |
| 128000 | 2.739 | 10/15/30<sup>(c)(d)</sup> | 122587 |
| 407000 | 2.525 | 11/19/41<sup>(c)(d)</sup> | 298238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.040%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.040%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.040%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.040%) |
| 100000 | 4.603 | 10/22/30<sup>(c)(d)</sup> | 101666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.105%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.105%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.105%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.105%) |
| 249000 | 1.764 | 11/19/31<sup>(c)(d)</sup> | 223193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.180%) |
| 100000 | 2.545 | 11/08/32<sup>(c)(d)</sup> | 91211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.800%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.800%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.800%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.800%) |
| 224000 | 4.586 | 04/26/33<sup>(c)(d)</sup> | 226559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.080%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.080%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.080%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.080%) |
| 100000 | 4.912 | 07/25/33<sup>(c)(d)</sup> | 102639 |

---

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **89** |

---

------

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

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

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.810%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.810%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.810%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.810%) |
| 110000 | 6.254% | 10/23/34(c)(d) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.460%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.460%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.460%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.460%) |
| 76000 | 5.294 | 07/22/35<sup>(c)(d)</sup> | 78844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.622%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.622%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.622%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.622%) |
| 152000 | 3.882 | 07/24/38<sup>(c)(d)</sup> | 137804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.460%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.460%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.460%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.460%) |
| 185000 | 3.109 | 04/22/41<sup>(c)(d)</sup> | 147054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.550%) |
| 133000 | 5.534 | 11/29/45<sup>(c)(d)</sup> | 136203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.842%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.842%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.842%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.842%) |
| 67000 | 4.260 | 02/22/48<sup>(c)(d)</sup> | 57850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.440%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.440%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.440%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.440%) |
| 230000 | 3.109 | 04/22/51<sup>(c)(d)</sup> | 158672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.580%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.580%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.580%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.580%) |
| 150000 | 3.328 | 04/22/52<sup>(c)(d)</sup> | 107400 |
| JPMorgan Chase Financial Co. LLC, MTN | JPMorgan Chase Financial Co. LLC, MTN | JPMorgan Chase Financial Co. LLC, MTN | JPMorgan Chase Financial Co. LLC, MTN |
| 725000 | 5.000 | 08/28/28<sup>(c)</sup> | 725028 |
| KeyCorp | KeyCorp | KeyCorp | KeyCorp |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 2.420%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 2.420%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 2.420%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 2.420%) |
| 290000 | 6.401 | 03/06/35<sup>(c)(d)</sup> | 316692 |
| M&T Bank Corp. | M&T Bank Corp. | M&T Bank Corp. | M&T Bank Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.850%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.850%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.850%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.850%) |
| 100000 | 5.053 | 01/27/34<sup>(c)(d)</sup> | 101713 |
| Manufacturers & Traders Trust Co. | Manufacturers & Traders Trust Co. | Manufacturers & Traders Trust Co. | Manufacturers & Traders Trust Co. |
| 250000 | 4.700 | 01/27/28<sup>(c)</sup> | 253764 |
| Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.879%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.879%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.879%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.879%) |
| 50000 | 1.593 | 05/04/27<sup>(c)(d)</sup> | 49811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.555%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.555%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.555%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.555%) |
| 500000 | 5.320 | 07/19/35<sup>(c)(d)</sup> | 518597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.360%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.360%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.360%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.360%) |
| 96000 | 2.484 | 09/16/36<sup>(c)(d)</sup> | 85256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.485%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.485%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.485%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.485%) |
| 30000 | 3.217 | 04/22/42<sup>(c)(d)</sup> | 23891 |
| Morgan Stanley, GMTN | Morgan Stanley, GMTN | Morgan Stanley, GMTN | Morgan Stanley, GMTN |
| 100000 | 4.350 | 09/08/26 | 100134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.890%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.890%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.890%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.890%) |
| 320000 | 4.431 | 01/23/30<sup>(c)(d)</sup> | 322970 |
| Morgan Stanley, MTN | Morgan Stanley, MTN | Morgan Stanley, MTN | Morgan Stanley, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.120%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.120%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.120%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.120%) |
| 1954000 | 3.622 | 04/01/31<sup>(c)(d)</sup> | 1912264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.034%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.034%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.034%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.034%) |
| 50000 | 1.794 | 02/13/32<sup>(c)(d)</sup> | 44367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.870%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.870%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.870%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.870%) |
| 543000 | 5.250 | 04/21/34<sup>(c)(d)</sup> | 562725 |
| 488000 | 4.375 | 01/22/47 | 425404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.430%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.430%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.430%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.430%) |
| 37000 | 2.802 | 01/25/52<sup>(c)(d)</sup> | 23964 |
| Morgan Stanley, Series I | Morgan Stanley, Series I | Morgan Stanley, Series I | Morgan Stanley, Series I |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.074%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.074%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.074%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.074%) |
| 300000 | 4.356 | 10/22/31<sup>(c)(d)</sup> | 300787 |
| Northern Trust Corp. | Northern Trust Corp. | Northern Trust Corp. | Northern Trust Corp. |
| 50000 | 1.950 | 05/01/30<sup>(c)</sup> | 46138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 1.131%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 1.131%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 1.131%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 1.131%) |
| 100000 | 3.375 | 05/08/32<sup>(c)(d)</sup> | 99033 |
| PNC Bank NA | PNC Bank NA | PNC Bank NA | PNC Bank NA |
| 250000 | 4.050 | 07/26/28 | 250492 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
|  PNC Financial Services Group, Inc. (The) | PNC Financial Services Group, Inc. (The) | PNC Financial Services Group, Inc. (The) | PNC Financial Services Group, Inc. (The) | PNC Financial Services Group, Inc. (The) |
| $| 165000 | 3.150% | 05/19/27(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.730%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.730%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.730%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.730%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.730%) |
|  | 19000 | 6.615 | 10/20/27<sup>(c)(d)</sup> | 19329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.979%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.979%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.979%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.979%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.979%) |
|  | 50000 | 2.307 | 04/23/32<sup>(c)(d)</sup> | 45610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 2.140%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 2.140%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 2.140%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 2.140%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 2.140%) |
|  | 100000 | 6.037 | 10/28/33<sup>(c)(d)</sup> | 108376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.933%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.933%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.933%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.933%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.933%) |
|  | 292000 | 5.068 | 01/24/34<sup>(c)(d)</sup> | 301950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.284%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.284%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.284%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.284%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.284%) |
|  | 188000 | 6.875 | 10/20/34<sup>(c)(d)</sup> | 213860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.394%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.394%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.394%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.394%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.394%) |
|  | 15000 | 5.575 | 01/29/36<sup>(c)(d)</sup> | 15797 |
|  Regions Financial Corp. | Regions Financial Corp. | Regions Financial Corp. | Regions Financial Corp. | Regions Financial Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.060%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.060%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.060%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.060%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.060%) |
|  | 125000 | 5.502 | 09/06/35<sup>(c)(d)</sup> | 129614 |
|  Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. |
|  | 80000 | 4.400 | 07/13/27<sup>(c)</sup> | 80043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.249%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.249%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.249%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.249%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.249%) |
|  | 204000 | 2.490 | 01/06/28<sup>(c)(d)</sup> | 201120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.356%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.356%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.356%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.356%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.356%) |
|  | 58000 | 6.499 | 03/09/29<sup>(c)(d)</sup> | 60384 |
|  State Street Corp. | State Street Corp. | State Street Corp. | State Street Corp. | State Street Corp. |
|  | 500000 | 4.536 | 02/28/28<sup>(c)</sup> | 508811 |
|  | 100000 | 2.400 | 01/24/30 | 94908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.484%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.484%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.484%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.484%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.484%) |
|  | 300000 | 5.684 | 11/21/29<sup>(c)(d)</sup> | 313203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.002%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.002%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.002%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.002%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.002%) |
|  | 100000 | 2.623 | 02/07/33<sup>(c)(d)</sup> | 91069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.490%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.490%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.490%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.490%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.490%) |
|  | 486000 | 3.031 | 11/01/34<sup>(c)(d)</sup> | 463100 |
|  Synchrony Financial | Synchrony Financial | Synchrony Financial | Synchrony Financial | Synchrony Financial |
|  | 108000 | 3.950 | 12/01/27<sup>(c)</sup> | 107445 |
|  | 92000 | 2.875 | 10/28/31<sup>(c)</sup> | 83090 |
|  Truist Financial Corp., MTN | Truist Financial Corp., MTN | Truist Financial Corp., MTN | Truist Financial Corp., MTN | Truist Financial Corp., MTN |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.620%) |
|  | 266000 | 5.435 | 01/24/30<sup>(c)(d)</sup> | 275584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.240%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.240%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.240%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.240%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.240%) |
|  | 196000 | 4.916 | 07/28/33<sup>(c)(d)</sup> | 198752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.922%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.922%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.922%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.922%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.922%) |
|  | 188000 | 5.711 | 01/24/35<sup>(c)(d)</sup> | 199598 |
|  U.S. Bancorp | U.S. Bancorp | U.S. Bancorp | U.S. Bancorp | U.S. Bancorp |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.230%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.230%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.230%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.230%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.230%) |
|  | 100000 | 4.653 | 02/01/29<sup>(c)(d)</sup> | 101345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 0.950%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 0.950%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 0.950%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 0.950%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 0.950%) |
|  | 100000 | 2.491 | 11/03/36<sup>(c)(d)</sup> | 88806 |
|  U.S. Bancorp, MTN | U.S. Bancorp, MTN | U.S. Bancorp, MTN | U.S. Bancorp, MTN | U.S. Bancorp, MTN |
|  | 222000 | 3.900 | 04/26/28<sup>(c)</sup> | 222928 |
|  | 80000 | 3.000 | 07/30/29<sup>(c)</sup> | 77687 |
|  | 40000 | 1.375 | 07/22/30<sup>(c)</sup> | 35818 |
|  U.S. Bancorp, Series X | U.S. Bancorp, Series X | U.S. Bancorp, Series X | U.S. Bancorp, Series X | U.S. Bancorp, Series X |
|  | 140000 | 3.150 | 04/27/27<sup>(c)</sup> | 139071 |
|  US Bancorp | US Bancorp | US Bancorp | US Bancorp | US Bancorp |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.020%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.020%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.020%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.020%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.020%) |
|  | 100000 | 5.775 | 06/12/29<sup>(c)(d)</sup> | 103953 |

---

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

---

| | |
|:---|:---|
| 90 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
| $| 42000 | 3.000% | 04/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41948 |
|  | 120000 | 5.606 | 01/15/44 | 119734 |
|  | 60000 | 3.900 | 05/01/45 | 49097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.020%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.020%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.020%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.020%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.020%) |
|  | 277000 | 5.389 | 04/24/34<sup>(c)(d)</sup> | 288909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.740%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.740%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.740%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.740%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.740%) |
|  | 289000 | 5.605 | 04/23/36<sup>(c)(d)</sup> | 304613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.340%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.340%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.340%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.340%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.340%) |
|  | 170000 | 4.892 | 09/15/36<sup>(c)(d)</sup> | 170974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.530%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.530%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.530%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.530%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.530%) |
|  | 170000 | 3.068 | 04/30/41<sup>(c)(d)</sup> | 132747 |
|  Wells Fargo & Co., MTN | Wells Fargo & Co., MTN | Wells Fargo & Co., MTN | Wells Fargo & Co., MTN | Wells Fargo & Co., MTN |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.070%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.070%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.070%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.070%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.070%) |
|  | 170000 | 5.707 | 04/22/28<sup>(c)(d)</sup> | 173266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.572%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.572%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.572%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.572%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.572%) |
|  | 50000 | 3.584 | 05/22/28<sup>(c)(d)</sup> | 49766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.100%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.100%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.100%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.100%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.100%) |
|  | 613000 | 2.393 | 06/02/28<sup>(c)(d)</sup> | 600309 |
|  | 25000 | 4.150 | 01/24/29<sup>(c)</sup> | 25155 |
|  | 274000 | 4.750 | 12/07/46 | 243289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.740%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.740%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.740%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.740%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.740%) |
|  | 285000 | 5.574 | 07/25/29<sup>(c)(d)</sup> | 294871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.432%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.432%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.432%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.432%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.432%) |
|  | 52000 | 2.879 | 10/30/30<sup>(c)(d)</sup> | 49731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.262%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.262%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.262%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.262%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.262%) |
|  | 256000 | 2.572 | 02/11/31<sup>(c)(d)</sup> | 240682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 4.032%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 4.032%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 4.032%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 4.032%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 4.032%) |
|  | 340000 | 4.478 | 04/04/31<sup>(c)(d)</sup> | 343534 |
|  Wells Fargo Bank NA | Wells Fargo Bank NA | Wells Fargo Bank NA | Wells Fargo Bank NA | Wells Fargo Bank NA |
|  | 300000 | 6.600 | 01/15/38 | 339821 |
|  |  |  |  | 31001578 |
| Basic Industry – 0.3% | Basic Industry – 0.3% | Basic Industry – 0.3% | Basic Industry – 0.3% | Basic Industry – 0.3% |
|  Air Products and Chemicals, Inc. | Air Products and Chemicals, Inc. | Air Products and Chemicals, Inc. | Air Products and Chemicals, Inc. | Air Products and Chemicals, Inc. |
|  | 150000 | 4.600 | 02/08/29<sup>(c)</sup> | 153510 |
|  Albemarle Corp. | Albemarle Corp. | Albemarle Corp. | Albemarle Corp. | Albemarle Corp. |
|  | 280000 | 4.650 | 06/01/27<sup>(c)</sup> | 281988 |
|  Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC |
|  | 94000 | 7.200 | 11/15/33<sup>(c)</sup> | 101403 |
|  Dow Chemical Co. (The) | Dow Chemical Co. (The) | Dow Chemical Co. (The) | Dow Chemical Co. (The) | Dow Chemical Co. (The) |
|  | 196000 | 4.375 | 11/15/42<sup>(c)</sup> | 155181 |
|  | 60000 | 3.600 | 11/15/50<sup>(c)</sup> | 39002 |
|  DuPont de Nemours, Inc. | DuPont de Nemours, Inc. | DuPont de Nemours, Inc. | DuPont de Nemours, Inc. | DuPont de Nemours, Inc. |
|  | 144000 | 4.725 | 11/15/28<sup>(c)(e)</sup> | 146285 |
|  | 50000 | 5.419 | 11/15/48<sup>(c)</sup> | 48200 |
|  Ecolab, Inc. | Ecolab, Inc. | Ecolab, Inc. | Ecolab, Inc. | Ecolab, Inc. |
|  | 120000 | 3.250 | 12/01/27<sup>(c)</sup> | 119270 |
|  | 200000 | 1.300 | 01/30/31<sup>(c)</sup> | 176300 |
|  FMC Corp. | FMC Corp. | FMC Corp. | FMC Corp. | FMC Corp. |
|  | 100000 | 3.450 | 10/01/29<sup>(c)</sup> | 88177 |
|  Huntsman International LLC | Huntsman International LLC | Huntsman International LLC | Huntsman International LLC | Huntsman International LLC |
|  | 50000 | 4.500 | 05/01/29<sup>(c)</sup> | 47794 |
|  Linde, Inc. | Linde, Inc. | Linde, Inc. | Linde, Inc. | Linde, Inc. |
|  | 61000 | 1.100 | 08/10/30<sup>(c)</sup> | 54170 |
|  LYB International Finance III LLC | LYB International Finance III LLC | LYB International Finance III LLC | LYB International Finance III LLC | LYB International Finance III LLC |
|  | 40000 | 2.250 | 10/01/30<sup>(c)</sup> | 36189 |
|  | 271000 | 3.625 | 04/01/51<sup>(c)</sup> | 175946 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Basic Industry – (continued) | Basic Industry – (continued) | Basic Industry – (continued) | Basic Industry – (continued) | Basic Industry – (continued) |
|  RPM International, Inc. | RPM International, Inc. | RPM International, Inc. | RPM International, Inc. | RPM International, Inc. |
| $| 150000 | 4.250% | 01/15/48(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123684 |
|  Sherwin-Williams Co. (The) | Sherwin-Williams Co. (The) | Sherwin-Williams Co. (The) | Sherwin-Williams Co. (The) | Sherwin-Williams Co. (The) |
|  | 188000 | 3.450 | 06/01/27<sup>(c)</sup> | 186968 |
|  | 250000 | 3.300 | 05/15/50<sup>(c)</sup> | 173196 |
|  Westlake Corp. | Westlake Corp. | Westlake Corp. | Westlake Corp. | Westlake Corp. |
|  | 175000 | 3.125 | 08/15/51<sup>(c)</sup> | 108300 |
|  |  |  |  | 2215563 |
| Broadcasting – 0.0% | Broadcasting – 0.0% | Broadcasting – 0.0% | Broadcasting – 0.0% | Broadcasting – 0.0% |
|  Discovery Communications LLC | Discovery Communications LLC | Discovery Communications LLC | Discovery Communications LLC | Discovery Communications LLC |
|  | 190000 | 5.300 | 05/15/49<sup>(c)</sup> | 120175 |
| Brokerage – 0.2% | Brokerage – 0.2% | Brokerage – 0.2% | Brokerage – 0.2% | Brokerage – 0.2% |
|  Affiliated Managers Group, Inc. | Affiliated Managers Group, Inc. | Affiliated Managers Group, Inc. | Affiliated Managers Group, Inc. | Affiliated Managers Group, Inc. |
|  | 130000 | 3.300 | 06/15/30<sup>(c)</sup> | 125339 |
|  BlackRock Funding, Inc. | BlackRock Funding, Inc. | BlackRock Funding, Inc. | BlackRock Funding, Inc. | BlackRock Funding, Inc. |
|  | 228000 | 4.600 | 07/26/27<sup>(c)</sup> | 230838 |
|  Blackrock, Inc. | Blackrock, Inc. | Blackrock, Inc. | Blackrock, Inc. | Blackrock, Inc. |
|  | 140000 | 4.750 | 05/25/33<sup>(c)</sup> | 144476 |
|  Cboe Global Markets, Inc. | Cboe Global Markets, Inc. | Cboe Global Markets, Inc. | Cboe Global Markets, Inc. | Cboe Global Markets, Inc. |
|  | 82000 | 3.650 | 01/12/27<sup>(c)</sup> | 81897 |
|  CME Group, Inc. | CME Group, Inc. | CME Group, Inc. | CME Group, Inc. | CME Group, Inc. |
|  | 100000 | 4.150 | 06/15/48<sup>(c)</sup> | 85755 |
|  Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. |
|  | 230000 | 3.625 | 09/01/28<sup>(c)</sup> | 228553 |
|  | 94000 | 4.600 | 03/15/33<sup>(c)</sup> | 95374 |
|  | 165000 | 2.650 | 09/15/40<sup>(c)</sup> | 123330 |
|  | 45000 | 3.000 | 09/15/60<sup>(c)</sup> | 26938 |
|  Jefferies Financial Group, Inc. | Jefferies Financial Group, Inc. | Jefferies Financial Group, Inc. | Jefferies Financial Group, Inc. | Jefferies Financial Group, Inc. |
|  | 40000 | 4.850 | 01/15/27 | 40311 |
|  | 40000 | 4.150 | 01/23/30 | 39663 |
|  | 84000 | 6.250 | 01/15/36 | 88144 |
|  | 20000 | 6.500 | 01/20/43 | 20876 |
|  Raymond James Financial, Inc. | Raymond James Financial, Inc. | Raymond James Financial, Inc. | Raymond James Financial, Inc. | Raymond James Financial, Inc. |
|  | 50000 | 4.650 | 04/01/30<sup>(c)</sup> | 51212 |
|  |  |  |  | 1382706 |
| Building Materials – 0.1% | Building Materials – 0.1% | Building Materials – 0.1% | Building Materials – 0.1% | Building Materials – 0.1% |
|  CRH America Finance, Inc. | CRH America Finance, Inc. | CRH America Finance, Inc. | CRH America Finance, Inc. | CRH America Finance, Inc. |
|  | 360000 | 5.500 | 01/09/35<sup>(c)</sup> | 381504 |
|  Masco Corp. | Masco Corp. | Masco Corp. | Masco Corp. | Masco Corp. |
|  | 50000 | 1.500 | 02/15/28<sup>(c)</sup> | 47632 |
|  Owens Corning | Owens Corning | Owens Corning | Owens Corning | Owens Corning |
|  | 50000 | 3.500 | 02/15/30<sup>(c)</sup> | 48938 |
|  Vulcan Materials Co. | Vulcan Materials Co. | Vulcan Materials Co. | Vulcan Materials Co. | Vulcan Materials Co. |
|  | 50000 | 5.350 | 12/01/34<sup>(c)</sup> | 52087 |
|  |  |  |  | 530161 |
| Capital Goods – 1.1% | Capital Goods – 1.1% | Capital Goods – 1.1% | Capital Goods – 1.1% | Capital Goods – 1.1% |
|  3M Co. | 3M Co. | 3M Co. | 3M Co. | 3M Co. |
|  | 50000 | 2.375 | 08/26/29<sup>(c)</sup> | 47451 |
|  Amphenol Corp. | Amphenol Corp. | Amphenol Corp. | Amphenol Corp. | Amphenol Corp. |
|  | 200000 | 2.200 | 09/15/31<sup>(c)</sup> | 180883 |
|  Carlisle Cos., Inc. | Carlisle Cos., Inc. | Carlisle Cos., Inc. | Carlisle Cos., Inc. | Carlisle Cos., Inc. |
|  | 100000 | 3.750 | 12/01/27<sup>(c)</sup> | 99636 |
|  Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. |
|  | 100000 | 3.377 | 04/05/40<sup>(c)</sup> | 82404 |
|  Caterpillar Financial Services Corp., MTN | Caterpillar Financial Services Corp., MTN | Caterpillar Financial Services Corp., MTN | Caterpillar Financial Services Corp., MTN | Caterpillar Financial Services Corp., MTN |
|  | 50000 | 3.600 | 08/12/27 | 49972 |

---

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **91** |

---

------

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

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

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

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

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

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| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Capital Goods – (continued) | Capital Goods – (continued) | Capital Goods – (continued) | Capital Goods – (continued) |
| Caterpillar, Inc. | Caterpillar, Inc. | Caterpillar, Inc. | Caterpillar, Inc. |
| 50000 | 3.803% | 08/15/42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42770 |
| 296000 | 3.250 | 04/09/50<sup>(c)</sup> | 215348 |
| Cintas Corp. No 2 | Cintas Corp. No 2 | Cintas Corp. No 2 | Cintas Corp. No 2 |
| 250000 | 4.000 | 05/01/32<sup>(c)</sup> | 248844 |
| CNH Industrial Capital LLC | CNH Industrial Capital LLC | CNH Industrial Capital LLC | CNH Industrial Capital LLC |
| 50000 | 1.450 | 07/15/26<sup>(c)</sup> | 49497 |
| Corning, Inc. | Corning, Inc. | Corning, Inc. | Corning, Inc. |
| 67000 | 5.350 | 11/15/48<sup>(c)</sup> | 65250 |
| 45000 | 4.375 | 11/15/57<sup>(c)</sup> | 37394 |
| Cummins, Inc. | Cummins, Inc. | Cummins, Inc. | Cummins, Inc. |
| 150000 | 5.150 | 02/20/34<sup>(c)</sup> | 156705 |
| 107000 | 2.600 | 09/01/50<sup>(c)</sup> | 66726 |
| Deere & Co. | Deere & Co. | Deere & Co. | Deere & Co. |
| 200000 | 7.125 | 03/03/31 | 229290 |
| 70000 | 3.900 | 06/09/42<sup>(c)</sup> | 61576 |
| 150000 | 3.750 | 04/15/50<sup>(c)</sup> | 119734 |
| Dover Corp. | Dover Corp. | Dover Corp. | Dover Corp. |
| 50000 | 6.600 | 03/15/38 | 56997 |
| Eaton Corp. | Eaton Corp. | Eaton Corp. | Eaton Corp. |
| 200000 | 4.150 | 03/15/33<sup>(c)</sup> | 199874 |
| Flowserve Corp. | Flowserve Corp. | Flowserve Corp. | Flowserve Corp. |
| 140000 | 3.500 | 10/01/30<sup>(c)</sup> | 134886 |
| GE Capital International Funding Co Unlimited Co. | GE Capital International Funding Co Unlimited Co. | GE Capital International Funding Co Unlimited Co. | GE Capital International Funding Co Unlimited Co. |
| 270000 | 4.418 | 11/15/35 | 266212 |
| General Electric Co., MTN | General Electric Co., MTN | General Electric Co., MTN | General Electric Co., MTN |
| 9000 | 5.875 | 01/14/38 | 9908 |
| Honeywell International, Inc. | Honeywell International, Inc. | Honeywell International, Inc. | Honeywell International, Inc. |
| 50000 | 4.250 | 01/15/29<sup>(c)</sup> | 50636 |
| 100000 | 2.700 | 08/15/29<sup>(c)</sup> | 96114 |
| 188000 | 1.950 | 06/01/30<sup>(c)</sup> | 173032 |
| 200000 | 4.750 | 02/01/32<sup>(c)</sup> | 205929 |
| 90000 | 4.500 | 01/15/34<sup>(c)</sup> | 90359 |
| Illinois Tool Works, Inc. | Illinois Tool Works, Inc. | Illinois Tool Works, Inc. | Illinois Tool Works, Inc. |
| 115000 | 3.900 | 09/01/42<sup>(c)</sup> | 99660 |
| Ingersoll Rand, Inc. | Ingersoll Rand, Inc. | Ingersoll Rand, Inc. | Ingersoll Rand, Inc. |
| 90000 | 5.176 | 06/15/29<sup>(c)</sup> | 93300 |
| Jabil, Inc. | Jabil, Inc. | Jabil, Inc. | Jabil, Inc. |
| 9000 | 4.250 | 05/15/27<sup>(c)</sup> | 9022 |
| 80000 | 3.600 | 01/15/30<sup>(c)</sup> | 77822 |
| Jacobs Engineering Group, Inc. | Jacobs Engineering Group, Inc. | Jacobs Engineering Group, Inc. | Jacobs Engineering Group, Inc. |
| 35000 | 6.350 | 08/18/28<sup>(c)</sup> | 36791 |
| John Deere Capital Corp., MTN | John Deere Capital Corp., MTN | John Deere Capital Corp., MTN | John Deere Capital Corp., MTN |
| 110000 | 4.900 | 06/11/27 | 111618 |
| 290000 | 4.750 | 01/20/28 | 296288 |
| 35000 | 2.800 | 07/18/29 | 33890 |
| 80000 | 2.450 | 01/09/30 | 76243 |
| Johnson Controls International PLC | Johnson Controls International PLC | Johnson Controls International PLC | Johnson Controls International PLC |
| 100000 | 4.500 | 02/15/47<sup>(c)</sup> | 87624 |
| Johnson Controls International PLC / Tyco Fire & Security | Johnson Controls International PLC / Tyco Fire & Security | Johnson Controls International PLC / Tyco Fire & Security | Johnson Controls International PLC / Tyco Fire & Security |
| Finance SCA | Finance SCA | Finance SCA | Finance SCA |
| 100000 | 5.500 | 04/19/29<sup>(c)</sup> | 104569 |
| 100000 | 2.000 | 09/16/31<sup>(c)</sup> | 89370 |
| Kennametal, Inc. | Kennametal, Inc. | Kennametal, Inc. | Kennametal, Inc. |
| 50000 | 4.625 | 06/15/28<sup>(c)</sup> | 50497 |
| Lennox International, Inc. | Lennox International, Inc. | Lennox International, Inc. | Lennox International, Inc. |
| 50000 | 5.500 | 09/15/28<sup>(c)</sup> | 51685 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Capital Goods – (continued) | Capital Goods – (continued) | Capital Goods – (continued) | Capital Goods – (continued) |
|  Otis Worldwide Corp. | Otis Worldwide Corp. | Otis Worldwide Corp. | Otis Worldwide Corp. |
| $| 60000 | 2.293% 04/05/27<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58949 |
|  | 150000 | 5.250 08/16/28<sup>(c)</sup> | 154743 |
|  Quanta Services, Inc. | Quanta Services, Inc. | Quanta Services, Inc. | Quanta Services, Inc. |
|  | 196000 | 2.900 10/01/30<sup>(c)</sup> | 185320 |
|  Regal Rexnord Corp. | Regal Rexnord Corp. | Regal Rexnord Corp. | Regal Rexnord Corp. |
|  | 264000 | 6.050 04/15/28<sup>(c)</sup> | 273520 |
|  | 135000 | 6.300 02/15/30<sup>(c)</sup> | 144029 |
|  Republic Services, Inc. | Republic Services, Inc. | Republic Services, Inc. | Republic Services, Inc. |
|  | 187000 | 1.750 02/15/32<sup>(c)</sup> | 163418 |
|  | 150000 | 2.375 03/15/33<sup>(c)</sup> | 132793 |
|  | 100000 | 5.000 04/01/34<sup>(c)</sup> | 103627 |
|  | 145000 | 5.200 11/15/34<sup>(c)</sup> | 151845 |
|  Roper Technologies, Inc. | Roper Technologies, Inc. | Roper Technologies, Inc. | Roper Technologies, Inc. |
|  | 120000 | 4.200 09/15/28<sup>(c)</sup> | 120108 |
|  | 470000 | 1.750 02/15/31<sup>(c)</sup> | 413251 |
|  Teledyne Technologies, Inc. | Teledyne Technologies, Inc. | Teledyne Technologies, Inc. | Teledyne Technologies, Inc. |
|  | 15000 | 2.250 04/01/28<sup>(c)</sup> | 14516 |
|  Timken Co. (The) | Timken Co. (The) | Timken Co. (The) | Timken Co. (The) |
|  | 100000 | 4.125 04/01/32<sup>(c)</sup> | 97013 |
|  Trane Technologies Financing Ltd. | Trane Technologies Financing Ltd. | Trane Technologies Financing Ltd. | Trane Technologies Financing Ltd. |
|  | 50000 | 3.800 03/21/29<sup>(c)</sup> | 50048 |
|  Trane Technologies Holdco, Inc. | Trane Technologies Holdco, Inc. | Trane Technologies Holdco, Inc. | Trane Technologies Holdco, Inc. |
|  | 100000 | 3.750 08/21/28<sup>(c)</sup> | 100257 |
|  Waste Management, Inc. | Waste Management, Inc. | Waste Management, Inc. | Waste Management, Inc. |
|  | 100000 | 3.150 11/15/27<sup>(c)</sup> | 99139 |
|  | 1000000 | 3.875 01/15/29<sup>(c)</sup> | 1000062 |
|  | 100000 | 4.100 03/01/45<sup>(c)</sup> | 86848 |
|  | 135000 | 4.150 07/15/49<sup>(c)</sup> | 115748 |
|  | 50000 | 2.500 11/15/50<sup>(c)</sup> | 30811 |
|  Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. |
|  | 75000 | 3.450 11/15/26<sup>(c)</sup> | 74718 |
|  | 117000 | 4.700 09/15/28<sup>(c)</sup> | 118781 |
|  WRKCo, Inc. | WRKCo, Inc. | WRKCo, Inc. | WRKCo, Inc. |
|  | 100000 | 3.900 06/01/28<sup>(c)</sup> | 99757 |
|  WW Grainger, Inc. | WW Grainger, Inc. | WW Grainger, Inc. | WW Grainger, Inc. |
|  | 60000 | 4.600 06/15/45<sup>(c)</sup> | 55471 |
|  | 94000 | 3.750 05/15/46<sup>(c)</sup> | 76589 |
|  Xylem, Inc. | Xylem, Inc. | Xylem, Inc. | Xylem, Inc. |
|  | 15000 | 3.250 11/01/26<sup>(c)</sup> | 14935 |
|  | 420000 | 1.950 01/30/28<sup>(c)</sup> | 405616 |
|  |  |  | 8597718 |
| Communications – 0.7% | Communications – 0.7% | Communications – 0.7% | Communications – 0.7% |
|  Charter Communications Operating LLC / Charter Communications Operating Capital | Charter Communications Operating LLC / Charter Communications Operating Capital | Charter Communications Operating LLC / Charter Communications Operating Capital | Charter Communications Operating LLC / Charter Communications Operating Capital |
|  | 82000 | 3.750 02/15/28<sup>(c)</sup> | 81244 |
|  | 82000 | 4.200 03/15/28<sup>(c)</sup> | 81821 |
|  | 90000 | 5.050 03/30/29<sup>(c)</sup> | 91432 |
|  | 40000 | 2.800 04/01/31<sup>(c)</sup> | 36355 |
|  | 255000 | 6.650 02/01/34<sup>(c)</sup> | 270527 |
|  | 72000 | 6.384 10/23/35<sup>(c)</sup> | 75195 |
|  | 136000 | 5.375 04/01/38<sup>(c)</sup> | 126356 |
|  | 147000 | 6.484 10/23/45<sup>(c)</sup> | 140053 |
|  | 40000 | 5.125 07/01/49<sup>(c)</sup> | 31750 |
|  | 375000 | 3.900 06/01/52<sup>(c)</sup> | 246551 |
|  | 85000 | 3.850 04/01/61<sup>(c)</sup> | 51974 |
|  | 80000 | 4.400 12/01/61<sup>(c)</sup> | 53534 |

---

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

---

| | |
|:---|:---|
| 92 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Communications – (continued) | Communications – (continued) | Communications – (continued) | Communications – (continued) | Communications – (continued) |
|  Comcast Corp. | Comcast Corp. | Comcast Corp. | Comcast Corp. | Comcast Corp. |
| $| 275000 | 3.150% | 02/15/28<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271790 |
|  | 360000 | 4.550 | 01/15/29<sup>(c)</sup> | 367443 |
|  | 625000 | 1.950 | 01/15/31<sup>(c)</sup> | 564633 |
|  | 102000 | 4.250 | 01/15/33 | 100936 |
|  | 156000 | 5.300 | 06/01/34<sup>(c)</sup> | 162878 |
|  | 200000 | 6.500 | 11/15/35 | 225313 |
|  | 305000 | 3.969 | 11/01/47<sup>(c)</sup> | 235138 |
|  | 18000 | 4.700 | 10/15/48<sup>(c)</sup> | 15396 |
|  | 366000 | 2.800 | 01/15/51<sup>(c)</sup> | 220092 |
|  | 464000 | 2.887 | 11/01/51<sup>(c)</sup> | 280678 |
|  | 80000 | 5.350 | 05/15/53<sup>(c)</sup> | 73523 |
|  | 100000 | 5.650 | 06/01/54<sup>(c)</sup> | 96143 |
|  | 100000 | 6.050 | 05/15/55<sup>(c)</sup> | 102443 |
|  | 246000 | 2.937 | 11/01/56<sup>(c)</sup> | 143265 |
|  | 100000 | 2.650 | 08/15/62<sup>(c)</sup> | 52186 |
|  | 70000 | 2.987 | 11/01/63<sup>(c)</sup> | 39048 |
|  Time Warner Cable Enterprises LLC | Time Warner Cable Enterprises LLC | Time Warner Cable Enterprises LLC | Time Warner Cable Enterprises LLC | Time Warner Cable Enterprises LLC |
|  | 94000 | 8.375 | 07/15/33 | 110337 |
|  Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC |
|  | 57000 | 6.750 | 06/15/39 | 58760 |
|  | 15000 | 5.875 | 11/15/40<sup>(c)</sup> | 14109 |
|  | 57000 | 5.500 | 09/01/41<sup>(c)</sup> | 50894 |
|  TWDC Enterprises 18 Corp. | TWDC Enterprises 18 Corp. | TWDC Enterprises 18 Corp. | TWDC Enterprises 18 Corp. | TWDC Enterprises 18 Corp. |
|  | 15000 | 4.375 | 08/16/41 | 13722 |
|  TWDC Enterprises 18 Corp., GMTN | TWDC Enterprises 18 Corp., GMTN | TWDC Enterprises 18 Corp., GMTN | TWDC Enterprises 18 Corp., GMTN | TWDC Enterprises 18 Corp., GMTN |
|  | 15000 | 4.125 | 06/01/44 | 12809 |
|  TWDC Enterprises 18 Corp., MTN | TWDC Enterprises 18 Corp., MTN | TWDC Enterprises 18 Corp., MTN | TWDC Enterprises 18 Corp., MTN | TWDC Enterprises 18 Corp., MTN |
|  | 228000 | 2.950 | 06/15/27 | 226081 |
|  Walt Disney Co. (The) | Walt Disney Co. (The) | Walt Disney Co. (The) | Walt Disney Co. (The) | Walt Disney Co. (The) |
|  | 226000 | 2.200 | 01/13/28 | 220778 |
|  | 497000 | 2.000 | 09/01/29<sup>(c)</sup> | 468484 |
|  | 80000 | 3.800 | 03/22/30 | 79958 |
|  | 90000 | 3.500 | 05/13/40<sup>(c)</sup> | 76229 |
|  | 15000 | 4.750 | 09/15/44<sup>(c)</sup> | 13950 |
|  | 50000 | 3.600 | 01/13/51<sup>(c)</sup> | 37519 |
|  |  |  |  | 5621327 |
| Consumer Cyclical – 1.8% | Consumer Cyclical – 1.8% | Consumer Cyclical – 1.8% | Consumer Cyclical – 1.8% | Consumer Cyclical – 1.8% |
|  Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. |
|  | 106000 | 3.300 | 04/13/27<sup>(c)</sup> | 105674 |
|  | 228000 | 3.150 | 08/22/27<sup>(c)</sup> | 226439 |
|  | 375000 | 1.500 | 06/03/30<sup>(c)</sup> | 340193 |
|  | 42000 | 2.100 | 05/12/31<sup>(c)</sup> | 38214 |
|  | 100000 | 4.350 | 03/20/33<sup>(c)</sup> | 100897 |
|  | 196000 | 3.875 | 08/22/37<sup>(c)</sup> | 181304 |
|  | 130000 | 4.950 | 12/05/44<sup>(c)</sup> | 126487 |
|  | 519000 | 2.500 | 06/03/50<sup>(c)</sup> | 313228 |
|  | 196000 | 3.950 | 04/13/52<sup>(c)</sup> | 155405 |
|  | 150000 | 2.700 | 06/03/60<sup>(c)</sup> | 85324 |
|  | 195000 | 3.250 | 05/12/61<sup>(c)</sup> | 125669 |
|  American Honda Finance Corp. | American Honda Finance Corp. | American Honda Finance Corp. | American Honda Finance Corp. | American Honda Finance Corp. |
|  | 826000 | 4.550 | 03/03/28 | 836610 |
|  | 100000 | 4.600 | 04/17/30 | 101833 |
|  American Honda Finance Corp., GMTN | American Honda Finance Corp., GMTN | American Honda Finance Corp., GMTN | American Honda Finance Corp., GMTN | American Honda Finance Corp., GMTN |
|  | 112000 | 5.125 | 07/07/28 | 115054 |
|  Aptiv Swiss Holdings Ltd. | Aptiv Swiss Holdings Ltd. | Aptiv Swiss Holdings Ltd. | Aptiv Swiss Holdings Ltd. | Aptiv Swiss Holdings Ltd. |
|  | 100000 | 5.400 | 03/15/49<sup>(c)</sup> | 93801 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Consumer Cyclical – (continued) | Consumer Cyclical – (continued) | Consumer Cyclical – (continued) | Consumer Cyclical – (continued) |
| AutoZone, Inc. | AutoZone, Inc. | AutoZone, Inc. | AutoZone, Inc. |
| 34000 | 4.000% | 04/15/30<sup>(c)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33857 |
| Best Buy Co., Inc. | Best Buy Co., Inc. | Best Buy Co., Inc. | Best Buy Co., Inc. |
| 190000 | 4.450 | 10/01/28<sup>(c)</sup> | 192017 |
| Costco Wholesale Corp. | Costco Wholesale Corp. | Costco Wholesale Corp. | Costco Wholesale Corp. |
| 40000 | 3.000 | 05/18/27<sup>(c)</sup> | 39738 |
| 8000 | 1.750 | 04/20/32<sup>(c)</sup> | 7038 |
| Dollar General Corp. | Dollar General Corp. | Dollar General Corp. | Dollar General Corp. |
| 360000 | 5.450 | 07/05/33<sup>(c)</sup> | 378284 |
| DR Horton, Inc. | DR Horton, Inc. | DR Horton, Inc. | DR Horton, Inc. |
| 94000 | 1.400 | 10/15/27<sup>(c)</sup> | 90350 |
| eBay, Inc. | eBay, Inc. | eBay, Inc. | eBay, Inc. |
| 84000 | 6.300 | 11/22/32<sup>(c)</sup> | 92325 |
| 325000 | 3.650 | 05/10/51<sup>(c)</sup> | 240729 |
| Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. |
| 158000 | 3.800 | 02/15/28<sup>(c)</sup> | 157289 |
| Ford Motor Co. | Ford Motor Co. | Ford Motor Co. | Ford Motor Co. |
| 18000 | 3.250 | 02/12/32<sup>(c)</sup> | 16261 |
| Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
| 290000 | 6.798 | 11/07/28<sup>(c)</sup> | 305388 |
| 217000 | 5.875 | 11/07/29<sup>(c)</sup> | 224111 |
| 200000 | 6.054 | 11/05/31<sup>(c)</sup> | 208084 |
| 250000 | 7.122 | 11/07/33<sup>(c)</sup> | 272650 |
| General Motors Co. | General Motors Co. | General Motors Co. | General Motors Co. |
| 47000 | 6.800 | 10/01/27<sup>(c)</sup> | 48787 |
| 80000 | 5.600 | 10/15/32<sup>(c)</sup> | 84287 |
| 57000 | 6.600 | 04/01/36<sup>(c)</sup> | 62482 |
| 120000 | 5.400 | 04/01/48<sup>(c)</sup> | 110570 |
| General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
| 114000 | 5.000 | 04/09/27<sup>(c)</sup> | 115220 |
| 140000 | 5.400 | 05/08/27 | 142288 |
| 21000 | 2.400 | 04/10/28<sup>(c)</sup> | 20339 |
| 100000 | 2.400 | 10/15/28<sup>(c)</sup> | 95992 |
| 122000 | 2.700 | 06/10/31<sup>(c)</sup> | 112306 |
| 18000 | 5.600 | 06/18/31<sup>(c)</sup> | 18936 |
| 109000 | 5.450 | 09/06/34<sup>(c)</sup> | 111775 |
| 196000 | 5.900 | 01/07/35<sup>(c)</sup> | 206334 |
| Home Depot, Inc. (The) | Home Depot, Inc. (The) | Home Depot, Inc. (The) | Home Depot, Inc. (The) |
| 234000 | 2.800 | 09/14/27<sup>(c)</sup> | 231336 |
| 100000 | 0.900 | 03/15/28<sup>(c)</sup> | 94703 |
| 100000 | 1.375 | 03/15/31<sup>(c)</sup> | 88136 |
| 5000 | 4.500 | 09/15/32<sup>(c)</sup> | 5099 |
| 200000 | 3.300 | 04/15/40<sup>(c)</sup> | 166000 |
| 90000 | 4.500 | 12/06/48<sup>(c)</sup> | 78776 |
| 63000 | 3.125 | 12/15/49<sup>(c)</sup> | 43537 |
| 292000 | 3.625 | 04/15/52<sup>(c)</sup> | 218238 |
| Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |
| 500000 | 5.750 | 04/23/30<sup>(c)</sup> | 524899 |
| Lennar Corp. | Lennar Corp. | Lennar Corp. | Lennar Corp. |
| 106000 | 4.750 | 11/29/27<sup>(c)</sup> | 106926 |
| Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. |
| 40000 | 3.350 | 04/01/27<sup>(c)</sup> | 39780 |
| 92000 | 2.625 | 04/01/31<sup>(c)</sup> | 85413 |
| 175000 | 5.150 | 07/01/33<sup>(c)</sup> | 182061 |
| 200000 | 3.000 | 10/15/50<sup>(c)</sup> | 130142 |
| 140000 | 5.625 | 04/15/53<sup>(c)</sup> | 137972 |
| 100000 | 4.450 | 04/01/62<sup>(c)</sup> | 79590 |

---

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **93** |

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------

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

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

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

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

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

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| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Consumer Cyclical – (continued) | Consumer Cyclical – (continued) | Consumer Cyclical – (continued) | Consumer Cyclical – (continued) |
| Marriott International, Inc., Series FF | Marriott International, Inc., Series FF | Marriott International, Inc., Series FF | Marriott International, Inc., Series FF |
| 196000 | 4.625% | 06/15/30(c) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199693 |
| Mastercard, Inc. | Mastercard, Inc. | Mastercard, Inc. | Mastercard, Inc. |
| 15000 | 3.300 | 03/26/27<sup>(c)</sup> | 14942 |
| 94000 | 3.950 | 02/26/48<sup>(c)</sup> | 76597 |
| McDonald's Corp., MTN | McDonald's Corp., MTN | McDonald's Corp., MTN | McDonald's Corp., MTN |
| 150000 | 3.500 | 03/01/27<sup>(c)</sup> | 149661 |
| 172000 | 3.500 | 07/01/27<sup>(c)</sup> | 171311 |
| 45000 | 4.700 | 12/09/35<sup>(c)</sup> | 45451 |
| 200000 | 6.300 | 03/01/38 | 224540 |
| 24000 | 4.875 | 12/09/45<sup>(c)</sup> | 22327 |
| 30000 | 4.450 | 09/01/48<sup>(c)</sup> | 26114 |
| 18000 | 5.150 | 09/09/52<sup>(c)</sup> | 17003 |
| NIKE, Inc. | NIKE, Inc. | NIKE, Inc. | NIKE, Inc. |
| 50000 | 3.875 | 11/01/45<sup>(c)</sup> | 41103 |
| O'Reilly Automotive, Inc. | O'Reilly Automotive, Inc. | O'Reilly Automotive, Inc. | O'Reilly Automotive, Inc. |
| 80000 | 4.200 | 04/01/30<sup>(c)</sup> | 80280 |
| PulteGroup, Inc. | PulteGroup, Inc. | PulteGroup, Inc. | PulteGroup, Inc. |
| 88000 | 6.375 | 05/15/33 | 98403 |
| Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. |
| 312000 | 3.700 | 03/15/28<sup>(c)</sup> | 309961 |
| Sekisui House US, Inc. | Sekisui House US, Inc. | Sekisui House US, Inc. | Sekisui House US, Inc. |
| 76000 | 2.500 | 01/15/31<sup>(c)</sup> | 68508 |
| 40000 | 6.000 | 01/15/43<sup>(c)</sup> | 38326 |
| 190000 | 3.966 | 08/06/61<sup>(c)</sup> | 130250 |
| Starbucks Corp. | Starbucks Corp. | Starbucks Corp. | Starbucks Corp. |
| 150000 | 4.850 | 02/08/27<sup>(c)</sup> | 151313 |
| 30000 | 3.750 | 12/01/47<sup>(c)</sup> | 23173 |
| 246000 | 3.350 | 03/12/50<sup>(c)</sup> | 172835 |
| Tapestry, Inc. | Tapestry, Inc. | Tapestry, Inc. | Tapestry, Inc. |
| 33000 | 4.125 | 07/15/27<sup>(c)</sup> | 33029 |
| Target Corp. | Target Corp. | Target Corp. | Target Corp. |
| 12000 | 4.500 | 09/15/32<sup>(c)</sup> | 12266 |
| 100000 | 3.900 | 11/15/47<sup>(c)</sup> | 80551 |
| 292000 | 4.800 | 01/15/53<sup>(c)</sup> | 266064 |
| Toll Brothers Finance Corp. | Toll Brothers Finance Corp. | Toll Brothers Finance Corp. | Toll Brothers Finance Corp. |
| 1000000 | 4.875 | 03/15/27<sup>(c)</sup> | 1004133 |
| Toyota Motor Credit Corp. | Toyota Motor Credit Corp. | Toyota Motor Credit Corp. | Toyota Motor Credit Corp. |
| 292000 | 5.200 | 05/15/26 | 292858 |
| 40000 | 3.650 | 01/08/29 | 39959 |
| 90000 | 5.550 | 11/20/30 | 95892 |
| 10000 | 5.100 | 03/21/31 | 10456 |
| 100000 | 1.900 | 09/12/31 | 89256 |
| Toyota Motor Credit Corp., MTN | Toyota Motor Credit Corp., MTN | Toyota Motor Credit Corp., MTN | Toyota Motor Credit Corp., MTN |
| 50000 | 3.200 | 01/11/27 | 49798 |
| 94000 | 1.150 | 08/13/27 | 90819 |
| 80000 | 3.375 | 04/01/30 | 78194 |
| Visa, Inc. | Visa, Inc. | Visa, Inc. | Visa, Inc. |
| 40000 | 1.900 | 04/15/27<sup>(c)</sup> | 39237 |
| 77000 | 0.750 | 08/15/27<sup>(c)</sup> | 73929 |
| 201000 | 2.750 | 09/15/27<sup>(c)</sup> | 198306 |
| 50000 | 1.100 | 02/15/31<sup>(c)</sup> | 43935 |
| Walmart, Inc. | Walmart, Inc. | Walmart, Inc. | Walmart, Inc. |
| 100000 | 7.550 | 02/15/30 | 114284 |
| 122000 | 1.800 | 09/22/31<sup>(c)</sup> | 110150 |
| 70000 | 4.150 | 09/09/32<sup>(c)</sup> | 70982 |
| 100000 | 5.250 | 09/01/35 | 106765 |
| 530000 | 2.650 | 09/22/51<sup>(c)</sup> | 339488 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Consumer Cyclical – (continued) | Consumer Cyclical – (continued) | Consumer Cyclical – (continued) | Consumer Cyclical – (continued) | Consumer Cyclical – (continued) |
|  Walmart, Inc. – (continued) | Walmart, Inc. – (continued) | Walmart, Inc. – (continued) | Walmart, Inc. – (continued) | Walmart, Inc. – (continued) |
| $| 60000 | 4.500% | 04/15/53<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53557 |
|  |  |  |  | 13901876 |
| Consumer Noncyclical – 2.1% | Consumer Noncyclical – 2.1% | Consumer Noncyclical – 2.1% | Consumer Noncyclical – 2.1% | Consumer Noncyclical – 2.1% |
|  Abbott Laboratories | Abbott Laboratories | Abbott Laboratories | Abbott Laboratories | Abbott Laboratories |
|  | 755000 | 4.750 | 11/30/36<sup>(c)</sup> | 762559 |
|  | 70000 | 6.150 | 11/30/37 | 78924 |
|  | 129000 | 6.000 | 04/01/39 | 142928 |
|  | 40000 | 4.750 | 04/15/43<sup>(c)</sup> | 38132 |
|  AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
|  | 14000 | 2.950 | 11/21/26<sup>(c)</sup> | 13915 |
|  | 192000 | 4.800 | 03/15/27<sup>(c)</sup> | 193762 |
|  | 290000 | 4.050 | 11/21/39<sup>(c)</sup> | 261973 |
|  | 94000 | 4.625 | 10/01/42<sup>(c)</sup> | 86120 |
|  | 188000 | 4.400 | 11/06/42 | 169950 |
|  | 354000 | 4.700 | 05/14/45<sup>(c)</sup> | 325330 |
|  | 135000 | 4.450 | 05/14/46<sup>(c)</sup> | 118843 |
|  | 150000 | 4.250 | 11/21/49<sup>(c)</sup> | 126552 |
|  Agilent Technologies, Inc. | Agilent Technologies, Inc. | Agilent Technologies, Inc. | Agilent Technologies, Inc. | Agilent Technologies, Inc. |
|  | 100000 | 2.750 | 09/15/29<sup>(c)</sup> | 95725 |
|  Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. |
|  | 115000 | 3.400 | 05/06/30<sup>(c)</sup> | 112159 |
|  | 48000 | 5.800 | 02/14/39<sup>(c)</sup> | 50132 |
|  | 40000 | 4.500 | 05/02/43 | 34639 |
|  | 40000 | 5.375 | 01/31/44 | 39266 |
|  | 75000 | 3.875 | 09/16/46<sup>(c)</sup> | 57726 |
|  | 92000 | 5.950 | 02/14/49<sup>(c)</sup> | 93237 |
|  | 55000 | 4.450 | 05/06/50<sup>(c)</sup> | 44658 |
|  Amgen, Inc. | Amgen, Inc. | Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
|  | 292000 | 5.150 | 03/02/28<sup>(c)</sup> | 298911 |
|  | 292000 | 5.250 | 03/02/30<sup>(c)</sup> | 304817 |
|  | 200000 | 5.250 | 03/02/33<sup>(c)</sup> | 208968 |
|  | 239000 | 3.375 | 02/21/50<sup>(c)</sup> | 174597 |
|  | 237000 | 5.750 | 03/02/63<sup>(c)</sup> | 235922 |
|  Baxter International, Inc. | Baxter International, Inc. | Baxter International, Inc. | Baxter International, Inc. | Baxter International, Inc. |
|  | 300000 | 2.272 | 12/01/28<sup>(c)</sup> | 283988 |
|  Becton Dickinson & Co. | Becton Dickinson & Co. | Becton Dickinson & Co. | Becton Dickinson & Co. | Becton Dickinson & Co. |
|  | 200000 | 5.110 | 02/08/34<sup>(c)</sup> | 206528 |
|  Biogen, Inc. | Biogen, Inc. | Biogen, Inc. | Biogen, Inc. | Biogen, Inc. |
|  | 292000 | 2.250 | 05/01/30<sup>(c)</sup> | 270650 |
|  Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. |
|  | 486000 | 1.450 | 11/13/30<sup>(c)</sup> | 434107 |
|  | 100000 | 5.100 | 02/22/31<sup>(c)</sup> | 104527 |
|  | 160000 | 4.125 | 06/15/39<sup>(c)</sup> | 146731 |
|  | 82000 | 3.550 | 03/15/42<sup>(c)</sup> | 67546 |
|  | 155000 | 3.700 | 03/15/52<sup>(c)</sup> | 115349 |
|  | 110000 | 3.900 | 03/15/62<sup>(c)</sup> | 81382 |
|  Cardinal Health, Inc. | Cardinal Health, Inc. | Cardinal Health, Inc. | Cardinal Health, Inc. | Cardinal Health, Inc. |
|  | 244000 | 4.700 | 11/15/26 | 245520 |
|  | 188000 | 3.410 | 06/15/27<sup>(c)</sup> | 186981 |
|  Centene Corp. | Centene Corp. | Centene Corp. | Centene Corp. | Centene Corp. |
|  | 338000 | 4.250 | 12/15/27<sup>(c)</sup> | 337101 |
|  | 135000 | 4.625 | 12/15/29<sup>(c)</sup> | 132077 |
|  Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. |
|  | 290000 | 5.500 | 10/15/32<sup>(c)</sup> | 305934 |
|  | 30000 | 5.200 | 02/15/35<sup>(c)</sup> | 30913 |
|  | 50000 | 5.000 | 01/15/36<sup>(c)</sup> | 50180 |
|  | 50000 | 6.100 | 10/15/52<sup>(c)</sup> | 51967 |

---

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

---

| | |
|:---|:---|
| 94 | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

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

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Consumer Noncyclical – (continued) | Consumer Noncyclical – (continued) | Consumer Noncyclical – (continued) | Consumer Noncyclical – (continued) |
| Elevance Health, Inc. – (continued) | Elevance Health, Inc. – (continued) | Elevance Health, Inc. – (continued) | Elevance Health, Inc. – (continued) |
| 62000 | 5.700% | 02/15/55<sup>(c)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60778 |
| Eli Lilly & Co. | Eli Lilly & Co. | Eli Lilly & Co. | Eli Lilly & Co. |
| 100000 | 4.500 | 02/09/27<sup>(c)</sup> | 100693 |
| 15000 | 3.100 | 05/15/27<sup>(c)</sup> | 14895 |
| 102000 | 3.375 | 03/15/29<sup>(c)</sup> | 100964 |
| 125000 | 4.250 | 03/15/31<sup>(c)</sup> | 126848 |
| 400000 | 4.700 | 02/09/34<sup>(c)</sup> | 409873 |
| 44000 | 3.950 | 03/15/49<sup>(c)</sup> | 36018 |
| 85000 | 5.600 | 02/12/65<sup>(c)</sup> | 85999 |
| 20000 | 5.650 | 10/15/65<sup>(c)</sup> | 20227 |
| Equifax, Inc. | Equifax, Inc. | Equifax, Inc. | Equifax, Inc. |
| 40000 | 3.250 | 06/01/26<sup>(c)</sup> | 39871 |
| 42000 | 2.350 | 09/15/31<sup>(c)</sup> | 37585 |
| Gilead Sciences, Inc. | Gilead Sciences, Inc. | Gilead Sciences, Inc. | Gilead Sciences, Inc. |
| 200000 | 5.250 | 10/15/33<sup>(c)</sup> | 211049 |
| 100000 | 5.550 | 10/15/53<sup>(c)</sup> | 100268 |
| 160000 | 5.500 | 11/15/54<sup>(c)</sup> | 158840 |
| GlaxoSmithKline Capital, Inc. | GlaxoSmithKline Capital, Inc. | GlaxoSmithKline Capital, Inc. | GlaxoSmithKline Capital, Inc. |
| 300000 | 3.875 | 05/15/28 | 301246 |
| 84000 | 6.375 | 05/15/38 | 95699 |
| Johnson & Johnson | Johnson & Johnson | Johnson & Johnson | Johnson & Johnson |
| 50000 | 6.950 | 09/01/29 | 55419 |
| 100000 | 4.900 | 06/01/31<sup>(c)</sup> | 104934 |
| 300000 | 5.000 | 03/01/35<sup>(c)</sup> | 315704 |
| 335000 | 3.550 | 03/01/36<sup>(c)</sup> | 311481 |
| 96000 | 3.400 | 01/15/38<sup>(c)</sup> | 85403 |
| 374000 | 2.100 | 09/01/40<sup>(c)</sup> | 269519 |
| 340000 | 4.500 | 09/01/40 | 332559 |
| 50000 | 3.750 | 03/03/47<sup>(c)</sup> | 40815 |
| Johnson & Johnson | Johnson & Johnson | Johnson & Johnson | Johnson & Johnson |
| 100000 | 1.300 | 09/01/30<sup>(c)</sup> | 90361 |
| Kroger Co. (The) | Kroger Co. (The) | Kroger Co. (The) | Kroger Co. (The) |
| 25000 | 3.875 | 10/15/46<sup>(c)</sup> | 19763 |
| 196000 | 5.500 | 09/15/54<sup>(c)</sup> | 188974 |
| 77000 | 5.650 | 09/15/64<sup>(c)</sup> | 74446 |
| Laboratory Corp. of America Holdings | Laboratory Corp. of America Holdings | Laboratory Corp. of America Holdings | Laboratory Corp. of America Holdings |
| 100000 | 4.550 | 04/01/32<sup>(c)</sup> | 100764 |
| Medtronic, Inc. | Medtronic, Inc. | Medtronic, Inc. | Medtronic, Inc. |
| 300000 | 4.375 | 03/15/35 | 295734 |
| 80000 | 4.625 | 03/15/45 | 74289 |
| Merck & Co., Inc. | Merck & Co., Inc. | Merck & Co., Inc. | Merck & Co., Inc. |
| 450000 | 4.050 | 05/17/28<sup>(c)</sup> | 453129 |
| 159000 | 2.350 | 06/24/40<sup>(c)</sup> | 116808 |
| 196000 | 5.000 | 05/17/53<sup>(c)</sup> | 182760 |
| Mylan, Inc. | Mylan, Inc. | Mylan, Inc. | Mylan, Inc. |
| 92000 | 5.400 | 11/29/43<sup>(c)</sup> | 80884 |
| 77000 | 5.200 | 04/15/48<sup>(c)</sup> | 64159 |
| Novartis Capital Corp. | Novartis Capital Corp. | Novartis Capital Corp. | Novartis Capital Corp. |
| 94000 | 2.000 | 02/14/27<sup>(c)</sup> | 92549 |
| 50000 | 4.000 | 11/20/45<sup>(c)</sup> | 42644 |
| Pfizer Investment Enterprises Pte Ltd. | Pfizer Investment Enterprises Pte Ltd. | Pfizer Investment Enterprises Pte Ltd. | Pfizer Investment Enterprises Pte Ltd. |
| 223000 | 4.750 | 05/19/33<sup>(c)</sup> | 227327 |
| 196000 | 5.300 | 05/19/53<sup>(c)</sup> | 187136 |
| 100000 | 5.340 | 05/19/63<sup>(c)</sup> | 94046 |
| Pfizer, Inc. | Pfizer, Inc. | Pfizer, Inc. | Pfizer, Inc. |
| 100000 | 1.700 | 05/28/30<sup>(c)</sup> | 91384 |
| 486000 | 1.750 | 08/18/31<sup>(c)</sup> | 433435 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Consumer Noncyclical – (continued) | Consumer Noncyclical – (continued) | Consumer Noncyclical – (continued) | Consumer Noncyclical – (continued) | Consumer Noncyclical – (continued) |
|  Pfizer, Inc. – (continued) | Pfizer, Inc. – (continued) | Pfizer, Inc. – (continued) | Pfizer, Inc. – (continued) | Pfizer, Inc. – (continued) |
| $| 100000 | 7.200% | 03/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122302 |
|  | 101000 | 4.400 | 05/15/44 | 91829 |
|  | 45000 | 4.000 | 03/15/49<sup>(c)</sup> | 36674 |
|  Pharmacia LLC | Pharmacia LLC | Pharmacia LLC | Pharmacia LLC | Pharmacia LLC |
|  | 100000 | 6.600 | 12/01/28 | 106985 |
|  Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. |
|  | 200000 | 4.750 | 11/01/31<sup>(c)</sup> | 205549 |
|  | 250000 | 5.375 | 02/15/33<sup>(c)</sup> | 263562 |
|  Regeneron Pharmaceuticals, Inc. | Regeneron Pharmaceuticals, Inc. | Regeneron Pharmaceuticals, Inc. | Regeneron Pharmaceuticals, Inc. | Regeneron Pharmaceuticals, Inc. |
|  | 428000 | 1.750 | 09/15/30<sup>(c)</sup> | 385499 |
|  Revvity, Inc. | Revvity, Inc. | Revvity, Inc. | Revvity, Inc. | Revvity, Inc. |
|  | 100000 | 1.900 | 09/15/28<sup>(c)</sup> | 94782 |
|  | 50000 | 2.550 | 03/15/31<sup>(c)</sup> | 45776 |
|  Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC |
|  | 100000 | 2.200 | 09/02/30<sup>(c)</sup> | 91671 |
|  Stryker Corp. | Stryker Corp. | Stryker Corp. | Stryker Corp. | Stryker Corp. |
|  | 130000 | 4.625 | 09/11/34<sup>(c)</sup> | 130756 |
|  Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. |
|  | 292000 | 5.086 | 08/10/33<sup>(c)</sup> | 305052 |
|  | 150000 | 4.100 | 08/15/47<sup>(c)</sup> | 126916 |
|  Utah Acquisition Sub, Inc. | Utah Acquisition Sub, Inc. | Utah Acquisition Sub, Inc. | Utah Acquisition Sub, Inc. | Utah Acquisition Sub, Inc. |
|  | 75000 | 5.250 | 06/15/46<sup>(c)</sup> | 63605 |
|  Viatris, Inc. | Viatris, Inc. | Viatris, Inc. | Viatris, Inc. | Viatris, Inc. |
|  | 92000 | 2.700 | 06/22/30<sup>(c)</sup> | 84854 |
|  | 115000 | 4.000 | 06/22/50<sup>(c)</sup> | 78899 |
|  Wyeth LLC | Wyeth LLC | Wyeth LLC | Wyeth LLC | Wyeth LLC |
|  | 102000 | 6.500 | 02/01/34 | 115401 |
|  Zimmer Biomet Holdings, Inc. | Zimmer Biomet Holdings, Inc. | Zimmer Biomet Holdings, Inc. | Zimmer Biomet Holdings, Inc. | Zimmer Biomet Holdings, Inc. |
|  | 50000 | 5.200 | 09/15/34<sup>(c)</sup> | 51355 |
|  | 100000 | 4.450 | 08/15/45<sup>(c)</sup> | 89753 |
|  Zoetis, Inc. | Zoetis, Inc. | Zoetis, Inc. | Zoetis, Inc. | Zoetis, Inc. |
|  | 239000 | 2.000 | 05/15/30<sup>(c)</sup> | 220466 |
|  |  |  |  | 16160191 |
| Consumer Products – 0.3% | Consumer Products – 0.3% | Consumer Products – 0.3% | Consumer Products – 0.3% | Consumer Products – 0.3% |
|  Church & Dwight Co., Inc. | Church & Dwight Co., Inc. | Church & Dwight Co., Inc. | Church & Dwight Co., Inc. | Church & Dwight Co., Inc. |
|  | 50000 | 2.300 | 12/15/31<sup>(c)</sup> | 45367 |
|  Clorox Co. (The) | Clorox Co. (The) | Clorox Co. (The) | Clorox Co. (The) | Clorox Co. (The) |
|  | 15000 | 4.600 | 05/01/32<sup>(c)</sup> | 15229 |
|  Colgate-Palmolive Co. | Colgate-Palmolive Co. | Colgate-Palmolive Co. | Colgate-Palmolive Co. | Colgate-Palmolive Co. |
|  | 150000 | 3.100 | 08/15/27<sup>(c)</sup> | 149046 |
|  Estee Lauder Cos., Inc. (The) | Estee Lauder Cos., Inc. (The) | Estee Lauder Cos., Inc. (The) | Estee Lauder Cos., Inc. (The) | Estee Lauder Cos., Inc. (The) |
|  | 50000 | 1.950 | 03/15/31<sup>(c)</sup> | 45088 |
|  | 340000 | 5.150 | 05/15/53<sup>(c)</sup> | 318692 |
|  Haleon US Capital LLC | Haleon US Capital LLC | Haleon US Capital LLC | Haleon US Capital LLC | Haleon US Capital LLC |
|  | 250000 | 4.000 | 03/24/52<sup>(c)</sup> | 201528 |
|  Hasbro, Inc. | Hasbro, Inc. | Hasbro, Inc. | Hasbro, Inc. | Hasbro, Inc. |
|  | 100000 | 5.100 | 05/15/44<sup>(c)</sup> | 92083 |
|  Kenvue, Inc. | Kenvue, Inc. | Kenvue, Inc. | Kenvue, Inc. | Kenvue, Inc. |
|  | 292000 | 5.050 | 03/22/53<sup>(c)</sup> | 272826 |
|  Kimberly-Clark Corp. | Kimberly-Clark Corp. | Kimberly-Clark Corp. | Kimberly-Clark Corp. | Kimberly-Clark Corp. |
|  | 125000 | 6.625 | 08/01/37 | 145189 |
|  Procter & Gamble Co. (The) | Procter & Gamble Co. (The) | Procter & Gamble Co. (The) | Procter & Gamble Co. (The) | Procter & Gamble Co. (The) |
|  | 40000 | 1.000 | 04/23/26 | 39839 |
|  | 94000 | 2.450 | 11/03/26 | 93199 |
|  | 15000 | 2.850 | 08/11/27 | 14857 |
|  | 100000 | 1.950 | 04/23/31 | 91368 |
|  | 200000 | 4.550 | 01/29/34 | 205127 |

---

&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. | **95** |

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------

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

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

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Consumer Products – (continued) | Consumer Products – (continued) | Consumer Products – (continued) | Consumer Products – (continued) | Consumer Products – (continued) |
|  Procter & Gamble Co. (The) – (continued) | Procter & Gamble Co. (The) – (continued) | Procter & Gamble Co. (The) – (continued) | Procter & Gamble Co. (The) – (continued) | Procter & Gamble Co. (The) – (continued) |
| $| 100000 | 5.550% | 03/05/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109613 |
|  | 110000 | 3.600 | 03/25/50 | 86482 |
|  Whirlpool Corp. | Whirlpool Corp. | Whirlpool Corp. | Whirlpool Corp. | Whirlpool Corp. |
|  | 100000 | 2.400 | 05/15/31<sup>(c)</sup> | 83686 |
|  |  |  |  | 2009219 |
| Distributors – 0.0% | Distributors – 0.0% | Distributors – 0.0% | Distributors – 0.0% | Distributors – 0.0% |
|  PACCAR Financial Corp., MTN | PACCAR Financial Corp., MTN | PACCAR Financial Corp., MTN | PACCAR Financial Corp., MTN | PACCAR Financial Corp., MTN |
|  | 50000 | 5.000 | 03/22/34 | 52003 |
| Electric – 2.5% | Electric – 2.5% | Electric – 2.5% | Electric – 2.5% | Electric – 2.5% |
|  AEP Transmission Co. LLC | AEP Transmission Co. LLC | AEP Transmission Co. LLC | AEP Transmission Co. LLC | AEP Transmission Co. LLC |
|  | 184000 | 5.400 | 03/15/53<sup>(c)</sup> | 180258 |
|  AES Corp. (The) | AES Corp. (The) | AES Corp. (The) | AES Corp. (The) | AES Corp. (The) |
|  | 50000 | 5.450 | 06/01/28<sup>(c)</sup> | 51165 |
|  Alabama Power Co., Series 20-A | Alabama Power Co., Series 20-A | Alabama Power Co., Series 20-A | Alabama Power Co., Series 20-A | Alabama Power Co., Series 20-A |
|  | 15000 | 1.450 | 09/15/30<sup>(c)</sup> | 13418 |
|  Alabama Power Co., Series A | Alabama Power Co., Series A | Alabama Power Co., Series A | Alabama Power Co., Series A | Alabama Power Co., Series A |
|  | 94000 | 4.300 | 07/15/48<sup>(c)</sup> | 79248 |
|  Ameren Illinois Co. | Ameren Illinois Co. | Ameren Illinois Co. | Ameren Illinois Co. | Ameren Illinois Co. |
|  | 126000 | 4.950 | 06/01/33<sup>(c)</sup> | 130035 |
|  | 114000 | 5.900 | 12/01/52<sup>(c)</sup> | 121033 |
|  American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. |
|  | 226000 | 5.625 | 03/01/33<sup>(c)</sup> | 240183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.750%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.750%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.750%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.750%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.750%) |
|  | 200000 | 7.050 | 12/15/54<sup>(c)(d)</sup> | 211165 |
|  American Electric Power Co., Inc., Series D | American Electric Power Co., Inc., Series D | American Electric Power Co., Inc., Series D | American Electric Power Co., Inc., Series D | American Electric Power Co., Inc., Series D |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.940%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.940%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.940%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.940%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.940%) |
|  | 86000 | 6.050 | 03/15/56<sup>(c)(d)</sup> | 86517 |
|  Arizona Public Service Co. | Arizona Public Service Co. | Arizona Public Service Co. | Arizona Public Service Co. | Arizona Public Service Co. |
|  | 300000 | 2.600 | 08/15/29<sup>(c)</sup> | 286354 |
|  | 50000 | 3.500 | 12/01/49<sup>(c)</sup> | 35885 |
|  Atmos Energy Corp. | Atmos Energy Corp. | Atmos Energy Corp. | Atmos Energy Corp. | Atmos Energy Corp. |
|  | 300000 | 2.625 | 09/15/29<sup>(c)</sup> | 288150 |
|  | 200000 | 5.900 | 11/15/33<sup>(c)</sup> | 218522 |
|  | 80000 | 2.850 | 02/15/52<sup>(c)</sup> | 51755 |
|  | 80000 | 5.750 | 10/15/52<sup>(c)</sup> | 82463 |
|  Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. |
|  | 188000 | 2.850 | 05/15/51<sup>(c)</sup> | 118463 |
|  | 170000 | 4.600 | 05/01/53<sup>(c)</sup> | 144295 |
|  Black Hills Corp. | Black Hills Corp. | Black Hills Corp. | Black Hills Corp. | Black Hills Corp. |
|  | 20000 | 2.500 | 06/15/30<sup>(c)</sup> | 18682 |
|  CenterPoint Energy Resources Corp. | CenterPoint Energy Resources Corp. | CenterPoint Energy Resources Corp. | CenterPoint Energy Resources Corp. | CenterPoint Energy Resources Corp. |
|  | 392000 | 5.250 | 03/01/28<sup>(c)</sup> | 402436 |
|  CenterPoint Energy, Inc. | CenterPoint Energy, Inc. | CenterPoint Energy, Inc. | CenterPoint Energy, Inc. | CenterPoint Energy, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.586%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.586%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.586%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.586%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.586%) |
|  | 200000 | 6.700 | 05/15/55<sup>(c)(d)</sup> | 206178 |
|  Cleco Corporate Holdings LLC | Cleco Corporate Holdings LLC | Cleco Corporate Holdings LLC | Cleco Corporate Holdings LLC | Cleco Corporate Holdings LLC |
|  | 80000 | 3.375 | 09/15/29<sup>(c)</sup> | 76153 |
|  Cleco Power LLC | Cleco Power LLC | Cleco Power LLC | Cleco Power LLC | Cleco Power LLC |
|  | 15000 | 6.000 | 12/01/40 | 16048 |
|  Commonwealth Edison Co. | Commonwealth Edison Co. | Commonwealth Edison Co. | Commonwealth Edison Co. | Commonwealth Edison Co. |
|  | 386000 | 5.900 | 03/15/36 | 421294 |
|  | 196000 | 4.600 | 08/15/43<sup>(c)</sup> | 177915 |
|  | 100000 | 4.000 | 03/01/49<sup>(c)</sup> | 80393 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Electric – (continued) | Electric – (continued) | Electric – (continued) | Electric – (continued) |
| Connecticut Light and Power Co. (The) | Connecticut Light and Power Co. (The) | Connecticut Light and Power Co. (The) | Connecticut Light and Power Co. (The) |
| 100000 | 4.650% | 01/01/29(c) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102414 |
| Consolidated Edison Co. of New York, Inc. | Consolidated Edison Co. of New York, Inc. | Consolidated Edison Co. of New York, Inc. | Consolidated Edison Co. of New York, Inc. |
| 150000 | 5.750 | 11/15/55<sup>(c)</sup> | 153086 |
| Constellation Energy Generation LLC | Constellation Energy Generation LLC | Constellation Energy Generation LLC | Constellation Energy Generation LLC |
| 150000 | 6.125 | 01/15/34<sup>(c)</sup> | 164239 |
| Consumers Energy Co. | Consumers Energy Co. | Consumers Energy Co. | Consumers Energy Co. |
| 250000 | 4.625 | 05/15/33<sup>(c)</sup> | 254444 |
| Dominion Energy South Carolina, Inc., Series A | Dominion Energy South Carolina, Inc., Series A | Dominion Energy South Carolina, Inc., Series A | Dominion Energy South Carolina, Inc., Series A |
| 150000 | 2.300 | 12/01/31<sup>(c)</sup> | 135998 |
| Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
| 80000 | 4.250 | 06/01/28<sup>(c)</sup> | 80632 |
| 200000 | 5.000 | 06/15/30<sup>(c)</sup> | 206424 |
| Dominion Energy, Inc., Series C | Dominion Energy, Inc., Series C | Dominion Energy, Inc., Series C | Dominion Energy, Inc., Series C |
| 296000 | 3.375 | 04/01/30<sup>(c)</sup> | 288599 |
| DTE Electric Co. | DTE Electric Co. | DTE Electric Co. | DTE Electric Co. |
| 150000 | 3.950 | 06/15/42<sup>(c)</sup> | 125570 |
| 15000 | 3.700 | 03/15/45<sup>(c)</sup> | 11990 |
| DTE Electric Co., Series A | DTE Electric Co., Series A | DTE Electric Co., Series A | DTE Electric Co., Series A |
| 100000 | 1.900 | 04/01/28<sup>(c)</sup> | 96470 |
| 40000 | 4.000 | 04/01/43<sup>(c)</sup> | 34197 |
| Duke Energy Carolinas LLC | Duke Energy Carolinas LLC | Duke Energy Carolinas LLC | Duke Energy Carolinas LLC |
| 112000 | 3.700 | 12/01/47<sup>(c)</sup> | 86517 |
| Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. |
| 102000 | 2.550 | 06/15/31<sup>(c)</sup> | 94027 |
| 200000 | 3.750 | 09/01/46<sup>(c)</sup> | 154019 |
| Duke Energy Florida LLC | Duke Energy Florida LLC | Duke Energy Florida LLC | Duke Energy Florida LLC |
| 25000 | 3.400 | 10/01/46<sup>(c)</sup> | 18859 |
| Duke Energy Indiana LLC | Duke Energy Indiana LLC | Duke Energy Indiana LLC | Duke Energy Indiana LLC |
| 50000 | 6.350 | 08/15/38 | 55803 |
| 40000 | 6.450 | 04/01/39 | 44706 |
| 122000 | 2.750 | 04/01/50<sup>(c)</sup> | 77255 |
| Duke Energy Progress LLC | Duke Energy Progress LLC | Duke Energy Progress LLC | Duke Energy Progress LLC |
| 60000 | 3.700 | 09/01/28<sup>(c)</sup> | 59948 |
| 100000 | 3.450 | 03/15/29<sup>(c)</sup> | 98831 |
| 196000 | 6.300 | 04/01/38 | 216467 |
| 15000 | 4.100 | 05/15/42<sup>(c)</sup> | 13046 |
| 100000 | 5.350 | 03/15/53<sup>(c)</sup> | 97079 |
| Edison International | Edison International | Edison International | Edison International |
| 284000 | 4.125 | 03/15/28<sup>(c)</sup> | 282834 |
| Entergy Arkansas LLC | Entergy Arkansas LLC | Entergy Arkansas LLC | Entergy Arkansas LLC |
| 100000 | 4.950 | 12/15/44<sup>(c)</sup> | 95233 |
| Entergy Corp. | Entergy Corp. | Entergy Corp. | Entergy Corp. |
| 50000 | 2.800 | 06/15/30<sup>(c)</sup> | 47400 |
| Entergy Louisiana LLC | Entergy Louisiana LLC | Entergy Louisiana LLC | Entergy Louisiana LLC |
| 100000 | 3.120 | 09/01/27<sup>(c)</sup> | 99124 |
| 194000 | 4.200 | 04/01/50<sup>(c)</sup> | 157186 |
| 150000 | 5.700 | 03/15/54<sup>(c)</sup> | 151128 |
| Entergy Texas, Inc. | Entergy Texas, Inc. | Entergy Texas, Inc. | Entergy Texas, Inc. |
| 160000 | 5.150 | 06/01/45<sup>(c)</sup> | 156493 |
| Evergy Kansas Central, Inc. | Evergy Kansas Central, Inc. | Evergy Kansas Central, Inc. | Evergy Kansas Central, Inc. |
| 100000 | 3.250 | 09/01/49<sup>(c)</sup> | 69825 |
| Evergy Metro, Inc., Series 2020 | Evergy Metro, Inc., Series 2020 | Evergy Metro, Inc., Series 2020 | Evergy Metro, Inc., Series 2020 |
| 70000 | 2.250 | 06/01/30<sup>(c)</sup> | 65265 |
| Eversource Energy | Eversource Energy | Eversource Energy | Eversource Energy |
| 200000 | 5.450 | 03/01/28<sup>(c)</sup> | 205150 |
| Eversource Energy, Series M | Eversource Energy, Series M | Eversource Energy, Series M | Eversource Energy, Series M |
| 150000 | 3.300 | 01/15/28<sup>(c)</sup> | 148127 |

---

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

---

| | |
|:---|:---|
| 96 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

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

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Electric – (continued) | Electric – (continued) | Electric – (continued) | Electric – (continued) |
| Exelon Corp. | Exelon Corp. | Exelon Corp. | Exelon Corp. |
| 240000 | 5.300% | 03/15/33<sup>(c)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252053 |
| 70000 | 5.450 | 03/15/34<sup>(c)</sup> | 73422 |
| 100000 | 4.950 | 06/15/35<sup>(c)</sup> | 100444 |
| 135000 | 4.450 | 04/15/46<sup>(c)</sup> | 115274 |
| Florida Power & Light Co. | Florida Power & Light Co. | Florida Power & Light Co. | Florida Power & Light Co. |
| 50000 | 5.625 | 04/01/34 | 53963 |
| 133000 | 5.000 | 08/01/34<sup>(c)</sup> | 137678 |
| 486000 | 5.650 | 02/01/37 | 526898 |
| 50000 | 5.125 | 06/01/41<sup>(c)</sup> | 50549 |
| Georgia Power Co., Series B | Georgia Power Co., Series B | Georgia Power Co., Series B | Georgia Power Co., Series B |
| 168000 | 2.650 | 09/15/29<sup>(c)</sup> | 161448 |
| 15000 | 3.700 | 01/30/50<sup>(c)</sup> | 11481 |
| Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
| 200000 | 5.500 | 03/15/34<sup>(c)</sup> | 212349 |
| 94000 | 5.700 | 05/15/54<sup>(c)</sup> | 95624 |
| Idaho Power Co., MTN | Idaho Power Co., MTN | Idaho Power Co., MTN | Idaho Power Co., MTN |
| 50000 | 3.650 | 03/01/45<sup>(c)</sup> | 39545 |
| Louisville Gas and Electric Co. | Louisville Gas and Electric Co. | Louisville Gas and Electric Co. | Louisville Gas and Electric Co. |
| 50000 | 4.375 | 10/01/45<sup>(c)</sup> | 43599 |
| National Grid USA | National Grid USA | National Grid USA | National Grid USA |
| 100000 | 8.000 | 11/15/30 | 115199 |
| National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. |
| 40000 | 2.400 | 03/15/30<sup>(c)</sup> | 37697 |
| National Rural Utilities Cooperative Finance Corp., MTN | National Rural Utilities Cooperative Finance Corp., MTN | National Rural Utilities Cooperative Finance Corp., MTN | National Rural Utilities Cooperative Finance Corp., MTN |
| 100000 | 5.050 | 09/15/28<sup>(c)</sup> | 102821 |
| Nevada Power Co. | Nevada Power Co. | Nevada Power Co. | Nevada Power Co. |
| 50000 | 5.450 | 05/15/41<sup>(c)</sup> | 51365 |
| NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
| 165000 | 5.900 | 03/15/55<sup>(c)</sup> | 169125 |
| NiSource, Inc. | NiSource, Inc. | NiSource, Inc. | NiSource, Inc. |
| 184000 | 5.250 | 03/30/28<sup>(c)</sup> | 188879 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.451%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.451%) |  |  |
| 200000 | 6.950 | 11/30/54<sup>(c)(d)</sup> | 209412 |
| Northern States Power Co. | Northern States Power Co. | Northern States Power Co. | Northern States Power Co. |
| 172000 | 4.500 | 06/01/52<sup>(c)</sup> | 148220 |
| 20000 | 5.400 | 03/15/54<sup>(c)</sup> | 19755 |
| NSTAR Electric Co. | NSTAR Electric Co. | NSTAR Electric Co. | NSTAR Electric Co. |
| 115000 | 3.200 | 05/15/27<sup>(c)</sup> | 114289 |
| 100000 | 3.950 | 04/01/30<sup>(c)</sup> | 99642 |
| 100000 | 4.400 | 03/01/44<sup>(c)</sup> | 88086 |
| Ohio Edison Co. | Ohio Edison Co. | Ohio Edison Co. | Ohio Edison Co. |
| 130000 | 6.875 | 07/15/36 | 150510 |
| Ohio Power Co. | Ohio Power Co. | Ohio Power Co. | Ohio Power Co. |
| 196000 | 4.150 | 04/01/48<sup>(c)</sup> | 160534 |
| Oklahoma Gas and Electric Co. | Oklahoma Gas and Electric Co. | Oklahoma Gas and Electric Co. | Oklahoma Gas and Electric Co. |
| 50000 | 4.000 | 12/15/44<sup>(c)</sup> | 41513 |
| Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC |
| 100000 | 7.000 | 05/01/32 | 113816 |
| 150000 | 3.800 | 09/30/47<sup>(c)</sup> | 117913 |
| 244000 | 3.100 | 09/15/49<sup>(c)</sup> | 164802 |
| Pacific Gas and Electric Co. | Pacific Gas and Electric Co. | Pacific Gas and Electric Co. | Pacific Gas and Electric Co. |
| 500000 | 5.450 | 06/15/27<sup>(c)</sup> | 508195 |
| 200000 | 2.100 | 08/01/27<sup>(c)</sup> | 194915 |
| 204000 | 4.300 | 03/15/45<sup>(c)</sup> | 165954 |
| 150000 | 4.000 | 12/01/46<sup>(c)</sup> | 115529 |
| 50000 | 5.250 | 03/01/52<sup>(c)</sup> | 44414 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Electric – (continued) | Electric – (continued) | Electric – (continued) | Electric – (continued) |
| Pacific Gas and Electric Co. – (continued) | Pacific Gas and Electric Co. – (continued) | Pacific Gas and Electric Co. – (continued) | Pacific Gas and Electric Co. – (continued) |
| 213000 | 6.750% | 01/15/53<sup>(c)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230304 |
| PacifiCorp | PacifiCorp | PacifiCorp | PacifiCorp |
| 100000 | 5.100 | 02/15/29<sup>(c)</sup> | 102816 |
| 200000 | 5.300 | 02/15/31<sup>(c)</sup> | 208258 |
| 196000 | 5.750 | 04/01/37 | 200717 |
| 198000 | 5.500 | 05/15/54<sup>(c)</sup> | 182155 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.319%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.319%) |  |  |
| 200000 | 7.375 | 09/15/55<sup>(c)(d)</sup> | 203203 |
| PECO Energy Co. | PECO Energy Co. | PECO Energy Co. | PECO Energy Co. |
| 100000 | 4.800 | 10/15/43<sup>(c)</sup> | 92414 |
| 125000 | 3.900 | 03/01/48<sup>(c)</sup> | 99850 |
| 214000 | 3.050 | 03/15/51<sup>(c)</sup> | 142792 |
| Piedmont Natural Gas Co., Inc. | Piedmont Natural Gas Co., Inc. | Piedmont Natural Gas Co., Inc. | Piedmont Natural Gas Co., Inc. |
| 200000 | 4.650 | 08/01/43<sup>(c)</sup> | 180643 |
| Potomac Electric Power Co. | Potomac Electric Power Co. | Potomac Electric Power Co. | Potomac Electric Power Co. |
| 150000 | 4.150 | 03/15/43<sup>(c)</sup> | 129603 |
| PPL Capital Funding, Inc. | PPL Capital Funding, Inc. | PPL Capital Funding, Inc. | PPL Capital Funding, Inc. |
| 150000 | 5.250 | 09/01/34<sup>(c)</sup> | 154775 |
| Public Service Co. of Colorado | Public Service Co. of Colorado | Public Service Co. of Colorado | Public Service Co. of Colorado |
| 30000 | 5.350 | 05/15/34<sup>(c)</sup> | 31359 |
| Public Service Co. of New Hampshire, Series V | Public Service Co. of New Hampshire, Series V | Public Service Co. of New Hampshire, Series V | Public Service Co. of New Hampshire, Series V |
| 100000 | 2.200 | 06/15/31<sup>(c)</sup> | 91071 |
| Public Service Electric and Gas Co., MTN | Public Service Electric and Gas Co., MTN | Public Service Electric and Gas Co., MTN | Public Service Electric and Gas Co., MTN |
| 42000 | 1.900 | 08/15/31<sup>(c)</sup> | 37694 |
| 232000 | 3.800 | 03/01/46<sup>(c)</sup> | 186061 |
| 70000 | 3.600 | 12/01/47<sup>(c)</sup> | 53709 |
| 80000 | 3.000 | 03/01/51<sup>(c)</sup> | 53191 |
| Public Service Electric and Gas Co., Series K | Public Service Electric and Gas Co., Series K | Public Service Electric and Gas Co., Series K | Public Service Electric and Gas Co., Series K |
| 50000 | 4.050 | 05/01/45<sup>(c)</sup> | 41280 |
| Public Service Enterprise Group, Inc. | Public Service Enterprise Group, Inc. | Public Service Enterprise Group, Inc. | Public Service Enterprise Group, Inc. |
| 40000 | 2.450 | 11/15/31<sup>(c)</sup> | 36353 |
| Puget Energy, Inc. | Puget Energy, Inc. | Puget Energy, Inc. | Puget Energy, Inc. |
| 100000 | 4.224 | 03/15/32<sup>(c)</sup> | 97880 |
| Puget Sound Energy, Inc. | Puget Sound Energy, Inc. | Puget Sound Energy, Inc. | Puget Sound Energy, Inc. |
| 50000 | 4.434 | 11/15/41<sup>(c)</sup> | 45177 |
| 173000 | 4.223 | 06/15/48<sup>(c)</sup> | 144605 |
| 200000 | 3.700 | 04/01/29<sup>(c)</sup> | 198218 |
| 110000 | 3.800 | 02/01/38<sup>(c)</sup> | 96288 |
| 92000 | 4.000 | 02/01/48<sup>(c)</sup> | 71906 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.632%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.632%) |  |  |
| 230000 | 6.400 | 10/01/54<sup>(c)(d)</sup> | 234313 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.789%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.789%) |  |  |
| 280000 | 6.875 | 10/01/54<sup>(c)(d)</sup> | 288613 |
| Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
| 40000 | 2.850 | 08/01/29<sup>(c)</sup> | 38342 |
| 96000 | 5.250 | 03/15/30<sup>(c)</sup> | 99225 |
| 196000 | 5.700 | 03/01/53<sup>(c)</sup> | 186938 |
| Southern California Edison Co., Series 08-A | Southern California Edison Co., Series 08-A | Southern California Edison Co., Series 08-A | Southern California Edison Co., Series 08-A |
| 114000 | 5.950 | 02/01/38 | 119474 |
| Southern California Edison Co., Series A | Southern California Edison Co., Series A | Southern California Edison Co., Series A | Southern California Edison Co., Series A |
| 100000 | 4.200 | 03/01/29<sup>(c)</sup> | 100192 |
| Southern California Edison Co., Series C | Southern California Edison Co., Series C | Southern California Edison Co., Series C | Southern California Edison Co., Series C |
| 100000 | 4.125 | 03/01/48<sup>(c)</sup> | 78509 |

---

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **97** |

---

------

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

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

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Electric – (continued) | Electric – (continued) | Electric – (continued) | Electric – (continued) |
| Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. |
| 100000 | 2.950% | 04/15/27<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99087 |
| Southern Co. (The) | Southern Co. (The) | Southern Co. (The) | Southern Co. (The) |
| 110000 | 5.113 | 08/01/27 | 111950 |
| 190000 | 4.400 | 07/01/46<sup>(c)</sup> | 162203 |
| Southern Co. (The), Series 21-A | Southern Co. (The), Series 21-A | Southern Co. (The), Series 21-A | Southern Co. (The), Series 21-A |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.915%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.915%) |  |  |
| 79000 | 3.750 | 09/15/51<sup>(c)(d)</sup> | 78319 |
| Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. |
| 100000 | 6.000 | 10/01/34 | 108087 |
| 200000 | 5.875 | 03/15/41<sup>(c)</sup> | 210595 |
| 15000 | 3.950 | 10/01/46<sup>(c)</sup> | 11983 |
| 94000 | 4.400 | 05/30/47<sup>(c)</sup> | 80039 |
| Tucson Electric Power Co. | Tucson Electric Power Co. | Tucson Electric Power Co. | Tucson Electric Power Co. |
| 118000 | 4.850 | 12/01/48<sup>(c)</sup> | 108344 |
| Virginia Electric and Power Co., Series A | Virginia Electric and Power Co., Series A | Virginia Electric and Power Co., Series A | Virginia Electric and Power Co., Series A |
| 100000 | 3.500 | 03/15/27<sup>(c)</sup> | 99667 |
| Virginia Electric and Power Co., Series B | Virginia Electric and Power Co., Series B | Virginia Electric and Power Co., Series B | Virginia Electric and Power Co., Series B |
| 100000 | 6.000 | 01/15/36 | 108506 |
| Virginia Electric and Power Co., Series C | Virginia Electric and Power Co., Series C | Virginia Electric and Power Co., Series C | Virginia Electric and Power Co., Series C |
| 140000 | 4.000 | 11/15/46<sup>(c)</sup> | 113619 |
| Wisconsin Electric Power Co. | Wisconsin Electric Power Co. | Wisconsin Electric Power Co. | Wisconsin Electric Power Co. |
| 100000 | 5.700 | 12/01/36 | 107925 |
| 50000 | 3.650 | 12/15/42<sup>(c)</sup> | 40835 |
| Wisconsin Power and Light Co. | Wisconsin Power and Light Co. | Wisconsin Power and Light Co. | Wisconsin Power and Light Co. |
| 100000 | 3.000 | 07/01/29<sup>(c)</sup> | 97451 |
| 50000 | 4.100 | 10/15/44<sup>(c)</sup> | 41827 |
| Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. |
| 390000 | 1.750 | 03/15/27<sup>(c)</sup> | 381617 |
| 200000 | 5.500 | 03/15/34<sup>(c)</sup> | 209078 |
|  |  |  | 19312365 |
| Electrical – 0.0% | Electrical – 0.0% | Electrical – 0.0% | Electrical – 0.0% |
| Emerson Electric Co. | Emerson Electric Co. | Emerson Electric Co. | Emerson Electric Co. |
| 45000 | 1.950 | 10/15/30<sup>(c)</sup> | 41214 |
| 100000 | 2.200 | 12/21/31<sup>(c)</sup> | 91039 |
| 15000 | 6.000 | 08/15/32 | 16545 |
| 100000 | 5.250 | 11/15/39 | 103797 |
| Fortive Corp. | Fortive Corp. | Fortive Corp. | Fortive Corp. |
| 15000 | 4.300 | 06/15/46<sup>(c)</sup> | 12639 |
| Hubbell, Inc. | Hubbell, Inc. | Hubbell, Inc. | Hubbell, Inc. |
| 50000 | 3.150 | 08/15/27<sup>(c)</sup> | 49411 |
|  |  |  | 314645 |
| Energy – 1.5% | Energy – 1.5% | Energy – 1.5% | Energy – 1.5% |
| Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc. | Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc. | Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc. | Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc. |
| 69000 | 4.080 | 12/15/47<sup>(c)</sup> | 56059 |
| Boardwalk Pipelines LP | Boardwalk Pipelines LP | Boardwalk Pipelines LP | Boardwalk Pipelines LP |
| 100000 | 4.800 | 05/03/29<sup>(c)</sup> | 101754 |
| BP Capital Markets America, Inc. | BP Capital Markets America, Inc. | BP Capital Markets America, Inc. | BP Capital Markets America, Inc. |
| 150000 | 4.234 | 11/06/28<sup>(c)</sup> | 151554 |
| 196000 | 4.699 | 04/10/29<sup>(c)</sup> | 200929 |
| 200000 | 2.772 | 11/10/50<sup>(c)</sup> | 127726 |
| BP Capital Markets PLC | BP Capital Markets PLC | BP Capital Markets PLC | BP Capital Markets PLC |
| 374000 | 3.279 | 09/19/27<sup>(c)</sup> | 372113 |
| Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC |
| 40000 | 5.125 | 06/30/27<sup>(c)</sup> | 40444 |
| 112000 | 2.742 | 12/31/39<sup>(c)</sup> | 97831 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Energy – (continued) | Energy – (continued) | Energy – (continued) | Energy – (continued) |
| Cheniere Energy Partners LP | Cheniere Energy Partners LP | Cheniere Energy Partners LP | Cheniere Energy Partners LP |
| 143000 | 4.500% | 10/01/29<sup>(c)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143599 |
| Cheniere Energy, Inc. | Cheniere Energy, Inc. | Cheniere Energy, Inc. | Cheniere Energy, Inc. |
| 292000 | 4.625 | 10/15/28<sup>(c)</sup> | 292268 |
| Chevron USA, Inc. | Chevron USA, Inc. | Chevron USA, Inc. | Chevron USA, Inc. |
| 150000 | 4.405 | 02/26/27 | 151163 |
| 100000 | 4.819 | 04/15/32<sup>(c)</sup> | 103941 |
| 188000 | 2.343 | 08/12/50<sup>(c)</sup> | 112972 |
| ConocoPhillips Co. | ConocoPhillips Co. | ConocoPhillips Co. | ConocoPhillips Co. |
| 180000 | 3.758 | 03/15/42<sup>(c)</sup> | 150465 |
| 100000 | 5.300 | 05/15/53<sup>(c)</sup> | 95132 |
| Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. |
| 211000 | 5.400 | 04/18/34<sup>(c)</sup> | 219722 |
| 221000 | 5.900 | 04/18/64<sup>(c)</sup> | 217752 |
| Energy Transfer LP | Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
| 25000 | 5.500 | 06/01/27<sup>(c)</sup> | 25369 |
| 100000 | 8.250 | 11/15/29<sup>(c)</sup> | 113457 |
| 77000 | 3.750 | 05/15/30<sup>(c)</sup> | 75650 |
| 155000 | 6.550 | 12/01/33<sup>(c)</sup> | 171641 |
| 50000 | 6.850 | 02/15/40 | 54564 |
| 14000 | 6.050 | 06/01/41<sup>(c)</sup> | 14493 |
| 13000 | 6.500 | 02/01/42<sup>(c)</sup> | 13963 |
| 75000 | 6.125 | 12/15/45<sup>(c)</sup> | 76021 |
| 42000 | 5.300 | 04/15/47<sup>(c)</sup> | 38502 |
| 55000 | 6.250 | 04/15/49<sup>(c)</sup> | 55767 |
| 51000 | 5.000 | 05/15/50<sup>(c)</sup> | 43876 |
| 108000 | 5.950 | 05/15/54<sup>(c)</sup> | 104202 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.020%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.020%) |  |  |
| 200000 | 8.000 | 05/15/54<sup>(c)(d)</sup> | 214737 |
| Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC |
| 100000 | 2.800 | 01/31/30<sup>(c)</sup> | 95772 |
| 150000 | 4.850 | 08/15/42<sup>(c)</sup> | 142275 |
| 55000 | 4.800 | 02/01/49<sup>(c)</sup> | 49657 |
| 60000 | 4.200 | 01/31/50<sup>(c)</sup> | 49680 |
| 15000 | 3.950 | 01/31/60<sup>(c)</sup> | 11207 |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.832%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.832%) |  |  |
| 190000 | 5.375 | 02/15/78<sup>(c)(d)</sup> | 189849 |
| Enterprise Products Operating LLC, Series D | Enterprise Products Operating LLC, Series D | Enterprise Products Operating LLC, Series D | Enterprise Products Operating LLC, Series D |
| 80000 | 6.875 | 03/01/33 | 92100 |
| EOG Resources, Inc. | EOG Resources, Inc. | EOG Resources, Inc. | EOG Resources, Inc. |
| 60000 | 3.900 | 04/01/35<sup>(c)</sup> | 56815 |
| EQT Corp. | EQT Corp. | EQT Corp. | EQT Corp. |
| 90000 | 7.000 | 02/01/30<sup>(c)</sup> | 98649 |
| Exxon Mobil Corp. | Exxon Mobil Corp. | Exxon Mobil Corp. | Exxon Mobil Corp. |
| 188000 | 4.227 | 03/19/40<sup>(c)</sup> | 175670 |
| 50000 | 4.327 | 03/19/50<sup>(c)</sup> | 42814 |
| Halliburton Co. | Halliburton Co. | Halliburton Co. | Halliburton Co. |
| 200000 | 4.850 | 11/15/35<sup>(c)</sup> | 200307 |
| 100000 | 4.500 | 11/15/41<sup>(c)</sup> | 91301 |
| 50000 | 5.000 | 11/15/45<sup>(c)</sup> | 46049 |
| Hess Corp. | Hess Corp. | Hess Corp. | Hess Corp. |
| 62000 | 4.300 | 04/01/27<sup>(c)</sup> | 62260 |
| 55000 | 6.000 | 01/15/40 | 60296 |
| 75000 | 5.600 | 02/15/41 | 78935 |
| 42000 | 5.800 | 04/01/47<sup>(c)</sup> | 44026 |
| Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP |
| 118000 | 7.300 | 08/15/33 | 138116 |

---

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

---

| | |
|:---|:---|
| 98 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

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

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Energy – (continued) | Energy – (continued) | Energy – (continued) | Energy – (continued) |
| Kinder Morgan Energy Partners LP – (continued) | Kinder Morgan Energy Partners LP – (continued) | Kinder Morgan Energy Partners LP – (continued) | Kinder Morgan Energy Partners LP – (continued) |
| $130000 | 6.500% | 09/01/39 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144520 |
| Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. |
| 56000 | 2.000 | 02/15/31<sup>(c)</sup> | 50769 |
| 279000 | 5.200 | 03/01/48<sup>(c)</sup> | 262011 |
| Marathon Petroleum Corp. | Marathon Petroleum Corp. | Marathon Petroleum Corp. | Marathon Petroleum Corp. |
| 264000 | 6.500 | 03/01/41<sup>(c)</sup> | 291821 |
| 50000 | 5.850 | 12/15/45<sup>(c)</sup> | 50475 |
| MPLX LP | MPLX LP | MPLX LP | MPLX LP |
| 4000 | 1.750 | 03/01/26<sup>(c)</sup> | 4000 |
| 104000 | 2.650 | 08/15/30<sup>(c)</sup> | 97434 |
| 15000 | 4.700 | 04/15/48<sup>(c)</sup> | 12645 |
| 85000 | 5.500 | 02/15/49<sup>(c)</sup> | 79893 |
| 282000 | 4.950 | 03/14/52<sup>(c)</sup> | 242452 |
| NOV, Inc. | NOV, Inc. | NOV, Inc. | NOV, Inc. |
| 15000 | 3.950 | 12/01/42<sup>(c)</sup> | 12117 |
| Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
| 132000 | 6.625 | 09/01/30<sup>(c)</sup> | 143220 |
| 50000 | 6.450 | 09/15/36 | 54563 |
| 99000 |  | 10/10/36<sup>(f)(g)</sup> | 60761 |
| ONEOK Partners LP | ONEOK Partners LP | ONEOK Partners LP | ONEOK Partners LP |
| 15000 | 6.650 | 10/01/36 | 16653 |
| ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
| 100000 | 3.400 | 09/01/29<sup>(c)</sup> | 97941 |
| 292000 | 3.100 | 03/15/30<sup>(c)</sup> | 280056 |
| 25000 | 6.350 | 01/15/31<sup>(c)</sup> | 27074 |
| 296000 | 6.050 | 09/01/33<sup>(c)</sup> | 318145 |
| 90000 | 4.200 | 10/03/47<sup>(c)</sup> | 71306 |
| 98000 | 5.200 | 07/15/48<sup>(c)</sup> | 89250 |
| 105000 | 6.625 | 09/01/53<sup>(c)</sup> | 111045 |
| 60000 | 5.850 | 11/01/64<sup>(c)</sup> | 57112 |
| Ovintiv, Inc. | Ovintiv, Inc. | Ovintiv, Inc. | Ovintiv, Inc. |
| 100000 | 5.650 | 05/15/28<sup>(c)</sup> | 103510 |
| 195000 | 6.625 | 08/15/37 | 213278 |
| Patterson-UTI Energy, Inc. | Patterson-UTI Energy, Inc. | Patterson-UTI Energy, Inc. | Patterson-UTI Energy, Inc. |
| 100000 | 3.950 | 02/01/28<sup>(c)</sup> | 99573 |
| Phillips 66 Co. | Phillips 66 Co. | Phillips 66 Co. | Phillips 66 Co. |
| 76000 | 3.550 | 10/01/26<sup>(c)</sup> | 75800 |
| 292000 | 3.750 | 03/01/28<sup>(c)</sup> | 291126 |
| 89000 | 5.300 | 06/30/33<sup>(c)</sup> | 92866 |
| Pioneer Natural Resources Co. | Pioneer Natural Resources Co. | Pioneer Natural Resources Co. | Pioneer Natural Resources Co. |
| 250000 | 2.150 | 01/15/31<sup>(c)</sup> | 229690 |
| Plains All American Pipeline LP / PAA Finance Corp. | Plains All American Pipeline LP / PAA Finance Corp. | Plains All American Pipeline LP / PAA Finance Corp. | Plains All American Pipeline LP / PAA Finance Corp. |
| 40000 | 4.500 | 12/15/26<sup>(c)</sup> | 40151 |
| 92000 | 3.550 | 12/15/29<sup>(c)</sup> | 90266 |
| 35000 | 6.700 | 05/15/36 | 38548 |
| 40000 | 6.650 | 01/15/37 | 44261 |
| 15000 | 4.700 | 06/15/44<sup>(c)</sup> | 13131 |
| Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC |
| 162000 | 4.200 | 03/15/28<sup>(c)</sup> | 162679 |
| 15000 | 4.500 | 05/15/30<sup>(c)</sup> | 15214 |
| Shell Finance U.S., Inc. | Shell Finance U.S., Inc. | Shell Finance U.S., Inc. | Shell Finance U.S., Inc. |
| 250000 | 4.125 | 05/11/35 | 244311 |
| 179000 | 6.375 | 12/15/38<sup>(e)</sup> | 202925 |
| 172000 | 5.500 | 03/25/40<sup>(e)</sup> | 180634 |
| 160000 | 4.375 | 05/11/45 | 140376 |
| 24000 | 4.000 | 05/10/46 | 19828 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Energy – (continued) | Energy – (continued) | Energy – (continued) | Energy – (continued) |
| Shell International Finance BV | Shell International Finance BV | Shell International Finance BV | Shell International Finance BV |
| 50000 | 4.550% | 08/12/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45060 |
| Spectra Energy Partners LP | Spectra Energy Partners LP | Spectra Energy Partners LP | Spectra Energy Partners LP |
| 67000 | 3.375 | 10/15/26<sup>(c)</sup> | 66762 |
| Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. |
| 126000 | 6.150 | 03/01/29<sup>(c)</sup> | 133475 |
| 87000 | 6.500 | 03/30/34<sup>(c)</sup> | 96635 |
| 100000 | 4.950 | 04/15/52<sup>(c)</sup> | 88067 |
| TC PipeLines LP | TC PipeLines LP | TC PipeLines LP | TC PipeLines LP |
| 337000 | 3.900 | 05/25/27<sup>(c)</sup> | 336510 |
| Tennessee Gas Pipeline Co. LLC | Tennessee Gas Pipeline Co. LLC | Tennessee Gas Pipeline Co. LLC | Tennessee Gas Pipeline Co. LLC |
| 50000 | 7.625 | 04/01/37 | 60126 |
| Transcontinental Gas Pipe Line Co. LLC | Transcontinental Gas Pipe Line Co. LLC | Transcontinental Gas Pipe Line Co. LLC | Transcontinental Gas Pipe Line Co. LLC |
| 50000 | 5.400 | 08/15/41<sup>(c)</sup> | 49797 |
| 40000 | 3.950 | 05/15/50<sup>(c)</sup> | 31928 |
| Valero Energy Corp. | Valero Energy Corp. | Valero Energy Corp. | Valero Energy Corp. |
| 84000 | 3.400 | 09/15/26<sup>(c)</sup> | 83623 |
| 170000 | 4.000 | 04/01/29<sup>(c)</sup> | 170047 |
| 100000 | 7.500 | 04/15/32 | 116607 |
| 15000 | 4.900 | 03/15/45 | 13696 |
| 60000 | 3.650 | 12/01/51<sup>(c)</sup> | 42658 |
| Western Midstream Operating LP | Western Midstream Operating LP | Western Midstream Operating LP | Western Midstream Operating LP |
| 50000 | 4.750 | 08/15/28<sup>(c)</sup> | 50812 |
| Williams Cos., Inc. (The) | Williams Cos., Inc. (The) | Williams Cos., Inc. (The) | Williams Cos., Inc. (The) |
| 188000 | 3.750 | 06/15/27<sup>(c)</sup> | 187798 |
| 15000 | 6.300 | 04/15/40 | 16349 |
| 98000 | 4.900 | 01/15/45<sup>(c)</sup> | 89573 |
| XTO Energy, Inc. | XTO Energy, Inc. | XTO Energy, Inc. | XTO Energy, Inc. |
| 50000 | 6.750 | 08/01/37 | 58870 |
|  |  |  | 11975267 |
| Financial Company – 0.1% | Financial Company – 0.1% | Financial Company – 0.1% | Financial Company – 0.1% |
| Air Lease Corp. | Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
| 202000 | 2.200 | 01/15/27<sup>(c)</sup> | 198963 |
| 50000 | 3.625 | 04/01/27<sup>(c)</sup> | 49811 |
| Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
| 50000 | 7.100 | 11/15/27<sup>(c)</sup> | 52481 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.260%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.260%) |  |  |
| 100000 | 6.992 | 06/13/29<sup>(c)(d)</sup> | 105753 |
| Apollo Global Management, Inc. | Apollo Global Management, Inc. | Apollo Global Management, Inc. | Apollo Global Management, Inc. |
| 100000 | 5.800 | 05/21/54<sup>(c)</sup> | 96114 |
| Blackstone Private Credit Fund | Blackstone Private Credit Fund | Blackstone Private Credit Fund | Blackstone Private Credit Fund |
| 144000 | 3.250 | 03/15/27<sup>(c)</sup> | 141917 |
| Blackstone Secured Lending Fund | Blackstone Secured Lending Fund | Blackstone Secured Lending Fund | Blackstone Secured Lending Fund |
| 50000 | 2.850 | 09/30/28<sup>(c)</sup> | 47232 |
| Blue Owl Capital Corp. | Blue Owl Capital Corp. | Blue Owl Capital Corp. | Blue Owl Capital Corp. |
| 50000 | 2.875 | 06/11/28<sup>(c)</sup> | 46857 |
| GATX Corp. | GATX Corp. | GATX Corp. | GATX Corp. |
| 50000 | 4.000 | 06/30/30<sup>(c)</sup> | 49641 |
|  |  |  | 788769 |
| Food and Beverage – 0.7% | Food and Beverage – 0.7% | Food and Beverage – 0.7% | Food and Beverage – 0.7% |
| Brown-Forman Corp. | Brown-Forman Corp. | Brown-Forman Corp. | Brown-Forman Corp. |
| 50000 | 4.000 | 04/15/38<sup>(c)</sup> | 45878 |
| Coca-Cola Co. (The) | Coca-Cola Co. (The) | Coca-Cola Co. (The) | Coca-Cola Co. (The) |
| 506000 | 2.125 | 09/06/29 | 480500 |
| 100000 | 1.375 | 03/15/31 | 88765 |
| 50000 | 2.250 | 01/05/32 | 45717 |
| 187000 | 3.000 | 03/05/51 | 127143 |

---

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **99** |

---

------

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

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

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Food and Beverage – (continued) | Food and Beverage – (continued) | Food and Beverage – (continued) | Food and Beverage – (continued) |
| Coca-Cola Co. (The) – (continued) | Coca-Cola Co. (The) – (continued) | Coca-Cola Co. (The) – (continued) | Coca-Cola Co. (The) – (continued) |
| $90000 | 5.400% | 05/13/64<sup>(c)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88874 |
| Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. |
| 100000 | 1.375 | 11/01/27<sup>(c)</sup> | 95724 |
| 196000 | 5.300 | 11/01/38<sup>(c)</sup> | 189593 |
| 309000 | 5.400 | 11/01/48<sup>(c)</sup> | 277509 |
| Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
| 300000 | 4.650 | 11/15/28<sup>(c)</sup> | 304728 |
| 40000 | 3.150 | 08/01/29<sup>(c)</sup> | 38848 |
| 17000 | 4.750 | 05/09/32<sup>(c)</sup> | 17318 |
| General Mills, Inc. | General Mills, Inc. | General Mills, Inc. | General Mills, Inc. |
| 132000 | 5.250 | 01/30/35<sup>(c)</sup> | 135649 |
| 150000 | 4.150 | 02/15/43<sup>(c)</sup> | 126766 |
| Hershey Co. (The) | Hershey Co. (The) | Hershey Co. (The) | Hershey Co. (The) |
| 42000 | 3.125 | 11/15/49<sup>(c)</sup> | 29888 |
| Hormel Foods Corp. | Hormel Foods Corp. | Hormel Foods Corp. | Hormel Foods Corp. |
| 10000 | 3.050 | 06/03/51<sup>(c)</sup> | 6688 |
| Ingredion, Inc. | Ingredion, Inc. | Ingredion, Inc. | Ingredion, Inc. |
| 60000 | 3.200 | 10/01/26<sup>(c)</sup> | 59757 |
| 50000 | 6.625 | 04/15/37 | 56409 |
| J M Smucker Co. (The) | J M Smucker Co. (The) | J M Smucker Co. (The) | J M Smucker Co. (The) |
| 40000 | 2.125 | 03/15/32<sup>(c)</sup> | 35142 |
| 15000 | 4.375 | 03/15/45 | 12992 |
| Kellanova | Kellanova | Kellanova | Kellanova |
| 100000 | 4.500 | 04/01/46 | 89989 |
| Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. |
| 100000 | 3.200 | 05/01/30<sup>(c)</sup> | 95656 |
| 76000 | 4.420 | 12/15/46<sup>(c)</sup> | 63010 |
| 94000 | 4.500 | 04/15/52<sup>(c)</sup> | 78030 |
| Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. |
| 43000 | 3.000 | 06/01/26<sup>(c)</sup> | 42926 |
| 40000 | 3.875 | 05/15/27<sup>(c)</sup> | 39920 |
| 80000 | 3.750 | 04/01/30<sup>(c)</sup> | 78692 |
| 22000 | 5.000 | 07/15/35<sup>(c)</sup> | 22062 |
| 561000 | 5.200 | 07/15/45<sup>(c)</sup> | 514734 |
| 52000 | 4.375 | 06/01/46<sup>(c)</sup> | 42826 |
| 40000 | 4.875 | 10/01/49<sup>(c)</sup> | 34624 |
| McCormick & Co., Inc. | McCormick & Co., Inc. | McCormick & Co., Inc. | McCormick & Co., Inc. |
| 60000 | 2.500 | 04/15/30<sup>(c)</sup> | 56311 |
| 50000 | 4.200 | 08/15/47<sup>(c)</sup> | 41621 |
| Molson Coors Beverage Co. | Molson Coors Beverage Co. | Molson Coors Beverage Co. | Molson Coors Beverage Co. |
| 112000 | 4.200 | 07/15/46<sup>(c)</sup> | 91101 |
| Mondelez International, Inc. | Mondelez International, Inc. | Mondelez International, Inc. | Mondelez International, Inc. |
| 100000 | 6.500 | 11/01/31 | 111424 |
| PepsiCo, Inc. | PepsiCo, Inc. | PepsiCo, Inc. | PepsiCo, Inc. |
| 146000 | 2.750 | 03/19/30<sup>(c)</sup> | 140069 |
| 196000 | 1.400 | 02/25/31<sup>(c)</sup> | 174212 |
| 116000 | 4.800 | 07/17/34<sup>(c)</sup> | 120041 |
| 50000 | 5.500 | 01/15/40 | 53215 |
| 140000 | 3.500 | 03/19/40<sup>(c)</sup> | 120427 |
| 80000 | 4.875 | 11/01/40 | 79915 |
| 44000 | 4.600 | 07/17/45<sup>(c)</sup> | 41050 |
| 195000 | 4.450 | 04/14/46<sup>(c)</sup> | 176719 |
| 100000 | 2.875 | 10/15/49<sup>(c)</sup> | 67555 |
| 84000 | 4.650 | 02/15/53<sup>(c)</sup> | 75884 |
| Pilgrim's Pride Corp. | Pilgrim's Pride Corp. | Pilgrim's Pride Corp. | Pilgrim's Pride Corp. |
| 200000 | 4.250 | 04/15/31<sup>(c)</sup> | 195955 |
| 115000 | 6.250 | 07/01/33<sup>(c)</sup> | 124130 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Food and Beverage – (continued) | Food and Beverage – (continued) | Food and Beverage – (continued) |
| Pilgrim's Pride Corp. – (continued) | Pilgrim's Pride Corp. – (continued) | Pilgrim's Pride Corp. – (continued) |
| 21000 | 6.875% 05/15/34<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23523 |
| Sysco Corp. | Sysco Corp. | Sysco Corp. |
| 80000 | 2.400 02/15/30<sup>(c)</sup> | 75287 |
| 100000 | 6.600 04/01/50<sup>(c)</sup> | 112248 |
|  |  | 5247044 |
| Hardware – 0.0% | Hardware – 0.0% | Hardware – 0.0% |
| Micron Technology, Inc. | Micron Technology, Inc. | Micron Technology, Inc. |
| 50000 | 5.875 02/09/33<sup>(c)</sup> | 53868 |
| 155000 | 6.050 11/01/35<sup>(c)</sup> | 168158 |
|  |  | 222026 |
| Healthcare – 0.8% | Healthcare – 0.8% | Healthcare – 0.8% |
| Bio-Rad Laboratories, Inc. | Bio-Rad Laboratories, Inc. | Bio-Rad Laboratories, Inc. |
| 100000 | 3.700 03/15/32<sup>(c)</sup> | 95249 |
| Cigna Group (The) | Cigna Group (The) | Cigna Group (The) |
| 400000 | 4.375 10/15/28<sup>(c)</sup> | 404578 |
| 234000 | 4.900 12/15/48<sup>(c)</sup> | 211966 |
| 115000 | 3.400 03/15/51<sup>(c)</sup> | 81602 |
| CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
| 236000 | 3.750 04/01/30<sup>(c)</sup> | 232090 |
| 76000 | 1.750 08/21/30<sup>(c)</sup> | 68336 |
| 100000 | 1.875 02/28/31<sup>(c)</sup> | 89079 |
| 30000 | 5.300 06/01/33<sup>(c)</sup> | 31097 |
| 264000 | 6.000 06/01/44<sup>(c)</sup> | 268671 |
| 242000 | 5.050 03/25/48<sup>(c)</sup> | 215504 |
| 20000 | 6.250 09/15/65<sup>(c)</sup> | 20370 |
| Danaher Corp. | Danaher Corp. | Danaher Corp. |
| 150000 | 2.800 12/10/51<sup>(c)</sup> | 96340 |
| DH Europe Finance II Sarl | DH Europe Finance II Sarl | DH Europe Finance II Sarl |
| 250000 | 3.250 11/15/39<sup>(c)</sup> | 207704 |
| 85000 | 3.400 11/15/49<sup>(c)</sup> | 61878 |
| Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. |
| 92000 | 2.550 03/15/31<sup>(c)</sup> | 84777 |
| 15000 | 4.650 08/15/44<sup>(c)</sup> | 13287 |
| 40000 | 4.850 08/15/54<sup>(c)</sup> | 34053 |
| HCA, Inc. | HCA, Inc. | HCA, Inc. |
| 46000 | 5.250 06/15/26<sup>(c)</sup> | 46113 |
| 90000 | 5.375 09/01/26<sup>(c)</sup> | 90191 |
| 105000 | 4.500 02/15/27<sup>(c)</sup> | 105311 |
| 25000 | 5.625 09/01/28<sup>(c)</sup> | 25727 |
| 145000 | 5.875 02/01/29<sup>(c)</sup> | 151059 |
| 75000 | 4.125 06/15/29<sup>(c)</sup> | 75138 |
| 50000 | 3.500 09/01/30<sup>(c)</sup> | 48513 |
| 40000 | 5.500 06/15/47<sup>(c)</sup> | 38247 |
| 140000 | 5.900 06/01/53<sup>(c)</sup> | 138096 |
| 50000 | 6.000 04/01/54<sup>(c)</sup> | 49914 |
| 240000 | 5.950 09/15/54<sup>(c)</sup> | 239498 |
| Humana, Inc. | Humana, Inc. | Humana, Inc. |
| 100000 | 4.625 12/01/42<sup>(c)</sup> | 84827 |
| Illumina, Inc. | Illumina, Inc. | Illumina, Inc. |
| 196000 | 5.750 12/13/27<sup>(c)</sup> | 201631 |
| McKesson Corp. | McKesson Corp. | McKesson Corp. |
| 200000 | 3.950 02/16/28<sup>(c)</sup> | 200442 |
| Quest Diagnostics, Inc. | Quest Diagnostics, Inc. | Quest Diagnostics, Inc. |
| 100000 | 4.200 06/30/29<sup>(c)</sup> | 100563 |
| 100000 | 2.800 06/30/31<sup>(c)</sup> | 93516 |
| 100000 | 4.700 03/30/45<sup>(c)</sup> | 92031 |

---

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

---

| | |
|:---|:---|
| 100 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

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

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Healthcare – (continued) | Healthcare – (continued) | Healthcare – (continued) | Healthcare – (continued) |
| Solventum Corp. | Solventum Corp. | Solventum Corp. | Solventum Corp. |
| 140000 | 5.400% | 03/01/29<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145389 |
| 125000 | 5.900 | 04/30/54<sup>(c)</sup> | 125042 |
| UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
| 80000 | 4.000 | 05/15/29<sup>(c)</sup> | 80337 |
| 572000 | 5.150 | 07/15/34<sup>(c)</sup> | 590825 |
| 190000 | 4.250 | 06/15/48<sup>(c)</sup> | 156708 |
| 31000 | 5.375 | 04/15/54<sup>(c)</sup> | 29526 |
| 600000 | 5.625 | 07/15/54<sup>(c)</sup> | 589926 |
| 50000 | 4.950 | 05/15/62<sup>(c)</sup> | 43519 |
| Universal Health Services, Inc. | Universal Health Services, Inc. | Universal Health Services, Inc. | Universal Health Services, Inc. |
| 100000 | 1.650 | 09/01/26<sup>(c)</sup> | 98915 |
| 100000 | 2.650 | 10/15/30<sup>(c)</sup> | 92000 |
|  |  |  | 5949585 |
| Insurance – 0.7% | Insurance – 0.7% | Insurance – 0.7% | Insurance – 0.7% |
| Allstate Corp. (The) | Allstate Corp. (The) | Allstate Corp. (The) | Allstate Corp. (The) |
| 292000 | 4.200 | 12/15/46<sup>(c)</sup> | 242102 |
| 120000 | 3.850 | 08/10/49<sup>(c)</sup> | 93394 |
| American Financial Group, Inc. | American Financial Group, Inc. | American Financial Group, Inc. | American Financial Group, Inc. |
| 100000 | 4.500 | 06/15/47<sup>(c)</sup> | 86108 |
| American International Group, Inc. | American International Group, Inc. | American International Group, Inc. | American International Group, Inc. |
| 100000 | 3.400 | 06/30/30<sup>(c)</sup> | 97723 |
| 100000 | 4.750 | 04/01/48<sup>(c)</sup> | 90151 |
| 234000 | 4.375 | 06/30/50<sup>(c)</sup> | 198642 |
| Aon Global Ltd. | Aon Global Ltd. | Aon Global Ltd. | Aon Global Ltd. |
| 100000 | 4.600 | 06/14/44<sup>(c)</sup> | 88369 |
| Arch Capital Group Ltd. | Arch Capital Group Ltd. | Arch Capital Group Ltd. | Arch Capital Group Ltd. |
| 90000 | 3.635 | 06/30/50<sup>(c)</sup> | 66818 |
| Arch Capital Group US, Inc. | Arch Capital Group US, Inc. | Arch Capital Group US, Inc. | Arch Capital Group US, Inc. |
| 40000 | 5.144 | 11/01/43 | 38590 |
| Arthur J Gallagher & Co. | Arthur J Gallagher & Co. | Arthur J Gallagher & Co. | Arthur J Gallagher & Co. |
| 50000 | 3.500 | 05/20/51<sup>(c)</sup> | 35436 |
| Assurant, Inc. | Assurant, Inc. | Assurant, Inc. | Assurant, Inc. |
| 100000 | 2.650 | 01/15/32<sup>(c)</sup> | 90385 |
| Athene Holding Ltd. | Athene Holding Ltd. | Athene Holding Ltd. | Athene Holding Ltd. |
| 150000 | 6.250 | 04/01/54<sup>(c)</sup> | 140363 |
| AXIS Specialty Finance LLC | AXIS Specialty Finance LLC | AXIS Specialty Finance LLC | AXIS Specialty Finance LLC |
| 40000 | 3.900 | 07/15/29<sup>(c)</sup> | 39888 |
| AXIS Specialty Finance PLC | AXIS Specialty Finance PLC | AXIS Specialty Finance PLC | AXIS Specialty Finance PLC |
| 292000 | 5.150 | 04/01/45 | 275296 |
| Berkshire Hathaway Finance Corp. | Berkshire Hathaway Finance Corp. | Berkshire Hathaway Finance Corp. | Berkshire Hathaway Finance Corp. |
| 252000 | 2.300 | 03/15/27<sup>(c)</sup> | 248492 |
| 140000 | 4.200 | 08/15/48<sup>(c)</sup> | 117944 |
| 92000 | 4.250 | 01/15/49<sup>(c)</sup> | 77830 |
| Berkshire Hathaway, Inc. | Berkshire Hathaway, Inc. | Berkshire Hathaway, Inc. | Berkshire Hathaway, Inc. |
| 88000 | 3.125 | 03/15/26<sup>(c)</sup> | 87969 |
| Brighthouse Financial, Inc. | Brighthouse Financial, Inc. | Brighthouse Financial, Inc. | Brighthouse Financial, Inc. |
| 40000 | 5.625 | 05/15/30<sup>(c)</sup> | 40401 |
| 75000 | 4.700 | 06/22/47<sup>(c)</sup> | 56211 |
| Chubb INA Holdings LLC | Chubb INA Holdings LLC | Chubb INA Holdings LLC | Chubb INA Holdings LLC |
| 42000 | 1.375 | 09/15/30<sup>(c)</sup> | 37475 |
| 108000 | 3.050 | 12/15/61<sup>(c)</sup> | 68243 |
| CNO Financial Group, Inc. | CNO Financial Group, Inc. | CNO Financial Group, Inc. | CNO Financial Group, Inc. |
| 196000 | 5.250 | 05/30/29<sup>(c)</sup> | 199547 |
| Enstar Finance LLC | Enstar Finance LLC | Enstar Finance LLC | Enstar Finance LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.006%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.006%) |  |  |
| 400000 | 5.500 | 01/15/42<sup>(c)(d)</sup> | 396083 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Insurance – (continued) | Insurance – (continued) | Insurance – (continued) | Insurance – (continued) |
| Everest Reinsurance Holdings, Inc. | Everest Reinsurance Holdings, Inc. | Everest Reinsurance Holdings, Inc. | Everest Reinsurance Holdings, Inc. |
| 125000 | 4.868% | 06/01/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112786 |
| Fidelity National Financial, Inc. | Fidelity National Financial, Inc. | Fidelity National Financial, Inc. | Fidelity National Financial, Inc. |
| 216000 | 3.400 | 06/15/30<sup>(c)</sup> | 207732 |
| Hartford Insurance Group, Inc. (The) | Hartford Insurance Group, Inc. (The) | Hartford Insurance Group, Inc. (The) | Hartford Insurance Group, Inc. (The) |
| 196000 | 2.900 | 09/15/51<sup>(c)</sup> | 128317 |
| Jackson Financial, Inc. | Jackson Financial, Inc. | Jackson Financial, Inc. | Jackson Financial, Inc. |
| 100000 | 3.125 | 11/23/31<sup>(c)</sup> | 92209 |
| 50000 | 5.670 | 06/08/32<sup>(c)</sup> | 52318 |
| Markel Group, Inc. | Markel Group, Inc. | Markel Group, Inc. | Markel Group, Inc. |
| 110000 | 5.000 | 05/20/49<sup>(c)</sup> | 100857 |
| Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. |
| 100000 | 4.850 | 11/15/31<sup>(c)</sup> | 102916 |
| 70000 | 2.375 | 12/15/31<sup>(c)</sup> | 63142 |
| 100000 | 4.350 | 01/30/47<sup>(c)</sup> | 85015 |
| MetLife, Inc. | MetLife, Inc. | MetLife, Inc. | MetLife, Inc. |
| 90000 | 5.375 | 07/15/33<sup>(c)</sup> | 94937 |
| 15000 | 4.125 | 08/13/42 | 12987 |
| 80000 | 4.600 | 05/13/46<sup>(c)</sup> | 71869 |
| Old Republic International Corp. | Old Republic International Corp. | Old Republic International Corp. | Old Republic International Corp. |
| 18000 | 3.875 | 08/26/26<sup>(c)</sup> | 18002 |
| PartnerRe Finance B LLC | PartnerRe Finance B LLC | PartnerRe Finance B LLC | PartnerRe Finance B LLC |
| 92000 | 3.700 | 07/02/29<sup>(c)</sup> | 90590 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.815%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.815%) |  |  |
| 195000 | 4.500 | 10/01/50<sup>(c)(d)</sup> | 187372 |
| Principal Financial Group, Inc. | Principal Financial Group, Inc. | Principal Financial Group, Inc. | Principal Financial Group, Inc. |
| 50000 | 4.625 | 09/15/42 | 45800 |
| 50000 | 4.300 | 11/15/46<sup>(c)</sup> | 42853 |
| Progressive Corp. (The) | Progressive Corp. (The) | Progressive Corp. (The) | Progressive Corp. (The) |
| 310000 | 4.000 | 03/01/29<sup>(c)</sup> | 310922 |
| 100000 | 4.125 | 04/15/47<sup>(c)</sup> | 83878 |
| Prudential Financial, Inc., MTN | Prudential Financial, Inc., MTN | Prudential Financial, Inc., MTN | Prudential Financial, Inc., MTN |
| 15000 | 6.625 | 06/21/40 | 17282 |
| 50000 | 4.600 | 05/15/44 | 45889 |
| 62000 | 4.418 | 03/27/48<sup>(c)</sup> | 53419 |
| 15000 | 4.350 | 02/25/50<sup>(c)</sup> | 12471 |
| 160000 | 3.700 | 03/13/51<sup>(c)</sup> | 119032 |
| Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. |
| 430000 | 3.900 | 05/15/29<sup>(c)</sup> | 428221 |
| Travelers Cos., Inc. (The) | Travelers Cos., Inc. (The) | Travelers Cos., Inc. (The) | Travelers Cos., Inc. (The) |
| 52000 | 3.750 | 05/15/46<sup>(c)</sup> | 41773 |
| Voya Financial, Inc. | Voya Financial, Inc. | Voya Financial, Inc. | Voya Financial, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 2.084%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 2.084%) |  |  |
| 40000 | 4.700 | 01/23/48<sup>(c)(d)</sup> | 38577 |
| W R Berkley Corp. | W R Berkley Corp. | W R Berkley Corp. | W R Berkley Corp. |
| 40000 | 4.750 | 08/01/44 | 36847 |
| Willis North America, Inc. | Willis North America, Inc. | Willis North America, Inc. | Willis North America, Inc. |
| 200000 | 5.050 | 09/15/48<sup>(c)</sup> | 184282 |
|  |  |  | 5795755 |
| Lodging – 0.0% | Lodging – 0.0% | Lodging – 0.0% | Lodging – 0.0% |
| Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
| 160000 | 5.900 | 06/01/27<sup>(c)</sup> | 162837 |
| 226000 | 3.900 | 08/08/29<sup>(c)</sup> | 221158 |
| 50000 | 6.000 | 08/15/29<sup>(c)</sup> | 52274 |
|  |  |  | 436269 |

---

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **101** |

---

------

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

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

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Media Non Cable – 0.1% | Media Non Cable – 0.1% | Media Non Cable – 0.1% | Media Non Cable – 0.1% |
| Netflix, Inc. | Netflix, Inc. | Netflix, Inc. | Netflix, Inc. |
| $100000 | 6.375% | 05/15/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107526 |
| Omnicom Group, Inc. | Omnicom Group, Inc. | Omnicom Group, Inc. | Omnicom Group, Inc. |
| 163000 | 2.450 | 04/30/30<sup>(c)</sup> | 151696 |
| 80000 | 4.200 | 06/01/30<sup>(c)</sup> | 79852 |
| Paramount Global | Paramount Global | Paramount Global | Paramount Global |
| 50000 | 2.900 | 01/15/27<sup>(c)</sup> | 49120 |
| 50000 | 3.375 | 02/15/28<sup>(c)</sup> | 48279 |
| 190000 | 6.875 | 04/30/36 | 171973 |
| 105000 | 4.375 | 03/15/43 | 66184 |
| 50000 | 4.900 | 08/15/44<sup>(c)</sup> | 32181 |
| 210000 | 4.950 | 05/19/50<sup>(c)</sup> | 132861 |
|  |  |  | 839672 |
| Metals – 0.0% | Metals – 0.0% | Metals – 0.0% | Metals – 0.0% |
| Nucor Corp. | Nucor Corp. | Nucor Corp. | Nucor Corp. |
| 150000 | 3.950 | 05/01/28<sup>(c)</sup> | 150327 |
| Mining – 0.0% | Mining – 0.0% | Mining – 0.0% | Mining – 0.0% |
| Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. |
| 140000 | 4.125 | 03/01/28<sup>(c)</sup> | 140021 |
| Natural Gas – 0.0% | Natural Gas – 0.0% | Natural Gas – 0.0% | Natural Gas – 0.0% |
| Spire Missouri, Inc. | Spire Missouri, Inc. | Spire Missouri, Inc. | Spire Missouri, Inc. |
| 100000 | 3.300 | 06/01/51<sup>(c)</sup> | 69961 |
| Spire, Inc. | Spire, Inc. | Spire, Inc. | Spire, Inc. |
| 50000 | 4.700 | 08/15/44<sup>(c)</sup> | 44052 |
|  |  |  | 114013 |
| Oil Company-Integrated – 0.0% | Oil Company-Integrated – 0.0% | Oil Company-Integrated – 0.0% | Oil Company-Integrated – 0.0% |
| Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
| 55000 | 6.750 | 09/21/47 | 45699 |
| Publishing – 0.0% | Publishing – 0.0% | Publishing – 0.0% | Publishing – 0.0% |
| S&P Global, Inc. | S&P Global, Inc. | S&P Global, Inc. | S&P Global, Inc. |
| 6000 | 2.900 | 03/01/32<sup>(c)</sup> | 5581 |
| REITs and Real Estate – 0.7% | REITs and Real Estate – 0.7% | REITs and Real Estate – 0.7% | REITs and Real Estate – 0.7% |
| Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. |
| 300000 | 1.875 | 02/01/33<sup>(c)</sup> | 249532 |
| AvalonBay Communities, Inc., MTN | AvalonBay Communities, Inc., MTN | AvalonBay Communities, Inc., MTN | AvalonBay Communities, Inc., MTN |
| 100000 | 3.300 | 06/01/29<sup>(c)</sup> | 98182 |
| Boston Properties LP | Boston Properties LP | Boston Properties LP | Boston Properties LP |
| 292000 | 5.750 | 01/15/35<sup>(c)</sup> | 298132 |
| Camden Property Trust | Camden Property Trust | Camden Property Trust | Camden Property Trust |
| 100000 | 5.850 | 11/03/26<sup>(c)</sup> | 101202 |
| 61000 | 2.800 | 05/15/30<sup>(c)</sup> | 58141 |
| CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. |
| 71000 | 2.500 | 04/01/31<sup>(c)</sup> | 64934 |
| Digital Realty Trust LP | Digital Realty Trust LP | Digital Realty Trust LP | Digital Realty Trust LP |
| 418000 | 3.700 | 08/15/27<sup>(c)</sup> | 416199 |
| 250000 | 4.450 | 07/15/28<sup>(c)</sup> | 252583 |
| Equinix, Inc. | Equinix, Inc. | Equinix, Inc. | Equinix, Inc. |
| 82000 | 3.900 | 04/15/32<sup>(c)</sup> | 79524 |
| 95000 | 3.000 | 07/15/50<sup>(c)</sup> | 61432 |
| ERP Operating LP | ERP Operating LP | ERP Operating LP | ERP Operating LP |
| 100000 | 3.500 | 03/01/28<sup>(c)</sup> | 99367 |
| 100000 | 4.500 | 06/01/45<sup>(c)</sup> | 88942 |
| Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |
| 50000 | 5.400 | 06/15/35<sup>(c)</sup> | 51858 |
| GLP Capital LP / GLP Financing II, Inc. | GLP Capital LP / GLP Financing II, Inc. | GLP Capital LP / GLP Financing II, Inc. | GLP Capital LP / GLP Financing II, Inc. |
| 40000 | 5.750 | 06/01/28<sup>(c)</sup> | 40949 |
| 50000 | 5.300 | 01/15/29<sup>(c)</sup> | 51267 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| REITs and Real Estate – (continued) | REITs and Real Estate – (continued) | REITs and Real Estate – (continued) | REITs and Real Estate – (continued) |
| GLP Capital LP / GLP Financing II, Inc. – (continued) | GLP Capital LP / GLP Financing II, Inc. – (continued) | GLP Capital LP / GLP Financing II, Inc. – (continued) | GLP Capital LP / GLP Financing II, Inc. – (continued) |
| 85000 | 4.000% | 01/15/30<sup>(c)</sup> | 83398 |
| 51000 | 4.000 | 01/15/31<sup>(c)</sup> | 49103 |
| Healthpeak OP LLC | Healthpeak OP LLC | Healthpeak OP LLC | Healthpeak OP LLC |
| 100000 | 3.250 | 07/15/26<sup>(c)</sup> | 99673 |
| 100000 | 2.125 | 12/01/28<sup>(c)</sup> | 95249 |
| Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP |
| 292000 | 2.000 | 08/15/31<sup>(c)</sup> | 257857 |
| Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP |
| 90000 | 6.250 | 01/15/36<sup>(c)</sup> | 92015 |
| Kimco Realty OP LLC | Kimco Realty OP LLC | Kimco Realty OP LLC | Kimco Realty OP LLC |
| 244000 | 3.200 | 04/01/32<sup>(c)</sup> | 229207 |
| Mid-America Apartments LP | Mid-America Apartments LP | Mid-America Apartments LP | Mid-America Apartments LP |
| 100000 | 2.875 | 09/15/51<sup>(c)</sup> | 64673 |
| NNN REIT, Inc. | NNN REIT, Inc. | NNN REIT, Inc. | NNN REIT, Inc. |
| 50000 | 4.800 | 10/15/48<sup>(c)</sup> | 45184 |
| Prologis LP | Prologis LP | Prologis LP | Prologis LP |
| 244000 | 2.250 | 04/15/30<sup>(c)</sup> | 228563 |
| 100000 | 1.625 | 03/15/31<sup>(c)</sup> | 89008 |
| 130000 | 5.250 | 03/15/54<sup>(c)</sup> | 125019 |
| Public Storage Operating Co. | Public Storage Operating Co. | Public Storage Operating Co. | Public Storage Operating Co. |
| 50000 | 2.250 | 11/09/31<sup>(c)</sup> | 45288 |
| Realty Income Corp. | Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |
| 300000 | 3.400 | 01/15/28<sup>(c)</sup> | 297647 |
| 200000 | 5.125 | 02/15/34<sup>(c)</sup> | 207137 |
| 50000 | 5.875 | 03/15/35 | 55160 |
| Regency Centers LP | Regency Centers LP | Regency Centers LP | Regency Centers LP |
| 292000 | 4.400 | 02/01/47<sup>(c)</sup> | 255457 |
| Sabra Health Care LP | Sabra Health Care LP | Sabra Health Care LP | Sabra Health Care LP |
| 100000 | 3.200 | 12/01/31<sup>(c)</sup> | 92667 |
| Safehold GL Holdings LLC | Safehold GL Holdings LLC | Safehold GL Holdings LLC | Safehold GL Holdings LLC |
| 100000 | 2.850 | 01/15/32<sup>(c)</sup> | 91425 |
| Simon Property Group LP | Simon Property Group LP | Simon Property Group LP | Simon Property Group LP |
| 140000 | 2.450 | 09/13/29<sup>(c)</sup> | 133457 |
| 70000 | 2.200 | 02/01/31<sup>(c)</sup> | 63869 |
| 84000 | 2.650 | 02/01/32<sup>(c)</sup> | 76670 |
| 10000 | 6.750 | 02/01/40<sup>(c)</sup> | 11663 |
| 163000 | 3.250 | 09/13/49<sup>(c)</sup> | 114949 |
| 70000 | 5.850 | 03/08/53<sup>(c)</sup> | 72923 |
| UDR, Inc., MTN | UDR, Inc., MTN | UDR, Inc., MTN | UDR, Inc., MTN |
| 180000 | 3.200 | 01/15/30<sup>(c)</sup> | 174808 |
| Vornado Realty LP | Vornado Realty LP | Vornado Realty LP | Vornado Realty LP |
| 100000 | 3.400 | 06/01/31<sup>(c)</sup> | 91400 |
| Welltower OP LLC | Welltower OP LLC | Welltower OP LLC | Welltower OP LLC |
| 200000 | 4.250 | 04/15/28<sup>(c)</sup> | 201679 |
| 159000 | 2.800 | 06/01/31<sup>(c)</sup> | 148813 |
| WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. |
| 75000 | 3.850 | 07/15/29<sup>(c)</sup> | 74463 |
|  |  |  | 5680668 |
| Revenue – 0.1% | Revenue – 0.1% | Revenue – 0.1% | Revenue – 0.1% |
| California Institute of Technology | California Institute of Technology | California Institute of Technology | California Institute of Technology |
| 15000 | 3.650 | 09/01/19<sup>(c)</sup> | 9953 |
| Hackensack Meridian Health, Inc., Series 2020 | Hackensack Meridian Health, Inc., Series 2020 | Hackensack Meridian Health, Inc., Series 2020 | Hackensack Meridian Health, Inc., Series 2020 |
| 15000 | 2.675 | 09/01/41<sup>(c)</sup> | 11195 |
| NYU Langone Hospitals | NYU Langone Hospitals | NYU Langone Hospitals | NYU Langone Hospitals |
| 300000 | 4.784 | 07/01/44 | 282229 |
| Stanford Health Care | Stanford Health Care | Stanford Health Care | Stanford Health Care |
| 100000 | 3.027 | 08/15/51<sup>(c)</sup> | 67691 |

---

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

---

| | |
|:---|:---|
| 102 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

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

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Revenue – (continued) | Revenue – (continued) | Revenue – (continued) | Revenue – (continued) |
| University of Chicago (The), Series 20B | University of Chicago (The), Series 20B | University of Chicago (The), Series 20B | University of Chicago (The), Series 20B |
| 40000 | 2.761% | 04/01/45<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32535 |
| Yale University, Series 2020 | Yale University, Series 2020 | Yale University, Series 2020 | Yale University, Series 2020 |
| 190000 | 1.482 | 04/15/30<sup>(c)</sup> | 173432 |
| 80000 | 2.402 | 04/15/50<sup>(c)</sup> | 49777 |
|  |  |  | 626812 |
| Software – 0.4% | Software – 0.4% | Software – 0.4% | Software – 0.4% |
| Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
| 701000 | 2.300 | 03/25/28<sup>(c)</sup> | 671793 |
| 454000 | 4.800 | 08/03/28<sup>(c)</sup> | 458724 |
| 205000 | 2.950 | 04/01/30<sup>(c)</sup> | 190887 |
| 84000 | 4.900 | 02/06/33<sup>(c)</sup> | 82030 |
| 243000 | 5.500 | 08/03/35<sup>(c)</sup> | 240843 |
| 179000 | 3.800 | 11/15/37<sup>(c)</sup> | 147804 |
| 10000 | 6.500 | 04/15/38 | 10487 |
| 292000 | 3.600 | 04/01/40<sup>(c)</sup> | 224123 |
| 49000 | 5.375 | 07/15/40 | 45306 |
| 175000 | 3.650 | 03/25/41<sup>(c)</sup> | 131201 |
| 527000 | 4.000 | 07/15/46<sup>(c)</sup> | 367500 |
| 35000 | 4.000 | 11/15/47<sup>(c)</sup> | 24124 |
| 33000 | 3.600 | 04/01/50<sup>(c)</sup> | 20613 |
| 175000 | 5.550 | 02/06/53<sup>(c)</sup> | 147660 |
| 31000 | 5.375 | 09/27/54<sup>(c)</sup> | 25664 |
| 50000 | 3.850 | 04/01/60<sup>(c)</sup> | 30537 |
| Paychex, Inc. | Paychex, Inc. | Paychex, Inc. | Paychex, Inc. |
| 13000 | 5.600 | 04/15/35<sup>(c)</sup> | 13313 |
| Salesforce, Inc. | Salesforce, Inc. | Salesforce, Inc. | Salesforce, Inc. |
| 120000 | 2.900 | 07/15/51<sup>(c)</sup> | 73422 |
|  |  |  | 2906031 |
| Technology – 2.0% | Technology – 2.0% | Technology – 2.0% | Technology – 2.0% |
| Adobe, Inc. | Adobe, Inc. | Adobe, Inc. | Adobe, Inc. |
| 40000 | 2.300 | 02/01/30<sup>(c)</sup> | 37508 |
| Alphabet, Inc. | Alphabet, Inc. | Alphabet, Inc. | Alphabet, Inc. |
| 100000 | 1.100 | 08/15/30<sup>(c)</sup> | 89111 |
| 610000 | 1.900 | 08/15/40<sup>(c)</sup> | 420798 |
| 125000 | 2.050 | 08/15/50<sup>(c)</sup> | 69088 |
| 108000 | 2.250 | 08/15/60<sup>(c)</sup> | 56744 |
| 200000 | 5.300 | 05/15/65<sup>(c)</sup> | 189560 |
| Analog Devices, Inc. | Analog Devices, Inc. | Analog Devices, Inc. | Analog Devices, Inc. |
| 5000 | 3.500 | 12/05/26<sup>(c)</sup> | 4990 |
| 200000 | 2.100 | 10/01/31<sup>(c)</sup> | 179958 |
| Apple, Inc. | Apple, Inc. | Apple, Inc. | Apple, Inc. |
| 6000 | 2.450 | 08/04/26<sup>(c)</sup> | 5969 |
| 15000 | 3.350 | 02/09/27<sup>(c)</sup> | 14963 |
| 15000 | 3.200 | 05/11/27<sup>(c)</sup> | 14950 |
| 375000 | 3.000 | 06/20/27<sup>(c)</sup> | 372525 |
| 60000 | 2.900 | 09/12/27<sup>(c)</sup> | 59398 |
| 50000 | 4.000 | 05/12/28<sup>(c)</sup> | 50444 |
| 350000 | 2.200 | 09/11/29<sup>(c)</sup> | 333648 |
| 100000 | 1.250 | 08/20/30<sup>(c)</sup> | 89933 |
| 290000 | 1.650 | 02/08/31<sup>(c)</sup> | 261921 |
| 45000 | 4.500 | 02/23/36<sup>(c)</sup> | 46111 |
| 80000 | 3.850 | 05/04/43 | 68786 |
| 76000 | 3.450 | 02/09/45 | 60371 |
| 94000 | 4.650 | 02/23/46<sup>(c)</sup> | 87488 |
| 50000 | 4.250 | 02/09/47<sup>(c)</sup> | 43755 |
| 166000 | 3.750 | 09/12/47<sup>(c)</sup> | 134987 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Technology – (continued) | Technology – (continued) | Technology – (continued) |
| Apple, Inc. – (continued) | Apple, Inc. – (continued) | Apple, Inc. – (continued) |
| $50000 | 3.750% 11/13/47<sup>(c)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40487 |
| 292000 | 2.650 05/11/50<sup>(c)</sup> | 185996 |
| 320000 | 2.650 02/08/51<sup>(c)</sup> | 203974 |
| 194000 | 2.550 08/20/60<sup>(c)</sup> | 109970 |
| 45000 | 2.850 08/05/61<sup>(c)</sup> | 27404 |
| Applied Materials, Inc. | Applied Materials, Inc. | Applied Materials, Inc. |
| 82000 | 3.300 04/01/27<sup>(c)</sup> | 81705 |
| 200000 | 1.750 06/01/30<sup>(c)</sup> | 182926 |
| AppLovin Corp. | AppLovin Corp. | AppLovin Corp. |
| 133000 | 5.375 12/01/31<sup>(c)</sup> | 137322 |
| Arrow Electronics, Inc. | Arrow Electronics, Inc. | Arrow Electronics, Inc. |
| 196000 | 5.150 08/21/29<sup>(c)</sup> | 201092 |
| Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
| 54000 | 3.459 09/15/26<sup>(c)</sup> | 53847 |
| 595000 | 5.150 11/15/31<sup>(c)</sup> | 623941 |
| 90000 | 3.469 04/15/34<sup>(c)</sup> | 83169 |
| 50000 | 5.200 07/15/35<sup>(c)</sup> | 51793 |
| 50000 | 3.137 11/15/35<sup>(c)(e)</sup> | 43606 |
| 60000 | 3.187 11/15/36<sup>(c)(e)</sup> | 51638 |
| 152000 | 3.500 02/15/41<sup>(c)</sup> | 126036 |
| 150000 | 3.750 02/15/51<sup>(c)</sup> | 115490 |
| Broadridge Financial Solutions, Inc. | Broadridge Financial Solutions, Inc. | Broadridge Financial Solutions, Inc. |
| 50000 | 2.900 12/01/29<sup>(c)</sup> | 47356 |
| Cadence Design Systems, Inc. | Cadence Design Systems, Inc. | Cadence Design Systems, Inc. |
| 380000 | 4.700 09/10/34<sup>(c)</sup> | 383909 |
| CDW LLC / CDW Finance Corp. | CDW LLC / CDW Finance Corp. | CDW LLC / CDW Finance Corp. |
| 196000 | 5.100 03/01/30<sup>(c)</sup> | 199614 |
| 50000 | 5.550 08/22/34<sup>(c)</sup> | 50417 |
| Cisco Systems, Inc. | Cisco Systems, Inc. | Cisco Systems, Inc. |
| 500000 | 4.950 02/24/32<sup>(c)</sup> | 520321 |
| 600000 | 5.350 02/26/64<sup>(c)</sup> | 574409 |
| Dell International LLC / EMC Corp. | Dell International LLC / EMC Corp. | Dell International LLC / EMC Corp. |
| 2000 | 6.020 06/15/26<sup>(c)</sup> | 2002 |
| 17000 | 4.900 10/01/26<sup>(c)</sup> | 17061 |
| 142000 | 5.250 02/01/28<sup>(c)</sup> | 145327 |
| 66000 | 5.750 02/01/33<sup>(c)</sup> | 70053 |
| 50000 | 4.850 02/01/35<sup>(c)</sup> | 49664 |
| DXC Technology Co. | DXC Technology Co. | DXC Technology Co. |
| 28000 | 1.800 09/15/26<sup>(c)</sup> | 27633 |
| FactSet Research Systems, Inc. | FactSet Research Systems, Inc. | FactSet Research Systems, Inc. |
| 50000 | 2.900 03/01/27<sup>(c)</sup> | 49243 |
| Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. |
| 100000 | 2.250 03/01/31<sup>(c)</sup> | 89962 |
| Fidelity National Information Services, Inc., Series 30Y | Fidelity National Information Services, Inc., Series 30Y | Fidelity National Information Services, Inc., Series 30Y |
| 100000 | 4.750 05/15/48<sup>(c)</sup> | 86976 |
| Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. |
| 294000 | 3.200 07/01/26<sup>(c)</sup> | 292797 |
| 140000 | 4.400 07/01/49<sup>(c)</sup> | 110797 |
| Flex Ltd. | Flex Ltd. | Flex Ltd. |
| 100000 | 4.875 06/15/29<sup>(c)</sup> | 102080 |
| Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. |
| 94000 | 6.350 10/15/45<sup>(c)</sup> | 96468 |
| HP, Inc. | HP, Inc. | HP, Inc. |
| 70000 | 4.000 04/15/29<sup>(c)</sup> | 69588 |
| Intel Corp. | Intel Corp. | Intel Corp. |
| 156000 | 3.150 05/11/27<sup>(c)</sup> | 154463 |
| 428000 | 4.875 02/10/28<sup>(c)</sup> | 435211 |

---

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **103** |

---

------

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

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

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Technology – (continued) | Technology – (continued) | Technology – (continued) | Technology – (continued) |
| Intel Corp. – (continued) | Intel Corp. – (continued) | Intel Corp. – (continued) | Intel Corp. – (continued) |
| $134000 | 2.450% | 11/15/29<sup>(c)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126425 |
| 242000 | 5.150 | 02/21/34<sup>(c)</sup> | 247608 |
| 83000 | 5.625 | 02/10/43<sup>(c)</sup> | 81218 |
| 200000 | 4.900 | 07/29/45<sup>(c)</sup> | 176258 |
| 20000 | 3.250 | 11/15/49<sup>(c)</sup> | 13176 |
| 207000 | 5.700 | 02/10/53<sup>(c)</sup> | 197704 |
| 138000 | 4.950 | 03/25/60<sup>(c)</sup> | 116077 |
| International Business Machines Corp. | International Business Machines Corp. | International Business Machines Corp. | International Business Machines Corp. |
| 15000 | 5.875 | 11/29/32 | 16257 |
| 133000 | 4.750 | 02/06/33<sup>(c)</sup> | 135978 |
| 150000 | 4.150 | 05/15/39 | 135640 |
| 250000 | 4.000 | 06/20/42 | 213044 |
| 300000 | 4.900 | 07/27/52<sup>(c)</sup> | 265343 |
| International Business Machines Corp., Series | International Business Machines Corp., Series | International Business Machines Corp., Series | International Business Machines Corp., Series |
| 100000 | 4.800 | 02/10/30<sup>(c)</sup> | 102527 |
| Intuit, Inc. | Intuit, Inc. | Intuit, Inc. | Intuit, Inc. |
| 150000 | 1.350 | 07/15/27<sup>(c)</sup> | 145129 |
| 60000 | 5.125 | 09/15/28<sup>(c)</sup> | 61769 |
| 25000 | 5.500 | 09/15/53<sup>(c)</sup> | 23637 |
| Keysight Technologies, Inc. | Keysight Technologies, Inc. | Keysight Technologies, Inc. | Keysight Technologies, Inc. |
| 50000 | 3.000 | 10/30/29<sup>(c)</sup> | 48200 |
| KLA Corp. | KLA Corp. | KLA Corp. | KLA Corp. |
| 100000 | 4.650 | 07/15/32<sup>(c)</sup> | 102860 |
| 50000 | 5.000 | 03/15/49<sup>(c)</sup> | 46972 |
| 60000 | 3.300 | 03/01/50<sup>(c)</sup> | 42634 |
| Kyndryl Holdings, Inc. | Kyndryl Holdings, Inc. | Kyndryl Holdings, Inc. | Kyndryl Holdings, Inc. |
| 137000 | 2.700 | 10/15/28<sup>(c)</sup> | 126268 |
| 42000 | 3.150 | 10/15/31<sup>(c)</sup> | 35640 |
| 70000 | 4.100 | 10/15/41<sup>(c)</sup> | 51151 |
| Marvell Technology, Inc. | Marvell Technology, Inc. | Marvell Technology, Inc. | Marvell Technology, Inc. |
| 50000 | 2.450 | 04/15/28<sup>(c)</sup> | 48274 |
| Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. |
| 559000 | 4.800 | 05/15/30<sup>(c)</sup> | 578992 |
| 165000 | 4.950 | 05/15/33<sup>(c)</sup> | 170972 |
| 215000 | 4.750 | 08/15/34<sup>(c)</sup> | 218514 |
| 200000 | 4.875 | 11/15/35<sup>(c)</sup> | 201985 |
| 196000 | 5.600 | 05/15/53<sup>(c)</sup> | 187989 |
| 183000 | 4.650 | 08/15/62<sup>(c)</sup> | 149460 |
| Microchip Technology, Inc. | Microchip Technology, Inc. | Microchip Technology, Inc. | Microchip Technology, Inc. |
| 446000 | 5.050 | 03/15/29<sup>(c)</sup> | 458404 |
| Microsoft Corp. | Microsoft Corp. | Microsoft Corp. | Microsoft Corp. |
| 65000 | 3.300 | 02/06/27<sup>(c)</sup> | 64782 |
| 15000 | 3.500 | 02/12/35<sup>(c)</sup> | 14227 |
| 135000 | 4.200 | 11/03/35<sup>(c)</sup> | 135860 |
| 135000 | 5.300 | 02/08/41 | 141985 |
| 374000 | 2.525 | 06/01/50<sup>(c)</sup> | 232852 |
| 84000 | 4.000 | 02/12/55<sup>(c)</sup> | 68228 |
| Motorola Solutions, Inc. | Motorola Solutions, Inc. | Motorola Solutions, Inc. | Motorola Solutions, Inc. |
| 158000 | 2.750 | 05/24/31<sup>(c)</sup> | 146308 |
| NetApp, Inc. | NetApp, Inc. | NetApp, Inc. | NetApp, Inc. |
| 270000 | 5.500 | 03/17/32<sup>(c)</sup> | 281342 |
| NVIDIA Corp. | NVIDIA Corp. | NVIDIA Corp. | NVIDIA Corp. |
| 100000 | 2.000 | 06/15/31<sup>(c)</sup> | 91134 |
| 76000 | 3.500 | 04/01/50<sup>(c)</sup> | 57890 |
| PayPal Holdings, Inc. | PayPal Holdings, Inc. | PayPal Holdings, Inc. | PayPal Holdings, Inc. |
| 50000 | 2.300 | 06/01/30<sup>(c)</sup> | 46683 |
| 50000 | 5.150 | 06/01/34<sup>(c)</sup> | 51523 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Technology – (continued) | Technology – (continued) | Technology – (continued) | Technology – (continued) |
| QUALCOMM, Inc. | QUALCOMM, Inc. | QUALCOMM, Inc. | QUALCOMM, Inc. |
| 110000 | 4.800% | 05/20/45<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101771 |
| Texas Instruments, Inc. | Texas Instruments, Inc. | Texas Instruments, Inc. | Texas Instruments, Inc. |
| 100000 | 1.750 | 05/04/30<sup>(c)</sup> | 92115 |
| 100000 | 3.650 | 08/16/32<sup>(c)</sup> | 97443 |
| 212000 | 4.900 | 03/14/33<sup>(c)</sup> | 220888 |
| Trimble, Inc. | Trimble, Inc. | Trimble, Inc. | Trimble, Inc. |
| 108000 | 4.900 | 06/15/28<sup>(c)</sup> | 109116 |
| VeriSign, Inc. | VeriSign, Inc. | VeriSign, Inc. | VeriSign, Inc. |
| 118000 | 2.700 | 06/15/31<sup>(c)</sup> | 107242 |
| 500000 | 5.250 | 06/01/32<sup>(c)</sup> | 511127 |
|  |  |  | 15687374 |
| Transportation – 0.3% | Transportation – 0.3% | Transportation – 0.3% | Transportation – 0.3% |
| American Airlines Group, Inc. Pass-Through Trust, Series 2016-3, AA | American Airlines Group, Inc. Pass-Through Trust, Series 2016-3, AA | American Airlines Group, Inc. Pass-Through Trust, Series 2016-3, AA | American Airlines Group, Inc. Pass-Through Trust, Series 2016-3, AA |
| 57368 | 3.000 | 10/15/28 | 55916 |
| Burlington Northern Santa Fe LLC | Burlington Northern Santa Fe LLC | Burlington Northern Santa Fe LLC | Burlington Northern Santa Fe LLC |
| 224000 | 5.200 | 04/15/54<sup>(c)</sup> | 213913 |
| CSX Corp. | CSX Corp. | CSX Corp. | CSX Corp. |
| 90000 | 4.100 | 11/15/32<sup>(c)</sup> | 89983 |
| 130000 | 4.300 | 03/01/48<sup>(c)</sup> | 110697 |
| 100000 | 4.500 | 11/15/52<sup>(c)</sup> | 87015 |
| FedEx Corp. | FedEx Corp. | FedEx Corp. | FedEx Corp. |
| 50000 | 4.250 | 05/15/30<sup>(c)</sup> | 50412 |
| 40000 | 3.900 | 02/01/35 | 37764 |
| 118000 | 4.750 | 11/15/45<sup>(c)</sup> | 105847 |
| 40000 | 4.400 | 01/15/47<sup>(c)</sup> | 33820 |
| 160000 | 4.050 | 02/15/48<sup>(c)</sup> | 127023 |
| 40000 | 4.950 | 10/17/48<sup>(c)</sup> | 36482 |
| Norfolk Southern Corp. | Norfolk Southern Corp. | Norfolk Southern Corp. | Norfolk Southern Corp. |
| 196000 | 5.350 | 08/01/54<sup>(c)</sup> | 189917 |
| Union Pacific Corp. | Union Pacific Corp. | Union Pacific Corp. | Union Pacific Corp. |
| 40000 | 3.700 | 03/01/29<sup>(c)</sup> | 39872 |
| 292000 | 4.500 | 01/20/33<sup>(c)</sup> | 297954 |
| 350000 | 2.891 | 04/06/36<sup>(c)</sup> | 300905 |
| 70000 | 4.050 | 03/01/46<sup>(c)</sup> | 57957 |
| 10000 | 4.500 | 09/10/48<sup>(c)</sup> | 8786 |
| 80000 | 3.799 | 10/01/51<sup>(c)</sup> | 61423 |
| Union Pacific Railroad Co. Pass-Through Trust, Series 2015-1 | Union Pacific Railroad Co. Pass-Through Trust, Series 2015-1 | Union Pacific Railroad Co. Pass-Through Trust, Series 2015-1 | Union Pacific Railroad Co. Pass-Through Trust, Series 2015-1 |
| 161536 | 2.695 | 05/12/27 | 157726 |
| United Parcel Service, Inc. | United Parcel Service, Inc. | United Parcel Service, Inc. | United Parcel Service, Inc. |
| 192000 | 4.875 | 03/03/33<sup>(c)</sup> | 199928 |
|  |  |  | 2263340 |
| Water – 0.1% | Water – 0.1% | Water – 0.1% | Water – 0.1% |
| American Water Capital Corp. | American Water Capital Corp. | American Water Capital Corp. | American Water Capital Corp. |
| 130000 | 5.150 | 03/01/34<sup>(c)</sup> | 135103 |
| 100000 | 4.300 | 12/01/42<sup>(c)</sup> | 89525 |
| 190000 | 5.450 | 03/01/54<sup>(c)</sup> | 186368 |
| Essential Utilities, Inc. | Essential Utilities, Inc. | Essential Utilities, Inc. | Essential Utilities, Inc. |
| 292000 | 2.704 | 04/15/30<sup>(c)</sup> | 277240 |
| 70000 | 3.351 | 04/15/50<sup>(c)</sup> | 49219 |
|  |  |  | 737455 |
| Wireless – 0.7% | Wireless – 0.7% | Wireless – 0.7% | Wireless – 0.7% |
| American Tower Corp. | American Tower Corp. | American Tower Corp. | American Tower Corp. |
| 84000 | 3.375 | 10/15/26<sup>(c)</sup> | 83701 |
| 150000 | 3.600 | 01/15/28<sup>(c)</sup> | 148983 |
| 40000 | 3.950 | 03/15/29<sup>(c)</sup> | 39879 |

---

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

---

| | |
|:---|:---|
| 104 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Wireless – (continued) | Wireless – (continued) | Wireless – (continued) | Wireless – (continued) | Wireless – (continued) |
| American Tower Corp. – (continued) | American Tower Corp. – (continued) | American Tower Corp. – (continued) | American Tower Corp. – (continued) | American Tower Corp. – (continued) |
| 42000 | 3.700% | 10/15/49<sup>(c)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31705 |
| 20000 | 3.100 | 06/15/50<sup>(c)</sup> |  | 13420 |
| AT&T, Inc. | AT&T, Inc. | AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
| 50000 | 1.650 | 02/01/28<sup>(c)</sup> |  | 47932 |
| 88000 | 2.750 | 06/01/31<sup>(c)</sup> |  | 82137 |
| 10000 | 2.250 | 02/01/32<sup>(c)</sup> |  | 8920 |
| 151000 | 2.550 | 12/01/33<sup>(c)</sup> |  | 130937 |
| 187000 | 4.500 | 05/15/35<sup>(c)</sup> |  | 182661 |
| 400000 | 3.500 | 06/01/41<sup>(c)</sup> |  | 322799 |
| 30000 | 4.300 | 12/15/42<sup>(c)</sup> |  | 25927 |
| 75000 | 4.500 | 03/09/48<sup>(c)</sup> |  | 63054 |
| 98000 | 3.650 | 06/01/51<sup>(c)</sup> |  | 70256 |
| 200000 | 3.300 | 02/01/52<sup>(c)</sup> |  | 132123 |
| 117000 | 3.500 | 09/15/53<sup>(c)</sup> |  | 79932 |
| 168000 | 3.550 | 09/15/55<sup>(c)</sup> |  | 114058 |
| 259000 | 3.800 | 12/01/57<sup>(c)</sup> |  | 181096 |
| 100000 | 3.650 | 09/15/59<sup>(c)</sup> |  | 67526 |
| Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
| 190000 | 2.900 | 03/15/27<sup>(c)</sup> |  | 188189 |
| Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
| 538000 | 5.000 | 01/11/28<sup>(c)</sup> |  | 547712 |
| T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
| 82000 | 3.750 | 04/15/27<sup>(c)</sup> |  | 81871 |
| 50000 | 2.050 | 02/15/28<sup>(c)</sup> |  | 48367 |
| 300000 | 4.950 | 03/15/28<sup>(c)</sup> |  | 306475 |
| 414000 | 2.625 | 02/15/29<sup>(c)</sup> |  | 398007 |
| 90000 | 2.875 | 02/15/31<sup>(c)</sup> |  | 84703 |
| 285000 | 2.700 | 03/15/32<sup>(c)</sup> |  | 259226 |
| 470000 | 4.500 | 04/15/50<sup>(c)</sup> |  | 393199 |
| 70000 | 5.650 | 01/15/53<sup>(c)</sup> |  | 68678 |
| Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
| 194000 | 1.500 | 09/18/30<sup>(c)</sup> |  | 173645 |
| 45000 | 7.750 | 12/01/30 |  | 52038 |
| 89000 | 2.355 | 03/15/32<sup>(c)</sup> |  | 79704 |
| 85000 | 5.250 | 03/16/37 |  | 86679 |
| 382000 | 3.400 | 03/22/41<sup>(c)</sup> |  | 304742 |
| 11000 | 4.750 | 11/01/41 |  | 10277 |
| 281000 | 2.875 | 11/20/50<sup>(c)</sup> |  | 177100 |
| 444000 | 3.550 | 03/22/51<sup>(c)</sup> |  | 321021 |
| 66000 | 2.987 | 10/30/56<sup>(c)</sup> |  | 40204 |
| 60000 | 3.700 | 03/22/61<sup>(c)</sup> |  | 41622 |
|  |  |  |  | 5490505 |
| TOTAL CORPORATE OBLIGATIONS<br>(Cost $171,877,498) | TOTAL CORPORATE OBLIGATIONS<br>(Cost $171,877,498) | TOTAL CORPORATE OBLIGATIONS<br>(Cost $171,877,498) |  | 171386482 |
| U.S. Treasury Bonds – 7.4% | U.S. Treasury Bonds – 7.4% | U.S. Treasury Bonds – 7.4% | U.S. Treasury Bonds – 7.4% | U.S. Treasury Bonds – 7.4% |
| U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| 2815100 | 4.500<br><sup>(a)</sup> | 02/15/36 |  | 2953158 |
| 5174000 | 4.375<br><sup>(a)</sup> | 02/15/38 |  | 5332735 |
| 2004400 | 4.375<br><sup>(a)</sup> | 11/15/39 |  | 2027961 |
| 4542000 | 3.875<br><sup>(a)</sup> | 08/15/40 |  | 4322683 |
| 1475100 | 1.875<br><sup>(a)</sup> | 02/15/41 |  | 1065311 |
| 1500000 | 1.750<br><sup>(a)</sup> | 08/15/41 |  | 1047618 |
| 1044500 | 2.000<br><sup>(a)</sup> | 11/15/41 |  | 754065 |
| 1417900 | 3.250<br><sup>(a)</sup> | 05/15/42 |  | 1219395 |
| 100000 | 4.750<br><sup>(a)</sup> | 11/15/43 |  | 102993 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| U.S. Treasury Bonds – (continued) | U.S. Treasury Bonds – (continued) | U.S. Treasury Bonds – (continued) |  |
| U.S. Treasury Bonds – (continued) | U.S. Treasury Bonds – (continued) | U.S. Treasury Bonds – (continued) |  |
| 10359800 | 2.500 %<sup>(a)</sup> | 02/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7608360 |
| 1546000 | 4.750 <sup></sup> <sup>(a)</sup> | 02/15/45 | 1585482 |
| 7896700 | 2.500 <sup></sup> <sup>(a)</sup> | 05/15/46 | 5688996 |
| 1194000 | 1.875 <sup></sup> <sup>(a)</sup> | 02/15/51 | 697195 |
| 5297600 | 2.250 <sup></sup> <sup>(a)</sup> | 02/15/52 | 3351988 |
| 555000 | 4.250 <sup></sup> <sup>(a)</sup> | 08/15/54 | 520199 |
| 18688500 | 4.500 <sup></sup> <sup>(a)</sup> | 11/15/54 | 18261407 |
| 540000 | 4.625 <sup></sup> <sup>(a)</sup> | 02/15/55 | 538757 |
| 1040000 | 4.750 <sup></sup> <sup>(a)</sup> | 08/15/55 | 1059346 |
| TOTAL U.S. TREASURY BONDS<br>(Cost $58,007,690) | TOTAL U.S. TREASURY BONDS<br>(Cost $58,007,690) | TOTAL U.S. TREASURY BONDS<br>(Cost $58,007,690) | 58137649 |
| Foreign Corporate Debt – 4.7% | Foreign Corporate Debt – 4.7% | Foreign Corporate Debt – 4.7% | Foreign Corporate Debt – 4.7% |
| Banks – 1.9% | Banks – 1.9% | Banks – 1.9% | Banks – 1.9% |
| Banco Santander SA (Spain) | Banco Santander SA (Spain) | Banco Santander SA (Spain) | Banco Santander SA (Spain) |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 0.900%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 0.900%) |  |  |
| 90000 | 1.722 | 09/14/27<sup>(c)(d)</sup> | 88786 |
| 200000 | 3.800 | 02/23/28 | 199287 |
| 200000 | 3.306 | 06/27/29 | 195656 |
| 200000 | 2.958 | 03/25/31 | 186742 |
| Bank of Montreal (Canada) | Bank of Montreal (Canada) | Bank of Montreal (Canada) | Bank of Montreal (Canada) |
| 8000 | 5.300 | 06/05/26 | 8035 |
| 171000 | 5.203 | 02/01/28<sup>(c)</sup> | 175393 |
| 60000 | 5.511 | 06/04/31<sup>(c)</sup> | 63492 |
| Bank of Montreal, MTN (Canada) | Bank of Montreal, MTN (Canada) | Bank of Montreal, MTN (Canada) | Bank of Montreal, MTN (Canada) |
| 390000 | 2.650 | 03/08/27 | 386215 |
| Bank of Nova Scotia (The) (Canada) | Bank of Nova Scotia (The) (Canada) | Bank of Nova Scotia (The) (Canada) | Bank of Nova Scotia (The) (Canada) |
| 268000 | 5.250 | 06/12/28 | 276198 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.890%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.890%) |  |  |
| 100000 | 4.932 | 02/14/29<sup>(c)(d)</sup> | 101959 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.070%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.070%) |  |  |
| 100000 | 5.130 | 02/14/31<sup>(c)(d)</sup> | 103591 |
| Barclays PLC (United Kingdom) | Barclays PLC (United Kingdom) | Barclays PLC (United Kingdom) | Barclays PLC (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.050%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.050%) |  |  |
| 300000 | 2.279 | 11/24/27<sup>(c)(d)</sup> | 296041 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.490%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.490%) |  |  |
| 260000 | 5.674 | 03/12/28<sup>(c)(d)</sup> | 264151 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 3.500%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 3.500%) |  |  |
| 400000 | 7.437 | 11/02/33<sup>(c)(d)</sup> | 459002 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.590%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.590%) |  |  |
| 565000 | 5.785 | 02/25/36<sup>(c)(d)</sup> | 592864 |
| 267000 | 5.250 | 08/17/45 | 264549 |
| Canadian Imperial Bank of Commerce (Canada) | Canadian Imperial Bank of Commerce (Canada) | Canadian Imperial Bank of Commerce (Canada) | Canadian Imperial Bank of Commerce (Canada) |
| 195000 | 3.450 | 04/07/27<sup>(c)</sup> | 194552 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.105%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.105%) |  |  |
| 100000 | 5.245 | 01/13/31<sup>(c)(d)</sup> | 104151 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.833%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.833%) |  |  |
| 200000 | 6.950 | 01/28/85<sup>(c)(d)</sup> | 205906 |
| Cooperatieve Rabobank UA (Netherlands) | Cooperatieve Rabobank UA (Netherlands) | Cooperatieve Rabobank UA (Netherlands) | Cooperatieve Rabobank UA (Netherlands) |
| 300000 | 5.500 | 10/05/26 | 303011 |
| 200000 | 5.250 | 05/24/41 | 203073 |
| Deutsche Bank AG (Germany) | Deutsche Bank AG (Germany) | Deutsche Bank AG (Germany) | Deutsche Bank AG (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.318%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.318%) |  |  |
| 393000 | 2.552 | 01/07/28<sup>(c)(d)</sup> | 388638 |

---

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **105** |

---

------

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

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

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) |  |
| Banks – (continued) | Banks – (continued) | Banks – (continued) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.257%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.257%) |  |  |
| $350000 | 3.742% | 01/07/33<sup>(c)(d)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329241 |
| HSBC Holdings PLC (United Kingdom) | HSBC Holdings PLC (United Kingdom) | HSBC Holdings PLC (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.610%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.610%) |  |  |
| 295000 | 5.210 | 08/11/28<sup>(c)(d)</sup> | 299963 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.732%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.732%) |  |  |
| 300000 | 2.013 | 09/22/28<sup>(c)(d)</sup> | 291189 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.285%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.285%) |  |  |
| 500000 | 2.206 | 08/17/29<sup>(c)(d)</sup> | 477859 |
| 370000 | 4.950 | 03/31/30 | 381053 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.187%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.187%) |  |  |
| 290000 | 2.804 | 05/24/32<sup>(c)(d)</sup> | 267793 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.410%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.410%) |  |  |
| 290000 | 2.871 | 11/22/32<sup>(c)(d)</sup> | 266461 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.390%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.390%) |  |  |
| 400000 | 6.254 | 03/09/34<sup>(c)(d)</sup> | 438483 |
| ING Groep NV (Netherlands) | ING Groep NV (Netherlands) | ING Groep NV (Netherlands) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.770%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.770%) |  |  |
| 200000 | 5.550 | 03/19/35<sup>(c)(d)</sup> | 210316 |
| Korea Development Bank (The) (South Korea) | Korea Development Bank (The) (South Korea) | Korea Development Bank (The) (South Korea) |  |
| 270000 | 0.800 | 07/19/26 | 266597 |
| 320000 | 4.375 | 02/15/33 | 325728 |
| Landwirtschaftliche Rentenbank (Germany) | Landwirtschaftliche Rentenbank (Germany) | Landwirtschaftliche Rentenbank (Germany) |  |
| 70000 | 0.875 | 03/30/26 | 69852 |
| Lloyds Banking Group PLC (United Kingdom) | Lloyds Banking Group PLC (United Kingdom) | Lloyds Banking Group PLC (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.480%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.480%) |  |  |
| 280000 | 5.985 | 08/07/27<sup>(c)(d)</sup> | 282766 |
| 300000 | 4.375 | 03/22/28 | 302534 |
| Mitsubishi UFJ Financial Group, Inc. (Japan) | Mitsubishi UFJ Financial Group, Inc. (Japan) | Mitsubishi UFJ Financial Group, Inc. (Japan) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.950%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.950%) |  |  |
| 458000 | 5.017 | 07/20/28<sup>(c)(d)</sup> | 464623 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.970%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.970%) |  |  |
| 400000 | 5.406 | 04/19/34<sup>(c)(d)</sup> | 421941 |
| Mizuho Financial Group, Inc. (Japan) | Mizuho Financial Group, Inc. (Japan) | Mizuho Financial Group, Inc. (Japan) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.500%) |  |  |
| 200000 | 5.667 | 05/27/29<sup>(c)(d)</sup> | 207084 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.080%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.080%) |  |  |
| 200000 | 5.382 | 07/10/30<sup>(c)(d)</sup> | 207722 |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.332%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.332%) |  |  |
| 200000 | 2.591 | 05/25/31<sup>(c)(d)</sup> | 187979 |
| NatWest Group PLC (United Kingdom) | NatWest Group PLC (United Kingdom) | NatWest Group PLC (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.200%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.200%) |  |  |
| 250000 | 6.475 | 06/01/34<sup>(c)(d)</sup> | 263814 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.500%) |  |  |
| 200000 | 5.778 | 03/01/35<sup>(c)(d)</sup> | 213298 |
| Royal Bank of Canada (Canada) | Royal Bank of Canada (Canada) | Royal Bank of Canada (Canada) |  |
| 79000 | 3.875 | 05/04/32 | 77672 |
| Royal Bank of Canada, GMTN (Canada) | Royal Bank of Canada, GMTN (Canada) | Royal Bank of Canada, GMTN (Canada) |  |
| 6000 | 5.200 | 07/20/26 | 6036 |
| 88000 | 2.300 | 11/03/31 | 80419 |
| 1000000 | 5.000 | 02/01/33 | 1038496 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** | **Value** |
| Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) |  |  |
| Banks – (continued) | Banks – (continued) | Banks – (continued) |  |  |
| Santander UK Group Holdings PLC (United Kingdom) | Santander UK Group Holdings PLC (United Kingdom) | Santander UK Group Holdings PLC (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.475%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.475%) |  |  |  |
| $282000 | 2.896% | 03/15/32<sup>(c)(d)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261748 |
| Sumitomo Mitsui Financial Group, Inc. (Japan) | Sumitomo Mitsui Financial Group, Inc. (Japan) | Sumitomo Mitsui Financial Group, Inc. (Japan) |  |  |
| 400000 | 5.520 | 01/13/28 |  | 411961 |
| 299000 | 1.902 | 09/17/28 |  | 283899 |
| 200000 | 3.040 | 07/16/29 |  | 193573 |
| 400000 | 5.766 | 01/13/33 |  | 429749 |
| Toronto-Dominion Bank (The) (Canada) | Toronto-Dominion Bank (The) (Canada) | Toronto-Dominion Bank (The) (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5 Year USD Swap + 2.205%) | &nbsp;&nbsp;&nbsp;&nbsp; (5 Year USD Swap + 2.205%) |  |  |  |
| 239000 | 3.625 | 09/15/31<sup>(c)(d)</sup> |  | 238487 |
| 83000 | 5.298 | 01/30/32 |  | 87556 |
| 127000 | 4.456 | 06/08/32 |  | 128115 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.500%) |  |  |  |
| 100000 | 5.146 | 09/10/34<sup>(c)(d)</sup> |  | 102054 |
| Toronto-Dominion Bank (The), MTN (Canada) | Toronto-Dominion Bank (The), MTN (Canada) | Toronto-Dominion Bank (The), MTN (Canada) |  |  |
| 284000 | 4.693 | 09/15/27 |  | 287662 |
| Westpac Banking Corp. (Australia) | Westpac Banking Corp. (Australia) | Westpac Banking Corp. (Australia) |  |  |
| 49000 | 2.850 | 05/13/26 |  | 48949 |
| 55000 | 3.350 | 03/08/27 |  | 54928 |
| 140000 | 2.150 | 06/03/31 |  | 128306 |
|  |  |  |  | 15097198 |
| Basic Industry – 0.0% | Basic Industry – 0.0% | Basic Industry – 0.0% | Basic Industry – 0.0% | Basic Industry – 0.0% |
| Nutrien Ltd. (Canada) | Nutrien Ltd. (Canada) | Nutrien Ltd. (Canada) |  |  |
| 210000 | 4.200 | 04/01/29<sup>(c)</sup> |  | 210840 |
| 100000 | 2.950 | 05/13/30<sup>(c)</sup> |  | 95406 |
| 100000 | 5.000 | 04/01/49<sup>(c)</sup> |  | 91486 |
|  |  |  |  | 397732 |
| Communications – 0.0% | Communications – 0.0% | Communications – 0.0% | Communications – 0.0% | Communications – 0.0% |
| RELX Capital, Inc. (United Kingdom) | RELX Capital, Inc. (United Kingdom) | RELX Capital, Inc. (United Kingdom) |  |  |
| 100000 | 3.000 | 05/22/30<sup>(c)</sup> |  | 95432 |
| Consumer Cyclical – 0.1% | Consumer Cyclical – 0.1% | Consumer Cyclical – 0.1% | Consumer Cyclical – 0.1% | Consumer Cyclical – 0.1% |
| Honda Motor Co. Ltd. (Japan) | Honda Motor Co. Ltd. (Japan) | Honda Motor Co. Ltd. (Japan) |  |  |
| 82000 | 2.534 | 03/10/27<sup>(c)</sup> |  | 80938 |
| Magna International, Inc. (Canada) | Magna International, Inc. (Canada) | Magna International, Inc. (Canada) |  |  |
| 100000 | 5.050 | 03/14/29<sup>(c)</sup> |  | 102952 |
| 100000 | 5.500 | 03/21/33<sup>(c)</sup> |  | 105055 |
| Toyota Motor Corp. (Japan) | Toyota Motor Corp. (Japan) | Toyota Motor Corp. (Japan) |  |  |
| 140000 | 2.760 | 07/02/29 |  | 135435 |
|  |  |  |  | 424380 |
| Consumer Noncyclical – 0.3% | Consumer Noncyclical – 0.3% | Consumer Noncyclical – 0.3% | Consumer Noncyclical – 0.3% | Consumer Noncyclical – 0.3% |
| Ahold Finance USA LLC (Netherlands) | Ahold Finance USA LLC (Netherlands) | Ahold Finance USA LLC (Netherlands) |  |  |
| 128000 | 6.875 | 05/01/29 |  | 138929 |
| Astrazeneca Finance LLC (United Kingdom) | Astrazeneca Finance LLC (United Kingdom) | Astrazeneca Finance LLC (United Kingdom) |  |  |
| 250000 | 1.750 | 05/28/28<sup>(c)</sup> |  | 239369 |
| 73000 | 2.250 | 05/28/31<sup>(c)</sup> |  | 66818 |
| 400000 | 5.000 | 02/26/34<sup>(c)</sup> |  | 415875 |
| BAT Capital Corp. (United Kingdom) | BAT Capital Corp. (United Kingdom) | BAT Capital Corp. (United Kingdom) |  |  |
| 300000 | 2.259 | 03/25/28<sup>(c)</sup> |  | 290070 |
| 500000 | 5.350 | 08/15/32<sup>(c)</sup> |  | 525173 |
| 244000 | 4.390 | 08/15/37<sup>(c)</sup> |  | 227758 |
| 20000 | 6.250 | 08/15/55<sup>(c)</sup> |  | 21149 |
| Takeda Pharmaceutical Co. Ltd. (Japan) | Takeda Pharmaceutical Co. Ltd. (Japan) | Takeda Pharmaceutical Co. Ltd. (Japan) |  |  |
| 250000 | 5.000 | 11/26/28<sup>(c)</sup> |  | 256422 |
|  |  |  |  | 2181563 |

---

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

---

| | |
|:---|:---|
| 106 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

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

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) |
| Consumer Products – 0.1% | Consumer Products – 0.1% | Consumer Products – 0.1% | Consumer Products – 0.1% |
| Unilever Capital Corp. (United Kingdom) | Unilever Capital Corp. (United Kingdom) | Unilever Capital Corp. (United Kingdom) |  |
| $150000 | 4.250% | 08/12/27<sup>(c)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151256 |
| 408000 | 1.750 | 08/12/31<sup>(c)</sup> | 363021 |
|  |  |  | 514277 |
| Distributors – 0.0% | Distributors – 0.0% | Distributors – 0.0% | Distributors – 0.0% |
| Mercedes-Benz Finance North America LLC (Germany) | Mercedes-Benz Finance North America LLC (Germany) | Mercedes-Benz Finance North America LLC (Germany) | Mercedes-Benz Finance North America LLC (Germany) |
| 150000 | 4.750 | 08/01/27<sup>(e)</sup> | 151917 |
| Electric – 0.0% | Electric – 0.0% | Electric – 0.0% | Electric – 0.0% |
| Emera U.S. Finance LP (Canada) | Emera U.S. Finance LP (Canada) | Emera U.S. Finance LP (Canada) | Emera U.S. Finance LP (Canada) |
| 100000 | 2.639 | 06/15/31<sup>(c)</sup> | 92033 |
| Electrical – 0.0% | Electrical – 0.0% | Electrical – 0.0% | Electrical – 0.0% |
| ABB Finance USA, Inc. (Switzerland) | ABB Finance USA, Inc. (Switzerland) | ABB Finance USA, Inc. (Switzerland) | ABB Finance USA, Inc. (Switzerland) |
| 100000 | 4.375 | 05/08/42 | 90971 |
| Energy – 0.5% | Energy – 0.5% | Energy – 0.5% | Energy – 0.5% |
| Canadian Natural Resources Ltd. (Canada) | Canadian Natural Resources Ltd. (Canada) | Canadian Natural Resources Ltd. (Canada) | Canadian Natural Resources Ltd. (Canada) |
| 85000 | 6.250 | 03/15/38 | 91840 |
| Canadian Natural Resources Ltd., GMTN (Canada) | Canadian Natural Resources Ltd., GMTN (Canada) | Canadian Natural Resources Ltd., GMTN (Canada) | Canadian Natural Resources Ltd., GMTN (Canada) |
| 92000 | 4.950 | 06/01/47<sup>(c)</sup> | 83617 |
| Cenovus Energy, Inc. (Canada) | Cenovus Energy, Inc. (Canada) | Cenovus Energy, Inc. (Canada) | Cenovus Energy, Inc. (Canada) |
| 70000 | 2.650 | 01/15/32<sup>(c)</sup> | 63540 |
| 19000 | 5.250 | 06/15/37<sup>(c)</sup> | 18967 |
| Enbridge, Inc. (Canada) | Enbridge, Inc. (Canada) | Enbridge, Inc. (Canada) | Enbridge, Inc. (Canada) |
| 110000 | 3.125 | 11/15/29<sup>(c)</sup> | 106491 |
| 84000 | 6.200 | 11/15/30<sup>(c)</sup> | 91035 |
| 376000 | 5.550 | 06/20/35<sup>(c)</sup> | 394820 |
| 15000 | 5.500 | 12/01/46<sup>(c)</sup> | 15052 |
| 76000 | 3.400 | 08/01/51<sup>(c)</sup> | 53496 |
| (TSFR3M + 3.680%) | (TSFR3M + 3.680%) | (TSFR3M + 3.680%) | (TSFR3M + 3.680%) |
| 250000 | 5.500 | 07/15/77<sup>(c)(d)</sup> | 251875 |
| (TSFR3M + 3.903%) | (TSFR3M + 3.903%) | (TSFR3M + 3.903%) | (TSFR3M + 3.903%) |
| 15000 | 6.250 | 03/01/78<sup>(c)(d)</sup> | 15300 |
| Equinor ASA (Norway) | Equinor ASA (Norway) | Equinor ASA (Norway) | Equinor ASA (Norway) |
| 100000 | 3.625 | 09/10/28<sup>(c)</sup> | 100019 |
| 196000 | 7.150 | 01/15/29 | 213087 |
| 100000 | 3.125 | 04/06/30<sup>(c)</sup> | 97048 |
| 100000 | 2.375 | 05/22/30<sup>(c)</sup> | 94040 |
| 292000 | 5.100 | 08/17/40 | 293116 |
| 100000 | 3.700 | 04/06/50<sup>(c)</sup> | 77553 |
| Suncor Energy, Inc. (Canada) | Suncor Energy, Inc. (Canada) | Suncor Energy, Inc. (Canada) | Suncor Energy, Inc. (Canada) |
| 272000 | 6.500 | 06/15/38 | 298838 |
| 60000 | 6.850 | 06/01/39 | 67672 |
| TotalEnergies Capital International SA (France) | TotalEnergies Capital International SA (France) | TotalEnergies Capital International SA (France) | TotalEnergies Capital International SA (France) |
| 185000 | 3.455 | 02/19/29<sup>(c)</sup> | 183599 |
| 188000 | 2.829 | 01/10/30<sup>(c)</sup> | 181217 |
| 70000 | 3.127 | 05/29/50<sup>(c)</sup> | 48128 |
| TransCanada PipeLines Ltd. (Canada) | TransCanada PipeLines Ltd. (Canada) | TransCanada PipeLines Ltd. (Canada) | TransCanada PipeLines Ltd. (Canada) |
| 234000 | 4.250 | 05/15/28<sup>(c)</sup> | 235096 |
| 218000 | 7.625 | 01/15/39 | 263550 |
| Transcanada Trust (Canada) (3M USD LIBOR + 3.208%) | Transcanada Trust (Canada) (3M USD LIBOR + 3.208%) | Transcanada Trust (Canada) (3M USD LIBOR + 3.208%) | Transcanada Trust (Canada) (3M USD LIBOR + 3.208%) |
| 152000 | 5.300 | 03/15/77<sup>(c)(d)</sup> | 153007 |
| (SOFR + 4.416%) | (SOFR + 4.416%) | (SOFR + 4.416%) | (SOFR + 4.416%) |
| 200000 | 5.500 | 09/15/79<sup>(c)(d)</sup> | 202750 |
| Transcanada Trust, Series 16-A (Canada) (3M USD LIBOR + 4.640%) | Transcanada Trust, Series 16-A (Canada) (3M USD LIBOR + 4.640%) | Transcanada Trust, Series 16-A (Canada) (3M USD LIBOR + 4.640%) | Transcanada Trust, Series 16-A (Canada) (3M USD LIBOR + 4.640%) |
| 7000 | 5.875 | 08/15/76<sup>(c)(d)</sup> | 7053 |
|  |  |  | 3701806 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) |
| Financial Company – 0.1% | Financial Company – 0.1% | Financial Company – 0.1% | Financial Company – 0.1% |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust | AerCap Ireland Capital DAC / AerCap Global Aviation Trust | AerCap Ireland Capital DAC / AerCap Global Aviation Trust | AerCap Ireland Capital DAC / AerCap Global Aviation Trust |
| (Ireland) | (Ireland) | (Ireland) | (Ireland) |
| $250000 | 6.100% | 01/15/27<sup>(c)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254488 |
| 455000 | 3.300 | 01/30/32<sup>(c)</sup> | 425983 |
| Brookfield Finance, Inc. (Canada) | Brookfield Finance, Inc. (Canada) | Brookfield Finance, Inc. (Canada) | Brookfield Finance, Inc. (Canada) |
| 292000 | 4.350 | 04/15/30<sup>(c)</sup> | 293543 |
| 15000 | 3.500 | 03/30/51<sup>(c)</sup> | 10366 |
| ORIX Corp. (Japan) | ORIX Corp. (Japan) | ORIX Corp. (Japan) | ORIX Corp. (Japan) |
| 94000 | 4.650 | 09/10/29 | 96369 |
| 50000 | 2.250 | 03/09/31 | 45589 |
|  |  |  | 1126338 |
| Food and Beverage – 0.2% | Food and Beverage – 0.2% | Food and Beverage – 0.2% | Food and Beverage – 0.2% |
| Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Belgium) | Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Belgium) | Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Belgium) | Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Belgium) |
| 115000 | 4.700 | 02/01/36<sup>(c)</sup> | 115101 |
| 597000 | 4.900 | 02/01/46<sup>(c)</sup> | 559901 |
| Anheuser-Busch InBev Finance, Inc. (Belgium) | Anheuser-Busch InBev Finance, Inc. (Belgium) | Anheuser-Busch InBev Finance, Inc. (Belgium) | Anheuser-Busch InBev Finance, Inc. (Belgium) |
| 55000 | 4.700 | 02/01/36<sup>(c)</sup> | 55048 |
| 94000 | 4.900 | 02/01/46<sup>(c)</sup> | 88159 |
| Anheuser-Busch InBev Worldwide, Inc. (Belgium) | Anheuser-Busch InBev Worldwide, Inc. (Belgium) | Anheuser-Busch InBev Worldwide, Inc. (Belgium) | Anheuser-Busch InBev Worldwide, Inc. (Belgium) |
| 292000 | 3.500 | 06/01/30<sup>(c)</sup> | 287640 |
| 108000 | 5.550 | 01/23/49<sup>(c)</sup> | 109478 |
| 200000 | 5.800 | 01/23/59<sup>(c)</sup> | 208502 |
| Diageo Investment Corp. (United Kingdom) | Diageo Investment Corp. (United Kingdom) | Diageo Investment Corp. (United Kingdom) | Diageo Investment Corp. (United Kingdom) |
| 100000 | 4.250 | 05/11/42 | 89016 |
|  |  |  | 1512845 |
| Forest Products & Paper – 0.0% | Forest Products & Paper – 0.0% | Forest Products & Paper – 0.0% | Forest Products & Paper – 0.0% |
| Suzano Austria GmbH (Brazil) | Suzano Austria GmbH (Brazil) | Suzano Austria GmbH (Brazil) | Suzano Austria GmbH (Brazil) |
| 200000 | 6.000 | 01/15/29<sup>(c)</sup> | 207214 |
| Hardware – 0.0% | Hardware – 0.0% | Hardware – 0.0% | Hardware – 0.0% |
| Nokia OYJ (Finland) | Nokia OYJ (Finland) | Nokia OYJ (Finland) | Nokia OYJ (Finland) |
| 287000 | 4.375 | 06/12/27 | 288495 |
| Insurance – 0.0% | Insurance – 0.0% | Insurance – 0.0% | Insurance – 0.0% |
| Fairfax Financial Holdings Ltd. (Canada) | Fairfax Financial Holdings Ltd. (Canada) | Fairfax Financial Holdings Ltd. (Canada) | Fairfax Financial Holdings Ltd. (Canada) |
| 382000 | 3.375 | 03/03/31<sup>(c)</sup> | 364647 |
| Internet – 0.0% | Internet – 0.0% | Internet – 0.0% | Internet – 0.0% |
| JD.com, Inc. (China) | JD.com, Inc. (China) | JD.com, Inc. (China) | JD.com, Inc. (China) |
| 200000 | 3.875 | 04/29/26 | 199918 |
| Investment Companies – 0.1% | Investment Companies – 0.1% | Investment Companies – 0.1% | Investment Companies – 0.1% |
| Abu Dhabi Developmental Holding Co. PJSC (United Arab | Abu Dhabi Developmental Holding Co. PJSC (United Arab | Abu Dhabi Developmental Holding Co. PJSC (United Arab | Abu Dhabi Developmental Holding Co. PJSC (United Arab |
| Emirates) | Emirates) | Emirates) | Emirates) |
| 448000 | 5.250 | 10/02/54<sup>(c)(e)</sup> | 434414 |
| Lodging – 0.1% | Lodging – 0.1% | Lodging – 0.1% | Lodging – 0.1% |
| Sands China Ltd. (Macau) | Sands China Ltd. (Macau) | Sands China Ltd. (Macau) | Sands China Ltd. (Macau) |
| 250000 | 5.400 | 08/08/28<sup>(c)</sup> | 255373 |
| 299000 | 3.250 | 08/08/31<sup>(c)</sup> | 278829 |
|  |  |  | 534202 |
| Media – 0.0% | Media – 0.0% | Media – 0.0% | Media – 0.0% |
| Grupo Televisa SAB (Mexico) | Grupo Televisa SAB (Mexico) | Grupo Televisa SAB (Mexico) | Grupo Televisa SAB (Mexico) |
| 100000 | 8.500 | 03/11/32 | 109063 |
| Media Non Cable – 0.0% | Media Non Cable – 0.0% | Media Non Cable – 0.0% | Media Non Cable – 0.0% |
| TR Finance LLC (Canada) | TR Finance LLC (Canada) | TR Finance LLC (Canada) | TR Finance LLC (Canada) |
| 100000 | 5.650 | 11/23/43<sup>(c)</sup> | 99764 |
| Metals and Mining – 0.1% | Metals and Mining – 0.1% | Metals and Mining – 0.1% | Metals and Mining – 0.1% |
| BHP Billiton Finance USA Ltd. (Australia) | BHP Billiton Finance USA Ltd. (Australia) | BHP Billiton Finance USA Ltd. (Australia) | BHP Billiton Finance USA Ltd. (Australia) |
| 200000 | 5.250 | 09/08/33<sup>(c)</sup> | 210306 |

---

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **107** |

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------

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

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

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) |
| Metals and Mining – (continued) | Metals and Mining – (continued) | Metals and Mining – (continued) | Metals and Mining – (continued) |
| Rio Tinto Alcan, Inc. (Canada) | Rio Tinto Alcan, Inc. (Canada) | Rio Tinto Alcan, Inc. (Canada) | Rio Tinto Alcan, Inc. (Canada) |
| 100000 | 7.250% | 03/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114394 |
| Rio Tinto Finance USA Ltd. (Australia) | Rio Tinto Finance USA Ltd. (Australia) | Rio Tinto Finance USA Ltd. (Australia) | Rio Tinto Finance USA Ltd. (Australia) |
| 202000 | 2.750 | 11/02/51<sup>(c)</sup> | 128166 |
| Rio Tinto Finance USA PLC (Australia) | Rio Tinto Finance USA PLC (Australia) | Rio Tinto Finance USA PLC (Australia) | Rio Tinto Finance USA PLC (Australia) |
| 150000 | 5.125 | 03/09/53<sup>(c)</sup> | 142541 |
|  |  |  | 595407 |
| Mining – 0.1% | Mining – 0.1% | Mining – 0.1% | Mining – 0.1% |
| AngloGold Ashanti Holdings PLC (Australia) | AngloGold Ashanti Holdings PLC (Australia) | AngloGold Ashanti Holdings PLC (Australia) | AngloGold Ashanti Holdings PLC (Australia) |
| 200000 | 3.375 | 11/01/28<sup>(c)</sup> | 194664 |
| Southern Copper Corp. (Mexico) | Southern Copper Corp. (Mexico) | Southern Copper Corp. (Mexico) | Southern Copper Corp. (Mexico) |
| 85000 | 5.875 | 04/23/45 | 89081 |
| Vale Canada Ltd. (Canada) | Vale Canada Ltd. (Canada) | Vale Canada Ltd. (Canada) | Vale Canada Ltd. (Canada) |
| 292000 | 7.200 | 09/15/32 | 327121 |
|  |  |  | 610866 |
| Multi-National – 0.5% | Multi-National – 0.5% | Multi-National – 0.5% | Multi-National – 0.5% |
| African Development Bank (Supranational) | African Development Bank (Supranational) | African Development Bank (Supranational) | African Development Bank (Supranational) |
| 325000 | 4.500 | 06/12/35 | 337900 |
| Asian Development Bank, GMTN (Supranational) | Asian Development Bank, GMTN (Supranational) | Asian Development Bank, GMTN (Supranational) | Asian Development Bank, GMTN (Supranational) |
| 450000 | 2.625 | 01/12/27 | 446388 |
| 400000 | 2.750 | 01/19/28 | 395314 |
| European Investment Bank (Supranational) | European Investment Bank (Supranational) | European Investment Bank (Supranational) | European Investment Bank (Supranational) |
| 400000 | 3.875 | 03/15/28 | 403725 |
| 700000 | 4.500 | 03/14/30 | 726586 |
| Inter-American Development Bank, GMTN (Supranational) | Inter-American Development Bank, GMTN (Supranational) | Inter-American Development Bank, GMTN (Supranational) | Inter-American Development Bank, GMTN (Supranational) |
| 344000 | 2.000 | 06/02/26 | 342482 |
| International Bank for Reconstruction & Development, GMTN (Supranational) | International Bank for Reconstruction & Development, GMTN (Supranational) | International Bank for Reconstruction & Development, GMTN (Supranational) | International Bank for Reconstruction & Development, GMTN (Supranational) |
| 700000 | 4.625 | 01/15/32 | 735980 |
| International Finance Corp., GMTN (Supranational) | International Finance Corp., GMTN (Supranational) | International Finance Corp., GMTN (Supranational) | International Finance Corp., GMTN (Supranational) |
| 306000 | 0.750 | 10/08/26 | 300702 |
| 250000 | 4.250 | 07/02/29 | 256266 |
|  |  |  | 3945343 |
| Oil Company-Integrated – 0.2% | Oil Company-Integrated – 0.2% | Oil Company-Integrated – 0.2% | Oil Company-Integrated – 0.2% |
| Petroleos Mexicanos (Mexico) | Petroleos Mexicanos (Mexico) | Petroleos Mexicanos (Mexico) | Petroleos Mexicanos (Mexico) |
| 172000 | 5.950 | 01/28/31<sup>(c)</sup> | 168592 |
| 200000 | 10.000 | 02/07/33<sup>(c)</sup> | 234750 |
| 70000 | 6.375 | 01/23/45 | 58071 |
| 20000 | 7.690 | 01/23/50<sup>(c)</sup> | 18275 |
| 95000 | 6.950 | 01/28/60<sup>(c)</sup> | 78612 |
| QatarEnergy (Qatar) | QatarEnergy (Qatar) | QatarEnergy (Qatar) | QatarEnergy (Qatar) |
| 394000 | 1.375 | 09/12/26<sup>(c)(e)</sup> | 388170 |
| 684000 | 3.300 | 07/12/51<sup>(c)(e)</sup> | 488664 |
| Saudi Arabian Oil Co. (Saudi Arabia) | Saudi Arabian Oil Co. (Saudi Arabia) | Saudi Arabian Oil Co. (Saudi Arabia) | Saudi Arabian Oil Co. (Saudi Arabia) |
| 300000 | 2.250 | 11/24/30<sup>(c)(e)</sup> | 273910 |
| 200000 | 3.250 | 11/24/50<sup>(c)(e)</sup> | 134929 |
|  |  |  | 1843973 |
| Technology – 0.0% | Technology – 0.0% | Technology – 0.0% | Technology – 0.0% |
| NXP BV / NXP Funding LLC / NXP USA, Inc. (Netherlands) | NXP BV / NXP Funding LLC / NXP USA, Inc. (Netherlands) | NXP BV / NXP Funding LLC / NXP USA, Inc. (Netherlands) | NXP BV / NXP Funding LLC / NXP USA, Inc. (Netherlands) |
| 57000 | 3.400 | 05/01/30<sup>(c)</sup> | 55334 |
| 75000 | 2.500 | 05/11/31<sup>(c)</sup> | 68790 |
| 83000 | 5.000 | 01/15/33<sup>(c)</sup> | 84805 |
|  |  |  | 208929 |
| Telecommunications – 0.1% | Telecommunications – 0.1% | Telecommunications – 0.1% | Telecommunications – 0.1% |
| America Movil SAB de CV (Mexico) | America Movil SAB de CV (Mexico) | America Movil SAB de CV (Mexico) | America Movil SAB de CV (Mexico) |
| 400000 | 4.700 | 07/21/32<sup>(c)</sup> | 406698 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) |
| Transportation – 0.1% | Transportation – 0.1% | Transportation – 0.1% | Transportation – 0.1% |
| Canadian National Railway Co. (Canada) | Canadian National Railway Co. (Canada) | Canadian National Railway Co. (Canada) | Canadian National Railway Co. (Canada) |
| $100000 | 3.850% | 08/05/32<sup>(c)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97937 |
| Canadian Pacific Railway Co. (Canada) | Canadian Pacific Railway Co. (Canada) | Canadian Pacific Railway Co. (Canada) | Canadian Pacific Railway Co. (Canada) |
| 38000 | 2.450 | 12/02/31<sup>(c)</sup> | 34685 |
| Empresa de Transporte de Pasajeros Metro SA (Chile) | Empresa de Transporte de Pasajeros Metro SA (Chile) | Empresa de Transporte de Pasajeros Metro SA (Chile) | Empresa de Transporte de Pasajeros Metro SA (Chile) |
| 201000 | 4.700 | 05/07/50<sup>(c)(e)</sup> | 178934 |
| 300000 | 3.693 | 09/13/61<sup>(c)(e)</sup> | 218038 |
|  |  |  | 529594 |
| Wireless – 0.1% | Wireless – 0.1% | Wireless – 0.1% | Wireless – 0.1% |
| Rogers Communications, Inc. (Canada) | Rogers Communications, Inc. (Canada) | Rogers Communications, Inc. (Canada) | Rogers Communications, Inc. (Canada) |
| 242000 | 5.300 | 02/15/34<sup>(c)</sup> | 247345 |
| 70000 | 4.550 | 03/15/52<sup>(c)</sup> | 57317 |
| Vodafone Group PLC (United Kingdom) | Vodafone Group PLC (United Kingdom) | Vodafone Group PLC (United Kingdom) | Vodafone Group PLC (United Kingdom) |
| 200000 | 4.375 | 02/19/43 | 174897 |
| 150000 | 4.250 | 09/17/50 | 120863 |
|  |  |  | 600422 |
| Wirelines – 0.1% | Wirelines – 0.1% | Wirelines – 0.1% | Wirelines – 0.1% |
| Bell Telephone Co. of Canada or Bell Canada (Canada) | Bell Telephone Co. of Canada or Bell Canada (Canada) | Bell Telephone Co. of Canada or Bell Canada (Canada) | Bell Telephone Co. of Canada or Bell Canada (Canada) |
| 292000 | 3.650 | 08/15/52<sup>(c)</sup> | 213705 |
| Deutsche Telekom International Finance BV (Germany) | Deutsche Telekom International Finance BV (Germany) | Deutsche Telekom International Finance BV (Germany) | Deutsche Telekom International Finance BV (Germany) |
| 15000 | 8.750 | 06/15/30 | 17619 |
| Orange SA (France) | Orange SA (France) | Orange SA (France) | Orange SA (France) |
| 82000 | 9.000 | 03/01/31 | 99395 |
| Telefonica Emisiones SA (Spain) | Telefonica Emisiones SA (Spain) | Telefonica Emisiones SA (Spain) | Telefonica Emisiones SA (Spain) |
| 260000 | 4.895 | 03/06/48 | 225594 |
| Telefonica Europe BV (Spain) | Telefonica Europe BV (Spain) | Telefonica Europe BV (Spain) | Telefonica Europe BV (Spain) |
| 50000 | 8.250 | 09/15/30 | 57891 |
|  |  |  | 614204 |
| TOTAL FOREIGN CORPORATE DEBT<br>(Cost $36,147,349) | TOTAL FOREIGN CORPORATE DEBT<br>(Cost $36,147,349) | TOTAL FOREIGN CORPORATE DEBT<br>(Cost $36,147,349) | 36979645 |
| Sovereign Debt Obligations – 2.5% | Sovereign Debt Obligations – 2.5% | Sovereign Debt Obligations – 2.5% | Sovereign Debt Obligations – 2.5% |
| Banks – 0.1% | Banks – 0.1% | Banks – 0.1% | Banks – 0.1% |
| Export-Import Bank of Korea | Export-Import Bank of Korea | Export-Import Bank of Korea | Export-Import Bank of Korea |
| 340000 | 2.625 | 05/26/26 | 339124 |
| 270000 | 1.250 | 09/21/30 | 242403 |
| 280000 | 2.500 | 06/29/41 | 215338 |
|  |  |  | 796865 |
| Sovereign – 2.4% | Sovereign – 2.4% | Sovereign – 2.4% | Sovereign – 2.4% |
| Abu Dhabi Government International Bond | Abu Dhabi Government International Bond | Abu Dhabi Government International Bond | Abu Dhabi Government International Bond |
| 200000 | 1.625 | 06/02/28<sup>(e)</sup> | 190567 |
| 300000 | 3.125 | 04/16/30<sup>(e)</sup> | 292434 |
| 370000 | 1.700 | 03/02/31<sup>(e)</sup> | 333547 |
| 200000 | 2.700 | 09/02/70<sup>(e)</sup> | 113794 |
| Chile Government International Bond | Chile Government International Bond | Chile Government International Bond | Chile Government International Bond |
| 350000 | 2.750 | 01/31/27<sup>(c)</sup> | 346391 |
| 200000 | 2.450 | 01/31/31<sup>(c)</sup> | 184586 |
| 200000 | 4.950 | 01/05/36<sup>(c)</sup> | 205640 |
| 200000 | 3.860 | 06/21/47 | 165330 |
| 200000 | 3.500 | 01/25/50<sup>(c)</sup> | 151966 |
| Colombia Government International Bond | Colombia Government International Bond | Colombia Government International Bond | Colombia Government International Bond |
| 200000 | 4.500 | 03/15/29<sup>(c)</sup> | 195255 |
| 400000 | 7.500 | 02/02/34<sup>(c)</sup> | 418159 |
| 100000 | 6.125 | 01/18/41 | 89995 |
| 220000 | 5.000 | 06/15/45<sup>(c)</sup> | 164000 |
| 200000 | 5.200 | 05/15/49<sup>(c)</sup> | 149750 |

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

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| | |
|:---|:---|
| 108 | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) |
| Sovereign – (continued) | Sovereign – (continued) | Sovereign – (continued) | Sovereign – (continued) |
| Finance Department Government of Sharjah | Finance Department Government of Sharjah | Finance Department Government of Sharjah | Finance Department Government of Sharjah |
| $300000 | 4.000% | 07/28/50<sup>(e)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202469 |
| Hungary Government International Bond | Hungary Government International Bond | Hungary Government International Bond | Hungary Government International Bond |
| 300000 | 6.125 | 05/22/28<sup>(e)</sup> | 311934 |
| Hungary Government International Bond, Series 30Y | Hungary Government International Bond, Series 30Y | Hungary Government International Bond, Series 30Y | Hungary Government International Bond, Series 30Y |
| 222000 | 7.625 | 03/29/41 | 264561 |
| Indonesia Government International Bond | Indonesia Government International Bond | Indonesia Government International Bond | Indonesia Government International Bond |
| 200000 | 3.850 | 10/15/30 | 197380 |
| 260000 | 3.550 | 03/31/32<sup>(c)</sup> | 247450 |
| 200000 | 4.650 | 09/20/32<sup>(c)</sup> | 201793 |
| 280000 | 4.850 | 01/11/33<sup>(c)</sup> | 283699 |
| 200000 | 3.700 | 10/30/49 | 151210 |
| 200000 | 5.650 | 01/11/53<sup>(c)</sup> | 201677 |
| Israel Government International Bond, Series 10Y | Israel Government International Bond, Series 10Y | Israel Government International Bond, Series 10Y | Israel Government International Bond, Series 10Y |
| 200000 | 4.500 | 01/17/33 | 197098 |
| Kuwait International Government Bond | Kuwait International Government Bond | Kuwait International Government Bond | Kuwait International Government Bond |
| 1138000 | 3.500 | 03/20/27<sup>(e)</sup> | 1134615 |
| Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
| 338000 | 4.150 | 03/28/27 | 338897 |
| 250000 | 3.250 | 04/16/30<sup>(c)</sup> | 238371 |
| 282000 | 4.750 | 04/27/32<sup>(c)</sup> | 278550 |
| 300000 | 5.375 | 03/22/33<sup>(c)</sup> | 301970 |
| 250000 | 3.500 | 02/12/34<sup>(c)</sup> | 219864 |
| 200000 | 4.350 | 01/15/47 | 153691 |
| 200000 | 5.000 | 04/27/51<sup>(c)</sup> | 164382 |
| 462000 | 3.771 | 05/24/61<sup>(c)</sup> | 291115 |
| Mexico Government International Bond, MTN | Mexico Government International Bond, MTN | Mexico Government International Bond, MTN | Mexico Government International Bond, MTN |
| 100000 | 4.750 | 03/08/44 | 84042 |
| Oman Government International Bond | Oman Government International Bond | Oman Government International Bond | Oman Government International Bond |
| 400000 | 6.250 | 01/25/31<sup>(e)</sup> | 428936 |
| Panama Government International Bond | Panama Government International Bond | Panama Government International Bond | Panama Government International Bond |
| 81000 | 6.700 | 01/26/36 | 88906 |
| 200000 | 4.500 | 05/15/47<sup>(c)</sup> | 164016 |
| 244000 | 4.500 | 04/01/56<sup>(c)</sup> | 191125 |
| 200000 | 4.500 | 01/19/63<sup>(c)</sup> | 155546 |
| Paraguay Government International Bond | Paraguay Government International Bond | Paraguay Government International Bond | Paraguay Government International Bond |
| 500000 | 4.950 | 04/28/31<sup>(c)(e)</sup> | 510351 |
| Perusahaan Penerbit SBSN Indonesia III | Perusahaan Penerbit SBSN Indonesia III | Perusahaan Penerbit SBSN Indonesia III | Perusahaan Penerbit SBSN Indonesia III |
| 350000 | 4.550 | 03/29/26<sup>(e)</sup> | 350871 |
| 200000 | 2.800 | 06/23/30<sup>(e)</sup> | 187851 |
| 200000 | 2.550 | 06/09/31<sup>(e)</sup> | 182130 |
| 200000 | 5.200 | 07/23/35<sup>(e)</sup> | 203669 |
| Peruvian Government International Bond | Peruvian Government International Bond | Peruvian Government International Bond | Peruvian Government International Bond |
| 100000 | 4.125 | 08/25/27 | 100625 |
| 377000 | 1.862 | 12/01/32<sup>(c)</sup> | 317461 |
| 509000 | 8.750 | 11/21/33 | 643359 |
| 85000 | 3.300 | 03/11/41<sup>(c)</sup> | 67113 |
| Philippine Government International Bond | Philippine Government International Bond | Philippine Government International Bond | Philippine Government International Bond |
| 200000 | 3.750 | 01/14/29 | 198874 |
| 338000 | 2.457 | 05/05/30 | 317056 |
| 220000 | 5.609 | 04/13/33 | 234790 |
| 229000 | 6.375 | 10/23/34 | 256426 |
| 200000 | 2.650 | 12/10/45 | 134313 |
| Province of Alberta Canada | Province of Alberta Canada | Province of Alberta Canada | Province of Alberta Canada |
| 50000 | 3.300 | 03/15/28 | 49777 |
| Province of Ontario Canada | Province of Ontario Canada | Province of Ontario Canada | Province of Ontario Canada |
| 30000 | 1.050 | 05/21/27 | 29135 |
| 30000 | 1.600 | 02/25/31 | 27156 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) |
| Sovereign – (continued) | Sovereign – (continued) | Sovereign – (continued) | Sovereign – (continued) |
| Province of Quebec Canada | Province of Quebec Canada | Province of Quebec Canada | Province of Quebec Canada |
| 25000 | 2.750% | 04/12/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24773 |
| Qatar Government International Bond | Qatar Government International Bond | Qatar Government International Bond | Qatar Government International Bond |
| 770000 | 3.750 | 04/16/30<sup>(e)</sup> | 767533 |
| 100000 | 6.400 | 01/20/40<sup>(e)</sup> | 116525 |
| 213000 | 5.750 | 01/20/42<sup>(e)</sup> | 234058 |
| 200000 | 4.817 | 03/14/49<sup>(e)</sup> | 191878 |
| Republic of Poland Government International Bond, Series 10Y | Republic of Poland Government International Bond, Series 10Y | Republic of Poland Government International Bond, Series 10Y | Republic of Poland Government International Bond, Series 10Y |
| 30000 | 3.250 | 04/06/26 | 30045 |
| 320000 | 5.750 | 11/16/32<sup>(c)</sup> | 345333 |
| 292000 | 4.875 | 10/04/33<sup>(c)</sup> | 300014 |
| Republic of Poland Government International Bond, Series 5Y | Republic of Poland Government International Bond, Series 5Y | Republic of Poland Government International Bond, Series 5Y | Republic of Poland Government International Bond, Series 5Y |
| 100000 | 5.500 | 11/16/27<sup>(c)</sup> | 102871 |
| Romanian Government International Bond | Romanian Government International Bond | Romanian Government International Bond | Romanian Government International Bond |
| 16000 | 3.000 | 02/14/31<sup>(e)</sup> | 14742 |
| 438000 | 6.375 | 01/30/34<sup>(e)</sup> | 463832 |
| 76000 | 5.125 | 06/15/48<sup>(e)</sup> | 65903 |
| Saudi Government International Bond | Saudi Government International Bond | Saudi Government International Bond | Saudi Government International Bond |
| 300000 | 5.125 | 01/13/28<sup>(e)</sup> | 305894 |
| 300000 | 4.750 | 01/18/28<sup>(e)</sup> | 303730 |
| 200000 | 5.375 | 01/13/31<sup>(e)</sup> | 210529 |
| 326000 | 4.875 | 07/18/33<sup>(e)</sup> | 331928 |
| 300000 | 5.000 | 01/16/34<sup>(e)</sup> | 308263 |
| 200000 | 5.625 | 01/13/35<sup>(e)</sup> | 213332 |
| 200000 | 4.500 | 10/26/46<sup>(e)</sup> | 172416 |
| 300000 | 5.000 | 01/18/53<sup>(e)</sup> | 269455 |
| Uruguay Government International Bond | Uruguay Government International Bond | Uruguay Government International Bond | Uruguay Government International Bond |
| 66667 | 4.375 | 10/27/27 | 67268 |
| 15000 | 4.375 | 01/23/31<sup>(c)</sup> | 15292 |
| 486000 | 5.750 | 10/28/34<sup>(c)</sup> | 522955 |
| 261000 | 5.100 | 06/18/50 | 251431 |
|  |  |  | 18935668 |
| TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $19,625,229) | TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $19,625,229) | TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $19,625,229) | 19732533 |
| U.S. Government Agency Obligations – 0.7% | U.S. Government Agency Obligations – 0.7% | U.S. Government Agency Obligations – 0.7% | U.S. Government Agency Obligations – 0.7% |
| Federal Home Loan Banks | Federal Home Loan Banks | Federal Home Loan Banks | Federal Home Loan Banks |
| 250000 | 1.250 | 12/21/26 | 245549 |
| 1950000 | 5.500 | 07/15/36 | 2188439 |
| Federal Home Loan Mortgage Corporation | Federal Home Loan Mortgage Corporation | Federal Home Loan Mortgage Corporation | Federal Home Loan Mortgage Corporation |
| 1980000 | 6.250 | 07/15/32 | 2270507 |
| Federal Home Loan Mortgage Corporation, MTN | Federal Home Loan Mortgage Corporation, MTN | Federal Home Loan Mortgage Corporation, MTN | Federal Home Loan Mortgage Corporation, MTN |
| 700000 |  | 11/15/38<sup>(g)</sup> | 398776 |
| TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS<br>(Cost $4,936,952) | TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS<br>(Cost $4,936,952) | TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS<br>(Cost $4,936,952) | 5103271 |
| U.S. Treasury Obligations – 4.6% | U.S. Treasury Obligations – 4.6% | U.S. Treasury Obligations – 4.6% | U.S. Treasury Obligations – 4.6% |
| U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| 1437000 | 3.125 <sup>(a)</sup> | 11/15/41 | 1224803 |
| 1600000 | 2.375 <sup>(a)</sup> | 02/15/42 | 1217003 |
| 1164000 | 3.125 <sup>(a)</sup> | 02/15/42 | 987709 |
| 1000000 | 3.000 <sup>(a)</sup> | 05/15/42 | 830889 |
| 12875000 | 2.750 <sup>(a)</sup> | 08/15/42 | 10273138 |
| 449000 | 3.125 <sup>(a)</sup> | 02/15/43 | 375145 |
| 80000 | 4.375 <sup>(a)</sup> | 08/15/43 | 78746 |
| 175000 | 3.375 <sup>(a)</sup> | 05/15/44 | 149384 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **109** |

---

------

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) |
| U.S. Treasury Bonds – (continued) | U.S. Treasury Bonds – (continued) | U.S. Treasury Bonds – (continued) | U.S. Treasury Bonds – (continued) | U.S. Treasury Bonds – (continued) |
| $| 100000 | 3.000 %<sup>(a)</sup> | 11/15/44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80107 |
|  | 4505000 | 2.375 <sup>(a)</sup> | 11/15/49 | 3013254 |
|  | 780000 | 2.375 <sup>(a)</sup> | 05/15/51 | 512062 |
|  | 1137000 | 2.000 <sup>(a)</sup> | 08/15/51 | 680058 |
|  | 516000 | 4.000 <sup>(a)</sup> | 11/15/52 | 463776 |
|  | 1049700 | 4.750 <sup>(a)</sup> | 11/15/53 | 1067128 |
|  | 2816800 | 4.750 <sup>(a)</sup> | 05/15/55 | 2867435 |
|  | 2543000 | 4.625 <sup>(a)</sup> | 11/15/55 | 2539738 |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  | 255000 | 0.500 <sup>(a)</sup> | 04/30/27 | 246470 |
|  | 961000 | 3.500 <sup>(a)</sup> | 10/15/28 | 963770 |
|  | 2168000 | 4.375 <sup>(a)</sup> | 12/31/29 | 2239531 |
|  | 800000 | 4.250 <sup>(a)</sup> | 01/31/30 | 823148 |
|  | 650000 | 3.875 <sup>(a)</sup> | 06/30/30 | 660184 |
|  | 1700200 | 3.625 <sup>(a)</sup> | 09/30/30 | 1709314 |
|  | 1175000 | 3.625 <sup>(a)</sup> | 10/31/30 | 1181026 |
|  | 1587000 | 4.500 <sup>(a)</sup> | 12/31/31 | 1660716 |
| TOTAL U.S. TREASURY OBLIGATIONS (Cost $35,931,349) | TOTAL U.S. TREASURY OBLIGATIONS (Cost $35,931,349) | TOTAL U.S. TREASURY OBLIGATIONS (Cost $35,931,349) | TOTAL U.S. TREASURY OBLIGATIONS (Cost $35,931,349) | 35844534 |
| **Shares** | **Dividend**<br> **Rate** | **Dividend**<br> **Rate** | **Dividend**<br> **Rate** | **Value** |
| Investment Company – 11.3%<sup>(h)</sup> | Investment Company – 11.3%<sup>(h)</sup> | Investment Company – 11.3%<sup>(h)</sup> | Investment Company – 11.3%<sup>(h)</sup> | Investment Company – 11.3%<sup>(h)</sup> |
|  Goldman Sachs Financial Square Government Fund - Institutional | Goldman Sachs Financial Square Government Fund - Institutional | Goldman Sachs Financial Square Government Fund - Institutional | Goldman Sachs Financial Square Government Fund - Institutional | Goldman Sachs Financial Square Government Fund - Institutional |
| Shares | Shares | Shares | Shares | Shares |
|  | 88276684 | 3.589% |  | 88276684 |
| (Cost $88,276,684) | (Cost $88,276,684) | (Cost $88,276,684) | (Cost $88,276,684) | (Cost $88,276,684) |
| TOTAL INVESTMENTS – 110.8%<br>(Cost $857,456,412) | TOTAL INVESTMENTS – 110.8%<br>(Cost $857,456,412) | TOTAL INVESTMENTS – 110.8%<br>(Cost $857,456,412) | TOTAL INVESTMENTS – 110.8%<br>(Cost $857,456,412) | $864993142 |
| LIABILITIES IN EXCESS OF OTHER ASSETS – (10.8)% | LIABILITIES IN EXCESS OF OTHER ASSETS – (10.8)% | LIABILITIES IN EXCESS OF OTHER ASSETS – (10.8)% | LIABILITIES IN EXCESS OF OTHER ASSETS – (10.8)% | (84652183) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | NET ASSETS – 100.0% |  | $780340959 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(b) TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $93,663,317 which represents approximately 12.0% of the Fund's net assets as of February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Securities with "Call" features. Maturity dates disclosed are the final maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Exempt from registration under Rule 144A of the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Security with "Put" features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Issued with a zero coupon. Income is recognized through the accretion of discount.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Represents an affiliated issuer.

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| CMT | —Constant Maturity Treasury Index |
| FNMA | —Federal National Mortgage Association |
| GMTN | —Global Medium Term Note |
| LIBOR | —London Interbank Offered Rate |
| LP | —Limited Partnership |
| MTN | —Medium Term Note |
| PLC | —Public Limited Company |
| REIT | —Real Estate Investment Trust |
| SOFR | —Secured Overnight Financing Rate |
| SOFRINDX | —Secured Overnight Financing Rate Index |
| TSFR | —Term Secured Overnight Financing Rate |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ADDITIONAL INVESTMENT INFORMATION**<br>

**FORWARD SALES CONTRACTS** — At February 28, 2026, the Fund had the following forward sales contracts:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date <sup>(a)</sup>** | **Settlement<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
|  FNMA | 2.000% | TBA-15yr | 03/15/41 | $(2000000) | $— | (1863750) |
|  **Government National Mortgage Association** | 4.500 | TBA-30yr | 03/15/56 | (1000000) |  | (988281) |
|  Total (Proceed Receivable $2,836,602) |  |  |  |  | $— | (2852031) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 110 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS U.S. PREFERRED STOCK AND HYBRID SECURITIES ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Value** |
| Corporate Obligations – 56.3% | Corporate Obligations – 56.3% | Corporate Obligations – 56.3% |
| Banks – 25.8% | Banks – 25.8% | Banks – 25.8% |
| American Express Co. | American Express Co. | American Express Co. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.854%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.854%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.854%) |
| 775000 | 3.550% 09/15/74<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770156 |
| BAC Capital Trust XIV, Series G | BAC Capital Trust XIV, Series G | BAC Capital Trust XIV, Series G |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 0.662%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 0.662%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 0.662%) |
| 109000 | 4.385 03/15/12<sup>(a)</sup> | 89653 |
| Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.684%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.684%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.684%) |
| 701000 | 6.625 08/01/74<sup>(a)</sup> | 734297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.351%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.351%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.351%) |
| 801000 | 6.250 10/26/74<sup>(a)</sup> | 825030 |
| Bank of America Corp., Series DD | Bank of America Corp., Series DD | Bank of America Corp., Series DD |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 4.815%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 4.815%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 4.815%) |
| 298000 | 6.300 09/10/74<sup>(a)</sup> | 298373 |
| Bank of America Corp., Series FF | Bank of America Corp., Series FF | Bank of America Corp., Series FF |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.193%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.193%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.193%) |
| 359000 | 5.875 09/15/74<sup>(a)</sup> | 366180 |
| Bank of America Corp., Series RR | Bank of America Corp., Series RR | Bank of America Corp., Series RR |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.760%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.760%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.760%) |
| 350000 | 4.375 04/27/74<sup>(a)</sup> | 349125 |
| Bank of America Corp., Series TT | Bank of America Corp., Series TT | Bank of America Corp., Series TT |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.231%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.231%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.231%) |
| 470000 | 6.125 07/27/74<sup>(a)</sup> | 477050 |
| Bank of New York Mellon Corp. (The) | Bank of New York Mellon Corp. (The) | Bank of New York Mellon Corp. (The) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.297%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.297%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.297%) |
| 443000 | 6.300 09/20/74<sup>(a)</sup> | 460166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.271%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.271%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.271%) |
| 323000 | 5.950 12/20/74<sup>(a)</sup> | 331883 |
| Bank of New York Mellon Corp. (The), Series F | Bank of New York Mellon Corp. (The), Series F | Bank of New York Mellon Corp. (The), Series F |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.393%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.393%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.393%) |
| 287000 | 4.625 03/20/74<sup>(a)</sup> | 287000 |
| Bank of New York Mellon Corp. (The), Series H | Bank of New York Mellon Corp. (The), Series H | Bank of New York Mellon Corp. (The), Series H |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.352%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.352%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.352%) |
| 586000 | 3.700 03/20/74<sup>(a)</sup> | 585267 |
| Bank of New York Mellon Corp. (The), Series I | Bank of New York Mellon Corp. (The), Series I | Bank of New York Mellon Corp. (The), Series I |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.630%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.630%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.630%) |
| 160000 | 3.750 03/20/74<sup>(a)</sup> | 158200 |
| Capital One Financial Corp., Series M | Capital One Financial Corp., Series M | Capital One Financial Corp., Series M |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.157%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.157%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.157%) |
| 572000 | 3.950 09/01/74<sup>(a)</sup> | 568425 |
| Capital One Financial Corp., Series O | Capital One Financial Corp., Series O | Capital One Financial Corp., Series O |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.338%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.338%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.338%) |
| 101000 | 5.500 10/30/74<sup>(a)</sup> | 102041 |
| Charles Schwab Corp. (The), Series F | Charles Schwab Corp. (The), Series F | Charles Schwab Corp. (The), Series F |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 2.575%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 2.575%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 2.575%) |
| 438000 | 5.000 06/01/74<sup>(a)</sup> | 435262 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) |
| Charles Schwab Corp. (The), Series H | Charles Schwab Corp. (The), Series H | Charles Schwab Corp. (The), Series H |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.079%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.079%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.079%) |
| 625000 | 4.000% 03/01/75<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591406 |
| Charles Schwab Corp. (The), Series I | Charles Schwab Corp. (The), Series I | Charles Schwab Corp. (The), Series I |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.168%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.168%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.168%) |
| 701000 | 4.000 06/01/74<sup>(a)</sup> | 700124 |
| Charles Schwab Corp. (The), Series K | Charles Schwab Corp. (The), Series K | Charles Schwab Corp. (The), Series K |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.256%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.256%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.256%) |
| 273000 | 5.000 06/01/74<sup>(a)</sup> | 274706 |
| Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.001%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.001%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.001%) |
| 763000 | 6.625 05/15/74<sup>(a)</sup> | 783982 |
| Citigroup, Inc., Series AA | Citigroup, Inc., Series AA | Citigroup, Inc., Series AA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.211%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.211%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.211%) |
| 592000 | 7.625 02/15/75<sup>(a)</sup> | 626040 |
| Citigroup, Inc., Series BB | Citigroup, Inc., Series BB | Citigroup, Inc., Series BB |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.905%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.905%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.905%) |
| 158000 | 7.200 08/15/74<sup>(a)</sup> | 163728 |
| Citigroup, Inc., Series CC | Citigroup, Inc., Series CC | Citigroup, Inc., Series CC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.693%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.693%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.693%) |
| 464000 | 7.125 11/15/74<sup>(a)</sup> | 479660 |
| Citigroup, Inc., Series DD | Citigroup, Inc., Series DD | Citigroup, Inc., Series DD |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.757%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.757%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.757%) |
| 430000 | 7.000 11/15/74<sup>(a)</sup> | 454187 |
| Citigroup, Inc., Series EE | Citigroup, Inc., Series EE | Citigroup, Inc., Series EE |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.572%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.572%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.572%) |
| 595000 | 6.750 02/15/75<sup>(a)</sup> | 609875 |
| Citigroup, Inc., Series FF | Citigroup, Inc., Series FF | Citigroup, Inc., Series FF |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.726%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.726%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.726%) |
| 475000 | 6.950 05/15/74<sup>(a)</sup> | 489844 |
| Citigroup, Inc., Series GG | Citigroup, Inc., Series GG | Citigroup, Inc., Series GG |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.890%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.890%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.890%) |
| 1169000 | 6.875 11/15/74<sup>(a)</sup> | 1201147 |
| Citigroup, Inc., Series T | Citigroup, Inc., Series T | Citigroup, Inc., Series T |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 4.779%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 4.779%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 4.779%) |
| 149000 | 6.250 02/15/75<sup>(a)</sup> | 150118 |
| Citigroup, Inc., Series Y | Citigroup, Inc., Series Y | Citigroup, Inc., Series Y |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.000%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.000%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.000%) |
| 240000 | 4.150 02/15/75<sup>(a)</sup> | 239100 |
| Citigroup, Inc., Series Z | Citigroup, Inc., Series Z | Citigroup, Inc., Series Z |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.209%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.209%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.209%) |
| 631000 | 7.375 08/15/74<sup>(a)</sup> | 657818 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **111** |

---

------

GOLDMAN SACHS ACCESS U.S. PREFERRED STOCK AND HYBRID SECURITIES ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) |
| Citizens Financial Group, Inc., Series B | Citizens Financial Group, Inc., Series B | Citizens Financial Group, Inc., Series B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.265%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.265%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.265%) |
| 409000 | 6.914% 07/06/23<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410023 |
| Citizens Financial Group, Inc., Series C | Citizens Financial Group, Inc., Series C | Citizens Financial Group, Inc., Series C |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.419%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.419%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.419%) |
| 151000 | 7.068 04/06/24<sup>(a)</sup> | 151378 |
| Citizens Financial Group, Inc., Series G | Citizens Financial Group, Inc., Series G | Citizens Financial Group, Inc., Series G |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.215%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.215%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.215%) |
| 67000 | 4.000 10/06/74<sup>(a)</sup> | 66665 |
| Fifth Third Bancorp, Series H | Fifth Third Bancorp, Series H | Fifth Third Bancorp, Series H |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.295%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.295%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.295%) |
| 163000 | 6.967 12/31/74<sup>(a)</sup> | 163408 |
| Fifth Third Bancorp, Series J | Fifth Third Bancorp, Series J | Fifth Third Bancorp, Series J |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.391%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.391%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.391%) |
| 293000 | 7.063 09/30/74<sup>(a)</sup> | 292634 |
| First Citizens BancShares, Inc., Series D | First Citizens BancShares, Inc., Series D | First Citizens BancShares, Inc., Series D |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.301%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.301%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.301%) |
| 120000 | 7.000 03/15/74<sup>(a)</sup> | 123750 |
| Huntington Bancshares, Inc., Series F | Huntington Bancshares, Inc., Series F | Huntington Bancshares, Inc., Series F |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.945%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.945%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.945%) |
| 212000 | 5.625 10/15/74<sup>(a)</sup> | 217830 |
| Huntington Bancshares, Inc., Series G | Huntington Bancshares, Inc., Series G | Huntington Bancshares, Inc., Series G |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.045%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.045%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.045%) |
| 223000 | 4.450 01/15/75<sup>(a)</sup> | 221606 |
| Huntington Bancshares, Inc., Series K | Huntington Bancshares, Inc., Series K | Huntington Bancshares, Inc., Series K |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.653%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.653%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.653%) |
| 259000 | 6.250 01/15/75<sup>(a)</sup> | 260942 |
| JPMorgan Chase & Co., Series CC | JPMorgan Chase & Co., Series CC | JPMorgan Chase & Co., Series CC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.842%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.842%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.842%) |
| 418000 | 6.505 05/01/74<sup>(a)</sup> | 421919 |
| JPMorgan Chase & Co., Series II | JPMorgan Chase & Co., Series II | JPMorgan Chase & Co., Series II |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.745%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.745%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.745%) |
| 861000 | 6.406 10/01/74<sup>(a)</sup> | 861538 |
| JPMorgan Chase & Co., Series KK | JPMorgan Chase & Co., Series KK | JPMorgan Chase & Co., Series KK |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.850%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.850%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.850%) |
| 471000 | 3.650 09/01/74<sup>(a)</sup> | 468645 |
| JPMorgan Chase & Co., Series NN | JPMorgan Chase & Co., Series NN | JPMorgan Chase & Co., Series NN |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.737%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.737%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.737%) |
| 806000 | 6.875 06/01/74<sup>(a)</sup> | 853352 |
| JPMorgan Chase & Co., Series OO | JPMorgan Chase & Co., Series OO | JPMorgan Chase & Co., Series OO |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.152%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.152%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.152%) |
| 800000 | 6.500 04/01/74<sup>(a)</sup> | 840000 |
| KeyCorp, Series D | KeyCorp, Series D | KeyCorp, Series D |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.868%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.868%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.868%) |
| 181000 | 5.000 12/15/74<sup>(a)</sup> | 181453 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) |
| M&T Bank Corp. | M&T Bank Corp. | M&T Bank Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.679%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.679%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.679%) |
| 257000 | 3.500% 03/01/75<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254430 |
| M&T Bank Corp., Series F | M&T Bank Corp., Series F | M&T Bank Corp., Series F |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.782%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.782%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.782%) |
| 32000 | 5.125 05/01/74<sup>(a)</sup> | 32000 |
| Mellon Capital IV, Series 1 | Mellon Capital IV, Series 1 | Mellon Capital IV, Series 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 0.827%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 0.827%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 0.827%) |
| 182000 | 4.521 06/20/12<sup>(a)</sup> | 155610 |
| Morgan Stanley, Series M | Morgan Stanley, Series M | Morgan Stanley, Series M |
| 200000 | 5.875 03/15/74<sup>(a)</sup> | 200500 |
| Morgan Stanley, Series N | Morgan Stanley, Series N | Morgan Stanley, Series N |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.422%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.422%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.422%) |
| 230000 | 7.145 03/15/74<sup>(a)</sup> | 231150 |
| Northern Trust Corp., Series D | Northern Trust Corp., Series D | Northern Trust Corp., Series D |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.464%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.464%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.464%) |
| 480000 | 4.600 04/01/74<sup>(a)</sup> | 481200 |
| PNC Financial Services Group, Inc. (The), Series S | PNC Financial Services Group, Inc. (The), Series S | PNC Financial Services Group, Inc. (The), Series S |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.562%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.562%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.562%) |
| 439000 | 5.000 05/01/74<sup>(a)</sup> | 442841 |
| PNC Financial Services Group, Inc. (The), Series T | PNC Financial Services Group, Inc. (The), Series T | PNC Financial Services Group, Inc. (The), Series T |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.595%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.595%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.595%) |
| 405000 | 3.400 12/15/74<sup>(a)</sup> | 399938 |
| PNC Financial Services Group, Inc. (The), Series U | PNC Financial Services Group, Inc. (The), Series U | PNC Financial Services Group, Inc. (The), Series U |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.000%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.000%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.000%) |
| 575000 | 6.000 08/15/74<sup>(a)</sup> | 580750 |
| PNC Financial Services Group, Inc. (The), Series V | PNC Financial Services Group, Inc. (The), Series V | PNC Financial Services Group, Inc. (The), Series V |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.238%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.238%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.238%) |
| 536000 | 6.200 12/15/74<sup>(a)</sup> | 546050 |
| PNC Financial Services Group, Inc. (The), Series W | PNC Financial Services Group, Inc. (The), Series W | PNC Financial Services Group, Inc. (The), Series W |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.808%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.808%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.808%) |
| 522000 | 6.250 06/15/74<sup>(a)</sup> | 542228 |
| State Street Corp. | State Street Corp. | State Street Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.135%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.135%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.135%) |
| 536000 | 6.450 06/15/74<sup>(a)</sup> | 560790 |
| State Street Corp., Series I | State Street Corp., Series I | State Street Corp., Series I |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.613%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.613%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.613%) |
| 529000 | 6.700 06/15/74<sup>(a)</sup> | 554127 |
| State Street Corp., Series J | State Street Corp., Series J | State Street Corp., Series J |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.628%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.628%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.628%) |
| 500000 | 6.700 12/15/74<sup>(a)</sup> | 526250 |
| Truist Financial Corp., Series M | Truist Financial Corp., Series M | Truist Financial Corp., Series M |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.048%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.048%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.048%) |
| 220000 | 5.125 06/15/74<sup>(a)</sup> | 220275 |
| Truist Financial Corp., Series N | Truist Financial Corp., Series N | Truist Financial Corp., Series N |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.003%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.003%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.003%) |
| 444000 | 6.669 03/01/75<sup>(a)</sup> | 446220 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 112 | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS ACCESS U.S. PREFERRED STOCK AND HYBRID SECURITIES ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| Truist Financial Corp., Series Q | Truist Financial Corp., Series Q | Truist Financial Corp., Series Q | Truist Financial Corp., Series Q |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.349%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.349%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.349%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.349%) |
| 697000 | 5.100% | 03/01/75<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706584 |
| U.S. Bancorp | U.S. Bancorp | U.S. Bancorp | U.S. Bancorp |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.541%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.541%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.541%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.541%) |
| 661000 | 3.700 | 01/15/75<sup>(a)</sup> | 655216 |
| U.S. Bancorp, Series J | U.S. Bancorp, Series J | U.S. Bancorp, Series J | U.S. Bancorp, Series J |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.176%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.176%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.176%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.176%) |
| 774000 | 5.300 | 04/15/74<sup>(a)</sup> | 778837 |
| USB Capital IX | USB Capital IX | USB Capital IX | USB Capital IX |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.282%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.282%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.282%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.282%) |
| 309000 | 4.954 | 04/15/11<sup>(a)</sup> | 251835 |
| Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
| 447000 | 5.950 | 12/01/86 | 476847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.767%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.767%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.767%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.767%) |
| 724000 | 6.850 | 09/15/74<sup>(a)</sup> | 759295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.606%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.606%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.606%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.606%) |
| 847000 | 7.625 | 09/15/74<sup>(a)</sup> | 905231 |
| Wells Fargo & Co., Series BB | Wells Fargo & Co., Series BB | Wells Fargo & Co., Series BB | Wells Fargo & Co., Series BB |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.453%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.453%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.453%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.453%) |
| 1110000 | 3.900 | 03/15/74<sup>(a)</sup> | 1110000 |
|  |  |  | 31613190 |
| Basic Industry – 0.1% | Basic Industry – 0.1% | Basic Industry – 0.1% | Basic Industry – 0.1% |
| FMC Corp. | FMC Corp. | FMC Corp. | FMC Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.366%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.366%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.366%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.366%) |
| 197000 | 8.450 | 11/01/55<sup>(a)</sup> | 128050 |
| Building Materials – 0.3% | Building Materials – 0.3% | Building Materials – 0.3% | Building Materials – 0.3% |
| Stanley Black & Decker, Inc. | Stanley Black & Decker, Inc. | Stanley Black & Decker, Inc. | Stanley Black & Decker, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.657%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.657%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.657%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.657%) |
| 387000 | 6.707 | 03/15/60<sup>(a)</sup> | 387601 |
| Consumer Cyclical – 0.9% | Consumer Cyclical – 0.9% | Consumer Cyclical – 0.9% | Consumer Cyclical – 0.9% |
| Aptiv Swiss Holdings Ltd. | Aptiv Swiss Holdings Ltd. | Aptiv Swiss Holdings Ltd. | Aptiv Swiss Holdings Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.385%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.385%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.385%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.385%) |
| 200000 | 6.875 | 12/15/54<sup>(a)</sup> | 208752 |
| General Motors Financial Co., Inc., Series A | General Motors Financial Co., Inc., Series A | General Motors Financial Co., Inc., Series A | General Motors Financial Co., Inc., Series A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 3.598%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 3.598%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 3.598%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 3.598%) |
| 542000 | 5.750 | 03/30/74<sup>(a)</sup> | 542678 |
| General Motors Financial Co., Inc., Series B | General Motors Financial Co., Inc., Series B | General Motors Financial Co., Inc., Series B | General Motors Financial Co., Inc., Series B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 3.436%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 3.436%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 3.436%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 3.436%) |
| 242000 | 6.500 | 03/30/74<sup>(a)</sup> | 245933 |
| General Motors Financial Co., Inc., Series C | General Motors Financial Co., Inc., Series C | General Motors Financial Co., Inc., Series C | General Motors Financial Co., Inc., Series C |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.997%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.997%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.997%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.997%) |
| 64000 | 5.700 | 03/30/74<sup>(a)</sup> | 64480 |
|  |  |  | 1061843 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Consumer Noncyclical – 0.1% | Consumer Noncyclical – 0.1% | Consumer Noncyclical – 0.1% |
| DENTSPLY SIRONA, Inc. | DENTSPLY SIRONA, Inc. | DENTSPLY SIRONA, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.379%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.379%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.379%) |
| 160000 | 8.375% 09/12/55<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160043 |
| Electric – 14.9% | Electric – 14.9% | Electric – 14.9% |
| AES Corp. (The) | AES Corp. (The) | AES Corp. (The) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.201%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.201%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.201%) |
| 414000 | 7.600 01/15/55<sup>(a)</sup> | 418109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.890%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.890%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.890%) |
| 73000 | 6.950 07/15/55<sup>(a)</sup> | 70892 |
| Alliant Energy Corp. | Alliant Energy Corp. | Alliant Energy Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.077%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.077%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.077%) |
| 221000 | 5.750 04/01/56<sup>(a)</sup> | 220128 |
| American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.675%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.675%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.675%) |
| 161000 | 6.950 12/15/54<sup>(a)</sup> | 174364 |
| 547000 | 3.875 02/15/62<sup>(a)</sup> | 539137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.750%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.750%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.750%) |
| 147000 | 7.050 12/15/54<sup>(a)</sup> | 155206 |
| American Electric Power Co., Inc., Series C | American Electric Power Co., Inc., Series C | American Electric Power Co., Inc., Series C |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.128%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.128%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.128%) |
| 436000 | 5.800 03/15/56<sup>(a)</sup> | 437810 |
| American Electric Power Co., Inc., Series D | American Electric Power Co., Inc., Series D | American Electric Power Co., Inc., Series D |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.940%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.940%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.940%) |
| 716000 | 6.050 03/15/56<sup>(a)</sup> | 720301 |
| CenterPoint Energy, Inc. | CenterPoint Energy, Inc. | CenterPoint Energy, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.586%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.586%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.586%) |
| 113000 | 6.700 05/15/55<sup>(a)</sup> | 116491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.223%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.223%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.223%) |
| 194000 | 5.950 04/01/56<sup>(a)</sup> | 195658 |
| CenterPoint Energy, Inc., Series A | CenterPoint Energy, Inc., Series A | CenterPoint Energy, Inc., Series A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.254%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.254%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.254%) |
| 192000 | 7.000 02/15/55<sup>(a)</sup> | 202800 |
| CenterPoint Energy, Inc., Series B | CenterPoint Energy, Inc., Series B | CenterPoint Energy, Inc., Series B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.946%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.946%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.946%) |
| 277000 | 6.850 02/15/55<sup>(a)</sup> | 294797 |
| CMS Energy Corp. | CMS Energy Corp. | CMS Energy Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.116%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.116%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.116%) |
| 205000 | 4.750 06/01/50<sup>(a)</sup> | 203975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.961%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.961%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.961%) |
| 391000 | 6.500 06/01/55<sup>(a)</sup> | 408517 |
| Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.207%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.207%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.207%) |
| 671000 | 6.625 05/15/55<sup>(a)</sup> | 704122 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **113** |

---

------

GOLDMAN SACHS ACCESS U.S. PREFERRED STOCK AND HYBRID SECURITIES ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Electric – (continued) | Electric – (continued) | Electric – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.006%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.006%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.006%) |
| 195000 | 6.200% 02/15/56<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198366 |
| Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.262%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.262%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.262%) |
| 395000 | 6.000 02/15/56<sup>(a)</sup> | 400838 |
| Dominion Energy, Inc., Series A | Dominion Energy, Inc., Series A | Dominion Energy, Inc., Series A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.386%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.386%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.386%) |
| 561000 | 6.875 02/01/55<sup>(a)</sup> | 591324 |
| Dominion Energy, Inc., Series B | Dominion Energy, Inc., Series B | Dominion Energy, Inc., Series B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.511%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.511%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.511%) |
| 402000 | 7.000 06/01/54<sup>(a)</sup> | 436821 |
| Dominion Energy, Inc., Series C | Dominion Energy, Inc., Series C | Dominion Energy, Inc., Series C |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.195%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.195%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.195%) |
| 251000 | 4.350 04/15/74<sup>(a)</sup> | 249813 |
| Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.588%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.588%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.588%) |
| 386000 | 6.450 09/01/54<sup>(a)</sup> | 407399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.321%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.321%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.321%) |
| 77000 | 3.250 01/15/82<sup>(a)</sup> | 75460 |
| Edison International | Edison International | Edison International |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.864%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.864%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.864%) |
| 474000 | 8.125 06/15/53<sup>(a)</sup> | 493190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.658%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.658%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.658%) |
| 16000 | 7.875 06/15/54<sup>(a)</sup> | 16671 |
| Entergy Corp. | Entergy Corp. | Entergy Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.670%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.670%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.670%) |
| 362000 | 7.125 12/01/54<sup>(a)</sup> | 379848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.013%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.013%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.013%) |
| 241000 | 6.100 06/15/56<sup>(a)</sup> | 243051 |
| Entergy Corp., Series | Entergy Corp., Series | Entergy Corp., Series |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.179%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.179%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.179%) |
| 206000 | 5.875 06/15/56<sup>(a)</sup> | 206936 |
| EUSHI Finance, Inc. | EUSHI Finance, Inc. | EUSHI Finance, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.509%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.509%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.509%) |
| 328000 | 6.250 04/01/56<sup>(a)</sup> | 331543 |
| Evergy, Inc. | Evergy, Inc. | Evergy, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.558%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.558%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.558%) |
| 193000 | 6.650 06/01/55<sup>(a)</sup> | 199446 |
| Exelon Corp. | Exelon Corp. | Exelon Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.975%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.975%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.975%) |
| 484000 | 6.500 03/15/55<sup>(a)</sup> | 506895 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Electric – (continued) | Electric – (continued) | Electric – (continued) |
| National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 3.630%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 3.630%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 3.630%) |
| 294000 | 5.250% 04/20/46<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.533%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.533%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.533%) |
| 73000 | 7.125 09/15/53<sup>(a)</sup> | 76871 |
| Nevada Power Co. | Nevada Power Co. | Nevada Power Co. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.936%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.936%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.936%) |
| 59000 | 6.250 05/15/55<sup>(a)</sup> | 59874 |
| NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.457%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.457%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.457%) |
| 404000 | 6.750 06/15/54<sup>(a)</sup> | 429918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.364%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.364%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.364%) |
| 224000 | 6.700 09/01/54<sup>(a)</sup> | 234920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.053%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.053%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.053%) |
| 502000 | 6.375 08/15/55<sup>(a)</sup> | 520046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.979%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.979%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.979%) |
| 534000 | 6.500 08/15/55<sup>(a)</sup> | 567366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.329%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.329%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.329%) |
| 42000 | 5.990 10/01/66<sup>(a)</sup> | 38115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.387%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.387%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.387%) |
| 256000 | 6.110 06/15/67<sup>(a)</sup> | 232000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 2.409%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 2.409%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 2.409%) |
| 356000 | 4.800 12/01/77<sup>(a)</sup> | 352440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 3.156%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 3.156%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 3.156%) |
| 196000 | 5.650 05/01/79<sup>(a)</sup> | 199185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.547%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.547%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.547%) |
| 266000 | 3.800 03/15/82<sup>(a)</sup> | 261743 |
| NiSource, Inc. | NiSource, Inc. | NiSource, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.451%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.451%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.451%) |
| 157000 | 6.950 11/30/54<sup>(a)</sup> | 164388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.527%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.527%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.527%) |
| 185000 | 6.375 03/31/55<sup>(a)</sup> | 192956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.035%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.035%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.035%) |
| 359000 | 5.750 07/15/56<sup>(a)</sup> | 361326 |
| PacifiCorp | PacifiCorp | PacifiCorp |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.319%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.319%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.319%) |
| 346000 | 7.375 09/15/55<sup>(a)</sup> | 351542 |
| PG&E Corp. | PG&E Corp. | PG&E Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.883%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.883%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.883%) |
| 647000 | 7.375 03/15/55<sup>(a)</sup> | 669715 |
| PPL Capital Funding, Inc., Series A | PPL Capital Funding, Inc., Series A | PPL Capital Funding, Inc., Series A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.927%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.927%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.927%) |
| 149000 | 6.612 03/30/67<sup>(a)</sup> | 147882 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 114 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS U.S. PREFERRED STOCK AND HYBRID SECURITIES ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Electric – (continued) | Electric – (continued) | Electric – (continued) |
| Sempra | Sempra | Sempra |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.868%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.868%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.868%) |
| 27000 | 4.125% 04/01/52<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.632%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.632%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.632%) |
| 440000 | 6.400 10/01/54<sup>(a)</sup> | 448250 |
| 259000 | 6.375 04/01/56<sup>(a)</sup> | 265425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.789%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.789%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.789%) |
| 477000 | 6.875 10/01/54<sup>(a)</sup> | 491673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.138%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.138%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.138%) |
| 158000 | 6.550 04/01/55<sup>(a)</sup> | 161499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.354%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.354%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.354%) |
| 358000 | 6.625 04/01/55<sup>(a)</sup> | 364516 |
| Sierra Pacific Power Co. | Sierra Pacific Power Co. | Sierra Pacific Power Co. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.549%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.549%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.549%) |
| 249000 | 6.200 12/15/55<sup>(a)</sup> | 248598 |
| Southern Co. (The), Series 2025 | Southern Co. (The), Series 2025 | Southern Co. (The), Series 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.069%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.069%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.069%) |
| 734000 | 6.375 03/15/55<sup>(a)</sup> | 769847 |
| Southern Co. (The), Series 21-A | Southern Co. (The), Series 21-A | Southern Co. (The), Series 21-A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.915%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.915%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.915%) |
| 538000 | 3.750 09/15/51<sup>(a)</sup> | 533362 |
| WEC Energy Group, Inc. | WEC Energy Group, Inc. | WEC Energy Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.905%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.905%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.905%) |
| 126000 | 5.625 05/15/56<sup>(a)</sup> | 127081 |
|  |  | 18191183 |
| Energy – 5.2% | Energy – 5.2% | Energy – 5.2% |
| BP Capital Markets PLC | BP Capital Markets PLC | BP Capital Markets PLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.924%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.924%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.924%) |
| 445000 | 6.125 06/18/74<sup>(a)</sup> | 461132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.153%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.153%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.153%) |
| 214000 | 6.450 09/01/74<sup>(a)</sup> | 228980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.398%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.398%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.398%) |
| 1203000 | 4.875 12/22/74<sup>(a)</sup> | 1201496 |
| Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.020%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.020%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.020%) |
| 351000 | 8.000 05/15/54<sup>(a)</sup> | 376863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.829%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.829%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.829%) |
| 428000 | 7.125 10/01/54<sup>(a)</sup> | 444585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.676%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.676%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.676%) |
| 514000 | 6.500 02/15/56<sup>(a)</sup> | 519679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.475%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.475%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.475%) |
| 602000 | 6.750 02/15/56<sup>(a)</sup> | 616813 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Energy – (continued) | Energy – (continued) | Energy – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.279%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.279%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.279%) |
| 89000 | 6.943% 11/01/66<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89018 |
| Energy Transfer LP, Series B | Energy Transfer LP, Series B | Energy Transfer LP, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 4.155%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 4.155%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 4.155%) |
| 111000 | 6.625 02/15/75<sup>(a)</sup> | 112797 |
| Energy Transfer LP, Series G | Energy Transfer LP, Series G | Energy Transfer LP, Series G |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 5.306%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 5.306%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 5.306%) |
| 345000 | 7.125 05/15/74<sup>(a)</sup> | 357591 |
| Energy Transfer LP, Series H | Energy Transfer LP, Series H | Energy Transfer LP, Series H |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 5.694%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 5.694%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 5.694%) |
| 159000 | 6.500 11/15/74<sup>(a)</sup> | 160474 |
| Enterprise Products Operating LLC, Series D | Enterprise Products Operating LLC, Series D | Enterprise Products Operating LLC, Series D |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.248%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.248%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.248%) |
| 263000 | 6.900 08/16/77<sup>(a)</sup> | 263401 |
| Enterprise Products Operating LLC, Series E | Enterprise Products Operating LLC, Series E | Enterprise Products Operating LLC, Series E |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.295%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.295%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.295%) |
| 417000 | 5.250 08/16/77<sup>(a)</sup> | 417091 |
| Phillips 66 Co., Series A | Phillips 66 Co., Series A | Phillips 66 Co., Series A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.283%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.283%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.283%) |
| 440000 | 5.875 03/15/56<sup>(a)</sup> | 443833 |
| Phillips 66 Co., Series B | Phillips 66 Co., Series B | Phillips 66 Co., Series B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.166%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.166%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.166%) |
| 405000 | 6.200 03/15/56<sup>(a)</sup> | 409047 |
| Plains All American Pipeline LP, Series B | Plains All American Pipeline LP, Series B | Plains All American Pipeline LP, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 4.372%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 4.372%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 4.372%) |
| 296000 | 8.024 11/15/74<sup>(a)</sup> | 296740 |
|  |  | 6399540 |
| Financial Company – 1.0% | Financial Company – 1.0% | Financial Company – 1.0% |
| Air Lease Corp., Series B | Air Lease Corp., Series B | Air Lease Corp., Series B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.076%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.076%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.076%) |
| 59000 | 4.650 06/15/74<sup>(a)</sup> | 58941 |
| Air Lease Corp., Series C | Air Lease Corp., Series C | Air Lease Corp., Series C |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.149%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.149%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.149%) |
| 19000 | 4.125 12/15/74<sup>(a)</sup> | 18857 |
| Air Lease Corp., Series D | Air Lease Corp., Series D | Air Lease Corp., Series D |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.560%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.560%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.560%) |
| 125000 | 6.000 12/15/74<sup>(a)</sup> | 122039 |
| Ally Financial, Inc., Series B | Ally Financial, Inc., Series B | Ally Financial, Inc., Series B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.868%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.868%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.868%) |
| 440000 | 4.700 08/15/74<sup>(a)</sup> | 438900 |
| Ally Financial, Inc., Series C | Ally Financial, Inc., Series C | Ally Financial, Inc., Series C |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.481%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.481%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.481%) |
| 485000 | 4.700 08/15/74<sup>(a)</sup> | 460144 |

---

&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. | **115** |

---

------

GOLDMAN SACHS ACCESS U.S. PREFERRED STOCK AND HYBRID SECURITIES ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Financial Company – (continued) | Financial Company – (continued) | Financial Company – (continued) | Financial Company – (continued) |
| Apollo Global Management, Inc. | Apollo Global Management, Inc. | Apollo Global Management, Inc. | Apollo Global Management, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.168%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.168%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.168%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.168%) |
| 155000 | 6.000% | 12/15/54<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151831 |
|  |  |  | 1250712 |
| Healthcare – 1.0% | Healthcare – 1.0% | Healthcare – 1.0% | Healthcare – 1.0% |
| CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.516%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.516%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.516%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.516%) |
| 177000 | 6.750 | 12/10/54<sup>(a)</sup> | 185033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.886%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.886%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.886%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.886%) |
| 956000 | 7.000 | 03/10/55<sup>(a)</sup> | 1000969 |
|  |  |  | 1186002 |
| Insurance – 6.1% | Insurance – 6.1% | Insurance – 6.1% | Insurance – 6.1% |
| ACE Capital Trust II | ACE Capital Trust II | ACE Capital Trust II | ACE Capital Trust II |
| 165000 | 9.700 | 04/01/30 | 197552 |
| Aegon Ltd. | Aegon Ltd. | Aegon Ltd. | Aegon Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6M USD LIBOR + 3.540%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6M USD LIBOR + 3.540%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6M USD LIBOR + 3.540%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6M USD LIBOR + 3.540%) |
| 200000 | 5.500 | 04/11/48<sup>(a)</sup> | 203347 |
| Allstate Corp. (The) | Allstate Corp. (The) | Allstate Corp. (The) | Allstate Corp. (The) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 2.120%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 2.120%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 2.120%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 2.120%) |
| 180000 | 6.500 | 05/15/67<sup>(a)</sup> | 189277 |
| Allstate Corp. (The), Series B | Allstate Corp. (The), Series B | Allstate Corp. (The), Series B | Allstate Corp. (The), Series B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.200%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.200%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.200%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.200%) |
| 338000 | 6.852 | 08/15/53<sup>(a)</sup> | 338458 |
| American National Group, Inc. | American National Group, Inc. | American National Group, Inc. | American National Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.183%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.183%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.183%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.183%) |
| 170000 | 7.000 | 12/01/55<sup>(a)</sup> | 170524 |
| Assurant, Inc. | Assurant, Inc. | Assurant, Inc. | Assurant, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 4.135%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 4.135%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 4.135%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 4.135%) |
| 129000 | 7.000 | 03/27/48<sup>(a)</sup> | 132449 |
| Athene Holding Ltd. | Athene Holding Ltd. | Athene Holding Ltd. | Athene Holding Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.607%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.607%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.607%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.607%) |
| 152000 | 6.625 | 10/15/54<sup>(a)</sup> | 150514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.582%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.582%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.582%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.582%) |
| 162000 | 6.875 | 06/28/55<sup>(a)</sup> | 157343 |
| AXIS Specialty Finance LLC | AXIS Specialty Finance LLC | AXIS Specialty Finance LLC | AXIS Specialty Finance LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.186%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.186%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.186%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.186%) |
| 258000 | 4.900 | 01/15/40<sup>(a)</sup> | 253506 |
| Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.846%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.846%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.846%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.846%) |
| 348000 | 6.875 | 12/15/52<sup>(a)</sup> | 358215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.646%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.646%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.646%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.646%) |
| 156000 | 6.375 | 09/15/54<sup>(a)</sup> | 158272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.181%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.181%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.181%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.181%) |
| 158000 | 6.875 | 06/01/74<sup>(a)</sup> | 163530 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Insurance – (continued) | Insurance – (continued) | Insurance – (continued) | Insurance – (continued) |
| Equitable Holdings, Inc. | Equitable Holdings, Inc. | Equitable Holdings, Inc. | Equitable Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.390%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.390%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.390%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.390%) |
| 303000 | 6.700% | 03/28/55<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319495 |
| Genworth Holdings, Inc. | Genworth Holdings, Inc. | Genworth Holdings, Inc. | Genworth Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.264%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.264%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.264%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.264%) |
| 167000 | 5.917 | 11/15/66<sup>(a)</sup> | 137884 |
| Lincoln National Corp., Series C | Lincoln National Corp., Series C | Lincoln National Corp., Series C | Lincoln National Corp., Series C |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 5.318%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 5.318%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 5.318%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 5.318%) |
| 213000 | 9.250 | 03/01/75<sup>(a)</sup> | 227644 |
| MetLife, Inc. | MetLife, Inc. | MetLife, Inc. | MetLife, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.817%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.817%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.817%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.817%) |
| 127000 | 5.850 | 03/15/56<sup>(a)</sup> | 126102 |
| 396000 | 6.400 | 12/15/66 | 415800 |
| 140000 | 10.750 | 08/01/69 | 186540 |
| MetLife, Inc., Series D | MetLife, Inc., Series D | MetLife, Inc., Series D | MetLife, Inc., Series D |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.221%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.221%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.221%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.221%) |
| 111000 | 5.875 | 09/15/74<sup>(a)</sup> | 113359 |
| MetLife, Inc., Series G | MetLife, Inc., Series G | MetLife, Inc., Series G | MetLife, Inc., Series G |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.078%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.078%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.078%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.078%) |
| 300000 | 6.350 | 03/15/55<sup>(a)</sup> | 313265 |
| Nationwide Financial Services, Inc. | Nationwide Financial Services, Inc. | Nationwide Financial Services, Inc. | Nationwide Financial Services, Inc. |
| 140000 | 6.750 | 05/15/87 | 141135 |
| Prudential Financial, Inc. | Prudential Financial, Inc. | Prudential Financial, Inc. | Prudential Financial, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 2.380%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 2.380%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 2.380%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 2.380%) |
| 67000 | 4.500 | 09/15/47<sup>(a)</sup> | 66388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 2.665%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 2.665%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 2.665%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 2.665%) |
| 584000 | 5.700 | 09/15/48<sup>(a)</sup> | 591469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.035%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.035%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.035%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.035%) |
| 217000 | 3.700 | 10/01/50<sup>(a)</sup> | 203719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.162%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.162%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.162%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.162%) |
| 332000 | 5.125 | 03/01/52<sup>(a)</sup> | 331717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.234%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.234%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.234%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.234%) |
| 662000 | 6.000 | 09/01/52<sup>(a)</sup> | 691517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.848%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.848%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.848%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.848%) |
| 13000 | 6.750 | 03/01/53<sup>(a)</sup> | 14088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.404%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.404%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.404%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.404%) |
| 436000 | 6.500 | 03/15/54<sup>(a)</sup> | 460823 |
| Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.392%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.392%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.392%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.392%) |
| 472000 | 6.650 | 09/15/55<sup>(a)</sup> | 491768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.927%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.927%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.927%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.927%) |
| 15000 | 6.650 | 12/15/65<sup>(a)</sup> | 14737 |
| Voya Financial, Inc. | Voya Financial, Inc. | Voya Financial, Inc. | Voya Financial, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 2.084%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 2.084%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 2.084%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 2.084%) |
| 110000 | 4.700 | 01/23/48<sup>(a)</sup> | 106087 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| 116 | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS ACCESS U.S. PREFERRED STOCK AND HYBRID SECURITIES ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Insurance – (continued) | Insurance – (continued) | Insurance – (continued) |
| Voya Financial, Inc., Series A | Voya Financial, Inc., Series A | Voya Financial, Inc., Series A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.358%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.358%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.358%) |
| 92000 | 7.758% 03/15/74<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97002 |
|  |  | 7523526 |
| Media Non Cable – 0.4% | Media Non Cable – 0.4% | Media Non Cable – 0.4% |
| Paramount Global | Paramount Global | Paramount Global |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 3.899%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 3.899%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 3.899%) |
| 126000 | 6.250 02/28/57<sup>(a)</sup> | 104233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.999%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.999%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.999%) |
| 433000 | 6.375 03/30/62<sup>(a)</sup> | 343179 |
|  |  | 447412 |
| Natural Gas – 0.4% | Natural Gas – 0.4% | Natural Gas – 0.4% |
| Northwest Natural Holding Co. | Northwest Natural Holding Co. | Northwest Natural Holding Co. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.701%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.701%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.701%) |
| 198000 | 7.000 09/15/55<sup>(a)</sup> | 207295 |
| Spire, Inc. | Spire, Inc. | Spire, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.556%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.556%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.556%) |
| 120000 | 6.250 06/01/56<sup>(a)</sup> | 120735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.327%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.327%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.327%) |
| 165000 | 6.450 06/01/56<sup>(a)</sup> | 168871 |
|  |  | 496901 |
| REITs and Real Estate – 0.1% | REITs and Real Estate – 0.1% | REITs and Real Estate – 0.1% |
| HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.301%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.301%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.301%) |
| 158000 | 8.000 06/01/56<sup>(a)</sup> | 166569 |
| TOTAL CORPORATE OBLIGATIONS<br>(Cost $68,291,124) | TOTAL CORPORATE OBLIGATIONS<br>(Cost $68,291,124) | 69012572 |
| Foreign Corporate Debt – 10.4% | Foreign Corporate Debt – 10.4% | Foreign Corporate Debt – 10.4% |
| Banks – 1.2% | Banks – 1.2% | Banks – 1.2% |
| Bank of Montreal (Canada) | Bank of Montreal (Canada) | Bank of Montreal (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.979%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.979%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.979%) |
| 657000 | 6.709 08/25/24<sup>(a)</sup> | 660285 |
| Bank of Nova Scotia (The) (Canada) | Bank of Nova Scotia (The) (Canada) | Bank of Nova Scotia (The) (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.910%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.910%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.910%) |
| 780000 | 6.559 04/12/74<sup>(a)</sup> | 780975 |
|  |  | 1441260 |
| Electric – 1.0% | Electric – 1.0% | Electric – 1.0% |
| Algonquin Power & Utilities Corp. (Canada) | Algonquin Power & Utilities Corp. (Canada) | Algonquin Power & Utilities Corp. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.249%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.249%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.249%) |
| 445000 | 4.750 01/18/82<sup>(a)</sup> | 442219 |
| Brookfield Infrastructure Finance ULC (Canada) | Brookfield Infrastructure Finance ULC (Canada) | Brookfield Infrastructure Finance ULC (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.453%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.453%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.453%) |
| 246000 | 6.750 03/15/55<sup>(a)</sup> | 251494 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Value** |
| Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) |
| Electric – (continued) | Electric – (continued) | Electric – (continued) |
| Emera, Inc., Series 16-A (Canada) | Emera, Inc., Series 16-A (Canada) | Emera, Inc., Series 16-A (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 5.440%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 5.440%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 5.440%) |
| 532000 | 6.750% 06/15/76<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537320 |
|  |  | 1231033 |
| Energy – 3.4% | Energy – 3.4% | Energy – 3.4% |
| Enbridge, Inc. (Canada) | Enbridge, Inc. (Canada) | Enbridge, Inc. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.970%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.970%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.970%) |
| 131000 | 7.200 06/27/54<sup>(a)</sup> | 141042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.122%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.122%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.122%) |
| 221000 | 7.375 03/15/55<sup>(a)</sup> | 235559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.680%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.680%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.680%) |
| 441000 | 5.500 07/15/77<sup>(a)</sup> | 444308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M U.S.T-Bill MMY + 3.903%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M U.S.T-Bill MMY + 3.903%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M U.S.T-Bill MMY + 3.903%) |
| 139000 | 6.250 03/01/78<sup>(a)</sup> | 141780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.708%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.708%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.708%) |
| 243000 | 7.375 01/15/83<sup>(a)</sup> | 250993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.418%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.418%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.418%) |
| 75000 | 7.625 01/15/83<sup>(a)</sup> | 82514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.431%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.431%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.431%) |
| 580000 | 8.500 01/15/84<sup>(a)</sup> | 672690 |
| Enbridge, Inc., Series 16-A (Canada) | Enbridge, Inc., Series 16-A (Canada) | Enbridge, Inc., Series 16-A (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 4.152%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 4.152%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 4.152%) |
| 460000 | 6.000 01/15/77<sup>(a)</sup> | 464600 |
| Enbridge, Inc., Series 20-A (Canada) | Enbridge, Inc., Series 20-A (Canada) | Enbridge, Inc., Series 20-A (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 5.314%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 5.314%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 5.314%) |
| 137000 | 5.750 07/15/80<sup>(a)</sup> | 139618 |
| Enbridge, Inc., Series NC5 (Canada) | Enbridge, Inc., Series NC5 (Canada) | Enbridge, Inc., Series NC5 (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.785%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.785%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.785%) |
| 292000 | 8.250 01/15/84<sup>(a)</sup> | 313893 |
| South Bow Canadian Infrastructure Holdings Ltd. (Canada) | South Bow Canadian Infrastructure Holdings Ltd. (Canada) | South Bow Canadian Infrastructure Holdings Ltd. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.667%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.667%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.667%) |
| 217000 | 7.500 03/01/55<sup>(a)</sup> | 230886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.949%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.949%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.949%) |
| 149000 | 7.625 03/01/55<sup>(a)</sup> | 155310 |
| TransCanada PipeLines Ltd. (Canada) | TransCanada PipeLines Ltd. (Canada) | TransCanada PipeLines Ltd. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.614%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.614%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.614%) |
| 414000 | 7.000 06/01/65<sup>(a)</sup> | 429897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.472%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.472%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.472%) |
| 486000 | 6.124 05/15/67<sup>(a)</sup> | 442260 |
|  |  | 4145350 |
| Financial Company – 0.7% | Financial Company – 0.7% | Financial Company – 0.7% |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland) | AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland) | AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.720%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.720%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.720%) |
| 331000 | 6.950 03/10/55<sup>(a)</sup> | 355136 |

---

&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. | **117** |

---

------

GOLDMAN SACHS ACCESS U.S. PREFERRED STOCK AND HYBRID SECURITIES ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) |
| Financial Company – (continued) | Financial Company – (continued) | Financial Company – (continued) | Financial Company – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.441%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.441%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.441%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.441%) |
| 203000 | 6.500% | 01/31/56<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210151 |
| Brookfield Finance, Inc. (Canada) | Brookfield Finance, Inc. (Canada) | Brookfield Finance, Inc. (Canada) | Brookfield Finance, Inc. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.076%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.076%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.076%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.076%) |
| 223000 | 6.300 | 01/15/55<sup>(a)</sup> | 223287 |
|  |  |  | 788574 |
| Insurance – 0.5% | Insurance – 0.5% | Insurance – 0.5% | Insurance – 0.5% |
| AXA SA (France) | AXA SA (France) | AXA SA (France) | AXA SA (France) |
| 358000 | 8.600 | 12/15/30 | 422259 |
| Fidelis Insurance Holdings Ltd. (United Kingdom) | Fidelis Insurance Holdings Ltd. (United Kingdom) | Fidelis Insurance Holdings Ltd. (United Kingdom) | Fidelis Insurance Holdings Ltd. (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.280%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.280%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.280%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.280%) |
| 200000 | 7.750 | 06/15/55<sup>(a)</sup> | 216000 |
|  |  |  | 638259 |
| Wireless – 3.0% | Wireless – 3.0% | Wireless – 3.0% | Wireless – 3.0% |
| Rogers Communications, Inc. (Canada) | Rogers Communications, Inc. (Canada) | Rogers Communications, Inc. (Canada) | Rogers Communications, Inc. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.653%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.653%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.653%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.653%) |
| 340000 | 7.000 | 04/15/55<sup>(a)</sup> | 356150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.620%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.620%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.620%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.620%) |
| 418000 | 7.125 | 04/15/55<sup>(a)</sup> | 444647 |
| TEL U.S. Corp. (Canada) | TEL U.S. Corp. (Canada) | TEL U.S. Corp. (Canada) | TEL U.S. Corp. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.709%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.709%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.709%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.709%) |
| 271000 | 7.000 | 10/15/55<sup>(a)</sup> | 286398 |
| TELUS Corp. (Canada) | TELUS Corp. (Canada) | TELUS Corp. (Canada) | TELUS Corp. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.694%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.694%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.694%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.694%) |
| 299000 | 6.375 | 06/09/56<sup>(a)</sup> | 305595 |
| TELUS Corp. (Canada) | TELUS Corp. (Canada) | TELUS Corp. (Canada) | TELUS Corp. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.769%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.769%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.769%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.769%) |
| 502000 | 6.625 | 10/15/55<sup>(a)</sup> | 516291 |
| TELUS Corp., Series (Canada) | TELUS Corp., Series (Canada) | TELUS Corp., Series (Canada) | TELUS Corp., Series (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.515%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.515%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.515%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.515%) |
| 296000 | 6.625 | 06/09/56<sup>(a)</sup> | 299835 |
| Vodafone Group PLC (United Kingdom) | Vodafone Group PLC (United Kingdom) | Vodafone Group PLC (United Kingdom) | Vodafone Group PLC (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5 Year USD Swap + 4.873%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5 Year USD Swap + 4.873%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5 Year USD Swap + 4.873%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5 Year USD Swap + 4.873%) |
| 837000 | 7.000 | 04/04/79<sup>(a)</sup> | 886174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.767%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.767%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.767%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.767%) |
| 354000 | 4.125 | 06/04/81<sup>(a)</sup> | 333378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.073%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.073%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.073%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.073%) |
| 330000 | 5.125 | 06/04/81<sup>(a)</sup> | 266063 |
|  |  |  | 3694531 |
| Wirelines – 0.6% | Wirelines – 0.6% | Wirelines – 0.6% | Wirelines – 0.6% |
| Bell Telephone Co. of Canada or Bell Canada (Canada) | Bell Telephone Co. of Canada or Bell Canada (Canada) | Bell Telephone Co. of Canada or Bell Canada (Canada) | Bell Telephone Co. of Canada or Bell Canada (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.390%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.390%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.390%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.390%) |
| 339000 | 6.875 | 09/15/55<sup>(a)</sup> | 358085 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | **Interest Rate** | **Value** |
| Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) |
| Wirelines – (continued) | Wirelines – (continued) | Wirelines – (continued) | Wirelines – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.363%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.363%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.363%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.363%) |
| $— | 387000 | 7.000% 09/15/55<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411707 |
|  |  |  | 769792 |
| TOTAL FOREIGN CORPORATE DEBT (Cost $12,534,963) | TOTAL FOREIGN CORPORATE DEBT (Cost $12,534,963) | TOTAL FOREIGN CORPORATE DEBT (Cost $12,534,963) | 12708799 |
| U.S. Government Agency Obligations – 0.3% | U.S. Government Agency Obligations – 0.3% | U.S. Government Agency Obligations – 0.3% | U.S. Government Agency Obligations – 0.3% |
| CoBank ACB, Series I | CoBank ACB, Series I | CoBank ACB, Series I | CoBank ACB, Series I |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 4.660%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 4.660%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 4.660%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 4.660%) |
|  | 86000 | 6.250 10/01/74<sup>(a)</sup> | 86215 |
| CoBank ACB, Series K | CoBank ACB, Series K | CoBank ACB, Series K | CoBank ACB, Series K |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.487%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.487%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.487%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.487%) |
|  | 250000 | 6.450 01/01/75<sup>(a)</sup> | 251250 |
| TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS<br>(Cost $339,558) | TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS<br>(Cost $339,558) | TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS<br>(Cost $339,558) | 337465 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Dividend<br>Rate** | **Value** |
| Preferred Stocks – 31.7% | Preferred Stocks – 31.7% | Preferred Stocks – 31.7% | Preferred Stocks – 31.7% |
| Communications – 2.1% | Communications – 2.1% | Communications – 2.1% | Communications – 2.1% |
| 24363 | AT&T, Inc., Series C | 4.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474591 |
| 17544 | AT&T, Inc., Series A | 5.00 | 366319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20292 | AT&T, Inc. | 5.35 | 460425 |
| 26296 | Qwest Corp. | 6.50 | 514247 |
| 9824 | Telephone and Data Systems, Inc., Series VV | 6.00 | 196971 |
| 7717 | Telephone and Data Systems, Inc., Series UU | 6.63 | 170932 |
| 14748 | T-Mobile USA, Inc. | 5.50 | 340972 |
|  |  |  | 2524457 |
| Consumer, Cyclical – 0.7% | Consumer, Cyclical – 0.7% | Consumer, Cyclical – 0.7% | Consumer, Cyclical – 0.7% |
| 3205 | Brunswick Corp. | 6.38 | 79356 |
| 34419 | Ford Motor Co. | 6.00 | 743640 |
|  |  |  | 822996 |
| Consumer, Non-cyclical – 0.2% | Consumer, Non-cyclical – 0.2% | Consumer, Non-cyclical – 0.2% | Consumer, Non-cyclical – 0.2% |
| 3212 | Triton International Ltd., Series E | 5.75 | 66231 |
| 5512 | Triton International Ltd. | 7.38 | 138101 |
|  |  |  | 204332 |
| Financial – 25.4% | Financial – 25.4% | Financial – 25.4% | Financial – 25.4% |
| 15920 | AEGON Funding Co. LLC | 5.10 | 318400 |
| 17497 | Affiliated Managers Group, Inc. | 4.75 | 379208 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 118 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS U.S. PREFERRED STOCK AND HYBRID SECURITIES ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Dividend<br>Rate** | **Value** |
| Preferred Stocks – (continued) | Preferred Stocks – (continued) | Preferred Stocks – (continued) | Preferred Stocks – (continued) |
| Financial – (continued) | Financial – (continued) | Financial – (continued) | Financial – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3212 | Agree Realty Corp., Series A | 4.25% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55696 |
| 4606 | Allstate Corp. (The), Series I | 4.75 | 90416 |
| 16742 | Allstate Corp. (The), Series H | 5.10 | 356437 |
| 9226 | Allstate Corp. (The), Series J | 7.38 | 246334 |
| 9555 | American Financial Group, Inc. | 5.13 | 194669 |
| 2156 | American Homes 4 Rent, Series G | 5.88 | 49308 |
| 2396 | American Homes 4 Rent, Series H | 6.25 | 57815 |
| 4687 | American National Group, Inc. | 7.38 | 116800 |
| 8186 | Apollo Global Management, Inc. | 7.63 | 210216 |
| 6713 | Arch Capital Group Ltd., Series G | 4.55 | 118149 |
| 6088 | Arch Capital Group Ltd., Series F | 5.45 | 126570 |
| 4556 | Aspen Insurance Holdings Ltd., Series \*\* | 5.63 | 95357 |
| 8440 | Aspen Insurance Holdings Ltd. | 5.63 | 190819 |
| 1868 | Associated Banc- Corp., Series E | 5.88 | 39602 |
| 5080 | Associated Banc-Corp. | 6.63 | 126289 |
| 4604 | Assurant, Inc. | 5.25 | 94474 |
| 8587 | Athene Holding Ltd., Series D | 4.88 | 144262 |
| 6376 | Athene Holding Ltd., Series B | 5.63 | 124651 |
| 13225 | Athene Holding Ltd., Series A | 6.35 | 322426 |
| 8193 | Athene Holding Ltd. | 7.25 | 205644 |
| 7312 | Athene Holding Ltd., Series E | 7.75 | 187772 |
| 8391 | Axis Capital Holdings Ltd., Series E | 5.50 | 171092 |
| 2412 | Banc of California, Inc., Series F | 7.75 | 61024 |
| 11885 | Bank of America Corp., Series PP | 4.13 | 207274 |
| 17031 | Bank of America Corp., Series QQ | 4.25 | 302471 |
| 13997 | Bank of America Corp., Series NN | 4.38 | 257545 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Dividend<br>Rate** | **Value** |
| Preferred Stocks – (continued) | Preferred Stocks – (continued) | Preferred Stocks – (continued) | Preferred Stocks – (continued) |
| Financial – (continued) | Financial – (continued) | Financial – (continued) | Financial – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5268 | Bank of America Corp., Series 5 | 4.43% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103990 |
| 4068 | Bank of America Corp., Series E | 4.57 | 82458 |
| 3884 | Bank of America Corp., Series 02 | 4.58 | 75544 |
| 2732 | Bank of America Corp., Series 4 | 4.68 | 54367 |
| 9004 | Bank of America Corp., Series SS | 4.75 | 180530 |
| 16873 | Bank of America Corp., Series LL | 5.00 | 359732 |
| 17881 | Bank of America Corp., Series KK | 5.38 | 406435 |
| 11073 | Bank of America Corp., Series HH | 5.88 | 278375 |
| 14497 | Bank of America Corp., Series GG | 6.00 | 366339 |
| 3356 | Bank of Hawaii Corp., Series A | 4.38 | 54267 |
| 1873 | Bank of Hawaii Corp. | 8.00 | 49766 |
| 5418 | Brighthouse Financial, Inc., Series D | 4.63 | 66696 |
| 3133 | Brighthouse Financial, Inc., Series C | 5.38 | 43016 |
| 5899 | Brighthouse Financial, Inc. | 6.25 | 104117 |
| 6601 | Brighthouse Financial, Inc., Series A | 6.60 | 110831 |
| 6402 | Brighthouse Financial, Inc., Series B | 6.75 | 109282 |
| 3692 | Brookfield Finance I UK PLC | 4.50 | 56340 |
| 5919 | Brookfield Finance, Inc., Series 50 | 4.63 | 93875 |
| 4316 | Brookfield Oaktree Holdings LLC, Series B | 6.55 | 92837 |
| 3356 | Brookfield Oaktree Holdings LLC, Series A | 6.63 | 71785 |
| 4556 | Brookfield Property Partners LP, Series A | 5.75 | 62873 |
| 3356 | Brookfield Property Partners LP, Series A-1 | 6.50 | 53797 |
| 7813 | Capital One Financial Corp., Series N | 4.25 | 128915 |

---

&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. | **119** |

---

------

GOLDMAN SACHS ACCESS U.S. PREFERRED STOCK AND HYBRID SECURITIES ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Dividend<br>Rate** | **Value** |
| Preferred Stocks – (continued) | Preferred Stocks – (continued) | Preferred Stocks – (continued) | Preferred Stocks – (continued) |
| Financial – (continued) | Financial – (continued) | Financial – (continued) | Financial – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12413 | Capital One Financial Corp., Series L | 4.38% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213379 |
| 2300 | Capital One Financial Corp., Series K | 4.63 | 41354 |
| 23573 | Capital One Financial Corp., Series J | 4.80 | 437751 |
| 24209 | Capital One Financial Corp., Series I | 5.00 | 475465 |
| 9288 | Carlyle Finance LLC | 4.63 | 163376 |
| 10977 | Charles Schwab Corp. (The), Series J | 4.45 | 206258 |
| 11958 | Charles Schwab Corp. (The), Series D | 5.95 | 300983 |
| 8197 | Citizens Financial Group, Inc., Series E | 5.00 | 163694 |
| 5496 | Citizens Financial Group, Inc., Series H | 7.38 | 144270 |
| 9558 | Corebridge Financial, Inc. | 6.38 | 224995 |
| 2780 | Cullen/Frost Bankers, Inc., Series B | 4.45 | 49845 |
| 6376 | Digital Realty Trust, Inc., Series L | 5.20 | 131919 |
| 3692 | Digital Realty Trust, Inc., Series J | 5.25 | 77643 |
| 3836 | Digital Realty Trust, Inc., Series K | 5.85 | 91412 |
| 2828 | EPR Properties, Series G | 5.75 | 58907 |
| 5512 | Equitable Holdings, Inc., Series C | 4.30 | 91279 |
| 5895 | Equitable Holdings, Inc., Series A | 5.25 | 121319 |
| 8524 | F&G Annuities & Life, Inc. | 7.30 | 194796 |
| 4556 | Fifth Third Bancorp, Series K | 4.95 | 89981 |
| 3692 | Fifth Third Bancorp, Series A | 6.00 | 90306 |
| 5893 | Fifth Third Bancorp\* | 6.88 | 151745 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Dividend<br>Rate** | **Value** |
| Preferred Stocks – (continued) | Preferred Stocks – (continued) | Preferred Stocks – (continued) | Preferred Stocks – (continued) |
| Financial – (continued) | Financial – (continued) | Financial – (continued) | Financial – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6376 | First Citizens BancShares, Inc., Series A | 5.38% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137339 |
| 2732 | First Horizon Corp., Series F | 4.70 | 51389 |
| 2732 | First Horizon Corp., Series E | 6.50 | 67562 |
| 5413 | Flagstar Bank NA, Series A | 6.38 | 122983 |
| 3692 | Fulton Financial Corp., Series A | 5.13 | 71034 |
| 3116 | Global Net Lease, Inc., Series A | 7.25 | 72291 |
| 6088 | Globe Life, Inc. | 4.25 | 103131 |
| 3116 | Hancock Whitney Corp. | 6.25 | 75189 |
| 6464 | Hartford Financial Services Group, Inc. (The), Series G | 6.00 | 162117 |
| 9153 | Huntington Bancshares, Inc., Series H | 4.50 | 163290 |
| 3256 | Huntington Bancshares, Inc., Series L\* | 5.50 | 70069 |
| 3260 | Huntington Bancshares, Inc., Series C | 5.70 | 75893 |
| 5992 | Huntington Bancshares, Inc., Series J | 6.88 | 153994 |
| 8305 | Jackson Financial, Inc. | 8.00 | 214684 |
| 23456 | JPMorgan Chase & Co., Series MM | 4.20 | 435812 |
| 20239 | JPMorgan Chase & Co., Series JJ | 4.55 | 395470 |
| 21712 | JPMorgan Chase & Co., Series LL | 4.63 | 432720 |
| 26005 | JPMorgan Chase & Co., Series GG | 4.75 | 531542 |
| 20079 | JPMorgan Chase & Co., Series DD | 5.75 | 502577 |
| 2828 | Kemper Corp. | 5.88 | 66656 |
| 8293 | KeyCorp, Series G | 5.63 | 183358 |
| 7861 | KeyCorp, Series F | 5.65 | 171527 |
| 9201 | KeyCorp, Series E | 6.13 | 232693 |
| 11025 | KeyCorp | 6.20 | 282240 |
| 4076 | Kimco Realty Corp., Series L | 5.13 | 82865 |
| 4796 | Kimco Realty Corp., Series M | 5.25 | 99997 |
| 7578 | KKR & Co., Inc., Series T | 6.88 | 191496 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 120 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS U.S. PREFERRED STOCK AND HYBRID SECURITIES ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Dividend<br>Rate** | **Value** |
| Preferred Stocks – (continued) | Preferred Stocks – (continued) | Preferred Stocks – (continued) | Preferred Stocks – (continued) |
| Financial – (continued) | Financial – (continued) | Financial – (continued) | Financial – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4038 | KKR Group Finance Co. IX LLC | 4.63% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71028 |
| 6968 | Lincoln National Corp., Series D | 9.00 | 184095 |
| 3558 | M&T Bank Corp., Series H | 5.63 | 89804 |
| 3760 | M&T Bank Corp., Series K | 6.35 | 94752 |
| 11459 | M&T Bank Corp., Series J | 7.50 | 307674 |
| 6225 | Merchants Bancorp | 7.63 | 155172 |
| 18710 | MetLife, Inc., Series F | 4.75 | 365781 |
| 11025 | MetLife, Inc., Series A | 4.98 | 238691 |
| 12632 | MetLife, Inc., Series E | 5.63 | 304431 |
| 24170 | Morgan Stanley, Series O | 4.25 | 436027 |
| 20789 | Morgan Stanley, Series A | 4.63 | 411622 |
| 9201 | Morgan Stanley, Series L | 4.88 | 192025 |
| 18453 | Morgan Stanley, Series K | 5.85 | 458188 |
| 18453 | Morgan Stanley, Series I | 6.38 | 467414 |
| 18354 | Morgan Stanley, Series P | 6.50 | 473717 |
| 17516 | Morgan Stanley, Series Q | 6.63 | 462422 |
| 15721 | Morgan Stanley, Series F | 6.88 | 398999 |
| 5512 | Navient Corp. | 6.00 | 106767 |
| 7333 | Northern Trust Corp., Series E | 4.70 | 145047 |
| 6472 | Pinnacle Financial Partners, Inc., Series B\* | 8.40 | 169243 |
| 25276 | Prudential Financial, Inc. | 4.13 | 549196 |
| 4604 | Public Storage, Series N | 3.88 | 71592 |
| 3164 | Public Storage, Series O | 3.90 | 49991 |
| 2972 | Public Storage, Series Q | 3.95 | 47255 |
| 6799 | Public Storage, Series R | 4.00 | 109260 |
| 9710 | Public Storage, Series P | 4.00 | 156234 |
| 4556 | Public Storage, Series S | 4.10 | 74855 |
| 4748 | Public Storage, Series M | 4.13 | 79671 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Dividend<br>Rate** | **Value** |
| Preferred Stocks – (continued) | Preferred Stocks – (continued) | Preferred Stocks – (continued) | Preferred Stocks – (continued) |
| Financial – (continued) | Financial – (continued) | Financial – (continued) | Financial – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4704 | Public Storage, Series L | 4.63% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88059 |
| 3904 | Public Storage, Series J | 4.70 | 73786 |
| 4220 | Public Storage, Series K | 4.75 | 81446 |
| 4973 | Public Storage, Series I | 4.88 | 98714 |
| 4705 | Public Storage, Series G | 5.05 | 98335 |
| 4145 | Public Storage, Series F | 5.15 | 86672 |
| 4327 | Public Storage, Series H | 5.60 | 101641 |
| 7333 | Regions Financial Corp., Series E | 4.45 | 129061 |
| 9336 | Regions Financial Corp., Series C | 5.70 | 229105 |
| 5803 | Regions Financial Corp. | 6.95 | 150298 |
| 17906 | Reinsurance Group of America, Inc. | 5.75 | 454159 |
| 9201 | RenaissanceRe Holdings Ltd., Series G | 4.20 | 146848 |
| 3789 | RenaissanceRe Holdings Ltd., Series F | 5.75 | 84154 |
| 4220 | SL Green Realty Corp., Series I | 6.50 | 93389 |
| 5560 | Stifel Financial Corp., Series D | 4.50 | 96522 |
| 4124 | Stifel Financial Corp. | 5.20 | 84088 |
| 3692 | Stifel Financial Corp., Series C | 6.13 | 88645 |
| 2972 | Stifel Financial Corp., Series B | 6.25 | 71774 |
| 7800 | Synchrony Financial, Series A | 5.63 | 153972 |
| 6981 | Synchrony Financial, Series B | 8.25 | 182344 |
| 5560 | Texas Capital Bancshares, Inc., Series B | 5.75 | 124322 |
| 3164 | Truist Financial Corp., Series I | 4.45 | 61666 |
| 14138 | Truist Financial Corp., Series R | 4.75 | 272157 |
| 10545 | Truist Financial Corp., Series O | 5.25 | 230725 |
| 9363 | U.S. Bancorp, Series L | 3.75 | 145969 |
| 13967 | U.S. Bancorp, Series M | 4.00 | 232970 |

---

&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. | **121** |

---

------

GOLDMAN SACHS ACCESS U.S. PREFERRED STOCK AND HYBRID SECURITIES ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | **Description** | **Dividend<br>Rate** | **Value** | **Value** |
| Preferred Stocks – (continued) | Preferred Stocks – (continued) | Preferred Stocks – (continued) | Preferred Stocks – (continued) | Preferred Stocks – (continued) |
| Financial – (continued) | Financial – (continued) | Financial – (continued) | Financial – (continued) | Financial – (continued) |
| 8197 | U.S. Bancorp, Series O | 4.50% | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152628 |
| 14403 | U.S. Bancorp, Series B\* | 4.53 |  | 272937 |
| 10545 | U.S. Bancorp, Series K | 5.50 |  | 247491 |
| 4646 | UMB Financial Corp. | 7.75 |  | 124513 |
| 5560 | Unum Group | 6.25 |  | 129659 |
| 1868 | Valley National Bancorp, Series B | 7.53 |  | 47064 |
| 2156 | Valley National Bancorp, Series A | 7.77 |  | 54116 |
| 5464 | Vornado Realty Trust, Series O | 4.45 |  | 81905 |
| 5560 | Vornado Realty Trust, Series N | 5.25 |  | 97022 |
| 5848 | Vornado Realty Trust, Series M | 5.25 |  | 100761 |
| 5560 | Vornado Realty Trust, Series L | 5.40 |  | 98579 |
| 5560 | Voya Financial, Inc., Series B | 5.35 |  | 133829 |
| 11120 | W R Berkley Corp. | 4.13 |  | 208500 |
| 5560 | WaFd, Inc., Series A | 4.88 |  | 91184 |
| 2780 | Webster Financial Corp., Series F | 5.25 |  | 57824 |
| 22960 | Wells Fargo & Co., Series DD | 4.25 |  | 411214 |
| 18453 | Wells Fargo & Co., Series CC | 4.38 |  | 335660 |
| 21476 | Wells Fargo & Co., Series AA | 4.70 |  | 418782 |
| 28699 | Wells Fargo & Co., Series Z | 4.75 |  | 570249 |
| 12701 | Wells Fargo & Co., Series Y | 5.63 |  | 313715 |
| 5512 | Western Alliance Bancorp, Series A | 4.25 |  | 128209 |
| 6554 | Wintrust Financial Corp., Series F | 7.88 |  | 174992 |
|  |  |  |  | 31110089 |
| Utilities – 3.3% | Utilities – 3.3% | Utilities – 3.3% | Utilities – 3.3% | Utilities – 3.3% |
| 14000 | Brookfield BRP Holdings Canada, Inc. | 4.63 |  | 240713 |
| 7384 | Brookfield Infrastructure Finance ULC | 5.00 |  | 145431 |
| 3692 | Brookfield Infrastructure Partners LP, Series 14 | 5.00 |  | 60696 |
| 16023 | CMS Energy Corp. | 5.63 |  | 369959 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Dividend<br>Rate** | **Value** |
| Preferred Stocks – (continued) | Preferred Stocks – (continued) | Preferred Stocks – (continued) | Preferred Stocks – (continued) |
| Utilities – (continued) | Utilities – (continued) | Utilities – (continued) | Utilities – (continued) |
| 5272 | DTE Energy Co. | 4.38% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91206 |
| 3692 | DTE Energy Co., Series G | 4.38 | 65164 |
| 7333 | DTE Energy Co., Series E | 5.25 | 163013 |
| 7376 | DTE Energy Co., Series H | 6.25 | 184769 |
| 8156 | Duke Energy Corp. | 5.63 | 200964 |
| 16741 | Duke Energy Corp., Series A | 5.75 | 418692 |
| 7573 | Entergy Arkansas LLC | 4.88 | 160017 |
| 2052 | Entergy Mississippi LLC | 4.90 | 42784 |
| 2060 | Entergy New Orleans LLC | 5.50 | 46659 |
| 4988 | Georgia Power Co., Series 2017 | 5.00 | 116021 |
| 3572 | National Rural Utilities Cooperative Finance Corp., Series US | 5.50 | 85121 |
| 9019 | NextEra Energy Capital Holdings, Inc., Series N | 5.65 | 215825 |
| 10671 | NextEra Energy Capital Holdings, Inc., Series U | 6.50 | 270617 |
| 4076 | SCE Trust II | 5.10 | 77485 |
| 11035 | Sempra | 5.75 | 248287 |
| 9839 | Southern Co. (The), Series C | 4.20 | 180447 |
| 16764 | Southern Co. (The) | 5.25 | 404089 |
| 2855 | Spire, Inc.\* | 6.38 | 71118 |
| 9818 | Xcel Energy, Inc. | 6.25 | 244959 |
|  |  |  | 4104036 |
| TOTAL PREFERRED STOCKS<br>(Cost $40,336,972) | TOTAL PREFERRED STOCKS<br>(Cost $40,336,972) | TOTAL PREFERRED STOCKS<br>(Cost $40,336,972) | 38765910 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 122 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS U.S. PREFERRED STOCK AND HYBRID SECURITIES ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| Investment Company – 0.1%<sup>(b)</sup> | Investment Company – 0.1%<sup>(b)</sup> | Investment Company – 0.1%<sup>(b)</sup> |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173396 | 3.589% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173396 |
| (Cost $173,396) | (Cost $173,396) | (Cost $173,396) |
| TOTAL INVESTMENTS – 98.8%<br>(Cost $121,676,013) | TOTAL INVESTMENTS – 98.8%<br>(Cost $121,676,013) | $120998142 |
| OTHER ASSETS IN EXCESS OF LIABILITIES – 1.2% | OTHER ASSETS IN EXCESS OF LIABILITIES – 1.2% | 1509229 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $122507371 |

---

---

| | |
|:---|:---|
| 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) | Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on February 28, 2026. |
| (b) | Represents an affiliated issuer. |

---

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| CMT | —Constant Maturity Treasury Index |
| LIBOR | —London Interbank Offered Rate |
| LP | —Limited Partnership |
| MMY | —Money Market Yield |
| PLC | —Public Limited Company |
| REIT | —Real Estate Investment Trust |
| T-Bill | —Treasury Bill |
| TSFR | —Term Secured Overnight Financing Rate |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **123** |

---

------

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Assets and Liabilities *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Access Emerging**<br> **Markets USD Bond ETF** | **Access High Yield**<br> **Corporate Bond ETF** | **Access Inflation**<br> **Protected USD Bond**<br> **ETF** | **Access Investment**<br> **Grade Corporate 1-5<br>Year Bond ETF** |
| Assets: |  |  |  |  |
|  Investments in unaffiliated issuers, at value (cost $34,522,506, $130,275,429, $230,755,604 and $11,689,617, respectively) | $36020507 | $131241086 | $231829337 | $11847769 |
|  Investments in affiliated issuers, at value (cost $83,376, $2,745,362, $283,482 and $–, respectively) | 83376 | 2745362 | 283482 |  |
|  Cash | 71375 | 93142 | 63614 | 44159 |
|  Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and Dividends | 493817 | 2181335 | 432710 | 130713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 328365 |  | 3420501 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold |  | 4536319 |  | 2397450 |
|  **Total assets** | 36997440 | 140797244 | 236029644 | 14420091 |
| Liabilities: |  |  |  |  |
|  Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 386132 | 4701322 | 3556617 | 2432589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 3474 | 6330 | 9071 | 252 |
|  **Total liabilities** | 389606 | 4707652 | 3565688 | 2432841 |
| Net Assets: |  |  |  |  |
|  Paid-in capital | 40499175 | 138303400 | 247205608 | 12016480 |
|  Total distributable loss | (3891341) | (2213808) | (14741652) | (29230) |
|  **NET ASSETS** | $36607834 | $136089592 | $232463956 | $11987250 |
|  **SHARES ISSUED AND OUTSTANDING** |  |  |  |  |
|  Shares outstanding no par value (unlimited shares authorized): | 850000 | 3000000 | 4650000 | 250000 |
|  Net asset value per share: | $43.07 | $45.36 | $49.99 | $47.95 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 124 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Assets and Liabilities (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Access Investment<br>Grade Corporate Bond<br>ETF** | **Access Municipal Bond<br>ETF** | **Access Treasury 0-1<br>Year ETF** | **Access U.S. Aggregate<br>Bond ETF** |
| Assets: |  |  |  |  |
|  Investments in unaffiliated issuers, at value (cost $885,706,737, $9,836,421, $7,081,237,739 and $769,179,728, respectively) | $874737701 | $10172086 | $7083435023 | $776716458 |
|  Investments in affiliated issuers, at value (cost $4,711,556, $–, $– and $88,276,684, respectively) | 4711556 |  |  | 88276684 |
|  Cash | 737152 | 48787 | 10353250 | 11163152 |
|  Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 39859646 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and Dividends | 10865127 | 100679 | 15097908 | 5103913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold |  |  | 12020925 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold on an extended-settlement basis |  |  |  | 10626758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser |  |  | 46873 |  |
|  **Total assets** | 930911182 | 10321552 | 7120953979 | 891886965 |
| Liabilities: |  |  |  |  |
| Forward sale contracts, at value (proceeds received $–, $–, $– and $2,836,602, respectively) |  |  |  | 2852031 |
|  Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 39906511 | 45858 |  | 6310572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 22075 | 269 | 328115 | 15651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased on an extended-settlement basis |  |  |  | 102367752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed |  |  | 12024699 |  |
|  **Total liabilities** | 39928586 | 46127 | 12352814 | 111546006 |
| Net Assets: |  |  |  |  |
|  Paid-in capital | 911133556 | 9925123 | 7087169311 | 817296774 |
|  Total distributable earnings (loss) | (20150960) | 350302 | 21431854 | (36955815) |
|  **NET ASSETS** | $890982596 | $10275425 | $7108601165 | $780340959 |
|  **SHARES ISSUED AND OUTSTANDING** |  |  |  |  |
|  Shares outstanding no par value (unlimited shares authorized): | 19000000 | 200000 | 70940000 | 18500000 |
|  Net asset value per share: | $46.89 | $51.38 | $100.21 | $42.18 |

---

&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. | **125** |

---

------

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Assets and Liabilities (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **Access U.S. Preferred**<br> **Stock and Hybrid**<br> **Securities ETF** |
| Assets: |  |
|  Investments in unaffiliated issuers, at value (cost $121,502,617) | $120824746 |
|  Investments in affiliated issuers, at value (cost $173,396) | 173396 |
|  Cash | 66065 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 2552245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and Dividends | 1461792 |
|  **Total assets** | 125078244 |
| Liabilities: |  |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 2553113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 17760 |
|  **Total liabilities** | 2570873 |
| Net Assets: |  |
|  Paid-in capital | 121131224 |
|  Total distributable earnings | 1376147 |
|  **NET ASSETS** | $122507371 |
|  **SHARES ISSUED AND OUTSTANDING** |  |
|  Shares outstanding no par value (unlimited shares authorized): | 2400000 |
|  Net asset value per share: | $51.04 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 126 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Operations *For the Six Months Ended February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Access Emerging**<br> **Markets USD Bond**<br> **ETF** | **Access High Yield**<br> **Corporate Bond ETF** | **Access Inflation**<br> **Protected USD**<br> **Bond ETF** | **Access Investment**<br> **Grade Corporate**<br> **1-5 Year Bond ETF** |
| Investment income: |  |  |  |  |
|  Interest | $983817 | $3504981 | $2254663 | $234024 |
|  Dividends from Affiliated Underlying Funds | 2283 | 17528 | 5441 | 40 |
|  **Total Investment Income** | 986100 | 3522509 | 2260104 | 234064 |
| Expenses: |  |  |  |  |
|  Management fees | 41187 | 66628 | 103310 | 3465 |
|  Trustee fees | 7509 | 10201 | 13968 | 629 |
|  **Total expenses** | 48696 | 76829 | 117278 | 4094 |
|  Less — expense reductions | (100) | (754) | (231) | (2) |
|  **Net expenses** | 48596 | 76075 | 117047 | 4092 |
|  **NET INVESTMENT INCOME** | 937504 | 3446434 | 2143057 | 229972 |
| Realized and Unrealized gain (loss): |  |  |  |  |
|  Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | (23584) | (239172) | (856761) | 13073 |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions |  | 253632 |  | 43676 |
|  Net change in unrealized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 1124087 | (737739) | 3270779 | (13297) |
|  **Net realized and unrealized gain (loss)** | 1100503 | (723279) | 2414018 | 43452 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $2038007 | $2723155 | $4557075 | $273424 |

---

&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. | **127** |

---

------

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Operations (continued) *For the Six Months Ended February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Access Investment<br>Grade Corporate<br>Bond ETF** | **Access Municipal<br>Bond ETF** | **Access Treasury 0-1<br>Year ETF** | **Access U.S.<br>Aggregate Bond<br>ETF** |
| Investment income: |  |  |  |  |
|  Interest | $17236289 | $164364 | $126662226 | $13068187 |
|  Dividends from Affiliated Underlying Funds | 70356 | 740 |  | 1479363 |
|  **Total Investment Income** | 17306645 | 165104 | 126662226 | 14547550 |
| Expenses: |  |  |  |  |
|  Management fees | 277487 | 3440 | 4548352 | 259729 |
|  Trustee fees | 15626 | 576 | 33720 | 15505 |
|  **Total expenses** | 293113 | 4016 | 4582072 | 275234 |
|  Less — expense reductions | (2952) | (32) | (654582) | (61896) |
|  **Net expenses** | 290161 | 3984 | 3927490 | 213338 |
|  **NET INVESTMENT INCOME** | 17016484 | 161120 | 122734736 | 14334212 |
| Realized and Unrealized gain (loss): |  |  |  |  |
|  Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | (317576) | 7347 | 2851069 | 48268 |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | (6069) |  | 316200 |  |
|  Net change in unrealized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 11713585 | 334436 | (846651) | 13088560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities sold short |  |  |  | (13008) |
|  **Net realized and unrealized gain** | 11389940 | 341783 | 2320618 | 13123820 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $28406424 | $502903 | $125055354 | $27458032 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 128 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Operations (continued) *For the Six Months Ended February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **Access U.S.**<br> **Preferred Stock and**<br> **Hybrid Securities**<br> **ETF** |
| Investment income: |  |
|  Interest | $2820996 |
|  Dividends — unaffiliated issuers (net of foreign withholding taxes of $1,744) | 1531844 |
| Dividends from Affiliated Underlying Funds | 10683 |
|  **Total Investment Income** | 4363523 |
| Expenses: |  |
|  Management fees | 320461 |
|  Trustee fees | 13868 |
|  **Total expenses** | 334329 |
|  Less — expense reductions | (486) |
|  **Net expenses** | 333843 |
|  **NET INVESTMENT INCOME** | 4029680 |
| Realized and Unrealized gain (loss): |  |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 163649 |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 1579539 |
|  Net change in unrealized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | (1892462) |
|  **Net realized and unrealized loss** | (149274) |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $3880406 |

---

&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. | **129** |

---

------

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Access Emerging Markets USD Bond ETF** | **Access Emerging Markets USD Bond ETF** | **Access High Yield Corporate Bond ETF** | **Access High Yield Corporate Bond ETF** |
|  | **For the<br>Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **For the Fiscal<br>Year Ended<br>August 31, 2025** | **For the<br>Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **For the Fiscal<br>Year Ended<br>August 31, 2025** |
| From operations: |  |  |  |  |
|  Net investment income | $937504 | $3250895 | $3446434 | $8862114 |
|  Net realized gain (loss) | (23584) | (1587686) | 14460 | 960994 |
|  Net change in unrealized gain (loss) | 1124087 | (213729) | (737739) | (709929) |
| **Net increase in net assets resulting from operations** | 2038007 | 1449480 | 2723155 | 9113179 |
| Distributions to shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From distributable earnings | (930649) | (3384173) | (3394537) | (9243466) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 4290020 | 24381552 | 49989650 | 24819985 |
|  Cost of shares redeemed |  | (58207043) | (9119324) | (93662524) |
| **Net increase (decrease) in net assets resulting from share transactions** | 4290020 | (33825491) | 40870326 | (68842539) |
|  **TOTAL INCREASE (DECREASE)** | 5397378 | (35760184) | 40198944 | (68972826) |
| Net Assets: |  |  |  |  |
|  Beginning of period | $31210456 | $66970640 | $95890648 | $164863474 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36607834 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31210456 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136089592 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95890648 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 130 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets (continued) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Access Inflation Protected USD Bond ETF** | **Access Inflation Protected USD Bond ETF** | **Access Investment Grade Corporate 1-5 Year Bond<br>ETF** | **Access Investment Grade Corporate 1-5 Year Bond<br>ETF** |
|  | **For the<br>Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **For the Fiscal<br>Year Ended<br>August 31, 2025** | **For the<br>Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **For the Fiscal<br>Year Ended<br>August 31, 2025** |
| From operations: |  |  |  |  |
|  Net investment income | $2143057 | $6000433 | $229972 | $402222 |
|  Net realized gain (loss) | (856761) | (4976133) | 56749 | 12926 |
|  Net change in unrealized gain (loss) | 3270779 | 6356131 | (13297) | 57880 |
| **Net increase in net assets resulting from operations** | 4557075 | 7380431 | 273424 | 473028 |
| Distributions to shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From distributable earnings | (3606343) | (5296599) | (238198) | (398999) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 59413827 | 40468243 | 2397450 | 4741161 |
|  Cost of shares redeemed | (5019197) | (2456120) | (2398446) | (2342936) |
| **Net increase (decrease) in net assets resulting from share transactions** | 54394630 | 38012123 | (996) | 2398225 |
|  **TOTAL INCREASE** | 55345362 | 40095955 | 34230 | 2472254 |
| Net Assets: |  |  |  |  |
|  Beginning of period | $177118594 | $137022639 | $11953020 | $9480766 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232463956 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177118594 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11987250 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11953020 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **131** |

---

------

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Access Investment Grade Corporate Bond ETF** | **Access Investment Grade Corporate Bond ETF** | **Access Municipal Bond ETF** | **Access Municipal Bond ETF** |
|  | **For the<br>Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **For the Fiscal<br>Year Ended<br>August 31, 2025** | **For the<br>Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **For the Fiscal<br>Year Ended<br>August 31, 2025** |
| From operations: |  |  |  |  |
|  Net investment income | $17016484 | $36731361 | $161120 | $299812 |
|  Net realized gain (loss) | (323645) | (16951449) | 7347 | (2254) |
|  Net change in unrealized gain (loss) | 11713585 | 3486042 | 334436 | (58912) |
| **Net increase in net assets resulting from operations** | 28406424 | 23265954 | 502903 | 238646 |
| Distributions to shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From distributable earnings | (16577577) | (37317516) | (156610) | (292504) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 239594508 | 256045538 |  |  |
|  Cost of shares redeemed | (34937825) | (437237433) |  |  |
| **Net increase (decrease) in net assets resulting from share transactions** | 204656683 | (181191895) |  |  |
|  **TOTAL INCREASE (DECREASE)** | 216485530 | (195243457) | 346293 | (53858) |
| Net Assets: |  |  |  |  |
|  Beginning of period | $674497066 | $869740523 | $9929132 | $9982990 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890982596 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674497066 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10275425 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9929132 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 132 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Access Treasury 0-1 Year ETF** | **Access Treasury 0-1 Year ETF** | **Access U.S. Aggregate Bond ETF** | **Access U.S. Aggregate Bond ETF** |
|  | **For the<br>Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **For the Fiscal<br>Year Ended<br>August 31, 2025** | **For the<br>Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **For the Fiscal<br>Year Ended<br>August 31, 2025** |
| From operations: |  |  |  |  |
|  Net investment income | $122734736 | $256010471 | $14334212 | $19358656 |
|  Net realized gain (loss) | 3167269 | 5313205 | 48268 | (6309756) |
|  Net change in unrealized gain (loss) | (846651) | (2985023) | 13075552 | 3981306 |
| **Net increase in net assets resulting from operations** | 125055354 | 258338653 | 27458032 | 17030206 |
| Distributions to shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From distributable earnings | (124332827) | (257005734) | (14461085) | (18542988) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 1398116822 | 2568612727 | 129196796 | 302294746 |
|  Cost of shares redeemed | (535466108) | (1668103826) |  | (61578462) |
| **Net increase in net assets resulting from share transactions** | 862650714 | 900508901 | 129196796 | 240716284 |
|  **TOTAL INCREASE** | 863373241 | 901841820 | 142193743 | 239203502 |
| Net Assets: |  |  |  |  |
|  Beginning of period | $6245227924 | $5343386104 | $638147216 | $398943714 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7108601165 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6245227924 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780340959 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638147216 |

---

&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. | **133** |

---

------

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Access U.S. Preferred Stock and Hybrid Securities ETF** | **Access U.S. Preferred Stock and Hybrid Securities ETF** |
|  | **For the**<br> **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **For the Fiscal**<br> **Year Ended<br>August 31, 2025** |
| From operations: |  |  |
|  Net investment income | $4029680 | $5309784 |
|  Net realized gain | 1743188 | 541963 |
|  Net change in unrealized loss | (1892462) | (298622) |
| **Net increase in net assets resulting from operations** | 3880406 | 5553125 |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From distributable earnings | (4198875) | (5034990) |
| From share transactions: |  |  |
|  Proceeds from sales of shares | 89587655 | 52741082 |
|  Cost of shares redeemed | (78900101) | (30457841) |
| **Net increase in net assets resulting from share transactions** | 10687554 | 22283241 |
|  **TOTAL INCREASE** | 10369085 | 22801376 |
| Net Assets: |  |  |
|  Beginning of period | $112138286 | $89336910 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122507371 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112138286 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 134 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Access Emerging Markets USD Bond ETF** | **Access Emerging Markets USD Bond ETF** | **Access Emerging Markets USD Bond ETF** | **Access Emerging Markets USD Bond ETF** | **Access Emerging Markets USD Bond ETF** |
|  | **For the Six Months<br>Ended** | **For the Fiscal**<br>**Year Ended August 31,** | **For the Fiscal**<br>**Year Ended August 31,** | **For the Fiscal**<br>**Year Ended August 31,** | **For the Period<br>February 15, 2022<sup>\*</sup>** |
|  | **February 28, 2026<br>(Unaudited)** | **2025** | **2024** | **2023** | **to**<br> **August 31, 2022** |
| Per Share Operating Performance: |  |  |  |  |  |
|  Net asset value, beginning of period | $41.61 | $41.86 | $39.59 | $40.58 | $49.68 |
|  Net investment income<sup>(a)</sup>  | 1.22 | 2.39 | 2.33 | 2.40 | 1.33 |
|  Net realized and unrealized gain (loss) | 1.45 | (0.01) | 2.27 | (1.02) | (9.29) |
|  Total from investment operations | 2.67 | 2.38 | 4.60 | 1.38 | (7.96) |
|  Distributions to shareholders from net investment income | (1.21) | (2.63) | (2.33) | (2.37) | (1.14) |
|  Net asset value, end of period | $43.07 | $41.61 | $41.86 | $39.59 | $40.58 |
|  Market price, end of period | $43.13 | $41.61 | $41.91 | $39.64 | $40.13 |
|  **Total Return at Net Asset Value<sup>(b)</sup>**  | 6.52% | 6.03% | 12.08% | 3.54% | (16.11)% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36608 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31210 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66971 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51461 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32462 |
|  Ratio of net expenses to average net assets | 0.30 %<sup>(c)</sup> | 0.35% | 0.39% | 0.22% | 0.00 %<sup>(c)</sup> |
|  Ratio of net investment income to average net assets | 5.78 %<sup>(c)</sup> | 5.87% | 5.82% | 6.02% | 5.67 %<sup>(c)</sup> |
|  Portfolio turnover rate<sup>(d)</sup>  | 12% | 17% | 14% | 8% | 34% |

---

\* Commencement of operations.

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. 

<sup>(c)</sup> Annualized.

<sup>(d)</sup> The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **135** |

---

------

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Access High Yield Corporate Bond ETF** | **Access High Yield Corporate Bond ETF** | **Access High Yield Corporate Bond ETF** | **Access High Yield Corporate Bond ETF** | **Access High Yield Corporate Bond ETF** | **Access High Yield Corporate Bond ETF** |
|  | **For the Six Months<br>Ended**<br> **February 28, 2026<br>(Unaudited)** | **For the Fiscal**<br>**Year Ended August 31,** | **For the Fiscal**<br>**Year Ended August 31,** | **For the Fiscal**<br>**Year Ended August 31,** | **For the Fiscal**<br>**Year Ended August 31,** | **For the Fiscal**<br>**Year Ended August 31,** |
|  | **For the Six Months<br>Ended**<br> **February 28, 2026<br>(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Operating Performance: | Per Share Operating Performance: | Per Share Operating Performance: | Per Share Operating Performance: |  |  |  |
|  Net asset value, beginning of period | $45.66 | $45.17 | $43.08 | $42.70 | $50.40 | $49.29 |
|  Net investment income<sup>(a)</sup>  | 1.52 | 3.09 | 2.94 | 2.55 | 2.21 | 2.24 |
|  Net realized and unrealized gain (loss) | (0.28) | 0.56 | 1.99 | 0.39 | (7.63) | 1.15 |
|  Total from investment operations | 1.24 | 3.65 | 4.93 | 2.94 | (5.42) | 3.39 |
|  Distributions to shareholders from net investment income | (1.54) | (3.16) | (2.84) | (2.56) | (2.28) | (2.28) |
|  Net asset value, end of period | $45.36 | $45.66 | $45.17 | $43.08 | $42.70 | $50.40 |
|  Market price, end of period | $45.33 | $45.60 | $45.09 | $43.04 | $42.28 | $50.38 |
| **Total Return at Net Asset Value<sup>(b)</sup>** | 2.77% | 8.45% | 11.93% | 7.13% | (11.07)% | 7.05% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136090 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95891 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164863 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101247 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134509 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231834 |
|  Ratio of net expenses to average net assets | 0.15 %<sup>(c)</sup> | 0.24% | 0.34% | 0.34% | 0.34% | 0.34% |
|  Ratio of net investment income to average net assets | 6.73 %<sup>(c)</sup> | 6.87% | 6.75% | 5.99% | 4.69% | 4.49% |
|  Portfolio turnover rate<sup>(d)</sup>  | 15% | 28% | 19% | 14% | 15% | 22% |

---

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. 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;

---

| | |
|:---|:---|
| 136 | **The accompanying notes are an integral part of these consolidated financial statements.** |

---

------

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Access Inflation Protected USD Bond ETF** | **Access Inflation Protected USD Bond ETF** | **Access Inflation Protected USD Bond ETF** | **Access Inflation Protected USD Bond ETF** | **Access Inflation Protected USD Bond ETF** | **Access Inflation Protected USD Bond ETF** |
|  | **For the Six Months<br>Ended**<br> **February 28, 2026<br>(Unaudited)** | **For the Fiscal Year Ended August 31,** | **For the Fiscal Year Ended August 31,** | **For the Fiscal Year Ended August 31,** | **For the Fiscal Year Ended August 31,** | **For the Fiscal Year Ended August 31,** |
|  | **For the Six Months<br>Ended**<br> **February 28, 2026<br>(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Operating Performance: | Per Share Operating Performance: | Per Share Operating Performance: | Per Share Operating Performance: |  |  |  |
|  Net asset value, beginning of period | $49.89 | $49.38 | $48.32 | $51.68 | $58.52 | $56.96 |
|  Net investment income<sup>(a)</sup>  | 0.54 | 2.01 | 1.77 | 0.93 | 3.70 | 2.85 |
|  Net realized and unrealized gain (loss) | 0.52 | 0.26 | 1.10 | (2.78) | (7.14) | 0.30 |
|  Total from investment operations | 1.06 | 2.27 | 2.87 | (1.85) | (3.44) | 3.15 |
|  Distributions to shareholders from net investment income | (0.96) | (1.76) | (1.81) | (1.51) | (3.40) | (1.59) |
|  Net asset value, end of period | $49.99 | $49.89 | $49.38 | $48.32 | $51.68 | $58.52 |
|  Market price, end of period | $50.05 | $49.93 | $49.37 | $48.36 | $51.64 | $58.54 |
|  **Total Return at Net Asset Value<sup>(b)</sup>**  | 2.15% | 4.69% | 6.11% | (3.64)% | (6.08)% | 5.62% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232464 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177119 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111143 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165372 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146311 |
|  Ratio of net expenses to average net assets | 0.12 %<sup>(c)</sup> | 0.12% | 0.12% | 0.12% | 0.12% | 0.12% |
|  Ratio of net investment income to average net assets | 2.19 %<sup>(c)</sup> | 4.08% | 3.66% | 1.90% | 6.63% | 4.96% |
|  Portfolio turnover rate<sup>(d)</sup>  | 17% | 45% | 39% | 30% | 18% | 56% |

---

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. 

<sup>(c)</sup> Annualized.

<sup>(d)</sup> The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these consolidated financial statements. | **137** |

---

------

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Access Investment Grade Corporate 1-5 Year Bond ETF** | **Access Investment Grade Corporate 1-5 Year Bond ETF** | **Access Investment Grade Corporate 1-5 Year Bond ETF** | **Access Investment Grade Corporate 1-5 Year Bond ETF** | **Access Investment Grade Corporate 1-5 Year Bond ETF** | **Access Investment Grade Corporate 1-5 Year Bond ETF** |
|  | **For the Six Months<br>Ended**<br> **February 28, 2026<br>(Unaudited)** | **For the Fiscal**<br>**Year Ended August 31,** | **For the Fiscal**<br>**Year Ended August 31,** | **For the Fiscal**<br>**Year Ended August 31,** | **For the Fiscal**<br>**Year Ended August 31,** | **For the Fiscal**<br>**Year Ended August 31,** |
|  | **For the Six Months<br>Ended**<br> **February 28, 2026<br>(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Operating Performance: | Per Share Operating Performance: | Per Share Operating Performance: | Per Share Operating Performance: |  |  |  |
|  Net asset value, beginning of period | $47.81 | $47.40 | $46.01 | $46.46 | $50.28 | $50.21 |
|  Net investment income<sup>(a)</sup>  | 1.07 | 2.17 | 2.09 | 1.43 | 0.62 | 0.41 |
|  Net realized and unrealized gain (loss) | 0.18 | 0.42 | 1.34 | (0.47) | (3.77) | 0.14 |
|  Total from investment operations | 1.25 | 2.59 | 3.43 | 0.96 | (3.15) | 0.55 |
|  Distributions to shareholders from net investment income | (1.11) | (2.18) | (2.04) | (1.41) | (0.67) | (0.48) |
|  Net asset value, end of period | $47.95 | $47.81 | $47.40 | $46.01 | $46.46 | $50.28 |
|  Market price, end of period | $47.96 | $47.80 | $47.46 | $46.03 | $46.38 | $50.30 |
|  **Total Return at Net Asset Value<sup>(b)</sup>**  | 2.64% | 5.63% | 7.65% | 2.11% | (6.30)% | 1.10% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11987 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11953 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9481 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9202 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16262 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30168 |
|  Ratio of net expenses to average net assets | 0.08 %<sup>(c)</sup> | 0.11% | 0.14% | 0.14% | 0.14% | 0.14% |
|  Ratio of net investment income to average net assets | 4.50 %<sup>(c)</sup> | 4.60% | 4.52% | 3.12% | 1.27% | 0.82% |
|  Portfolio turnover rate<sup>(d)</sup>  | 14% | 37% | 64% | 37% | 45% | 32% |

---

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. 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;

---

| | |
|:---|:---|
| 138 | **The accompanying notes are an integral part of these consolidated financial statements.** |

---

------

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Access Investment Grade Corporate Bond ETF** | **Access Investment Grade Corporate Bond ETF** | **Access Investment Grade Corporate Bond ETF** | **Access Investment Grade Corporate Bond ETF** | **Access Investment Grade Corporate Bond ETF** | **Access Investment Grade Corporate Bond ETF** |
|  | **For the Six Months<br>Ended**<br> **February 28, 2026<br>(Unaudited)** | **For the Fiscal**<br>**Year Ended August 31,** | **For the Fiscal**<br>**Year Ended August 31,** | **For the Fiscal**<br>**Year Ended August 31,** | **For the Fiscal**<br>**Year Ended August 31,** | **For the Fiscal**<br>**Year Ended August 31,** |
|  | **For the Six Months<br>Ended**<br> **February 28, 2026<br>(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Operating Performance: | Per Share Operating Performance: | Per Share Operating Performance: | Per Share Operating Performance: |  |  |  |
|  Net asset value, beginning of period | $46.20 | $46.63 | $44.63 | $45.81 | $55.24 | $55.39 |
|  Net investment income<sup>(a)</sup>  | 1.07 | 2.13 | 1.98 | 1.59 | 1.27 | 1.26 |
|  Net realized and unrealized gain (loss) | 0.68 | (0.42) | 1.92 | (1.23) | (9.43) | (0.14) |
|  Total from investment operations | 1.75 | 1.71 | 3.90 | 0.36 | (8.16) | 1.12 |
|  Distributions to shareholders from net investment income | (1.06) | (2.14) | (1.90) | (1.54) | (1.27) | (1.27) |
|  Net asset value, end of period | $46.89 | $46.20 | $46.63 | $44.63 | $45.81 | $55.24 |
|  Market price, end of period | $46.84 | $46.13 | $46.69 | $44.63 | $45.61 | $55.19 |
|  **Total Return at Net Asset Value<sup>(b)</sup>**  | 3.84% | 3.81% | 8.98% | 0.84% | (14.96)% | 2.07% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890983 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674497 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869741 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682841 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634530 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776118 |
|  Ratio of net expenses to average net assets | 0.08 %<sup>(c)</sup> | 0.11% | 0.14% | 0.14% | 0.14% | 0.14% |
|  Ratio of net investment income to average net assets | 4.64 %<sup>(c)</sup> | 4.66% | 4.39% | 3.55% | 2.50% | 2.30% |
|  Portfolio turnover rate<sup>(d)</sup>  | 5% | 10% | 6% | 5% | 12% | 11% |

---

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. 

<sup>(c)</sup> Annualized.

<sup>(d)</sup> The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these consolidated financial statements. | **139** |

---

------

GOLDMAN SACHS MUNICIPAL INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Access Municipal Bond ETF** | **Access Municipal Bond ETF** | **Access Municipal Bond ETF** | **Access Municipal Bond ETF** |
|  | **For the Six Months<br>Ended** | **For the Fiscal<br>Year Ended August 31,**  | **For the Fiscal<br>Year Ended August 31,**  | **For the Period<br>March 7, 2023<sup>\*</sup>** |
|  | **February 28, 2026<br>(Unaudited)** | **2025** | **2024** | **to**<br> **August 31, 2023** |
| Per Share Operating Performance: |  |  |  |  |
|  Net asset value, beginning of period | $49.65 | $49.91 | $49.58 | $49.91 |
|  Net investment income<sup>(a)</sup>  | 0.81 | 1.50 | 1.46 | 0.66 |
|  Net realized and unrealized gain (loss) | 1.70 | (0.30) | 0.42 | (0.45) |
|  Total from investment operations | 2.51 | 1.20 | 1.88 | 0.21 |
|  Distributions to shareholders from net investment income | (0.78) | (1.46) | (1.55) | (0.54) |
|  Net asset value, end of period | $51.38 | $49.65 | $49.91 | $49.58 |
|  Market price, end of period | $51.50 | $49.73 | $49.98 | $49.63 |
|  **Total Return at Net Asset Value<sup>(b)</sup>**  | 5.10% | 2.47% | 3.86% | 0.42% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10275 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9929 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9983 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19831 |
|  Ratio of net expenses to average net assets | 0.08 %<sup>(c)</sup> | 0.12% | 0.16% | 0.25 %<sup>(c)</sup> |
|  Ratio of net investment income to average net assets | 3.21 %<sup>(c)</sup> | 3.04% | 2.94% | 2.72 %<sup>(c)</sup> |
|  Portfolio turnover rate<sup>(d)(e)</sup>  | 11% | 27% | 25% | 10% |

---

\* Commencement of operations.

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. 

<sup>(c)</sup> Annualized.

<sup>(d)</sup> The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

<sup>(e)</sup> There were either no long-term purchases or no long-term sales for the fiscal years ended August 31, 2025, August 31, 2024, August 31, 2023, August 31, 2022 and August 31, 2021, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 140 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Access Treasury 0-1 Year ETF** | **Access Treasury 0-1 Year ETF** | **Access Treasury 0-1 Year ETF** | **Access Treasury 0-1 Year ETF** | **Access Treasury 0-1 Year ETF** | **Access Treasury 0-1 Year ETF** |
|  | **For the Six Months<br>Ended** | **For the Fiscal**<br>**Year Ended August 31,** | **For the Fiscal**<br>**Year Ended August 31,** | **For the Fiscal**<br>**Year Ended August 31,** | **For the Fiscal**<br>**Year Ended August 31,** | **For the Fiscal**<br>**Year Ended August 31,** |
|  | **February 28, 2026<br>(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Operating Performance: | Per Share Operating Performance: | Per Share Operating Performance: | Per Share Operating Performance: |  |  |  |
|  Net asset value, beginning of period | $100.21 | $100.23 | $100.07 | $99.84 | $100.09 | $100.44 |
|  Net investment income (loss)<sup>(a)</sup>  | 1.86 | 4.29 | 5.14 | 4.17 | 0.52 | (0.02) |
|  Net realized and unrealized gain (loss) | 0.05 | 0.05 | 0.17 | (0.26) | (0.51) | (0.01) |
|  Total from investment operations | 1.91 | 4.34 | 5.31 | 3.91 | 0.01 | (0.03) |
|  Distributions to shareholders from net investment income | (1.91) | (4.36) | (5.15) | (3.68) | (0.26) | (0.27) |
|  Distributions to shareholders from return of capital |  |  |  |  |  | (0.05) |
|  Total distributions | (1.91) | (4.36) | (5.15) | (3.68) | (0.26) | (0.32) |
|  Net asset value, end of period | $100.21 | $100.21 | $100.23 | $100.07 | $99.84 | $100.09 |
|  Market price, end of period | $100.20 | $100.21 | $100.23 | $100.12 | $99.88 | $100.08 |
|  **Total Return at Net Asset Value<sup>(b)</sup>**  | 1.92% | 4.43% | 5.45% | 3.99% | 0.01% | (0.03)% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7108601 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6245228 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5343386 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6013216 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3087061 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1857660 |
|  Ratio of net expenses to average net assets | 0.12 %<sup>(c)</sup> | 0.12% | 0.12% | 0.12% | 0.12% | 0.12% |
|  Ratio of total expenses to average net assets | 0.14 %<sup>(c)</sup> | 0.14% | 0.14% | 0.14% | 0.14% | 0.14% |
|  Ratio of net investment income (loss) to average net assets | 3.75 %<sup>(c)</sup> | 4.28% | 5.14% | 4.18% | 0.52% | (0.02)% |
|  Portfolio turnover rate<sup>(d)(e)</sup>  | – % | –% | –% | –% | –% | –% |

---

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. 

<sup>(c)</sup> Annualized.

<sup>(d)</sup> The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

<sup>(e)</sup> There were either no long-term purchases or no long-term sales for the fiscal years ended August 31, 2025, August 31, 2024, August 31, 2023, August 31, 2022 and August 31, 2021, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these consolidated financial statements. | **141** |

---

------

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Access U.S. Aggregate Bond ETF** | **Access U.S. Aggregate Bond ETF** | **Access U.S. Aggregate Bond ETF** | **Access U.S. Aggregate Bond ETF** | **Access U.S. Aggregate Bond ETF** | **Access U.S. Aggregate Bond ETF** |
|  | **For the Six Months<br>Ended** | **For the Fiscal**<br>**Year Ended August 31,** | **For the Fiscal**<br>**Year Ended August 31,** | **For the Fiscal**<br>**Year Ended August 31,** | **For the Fiscal**<br>**Year Ended August 31,** | **For the Period<br>September 8, 2020<sup>\*</sup>** |
|  | **February 28, 2026<br>(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **to**<br> **August 31, 2021** |
| Per Share Operating Performance: |  |  |  |  |  |  |
|  Net asset value, beginning of period | $41.44 | $41.99 | $40.88 | $42.88 | $49.40 | $50.03 |
|  Net investment income<sup>(a)</sup>  | 0.86 | 1.74 | 1.70 | 1.42 | 0.67 | 0.37 |
|  Net realized and unrealized gain (loss) | 0.77 | (0.58) | 1.06 | (2.10) | (6.62) | (0.63) |
|  Total from investment operations | 1.63 | 1.16 | 2.76 | (0.68) | (5.95) | (0.26) |
|  Distributions to shareholders from net investment income | (0.89) | (1.71) | (1.65) | (1.32) | (0.57) | (0.37) |
|  Net asset value, end of period | $42.18 | $41.44 | $41.99 | $40.88 | $42.88 | $49.40 |
|  Market price, end of period | $42.19 | $41.42 | $42.02 | $40.99 | $42.93 | $49.38 |
|  **Total Return at Net Asset Value<sup>(b)</sup>**  | 3.98% | 2.86% | 6.97% | (1.58)% | (12.12)% | (0.52)% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780341 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638147 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398944 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492633 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433105 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219827 |
|  Ratio of net expenses to average net assets | 0.06 %<sup>(c)</sup> | 0.09% | 0.13% | 0.12% | 0.10% | 0.11 %<sup>(c)</sup> |
|  Ratio of total expenses to average net assets | 0.08 %<sup>(c)</sup> | 0.10% | 0.14% | 0.14% | 0.14% | 0.14 %<sup>(c)</sup> |
|  Ratio of net investment income to average net assets | 4.17 %<sup>(c)</sup> | 4.23% | 4.17% | 3.43% | 1.48% | 0.77 %<sup>(c)</sup> |
|  Portfolio turnover rate<sup>(d)</sup>  | 133% | 306% | 401% | 481% | 522% | 525% |

---

\* 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;

---

| | |
|:---|:---|
| 142 | **The accompanying notes are an integral part of these consolidated financial statements.** |

---

------

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Access U.S. Preferred Stock and Hybrid Securities ETF** | **Access U.S. Preferred Stock and Hybrid Securities ETF** | **Access U.S. Preferred Stock and Hybrid Securities ETF** |
|  | **For the Six Months<br>Ended<br>February 28, 2026<br>(Unaudited)** | **For the Fiscal<br>Year Ended August<br>31, 2025** | **For the Period<br>July 30, 2024<sup>\*</sup>**<br> **to<br>August 31, 2024** |
| Per Share Operating Performance: |  |  |  |
|  Net asset value, beginning of period | $50.97 | $51.05 | $50.00 |
|  Net investment income<sup>(a)</sup>  | 1.38 | 2.77 | 0.27 |
|  Net realized and unrealized gain (loss) | 0.20 | (0.18) | 0.78 |
|  Total from investment operations | 1.58 | 2.59 | 1.05 |
|  Distributions to shareholders from net investment income | (1.51) | (2.67) |  |
|  Net asset value, end of period | $51.04 | $50.97 | $51.05 |
|  Market price, end of period | $51.13 | $50.98 | $51.16 |
|  **Total Return at Net Asset Value<sup>(b)</sup>**  | 3.14% | 5.26% | 2.10% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122507 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112138 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89337 |
|  Ratio of net expenses to average net assets | 0.45 %<sup>(c)</sup> | 0.45% | 0.45 %<sup>(c)</sup> |
|  Ratio of net investment income to average net assets | 5.45 %<sup>(c)</sup> | 5.47% | 5.91 %<sup>(c)</sup> |
|  Portfolio turnover rate<sup>(d)</sup>  | 11% | 25% | – % |

---

\* Commencement of operations.

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. 

<sup>(c)</sup> Annualized.

<sup>(d)</sup> The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these consolidated financial statements. | **143** |

---

------

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. ORGANIZATION

Goldman Sachs ETF Trust (the "Trust") is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the "Act"), consisting of multiple series. The Trust was organized as a Delaware statutory trust on December 16, 2009. The following table lists those series of the Trust that are included in this report (collectively, the "Funds" or individually a "Fund") along with their respective diversification status under the Act:

---

| | |
|:---|:---|
| **Fund** | **Diversified/**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Diversified**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Access Emerging Markets USD Bond ETF | Diversified |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Access High Yield Corporate Bond ETF | Diversified |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Access Inflation Protected USD Bond ETF | Diversified |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF | Diversified |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Access Investment Grade Corporate Bond ETF | Diversified |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Access Municipal Bond ETF | Diversified |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Access Treasury 0-1 Year ETF | Diversified |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Access U.S. Aggregate Bond ETF | Diversified |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Access U.S. Preferred Stock and Hybrid Securities ETF | Diversified |

---

The investment objective of each Fund is to provide investment results that closely correspond, before fees and expenses, to the performance of its respective Index.

Goldman Sachs Asset Management, L.P. ("GSAM"), an affiliate of Goldman Sachs & Co. LLC ("Goldman Sachs"), serves as investment adviser to the Funds pursuant to a management agreement (the "Agreement") with the Trust. Each Fund is an exchange-traded fund ("ETF"). Shares of the Access High Yield Corporate Bond ETF, Access Investment Grade Corporate 1-5 Year Bond ETF, Access Investment Grade Corporate Bond ETF, Access Municipal Bond ETF, Access Treasury 0-1 Year ETF and Access U.S. Aggregate Bond ETF are listed and traded on the NYSE Arca, Inc. ("NYSE Arca"), shares of the Access Emerging Markets USD Bond ETF and Access Inflation Protected USD Bond ETF are listed and traded on the Cboe BZX Exchange, Inc. ("Cboe BZX"), and shares of the Access U.S. Preferred Stock and Hybrid Securities ETF are listed and traded on the NASDAQ Stock Market LLC ("NASDAQ"). Market prices for the Funds' shares may be different from their net asset value ("NAV"). The Funds issue and redeem shares at their respective NAV only in blocks of a specified number of shares, or multiples thereof, referred to as "Creation Units". Creation Units are issued and redeemed generally for a designated portfolio of securities (including any portion of such securities for which cash may be substituted) and a specified amount of cash. Shares generally trade in the secondary market in quantities less than a Creation Unit at market prices that change throughout the day. Only those that have entered into an authorized participant agreement with ALPS Distributors, Inc. (the "Distributor") may do business directly with the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;A. Investment Valuation — The Funds' valuation policy is to value investments at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

144.0 ------

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES (continued)

&nbsp;&nbsp;&nbsp;&nbsp;B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily NAV calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments.

For treasury inflation protected securities ("TIPS"), adjustments to principal due to inflation/deflation are reflected as increases/ decreases to interest income with a corresponding adjustment to cost.

&nbsp;&nbsp;&nbsp;&nbsp;C. Expenses — Expenses incurred directly by a Fund are charged to the Fund, and certain expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis, depending upon the nature of the expenses, and are accrued daily.

&nbsp;&nbsp;&nbsp;&nbsp;D. Federal Taxes and Distributions to Shareholders — It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Code"), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. For each Fund, income distributions, if any, are declared and paid monthly. Capital gains distributions, if any, are declared and paid annually.

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund's distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds' net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

&nbsp;&nbsp;&nbsp;&nbsp;E. Segment Reporting — The Funds follow Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Each Fund operates in one segment. The segment derives its revenues from Fund investments made in accordance with the defined investment strategy of the Fund, as prescribed in the Funds' prospectus. The Chief Operating Decision Maker ("CODM") is the 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:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**145**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM's assumptions in determining fair value measurement).

The Board of Trustees ("Trustees") has approved valuation procedures that govern the valuation of the portfolio investments held by the Funds ("Valuation Procedures"), including investments for which market quotations are not readily available. With respect to the Funds' investments that do not have readily available market quotations, the Trustees have designated GSAM as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Act (the "Valuation Designee"). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds' investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Equity Securities — Equity securities traded on a United States ("U.S.") securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2.

Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. With the exception of treasury securities of G7 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Commercial Paper — Commercial paper normally represents short-term unsecured promissory notes issued in bearer form by banks or bank holding companies, corporations, finance companies and other issuers. Commercial paper consists of direct U.S. dollar-denominated obligations of domestic or foreign issuers. Asset-backed commercial paper is issued by a special purpose entity that is organized to issue the commercial paper and to purchase trade receivables or other financial assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Mortgage-Backed and Asset-Backed Securities — Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by residential and/or commercial real estate property. Asset-backed securities include securities whose principal and interest payments are collateralized by pools of other assets or receivables. The value of certain mortgage-backed and asset-backed securities (including adjustable rate mortgage loans) may be particularly sensitive to changes in prevailing interest rates. The value of these securities may also fluctuate in response to the market's perception of the creditworthiness of the issuers.

Asset-backed securities may present credit risks that are not presented by mortgage-backed securities because they generally do not have the benefit of a security interest in collateral that is comparable to mortgage assets. Some asset-backed securities may only have a subordinated claim on collateral.

Stripped mortgage-backed securities are usually structured with two different classes: one that receives substantially all interest payments (interest-only, or "IO" and/or high coupon rate with relatively low principal amount, or "IOette"), and the other that receives substantially all principal payments (principal-only, or "PO") from a pool of mortgage loans. Little to no principal will be received at the maturity of an IO; as a result, periodic adjustments are recorded to reduce the cost of the security until maturity. These adjustments are included in interest income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

146.0 ------

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Treasury Inflation Protected Securities — TIPS are treasury securities in which the principal amount is adjusted daily to keep pace with inflation, as measured by the U.S. Consumer Pricing Index for Urban Consumers. The repayment of the original bond principal upon maturity is guaranteed by the full faith and credit of the U.S. Government.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. When-Issued Securities and Forward Commitments — When-issued securities, including TBA ("To Be Announced") securities, are securities that are authorized but not yet issued in the market and purchased in order to secure what is considered to be an advantageous price or yield to a Fund. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a when-issued or forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of when-issued securities or forward commitments prior to settlement, which may result in a realized gain or loss. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statement(s) of Assets and Liabilities as receivables/payables for collateral on other investments. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund ("Underlying Money Market Fund") are valued at the NAV per share of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding the Underlying Money Market Fund's accounting policies and investment holdings, please see the Underlying Money Market Fund's financial statements at SEC.gov.

&nbsp;&nbsp;&nbsp;&nbsp;B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund's investments may be determined under the Valuation Procedures. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund's NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

&nbsp;&nbsp;&nbsp;&nbsp;C. Fair Value Hierarchy — The following is a summary of the Funds' investments classified in the fair value hierarchy as of February 28, 2026:

---

| | | | |
|:---|:---|:---|:---|
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Access Emerging Markets USD Bond ETF |  |  |  |
| Investment Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3 |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations | $— | $4384452 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt Obligations |  | 31636055 |  |
|  Investment Company | 83376 |  |  |
|  **Total** | $83376 | $36020507 | $— |

---

---

| | | | |
|:---|:---|:---|:---|
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Access High Yield Corporate Bond ETF |  |  |  |
| Investment Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3 |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations | $— | $118580851 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Corporate Debt |  | 12660235 |  |
|  Investment Company | 2745362 |  |  |
|  **Total** | $2745362 | $131241086 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**147**

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GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Notes to Financial Statements (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Access Inflation Protected USD Bond ETF |  |  |  |
| Investment Type | Level 1 | Level 2 | Level 3 |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Inflation Indexed Bond | $227554304 | $4275033 | $— |
|  Investment Company | 283482 |  |  |
|  **Total** | $227837786 | $4275033 | $— |

---

---

| | | | |
|:---|:---|:---|:---|
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Access Investment Grade Corporate 1-5 Year Bond ETF |  |  |  |
| Investment Type | Level 1 | Level 2 | Level 3 |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations | $— | $10524618 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Corporate Debt |  | 1323151 |  |
|  **Total** | $— | $11847769 | $— |

---

---

| | | | |
|:---|:---|:---|:---|
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Access Investment Grade Corporate Bond ETF |  |  |  |
| Investment Type | Level 1 | Level 2 | Level 3 |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations | $— | $746391227 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Corporate Debt |  | 128346474 |  |
|  Investment Company | 4711556 |  |  |
|  **Total** | $4711556 | $874737701 | $— |

---

---

| | | | |
|:---|:---|:---|:---|
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Access Municipal Bond ETF |  |  |  |
| Investment Type | Level 1 | Level 2 | Level 3 |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bond | $— | $10172086 | $— |

---

---

| | | | |
|:---|:---|:---|:---|
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Access Treasury 0-1 Year ETF |  |  |  |
| Investment Type | Level 1 | Level 2 | Level 3 |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S.Treasury Bills | $4479450769 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S.Treasury Notes | 2603984254 |  |  |
|  **Total** | $7083435023 | $— | $— |

---

148.0 ------

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

---

| | | |
|:---|:---|:---|
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Access U.S. Aggregate Bond ETF |  |  |
| Investment Type | Level 1 | Level 3 |
|  **Assets** |  |  |
|  Fixed Income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Corporate Debt |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt Obligations |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agency Obligations |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | 55492821 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes | 15705902 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 26360375 |  |
|  Investment Company | 88276684 |  |
|  **Total** | $185835782 | $— |
|  **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Sales Contracts | $—) | $— |

---

---

| | | | |
|:---|:---|:---|:---|
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Access U.S. Preferred Stock and Hybrid Securities ETF |  |  |  |
| Investment Type | Level 1 | Level 2 | Level 3 |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations | $— | $69012572 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Corporate Debt |  | 12708799 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stock |  | 38765910 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agency Obligations |  | 337465 |  |
|  Investment Company | 173396 |  |  |
|  **Total** | $173396 | $120824746 | $— |

---

For further information regarding security characteristics, see the Schedules of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. AGREEMENTS AND AFFILIATED TRANSACTIONS

&nbsp;&nbsp;&nbsp;&nbsp;A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds' business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund's average daily net assets.

The Funds operate under a unitary management fee structure. Under the unitary fee structure, GSAM is responsible for paying substantially all the expenses of each Fund, excluding payments under the Fund's 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings and litigation, indemnification and extraordinary expenses. As the Funds directly pay fees and expenses of the independent Trustees, the management fee collected by GSAM will be reduced by an amount equal to the fees and expenses paid by the Funds to the independent Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**149**

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GOLDMAN SACHS ACCESS FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended February 28, 2026, contractual and effective net management fees with GSAM were at the following rates:

---

| | | |
|:---|:---|:---|
| **Fund** | **Contractual<br>Unitary Management**<br> **Fee** | **Effective Net**<br> **Unitary**<br> **Management**<br> **Fee\*** |
| Goldman Sachs Access Emerging Markets USD Bond ETF | 0.30% | 0.30% |
| Goldman Sachs Access High Yield Corporate Bond ETF | 0.15% | 0.15% |
| Goldman Sachs Access Inflation Protected USD Bond ETF | 0.12% | 0.12% |
| Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF | 0.08% | 0.08% |
| Goldman Sachs Access Investment Grade Corporate Bond ETF | 0.08% | 0.08% |
| Goldman Sachs Access Municipal Bond ETF | 0.08% | 0.08% |
| Goldman Sachs Access Treasury 0-1 Year ETF | 0.14% | 0.12% |
| Goldman Sachs Access U.S. Aggregate Bond ETF | 0.08% | 0.06% |
| Goldman Sachs Access U.S. Preferred Stock and Hybrid Securities ETF | 0.45% | 0.45% |

---

\* Effective Net Unitary Management Fee includes the impact of management fee waivers, if any.

GSAM has agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.12% as an annual percentage rate of average daily net assets of the Access Treasury 0-1 Year ETF. This arrangement will remain in effect through at least December 29, 2026 and prior to such dates the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees. For the six months ended February 28, 2026, GSAM waived $654,582 of the Funds' management fees for the Access Treasury 0-1 Year ETF.

The Access Emerging Markets USD Bond ETF, Access High Yield Corporate Bond ETF, Access Inflation Protected USD Bond ETF, Access Investment Grade Corporate 1-5 Year Bond ETF, Access Investment Grade Corporate Bond ETF, Access Municipal Bond ETF, Access U.S. Aggregate Bond ETF and Access U.S. Preferred Stock and Hybrid Securities ETF invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest. For the six months ended February 28, 2026, the management fee waived by GSAM for each Fund was as follows:

---

| | |
|:---|:---|
| **Fund** | **Management** <br> **Fee Waived**  |
| Access Emerging Markets USD Bond ETF | $100 |
| Access High Yield Corporate Bond ETF | 754 |
| Access Inflation Protected USD Bond ETF | 231 |
| Access Investment Grade Corporate 1-5 Year Bond ETF | 2 |
| Access Investment Grade Corporate Bond ETF | 2952 |
| Access Municipal Bond ETF | 32 |
| Access U.S. Aggregate Bond ETF | 61896 |
| Access U.S. Preferred Stock and Hybrid Securities ETF | 486 |

---

&nbsp;&nbsp;&nbsp;&nbsp;B. Other Transactions with Affiliates — The following table provides information about the Funds' investments in the Goldman Sachs Financial Square Government Fund for the six months ended February 28, 2026:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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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;4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **Access Emerging Markets USD Bond ETF** | **Access Emerging Markets USD Bond ETF** | **Access Emerging Markets USD Bond ETF** | **Access Emerging Markets USD Bond ETF** | **Access Emerging Markets USD Bond ETF** | **Access Emerging Markets USD Bond ETF** | **Access Emerging Markets USD Bond ETF** |
| **Underlying Fund** | **Beginning value**<br> **as of August 31,**<br> **2025** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of**<br> **February 28, 2026** | **Shares as of**<br> **February 28, 2026** | **Dividend Income** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
|  | $29090 | $2255012 | $(2200727) | $83376 | 83376 | $2283 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **Access High Yield Corporate Bond ETF** | **Access High Yield Corporate Bond ETF** | **Access High Yield Corporate Bond ETF** | **Access High Yield Corporate Bond ETF** | **Access High Yield Corporate Bond ETF** | **Access High Yield Corporate Bond ETF** | **Access High Yield Corporate Bond ETF** |
| **Underlying Fund** | **Beginning value**<br> **as of August 31,**<br> **2025** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of**<br> **February 28, 2026** | **Shares as of**<br> **February 28, 2026** | **Dividend Income** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
|  | 1512522 | 13044355 | (11811515) | 2745362 | 2745362 | 17528 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **Access Inflation Protected USD Bond ETF** | **Access Inflation Protected USD Bond ETF** | **Access Inflation Protected USD Bond ETF** | **Access Inflation Protected USD Bond ETF** | **Access Inflation Protected USD Bond ETF** | **Access Inflation Protected USD Bond ETF** | **Access Inflation Protected USD Bond ETF** |
| **Underlying Fund** | **Beginning value<br>as of August 31,<br>2025** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>February 28, 2026** | **Shares as of<br>February 28, 2026** | **Dividend Income** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
|  | 187422 | 5116071 | (5020011) | 283482 | 283482 | 5441 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **Access Investment Grade Corporate 1-5 Year Bond ETF** | **Access Investment Grade Corporate 1-5 Year Bond ETF** | **Access Investment Grade Corporate 1-5 Year Bond ETF** | **Access Investment Grade Corporate 1-5 Year Bond ETF** | **Access Investment Grade Corporate 1-5 Year Bond ETF** | **Access Investment Grade Corporate 1-5 Year Bond ETF** | **Access Investment Grade Corporate 1-5 Year Bond ETF** |
| **Underlying Fund** | **Beginning value<br>as of August 31,<br>2025** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>February 28, 2026** | **Shares as of<br>February 28, 2026** | **Dividend Income** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
|  | 31 | 54435 | (54466) |  |  | 40 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **Access Investment Grade Corporate Bond ETF** | **Access Investment Grade Corporate Bond ETF** | **Access Investment Grade Corporate Bond ETF** | **Access Investment Grade Corporate Bond ETF** | **Access Investment Grade Corporate Bond ETF** | **Access Investment Grade Corporate Bond ETF** | **Access Investment Grade Corporate Bond ETF** |
| **Underlying Fund** | **Beginning value<br>as of August 31,<br>2025** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>February 28, 2026** | **Shares as of<br>February 28, 2026** | **Dividend Income** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
|  | 4852256 | 20503512 | (20644212) | 4711556 | 4711556 | 70356 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **Access Municipal Bond ETF** | **Access Municipal Bond ETF** | **Access Municipal Bond ETF** | **Access Municipal Bond ETF** | **Access Municipal Bond ETF** | **Access Municipal Bond ETF** | **Access Municipal Bond ETF** |
| **Underlying Fund** | **Beginning value<br>as of August 31,<br>2025** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>February 28, 2026** | **Shares as of<br>February 28, 2026** | **Dividend Income** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
|  |  | 623385 | (623385) |  |  | 740 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **Access U.S. Aggregate Bond ETF** | **Access U.S. Aggregate Bond ETF** | **Access U.S. Aggregate Bond ETF** | **Access U.S. Aggregate Bond ETF** | **Access U.S. Aggregate Bond ETF** | **Access U.S. Aggregate Bond ETF** | **Access U.S. Aggregate Bond ETF** |
| **Underlying Fund** | **Beginning value<br>as of August 31,<br>2025** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>February 28, 2026** | **Shares as of<br>February 28, 2026** | **Dividend Income** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
|  | 70569978 | 59593068 | (41886362) | 88276684 | 88276684 | 1479363 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**151**

------

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **Access U.S. Preferred Stock and Hybrid Securities ETF** | **Access U.S. Preferred Stock and Hybrid Securities ETF** | **Access U.S. Preferred Stock and Hybrid Securities ETF** | **Access U.S. Preferred Stock and Hybrid Securities ETF** | **Access U.S. Preferred Stock and Hybrid Securities ETF** | **Access U.S. Preferred Stock and Hybrid Securities ETF** | **Access U.S. Preferred Stock and Hybrid Securities ETF** |
| **Underlying Fund** | **Beginning value<br>as of August 31,<br>2025** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>February 28, 2026** | **Shares as of<br>February 28, 2026** | **Dividend Income** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
|  | $317 | $12732984 | $(12559905) | $173396 | 173396 | $10683 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. CREATION AND REDEMPTION OF CREATION UNITS

The Trust issues and redeems shares of the Funds only in Creation Units on a continuous basis through the Distributor, without an initial sales load, at NAV next determined after receipt, on any Business Day (as defined in the Statement of Additional Information), of an order in proper form. Shares of the Funds may only be purchased or redeemed by certain financial institutions (each an "Authorized Participant"). An Authorized Participant is either (1) a "Participating Party" or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation; or (2) a Depository Trust Company participant; which, in either case, must have executed an agreement with the Distributor. Retail investors will typically not qualify as an Authorized Participant or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors will purchase shares in the secondary market at market prices with the assistance of a broker and may be subject to customary brokerage commissions or fees. Fixed creation and redemption transaction fees are imposed in connection with creations and redemptions.

Authorized Participants transacting in Creation Units for cash may also pay a variable charge to compensate the relevant fund for certain transaction costs (e.g. taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in "Proceeds from sale of shares" in the Statements of Changes in Net Assets.

Share activity is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Access Emerging Markets USD Bond ETF** | **Goldman Sachs Access Emerging Markets USD Bond ETF** | **Goldman Sachs Access Emerging Markets USD Bond ETF** | **Goldman Sachs Access Emerging Markets USD Bond ETF** |
|  | **For the**<br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the**<br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **August 31, 2025** | **For the Fiscal Year Ended**<br> **August 31, 2025** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fund Share Activity** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 100000 | $4290020 | 600000 | $24381552 |
| &nbsp;&nbsp;&nbsp; Shares redeemed |  |  | (1450000) | (58207043) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN SHARES** | 100000 | $4290020 | (850000) | $(33825491) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Access High Yield Corporate Bond ETF** | **Goldman Sachs Access High Yield Corporate Bond ETF** | **Goldman Sachs Access High Yield Corporate Bond ETF** | **Goldman Sachs Access High Yield Corporate Bond ETF** |
|  | **For the**<br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the**<br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Fiscal**<br> **Year Ended August 31, 2025** | **For the Fiscal**<br> **Year Ended August 31, 2025** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fund Share Activity** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 1100000 | $49989650 | 550000 | $24819985 |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (200000) | (9119324) | (2100000) | (93662524) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN SHARES** | 900000 | $40870326 | (1550000) | $(68842539) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

152.0 ------

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. CREATION AND REDEMPTION OF CREATION UNITS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Access Inflation Protected USD Bond ETF** | **Goldman Sachs Access Inflation Protected USD Bond ETF** | **Goldman Sachs Access Inflation Protected USD Bond ETF** | **Goldman Sachs Access Inflation Protected USD Bond ETF** |
|  | **For the**<br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the**<br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **August 31, 2025** | **For the Fiscal Year Ended**<br> **August 31, 2025** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fund Share Activity** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 1200000 | $59413827 | 825000 | $40468243 |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (100000) | (5019197) | (50000) | (2456120) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE IN SHARES** | 1100000 | $54394630 | 775000 | $38012123 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF** | **Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF** | **Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF** | **Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF** |
|  | **For the**<br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the**<br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **August 31, 2025** | **For the Fiscal Year Ended**<br> **August 31, 2025** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fund Share Activity** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 50000 | $2397450 | 100000 | $4741161 |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (50000) | (2398446) | (50000) | (2342936) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN SHARES** |  | $(996) | 50000 | $2398225 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Access Investment Grade Corporate Bond ETF** | **Goldman Sachs Access Investment Grade Corporate Bond ETF** | **Goldman Sachs Access Investment Grade Corporate Bond ETF** | **Goldman Sachs Access Investment Grade Corporate Bond ETF** |
|  | **For the**<br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the**<br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **August 31, 2025** | **For the Fiscal Year Ended**<br> **August 31, 2025** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fund Share Activity** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 5150000 | $239594508 | 5550000 | $256045538 |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (750000) | (34937825) | (9600000) | (437237433) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN SHARES** | 4400000 | $204656683 | (4050000) | $(181191895) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Access Treasury 0-1 Year ETF** | **Goldman Sachs Access Treasury 0-1 Year ETF** | **Goldman Sachs Access Treasury 0-1 Year ETF** | **Goldman Sachs Access Treasury 0-1 Year ETF** |
|  | **For the**<br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the**<br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **August 31, 2025** | **For the Fiscal Year Ended**<br> **August 31, 2025** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fund Share Activity** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 13970000 | $1398116822 | 25690000 | $2568612727 |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (5350000) | (535466108) | (16680000) | (1668103826) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE IN SHARES** | 8620000 | $862650714 | 9010000 | $900508901 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**153**

------

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. CREATION AND REDEMPTION OF CREATION UNITS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Access U.S. Aggregate Bond ETF** | **Goldman Sachs Access U.S. Aggregate Bond ETF** | **Goldman Sachs Access U.S. Aggregate Bond ETF** | **Goldman Sachs Access U.S. Aggregate Bond ETF** |
|  | **For the**<br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the**<br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **August 31, 2025** | **For the Fiscal Year Ended**<br> **August 31, 2025** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fund Share Activity** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 3100000 | $129196796 | 7400000 | $302294746 |
| &nbsp;&nbsp;&nbsp; Shares redeemed |  |  | (1500000) | (61578462) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE IN SHARES** | 3100000 | $129196796 | 5900000 | $240716284 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Access U.S. Preferred Stock and Hybrid Securities ETF** | **Goldman Sachs Access U.S. Preferred Stock and Hybrid Securities ETF** | **Goldman Sachs Access U.S. Preferred Stock and Hybrid Securities ETF** | **Goldman Sachs Access U.S. Preferred Stock and Hybrid Securities ETF** |
|  | **For the**<br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the**<br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **August 31, 2025** | **For the Fiscal Year Ended**<br> **August 31, 2025** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fund Share Activity** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 1750000 | $89587655 | 1050000 | $52741082 |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (1550000) | (78900101) | (600000) | (30457841) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE IN SHARES** | 200000 | $10687554 | 450000 | $22283241 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended February 28, 2026, were as follows (with the exception of the Access Treasury 0-1 Year ETF which only owns short-term securities):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Purchase of<br>U.S. Government and<br>Agency Obligations** | **Purchases<br>(Excluding<br>U.S. Government and<br>Agency Obligations)** | **Sales and<br>Maturities of<br>U.S. Government and<br>Agency Obligations** | **Sales and<br>Maturities (Excluding** <br> **U.S. Government and** <br> **Agency Obligations)**  |
| Goldman Sachs Access Emerging Markets USD Bond ETF | $— | $4086550 | $— | $4038990 |
| Goldman Sachs Access High Yield Corporate Bond ETF |  | 15628745 |  | 17107533 |
| Goldman Sachs Access Inflation Protected USD Bond ETF | 39139178 |  | 34349949 |  |
| Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF |  | 1432793 |  | 1449491 |
| Goldman Sachs Access Investment Grade Corporate Bond ETF |  | 36356623 |  | 34957073 |
| Goldman Sachs Access Municipal Bond ETF |  | 1177595 |  | 1107453 |
| Goldman Sachs Access U.S. Aggregate Bond ETF | 956960325 | 2987507 | 920250191 | 6407308 |
| Goldman Sachs Access U.S. Preferred Stock and Hybrid Securities ETF |  | 73802294 |  | 15082689 |

---

The purchases and sales from in-kind creation and redemption transactions for the six months ended February 28, 2026, were as follows (with the exception of the Access Treasury 0-1 Year ETF which only owns short-term securities):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

154.0 ------

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. PORTFOLIO SECURITIES TRANSACTIONS (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fund** | **Purchases** | **Sales** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Access Emerging Markets USD Bond ETF | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4088626 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Access High Yield Corporate Bond ETF | 48730685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8926890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Access Inflation Protected USD Bond ETF | 52286820 | 5003525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Access Investment Grade Corporate 1-5 Year Bond ETF | 2405957 | 2374334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Access Investment Grade Corporate Bond ETF | 235216489 | 34489407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Access U.S. Aggregate Bond ETF | 94698643 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Access U.S. Preferred Stock and Hybrid Securities ETF | 28769258 | 77063666 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. TAX INFORMATION

As of the Funds' most recent fiscal year end, August 31, 2025, the Funds' capital loss carryforwards and certain timing differences on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Access Emerging<br>Markets USD<br>Bond ETF** | **Access High Yield<br>Corporate Bond<br>ETF** | **Access Inflation<br>Protected USD<br>Bond ETF** | **Access Investment<br>Grade Corporate<br>1-5 Year Bond ETF** | **Access Investment <br>Grade Corporate <br>Bond ETF** |
|  Capital loss carryforwards: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Short-Term | $(4941897) | $(1767083) | $(1134653) | $(33307) | $(2908527) |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Long-Term | (316250) | (1888688) | (8808318) | (244155) | (6773827) |
|  Total capital loss carryforwards | (5258147) | (3655771) | (9942971) | (277462) | (9682354) |
|  Timing differences — (Post-October Capital Loss Deferral) | (283570) | (83066) | (3907798) |  | (1881810) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Access Municipal<br>Bond ETF** | **Access Treasury<br>0-1 Year ETF** | **Access U.S.<br>Aggregate Bond<br>ETF** | **Access U.S. <br>Preferred Stock <br>and Hybrid <br>Securities ETF** |
|  Capital loss carryforwards: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Short-Term | $(31436) | $(4793086) | $(24628742) | $(7133) |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Long-Term | (2704) | (4564) | (19622242) |  |
|  Total capital loss carryforwards | (34140) | (4797650) | (44250984) | (7133) |
|  Timing differences — (Hybrids, Post-October Capital Loss Deferral) | (2930) |  | (2589727) | 319935 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**155**

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GOLDMAN SACHS ACCESS FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. TAX INFORMATION (continued)

As of February 28, 2026, the Funds' aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Access Emerging<br>Markets USD Bond ETF** | **Access High Yield**<br> **Corporate Bond ETF**  | **Access Inflation<br>Protected USD Bond<br>ETF** | **Access Investment** <br> **Grade Corporate 1-5** <br> **Year Bond ETF**  |
|  Tax Cost | $34606484 | $133131596 | $231541379 | $11691099 |
|  Gross unrealized gain | 1675711 | 2586700 | 2802631 | 159967 |
|  Gross unrealized loss | (178312) | (1731848) | (2231191) | (3297) |
|  Net unrealized gain (loss) | $1497399 | $854852 | $571440 | $156670 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Access Investment<br>Grade Corporate Bond<br>ETF** | **Access Municipal Bond<br>ETF** | **Access Treasury 0-1<br>Year ETF** | **Access U.S. Aggregate <br>Bond ETF** |
|  Tax Cost | $890944825 | $9818986 | $7081239857 | $858179559 |
|  Gross unrealized gain | 2586700 | 353565 | 2283323 | 14060559 |
|  Gross unrealized loss | (14082268) | (465) | (88157) | (7246976) |
|  Net unrealized gain (loss) | $(11495568) | $353100 | $2195166 | $6813583 |

---

---

| | |
|:---|:---|
|  | **Access U.S. Preferred** <br> **Stock and Hybrid** <br> **Securities ETF**  |
|  Tax Cost | $121854218 |
|  Gross unrealized gain | 1267561 |
|  Gross unrealized loss | (2123637) |
|  Net unrealized gain (loss) | $(856076) |

---

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, and differences in tax treatment of underlying fund investments, partnership investments, market discount accretion and premium amortization.

GSAM has reviewed the Funds' tax positions for all open tax years (the current year, and prior three tax years, as applicable) and has concluded that no provision for income tax is required in the Funds' financial statements. Such open tax year remains subject to examination and adjustment by tax authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. OTHER RISKS

The Funds' risks include, but are not limited to, the following:

Calculation Methodology Risk — The Index relies on various sources of information to assess the criteria of issuers included in the Index (or a Reference Index, if applicable), including fundamental information that may be based on assumptions and estimates. Neither the Fund, the Investment Adviser nor the Index Provider can offer assurances that the Index's calculation methodology or sources of information will provide a correct valuation of securities, nor can they guarantee the availability or timeliness of the production of the Index.

Call/Prepayment Risk — An issuer could exercise its right to pay principal on an obligation held by a Fund (such as a Mortgage-Backed Security) earlier than expected. This may happen when there is a decline in interest rates, when credit spreads change, or when an issuer's credit quality improves. Under these circumstances, a Fund may be unable to recoup all of its initial investment and will also suffer from having to reinvest in lower-yielding securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

156.0 ------

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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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;8. OTHER RISKS (continued)

Credit/Default Risk — An issuer or guarantor of a security held by a Fund, or a bank or other financial institution that has entered into a repurchase agreement with a Fund, may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities may deteriorate rapidly, which may impair a Fund's liquidity and cause significant deterioration in NAV.

Extension Risk — An issuer could exercise its right to pay principal on an obligation held by a Fund later than expected. This may happen when there is a rise in interest rates. Under these circumstances, the value of the obligation will decrease, and a Fund will also suffer from the inability to reinvest in higher yielding securities.

Index Risk — FTSE Fixed Income LLC (the "Index Provider") constructs each Fund's Index in accordance with a rules-based methodology. A Fund will be negatively affected by general declines in the securities and asset classes represented in its Index. In addition, because the Funds are not "actively" managed, unless a specific security is removed from an Index, a Fund generally would not sell a security because the security's issuer was in financial trouble. Market disruptions and regulatory restrictions could have an adverse effect on a Fund's ability to adjust its exposure to the required levels in order to track the Index. A Fund also does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, a Fund's performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers. When the Index is rebalanced and a Fund in turn rebalances its portfolio to attempt to increase the correlation between the Fund's portfolio and the Index, any transaction costs and market exposure arising from such portfolio rebalancing may be borne directly by the Fund and its shareholders. The Index Provider may utilize third party data in constructing each Index, but it does not guarantee the accuracy or availability of any such third party data. The FTSE Goldman Sachs Emerging Markets USD Bond Index and FTSE Goldman Sachs US Preferred Stock and Hybrids Index are new and have limited performance history. Errors in index data, index computation or the construction of an Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the applicable Fund and its shareholders. In addition, neither a Fund, the Investment Adviser nor the Index Provider can guarantee the availability or timeliness of the production of the Index. The Index Provider may delay or change a scheduled rebalancing or reconstitution of an Index or the implementation of certain rules at its sole discretion. In such circumstances, a Fund, in replicating the composition of its Index, may have more or less exposure to a particular sector or individual company than had the Index been constructed in accordance with its stated methodology.

Industry Concentration Risk— In following its methodology, an Index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or group of industries. To the extent that an Index concentrates in the securities of issuers in a particular industry or group of industries, a Fund also will concentrate its investments to approximately the same extent. By concentrating its investments in an industry or group of industries, the applicable Fund may face more risks than if it were diversified broadly over numerous industries or groups of industries. If an Index is not concentrated in a particular industry or group of industries, the applicable Fund will not concentrate in a particular industry or group of industries.

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds. A sudden or unpredictable increase in interest rates may cause volatility in the market and may decrease the liquidity of the Fund's investments, which would make it harder for the Fund to sell its investments at an advantageous time.

Large Shareholder Transaction Risk — Certain shareholders, including other funds advised by the Investment Adviser, may from time to time own a substantial amount of the Fund's Shares. In addition, a third party investor, the Investment Adviser or an affiliate of the Investment Adviser, an authorized participant, a lead market maker, or another entity (i.e., a seed investor) may invest in the Fund and hold its investment solely to facilitate commencement of the Fund or to facilitate the Fund's achieving a specified size or scale. Any such investment may be held for a limited period of time. There can be no assurance that any large shareholder

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**157**

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GOLDMAN SACHS ACCESS FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. OTHER RISKS (continued)

would not redeem its investment, that the size of the Fund would be maintained at such levels or that the Fund would continue to meet applicable listing requirements. Redemptions by large shareholders could have a significant negative impact on the Fund, including on the Fund's liquidity. In addition, transactions by large shareholders may account for a large percentage of the trading volume on NYSE Arca, Cboe BZX and NASDAQ and may, therefore, have a material upward or downward effect on the market price of the Shares.

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. To the extent a Fund engages in cash redemptions, liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors' interests because of unusual market conditions, declining prices of the securities sold, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund's NAV and dilute remaining investors' interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with a Fund's investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund's liquidity.

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors, governments or countries and/ or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Market Trading Risk — Each Fund faces numerous market trading risks, including disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for Shares. If a shareholder purchases Shares at a time when the market price is at a premium to the NAV or sells Shares at a time when the market price is at a discount to the NAV, the shareholder may pay more for, or receive less than, the underlying value of the Shares, respectively. The Investment Adviser cannot predict whether Shares will trade below, at or above their NAV. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for Shares will be closely related to, but not identical to, the same forces influencing the prices of the securities of a Fund's Index trading individually or in the aggregate at any point in time.

Sampling Risk — A Fund's use of a representative sampling approach will result in its holding a smaller number of securities than are in the Index. As a result, an adverse development respecting a security held by a Fund could result in a greater decline in NAV than would be the case if a Fund held all of the securities in the Index. Conversely, a positive development relating to a security in the Index that is not held by a Fund could cause a Fund to underperform the Index. To the extent the assets in a Fund are smaller, these risks will be greater.

Tracking Error Risk — Tracking error is the divergence of a Fund's performance from that of its Index. The performance of a Fund may diverge from that of its Index for a number of reasons. Tracking error may occur because of transaction costs, a Fund's holding of cash, differences in accrual of dividends, changes to its Index or the need to meet new or existing regulatory requirements. Unlike a Fund, the returns of an Index are not reduced by investment and other operating expenses, including the trading costs associated with implementing changes to its portfolio of investments. Tracking error risk may be heightened during times of market volatility or other unusual market conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

158.0 ------

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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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;8. OTHER RISKS (continued)

Valuation Risk — The sale price a Fund could receive for a security may differ from a Fund's valuation of the security, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. A Fund relies on various sources to calculate its NAV. The information may be provided by third parties that are believed to be reliable, but the information may not be accurate due to errors by such pricing sources, technological issues or otherwise. NAV calculation may also be impacted by operational risks arising from factors such as failures in systems and technology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. INDEMNIFICATIONS

Under the Trust's organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. 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;

**159**

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![LOGO](g120512g00k06.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 Brian J. Wildman\* \*Effective April 1, 2026. THE BANK OF NEW YORK 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 and Principal Executive Officer Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Robert Griffith, Secretary 2026 Goldman Sachs. All rights reserved. ACFIETFSAR-26

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![LOGO](g26358dsp001.jpg)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Goldman Sachs Active Fixed Income ETFs

---

| | |
|:---|:---|
|  **Table of Contents** | **Page** |
|  **[Schedule of Investments](#actfi26358_1)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Core Bond ETF](#actfi26358_2) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Corporate Bond ETF](#actfi26358_3) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Ultra Short Bond ETF](#actfi26358_4) | 21 |
|  **[Financial Statements](#actfi26358_5)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statement of Assets and Liabilities](#actfi26358_6) | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statement of Operations](#actfi26358_7) | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statement of Changes in Net Assets](#actfi26358_8) | 34 |
|  **[Financial Highlights](#actfi26358_9)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Core Bond ETF](#actfi26358_10) | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Corporate Bond ETF](#actfi26358_11) | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Ultra Short Bond ETF](#actfi26358_12) | 38 |
|  **[Notes to Financial Statements](#actfi26358_13)** | 39 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

GOLDMAN SACHS CORE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Mortgage-Backed Securities – 37.5% | Mortgage-Backed Securities – 37.5% | Mortgage-Backed Securities – 37.5% | Mortgage-Backed Securities – 37.5% |
| ARZ Trust, Series 2024-BILT, Class A | ARZ Trust, Series 2024-BILT, Class A | ARZ Trust, Series 2024-BILT, Class A | ARZ Trust, Series 2024-BILT, Class A |
| $200000 | 5.772% | 06/11/39<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205851 |
| BANK, Series 2021-BN35, Class A5 | BANK, Series 2021-BN35, Class A5 | BANK, Series 2021-BN35, Class A5 | BANK, Series 2021-BN35, Class A5 |
| 200000 | 2.285 | 06/15/64<sup>(b)</sup> | 180582 |
| BANK, Series 2025-BNK51, Class B | BANK, Series 2025-BNK51, Class B | BANK, Series 2025-BNK51, Class B | BANK, Series 2025-BNK51, Class B |
| 100000 | 5.895 | 12/25/67<sup>(b)(c)</sup> | 105070 |
| BANK5, Series 2024-5YR11, Class A3 | BANK5, Series 2024-5YR11, Class A3 | BANK5, Series 2024-5YR11, Class A3 | BANK5, Series 2024-5YR11, Class A3 |
| 150000 | 5.893 | 11/15/57<sup>(b)</sup> | 158452 |
| BANK5, Series 2024-5YR9, Class AS | BANK5, Series 2024-5YR9, Class AS | BANK5, Series 2024-5YR9, Class AS | BANK5, Series 2024-5YR9, Class AS |
| 180000 | 6.182 | 08/15/57<sup>(b)(c)</sup> | 189967 |
| BANK5, Series 2025-5YR14, Class A3 | BANK5, Series 2025-5YR14, Class A3 | BANK5, Series 2025-5YR14, Class A3 | BANK5, Series 2025-5YR14, Class A3 |
| 180000 | 5.646 | 04/15/58<sup>(b)</sup> | 189602 |
| BANK5, Series 2025-5YR19, Class A3 | BANK5, Series 2025-5YR19, Class A3 | BANK5, Series 2025-5YR19, Class A3 | BANK5, Series 2025-5YR19, Class A3 |
| 100000 | 5.270 | 12/15/58<sup>(b)</sup> | 104465 |
| Benchmark Mortgage Trust, Series 2019-B11, Class A5 | Benchmark Mortgage Trust, Series 2019-B11, Class A5 | Benchmark Mortgage Trust, Series 2019-B11, Class A5 | Benchmark Mortgage Trust, Series 2019-B11, Class A5 |
| 250000 | 3.542 | 05/15/52<sup>(b)</sup> | 244662 |
| Benchmark Mortgage Trust, Series 2020-B22, Class ASB | Benchmark Mortgage Trust, Series 2020-B22, Class ASB | Benchmark Mortgage Trust, Series 2020-B22, Class ASB | Benchmark Mortgage Trust, Series 2020-B22, Class ASB |
| 94317 | 1.731 | 01/15/54<sup>(b)</sup> | 89743 |
| Benchmark Mortgage Trust, Series 2021-B28, Class ASB | Benchmark Mortgage Trust, Series 2021-B28, Class ASB | Benchmark Mortgage Trust, Series 2021-B28, Class ASB | Benchmark Mortgage Trust, Series 2021-B28, Class ASB |
| 220000 | 1.980 | 08/15/54 | 206931 |
| BFLD Commercial Mortgage Trust, Series 2025-660F, Class A (TSFR1M + 1.500%) | BFLD Commercial Mortgage Trust, Series 2025-660F, Class A (TSFR1M + 1.500%) | BFLD Commercial Mortgage Trust, Series 2025-660F, Class A (TSFR1M + 1.500%) | BFLD Commercial Mortgage Trust, Series 2025-660F, Class A (TSFR1M + 1.500%) |
| 100000 | 5.160 | 11/15/42<sup>(a)(c)</sup> | 100208 |
| BFLD Commercial Mortgage Trust, Series 2025-660F, Class B (TSFR1M + 1.800%) | BFLD Commercial Mortgage Trust, Series 2025-660F, Class B (TSFR1M + 1.800%) | BFLD Commercial Mortgage Trust, Series 2025-660F, Class B (TSFR1M + 1.800%) | BFLD Commercial Mortgage Trust, Series 2025-660F, Class B (TSFR1M + 1.800%) |
| 250000 | 5.460 | 11/15/42<sup>(a)(c)</sup> | 250469 |
| BMO Mortgage Trust, Series 2026-C14, Class A5 | BMO Mortgage Trust, Series 2026-C14, Class A5 | BMO Mortgage Trust, Series 2026-C14, Class A5 | BMO Mortgage Trust, Series 2026-C14, Class A5 |
| 200000 | 5.317 | 02/15/59<sup>(b)</sup> | 208984 |
| BSTN Commercial Mortgage Trust, Series 2025-1C, Class A | BSTN Commercial Mortgage Trust, Series 2025-1C, Class A | BSTN Commercial Mortgage Trust, Series 2025-1C, Class A | BSTN Commercial Mortgage Trust, Series 2025-1C, Class A |
| 200000 | 5.548 | 06/15/44<sup>(a)(c)</sup> | 208675 |
| BX Commercial Mortgage Trust, Series 2026-CSMO, Class A (TSFR1M + 1.400%) | BX Commercial Mortgage Trust, Series 2026-CSMO, Class A (TSFR1M + 1.400%) | BX Commercial Mortgage Trust, Series 2026-CSMO, Class A (TSFR1M + 1.400%) | BX Commercial Mortgage Trust, Series 2026-CSMO, Class A (TSFR1M + 1.400%) |
| 100000 | 5.067 | 02/15/42<sup>(a)(c)</sup> | 100031 |
| BX Trust, Series 2024-BIO, Class A (1M U.S. T-Bill MMY + 1.642%) | BX Trust, Series 2024-BIO, Class A (1M U.S. T-Bill MMY + 1.642%) | BX Trust, Series 2024-BIO, Class A (1M U.S. T-Bill MMY + 1.642%) | BX Trust, Series 2024-BIO, Class A (1M U.S. T-Bill MMY + 1.642%) |
| 250000 | 5.302 | 02/15/41<sup>(a)(c)</sup> | 250000 |
| BX Trust, Series 2025-ARIA, Class A | BX Trust, Series 2025-ARIA, Class A | BX Trust, Series 2025-ARIA, Class A | BX Trust, Series 2025-ARIA, Class A |
| 200000 | 5.031 | 12/13/42<sup>(a)(c)</sup> | 205127 |
| COMM Mortgage Trust, Series 2024-277P, Class A | COMM Mortgage Trust, Series 2024-277P, Class A | COMM Mortgage Trust, Series 2024-277P, Class A | COMM Mortgage Trust, Series 2024-277P, Class A |
| 250000 | 6.338 | 08/10/44<sup>(a)</sup> | 263255 |
| DBC Mortgage Trust, Series 2025-DBC, Class A (TSFR1M + 1.350%) | DBC Mortgage Trust, Series 2025-DBC, Class A (TSFR1M + 1.350%) | DBC Mortgage Trust, Series 2025-DBC, Class A (TSFR1M + 1.350%) | DBC Mortgage Trust, Series 2025-DBC, Class A (TSFR1M + 1.350%) |
| 250000 | 5.010 | 11/15/42<sup>(a)(b)(c)</sup> | 250235 |
| Federal Home Loan Mortgage Corporation | Federal Home Loan Mortgage Corporation | Federal Home Loan Mortgage Corporation | Federal Home Loan Mortgage Corporation |
| 474708 | 2.000 | 05/01/51 | 397087 |
| 231307 | 2.000 | 07/01/51 | 192946 |
| 228366 | 5.500 | 11/01/53 | 233124 |
| 206896 | 6.000 | 07/01/54 | 212743 |
| 983013 | 5.500 | 02/01/55 | 999083 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| 1297621 | 2.000 | 10/01/51 | 1082414 |
| 231045 | 3.000 | 02/01/52 | 211246 |
| 526112 | 5.500 | 04/01/54 | 536411 |
| 462501 | 5.500 | 01/01/55 | 470203 |
| 247706 | 5.500 | 11/01/55 | 254059 |
| 1250000 | 2.000 | TBA-30yr<sup>(d)</sup> | 1035581 |
| 6000000 | 2.500 | TBA-30yr<sup>(d)</sup> | 5198100 |
| 1000000 | 3.000 | TBA-30yr<sup>(d)</sup> | 904584 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Mortgage-Backed Securities – (continued) | Mortgage-Backed Securities – (continued) | Mortgage-Backed Securities – (continued) | Mortgage-Backed Securities – (continued) |
| Federal National Mortgage Association – (continued) | Federal National Mortgage Association – (continued) | Federal National Mortgage Association – (continued) | Federal National Mortgage Association – (continued) |
| 500000 | 3.500% | TBA-30yr<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471315 |
| 500000 | 4.000 | TBA-30yr<sup>(d)</sup> | 486075 |
| 1750000 | 4.500 | TBA-30yr<sup>(d)</sup> | 1730477 |
| 2750000 | 5.000 | TBA-30yr<sup>(d)</sup> | 2762320 |
| 750000 | 5.500 | TBA-30yr<sup>(d)</sup> | 761955 |
| 1000000 | 6.000 | TBA-30yr<sup>(d)</sup> | 1025760 |
| 500000 | 6.500 | TBA-30yr<sup>(d)</sup> | 519220 |
| Freddie Mac Multifamily Structured Pass Through Certificates,<br>Series K547, Class A2 | Freddie Mac Multifamily Structured Pass Through Certificates,<br>Series K547, Class A2 | Freddie Mac Multifamily Structured Pass Through Certificates,<br>Series K547, Class A2 | Freddie Mac Multifamily Structured Pass Through Certificates,<br>Series K547, Class A2 |
| 100000 | 4.421 | 05/25/30<sup>(b)(c)</sup> | 102334 |
| Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
| 377219 | 2.500 | 06/20/50 | 333344 |
| 393453 | 2.000 | 12/20/51 | 333409 |
| 246464 | 3.000 | 03/20/52 | 226066 |
| 990525 | 4.500 | 09/20/52 | 987626 |
| 320619 | 5.500 | 02/20/55 | 325447 |
| 500000 | 6.000 | TBA-30yr<sup>(d)</sup> | 510100 |
| 500000 | 2.000 | TBA-30yr<sup>(d)</sup> | 423604 |
| 250000 | 3.000 | TBA-30yr<sup>(d)</sup> | 229257 |
| 500000 | 3.500 | TBA-30yr<sup>(d)</sup> | 469064 |
| 750000 | 5.000 | TBA-30yr<sup>(d)</sup> | 752542 |
| 250000 | 5.500 | TBA-30yr<sup>(d)</sup> | 253165 |
| GWT, Series 2024-WLF2, Class A (TSFR1M + 1.691%) | GWT, Series 2024-WLF2, Class A (TSFR1M + 1.691%) | GWT, Series 2024-WLF2, Class A (TSFR1M + 1.691%) | GWT, Series 2024-WLF2, Class A (TSFR1M + 1.691%) |
| 300000 | 5.351 | 05/15/41<sup>(a)(c)</sup> | 300608 |
| Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A | Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A | Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A | Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A |
| 100000 | 5.467 | 01/13/40<sup>(a)(c)</sup> | 104345 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2022-NLP, Class A (TSFR1M + 0.847%) | J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2022-NLP, Class A (TSFR1M + 0.847%) | J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2022-NLP, Class A (TSFR1M + 0.847%) | J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2022-NLP, Class A (TSFR1M + 0.847%) |
| 135256 | 4.506 | 04/15/37<sup>(a)(c)</sup> | 134167 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2024-OMNI, Class A | J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2024-OMNI, Class A | J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2024-OMNI, Class A | J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2024-OMNI, Class A |
| 180000 | 5.797 | 10/05/39<sup>(a)(c)</sup> | 183192 |
| JPMDB Commercial Mortgage Securities Trust, Series 2017-C7, Class A5 | JPMDB Commercial Mortgage Securities Trust, Series 2017-C7, Class A5 | JPMDB Commercial Mortgage Securities Trust, Series 2017-C7, Class A5 | JPMDB Commercial Mortgage Securities Trust, Series 2017-C7, Class A5 |
| 480000 | 3.409 | 10/15/50<sup>(b)</sup> | 473445 |
| NYC Commercial Mortgage Trust, Series 2025-11X, Class A (TSFR1M + 1.743%) | NYC Commercial Mortgage Trust, Series 2025-11X, Class A (TSFR1M + 1.743%) | NYC Commercial Mortgage Trust, Series 2025-11X, Class A (TSFR1M + 1.743%) | NYC Commercial Mortgage Trust, Series 2025-11X, Class A (TSFR1M + 1.743%) |
| 250000 | 5.403 | 10/15/40<sup>(a)(c)</sup> | 250157 |
| NYC Commercial Mortgage Trust, Series 2025-11X, Class B (TSFR1M + 2.093%) | NYC Commercial Mortgage Trust, Series 2025-11X, Class B (TSFR1M + 2.093%) | NYC Commercial Mortgage Trust, Series 2025-11X, Class B (TSFR1M + 2.093%) | NYC Commercial Mortgage Trust, Series 2025-11X, Class B (TSFR1M + 2.093%) |
| 250000 | 5.753 | 10/15/40<sup>(a)(c)</sup> | 250469 |
| NYC Trust, Series 2025-77C, Class A | NYC Trust, Series 2025-77C, Class A | NYC Trust, Series 2025-77C, Class A | NYC Trust, Series 2025-77C, Class A |
| 100000 | 4.790 | 01/10/36<sup>(a)(c)</sup> | 100766 |
| Wells Fargo Commercial Mortgage Trust, Series 2024-1CHI, Class A | Wells Fargo Commercial Mortgage Trust, Series 2024-1CHI, Class A | Wells Fargo Commercial Mortgage Trust, Series 2024-1CHI, Class A | Wells Fargo Commercial Mortgage Trust, Series 2024-1CHI, Class A |
| 119000 | 5.484 | 07/15/35<sup>(a)(c)</sup> | 120098 |
| Wells Fargo Commercial Mortgage Trust, Series 2026-1250B, Class A | Wells Fargo Commercial Mortgage Trust, Series 2026-1250B, Class A | Wells Fargo Commercial Mortgage Trust, Series 2026-1250B, Class A | Wells Fargo Commercial Mortgage Trust, Series 2026-1250B, Class A |
| 150000 | 4.833 | 03/10/41<sup>(a)(c)(e)</sup> | 150488 |
| **TOTAL MORTGAGE-BACKED SECURITIES**<br> **(Cost $29,710,909)** | **TOTAL MORTGAGE-BACKED SECURITIES**<br> **(Cost $29,710,909)** | **TOTAL MORTGAGE-BACKED SECURITIES**<br> **(Cost $29,710,909)** | 30010705 |
| U.S. Treasury Notes – 31.4% | U.S. Treasury Notes – 31.4% | U.S. Treasury Notes – 31.4% | U.S. Treasury Notes – 31.4% |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| 2000000 | 4.500 <sup>(f)</sup> | 04/15/27 | 2021719 |

---

&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 CORE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) |
| U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) |
| 3981000 | 1.250 %<sup>(f)</sup> | 04/30/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3804965 |
| 4263000 | 1.000 <sup>(f)</sup> | 07/31/28 | 4029534 |
| 400000 | 3.750 <sup>(f)</sup> | 01/31/31 | 402312 |
| 800000 | 3.500 <sup>(f)</sup> | 02/28/31<sup>(e)</sup> | 799375 |
| 5523000 | 1.250 <sup>(f)</sup> | 08/15/31 | 4888718 |
| 810000 | 3.750 <sup>(f)</sup> | 02/28/33<sup>(e)</sup> | 811424 |
| 8168000 | 4.250 <sup>(f)</sup> | 11/15/34 | 8392620 |
| **TOTAL U.S. TREASURY NOTES**<br> **(Cost $24,912,001)** | **TOTAL U.S. TREASURY NOTES**<br> **(Cost $24,912,001)** | **TOTAL U.S. TREASURY NOTES**<br> **(Cost $24,912,001)** | 25150667 |
| Corporate Obligations – 23.6% | Corporate Obligations – 23.6% | Corporate Obligations – 23.6% | Corporate Obligations – 23.6% |
| Advertising – 0.1% | Advertising – 0.1% | Advertising – 0.1% | Advertising – 0.1% |
| Lamar Media Corp. | Lamar Media Corp. | Lamar Media Corp. | Lamar Media Corp. |
| 55000 | 5.375 | 11/01/33<sup>(a)(b)</sup> | 55114 |
| Aerospace & Defense – 1.6% | Aerospace & Defense – 1.6% | Aerospace & Defense – 1.6% | Aerospace & Defense – 1.6% |
| Axon Enterprise, Inc. | Axon Enterprise, Inc. | Axon Enterprise, Inc. | Axon Enterprise, Inc. |
| 50000 | 6.250 | 03/15/33<sup>(a)(b)</sup> | 51867 |
| Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) |
| 50000 | 5.040 | 05/01/27<sup>(b)</sup> | 50528 |
| 220000 | 6.259 | 05/01/27<sup>(b)</sup> | 225391 |
| 50000 | 3.450 | 11/01/28<sup>(b)</sup> | 49397 |
| 42000 | 5.150 | 05/01/30<sup>(b)</sup> | 43496 |
| 140000 | 6.528 | 05/01/34<sup>(b)</sup> | 157083 |
| 77000 | 3.250 | 02/01/35<sup>(b)</sup> | 68573 |
| 284000 | 6.625 | 02/15/38 | 320762 |
| 64000 | 5.705 | 05/01/40<sup>(b)</sup> | 66603 |
| 68000 | 3.625 | 03/01/48<sup>(b)</sup> | 49763 |
| 11000 | 6.858 | 05/01/54<sup>(b)</sup> | 12622 |
| Hexcel Corp. | Hexcel Corp. | Hexcel Corp. | Hexcel Corp. |
| 64000 | 5.875 | 02/26/35<sup>(b)</sup> | 68174 |
| TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
| 88000 | 6.375 | 05/31/33<sup>(a)(b)</sup> | 89881 |
| 5000 | 6.250 | 01/31/34<sup>(a)(b)</sup> | 5170 |
| 10000 | 6.750 | 01/31/34<sup>(a)(b)</sup> | 10382 |
| 15000 | 6.125 | 07/31/34<sup>(a)(b)</sup> | 15237 |
|  |  |  | 1284929 |
| Banks – 7.7% | Banks – 7.7% | Banks – 7.7% | Banks – 7.7% |
| Bank of America Corp. | Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
| (SOFR + 1.320%) | (SOFR + 1.320%) | (SOFR + 1.320%) | (SOFR + 1.320%) |
| 10000 | 2.687 | 04/22/32<sup>(b)(c)</sup> | 9262 |
| (SOFR + 1.210%) | (SOFR + 1.210%) | (SOFR + 1.210%) | (SOFR + 1.210%) |
| 10000 | 2.572 | 10/20/32<sup>(b)(c)</sup> | 9100 |
| (SOFR + 1.830%) | (SOFR + 1.830%) | (SOFR + 1.830%) | (SOFR + 1.830%) |
| 154000 | 4.571 | 04/27/33<sup>(b)(c)</sup> | 154705 |
| (SOFR + 1.910%) | (SOFR + 1.910%) | (SOFR + 1.910%) | (SOFR + 1.910%) |
| 134000 | 5.288 | 04/25/34<sup>(b)(c)</sup> | 139115 |
| (SOFR + 1.840%) | (SOFR + 1.840%) | (SOFR + 1.840%) | (SOFR + 1.840%) |
| 115000 | 5.872 | 09/15/34<sup>(b)(c)</sup> | 123376 |
| (SOFR + 1.650%) | (SOFR + 1.650%) | (SOFR + 1.650%) | (SOFR + 1.650%) |
| 75000 | 5.468 | 01/23/35<sup>(b)(c)</sup> | 78603 |
| (SOFR + 1.697%) | (SOFR + 1.697%) | (SOFR + 1.697%) | (SOFR + 1.697%) |
| 200000 | 5.744 | 02/12/36<sup>(b)(c)</sup> | 208988 |
| (US 5 Year CMT T-Note + 1.200%) | (US 5 Year CMT T-Note + 1.200%) | (US 5 Year CMT T-Note + 1.200%) | (US 5 Year CMT T-Note + 1.200%) |
| 131000 | 2.482 | 09/21/36<sup>(b)(c)</sup> | 115732 |
| 100000 | 6.110 | 01/29/37 | 108046 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| Bank of America Corp., MTN | Bank of America Corp., MTN | Bank of America Corp., MTN | Bank of America Corp., MTN |
| (SOFR + 1.530%) | (SOFR + 1.530%) | (SOFR + 1.530%) | (SOFR + 1.530%) |
| $197000 | 1.898% | 07/23/31<sup>(b)(c)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178682 |
| (SOFR + 1.370%) | (SOFR + 1.370%) | (SOFR + 1.370%) | (SOFR + 1.370%) |
| 49000 | 1.922 | 10/24/31<sup>(b)(c)</sup> | 44166 |
| (SOFR + 1.330%) | (SOFR + 1.330%) | (SOFR + 1.330%) | (SOFR + 1.330%) |
| 88000 | 2.972 | 02/04/33<sup>(b)(c)</sup> | 81299 |
| (SOFR + 1.913%) | (SOFR + 1.913%) | (SOFR + 1.913%) | (SOFR + 1.913%) |
| 63000 | 5.425 | 08/15/35<sup>(b)(c)</sup> | 64500 |
| Bank of America NA | Bank of America NA | Bank of America NA | Bank of America NA |
| 250000 | 6.000 | 10/15/36 | 271208 |
| Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |
| 50000 | 4.100 | 02/09/27<sup>(b)</sup> | 50062 |
| 65000 | 3.750 | 03/09/27<sup>(b)</sup> | 64886 |
| (SOFR + 2.057%) | (SOFR + 2.057%) | (SOFR + 2.057%) | (SOFR + 2.057%) |
| 25000 | 4.927 | 05/10/28<sup>(b)(c)</sup> | 25247 |
| (SOFR + 1.250%) | (SOFR + 1.250%) | (SOFR + 1.250%) | (SOFR + 1.250%) |
| 10000 | 4.493 | 09/11/31<sup>(b)(c)</sup> | 10004 |
| (SOFR + 3.070%) | (SOFR + 3.070%) | (SOFR + 3.070%) | (SOFR + 3.070%) |
| 15000 | 7.624 | 10/30/31<sup>(b)(c)</sup> | 16946 |
| (SOFRINDX + 3.370%) | (SOFRINDX + 3.370%) | (SOFRINDX + 3.370%) | (SOFRINDX + 3.370%) |
| 20000 | 7.964 | 11/02/34<sup>(b)(c)</sup> | 23537 |
| (SOFR + 1.990%) | (SOFR + 1.990%) | (SOFR + 1.990%) | (SOFR + 1.990%) |
| 38000 | 5.884 | 07/26/35<sup>(b)(c)</sup> | 40029 |
| (SOFR + 2.036%) | (SOFR + 2.036%) | (SOFR + 2.036%) | (SOFR + 2.036%) |
| 119000 | 6.183 | 01/30/36<sup>(b)(c)</sup> | 123764 |
| Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
| (SOFR + 1.422%) | (SOFR + 1.422%) | (SOFR + 1.422%) | (SOFR + 1.422%) |
| 77000 | 2.976 | 11/05/30<sup>(b)(c)</sup> | 73788 |
| (SOFR + 1.146%) | (SOFR + 1.146%) | (SOFR + 1.146%) | (SOFR + 1.146%) |
| 50000 | 2.666 | 01/29/31<sup>(b)(c)</sup> | 47193 |
| (SOFR + 3.914%) | (SOFR + 3.914%) | (SOFR + 3.914%) | (SOFR + 3.914%) |
| 197000 | 4.412 | 03/31/31<sup>(b)(c)</sup> | 197970 |
| (SOFR + 2.107%) | (SOFR + 2.107%) | (SOFR + 2.107%) | (SOFR + 2.107%) |
| 61000 | 2.572 | 06/03/31<sup>(b)(c)</sup> | 57016 |
| (SOFR + 1.171%) | (SOFR + 1.171%) | (SOFR + 1.171%) | (SOFR + 1.171%) |
| 30000 | 4.503 | 09/11/31<sup>(b)(c)</sup> | 30238 |
| (SOFR + 1.167%) | (SOFR + 1.167%) | (SOFR + 1.167%) | (SOFR + 1.167%) |
| 137000 | 2.561 | 05/01/32<sup>(b)(c)</sup> | 125462 |
| (SOFR + 1.351%) | (SOFR + 1.351%) | (SOFR + 1.351%) | (SOFR + 1.351%) |
| 69000 | 3.057 | 01/25/33<sup>(b)(c)</sup> | 63826 |
| (SOFR + 2.338%) | (SOFR + 2.338%) | (SOFR + 2.338%) | (SOFR + 2.338%) |
| 30000 | 6.270 | 11/17/33<sup>(b)(c)</sup> | 32909 |
| (US 5 Year CMT T-Note + 1.730%) | (US 5 Year CMT T-Note + 1.730%) | (US 5 Year CMT T-Note + 1.730%) | (US 5 Year CMT T-Note + 1.730%) |
| 39000 | 5.411 | 09/19/39<sup>(b)(c)</sup> | 39223 |
| Citigroup, Inc., Series EE | Citigroup, Inc., Series EE | Citigroup, Inc., Series EE | Citigroup, Inc., Series EE |
| (US 5 Year CMT T-Note + 2.572%) | (US 5 Year CMT T-Note + 2.572%) | (US 5 Year CMT T-Note + 2.572%) | (US 5 Year CMT T-Note + 2.572%) |
| 26000 | 6.750 | 02/15/75<sup>(b)(c)</sup> | 26591 |
| Citizens Financial Group, Inc. | Citizens Financial Group, Inc. | Citizens Financial Group, Inc. | Citizens Financial Group, Inc. |
| (SOFR + 2.010%) | (SOFR + 2.010%) | (SOFR + 2.010%) | (SOFR + 2.010%) |
| 19000 | 5.841 | 01/23/30<sup>(b)(c)</sup> | 19862 |
| 10000 | 2.500 | 02/06/30<sup>(b)</sup> | 9395 |
| 11000 | 3.250 | 04/30/30<sup>(b)</sup> | 10576 |
| First Horizon Corp. | First Horizon Corp. | First Horizon Corp. | First Horizon Corp. |
| (SOFR + 1.766%) | (SOFR + 1.766%) | (SOFR + 1.766%) | (SOFR + 1.766%) |
| 49000 | 5.514 | 03/07/31<sup>(b)(c)</sup> | 50716 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 4 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS CORE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
|  Huntington Bancshares, Inc. | Huntington Bancshares, Inc. | Huntington Bancshares, Inc. | Huntington Bancshares, Inc. | Huntington Bancshares, Inc. |
|  | (US 5 Year CMT T-Note + 1.700%) | (US 5 Year CMT T-Note + 1.700%) | (US 5 Year CMT T-Note + 1.700%) | (US 5 Year CMT T-Note + 1.700%) |
|  $ | 29000 | 6.141% | 11/18/39<sup>(b)(c)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30485 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  | (TSFR3M + 1.105%) | (TSFR3M + 1.105%) | (TSFR3M + 1.105%) | (TSFR3M + 1.105%) |
|  | 30000 | 1.764 | 11/19/31<sup>(b)(c)</sup> | 26873 |
|  | (SOFR + 0.840%) | (SOFR + 0.840%) | (SOFR + 0.840%) | (SOFR + 0.840%) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;135000 | 4.347 | 01/22/32<sup>(b)(c)</sup> | 135626 |
|  | (TSFR3M + 1.250%) | (TSFR3M + 1.250%) | (TSFR3M + 1.250%) | (TSFR3M + 1.250%) |
|  | 10000 | 2.580 | 04/22/32<sup>(b)(c)</sup> | 9217 |
|  | (SOFR + 1.260%) | (SOFR + 1.260%) | (SOFR + 1.260%) | (SOFR + 1.260%) |
|  | 10000 | 2.963 | 01/25/33<sup>(b)(c)</sup> | 9267 |
|  | (SOFR + 1.800%) | (SOFR + 1.800%) | (SOFR + 1.800%) | (SOFR + 1.800%) |
|  | 20000 | 4.586 | 04/26/33<sup>(b)(c)</sup> | 20181 |
|  | (SOFR + 2.080%) | (SOFR + 2.080%) | (SOFR + 2.080%) | (SOFR + 2.080%) |
|  | 10000 | 4.912 | 07/25/33<sup>(b)(c)</sup> | 10256 |
|  | (SOFR + 1.845%) | (SOFR + 1.845%) | (SOFR + 1.845%) | (SOFR + 1.845%) |
|  | 40000 | 5.350 | 06/01/34<sup>(b)(c)</sup> | 41860 |
|  | (SOFR + 1.460%) | (SOFR + 1.460%) | (SOFR + 1.460%) | (SOFR + 1.460%) |
|  | 30000 | 5.294 | 07/22/35<sup>(b)(c)</sup> | 31124 |
|  | (SOFR + 1.315%) | (SOFR + 1.315%) | (SOFR + 1.315%) | (SOFR + 1.315%) |
|  | 95000 | 5.502 | 01/24/36<sup>(b)(c)</sup> | 99867 |
|  | (SOFR + 1.680%) | (SOFR + 1.680%) | (SOFR + 1.680%) | (SOFR + 1.680%) |
|  | 33000 | 5.572 | 04/22/36<sup>(b)(c)</sup> | 34835 |
|  | (SOFR + 1.635%) | (SOFR + 1.635%) | (SOFR + 1.635%) | (SOFR + 1.635%) |
|  | 20000 | 5.576 | 07/23/36<sup>(b)(c)</sup> | 20787 |
|  | (SOFR + 1.190%) | (SOFR + 1.190%) | (SOFR + 1.190%) | (SOFR + 1.190%) |
|  | 77000 | 4.810 | 10/22/36<sup>(b)(c)</sup> | 76777 |
|  | (SOFR + 1.070%) | (SOFR + 1.070%) | (SOFR + 1.070%) | (SOFR + 1.070%) |
|  | 160000 | 4.898 | 01/22/37<sup>(b)(c)</sup> | 160865 |
|  | (SOFR + 1.300%) | (SOFR + 1.300%) | (SOFR + 1.300%) | (SOFR + 1.300%) |
|  | 85000 | 5.193 | 02/05/37<sup>(b)(c)</sup> | 85895 |
|  | 94000 | 6.400 | 05/15/38 | 106968 |
|  | (TSFR3M + 1.622%) | (TSFR3M + 1.622%) | (TSFR3M + 1.622%) | (TSFR3M + 1.622%) |
|  | 121000 | 3.882 | 07/24/38<sup>(b)(c)</sup> | 109607 |
| M&T Bank Corp. | M&T Bank Corp. | M&T Bank Corp. | M&T Bank Corp. | M&T Bank Corp. |
|  | (SOFR + 2.260%) | (SOFR + 2.260%) | (SOFR + 2.260%) | (SOFR + 2.260%) |
|  | 20000 | 6.082 | 03/13/32<sup>(b)(c)</sup> | 21393 |
|  | (SOFR + 1.850%) | (SOFR + 1.850%) | (SOFR + 1.850%) | (SOFR + 1.850%) |
|  | 30000 | 5.053 | 01/27/34<sup>(b)(c)</sup> | 30432 |
|  | (US 5 Year CMT T-Note + 1.430%) | (US 5 Year CMT T-Note + 1.430%) | (US 5 Year CMT T-Note + 1.430%) | (US 5 Year CMT T-Note + 1.430%) |
|  | 20000 | 5.400 | 07/30/35<sup>(b)(c)</sup> | 20295 |
| M&T Bank Corp., MTN | M&T Bank Corp., MTN | M&T Bank Corp., MTN | M&T Bank Corp., MTN | M&T Bank Corp., MTN |
|  | (SOFR + 1.610%) | (SOFR + 1.610%) | (SOFR + 1.610%) | (SOFR + 1.610%) |
|  | 75000 | 5.385 | 01/16/36<sup>(b)(c)</sup> | 76875 |
| Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  | (SOFR + 2.560%) | (SOFR + 2.560%) | (SOFR + 2.560%) | (SOFR + 2.560%) |
|  | 110000 | 6.342 | 10/18/33<sup>(b)(c)</sup> | 120905 |
|  | (SOFR + 1.730%) | (SOFR + 1.730%) | (SOFR + 1.730%) | (SOFR + 1.730%) |
|  | 94000 | 5.466 | 01/18/35<sup>(b)(c)</sup> | 98229 |
|  | (SOFR + 1.555%) | (SOFR + 1.555%) | (SOFR + 1.555%) | (SOFR + 1.555%) |
|  | 105000 | 5.320 | 07/19/35<sup>(b)(c)</sup> | 108641 |
|  | (SOFR + 1.418%) | (SOFR + 1.418%) | (SOFR + 1.418%) | (SOFR + 1.418%) |
|  | 305000 | 5.587 | 01/18/36<sup>(b)(c)</sup> | 320540 |
|  | (SOFR + 1.757%) | (SOFR + 1.757%) | (SOFR + 1.757%) | (SOFR + 1.757%) |
|  | 226000 | 5.664 | 04/17/36<sup>(b)(c)</sup> | 238829 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| (SOFR + 1.360%) | (SOFR + 1.360%) | (SOFR + 1.360%) | (SOFR + 1.360%) |
| 177000 | 2.484% | 09/16/36<sup>(b)(c)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156618 |
| 63000 | 3.971 | 07/22/38<sup>(b)(c)</sup> | 57193 |
| Morgan Stanley, MTN | Morgan Stanley, MTN | Morgan Stanley, MTN | Morgan Stanley, MTN |
| (SOFR + 1.870%) | (SOFR + 1.870%) | (SOFR + 1.870%) | (SOFR + 1.870%) |
| &nbsp;&nbsp;&nbsp;&nbsp;268000 | 5.250 | 04/21/34<sup>(b)(c)</sup> | 277373 |
| (SOFR + 1.880%) | (SOFR + 1.880%) | (SOFR + 1.880%) | (SOFR + 1.880%) |
| 75000 | 5.424 | 07/21/34<sup>(b)(c)</sup> | 78311 |
| Morgan Stanley, Series I | Morgan Stanley, Series I | Morgan Stanley, Series I | Morgan Stanley, Series I |
| (SOFR + 1.314%) | (SOFR + 1.314%) | (SOFR + 1.314%) | (SOFR + 1.314%) |
| 43000 | 4.892 | 10/22/36<sup>(b)(c)</sup> | 42775 |
| Regions Financial Corp. | Regions Financial Corp. | Regions Financial Corp. | Regions Financial Corp. |
| (SOFR + 1.490%) | (SOFR + 1.490%) | (SOFR + 1.490%) | (SOFR + 1.490%) |
| 20000 | 5.722 | 06/06/30<sup>(b)(c)</sup> | 20947 |
| State Street Corp. | State Street Corp. | State Street Corp. | State Street Corp. |
| (US 5 Year CMT T-Note + 2.135%) | (US 5 Year CMT T-Note + 2.135%) | (US 5 Year CMT T-Note + 2.135%) | (US 5 Year CMT T-Note + 2.135%) |
| 12000 | 6.450 | 06/15/74<sup>(b)(c)</sup> | 12551 |
| Synchrony Financial | Synchrony Financial | Synchrony Financial | Synchrony Financial |
| (SOFR + 1.530%) | (SOFR + 1.530%) | (SOFR + 1.530%) | (SOFR + 1.530%) |
| 105000 | 4.947 | 02/25/32<sup>(b)(c)</sup> | 104308 |
| Truist Financial Corp., MTN | Truist Financial Corp., MTN | Truist Financial Corp., MTN | Truist Financial Corp., MTN |
| (SOFR + 1.620%) | (SOFR + 1.620%) | (SOFR + 1.620%) | (SOFR + 1.620%) |
| 62000 | 5.435 | 01/24/30<sup>(b)(c)</sup> | 64309 |
| (SOFR + 2.361%) | (SOFR + 2.361%) | (SOFR + 2.361%) | (SOFR + 2.361%) |
| 33000 | 5.867 | 06/08/34<sup>(b)(c)</sup> | 35306 |
| (SOFR + 1.922%) | (SOFR + 1.922%) | (SOFR + 1.922%) | (SOFR + 1.922%) |
| 136000 | 5.711 | 01/24/35<sup>(b)(c)</sup> | 143995 |
| (SOFR + 1.395%) | (SOFR + 1.395%) | (SOFR + 1.395%) | (SOFR + 1.395%) |
| 80000 | 4.964 | 10/23/36<sup>(b)(c)</sup> | 79762 |
| Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
| (SOFR + 1.370%) | (SOFR + 1.370%) | (SOFR + 1.370%) | (SOFR + 1.370%) |
| 50000 | 4.970 | 04/23/29<sup>(b)(c)</sup> | 50969 |
| (SOFR + 1.500%) | (SOFR + 1.500%) | (SOFR + 1.500%) | (SOFR + 1.500%) |
| 30000 | 5.198 | 01/23/30<sup>(b)(c)</sup> | 30908 |
| (SOFR + 2.060%) | (SOFR + 2.060%) | (SOFR + 2.060%) | (SOFR + 2.060%) |
| 10000 | 6.491 | 10/23/34<sup>(b)(c)</sup> | 11103 |
| (SOFR + 1.780%) | (SOFR + 1.780%) | (SOFR + 1.780%) | (SOFR + 1.780%) |
| 70000 | 5.499 | 01/23/35<sup>(b)(c)</sup> | 73284 |
| 30000 | 5.375 | 02/07/35 | 31533 |
| (SOFR + 1.340%) | (SOFR + 1.340%) | (SOFR + 1.340%) | (SOFR + 1.340%) |
| 105000 | 4.892 | 09/15/36<sup>(b)(c)</sup> | 105067 |
| Wells Fargo & Co., MTN | Wells Fargo & Co., MTN | Wells Fargo & Co., MTN | Wells Fargo & Co., MTN |
| (TSFR3M + 1.572%) | (TSFR3M + 1.572%) | (TSFR3M + 1.572%) | (TSFR3M + 1.572%) |
| 50000 | 3.584 | 05/22/28<sup>(b)(c)</sup> | 49740 |
|  |  |  | 6198703 |
| Basic Industry – 0.1% | Basic Industry – 0.1% | Basic Industry – 0.1% | Basic Industry – 0.1% |
| Qnity Electronics, Inc. | Qnity Electronics, Inc. | Qnity Electronics, Inc. | Qnity Electronics, Inc. |
| 5000 | 6.250 | 08/15/33<sup>(a)(b)</sup> | 5195 |
| Solstice Advanced Materials, Inc. | Solstice Advanced Materials, Inc. | Solstice Advanced Materials, Inc. | Solstice Advanced Materials, Inc. |
| 75000 | 5.625 | 09/30/33<sup>(a)(b)</sup> | 75856 |
|  |  |  | 81051 |
| Brokerage – 0.2% | Brokerage – 0.2% | Brokerage – 0.2% | Brokerage – 0.2% |
| Jane Street Group / JSG Finance, Inc. | Jane Street Group / JSG Finance, Inc. | Jane Street Group / JSG Finance, Inc. | Jane Street Group / JSG Finance, Inc. |
| 136000 | 6.750 | 05/01/33<sup>(a)(b)</sup> | 139532 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>5</sub>

------

GOLDMAN SACHS CORE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Brokerage – (continued) | Brokerage – (continued) | Brokerage – (continued) | Brokerage – (continued) |
| VFH Parent LLC / Valor Co.-Issuer, Inc. | VFH Parent LLC / Valor Co.-Issuer, Inc. | VFH Parent LLC / Valor Co.-Issuer, Inc. | VFH Parent LLC / Valor Co.-Issuer, Inc. |
| 10000 | 7.500% | 06/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10438 |
|  |  |  | 149970 |
| Building Materials – 0.7% | Building Materials – 0.7% | Building Materials – 0.7% | Building Materials – 0.7% |
| Advanced Drainage Systems, Inc. | Advanced Drainage Systems, Inc. | Advanced Drainage Systems, Inc. | Advanced Drainage Systems, Inc. |
| 75000 | 5.375 | 03/01/34<sup>(a)(b)</sup> | 75583 |
| AECOM | AECOM | AECOM | AECOM |
| 76000 | 6.000 | 08/01/33<sup>(a)(b)</sup> | 77623 |
| Builders FirstSource, Inc. | Builders FirstSource, Inc. | Builders FirstSource, Inc. | Builders FirstSource, Inc. |
| 11000 | 4.250 | 02/01/32<sup>(a)(b)</sup> | 10488 |
| 20000 | 6.750 | 05/15/35<sup>(a)(b)</sup> | 20886 |
| Ferguson Enterprises, Inc. | Ferguson Enterprises, Inc. | Ferguson Enterprises, Inc. | Ferguson Enterprises, Inc. |
| 23000 | 4.350 | 03/15/31<sup>(b)</sup> | 23064 |
| Installed Building Products, Inc. | Installed Building Products, Inc. | Installed Building Products, Inc. | Installed Building Products, Inc. |
| 75000 | 5.625 | 02/01/34<sup>(a)(b)</sup> | 76086 |
| QXO Building Products, Inc. | QXO Building Products, Inc. | QXO Building Products, Inc. | QXO Building Products, Inc. |
| 195000 | 6.750 | 04/30/32<sup>(a)(b)</sup> | 202093 |
| Standard Building Solutions, Inc. | Standard Building Solutions, Inc. | Standard Building Solutions, Inc. | Standard Building Solutions, Inc. |
| 39000 | 6.250 | 08/01/33<sup>(a)(b)</sup> | 39715 |
|  |  |  | 525538 |
| Capital Goods – 0.8% | Capital Goods – 0.8% | Capital Goods – 0.8% | Capital Goods – 0.8% |
| Atkore, Inc. | Atkore, Inc. | Atkore, Inc. | Atkore, Inc. |
| 22000 | 4.250 | 06/01/31<sup>(a)(b)</sup> | 21094 |
| CACI International, Inc. | CACI International, Inc. | CACI International, Inc. | CACI International, Inc. |
| 75000 | 6.375 | 06/15/33<sup>(a)(b)</sup> | 77354 |
| CACI International, Inc., Series MAR | CACI International, Inc., Series MAR | CACI International, Inc., Series MAR | CACI International, Inc., Series MAR |
| 35000 | 6.375 | 06/15/33<sup>(a)(b)(e)</sup> | 36061 |
| Carlisle Cos., Inc. | Carlisle Cos., Inc. | Carlisle Cos., Inc. | Carlisle Cos., Inc. |
| 5000 | 5.550 | 09/15/40<sup>(b)</sup> | 5158 |
| CompoSecure Holdings LLC | CompoSecure Holdings LLC | CompoSecure Holdings LLC | CompoSecure Holdings LLC |
| 100000 | 5.625 | 02/01/33<sup>(a)(b)</sup> | 99496 |
| Crown Americas LLC | Crown Americas LLC | Crown Americas LLC | Crown Americas LLC |
| 40000 | 5.875 | 06/01/33<sup>(a)(b)</sup> | 41101 |
| General Electric Co., GMTN | General Electric Co., GMTN | General Electric Co., GMTN | General Electric Co., GMTN |
| 37000 | 6.875 | 01/10/39 | 44029 |
| General Electric Co., MTN | General Electric Co., MTN | General Electric Co., MTN | General Electric Co., MTN |
| 293000 | 5.875 | 01/14/38 | 321940 |
| Regal Rexnord Corp. | Regal Rexnord Corp. | Regal Rexnord Corp. | Regal Rexnord Corp. |
| 20000 | 6.300 | 02/15/30<sup>(b)</sup> | 21364 |
|  |  |  | 667597 |
| Communications – 0.4% | Communications – 0.4% | Communications – 0.4% | Communications – 0.4% |
| Charter Communications Operating LLC / Charter | Charter Communications Operating LLC / Charter | Charter Communications Operating LLC / Charter | Charter Communications Operating LLC / Charter |
| Communications Operating Capital | Communications Operating Capital | Communications Operating Capital | Communications Operating Capital |
| 31000 | 3.750 | 02/15/28<sup>(b)</sup> | 30720 |
| 164000 | 6.100 | 06/01/29<sup>(b)</sup> | 171840 |
| News Corp. | News Corp. | News Corp. | News Corp. |
| 38000 | 3.875 | 05/15/29<sup>(a)(b)</sup> | 37054 |
| Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC |
| 66000 | 6.750 | 06/15/39 | 67675 |
| 20000 | 5.875 | 11/15/40<sup>(b)</sup> | 18778 |
|  |  |  | 326067 |
| Consumer Cyclical – 2.2% | Consumer Cyclical – 2.2% | Consumer Cyclical – 2.2% | Consumer Cyclical – 2.2% |
| 7-Eleven, Inc. | 7-Eleven, Inc. | 7-Eleven, Inc. | 7-Eleven, Inc. |
| 20000 | 2.500 | 02/10/41<sup>(a)(b)</sup> | 14133 |
| Acushnet Co. | Acushnet Co. | Acushnet Co. | Acushnet Co. |
| 20000 | 5.625 | 12/01/33<sup>(a)(b)</sup> | 20395 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Consumer Cyclical – (continued) | Consumer Cyclical – (continued) | Consumer Cyclical – (continued) | Consumer Cyclical – (continued) |
| AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. |
| 20000 | 4.750% | 06/01/30<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20289 |
| 37000 | 5.890 | 03/15/35<sup>(b)</sup> | 38595 |
| Brink's Co. (The) | Brink's Co. (The) | Brink's Co. (The) | Brink's Co. (The) |
| 33000 | 6.500 | 06/15/29<sup>(a)(b)</sup> | 33984 |
| Carnival Corp. | Carnival Corp. | Carnival Corp. | Carnival Corp. |
| 20000 | 5.875 | 06/15/31<sup>(a)(b)</sup> | 20893 |
| 33000 | 6.125 | 02/15/33<sup>(a)(b)</sup> | 34156 |
| Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. |
| 184000 | 3.700 | 01/15/31<sup>(b)</sup> | 177270 |
| 20000 | 5.850 | 08/01/34<sup>(b)</sup> | 20736 |
| Cinemark USA, Inc. | Cinemark USA, Inc. | Cinemark USA, Inc. | Cinemark USA, Inc. |
| 19000 | 7.000 | 08/01/32<sup>(a)(b)</sup> | 19784 |
| Dollar General Corp. | Dollar General Corp. | Dollar General Corp. | Dollar General Corp. |
| 10000 | 3.500 | 04/03/30<sup>(b)</sup> | 9726 |
| 25000 | 5.000 | 11/01/32<sup>(b)</sup> | 25643 |
| 20000 | 5.450 | 07/05/33<sup>(b)</sup> | 20963 |
| General Motors Co. | General Motors Co. | General Motors Co. | General Motors Co. |
| 153000 | 5.400 | 10/15/29<sup>(b)</sup> | 159025 |
| General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
| 180000 | 4.350 | 01/17/27<sup>(b)</sup> | 180284 |
| 200000 | 5.350 | 07/15/27 | 203413 |
| 20000 | 2.400 | 10/15/28<sup>(b)</sup> | 19156 |
| 6000 | 5.800 | 01/07/29<sup>(b)</sup> | 6266 |
| 100000 | 5.550 | 07/15/29<sup>(b)</sup> | 104124 |
| 10000 | 5.750 | 02/08/31<sup>(b)</sup> | 10561 |
| 20000 | 5.450 | 09/06/34<sup>(b)</sup> | 20534 |
| Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
| 30000 | 5.550 | 11/15/35<sup>(b)</sup> | 29837 |
| Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. |
| 25000 | 5.500 | 03/31/34<sup>(a)(b)</sup> | 25273 |
| Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |
| 27000 | 5.500 | 06/30/34<sup>(b)</sup> | 28145 |
| LCM Investments Holdings II LLC | LCM Investments Holdings II LLC | LCM Investments Holdings II LLC | LCM Investments Holdings II LLC |
| 10000 | 8.250 | 08/01/31<sup>(a)(b)</sup> | 10531 |
| Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
| 70000 | 4.500 | 05/01/33<sup>(b)</sup> | 69806 |
| 15000 | 5.500 | 04/15/37<sup>(b)</sup> | 15493 |
| Marriott International, Inc., Series HH | Marriott International, Inc., Series HH | Marriott International, Inc., Series HH | Marriott International, Inc., Series HH |
| 33000 | 2.850 | 04/15/31<sup>(b)</sup> | 30887 |
| RHP Hotel Properties LP / RHP Finance Corp. | RHP Hotel Properties LP / RHP Finance Corp. | RHP Hotel Properties LP / RHP Finance Corp. | RHP Hotel Properties LP / RHP Finance Corp. |
| 53000 | 6.500 | 06/15/33<sup>(a)(b)</sup> | 55083 |
| 30000 | 5.750 | 03/15/34<sup>(a)(b)(e)</sup> | 30199 |
| Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. |
| 61000 | 6.250 | 03/15/32<sup>(a)(b)</sup> | 63611 |
| 55000 | 6.000 | 02/01/33<sup>(a)(b)</sup> | 56940 |
| 10000 | 5.375 | 01/15/36<sup>(b)</sup> | 10209 |
| 120000 | 5.250 | 02/27/38<sup>(b)</sup> | 120184 |
| Travel + Leisure Co. | Travel + Leisure Co. | Travel + Leisure Co. | Travel + Leisure Co. |
| 15000 | 6.125 | 09/01/33<sup>(a)(b)</sup> | 15233 |
| Viking Cruises Ltd. | Viking Cruises Ltd. | Viking Cruises Ltd. | Viking Cruises Ltd. |
| 75000 | 5.875 | 10/15/33<sup>(a)(b)</sup> | 76516 |
|  |  |  | 1797877 |
| Consumer Noncyclical – 0.7% | Consumer Noncyclical – 0.7% | Consumer Noncyclical – 0.7% | Consumer Noncyclical – 0.7% |
| Albertsons Cos. Inc / Safeway, Inc. / New Albertsons LP / | Albertsons Cos. Inc / Safeway, Inc. / New Albertsons LP / | Albertsons Cos. Inc / Safeway, Inc. / New Albertsons LP / | Albertsons Cos. Inc / Safeway, Inc. / New Albertsons LP / |
| Albertsons LLC | Albertsons LLC | Albertsons LLC | Albertsons LLC |
| 29000 | 5.750 | 03/31/34<sup>(a)(b)</sup> | 28862 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 6 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS CORE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Consumer Noncyclical – (continued) | Consumer Noncyclical – (continued) | Consumer Noncyclical – (continued) |
| Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. |
| 50000 | 5.250% 08/06/35<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51226 |
| Amneal Pharmaceuticals LLC | Amneal Pharmaceuticals LLC | Amneal Pharmaceuticals LLC |
| 13000 | 6.875 08/01/32<sup>(a)(b)</sup> | 13697 |
| Cardinal Health, Inc. | Cardinal Health, Inc. | Cardinal Health, Inc. |
| 5000 | 5.150 09/15/35<sup>(b)</sup> | 5014 |
| Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. |
| 150000 | 4.600 09/15/32<sup>(b)</sup> | 151296 |
| Laboratory Corp. of America Holdings | Laboratory Corp. of America Holdings | Laboratory Corp. of America Holdings |
| 39000 | 2.700 06/01/31<sup>(b)</sup> | 36092 |
| 61000 | 4.550 04/01/32<sup>(b)</sup> | 61471 |
| Revvity, Inc. | Revvity, Inc. | Revvity, Inc. |
| 50000 | 3.300 09/15/29<sup>(b)</sup> | 48483 |
| 10000 | 2.550 03/15/31<sup>(b)</sup> | 9147 |
| 49000 | 2.250 09/15/31<sup>(b)</sup> | 43590 |
| Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC |
| 41000 | 5.400 09/02/34<sup>(b)</sup> | 42391 |
| 26000 | 5.200 09/25/35<sup>(b)</sup> | 26408 |
|  |  | 517677 |
| Distribution & Logistics – 0.1% | Distribution & Logistics – 0.1% | Distribution & Logistics – 0.1% |
| WESCO Distribution, Inc. | WESCO Distribution, Inc. | WESCO Distribution, Inc. |
| 30000 | 5.250 04/15/31<sup>(a)(b)</sup> | 30095 |
| 45000 | 5.500 04/15/34<sup>(a)(b)</sup> | 45342 |
|  |  | 75437 |
| Distributors – 0.1% | Distributors – 0.1% | Distributors – 0.1% |
| Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
| 44000 | 5.600 03/30/28<sup>(a)(b)</sup> | 45299 |
| Electric – 1.0% | Electric – 1.0% | Electric – 1.0% |
| DTE Energy Co. | DTE Energy Co. | DTE Energy Co. |
| 59000 | 4.875 06/01/28<sup>(b)</sup> | 60139 |
| Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. |
| 29000 | 3.750 09/01/46<sup>(b)</sup> | 22245 |
| Duquesne Light Holdings, Inc. | Duquesne Light Holdings, Inc. | Duquesne Light Holdings, Inc. |
| 60000 | 2.532 10/01/30<sup>(a)(b)</sup> | 55554 |
| NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
| 50000 | 3.550 05/01/27<sup>(b)</sup> | 49813 |
| 41000 | 1.900 06/15/28<sup>(b)</sup> | 39246 |
| 36000 | 5.050 03/15/30<sup>(b)</sup> | 37313 |
| Pacific Gas and Electric Co. | Pacific Gas and Electric Co. | Pacific Gas and Electric Co. |
| 50000 | 2.950 03/01/26<sup>(b)</sup> | 50000 |
| 39000 | 2.100 08/01/27<sup>(b)</sup> | 37998 |
| 59000 | 5.000 06/04/28<sup>(b)</sup> | 60084 |
| 143000 | 4.650 08/01/28<sup>(b)</sup> | 144707 |
| 7000 | 5.900 06/15/32<sup>(b)</sup> | 7413 |
| 50000 | 5.050 10/15/32<sup>(b)</sup> | 50962 |
| 10000 | 6.150 01/15/33<sup>(b)</sup> | 10745 |
| 20000 | 5.700 03/01/35<sup>(b)</sup> | 20849 |
| PacifiCorp | PacifiCorp | PacifiCorp |
| 43000 | 2.900 06/15/52<sup>(b)</sup> | 25724 |
| Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC |
| 32000 | 4.300 07/15/29<sup>(a)(b)</sup> | 32015 |
| 20000 | 4.700 01/31/31<sup>(a)(b)</sup> | 20113 |
| 35000 | 5.250 10/15/35<sup>(a)(b)</sup> | 35113 |
|  |  | 760033 |
| Electrical – 0.1% | Electrical – 0.1% | Electrical – 0.1% |
| Vertiv Holdings Co. | Vertiv Holdings Co. | Vertiv Holdings Co. |
| 95000 | 4.850 03/15/36<sup>(b)(e)</sup> | 94630 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Energy – 1.0% | Energy – 1.0% | Energy – 1.0% | Energy – 1.0% |
| Chord Energy Corp. | Chord Energy Corp. | Chord Energy Corp. | Chord Energy Corp. |
| 35000 | 6.000% | 10/01/30<sup>(a)(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35778 |
| 35000 | 6.750 | 03/15/33<sup>(a)(b)</sup> | 36306 |
| DBR Land Holdings LLC | DBR Land Holdings LLC | DBR Land Holdings LLC | DBR Land Holdings LLC |
| 75000 | 6.250 | 12/01/30<sup>(a)(b)</sup> | 77266 |
| Energy Transfer LP | Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
| 30000 | 5.000 | 05/15/44<sup>(b)</sup> | 26858 |
| 90000 | 6.125 | 12/15/45<sup>(b)</sup> | 91089 |
| Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC |
| 10000 | 6.625 | 01/15/34<sup>(a)(b)</sup> | 10350 |
| Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP |
| 20000 | 6.550 | 09/15/40 | 22228 |
| Kodiak Gas Services LLC | Kodiak Gas Services LLC | Kodiak Gas Services LLC | Kodiak Gas Services LLC |
| 10000 | 6.500 | 10/01/33<sup>(a)(b)</sup> | 10314 |
| 5000 | 6.750 | 10/01/35<sup>(a)(b)</sup> | 5222 |
| MPLX LP | MPLX LP | MPLX LP | MPLX LP |
| 10000 | 5.200 | 03/01/47<sup>(b)</sup> | 9128 |
| 43000 | 4.700 | 04/15/48<sup>(b)</sup> | 36317 |
| 93000 | 5.500 | 02/15/49<sup>(b)</sup> | 87224 |
| Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
| 95000 | 6.125 | 01/01/31<sup>(b)</sup> | 102188 |
| 17000 | 7.875 | 09/15/31 | 19784 |
| 57000 | 5.375 | 01/01/32<sup>(b)</sup> | 59338 |
| 32000 | 5.550 | 10/01/34<sup>(b)</sup> | 33377 |
| 45000 | 6.450 | 09/15/36 | 49056 |
| Ovintiv, Inc. | Ovintiv, Inc. | Ovintiv, Inc. | Ovintiv, Inc. |
| 20000 | 8.125 | 09/15/30 | 23018 |
| Sunoco LP | Sunoco LP | Sunoco LP | Sunoco LP |
| 25000 | 5.875 | 03/15/34<sup>(a)(b)</sup> | 25165 |
| Sunoco LP / Sunoco Finance Corp. | Sunoco LP / Sunoco Finance Corp. | Sunoco LP / Sunoco Finance Corp. | Sunoco LP / Sunoco Finance Corp. |
| 14000 | 4.500 | 05/15/29<sup>(b)</sup> | 13784 |
| USA Compression Partners LP / USA Compression Finance Corp. | USA Compression Partners LP / USA Compression Finance Corp. | USA Compression Partners LP / USA Compression Finance Corp. | USA Compression Partners LP / USA Compression Finance Corp. |
| 30000 | 6.250 | 10/01/33<sup>(a)(b)</sup> | 30456 |
| Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC |
| 15000 | 6.125 | 12/15/30<sup>(a)(b)</sup> | 15580 |
| 15000 | 6.500 | 06/15/34<sup>(a)(b)</sup> | 15779 |
|  |  |  | 835605 |
| Financial Company – 0.4% | Financial Company – 0.4% | Financial Company – 0.4% | Financial Company – 0.4% |
| Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
| 23000 | 7.100 | 11/15/27<sup>(b)</sup> | 24086 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.960%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.960%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.960%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.960%) |
| 30000 | 5.737 | 05/15/29<sup>(b)(c)</sup> | 30809 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.730%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.730%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.730%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.730%) |
| 46000 | 5.543 | 01/17/31<sup>(b)(c)</sup> | 47285 |
| Apollo Debt Solutions BDC | Apollo Debt Solutions BDC | Apollo Debt Solutions BDC | Apollo Debt Solutions BDC |
| 39000 | 6.550 | 03/15/32<sup>(b)</sup> | 39861 |
| Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC |
| 45000 | 5.375 | 07/15/29<sup>(a)(b)</sup> | 46429 |
| Blackstone Secured Lending Fund | Blackstone Secured Lending Fund | Blackstone Secured Lending Fund | Blackstone Secured Lending Fund |
| 7000 | 5.300 | 06/30/30<sup>(b)</sup> | 6884 |
| Rocket Cos., Inc. | Rocket Cos., Inc. | Rocket Cos., Inc. | Rocket Cos., Inc. |
| 122000 | 6.375 | 08/01/33<sup>(a)(b)</sup> | 126158 |
| Stonex Escrow Issuer LLC | Stonex Escrow Issuer LLC | Stonex Escrow Issuer LLC | Stonex Escrow Issuer LLC |
| 25000 | 6.875 | 07/15/32<sup>(a)(b)</sup> | 25960 |
|  |  |  | 347472 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>7</sub>

------

GOLDMAN SACHS CORE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Food and Beverage – 0.5% | Food and Beverage – 0.5% | Food and Beverage – 0.5% | Food and Beverage – 0.5% |
| Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
| 36000 | 4.800% | 05/01/30<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36904 |
| Darling Ingredients, Inc. | Darling Ingredients, Inc. | Darling Ingredients, Inc. | Darling Ingredients, Inc. |
| 15000 | 6.000 | 06/15/30<sup>(a)(b)</sup> | 15200 |
| J M Smucker Co. (The) | J M Smucker Co. (The) | J M Smucker Co. (The) | J M Smucker Co. (The) |
| 7000 | 2.125 | 03/15/32<sup>(b)</sup> | 6147 |
| Mars, Inc. | Mars, Inc. | Mars, Inc. | Mars, Inc. |
| 42000 | 4.800 | 03/01/30<sup>(a)(b)</sup> | 43162 |
| 131000 | 5.000 | 03/01/32<sup>(a)(b)</sup> | 135540 |
| 28000 | 5.200 | 03/01/35<sup>(a)(b)</sup> | 29003 |
| 40000 | 5.700 | 05/01/55<sup>(a)(b)</sup> | 40559 |
| Performance Food Group, Inc. | Performance Food Group, Inc. | Performance Food Group, Inc. | Performance Food Group, Inc. |
| 100000 | 5.625 | 03/01/34<sup>(a)(b)</sup> | 100357 |
| Post Holdings, Inc. | Post Holdings, Inc. | Post Holdings, Inc. | Post Holdings, Inc. |
| 10000 | 6.375 | 03/01/33<sup>(a)(b)</sup> | 10187 |
|  |  |  | 417059 |
| Hardware – 0.1% | Hardware – 0.1% | Hardware – 0.1% | Hardware – 0.1% |
| Amkor Technology, Inc. | Amkor Technology, Inc. | Amkor Technology, Inc. | Amkor Technology, Inc. |
| 75000 | 5.875 | 10/01/33<sup>(a)(b)</sup> | 76611 |
| Healthcare – 1.2% | Healthcare – 1.2% | Healthcare – 1.2% | Healthcare – 1.2% |
| Cencora, Inc. | Cencora, Inc. | Cencora, Inc. | Cencora, Inc. |
| 47000 | 2.700 | 03/15/31<sup>(b)</sup> | 43809 |
| Cigna Group (The) | Cigna Group (The) | Cigna Group (The) | Cigna Group (The) |
| 43000 | 4.800 | 08/15/38<sup>(b)</sup> | 41637 |
| 45000 | 3.875 | 10/15/47<sup>(b)</sup> | 34932 |
| 25000 | 4.900 | 12/15/48<sup>(b)</sup> | 22461 |
| CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
| 12000 | 5.450 | 09/15/35<sup>(b)</sup> | 12372 |
| 95000 | 4.780 | 03/25/38<sup>(b)</sup> | 90659 |
| 15000 | 6.125 | 09/15/39 | 15898 |
| HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. |
| 50000 | 4.500 | 02/15/27<sup>(b)</sup> | 50083 |
| 227000 | 3.500 | 09/01/30<sup>(b)</sup> | 219894 |
| 47000 | 5.500 | 06/01/33<sup>(b)</sup> | 49220 |
| Solventum Corp. | Solventum Corp. | Solventum Corp. | Solventum Corp. |
| 28000 | 5.400 | 03/01/29<sup>(b)</sup> | 29045 |
| 40000 | 5.600 | 03/23/34<sup>(b)</sup> | 41790 |
| UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
| 13000 | 3.500 | 08/15/39<sup>(b)</sup> | 10917 |
| 54000 | 5.700 | 10/15/40<sup>(b)</sup> | 56495 |
| 20000 | 5.950 | 02/15/41<sup>(b)</sup> | 21236 |
| 208000 | 3.050 | 05/15/41<sup>(b)</sup> | 159773 |
| 40000 | 4.375 | 03/15/42<sup>(b)</sup> | 35718 |
| 45000 | 4.250 | 03/15/43<sup>(b)</sup> | 38872 |
| 10000 | 5.875 | 02/15/53<sup>(b)</sup> | 10174 |
| 2000 | 5.625 | 07/15/54<sup>(b)</sup> | 1970 |
|  |  |  | 986955 |
| Insurance – 0.1% | Insurance – 0.1% | Insurance – 0.1% | Insurance – 0.1% |
| Acrisure LLC / Acrisure Finance, Inc. | Acrisure LLC / Acrisure Finance, Inc. | Acrisure LLC / Acrisure Finance, Inc. | Acrisure LLC / Acrisure Finance, Inc. |
| 10000 | 6.750 | 07/01/32<sup>(a)(b)</sup> | 9811 |
| Teachers Insurance & Annuity Association of America | Teachers Insurance & Annuity Association of America | Teachers Insurance & Annuity Association of America | Teachers Insurance & Annuity Association of America |
| 47000 | 4.900 | 09/15/44<sup>(a)</sup> | 43573 |
| Willis North America, Inc. | Willis North America, Inc. | Willis North America, Inc. | Willis North America, Inc. |
| 20000 | 4.550 | 03/15/31<sup>(b)</sup> | 20018 |
|  |  |  | 73402 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Media Non Cable – 0.0% | Media Non Cable – 0.0% | Media Non Cable – 0.0% |
| Graham Holdings Co. | Graham Holdings Co. | Graham Holdings Co. |
| 35000 | 5.625% 12/01/33<sup>(a)(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35042 |
| Metals – 0.0% | Metals – 0.0% | Metals – 0.0% |
| Commercial Metals Co. | Commercial Metals Co. | Commercial Metals Co. |
| 20000 | 5.750 11/15/33<sup>(a)(b)</sup> | 20383 |
| 10000 | 6.000 12/15/35<sup>(a)(b)</sup> | 10236 |
|  |  | 30619 |
| Metals and Mining – 0.0% | Metals and Mining – 0.0% | Metals and Mining – 0.0% |
| Carpenter Technology Corp. | Carpenter Technology Corp. | Carpenter Technology Corp. |
| 10000 | 5.625 03/01/34<sup>(a)(b)</sup> | 10192 |
| REITs and Real Estate – 0.7% | REITs and Real Estate – 0.7% | REITs and Real Estate – 0.7% |
| Agree LP | Agree LP | Agree LP |
| 20000 | 5.625 06/15/34<sup>(b)</sup> | 21121 |
| American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |
| 40000 | 4.950 06/15/30<sup>(b)</sup> | 40781 |
| 20000 | 2.375 07/15/31<sup>(b)</sup> | 18009 |
| CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. |
| 19000 | 5.500 04/01/29<sup>(b)</sup> | 19733 |
| Cousins Properties LP | Cousins Properties LP | Cousins Properties LP |
| 46000 | 5.250 07/15/30<sup>(b)</sup> | 47551 |
| 20000 | 5.375 02/15/32<sup>(b)</sup> | 20654 |
| 54000 | 5.875 10/01/34<sup>(b)</sup> | 56571 |
| Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP |
| 30000 | 3.000 01/15/30<sup>(b)</sup> | 28740 |
| Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP |
| 51000 | 2.050 03/15/31<sup>(b)</sup> | 45290 |
| Healthpeak OP LLC | Healthpeak OP LLC | Healthpeak OP LLC |
| 20000 | 5.375 02/15/35<sup>(b)</sup> | 20607 |
| Highwoods Realty LP | Highwoods Realty LP | Highwoods Realty LP |
| 101000 | 7.650 02/01/34<sup>(b)</sup> | 115079 |
| Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP |
| 26000 | 5.700 06/15/32<sup>(b)</sup> | 27386 |
| Host Hotels & Resorts LP, Series J | Host Hotels & Resorts LP, Series J | Host Hotels & Resorts LP, Series J |
| 20000 | 2.900 12/15/31<sup>(b)</sup> | 18269 |
| Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP |
| 29000 | 6.250 01/15/36<sup>(b)</sup> | 29577 |
| Starwood Property Trust, Inc. | Starwood Property Trust, Inc. | Starwood Property Trust, Inc. |
| 20000 | 5.250 10/15/28<sup>(a)(b)</sup> | 20068 |
| 15000 | 5.750 01/15/31<sup>(a)(b)</sup> | 15172 |
|  |  | 544608 |
| Revenue – 0.6% | Revenue – 0.6% | Revenue – 0.6% |
| Adventist Health System, Series 2025 | Adventist Health System, Series 2025 | Adventist Health System, Series 2025 |
| 70000 | 4.742 12/01/30<sup>(b)</sup> | 70857 |
| Ascension Health, Series 2025 | Ascension Health, Series 2025 | Ascension Health, Series 2025 |
| 25000 | 4.923 11/15/35<sup>(b)</sup> | 25524 |
| CommonSpirit Health | CommonSpirit Health | CommonSpirit Health |
| 25000 | 4.352 09/01/30<sup>(b)</sup> | 25107 |
| CommonSpirit Health, Series 2025 | CommonSpirit Health, Series 2025 | CommonSpirit Health, Series 2025 |
| 170000 | 4.975 09/01/35<sup>(b)</sup> | 171063 |
| Cornell University, Series 2025 | Cornell University, Series 2025 | Cornell University, Series 2025 |
| 45000 | 4.733 06/15/35<sup>(b)</sup> | 46044 |
| PeaceHealth Obligated Group | PeaceHealth Obligated Group | PeaceHealth Obligated Group |
| 20000 | 4.335 11/15/28<sup>(b)</sup> | 20143 |
| Sutter Health, Series 20A | Sutter Health, Series 20A | Sutter Health, Series 20A |
| 116000 | 3.161 08/15/40<sup>(b)</sup> | 93827 |
|  |  | 452565 |

---

&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 CORE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Software – 1.3% | Software – 1.3% | Software – 1.3% |
| Fair Isaac Corp. | Fair Isaac Corp. | Fair Isaac Corp. |
| 31000 | 6.000% 05/15/33<sup>(a)(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31332 |
| MSCI, Inc. | MSCI, Inc. | MSCI, Inc. |
| 77000 | 3.875 02/15/31<sup>(a)(b)</sup> | 73767 |
| 50000 | 3.625 11/01/31<sup>(a)(b)</sup> | 46998 |
| Oracle Corp. | Oracle Corp. | Oracle Corp. |
| 71000 | 4.650 05/06/30<sup>(b)</sup> | 70879 |
| 154000 | 5.250 02/03/32<sup>(b)</sup> | 154562 |
| 60000 | 4.800 09/26/32<sup>(b)</sup> | 58649 |
| 110000 | 5.350 05/04/33<sup>(b)</sup> | 110437 |
| 40000 | 5.200 09/26/35<sup>(b)</sup> | 38657 |
| 90000 | 5.700 02/04/36<sup>(b)</sup> | 90030 |
| 73000 | 3.600 04/01/40<sup>(b)</sup> | 54804 |
| 72000 | 4.000 07/15/46<sup>(b)</sup> | 50285 |
| 63000 | 4.000 11/15/47<sup>(b)</sup> | 43398 |
| 15000 | 6.900 11/09/52<sup>(b)</sup> | 14815 |
| 105000 | 5.550 02/06/53<sup>(b)</sup> | 87651 |
| 25000 | 6.000 08/03/55<sup>(b)</sup> | 21988 |
| 45000 | 6.700 02/04/56<sup>(b)</sup> | 43611 |
| Paychex, Inc. | Paychex, Inc. | Paychex, Inc. |
| 20000 | 5.350 04/15/32<sup>(b)</sup> | 20507 |
| ROBLOX Corp. | ROBLOX Corp. | ROBLOX Corp. |
| 18000 | 3.875 05/01/30<sup>(a)(b)</sup> | 17140 |
|  |  | 1029510 |
| Technology – 1.4% | Technology – 1.4% | Technology – 1.4% |
| Alphabet, Inc. | Alphabet, Inc. | Alphabet, Inc. |
| 100000 | 4.100 11/15/30<sup>(b)</sup> | 100882 |
| AppLovin Corp. | AppLovin Corp. | AppLovin Corp. |
| 55000 | 5.500 12/01/34<sup>(b)</sup> | 56052 |
| Block, Inc. | Block, Inc. | Block, Inc. |
| 232000 | 6.500 05/15/32<sup>(b)</sup> | 238647 |
| 10000 | 6.000 08/15/33<sup>(a)(b)</sup> | 10157 |
| Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
| 34000 | 5.200 07/15/35<sup>(b)</sup> | 35140 |
| 30000 | 4.800 02/15/36<sup>(b)</sup> | 30078 |
| 161000 | 3.187 11/15/36<sup>(a)(b)</sup> | 138830 |
| 20000 | 4.900 02/15/38<sup>(b)</sup> | 19896 |
| Crowdstrike Holdings, Inc. | Crowdstrike Holdings, Inc. | Crowdstrike Holdings, Inc. |
| 10000 | 3.000 02/15/29<sup>(b)</sup> | 9503 |
| Elastic NV | Elastic NV | Elastic NV |
| 80000 | 4.125 07/15/29<sup>(a)(b)</sup> | 75746 |
| Electronic Arts, Inc. | Electronic Arts, Inc. | Electronic Arts, Inc. |
| 54000 | 2.950 02/15/51<sup>(b)</sup> | 46665 |
| Intel Corp. | Intel Corp. | Intel Corp. |
| 2000 | 3.050 08/12/51<sup>(b)</sup> | 1256 |
| Match Group Holdings II LLC | Match Group Holdings II LLC | Match Group Holdings II LLC |
| 30000 | 6.125 09/15/33<sup>(a)(b)</sup> | 29935 |
| Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. |
| 50000 | 4.200 11/15/30<sup>(b)</sup> | 50466 |
| 175000 | 4.875 11/15/35<sup>(b)</sup> | 176617 |
| Seagate Data Storage Technology Pte Ltd. | Seagate Data Storage Technology Pte Ltd. | Seagate Data Storage Technology Pte Ltd. |
| 20000 | 5.875 07/15/30<sup>(a)(b)</sup> | 20559 |
| Snap, Inc. | Snap, Inc. | Snap, Inc. |
| 20000 | 6.875 03/15/34<sup>(a)(b)</sup> | 19962 |
| SV RNO Property Owner 1 LLC | SV RNO Property Owner 1 LLC | SV RNO Property Owner 1 LLC |
| 75000 | 5.875 03/01/31<sup>(a)(b)</sup> | 75324 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Technology – (continued) | Technology – (continued) | Technology – (continued) |
| Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. |
| 10000 | 4.150% 01/15/31<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9962 |
|  |  | 1145677 |
| Transportation – 0.3% | Transportation – 0.3% | Transportation – 0.3% |
| Delta Air Lines, Inc. | Delta Air Lines, Inc. | Delta Air Lines, Inc. |
| 29000 | 4.950 07/10/28<sup>(b)</sup> | 29478 |
| 40000 | 5.250 07/10/30<sup>(b)</sup> | 41247 |
| Penske Truck Leasing Co. LP / PTL Finance Corp. | Penske Truck Leasing Co. LP / PTL Finance Corp. | Penske Truck Leasing Co. LP / PTL Finance Corp. |
| 68000 | 5.250 07/01/29<sup>(a)(b)</sup> | 70200 |
| United Airlines Holdings, Inc. | United Airlines Holdings, Inc. | United Airlines Holdings, Inc. |
| 57000 | 5.375 03/01/31<sup>(b)</sup> | 58091 |
|  |  | 199016 |
| Wireless – 0.2% | Wireless – 0.2% | Wireless – 0.2% |
| AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
| 15000 | 4.350 06/15/45<sup>(b)</sup> | 12601 |
| 47000 | 4.850 07/15/45<sup>(b)</sup> | 42473 |
| 3000 | 5.550 11/01/45<sup>(b)</sup> | 2951 |
| Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
| 50000 | 4.000 03/01/27<sup>(b)</sup> | 49985 |
| T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
| 10000 | 4.700 01/15/35<sup>(b)</sup> | 9939 |
|  |  | 117949 |
| TOTAL CORPORATE OBLIGATIONS<br>(Cost $18,739,176) | TOTAL CORPORATE OBLIGATIONS<br>(Cost $18,739,176) | 18882204 |
| Asset-Backed Securities – 14.0% | Asset-Backed Securities – 14.0% | Asset-Backed Securities – 14.0% |
| Collateralized Loan Obligations – 13.4% | Collateralized Loan Obligations – 13.4% | Collateralized Loan Obligations – 13.4% |
| AIMCO CLO 10 Ltd., Series 2019-10A, Class ARR (TSFR3M + 1.410%) | AIMCO CLO 10 Ltd., Series 2019-10A, Class ARR (TSFR3M + 1.410%) | AIMCO CLO 10 Ltd., Series 2019-10A, Class ARR (TSFR3M + 1.410%) |
| 250000 | 5.079 07/22/37<sup>(a)(b)(c)</sup> | 250330 |
| AMMC CLO 30 Ltd., Series 2024-30A, Class A1R (TSFR3M + 1.230%) | AMMC CLO 30 Ltd., Series 2024-30A, Class A1R (TSFR3M + 1.230%) | AMMC CLO 30 Ltd., Series 2024-30A, Class A1R (TSFR3M + 1.230%) |
| 260000 | 4.823 04/15/39<sup>(a)(c)</sup> | 260155 |
| ARES LI CLO Ltd., Series 2019-51A, Class A1R2 (TSFR3M + 1.360%) | ARES LI CLO Ltd., Series 2019-51A, Class A1R2 (TSFR3M + 1.360%) | ARES LI CLO Ltd., Series 2019-51A, Class A1R2 (TSFR3M + 1.360%) |
| 250000 | 5.032 10/15/37<sup>(a)(b)(c)</sup> | 250339 |
| Bain Capital Credit CLO, Series 2019-1A, Class BR3 (TSFR3M + 1.400%) | Bain Capital Credit CLO, Series 2019-1A, Class BR3 (TSFR3M + 1.400%) | Bain Capital Credit CLO, Series 2019-1A, Class BR3 (TSFR3M + 1.400%) |
| 950000 | 5.064 04/19/34<sup>(a)(b)(c)</sup> | 950167 |
| Carlyle U.S. CLO Ltd., Series 2021-10A, Class A1R (TSFR3M + 1.310%) | Carlyle U.S. CLO Ltd., Series 2021-10A, Class A1R (TSFR3M + 1.310%) | Carlyle U.S. CLO Ltd., Series 2021-10A, Class A1R (TSFR3M + 1.310%) |
| 650000 | 4.978 01/20/38<sup>(a)(b)(c)</sup> | 650902 |
| CARLYLE U.S. CLO Ltd., Series 2021-1A, Class A1AR (TSFR3M + 1.370%) | CARLYLE U.S. CLO Ltd., Series 2021-1A, Class A1AR (TSFR3M + 1.370%) | CARLYLE U.S. CLO Ltd., Series 2021-1A, Class A1AR (TSFR3M + 1.370%) |
| 250000 | 5.042 01/15/40<sup>(a)(b)(c)</sup> | 250373 |
| Carval CLO X-C Ltd., Series 2024-2A, Class A (TSFR3M + 1.460%) | Carval CLO X-C Ltd., Series 2024-2A, Class A (TSFR3M + 1.460%) | Carval CLO X-C Ltd., Series 2024-2A, Class A (TSFR3M + 1.460%) |
| 750000 | 5.128 07/20/37<sup>(a)(b)(c)</sup> | 750053 |
| CBAMR Ltd., Series 2020-12A, Class A1R2 (TSFR3M + 1.250%) | CBAMR Ltd., Series 2020-12A, Class A1R2 (TSFR3M + 1.250%) | CBAMR Ltd., Series 2020-12A, Class A1R2 (TSFR3M + 1.250%) |
| 250000 | 4.919 01/20/39<sup>(a)(b)(c)</sup> | 250760 |
| CIFC Funding Ltd., Series 2017-1A, Class ARR (TSFR3M + 1.550%) | CIFC Funding Ltd., Series 2017-1A, Class ARR (TSFR3M + 1.550%) | CIFC Funding Ltd., Series 2017-1A, Class ARR (TSFR3M + 1.550%) |
| 570000 | 5.220 04/21/37<sup>(a)(b)(c)</sup> | 570930 |
| Dewolf Park CLO Ltd., Series 2017-1A, Class AR2 (TSFR3M + 1.210%) | Dewolf Park CLO Ltd., Series 2017-1A, Class AR2 (TSFR3M + 1.210%) | Dewolf Park CLO Ltd., Series 2017-1A, Class AR2 (TSFR3M + 1.210%) |
| 270000 | 4.875 01/22/39<sup>(a)(c)</sup> | 270484 |

---

&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 CORE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Asset-Backed Securities – (continued) | Asset-Backed Securities – (continued) | Asset-Backed Securities – (continued) | Asset-Backed Securities – (continued) |
| Collateralized Loan Obligations – (continued) | Collateralized Loan Obligations – (continued) | Collateralized Loan Obligations – (continued) | Collateralized Loan Obligations – (continued) |
| Elmwood CLO 38 Ltd., Series 2025-1A, Class A (TSFR3M + 1.150%) | Elmwood CLO 38 Ltd., Series 2025-1A, Class A (TSFR3M + 1.150%) | Elmwood CLO 38 Ltd., Series 2025-1A, Class A (TSFR3M + 1.150%) | Elmwood CLO 38 Ltd., Series 2025-1A, Class A (TSFR3M + 1.150%) |
| 525000 | 4.819% | 04/22/38<sup>(a)(b)(c)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525614 |
| Invesco U.S. CLO Ltd., Series 2023-3A, Class BR (TSFR3M + 1.750%) | Invesco U.S. CLO Ltd., Series 2023-3A, Class BR (TSFR3M + 1.750%) | Invesco U.S. CLO Ltd., Series 2023-3A, Class BR (TSFR3M + 1.750%) | Invesco U.S. CLO Ltd., Series 2023-3A, Class BR (TSFR3M + 1.750%) |
| 250000 | 5.422 | 07/15/38<sup>(a)(b)(c)</sup> | 251291 |
| Oaktree CLO Ltd., Series 2023-2A, Class A1R (TSFR3M + 1.350%) | Oaktree CLO Ltd., Series 2023-2A, Class A1R (TSFR3M + 1.350%) | Oaktree CLO Ltd., Series 2023-2A, Class A1R (TSFR3M + 1.350%) | Oaktree CLO Ltd., Series 2023-2A, Class A1R (TSFR3M + 1.350%) |
| 575000 | 5.018 | 07/20/38<sup>(a)(b)(c)</sup> | 578325 |
| Ocp CLO Ltd., Series 2024-33A, Class A1 (TSFR3M + 1.500%) | Ocp CLO Ltd., Series 2024-33A, Class A1 (TSFR3M + 1.500%) | Ocp CLO Ltd., Series 2024-33A, Class A1 (TSFR3M + 1.500%) | Ocp CLO Ltd., Series 2024-33A, Class A1 (TSFR3M + 1.500%) |
| 500000 | 5.168 | 07/20/37<sup>(a)(b)(c)</sup> | 501218 |
| OHA Credit Funding 15-R Ltd., Series 2023-15RA, Class A (TSFR3M + 1.290%) | OHA Credit Funding 15-R Ltd., Series 2023-15RA, Class A (TSFR3M + 1.290%) | OHA Credit Funding 15-R Ltd., Series 2023-15RA, Class A (TSFR3M + 1.290%) | OHA Credit Funding 15-R Ltd., Series 2023-15RA, Class A (TSFR3M + 1.290%) |
| 300000 | 4.958 | 07/20/38<sup>(a)(b)(c)</sup> | 301460 |
| Palmer Square CLO Ltd., Series 2024-3A, Class A (TSFR3M + 1.350%) | Palmer Square CLO Ltd., Series 2024-3A, Class A (TSFR3M + 1.350%) | Palmer Square CLO Ltd., Series 2024-3A, Class A (TSFR3M + 1.350%) | Palmer Square CLO Ltd., Series 2024-3A, Class A (TSFR3M + 1.350%) |
| 350000 | 5.018 | 07/20/37<sup>(a)(b)(c)</sup> | 351026 |
| Regatta XXV Funding Ltd., Series 2023-1A, Class A1R (TSFR3M + 1.340%) | Regatta XXV Funding Ltd., Series 2023-1A, Class A1R (TSFR3M + 1.340%) | Regatta XXV Funding Ltd., Series 2023-1A, Class A1R (TSFR3M + 1.340%) | Regatta XXV Funding Ltd., Series 2023-1A, Class A1R (TSFR3M + 1.340%) |
| 500000 | 5.012 | 07/15/38<sup>(a)(b)(c)</sup> | 501158 |
| Signal Peak CLO 12 Ltd., Series 2022-12A, Class A1R (TSFR3M + 1.400%) | Signal Peak CLO 12 Ltd., Series 2022-12A, Class A1R (TSFR3M + 1.400%) | Signal Peak CLO 12 Ltd., Series 2022-12A, Class A1R (TSFR3M + 1.400%) | Signal Peak CLO 12 Ltd., Series 2022-12A, Class A1R (TSFR3M + 1.400%) |
| 500000 | 5.068 | 07/18/37<sup>(a)(b)(c)</sup> | 501214 |
| Silver Point CLO 14 Ltd., Series 2025-14A, Class A1 (TSFR3M + 1.230%) | Silver Point CLO 14 Ltd., Series 2025-14A, Class A1 (TSFR3M + 1.230%) | Silver Point CLO 14 Ltd., Series 2025-14A, Class A1 (TSFR3M + 1.230%) | Silver Point CLO 14 Ltd., Series 2025-14A, Class A1 (TSFR3M + 1.230%) |
| 350000 | 4.909 | 01/15/39<sup>(a)(b)(c)</sup> | 351224 |
| Silver Point CLO 2 Ltd., Series 2023-2A, Class A1R (TSFR3M + 1.370%) | Silver Point CLO 2 Ltd., Series 2023-2A, Class A1R (TSFR3M + 1.370%) | Silver Point CLO 2 Ltd., Series 2023-2A, Class A1R (TSFR3M + 1.370%) | Silver Point CLO 2 Ltd., Series 2023-2A, Class A1R (TSFR3M + 1.370%) |
| 250000 | 5.038 | 04/20/38<sup>(a)(b)(c)</sup> | 250842 |
| Sixth Street CLO XVI Ltd., Series 2020-16A, Class A1R2 (TSFR3M + 1.170%) | Sixth Street CLO XVI Ltd., Series 2020-16A, Class A1R2 (TSFR3M + 1.170%) | Sixth Street CLO XVI Ltd., Series 2020-16A, Class A1R2 (TSFR3M + 1.170%) | Sixth Street CLO XVI Ltd., Series 2020-16A, Class A1R2 (TSFR3M + 1.170%) |
| 725000 | 4.832 | 01/21/39<sup>(a)(b)(c)</sup> | 725433 |
| Symphony CLO 36 Ltd., Series 2025-52A, Class BR (TSFR3M + 1.550%) | Symphony CLO 36 Ltd., Series 2025-52A, Class BR (TSFR3M + 1.550%) | Symphony CLO 36 Ltd., Series 2025-52A, Class BR (TSFR3M + 1.550%) | Symphony CLO 36 Ltd., Series 2025-52A, Class BR (TSFR3M + 1.550%) |
| 500000 | 5.215 | 01/20/36<sup>(a)(c)</sup> | 500069 |
| Warwick Capital CLO 1 Ltd., Series 2023-1A, Class AR (TSFR3M + 1.280%) | Warwick Capital CLO 1 Ltd., Series 2023-1A, Class AR (TSFR3M + 1.280%) | Warwick Capital CLO 1 Ltd., Series 2023-1A, Class AR (TSFR3M + 1.280%) | Warwick Capital CLO 1 Ltd., Series 2023-1A, Class AR (TSFR3M + 1.280%) |
| 350000 | 4.948 | 10/20/38<sup>(a)(b)(c)</sup> | 351142 |
| Whitebox CLO III Ltd., Series 2021-3A, Class A1R (TSFR3M + 1.270%) | Whitebox CLO III Ltd., Series 2021-3A, Class A1R (TSFR3M + 1.270%) | Whitebox CLO III Ltd., Series 2021-3A, Class A1R (TSFR3M + 1.270%) | Whitebox CLO III Ltd., Series 2021-3A, Class A1R (TSFR3M + 1.270%) |
| 250000 | 4.942 | 10/15/35<sup>(a)(b)(c)</sup> | 250283 |
| Wonder Lake Park CLO Ltd., Series 2025-1A, Class A (TSFR3M + 1.290%) | Wonder Lake Park CLO Ltd., Series 2025-1A, Class A (TSFR3M + 1.290%) | Wonder Lake Park CLO Ltd., Series 2025-1A, Class A (TSFR3M + 1.290%) | Wonder Lake Park CLO Ltd., Series 2025-1A, Class A (TSFR3M + 1.290%) |
| 350000 | 4.958 | 07/24/38<sup>(a)(b)(c)</sup> | 351136 |
|  |  |  | 10745928 |
| Diversified Financial Services – 0.6% | Diversified Financial Services – 0.6% | Diversified Financial Services – 0.6% | Diversified Financial Services – 0.6% |
| Barclays Dryrock Issuance Trust, Series 2023-1, Class A | Barclays Dryrock Issuance Trust, Series 2023-1, Class A | Barclays Dryrock Issuance Trust, Series 2023-1, Class A | Barclays Dryrock Issuance Trust, Series 2023-1, Class A |
| 175000 | 4.720 | 02/15/29 | 175172 |
| Barclays Dryrock Issuance Trust, Series 2025-1, Class A | Barclays Dryrock Issuance Trust, Series 2025-1, Class A | Barclays Dryrock Issuance Trust, Series 2025-1, Class A | Barclays Dryrock Issuance Trust, Series 2025-1, Class A |
| 100000 | 3.970 | 07/15/31 | 100732 |
| GM Financial Automobile Leasing Trust, Series 2024-1, Class A3 | GM Financial Automobile Leasing Trust, Series 2024-1, Class A3 | GM Financial Automobile Leasing Trust, Series 2024-1, Class A3 | GM Financial Automobile Leasing Trust, Series 2024-1, Class A3 |
| 16110 | 5.090 | 03/22/27<sup>(b)</sup> | 16133 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Value** |
| Asset-Backed Securities – (continued) | Asset-Backed Securities – (continued) | Asset-Backed Securities – (continued) |
| Diversified Financial Services – (continued) | Diversified Financial Services – (continued) | Diversified Financial Services – (continued) |
| SFS Auto Receivables Securitization Trust, Series 2024-2A, Class A4 | SFS Auto Receivables Securitization Trust, Series 2024-2A, Class A4 | SFS Auto Receivables Securitization Trust, Series 2024-2A, Class A4 |
| 135000 | 5.260% 08/20/30<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138402 |
|  |  | 430439 |
| **TOTAL ASSET-BACKED SECURITIES**<br> **(Cost $11,172,474)** | **TOTAL ASSET-BACKED SECURITIES**<br> **(Cost $11,172,474)** | 11176367 |
| Collateralized Mortgage Obligations – 3.4% | Collateralized Mortgage Obligations – 3.4% | Collateralized Mortgage Obligations – 3.4% |
| Angel Oak Mortgage Trust, Series 2021-6, Class A1 | Angel Oak Mortgage Trust, Series 2021-6, Class A1 | Angel Oak Mortgage Trust, Series 2021-6, Class A1 |
| 80459 | 1.458 09/25/66<sup>(a)(b)(c)</sup> | 69828 |
| COLT Mortgage Loan Trust, Series 2021-4, Class A1 | COLT Mortgage Loan Trust, Series 2021-4, Class A1 | COLT Mortgage Loan Trust, Series 2021-4, Class A1 |
| 179814 | 1.397 10/25/66<sup>(a)(b)(c)</sup> | 156729 |
| COLT Mortgage Loan Trust, Series 2025-4, Class A1 | COLT Mortgage Loan Trust, Series 2025-4, Class A1 | COLT Mortgage Loan Trust, Series 2025-4, Class A1 |
| 448577 | 5.794 04/25/70<sup>(a)(b)</sup> | 455310 |
| COLT Mortgage Loan Trust, Series 2025-7, Class A1 | COLT Mortgage Loan Trust, Series 2025-7, Class A1 | COLT Mortgage Loan Trust, Series 2025-7, Class A1 |
| 335373 | 5.470 06/25/70<sup>(a)(b)</sup> | 339307 |
| COLT Mortgage Loan Trust, Series 2025-8, Class A1 | COLT Mortgage Loan Trust, Series 2025-8, Class A1 | COLT Mortgage Loan Trust, Series 2025-8, Class A1 |
| 209832 | 5.480 08/25/70<sup>(a)(b)</sup> | 212324 |
| EFMT, Series 2026-NQM1, Class A1A | EFMT, Series 2026-NQM1, Class A1A | EFMT, Series 2026-NQM1, Class A1A |
| 199568 | 4.771 02/25/71<sup>(a)(b)</sup> | 200115 |
| Ellington Financial Mortgage Trust, Series 2022-1, Class A1 | Ellington Financial Mortgage Trust, Series 2022-1, Class A1 | Ellington Financial Mortgage Trust, Series 2022-1, Class A1 |
| 264120 | 2.206 01/25/67<sup>(a)(b)(c)</sup> | 237556 |
| GCAT Trust, Series 2021-NQM5, Class A2 | GCAT Trust, Series 2021-NQM5, Class A2 | GCAT Trust, Series 2021-NQM5, Class A2 |
| 603726 | 1.417 07/25/66<sup>(a)(b)(c)</sup> | 520611 |
| J.P. Morgan Mortgage Trust, Series 2023-DSC2, Class A1 | J.P. Morgan Mortgage Trust, Series 2023-DSC2, Class A1 | J.P. Morgan Mortgage Trust, Series 2023-DSC2, Class A1 |
| 72573 | 5.250 11/25/63<sup>(a)(b)(c)</sup> | 73527 |
| JP Morgan Mortgage Trust Series, Series 2025-NQM5, Class A1A | JP Morgan Mortgage Trust Series, Series 2025-NQM5, Class A1A | JP Morgan Mortgage Trust Series, Series 2025-NQM5, Class A1A |
| 438034 | 4.879 05/25/66<sup>(a)(b)</sup> | 439836 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS**<br> **(Cost $2,683,758)** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS**<br> **(Cost $2,683,758)** | 2705143 |
| Foreign Corporate Debt – 2.3% | Foreign Corporate Debt – 2.3% | Foreign Corporate Debt – 2.3% |
| Banks – 1.0% | Banks – 1.0% | Banks – 1.0% |
| Barclays PLC (United Kingdom) | Barclays PLC (United Kingdom) | Barclays PLC (United Kingdom) |
| 200000 | 4.836 05/09/28<sup>(b)</sup> | 201508 |
| UBS Group AG (Switzerland) (SOFR + 1.730%) | UBS Group AG (Switzerland) (SOFR + 1.730%) | UBS Group AG (Switzerland) (SOFR + 1.730%) |
| 650000 | 3.091 05/14/32<sup>(a)(b)(c)</sup> | 608548 |
|  |  | 810056 |
| Chemicals – 0.3% | Chemicals – 0.3% | Chemicals – 0.3% |
| OCP SA (Morocco) | OCP SA (Morocco) | OCP SA (Morocco) |
| 200000 | 6.750 05/02/34<sup>(b)</sup> | 217083 |
| Communications – 0.0% | Communications – 0.0% | Communications – 0.0% |
| Videotron Ltd. (Canada) | Videotron Ltd. (Canada) | Videotron Ltd. (Canada) |
| 10000 | 5.700 01/15/35<sup>(a)(b)</sup> | 10333 |
| Consumer Cyclical – 0.1% | Consumer Cyclical – 0.1% | Consumer Cyclical – 0.1% |
| 1011778 BC ULC / New Red Finance, Inc. (Canada) | 1011778 BC ULC / New Red Finance, Inc. (Canada) | 1011778 BC ULC / New Red Finance, Inc. (Canada) |
| 31000 | 6.125 06/15/29<sup>(a)(b)</sup> | 31876 |
| 10000 | 4.000 10/15/30<sup>(a)(b)</sup> | 9614 |
|  |  | 41490 |
| Consumer Noncyclical – 0.4% | Consumer Noncyclical – 0.4% | Consumer Noncyclical – 0.4% |
| BAT Capital Corp. (United Kingdom) | BAT Capital Corp. (United Kingdom) | BAT Capital Corp. (United Kingdom) |
| 43000 | 4.742 03/16/32<sup>(b)</sup> | 43740 |
| 85000 | 4.625 03/22/33<sup>(b)</sup> | 85314 |
| 65000 | 6.000 02/20/34<sup>(b)</sup> | 70420 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| 10 | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS CORE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) |
| Consumer Noncyclical – (continued) | Consumer Noncyclical – (continued) | Consumer Noncyclical – (continued) | Consumer Noncyclical – (continued) |
| BAT International Finance PLC (United Kingdom) | BAT International Finance PLC (United Kingdom) | BAT International Finance PLC (United Kingdom) | BAT International Finance PLC (United Kingdom) |
| 38000 | 4.448% | 03/16/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38347 |
| 50000 | 5.931 | 02/02/29<sup>(b)</sup> | 52622 |
|  |  |  | 290443 |
| Energy – 0.0% | Energy – 0.0% | Energy – 0.0% | Energy – 0.0% |
| Enbridge, Inc. (Canada) | Enbridge, Inc. (Canada) | Enbridge, Inc. (Canada) | Enbridge, Inc. (Canada) |
| 6000 | 5.700 | 03/08/33<sup>(b)</sup> | 6376 |
| Financial Company – 0.0% | Financial Company – 0.0% | Financial Company – 0.0% | Financial Company – 0.0% |
| Macquarie Airfinance Holdings Ltd. (United Kingdom) | Macquarie Airfinance Holdings Ltd. (United Kingdom) | Macquarie Airfinance Holdings Ltd. (United Kingdom) | Macquarie Airfinance Holdings Ltd. (United Kingdom) |
| 20000 | 5.200 | 03/27/28<sup>(a)(b)</sup> | 20334 |
| Food and Beverage – 0.1% | Food and Beverage – 0.1% | Food and Beverage – 0.1% | Food and Beverage – 0.1% |
| Bacardi Ltd. (Bermuda) | Bacardi Ltd. (Bermuda) | Bacardi Ltd. (Bermuda) | Bacardi Ltd. (Bermuda) |
| 100000 | 4.700 | 05/15/28<sup>(a)(b)</sup> | 100869 |
| Metals and Mining – 0.1% | Metals and Mining – 0.1% | Metals and Mining – 0.1% | Metals and Mining – 0.1% |
| Glencore Finance Canada Ltd. (Australia) | Glencore Finance Canada Ltd. (Australia) | Glencore Finance Canada Ltd. (Australia) | Glencore Finance Canada Ltd. (Australia) |
| 15000 | 5.550 | 10/25/42<sup>(a)</sup> | 15005 |
| Glencore Funding LLC (Australia) | Glencore Funding LLC (Australia) | Glencore Funding LLC (Australia) | Glencore Funding LLC (Australia) |
| 85000 | 2.625 | 09/23/31<sup>(a)(b)</sup> | 77534 |
|  |  |  | 92539 |
| Mining – 0.2% | Mining – 0.2% | Mining – 0.2% | Mining – 0.2% |
| Vale Overseas Ltd. (Brazil) | Vale Overseas Ltd. (Brazil) | Vale Overseas Ltd. (Brazil) | Vale Overseas Ltd. (Brazil) |
| 149000 | 6.400 | 06/28/54<sup>(b)</sup> | 156182 |
| Software – 0.0% | Software – 0.0% | Software – 0.0% | Software – 0.0% |
| Constellation Software, Inc. (Canada) | Constellation Software, Inc. (Canada) | Constellation Software, Inc. (Canada) | Constellation Software, Inc. (Canada) |
| 25000 | 5.461 | 02/16/34<sup>(a)(b)</sup> | 24912 |
| Technology – 0.1% | Technology – 0.1% | Technology – 0.1% | Technology – 0.1% |
| NXP BV / NXP Funding LLC / NXP USA, Inc. (Netherlands) | NXP BV / NXP Funding LLC / NXP USA, Inc. (Netherlands) | NXP BV / NXP Funding LLC / NXP USA, Inc. (Netherlands) | NXP BV / NXP Funding LLC / NXP USA, Inc. (Netherlands) |
| 20000 | 4.400 | 06/01/27<sup>(b)</sup> | 20101 |
| 46000 | 3.400 | 05/01/30<sup>(b)</sup> | 44571 |
| 10000 | 2.500 | 05/11/31<sup>(b)</sup> | 9156 |
|  |  |  | 73828 |
| Wireless – 0.0% | Wireless – 0.0% | Wireless – 0.0% | Wireless – 0.0% |
| Rogers Communications, Inc. (Canada) | Rogers Communications, Inc. (Canada) | Rogers Communications, Inc. (Canada) | Rogers Communications, Inc. (Canada) |
| 20000 | 4.500 | 03/15/42<sup>(b)</sup> | 17439 |
| TOTAL FOREIGN CORPORATE DEBT | TOTAL FOREIGN CORPORATE DEBT | TOTAL FOREIGN CORPORATE DEBT |  |
| **(Cost $1,847,469)** | **(Cost $1,847,469)** | **(Cost $1,847,469)** | 1861884 |
| Sovereign Debt Obligations – 1.1% | Sovereign Debt Obligations – 1.1% | Sovereign Debt Obligations – 1.1% | Sovereign Debt Obligations – 1.1% |
| Sovereign – 1.1% | Sovereign – 1.1% | Sovereign – 1.1% | Sovereign – 1.1% |
| Eagle Funding Luxco Sarl | Eagle Funding Luxco Sarl | Eagle Funding Luxco Sarl | Eagle Funding Luxco Sarl |
| 250000 | 5.500 | 08/17/30<sup>(a)(b)</sup> | 254889 |
| Hungary Government International Bond | Hungary Government International Bond | Hungary Government International Bond | Hungary Government International Bond |
| 200000 | 5.500 | 06/16/34 | 205000 |
| Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
| 180000 | 6.050 | 01/11/40 | 181270 |
| 20000 | 5.550 | 01/21/45 | 18726 |
| Peruvian Government International Bond | Peruvian Government International Bond | Peruvian Government International Bond | Peruvian Government International Bond |
| 60000 | 5.500 | 03/30/36<sup>(b)</sup> | 62033 |
| Republic of Poland Government International Bond, Series 30Y | Republic of Poland Government International Bond, Series 30Y | Republic of Poland Government International Bond, Series 30Y | Republic of Poland Government International Bond, Series 30Y |
| 30000 | 5.500 | 03/18/54<sup>(b)</sup> | 29402 |
| Romanian Government International Bond | Romanian Government International Bond | Romanian Government International Bond | Romanian Government International Bond |
| 160000 | 6.625 | 05/16/36 | 170278 |
| TOTAL SOVEREIGN DEBT OBLIGATIONS | TOTAL SOVEREIGN DEBT OBLIGATIONS | TOTAL SOVEREIGN DEBT OBLIGATIONS | TOTAL SOVEREIGN DEBT OBLIGATIONS |
| **(Cost $903,853)** | **(Cost $903,853)** | **(Cost $903,853)** | 921598 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| U.S. Treasury Bonds – 1.1% | U.S. Treasury Bonds – 1.1% | U.S. Treasury Bonds – 1.1% |  |
| U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| 290000 | 4.750 %<sup>(f)</sup> | 02/15/45 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297295 |
| 326000 | 5.000 <sup>(f)</sup> | 05/15/45 | 344643 |
| 160000 | 4.625 <sup>(f)</sup> | 02/15/46<sup>(e)</sup> | 161125 |
| 50000 | 4.750 <sup>(f)</sup> | 08/15/55 | 50922 |
| TOTAL U.S. TREASURY BONDS | TOTAL U.S. TREASURY BONDS | TOTAL U.S. TREASURY BONDS | TOTAL U.S. TREASURY BONDS |
| (Cost $834,467) | (Cost $834,467) | (Cost $834,467) | 853985 |
| Municipal Bonds – 0.5% | Municipal Bonds – 0.5% | Municipal Bonds – 0.5% | Municipal Bonds – 0.5% |
| Illinois – 0.2% | Illinois – 0.2% | Illinois – 0.2% | Illinois – 0.2% |
| State of Illinois | State of Illinois | State of Illinois | State of Illinois |
| 162500 | 5.650 | 12/01/38 | 170172 |
| Massachusetts – 0.2% | Massachusetts – 0.2% | Massachusetts – 0.2% | Massachusetts – 0.2% |
| Massachusetts Development Finance Agency, Series B | Massachusetts Development Finance Agency, Series B | Massachusetts Development Finance Agency, Series B | Massachusetts Development Finance Agency, Series B |
| 130000 | 4.571 | 05/01/45<sup>(b)</sup> | 125792 |
| New York – 0.1% | New York – 0.1% | New York – 0.1% | New York – 0.1% |
| New York State Dormitory Authority, Series 1 | New York State Dormitory Authority, Series 1 | New York State Dormitory Authority, Series 1 | New York State Dormitory Authority, Series 1 |
| 100000 | 4.294 | 07/01/44<sup>(b)</sup> | 91714 |
| TOTAL MUNICIPAL BONDS | TOTAL MUNICIPAL BONDS | TOTAL MUNICIPAL BONDS |  |
| (Cost $366,865) | (Cost $366,865) | (Cost $366,865) | 387678 |
| **Shares** | **Dividend**<br> **Rate** | **Dividend**<br> **Rate** | **Value** |
| Investment Company – 6.2%<sup>(g)</sup> | Investment Company – 6.2%<sup>(g)</sup> | Investment Company – 6.2%<sup>(g)</sup> | Investment Company – 6.2%<sup>(g)</sup> |
| Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
| 4974409 | 3.589% | 3.589% | 4974409 |
| (Cost $4,974,409) | (Cost $4,974,409) | (Cost $4,974,409) |  |
| TOTAL INVESTMENTS – 121.1% | TOTAL INVESTMENTS – 121.1% | TOTAL INVESTMENTS – 121.1% | TOTAL INVESTMENTS – 121.1% |
| (Cost $96,145,381) | (Cost $96,145,381) | (Cost $96,145,381) | $96924640 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– (21.1)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– (21.1)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– (21.1)%** | (16884933) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | NET ASSETS – 100.0% | $80039707 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Exempt from registration under Rule 144A of the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Securities with "Call" features. Maturity dates disclosed are the final maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(d) TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $17,533,119 which represents approximately 21.9% of the Fund's net assets as of February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(e) When-issued security.

&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 CORE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(f) Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Represents an affiliated issuer.

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| CLO | —Collateralized Loan Obligation |
| CMT | —Constant Maturity Treasury Index |
| GMTN | —Global Medium Term Note |
| LP | —Limited Partnership |
| MMY | —Money Market Yield |
| MTN | —Medium Term Note |
| PLC | —Public Limited Company |
| REIT | —Real Estate Investment Trust |
| SOFR | —Secured Overnight Financing Rate |
| SOFRINDX | —Secured Overnight Financing Rate Index |
| T-Bill | —Treasury Bill |
| TSFR | —Term Secured Overnight Financing Rate |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ADDITIONAL INVESTMENT INFORMATION**

FORWARD SALES CONTRACTS — At February 28, 2026, the Fund had the following forward sales contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity Date** | **Settlement Date** | **Principal<br>Amount** | **Value** |
|  Government National Mortgage Association | 4.500% | TBA-30yr<sup>(a)</sup> | 03/20/56 | $(250000) | $(246990) |
|  **Total (Proceed Receivable $246,260)** |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(246990) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned.

FUTURES CONTRACTS — At February 28, 2026, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contracts**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appreciation/<br> (Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  U.S. Treasury 2 Year Note | 11 | 06/30/26 | $2301578 | $2783 |
|  U.S. Treasury 5 Year Note | 10 | 06/30/26 | 1101172 | 3899 |
|  U.S. Treasury Long Bond | 13 | 06/18/26 | 1539687 | 12043 |
|  U.S. Treasury Ultra Bond | 47 | 06/18/26 | 5711969 | 53923 |
|  **Total** |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72648 |
|  **Short position contracts:** |  |  |  |  |
|  U.S. Treasury 10 Year Note | (60) | 06/18/26 | (6825000) | (26091) |
|  U.S. Treasury 10 Year Ultra Note | (11) | 06/18/26 | (1283906) | (9255) |
|  **Total** |  |  |  | $(35346) |
|  **Total Futures Contracts** |  |  |  | $37302 |

---

&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 CORE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SWAP CONTRACTS — At February 28, 2026, the Fund had the following swap contracts:

#### OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financing** | | | |  | | | |
|  | **Rate** | | | |  | | | |
|  | **Received** | **Credit Spread** | | | **Notional** | | | |
|  | **(Paid) by the** | **at February 28,** | | **Termination** | **Amount** | | **Upfront Premium** | **Unrealized Appreciation/** |
| **Reference Obligation/Index** | **Fund** | **2026<sup>(a)</sup>** | **Counterparty** | **Date** | **(000's)** | **Value** | **(Received) Paid** | **(Depreciation)** |
|  CDXIG544<sup>(b)</sup> | 1.000% | (2.236)% | BARC | 06/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2140 | $56526 | $39529 | $16997 |
|  CDXIG545<sup>(b)</sup> | 1.000% | (2.248) | MS | 12/20/2030 | 4635 | 97465 | 96438 | 1027 |
|  TOTAL |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153991 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135967 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18024 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Credit spread on the referenced obligation, together with the period of expiration, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and term of the swap contract increase.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Payments made quarterly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>13</sub>

------

GOLDMAN SACHS CORPORATE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – 86.0% | Corporate Obligations – 86.0% | Corporate Obligations – 86.0% | Corporate Obligations – 86.0% |
| Advertising – 0.2% | Advertising – 0.2% | Advertising – 0.2% | Advertising – 0.2% |
| Lamar Media Corp. | Lamar Media Corp. | Lamar Media Corp. | Lamar Media Corp. |
| $96000 | 5.375% | 11/01/33<sup>(a)(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96199 |
| Aerospace & Defense – 3.4% | Aerospace & Defense – 3.4% | Aerospace & Defense – 3.4% | Aerospace & Defense – 3.4% |
| Axon Enterprise, Inc. | Axon Enterprise, Inc. | Axon Enterprise, Inc. | Axon Enterprise, Inc. |
| 28000 | 6.250 | 03/15/33<sup>(a)(b)</sup> | 29046 |
| Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) |
| 130000 | 2.700 | 02/01/27<sup>(a)</sup> | 128594 |
| 366000 | 3.450 | 11/01/28<sup>(a)</sup> | 361587 |
| 687000 | 3.250 | 02/01/35<sup>(a)</sup> | 611817 |
| 423000 | 5.875 | 02/15/40 | 443927 |
| 102000 | 5.705 | 05/01/40<sup>(a)</sup> | 106148 |
| Hexcel Corp. | Hexcel Corp. | Hexcel Corp. | Hexcel Corp. |
| 97000 | 5.875 | 02/26/35<sup>(a)</sup> | 103326 |
| TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
| 42000 | 6.375 | 05/31/33<sup>(a)(b)</sup> | 42897 |
| 15000 | 6.125 | 07/31/34<sup>(a)(b)</sup> | 15237 |
|  |  |  | 1842579 |
| Banks – 21.5% | Banks – 21.5% | Banks – 21.5% | Banks – 21.5% |
| Bank of America Corp. | Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.830%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.830%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.830%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.830%) |
| 1286000 | 4.571 | 04/27/33<sup>(a)(c)</sup> | 1291886 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.200%) |
| 593000 | 2.482 | 09/21/36<sup>(a)(c)</sup> | 523887 |
| Bank of America Corp., MTN | Bank of America Corp., MTN | Bank of America Corp., MTN | Bank of America Corp., MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.330%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.330%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.330%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.330%) |
| 585000 | 2.972 | 02/04/33<sup>(a)(c)</sup> | 540451 |
| Bank of New York Mellon Corp. (The), Series H | Bank of New York Mellon Corp. (The), Series H | Bank of New York Mellon Corp. (The), Series H | Bank of New York Mellon Corp. (The), Series H |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.352%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.352%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.352%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.352%) |
| 20000 | 3.700 | 03/20/74<sup>(a)(c)</sup> | 19983 |
| Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |
| 420000 | 4.100 | 02/09/27<sup>(a)</sup> | 420519 |
| 100000 | 3.750 | 03/09/27<sup>(a)</sup> | 99825 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.600%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.600%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.600%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.600%) |
| 98000 | 5.247 | 07/26/30<sup>(a)(c)</sup> | 101169 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.990%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.990%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.990%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.990%) |
| 95000 | 5.884 | 07/26/35<sup>(a)(c)</sup> | 100071 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.036%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.036%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.036%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.036%) |
| 202000 | 6.183 | 01/30/36<sup>(a)(c)</sup> | 210087 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.630%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.630%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.630%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.630%) |
| 144000 | 5.197 | 09/11/36<sup>(a)(c)</sup> | 143653 |
| Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.422%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.422%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.422%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.422%) |
| 394000 | 2.976 | 11/05/30<sup>(a)(c)</sup> | 377568 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.351%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.351%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.351%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.351%) |
| 135000 | 3.057 | 01/25/33<sup>(a)(c)</sup> | 124877 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.338%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.338%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.338%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.338%) |
| 633000 | 6.270 | 11/17/33<sup>(a)(c)</sup> | 694374 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.730%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.730%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.730%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.730%) |
| 320000 | 5.411 | 09/19/39<sup>(a)(c)</sup> | 321830 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.001%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.001%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.001%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.001%) |
| 90000 | 6.625 | 05/15/74<sup>(a)(c)</sup> | 92330 |
| Citigroup, Inc., Series T | Citigroup, Inc., Series T | Citigroup, Inc., Series T | Citigroup, Inc., Series T |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 4.779%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 4.779%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 4.779%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 4.779%) |
| 60000 | 6.250 | 02/15/75<sup>(a)(c)</sup> | 60289 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) |
| Citizens Financial Group, Inc. | Citizens Financial Group, Inc. | Citizens Financial Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.010%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.010%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.010%) |
| $391000 | 5.841% 01/23/30<sup>(a)(c)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408732 |
| Fifth Third Bancorp | Fifth Third Bancorp | Fifth Third Bancorp |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.340%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.340%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.340%) |
| 49000 | 6.339 07/27/29<sup>(a)(c)</sup> | 51526 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.240%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.240%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.240%) |
| 45000 | 5.141 01/29/37<sup>(a)(c)</sup> | 45086 |
| First Horizon Corp. | First Horizon Corp. | First Horizon Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.766%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.766%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.766%) |
| 194000 | 5.514 03/07/31<sup>(a)(c)</sup> | 200795 |
| Huntington Bancshares, Inc. | Huntington Bancshares, Inc. | Huntington Bancshares, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.700%) |
| 176000 | 6.141 11/18/39<sup>(a)(c)</sup> | 185014 |
| JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.800%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.800%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.800%) |
| 107000 | 4.586 04/26/33<sup>(a)(c)</sup> | 107969 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.680%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.680%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.680%) |
| 200000 | 5.572 04/22/36<sup>(a)(c)</sup> | 211121 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.635%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.635%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.635%) |
| 95000 | 5.576 07/23/36<sup>(a)(c)</sup> | 98736 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.190%) |
| 514000 | 4.810 10/22/36<sup>(a)(c)</sup> | 512509 |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.622%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.622%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.622%) |
| 406000 | 3.882 07/24/38<sup>(a)(c)</sup> | 367773 |
| KeyCorp, Series D | KeyCorp, Series D | KeyCorp, Series D |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.868%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.868%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.868%) |
| 60000 | 5.000 12/15/74<sup>(a)(c)</sup> | 59876 |
| M&T Bank Corp. | M&T Bank Corp. | M&T Bank Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.430%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.430%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.430%) |
| 65000 | 5.400 07/30/35<sup>(a)(c)</sup> | 65960 |
| M&T Bank Corp., MTN | M&T Bank Corp., MTN | M&T Bank Corp., MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.610%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.610%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.610%) |
| 347000 | 5.385 01/16/36<sup>(a)(c)</sup> | 355675 |
| M&T Bank Corp., Series F | M&T Bank Corp., Series F | M&T Bank Corp., Series F |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.782%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.782%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.782%) |
| 40000 | 5.125 05/01/74<sup>(a)(c)</sup> | 39958 |
| Morgan Stanley | Morgan Stanley | Morgan Stanley |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.630%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.630%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.630%) |
| 492000 | 5.449 07/20/29<sup>(a)(c)</sup> | 507324 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.730%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.730%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.730%) |
| 827000 | 5.466 01/18/35<sup>(a)(c)</sup> | 864211 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.360%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.360%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.360%) |
| 146000 | 2.484 09/16/36<sup>(a)(c)</sup> | 129188 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.430%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.430%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.430%) |
| 50000 | 5.948 01/19/38<sup>(a)(c)</sup> | 52745 |
| Morgan Stanley, MTN | Morgan Stanley, MTN | Morgan Stanley, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.010%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.010%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.010%) |
| 64000 | 5.652 04/13/28<sup>(a)(c)</sup> | 65142 |
| Regions Financial Corp. | Regions Financial Corp. | Regions Financial Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.490%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.490%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.490%) |
| 397000 | 5.722 06/06/30<sup>(a)(c)</sup> | 415806 |

---

&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 CORPORATE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) |
| State Street Corp. | State Street Corp. | State Street Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.135%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.135%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.135%) |
| $80000 | 6.450% 06/15/74<sup>(a)(c)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83674 |
| Truist Financial Corp., MTN | Truist Financial Corp., MTN | Truist Financial Corp., MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.620%) |
| 201000 | 5.435 01/24/30<sup>(a)(c)</sup> | 208487 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.922%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.922%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.922%) |
| 501000 | 5.711 01/24/35<sup>(a)(c)</sup> | 530452 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.395%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.395%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.395%) |
| 153000 | 4.964 10/23/36<sup>(a)(c)</sup> | 152543 |
| Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.340%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.340%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.340%) |
| 237000 | 4.892 09/15/36<sup>(a)(c)</sup> | 237151 |
| Wells Fargo & Co., MTN | Wells Fargo & Co., MTN | Wells Fargo & Co., MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.572%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.572%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.572%) |
| 580000 | 3.584 05/22/28<sup>(a)(c)</sup> | 576979 |
|  |  | 11657231 |
| **Basic Industry – 0.1%** | **Basic Industry – 0.1%** | **Basic Industry – 0.1%** |
| Qnity Electronics, Inc. | Qnity Electronics, Inc. | Qnity Electronics, Inc. |
| 20000 | 5.750 08/15/32<sup>(a)(b)</sup> | 20464 |
| 5000 | 6.250 08/15/33<sup>(a)(b)</sup> | 5195 |
| Solstice Advanced Materials, Inc. | Solstice Advanced Materials, Inc. | Solstice Advanced Materials, Inc. |
| 20000 | 5.625 09/30/33<sup>(a)(b)</sup> | 20228 |
|  |  | 45887 |
| **Brokerage – 0.0%** | **Brokerage – 0.0%** | **Brokerage – 0.0%** |
| Jane Street Group / JSG Finance, Inc. | Jane Street Group / JSG Finance, Inc. | Jane Street Group / JSG Finance, Inc. |
| 10000 | 6.750 05/01/33<sup>(a)(b)</sup> | 10260 |
| **Building Materials – 0.7%** | **Building Materials – 0.7%** | **Building Materials – 0.7%** |
| Advanced Drainage Systems, Inc. | Advanced Drainage Systems, Inc. | Advanced Drainage Systems, Inc. |
| 15000 | 5.375 03/01/34<sup>(a)(b)</sup> | 15117 |
| AECOM | AECOM | AECOM |
| 8000 | 6.000 08/01/33<sup>(a)(b)</sup> | 8171 |
| Builders FirstSource, Inc. | Builders FirstSource, Inc. | Builders FirstSource, Inc. |
| 36000 | 6.750 05/15/35<sup>(a)(b)</sup> | 37595 |
| Ferguson Enterprises, Inc. | Ferguson Enterprises, Inc. | Ferguson Enterprises, Inc. |
| 105000 | 4.350 03/15/31<sup>(a)</sup> | 105290 |
| Owens Corning | Owens Corning | Owens Corning |
| 84000 | 5.950 06/15/54<sup>(a)</sup> | 86848 |
| QXO Building Products, Inc. | QXO Building Products, Inc. | QXO Building Products, Inc. |
| 71000 | 6.750 04/30/32<sup>(a)(b)</sup> | 73583 |
| Standard Building Solutions, Inc. | Standard Building Solutions, Inc. | Standard Building Solutions, Inc. |
| 37000 | 6.250 08/01/33<sup>(a)(b)</sup> | 37678 |
|  |  | 364282 |
| **Capital Goods – 2.3%** | **Capital Goods – 2.3%** | **Capital Goods – 2.3%** |
| Atkore, Inc. | Atkore, Inc. | Atkore, Inc. |
| 15000 | 4.250 06/01/31<sup>(a)(b)</sup> | 14382 |
| CACI International, Inc. | CACI International, Inc. | CACI International, Inc. |
| 43000 | 6.375 06/15/33<sup>(a)(b)</sup> | 44349 |
| CACI International, Inc., Series MAR | CACI International, Inc., Series MAR | CACI International, Inc., Series MAR |
| 25000 | 6.375 06/15/33<sup>(a)(b)(d)</sup> | 25758 |
| Carlisle Cos., Inc. | Carlisle Cos., Inc. | Carlisle Cos., Inc. |
| 30000 | 5.550 09/15/40<sup>(a)</sup> | 30946 |
| CompoSecure Holdings LLC | CompoSecure Holdings LLC | CompoSecure Holdings LLC |
| 60000 | 5.625 02/01/33<sup>(a)(b)</sup> | 59698 |
| Crown Americas LLC | Crown Americas LLC | Crown Americas LLC |
| 24000 | 5.875 06/01/33<sup>(a)(b)</sup> | 24661 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Capital Goods – (continued) | Capital Goods – (continued) | Capital Goods – (continued) | Capital Goods – (continued) |
| Esab Corp. | Esab Corp. | Esab Corp. | Esab Corp. |
| 109000 | 6.250% | 04/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111884 |
| General Electric Co., MTN | General Electric Co., MTN | General Electric Co., MTN | General Electric Co., MTN |
| 309000 | 5.875 | 01/14/38 | 339520 |
| Regal Rexnord Corp. | Regal Rexnord Corp. | Regal Rexnord Corp. | Regal Rexnord Corp. |
| 67000 | 6.050 | 04/15/28<sup>(a)</sup> | 69474 |
| 490000 | 6.300 | 02/15/30<sup>(a)</sup> | 523426 |
|  |  |  | 1244098 |
| **Communications – 1.7%** | **Communications – 1.7%** | **Communications – 1.7%** | **Communications – 1.7%** |
| Charter Communications Operating LLC / Charter Communications Operating Capital | Charter Communications Operating LLC / Charter Communications Operating Capital | Charter Communications Operating LLC / Charter Communications Operating Capital | Charter Communications Operating LLC / Charter Communications Operating Capital |
| 570000 | 3.750 | 02/15/28<sup>(a)</sup> | 564847 |
| News Corp. | News Corp. | News Corp. | News Corp. |
| 342000 | 3.875 | 05/15/29<sup>(a)(b)</sup> | 333489 |
| Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC |
| 38000 | 5.875 | 11/15/40<sup>(a)</sup> | 35678 |
|  |  |  | 934014 |
| **Consumer Cyclical – 9.2%** | **Consumer Cyclical – 9.2%** | **Consumer Cyclical – 9.2%** | **Consumer Cyclical – 9.2%** |
| Acushnet Co. | Acushnet Co. | Acushnet Co. | Acushnet Co. |
| 10000 | 5.625 | 12/01/33<sup>(a)(b)</sup> | 10198 |
| AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. |
| 231000 | 5.890 | 03/15/35<sup>(a)</sup> | 240961 |
| Carnival Corp. | Carnival Corp. | Carnival Corp. | Carnival Corp. |
| 70000 | 5.875 | 06/15/31<sup>(a)(b)</sup> | 73126 |
| Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. |
| 261000 | 3.700 | 01/15/31<sup>(a)</sup> | 251454 |
| 61000 | 5.850 | 08/01/34<sup>(a)</sup> | 63243 |
| Cinemark USA, Inc. | Cinemark USA, Inc. | Cinemark USA, Inc. | Cinemark USA, Inc. |
| 63000 | 7.000 | 08/01/32<sup>(a)(b)</sup> | 65599 |
| Dollar General Corp. | Dollar General Corp. | Dollar General Corp. | Dollar General Corp. |
| 212000 | 5.450 | 07/05/33<sup>(a)</sup> | 222208 |
| Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. |
| 317000 | 5.400 | 02/15/35<sup>(a)</sup> | 320005 |
| General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
| 343000 | 1.500 | 06/10/26<sup>(a)</sup> | 340476 |
| 254000 | 5.350 | 07/15/27 | 258335 |
| 50000 | 2.700 | 08/20/27<sup>(a)</sup> | 49089 |
| 471000 | 3.850 | 01/05/28<sup>(a)</sup> | 469554 |
| 164000 | 5.850 | 04/06/30<sup>(a)</sup> | 173191 |
| 355000 | 5.450 | 07/15/30<sup>(a)</sup> | 370927 |
| 231000 | 5.750 | 02/08/31<sup>(a)</sup> | 243953 |
| 18000 | 3.100 | 01/12/32<sup>(a)</sup> | 16637 |
| 70000 | 5.450 | 09/06/34<sup>(a)</sup> | 71871 |
| Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
| 163000 | 5.550 | 11/15/35<sup>(a)</sup> | 162112 |
| Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. |
| 30000 | 5.500 | 03/31/34<sup>(a)(b)</sup> | 30327 |
| Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |
| 247000 | 5.500 | 06/30/34<sup>(a)</sup> | 257474 |
| Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
| 75000 | 5.500 | 04/15/37<sup>(a)</sup> | 77464 |
| Marriott International, Inc., Series GG | Marriott International, Inc., Series GG | Marriott International, Inc., Series GG | Marriott International, Inc., Series GG |
| 64000 | 3.500 | 10/15/32<sup>(a)</sup> | 60372 |
| Marriott International, Inc., Series HH | Marriott International, Inc., Series HH | Marriott International, Inc., Series HH | Marriott International, Inc., Series HH |
| 288000 | 2.850 | 04/15/31<sup>(a)</sup> | 269560 |
| RHP Hotel Properties LP / RHP Finance Corp. | RHP Hotel Properties LP / RHP Finance Corp. | RHP Hotel Properties LP / RHP Finance Corp. | RHP Hotel Properties LP / RHP Finance Corp. |
| 20000 | 5.750 | 03/15/34<sup>(a)(b)(d)</sup> | 20132 |

---

&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 CORPORATE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Consumer Cyclical – (continued) | Consumer Cyclical – (continued) | Consumer Cyclical – (continued) | Consumer Cyclical – (continued) |
| Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. |
| 430000 | 6.250% | 03/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448406 |
| 74000 | 6.000 | 02/01/33<sup>(a)(b)</sup> | 76611 |
| 233000 | 5.375 | 01/15/36<sup>(a)</sup> | 237871 |
| 75000 | 5.250 | 02/27/38<sup>(a)</sup> | 75115 |
| Viking Cruises Ltd. | Viking Cruises Ltd. | Viking Cruises Ltd. | Viking Cruises Ltd. |
| 15000 | 5.875 | 10/15/33<sup>(a)(b)</sup> | 15303 |
|  |  |  | 4971574 |
| Consumer Noncyclical – 3.2% | Consumer Noncyclical – 3.2% | Consumer Noncyclical – 3.2% | Consumer Noncyclical – 3.2% |
| Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. |
| 51000 | 4.800 | 02/14/29<sup>(a)</sup> | 52114 |
| 60000 | 5.250 | 08/06/35<sup>(a)</sup> | 61471 |
| Amneal Pharmaceuticals LLC | Amneal Pharmaceuticals LLC | Amneal Pharmaceuticals LLC | Amneal Pharmaceuticals LLC |
| 23000 | 6.875 | 08/01/32<sup>(a)(b)</sup> | 24233 |
| Cardinal Health, Inc. | Cardinal Health, Inc. | Cardinal Health, Inc. | Cardinal Health, Inc. |
| 50000 | 5.000 | 11/15/29<sup>(a)</sup> | 51521 |
| 89000 | 4.500 | 09/15/30<sup>(a)</sup> | 90237 |
| 265000 | 5.350 | 11/15/34<sup>(a)</sup> | 275413 |
| Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. |
| 125000 | 4.600 | 09/15/32<sup>(a)</sup> | 126080 |
| Kroger Co. (The) | Kroger Co. (The) | Kroger Co. (The) | Kroger Co. (The) |
| 265000 | 5.000 | 09/15/34<sup>(a)</sup> | 269262 |
| Laboratory Corp. of America Holdings | Laboratory Corp. of America Holdings | Laboratory Corp. of America Holdings | Laboratory Corp. of America Holdings |
| 181000 | 4.550 | 04/01/32<sup>(a)</sup> | 182398 |
| Revvity, Inc. | Revvity, Inc. | Revvity, Inc. | Revvity, Inc. |
| 303000 | 3.300 | 09/15/29<sup>(a)</sup> | 293805 |
| Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC |
| 241000 | 5.400 | 09/02/34<sup>(a)</sup> | 249177 |
| Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. |
| 30000 | 4.902 | 02/12/36<sup>(a)</sup> | 30502 |
|  |  |  | 1706213 |
| Distribution & Logistics – 0.2% | Distribution & Logistics – 0.2% | Distribution & Logistics – 0.2% | Distribution & Logistics – 0.2% |
| WESCO Distribution, Inc. | WESCO Distribution, Inc. | WESCO Distribution, Inc. | WESCO Distribution, Inc. |
| 25000 | 5.250 | 04/15/31<sup>(a)(b)</sup> | 25080 |
| 27000 | 6.375 | 03/15/33<sup>(a)(b)</sup> | 28170 |
| 35000 | 5.500 | 04/15/34<sup>(a)(b)</sup> | 35266 |
|  |  |  | 88516 |
| Distributors – 1.4% | Distributors – 1.4% | Distributors – 1.4% | Distributors – 1.4% |
| Hyundai Capital America | Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
| 487000 | 5.600 | 03/30/28<sup>(a)(b)</sup> | 501379 |
| 195000 | 4.500 | 09/18/30<sup>(a)(b)</sup> | 196565 |
| 65000 | 4.550 | 01/08/31<sup>(a)(b)</sup> | 65588 |
|  |  |  | 763532 |
| Electric – 3.5% | Electric – 3.5% | Electric – 3.5% | Electric – 3.5% |
| Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. |
| 201000 | 2.850 | 05/15/51<sup>(a)</sup> | 126510 |
| DTE Electric Co. | DTE Electric Co. | DTE Electric Co. | DTE Electric Co. |
| 70000 | 4.250 | 05/14/27 | 70465 |
| DTE Energy Co. | DTE Energy Co. | DTE Energy Co. | DTE Energy Co. |
| 308000 | 4.875 | 06/01/28<sup>(a)</sup> | 313947 |
| Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. |
| 126000 | 4.800 | 12/15/45<sup>(a)</sup> | 112115 |
| NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
| 288000 | 1.900 | 06/15/28<sup>(a)</sup> | 275679 |
| Pacific Gas and Electric Co. | Pacific Gas and Electric Co. | Pacific Gas and Electric Co. | Pacific Gas and Electric Co. |
| 50000 | 2.950 | 03/01/26<sup>(a)</sup> | 50000 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Electric – (continued) | Electric – (continued) | Electric – (continued) | Electric – (continued) |
| Pacific Gas and Electric Co. – (continued) | Pacific Gas and Electric Co. – (continued) | Pacific Gas and Electric Co. – (continued) | Pacific Gas and Electric Co. – (continued) |
| 228000 | 2.100% | 08/01/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222143 |
| 154000 | 5.000 | 06/04/28<sup>(a)</sup> | 156830 |
| 98000 | 6.950 | 03/15/34<sup>(a)</sup> | 110249 |
| Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC |
| 235000 | 4.300 | 07/15/29<sup>(a)(b)</sup> | 235109 |
| 75000 | 4.700 | 01/31/31<sup>(a)(b)</sup> | 75424 |
| 120000 | 5.250 | 10/15/35<sup>(a)(b)</sup> | 120387 |
|  |  |  | 1868858 |
| Electrical – 0.1% | Electrical – 0.1% | Electrical – 0.1% | Electrical – 0.1% |
| Vertiv Holdings Co. | Vertiv Holdings Co. | Vertiv Holdings Co. | Vertiv Holdings Co. |
| 65000 | 4.850 | 03/15/36<sup>(a)(d)</sup> | 64747 |
| Energy – 4.5% | Energy – 4.5% | Energy – 4.5% | Energy – 4.5% |
| Chord Energy Corp. | Chord Energy Corp. | Chord Energy Corp. | Chord Energy Corp. |
| 56000 | 6.000 | 10/01/30<sup>(a)(b)</sup> | 57245 |
| DBR Land Holdings LLC | DBR Land Holdings LLC | DBR Land Holdings LLC | DBR Land Holdings LLC |
| 70000 | 6.250 | 12/01/30<sup>(a)(b)</sup> | 72115 |
| Energy Transfer LP | Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
| 50000 | 3.900 | 07/15/26<sup>(a)</sup> | 49950 |
| 141000 | 5.150 | 03/15/45<sup>(a)</sup> | 127761 |
| Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC |
| 20000 | 6.625 | 01/15/34<sup>(a)(b)</sup> | 20700 |
| Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP |
| 255000 | 6.550 | 09/15/40 | 283408 |
| Kodiak Gas Services LLC | Kodiak Gas Services LLC | Kodiak Gas Services LLC | Kodiak Gas Services LLC |
| 5000 | 6.500 | 10/01/33<sup>(a)(b)</sup> | 5157 |
| 20000 | 6.750 | 10/01/35<sup>(a)(b)</sup> | 20889 |
| MPLX LP | MPLX LP | MPLX LP | MPLX LP |
| 274000 | 5.500 | 02/15/49<sup>(a)</sup> | 256981 |
| Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
| 278000 | 5.375 | 01/01/32<sup>(a)</sup> | 289402 |
| 92000 | 5.550 | 10/01/34<sup>(a)</sup> | 95959 |
| ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
| 25000 | 5.550 | 11/01/26<sup>(a)</sup> | 25220 |
| 394000 | 4.550 | 07/15/28<sup>(a)</sup> | 398323 |
| Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC |
| 645000 | 5.000 | 03/15/27<sup>(a)</sup> | 648003 |
| Sunoco LP | Sunoco LP | Sunoco LP | Sunoco LP |
| 10000 | 5.875 | 03/15/34<sup>(a)(b)</sup> | 10066 |
| Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC |
| 20000 | 6.125 | 12/15/30<sup>(a)(b)</sup> | 20772 |
| 70000 | 6.500 | 06/15/34<sup>(a)(b)</sup> | 73636 |
|  |  |  | 2455587 |
| Financial Company – 3.0% | Financial Company – 3.0% | Financial Company – 3.0% | Financial Company – 3.0% |
| Air Lease Corp. | Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
| 582000 | 3.625 | 04/01/27<sup>(a)</sup> | 579546 |
| 81000 | 5.850 | 12/15/27<sup>(a)</sup> | 83426 |
| Air Lease Corp., GMTN | Air Lease Corp., GMTN | Air Lease Corp., GMTN | Air Lease Corp., GMTN |
| 75000 | 3.750 | 06/01/26<sup>(a)</sup> | 74896 |
| Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.960%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.960%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.960%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.960%) |
| 180000 | 5.737 | 05/15/29<sup>(a)(c)</sup> | 184856 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.260%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.260%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.260%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.260%) |
| 116000 | 6.992 | 06/13/29<sup>(a)(c)</sup> | 122167 |
| Apollo Debt Solutions BDC | Apollo Debt Solutions BDC | Apollo Debt Solutions BDC | Apollo Debt Solutions BDC |
| 132000 | 6.550 | 03/15/32<sup>(a)</sup> | 134914 |

---

&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 CORPORATE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Financial Company – (continued) | Financial Company – (continued) | Financial Company – (continued) |
| Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC |
| 310000 | 5.375% 07/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319843 |
| 60000 | 4.875 01/28/33<sup>(a)(b)</sup> | 59782 |
| Blackstone Private Credit Fund | Blackstone Private Credit Fund | Blackstone Private Credit Fund |
| 65000 | 5.050 09/10/30<sup>(a)</sup> | 62151 |
| Blackstone Secured Lending Fund | Blackstone Secured Lending Fund | Blackstone Secured Lending Fund |
| 23000 | 5.300 06/30/30<sup>(a)</sup> | 22621 |
|  |  | 1644202 |
| Food and Beverage – 3.2% | Food and Beverage – 3.2% | Food and Beverage – 3.2% |
| Campbell's Company (The) | Campbell's Company (The) | Campbell's Company (The) |
| 363000 | 4.750 03/23/35<sup>(a)</sup> | 352410 |
| Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
| 97000 | 3.150 08/01/29<sup>(a)</sup> | 94294 |
| 221000 | 4.800 05/01/30<sup>(a)</sup> | 226548 |
| Darling Ingredients, Inc. | Darling Ingredients, Inc. | Darling Ingredients, Inc. |
| 92000 | 6.000 06/15/30<sup>(a)(b)</sup> | 93226 |
| J M Smucker Co. (The) | J M Smucker Co. (The) | J M Smucker Co. (The) |
| 227000 | 6.200 11/15/33<sup>(a)</sup> | 248789 |
| Mars, Inc. | Mars, Inc. | Mars, Inc. |
| 310000 | 5.000 03/01/32<sup>(a)(b)</sup> | 320743 |
| 319000 | 5.700 05/01/55<sup>(a)(b)</sup> | 323460 |
| Performance Food Group, Inc. | Performance Food Group, Inc. | Performance Food Group, Inc. |
| 65000 | 5.625 03/01/34<sup>(a)(b)</sup> | 65232 |
|  |  | 1724702 |
| Healthcare – 6.4% | Healthcare – 6.4% | Healthcare – 6.4% |
| Cigna Group (The) | Cigna Group (The) | Cigna Group (The) |
| 141000 | 4.900 12/15/48<sup>(a)</sup> | 126681 |
| CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
| 508000 | 5.450 09/15/35<sup>(a)</sup> | 523767 |
| 313000 | 4.780 03/25/38<sup>(a)</sup> | 298697 |
| HCA, Inc. | HCA, Inc. | HCA, Inc. |
| 350000 | 5.250 06/15/26<sup>(a)</sup> | 350347 |
| 75000 | 5.625 09/01/28<sup>(a)</sup> | 77342 |
| 1092000 | 3.500 09/01/30<sup>(a)</sup> | 1057817 |
| 38000 | 5.500 03/01/32<sup>(a)</sup> | 39861 |
| Insulet Corp. | Insulet Corp. | Insulet Corp. |
| 38000 | 6.500 04/01/33<sup>(a)(b)</sup> | 39487 |
| Solventum Corp. | Solventum Corp. | Solventum Corp. |
| 112000 | 5.400 03/01/29<sup>(a)</sup> | 116178 |
| 534000 | 5.600 03/23/34<sup>(a)</sup> | 557900 |
| UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
| 187000 | 3.050 05/15/41<sup>(a)</sup> | 143642 |
| 140000 | 5.625 07/15/54<sup>(a)</sup> | 137877 |
|  |  | 3469596 |
| Insurance – 0.8% | Insurance – 0.8% | Insurance – 0.8% |
| American International Group, Inc. | American International Group, Inc. | American International Group, Inc. |
| 141000 | 4.850 05/07/30<sup>(a)</sup> | 144759 |
| Willis North America, Inc. | Willis North America, Inc. | Willis North America, Inc. |
| 277000 | 2.950 09/15/29<sup>(a)</sup> | 265005 |
|  |  | 409764 |
| Media Non Cable – 0.2% | Media Non Cable – 0.2% | Media Non Cable – 0.2% |
| Graham Holdings Co. | Graham Holdings Co. | Graham Holdings Co. |
| 85000 | 5.625 12/01/33<sup>(a)(b)</sup> | 85103 |
| Metals – 0.2% | Metals – 0.2% | Metals – 0.2% |
| Commercial Metals Co. | Commercial Metals Co. | Commercial Metals Co. |
| 100000 | 5.750 11/15/33<sup>(a)(b)</sup> | 101915 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Metals – (continued) | Metals – (continued) | Metals – (continued) |
| Commercial Metals Co. – (continued) | Commercial Metals Co. – (continued) | Commercial Metals Co. – (continued) |
| 15000 | 6.000% 12/15/35<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15355 |
|  |  | 117270 |
| Metals and Mining – 0.0% | Metals and Mining – 0.0% | Metals and Mining – 0.0% |
| Carpenter Technology Corp. | Carpenter Technology Corp. | Carpenter Technology Corp. |
| 10000 | 5.625 03/01/34<sup>(a)(b)</sup> | 10192 |
| REITs and Real Estate – 5.8% | REITs and Real Estate – 5.8% | REITs and Real Estate – 5.8% |
| CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. |
| 193000 | 5.500 04/01/29<sup>(a)</sup> | 200442 |
| Cousins Properties LP | Cousins Properties LP | Cousins Properties LP |
| 166000 | 5.250 07/15/30<sup>(a)</sup> | 171596 |
| 455000 | 5.875 10/01/34<sup>(a)</sup> | 476664 |
| Essential Properties LP | Essential Properties LP | Essential Properties LP |
| 96000 | 5.400 12/01/35<sup>(a)</sup> | 97679 |
| Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP |
| 394000 | 3.000 01/15/30<sup>(a)</sup> | 377457 |
| Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |
| 104000 | 4.950 01/15/33<sup>(a)</sup> | 105501 |
| Highwoods Realty LP | Highwoods Realty LP | Highwoods Realty LP |
| 192000 | 5.350 01/15/33<sup>(a)</sup> | 192767 |
| 115000 | 7.650 02/01/34<sup>(a)</sup> | 131031 |
| Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP |
| 178000 | 5.700 06/15/32<sup>(a)</sup> | 187488 |
| Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP |
| 375000 | 2.300 11/15/28<sup>(a)</sup> | 356756 |
| Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP |
| 206000 | 6.250 01/15/36<sup>(a)</sup> | 210096 |
| Kimco Realty OP LLC | Kimco Realty OP LLC | Kimco Realty OP LLC |
| 459000 | 3.800 04/01/27<sup>(a)</sup> | 459055 |
| Phillips Edison Grocery Center Operating Partnership I LP | Phillips Edison Grocery Center Operating Partnership I LP | Phillips Edison Grocery Center Operating Partnership I LP |
| 35000 | 4.750 03/15/33<sup>(a)</sup> | 35044 |
| Starwood Property Trust, Inc. | Starwood Property Trust, Inc. | Starwood Property Trust, Inc. |
| 73000 | 5.250 10/15/28<sup>(a)(b)</sup> | 73249 |
| 55000 | 5.750 01/15/31<sup>(a)(b)</sup> | 55632 |
|  |  | 3130457 |
| Software – 4.1% | Software – 4.1% | Software – 4.1% |
| Fair Isaac Corp. | Fair Isaac Corp. | Fair Isaac Corp. |
| 43000 | 6.000 05/15/33<sup>(a)(b)</sup> | 43461 |
| MSCI, Inc. | MSCI, Inc. | MSCI, Inc. |
| 93000 | 3.625 11/01/31<sup>(a)(b)</sup> | 87417 |
| 441000 | 3.250 08/15/33<sup>(a)(b)</sup> | 392761 |
| Oracle Corp. | Oracle Corp. | Oracle Corp. |
| 97000 | 5.250 02/03/32<sup>(a)</sup> | 97354 |
| 110000 | 5.350 05/04/33<sup>(a)</sup> | 110437 |
| 25000 | 4.700 09/27/34<sup>(a)</sup> | 23486 |
| 75000 | 5.500 08/03/35<sup>(a)</sup> | 74099 |
| 50000 | 5.200 09/26/35<sup>(a)</sup> | 48321 |
| 115000 | 5.700 02/04/36<sup>(a)</sup> | 115038 |
| 165000 | 6.550 02/04/46<sup>(a)</sup> | 160989 |
| 584000 | 4.000 11/15/47<sup>(a)</sup> | 402294 |
| 166000 | 6.900 11/09/52<sup>(a)</sup> | 163946 |
| 66000 | 5.375 09/27/54<sup>(a)</sup> | 53230 |
| Paychex, Inc. | Paychex, Inc. | Paychex, Inc. |
| 157000 | 5.100 04/15/30<sup>(a)</sup> | 160340 |
| 161000 | 5.350 04/15/32<sup>(a)</sup> | 165080 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **17** |

---

------

GOLDMAN SACHS CORPORATE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Software – (continued) | Software – (continued) | Software – (continued) | Software – (continued) |
| ROBLOX Corp. | ROBLOX Corp. | ROBLOX Corp. | ROBLOX Corp. |
| 100000 | 3.875% | 05/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95222 |
|  |  |  | 2193475 |
| Technology – 6.3% | Technology – 6.3% | Technology – 6.3% | Technology – 6.3% |
| AppLovin Corp. | AppLovin Corp. | AppLovin Corp. | AppLovin Corp. |
| 216000 | 5.125 | 12/01/29<sup>(a)</sup> | 220601 |
| 486000 | 5.375 | 12/01/31<sup>(a)</sup> | 500554 |
| 249000 | 5.500 | 12/01/34<sup>(a)</sup> | 253762 |
| Block, Inc. | Block, Inc. | Block, Inc. | Block, Inc. |
| 12000 | 6.500 | 05/15/32<sup>(a)</sup> | 12344 |
| 55000 | 6.000 | 08/15/33<sup>(a)(b)</sup> | 55865 |
| Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
| 362000 | 5.200 | 07/15/35<sup>(a)</sup> | 374139 |
| 200000 | 3.137 | 11/15/35<sup>(a)(b)</sup> | 174713 |
| 90000 | 4.950 | 01/15/36<sup>(a)</sup> | 91077 |
| 35000 | 4.900 | 02/15/38<sup>(a)</sup> | 34817 |
| Electronic Arts, Inc. | Electronic Arts, Inc. | Electronic Arts, Inc. | Electronic Arts, Inc. |
| 290000 | 2.950 | 02/15/51<sup>(a)</sup> | 250607 |
| Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. |
| 25000 | 5.250 | 08/11/35<sup>(a)</sup> | 25002 |
| Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. |
| 176000 | 2.000 | 08/12/31<sup>(a)</sup> | 155921 |
| 84000 | 5.700 | 02/10/53<sup>(a)</sup> | 79686 |
| Keysight Technologies, Inc. | Keysight Technologies, Inc. | Keysight Technologies, Inc. | Keysight Technologies, Inc. |
| 63000 | 5.350 | 07/30/30<sup>(a)</sup> | 66002 |
| Match Group Holdings II LLC | Match Group Holdings II LLC | Match Group Holdings II LLC | Match Group Holdings II LLC |
| 67000 | 6.125 | 09/15/33<sup>(a)(b)</sup> | 66856 |
| Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. |
| 75000 | 4.600 | 11/15/32<sup>(a)</sup> | 76253 |
| 50000 | 4.875 | 11/15/35<sup>(a)</sup> | 50462 |
| NetApp, Inc. | NetApp, Inc. | NetApp, Inc. | NetApp, Inc. |
| 36000 | 5.500 | 03/17/32<sup>(a)</sup> | 37521 |
| Seagate Data Storage Technology Pte Ltd. | Seagate Data Storage Technology Pte Ltd. | Seagate Data Storage Technology Pte Ltd. | Seagate Data Storage Technology Pte Ltd. |
| 28000 | 5.875 | 07/15/30<sup>(a)(b)</sup> | 28782 |
| Snap, Inc. | Snap, Inc. | Snap, Inc. | Snap, Inc. |
| 26000 | 6.875 | 03/15/34<sup>(a)(b)</sup> | 25951 |
| SV RNO Property Owner 1 LLC | SV RNO Property Owner 1 LLC | SV RNO Property Owner 1 LLC | SV RNO Property Owner 1 LLC |
| 50000 | 5.875 | 03/01/31<sup>(a)(b)</sup> | 50216 |
| Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. |
| 68000 | 5.000 | 04/01/32<sup>(a)</sup> | 70106 |
| 164000 | 5.150 | 04/01/35<sup>(a)</sup> | 167472 |
| Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. |
| 31000 | 4.150 | 01/15/31<sup>(a)</sup> | 30881 |
| 519000 | 4.800 | 09/15/34<sup>(a)</sup> | 520392 |
|  |  |  | 3419982 |
| Transportation – 1.8% | Transportation – 1.8% | Transportation – 1.8% | Transportation – 1.8% |
| American Airlines Group, Inc. Pass-Through Trust, Series 2025-1, A | American Airlines Group, Inc. Pass-Through Trust, Series 2025-1, A | American Airlines Group, Inc. Pass-Through Trust, Series 2025-1, A | American Airlines Group, Inc. Pass-Through Trust, Series 2025-1, A |
| 212000 | 4.900 | 05/11/38 | 212995 |
| American Airlines Group, Inc. Pass-Through Trust, Series 2025-1, B | American Airlines Group, Inc. Pass-Through Trust, Series 2025-1, B | American Airlines Group, Inc. Pass-Through Trust, Series 2025-1, B | American Airlines Group, Inc. Pass-Through Trust, Series 2025-1, B |
| 125000 | 5.650 | 11/11/34 | 127125 |
| Delta Air Lines, Inc. | Delta Air Lines, Inc. | Delta Air Lines, Inc. | Delta Air Lines, Inc. |
| 115000 | 4.950 | 07/10/28<sup>(a)</sup> | 116896 |
| 119000 | 5.250 | 07/10/30<sup>(a)</sup> | 122710 |
| Penske Truck Leasing Co. LP / PTL Finance Corp. | Penske Truck Leasing Co. LP / PTL Finance Corp. | Penske Truck Leasing Co. LP / PTL Finance Corp. | Penske Truck Leasing Co. LP / PTL Finance Corp. |
| 371000 | 5.250 | 07/01/29<sup>(a)(b)</sup> | 383000 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Transportation – (continued) | Transportation – (continued) | Transportation – (continued) | Transportation – (continued) |
| United Airlines Holdings, Inc. | United Airlines Holdings, Inc. | United Airlines Holdings, Inc. | United Airlines Holdings, Inc. |
| 37000 | 5.375% | 03/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37708 |
|  |  |  | 1000434 |
| Wireless – 2.2% | Wireless – 2.2% | Wireless – 2.2% | Wireless – 2.2% |
| AT&T, Inc. | AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
| 225000 | 4.750 | 05/15/46<sup>(a)</sup> | 197536 |
| Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
| 539000 | 4.000 | 03/01/27<sup>(a)</sup> | 538836 |
| 234000 | 3.650 | 09/01/27<sup>(a)</sup> | 232941 |
| T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
| 25000 | 3.500 | 04/15/31<sup>(a)</sup> | 24136 |
| 211000 | 5.050 | 07/15/33<sup>(a)</sup> | 217573 |
|  |  |  | 1211022 |
| **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $46,300,342)** | **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $46,300,342)** | **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $46,300,342)** | 46529776 |
| Foreign Corporate Debt – 8.1% | Foreign Corporate Debt – 8.1% | Foreign Corporate Debt – 8.1% | Foreign Corporate Debt – 8.1% |
| Banks – 1.5% | Banks – 1.5% | Banks – 1.5% | Banks – 1.5% |
| Barclays PLC (United Kingdom) | Barclays PLC (United Kingdom) | Barclays PLC (United Kingdom) | Barclays PLC (United Kingdom) |
| 500000 | 4.836 | 05/09/28<sup>(a)</sup> | 503769 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.590%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.590%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.590%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.590%) |
| 200000 | 5.785 | 02/25/36<sup>(a)(c)</sup> | 209452 |
| Sumitomo Mitsui Financial Group, Inc. (Japan) | Sumitomo Mitsui Financial Group, Inc. (Japan) | Sumitomo Mitsui Financial Group, Inc. (Japan) | Sumitomo Mitsui Financial Group, Inc. (Japan) |
| 125000 | 3.010 | 10/19/26 | 124336 |
|  |  |  | 837557 |
| Consumer Noncyclical – 1.9% | Consumer Noncyclical – 1.9% | Consumer Noncyclical – 1.9% | Consumer Noncyclical – 1.9% |
| BAT Capital Corp. (United Kingdom) | BAT Capital Corp. (United Kingdom) | BAT Capital Corp. (United Kingdom) | BAT Capital Corp. (United Kingdom) |
| 75000 | 3.215 | 09/06/26<sup>(a)</sup> | 74705 |
| 95000 | 4.700 | 04/02/27<sup>(a)</sup> | 95640 |
| 128000 | 5.834 | 02/20/31<sup>(a)</sup> | 136834 |
| 369000 | 4.625 | 03/22/33<sup>(a)</sup> | 370364 |
| 25000 | 5.625 | 08/15/35<sup>(a)</sup> | 26356 |
| BAT International Finance PLC (United Kingdom) | BAT International Finance PLC (United Kingdom) | BAT International Finance PLC (United Kingdom) | BAT International Finance PLC (United Kingdom) |
| 160000 | 5.931 | 02/02/29<sup>(a)</sup> | 168389 |
| Reynolds American, Inc. (United Kingdom) | Reynolds American, Inc. (United Kingdom) | Reynolds American, Inc. (United Kingdom) | Reynolds American, Inc. (United Kingdom) |
| 123000 | 5.700 | 08/15/35<sup>(a)</sup> | 129728 |
|  |  |  | 1002016 |
| Electric – 0.1% | Electric – 0.1% | Electric – 0.1% | Electric – 0.1% |
| Emera U.S. Finance LP (Canada) | Emera U.S. Finance LP (Canada) | Emera U.S. Finance LP (Canada) | Emera U.S. Finance LP (Canada) |
| 50000 | 3.550 | 06/15/26<sup>(a)</sup> | 49886 |
| Energy – 0.3% | Energy – 0.3% | Energy – 0.3% | Energy – 0.3% |
| Enbridge, Inc. (Canada) | Enbridge, Inc. (Canada) | Enbridge, Inc. (Canada) | Enbridge, Inc. (Canada) |
| 169000 | 5.700 | 03/08/33<sup>(a)</sup> | 179587 |
| Financial Company – 0.4% | Financial Company – 0.4% | Financial Company – 0.4% | Financial Company – 0.4% |
| Macquarie Airfinance Holdings Ltd. (United Kingdom) | Macquarie Airfinance Holdings Ltd. (United Kingdom) | Macquarie Airfinance Holdings Ltd. (United Kingdom) | Macquarie Airfinance Holdings Ltd. (United Kingdom) |
| 238000 | 5.200 | 03/27/28<sup>(a)(b)</sup> | 241979 |
| Food and Beverage – 1.1% | Food and Beverage – 1.1% | Food and Beverage – 1.1% | Food and Beverage – 1.1% |
| Bacardi Ltd. (Bermuda) | Bacardi Ltd. (Bermuda) | Bacardi Ltd. (Bermuda) | Bacardi Ltd. (Bermuda) |
| 442000 | 4.700 | 05/15/28<sup>(a)(b)</sup> | 445842 |
| JDE Peet's NV (Netherlands) | JDE Peet's NV (Netherlands) | JDE Peet's NV (Netherlands) | JDE Peet's NV (Netherlands) |
| 150000 | 2.250 | 09/24/31<sup>(a)(b)</sup> | 132697 |
|  |  |  | 578539 |
| Metals and Mining – 1.3% | Metals and Mining – 1.3% | Metals and Mining – 1.3% | Metals and Mining – 1.3% |
| Glencore Funding LLC (Australia) | Glencore Funding LLC (Australia) | Glencore Funding LLC (Australia) | Glencore Funding LLC (Australia) |
| 685000 | 4.000 | 03/27/27<sup>(a)(b)</sup> | 684945 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 18 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS CORPORATE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) |
| Mining – 0.3% | Mining – 0.3% | Mining – 0.3% | Mining – 0.3% |
| Vale Overseas Ltd. (Brazil) | Vale Overseas Ltd. (Brazil) | Vale Overseas Ltd. (Brazil) | Vale Overseas Ltd. (Brazil) |
| $130000 | 6.400% | 06/28/54<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136266 |
| Technology – 0.3% | Technology – 0.3% | Technology – 0.3% | Technology – 0.3% |
| NXP BV / NXP Funding LLC / NXP USA, Inc. (Netherlands) | NXP BV / NXP Funding LLC / NXP USA, Inc. (Netherlands) | NXP BV / NXP Funding LLC / NXP USA, Inc. (Netherlands) | NXP BV / NXP Funding LLC / NXP USA, Inc. (Netherlands) |
| 201000 | 2.650 | 02/15/32<sup>(a)</sup> | 181386 |
| Wireless – 0.1% | Wireless – 0.1% | Wireless – 0.1% | Wireless – 0.1% |
| Rogers Communications, Inc. (Canada) | Rogers Communications, Inc. (Canada) | Rogers Communications, Inc. (Canada) | Rogers Communications, Inc. (Canada) |
| 37000 | 3.800 | 03/15/32<sup>(a)</sup> | 35341 |
| Wirelines – 0.8% | Wirelines – 0.8% | Wirelines – 0.8% | Wirelines – 0.8% |
| British Telecommunications PLC (United Kingdom) | British Telecommunications PLC (United Kingdom) | British Telecommunications PLC (United Kingdom) | British Telecommunications PLC (United Kingdom) |
| 351000 | 9.625 | 12/15/30 | 429321 |
| TOTAL FOREIGN CORPORATE DEBT | TOTAL FOREIGN CORPORATE DEBT | TOTAL FOREIGN CORPORATE DEBT |  |
| **(Cost $4,335,460)** | **(Cost $4,335,460)** | **(Cost $4,335,460)** | 4356823 |
| Sovereign Debt Obligations – 2.9% | Sovereign Debt Obligations – 2.9% | Sovereign Debt Obligations – 2.9% | Sovereign Debt Obligations – 2.9% |
| Sovereign – 2.9% | Sovereign – 2.9% | Sovereign – 2.9% | Sovereign – 2.9% |
| Chile Government International Bond | Chile Government International Bond | Chile Government International Bond | Chile Government International Bond |
| 220000 | 3.100 | 05/07/41<sup>(a)</sup> | 173714 |
| Hungary Government International Bond | Hungary Government International Bond | Hungary Government International Bond | Hungary Government International Bond |
| 200000 | 6.000 | 09/26/35<sup>(b)</sup> | 210708 |
| Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
| 200000 | 5.625 | 09/22/35<sup>(a)</sup> | 200012 |
| 200000 | 6.050 | 01/11/40 | 201411 |
| Mexico Government International Bond, MTN | Mexico Government International Bond, MTN | Mexico Government International Bond, MTN | Mexico Government International Bond, MTN |
| 262000 | 4.750 | 03/08/44 | 218810 |
| Peruvian Government International Bond | Peruvian Government International Bond | Peruvian Government International Bond | Peruvian Government International Bond |
| 268000 | 5.500 | 03/30/36<sup>(a)</sup> | 277081 |
| Republic of Poland Government International Bond, Series 30Y | Republic of Poland Government International Bond, Series 30Y | Republic of Poland Government International Bond, Series 30Y | Republic of Poland Government International Bond, Series 30Y |
| 165000 | 5.500 | 03/18/54<sup>(a)</sup> | 161709 |
| Romanian Government International Bond | Romanian Government International Bond | Romanian Government International Bond | Romanian Government International Bond |
| 100000 | 3.000 | 02/14/31<sup>(b)</sup> | 92058 |
| 20000 | 6.625 | 05/16/36<sup>(b)</sup> | 21285 |
| 30000 | 5.750 | 07/04/36<sup>(b)(d)</sup> | 29929 |
| TOTAL SOVEREIGN DEBT OBLIGATIONS | TOTAL SOVEREIGN DEBT OBLIGATIONS | TOTAL SOVEREIGN DEBT OBLIGATIONS |  |
| **(Cost $1,569,617)** | **(Cost $1,569,617)** | **(Cost $1,569,617)** | 1586717 |
| U.S. Treasury Bonds – 0.2% | U.S. Treasury Bonds – 0.2% | U.S. Treasury Bonds – 0.2% | U.S. Treasury Bonds – 0.2% |
| U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| 10000 | 4.750 <sup>(e)</sup> | 02/15/45 | 10251 |
| 10000 | 5.000 <sup>(e)</sup> | 05/15/45 | 10572 |
| 60000 | 4.625 <sup>(e)</sup> | 02/15/46<sup>(d)</sup> | 60422 |
| 20000 | 4.750 <sup>(e)</sup> | 08/15/55 | 20369 |
| TOTAL U.S. TREASURY BONDS | TOTAL U.S. TREASURY BONDS | TOTAL U.S. TREASURY BONDS |  |
| (Cost $99,637) | (Cost $99,637) | (Cost $99,637) | 101614 |
| **Shares** | **Description** | **Dividend**<br> **Rate** | **Value** |
| Preferred Stock – 0.0% | Preferred Stock – 0.0% | Preferred Stock – 0.0% | Preferred Stock – 0.0% |
| Software – 0.0% | Software – 0.0% | Software – 0.0% | Software – 0.0% |
| 394 | Oracle Corp.,<br> Series D\* | 6.50% | 18120 |
| (Cost $19,700) | (Cost $19,700) | (Cost $19,700) | (Cost $19,700) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** | **Dividend**<br> **Rate** | **Value** |
| Investment Company – 0.0%<sup>(f)</sup> | Investment Company – 0.0%<sup>(f)</sup> | Investment Company – 0.0%<sup>(f)</sup> | Investment Company – 0.0%<sup>(f)</sup> |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
|  | 41 | 3.589% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 |
| (Cost $41) | (Cost $41) | (Cost $41) |  |
| TOTAL INVESTMENTS – 97.2% | TOTAL INVESTMENTS – 97.2% | TOTAL INVESTMENTS – 97.2% | TOTAL INVESTMENTS – 97.2% |
| (Cost $52,324,797) | (Cost $52,324,797) | (Cost $52,324,797) | $52593091 |
| **OTHER ASSETS IN EXCESS OF**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIABILITIES – 2.8%** | **OTHER ASSETS IN EXCESS OF**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIABILITIES – 2.8%** | **OTHER ASSETS IN EXCESS OF**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIABILITIES – 2.8%** | 1512718 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | NET ASSETS – 100.0% | $54105809 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Securities with "Call" features. Maturity dates disclosed are the final maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Exempt from registration under Rule 144A of the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(d) When-issued security.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Represents an affiliated issuer.

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| CMT | —Constant Maturity Treasury Index |
| GMTN | —Global Medium Term Note |
| LP | —Limited Partnership |
| MTN | —Medium Term Note |
| PLC | —Public Limited Company |
| REIT | —Real Estate Investment Trust |
| SOFR | —Secured Overnight Financing Rate |
| SOFRINDX | —Secured Overnight Financing Rate Index |
| TSFR | —Term Secured Overnight Financing Rate |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **19** |

---

------

GOLDMAN SACHS CORPORATE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ADDITIONAL INVESTMENT INFORMATION**

FUTURES CONTRACTS — At February 28, 2026, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contracts**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appreciation/<br> (Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  U.S. Treasury 2 Year Note | 4 | 06/30/26 | $836937 | $1049 |
|  U.S. Treasury 5 Year Note | 8 | 06/30/26 | 880938 | 3213 |
|  U.S. Treasury Long Bond | 20 | 06/18/26 | 2368750 | 20277 |
|  U.S. Treasury Ultra Bond | 48 | 06/18/26 | 5833500 | 58394 |
|  **Total** |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82933 |
|  **Short position contracts:** |  |  |  |  |
|  U.S. Treasury 10 Year Note | (41) | 06/18/26 | (4663750) | (22094) |
|  U.S. Treasury 10 Year Ultra Note | (3) | 06/18/26 | (350156) | (2492) |
|  **Total** |  |  |  | $(24586) |
|  **Total Futures Contracts** |  |  |  | $58347 |

---

SWAP CONTRACTS — At February 28, 2026, the Fund had the following swap contracts:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financing** | | | |  | | | |
|  | **Rate** | | | |  | | | |
|  | **Received** | **Credit Spread** | | |  | | | **Unrealized** |
|  | **(Paid) by the** | **at February 28,** | | | **Notional** | | **Upfront Premium** | **Appreciation/** |
| **Reference Obligation/Index** | **Fund** | **2026<sup>(a)</sup>** | **Counterparty** | **Termination Date** | **Amount (000's)** | **Value** | **(Received) Paid** | **(Depreciation)** |
|  CDXIG544<sup>(b)</sup> | 1.000% | (1.936)% | BARC | 06/20/2030 | 3320 | $87471 | $61325 | $26146 |
|  CDXIG545<sup>(b)</sup> | 1.000% | (1.942) | MS | 12/20/2030 | 18625 | 404508 | 382952 | 21556 |
|  TOTAL |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491979 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444277 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47702 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Credit spread on the referenced obligation, together with the period of expiration, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and term of the swap contract increase.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Payments made quarterly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 20 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ULTRA SHORT BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – 30.1% | Corporate Obligations – 30.1% | Corporate Obligations – 30.1% | Corporate Obligations – 30.1% |
| Aerospace & Defense – 0.1% | Aerospace & Defense – 0.1% | Aerospace & Defense – 0.1% | Aerospace & Defense – 0.1% |
| RTX Corp. | RTX Corp. | RTX Corp. | RTX Corp. |
| $921000 | 2.650% | 11/01/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913468 |
| Agriculture – 0.6% | Agriculture – 0.6% | Agriculture – 0.6% | Agriculture – 0.6% |
| Bunge Ltd. Finance Corp. | Bunge Ltd. Finance Corp. | Bunge Ltd. Finance Corp. | Bunge Ltd. Finance Corp. |
| 1000000 | 3.250 | 08/15/26 | 996201 |
| 5011000 | 4.900 | 04/21/27 | 5064282 |
| 1642000 | 3.750 | 09/25/27 | 1638251 |
|  |  |  | 7698734 |
| Banks – 10.2% | Banks – 10.2% | Banks – 10.2% | Banks – 10.2% |
| American Express Co. | American Express Co. | American Express Co. | American Express Co. |
| (SOFR + 0.750%) | (SOFR + 0.750%) | (SOFR + 0.750%) |  |
| 5917000 | 4.439 | 04/23/27<sup>(a)</sup> | 5920332 |
| Bank of America Corp. | Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
| (SOFR + 0.960%) | (SOFR + 0.960%) | (SOFR + 0.960%) |  |
| 9508000 | 1.734 | 07/22/27<sup>(a)</sup> | 9425616 |
| (SOFR + 1.580%) | (SOFR + 1.580%) | (SOFR + 1.580%) |  |
| 7482000 | 4.376 | 04/27/28<sup>(a)</sup> | 7514721 |
| Bank of America Corp., Series N | Bank of America Corp., Series N | Bank of America Corp., Series N | Bank of America Corp., Series N |
| (SOFR + 0.910%) | (SOFR + 0.910%) | (SOFR + 0.910%) |  |
| 1772000 | 1.658 | 03/11/27<sup>(a)</sup> | 1770526 |
| Bank of America NA | Bank of America NA | Bank of America NA | Bank of America NA |
| (SOFR + 1.020%) | (SOFR + 1.020%) | (SOFR + 1.020%) |  |
| 576000 | 4.707 | 08/18/26<sup>(a)</sup> | 577697 |
| Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |
| (SOFR + 2.440%) | (SOFR + 2.440%) | (SOFR + 2.440%) |  |
| 2030000 | 7.149 | 10/29/27<sup>(a)</sup> | 2070182 |
| (SOFR + 0.855%) | (SOFR + 0.855%) | (SOFR + 0.855%) |  |
| 6945000 | 1.878 | 11/02/27<sup>(a)</sup> | 6836291 |
| (SOFR + 2.080%) | (SOFR + 2.080%) | (SOFR + 2.080%) |  |
| 3000000 | 5.468 | 02/01/29<sup>(a)</sup> | 3075731 |
| Charles Schwab Corp. (The) | Charles Schwab Corp. (The) | Charles Schwab Corp. (The) | Charles Schwab Corp. (The) |
| 1031000 | 2.450 | 03/03/27 | 1017874 |
| Citibank NA | Citibank NA | Citibank NA | Citibank NA |
| (SOFR + 0.712%) | (SOFR + 0.712%) | (SOFR + 0.712%) |  |
| 2503000 | 4.399 | 11/19/27<sup>(a)</sup> | 2507311 |
| 5466000 | 4.876 | 11/19/27<sup>(a)</sup> | 5502537 |
| Citigroup Global Markets Holdings, Inc., MTN | Citigroup Global Markets Holdings, Inc., MTN | Citigroup Global Markets Holdings, Inc., MTN | Citigroup Global Markets Holdings, Inc., MTN |
| (SOFR + 0.500%) | (SOFR + 0.500%) | (SOFR + 0.500%) |  |
| 1731000 | 4.209 | 01/06/27<sup>(a)</sup> | 1732915 |
| Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
| (SOFR + 1.143%) | (SOFR + 1.143%) | (SOFR + 1.143%) |  |
| 4478000 | 4.836 | 05/07/28<sup>(a)</sup> | 4503018 |
| Fifth Third Bank NA | Fifth Third Bank NA | Fifth Third Bank NA | Fifth Third Bank NA |
| (SOFR + 0.810%) | (SOFR + 0.810%) | (SOFR + 0.810%) |  |
| 8877000 | 4.967 | 01/28/28<sup>(a)</sup> | 8951151 |
| HSBC USA, Inc. | HSBC USA, Inc. | HSBC USA, Inc. | HSBC USA, Inc. |
| (SOFR + 0.960%) | (SOFR + 0.960%) | (SOFR + 0.960%) |  |
| 3216000 | 4.679 | 03/04/27<sup>(a)</sup> | 3235095 |
| 1967000 | 4.650 | 06/03/28 | 1999291 |
| (SOFR + 0.970%) | (SOFR + 0.970%) | (SOFR + 0.970%) |  |
| 1488000 | 4.667 | 06/03/28<sup>(a)</sup> | 1497594 |
| JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
| (SOFR + 0.885%) | (SOFR + 0.885%) | (SOFR + 0.885%) |  |
| 2633000 | 1.578 | 04/22/27<sup>(a)</sup> | 2623857 |
| (SOFR + 0.765%) | (SOFR + 0.765%) | (SOFR + 0.765%) |  |
| 13505000 | 1.470 | 09/22/27<sup>(a)</sup> | 13309545 |
| (SOFR + 1.330%) | (SOFR + 1.330%) | (SOFR + 1.330%) |  |
| 5000000 | 6.070 | 10/22/27<sup>(a)</sup> | 5067853 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| (SOFR + 1.560%) | (SOFR + 1.560%) | (SOFR + 1.560%) | (SOFR + 1.560%) |
| $2497000 | 4.323% | 04/26/28<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2505683 |
| Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
| (SOFR + 0.879%) | (SOFR + 0.879%) | (SOFR + 0.879%) | (SOFR + 0.879%) |
| 2090000 | 1.593 | 05/04/27<sup>(a)</sup> | 2080874 |
| (SOFR + 1.000%) | (SOFR + 1.000%) | (SOFR + 1.000%) | (SOFR + 1.000%) |
| 1318000 | 2.475 | 01/21/28<sup>(a)</sup> | 1300507 |
| Morgan Stanley, GMTN | Morgan Stanley, GMTN | Morgan Stanley, GMTN | Morgan Stanley, GMTN |
| (SOFR + 0.858%) | (SOFR + 0.858%) | (SOFR + 0.858%) | (SOFR + 0.858%) |
| 5092000 | 1.512 | 07/20/27<sup>(a)</sup> | 5045290 |
| Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA |
| (SOFR + 0.685%) | (SOFR + 0.685%) | (SOFR + 0.685%) | (SOFR + 0.685%) |
| 1552000 | 4.371 | 10/15/27<sup>(a)</sup> | 1555844 |
| (SOFR + 0.900%) | (SOFR + 0.900%) | (SOFR + 0.900%) | (SOFR + 0.900%) |
| 2986000 | 4.584 | 01/12/29<sup>(a)</sup> | 2997873 |
| Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA |
| (SOFR + 0.780%) | (SOFR + 0.780%) | (SOFR + 0.780%) | (SOFR + 0.780%) |
| 11943000 | 4.475 | 11/17/28<sup>(a)</sup> | 11963351 |
| PNC Financial Services Group, Inc. (The) | PNC Financial Services Group, Inc. (The) | PNC Financial Services Group, Inc. (The) | PNC Financial Services Group, Inc. (The) |
| (SOFRINDX + 1.730%) | (SOFRINDX + 1.730%) | (SOFRINDX + 1.730%) | (SOFRINDX + 1.730%) |
| 6544000 | 6.615 | 10/20/27<sup>(a)</sup> | 6652390 |
| State Street Corp. | State Street Corp. | State Street Corp. | State Street Corp. |
| (SOFR + 0.640%) | (SOFR + 0.640%) | (SOFR + 0.640%) | (SOFR + 0.640%) |
| 1299000 | 4.328 | 10/22/27<sup>(a)</sup> | 1303669 |
| Truist Bank | Truist Bank | Truist Bank | Truist Bank |
| (SOFR + 0.590%) | (SOFR + 0.590%) | (SOFR + 0.590%) | (SOFR + 0.590%) |
| 869000 | 4.671 | 05/20/27<sup>(a)</sup> | 870326 |
| (SOFR + 0.770%) | (SOFR + 0.770%) | (SOFR + 0.770%) | (SOFR + 0.770%) |
| 11656000 | 4.459 | 07/24/28<sup>(a)</sup> | 11677598 |
| Wells Fargo & Co., MTN | Wells Fargo & Co., MTN | Wells Fargo & Co., MTN | Wells Fargo & Co., MTN |
| (3M U.S. T-Bill MMY + 1.432%) | (3M U.S. T-Bill MMY + 1.432%) | (3M U.S. T-Bill MMY + 1.432%) | (3M U.S. T-Bill MMY + 1.432%) |
| 4000000 | 3.196 | 06/17/27<sup>(a)</sup> | 3989952 |
|  |  |  | 141082494 |
| Basic Industry – 0.7% | Basic Industry – 0.7% | Basic Industry – 0.7% | Basic Industry – 0.7% |
| EIDP, Inc. | EIDP, Inc. | EIDP, Inc. | EIDP, Inc. |
| 6760000 | 4.500 | 05/15/26 | 6763697 |
| Mosaic Co. (The) | Mosaic Co. (The) | Mosaic Co. (The) | Mosaic Co. (The) |
| 3200000 | 4.050 | 11/15/27 | 3203106 |
|  |  |  | 9966803 |
| Brokerage – 1.2% | Brokerage – 1.2% | Brokerage – 1.2% | Brokerage – 1.2% |
| Jefferies Financial Group, Inc. | Jefferies Financial Group, Inc. | Jefferies Financial Group, Inc. | Jefferies Financial Group, Inc. |
| 6427000 | 4.850 | 01/15/27 | 6468571 |
| Jefferies Financial Group, Inc., MTN | Jefferies Financial Group, Inc., MTN | Jefferies Financial Group, Inc., MTN | Jefferies Financial Group, Inc., MTN |
| 10500000 | 4.300 | 02/11/27 | 10485822 |
|  |  |  | 16954393 |
| Building Materials – 0.4% | Building Materials – 0.4% | Building Materials – 0.4% | Building Materials – 0.4% |
| Amrize Finance U.S. LLC | Amrize Finance U.S. LLC | Amrize Finance U.S. LLC | Amrize Finance U.S. LLC |
| 1000000 | 4.600 | 04/07/27 | 1007186 |
| 2791000 | 4.700 | 04/07/28 | 2833743 |
| Holcim U.S. Finance Luxembourg SA | Holcim U.S. Finance Luxembourg SA | Holcim U.S. Finance Luxembourg SA | Holcim U.S. Finance Luxembourg SA |
| 1185000 | 3.500 | 09/22/26<sup>(b)</sup> | 1178111 |
|  |  |  | 5019040 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **21** |

---

------

GOLDMAN SACHS ULTRA SHORT BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Capital Goods – 1.2% | Capital Goods – 1.2% | Capital Goods – 1.2% | Capital Goods – 1.2% |
| General Electric Co., MTN | General Electric Co., MTN | General Electric Co., MTN | General Electric Co., MTN |
| (3M U.S. T-Bill MMY + 0.642%) | (3M U.S. T-Bill MMY + 0.642%) | (3M U.S. T-Bill MMY + 0.642%) | (3M U.S. T-Bill MMY + 0.642%) |
| $1469000 | 4.305% | 05/05/26<sup>(a)</sup> | $1469175 |
| Roper Technologies, Inc. | Roper Technologies, Inc. | Roper Technologies, Inc. | Roper Technologies, Inc. |
| 1935000 | 3.800 | 12/15/26 | 1932678 |
| Security Capital Group, Inc. | Security Capital Group, Inc. | Security Capital Group, Inc. | Security Capital Group, Inc. |
| 5000000 | 7.500 | 12/01/27 | 5279117 |
| Veralto Corp. | Veralto Corp. | Veralto Corp. | Veralto Corp. |
| 8287000 | 5.500 | 09/18/26 | 8343761 |
|  |  |  | 17024731 |
| Communications – 0.1% | Communications – 0.1% | Communications – 0.1% | Communications – 0.1% |
| Cox Communications, Inc. | Cox Communications, Inc. | Cox Communications, Inc. | Cox Communications, Inc. |
| 2016000 | 3.500 | 08/15/27<sup>(b)</sup> | 1998750 |
| Consumer Cyclical – 3.5% | Consumer Cyclical – 3.5% | Consumer Cyclical – 3.5% | Consumer Cyclical – 3.5% |
| American Honda Finance Corp. | American Honda Finance Corp. | American Honda Finance Corp. | American Honda Finance Corp. |
| 5000000 | 4.550 | 07/09/27 | 5047608 |
| (SOFR + 0.900%) | (SOFR + 0.900%) | (SOFR + 0.900%) | (SOFR + 0.900%) |
| 9738000 | 4.587 | 09/01/28<sup>(a)</sup> | 9781896 |
| General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
| 3307000 | 5.250 | 03/01/26 | 3307000 |
| 4500000 | 5.400 | 04/06/26 | 4504895 |
| 1058000 | 5.400 | 05/08/27 | 1074601 |
| 1948000 | 5.000 | 07/15/27 | 1973206 |
| (SOFR + 1.040%) | (SOFR + 1.040%) | (SOFR + 1.040%) | (SOFR + 1.040%) |
| 6940000 | 4.726 | 02/26/27<sup>(a)</sup> | 6951635 |
| (SOFRINDX + 1.050%) | (SOFRINDX + 1.050%) | (SOFRINDX + 1.050%) | (SOFRINDX + 1.050%) |
| 1512000 | 4.736 | 07/15/27<sup>(a)</sup> | 1515313 |
| (SOFRINDX + 1.170%) | (SOFRINDX + 1.170%) | (SOFRINDX + 1.170%) | (SOFRINDX + 1.170%) |
| 8171000 | 4.860 | 04/04/28<sup>(a)</sup> | 8210890 |
| Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
| 3640000 | 4.200 | 07/15/27 | 3656210 |
| Toyota Motor Credit Corp. | Toyota Motor Credit Corp. | Toyota Motor Credit Corp. | Toyota Motor Credit Corp. |
| (SOFR + 0.720%) | (SOFR + 0.720%) | (SOFR + 0.720%) | (SOFR + 0.720%) |
| 2543000 | 4.435 | 09/05/28<sup>(a)</sup> | 2560354 |
|  |  |  | 48583608 |
| Consumer Noncyclical – 0.6% | Consumer Noncyclical – 0.6% | Consumer Noncyclical – 0.6% | Consumer Noncyclical – 0.6% |
| AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
| (SOFRINDX + 0.480%) | (SOFRINDX + 0.480%) | (SOFRINDX + 0.480%) | (SOFRINDX + 0.480%) |
| 5549000 | 4.177 | 03/03/28<sup>(a)(c)</sup> | 5559872 |
| Highmark, Inc. | Highmark, Inc. | Highmark, Inc. | Highmark, Inc. |
| 2367000 | 1.450 | 05/10/26<sup>(b)</sup> | 2352279 |
|  |  |  | 7912151 |
| Distributors – 2.0% | Distributors – 2.0% | Distributors – 2.0% | Distributors – 2.0% |
| Hyundai Capital America | Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
| 215000 | 5.500 | 03/30/26<sup>(b)</sup> | 215229 |
| 1370000 | 5.450 | 06/24/26<sup>(b)</sup> | 1375143 |
| 1762000 | 3.500 | 11/02/26<sup>(b)</sup> | 1754006 |
| 3690000 | 4.850 | 03/25/27<sup>(b)</sup> | 3723476 |
| 3284000 | 4.875 | 06/23/27<sup>(b)</sup> | 3321449 |
| (SOFR + 1.500%) | (SOFR + 1.500%) | (SOFR + 1.500%) | (SOFR + 1.500%) |
| 3162000 | 5.183 | 01/08/27<sup>(a)(b)</sup> | 3186737 |
| (SOFR + 0.920%) | (SOFR + 0.920%) | (SOFR + 0.920%) | (SOFR + 0.920%) |
| 3915000 | 4.599 | 01/07/28<sup>(a)(b)</sup> | 3923777 |
| (SOFR + 1.070%) | (SOFR + 1.070%) | (SOFR + 1.070%) | (SOFR + 1.070%) |
| 6159000 | 4.761 | 09/18/28<sup>(a)(b)</sup> | 6198823 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Distributors – (continued) | Distributors – (continued) | Distributors – (continued) | Distributors – (continued) |
| (SOFR + 0.890%) | (SOFR + 0.890%) | (SOFR + 0.890%) | (SOFR + 0.890%) |
| $4130000 | 4.569% | 01/08/29<sup>(a)(b)</sup> | $4137324 |
|  |  |  | 27835964 |
| Electric – 2.0% | Electric – 2.0% | Electric – 2.0% | Electric – 2.0% |
| Dominion Energy, Inc., Series A | Dominion Energy, Inc., Series A | Dominion Energy, Inc., Series A | Dominion Energy, Inc., Series A |
| 2285000 | 1.450 | 04/15/26 | 2277910 |
| DTE Energy Co. | DTE Energy Co. | DTE Energy Co. | DTE Energy Co. |
| 2268000 | 4.950 | 07/01/27 | 2294736 |
| Entergy New Orleans LLC | Entergy New Orleans LLC | Entergy New Orleans LLC | Entergy New Orleans LLC |
| 2257000 | 4.000 | 06/01/26 | 2246671 |
| Eversource Energy | Eversource Energy | Eversource Energy | Eversource Energy |
| 1030000 | 4.750 | 05/15/26 | 1031392 |
| 3916000 | 4.600 | 07/01/27 | 3943918 |
| Eversource Energy, Series U | Eversource Energy, Series U | Eversource Energy, Series U | Eversource Energy, Series U |
| 4250000 | 1.400 | 08/15/26 | 4198756 |
| NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
| 9616000 | 4.685 | 09/01/27 | 9725752 |
| Southwestern Electric Power Co., Series K | Southwestern Electric Power Co., Series K | Southwestern Electric Power Co., Series K | Southwestern Electric Power Co., Series K |
| 2560000 | 2.750 | 10/01/26 | 2540558 |
|  |  |  | 28259693 |
| Energy – 0.5% | Energy – 0.5% | Energy – 0.5% | Energy – 0.5% |
| MPLX LP | MPLX LP | MPLX LP | MPLX LP |
| 3138000 | 4.125 | 03/01/27 | 3141274 |
| ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
| 3802000 | 5.550 | 11/01/26 | 3835510 |
|  |  |  | 6976784 |
| Financial Company – 0.4% | Financial Company – 0.4% | Financial Company – 0.4% | Financial Company – 0.4% |
| Air Lease Corp. | Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
| 1266000 | 1.875 | 08/15/26 | 1252917 |
| Neuberger Berman Group LLC / Neuberger Berman Finance Corp. | Neuberger Berman Group LLC / Neuberger Berman Finance Corp. | Neuberger Berman Group LLC / Neuberger Berman Finance Corp. | Neuberger Berman Group LLC / Neuberger Berman Finance Corp. |
| 4451000 | 4.500 | 03/15/27<sup>(b)</sup> | 4447570 |
|  |  |  | 5700487 |
| Food and Beverage – 0.1% | Food and Beverage – 0.1% | Food and Beverage – 0.1% | Food and Beverage – 0.1% |
| Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
| 1900000 | 3.500 | 05/09/27 | 1890491 |
| Healthcare – 0.3% | Healthcare – 0.3% | Healthcare – 0.3% | Healthcare – 0.3% |
| Bio-Rad Laboratories, Inc. | Bio-Rad Laboratories, Inc. | Bio-Rad Laboratories, Inc. | Bio-Rad Laboratories, Inc. |
| 1853000 | 3.300 | 03/15/27 | 1838416 |
| UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
| 1716000 | 4.600 | 04/15/27 | 1729476 |
|  |  |  | 3567892 |
| Insurance – 5.3% | Insurance – 5.3% | Insurance – 5.3% | Insurance – 5.3% |
| Corebridge Global Funding | Corebridge Global Funding | Corebridge Global Funding | Corebridge Global Funding |
| 1061000 | 5.350 | 06/24/26<sup>(b)</sup> | 1064547 |
| (SOFR + 1.300%) | (SOFR + 1.300%) | (SOFR + 1.300%) | (SOFR + 1.300%) |
| 1860000 | 4.993 | 09/25/26<sup>(a)(b)</sup> | 1869080 |
| (SOFR + 0.860%) | (SOFR + 0.860%) | (SOFR + 0.860%) | (SOFR + 0.860%) |
| 3500000 | 4.551 | 12/15/28<sup>(a)(b)</sup> | 3497763 |
| Equitable America Global Funding | Equitable America Global Funding | Equitable America Global Funding | Equitable America Global Funding |
| (SOFR + 0.710%) | (SOFR + 0.710%) | (SOFR + 0.710%) | (SOFR + 0.710%) |
| 1313000 | 4.403 | 09/15/27<sup>(a)(b)</sup> | 1314080 |
| 2000000 | 4.650 | 06/09/28<sup>(b)</sup> | 2022333 |
| 5000000 | 4.300 | 12/15/28<sup>(b)</sup> | 5023654 |
| Equitable Financial Life Global Funding | Equitable Financial Life Global Funding | Equitable Financial Life Global Funding | Equitable Financial Life Global Funding |
| 3980000 | 4.600 | 04/01/27<sup>(b)</sup> | 4003490 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 22 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ULTRA SHORT BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Insurance – (continued) | Insurance – (continued) | Insurance – (continued) | Insurance – (continued) |
| Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding |
| 3909000 | 3.050% | 04/29/26<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3901635 |
| 2470000 | 4.900 | 01/13/27<sup>(b)</sup> | 2489369 |
| 6540000 | 5.550 | 07/02/27<sup>(b)</sup> | 6653123 |
| (SOFR + 0.970%) | (SOFR + 0.970%) | (SOFR + 0.970%) | (SOFR + 0.970%) |
| 1988000 | 4.655 | 01/14/28<sup>(a)(b)</sup> | 1993907 |
| (SOFR + 0.950%) | (SOFR + 0.950%) | (SOFR + 0.950%) | (SOFR + 0.950%) |
| 10658000 | 4.645 | 09/12/28<sup>(a)(b)</sup> | 10676439 |
| MassMutual Global Funding II | MassMutual Global Funding II | MassMutual Global Funding II | MassMutual Global Funding II |
| (SOFR + 0.660%) | (SOFR + 0.660%) | (SOFR + 0.660%) | (SOFR + 0.660%) |
| 7828000 | 4.348 | 01/22/29<sup>(a)(b)</sup> | 7834425 |
| Metropolitan Life Global Funding I | Metropolitan Life Global Funding I | Metropolitan Life Global Funding I | Metropolitan Life Global Funding I |
| (SOFR + 0.700%) | (SOFR + 0.700%) | (SOFR + 0.700%) | (SOFR + 0.700%) |
| 9018000 | 4.395 | 08/25/28<sup>(a)(b)</sup> | 9039470 |
| New York Life Global Funding | New York Life Global Funding | New York Life Global Funding | New York Life Global Funding |
| 2250000 | 4.150 | 07/25/28<sup>(b)</sup> | 2263882 |
| Protective Life Global Funding | Protective Life Global Funding | Protective Life Global Funding | Protective Life Global Funding |
| (SOFR + 0.850%) | (SOFR + 0.850%) | (SOFR + 0.850%) | (SOFR + 0.850%) |
| 10000000 | 4.548 | 09/11/28<sup>(a)(b)</sup> | 10017461 |
|  |  |  | 73664658 |
| REITs and Real Estate – 0.2% | REITs and Real Estate – 0.2% | REITs and Real Estate – 0.2% | REITs and Real Estate – 0.2% |
| Digital Realty Trust LP | Digital Realty Trust LP | Digital Realty Trust LP | Digital Realty Trust LP |
| 3421000 | 3.700 | 08/15/27 | 3408376 |
| Software – 0.3% | Software – 0.3% | Software – 0.3% | Software – 0.3% |
| Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
| 1171000 | 2.650 | 07/15/26 | 1164050 |
| 1076000 | 2.800 | 04/01/27 | 1059672 |
| Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. |
| 1729000 | 5.000 | 03/28/26 | 1729030 |
|  |  |  | 3952752 |
| Technology – 0.3% | Technology – 0.3% | Technology – 0.3% | Technology – 0.3% |
| Dell International LLC / EMC Corp. | Dell International LLC / EMC Corp. | Dell International LLC / EMC Corp. | Dell International LLC / EMC Corp. |
| 2214000 | 4.900 | 10/01/26 | 2221058 |
| Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. |
| 1365000 | 3.750 | 03/25/27 | 1362356 |
|  |  |  | 3583414 |
| Transportation – 0.1% | Transportation – 0.1% | Transportation – 0.1% | Transportation – 0.1% |
| ERAC USA Finance LLC | ERAC USA Finance LLC | ERAC USA Finance LLC | ERAC USA Finance LLC |
| 1000000 | 3.300 | 12/01/26<sup>(b)</sup> | 995631 |
| Wireless – 0.0% | Wireless – 0.0% | Wireless – 0.0% | Wireless – 0.0% |
| Pacific Bell Telephone Co. | Pacific Bell Telephone Co. | Pacific Bell Telephone Co. | Pacific Bell Telephone Co. |
| 599000 | 7.125 | 03/15/26 | 599332 |
| TOTAL CORPORATE OBLIGATIONS<br>(Cost $416,535,160) | TOTAL CORPORATE OBLIGATIONS<br>(Cost $416,535,160) | TOTAL CORPORATE OBLIGATIONS<br>(Cost $416,535,160) | 417589646 |
| Foreign Corporate Debt – 26.4% | Foreign Corporate Debt – 26.4% | Foreign Corporate Debt – 26.4% | Foreign Corporate Debt – 26.4% |
| Banks – 19.5% | Banks – 19.5% | Banks – 19.5% | Banks – 19.5% |
| ABN AMRO Bank NV (Netherlands) | ABN AMRO Bank NV (Netherlands) | ABN AMRO Bank NV (Netherlands) | ABN AMRO Bank NV (Netherlands) |
| (US 1 Year CMT T-Note + 0.800%) | (US 1 Year CMT T-Note + 0.800%) | (US 1 Year CMT T-Note + 0.800%) | (US 1 Year CMT T-Note + 0.800%) |
| 3100000 | 1.542 | 06/16/27<sup>(a)(b)</sup> | 3076553 |
| (US 1 Year CMT T-Note + 1.650%) | (US 1 Year CMT T-Note + 1.650%) | (US 1 Year CMT T-Note + 1.650%) | (US 1 Year CMT T-Note + 1.650%) |
| 3800000 | 6.339 | 09/18/27<sup>(a)(b)</sup> | 3847300 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| Banco Bilbao Vizcaya Argentaria SA (Spain) | Banco Bilbao Vizcaya Argentaria SA (Spain) | Banco Bilbao Vizcaya Argentaria SA (Spain) | Banco Bilbao Vizcaya Argentaria SA (Spain) |
| (SOFR + 0.880%) | (SOFR + 0.880%) | (SOFR + 0.880%) | (SOFR + 0.880%) |
| $8800000 | 4.577% | 03/03/29<sup>(a)(c)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8801002 |
| Banco Santander SA (Spain) | Banco Santander SA (Spain) | Banco Santander SA (Spain) | Banco Santander SA (Spain) |
| 10200000 | 4.250 | 04/11/27 | 10218241 |
| 4000000 | 5.294 | 08/18/27 | 4071236 |
| (US 1 Year CMT T-Note + 0.900%) | (US 1 Year CMT T-Note + 0.900%) | (US 1 Year CMT T-Note + 0.900%) | (US 1 Year CMT T-Note + 0.900%) |
| 4800000 | 1.722 | 09/14/27<sup>(a)</sup> | 4741272 |
| (SOFR + 1.120%) | (SOFR + 1.120%) | (SOFR + 1.120%) | (SOFR + 1.120%) |
| 4400000 | 4.804 | 07/15/28<sup>(a)</sup> | 4426530 |
| Bank of Montreal (Canada) | Bank of Montreal (Canada) | Bank of Montreal (Canada) | Bank of Montreal (Canada) |
| (SOFRINDX + 0.750%) | (SOFRINDX + 0.750%) | (SOFRINDX + 0.750%) | (SOFRINDX + 0.750%) |
| 2250000 | 4.062 | 09/22/28<sup>(a)</sup> | 2255212 |
| 8790000 | 4.443 | 09/22/28<sup>(a)</sup> | 8798753 |
| Bank of Nova Scotia (The) (Canada) | Bank of Nova Scotia (The) (Canada) | Bank of Nova Scotia (The) (Canada) | Bank of Nova Scotia (The) (Canada) |
| (SOFR + 0.760%) | (SOFR + 0.760%) | (SOFR + 0.760%) | (SOFR + 0.760%) |
| 2250000 | 4.043 | 09/15/28<sup>(a)</sup> | 2252452 |
| Bank of Nova Scotia (The), MTN (Canada) | Bank of Nova Scotia (The), MTN (Canada) | Bank of Nova Scotia (The), MTN (Canada) | Bank of Nova Scotia (The), MTN (Canada) |
| (SOFRINDX + 0.800%) | (SOFRINDX + 0.800%) | (SOFRINDX + 0.800%) | (SOFRINDX + 0.800%) |
| 2074000 | 4.487 | 08/15/27<sup>(a)</sup> | 2077286 |
| Banque Federative du Credit Mutuel SA (France) | Banque Federative du Credit Mutuel SA (France) | Banque Federative du Credit Mutuel SA (France) | Banque Federative du Credit Mutuel SA (France) |
| (SOFR + 1.130%) | (SOFR + 1.130%) | (SOFR + 1.130%) | (SOFR + 1.130%) |
| 2896000 | 4.819 | 01/23/27<sup>(a)(b)</sup> | 2914881 |
| 785000 | 4.753 | 07/13/27<sup>(b)</sup> | 793469 |
| (SOFRINDX + 1.070%) | (SOFRINDX + 1.070%) | (SOFRINDX + 1.070%) | (SOFRINDX + 1.070%) |
| 2619000 | 4.765 | 02/16/28<sup>(a)(b)</sup> | 2638141 |
| Barclays PLC (United Kingdom) | Barclays PLC (United Kingdom) | Barclays PLC (United Kingdom) | Barclays PLC (United Kingdom) |
| (SOFR + 1.880%) | (SOFR + 1.880%) | (SOFR + 1.880%) | (SOFR + 1.880%) |
| 3763000 | 6.496 | 09/13/27<sup>(a)</sup> | 3810713 |
| BNP Paribas SA (France) | BNP Paribas SA (France) | BNP Paribas SA (France) | BNP Paribas SA (France) |
| 3410000 | 3.500 | 11/16/27<sup>(b)</sup> | 3386067 |
| Canadian Imperial Bank of Commerce (Canada) | Canadian Imperial Bank of Commerce (Canada) | Canadian Imperial Bank of Commerce (Canada) | Canadian Imperial Bank of Commerce (Canada) |
| 3078000 | 3.450 | 04/07/27 | 3068076 |
| 3159000 | 5.237 | 06/28/27 | 3216704 |
| (SOFR + 0.940%) | (SOFR + 0.940%) | (SOFR + 0.940%) | (SOFR + 0.940%) |
| 2877000 | 4.634 | 06/28/27<sup>(a)</sup> | 2897628 |
| (SOFRINDX + 0.600%) | (SOFRINDX + 0.600%) | (SOFRINDX + 0.600%) | (SOFRINDX + 0.600%) |
| 2246000 | 4.243 | 09/08/28<sup>(a)</sup> | 2256674 |
| (SOFR + 0.800%) | (SOFR + 0.800%) | (SOFR + 0.800%) | (SOFR + 0.800%) |
| 3519000 | 4.512 | 09/08/28<sup>(a)</sup> | 3527274 |
| Cooperatieve Rabobank UA (Netherlands) | Cooperatieve Rabobank UA (Netherlands) | Cooperatieve Rabobank UA (Netherlands) | Cooperatieve Rabobank UA (Netherlands) |
| (US 1 Year CMT T-Note + 0.730%) | (US 1 Year CMT T-Note + 0.730%) | (US 1 Year CMT T-Note + 0.730%) | (US 1 Year CMT T-Note + 0.730%) |
| 3154000 | 1.980 | 12/15/27<sup>(a)(b)</sup> | 3106202 |
| Credit Agricole SA (France) | Credit Agricole SA (France) | Credit Agricole SA (France) | Credit Agricole SA (France) |
| (SOFR + 0.870%) | (SOFR + 0.870%) | (SOFR + 0.870%) | (SOFR + 0.870%) |
| 2500000 | 4.568 | 03/11/27<sup>(a)(b)</sup> | 2511440 |
| Deutsche Bank AG (Germany) | Deutsche Bank AG (Germany) | Deutsche Bank AG (Germany) | Deutsche Bank AG (Germany) |
| (SOFR + 1.219%) | (SOFR + 1.219%) | (SOFR + 1.219%) | (SOFR + 1.219%) |
| 4591000 | 4.906 | 11/16/27<sup>(a)</sup> | 4604601 |
| (SOFR + 1.318%) | (SOFR + 1.318%) | (SOFR + 1.318%) | (SOFR + 1.318%) |
| 3416000 | 2.552 | 01/07/28<sup>(a)</sup> | 3372399 |
| HSBC Holdings PLC (United Kingdom) | HSBC Holdings PLC (United Kingdom) | HSBC Holdings PLC (United Kingdom) | HSBC Holdings PLC (United Kingdom) |
| (SOFR + 1.570%) | (SOFR + 1.570%) | (SOFR + 1.570%) | (SOFR + 1.570%) |
| 4372000 | 5.887 | 08/14/27<sup>(a)</sup> | 4408915 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **23** |

---

------

GOLDMAN SACHS ULTRA SHORT BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| (3M U.S. T-Bill MMY + 1.808%) | (3M U.S. T-Bill MMY + 1.808%) | (3M U.S. T-Bill MMY + 1.808%) | (3M U.S. T-Bill MMY + 1.808%) |
| $1000000 | 4.041% | 03/13/28<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000321 |
| ING Groep NV (Netherlands) | ING Groep NV (Netherlands) | ING Groep NV (Netherlands) | ING Groep NV (Netherlands) |
| (SOFR + 1.560%) | (SOFR + 1.560%) | (SOFR + 1.560%) | (SOFR + 1.560%) |
| 4644000 | 6.083 | 09/11/27<sup>(a)</sup> | 4693991 |
| Intesa Sanpaolo SpA (Italy) | Intesa Sanpaolo SpA (Italy) | Intesa Sanpaolo SpA (Italy) | Intesa Sanpaolo SpA (Italy) |
| 4515000 | 3.875 | 07/14/27<sup>(b)</sup> | 4510483 |
| Lloyds Banking Group PLC (United Kingdom) | Lloyds Banking Group PLC (United Kingdom) | Lloyds Banking Group PLC (United Kingdom) | Lloyds Banking Group PLC (United Kingdom) |
| (US 1 Year CMT T-Note + 1.480%) | (US 1 Year CMT T-Note + 1.480%) | (US 1 Year CMT T-Note + 1.480%) | (US 1 Year CMT T-Note + 1.480%) |
| 4660000 | 5.985 | 08/07/27<sup>(a)</sup> | 4699123 |
| (SOFRINDX + 1.060%) | (SOFRINDX + 1.060%) | (SOFRINDX + 1.060%) | (SOFRINDX + 1.060%) |
| 1796000 | 4.755 | 11/26/28<sup>(a)</sup> | 1808694 |
| Macquarie Bank Ltd. (Australia) | Macquarie Bank Ltd. (Australia) | Macquarie Bank Ltd. (Australia) | Macquarie Bank Ltd. (Australia) |
| (SOFR + 0.920%) | (SOFR + 0.920%) | (SOFR + 0.920%) | (SOFR + 0.920%) |
| 2462000 | 4.607 | 07/02/27<sup>(a)(b)</sup> | 2481823 |
| Mitsubishi UFJ Financial Group, Inc. (Japan) | Mitsubishi UFJ Financial Group, Inc. (Japan) | Mitsubishi UFJ Financial Group, Inc. (Japan) | Mitsubishi UFJ Financial Group, Inc. (Japan) |
| (US 1 Year CMT T-Note + 0.750%) | (US 1 Year CMT T-Note + 0.750%) | (US 1 Year CMT T-Note + 0.750%) | (US 1 Year CMT T-Note + 0.750%) |
| 6840000 | 1.538 | 07/20/27<sup>(a)</sup> | 6776282 |
| Mizuho Financial Group, Inc. (Japan) | Mizuho Financial Group, Inc. (Japan) | Mizuho Financial Group, Inc. (Japan) | Mizuho Financial Group, Inc. (Japan) |
| 1421000 | 2.839 | 09/13/26 | 1413399 |
| National Bank of Canada (Canada) | National Bank of Canada (Canada) | National Bank of Canada (Canada) | National Bank of Canada (Canada) |
| (SOFR + 0.557%) | (SOFR + 0.557%) | (SOFR + 0.557%) | (SOFR + 0.557%) |
| 3265000 | 4.702 | 03/05/27<sup>(a)</sup> | 3265000 |
| (SOFRINDX + 1.030%) | (SOFRINDX + 1.030%) | (SOFRINDX + 1.030%) | (SOFRINDX + 1.030%) |
| 1000000 | 4.720 | 07/02/27<sup>(a)</sup> | 1001993 |
| (SOFR + 1.036%) | (SOFR + 1.036%) | (SOFR + 1.036%) | (SOFR + 1.036%) |
| 792000 | 5.600 | 07/02/27<sup>(a)</sup> | 795961 |
| National Bank of Canada, MTN (Canada) | National Bank of Canada, MTN (Canada) | National Bank of Canada, MTN (Canada) | National Bank of Canada, MTN (Canada) |
| (SOFR + 0.770%) | (SOFR + 0.770%) | (SOFR + 0.770%) | (SOFR + 0.770%) |
| 6827000 | 4.457 | 01/20/29<sup>(a)</sup> | 6835183 |
| Nationwide Building Society (United Kingdom) | Nationwide Building Society (United Kingdom) | Nationwide Building Society (United Kingdom) | Nationwide Building Society (United Kingdom) |
| (SOFR + 1.910%) | (SOFR + 1.910%) | (SOFR + 1.910%) | (SOFR + 1.910%) |
| 2030000 | 6.557 | 10/18/27<sup>(a)(b)</sup> | 2062101 |
| (SOFR + 1.290%) | (SOFR + 1.290%) | (SOFR + 1.290%) | (SOFR + 1.290%) |
| 926000 | 4.985 | 02/16/28<sup>(a)(b)</sup> | 931597 |
| NatWest Group PLC (United Kingdom) | NatWest Group PLC (United Kingdom) | NatWest Group PLC (United Kingdom) | NatWest Group PLC (United Kingdom) |
| (US 1 Year CMT T-Note + 0.900%) | (US 1 Year CMT T-Note + 0.900%) | (US 1 Year CMT T-Note + 0.900%) | (US 1 Year CMT T-Note + 0.900%) |
| 2259000 | 1.642 | 06/14/27<sup>(a)</sup> | 2243740 |
| NatWest Markets PLC (United Kingdom) | NatWest Markets PLC (United Kingdom) | NatWest Markets PLC (United Kingdom) | NatWest Markets PLC (United Kingdom) |
| 860000 | 5.416 | 05/17/27<sup>(b)</sup> | 876159 |
| (SOFR + 0.950%) | (SOFR + 0.950%) | (SOFR + 0.950%) | (SOFR + 0.950%) |
| 4603000 | 4.643 | 03/21/28<sup>(a)(b)</sup> | 4628867 |
| (SOFR + 0.800%) | (SOFR + 0.800%) | (SOFR + 0.800%) | (SOFR + 0.800%) |
| 10542000 | 4.484 | 11/06/28<sup>(a)(b)</sup> | 10562060 |
| Royal Bank of Canada, GMTN (Canada) | Royal Bank of Canada, GMTN (Canada) | Royal Bank of Canada, GMTN (Canada) | Royal Bank of Canada, GMTN (Canada) |
| (SOFR + 0.790%) | (SOFR + 0.790%) | (SOFR + 0.790%) | (SOFR + 0.790%) |
| 1480000 | 5.069 | 07/23/27<sup>(a)</sup> | 1486509 |
| (SOFRINDX + 0.720%) | (SOFRINDX + 0.720%) | (SOFRINDX + 0.720%) | (SOFRINDX + 0.720%) |
| 2950000 | 4.407 | 10/18/27<sup>(a)</sup> | 2957198 |
| Santander UK Group Holdings PLC (United Kingdom) | Santander UK Group Holdings PLC (United Kingdom) | Santander UK Group Holdings PLC (United Kingdom) | Santander UK Group Holdings PLC (United Kingdom) |
| (SOFR + 0.989%) | (SOFR + 0.989%) | (SOFR + 0.989%) | (SOFR + 0.989%) |
| 1777000 | 1.673 | 06/14/27<sup>(a)</sup> | 1764672 |
| (SOFR + 1.220%) | (SOFR + 1.220%) | (SOFR + 1.220%) | (SOFR + 1.220%) |
| 3421000 | 2.469 | 01/11/28<sup>(a)</sup> | 3374774 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| Skandinaviska Enskilda Banken AB (Sweden) | Skandinaviska Enskilda Banken AB (Sweden) | Skandinaviska Enskilda Banken AB (Sweden) | Skandinaviska Enskilda Banken AB (Sweden) |
| (SOFR + 0.890%) | (SOFR + 0.890%) | (SOFR + 0.890%) | (SOFR + 0.890%) |
| $2427000 | 4.605% | 03/05/27<sup>(a)(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2439351 |
| Societe Generale SA (France) | Societe Generale SA (France) | Societe Generale SA (France) | Societe Generale SA (France) |
| (SOFR + 1.100%) | (SOFR + 1.100%) | (SOFR + 1.100%) | (SOFR + 1.100%) |
| 10095000 | 4.796 | 02/19/27<sup>(a)(b)</sup> | 10136219 |
| 11060000 | 5.250 | 02/19/27<sup>(b)</sup> | 11180560 |
| (US 1 Year CMT T-Note + 1.000%) | (US 1 Year CMT T-Note + 1.000%) | (US 1 Year CMT T-Note + 1.000%) | (US 1 Year CMT T-Note + 1.000%) |
| 1629000 | 1.792 | 06/09/27<sup>(a)(b)</sup> | 1618858 |
| Standard Chartered PLC (United Kingdom) | Standard Chartered PLC (United Kingdom) | Standard Chartered PLC (United Kingdom) | Standard Chartered PLC (United Kingdom) |
| (SOFR + 1.930%) | (SOFR + 1.930%) | (SOFR + 1.930%) | (SOFR + 1.930%) |
| 2000000 | 5.616 | 07/06/27<sup>(a)(b)</sup> | 2010016 |
| Sumitomo Mitsui Financial Group, Inc. (Japan) | Sumitomo Mitsui Financial Group, Inc. (Japan) | Sumitomo Mitsui Financial Group, Inc. (Japan) | Sumitomo Mitsui Financial Group, Inc. (Japan) |
| 1651000 | 3.784 | 03/09/26 | 1650939 |
| 2388000 | 2.632 | 07/14/26 | 2376924 |
| (SOFR + 0.760%) | (SOFR + 0.760%) | (SOFR + 0.760%) | (SOFR + 0.760%) |
| 6821000 | 4.441 | 01/15/29<sup>(a)</sup> | 6822555 |
| Sumitomo Mitsui Trust Bank Ltd. (Japan) | Sumitomo Mitsui Trust Bank Ltd. (Japan) | Sumitomo Mitsui Trust Bank Ltd. (Japan) | Sumitomo Mitsui Trust Bank Ltd. (Japan) |
| (SOFR + 0.750%) | (SOFR + 0.750%) | (SOFR + 0.750%) | (SOFR + 0.750%) |
| 3009000 | 4.462 | 09/11/28<sup>(a)(b)</sup> | 3023316 |
| Svenska Handelsbanken AB (Sweden) | Svenska Handelsbanken AB (Sweden) | Svenska Handelsbanken AB (Sweden) | Svenska Handelsbanken AB (Sweden) |
| (SOFR + 1.250%) | (SOFR + 1.250%) | (SOFR + 1.250%) | (SOFR + 1.250%) |
| 1807000 | 4.942 | 06/15/26<sup>(a)(b)</sup> | 1811970 |
| Toronto-Dominion Bank (The) (Canada) | Toronto-Dominion Bank (The) (Canada) | Toronto-Dominion Bank (The) (Canada) | Toronto-Dominion Bank (The) (Canada) |
| 6132000 | 3.913 | 01/13/28 | 6137480 |
| (SOFR + 0.820%) | (SOFR + 0.820%) | (SOFR + 0.820%) | (SOFR + 0.820%) |
| 3142000 | 4.511 | 01/31/28<sup>(a)</sup> | 3157640 |
| (SOFR + 0.750%) | (SOFR + 0.750%) | (SOFR + 0.750%) | (SOFR + 0.750%) |
| 5086000 | 4.434 | 10/13/28<sup>(a)</sup> | 5091635 |
| Toronto-Dominion Bank (The), GMTN (Canada) | Toronto-Dominion Bank (The), GMTN (Canada) | Toronto-Dominion Bank (The), GMTN (Canada) | Toronto-Dominion Bank (The), GMTN (Canada) |
| 1368000 | 4.980 | 04/05/27 | 1384776 |
| UBS Group AG (Switzerland) | UBS Group AG (Switzerland) | UBS Group AG (Switzerland) | UBS Group AG (Switzerland) |
| (US 1 Year CMT T-Note + 0.850%) | (US 1 Year CMT T-Note + 0.850%) | (US 1 Year CMT T-Note + 0.850%) | (US 1 Year CMT T-Note + 0.850%) |
| 1663000 | 1.494 | 08/10/27<sup>(a)(b)</sup> | 1644342 |
| (US 1 Year CMT T-Note + 1.600%) | (US 1 Year CMT T-Note + 1.600%) | (US 1 Year CMT T-Note + 1.600%) | (US 1 Year CMT T-Note + 1.600%) |
| 3544000 | 6.327 | 12/22/27<sup>(a)(b)</sup> | 3609719 |
| 14127000 | 4.282 | 01/09/28<sup>(b)</sup> | 14160898 |
| (3M USD LIBOR + 1.410%) | (3M USD LIBOR + 1.410%) | (3M USD LIBOR + 1.410%) | (3M USD LIBOR + 1.410%) |
| 2000000 | 3.869 | 01/12/29<sup>(a)(b)</sup> | 1993397 |
| UniCredit SpA (Italy) | UniCredit SpA (Italy) | UniCredit SpA (Italy) | UniCredit SpA (Italy) |
| 5755000 | 4.625 | 04/12/27<sup>(b)</sup> | 5794343 |
| (US 1 Year CMT T-Note + 1.200%) | (US 1 Year CMT T-Note + 1.200%) | (US 1 Year CMT T-Note + 1.200%) | (US 1 Year CMT T-Note + 1.200%) |
| 10881000 | 1.982 | 06/03/27<sup>(a)(b)</sup> | 10821774 |
| Westpac New Zealand Ltd. (New Zealand) | Westpac New Zealand Ltd. (New Zealand) | Westpac New Zealand Ltd. (New Zealand) | Westpac New Zealand Ltd. (New Zealand) |
| 2288000 | 5.132 | 02/26/27<sup>(b)</sup> | 2316222 |
|  |  |  | 270431885 |
| Brokerage – 0.2% | Brokerage – 0.2% | Brokerage – 0.2% | Brokerage – 0.2% |
| Lseg U.S. Fin Corp. (United Kingdom) | Lseg U.S. Fin Corp. (United Kingdom) | Lseg U.S. Fin Corp. (United Kingdom) | Lseg U.S. Fin Corp. (United Kingdom) |
| 2000000 | 4.875 | 03/28/27<sup>(b)</sup> | 2018233 |
| Consumer Cyclical – 1.1% | Consumer Cyclical – 1.1% | Consumer Cyclical – 1.1% | Consumer Cyclical – 1.1% |
| BMW U.S. Capital LLC (Germany) | BMW U.S. Capital LLC (Germany) | BMW U.S. Capital LLC (Germany) | BMW U.S. Capital LLC (Germany) |
| (SOFRINDX + 0.920%) | (SOFRINDX + 0.920%) | (SOFRINDX + 0.920%) | (SOFRINDX + 0.920%) |
| 4460000 | 4.613 | 03/21/28<sup>(a)(b)</sup> | 4490589 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 24 | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS ULTRA SHORT BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) |
| Consumer Cyclical – (continued) | Consumer Cyclical – (continued) | Consumer Cyclical – (continued) | Consumer Cyclical – (continued) |
| Mercedes-Benz Finance North America LLC (Germany) | Mercedes-Benz Finance North America LLC (Germany) | Mercedes-Benz Finance North America LLC (Germany) | Mercedes-Benz Finance North America LLC (Germany) |
| 2131000 | 4.875% | 07/31/26<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2138950 |
| 4880000 | 4.650 | 04/01/27<sup>(b)</sup> | 4925260 |
| Volkswagen Group of America Finance LLC (Germany) | Volkswagen Group of America Finance LLC (Germany) | Volkswagen Group of America Finance LLC (Germany) | Volkswagen Group of America Finance LLC (Germany) |
| 1203000 | 5.400 | 03/20/26<sup>(b)</sup> | 1203485 |
| 2838000 | 4.450 | 09/11/27<sup>(b)</sup> | 2852980 |
|  |  |  | 15611264 |
| Consumer Noncyclical – 0.3% | Consumer Noncyclical – 0.3% | Consumer Noncyclical – 0.3% | Consumer Noncyclical – 0.3% |
| Element Fleet Management Corp. (Canada) | Element Fleet Management Corp. (Canada) | Element Fleet Management Corp. (Canada) | Element Fleet Management Corp. (Canada) |
| 3020000 | 5.643 | 03/13/27<sup>(b)</sup> | 3065479 |
| Imperial Brands Finance PLC (United Kingdom) | Imperial Brands Finance PLC (United Kingdom) | Imperial Brands Finance PLC (United Kingdom) | Imperial Brands Finance PLC (United Kingdom) |
| 1126000 | 3.500 | 07/26/26<sup>(b)</sup> | 1122922 |
|  |  |  | 4188401 |
| Distributors – 1.0% | Distributors – 1.0% | Distributors – 1.0% | Distributors – 1.0% |
| Daimler Truck Finance North America LLC (Germany) | Daimler Truck Finance North America LLC (Germany) | Daimler Truck Finance North America LLC (Germany) | Daimler Truck Finance North America LLC (Germany) |
| 1468000 | 3.650 | 04/07/27<sup>(b)</sup> | 1464669 |
| 3933000 | 4.300 | 08/12/27<sup>(b)</sup> | 3956593 |
| (SOFR + 0.960%) | (SOFR + 0.960%) | (SOFR + 0.960%) | (SOFR + 0.960%) |
| 1070000 | 4.652 | 09/25/27<sup>(a)(b)</sup> | 1074205 |
| (SOFR + 0.840%) | (SOFR + 0.840%) | (SOFR + 0.840%) | (SOFR + 0.840%) |
| 7247000 | 4.524 | 01/13/28<sup>(a)(b)</sup> | 7257565 |
|  |  |  | 13753032 |
| Electric – 0.3% | Electric – 0.3% | Electric – 0.3% | Electric – 0.3% |
| Enel Finance International NV (Italy) | Enel Finance International NV (Italy) | Enel Finance International NV (Italy) | Enel Finance International NV (Italy) |
| 4193000 | 3.625 | 05/25/27<sup>(b)</sup> | 4178338 |
| Energy – 0.1% | Energy – 0.1% | Energy – 0.1% | Energy – 0.1% |
| Var Energi ASA (Norway) | Var Energi ASA (Norway) | Var Energi ASA (Norway) | Var Energi ASA (Norway) |
| 1575000 | 5.000 | 05/18/27<sup>(b)</sup> | 1590079 |
| Financial Company – 1.6% | Financial Company – 1.6% | Financial Company – 1.6% | Financial Company – 1.6% |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland) | AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland) | AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland) | AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland) |
| 13281000 | 2.450 | 10/29/26 | 13150769 |
| 5868000 | 6.100 | 01/15/27 | 5966441 |
| 1000000 | 5.750 | 06/06/28 | 1035879 |
| SMBC Aviation Capital Finance DAC (Ireland) | SMBC Aviation Capital Finance DAC (Ireland) | SMBC Aviation Capital Finance DAC (Ireland) | SMBC Aviation Capital Finance DAC (Ireland) |
| 2521000 | 1.900 | 10/15/26<sup>(b)</sup> | 2487450 |
|  |  |  | 22640539 |
| Metals and Mining – 1.2% | Metals and Mining – 1.2% | Metals and Mining – 1.2% | Metals and Mining – 1.2% |
| Glencore Funding LLC (Australia) | Glencore Funding LLC (Australia) | Glencore Funding LLC (Australia) | Glencore Funding LLC (Australia) |
| 1344000 | 1.625 | 04/27/26<sup>(b)</sup> | 1338932 |
| (SOFRINDX + 0.750%) | (SOFRINDX + 0.750%) | (SOFRINDX + 0.750%) | (SOFRINDX + 0.750%) |
| 10191000 | 4.440 | 10/01/26<sup>(a)(b)</sup> | 10207392 |
| (SOFRINDX + 1.060%) | (SOFRINDX + 1.060%) | (SOFRINDX + 1.060%) | (SOFRINDX + 1.060%) |
| 4679000 | 4.750 | 04/04/27<sup>(a)(b)</sup> | 4698496 |
|  |  |  | 16244820 |
| Telecommunications – 0.2% | Telecommunications – 0.2% | Telecommunications – 0.2% | Telecommunications – 0.2% |
| NBN Co. Ltd. (Australia) | NBN Co. Ltd. (Australia) | NBN Co. Ltd. (Australia) | NBN Co. Ltd. (Australia) |
| 3106000 | 1.450 | 05/05/26<sup>(b)</sup> | 3092249 |
| Wireless – 0.6% | Wireless – 0.6% | Wireless – 0.6% | Wireless – 0.6% |
| NTT Finance Corp. (Japan) | NTT Finance Corp. (Japan) | NTT Finance Corp. (Japan) | NTT Finance Corp. (Japan) |
| 8388000 | 4.567 | 07/16/27<sup>(</sup><sup>b)</sup> | 8463802 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Value** |
| Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) |
| Wirelines – 0.3% | Wirelines – 0.3% | Wirelines – 0.3% |
| NTT Finance Corp. (Japan) | NTT Finance Corp. (Japan) | NTT Finance Corp. (Japan) |
| (SOFR + 1.080%) | (SOFR + 1.080%) | (SOFR + 1.080%) |
| $3813000 | 4.759% 07/16/28<sup>(a)(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3847992 |
| **TOTAL FOREIGN CORPORATE DEBT**<br> **(Cost $365,022,657)** | **TOTAL FOREIGN CORPORATE DEBT**<br> **(Cost $365,022,657)** | 366060634 |
| Asset-Backed Securities – 14.6% | Asset-Backed Securities – 14.6% | Asset-Backed Securities – 14.6% |
| Collateralized Loan Obligations – 9.2% | Collateralized Loan Obligations – 9.2% | Collateralized Loan Obligations – 9.2% |
| AB BSL CLO 6 Ltd., Series 2025-6A, Class A (3M U.S. T-Bill MMY + 1.430%) | AB BSL CLO 6 Ltd., Series 2025-6A, Class A (3M U.S. T-Bill MMY + 1.430%) | AB BSL CLO 6 Ltd., Series 2025-6A, Class A (3M U.S. T-Bill MMY + 1.430%) |
| 7100000 | 5.098 07/20/37<sup>(a)(b)</sup> | 7119546 |
| AGL CLO 16 Ltd., Series 2021-16A, Class AR (3M U.S. T-Bill MMY + 0.950%) | AGL CLO 16 Ltd., Series 2021-16A, Class AR (3M U.S. T-Bill MMY + 0.950%) | AGL CLO 16 Ltd., Series 2021-16A, Class AR (3M U.S. T-Bill MMY + 0.950%) |
| 2270000 | 4.618 01/20/35<sup>(a)(b)</sup> | 2270345 |
| AGL Core CLO 31 Ltd., Series 2024-31A, Class A (3M U.S. T-Bill MMY + 1.400%) | AGL Core CLO 31 Ltd., Series 2024-31A, Class A (3M U.S. T-Bill MMY + 1.400%) | AGL Core CLO 31 Ltd., Series 2024-31A, Class A (3M U.S. T-Bill MMY + 1.400%) |
| 8500000 | 5.068 07/20/37<sup>(a)(b)</sup> | 8525483 |
| Apidos CLO XXIII, Series 2015-23A, Class ARR (3M U.S. T-Bill MMY + 1.050%) | Apidos CLO XXIII, Series 2015-23A, Class ARR (3M U.S. T-Bill MMY + 1.050%) | Apidos CLO XXIII, Series 2015-23A, Class ARR (3M U.S. T-Bill MMY + 1.050%) |
| 2859399 | 4.722 04/15/33<sup>(a)(b)</sup> | 2862395 |
| Bain Capital Credit CLO, Series 2018-2A, Class A1R (3M U.S. T-Bill MMY + 1.080%) | Bain Capital Credit CLO, Series 2018-2A, Class A1R (3M U.S. T-Bill MMY + 1.080%) | Bain Capital Credit CLO, Series 2018-2A, Class A1R (3M U.S. T-Bill MMY + 1.080%) |
| 61649 | 4.748 07/19/31<sup>(a)(b)</sup> | 61659 |
| Bain Capital Credit CLO Ltd., Series 2020-3A, Class A1R3 (3M U.S. T-Bill MMY + 0.990%) | Bain Capital Credit CLO Ltd., Series 2020-3A, Class A1R3 (3M U.S. T-Bill MMY + 0.990%) | Bain Capital Credit CLO Ltd., Series 2020-3A, Class A1R3 (3M U.S. T-Bill MMY + 0.990%) |
| 5410000 | – 10/23/34<sup>(a)(b)(c)(d)</sup> | 5409973 |
| Bain Capital Credit CLO Ltd., Series 2020-4A, Class A1RR (3M U.S. T-Bill MMY + 1.150%) | Bain Capital Credit CLO Ltd., Series 2020-4A, Class A1RR (3M U.S. T-Bill MMY + 1.150%) | Bain Capital Credit CLO Ltd., Series 2020-4A, Class A1RR (3M U.S. T-Bill MMY + 1.150%) |
| 2790000 | 4.818 10/20/36<sup>(a)(b)</sup> | 2792405 |
| CarVal CLO II Ltd., Series 2019-1A, Class AR2 (3M U.S. T-Bill MMY + 1.020%) | CarVal CLO II Ltd., Series 2019-1A, Class AR2 (3M U.S. T-Bill MMY + 1.020%) | CarVal CLO II Ltd., Series 2019-1A, Class AR2 (3M U.S. T-Bill MMY + 1.020%) |
| 2093758 | 4.688 04/20/32<sup>(a)(b)</sup> | 2094294 |
| CBAM Ltd., Series 2018-5A, Class A1R (3M U.S. T-Bill MMY + 1.340%) | CBAM Ltd., Series 2018-5A, Class A1R (3M U.S. T-Bill MMY + 1.340%) | CBAM Ltd., Series 2018-5A, Class A1R (3M U.S. T-Bill MMY + 1.340%) |
| 1880000 | 5.452 10/17/38<sup>(a)(b)</sup> | 1886638 |
| Cedar Funding IX CLO Ltd., Series 2018-9A, Class AR (3M U.S. T-Bill MMY + 1.420%) | Cedar Funding IX CLO Ltd., Series 2018-9A, Class AR (3M U.S. T-Bill MMY + 1.420%) | Cedar Funding IX CLO Ltd., Series 2018-9A, Class AR (3M U.S. T-Bill MMY + 1.420%) |
| 9750000 | 5.088 07/20/37<sup>(a)(b)</sup> | 9783989 |
| Cedar Funding V CLO Ltd., Series 2016-5A, Class XR2 (3M U.S. T-Bill MMY + 1.000%) | Cedar Funding V CLO Ltd., Series 2016-5A, Class XR2 (3M U.S. T-Bill MMY + 1.000%) | Cedar Funding V CLO Ltd., Series 2016-5A, Class XR2 (3M U.S. T-Bill MMY + 1.000%) |
| 4000000 | 4.622 01/17/39<sup>(a)(b)</sup> | 3995776 |
| Dryden 104 CLO Ltd., Series 2022-104A, Class A1R (3M U.S. T-Bill MMY + 1.290%) | Dryden 104 CLO Ltd., Series 2022-104A, Class A1R (3M U.S. T-Bill MMY + 1.290%) | Dryden 104 CLO Ltd., Series 2022-104A, Class A1R (3M U.S. T-Bill MMY + 1.290%) |
| 7316000 | 4.946 08/20/34<sup>(a)(b)</sup> | 7329739 |
| Dryden 43 Senior Loan Fund, Series 2016-43A, Class AR3 (3M U.S. T-Bill MMY + 1.070%) | Dryden 43 Senior Loan Fund, Series 2016-43A, Class AR3 (3M U.S. T-Bill MMY + 1.070%) | Dryden 43 Senior Loan Fund, Series 2016-43A, Class AR3 (3M U.S. T-Bill MMY + 1.070%) |
| 4000000 | 4.738 04/20/34<sup>(a)(b)</sup> | 4001056 |
| Dryden 80 CLO Ltd., Series 2019-80A, Class ARR (3M U.S. T-Bill MMY + 0.950%) | Dryden 80 CLO Ltd., Series 2019-80A, Class ARR (3M U.S. T-Bill MMY + 0.950%) | Dryden 80 CLO Ltd., Series 2019-80A, Class ARR (3M U.S. T-Bill MMY + 0.950%) |
| 8369688 | 4.618 01/17/33<sup>(a)(b)</sup> | 8373011 |
| Dryden 97 CLO Ltd., Series 2022-97A, Class XR (3M U.S. T-Bill MMY + 1.050%) | Dryden 97 CLO Ltd., Series 2022-97A, Class XR (3M U.S. T-Bill MMY + 1.050%) | Dryden 97 CLO Ltd., Series 2022-97A, Class XR (3M U.S. T-Bill MMY + 1.050%) |
| 4750000 | 4.718 10/20/38<sup>(a)(b)</sup> | 4751197 |
| Dryden 98 CLO Ltd., Series 2022-98A, Class AR (3M U.S. T-Bill MMY + 1.020%) | Dryden 98 CLO Ltd., Series 2022-98A, Class AR (3M U.S. T-Bill MMY + 1.020%) | Dryden 98 CLO Ltd., Series 2022-98A, Class AR (3M U.S. T-Bill MMY + 1.020%) |
| 5870000 | – 04/20/35<sup>(a)(b)(c)(d)</sup> | 5869971 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **25** |

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------

GOLDMAN SACHS ULTRA SHORT BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Asset-Backed Securities – (continued) | Asset-Backed Securities – (continued) | Asset-Backed Securities – (continued) | Asset-Backed Securities – (continued) |
| Collateralized Loan Obligations – (continued) | Collateralized Loan Obligations – (continued) | Collateralized Loan Obligations – (continued) | Collateralized Loan Obligations – (continued) |
| Fort Greene Park CLO LLC, Series 2025-2A, Class AR (3M U.S. T-Bill MMY + 0.950%) | Fort Greene Park CLO LLC, Series 2025-2A, Class AR (3M U.S. T-Bill MMY + 0.950%) | Fort Greene Park CLO LLC, Series 2025-2A, Class AR (3M U.S. T-Bill MMY + 0.950%) | Fort Greene Park CLO LLC, Series 2025-2A, Class AR (3M U.S. T-Bill MMY + 0.950%) |
| $6000000 | 4.619% | 04/22/34<sup>(a)(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000474 |
| Golub Capital Partners CLO 53B Ltd., Series 2021-53A, Class AR (3M U.S. T-Bill MMY + 0.980%) | Golub Capital Partners CLO 53B Ltd., Series 2021-53A, Class AR (3M U.S. T-Bill MMY + 0.980%) | Golub Capital Partners CLO 53B Ltd., Series 2021-53A, Class AR (3M U.S. T-Bill MMY + 0.980%) | Golub Capital Partners CLO 53B Ltd., Series 2021-53A, Class AR (3M U.S. T-Bill MMY + 0.980%) |
| 1500000 | 4.648 | 07/20/34<sup>(a)(b)</sup> | 1500744 |
| Invesco CLO Ltd., Series 2022-2A, Class A1R (3M U.S. T-Bill MMY + 1.150%) | Invesco CLO Ltd., Series 2022-2A, Class A1R (3M U.S. T-Bill MMY + 1.150%) | Invesco CLO Ltd., Series 2022-2A, Class A1R (3M U.S. T-Bill MMY + 1.150%) | Invesco CLO Ltd., Series 2022-2A, Class A1R (3M U.S. T-Bill MMY + 1.150%) |
| 4900000 | 4.818 | 07/20/35<sup>(a)(b)</sup> | 4905067 |
| Jamestown CLO XV Ltd., Series 2020-15A, Class A1R (3M U.S. T-Bill MMY + 1.370%) | Jamestown CLO XV Ltd., Series 2020-15A, Class A1R (3M U.S. T-Bill MMY + 1.370%) | Jamestown CLO XV Ltd., Series 2020-15A, Class A1R (3M U.S. T-Bill MMY + 1.370%) | Jamestown CLO XV Ltd., Series 2020-15A, Class A1R (3M U.S. T-Bill MMY + 1.370%) |
| 4400000 | 5.042 | 07/15/35<sup>(a)(b)</sup> | 4404158 |
| Menlo CLO I Ltd., Series 2024-1A, Class A1 (3M U.S. T-Bill MMY + 1.420%) | Menlo CLO I Ltd., Series 2024-1A, Class A1 (3M U.S. T-Bill MMY + 1.420%) | Menlo CLO I Ltd., Series 2024-1A, Class A1 (3M U.S. T-Bill MMY + 1.420%) | Menlo CLO I Ltd., Series 2024-1A, Class A1 (3M U.S. T-Bill MMY + 1.420%) |
| 2110000 | 5.088 | 01/20/38<sup>(a)(b)</sup> | 2114889 |
| Mountain View CLO LLC, Series 2016-1A, Class AR2 (3M U.S. T-Bill MMY + 1.260%) | Mountain View CLO LLC, Series 2016-1A, Class AR2 (3M U.S. T-Bill MMY + 1.260%) | Mountain View CLO LLC, Series 2016-1A, Class AR2 (3M U.S. T-Bill MMY + 1.260%) | Mountain View CLO LLC, Series 2016-1A, Class AR2 (3M U.S. T-Bill MMY + 1.260%) |
| 701103 | 4.927 | 04/14/33<sup>(a)(b)</sup> | 701103 |
| Neuberger Berman Loan Advisers CLO 51 Ltd., Series 2022-51A, Class AR2 (3M U.S. T-Bill MMY + 1.000%) | Neuberger Berman Loan Advisers CLO 51 Ltd., Series 2022-51A, Class AR2 (3M U.S. T-Bill MMY + 1.000%) | Neuberger Berman Loan Advisers CLO 51 Ltd., Series 2022-51A, Class AR2 (3M U.S. T-Bill MMY + 1.000%) | Neuberger Berman Loan Advisers CLO 51 Ltd., Series 2022-51A, Class AR2 (3M U.S. T-Bill MMY + 1.000%) |
| 5560000 |  | 10/23/36<sup>(a)(b)(c)(d)</sup> | 5559972 |
| Park Avenue Institutional Advisers CLO Ltd., Series 2017-1A, Class A1R2 (3M U.S. T-Bill MMY+ 1.070%) | Park Avenue Institutional Advisers CLO Ltd., Series 2017-1A, Class A1R2 (3M U.S. T-Bill MMY+ 1.070%) | Park Avenue Institutional Advisers CLO Ltd., Series 2017-1A, Class A1R2 (3M U.S. T-Bill MMY+ 1.070%) | Park Avenue Institutional Advisers CLO Ltd., Series 2017-1A, Class A1R2 (3M U.S. T-Bill MMY+ 1.070%) |
| 2850000 | 4.723 | 02/14/34<sup>(a)(b)</sup> | 2850000 |
| RAD CLO 27 Ltd., Series 2024-27A, Class A1 (3M U.S. T-Bill MMY + 1.320%) | RAD CLO 27 Ltd., Series 2024-27A, Class A1 (3M U.S. T-Bill MMY + 1.320%) | RAD CLO 27 Ltd., Series 2024-27A, Class A1 (3M U.S. T-Bill MMY + 1.320%) | RAD CLO 27 Ltd., Series 2024-27A, Class A1 (3M U.S. T-Bill MMY + 1.320%) |
| 1830000 | 4.992 | 01/15/38<sup>(a)(b)</sup> | 1836142 |
| Regatta VIII Funding Ltd., Series 2017-1A, Class A1R (3M U.S. T-Bill MMY + 1.550%) | Regatta VIII Funding Ltd., Series 2017-1A, Class A1R (3M U.S. T-Bill MMY + 1.550%) | Regatta VIII Funding Ltd., Series 2017-1A, Class A1R (3M U.S. T-Bill MMY + 1.550%) | Regatta VIII Funding Ltd., Series 2017-1A, Class A1R (3M U.S. T-Bill MMY + 1.550%) |
| 1760000 | 5.218 | 04/17/37<sup>(a)(b)</sup> | 1762307 |
| Sculptor CLO XXVIII Ltd., Series 28A, Class AR (3M U.S. T-Bill MMY + 1.060%) | Sculptor CLO XXVIII Ltd., Series 28A, Class AR (3M U.S. T-Bill MMY + 1.060%) | Sculptor CLO XXVIII Ltd., Series 28A, Class AR (3M U.S. T-Bill MMY + 1.060%) | Sculptor CLO XXVIII Ltd., Series 28A, Class AR (3M U.S. T-Bill MMY + 1.060%) |
| 7000000 | 4.728 | 01/20/35<sup>(a)(b)</sup> | 7000035 |
| Symphony CLO 36 Ltd., Series 2025-52A, Class AR (3M U.S. T-Bill MMY + 1.150%) | Symphony CLO 36 Ltd., Series 2025-52A, Class AR (3M U.S. T-Bill MMY + 1.150%) | Symphony CLO 36 Ltd., Series 2025-52A, Class AR (3M U.S. T-Bill MMY + 1.150%) | Symphony CLO 36 Ltd., Series 2025-52A, Class AR (3M U.S. T-Bill MMY + 1.150%) |
| 5975000 | 4.815 | 01/20/36<sup>(a)(b)</sup> | 5975890 |
| Venture 34 CLO Ltd., Series 2018-34A, Class AR (3M U.S. T-Bill MMY + 1.280%) | Venture 34 CLO Ltd., Series 2018-34A, Class AR (3M U.S. T-Bill MMY + 1.280%) | Venture 34 CLO Ltd., Series 2018-34A, Class AR (3M U.S. T-Bill MMY + 1.280%) | Venture 34 CLO Ltd., Series 2018-34A, Class AR (3M U.S. T-Bill MMY + 1.280%) |
| 1026859 | 4.952 | 10/15/31<sup>(a)(b)</sup> | 1027598 |
| Warwick Capital CLO 3 Ltd., Series 2024-3A, Class A1 (3M U.S. T-Bill MMY + 1.650%) | Warwick Capital CLO 3 Ltd., Series 2024-3A, Class A1 (3M U.S. T-Bill MMY + 1.650%) | Warwick Capital CLO 3 Ltd., Series 2024-3A, Class A1 (3M U.S. T-Bill MMY + 1.650%) | Warwick Capital CLO 3 Ltd., Series 2024-3A, Class A1 (3M U.S. T-Bill MMY + 1.650%) |
| 5000000 | 5.318 | 04/20/37<sup>(a)(b)</sup> | 5002500 |
| Zais CLO 13 Ltd., Series 2019-13A, Class A1AR (3M U.S. T-Bill MMY + 1.300%) | Zais CLO 13 Ltd., Series 2019-13A, Class A1AR (3M U.S. T-Bill MMY + 1.300%) | Zais CLO 13 Ltd., Series 2019-13A, Class A1AR (3M U.S. T-Bill MMY + 1.300%) | Zais CLO 13 Ltd., Series 2019-13A, Class A1AR (3M U.S. T-Bill MMY + 1.300%) |
| 427690 | 4.972 | 07/15/32<sup>(a)(b)</sup> | 427888 |
|  |  |  | 128196244 |
| Diversified Financial Services – 5.4% | Diversified Financial Services – 5.4% | Diversified Financial Services – 5.4% | Diversified Financial Services – 5.4% |
| American Express Credit Account Master Trust, Series 2023-1, Class A | American Express Credit Account Master Trust, Series 2023-1, Class A | American Express Credit Account Master Trust, Series 2023-1, Class A | American Express Credit Account Master Trust, Series 2023-1, Class A |
| 6175000 | 4.870 | 05/15/28 | 6188152 |
| American Express Credit Account Master Trust, Series 2025-2, Class A | American Express Credit Account Master Trust, Series 2025-2, Class A | American Express Credit Account Master Trust, Series 2025-2, Class A | American Express Credit Account Master Trust, Series 2025-2, Class A |
| 2750000 | 4.280 | 04/15/30 | 2787262 |
| BA Credit Card Trust, Series 2023-A2, Class A2 | BA Credit Card Trust, Series 2023-A2, Class A2 | BA Credit Card Trust, Series 2023-A2, Class A2 | BA Credit Card Trust, Series 2023-A2, Class A2 |
| 6075000 | 4.980 | 11/15/28 | 6126144 |
| Chase Auto Owner Trust, Series 2024-5A, Class A3 | Chase Auto Owner Trust, Series 2024-5A, Class A3 | Chase Auto Owner Trust, Series 2024-5A, Class A3 | Chase Auto Owner Trust, Series 2024-5A, Class A3 |
| 2000000 | 4.180 | 08/27/29<sup>(b)</sup> | 2007858 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Asset-Backed Securities – (continued) | Asset-Backed Securities – (continued) | Asset-Backed Securities – (continued) | Asset-Backed Securities – (continued) |
| Diversified Financial Services – (continued) | Diversified Financial Services – (continued) | Diversified Financial Services – (continued) | Diversified Financial Services – (continued) |
| Chase Issuance Trust, Series 2023-A1, Class A | Chase Issuance Trust, Series 2023-A1, Class A | Chase Issuance Trust, Series 2023-A1, Class A | Chase Issuance Trust, Series 2023-A1, Class A |
| 3975000 | 5.160% | 09/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4002986 |
| Discover Card Execution Note Trust, Series 2023-A1, Class A | Discover Card Execution Note Trust, Series 2023-A1, Class A | Discover Card Execution Note Trust, Series 2023-A1, Class A | Discover Card Execution Note Trust, Series 2023-A1, Class A |
| 2925000 | 4.310 | 03/15/28 | 2925585 |
| Exeter Automobile Receivables Trust, Series 2024-5A, Class A3 | Exeter Automobile Receivables Trust, Series 2024-5A, Class A3 | Exeter Automobile Receivables Trust, Series 2024-5A, Class A3 | Exeter Automobile Receivables Trust, Series 2024-5A, Class A3 |
| 262850 | 4.450 | 03/15/28 | 262881 |
| Exeter Automobile Receivables Trust, Series 2025-1A, Class A3 | Exeter Automobile Receivables Trust, Series 2025-1A, Class A3 | Exeter Automobile Receivables Trust, Series 2025-1A, Class A3 | Exeter Automobile Receivables Trust, Series 2025-1A, Class A3 |
| 378799 | 4.670 | 08/15/28 | 379295 |
| Exeter Automobile Receivables Trust, Series 2025-3A, Class A3 | Exeter Automobile Receivables Trust, Series 2025-3A, Class A3 | Exeter Automobile Receivables Trust, Series 2025-3A, Class A3 | Exeter Automobile Receivables Trust, Series 2025-3A, Class A3 |
| 1450000 | 4.780 | 07/16/29 | 1460519 |
| Ford Credit Auto Lease Trust, Series 2024-B, Class A3 | Ford Credit Auto Lease Trust, Series 2024-B, Class A3 | Ford Credit Auto Lease Trust, Series 2024-B, Class A3 | Ford Credit Auto Lease Trust, Series 2024-B, Class A3 |
| 1850271 | 4.990 | 12/15/27 | 1858049 |
| Ford Credit Auto Lease Trust, Series 2025-A, Class A3 | Ford Credit Auto Lease Trust, Series 2025-A, Class A3 | Ford Credit Auto Lease Trust, Series 2025-A, Class A3 | Ford Credit Auto Lease Trust, Series 2025-A, Class A3 |
| 2925000 | 4.720 | 06/15/28 | 2947956 |
| Ford Credit Auto Owner Trust, Series 2024-C, Class A3 | Ford Credit Auto Owner Trust, Series 2024-C, Class A3 | Ford Credit Auto Owner Trust, Series 2024-C, Class A3 | Ford Credit Auto Owner Trust, Series 2024-C, Class A3 |
| 2025000 | 4.070 | 07/15/29 | 2032474 |
| GM Financial Automobile Leasing Trust, Series 2024-3, Class A3 | GM Financial Automobile Leasing Trust, Series 2024-3, Class A3 | GM Financial Automobile Leasing Trust, Series 2024-3, Class A3 | GM Financial Automobile Leasing Trust, Series 2024-3, Class A3 |
| 2700000 | 4.210 | 10/20/27 | 2703136 |
| GM Financial Consumer Automobile Receivables Trust, Series 2025-1, Class A3 | GM Financial Consumer Automobile Receivables Trust, Series 2025-1, Class A3 | GM Financial Consumer Automobile Receivables Trust, Series 2025-1, Class A3 | GM Financial Consumer Automobile Receivables Trust, Series 2025-1, Class A3 |
| 2475000 | 4.620 | 12/17/29 | 2497363 |
| GMF Floorplan Owner Revolving Trust, Series 2023-1, Class A1 | GMF Floorplan Owner Revolving Trust, Series 2023-1, Class A1 | GMF Floorplan Owner Revolving Trust, Series 2023-1, Class A1 | GMF Floorplan Owner Revolving Trust, Series 2023-1, Class A1 |
| 1500000 | 5.340 | 06/15/28<sup>(b)</sup> | 1506471 |
| Hyundai Auto Lease Securitization Trust, Series 2024-B, Class A3 | Hyundai Auto Lease Securitization Trust, Series 2024-B, Class A3 | Hyundai Auto Lease Securitization Trust, Series 2024-B, Class A3 | Hyundai Auto Lease Securitization Trust, Series 2024-B, Class A3 |
| 1727142 | 5.410 | 05/17/27<sup>(b)</sup> | 1733199 |
| Hyundai Auto Lease Securitization Trust, Series 2024-C, Class A3 | Hyundai Auto Lease Securitization Trust, Series 2024-C, Class A3 | Hyundai Auto Lease Securitization Trust, Series 2024-C, Class A3 | Hyundai Auto Lease Securitization Trust, Series 2024-C, Class A3 |
| 4000000 | 4.620 | 04/17/28<sup>(b)</sup> | 4020596 |
| Hyundai Auto Receivables Trust, Series 2022-C, Class A3 | Hyundai Auto Receivables Trust, Series 2022-C, Class A3 | Hyundai Auto Receivables Trust, Series 2022-C, Class A3 | Hyundai Auto Receivables Trust, Series 2022-C, Class A3 |
| 270434 | 5.390 | 06/15/27 | 270773 |
| Hyundai Auto Receivables Trust, Series 2023-A, Class A3 | Hyundai Auto Receivables Trust, Series 2023-A, Class A3 | Hyundai Auto Receivables Trust, Series 2023-A, Class A3 | Hyundai Auto Receivables Trust, Series 2023-A, Class A3 |
| 222285 | 4.580 | 04/15/27 | 222371 |
| Hyundai Auto Receivables Trust, Series 2024-B, Class A3 | Hyundai Auto Receivables Trust, Series 2024-B, Class A3 | Hyundai Auto Receivables Trust, Series 2024-B, Class A3 | Hyundai Auto Receivables Trust, Series 2024-B, Class A3 |
| 1925000 | 4.840 | 03/15/29 | 1941609 |
| M&T Bank Auto Receivables Trust, Series 2025-1A, Class A2A | M&T Bank Auto Receivables Trust, Series 2025-1A, Class A2A | M&T Bank Auto Receivables Trust, Series 2025-1A, Class A2A | M&T Bank Auto Receivables Trust, Series 2025-1A, Class A2A |
| 1547530 | 4.630 | 05/15/28<sup>(b)</sup> | 1550842 |
| Nelnet Student Loan Trust, Series 2016-1A, Class A (SOFR + 0.914%) | Nelnet Student Loan Trust, Series 2016-1A, Class A (SOFR + 0.914%) | Nelnet Student Loan Trust, Series 2016-1A, Class A (SOFR + 0.914%) | Nelnet Student Loan Trust, Series 2016-1A, Class A (SOFR + 0.914%) |
| 163029 | 4.582 | 09/25/65<sup>(a)(b)</sup> | 162728 |
| Nissan Auto Lease Trust, Series 2024-A, Class A3 | Nissan Auto Lease Trust, Series 2024-A, Class A3 | Nissan Auto Lease Trust, Series 2024-A, Class A3 | Nissan Auto Lease Trust, Series 2024-A, Class A3 |
| 2465243 | 4.910 | 04/15/27 | 2469977 |
| Rhode Island Student Loan Authority, Series 2012-1, Class A1 (SOFR + 1.014%) | Rhode Island Student Loan Authority, Series 2012-1, Class A1 (SOFR + 1.014%) | Rhode Island Student Loan Authority, Series 2012-1, Class A1 (SOFR + 1.014%) | Rhode Island Student Loan Authority, Series 2012-1, Class A1 (SOFR + 1.014%) |
| 183877 | 4.696 | 07/01/31<sup>(a)</sup> | 183774 |
| Santander Drive Auto Receivables Trust, Series 2024-4, Class A3 | Santander Drive Auto Receivables Trust, Series 2024-4, Class A3 | Santander Drive Auto Receivables Trust, Series 2024-4, Class A3 | Santander Drive Auto Receivables Trust, Series 2024-4, Class A3 |
| 2404156 | 4.850 | 01/16/29 | 2409694 |
| Santander Drive Auto Receivables Trust, Series 2025-1, Class A3 | Santander Drive Auto Receivables Trust, Series 2025-1, Class A3 | Santander Drive Auto Receivables Trust, Series 2025-1, Class A3 | Santander Drive Auto Receivables Trust, Series 2025-1, Class A3 |
| 1457368 | 4.740 | 01/16/29 | 1461142 |
| Santander Drive Auto Receivables Trust, Series 2025-2, Class A2 | Santander Drive Auto Receivables Trust, Series 2025-2, Class A2 | Santander Drive Auto Receivables Trust, Series 2025-2, Class A2 | Santander Drive Auto Receivables Trust, Series 2025-2, Class A2 |
| 666353 | 4.710 | 06/15/28 | 667109 |
| SFS Auto Receivables Securitization Trust, Series 2026-1A, Class A3 | SFS Auto Receivables Securitization Trust, Series 2026-1A, Class A3 | SFS Auto Receivables Securitization Trust, Series 2026-1A, Class A3 | SFS Auto Receivables Securitization Trust, Series 2026-1A, Class A3 |
| 6200000 | 3.960 | 07/21/31<sup>(b)</sup> | 6215035 |
| Toyota Auto Receivables Owner Trust, Series 2022-D, Class A3 | Toyota Auto Receivables Owner Trust, Series 2022-D, Class A3 | Toyota Auto Receivables Owner Trust, Series 2022-D, Class A3 | Toyota Auto Receivables Owner Trust, Series 2022-D, Class A3 |
| 469606 | 5.300 | 09/15/27 | 471300 |
| Toyota Auto Receivables Owner Trust, Series 2023-B, Class A3 | Toyota Auto Receivables Owner Trust, Series 2023-B, Class A3 | Toyota Auto Receivables Owner Trust, Series 2023-B, Class A3 | Toyota Auto Receivables Owner Trust, Series 2023-B, Class A3 |
| 1146546 | 4.710 | 02/15/28 | 1150052 |
| Toyota Auto Receivables Owner Trust, Series 2024-C, Class A3 | Toyota Auto Receivables Owner Trust, Series 2024-C, Class A3 | Toyota Auto Receivables Owner Trust, Series 2024-C, Class A3 | Toyota Auto Receivables Owner Trust, Series 2024-C, Class A3 |
| 2100000 | 4.880 | 03/15/29 | 2118843 |

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|:---|:---|
| 26 | **The accompanying notes are an integral part of these financial statements.** |

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GOLDMAN SACHS ULTRA SHORT BOND ETF

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Asset- Backed Securities – (continued) | Asset- Backed Securities – (continued) | Asset- Backed Securities – (continued) | Asset- Backed Securities – (continued) |
| Diversified Financial Services – (continued) | Diversified Financial Services – (continued) | Diversified Financial Services – (continued) | Diversified Financial Services – (continued) |
| Toyota Lease Owner Trust, Series 2024-A, Class A3 | Toyota Lease Owner Trust, Series 2024-A, Class A3 | Toyota Lease Owner Trust, Series 2024-A, Class A3 | Toyota Lease Owner Trust, Series 2024-A, Class A3 |
| 556137 | 5.250% | 04/20/27<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556854 |
| Toyota Lease Owner Trust, Series 2024-B, Class A3 | Toyota Lease Owner Trust, Series 2024-B, Class A3 | Toyota Lease Owner Trust, Series 2024-B, Class A3 | Toyota Lease Owner Trust, Series 2024-B, Class A3 |
| 2975432 | 4.210 | 09/20/27<sup>(b)</sup> | 2979081 |
| Volkswagen Auto Loan Enhanced Trust, Series 2024-1, Class A2A | Volkswagen Auto Loan Enhanced Trust, Series 2024-1, Class A2A | Volkswagen Auto Loan Enhanced Trust, Series 2024-1, Class A2A | Volkswagen Auto Loan Enhanced Trust, Series 2024-1, Class A2A |
| 1198101 | 4.650 | 11/22/27 | 1200217 |
| Westlake Automobile Receivables Trust, Series 2025-2A, Class A2A | Westlake Automobile Receivables Trust, Series 2025-2A, Class A2A | Westlake Automobile Receivables Trust, Series 2025-2A, Class A2A | Westlake Automobile Receivables Trust, Series 2025-2A, Class A2A |
| 1769899 | 4.660 | 09/15/28<sup>(b)</sup> | 1774908 |
| World Omni Auto Receivables Trust, Series 2023-C, Class A3 | World Omni Auto Receivables Trust, Series 2023-C, Class A3 | World Omni Auto Receivables Trust, Series 2023-C, Class A3 | World Omni Auto Receivables Trust, Series 2023-C, Class A3 |
| 1257431 | 5.150 | 11/15/28 | 1264398 |
|  |  |  | 74510633 |
| TOTAL ASSET- BACKED SECURITIES<br>(Cost $202,285,277) | TOTAL ASSET- BACKED SECURITIES<br>(Cost $202,285,277) | TOTAL ASSET- BACKED SECURITIES<br>(Cost $202,285,277) | 202706877 |
| Mortgage-Backed Securities – 5.9% | Mortgage-Backed Securities – 5.9% | Mortgage-Backed Securities – 5.9% | Mortgage-Backed Securities – 5.9% |
| BANK5, Series 2023-5YR2, Class A3 | BANK5, Series 2023-5YR2, Class A3 | BANK5, Series 2023-5YR2, Class A3 | BANK5, Series 2023-5YR2, Class A3 |
| 6750000 | 6.656 | 07/15/56<sup>(a)</sup> | 7087739 |
| BBCMS Mortgage Trust, Series 2018-C2, Class ASB | BBCMS Mortgage Trust, Series 2018-C2, Class ASB | BBCMS Mortgage Trust, Series 2018-C2, Class ASB | BBCMS Mortgage Trust, Series 2018-C2, Class ASB |
| 282469 | 4.236 | 12/15/51 | 282820 |
| BMARK, Series 2023-V4, Class A3 | BMARK, Series 2023-V4, Class A3 | BMARK, Series 2023-V4, Class A3 | BMARK, Series 2023-V4, Class A3 |
| 4450000 | 6.841 | 11/15/56<sup>(a)</sup> | 4711810 |
| BMO Mortgage Trust, Series 2024-5C3, Class A3 | BMO Mortgage Trust, Series 2024-5C3, Class A3 | BMO Mortgage Trust, Series 2024-5C3, Class A3 | BMO Mortgage Trust, Series 2024-5C3, Class A3 |
| 4450000 | 5.739 | 02/15/57 | 4618943 |
| BX Commercial Mortgage Trust, Series 2024-XL5, Class A | BX Commercial Mortgage Trust, Series 2024-XL5, Class A | BX Commercial Mortgage Trust, Series 2024-XL5, Class A | BX Commercial Mortgage Trust, Series 2024-XL5, Class A |
| (1M U.S. T-Bill MMY + 1.392%) | (1M U.S. T-Bill MMY + 1.392%) | (1M U.S. T-Bill MMY + 1.392%) | (1M U.S. T-Bill MMY + 1.392%) |
| 5257057 | 5.051 | 03/15/41<sup>(a)(b)</sup> | 5258703 |
| BX Trust, Series 2024-BIO, Class A (1M U.S. T-Bill MMY + 1.642%) | BX Trust, Series 2024-BIO, Class A (1M U.S. T-Bill MMY + 1.642%) | BX Trust, Series 2024-BIO, Class A (1M U.S. T-Bill MMY + 1.642%) | BX Trust, Series 2024-BIO, Class A (1M U.S. T-Bill MMY + 1.642%) |
| 2412000 | 5.302 | 02/15/41<sup>(a)(b)</sup> | 2412003 |
| Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A | Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A | Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A | Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A |
| 3150000 | 5.820 | 10/12/40<sup>(a)(b)</sup> | 3243619 |
| Federal Home Loan Mortgage Corporation | Federal Home Loan Mortgage Corporation | Federal Home Loan Mortgage Corporation | Federal Home Loan Mortgage Corporation |
| 7931997 | 6.500 | 06/01/54 | 8372464 |
| FHLMC REMIC, Series 2003-2682, Class FB | FHLMC REMIC, Series 2003-2682, Class FB | FHLMC REMIC, Series 2003-2682, Class FB | FHLMC REMIC, Series 2003-2682, Class FB |
| (SOFR + 1.014%) | (SOFR + 1.014%) | (SOFR + 1.014%) | (SOFR + 1.014%) |
| 84416 | 4.673 | 10/15/33<sup>(a)</sup> | 85003 |
| FHLMC REMIC, Series 2003-2711, Class FA | FHLMC REMIC, Series 2003-2711, Class FA | FHLMC REMIC, Series 2003-2711, Class FA | FHLMC REMIC, Series 2003-2711, Class FA |
| (SOFR + 1.114%) | (SOFR + 1.114%) | (SOFR + 1.114%) | (SOFR + 1.114%) |
| 89140 | 4.773 | 11/15/33<sup>(a)</sup> | 90290 |
| FHLMC REMIC, Series 2005-3033, Class FG | FHLMC REMIC, Series 2005-3033, Class FG | FHLMC REMIC, Series 2005-3033, Class FG | FHLMC REMIC, Series 2005-3033, Class FG |
| (SOFR + 0.464%) | (SOFR + 0.464%) | (SOFR + 0.464%) | (SOFR + 0.464%) |
| 268349 | 4.123 | 09/15/35<sup>(a)</sup> | 266843 |
| FHLMC REMIC, Series 2007-3298, Class FC | FHLMC REMIC, Series 2007-3298, Class FC | FHLMC REMIC, Series 2007-3298, Class FC | FHLMC REMIC, Series 2007-3298, Class FC |
| (SOFR + 0.534%) | (SOFR + 0.534%) | (SOFR + 0.534%) | (SOFR + 0.534%) |
| 60852 | 4.193 | 04/15/37<sup>(a)</sup> | 60465 |
| FHLMC REMIC, Series 2007-3314, Class FC | FHLMC REMIC, Series 2007-3314, Class FC | FHLMC REMIC, Series 2007-3314, Class FC | FHLMC REMIC, Series 2007-3314, Class FC |
| (SOFR + 0.514%) | (SOFR + 0.514%) | (SOFR + 0.514%) | (SOFR + 0.514%) |
| 14443 | 4.173 | 12/15/36<sup>(a)</sup> | 14362 |
| FHLMC REMIC, Series 2007-3316, Class FB | FHLMC REMIC, Series 2007-3316, Class FB | FHLMC REMIC, Series 2007-3316, Class FB | FHLMC REMIC, Series 2007-3316, Class FB |
| (SOFR + 0.414%) | (SOFR + 0.414%) | (SOFR + 0.414%) | (SOFR + 0.414%) |
| 347023 | 4.073 | 08/15/35<sup>(a)</sup> | 345110 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Mortgage-Backed Securities – (continued) | Mortgage-Backed Securities – (continued) | Mortgage-Backed Securities – (continued) | Mortgage-Backed Securities – (continued) |
| FHLMC REMIC, Series 2007-3371, Class FA | FHLMC REMIC, Series 2007-3371, Class FA | FHLMC REMIC, Series 2007-3371, Class FA | FHLMC REMIC, Series 2007-3371, Class FA |
| (SOFR + 0.714%) | (SOFR + 0.714%) | (SOFR + 0.714%) | (SOFR + 0.714%) |
| 71671 | 4.373% | 09/15/37<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71734 |
| FHLMC REMIC, Series 2009-3593, Class CF | FHLMC REMIC, Series 2009-3593, Class CF | FHLMC REMIC, Series 2009-3593, Class CF | FHLMC REMIC, Series 2009-3593, Class CF |
| (SOFR + 0.714%) | (SOFR + 0.714%) | (SOFR + 0.714%) | (SOFR + 0.714%) |
| 792389 | 4.373 | 02/15/36<sup>(a)</sup> | 793694 |
| FHLMC REMIC, Series 2012-4040, Class FW | FHLMC REMIC, Series 2012-4040, Class FW | FHLMC REMIC, Series 2012-4040, Class FW | FHLMC REMIC, Series 2012-4040, Class FW |
| (SOFR + 0.484%) | (SOFR + 0.484%) | (SOFR + 0.484%) | (SOFR + 0.484%) |
| 193510 | 4.143 | 05/15/32<sup>(a)</sup> | 193751 |
| FHLMC REMIC, Series 2012-4057, Class FE | FHLMC REMIC, Series 2012-4057, Class FE | FHLMC REMIC, Series 2012-4057, Class FE | FHLMC REMIC, Series 2012-4057, Class FE |
| (SOFR + 0.564%) | (SOFR + 0.564%) | (SOFR + 0.564%) | (SOFR + 0.564%) |
| 540411 | 4.223 | 06/15/42<sup>(a)</sup> | 539360 |
| FHLMC REMIC, Series 2012-4068, Class UF | FHLMC REMIC, Series 2012-4068, Class UF | FHLMC REMIC, Series 2012-4068, Class UF | FHLMC REMIC, Series 2012-4068, Class UF |
| (SOFR + 0.614%) | (SOFR + 0.614%) | (SOFR + 0.614%) | (SOFR + 0.614%) |
| 133636 | 4.273 | 06/15/42<sup>(a)</sup> | 132074 |
| FHLMC REMIC, Series 2012-4098, Class MF | FHLMC REMIC, Series 2012-4098, Class MF | FHLMC REMIC, Series 2012-4098, Class MF | FHLMC REMIC, Series 2012-4098, Class MF |
| (SOFR + 0.414%) | (SOFR + 0.414%) | (SOFR + 0.414%) | (SOFR + 0.414%) |
| 60284 | 4.073 | 11/15/41<sup>(a)</sup> | 60202 |
| FHLMC REMIC, Series 2012-4107, Class MF | FHLMC REMIC, Series 2012-4107, Class MF | FHLMC REMIC, Series 2012-4107, Class MF | FHLMC REMIC, Series 2012-4107, Class MF |
| (SOFR + 0.514%) | (SOFR + 0.514%) | (SOFR + 0.514%) | (SOFR + 0.514%) |
| 1156343 | 4.173 | 09/15/42<sup>(a)</sup> | 1147746 |
| FHLMC REMIC, Series 2012-4126, Class GF | FHLMC REMIC, Series 2012-4126, Class GF | FHLMC REMIC, Series 2012-4126, Class GF | FHLMC REMIC, Series 2012-4126, Class GF |
| (SOFR + 0.514%) | (SOFR + 0.514%) | (SOFR + 0.514%) | (SOFR + 0.514%) |
| 1716696 | 4.173 | 11/15/42<sup>(a)</sup> | 1707021 |
| FHLMC REMIC, Series 2013-4203, Class QF | FHLMC REMIC, Series 2013-4203, Class QF | FHLMC REMIC, Series 2013-4203, Class QF | FHLMC REMIC, Series 2013-4203, Class QF |
| (SOFR + 0.364%) | (SOFR + 0.364%) | (SOFR + 0.364%) | (SOFR + 0.364%) |
| 706579 | 4.023 | 05/15/43<sup>(a)</sup> | 700422 |
| FHLMC REMIC, Series 2013-4215, Class NF | FHLMC REMIC, Series 2013-4215, Class NF | FHLMC REMIC, Series 2013-4215, Class NF | FHLMC REMIC, Series 2013-4215, Class NF |
| (SOFR + 0.464%) | (SOFR + 0.464%) | (SOFR + 0.464%) | (SOFR + 0.464%) |
| 537332 | 4.123 | 06/15/43<sup>(a)</sup> | 529700 |
| FHLMC REMIC, Series 2013-4248, Class FL | FHLMC REMIC, Series 2013-4248, Class FL | FHLMC REMIC, Series 2013-4248, Class FL | FHLMC REMIC, Series 2013-4248, Class FL |
| (SOFR + 0.564%) | (SOFR + 0.564%) | (SOFR + 0.564%) | (SOFR + 0.564%) |
| 47470 | 4.223 | 05/15/41<sup>(a)</sup> | 47393 |
| FHLMC REMIC, Series 2013-4263, Class FB | FHLMC REMIC, Series 2013-4263, Class FB | FHLMC REMIC, Series 2013-4263, Class FB | FHLMC REMIC, Series 2013-4263, Class FB |
| (SOFR + 0.514%) | (SOFR + 0.514%) | (SOFR + 0.514%) | (SOFR + 0.514%) |
| 34702 | 4.173 | 11/15/43<sup>(a)</sup> | 34519 |
| FHLMC REMIC, Series 2013-4272, Class FD | FHLMC REMIC, Series 2013-4272, Class FD | FHLMC REMIC, Series 2013-4272, Class FD | FHLMC REMIC, Series 2013-4272, Class FD |
| (SOFR + 0.464%) | (SOFR + 0.464%) | (SOFR + 0.464%) | (SOFR + 0.464%) |
| 34367 | 4.123 | 11/15/43<sup>(a)</sup> | 33983 |
| FHLMC REMIC, Series 2018-4787, Class ZS | FHLMC REMIC, Series 2018-4787, Class ZS | FHLMC REMIC, Series 2018-4787, Class ZS | FHLMC REMIC, Series 2018-4787, Class ZS |
| 551835 | 5.000 | 07/01/48 | 566786 |
| FHLMC REMIC, Series 2018-4818, Class FC | FHLMC REMIC, Series 2018-4818, Class FC | FHLMC REMIC, Series 2018-4818, Class FC | FHLMC REMIC, Series 2018-4818, Class FC |
| (SOFR + 0.414%) | (SOFR + 0.414%) | (SOFR + 0.414%) | (SOFR + 0.414%) |
| 154996 | 4.073 | 04/15/48<sup>(a)</sup> | 151595 |
| FHLMC REMIC, Series 2018-4852, Class BF | FHLMC REMIC, Series 2018-4852, Class BF | FHLMC REMIC, Series 2018-4852, Class BF | FHLMC REMIC, Series 2018-4852, Class BF |
| (SOFR + 0.514%) | (SOFR + 0.514%) | (SOFR + 0.514%) | (SOFR + 0.514%) |
| 1044322 | 4.173 | 12/15/48<sup>(a)</sup> | 1030180 |
| FHLMC REMIC, Series 2019-4897, Class F | FHLMC REMIC, Series 2019-4897, Class F | FHLMC REMIC, Series 2019-4897, Class F | FHLMC REMIC, Series 2019-4897, Class F |
| (SOFR + 0.514%) | (SOFR + 0.514%) | (SOFR + 0.514%) | (SOFR + 0.514%) |
| 771610 | 4.173 | 07/15/49<sup>(a)</sup> | 765998 |
| FHLMC REMIC, Series 2019-4903, Class F | FHLMC REMIC, Series 2019-4903, Class F | FHLMC REMIC, Series 2019-4903, Class F | FHLMC REMIC, Series 2019-4903, Class F |
| (SOFR + 0.564%) | (SOFR + 0.564%) | (SOFR + 0.564%) | (SOFR + 0.564%) |
| 123754 | 4.223 | 09/15/48<sup>(a)</sup> | 121996 |
| FHLMC REMIC, Series 2019-4906, Class NF | FHLMC REMIC, Series 2019-4906, Class NF | FHLMC REMIC, Series 2019-4906, Class NF | FHLMC REMIC, Series 2019-4906, Class NF |
| (SOFR + 0.514%) | (SOFR + 0.514%) | (SOFR + 0.514%) | (SOFR + 0.514%) |
| 859569 | 4.315 | 03/15/38<sup>(a)</sup> | 840529 |
| FHLMC REMIC, Series 2019-4942, Class FA | FHLMC REMIC, Series 2019-4942, Class FA | FHLMC REMIC, Series 2019-4942, Class FA | FHLMC REMIC, Series 2019-4942, Class FA |
| (SOFR + 0.614%) | (SOFR + 0.614%) | (SOFR + 0.614%) | (SOFR + 0.614%) |
| 806961 | 4.282 | 01/25/50<sup>(a)</sup> | 800362 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **27** |

---

------

GOLDMAN SACHS ULTRA SHORT BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Value** |
| Mortgage-Backed Securities – (continued) | Mortgage-Backed Securities – (continued) | Mortgage-Backed Securities – (continued) |
| FHLMC REMIC, Series 2020-5002, Class FJ | FHLMC REMIC, Series 2020-5002, Class FJ | FHLMC REMIC, Series 2020-5002, Class FJ |
| (SOFR + 0.514%) | (SOFR + 0.514%) | (SOFR + 0.514%) |
| 138125 | 4.182% 07/25/50<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136593 |
| FHLMC STRIPS, Series 2006-239, Class F22 | FHLMC STRIPS, Series 2006-239, Class F22 | FHLMC STRIPS, Series 2006-239, Class F22 |
| (SOFR + 0.464%) | (SOFR + 0.464%) | (SOFR + 0.464%) |
| 110187 | 4.123 08/15/36<sup>(a)</sup> | 109499 |
| FHLMC STRIPS, Series 2006-239, Class F30 | FHLMC STRIPS, Series 2006-239, Class F30 | FHLMC STRIPS, Series 2006-239, Class F30 |
| (SOFR + 0.414%) | (SOFR + 0.414%) | (SOFR + 0.414%) |
| 275467 | 4.073 08/15/36<sup>(a)</sup> | 273366 |
| FNMA REMIC, Series 2002-53, Class FY | FNMA REMIC, Series 2002-53, Class FY | FNMA REMIC, Series 2002-53, Class FY |
| (SOFR + 0.614%) | (SOFR + 0.614%) | (SOFR + 0.614%) |
| 103215 | 4.282 08/25/32<sup>(a)</sup> | 103364 |
| FNMA REMIC, Series 2004-54, Class FL | FNMA REMIC, Series 2004-54, Class FL | FNMA REMIC, Series 2004-54, Class FL |
| (SOFR + 0.514%) | (SOFR + 0.514%) | (SOFR + 0.514%) |
| 33599 | 4.182 07/25/34<sup>(a)</sup> | 33622 |
| FNMA REMIC, Series 2004-54, Class FN | FNMA REMIC, Series 2004-54, Class FN | FNMA REMIC, Series 2004-54, Class FN |
| (SOFR + 0.564%) | (SOFR + 0.564%) | (SOFR + 0.564%) |
| 139602 | 4.232 07/25/34<sup>(a)</sup> | 139811 |
| FNMA REMIC, Series 2005-120, Class FE | FNMA REMIC, Series 2005-120, Class FE | FNMA REMIC, Series 2005-120, Class FE |
| (SOFR + 0.634%) | (SOFR + 0.634%) | (SOFR + 0.634%) |
| 222957 | 4.302 01/25/36<sup>(a)</sup> | 222830 |
| FNMA REMIC, Series 2005-87, Class FE | FNMA REMIC, Series 2005-87, Class FE | FNMA REMIC, Series 2005-87, Class FE |
| (SOFR + 0.564%) | (SOFR + 0.564%) | (SOFR + 0.564%) |
| 231222 | 4.232 10/25/35<sup>(a)</sup> | 231079 |
| FNMA REMIC, Series 2006-110, Class AF | FNMA REMIC, Series 2006-110, Class AF | FNMA REMIC, Series 2006-110, Class AF |
| (SOFR + 0.444%) | (SOFR + 0.444%) | (SOFR + 0.444%) |
| 1363507 | 4.112 11/25/36<sup>(a)</sup> | 1354906 |
| FNMA REMIC, Series 2006-16, Class FC | FNMA REMIC, Series 2006-16, Class FC | FNMA REMIC, Series 2006-16, Class FC |
| (SOFR + 0.414%) | (SOFR + 0.414%) | (SOFR + 0.414%) |
| 43248 | 4.082 03/25/36<sup>(a)</sup> | 43069 |
| FNMA REMIC, Series 2006-36, Class FB | FNMA REMIC, Series 2006-36, Class FB | FNMA REMIC, Series 2006-36, Class FB |
| (SOFR + 0.414%) | (SOFR + 0.414%) | (SOFR + 0.414%) |
| 31138 | 4.082 05/25/36<sup>(a)</sup> | 30905 |
| FNMA REMIC, Series 2006-42, Class PF | FNMA REMIC, Series 2006-42, Class PF | FNMA REMIC, Series 2006-42, Class PF |
| (SOFR + 0.524%) | (SOFR + 0.524%) | (SOFR + 0.524%) |
| 48594 | 4.192 06/25/36<sup>(a)</sup> | 48534 |
| FNMA REMIC, Series 2006-44, Class FP | FNMA REMIC, Series 2006-44, Class FP | FNMA REMIC, Series 2006-44, Class FP |
| (SOFR + 0.514%) | (SOFR + 0.514%) | (SOFR + 0.514%) |
| 543140 | 4.182 06/25/36<sup>(a)</sup> | 541455 |
| FNMA REMIC, Series 2006-61, Class FD | FNMA REMIC, Series 2006-61, Class FD | FNMA REMIC, Series 2006-61, Class FD |
| (SOFR + 0.474%) | (SOFR + 0.474%) | (SOFR + 0.474%) |
| 94980 | 4.142 07/25/36<sup>(a)</sup> | 94487 |
| FNMA REMIC, Series 2006-79, Class DF | FNMA REMIC, Series 2006-79, Class DF | FNMA REMIC, Series 2006-79, Class DF |
| (SOFR + 0.464%) | (SOFR + 0.464%) | (SOFR + 0.464%) |
| 206915 | 4.132 08/25/36<sup>(a)</sup> | 206360 |
| FNMA REMIC, Series 2006-88, Class AF | FNMA REMIC, Series 2006-88, Class AF | FNMA REMIC, Series 2006-88, Class AF |
| (SOFR + 0.574%) | (SOFR + 0.574%) | (SOFR + 0.574%) |
| 233459 | 4.242 09/25/36<sup>(a)</sup> | 233008 |
| FNMA REMIC, Series 2007-35, Class PF | FNMA REMIC, Series 2007-35, Class PF | FNMA REMIC, Series 2007-35, Class PF |
| (SOFR + 0.364%) | (SOFR + 0.364%) | (SOFR + 0.364%) |
| 40835 | 4.032 04/25/37<sup>(a)</sup> | 40447 |
| FNMA REMIC, Series 2007-67, Class FB | FNMA REMIC, Series 2007-67, Class FB | FNMA REMIC, Series 2007-67, Class FB |
| (SOFR + 0.434%) | (SOFR + 0.434%) | (SOFR + 0.434%) |
| 96130 | 4.102 07/25/37<sup>(a)</sup> | 95452 |
| FNMA REMIC, Series 2008-1, Class CF | FNMA REMIC, Series 2008-1, Class CF | FNMA REMIC, Series 2008-1, Class CF |
| (SOFR + 0.814%) | (SOFR + 0.814%) | (SOFR + 0.814%) |
| 36429 | 4.482 02/25/38<sup>(a)</sup> | 36616 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Value** |
| Mortgage-Backed Securities – (continued) | Mortgage-Backed Securities – (continued) | Mortgage-Backed Securities – (continued) |
| FNMA REMIC, Series 2009-110, Class FG | FNMA REMIC, Series 2009-110, Class FG | FNMA REMIC, Series 2009-110, Class FG |
| (SOFR + 0.864%) | (SOFR + 0.864%) | (SOFR + 0.864%) |
| 99177 | 4.532% 01/25/40<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99890 |
| FNMA REMIC, Series 2010-113, Class FA | FNMA REMIC, Series 2010-113, Class FA | FNMA REMIC, Series 2010-113, Class FA |
| (SOFR + 0.514%) | (SOFR + 0.514%) | (SOFR + 0.514%) |
| 79692 | 4.182 10/25/40<sup>(a)</sup> | 79558 |
| FNMA REMIC, Series 2010-116, Class FE | FNMA REMIC, Series 2010-116, Class FE | FNMA REMIC, Series 2010-116, Class FE |
| (SOFR + 0.514%) | (SOFR + 0.514%) | (SOFR + 0.514%) |
| 104564 | 4.182 10/25/40<sup>(a)</sup> | 104351 |
| FNMA REMIC, Series 2010-141, Class FB | FNMA REMIC, Series 2010-141, Class FB | FNMA REMIC, Series 2010-141, Class FB |
| (SOFR + 0.584%) | (SOFR + 0.584%) | (SOFR + 0.584%) |
| 68074 | 4.252 12/25/40<sup>(a)</sup> | 68013 |
| FNMA REMIC, Series 2010-15, Class FJ | FNMA REMIC, Series 2010-15, Class FJ | FNMA REMIC, Series 2010-15, Class FJ |
| (SOFR + 1.044%) | (SOFR + 1.044%) | (SOFR + 1.044%) |
| 196789 | 4.712 06/25/36<sup>(a)</sup> | 199151 |
| FNMA REMIC, Series 2010-39, Class FE | FNMA REMIC, Series 2010-39, Class FE | FNMA REMIC, Series 2010-39, Class FE |
| (SOFR + 0.884%) | (SOFR + 0.884%) | (SOFR + 0.884%) |
| 324326 | 4.552 06/25/37<sup>(a)</sup> | 326535 |
| FNMA REMIC, Series 2010-39, Class FG | FNMA REMIC, Series 2010-39, Class FG | FNMA REMIC, Series 2010-39, Class FG |
| (SOFR + 1.034%) | (SOFR + 1.034%) | (SOFR + 1.034%) |
| 146574 | 4.702 03/25/36<sup>(a)</sup> | 148354 |
| FNMA REMIC, Series 2010-46, Class WF | FNMA REMIC, Series 2010-46, Class WF | FNMA REMIC, Series 2010-46, Class WF |
| (SOFR + 0.864%) | (SOFR + 0.864%) | (SOFR + 0.864%) |
| 1133465 | 4.532 05/25/40<sup>(a)</sup> | 1140578 |
| FNMA REMIC, Series 2010-49, Class FB | FNMA REMIC, Series 2010-49, Class FB | FNMA REMIC, Series 2010-49, Class FB |
| (SOFR + 0.864%) | (SOFR + 0.864%) | (SOFR + 0.864%) |
| 98398 | 4.532 05/25/40<sup>(a)</sup> | 99085 |
| FNMA REMIC, Series 2010-59, Class FN | FNMA REMIC, Series 2010-59, Class FN | FNMA REMIC, Series 2010-59, Class FN |
| (SOFR + 0.844%) | (SOFR + 0.844%) | (SOFR + 0.844%) |
| 1146464 | 4.512 06/25/40<sup>(a)</sup> | 1152682 |
| FNMA REMIC, Series 2011-53, Class FT | FNMA REMIC, Series 2011-53, Class FT | FNMA REMIC, Series 2011-53, Class FT |
| (SOFR + 0.694%) | (SOFR + 0.694%) | (SOFR + 0.694%) |
| 92457 | 4.362 06/25/41<sup>(a)</sup> | 92381 |
| FNMA REMIC, Series 2011-87, Class FJ | FNMA REMIC, Series 2011-87, Class FJ | FNMA REMIC, Series 2011-87, Class FJ |
| (SOFR + 0.664%) | (SOFR + 0.664%) | (SOFR + 0.664%) |
| 101872 | 4.332 09/25/41<sup>(a)</sup> | 101535 |
| FNMA REMIC, Series 2012-101, Class FC | FNMA REMIC, Series 2012-101, Class FC | FNMA REMIC, Series 2012-101, Class FC |
| (SOFR + 0.614%) | (SOFR + 0.614%) | (SOFR + 0.614%) |
| 89186 | 4.282 09/25/42<sup>(a)</sup> | 88459 |
| FNMA REMIC, Series 2012-14, Class BF | FNMA REMIC, Series 2012-14, Class BF | FNMA REMIC, Series 2012-14, Class BF |
| (SOFR + 0.714%) | (SOFR + 0.714%) | (SOFR + 0.714%) |
| 450439 | 4.382 03/25/42<sup>(a)</sup> | 450265 |
| FNMA REMIC, Series 2012-37, Class BF | FNMA REMIC, Series 2012-37, Class BF | FNMA REMIC, Series 2012-37, Class BF |
| (SOFR + 0.614%) | (SOFR + 0.614%) | (SOFR + 0.614%) |
| 96447 | 4.282 12/25/35<sup>(a)</sup> | 96283 |
| FNMA REMIC, Series 2013-10, Class KF | FNMA REMIC, Series 2013-10, Class KF | FNMA REMIC, Series 2013-10, Class KF |
| (SOFR + 0.414%) | (SOFR + 0.414%) | (SOFR + 0.414%) |
| 61963 | 4.082 02/25/43<sup>(a)</sup> | 61346 |
| FNMA REMIC, Series 2013-130, Class FB | FNMA REMIC, Series 2013-130, Class FB | FNMA REMIC, Series 2013-130, Class FB |
| (SOFR + 0.564%) | (SOFR + 0.564%) | (SOFR + 0.564%) |
| 66045 | 4.232 01/25/44<sup>(a)</sup> | 65860 |
| FNMA REMIC, Series 2013-19, Class DF | FNMA REMIC, Series 2013-19, Class DF | FNMA REMIC, Series 2013-19, Class DF |
| (SOFR + 0.414%) | (SOFR + 0.414%) | (SOFR + 0.414%) |
| 223042 | 4.082 09/25/41<sup>(a)</sup> | 222727 |
| FNMA REMIC, Series 2013-2, Class QF | FNMA REMIC, Series 2013-2, Class QF | FNMA REMIC, Series 2013-2, Class QF |
| (SOFR + 0.614%) | (SOFR + 0.614%) | (SOFR + 0.614%) |
| 40616 | 4.282 02/25/43<sup>(a)</sup> | 40425 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 28 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ULTRA SHORT BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Mortgage-Backed Securities – (continued) | Mortgage-Backed Securities – (continued) | Mortgage-Backed Securities – (continued) | Mortgage-Backed Securities – (continued) |
| FNMA REMIC, Series 2014-17, Class FE | FNMA REMIC, Series 2014-17, Class FE | FNMA REMIC, Series 2014-17, Class FE | FNMA REMIC, Series 2014-17, Class FE |
| (SOFR + 0.664%) | (SOFR + 0.664%) | (SOFR + 0.664%) | (SOFR + 0.664%) |
| 587019 | 4.332% | 04/25/44<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583785 |
| FNMA REMIC, Series 2014-28, Class FD | FNMA REMIC, Series 2014-28, Class FD | FNMA REMIC, Series 2014-28, Class FD | FNMA REMIC, Series 2014-28, Class FD |
| (SOFR + 0.564%) | (SOFR + 0.564%) | (SOFR + 0.564%) | (SOFR + 0.564%) |
| 1117764 | 4.232 | 05/25/44<sup>(a)</sup> | 1116457 |
| FNMA REMIC, Series 2014-47, Class AF | FNMA REMIC, Series 2014-47, Class AF | FNMA REMIC, Series 2014-47, Class AF | FNMA REMIC, Series 2014-47, Class AF |
| (SOFR + 0.464%) | (SOFR + 0.464%) | (SOFR + 0.464%) | (SOFR + 0.464%) |
| 196830 | 4.265 | 08/25/44<sup>(a)</sup> | 196029 |
| FNMA REMIC, Series 2015-27, Class KF | FNMA REMIC, Series 2015-27, Class KF | FNMA REMIC, Series 2015-27, Class KF | FNMA REMIC, Series 2015-27, Class KF |
| (SOFR + 0.414%) | (SOFR + 0.414%) | (SOFR + 0.414%) | (SOFR + 0.414%) |
| 42910 | 4.082 | 05/25/45<sup>(a)</sup> | 42697 |
| FNMA REMIC, Series 2015-87, Class BF | FNMA REMIC, Series 2015-87, Class BF | FNMA REMIC, Series 2015-87, Class BF | FNMA REMIC, Series 2015-87, Class BF |
| (SOFR + 0.414%) | (SOFR + 0.414%) | (SOFR + 0.414%) | (SOFR + 0.414%) |
| 236776 | 4.082 | 12/25/45<sup>(a)</sup> | 234782 |
| FNMA REMIC, Series 2016-49, Class EF | FNMA REMIC, Series 2016-49, Class EF | FNMA REMIC, Series 2016-49, Class EF | FNMA REMIC, Series 2016-49, Class EF |
| (SOFR + 0.514%) | (SOFR + 0.514%) | (SOFR + 0.514%) | (SOFR + 0.514%) |
| 526743 | 4.182 | 08/25/46<sup>(a)</sup> | 524376 |
| FNMA REMIC, Series 2017-16, Class FA | FNMA REMIC, Series 2017-16, Class FA | FNMA REMIC, Series 2017-16, Class FA | FNMA REMIC, Series 2017-16, Class FA |
| (SOFR + 0.564%) | (SOFR + 0.564%) | (SOFR + 0.564%) | (SOFR + 0.564%) |
| 545667 | 4.232 | 03/25/47<sup>(a)</sup> | 539493 |
| FNMA REMIC, Series 2017-91, Class GF | FNMA REMIC, Series 2017-91, Class GF | FNMA REMIC, Series 2017-91, Class GF | FNMA REMIC, Series 2017-91, Class GF |
| (SOFR + 0.464%) | (SOFR + 0.464%) | (SOFR + 0.464%) | (SOFR + 0.464%) |
| 1297535 | 4.132 | 11/25/47<sup>(a)</sup> | 1276688 |
| FNMA REMIC, Series 2018-15, Class JF | FNMA REMIC, Series 2018-15, Class JF | FNMA REMIC, Series 2018-15, Class JF | FNMA REMIC, Series 2018-15, Class JF |
| (SOFR + 0.414%) | (SOFR + 0.414%) | (SOFR + 0.414%) | (SOFR + 0.414%) |
| 709085 | 4.082 | 03/25/48<sup>(a)</sup> | 695271 |
| FNMA REMIC, Series 2018-3385, Class MA | FNMA REMIC, Series 2018-3385, Class MA | FNMA REMIC, Series 2018-3385, Class MA | FNMA REMIC, Series 2018-3385, Class MA |
| 640975 | 4.500 | 06/01/48 | 642218 |
| FNMA REMIC, Series 2019-41, Class FM | FNMA REMIC, Series 2019-41, Class FM | FNMA REMIC, Series 2019-41, Class FM | FNMA REMIC, Series 2019-41, Class FM |
| (SOFR + 0.564%) | (SOFR + 0.564%) | (SOFR + 0.564%) | (SOFR + 0.564%) |
| 825407 | 4.232 | 08/25/49<sup>(a)</sup> | 817307 |
| FNMA REMIC, Series 2019-6, Class KF | FNMA REMIC, Series 2019-6, Class KF | FNMA REMIC, Series 2019-6, Class KF | FNMA REMIC, Series 2019-6, Class KF |
| (SOFR + 0.564%) | (SOFR + 0.564%) | (SOFR + 0.564%) | (SOFR + 0.564%) |
| 1287849 | 4.232 | 03/25/49<sup>(a)</sup> | 1271860 |
| Government National Mortgage Association, Series 2004-59, Class FP | Government National Mortgage Association, Series 2004-59, Class FP | Government National Mortgage Association, Series 2004-59, Class FP | Government National Mortgage Association, Series 2004-59, Class FP |
| (1M U.S. T-Bill MMY + 0.414%) | (1M U.S. T-Bill MMY + 0.414%) | (1M U.S. T-Bill MMY + 0.414%) | (1M U.S. T-Bill MMY + 0.414%) |
| 224457 | 4.074 | 08/16/34<sup>(a)</sup> | 224350 |
| Government National Mortgage Association, Series 2005-4, Class FA | Government National Mortgage Association, Series 2005-4, Class FA | Government National Mortgage Association, Series 2005-4, Class FA | Government National Mortgage Association, Series 2005-4, Class FA |
| (1M U.S. T-Bill MMY + 0.484%) | (1M U.S. T-Bill MMY + 0.484%) | (1M U.S. T-Bill MMY + 0.484%) | (1M U.S. T-Bill MMY + 0.484%) |
| 169270 | 4.144 | 01/16/35<sup>(a)</sup> | 169386 |
| Government National Mortgage Association, Series 2007-59, Class FA | Government National Mortgage Association, Series 2007-59, Class FA | Government National Mortgage Association, Series 2007-59, Class FA | Government National Mortgage Association, Series 2007-59, Class FA |
| (1M U.S. T-Bill MMY + 0.614%) | (1M U.S. T-Bill MMY + 0.614%) | (1M U.S. T-Bill MMY + 0.614%) | (1M U.S. T-Bill MMY + 0.614%) |
| 79330 | 4.282 | 10/20/37<sup>(a)</sup> | 79515 |
| Government National Mortgage Association, Series 2013-99, Class PF | Government National Mortgage Association, Series 2013-99, Class PF | Government National Mortgage Association, Series 2013-99, Class PF | Government National Mortgage Association, Series 2013-99, Class PF |
| (1M U.S. T-Bill MMY + 0.414%) | (1M U.S. T-Bill MMY + 0.414%) | (1M U.S. T-Bill MMY + 0.414%) | (1M U.S. T-Bill MMY + 0.414%) |
| 1173983 | 4.082 | 07/20/43<sup>(a)</sup> | 1158547 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Mortgage-Backed Securities – (continued) | Mortgage-Backed Securities – (continued) | Mortgage-Backed Securities – (continued) | Mortgage-Backed Securities – (continued) |
| Government National Mortgage Association, Series 2019-110, Class F | Government National Mortgage Association, Series 2019-110, Class F | Government National Mortgage Association, Series 2019-110, Class F | Government National Mortgage Association, Series 2019-110, Class F |
| (1M U.S. T-Bill MMY + 0.564%) | (1M U.S. T-Bill MMY + 0.564%) | (1M U.S. T-Bill MMY + 0.564%) | (1M U.S. T-Bill MMY + 0.564%) |
| 1305640 | 4.232% | 09/20/49<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1295149 |
| Government National Mortgage Association, Series 2019-56, Class FB | Government National Mortgage Association, Series 2019-56, Class FB | Government National Mortgage Association, Series 2019-56, Class FB | Government National Mortgage Association, Series 2019-56, Class FB |
| (1M U.S. T-Bill MMY + 0.564%) | (1M U.S. T-Bill MMY + 0.564%) | (1M U.S. T-Bill MMY + 0.564%) | (1M U.S. T-Bill MMY + 0.564%) |
| 1472856 | 4.232 | 05/20/49<sup>(a)</sup> | 1461452 |
| Government National Mortgage Association, Series 2019-58, Class FA | Government National Mortgage Association, Series 2019-58, Class FA | Government National Mortgage Association, Series 2019-58, Class FA | Government National Mortgage Association, Series 2019-58, Class FA |
| (1M U.S. T-Bill MMY + 0.514%) | (1M U.S. T-Bill MMY + 0.514%) | (1M U.S. T-Bill MMY + 0.514%) | (1M U.S. T-Bill MMY + 0.514%) |
| 622972 | 4.182 | 05/20/49<sup>(a)</sup> | 618627 |
| GS Mortgage Securities Trust, Series 2019-GC39, Class A3 | GS Mortgage Securities Trust, Series 2019-GC39, Class A3 | GS Mortgage Securities Trust, Series 2019-GC39, Class A3 | GS Mortgage Securities Trust, Series 2019-GC39, Class A3 |
| 4610235 | 3.307 | 05/10/52 | 4513585 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2024-OMNI, Class A | J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2024-OMNI, Class A | J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2024-OMNI, Class A | J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2024-OMNI, Class A |
| 4800000 | 5.797 | 10/05/39<sup>(a)(b)</sup> | 4885125 |
| LCCM, Series 2017-LC26, Class A4 | LCCM, Series 2017-LC26, Class A4 | LCCM, Series 2017-LC26, Class A4 | LCCM, Series 2017-LC26, Class A4 |
| 900000 | 3.551 | 07/12/50<sup>(b)</sup> | 890105 |
| Morgan Stanley Capital I, Series 2017-HR2, Class ASB | Morgan Stanley Capital I, Series 2017-HR2, Class ASB | Morgan Stanley Capital I, Series 2017-HR2, Class ASB | Morgan Stanley Capital I, Series 2017-HR2, Class ASB |
| 1285197 | 3.509 | 12/15/50 | 1277259 |
| Morgan Stanley Capital I Trust, Series 2016-BNK2, Class ASB | Morgan Stanley Capital I Trust, Series 2016-BNK2, Class ASB | Morgan Stanley Capital I Trust, Series 2016-BNK2, Class ASB | Morgan Stanley Capital I Trust, Series 2016-BNK2, Class ASB |
| 52674 | 2.860 | 11/15/49 | 52395 |
| UBS Commercial Mortgage Trust, Series 2017-C2, Class ASB | UBS Commercial Mortgage Trust, Series 2017-C2, Class ASB | UBS Commercial Mortgage Trust, Series 2017-C2, Class ASB | UBS Commercial Mortgage Trust, Series 2017-C2, Class ASB |
| 161551 | 3.264 | 08/15/50 | 160743 |
| Wells Fargo Commercial Mortgage Trust, Series 2024-1CHI, Class A | Wells Fargo Commercial Mortgage Trust, Series 2024-1CHI, Class A | Wells Fargo Commercial Mortgage Trust, Series 2024-1CHI, Class A | Wells Fargo Commercial Mortgage Trust, Series 2024-1CHI, Class A |
| 1018000 | 5.484 | 07/15/35<sup>(a)(b)</sup> | 1027388 |
| TOTAL MORTGAGE-BACKED SECURITIES<br>(Cost $81,706,879) | TOTAL MORTGAGE-BACKED SECURITIES<br>(Cost $81,706,879) | TOTAL MORTGAGE-BACKED SECURITIES<br>(Cost $81,706,879) | 81486689 |
| U.S. Treasury Notes – 5.8% | U.S. Treasury Notes – 5.8% | U.S. Treasury Notes – 5.8% | U.S. Treasury Notes – 5.8% |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| 5761400 | 4.875 <sup>(e)</sup> | 04/30/26 | 5772203 |
| 8490000 | 4.125 <sup>(e)</sup> | 02/28/27 | 8539083 |
| 26074600 | 3.875 <sup>(e)</sup> | 03/31/27 | 26175435 |
| 14056200 | 4.375 <sup>(e)</sup> | 07/15/27 | 14229157 |
| 10253000 | 2.250 <sup>(e)</sup> | 08/15/27 | 10080381 |
| 16178500 | 3.875 <sup>(e)</sup> | 10/15/27 | 16292255 |
| TOTAL U.S. TREASURY NOTES<br>(Cost $80,811,296) | TOTAL U.S. TREASURY NOTES<br>(Cost $80,811,296) | TOTAL U.S. TREASURY NOTES<br>(Cost $80,811,296) | 81088514 |
| Certificate of Deposits – 5.5% | Certificate of Deposits – 5.5% | Certificate of Deposits – 5.5% | Certificate of Deposits – 5.5% |
| Banco Santander SA | Banco Santander SA | Banco Santander SA | Banco Santander SA |
| (SOFR + 0.190%) | (SOFR + 0.190%) | (SOFR + 0.190%) | (SOFR + 0.190%) |
| 4005000 | 3.870 | 03/04/26<sup>(a)</sup> | 4005040 |
| Barclays PLC | Barclays PLC | Barclays PLC | Barclays PLC |
| (SOFR + 0.370%) | (SOFR + 0.370%) | (SOFR + 0.370%) | (SOFR + 0.370%) |
| 5500000 | 4.050 | 10/09/26<sup>(a)</sup> | 5510501 |
| Kookmin Bank | Kookmin Bank | Kookmin Bank | Kookmin Bank |
| (SOFR + 0.450%) | (SOFR + 0.450%) | (SOFR + 0.450%) | (SOFR + 0.450%) |
| 10347000 | 4.120 | 02/08/27<sup>(a)</sup> | 10345552 |
| National Bank of Kuwait | National Bank of Kuwait | National Bank of Kuwait | National Bank of Kuwait |
| 5500000 | 4.420 | 08/19/26 | 5509515 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **29** |

---

------

GOLDMAN SACHS ULTRA SHORT BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Value** |
| Certificate of Deposits – (continued) | Certificate of Deposits – (continued) | Certificate of Deposits – (continued) |
| (SOFR + 0.600%) | (SOFR + 0.600%) | (SOFR + 0.600%) |
| $6075000 | 4.280% 12/11/26<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6085935 |
| 7784000 | 4.280 01/14/27<sup>(a)</sup> | 7786024 |
| (SOFR + 0.530%) | (SOFR + 0.530%) | (SOFR + 0.530%) |
| 4000000 | 4.200 02/23/27<sup>(a)</sup> | 3999995 |
| Natixis SA | Natixis SA | Natixis SA |
| (SOFR + 0.620%) | (SOFR + 0.620%) | (SOFR + 0.620%) |
| 4667000 | 4.300 10/29/26<sup>(a)</sup> | 4678947 |
| (SOFR + 0.400%) | (SOFR + 0.400%) | (SOFR + 0.400%) |
| 10000000 | 4.080 12/04/26<sup>(a)</sup> | 10022859 |
| Nordea Bank ABP, Series YCd | Nordea Bank ABP, Series YCd | Nordea Bank ABP, Series YCd |
| (SOFR + 0.400%) | (SOFR + 0.400%) | (SOFR + 0.400%) |
| 8671000 | 4.080 02/19/27<sup>(a)</sup> | 8683139 |
| Standard Chartered Bank | Standard Chartered Bank | Standard Chartered Bank |
| (SOFR + 0.440%) | (SOFR + 0.440%) | (SOFR + 0.440%) |
| 9350000 | 4.120 10/30/26<sup>(a)</sup> | 9361284 |
| **TOTAL CERTIFICATE OF DEPOSITS**<br> **(Cost $75,891,508)** | **TOTAL CERTIFICATE OF DEPOSITS**<br> **(Cost $75,891,508)** | 75988791 |
| U.S. Government Agency Obligations – 0.9% | U.S. Government Agency Obligations – 0.9% | U.S. Government Agency Obligations – 0.9% |
| Federal Home Loan Mortgage Corporation | Federal Home Loan Mortgage Corporation | Federal Home Loan Mortgage Corporation |
| (SOFR + 0.140%) | (SOFR + 0.140%) | (SOFR + 0.140%) |
| 9447000 | 3.820 10/06/27<sup>(a)</sup> | 9452623 |
| 3036000 | 3.820 10/14/27<sup>(a)</sup> | 3042253 |
| **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> **(Cost $12,483,000)** | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> **(Cost $12,483,000)** | 12494876 |
| Short-Term Investment – 11.2% | Short-Term Investment – 11.2% | Short-Term Investment – 11.2% |
| Commercial Paper – 11.2% | Commercial Paper – 11.2% | Commercial Paper – 11.2% |
| Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
| $6964000 | 4.204% | 6953833 |
| Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. |
| 6648000 | 4.021 | 6642948 |
| 6951000 | 4.062 | 6940434 |
| ANZ New Zealand International Ltd. | ANZ New Zealand International Ltd. | ANZ New Zealand International Ltd. |
| 2668000 | 4.189 | 2645616 |
| Banco Bilbao Vizcaya Argentaria | Banco Bilbao Vizcaya Argentaria | Banco Bilbao Vizcaya Argentaria |
| 8400000 | 4.000 | 8401764 |
| BASF SE | BASF SE | BASF SE |
| 2265000 | 3.832 | 2257752 |
| Bayer Corp. | Bayer Corp. | Bayer Corp. |
| 8211000 | 4.097 | 7967215 |
| Bell Telephone Co. of Canada or Bell Canada (The) | Bell Telephone Co. of Canada or Bell Canada (The) | Bell Telephone Co. of Canada or Bell Canada (The) |
| 6274000 | 4.045 | 6248151 |
| Constellation Energy Generation, Inc. | Constellation Energy Generation, Inc. | Constellation Energy Generation, Inc. |
| 3983000 | 3.994 | 3937579 |
| General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
| 1688000 | 4.219 | 1659945 |
| HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
| 2299000 | 4.050 | 2300356 |
| Korea Development Bank (The) | Korea Development Bank (The) | Korea Development Bank (The) |
| 5111000 | 4.060 | 5112227 |
| Lseg U.S. Fin Corp. | Lseg U.S. Fin Corp. | Lseg U.S. Fin Corp. |
| 5816000 | 3.931 | 5783954 |
| Macquarie Bank Ltd. | Macquarie Bank Ltd. | Macquarie Bank Ltd. |
| 1019000 | 4.010 | 1019377 |
| National Bank of Canada | National Bank of Canada | National Bank of Canada |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Short-Term Investment - (continued) | Short-Term Investment - (continued) | Short-Term Investment - (continued) | Short-Term Investment - (continued) |
| Commercial Paper – (continued) | Commercial Paper – (continued) | Commercial Paper – (continued) | Commercial Paper – (continued) |
| 5135000 | 4.189% |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5088785 |
| 10000000 | 4.000 |  | 10001600 |
| National Bank of Canada, GMTN | National Bank of Canada, GMTN | National Bank of Canada, GMTN | National Bank of Canada, GMTN |
| (SOFRINDX + 0.900%) | (SOFRINDX + 0.900%) | (SOFRINDX + 0.900%) | (SOFRINDX + 0.900%) |
| 2437000 | 4.624 <sup>(a)</sup> |  | 2437765 |
| National Bank of Kuwait | National Bank of Kuwait | National Bank of Kuwait | National Bank of Kuwait |
| 5000000 | 4.503 |  | 4967300 |
| Natwest Markets PLC | Natwest Markets PLC | Natwest Markets PLC | Natwest Markets PLC |
| 1907000 | 4.018 |  | 1884326 |
| Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
| 4057000 | 4.409 |  | 3990506 |
| 14236000 | 4.476 |  | 13893339 |
| Penske Truck Leasing Co. | Penske Truck Leasing Co. | Penske Truck Leasing Co. | Penske Truck Leasing Co. |
| 1656000 | 4.120 |  | 1630050 |
| RWE AG | RWE AG | RWE AG | RWE AG |
| 6780000 | 3.906 |  | 6774911 |
| Societe Generale | Societe Generale | Societe Generale | Societe Generale |
| 7000000 | 4.224 |  | 6932170 |
| Spire, Inc. | Spire, Inc. | Spire, Inc. | Spire, Inc. |
| 5000000 | 3.866 |  | 4996850 |
| Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. |
| 7407000 | 3.854 |  | 7404630 |
| 6405000 | 3.886 |  | 6402246 |
| VW Credit, Inc. | VW Credit, Inc. | VW Credit, Inc. | VW Credit, Inc. |
| 3008000 | 4.416 |  | 3002496 |
| 8589000 | 4.293 |  | 8398324 |
| TOTAL SHORT-TERM INVESTMENT<br>(Cost $155,620,046) | TOTAL SHORT-TERM INVESTMENT<br>(Cost $155,620,046) | TOTAL SHORT-TERM INVESTMENT<br>(Cost $155,620,046) | 155676449 |
| **Shares** | **Dividend** <br> **Rate** | **Dividend** <br> **Rate** | **Value** |
| Investment Company – 1.2%<sup>(f)</sup> | Investment Company – 1.2%<sup>(f)</sup> | Investment Company – 1.2%<sup>(f)</sup> | Investment Company – 1.2%<sup>(f)</sup> |
| Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
| 16825869 | 3.589% | 3.589% | 16825869 |
| (Cost $16,825,869) | (Cost $16,825,869) | (Cost $16,825,869) | (Cost $16,825,869) |
| TOTAL INVESTMENTS – 101.6%<br>(Cost $1,407,181,692) | TOTAL INVESTMENTS – 101.6%<br>(Cost $1,407,181,692) | TOTAL INVESTMENTS – 101.6%<br>(Cost $1,407,181,692) | $1409918345 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS – (1.6)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS – (1.6)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS – (1.6)%** | (22386011) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | NET ASSETS – 100.0% | $1387532334 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

(a) Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on February 28, 2026.

(b) Exempt from registration under Rule 144A of the Securities Act of 1933.

(c) When-issued security.

(d) Zero coupon bond until next reset date.

(e) Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.

(f) Represents an affiliated issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 30 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ULTRA SHORT BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  **Investment Abbreviations:** | **Investment Abbreviations:** |
| BA | —Banker Acceptance Rate |
| CLO | —Collateralized Loan Obligation |
| CMT | —Constant Maturity Treasury Index |
| FHLMC | —Federal Home Loan Mortgage Corp. |
| FNMA | —Federal National Mortgage Association |
| GMTN | —Global Medium Term Note |
| LIBOR | —London Interbank Offered Rate |
| LP | —Limited Partnership |
| MMY | —Money Market Yield |
| MTN | —Medium Term Note |
| PLC | —Public Limited Company |
| REIT | —Real Estate Investment Trust |
| SOFR | —Secured Overnight Financing Rate |
| SOFRINDX | —Secured Overnight Financing Rate Index |
| T-Bill | —Treasury Bill |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **31** |

---

------

GOLDMAN SACHS ACTIVE FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statement of Assets and Liabilities *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Core Bond ETF** | **Corporate Bond ETF** | **Ultra Short Bond ETF** |
| Assets: |  |  |  |
|  Investments in unaffiliated issuers, at value (cost $91,170,972, $52,324,756 and $1,390,355,823, respectively) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91950231 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52593050 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1393092476 |
|  Investments in affiliated issuers, at value (cost $4,974,409, $41 and $16,825,869, respectively) | 4974409 | 41 | 16825869 |
|  Cash | 1204109 | 245862 | 896887 |
|  Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 2581945 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold on an extended-settlement basis | 1480713 |  | 13772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and Dividends | 544416 | 686387 | 9492021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts | 205179 | 283616 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold |  |  | 4985183 |
|  Unrealized gain on swap contracts | 18024 | 47702 |  |
|  Upfront payments received on swap contracts | 135967 | 444277 |  |
|  Variation margin on futures contracts | 51068 | 45598 |  |
|  **Total assets** | 103146061 | 54346533 | 1425306208 |
| Liabilities: |  |  |  |
|  Forward sale contracts, at value (proceeds received A$246,260, B$– and C$–, respectively) | 246990 |  |  |
|  Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased on an extended-settlement basis | 22158088 | 235136 | 31189000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 695272 | 500 | 3978209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 6004 | 5088 | 72342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed |  |  | 2534323 |
|  **Total liabilities** | 23106354 | 240724 | 37773874 |
| Net Assets: |  |  |  |
|  Paid-in capital | 78688990 | 53558257 | 1379887737 |
|  Total distributable earnings | 1350717 | 547552 | 7644597 |
|  **NET ASSETS** | $80039707 | $54105809 | $1387532334 |
|  **SHARES ISSUED AND OUTSTANDING** |  |  |  |
|  Shares outstanding no par value (unlimited shares authorized): | 1550000 | 1050000 | 27375000 |
|  Net asset value per share: | $51.64 | $51.53 | $50.69 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 32 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVE FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statement of Operations *For the Six Months Ended February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Core Bond ETF** | **Corporate Bond ETF** | **Ultra Short Bond**<br> **ETF** |
| Investment income: |  |  |  |
|  Interest | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775563 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722920 | $25929912 |
|  Dividends — affiliated issuers | 97060 | 12267 | 565755 |
|  **Total Investment Income** | 872623 | 735187 | 26495667 |
| Expenses: |  |  |  |
|  Management fees | 46564 | 41345 | 1173637 |
|  Trustee fees | 3835 | 4572 | 16979 |
|  **Total expenses** | 50399 | 45917 | 1190616 |
|  Less — expense reductions | (4167) | (498) | (261216) |
|  **Net expenses** | 46232 | 45419 | 929400 |
|  **NET INVESTMENT INCOME** | 826391 | 689768 | 25566267 |
| Realized and Unrealized gain (loss): |  |  |  |
|  Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 204717 | 11468 | 1029827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 81140 | 53112 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Contracts | (7953) | (25510) |  |
|  Net change in unrealized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 620097 | 171650 | 693943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 46123 | 61697 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Contracts | 11444 | 37629 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities sold short | (730) |  |  |
|  **Net realized and unrealized gain** | 954838 | 310046 | 1723770 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $1781229 | $999814 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27290037 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **33** |

---

------

GOLDMAN SACHS ACTIVE FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statement of Changes in Net Assets *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Core Bond ETF** | **Core Bond ETF** | **Corporate Bond ETF** | **Corporate Bond ETF** |
|  | **For the<br>Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **For the Period<br>June 24, 2025\*<br>to<br>August 31, 2025** | **For the<br>Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **For the Period<br>June 24, 2025\***<br> **to<br>August 31, 2025** |
| From operations: |  |  |  |  |
|  Net investment income | $826391 | $154859 | $689768 | $93592 |
|  Net realized gain (loss) | 277904 | (2243) | 39070 | (17602) |
|  Net change in unrealized gain | 676934 | 156921 | 270976 | 103367 |
|  **Net increase in net assets resulting from operations** | 1781229 | 309537 | 999814 | 179357 |
| Distributions to shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From distributable earnings | (658033) | (82016) | (578611) | (53008) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 58689667 | 19999323 | 42302740 | 11255517 |
|  **Net increase in net assets resulting from share transactions** | 58689667 | 19999323 | 42302740 | 11255517 |
|  **TOTAL INCREASE** | 59812863 | 20226844 | 42723943 | 11381866 |
| Net Assets: |  |  |  |  |
|  Beginning of period | $20226844 | $– | $11381866 | $– |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80039707 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20226844 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54105809 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11381866 |

---

\* Commencement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 34 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVE FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statement of Changes in Net Assets (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Ultra Short Bond ETF** | **Ultra Short Bond ETF** |
|  | **For the<br>Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **For the Fiscal**<br> **Year Ended<br>August 31, 2025** |
| From operations: |  |  |
|  Net investment income | $25566267 | $38309475 |
|  Net realized gain | 1029827 | 1797830 |
|  Net change in unrealized gain | 693943 | 638982 |
|  **Net increase in net assets resulting from operations** | 27290037 | 40746287 |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From distributable earnings | (25353745) | (37818250) |
| From share transactions: |  |  |
|  Proceeds from sales of shares | 457571771 | 765935053 |
|  Cost of shares redeemed | (74641388) | (381901053) |
| **Net increase in net assets resulting from share transactions** | 382930383 | 384034000 |
|  **TOTAL INCREASE** | 384866675 | 386962037 |
| Net Assets: |  |  |
|  Beginning of period | $1002665659 | $615703622 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1387532334 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002665659 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **35** |

---

------

GOLDMAN SACHS ACTIVE FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Core Bond ETF** | **Core Bond ETF** |
|  | **For the Six Months<br>Ended<br>February 28, 2026<br>(Unaudited)** | **For the Period<br>June 24, 2025\*<br>to<br>August 31, 2025** |
| Per Share Operating Performance: |  |  |
|  Net asset value, beginning of period | $50.57 | $50.00 |
|  Net investment income<sup>(a)</sup> | 1.04 | 0.38 |
|  Net realized and unrealized gain | 1.02 | 0.40 |
|  Total from investment operations | 2.06 | 0.78 |
|  Distributions to shareholders from net investment income | (0.99) | (0.21) |
|  Net asset value, end of period | $51.64 | $50.57 |
|  Market price, end of period | $51.64 | $50.57 |
|  **Total Return at Net Asset Value<sup>(b)</sup>** | 4.14% | 1.53% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80040 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20227 |
|  Ratio of net expenses to average net assets | 0.23 %<sup>(c)</sup> | 0.24 %<sup>(c)</sup> |
|  Ratio of total expenses to average net assets | 0.25 %<sup>(c)</sup> | 0.25 %<sup>(c)</sup> |
|  Ratio of net investment income to average net assets | 4.09 %<sup>(c)</sup> | 4.05 %<sup>(c)</sup> |
|  Portfolio turnover rate<sup>(d)</sup> | 166% | 115% |

---

\* Commencement of operations.

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized 

<sup>(c)</sup> Annualized.

<sup>(d)</sup> The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 36 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVE FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Corporate Bond ETF** | **Corporate Bond ETF** |
|  | **For the Six Months<br>Ended<br>February 28, 2026<br>(Unaudited)** | **For the Period<br>June 24, 2025\*<br>to<br>August 31, 2025** |
| Per Share Operating Performance: |  |  |
|  Net asset value, beginning of period | $50.59 | $50.00 |
|  Net investment income<sup>(a)</sup> | 1.10 | 0.42 |
|  Net realized and unrealized gain | 0.87 | 0.41 |
|  Total from investment operations | 1.97 | 0.83 |
|  Distributions to shareholders from net investment income | (1.03) | (0.24) |
|  Net asset value, end of period | $51.53 | $50.59 |
|  Market price, end of period | $51.56 | $50.61 |
|  **Total Return at Net Asset Value<sup>(b)</sup>** | 3.96% | 1.63% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54106 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11382 |
|  Ratio of net expenses to average net assets | 0.29 %<sup>(c)</sup> | 0.28 %<sup>(c)</sup> |
|  Ratio of total expenses to average net assets | 0.29 %<sup>(c)</sup> | 0.29 %<sup>(c)</sup> |
|  Ratio of net investment income to average net assets | 4.33 %<sup>(c)</sup> | 4.40 %(<sup>c)</sup> |
|  Portfolio turnover rate<sup>(d)</sup> | 17% | 3% |

---

\* Commencement of operations.

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. 

<sup>(c)</sup> Annualized.

<sup>(d)</sup> The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **37** |

---

------

GOLDMAN SACHS ACTIVE FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ultra Short Bond ETF** | **Ultra Short Bond ETF** | **Ultra Short Bond ETF** | **Ultra Short Bond ETF** | **Ultra Short Bond ETF** | **Ultra Short Bond ETF** |
|  | **For the Six Months<br>Ended<br>February 28, 2026**<br> (Unaudited) | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** |
|  | **For the Six Months<br>Ended<br>February 28, 2026**<br> (Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Operating Performance: |  |  |  |  |  |  |
|  Net asset value, beginning of period | $50.64 | $50.57 | $49.98 | $49.95 | $50.71 | $50.77 |
|  Net investment income<sup>(a)</sup> | 1.08 | 2.43 | 2.70 | 2.12 | 0.49 | 0.28 |
|  Net realized and unrealized gain (loss) | 0.08 | 0.16 | 0.56 | (0.05) | (0.79) | 0.02 |
|  Total from investment operations | 1.16 | 2.59 | 3.26 | 2.07 | (0.30) | 0.30 |
|  Distributions to shareholders from net investment income | (1.11) | (2.52) | (2.67) | (2.04) | (0.46) | (0.36) |
|  Net asset value, end of period | $50.69 | $50.64 | $50.57 | $49.98 | $49.95 | $50.71 |
|  Market price, end of period | $50.69 | $50.64 | $50.60 | $49.99 | $49.95 | $50.71 |
|  **Total Return at Net Asset Value<sup>(b)</sup>** | 2.32% | 5.26% | 6.72% | 4.25% | (0.58)% | 0.59% |
|  Net assets, end of period (in 000's) | $1387532 | $1002666 | $615704 | $572309 | $503197 | $330874 |
|  Ratio of net expenses to average net assets | 0.16 %<sup>(c)</sup> | 0.15% | 0.16% | 0.16% | 0.15% | 0.16% |
|  Ratio of total expenses to average net assets | 0.20 %<sup>(c)</sup> | 0.20% | 0.20% | 0.20% | 0.20% | 0.20% |
|  Ratio of net investment income to average net assets | 4.29 %<sup>(c)</sup> | 4.82% | 5.38% | 4.25% | 0.98% | 0.55% |
|  Portfolio turnover rate<sup>(d)</sup> | 36% | 127% | 87% | 76% | 37% | 51% |

---

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. 

<sup>(c)</sup> Annualized.

<sup>(d)</sup> The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 38 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVE FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. ORGANIZATION

Goldman Sachs ETF Trust (the "Trust") is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the "Act"), consisting of multiple series. The Trust was organized as a Delaware statutory trust on December 16, 2009. The following table lists the series of the Trust that is included in this report (collectively, the "Funds" or individually a "Fund") along with their diversification status under the Act:

---

| | |
|:---|:---|
| **Fund** | **Diversified/**<br> **Non-Diversified** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Core Bond ETF | Non-Diversified |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Corporate Bond ETF | Non-Diversified |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Ultra Short Bond ETF | Diversified |

---

The investment objective of the Core Bond ETF is to seek a total return consisting of capital appreciation and income. The investment objective of the Corporate Bond ETF is to seek a high level of total return consisting of capital appreciation and income. The investment objective of the Ultra Short Bond ETF is to provide current income with preservation of capital.

Goldman Sachs Asset Management, L.P. ("GSAM"), an affiliate of Goldman Sachs & Co. LLC ("Goldman Sachs"), serves as investment adviser to the Funds pursuant to a management agreement (the "Agreement") with the Trust. Each Fund is an exchange-traded fund ("ETF"). Shares of the Core Bond ETF and Corporate Bond ETF are listed and traded on the NYSE Arca, Inc. ("NYSE Arca"). Shares of the Ultra Short Bond ETF are listed and traded on the Cboe BZX Exchange, Inc. ("Cboe BZX"). Market prices for the Funds' shares may be different from their net asset value ("NAV"). The Funds issue and redeem shares at their respective NAV only in blocks of a specified number of shares, or multiples thereof, referred to as "Creation Units." Creation Units are issued and redeemed generally for a designated portfolio of securities (including any portion of such securities for which cash may be substituted) and a specified amount of cash. Shares generally trade in the secondary market in quantities less than a Creation Unit at market prices that change throughout the day. Only those that have entered into an authorized participant agreement with ALPS Distributors, Inc. (the "Distributor") may do business directly with the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;A. Investment Valuation — The Funds' valuation policy is to value investments at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily NAV calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contracts.

&nbsp;&nbsp;&nbsp;&nbsp;C. Expenses — Expenses incurred directly by a Fund are charged to the Fund, and certain expenses incurred by the Trust that may not solely relate to the Fund are allocated to the Fund and the other applicable funds of the Trust on a straight-line and/or pro-rata basis, depending upon the nature of the expenses, and are accrued daily.

&nbsp;&nbsp;&nbsp;&nbsp;D. Federal Taxes and Distributions to Shareholders — It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Code"), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**39**

------

GOLDMAN SACHS ACTIVE FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES (continued)

required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income distributions, if any, are declared and paid monthly. Capital gains distributions, if any, are declared and paid annually.

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund's distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds' net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

&nbsp;&nbsp;&nbsp;&nbsp;E. Segment Reporting — The Funds follow Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Each Fund operates in one segment. The segment derives its revenues from Fund investments made in accordance with the defined investment strategy of the Fund, as prescribed in the Funds' prospectus. The Chief Operating Decision Maker ("CODM") is the 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:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM's assumptions in determining fair value measurement).

The Board of Trustees ("Trustees") has approved valuation procedures that govern the valuation of the portfolio investments held by the Funds ("Valuation Procedures"), including investments for which market quotations are not readily available. With respect to a Fund's investments that do not have readily available market quotations, the Trustees have designated GSAM as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Act (the "Valuation Designee"). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds' investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

40.0 ------

GOLDMAN SACHS ACTIVE FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&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)

maturity date or (ii) quotations from securities dealers to determine current value. With the exception of treasury securities of G7 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Commercial Paper — Commercial paper normally represents short-term unsecured promissory notes issued in bearer form by banks or bank holding companies, corporations, finance companies and other issuers. Commercial paper consists of direct U.S. dollar-denominated obligations of domestic or foreign issuers. Asset-backed commercial paper is issued by a special purpose entity that is organized to issue the commercial paper and to purchase trade receivables or other financial assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Mortgage-Backed and Asset-Backed Securities — Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by residential and/or commercial real estate property. Asset-backed securities include securities whose principal and interest payments are collateralized by pools of other assets or receivables. The value of certain mortgage-backed and asset-backed securities (including adjustable rate mortgage loans) may be particularly sensitive to changes in prevailing interest rates. The value of these securities may also fluctuate in response to the market's perception of the creditworthiness of the issuers.

Asset-backed securities may present credit risks that are not presented by mortgage-backed securities because they generally do not have the benefit of a security interest in collateral that is comparable to mortgage assets. Some asset-backed securities may only have a subordinated claim on collateral.

Stripped mortgage-backed securities are usually structured with two different classes: one that receives substantially all interest payments (interest-only, or "IO" and/or high coupon rate with relatively low principal amount, or "IOette"), and the other that receives substantially all principal payments (principal-only, or "PO") from a pool of mortgage loans. Little to no principal will be received at the maturity of an IO; as a result, periodic adjustments are recorded to reduce the cost of the security until maturity. These adjustments are included in interest income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. When-Issued Securities and Forward Commitments — When-issued securities, including TBA ("To Be Announced") securities, are securities that are authorized but not yet issued in the market and purchased in order to secure what is considered to be an advantageous price or yield to a Fund. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a when-issued or forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of when-issued securities or forward commitments prior to settlement, which may result in a realized gain or loss. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statement of Assets and Liabilities as receivables/payables for collateral on other investments. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund ("Underlying Money Market Fund") are valued at the NAV per share of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding the Underlying Money Market Fund's accounting policies and investment holdings, please see the Underlying Money Market Fund's financial statements at SEC.gov.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as either due to broker/ receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the last bid price for long positions and the last ask price for short positions on the exchange where they are principally traded. Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**41**

------

GOLDMAN SACHS ACTIVE FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (Unaudited)*

&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)

Over-the-counter ("OTC") and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Swap Contracts — Bilateral swap contracts are agreements in which a Fund and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between a Fund and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member ("DCM"), acting in an agency capacity, and submitted to a central counterparty ("CCP") ("centrally cleared swaps"), in which case all payments are settled with the CCP through the DCM. Swaps are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, a Fund is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.

A *credit default swap* is an agreement that involves one party (the buyer of protection) making a stream of payments to another party (the seller of protection) in exchange for the right to receive protection on a reference security or obligation, including a group of assets or exposure to the performance of an index. A Fund's investment in credit default swaps may involve greater risks than if the Fund had invested in the referenced obligation directly. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring and obligation acceleration. If a Fund buys protection through a credit default swap and no credit event occurs, its payments are limited to the periodic payments previously made to the counterparty. Upon the occurrence of a specified credit event, the Fund, as a buyer of credit protection, is entitled to receive an amount equal to the notional amount of the swap and deliver to the seller the defaulted reference obligation in a physically settled trade. A Fund may also receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade.

As a seller of protection, a Fund generally receives a payment stream throughout the term of the swap, provided that there is no credit event. In addition, if a Fund sells protection through a credit default swap, the Fund could suffer a loss because the value of the referenced obligation and the premium payments received may be less than the notional amount of the swap paid to the buyer of protection. Upon the occurrence of a specified credit event, a Fund, as a seller of credit protection, may be required to take possession of the defaulted reference obligation and pay the buyer an amount equal to the notional amount of the swap in a physically settled trade. A Fund may also pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted security or obligation. In addition, a Fund is entitled to a return of any assets, which have been pledged as collateral to the counterparty upon settlement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

42.0 ------

GOLDMAN SACHS ACTIVE FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

The maximum potential amount of future payments (undiscounted) that a Fund as seller of protection could be required to make under a credit default swap would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations or net amounts received from a settlement of a credit default swap for the same reference security or obligation where a Fund bought credit protection.

&nbsp;&nbsp;&nbsp;&nbsp;B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund's investments may be determined under the Valuation Procedures. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund's NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

&nbsp;&nbsp;&nbsp;&nbsp;C. Fair Value Hierarchy — The following is a summary of the Funds' investments and derivatives classified in the fair value hierarchy as of February 28, 2026:

---

| | | | |
|:---|:---|:---|:---|
| Core Bond ETF |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | $— | $11176367 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  | 2705143 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations |  | 18882204 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Corporate Debt |  | 1861884 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  | 30010705 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bond |  | 387678 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt Obligations |  | 921598 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | 853985 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes | 25150667 |  |  |
|  Investment Company | 4974409 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30979061 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65945579 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Sales Contracts | $— | $(246990) | $— |
| **Derivative Type** |  |  |  |
|  **Assets<sup>(a)</sup>** |  |  |  |
|  Futures Contracts | $72648 | $— | $— |
|  Credit Default Swap Contracts |  | 18024 |  |
|  **Total** | $72648 | $18024 | $— |
|  **Liabilities** |  |  |  |
|  Futures Contracts<sup>(a)</sup> | $(35346) | $— | $— |
| **Corporate Bond ETF** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46529776 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Corporate Debt |  | 4356823 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt Obligations |  | 1586717 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | 101614 |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**43**

------

GOLDMAN SACHS ACTIVE FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (Unaudited)*

&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)

---

| | | | |
|:---|:---|:---|:---|
|  Preferred Stock |  | 18120 |  |
|  Investment Company | $41 | $— | $— |
|  **Total** | $101655 | $52491436 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Derivative Type |  |  |  |
|  **Assets<sup>(a)</sup>** |  |  |  |
|  Futures Contracts | $82933 | $— | $— |
|  Credit Default Swap Contracts |  | 47702 |  |
|  **Total** | $82933 | $47702 | $— |
|  **Liabilities** |  |  |  |
|  Futures Contracts<sup>(a)</sup> | $(24586) | $— | $— |
| **Ultra Short Bond ETF** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset- Backed Securities | $— | $202706877 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Certificate of Deposit |  | 75988791 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations |  | 417589646 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Corporate Debt |  | 366060634 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  | 81486689 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agency Obligations |  | 12494876 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes | 81088514 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investment |  | 155676449 |  |
|  Investment Company | 16825869 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97914383 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1312003962 | $— |

---

(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount shown represents unrealized gain (loss) at period end.

For further information regarding security characteristics, see the Schedules of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of February 28, 2026. These instruments were used as part of the Funds' investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds' net exposure.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Core Bond ETF** | **Core Bond ETF** |  |  |  |
| **Risk** | **Statement of Assets and Liabilities** | **Assets<sup>1</sup>** | **Statement of Assets and Liabilities** | **Liabilities<sup>1</sup>** |
|  Credit | Variation margin on swap contracts | $18024 | Variation margin on swap contracts | $— |
|  Interest Rate | Variation margin on futures contracts | $72648 | Variation margin on futures contracts | $(35346) |
|  **Total** |  | $90672 |  | $(35346) |
| **Corporate Bond ETF** | **Corporate Bond ETF** |  |  |  |
| **Risk** | **Statement of Assets and Liabilities** | **Assets<sup>1</sup>** | **Statement of Assets and Liabilities** | **Liabilities<sup>1</sup>** |
|  Credit | Variation margin on swap contracts | $47702 | Variation margin on swap contracts | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

44.0 ------

GOLDMAN SACHS ACTIVE FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  Interest Rate | Variation margin on futures contracts | $82933 | Variation margin on futures contracts | $(24586) |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130635 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24586) |

---

1 Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedule of Investments. Only the variation margin as of February 28, 2026 is reported within the Statements of Assets and Liabilities.

The following tables set forth, by certain risk types, the Funds' gains (losses) related to these derivatives and their indicative volumes for the six months ended February 28, 2026. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in "Net realized gain (loss)" or "Net change in unrealized gain (loss)" on the Statements of Operations:

---

| | | | |
|:---|:---|:---|:---|
| **Core Bond ETF** |  |  |  |
| **Risk** | **Statement of Operations** | **Net Realized<br>Gain (Loss)** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in** <br> **Unrealized<br>Gain (Loss)** |
|  Credit | Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7953) | $11444 |
|  Interest Rate | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | 81140 | 46123 |
|  **Total** |  | $73187 | $57567 |
| **Corporate Bond ETF** |  |  |  |
| **Risk** | **Statement of Operations** | **Net Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
|  Credit | Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts | (25510) | 37629 |
|  Interest Rate | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | 53112 | 61697 |
|  **Total** |  | $27602 | $99326 |

---

For the six months ended February 28, 2026, the relevant values for each derivative type was as follows:

---

| | | |
|:---|:---|:---|
|  | **Average number of Contracts or Notional**<br>**Amounts<sup>(a)</sup>**  | **Average number of Contracts or Notional**<br>**Amounts<sup>(a)</sup>**  |
| **Fund** | **Futures Contracts** | **Swap Contracts** |
|  Core Bond ETF | 92 | 87646 |
|  Corporate Bond ETF | 96 | 291814 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amounts disclosed represent average number of contracts for futures and notional amounts for swap contracts, based on absolute values, which is indicative of volume of this derivative type for the months that the Fund held such derivatives during the six months ended February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS

&nbsp;&nbsp;&nbsp;&nbsp;A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds' business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund's average daily net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**45**

------

GOLDMAN SACHS ACTIVE FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The Funds operate under a unitary management fee structure. Under the unitary fee structure, GSAM is responsible for paying substantially all the expenses of the Fund, excluding payments under the Fund's 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses. As the Funds directly pay fees and expenses of the independent Trustees, the management fee collected by GSAM will be reduced by an amount equal to the fees and expenses paid by the Funds to the independent Trustees.

For the six months ended February 28, 2026, contractual and effective net management fees with GSAM were at the following rates:

---

| | | |
|:---|:---|:---|
| **Fund** | **Contractual<br>Unitary Management<br>Fee** | **Effective Net**<br> **Unitary**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management** <br> **Fee\*** |
|  Goldman Sachs Core Bond ETF | 0.25% | 0.23% |
|  Goldman Sachs Corporate Bond ETF | 0.29% | 0.29% |
|  Goldman Sachs Ultra Short Bond ETF | 0.20% | 0.16% |

---

\* Effective Net Unitary Management Fee includes the impact of management fee waivers, if any.

GSAM has agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.16% as an annual percentage rate of average daily net assets of the Ultra Short Bond ETF. This arrangement will remain in effect through at least December 29, 2026, and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Trustees. For the six months ended February 28, 2026, GSAM waived $238,123, of the Fund's management fees for Ultra Short Bond ETF.

The Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated underlying fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest. For the six months ended February 28, 2026, the management fee waived by GSAM for the Funds was as follows:

---

| | |
|:---|:---|
| **Fund** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management** <br> **Fee Waived** |
|  Core Bond ETF | $4167 |
|  Corporate Bond ETF | 498 |
|  Ultra Short Bond ETF | 23093 |

---

&nbsp;&nbsp;&nbsp;&nbsp;B. Other Transactions with Affiliates — The following table provides information about the Funds' investments in the Goldman Sachs Financial Square Government Fund for the six months ended February 28, 2026:

#### Core Bond ETF

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Fund** | **Beginning value<br>as of August 31,<br>2025** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>February 28, 2026** | **Shares as of<br>February 28, 2026** | **Dividend Income** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |  |  |
|  | $1294739 | $26524007 | $(22844336) | $4974409 | 4974409 | $97060 |

---

#### Corporate Bond ETF

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Fund** | **Beginning value<br>as of August 31,<br>2025** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>February 28, 2026** | **Shares as of<br>February 28, 2026** | **Dividend Income** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |  |  |
|  | $396080 | $4554187 | $(4950226) | $41 | 41 | $12267 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

46.0 ------

GOLDMAN SACHS ACTIVE FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

#### Ultra Short Bond ETF

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Fund** | **Beginning value<br>as of August 31,<br>2025** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>February 28, 2026** | **Shares as of<br>February 28, 2026** | **Dividend Income** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |  |  |
|  | $21032465 | $580427691 | $(584634287) | $16825869 | 16825869 | $565755 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. CREATION AND REDEMPTION OF CREATION UNITS

The Trust issues and redeems shares of the Funds only in Creation Units on a continuous basis through the Distributor, without an initial sales load, at NAV next determined after receipt, on any Business Day (as defined in the Statement of Additional Information), of an order in proper form. Shares of the Funds may only be purchased or redeemed by certain financial institutions (each an "Authorized Participant"). An Authorized Participant is either (1) a "Participating Party" or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation; or (2) a Depository Trust Company participant; which, in either case, must have executed an agreement with the Distributor. Retail investors will typically not qualify as an Authorized Participant or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors will purchase shares in the secondary market at market prices with the assistance of a broker and may be subject to customary brokerage commissions or fees. Fixed creation and redemption transaction fees are imposed in connection with creations and redemptions.

Authorized Participants transacting in Creation Units for cash may also pay a variable charge to compensate the relevant fund for certain transaction costs (e.g. taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in "Proceeds from sale of shares" in the Statement of Changes in Net Assets.

Share activity is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Core Bond ETF**  | **Goldman Sachs Core Bond ETF**  | **Goldman Sachs Core Bond ETF**  | **Goldman Sachs Core Bond ETF**  |
|  | **For the**<br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the**<br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Period June 24, 2025<sup>(a)</sup>**<br> **to August 31, 2025** | **For the Period June 24, 2025<sup>(a)</sup>**<br> **to August 31, 2025** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Fund Share Activity** |  |  |  |  |
|  Shares sold | 1150000 | $58689667 | 400000 | $19999323 |
|  Shares redeemed |  |  |  |  |
|  **NET INCREASE IN SHARES** | 1150000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58689667 | 400000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19999323 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on June 24, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Corporate Bond ETF** | **Goldman Sachs Corporate Bond ETF** | **Goldman Sachs Corporate Bond ETF** | **Goldman Sachs Corporate Bond ETF** |
|  | **For the**<br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the**<br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Period June 24, 2025<sup>(a)</sup>**<br> **to August 31, 2025** | **For the Period June 24, 2025<sup>(a)</sup>**<br> **to August 31, 2025** |
|  | **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 | 825000 | $42302740 | 225000 | $11255517 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed |  |  |  |  |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NET INCREASE IN SHARES** | 825000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42302740 | 225000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11255517 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on June 24, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**47**

------

GOLDMAN SACHS ACTIVE FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. CREATION AND REDEMPTION OF CREATION UNITS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Ultra Short Bond ETF** | **Goldman Sachs Ultra Short Bond ETF** | **Goldman Sachs Ultra Short Bond ETF** | **Goldman Sachs Ultra Short Bond ETF** |
|  | **For the**<br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the**<br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **August 31, 2025** | **For the Fiscal Year Ended**<br> **August 31, 2025** |
|  | **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 | 9050000 | $457571771 | 15200000 | $765935053 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (1475000) | (74641388) | (7575000) | (381901053) |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NET INCREASE IN SHARES** | 7575000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382930383 | 7625000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384034000 |

---

&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 six months ended February 28, 2026, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Purchase of**<br> **U.S. Government and**<br> **Agency Obligations** | **Purchases (Excluding**<br> **U.S. Government and**<br> **Agency Obligations)** | **Sales and**<br> **Maturities of**<br> **U.S. Government and**<br> **Agency Obligations** | **Sales and** <br> **Maturities (Excluding** <br> **U.S. Government and** <br> **Agency Obligations)**  |
|  Goldman Sachs Core Bond ETF | $101301459 | $4207162 | $65158386 | $4132280 |
|  Goldman Sachs Corporate Bond ETF | 2498525 | 4313007 | 2557139 | 2550652 |
|  Goldman Sachs Ultra Short Bond ETF | 23750595 | 622374207 | 7938477 | 334789419 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. TAX INFORMATION

As of the Funds' most recent fiscal year end, August 31, 2025, the Funds' capital loss carryforwards and certain timing differences on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Core Bond ETF <sup>(a)</sup>** | **Corporate Bond<br>ETF<sup>(a)</sup>** | **Ultra Short Bond**<br> **ETF** |
|  Capital loss carryforwards: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Short-Term | $— | $(4517) | $(70427) |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Long-Term |  | (12097) | (863327) |
|  Total capital loss carryforwards |  | (16614) | (933754) |
|  Timing differences — (Straddle Loss Deferrals) | (22140) | (230) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on June 24, 2025.

As of February 28, 2026, the Funds' aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Core Bond ETF** | **Corporate Bond ETF** | **Ultra Short Bond ETF** |
|  Tax Cost | $96132203 | $52320280 | $1407335519 |
|  Gross unrealized gain | 830204 | 361752 | 3233281 |
|  Gross unrealized loss | (37767) | (88941) | (650455) |
|  Net unrealized gain (loss) | $792437 | $272811 | $2582826 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

48.0 ------

GOLDMAN SACHS ACTIVE FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. TAX INFORMATION (continued)

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains/(losses) on regulated futures contracts, and differences in the tax treatment of swap transactions, and market discount accretion and premium amortization.

GSAM has reviewed the Funds' tax positions for all open tax years (the current year, and prior three tax years, as applicable) and has concluded that no provision for income tax is required in the Funds' financial statements. Such open tax year remains subject to examination and adjustment by tax authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. OTHER RISKS

The Funds' risks include, but are not limited to, the following:

Credit/Default Risk — An issuer or guarantor of a security held by the fund, or a bank or other financial institution that has entered into a repurchase agreement with the Fund, may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities may deteriorate rapidly, which may impair the Fund's liquidity and cause significant deterioration in NAV.

Foreign Risk — Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which the Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and other governments, or from problems in share registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent the Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact the Fund's liquidity and performance. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time.

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by the Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds. A sudden or unpredictable increase in interest rates may cause volatility in the market and may decrease the liquidity of the Fund's investments, which would make it harder for the Fund to sell its investments at an advantageous time.

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,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**49**

------

GOLDMAN SACHS ACTIVE FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. OTHER RISKS (continued)

including on the Fund's liquidity. In addition, transactions by large shareholders may account for a large percentage of the trading volume on the Cboe BZX and NYSE Arca and may, therefore, have a material upward or downward effect on the market price of the Shares.

Market and Credit Risks — In the normal course of business, the Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors, governments or countries and/ or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Market Trading Risk — Each Fund faces numerous market trading risks, including disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for Shares. If a shareholder purchases Shares at a time when the market price is at a premium to the NAV or sells Shares at a time when the market price is at a discount to the NAV, the shareholder may pay more for, or receive less than, the underlying value of the Shares, respectively. The Investment Adviser cannot predict whether Shares will trade below, at or above their NAV. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for Shares will be closely related to, but not identical to, the same forces influencing the prices of the securities of a Fund's Index trading individually or in the aggregate at any point in time.

Mortgage-Backed and Other Asset-Backed Securities Risk — Mortgage-related and other asset-backed securities are subject to credit/ default, interest rate and certain additional risks, including "extension risk" (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and "prepayment risk" (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing the Fund to reinvest proceeds at lower prevailing interest rates). Due to these risks, asset-backed securities may become more volatile in certain interest rate environments. Mortgage-backed securities offered by non-governmental issuers are subject to other risks as well, including failures of private insurers to meet their obligations and unexpectedly high rates of default on the mortgages backing the securities, particularly during periods of rising interest rates. Other asset-backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as risks associated with the nature and servicing of the assets backing the securities. Asset-backed securities may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk.

Municipal Securities Risk — Municipal securities are subject to credit/default risk, interest rate risk and certain additional risks. The Fund may be more sensitive to adverse economic, business, political, environmental or other developments if it invests a substantial portion of its assets in the bonds of similar projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, or in particular types of municipal securities (such as general obligation bonds, private activity bonds and moral obligation bonds). While interest earned on municipal securities is generally not subject to federal tax, any interest earned on taxable municipal securities is fully taxable at the federal level and may be subject to tax at the state level.

Non-Diversification Risk — Goldman Sachs Core Bond ETF and Goldman Sachs Corporate bond ETF are non-diversified, meaning that they are permitted to invest a larger percentage of their assets in one or more issuers or in fewer issuers than diversified funds. Thus, the Funds may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

U.S. Government Securities Risk — The U.S. Government may not provide financial support to U.S. Government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. Government securities issued by the Federal National Mortgage Association ("Fannie Mae") and the Federal Home Loan Mortgage Corporation ("Freddie Mac") and the Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

50.0 ------

GOLDMAN SACHS ACTIVE FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. OTHER RISKS (continued)

of the United States. The maximum potential liability of the issuers of some U.S. Government Securities held by the Fund may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of the U.S. Government Securities will not have the Funds to meet their payment obligations in the future.

Valuation Risk — The sale price the Fund could receive for a security may differ from the Fund's valuation of the security, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. The Fund relies on various sources to calculate its NAV. The information may be provided by third parties that are believed to be reliable, but the information may not be accurate due to errors by such pricing sources, technological issues or otherwise. NAV calculation may also be impacted by operational risks arising from factors such as failures in systems and technology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. INDEMNIFICATIONS

Under the Trust's organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. OTHER MATTERS

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;

**51**

------

![LOGO](g26358dsp052.jpg)

TRUSTEES OFFICERS Gregory G. Weaver, Chair James A. McNamara, President and Principal Executive Officer Cheryl K. Beebe Joseph F. DiMaria, Principal Financial Officer, Dwight L. Bush Principal Accounting Officer and Treasurer Kathryn A. Cassidy Robert Griffith, Secretary John G. Chou Joaquin Delgado Eileen H. Dowling Lawrence Hughes John F. Killian Steven D. Krichmar Michael Latham James A. McNamara Lawrence W. Stranghoener Brian J. Wildman\* \*Effective April 1, 2026. THE BANK OF NEW YORK Transfer Agent ALPS DISTRIBUTORS, INC. Distributor GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser 200 West Street, New York, New York 10282© 2026 Goldman Sachs. All rights reserved. GSSTSAR-26

------

![LOGO](g40160dsp001.jpg)

Goldman Sachs Funds Semi-Annual Financial Statements February 28, 2026 Goldman Sachs ActiveBeta® ETFs Goldman Sachs ActiveBeta® Emerging Markets Equity ETF (GEM) Goldman Sachs ActiveBeta® Europe Equity ETF (GSEU) Goldman Sachs ActiveBeta® International Equity ETF (GSIE) Goldman Sachs ActiveBeta® Japan Equity ETF (GSJY) Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF (GSLCI Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF (GSSC) Goldman Sachs ActiveBeta® World Equity ETF (GSWO)\* ActiveBeta® is a registered trademark of GSAM. \* Effective after the close of business on February 4, 2026, the Goldman Sachs ActiveBeta® World Low Vol Plus Equity ETF (GLOV) was renamed the Goldman Sachs ActiveBeta® World Equity ETF IGSWOI. Goldman Sachs Asset Management

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Goldman Sachs ActiveBeta<sup>®</sup> Equity ETFs

---

| | |
|:---|:---|
| **Table of Contents** | **Page** |
|  **[Schedules of Investments](#ab40160_1)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs ActiveBeta<sup>®</sup> Emerging Markets Equity ETF](#ab40160_2) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs ActiveBeta<sup>®</sup> Europe Equity ETF](#ab40160_3) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs ActiveBeta<sup>®</sup> International Equity ETF](#ab40160_4) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs ActiveBeta<sup>®</sup> Japan Equity ETF](#ab40160_5) | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF](#ab40160_6) | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF](#ab40160_7) | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs ActiveBeta<sup>®</sup> World Equity ETF](#ab40160_8) | 60 |
|  **[Financial Statements](#ab40160_9)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#ab40160_10) | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#ab40160_11) | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#ab40160_12) | 78 |
|  **[Financial Highlights](#ab40160_13)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs ActiveBeta<sup>®</sup> Emerging Markets Equity ETF](#ab40160_14) | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs ActiveBeta<sup>®</sup> Europe Equity ETF](#ab40160_15) | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs ActiveBeta<sup>®</sup> International Equity ETF](#ab40160_16) | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs ActiveBeta<sup>®</sup> Japan Equity ETF](#ab40160_17) | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF](#ab40160_18) | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF](#ab40160_19) | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs ActiveBeta<sup>®</sup> World Equity ETF](#ab40160_20) | 88 |
|  **[Notes to Financial Statements](#ab40160_21)** | 89 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – 96.7% | Common Stocks – 96.7% | Common Stocks – 96.7% |
| Australia – 0.4% | Australia – 0.4% |  |
| 44301 | Anglogold Ashanti PLC (Materials) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5588286 |
| Brazil – 3.1% | Brazil – 3.1% |  |
| 331680 | Ambev SA (Consumer Staples) | 1052275 |
| 128427 | Axia Energia (Utilities) | 1534358 |
| 417448 | B3 SA – Brasil Bolsa Balcao (Financials) | 1457061 |
| 343440 | Banco Bradesco SA (Financials) | 1230219 |
| 93327 | Banco BTG Pactual SA (Financials) | 1.114825 |
| 247957 | Banco do Brasil SA (Financials) | 1.303039 |
| 433527 | BB Seguridade Participacoes SA (Financials) | 2931687 |
| 603940 | Caixa Seguridade Participacoes SA (Financials) | 2095039 |
| 54039 | Cia de Saneamento Basico do Estado de Sao Paulo (Utilities) | 1621589 |
| 481209 | Cia Paranaense de Energia (Utilities) | 1.375593 |
| 145745 | CPFL Energia SA (Utilities) | 1.430920 |
| 64816 | Embraer SA (Industrials) | 1168074 |
| 56800 | Energisa SA (Utilities) | 596426 |
| 135802 | Engie Brasil Energia SA (Utilities) | 891868 |
| 127209 | Equatorial SA (Utilities) | 1.044541 |
| 226159 | Klabin SA (Materials) | 906691 |
| 75495 | Localiza Rent a Car SA (Industrials) | 747244 |
| 150100 | MBRF Global Foods Co. SA (Consumer Staples) | 605276 |
| 276922 | Motiva Infraestrutura de Mobilidade SA (Industrials) | 899071 |
| 270605 | NU Holdings Ltd., Class A (Financials)\* | 4053663 |
| 238123 | Petroleo Brasileiro SA - Petrobras (Energy) | 1984068 |
| 75430 | Porto Seguro SA (Financials) | 769692 |
| 223971 | Raia Drogasil SA (Consumer Staples) | 1095321 |
| 58208 | Rede D'Or Sao Luiz SA (Health Care)<sup>(a)</sup> | 457415 |
| 105739 | Suzano SA (Materials) | 1.195874 |
| 192699 | Telefonica Brasil SA (Communication Services) | 1.622499 |
| 200716 | TIM SA (Communication Services) | 1091965 |
| 194316 | TOTVS SA (Information Technology) | 1433778 |
| 314908 | Vale SA (Materials) | 5432529 |
| 157121 | Vibra Energia SA (Consumer Discretionary) | 916681 |
| 112219 | WEG SA (Industrials) | 1087540 |
| 24357 | XP, Inc., Class A (Financials) | 524406 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45671227 |
| Chile – 1.0% | Chile – 1.0% |  |
| 1 1692940 | Banco de Chile (Financials) | 2407771 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Chile – (continued) | Chile – (continued) |  |
| 25978 | Banco de Crcdito c Invcrsioncs SA (Financials) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1776920 |
| 23961520 | Banco Santander Chile (Financials) | 2055865 |
| 538345 | Cencosud SA (Consumer Staples) | 1.679688 |
| 669054 | Empresas CMPC SA (Materials) | 989643 |
| 95595 | Empresas Copec SA (Consumer Discretionary) | 787647 |
| 15221522 | Enel Chile SA (Utilities) | 1272030 |
| 282415 | Falabella SA (Consumer Discretionary) | 2093542 |
| 43746511 | Latam Airlines Group SA (Industrials) | 1.229110 |
| 118754 | Plaza SA (Real Estate) | 554264 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;14846480 |
| China – 24.8% | China – 24.8% |  |
| 328809 | 37 Interactive Entertainment Network Technology Group Co. Ltd., Class A (Communication Services) | 1174164 |
| 370226 | 3SBio, Inc. (Health Care)\*<sup>1</sup>'<sup>11</sup> | 1038430 |
| 115360 | AAC Technologies Holdings, Inc. (Information Technology) | 550685 |
| 776880 | Agricultural Bank of China Ltd., Class A (Financials) | 724691 |
| 2614064 | Agricultural Bank of China Ltd., Class H (Financials) | 1774535 |
| 1887580 | Alibaba Group Holding Ltd. (Consumer Discretionary) | 34483509 |
| 286658 | Aluminum Corp, of China Ltd., Class A (Materials) | 573241 |
| 875365 | Aluminum Corp. of China Ltd., Class H (Materials) | 1582386 |
| 132000 | Anhui Conch Cement Co. Ltd., Class A (Materials) | 491761 |
| 164475 | Anhui Conch Cement Co. Ltd., Class H (Materials) | 515157 |
| 74596 | Anker Innovations Technology Co. Ltd., Class A (Information Technology) | 1052144 |
| 183501 | ANTA Sports Products Ltd. (Consumer Discretionary) | 1995201 |
| 21424 | APT Medical, Inc Class A (Health Care) | 768915 |
| 118866 | Baidu, Inc Class A (Communication Services)\* | 1.879755 |
| 411900 | Baiyin Nonferrous Group Co. Ltd., Class A (Materials) | 642384 |
| 400803 | Bank of Changsha Co. Ltd., Class A (Financials) | 572501 |
| 8051185 | Bank of China Ltd., Class H (Financials) | 4775861 |
| 1835949 | Bank of Communications Co. Ltd., Class H (Financials) | 1610121 |
| 203267 | Bank of Hangzhou Co. Ltd., Class A (Financials) | 481437 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>3</sub>

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) |  |
| 373928 | Bank of Jiangsu Co. Ltd., Class A (Financials) | $564088 |
| 445500 | Baoshan Iron & Steel Co. Ltd., Class A (Materials) | 467519 |
| 344523 | Beijing Enterprises Holdings Ltd. (Utilities) | 1.550368 |
| 39247 | Beijing Roborock Technology Co. Ltd., Class A (Consumer Discretionary) | 818530 |
| 495480 | Beijing-Shanghai High Speed Railway Co. Ltd., Class A (Industrials) | 357479 |
| 22962 | Bilibili, Inc Class Z (Communication Services)\* | 649335 |
| 207600 | Bluefocus Intelligent Communications Group Co. Ltd., Class A (Communication Services)\* | 559781 |
| 167257 | BOC Aviation Ltd. (Industrials)<sup>(a)</sup> | 1.862414 |
| 1520212 | BOE Technology Group Co. Ltd., Class A (Information Technology) | 992661 |
| 3160798 | Bosideng International Holdings Ltd. (Consumer Discretionary) | 1963843 |
| 135500 | BYD Co. Ltd.. Class H (Consumer Discretionary) | 1644781 |
| 216536 | BYD Electronic International Co. Ltd. (Information Technology) | 893035 |
| 159726 | C&D International Investment Group Ltd. (Real Estate) | 308746 |
| 682000 | Caitong Securities Co. Ltd., Class A (Financials) | 863820 |
| 22820 | Changchun High-Tech Industry Group Co. Ltd., Class A (Health Care) | 318540 |
| 738800 | Changjiang Securities Co. Ltd.. Class A (Financials) | 856077 |
| 234200 | Chengtun Mining Group Co. Ltd., Class A (Materials) | 575865 |
| 2007544 | China CITIC Bank Corp. Ltd., Class H (Financials) | 1.850437 |
| 7851911 | China CITIC Financial Asset Management Co., Ltd., Class H (Financials)\*<sup>(a)(b)</sup> | 853234 |
| 11114493 | China Construction Bank Corp., Class H (Financials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11352991 |
| 596649 | China Everbright Bank Co. Ltd., Class A (Financials) | 281762 |
| 551022 | China Feihe Ltd. (Consumer <br>Staples)<sup>(a)</sup> | 267686 |
| 1040841 | China Gas Holdings Ltd. (Utilities) | 1.077813 |
| 31380 | China Gold International Resources Corp. Ltd. (Materials) | 822395 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) |  |
| 479209 | China Hongqiao Group Ltd. (Materials) | $2172389 |
| 724105 | China Life Insurance Co. Ltd., Class H (Financials) | 2923395 |
| 820390 | China Mengniu Dairy Co. Ltd. (Consumer Staples) | 1.696964 |
| 336730 | China Merchants Bank Co. Ltd., Class H (Financials) | 2102477 |
| 660764 | China Merchants Port Holdings Co. Ltd. (Industrials) | 1476596 |
| 439900 | China Merchants Securities Co. Ltd., Class A (Financials) | 1064341 |
| 367300 | China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A (Real Estate) | 530534 |
| 1.663807 | China Minsheng Banking Corp. Ltd., Class H (Financials) | 861453 |
| 1187221 | China National Building Material Co. Ltd., Class H (Materials) | 1032082 |
| 905121 | China National Chemical Engineering Co. Ltd., Class A (Industrials) | 1232175 |
| 397100 | China National Nuclear Power Co. Ltd., Class A (Utilities) | 493127 |
| 434528 | China Nonferrous Mining Corp. Ltd. (Materials) | 833820 |
| 71400 | China Northern Rare Earth Group High-Tech Co. Ltd., Class A (Materials) | 649384 |
| 692646 | China Overseas Land & Investment Ltd. (Real Estate) | 1270683 |
| 212940 | China Pacific Insurance Group Co. Ltd., Class H (Financials) | 978384 |
| 2188973 | China Petroleum & Chemical Corp Class H (Energy) | 1525144 |
| 2745497 | China Power International Development Ltd. (Utilities) | 1151247 |
| 638700 | China Railway Group Ltd., Class A (Industrials) | 586484 |
| 329626 | China Resources Land Ltd. (Real Estate) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1339212 |
| 546283 | China Resources Power Holdings Co. Ltd. (Utilities) | 1304573 |
| 164805 | China Shenhua Energy Co. Ltd., Class H (Energy) | 947263 |
| 1155800 | China State Construction Engineering Corp. Ltd., Class A (Industrials) | 849048 |
| 404385 | China Taiping Insurance Holdings Co. Ltd. (Financials) | 1.181803 |
| 1067486 | China Three Gorges Renewables Group Co. Ltd., Class A (Utilities) | 647254 |
| 363045 | China Tower Corp. Ltd., Class H (Communication Services)<sup>(a)</sup> | 517499 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 4 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) |  |
| 963500 | China United Network Communications Ltd., Class A (Communication Services) | $690933 |
| 124944 | China Yangtze Power Co. Ltd., Class A (Utilities) | 474215 |
| 1311966 | China Zheshang Bank Co. Ltd., Class A (Financials) | 569846 |
| 288000 | Chongqing Changan Automobile Co. Ltd., Class A (Consumer Discretionary) | 464266 |
| 621626 | Chow Tai Fook Jewellery Group Ltd. (Consumer Discretionary)<sup>(b)</sup> | 1042646 |
| 794477 | CITIC Ltd. (Industrials) | 1271626 |
| 270600 | Citic Pacific Special Steel Group Co. Ltd., Class A (Materials) | 711119 |
| 306063 | CMOC Group Ltd., Class A (Materials) | 1070188 |
| 381179 | CMOC Group Ltd., Class H (Materials) | 1177334 |
| 240560 | COSCO SHIPPING Holdings Co. Ltd., Class A (Industrials) | 526287 |
| 366296 | COSCO SHIPPING Holdings Co. Ltd., Class H (Industrials)<sup>(b)</sup> | 710850 |
| 170500 | CSC Financial Co. Ltd., Class A (Financials) | 592696 |
| 1868312 | CSPC Pharmaceutical Group Ltd. (Health Care) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2364604 |
| 206425 | Daqin Railway Co. Ltd., Class A(Industrials) | 153445 |
| 28324 | Dosilicon Co. Ltd., Class A (Information Technology)\* | 577965 |
| 8800 | Eastroc Beverage Group Co. Ltd., Class A (Consumer Staples) | 309832 |
| 87121 | Ecovacs Robotics Co. Ltd., Class A (Consumer Discretionary) | 880365 |
| 64300 | ENN Energy Holdings Ltd. (Utilities) | 565553 |
| 41165 | Eoptolink Technology, Inc. Ltd., Class A (Information Technology) | 2159139 |
| 1314969 | Everdisplay Optronics Shanghai Co. Ltd., Class A (Information Technology)\* | 500236 |
| 1849928 | Far East Horizon Ltd. (Financials) | 1830500 |
| 519900 | Focus Media Information Technology Co. Ltd., Class A (Communication Services) | 535745 |
| 948200 | Founder Securities Co. Ltd., Class A (Financials) | 1061402 |
| 55100 | Foxconn Industrial Internet Co. Ltd., Class A (Information Technology) | 447328 |
| 478425 | GD Power Development Co. Ltd., Class A (Utilities) | 342385 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) |  |
| 705602 | Gccly Automobile Holdings Ltd. (Consumer Discretionary) | $1456821 |
| 377600 | GEM Co. Ltd., Class A (Industrials) | 546513 |
| 378000 | Genscript Biotech Corp. (Health Care)\* | 576992 |
| 108583 | Giant Biogene Holding Co. Ltd. (Consumer Staples)<sup>(a)</sup> | 443097 |
| 111000 | Giant Network Group Co. Ltd., Class A (Communication Services) | 600227 |
| 10200 | GigaDevice Semiconductor, Inc Class A (Information Technology) | 446006 |
| 151300 | Goldwind Science & Technology Co. Ltd., Class A (Industrials) | 627394 |
| 30125 | Goneo Group Co. Ltd., Class A (Industrials) | 191220 |
| 221581 | Great Wall Motor Co. Ltd., Class H (Consumer Discretionary) | 364290 |
| 167700 | Guangdong HEC Technology Holding Co. Ltd., Class A (Materials)\* | 923940 |
| 961210 | Guangdong Investment Ltd. (Utilities) | 937598 |
| 406144 | Guangzhou Automobile Group Co. Ltd., Class A (Consumer Discretionary) | 476535 |
| 98413 | Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A (Health Care) | 362761 |
| 681812 | Guoyuan Securities Co. Ltd., Class A (Financials) | 826812 |
| 1044001 | Haidilao International Holding Ltd. (Consumer Discretionary)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2351693 |
| 213778 | Haier Smart Home Co. Ltd., Class H (Consumer Discretionary) | 729160 |
| 99100 | Haisco Pharmaceutical Group Co. Ltd., Class A (Health Care) | 673820 |
| 251775 | Haitian International Holdings Ltd. (Industrials) | 814986 |
| 159776 | Hangzhou First Applied Material Co. Ltd., Class A (Information Technology) | 421511 |
| 278663 | Hansoh Pharmaceutical Group Co. Ltd. (Health Care)<sup>(a)</sup> | 1245445 |
| 116271 | Henan Shenhuo Coal Industry & Electricity Power Co. Ltd., Class A (Materials) | 549927 |
| 495433 | Hengan International Group Co. Ltd. (Consumer Staples) | 1848179 |
| 32515 | Hithink RoyalFlush Information Network Co. Ltd., Class A (Financials) | 1575112 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>5</sub>

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) |  |
| 66274 | Hua Hong Semiconductor Ltd., Class H (Information Technology)\*<sup>(a)</sup> | $819725 |
| 645345 | Huaneng Power International, Inc., Class H (Utilities) | 497489 |
| 408338 | Huaxia Bank Co. Ltd., Class A (Financials) | 398167 |
| 284041 | Huayu Automotive Systems Co. Ltd., Class A (Consumer Discretionary) | 800261 |
| 88199 | Hundsun Technologies, Inc., Class A (Information Technology) | 385916 |
| 333669 | Industrial & Commercial Bank of China Ltd., Class A (Financials) | 336543 |
| 6663521 | Industrial & Commercial Bank of China Ltd., Class H (Financials) | 5494616 |
| 634808 | Industrial Securities Co. Ltd., Class A (Financials) | 624547 |
| 94723 | Inner Mongolia Dian Ton Energy Corp. Ltd., Class A (Energy) | 423851 |
| 113700 | Inner Mongolia Xingye Silver&Tin Mining Co. Ltd., Class A (Materials) | 914618 |
| 148837 | 7 Innovent Biologies, Inc. (Health Care)\*<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1619252 |
| 463400 | JA Solar Technology Co. Ltd., Class A (Information Technology)\* | 817260 |
| 55981 | JD Health International, Inc. (Consumer Staples)\*<sup>(a)</sup> | 406144 |
| 383449 | JD Logistics, Inc. (Industrials)\*<sup>(a)</sup> | 547564 |
| 251770 | JD.com, Inc., Class A (Consumer Discretionary) | 3360302 |
| 539392 | Jiangsu Expressway Co. Ltd., Class H (Industrials)<sup>(b)</sup> | 701982 |
| 176700 | Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A (Health Care) | 1456682 |
| 90400 | Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A (Health Care) | 509916 |
| 139841 | Jiangxi Copper Co. Ltd., Class A(Materials) | 1182989 |
| 135865 | Jiangxi Copper Co. Ltd., Class H(Materials) | 792039 |
| 122800 | Jinduicheng Molybdenum Co. Ltd., Class A (Materials) | 439051 |
| 103100 | KE Holdings, Inc., Class A (Real Estate) | 574143 |
| 239733 | Kingdee International Software Group Co. Ltd. (Information Technology)\* | 308625 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) |  |
| 74389 | Kingsoft Corp. Ltd. (Communication Services) | $247261 |
| 388000 | Kuaishou Technology (Communication Services)<sup>(a)</sup> | 3117532 |
| 1.396433 | Kunlun Energy Co. Ltd. (Utilities) | 1497807 |
| 5813 | Kweichow Moutai Co. Ltd., Class A (Consumer Staples) | 1232787 |
| 16152 | Laopu Gold Co. Ltd., Class H (Consumer Discretionary)<sup>(b)</sup> | 1493959 |
| 246164 | LB Group Co. Ltd., Class A (Materials) | 837781 |
| 866274 | Lenovo Group Ltd. (Information Technology) | 1077561 |
| 83811 | Li Auto, Inc., Class A (Consumer Discretionary)\* | 736627 |
| 828858 | Li Ning Co. Ltd. (Consumer Discretionary) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2386285 |
| 481036 | Longfor Group Holdings Ltd. (Real Estate)<sup>(a)</sup> | 611892 |
| 1442064 | Meitu, Inc. (Communication Services)\*<sup>(a)</sup> | 1043458 |
| 504843 | Meituan, Class B (Consumer Discretionary)\*<sup>(a)</sup> | 5237436 |
| 2078200 | Metallurgical Corp. of China Ltd., Class A (Industrials) | 972325 |
| 105409 | MINISO Group Holding Ltd. (Consumer Discretionary) | 485664 |
| 1189353 | MMG Ltd. (Materials)\* | 1643654 |
| 18417 | Montage Technology Co. Ltd., Class A (Information Technology) | 439024 |
| 166573 | NetEase, Inc. (Communication Services) | 3816071 |
| 145200 | New China Life Insurance Co. Ltd., Class A (Financials) | 1599953 |
| 314323 | New China Life Insurance Co. Ltd., Class H (Financials) | 2220150 |
| 329062 | New Hope Liuhe Co. Ltd., Class A (Consumer Staples) | 417748 |
| 214040 | New Oriental Education & Technology Group, Inc. (Consumer Discretionary) | 1196872 |
| 252851 | Nongfu Spring Co. Ltd., Class H (Consumer Staples)<sup>(a)</sup> | 1532205 |
| 68796 | PDD Holdings, Inc. ADR (Consumer Discretionary)\* | 7136209 |
| 1848962 | People's Insurance Co. Group of China Ltd. (The), Class H (Financials) | 1.515165 |
| 374504 | PetroChina Co. Ltd., Class A (Energy) | 592796 |
| 2717976 | PetroChina Co. Ltd., Class H (Energy) | 3314880 |
| 738624 | PICC Property & Casualty Co. Ltd., Class H (Financials) | 1528777 |
| 281649 | Ping An Bank Co. Ltd., Class A (Financials) | 447459 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 6 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) |  |
| 60134 | Ping An Insurance Group Co. of China Ltd., Class A (Financials) | $552967 |
| 547871 | Ping An Insurance Group Co. of China Ltd., Class H (Financials) | 4762786 |
| &nbsp;&nbsp;&nbsp;&nbsp;522000 | Poly Developments and Holdings Group Co. Ltd., Class A (Real Estate) | 517367 |
| 149310 | Pop Mart International Group Ltd. (Consumer Discretionary)<sup>(a)</sup> | 4386446 |
| 903691 | Postal Savings Bank of China Co. Ltd., Class H (Financials)<sup>(a)</sup> | 569562 |
| 112200 | Qinghai Salt Lake Industry Co. Ltd., Class A (Materials)\* | 624705 |
| 82938 | Remegen Co. Ltd., Class H (Health Care)\*<sup>(a)</sup> | 854069 |
| 15900 | Rockchip Electronics Co. Ltd., Class A (Information Technology) | 417077 |
| 198662 | SAIC Motor Corp. Ltd., Class A (Consumer Discretionary) | 414935 |
| 909000 | SDIC Capital Co. Ltd., Class A (Financials) | 988375 |
| 120200 | Shandong Gold Mining Co. Ltd., Class A (Materials) | 828851 |
| 120341 | Shandong Gold Mining Co. Ltd., Class H (Materials)<sup>(a)</sup> | 634155 |
| 35200 | Shandong Himile Mechanical Science & Technology Co. Ltd., Class A (Industrials) | 495095 |
| 126300 | Shandong Hongqiao Aluminum Industry Holding Co. Ltd., Class A (Materials)\* | 537901 |
| 107100 | Shandong Hualu Hengsheng Chemical Co. Ltd., Class A (Materials) | 602554 |
| 994618 | Shandong Nanshan Aluminum Co. Ltd., Class A (Materials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1026381 |
| 840400 | Shandong Weigao Group Medical Polymer Co. Ltd., Class H (Health Care) | 546862 |
| 67176 | Shanghai Allist Pharmaceuticals Co. Ltd., Class A (Health Care) | 907736 |
| 430525 | Shanghai Electric Group Co. Ltd., Class A (Industrials)\* | 571030 |
| 126100 | Shanghai Electric Power Co. Ltd., Class A (Utilities) | 401592 |
| 148356 | Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A (Health Care) | 572588 |
| 156200 | Shanghai International Airport Co. Ltd., Class A (Industrials) | 694612 |
| 194100 | Shanghai Pharmaceuticals Holding Co. Ltd., Class A (Health Care) | 486601 |
| 397500 | Shanghai RAAS Blood Products Co. Ltd., Class A (Health Care) | 364424 |
| 133000 | Shanjin International Gold Co. Ltd., Class A (Materials) | 600554 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) |  |
| 47800 | Shcngyi Technology Co. Ltd., Class A (Information Technology) | $481490 |
| 10000 | Shennan Circuits Co. Ltd., Class A (Information Technology) | 416068 |
| 1.262000 | Shenwan Hongyuan Group Co. Ltd., Class A (Financials) | 921544 |
| 46500 | Shenzhen Envicool Technology Co. Ltd., Class A (Industrials) | 735363 |
| 41900 | Shenzhen Goodix Technology Co. Ltd., Class A (Information Technology) | 478123 |
| 12600 | Shenzhen Longsys Electronics Co. Ltd., Class A (Information Technology)\* | 535705 |
| 7419 | Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (Health Care) | 201044 |
| 2899719 | Sino Biopharmaceutical Ltd. (Health Care) | 2242772 |
| 549465 | Sinolink Securities Co. Ltd., Class A (Financials) | 731189 |
| 106100 | Sinoma Science & Technology Co. Ltd., Class A (Materials) | 782965 |
| 45500 | Sinomine Resource Group Co. Ltd., Class A (Materials) | 603492 |
| 535756 | Sinopharm Group Co. Ltd., Class H (Health Care) | 1447924 |
| 143097 | Sinotruk Hong Kong Ltd. (Industrials) | 752974 |
| 32500 | Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A (Information Technology) | 405249 |
| 13100 | Suzhou Maxwell Technologies Co. Ltd., Class A (Information Technology) | 557173 |
| 65406 | Suzhou TFC Optical Communication Co. Ltd., Class A (Information Technology) | 3514873 |
| 110181 | TBEA Co. Ltd., Class A (Industrials) | 487238 |
| 1.519500 | TCL Technology Group Corp., Class A (Information Technology) | 1.100718 |
| 760585 | Tencent Holdings Ltd. (Communication Services) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50367614 |
| 24669 | Tencent Music Entertainment Group ADR (Communication Services) | 360167 |
| 754632 | Tingyi Cayman Islands Holding Corp. (Consumer Staples) | 1262841 |
| 816500 | Tongling Nonferrous Metals Group Co. Ltd., Class A (Materials) | 943731 |
| 34273 | Trip.com Group Ltd. (Consumer Discretionary) | 1802562 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>7</sub>

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) |  |
| 17913 | Vcrisilicon Microelectronics Shanghai Co. Ltd., Class A (Information Technology)\* | $724937 |
| 33292 | Victory Giant Technology Huizhou Co. Ltd., Class A (Information Technology) | 1475428 |
| 70068 | Vipshop Holdings Ltd. ADR (Consumer Discretionary) | 1220585 |
| 1589360 | Want Want China Holdings Ltd. (Consumer Staples) | 995617 |
| 203500 | Weichai Power Co. Ltd., Class A(Industrials) | 826351 |
| 276437 | Weichai Power Co. Ltd.. Class H(Industrials) | 1152800 |
| 272261 | Western Mining Co. Ltd., Class A(Materials) | 1375015 |
| 688600 | Western Securities Co. Ltd., Class A (Financials) | 802927 |
| 145500 | Wingtech Technology Co. Ltd., Class A (Information Technology)\* | 710439 |
| 2069462 | Wintime Energy Group Co. Ltd., Class A (Utilities)\* | 551985 |
| 217500 | Wuhan Guide Infrared Co. Ltd., Class A (Information Technology)\* | 493273 |
| 34421 | WuXi AppTec Co. Ltd., Class H (Health Care)<sup>(a)</sup> | 523654 |
| 174204 | Wuxi Biologies Cayman, Inc. (Health Care)\*<sup>(a)</sup> | 895724 |
| 1530799 | Xiaomi Corp., Class B (Information Technology)\*<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6829949 |
| 64711 | XPeng, Inc., Class A (Consumer Discretionary)\* | 565445 |
| 38800 | Yantai Jereh Oilfield Services Group Co. Ltd., Class A (Energy) | 663189 |
| 179400 | Yealink Network Technology Corp. Ltd., Class A (Information Technology) | 982648 |
| 31377 | Yum China Holdings, Inc. (Consumer Discretionary) | 1737696 |
| 62700 | Yunnan Baiyao Group Co. Ltd., Class A (Health Care) | 512227 |
| 126038 | Yunnan Yuntianhua Co. Ltd., Class A (Materials) | 815098 |
| 63300 | Zangge Mining Co. Ltd.. Class A(Materials) | 794929 |
| 209153 | Zhaojin Mining Industry Co. Ltd., Class H (Materials) | 922480 |
| 358900 | Zhejiang Century Huatong Group Co. Ltd., Class A (Communication Services)\* | 963044 |
| 165654 | Zhejiang Chint Electrics Co. Ltd., Class A (Industrials) | 797739 |
| 51200 | Zhejiang Huayou Cobalt Co. Ltd., Class A (Industrials) | 586708 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) |  |
| 57082 | Zhejiang Lcapmotor Technology Co. Ltd., Class H (Consumer Discretionary)\*<sup>(a)</sup> | $299197 |
| 460398 | Zhejiang Longsheng Group Co. Ltd., Class A (Materials) | 1099845 |
| 156810 | Zhejiang NHU Co. Ltd., Class A(Materials) | 719951 |
| 705059 | Zheshang Securities Co. Ltd., Class A (Financials) | 1096500 |
| 11500 | Zhongji Innolight Co. Ltd., Class A (Information Technology) | 895072 |
| 131500 | Zhongjin Gold Corp. Ltd., Class A(Materials) | 610264 |
| 1227100 | Zhongtai Securities Co. Ltd., Class A (Financials) | 1146455 |
| 173100 | Zijin Mining Group Co. Ltd., Class A (Materials) | 997844 |
| 270461 | Zijin Mining Group Co. Ltd., Class H (Materials) | 1555933 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360451965 |
| Colombia – 0.1% | Colombia – 0.1% |  |
| 86722 | Grupo Cibest SA (Financials) | 1894109 |
| Czech Republic – 0.3% | Czech Republic – 0.3% |  |
| 17585 | CEZ AS (Utilities) | 998490 |
| 31253 | Komercni Banka AS (Financials) | 1789803 |
| 196693 | Moneta Money Bank AS (Financials)\*<sup>(a)</sup> | 1888559 |
|  |  | 4676852 |
| Egypt – 0.3% | Egypt – 0.3% |  |
| 1645174 | Commercial International Bank - Egypt (CIB) (Financials) | 4580411 |
| Greece – 1.0% | Greece – 1.0% |  |
| 386018 | Alpha Bank SA (Financials) | 1695471 |
| 408556 | Eurobank SA (Financials) | 1890939 |
| 114193 | Hellenic Telecommunications Organization SA (Communication Services) | 2359486 |
| 46917 | JUMBO SA (Consumer Discretionary) | 1374903 |
| 132380 | National Bank of Greece SA (Financials) | 2154612 |
| 97130 | OPAP Holding SA (Consumer Discretionary) | 1811968 |
| 203599 | Piraeus Bank SA (Financials)\* | 1951963 |
| 46417 | Public Power Corp. SA (Utilities) | 1035807 |
|  |  | 14275149 |
| Hong Kong – 0.0% | Hong Kong – 0.0% |  |
| 24713 | Orient Overseas International Ltd. (Industrials) | 472325 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 8 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Hong Kong – (continued) | Hong Kong – (continued) |  |
| 19200 | Zijin Gold International Co. Ltd. (Materials)\* | $573878 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1046203 |
| Hungary – 0.6% | Hungary – 0.6% |  |
| 174878 | MOL Hungarian Oil & Gas PLC (Energy) | 1933141 |
| 41011 | OTP Bank Nyrt (Financials) | 5051301 |
| 50609 | Richter Gedeon Nyrt (Health Care) | 1893355 |
|  |  | 8877797 |
| India – 12.1% | India – 12.1% |  |
| 8132 | ABB India Ltd. (Industrials) | 542841 |
| 166416 | Aditya Birla Capital Ltd. (Financials)\* | 630076 |
| 7779 | Alkem Laboratories Ltd. (Health Care) | 482210 |
| 108569 | Ambuja Cements Ltd. (Materials) | 597166 |
| 41687 | APL Apollo Tubes Ltd. (Materials) | 1023935 |
| 9104 | Apollo Hospitals Enterprise Ltd. (Health Care) | 782698 |
| 220451 | Ashok Leyland Ltd. (Industrials) | 511531 |
| 23405 | Asian Paints Ltd. (Materials) | 611313 |
| 13285 | Astral Ltd. (Industrials) | 243559 |
| 76051 | AU Small Finance Bank Ltd. (Financials)<sup>(a)</sup> | 801126 |
| 127313 | Aurobindo Pharma Ltd. (Health Care) | 1707839 |
| 212964 | Axis Bank Ltd. (Financials) | 3239536 |
| 156403 | Bajaj Finance Ltd. (Financials) | 1712114 |
| 27530 | Bajaj Finserv Ltd. (Financials) | 603216 |
| 24303 | Balkrishna Industries Ltd. (Consumer Discretionary) | 636825 |
| 457086 | Bank of Baroda (Financials) | 1617552 |
| 304853 | Bharat Electronics Ltd. (Industrials) | 1490149 |
| 46275 | Bharat Forge Ltd. (Consumer Discretionary) | 972130 |
| 337449 | Bharat Petroleum Corp. Ltd. (Energy) | 1429525 |
| 235179 | Bharti Airtel Ltd. (Communication Services) | 4858102 |
| 878 | Bosch Ltd. (Consumer Discretionary) | 351533 |
| 22099 | Britannia Industries Ltd. (Consumer Staples) | 1458065 |
| 67391 | BSE Ltd. (Financials) | 2005295 |
| 1007328 | Canara Bank (Financials) | 1742468 |
| 24506 | Cholamandalam Investment and Finance Co. Ltd. (Financials) | 466220 |
| 94587 | Cipla Ltd. (Health Care) | 1401709 |
| 176462 | Coal India Ltd. (Energy) | 835310 |
| 47999 | Colgate-Palmolive India Ltd. (Consumer Staples) | 1189472 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| India – (continued) | India – (continued) |  |
| 11872 | Coromandel International Ltd. (Materials) | $289700 |
| 7542 | Cummins India Ltd. (Industrials) | 406073 |
| 8067 | Divi's Laboratories Ltd. (Health Care) | 568251 |
| 158987 | Dr Reddy's Laboratories Ltd. (Health Care) | 2247894 |
| 16061 | Eicher Motors Ltd. (Consumer Discretionary) | 1414178 |
| 54165 | Fortis Healthcare Ltd. (Health Care) | 561230 |
| 273020 | FSN E-Commerce Ventures Ltd. (Consumer Discretionary)\* | 796706 |
| 460328 | GAIL India Ltd. (Utilities) | 857800 |
| 15885 | GE Vernova T&D India Ltd. (Industrials) | 672268 |
| 27536 | Grasim Industries Ltd. (Materials) | 847422 |
| 44468 | Havells India Ltd. (Industrials) | 682884 |
| 191750 | HCL Technologies Ltd. (Information Technology) | 2927796 |
| 64564 | HDFC Asset Management Co. Ltd. (Financials)<sup>(a)</sup> | 1915142 |
| 1097450 | HDFC Bank Ltd. (Financials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10708962 |
| 44472 | HDFC Life Insurance Co. Ltd. (Financials)(a) | 349661 |
| 11935 | Hero MotoCorp Ltd. (Consumer Discretionary) | 749084 |
| 245474 | Hindaleo Industries Ltd. (Materials) | 2495045 |
| 194696 | Hindustan Petroleum Corp. Ltd. (Energy) | 938958 |
| 22847 | Hindustan Unilever Ltd. (Consumer Staples) | 587171 |
| 1596 | Hitachi Energy India Ltd. (Industrials) | 448435 |
| 34324 | Hyundai Motor India Ltd. (Consumer Discretionary) | 816974 |
| 585775 | ICICI Bank Ltd. (Financials) | 8878418 |
| 390157 | IDFC First Bank Ltd. (Financials) | 315123 |
| 50909 | Indian Hotels Co. Ltd. (Consumer Discretionary) | 373272 |
| 720527 | Indian Oil Corp. Ltd. (Energy) | 1484752 |
| 241551 | Indus Towers Ltd. (Communication Services)\* | 1207938 |
| 20600 | Info Edge India Ltd. (Communication Services) | 233135 |
| 349736 | Infosys Ltd. (Information Technology) | 4997917 |
| 19622 | InterGlobe Aviation Ltd. <br>(Industrials)<sup>(a)</sup> | 1041143 |
| 159431 | ITC Ltd. (Consumer Staples) | 549567 |
| 73651 | Jindal Stainless Ltd. (Materials) | 628504 |
| 52991 | Jindal Steel Ltd. (Materials) | 724710 |
| 92482 | JSW Steel Ltd. (Materials) | 1.285632 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>9</sub>

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| India – (continued) | India – (continued) |  |
| 88614 | Jubilant Foodworks Ltd. (Consumer Discretionary) | $506401 |
| 234604 | Kotak Mahindra Bank Ltd. (Financials) | 1070692 |
| 192050 | L&T Finance Ltd. (Financials) | 599416 |
| 41599 | Larsen & Toubro Ltd. (Industrials) | 1956258 |
| 38713 | LTIMindtree Ltd. (Information Technology)<sup>(a)</sup> | 1898709 |
| 53913 | Lupin Ltd. (Health Care) | 1364118 |
| 46286 | Mahindra & Mahindra Ltd. (Consumer Discretionary) | 1728496 |
| 121420 | Marico Ltd. (Consumer Staples) | 1.052559 |
| 7497 | Maruti Suzuki India Ltd. (Consumer Discretionary) | 1224308 |
| 41247 | Max Healthcare Institute Ltd. (Health Care) | 495071 |
| 99745 | Mphasis Ltd. (Information Technology) | 2517848 |
| 491 | MRF Ltd. (Consumer Discretionary) | 760898 |
| 39366 | Muthoot Finance Ltd. (Financials) | 1451081 |
| 102738 | Nestle India Ltd. (Consumer Staples) | 1458696 |
| 705426 | NHPC Ltd. (Utilities) | 584106 |
| 2772677 | NMDC Ltd. (Materials) | 2491184 |
| 352729 | NTPC Ltd. (Utilities) | 1480685 |
| 36815 | Oberoi Realty Ltd. (Real Estate) | 616225 |
| 567901 | Oil & Natural Gas Corp. Ltd. (Energy) | 1745971 |
| 32287 | One 97 Communications Ltd. (Financials)\* | 389781 |
| 25760 | Oracle Financial Services Software Ltd. (Information Technology) | 1962802 |
| 6138 | Page Industries Ltd. (Consumer Discretionary) | 2166403 |
| 40924 | Persistent Systems Ltd. (Information Technology) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2129053 |
| 455881 | Petronet LNG Ltd. (Energy) | 1620554 |
| 17161 | PI Industries Ltd. (Materials) | 588021 |
| 57495 | Pidilite Industries Ltd. (Materials) | 942911 |
| 11135 | Polycab India Ltd. (Industrials) | 1053879 |
| 417652 | Power Finance Corp. Ltd. (Financials) | 1899665 |
| 822901 | Punjab National Bank (Financials) | 1170814 |
| 428875 | REC Ltd. (Financials) | 1649007 |
| 492905 | Reliance Industries Ltd. (Energy) | 7552084 |
| 1121840 | Samvardhana Motherson International Ltd. (Consumer Discretionary) | 1644233 |
| 48547 | SBI Cards & Payment Services Ltd. (Financials)\* | 413238 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| India – (continued) | India – (continued) |  |
| 52099 | SBI Life Insurance Co. Ltd. (Financials)<sup>(a)</sup> | $1166635 |
| 2971 | Shree Cement Ltd. (Materials) | 851528 |
| 137088 | Shriram Finance Ltd. (Financials) | 1626499 |
| 7034 | Solar Industries India Ltd. (Materials) | 1044087 |
| 9124 | SRF Ltd. (Materials) | 256963 |
| 211173 | State Bank of India (Financials) | 2789372 |
| 92271 | Sun Pharmaceutical Industries Ltd. (Health Care) | 1761721 |
| 57926 | Tata Communications Ltd. (Communication Services) | 1017153 |
| 105199 | Tata Consultancy Services Ltd. (Information Technology) | 3049717 |
| 308607 | Tata Motors Ltd. (Industrials)\* | 1714064 |
| 348295 | Tata Motors Passenger Vehicles Ltd. (Consumer Discretionary) | 1464944 |
| 295240 | Tata Power Co. Ltd. (The) (Utilities) | 1225241 |
| 965274 | Tata Steel Ltd. (Materials) | 2252859 |
| 179955 | Tech Mahindra Ltd. (Information Technology) | 2685788 |
| 21088 | Titan Co. Ltd. (Consumer Discretionary) | 1003100 |
| 42138 | Torrent Pharmaceuticals Ltd. (Health Care) | 2007080 |
| 41895 | Trent Ltd. (Consumer Discretionary) | 1795738 |
| 32954 | TVS Motor Co. Ltd. (Consumer Discretionary) | 1401708 |
| 9317 | UltraTech Cement Ltd. (Materials) | 1298269 |
| 648574 | Union Bank of India Ltd. (Financials) | 1441992 |
| 220445 | UPL Ltd. (Materials) | 1544487 |
| 115363 | Varun Beverages Ltd. (Consumer Staples) | 572401 |
| 263974 | Vedanta Ltd. (Materials) | 2084488 |
| 434310 | Wipro Ltd. (Information Technology) | 959360 |
| 155868 | Zydus Lifesciences Ltd. (Health Care) | 1579132 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175724753 |
| Indonesia – 0.7% | Indonesia – 0.7% |  |
| 3567326 | Astra International Tbk PT (Industrials) | 1420334 |
| 3015450 | Bank Central Asia Tbk PT (Financials) | 1290537 |
| 3131749 | Bank Mandiri Persero Tbk PT (Financials) | 985385 |
| 3129982 | Bank Rakyat Indonesia Persero Tbk PT (Financials) | 729987 |
| 5764390 | Barito Pacific Tbk PT (Materials)\* | 684231 |
| 9199400 | Bumi Resources Minerals Tbk PT (Materials)\* | 532265 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 10 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Indonesia – (continued) | Indonesia – (continued) |  |
| 156274 | Dian Swastatika Scntosa Tbk PT (Energy)\* | $735695 |
| 4587071 | Petrindo Jaya Kreasi Tbk PT (Energy) | 437776 |
| 8098801 | Sumber Alfaria Trijaya Tbk PT (Consumer Staples) | 806740 |
| 5895947 | Telkom Indonesia Persero Tbk PT (Communication Services) | 1244954 |
| 348585 | United Tractors Tbk PT (Energy) | 594663 |
|  |  | 9462567 |
| Kazakhstan – 0.0% | Kazakhstan – 0.0% |  |
| 70023 | Solidcorc Resources PLC (Materials)\*<sup>(c)</sup> |  |
| Kuwait – 0.5% | Kuwait – 0.5% |  |
| 214642 | Boubyan Bank KSCP (Financials) | 475039 |
| 401923 | Gulf Bank KSCP (Financials) | 444107 |
| 884812 | Kuwait Finance House KSCP (Financials) | 2318738 |
| 751002 | Mobile Telecommunications Co. KSCP (Communication Services) | 1326737 |
| 708601 | National Bank of Kuwait SAKP (Financials) | 2178001 |
| 485319 | Warba Bank KSCP (Financials)\* | 455580 |
|  |  | 7198202 |
| Mexico – 1.9% | Mexico – 1.9% |  |
| 2446396 | America Movil SAB de CV, Series B (Communication Services) | 3183471 |
| 49982 | Area Continental SAB de CV (Consumer Staples) | 602131 |
| 1533465 | Cemex SAB de CV, Series CPO (Materials) | 1921510 |
| 59030 | Coca-Cola Femsa SAB de CV (Consumer Staples) | 656789 |
| 138436 | Fomento Economico Mexicano SAB de CV (Consumer Staples) | 1554770 |
| 100141 | Gruma SAB de CV, Class B (Consumer Staples)\*<sup>bl</sup> | 1796904 |
| 89802 | Grupo Aeroportuario del Centro Norte SAB de CV (Industrials) | 1373126 |
| 310131 | Grupo Bimbo SAB de CV, Series A (Consumer Staples)<sup>(b)</sup> | 1126176 |
| 202509 | Grupo Comercial Chedraui SA de CV (Consumer Staples)<sup>11</sup>" | 1299843 |
| 364220 | Grupo Financiero Banorte SAB de CV Class O (Financials) | 4157222 |
| 151264 | Grupo Financiero Inbursa SAB de CV Class O (Financials) | 385061 |
| 188765 | Grupo Mexico SAB de CV, Series B (Materials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2402952 |
| 36440 | Industrias Penoles SAB de CV (Materials)\* | 2316183 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Mexico – (continued) | Mexico – (continued) |  |
| 541259 | Kimberly-Clark de Mexico SAB de CV Class A (Consumer Staples)<sup>(b)</sup> | $1359911 |
| 1064986 | Sigma Foods SAB de CV (Consumer Staples) | 1197692 |
| 9486 | Southern Copper Corp. (Materials) | 2070794 |
| 409790 | Wal-Mart de Mexico SAB de CV (Consumer Staples) | 1327543 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28732078 |
| Netherlands – 0.0% | Netherlands – 0.0% |  |
| 40500 | Nebius Group NV, Class A (Information Technology)\*<sup>(c)</sup> |  |
| Peru – 0.3% | Peru – 0.3% |  |
| 20792 | Cia de Minas Buenaventura SAA ADR (Materials) | 907987 |
| 7161 | Credicorp Ltd. (Financials) | 2480427 |
|  |  | 3388414 |
| Philippines – 0.2% | Philippines – 0.2% |  |
| 1663000 | Ayala Land, Inc. (Real Estate) | 602735 |
| 66400 | International Container Terminal Services, Inc. (Industrials) | 826762 |
| 528500 | Metropolitan Bank & Trust Co. (Financials) | 705705 |
| 17105 | PLDT, Inc. (Communication Services) | 415278 |
| 85210 | SM Investments Corp. (Industrials) | 1041759 |
|  |  | 3592239 |
| Poland – 1.4% | Poland – 1.4% |  |
| 77084 | Allegro.eu SA (Consumer Discretionary)\*<sup>(a)</sup> | 598846 |
| 11472 | Asseco Poland SA (Information Technology) | 566110 |
| 125376 | Bank Millennium SA (Financials)\* | 608517 |
| 44082 | Bank Pekao SA (Financials) | 2791023 |
| 13835 | CD Projekt SA (Communication Services) | 939850 |
| 96917 | Dino Polska SA (Consumer <br>Staples)\*<sup>(a)</sup> | 1090525 |
| 15042 | KGHM Polska Miedz SA (Materials)\* | 1412562 |
| 526 | LPP SA (Consumer Discretionary) | 3043237 |
| 2791 | mBank SA (Financials)\* | 807383 |
| 72635 | ORLEN SA (Energy) | 2331135 |
| 153146 | PGE Polska Grupa Energetyczna SA (Utilities)\* | 483745 |
| 111039 | Powszechna Kasa Oszczednosci Bank Polski SA (Financials) | 2873684 |
| 119544 | Powszechny Zaklad Ubezpieczen SA (Financials) | 2263294 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>11</sub>

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Poland – (continued) | Poland – (continued) |  |
| 3034 | Santander Bank Polska SA (Financials) | $502065 |
|  |  | 20311976 |
| Qatar – 0.7% | Qatar – 0.7% |  |
| 943714 | Al Rayan Bank (Financials) | 604433 |
| 594536 | Commercial Bank PSQC (The) (Financials) | 791953 |
| 655220 | Dukhan Bank (Financials) | 645862 |
| 248616 | Industries Qatar QSC (Industrials) | 825533 |
| 3623466 | Mcsaiccd Petrochemical Holding Co. (Materials) | 1039968 |
| 251658 | Ooredoo QPSC (Communication Services) | 936546 |
| 98993 | Qatar Fuel QSC (Energy) | 402388 |
| 425931 | Qatar Gas Transport Co. Ltd. (Energy) | 576721 |
| 158743 | Qatar International Islamic Bank QSC (Financials) | 493974 |
| 133477 | Qatar Islamic Bank (Financials) | 868829 |
| 585810 | Qatar National Bank QPSC (Financials) | 3105227 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10291434 |
| Romania – 0.1% | Romania – 0.1% |  |
| 76077 | NEPI Rockcastle NV (Real Estate)\* | 707551 |
| Russia – 0.0% | Russia – 0.0% |  |
| 1256908 | Gazprom PJSC (Energy)\*<sup>(c)</sup> |  |
| 1190600 | GMK Norilskiy Nickel PAO (Materials)\*<sup>(c)</sup> |  |
| 35708229 | Inter RAO UES PJSC (Utilities)\*<sup>(c)</sup> |  |
| 62206 | LUKOIL PJSC (Energy)\*<sup>(c)</sup> |  |
| 824628 | Moscow Exchange MICEX- RTS PJSC (Financials)\*<sup>(c)</sup> |  |
| 839494 | Novolipetsk Steel PJSC <br>(Materials)\*<sup>(c)</sup> |  |
| 127440 | PhosAgro PJSC, GDR (Materials)\*<sup>(c)</sup> |  |
| 820 | PhosAgro PJSC NPV (Materials)\*<sup>(c)</sup> |  |
| 112870 | Polyus PJSC (Materials)\*<sup>(c)</sup> |  |
| 90086 | Rosneft Oil Co. PJSC (Energy)\*<sup>(c)</sup> |  |
| 1661273 | Sberbank of Russia PJSC (Financials)\*<sup>(c)</sup> |  |
| 152107 | Severstal PAO (Materials)\*<sup>(c)</sup> |  |
| 3362523 | Surgutneftegas PJSC (Energy)\*<sup>(c)</sup> |  |
| 277377 | Tatneft PJSC (Energy)\*<sup>(c)</sup> |  |
| 1366 | T-Tekhnologii MKPAO <br>(Financials)\*<sup>(c)</sup> |  |
| 159827 | VTB Bank PJSC (Financials)\*<sup>(c)</sup> |  |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Saudi Arabia – 1.7% | Saudi Arabia – 1.7% |  |
| 186391 | Al Rajhi Bank (Financials) | $5018926 |
| 89235 | Alinma Bank (Financials) | 665652 |
| 121345 | Arab National Bank (Financials) | 666428 |
| 336522 | Bank Al-Jazira (Financials) | 1038930 |
| 274113 | Banque Saudi Fransi (Financials) | 1452085 |
| 55109 | Etihad Etisalat Co. (Communication Services) | 944709 |
| 401591 | Jarir Marketing Co. (Consumer Discretionary) | 1497843 |
| 96132 | Riyad Bank (Financials) | 711975 |
| 15092 | SABIC Agri-Nutrients Co. (Materials) | 498118 |
| 68922 | Saudi Arabian Mining Co. (Materials)\* | 1289910 |
| &nbsp;&nbsp;&nbsp;&nbsp;424871 | Saudi Arabian Oil Co. (Energy)<sup>(a)</sup> | 2827263 |
| 121105 | Saudi Awwal Bank (Financials)<sup>(b)</sup> | 1104858 |
| 44677 | ' Saudi Basic Industries Corp. (Materials)<sup>(b)</sup> | 645577 |
| 129240 | Saudi Electricity Co. (Utilities) | 466531 |
| 240680 | Saudi Investment Bank (The) (Financials) | 866240 |
| 241382 | Saudi National Bank (The) (Financials) | 2682237 |
| 182206 | Saudi Telecom Co. (Communication Services) | 2031474 |
| 43312 | Yanbu National Petrochemical Co. (Materials)<sup>(b)</sup> | 290987 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24699743 |
| South Africa – 3.8% | South Africa – 3.8% |  |
| 151380 | Absa Group Ltd. (Financials) | 2580141 |
| 66835 | Bid Corp. Ltd. (Consumer Staples) | 1764100 |
| 104802 | Bidvest Group Ltd. (Industrials) | 1662413 |
| 15512 | Capitec Bank Holdings Ltd. (Financials) | 4622698 |
| 73102 | Clicks Group Ltd. (Consumer Staples) | 1461397 |
| 89622 | Discovery Ltd. (Financials) | 1471563 |
| 557413 | FirstRand Ltd. (Financials) | 3473522 |
| 72605 | Gold Fields Ltd. (Materials) | 4235060 |
| 96077 | Harmony Gold Mining Co. Ltd. (Materials) | 2165875 |
| 83975 | Impala Platinum Holdings Ltd. (Materials) | 1865836 |
| 233425 | MTN Group Ltd. (Communication Services) | 3043947 |
| 63047 | Naspers Ltd., Class N (Consumer Discretionary) | 3506471 |
| 78817 | Nedbank Group Ltd. (Financials) | 1559752 |
| 43664 | Northam Platinum Holdings Ltd. (Materials) | 1188742 |
| 427542 | OUTsurance Group Ltd. (Financials) | 1973395 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 12 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| South Africa – (continued) | South Africa – (continued) |  |
| 1177724 | Pcpkor Holdings Ltd. (Consumer Discretionary)<sup>(a)</sup> | $1968114 |
| 97945 | Remgro Ltd. (Financials) | 1193061 |
| 461899 | Sanlam Ltd. (Financials) | 3081164 |
| 147330 | Sasol Ltd. (Materials)\* | 1344968 |
| 122468 | Shoprite Holdings Ltd. (Consumer Staples) | 2035196 |
| 243686 | Sibanye Stillwater Ltd. (Materials)\* | 1071652 |
| 202460 | Standard Bank Group Ltd. (Financials) | 4087104 |
| 13524 | Valterra Platinum Ltd. (Materials) | 1584043 |
| 178247 | Vodacom Group Ltd. (Communication Services) | 1822391 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54762605 |
| South Korea – 16.9% | South Korea – 16.9% |  |
| 2233 | Alteogen, Inc. (Health Care) | 632567 |
| 8632 | Amorcpacific Corp. (Consumer Staples) | 908505 |
| 5681 | APR Corp. (Consumer Staples)\* | 1234141 |
| 3957 | Celltrion, Inc. (Health Care)\* | 656062 |
| 11210 | DB Insurance Co. Ltd. (Financials) | 1426869 |
| 1165 | Doosan Co. Ltd. (Industrials) | 1035016 |
| 31496 | Doosan Encrbility Co. Ltd. (Industrials)\* | 2327442 |
| 31633 | Hana Financial Group, Inc. (Financials) | 2678415 |
| 26447 | Hankook Tire & Technology Co. Ltd. (Consumer Discretionary) | 1340276 |
| 18521 | Hanmi Semiconductor Co. Ltd. (Information Technology)<sup>(b)</sup> | 4165133 |
| 2438 | Hanwha Aerospace Co. Ltd. (Industrials) | 2025311 |
| 10797 | Hanwha Ocean Co. Ltd. (Industrials)\* | 1059810 |
| 9228 | Hanwha Systems Co. Ltd. (Industrials)\* | 728746 |
| 11010 | HD Hyundai Co. Ltd. (Energy) | 2238738 |
| 2336 | HD Hyundai Electric Co. Ltd. (Industrials) | 1705110 |
| 2714 | HD Hyundai Heavy Industries Co. Ltd. (Industrials) | 1137673 |
| 6284 | HD Hyundai Marine Solution Co. Ltd. (Industrials) | 805103 |
| 8204 | HD Korea Shipbuilding & Offshore Engineering Co. Ltd. (Industrials) | 2566423 |
| 32414 | HMM Co. Ltd. (Industrials) | 481084 |
| 759 | Hyosung Heavy Industries Corp. (Industrials) | 1489508 |
| 5588 | Hyundai Engineering & Construction Co. Ltd. (Industrials) | 639794 |
| 8458 | Hyundai Glovis Co. Ltd. (Industrials) | 1702184 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| South Korea – (continued) | South Korea – (continued) |  |
| 6453 | Hyundai Mobis Co. Ltd. (Consumer Discretionary) | $2319222 |
| 4621 | Hyundai Motor Co. (Consumer Discretionary) | 2165140 |
| 7076 | Hyundai Rotem Co. Ltd. (Industrials) | 1133832 |
| 133957 | Industrial Bank of Korea (Financials) | 2397909 |
| 12501 | Kakao Corp. (Communication Services) | 541406 |
| 30770 | KB Financial Group, Inc. (Financials) | 3401064 |
| 27591 | Kia Corp. (Consumer Discretionary) | 3941571 |
| 6943 | Korea Aerospace Industries Ltd. (Industrials) | 924285 |
| 57380 | Korea Electric Power Corp. (Utilities) | 2333493 |
| 21589 | Korea Investment Holdings Co. Ltd. (Financials) | 3879567 |
| 121139 | Korean Air Lines Co. Ltd. (Industrials)\* | 2366358 |
| 7327 | Krafton, Inc. (Communication Services)\* | 1265735 |
| 6621 | KT&G Corp. (Consumer Staples) | 750702 |
| 26327 | LG Corp. (Industrials) | 1971093 |
| 168368 | LG Display Co. Ltd. (Information Technology)\* | 1678413 |
| 43735 | LG Electronics, Inc. (Consumer Discretionary) | 4429746 |
| 263294 | LG Uplus Corp. (Communication Services) | 3027378 |
| 1417 | LIG Nexl Co. Ltd. (Industrials)\* | 501392 |
| 22302 | Meritz Financial Group, Inc. (Financials)\* | 1.970514 |
| 95700 | Mirae Asset Securities Co. Ltd. (Financials) | 4789990 |
| 7915 | NAVER Corp. (Communication Services) | 1400325 |
| &nbsp;&nbsp;&nbsp;&nbsp;129632 | NH Investment & Securities Co. Ltd. (Financials) | 3199121 |
| 2286 | POSCO Holdings, Inc. (Materials) | 656321 |
| 18999 | Posco International Corp. (Industrials) | 953582 |
| 12186 | Samsung C&T Corp. (Industrials) | 2969199 |
| 8404 | Samsung Electro-Mechanics Co. Ltd. (Information Technology) | 2620225 |
| 571569 | Samsung Electronics Co. Ltd. (Information Technology) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86023419 |
| 2552 | Samsung Fire & Marine Insurance Co. Ltd. (Financials) | 940257 |
| 69976 | Samsung Heavy Industries Co. Ltd. (Industrials)\* | 1408276 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>13</sub>

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| South Korea – (continued) | South Korea – (continued) |  |
| 5400 | Samsung Life Insurance Co. Ltd. (Financials) | $863399 |
| 6824 | Samsung SDS Co. Ltd. (Information Technology) | 925047 |
| 1017 | Samyang Foods Co. Ltd. (Consumer Staples)<sup>(b)</sup> | 863230 |
| 45562 | Shinhan Financial Group Co. Ltd. (Financials) | 3069140 |
| 27059 | SK Biopharmaceuticals Co. Ltd. (Health Care)\* | 2253506 |
| 68565 | SK hynix, Inc. (Information Technology) | 50571752 |
| 5594 | SK Square Co. Ltd. (Industrials)\* | 2508259 |
| 63501 | SK Telecom Co. Ltd. (Communication Services) | 3522683 |
| 124907 | Woori Financial Group, Inc. (Financials) | 3125931 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246646392 |
| Taiwan – 21.3% | Taiwan – 21.3% |  |
| 40075 | Accton Technology Corp. (Information Technology) | 1797603 |
| 182289 | Advantcch Co. Ltd. (Information Technology) | 1965341 |
| 5218 | Alchip Technologies Ltd. (Information Technology) | 583474 |
| 146976 | ASE Technology Holding Co. Ltd. (Information Technology) | 1824780 |
| 1101020 | Asia Cement Corp. (Materials) | 1264668 |
| 12000 | Asia Vital Components Co. Ltd. (Information Technology) | 678607 |
| 7360 | ASPEED Technology, Inc. (Information Technology) | 2294473 |
| 62496 | Asustek Computer, Inc. (Information Technology) | 1065261 |
| 21120 | Bizlink Holding, Inc. (Industrials) | 954125 |
| 185592 | Caliway Biopharmaceuticals Co. Ltd. (Health Care)\* | 978177 |
| 744120 | Cathay Financial Holding Co. Ltd. (Financials) | 1900175 |
| 188076 | Chailease Holding Co. Ltd. (Financials) | 626699 |
| 2199989 | Chang Hwa Commercial Bank Ltd. (Financials) | 1522533 |
| 893128 | China Airlines Ltd. (Industrials) | 600932 |
| 1062331 | China Steel Corp. (Materials) | 706269 |
| 32615 | Chroma ATE, Inc. (Information Technology) | 1442078 |
| 441965 | Chunghwa Telecom Co. Ltd. (Communication Services) | 1897514 |
| 1745859 | Compal Electronics, Inc. (Information Technology) | 1770416 |
| 1888352 | CTBC Financial Holding Co. Ltd. (Financials) | 3382105 |
| 189960 | Delta Electronics, Inc. (Information Technology) | 8703432 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Taiwan – (continued) | Taiwan – (continued) |  |
| 1582181 | E.Sun Financial Holding Co. Ltd. (Financials) | $1779326 |
| 33610 | Elite Material Co. Ltd. (Information Technology) | 2627548 |
| 32811 | eMemory Technology, Inc. (Information Technology) | 2659698 |
| 400423 | Eva Airways Corp. (Industrials) | 487523 |
| 134726 | Evergreen Marine Corp. Taiwan Ltd. (Industrials) | 850374 |
| 2206951 | Far Eastern New Century Corp. (Industrials) | 2036468 |
| 825497 | First Financial Holding Co. Ltd. (Financials) | 790823 |
| 760541 | Formosa Chemicals & Fibre Corp. (Materials) | 1242754 |
| 38559 | Fortune Electric Co. Ltd. (Industrials) | 1321910 |
| 863536 | Fubon Financial Holding Co. Ltd. (Financials) | 2606296 |
| 102024 | Gigabyte Technology Co. Ltd. (Information Technology) | 782889 |
| 3960 | Global Unichip Corp. (Information Technology) | 351453 |
| 33676 | Gold Circuit Electronics Ltd. (Information Technology) | 891236 |
| 884902 | Hon Hai Precision Industry Co. Ltd. (Information Technology) | 6889596 |
| 6000 | Hon Precision, Inc. (Information Technology) | 934286 |
| 52611 | Hotai Motor Co. Ltd. (Consumer Discretionary) | 986109 |
| 1584770 | Hua Nan Financial Holdings Co. Ltd. (Financials) | 1934566 |
| 1718156 | Innolux Corp. (Information Technology) | 1.475332 |
| 111240 | International Games System Co. Ltd. (Communication Services) | 2477069 |
| 575419 | Inventec Corp. (Information Technology) | 852684 |
| 5381 | Jentech Precision Industrial Co. Ltd. (Information Technology) | 537910 |
| 1970613 | KGI Financial Holding Co. Ltd. (Financials) | 1385888 |
| 14208 | King Slide Works Co. Ltd. (Information Technology) | 1568247 |
| 57000 | King Yuan Electronics Co. Ltd. (Information Technology) | 597193 |
| 101054 | Lite-On Technology Corp. (Information Technology) | 560134 |
| 25701 | Lotes Co. Ltd. (Information Technology) | 1461641 |
| 174669 | MediaTek, Inc. (Information Technology) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10884983 |
| 764681 | Mega Financial Holding Co. Ltd. (Financials) | 993490 |
| 327280 | Nan Ya Plastics Corp. (Materials) | 962619 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 14 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Taiwan – (continued) | Taiwan – (continued) |  |
| 154804 | Novatek Microelectronics Corp. (Information Technology) | $1949248 |
| 427348 | Pegatron Corp. (Information Technology) | 1006378 |
| 58843 | PharmaEssentia Corp. (Health Care) | 1364978 |
| 184337 | President Chain Store Corp. (Consumer Staples) | 1317073 |
| 124431 | Quanta Computer, Inc. (Information Technology) | 1162143 |
| 165157 | Realtek Semiconductor Corp. (Information Technology) | 2547919 |
| 319481 | Shanghai Commercial & Savings Bank Ltd. (The) (Financials) | 410982 |
| 1293303 | SinoPac Financial Holdings Co. Ltd. (Financials) | 1375722 |
| 1293033 | Taishin Financial Holding Co. Ltd. (Financials) | 1060576 |
| 1725579 | Taiwan Business Bank (Financials) | 906715 |
| 1201161 | Taiwan Cooperative Financial Holding Co. Ltd. (Financials) | 923644 |
| 1506701 | Taiwan High Speed Rail Corp. (Industrials) | 1305830 |
| 167591 | Taiwan Mobile Co. Ltd. (Communication Services) | 577233 |
| 3037760 | Taiwan Semiconductor Manufacturing Co. Ltd. (Information Technology) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194172926 |
| 970148 | TCC Group Holdings Co. Ltd. (Materials) | 820605 |
| 142540 | Teco Electric and Machinery Co. Ltd. (Industrials) | 378603 |
| 49000 | Unimicron Technology Corp. (Information Technology) | 755935 |
| 752040 | Uni-President Enterprises Corp. (Consumer Staples) | 1746913 |
| 1028989 | United Microelectronics Corp. (Information Technology) | 2156159 |
| 144271 | Wan Hai Lines Ltd. (Industrials) | 353155 |
| 4554 | Wiwynn Corp. (Information Technology) | 583640 |
| 130290 | Yageo Corp. (Information Technology) | 1243998 |
| 242503 | Yang Ming Marine Transport Corp. (Industrials) | 445986 |
| 1100373 | Yuanta Financial Holding Co. Ltd. (Financials) | 1732829 |
| 128982 | Zhen Ding Technology Holding Ltd. (Information Technology) | 863710 |
|  |  | 310051607 |
| Thailand – 1.2% | Thailand – 1.2% |  |
| 132416 | Advanced Info Service PCL, NVDR (Communication Services) | 1618725 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Thailand – (continued) | Thailand – (continued) |  |
| 549800 | Bangkok Dusit Medical Services PCL, NVDR (Health Care) | $383808 |
| 148600 | Bumrungrad Hospital PCL, NVDR (Health Care) | 1018234 |
| 346000 | Central Pattana PCL, NVDR (Real Estate) | 779154 |
| 836400 | Charoen Pokphand Foods PCL, NVDR (Consumer Staples) | 565044 |
| 261077 | CP ALL PCL, NVDR (Consumer Staples) | 434638 |
| 433900 | Delta Electronics Thailand PCL, NVDR (Information Technology) | 3894422 |
| 148200 | Kasikornbank PCL, NVDR (Financials) | 958282 |
| 970400 | Krung Thai Bank PCL, NVDR (Financials) | 1069204 |
| 1785500 | Minor International PCL, NVDR (Consumer Discretionary) | 1493421 |
| 1522300 | PTT PCL, NVDR (Energy) | 1811970 |
| 214400 | SCB X PCL, NVDR (Financials) | 1024237 |
| 121300 | Siam Cement PCL (The), NVDR (Materials) | 877996 |
| 9049400 | TMBThanachart Bank PCL, NVDR (Financials) | 687038 |
| 1074400 | True Corp. PCL, NVDR (Communication Services) | 501168 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17117341 |
| Turkey – 0.7% | Turkey – 0.7% |  |
| 626460 | Akbank TAS (Financials) | 1284929 |
| 176419 | Aselsan Elektronik Sanayi Ve Ticaret AS (Industrials) | 1292472 |
| 39112 | B1M Birlesik Magazalar AS (Consumer Staples)<sup>(b)</sup> | 593993 |
| 1621744 | Eregli Demir ve Celik Fabrikalari TAS (Materials)<sup>11</sup>" | 1205087 |
| 220602 | Ford Otomotiv Sanayi AS (Consumer Discretionary) | 581718 |
| 65707 | Kiler Holding AS (Industrials)\* | 463440 |
| 127445 | Turk Hava Yollari AO (Industrials)<sup>(b)</sup> | 891636 |
| 487330 | Turkcell Iletisim Hizmetleri AS (Communication Services)<sup>(b)</sup> | 1283960 |
| 1941063 | Turkiye Is Bankasi AS, Class C (Financials) | 746798 |
| 110219 | Turkiye Petrol Rafinerileri AS (Energy) | 547933 |
| 968660 | Yapi ve Kredi Bankasi AS (Financials)\* | 954287 |
|  |  | 9846253 |
| United Arab Emirates – 1.4% | United Arab Emirates – 1.4% |  |
| 377135 | Abu Dhabi Commercial Bank PJSC (Financials) | 1556784 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **15** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| United Arab Emirates – (continued) | United Arab Emirates – (continued) | United Arab Emirates – (continued) | United Arab Emirates – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;411601 | Abu Dhabi Islamic Bank PJSC (Financials) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2857912 |
| 1255748 | Abu Dhabi National Oil Co. for Distribution PJSC (Consumer Discretionary) |  | 1367712 |
| 345946 | Air Arabia PJSC (Industrials) |  | 509610 |
| 354293 | Aldar Properties PJSC (Real Estate) |  | 1041882 |
| 760925 | Dubai Islamic Bank PJSC (Financials) |  | 1719698 |
| 194253 | Emaar Development PJSC (Real Estate) |  | 1023484 |
| 649371 | Emaar Properties PJSC (Real Estate) |  | 2864443 |
| 275008 | Emirates NBD Bank PJSC (Financials) |  | 2471107 |
| 366416 | Emirates Telecommunications Group Co. PJSC (Communication Services) |  | 2023367 |
| 423440 | First Abu Dhabi Bank PJSC (Financials) |  | 2262159 |
| 437817 | Salik Co. PJSC (Industrials) |  | 762966 |
|  |  |  | 20461124 |
| United States – (1.2%) | United States – (1.2%) | United States – (1.2%) | United States – (1.2%) |
| 121199 | BeOne Medicines Ltd., Class H (Health Care)\* |  | 2979560 |
| 36784 | JBS NV, Class A (Consumer Staples)\* |  | 621282 |
|  |  |  | 3600842 |
| TOTAL COMMON STOCKS<br>(Cost $842,468,042) | TOTAL COMMON STOCKS<br>(Cost $842,468,042) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1408503600 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Rate** | **Value** |
| Preferred Stocks – 2.2% | Preferred Stocks – 2.2% | Preferred Stocks – 2.2% | Preferred Stocks – 2.2% |
| Brazil – 1.2% | Brazil – 1.2% | Brazil – 1.2% | Brazil – 1.2% |
| 71158 | Axia Energia (Utilities) | 6.17% | 927710 |
| 53044 | Axia Energia (Utilities)\* | 0.00 | 610664 |
| 538822 | Banco Bradesco SA (Financials) | 6.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2222174 |
| 305026 | Cia Energetica de Minas Gerais (Utilities) | 13.68 | 717904 |
| 188712 | Gerdau SA (Materials) | 2.95 | 772386 |
| 781354 | Itau Unibanco Holding SA (Financials) | 6.53 | 7127389 |
| 906365 | Itausa SA (Financials) | 7.94 | 2522025 |
| 1 | Localiza Rent a Car SA (Industrials)\* | 0.00 | 8 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Rate** | **Value** |
| Preferred Stocks – (continued) | Preferred Stocks – (continued) | Preferred Stocks – (continued) | Preferred Stocks – (continued) |
| Brazil – (continued) | Brazil – (continued) | Brazil – (continued) | Brazil – (continued) |
| 330432 | Pctrolco Brasilciro<br> SA - Petrobras (Energy) | 7.40% | $2534127 |
|  |  |  | 17434387 |
| Chile – 0.0% | Chile – 0.0% | Chile – 0.0% | Chile – 0.0% |
| 7597 | Sociedad Quimica y Minera de Chile SA, Class B (Materials)\* | 0.00 | 579678 |
| Colombia – 0.2% | Colombia – 0.2% | Colombia – 0.2% | Colombia – 0.2% |
| 120596 | Grupo Cibest SA (Financials) | 7.11 | 2043067 |
| India – 0.0% | India – 0.0% | India – 0.0% | India – 0.0% |
| 93888 | TVS Motor Co. Ltd. (Consumer Discretionary)\*<sup>(c)</sup> | 6.00 | 10320 |
| Russia – 0.0% | Russia – 0.0% | Russia – 0.0% | Russia – 0.0% |
| 3212489 | Surgutneftegas PJSC (Energy)\*<sup>(c)</sup> | 0.00 |  |
| South Korea – 0.8% | South Korea – 0.8% | South Korea – 0.8% | South Korea – 0.8% |
| 5290 | Hyundai Motor Co. (Consumer Discretionary) | 3.10 | 1182298 |
| 2910 | Hyundai Motor Co. (Consumer Discretionary) | 3.12 | 654421 |
| 97454 | Samsung Electronics Co. Ltd. (Information Technology) | 1.16 | 9742013 |
|  |  |  | 11578732 |
| TOTAL PREFERIED STOCKS<br>(Cost $16,477,983) | TOTAL PREFERIED STOCKS<br>(Cost $16,477,983) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31646184 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Exchange-Traded Fund – 0.7% | Exchange-Traded Fund – 0.7% |  |
| United States – 0.7% | United States – 0.7% |  |
| 331159 | iShares MSCI Malaysia ETF | 9676466 |
| **(Cost $9,507,789)** | **(Cost $9,507,789)** |  |
| **Shares** | **Dividend Rate** | **Value** |
| Investment Company – 1.9%<sup>(d)</sup> | Investment Company – 1.9%<sup>(d)</sup> |  |
| Goldman Sachs Financial Square Treasury<br>Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury<br>Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury<br>Obligations Fund – Institutional Shares |
| 27006402 | 3.571% | 27006402 |
| **(Cost $27,006,402)** | **(Cost $27,006,402)** |  |
| TOTAL INVESTSMENTS BEFORE SECURITIES<br>LENDING REINVESTMENT VEHICLE<br> **(Cost $895,460,216)** | TOTAL INVESTSMENTS BEFORE SECURITIES<br>LENDING REINVESTMENT VEHICLE<br> **(Cost $895,460,216)** | 1476832652 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 16 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend Rate** | **Value** |
| Securities Lending Reinvestment Vehicle – 0.6%<sup>(d)</sup> | Securities Lending Reinvestment Vehicle – 0.6%<sup>(d)</sup> | Securities Lending Reinvestment Vehicle – 0.6%<sup>(d)</sup> |
| Goldman Sachs Financial Square Government<br>Fund – Institutional Shares | Goldman Sachs Financial Square Government<br>Fund – Institutional Shares | Goldman Sachs Financial Square Government<br>Fund – Institutional Shares |
| 9458791 | 3.589% | $9458791 |
| (Cost $9,458,791) | (Cost $9,458,791) | (Cost $9,458,791) |
| TOTAL INVESTMENTS – 102.1%<br>(Cost $904,919,007) | TOTAL INVESTMENTS – 102.1%<br>(Cost $904,919,007) | $1486291443 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS – (2.1)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS – (2.1)%** | (30009281) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1456282162 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Exempt from registration under Rule 144A of the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion of security is on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents an affiliated issuer.

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ADR | —American Depositary Receipt |
| GDR | —Global Depositary Receipt |
| NVDR | —Non-Voting Depository Receipt |
| PLC | —Public Limited Company |

---

---

| | |
|:---|:---|
| **Sector Name** | **% of <br>Market <br>Value** |
|  Information Technology | 32.2% |
|  Financials | 21.5 |
|  Consumer Discretionary | 9.4 |
|  Communication Services | 7.7 |
|  Materials | 7.6 |
|  Industrials | 6.1 |
|  Consumer Staples | 3.3 |
|  Health Care | 3.2 |
|  Energy | 2.9 |
|  Utilities | 2.1 |
|  Investment Company | 1.8 |
|  Real Estate | 0.9 |
|  Exchange-Traded Fund | 0.7 |
|  Securities Lending Reinvestment Vehicle | 0.6 |
|  **TOTAL INVESTMENTS** | 100.0% |

---

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS —At February 28, 2026, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  MSCI Emerging Markets Index | 34 | 03/20/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2726290 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239415 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **17** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> EUROPE EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – 99.5% | Common Stocks – 99.5% | Common Stocks – 99.5% |
| Australia – 0.8% | Australia – 0.8% | Australia – 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;60617 | Glencore PLC (Materials)\* | $435192 |
| 5924 | Rio Tinto PLC (Materials) | 584198 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1019390 |
| Austria – 0.6% | Austria – 0.6% | Austria – 0.6% |
| 201 | BAWAG Group AG (Financials)\*<sup>(a)</sup> | 31327 |
| 2193 | Erste Group Bank AG (Financials) | 260740 |
| 3326 | OMV AG (Energy) | 215200 |
| 3774 | Raiffeisen Bank International AG (Financials) | 188309 |
|  |  | 695576 |
| Belgium – 1.2% | Belgium – 1.2% | Belgium – 1.2% |
| 5302 | Ageas SA/NV (Financials) | 393759 |
| 3011 | Anheuser-Busch InBev SA/NV (Consumer Staples) | 244661 |
| 197 | D'ieteren Group (Consumer Discretionary) | 42658 |
| 637 | Elia Group SA/NV (Utilities) | 101384 |
| 156 | Financicrc de Tubizc SA (Health Care) | 41719 |
| 3908 | Groupe Bruxelles Lambert NV (Financials) | 392436 |
| 1409 | KBC Group NV (Financials) | 190982 |
| 153 | Syensqo SA (Materials) | 8738 |
| 416 | UCB SA (Health Care) | 123923 |
|  |  | 1540260 |
| Brazil – 0.4% | Brazil – 0.4% | Brazil – 0.4% |
| 9446 | Yara International ASA (Materials) | 477294 |
| Chile – 0.1% | Chile – 0.1% | Chile – 0.1% |
| 2437 | Antofagasta PLC (Materials) | 139838 |
| China – 0.2%. | China – 0.2%. | China – 0.2%. |
| 3960 | Prosus NV (Consumer Discretionary)\* | 203434 |
| Denmark – 1.9% | Denmark – 1.9% | Denmark – 1.9% |
| 175 | Carlsberg AS, Class B (Consumer Staples) | 27190 |
| 3116 | Danske Bank A/S (Financials) | 162546 |
| 5033 | Demant A/S (Health Care)\* | 156526 |
| 489 | Genmab A/S (Health Care)\* | 142844 |
| 22140 | Novo Nordisk A/S, Class B (Health Care) | 832349 |
| 4411 | Pandora A/S (Consumer Discretionary) | 348530 |
| 14022 | ROCKWOOL A/S, Class B (Industrials) | 464335 |
| 5160 | Tryg A/S (Financials) | 127695 |
| 7047 | Vestas Wind Systems A/S (Industrials) | 180908 |
|  |  | 2442923 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Finland – 2.0% | Finland – 2.0% | Finland – 2.0% |
| 2909 | Elisa OYJ (Communication Services) | $149201 |
| 3681 | Fortum OYJ (Utilities) | 86097 |
| 7411 | Kesko OYJ, Class B (Consumer Staples) | 182529 |
| 1969 | Kone OYJ. Class B (Industrials) | 148834 |
| 2857 | Metso Oyj (Industrials) | 59723 |
| 4000 | Neste OYJ (Energy) | 100029 |
| &nbsp;&nbsp;&nbsp;&nbsp;36619 | Nokia OYJ (Information Technology) | 280343 |
| 20277 | Nordea Bank Abp (Financials) | 393831 |
| 6930 | Orion OYJ, Class B (Health Care) | 553939 |
| 22426 | Sampo OYJ, Class A (Financials) | 248579 |
| 5310 | UPM-Kymmene OYJ (Materials) | 169152 |
| 4249 | Wartsila OYJ Abp (Industrials) | 185120 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2557377 |
| France – 13.6% | France – 13.6% | France – 13.6% |
| 3018 | Accor SA (Consumer Discretionary) | 175531 |
| 2824 | Air Liquide SA (Materials) | 594306 |
| 2048 | Airbus SE (Industrials) | 445506 |
| 4842 | Alstom SA (Industrials)\* | 161733 |
| 677 | Amundi SA (Financials)<sup>(a)</sup> | 64786 |
| 13467 | AXA SA (Financials) | 659235 |
| 10784 | Ayvens SA (Industrials)<sup>(a)</sup> | 137513 |
| 2486 | BioMerieux (Health Care) | 293522 |
| 8135 | BNP Paribas SA (Financials) | 917278 |
| 49954 | Bollore SE (Energy) | 292308 |
| 16211 | Bouygues SA (Industrials) | 1008313 |
| 11061 | Bureau Veritas SA (Industrials) | 384217 |
| 3355 | Capgemini SE (Information Technology) | 423656 |
| 33729 | Carrefour SA (Consumer Staples) | 638974 |
| 3863 | Cie de Saint-Gobain SA (Industrials) | 393345 |
| 2710 | Cie Generale des Etablissements Michelin SCA (Consumer Discretionary) | 110070 |
| 21123 | Credit Agricole SA (Financials) | 468497 |
| 4426 | Danone SA (Consumer Staples) | 379601 |
| 71 | Dassault Aviation SA (Industrials) | 28385 |
| 1595 | Dassault Systemes (Information Technology) | 34934 |
| 4937 | Eiffage SA (Industrials) | 852217 |
| 13567 | Engie SA (Utilities) | 463417 |
| 1171 | EssilorLuxottica SA (Health Care) | 311362 |
| 1567 | Gecina SA REIT (Real Estate) | 145145 |
| 11434 | Getlink SE (Industrials) | 248672 |
| 177 | Hermes International SCA (Consumer Discretionary) | 428208 |
| 2635 | Ipsen SA (Health Care) | 513650 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 18 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> EUROPE EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |  |
| France – (continued) | France – (continued) | France – (continued) | France – (continued) |
| 5619 | Klcpicrrc SA REIT (Real Estate) | $| 236316 |
| 1045 | Legrand SA (Industrials) |  | 189825 |
| 1927 | L'Oreal SA (Consumer Staples) |  | 904169 |
| 1298 | LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary) |  | 833860 |
| &nbsp;&nbsp;&nbsp;&nbsp;18284 | Orange SA (Communication Services) |  | 392685 |
| 1939 | Publicis Groupe SA (Communication Services) |  | 172665 |
| 5851 | Rexel SA (Industrials) |  | 254708 |
| 1531 | Safran SA (Industrials) |  | 614602 |
| 175 | Sartorius Stedim Biotech (Health Care) |  | 37833 |
| 9518 | Societe Generale SA (Financials) |  | 830032 |
| 174 | Thales SA (Industrials) |  | 52367 |
| 12653 | TotalEnergies SE (Energy) |  | 1005123 |
| 7440 | Veolia Environnement SA (Utilities) |  | 315888 |
| 3959 | Vinci SA (Industrials) |  | 657921 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17072375 |
| Germany – 14.0% | Germany – 14.0% | Germany – 14.0% | Germany – 14.0% |
| 2388 | adidas AG (Consumer Discretionary) |  | 446047 |
| 2952 | Allianz SE (Financials) |  | 1332131 |
| 2066 | BASF SE (Materials) |  | 118795 |
| 21314 | Bayer AG (Health Care) |  | 1057201 |
| 1771 | Beiersdorf AG (Consumer Staples) |  | 225098 |
| 4615 | Brenntag SE (Industrials) |  | 284979 |
| 5116 | Commerzbank AG (Financials) |  | 209302 |
| 2260 | Continental AG (Consumer Discretionary) |  | 195112 |
| 6041 | Daimler Truck Holding AG (Industrials) |  | 306916 |
| 24851 | Deutsche Bank AG (Financials) |  | 888904 |
| 618 | Deutsche Boerse AG (Financials) |  | 169576 |
| 12428 | Deutsche Post AG (Industrials) |  | 735155 |
| 19104 | Deutsche Telekom AG (Communication Services) |  | 768938 |
| 11521 | E.ON SE (Utilities) |  | 267704 |
| 6609 | Evonik Industries AG (Materials) |  | 115410 |
| 10477 | Fresenius Medical Care AG (Health Care) |  | 488005 |
| 7335 | Fresenius SE & Co. KGaA (Health Care) |  | 440816 |
| 4861 | GEA Group AG (Industrials) |  | 378226 |
| 2174 | Heidelberg Materials AG (Materials) |  | 486545 |
| 1575 | Henkel AG & Co. KGaA (Consumer Staples) |  | 142725 |
| 647 | Hensoldt AG (Industrials)<sup>(b)</sup> |  | 56835 |
| 337 | HOCHTIEF AG (Industrials) |  | 164172 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Germany – (continued) | Germany – (continued) | Germany – (continued) | Germany – (continued) |
| 3724 | Infineon Technologies AG (Information Technology) | $| 201489 |
| 2940 | Knorr-Bremse AG (Industrials) |  | 387046 |
| &nbsp;&nbsp;&nbsp;&nbsp;10426 | Mercedes-Benz Group AG (Consumer Discretionary) |  | 726289 |
| 716 | Merck KGaA (Health Care) |  | 108463 |
| 65 | MTU Aero Engines AG (Industrials) |  | 28043 |
| 693 | Muenchener Rueckversicherungs – Gesellschaft AG in Muenchen (Financials) |  | 454606 |
| 4489 | Nemetschek SE (Information Technology) |  | 359351 |
| 675 | Rational AG (Industrials) |  | 588565 |
| 298 | Rheinmetall AG (Industrials) |  | 585301 |
| 2869 | RWE AG (Utilities) |  | 184751 |
| 7251 | SAP SE (Information Technology) |  | 1463633 |
| 890 | Scout24 SE (Communication Services)<sup>(a)</sup> |  | 75922 |
| 4891 | Siemens AG (Industrials) |  | 1428688 |
| 5915 | Siemens Energy AG (Industrials) |  | 1162461 |
| 1673 | Siemens Healthineers AG (Health <br>Care)<sup>(a)</sup> |  | 83240 |
| 821 | Talanx AG (Financials) |  | 103721 |
| 16326 | Zalando SE (Consumer <br>Discretionary)\*<sup>(a)</sup> |  | 399980 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17620141 |
| Hong Kong – 0.2% | Hong Kong – 0.2% | Hong Kong – 0.2% | Hong Kong – 0.2% |
| 15295 | Prudential PLC (Financials) |  | 233908 |
| Ireland – 0.3% | Ireland – 0.3% | Ireland – 0.3% | Ireland – 0.3% |
| 756 | AerCap Holdings NV (Industrials) |  | 112977 |
| 9813 | AIB Group PLC (Financials) |  | 102538 |
| 7713 | Bank of Ireland Group PLC (Financials) |  | 150580 |
| 182 | Kingspan Group PLC (Industrials) |  | 18126 |
|  |  |  | 384221 |
| Italy – 5.4% | Italy – 5.4% | Italy – 5.4% | Italy – 5.4% |
| 11561 | Banca Mediolanum SpA (Financials) |  | 248978 |
| 16379 | Banco BPM SpA (Financials) |  | 242411 |
| 14257 | BPER Banca SpA (Financials) |  | 202167 |
| 3585 | Coca-Cola HBC AG (Consumer Staples)\* |  | 231835 |
| 59886 | Enel SpA (Utilities) |  | 720792 |
| 18468 | Eni SpA (Energy) |  | 428603 |
| 13124 | FinecoBank Banca Fineco SpA (Financials) |  | 309755 |
| 6559 | Generali (Financials) |  | 280031 |
| 86768 | Intesa Sanpaolo SpA (Financials) |  | 597779 |
| 9808 | Italgas SpA (Utilities) |  | 126689 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **19** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> EUROPE EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Italy – (continued) | Italy – (continued) | Italy – (continued) | Italy – (continued) |
| 2599 | Leonardo SpA (Industrials) | $| 174299 |
| 2462 | Moncler SpA (Consumer Discretionary) |  | 169878 |
| 17236 | Poste Italiane SpA (Financials)<sup>(a)</sup> |  | 462975 |
| 2217 | Prysmian SpA (Industrials) |  | 268305 |
| 3217 | Recordati Industria Chimica e Farmaceutica SpA (Health Care) |  | 183914 |
| 2295 | Ryanair Holdings PLC (Industrials) |  | 74300 |
| 33963 | Snam SpA (Utilities) |  | 264260 |
| &nbsp;&nbsp;&nbsp;&nbsp;305886 | Telecom Italia SpA (Communication Services)\* |  | 229770 |
| 77406 | Telecom Italia SpA-RSP (Communication Services)\* |  | 67796 |
| 17108 | Terna – Rete Elettrica Nazionale (Utilities) |  | 206034 |
| 9841 | UniCredit SpA (Financials) |  | 841352 |
| 14611 | Unipol Assicurazioni SpA (Financials) |  | 365036 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6696959 |
| Ivory Coast – 0.2% | Ivory Coast – 0.2% | Ivory Coast – 0.2% | Ivory Coast – 0.2% |
| 3063 | Endeavour Mining PLC (Materials) |  | 217845 |
| Luxembourg – 0.4% | Luxembourg – 0.4% | Luxembourg – 0.4% | Luxembourg – 0.4% |
| 1425 | ArcelorMittal (Materials) |  | 93345 |
| 30213 | CVC Capital Partners PLC <br>(Financials)<sup>(a)</sup> |  | 431281 |
| 537 | Eurofins Scientific SE (Health |  | 43716 |
|  |  |  | 567842 |
| Mexico – 0.3% | Mexico – 0.3% | Mexico – 0.3% | Mexico – 0.3% |
| 6296 | Fresnillo PLC (Materials) |  | 358902 |
| Netherlands – 8.0% | Netherlands – 8.0% | Netherlands – 8.0% | Netherlands – 8.0% |
| 12056 | ABN AMRO Bank NV<br>(Financials)\*<sup>(a)</sup> |  | 403691 |
| 56 | Adyen NV (Financials)\*<sup>(a)</sup> |  | 65776 |
| 2187 | Akzo Nobel NV (Materials) |  | 153950 |
| 254 | Argenx SE (Health Care)\* |  | 197153 |
| 124 | ASM International NV (Information Technology) |  | 104564 |
| 2991 | ASML Holding NV (Information Technology) |  | 4355723 |
| 4335 | ASR Nederland NV (Financials) |  | 314471 |
| 230 | BE Semiconductor Industries NV (Information Technology) |  | 51434 |
| 958 | Euronext NV (Financials)<sup>(a)</sup> |  | 158356 |
| 1912 | EXOR NV (Financials) |  | 167845 |
| 4539 | Heineken Holding NV (Consumer Staples) |  | 392294 |
| 541 | Heineken NV (Consumer Staples) |  | 50181 |
| 22286 | ING Groep NV (Financials) |  | 648092 |
| 8592 | JDE Peet's NV (Consumer Staples) |  | 321583 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Netherlands – (continued) | Netherlands – (continued) | Netherlands – (continued) |
| 23242 | Koninklijke Ahold Dclhaizc NV (Consumer Staples) | 1146246 |
| 43583 | Koninklijke KPN NV (Communication Services) | 247052 |
| 1488 | Koninklijke Philips NV (Health Care) | 47576 |
| 9748 | Magnum Ice Cream Co. NV (The) (Consumer Staples)\* | 154641 |
| 1396 | Nebius Group NV (Information Technology)\* | 127301 |
| 6965 | NN Group NV (Financials) | 569894 |
| 6663 | Randstad NV (Industrials)<sup>(b)</sup> | 218939 |
| 2770 | Wolters Kluwer NV (Industrials) | 222724 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10119486 |
| Nigeria – 0.1% | Nigeria – 0.1% | Nigeria – 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;22345 | Airtel Africa PLC (Communication Services)<sup>(a)</sup> | 104846 |
| Norway – 1.0% | Norway – 1.0% | Norway – 1.0% |
| 1596 | Aker BP ASA (Energy) | 48014 |
| 4296 | DNB Bank ASA (Financials) | 136149 |
| 2687 | Equinor ASA (Energy) | 79536 |
| 6211 | Gjensidige Forsikring ASA (Financials) | 175230 |
| 328 | Kongsberg Gruppen ASA (Industrials) | 13302 |
| 5566 | Mowi ASA (Consumer Staples) | 131173 |
| 19180 | Norsk Hydro ASA (Materials) | 177699 |
| 17201 | Orkla ASA (Consumer Staples) | 235231 |
| 11614 | Telenor ASA (Communication Services) | 215228 |
|  |  | 1211562 |
| Poland – 0.2% | Poland – 0.2% | Poland – 0.2% |
| 12573 | InPost SA (Industrials)\* | 225643 |
| Portugal – 0.5% | Portugal – 0.5% | Portugal – 0.5% |
| 137117 | Banco Comercial Portugues SA, Class R (Financials) | 144345 |
| 23759 | EDP SA (Utilities) | 126684 |
| 14165 | Jeronimo Martins SGPS SA (Consumer Staples) | 372290 |
|  |  | 643319 |
| Singapore – 0.0% | Singapore – 0.0% | Singapore – 0.0% |
| 1097 | STMicroelectronics NV (Information Technology) | 36797 |
| South Africa – 0.1% | South Africa – 0.1% | South Africa – 0.1% |
| 3667 | Anglo American PLC (Materials) | 182463 |
| South Korea – 0.2% | South Korea – 0.2% | South Korea – 0.2% |
| 9661 | Delivery Hero SE (Consumer Discretionary)\*<sup>(a)</sup> | 224200 |
| Spain – 6.6% | Spain – 6.6% | Spain – 6.6% |
| 551 | Acciona SA (Utilities) | 160560 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 20 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> EUROPE EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Spain – (continued) | Spain – (continued) | Spain – (continued) | Spain – (continued) |
| 5740 | ACS Actividadcs de Construccion y Scrvicios SA (Industrials) | $| 742784 |
| 4859 | Aena SME SA (Industrials)<sup>(a)</sup> |  | 153007 |
| 1460 | Amadeus IT Group SA (Consumer Discretionary) |  | 90914 |
| 45863 | Banco Bilbao Vizcaya Argentaria SA (Financials) |  | 1069472 |
| 73279 | Banco de Sabadell SA (Financials) |  | 277558 |
| &nbsp;&nbsp;&nbsp;&nbsp;133599 | Banco Santander SA (Financials) |  | 1702020 |
| 7463 | Bankinter SA (Financials) |  | 124904 |
| 26311 | CaixaBank SA (Financials) |  | 326808 |
| 3358 | EDP Renovaveis SA (Utilities) |  | 52970 |
| 8018 | Endesa SA (Utilities) |  | 327269 |
| 41505 | Grifols SA (Health Care) |  | 520923 |
| 41285 | Iberdrola SA (Utilities) |  | 977342 |
| 1410 | Indra Sistemas SA (Information Technology) |  | 104466 |
| 8755 | Industria de Diseno Textil SA (Consumer Discretionary) |  | 587350 |
| 41078 | Mapfre SA (Financials) |  | 191578 |
| 4469 | Naturgy Energy Group SA (Utilities) |  | 138984 |
| 9320 | Redeia Corp. SA (Utilities) |  | 173095 |
| 12167 | Repsol SA (Energy) |  | 273162 |
| 64679 | Telefonica SA (Communication <br>Services)<sup>(b)</sup> |  | 294011 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8289177 |
| Sweden – 4.2% | Sweden – 4.2% | Sweden – 4.2% | Sweden – 4.2% |
| 2405 | AddTech AB, Class B (Industrials) |  | 89189 |
| 885 | Alfa Laval AB (Industrials) |  | 52477 |
| 6255 | Assa Abloy AB, Class B (Industrials) |  | 267321 |
| 8769 | Atlas Copco AB, Class A (Industrials) |  | 189568 |
| 5197 | Atlas Copco AB, Class B (Industrials) |  | 97833 |
| 4606 | Beijer Ref AB (Industrials) |  | 72312 |
| 2213 | Boliden AB (Materials)\* |  | 175959 |
| 2145 | Essity AB, Class B (Consumer Staples) |  | 68302 |
| 24547 | H & M Hennes & Mauritz AB, Class B (Consumer Discretionary)<sup>(b)</sup> |  | 524262 |
| 9624 | Hexagon AB, Class B (Information Technology) |  | 109759 |
| 3413 | Holmen AB, Class B (Materials) |  | 134892 |
| 5248 | Industrivarden AB, Class A (Financials) |  | 299259 |
| 5162 | Industrivarden AB, Class C (Financials) |  | 292810 |
| 3550 | Indutrade AB (Industrials) |  | 92384 |
| 2849 | Investment AB Latour, Class B (Industrials) |  | 72815 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Sweden – (continued) | Sweden – (continued) | Sweden – (continued) | Sweden – (continued) |
| 6696 | Investor AB, Class B (Financials) | $| 280342 |
| 4018 | L E Lundbergforetagen AB, Class B (Financials) |  | 264078 |
| 2372 | Saab AB, Class B (Industrials) |  | 171776 |
| 4318 | Sandvik AB (Industrials) |  | 191143 |
| 6733 | Securitas AB, Class B (Industrials) |  | 119920 |
| 5121 | Skandinaviska Enskilda Banken AB, Class A (Financials) |  | 109428 |
| 9050 | Skanska AB, Class B (Industrials) |  | 278844 |
| 1978 | SKF AB, Class B (Industrials) |  | 56911 |
| 6080 | Svenska Cellulosa AB SCA, Class B (Materials)<sup>11</sup>" |  | 82784 |
| 4763 | Svenska Handelsbanken AB, Class A (Financials) |  | 76334 |
| 5929 | Swedbank AB, Class A (Financials) |  | 228549 |
| 5309 | Tele2 AB, Class B (Communication Services) |  | 112269 |
| &nbsp;&nbsp;&nbsp;&nbsp;47248 | Telefonaktiebolaget LM Ericsson, Class B (Information Technology) |  | 547489 |
| 7851 | Telia Co. AB (Communication Services) |  | 40340 |
| 1738 | Trelleborg AB, Class B (Industrials) |  | 76242 |
| 2096 | Volvo AB, Class B (Industrials)<sup>(b)</sup> |  | 81725 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5257316 |
| Switzerland – 7.4% | Switzerland – 7.4% | Switzerland – 7.4% | Switzerland – 7.4% |
| 8267 | ABB Ltd. (Industrials) |  | 772038 |
| 8253 | Avolta AG (Consumer Discretionary)\* |  | 544620 |
| 835 | Banque Cantonale Vaudoise (Financials) |  | 128011 |
| 28 | Barry Callebaut AG (Consumer Staples) |  | 52610 |
| 73 | Belimo Holding AG (Industrials) |  | 73280 |
| 769 | BKW AG (Utilities) |  | 151390 |
| 3 | Chocoladefabriken Lindt & Spruengli AG (Consumer Staples) |  | 49386 |
| 1334 | Cie Financiere Richemont SA (Consumer Discretionary) |  | 272767 |
| 399 | EMS-Chemie Holding AG (Materials) |  | 331527 |
| 437 | Galderma Group AG (Health Care) |  | 82905 |
| 725 | Geberit AG (Industrials) |  | 610884 |
| 1448 | Helvetia Baloise Holding AG (Financials) |  | 376569 |
| 1471 | Julius Baer Group Ltd. (Financials) |  | 125476 |
| 1738 | Kuehne + Nagel International AG (Industrials) |  | 405319 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **21** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> EUROPE EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Switzerland – (continued) | Switzerland – (continued) | Switzerland – (continued) | Switzerland – (continued) |
| 4236 | Logitech International SA (Information Technology) | $| 390194 |
| 277 | Lonza Group AG (Health Care) |  | 193131 |
| 399 | Partners Group Holding AG (Financials) |  | 444838 |
| 1560 | Sandoz Group AG (Health Care) |  | 137977 |
| 313 | Schindler Holding AG (Industrials) |  | 114569 |
| 382 | Schindler Holding AG Participation Certificates (Industrials) |  | 145836 |
| 4253 | SGS SA (Industrials) |  | 536429 |
| 966 | Sika AG (Materials) |  | 200347 |
| 1191 | Sonova Holding AG (Health Care) |  | 312675 |
| 2379 | Straumann Holding AG (Health Care) |  | 286451 |
| 329 | Swiss Life Holding AG (Financials) |  | 377063 |
| 1332 | Swiss Prime Site AG (Real Estate) |  | 254086 |
| 318 | Swisscom AG (Communication Services) |  | 298338 |
| &nbsp;&nbsp;&nbsp;&nbsp;17481 | UBS Group AG (Financials) |  | 727608 |
| 366 | VAT Group AG (Industrials)<sup>(a)</sup> |  | 258991 |
| 976 | Zurich Insurance Group AG (Financials) |  | 736.839 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9392154 |
| United Kingdom – 17.4% | United Kingdom – 17.4% | United Kingdom – 17.4% | United Kingdom – 17.4% |
| 7301 | 3i Group PLC (Financials) |  | 326082 |
| 14661 | Admiral Group PLC (Financials) |  | 584234 |
| 1751 | Ashtead Group PLC (Industrials) |  | 125381 |
| 5207 | Associated British Foods PLC (Consumer Staples) |  | 138401 |
| 11302 | AstraZeneca PLC (Health Care) |  | 2361605 |
| 90587 | Autotrader Group PLC (Communication Services)<sup>(a)</sup> |  | 600302 |
| 38197 | Aviva PLC (Financials) |  | 352288 |
| 8028 | BAE Systems PLC (Industrials) |  | 227954 |
| 138402 | Barclays PLC (Financials) |  | 842639 |
| 30773 | Barratt Redrow PLC (Consumer Discretionary) |  | 151052 |
| 10471 | British American Tobacco PLC (Consumer Staples) |  | 653207 |
| 19674 | BT Group PLC (Communication Services) |  | 57345 |
| 8183 | Bunzl PLC (Industrials) |  | 241376 |
| 166078 | Centrica PLC (Utilities) |  | 444670 |
| 1004 | Coca-Cola Europacific Partners PLC (Consumer Staples) |  | 110872 |
| 4023 | Compass Group PLC (Consumer Discretionary) |  | 123211 |
| 3010 | Diageo PLC (Consumer Staples) |  | 67278 |
| 13849 | Entain PLC (Consumer Discretionary) |  | 107061 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| United Kingdom – (continued) | United Kingdom – (continued) | United Kingdom – (continued) |
| 5448 | Halma PLC (Information Technology) | $306460 |
| 122050 | HSBC Holdings PLC (Financials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2286762 |
| 9008 | Imperial Brands PLC (Consumer Staples) | 402685 |
| 13386 | Informa PLC (Communication Services) | 150849 |
| 548 | InterContinental Hotels Group PLC (Consumer Discretionary) | 75350 |
| 14538 | International Consolidated Airlines Group SA (Industrials) | 82838 |
| 3494 | Intertek Group PLC (Industrials) | 221817 |
| 103175 | J Sainsbury PLC (Consumer Staples) | 484111 |
| &nbsp;&nbsp;&nbsp;&nbsp;404627 | JD Sports Fashion PLC (Consumer Discretionary) | 445972 |
| 152744 | Kingfisher PLC (Consumer Discretionary) | 760847 |
| 10389 | Land Securities Group PLC REIT (Real Estate) | 90300 |
| 73915 | Legal & General Group PLC (Financials) | 269605 |
| 336667 | Lloyds Banking Group PLC (Financials) | 463722 |
| 112595 | M&G PLC (Financials) | 480929 |
| 35260 | Marks & Spencer Group PLC (Consumer Staples) | 187962 |
| 4503 | Melrose Industries PLC (Industrials) | 34254 |
| 21205 | National Grid PLC (Utilities) | 396561 |
| 65514 | NatWest Group PLC (Financials) | 545217 |
| 2388 | Next PLC (Consumer Discretionary) | 434066 |
| 14000 | Pearson PLC (Consumer Discretionary) | 180657 |
| 18497 | Phoenix Group Holdings PLC (Financials) | 190740 |
| 3156 | Reckitt Benckiser Group PLC (Consumer Staples) | 276310 |
| 10284 | RELX PLC (Industrials) | 357272 |
| 42094 | Rolls-Royce Holdings PLC (Industrials) | 754672 |
| 44342 | Sage Group PLC (The) (Information Technology) | 489921 |
| 3170 | Segro PLC REIT (Real Estate) | 35851 |
| 3251 | Severn Trent PLC (Utilities) | 143363 |
| 9449 | Smith & Nephew PLC (Health Care) | 174231 |
| 9470 | Smiths Group PLC (Industrials) | 349619 |
| 1291 | Spirax Group PLC (Industrials) | 137206 |
| 3546 | SSE PLC (Utilities) | 128196 |
| 24493 | Standard Chartered PLC (Financials) | 603271 |
| 53068 | Tesco PLC (Consumer Staples) | 342895 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 22 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> EUROPE EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| United Kingdom – (continued) | United Kingdom – (continued) | United Kingdom – (continued) | United Kingdom – (continued) |
| 11312 | Unilever PLC (Consumer Staples) | $| 831445 |
| 11469 | United Utilities Group PLC (Utilities) |  | 214794 |
| &nbsp;&nbsp;&nbsp;&nbsp;485125 | Vodafone Group PLC (Communication Services) |  | 746800 |
| 1407 | Whitbread PLC (Consumer Discretionary) |  | 49183 |
| 23523 | Wise PLC, Class A (Financials)\* |  | 272138 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21913829 |
| United States – 12.2% | United States – 12.2% | United States – 12.2% | United States – 12.2% |
| 34406 | Aegon Ltd. (Financials) |  | 261370 |
| 1510 | Alcon AG (Health Care) |  | 131277 |
| 212 | AP Moller – Maersk A/S, Class A (Industrials)<sup>(b)</sup> |  | 519280 |
| 195 | AP Moller – Maersk A/S, Class B (Industrials)<sup>(b)</sup> |  | 483032 |
| 102873 | BP PLC (Energy) |  | 660627 |
| 864 | Buzzi SpA (Materials) |  | 49966 |
| 1182 | Experian PLC (Industrials) |  | 44274 |
| 3643 | Ferrovial SE (Industrials) |  | 271670 |
| 33243 | GSK PLC (Health Care) |  | 983706 |
| 43036 | Haleon PLC (Health Care) |  | 234737 |
| 4769 | Holcim AG (Materials)\* |  | 439538 |
| 15614 | Nestle SA (Consumer Staples) |  | 1705044 |
| 15658 | Novartis AG (Health Care) |  | 2657004 |
| 2186 | QIAGEN NV (Health Care) |  | 108299 |
| 437 | Roche Holding AG (Health Care) |  | 216724 |
| 5696 | Roche Holding AG (Health Care) |  | 2718200 |
| 5667 | Sanofi SA (Health Care) |  | 550003 |
| 3144 | Schneider Electric SE (Industrials) |  | 1027145 |
| 38860 | Shell PLC (Energy) |  | 1605761 |
| 548 | Spotify Technology SA (Communication Services)\* |  | 282187 |
| 1825 | Swiss Re AG (Financials) |  | 322617 |
| 1823 | Tenaris SA (Energy) |  | 49764 |
|  |  |  | 15322225 |
| TOTAL COMMON STOCKS<br>(Cost $91,048,585) | TOTAL COMMON STOCKS<br>(Cost $91,048,585) |  | 125151302 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Rate** | **Value** |
| Preferred Stocks – 0.3% | Preferred Stocks – 0.3% | Preferred Stocks – 0.3% | Preferred Stocks – 0.3% |
| Germany – 0.3% | Germany – 0.3% | Germany – 0.3% |  |
| 1420 | Henkel AG & Co. KGaA (Consumer Staples) | 2.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139459 |
| 2797 | Porsche Automobil Holding SE (Consumer Discretionary) | 5.30 | 118986 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Rate** | **Value** |
| Preferred Stocks – (continued) | Preferred Stocks – (continued) | Preferred Stocks – (continued) | Preferred Stocks – (continued) |
| Germany – (continued) | Germany – (continued) | Germany – (continued) |  |
| 170 | Sartorius AG (Health Care)<sup>(b)</sup> | 0.31% | $48233 |
| 412 | Volkswagen AG (Consumer Discretionary)<sup>(b)</sup> | 6.26 | 49229 |
| TOTAL PREFERRED STOCKS<br>(Cost $323,670) | TOTAL PREFERRED STOCKS<br>(Cost $323,670) | TOTAL PREFERRED STOCKS<br>(Cost $323,670) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355907 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend Rate** | **Value** |
| Investment Company – 0.3%<sup>(c)</sup> | Investment Company – 0.3%<sup>(c)</sup> | Investment Company – 0.3%<sup>(c)</sup> |
|  Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334610 | 3.571% | 334610 |
|  **(Cost $334,610)** | **(Cost $334,610)** | **(Cost $334,610)** |
| TOTAL INVESTSMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE<br>(Cost $91,706,865) | TOTAL INVESTSMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE<br>(Cost $91,706,865) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125841819 |
| Securities Lending Reinvestment Vehicle – 2.0%<sup>(c)</sup> | Securities Lending Reinvestment Vehicle – 2.0%<sup>(c)</sup> | Securities Lending Reinvestment Vehicle – 2.0%<sup>(c)</sup> |
|  Goldman Sachs Financial Square Government<br>Fund – Institutional Shares | Goldman Sachs Financial Square Government<br>Fund – Institutional Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2474905 | 3.589% | 2474905 |
| (Cost $2,474,905) | (Cost $2,474,905) | (Cost $2,474,905) |
| TOTAL INVESTSMENTS – 102.1%<br>(Cost $94,181,770) | TOTAL INVESTSMENTS – 102.1%<br>(Cost $94,181,770) | $128316724 |
|  **LIABILITIES IN EXCESS OF OTHER ASSETS – (2.1)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS – (2.1)%** | (2582174) |
|  **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125734550 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| \* | Non-income producing security. |
| (a) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (b) | All or a portion of security is on loan. |
| (c) | Represents an affiliated issuer. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **23** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> EUROPE EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| PLC | — Public Limited Company |
| REIT | — Real Estate Investment Trust |

---

---

| | |
|:---|:---|
| **Sector Name** | **% of <br>Market <br>Value** |
|  Financials | 24.8% |
|  Industrials | 18.9 |
|  Health Care | 13.6 |
|  Consumer Staples | 8.8 |
|  Information Technology | 7.3 |
|  Consumer Discretionary | 6.9 |
|  Utilities | 4.8 |
|  Materials | 4.5 |
|  Communication Services | 3.9 |
|  Energy | 3.7 |
|  Real Estate | 0.6 |
|  Investment Company | 0.3 |
|  Securities Lending Reinvestment Vehicle | 1.9 |
|  **TOTAL INVESTMENTS** | 100.0% |

---

ADDITIONAL INVESTMENT INFORMATION

**FUTURES CONTRACTS** — At February 28. 2026, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional**<br> **Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  MSCI Europe Index | 3 | 03/20/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152753 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11765 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 24 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – 99.6% | Common Stocks – 99.6% | Common Stocks – 99.6% |
| Australia – 5.1% | Australia – 5.1% |  |
| 461256 | ANZ Group Holdings Ltd. (Financials) | $13161715 |
| 400119 | APA Group (Utilities) | 2623333 |
| 52919 | Aristocrat Leisure Ltd. (Consumer Discretionary) | 1813228 |
| 551736 | BHP Group Ltd. (Materials) | 22966506 |
| 156249 | CAR Group Ltd. (Communication Services) | 2953025 |
| 81379 | Cochlear Ltd. (Health Care) | 11541537 |
| 1015511 | Coles Group Ltd. (Consumer Staples) | 14879356 |
| 218478 | Commonwealth Bank of Australia (Financials) | 27188052 |
| 28451 | CSL Ltd. (Health Care) | 2975649 |
| 582685 | Evolution Mining Ltd. (Materials) | 6884854 |
| 1183879 | Glencore PLC (Materials)\* | 8499504 |
| 286740 | Insurance Australia Group Ltd. (Financials) | 1360940 |
| 4116980 | Lottery Corp. Ltd. (The) (Consumer Discretionary) | 16166156 |
| 205255 | Lynas Rare Earths Ltd. (Materials)\* | 2776300 |
| 1007137 | Medibank Pvt Ltd. (Financials) | 3143685 |
| 382216 | National Australia Bank Ltd. (Financials) | 13352377 |
| 118582 | Northern Star Resources Ltd. (Materials) | 2558887 |
| 67048 | Pro Medicus Ltd. (Health Care) | 6211630 |
| 183578 | Qantas Airways Ltd. (Industrials) | 1301728 |
| 685137 | QBE Insurance Group Ltd. (Financials) | 10609955 |
| 88915 | REA Group Ltd. (Communication Services)<sup>(a)</sup> | 10543351 |
| 31614 | Rio Tinto Ltd. (Materials) | 3769899 |
| 145015 | Rio Tinto PLC (Materials) | 14300724 |
| 1136927 | Scentre Group REIT (Real Estate) | 3095083 |
| 25796 | SGH Ltd. (Industrials) | 858511 |
| 405875 | Sonic Healthcare Ltd. (Health Care) | 6892753 |
| 795492 | South32 Ltd. (Materials) | 2607775 |
| 480415 | Stockland REIT (Real Estate) | 1749500 |
| 330778 | Suncorp Group Ltd. (Financials) | 3448715 |
| 1849774 | Telstra Group Ltd. (Communication Services) | 6828492 |
| 445032 | Transurban Group (Industrials) | 4547962 |
| 1461873 | Vicinity Ltd. REIT (Real Estate) | 2552420 |
| 311307 | Wesfarmers Ltd. (Consumer Discretionary) | 17663935 |
| 447688 | Westpac Banking Corp. (Financials) | 13572171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627327 | Woolworths Group Ltd. (Consumer Staples) | 16094329 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281494037 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |
| Austria – 0.4% | Austria – 0.4% |  |
| 14830 | BAWAG Group AG (Financials)\*<sup>(b)</sup> | $2311293 |
| 69820 | Erste Group Bank AG (Financials) | 8301360 |
| 81063 | OMV AG (Energy) | 5244971 |
| 108036 | Raiffeisen Bank International AG (Financials) | 5390610 |
|  |  | 21248234 |
| Belgium – 0.8% | Belgium – 0.8% |  |
| 147501 | Ageas SA/NV (Financials) | 10954323 |
| 74938 | Anheuser-Busch InBev SA/NV (Consumer Staples) | 6089150 |
| 11725 | D'ieteren Group (Consumer Discretionary) | 2538938 |
| 11062 | Elia Group SA/NV (Utilities) | 1760611 |
| 97033 | Groupe Bruxelles Lambert NV (Financials) | 9743920 |
| 54626 | KBC Group NV (Financials) | 7404252 |
| 4602 | Sofina SA (Financials) | 1368177 |
| 23179 | Syensqo SA (Materials) | 1323765 |
| 7842 | UCB SA (Health Care) | 2336060 |
|  |  | 43519196 |
| Brazil – 0.4% | Brazil – 0.4% |  |
| 53460 | Wheaton Precious Metals Corp. (Materials) | 8712508 |
| 256201 | Yara International ASA (Materials) | 12945511 |
|  |  | 21658019 |
| Canada – 10.9% | Canada – 10.9% |  |
| 49163 | Agnico Eagle Mines Ltd. (Materials) | 12350859 |
| 75794 | Alamos Gold, Inc., Class A (Materials) | 4108553 |
| 77213 | Alimentation Couche-Tard, Inc. (Consumer Staples) | 4686507 |
| 164242 | AltaGas Ltd. (Utilities) | 5582915 |
| 99888 | ARC Resources Ltd. (Energy) | 1852965 |
| 16432 | AtkinsRealis Group, Inc. (Industrials) | 1139162 |
| 118334 | Bank of Montreal (Financials) | 17032773 |
| 254391 | Bank of Nova Scotia (The) (Financials) | 19301522 |
| 130779 | Barrick Mining Corp. (Materials)<sup>(a)</sup> | 6636518 |
| 79706 | BCE, Inc. (Communication Services) | 2095142 |
| 17181 | Bombardier. Inc., Class B (Industrials)\* | 3551089 |
| 129095 | Brookfield Asset Management Ltd., Class A (Financials)<sup>(a)</sup> | 6028567 |
| 109909 | Brookfield Corp. (Financials) | 4820733 |
| 18871 | Brookfield Renewable Corp. (Utilities) | 805426 |
| 43784 | Cameco Corp. (Energy) | 5180820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227764 | Canadian Imperial Bank of Commerce (Financials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23011036 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **25** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Canada – (continued) | Canada – (continued) | Canada – (continued) |
| 54472 | Canadian Natural Resources Ltd. (Energy) | $2383212 |
| 87220 | Canadian Tire Corp. Ltd., Class A (Consumer Discretionary) | 12235805 |
| 185957 | Canadian Utilities Ltd., Class A (Utilities) | 6486032 |
| 25730 | CCL Industries, Inc., Class B (Materials) | 1789979 |
| 15992 | Celestica, Inc. (Information Technology)\* | 4441434 |
| 448635 | Cenovus Energy, Inc. (Energy) | 9996713 |
| 104249 | CGI, Inc. (Information Technology) | 7625384 |
| 8624 | Constellation Software, Inc. (Information Technology) | 15938829 |
| 37127 | Dollarama, Inc. (Consumer Discretionary) | 5466763 |
| 103971 | Element Fleet Management Corp. (Industrials) | 2476825 |
| 132031 | Emera. Inc. (Utilities) | 6870433 |
| 523645 | Empire Co. Ltd. (Consumer Staples) | 18575316 |
| 304808 | Enbridge, Inc. (Energy) | 16196382 |
| 8576 | Fairfax Financial Holdings Ltd. (Financials) | 14762843 |
| 7654 | FirstService Corp. (Real Estate) | 1206255 |
| 117223 | Fortis, Inc. (Utilities) | 6744502 |
| 20956 | Franco-Nevada Corp. (Materials) | 5857877 |
| 158326 | George Weston Ltd. (Consumer Staples) | 11622685 |
| 43424 | Great-West Lifeco, Inc. <br>(Financials)<sup>(a)</sup> | 2098208 |
| 130917 | Hydro One Ltd. (Utilities)<sup>(b)</sup> | 5626978 |
| 23572 | iA Financial Corp., Inc. <br>(Financials)<sup>(a)</sup> | 2681178 |
| 110471 | 1GM Financial, Inc. (Financials) | 5496618 |
| 39357 | Imperial Oil Ltd. (Energy) | 4604179 |
| 14198 | Intact Financial Corp. (Financials) | 2741536 |
| 85335 | Keyera Corp. (Energy) | 3257352 |
| 273945 | Kinross Gold Corp. (Materials) | 10127438 |
| 420075 | Loblaw Cos. Ltd. (Consumer Staples) | 19472186 |
| 224275 | Lundin Gold, Inc. (Materials) | 21142381 |
| 359499 | Magna International, Inc. (Consumer Discretionary)<sup>(a)</sup> | 22671488 |
| 217697 | Manulife Financial Corp. (Financials) | 7752717 |
| 63832 | Metro, Inc. (Consumer Staples) | 4548764 |
| 83169 | National Bank of Canada (Financials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11608962 |
| 77813 | Nutrien Ltd. (Materials) | 5853163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373098 | Open Text Corp. (Information Technology) | 9243672 |
| 89091 | Pan American Silver Corp. (Materials) | 6112942 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |
| Canada – (continued) | Canada – (continued) |  |
| 61716 | Pembina Pipeline Corp. (Energy) | $2712816 |
| 234568 | Power Corp. of Canada (Financials) | 11784727 |
| 102770 | Rogers Communications, Inc., Class B (Communication Services) | 4102210 |
| 295574 | Royal Bank of Canada (Financials) | 49427402 |
| 233147 | Saputo, Inc. (Consumer Staples) | 7443062 |
| 103288 | Shopify, Inc., Class A (Information Technology)\* | 12470899 |
| 31355 | Stantec, Inc. (Industrials) | 2903645 |
| 86397 | Sun Life Financial, Inc. <br>(Financials)<sup>(a)</sup> | 5663300 |
| 275639 | Suncor Energy, Inc. (Energy)<sup>(a)</sup> | 15572083 |
| 138633 | TC Energy Corp. (Energy) | 8909471 |
| 235823 | TELUS Corp. (Communication Services) | 3233413 |
| 38296 | TFI International, Inc. (Industrials) | 4576089 |
| 89660 | TMX Group Ltd. (Financials) | 3024714 |
| 28797 | Toromont Industries Ltd. (Industrials) | 4469938 |
| 351855 | Toronto-Dominion Bank (The) (Financials) | 34281257 |
| 62766 | Whitecap Resources, Inc. (Energy) | 626809 |
| 95698 | WSP Global, Inc. (Industrials) | 16213614 |
|  |  | 601317067 |
| Chile – 0.1% | Chile – 0.1% |  |
| 59141 | Antofagasta PLC (Materials) | 3393580 |
| 114523 | Lundin Mining Corp. (Materials) | 3649352 |
|  |  | 7042932 |
| China – 0.5% | China – 0.5% |  |
| 1636961 | BOC Hong Kong Holdings Ltd. (Financials) | 9396336 |
| 89566 | Prosus NV (Consumer Discretionary)\* | 4601211 |
| 1305957 | SITC International Holdings Co. Ltd. (Industrials) | 5573000 |
| 1831811 | Wilmar International Ltd. (Consumer Staples) | 5097818 |
| 380456 | Yangzijiang Shipbuilding Holdings Ltd. (Industrials) | 1305435 |
|  |  | 25973800 |
| Denmark – 1.1% | Denmark – 1.1% |  |
| 7251 | Carlsberg AS, Class B (Consumer Staples) | 1126609 |
| 97087 | Danske Bank A/S (Financials) | 5064542 |
| 127410 | Demant A/S (Health Care)\* | 3962435 |
| 12707 | Genmab A/S (Health Care)\* | 3711898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475381 | Novo Nordisk A/S, Class B (Health Care) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17871862 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 26 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Denmark – (continued) | Denmark – (continued) | Denmark – (continued) |
| 122888 | Pandora A/S (Consumer Discretionary) | $9709861 |
| 398664 | ROCKWOOL A/S, Class B (Industrials) | 13201650 |
| 105396 | Tryg A/S (Financials) | 2608251 |
| 206956 | Vestas Wind Systems A/S (Industrials) | 5312895 |
|  |  | 62570003 |
| Finland – 1.3% | Finland – 1.3% |  |
| 49637 | Elisa OYJ (Communication Services) | 2545864 |
| 68220 | Fortum OYJ (Utilities)<sup>(a)</sup> | 1595644 |
| 152033 | Kesko OYJ, Class B (Consumer Staples) | 3744485 |
| 56537 | Kone OYJ. Class B (Industrials)<sup>(a)</sup> | 4273546 |
| 102264 | Metso Oyj (Industrials) | 2137758 |
| 83827 | Neste OYJ (Energy) | 2096282 |
| 1220978 | Nokia OYJ (Information Technology) | 9347399 |
| 716288 | Nordea Bank Abp (Financials) | 13912126 |
| 161730 | Orion OYJ, Class B (Health Care) | 12927638 |
| 598414 | Sampo OYJ, Class A (Financials) | 6633073 |
| 170506 | UPM-Kymmene OYJ (Materials) | 5431522 |
| 94660 | Wartsila OYJ Abp (Industrials) | 4124134 |
|  |  | 68769471 |
| France – 8.0% | France – 8.0% |  |
| 100067 | Accor SA (Consumer Discretionary) | 5820030 |
| 15283 | Aeroports de Paris SA (Industrials)<sup>(a)</sup> | 2136487 |
| 57146 | Air Liquide SA (Materials) | 12026269 |
| 43050 | Airbus SE (Industrials) | 9364768 |
| 124544 | Alstom SA (Industrials)\* | 4160022 |
| 41318 | Amundi SA (Financials)<sup>(b)</sup> | 3953960 |
| 361355 | AXA SA (Financials) | 17689000 |
| 359435 | Ayvens SA (Industrials)<sup>(b)</sup> | 4583361 |
| 59697 | BioMerieux (Health Care) | 7048431 |
| 215591 | BNP Paribas SA (Financials) | 24309382 |
| 1165145 | Bollore SE (Energy) | 6817909 |
| 450448 | Bouygues SA (Industrials) | 28017562 |
| 353239 | Bureau Veritas SA (Industrials) | 12270188 |
| 107516 | Capgemini SE (Information Technology) | 13576687 |
| 919080 | Carrefour SA (Consumer Staples) | 17411370 |
| 111203 | Cie de Saint-Gobain SA (Industrials) | 1 1323096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122211 | Cie Generale des Etablissements Michelin SCA (Consumer Discretionary) | 4963736 |
| 24712 | Covivio SA REIT (Real Estate) | 1813380 |
| 640122 | Credit Agricole SA (Financials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14197565 |
| 70762 | Danone SA (Consumer Staples) | 6068982 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| France – (continued) | France – (continued) | France – (continued) |
| 2610 | Dassault Aviation SA (Industrials) | $1043440 |
| 28901 | Dassault Systemes (Information Technology) | 632990 |
| 148350 | Eiffage SA (Industrials) | 25607952 |
| 229500 | Engie SA (Utilities) | 7839187 |
| 22515 | EssilorLuxottica SA (Health Care) | 5986600 |
| 40953 | Gecina SA REIT (Real Estate) | 3793312 |
| 232562 | Getlink SE (Industrials) | 5057877 |
| 4638 | Hermes International SCA (Consumer Discretionary) | 11220511 |
| 78217 | Ipsen SA (Health Care) | 15247132 |
| 102939 | Klepierre SA REIT (Real Estate) | 4329261 |
| 20880 | Legrand SA (Industrials) | 3792870 |
| 48601 | L'Oreal SA (Consumer Staples) | 22804103 |
| 27900 | LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary) | 17923501 |
| 381597 | Orange SA (Communication Services) | 8195540 |
| 80400 | Publicis Groupe SA (Communication Services) | 7159497 |
| 166928 | Rexel SA (Industrials) | 7266784 |
| 33374 | Safran SA (Industrials) | 13397603 |
| 252506 | Societe Generale SA (Financials) | 22020183 |
| 5382 | Thales SA (Industrials) | 1619770 |
| 303784 | TotalEnergies SE (Energy) | 24131860 |
| 12939 | Unibail-Rodamco-Westfield REIT (Real Estate)\* | 1621663 |
| 181796 | Veolia Environnement SA (Utilities) | 7718696 |
| 101505 | Vinci SA (Industrials) | 16868473 |
|  |  | 442830990 |
| Germany – 8.1% | Germany – 8.1% |  |
| 63451 | adidas AG (Consumer Discretionary) | 11851815 |
| 73175 | Allianz SE (Financials) | 33021237 |
| 41486 | BASF SE (Materials) | 2385451 |
| 580687 | Bayer AG (Health Care) | 28802800 |
| 53089 | Beiersdorf AG (Consumer Staples) | 6747742 |
| 159366 | Brenntag SE (Industrials) | 9840956 |
| 144351 | Commerzbank AG (Financials) | 5905585 |
| 67198 | Continental AG (Consumer Discretionary) | 5801395 |
| 213498 | Daimler Truck Holding AG (Industrials) | 10846886 |
| 647842 | Deutsche Bank AG (Financials) | 23172878 |
| 18605 | Deutsche Boerse AG (Financials) | 5105117 |
| 149730 | Deutsche Lufthansa AG (Industrials) | 1606634 |
| 358197 | Deutsche Post AG (Industrials) | 21188470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423143 | Deutsche Telekom AG (Communication Services) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17031546 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **27** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Germany – (continued) | Germany – (continued) | Germany – (continued) |
| 219016 | E.ON SE (Utilities) | $5089099 |
| 263746 | Evonik Industries AG (Materials) | 4605682 |
| 315589 | Fresenius Medical Care AG (Health Care) | 14699711 |
| 190963 | Fresenius SE & Co. KGaA (Health Care) | 11476433 |
| 116034 | GEA Group AG (Industrials) | 9028396 |
| 57930 | Heidelberg Materials AG (Materials) | 12964842 |
| 27237 | Henkel AG & Co. KGaA (Consumer Staples) | 2468184 |
| 19878 | Hensoldt AG (Industrials)<sup>(a)</sup> | 1746166 |
| 9387 | HOCHTIEF AG (Industrials) | 4572945 |
| 54257 | Infineon Technologies AG (Information Technology) | 2935609 |
| 82676 | Knorr-Bremse AG (Industrials) | 10884143 |
| 270456 | Mercedes-Benz Group AG (Consumer Discretionary) | 18840332 |
| 18644 | Merck KGaA (Health Care) | 2824266 |
| 2847 | MTU Aero Engines AG (Industrials) | 1228276 |
| 17817 | Muenchener Rueckversicherungs – Gesellschaft AG in Muenchen (Financials) | 11687907 |
| 121512 | Nemetschek SE (Information Technology) | 9727221 |
| 19161 | Rational AG (Industrials) | 16707389 |
| 6792 | Rheinmetall AG (Industrials) | 13340141 |
| 68003 | RWE AG (Utilities) | 4379083 |
| 157104 | SAP SE (Information Technology) | 31711857 |
| 32660 | Scout24 SE (Communication Services)<sup>(b)</sup> | 2786082 |
| 97639 | Siemens AG (Industrials) | 28520881 |
| 127563 | Siemens Energy AG (Industrials) | 25069660 |
| 55815 | Siemens Healthineers AG (Health Care)<sup>(b)</sup> | 2777061 |
| 32971 | Talanx AG (Financials) | 4165391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457970 | Zalando SE (Consumer Discretionary)\*<sup>(b)</sup> | 11220057 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448765326 |
| Hong Kong – 1.9% | Hong Kong – 1.9% |  |
| 931185 | AIA Group Ltd. (Financials) | 10333074 |
| 386544 | CK Asset Holdings Ltd. (Real Estate) | 2459958 |
| 117000 | CK Infrastructure Holdings Ltd. (Utilities) | 993928 |
| 422928 | CLP Holdings Ltd. (Utilities) | 4011846 |
| 43134 | Futu Holdings Ltd. ADR (Financials)\* | 6420065 |
| 338000 | Henderson Land Development Co. Ltd. (Real Estate) | 1531385 |
| 3081633 | HKT Trust & HKT Ltd. (Communication Services) | 4861496 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |
| Hong Kong – (continued) | Hong Kong – (continued) |  |
| 3709276 | Hong Kong & China Gas Co. Ltd. (Utilities) | $3608674 |
| 275221 | Hong Kong Exchanges & Clearing Ltd. (Financials) | 14742443 |
| 365123 | Hongkong Land Holdings Ltd. (Real Estate) | 3165616 |
| 816232 | MTR Corp. Ltd. (Industrials) | 3896384 |
| 262646 | Power Assets Holdings Ltd. (Utilities) | 2130474 |
| 396029 | Prudential PLC (Financials) | 6056523 |
| 1516469 | Sino Land Co. Ltd. (Real Estate) | 2477640 |
| 314768 | Sun Hung Kai Properties Ltd. (Real Estate) | 5875127 |
| 161558 | Swire Pacific Ltd Class A (Industrials) | 1738027 |
| 577870 | Techtronic Industries Co. Ltd. (Industrials) | 9426591 |
| 18180317 | WH Group Ltd. (Consumer <br>Staples)<sup>(b)</sup> | 22870224 |
| 312000 | Wharf Real Estate Investment Co. Ltd. (Real Estate) | 1152727 |
|  |  | 107752202 |
| Indonesia – 0.3% | Indonesia – 0.3% |  |
| 196060 | Jardine Matheson Holdings Ltd. (Industrials) | 16174950 |
| Ireland – 0.2% | Ireland – 0.2% |  |
| 14853 | AerCap Holdings NV (Industrials) | 2219632 |
| 494944 | AIB Group PLC (Financials) | 5171771 |
| 233518 | Bank of Ireland Group PLC (Financials) | 4558946 |
|  |  | 11950349 |
| Israel – 0.8% | Israel – 0.8% |  |
| 6063 | Azrieli Group Ltd. (Real Estate) | 870383 |
| 205599 | Bank Hapoalim BM (Financials) | 5179730 |
| 286428 | Bank Leumi Le-lsrael BM (Financials) | 6921923 |
| 5462 | Elbit Systems Ltd. (Industrials) | 4179052 |
| 300017 | Israel Discount Bank Ltd., Class A (Financials) | 3627552 |
| 56388 | Mizrahi Tefahot Bank Ltd. (Financials) | 4219186 |
| 63058 | Nice Ltd. (Information Technology)\* | 7139742 |
| 4418 | Nova Ltd. (Information Technology)\* | 1937362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103256 | Phoenix Financial Ltd. (Financials) | 5269255 |
| 60803 | Teva Pharmaceutical Industries Ltd. ADR (Health Care)\* | 2044197 |
| 18726 | Tower Semiconductor Ltd. (Information Technology)\* | 2364528 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43752910 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 28 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Italy – 3.3% | Italy – 3.3% |  |
| 412982 | Banca Mediolanum SpA (Financials) | $8893974 |
| 521930 | Banco BPM SpA (Financials) | 7724609 |
| 390251 | BPER Banca SpA (Financials) | 5533845 |
| 65085 | Coca-Cola HBC AG (Consumer Staples)\* | 4208923 |
| 1284658 | Enel SpA (Utilities) | 15462228 |
| 543799 | Eni SpA (Energy) | 12620410 |
| 576769 | FinecoBank Banca Fineco SpA (Financials) | 13613024 |
| 228399 | Generali (Financials) | 9751300 |
| 2457009 | Intesa Sanpaolo SpA (Financials) | 16927294 |
| 228074 | Italgas SpA (Utilities) | 2946002 |
| 65068 | Leonardo SpA (Industrials) | 4363708 |
| 69230 | Moncler SpA (Consumer Discretionary) | 4776881 |
| 420181 | Poste Italiane SpA (Financials)<sup>(b)</sup> | 11286460 |
| 40165 | Prysmian SpA (Industrials) | 4860843 |
| 102067 | Recordati Industria Chimica e Farmaceutica SpA (Health Care) | 5835124 |
| 67095 | Ryanair Holdings PLC (Industrials) | 2172189 |
| 472883 | Snam SpA (Utilities) | 3679417 |
| 10679337 | Telecom Italia SpA (Communication Services)\* | 8021912 |
| 1461063 | Telecom Italia SpA-RSP (Communication Services)\* | 1279663 |
| 173989 | Tenia - Rete Elettrica Nazionale (Utilities) | 2095376 |
| 270799 | UniCredit SpA (Financials) | 23151841 |
| 450941 | Unipol Assicurazioni SpA (Financials) | 11266144 |
|  |  | 180471167 |
| Ivory Coast – 0.1% | Ivory Coast – 0.1% |  |
| 74808 | Endeavour Mining PLC (Materials) | 5320454 |
| Japan – 20.4% | Japan – 20.4% |  |
| 248990 | Advantest Corp. (Information Technology) | 42820698 |
| 271391 | Aeon Co. Ltd. (Consumer Staples) | 3870309 |
| 151166 | AGC, Inc. (Industrials) | 6709882 |
| 820506 | Aisin Corp. (Consumer Discretionary) | 14607503 |
| 75268 | Ajinomoto Co., Inc. (Consumer Staples) | 2395077 |
| 586263 | ANA Holdings, Inc. (Industrials)<sup>(a)</sup> | 12778562 |
| 615217 | Asahi Group Holdings Ltd. (Consumer Staples) | 6696950 |
| 492782 | Asahi Kasei Corp. (Materials) | 5821850 |
| 487180 | Asics Corp. (Consumer Discretionary) | 14959429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606955 | Astellas Pharma, Inc. (Health Care) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10113649 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) | Japan – (continued) |
| 48140 | Bandai Namco Holdings, Inc. (Consumer Discretionary) | $1308606 |
| 292222 | Bridgestone Corp. (Consumer Discretionary) | 7105042 |
| 194756 | Canon, Inc. (Information Technology) | 5940292 |
| 123877 | Capcom Co. Ltd. (Communication Services) | 2850857 |
| 74768 | Central Japan Railway Co. (Industrials) | 2206763 |
| 232221 | Chubu Electric Power Co., Inc. (Utilities) | 3923029 |
| 314561 | Dai Nippon Printing Co. Ltd. (Industrials) | 6548107 |
| 340119 | Dai-ichi Life Holdings, Inc. (Financials) | 3509571 |
| 253969 | Daiichi Sankyo Co. Ltd. (Health Care) | 4984218 |
| 13872 | Daikin Industries Ltd. (Industrials) | 1769485 |
| 84983 | Daito Trust Construction Co. Ltd. (Real Estate) | 1959576 |
| 126766 | Daiwa House Industry Co. Ltd. (Real Estate) | 4581845 |
| 376628 | Daiwa Securities Group, Inc. (Financials) | 3970727 |
| 79129 | Denso Corp. (Consumer Discretionary) | 1140370 |
| 17849 | Disco Corp. (Information Technology) | 8631542 |
| 78352 | East Japan Railway Co. (Industrials) | 1937158 |
| 66860 | Ebara Corp. (Industrials) | 2373343 |
| 219777 | Eisai Co. Ltd. (Health Care) | 7377750 |
| 2096314 | ENEOS Holdings, Inc. (Energy) | 19979601 |
| 20944 | Fast Retailing Co. Ltd. (Consumer Discretionary) | 9260300 |
| 155586 | FUJIFILM Holdings Corp. (Information Technology) | 3232801 |
| 68470 | Fujikura Ltd. (Industrials) | 11738028 |
| 302913 | Fujitsu Ltd. (Information Technology) | 6961421 |
| 157905 | Hankyu Hanshin Holdings, Inc. (Industrials)<sup>(a)</sup> | 4606932 |
| 11556 | Hikari Tsushin, Inc. (Industrials) | 3272319 |
| 539845 | Hitachi Ltd. (Industrials) | 18070328 |
| 92731 | Hoya Corp. (Health Care) | 16788097 |
| 247014 | Hulic Co. Ltd. (Real Estate) | 3273479 |
| 47700 | Ibiden Co. Ltd. (Information Technology) | 2913786 |
| &nbsp;&nbsp;&nbsp;&nbsp;1782704 | Idemitsu Kosan Co. Ltd. (Energy) | 17024895 |
| 263608 | IHI Corp. (Industrials) | 7265366 |
| 480010 | Inpex Corp. (Energy) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11683190 |
| 125130 | Isuzu Motors Ltd. (Consumer Discretionary) | 2339100 |
| 583039 | ITOCHU Corp. (Industrials) | 8477172 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **29** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) | Japan – (continued) |
| 591673 | Japan Airlines Co. Ltd. (Industrials)<sup>(a)</sup> | $12233278 |
| 111400 | Japan Exchange Group, Inc. (Financials) | 1523745 |
| 97500 | Japan Post Bank Co. Ltd. (Financials) | 1911593 |
| 662527 | Japan Post Holdings Co. Ltd. (Financials) | 8639904 |
| 374240 | Japan Post Insurance Co. Ltd. (Financials) | 12229768 |
| 117073 | Japan Tobacco, Inc. (Consumer Staples) | 4489454 |
| 815380 | JFE Holdings, Inc. (Materials) | 11492354 |
| 117732 | Kajima Corp. (Industrials) | 5385697 |
| 90800 | Kansai Electric Power Co., Inc. (The) (Utilities) | 1641815 |
| 92944 | Kao Corp. (Consumer Staples) | 3973151 |
| 33516 | Kawasaki Heavy Industries Ltd. (Industrials) | 3918876 |
| 333254 | Kawasaki Kisen Kaisha Ltd. (Industrials)<sup>(a)</sup> | 5364082 |
| 8492 | Keyence Corp. (Information Technology) | 3593156 |
| 24700 | Kioxia Holdings Corp. (Information Technology)\* | 3355561 |
| 299545 | Kirin Holdings Co. Ltd. (Consumer Staples) | 5193712 |
| 64037 | Komatsu Ltd. (Industrials) | 3089772 |
| 12698 | Konami Group Corp. (Communication Services) | 1694151 |
| 430957 | Kubota Corp. (Industrials) | 8766818 |
| 247139 | Kyocera Corp. (Information Technology) | 4374499 |
| 111280 | Kyowa Kirin Co. Ltd. (Health Care) | 2056319 |
| 50937 | Lasertec Corp. (Information Technology) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10981838 |
| &nbsp;&nbsp;&nbsp;&nbsp;3556523 | LY Corp. (Communication Services) | 8861409 |
| 34840 | Makita Corp. (Industrials) | 1351201 |
| 282965 | Marubeni Corp. (Industrials) | 10889055 |
| 465467 | MatsukiyoCocokara & Co. (Consumer Staples) | 7718777 |
| 2473443 | Mitsubishi Chemical Group Corp. (Materials) | 18385464 |
| 596354 | Mitsubishi Corp. (Industrials) | 20206326 |
| 163171 | Mitsubishi Electric Corp. (Industrials) | 6261377 |
| 120104 | Mitsubishi Estate Co. Ltd. (Real Estate) | 4060265 |
| 1231047 | Mitsubishi HC Capital, Inc. (Financials) | 11937903 |
| 365666 | Mitsubishi Heavy Industries Ltd. (Industrials) | 11743471 |
| 1396945 | Mitsubishi UFJ Financial Group, Inc. (Financials) | 26560969 |
| 303678 | Mitsui & Co. Ltd. (Industrials) | 11421600 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) | Japan – (continued) |
| 129000 | Mitsui Fudosan Co. Ltd. (Real Estate) | $1740519 |
| 260907 | Mizuho Financial Group, Inc. (Financials) | 1 1950334 |
| 669983 | MonotaRO Co. Ltd. (Industrials) | 8928100 |
| 420595 | MS&AD Insurance Group Holdings, Inc. (Financials) | 11788783 |
| 122330 | Murata Manufacturing Co. Ltd. (Information Technology) | 3218778 |
| 402607 | NEC Corp. (Information Technology) | 11176293 |
| 81700 | Nexon Co. Ltd. (Communication Services) | 1737875 |
| 464052 | NIDEC Corp. (Industrials) | 7317829 |
| 34048 | Nintendo Co. Ltd. (Communication Services) | 1961645 |
| 2884 | Nippon Building Fund, Inc. REIT (Real Estate) | 2684037 |
| 915011 | Nippon Steel Corp. (Materials) | 3727443 |
| 229469 | Nippon Yusen KK (Industrials)<sup>(a)</sup> | 7891235 |
| 59616 | Nitto Denko Corp. (Materials) | 1388781 |
| &nbsp;&nbsp;&nbsp;&nbsp;1161546 | Nomura Holdings, Inc. (Financials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10806377 |
| 54901 | Nomura Research Institute Ltd. (Information Technology) | 1535646 |
| 5749903 | NTT, Inc. (Communication Services) | 5645862 |
| 126166 | Obayashi Corp. (Industrials) | 3568609 |
| 57127 | Obie Co. Ltd. (Information Technology) | 1536803 |
| 647243 | Olympus Corp. (Health Care) | 6334586 |
| 145055 | ORIX Corp. (Financials) | 5149975 |
| 157934 | Osaka Gas Co. Ltd. (Utilities) | 6591500 |
| 220249 | Otsuka Corp. (Information Technology) | 4442364 |
| 101213 | Otsuka Holdings Co. Ltd. (Health Care) | 6943098 |
| 528506 | Pan Pacific International Holdings Corp. (Consumer Discretionary) | 3520552 |
| 1688854 | Rakuten Group, Inc. (Consumer Discretionary)\* | 8957822 |
| 451679 | Recruit Holdings Co. Ltd. (Industrials) | 19863750 |
| 391171 | Renesas Electronics Corp. (Information Technology) | 7438826 |
| 455510 | Ryohin Keikaku Co. Ltd. (Consumer Discretionary) | 10494600 |
| 241220 | Sanrio Co. Ltd. (Consumer Discretionary) | 8846922 |
| 382022 | SBI Holdings, Inc. (Financials) | 8197109 |
| 17730 | SCREEN Holdings Co. Ltd. (Information Technology) | 2603428 |
| 101552 | Secom Co. Ltd. (Industrials) | 3927436 |
| 302444 | Sekisui Chemical Co. Ltd. (Industrials) | 5906496 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 30 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |
| Japan – (continued) | Japan – (continued) |  |
| 323791 | Sckisui House Ltd. (Consumer Discretionary) | $7934824 |
| 353432 | Seven & i Holdings Co. Ltd. (Consumer Staples)<sup>(a)</sup> | 4970120 |
| 189210 | Shimadzu Corp. (Information Technology) | 5282731 |
| 96800 | Shimizu Corp. (Industrials) | 2165716 |
| 44177 | Shin-Etsu Chemical Co. Ltd. (Materials) | 1745292 |
| 192644 | Shionogi & Co. Ltd. (Health Care) | 4521042 |
| 713326 | Shiseido Co. Ltd. (Consumer Staples) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15077507 |
| &nbsp;&nbsp;&nbsp;&nbsp;3888392 | SoftBank Corp. (Communication Services) | 5324824 |
| 320128 | SoftBank Group Corp. (Communication Services) | 8384329 |
| 186843 | Sompo Holdings, Inc. (Financials) | 7473720 |
| 4580200 | Sony Financial Group, Inc. (Financials)\* | 4690946 |
| 668474 | Sony Group Corp. (Consumer Discretionary) | 15598084 |
| 535326 | Subaru Corp. (Consumer Discretionary) | 10171623 |
| 475857 | Sumitomo Corp. (Industrials) | 20308312 |
| 255048 | Sumitomo Electric Industries Ltd. (Consumer Discretionary) | 16948746 |
| 41200 | Sumitomo Metal Mining Co. Ltd. (Materials) | 3331625 |
| 344372 | Sumitomo Mitsui Financial Group, Inc. (Financials) | 13227855 |
| 204460 | Sumitomo Mitsui Trust Group, Inc. (Financials) | 7180491 |
| 67164 | Sumitomo Realty & Development Co. Ltd. (Real Estate) | 2274865 |
| 47644 | Suntory Beverage & Food Ltd. (Consumer Staples) | 1500500 |
| 450632 | Suzuki Motor Corp. (Consumer Discretionary) | 6842102 |
| 38292 | Taisei Corp. (Industrials) | 4988690 |
| 396929 | Takeda Pharmaceutical Co. Ltd. (Health Care) | 14794106 |
| 294855 | TDK Corp. (Information Technology) | 4578869 |
| 186936 | TIS, Inc. (Information Technology) | 3860251 |
| 316182 | Tokio Marine Holdings, Inc. (Financials) | 13218382 |
| 74527 | Tokyo Electron Ltd. (Information Technology) | 21008380 |
| 221921 | Tokyo Gas Co. Ltd. (Utilities) | 10882480 |
| 330273 | Tokyu Corp. (Industrials) | 4225591 |
| 166967 | Toray Industries, Inc. (Materials) | 1433055 |
| 805413 | Toyota Motor Corp. (Consumer Discretionary) | 19732296 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) |  |  |
| 395412 | Toyota Tsusho Corp. (Industrials) | $| 17698249 |
| 326100 | Tsuruha Holdings, Inc. (Consumer Staples) |  | 5482866 |
| 146552 | West Japan Railway Co. (Industrials) |  | 3148345 |
| 217094 | Yokogawa Electric Corp. (Information Technology) |  | 8683760 |
| 79700 | Yokohama Financial Group, Inc. (Financials) |  | 862725 |
| 182960 | Zensho Holdings Co. Ltd. (Consumer Discretionary) |  | 11635612 |
| &nbsp;&nbsp;&nbsp;&nbsp;1528370 | ZOZO, Inc. (Consumer <br>Discretionary)<sup>(a)</sup> |  | 11150126 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125248815 |
| Luxembourg – 0.3% | Luxembourg – 0.3% | Luxembourg – 0.3% | Luxembourg – 0.3% |
| 34721 | ArcelorMittal (Materials) |  | 2274409 |
| 890370 | CVC Capital Partners PLC (Financials)<sup>(b)</sup> |  | 12709742 |
| 37712 | Eurofins Scientific SE (Health Care) |  | 3034933 |
|  |  |  | 18019084 |
| Macau – 0.0% | Macau – 0.0% |  |  |
| 170000 | Galaxy Entertainment Group Ltd. (Consumer Discretionary) |  | 907577 |
| Mexico – 0.2% | Mexico – 0.2% |  |  |
| 155373 | Fresnillo PLC (Materials) |  | 8856995 |
| Netherlands – 4.6% | Netherlands – 4.6% | Netherlands – 4.6% | Netherlands – 4.6% |
| 328973 | ABN AMRO Bank NV (Financials)<sup>(b)</sup> |  | 11015556 |
| 2113 | Adyen NV (Financials)\*<sup>(b)</sup> |  | 2481848 |
| 80766 | Akzo Nobel NV (Materials) |  | 5685393 |
| 5543 | Argenx SE (Health Care)\* |  | 4302437 |
| 1096 | ASM International NV (Information Technology) |  | 924209 |
| 67852 | ASML Holding NV (Information Technology) |  | 98811278 |
| 113135 | ASR Nederland NV (Financials) |  | 8207069 |
| 24938 | Euronext NV (Financials)<sup>(b)</sup> |  | 4122205 |
| 80709 | EXOR NV (Financials) |  | 7085049 |
| 124006 | Heineken Holding NV (Consumer Staples) |  | 10717505 |
| 662621 | ING Groep NV (Financials) |  | 19269459 |
| 255277 | JDE Peet's NV (Consumer Staples) |  | 9554564 |
| 587020 | Koninklijke Ahold Delhaize NV (Consumer Staples) |  | 28950582 |
| 775872 | Koninklijke KPN NV (Communication Services) |  | 4398066 |
| 55499 | Koninklijke Philips NV (Health Care) |  | 1774491 |
| 282610 | Magnum Ice Cream Co. NV (The) (Consumer Staples)\* |  | 4483296 |
| 34269 | Nebius Group NV (Information Technology)\*<sup>(a)</sup> |  | 3124990 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **31** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |
| Netherlands – (continued) | Netherlands – (continued) |  |
| 197478 | NN Group NV (Financials) | $16158159 |
| 230559 | Randstad NV (Industrials)<sup>(a)</sup> | 7575917 |
| 91617 | Wolters Kluwer NV (Industrials) | 7.366.532 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256008605 |
| New Zealand – 0.2% | New Zealand – 0.2% |  |
| 95163 | Auckland International Airport Ltd. (Industrials) | 523059 |
| 431638 | Fisher & Paykel Healthcare Corp. Ltd. (Health Care) | 10593281 |
| 18538 | Xcro Ltd. (Information Technology)\* | 1098372 |
|  |  | 12214712 |
| Nigeria – 0.0% | Nigeria – 0.0% |  |
| 502822 | Airtel Africa PLC (Communication Services)<sup>(b)</sup> | 2359308 |
| Norway – 0.6% | Norway – 0.6% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237292 | DNB Bank ASA (Financials) | 7520291 |
| 42267 | Equinor ASA (Energy) | 1251118 |
| 189079 | Gjensidige Forsikring ASA (Financials) | 5334455 |
| 142488 | Mowi ASA (Consumer Staples) | 3357980 |
| 705933 | Norsk Hydro ASA (Materials) | 6540347 |
| 249639 | Orkla ASA (Consumer Staples) | 3413925 |
| 195550 | Telenor ASA (Communication Services) | 3623885 |
|  |  | 31042001 |
| Poland – 0.2% | Poland – 0.2% |  |
| 473644 | InPost SA (Industrials)\* | 8500325 |
| Portugal – 0.3% | Portugal – 0.3% |  |
| 3654962 | Banco Comercial Portugues SA, Class R (Financials) | 3847626 |
| 481081 | EDP SA (Utilities) | 2565146 |
| 321162 | Jeronimo Martins SGPS SA (Consumer Staples) | 8440909 |
|  |  | 14853681 |
| Singapore – 1.6% | Singapore – 1.6% |  |
| 659407 | CapitaLand Ascendas REIT (Real Estate) | 1402384 |
| 1325286 | CapitaLand Integrated Commercial Trust REIT (Real Estate) | 2567064 |
| 878016 | CapitaLand Investment Ltd. (Real Estate) | 2124148 |
| 449445 | DBS Group Holdings Ltd. (Financials) | 20296714 |
| 813275 | Keppel Ltd. (Industrials) | 8410196 |
| 771120 | Oversea-Chinese Banking Corp. Ltd. (Financials) | 13064871 |
| 15824 | Sea Ltd. ADR (Consumer Discretionary)\* | 1716113 |
| 1164983 | Singapore Airlines Ltd. (Industrials) | 6613099 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |
| Singapore – (continued) | Singapore – (continued) |  |
| 1008334 | Singapore Exchange Ltd. (Financials) | $14508976 |
| 540536 | Singapore Technologies Engineering Ltd. (Industrials) | 4260698 |
| 1032525 | Singapore Telecommunications Ltd. (Communication Services) | 4114263 |
| 346950 | United Overseas Bank Ltd. | 10.140.919 |
|  |  | 89219445 |
| South Africa – 0.0% | South Africa – 0.0% |  |
| 29549 | Anglo American PLC (Materials) | 1470303 |
| South Korea -0.1% | South Korea -0.1% |  |
| 284290 | Delivery Hero SE (Consumer Discretionary)\*<sup>(b)</sup> | 6597426 |
| Spain – 4.2% | Spain – 4.2% |  |
| 19341 | Acciona SA (Utilities)<sup>(a)</sup> | 5635909 |
| 180067 | ACS Actividades de Construccion y Servicios SA (Industrials) | 23301539 |
| 166193 | Aena SME SA (Industrials)<sup>(b)</sup> | 5233300 |
| 44417 | Amadeus IT Group SA (Consumer Discretionary) | 2765854 |
| 1320737 | Banco Bilbao Vizcaya Argentaria SA (Financials) | 30798060 |
| 2082009 | Banco de Sabadell SA (Financials) | 7886002 |
| 3508495 | Banco Santander SA (Financials) | 44697397 |
| 306731 | Bankinter SA (Financials) | 5133584 |
| 809276 | CaixaBank SA (Financials) | 10051996 |
| 62632 | EDP Renovaveis SA (Utilities) | 987968 |
| 199855 | Endesa SA (Utilities) | 8157448 |
| 1.297107 | Grifols SA (Health Care) | 16279797 |
| 854546 | Iberdrola SA (Utilities) | 20229714 |
| 36983 | Indra Sistemas SA (Information Technology) | 2740033 |
| 229173 | Industria de Diseno Textil SA (Consumer Discretionary) | 15374627 |
| 1435003 | Mapfre SA (Financials) | 6692522 |
| 93802 | Naturgy Energy Group SA (Utilities) | 2917211 |
| 94737 | Redeia Corp. SA (Utilities) | 1759496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413252 | Repsol SA (Energy) | 9277933 |
| 1993396 | Telefonica SA (Communication Services)<sup>(a)</sup> | 9061378 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228981768 |
| Sweden – 2.5% | Sweden – 2.5% |  |
| 61291 | AddTech AB, Class B (Industrials) | 2272956 |
| 57974 | Alfa Laval AB (Industrials) | 3437600 |
| 109928 | Assa Abloy AB, Class B (Industrials) | 4698007 |
| 197157 | Atlas Copco AB, Class A (Industrials) | 4262128 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 32 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |
| Sweden – (continued) | Sweden – (continued) |  |
| 117973 | Atlas Copco AB, Class B (Industrials) | $2220836 |
| 156083 | Beijer Ref AB (Industrials) | 2450420 |
| 79022 | Boliden AB (Materials)\* | 6283154 |
| 612470 | H & M Hennes & Mauritz AB, Class B (Consumer Discretionary)<sup>(a)</sup> | 13080816 |
| 176414 | Hexagon AB, Class B (Information Technology) | 2011948 |
| 70281 | Holmen AB, Class B (Materials) | 2777714 |
| 127431 | Industrivarden AB, Class A (Financials) | 7266558 |
| 122704 | Industrivarden AB, Class C (Financials) | 6960289 |
| 75829 | Indutrade AB (Industrials) | 1973339 |
| 76507 | Investment AB Latour, Class B (Industrials) | 1955369 |
| 174556 | Investor AB, Class B (Financials) | 7308152 |
| 97668 | L E Lundbergforetagen AB, Class B (Financials) | 6419117 |
| 60663 | Saab AB, Class B (Industrials) | 4393102 |
| 73149 | Sandvik AB (Industrials) | 3238059 |
| 123947 | Securitas AB, Class B (Industrials) | 2207599 |
| 270654 | Skandinaviska Enskilda Banken AB, Class A (Financials)<sup>(a)</sup> | 5783487 |
| 262002 | Skanska AB, Class B (Industrials) | 8072679 |
| 55787 | SKF AB, Class B (Industrials) | 1605114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158848 | Svenska Cellulosa AB SCA, Class B (Materials) | 2162844 |
| 194654 | Svenska Handelsbanken AB, Class A (Financials)<sup>(a)</sup> | 3119607 |
| 245857 | Swedbank AB, Class A (Financials) | 9477209 |
| 121819 | Tele2 AB, Class B (Communication Services) | 2576094 |
| 1280241 | Telefonaktiebolaget LM Ericsson, Class B (Information Technology) | 14834881 |
| 57970 | Trelleborg AB, Class B (Industrials) | 2543006 |
| 34635 | Volvo AB, Class B (Industrials)<sup>(a)</sup> | 1350453 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136742537 |
| Switzerland – 4.5% | Switzerland – 4.5% |  |
| 157365 | ABB Ltd. (Industrials) | 14695994 |
| 270291 | Avolta AG (Consumer Discretionary)\* | 17836640 |
| 21287 | Banque Cantonale Vaudoise (Financials)<sup>(a)</sup> | 3263425 |
| 600 | Barry Callebaut AG (Consumer Staples) | 1127365 |
| 2781 | Belimo Holding AG (Industrials) | 2791668 |
| 17928 | BKWAG (Utilities) | 3529418 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Switzerland – (continued) | Switzerland – (continued) |  |  |
| 23395 | Cie Financicrc Richemont SA (Consumer Discretionary) $| $| 4783647 |
| 20354 | DSM-Firmenich AG (Materials) |  | 1452493 |
| 12460 | EMS-Chemie Holding AG (Materials) |  | 10352955 |
| 15967 | Galderma Group AG (Health Care) |  | 3029173 |
| 21641 | Geberit AG (Industrials) |  | 18234664 |
| 42384 | Helvetia Baloise Holding AG (Financials) |  | 11022430 |
| 57783 | Julius Baer Group Ltd. (Financials) |  | 4928893 |
| 56659 | Kuehne + Nagel International AG (Industrials) |  | 13213434 |
| 123338 | Logitech International SA (Information Technology) |  | 11361113 |
| 8303 | Lonza Group AG (Health Care) |  | 5789050 |
| 11960 | Partners Group Holding AG (Financials) |  | 13333989 |
| 45093 | Sandoz Group AG (Health Care) |  | 3988331 |
| 5985 | Schindler Holding AG (Industrials) |  | 2190726 |
| 8860 | Schindler Holding AG Participation Certificates (Industrials) |  | 3382480 |
| 138537 | SGS SA (Industrials) |  | 17473622 |
| 26454 | SikaAG (Materials) |  | 5486526 |
| 34867 | Sonova Holding AG (Health Care) |  | 9153693 |
| 62470 | Straumann Holding AG (Health Care) |  | 7521906 |
| 8329 | Swiss Life Holding AG (Financials) |  | 9545778 |
| 16078 | Swiss Prime Site AG (Real Estate) |  | 3066956 |
| 5588 | Swisscom AG (Communication Services) |  | 5242497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423446 | UBS Group AG (Financials) |  | 17625000 |
| 12091 | VAT Group AG (Industrials)<sup>(b)</sup> |  | 8555909 |
| 23441 | Zurich Insurance Group AG (Financials) |  | 17696957 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251676732 |
| United Kingdom – 9.7% | United Kingdom – 9.7% | United Kingdom – 9.7% | United Kingdom – 9.7% |
| 217172 | 3i Group PLC (Financials) |  | 9699480 |
| 388847 | Admiral Group PLC (Financials) |  | 15495370 |
| 30891 | Ashtead Group PLC (Industrials) |  | 2211964 |
| 172207 | Associated British Foods PLC (Consumer Staples) |  | 4577227 |
| 248004 | AstraZeneca PLC (Health Care) |  | 51821572 |
| 2357756 | Autotrader Group PLC (Communication Services)<sup>(b)</sup> |  | 15624376 |
| 1052355 | Aviva PLC (Financials) |  | 9705801 |
| 160674 | BAE Systems PLC (Industrials) |  | 4562307 |
| 3411587 | Barclays PLC (Financials) |  | 20770924 |
| 821244 | Barratt Redrow PLC (Consumer Discretionary) |  | 4031151 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **33** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |
| United Kingdom – (continued) | United Kingdom – (continued) | United Kingdom – (continued) |
| 202423 | British American Tobacco PLC (Consumer Staples) | $12627659 |
| 532091 | AT Group PLC (Communication Services) | 1550923 |
| 263273 | Bunzl PLC (Industrials) | 7765831 |
| &nbsp;&nbsp;&nbsp;&nbsp;4253351 | Centrica PLC (Utilities) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11388238 |
| 1527858 | CD Hutchison Holdings Ltd. (Industrials) | 12578902 |
| 27369 | Coca-Cola Europacific Partners PLC (Consumer Staples) | 3022359 |
| 78616 | Compass Group PLC (Consumer Discretionary) | 2407740 |
| 426002 | Entail PLC (Consumer Discretionary) | 3293248 |
| 166290 | Halma PLC (Information Technology) | 9354117 |
| 3078472 | HSBC Holdings PLC (Financials) | 57679082 |
| 138885 | Imperial Brands PLC (Consumer Staples) | 6208576 |
| 420245 | Informa PLC (Communication Services) | 4735820 |
| 21203 | InterContinental Hotels Group PLC (Consumer Discretionary) | 2915412 |
| 504372 | International Consolidated Airlines Group SA (Industrials) | 2873943 |
| 84315 | Intertek Group PLC (Industrials) | 5352736 |
| 2628376 | J Sainsbury PLC (Consumer Staples) | 12332693 |
| 9927629 | JD Sports Fashion PLC (Consumer Discretionary) | 10942044 |
| 3965993 | Kingfisher PLC (Consumer Discretionary) | 19755369 |
| 382553 | Land Securities Group PLC REIT (Real Estate) | 3325103 |
| 1902920 | Legal & General Group PLC (Financials) | 6940892 |
| 8724038 | Lloyds Banking Group PLC (Financials) | 12016404 |
| 2783321 | M&G PLC (Financials) | 11888457 |
| 884755 | Marks & Spencer Group PLC (Consumer Staples) | 4716406 |
| 120360 | Melrose Industries PLC (Industrials) | 915567 |
| 381295 | National Grid PLC (Utilities) | 7130718 |
| 1731938 | NatWest Group PLC (Financials) | 14413451 |
| 59065 | Next PLC (Consumer Discretionary) | 10736232 |
| 220650 | Pearson PLC (Consumer Discretionary) | 2847277 |
| 624969 | Phoenix Group Holdings PLC (Financials) | 6444643 |
| 63744 | Reckitt Benckiser Group PLC (Consumer Staples) | 5580829 |
| 286019 | RELX PLC (Industrials) | 9936476 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |
| United Kingdom – (continued) | United Kingdom – (continued) | United Kingdom – (continued) |
| 797780 | Rolls-Royce Holdings PLC (Industrials) | $14302803 |
| 1153398 | Sage Group PLC (The) (Information Technology) | 12743547 |
| 241974 | Segro PLC REIT (Real Estate) | 2736610 |
| 29078 | Severn Trent PLC (Utilities) | 1282281 |
| 156397 | Smith & Nephew PLC (Health Care) | 2883827 |
| 205462 | Smiths Group PLC (Industrials) | 7585375 |
| 37881 | Spirax Group PLC (Industrials) | 4025949 |
| 59299 | SSE PLC (Utilities) | 2143795 |
| 622542 | Standard Chartered PLC (Financials) | 15333423 |
| 1146759 | Tesco PLC (Consumer Staples) | 7409705 |
| 184989 | Unilever PLC (Consumer Staples) | 13596902 |
| 136761 | United Utilities Group PLC (Utilities) | 2561288 |
| 12854103 | Vodafone Group PLC (Communication Services) | 19787560 |
| 58116 | Whitbread PLC (Consumer Discretionary) | 2031487 |
| 698815 | Wise PLC, Class A (Financials)\* | 8084592 |
|  |  | 538686463 |
| United States – 6.8% | United States – 6.8% |  |
| 1136902 | Aegon Ltd. (Financials) | 8636624 |
| 40037 | Alcon AG (Health Care) | 3480754 |
| 5584 | AP Moller – Maersk A/S, Class A(Industrials)<sup>(a)</sup> | 13677623 |
| 5582 | AP Moller – Maersk A/S. Class B(Industrials)<sup>(a)</sup> | 13827094 |
| 2633102 | BP PLC (Energy) | 16909177 |
| 26943 | Buzzi SpA (Materials) | 1558133 |
| 35708 | Experian PLC (Industrials) | 1337493 |
| 131186 | Ferrovial SE (Industrials) | 9782943 |
| 697974 | GSK PLC (Health Care) | 20654005 |
| 569315 | Haleon PLC (Health Care) | 3105293 |
| 118504 | Holcim AG (Materials)\* | 10921999 |
| 94451 | Monday.com Ltd. (Information Technology)\* | 6860921 |
| 339565 | Nestle SA (Consumer Staples) | 37080383 |
| 381416 | Novartis AG (Health Care) | 64722434 |
| 60335 | QIAGEN NV (Health Care) | 2989129 |
| 11103 | Roche Holding AG (Health Care) | 5506384 |
| 133713 | Roche Holding AG (Health Care) | 63809468 |
| 103098 | Sanofi SA (Health Care) | 10006034 |
| 60172 | Schneider Electric SE (Industrials) | 19658190 |
| 794722 | Shell PLC (Energy) | 32839266 |
| 11152 | Spotify Technology SA (Communication Services)\* | 5742611 |
| 52619 | Swiss Re AG (Financials) | 9301805 |
| 90409 | Tenaris SA (Energy) | 2467967 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364875730 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 34 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Zambia -0.1% | Zambia -0.1% | Zambia -0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149793 | First Quantum Minerals Ltd. (Materials)\* | $4485498 |
| TOTAL COMMON STOCKS<br>(Cost $3,589,025,722) | TOTAL COMMON STOCKS<br>(Cost $3,589,025,722) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5491358112 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Rate** | **Value** |
| Preferred Stocks – 0.2% | Preferred Stocks – 0.2% | Preferred Stocks – 0.2% | Preferred Stocks – 0.2% |
| Germany – 0.2% | Germany – 0.2% |  |  |
| 33150 | Henkel AG & Co. KGaA (Consumer Staples) | 2.45% | 3255685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107683 | Porsche Automobil Holding SE (Consumer Discretionary) | 5.30 | 4580906 |
| 11121 | Volkswagen AG (Consumer Discretionary)<sup>(a)</sup> | 6.26 | 1328814 |
| TOTAL PREFERRED STOCKS<br>(Cost $8,498,384) | TOTAL PREFERRED STOCKS<br>(Cost $8,498,384) | TOTAL PREFERRED STOCKS<br>(Cost $8,498,384) | 9165405 |
| **Units** | **Description** | **Expiration Month** | **Value** |
| Warrant – 0.0% | Warrant – 0.0% | Warrant – 0.0% | Warrant – 0.0% |
| Canada – 0.0% | Canada – 0.0% |  |  |
| 8722 | Constellation Software, Inc. (Information Technology)\*<sup>(c)</sup> |  |  |
|  **(Cost $0)** |  | 03/40 | –— |
| **Shares** | **Dividend Rate** | **Dividend Rate** | **Value** |
| Investment Company – 0.2%<sup>(d)</sup> | Investment Company – 0.2%<sup>(d)</sup> | Investment Company – 0.2%<sup>(d)</sup> | Investment Company – 0.2%<sup>(d)</sup> |
|  Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |  |
| 11207010 | 3.571% | 3.571% | 11207010 |
|  **(Cost $11,207,010)** | **(Cost $11,207,010)** | **(Cost $11,207,010)** |  |
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE<br>(Cost $3,608,731,116) | TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE<br>(Cost $3,608,731,116) | TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE<br>(Cost $3,608,731,116) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5511730527 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend Rate** | **Value** |
| Securities Lending Reinvestment Vehicle – 3.3%<sup>(d)</sup> | Securities Lending Reinvestment Vehicle – 3.3%<sup>(d)</sup> | Securities Lending Reinvestment Vehicle – 3.3%<sup>(d)</sup> |
|  Goldman Sachs Financial Square Government<br>Fund – Institutional Shares | Goldman Sachs Financial Square Government<br>Fund – Institutional Shares |  |
| 179159273 | 3.589% | $179159273 |
| (Cost $179,159,273) | (Cost $179,159,273) | (Cost $179,159,273) |
| TOTAL INVESTMENTS – 103.3%<br>(Cost $3,787,890,389) | TOTAL INVESTMENTS – 103.3%<br>(Cost $3,787,890,389) | $5690889800 |
|  **LIABILITIES IN EXCESS OF OTHER ASSETS – (3.3)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS – (3.3)%** | (180383413) |
|  **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5510506387 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| \* | Non-income producing security. |
| (a) | All or a portion of security is on loan. |
| (b) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (c) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |
| (d) | Represents an affiliated issuer. |

---

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ADR | — American Depositary Receipt |
| PLC | — Public Limited Company |
| REIT | — Real Estate Investment Trust |

---

---

| | |
|:---|:---|
| **Sector Name** | **% of** <br> **Market** <br> **Value**  |
|  Financials | 26.2% |
|  Industrials | 18.7 |
|  Health Care | 9.4 |
|  Consumer Discretionary | 8.7 |
|  Information Technology | 8.1 |
|  Consumer Staples | 7.7 |
|  Materials | 5.8 |
|  Energy | 4.1 |
|  Communication Services | 3.4 |
|  Utilities | 3.3 |
|  Real Estate | 1.3 |
|  Investment Company | 0.2 |
|  Securities Lending Reinvestment Vehicle | 3.1 |
|  **TOTAL INVESTMENTS** | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **35** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION

**FUTURES CONTRACTS** — At February 28, 2026, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional**<br> **Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  MSCI EAFE E-Mini Index | 40 | 03/20/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6330200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27007 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 36 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> JAPAN EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – 99.9% | Common Stocks – 99.9% | Common Stocks – 99.9% |
| Communication Services – 4.7% | Communication Services – 4.7% | Communication Services – 4.7% |
| 6720 | Capcom Co. Ltd. (Japan) | $154651 |
| 22640 | KDDI Corp. (Japan) | 387327 |
| 1045 | Konami Group Corp. (Japan) | 139423 |
| 162900 | LY Corp. (Japan) | 405880 |
| 4100 | Nexon Co. Ltd. (Japan) | 87213 |
| 11169 | Nintendo Co. Ltd. (Japan) | 643492 |
| 457679 | NTT, Inc. (Japan) | 449397 |
| &nbsp;&nbsp;&nbsp;&nbsp;400020 | SoftBank Corp. (Japan) | 547794 |
| 44288 | SoftBank Group Corp. (Japan) | 1159927 |
| 3700 | Toho Co. Ltd. (Japan)<sup>(a)</sup> | 37089 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4012193 |
| Consumer Discretionary – 15.9% | Consumer Discretionary – 15.9% | Consumer Discretionary – 15.9% |
| 43608 | Aisin Corp. (Japan) | 776355 |
| 17700 | Asics Corp. (Japan) | 543499 |
| 9678 | Bandai Namco Holdings, Inc. (Japan) | 263081 |
| 12982 | Bridgestone Corp. (Japan) | 315642 |
| 9208 | Denso Corp. (Japan) | 132701 |
| 2521 | Fast Retailing Co. Ltd. (Japan) | 1114649 |
| 33636 | Honda Motor Co. Ltd. (Japan) | 341369 |
| 2920 | Isuzu Motors Ltd. (Japan) | 54585 |
| 41650 | Pan Pacific International Holdings Corp. (Japan) | 277444 |
| 28465 | Panasonic Holdings Corp. (Japan) | 462551 |
| 48800 | Rakuten Group, Inc. (Japan)\* | 258839 |
| 15800 | Ryohin Keikaku Co. Ltd. (Japan) | 364020 |
| 7500 | Sanrio Co. Ltd. (Japan) | 275068 |
| 12814 | Sekisui House Ltd. (Japan) | 314020 |
| 88433 | Sony Group Corp. (Japan) | 2063484 |
| 33540 | Subaru Corp. (Japan) | 637287 |
| 18952 | Sumitomo Electric Industries |  |
|  | Ltd. (Japan) | 1259420 |
| 15944 | Suzuki Motor Corp. (Japan) | 242083 |
| 134979 | Toyota Motor Corp. (Japan) | 3306932 |
| 5067 | Yamaha Motor Co. Ltd. (Japan) | 40341 |
| 4990 | Zensho Holdings Co. Ltd. (Japan) | 317347 |
| 39984 | ZOZO, Inc. (Japan)<sup>(a)</sup> | 291701 |
|  |  | 13652418 |
| Consumer Staples – 4.0% | Consumer Staples – 4.0% | Consumer Staples – 4.0% |
| 30858 | Aeon Co. Ltd. (Japan) | 440066 |
| 8704 | Ajinomoto Co., Inc. (Japan) | 276967 |
| 26129 | Asahi Group Holdings Ltd. (Japan) | 284427 |
| 14141 | Japan Tobacco, Inc. (Japan) | 542272 |
| 6972 | Kao Corp. (Japan) | 298038 |
| 3170 | Kikkoman Corp. (Japan) | 30456 |
| 17514 | Kirin Holdings Co. Ltd. (Japan) | 303669 |
| 17118 | MatsukiyoCocokara & Co. (Japan) | 283865 |
| 26441 | Seven & i Holdings Co. Ltd. |  |
|  | (Japan)<sup>(a)</sup> | 371825 |
| 16365 | Shiseido Co. Ltd. (Japan) | 345906 |
| 4564 | Suntory Beverage & Food Ltd. (Japan) | 143739 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Consumer Staples – (continued) | Consumer Staples – (continued) | Consumer Staples – (continued) | Consumer Staples – (continued) |
| 8300 | Tsuruha Holdings, Inc. (Japan) | $| 139552 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3460782 |
| Energy – 3.5% | Energy – 3.5% | Energy – 3.5% | Energy – 3.5% |
| 142895 | ENEOS Holdings, Inc. (Japan) |  | 1361907 |
| 110192 | Idemitsu Kosan Co. Ltd. (Japan) |  | 1052338 |
| 23408 | Inpex Corp. (Japan) |  | 569739 |
|  |  |  | 2983984 |
| Financials – 18.1% | Financials – 18.1% | Financials – 18.1% | Financials – 18.1% |
| 4148 | Chiba Bank Ltd. (The) (Japan)<sup>(a)</sup> |  | 61825 |
| 55892 | Dai-ichi Life Holdings, Inc. (Japan) |  | 576730 |
| 15036 | Daiwa Securities Group, Inc. (Japan) |  | 158522 |
| 21552 | Japan Exchange Group, Inc. (Japan) |  | 294791 |
| 11089 | Japan Post Bank Co. Ltd. (Japan) |  | 217412 |
| 41944 | Japan Post Holdings Co. Ltd. (Japan) |  | 546985 |
| 24894 | Japan Post Insurance Co. Ltd. (Japan) |  | 813510 |
| 54989 | Mitsubishi HC Capital, Inc. (Japan) |  | 533248 |
| 170032 | Mitsubishi UFJ Financial Group, Inc. (Japan) |  | 3232922 |
| 37586 | Mizuho Financial Group, Inc. (Japan) |  | 1721553 |
| 23750 | MS&AD Insurance Group Holdings, Inc. (Japan) |  | 665685 |
| 84115 | Nomura Holdings, Inc. (Japan) |  | 782559 |
| 13257 | ORIX Corp. (Japan) |  | 470671 |
| 14885 | Resona Holdings, Inc. (Japan) |  | 182148 |
| 20908 | SBI Holdings, Inc. (Japan) |  | 448626 |
| 17618 | Sompo Holdings, Inc. (Japan) |  | 704720 |
| &nbsp;&nbsp;&nbsp;&nbsp;265563 | Sony Financial Group, Inc. (Japan)\* |  | 271984 |
| 51784 | Sumitomo Mitsui Financial Group, Inc. (Japan) |  | 1989103 |
| 7146 | Sumitomo Mitsui Trust Group, Inc. (Japan) |  | 250963 |
| 9331 | T&D Holdings, Inc. (Japan) |  | 251855 |
| 29954 | Tokio Marine Holdings, Inc. (Japan) |  | 1252264 |
| 10036 | Yokohama Financial Group, Inc. (Japan) |  | 108636 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15536712 |
| Health Care – 5.4% | Health Care – 5.4% | Health Care – 5.4% | Health Care – 5.4% |
| 30602 | Astellas Pharma, Inc. (Japan) |  | 509919 |
| 6062 | Chugai Pharmaceutical Co. Ltd. (Japan) |  | 405945 |
| 20247 | Daiichi Sankyo Co. Ltd. (Japan) |  | 397353 |
| 8088 | Eisai Co. Ltd. (Japan) |  | 271508 |
| 5138 | Hoya Corp. (Japan) |  | 930188 |
| 5700 | Kyowa Kirin Co. Ltd. (Japan) |  | 105329 |
| 25001 | Olympus Corp. (Japan) |  | 244686 |
| 7476 | Otsuka Holdings Co. Ltd. (Japan) |  | 512845 |
| 6503 | Shionogi & Co. Ltd. (Japan) |  | 152615 |
| 13869 | Sysmex Corp. (Japan) |  | 130762 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **37** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> JAPAN EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Health Care – (continued) | Health Care – (continued) | Health Care – (continued) | Health Care – (continued) |
| 23104 | Takeda Pharmaceutical Co. Ltd.<br> (Japan) | $| 861119 |
| 7378 | Terumo Corp. (Japan) |  | 99712 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4621981 |
| Industrials – 27.6% | Industrials – 27.6% | Industrials – 27.6% | Industrials – 27.6% |
| 6000 | AGC, Inc. (Japan) |  | 266325 |
| &nbsp;&nbsp;&nbsp;&nbsp;24245 | ANA Holdings, Inc. (Japan) |  | 528459 |
| 6229 | Central Japan Railway Co.<br> (Japan) |  | 183848 |
| 9472 | Dai Nippon Printing Co. Ltd.<br>(Japan) |  | 197175 |
| 1996 | Daifuku Co. Ltd. (Japan) |  | 82742 |
| 2444 | Daikin Industries Ltd. (Japan) |  | 311752 |
| 7972 | East Japan Railway Co. (Japan) |  | 197098 |
| 4000 | Ebara Corp. (Japan) |  | 141989 |
| 7987 | FANUC Corp. (Japan) |  | 363885 |
| 1628 | Fuji Electric Co. Ltd. (Japan) |  | 145047 |
| 5400 | Fujikura Ltd. (Japan) |  | 925739 |
| 9038 | Hankyu Hanshin Holdings, Inc. (Japan)<sup>(a)</sup> |  | 263687 |
| 538 | Hikari Tsushin, Inc. (Japan) |  | 152346 |
| 73293 | Hitachi Ltd. (Japan) |  | 2453350 |
| 18700 | IHI Corp. (Japan) |  | 515395 |
| 85765 | ITOCHU Corp. (Japan) |  | 1246991 |
| 28946 | Japan Airlines Co. Ltd. (Japan)<sup>(a)</sup> |  | 598480 |
| 9363 | Kajima Corp. (Japan) |  | 428314 |
| 2700 | Kawasaki Heavy Industries Ltd. (Japan) |  | 315699 |
| 8361 | Kawasaki Kisen Kaisha Ltd. (Japan)<sup>(a)</sup> |  | 134579 |
| 12675 | Komatsu Ltd. (Japan) |  | 611566 |
| 18997 | Kubota Corp. (Japan)<sup>(a)</sup> |  | 386450 |
| 3565 | Makita Corp. (Japan) |  | 138261 |
| 23963 | Marubeni Corp. (Japan) |  | 922144 |
| 4604 | MINEBEA MITSUMI, Inc. (Japan) |  | 99202 |
| 53849 | Mitsubishi Corp. (Japan) |  | 1824571 |
| 28301 | Mitsubishi Electric Corp. (Japan) |  | 1085997 |
| 52381 | Mitsubishi Heavy Industries Ltd. (Japan) |  | 1682231 |
| 35850 | Mitsui & Co. Ltd. (Japan) |  | 1348350 |
| 21278 | MonotaRO Co. Ltd. (Japan) |  | 283548 |
| 8856 | NIDEC Corp. (Japan) |  | 139654 |
| 11968 | Nippon Yusen KK (Japan)<sup>(a)</sup> |  | 411569 |
| 8723 | Obayashi Corp. (Japan) |  | 246730 |
| 22759 | Recruit Holdings Co. Ltd. (Japan) |  | 1000886 |
| 6734 | Secom Co. Ltd. (Japan) |  | 260432 |
| 1300 | Seibu Holdings, Inc. (Japan)<sup>(a)</sup> |  | 38636 |
| 13359 | Sekisui Chemical Co. Ltd. (Japan) |  | 260891 |
| 7700 | Shimizu Corp. (Japan) |  | 172273 |
| 219 | SMC Corp. (Japan) |  | 105793 |
| 26905 | Sumitomo Corp. (Japan) |  | 1148234 |
| 3043 | Taisei Corp. (Japan) |  | 396443 |
| 21880 | Tokyu Corp. (Japan) |  | 279938 |
| 778 | Toyota Industries Corp. (Japan) |  | 100810 |
| 24386 | Toyota Tsusho Corp. (Japan) |  | 1091493 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Industrials – (continued) | Industrials – (continued) | Industrials – (continued) | Industrials – (continued) |
| 11248 | West Japan Railway Co. (Japan) | $| 241638 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23730640 |
| Information Technology – 13.7% | Information Technology – 13.7% | Information Technology – 13.7% | Information Technology – 13.7% |
| 14483 | Advantest Corp. (Japan) |  | 2490751 |
| 13529 | Canon, Inc. (Japan) |  | 412651 |
| 1516 | Disco Corp. (Japan) |  | 733118 |
| 7756 | FUJIFILM Holdings Corp. (Japan) |  | 161156 |
| 26090 | Fujitsu Ltd. (Japan) |  | 599590 |
| 2700 | Ibiden Co. Ltd. (Japan) |  | 164931 |
| 2259 | Keyence Corp. (Japan) |  | 955834 |
| 1400 | Kioxia Holdings Corp. (Japan)\* |  | 190194 |
| 7968 | Kyocera Corp. (Japan) |  | 141038 |
| 2048 | Lasertec Corp. (Japan) |  | 441542 |
| 21886 | Murata Manufacturing Co. Ltd. (Japan) |  | 575870 |
| 27942 | NEC Corp. (Japan) |  | 775664 |
| 2693 | Nomura Research Institute Ltd. (Japan) |  | 75326 |
| 2835 | Obic Co. Ltd. (Japan) |  | 76266 |
| 901 | Oracle Corp. Japan (Japan) |  | 54432 |
| 5268 | Otsuka Corp. (Japan) |  | 106254 |
| 22983 | Renesas Electronics Corp. (Japan) |  | 437063 |
| 1687 | SCREEN Holdings Co. Ltd. (Japan) |  | 247715 |
| 7830 | Shimadzu Corp. (Japan) |  | 218613 |
| 30860 | TDK Corp. (Japan) |  | 479232 |
| 3997 | TIS, Inc. (Japan) |  | 82538 |
| 7051 | Tokyo Electron Ltd. (Japan) |  | 1987603 |
| 9296 | Yokogawa Electric Corp. (Japan) |  | 371840 |
|  |  |  | 11779221 |
| Materials – 4.0% | Materials – 4.0% | Materials – 4.0% | Materials – 4.0% |
| 23006 | Asahi Kasei Corp. (Japan) |  | 271799 |
| 44361 | JFE Holdings, Inc. (Japan)<sup>(a)</sup> |  | 625245 |
| &nbsp;&nbsp;&nbsp;&nbsp;139908 | Mitsubishi Chemical Group Corp. (Japan) |  | 1039957 |
| 72980 | Nippon Steel Corp. (Japan) |  | 297296 |
| 9075 | Nitto Denko Corp. (Japan) |  | 211406 |
| 17352 | Shin-Etsu Chemical Co. Ltd. (Japan) |  | 685522 |
| 3100 | Sumitomo Metal Mining Co. Ltd. (Japan) |  | 250680 |
| 7621 | Toray Industries, Inc. (Japan) |  | 65410 |
|  |  |  | 3447315 |
| Real Estate – 1.6% | Real Estate – 1.6% | Real Estate – 1.6% | Real Estate – 1.6% |
| 6695 | Daito Trust Construction Co. Ltd. (Japan) |  | 154376 |
| 6423 | Daiwa House Industry Co. Ltd. (Japan) |  | 232154 |
| 15239 | Hulic Co. Ltd. (Japan) |  | 201950 |
| 9897 | Mitsubishi Estate Co. Ltd. (Japan) |  | 334580 |
| 10872 | Mitsui Fudosan Co. Ltd. (Japan) |  | 146689 |
| 207 | Nippon Building Fund, Inc. REIT (Japan) |  | 192648 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 38 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> JAPAN EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Real Estate – (continued) | Real Estate – (continued) | Real Estate – (continued) |
| 4296 | Sumitomo Realty & |  |
|  | Development Co. Ltd. (Japan) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145507 |
|  |  | 1407904 |
| Utilities – 1.4% | Utilities – 1.4% | Utilities – 1.4% |
| 14593 | Chubu Electric Power Co., Inc. (Japan) | 246527 |
| 14228 | Kansai Electric Power Co., Inc. (The) (Japan) | 257266 |
| 9857 | Osaka Gas Co. Ltd. (Japan) | 411390 |
| 6803 | Tokyo Gas Co. Ltd. (Japan) | 333603 |
|  |  | 1248786 |
| **TOTAL COMMON STOCKS**<br> **(Cost $59,127,521)** | **TOTAL COMMON STOCKS**<br> **(Cost $59,127,521)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85881936 |
| **Shares** | **Dividend Rate** | **Value** |
| Investment Company - 0.0%<sup>(b)</sup> | Investment Company - 0.0%<sup>(b)</sup> | Investment Company - 0.0%<sup>(b)</sup> |
|  Goldman Sachs Financial Square Treasury<br>Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury<br>Obligations Fund – Institutional Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp;40454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.571% | 40454 |
| (Cost $40,454) | (Cost $40,454) | (Cost $40,454) |
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE |  |
| (Cost $59,167,975) | (Cost $59,167,975) | 85922390 |
| Securities Lending Reinvestment Vehicle – 3.3%<sup>(b)</sup> | Securities Lending Reinvestment Vehicle – 3.3%<sup>(b)</sup> | Securities Lending Reinvestment Vehicle – 3.3%<sup>(b)</sup> |
| Goldman Sachs Financial Square Government Fund – Institutional Shares | Goldman Sachs Financial Square Government Fund – Institutional Shares |  |
| 2849966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.589% | 2849966 |
| (Cost $2,849,966) | (Cost $2,849,966) | (Cost $2,849,966) |
|  **TOTAL lNVESTMENTS – 103.2%**<br> **(Cost $62,017,941)** | **TOTAL lNVESTMENTS – 103.2%**<br> **(Cost $62,017,941)** | $88772356 |
|  **LIABILITIES IN EXCESS OF OTHER ASSETS – (3.2)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS – (3.2)%** | (2768488) |
|  **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $86003868 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of security is on loan.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents an affiliated issuer.

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| REIT | —Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **39** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> U.S. LARGE CAP EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – 99.7% | Common Stocks – 99.7% | Common Stocks – 99.7% |
| Communication Services – 10.9% | Communication Services – 10.9% | Communication Services – 10.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;1398162 | Alphabet, Inc., Class A | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435890985 |
| 707282 | Alphabet, Inc., Class C | 220268833 |
| 93890 | AST SpaceMobile, Inc.\*<sup>(a)</sup> | 7435149 |
| 1916515 | AT&T, Inc. | 53681585 |
| 138752 | Charter Communications, Inc .,<br>Class A\* | 32555382 |
| 1063259 | Comcast Corp., Class A | 32918499 |
| 64962 | EchoStar Corp., Class A\* | 7505060 |
| 149212 | Electronic Arts, Inc. | 29927451 |
| 479892 | Fox Corp., Class A<sup>(a)</sup> | 27037115 |
| 486073 | Fox Corp., Class B | 25144557 |
| 107322 | Live Nation Entertainment, Inc.\* | 17401189 |
| 551398 | Meta Platforms, Inc., Class A | 357405156 |
| 743632 | Netflix, Inc.\* | 71567144 |
| 343633 | Omnicom Group, Inc. | 29308459 |
| 1404694 | Pinterest, Inc ., Class A\* | 24062408 |
| 154220 | Reddit, Inc., Class A\* | 22486818 |
| 120638 | ROBLOX Corp., Class A\* | 8283005 |
| 73124 | Take-Two Interactive Software, Inc.\* | 15464263 |
| 54108 | TKO Group Holdings, Inc. | 12113158 |
| 58182 | T-Mobile US, Inc. | 12630730 |
| 1030402 | Verizon Communications, Inc. | 51664356 |
| 349422 | Walt Disney Co. (The) | 37052709 |
| 2497731 | Warner Bros Discovery, Inc.\* | 70361082 |
|  |  | 1602165093 |
| Consumer Discretionary – 10.4% | Consumer Discretionary – 10.4% | Consumer Discretionary – 10.4% |
| 23635 | Airbnb, Inc., Class A\* | 3193325 |
| 2248925 | Amazon.com, Inc .\* | 472274250 |
| 7484 | AutoZone, Inc.\* | 28106761 |
| 12690 | Booking Holdings, Inc. | 53797352 |
| 30947 | Burlington Stores, Inc.\* | 9496706 |
| 893593 | Carnival Corp. | 28192859 |
| 21525 | Carvana Co.\* | 7192794 |
| 180903 | D.R. Horton, Inc. | 29015032 |
| 26376 | Darden Restaurants, Inc. | 5640508 |
| 14457 | Dick's Sporting Goods, Inc. | 2943879 |
| 36400 | DoorDash, Inc., Class A\* | 6423508 |
| 138818 | eBay, Inc. | 12613003 |
| 92797 | Expedia Group, Inc. | 20015385 |
| 55498 | Flutter Entertainment PLC\* | 5890558 |
| 2892602 | Ford Motor Co. | 40756762 |
| 16232 | Garmin Ltd. | 4103937 |
| 92280 | General Motors Co. | 7263359 |
| 88417 | Genuine Parts Co. | 10544611 |
| 46507 | Hilton Worldwide Holdings, Inc. | 14499952 |
| 210200 | Home Depot, Inc. (The) | 80027344 |
| 56382 | Las Vegas Sands Corp. | 3197987 |
| 186792 | Lowe's Cos., Inc. | 49419559 |
| 29843 | Marriott International, Inc., Class A | 10198248 |
| 90587 | McDonald's Corp. | 30895602 |
| 267176 | NIKE, Inc., Class B | 16613004 |
| 1786 | NVR, Inc.\* | 13426773 |
| 427405 | O'Reilly Automotive, Inc.\* | 40124781 |
| 211152 | PulteGroup, Inc. | 28970054 |
| 77446 | Ralph Lauren Corp. | 28081920 |
| 65815 | Ross Stores, Inc. | 13534197 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Consumer Discretionary – (continued) | Consumer Discretionary – (continued) | Consumer Discretionary – (continued) | Consumer Discretionary – (continued) |
| 26009 | Royal Caribbean Cruises Ltd. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8087759 |
| 32977 | Somnigroup International, Inc. |  | 2951771 |
| 298694 | Tapestry, Inc. |  | 46437956 |
| 444425 | Tesla, Inc.\* |  | 178885507 |
| 440126 | TJX Cos., Inc. (The) |  | 71150769 |
| 241928 | Tractor Supply Co. |  | 12541548 |
| 81780 | Ulta Beauty, Inc.\* |  | 56002126 |
| 53057 | Viking Holdings Ltd.\* |  | 4139507 |
| 178334 | Williams-Sonoma, Inc. |  | 36674387 |
| 200386 | Yum! Brands, Inc. |  | 33696910 |
|  |  |  | 1527022250 |
| Consumer Staples – 6.8% | Consumer Staples – 6.8% | Consumer Staples – 6.8% | Consumer Staples – 6.8% |
| 469030 | Altria Group, Inc. |  | 32381831 |
| 444448 | Archer-Daniels-Midland Co. |  | 30684690 |
| 25812 | Bunge Global SA |  | 3114218 |
| 18661 | Casey's General Stores, Inc. |  | 12793795 |
| 151862 | Church & Dwight Co., Inc. |  | 15924249 |
| 612910 | Coca-Cola Co. (The) |  | 49988940 |
| 542878 | Colgate-Palmolive Co. |  | 53820925 |
| 50180 | Constellation Brands, Inc., Class A |  | 7921415 |
| 96300 | Costco Wholesale Corp. |  | 97339077 |
| 251206 | Dollar General Corp. |  | 39248425 |
| 307917 | Dollar Tree, Inc.\* |  | 38945342 |
| 308248 | Estee Lauder Cos., Inc. (The), Class A |  | 33743909 |
| 291602 | General Mills, Inc. |  | 13189159 |
| 23742 | Hershey Co. (The) |  | 5609760 |
| 88860 | Kimberly-Clark Corp. |  | 9902558 |
| 1182194 | Kraft Heinz Co. (The) |  | 29093794 |
| 688768 | Kroger Co. (The) |  | 47001528 |
| 154605 | McCormick & Co., Inc. |  | 10983139 |
| 340634 | Monster Beverage Corp.\* |  | 29056080 |
| 207986 | PepsiCo, Inc. |  | 35303544 |
| 259585 | Philip Morris International, Inc. |  | 48498266 |
| 350904 | Procter & Gamble Co. (The) |  | 58671149 |
| 490333 | Sysco Corp. |  | 44698756 |
| 232319 | Target Corp. |  | 26435579 |
| 424776 | Tyson Foods, Inc., Class A |  | 27606192 |
| 392074 | US Foods Holding Corp.\* |  | 37878269 |
| 1199988 | Walmart, Inc. |  | 153538465 |
|  |  |  | 993373054 |
| Energy – 2.6% | Energy – 2.6% | Energy – 2.6% | Energy – 2.6% |
| 79169 | Baker Hughes Co . |  | 5166569 |
| 18241 | Cheniere Energy, Inc. |  | 4299951 |
| 190153 | Chevron Corp. |  | 35512974 |
| 84079 | ConocoPhillips |  | 9539603 |
| 385943 | Coterra Energy, Inc. |  | 11805996 |
| 288462 | Devon Energy Corp. |  | 12556751 |
| 67020 | EOG Resources, Inc. |  | 8315842 |
| 236544 | EQT Corp. |  | 14528532 |
| 53906 | Expand Energy Corp. |  | 5817536 |
| 670301 | Exxon Mobil Corp. |  | 102220903 |
| 555591 | Halliburton Co. |  | 20001276 |
| 604009 | Kinder Morgan, Inc. |  | 20095379 |
| 111403 | Marathon Petroleum Corp. |  | 22081189 |
| 396750 | Occidental Petroleum Corp. |  | 21059490 |
| 56195 | ONEOK, Inc. |  | 4651260 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 40 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> U.S. LARGE CAP EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Energy – (continued) | Energy – (continued) | Energy – (continued) | Energy – (continued) |
| 28157 | Phillips 66 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4345470 |
| 213385 | SLB Ltd. |  | 10955186 |
| 28294 | Targa Resources Corp. |  | 6671725 |
| 91202 | TechnipFMC PLC (United Kingdom) |  | 6047605 |
| 152986 | Valero Energy Corp. |  | 31307055 |
| 299849 | Williams Cos., Inc. (The) |  | 22404717 |
|  |  |  | 379385009 |
| Financials – 12.4% | Financials – 12.4% | Financials – 12.4% | Financials – 12.4% |
| 113916 | Aflac, Inc. |  | 12864534 |
| 75769 | Allstate Corp. (The) |  | 16253966 |
| 115854 | American Express Co. |  | 35787301 |
| 177210 | American International Group, Inc. |  | 14263633 |
| 81718 | Ameriprise Financial, Inc. |  | 38417266 |
| 40926 | Aon PLC, Class A |  | 13729445 |
| 64472 | Apollo Global Management, Inc. |  | 6743771 |
| 130462 | Arch Capital Group Ltd.\* |  | 13065769 |
| &nbsp;&nbsp;&nbsp;&nbsp;1171697 | Bank of America Corp. |  | 58385661 |
| 476387 | Bank of New York Mellon Corp. (The) |  | 56737692 |
| 298468 | Berkshire Hathaway, Inc., Class B\* |  | 150711417 |
| 16494 | Blackrock, Inc. |  | 17536916 |
| 77372 | Blackstone, Inc. |  | 8771664 |
| 283623 | Block, Inc .\* |  | 18066785 |
| 160420 | Capital One Financial Corp. |  | 31384569 |
| 51708 | Cboe Global Markets, Inc. |  | 15497922 |
| 173744 | Charles Schwab Corp. (The) |  | 16540429 |
| 84880 | Chubb Ltd. |  | 28932197 |
| 110225 | Cincinnati Financial Corp. |  | 18074695 |
| 476787 | Citigroup, Inc. |  | 52537159 |
| 244696 | Citizens Financial Group, Inc. |  | 14728252 |
| 91287 | CME Group, Inc. |  | 29166196 |
| 13437 | Corpay, Inc.\* |  | 4368369 |
| 227004 | Fifth Third Bancorp |  | 11229888 |
| 5127 | First Citizens BancShares, Inc., Class A |  | 9731815 |
| 349722 | Fiserv, Inc.\* |  | 21784183 |
| 240296 | Global Payments, Inc. |  | 18373032 |
| 231537 | Hartford Insurance Group, Inc. (The) |  | 32607356 |
| 624463 | Huntington Bancshares, Inc. |  | 10490978 |
| 88916 | Interactive Brokers Group, Inc., Class A |  | 6329930 |
| 138312 | Intercontinental Exchange, Inc. |  | 22701149 |
| 603102 | JPMorgan Chase & Co. |  | 181111531 |
| 306413 | KeyCorp |  | 6355006 |
| 346403 | Loews Corp. |  | 38111258 |
| 12675 | LPL Financial Holdings, Inc.<sup>(a)</sup> |  | 3807316 |
| 57925 | M&T Bank Corp. |  | 12568566 |
| 11211 | Markel Group, Inc.\* |  | 23234461 |
| 99935 | Marsh & McLennan Cos., Inc. |  | 18661862 |
| 208826 | Mastercard, Inc., Class A |  | 108006895 |
| 165018 | MetLife, Inc. |  | 11892847 |
| 74681 | Moody's Corp. |  | 35666899 |
| 274314 | Morgan Stanley |  | 45676024 |
| 170920 | Nasdaq, Inc. |  | 14969174 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Financials – (continued) | Financials – (continued) | Financials – (continued) |
| 243332 | Northern Trust Corp. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34818376 |
| 316149 | PayPal Holdings, Inc. | 14609245 |
| 65671 | PNC Financial Services Group, |  |
|  | Inc. (The) | 13945237 |
| 168524 | Principal Financial Group, Inc. | 16080560 |
| 104712 | Progressive Corp. (The) | 22372766 |
| 141257 | Prudential Financial, Inc. | 13896864 |
| 116465 | Raymond James Financial, Inc. | 17828462 |
| 383092 | Regions Financial Corp. | 10661450 |
| 159907 | Robinhood Markets, Inc., Class A\* | 12128946 |
| 246222 | Rocket Cos., Inc ., Class A | 4478778 |
| 18276 | S&P Global, Inc. | 8075799 |
| 360098 | SoFi Technologies, Inc.\* | 6395340 |
| 365737 | State Street Corp. | 47041093 |
| 522773 | Synchrony Financial | 36128842 |
| 232381 | T. Rowe Price Group, Inc. | 21990214 |
| 73206 | Travelers Cos., Inc. (The) | 22594300 |
| 217905 | Truist Financial Corp. | 10744896 |
| 370215 | US Bancorp | 20235952 |
| 363955 | Visa, Inc., Class A | 116516554 |
| 210977 | W R Berkley Corp. | 15127051 |
| 517576 | Wells Fargo & Co. | 42156565 |
| 54452 | Willis Towers Watson PLC | 16617117 |
|  |  | 1830320185 |
| Health Care – 9.8% | Health Care – 9.8% |  |
| 204407 | Abbott Laboratories | 23782754 |
| 290291 | AbbVie, Inc. | 67370735 |
| 93046 | Agilent Technologies, Inc. | 11293924 |
| 64947 | Alnylam Pharmaceuticals, Inc.\* | 21622155 |
| 35475 | Amgen, Inc. | 13769976 |
| 14779 | Becton Dickinson & Co. | 2608198 |
| 195918 | Biogen, Inc.\* | 37580991 |
| 263612 | Boston Scientific Corp.\* | 20258582 |
| 527815 | Bristol-Myers Squibb Co. | 32919822 |
| 124980 | Cardinal Health, Inc. | 28649165 |
| 80523 | Cencora, Inc. | 29965829 |
| 483268 | Centene Corp.\* | 21689068 |
| 95038 | Cigna Group (The) | 27543913 |
| 379190 | CVS Health Corp. | 30297281 |
| 56221 | Danaher Corp. | 11842391 |
| 163824 | Edwards Lifesciences Corp.\* | 14165861 |
| 40543 | Elevance Health, Inc . | 12973760 |
| &nbsp;&nbsp;&nbsp;&nbsp;170107 | Eli Lilly & Co. | 178950863 |
| 37144 | Exact Sciences Corp.\* | 3839947 |
| 63722 | GE HealthCare Technologies, Inc. | 5369853 |
| 266827 | Gilead Sciences, Inc. | 39743882 |
| 24718 | HCA Healthcare, Inc. | 13093125 |
| 141592 | Hologic, Inc.\* | 10670373 |
| 87942 | Humana, Inc. | 16756469 |
| 76634 | IDEXX Laboratories, Inc.\* | 50327847 |
| 58871 | Illumina, Inc.\* | 7915795 |
| 191760 | Incyte Corp.\* | 19419535 |
| 60104 | Insmed, Inc.\* | 8975330 |
| 98076 | Insulet Corp.\* | 24186522 |
| 30340 | Intuitive Surgical, Inc.\* | 15276493 |
| 83068 | IQVIA Holdings, Inc.\* | 14853389 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **41** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> U.S. LARGE CAP EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Health Care – (continued) | Health Care – (continued) | Health Care – (continued) | Health Care – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;506622 | Johnson & Johnson | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125860104 |
| 87066 | Labcorp Holdings, Inc. |  | 25172522 |
| 25333 | McKesson Corp. |  | 25013044 |
| 221679 | Medtronic PLC |  | 21649171 |
| 431043 | Merck & Co., Inc. |  | 53371744 |
| 35378 | Mettler-Toledo International, Inc.\* |  | 48350759 |
| 191595 | Natera, Inc.\* |  | 39859424 |
| 383383 | Pfizer, Inc. |  | 10600540 |
| 165859 | Quest Diagnostics, Inc. |  | 35147181 |
| 23991 | Regeneron Pharmaceuticals, Inc. |  | 18753045 |
| 28593 | ResMed, Inc. |  | 7327242 |
| 51704 | REVOLUTION Medicines, Inc.\* |  | 5274842 |
| 557766 | Royalty Pharma PLC, Class A |  | 25774367 |
| 94944 | STERIS PLC |  | 23959118 |
| 57688 | Stryker Corp. |  | 22351793 |
| 66818 | Tenet Healthcare Corp.\* |  | 15995561 |
| 35739 | Thermo Fisher Scientific, Inc. |  | 18623950 |
| 12577 | United Therapeutics Corp.\* |  | 6337550 |
| 130233 | UnitedHealth Group, Inc. |  | 38193432 |
| 31324 | Vertex Pharmaceuticals, Inc.\* |  | 15562703 |
| 15083 | Waters Corp.\* |  | 4817209 |
| 186376 | Zimmer Biomet Holdings, Inc. |  | 18346853 |
| 119215 | Zoetis, Inc. |  | 15629087 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1439685069 |
| Industrials – 9.3% | Industrials – 9.3% | Industrials – 9.3% | Industrials – 9.3% |
| 36938 | 3M Co. |  | 6106590 |
| 77046 | AMETEK, Inc. |  | 18430944 |
| 69175 | Automatic Data Processing, Inc. |  | 14828353 |
| 76560 | Bloom Energy Corp., Class A\* |  | 11918095 |
| 49572 | Boeing Co. (The)\* |  | 11279117 |
| 91245 | Broadridge Financial Solutions, Inc. |  | 16959708 |
| 20505 | BWX Technologies, Inc. |  | 4223620 |
| 67982 | C.H. Robinson Worldwide, Inc. |  | 12593665 |
| 67296 | Caterpillar, Inc. |  | 49989488 |
| 190161 | Cintas Corp. |  | 38247082 |
| 11035 | Comfort Systems USA, Inc. |  | 15773098 |
| 73781 | Copart, Inc.\* |  | 2810318 |
| 78474 | CSX Corp. |  | 3350055 |
| 23103 | Cummins, Inc. |  | 13489149 |
| 19599 | Curtiss-Wright Corp. |  | 13725768 |
| 10768 | Deere & Co. |  | 6780717 |
| 411261 | Delta Air Lines, Inc. |  | 27019848 |
| 81920 | Dover Corp. |  | 18472960 |
| 15339 | Eaton Corp. PLC |  | 5766237 |
| 41851 | EMCOR Group, Inc. |  | 30326072 |
| 61722 | Emerson Electric Co. |  | 9304591 |
| 72965 | Expeditors International of Washington, Inc. |  | 10582114 |
| 1046638 | Fastenal Co. |  | 48187213 |
| 64509 | FedEx Corp. |  | 24964983 |
| 112917 | Ferguson Enterprises, Inc. |  | 29444237 |
| 623799 | Fortive Corp. |  | 36928901 |
| 25462 | FTAI Aviation Ltd. |  | 7786280 |
| 42737 | GE Vernova, Inc. |  | 37335043 |
| 67822 | General Dynamics Corp. |  | 24215845 |
| 155997 | General Electric Co. |  | 53391533 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Industrials – (continued) | Industrials – (continued) | Industrials – (continued) | Industrials – (continued) |
| 10939 | HEICO Corp.<sup>(a)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3494573 |
| 11666 | HEICO Corp., Class A |  | 2801123 |
| 61259 | Honeywell International, Inc. |  | 14922080 |
| 87249 | Howmet Aerospace, Inc. |  | 22905480 |
| 18011 | Hubbell, Inc. |  | 9214968 |
| 85981 | Illinois Tool Works, Inc. |  | 24988658 |
| &nbsp;&nbsp;&nbsp;&nbsp;179992 | Ingersoll Rand, Inc. |  | 16944447 |
| 37785 | J.B. Hunt Transport Services, Inc. |  | 8819397 |
| 122584 | Jacobs Solutions, Inc. |  | 16899430 |
| 164139 | Johnson Controls International PLC |  | 23685258 |
| 63998 | Kratos Defense & Security Solutions, Inc.\* |  | 5515348 |
| 81084 | L3Harris Technologies, Inc. |  | 29558361 |
| 125716 | Leidos Holdings, Inc. |  | 22012872 |
| 33957 | Lennox International, Inc. |  | 19353453 |
| 24411 | Lockheed Martin Corp. |  | 16064391 |
| 22205 | MasTec, Inc.\* |  | 6617534 |
| 19455 | Norfolk Southern Corp. |  | 6123267 |
| 22598 | Northrop Grumman Corp. |  | 16369539 |
| 131069 | Otis Worldwide Corp. |  | 12131747 |
| 44276 | PACCAR, Inc. |  | 5582761 |
| 17856 | Parker-Hannifin Corp. |  | 18019918 |
| 58030 | Paychex, Inc. |  | 5434509 |
| 172371 | Pentair PLC |  | 17097479 |
| 30239 | Quanta Services, Inc. |  | 17026976 |
| 97547 | Republic Services, Inc. |  | 22338263 |
| 173869 | Rocket Lab Corp.\* |  | 12014348 |
| 9340 | Rockwell Automation, Inc. |  | 3805583 |
| 734457 | Rollins, Inc. |  | 44721087 |
| 193145 | RTX Corp. |  | 39135040 |
| 68285 | Snap-on, Inc. |  | 26304748 |
| 70082 | Southwest Airlines Co. |  | 3452239 |
| 421511 | SS&C Technologies Holdings, Inc. |  | 31735563 |
| 117344 | Symbotic, Inc.\* |  | 6428104 |
| 34604 | Trane Technologies PLC |  | 15998121 |
| 5797 | TransDigm Group. Inc. |  | 7552274 |
| 175355 | Uber Technologies, Inc.\* |  | 13225274 |
| 19716 | Union Pacific Corp. |  | 5224346 |
| 261204 | United Airlines Holdings, Inc.\* |  | 27765985 |
| 261970 | Veralto Corp. |  | 25523737 |
| 18031 | Verisk Analytics, Inc. |  | 3742695 |
| 41155 | Vertiv Holdings Co., Class A |  | 10489998 |
| 52946 | W.W. Grainger, Inc. |  | 60608874 |
| 74661 | Waste Management, Inc. |  | 17981355 |
| 114905 | Westinghouse Air Brake Technologies Corp. |  | 30329175 |
| 21447 | Woodward, Inc. |  | 8294842 |
| 80286 | Xylem, Inc. |  | 10401854 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1372888698 |
| Information Technology – 32.3% | Information Technology – 32.3% | Information Technology – 32.3% | Information Technology – 32.3% |
| 126785 | Accenture PLC, Class A |  | 26462565 |
| 167334 | Adobe, Inc.\* |  | 43910115 |
| 182658 | Advanced Micro Devices, Inc.\* |  | 36569958 |
| 266055 | Amphenol Corp., Class A |  | 38859993 |
| 41431 | Analog Devices, Inc. |  | 14740735 |
| 3594628 | Apple, Inc. |  | 949628825 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 42 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> U.S. LARGE CAP EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |
| Information Technology – (continued) | Information Technology – (continued) |  |
| 198026 | Applied Materials, Inc. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73725080 |
| 126225 | AppLovin Corp., Class A\* | 54878843 |
| 126124 | Arista Networks, Inc.\* | 16837554 |
| 30115 | Astera Labs, Inc.\* | 3578565 |
| 264590 | Atlassian Corp., Class A\* | 19878647 |
| 118543 | Autodesk, Inc.\* | 29146167 |
| &nbsp;&nbsp;&nbsp;&nbsp;999428 | Broadcom, Inc. | 319367217 |
| 56665 | Cadence Design Systems, Inc.\* | 17078831 |
| 140172 | CDW Corp. | 17190694 |
| 49094 | Ciena Corp.\* | 17119078 |
| 795488 | Cisco Systems, Inc. | 63209476 |
| 43392 | Cloudflare, Inc., Class A\* | 7471668 |
| 440445 | Cognizant Technology Solutions Corp., Class A | 28377871 |
| 28523 | Coherent Corp.\* | 7385460 |
| 238494 | Corning, Inc. | 35864728 |
| 24932 | Crowdstrike Holdings, Inc., Class A\* | 9274205 |
| 34596 | Dell Technologies, Inc., Class C | 5122976 |
| 28974 | Fair Isaac Corp.\* | 40834797 |
| 65422 | First Solar, Inc.\* | 12901218 |
| 288758 | Fortinet, Inc.\* | 22820545 |
| 115387 | Gartner, Inc.\* | 18138836 |
| 663809 | Hewlett Packard Enterprise Co. | 14251979 |
| 706795 | HP, Inc. | 13422037 |
| 95882 | HubSpot, Inc.\* | 25361748 |
| 482214 | Intel Corp.\* | 21993781 |
| 182536 | International Business Machines Corp. | 43846973 |
| 36462 | Intuit, Inc. | 14914052 |
| 104603 | Jabil, Inc. | 27718749 |
| 66180 | Keysight Technologies, Inc.\* | 20339099 |
| 32075 | KLA Corp. | 48899941 |
| 340763 | Lam Research Corp. | 79701058 |
| 20754 | Lumentum Holdings, Inc.\* | 14546686 |
| 77120 | Marvell Technology, Inc. | 6299933 |
| 152232 | Micron Technology, Inc. | 62775910 |
| 1748594 | Microsoft Corp. | 686742808 |
| 7948 | MongoDB, Inc.\* | 2610680 |
| 2513 | Monolithic Power Systems, Inc. | 2871706 |
| 40497 | Motorola Solutions, Inc. | 19530083 |
| 219913 | NetApp, Inc. | 21777984 |
| 5970548 | NVIDIA Corp. | 1057921400 |
| 122339 | Okta, Inc.\* | 8869578 |
| 556272 | ON Semiconductor Corp.\* | 36980963 |
| 153554 | Oracle Corp. | 22326752 |
| 358074 | Palantir Technologies, Inc., Class A\* | 49124172 |
| 39105 | Palo Alto Networks, Inc.\* | 5823517 |
| 74875 | PTC, Inc.\* | 11724676 |
| 465183 | Pure Storage, Inc., Class A\* | 29874052 |
| 115103 | Qnity Electronics, Inc. | 14590456 |
| 337269 | QUALCOMM, Inc. | 48013615 |
| 76851 | Roper Technologies, Inc. | 26877100 |
| 166559 | Salesforce, Inc. | 32444028 |
| 25777 | Sandisk Corp.\* | 16377675 |
| 64103 | Seagate Technology Holdings PLC | 26143768 |
| 133399 | ServiceNow, Inc.\* | 14408426 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |
| Information Technology – (continued) | Information Technology – (continued) |  |
| 15996 | Snowflake, Inc.\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2693886 |
| 20754 | Strategy, Inc.\* | 2687643 |
| 98672 | Super Micro Computer, Inc.\* | 3195986 |
| 10854 | Synopsys, Inc.\* | 4493556 |
| 126097 | TE Connectivity PLC (Switzerland) | 29021225 |
| 49207 | Teledyne Technologies, Inc.\* | 33514888 |
| 30950 | Teradyne, Inc. | 9904929 |
| 61990 | Texas Instruments, Inc. | 13148699 |
| 243103 | Trimble, Inc.\* | 16256298 |
| 101340 | Twilio, Inc., Class A\* | 12258086 |
| 17415 | Tyler Technologies, Inc.\* | 6176926 |
| 18116 | Ubiquiti, Inc. | 13894791 |
| &nbsp;&nbsp;&nbsp;&nbsp;254532 | VeriSign, Inc. | 58018024 |
| 199284 | Western Digital Corp. | 55739735 |
| 32464 | Workday, Inc., Class A\* | 4342385 |
| 226845 | Zoom Communications, Inc., Class A\* | 16772919 |
| 17891 | Zscaler, Inc.\* | 2629798 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4744229806 |
| Materials – 1.5% | Materials – 1.5% |  |
| 15005 | Air Products and Chemicals, Inc. | 4136428 |
| 22528 | Albemarle Corp. | 4025078 |
| 237260 | Corteva, Inc. | 19009271 |
| 79551 | CRH PLC | 9544529 |
| 234984 | DuPont de Nemours, Inc. | 11758599 |
| 68433 | Ecolab, Inc. | 21101316 |
| 110914 | Freeport-McMoRan, Inc. | 7551025 |
| 274893 | Hecla Mining Co. | 6847585 |
| 42699 | International Flavors & Fragrances, Inc. | 3511139 |
| 49487 | Linde PLC | 25143355 |
| 22407 | Martin Marietta Materials, Inc. | 15159904 |
| 270995 | Newmont Corp. | 35229350 |
| 59380 | Packaging Corp. of America | 13784473 |
| 48670 | PPG Industries, Inc. | 5999551 |
| 22011 | Royal Gold, Inc. | 6598678 |
| 41447 | Sherwin-Williams Co. (The) | 15028268 |
| 29624 | Southern Copper Corp. (Mexico) | 6466919 |
| 16331 | Steel Dynamics, Inc. | 3154006 |
| 40923 | Vulcan Materials Co. | 12686130 |
|  |  | 226735604 |
| Real Estate – 1.1% | Real Estate – 1.1% |  |
| 83076 | AvalonBay Communities, Inc. REIT | 14723559 |
| 64356 | CBRE Group, Inc., Class A\* | 9502807 |
| 193529 | Equity Residential REIT | 12232968 |
| 41326 | Essex Property Trust, Inc. REIT | 10542676 |
| 568748 | Invitation Homes, Inc. REIT | 14980822 |
| 116033 | Mid-America Apartment Communities, Inc. REIT | 15532177 |
| 22788 | Prologis, Inc. REIT | 3248885 |
| 12686 | Public Storage REIT | 3895363 |
| 276905 | Realty Income Corp. REIT | 18552635 |
| 224359 | UDR, Inc. REIT | 8413463 |
| 146730 | Ventas, Inc. REIT | 12642257 |
| 776960 | VICI Properties, Inc. REIT | 23471962 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **43** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> U.S. LARGE CAP EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |
| Real Estate – (continued) | Real Estate – (continued) |  |
| 95598 | Welltower, Inc. REIT | $19800258 |
|  |  | 167539832 |
| Utilities – 2.6% | Utilities – 2.6% |  |
| 232094 | Alliant Energy Corp. | 16789680 |
| 135744 | Ameren Corp. | 15377080 |
| 92470 | American Electric Power Co., Inc. | 12374335 |
| 23037 | American Water Works Co., Inc. | 3133723 |
| 113675 | Atmos Energy Corp. | 21233353 |
| 421247 | CenterPoint Energy, Inc. | 18324245 |
| 138608 | CMS Energy Corp. | 10821127 |
| 72259 | Consolidated Edison, Inc. | 8130583 |
| 10341 | Constellation Energy Corp. | 3411289 |
| 76929 | Dominion Energy, Inc. | 4857297 |
| 97527 | DTE Energy Co. | 14457403 |
| 137176 | Duke Energy Corp. | 17949480 |
| 90661 | Edison International | 6776003 |
| 132368 | Entergy Corp. | 14177936 |
| 243177 | Evergy, Inc. | 20344188 |
| 90805 | Eversource Energy | 6920249 |
| 285739 | Exelon Corp. | 14135508 |
| 272734 | FirstEnergy Corp. | 13953071 |
| 148205 | NextEra Energy, Inc. | 13897183 |
| 421600 | NiSource, Inc. | 19941680 |
| 198015 | NRG Energy, Inc. | 35436764 |
| 303448 | PG&E Corp. | 5765512 |
| 362956 | PPL Corp. | 14148025 |
| 82624 | Public Service Enterprise Group, Inc. | 7111448 |
| 94595 | Sempra | 9106661 |
| 143568 | Southern Co. (The) | 13980652 |
| 87062 | Vistra Corp. | 15139211 |
| 132197 | WEC Energy Group, Inc. | 15461761 |
| 131693 | Xcel Energy, Inc. | 10977928 |
|  |  | 384133375 |
| **TOTAL COMMON STOCKS**<br> **(Cost $9,055,039,456)** | **TOTAL COMMON STOCKS**<br> **(Cost $9,055,039,456)** | 14667477975 |
| **Shares** | **Dividend Rate** | **Value** |
| Investment Company – 0.2%<sup>(b)</sup> | Investment Company – 0.2%<sup>(b)</sup> |  |
|  Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp;24639643 | 3.571% | 24639643 |
| (Cost $24,639,643) | (Cost $24,639,643) |  |
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE |
| (Cost $9,079,679,099) | (Cost $9,079,679,099) | 14692117618 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend Rate** | **Value** |
| Securities Lending Reinvestment Vehicle – 0.1 %<sup>(b)</sup> | Securities Lending Reinvestment Vehicle – 0.1 %<sup>(b)</sup> | Securities Lending Reinvestment Vehicle – 0.1 %<sup>(b)</sup> |
|  Goldman Sachs Financial Square Government Fund – Institutional Shares | Goldman Sachs Financial Square Government Fund – Institutional Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8405231 | 3.589% | $8405231 |
| (Cost $8,405,231) | (Cost $8,405,231) |  |
| TOTAL INVESTMENT – 100.0% | TOTAL INVESTMENT – 100.0% | TOTAL INVESTMENT – 100.0% |
| (Cost $9,088,084,330) | (Cost $9,088,084,330) | $14700522849 |
|  **OTHER ASSETS IN EXCESS OF LIABILITIES – 0.0%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 0.0%** | 3585395 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $14704108244 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of security is on loan.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents an affiliated issuer.

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| PLC | —Public Limited Company |
| REIT | —Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 44 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> U.S. LARGE CAP EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**FUTURES CONTRACTS —** At February 28, 2026, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional**<br> **Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  S&P 500 E-Mini Index | 42 | 03/20/26 | $14466900 | $(26000) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **45** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> U.S. SMALL CAP EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – 98.5% | Common Stocks – 98.5% | Common Stocks – 98.5% |
| Communication Services – 3.0% | Communication Services – 3.0% |  |
| 5613 | Advantage Solutions, Inc.\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2932 |
| 29377 | AMC Networks, Inc., Class A\* | 240010 |
| 60874 | Angi, Inc.\* | 473600 |
| 4063 | Atlanta Braves Holdings, Inc., Class A\*<sup>(a)</sup> | 196690 |
| 7437 | Atlanta Braves Holdings, Inc., Class C\* | 325071 |
| 36617 | Bandwidth, Inc Class A\* | 542664 |
| 15959 | Boston Omaha Corp., Class A\* | 197094 |
| 57779 | Bumble, Inc., Class A\* | 175648 |
| 2077 | Cable One, Inc.\* | 199288 |
| 53990 | Cargurus, Inc.\* | 1657493 |
| 55764 | Cars.com, Inc.\* | 476225 |
| 19493 | Cinemark Holdings. Inc. | 550482 |
| 48458 | CuriosityStream, Inc.<sup>(a)</sup> | 163788 |
| 19782 | EchoStar Corp., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2285414 |
| 41510 | EverQuote, Inc., Class A\* | 655858 |
| 92985 | EW Scripps Co. (The), Class A\* | 385888 |
| 117899 | fuboTV, Inc., Class A\* | 137942 |
| 4876 | Gambling.com Group Ltd. (Malta)\* | 21259 |
| 86126 | Getty Images Holdings. Inc.\* | 67006 |
| 5536 | Globalstar, Inc.\* | 344727 |
| 38603 | Gogo, Inc.\* | 163291 |
| 112015 | Gray Media. Inc. | 581358 |
| 16563 | Grindr, Inc. (Singapore)\* | 188487 |
| 20879 | Ibotta, Inc., Class A\*<sup>(a)</sup> | 521349 |
| 23913 | IDT Corp., Class B | 1218367 |
| 16232 | IMAX Corp.\* | 695217 |
| 20620 | John Wiley & Sons, Inc Class A | 639632 |
| 42865 | Liberty Latin America Ltd., Class A (Puerto Rico)\* | 336062 |
| 62528 | Liberty Latin America Ltd., Class C (Puerto Rico)\* | 496472 |
| 194154 | Lumen Technologies, Inc.\* | 1380435 |
| 12818 | Madison Square Garden Entertainment Corp.\* | 809328 |
| 18071 | Magnite. Inc.\* | 246127 |
| 21338 | Marcus Corp. (The) | 359119 |
| 49822 | MediaAlpha, Inc., Class A\*<sup>(a)</sup> | 495231 |
| 95631 | Nextdoor Holdings, Inc.\* | 167354 |
| 34494 | Nexxen International Ltd. (Israel)\* | 222141 |
| 84133 | Playtika Holding Corp. | 259971 |
| 32594 | QuinStreet, Inc.\* | 382002 |
| 17959 | Scholastic Corp. | 624434 |
| 28664 | Shutterstock, Inc. | 481555 |
| 5344 | Sinclair, Inc. | 87321 |
| 4442 | Sphere Entertainment Co.\* | 528642 |
| 20659 | Spok Holdings. Inc. | 250800 |
| 45217 | Stagwell, Inc.\* | 217946 |
| 43079 | TEGNA, Inc. | 902505 |
| 27179 | Telephone and Data Systems, Inc. | 1216260 |
| 50449 | Thryv Holdings, Inc.\* | 117042 |
| 33100 | TripAdvisor, Inc.\* | 334641 |
| 50709 | Uniti Group, Inc.\* | 371190 |
| &nbsp;&nbsp;&nbsp;&nbsp;182218 | USA TODAY Co., Inc.\* | 1084197 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Communication Services – (continued) | Communication Services – (continued) | Communication Services – (continued) |
| 13945 | Webtoon Entertainment, Inc. (South Korea)\*<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156881 |
| 61578 | Yelp, Inc.\* | 1372574 |
| 16525 | Ziff Davis, Inc.\* | 447497 |
|  |  | 26454507 |
| Consumer Discretionary – 10.7% | Consumer Discretionary – 10.7% |  |
| 18288 | 1-800-Flowers.com, Inc., Class A\*<sup>(a)</sup> | 63642 |
| 17235 | Abercrombie & Fitch Co., Class A\* | 1685583 |
| 8978 | Academy Sports & Outdoors, Inc. | 539847 |
| 18889 | Accel Entertainment, Inc.\* | 214579 |
| 10070 | Acushnet Holdings Corp. | 1030463 |
| 29798 | Adient PLC\* | 724687 |
| 45897 | American Eagle Outfitters, Inc. | 1127689 |
| 10891 | American Outdoor Brands, Inc.\* | 99108 |
| 26024 | American Public Education, Inc.\* | 1192420 |
| 1773 | America's Car-Mart, Inc.\* | 35389 |
| 45197 | Arko Corp. | 290617 |
| 4314 | Asbury Automotive Group, Inc.\* | 922247 |
| 12413 | Bassett Furniture Industries, Inc. | 185823 |
| 16843 | Bcazer Homes USA, Inc.\* | 430844 |
| 76427 | Bed Bath & Beyond, Inc.\*<sup>(a)</sup> | 407356 |
| 10087 | BJ's Restaurants, Inc.\* | 383205 |
| 38601 | Bloomin' Brands, Inc. | 236238 |
| 4299 | Boot Barn Holdings, Inc.\* | 813457 |
| 23355 | Brightstar Lottery PLC | 316694 |
| 10576 | Brinker International, Inc.\* | 1567363 |
| 25462 | Buckle, Inc. (The) | 1363490 |
| 17480 | Build-A-Bear Workshop, Inc. | 850577 |
| 45343 | Caleres, Inc. | 539128 |
| 35390 | Callaway Golf Co.\* | 497583 |
| 12173 | Capri Holdings Ltd.\* | 249668 |
| 14764 | Carriage Services, Inc. | 680177 |
| 17515 | Carter's, Inc. | 587628 |
| 2052 | Cavco Industries, Inc.\* | 1184537 |
| 7904 | Century Communities, Inc. | 531386 |
| 8197 | Champion Homes, Inc.\* | 766256 |
| 14300 | Cheesecake Factory, Inc. (The) | 926354 |
| 6470 | Citi Trends, Inc.\* | 306549 |
| 11296 | Covista, Inc.\* | 1107008 |
| 61195 | Cricut, Inc Class A | 263138 |
| 45705 | Dana, Inc. | 1564939 |
| 111439 | Dauch Corp.\* | 735497 |
| 13467 | Dine Brands Global, Inc. | 416938 |
| 5690 | Dorman Products, Inc.\* | 670623 |
| 13352 | Driven Brands Holdings, Inc.\* | 146872 |
| 37505 | El Pollo Loco Holdings, Inc.\* | 414805 |
| 24446 | Ethan Allen Interiors, Inc. | 556880 |
| 80992 | EVgo, Inc.\*<sup>(a)</sup> | 221918 |
| &nbsp;&nbsp;&nbsp;&nbsp;124659 | Figs, Inc., Class A\* | 1925982 |
| 19764 | Fox Factory Holding Corp.\* | 332826 |
| 27522 | Frontdoor, Inc.\* | 1887184 |
| 28262 | Funko, Inc., Class A\* | 141310 |
| 37789 | Garrett Motion, Inc. (Switzerland) | 769384 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 46 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> U.S. SMALL CAP EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Consumer Discretionary – (continued) | Consumer Discretionary – (continued) | Consumer Discretionary – (continued) |
| 13380 | Geneseo, Inc.\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364471 |
| 23061 | Genius Sports Ltd. (United Kingdom)\* | 143209 |
| 13360 | Gentherm, Inc.\* | 437807 |
| 15752 | GigaCloud Technology, Inc., Class A\* | 698444 |
| 22687 | G-III Apparel Group Ltd. | 693995 |
| 8655 | Gold.com, Inc. | 497403 |
| &nbsp;&nbsp;&nbsp;&nbsp;13213 | Golden Entertainment, Inc. | 381856 |
| 1399 | Graham Holdings Co., Class B | 1473441 |
| 8260 | Green Brick Partners, Inc.\* | 608432 |
| 3610 | Group 1 Automotive, Inc. | 1175921 |
| 33093 | Groupon, Inc.\*<sup>(a)</sup> | 417634 |
| 19937 | Haverty Furniture Cos., Inc. | 474700 |
| 15036 | Helen of Troy Ltd.\* | 265235 |
| 17480 | Hilton Grand Vacations, Inc.\* | 785901 |
| 3546 | Hovnanian Enterprises, Inc., Class A\* | 445449 |
| 33629 | Inspired Entertainment, Inc.\* | 274413 |
| 5801 | Installed Building Products, Inc. | 1901336 |
| 8896 | Jack in the Box, Inc. | 150520 |
| 12528 | JAKKS Pacific, Inc. | 273862 |
| 7090 | Johnson Outdoors, Inc., Class A | 343794 |
| 13603 | KB Home | 864879 |
| 20409 | Kohl's Corp. | 334095 |
| 17929 | Kontoor Brands, Inc. | 1169150 |
| 3814 | Lakeland Industries, Inc.<sup>(a)</sup> | 34974 |
| 12703 | Latham Group, Inc.\* | 85237 |
| 39038 | Laureate Education, Inc.\* | 1262489 |
| 21730 | La-Z-Boy, Inc. | 776196 |
| 8114 | LCI Industries | 1080785 |
| 37454 | Leggett & Platt, Inc. | 437463 |
| 20789 | Life Time Group Holdings, Inc.\* | 561303 |
| 41512 | Lincoln Educational Services Corp.\* | 1504395 |
| 13686 | Lindblad Expeditions Holdings, Inc.\* | 269751 |
| 14517 | Lovesac Co. (The)\* | 185527 |
| 6670 | M/I Homes, Inc.\* | 948207 |
| 19204 | Malibu Boats, Inc., Class A\* | 558068 |
| 6954 | MarineMax, Inc.\* | 212097 |
| 5365 | Marriott Vacations Worldwide Corp. | 348779 |
| 18361 | MasterCraft Boat Holdings, Inc.\* | 398525 |
| 7774 | Matthews International Corp., Class A | 205467 |
| 9183 | Meritage Homes Corp. | 692582 |
| 2702 | Monarch Casino & Resort, Inc. | 259662 |
| 10907 | Monro, Inc. | 234828 |
| 19216 | Motorcar Parts of America, Inc.\* | 198693 |
| 17062 | Movado Group, Inc. | 425697 |
| 4320 | Nathan's Famous, Inc. | 434506 |
| 44756 | National Vision Holdings, Inc.\* | 1207069 |
| 29397 | OneSpa World Holdings Ltd. (Bahamas) | 632917 |
| 20781 | Oxford Industries, Inc. | 822720 |
| 4282 | Papa John's International, Inc. | 134241 |
| 13130 | Patrick Industries, Inc. | 1625363 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Consumer Discretionary – (continued) | Consumer Discretionary – (continued) | Consumer Discretionary – (continued) | Consumer Discretionary – (continued) |
| 172594 | Peloton Interactive, Inc., Class A\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693828 |
| 33418 | Perdoceo Education Corp. |  | 1114490 |
| 68062 | Petco Health & Wellness Co., Inc.\* |  | 173558 |
| 17656 | Phinia, Inc. |  | 1282355 |
| 6912 | Polaris, Inc. |  | 419835 |
| 7773 | Pursuit Attractions and Hospitality, Inc.\* |  | 270189 |
| 9599 | RCI Hospitality Holdings, Inc. |  | 212426 |
| &nbsp;&nbsp;&nbsp;&nbsp;139021 | RealReal, Inc. (The)\* |  | 1704397 |
| 6880 | Red Rock Resorts, Inc., Class A |  | 416584 |
| 38616 | Revolve Group, Inc.\* |  | 971579 |
| 89357 | Rush Street Interactive, Inc.\* |  | 1764801 |
| 94221 | Sally Beauty Holdings, Inc.\* |  | 1514131 |
| 19573 | Shoe Carnival, Inc. |  | 395179 |
| 12860 | Signet Jewelers Ltd. |  | 1237003 |
| 18223 | Sleep Number Corp.\* |  | 112436 |
| 164210 | Solid Power, Inc.\* |  | 581303 |
| 6189 | Sonic Automotive, Inc., Class A |  | 388174 |
| 87494 | Sonos, Inc.\* |  | 1347408 |
| 10908 | Standard Motor Products, Inc. |  | 432829 |
| 30356 | Steven Madden Ltd. |  | 1095852 |
| 161187 | Stitch Fix, Inc., Class A\* |  | 536753 |
| 2984 | Strategic Education, Inc. |  | 245524 |
| 4957 | Strattec Security Corp.\* |  | 436216 |
| 15105 | Stride, Inc.\* |  | 1274560 |
| 6329 | Sturm Ruger & Co., Inc. |  | 236958 |
| 52154 | Super Group SGHC Ltd. (Guernsey) |  | 558048 |
| 7302 | Superior Group of Cos., Inc. |  | 72509 |
| 34384 | Target Hospitality Corp.\* |  | 267851 |
| 21313 | Taylor Morrison Home Corp.\* |  | 1404314 |
| 120849 | ThredUp, Inc., Class A\* |  | 589743 |
| 21937 | Tri Pointe Homes, Inc.\* |  | 1015683 |
| 139402 | Udemy, Inc.\* |  | 701192 |
| 33196 | Universal Technical Institute, Inc.\* |  | 1201695 |
| 63928 | Upbound Group, Inc. |  | 1371256 |
| 15408 | Urban Outfitters, Inc.\* |  | 1020010 |
| 28231 | Victoria's Secret & Co.\* |  | 1770084 |
| 9060 | Visteon Corp. |  | 866770 |
| 39380 | Warby Parker, Inc., Class A\* |  | 984894 |
| 3450 | Winmark Corp. |  | 1574028 |
| 12508 | Winnebago Industries, Inc. |  | 498944 |
| 22107 | Wolverine World Wide, Inc. |  | 390631 |
| 18818 | XPEL, Inc.\* |  | 802023 |
| 20978 | Zumiez, Inc.\* |  | 550043 |
|  |  |  | 96117462 |
| Consumer Staples – 3.2% | Consumer Staples – 3.2% | Consumer Staples – 3.2% | Consumer Staples – 3.2% |
| 10136 | Andersons, Inc. (The) |  | 661779 |
| 37150 | B&G Foods, Inc. |  | 197266 |
| 130387 | Beauty Health Co. (The)\* |  | 135602 |
| 19056 | Cal-Maine Foods, Inc. |  | 1659968 |
| 8316 | Central Garden & Pet Co.\*<sup>(a)</sup> |  | 325904 |
| 16411 | Central Garden & Pet Co., Class A\* |  | 566836 |
| 23448 | Chefs' Warehouse, Inc. (The)\* |  | 1673953 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **47** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> U.S. SMALL CAP EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |
| Consumer Staples – (continued) | Consumer Staples – (continued) | Consumer Staples – (continued) |
| 23388 | Dole PLC | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375144 |
| 11273 | Edgewell Personal Care Co. | 256348 |
| 20488 | Fresh Del Monte Produce, Inc. | 879550 |
| 19484 | Grocery Outlet Holding Corp.\* | 192502 |
| &nbsp;&nbsp;&nbsp;&nbsp;100916 | Hain Celestial Group, Inc. (The)\* | 80672 |
| 145551 | Herbalife Ltd.\* | 2841156 |
| 123017 | Honest Co. Inc. (The)\*<sup>(a)</sup> | 344448 |
| 14770 | Ingles Markets, Inc., Class A | 1256927 |
| 11694 | Interparfums, Inc. | 1178521 |
| 2056 | J & J Snack Foods Corp. | 178995 |
| 1868 | John B Sanfilippo & Son, Inc. | 154315 |
| 16130 | Lifevantage Corp.<sup>(a)</sup> | 75004 |
| 48126 | Mama's Creations, Inc.\* | 824880 |
| 2753 | Marzetti Company (The) | 452428 |
| 14550 | Medifast, Inc.\*<sup>(a)</sup> | 153211 |
| 8542 | MGP Ingredients, Inc. | 162298 |
| 25472 | National Beverage Corp.\* | 925907 |
| 19091 | Natural Grocers by Vitamin Cottage, Inc. | 516030 |
| 71592 | Niagen Bioscience, Inc.\* | 361540 |
| 73139 | Nu Skin Enterprises, Inc., Class A | 620219 |
| 9612 | PriceSmart, Inc. | 1486207 |
| 4622 | Seneca Foods Corp., Class A\* | 642366 |
| 17342 | Simply Good Foods Co. (The)\* | 295855 |
| 9728 | Spectrum Brands Holdings, Inc. | 762481 |
| 9136 | Turning Point Brands, Inc. | 1251541 |
| 57833 | United Natural Foods, Inc.\* | 2209799 |
| 9845 | Universal Corp. | 528972 |
| 15055 | USANA Health Sciences, Inc.\* | 323984 |
| 13008 | Village Super Market, Inc., Class A | 509263 |
| 9802 | Vita Coco Co. Inc. (The)\* | 569104 |
| 27160 | Vital Farms, Inc.\* | 572804 |
| 6782 | WD-40 Co. | 1615472 |
| 12930 | Weis Markets, Inc. | 876137 |
| 8886 | Zevia PBC, Class A\* | 11907 |
|  |  | 28707295 |
| Energy – 4.3% | Energy – 4.3% |  |
| 27936 | Archrock, Inc. | 986979 |
| 19638 | Ardmore Shipping Corp. (Ireland)<sup>(a)</sup> | 321670 |
| 9131 | Bristow Group, Inc.\* | 435549 |
| 11139 | Cactus, Inc., Class A | 601506 |
| 19597 | California Resources Corp. | 1153087 |
| 3616 | Centrus Energy Corp., Class A\* | 732565 |
| 160118 | Clean Energy Fuels Corp.\* | 361867 |
| 33670 | CNX Resources Corp.\* | 1406733 |
| 24862 | Comstock Resources, Inc.\* | 487544 |
| 20843 | Core Laboratories, Inc. | 366628 |
| 5643 | Core Natural Resources, Inc. | 463177 |
| 13592 | CVR Energy, Inc.\* | 328383 |
| 14615 | Delek US Holdings, Inc. | 556978 |
| 33023 | DHL Holdings, Inc. | 643618 |
| 40061 | Energy Fuels, Inc.\* | 854101 |
| 9578 | Energy Services of America Corp. | 149608 |
| 12614 | Epsilon Energy Ltd. | 64584 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |
| Energy – (continued) | Energy – (continued) | Energy – (continued) |
| 49173 | Evolution Petroleum Corp. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219803 |
| 15540 | FLEX LNG Ltd. (Norway)\*<sup>(a)</sup> | 424553 |
| 10599 | Golar LNG Ltd. (Cameroon) | 471232 |
| 38928 | Granite Ridge Resources, Inc. | 196976 |
| 4330 | Gulfport Energy Corp.\* | 903498 |
| 98838 | Helix Energy Solutions Group, Inc.\* | 908321 |
| 10728 | Helmerich & Payne, Inc. | 377840 |
| 6969 | International Seaways, Inc. | 526369 |
| 5312 | Kinetik Holdings, Inc.<sup>(a)</sup> | 241643 |
| 17270 | Kodiak Gas Services, Inc. | 942424 |
| 37596 | Liberty Energy, Inc. | 1056072 |
| 28616 | Lightbridge Corp.\*<sup>(a)</sup> | 370005 |
| 47950 | Magnolia Oil & Gas Corp., Class A | 1333969 |
| 20676 | Murphy Oil Corp. | 685409 |
| 5209 | NACCO Industries, Inc., Class A | 298892 |
| 34267 | National Energy Services Reunited Corp.\* | 858388 |
| 11506 | Natural Gas Services Group, Inc. | 440220 |
| 17614 | Navigator Holdings Ltd. | 370246 |
| 14663 | Noble Corp. PLC<sup>(a)</sup> | 666140 |
| 89529 | Nordic American Tankers Ltd. | 513001 |
| 16267 | Oceaneering International, Inc.\* | 577479 |
| 83337 | Oil States International, Inc.\* | 1090881 |
| 18997 | Par Pacific Holdings, Inc.\* | 810602 |
| 99461 | Patterson-UTI Energy, Inc. | 846413 |
| 8959 | PBF Energy, Inc., Class A | 318940 |
| 20428 | Peabody Energy Corp. | 644299 |
| 70350 | ProPetro Holding Corp.\* | 853345 |
| 16882 | REX American Resources Corp.\* | 600324 |
| 12859 | Riley Exploration Permian, Inc. | 370854 |
| 59363 | RPC, Inc. | 344899 |
| 26135 | SandRidge Energy, Inc. | 458147 |
| 10667 | Scorpio Tankers, Inc. (Monaco) | 843546 |
| 6977 | Seadrill Ltd. (Norway)\* | 306151 |
| 17530 | Select Water Solutions, Inc. | 239635 |
| 23144 | SFL Corp. Ltd. (Norway) | 254815 |
| 16884 | Solaris Oilfield Infrastructure, Inc. | 837953 |
| 41669 | Talos Energy, Inc.\* | 510445 |
| 49073 | Teekay Corp. Ltd. (Bermuda) | 635495 |
| 9273 | Teekay Tankers Ltd., Class A (Canada) | 725798 |
| 66544 | TETRA Technologies, Inc.\* | 576271 |
| 7626 | Tidewater, Inc.\* | 605657 |
| &nbsp;&nbsp;&nbsp;&nbsp;196571 | Transocean Ltd.\* | 1273780 |
| 42829 | Uranium Energy Corp.\* | 656569 |
| 78494 | VAALCO Energy, Inc. | 404244 |
| 8517 | Valaris Ltd.\* | 816354 |
| 16189 | Vitesse Energy, Inc.<sup>(a)</sup> | 312610 |
| 26602 | World Kinect Corp. | 663720 |
|  |  | 38298804 |
| Financials – 18.1% | Financials – 18.1% |  |
| 3790 | 1st Source Corp. | 253968 |
| 39178 | Acadian Asset Management, Inc. | 2110127 |
| 9388 | ACRES Commercial Realty Corp. REIT\* | 173772 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 48 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> U.S. SMALL CAP EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Financials – (continued) | Financials – (continued) | Financials – (continued) |
| 53404 | Adamas Trust, Inc. REIT | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440049 |
| 17442 | Amalgamated Financial Corp. | 671343 |
| 33384 | American Coastal Insurance Corp. | 380244 |
| 18767 | Ameris Bancorp | 1457445 |
| 12703 | AMERISAFE, Inc. | 413229 |
| 3550 | Ames National Corp. | 95885 |
| 18555 | Apollo Commercial Real Estate Finance, Inc. REIT | 196683 |
| 36533 | Arbor Realty Trust, Inc. REIT | 289707 |
| 11219 | Arrow Financial Corp. | 373705 |
| 39083 | Artisan Partners Asset Management, Inc., Class A | 1574263 |
| 29724 | Associated Banc-Corp. | 785011 |
| 24923 | Atlantic Union Banksharcs Corp. | 923646 |
| 6006 | Atlanticus Holdings Corp.\* | 314174 |
| 21065 | Axos Financial, Inc.\* | 1828863 |
| 22251 | Banc of California, Inc. | 410976 |
| 6462 | BancFirst Corp. | 710820 |
| 26023 | Banco Latinoamericano de Comercio Exterior SA, Class E (Panama) | 1301931 |
| 28967 | Bancorp, Inc. (The)\* | 1520478 |
| 4031 | Bank First Corp. | 542855 |
| 6799 | Bank of Hawaii Corp. | 515160 |
| 33790 | Bank of NT Butterfield & Son Ltd. (The) (Bermuda) | 1714842 |
| 22450 | BankUnited, Inc. | 1048415 |
| 8664 | Bankwell Financial Group, Inc. | 404609 |
| 9674 | Banner Corp. | 569315 |
| 22632 | BCB Bancorp, Inc. | 181056 |
| 20186 | Berkshire Hills Bancorp, Inc. | 600332 |
| 7259 | Better Home & Finance Holding Co.\*<sup>(a)</sup> | 238821 |
| 57802 | BGC Group, Inc., Class A | 550275 |
| 26391 | Blackstone Mortgage Trust, Inc., Class A REIT | 506971 |
| 1159 | Bowhead Specialty Holdings, Inc.\* | 29357 |
| 16787 | Bread Financial Holdings, Inc. | 1189527 |
| 20617 | Burford Capital Ltd. | 174007 |
| 7485 | Business First Bancshares, Inc. | 204340 |
| 13204 | BV Financial, Inc.\* | 246651 |
| 9924 | Byline Bancorp, Inc. | 309629 |
| 2605 | C&F Financial Corp. | 189696 |
| 8934 | Camden National Corp. | 412393 |
| &nbsp;&nbsp;&nbsp;&nbsp;65867 | Cantaloupe, Inc.\* | 687651 |
| 12071 | Capital City Bank Group, Inc. | 517182 |
| 25053 | Capitol Federal Financial, Inc. | 179881 |
| 4776 | Cass Information Systems, Inc. | 211959 |
| 16124 | Cathay General Bancorp | 801524 |
| 7126 | CB Financial Services, Inc. | 248056 |
| 15378 | Central Pacific Financial Corp. | 489789 |
| 4840 | Chemung Financial Corp. | 268717 |
| 17931 | Chimera Investment Corp. REIT | 244041 |
| 5795 | ChoiceOne Financial Services, Inc. | 165853 |
| 13140 | Citizens Community Bancorp, Inc. | 228767 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |
| Financials – (continued) | Financials – (continued) |  |
| 44192 | Citizens, Inc.\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239521 |
| 4773 | City Holding Co. | 572617 |
| 18977 | Civista Bancshares, Inc. | 451842 |
| 8293 | CNB Financial Corp. | 232287 |
| &nbsp;&nbsp;&nbsp;&nbsp;42957 | CNO Financial Group, Inc. | 1796032 |
| 5531 | Coastal Financial Corp.\* | 410345 |
| 16007 | Cohen & Steers. Inc. | 1070388 |
| 9127 | Community Financial System, Inc. | 552640 |
| 5324 | Community Trust Bancorp, Inc. | 319653 |
| 19989 | ConnectOne Bancorp, Inc. | 530308 |
| 6986 | Consumer Portfolio Services, Inc.\* | 56587 |
| 12505 | Customers Bancorp. Inc.\* | 843337 |
| 15667 | CVB Financial Corp. | 301276 |
| 10307 | Dave, Inc.\* | 1992034 |
| 3524 | Diamond Hill Investment Group, Inc. | 605670 |
| 10069 | Dime Community Bancshares, Inc. | 325732 |
| 14340 | Donegal Group, Inc., Class A | 252671 |
| 7534 | Donnelley Financial Solutions, Inc.\* | 374892 |
| 43672 | Dynex Capital, Inc. REIT | 612718 |
| 11274 | Eagle Bancorp Montana, Inc. | 244646 |
| 19202 | Eastern Bankshares, Inc. | 375591 |
| 9936 | ECB Bancorp, Inc.\*<sup>(a)</sup> | 170800 |
| 43897 | eHealth, Inc.\* | 57066 |
| 42286 | Ellington Financial, Inc. REIT | 525192 |
| 6987 | Employers Holdings, Inc. | 288912 |
| 14998 | Enact Holdings, Inc. | 627516 |
| 19355 | Enova International, Inc.\* | 2691313 |
| 9815 | Enterprise Financial Services Corp. | 560436 |
| 9456 | Esquire Financial Holdings, Inc. | 954867 |
| 30067 | Essent Group Ltd. | 1829276 |
| 27646 | EVERTEC, Inc. (Puerto Rico) | 782658 |
| 15492 | Farmers National Banc Corp. | 200312 |
| 5876 | FB Financial Corp. | 321358 |
| 6093 | Federal Agricultural Mortgage Corp., Class C | 960622 |
| 2851 | Fidelity D&D Bancorp, Inc. | 125016 |
| 18595 | Financial Institutions, Inc. | 583511 |
| 10996 | Finwise Bancorp\* | 185173 |
| 10269 | First Bancorp | 583176 |
| 9801 | First Bancorp, Inc. (The) | 270998 |
| 65970 | First BanCorp. (Puerto Rico) | 1393946 |
| 8927 | First Busey Corp. | 226389 |
| 10791 | First Business Financial Services, Inc. | 589728 |
| 14983 | First Commonwealth Financial Corp. | 262652 |
| 7815 | First Community Corp/SC | 225228 |
| 21087 | First Financial Bancorp | 591912 |
| 27979 | First Financial Bankshares, Inc. | 865390 |
| 10840 | First Financial Corp. | 686822 |
| 10535 | First Internet Bancorp | 213650 |
| 14578 | First Interstate BancSystem, Inc., Class A | 504545 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **49** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> U.S. SMALL CAP EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Financials – (continued) | Financials – (continued) | Financials – (continued) |
| 21256 | First Merchants Corp. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830684 |
| 7908 | First Mid Bancshares, Inc. | 324307 |
| 11882 | First National Corp.<sup>(a)</sup> | 315467 |
| 7574 | First United Corp. | 268650 |
| 9398 | FirstCash Holdings, Inc. | 1811840 |
| 10711 | Flushing Financial Corp. | 165271 |
| 29115 | Franklin BSP Realty Trust, Inc. REIT | 265820 |
| 6056 | Franklin Financial Services Corp. | 311763 |
| 5998 | FS Bancorp, Inc. | 236981 |
| 43551 | Fulton Financial Corp. | 890618 |
| 8006 | GBank Financial Holdings, Inc.\* | 241861 |
| &nbsp;&nbsp;&nbsp;&nbsp;95954 | Genworth Financial, Inc., Class A\* | 809852 |
| 4444 | German American Bancorp, Inc. | 183715 |
| 15114 | Glacier Bancorp, Inc. | 687536 |
| 4351 | Great Southern Bancorp, Inc. | 267717 |
| 8094 | Greene County Bancorp, Inc. | 178635 |
| 8789 | HA Sustainable Infrastructure Capital, Inc. REIT | 320974 |
| 35892 | Hamilton Insurance Group Ltd., Class B (Bermuda)\* | 1133828 |
| 24620 | Hancock Whitney Corp. | 1620242 |
| 22992 | Hanmi Financial Corp. | 600321 |
| 7208 | Hanover Bancorp, lnc.<sup>(a)</sup> | 149061 |
| 6078 | Hawthorn Bancshares, Inc. | 200513 |
| 9509 | HC1 Group, Inc. | 1677578 |
| 22208 | Heritage Commerce Corp. | 276045 |
| 14075 | Heritage Financial Corp. | 371721 |
| 33912 | Heritage Insurance Holdings, Inc.\* | 945127 |
| 9909 | Hilltop Holdings, Inc. | 370894 |
| 1138 | Hingham Institution For Savings (The)<sup>(a)</sup> | 317639 |
| 13683 | Hippo Holdings, Inc.\* | 393523 |
| 7610 | Home Bancorp, Inc. | 449751 |
| 39852 | Home BancShares, Inc. | 1094336 |
| 8200 | HomeTrust Bancshares, Inc. | 345548 |
| 30305 | Hope Bancorp, Inc. | 341234 |
| 14525 | Horace Mann Educators Corp. | 631983 |
| 20175 | Horizon Bancorp, Inc. | 339747 |
| 21783 | Independent Bank Corp. | 756959 |
| 9927 | Independent Bank Corp. | 775001 |
| 17897 | International Bancshares Corp. | 1201068 |
| 37691 | International Money Express, Inc.\* | 594764 |
| 34939 | Invesco Mortgage Capital, Inc. REIT | 294536 |
| 1544 | Investors Title Co. | 356510 |
| 22436 | Jackson Financial, Inc., Class A | 2456293 |
| 32257 | James River Group Holdings, Inc. | 225799 |
| 29558 | Kearny Financial Corp. | 226119 |
| 14212 | Kingstone Cos., Inc. | 234214 |
| 5795 | Ladder Capital Corp. REIT | 60094 |
| 5895 | Lakeland Financial Corp. | 342441 |
| 6647 | Landmark Bancorp, Inc. | 184388 |
| 10502 | Lemonade, Inc.\* | 543373 |
| 29659 | LendingClub Corp.\* | 442216 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Financials – (continued) | Financials – (continued) | Financials – (continued) |
| 5349 | Live Oak Bancshares, Inc. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194008 |
| 66342 | Lument Finance Trust, Inc. REIT | 91552 |
| 28993 | Marex Group PLC (United Kingdom) | 1260036 |
| 70563 | Marqeta, Inc., Class A\* | 270962 |
| 57969 | MBIA, Inc.\* | 379697 |
| 20395 | Medallion Financial Corp. | 205786 |
| 10739 | Mercantile Bank Corp. | 554777 |
| 20488 | Merchants Bancorp | 866233 |
| 18754 | Mercury General Corp. | 1698737 |
| 13826 | Meridian Corp. | 268777 |
| 7907 | Metropolitan Bank Holding Corp. | 665374 |
| 30952 | MFA Financial, Inc. REIT | 312925 |
| 5745 | Mid Penn Bancorp, Inc. | 184817 |
| 2617 | Middlefield Banc Corp. | 88114 |
| 8801 | Midland States Bancorp, Inc. | 194766 |
| 23930 | Moelis & Co., Class A | 1420485 |
| 7753 | National Bank Holdings Corp., Class A | 310042 |
| 8944 | National Bankshares, Inc. | 335847 |
| 21306 | Navient Corp. | 187280 |
| 7750 | NBT Bancorp, Inc. | 331080 |
| 14095 | NCR Atleos Corp.\* | 624127 |
| 2180 | Nelnet. Inc., Class A | 282223 |
| 24157 | NewtekOne, Inc. | 296648 |
| 9221 | Nexpoint Real Estate Finance, Inc. REIT | 133797 |
| 7964 | Nicolet Bankshares. Inc. | 1216581 |
| 29234 | NMI Holdings, Inc.\* | 1149189 |
| 9873 | Northeast Bank | 1094718 |
| 9492 | Northeast Community Bancorp, Inc. | 229706 |
| 16434 | Northrim BanCorp, Inc. | 386035 |
| 34954 | Northwest Bancshares, Inc. | 435177 |
| 7028 | Norwood Financial Corp. | 204234 |
| 10496 | Oak Valley Bancorp | 335872 |
| 20794 | OceanFirst Financial Corp. | 375540 |
| 9488 | Octave Specialty Group, Inc.\* | 50761 |
| 20445 | OFG Bancorp (Puerto Rico) | 819436 |
| 5802 | Ohio Valley Banc Corp. | 247339 |
| &nbsp;&nbsp;&nbsp;&nbsp;71191 | Old National Bancorp | 1644512 |
| 17678 | Old Second Bancorp, Inc. | 347019 |
| 17955 | OP Bancorp | 239879 |
| 58583 | Oportun Financial Corp.\* | 303460 |
| 21957 | OppFi, Inc. | 201565 |
| 5827 | Origin Bancorp, Inc. | 242403 |
| 79975 | Pagseguro Digital Ltd., Class A (Brazil) | 848535 |
| 8980 | Palomar Holdings. Inc.\* | 1110916 |
| 3302 | Park National Corp. | 543278 |
| 14539 | Parke Bancorp, Inc. | 405056 |
| 19473 | Pathward Financial, Inc. | 1767954 |
| 30949 | Patria Investments Ltd., Class A<br> (Cayman Islands) | 406051 |
| 45109 | Payoneer Global, Inc.\* | 194871 |
| 4311 | Paysafe Ltd.\*<sup>(a)</sup> | 26987 |
| 15983 | PCB Bancorp | 357380 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 50 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> U.S. SMALL CAP EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Financials – (continued) | Financials – (continued) | Financials – (continued) |
| 15285 | Peapack-Gladstone Financial Corp. | $511895 |
| 5877 | PennyMac Financial Services, Inc. | 540273 |
| 22208 | PennyMac Mortgage Investment Trust REIT | 272270 |
| 3590 | Peoples Bancorp of North Carolina, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137174 |
| 9202 | Peoples Bancorp, Inc . | 296948 |
| 6426 | Peoples Financial Services Corp. | 344434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13130 | Perella Weinberg Partners | 243036 |
| 4509 | Piper Sandler Cos. | 1332635 |
| 13071 | PJT Partners, Inc., Class A | 1930325 |
| 3078 | Plumas Bancorp | 154823 |
| 14848 | PRA Group, Inc.\* | 233856 |
| 9254 | Preferred Bank | 811761 |
| 41722 | PROG Holdings, Inc. | 1469032 |
| 31608 | Provident Financial Services, Inc. | 665032 |
| 6106 | QCR Holdings, Inc. | 528169 |
| 49007 | Radian Group, Inc. | 1691722 |
| 6265 | Redwood Trust, Inc. REIT | 37903 |
| 13385 | Regional Management Corp. | 425911 |
| 19202 | Renasant Corp. | 722955 |
| 7318 | Republic Bancorp, Inc., Class A | 504942 |
| 22163 | Ridgepost Capital, Inc., Class A | 178855 |
| 31153 | Riverview Bancorp, Inc. | 166669 |
| 12485 | Root, Inc. , Class A\* | 647722 |
| 7326 | S&T Bancorp, Inc. | 306300 |
| 3061 | Safety Insurance Group, Inc. | 237625 |
| 8714 | SB Financial Group, Inc. | 180903 |
| 13835 | Seacoast Banking Corp. of Florida | 430545 |
| 22012 | Security National Financial Corp., Class A\* | 199429 |
| 11294 | Selective Insurance Group, Inc. | 949148 |
| 69669 | Selectquote, Inc.\* | 59922 |
| 14266 | ServisFirst Bancshares, Inc. | 1155689 |
| 22466 | Sezzle, Inc.\* | 1638895 |
| 13019 | Sierra Bancorp | 468424 |
| 22623 | Simmons First National Corp., Class A | 450424 |
| 38319 | SiriusPoint Ltd.\* | 810064 |
| 14767 | Skyward Specialty Insurance Group, Inc.\* | 686222 |
| 9209 | Southern First Bancshares, Inc.\* | 514231 |
| 6682 | Southern Missouri Bancorp, Inc. | 413683 |
| 4915 | Southside Bancshares, Inc. | 153938 |
| 11977 | SR Bancorp, Inc. | 198219 |
| 11957 | Stellar Bancorp, Inc. | 450301 |
| 19068 | StepStone Group, Inc., Class A | 822593 |
| 6527 | Stewart Information Services Corp. | 463352 |
| 9255 | Stock Yards Bancorp, Inc. | 593616 |
| 47330 | StoneCo Ltd., Class A (Brazil)\* | 795144 |
| 20319 | StoneX Group, Inc.\* | 2590672 |
| 10676 | Texas Capital Bancshares, Inc.\* | 1017423 |
| 3141 | Timberland Bancorp, Inc. | 119609 |
| 9703 | Tiptree, Inc. | 165242 |
| 3605 | Tompkins Financial Corp. | 276540 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |  |
| Financials – (continued) | Financials – (continued) |  |  |
| 16084 | Towne Bank | $| 551038 |
| 31960 | TPG RE Finance Trust, Inc. REIT |  | 270382 |
| 7083 | TriCo Bancshares |  | 338426 |
| 9138 | TrustCo Bank Corp. |  | 396315 |
| 17239 | Trustmark Corp. |  | 734209 |
| 18153 | Two Harbors Investment Corp. REIT |  | 187520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16961 | UMB Financial Corp. |  | 1965441 |
| 24476 | United Bankshares, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010859 |
| 21794 | United Community Banks, Inc. |  | 701113 |
| 8602 | United Fire Group, Inc. |  | 334274 |
| 18379 | United Security Bancshares |  | 190958 |
| 10016 | Unity Bancorp, Inc. |  | 532751 |
| 34522 | Universal Insurance Holdings, Inc. |  | 1214139 |
| 18600 | Univest Financial Corp. |  | 624030 |
| 126819 | Valley National Bancorp |  | 1599188 |
| 13013 | Victory Capital Holdings, Inc., Class A |  | 900239 |
| 7376 | Virginia National Bankshares Corp. |  | 285599 |
| 4243 | Virtus Investment Partners, Inc. |  | 587061 |
| 12989 | WaFd, Inc. |  | 404737 |
| 4497 | Walker & Dunlop, Inc . |  | 206907 |
| 7979 | Washington Trust Bancorp, Inc. |  | 268812 |
| 22327 | Waterstone Financial, Inc. |  | 397644 |
| 17713 | WesBanco, Inc. |  | 617652 |
| 19429 | West BanCorp, Inc. |  | 473096 |
| 10466 | Westamerica BanCorp |  | 530103 |
| 28024 | Western New England Bancorp, Inc. |  | 360108 |
| 80681 | WisdomTree, Inc. |  | 1380452 |
| 3889 | World Acceptance Corp.\* |  | 524548 |
| 10803 | WSFS Financial Corp. |  | 686098 |
|  |  |  | 162014536 |
| Health Care – 17.5% | Health Care – 17.5% | Health Care – 17.5% | Health Care – 17.5% |
| 68456 | I OX Genomics, Inc., Class A\* |  | 1577911 |
| 15866 | 4D Molecular Therapeutics, Inc.\* |  | 153266 |
| 92124 | ACADIA Pharmaceuticals, Inc.\* |  | 2262565 |
| 64776 | Accendra Health, Inc.\* |  | 156758 |
| 5080 | Acme United Corp. |  | 228651 |
| 53954 | AdaptHealth Corp.\* |  | 493679 |
| 58333 | Adaptive Biotechnologies Corp.\* |  | 934495 |
| 6229 | Addus HomeCare Corp.\* |  | 644888 |
| 78644 | ADMA Biologics, Inc.\* |  | 1224487 |
| 374006 | Akebia Therapeutics, Inc.\* |  | 489948 |
| 73433 | Aldeyra Therapeutics, Inc .\* |  | 400944 |
| 30576 | Alignment Healthcare, Inc.\* |  | 587671 |
| 92495 | Alkermes PLC\* |  | 2784100 |
| 104919 | Alphatec Holdings, Inc.\* |  | 1428997 |
| 115502 | Amicus Therapeutics, Inc.\* |  | 1659764 |
| 36908 | AMN Healthcare Services, Inc.\* |  | 718968 |
| 137560 | Amneal Pharmaceuticals, Inc.\* |  | 1899704 |
| 38794 | Amphastar Pharmaceuticals, Inc.\* |  | 784803 |
| 47360 | Amylyx Pharmaceuticals, Inc.\* |  | 718451 |
| 5734 | AnaptysBio, Inc.\* |  | 315657 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **51** |

---

------

GOLDMAN SACHS ACTIVE BETA <sup>®</sup> U.S. SMALL CAP EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Health Care – (continued) | Health Care – (continued) | Health Care – (continued) |
| 52144 | AngioDynamics, Inc.\* | $596527 |
| 14764 | ANI Pharmaceuticals, Inc.\* | 1091060 |
| 13355 | Anika Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191778 |
| 3062 | Apogee Therapeutics, Inc.\* | 214340 |
| 45241 | Aquestive Therapeutics, Inc.\* | 180964 |
| 81974 | Arbutus Biopharma Corp.\* | 381999 |
| 6068 | Arcellx, Inc.\* | 690478 |
| 24743 | Arcturus Therapeutics Holdings, Inc.\* | 203635 |
| 9037 | Arcus Biosciences, Inc.\* | 184084 |
| 73451 | Arcutis Biotherapeutics, Inc .\* | 1980973 |
| 9431 | Arrowhead Pharmaceuticals, Inc.\* | 596699 |
| 17612 | Artivion, Inc.\* | 678062 |
| 14142 | Arvinas, Inc.\* | 187664 |
| 14215 | Astrana Health, Inc.\* | 288991 |
| 40167 | AtriCure, Inc.\* | 1255620 |
| 1496 | Atrium Therapeutics, Inc.\* | 22066 |
| 44023 | Aurinia Pharmaceuticals, Inc. (Canada)\* | 623806 |
| 80654 | Avadel Pharmaceuticals PLC\* | 51619 |
| 67032 | Avanos Medical, Inc.\* | 945151 |
| 21123 | Aveanna Healthcare Holdings, Inc.\* | 155465 |
| 14964 | Avidity Biosciences, Inc.\* | 1077408 |
| 18221 | Avita Medical, Inc.\*<sup>(a)</sup> | 91652 |
| 16217 | Axogen, Inc.\* | 514565 |
| 14380 | Axsome Therapeutics, Inc.\* | 2356738 |
| 27266 | Azenta, Inc.\* | 735637 |
| 6505 | Beam Therapeutics, Inc.\* | 185132 |
| 7628 | Benitec Biopharma, Inc. (Australia)\*<sup>(a)</sup> | 83145 |
| 217377 | BioCryst Pharmaceuticals, Inc.\* | 1902049 |
| 23332 | BioLife Solutions, Inc.\* | 564634 |
| 21483 | Bridgebio Pharma, Inc.\* | 1428190 |
| 28560 | BrightSpring Health Services, Inc.\* | 1183241 |
| 60875 | Brookdale Senior Living, Inc.\* | 931387 |
| 59761 | Butterfly Network, Inc.\* | 226494 |
| 19913 | Capricor Therapeutics, Inc.\* | 556170 |
| 72911 | CareDx, Inc.\* | 1367810 |
| 34033 | Castle Biosciences, Inc.\* | 1006356 |
| 95493 | Catalyst Pharmaceuticals, Inc.\* | 2203978 |
| 6104 | Celcuity, Inc.\* | 681878 |
| 6452 | Celldex Therapeutics, Inc.\* | 194141 |
| 259701 | Cerus Corp.\* | 664835 |
| 7412 | CG oncology, Inc.\* | 435826 |
| 25376 | ClearPoint Neuro, Inc.\*<sup>(a)</sup> | 318976 |
| 12116 | Cogent Biosciences, Inc.\* | 470707 |
| 34837 | Collegium Pharmaceutical, Inc.\* | 1451658 |
| 130831 | Community Health Systems, Inc.\* | 452675 |
| 22997 | Concentra Group Holdings Parent, Inc. | 551008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18117 | CONMED Corp. | 833382 |
| 56740 | CorMedix, Inc.\*<sup>(a)</sup> | 404556 |
| 11014 | CorVel Corp.\* | 568102 |
| 45480 | Corvus Pharmaceuticals, Inc.\* | 830465 |
| 5614 | Crinetics Pharmaceuticals, Inc.\* | 230735 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Health Care – (continued) | Health Care – (continued) | Health Care – (continued) |
| 7192 | CRISPR Therapeutics AG (Switzerland)\*<sup>(a)</sup> | $432527 |
| 46810 | Cross Country Healthcare, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407247 |
| 30240 | CryoPort, Inc.\* | 254621 |
| 20245 | Cullinan Therapeutics, Inc.\* | 313798 |
| 126714 | Cytek Biosciences, Inc.\* | 567679 |
| 3558 | Cytokinetics, Inc.\* | 221379 |
| 45433 | Definitive Healthcare Corp.\* | 58154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30993 | Definium Therapeutics, Inc.\* | 540828 |
| 42412 | Delcath Systems, Inc.\*<sup>(a)</sup> | 377467 |
| 10070 | Denali Therapeutics, Inc.\* | 213283 |
| 5213 | Dianthus Therapeutics, Inc.\* | 287705 |
| 2961 | Disc Medicine, Inc.\* | 197262 |
| 129983 | DocGo, Inc.\* | 93328 |
| 9340 | Electromed, Inc .\* | 221358 |
| 82233 | Embecta Corp. | 843711 |
| 76376 | Emergent BioSolutions, Inc.\* | 622464 |
| 70904 | Enhabit, Inc.\* | 965003 |
| 28303 | Enovis Corp.\* | 720877 |
| 14101 | Ensign Group, Inc. (The) | 3020011 |
| 35954 | Entrada Therapeutics, Inc.\* | 428931 |
| 120599 | Esperion Therapeutics, Inc.\* | 404007 |
| 30873 | Eton Pharmaceuticals, Inc.\* | 524532 |
| 87694 | Evolus, Inc.\* | 377084 |
| 16184 | EyePoint, Inc.\* | 284191 |
| 68809 | Fortrea Holdings, Inc.\* | 737632 |
| 63112 | Fulcrum Therapeutics, Inc.\* | 528879 |
| 15774 | Fulgent Genetics, Inc.\* | 241815 |
| 12200 | GeneDx Holdings Corp.\* | 972462 |
| 9021 | Glaukos Corp.\* | 1086128 |
| 49919 | Gossamer Bio, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21211 |
| 10904 | GRAIL, Inc. \* | 580420 |
| 24402 | Guardant Health, Inc.\* | 2291348 |
| 21372 | Guardian Pharmacy Services, Inc., Class A\* | 716176 |
| 6575 | Haemonetics Corp.\* | 416329 |
| 42857 | Harmony Biosciences Holdings, Inc.\* | 1223139 |
| 22196 | Harrow, Inc.\* | 1202579 |
| 81839 | Health Catalyst, Inc.\* | 132579 |
| 16968 | HealthEquity, Inc.\* | 1297882 |
| 22003 | HealthStream, Inc. | 467124 |
| 54664 | Hims & Hers Health, Inc.\* | 793721 |
| 5144 | ICU Medical, Inc.\* | 774584 |
| 14038 | Ideaya Biosciences, Inc.\* | 452024 |
| 10407 | Immunome, Inc.\* | 227497 |
| 23392 | Indivior Pharmaceuticals, Inc.\* | 765386 |
| 4220 | Inhibrx Biosciences, Inc.\* | 312829 |
| 68117 | Innoviva, Inc.\* | 1563966 |
| 9325 | Integer Holdings Corp.\* | 808291 |
| 34765 | Integra LifeSciences Holdings Corp.\* | 395626 |
| 12161 | iRadimed Corp. | 1259028 |
| 9447 | iRhythm Holdings, Inc.\* | 1263536 |
| 20809 | Joint Corp. (The)\* | 183119 |
| 10839 | KalVista Pharmaceuticals, Inc.\* | 176459 |
| 38303 | Keros Therapeutics, Inc.\* | 543520 |
| 9212 | Kodiak Sciences, Inc.\* | 246882 |
| 64756 | KORU Medical Systems, Inc.\* | 308886 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 52 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVE BETA <sup>®</sup> U.S. SMALL CAP EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Health Care – (continued) | Health Care – (continued) | Health Care – (continued) |
| 3884 | Krystal Biotech, Inc.\* | $1070586 |
| 72036 | Kura Oncology, Inc.\* | 628874 |
| 3533 | Kymera Therapeutics, Inc.\* | 322740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15937 | Lantheus Holdings, Inc.\* | 1193841 |
| 7179 | LeMaitre Vascular, Inc. | 776624 |
| 14338 | LENSAR, Inc.\*<sup>(a)</sup> | 171626 |
| 56169 | LifeMD, Inc.\* | 149971 |
| 47290 | LifeStance Health Group, Inc.\* | 342380 |
| 8154 | Ligand Pharmaceuticals, Inc .\* | 1617020 |
| 21023 | Liquidia Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652133 |
| 12719 | LivaNova PLC\* | 897961 |
| 1995 | Madrigal Pharmaceuticals, Inc.\* | 861840 |
| 12764 | Merit Medical Systems, Inc.\* | 985126 |
| 7850 | Mesa Laboratories, Inc. | 758075 |
| 169503 | MiMedx Group, Inc.\* | 828870 |
| 7336 | Mineralys Therapeutics, Inc.\* | 214651 |
| 17934 | Mirum Pharmaceuticals, Inc.\* | 1655129 |
| 4787 | Monopar Therapeutics, Inc.<sup>(a)</sup> | 262352 |
| 14262 | Monte Rosa Therapeutics, Inc.\* | 253151 |
| 128562 | Myriad Genetics, Inc.\* | 592671 |
| 7159 | National HealthCare Corp. | 1170496 |
| 15722 | National Research Corp. | 210832 |
| 16491 | NeuroPace, Inc.\* | 240439 |
| 15557 | Novocure Ltd.\* | 212664 |
| 16329 | Nurix Therapeutics, Inc.\* | 260774 |
| 4794 | Nutex Health, Inc.\*<sup>(a)</sup> | 529545 |
| 4704 | Nuvalent, Inc., Class A\* | 479573 |
| 37149 | Nuvation Bio, Inc.\* | 219551 |
| 15870 | Nuvectis Pharma, Inc.\*<sup>(a)</sup> | 140608 |
| 29643 | Ocular Therapeutix, Inc.\* | 265008 |
| 6234 | Olema Pharmaceuticals, Inc.\* | 150863 |
| 119317 | OmniAb, Inc.\* | 205225 |
| 1368 | OmniAb, Inc. 12.5 Earnout\*<sup>(b)</sup> |  |
| 1368 | OmniAb, Inc. 15.00 Earnout\*<sup>(b)</sup> |  |
| 16768 | Omnicell, Inc.\* | 689165 |
| 89791 | Oncology Institute, Inc. (The)\* | 259496 |
| 256221 | OPKO Health, Inc.\* | 307465 |
| 37079 | Option Care Health, Inc.\* | 1203584 |
| 112312 | OraSure Technologies, Inc.\* | 353783 |
| 85266 | Organogenesis Holdings, Inc.\* | 273704 |
| 58048 | Orthofix Medical, Inc.\* | 785389 |
| 24161 | OrthoPediatrics Corp.\* | 463166 |
| 46244 | Pacira BioSciences, Inc.\* | 1013206 |
| 3963 | Palvella Therapeutics, Inc.\* | 535084 |
| 46449 | Pediatrix Medical Group, Inc.\* | 922013 |
| 16988 | Pennant Group, Inc. (The)\* | 572665 |
| 26202 | Personalis, Inc.\* | 237390 |
| 20859 | Phathom Pharmaceuticals, Inc.\* | 261989 |
| 29338 | Phibro Animal Health Corp., Class A | 1601561 |
| 77954 | Phreesia, Inc.\* | 961173 |
| 1308 | Praxis Precision Medicines, Inc.\* | 440469 |
| 87807 | Precigen, Inc.\* | 332789 |
| 21300 | Prestige Consumer Healthcare, Inc.\* | 1476090 |
| 21522 | Privia Health Group, Inc.\* | 511148 |
| 5445 | PROCEPT BioRobotics Corp.\* | 123547 |
| 27964 | Progyny, Inc.\* | 494683 |
| 8900 | Protagonist Therapeutics, Inc.\* | 819512 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Health Care – (continued) | Health Care – (continued) | Health Care – (continued) | Health Care – (continued) |
| 38512 | PTC Therapeutics, Inc.\* | $| 2626133 |
| 63462 | Puma Biotechnology, Inc.\* |  | 361733 |
| 6014 | QuidelOrtho Corp.\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136758 |
| 9038 | RadNet, Inc.\* |  | 630943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21357 | Relay Therapeutics, Inc.\* |  | 219123 |
| 115714 | Rezolute, Inc.\* |  | 371442 |
| 7702 | Rhythm Pharmaceuticals, Inc.\* |  | 714206 |
| 26368 | Rigel Pharmaceuticals, Inc.\* |  | 916024 |
| 2107 | Sanara Medtech, Inc .\* |  | 43067 |
| 9621 | SANUWAVE Health, Inc.\*<sup>(a)</sup> |  | 234031 |
| 10231 | Schrodinger, Inc.\*<sup>(a)</sup> |  | 123386 |
| 43641 | Select Medical Holdings Corp. |  | 653306 |
| 53302 | SI-BONE, Inc.\* |  | 827247 |
| 53284 | SIGA Technologies, Inc. |  | 344747 |
| 8967 | Spyre Therapeutics, Inc.\* |  | 385671 |
| 9828 | STAAR Surgical Co.\* |  | 195577 |
| 23731 | Stoke Therapeutics, Inc.\* |  | 864046 |
| 43656 | Supernus Pharmaceuticals, Inc.\* |  | 2389293 |
| 26659 | Surgery Partners, Inc.\* |  | 413214 |
| 8350 | Syndax Pharmaceuticals, Inc.\* |  | 181278 |
| 33905 | Tactile Systems Technology, Inc.\* |  | 993077 |
| 214511 | Talkspace, Inc.\* |  | 1033943 |
| 56884 | Tandem Diabetes Care, Inc.\* |  | 1439165 |
| 27189 | Tango Therapeutics, Inc.\* |  | 302885 |
| 19928 | Tarsus Pharmaceuticals, Inc .\* |  | 1504963 |
| 43936 | Taysha Gene Therapies, Inc.\* |  | 199030 |
| 212978 | Teladoc Health, Inc.\*<sup>(a)</sup> |  | 1120264 |
| 10046 | Terns Pharmaceuticals, Inc.\* |  | 423138 |
| 54883 | TG Therapeutics, Inc.\* |  | 1651429 |
| 40378 | Theravance Biopharma, Inc.\* |  | 736899 |
| 4632 | TransMedics Group, Inc.\* |  | 672844 |
| 53712 | Travere Therapeutics, Inc.\* |  | 1600080 |
| 25637 | Trevi Therapeutics, Inc.\* |  | 305593 |
| 14291 | TruBridge, Inc.\* |  | 275673 |
| 7323 | Twist Bioscience Corp.\* |  | 343595 |
| 893 | UFP Technologies, Inc.\* |  | 188048 |
| 21592 | UroGen Pharma Ltd.\* |  | 468546 |
| 6349 | US Physical Therapy, Inc. |  | 526713 |
| 58683 | Vanda Pharmaceuticals, Inc.\* |  | 522866 |
| 61401 | Varex Imaging Corp.\* |  | 808651 |
| 6050 | Vaxcyte, Inc.\* |  | 373527 |
| 20457 | Veracyte, Inc.\* |  | 748522 |
| 45285 | Verastem, Inc.\* |  | 259030 |
| 23078 | Vericel Corp.\* |  | 823423 |
| 51473 | Viemed Healthcare, Inc.\* |  | 447815 |
| 15070 | Viridian Therapeutics, Inc.\* |  | 442757 |
| 61042 | Voyager Therapeutics, Inc.\* |  | 250272 |
| 13827 | Waystar Holding Corp.\* |  | 354663 |
| 10383 | Xencor, Inc .\* |  | 132591 |
| 11239 | Xenon Pharmaceuticals, Inc. (Canada)\* |  | 485862 |
| 103951 | Xeris Biopharma Holdings, Inc.\* |  | 636180 |
| 8337 | Zenas Biopharma, Inc.\*<sup>(a)</sup> |  | 219680 |
| 14152 | Zymeworks, Inc.\* |  | 329600 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155071541 |
| Industrials – 18.2% | Industrials – 18.2% | Industrials – 18.2% | Industrials – 18.2% |
| 6677 | AAR Corp.\* |  | 782344 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **53** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> U.S. SMALL CAP EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Industrials – (continued) | Industrials – (continued) | Industrials – (continued) |
| 13635 | ABM Industries, Inc. | $606758 |
| 121720 | ACCO Brands Corp. | 495400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34162 | ACV Auctions, Inc., Class A\* | 166027 |
| 14867 | Aebi Schmidt Holding AG (Switzerland) | 214382 |
| 3122 | AeroVironment, Inc .\* | 787525 |
| 2945 | Alamo Group, Inc. | 628846 |
| 7219 | Albany International Corp., Class A | 416175 |
| 93497 | Alight, Inc., Class A | 82249 |
| 6203 | Allegiant Travel Co.\* | 633636 |
| 17391 | Allient, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1145023 |
| 5878 | Ameresco, Inc., Class A\* | 179044 |
| 8595 | American Superconductor Corp.\* | 280025 |
| 10531 | American Woodmark Corp.\* | 527603 |
| 65072 | Amprius Technologies, Inc .\* | 698223 |
| 13006 | Apogee Enterprises, Inc. | 517899 |
| 5323 | ArcBest Corp. | 546459 |
| 52726 | Archer Aviation, Inc. , Class A\*<sup>(a)</sup> | 375409 |
| 11415 | Arcosa, Inc. | 1226884 |
| 4468 | Argan, Inc. | 2016185 |
| 40825 | Array Technologies, Inc .\* | 309454 |
| 15530 | Astec Industries, Inc. | 964258 |
| 13886 | Astronics Corp.\* | 1119489 |
| 8481 | Atkore, Inc. | 548806 |
| 31096 | Atmus Filtration Technologies, Inc. | 2006625 |
| 11637 | AZZ, Inc. | 1582399 |
| 14613 | Barrett Business Services, Inc. | 405803 |
| 16490 | BlackSky Technology, Inc.\* | 310837 |
| 28227 | Bloom Energy Corp., Class A\* | 4394097 |
| 23743 | Blue Bird Corp.\* | 1383505 |
| 9122 | BlueLinx Holdings, Inc.\* | 601322 |
| 12288 | Boise Cascade Co. | 1016709 |
| 19014 | Bowman Consulting Group Ltd.\* | 637730 |
| 45642 | BrightView Holdings, Inc.\* | 629403 |
| 9672 | Brink's Co. (The) | 1129399 |
| 11151 | Brookfield Business Corp., Class A (Canada)<sup>(a)</sup> | 384152 |
| 27095 | Byrna Technologies, Inc.\* | 346274 |
| 6081 | Casella Waste Systems, Inc., Class A\* | 566506 |
| 8504 | CBIZ, Inc. \*<sup>(a)</sup> | 243555 |
| 7815 | CECO Environmental Corp.\* | 472417 |
| 9228 | Chart Industries, Inc.\* | 1912964 |
| 22052 | Cimpress PLC (Ireland)\* | 1610899 |
| 29212 | Columbus McKinnon Corp. | 554444 |
| 95725 | Conduent, Inc.\* | 139758 |
| 7684 | Construction Partners, Inc ., Class A\* | 1032499 |
| 26396 | CoreCivic, Inc.\* | 466681 |
| 38375 | Costamare, Inc. (Monaco) | 674249 |
| 14766 | Covenant Logistics Group, Inc. | 434711 |
| 2191 | CRA International, Inc. | 378298 |
| 15047 | CSG Systems International, Inc . | 1202255 |
| 3874 | CSW Industrials, Inc. | 1140234 |
| 58949 | Deluxe Corp. | 1635835 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |
| Industrials – (continued) | Industrials – (continued) |  |
| 12685 | Distribution Solutions Group, Inc.\* | $379282 |
| 108449 | DNOW, Inc.\* | 1277529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13168 | Douglas Dynamics, Inc. | 604675 |
| 7254 | Ducommun, Inc.\* | 896522 |
| 13671 | DXP Enterprises, Inc.\* | 1893023 |
| 6431 | Dycom Industries, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2701149 |
| 41292 | Energy Recovery, Inc.\* | 430676 |
| 21928 | Enerpac Tool Group Corp. | 894662 |
| 10594 | EnerSys | 1760193 |
| 12375 | Ennis, Inc. | 261236 |
| 5004 | Enpro, Inc. | 1294285 |
| 19920 | Enviri Corp.\* | 377086 |
| 66872 | Eos Energy Enterprises, Inc.\* | 380836 |
| 6121 | ESCO Technologies, Inc. | 1697292 |
| 3393 | EVI Industries, Inc. | 65926 |
| 6036 | Exponent, Inc. | 439300 |
| 12746 | Federal Signal Corp. | 1484017 |
| 9874 | Fluence Energy, Inc.\* | 153442 |
| 34151 | Fluor Corp.\* | 1786439 |
| 16854 | Forrester Research, Inc.\* | 100787 |
| 13690 | Franklin Covey Co.\* | 178244 |
| 13841 | Franklin Electric Co., Inc. | 1378840 |
| 4941 | GATX Corp. | 909984 |
| 10980 | Genco Shipping & Trading Ltd. | 264069 |
| 12515 | Gencor Industries, Inc.\* | 195484 |
| 27967 | GEO Group, Inc. (The)\* | 420624 |
| 11836 | Gibraltar Industries, Inc.\* | 538301 |
| 19804 | Global Industrial Co. | 653136 |
| 10840 | Gorman-Rupp Co. (The) | 696253 |
| 12246 | Graham Corp.\* | 994620 |
| 15109 | Granite Construction, Inc. | 2031556 |
| 23363 | Great Lakes Dredge & Dock Corp.\* | 396003 |
| 10809 | Greenbrier Cos., Inc. (The) | 609844 |
| 21767 | Griffon Corp. | 1855419 |
| 16045 | Healthcare Services Group, Inc.\* | 349300 |
| 25700 | Heartland Express, Inc. | 283471 |
| 9419 | Helios Technologies, Inc. | 671763 |
| 1485 | Herc Holdings, Inc. | 207588 |
| 50471 | Hillman Solutions Corp.\* | 413862 |
| 2650 | HireQuest, Inc.<sup>(a)</sup> | 30899 |
| 50722 | HNI Corp. | 2280461 |
| 20424 | Hub Group, Inc., Class A | 879662 |
| 45680 | Hudson Technologies, Inc.\* | 324785 |
| 5014 | Huron Consulting Group, Inc.\* | 708980 |
| 16561 | Hyster-Yale, Inc. | 609942 |
| 13767 | IBEX Holdings Ltd.\* | 397866 |
| 3338 | ICF International, Inc. | 277488 |
| 8379 | IES Holdings, Inc.\* | 4150538 |
| 34014 | Innodata, Inc .\*<sup>(a)</sup> | 1502398 |
| 10509 | Insperity, Inc. | 233405 |
| 8253 | Insteel Industries, Inc. | 307672 |
| 34658 | Interface, Inc. | 1091380 |
| 58868 | Janus International Group, Inc.\* | 409721 |
| 6541 | JBT Mare! Corp. | 1007314 |
| 66716 | Joby Aviation, Inc.\* | 671163 |
| 3073 | Kadant, Inc. | 1042269 |
| 34258 | Kelly Services, Inc., Class A | 332645 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 54 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> U.S. SMALL CAP EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |
| Industrials – (continued) | Industrials – (continued) |  |
| 22142 | Kennametal, Inc. | $891880 |
| 24475 | Kforce, Inc. | 661315 |
| 12248 | Korn Ferry | 767582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23349 | Kratos Defense & Security Solutions, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2012217 |
| 601 | LB Foster Co., Class A\* | 18469 |
| 140949 | Legalzoom.com, Inc.\* | 990871 |
| 3771 | Limbach Holdings, Inc.\* | 344745 |
| 2904 | Lindsay Corp. | 391169 |
| 35053 | LSI Industries, Inc. | 757846 |
| 48556 | Manitowoc Co., Inc . (The)\* | 716201 |
| 18090 | Marten Transport Ltd. | 245843 |
| 31229 | Masterbrand, Inc.\* | 316037 |
| 39882 | Matrix Service Co.\* | 438303 |
| 7772 | Matson, Inc. | 1291162 |
| 8887 | Maximus, Inc. | 671946 |
| 18565 | Mayville Engineering Co., Inc.\* | 389865 |
| 4112 | McGrath RentCorp | 456226 |
| 7315 | Mercury Systems, Inc.\* | 651254 |
| 119027 | Microvast Holdings, Inc.\* | 266620 |
| 14887 | Miller Industries, Inc. | 625701 |
| 46387 | MillerKnoll, Inc. | 934234 |
| 17389 | Mistras Group, Inc.\* | 265704 |
| 10618 | Modine Manufacturing Co.\* | 2412941 |
| 10315 | Montrose Environmental Group, Inc.\* | 301404 |
| 4668 | Moog, Inc., Class A | 1575123 |
| 36451 | Mueller Water Products, Inc., Class A | 1090978 |
| 3338 | MYR Group, Inc.\* | 901126 |
| 7443 | NANO Nuclear Energy, Inc.\*<sup>(a)</sup> | 197909 |
| 3273 | National Presto Industries, Inc. | 431840 |
| 20320 | Nextpower, Inc., Class A\* | 2135632 |
| 29185 | NPK International, Inc.\* | 421140 |
| 30918 | NuScale Power Corp.\* | 397296 |
| 11439 | NWPX Infrastructure, Inc.\* | 887666 |
| 5546 | Omega Flex, Inc . | 199268 |
| 34597 | OPENLANE, Inc.\* | 986360 |
| 26298 | Orion Group Holdings, Inc.\* | 361072 |
| 72089 | Pitney Bowes, Inc. | 773515 |
| 71494 | Planet Labs PBC\* | 1725865 |
| 1042 | Powell Industries, Inc. | 545591 |
| 9814 | Power Solutions International, Inc.\*<sup>(a)</sup> | 819469 |
| 3363 | Preformed Line Products Co. | 853025 |
| 18807 | Primoris Services Corp. | 2834591 |
| 12806 | Proto Labs, Inc.\* | 794996 |
| 34112 | Quanex Building Products Corp. | 700319 |
| 52159 | Radiant Logistics, Inc.\* | 387020 |
| 6471 | RCM Technologies, Inc.\* | 122367 |
| 41780 | Resideo Technologies, Inc.\* | 1616886 |
| 41413 | Resources Connection, Inc. | 155713 |
| 84675 | Richtech Robotics, Inc., Class B\* | 210841 |
| 25267 | Rush Enterprises, Inc., Class A | 1793199 |
| 12530 | Rush Enterprises, Inc., Class B | 810065 |
| 46423 | Safe Bulkers, Inc. (Monaco) | 304535 |
| 103102 | Satellogic, Inc., ClassA\*<sup>(a)</sup> | 309306 |
| 45149 | Shoals Technologies Group, Inc., Class A\* | 267734 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |
| Industrials – (continued) | Industrials – (continued) |  |
| 723 | Sky Harbour Group Corp.\*<sup>(a)</sup> | $6348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13388 | SkyWest, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1393423 |
| 32808 | Spire Global, Inc.\*<sup>(a)</sup> | 290351 |
| 8872 | SPX Technologies, Inc.\* | 2013412 |
| 2173 | Standex International Corp. | 569326 |
| 7411 | Sterling Infrastructure, Inc.\* | 3172871 |
| 30419 | Sunrun, Inc.\* | 403052 |
| 34500 | T1 Energy Inc (Norway)\*<sup>(a)</sup> | 212520 |
| 7208 | Tecnoglass, Inc. | 328396 |
| 13925 | Tennant Co. | 849843 |
| 38135 | Terex Corp. | 2623307 |
| 19676 | Thermon Group Holdings, Inc.\* | 999147 |
| 41314 | Titan International, Inc.\* | 401985 |
| 31186 | Titan Machinery, Inc .\* | 607815 |
| 4294 | TriNet Group, Inc. | 163516 |
| 14115 | Trinity Industries, Inc. | 482451 |
| 39022 | TrueBlue, Inc.\* | 165063 |
| 28496 | Tutor Perini Corp. | 2147744 |
| 16508 | UFP Industries, Inc. | 1698838 |
| 1522 | UniFirst Corp. | 357396 |
| 51552 | Upwork, Inc.\* | 691828 |
| 7493 | V2X, Inc.\* | 522637 |
| 14726 | Verra Mobility Corp.\* | 246071 |
| 61427 | Vestis Corp.\* | 483430 |
| 5871 | Vicor Corp.\* | 1182419 |
| 10263 | Vireo Mfg. Corp.<sup>(a)</sup> | 65170 |
| 4405 | VSE Corp. | 1000243 |
| 42644 | Wabash National Corp. | 432837 |
| 9798 | Watts Water Technologies, Inc., Class A | 3220995 |
| 7186 | Werner Enterprises, Inc. | 252157 |
| 13887 | Willdan Group, Inc.\* | 1237887 |
| 739 | Willis Lease Finance Corp. | 150542 |
| 4333 | Worthington Enterprises, Inc. | 242691 |
| 11603 | Xometry, Inc., Class A\* | 475897 |
| 31993 | Zurn Elkay Water Solutions Corp. | 1631003 |
|  |  | 162899562 |
| Information Technology – 13.2% | Information Technology – 13.2% |  |
| 179049 | 8x8, Inc.\* | 383165 |
| 45912 | A10 Networks, Inc. | 884265 |
| 29324 | ACI Worldwide, Inc.\* | 1163576 |
| 11742 | ACM Research, Inc., Class A\* | 653795 |
| 49803 | Adeia, Inc. | 1030424 |
| 64116 | ADTRAN Holdings, Inc.\* | 653983 |
| 7237 | Advanced Energy Industries, Inc. | 2428520 |
| 27329 | Aeva Technologies, Inc.\* | 362383 |
| 3815 | Agilysys, Inc.\* | 275329 |
| 12570 | Alarm.com Holdings, Inc.\* | 601474 |
| 11378 | Alkami Technology, Inc.\* | 188249 |
| 15538 | Alpha & Omega Semiconductor Ltd.\* | 326453 |
| 3520 | Ambarella, Inc.\* | 212397 |
| 42349 | Appian Corp., Class A\* | 1129448 |
| 35230 | Applied Digital Corp.\* | 960722 |
| 81513 | Arlo Technologies, Inc.\* | 1278939 |
| 39805 | Arteris, Inc.\* | 676287 |
| 102592 | Asana, Inc., Class A\* | 728403 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **55** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> U.S. SMALL CAP EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |
| Information Technology – (continued) | Information Technology – (continued) |  |
| 19649 | ASGN, Inc.\* | $842942 |
| 13717 | Atomera, Inc .\*<sup>(a)</sup> | 69134 |
| 44646 | AvePoint, Inc.\* | 481284 |
| 6708 | Axcelis Technologies, Inc.\* | 554148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75810 | Backblaze, Inc., Class A\*<sup>(a)</sup> | 285046 |
| 7334 | Badger Meter, Inc. | 1117922 |
| 1379 | Bel Fuse, Inc., Class A | 292279 |
| 5891 | Bel Fuse, Inc., Class B | 1353222 |
| 9349 | Belden, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1339712 |
| 17058 | Benchmark Electronics, Inc. | 986123 |
| 99807 | BigBear.ai Holdings, Inc.\*<sup>(a)</sup> | 395236 |
| 28159 | Bitdeer Technologies Group, Class A\* | 216824 |
| 4118 | BK Technologies Corp.\* | 358637 |
| 6428 | Blackbaud, Inc.\* | 312015 |
| 6220 | BlackLine, Inc.\* | 219255 |
| 177279 | Blend Labs, Inc., Class A\* | 297829 |
| 52145 | Box, Inc., Class A\* | 1228015 |
| 9478 | Braze, Inc., Class A\* | 179987 |
| 11910 | C3.ai, Inc., Class A\* | 94684 |
| 28545 | Calix, Inc.\* | 1477775 |
| 47736 | Cerence, Inc.\* | 377592 |
| 43892 | Cipher Digital, Inc.\* | 684715 |
| 40599 | Cleanspark, Inc.\*<sup>(a)</sup> | 403960 |
| 15863 | Clear Secure, Inc., Class A | 771576 |
| 13463 | Clearfield, Inc.\* | 423277 |
| 19207 | Clearwater Analytics Holdings, Inc., Class A\* | 449252 |
| 3874 | Climb Global Solutions, Inc.<sup>(a)</sup> | 366790 |
| 15940 | Cohu, Inc.\* | 481388 |
| 82929 | Commerce.com, Inc., Series 1\* | 230543 |
| 16120 | Commvault Systems, Inc.\* | 1371490 |
| 28044 | Consensus Cloud Solutions, Inc. \* | 843564 |
| 31245 | Core Scientific, Inc.\* | 530228 |
| 65361 | Corsair Gaming, Inc.\* | 358832 |
| 28869 | Credo Technology Group Holding Ltd.\* | 3241123 |
| 13766 | CTS Corp. | 724918 |
| 653 | Daily Journal Corp.\*<sup>(a)</sup> | 332710 |
| 36782 | Daktronics, Inc.\* | 948240 |
| 17042 | Diebold Nixdorf, Inc.\* | 1363360 |
| 13734 | Digi International, Inc.\* | 670494 |
| 4441 | Digimarc Corp.\*<sup>(a)</sup> | 19563 |
| 50573 | Digital Turbine, Inc.\* | 205326 |
| 9833 | DigitalOcean Holdings, Inc.\* | 551238 |
| 14877 | Diodes, Inc.\* | 1015058 |
| 41313 | Domo, Inc., Class B\* | 148314 |
| 51588 | D-Wave Quantum, Inc. (Canada)\* | 968823 |
| 26667 | eGain Corp.\* | 249070 |
| 9873 | ePlus, Inc. | 796356 |
| 53195 | Evolv Technologies Holdings, Inc.\* | 281933 |
| 79835 | Extreme Networks, Inc.\* | 1116093 |
| 6518 | Fabrinet (Thailand)\* | 3556416 |
| 19333 | Fastly, Inc., Class A\* | 369647 |
| 31000 | Five9, Inc.\* | 540640 |
| 8238 | Frequency Electronics, Inc.\* | 413630 |
| 30436 | Freshworks, Inc., Class A\* | 238009 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |
| Information Technology – (continued) | Information Technology – (continued) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31754 | GPGI, Inc. | $712877 |
| 42743 | Grid Dynamics Holdings, Inc.\* | 288515 |
| 34361 | Hackett Group, Inc. (The) | 469371 |
| 86669 | Harmonic, Inc.\* | 921291 |
| 16163 | Hut 8 Corp. (Canada)\* | 860356 |
| 900 | 13 Verticals, Inc., Class A\* | 20142 |
| 17176 | Ichor Holdings Ltd.\* | 816719 |
| 35665 | Immersion Corp. | 217913 |
| 3995 | Impinj, Inc.\* | 490027 |
| 54494 | Information Services Group, Inc. | 262116 |
| 7691 | Insight Enterprises, Inc.\* | 642660 |
| 9709 | Intapp, Inc.\* | 217773 |
| 6866 | InterDigital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2516595 |
| 35713 | IonQ, Inc.\* | 1370308 |
| 7766 | Itron, Inc.\* | 729616 |
| 28382 | Kimball Electronics, Inc.\* | 709266 |
| 28432 | Knowles Corp.\* | 772497 |
| 161578 | Kopin Corp.\* | 357087 |
| 10783 | Kulicke & Soffa Industries, Inc. (Singapore) | 751791 |
| 15320 | Life360, Inc.\* | 806598 |
| 31563 | LiveRamp Holdings, Inc.\* | 857567 |
| 42775 | Mirion Technologies, Inc.\* | 924368 |
| 43388 | Mitek Systems, Inc.\* | 632597 |
| 23608 | N-able, Inc.\* | 103875 |
| 24279 | Napco Security Technologies, Inc. | 1131644 |
| 32094 | NCR Voyix Corp.\* | 245198 |
| 16617 | NETGEAR, Inc.\* | 342643 |
| 27301 | NetScout Systems, Inc.\* | 797462 |
| 12264 | NextNav, Inc.\* | 197328 |
| 15191 | nLight, Inc.\* | 853582 |
| 3891 | Novanta, Inc.\* | 523067 |
| 6030 | NVE Corp. | 415105 |
| 48838 | OneSpan, Inc. | 539172 |
| 36443 | Ooma, Inc. \* | 450435 |
| 4318 | OSI Systems, Inc.\* | 1231494 |
| 16377 | Ouster, Inc.\* | 310344 |
| 46479 | Pagaya Technologies Ltd., Class A\* | 520100 |
| 47949 | PagerDuty, Inc.\* | 338520 |
| 5139 | PAR Technology Corp.\* | 84228 |
| 9105 | PC Connection, Inc. | 554950 |
| 11449 | PDF Solutions, Inc.\* | 386747 |
| 31301 | Penguin Solutions, Inc.\* | 650435 |
| 26909 | Photronics, Inc.\* | 1007204 |
| 8239 | Plexus Corp.\* | 1599437 |
| 53281 | Porch Group, Inc.\* | 437437 |
| 6535 | Power Integrations, Inc. | 313157 |
| 12970 | Progress Software Corp.\* | 543184 |
| 12627 | Q2 Holdings, Inc.\* | 607611 |
| 10275 | Qualys, Inc.\* | 950129 |
| 25306 | Rambus, Inc.\* | 2521996 |
| 41182 | Rapid7, Inc.\* | 256152 |
| 9711 | Red Violet, Inc.\* | 420583 |
| 117090 | Ribbon Communications, Inc.\* | 261111 |
| 56047 | Rigetti Computing, Inc.\* | 976339 |
| 25193 | Riot Platforms, Inc.\* | 410394 |
| 7760 | Rogers Corp.\* | 836761 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 56 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVE BETA <sup>®</sup> U.S. SMALL CAP EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Information Technology – (continued) | Information Technology – (continued) | Information Technology – (continued) |
| 15552 | Sanmina Corp.\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2414603 |
| 17749 | ScanSource, Inc.\* | 652808 |
| 76622 | SEMrush Holdings, Inc., Class A\* | 905672 |
| 18826 | Semtech Corp.\* | 1698482 |
| 4076 | Silicon Laboratories, Inc.\* | 833664 |
| 2968 | SiTime Corp.\* | 1180908 |
| 35117 | SoundHound AI, Inc., Class A\*<sup>(a)</sup> | 302006 |
| &nbsp;&nbsp;&nbsp;&nbsp;123772 | Sprinklr, Inc., Class A\* | 720353 |
| 74578 | Sprout Social, Inc., Class A\* | 481028 |
| 8988 | SPS Commerce, Inc.\* | 507912 |
| 7440 | Synaptics, Inc. \* | 606062 |
| 5840 | Telos Corp.\* | 23477 |
| 38608 | Tenable Holdings, Inc.\* | 742432 |
| 78156 | Terawulf, Inc. \* | 1267690 |
| 31673 | TTM Technologies, Inc.\* | 3301593 |
| 20677 | Turtle Beach Corp. \* | 259290 |
| 17026 | Ultra Clean Holdings, Inc.\* | 1033138 |
| 99714 | Unisys Corp.\* | 242305 |
| 17110 | Varonis Systems, Inc.\* | 395241 |
| 16876 | Veeco Instruments, Inc.\* | 515731 |
| 5126 | Viant Technology, Inc., Class A\* | 51926 |
| 28531 | Viasat, Inc.\* | 1306149 |
| 45540 | Viavi Solutions, Inc.\* | 1352993 |
| 14558 | Vishay Precision Group, Inc.\* | 670687 |
| 116378 | Vistance Networks, Inc.\* | 2044761 |
| 86383 | VTEX, Class A (Brazil)\* | 296294 |
| 43397 | Vuzix Corp.\*<sup>(a)</sup> | 125417 |
| 43079 | Weave Communications, Inc.\* | 217118 |
| 7815 | Workiva, Inc .\* | 481248 |
| 158498 | Xerox Holdings Corp. | 285296 |
| 66156 | Xperi, Inc.\* | 405536 |
| 141224 | Yext, Inc.\* | 802152 |
| 89585 | Zeta Global Holdings Corp., Class A\* | 1518466 |
|  |  | 115892361 |
| Materials – 3.9% | Materials – 3.9% |  |
| 23308 | AdvanSix, Inc. | 415582 |
| 1957 | Alpha Metallurgical Resources, Inc.\* | 318306 |
| 101794 | American Battery Technology Co.\* | 375620 |
| 24180 | Arq, Inc.\* | 84872 |
| 52816 | ASP Isotopes, Inc.\*<sup>(a)</sup> | 282038 |
| 56117 | Aspen Aerogels, Inc.\* | 175085 |
| 23572 | Avient Corp. | 968102 |
| 4173 | Balchem Corp. | 757107 |
| 12386 | Cabot Corp. | 943070 |
| 19571 | Caledonia Mining Corp. PLC (South Africa) | 621184 |
| 8838 | Century Aluminum Co.\* | 455687 |
| 85201 | Coeur Mining, Inc.\* | 2313207 |
| 27367 | Commercial Metals Co. | 2006001 |
| 22599 | Compass Minerals International, Inc.\* | 569495 |
| 22407 | Constellium SE\* | 557710 |
| 10733 | Core Molding Technologies, Inc.\* | 195877 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Materials – (continued) | Materials – (continued) | Materials – (continued) |
| 58672 | Ecovyst, Inc.\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661234 |
| 14108 | Flotek Industries, Inc.\* | 216558 |
| 7992 | Greif, Inc., Class A | 580779 |
| 4207 | Hawkins, Inc. | 627264 |
| 10976 | HB Fuller Co. | 721343 |
| 51574 | Hecla Mining Co. | 1284708 |
| 10324 | Idaho Strategic Resources, Inc.\*<sup>(a)</sup> | 444655 |
| 6465 | lngevity Corp.\* | 465674 |
| 6860 | Innospec, Inc. | 525339 |
| 16494 | Ivanhoe Electric, Inc.\* | 283532 |
| 5075 | Kaiser Aluminum Corp. | 660461 |
| 9053 | Knife River Corp.\* | 805536 |
| 22019 | Koppers Holdings, Inc. | 832318 |
| 21600 | LSB Industries, Inc.\* | 250992 |
| 4757 | Materion Corp. | 775676 |
| 34535 | Mativ Holdings, Inc. | 374359 |
| 21466 | Metallus, Inc.\* | 364922 |
| 10573 | Minerals Technologies, Inc. | 746665 |
| 33307 | Myers Industries, Inc. | 745078 |
| 77414 | NioCorp Developments Ltd.\* | 410294 |
| 37251 | Novagold Resources, Inc. (Canada)\* | 496183 |
| 35355 | O-1 Glass, Inc.\* | 473757 |
| 41111 | Perimeter Solutions, Inc.\* | 965286 |
| 29085 | Perpetua Resources Corp.\* | 1072073 |
| 3803 | Quaker Chemical Corp. | 559155 |
| 15519 | Ramaco Resources, Inc., Class A\* | 234958 |
| 75220 | Rayonier Advanced Materials, Inc.\* | 712333 |
| 43402 | Ryerson Holding Corp. | 1135396 |
| 8594 | Sensient Technologies Corp. | 872549 |
| 4175 | Smith-Midland Corp.\* | 160362 |
| 45900 | SSR Mining, Inc. (Canada)\* | 1477521 |
| 9409 | Stepan Co. | 478824 |
| 46253 | SunCoke Energy, Inc. | 263642 |
| 11846 | Sylvamo Corp. | 548470 |
| 10626 | TriMas Corp. | 415264 |
| 18512 | U.S. Gold Corp.\* | 401710 |
| &nbsp;&nbsp;&nbsp;&nbsp;117613 | United States Antimony Corp.\*<sup>(a)</sup> | 1051460 |
| 3981 | United States Lime & Minerals, Inc. | 454471 |
| 2079 | Warrior Met Coal, Inc. | 173056 |
|  |  | 34762800 |
| Real Estate – 3.9% | Real Estate – 3.9% |  |
| 23060 | Acadia Realty Trust REIT | 482415 |
| 1705 | Alexander & Baldwin, Inc. REIT | 35447 |
| 821 | Alexander's, Inc. REIT | 192623 |
| 16329 | American Assets Trust, Inc. REIT | 318742 |
| 30842 | American Healthcare REIT, Inc. REIT | 1611186 |
| 49813 | Apple Hospitality REIT, Inc. REIT | 610707 |
| 129748 | Brandywine Realty Trust REIT | 413896 |
| 37447 | Broadstone Net Lease, Inc. REIT | 726097 |
| 14615 | BRT Apartments Corp. REIT | 214402 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **57** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> U.S. SMALL CAP EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Real Estate – (continued) | Real Estate – (continued) | Real Estate – (continued) |
| 37937 | CareTrust REIT, Inc. REIT | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1541001 |
| 19504 | CBL & Associates Properties, Inc. REIT | 736861 |
| 64649 | Chatham Lodging Trust REIT | 498444 |
| &nbsp;&nbsp;&nbsp;&nbsp;285285 | Compass, Inc., Class A\* | 2781529 |
| 18757 | COPT Defense Properties REIT | 596097 |
| 13002 | CTO Realty Growth, Inc. REIT | 253279 |
| 7567 | Curbline Properties Corp. REIT | 210438 |
| 50581 | Cushman & Wakefield Ltd.\* | 678291 |
| 65291 | DiamondRock Hospitality Co. REIT | 655522 |
| 101483 | Douglas Elliman, Inc.\* | 231381 |
| 57193 | Douglas Emmett, Inc. REIT | 565639 |
| 15410 | Easterly Government Properties, Inc. REIT | 358745 |
| 76847 | Empire State Realty Trust, Inc., Class A REIT | 451860 |
| 27426 | Essential Properties Realty Trust, Inc. REIT | 930838 |
| 131746 | eXp World Holdings, Inc. | 918270 |
| 2192 | Forestar Group, Inc.\* | 62954 |
| 11915 | Four Corners Property Trust, Inc. REIT | 304071 |
| 94128 | Franklin Street Properties Corp. REIT | 77439 |
| 7460 | FRP Holdings, Inc.\* | 178592 |
| 6929 | Getty Realty Corp. REIT | 227410 |
| 20043 | Gladstone Commercial Corp. REIT | 250337 |
| 40119 | Global Net Lease, Inc. REIT | 377921 |
| 34021 | Hudson Pacific Properties, Inc. REIT\* | 246312 |
| 32036 | Independence Realty Trust, Inc. REIT | 530837 |
| 42172 | Industrial Logistics Properties Trust REIT | 247128 |
| 12411 | InvenTrust Properties Corp. REIT | 387223 |
| 21435 | JBG SMITH Properties REIT | 326026 |
| 31960 | Kite Realty Group Trust REIT | 832558 |
| 6491 | LTC Properties, Inc. REIT | 257563 |
| 8726 | LXP Industrial Trust REIT | 432461 |
| 30446 | Macerich Co. (The) REIT | 623230 |
| 7664 | Marcus & Millichap, Inc. | 202406 |
| 10573 | Modiv Industrial, Inc. REIT | 163987 |
| 8518 | National Health Investors, Inc. REIT | 716108 |
| 12854 | NET Lease Office Properties REIT | 175329 |
| 25057 | NETSTREIT Corp. REIT | 520434 |
| 37129 | Newmark Group, Inc., Class A | 539113 |
| 1753 | NexPoint Residential Trust, Inc. REIT | 49417 |
| 31352 | Outfront Media, Inc. REIT | 903251 |
| 62603 | Pebblebrook Hotel Trust REIT | 803197 |
| 12257 | Phillips Edison & Co., Inc. REIT | 481455 |
| 61815 | Piedmont Realty Trust, Inc. REIT\* | 469176 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Real Estate – (continued) | Real Estate – (continued) | Real Estate – (continued) | Real Estate – (continued) |
| 24364 | RE/MAX Holdings, Inc., Class A\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153250 |
| &nbsp;&nbsp;&nbsp;&nbsp;146055 | Real Brokerage, Inc. (The) (Canada)\* |  | 387046 |
| 73817 | RLJ Lodging Trust REIT |  | 592012 |
| 12420 | RMR Group, Inc. (The), Class A |  | 203440 |
| 9786 | Ryman Hospitality Properties, Inc. REIT |  | 966368 |
| 40439 | Sabra Health Care REIT, Inc. REIT |  | 831021 |
| 180627 | Service Properties Trust REIT |  | 415442 |
| 7561 | Sila Realty Trust, Inc. REIT |  | 194545 |
| 29575 | SITE Centers Corp. REIT |  | 182182 |
| 7706 | SL Green Realty Corp. REIT |  | 283966 |
| 6993 | St Joe Co. (The) |  | 504685 |
| 110767 | Summit Hotel Properties, Inc. REIT |  | 499559 |
| 50935 | Sunstone Hotel Investors, Inc. REIT |  | 472677 |
| 17390 | Tanger, Inc. REIT |  | 644473 |
| 6630 | Terreno Realty Corp. REIT |  | 437978 |
| 11868 | UMH Properties, Inc. REIT |  | 178969 |
| 13990 | Urban Edge Properties REIT |  | 297288 |
| 12356 | Veris Residential, Inc. REIT |  | 232911 |
| 3144 | Whitestone REIT |  | 47757 |
| 45243 | Xenia Hotels & Resorts, Inc. REIT |  | 691313 |
|  |  |  | 34616527 |
| Utilities – 2.5% | Utilities – 2.5% | Utilities – 2.5% | Utilities – 2.5% |
| 4992 | American States Water Co. |  | 372054 |
| 23244 | Avista Corp. |  | 944171 |
| 18855 | Black Hills Corp. |  | 1388859 |
| 33589 | Brookfield Infrastructure Corp., |  |  |
|  | Class A (Canada)<sup>(a)</sup> |  | 1675419 |
| 6908 | California Water Service Group |  | 311413 |
| 5317 | Chesapeake Utilities Corp. |  | 722953 |
| 16343 | Consolidated Water Co. Ltd. |  | 618583 |
| 27615 | Genie Energy Ltd., Class B |  | 401246 |
| 37260 | Hallador Energy Co.\* |  | 677387 |
| 70382 | Hawaiian Electric Industries, Inc.\* |  | 1090217 |
| 6005 | MGE Energy, Inc. |  | 492530 |
| 53890 | Montauk Renewables, Inc.\* |  | 82991 |
| 16309 | New Jersey Resources Corp. |  | 884600 |
| 13835 | Northwest Natural Holding Co. |  | 733808 |
| 14596 | Northwestern Energy Group, Inc. |  | 1021136 |
| 18115 | Oklo, Inc. \* |  | 1140339 |
| 15439 | ONE Gas, Inc. |  | 1349986 |
| 11415 | Ormat Technologies, Inc. |  | 1183736 |
| 7683 | Otter Tail Corp. |  | 653823 |
| 21881 | Portland General Electric Co. |  | 1180699 |
| 29842 | Pure Cycle Corp.\* |  | 315430 |
| 3116 | RGC Resources, Inc. |  | 68739 |
| 16077 | Southwest Gas Holdings, Inc. |  | 1417509 |
| 16879 | Spire, Inc. |  | 1546285 |
| 23064 | TXNM Energy, Inc. |  | 1361237 |
| 5101 | Unitil Corp. |  | 266833 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 58 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> U.S. SMALL CAP EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Utilities – (continued) | Utilities – (continued) | Utilities – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;592 | York Water Co. (The) | $19464 |
|  |  | 21921447 |
| **TOTAL COMMON STOCKS**<br> **(Cost $723,290,484)** | **TOTAL COMMON STOCKS**<br> **(Cost $723,290,484)** | 876756842 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Units** | **Description** | **Expiration Month** | **Value** |
| Rights – 0.0% | Rights – 0.0% | Rights – 0.0% | Rights – 0.0% |
| Health Care – 0.0% | Health Care – 0.0% | Health Care – 0.0% | Health Care – 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;4104 | Chinook Therapeutics,<br>Inc.\*<sup>(b)</sup> | 12/25 |  |
| Materials – 0.0% | Materials – 0.0% | Materials – 0.0% | Materials – 0.0% |
| 15501 | Resolute Forest Products\*<sup>(b)</sup> | 09/23 | 22012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL RIGHTS**<br> **(Cost $0)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL RIGHTS**<br> **(Cost $0)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL RIGHTS**<br> **(Cost $0)** | 22012 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Dividend Rate** | **Value** |
| Investment Company – 1.3%<sup>(c)</sup> | Investment Company – 1.3%<sup>(c)</sup> | Investment Company – 1.3%<sup>(c)</sup> |
|  Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11143153 | 3.571% | 11143153 |
| (Cost $11,143,153) | (Cost $11,143,153) |  |
| **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE**<br> **(Cost $734,433,637)** | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE**<br> **(Cost $734,433,637)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887922007 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Dividend Rate** | **Value** |
| Securities Lending Reinvestment Vehicle – 1.1%<sup>(c)</sup> | Securities Lending Reinvestment Vehicle – 1.1%<sup>(c)</sup> | Securities Lending Reinvestment Vehicle – 1.1%<sup>(c)</sup> |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9385352 | 3.589% | $9385352 |
| (Cost $9,385,352) | (Cost $9,385,352) | (Cost $9,385,352) |
| TOTAL INVESTMENTS – 100.9% | TOTAL INVESTMENTS – 100.9% | TOTAL INVESTMENTS – 100.9% |
| (Cost $743,818,989) | (Cost $743,818,989) | $897307359 |
|  **LIABILITIES IN EXCESS OF OTHER ASSETS – (0.9)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS – (0.9)%** | (8032165) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;889275194 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of security is on loan.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents an affiliated issuer.

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| PLC | —Public Limited Company |
| REIT | —Real Estate Investment Trust |

---

ADDITIONAL INVESTMENT INFORMATION

**FUTURES CONTRACTS** — At February 28, 2026, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  Russell 2000 E-Mini Index | 82 | 03/20/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10802270 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10876) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **59** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> WORLD EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks — 99.6% | Common Stocks — 99.6% | Common Stocks — 99.6% |
| Australia – 2.1% | Australia – 2.1% | Australia – 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;113069 | ALS Ltd. (Industrials) | $2064425 |
| 29396 | Ampol Ltd. (Energy) | 590135 |
| 11729 | Anglogold Ashanti PLC (Materials) | 1498614 |
| 26659 | ANZ Group Holdings Ltd. (Financials) | 760702 |
| 47320 | BHP Group Ltd. (Materials) | 1969737 |
| 20593 | Charter Hall Group REIT (Real Estate) | 323891 |
| 7526 | Cochlear Ltd. (Health Care) | 1067371 |
| 112274 | Coles Group Ltd. (Consumer Staples) | 1645049 |
| 23704 | Commonwealth Bank of Australia (Financials) | 2949796 |
| 249824 | Endeavour Group Ltd. (Consumer Staples) | 696125 |
| 59252 | Evolution Mining Ltd. (Materials) | 700106 |
| 10062 | IREN Ltd. (Information Technology)\* | 412039 |
| 22724 | JB Hi-Fi Ltd. (Consumer Discretionary) | 1330035 |
| 434610 | Lottery Corp. Ltd. (The) (Consumer Discretionary) | 1706584 |
| 29992 | Lynas Rare Earths Ltd. (Materials)\* | 405675 |
| 31819 | National Australia Bank Ltd. (Financials) | 1111569 |
| 16055 | Pro Medicus Ltd. (Health Care) | 1487408 |
| 67349 | QBE Insurance Group Ltd. (Financials) | 1042959 |
| 32756 | Ramsay Health Care Ltd. (Health Care) | 1005408 |
| 6734 | REA Group Ltd. (Communication Services)<sup>(a)</sup> | 798503 |
| 6909 | Rio Tinto Ltd. (Materials) | 823883 |
| 13892 | Rio Tinto PLC (Materials) | 1369966 |
| 23463 | Sonic Healthcare Ltd. (Health Care) | 398459 |
| 228509 | Telstra Group Ltd. (Communication Services) | 843547 |
| 36907 | Wesfarmers Ltd. (Consumer Discretionary) | 2094148 |
| 35392 | Westpac Banking Corp. (Financials) | 1072949 |
| 100939 | Whitehaven Coal Ltd. (Energy) | 561806 |
| 71165 | Woolworths Group Ltd. (Consumer Staples) | 1825767 |
| 64116 | Worley Ltd. (Industrials) | 518150 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33074806 |
| Austria – 0.4% | Austria – 0.4% | Austria – 0.4% |
| 11610 | ANDRITZ AG (Industrials) | 1008219 |
| 4767 | BAWAG Group AG (Financials)\*<sup>(b)</sup> | 742949 |
| 7051 | Erste Group Bank AG (Financials) | 838340 |
| 5939 | OMV AG (Energy) | 384267 |
| 6258 | Strabag SE (Industrials) | 703416 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Austria – (continued) | Austria – (continued) | Austria – (continued) | Austria – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;13166 | Vienna Insurance Group AG Wiener Versicherung Gruppe (Financials) | $| 1024423 |
| 23792 | voestalpine AG (Materials) |  | 1363549 |
| 22270 | Wienerberger AG (Materials) |  | 730979 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6796142 |
| Belgium – 0.2% | Belgium – 0.2% | Belgium – 0.2% | Belgium – 0.2% |
| 2607 | Ackermans & van Haaren NV (Industrials) |  | 894492 |
| 8896 | Ageas SA/NV (Financials) |  | 660671 |
| 10436 | Anheuser-Busch InBev SA/NV (Consumer Staples) |  | 847986 |
| 5581 | KBC Group NV (Financials) |  | 756474 |
|  |  |  | 3159623 |
| Brazil – 0.2% | Brazil – 0.2% | Brazil – 0.2% | Brazil – 0.2% |
| 771 | MercadoLibre, Inc. (Consumer Discretionary)\* |  | 1355094 |
| 7463 | Wheaton Precious Metals Corp. (Materials) |  | 1216264 |
| 16593 | Yara International ASA (Materials) |  | 838423 |
|  |  |  | 3409781 |
| Canada – 3.1% | Canada – 3.1% | Canada – 3.1% | Canada – 3.1% |
| 8131 | Agnico Eagle Mines Ltd. (Materials) |  | 2042691 |
| 11961 | Alamos Gold, Inc., Class A (Materials) |  | 648368 |
| 11444 | Alimentation Couche-Tard, Inc. (Consumer Staples) |  | 694603 |
| 12325 | Bank of Montreal (Financials) |  | 1774037 |
| 19743 | Bank of Nova Scotia (The) (Financials) |  | 1497969 |
| 29103 | Barrick Mining Corp. (Materials)<sup>(a)</sup> |  | 1476862 |
| 4295 | Bombardier, Inc., Class B (Industrials)\* |  | 887720 |
| 15789 | Brookfield Corp. (Financials) |  | 692523 |
| 5647 | Cameco Corp. (Energy) |  | 668191 |
| 17388 | Canadian Imperial Bank of Commerce (Financials) |  | 1756713 |
| 5270 | Canadian Tire Corp. Ltd., Class A (Consumer Discretionary) |  | 739311 |
| 2026 | Celestica, Inc. (Information Technology)\* |  | 562678 |
| 35769 | Cenovus Energy, Inc. (Energy) |  | 797023 |
| 1350 | Constellation Software, Inc. (Information Technology) |  | 2495063 |
| 12407 | Emera, Inc. (Utilities) |  | 645617 |
| 46580 | Empire Co. Ltd. (Consumer Staples) |  | 1652337 |
| 19667 | Enbridge, Inc. (Energy) |  | 1045032 |
| 811 | Fairfax Financial Holdings Ltd. (Financials) |  | 1396067 |
| 2311 | Franco-Nevada Corp. (Materials) |  | 645999 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 60 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> WORLD EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Canada – (continued) | Canada – (continued) | Canada – (continued) | Canada – (continued) |
| 9708 | George Weston Ltd. (Consumer Staples) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712663 |
| 6600 | Imperial Oil Ltd. (Energy) |  | 772101 |
| &nbsp;&nbsp;&nbsp;&nbsp;33370 | Kinross Gold Corp. (Materials) |  | 1233651 |
| 30693 | Loblaw Cos. Ltd. (Consumer Staples) |  | 1422746 |
| 27966 | Lundin Gold, Inc. (Materials) |  | 2636352 |
| 17868 | Magna International, Inc. (Consumer Discretionary)<sup>(a)</sup> |  | 1126830 |
| 18377 | Manulife Financial Corp. (Financials) |  | 654450 |
| 5372 | National Bank of Canada (Financials) |  | 749839 |
| 12268 | Pan American Silver Corp. (Materials) |  | 841764 |
| 14414 | Power Corp. of Canada (Financials) |  | 724161 |
| 24495 | Royal Bank of Canada (Financials) |  | 4096180 |
| 18122 | Shopify, Inc., Class A (Information Technology)\* |  | 2188034 |
| 9679 | Sun Life Financial, Inc. (Financials)<sup>(a)</sup> |  | 634456 |
| 34283 | Suncor Energy, Inc. (Energy)<sup>(a)</sup> |  | 1936800 |
| 12069 | TC Energy Corp. (Energy) |  | 775634 |
| 3975 | TFI International, Inc. (Industrials) |  | 474983 |
| 38964 | Toronto-Dominion Bank (The) (Financials) |  | 3796265 |
| 8359 | WSP Global, Inc. (Industrials) |  | 1416222 |
|  |  |  | 48311935 |
| Chile – 0.1% | Chile – 0.1% | Chile – 0.1% | Chile – 0.1% |
| 43848 | Lundin Mining Corp. (Materials) |  | 1397246 |
| China – 0.3% | China – 0.3% | China – 0.3% | China – 0.3% |
| 142500 | BYD Electronic International Co. Ltd. (Information Technology) |  | 587696 |
| 393000 | China Mengniu Dairy Co. Ltd. (Consumer Staples) |  | 812915 |
| 306600 | Chow Tai Fook Jewellery Group Ltd. (Consumer Discretionary) |  | 514256 |
| 349000 | Geely Automobile Holdings Ltd. (Consumer Discretionary) |  | 720563 |
| 14168 | Prosus NV (Consumer Discretionary)\* |  | 727843 |
| 666000 | Sino Biopharmaceutical Ltd. (Health Care) |  | 515114 |
| 167000 | SITC International Holdings Co. Ltd. (Industrials) |  | 712651 |
|  |  |  | 4591038 |
| Denmark – 0.4% | Denmark – 0.4% | Denmark – 0.4% | Denmark – 0.4% |
| 16560 | Danske Bank A/S (Financials) |  | 863852 |
| 4135 | Genmab A/S (Health Care)\* |  | 1207893 |
| 57916 | Novo Nordisk A/S, Class B (Health Care) |  | 2177342 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Denmark – (continued) | Denmark – (continued) | Denmark – (continued) | Denmark – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;27550 | Pandora A/S (Consumer Discretionary) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2176833 |
|  |  |  | 6425920 |
| Finland – 0.2% | Finland – 0.2% | Finland – 0.2% | Finland – 0.2% |
| 50688 | Nordea Bank Abp (Financials) |  | 984489 |
| 20341 | Orion OYJ, Class B (Health Care) |  | 1625927 |
|  |  |  | 2610416 |
| France – 1.5% | France – 1.5% | France – 1.5% | France – 1.5% |
| 3121 | Air Liquide SA (Materials) |  | 656809 |
| 6044 | Airbus SE (Industrials) |  | 1314765 |
| 29410 | AXA SA (Financials) |  | 1439674 |
| 15228 | BNP Paribas SA (Financials) |  | 1717063 |
| 20631 | Bouygues SA (Industrials) |  | 1283234 |
| 4137 | Capgemini SE (Information Technology) |  | 522404 |
| 5820 | Cie de Saint-Gobain SA (Industrials) |  | 592614 |
| 32129 | Credit Agricole SA (Financials) |  | 712604 |
| 6728 | Danone SA (Consumer Staples) |  | 577034 |
| 26141 | Engie SA (Utilities) |  | 892916 |
| 3410 | EssilorLuxottica SA (Health Care) |  | 906698 |
| 486 | Hermes International SCA (Consumer Discretionary) |  | 1175758 |
| 4943 | L'Oreal SA (Consumer Staples) |  | 2319308 |
| 3311 | LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary) |  | 2127051 |
| 43096 | Orange SA (Communication Services) |  | 925571 |
| 3825 | Safran SA (Industrials) |  | 1535502 |
| 25064 | Societe Generale SA (Financials) |  | 2185746 |
| 1047 | Thales SA (Industrials) |  | 315106 |
| 23133 | TotalEnergies SE (Energy) |  | 1837629 |
| 6215 | Vinci SA (Industrials) |  | 1032831 |
|  |  |  | 24070317 |
| Germany – 2.1% | Germany – 2.1% | Germany – 2.1% | Germany – 2.1% |
| 7674 | adidas AG (Consumer Discretionary) |  | 1433403 |
| 6648 | Allianz SE (Financials) |  | 3000002 |
| 29493 | Bayer AG (Health Care) |  | 1462890 |
| 5599 | Beiersdorf AG (Consumer Staples) |  | 711647 |
| 20501 | Commerzbank AG (Financials) |  | 838722 |
| 4880 | Continental AG (Consumer Discretionary) |  | 421304 |
| 22030 | Daimler Truck Holding AG (Industrials) |  | 1119247 |
| 40368 | Deutsche Bank AG (Financials) |  | 1443937 |
| 47730 | Deutsche Post AG (Industrials) |  | 2823378 |
| 54343 | Deutsche Telekom AG (Communication Services) |  | 2187311 |
| 31861 | E.ON SE (Utilities) |  | 740328 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **61** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> WORLD EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Germany – (continued) | Germany – (continued) | Germany – (continued) | Germany – (continued) |
| 14156 | Fresenius Medical Care AG (Health Care) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659367 |
| 2560 | Heidelberg Materials AG (Materials) |  | 572933 |
| 6818 | Knorr-Bremse AG (Industrials) |  | 897577 |
| 17006 | Mercedes-Benz Group AG (Consumer Discretionary) |  | 1184661 |
| 1787 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials) |  | 1172267 |
| 863 | Rheinmetall AG (Industrials) |  | 1695015 |
| 12585 | RWE AG (Utilities) |  | 810417 |
| 15459 | SAP SE (Information Technology) |  | 3120440 |
| 10059 | Siemens AG (Industrials) |  | 2938288 |
| 12882 | Siemens Energy AG (Industrials) |  | 2531670 |
| 6753 | Talanx AG (Financials) |  | 853140 |
|  |  |  | 32617944 |
| Hong Kong – 0.6% | Hong Kong – 0.6% | Hong Kong – 0.6% | Hong Kong – 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;141400 | AIA Group Ltd. (Financials) |  | 1569073 |
| 453000 | Cathay Pacific Airways Ltd. (Industrials) |  | 814249 |
| 772500 | HK Electric Investments & HK Electric Investments Ltd. (Utilities) |  | 692294 |
| 18200 | Hong Kong Exchanges & Clearing Ltd. (Financials) |  | 974898 |
| 66544 | Prudential PLC (Financials) |  | 1017666 |
| 49000 | Sun Hung Kai Properties Ltd. (Real Estate) |  | 914582 |
| 72000 | Swire Pacific Ltd., Class A (Industrials) |  | 774570 |
| 110200 | Swire Properties Ltd. (Real Estate) |  | 380381 |
| 57500 | Techtronic Industries Co. Ltd. (Industrials) |  | 937978 |
| 1260500 | WH Group Ltd. (Consumer Staples)<sup>(b)</sup> |  | 1585666 |
|  |  |  | 9661357 |
| Indonesia – 0.1% | Indonesia – 0.1% | Indonesia – 0.1% | Indonesia – 0.1% |
| 22600 | Jardine Matheson Holdings Ltd. (Industrials) |  | 1864500 |
| Ireland – 0.1% | Ireland – 0.1% | Ireland – 0.1% | Ireland – 0.1% |
| 4988 | AerCap Holdings NV (Industrials) |  | 745407 |
| 67591 | AIB Group PLC (Financials) |  | 706272 |
| 43815 | Bank of Ireland Group PLC (Financials) |  | 855395 |
|  |  |  | 2307074 |
| Israel – 1.3% | Israel – 1.3% | Israel – 1.3% | Israel – 1.3% |
| 43720 | Bank Hapoalim BM (Financials) |  | 1101454 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Israel – (continued) | Israel – (continued) | Israel – (continued) | Israel – (continued) |
| 44143 | Bank Leumi Le-Israel BM (Financials) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1066776 |
| 402656 | Bezeq The Israeli Telecommunication Corp. Ltd. (Communication Services) |  | 1061429 |
| 1461 | Big Shopping Centers Ltd. (Real Estate) |  | 351812 |
| 32645 | Cellebrite DI Ltd. (Information Technology)\* |  | 435484 |
| 16164 | Clal Insurance Enterprises Holdings Ltd. (Financials) |  | 1205334 |
| 3440 | Delek Group Ltd. (Energy) |  | 1051743 |
| 841 | Elbit Systems Ltd. (Industrials) |  | 643461 |
| 11554 | Enlight Renewable Energy Ltd. (Utilities)\* |  | 790449 |
| 8453 | First International Bank Of Israel Ltd. (The) (Financials) |  | 726041 |
| 23663 | Harel Insurance Investments & Financial Services Ltd. (Financials) |  | 1241508 |
| 57372 | Israel Discount Bank Ltd., Class A (Financials) |  | 693694 |
| 6695 | Menora Mivtachim Holdings Ltd. (Financials) |  | 955346 |
| 203596 | Migdal Insurance & Financial Holdings Ltd. (Financials)\* |  | 1100659 |
| 5431 | Mizrahi Tefahot Bank Ltd. (Financials) |  | 406370 |
| 23567 | Next Vision Stabilized Systems Ltd. (Information Technology) |  | 2690172 |
| 15264 | Oddity Tech Ltd., Class A (Consumer Staples)\* |  | 179657 |
| 22601 | OPC Energy Ltd. (Utilities)\* |  | 711546 |
| 18432 | Phoenix Financial Ltd. (Financials) |  | 940603 |
| 24930 | Plus500 Ltd. (Financials) |  | 1343368 |
| 49079 | Shufersal Ltd. (Consumer Staples) |  | 687186 |
| 10759 | Wix.com Ltd. (Information Technology)\* |  | 758079 |
|  |  |  | 20142171 |
| ltaly – 1.1% | ltaly – 1.1% | ltaly – 1.1% | ltaly – 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;211323 | A2A SpA (Utilities) |  | 618533 |
| 34336 | Banca Mediolanum SpA (Financials) |  | 739460 |
| 69163 | Banco BPM SpA (Financials) |  | 1023618 |
| 51888 | BPER Banca SpA (Financials) |  | 735783 |
| 111496 | Enel SpA (Utilities) |  | 1341973 |
| 35959 | Eni SpA (Energy) |  | 834531 |
| 15182 | FinecoBank Banca Fineco SpA (Financials) |  | 358329 |
| 18917 | Generali (Financials) |  | 807645 |
| 269407 | Intesa Sanpaolo SpA (Financials) |  | 1856050 |
| 7162 | Leonardo SpA (Industrials) |  | 480311 |
| 11554 | Moncler SpA (Consumer Discretionary) |  | 797228 |
| 24979 | Poste Italiane SpA (Financials)<sup>(b)</sup> |  | 670960 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 62 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> WORLD EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Italy – (continued) | Italy – (continued) | Italy – (continued) | Italy – (continued) |
| 186300 | PRADA SpA (Consumer Discretionary) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1059856 |
| 1615188 | Telecom Italia SpA (Communication Services)\* |  | 1213268 |
| 1387737 | Telecom Italia SpA (Communication Services)\* |  | 1215441 |
| 25926 | UniCredit SpA (Financials) |  | 2216532 |
| 39768 | Unipol Assicurazioni SpA (Financials) |  | 993549 |
|  |  |  | 16963067 |
| Japan – 8.8% | Japan – 8.8% | Japan – 8.8% | Japan – 8.8% |
| 23200 | Advantest Corp. (Information Technology) |  | 3989880 |
| 59727 | Aeon Co. Ltd. (Consumer Staples) |  | 851767 |
| 21800 | Air Water, Inc. (Materials) |  | 302931 |
| 51600 | Aisin Corp. (Consumer Discretionary) |  | 918637 |
| 35104 | ANA Holdings, Inc. (Industrials) |  | 765149 |
| 53141 | Asahi Group Holdings Ltd. (Consumer Staples) |  | 578467 |
| 63800 | Asahi Intecc Co. Ltd. (Health Care) |  | 1375506 |
| 60800 | Asics Corp. (Consumer Discretionary) |  | 1866935 |
| 74500 | Astellas Pharma, Inc. (Health Care) |  | 1241388 |
| 28300 | Bandai Namco Holdings, Inc. (Consumer Discretionary) |  | 769289 |
| 27900 | BayCurrent, Inc. (Industrials) |  | 805057 |
| 27223 | Bridgestone Corp. (Consumer Discretionary) |  | 661896 |
| 34800 | Brother Industries Ltd. (Information Technology) |  | 720407 |
| 21925 | Central Japan Railway Co. (Industrials) |  | 647112 |
| 34100 | Coca-Cola Bottlers Japan Holdings, Inc. (Consumer Staples) |  | 900742 |
| 58800 | CyberAgent, Inc. (Communication Services) |  | 518984 |
| 18850 | Dai Nippon Printing Co. Ltd. (Industrials) |  | 392394 |
| 84200 | Dai-ichi Life Holdings, Inc. (Financials) |  | 868831 |
| 34400 | Daiichi Sankyo Co. Ltd. (Health Care) |  | 675110 |
| 45605 | Daiwa Securities Group, Inc. (Financials) |  | 480806 |
| 30400 | Dentsu Group, Inc. (Communication Services)\* |  | 569641 |
| 1700 | Disco Corp. (Information Technology) |  | 822098 |
| 23000 | Eisai Co. Ltd. (Health Care) |  | 772093 |
| 39000 | Electric Power Development Co. Ltd. (Utilities) |  | 931753 |
| 128500 | ENEOS Holdings, Inc. (Energy) |  | 1224711 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) | Japan – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 | Fast Retailing Co. Ltd. (Consumer Discretionary) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840077 |
| 33600 | Food & Life Cos. Ltd. (Consumer Discretionary) | 2166110 |
| 5500 | Fujikura Ltd. (Industrials) | 942882 |
| 24000 | Fujitsu Ltd. (Information Technology) | 551558 |
| 11800 | Fukuoka Financial Group, Inc. (Financials) | 517197 |
| 36484 | Haseko Corp. (Consumer Discretionary) | 797799 |
| 18300 | Hitachi Construction Machinery Co. Ltd. (Industrials) | 823661 |
| 45200 | Hitachi Ltd. (Industrials) | 1512988 |
| 9800 | Hoya Corp. (Health Care) | 1774200 |
| 14500 | Ibiden Co. Ltd. (Information Technology) | 885742 |
| 107400 | Idemitsu Kosan Co. Ltd. (Energy) | 1025674 |
| 29700 | IHI Corp. (Industrials) | 818569 |
| 23600 | Iida Group Holdings Co. Ltd. (Consumer Discretionary) | 420379 |
| 56100 | Inpex Corp. (Energy) | 1365444 |
| 51900 | ITOCHU Corp. (Industrials) | 754607 |
| 39900 | J Front Retailing Co. Ltd. (Consumer Discretionary)<sup>(a)</sup> | 659356 |
| 118475 | Japan Airlines Co. Ltd. (Industrials)<sup>(a)</sup> | 2449558 |
| 777 | Japan Metropolitan Fund Invest REIT (Real Estate) | 605674 |
| 63600 | Japan Post Holdings Co. Ltd. (Financials) | 829397 |
| 37700 | Japan Post Insurance Co. Ltd. (Financials) | 1231996 |
| 52389 | JFE Holdings, Inc. (Materials)<sup>(a)</sup> | 738395 |
| 18500 | Kajima Corp. (Industrials) | 846290 |
| 41800 | Kawasaki Kisen Kaisha Ltd. (Industrials) | 672816 |
| 11400 | Kinden Corp. (Industrials) | 619780 |
| 9300 | Kioxia Holdings Corp. (Information Technology)\* | 1263430 |
| 67037 | Kyushu Electric Power Co., Inc. (Utilities) | 864772 |
| 4200 | Lasertec Corp. (Information Technology) | 905505 |
| 57503 | Lixil Corp. (Industrials)<sup>(a)</sup> | 675856 |
| 202700 | LY Corp. (Communication Services) | 505046 |
| 30500 | Marubeni Corp. (Industrials) | 1173701 |
| 75800 | MatsukiyoCocokara & Co. (Consumer Staples) | 1256981 |
| 39800 | Medipal Holdings Corp. (Health Care) | 781852 |
| 39000 | MISUMI Group, Inc. (Industrials) | 786370 |
| 137700 | Mitsubishi Chemical Group Corp. (Materials) | 1023544 |
| 47400 | Mitsubishi Corp. (Industrials) | 1606059 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **63** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> WORLD EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) | Japan – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;24200 | Mitsubishi Electric Corp. (Industrials) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928629 |
| 27500 | Mitsubishi Estate Co. Ltd. (Real Estate) | 929672 |
| 76711 | Mitsubishi HC Capital, Inc. (Financials) | 743894 |
| 39600 | Mitsubishi Heavy Industries Ltd. (Industrials) | 1271766 |
| 169400 | Mitsubishi UFJ Financial Group, Inc. (Financials) | 3220906 |
| 24300 | Mitsui & Co. Ltd. (Industrials) | 913945 |
| 56400 | Mitsui Chemicals, Inc. (Materials) | 859773 |
| 56600 | Mitsui Fudosan Co. Ltd. (Real Estate) | 763669 |
| 7800 | Mitsui Kinzoku Co. Ltd. (Materials) | 1844022 |
| 31100 | Mizuho Financial Group, Inc. (Financials) | 1424475 |
| 72900 | MonotaRO Co. Ltd. (Industrials) | 971455 |
| 34500 | MS&AD Insurance Group Holdings, Inc. (Financials) | 966994 |
| 28200 | NEC Corp. (Information Technology) | 782827 |
| 35600 | NGK Insulators Ltd. (Industrials) | 1045939 |
| 27091 | NH Foods Ltd. (Consumer Staples) | 1240503 |
| 44400 | NIDEC Corp. (Industrials) | 700162 |
| 7200 | Nintendo Co. Ltd. (Communication Services) | 414821 |
| 51662 | NIPPON EXPRESS HOLDINGS, Inc. (Industrials) | 1273971 |
| 105918 | Nippon Steel Corp. (Materials) | 431474 |
| 24460 | Nippon Television Holdings, Inc. (Communication Services) | 532676 |
| 20500 | Nippon Yusen KK (Industrials)<sup>(a)</sup> | 704977 |
| 86000 | Nomura Holdings, Inc. (Financials) | 800096 |
| 572557 | NTT, Inc. (Communication Services) | 562197 |
| 114331 | Oji Holdings Corp. (Materials) | 720954 |
| 66600 | Olympus Corp. (Health Care) | 651816 |
| 7000 | Open House Group Co. Ltd. (Consumer Discretionary) | 518751 |
| 24500 | ORIX Corp. (Financials) | 869838 |
| 894 | Orix JREIT, Inc. REIT (Real Estate) | 596095 |
| 35895 | Osaka Gas Co. Ltd. (Utilities) | 1498106 |
| 20784 | Otsuka Holdings Co. Ltd. (Health Care) | 1425759 |
| 97484 | Pan Pacific International Holdings Corp. (Consumer Discretionary) | 649373 |
| 671900 | Persol Holdings Co. Ltd. (Industrials) | 1075040 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) | Japan – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;93100 | Rakuten Group, Inc. (Consumer Discretionary)\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493810 |
| 47100 | Recruit Holdings Co. Ltd. (Industrials) | 2071344 |
| 78641 | Ricoh Co. Ltd. (Information Technology) | 740447 |
| 26900 | Rinnai Corp. (Consumer Discretionary) | 701769 |
| 93200 | Ryohin Keikaku Co. Ltd. (Consumer Discretionary) | 2147256 |
| 58100 | Sanrio Co. Ltd. (Consumer Discretionary) | 2130861 |
| 21500 | Sanwa Holdings Corp. (Industrials) | 569294 |
| 39300 | SBI Holdings, Inc. (Financials) | 843267 |
| 17000 | Seibu Holdings, Inc. (Industrials)<sup>(a)</sup> | 505236 |
| 58900 | Seven & i Holdings Co. Ltd. (Consumer Staples)<sup>(a)</sup> | 828278 |
| 60900 | Shimizu Corp. (Industrials) | 1362522 |
| 77800 | Shiseido Co. Ltd. (Consumer Staples) | 1644452 |
| 44700 | Shizuoka Financial Group, Inc. (Financials) | 900156 |
| 39700 | SoftBank Group Corp. (Communication Services) | 1039765 |
| 19100 | Sompo Holdings, Inc. (Financials) | 764000 |
| 71300 | Sony Group Corp. (Consumer Discretionary) | 1663705 |
| 34800 | Subaru Corp. (Consumer Discretionary) | 661228 |
| 38200 | Sugi Holdings Co. Ltd. (Consumer Staples) | 878386 |
| 241800 | Sumitomo Chemical Co. Ltd. (Materials) | 882328 |
| 31200 | Sumitomo Corp. (Industrials) | 1331533 |
| 19300 | Sumitomo Electric Industries Ltd. (Consumer Discretionary) | 1282546 |
| 41900 | Sumitomo Mitsui Financial Group, Inc. (Financials) | 1609443 |
| 21900 | Sumitomo Mitsui Trust Group, Inc. (Financials) | 769113 |
| 56700 | Sumitomo Rubber Industries Ltd. (Consumer Discretionary) | 1010159 |
| 24000 | Sundrug Co. Ltd. (Consumer Staples) | 649018 |
| 48800 | Suzuki Motor Corp. (Consumer Discretionary) | 740947 |
| 51500 | Sysmex Corp. (Health Care) | 485560 |
| 8400 | Taisei Corp. (Industrials) | 1094354 |
| 26574 | Takeda Pharmaceutical Co. Ltd. (Health Care) | 990451 |
| 143900 | Tohoku Electric Power Co., Inc. (Utilities) | 1194059 |
| 35800 | Tokio Marine Holdings, Inc. (Financials) | 1496664 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 64 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> WORLD EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) | Japan – (continued) | Japan – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;50000 | Tokyo Century Corp. (Financials) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731145 |
| 8100 | Tokyo Electron Ltd. (Information Technology) |  | 2283305 |
| 19100 | Tokyo Gas Co. Ltd. (Utilities) |  | 936619 |
| 111500 | Toyota Motor Corp. (Consumer Discretionary) |  | 2731705 |
| 27500 | Toyota Tsusho Corp. (Industrials) |  | 1230873 |
| 46700 | Trend Micro, Inc. (Information Technology) |  | 1555420 |
| 92368 | Tsuruha Holdings, Inc. (Consumer<br>Staples)<sup>(a)</sup> |  | 1553025 |
| 495 | United Urban Investment Corp. REIT (Real Estate) |  | 587817 |
| 49500 | Yamazaki Baking Co. Ltd. (Consumer Staples) |  | 1112541 |
| 8800 | Yokohama Rubber Co. Ltd. (The) (Consumer Discretionary) |  | 444270 |
| 25000 | Zensho Holdings Co. Ltd. (Consumer Discretionary) |  | 1589912 |
| 147600 | ZOZO, Inc. (Consumer Discretionary)<sup>(a)</sup> |  | 1076806 |
|  |  |  | 138994813 |
| Luxembourg – 0.1% | Luxembourg – 0.1% | Luxembourg – 0.1% | Luxembourg – 0.1% |
| 82924 | CVC Capital Partners PLC (Financials)<sup>(b)</sup> |  | 1183713 |
| Mexico – 0.1% | Mexico – 0.1% | Mexico – 0.1% | Mexico – 0.1% |
| 16993 | Fresnillo PLC (Materials) |  | 968681 |
| Netherlands – 1.2% | Netherlands – 1.2% | Netherlands – 1.2% | Netherlands – 1.2% |
| 37116 | ABN AMRO Bank NV (Financials)<sup>(b)</sup> |  | 1242817 |
| 722 | Argenx SE ADR (Health Care)\* |  | 553716 |
| 6835 | ASML Holding NV (Information Technology) |  | 9953650 |
| 9248 | Heineken Holding NV (Consumer Staples) |  | 799280 |
| 60520 | ING Groep NV (Financials) |  | 1759962 |
| 53752 | Koninklijke Ahold Delhaize NV (Consumer Staples) |  | 2650935 |
| 6980 | Nebius Group NV (Information Technology)\* |  | 636506 |
| 2834 | NXP Semiconductors NV (Information Technology) |  | 643346 |
| 5512 | Wolters Kluwer NV (Industrials) |  | 443197 |
|  |  |  | 18683409 |
| New Zealand – 0.1% | New Zealand – 0.1% | New Zealand – 0.1% | New Zealand – 0.1% |
| 99484 | a2 Milk Co. Ltd. (The) (Consumer Staples) |  | 689482 |
| 55483 | Fisher & Paykel Healthcare Corp. Ltd. (Health Care) |  | 1361666 |
|  |  |  | 2051148 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Norway – 0.3% | Norway – 0.3% | Norway – 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4226 | Aker ASA, Class A (Industrials) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410455 |
| 25579 | DNB Bank ASA (Financials) | 810653 |
| 14114 | Gjensidige Forsikring ASA (Financials) | 398196 |
| 66966 | Norsk Hydro ASA (Materials) | 620428 |
| 19985 | Protector Forsikring ASA (Financials) | 1088174 |
| 16480 | SpareBank 1 SMN (Financials) | 369845 |
| 65560 | TOMRA Systems ASA (Industrials) | 810421 |
|  |  | 4508172 |
| Poland – 0.5% | Poland – 0.5% | Poland – 0.5% |
| 14442 | Asseco Poland SA (Information Technology) | 712671 |
| 72459 | Bank Millennium SA (Financials)\* | 351683 |
| 93628 | Dino Polska SA (Consumer Staples)\*<sup>(b)</sup> | 1053516 |
| 50622 | InPost SA (Industrials)\* | 908496 |
| 11562 | KGHM Polska Miedz SA (Materials)\* | 1085763 |
| 271 | LPP SA (Consumer Discretionary) | 1567903 |
| 42201 | ORLEN SA (Energy) | 1354391 |
| 211997 | PGE Polska Grupa Energetyczna SA (Utilities)\* | 669639 |
| 48152 | Powszechny Zaklad Ubezpieczen SA (Financials) | 911649 |
|  |  | 8615711 |
| Portugal – 0.1% | Portugal – 0.1% | Portugal – 0.1% |
| 671868 | Banco Comercial Portugues SA, Class R (Financials) | 707284 |
| 37240 | Jeronimo Martins SGPS SA (Consumer Staples) | 978757 |
|  |  | 1686041 |
| Singapore – 0.7% | Singapore – 0.7% | Singapore – 0.7% |
| 38226 | DBS Group Holdings Ltd. (Financials) | 1726267 |
| 101458 | Hafnia Ltd. (Energy) | 757624 |
| 79348 | Keppel Ltd. (Industrials) | 820549 |
| 47514 | Oversea-Chinese Banking Corp. Ltd. (Financials) | 805016 |
| 225000 | SATS Ltd. (Industrials) | 697316 |
| 2498 | Sea Ltd. ADR (Consumer Discretionary)\* | 270908 |
| 452100 | Seatrium Ltd. (Industrials) | 857841 |
| 146518 | Singapore Airlines Ltd. (Industrials) | 831719 |
| 65573 | Singapore Exchange Ltd. (Financials) | 943534 |
| 91200 | Singapore Technologies Engineering Ltd. (Industrials) | 718871 |
| 182035 | Singapore Telecommunications Ltd. (Communication Services) | 725348 |
| 22347 | United Overseas Bank Ltd. (Financials) | 653175 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **65** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> WORLD EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Singapore – (continued) | Singapore – (continued) | Singapore – (continued) | Singapore – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;130861 | UOL Group Ltd. (Real Estate) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1167025 |
|  |  |  | 10975193 |
| South Korea – 0.1% | South Korea – 0.1% | South Korea – 0.1% | South Korea – 0.1% |
| 90984 | Coupang, Inc. (Consumer Discretionary)\* |  | 1735975 |
| Spain – 0.9% | Spain – 0.9% | Spain – 0.9% | Spain – 0.9% |
| 9016 | ACS Actividades de Construccion y Servicios SA (Industrials) |  | 1166714 |
| 126892 | Banco Bilbao Vizcaya Argentaria SA (Financials) |  | 2958975 |
| 316737 | Banco Santander SA (Financials) |  | 4035154 |
| 67284 | CaixaBank SA (Financials) |  | 835733 |
| 17161 | Endesa SA (Utilities) |  | 700458 |
| 73144 | Iberdrola SA (Utilities) |  | 1731542 |
| 27803 | Industria de Diseno Textil SA (Consumer Discretionary) |  | 1865232 |
| 32977 | Repsol SA (Energy) |  | 740367 |
| 117263 | Telefonica SA (Communication Services)<sup>(a)</sup> |  | 533042 |
|  |  |  | 14567217 |
| Sweden – 0.7% | Sweden – 0.7% | Sweden – 0.7% | Sweden – 0.7% |
| 22419 | Avanza Bank Holding AB (Financials) |  | 821710 |
| 21477 | Axfood AB (Consumer Staples) |  | 783137 |
| 8696 | Boliden AB (Materials)\* |  | 691432 |
| 74405 | H & M Hennes & Mauritz AB, Class B (Consumer Discretionary) |  | 1589103 |
| 136377 | Husqvarna AB, Class B (Industrials) |  | 657504 |
| 33316 | Nordnet AB publ (Financials) |  | 1056057 |
| 7096 | Saab AB, Class B (Industrials) |  | 513879 |
| 39904 | Securitas AB, Class B (Industrials) |  | 710723 |
| 12529 | Skanska AB, Class B (Industrials) |  | 386038 |
| 45847 | Svenska Handelsbanken AB, Class A (Financials) |  | 734763 |
| 19523 | Swedbank AB, Class A (Financials)<sup>(a)</sup> |  | 752566 |
| 20410 | Tele2 AB, Class B (Communication Services) |  | 431608 |
| 96604 | Telefonaktiebolaget LM Ericsson, Class B (Information Technology) |  | 1119406 |
|  |  |  | 10247926 |
| Switzerland – 1.1% | Switzerland – 1.1% | Switzerland – 1.1% | Switzerland – 1.1% |
| 16211 | ABB Ltd. (Industrials) |  | 1513912 |
| 4970 | Cie Financiere Richemont SA (Consumer Discretionary) |  | 1016231 |
| 1729 | Galderma Group AG (Health Care) |  | 328017 |
| 1953 | Geberit AG (Industrials) |  | 1645594 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Switzerland – (continued) | Switzerland – (continued) | Switzerland – (continued) | Switzerland – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8081 | Kuehne + Nagel International AG (Industrials) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1884568 |
| 1370 | Partners Group Holding AG (Financials) |  | 1527388 |
| 15688 | SGS SA (Industrials) |  | 1978722 |
| 10375 | Straumann Holding AG (Health Care) |  | 1249236 |
| 546 | Swiss Life Holding AG (Financials) |  | 625765 |
| 6396 | TE Connectivity PLC (Information Technology) |  | 1472039 |
| 29882 | UBS Group AG (Financials) |  | 1243772 |
| 2210 | Zurich Insurance Group AG (Financials) |  | 1668456 |
|  |  |  | 16153700 |
| United Kingdom – 2.9% | United Kingdom – 2.9% | United Kingdom – 2.9% | United Kingdom – 2.9% |
| 10222 | 3i Group PLC (Financials) |  | 456542 |
| 37648 | Admiral Group PLC (Financials) |  | 1500255 |
| 19817 | Associated British Foods PLC (Consumer Staples) |  | 526732 |
| 27974 | AstraZeneca PLC (Health Care) |  | 5845295 |
| 306744 | Autotrader Group PLC (Communication Services)<sup>(b)</sup> |  | 2032731 |
| 74301 | Aviva PLC (Financials) |  | 685273 |
| 36442 | BAE Systems PLC (Industrials) |  | 1034763 |
| 297841 | Barclays PLC (Financials) |  | 1813359 |
| 30806 | British American Tobacco PLC (Consumer Staples) |  | 1921756 |
| 137085 | Centrica PLC (Utilities) |  | 367042 |
| 131496 | CK Hutchison Holdings Ltd. (Industrials) |  | 1082611 |
| 309448 | HSBC Holdings PLC (Financials) |  | 5797901 |
| 16972 | Imperial Brands PLC (Consumer Staples) |  | 758699 |
| 66745 | International Consolidated Airlines Group SA ADR (Industrials) |  | 760893 |
| 239833 | J Sainsbury PLC (Consumer Staples) |  | 1125329 |
| 243700 | Kingfisher PLC (Consumer Discretionary) |  | 1213916 |
| 1100680 | Lloyds Banking Group PLC (Financials) |  | 1516066 |
| 171099 | M&G PLC (Financials) |  | 730819 |
| 180984 | Marks & Spencer Group PLC (Consumer Staples) |  | 964780 |
| 39480 | National Grid PLC (Utilities) |  | 738328 |
| 176244 | NatWest Group PLC (Financials) |  | 1466729 |
| 6390 | Next PLC (Consumer Discretionary) |  | 1161509 |
| 66561 | Phoenix Group Holdings PLC (Financials) |  | 686373 |
| 7417 | Reckitt Benckiser Group PLC (Consumer Staples) |  | 649363 |
| 26391 | RELX PLC (Industrials) |  | 916840 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 66 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> WORLD EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| United Kingdom – (continued) | United Kingdom – (continued) | United Kingdom – (continued) | United Kingdom – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;130691 | Rolls-Royce Holdings PLC (Industrials) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2343062 |
| 159742 | Sage Group PLC (The) (Information Technology) |  | 1764941 |
| 32991 | Smith & Nephew PLC (Health Care) |  | 608326 |
| 9389 | Smiths Group PLC (Industrials) |  | 346629 |
| 64733 | Standard Chartered PLC (Financials) |  | 1594396 |
| 172036 | Tesco PLC (Consumer Staples) |  | 1111599 |
| 16251 | Unilever PLC (Consumer Staples) |  | 1194467 |
| 920980 | Vodafone Group PLC (Communication Services) |  | 1417753 |
|  |  |  | 46135077 |
| United States – 68.2% | United States – 68.2% | United States – 68.2% | United States – 68.2% |
| 7388 | 3M Co. (Industrials) |  | 1221384 |
| 31716 | Abbott Laboratories (Health Care) |  | 3690157 |
| 33403 | AbbVie, Inc. (Health Care) |  | 7752168 |
| 9500 | Accenture PLC, Class A (Information Technology) |  | 1982840 |
| 10781 | Adobe, Inc. (Information Technology)\* |  | 2829042 |
| 27708 | Advanced Micro Devices, Inc. (Information Technology)\* |  | 5547419 |
| 5658 | Aflac, Inc. (Financials) |  | 638958 |
| 4715 | Airbnb, Inc., Class A (Consumer Discretionary)\* |  | 637044 |
| 15061 | Allstate Corp. (The) (Financials) |  | 3230886 |
| 6578 | Alnylam Pharmaceuticals, Inc. (Health Care)\* |  | 2189948 |
| 112057 | Alphabet, Inc., Class A (Communication Services) |  | 34934890 |
| 97662 | Alphabet, Inc., Class C (Communication Services) |  | 30414877 |
| 37847 | Altria Group, Inc. (Consumer Staples) |  | 2612957 |
| 183395 | Amazon.com, Inc. (Consumer Discretionary)\* |  | 38512950 |
| 6044 | American Electric Power Co., Inc. (Utilities) |  | 808808 |
| 11644 | American Express Co. (Financials) |  | 3596832 |
| 11864 | American International Group, Inc. (Financials) |  | 954933 |
| 3303 | American Tower Corp. REIT (Real Estate) |  | 633714 |
| 3906 | Ameriprise Financial, Inc. (Financials) |  | 1836289 |
| 7604 | Amgen, Inc. (Health Care) |  | 2951569 |
| 24774 | Amphenol Corp., Class A (Information Technology) |  | 3618490 |
| 5121 | Analog Devices, Inc. (Information Technology) |  | 1822001 |
| 3972 | Aon PLC, Class A (Financials) |  | 1332487 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| United States – (continued) | United States – (continued) | United States – (continued) |
| 390 | AP Moller - Maersk A/S, Class A (Industrials) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955278 |
| 399 | AP Moller - Maersk A/S, Class B (Industrials)<sup>(a)</sup> | 988357 |
| 4850 | Apollo Global Management, Inc. (Financials) | 507310 |
| &nbsp;&nbsp;&nbsp;&nbsp;277913 | Apple, Inc. (Information Technology) | 73419056 |
| 15079 | Applied Materials, Inc. (Information Technology) | 5613912 |
| 7921 | AppLovin Corp., Class A (Information Technology)\* | 3443813 |
| 10286 | Arch Capital Group Ltd. (Financials)\* | 1030143 |
| 23798 | Archer-Daniels-Midland Co. (Consumer Staples) | 1643014 |
| 19816 | Arista Networks, Inc. (Information Technology)\* | 2645436 |
| 142259 | AT&T, Inc. (Communication Services) | 3984675 |
| 19466 | Atlassian Corp., Class A (Information Technology)\* | 1462481 |
| 3459 | Atmos Energy Corp. (Utilities) | 646107 |
| 6209 | Autodesk, Inc. (Information Technology)\* | 1526607 |
| 3656 | Automatic Data Processing, Inc. (Industrials) | 783700 |
| 547 | AutoZone, Inc. (Consumer Discretionary)\* | 2054302 |
| 17523 | Baker Hughes Co. (Energy) | 1143551 |
| 122356 | Bank of America Corp. (Financials) | 6096999 |
| 16082 | Bank of New York Mellon Corp. (The) (Financials) | 1915366 |
| 3276 | Becton Dickinson & Co. (Health Care) | 578148 |
| 25024 | Berkshire Hathaway, Inc., Class B (Financials)\* | 12635869 |
| 4887 | Biogen, Inc. (Health Care)\* | 937424 |
| 2391 | Blackrock, Inc. (Financials) | 2542183 |
| 12926 | Blackstone, Inc. (Financials) | 1465421 |
| 7938 | Block, Inc. (Financials)\* | 505651 |
| 9671 | Boeing Co. (The) (Industrials)\* | 2200443 |
| 868 | Booking Holdings, Inc. (Consumer Discretionary) | 3679756 |
| 25870 | Boston Scientific Corp. (Health Care)\* | 1988109 |
| 232020 | BP PLC (Energy) | 1489979 |
| 30753 | Bristol-Myers Squibb Co. (Health Care) | 1918065 |
| 87814 | Broadcom, Inc. (Information Technology) | 28060964 |
| 5860 | Cadence Design Systems, Inc. (Information Technology)\* | 1766204 |
| 7079 | Capital One Financial Corp. (Financials) | 1384936 |
| 6410 | Cardinal Health, Inc. (Health Care) | 1469364 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **67** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> WORLD EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks - (continued) | Common Stocks - (continued) | Common Stocks - (continued) |
| United States - (continued) | United States - (continued) | United States - (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;26957 | Carnival Corp. (Consumer Discretionary) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850493 |
| 2025 | Carvana Co. (Consumer Discretionary)\* | 676674 |
| 8373 | Caterpillar, Inc. (Industrials) | 6219716 |
| 3785 | CBRE Group, Inc., Class A (Real Estate)\* | 558893 |
| 3087 | Cencora, Inc. (Health Care) | 1148796 |
| 30213 | Centene Corp. (Health Care)\* | 1355959 |
| 16377 | CenterPoint Energy, Inc. (Utilities) | 712400 |
| 32383 | Charles Schwab Corp. (The) (Financials) | 3082862 |
| 7931 | Charter Communications, Inc., Class A (Communication Services)\* | 1860851 |
| 2550 | Cheniere Energy, Inc. (Energy) | 601112 |
| 32617 | Chevron Corp. (Energy) | 6091551 |
| 14992 | Chipotle Mexican Grill, Inc. (Consumer Discretionary)\* | 558002 |
| 6864 | Chubb Ltd. (Financials) | 2339663 |
| 7412 | Cigna Group (The) (Health Care) | 2148146 |
| 4589 | Cincinnati Financial Corp. (Financials) | 752504 |
| 8822 | Cintas Corp. (Industrials) | 1774369 |
| 76692 | Cisco Systems, Inc. (Information Technology) | 6093946 |
| 38545 | Citigroup, Inc. (Financials) | 4247274 |
| 16836 | Citizens Financial Group, Inc. (Financials) | 1013359 |
| 6229 | Cloudflare, Inc., Class A (Information Technology)\* | 1072572 |
| 5977 | CME Group, Inc. (Financials) | 1909651 |
| 60208 | Coca-Cola Co. (The) (Consumer Staples) | 4910564 |
| 10001 | Cognizant Technology Solutions Corp., Class A (Information Technology) | 644364 |
| 3837 | Coinbase Global, Inc., Class A (Financials)\* | 674736 |
| 29409 | Colgate-Palmolive Co. (Consumer Staples) | 2915608 |
| 51906 | Comcast Corp., Class A (Communication Services) | 1607010 |
| 16560 | ConocoPhillips (Energy) | 1878898 |
| 3730 | Constellation Energy Corp. (Utilities) | 1230452 |
| 15338 | Corning, Inc. (Information Technology) | 2306528 |
| 1127 | Corpay, Inc. (Financials)\* | 366388 |
| 9838 | Corteva, Inc. (Materials) | 788221 |
| 8569 | Costco Wholesale Corp. (Consumer Staples) | 8661460 |
| 14472 | Coterra Energy, Inc. (Energy) | 442698 |
| 8392 | CRH PLC (Materials) | 1006872 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks - (continued) | Common Stocks - (continued) | Common Stocks - (continued) |
| United States - (continued) | United States - (continued) | United States - (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4664 | Crowdstrike Holdings, Inc., Class A (Information Technology)\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1734915 |
| 1947 | Cummins, Inc. (Industrials) | 1136795 |
| 38073 | CVS Health Corp. (Health Care) | 3042033 |
| 5151 | D.R. Horton, Inc. (Consumer Discretionary) | 826169 |
| 6379 | Danaher Corp. (Health Care) | 1343673 |
| 4430 | Datadog, Inc., Class A (Information Technology)\* | 495983 |
| 2837 | Deere & Co. (Industrials) | 1786487 |
| 5052 | Dell Technologies, Inc., Class C (Information Technology) | 748100 |
| 15523 | Delta Air Lines, Inc. (Industrials) | 1019861 |
| 32125 | Devon Energy Corp. (Energy) | 1398401 |
| 8024 | Dollar General Corp. (Consumer Staples) | 1253670 |
| 16438 | Dollar Tree, Inc. (Consumer Staples)\* | 2079078 |
| 6551 | DoorDash, Inc., Class A (Consumer Discretionary)\* | 1156055 |
| 8963 | Duke Energy Corp. (Utilities) | 1172809 |
| 6154 | Eaton Corp. PLC (Industrials) | 2313412 |
| 9355 | eBay, Inc. (Consumer Discretionary) | 849995 |
| 3205 | Ecolab, Inc. (Materials) | 988262 |
| 7345 | Edwards Lifesciences Corp. (Health Care)\* | 635122 |
| 8442 | Electronic Arts, Inc. (Communication Services) | 1693212 |
| 3167 | Elevance Health, Inc. (Health Care) | 1013440 |
| 15641 | Eli Lilly & Co. (Health Care) | 16454176 |
| 6615 | Emerson Electric Co. (Industrials) | 997211 |
| 7730 | Entergy Corp. (Utilities) | 827960 |
| 9622 | EOG Resources, Inc. (Energy) | 1193898 |
| 17652 | Estee Lauder Cos., Inc. (The), Class A (Consumer Staples) | 1932364 |
| 14007 | Exelon Corp. (Utilities) | 692926 |
| 7552 | Expedia Group, Inc. (Consumer Discretionary) | 1628891 |
| 8232 | Experian PLC (Industrials) | 308341 |
| 75151 | Exxon Mobil Corp. (Energy) | 11460528 |
| 1204 | Fair Isaac Corp. (Information Technology)\* | 1696869 |
| 53403 | Fastenal Co. (Industrials) | 2458674 |
| 2842 | FedEx Corp. (Industrials) | 1099854 |
| 5823 | Ferguson Enterprises, Inc. (Industrials) | 1518405 |
| 9914 | Ferrovial SE (Industrials) | 739317 |
| 14279 | Fifth Third Bancorp (Financials) | 706382 |
| 13076 | FirstEnergy Corp. (Utilities) | 668968 |
| 20085 | Fiserv, Inc. (Financials)\* | 1251095 |
| 2545 | Flutter Entertainment PLC (Consumer Discretionary)\* | 270126 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 68 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> WORLD EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| United States – (continued) | United States – (continued) | United States – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;130048 | Ford Motor Co. (Consumer Discretionary) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1832376 |
| 19046 | Fortinet, Inc. (Information Technology)\* | 1505205 |
| 6403 | Fortive Corp. (Industrials) | 379058 |
| 17905 | Fox Corp., Class A (Communication Services) | 1008768 |
| 18412 | Fox Corp., Class B (Communication Services) | 952453 |
| 20087 | Freeport-McMoRan, Inc. (Materials) | 1367523 |
| 2814 | Garmin Ltd. (Consumer Discretionary) | 711464 |
| 9320 | Gartner, Inc. (Information Technology)\* | 1465104 |
| 5130 | GE Vernova, Inc. (Industrials) | 4481568 |
| 3480 | General Dynamics Corp. (Industrials) | 1242534 |
| 18642 | General Electric Co. (Industrials) | 6380411 |
| 24364 | General Motors Co. (Consumer Discretionary) | 1917690 |
| 24903 | Gilead Sciences, Inc. (Health Care) | 3709302 |
| 7050 | Global Payments, Inc. (Financials) | 539043 |
| 89513 | GSK PLC (Health Care) | 2648812 |
| 22675 | Halliburton Co. (Energy) | 816300 |
| 10621 | Hartford Insurance Group, Inc. (The) (Financials) | 1495755 |
| 2493 | HCA Healthcare, Inc. (Health Care) | 1320542 |
| 24891 | Hewlett Packard Enterprise Co. (Information Technology) | 534410 |
| 2314 | Hilton Worldwide Holdings, Inc. (Consumer Discretionary) | 721459 |
| 6719 | Holcim AG (Materials)\* | 619261 |
| 19193 | Home Depot, Inc. (The) (Consumer Discretionary) | 7307159 |
| 8122 | Honeywell International, Inc. (Industrials) | 1978438 |
| 6419 | Howmet Aerospace, Inc. (Industrials) | 1685180 |
| 21503 | HP, Inc. (Information Technology) | 408342 |
| 6964 | HubSpot, Inc. (Information Technology)\* | 1842048 |
| 4246 | Humana, Inc. (Health Care) | 809033 |
| 38842 | Huntington Bancshares, Inc. (Financials) | 652546 |
| 3397 | ICON PLC (Health Care)\* | 367352 |
| 3592 | IDEXX Laboratories, Inc. (Health Care)\* | 2358974 |
| 3118 | Illinois Tool Works, Inc. (Industrials) | 906184 |
| 70933 | Intel Corp. (Information Technology)\* | 3235254 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| United States – (continued) | United States – (continued) | United States – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7306 | Interactive Brokers Group, Inc., Class A (Financials) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520114 |
| 3839 | Intercontinental Exchange, Inc. (Financials) | 630095 |
| 17904 | International Business Machines Corp. (Information Technology) | 4300720 |
| 4477 | Intuit, Inc. (Information Technology) | 1831227 |
| 4699 | Intuitive Surgical, Inc. (Health Care)\* | 2365993 |
| 2768 | IQVIA Holdings, Inc. (Health Care)\* | 494946 |
| 11044 | Johnson Controls International PLC (Industrials) | 1593649 |
| 46295 | Johnson & Johnson (Health Care) | 11501067 |
| 52874 | JPMorgan Chase & Co. (Financials) | 15878062 |
| 3549 | Keysight Technologies, Inc. (Information Technology)\* | 1090714 |
| 5003 | Kimberly-Clark Corp. (Consumer Staples) | 557534 |
| 28469 | Kinder Morgan, Inc. (Energy) | 947164 |
| 5004 | KKR & Co., Inc. (Financials) | 438751 |
| 3155 | KLA Corp. (Information Technology) | 4809955 |
| 33821 | Kraft Heinz Co. (The) (Consumer Staples) | 832335 |
| 32948 | Kroger Co. (The) (Consumer Staples) | 2248372 |
| 3254 | L3Harris Technologies, Inc. (Industrials) | 1186213 |
| 27992 | Lam Research Corp. (Information Technology) | 6547049 |
| 3214 | Leidos Holdings, Inc. (Industrials) | 562771 |
| 6382 | Linde PLC (Materials) | 3242567 |
| 2446 | Lockheed Martin Corp. (Industrials) | 1609664 |
| 9567 | Loews Corp. (Financials) | 1052561 |
| 12699 | Lowe's Cos., Inc. (Consumer Discretionary) | 3359774 |
| 11180 | Lululemon Athletica, Inc. (Consumer Discretionary)\* | 2070201 |
| 3658 | M&T Bank Corp. (Financials) | 793713 |
| 6971 | Marathon Petroleum Corp. (Energy) | 1381722 |
| 439 | Markel Group, Inc. (Financials)\* | 909814 |
| 6096 | Marsh & McLennan Cos., Inc. (Financials) | 1138367 |
| 8646 | Marvell Technology, Inc. (Information Technology) | 706292 |
| 17520 | Mastercard, Inc., Class A (Financials) | 9061519 |
| 10189 | McDonald's Corp. (Consumer Discretionary) | 3475060 |
| 2284 | McKesson Corp. (Health Care) | 2255153 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **69** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> WORLD EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| United States – (continued) | United States – (continued) | United States – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;21428 | Medtronic PLC (Health Care) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2092658 |
| 44042 | Merck & Co., Inc. (Health Care) | 5453280 |
| 41930 | Meta Platforms, Inc., Class A (Communication Services) | 27178187 |
| 11455 | MetLife, Inc. (Financials) | 825562 |
| 1200 | Mettler-Toledo International, Inc. (Health Care)\* | 1640028 |
| 21465 | Micron Technology, Inc. (Information Technology) | 8851522 |
| 139062 | Microsoft Corp. (Information Technology) | 54615210 |
| 11686 | Monday.com Ltd. (Information Technology)\* | 848871 |
| 10025 | Mondelez International, Inc., Class A (Consumer Staples) | 617339 |
| 1795 | MongoDB, Inc. (Information Technology)\* | 589604 |
| 748 | Monolithic Power Systems, Inc. (Information Technology) | 854770 |
| 22677 | Monster Beverage Corp. (Consumer Staples)\* | 1934348 |
| 4301 | Moody's Corp. (Financials) | 2054115 |
| 23681 | Morgan Stanley (Financials) | 3943123 |
| 2438 | Motorola Solutions, Inc. (Information Technology) | 1175750 |
| 34675 | Nestle SA (Consumer Staples) | 3786498 |
| 9040 | NetApp, Inc. (Information Technology) | 895231 |
| 80394 | Netflix, Inc. (Communication Services)\* | 7737119 |
| 25712 | Newmont Corp. (Materials) | 3342560 |
| 25235 | NextEra Energy, Inc. (Utilities) | 2366286 |
| 24388 | NIKE, Inc., Class B (Consumer Discretionary) | 1516446 |
| 2152 | Norfolk Southern Corp. (Industrials) | 677320 |
| 5093 | Northern Trust Corp. (Financials) | 728757 |
| 2144 | Northrop Grumman Corp. (Industrials) | 1553071 |
| 40818 | Novartis AG (Health Care) | 6926401 |
| 457507 | NVIDIA Corp. (Information Technology) | 81065665 |
| 82 | NVR, Inc. (Consumer Discretionary)\* | 616459 |
| 20535 | Occidental Petroleum Corp. (Energy) | 1089998 |
| 11652 | ON Semiconductor Corp. (Information Technology)\* | 774625 |
| 6390 | ONEOK, Inc. (Energy) | 528900 |
| 28157 | Oracle Corp. (Information Technology) | 4094028 |
| 25495 | O'Reilly Automotive, Inc. (Consumer Discretionary)\* | 2393471 |
| 6611 | Otis Worldwide Corp. (Industrials) | 611914 |
| 6087 | PACCAR, Inc. (Industrials) | 767510 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| United States – (continued) | United States – (continued) | United States – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;42623 | Palantir Technologies, Inc., Class A (Information Technology)\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5847449 |
| 10284 | Palo Alto Networks, Inc. (Information Technology)\* | 1531493 |
| 1823 | Parker-Hannifin Corp. (Industrials) | 1839735 |
| 13524 | PayPal Holdings, Inc. (Financials) | 624944 |
| 23257 | PepsiCo, Inc. (Consumer Staples) | 3947643 |
| 76227 | Pfizer, Inc. (Health Care) | 2107677 |
| 28456 | Philip Morris International, Inc. (Consumer Staples) | 5316434 |
| 5255 | Phillips 66 (Energy) | 811004 |
| 87389 | Pinterest, Inc., Class A (Communication Services)\* | 1496974 |
| 5713 | PNC Financial Services Group, Inc. (The) (Financials) | 1213156 |
| 7343 | Principal Financial Group, Inc. (Financials) | 700669 |
| 39102 | Procter & Gamble Co. (The) (Consumer Staples) | 6537854 |
| 12414 | Progressive Corp. (The) (Financials) | 2652375 |
| 7747 | Prologis, Inc. REIT (Real Estate) | 1104490 |
| 10565 | Prudential Financial, Inc. (Financials) | 1039385 |
| 5000 | PulteGroup, Inc. (Consumer Discretionary) | 686000 |
| 21134 | QUALCOMM, Inc. (Information Technology) | 3008636 |
| 2459 | Quanta Services, Inc. (Industrials) | 1384614 |
| 3386 | Quest Diagnostics, Inc. (Health Care) | 717527 |
| 3887 | Raymond James Financial, Inc. (Financials) | 595022 |
| 10194 | Realty Income Corp. REIT (Real Estate) | 682998 |
| 7259 | Reddit, Inc., Class A (Communication Services)\* | 1058435 |
| 1206 | Regeneron Pharmaceuticals, Inc. (Health Care) | 942694 |
| 24870 | Regions Financial Corp. (Financials) | 692132 |
| 2772 | Republic Services, Inc. (Industrials) | 634788 |
| 2492 | ResMed, Inc. (Health Care) | 638600 |
| 16474 | Robinhood Markets, Inc., Class A(Financials)\* | 1249553 |
| 15182 | ROBLOX Corp., Class A (Communication Services)\* | 1042396 |
| 13759 | Roche Holding AG (Health Care) | 6565962 |
| 2828 | Roche Holding AG (Health Care) | 1402509 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 70 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA <sup>®</sup> WORLD EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| United States – (continued) | United States – (continued) | United States – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;43216 | Rocket Cos., Inc., Class A (Financials) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786099 |
| 1667 | Rockwell Automation, Inc. (Industrials) | 679219 |
| 28531 | Rollins, Inc. (Industrials) | 1737253 |
| 1323 | Roper Technologies, Inc. (Information Technology) | 462693 |
| 4264 | Ross Stores, Inc. (Consumer Discretionary) | 876849 |
| 2495 | Royal Caribbean Cruises Ltd. (Consumer Discretionary) | 775845 |
| 16578 | Royalty Pharma PLC, Class A (Health Care) | 766069 |
| 23458 | RTX Corp. (Industrials) | 4753060 |
| 3305 | S&P Global, Inc. (Financials) | 1460413 |
| 14749 | Salesforce, Inc. (Information Technology) | 2872958 |
| 2861 | Sandisk Corp. (Information Technology)\* | 1817765 |
| 8794 | Sanofi SA (Health Care) | 853489 |
| 6008 | Schneider Electric SE (Industrials) | 1962813 |
| 6874 | Seagate Technology Holdings PLC (Information Technology) | 2803492 |
| 8374 | Sempra (Utilities) | 806165 |
| 16214 | ServiceNow, Inc. (Information Technology)\* | 1751274 |
| 87868 | Shell PLC (Energy) | 3630855 |
| 2760 | Sherwin-Williams Co. (The) (Materials) | 1000748 |
| 3414 | Simon Property Group, Inc. REIT (Real Estate) | 695944 |
| 16833 | SLB Ltd. (Energy) | 864206 |
| 6121 | Snowflake, Inc. (Information Technology)\* | 1030838 |
| 10385 | Southern Co. (The) (Utilities) | 1011291 |
| 2643 | Spotify Technology SA (Communication Services)\* | 1360986 |
| 7070 | SS&C Technologies Holdings, Inc. (Industrials) | 532300 |
| 7066 | Starbucks Corp. (Consumer Discretionary) | 692609 |
| 10709 | State Street Corp. (Financials) | 1377392 |
| 4568 | Stryker Corp. (Health Care) | 1769917 |
| 16673 | Super Micro Computer, Inc. (Information Technology)\* | 540038 |
| 4779 | Swiss Re AG (Financials) | 844815 |
| 15981 | Synchrony Financial (Financials) | 1104447 |
| 2066 | Synopsys, Inc. (Information Technology)\* | 855324 |
| 24813 | Sysco Corp. (Consumer Staples) | 2261953 |
| 5750 | T. Rowe Price Group, Inc. (Financials) | 544123 |
| 4192 | Take-Two Interactive Software, Inc. (Communication Services)\* | 886524 |
| 14529 | Target Corp. (Consumer Staples) | 1653255 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| United States – (continued) | United States – (continued) | United States – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;18080 | Tenaris SA (Energy) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493544 |
| 53464 | Tesla, Inc. (Consumer Discretionary)\* | 21519795 |
| 12544 | Texas Instruments, Inc. (Information Technology) | 2660708 |
| 5163 | Thermo Fisher Scientific, Inc. (Health Care) | 2690491 |
| 28683 | TJX Cos., Inc. (The) (Consumer Discretionary) | 4636894 |
| 6738 | T-Mobile US, Inc. (Communication Services) | 1462752 |
| 16487 | Tractor Supply Co. (Consumer Discretionary) | 854686 |
| 3358 | Trane Technologies PLC (Industrials) | 1552471 |
| 578 | TransDigm Group, Inc. (Industrials) | 753013 |
| 5915 | Travelers Cos., Inc. (The) (Financials) | 1825606 |
| 24694 | Truist Financial Corp. (Financials) | 1217661 |
| 8610 | Tyson Foods, Inc., Class A (Consumer Staples) | 559564 |
| 26023 | U.S. Bancorp (Financials) | 1422417 |
| 37596 | Uber Technologies, Inc. (Industrials)\* | 2835490 |
| 4060 | Ulta Beauty, Inc. (Consumer Discretionary)\* | 2780247 |
| 5918 | Union Pacific Corp. (Industrials) | 1568152 |
| 10433 | United Airlines Holdings, Inc. (Industrials)\* | 1109028 |
| 6523 | United Parcel Service, Inc., Class B (Industrials) | 756407 |
| 690 | United Rentals, Inc. (Industrials) | 579600 |
| 15858 | UnitedHealth Group, Inc. (Health Care) | 4650676 |
| 8838 | Valero Energy Corp. (Energy) | 1808608 |
| 2072 | Veeva Systems, Inc., Class A (Health Care)\* | 377125 |
| 9570 | VeriSign, Inc. (Information Technology) | 2181386 |
| 79113 | Verizon Communications, Inc. (Communication Services) | 3966726 |
| 4105 | Vertex Pharmaceuticals, Inc. (Health Care)\* | 2039487 |
| 6654 | Vertiv Holdings Co., Class A (Industrials) | 1696038 |
| 35515 | Visa, Inc., Class A (Financials) | 11369772 |
| 3726 | Vistra Corp. (Utilities) | 647914 |
| 10062 | W R Berkley Corp. (Financials) | 721445 |
| 2201 | W.W. Grainger, Inc. (Industrials) | 2519551 |
| 96690 | Walmart, Inc. (Consumer Staples) | 12371485 |
| 30117 | Walt Disney Co. (The) (Communication Services) | 3193607 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **71** |

---

------

GOLDMAN SACHS ACTIVEBETA <sup>®</sup> WORLD EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| United States – (continued) | United States – (continued) | United States – (continued) |
| 81363 | Warner Bros Discovery, Inc. (Communication Services)\* | $2291996 |
| 2956 | Waste Management, Inc. (Industrials) | 711923 |
| 443 | Waters Corp. (Health Care)\* | 141485 |
| 59382 | Wells Fargo & Co. (Financials) | 4836664 |
| 9611 | Welltower, Inc. REIT (Real Estate) | 1990630 |
| 5801 | Western Digital Corp. (Information Technology) | 1622540 |
| 15272 | Williams Cos., Inc. (The) (Energy) | 1141124 |
| 2960 | Workday, Inc., Class A (Information Technology)\* | 395930 |
| 7683 | Xcel Energy, Inc. (Utilities) | 640455 |
| 9323 | Yum! Brands, Inc. (Consumer Discretionary) | 1567756 |
| 5968 | Zimmer Biomet Holdings, Inc. (Health Care) | 587490 |
| 7874 | Zoetis, Inc. (Health Care) | 1032281 |
| 7110 | Zoom Communications, Inc., Class A (Information Technology)\* | 525713 |
| 2136 | Zscaler, Inc. (Information Technology)\* | 313971 |
|  |  | 1074587100 |
| **TOTAL COMMON STOCKS**<br> **(Cost $1,384,960,062)** | **TOTAL COMMON STOCKS**<br> **(Cost $1,384,960,062)** | 1568497213 |
| **Shares** | **Dividend Rate** | **Value** |
| Investment Company – 0.3%<sup>(c)</sup> | Investment Company – 0.3%<sup>(c)</sup> | Investment Company – 0.3%<sup>(c)</sup> |
|  Goldman Sachs Financial Square Treasury Obligations Fund - Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund - Institutional Shares |  |
| 4362602 | 3.571% | 4362602 |
| (Cost $4,362,602) | (Cost $4,362,602) |  |
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE<br>(Cost $1,389,322,664) | TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE<br>(Cost $1,389,322,664) | 1572859815 |
| Securities Lending Reinvestment Vehicle – 1.0%<sup>(c)</sup> | Securities Lending Reinvestment Vehicle – 1.0%<sup>(c)</sup> | Securities Lending Reinvestment Vehicle – 1.0%<sup>(c)</sup> |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |
| 16422741 | 3.589% | 16422741 |
| (Cost $16,422,741) | (Cost $16,422,741) |  |
| **TOTAL INVESTMENTS – 100.9%**<br> **(Cost $1,405,745,405)** | **TOTAL INVESTMENTS – 100.9%**<br> **(Cost $1,405,745,405)** | $1589282556 |
|  **LIABILITIES IN EXCESS OF OTHER ASSETS – (0.9)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS – (0.9)%** | (13711593) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1575570963 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

\* Non-income producing security.

(a) All or a portion of security is on loan.

(b) Exempt from registration under Rule 144A of the Securities Act of 1933.

(c) Represents an affiliated issuer.

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ADR | —American Depositary Receipt |
| PLC | —Public Limited Company |
| REIT | —Real Estate Investment Trust |

---

---

| | |
|:---|:---|
| **Sector Name** | **% of** <br> **Market <br>Value**  |
|  Information Technology | 25.5% |
|  Financials | 16.7 |
|  Industrials | 10.7 |
|  Consumer Discretionary | 10.7 |
|  Health Care | 9.7 |
|  Communication Services | 9.2 |
|  Consumer Staples | 7 |
|  Energy | 3.6 |
|  Materials | 2.9 |
|  Utilities | 1.9 |
|  Real Estate | 0.8 |
|  Investment Company | 0.3 |
|  Securities Lending Reinvestment Vehicle | 1 |
|  **TOTAL INVESTMENTS** | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 72 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA <sup>®</sup> WORLD EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At February 28, 2026, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br> (Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  MSCI EAFE E-Mini Index | 11 | 03/20/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1740805 | $50747 |
|  S&P 500 E-Mini Index | 9 | 03/20/26 | 3100050 | 4008 |
|  **Total Futures Contracts** |  |  |  | $54755 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **73** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Assets and Liabilities *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **ActiveBeta<sup>®</sup> Emerging<br>Markets Equity ETF** | **ActiveBeta<sup>®</sup> Europe<br>Equity ETF** | **ActiveBeta<sup>®</sup><br>International Equity<br>ETF** | **ActiveBeta<sup>®</sup> Japan<br>Equity ETF** |
| Assets: |  |  |  |  |
|  Investments in unaffiliated issuers, at value (cost $868,453,814, $91,372,255, $3,597,524,106 and $59,127,521, respectively)<sup>(a)</sup> | $1449826250 | $125507209 | $5500523517 | $85881936 |
|  Investments in affiliated issuers, at value (cost $27,006,402, $334,610, $11,207,010 and $40,454, respectively) | 27006402 | 334610 | 11207010 | 40454 |
|  Investments in affiliated securities lending reinvestment vehicle, at value which equals cost | 9458791 | 2474905 | 179159273 | 2849966 |
|  Cash | 2 | 422 | 339 |  |
|  Foreign Currency, at value (cost $677,965, $5,225, $1,385,874 and $–, respectively) | 709734 | 5176 | 1414691 |  |
|  Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 67945866 | 7007697 | 354574432 | 3834206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 1656182 | 81238 | 5537175 | 82969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims | 115122 | 90362 | 4693231 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts | 88902 | 10323 | 469698 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 72383 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 20625 | 664 | 77672 | 361 |
|  Variation margin on futures contracts |  | 3830 |  |  |
|  **Total assets** | 1556900259 | 135516436 | 6057657038 | 92689892 |
| Liabilities: |  |  |  |  |
|  Variation margin on futures contracts | 5991 |  | 40208 |  |
|  Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 83947775 | 7293576 | 367504795 | 3829060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned | 9458791 | 2474905 | 179159273 | 2849966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign capital gains taxes | 6057846 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 187309 | 10197 | 446375 | 6932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income distribution |  | 3208 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign bank overdraft (cost $–, $–, $– and $65, respectively) |  |  |  | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 960385 |  |  |  |
|  **Total liabilities** | 100618097 | 9781886 | 547150651 | 6686024 |
| Net Assets: |  |  |  |  |
|  Paid-in capital | 959151137 | 96195896 | 3928408277 | 62236883 |
|  Total distributable earnings | 497131025 | 29538654 | 1582098110 | 23766985 |
|  **NET ASSETS** | $1456282162 | $125734550 | $5510506387 | $86003868 |
|  **SHARES ISSUED AND OUTSTANDING** |  |  |  |  |
|  Shares outstanding no par value (unlimited shares authorized): | 30500000 | 2550000 | 117900000 | 1600000 |
|  Net asset value per share: | $47.75 | $49.31 | $46.74 | $53.75 |

---

<sup>(a)</sup> Includes loaned securities having a market value of $8,072,085, $2,328,743, $169,407,727 and $2,611,924 for ActiveBeta<sup>®</sup> Emerging Markets Equity ETF, ActiveBeta<sup>®</sup> Europe Equity ETF, ActiveBeta<sup>®</sup> International Equity ETF and ActiveBeta<sup>®</sup> Japan Equity ETF, respectively. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 74 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Assets and Liabilities (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **ActiveBeta<sup>®</sup> U.S. Large<br>Cap Equity ETF** | **ActiveBeta<sup>®</sup> U.S. Small<br>Cap Equity ETF** | **ActiveBeta<sup>®</sup> World**<br> **Equity ETF** |
| Assets: |  |  |  |
|  Investments in unaffiliated issuers, at value (cost $9,055,039,456, $723,290,484 and $1,384,960,062, respectively)<sup>(a)</sup> | $14667477975 | $876778854 | $1568497213 |
|  Investments in affiliated issuers, at value (cost $24,639,643, $11,143,153 and $4,362,602, respectively) | 24639643 | 11143153 | 4362602 |
|  Investments in affiliated securities lending reinvestment vehicle, at value which equals cost | 8405231 | 9385352 | 16422741 |
|  Cash |  | 3697 |  |
|  Foreign Currency, at value (cost $–, $960,799 and $5,227, respectively) |  | 960799 | 5216 |
|  Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 11366777 | 484316 | 1653455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts | 1118261 |  | 295184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 4463 | 7586 | 5602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold |  | 144637 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims |  | 275 | 847076 |
|  **Total assets** | 14713012350 | 898908669 | 1592089089 |
| Liabilities: |  |  |  |
|  Variation margin on futures contracts | 65622 | 189682 | 18275 |
|  Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned | 8405231 | 9385352 | 16422741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 433253 | 58441 | 77110 |
|  **Total liabilities** | 8904106 | 9633475 | 16518126 |
| Net Assets: |  |  |  |
|  Paid-in capital | 9674854696 | 806831789 | 1208103087 |
|  Total distributable earnings | 5029253548 | 82443405 | 367467876 |
|  **NET ASSETS** | $14704108244 | $889275194 | $1575570963 |
|  **SHARES ISSUED AND OUTSTANDING** |  |  |  |
|  Shares outstanding no par value (unlimited shares authorized): | 111152500 | 11300000 | 26300000 |
|  Net asset value per share: | $132.29 | $78.70 | $59.91 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes loaned securities having a market value of $8,049,621, $8,872,797 and $15,677,407 for ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF, ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF and ActiveBeta<sup>®</sup> World Equity ETF, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **75** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Operations *For the Six Months Ended February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **ActiveBeta<sup>®</sup><br>Emerging Markets<br>Equity ETF** | **ActiveBeta<sup>®</sup>**<br> **Europe Equity ETF** | **ActiveBeta<sup>®</sup><br>International<br>Equity ETF** | **ActiveBeta<sup>®</sup> Japan<br>Equity ETF** |
| Investment income: |  |  |  |  |
| Dividends — unaffiliated issuers (net of foreign withholding taxes of $1,107,343, $70,103, $3,837,454 and $74,972, respectively) | $8486299 | $679349 | $38345056 | $655498 |
|  Dividends — affiliated issuers | 184457 | 6811 | 148833 | 2966 |
| Securities lending income, net of rebates received or paid to borrowers –unaffiliated issuer | 124546 | 7080 | 533272 | 4940 |
|  Interest |  |  | 8256 |  |
|  **Total Investment Income** | 8795302 | 693240 | 39035417 | 663404 |
| Expenses: |  |  |  |  |
|  Management fees | 2392842 | 128944 | 5940027 | 72652 |
|  Custody, accounting and administrative services | 367739 |  |  |  |
|  Professional fees | 135375 |  |  |  |
|  Printing and mailing costs | 88559 |  |  |  |
|  Registration fees | 67069 |  |  |  |
|  Trustee fees | 16758 | 13743 | 28131 | 12602 |
|  Other | 3738 |  |  |  |
|  **Total expenses** | 3072080 | 142687 | 5968158 | 85254 |
|  Less — expense reductions | (612582) | (320) | (7046) | (142) |
|  **Net expenses** | 2459498 | 142367 | 5961112 | 85112 |
|  **NET INVESTMENT INCOME** | 6335804 | 550873 | 33074305 | 578292 |
| Realized and Unrealized gain (loss): |  |  |  |  |
|  Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers (including the effects of net foreign capital gains tax of $977,107, $–, $– and $–, respectively) | 4655329 | 780000 | 21683550 | 111009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (74445) | 27305 | 2087696 | 60382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (113554) | 687 | (397978) | (33582) |
|  Net change in unrealized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers (including the effects of the net change in foreign capital gains tax liability of$(54138), $–, $– and $–, respectively) | 288952338 | 16240481 | 686596104 | 14172785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (20329) | (2948) | (59064) | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 239415 | 10766 | (280665) | (5572) |
|  **Net realized and unrealized gain** | 293638754 | 17056291 | 709629643 | 14305526 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $299974558 | $17607164 | $742703948 | $14883818 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 76 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Operations (continued) *For the Six Months Ended February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **ActiveBeta<sup>®</sup> U.S.<br>Large Cap Equity<br>ETF** | **ActiveBeta<sup>®</sup> U.S.<br>Small Cap Equity<br>ETF** | **ActiveBeta<sup>®</sup> World<br>Equity ETF** |
| Investment income: |  |  |  |
| <br> Dividends — unaffiliated issuers (net of foreign withholding taxes of $1,038, $8,907 and $470,060, respectively) | $78801883 | $3841 ,807 | $11962526 |
|  Dividends — affiliated issuers | 348655 | 100919 | 78120 |
|  Securities lending income, net of rebates received or paid to borrowers – unaffiliated issuer | 47180 | 127622 | 68236 |
|  **Total Investment Income** | 79197718 | 4070348 | 12108882 |
| Expenses: |  |  |  |
|  Management fees | 6524220 | 717845 | 1743053 |
|  Trustee fees | 60252 | 15624 | 18039 |
|  **Total expenses** | 6584472 | 733469 | 1761092 |
|  Less — expense reductions | (16392) | (4770) | (3874) |
|  **Net expenses** | 6568080 | 728699 | 1757218 |
|  **NET INVESTMENT INCOME** | 72629638 | 3341649 | 10351664 |
| Realized and Unrealized gain (loss): |  |  |  |
|  Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | (145712590) | (5638769) | 9709930 |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 751187440 | 5945244 | 221902450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 26204 | 949417 | 463664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  |  | (88582) |
|  Net change in unrealized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 16225070 | 41201487 | (133748077) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations |  |  | (7625) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (26000) | (412578) | (77435) |
|  **Net realized and unrealized gain** | 621700124 | 42044801 | 98154325 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $694329762 | $45386450 | $108505989 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **77** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **ActiveBeta<sup>®</sup> Emerging Markets Equity ETF** | **ActiveBeta<sup>®</sup> Emerging Markets Equity ETF** | **ActiveBeta<sup>®</sup> Europe Equity ETF** | **ActiveBeta<sup>®</sup> Europe Equity ETF** |
|  | **For the**<br> **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **For the Fiscal**<br> **Year Ended<br>August 31, 2025** | **For the**<br> **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **For the Fiscal<br>Year Ended<br>August 31, 2025** |
| From operations: |  |  |  |  |
| Net investment income | $6335804 | $22545861 | $550873 | $2711457 |
| Net realized gain | 4467330 | 21643415 | 807992 | 20071 |
| Net change in unrealized gain | 289171424 | 112554159 | 16248299 | 14184231 |
|  **Net increase in net assets resulting from operations** | 299974558 | 156743435 | 17607164 | 16915759 |
| Distributions to shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From distributable earnings | (27500340) | (22003213) | (1058760) | (2581711) |
| From share transactions: |  |  |  |  |
| Proceeds from sales of shares | 124680547 | 45930496 |  | 56343369 |
| Cost of shares redeemed |  | (64544215) |  | (3534596) |
|  **Net increase (decrease) in net assets resulting from share transactions** | 124680547 | (18613719) |  | 52808773 |
|  **TOTAL INCREASE** | 397154765 | 116126503 | 16548404 | 67142821 |
| Net Assets: |  |  |  |  |
| Beginning of period | $1059127397 | $943000894 | $109186146 | $42043325 |
| End of period | $1456282162 | $1059127397 | $125734550 | $109186146 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 78 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **ActiveBeta<sup>®</sup> International Equity ETF** | **ActiveBeta<sup>®</sup> International Equity ETF** | **ActiveBeta<sup>®</sup> Japan Equity ETF** | **ActiveBeta<sup>®</sup> Japan Equity ETF** |
|  | **For the**<br> **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **For the Fiscal<br>Year Ended<br>August 31, 2025** | **For the**<br> **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **For the Fiscal<br>Year Ended<br>August 31, 2025** |
| From operations: |  |  |  |  |
| Net investment income | $33074305 | $109040067 | $578292 | $682761 |
| Net realized gain (loss) | 23373268 | 138378288 | 137809 | (567842) |
| Net change in unrealized gain | 686256375 | 348070326 | 14167717 | 7680608 |
|  **Net increase in net assets resulting from operations** | 742703948 | 595488681 | 14883818 | 7795527 |
| Distributions to shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From distributable earnings | (49594460) | (118651713) | (922432) | (693894) |
| From share transactions: |  |  |  |  |
| Proceeds from sales of shares | 597882128 | 270850309 | 9930938 | 31248097 |
| Cost of shares redeemed |  | (314708326) |  |  |
|  **Net increase (decrease) in net assets resulting from share transactions** | 597882128 | (43858017) | 9930938 | 31248097 |
|  **TOTAL INCREASE** | 1290991616 | 432978951 | 23892324 | 38349730 |
| Net Assets: |  |  |  |  |
| Beginning of period | $4219514771 | $3786535820 | $62111544 | $23761814 |
| End of period | $5510506387 | $4219514771 | $86003868 | $62111544 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **79** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF** | **ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF** | **ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF** | **ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF** |
|  | **For the**<br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Fiscal<br>Year Ended<br>August 31, 2025** | **For the**<br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Fiscal**<br> **Year Ended**<br> **August 31, 2025** |
| From operations: |  |  |  |  |
| Net investment income | $72629638 | $149115106 | $3341649 | $6533063 |
| Net realized gain | 605501054 | 1012145116 | 1255892 | 2181986 |
| Net change in unrealized gain | 16199070 | 814456210 | 40788909 | 41580331 |
|  **Net increase in net assets resulting from operations** | 694329762 | 1975716432 | 45386450 | 50295380 |
| Distributions to shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From distributable earnings | (74149933) | (151104370) | (4843339) | (7159099) |
| From share transactions: |  |  |  |  |
| Proceeds from sales of shares | 1287019396 | 1819423315 | 232315074 | 120867951 |
| Cost of shares redeemed | (1400453800) | (2167839667) | (14961181) | (47489190) |
|  **Net increase (decrease) in net assets resulting from share transactions** | (113434404) | (348416352) | 217353893 | 73378761 |
|  **TOTAL INCREASE** | 506745425 | 1476195710 | 257897004 | 116515042 |
| Net Assets: |  |  |  |  |
| Beginning of period | $14197362819 | $12721167109 | $631378190 | $514863148 |
| End of period | $14704108244 | $14197362819 | $889275194 | $631378190 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 80 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ActiveBeta<sup>®</sup> World Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ActiveBeta<sup>®</sup> World Equity ETF |
|  | For the<br>Six Months Ended<br>February 28, 2026<br>(Unaudited) | **For the Fiscal**<br> **Year Ended<br>August 31, 2025** |
| From operations: |  |  |
|  Net investment income | $10351664 | $21787034 |
|  Net realized gain | 231987462 | 15226256 |
|  Net change in unrealized gain (loss) | (133833137) | 127495553 |
|  **Net increase in net assets resulting from operations** | 108505989 | 164508843 |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From distributable earnings | (11938304) | (20846784) |
| From share transactions: |  |  |
|  Proceeds from sales of shares | 611446653 | 315273854 |
|  Cost of shares redeemed | (529131855) | (63072957) |
|  **Net increase in net assets resulting from share transactions** | 82314798 | 252200897 |
|  **TOTAL INCREASE** | 178882483 | 395862956 |
| Net Assets: |  |  |
|  Beginning of period | $1396688480 | $1000825524 |
|  End of period | $1575570963 | $1396688480 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **81** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **ActiveBeta<sup>®</sup> Emerging Markets Equity ETF** | **ActiveBeta<sup>®</sup> Emerging Markets Equity ETF** | **ActiveBeta<sup>®</sup> Emerging Markets Equity ETF** | **ActiveBeta<sup>®</sup> Emerging Markets Equity ETF** | **ActiveBeta<sup>®</sup> Emerging Markets Equity ETF** | **ActiveBeta<sup>®</sup> Emerging Markets Equity ETF** |
|  | **For the Six Months** | **For the Fiscal** | **For the Fiscal** | **For the Fiscal** | **For the Fiscal** | **For the Fiscal** |
|  | **Ended** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **February 28, 2026** | | | | |  |
|  | **(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Operating Performance: |  |  |  |  |  |  |
|  Net asset value, beginning of period | $38.30 | $33.38 | $29 .61 | $29.42 | $39.33 | $33.28 |
|  Net investment income<sup>(a)</sup> | 0.22 | 0.82 | 0.76 | 0.91 | 1.13 | 0.67 |
|  Net realized and unrealized gain (loss) | 10.19 | 4.92 | 3.39 | 0.06 | (9.55) | 6.07 |
|  Total from investment operations | 10.41 | 5.74 | 4.15 | 0.97 | (8.42) | 6.74 |
|  Distributions to shareholders from net investment income | (0.96) | (0.82) | (0.38) | (0.78) | (1.49) | (0.69) |
|  Net asset value, end of period | $47.75 | $38.30 | $33.38 | $29.61 | $29.42 | $39.33 |
|  Market price, end of period | $47.59 | $38.48 | $33.26 | $29.48 | $29.03 | $39.16 |
|  **Total Return at Net Asset Value<sup>(b)</sup>** | 27.53% | 17.72% | 14.16% | 3.50% | (21.97)% | 20.49% |
|  Net assets, end of period (in 000's) | $1456282 | $1059127 | $943001 | $969708 | $1025208 | $1388289 |
|  Ratio of net expenses to average net assets | 0.41 %<sup>(c)</sup> | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% |
|  Ratio of total expenses to average net assets | 0.51 %<sup>(c)</sup> | 0.59% | 0.54% | 0.52% | 0.51% | 0.51% |
|  Ratio of net investment income to average net assets | 1.06 %<sup>(c)</sup> | 2.40% | 2.48% | 3.15% | 3.29% | 1.76% |
|  Portfolio turnover rate<sup>(d)</sup> | 15% | 32% | 28% | 21% | 18% | 46% |

---

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> Assumes investment at the net asset value at the beginning of the 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;

---

| | |
|:---|:---|
| 82 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **ActiveBeta<sup>®</sup> Europe Equity ETF** | **ActiveBeta<sup>®</sup> Europe Equity ETF** | **ActiveBeta<sup>®</sup> Europe Equity ETF** | **ActiveBeta<sup>®</sup> Europe Equity ETF** | **ActiveBeta<sup>®</sup> Europe Equity ETF** | **ActiveBeta<sup>®</sup> Europe Equity ETF** |
|  | **For the Six Months** | **For the Fiscal** | **For the Fiscal** | **For the Fiscal** | **For the Fiscal** | **For the Fiscal** |
|  | **Ended** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **February 28, 2026** | | | | |  |
|  | **(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Operating Performance: |  |  |  |  |  |  |
|  Net asset value, beginning of period | $42.82 | $38.22 | $33.11 | $27.47 | $37.99 | $29.85 |
|  Net investment income<sup>(a)</sup> | 0.22 | 1.23 | 0.87 | 1.16 | 1.01 | 0.84 |
|  Net realized and unrealized gain (loss) | 6.69 | 4.42 | 5.10 | 5.50 | (10.29) | 8.15 |
|  Total from investment operations | 6.91 | 5.65 | 5.97 | 6.66 | (9.28) | 8.99 |
|  Distributions to shareholders from net investment income | (0.42) | (1.05) | (0.86) | (1.02) | (1.24) | (0.85) |
|  Net asset value, end of period | $49.31 | $42.82 | $38.22 | $33.11 | $27.47 | $37.99 |
|  Market price, end of period | $49.09 | $42.82 | $38.34 | $33.05 | $27.26 | $38.05 |
|  **Total Return at Net Asset Value<sup>(b)</sup>** | 16.20% | 15.00% | 18.23% | 24.40% | (24.81)% | 30.45% |
|  Net assets, end of period (in 000's) | $125735 | $109186 | $42043 | $11587 | $12363 | $20893 |
|  Ratio of net expenses to average net assets | 0.25 %<sup>(c)</sup> | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% |
|  Ratio of net investment income to average net assets | 0.97 %<sup>(c)</sup> | 3.16% | 2.47% | 3.74% | 2.98% | 2.47% |
|  Portfolio turnover rate<sup>(d)</sup> | 12% | 26% | 28% | 14% | 19% | 19% |

---

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. 

<sup>(c)</sup> Annualized.

<sup>(d)</sup> The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **83** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **ActiveBeta<sup>®</sup> International Equity ETF** | **ActiveBeta<sup>®</sup> International Equity ETF** | **ActiveBeta<sup>®</sup> International Equity ETF** | **ActiveBeta<sup>®</sup> International Equity ETF** | **ActiveBeta<sup>®</sup> International Equity ETF** | **ActiveBeta<sup>®</sup> International Equity ETF** |
|  | **For the Six Months** | **For the Fiscal** | **For the Fiscal** | **For the Fiscal** | **For the Fiscal** | **For the Fiscal** |
|  | **Ended** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **February 28, 2024** | | | | |  |
|  | **(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Operating Performance: |  |  |  |  |  |  |
|  Net asset value, beginning of period | $40.69 | $35.99 | $31.20 | $27.64 | $35.76 | $28.72 |
|  Net investment income<sup>(a)</sup> | 0.29 | 1.05 | 0.88 | 0.92 | 0.96 | 0.75 |
|  Net realized and unrealized gain (loss) | 6.20 | 4.79 | 4.78 | 3.55 | (8.07) | 6.97 |
|  Total from investment operations | 6.49 | 5.84 | 5.66 | 4.47 | (7.11) | 7.72 |
|  Distributions to shareholders from net investment income | (0.44) | (1.14) | (0.87) | (0.91) | (1.01) | (0.68) |
|  Net asset value, end of period | $46.74 | $40.69 | $35.99 | $31.20 | $27.64 | $35.76 |
|  Market price, end of period | $46.65 | $40.61 | $35.95 | $31.21 | $27.52 | $35.75 |
|  **Total Return at Net Asset Value<sup>(b)</sup>** | 16.09% | 16.61% | 18.44% | 16.40% | (20.18)% | 27.12% |
|  Net assets, end of period (in 000's) | $5510506 | $4219515 | $3786536 | $3251062 | $2720037 | $3093235 |
|  Ratio of net expenses to average net assets | 0.25 %<sup>(c)</sup> | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% |
|  Ratio of net investment income to average net assets | 1.38 %<sup>(c)</sup> | 2.88% | 2.70% | 3.08% | 2.97% | 2.31% |
|  Portfolio turnover rate<sup>(d)</sup> | 14% | 22% | 28% | 14% | 18% | 21% |

---

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> Assumes investment at the net asset value at the beginning of the 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;

---

| | |
|:---|:---|
| 84 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **ActiveBeta<sup>®</sup> Japan Equity ETF** | **ActiveBeta<sup>®</sup> Japan Equity ETF** | **ActiveBeta<sup>®</sup> Japan Equity ETF** | **ActiveBeta<sup>®</sup> Japan Equity ETF** | **ActiveBeta<sup>®</sup> Japan Equity ETF** | **ActiveBeta<sup>®</sup> Japan Equity ETF** |
|  | **For the Six Months** | **For the Fiscal** | **For the Fiscal** | **For the Fiscal** | **For the Fiscal** | **For the Fiscal** |
|  | **Ended** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **February 28, 2026** | | | | |  |
|  | **(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Operating Performance: |  |  |  |  |  |  |
|  Net asset value, beginning of period | $44.37 | $39.60 | $34.18 | $30.15 | $37.91 | $32.60 |
|  Net investment income<sup>(a)</sup> | 0.40 | 0.66 | 0.68 | 0.69 | 0.70 | 0.60 |
|  Net realized and unrealized gain (loss) | 9.64 | 4.70 | 5.48 | 3.99 | (7.75) | 5.25 |
|  Total from investment operations | 10.04 | 5.36 | 6.16 | 4.68 | (7.05) | 5.85 |
|  Distributions to shareholders from net investment income | (0.66) | (0.59) | (0.74) | (0.65) | (0.71) | (0.54) |
|  Net asset value, end of period | $53.75 | $44.37 | $39.60 | $34.18 | $30.15 | $37.91 |
|  Market price, end of period | $53.20 | $43.99 | $39.77 | $34.18 | $29.78 | $37.75 |
|  **Total Return at Net Asset Value<sup>(b)</sup>** | 22.85% | 13.76% | 18.29% | 15.69% | (18.76)% | 18.02% |
|  Net assets, end of period (in 000's) | $86004 | $62112 | $23762 | $13671 | $12059 | $15163 |
|  Ratio of net expenses to average net assets | 0.25 %<sup>(c)</sup> | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% |
|  Ratio of net investment income to average net assets | 1.70 %<sup>(c)</sup> | 1.67% | 1.86% | 2.19% | 2.03% | 1.64% |
|  Portfolio turnover rate<sup>(d)</sup> | 10% | 23% | 25% | 17% | 21% | 21% |

---

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. 

<sup>(c)</sup> Annualized.

<sup>(d)</sup> The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **85** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF** | **ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF** | **ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF** | **ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF** | **ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF** | **ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF** |
|  | **For the Six Months** | **For the Fiscal** | **For the Fiscal** | **For the Fiscal** | **For the Fiscal** | **For the Fiscal** |
|  | **Ended** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **February 28, 2026** | | | | |  |
|  | **(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Operating Performance: |  |  |  |  |  |  |
|  Net asset value, beginning of period | $126.70 | $110.95 | $88.55 | $78.36 | $90.95 | $70.70 |
|  Net investment income<sup>(a)</sup> | 0.65 | 1.31 | 1.27 | 1.23 | 1.17 | 0.96 |
|  Net realized and unrealized gain (loss) | 5.60 | 15.77 | 22.42 | 10.21 | (12.61) | 20.21 |
|  Total from investment operations | 6.25 | 17.08 | 23.69 | 11.44 | (11.44) | 21.17 |
|  Distributions to shareholders from net investment income | (0.66) | (1.33) | (1.29) | (1.25) | (1.15) | (0.92) |
|  Net asset value, end of period | $132.29 | $126.70 | $110.95 | $88.55 | $78.36 | $90.95 |
|  Market price, end of period | $132.26 | $126.77 | $110.96 | $88.57 | $78.33 | $90.91 |
|  **Total Return at Net Asset Value<sup>(b)</sup>** | 4.93% | 15.51% | 26.98% | 14.83% | (12.70)% | 30.21% |
|  Net assets, end of period (in 000's) | $14704108 | $14197363 | $12721167 | $11410473 | $11616494 | $13769847 |
|  Ratio of net expenses to average net assets | 0.09 %<sup>(c)</sup> | 0.09% | 0.09% | 0.09% | 0.09% | 0.09% |
|  Ratio of net investment income to average net assets | 0.99 %<sup>(c)</sup> | 1.13% | 1.31% | 1.53% | 1.36% | 1.22% |
|  Portfolio turnover rate<sup>(d)</sup> | 9% | 19% | 17% | 11% | 12% | 16% |

---

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> Assumes investment at the net asset value at the beginning of the 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;

---

| | |
|:---|:---|
| 86 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF** | **ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF** | **ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF** | **ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF** | **ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF** | **ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF** |
|  | **For the Six Months** | **For the Fiscal** | **For the Fiscal** | **For the Fiscal** | **For the Fiscal** | **For the Fiscal** |
|  | **Ended** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **February 28, 2026** | | | | |  |
|  | **(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Operating Performance: |  |  |  |  |  |  |
|  Net asset value, beginning of period | $74.28 | $69.11 | $58.88 | $55.87 | $64.97 | $43.57 |
|  Net investment income<sup>(a)</sup> | 0.35 | 0.83 | 0.83 | 0.84 <sup>(b)</sup> | 0.74 <sup>(c)</sup> | 0.53 <sup>(d)</sup> |
|  Net realized and unrealized gain (loss) | 4.59 | 5.26 | 10.26 | 2.97 | (9.07) | 21.35 |
|  Total from investment operations | 4.94 | 6.09 | 11.09 | 3.81 | (8.33) | 21.88 |
|  Distributions to shareholders from net investment income | (0.52) | (0.92) | (0.86) | (0.80) | (0.77) | (0.48) |
|  Net asset value, end of period | $78.70 | $74.28 | $69.11 | $58.88 | $55.87 | $64.97 |
|  Market price, end of period | $78.80 | $74.29 | $69.13 | $58.85 | $55.92 | $64.94 |
|  **Total Return at Net Asset Value<sup>(e)</sup>** | 6.67% | 8.94% | 19.00% | 6.95% | (12.95)% | 50.45% |
|  Net assets, end of period (in 000's) | $889275 | $630898 | $514863 | $482839 | $483270 | $412543 |
|  Ratio of net expenses to average net assets | 0.20 %<sup>(f)</sup> | 0.20% | 0.20% | 0.20% | 0.20% | 0.20% |
|  Ratio of net investment income to average net assets | 0.91 %<sup>(f)</sup> | 1.21% | 1.35% | l.49 %<sup>(b)</sup> | 1.22 %<sup>(c)</sup> | 0.90 %<sup>(d)</sup> |
|  Portfolio turnover rate<sup>(g)</sup> | 14% | 30% | 24% | 17% | 20% | 25% |

---

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> Reflects income recognized from non-recurring special dividends which amounted to $0.23 per share and 0.41% of average net assets. 

<sup>(c)</sup> Reflects income recognized from non-recurring special dividends which amounted to $0.21 per share and 0.34% of average net assets. 

<sup>(d)</sup> Reflects income recognized from non-recurring special dividends which amounted to $0.09 per share and 0.16% of average net assets. 

<sup>(e)</sup> Assumes investment at the net asset value at the beginning of the 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>(f)</sup> Annualized.

<sup>(g)</sup> The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **87** |

---

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GOLDMAN SACHS ACTIVEBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **ActiveBeta<sup>®</sup> World Equity ETF** | **ActiveBeta<sup>®</sup> World Equity ETF** | **ActiveBeta<sup>®</sup> World Equity ETF** | **ActiveBeta<sup>®</sup> World Equity ETF** | **ActiveBeta<sup>®</sup> World Equity ETF** | **ActiveBeta<sup>®</sup> World Equity ETF** |
|  | **For the Six Months** | **For the Fiscal** | **For the Fiscal** | **For the Fiscal** | **For the Period** | **For the Period** |
|  | **Ended** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **March 15, 2022\*** | **March 15, 2022\*** |
|  | **February 28, 2026** | | |  | **to** |  |
|  | **(Unaudited)** | **2025** | **2024** | **2023** | **August 31, 2022** | **August 31, 2022** |
| Per Share Operating Performance: |  |  |  |  |  |  |
|  Net asset value, beginning of period | $56.32 | $50.29 | $41.30 | $37.97 |  | $40.57 |
|  Net investment income<sup>(a)</sup> | 0.40 | 0.98 | 0.90 | 0.87 |  | 0.47 |
|  Net realized and unrealized gain (loss) | 3.66 | 5.98 | 8.98 | 3.30 |  | (2.76) |
|  Total from investment operations | 4.06 | 6.96 | 9.88 | 4.17 |  | (2.29) |
|  Distributions to shareholders from net investment income | (0.47) | (0.93) | (0.89) | (0.84) |  | (0.31) |
|  Net asset value, end of period | $59.91 | $56.32 | $50.29 | $41.30 |  | $37.97 |
|  Market price, end of period | $59.94 | $56.40 | $50.29 | $41.34 |  | $37.98 |
|  **Total Return at Net Asset Value<sup>(b)</sup>** | 7.25% | 14.02% | 24.22% | 11.15% |  | (5.65)% |
|  Net assets, end of period (in 000's) | $1575571 | $1396688 | $1000826 | $722754 |  | $558112 |
|  Ratio of net expenses to average net assets | 0.24 %<sup>(c)</sup> | 0.25% | 0.25% | 0.25% |  | 0.25 %<sup>(c)</sup> |
|  Ratio of net investment income to average net assets | 1.39 %<sup>(c)</sup> | 1.88% | 2.02% | 2.22% |  | 2.54 %<sup>(c)</sup> |
|  Portfolio turnover rate<sup>(d)</sup> | 53% | 22% | 25% | 31% |  | 13% |

---

<sup>\*</sup> Commencement of operations.

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. 

<sup>(c)</sup> Annualized.

<sup>(d)</sup> The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 88 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. ORGANIZATION

Goldman Sachs ETF Trust (the "Trust") is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the "Act"), consisting of multiple series. The Trust was organized as a Delaware statutory trust on December 16, 2009. The following table lists those series of the Trust that are included in this report (collectively, the "Funds" or individually a "Fund") along with their respective diversification status under the Act:

---

| | |
|:---|:---|
| **Fund** | **Diversified/**<br> **Non-Diversified** |
| Goldman Sachs ActiveBeta<sup>®</sup> Emerging Markets Equity ETF | Diversified |
| Goldman Sachs ActiveBeta<sup>®</sup> Europe Equity ETF | Diversified |
| Goldman Sachs ActiveBeta<sup>®</sup> International Equity ETF | Diversified |
| Goldman Sachs ActiveBeta<sup>®</sup> Japan Equity ETF | Diversified |
| Goldman Sachs ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF | Diversified |
| Goldman Sachs ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF | Diversified |
| Goldman Sachs ActiveBeta<sup>®</sup> World Equity ETF<sup>(a)</sup> | Diversified |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Effective after the close of business on February 4, 2026, the Goldman Sachs ActiveBeta<sup>®</sup> World Low Vol Plus Equity ETF was renamed the Goldman Sachs ActiveBeta<sup>®</sup> World Equity ETF.

The investment objective of each Fund is to provide investment results that closely correspond, before fees and expenses, to the performance of its respective Index.

Goldman Sachs Asset Management, L.P. ("GSAM" or the "Investment Adviser"), an affiliate of Goldman Sachs & Co. LLC ("Goldman Sachs"), serves as investment adviser to the Funds pursuant to management agreements (each, an "Agreement" and together, the "Agreements") with the Trust. Each Fund is an exchange-traded fund ("ETF"). Shares of the Funds are listed and traded on the NYSE Arca, Inc. ("NYSE Arca"), except for ActiveBeta<sup>®</sup> World Equity ETF, which is listed and traded on the Cboe BZX Exchange, Inc. ("Cboe"). Market prices for the Funds' shares may be different from their net asset value ("NAV"). The Funds issue and redeem shares at their respective NAV only in blocks of a specified number of shares, or multiples thereof, referred to as "Creation Units". Creation Units are issued and redeemed generally for a designated portfolio of securities (including any portion of such securities for which cash may be substituted) and a specified amount of cash. Shares generally trade in the secondary market in quantities less than a Creation Unit at market prices that change throughout the day. Only those that have entered into an authorized participant agreement with ALPS Distributors, Inc. (the "Distributor") may do business directly with the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;A. Investment Valuation — The Funds' valuation policy is to value investments at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily NAV calculations. Investment income is recorded net of any foreign

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**89**

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GOLDMAN SACHS ACTIVEBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES (continued)

withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. These reclaims, if any, are recorded when the amount is known and there are no significant uncertainties on collectability. Such amounts recovered, if any, are reflected as other income in the Statements of Operations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds' investments in U.S. real estate investment trusts ("REITs") may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract.

&nbsp;&nbsp;&nbsp;&nbsp;C. Expenses — Expenses incurred directly by a Fund are charged to the Fund, and certain expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis, depending upon the nature of the expenses, and are accrued daily.

&nbsp;&nbsp;&nbsp;&nbsp;D. Federal Taxes and Distributions to Shareholders — It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Code"), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. 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.

---

| | | |
|:---|:---|:---|
| **Fund** | **Income Distributions** <br> **Declared/Paid**  | **Capital Gains Distributions** <br> **Declared/Paid**  |
|  ActiveBeta<sup>®</sup> Emerging Markets Equity ETF | Annually | Annually |
|  ActiveBeta<sup>®</sup> Europe Equity ETF | Semi-Annually | Annually |
|  ActiveBeta<sup>®</sup> International Equity ETF | Quarterly | Annually |
|  ActiveBeta<sup>®</sup> Japan Equity ETF | Semi-Annually | Annually |
|  ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF | Quarterly | Annually |
|  ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF | Quarterly | Annually |
|  ActiveBeta<sup>®</sup> World Equity ETF | Quarterly | Annually |

---

&nbsp;&nbsp;&nbsp;&nbsp;E. Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

&nbsp;&nbsp;&nbsp;&nbsp;F. Segment Reporting — The Funds follow 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

90.0 ------

GOLDMAN SACHS ACTIVE BETA <sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM's assumptions in determining fair value measurement).

The Board of Trustees ("Trustees") has approved valuation procedures that govern the valuation of the portfolio investments held by the Funds ("Valuation Procedures"), including investments for which market quotations are not readily available. With respect to the Funds' investments that do not have readily available market quotations, the Trustees have designated GSAM as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Act (the "Valuation Designee"). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds' investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Equity Securities — Equity securities traded on a United States ("U.S.") securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2.

Underlying Funds (including Money Market Funds) — Underlying funds ("Underlying Funds") include ETFs and other investment companies. Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**91**

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GOLDMAN SACHS ACTIVBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&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)

ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds' shares will correspondingly fluctuate in value. Underlying Funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund's accounting policies and investment holdings, please see the Underlying Fund's financial statements at SEC.gov.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received,

if any, is reported separately on the Statements of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the last bid price for long positions and the last ask price for short positions on the exchange where they are principally traded. Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter ("OTC") and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

**Futures Contracts** — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

&nbsp;&nbsp;&nbsp;&nbsp;B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund's investments may be determined under the Valuation Procedures. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund's NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

&nbsp;&nbsp;&nbsp;&nbsp;C. Fair Value Hierarchy — The following is a summary of the Funds' investments and derivatives classified in the fair value hierarchy as of February 28, 2026:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

92.0 ------

GOLDMAN SACHS ACTIVE BETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

---

| | | | |
|:---|:---|:---|:---|
| **ActiveBeta<sup>®</sup> Emerging Markets Equity ETF** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa | $59343016 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 1178548542 | 29620013 | 10320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 48849325 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 32332920 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oceania | 5588286 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 66379916 | 19477446 |  |
|  Exchange-Traded Fund | 9676466 |  |  |
|  Investment Company | 27006402 |  |  |
|  Securities Lending Reinvestment Vehicle | 9458791 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1437183664 | $49097459 | $10320 |
| Derivative Type |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts<sup>(b)</sup> | $239415 | $— | $— |
| **ActiveBeta<sup>®</sup> Europe Equity ETF** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa | $505154 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 698339 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 106226469 | 759598 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 15681127 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oceania | 1019390 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 617132 |  |  |
|  Investment Company | 334610 |  |  |
|  Securities Lending Reinvestment Vehicle | 2474905 |  |  |
|  **Total** | $127557126 | $759598 | $— |
| Derivative Type |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts<sup>(b)</sup> | 11765 |  |  |
| **ActiveBeta<sup>®</sup> International Equity ETF** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa | $13635563 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 1415627125 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 2753620376 | 20180961 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 975049792 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oceania | 293708749 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 28700951 |  |  |
|  Investment Company | 11207010 |  |  |
|  Securities Lending Reinvestment Vehicle | 179159273 |  |  |
|  **Total** | $5670708839 | $20180961 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**93**

------

GOLDMAN SACHS ACTIVE BETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

---

| | | | |
|:---|:---|:---|:---|
| Derivative Type |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts<sup>(b)</sup> | $27007 | $— | $— |
| **ActiveBeta<sup>®</sup> Japan Equity ETF** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | $85881936 | $— | $— |
|  Investment Company | 40454 |  |  |
|  Securities Lending Reinvestment Vehicle | 2849966 |  |  |
|  **Total** | $88772356 | $— | $— |
| **ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | $35068830 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14632409145 |  |  |
|  Investment Company | 24639643 |  |  |
|  Securities Lending Reinvestment Vehicle | 8405231 |  |  |
|  **Total** | $14700522849 | $— | $— |
| Derivative Type |  |  |  |
|  **Liabilities** |  |  |  |
|  Futures Contracts<sup>(b)</sup> | $(26000) | $— | $— |
| **ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa | $1092416 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 4875716 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 8351783 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 860362192 | 51619 | 22012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oceania | 83145 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 1939973 |  |  |
|  Investment Company | 11143153 |  |  |
|  Securities Lending Reinvestment Vehicle | 9385352 |  |  |
|  **Total** | $897233728 | $51619 | $22012 |
| Derivative Type |  |  |  |
|  **Liabilities** |  |  |  |
|  Futures Contracts<sup>(b)</sup> | $(10876) | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

94.0 ------

GOLDMAN SACHS ACTlVEBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

---

| | | | |
|:---|:---|:---|:---|
| **ActiveBeta<sup>®</sup> World Equity ETF** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | $187965047 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 215488652 | 1242817 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 1123867716 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oceania | 35125954 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 4807027 |  |  |
|  Investment Company | 4362602 |  |  |
|  Securities Lending Reinvestment Vehicle | 16422741 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1588039739 | $1242817 | $— |
| Derivative Type |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts<sup>(b)</sup> | $54755 | $— | $— |

---

<sup>(a)</sup> Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table. 

<sup>(b)</sup> Amount shown represents unrealized gain (loss) at period end. 

For further information regarding security characteristics, see the Schedules of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 February 28, 2026. These instruments were used as part of the Funds' investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds' net exposure.

---

| | | | | |
|:---|:---|:---|:---|:---|
| ActiveBeta<sup>®</sup> Emerging Markets Equity ETF | ActiveBeta<sup>®</sup> Emerging Markets Equity ETF |  |  |  |
| **Risk** | **Statement of Assets and Liabilities** | **Assets<sup>1</sup>** | **Statement of Assets and Liabilities** | **Liabilities<sup>1</sup>** |
| Equity | Variation margin on futures contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239415 | Variation margin on futures contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| ActiveBeta<sup>®</sup> Europe Equity ETF | ActiveBeta<sup>®</sup> Europe Equity ETF |  |  |  |
| **Risk** | **Statement of Assets and Liabilities** | **Assets<sup>1</sup>** | **Statement of Assets and Liabilities** | **Liabilities<sup>1</sup>** |
| Equity | Variation margin on futures contracts | $11765 | Variation margin on futures contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| ActiveBeta<sup>®</sup> International Equity ETF | ActiveBeta<sup>®</sup> International Equity ETF |  |  |  |
| **Risk** | **Statement of Assets and Liabilities** | **Assets<sup>1</sup>** | **Statement of Assets and Liabilities** | **Liabilities<sup>1</sup>** |
| Equity | Variation margin on futures contracts | $27007 | Variation margin on futures contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**95**

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF | ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF |  |  |  |
| **Risk** | **Statement of Assets and Liabilities** | **Assets<sup>1</sup>** | **Statement of Assets and Liabilities** | **Liabilities<sup>1</sup>** |
| Equity | Variation margin on futures contracts | $— | Variation margin on futures contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26000) |
| ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF | ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF |  |  |  |
| **Risk** | **Statement of Assets and Liabilities** | **Assets<sup>1</sup>** | **Statement of Assets and Liabilities** | **Liabilities<sup>1</sup>** |
| Equity | Variation margin on futures contracts | $— | Variation margin on futures contracts | $(10876) |
| ActiveBeta<sup>®</sup> World Equity ETF | ActiveBeta<sup>®</sup> World Equity ETF |  |  |  |
| **Risk** | **Statement of Assets and Liabilities** | **Assets<sup>1</sup>** | **Statement of Assets and Liabilities** | **Liabilities<sup>1</sup>** |
| Equity | Variation margin on futures contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54755 | Variation margin on futures contracts | $— |

---

<sup>1</sup> Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedule of Investments. Only the variation margin as of February 28, 2026 is reported within the Statements of Assets and Liabilities.

The following tables set forth, by certain risk types, the Funds' gains (losses) related to these derivatives and their indicative volumes for the six months ended February 28, 2026. 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;

96.0 ------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES (continued)

---

| | | | |
|:---|:---|:---|:---|
| **ActiveBeta<sup>®</sup> Emerging Markets Equity ETF** | **ActiveBeta<sup>®</sup> Emerging Markets Equity ETF** |  |  |
| **Risk** | **Statement of Operations** | **Net Realized**<br> **Gain (Loss)** | **Net Change in**<br> **Unrealized**<br> **Gain (Loss)** |
| Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | $(74445) | $239415 |
| **ActiveBeta<sup>®</sup> Europe Equity ETF** | **ActiveBeta<sup>®</sup> Europe Equity ETF** |  |  |
| **Risk** | **Statement of Operations** | **Net Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | 27305 | 10766 |
| **ActiveBeta<sup>®</sup> International Equity ETF** | **ActiveBeta<sup>®</sup> International Equity ETF** |  |  |
| **Risk** | **Statement of Operations** | **Net Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | 2087696 | (280665) |
| **ActiveBeta<sup>®</sup> Japan Equity ETF** | **ActiveBeta<sup>®</sup> Japan Equity ETF** |  |  |
| **Risk** | **Statement of Operations** | **Net Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | 60382 | (5572) |
| **ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF** | **ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF** |  |  |
| **Risk** | **Statement of Operations** | **Net Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | 26204 | (26000) |
| **ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF** | **ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF** |  |  |
| **Risk** | **Statement of Operations** | **Net Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | 949417 | (412578) |
| **ActiveBeta<sup>®</sup> World Equity ETF** | **ActiveBeta<sup>®</sup> World Equity ETF** |  |  |
| **Risk** | **Statement of Operations** | **Net Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | 463664 | (77435) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**97**

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES (continued)

For the six months ended February 28, 2026, the relevant values for each derivative type was as follows:

---

| | |
|:---|:---|
| **Fund** | **Average** <br> **Number of** <br> **Contracts<sup>(a)</sup>**  |
|  ActiveBeta<sup>®</sup> Emerging Markets Equity ETF | 28 |
|  ActiveBeta<sup>®</sup> Europe Equity ETF | 6 |
|  ActiveBeta<sup>®</sup> International Equity ETF | 73 |
|  ActiveBeta<sup>®</sup> Japan Equity ETF | 33 |
|  ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF | 32 |
|  ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF | 39 |
|  ActiveBeta<sup>®</sup> World Equity ETF | 12 |

---

<sup>(a)</sup> Amounts disclosed represent average number of contracts, based on absolute values, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the six months ended February 28, 2026. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS

&nbsp;&nbsp;&nbsp;&nbsp;A. Management Agreement — Under the Agreements, GSAM manages the Funds, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreements, the assumption of the expenses related thereto and administration of the Funds' business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund's average daily net assets.

For each Fund except the Goldman Sachs ActiveBeta<sup>®</sup> Emerging Markets Equity ETF, the Funds operate under a unitary management fee structure. Under the unitary fee structure, GSAM is responsible for paying substantially all the expenses of each such Fund, excluding payments under the Fund's 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings and litigation, indemnification and extraordinary expenses. As the Funds directly pay fees and expenses of the independent Trustees, the management fee collected by GSAM will be reduced by an amount equal to the fees and expenses paid by the Funds to the independent Trustees.

For the six months ended February 28, 2026, unitary management fees with GSAM were at the following rates for each Fund:

---

| | |
|:---|:---|
| **Fund** | **Unitary Management Fee** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ActiveBeta<sup>®</sup> Europe Equity ETF | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ActiveBeta<sup>®</sup> International Equity ETF | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ActiveBeta<sup>®</sup> Japan Equity ETF | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ActiveBeta<sup>®</sup> World Equity ETF | 0.15%\* |

---

&nbsp;&nbsp;&nbsp;&nbsp;• Effective February 4, 2026, the Unitary Management Fee was reduced to 0.15%. Prior to February 4, 2026, the rate was 0.25%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

98.0 ------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

---

| | | |
|:---|:---|:---|
| **Fund** | **Contractual Management Fee** | **Effective Net Management Fee** |
| ActiveBeta<sup>®</sup> Emerging Markets Equity ETF | 0.40% | 0.35% |

---

Effective December 29, 2025, GSAM has agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.35% as an annual percentage rate of average daily net assets of the ActiveBeta<sup>®</sup> Emerging Markets Equity ETF. These arrangements will remain in effect through at least December 29, 2026 and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. For the six months ended February 28, 2026, GSAM waived $111,914 of the Funds' management fees for the ActiveBeta<sup>®</sup> Emerging Markets Equity ETF.

&nbsp;&nbsp;&nbsp;&nbsp;B. Management Fee Waiver — The ActiveBeta<sup>®</sup> Emerging Markets Equity ETF, ActiveBeta<sup>®</sup> Europe Equity ETF, ActiveBeta<sup>®</sup> International Equity ETF, ActiveBeta<sup>®</sup> Japan Equity ETF, ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF, ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF and ActiveBeta<sup>®</sup> World Equity ETF invest in Institutional Shares of the Goldman Sachs Financial Square Treasury Obligations Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds' investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Treasury Obligations Fund. For the six months February 28, 2026 the management fee waived by GSAM for each Fund was as follows:

---

| | |
|:---|:---|
| **Fund** | **Management Fee Waived** |
| ActiveBeta<sup>®</sup> Emerging Markets Equity ETF | $8620 |
| ActiveBeta<sup>®</sup> Europe Equity ETF | 320 |
| ActiveBeta<sup>®</sup> International Equity ETF | 7046 |
| ActiveBeta<sup>®</sup> Japan Equity ETF | 142 |
| ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF | 16392 |
| ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF | 4770 |
| ActiveBeta<sup>®</sup> World Equity ETF | 3874 |

---

&nbsp;&nbsp;&nbsp;&nbsp;C. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain "Other Expenses" of the ActiveBeta<sup>®</sup> Emerging Markets Equity ETF (excluding acquired fund fees and expenses, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of the Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Fund is not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. Effective December 29, 2025, the Other Expense limitation as an annual percentage rate of average daily net assets for the ActiveBeta<sup>®</sup> Emerging Markets Equity ETF is 0.00%. Prior to December 29, 2025, the Other Expense limitation was 0.05%. This Other Expense limitation will remain in effect permanently and GSAM may not terminate the arrangement without the approval of the Trustees.

For the six months ended February 28, 2026, these expense reimbursements amounted to $492,048.

&nbsp;&nbsp;&nbsp;&nbsp;D. Other Transactions with Affiliates — The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common trustees. The following table provides information about the Funds' investments in The Goldman Sachs Financial Square Treasury Obligations Fund for the six months ended February 28, 2026:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**99**

------

GOLDMAN SACHS ACTIVE BETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **ActiveBeta<sup>®</sup> Emerging Markets Equity ETF** | **ActiveBeta<sup>®</sup> Emerging Markets Equity ETF** | **ActiveBeta<sup>®</sup> Emerging Markets Equity ETF** |  |  |  |  |
| **Underlying Fund** | **Beginning value<br>as of August 31,**<br> **2025** | **Purchases at Cost** | **Proceeds from<br>Sales** | **Ending value as of**<br> **February 28, 2026** | **Shares as of<br>February 28, 2026** | **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 |
|  | $2257838 | $115861281 | $91112717 | $27006402 | 27006402 | $184457 |
| **ActiveBeta<sup>®</sup> Europe Equity ETF** | **ActiveBeta<sup>®</sup> Europe Equity ETF** | **ActiveBeta<sup>®</sup> Europe Equity ETF** |  |  |  |  |
| **Underlying Fund** | **Beginning value<br>as of August 31,**<br> **2025** | **Purchases at Cost** | **Proceeds from<br>Sales** | **Ending value as of**<br> **February 28, 2026** | **Shares as of<br>February 28, 2026** | **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 |
|  | 98599 | 1598046 | 1362035 | 334610 | 334610 | 6811 |
| **ActiveBeta<sup>®</sup> International Equity ETF** | **ActiveBeta<sup>®</sup> International Equity ETF** | **ActiveBeta<sup>®</sup> International Equity ETF** |  |  |  |  |
| **Underlying Fund** | **Beginning value<br>as of August 31,**<br> **2025** | **Purchases at Cost** | **Proceeds from<br>Sales** | **Ending value as of**<br> **February 28, 2026** | **Shares as of<br>February 28, 2026** | **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 |
|  | 8060169 | 59575848 | 56429007 | 11207010 | 11207010 | 148833 |
| **ActiveBeta<sup>®</sup> Japan Equity ETF** | **ActiveBeta<sup>®</sup> Japan Equity ETF** | **ActiveBeta<sup>®</sup> Japan Equity ETF** |  |  |  |  |
| **Underlying Fund** | **Beginning value<br>as of August 31,**<br> **2025** | **Purchases at Cost** | **Proceeds from<br>Sales** | **Ending value as of**<br> **February 28, 2026** | **Shares as of<br>February 28, 2026** | **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 |
|  | 31345 | 1149420 | 1140311 | 40454 | 40454 | 2966 |
| **ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF** | **ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF** | **ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF** |  |  |  |  |
| **Underlying Fund** | **Beginning value<br>as of August 31,**<br> **2025** | **Purchases at Cost** | **Proceeds from<br>Sales** | **Ending value as of**<br> **February 28, 2026** | **Shares as of<br>February 28, 2026** | **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 |
|  | 8520556 | 108440404 | 92321317 | 24639643 | 24639643 | 348655 |
| **ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF** | **ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF** | **ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF** |  |  |  |  |
| **Underlying Fund** | **Beginning value<br>as of August 31,**<br> **2025** | **Purchases at Cost** | **Proceeds from<br>Sales** | **Ending value as of**<br> **February 28, 2026** | **Shares as of<br>February 28, 2026** | **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 |
|  | 6147842 | 28026453 | 23031142 | 11143153 | 11143153 | 100919 |
| **ActiveBeta<sup>®</sup> World Equity ETF** | **ActiveBeta<sup>®</sup> World Equity ETF** | **ActiveBeta<sup>®</sup> World Equity ETF** |  |  |  |  |
| **Underlying Fund** | **Beginning value<br>as of August 31,**<br> **2025** | **Purchases at Cost** | **Proceeds from<br>Sales** | **Ending value as of**<br> **February 28, 2026** | **Shares as of<br>February 28, 2026** | **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 |
|  | 3289004 | 70085483 | 69011885 | 4362602 | 4362602 | 78120 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

100.0 ------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&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 NAY next determined after receipt, on any Business Day (as defined in the Statement of Additional Information), of an order in proper form. Shares of the Funds may only be purchased or redeemed by certain financial institutions (each an "Authorized Participant"). An Authorized Participant is either (1) a "Participating Party" or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation; or (2) a Depository Trust Company participant; which, in either case, must have executed an agreement with the Distributor. Retail investors will typically not qualify as an Authorized Participant or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors will purchase shares in the secondary market at market prices with the assistance of a broker and may be subject to customary brokerage commissions or fees. Fixed creation and redemption transaction fees are imposed in connection with creations and redemptions.

Authorized Participants transacting in Creation Units for cash may also pay a variable charge to compensate the relevant fund for certain transaction costs (e.g. taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in "Proceeds from sale of shares" in the Statements of Changes in Net Assets. Share activity is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Goldman Sachs ActiveBeta<sup>®</sup> Emerging Markets Equity ETF**  | **Goldman Sachs ActiveBeta<sup>®</sup> Emerging Markets Equity ETF**  | **Goldman Sachs ActiveBeta<sup>®</sup> Emerging Markets Equity ETF**  | **Goldman Sachs ActiveBeta<sup>®</sup> Emerging Markets Equity ETF**  |
|  | **For the**<br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the**<br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **August 31, 2025** | **For the Fiscal Year Ended**<br> **August 31, 2025** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund Share Activity** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2850000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124680547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45930496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed |  |  | (1950000) | (64544215) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN SHARES** | 2850000 | $124680547 | (600000) | $(18613719) |
|  | **Goldman Sachs ActiveBeta<sup>®</sup> Europe Equity ETF**  | **Goldman Sachs ActiveBeta<sup>®</sup> Europe Equity ETF**  | **Goldman Sachs ActiveBeta<sup>®</sup> Europe Equity ETF**  | **Goldman Sachs ActiveBeta<sup>®</sup> Europe Equity ETF**  |
|  | **For the**<br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the**<br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **August 31, 2025** | **For the Fiscal Year Ended**<br> **August 31, 2025** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund Share Activity** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold |  | $— | 1550000 | $56343369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed |  |  | (100000) | (3534596) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE IN SHARES** |  | $— | 1450000 | $52808773 |
|  | **Goldman Sachs ActiveBeta<sup>®</sup> International Equity ETF**  | **Goldman Sachs ActiveBeta<sup>®</sup> International Equity ETF**  | **Goldman Sachs ActiveBeta<sup>®</sup> International Equity ETF**  | **Goldman Sachs ActiveBeta<sup>®</sup> International Equity ETF**  |
|  | **For the**<br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the**<br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **August 31, 2025** | **For the Fiscal Year Ended**<br> **August 31, 2025** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund Share Activity** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 14200000 | $597882128 | 7100000 | $270850309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed |  |  | (8600000) | (314708326) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN SHARES** | 14200000 | $597882128 | (1500000) | $(43858017) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**101**

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. CREATION AND REDEMPTION OF CREATION UNITS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Goldman Sachs ActiveBeta<sup>®</sup> Japan Equity ETF**  | **Goldman Sachs ActiveBeta<sup>®</sup> Japan Equity ETF**  | **Goldman Sachs ActiveBeta<sup>®</sup> Japan Equity ETF**  | **Goldman Sachs ActiveBeta<sup>®</sup> Japan Equity ETF**  |
|  | **For the**<br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the**<br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **August 31, 2025** | **For the Fiscal Year Ended**<br> **August 31, 2025** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund Share Activity** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 200000 | $9930938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31248097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE IN SHARES** | 200000 | $9930938 | 800000 | $31248097 |
|  | **Goldman Sachs ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF**  | **Goldman Sachs ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF**  | **Goldman Sachs ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF**  | **Goldman Sachs ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF**  |
|  | **For the**<br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the**<br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **August 31, 2025** | **For the Fiscal Year Ended**<br> **August 31, 2025** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fund Share Activity** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9750000 | $1287019396 | 15600000 | $1819423315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (10650000) | (1400453800) | (18200000) | (2167839667) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **NET DECREASE IN SHARES** | (900000) | $(113434404) | (2600000) | $(348416352) |
|  | **Goldman Sachs ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF**  | **Goldman Sachs ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF**  | **Goldman Sachs ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF**  | **Goldman Sachs ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF**  |
|  | **For the**<br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the**<br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **August 31, 2025** | **For the Fiscal Year Ended**<br> **August 31, 2025** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fund Share Activity** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 3000000 | $232315074 | 1750000 | $120867951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (200000) | (14961181) | (700000) | (47489190) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE IN SHARES** | 2800000 | $217353893 | 1050000 | $73378761 |
|  | **Goldman Sachs ActiveBeta<sup>®</sup> World Equity ETF**  | **Goldman Sachs ActiveBeta<sup>®</sup> World Equity ETF**  | **Goldman Sachs ActiveBeta<sup>®</sup> World Equity ETF**  | **Goldman Sachs ActiveBeta<sup>®</sup> World Equity ETF**  |
|  | **For the**<br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the**<br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **August 31, 2025** | **For the Fiscal Year Ended**<br> **August 31, 2025** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fund Share Activity** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 10450000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611446653 | 6100000 | $315273854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (8950000) | (529131855) | (1200000) | (63072957) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE IN SHARES** | 1500000 | $82314798 | 4900000 | $252200897 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

102.0 ------

GOLDMAN SACHS ACTIVEBETA <sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of long-term securities for the six month period ended February 28, 2026 were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| ActiveBeta<sup>®</sup> Emerging Markets Equity ETF | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266281014 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183804535 |
| ActiveBeta<sup>®</sup> Europe Equity ETF | 14119711 | 14444235 |
| ActiveBeta<sup>®</sup> International Equity ETF | 700429027 | 692795621 |
| ActiveBeta<sup>®</sup> Japan Equity ETF | 6777022 | 7012836 |
| ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF | 1378692862 | 1383374532 |
| ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF | 101124985 | 106448847 |
|  ActiveBeta<sup>®</sup> World Equity ETF | 804609843 | 789802103 |

---

The purchases and sales from in-kind creation and redemption transactions for the six months period ended February 28, 2026 were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ActiveBeta<sup>®</sup> Emerging Markets Equity ETF | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17397627 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ActiveBeta<sup>®</sup> International Equity ETF | 587930954 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ActiveBeta<sup>®</sup> Japan Equity ETF | 9931100 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF | 1272812591 | 1398063725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF | 232173607 | 14947933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ActiveBeta<sup>®</sup> World Equity ETF | 591868743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526677729 |

---

&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 it is 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**103**

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. SECURITIES LENDING (continued)

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 February 28, 2026, are disclosed as "Payable upon return of securities loaned" on the Statements of Assets and Liabilities, where applicable.

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 six months ended February 28, 2026 are reported under Investment Income on the Statements of Operations.

The following table provides information about the Funds' investment in the Government Money Market Fund for the six months ended February 28, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Beginning value as<br>of August 31, 2025** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Ending value as<br>of February 28, 2026** |
|  ActiveBeta<sup>®</sup> Emerging Markets Equity ETF | $9440420 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53092240 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53073868 | $9458791 |
|  ActiveBeta<sup>®</sup> Europe Equity ETF | 893934 | 8721077 | 7140105 | 2474905 |
|  ActiveBeta<sup>®</sup> International Equity ETF | 66146693 | 779099141 | 666086561 | 179159273 |
|  ActiveBeta<sup>®</sup> Japan Equity ETF | 1028582 | 13443205 | 11621821 | 2849966 |
|  ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF | 28030086 | 119828916 | 139453771 | 8405231 |
|  ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF | 10633875 | 54278846 | 55527370 | 9385352 |
|  ActiveBeta<sup>®</sup> World Equity ETF | 6105075 | 101943779 | 91626113 | 16422741 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. TAX INFORMATION

As of the Funds' most recent fiscal year ended August 31, 2025, the Funds capital loss carryforwards and certain timing differences on a tax-basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **ActiveBeta<sup>®</sup><br> Emerging Markets** <br> **Equity ETF** | **ActiveBeta<sup>®</sup>**<br> **Europe Equity ETF**  | **ActiveBeta<sup>®</sup>**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International** <br> **Equity ETF** | **ActiveBeta<sup>®</sup> Japan <br>Equity ETF** | **ActiveBeta<sup>®</sup> U.S.<br> Large Cap Equity <br>ETF** |
|  Capital loss carryforwards: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Short-Term | $(47320749) | $(1320713) | $(118022499) | $(594946) | $(377129419) |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Long-Term | (11461319) | (2855406) | (193303410) | (1556798) | (605028544) |
|  Total capital loss carryforwards | (58782068) | (4176119) | (311325909) | (2151744) | (982157963) |
|  Timing differences |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Post-October Capital |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Loss Deferral) | (3277400) | (824561) | (9990526) | (593829) | (179848150) |

---

&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;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. TAX INFORMATION (continued)

---

| | | |
|:---|:---|:---|
|  | **ActiveBeta<sup>®</sup> U.S.<br>Small Cap Equity**<br> **ETF** | **ActiveBeta<sup>®</sup> World** <br> **Equity ETF** |
|  Capital loss carryforwards: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Short-Term | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16558167) | $(26618943) |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Long-Term | (31852917) | (17666674) |
|  Total capital loss carryforwards | (48411084) | (44285617) |
|  Timing differences |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Post-October Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Loss Deferral) | (20730655) | (5380633) |

---

As of February 28, 2026, the Funds' aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **ActiveBeta<sup>®</sup> Emerging** <br> **Markets Equity ETF** | **ActiveBeta<sup>®</sup> Europe<br>Equity ETF** | **ActiveBeta<sup>®</sup><br>International Equity<br>ETF** | **ActiveBeta<sup>®</sup> Japan** <br> **Equity ETF** |
|  Tax Cost | $925452499 | $94765272 | $3818197293 | $62377968 |
|  Gross unrealized gain | 657722121 | 39679798 | 1944037594 | 30354465 |
|  Gross unrealized loss | (96883177) | (6128346) | (71345087) | (3960077) |
|  Net unrealized gain (loss) | $560838944 | $33551452 | $1872692507 | $26394388 |
|  |  | **ActiveBeta<sup>®</sup> U.S. Large<br>Cap Equity ETF** | **ActiveBeta<sup>®</sup> U.S. Small<br>Cap Equity ETF** | **ActiveBeta<sup>®</sup> World <br>Equity ETF** |
|  Tax Cost |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9137139628 | $747625216 | $1407233567 |
|  Gross unrealized gain |  | 5816606945 | 210254130 | 207023575 |
|  Gross unrealized loss |  | (253223724) | (60571987) | (24974586) |
|  Net unrealized gain (loss) |  | $5563383221 | $149682143 | $182048989 |

---

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains/(losses) on regulated futures contracts, and differences in the tax treatment of partnership investments, passive foreign investment company investments, and underlying fund investments.

GSAM has reviewed the Funds' tax positions for all open tax years (the current and prior year, as applicable) and has concluded that no provision for income tax is required in the Funds' financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. OTHER RISKS

The Funds' risks include, but are not limited to, the following:

**Calculation Methodology Risk** — The Index relies on various sources of information to assess the criteria of issuers included in the Index (or a reference index if applicable), including fundamental information that may be based on assumptions and estimates. Neither a Fund, the Investment Adviser nor the Index Provider can offer assurances that the Index's calculation methodology or sources of information will provide a correct valuation of securities, nor can they guarantee the availability or timeliness of the production of the Index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**105**

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GOLDMAN SACHS ACTIVEBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. OTHER RISKS (continued)

**Depositary Receipts Risk** — Foreign securities may trade in the form of depositary receipts, which include American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs") (collectively "Depositary Receipts"). To the extent the Fund acquires Depositary Receipts through banks which do not have a contractual relationship with the foreign issuer of the security underlying the Depositary Receipts to issue and service such unsponsored Depositary Receipts, there may be an increased possibility that the Fund would not become aware of and be able to respond to corporate actions such as stock splits or rights offerings involving the foreign issuer in a timely manner. In addition, the lack of information may result in inefficiencies in the valuation of such instruments. Investment in Depositary Receipts does not eliminate all the risks inherent in investing in securities of non-U.S. issuers. The market value of Depositary Receipts is dependent upon the market value of the underlying securities and fluctuations in the relative value of the currencies in which the Depositary Receipts and the underlying securities are quoted. The issuers of Depositary Receipts may discontinue issuing new Depositary Receipts and withdraw existing Depositary Receipts at any time, which may result in costs and delays in the distribution of the underlying assets to the Fund and may negatively impact the Fund's performance.

Foreign Risk— Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which the Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and other governments, or from problems in share registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent the Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact the Fund's liquidity and performance. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time.

**Geographic and Sector Risk** — If the Fund invests a significant portion of its total assets in certain issuers within the same state, geographic region or economic sector, an adverse economic, business, political, environmental or other development affecting that state, region or sector may affect the value of the Fund's investments more than if its investments were not so focused.

**Index Risk —** GSAM (the "Index Provider") constructs each Fund's index (an "Index") in accordance with a rules-based methodology. A Fund will be negatively affected by general declines in the securities and asset classes represented in its Index. In addition, because the Funds are not "actively" managed, unless a specific security is removed from an Index, a Fund generally would not sell a security because the security's issuer was in financial trouble. Market disruptions and regulatory restrictions could have an adverse effect on a Fund's ability to adjust its exposure to the required levels in order to track its Index. A Fund also does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, a Fund's performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers. When an Index is rebalanced and a Fund in turn rebalances its portfolio to attempt to increase the correlation between the Fund's portfolio and its Index, any transaction costs and market exposure arising from such portfolio rebalancing may be borne directly by the Fund and its shareholders. The Index Provider may utilize third party data in constructing each Index, but it does not guarantee the accuracy or availability of any such third party data. Errors in index data, index computation or the construction of an Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the applicable Fund and its shareholders. In addition, neither a Fund, the Investment Adviser, the Calculation Agent nor the Index Provider can guarantee the availability or timeliness of the production of the Index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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&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;10. OTHER RISKS (continued)

**Industry Concentration Risk** — In following its methodology, an Index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or group of industries. To the extent that an Index concentrates in the securities of issuers in a particular industry or group of industries, the Fund also will concentrate its investments to approximately the same extent. By concentrating its investments in an industry or group of industries, the applicable Fund may face more risks than if it were diversified broadly over numerous industries or groups of industries. If an Index is not concentrated in a particular industry or group of industries, the applicable Fund will not concentrate in a particular industry or group of industries.

**Investment Style Risk** — Different investment styles (e.g., "growth", "value" or "quantitative") tend to shift in and out of favor depending upon market and economic conditions and investor sentiment. A Fund may outperform or underperform other funds that invest in similar asset classes but employ different investment styles.

**Large Shareholder Transaction Risk** — Certain shareholders, including other funds advised by the Investment Adviser, may from time to time own a substantial amount of a Fund's Shares. In addition, a third party investor, the Investment Adviser or an affiliate of the Investment Adviser, an authorized participant, a lead market maker, or another entity (i.e., a seed investor) may invest in a Fund and hold its investment solely to facilitate commencement of a Fund or to facilitate a Fund's achieving a specified size or scale. Any such investment may be held for a limited period of time. There can be no assurance that any large shareholder would not redeem its investment, that the size of a Fund would be maintained at such levels or that a Fund would continue to meet applicable listing requirements. Redemptions by large shareholders could have a significant negative impact on a Fund, including on a Fund's liquidity. In addition, transactions by large shareholders may account for a large percentage of the trading volume on Cboe or NYSE Arca and may, therefore, have a material upward or downward effect on the market price of the Shares.

Market and Credit Risks— In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors, governments or countries and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Market Trading Risk— Each Fund faces numerous market trading risks, including disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for Shares. If a shareholder purchases Shares at a time when the market price is at a premium to the NAV or sells Shares at a time when the market price is at a discount to the NAV, the shareholder may pay more for, or receive less than, the underlying value of the Shares, respectively. The Investment Adviser cannot predict whether Shares will trade below, at or above their NAV. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for Shares will be closely related to, but not identical to, the same forces influencing the prices of the securities of a Fund's Index trading individually or in the aggregate at any point in time.

Mid-Cap and Small-Cap Risk— Investments in mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.

Stock Risk— Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.

Tracking Error Risk — Tracking error is the divergence of a Fund's performance from that of its Index. The performance of a Fund may diverge from that of its Index for a number of reasons. Tracking error may occur because of transaction costs, a Fund's holding of cash, differences in accrual of dividends, changes to its Index or the need to meet new or existing regulatory requirements. Unlike a Fund, the returns of an Index are not reduced by investment and other operating expenses, including the trading costs associated

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**107**

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GOLDMAN SACHS ACTIVEBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. OTHER RISKS (continued)

with implementing changes to its portfolio of investments. Tracking error risk may be heightened during times of market volatility or other unusual market conditions.

**Valuation Risk** — The sale price the Fund could receive for a security may differ from the Fund's valuation of the security, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. The Fund relies on various sources to calculate its NAV. The information may be provided by third parties that are believed to be reliable, but the information may not be accurate due to errors by such pricing sources, technological issues or otherwise. NAV calculation may also be impacted by operational risks arising from factors such as failures in systems and technology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. INDEMNIFICATIONS

Under the Trust's organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. OTHER MATTERS

The Funds adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. Adoption of the new standard impacted financial statement disclosures only and did not affect any Fund's financial position or the results of its operations.

&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;

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![LOGO](g40160dsp112.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 Brian J. Wildman\* \*Effective April 1, 2026. THE BANK OF NEW YORK Transfer Agent ALPS DISTRIBUTORS, INC. Distributor GOLDMAN SACHS ASSET MANAGEMENT, LP. Investment Adviser 200 West Street, New York, New York 10282 OFFICERS James A. McNamara, President and Principal Executive Officer Joseph F. Di Maria, Principal Financial Officer, Principal Accounting Officer and Treasurer Robert Griffith, Secretary 2026 Goldman Sachs. All rights reserved. ACTBETASAR-26

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![LOGO](g101462g01a01.jpg)

Goldman Sachs Funds Semi-Annual Financial Statements February 28, 2026 Goldman Sachs Equity ETFs Goldman Sachs Equal Weight U.S. Large Cap Equity ETF (GSEW) Goldman Sachs Hedge Industry VIP ETF (GVIP) Goldman Sachs India Equity ETF (GIND) Goldman Sachs Innovate Equity ETF (GINN) Goldman Sachs JUST U.S. Large Cap Equity ETF (JUST) Goldman Sachs MSCI World Private Equity Return Tracker (GTPE) Goldman Sachs Small Cap Equity ETF (GSC)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Goldman Sachs Equity ETFs

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| | |
|:---|:---|
| **Table of Contents** | **Page** |
|  **Schedule of Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Equal Weight U.S. Large Cap Equity ETF](#eq101462_1) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Hedge Industry VIP ETF](#eq101462_2) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs India Equity ETF](#eq101462_3) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Innovate Equity ETF](#eq101462_4) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs JUST U.S. Large Cap Equity ETF](#eq101462_5) | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs MSCI World Private Equity Return Tracker ETF](#eq101462_6) | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Small Cap Equity ETF](#eq101462_7) | 41 |
|  **Financial Statements** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#eq101462_8) | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#eq101462_9) | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#eq101462_10) | 49 |
|  **Financial Highlights** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Equal Weight U.S. Large Cap Equity ETF (GSEW)](#eq101462_11) | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Hedge Industry VIP ETF (GVIP)](#eq101462_12) | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs India Equity ETF (GIND)](#eq101462_13) | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Innovate Equity ETF (GINN)](#eq101462_14) | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs JUST U.S. Large Cap Equity ETF (JUST)](#eq101462_15) | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs MSCI World Private Equity Return Tracker ETF (GTPE)](#eq101462_16) | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Small Cap Equity ETF (GSC)](#eq101462_17) | 59 |
|  **[Notes to Financial Statements](#eq101462_18)** | 60 |
|  **[Statement Regarding Basis for Approval for Investment Advisory Contract](#eq101462_19)** | 78 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *February 28, 2026*

&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 – 99.8% | Common Stocks – 99.8% | Common Stocks – 99.8% |
| Communication Services – 4.3% | Communication Services – 4.3% | Communication Services – 4.3% |
| 9599 | Alphabet, Inc., Class A | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2992584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31882 | AST SpaceMobile, Inc.\*<sup>(a)</sup> | 2524736 |
| 116176 | AT&T, Inc. | 3254090 |
| 14013 | Charter Communications, Inc., Class A\* | 3287870 |
| 102925 | Comcast Corp., Class A | 3186558 |
| 29454 | EchoStar Corp., Class A\* | 3402821 |
| 16202 | Electronic Arts, Inc. | 3249635 |
| 47136 | Fox Corp., Class A | 2655642 |
| 22658 | Live Nation Entertainment, Inc.\* | 3673768 |
| 4762 | Meta Platforms, Inc., Class A | 3086633 |
| 39520 | Netflix, Inc.\* | 3803405 |
| 45965 | Omnicom Group, Inc. | 3920355 |
| 159128 | Pinterest, Inc., Class A\* | 2725863 |
| 21545 | Reddit, Inc., Class A\* | 3141476 |
| 50101 | ROBLOX Corp., Class A\* | 3439935 |
| 15980 | Take-Two Interactive Software, Inc.\* | 3379450 |
| 15757 | TKO Group Holdings, Inc. | 3527520 |
| 15745 | T-Mobile US, Inc. | 3418082 |
| 118379 | Trade Desk, Inc. (The), Class A\* | 2819788 |
| 68051 | Verizon Communications, Inc. | 3412077 |
| 29695 | Walt Disney Co. (The) | 3148858 |
| 117808 | Warner Bros Discovery, Inc.\* | 3318651 |
|  |  | 71369797 |
| Consumer Discretionary – 8.9% | Consumer Discretionary – 8.9% | Consumer Discretionary – 8.9% |
| 25742 | Airbnb, Inc., Class A\* | 3478002 |
| 13658 | Amazon.com, Inc.\* | 2868180 |
| 847 | AutoZone, Inc.\* | 3180976 |
| 697 | Booking Holdings, Inc. | 2954827 |
| 10782 | Burlington Stores, Inc.\* | 3308672 |
| 100201 | Carnival Corp. | 3161342 |
| 8612 | Carvana Co.\* | 2877786 |
| 80336 | Chipotle Mexican Grill, Inc.\* | 2990106 |
| 20018 | D.R. Horton, Inc. | 3210687 |
| 15081 | Darden Restaurants, Inc. | 3225072 |
| 15499 | Dick's Sporting Goods, Inc. | 3156061 |
| 16615 | DoorDash, Inc., Class A\* | 2932049 |
| 118027 | DraftKings, Inc., Class A\* | 2813764 |
| 36925 | eBay, Inc. | 3355006 |
| 13680 | Expedia Group, Inc. | 2950639 |
| 20844 | Flutter Entertainment PLC\* | 2212382 |
| 230381 | Ford Motor Co. | 3246068 |
| 15548 | Garmin Ltd. | 3931001 |
| 36902 | General Motors Co. | 2904556 |
| 21658 | Genuine Parts Co. | 2582933 |
| 10366 | Hilton Worldwide Holdings, Inc. | 3231912 |
| 8233 | Home Depot, Inc. (The) | 3134468 |
| 54768 | Las Vegas Sands Corp. | 3106441 |
| 27298 | Lennar Corp., Class A | 3121799 |
| 39363 | Liberty Live Holdings, Inc., Class C\* | 3922523 |
| 11559 | Lowe's Cos., Inc. | 3058165 |
| 9801 | Marriott International, Inc., Class A | 3349296 |
| 9776 | McDonald's Corp. | 3334203 |
| 50315 | NIKE, Inc., Class B | 3128587 |
| 398 | NVR, Inc.\* | 2992080 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| 32443 | O'Reilly Automotive, Inc.\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3045749 |
| 23772 | PulteGroup, Inc. |  | 3261518 |
| 9204 | Ralph Lauren Corp. |  | 3337370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223742 | Rivian Automotive, Inc., Class A\* |  | 3429965 |
| 16799 | Ross Stores, Inc. |  | 3454546 |
| 9812 | Royal Caribbean Cruises Ltd. |  | 3051140 |
| 34079 | Somnigroup International, Inc. |  | 3050411 |
| 33107 | Starbucks Corp. |  | 3245148 |
| 25452 | Tapestry, Inc. |  | 3957022 |
| 7887 | Tesla, Inc.\* |  | 3174596 |
| 20747 | TJX Cos., Inc. (The) |  | 3353960 |
| 57801 | Tractor Supply Co. |  | 2996404 |
| 4687 | Ulta Beauty, Inc.\* |  | 3209611 |
| 43306 | Viking Holdings Ltd.\* |  | 3378734 |
| 14813 | Williams-Sonoma, Inc. |  | 3046293 |
| 20014 | Yum! Brands, Inc. |  | 3365554 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146077604 |
| Consumer Staples – 6.0% | Consumer Staples – 6.0% | Consumer Staples – 6.0% | Consumer Staples – 6.0% |
| 48909 | Altria Group, Inc. |  | 3376677 |
| 47375 | Archer-Daniels-Midland Co. |  | 3270770 |
| 26839 | Bunge Global SA |  | 3238125 |
| 4874 | Casey's General Stores, Inc. |  | 3341566 |
| 31688 | Church & Dwight Co., Inc. |  | 3322804 |
| 40923 | Coca-Cola Co. (The) |  | 3337680 |
| 33513 | Colgate-Palmolive Co. |  | 3322479 |
| 19081 | Constellation Brands, Inc., Class A |  | 3012127 |
| 3225 | Costco Wholesale Corp. |  | 3259798 |
| 21678 | Dollar General Corp. |  | 3386971 |
| 26580 | Dollar Tree, Inc.\* |  | 3361838 |
| 27053 | Estee Lauder Cos., Inc. (The), Class A |  | 2961492 |
| 65796 | General Mills, Inc. |  | 2975953 |
| 15547 | Hershey Co. (The) |  | 3673445 |
| 177782 | Kenvue, Inc. |  | 3399192 |
| 111970 | Keurig Dr Pepper, Inc. |  | 3390452 |
| 30923 | Kimberly-Clark Corp. |  | 3446059 |
| 129606 | Kraft Heinz Co. (The) |  | 3189604 |
| 47365 | Kroger Co. (The) |  | 3232188 |
| 48486 | McCormick & Co., Inc. |  | 3444445 |
| 53559 | Mondelez International, Inc., Class A |  | 3298163 |
| 39116 | Monster Beverage Corp.\* |  | 3336595 |
| 19152 | PepsiCo, Inc. |  | 3250860 |
| 17815 | Philip Morris International, Inc. |  | 3328376 |
| 20177 | Procter & Gamble Co. (The) |  | 3373594 |
| 37291 | Sysco Corp. |  | 3399447 |
| 27911 | Target Corp. |  | 3175993 |
| 48766 | Tyson Foods, Inc., Class A |  | 3169302 |
| 36769 | US Foods Holding Corp.\* |  | 3552253 |
| 24768 | Walmart, Inc. |  | 3169066 |
|  |  |  | 98997314 |
| Energy – 5.0% | Energy – 5.0% | Energy – 5.0% | Energy – 5.0% |
| 54052 | Baker Hughes Co. |  | 3527434 |
| 15138 | Cheniere Energy, Inc. |  | 3568481 |
| 17567 | Chevron Corp. |  | 3280813 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>3</sub>

------

GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026*

&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) |
| 29582 | ConocoPhillips | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3356374 |
| 104167 | Coterra Energy, Inc. |  | 3186469 |
| 73318 | Devon Energy Corp. |  | 3191533 |
| 18956 | Diamondback Energy, Inc. |  | 3299860 |
| 27903 | EOG Resources, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3462204 |
| 57517 | EQT Corp. |  | 3532694 |
| 29211 | Expand Energy Corp. |  | 3152451 |
| 21691 | Exxon Mobil Corp. |  | 3307877 |
| 92306 | Halliburton Co. |  | 3323016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106934 | Kinder Morgan, Inc. |  | 3557694 |
| 16322 | Marathon Petroleum Corp. |  | 3235184 |
| 68402 | Occidental Petroleum Corp. |  | 3630778 |
| 40033 | ONEOK, Inc. |  | 3313531 |
| 20675 | Phillips 66 |  | 3190773 |
| 62618 | SLB Ltd. |  | 3214808 |
| 15657 | Targa Resources Corp. |  | 3691921 |
| 57086 | TechnipFMC PLC (United Kingdom) |  | 3785373 |
| 9283 | Texas Pacific Land Corp. |  | 4866984 |
| 16158 | Valero Energy Corp. |  | 3306573 |
| 333331 | Venture Global, Inc., Class A<sup>(a)</sup> |  | 3229977 |
| 48221 | Williams Cos., Inc. (The) |  | 3603073 |
|  |  |  | 82815875 |
| Financials – 14.6% | Financials – 14.6% | Financials – 14.6% | Financials – 14.6% |
| 53638 | Affirm Holdings, Inc.\* |  | 2519913 |
| 27878 | Aflac, Inc. |  | 3148263 |
| 15421 | Allstate Corp. (The) |  | 3308113 |
| 9005 | American Express Co. |  | 2781645 |
| 41413 | American International Group, Inc. |  | 3333332 |
| 5927 | Ameriprise Financial, Inc. |  | 2786401 |
| 9107 | Aon PLC, Class A |  | 3055125 |
| 24070 | Apollo Global Management, Inc. |  | 2517722 |
| 31908 | Arch Capital Group Ltd.\* |  | 3195586 |
| 23568 | Ares Management Corp., Class A |  | 2639852 |
| 12743 | Arthur J Gallagher & Co. |  | 2907953 |
| 57704 | Bank of America Corp. |  | 2875390 |
| 26616 | Bank of New York Mellon Corp. (The) |  | 3169966 |
| 6276 | Berkshire Hathaway, Inc., Class B\* |  | 3169066 |
| 2957 | Blackrock, Inc. |  | 3143971 |
| 23897 | Blackstone, Inc. |  | 2709203 |
| 56218 | Block, Inc.\* |  | 3581087 |
| 267533 | Blue Owl Capital, Inc. |  | 2822473 |
| 43064 | Brown & Brown, Inc. |  | 3092856 |
| 14170 | Capital One Financial Corp. |  | 2772219 |
| 54653 | Carlyle Group, Inc. (The) |  | 2841409 |
| 11692 | Cboe Global Markets, Inc. |  | 3504326 |
| 30682 | Charles Schwab Corp. (The) |  | 2920926 |
| 9639 | Chubb Ltd. |  | 3285550 |
| 18841 | Cincinnati Financial Corp. |  | 3089547 |
| 27030 | Citigroup, Inc. |  | 2978436 |
| 47293 | Citizens Financial Group, Inc. |  | 2846566 |
| 10864 | CME Group, Inc. |  | 3471048 |
| 19194 | Coinbase Global, Inc., Class A\* |  | 3375265 |
| 10738 | Corpay, Inc.\* |  | 3490924 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Financials – (continued) | Financials – (continued) | Financials – (continued) |
| 61306 | Fidelity National Information Services, Inc. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3124154 |
| 58456 | Fifth Third Bancorp | 2891818 |
| 1515 | First Citizens BancShares, Inc., Class A | 2875697 |
| 53745 | Fiserv, Inc.\* | 3347776 |
| 45044 | Global Payments, Inc. | 3444064 |
| 3548 | Goldman Sachs Group, Inc. (The)<sup>(b)</sup> | 3049755 |
| 22620 | Hartford Insurance Group, Inc. (The) | 3185575 |
| 167851 | Huntington Bancshares, Inc. | 2819897 |
| 43764 | Interactive Brokers Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3115559 |
| 19367 | Intercontinental Exchange, Inc. | 3178706 |
| 10037 | JPMorgan Chase & Co. | 3014111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140650 | KeyCorp | 2917081 |
| 30985 | KKR & Co., Inc. | 2716765 |
| 29100 | Loews Corp. | 3201582 |
| 8229 | LPL Financial Holdings, Inc. | 2471827 |
| 13692 | M&T Bank Corp. | 2970890 |
| 1541 | Markel Group, Inc.\* | 3193676 |
| 16645 | Marsh & McLennan Cos., Inc. | 3108287 |
| 5771 | Mastercard, Inc., Class A | 2984819 |
| 40900 | MetLife, Inc. | 2947663 |
| 6858 | Moody's Corp. | 3275312 |
| 17748 | Morgan Stanley | 2955220 |
| 5658 | MSCI, Inc. | 3235414 |
| 36649 | Nasdaq, Inc. | 3209719 |
| 21080 | Northern Trust Corp. | 3016337 |
| 78381 | PayPal Holdings, Inc. | 3621986 |
| 13302 | PNC Financial Services Group, Inc. (The) | 2824680 |
| 33135 | Principal Financial Group, Inc. | 3161742 |
| 15452 | Progressive Corp. (The) | 3301474 |
| 30828 | Prudential Financial, Inc. | 3032859 |
| 18735 | Raymond James Financial, Inc. | 2867954 |
| 104443 | Regions Financial Corp. | 2906649 |
| 40740 | Robinhood Markets, Inc., Class A\* | 3090129 |
| 163713 | Rocket Cos., Inc., Class A | 2977939 |
| 6908 | S&P Global, Inc. | 3052507 |
| 158022 | SoFi Technologies, Inc.\* | 2806471 |
| 24234 | State Street Corp. | 3116977 |
| 42575 | Synchrony Financial | 2942358 |
| 29240 | T. Rowe Price Group, Inc. | 2766981 |
| 114301 | Toast, Inc., Class A\* | 3121560 |
| 58290 | TPG, Inc. | 2530952 |
| 32139 | Tradeweb Markets, Inc., Class A | 3961292 |
| 10814 | Travelers Cos., Inc. (The) | 3337633 |
| 57578 | Truist Financial Corp. | 2839171 |
| 53340 | US Bancorp | 2915564 |
| 9676 | Visa, Inc., Class A | 3097675 |
| 45278 | W R Berkley Corp. | 3246433 |
| 34042 | Wells Fargo & Co. | 2772721 |
| 9417 | Willis Towers Watson PLC | 2873786 |
|  |  | 240753330 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 4 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Health Care – 11.7% | Health Care – 11.7% | Health Care – 11.7% |
| 29215 | Abbott Laboratories | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3399165 |
| 14834 | AbbVie, Inc. | 3442675 |
| 23902 | Agilent Technologies, Inc. | 2901225 |
| 9098 | Alnylam Pharmaceuticals, Inc.\* | 3028906 |
| 8665 | Amgen, Inc. | 3363406 |
| 15138 | Becton Dickinson & Co. | 2671554 |
| 17444 | Biogen, Inc.\* | 3346108 |
| 40964 | Boston Scientific Corp.\* | 3148083 |
| 55105 | Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3436899 |
| 15177 | Cardinal Health, Inc. | 3479024 |
| 9586 | Cencora, Inc. | 3567334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76806 | Centene Corp.\* | 3447053 |
| 11416 | Cigna Group (The) | 3308585 |
| 41907 | CVS Health Corp. | 3348369 |
| 14581 | Danaher Corp. | 3071342 |
| 44815 | Dexcom, Inc.\* | 3290766 |
| 39387 | Edwards Lifesciences Corp.\* | 3405794 |
| 9265 | Elevance Health, Inc. | 2964800 |
| 2912 | Eli Lilly & Co. | 3063395 |
| 31106 | Exact Sciences Corp.\* | 3215738 |
| 37487 | GE HealthCare Technologies, Inc. | 3159030 |
| 21835 | Gilead Sciences, Inc. | 3252323 |
| 6368 | HCA Healthcare, Inc. | 3373130 |
| 42962 | Hologic, Inc.\* | 3237616 |
| 16397 | Humana, Inc. | 3124284 |
| 4946 | IDEXX Laboratories, Inc.\* | 3248187 |
| 23648 | Illumina, Inc.\* | 3179710 |
| 31318 | Incyte Corp.\* | 3171574 |
| 20884 | Insmed, Inc.\* | 3118608 |
| 12669 | Insulet Corp.\* | 3124302 |
| 6691 | Intuitive Surgical, Inc.\* | 3368986 |
| 15788 | IQVIA Holdings, Inc.\* | 2823052 |
| 13557 | Johnson & Johnson | 3367966 |
| 11470 | Labcorp Holdings, Inc. | 3316206 |
| 3833 | McKesson Corp. | 3784589 |
| 71638 | Medline, Inc., Class A\* | 3403521 |
| 31228 | Medtronic PLC | 3049727 |
| 26593 | Merck & Co., Inc. | 3292745 |
| 2290 | Mettler-Toledo International, Inc.\* | 3129720 |
| 76134 | Moderna, Inc.\* | 4078498 |
| 15393 | Natera, Inc.\* | 3202360 |
| 119174 | Pfizer, Inc. | 3295161 |
| 16868 | Quest Diagnostics, Inc. | 3574498 |
| 4124 | Regeneron Pharmaceuticals, Inc. | 3223607 |
| 12080 | ResMed, Inc. | 3095621 |
| 34043 | REVOLUTION Medicines, Inc.\* | 3473067 |
| 73063 | Royalty Pharma PLC, Class A | 3376241 |
| 11978 | STERIS PLC | 3022648 |
| 8789 | Stryker Corp. | 3405386 |
| 16618 | Tenet Healthcare Corp.\* | 3978183 |
| 5587 | Thermo Fisher Scientific, Inc. | 2911442 |
| 6629 | United Therapeutics Corp.\* | 3340353 |
| 11586 | UnitedHealth Group, Inc. | 3397826 |
| 16774 | Veeva Systems, Inc., Class A\* | 3053036 |
| 6691 | Vertex Pharmaceuticals, Inc.\* | 3324290 |
| 10330 | Waters Corp.\* | 3299195 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| 13199 | West Pharmaceutical Services, Inc. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3357034 |
| 35764 | Zimmer Biomet Holdings, Inc. |  | 3520608 |
| 25050 | Zoetis, Inc. |  | 3284055 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193638606 |
| Industrials – 16.6% | Industrials – 16.6% | Industrials – 16.6% | Industrials – 16.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19792 | 3M Co. |  | 3272013 |
| 13976 | AMETEK, Inc. |  | 3343339 |
| 13451 | Automatic Data Processing, Inc. |  | 2883356 |
| 7543 | Axon Enterprise, Inc.\* |  | 4091323 |
| 22926 | Bloom Energy Corp., Class A\* |  | 3568890 |
| 13670 | Boeing Co. (The)\* |  | 3110335 |
| 16909 | Broadridge Financial Solutions, Inc. |  | 3142876 |
| 17090 | BWX Technologies, Inc. |  | 3520198 |
| 16242 | C.H. Robinson Worldwide, Inc. |  | 3008830 |
| 50232 | Carrier Global Corp. |  | 3234941 |
| 4648 | Caterpillar, Inc. |  | 3452674 |
| 16379 | Cintas Corp. |  | 3294308 |
| 2918 | Comfort Systems USA, Inc. |  | 4170902 |
| 79554 | Copart, Inc.\* |  | 3030212 |
| 80099 | CSX Corp. |  | 3419426 |
| 5344 | Cummins, Inc. |  | 3120201 |
| 5153 | Curtiss-Wright Corp. |  | 3608800 |
| 5612 | Deere & Co. |  | 3533933 |
| 46212 | Delta Air Lines, Inc. |  | 3036128 |
| 14596 | Dover Corp. |  | 3291398 |
| 8892 | Eaton Corp. PLC |  | 3342681 |
| 4582 | EMCOR Group, Inc. |  | 3320209 |
| 20215 | Emerson Electric Co. |  | 3047411 |
| 17883 | Equifax, Inc. |  | 3736832 |
| 19402 | Expeditors International of Washington, Inc. |  | 2813872 |
| 66154 | Fastenal Co. |  | 3045730 |
| 8773 | FedEx Corp. |  | 3395151 |
| 12247 | Ferguson Enterprises, Inc. |  | 3193528 |
| 52788 | Fortive Corp. |  | 3125050 |
| 12316 | FTAI Aviation Ltd. |  | 3766233 |
| 4446 | GE Vernova, Inc. |  | 3884026 |
| 8940 | General Dynamics Corp. |  | 3192027 |
| 10411 | General Electric Co. |  | 3563269 |
| 9852 | HEICO Corp. |  | 3147320 |
| 13508 | Honeywell International, Inc. |  | 3290414 |
| 15411 | Howmet Aerospace, Inc. |  | 4045850 |
| 6648 | Hubbell, Inc. |  | 3401316 |
| 10872 | Illinois Tool Works, Inc. |  | 3159729 |
| 32082 | Ingersoll Rand, Inc. |  | 3020199 |
| 13962 | J.B. Hunt Transport Services, Inc. |  | 3258870 |
| 23110 | Jacobs Solutions, Inc. |  | 3185945 |
| 24223 | Johnson Controls International PLC |  | 3495379 |
| 35943 | Kratos Defense & Security Solutions, Inc.\* |  | 3097568 |
| 9318 | L3Harris Technologies, Inc. |  | 3396784 |
| 16871 | Leidos Holdings, Inc. |  | 2954112 |
| 5932 | Lennox International, Inc. |  | 3380884 |
| 5188 | Lockheed Martin Corp. |  | 3414119 |
| 13955 | MasTec, Inc.\* |  | 4158869 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>5</sub>

------

GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026*

&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) |
| 10413 | Norfolk Southern Corp. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3277388 |
| 4604 | Northrop Grumman Corp. |  | 3335045 |
| 15450 | Old Dominion Freight Line, Inc. |  | 3137122 |
| 35231 | Otis Worldwide Corp. |  | 3260981 |
| 24670 | PACCAR, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3110640 |
| 3287 | Parker-Hannifin Corp. |  | 3317175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32282 | Paychex, Inc. |  | 3023209 |
| 32511 | Pentair PLC |  | 3224766 |
| 6980 | Quanta Services, Inc. |  | 3930298 |
| 14511 | Republic Services, Inc. |  | 3323019 |
| 45798 | Rocket Lab Corp.\* |  | 3164642 |
| 7453 | Rockwell Automation, Inc. |  | 3036725 |
| 49912 | Rollins, Inc. |  | 3039142 |
| 16147 | RTX Corp. |  | 3271705 |
| 8281 | Snap-on, Inc. |  | 3190007 |
| 62099 | Southwest Airlines Co. |  | 3058997 |
| 43271 | SS&C Technologies Holdings, Inc. |  | 3257874 |
| 61266 | Symbotic, Inc.\* |  | 3356151 |
| 7199 | Trane Technologies PLC |  | 3328242 |
| 2507 | TransDigm Group, Inc. |  | 3266095 |
| 46274 | TransUnion |  | 3634823 |
| 42523 | Uber Technologies, Inc.\* |  | 3207085 |
| 12744 | Union Pacific Corp. |  | 3376905 |
| 29557 | United Airlines Holdings, Inc.\* |  | 3141909 |
| 27508 | United Parcel Service, Inc., Class B |  | 3189828 |
| 3790 | United Rentals, Inc. |  | 3183600 |
| 34811 | Veralto Corp. |  | 3391636 |
| 16551 | Verisk Analytics, Inc. |  | 3435491 |
| 18160 | Vertiv Holdings Co., Class A |  | 4628802 |
| 2660 | W.W. Grainger, Inc. |  | 3044982 |
| 13890 | Waste Management, Inc. |  | 3345268 |
| 13153 | Westinghouse Air Brake Technologies Corp. |  | 3471734 |
| 8636 | Woodward, Inc. |  | 3340059 |
| 22943 | Xylem, Inc. |  | 2972495 |
|  |  |  | 273241300 |
| Information Technology – 16.8% | Information Technology – 16.8% | Information Technology – 16.8% | Information Technology – 16.8% |
| 13141 | Accenture PLC, Class A |  | 2742790 |
| 11399 | Adobe, Inc.\* |  | 2991212 |
| 15717 | Advanced Micro Devices, Inc.\* |  | 3146701 |
| 24344 | Amphenol Corp., Class A |  | 3555685 |
| 10128 | Analog Devices, Inc. |  | 3603441 |
| 11594 | Apple, Inc. |  | 3062903 |
| 10955 | Applied Materials, Inc. |  | 4078546 |
| 8086 | AppLovin Corp., Class A\* |  | 3515550 |
| 24452 | Arista Networks, Inc.\* |  | 3264342 |
| 22169 | Astera Labs, Inc.\* |  | 2634342 |
| 30196 | Atlassian Corp., Class A\* |  | 2268625 |
| 13054 | Autodesk, Inc.\* |  | 3209587 |
| 10694 | Broadcom, Inc. |  | 3417268 |
| 11917 | Cadence Design Systems, Inc.\* |  | 3591784 |
| 22814 | CDW Corp. |  | 2797909 |
| 12466 | Ciena Corp.\* |  | 4346894 |
| 39062 | Cisco Systems, Inc. |  | 3103867 |
| 19420 | Cloudflare, Inc., Class A\* |  | 3343930 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Information Technology – (continued) | Information Technology – (continued) | Information Technology – (continued) |
| 41422 | Cognizant Technology Solutions Corp., Class A | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2668819 |
| 15375 | Coherent Corp.\* | 3981049 |
| 38313 | CoreWeave, Inc., Class A\* | 3048182 |
| 28950 | Corning, Inc. | 4353501 |
| 7752 | Crowdstrike Holdings, Inc., Class A\* | 2883589 |
| 27753 | Datadog, Inc., Class A\* | 3107226 |
| 26862 | Dell Technologies, Inc., Class C | 3977725 |
| 2395 | Fair Isaac Corp.\* | 3375417 |
| 13692 | First Solar, Inc.\* | 2700062 |
| 39841 | Fortinet, Inc.\* | 3148634 |
| 20492 | Gartner, Inc.\* | 3221342 |
| 78623 | GLOBALFOUNDRIES, Inc.\* | 3738524 |
| 140075 | Hewlett Packard Enterprise Co. | 3007410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159925 | HP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3036976 |
| 13083 | HubSpot, Inc.\* | 3460584 |
| 66762 | Intel Corp.\* | 3045015 |
| 11251 | International Business Machines Corp. | 2702603 |
| 7210 | Intuit, Inc. | 2949106 |
| 93509 | IonQ, Inc.\* | 3587940 |
| 13905 | Jabil, Inc. | 3684686 |
| 14491 | Keysight Technologies, Inc.\* | 4453519 |
| 2458 | KLA Corp. | 3747344 |
| 15309 | Lam Research Corp. | 3580622 |
| 7270 | Lumentum Holdings, Inc.\* | 5095616 |
| 43953 | Marvell Technology, Inc. | 3590521 |
| 41056 | Microchip Technology, Inc. | 3064420 |
| 8570 | Micron Technology, Inc. | 3534011 |
| 7698 | Microsoft Corp. | 3023313 |
| 9855 | MongoDB, Inc.\* | 3237072 |
| 2835 | Monolithic Power Systems, Inc. | 3239668 |
| 7633 | Motorola Solutions, Inc. | 3681091 |
| 32240 | NetApp, Inc. | 3192727 |
| 18371 | NVIDIA Corp. | 3255157 |
| 38715 | Okta, Inc.\* | 2806837 |
| 52510 | ON Semiconductor Corp.\* | 3490865 |
| 21868 | Oracle Corp. | 3179607 |
| 23263 | Palantir Technologies, Inc., Class A\* | 3191451 |
| 19373 | Palo Alto Networks, Inc.\* | 2885027 |
| 20769 | PTC, Inc.\* | 3252218 |
| 48307 | Pure Storage, Inc., Class A\* | 3102276 |
| 33617 | Qnity Electronics, Inc. | 4261291 |
| 21344 | QUALCOMM, Inc. | 3038532 |
| 8840 | Roper Technologies, Inc. | 3091613 |
| 16359 | Salesforce, Inc. | 3186570 |
| 128817 | Samsara, Inc., Class A\* | 3722811 |
| 5234 | Sandisk Corp.\* | 3325474 |
| 7819 | Seagate Technology Holdings PLC | 3188901 |
| 29614 | ServiceNow, Inc.\* | 3198608 |
| 19722 | Snowflake, Inc.\* | 3321382 |
| 26007 | Strategy, Inc.\* | 3367906 |
| 97591 | Super Micro Computer, Inc.\* | 3160972 |
| 7695 | Synopsys, Inc.\* | 3185730 |
| 14744 | TE Connectivity PLC (Switzerland) | 3393332 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 6 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **&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) |
| 5051 | Teledyne Technologies, Inc.\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3440236 |
| 11932 | Teradyne, Inc. |  | 3818598 |
| 14423 | Texas Instruments, Inc. |  | 3059263 |
| 49202 | Trimble, Inc.\* |  | 3290138 |
| 28619 | Twilio, Inc., Class A\* |  | 3461754 |
| 9479 | Tyler Technologies, Inc.\* |  | 3362106 |
| 5815 | Ubiquiti, Inc. |  | 4460047 |
| 12965 | VeriSign, Inc. |  | 2955242 |
| 12273 | Western Digital Corp. |  | 3432758 |
| 19038 | Workday, Inc., Class A\* |  | 2546523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35429 | Zoom Communications, Inc., Class A\* |  | 2619620 |
| 17278 | Zscaler, Inc.\* |  | 2539693 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275386228 |
| Materials – 4.9% | Materials – 4.9% | Materials – 4.9% | Materials – 4.9% |
| 11164 | Air Products and Chemicals, Inc. |  | 3077580 |
| 19330 | Albemarle Corp. |  | 3453691 |
| 58481 | Amrize Ltd.\* |  | 3800680 |
| 41659 | Corteva, Inc. |  | 3337719 |
| 26169 | CRH PLC |  | 3139757 |
| 98167 | Dow, Inc. |  | 3016672 |
| 67830 | DuPont de Nemours, Inc. |  | 3394213 |
| 11113 | Ecolab, Inc. |  | 3426694 |
| 51430 | Freeport-McMoRan, Inc. |  | 3501354 |
| 144540 | Hecla Mining Co. |  | 3600491 |
| 43475 | International Flavors & Fragrances, Inc. |  | 3574949 |
| 71523 | International Paper Co. |  | 3114827 |
| 6693 | Linde PLC |  | 3400580 |
| 4808 | Martin Marietta Materials, Inc. |  | 3252949 |
| 27847 | Newmont Corp. |  | 3620110 |
| 16881 | Nucor Corp. |  | 2985911 |
| 13672 | Packaging Corp. of America |  | 3173818 |
| 25550 | PPG Industries, Inc. |  | 3149549 |
| 12352 | Royal Gold, Inc. |  | 3703006 |
| 8748 | Sherwin-Williams Co. (The) |  | 3171937 |
| 72742 | Smurfit WestRock PLC |  | 3419602 |
| 16738 | Southern Copper Corp. (Mexico) |  | 3653905 |
| 16248 | Steel Dynamics, Inc. |  | 3137976 |
| 10351 | Vulcan Materials Co. |  | 3208810 |
|  |  |  | 80316780 |
| Real Estate – 4.8% | Real Estate – 4.8% | Real Estate – 4.8% | Real Estate – 4.8% |
| 18003 | American Tower Corp. REIT |  | 3454056 |
| 17663 | AvalonBay Communities, Inc. REIT |  | 3130413 |
| 19573 | CBRE Group, Inc., Class A\* |  | 2890149 |
| 62262 | CoStar Group, Inc.\* |  | 2778753 |
| 36663 | Crown Castle, Inc. REIT |  | 3282805 |
| 19178 | Digital Realty Trust, Inc. REIT |  | 3398342 |
| 3941 | Equinix, Inc. REIT |  | 3839559 |
| 50348 | Equity Residential REIT |  | 3182497 |
| 12616 | Essex Property Trust, Inc. REIT |  | 3218468 |
| 22494 | Extra Space Storage, Inc. REIT |  | 3397269 |
| 119087 | Invitation Homes, Inc. REIT |  | 3136752 |
| 35439 | Iron Mountain, Inc. REIT |  | 3839107 |
| 23539 | Mid-America Apartment Communities, Inc. REIT |  | 3150930 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| 23611 | Prologis, Inc. REIT | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3366220 |
| 11039 | Public Storage REIT |  | 3389635 |
| 51208 | Realty Income Corp. REIT |  | 3430936 |
| 17092 | SBA Communications Corp. REIT |  | 3438227 |
| 16313 | Simon Property Group, Inc. REIT |  | 3325405 |
| 84695 | UDR, Inc. REIT |  | 3176062 |
| 40819 | Ventas, Inc. REIT |  | 3516965 |
| 110685 | VICI Properties, Inc. REIT |  | 3343794 |
| 17081 | Welltower, Inc. REIT |  | 3537817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118379 | Weyerhaeuser Co. REIT |  | 2903837 |
| 56339 | Zillow Group, Inc., Class C\* |  | 2513846 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78641844 |
| Utilities – 6.2% | Utilities – 6.2% | Utilities – 6.2% | Utilities – 6.2% |
| 47430 | Alliant Energy Corp. |  | 3431086 |
| 30194 | Ameren Corp. |  | 3420376 |
| 26283 | American Electric Power Co., Inc. |  | 3517191 |
| 25122 | American Water Works Co., Inc. |  | 3417346 |
| 18253 | Atmos Energy Corp. |  | 3409478 |
| 78287 | CenterPoint Energy, Inc. |  | 3405485 |
| 43846 | CMS Energy Corp. |  | 3423057 |
| 29130 | Consolidated Edison, Inc. |  | 3277708 |
| 12839 | Constellation Energy Corp. |  | 4235329 |
| 50852 | Dominion Energy, Inc. |  | 3210795 |
| 23207 | DTE Energy Co. |  | 3440206 |
| 25862 | Duke Energy Corp. |  | 3384043 |
| 50062 | Edison International |  | 3741634 |
| 32815 | Entergy Corp. |  | 3514815 |
| 40865 | Evergy, Inc. |  | 3418766 |
| 46215 | Eversource Energy |  | 3522045 |
| 72543 | Exelon Corp. |  | 3588702 |
| 68293 | FirstEnergy Corp. |  | 3493870 |
| 35394 | NextEra Energy, Inc. |  | 3318895 |
| 72086 | NiSource, Inc. |  | 3409668 |
| 22395 | NRG Energy, Inc. |  | 4007809 |
| 198256 | PG&E Corp. |  | 3766864 |
| 89428 | PPL Corp. |  | 3485903 |
| 39589 | Public Service Enterprise Group, Inc. |  | 3407425 |
| 37013 | Sempra |  | 3563242 |
| 34958 | Southern Co. (The) |  | 3404210 |
| 22641 | Vistra Corp. |  | 3937043 |
| 28046 | WEC Energy Group, Inc. |  | 3280260 |
| 41499 | Xcel Energy, Inc. |  | 3459357 |
|  |  |  | 101892608 |
| TOTAL COMMON STOCKS<br>(Cost $1,377,437,112) | TOTAL COMMON STOCKS<br>(Cost $1,377,437,112) |  | 1643131286 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>7</sub>

------

GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026*

&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> **Dividend Rate** | **Value** |
| Investment Company – 0.1%<sup>(b)</sup> | Investment Company – 0.1%<sup>(b)</sup> | Investment Company – 0.1%<sup>(b)</sup> |
|  Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1196386 | 3.571% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1196386 |
|  **(Cost $1,196,386)** | **(Cost $1,196,386)** |  |
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE<br>(Cost $1,378,633,498) | TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE<br>(Cost $1,378,633,498) | 1644327672 |
| Securities Lending Reinvestment Vehicle – 0.3%<sup>(b)</sup> | Securities Lending Reinvestment Vehicle – 0.3%<sup>(b)</sup> | Securities Lending Reinvestment Vehicle – 0.3%<sup>(b)</sup> |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |
| 4952781 | 3.589% | 4952781 |
| (Cost $4,952,781) | (Cost $4,952,781) |  |
| **TOTAL INVESTMENTS – 100.2%**<br> **(Cost $1,383,586,279)** | **TOTAL INVESTMENTS – 100.2%**<br> **(Cost $1,383,586,279)** | $1649280453 |
| LIABILITIES IN EXCESS OF OTHER ASSETS – (0.2)% | LIABILITIES IN EXCESS OF OTHER ASSETS – (0.2)% | (3306877) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1645973576 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of security is on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents an affiliated issuer.

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| PLC | —Public Limited Company |
| REIT | —Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 8 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *February 28, 2026*

&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 – 101.7% | Common Stocks – 101.7% | Common Stocks – 101.7% |
| Communication Services – 12.7% | Communication Services – 12.7% | Communication Services – 12.7% |
| 30333 | Alphabet, Inc., Class A | $9456616 |
| 81072 | EchoStar Corp., Class A\* | 9366248 |
| 45913 | Electronic Arts, Inc. | 9208771 |
| 14330 | Meta Platforms, Inc., Class A | 9288419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118975 | Netflix, Inc.\* | 11450154 |
| 318646 | Warner Bros Discovery, Inc.\* | 8976258 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57746466 |
| Consumer Discretionary – 17.9% | Consumer Discretionary – 17.9% | Consumer Discretionary – 17.9% |
| 58940 | Alibaba Group Holding Ltd. ADR (China) | 8493843 |
| 45543 | Amazon.com, Inc.\* | 9564030 |
| 26105 | Carvana Co.\* | 8723247 |
| 525592 | Coupang, Inc. (South Korea)\* | 10028295 |
| 56431 | DoorDash, Inc., Class A\* | 9958379 |
| 4637 | MercadoLibre, Inc. (Brazil)\* | 8149899 |
| 84426 | Sea Ltd. ADR (Singapore)\* | 9156000 |
| 69693 | SharkNinja, Inc.\* | 8563179 |
| 22310 | Tesla, Inc.\* | 8979998 |
|  |  | 81616870 |
| Consumer Staples – 2.1% | Consumer Staples – 2.1% | Consumer Staples – 2.1% |
| 69078 | Turning Point Brands, Inc. | 9462995 |
| Financials – 15.7% | Financials – 15.7% | Financials – 15.7% |
| 18198 | Berkshire Hathaway, Inc., Class B\* | 9189080 |
| 44312 | Capital One Financial Corp. | 8669200 |
| 80516 | Citigroup, Inc. | 8872058 |
| 29828 | JPMorgan Chase & Co. | 8957348 |
| 17552 | Mastercard, Inc., Class A | 9078070 |
| 544654 | NU Holdings Ltd., Class A (Brazil)\* | 8158917 |
| 498698 | Rocket Cos., Inc., Class A | 9071317 |
| 28673 | Visa, Inc., Class A | 9179374 |
|  |  | 71175364 |
| Health Care – 8.0% | Health Care – 8.0% | Health Care – 8.0% |
| 72921 | Abivax SA ADR (France)\* | 8843859 |
| 12341 | Atrium Therapeutics, Inc.\* | 182030 |
| 123411 | Avidity Biosciences, Inc.\* | 8885592 |
| 8842 | Eli Lilly & Co. | 9301695 |
| 88676 | Exact Sciences Corp.\* | 9167325 |
|  |  | 36380501 |
| Industrials – 14.4% | Industrials – 14.4% | Industrials – 14.4% |
| 37539 | Boeing Co. (The)\* | 8541249 |
| 11184 | GE Vernova, Inc. | 9770342 |
| 28980 | Norfolk Southern Corp. | 9121165 |
| 7035 | TransDigm Group, Inc. | 9165128 |
| 129889 | Uber Technologies, Inc.\* | 9796228 |
| 34860 | Union Pacific Corp. | 9237203 |
| 37618 | Vertiv Holdings Co., Class A | 9588452 |
|  |  | 65219767 |
| Information Technology – 29.0% | Information Technology – 29.0% | Information Technology – 29.0% |
| 45111 | Advanced Micro Devices, Inc.\* | 9031673 |
| 34717 | Apple, Inc. | 9171537 |
| 25509 | Applied Materials, Inc. | 9497001 |
| 24340 | AppLovin Corp., Class A\* | 10582302 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Information Technology – (continued) | Information Technology – (continued) | Information Technology – (continued) |
| 6453 | ASML Holding NV (Netherlands) | $9360464 |
| 27549 | Broadcom, Inc. | 8803283 |
| 298406 | Confluent, Inc., Class A\* | 9152112 |
| 531693 | Core Scientific, Inc.\* | 9022830 |
| 15258 | Lumentum Holdings, Inc.\* | 10694485 |
| 22915 | Micron Technology, Inc. | 9449459 |
| 23084 | Microsoft Corp. | 9066010 |
| 49528 | NVIDIA Corp. | 8775866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15512 | Sandisk Corp.\* | 9855704 |
| 25154 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan) | 9422185 |
|  |  | 131884911 |
| Utilities – 1.9% | Utilities – 1.9% | Utilities – 1.9% |
| 23594 | Talen Energy Corp.\* | 8752666 |
| **TOTAL INVESTMENTS – 101.7%**<br> **(Cost $424,976,261)** | **TOTAL INVESTMENTS – 101.7%**<br> **(Cost $424,976,261)** | $462239540 |
| LIABILITIES IN EXCESS OF OTHER ASSETS – (1.7)% | LIABILITIES IN EXCESS OF OTHER ASSETS – (1.7)% | (7742909) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454496631 |

---

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 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>9</sub>

------

GOLDMAN SACHS INDIA EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *February 28, 2026*

&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 – 97.5% | Common Stocks – 97.5% | Common Stocks – 97.5% |
| Communication Services – 3.3% | Communication Services – 3.3% | Communication Services – 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173513 | Bharti Airtel Ltd. (India) | $3584265 |
| 93328 | Info Edge India Ltd. (India) | 1056215 |
| 53255 | PVR Inox Ltd. (India)\* | 598368 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5238848 |
| Consumer Discretionary – 17.6% | Consumer Discretionary – 17.6% | Consumer Discretionary – 17.6% |
| 19630 | Amber Enterprises India Ltd. (India)\* | 1720555 |
| 85636 | Arvind Fashions Ltd. (India) | 414360 |
| 144722 | ASK Automotive Ltd. (India) | 660725 |
| 93745 | Ather Energy Ltd. (India)\* | 732535 |
| 34211 | Bluestone Jewellery And Lifestyle Ltd. (India)\* | 164500 |
| 102076 | Cello World Ltd. (India) | 466867 |
| 11003 | Dixon Technologies India Ltd. (India) | 1273295 |
| 929103 | Eternal Ltd. (India)\* | 2515361 |
| 117739 | Eureka Forbes Ltd. (India)\* | 615767 |
| 26399 | Ganesha Ecosphere Ltd. (India) | 224348 |
| 72147 | GNG Electronics Ltd. (India)\*<sup>(a)</sup> | 305912 |
| 108429 | Gokaldas Exports Ltd. (India)\* | 762419 |
| 206469 | Kalyan Jewellers India Ltd. (India) | 930715 |
| 60064 | LG Electronics India Ltd. (India)\* | 1049084 |
| 115952 | Mahindra & Mahindra Ltd. (India) | 4330090 |
| 15131 | MakeMyTrip Ltd. (India)\* | 854448 |
| 51695 | Metro Brands Ltd. (India) | 600387 |
| 34253 | Pearl Global Industries Ltd. (India) | 579366 |
| 642926 | Physicswallah Ltd. (India)\*<sup>(a)</sup> | 611787 |
| 155065 | Pricol Ltd. (India) | 1027446 |
| 1441374 | Samvardhana Motherson International Ltd. (India) | 2112560 |
| 44143 | SJS Enterprises Ltd. (India) | 853832 |
| 123275 | Tenneco Clean Air India Ltd.\* | 787675 |
| 35683 | Trent Ltd. (India) | 1529474 |
| 60043 | TVS Motor Co. Ltd. (India) | 2553946 |
| 55403 | Whirlpool of India Ltd. (India) | 561391 |
|  |  | 28238845 |
| Consumer Staples – 5.3% | Consumer Staples – 5.3% | Consumer Staples – 5.3% |
| 80173 | Bikaji Foods International Ltd. (India) | 562371 |
| 60025 | Colgate-Palmolive India Ltd. (India) | 1487491 |
| 115126 | Godrej Consumer Products Ltd. (India) | 1540687 |
| 48812 | Medplus Health Services Ltd. (India)\* | 454767 |
| 155062 | Nestle India Ltd. (India) | 2201603 |
| 179462 | Tata Consumer Products Ltd. (India) | 2250765 |
|  |  | 8497684 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Energy – 3.0% | Energy – 3.0% | Energy – 3.0% |
| 314540 | Reliance Industries Ltd. (India) | $4819250 |
| Financials – 30.4% | Financials – 30.4% | Financials – 30.4% |
| 106561 | 360 ONE WAM Ltd. (India) | 1292653 |
| 344778 | Aditya Birla Capital Ltd. (India)\* | 1305382 |
| 220260 | Angel One Ltd. (India) | 564594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129633 | AU Small Finance Bank Ltd. (India)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1365563 |
| 282276 | Axis Bank Ltd. (India) | 4293887 |
| 345644 | Aye Finance Ltd. (India)\* | 452304 |
| 386521 | Bajaj Finance Ltd. (India) | 4231173 |
| 119818 | Five-Star Business Finance Ltd. (India) | 549397 |
| 312477 | Go Digit General Insurance Ltd. (India)\* | 1153204 |
| 703448 | HDFC Bank Ltd. (India) | 6864275 |
| 91633 | Home First Finance Co. India Ltd. (India)<sup>(a)</sup> | 1090919 |
| 607670 | ICICI Bank Ltd. (India) | 9210274 |
| 16862 | ICICI Prudential Asset Management Co. Ltd. (India) | 576812 |
| 1285447 | IDFC First Bank Ltd. (India) | 1038234 |
| 90074 | India Shelter Finance Corp. Ltd. (India) | 726225 |
| 63698 | Kfin Technologies Ltd. (India) | 669844 |
| 797201 | Kotak Mahindra Bank Ltd. (India) | 3638289 |
| 57705 | Nuvama Wealth Management Ltd. (India) | 789623 |
| 103162 | PB Fintech Ltd. (India)\* | 1680052 |
| 785110 | Punjab National Bank (India) | 1117046 |
| 94449 | SBI Life Insurance Co. Ltd. (India)<sup>(a)</sup> | 2114964 |
| 92675 | Spandana Sphoorty Financial Ltd. (India)\* | 257826 |
| 238236 | State Bank of India (India) | 3146845 |
| 199769 | Tata Capital Ltd. (India)\* | 732531 |
|  |  | 48861916 |
| Health Care – 8.9% | Health Care – 8.9% | Health Care – 8.9% |
| 25784 | Apollo Hospitals Enterprise Ltd. (India) | 2216728 |
| 22687 | Divi's Laboratories Ltd. (India) | 1598105 |
| 61361 | Jupiter Life Line Hospitals Ltd. (India) | 851050 |
| 80303 | Laurus Labs Ltd. (India)<sup>(a)</sup> | 949588 |
| 56978 | Laxmi Dental Ltd. (India)\* | 120606 |
| 133946 | Medi Assist Healthcare Services Ltd. (India)\*<sup>(a)</sup> | 545788 |
| 14613 | Pfizer Ltd. (India) | 813113 |
| 50833 | Rubicon Research Ltd.\* | 436021 |
| 122168 | SAI Life Sciences Ltd. (India)\*<sup>(a)</sup> | 1340506 |
| 156805 | Sun Pharmaceutical Industries Ltd. (India) | 2993861 |
| 51758 | Torrent Pharmaceuticals Ltd. (India) | 2465291 |
|  |  | 14330657 |
| Industrials – 9.3% | Industrials – 9.3% | Industrials – 9.3% |
| 181651 | Afcons Infrastructure Ltd. (India) | 583332 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 10 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INDIA EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&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) |
| 444003 | Bharat Electronics Ltd. (India) | $| 2170326 |
| 156378 | CMS Info Systems Ltd. (India) |  | 521854 |
| 84731 | Computer Age Management Services Ltd. (India) |  | 631085 |
| 16693 | Doms Industries Ltd. (India) |  | 427893 |
| 67598 | INOX India Ltd. (India) |  | 864143 |
| 11736 | JNK India Ltd. (India) |  | 30813 |
| 16338 | KEI Industries Ltd. (India) |  | 912365 |
| 136553 | Praj Industries Ltd. (India) |  | 477235 |
| 27983 | Siemens Energy India Ltd. (India) |  | 901503 |
| 31614 | Siemens Ltd. (India)\* |  | 1187954 |
| 2470097 | Suzlon Energy Ltd. (India)\* |  | 1158533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355172 | Tata Motors Ltd. (India)\* |  | 1972695 |
| 129308 | TD Power Systems Ltd. (India) |  | 1283895 |
| 97128 | Techno Electric & Engineering Co. Ltd. (India) |  | 1252531 |
| 155075 | Transformers & Rectifiers India Ltd. (India) |  | 528654 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14904811 |
| Information Technology – 7.0% | Information Technology – 7.0% | Information Technology – 7.0% | Information Technology – 7.0% |
| 48787 | AurionPro Solutions Ltd. (India) |  | 476575 |
| 88534 | Coforge Ltd. (India) |  | 1153967 |
| 21389 | Cognizant Technology Solutions Corp., Class A |  | 1378093 |
| 31371 | Fractal Analytics Ltd. (India)\* |  | 268447 |
| 30754 | Hexaware Technologies Ltd. (India) |  | 160064 |
| 325334 | Infosys Ltd. (India) |  | 4649200 |
| 13522 | Netweb Technologies India Ltd. (India) |  | 573929 |
| 107896 | Newgen Software Technologies Ltd. (India) |  | 603367 |
| 27605 | Persistent Systems Ltd. (India) |  | 1436138 |
| 99996 | R Systems International Ltd. (India) |  | 317763 |
| 109360 | Vikram Solar Ltd. (India)\* |  | 209028 |
|  |  |  | 11226571 |
| Materials – 10.1% | Materials – 10.1% | Materials – 10.1% | Materials – 10.1% |
| 52741 | Aditya Birla Real Estate Ltd. (India) |  | 747959 |
| 29132 | Akzo Nobel India Ltd. (India) |  | 939928 |
| 61259 | APL Apollo Tubes Ltd. (India) |  | 1504672 |
| 104943 | Archean Chemical Industries Ltd. (India) |  | 664601 |
| 80084 | Grasim Industries Ltd. (India) |  | 2464590 |
| 57163 | Gravita India Ltd. (India) |  | 1013494 |
| 192319 | Hindalco Industries Ltd. (India) |  | 1954767 |
| 93760 | Jain Resource Recycling Ltd. (India)\* |  | 407602 |
| 115916 | JK Lakshmi Cement Ltd. (India) |  | 909796 |
| 312716 | JSW Cement Ltd. (India)\*<sup>(a)</sup> |  | 429942 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| 34877 | Midwest Ltd. (India)\* | $| 495498 |
| 18609 | Navin Fluorine International Ltd. (India) |  | 1279754 |
| &nbsp;&nbsp;&nbsp;&nbsp;1426463 | Tata Steel Ltd. (India) |  | 3329230 |
| 20866 | Tatva Chintan Pharma Chem Pvt Ltd. (India) |  | 280618 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16422451 |
| Real Estate – 1.6% | Real Estate – 1.6% | Real Estate – 1.6% | Real Estate – 1.6% |
| 85477 | Awfis Space Solutions Ltd. (India)\* |  | 274725 |
| 69499 | Brigade Enterprises Ltd. (India) |  | 530202 |
| 72812 | Godrej Properties Ltd. (India)\* |  | 1385390 |
| 70163 | Wework India Management Ltd. (India)\* |  | 382758 |
|  |  |  | 2573075 |
| Utilities – 1.0% | Utilities – 1.0% | Utilities – 1.0% | Utilities – 1.0% |
| 149884 | Acme Solar Holdings Ltd. (India) |  | 388812 |
| 990085 | NHPC Ltd. (India) |  | 819808 |
| 463255 | NTPC Green Energy Ltd. (India)\* |  | 458997 |
|  |  |  | 1667617 |
| **TOTAL COMMON STOCKS**<br> **(Cost $164,400,685)** | **TOTAL COMMON STOCKS**<br> **(Cost $164,400,685)** |  | 156781725 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Dividend Rate** | **Value** |
| Preferred Stock – 0.0% | Preferred Stock – 0.0% | Preferred Stock – 0.0% | Preferred Stock – 0.0% |
| Automobiles – 0.0% | Automobiles – 0.0% | Automobiles – 0.0% | Automobiles – 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18412 | TVS Motor Co. Ltd.\*<sup>(b)</sup> | 6.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 |
|  (Cost $0) | (Cost $0) |  |  |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend Rate** | **Value** |
| Investment Company – 1.8%<sup>(c)</sup> | Investment Company – 1.8%<sup>(c)</sup> |  |
|  Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2957736 | 3.571% | 2957736 |
| (Cost $2,957,736) | (Cost $2,957,736) |  |
| **TOTAL INVESTMENTS – 99.3%**<br> **(Cost $167,358,421)** | **TOTAL INVESTMENTS – 99.3%**<br> **(Cost $167,358,421)** | $159741485 |
| OTHER ASSETS IN EXCESS OF LIABILITIES – 0.7% | OTHER ASSETS IN EXCESS OF LIABILITIES – 0.7% | 1073477 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160814962 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Exempt from registration under Rule 144A of the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents an affiliated issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>11</sub>

------

GOLDMAN SACHS INDIA EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At February 28, 2026, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | | **Unrealized** |
|  | **Number of** | **Expiration** | **Notional** | **Appreciation/** |
| **Description** | **Contracts** | **Date** | **Amount** | **(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  IFSC NIFTY 50 | 52 | 03/30/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2629640 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63255) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 12 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INNOVATE EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *February 28, 2026 (Unaudited)*

&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 – 99.7% | Common Stocks – 99.7% | Common Stocks – 99.7% |
| Communication Services – 10.7% | Communication Services – 10.7% | Communication Services – 10.7% |
| 13135 | Alphabet, Inc., Class A | $4094968 |
| 89796 | AMC Entertainment Holdings, Inc., Class A\*<sup>(a)</sup> | 104163 |
| 27414 | Baidu, Inc., Class A (China)\* | 433527 |
| 10402 | Bilibili, Inc., Class Z (China)\* | 294155 |
| 14501 | Comcast Corp., Class A | 448951 |
| 3313 | CTS Eventim AG & Co. KGaA (Germany) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269318 |
| 2958 | Electronic Arts, Inc. | 593286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13811 | Grindr, Inc. (Singapore)\* | 157169 |
| 21982 | Hello Group, Inc. ADR (China) | 142224 |
| 3561 | IDT Corp., Class B | 181433 |
| 77196 | iQIYI, Inc. ADR (China)\* | 123514 |
| 5134 | Iridium Communications, Inc. | 122959 |
| 3422 | JOYY, Inc. ADR (China) | 204191 |
| 53557 | Kuaishou Technology (China)<sup>(b)</sup> | 430324 |
| 3131 | Live Nation Entertainment, Inc.\* | 507660 |
| 2379 | Madison Square Garden Entertainment Corp.\* | 150210 |
| 704 | Madison Square Garden Sports Corp.\* | 233489 |
| 7247 | Match Group, Inc. | 229005 |
| 5462 | Meta Platforms, Inc., Class A | 3540359 |
| 8057 | MIXI, Inc. (Japan) | 138562 |
| 29616 | NetEase, Inc. (China) | 678482 |
| 14468 | Netflix, Inc.\* | 1392400 |
| 98587 | Newborn Town, Inc. (China)\* | 119482 |
| 33199 | Paramount Skydance Corp., Class B | 448518 |
| 43669 | Playtika Holding Corp. | 134937 |
| 37592 | Rightmove PLC (United Kingdom) | 226119 |
| 26786 | Rumble, Inc.\*<sup>(a)</sup> | 144912 |
| 46103 | Snap, Inc., Class A\* | 240197 |
| 1491 | SOOP Co. Ltd. (South Korea) | 73488 |
| 1801 | Sphere Entertainment Co.\* | 214337 |
| 1043 | Spotify Technology SA\* | 537082 |
| 19014 | Stubhub Holdings, Inc., Class A\*<sup>(a)</sup> | 181964 |
| 2523 | Take-Two Interactive Software, Inc.\* | 533564 |
| 38456 | Tencent Holdings Ltd. (China) | 2546641 |
| 46033 | Tencent Music Entertainment Group, Class A (China) | 334560 |
| 1790 | TKO Group Holdings, Inc. | 400727 |
| 17359 | Ubisoft Entertainment SA (France)\*<sup>(a)</sup> | 85344 |
| 8574 | Walt Disney Co. (The) | 909187 |
| 16382 | Warner Bros Discovery, Inc.\* | 461481 |
| 8860 | Warner Music Group Corp., Class A | 253396 |
| 6476 | Weibo Corp., Class A (China) | 65611 |
| 14946 | Yalla Group Ltd. ADR (United Arab Emirates)\* | 105818 |
| 3077 | Ziff Davis, Inc.\* | 83325 |
|  |  | 22571039 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Consumer Discretionary – 16.0% | Consumer Discretionary – 16.0% | Consumer Discretionary – 16.0% |
| 3007 | Academy Sports & Outdoors, Inc. | $180811 |
| 1957 | adidas AG (Germany) | 365542 |
| 3794 | Airbnb, Inc., Class A\* | 512607 |
| 102935 | Alibaba Group Holding Ltd. (China) | 1880482 |
| 20163 | Amazon.com, Inc.\* | 4234230 |
| 2466 | American Public Education, Inc.\* | 112992 |
| 30026 | ANTA Sports Products Ltd. (China) | 326472 |
| 5686 | Aptiv PLC\* | 418148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13627 | Bandai Namco Holdings, Inc. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370428 |
| 127 | Booking Holdings, Inc. | 538397 |
| 6156 | BorgWarner, Inc. | 354401 |
| 11958 | Carnival Corp. | 377275 |
| 874 | Carvana Co.\* | 292056 |
| 6979 | Chewy, Inc., Class A\* | 191364 |
| 2849 | Columbia Sportswear Co. | 176467 |
| 21790 | Coursera, Inc.\* | 139674 |
| 1996 | Deckers Outdoor Corp.\* | 234071 |
| 1498 | Dick's Sporting Goods, Inc. | 305038 |
| 1489 | Duolingo, Inc.\* | 150389 |
| 4995 | eBay, Inc. | 453846 |
| 3614 | Etsy, Inc.\* | 198336 |
| 1304 | Expedia Group, Inc. | 281260 |
| 53796 | Ford Motor Co. | 757986 |
| 9217 | GameStop Corp., Class A\* | 221485 |
| 9558 | General Motors Co. | 752310 |
| 132 | Graham Holdings Co., Class B | 139024 |
| 1054 | Grand Canyon Education, Inc.\* | 167660 |
| 9526 | Hesai Group (China)\* | 267434 |
| 51679 | Honda Motor Co. Ltd. (Japan) | 524486 |
| 1740 | InterContinental Hotels Group PLC (United Kingdom) | 239250 |
| 190574 | JD Sports Fashion PLC (United Kingdom) | 210047 |
| 32488 | JD.com, Inc., Class A (China) | 433608 |
| 5362 | Lands' End, Inc.\*<sup>(a)</sup> | 86167 |
| 7718 | Las Vegas Sands Corp. | 437765 |
| 41624 | Li Auto, Inc., Class A (China)\* | 365839 |
| 65155 | Li Ning Co. Ltd. (China) | 187582 |
| 21498 | Lucid Group, Inc.\*<sup>(a)</sup> | 214980 |
| 2082 | Lululemon Athletica, Inc.\* | 385524 |
| 12245 | Macy's, Inc. | 242206 |
| 733 | MercadoLibre, Inc. (Brazil)\* | 1288306 |
| 72822 | Metaplanet, Inc. (Japan)\*<sup>(a)</sup> | 151125 |
| 9099 | MGM Resorts International\* | 335389 |
| 25920 | Mobileye Global, Inc., Class A (Israel)\* | 219283 |
| 46757 | New Oriental Education & Technology Group, Inc. (China) | 261456 |
| 8967 | NIKE, Inc., Class B | 557568 |
| 80327 | NIO, Inc., Class A (China)\* | 406659 |
| 5318 | On Holding AG, Class A (Switzerland)\* | 247181 |
| 4531 | PDD Holdings, Inc. ADR (China)\* | 470001 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>13</sub>

------

GOLDMAN SACHS INNOVATE EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Consumer Discretionary – (continued) | Consumer Discretionary – (continued) | Consumer Discretionary – (continued) | Consumer Discretionary – (continued) |
| 15971 | Pearson PLC (United Kingdom) | $| 206090 |
| 37109 | Peloton Interactive, Inc., Class A\* |  | 149178 |
| 7598 | Penn Entertainment, Inc.\* |  | 118833 |
| 2696 | Planet Fitness, Inc., Class A\* |  | 221476 |
| 23398 | Playtech PLC (United Kingdom) |  | 111202 |
| 23515 | Prosus NV (China)\* |  | 1208020 |
| 41500 | Rakuten Group, Inc. (Japan)\* |  | 220119 |
| 26267 | Rivian Automotive, Inc., Class A\* |  | 402673 |
| 11410 | Sea Ltd. ADR (Singapore)\* |  | 1237415 |
| 33062 | Sony Group Corp. (Japan) |  | 771464 |
| 2436 | Stride, Inc.\* |  | 205550 |
| 17774 | TAL Education Group ADR (China)\* |  | 187160 |
| 10315 | Tesla, Inc.\* |  | 4151891 |
| 49666 | Toyota Motor Corp. (Japan) |  | 1216797 |
| 17228 | Udemy, Inc.\* |  | 86657 |
| 696 | Ulta Beauty, Inc.\* |  | 476614 |
| 17459 | Vinfast Auto Ltd. (Vietnam)\*<sup>(a)</sup> |  | 56916 |
| 2164 | Wayfair, Inc., Class A\* |  | 165178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57600 | WeRide, Inc., Class A (China)\* |  | 131589 |
| 51420 | XPeng, Inc., Class A (China)\* |  | 449308 |
| 36616 | Yamaha Motor Co. Ltd. (Japan) |  | 291521 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33730258 |
| Consumer Staples – 1.5% | Consumer Staples – 1.5% | Consumer Staples – 1.5% | Consumer Staples – 1.5% |
| 434390 | Alibaba Health Information Technology Ltd. (China)\* |  | 309876 |
| 44375 | East Buy Holding Ltd. (China)\*<sup>(a)</sup> <sup>(b)</sup> |  | 144321 |
| 7635 | Kroger Co. (The) |  | 521013 |
| 3692 | Natural Grocers by Vitamin Cottage, Inc. |  | 99795 |
| 4603 | Target Corp. |  | 523775 |
| 12014 | Walmart, Inc. |  | 1537191 |
|  |  |  | 3135971 |
| Energy – 1.3% | Energy – 1.3% |  |  |
| 331057 | China Suntien Green Energy Corp. Ltd., Class H (China) |  | 177757 |
| 14483 | Enbridge, Inc. (Canada) |  | 769574 |
| 20108 | Equinor ASA ADR (Norway) |  | 599822 |
| 9051 | Oceaneering International, Inc.\* |  | 321310 |
| 11418 | TotalEnergies SE (France) |  | 907018 |
|  |  |  | 2775481 |
| Financials – 12.4% | Financials – 12.4% | Financials – 12.4% | Financials – 12.4% |
| 11226 | 3i Group PLC (United Kingdom) |  | 501383 |
| 283 | Adyen NV (Netherlands)\*<sup>(b)</sup> |  | 332401 |
| 5624 | Affirm Holdings, Inc.\* |  | 264216 |
| 1928 | American Express Co. |  | 595559 |
| 821 | Ameriprise Financial, Inc. |  | 385969 |
| 5180 | Apollo Global Management, Inc. |  | 541828 |
| 3826 | Ares Management Corp., Class A |  | 428550 |
| 17618 | BGC Group, Inc., Class A |  | 167723 |
| 950 | Blackrock, Inc. |  | 1010069 |
| 6396 | Blackstone, Inc. |  | 725115 |
| 16213 | Block, Inc.\* |  | 1032768 |
| 24329 | Blue Owl Capital Corp. |  | 274674 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Financials – (continued) | Financials – (continued) | Financials – (continued) |
| 29294 | Boku, Inc.\*<sup>(b)</sup> | $72861 |
| 2730 | Bread Financial Holdings, Inc. | 193448 |
| 11123 | Cantaloupe, Inc.\* | 116124 |
| 7347 | Carlyle Group, Inc. (The) | 381971 |
| 7149 | Charles Schwab Corp. (The) | 680585 |
| 3843 | Coinbase Global, Inc., Class A\* | 675792 |
| 3109 | Eurazeo SE (France) | 182879 |
| 3183 | Euronet Worldwide, Inc.\* | 221378 |
| 941 | Evercore, Inc., Class A | 290618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5794 | EVERTEC, Inc. (Puerto Rico) | 164028 |
| 1513 | FactSet Research Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328034 |
| 7017 | Fidelity National Information Services, Inc. | 357586 |
| 4788 | Figure Technology Solutions, Inc., Class A\*<sup>(a)</sup> | 121041 |
| 9368 | Fiserv, Inc.\* | 583533 |
| 11969 | Flywire Corp.\* | 147338 |
| 13106 | GCM Grosvenor, Inc., Class A | 151767 |
| 13904 | GMO Financial Holdings, Inc. (Japan) | 84960 |
| 1366 | Goldman Sachs Group, Inc. (The)<sup>(c)</sup> | 1174173 |
| 11197 | Green Dot Corp., Class A\* | 129437 |
| 9448 | Hercules Capital, Inc. | 134256 |
| 6040 | Integral Corp. (Japan)<sup>(a)</sup> | 126893 |
| 7947 | Interactive Brokers Group, Inc., Class A | 565747 |
| 4942 | Intercontinental Exchange, Inc. | 811130 |
| 12621 | Invesco Ltd. | 331427 |
| 2143 | Jack Henry & Associates, Inc. | 348152 |
| 7937 | KKR & Co., Inc. | 695916 |
| 3845 | Lazard, Inc. | 194557 |
| 42330 | Marqeta, Inc., Class A\* | 162547 |
| 2662 | Mastercard, Inc., Class A | 1376813 |
| 6069 | Morgan Stanley | 1010549 |
| 1110 | MSCI, Inc. | 634731 |
| 3022 | Northern Trust Corp. | 432418 |
| 18816 | Pagseguro Digital Ltd., Class A (Brazil) | 199638 |
| 15798 | PayPal Holdings, Inc. | 730026 |
| 52719 | Regal Partners Ltd. (Australia) | 122103 |
| 6623 | Robinhood Markets, Inc., Class A\* | 502355 |
| 1824 | S&P Global, Inc. | 805989 |
| 3323 | Sezzle, Inc.\* | 242413 |
| 3644 | Shift4 Payments, Inc., Class A\*<sup>(a)</sup> | 160591 |
| 22930 | SoFi Technologies, Inc.\* | 407237 |
| 2912 | State Street Corp. | 374541 |
| 16122 | StoneCo Ltd., Class A (Brazil)\* | 270850 |
| 11156 | Toast, Inc., Class A\* | 304670 |
| 3617 | Tradeweb Markets, Inc., Class A | 445813 |
| 17256 | Up Fintech Holding Ltd. ADR (China)\* | 134942 |
| 3817 | Virtu Financial, Inc., Class A | 158062 |
| 4650 | Visa, Inc., Class A | 1488651 |
| 1585 | WEX, Inc.\* | 236466 |
| 11047 | WisdomTree, Inc. | 189014 |
| 85692 | ZhongAn Online P&C Insurance Co. Ltd., Class H (China)\*<sup>(b)</sup> | 167941 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 14 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INNOVATE EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Financials – (continued) | Financials – (continued) | Financials – (continued) | Financials – (continued) |
| 101989 | Zip Co. Ltd. (Australia)\* | $| 138824 |
|  |  |  | 26223070 |
| Health Care – 21.1% | Health Care – 21.1% | Health Care – 21.1% | Health Care – 21.1% |
| 7917 | 10X Genomics, Inc., Class A\* |  | 182487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10823 | Abbott Laboratories |  | 1259256 |
| 5655 | AbbVie, Inc. |  | 1312412 |
| 17334 | AdaptHealth Corp.\* |  | 158606 |
| 8959 | Adaptive Biotechnologies Corp.\* |  | 143523 |
| 3378 | Agilent Technologies, Inc. |  | 410022 |
| 2580 | Amgen, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001453 |
| 5976 | AstraZeneca PLC (United Kingdom) |  | 1248713 |
| 15398 | Baxter International, Inc. |  | 313657 |
| 7396 | Bayer AG (Germany) |  | 366851 |
| 5916 | Beam Therapeutics, Inc.\* |  | 168369 |
| 7711 | Beta Bionics, Inc.\* |  | 97390 |
| 2850 | Biogen, Inc.\* |  | 546687 |
| 5162 | BioNTech SE ADR (Germany)\* |  | 569007 |
| 5142 | Bio-Techne Corp. |  | 303378 |
| 8154 | Boston Scientific Corp.\* |  | 626635 |
| 14329 | Bristol-Myers Squibb Co. |  | 893700 |
| 4058 | Castle Biosciences, Inc.\* |  | 119995 |
| 6964 | CRISPR Therapeutics AG (Switzerland)\* |  | 418815 |
| 3401 | D&D PharmaTech, Inc. (South Korea)\* |  | 218458 |
| 2863 | Danaher Corp. |  | 603062 |
| 8618 | Dexcom, Inc.\* |  | 632820 |
| 5075 | Edwards Lifesciences Corp.\* |  | 438835 |
| 1843 | Eli Lilly & Co. |  | 1938818 |
| 5159 | Exact Sciences Corp.\* |  | 533337 |
| 8029 | Exelixis, Inc.\* |  | 353758 |
| 4188 | Fulgent Genetics, Inc.\* |  | 64202 |
| 3338 | Galapagos NV (Belgium)\* |  | 112008 |
| 7562 | GE HealthCare Technologies, Inc. |  | 637250 |
| 1885 | GeneDx Holdings Corp.\* |  | 150253 |
| 6270 | Gilead Sciences, Inc. |  | 933916 |
| 2684 | Globus Medical, Inc., Class A\* |  | 256215 |
| 24633 | GSK PLC |  | 728924 |
| 4620 | Guardant Health, Inc.\* |  | 433818 |
| 67059 | HUTCHMED China Ltd. (China)\*<sup>(a)</sup> |  | 194606 |
| 90200 | Hygeia Healthcare Holdings Co. Ltd. (China)\*<sup>(b)</sup> |  | 153136 |
| 8241 | Ideaya Biosciences, Inc.\* |  | 265360 |
| 4404 | Illumina, Inc.\* |  | 592162 |
| 42960 | ImmunityBio, Inc.\*<sup>(a)</sup> |  | 420149 |
| 3813 | Incyte Corp.\* |  | 386143 |
| 1860 | Insulet Corp.\* |  | 458695 |
| 15929 | Intellia Therapeutics, Inc.\* |  | 219502 |
| 2035 | Intuitive Surgical, Inc.\* |  | 1024643 |
| 52573 | Iovance Biotherapeutics, Inc.\* |  | 202932 |
| 1630 | iRhythm Holdings, Inc.\* |  | 218012 |
| 7172 | Johnson & Johnson |  | 1781740 |
| 7221 | JS Link, Inc. (South Korea)\* |  | 196024 |
| 8076 | Kestra Medical Technologies Ltd.\* |  | 188009 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Health Care – (continued) | Health Care – (continued) | Health Care – (continued) |
| 18619 | Koninklijke Philips NV (Netherlands) | $595312 |
| 19182 | M3, Inc. (Japan) | 211079 |
| 40836 | MannKind Corp.\* | 133942 |
| 1705 | Masimo Corp.\* | 298972 |
| 10325 | Medtronic PLC | 1008339 |
| 12384 | MeiraGTx Holdings PLC\* | 93623 |
| 9693 | Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105683 | Mesoblast Ltd. (Australia)\* | 168706 |
| 195957 | Microport Scientific Corp. (China)\*<sup>(a)</sup> | 274064 |
| 12183 | Moderna, Inc.\* | 652643 |
| 2304 | Natera, Inc.\* | 479324 |
| 8635 | Novartis AG | 1465272 |
| 21796 | Novo Nordisk A/S ADR (Denmark) | 816260 |
| 10658 | Onconic Therapeutics, Inc. (South Korea)\* | 174114 |
| 17353 | Ono Pharmaceutical Co. Ltd. (Japan) | 297266 |
| 74930 | Pacific Biosciences of California, Inc.\* | 125882 |
| 15215 | Personalis, Inc.\*<sup>(a)</sup> | 137848 |
| 40336 | Pfizer, Inc. | 1115290 |
| 136243 | Pharmaron Beijing Co. Ltd., Class H (China)<sup>(b)</sup> | 345042 |
| 10844 | PHC Holdings Corp. (Japan) | 76403 |
| 34734 | Precigen, Inc.\* | 131642 |
| 26779 | Prime Medicine, Inc.\* | 123719 |
| 6701 | PROCEPT BioRobotics Corp.\* | 152046 |
| 6305 | QIAGEN NV | 313989 |
| 1054 | Regeneron Pharmaceuticals, Inc. | 823880 |
| 11632 | REGENXBIO, Inc.\* | 105153 |
| 1746 | ResMed, Inc. | 447430 |
| 3453 | REVOLUTION Medicines, Inc.\* | 352275 |
| 2765 | Revvity, Inc. | 271827 |
| 2922 | Roche Holding AG | 1394414 |
| 8331 | Sanofi SA | 808554 |
| 11439 | Sarepta Therapeutics, Inc.\* | 191718 |
| 64628 | Shanghai MicroPort MedBot Group Co. Ltd., Class H (China)\*<sup>(a)</sup> | 230845 |
| 22135 | Smith & Nephew PLC (United Kingdom) | 408151 |
| 2412 | Stryker Corp. | 934554 |
| 11479 | Takara Bio, Inc. (Japan) | 84332 |
| 9722 | Tandem Diabetes Care, Inc.\* | 245967 |
| 29411 | Taysha Gene Therapies, Inc.\* | 133232 |
| 25695 | Teladoc Health, Inc.\* | 135156 |
| 7926 | Tempus AI, Inc., Class A\*<sup>(a)</sup> | 422060 |
| 3589 | Twist Bioscience Corp.\* | 168396 |
| 728 | UFP Technologies, Inc.\* | 153302 |
| 9862 | Ultragenyx Pharmaceutical, Inc.\* | 230672 |
| 6414 | uniQure NV (Netherlands)\* | 100251 |
| 7443 | Veracyte, Inc.\* | 272339 |
| 2096 | Vertex Pharmaceuticals, Inc.\* | 1041356 |
| 81928 | Well Health Technologies Corp. (Canada)\*<sup>(a)</sup> | 252299 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **15** |

---

------

GOLDMAN SACHS INNOVATE EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Health Care – (continued) | Health Care – (continued) | Health Care – (continued) | Health Care – (continued) |
| 511 | Ypsomed Holding AG (Switzerland) | $| 177410 |
| 3399 | Zimmer Biomet Holdings, Inc. |  | 334598 |
|  |  |  | 44588878 |
| Industrials – 7.2% | Industrials – 7.2% | Industrials – 7.2% | Industrials – 7.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11457 | ABB Ltd. (Switzerland) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1069946 |
| 1876 | AeroVironment, Inc.\* |  | 473221 |
| 7353 | American Superconductor Corp.\* |  | 239561 |
| 423 | CACI International, Inc., Class A\* |  | 258102 |
| 4545 | CS Wind Corp. (South Korea)\* |  | 169667 |
| 2166 | Daihen Corp. (Japan) |  | 202553 |
| 778 | Doosan Co. Ltd. (South Korea) |  | 691195 |
| 11337 | Doosan Enerbility Co. Ltd. (South Korea)\* |  | 837764 |
| 3555 | Doosan Robotics, Inc. (South Korea)\* |  | 263196 |
| 11473 | EHang Holdings Ltd. ADR (China)\*<sup>(a)</sup> |  | 140774 |
| 2062 | Exail Technologies SA (France)\*<sup>(a)</sup> |  | 302378 |
| 6680 | ExlService Holdings, Inc.\* |  | 208750 |
| 10573 | FANUC Corp. (Japan) |  | 481702 |
| 252439 | Goldwind Science & Technology Co. Ltd., Class H (China) |  | 499576 |
| 3054 | Kawasaki Heavy Industries Ltd. (Japan) |  | 357091 |
| 2269 | Korea Aerospace Industries Ltd. (South Korea) |  | 302060 |
| 5035 | Kratos Defense & Security Solutions, Inc.\* |  | 433916 |
| 1249 | L3Harris Technologies, Inc. |  | 455310 |
| 679 | LIG Nex1 Co. Ltd. (South Korea)\* |  | 240258 |
| 3713 | Liquidity Services, Inc.\* |  | 117368 |
| 1631 | Lockheed Martin Corp. |  | 1073328 |
| 16122 | Lyft, Inc., Class A\* |  | 223128 |
| 8122 | MDA Space Ltd. (Canada)\* |  | 235528 |
| 2299 | Neuromeka Co. Ltd. (South Korea)\* |  | 130572 |
| 8527 | Nordex SE (Germany)\* |  | 434125 |
| 3245 | Proto Labs, Inc.\* |  | 201450 |
| 749 | Rainbow Robotics (South Korea)\* |  | 447786 |
| 15882 | Red Cat Holdings, Inc.\*<sup>(a)</sup> |  | 185025 |
| 115084 | REPT BATTERO Energy Co. Ltd., Class H (China)\* |  | 209949 |
| 39304 | Richtech Robotics, Inc., Class B\* |  | 97867 |
| 87816 | SES AI Corp.\* |  | 144018 |
| 5195 | Siemens Energy AG (Germany) |  | 1020961 |
| 9711 | SK oceanplant Co. Ltd. (South Korea)\* |  | 130290 |
| 6109 | SS&C Technologies Holdings, Inc. |  | 459947 |
| 16826 | Stratasys Ltd.\* |  | 162034 |
| 12201 | Sunrun, Inc.\* |  | 161663 |
| 4293 | Symbotic, Inc.\* |  | 235171 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Industrials – (continued) | Industrials – (continued) | Industrials – (continued) | Industrials – (continued) |
| 3256 | Textron, Inc. | $| 321204 |
| 8951 | Uber Technologies, Inc.\* |  | 675084 |
| 14136 | UBTech Robotics Corp. Ltd., Class H (China)\* |  | 219572 |
| 1951 | Verisk Analytics, Inc. |  | 404969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3697 | Xometry, Inc., Class A\* |  | 151632 |
| 7646 | Yaskawa Electric Corp. (Japan) |  | 270089 |
| 1687 | Yuil Robotics Co. Ltd. (South Korea)\* |  | 143545 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15483325 |
| Information Technology – 27.0% | Information Technology – 27.0% | Information Technology – 27.0% | Information Technology – 27.0% |
| 6745 | ACI Worldwide, Inc.\* |  | 267642 |
| 2293 | Adobe, Inc.\* |  | 601706 |
| 4944 | Advanced Micro Devices, Inc.\* |  | 989838 |
| 14793 | Aeva Technologies, Inc.\* |  | 196155 |
| 2321 | Akamai Technologies, Inc.\* |  | 228363 |
| 2593 | Alarm.com Holdings, Inc.\* |  | 124075 |
| 9605 | Alkami Technology, Inc.\* |  | 158915 |
| 7595 | Ambarella, Inc.\* |  | 458282 |
| 12591 | Appier Group, Inc. (Japan)\*<sup>(a)</sup> |  | 66776 |
| 15248 | Apple, Inc. |  | 4028217 |
| 4713 | Arista Networks, Inc.\* |  | 629186 |
| 2401 | ASGN, Inc.\* |  | 103003 |
| 71375 | Aurora Innovation, Inc.\* |  | 334035 |
| 2665 | Autodesk, Inc.\* |  | 655244 |
| 28559 | BigBear.ai Holdings, Inc.\*<sup>(a)</sup> |  | 113094 |
| 51882 | Bit Digital, Inc.\* |  | 86643 |
| 15262 | Bitdeer Technologies Group, Class A\* |  | 117517 |
| 78605 | Bitfarms Ltd. (Canada)\* |  | 172904 |
| 10786 | BitMine Immersion Technologies, Inc. |  | 204718 |
| 65862 | Black Sesame International Holding Ltd. (China)\*<sup>(a)</sup> |  | 159979 |
| 53637 | BlackBerry Ltd. (Canada)\* |  | 181829 |
| 5248 | Broadcom, Inc. |  | 1676998 |
| 55827 | BYD Electronic International Co. Ltd. (China) |  | 230241 |
| 12808 | C3.ai, Inc., Class A\* |  | 101824 |
| 2000 | Cadence Design Systems, Inc.\* |  | 602800 |
| 9380 | Canadian Solar, Inc. (Canada)\* |  | 166120 |
| 5734 | CEVA, Inc.\* |  | 119611 |
| 1586 | Check Point Software Technologies Ltd. (Israel)\* |  | 241183 |
| 1036 | Ciena Corp.\* |  | 361253 |
| 26550 | CIG Shanghai Co. Ltd., Class H (China)\* |  | 227412 |
| 14971 | Cipher Digital, Inc.\* |  | 233548 |
| 12618 | Cisco Systems, Inc. |  | 1002626 |
| 21081 | Cleanspark, Inc.\* |  | 209756 |
| 2303 | Cloudflare, Inc., Class A\* |  | 396554 |
| 7595 | Cognex Corp. |  | 413168 |
| 10723 | Core Scientific, Inc.\* |  | 181969 |
| 3128 | Corning, Inc. |  | 470389 |
| 1769 | Crowdstrike Holdings, Inc., Class A\* |  | 658033 |
| 13457 | Dassault Systemes (France) |  | 294735 |
| 3809 | Digi International, Inc.\* |  | 185955 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 16 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INNOVATE EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Information Technology – (continued) | Information Technology – (continued) | Information Technology – (continued) |
| 4678 | Docusign, Inc.\* | $210837 |
| 1020 | EPAM Systems, Inc.\* | 143820 |
| 11164 | Extreme Networks, Inc.\* | 156073 |
| 1518 | FFRI Security, Inc. (Japan)<sup>(a)</sup> | 79923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99800 | Fibocom Wireless, Inc., Class H (China)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178749 |
| 2121 | First Solar, Inc.\* | 418261 |
| 7141 | Five9, Inc.\* | 124539 |
| 7312 | Fortinet, Inc.\* | 577867 |
| 8507 | Gen Digital, Inc. | 192003 |
| 2237 | Globant SA\* | 111313 |
| 5941 | GMO internet group, Inc. (Japan) | 114044 |
| 7699 | GPGI, Inc. | 172843 |
| 19109 | Hewlett Packard Enterprise Co. | 410270 |
| 58755 | Hive Digital Technologies Ltd. (Canada)\*<sup>(a)</sup> | 126656 |
| 273184 | Horizon Robotics (China)\*<sup>(a)</sup> | 286729 |
| 24064 | HP, Inc. | 456975 |
| 1056 | HubSpot, Inc.\* | 279323 |
| 4033 | Hut 8 Corp. (Canada)\*<sup>(a)</sup> | 214683 |
| 44168 | Intel Corp.\* | 2014502 |
| 790 | InterDigital, Inc. | 289559 |
| 3264 | International Business Machines Corp. | 784045 |
| 7442 | IREN Ltd. (Australia)\* | 304750 |
| 1625 | Itron, Inc.\* | 152669 |
| 2085 | Keysight Technologies, Inc.\* | 640783 |
| 2197 | KONA I Co. Ltd. (South Korea) | 102023 |
| 41475 | Kraken Robotics, Inc. (Canada)\* | 258487 |
| 30078 | MARA Holdings, Inc.\* | 268897 |
| 6694 | Marvell Technology, Inc. | 546833 |
| 6895 | MaxLinear, Inc.\* | 120180 |
| 1800 | Micron Technology, Inc. | 742266 |
| 10572 | Microsoft Corp. | 4152048 |
| 1004 | Motorola Solutions, Inc. | 484189 |
| 1078 | Nagarro SE (Germany) | 71658 |
| 6097 | nCino, Inc.\* | 98406 |
| 13613 | NCR Voyix Corp.\* | 104003 |
| 5202 | Nebius Group NV (Netherlands)\* | 474370 |
| 2810 | Nemetschek SE (Germany) | 224945 |
| 5557 | NETGEAR, Inc.\* | 114585 |
| 4566 | NetScout Systems, Inc.\* | 133373 |
| 2099 | Nice Ltd. ADR (Israel)\* | 244009 |
| 66733 | Nokia OYJ ADR (Finland) | 515179 |
| 2162 | Novanta, Inc.\* | 290638 |
| 22872 | NVIDIA Corp. | 4052690 |
| 2072 | NXP Semiconductors NV (Netherlands) | 470365 |
| 3769 | Okta, Inc.\* | 273253 |
| 33843 | Ondas, Inc.\*<sup>(a)</sup> | 341137 |
| 8257 | Open Text Corp. (Canada) | 204571 |
| 5053 | Oracle Corp. | 734706 |
| 723 | OSI Systems, Inc.\* | 206200 |
| 5200 | Pagaya Technologies Ltd., Class A\* | 58188 |
| 6078 | Palantir Technologies, Inc., Class A\* | 833841 |
| 6345 | Palo Alto Networks, Inc.\* | 944897 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Information Technology – (continued) | Information Technology – (continued) | Information Technology – (continued) | Information Technology – (continued) |
| 151557 | PAX Global Technology Ltd. (Hong Kong) | $| 94358 |
| 1664 | PTC, Inc.\* |  | 260566 |
| 4599 | Q2 Holdings, Inc.\* |  | 221304 |
| 2638 | Qorvo, Inc.\* |  | 218690 |
| 5822 | QUALCOMM, Inc. |  | 828820 |
| 1296 | Qualys, Inc.\* |  | 119841 |
| 12996 | Quantum Computing, Inc.\*<sup>(a)</sup> |  | 109296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31896 | Quantum Emotion Corp.<br>(Canada)\*<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115297 |
| 7079 | Rapid7, Inc.\* |  | 44031 |
| 2147 | Renishaw PLC (United Kingdom) |  | 124121 |
| 4639 | RingCentral, Inc., Class A\* |  | 169092 |
| 21280 | Riot Platforms, Inc.\* |  | 346651 |
| 37810 | RoboSense Technology Co. Ltd. (China)\*<sup>(a)</sup> |  | 174497 |
| 3831 | Salesforce, Inc. |  | 746240 |
| 3366 | SAP SE (Germany) |  | 679436 |
| 32210 | SEALSQ Corp. (Switzerland)\*<sup>(a)</sup> |  | 126585 |
| 14981 | Seiko Epson Corp. (Japan) |  | 203185 |
| 3322 | Semtech Corp.\* |  | 299711 |
| 15724 | SentinelOne, Inc., Class A\* |  | 206299 |
| 5569 | ServiceNow, Inc.\* |  | 601508 |
| 7342 | Shopify, Inc., Class A (Canada)\* |  | 886466 |
| 1199 | Silicon Laboratories, Inc.\* |  | 245231 |
| 4980 | Skyworks Solutions, Inc. |  | 296708 |
| 2890 | Snowflake, Inc.\* |  | 486705 |
| 4512 | SolarEdge Technologies, Inc.\* |  | 159725 |
| 1000 | Sopra Steria Group (France) |  | 154908 |
| 15660 | SoundHound AI, Inc., Class A\*<sup>(a)</sup> |  | 134676 |
| 4253 | Strategy, Inc.\* |  | 550764 |
| 6718 | Super Micro Computer, Inc.\* |  | 217596 |
| 1795 | Synaptics, Inc.\* |  | 146221 |
| 4407 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan) |  | 1650774 |
| 7884 | Tenable Holdings, Inc.\* |  | 151609 |
| 3282 | Teradyne, Inc. |  | 1050338 |
| 17694 | Terawulf, Inc.\* |  | 286997 |
| 5734 | Trend Micro, Inc. (Japan) |  | 190980 |
| 40048 | Tuya, Inc. ADR (China) |  | 102122 |
| 6087 | Varonis Systems, Inc.\* |  | 140610 |
| 7774 | Vistance Networks, Inc.\* |  | 136589 |
| 1585 | Zebra Technologies Corp., Class A\* |  | 354977 |
| 10782 | Zeta Global Holdings Corp., Class A\* |  | 182755 |
| 4863 | Zoom Communications, Inc., Class A\* |  | 359570 |
| 2236 | Zscaler, Inc.\* |  | 328670 |
|  |  |  | 57063968 |
| Real Estate – 0.7% | Real Estate – 0.7% | Real Estate – 0.7% | Real Estate – 0.7% |
| 2566 | American Tower Corp. REIT |  | 492313 |
| 2582 | Digital Realty Trust, Inc. REIT |  | 457530 |
| 595 | Equinix, Inc. REIT |  | 579685 |
|  |  |  | 1529528 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **17** |

---

------

GOLDMAN SACHS INNOVATE EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Utilities – 1.8% | Utilities – 1.8% |  |
| 231376 | Beijing Jingneng Clean Energy Co. Ltd., Class H (China) | $70104 |
| 7638 | Boralex, Inc., Class A (Canada)<sup>(a)</sup> | 155465 |
| 5692 | Brookfield Renewable Corp. (Canada)<sup>(a)</sup> | 243219 |
| 13258 | Brookfield Renewable Partners LP (Canada) | 421600 |
| 12767 | Central Puerto SA ADR (Argentina)\* | 200314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10039 | Dominion Energy, Inc. | 633863 |
| 19133 | Engie SA (France) | 653539 |
| 8016 | NextEra Energy, Inc. | 751660 |
| 38527 | ReNew Energy Global PLC, Class A (India)\* | 212669 |
| 8220 | RWE AG (Germany) | 529330 |
|  |  | 3871763 |
| **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE**<br> **(Cost $169,358,497)** | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE**<br> **(Cost $169,358,497)** | 210973281 |
|  | **Dividend Rate** |  |
| Securities Lending Reinvestment Vehicle – 2.9%<sup>(c)</sup> | Securities Lending Reinvestment Vehicle – 2.9%<sup>(c)</sup> | Securities Lending Reinvestment Vehicle – 2.9%<sup>(c)</sup> |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |
| 6096641 | 3.589% | 6096641 |
| (Cost $6,096,641) | (Cost $6,096,641) | (Cost $6,096,641) |
| **TOTAL INVESTMENTS – 102.6%**<br> **(Cost $175,455,138)** | **TOTAL INVESTMENTS – 102.6%**<br> **(Cost $175,455,138)** | $217069922 |
| LIABILITIES IN EXCESS OF OTHER ASSETS – (2.6)% | LIABILITIES IN EXCESS OF OTHER ASSETS – (2.6)% | (5556287) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211513635 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of security is on loan.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Exempt from registration under Rule 144A of the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents an affiliated issuer.

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| ADR | —American Depositary Receipt |
| LP | —Limited Partnership |
| PLC | —Public Limited Company |
| REIT | —Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 18 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *February 28, 2026*

&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 – 99.7% | Common Stocks – 99.7% | Common Stocks – 99.7% |
| Communication Services – 10.9% | Communication Services – 10.9% | Communication Services – 10.9% |
| 51559 | Alphabet, Inc., Class A | $16074034 |
| 41983 | Alphabet, Inc., Class C | 13074766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78010 | AT&T, Inc. | 2185060 |
| 1022 | Charter Communications, Inc., Class A\*<sup>(a)</sup> | 239792 |
| 1477 | DoubleVerify Holdings, Inc.\* | 15568 |
| 3023 | Electronic Arts, Inc. | 606323 |
| 2669 | Fox Corp., Class A | 150371 |
| 1712 | Fox Corp., Class B | 88562 |
| 2281 | Match Group, Inc. | 72080 |
| 19368 | Meta Platforms, Inc., Class A | 12553950 |
| 51126 | Netflix, Inc.\* | 4920366 |
| 4726 | News Corp., Class A | 114794 |
| 1497 | News Corp., Class B | 40090 |
| 5399 | T-Mobile US, Inc. | 1172069 |
| 47302 | Verizon Communications, Inc. | 2371722 |
| 21619 | Walt Disney Co. (The) | 2292479 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55972026 |
| Consumer Discretionary – 9.2% | Consumer Discretionary – 9.2% | Consumer Discretionary – 9.2% |
| 5096 | Airbnb, Inc., Class A\* | 688521 |
| 115721 | Amazon.com, Inc.\* | 24301410 |
| 2825 | Aptiv PLC\* | 207751 |
| 3256 | Aramark | 136264 |
| 2645 | Bath & Body Works, Inc. | 60200 |
| 2315 | Best Buy Co., Inc. | 143461 |
| 390 | Booking Holdings, Inc. | 1653347 |
| 2621 | BorgWarner, Inc. | 150891 |
| 767 | Boyd Gaming Corp. | 63837 |
| 692 | Bright Horizons Family Solutions, Inc.\* | 51568 |
| 779 | Brunswick Corp. | 62024 |
| 768 | Burlington Stores, Inc.\* | 235676 |
| 2544 | Caesars Entertainment, Inc.\* | 63727 |
| 1866 | CarMax, Inc.\* | 80555 |
| 12372 | Carnival Corp. | 390337 |
| 16262 | Chipotle Mexican Grill, Inc.\* | 605272 |
| 1831 | Deckers Outdoor Corp.\* | 214721 |
| 5517 | eBay, Inc. | 501275 |
| 1341 | Etsy, Inc.\* | 73594 |
| 1496 | Expedia Group, Inc. | 322672 |
| 47333 | Ford Motor Co. | 666922 |
| 2465 | Gap, Inc. (The) | 69119 |
| 11252 | General Motors Co. | 885645 |
| 1719 | H&R Block, Inc. | 52636 |
| 1663 | Harley-Davidson, Inc. | 29934 |
| 1730 | Hasbro, Inc. | 172291 |
| 2794 | Hilton Worldwide Holdings, Inc. | 871113 |
| 12012 | Home Depot, Inc. (The) | 4573209 |
| 3837 | Las Vegas Sands Corp. | 217635 |
| 728 | Lear Corp. | 95550 |
| 6727 | Lowe's Cos., Inc. | 1779762 |
| 1261 | Lululemon Athletica, Inc.\* | 233499 |
| 3412 | Macy's, Inc. | 67489 |
| 2696 | Marriott International, Inc., Class A | 921304 |
| 4075 | Mattel, Inc.\* | 69071 |
| 220 | Murphy USA, Inc. | 85963 |
| 5001 | Newell Brands, Inc. | 22755 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| 14075 | NIKE, Inc., Class B | $| 875184 |
| 5412 | Norwegian Cruise Line Holdings Ltd.\* |  | 134163 |
| 245 | Penske Automotive Group, Inc. |  | 38592 |
| 2461 | PulteGroup, Inc. |  | 337649 |
| 3035 | Royal Caribbean Cruises Ltd. |  | 943764 |
| 1694 | Service Corp. International |  | 142601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13490 | Starbucks Corp. |  | 1322290 |
| 2477 | Tapestry, Inc. |  | 385099 |
| 344 | TopBuild Corp.\* |  | 154215 |
| 6504 | Tractor Supply Co. |  | 337167 |
| 896 | Travel + Leisure Co. |  | 66035 |
| 570 | Ulta Beauty, Inc.\* |  | 390330 |
| 450 | Vail Resorts, Inc. |  | 61114 |
| 1553 | Valvoline, Inc.\* |  | 58703 |
| 4464 | VF Corp. |  | 86691 |
| 1169 | Wayfair, Inc., Class A\* |  | 89230 |
| 678 | Whirlpool Corp.<sup>(a)</sup> |  | 46396 |
| 910 | Wyndham Hotels & Resorts, Inc. |  | 74438 |
| 1000 | Wynn Resorts Ltd. |  | 108190 |
| 1109 | YETI Holdings, Inc.\* |  | 48474 |
| 3396 | Yum! Brands, Inc. |  | 571071 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47092396 |
| Consumer Staples – 5.7% | Consumer Staples – 5.7% | Consumer Staples – 5.7% | Consumer Staples – 5.7% |
| 23946 | Altria Group, Inc. |  | 1653232 |
| 1982 | Bunge Global SA |  | 239128 |
| 2745 | Campbell's Company (The) |  | 73978 |
| 1771 | Clorox Co. (The) |  | 225200 |
| 55643 | Coca-Cola Co. (The) |  | 4538243 |
| 11474 | Colgate-Palmolive Co. |  | 1137532 |
| 5353 | Costco Wholesale Corp. |  | 5410759 |
| 647 | elf Beauty, Inc.\* |  | 59556 |
| 2777 | Estee Lauder Cos., Inc. (The), Class A |  | 303998 |
| 7785 | General Mills, Inc. |  | 352116 |
| 2083 | Hershey Co. (The) |  | 492171 |
| 4149 | Hormel Foods Corp. |  | 106215 |
| 933 | Ingredion, Inc. |  | 109590 |
| 17981 | Keurig Dr Pepper, Inc. |  | 544465 |
| 4678 | Kimberly-Clark Corp. |  | 521316 |
| 12706 | Kraft Heinz Co. (The) |  | 312695 |
| 8616 | Kroger Co. (The) |  | 587956 |
| 2035 | Lamb Weston Holdings, Inc. |  | 98067 |
| 3601 | McCormick & Co., Inc. |  | 255815 |
| 18408 | Mondelez International, Inc., Class A |  | 1133565 |
| 19608 | PepsiCo, Inc. |  | 3328262 |
| 678 | Post Holdings, Inc.\* |  | 72071 |
| 5575 | Target Corp. |  | 634379 |
| 4021 | Tyson Foods, Inc., Class A |  | 261325 |
| 52312 | Walmart, Inc. |  | 6693320 |
|  |  |  | 29144954 |
| Energy – 3.6% | Energy – 3.6% | Energy – 3.6% | Energy – 3.6% |
| 4040 | APA Corp. |  | 122695 |
| 10193 | Baker Hughes Co. |  | 665195 |
| 2284 | Cheniere Energy, Inc. |  | 538407 |
| 19154 | Chevron Corp. |  | 3577201 |
| 12850 | ConocoPhillips |  | 1457961 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **19** |

---

------

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026*

&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) |
| 6361 | Devon Energy Corp. | $| 276894 |
| 6018 | EQT Corp. |  | 369626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43188 | Exxon Mobil Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6586170 |
| 9009 | Halliburton Co. |  | 324324 |
| 1762 | HF Sinclair Corp. |  | 88118 |
| 19806 | Kinder Morgan, Inc. |  | 658946 |
| 3240 | Marathon Petroleum Corp. |  | 642200 |
| 6955 | Occidental Petroleum Corp. |  | 369171 |
| 6255 | ONEOK, Inc. |  | 517726 |
| 4217 | Phillips 66 |  | 650810 |
| 2390 | Range Resources Corp. |  | 98659 |
| 3222 | Valero Energy Corp. |  | 659350 |
| 12434 | Williams Cos., Inc. (The) |  | 929069 |
|  |  |  | 18532522 |
| Financials – 13.0% | Financials – 13.0% | Financials – 13.0% | Financials – 13.0% |
| 3071 | Affirm Holdings, Inc.\* |  | 144276 |
| 5878 | Aflac, Inc. |  | 663802 |
| 3189 | Allstate Corp. (The) |  | 684104 |
| 3334 | Ally Financial, Inc. |  | 131493 |
| 6394 | American Express Co. |  | 1975107 |
| 6731 | American International Group, Inc. |  | 541778 |
| 1153 | Ameriprise Financial, Inc. |  | 542048 |
| 2534 | Aon PLC, Class A |  | 850081 |
| 4976 | Apollo Global Management, Inc. |  | 520490 |
| 632 | Assurant, Inc. |  | 145101 |
| 927 | Axis Capital Holdings Ltd. |  | 98002 |
| 80813 | Bank of America Corp. |  | 4026912 |
| 8618 | Bank of New York Mellon Corp. (The) |  | 1026404 |
| 1841 | Blackrock, Inc. |  | 1957406 |
| 862 | Brighthouse Financial, Inc.\* |  | 51703 |
| 7391 | Capital One Financial Corp. |  | 1445975 |
| 1280 | Cboe Global Markets, Inc. |  | 383642 |
| 21568 | Citigroup, Inc. |  | 2376578 |
| 2828 | Columbia Banking System, Inc. |  | 80457 |
| 3836 | Equitable Holdings, Inc. |  | 154284 |
| 518 | Everest Group Ltd. |  | 173784 |
| 11212 | Fifth Third Bancorp |  | 554658 |
| 6473 | First Horizon Corp. |  | 153993 |
| 6487 | Fiserv, Inc.\* |  | 404075 |
| 3571 | Goldman Sachs Group, Inc. (The)<sup>(b)</sup> |  | 3069525 |
| 480 | Hanover Insurance Group, Inc. (The) |  | 86702 |
| 3518 | Hartford Insurance Group, Inc. (The) |  | 495440 |
| 24397 | Huntington Bancshares, Inc. |  | 409870 |
| 6814 | Intercontinental Exchange, Inc. |  | 1118382 |
| 4969 | Invesco Ltd. |  | 130486 |
| 33014 | JPMorgan Chase & Co. |  | 9914104 |
| 11235 | KeyCorp |  | 233014 |
| 8077 | KKR & Co., Inc. |  | 708191 |
| 1488 | Lazard, Inc. |  | 75293 |
| 2306 | Lincoln National Corp. |  | 79096 |
| 901 | LPL Financial Holdings, Inc. |  | 270642 |
| 1896 | M&T Bank Corp. |  | 411394 |
| 5913 | Marsh & McLennan Cos., Inc. |  | 1104194 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| 9526 | Mastercard, Inc., Class A | $| 4926942 |
| 6941 | MetLife, Inc. |  | 500238 |
| 3126 | MGIC Investment Corp. |  | 82933 |
| 1895 | Moody's Corp. |  | 905033 |
| 13950 | Morgan Stanley |  | 2322814 |
| 328 | Morningstar, Inc. |  | 60070 |
| 920 | MSCI, Inc. |  | 526084 |
| 5532 | Nasdaq, Inc. |  | 484493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1366 | OneMain Holdings, Inc. |  | 75157 |
| 11450 | PayPal Holdings, Inc. |  | 529104 |
| 4759 | PNC Financial Services Group, Inc. (The) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010574 |
| 2755 | Principal Financial Group, Inc. |  | 262882 |
| 7011 | Progressive Corp. (The) |  | 1497970 |
| 4369 | Prudential Financial, Inc. |  | 429822 |
| 11158 | Regions Financial Corp. |  | 310527 |
| 800 | Reinsurance Group of America, Inc. |  | 172584 |
| 623 | RenaissanceRe Holdings Ltd. (Bermuda) |  | 188433 |
| 3682 | S&P Global, Inc. |  | 1627002 |
| 2559 | SLM Corp. |  | 47956 |
| 14737 | SoFi Technologies, Inc.\* |  | 261729 |
| 3557 | State Street Corp. |  | 457501 |
| 4473 | Synchrony Financial |  | 309129 |
| 2641 | T. Rowe Price Group, Inc. |  | 249918 |
| 4015 | Toast, Inc., Class A\* |  | 109650 |
| 1412 | Tradeweb Markets, Inc., Class A |  | 174036 |
| 2711 | Travelers Cos., Inc. (The) |  | 836723 |
| 15810 | Truist Financial Corp. |  | 779591 |
| 2201 | Unum Group |  | 157878 |
| 18697 | US Bancorp |  | 1021978 |
| 19932 | Visa, Inc., Class A |  | 6381030 |
| 1198 | Voya Financial, Inc. |  | 80122 |
| 38204 | Wells Fargo & Co. |  | 3111716 |
| 4478 | Western Union Co. (The) |  | 43123 |
| 1225 | Willis Towers Watson PLC |  | 373833 |
|  |  |  | 67501061 |
| Health Care – 10.3% | Health Care – 10.3% | Health Care – 10.3% | Health Care – 10.3% |
| 16066 | Abbott Laboratories |  | 1869279 |
| 16385 | AbbVie, Inc. |  | 3802631 |
| 2667 | Agilent Technologies, Inc. |  | 323720 |
| 1150 | Alnylam Pharmaceuticals, Inc.\* |  | 382858 |
| 4992 | Amgen, Inc. |  | 1937695 |
| 6289 | Avantor, Inc.\* |  | 56915 |
| 4717 | Baxter International, Inc. |  | 96085 |
| 2684 | Becton Dickinson & Co. |  | 473672 |
| 1347 | Biogen, Inc.\* |  | 258382 |
| 177 | Bio-Rad Laboratories, Inc., Class A\* |  | 49284 |
| 13450 | Boston Scientific Corp.\* |  | 1033633 |
| 18573 | Bristol-Myers Squibb Co. |  | 1158398 |
| 2261 | Cardinal Health, Inc. |  | 518289 |
| 2602 | Cencora, Inc. |  | 968308 |
| 4677 | Centene Corp.\* |  | 209904 |
| 471 | Charles River Laboratories International, Inc.\* |  | 84069 |
| 2464 | Cigna Group (The) |  | 714116 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 20 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **&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) |
| 17811 | CVS Health Corp. | $| 1423099 |
| 5911 | Danaher Corp. |  | 1245093 |
| 436 | DaVita, Inc.\* |  | 68147 |
| 2157 | DENTSPLY SIRONA, Inc. |  | 31665 |
| 5356 | Edwards Lifesciences Corp.\* |  | 463133 |
| 2083 | Elevance Health, Inc. |  | 666560 |
| 7432 | Eli Lilly & Co. |  | 7818390 |
| 4216 | GE HealthCare Technologies, Inc. |  | 355282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11428 | Gilead Sciences, Inc. |  | 1702201 |
| 1173 | Henry Schein, Inc.\* |  | 96643 |
| 2119 | Hologic, Inc.\* |  | 159688 |
| 1115 | Humana, Inc. |  | 212452 |
| 1477 | Illumina, Inc.\* |  | 198597 |
| 3301 | Intuitive Surgical, Inc.\* |  | 1662087 |
| 1672 | IQVIA Holdings, Inc.\* |  | 298970 |
| 22253 | Johnson & Johnson |  | 5528313 |
| 782 | Labcorp Holdings, Inc. |  | 226092 |
| 1791 | McKesson Corp. |  | 1768380 |
| 11755 | Medtronic PLC |  | 1147993 |
| 23219 | Merck & Co., Inc. |  | 2874977 |
| 2994 | Moderna, Inc.\* |  | 160389 |
| 2650 | Organon & Co. |  | 19319 |
| 51914 | Pfizer, Inc. |  | 1435422 |
| 1030 | Quest Diagnostics, Inc. |  | 218267 |
| 954 | Regeneron Pharmaceuticals, Inc. |  | 745713 |
| 1344 | ResMed, Inc. |  | 344413 |
| 3171 | Stryker Corp. |  | 1228636 |
| 430 | Teleflex, Inc. |  | 52486 |
| 3492 | Thermo Fisher Scientific, Inc. |  | 1819716 |
| 8422 | UnitedHealth Group, Inc. |  | 2469920 |
| 2367 | Vertex Pharmaceuticals, Inc.\* |  | 1175997 |
| 11001 | Viatris, Inc. |  | 164245 |
| 911 | Waters Corp.\* |  | 290955 |
| 1839 | Zimmer Biomet Holdings, Inc. |  | 181031 |
| 4135 | Zoetis, Inc. |  | 542098 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52733607 |
| Industrials – 9.9% | Industrials – 9.9% | Industrials – 9.9% | Industrials – 9.9% |
| 6355 | 3M Co. |  | 1050609 |
| 394 | Acuity, Inc. |  | 118826 |
| 1621 | AECOM |  | 158826 |
| 1601 | Alaska Air Group, Inc.\* |  | 82612 |
| 8250 | American Airlines Group, Inc.\* |  | 107827 |
| 2697 | AMETEK, Inc. |  | 645176 |
| 521 | Armstrong World Industries, Inc. |  | 90394 |
| 8794 | Boeing Co. (The)\* |  | 2000899 |
| 1562 | Booz Allen Hamilton Holding Corp. |  | 123132 |
| 1424 | Broadridge Financial Solutions, Inc. |  | 264679 |
| 1396 | C.H. Robinson Worldwide, Inc. |  | 258609 |
| 532 | Carlisle Cos., Inc. |  | 210018 |
| 9470 | Carrier Global Corp. |  | 609868 |
| 5444 | Caterpillar, Inc. |  | 4043967 |
| 10328 | CNH Industrial NV |  | 127034 |
| 22071 | CSX Corp. |  | 942211 |
| 1597 | Cummins, Inc. |  | 932440 |
| 2872 | Deere & Co. |  | 1808527 |

---

---

| | | |
|:---|:---|:---|
| **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) |
| 7768 | Delta Air Lines, Inc. | $510358 |
| 4612 | Eaton Corp. PLC | 1733743 |
| 6677 | Emerson Electric Co. | 1006558 |
| 2589 | FedEx Corp. | 1001943 |
| 1550 | Flowserve Corp. | 137206 |
| 1507 | Fortune Brands Innovations, Inc. | 81890 |
| 421 | FTI Consulting, Inc.\* | 69221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12366 | General Electric Co. | 4232387 |
| 2056 | Genpact Ltd. | 81664 |
| 7616 | Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1855181 |
| 4797 | Howmet Aerospace, Inc. | 1259356 |
| 633 | Hubbell, Inc. | 323862 |
| 4714 | Ingersoll Rand, Inc. | 443776 |
| 983 | ITT, Inc. | 198969 |
| 964 | J.B. Hunt Transport Services, Inc. | 225007 |
| 1440 | Jacobs Solutions, Inc. | 198518 |
| 7705 | Johnson Controls International PLC | 1111832 |
| 1183 | KBR, Inc. | 49958 |
| 2211 | L3Harris Technologies, Inc. | 805998 |
| 1183 | Leidos Holdings, Inc. | 207143 |
| 381 | Lennox International, Inc. | 217147 |
| 652 | Lincoln Electric Holdings, Inc. | 187157 |
| 2465 | Lockheed Martin Corp. | 1622167 |
| 2624 | Masco Corp. | 187931 |
| 675 | Nordson Corp. | 198072 |
| 1597 | Northrop Grumman Corp. | 1156835 |
| 1970 | nVent Electric PLC | 233169 |
| 786 | Oshkosh Corp. | 133636 |
| 4663 | Otis Worldwide Corp. | 431607 |
| 1022 | Owens Corning | 124756 |
| 1495 | Parker-Hannifin Corp. | 1508724 |
| 1697 | Quanta Services, Inc. | 955547 |
| 2203 | RB Global, Inc. (Canada) | 222415 |
| 788 | Regal Rexnord Corp. | 174132 |
| 1320 | Rockwell Automation, Inc. | 537834 |
| 15791 | RTX Corp. | 3199572 |
| 437 | Science Applications International Corp. | 40318 |
| 1758 | Sensata Technologies Holding PLC | 65644 |
| 498 | Simpson Manufacturing Co., Inc. | 96398 |
| 548 | SiteOne Landscape Supply, Inc.\* | 78304 |
| 6123 | Southwest Airlines Co. | 301619 |
| 1833 | Stanley Black & Decker, Inc. | 158536 |
| 3153 | Tetra Tech, Inc. | 113004 |
| 2644 | Trane Technologies PLC | 1222374 |
| 1264 | Trex Co., Inc.\* | 52355 |
| 24201 | Uber Technologies, Inc.\* | 1825239 |
| 7032 | Union Pacific Corp. | 1863339 |
| 3948 | United Airlines Holdings, Inc.\* | 419672 |
| 8518 | United Parcel Service, Inc., Class B | 987747 |
| 778 | United Rentals, Inc. | 653520 |
| 1668 | Verisk Analytics, Inc. | 346227 |
| 511 | W.W. Grainger, Inc. | 584957 |
| 4414 | Waste Management, Inc. | 1063068 |
| 494 | WESCO International, Inc. | 143013 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **21** |

---

------

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026*

&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) |
| 2022 | Westinghouse Air Brake Technologies Corp. | $| 533707 |
| 2889 | Xylem, Inc. |  | 374299 |
|  |  |  | 51124265 |
| Information Technology – 30.4% | Information Technology – 30.4% | Information Technology – 30.4% | Information Technology – 30.4% |
| 7334 | Accenture PLC, Class A |  | 1530752 |
| 3748 | Adobe, Inc.\* |  | 983513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14286 | Advanced Micro Devices, Inc.\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2860200 |
| 1317 | Akamai Technologies, Inc.\* |  | 129580 |
| 4335 | Analog Devices, Inc. |  | 1542350 |
| 129313 | Apple, Inc. |  | 34161908 |
| 7124 | Applied Materials, Inc. |  | 2652265 |
| 1414 | Atlassian Corp., Class A\* |  | 106234 |
| 1909 | Autodesk, Inc.\* |  | 469366 |
| 40965 | Broadcom, Inc. |  | 13090366 |
| 2412 | Cadence Design Systems, Inc.\* |  | 726977 |
| 1615 | Ciena Corp.\* |  | 563150 |
| 463 | Cirrus Logic, Inc.\* |  | 65338 |
| 44428 | Cisco Systems, Inc. |  | 3530249 |
| 2661 | Cloudflare, Inc., Class A\* |  | 458198 |
| 4412 | Cognizant Technology Solutions Corp., Class A |  | 284265 |
| 6792 | Corning, Inc. |  | 1021381 |
| 514 | Dolby Laboratories, Inc., Class A |  | 34217 |
| 2098 | Dropbox, Inc., Class A\* |  | 52429 |
| 1581 | DXC Technology Co.\* |  | 19905 |
| 833 | Elastic NV\* |  | 43374 |
| 1088 | First Solar, Inc.\* |  | 214554 |
| 667 | Gartner, Inc.\* |  | 104852 |
| 4819 | Gen Digital, Inc. |  | 108765 |
| 1209 | Gitlab, Inc., Class A\* |  | 31797 |
| 1240 | GoDaddy, Inc., Class A\* |  | 108078 |
| 721 | Guidewire Software, Inc.\* |  | 104776 |
| 11573 | Hewlett Packard Enterprise Co. |  | 248472 |
| 8535 | HP, Inc. |  | 162080 |
| 433 | HubSpot, Inc.\* |  | 114533 |
| 38634 | Intel Corp.\* |  | 1762097 |
| 8194 | International Business Machines Corp. |  | 1968281 |
| 2390 | Intuit, Inc. |  | 977582 |
| 2064 | Keysight Technologies, Inc.\* |  | 634329 |
| 1162 | KLA Corp. |  | 1771527 |
| 11251 | Lam Research Corp. |  | 2631496 |
| 764 | Lumentum Holdings, Inc.\* |  | 535495 |
| 7596 | Marvell Technology, Inc. |  | 620517 |
| 9878 | Micron Technology, Inc. |  | 4073391 |
| 65782 | Microsoft Corp. |  | 25835223 |
| 1822 | Motorola Solutions, Inc. |  | 878678 |
| 1830 | NetApp, Inc. |  | 181225 |
| 207596 | NVIDIA Corp. |  | 36783935 |
| 3767 | ON Semiconductor Corp.\* |  | 250430 |
| 14932 | Oracle Corp. |  | 2171113 |
| 6926 | Palo Alto Networks, Inc.\* |  | 1031420 |
| 906 | Pegasystems, Inc. |  | 39619 |
| 943 | Procore Technologies, Inc.\* |  | 51903 |
| 1857 | Qnity Electronics, Inc. |  | 235393 |
| 9550 | QUALCOMM, Inc. |  | 1359538 |
| 8223 | Salesforce, Inc. |  | 1601758 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| 9132 | ServiceNow, Inc.\* | $| 986347 |
| 1609 | Synopsys, Inc.\* |  | 666126 |
| 1043 | Teradata Corp.\* |  | 32844 |
| 1389 | Teradyne, Inc. |  | 444522 |
| 7968 | Texas Instruments, Inc. |  | 1690092 |
| 1352 | Twilio, Inc., Class A\* |  | 163538 |
| 378 | Tyler Technologies, Inc.\* |  | 134073 |
| 1844 | Vontier Corp. |  | 75456 |
| 1877 | Workday, Inc., Class A\* |  | 251067 |
| 630 | Zebra Technologies Corp., Class A\* |  | 141095 |
| 2336 | Zoom Communications, Inc., Class A\* |  | 172724 |
| 826 | Zscaler, Inc.\* |  | 121414 |
|  |  |  | 155798172 |
| Materials – 2.1% | Materials – 2.1% | Materials – 2.1% | Materials – 2.1% |
| 1445 | Albemarle Corp. |  | 258178 |
| 3049 | Alcoa Corp. |  | 189282 |
| 794 | AptarGroup, Inc. |  | 114106 |
| 3497 | Ball Corp. |  | 234754 |
| 1344 | Celanese Corp. |  | 67119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2080 | CF Industries Holdings, Inc. |  | 207043 |
| 9711 | Corteva, Inc. |  | 778045 |
| 8406 | Dow, Inc. |  | 258316 |
| 5001 | DuPont de Nemours, Inc. |  | 250250 |
| 2990 | Ecolab, Inc. |  | 921967 |
| 1526 | FMC Corp. |  | 22493 |
| 17146 | Freeport-McMoRan, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1167300 |
| 3554 | Graphic Packaging Holding Co. |  | 43466 |
| 3138 | International Flavors & Fragrances, Inc. |  | 258038 |
| 6284 | International Paper Co. |  | 273668 |
| 5591 | Linde PLC |  | 2840675 |
| 769 | Louisiana-Pacific Corp. |  | 65165 |
| 3189 | LyondellBasell Industries NV, Class A |  | 183431 |
| 3898 | Mosaic Co. (The) |  | 108520 |
| 13251 | Newmont Corp. |  | 1722630 |
| 2836 | Nucor Corp. |  | 501632 |
| 2701 | PPG Industries, Inc. |  | 332952 |
| 1904 | Solstice Advanced Materials, Inc. |  | 149483 |
|  |  |  | 10948513 |
| Real Estate – 2.2% | Real Estate – 2.2% | Real Estate – 2.2% | Real Estate – 2.2% |
| 5053 | American Homes 4 Rent, Class A REIT |  | 151590 |
| 6901 | American Tower Corp. REIT |  | 1324026 |
| 2122 | AvalonBay Communities, Inc. REIT |  | 376082 |
| 4481 | Brixmor Property Group, Inc. REIT |  | 135640 |
| 4422 | CBRE Group, Inc., Class A\* |  | 652953 |
| 6077 | CoStar Group, Inc.\* |  | 271216 |
| 6508 | Crown Castle, Inc. REIT |  | 582726 |
| 5152 | Digital Realty Trust, Inc. REIT |  | 912934 |
| 1459 | Equinix, Inc. REIT |  | 1421445 |
| 5655 | Equity Residential REIT |  | 357453 |
| 951 | Essex Property Trust, Inc. REIT |  | 242610 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 22 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Real Estate – (continued) | Real Estate – (continued) | Real Estate – (continued) | Real Estate – (continued) |
| 5284 | Healthcare Realty Trust, Inc. REIT | $| 97490 |
| 462 | Howard Hughes Holdings, Inc.\* |  | 33435 |
| 4362 | Iron Mountain, Inc. REIT |  | 472535 |
| 704 | Jones Lang LaSalle, Inc.\* |  | 222147 |
| 9861 | Kimco Realty Corp. REIT |  | 232227 |
| 1736 | Mid-America Apartment Communities, Inc. REIT |  | 232381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13895 | Prologis, Inc. REIT |  | 1981010 |
| 1609 | SBA Communications Corp. REIT |  | 323666 |
| 6763 | Ventas, Inc. REIT |  | 582700 |
| 10913 | Weyerhaeuser Co. REIT |  | 267696 |
| 689 | Zillow Group, Inc., Class A\* |  | 30867 |
| 2322 | Zillow Group, Inc., Class C\* |  | 103608 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11008437 |
| Utilities – 2.4% | Utilities – 2.4% | Utilities – 2.4% | Utilities – 2.4% |
| 8405 | AES Corp. (The) |  | 145238 |
| 6332 | American Electric Power Co., Inc. |  | 847348 |
| 2341 | American Water Works Co., Inc. |  | 318446 |
| 4161 | Consolidated Edison, Inc. |  | 468196 |
| 3734 | Constellation Energy Corp. |  | 1231772 |
| 10066 | Dominion Energy, Inc. |  | 635567 |
| 9147 | Duke Energy Corp. |  | 1196885 |
| 4571 | Edison International |  | 341637 |
| 5116 | Entergy Corp. |  | 547975 |
| 4292 | Eversource Energy |  | 327093 |
| 25067 | NextEra Energy, Inc. |  | 2350533 |
| 5611 | NiSource, Inc. |  | 265400 |
| 2365 | NRG Energy, Inc. |  | 423240 |
| 25661 | PG&E Corp. |  | 487559 |
| 8866 | PPL Corp. |  | 345597 |
| 5984 | Public Service Enterprise Group, Inc. |  | 515043 |
| 7606 | Sempra |  | 732230 |
| 4077 | Vistra Corp. |  | 708949 |
| 6905 | Xcel Energy, Inc. |  | 575601 |
|  |  |  | 12464309 |
| **TOTAL COMMON STOCKS**<br> **(Cost $330,878,006)** | **TOTAL COMMON STOCKS**<br> **(Cost $330,878,006)** |  | 512320262 |
| **Shares** | **Dividend Rate** | **Value** | **Value** |
| Investment Company – 0.2%<sup>(b)</sup> | Investment Company – 0.2%<sup>(b)</sup> | Investment Company – 0.2%<sup>(b)</sup> | Investment Company – 0.2%<sup>(b)</sup> |
|  Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |  |  |
| 777210 | 3.571% |  | 777210 |
| (Cost $777,210) | (Cost $777,210) | (Cost $777,210) | (Cost $777,210) |
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE<br>(Cost $331,655,216) | TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE<br>(Cost $331,655,216) |  | 513097472 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend Rate** | **Value** |
| Securities Lending Reinvestment Vehicle – 0.0%<sup>(b)</sup> | Securities Lending Reinvestment Vehicle – 0.0%<sup>(b)</sup> | Securities Lending Reinvestment Vehicle – 0.0%<sup>(b)</sup> |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9279 | 3.589% | $9279 |
| (Cost $9,279) | (Cost $9,279) |  |
| **TOTAL INVESTMENTS – 99.9%**<br> **(Cost $331,664,495)** | **TOTAL INVESTMENTS – 99.9%**<br> **(Cost $331,664,495)** | $513106751 |
| OTHER ASSETS IN EXCESS OF LIABILITIES – 0.1% | OTHER ASSETS IN EXCESS OF LIABILITIES – 0.1% | 474234 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513580985 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of security is on loan.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents an affiliated issuer.

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| PLC | —Public Limited Company |
| REIT | —Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **23** |

---

------

GOLDMAN SACHS MSCI WORLD PRIVATE EQUITY RETURN TRACKER ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *February 28, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – 79.7% | Common Stocks – 79.7% | Common Stocks – 79.7% |
| Communication Services – 2.7% | Communication Services – 2.7% | Communication Services – 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | 4imprint Group PLC (United Kingdom) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2993 |
| 4070 | Airtel Africa PLC (Nigeria)<sup>(a)</sup> | 19097 |
| 443 | Alphabet, Inc., Class A | 138110 |
| 35 | Atlanta Braves Holdings, Inc., Class C\* | 1530 |
| 290 | Atresmedia Corp. de Medios de Comunicacion SA (Spain) | 1774 |
| 3509 | Autotrader Group PLC (United Kingdom)<sup>(a)</sup> | 23253 |
| 1479 | Canal+ SA (France)\* | 6138 |
| 100 | Cargurus, Inc.\* | 3070 |
| 98 | Cinemark Holdings, Inc. | 2767 |
| 230 | DoubleVerify Holdings, Inc.\* | 2424 |
| 644 | Elisa OYJ (Finland) | 33031 |
| 704 | Eutelsat Communications SACA (France)\* | 1874 |
| 233 | Freenet AG (Germany) | 7615 |
| 640 | Future PLC (United Kingdom) | 3576 |
| 246 | Gamma Communications PLC (United Kingdom) | 2970 |
| 19 | Globalstar, Inc.\* | 1183 |
| 291 | Havas NV (Netherlands)\* | 5941 |
| 3625 | Helios Towers PLC (Tanzania)\* | 9772 |
| 1895 | HKT Trust & HKT Ltd. (Hong Kong) | 2989 |
| 101 | IAC, Inc.\* | 3870 |
| 43 | IMAX Corp.\* | 1842 |
| 103 | IPSOS SA (France) | 4191 |
| 81 | Iridium Communications, Inc. | 1940 |
| 6780 | ITV PLC (United Kingdom) | 7279 |
| 171 | JCDecaux SE (France) | 3541 |
| 105 | Liberty Broadband Corp., Class C\* | 5734 |
| 223 | Liberty Global Ltd., Class A (Belgium)\* | 2841 |
| 149 | Lionsgate Studios Corp.\* | 1341 |
| 3278 | Louis Hachette Group (France) | 6641 |
| 524 | Lumen Technologies, Inc.\* | 3726 |
| 175 | Madison Square Garden Entertainment Corp.\* | 11049 |
| 6 | Madison Square Garden Sports Corp.\* | 1990 |
| 173 | Match Group, Inc. | 5467 |
| 755 | MFE-MediaForEurope NV, Class A (Italy) | 2758 |
| 30 | Millicom International Cellular SA (Guatemala) | 2187 |
| 2214 | MONY Group PLC (United Kingdom) | 5120 |
| 1265 | Netflix, Inc.\* | 121744 |
| 95 | New York Times Co. (The), Class A | 7580 |
| 18 | Nexstar Media Group, Inc. | 4518 |
| 223 | NIQ Global Intelligence PLC\* | 2973 |
| 4 | Paramount Skydance Corp., Class B | 54 |
| 140 | Proximus SADP (Belgium) | 1155 |
| 165 | RAI Way SpA (Italy)<sup>(a)</sup> | 1204 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Communication Services – (continued) | Communication Services – (continued) | Communication Services – (continued) | Communication Services – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 | REA Group Ltd. (Australia)<sup>(b)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11383 |
| 3098 | Rightmove PLC (United Kingdom) |  | 18635 |
| 603 | Roku, Inc.\* |  | 59341 |
| 76 | RTL Group SA (Luxembourg) |  | 3334 |
| 750 | SES SA (Luxembourg) |  | 5601 |
| 140 | Sirius XM Holdings, Inc. |  | 3074 |
| 11 | Sphere Entertainment Co.\* |  | 1309 |
| 15 | Square Enix Holdings Co. Ltd. (Japan) |  | 247 |
| 8 | Stroeer SE & Co. KGaA (Germany) |  | 327 |
| 80 | TEGNA, Inc. |  | 1676 |
| 68 | Telenor ASA (Norway) |  | 1260 |
| 45 | Telephone and Data Systems, Inc. |  | 2014 |
| 10683 | Telia Co. AB (Sweden) |  | 54891 |
| 3924 | Telstra Group Ltd. (Australia) |  | 14486 |
| 44 | TKO Group Holdings, Inc. |  | 9850 |
| 146 | Trump Media & Technology Group Corp.\* |  | 1564 |
| 663 | Tuas Ltd. (Australia)\* |  | 3043 |
| 414 | Ubisoft Entertainment SA (France)\* |  | 2035 |
| 56 | United Internet AG (Germany) |  | 1851 |
| 364 | Vend Marketplaces ASA, Class B (Norway) |  | 9122 |
| 109 | Versant Media Group, Inc.\* |  | 3632 |
| 430 | Vivendi SE (France)\* |  | 1118 |
| 55 | Walt Disney Co. (The) |  | 5832 |
| 2364 | WPP PLC (United Kingdom) |  | 8740 |
| 334 | Zegona Communications PLC (United Kingdom) |  | 7566 |
| 78 | Ziff Davis, Inc.\* |  | 2112 |
|  |  |  | 714895 |
| Consumer Discretionary – 5.7% | Consumer Discretionary – 5.7% | Consumer Discretionary – 5.7% | Consumer Discretionary – 5.7% |
| 25 | Abercrombie & Fitch Co., Class A\* |  | 2445 |
| 243 | AcadeMedia AB (Sweden)<sup>(a)</sup> |  | 2685 |
| 43 | Academy Sports & Outdoors, Inc. |  | 2586 |
| 10 | Acushnet Holdings Corp. |  | 1023 |
| 494 | adidas AG (Germany) |  | 92273 |
| 55 | Adient PLC\* |  | 1338 |
| 460 | ADT, Inc. |  | 3689 |
| 30 | Advance Auto Parts, Inc. |  | 1595 |
| 90 | American Eagle Outfitters, Inc. |  | 2211 |
| 5 | Aptiv PLC\* |  | 368 |
| 113 | Aramark |  | 4729 |
| 35 | Aritzia, Inc. (Canada)\* |  | 3100 |
| 3 | Asbury Automotive Group, Inc.\* |  | 641 |
| 238 | Asmodee Group AB, Class B (Sweden)\* |  | 2916 |
| 86 | Aumovio SE (Germany)\* |  | 4295 |
| 236 | Auto1 Group SE (Germany)\* |  | 4793 |
| 26 | Autoliv, Inc. (Sweden) |  | 3082 |
| 3 | AutoNation, Inc.\* |  | 585 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 24 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MSCI WORLD PRIVATE EQUITY RETURN TRACKER ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Consumer Discretionary – (continued) | Consumer Discretionary – (continued) | Consumer Discretionary – (continued) |
| 1720 | B&M European Value Retail SA (United Kingdom)\* | $4417 |
| 225 | Basic-Fit NV (Netherlands)\*<sup>(a)</sup> | 8352 |
| 58 | Bath & Body Works, Inc. | 1320 |
| 158 | Bellway PLC (United Kingdom) | 5918 |
| 175 | Beneteau SACA (France) | 1659 |
| 126 | Berkeley Group Holdings PLC (United Kingdom) | 7325 |
| 144 | Bilia AB, Class A (Sweden) | 2212 |
| 15 | Boot Barn Holdings, Inc.\* | 2838 |
| 148 | BorgWarner, Inc. | 8520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | Boyd Gaming Corp. | 2330 |
| 150 | Brembo NV (Italy) | 1782 |
| 13 | Brinker International, Inc.\* | 1927 |
| 30 | BRP, Inc. | 2200 |
| 49 | Brunello Cucinelli SpA (Italy) | 4764 |
| 30 | Brunswick Corp. | 2389 |
| 518 | Burberry Group PLC (United Kingdom)\* | 8099 |
| 114 | Caesars Entertainment, Inc.\* | 2856 |
| 85 | Callaway Golf Co.\* | 1195 |
| 25 | Canadian Tire Corp. Ltd., Class A (Canada) | 3507 |
| 50 | Capri Holdings Ltd.\* | 1025 |
| 94 | CarMax, Inc.\* | 4058 |
| 626 | Carnival PLC | 19778 |
| 26 | Cava Group, Inc.\* | 2144 |
| 5 | Cavco Industries, Inc.\* | 2886 |
| 172 | CECONOMY AG (Germany)\* | 918 |
| 20 | Century Communities, Inc. | 1345 |
| 30 | Champion Homes, Inc.\* | 2804 |
| 20 | Cheesecake Factory, Inc. (The) | 1296 |
| 14 | Chewy, Inc., Class A\* | 384 |
| 18 | Churchill Downs, Inc. | 1655 |
| 120 | CIE Automotive SA (Spain) | 4506 |
| 60 | Cie des Alpes (France) | 2054 |
| 683 | Cie Generale des Etablissements Michelin SCA (France) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27741 |
| 171 | Cirsa Enterprises SA (Spain)\* | 2891 |
| 49 | Clas Ohlson AB, Class B (Sweden) | 2027 |
| 2429 | Coats Group PLC (United Kingdom) | 3047 |
| 34 | Columbia Sportswear Co. | 2106 |
| 31 | Crocs, Inc.\* | 2812 |
| 1428 | Currys PLC (United Kingdom) | 3093 |
| 51 | D.R. Horton, Inc. | 8180 |
| 163 | Dana, Inc. | 5581 |
| 75 | De' Longhi SpA (Italy) | 3452 |
| 16 | Deckers Outdoor Corp.\* | 1876 |
| 249 | Denso Corp. (Japan) | 3588 |
| 1 | Dillard's, Inc., Class A | 603 |
| 29 | Dometic Group AB (Sweden)<sup>(a)</sup> | 121 |
| 748 | Domino's Pizza Group PLC (United Kingdom) | 2019 |
| 148 | Domino's Pizza, Inc. | 59571 |
| 1765 | DoorDash, Inc., Class A\* | 311470 |
| 80 | Dorman Products, Inc.\* | 9429 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Consumer Discretionary – (continued) | Consumer Discretionary – (continued) | Consumer Discretionary – (continued) |
| 340 | Dr Martens PLC (United Kingdom) | $317 |
| 6 | Dunelm Group PLC (United Kingdom) | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | Dutch Bros, Inc., Class A\* | 1930 |
| 36 | Eagers Automotive Ltd. (Australia) | 616 |
| 334 | Electrolux AB, Class B (Sweden)\* | 2827 |
| 325 | Elior Group SA (France)<sup>(a)</sup> | 1069 |
| 2495 | Entain PLC (United Kingdom) | 19288 |
| 5 | Etsy, Inc.\* | 274 |
| 301 | FDJ UNITED (France) | 9119 |
| 4 | Fielmann Group AG (Germany) | 218 |
| 15 | Five Below, Inc.\* | 3353 |
| 44 | Floor & Decor Holdings, Inc., Class A\* | 3040 |
| 35 | Fnac Darty SA (France) | 1463 |
| 1090 | Ford Motor Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15358 |
| 714 | Forvia SE (France)\* | 10184 |
| 143 | Frasers Group PLC (United Kingdom)\* | 1355 |
| 3 | Frontdoor, Inc.\* | 206 |
| 123 | Games Workshop Group PLC (United Kingdom) | 29584 |
| 168 | GameStop Corp., Class A\* | 4037 |
| 130 | Gap, Inc. (The) | 3645 |
| 11 | Garmin Ltd. | 2781 |
| 53 | Garrett Motion, Inc. (Switzerland) | 1079 |
| 410 | General Motors Co. | 32271 |
| 909 | Gentex Corp. | 21271 |
| 415 | Gestamp Automocion SA (Spain)<sup>(a)</sup> | 1566 |
| 35 | G-III Apparel Group Ltd. | 1071 |
| 20 | Gildan Activewear, Inc. (Canada) | 1363 |
| 2470 | Glenveagh Properties PLC<br>(Ireland)\*<sup>(a)</sup> | 6576 |
| 251 | Goodyear Tire & Rubber Co. (The)\* | 2071 |
| 15 | Graham Holdings Co., Class B | 15798 |
| 114 | Grand Canyon Education, Inc.\* | 18134 |
| 20 | Green Brick Partners, Inc.\* | 1473 |
| 151 | Greggs PLC (United Kingdom) | 3216 |
| 61 | Group 1 Automotive, Inc. | 19870 |
| 164 | Guzman y Gomez Ltd. (Australia) | 2256 |
| 38 | Hasbro, Inc. | 3784 |
| 218 | HBX Group International PLC (Spain)\* | 1864 |
| 31 | Hilton Grand Vacations, Inc.\* | 1394 |
| 289 | Hollywood Bowl Group PLC (United Kingdom) | 1032 |
| 15 | Hornbach Holding AG & Co. KGaA (Germany) | 1523 |
| 35 | HUGO BOSS AG (Germany) | 1545 |
| 416 | Inchcape PLC (United Kingdom) | 4969 |
| 8 | Installed Building Products, Inc. | 2622 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **25** |

---

------

GOLDMAN SACHS MSCI WORLD PRIVATE EQUITY RETURN TRACKER ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Consumer Discretionary – (continued) | Consumer Discretionary – (continued) | Consumer Discretionary – (continued) |
| 111 | J D Wetherspoon PLC (United Kingdom) | $1080 |
| 125 | JM AB (Sweden) | 1862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | Kaufman & Broad SA (France) | 1341 |
| 50 | KB Home | 3179 |
| 7736 | Kingfisher PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38534 |
| 95 | Kohl's Corp. | 1555 |
| 568 | Laureate Education, Inc.\* | 18369 |
| 44 | La-Z-Boy, Inc. | 1572 |
| 13 | LCI Industries | 1732 |
| 39 | Lear Corp. | 5119 |
| 60 | Leggett & Platt, Inc. | 701 |
| 35 | Lennar Corp., Class A | 4003 |
| 26 | LGI Homes, Inc.\* | 1349 |
| 20 | Liberty Live Holdings, Inc., Class C\* | 1993 |
| 59 | Life Time Group Holdings, Inc.\* | 1593 |
| 55 | Linamar Corp. (Canada) | 3791 |
| 9 | Lithia Motors, Inc. | 2516 |
| 180 | LKQ Corp. | 5960 |
| 681 | Lottomatica Group SpA (Italy) | 16515 |
| 465 | Luk Fook Holdings International Ltd. (Hong Kong) | 1751 |
| 59 | Lululemon Athletica, Inc.\* | 10925 |
| 23 | M/I Homes, Inc.\* | 3270 |
| 200 | Macy's, Inc. | 3956 |
| 185 | Magna International, Inc. (Canada)<sup>(b)</sup> | 11667 |
| 84 | Mattel, Inc.\* | 1424 |
| 499 | Melia Hotels International SA (Spain) | 4914 |
| 54 | Meritage Homes Corp. | 4073 |
| 68 | MGM Resorts International\* | 2506 |
| 250 | Mitchells & Butlers PLC (United Kingdom)\* | 1012 |
| 110 | Mobilezone Holding AG (Switzerland) | 2220 |
| 28 | Mohawk Industries, Inc.\* | 3508 |
| 48 | Monarch Casino & Resort, Inc. | 4613 |
| 335 | Moonpig Group PLC (United Kingdom) | 995 |
| 76 | MTY Food Group, Inc. (Canada) | 2307 |
| 56 | Murphy USA, Inc. | 21881 |
| 115 | Neinor Homes SA (Spain)\*<sup>(a)</sup> | 2588 |
| 324 | Newell Brands, Inc. | 1474 |
| 214 | Norwegian Cruise Line Holdings Ltd.\* | 5305 |
| 31 | Ollie's Bargain Outlet Holdings, Inc.\* | 3320 |
| 516 | OneSpaWorld Holdings Ltd. (Bahamas) | 11109 |
| 33 | Open House Group Co. Ltd. (Japan) | 2446 |
| 173 | Opmobility (France) | 3479 |
| 250 | Oriental Land Co. Ltd. (Japan) | 4509 |
| 181 | OVS SpA (Italy)<sup>(a)</sup> | 1061 |
| 145 | Patrick Industries, Inc. | 17950 |
| 263 | Perdoceo Education Corp. | 8771 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Consumer Discretionary – (continued) | Consumer Discretionary – (continued) | Consumer Discretionary – (continued) |
| 423 | Persimmon PLC (United Kingdom) | $8565 |
| 596 | Pets at Home Group PLC (United Kingdom) | 1670 |
| 103 | Phinia, Inc. | 7481 |
| 451 | Pirelli & C SpA (Italy)<sup>(a)</sup> | 3394 |
| 335 | Playtech PLC (United Kingdom) | 1592 |
| 20 | Polaris, Inc. | 1215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | Polestar Automotive Holding UK PLC, Class A, ADR (Hong Kong)\* | 1630 |
| 4 | Pool Corp. | 909 |
| 101 | PPHE Hotel Group Ltd. (United Kingdom) | 2716 |
| 53 | PulteGroup, Inc. | 7272 |
| 175 | Puma SE (Germany) | 4909 |
| 9 | PVH Corp. | 617 |
| 16 | Ralph Lauren Corp. | 5802 |
| 65 | SAF-Holland SE (Germany) | 1526 |
| 65 | Sally Beauty Holdings, Inc.\* | 1045 |
| 354 | Sankyo Co. Ltd. (Japan) | 5000 |
| 266 | Scandic Hotels Group AB (Sweden)<sup>(a)</sup> | 2518 |
| 270 | Schaeffler AG (Germany) | 3303 |
| 74 | SEB SA (France) | 4556 |
| 58 | Service Corp. International | 4882 |
| 18 | Shake Shack, Inc., Class A\* | 1728 |
| 16 | Signet Jewelers Ltd. | 1539 |
| 61 | Somnigroup International, Inc. | 5460 |
| 1015 | SSP Group PLC (United Kingdom) | 2806 |
| 44 | Stanley Electric Co. Ltd. (Japan) | 930 |
| 179 | Starbucks Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17546 |
| 41 | Steven Madden Ltd. | 1480 |
| 128 | Strategic Education, Inc. | 10532 |
| 6 | Stride, Inc.\* | 506 |
| 135 | Swatch Group AG (The) (Switzerland) | 34547 |
| 128 | Synsam AB (Sweden) | 979 |
| 81 | Taylor Morrison Home Corp.\* | 5337 |
| 4680 | Taylor Wimpey PLC (United Kingdom) | 7113 |
| 120 | Technogym SpA (Italy)<sup>(a)</sup> | 2635 |
| 19 | Texas Roadhouse, Inc. | 3475 |
| 26 | Thor Industries, Inc. | 2499 |
| 186 | Thule Group AB (Sweden)<sup>(a)</sup> | 4832 |
| 69 | Toll Brothers, Inc. | 10850 |
| 13 | TopBuild Corp.\* | 5828 |
| 15 | Travel + Leisure Co. | 1105 |
| 70 | Tri Pointe Homes, Inc.\* | 3241 |
| 25 | Trigano SA (France) | 4959 |
| 684 | TUI AG (Germany) | 6525 |
| 36 | Urban Outfitters, Inc.\* | 2383 |
| 4 | Vail Resorts, Inc. | 543 |
| 950 | Valeo SE (France) | 13785 |
| 54 | Valvoline, Inc.\* | 2041 |
| 148 | VF Corp. | 2874 |
| 34 | Victoria's Secret & Co.\* | 2132 |
| 3 | Visteon Corp. | 287 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 26 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MSCI WORLD PRIVATE EQUITY RETURN TRACKER ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Consumer Discretionary – (continued) | Consumer Discretionary – (continued) | Consumer Discretionary – (continued) | Consumer Discretionary – (continued) |
| 424 | Vistry Group PLC (United Kingdom)\* | $| 3973 |
| 281 | Watches of Switzerland Group PLC (United Kingdom)\*<sup>(a)</sup> |  | 1930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | Wayfair, Inc., Class A\* |  | 1374 |
| 54 | Wesfarmers Ltd. (Australia) |  | 3064 |
| 359 | WH Smith PLC (United Kingdom) |  | 3318 |
| 30 | Whirlpool Corp.<sup>(b)</sup> |  | 2053 |
| 8 | Wingstop, Inc. |  | 2076 |
| 14 | Winmark Corp. |  | 6387 |
| 30 | Winnebago Industries, Inc. |  | 1197 |
| 41 | Wyndham Hotels & Resorts, Inc. |  | 3354 |
| 8 | Wynn Resorts Ltd. |  | 866 |
| 115 | XPEL, Inc.\* |  | 4901 |
| 36 | YETI Holdings, Inc.\* |  | 1574 |
| 205 | Young & Co.'s Brewery PLC, Class A (United Kingdom) |  | 2436 |
| 331 | Yum! Brands, Inc. |  | 55661 |
|  |  |  | 1540978 |
| Consumer Staples – 4.2% | Consumer Staples – 4.2% | Consumer Staples – 4.2% | Consumer Staples – 4.2% |
| 79 | AAK AB (Sweden) |  | 2166 |
| 228 | AG Barr PLC (United Kingdom) |  | 2133 |
| 138 | Albertsons Cos., Inc., Class A |  | 2470 |
| 55 | Archer-Daniels-Midland Co. |  | 3797 |
| 46 | Aryzta AG (Switzerland)\* |  | 3320 |
| 25 | Bakkafrost P/F (Faroe Islands) |  | 1198 |
| 400 | Bega Cheese Ltd. (Australia) |  | 1790 |
| 35 | BJ's Wholesale Club Holdings, Inc.\* |  | 3458 |
| 61 | Brown-Forman Corp., Class B |  | 1760 |
| 10 | Bunge Global SA |  | 1206 |
| 735 | C&C Group PLC (Ireland) |  | 1162 |
| 24 | Cal-Maine Foods, Inc. |  | 2091 |
| 235 | Carlsberg AS, Class B (Denmark) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36513 |
| 2668 | Carrefour SA (France) |  | 50544 |
| 35 | Celsius Holdings, Inc.\* |  | 1876 |
| 200 | Coca-Cola Bottlers Japan |  |  |
|  | Holdings, Inc. (Japan) |  | 5283 |
| 26 | Coca-Cola Consolidated, Inc. |  | 5262 |
| 471 | Coles Group Ltd. (Australia) |  | 6901 |
| 93 | Colruyt Group NV (Belgium) |  | 3766 |
| 274 | Conagra Brands, Inc. |  | 5274 |
| 230 | Cranswick PLC (United Kingdom) |  | 16791 |
| 64 | Darling Ingredients, Inc.\* |  | 3402 |
| 45 | Distribuidora Internacional de Alimentacion SA (Spain)\* |  | 2027 |
| 10 | elf Beauty, Inc.\* |  | 920 |
| 3 | Emmi AG (Switzerland) |  | 3160 |
| 450 | Fevertree Drinks PLC (United Kingdom) |  | 5766 |
| 23 | Fresh Del Monte Produce, Inc. |  | 987 |
| 18 | Freshpet, Inc.\* |  | 1520 |
| 126 | Glanbia PLC (Ireland) |  | 2603 |
| 405 | Greencore Group PLC (Ireland) |  |  |
| 820 | Greencore Group PLC (Ireland) |  | 2977 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Consumer Staples – (continued) | Consumer Staples – (continued) | Consumer Staples – (continued) |
| 75 | HelloFresh SE (Germany)\* | $428 |
| 674 | Hershey Co. (The) | 159253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | Hilton Food Group PLC (United Kingdom) | 178 |
| 1798 | Imperial Brands PLC (United Kingdom) | 80376 |
| 11 | Ingredion, Inc. | 1292 |
| 135 | Intercos SpA (Italy) | 1976 |
| 95 | Interparfums, Inc. | 9574 |
| 44 | J M Smucker Co. (The) | 5102 |
| 190 | Jamieson Wellness, Inc. (Canada)<sup>(a)</sup> | 5253 |
| 40 | John B Sanfilippo & Son, Inc. | 3304 |
| 684 | Kirin Holdings Co. Ltd. (Japan) | 11860 |
| 140 | Kraft Heinz Co. (The) | 3445 |
| 25 | KWS Saat SE & Co. KGaA (Germany) | 1916 |
| 64 | Maplebear, Inc.\* | 2401 |
| 105 | MARR SpA (Italy) | 1170 |
| 8 | Marzetti Company (The) | 1315 |
| 839 | Metro, Inc. (Canada) | 59788 |
| 106 | Molson Coors Beverage Co., Class B | 5193 |
| 3344 | Monster Beverage Corp.\* | 285243 |
| 2091 | Mowi ASA (Norway) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49278 |
| 58 | MP Evans Group PLC (United Kingdom) | 1127 |
| 1091 | Ocado Group PLC (United Kingdom)\* | 3082 |
| 2000 | Olam Group Ltd. (Singapore) | 1447 |
| 35 | Performance Food Group Co.\* | 3397 |
| 256 | Philip Morris International, Inc. | 47828 |
| 23 | Post Holdings, Inc.\* | 2445 |
| 1313 | Premier Foods PLC (United Kingdom) | 3485 |
| 226 | Premium Brands Holdings Corp. (Canada) | 17567 |
| 55 | PriceSmart, Inc. | 8504 |
| 139 | Primo Brands Corp., Class A | 3153 |
| 24 | Redcare Pharmacy NV<br>(Netherlands)\*<sup>(a)</sup> | 1719 |
| 34 | Remy Cointreau SA (France) | 1674 |
| 228 | Royal Unibrew A/S (Denmark) | 22447 |
| 308 | Salmar ASA (Norway) | 18422 |
| 10 | Schouw & Co. A/S (Denmark) | 1070 |
| 110 | Sligro Food Group NV (Netherlands) | 1875 |
| 2210 | Sonae SGPS SA (Portugal) | 5258 |
| 15 | Spectrum Brands Holdings, Inc. | 1176 |
| 415 | Sprouts Farmers Market, Inc.\* | 30656 |
| 203 | Strauss Group Ltd. (Israel) | 8941 |
| 333 | Suedzucker AG (Germany) | 3983 |
| 753 | Tate & Lyle PLC (United Kingdom) | 3813 |
| 85 | Tootsie Roll Industries, Inc. | 3590 |
| 188 | United Natural Foods, Inc.\* | 7183 |
| 115 | Universal Corp. | 6179 |
| 73 | US Foods Holding Corp.\* | 7053 |
| 100 | Viscofan SA (Spain) | 7002 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **27** |

---

------

GOLDMAN SACHS MSCI WORLD PRIVATE EQUITY RETURN TRACKER ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Consumer Staples – (continued) | Consumer Staples – (continued) | Consumer Staples – (continued) | Consumer Staples – (continued) |
| 16 | Vita Coco Co., Inc. (The)\* | $| 929 |
| 40 | WD-40 Co. |  | 9528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | Weis Markets, Inc. |  | 4066 |
| 2665 | WH Group Ltd. (Hong Kong)<sup>(a)</sup> |  | 3352 |
| 1724 | Wilmar International Ltd. (China) |  | 4798 |
|  |  |  | 1117217 |
| Energy – 1.5% | Energy – 1.5% | Energy – 1.5% | Energy – 1.5% |
| 414 | Ampol Ltd. (Australia) |  | 8311 |
| 1985 | Cameco Corp. (Canada) |  | 234879 |
| 1005 | CES Energy Solutions Corp. (Canada) |  | 12402 |
| 191 | CNX Resources Corp.\* |  | 7980 |
| 739 | Energean PLC (Israel) |  | 8872 |
| 1019 | Headwater Exploration, Inc. (Canada) |  | 9384 |
| 165 | Hunting PLC (United Kingdom) |  | 1151 |
| 353 | Pason Systems, Inc. (Canada) |  | 3196 |
| 951 | Plains GP Holdings LP, Class A\* |  | 21436 |
| 855 | Secure Waste Infrastructure Corp. (Canada) |  | 11861 |
| 1018 | Subsea 7 SA (United Kingdom) |  | 29406 |
| 200 | Tecnicas Reunidas SA (Spain)\* |  | 8728 |
| 973 | TGS ASA (Norway) |  | 11547 |
| 495 | Trican Well Service Ltd. (Canada) |  | 2363 |
| 810 | Viper Energy, Inc., Class A |  | 37697 |
|  |  |  | 409213 |
| Financials – 11.3% | Financials – 11.3% | Financials – 11.3% | Financials – 11.3% |
| 2408 | Aberdeen Group PLC (United Kingdom) |  | 7116 |
| 1186 | Admiral Group PLC (United Kingdom) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47262 |
| 231 | AGNC Investment Corp. REIT |  | 2590 |
| 63 | AJ Bell PLC (United Kingdom) |  | 368 |
| 61 | AL Sydbank (Denmark) |  | 5456 |
| 610 | Allfunds Group PLC (United Kingdom) |  | 6068 |
| 1283 | Ally Financial, Inc. |  | 50602 |
| 5 | American Financial Group, Inc. |  | 665 |
| 39 | American International Group, Inc. |  | 3139 |
| 15 | Ameris Bancorp |  | 1165 |
| 5314 | AMP Ltd. (Australia) |  | 4923 |
| 23 | Arch Capital Group Ltd.\* |  | 2303 |
| 525 | Ashmore Group PLC (United Kingdom) |  | 1680 |
| 11 | Assurant, Inc. |  | 2525 |
| 10 | Assured Guaranty Ltd. |  | 862 |
| 35 | Atlantic Union Bankshares Corp. |  | 1297 |
| 156 | Avanza Bank Holding AB (Sweden) |  | 5718 |
| 20 | Axis Capital Holdings Ltd. |  | 2114 |
| 245 | Axos Financial, Inc.\* |  | 21271 |
| 53 | Azimut Holding SpA (Italy) |  | 2196 |
| 26 | Banca Generali SpA (Italy) |  | 1684 |
| 154 | Bancorp, Inc. (The)\* |  | 8083 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Financials – (continued) | Financials – (continued) | Financials – (continued) |
| 2164 | Bank Hapoalim BM (Israel) | $54518 |
| 1005 | Bank of East Asia Ltd. (The) (Hong Kong) | 1955 |
| 3168 | Bank of New York Mellon Corp. (The) | 377309 |
| 616 | Bank of Nova Scotia (The) (Canada) | 46738 |
| 490 | Bank OZK | 22814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | BankUnited, Inc. | 1401 |
| 797 | Beazley PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13576 |
| 266 | Bendigo & Adelaide Bank Ltd. (Australia) | 2030 |
| 613 | BNP Paribas SA (France) | 69120 |
| 1230 | BOC Hong Kong Holdings Ltd. (China) | 7060 |
| 298 | Cathay General Bancorp | 14814 |
| 3219 | Charles Schwab Corp. (The) | 306449 |
| 230 | Chesnara PLC (United Kingdom) | 1011 |
| 18 | Chubb Ltd. | 6135 |
| 1953 | Citizens Financial Group, Inc. | 117551 |
| 145 | Close Brothers Group PLC (United Kingdom)\* | 967 |
| 11 | Coastal Financial Corp.\* | 816 |
| 105 | Coface SA (France) | 1941 |
| 29 | Columbia Banking System, Inc. | 825 |
| 295 | Conduit Holdings Ltd. (Bermuda) | 1723 |
| 278 | Cullen/Frost Bankers, Inc. | 38425 |
| 275 | Dah Sing Financial Holdings Ltd. (Hong Kong) | 1496 |
| 125 | DBS Group Holdings Ltd. (Singapore) | 5645 |
| 29 | Definity Financial Corp. (Canada) | 1452 |
| 2509 | Deutsche Bank AG (Germany) | 89745 |
| 624 | East West Bancorp, Inc. | 68297 |
| 59 | Eastern Bankshares, Inc. | 1154 |
| 274 | Edenred SE (France) | 6341 |
| 168 | Enterprise Financial Services Corp. | 9593 |
| 38 | Essent Group Ltd. | 2312 |
| 1 | Eurazeo SE (France) | 59 |
| 175 | Evercore, Inc., Class A | 54047 |
| 194 | Everest Group Ltd. | 65085 |
| 34 | Federal Agricultural Mortgage Corp., Class C | 5360 |
| 334 | Federated Hermes, Inc. | 18707 |
| 80 | FIBI Holdings Ltd. (Israel) | 8349 |
| 250 | Financial Partners Group Co. Ltd. (Japan) | 3348 |
| 20 | First American Financial Corp. | 1402 |
| 23 | First Citizens BancShares, Inc., Class A | 43657 |
| 433 | First Financial Bancorp | 12154 |
| 100 | First Horizon Corp. | 2379 |
| 225 | First International Bank Of Israel Ltd. (The) (Israel) | 19326 |
| 260 | First Merchants Corp. | 10161 |
| 189 | flatexDEGIRO SE (Germany) | 6878 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 28 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MSCI WORLD PRIVATE EQUITY RETURN TRACKER ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Financials – (continued) | Financials – (continued) | Financials – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88 | Flow Traders Ltd. (Netherlands)\* | $2745 |
| 236 | Foresight Group Holdings Ltd. (United Kingdom) | 1304 |
| 76 | Futu Holdings Ltd. ADR (Hong Kong)\* | 11312 |
| 40 | Georgia Capital PLC (Georgia)\* | 2003 |
| 445 | Gjensidige Forsikring ASA (Norway) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12555 |
| 18 | Globe Life, Inc. | 2615 |
| 140 | GRENKE AG (Germany) | 2427 |
| 20 | Hancock Whitney Corp. | 1316 |
| 4 | Hanover Insurance Group, Inc. (The) | 723 |
| 435 | Hiscox Ltd. (United Kingdom) | 9053 |
| 84 | Hoist Finance AB (Sweden)<sup>(a)</sup> | 1343 |
| 40 | Home BancShares, Inc. | 1098 |
| 45 | Hong Kong Exchanges & Clearing Ltd. (Hong Kong) | 2410 |
| 145 | HUB24 Ltd. (Australia) | 10106 |
| 6 | Hypoport SE (Germany)\* | 652 |
| 189 | ICG PLC (United Kingdom) | 4266 |
| 440 | IG Group Holdings PLC (United Kingdom) | 7696 |
| 13 | Independent Bank Corp. | 1015 |
| 253 | International Bancshares Corp. | 16979 |
| 45 | Invesco Ltd. | 1182 |
| 626 | Investec PLC (United Kingdom) | 5403 |
| 1105 | IP Group PLC (United Kingdom)\* | 847 |
| 335 | Jack Henry & Associates, Inc. | 54424 |
| 23 | Jackson Financial, Inc., Class A | 2518 |
| 30 | Janus Henderson Group PLC | 1563 |
| 356 | Japan Post Holdings Co. Ltd. (Japan) | 4643 |
| 146 | JTC PLC (Jersey)<sup>(a)</sup> | 2560 |
| 2358 | Judo Capital Holdings Ltd. (Australia)\* | 2899 |
| 555 | Jupiter Fund Management PLC (United Kingdom) | 1403 |
| 634 | Just Group PLC (United Kingdom) | 1845 |
| 195 | Jyske Bank A/S (Denmark) | 29228 |
| 15 | KBC Ancora (Belgium) | 1334 |
| 38 | Kinnevik AB, Class B (Sweden)\* | 269 |
| 994 | Lancashire Holdings Ltd. (United Kingdom) | 8954 |
| 5 | Lincoln National Corp. | 172 |
| 158 | Lion Finance Group PLC (Georgia) | 24705 |
| 740 | Loews Corp. | 81415 |
| 169 | MA Financial Group Ltd. (Australia) | 1113 |
| 1500 | Man Group PLC (United Kingdom) | 5401 |
| 574 | Mandatum OYJ (Finland) | 4630 |
| 13 | MarketAxess Holdings, Inc. | 2496 |
| 351 | Mastercard, Inc., Class A | 181541 |
| 95 | Merchants Bancorp | 4017 |
| 570 | MFA Financial, Inc. REIT | 5763 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Financials – (continued) | Financials – (continued) | Financials – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 | MGIC Investment Corp. | $2361 |
| 200 | Molten Ventures PLC (United Kingdom)\* | 1242 |
| 59 | Mutares SE & Co. KGaA (Germany) | 2177 |
| 455 | Navient Corp. | 3999 |
| 178 | NB Bancorp, Inc. | 3799 |
| 263 | Netwealth Group Ltd. (Australia) | 4832 |
| 340 | Ninety One PLC (United Kingdom) | 1140 |
| 680 | NOBA Bank Group AB (Sweden)\* | 7335 |
| 60 | Nordea Bank Abp (Finland) | 1165 |
| 221 | Nordnet AB publ (Sweden) | 7005 |
| 54 | Old Republic International Corp. | 2315 |
| 370 | OSB Group PLC (United Kingdom) | 3037 |
| 939 | Paragon Banking Group PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10800 |
| 103 | Pathward Financial, Inc. | 9351 |
| 360 | Pinnacle Financial Partners, Inc. | 32674 |
| 330 | Pinnacle Investment Management Group Ltd. (Australia) | 3697 |
| 95 | Plus500 Ltd. (Israel) | 5119 |
| 1180 | PNC Financial Services Group, Inc. (The) | 250573 |
| 121 | Polar Capital Holdings PLC (United Kingdom) | 1031 |
| 306 | Popular, Inc. (Puerto Rico) | 41420 |
| 44 | Preferred Bank | 3860 |
| 191 | PROG Holdings, Inc. | 6725 |
| 176 | Propel Holdings, Inc. (Canada) | 2711 |
| 20 | Prosperity Bancshares, Inc. | 1407 |
| 1838 | Quilter PLC (United Kingdom)<sup>(a)</sup> | 4843 |
| 53 | Radian Group, Inc. | 1830 |
| 80 | Rathbones Group PLC (United Kingdom) | 2436 |
| 639 | Ratos AB, Class B (Sweden) | 2657 |
| 274 | Raymond James Financial, Inc. | 41944 |
| 43 | Regions Financial Corp. | 1197 |
| 18 | Reinsurance Group of America, Inc. | 3883 |
| 13 | RenaissanceRe Holdings Ltd. (Bermuda) | 3932 |
| 20 | Renasant Corp. | 753 |
| 115 | Ringkjoebing Landbobank A/S (Denmark) | 30040 |
| 38 | RLI Corp. | 2368 |
| 330 | Rocket Cos., Inc., Class A | 6003 |
| 149 | SCOR SE (France) | 5436 |
| 465 | SEI Investments Co. | 37814 |
| 14 | Selective Insurance Group, Inc. | 1177 |
| 185 | Singapore Exchange Ltd. (Singapore) | 2662 |
| 38 | Sofina SA (Belgium) | 11297 |
| 325 | Sompo Holdings, Inc. (Japan) | 13000 |
| 80 | Southside Bancshares, Inc. | 2506 |
| 25 | SouthState Bank Corp. | 2467 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **29** |

---

------

GOLDMAN SACHS MSCI WORLD PRIVATE EQUITY RETURN TRACKER ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Financials – (continued) | Financials – (continued) | Financials – (continued) | Financials – (continued) |
| 435 | SpareBank 1 Nord Norge (Norway) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7285 |
| 685 | St James's Place PLC (United Kingdom) |  | 12433 |
| 203 | StoneX Group, Inc.\* |  | 25883 |
| 414 | Swiss Re AG |  | 73185 |
| 190 | TBC Bank Group PLC (Georgia) |  | 12287 |
| 958 | TP ICAP Group PLC (United Kingdom) |  | 3259 |
| 8 | Travelers Cos., Inc. (The) |  | 2469 |
| 220 | Trisura Group Ltd. (Canada)\* |  | 7527 |
| 416 | Two Harbors Investment Corp. REIT |  | 4297 |
| 838 | UBS Group AG (Switzerland) |  | 34880 |
| 1043 | Unicaja Banco SA (Spain)<sup>(a)</sup> |  | 3325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | United Bankshares, Inc. |  | 1445 |
| 25 | United Community Banks, Inc. |  | 804 |
| 256 | United Overseas Bank Ltd. (Singapore) |  | 7483 |
| 13 | Unum Group |  | 932 |
| 120 | Valley National Bancorp |  | 1513 |
| 58 | Van Lanschot Kempen NV (Netherlands) |  | 3869 |
| 3 | Vaudoise Assurances Holding SA (Switzerland) |  | 2859 |
| 16 | Vienna Insurance Group AG Wiener Versicherung Gruppe (Austria) |  | 1245 |
| 40 | Webster Financial Corp. |  | 2885 |
| 35 | Wendel SE (France) |  | 3672 |
| 110 | Westamerica BanCorp |  | 5572 |
| 10 | Western Alliance Bancorp |  | 803 |
| 553 | XPS Pensions Group PLC (United Kingdom) |  | 2312 |
|  |  |  | 3035399 |
| Health Care – 10.1% | Health Care – 10.1% | Health Care – 10.1% | Health Care – 10.1% |
| 65 | 10X Genomics, Inc., Class A\* |  | 1498 |
| 854 | 4DMedical Ltd. (Australia)\* |  | 2434 |
| 80 | ACADIA Pharmaceuticals, Inc.\* |  | 1965 |
| 150 | ADMA Biologics, Inc.\* |  | 2336 |
| 620 | Advanced Medical Solutions Group PLC (United Kingdom) |  | 1788 |
| 35 | Akero Therapeutics, Inc.\* |  | 23 |
| 48 | Align Technology, Inc.\* |  | 9125 |
| 108 | ALK-Abello A/S (Denmark)\* |  | 3762 |
| 110 | Alkermes PLC\* |  | 3311 |
| 213 | Almirall SA (Spain) |  | 3239 |
| 603 | Alnylam Pharmaceuticals, Inc.\* |  | 200751 |
| 30 | Alumis, Inc.\* |  | 891 |
| 140 | Ambu A/S, Class B (Denmark) |  | 1759 |
| 154 | Amplifon SpA (Italy) |  | 2396 |
| 20 | Apogee Therapeutics, Inc.\* |  | 1400 |
| 18 | Arcellx, Inc.\* |  | 2048 |
| 309 | Arcutis Biotherapeutics, Inc.\* |  | 8334 |
| 13 | Argenx SE (Netherlands)\* |  | 10091 |
| 21 | Arrowhead Pharmaceuticals, Inc.\* |  | 1329 |
| 325 | Asahi Intecc Co. Ltd. (Japan) |  | 7007 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Health Care – (continued) | Health Care – (continued) | Health Care – (continued) |
| 824 | Astellas Pharma, Inc. (Japan) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13730 |
| 3 | AtriCure, Inc.\* | 94 |
| 5 | Atrium Therapeutics, Inc.\* | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 | Aurinia Pharmaceuticals, Inc. (Canada)\* | 1034 |
| 53 | Avidity Biosciences, Inc.\* | 3816 |
| 5 | Axsome Therapeutics, Inc.\* | 819 |
| 39 | Bachem Holding AG (Switzerland) | 3012 |
| 353 | Bavarian Nordic A/S (Denmark)\* | 11017 |
| 185 | Baxter International, Inc. | 3768 |
| 50 | Beam Therapeutics, Inc.\* | 1423 |
| 8 | Biogen, Inc.\* | 1535 |
| 124 | BioMarin Pharmaceutical, Inc.\* | 7655 |
| 4 | Bio-Rad Laboratories, Inc., Class A\* | 1114 |
| 83 | Bio-Techne Corp. | 4897 |
| 140 | BoneSupport Holding AB (Sweden)\* | 3141 |
| 650 | Bridgebio Pharma, Inc.\* | 43212 |
| 48 | Bruker Corp. | 1925 |
| 65 | Camurus AB (Sweden)\* | 3624 |
| 30 | Carl Zeiss Meditec AG (Germany) | 961 |
| 80 | Catalyst Pharmaceuticals, Inc.\* | 1846 |
| 134 | Centene Corp.\* | 6014 |
| 26 | CG oncology, Inc.\* | 1529 |
| 18 | Charles River Laboratories International, Inc.\* | 3213 |
| 10 | Chemed Corp. | 4100 |
| 310 | Clariane SE (France)\* | 1490 |
| 33 | Cogent Biosciences, Inc.\* | 1282 |
| 361 | Coloplast A/S, Class B (Denmark) | 27839 |
| 7568 | Convatec Group PLC (United Kingdom)<sup>(a)</sup> | 26088 |
| 36 | COSMO Pharmaceuticals NV (Ireland) | 5327 |
| 55 | Crinetics Pharmaceuticals, Inc.\* | 2260 |
| 21 | CRISPR Therapeutics AG (Switzerland)\* | 1263 |
| 200 | CVS Group PLC (United Kingdom) | 3571 |
| 16 | Cytokinetics, Inc.\* | 996 |
| 113 | DaVita, Inc.\* | 17662 |
| 85 | Denali Therapeutics, Inc.\* | 1800 |
| 40 | Dermapharm Holding SE (Germany) | 1894 |
| 31 | DiaSorin SpA (Italy) | 2606 |
| 3 | Dottikon Es Holding AG (Switzerland)\* | 1404 |
| 3 | Dyne Therapeutics, Inc.\* | 47 |
| 43 | Eckert & Ziegler SE (Germany) | 783 |
| 35 | Edgewise Therapeutics, Inc.\* | 1065 |
| 15 | Edwards Lifesciences Corp.\* | 1297 |
| 120 | El.En. SpA (Italy) | 2012 |
| 110 | Elanco Animal Health, Inc.\* | 2904 |
| 516 | Eli Lilly & Co. | 542827 |
| 205 | Emeis SA (France)\* | 3723 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 30 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MSCI WORLD PRIVATE EQUITY RETURN TRACKER ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |
| Health Care – (continued) | Health Care – (continued) |  |
| 439 | Encompass Health Corp. | $47359 |
| 164 | Ensign Group, Inc. (The) | 35124 |
| 105 | Envista Holdings Corp.\* | 3067 |
| 76 | Erasca, Inc.\* | 1038 |
| 493 | Evotec SE (Germany)\* | 3423 |
| 36 | Exact Sciences Corp.\* | 3722 |
| 201 | Exelixis, Inc.\* | 8856 |
| 46 | Fagron (Belgium) | 1236 |
| 30 | Galapagos NV (Belgium)\* | 1007 |
| 433 | Galderma Group AG (Switzerland) | 82146 |
| 43 | Galenica AG (Switzerland)<sup>(a)</sup> | 5373 |
| 195 | Genus PLC (United Kingdom) | 7642 |
| 13 | Gerresheimer AG (Germany) | 260 |
| 59 | Getinge AB, Class B (Sweden) | 1327 |
| 35 | Glaukos Corp.\* | 4214 |
| 75 | Globus Medical, Inc., Class A\* | 7159 |
| 16 | Guardant Health, Inc.\* | 1502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2474 | Haleon PLC | 13494 |
| 530 | Halozyme Therapeutics, Inc.\* | 36851 |
| 30 | Harmony Biosciences Holdings, Inc.\* | 856 |
| 539 | HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285508 |
| 16 | HealthEquity, Inc.\* | 1224 |
| 24 | Henry Schein, Inc.\* | 1977 |
| 469 | Hikma Pharmaceuticals PLC (United Kingdom) | 8285 |
| 50 | Ideaya Biosciences, Inc.\* | 1610 |
| 43 | Immunome, Inc.\* | 940 |
| 43 | Immunovant, Inc.\* | 1192 |
| 753 | Incyte Corp.\* | 76256 |
| 74 | Inmode Ltd.\* | 1018 |
| 8 | Inspire Medical Systems, Inc.\* | 516 |
| 164 | Insulet Corp.\* | 40444 |
| 10 | Intuitive Surgical, Inc.\* | 5035 |
| 26 | Ionis Pharmaceuticals, Inc.\* | 2110 |
| 13 | Jazz Pharmaceuticals PLC\* | 2470 |
| 23 | Kiniksa Pharmaceuticals International PLC\* | 1023 |
| 15 | Krystal Biotech, Inc.\* | 4135 |
| 123 | Kuros Biosciences AG (Switzerland)\* | 4328 |
| 25 | Kymera Therapeutics, Inc.\* | 2284 |
| 44 | Laboratorios Farmaceuticos Rovi SA (Spain) | 4403 |
| 200 | Lantheus Holdings, Inc.\* | 14982 |
| 98 | LeMaitre Vascular, Inc. | 10602 |
| 13 | Ligand Pharmaceuticals, Inc.\* | 2578 |
| 35 | LivaNova PLC\* | 2471 |
| 28 | Lonza Group AG (Switzerland) | 19522 |
| 8 | Madrigal Pharmaceuticals, Inc.\* | 3456 |
| 14 | Masimo Corp.\* | 2455 |
| 5 | Medacta Group SA (Switzerland)<sup>(a)</sup> | 1036 |
| 73 | Medcap AB (Sweden)\* | 3960 |
| 53 | Medincell SA (France)\* | 1442 |
| 8 | Medpace Holdings, Inc.\* | 3614 |
| 31 | Merit Medical Systems, Inc.\* | 2393 |
| 215 | Moderna, Inc.\* | 11518 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |
| Health Care – (continued) | Health Care – (continued) |  |
| 19 | Molina Healthcare, Inc.\* | $2927 |
| 91 | Nanobiotix SA (France)\* | 2772 |
| 10 | National HealthCare Corp. | 1635 |
| 145 | Neogen Corp.\* | 1628 |
| 221 | Neuren Pharmaceuticals Ltd. (Australia)\* | 2055 |
| 8 | Newamsterdam Pharma Co. NV (Netherlands)\* | 284 |
| 25 | Nuvalent, Inc., Class A\* | 2549 |
| 30 | Omnicell, Inc.\* | 1233 |
| 40 | Option Care Health, Inc.\* | 1298 |
| 248 | OXB (United Kingdom)\* | 2211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1385 | Oxford Nanopore Technologies PLC (United Kingdom)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2478 |
| 23 | Penumbra, Inc.\* | 7921 |
| 31 | Pharma Mar SA (Spain)\* | 2937 |
| 1568 | Pharming Group NV (Netherlands)\* | 2579 |
| 55 | Pharvaris NV (Netherlands)\* | 1561 |
| 13 | Praxis Precision Medicines, Inc.\* | 4378 |
| 365 | Privia Health Group, Inc.\* | 8669 |
| 58 | Pro Medicus Ltd. (Australia) | 5373 |
| 55 | Progyny, Inc.\* | 973 |
| 35 | Protagonist Therapeutics, Inc.\* | 3223 |
| 308 | Ramsay Health Care Ltd. (Australia) | 9454 |
| 6 | Regeneron Pharmaceuticals, Inc. | 4690 |
| 20 | Repligen Corp.\* | 2575 |
| 223 | ResMed, Inc. | 57146 |
| 155 | Revenio Group OYJ (Finland) | 3404 |
| 84 | Revvity, Inc. | 8258 |
| 230 | Roivant Sciences Ltd.\* | 6656 |
| 35 | Scholar Rock Holding Corp.\* | 1549 |
| 43 | Siegfried Holding AG (Switzerland)\* | 4792 |
| 73 | SKAN Group AG (Switzerland) | 4964 |
| 375 | Spire Healthcare Group PLC (United Kingdom)<sup>(a)</sup> | 1023 |
| 23 | Spyre Therapeutics, Inc.\* | 989 |
| 40 | Supernus Pharmaceuticals, Inc.\* | 2189 |
| 359 | Swedish Orphan Biovitrum AB (Sweden)\* | 15733 |
| 408 | Takeda Pharmaceutical Co. Ltd. (Japan) | 15207 |
| 20 | Tarsus Pharmaceuticals, Inc.\* | 1510 |
| 23 | Tecan Group AG (Switzerland) | 4073 |
| 10 | Teleflex, Inc. | 1221 |
| 19 | Tenet Healthcare Corp.\* | 4548 |
| 28 | Terns Pharmaceuticals, Inc.\* | 1179 |
| 700 | TG Therapeutics, Inc.\* | 21063 |
| 35 | Twist Bioscience Corp.\* | 1642 |
| 269 | UCB SA (Belgium) | 80133 |
| 4 | UFP Technologies, Inc.\* | 842 |
| 6 | United Therapeutics Corp.\* | 3023 |
| 255 | Universal Health Services, Inc., Class B | 52555 |
| 398 | Valneva SE (France)\* | 2223 |
| 70 | Vaxcyte, Inc.\* | 4322 |
| 21 | Vera Therapeutics, Inc.\* | 857 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **31** |

---

------

GOLDMAN SACHS MSCI WORLD PRIVATE EQUITY RETURN TRACKER ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026*

&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 – (continued) | Common Stocks – (continued) |  |
| Health Care – (continued) | Health Care – (continued) |  |
| 55 | Veracyte, Inc.\* | $2012 |
| 30 | Vericel Corp.\* | 1070 |
| 971 | Vertex Pharmaceuticals, Inc.\* | 482422 |
| 348 | Viatris, Inc. | 5196 |
| 65 | Viking Therapeutics, Inc.\* | 2200 |
| 13 | Virbac SACA (France) | 5679 |
| 4 | Viridian Therapeutics, Inc.\* | 118 |
| 154 | Waystar Holding Corp.\* | 3950 |
| 40 | Xenon Pharmaceuticals, Inc. (Canada)\* | 1729 |
| 16 | Ypsomed Holding AG (Switzerland) | 5555 |
| 73 | Zealand Pharma A/S (Denmark)\* | 4197 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2720255 |
| Industrials – 14.7% | Industrials – 14.7% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349 | A O Smith Corp. | 27222 |
| 203 | Aalberts NV (Netherlands) | 8442 |
| 28 | AAON, Inc.<sup>(b)</sup> | 2834 |
| 13 | AAR Corp.\* | 1523 |
| 6 | ABM Industries, Inc. | 267 |
| 33 | Accelleron Industries AG (Switzerland) | 3113 |
| 65 | Ackermans & van Haaren NV (Belgium) | 22302 |
| 19 | ACS Actividades de Construccion y Servicios SA (Spain) | 2459 |
| 9 | Acuity, Inc. | 2714 |
| 106 | Adecco Group AG (Switzerland) | 2972 |
| 10 | Advanced Drainage Systems, Inc. | 1713 |
| 864 | Aena SME SA (Spain)<sup>(a)</sup> | 27207 |
| 70 | Aeroports de Paris SA (France) | 9786 |
| 5 | AeroVironment, Inc.\* | 1261 |
| 426 | AFRY AB (Sweden) | 6379 |
| 25 | AGCO Corp. | 3412 |
| 105 | Air Canada (Canada)\* | 1588 |
| 120 | Air France-KLM (France)\* | 1743 |
| 413 | Air Lease Corp. | 26779 |
| 25 | Aker ASA, Class A (Norway) | 2428 |
| 8 | Alamo Group, Inc. | 1708 |
| 25 | Alaska Air Group, Inc.\* | 1290 |
| 15 | Albany International Corp., Class A | 865 |
| 104 | Allison Transmission Holdings, Inc. | 13031 |
| 230 | ALS Ltd. (Australia) | 4199 |
| 78 | Amentum Holdings, Inc.\* | 2330 |
| 90 | ANDRITZ AG (Austria) | 7816 |
| 98 | API Group Corp.\* | 4357 |
| 19 | Applied Industrial Technologies, Inc. | 5369 |
| 75 | AQ Group AB (Sweden) | 1577 |
| 209 | Arcadis NV (Netherlands) | 7383 |
| 15 | ArcBest Corp. | 1540 |
| 48 | Archer Aviation, Inc., Class A\* | 342 |
| 19 | Arcosa, Inc. | 2042 |
| 8 | Argan, Inc. | 3610 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |
| Industrials – (continued) | Industrials – (continued) |  |
| 108 | Armstrong World Industries, Inc. | $18738 |
| 20 | ATI, Inc.\* | 3272 |
| 40 | ATS Corp. (Canada)\* | 1277 |
| 1980 | Auckland International Airport Ltd. (New Zealand) | 10883 |
| 2453 | Aurizon Holdings Ltd. (Australia) | 7255 |
| 825 | Automatic Data Processing, Inc. | 176847 |
| 1558 | AutoStore Holdings Ltd. (Norway)\* | 1785 |
| 41 | Avio SpA (Italy) | 1711 |
| 45 | Avon Technologies PLC (United Kingdom) | 1112 |
| 83 | Azelis Group NV (Belgium) | 823 |
| 10 | AZZ, Inc. | 1360 |
| 435 | Babcock International Group PLC (United Kingdom) | 7907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775 | Balfour Beatty PLC (United Kingdom) | 7914 |
| 75 | Befesa SA (Spain)<sup>(a)</sup> | 3011 |
| 85 | Bilfinger SE (Germany) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11953 |
| 11 | Blue Bird Corp.\* | 641 |
| 265 | Bodycote PLC (United Kingdom) | 2779 |
| 28 | Boise Cascade Co. | 2317 |
| 35 | Booz Allen Hamilton Holding Corp. | 2759 |
| 10 | Boyd Group, Inc. (Canada) | 1746 |
| 25 | Brady Corp., Class A | 2309 |
| 284 | Brambles Ltd. (Australia) | 5076 |
| 799 | Bravida Holding AB (Sweden)<sup>(a)</sup> | 9316 |
| 15 | Brink's Co. (The) | 1752 |
| 3 | Bucher Industries AG (Switzerland) | 1490 |
| 175 | Bufab AB (Sweden) | 2270 |
| 9 | BWX Technologies, Inc. | 1854 |
| 6 | CACI International, Inc., Class A\* | 3661 |
| 255 | Cadeler A/S (Denmark)\* | 1648 |
| 1923 | Canadian National Railway Co. (Canada) | 215825 |
| 44 | Canadian Pacific Kansas City Ltd. (Canada) | 3853 |
| 70 | Carel Industries SpA (Italy)<sup>(a)</sup> | 1917 |
| 24 | Carpenter Technology Corp. | 9554 |
| 393 | Centuri Holdings, Inc.\* | 12183 |
| 3 | Cewe Stiftung & Co. KGaA (Germany) | 355 |
| 10 | Chart Industries, Inc.\* | 2073 |
| 214 | Chemring Group PLC (United Kingdom) | 1536 |
| 45 | Clarkson PLC (United Kingdom) | 2577 |
| 8 | Clean Harbors, Inc.\* | 2346 |
| 3833 | Cleanaway Waste Management Ltd. (Australia) | 6966 |
| 1521 | ComfortDelGro Corp. Ltd. (Singapore) | 1864 |
| 50 | Construcciones y Auxiliar de Ferrocarriles SA (Spain) | 3489 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 32 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MSCI WORLD PRIVATE EQUITY RETURN TRACKER ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |
| Industrials – (continued) | Industrials – (continued) |  |
| 13 | Construction Partners, Inc., Class A\* | $1747 |
| 25 | Core & Main, Inc., Class A\* | 1354 |
| 45 | CoreCivic, Inc.\* | 796 |
| 20 | Crane Co. | 4011 |
| 8 | CSW Industrials, Inc. | 2355 |
| 25 | D/S Norden A/S (Denmark) | 1120 |
| 16 | Danieli & C Officine Meccaniche SpA (Italy) | 1273 |
| 55 | Danieli & C Officine Meccaniche SpA (Italy) | 3064 |
| 15 | Deme Group NV (Belgium) | 3493 |
| 71 | Derichebourg SA (France) | 790 |
| 344 | Deutz AG (Germany) | 5077 |
| 86 | Dfds A/S (Denmark)\* | 1411 |
| 169 | Diploma PLC (United Kingdom) | 12894 |
| 140 | DiscoverIE Group PLC (United Kingdom) | 1235 |
| 35 | DO & CO AG (Austria) | 8905 |
| 43 | Donaldson Co., Inc. | 3989 |
| 104 | Douglas Dynamics, Inc. | 4776 |
| 8 | Dover Corp. | 1804 |
| 115 | Duerr AG (Germany) | 3320 |
| 8 | Dycom Industries, Inc.\* | 3360 |
| 298 | easyJet PLC (United Kingdom) | 1859 |
| 71 | Elecnor SA (Spain) | 2414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1736 | Element Fleet Management Corp. (Canada) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41355 |
| 191 | Elis SA (France) | 6125 |
| 740 | Enav SpA (Italy)<sup>(a)</sup> | 4819 |
| 36 | EnerSys | 5981 |
| 11 | Enpro, Inc. | 2845 |
| 11 | Esab Corp. | 1388 |
| 14 | ESCO Technologies, Inc. | 3882 |
| 15 | Everus Construction Group, Inc.\* | 1813 |
| 10 | Exail Technologies SA (France)\* | 1466 |
| 119 | Exosens SAS (France) | 8753 |
| 806 | Experian PLC | 30190 |
| 48 | Exponent, Inc. | 3493 |
| 10 | Federal Signal Corp. | 1164 |
| 435 | FedEx Corp. | 168345 |
| 35 | Ferrovial SE | 2610 |
| 33 | Fincantieri SpA (Italy)\* | 562 |
| 70 | Finning International, Inc. (Canada) | 4720 |
| 136 | Firstgroup PLC (United Kingdom) | 336 |
| 138 | Flowserve Corp. | 12216 |
| 55 | FLSmidth & Co. A/S (Denmark) | 4872 |
| 8 | Flughafen Zurich AG (Switzerland) | 2746 |
| 189 | Fluidra SA (Spain) | 5061 |
| 110 | Fluor Corp.\* | 5754 |
| 40 | Fortive Corp. | 2368 |
| 46 | Fortune Brands Innovations, Inc. | 2500 |
| 88 | Fraport AG Frankfurt Airport Services Worldwide (Germany)\* | 8650 |
| 70 | FTI Consulting, Inc.\* | 11509 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |
| Industrials – (continued) | Industrials – (continued) |  |
| 229 | Fugro NV (Netherlands) | $2907 |
| 106 | Gates Industrial Corp. PLC\* | 2922 |
| 13 | GATX Corp. | 2394 |
| 595 | GE Vernova, Inc. | 519792 |
| 18 | Generac Holdings, Inc.\* | 4057 |
| 1048 | General Dynamics Corp. | 374188 |
| 116 | Genpact Ltd. | 4608 |
| 375 | Genuit Group PLC (United Kingdom) | 1921 |
| 1 | Georg Fischer AG (Switzerland) | 63 |
| 1094 | GFL Environmental, Inc. | 48353 |
| 2594 | Grab Holdings Ltd., Class A (Singapore)\* | 10947 |
| 199 | Grafton Group PLC (United Kingdom) | 2648 |
| 15 | Granite Construction, Inc. | 2017 |
| 20 | Greenbrier Cos., Inc. (The) | 1128 |
| 10 | Griffon Corp. | 852 |
| 40 | GXO Logistics, Inc.\* | 2513 |
| 10661 | Hays PLC (United Kingdom) | 5814 |
| 15 | Herc Holdings, Inc. | 2097 |
| 358 | Hexcel Corp. | 33183 |
| 3 | Hiab OYJ (Finland) | 173 |
| 100 | Hitachi Ltd. (Japan) | 3347 |
| 24 | HNI Corp. | 1079 |
| 85 | Hoegh Autoliners ASA (Norway) | 1184 |
| 614 | Howden Joinery Group PLC (United Kingdom) | 8007 |
| 40 | Hub Group, Inc., Class A | 1723 |
| 5 | Huber + Suhner AG (Switzerland) | 1204 |
| 14 | Huntington Ingalls Industries, Inc. | 6223 |
| 63 | Huron Consulting Group, Inc.\* | 8908 |
| 236 | Husqvarna AB, Class B (Sweden) | 1138 |
| 1 | ID Logistics Group SACA (France)\* | 473 |
| 5 | IES Holdings, Inc.\* | 2477 |
| 84 | IMCD NV (Netherlands) | 8073 |
| 373 | IMI PLC (United Kingdom) | 14443 |
| 29 | Indus Holding AG (Germany) | 1049 |
| 400 | Instalco AB (Sweden) | 1563 |
| 66 | Interpump Group SpA (Italy) | 3047 |
| 85 | INVISIO AB (Sweden) | 2930 |
| 148 | Inwido AB (Sweden) | 2769 |
| 194 | ISS A/S (Denmark) | 6898 |
| 36 | ITT, Inc. | 7287 |
| 275 | Iveco Group NV (Italy) | 6218 |
| 125 | Japan Airlines Co. Ltd. (Japan) | 2584 |
| 153 | Japan Airport Terminal Co. Ltd. (Japan) | 5227 |
| 20 | JBT Marel Corp. | 3080 |
| 104 | JET2 PLC (United Kingdom) | 1756 |
| 550 | Johnson Controls International PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1835 | Johnson Service Group PLC (United Kingdom) | 3607 |
| 31 | JOST Werke SE (Germany)<sup>(a)</sup> | 2463 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **33** |

---

------

GOLDMAN SACHS MSCI WORLD PRIVATE EQUITY RETURN TRACKER ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026*

&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 – (continued) | Common Stocks – (continued) |  |
| Industrials – (continued) | Industrials – (continued) |  |
| 18 | Jungfraubahn Holding AG (Switzerland) | $7291 |
| 6 | Kadant, Inc. | 2035 |
| 25 | Kalmar OYJ, Class B (Finland) | 1436 |
| 73 | Kanematsu Corp. (Japan) | 1150 |
| 96 | KBR, Inc. | 4054 |
| 100 | Keller Group PLC (United Kingdom) | 2709 |
| 289 | Kennametal, Inc. | 11641 |
| 685 | Kier Group PLC (United Kingdom) | 2192 |
| 158 | KION Group AG (Germany) | 10820 |
| 10 | Kirby Corp.\* | 1298 |
| 94 | Kloeckner & Co. SE (Germany) | 1223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735 | Knight-Swift Transportation Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46246 |
| 73 | Kone OYJ, Class B (Finland) | 5518 |
| 46 | Konecranes OYJ (Finland) | 5448 |
| 474 | Koninklijke BAM Groep NV (Netherlands) | 5342 |
| 55 | Koninklijke Heijmans N.V (Netherlands) | 5796 |
| 6 | Korn Ferry | 376 |
| 65 | Kratos Defense & Security Solutions, Inc.\* | 5602 |
| 33 | Krones AG (Germany) | 5182 |
| 14 | Landstar System, Inc. | 2281 |
| 30 | Leonardo DRS, Inc. | 1302 |
| 1459 | Leonardo SpA (Italy) | 97846 |
| 8 | Lincoln Electric Holdings, Inc. | 2296 |
| 24 | LISI SA (France) | 1587 |
| 628 | Lockheed Martin Corp. | 413274 |
| 159 | Logista Integral SA (Spain) | 6056 |
| 90 | Loomis AB (Sweden) | 4567 |
| 326 | Maire SpA (Italy) | 5912 |
| 128 | MasTec, Inc.\* | 38147 |
| 4 | MBB SE (Germany) | 963 |
| 73 | MDA Space Ltd. (Canada)\* | 2117 |
| 25 | Mercury Systems, Inc.\* | 2226 |
| 128 | Metlen Energy & Metals PLC (Greece)\* | 5373 |
| 2305 | Metso Oyj (Finland) | 48184 |
| 20 | Middleby Corp. (The)\* | 3377 |
| 50 | MillerKnoll, Inc. | 1007 |
| 1955 | Mitie Group PLC (United Kingdom) | 4747 |
| 24 | Modine Manufacturing Co.\* | 5454 |
| 8 | Moog, Inc., Class A | 2699 |
| 425 | Morgan Advanced Materials PLC (United Kingdom) | 1380 |
| 74 | Morgan Sindall Group PLC (United Kingdom) | 4925 |
| 1320 | MPC Container Ships ASA (Norway) | 3086 |
| 14 | MSA Safety, Inc. | 2736 |
| 25 | MSC Industrial Direct Co., Inc., Class A | 2346 |
| 59 | Mueller Industries, Inc. | 6960 |
| 280 | Mullen Group Ltd. (Canada)<sup>(b)</sup> | 3541 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |
| Industrials – (continued) | Industrials – (continued) |  |
| 165 | Munters Group AB (Sweden)<sup>(a)</sup> | $3465 |
| 8 | MYR Group, Inc.\* | 2160 |
| 110 | NCC AB, Class B (Sweden) | 2687 |
| 38 | Nexans SA (France) | 5487 |
| 73 | Nextpower, Inc., Class A\* | 7672 |
| 68 | NKT A/S (Denmark)\* | 8806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301 | Nordex SE (Germany)\* | 15324 |
| 55 | Norma Group SE (Germany) | 1026 |
| 625 | Norwegian Air Shuttle ASA (Norway) | 1092 |
| 4 | NuScale Power Corp.\* | 51 |
| 45 | nVent Electric PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5326 |
| 56 | Oesterreichische Post AG (Austria) | 2321 |
| 38 | OPENLANE, Inc.\* | 1083 |
| 48 | Oshkosh Corp. | 8161 |
| 40 | Owens Corning | 4883 |
| 281 | Pagegroup PLC (United Kingdom) | 708 |
| 30 | Palfinger AG (Austria) | 1373 |
| 39 | Paycom Software, Inc. | 4907 |
| 215 | Peab AB, Class B (Sweden) | 2531 |
| 23 | Per Aarsleff Holding A/S (Denmark) | 2908 |
| 6 | Pfisterer Holding SE (Germany)\* | 537 |
| 103 | Planet Labs PBC\* | 2486 |
| 33 | Plejd AB (Sweden)\* | 3076 |
| 35 | Porr AG (Austria) | 1618 |
| 5 | Powell Industries, Inc. | 2618 |
| 18 | Primoris Services Corp. | 2713 |
| 11 | Prysmian SpA (Italy) | 1331 |
| 700 | QinetiQ Group PLC (United Kingdom) | 4753 |
| 370 | QXO, Inc.\* | 8861 |
| 13 | RBC Bearings, Inc.\* | 7487 |
| 28 | Regal Rexnord Corp. | 6187 |
| 170 | RENK Group AG (Germany) | 11427 |
| 30 | Resideo Technologies, Inc.\* | 1161 |
| 49 | Rheinmetall AG (Germany) | 96241 |
| 14 | Robert Half, Inc. | 342 |
| 2390 | Rotork PLC (United Kingdom) | 12397 |
| 1716 | RS GROUP PLC (United Kingdom) | 16069 |
| 25 | Rush Enterprises, Inc., Class A | 1774 |
| 40 | Russel Metals, Inc. (Canada) | 1409 |
| 20 | Ryder System, Inc. | 4431 |
| 1423 | Sacyr SA (Spain) | 7621 |
| 14 | Saia, Inc.\* | 5675 |
| 255 | Schneider National, Inc., Class B | 7237 |
| 35 | Science Applications International Corp. | 3229 |
| 94 | Sdiptech AB, Class B (Sweden)\* | 2028 |
| 600 | Senior PLC (United Kingdom) | 2485 |
| 70 | Sensata Technologies Holding PLC | 2614 |
| 1540 | Serco Group PLC (United Kingdom) | 6236 |
| 269 | SGH Ltd. (Australia) | 8953 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 34 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MSCI WORLD PRIVATE EQUITY RETURN TRACKER ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |
| Industrials – (continued) | Industrials – (continued) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 | Shoals Technologies Group, Inc., Class A\* | $640 |
| 448 | SIA Engineering Co. Ltd. (Singapore) | 1247 |
| 65 | Signify NV<sup>(a)</sup> | 1513 |
| 23 | Simpson Manufacturing Co., Inc. | 4452 |
| 650 | Singapore Technologies Engineering Ltd. (Singapore) | 5124 |
| 8 | SiteOne Landscape Supply, Inc.\* | 1143 |
| 38 | SMA Solar Technology AG (Germany)\* | 1451 |
| 1478 | Smiths Group PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54566 |
| 8 | Snap-on, Inc. | 3082 |
| 11 | Societe BIC SA (France) | 707 |
| 168 | SPIE SA (France) | 10414 |
| 18 | SPX Technologies, Inc.\* | 4085 |
| 50 | SS&C Technologies Holdings, Inc. | 3764 |
| 906 | StandardAero, Inc.\* | 27905 |
| 78 | Stanley Black & Decker, Inc. | 6746 |
| 265 | Stantec, Inc. (Canada) | 24540 |
| 13 | Sterling Infrastructure, Inc.\* | 5566 |
| 2525 | Storskogen Group AB, Class B (Sweden) | 2580 |
| 5 | Sulzer AG (Switzerland) | 1105 |
| 65 | Sunrun, Inc.\* | 861 |
| 184 | Sweco AB, Class B (Sweden) | 2949 |
| 315 | Swire Pacific Ltd., Class A (Hong Kong) | 3389 |
| 6 | Symbotic, Inc.\* | 329 |
| 685 | Techtronic Industries Co. Ltd. (Hong Kong) | 11174 |
| 86 | Teleperformance SE (France) | 5227 |
| 54 | Terex Corp. | 3715 |
| 385 | Tetra Tech, Inc. | 13798 |
| 113 | THK Co. Ltd. (Japan) | 4080 |
| 120 | Thyssenkrupp Nucera AG & Co. KGaa (Germany)\*<sup>(a)</sup> | 1287 |
| 525 | Time Interconnect Technology Ltd. (Hong Kong) | 1309 |
| 29 | Timken Co. (The) | 3143 |
| 38 | TKH Group NV (Netherlands) | 1753 |
| 59 | Tkms AG& Co. KGaA (Germany)\* | 6684 |
| 159 | TOMRA Systems ASA (Norway) | 1965 |
| 15 | Toro Co. (The) | 1483 |
| 305 | Travis Perkins PLC (United Kingdom) | 2862 |
| 245 | Trinity Industries, Inc. | 8374 |
| 26 | Tutor Perini Corp. | 1960 |
| 41 | UFP Industries, Inc. | 4219 |
| 43 | U-Haul Holding Co. | 2028 |
| 10 | UniFirst Corp. | 2348 |
| 193 | Union Pacific Corp. | 51141 |
| 78 | Valmet OYJ (Finland) | 2622 |
| 6 | Valmont Industries, Inc. | 2760 |
| 38 | VAT Group AG (Switzerland)<sup>(a)</sup> | 26890 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |
| Industrials – (continued) | Industrials – (continued) |  |
| 24 | VBG Group AB, Class B (Sweden) | $992 |
| 29 | Verisk Analytics, Inc. | 6020 |
| 1184 | Verisure PLC (United Kingdom)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | Vesuvius PLC (United Kingdom) | 2014 |
| 10 | Vicor Corp.\* | 2014 |
| 208 | Volex PLC (United Kingdom) | 1351 |
| 300 | Volution Group PLC (United Kingdom) | 2872 |
| 15 | Vossloh AG (Germany) | 1461 |
| 10 | VSE Corp. | 2271 |
| 65 | Wacker Neuson SE (Germany) | 1600 |
| 134 | Wallenius Wilhelmsen ASA (Norway) | 1852 |
| 15 | Watts Water Technologies, Inc., Class A | 4931 |
| 426 | Webuild SpA (Italy) | 1662 |
| 399 | Weir Group PLC (The) (United Kingdom) | 18893 |
| 271 | Werner Enterprises, Inc. | 9509 |
| 19 | WESCO International, Inc. | 5500 |
| 13 | Westinghouse Air Brake Technologies Corp. | 3431 |
| 836 | WillScot Holdings Corp. | 18066 |
| 33 | Woodward, Inc. | 12763 |
| 30 | XPO, Inc.\* | 6314 |
| 400 | Yangzijiang Shipbuilding Holdings Ltd. (China) | 1372 |
| 350 | Zigup PLC (United Kingdom) | 1932 |
| 46 | Zurn Elkay Water Solutions Corp. | 2345 |
|  |  | 3966940 |
| Information Technology – 22.2% | Information Technology – 22.2% |  |
| 173 | A10 Networks, Inc. | 3332 |
| 33 | Abaxx Technologies, Inc. (Canada)\* | 1022 |
| 14 | Accenture PLC, Class A | 2922 |
| 108 | ACI Worldwide, Inc.\* | 4285 |
| 50 | ACM Research, Inc., Class A\* | 2784 |
| 106 | Adeia, Inc. | 2193 |
| 1194 | Adobe, Inc.\* | 313318 |
| 29 | Advanced Energy Industries, Inc. | 9732 |
| 2651 | Advanced Micro Devices, Inc.\* | 530757 |
| 125 | Advantest Corp. (Japan) | 21497 |
| 325 | AIXTRON SE (Germany) | 10591 |
| 95 | Akamai Technologies, Inc.\* | 9347 |
| 71 | Alarm.com Holdings, Inc.\* | 3397 |
| 1446 | Alfa Financial Software Holdings PLC (United Kingdom)<sup>(a)</sup> | 3752 |
| 450 | Alkami Technology, Inc.\* | 7445 |
| 590 | Allegro MicroSystems, Inc. (Japan)\* | 21517 |
| 16 | ALSO Holding AG (Switzerland) | 3408 |
| 166 | Alten SA (France) | 12456 |
| 19 | Ambarella, Inc.\* | 1146 |
| 115 | Amkor Technology, Inc. | 5499 |
| 39 | Analog Devices, Inc. | 13876 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **35** |

---

------

GOLDMAN SACHS MSCI WORLD PRIVATE EQUITY RETURN TRACKER ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026*

&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 – (continued) | Common Stocks – (continued) |  |
| Information Technology – (continued) | Information Technology – (continued) | Information Technology – (continued) |
| 5 | Appfolio, Inc., Class A\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;889 |
| 39 | Apple, Inc. | 10303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 | Applied Digital Corp.\* | 3545 |
| 36 | Applied Materials, Inc. | 13403 |
| 33 | Applied Optoelectronics, Inc.\* | 2780 |
| 61 | Arista Networks, Inc.\* | 8144 |
| 35 | Arrow Electronics, Inc.\* | 5326 |
| 63 | ASGN, Inc.\* | 2703 |
| 101 | ASML Holding NV (Netherlands) | 147084 |
| 608 | Astera Labs, Inc.\* | 72249 |
| 49 | Atoss Software SE (Germany) | 5091 |
| 1103 | Aurora Innovation, Inc.\* | 5162 |
| 323 | AvePoint, Inc.\* | 3482 |
| 368 | Avnet, Inc. | 24229 |
| 20 | Axcelis Technologies, Inc.\* | 1652 |
| 39 | AXT, Inc.\* | 1478 |
| 15 | Badger Meter, Inc. | 2286 |
| 124 | Barco NV (Belgium) | 1597 |
| 258 | Bechtle AG (Germany) | 10418 |
| 5 | Bel Fuse, Inc., Class B | 1149 |
| 23 | Belden, Inc. | 3296 |
| 35 | Benchmark Electronics, Inc. | 2023 |
| 141 | Bentley Systems, Inc., Class B | 5154 |
| 114 | BILL Holdings, Inc.\* | 5074 |
| 549 | Bitfarms Ltd. (Canada)\* | 1208 |
| 70 | Bittium OYJ (Finland) | 2207 |
| 954 | BlackBerry Ltd. (Canada)\* | 3239 |
| 1384 | Broadcom, Inc. | 442257 |
| 19 | Calix, Inc.\* | 984 |
| 184 | CANCOM SE (Germany) | 5181 |
| 116 | CCC Intelligent Solutions Holdings, Inc.\* | 676 |
| 440 | Celestica, Inc. (Canada)\* | 122201 |
| 138 | Cerillion PLC (United Kingdom) | 2885 |
| 279 | Check Point Software Technologies Ltd. (Israel)\* | 42428 |
| 643 | Ciena Corp.\* | 224214 |
| 269 | Cipher Digital, Inc.\* | 4196 |
| 48 | Cirrus Logic, Inc.\* | 6774 |
| 261 | Citizen Watch Co. Ltd. (Japan) | 3198 |
| 118 | Cleanspark, Inc.\* | 1174 |
| 81 | Clear Secure, Inc., Class A | 3940 |
| 321 | Clearwater Analytics Holdings, Inc., Class A\* | 7508 |
| 151 | Cognex Corp. | 8214 |
| 31 | Cognizant Technology Solutions Corp., Class A | 1997 |
| 45 | Cohu, Inc.\* | 1359 |
| 33 | Comet Holding AG (Switzerland) | 12770 |
| 11 | Commvault Systems, Inc.\* | 936 |
| 321 | Computacenter PLC (United Kingdom) | 13698 |
| 145 | Confluent, Inc., Class A\* | 4447 |
| 128 | Core Scientific, Inc.\* | 2172 |
| 250 | Cowell e Holdings, Inc. (Hong Kong)\* | 896 |
| 25 | CTS Corp. | 1317 |
| 876 | Dassault Systemes (France) | 19186 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |
| Information Technology – (continued) | Information Technology – (continued) | Information Technology – (continued) |
| 35 | Digi International, Inc.\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1709 |
| 35 | DigitalOcean Holdings, Inc.\* | 1962 |
| 45 | Diodes, Inc.\* | 3070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223 | Docusign, Inc.\* | 10051 |
| 88 | Dolby Laboratories, Inc., Class A | 5858 |
| 181 | Dropbox, Inc., Class A\* | 4523 |
| 139 | D-Wave Quantum, Inc. (Canada)\* | 2610 |
| 286 | DXC Technology Co.\* | 3601 |
| 313 | Dynatrace, Inc.\* | 11243 |
| 118 | Dynavox Group AB (Sweden)\* | 1099 |
| 5 | Elastic NV\* | 260 |
| 23 | Elmos Semiconductor SE (Germany) | 3987 |
| 75 | Enphase Energy, Inc.\* | 3170 |
| 39 | EPAM Systems, Inc.\* | 5499 |
| 25 | ePlus, Inc. | 2017 |
| 3 | F5, Inc.\* | 814 |
| 33 | Fabrinet (Thailand)\* | 18006 |
| 108 | Fair Isaac Corp.\* | 152211 |
| 120 | Fastly, Inc., Class A\* | 2294 |
| 11 | First Solar, Inc.\* | 2169 |
| 70 | FormFactor, Inc.\* | 6922 |
| 189 | GFT Technologies SE (Germany) | 3530 |
| 25 | Gitlab, Inc., Class A\* | 658 |
| 81 | GPGI, Inc. | 1818 |
| 48 | Guidewire Software, Inc.\* | 6975 |
| 1639 | Halma PLC (United Kingdom) | 92197 |
| 100 | Harmonic, Inc.\* | 1063 |
| 100 | HMS Networks AB (Sweden)\* | 4724 |
| 85 | Hut 8 Corp. (Canada)\* | 4525 |
| 33 | Ichor Holdings Ltd.\* | 1569 |
| 1 | Impinj, Inc.\* | 123 |
| 300 | Indra Sistemas SA (Spain) | 22227 |
| 15 | Inficon Holding AG (Switzerland) | 2329 |
| 2164 | Infineon Technologies AG (Germany) | 117085 |
| 220 | Intel Corp.\* | 10034 |
| 16 | InterDigital, Inc. | 5864 |
| 139 | IONOS Group SE (Germany)\* | 3799 |
| 25 | IPG Photonics Corp.\* | 3289 |
| 3 | Itron, Inc.\* | 282 |
| 41 | Ituran Location and Control Ltd. (Israel) | 1968 |
| 235 | Jenoptik AG (Germany) | 7808 |
| 65 | JFrog Ltd.\* | 2610 |
| 156 | Kainos Group PLC (United Kingdom) | 1583 |
| 3 | Kinaxis, Inc. (Canada)\* | 285 |
| 613 | Kitron ASA (Norway) | 6843 |
| 13 | Klaviyo, Inc., Class A\* | 226 |
| 80 | Knowles Corp.\* | 2174 |
| 138 | Kontron AG (Austria) | 3826 |
| 50 | Kulicke & Soffa Industries, Inc. (Singapore) | 3486 |
| 938 | Lagercrantz Group AB, Class B (Sweden) | 22955 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 36 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MSCI WORLD PRIVATE EQUITY RETURN TRACKER ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |
| Information Technology – (continued) | Information Technology – (continued) | Information Technology – (continued) |
| 24 | Landis+Gyr Group AG (Switzerland)\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1645 |
| 33 | Lasertec Corp. (Japan) | 7115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 | Lattice Semiconductor Corp.\* | 10996 |
| 20 | Life360, Inc.\* | 1053 |
| 403 | Lightspeed Commerce, Inc. (Canada)\* | 3637 |
| 441 | LINK Mobility Group Holding ASA (Norway)\* | 1006 |
| 23 | Littelfuse, Inc. | 8107 |
| 141 | LiveRamp Holdings, Inc.\* | 3831 |
| 56 | MACOM Technology Solutions Holdings, Inc.\* | 13895 |
| 31 | Manhattan Associates, Inc.\* | 4198 |
| 35 | MARA Holdings, Inc.\* | 313 |
| 3863 | Marvell Technology, Inc. | 315568 |
| 70 | MaxLinear, Inc.\* | 1220 |
| 101 | Micron Technology, Inc. | 41649 |
| 1616 | Microsoft Corp. | 634668 |
| 130 | Mirion Technologies, Inc.\* | 2809 |
| 40 | MKS, Inc. | 9778 |
| 4 | MongoDB, Inc.\* | 1314 |
| 4 | Monolithic Power Systems, Inc. | 4571 |
| 373 | Mycronic AB (Sweden) | 8487 |
| 55 | Nagarro SE (Germany) | 3656 |
| 30 | Napco Security Technologies, Inc. | 1398 |
| 68 | Navitas Semiconductor Corp.\* | 612 |
| 61 | Nayax Ltd. (Israel)\* | 3056 |
| 465 | NCAB Group AB (Sweden)\* | 2827 |
| 235 | Nemetschek SE (Germany) | 18812 |
| 219 | Netcompany Group A/S (Denmark)\*<sup>(a)</sup> | 11185 |
| 75 | NetScout Systems, Inc.\* | 2191 |
| 118 | Next Vision Stabilized Systems Ltd. (Israel) | 13470 |
| 201 | Nice Ltd. (Israel)\* | 22758 |
| 40 | nLight, Inc.\* | 2248 |
| 159 | NORBIT ASA (Norway) | 3468 |
| 153 | Nordic Semiconductor ASA (Norway)\* | 2305 |
| 20 | Novanta, Inc.\* | 2689 |
| 176 | Nutanix, Inc., Class A\* | 6737 |
| 2690 | NVIDIA Corp. | 476641 |
| 6 | Okta, Inc.\* | 435 |
| 300 | Omron Corp. (Japan) | 10668 |
| 41 | ON Semiconductor Corp.\* | 2726 |
| 181 | Ondas, Inc.\*<sup>(b)</sup> | 1824 |
| 6 | One Software Technologies Ltd. (Israel) | 116 |
| 425 | Onestream, Inc.\* | 10026 |
| 45 | Onto Innovation, Inc.\* | 9715 |
| 9 | OSI Systems, Inc.\* | 2567 |
| 156 | Oxford Instruments PLC (United Kingdom) | 5537 |
| 3874 | Palantir Technologies, Inc., Class A\* | 531474 |
| 20 | Palo Alto Networks, Inc.\* | 2978 |
| 26 | PDF Solutions, Inc.\* | 878 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |
| Information Technology – (continued) | Information Technology – (continued) | Information Technology – (continued) |
| 10 | Pegasystems, Inc. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437 |
| 65 | Photronics, Inc.\* | 2433 |
| 25 | Plexus Corp.\* | 4853 |
| 50 | Power Integrations, Inc. | 2396 |
| 50 | Procore Technologies, Inc.\* | 2752 |
| 78 | Progress Software Corp.\* | 3267 |
| 75 | Q2 Holdings, Inc.\* | 3609 |
| 23 | Qnity Electronics, Inc. | 2915 |
| 49 | Qorvo, Inc.\* | 4062 |
| 13 | QT Group OYJ (Finland)\* | 337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124 | Quadient SA (France) | 1979 |
| 140 | Qualys, Inc.\* | 12946 |
| 179 | Quantum Computing, Inc.\* | 1505 |
| 105 | Ralliant Corp. | 4818 |
| 84 | Rambus, Inc.\* | 8371 |
| 196 | Raspberry PI Holdings PLC (United Kingdom)\*<sup>(b)</sup> | 983 |
| 28 | Renishaw PLC (United Kingdom) | 1619 |
| 83 | Reply SpA (Italy) | 8888 |
| 250 | Ricoh Co. Ltd. (Japan) | 2354 |
| 201 | Rigetti Computing, Inc.\* | 3501 |
| 94 | RingCentral, Inc., Class A\* | 3426 |
| 290 | Riot Platforms, Inc.\* | 4724 |
| 15 | Rogers Corp.\* | 1617 |
| 40 | Rubrik, Inc., Class A\* | 2078 |
| 3168 | Sage Group PLC (The) (United Kingdom) | 35002 |
| 51 | Salesforce, Inc. | 9934 |
| 121 | Sandisk Corp.\* | 76879 |
| 248 | Sanmina Corp.\* | 38504 |
| 640 | SAP SE (Germany) | 129186 |
| 51 | ScanSource, Inc.\* | 1876 |
| 9 | Secunet Security Networks AG (Germany) | 2017 |
| 45 | Semtech Corp.\* | 4060 |
| 1611 | SentinelOne, Inc., Class A\* | 21136 |
| 68 | ServiceTitan, Inc., Class A\* | 4923 |
| 34 | Sesa SpA (Italy) | 3097 |
| 61 | Shopify, Inc., Class A (Canada)\* | 7365 |
| 30 | Silicon Laboratories, Inc.\* | 6136 |
| 35 | Siltronic AG (Germany) | 2372 |
| 904 | Sinch AB\*<sup>(a)</sup> | 2301 |
| 19 | SiTime Corp.\* | 7560 |
| 100 | Skyworks Solutions, Inc. | 5958 |
| 434 | Softcat PLC (United Kingdom) | 6652 |
| 31 | SolarEdge Technologies, Inc.\* | 1097 |
| 10 | Sopra Steria Group (France) | 1549 |
| 119 | SoundHound AI, Inc., Class A\*<sup>(b)</sup> | 1023 |
| 38 | Strategy, Inc.\* | 4921 |
| 55 | SUSS MicroTec SE (Germany) | 3591 |
| 25 | Synaptics, Inc.\* | 2037 |
| 8 | Synopsys, Inc.\* | 3312 |
| 261 | Taiyo Yuden Co. Ltd. (Japan) | 8018 |
| 40 | TD SYNNEX Corp. | 6272 |
| 5 | TE Connectivity PLC (Switzerland) | 1151 |
| 393 | Technology One Ltd. (Australia) | 7301 |
| 305 | Technoprobe SpA (Italy)\* | 6172 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **37** |

---

------

GOLDMAN SACHS MSCI WORLD PRIVATE EQUITY RETURN TRACKER ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026*

&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) |  |  |
| Information Technology – (continued) | Information Technology – (continued) | Information Technology – (continued) | Information Technology – (continued) |
| 5 | Teledyne Technologies, Inc.\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 | Teradata Corp.\* |  | 3432 |
| 486 | Teradyne, Inc. |  | 155535 |
| 170 | Terawulf, Inc.\* |  | 2757 |
| 275 | TietoEVRY OYJ (Finland) |  | 6163 |
| 366 | TomTom NV (Netherlands)\* |  | 2269 |
| 503 | Tower Semiconductor Ltd. (Israel)\* |  | 63514 |
| 48 | Trimble, Inc.\* |  | 3210 |
| 61 | TTM Technologies, Inc.\* |  | 6359 |
| 20 | Twilio, Inc., Class A\* |  | 2419 |
| 148 | UiPath, Inc., Class A\* |  | 1588 |
| 21 | Ultra Clean Holdings, Inc.\* |  | 1274 |
| 34 | Unity Software, Inc.\* |  | 620 |
| 19 | Universal Display Corp. |  | 2027 |
| 249 | Varonis Systems, Inc.\* |  | 5752 |
| 28 | Veeco Instruments, Inc.\* |  | 856 |
| 389 | VeriSign, Inc. |  | 88669 |
| 75 | Viasat, Inc.\* |  | 3434 |
| 135 | Viavi Solutions, Inc.\* |  | 4011 |
| 100 | Vishay Intertechnology, Inc. |  | 1872 |
| 110 | Vistance Networks, Inc.\* |  | 1933 |
| 151 | Vitec Software Group AB, Class B (Sweden) |  | 4003 |
| 29 | Vontier Corp. |  | 1187 |
| 10 | Vusion (France) |  | 1411 |
| 79 | Wiit SpA (Italy) |  | 2486 |
| 70 | WiseTech Global Ltd. (Australia) |  | 2372 |
| 43 | Xero Ltd. (New Zealand)\* |  | 2548 |
| 190 | Zeta Global Holdings Corp., Class A\* |  | 3221 |
| 54 | Zoom Communications, Inc., Class A\* |  | 3993 |
|  |  |  | 5951435 |
| Materials – 4.8% | Materials – 4.8% | Materials – 4.8% | Materials – 4.8% |
| 278 | Acerinox SA |  | 4441 |
| 75 | Air Liquide SA (France) |  | 15784 |
| 40 | Albemarle Corp. |  | 7147 |
| 104 | Alcoa Corp. |  | 6456 |
| 6 | Alzchem Group AG (Germany) |  | 1056 |
| 95 | AMG Critical Materials NV (Netherlands) |  | 3746 |
| 1786 | Antofagasta PLC (Chile) |  | 102483 |
| 56 | APERAM SA (Luxembourg) |  | 2937 |
| 15 | AptarGroup, Inc. |  | 2156 |
| 1019 | ArcelorMittal (Luxembourg) |  | 66750 |
| 73 | Arkema SA (France) |  | 5340 |
| 446 | ATALAYA MINING COPPER SA (Spain) |  | 6164 |
| 28 | Aurubis AG (Germany) |  | 5713 |
| 30 | Avient Corp. |  | 1232 |
| 53 | Axalta Coating Systems Ltd.\* |  | 1771 |
| 8 | Balchem Corp. |  | 1451 |
| 7694 | Barrick Mining Corp. (Canada) |  | 390440 |
| 15 | Cabot Corp. |  | 1142 |
| 206 | Capricorn Metals Ltd. (Australia)\* |  | 2161 |
| 45 | Celanese Corp. |  | 2247 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |
| Materials – (continued) | Materials – (continued) | Materials – (continued) |
| 133 | Cementir Holding NV (Denmark) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356 | Clariant AG (Switzerland)\* | 3900 |
| 26 | Cleveland-Cliffs, Inc.\* | 277 |
| 144 | Coeur Mining, Inc.\* | 3910 |
| 30 | Commercial Metals Co. | 2199 |
| 569 | Constellium SE\* | 14162 |
| 240 | Corbion NV (Netherlands) | 5517 |
| 21 | Crown Holdings, Inc. | 2407 |
| 101 | Eagle Materials, Inc. | 22604 |
| 45 | Eastman Chemical Co. | 3398 |
| 490 | Ecolab, Inc. | 151091 |
| 70 | Element Solutions, Inc. | 2456 |
| 423 | Endeavour Mining PLC (Ivory Coast) | 30084 |
| 200 | Evolution Mining Ltd. (Australia) | 2363 |
| 438 | Fresnillo PLC (Mexico) | 24968 |
| 100 | Greif, Inc., Class A | 7267 |
| 15 | HB Fuller Co. | 986 |
| 215 | Hecla Mining Co. | 5356 |
| 1363 | Hudbay Minerals, Inc. (Canada) | 38626 |
| 88 | Huhtamaki OYJ (Finland) | 3287 |
| 43 | Imerys SA (France) | 1244 |
| 2309 | International Paper Co. | 100557 |
| 275 | JX Advanced Metals Corp. (Japan) | 7326 |
| 148 | K+S AG (Germany) | 2619 |
| 59 | Kemira OYJ (Finland) | 1428 |
| 20 | Knife River Corp.\* | 1780 |
| 111 | LANXESS AG (Germany) | 2506 |
| 584 | Lynas Rare Earths Ltd. (Australia)\* | 7899 |
| 1186 | LyondellBasell Industries NV, Class A | 68219 |
| 196 | Mitsubishi Chemical Group Corp. (Japan) | 1457 |
| 110 | Mosaic Co. (The) | 3062 |
| 3 | MP Materials Corp.\* | 177 |
| 361 | Navigator Co. SA (The) (Portugal) | 1465 |
| 33 | NewMarket Corp. | 20658 |
| 24 | Newmont Corp. | 3120 |
| 125 | Nippon Paper Industries Co. Ltd. (Japan) | 1055 |
| 3416 | Norsk Hydro ASA (Norway) | 31649 |
| 9 | Nucor Corp. | 1592 |
| 356 | OCI NV (Netherlands)\* | 1522 |
| 465 | O-I Glass, Inc.\* | 6231 |
| 9180 | Pan African Resources PLC (South Africa) | 22117 |
| 21 | Royal Gold, Inc. | 6296 |
| 511 | SIG Group AG (Switzerland)\* | 8319 |
| 43 | Silgan Holdings, Inc. | 2066 |
| 49 | SOL SpA (Italy) | 2985 |
| 49 | Solstice Advanced Materials, Inc. | 3847 |
| 35 | Sonoco Products Co. | 1976 |
| 198 | SSAB AB, Class B (Sweden) | 1753 |
| 460 | thyssenkrupp AG (Germany) | 5727 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 38 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MSCI WORLD PRIVATE EQUITY RETURN TRACKER ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **&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) |
| 84 | Umicore SA (Belgium) | $| 1787 |
| 21 | Vicat SACA (France) |  | 1765 |
| 3 | Vidrala SA (Spain) |  | 290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295 | voestalpine AG (Austria) |  | 16907 |
| 16 | Wacker Chemie AG (Germany) |  | 1526 |
| 25 | Warrior Met Coal, Inc. |  | 2081 |
| 13 | Westlake Corp. |  | 1370 |
| 48 | Wienerberger AG (Austria) |  | 1576 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1305938 |
| Real Estate – 2.2% | Real Estate – 2.2% | Real Estate – 2.2% | Real Estate – 2.2% |
| 8 | Altarea SCA REIT (France) |  | 1215 |
| 240 | American Assets Trust, Inc. REIT |  | 4685 |
| 1120 | Apple Hospitality REIT, Inc. REIT |  | 13731 |
| 16 | ARGAN SA REIT (France) |  | 1343 |
| 151 | British Land Co. PLC (The) REIT (United Kingdom) |  | 828 |
| 1321 | CapitaLand Ascendas REIT (Singapore) |  | 2810 |
| 81 | Carmila SA REIT (France)\* |  | 1771 |
| 185 | CK Asset Holdings Ltd. (Hong Kong) |  | 1177 |
| 169 | Colonial SFL Socimi SA REIT (Spain) |  | 1137 |
| 1495 | Great Portland Estates PLC REIT (United Kingdom) |  | 6975 |
| 1000 | Hang Lung Group Ltd. (Hong Kong) |  | 2148 |
| 3113 | Host Hotels & Resorts, Inc. REIT |  | 60984 |
| 14 | ICADE REIT (France) |  | 354 |
| 75 | Innovative Industrial Properties, Inc. REIT |  | 3972 |
| 3 | Invincible Investment Corp. REIT (Japan) |  | 1274 |
| 33 | Jones Lang LaSalle, Inc.\* |  | 10413 |
| 338 | LondonMetric Property PLC |  |  |
|  | REIT (United Kingdom) |  | 977 |
| 120 | Mercialys SA REIT (France) |  | 1737 |
| 190 | Merlin Properties Socimi SA REIT (Spain) |  | 3367 |
| 2390 | PRS REIT PLC (The) REIT (United Kingdom) |  |  |
| 4039 | Realty Income Corp. REIT |  | 270613 |
| 559 | Sun Communities, Inc. REIT |  | 76281 |
| 635 | Sun Hung Kai Properties Ltd. (Hong Kong) |  | 11852 |
| 928 | Suntec Real Estate Investment Trust REIT (Singapore) |  | 1042 |
| 113 | TAG Immobilien AG (Germany) |  | 2207 |
| 1446 | UDR, Inc. REIT |  | 54225 |
| 1785 | Weyerhaeuser Co. REIT |  | 43786 |
|  |  |  | 580904 |
| Utilities – 0.3% | Utilities – 0.3% | Utilities – 0.3% | Utilities – 0.3% |
| 376 | Enagas SA (Spain) |  | 6812 |

---

---

| | | |
|:---|:---|:---|
| **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) |
| 23 | Grenergy Renovables SA (Spain)\* | $2993 |
| 184 | Iberdrola SA (Spain) | 4356 |
| 44 | Nippon Gas Co. Ltd. (Japan) | 880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248 | Solaria Energia y Medio Ambiente SA (Spain)\* | 6433 |
| 3088 | United Utilities Group PLC (United Kingdom) | 57833 |
|  |  | 79307 |
| **TOTAL COMMON STOCKS**<br> **(Cost $20,633,850)** | **TOTAL COMMON STOCKS**<br> **(Cost $20,633,850)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21422481 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Dividend Rate** | **Value** |
| Preferred Stocks – 0.0% | Preferred Stocks – 0.0% | Preferred Stocks – 0.0% | Preferred Stocks – 0.0% |
| Chemicals – 0.0% | Chemicals – 0.0% | Chemicals – 0.0% | Chemicals – 0.0% |
| 25 | FUCHS SE | 3.15% | 1085 |
| Ground Transportation – 0.0% | Ground Transportation – 0.0% | Ground Transportation – 0.0% | Ground Transportation – 0.0% |
| 106 | Sixt SE | 4.96 | 6859 |
| Health Care Equipment & Supplies – 0.0% | Health Care Equipment & Supplies – 0.0% | Health Care Equipment & Supplies – 0.0% | Health Care Equipment & Supplies – 0.0% |
| 25 | Draegerwerk AG & Co. KGaA | 2.27 | 2645 |
| Machinery – 0.0% | Machinery – 0.0% | Machinery – 0.0% | Machinery – 0.0% |
| 113 | Jungheinrich AG | 2.49% | 4285 |
| 1 | KSB SE & Co. KGaA | 2.47 | 1275 |
|  |  |  | 5560 |
| **TOTAL PREFERRED STOCKS**<br> **(Cost $15,475)** | **TOTAL PREFERRED STOCKS**<br> **(Cost $15,475)** | **TOTAL PREFERRED STOCKS**<br> **(Cost $15,475)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16149 |
| **Units** | **Description** | **Expiration Month** | **Value** |
| Right – 0.0% | Right – 0.0% | Right – 0.0% | Right – 0.0% |
| Consumer Discretionary – 0.0% | Consumer Discretionary – 0.0% | Consumer Discretionary – 0.0% | Consumer Discretionary – 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 | AcadeMedia AB\* |  |  |
| **(Cost $0)** | **(Cost $0)** | 03/26 | 4 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend Rate** | **Value** |
| Investment Company – 14.2%<sup>(c)</sup> | Investment Company – 14.2%<sup>(c)</sup> | Investment Company – 14.2%<sup>(c)</sup> |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3825862 | 3.589% | 3825862 |
| **(Cost $3,825,862)** | **(Cost $3,825,862)** | **(Cost $3,825,862)** |
| **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE**<br> **(Cost $24,475,187)** | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE**<br> **(Cost $24,475,187)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25264496 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **39** |

---

------

GOLDMAN SACHS MSCI WORLD PRIVATE EQUITY RETURN TRACKER ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend Rate** | **Value** |
| Securities Lending Reinvestment Vehicle – 0.2%<sup>(c)</sup> | Securities Lending Reinvestment Vehicle – 0.2%<sup>(c)</sup> | Securities Lending Reinvestment Vehicle – 0.2%<sup>(c)</sup> |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44458 | 3.589% | $44458 |
| **(Cost $44,458)** | **(Cost $44,458)** |  |
| TOTAL INVESTMENTS – 94.1% | TOTAL INVESTMENTS – 94.1% | TOTAL INVESTMENTS – 94.1% |
| (Cost $24,519,645) | (Cost $24,519,645) | $25308954 |
| OTHER ASSETS IN EXCESS OF LIABILITIES – 5.9% | OTHER ASSETS IN EXCESS OF LIABILITIES – 5.9% | 1572908 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26881862 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Exempt from registration under Rule 144A of the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion of security is on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents an affiliated issuer.

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| ADR | —American Depositary Receipt |
| LP | —Limited Partnership |
| PLC | —Public Limited Company |
| REIT | —Real Estate Investment Trust |

---

#### OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Financing Rate** |  |  | | **Upfront** | **Unrealized** |
|  | **Received (Paid) by** |  | **Termination** | **Notional** | **Premium** | **Appreciation/** |
| **Reference Obligation/Index** | **the Fund** | **Counterparty** | **Date<sup>(a)</sup>** | **Amount (000's)** | **(Received) Paid** | **(Depreciation)\*** |
|  MXWLPERT | 1.000% | JPMorgan Chase | 11/18/2026 | $8778 | $– | $634123 |
|  MXWSPERT | 1.000% | JPMorgan Chase | 11/18/2026 | 5171 |  | (289935) |
|  TOTAL |  |  |  |  |  | $344188 |

---

\* There are no upfront payments on the swap contracts, therefore the unrealized gain (loss) on the swap contracts is equal to their market value.

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund pays/receives annual coupon payments in accordance with the swap contract. On the termination date of the swap contract(s), the Fund will either receive from or pay to the counterparty an amount equal to the net of the accrued financing fees and the value of the reference security subtracted from the original notional cost (notional multiplied by the price change of the reference security, converted to U.S. Dollars).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 40 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *February 28, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – 99.8% | Common Stocks – 99.8% | Common Stocks – 99.8% |
| Consumer Discretionary – 11.9% | Consumer Discretionary – 11.9% | Consumer Discretionary – 11.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11884 | Boot Barn Holdings, Inc.\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2248690 |
| 8303 | Brinker International, Inc.\* | 1230505 |
| 10951 | Five Below, Inc.\* | 2447877 |
| 5968 | Installed Building Products, Inc. | 1956072 |
| 16736 | Kontoor Brands, Inc. | 1091354 |
| 40097 | Life Time Group Holdings, Inc.\* | 1082619 |
| 33306 | Meritage Homes Corp. | 2511938 |
| 12786 | Ollie's Bargain Outlet Holdings, Inc.\* | 1369381 |
| 16669 | Patrick Industries, Inc. | 2063455 |
| 32231 | Taylor Morrison Home Corp.\* | 2123701 |
| 19278 | Urban Outfitters, Inc.\* | 1276204 |
|  |  | 19401796 |
| Consumer Staples – 0.8% | Consumer Staples – 0.8% | Consumer Staples – 0.8% |
| 15454 | Freshpet, Inc.\* | 1305090 |
| Energy – 4.2% | Energy – 4.2% | Energy – 4.2% |
| 37074 | Archrock, Inc. | 1309825 |
| 18410 | Cactus, Inc., Class A | 994140 |
| 28725 | CNX Resources Corp.\* | 1200131 |
| 28601 | Matador Resources Co. | 1470091 |
| 41673 | Seadrill Ltd. (Norway)\* | 1828611 |
|  |  | 6802798 |
| Financials – 18.5% | Financials – 18.5% | Financials – 18.5% |
| 57962 | Atlantic Union Bankshares Corp. | 2148072 |
| 71260 | Columbia Banking System, Inc. | 2027347 |
| 38495 | First Merchants Corp. | 1504385 |
| 54136 | Glacier Bancorp, Inc. | 2462647 |
| 7945 | Hanover Insurance Group, Inc. (The) | 1435105 |
| 33161 | Jefferson Capital, Inc. | 684111 |
| 12421 | Nicolet Bankshares, Inc. | 1897432 |
| 55598 | NMI Holdings, Inc.\* | 2185557 |
| 17921 | PennyMac Financial Services, Inc. | 1647478 |
| 97720 | Perella Weinberg Partners | 1808797 |
| 9924 | Piper Sandler Cos. | 2933038 |
| 54723 | Renasant Corp. | 2060321 |
| 44269 | Skyward Specialty Insurance Group, Inc.\* | 2057180 |
| 19553 | SouthState Bank Corp. | 1929294 |
| 128439 | Valley National Bancorp | 1619616 |
| 51718 | WesBanco, Inc. | 1803407 |
|  |  | 30203787 |
| Health Care – 15.8% | Health Care – 15.8% | Health Care – 15.8% |
| 59139 | 10X Genomics, Inc., Class A\* | 1363154 |
| 52391 | Alkermes PLC\* | 1576969 |
| 19220 | Bridgebio Pharma, Inc.\* | 1277746 |
| 21449 | Cytokinetics, Inc.\* | 1334557 |
| 11914 | GeneDx Holdings Corp.\* | 949665 |
| 15699 | Glaukos Corp.\* | 1890159 |
| 11947 | iRhythm Holdings, Inc.\* | 1597911 |
| 5984 | Krystal Biotech, Inc.\* | 1649430 |
| 6746 | Ligand Pharmaceuticals, Inc.\* | 1337799 |
| 20382 | Merit Medical Systems, Inc.\* | 1573083 |
| 20111 | RadNet, Inc.\* | 1403949 |
| 10649 | Repligen Corp.\* | 1370846 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Health Care – (continued) | Health Care – (continued) | Health Care – (continued) | Health Care – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19731 | REVOLUTION Medicines, Inc.\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2012957 |
| 10020 | Rhythm Pharmaceuticals, Inc.\* |  | 929155 |
| 22325 | Supernus Pharmaceuticals, Inc.\* |  | 1221847 |
| 32915 | Veracyte, Inc.\* |  | 1204360 |
| 66839 | WaVe Life Sciences Ltd.\* |  | 931067 |
| 47293 | Waystar Holding Corp.\* |  | 1213065 |
| 23582 | Xenon Pharmaceuticals, Inc. (Canada)\* |  | 1019450 |
|  |  |  | 25857169 |
| Industrials – 19.9% | Industrials – 19.9% | Industrials – 19.9% | Industrials – 19.9% |
| 9622 | Alamo Group, Inc. |  | 2054586 |
| 34853 | Alliance Laundry Holdings, Inc.\* |  | 781753 |
| 12992 | ArcBest Corp. |  | 1333759 |
| 15696 | Arcosa, Inc. |  | 1687006 |
| 57574 | Centuri Holdings, Inc.\* |  | 1784794 |
| 8506 | Enpro, Inc. |  | 2200077 |
| 13294 | Esab Corp. |  | 1677304 |
| 8493 | ESCO Technologies, Inc. |  | 2355024 |
| 70464 | Gates Industrial Corp. PLC\* |  | 1942692 |
| 13701 | Granite Construction, Inc. |  | 1842236 |
| 12532 | Herc Holdings, Inc. |  | 1751848 |
| 22157 | Kratos Defense & Security Solutions, Inc.\* |  | 1909490 |
| 8147 | Landstar System, Inc. |  | 1327553 |
| 27793 | Mercury Systems, Inc.\* |  | 2474411 |
| 10418 | Moog, Inc., Class A |  | 3515346 |
| 5258 | MYR Group, Inc.\* |  | 1419450 |
| 9116 | Standex International Corp. |  | 2388392 |
|  |  |  | 32445721 |
| Information Technology – 15.4% | Information Technology – 15.4% | Information Technology – 15.4% | Information Technology – 15.4% |
| 7571 | Advanced Energy Industries, Inc. |  | 2540600 |
| 51929 | Allegro MicroSystems, Inc. (Japan)\* |  | 1893851 |
| 40226 | Braze, Inc., Class A\* |  | 763892 |
| 42505 | Cohu, Inc.\* |  | 1283651 |
| 27623 | DigitalOcean Holdings, Inc.\* |  | 1548545 |
| 27643 | FormFactor, Inc.\* |  | 2733340 |
| 24767 | Intapp, Inc.\* |  | 555524 |
| 26447 | JFrog Ltd.\* |  | 1061847 |
| 6413 | Littelfuse, Inc. |  | 2260326 |
| 78492 | Mirion Technologies, Inc.\* |  | 1696212 |
| 14391 | Onto Innovation, Inc.\* |  | 3106873 |
| 23393 | Semtech Corp.\* |  | 2110516 |
| 4936 | SiTime Corp.\* |  | 1963936 |
| 43469 | Tenable Holdings, Inc.\* |  | 835909 |
| 13493 | Workiva, Inc.\* |  | 830899 |
|  |  |  | 25185921 |
| Materials – 7.4% | Materials – 7.4% | Materials – 7.4% | Materials – 7.4% |
| 68296 | Coeur Mining, Inc.\* |  | 1854236 |
| 31561 | Commercial Metals Co. |  | 2313421 |
| 47347 | Constellium SE\* |  | 1178467 |
| 41051 | Element Solutions, Inc. |  | 1440480 |
| 22099 | HB Fuller Co. |  | 1452346 |
| 20248 | Ingevity Corp.\* |  | 1458464 |
| 18087 | Solstice Advanced Materials, Inc. |  | 1420010 |
| 23602 | Worthington Steel, Inc. |  | 980899 |
|  |  |  | 12098323 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **41** |

---

------

GOLDMAN SACHS SMALL CAP EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Real Estate – 2.5% | Real Estate – 2.5% | Real Estate – 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94812 | Newmark Group, Inc., Class A | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1376670 |
| 40955 | Terreno Realty Corp. REIT | 2705488 |
|  |  | 4082158 |
| Utilities – 3.4% | Utilities – 3.4% | Utilities – 3.4% |
| 13346 | IDACORP, Inc. | 1921424 |
| 16711 | Southwest Gas Holdings, Inc. | 1473409 |
| 23668 | Spire, Inc. | 2168225 |
|  |  | 5563058 |
| TOTAL COMMON STOCKS<br>(Cost $140,841,534) | TOTAL COMMON STOCKS<br>(Cost $140,841,534) | 162945821 |
| **Shares** | **Dividend Rate** | **Value** |
| Investment Company – 0.4%<sup>(a)</sup> | Investment Company – 0.4%<sup>(a)</sup> | Investment Company – 0.4%<sup>(a)</sup> |
|  Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |  |
| 604454 | 3.571% | 604454 |
| **(Cost $604,454)** | **(Cost $604,454)** | **(Cost $604,454)** |
| TOTAL INVESTMENTS – 100.2%<br>(Cost $141,445,988) | TOTAL INVESTMENTS – 100.2%<br>(Cost $141,445,988) | $163550275 |
| LIABILITIES IN EXCESS OF OTHER ASSETS<br> – (0.2)% | LIABILITIES IN EXCESS OF OTHER ASSETS<br> – (0.2)% | (289938) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $163260337 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(a) 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;

---

| | |
|:---|:---|
| 42 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EQUITY ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Assets and Liabilities *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Equal Weight U.S. Large**<br> **Cap Equity ETF** | **Hedge Industry VIP ETF** | **India Equity ETF** |
| Assets: |  |  |  |
|  Investments in unaffiliated issuers, at value (cost $1,375,671,281, $424,976,261 and $164,400,685, respectively)<sup>(a)</sup>  | $1640081531 | $462239540 | $156783749 |
|  Investments in affiliated issuers, at value (cost $2,962,217, $– and $2,957,736, respectively) | 4246141 |  | 2957736 |
|  Investments in affiliated securities lending reinvestment vehicle, at value which equals cost | 4952781 |  |  |
|  Cash |  | 521857 | 7348 |
|  Foreign Currency, at value (cost $–, $– and $963,070, respectively) |  |  | 962870 |
|  Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 1688954 | 179812 | 35634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 5038 | 2925 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold |  |  | 61841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts |  |  | 148720 |
|  **Total assets** | 1650974445 | 462944134 | 160957898 |
| Liabilities: |  |  |  |
|  Variation margin on futures contracts |  |  | 39520 |
|  Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned | 4952781 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 48088 | 71038 | 40171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased |  | 8376465 | 59353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign capital gains taxes |  |  | 3892 |
|  **Total liabilities** | 5000869 | 8447503 | 142936 |
| Net Assets: |  |  |  |
|  Paid-in capital | 1436025118 | 447285658 | 169782251 |
|  Total distributable earnings (loss) | 209948458 | 7210973 | (8967289) |
|  **NET ASSETS** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1645973576 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454496631 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160814962 |
|  **SHARES ISSUED AND OUTSTANDING** |  |  |  |
|  Shares outstanding no par value (unlimited shares authorized): | 18350000 | 2900000 | 6500000 |
|  Net asset value per share: | $89.70 | $156.72 | $24.74 |

---

<sup>(a)</sup> Includes loaned securities having a market value of $4,753,146, $– and $– for Equal Weight U.S. Large Cap Equity ETF, Hedge Industry VIP ETF and India Equity ETF, respectively. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **43** |

---

------

GOLDMAN SACHS EQUITY ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Assets and Liabilities (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Innovate Equity ETF** | **JUST U.S. Large Cap**<br> **Equity ETF** | **MSCI World Private**<br> **Equity Return Tracker**<br> **ETF** |
| Assets: |  |  |  |
|  Investments in unaffiliated issuers, at value (cost $168,924,196, $329,671,447 and $20,649,325, respectively)<sup>(a)</sup>  | $209799108 | $509250737 | $21438634 |
|  Investments in affiliated issuers, at value (cost $434,301, $1,983,769 and $3,825,862, respectively) | 1174173 | 3846735 | 3825862 |
|  Investments in affiliated securities lending reinvestment vehicle, at value which equals cost | 6096641 | 9279 | 44458 |
|  Cash |  |  | 299401 |
|  Foreign Currency, at value (cost $347,191, $– and $79, respectively) | 345332 |  | 79 |
|  Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 169229 | 517022 | 21217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims | 117128 |  | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 16642 | 52 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold |  |  | 3736398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold |  |  | 5376374 |
|  Unrealized gain on swap contracts |  |  | 292196 |
|  **Total assets** | 217718253 | 513623825 | 35034708 |
| Liabilities: |  |  |  |
|  Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned | 6096641 | 9279 | 44458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to custodian | 73231 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 34746 | 33561 | 3309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased |  |  | 8105079 |
|  **Total liabilities** | 6204618 | 42840 | 8152846 |
| Net Assets: |  |  |  |
|  Paid-in capital | 231353866 | 348995787 | 25030269 |
|  Total distributable earnings (loss) | (19840231) | 164585198 | 1851593 |
|  **NET ASSETS** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211513635 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513580985 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26881862 |
|  **SHARES ISSUED AND OUTSTANDING** |  |  |  |
|  Shares outstanding no par value (unlimited shares authorized): | 2900000 | 5275000 | 500000 |
|  Net asset value per share: | $72.94 | $97.36 | $53.76 |

---

<sup>(a)</sup> Includes loaned securities having a market value of $5,684,054, $9,327 and $42,683 for Innovate Equity ETF, JUST U.S. Large Cap Equity ETF and MSCI World Private Equity Return Tracker ETF, respectively. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 44 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EQUITY ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Assets and Liabilities (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **Small Cap Equity ETF** |
| Assets: |  |
|  Investments in unaffiliated issuers, at value (cost $140,841,534) | $162945821 |
|  Investments in affiliated issuers, at value (cost $604,454) | 604454 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 936888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 84092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims | 3747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 510 |
|  **Total assets** | 164575512 |
| Liabilities: |  |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 1273774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 41401 |
|  **Total liabilities** | 1315175 |
| Net Assets: |  |
|  Paid-in capital | 149057230 |
|  Total distributable earnings | 14203107 |
|  **NET ASSETS** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163260337 |
|  **SHARES ISSUED AND OUTSTANDING** |  |
|  Shares outstanding no par value (unlimited shares authorized): | 2800000 |
|  Net asset value per share: | $58.31 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **45** |

---

------

GOLDMAN SACHS EQUITY ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Operations *For the Six Months Ended February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Equal Weight U.S.<br>Large Cap Equity<br>ETF** | **Hedge Industry<br>VIP ETF** | **India Equity ETF** |
| Investment income: |  |  |  |
| Dividends — unaffiliated issuers (net of foreign withholding taxes of $490, $10,907 and $100,348, respectively) | $11131766 | $978437 | $79498 |
|  Securities lending income, net of rebates received or paid to borrowers – unaffiliated issuer | 69813 | 3040 |  |
| Dividends — affiliated issuers | 39256 | 9067 | 29529 |
|  **Total Investment Income** | 11240835 | 990544 | 109027 |
| Expenses: |  |  |  |
|  Management fees | 631626 | 945057 | 350297 |
|  Trustee fees | 17812 | 14710 | 11103 |
|  **Total expenses** | 649438 | 959767 | 361400 |
|  Less — expense reductions | (1180) | (570) | (1370) |
|  **Net expenses** | 648258 | 959197 | 360030 |
|  **NET INVESTMENT INCOME (LOSS)** | 10592577 | 31347 | (251003) |
| Realized and Unrealized gain (loss): |  |  |  |
|  Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers (including the effects of net foreign capital gains tax of $–, $– and $(103912), respectively) | 3988951 | (16867835) | (745533) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated issuers | 51501 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — affiliated issuers | 153328 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — unaffiliated issuers | 41498540 | 76873912 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  |  | (13891) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  |  | (230363) |
|  Net change in unrealized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers (including the effects of the net change in foreign capital gains tax liability of $–, $– and $1,965, respectively) | 51597098 | (20300954) | (7299711) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated issuers | 210765 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations |  |  | (236) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  |  | (61196) |
|  **Net realized and unrealized gain (loss)** | 97500183 | 39705123 | (8350930) |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108092760 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39736470 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8601933) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 46 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EQUITY ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Operations (continued) *For the Six Months Ended February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Innovate Equity ETF** | **JUST U.S. Large Cap**<br> **Equity ETF** | **MSCI World Private**<br> **Equity Return**<br> **Tracker ETF\*** |
| Investment income: |  |  |  |
| Dividends — unaffiliated issuers (net of foreign withholding taxes of $31,697, $272 and $3,758, respectively) | $966019 | $3100997 | $74161 |
|  Securities lending income, net of rebates received or paid to borrowers – unaffiliated issuer | 110787 | 466 | 27 |
| Dividends — affiliated issuers | 15367 | 32243 | 60779 |
|  **Total Investment Income** | 1092173 | 3133706 | 134967 |
| Expenses: |  |  |  |
|  Management fees | 556224 | 479372 | 44203 |
|  Trustee fees | 14148 | 14957 |  |
|  **Total expenses** | 570372 | 494329 | 44203 |
|  Less — expense reductions | (363) | (836) | (2585) |
|  **Net expenses** | 570009 | 493493 | 41618 |
|  **NET INVESTMENT INCOME** | 522164 | 2640213 | 93349 |
| Realized and Unrealized gain (loss): |  |  |  |
|  Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 5968359 | 275502 | 198402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated issuers | 126302 | 21442 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — affiliated issuers | 139721 | 21231 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — unaffiliated issuers | 9339621 | 2613935 | 402873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Contracts |  |  | 75708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (8437) |  | 207 |
|  Net change in unrealized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | (4410662) | 26847243 | 789309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated issuers | (34663) | 370268 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Contracts |  |  | 292196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (3283) |  | (451) |
|  **Net realized and unrealized gain** | 11116958 | 30149621 | 1758244 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11639122 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32789834 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1851593 |

---

<sup>\*</sup> For the period October 21, 2025 (commencement of operations) through February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **47** |

---

------

GOLDMAN SACHS EQUITY ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Operations (continued) *For the Six Months Ended February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **Small Cap Equity**<br> **ETF** |
| Investment income: |  |
| Dividends — unaffiliated issuers | $587994 |
| Dividends — affiliated issuers | 26286 |
|  Securities lending income, net of rebates received or paid to borrowers – unaffiliated issuer | 5505 |
|  **Total Investment Income** | 619785 |
| Expenses: |  |
|  Management fees | 589349 |
|  Trustee fees | 13865 |
|  **Total expenses** | 603214 |
|  Less — expense reductions | (38924) |
|  **Net expenses** | 564290 |
|  **NET INVESTMENT INCOME** | 55495 |
| Realized and Unrealized gain (loss): |  |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | (669557) |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — unaffiliated issuers | 5637862 |
|  Net change in unrealized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 7849898 |
|  **Net realized and unrealized gain** | 12818203 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12873698 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 48 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EQUITY ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Equal Weight U.S. Large Cap Equity ETF** | **Equal Weight U.S. Large Cap Equity ETF** | **Hedge Industry VIP ETF** | **Hedge Industry VIP ETF** |
|  | **For the<br>Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **For the Fiscal**<br> **Year Ended<br>August 31, 2025** | **For the<br>Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **For the Fiscal<br>Year Ended<br>August 31, 2025** |
| From operations: |  |  |  |  |
|  Net investment income | $10592577 | $18019710 | $31347 | $1523293 |
|  Net realized gain | 45692320 | 38236019 | 60006077 | 54730590 |
|  Net change in unrealized gain (loss) | 51807863 | 71573526 | (20300954) | 12683109 |
| **Net increase in net assets resulting from operations** | 108092760 | 127829255 | 39736470 | 68936992 |
| Distributions to shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From distributable earnings | (12001108) | (16518301) | (1467305) | (904128) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 337878703 | 594089469 | 228894660 | 229217606 |
|  Cost of shares redeemed | (123497029) | (187596129) | (185628839) | (211872367) |
| **Net increase in net assets resulting from share transactions** | 214381674 | 406493340 | 43265821 | 17345239 |
|  **TOTAL INCREASE** | 310473326 | 517804294 | 81534986 | 85378103 |
| Net Assets: |  |  |  |  |
|  Beginning of period | $1335500250 | $817695956 | $372961645 | $287583542 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1645973576 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1335500250 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454496631 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372961645 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **49** |

---

------

GOLDMAN SACHS EQUITY ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **India Equity ETF** | **India Equity ETF** | **Innovate Equity ETF** | **Innovate Equity ETF** |
|  | **For the<br>Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **For the Period**<br> **April 1, 2025<sup>\*</sup>**<br> **to**<br> **August 31, 2025** | **For the**<br> **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **For the Fiscal<br>Year Ended<br>August 31, 2025** |
| From operations: |  |  |  |  |
|  Net investment income (loss) | $(251003) | $20546 | $522164 | $1867670 |
|  Net realized gain (loss) | (989787) | (71890) | 15565566 | 60188788 |
|  Net change in unrealized loss | (7361143) | (323243) | (4448608) | (17083004) |
| **Net increase (decrease) in net assets resulting from operations** | (8601933) | (374587) | 11639122 | 44973454 |
| Distributions to shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From distributable earnings |  |  | (2719811) | (3331425) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 158499217 | 11977741 |  |  |
|  Cost of shares redeemed |  | (685476) | (26304784) | (164584299) |
| **Net increase (decrease) in net assets resulting from share transactions** | 158499217 | 11292265 | (26304784) | (164584299) |
|  **TOTAL INCREASE (DECREASE)** | 149897284 | 10917678 | (17385473) | (122942270) |
| Net Assets: |  |  |  |  |
|  Beginning of period | $10917678 | $– | $228899108 | $351841378 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160814962 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10917678 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211513635 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228899108 |

---

<sup>\*</sup> Commencement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 50 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EQUITY ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **JUST U.S. Large Cap Equity ETF** | **JUST U.S. Large Cap Equity ETF** | **MSCI World Private**<br>**Equity Return**<br>**Tracker ETF** |
|  | **For the**<br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Fiscal**<br> **Year Ended**<br> **August 31, 2025** | **For the Period**<br> **October 21, 2025<sup>\*</sup>**<br> **to**<br> **February 28,**<br> **2026 (Unaudited)** |
| From operations: |  |  |  |
|  Net investment income | $2640213 | $4891024 | $93349 |
|  Net realized gain | 2932110 | 18416836 | 677190 |
|  Net change in unrealized gain | 27217511 | 36510263 | 1081054 |
| **Net increase in net assets resulting from operations** | 32789834 | 59818123 | 1851593 |
| Distributions to shareholders: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From distributable earnings | (2591020) | (4768873) |  |
| From share transactions: |  |  |  |
|  Proceeds from sales of shares | 9749852 | 110925014 | 30418763 |
|  Cost of shares redeemed | (4817416) | (48439198) | (5388494) |
| **Net increase in net assets resulting from share transactions** | 4932436 | 62485816 | 25030269 |
|  **TOTAL INCREASE** | 35131250 | 117535066 | 26881862 |
| Net Assets: |  |  |  |
|  Beginning of period | $478449735 | $360914669 | $– |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513580985 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478449735 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26881862 |

---

<sup>\*</sup> Commencement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **51** |

---

------

GOLDMAN SACHS EQUITY ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Small Cap Equity ETF** | **Small Cap Equity ETF** |
|  | **For the**<br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Fiscal**<br> **Year Ended**<br> **August 31, 2025** |
| From operations: |  |  |
|  Net investment income | $55495 | $291526 |
|  Net realized gain (loss) | 4968305 | (5043366) |
|  Net change in unrealized gain | 7849898 | 6644854 |
| **Net increase in net assets resulting from operations** | 12873698 | 1893014 |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From distributable earnings | (69161) | (374278) |
| &nbsp;&nbsp;&nbsp;&nbsp; From return of capital |  | (590432) |
| **Total distributions to shareholders** | (69161) | (964710) |
| From share transactions: |  |  |
|  Proceeds from sales of shares | 25109816 | 101932655 |
|  Cost of shares redeemed | (20754041) | (34419519) |
| **Net increase in net assets resulting from share transactions** | 4355775 | 67513136 |
|  **TOTAL INCREASE** | 17160312 | 68441440 |
| Net Assets: |  |  |
|  Beginning of period | $146100025 | $77658585 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163260337 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146100025 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 52 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Equal Weight U.S. Large Cap Equity ETF** | **Equal Weight U.S. Large Cap Equity ETF** | **Equal Weight U.S. Large Cap Equity ETF** | **Equal Weight U.S. Large Cap Equity ETF** | **Equal Weight U.S. Large Cap Equity ETF** | **Equal Weight U.S. Large Cap Equity ETF** |
|  | **For the Six Months<br>Ended** | **For the Fiscal**<br>**Year Ended August 31,** | **For the Fiscal**<br>**Year Ended August 31,** | **For the Fiscal**<br>**Year Ended August 31,** | **For the Fiscal**<br>**Year Ended August 31,** | **For the Fiscal**<br>**Year Ended August 31,** |
|  | **February 28, 2026<br>(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Operating Performance: | Per Share Operating Performance: | Per Share Operating Performance: | Per Share Operating Performance: |  |  |  |
| Net asset value, beginning of period | $84.26 | $76.06 | $62.93 | $58.98 | $70.00 | $50.86 |
| Net investment income<sup>(a)</sup> | 0.62 | 1.30 | 1.18 | 1.03 | 0.94 | 0.85 |
| Net realized and unrealized gain (loss) | 5.54 | 8.12 | 13.09 | 3.94 | (10.98) | 19.09 |
| Total from investment operations | 6.16 | 9.42 | 14.27 | 4.97 | (10.04) | 19.94 |
|  Distributions to shareholders from net investment income | (0.72) | (1.22) | (1.14) | (1.02) | (0.98) | (0.80) |
| Net asset value, end of period | $89.70 | $84.26 | $76.06 | $62.93 | $58.98 | $70.00 |
| Market price, end of period | $89.75 | $84.23 | $76.06 | $62.93 | $58.99 | $69.99 |
| **Total Return at Net Asset Value<sup>(b)</sup>** | 7.36% | 12.52% | 22.93% | 8.58% | (14.48)% | 39.56% |
| Net assets, end of period (in 000's) | $1645974 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1335500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817696 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462534 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613410 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857504 |
| Ratio of net expenses to average net assets | 0.09 %<sup>(c)</sup> | 0.09% | 0.09% | 0.09% | 0.09% | 0.09% |
|  Ratio of net investment income to average net assets | 1.47 %<sup>(c)</sup> | 1.64% | 1.72% | 1.72% | 1.43% | 1.39% |
| Portfolio turnover rate<sup>(d)</sup> | 28% | 46% | 39% | 44% | 47% | 43% |

---

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. 

<sup>(c)</sup> Annualized.

<sup>(d)</sup> The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **53** |

---

------

GOLDMAN SACHS HEDGE INDUSTRY VIP 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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Hedge Industry VIP ETF** | **Hedge Industry VIP ETF** | **Hedge Industry VIP ETF** | **Hedge Industry VIP ETF** | **Hedge Industry VIP ETF** | **Hedge Industry VIP ETF** |
|  | **For the Six Months<br>Ended** | **For the Fiscal**<br>**Year Ended August 31,** | **For the Fiscal**<br>**Year Ended August 31,** | **For the Fiscal**<br>**Year Ended August 31,** | **For the Fiscal**<br>**Year Ended August 31,** | **For the Fiscal**<br>**Year Ended August 31,** |
|  | **February 28, 2026<br>(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Operating Performance: | Per Share Operating Performance: | Per Share Operating Performance: | Per Share Operating Performance: |  |  |  |
| Net asset value, beginning of period | $143.45 | $116.20 | $88.85 | $75.37 | $103.18 | $79.37 |
| Net investment income (loss)<sup>(a)</sup> | 0.01 <sup>(b)</sup> | 0.60 <sup>(c)</sup> | 0.76 | 0.17 | (0.04)<sup>(d)</sup> | (0.07) |
| Net realized and unrealized gain (loss) | 13.78 | 27.00 | 27.33 | 13.32 | (27.77) | 23.88 |
| Total from investment operations | 13.79 | 27.60 | 28.09 | 13.49 | (27.81) | 23.81 |
|  Distributions to shareholders from net investment income | (0.52) | (0.35) | (0.74) | (0.01) |  | – <sup>(e)</sup> |
| Net asset value, end of period | $156.72 | $143.45 | $116.20 | $88.85 | $75.37 | $103.18 |
| Market price, end of period | $156.40 | $143.39 | $116.03 | $88.90 | $75.47 | $103.21 |
| **Total Return at Net Asset Value<sup>(f)</sup>** | 9.61% | 23.80% | 31.79% | 17.90% | (26.95)% | 30.00% |
| Net assets, end of period (in 000's) | $454497 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372962 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287584 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142164 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145084 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221834 |
| Ratio of net expenses to average net assets | 0.45 %<sup>(g)</sup> | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% |
|  Ratio of net investment income (loss) to average net assets | 0.01 %<sup>(b)(g)</sup> | 0.47 %<sup>(c)</sup> | 0.74% | 0.23% | (0.05)%<sup>(d)</sup> | (0.08)% |
| Portfolio turnover rate<sup>(h)</sup> | 83% | 137% | 144% | 120% | 117% | 136% |

---

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> Reflects income recognized from special dividends which amounted to $0.17 per share and 0.11% of average net assets. 

<sup>(c)</sup> Reflects income recognized from non-recurring special dividends which amounted to $0.20 per share and 0.15% of average net assets. 

<sup>(d)</sup> Reflects income recognized from non-recurring special dividends which amounted to $0.05 per share and 0.05% of average net assets. 

<sup>(e)</sup> Amount is less than $0.005 per share. 

<sup>(f)</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>(g)</sup> Annualized.

<sup>(h)</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;

---

| | |
|:---|:---|
| 54 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INDIA EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **India Equity ETF** | **India Equity ETF** |
|  | **For the Six Months<br>Ended<br>February 28, 2026<br>(Unaudited)** | **For the Period<br>April 1, 2025<sup>\*</sup>**<br> **to**<br> **August 31, 2025** |
| Per Share Operating Performance: | Per Share Operating Performance: | Per Share Operating Performance: |
| Net asset value, beginning of period | $25.69 | $24.95 |
| Net investment income (loss)<sup>(a)</sup> | (0.07) | 0.07 |
| Net realized and unrealized gain (loss) | (0.88) | 0.67 |
| Total from investment operations | (0.95) | 0.74 |
| Net asset value, end of period | $24.74 | $25.69 |
| Market price, end of period | $25.06 | $25.92 |
| **Total Return at Net Asset Value<sup>(b)</sup>** | (3.62)% | 2.89% |
| Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160815 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10918 |
| Ratio of net expenses to average net assets | 0.75 %<sup>(c)</sup> | 0.75 %<sup>(c)</sup> |
| Ratio of net investment income (loss) to average net assets | (0.52)%<sup>(c)</sup> | 0.67 %<sup>(c)</sup> |
| Portfolio turnover rate<sup>(d)</sup> | 15% | 22% |

---

<sup>\*</sup> Commencement of operations.

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. 

<sup>(c)</sup> Annualized.

<sup>(d)</sup> The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **55** |

---

------

GOLDMAN SACHS INNOVATE EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Innovate Equity ETF** | **Innovate Equity ETF** | **Innovate Equity ETF** | **Innovate Equity ETF** | **Innovate Equity ETF** | **Innovate Equity ETF** |
|  | **For the Six Months<br>Ended** | **For the Fiscal**<br>**Year Ended August 31,** | **For the Fiscal**<br>**Year Ended August 31,** | **For the Fiscal**<br>**Year Ended August 31,** | **For the Fiscal**<br>**Year Ended August 31,** | **For the Period<br>November 6, 2020<sup>\*</sup>** |
|  | **February 28, 2026<br>(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **to<br>August 31, 2021** |
| Per Share Operating Performance: | Per Share Operating Performance: | Per Share Operating Performance: | Per Share Operating Performance: |  |  |  |
| Net asset value, beginning of period | $70.43 | $59.13 | $49.42 | $43.67 | $63.23 | $50.03 |
| Net investment income<sup>(a)</sup> | 0.17 | 0.47 | 0.40 | 0.43 | 0.33 | 0.24 |
| Net realized and unrealized gain (loss) | 3.26 | 11.60 | 9.84 | 5.39 | (19.43) | 13.15 |
| Total from investment operations | 3.43 | 12.07 | 10.24 | 5.82 | (19.10) | 13.39 |
|  Distributions to shareholders from net investment income | (0.92) | (0.77) | (0.53) | (0.07) | (0.46) | (0.19) |
| Net asset value, end of period | $72.94 | $70.43 | $59.13 | $49.42 | $43.67 | $63.23 |
| Market price, end of period | $72.75 | $70.42 | $59.14 | $49.42 | $43.62 | $63.34 |
| **Total Return at Net Asset Value<sup>(b)</sup>** | 4.85% | 20.58% | 20.86% | 13.38% | (30.35)% | 26.80% |
| Net assets, end of period (in 000's) | $211514 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228899 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351841 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336076 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327530 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493184 |
| Ratio of net expenses to average net assets | 0.50 %<sup>(c)</sup> | 0.50% | 0.50% | 0.50% | 0.50% | 0.50 %<sup>(c)</sup> |
|  Ratio of net investment income to average net assets | 0.46 %<sup>(c)</sup> | 0.74% | 0.76% | 0.97% | 0.62% | 0.50 %<sup>(c)</sup> |
| Portfolio turnover rate<sup>(d)</sup> | 18% | 45% | 33% | 45% | 38% | 38% |

---

<sup>\*</sup> Commencement of operations.

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. 

<sup>(c)</sup> Annualized.

<sup>(d)</sup> The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 56 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **JUST U.S. Large Cap Equity ETF** | **JUST U.S. Large Cap Equity ETF** | **JUST U.S. Large Cap Equity ETF** | **JUST U.S. Large Cap Equity ETF** | **JUST U.S. Large Cap Equity ETF** | **JUST U.S. Large Cap Equity ETF** |
|  | **For the Six Months<br>Ended** | **For the Fiscal**<br>**Year Ended August 31,** | **For the Fiscal**<br>**Year Ended August 31,** | **For the Fiscal**<br>**Year Ended August 31,** | **For the Fiscal**<br>**Year Ended August 31,** | **For the Fiscal**<br>**Year Ended August 31,** |
|  | **February 28, 2026<br>(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Operating Performance: | Per Share Operating Performance: | Per Share Operating Performance: | Per Share Operating Performance: |  |  |  |
| Net asset value, beginning of period | $91.57 | $80.65 | $64.22 | $56.72 | $65.65 | $50.92 |
| Net investment income<sup>(a)</sup> | 0.51 | 0.97 | 0.93 | 0.89 | 0.82 | 0.74 |
| Net realized and unrealized gain (loss) | 5.78 | 10.90 | 16.43 | 7.49 | (8.97) | 14.70 |
| Total from investment operations | 6.29 | 11.87 | 17.36 | 8.38 | (8.15) | 15.44 |
|  Distributions to shareholders from net investment income | (0.50) | (0.95) | (0.93) | (0.88) | (0.78) | (0.71) |
| Net asset value, end of period | $97.36 | $91.57 | $80.65 | $64.22 | $56.72 | $65.65 |
| Market price, end of period | $97.29 | $91.56 | $80.67 | $64.27 | $56.84 | $65.68 |
| **Total Return at Net Asset Value<sup>(b)</sup>** | 6.88% | 14.84% | 27.27% | 15.00% | (12.53)% | 30.61% |
| Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513581 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478450 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360915 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277747 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269428 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264240 |
| Ratio of net expenses to average net assets | 0.20 %<sup>(c)</sup> | 0.20% | 0.20% | 0.20% | 0.20% | 0.20% |
|  Ratio of net investment income to average net assets | 1.07 %<sup>(c)</sup> | 1.16% | 1.31% | 1.52% | 1.31% | 1.29% |
| Portfolio turnover rate<sup>(d)</sup> | 0% | 14% | 9% | 9% | 12% | 11% |

---

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. 

<sup>(c)</sup> Annualized.

<sup>(d)</sup> The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **57** |

---

------

GOLDMAN SACHS MSCI WORLD PRIVATE EQUITY RETURN TRACKER 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;

---

| | |
|:---|:---|
|  | **MSCI World Private<br>Equity Return<br>Tracker ETF** |
|  | **For the Period<br>October 21, 2025<sup>\*</sup>**<br> **to**<br> **February 28, 2026<br>(Unaudited)** |
| Per Share Operating Performance: | Per Share Operating Performance: |
| Net asset value, beginning of period | $50.00 |
| Net investment income<sup>(a)</sup> | 0.19 |
| Net realized and unrealized gain | 3.57 |
| Total from investment operations | 3.76 |
| Net asset value, end of period | $53.76 |
| Market price, end of period | $53.84 |
| **Total Return at Net Asset Value<sup>(b)</sup>** | 7.56% |
| Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26882 |
| Ratio of net expenses to average net assets | 0.47 %<sup>(c)</sup> |
| Ratio of total expenses to average net assets | 0.50 %<sup>(c)</sup> |
| Ratio of net investment income to average net assets | 1.05 %<sup>(c)</sup> |
| Portfolio turnover rate<sup>(d)</sup> | 59% |

---

<sup>\*</sup> Commencement of operations.

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. 

<sup>(c)</sup> Annualized.

<sup>(d)</sup> The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 58 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Small Cap Equity ETF** | **Small Cap Equity ETF** | **Small Cap Equity ETF** |
|  | **For the Six Months<br>Ended<br>February 28, 2026<br>(Unaudited)** | **For the Fiscal<br>Year Ended August<br>31, 2025** | **For the Period<br>October 3, 2023<sup>\*</sup>to<br>August 31, 2024** |
| Per Share Operating Performance: | Per Share Operating Performance: | Per Share Operating Performance: | Per Share Operating Performance: |
| Net asset value, beginning of period | $53.61 | $52.65 | $39.36 |
| Net investment income<sup>(a)</sup> | 0.02 | 0.11 | 0.09 |
| Net realized and unrealized gain | 4.70 | 1.20 | 13.30 |
| Total from investment operations | 4.72 | 1.31 | 13.39 |
| Distributions to shareholders from net investment income | (0.02) | (0.14) | (0.10) |
| Distributions to shareholders from return of capital |  | (0.21) |  |
| Total distributions | (0.02) | (0.35) | (0.10) |
| Net asset value, end of period | $58.31 | $53.61 | $52.65 |
| Market price, end of period | $58.27 | $53.60 | $52.64 |
| **Total Return at Net Asset Value<sup>(b)</sup>** | 8.82% | 2.52% | 34.05% |
| Net assets, end of period (in 000's) | $163260 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77659 |
| Ratio of net expenses to average net assets | 0.75 %<sup>(c)</sup> | 0.75% | 0.75 %<sup>(c)</sup> |
| Ratio of total expenses to average net assets | 0.80 %<sup>(c)</sup> | 0.80% | 0.80 %<sup>(c)</sup> |
| Ratio of net investment income to average net assets | 0.07 %<sup>(c)</sup> | 0.22% | 0.21 %<sup>(c)</sup> |
| Portfolio turnover rate<sup>(d)</sup> | 49% | 57% | 41% |

---

<sup>\*</sup> Commencement of operations.

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. 

<sup>(c)</sup> Annualized.

<sup>(d)</sup> The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **59** |

---

------

GOLDMAN SACHS EQUITY ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements *February 28, 2026 (unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&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:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Fund** | **Diversified/ Non-Diversified** |
| &nbsp;&nbsp; Goldman Sachs Equal Weight U.S. Large Cap Equity ETF | Diversified |
| &nbsp;&nbsp; Goldman Sachs Hedge Industry VIP ETF | Diversified |
| &nbsp;&nbsp; Goldman Sachs India Equity ETF | Non-Diversified |
| &nbsp;&nbsp; Goldman Sachs Innovate Equity ETF | Diversified |
| &nbsp;&nbsp; Goldman Sachs JUST U.S. Large Cap Equity ETF | Diversified |
| &nbsp;&nbsp; Goldman Sachs MSCI World Private Equity Return Tracker ETF<sup>(a)</sup>  | Non-Diversified |
| &nbsp;&nbsp; Goldman Sachs Small Cap Equity ETF | Non-Diversified |

---

<sup>(a)</sup> Commenced operations on October 21, 2025.

The investment objective of each Fund (except India Equity ETF and Small Cap Equity ETF) is to provide investment results that closely correspond, before fees and expenses, to the performance of its respective index. The India Equity ETF seeks long-term capital appreciation and the Small Cap Equity ETF seeks long-term growth of capital.

Goldman Sachs Asset Management, L.P. ("GSAM"), an affiliate of Goldman Sachs & Co. LLC ("Goldman Sachs"), serves as investment adviser to the Funds pursuant to management agreements (each, an "Agreement" and together, the "Agreements") with the Trust. Each Fund is an exchange-traded fund ("ETF"). Shares of the Hedge Industry VIP ETF, Innovate Equity ETF, JUST U.S. Large Cap Equity ETF and Small Cap Equity ETF are listed and traded on the NYSE Arca, Inc. ("NYSE Arca"), shares of the India Equity ETF and MSCI World Private Equity Return Tracker ETF are listed and traded on the NASDAQ Stock Market LLC ("NASDAQ") and shares of the Equal Weight U.S. Large Cap Equity ETF are listed and traded on the Cboe BZX Exchange, Inc. ("Cboe"). Market prices for the Funds' shares may be different from their net asset value ("NAV"). The Funds issue and redeem shares at their respective NAV only in blocks of a specified number of shares, or multiples thereof, referred to as "Creation Units". Creation Units are issued and redeemed generally for a designated portfolio of securities (including any portion of such securities for which cash may be substituted) and a specified amount of cash. Shares generally trade in the secondary market in quantities less than a Creation Unit at market prices that change throughout the day. Only those that have entered into an authorized participant agreement with ALPS Distributors, Inc. (the "Distributor") may do business directly with the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;A. Investment Valuation — The Funds' valuation policy is to value investments at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

60.0 ------

GOLDMAN SACHS EQUITY ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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. Upfront payments are recognized over the contract's term/event as realized gains or losses, with the exception of forward starting swap contracts whose realized gains or losses are recognized from the effective start date.

&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. Upfront payments, if any, are made or received upon entering into a swap agreement and are reflected in the Statements of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;D. Federal Taxes and Distributions to Shareholders — It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Code"), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income distributions, if any, are declared and paid quarterly with respect to Equal Weight U.S. Large Cap Equity ETF, JUST U.S. Large Cap Equity ETF, India Equity ETF and Small Cap Equity ETF, and annually for Hedge Industry VIP ETF, Innovate Equity ETF and MSCI World Private Equity Return Tracker ETF. Capital gains distributions, if any, are declared and paid annually.

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund's distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds' net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

&nbsp;&nbsp;&nbsp;&nbsp;E. Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translations. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

&nbsp;&nbsp;&nbsp;&nbsp;F. Segment Reporting — The Funds follow Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Each Fund operates in one segment. The segment derives its revenues from Fund investments made in accordance with the defined investment strategy of the Fund, as prescribed in the Funds' prospectus. The Chief Operating Decision Maker ("CODM") is the 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**61**

------

GOLDMAN SACHS EQUITY ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&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

GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds' policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM's assumptions in determining fair value measurement).

The Board of Trustees ("Trustees") has approved valuation procedures that govern the valuation of the portfolio investments held by the Funds ("Valuation Procedures"), including investments for which market quotations are not readily available. With respect to the Funds' investments that do not have readily available market quotations, the Trustees have designated GSAM as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Act (the "Valuation Designee"). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds' investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Equity Securities — Equity securities traded on a United States ("U.S.") securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2.

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund and the Goldman Sachs Financial Square Treasury Obligations Fund ("Underlying Money Market Funds") are valued at the NAV per share of the Institutional Share classes on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding the Underlying Money Market Funds' accounting policies and investment holdings, please see the Underlying Money Market Funds' financial statements at SEC.gov.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

62.0 ------

GOLDMAN SACHS EQUITY ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

if any, is reported separately on the Statements of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the last bid price for long positions and the last ask price for short positions on the exchange where they are principally traded. Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy.

&nbsp;&nbsp;&nbsp;&nbsp;i. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

&nbsp;&nbsp;&nbsp;&nbsp;ii. Swap Contracts — Bilateral swap contracts are agreements in which a Fund and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between a Fund and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member ("DCM"), acting in an agency capacity, and submitted to a central counterparty ("CCP") ("centrally cleared swaps"), in which case all payments are settled with the CCP through the DCM. Swaps are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, a Fund is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin. A total return swap is an agreement that gives a Fund the right to receive or pay the appreciation or depreciation, as applicable, in the value of a specified security, an index, a basket of securities or indices or other instrument in return for a fee paid to the counterparty, which will typically be an agreed upon interest rate. If the underlying asset declines in value over the term of the swap, a Fund may also be required to pay the dollar value of that decline to the counterparty.

&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 February 28, 2026:

---

| | | | |
|:---|:---|:---|:---|
| **Equal Weight U.S. Large Cap Equity ETF** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | $7178705 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 1635952581 |  |  |
|  Investment Company | 1196386 |  |  |
|  Securities Lending Reinvestment Vehicle | 4952781 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1649280453 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**63**

------

GOLDMAN SACHS EQUITY ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&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)

---

| | | | |
|:---|:---|:---|:---|
| **Hedge Industry VIP ETF** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | $37100323 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 18204323 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 381740486 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 16308816 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453353948 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **India Equity ETF** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | $154179936 | $— | $2024 |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 2601789 |  |  |
|  Investment Company | 2957736 |  |  |
|  **Total** | $159739461 | $— | $2024 |
| Derivative Type |  |  |  |
|  **Liabilities** |  |  |  |
|  Futures Contracts<sup>(b)</sup>  | $(63255) | $— | $— |
| **Innovate Equity ETF** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | $31452367 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 16442955 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 160384468 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oceania | 734383 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 1959108 |  |  |
|  Securities Lending Reinvestment Vehicle | 6096641 |  |  |
|  **Total** | $217069922 | $— | $— |
| **JUST U.S. Large Cap Equity ETF** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | $512320262 | $— | $— |
|  Investment Company | 777210 |  |  |
|  Securities Lending Reinvestment Vehicle | 9279 |  |  |
|  **Total** | $513106751 | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

64.0 ------

GOLDMAN SACHS EQUITY ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

---

| | | | |
|:---|:---|:---|:---|
| **MSCI World Private Equity Return Tracker ETF** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa | $81070 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 618808 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 4181228 | 18797 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 16263667 | 3839 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oceania | 168742 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 102483 |  |  |
|  Investment Company | 3825862 |  |  |
|  Securities Lending Reinvestment Vehicle | 44458 |  |  |
|  **Total** | $25286318 | $22636 | $— |
| Derivative Type |  |  |  |
|  **Assets** |  |  |  |
|  Total Return Swap Contracts<sup>(b)</sup>  | $— | $634123 | $— |
| Liabilities |  |  |  |
|  Total Return Swap Contracts<sup>(b)</sup>  | $— | $(289935) | $— |
| **Small Cap Equity ETF** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | $1893851 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 1828611 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 159223359 |  |  |
|  Investment Company | 604454 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163550275 | $— | $— |

---

<sup>(a)</sup> Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table. 

<sup>(b)</sup> Amount shown represents unrealized gain (loss) at period end. 

For further information regarding security characteristics, see the Schedules of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 February 28, 2026. These instruments were used as part of the Funds' investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds' net exposure.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **India Equity ETF** | **India Equity ETF** |  |  |  |
| **Risk** | **Statement of Assets and Liabilities** | **Assets<sup>(a)</sup>** | **Statement of Assets and Liabilities** | **Liabilities<sup>(a)</sup>** |
| Equity | Variation Margin on Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | Variation Margin on Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63255) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**65**

------

GOLDMAN SACHS EQUITY ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MSCI World Private Equity Return Tracker ETF** | **MSCI World Private Equity Return Tracker ETF** |  |  |  |
| **Risk** | **Statement of Assets and Liabilities** | **Assets<sup>(a)</sup>** | **Statement of Assets and Liabilities** | **Liabilities<sup>(a)</sup>** |
| Equity | Variation Margin on Swap Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634123 | Variation Margin on Swap Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(289935) |

---

<sup>(a)</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 February 28, 2026 is reported within the Statements of Assets and Liabilities.

The following tables set forth, by certain risk types, the Funds' gains (losses) related to these derivatives and their indicative volumes for the six months ended February 28, 2026. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in "Net realized gain (loss)" or "Net change in unrealized gain (loss)" on the Statements of Operations:

---

| | | | |
|:---|:---|:---|:---|
| **India Equity ETF** | **India Equity ETF** |  |  |
| **Risk** | **Statement of Operations** | **Net Realized**<br> **Gain (Loss)** | **Net Change in**<br> **Unrealized**<br> **Gain (Loss)** |
| Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(230363) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61196) |
| **MSCI World Private Equity Return Tracker ETF** | **MSCI World Private Equity Return Tracker ETF** |  |  |
| **Risk** | **Statement of Operations** | **Net Realized**<br> **Gain (Loss)** | **Net Change in**<br> **Unrealized**<br> **Gain (Loss)** |
| Interest Rate | Net realized gain (loss) from futures and swap contracts/Net change in unrealized gain (loss) on futures and swap contracts | 75708 | 292196 |

---

For the six months ended February 28, 2026, the relevant values for each derivative type were as follows:

---

| | |
|:---|:---|
|  | **Average number of**<br> **Contracts<sup>(a)</sup>** |
| **Fund** | **Futures Contracts** |
| India Equity ETF | 31 |
|  | **Average number of**<br> **Notional Amounts<sup>(a)</sup>** |
| **Fund** | **Swap Contracts** |
| MSCI World Private Equity Return Tracker ETF | 14074155 |

---

<sup>(a)</sup> Amounts disclosed represent average number of contracts for futures contracts and notional amounts for swap contracts, based on absolute values, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the six months ended February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS

&nbsp;&nbsp;&nbsp;&nbsp;A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

66.0 ------

GOLDMAN SACHS EQUITY ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds' business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund's average daily net assets.

The Funds operate under a unitary management fee structure. Under the unitary fee structure, GSAM is responsible for paying substantially all the expenses of each 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 six months ended February 28, 2026, contractual and effective net unitary management fees with GSAM were at the following rates:

---

| | |
|:---|:---|
| **Fund** | **Unitary Management Fee** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equal Weight U.S. Large Cap Equity ETF | 0.09% |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hedge Industry VIP ETF | 0.45% |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India Equity ETF | 0.75% |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innovate Equity ETF | 0.50% |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JUST U.S. Large Cap Equity ETF | 0.20% |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSCI World Private Equity Return Tracker ETF | 0.50% |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Small Cap Equity ETF | 0.80% |

---

The Investment Adviser has agreed to waive a portion of its management fee for Small Cap Equity ETF in order to achieve a net management fee rate of 0.75% as an annual percentage for the Fund's average daily net assets. This arrangement will remain in effect through at least December 29, 2026, and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. For the six months ended February 28, 2026, the Small Cap Equity ETF waived $37,699 in management fees.

The Equal Weight U.S. Large Cap Equity ETF, Hedge Industry VIP ETF, India Equity ETF, Innovate Equity ETF, JUST U.S. Large Cap Equity ETF and Small Cap Equity ETF invest in Institutional Shares of the Goldman Sachs Financial Square Treasury Obligations Fund, which is an affiliated Underlying Fund. The MSCI World Private Equity Return Tracker ETF invests in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest. For the six months ended February 28, 2026, the management fee waived by GSAM for each Fund was as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**67**

------

GOLDMAN SACHS EQUITY ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

---

| | |
|:---|:---|
| **Fund** | **Management** <br> **Fee Waived**  |
|  Equal Weight U.S. Large Cap Equity ETF | $1180 |
|  Hedge Industry VIP ETF | 570 |
|  India Equity ETF | 1370 |
|  Innovate Equity ETF | 363 |
|  JUST U.S. Large Cap Equity ETF | 836 |
|  MSCI World Private Equity Return Tracker ETF | 2585 |
|  Small Cap Equity ETF | 1225 |

---

&nbsp;&nbsp;&nbsp;&nbsp;B. Other Transactions with Affiliates — The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common trustees. The following table provides information about the Funds' investments in The Goldman Sachs Group, Inc. and Goldman Sachs Financial Square Treasury Obligations Fund for the six months ended February 28, 2026:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Equal Weight U.S. Large Cap Equity ETF** | **Equal Weight U.S. Large Cap Equity ETF** | **Equal Weight U.S. Large Cap Equity ETF** | **Equal Weight U.S. Large Cap Equity ETF** |  |  |  |  |  |  |
| **Underlying**<br> **Fund** | **Beginning value<br>as of August 31,<br>2025** | **Purchases at Cost** | **Proceeds from<br>Sales** | **Realized Gain<br>(Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Ending value as<br>of February 28,<br>2026** | **Shares as of<br>February 28,<br>2026** | **Dividend<br>Income** | **Capital Gain<br>Distribution** |
|  Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |  |  |
|  | $1146927 | $18628765 | $(18579306) | $– | $– | $1196386 | 1196386 | $24988 | $– |
|  Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) |  |  |
|  | 2679174 | 860254 | (905267) | 204829 | 210765 | 3049755 | 3548 | 14268 |  |
|  Total | $3826101 | $19489017 | $(19484573) | $204829 | $210765 | $4246141 | 1199934 | $39256 | $– |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Hedge Industry VIP ETF** | **Hedge Industry VIP ETF** | **Hedge Industry VIP ETF** | **Hedge Industry VIP ETF** |  |  |  |  |  |  |
| **Underlying**<br> **Fund** | **Beginning value<br>as of August 31,<br>2025** | **Purchases at Cost** | **Proceeds from<br>Sales** | **Realized Gain<br>(Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Ending value as<br>of February 28,<br>2026** | **Shares as of<br>February 28,<br>2026** | **Dividend<br>Income** | **Capital Gain<br>Distribution** |
|  Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |  |  |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $20630981 | $(20630981) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $– | $– |  | $9067 | $– |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **India Equity ETF** | **India Equity ETF** | **India Equity ETF** | **India Equity ETF** |  |  |  |  |  |  |
| **Underlying**<br> **Fund** | **Beginning value<br>as of August 31,<br>2025** | **Purchases at Cost** | **Proceeds from<br>Sales** | **Realized Gain<br>(Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Ending value as<br>of February 28,<br>2026** | **Shares as of<br>February 28,<br>2026** | **Dividend<br>Income** | **Capital Gain<br>Distribution** |
|  Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |  |  |
|  | $158176 | $22658549 | $(19858989) | $– | $– | $2957736 | 2957736 | $29529 | $– |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

68.0 ------

GOLDMAN SACHS EQUITY ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Innovate Equity ETF** | **Innovate Equity ETF** | **Innovate Equity ETF** | **Innovate Equity ETF** |  |  |  |  |  |  |
| **Underlying**<br> **Fund** | **Beginning value<br>as of August 31,<br>2025** | **Purchases at Cost** | **Proceeds from<br>Sales** | **Realized Gain<br>(Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Ending value as<br>of February 28,<br>2026** | **Shares as of<br>February 28,<br>2026** | **Dividend<br>Income** | **Capital Gain<br>Distribution** |
|  Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |  |  |
|  | $423357 | $6260696 | $(6684053) | $– | $– | $– |  | $8087 | $– |
|  Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) |  |  |
|  | $1326545 | $31321 | $(415053) | $266023 | $(34663) | $1174173 | 1366 | $7280 | $– |
|  Total | $1749902 | $6292017 | $(7099106) | $266023 | $(34663) | $1174173 | 1366 | $15367 | $– |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JUST U.S. Large Cap Equity ETF** | **JUST U.S. Large Cap Equity ETF** | **JUST U.S. Large Cap Equity ETF** | **JUST U.S. Large Cap Equity ETF** |  |  |  |  |  |  |
| **Underlying**<br> **Fund** | **Beginning value<br>as of August 31,<br>2025** | **Purchases at Cost** | **Proceeds from<br>Sales** | **Realized Gain<br>(Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Ending value as<br>of February 28,<br>2026** | **Shares as of<br>February 28,<br>2026** | **Dividend<br>Income** | **Capital Gain<br>Distribution** |
|  Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |  |  |
|  | $1368665 | $3308652 | $(3900107) | $– | $– | $777210 | 777210 | $17883 | $– |
|  Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) |  |  |
|  | 2713455 | 62224 | (119095) | 42673 | 370268 | 3069525 | 3571 | 14360 |  |
|  Total | $4082120 | $3370876 | $(4019202) | $42673 | $370268 | $3846735 | 780781 | $32243 | $– |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **MSCI World Private Equity Return Tracker ETF** | **MSCI World Private Equity Return Tracker ETF** | **MSCI World Private Equity Return Tracker ETF** | **MSCI World Private Equity Return Tracker ETF** |  |  |  |  |  |  |
| **Underlying**<br> **Fund** | **Beginning value<br>as of October 21,<br>2025** | **Purchases at Cost** | **Proceeds from<br>Sales** | **Realized Gain<br>(Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Ending value as<br>of February 28,<br>2026** | **Shares as of<br>February 28,<br>2026** | **Dividend<br>Income** | **Capital Gain<br>Distribution** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |  |
|  | $– | $10370859 | $(6544997) | $– | $– | $3825862 | 3825862 | $60779 | $– |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Small Cap Equity ETF** | **Small Cap Equity ETF** | **Small Cap Equity ETF** | **Small Cap Equity ETF** |  |  |  |  |  |  |
| **Underlying**<br> **Fund** | **Beginning value<br>as of August 31,<br>2025** | **Purchases at Cost** | **Proceeds from<br>Sales** | **Realized Gain<br>(Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Ending value as<br>of February 28,<br>2026** | **Shares as of<br>February 28,<br>2026** | **Dividend<br>Income** | **Capital Gain<br>Distribution** |
|  Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |  |  |
|  | $1812482 | $8019175 | $(9227203) | $– | $– | $604454 | 604454 | $26286 | $– |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. CREATION AND REDEMPTION OF CREATION UNITS

The Trust issues and redeems shares of the Funds only in Creation Units on a continuous basis through the Distributor, without an initial sales load, at NAV next determined after receipt, on any Business Day (as defined in the Statement of Additional Information), of an order in proper form. Shares of the Funds may only be purchased or redeemed by certain financial institutions (each an "Authorized Participant"). An Authorized Participant is either (1) a "Participating Party" or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation; or (2) a Depository Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**69**

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GOLDMAN SACHS EQUITY ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. CREATION AND REDEMPTION OF CREATION UNITS (continued)

Company participant; which, in either case, must have executed an agreement with the Distributor. Retail investors will typically not qualify as an Authorized Participant or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors will purchase shares in the secondary market at market prices with the assistance of a broker and may be subject to customary brokerage commissions or fees. Fixed creation and redemption transaction fees are imposed in connection with creations and redemptions.

Authorized Participants transacting in Creation Units for cash may also pay a variable charge to compensate the relevant fund for certain transaction costs (e.g. taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in "Proceeds from sale of shares" in the Statements of Changes in Net Assets. Share activity is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Equal Weight U.S. Large Cap Equity ETF** | **Goldman Sachs Equal Weight U.S. Large Cap Equity ETF** | **Goldman Sachs Equal Weight U.S. Large Cap Equity ETF** | **Goldman Sachs Equal Weight U.S. Large Cap Equity ETF** |
|  | **For the**<br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the**<br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **August 31, 2025** | **For the Fiscal Year Ended**<br> **August 31, 2025** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fund Share Activity** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 3950000 | $337878703 | 7600000 | $594089469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1450000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(123497029) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2500000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(187596129) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE IN SHARES** | 2500000 | $214381674 | 5100000 | $406493340 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Hedge Industry VIP ETF** | **Goldman Sachs Hedge Industry VIP ETF** | **Goldman Sachs Hedge Industry VIP ETF** | **Goldman Sachs Hedge Industry VIP ETF** |
|  | **For the**<br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the**<br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **August 31, 2025** | **For the Fiscal Year Ended**<br> **August 31, 2025** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fund Share Activity** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 1500000 | $228894660 | 1750000 | $229217606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1200000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(185628839) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1625000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(211872367) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE IN SHARES** | 300000 | $43265821 | 125000 | $17345239 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Goldman Sachs India Equity ETF** | **Goldman Sachs India Equity ETF** | **Goldman Sachs India Equity ETF** | **Goldman Sachs India Equity ETF** |
|  | **For the**<br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the**<br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Period April 1, 2025<sup>(a)</sup>** <br> **to August 31, 2025** | **For the Period April 1, 2025<sup>(a)</sup>** <br> **to August 31, 2025** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fund Share Activity** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6075000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158499217 | 450000 | $11977741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(685476) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE IN SHARES** | 6075000 | $158499217 | 425000 | $11292265 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on April 1, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. CREATION AND REDEMPTION OF CREATION UNITS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Innovate Equity ETF** | **Goldman Sachs Innovate Equity ETF** | **Goldman Sachs Innovate Equity ETF** | **Goldman Sachs Innovate Equity ETF** |
|  | **For the**<br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the**<br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **August 31, 2025** | **For the Fiscal Year Ended**<br> **August 31, 2025** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fund Share Activity** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(350000) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26304784) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2700000) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(164584299) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **NET DECREASE IN SHARES** | (350000) | $(26304784) | (2700000) | $(164584299) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Goldman Sachs JUST U.S. Large Cap Equity ETF** | **Goldman Sachs JUST U.S. Large Cap Equity ETF** | **Goldman Sachs JUST U.S. Large Cap Equity ETF** | **Goldman Sachs JUST U.S. Large Cap Equity ETF** |
|  | **For the**<br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the**<br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **August 31, 2025** | **For the Fiscal Year Ended**<br> **August 31, 2025** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fund Share Activity** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 100000 | $9749852 | 1325000 | $110925014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4817416) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(575000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48439198) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE IN SHARES** | 50000 | $4932436 | 750000 | $62485816 |

---

---

| | | |
|:---|:---|:---|
|  | **Goldman Sachs MSCI World Private Equity Return**<br>**Tracker ETF** | **Goldman Sachs MSCI World Private Equity Return**<br>**Tracker ETF** |
|  | **For the Period October 21, 2025<sup>(a)</sup>**<br> **to February 28, 2026** | **For the Period October 21, 2025<sup>(a)</sup>**<br> **to February 28, 2026** |
|  | **Shares** | **Dollars** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fund Share Activity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 600000 | $30418763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100000) | (5388494) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE IN SHARES** | 500000 | $25030269 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on October 21, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Small Cap Equity ETF** | **Goldman Sachs Small Cap Equity ETF** | **Goldman Sachs Small Cap Equity ETF** | **Goldman Sachs Small Cap Equity ETF** |
|  | **For the**<br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the**<br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **August 31, 2025** | **For the Fiscal Year Ended**<br> **August 31, 2025** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fund Share Activity** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 450000 | $25109816 | 1950000 | $101932655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(375000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20754041) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(700000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34419519) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE IN SHARES** | 75000 | $4355775 | 1250000 | $67513136 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**71**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of long-term securities for the six months ended February 28, 2026, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
|  Equal Weight U.S. Large Cap Equity ETF | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408312604 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408891154 |
|  Hedge Industry VIP ETF | 362443930 | 356184961 |
|  India Equity ETF | 167572794 | 13523493 |
|  Innovate Equity ETF | 42192879 | 46040949 |
|  JUST U.S. Large Cap Equity ETF | 2730156 | 1972824 |
|  MSCI World Private Equity Return Tracker ETF <sup>(a)</sup>  | 32235034 | 12184950 |
|  Small Cap Equity ETF | 75362466 | 73633097 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on October 21, 2025.

The purchases and sales from in-kind creation and redemption transactions for the six months ended February 28, 2026, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equal Weight U.S. Large Cap Equity ETF | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337912875 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123611238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hedge Industry VIP ETF | 228889642 | 185117404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Innovate Equity ETF |  | 24330315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JUST U.S. Large Cap Equity ETF | 9715958 | 4793452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Small Cap Equity ETF | 24829052 | 20608739 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. SECURITIES LENDING

The Funds may lend their securities through a securities lending agent, the Bank of New York Mellon ("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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. SECURITIES LENDING (continued)

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 August 31, 2025, are disclosed as "Payable upon return of securities loaned" on the Statements of Assets and Liabilities, where applicable.

Both the Funds and BNY received compensation relating to the lending of the Funds' securities. The amounts earned, if any, by the Funds for the fiscal year ended August 31, 2025, are reported under Investment Income on the Statements of Operations.

The following table provides information about the Funds' investment in the Government Money Market Fund for the six months ended February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Beginning value as<br>of August 31, 2025** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Ending value as<br>of February 28, 2026** |
|  Equal Weight U.S. Large Cap Equity ETF | $4816423 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4753146 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4952781) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4952781 |
|  Innovate Equity ETF | 5844307 | 5684054 | (6096641) | 6096641 |
|  JUST U.S. Large Cap Equity ETF | 9093 | 9327 | (9279) | 9279 |
|  MSCI World Private Equity Return Tracker ETF<sup>(a)</sup>  | 42988 | 42683 | (44458) | 44458 |
|  Small Cap Equity ETF | 1540377 | 4903848 | (6444225) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on October 21, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. TAX INFORMATION

As of Funds' most recent fiscal year end, August 31, 2025, the Funds' capital loss carryforwards and certain timing differences on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Equal Weight U.S.<br>Large Cap Equity**<br> **ETF** | **Hedge Industry<br>VIP ETF** | **India Equity ETF** | **Innovate Equity**<br> **ETF** | **JUST U.S. Large**<br> **Cap Equity ETF** |
|  Capital loss carryforwards: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Short-Term | $(26592013) | $(61923338) | $— | $(17572871) | $(6141711) |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Long-Term | (46075363) | (13461070) |  | (56612395) | (6612502) |
|  Total capital loss carryforwards | (72667376) | (75384408) |  | (74185266) | (12754213) |
|  Timing differences — Qualified Late Year |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary Loss Deferral/Post-October Capital |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Loss Deferral) | (18753819) | (13923401) |  |  | (4137087) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**73**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&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)

---

| | | |
|:---|:---|:---|
|  | **MSCI World**<br> **Private Equity**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return Tracker** <br> **ETF<sup>(a)</sup>**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Small Cap Equity** <br> **ETF** |
|  Capital loss carryforwards: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Short-Term | $— | $(735715) |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Long-Term |  | (94296) |
|  Total capital loss carryforwards |  | (830011) |
|  Timing differences — Qualified Late Year Ordinary Loss Deferral/Post-October Capital Loss Deferral) |  | (11302682) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on October 21, 2025.

As of February 28, 2026, the Funds' aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Equal Weight U.S. Large**<br> **Cap Equity ETF** | **Hedge Industry VIP ETF** | **India Equity ETF** | **Innovate Equity ETF** |
|  Tax Cost | $1395861110 | $425495857 | $167400534 | $177791535 |
|  Gross unrealized gain | 326130715 | 44659844 | 5601540 | 59850825 |
|  Gross unrealized loss | (72711372) | (7916161) | (13260589) | (20572438) |
|  Net unrealized gain (loss) | $253419343 | $36743683 | $(7659049) | $39278387 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **JUST U.S. Large Cap** <br> **Equity ETF** | **MSCI World Private**<br> **Equity Return Tracker**<br> **ETF<sup>(a)</sup>**  | **Small Cap Equity ETF** |
|  Tax Cost | $335436407 | $24519645 | $141578682 |
|  Gross unrealized gain | 195593002 | 1711490 | 27351893 |
|  Gross unrealized loss | (17922658) | (922181) | (5380300) |
|  Net unrealized gain (loss) | $177670344 | $789309 | $21971593 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on October 21, 2025.

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, differences in the tax treatment of partnership investments, passive foreign investment company investments, and underlying fund investments.

GSAM has reviewed the Funds' tax positions for all open tax years (the current year, and prior three tax years, as applicable) and has concluded that no provision for income tax is required in the Funds' financial statements. Such open tax year remains subject to examination and adjustment by tax authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. OTHER RISKS

The Funds' risks include, but are not limited to, the following:

Calculation Methodology Risk (each Fund except India Equity ETF and Small Cap Equity ETF) — The Index relies on various sources of information to assess the criteria of issuers included in the Index (or a Reference Index, if applicable), including fundamental information that may be based on assumptions and estimates. Neither the Fund, the Investment Adviser nor the Index

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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;10. OTHER RISKS (continued)

Provider can offer assurances that the Index's calculation methodology or sources of information will provide a correct valuation of securities, nor can they guarantee the availability or timeliness of the production of the Index.

Depositary Receipts Risk — Foreign securities may trade in the form of depositary receipts, which include American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs") (collectively "Depositary Receipts"). To the extent a Fund acquires Depositary Receipts through banks which do not have a contractual relationship with the foreign issuer of the security underlying the Depositary Receipts to issue and service such unsponsored Depositary Receipts, there may be an increased possibility that the Fund would not become aware of and be able to respond to corporate actions such as stock splits or rights offerings involving the foreign issuer in a timely manner. In addition, the lack of information may result in inefficiencies in the valuation of such instruments. Investment in Depositary Receipts does not eliminate all the risks inherent in investing in securities of non-U.S. issuers. The market value of Depositary Receipts is dependent upon the market value of the underlying securities and fluctuations in the relative value of the currencies in which the Depositary Receipts and the underlying securities are quoted. The issuers of Depositary Receipts may discontinue issuing new Depositary Receipts and withdraw existing Depositary Receipts at any time, which may result in costs and delays in the distribution of the underlying assets to a Fund and may negatively impact a Fund's performance.

Index Risk (each Fund except India Equity ETF and Small Cap Equity ETF) — GSAM, JUST Capital Foundation, Inc., MSCI and Solactive AG (the "Index Providers") constructs the respective Fund's Index in accordance with a rules-based methodology. A Fund will be negatively affected by general declines in the securities and asset classes represented in its Index. In addition, because the Funds are not "actively" managed, unless a specific security is removed from an Index, a Fund generally would not sell a security because the security's issuer was in financial trouble. Market disruptions and regulatory restrictions could have an adverse effect on a Fund's ability to adjust its exposure to the required levels in order to track the Index. A Fund also does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, a Fund's performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers. When the Index is rebalanced and a Fund in turn rebalances its portfolio to attempt to increase the correlation between the Fund's portfolio and the Index, any transaction costs and market exposure arising from such portfolio rebalancing may be borne directly by the Fund and its shareholders. The Index Providers may utilize third party data in constructing each Index, but not guarantee the accuracy or availability of such third party data. Errors in index data, index computation or the construction of an Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Providers for a period of time or at all, which may have an adverse impact on the applicable Fund and its shareholders. In addition, neither a Fund, the Investment Adviser, the Calculation Agent nor the Index Providers can guarantee the availability or timeliness of the production of the Index. The Index Providers may delay or change a scheduled rebalancing or reconstitution of an Index or the implementation of certain rules at its sole discretion. In such circumstances, a Fund, in replicating the composition of its Index, may have more or less exposure to a particular sector or individual company than had the Index been constructed in accordance with its stated methodology.

Industry Concentration Risk (each Fund except India Equity ETF and Small Cap Equity ETF) — In following its methodology, an Index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or group of industries. To the extent that an Index concentrates in the securities of issuers in a particular industry or group of industries, a Fund also will concentrate its investments to approximately the same extent. By concentrating its investments in an industry or group of industries, the applicable Fund may face more risks than if it were diversified broadly over numerous industries or groups of industries. If an Index is not concentrated in a particular industry or group of industries, the applicable Fund will not concentrate in a particular industry or group of industries.

Investment Style Risk — Different investment styles (e.g., growth, value or quantitative) tend to shift in and out of favor depending upon market and economic conditions and investor sentiment. A Fund may outperform or underperform other funds that invest in similar asset classes but employ different investment styles.

Large Shareholder Transaction Risk — Certain shareholders, including other funds advised by the Investment Adviser, may from time to time own a substantial amount of 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**75**

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GOLDMAN SACHS EQUITY ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. OTHER RISKS (continued)

in the Fund and hold its investment solely to facilitate commencement of the Fund or to facilitate the Fund's achieving a specified size or scale. Any such investment may be held for a limited period of time. There can be no assurance that any large shareholder would not redeem its investment, that the size of the Fund would be maintained at such levels or that the Fund would continue to meet applicable listing requirements. Redemptions by large shareholders could have a significant negative impact on the Fund, including on the Fund's liquidity. In addition, transactions by large shareholders may account for a large percentage of the trading volume on Cboe or NYSE Arca and may, therefore, have a material upward or downward effect on the market price of the Shares.

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Market Trading Risk — Each Fund faces numerous market trading risks, including disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for Shares. If a shareholder purchases Shares at a time when the market price is at a premium to the NAV or sells Shares at a time when the market price is at a discount to the NAV, the shareholder may pay more for, or receive less than, the underlying value of the Shares, respectively. The Investment Adviser cannot predict whether Shares will trade below, at or above their NAV. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for Shares will be closely related to, but not identical to, the same forces influencing the prices of the securities of a Fund's Index (except India Equity ETF and Small Cap Equity ETF) trading individually or in the aggregate at any point in time.

Mid-Cap and Small-Cap Risk — Investments in mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.

Non-Diversification Risk— The India Equity ETF, MSCI World Private Equity Return Tracker ETF and Small Cap Equity ETF are non-diversified, meaning that each is permitted to invest a larger percentage of its assets in one or more issuers or in fewer issuers than diversified funds. Thus, each Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments. The JUST U.S. Large Cap Equity ETF is classified as "diversified"; however, the Fund may become "non-diversified" to the extent its Index is non-diversified and thus may invest a larger percentage of its assets in fewer issuers than diversified funds.

Stock Risk — Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.

Tracking Error Risk (each Fund except India Equity ETF and Small Cap Equity ETF) — Tracking error is the divergence of a Fund's performance from that of its Index. The performance of a Fund may diverge from that of its Index for a number of reasons. Tracking error may occur because of transaction costs, a Fund's holding of cash, differences in accrual of dividends, changes to its Index or the need to meet new or existing regulatory requirements. Unlike a Fund, the returns of an Index are not reduced by investment and other operating expenses, including the trading costs associated with implementing changes to its portfolio of investments. Tracking error risk may be heightened during times of market volatility or other unusual market conditions.

Valuation Risk — The sale price the Fund could receive for a security may differ from the Fund's valuation of the security, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. The Fund relies on various sources to calculate its NAV. The information may be provided by third parties that are believed to be reliable, but

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

76.0 ------

GOLDMAN SACHS EQUITY ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. OTHER RISKS (continued)

The information may not be accurate due to errors by such pricing sources, technological issues or otherwise. NAV calculation may also be impacted by operational risks arising from factors such as failures in systems and technology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. INDEMNIFICATIONS

Under the Trust's organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. OTHER MATTERS

The Funds adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. Adoption of the new standard impacted financial statement disclosures only and did not affect any Fund's financial position or the results of its operations.

&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;

**77**

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GOLDMAN SACHS EQUITY ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited)</u> 

#### Goldman Sachs MSCI World Private Equity Return Tracker ETF (Unaudited)

#### Background
The Goldman Sachs MSCI World Private Equity Return Tracker ETF (the "Fund") is a newly-organized investment portfolio of Goldman Sachs ETF Trust (the "Trust") that commenced investment operations on October 21, 2025. At a meeting held on September 16-17, 2025 (the "Meeting") in connection with the Fund's organization, the Board of Trustees, including all of the Trustees who are not parties to the Fund's investment management agreement (the "Management Agreement") or "interested persons" (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the "Independent Trustees") approved the Management Agreement with Goldman Sachs Asset Management, L.P. (the "Investment Adviser") on behalf of the Fund. At the Meeting, the Trustees reviewed the Management Agreement with respect to the Fund, including information regarding the terms of the Management Agreement; the nature, extent and quality of the Investment Adviser's anticipated services; the fees and expenses to be paid by the Fund; a comparison of the Fund's proposed management fee and anticipated expenses with those paid by other similar exchange-traded funds ("ETFs"); potential benefits to be derived by the Investment Adviser and its affiliates from their relationships with the Fund; and potential benefits to be derived by the Fund from its relationship with the Investment Adviser. Various information was also provided at prior meetings at which the Fund was discussed.

In connection with the Meeting, the Trustees received written materials and oral presentations on the topics covered, and were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval of registered fund investment management agreements under applicable law. In evaluating the Management Agreement at the Meeting, the Trustees relied upon information included in a presentation made by the Investment Adviser at the Meeting and information received at prior Board meetings, as well as on their knowledge of the Investment Adviser resulting from their meetings and other interactions over time.

#### Nature, Extent, and Quality of the Services Provided Under the Management Agreement
As part of their review, the Trustees considered the nature, extent, and quality of the services to be provided to the Fund by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that would be provided by the Investment Adviser and its affiliates. The Trustees noted the Investment Adviser's commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Fund and its service providers would operate, including developments associated with geopolitical events and economic sanctions, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. They also noted the changes in the Investment Adviser's senior management personnel and in the personnel of various of the Investment Adviser's portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. The Trustees also considered information about the Fund's structure, investment objective, strategies and other characteristics. In particular, they noted that the Fund would operate as a passively-managed ETF that seeks to track an index developed and maintained by a third-party service provider. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who would provide services to the Fund. In particular, the Trustees considered the Investment Adviser's extensive experience in managing investment strategies similar to those of the Fund. The Trustees also considered information regarding the Investment Adviser's efforts relating to business continuity planning. The Trustees concluded that the Investment Adviser would be able to commit substantial financial and operational resources to the Fund. They also considered that although the Fund was new (and therefore had no performance data to evaluate), the Investment Adviser has committed substantial financial and operational resources to ETFs and has extensive experience managing other types of registered investment companies. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Fund and the Investment Adviser and its affiliates.

#### Unitary Fee Structure
The Trustees considered the unitary management fee rate payable by the Fund, noting that the Management Agreement provides for a unitary fee structure, pursuant to which the Fund pays a single management fee to the Investment Adviser, and the Investment Adviser pays all of the Fund's ordinary operating expenses, excluding payments under the Fund's 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings and litigation, indemnification and extraordinary expenses. In addition, the Trustees considered information on the services to be rendered by the Investment Adviser to the Fund, which would include both advisory and non-advisory services directed to the needs and operations of the Fund as an ETF. The Trustees also considered information provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms, as well as the Fund's peer group and category medians. The comparisons of the Fund's unitary management fee rate and projected expense ratio to those of relevant peer funds were prepared by

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GOLDMAN SACHS EQUITY ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

the Investment Adviser and a third-party provider of mutual fund and ETF data. The Trustees concluded that the comparisons were useful in evaluating the reasonableness of the management fee and total expenses to be paid by the Fund. The Trustees concluded that the Investment Adviser's management of the Fund likely would benefit the Fund and its shareholders. They also noted that shareholders would be able to sell their Fund shares on the secondary market if they believe that Fund fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

#### Profitability
In addition, the Trustees recognized that there was not yet profitability data to evaluate for the Fund, but considered the Investment Adviser's representations that (i) such data would be provided after the Fund commenced operations, and (ii) the Fund was not expected to be profitable to the Investment Adviser and its affiliates initially.

#### Economies of Scale
The Trustees noted that the Fund, similar to many other ETFs, would not have management fee breakpoints. The Trustees considered the Fund's projected asset levels and information comparing the fee rates charged by the Investment Adviser with fee rates charged to other ETFs in the Fund's peer group. They further noted the Investment Adviser's assertion that future economies of scale (among several factors) had been taken into consideration in determining the Fund's unitary management fee rate.

#### Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits expected to be derived by the Investment Adviser and its affiliates from their relationships with the Fund as stated above, including: (a) fees earned by the Investment Adviser for managing the funds in which the Fund's securities lending cash collateral is invested; (b) the Investment Adviser's ability to leverage the infrastructure designed to service the Fund on behalf of its other clients; (c) the Investment Adviser's ability to cross-market other products and services to Fund shareholders; (d) the Investment Adviser's ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Fund; (e) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; and (f) the possibility that the working relationship between the Investment Adviser and the Fund's third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs & Co. LLC ("Goldman Sachs").

#### Other Benefits to the Fund and Its Shareholders
The Trustees also noted that the Fund is expected to receive certain other potential benefits as a result of its relationship with the Investment Adviser, including: (a) enhanced servicing from vendors and broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (b) the Investment Adviser's ability to negotiate favorable terms with derivatives counterparties on behalf of the Fund as a result of the size and reputation of the Goldman Sachs organization; (c) the advantages received from the Investment Adviser's knowledge and experience gained from managing other accounts and products; (d) the Investment Adviser's ability to hire and retain qualified personnel to provide services to the Fund because of the reputation of the Goldman Sachs organization; (e) the Fund's access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (f) the Fund's access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the ETF marketplace, and considered that many of the Fund's shareholders invested in the Fund in part because of the Fund's relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

#### Conclusion
In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the unitary management fee to be paid by the Fund was reasonable in light of the services to be provided to it by the Investment Adviser, the Investment Adviser's costs and the Fund's reasonably foreseeable asset levels. The Trustees unanimously concluded that the engagement of the Investment Adviser likely would benefit the Fund and its shareholders and that the Management Agreement should be approved with respect to the Fund for an initial two-year period from its effective date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**79**

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![LOGO](g101462g01a80.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 Brian J. Wildman\* \*Effective April 1, 2026. THE BANK OF NEW YORK Transfer Agent ALPSDISTRIBUTORS, INC. Distributor GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser 200 West Street, New York, New York 10282 OFFICERS James A. McNamara, President and Principal Executive Officer Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Robert Griffith, Secretary© 2026 Goldman Sachs. All rights reserved. EQTYETFSAR-26

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![LOGO](g66180dsp001.jpg)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Goldman Sachs Future Thematic Equity ETFs

---

| | |
|:---|:---|
|  **Table of Contents** | **Page** |
|  **Schedule of Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Future Health Care Equity ETF](#fe66180_1) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Future Tech Leaders Equity ETF](#fe66180_2) | 4 |
|  **Financial Statements** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#fe66180_3) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#fe66180_4) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#fe66180_5) | 8 |
|  **Financial Highlights** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Future Health Care Equity ETF](#fe66180_6) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Future Tech Leaders Equity ETF](#fe66180_7) | 10 |
|  **[Notes to Financial Statements](#fe66180_8)** | 11 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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GOLDMAN SACHS FUTURE HEALTH CARE EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – 98.8% | Common Stocks – 98.8% | Common Stocks – 98.8% |
| Canada – 1.0% | Canada – 1.0% | Canada – 1.0% |
| 5393 | Xenon Pharmaceuticals, Inc. (Health Care)\* | $233139 |
| France – 1.6% | France – 1.6% | France – 1.6% |
| 1658 | Sartorius Stedim Biotech (Health Care) | 358437 |
| Japan – 3.6% | Japan – 3.6% | Japan – 3.6% |
| 4523 | Hoya Corp. (Health Care) | 818848 |
| Netherlands – 3.6% | Netherlands – 3.6% | Netherlands – 3.6% |
| 1061 | Argenx SE ADR (Health Care)\* | 813702 |
| Switzerland – 3.0% | Switzerland – 3.0% | Switzerland – 3.0% |
| 953 | Lonza Group AG (Health Care) | 664454 |
| United Kingdom – 6.4% | United Kingdom – 6.4% | United Kingdom – 6.4% |
| 6923 | AstraZeneca PLC (Health Care) | 1446593 |
| United States – 79.6% | United States – 79.6% | United States – 79.6% |
| 6078 | Abbott Laboratories (Health Care) | 707175 |
| 5409 | Agilent Technologies, Inc. (Health Care) | 656544 |
| 5225 | Apogee Therapeutics, Inc. (Health Care)\* | 365750 |
| 1623 | Arcellx, Inc. (Health Care)\* | 184681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17062 | Boston Scientific Corp. (Health Care)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1311215 |
| 3115 | Bridgebio Pharma, Inc. (Health Care)\* | 207085 |
| 2056 | Cencora, Inc. (Health Care) | 765120 |
| 3187 | CG oncology, Inc. (Health Care)\* | 187396 |
| 3546 | Cytokinetics, Inc. (Health Care)\* | 220632 |
| 8247 | Dexcom, Inc. (Health Care)\* | 605577 |
| 2619 | Eli Lilly & Co. (Health Care) | 2755162 |
| 1664 | GeneDx Holdings Corp. (Health Care)\* | 132637 |
| 8978 | Guardant Health, Inc. (Health Care)\* | 843034 |
| 1846 | Insmed, Inc. (Health Care)\* | 275663 |
| 432 | Insulet Corp. (Health Care)\* | 106536 |
| 2003 | Intuitive Surgical, Inc. (Health Care)\* | 1008531 |
| 3918 | Ionis Pharmaceuticals, Inc. (Health Care)\* | 317946 |
| 7357 | Johnson & Johnson (Health Care) | 1827700 |
| 466 | Madrigal Pharmaceuticals, Inc. (Health Care)\* | 201312 |
| 10915 | Merck & Co., Inc. (Health Care) | 1351495 |
| 293 | Mettler-Toledo International, Inc. (Health Care)\* | 400440 |
| 1137 | Natera, Inc. (Health Care)\* | 236541 |
| 750 | Penumbra, Inc. (Health Care)\* | 258293 |
| 6309 | QIAGEN NV (Health Care) | 314188 |
| 2204 | Repligen Corp. (Health Care)\* | 283721 |

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---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| United States – (continued) | United States – (continued) | United States – (continued) |
| 1159 | REVOLUTION Medicines, Inc. (Health Care)\* | $118241 |
| 2150 | Rhythm Pharmaceuticals, Inc. (Health Care)\* | 199370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17375 | Roivant Sciences Ltd. (Health Care)\* | 502833 |
| 4939 | Royalty Pharma PLC, Class A (Health Care) | 228231 |
| 1092 | Structure Therapeutics, Inc. ADR (Health Care)\* | 68774 |
| 2001 | Thermo Fisher Scientific, Inc. (Health Care) | 1042741 |
| 3619 | Ultragenyx Pharmaceutical, Inc. (Health Care)\* | 84648 |
| 775 | UnitedHealth Group, Inc. (Health Care) | 227284 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17996496 |
| TOTAL COMMON STOCKS | TOTAL COMMON STOCKS | TOTAL COMMON STOCKS |
| (Cost $17,764,144) | (Cost $17,764,144) | 22331669 |

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| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares** | **Dividend Rate** | **Value** |
| Investment Company – 1.1%<sup>(a)</sup> | Investment Company – 1.1%<sup>(a)</sup> | Investment Company – 1.1%<sup>(a)</sup> |
|  Goldman Sachs Financial Square Treasury<br>Obligations Fund – Institutional Shares  | Goldman Sachs Financial Square Treasury<br>Obligations Fund – Institutional Shares  | Goldman Sachs Financial Square Treasury<br>Obligations Fund – Institutional Shares  |
|  | 245,420 3.571% | 245420 |
| (Cost $245,420)  | (Cost $245,420)  | (Cost $245,420)  |
| TOTAL INVESTMENTS – 99.9% | TOTAL INVESTMENTS – 99.9% | TOTAL INVESTMENTS – 99.9% |
| (Cost $18,009,564)  | (Cost $18,009,564)  | $22577089 |
| OTHER ASSETS IN EXCESS OF LIABILITIES – 0.1% | OTHER ASSETS IN EXCESS OF LIABILITIES – 0.1% | 28757 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $22605846 |

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| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
|  \* | Non-income producing security. |
| (a) | Represents an affiliated issuer. |

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| | |
|:---|:---|
|  **Investment Abbreviations:** | **Investment Abbreviations:** |
| ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—American Depositary Receipt |
| PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—Public Limited Company |

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| | |
|:---|:---|
| **Sector Name** | **% of <br>Market <br>Value** |
|  Health Care | 98.9% |
|  Investment Company | 1.1 |
| TOTAL INVESTMENTS | 100.0% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>3</sub>

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GOLDMAN SACHS FUTURE TECH LEADERS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| **Shares**<br>| **Description**<br>| **Value** |
| Common Stocks – 98.7% | Common Stocks – 98.7% | Common Stocks – 98.7% |
| Communication Services – 9.4% | Communication Services – 9.4% | Communication Services – 9.4% |
| 81624 | Capcom Co. Ltd. (Japan) | $1878463 |
| 52979 | Cellnex Telecom SA (Spain)\*<sup>(a)</sup> | 2010433 |
| 223458 | Kuaishou Technology (China)<sup>(a)</sup> | 1795457 |
| 907971 | Meitu, Inc. (China)\*<sup>(a)</sup> | 656995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109739 | NetEase, Inc. (China) | 2514044 |
| 10062 | Reddit, Inc., Class A\* | 1467140 |
| 30633 | ROBLOX Corp., Class A\* | 2103262 |
| 5794 | Spotify Technology SA\* | 2983562 |
| 106638 | Tencent Music Entertainment Group ADR (China) | 1556915 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16966271 |
| Consumer Discretionary – 3.5% | Consumer Discretionary – 3.5% | Consumer Discretionary – 3.5% |
| 13895 | DoorDash, Inc., Class A\* | 2452051 |
| 817850 | Eternal Ltd. (India)\* | 2214165 |
| 922 | MercadoLibre, Inc. (Brazil)\* | 1620489 |
|  |  | 6286705 |
| Financials – 1.0% | Financials – 1.0% | Financials – 1.0% |
| 1538 | Adyen NV (Netherlands)\*<sup>(a)</sup> | 1806475 |
| Health Care – 1.4% | Health Care – 1.4% | Health Care – 1.4% |
| 14217 | Hoya Corp. (Japan) | 2573858 |
| Industrials – 9.4% | Industrials – 9.4% | Industrials – 9.4% |
| 105131 | Daifuku Co. Ltd. (Japan) | 4358097 |
| 120366 | Ebara Corp. (Japan) | 4272656 |
| 14124 | Rocket Lab Corp.\* | 975968 |
| 16124 | SK Square Co. Ltd. (South Korea)\* | 7229739 |
|  |  | 16836460 |
| Information Technology – 72.9% | Information Technology – 72.9% | Information Technology – 72.9% |
| 104293 | Accton Technology Corp. (Taiwan) | 4678165 |
| 29308 | Advantest Corp. (Japan) | 5040319 |
| 36021 | Amphenol Corp., Class A | 5261227 |
| 51587 | Anji Microelectronics Technology Shanghai Co. Ltd., Class A (China) | 2018622 |
| 5432 | AppLovin Corp., Class A\* | 2361671 |
| 283834 | ASE Technology Holding Co. Ltd. (Taiwan) | 3523940 |
| 2818 | ASM International NV (Netherlands) | 2376297 |
| 15631 | Cadence Design Systems, Inc.\* | 4711183 |
| 9635 | Cambricon Technologies Corp. Ltd., Class A (China)\* | 1654306 |
| 57019 | Chroma ATE, Inc. (Taiwan) | 2521105 |
| 6292 | Ciena Corp.\* | 2194020 |
| 17685 | Cloudflare, Inc., Class A\* | 3045180 |
| 90921 | Coforge Ltd. (India) | 1185080 |
| 10747 | Coherent Corp.\* | 2782721 |
| 18325 | CoreWeave, Inc., Class A\* | 1457937 |
| 21497 | Datadog, Inc., Class A\* | 2406804 |
| 146986 | Delta Electronics, Inc. (Taiwan) | 6734484 |
| 10294 | Elastic NV\* | 536009 |
| 37152 | Elite Material Co. Ltd. (Taiwan) | 2904453 |
| 5513 | HubSpot, Inc.\* | 1458244 |
| 73297 | Infineon Technologies AG (Germany) | 3965780 |

---

---

| | | |
|:---|:---|:---|
| **Shares**<br>| **Description**<br>| **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Information Technology – (continued) | Information Technology – (continued) | Information Technology – (continued) |
| 28332 | IsuPetasys Co. Ltd. (South Korea) | $2513148 |
| 47076 | Jentech Precision Industrial Co. Ltd. (Taiwan) | 4705941 |
| 2218 | KLA Corp. | 3381452 |
| 53084 | Lotes Co. Ltd. (Taiwan) | 3018939 |
| 5047 | Lumentum Holdings, Inc.\* | 3537493 |
| 45377 | Marvell Technology, Inc. | 3706847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91028 | MediaTek, Inc. (Taiwan) | 5672662 |
| 37788 | Microchip Technology, Inc. | 2820496 |
| 8883 | Micron Technology, Inc. | 3663083 |
| 7926 | MongoDB, Inc.\* | 2603453 |
| 12105 | Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5837757 |
| 40112 | NAURA Technology Group Co. Ltd., Class A (China) | 2758829 |
| 66619 | Netskope, Inc., Class A\* | 719485 |
| 37896 | Persistent Systems Ltd. (India) | 1971523 |
| 86411 | Samsara, Inc., Class A\* | 2497278 |
| 18619 | SCREEN Holdings Co. Ltd. (Japan) | 2733967 |
| 15355 | Shopify, Inc., Class A (Canada)\* | 1853809 |
| 6147 | SK hynix, Inc. (South Korea) | 4533867 |
| 19179 | Snowflake, Inc.\* | 3229935 |
| 16259 | Teradyne, Inc. | 5203368 |
| 8359 | Zscaler, Inc.\* | 1228689 |
|  |  | 131009568 |
| Real Estate – 1.1% | Real Estate – 1.1% | Real Estate – 1.1% |
| 2043 | Equinix, Inc. REIT | 1990413 |
| TOTAL COMMON STOCKS | TOTAL COMMON STOCKS | TOTAL COMMON STOCKS |
| (Cost $121,963,390) | (Cost $121,963,390) | 177469750 |
| **Shares**<br>| **Dividend Rate**<br>| **Value** |
| Investment Company – 1.3%<sup>(b)</sup> | Investment Company – 1.3%<sup>(b)</sup> | Investment Company – 1.3%<sup>(b)</sup> |
|  Goldman Sachs Financial Square Treasury<br>Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury<br>Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury<br>Obligations Fund – Institutional Shares |
| 2395544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.571% | 2395544 |
| (Cost $2,395,544) | (Cost $2,395,544) | (Cost $2,395,544) |
| TOTAL INVESTMENTS – 100.0% | TOTAL INVESTMENTS – 100.0% | TOTAL INVESTMENTS – 100.0% |
| (Cost $124,358,934) | (Cost $124,358,934) | $179865294 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES – 0.0%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 0.0%** | 22988 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $179888282 |
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **4** | **The accompanying notes are an integral part of these financial statements.** |

---

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GOLDMAN SACHS FUTURE TECH LEADERS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &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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| | |
|:---|:---|
|  \* | Non-income producing security. |
| (a) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (b) | Represents an affiliated issuer. |
|  **Investment Abbreviations:** | **Investment Abbreviations:** |
|  ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—American Depositary Receipt  |
|  REIT —Real Estate Investment Trust | REIT —Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>5</sub>

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GOLDMAN SACHS FUTURE ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Assets and Liabilities *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Future Health Care<br>Equity ETF** | **Future Tech Leaders<br>Equity ETF** |
| Assets: |  |  |
|  Investments in unaffiliated issuers, at value (cost $17,764,144 and $121,963,390, respectively) | $22331669 | $177469750 |
|  Investments in affiliated issuers, at value (cost $245,420 and $2,395,544, respectively) | 245420 | 2395544 |
|  Foreign Currency, at value (cost $444 and $–, respectively) | 451 |  |
|  Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 31758 | 96140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims | 2017 | 19256 |
| Total assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22611315 | 179980690 |
| Liabilities: |  |  |
|  Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 5469 | 43487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign bank overdraft (cost $– and $846, respectively) |  | 850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign capital gains taxes |  | 48071 |
| Total liabilities | 5469 | 92408 |
| Net Assets: |  |  |
|  Paid-in capital | 37483795 | 225165640 |
|  Total distributable loss | (14877949) | (45277358) |
| NET ASSETS | $22605846 | $179888282 |
| SHARES ISSUED AND OUTSTANDING |  |  |
|  Shares outstanding no par value (unlimited shares authorized): | 650000 | 4100000 |
|  Net asset value per share: | $34.78 | $43.88 |

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&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.** |

---

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GOLDMAN SACHS FUTURE ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Operations *For the Six Months Ended February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Future Health Care<br>Equity ETF** | **Future Tech Leaders<br>Equity ETF** |
| Investment income: |  |  |
|  Dividends — unaffiliated issuers (net of foreign withholding taxes of $184 and $41,613, respectively) | $75328 | $412893 |
|  Dividends — affiliated issuers | 4056 | 55298 |
|  Securities lending income, net of rebates received or paid to borrowers – unaffiliated issuer |  | 6147 |
|  **Total Investment Income** | 79384 | 474338 |
| Expenses: |  |  |
|  Management fees | 66026 | 660439 |
|  Trustee fees | 12109 | 13967 |
|  **Total expenses** | 78135 | 674406 |
|  Less — expense reductions | (191) | (2663) |
|  **Net expenses** | 77944 | 671743 |
|  **NET INVESTMENT INCOME (LOSS)** | 1440 | (197405) |
| Realized and Unrealized gain (loss): |  |  |
|  Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers (including the effects of net foreign capital gains tax of $– and $118,247, respectively) | (516921) | &nbsp;&nbsp;&nbsp;&nbsp;6032045 |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194215 | 6612299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (606) | (32131) |
|  Net change in unrealized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers (including the effects of the net change in foreign capital gains tax liability of $– and $(356087), respectively) | 1759091 | 19261742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (123) | 568 |
|  **Net realized and unrealized gain** | 1435656 | 31874523 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $1437096 | $31677118 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>7</sub>

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GOLDMAN SACHS FUTURE ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Future Health Care Equity ETF** | **Future Health Care Equity ETF** | **Future Tech Leaders Equity ETF** | **Future Tech Leaders Equity ETF** |
|  | **For the**<br> **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **For the Fiscal<br>Year Ended<br>August 31, 2025** | **For the**<br> **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **For the Fiscal<br>Year Ended<br>August 31, 2025** |
| From operations: |  |  |  |  |
| Net investment income (loss) | $1440 | $39018 | $(197405) | $5525 |
| Net realized gain (loss) | (323312) | (2446751) | 12612213 | 20516316 |
| Net change in unrealized gain (loss) | 1758968 | (647204) | 19262310 | 13961882 |
| **Net increase (decrease) in net assets resulting from operations** | 1437096 | (3054937) | 31677118 | 34483723 |
| Distributions to shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From distributable earnings | (67956) | (3600) |  |  |
| From share transactions: |  |  |  |  |
| Proceeds from sales of shares | 1737793 |  | 2113347 | 8141056 |
| Cost of shares redeemed | (809415) | (827726) | (29751893) | (42349891) |
| **Net increase (decrease) in net assets resulting from share transactions** | 928378 | (827726) | (27638546) | (34208835) |
| **TOTAL INCREASE (DECREASE)** | 2297518 | (3886263) | 4038572 | 274888 |
| Net Assets: |  |  |  |  |
| Beginning of period | $&nbsp;&nbsp;&nbsp;&nbsp;20308328 | $&nbsp;&nbsp;&nbsp;&nbsp;24194591 | $&nbsp;&nbsp;&nbsp;&nbsp;175849710 | $&nbsp;&nbsp;&nbsp;&nbsp;175574822 |
| End of period | $22605846 | $20308328 | $179888282 | $175849710 |

---

&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.** |

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GOLDMAN SACHS FUTURE HEALTH CARE EQUITY 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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Future Health Care Equity ETF** | **Future Health Care Equity ETF** | **Future Health Care Equity ETF** | **Future Health Care Equity ETF** | **Future Health Care Equity ETF** |
|  | **For the Six Months<br>Ended<br>February 28, 2026**<br> (Unaudited) | **For the Fiscal**<br>**Year Ended August 31,** | **For the Fiscal**<br>**Year Ended August 31,** | **For the Fiscal**<br>**Year Ended August 31,** | **For the Period<br>November 9, 2021<sup>\*</sup><br>to**<br> **August 31, 2022** |
|  | **For the Six Months<br>Ended<br>February 28, 2026**<br> (Unaudited) | **2025** | **2024** | **2023** | **For the Period<br>November 9, 2021<sup>\*</sup><br>to**<br> **August 31, 2022** |
| Per Share Operating Performance: | Per Share Operating Performance: | Per Share Operating Performance: | Per Share Operating Performance: | Per Share Operating Performance: |  |
|  Net asset value, beginning of period | $32.49 | $37.22 | $32.42 | $29.94 | $39.68 |
|  Net investment income (loss)<sup>(a)</sup> | – <sup>(b)</sup> | 0.06 | 0.01 | (0.04) | (0.08) |
|  Net realized and unrealized gain (loss) | 2.40 | (4.78) | 4.97 | 2.52 | (9.66) |
|  Total from investment operations | 2.40 | (4.72) | 4.98 | 2.48 | (9.74) |
|  Distributions to shareholders from net investment income | (0.11) | (0.01) | (0.18) | – <sup>(b)</sup> |  |
|  Net asset value, end of period | $34.78 | $32.49 | $37.22 | $32.42 | $29.94 |
|  Market price, end of period | $34.67 | $32.45 | $37.23 | $32.42 | $30.00 |
|  **Total Return at Net Asset Value<sup>(c)</sup>** | 7.39% | (12.69)% | 15.44% | 8.28% | (24.55)% |
|  Net assets, end of period (in 000's) | $22606 | $&nbsp;&nbsp;&nbsp;&nbsp;20308 | $&nbsp;&nbsp;&nbsp;&nbsp;24195 | $&nbsp;&nbsp;&nbsp;&nbsp;111841 | $101781 |
|  Ratio of net expenses to average net assets | 0.75 %<sup>(d)</sup> | 0.75% | 0.75% | 0.75% | 0.75 %<sup>(d)</sup> |
|  Ratio of net investment income (loss) to average net assets | 0.01 %<sup>(d)</sup> | 0.19% | 0.02% | (0.14)% | (0.33)%<sup>(d)</sup> |
|  Portfolio turnover rate<sup>(e)</sup> | 38% | 46% | 45% | 28% | 24% |

---

<sup>\*</sup> Commencement of operations.

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> Amount is less than $0.005 per share. 

<sup>(c)</sup> Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. 

<sup>(d)</sup> Annualized.

<sup>(e)</sup> The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>9</sub>

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GOLDMAN SACHS FUTURE TECH LEADERS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Future Tech Leaders Equity ETF** | **Future Tech Leaders Equity ETF** | **Future Tech Leaders Equity ETF** | **Future Tech Leaders Equity ETF** | **Future Tech Leaders Equity ETF** |
|  | **For the Six Months<br>Ended<br>February 28, 2026**<br> (Unaudited) | **For the Fiscal**<br>**Year Ended August 31,** | **For the Fiscal**<br>**Year Ended August 31,** | **For the Fiscal**<br>**Year Ended August 31,** | **For the Period<br>September 14, 2021<sup>\*</sup><br>to**<br> **August 31, 2022** |
|  | **For the Six Months<br>Ended<br>February 28, 2026**<br> (Unaudited) | **2025** | **2024** | **2023** | **For the Period<br>September 14, 2021<sup>\*</sup><br>to**<br> **August 31, 2022** |
| Per Share Operating Performance: | Per Share Operating Performance: | Per Share Operating Performance: | Per Share Operating Performance: | Per Share Operating Performance: |  |
|  Net asset value, beginning of period | $36.83 | $29.89 | $25.09 | $24.12 | $40.22 |
|  Net investment income (loss)<sup>(a)</sup> | (0.04) | – <sup>(b)</sup> | (0.01) | 0.05 | 0.01 |
|  Net realized and unrealized gain (loss) | 7.09 | 6.94 | 4.88 | 0.92 | (16.11) |
|  Total from investment operations | 7.05 | 6.94 | 4.87 | 0.97 | (16.10) |
|  Distributions to shareholders from net investment income |  |  | (0.07) | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Net asset value, end of period | $43.88 | $36.83 | $29.89 | $25.09 | $24.12 |
|  Market price, end of period | $43.58 | $36.56 | $29.81 | $25.06 | $24.08 |
|  **Total Return at Net Asset Value<sup>(c)</sup>** | 19.15% | 23.19% | 19.44% | 4.05% | (40.03)% |
|  Net assets, end of period (in 000's) | $179888 | $&nbsp;&nbsp;&nbsp;&nbsp;175850 | $&nbsp;&nbsp;&nbsp;&nbsp;175575 | $&nbsp;&nbsp;&nbsp;&nbsp;255895 | $242407 |
|  Ratio of net expenses to average net assets | 0.75 %<sup>(d)</sup> | 0.75% | 0.75% | 0.75% | 0.75 %<sup>(d)</sup> |
|  Ratio of net investment income (loss) to average net assets | (0.22)%<sup>(d)</sup> | – %<sup>(e)</sup> | (0.03)% | 0.19% | 0.03 %<sup>(d)</sup> |
|  Portfolio turnover rate<sup>(f)</sup> | 29% | 59% | 48% | 44% | 55% |

---

<sup>\*</sup> Commencement of operations.

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> Amount is less than $0.005 per share. 

<sup>(c)</sup> Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. 

<sup>(d)</sup> Annualized.

<sup>(e)</sup> Amount is less than 0.005%. 

<sup>(f)</sup> The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **10** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS FUTURE ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&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. O R G A N I Z A T I O N

Goldman Sachs ETF Trust (the "Trust") is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the "Act"), consisting of multiple series. The Trust was organized as a Delaware statutory trust on December 16, 2009. The following table lists those series of the Trust that are included in this report (collectively, the "Funds" or individually a "Fund") along with their respective diversification status under the Act:

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| | |
|:---|:---|
| **Fund** | **Diversified/**<br> **Non-Diversified** |
| Goldman Sachs Future Health Care Equity ETF | Non-Diversified |
| Goldman Sachs Future Tech Leaders Equity ETF | Non-Diversified |

---

The investment objective of each Fund is to seek long-term growth of capital.

Goldman Sachs Asset Management, L.P. ("GSAM"), an affiliate of Goldman Sachs & Co. LLC ("Goldman Sachs"), serves as investment adviser to the Funds pursuant to a management agreement (the "Agreement") with the Trust. Each Fund is an exchange-traded fund ("ETF"). Shares of the Funds are listed and traded on the NYSE Arca, Inc. ("NYSE Arca"). Market prices for the Funds' shares may be different from their net asset value ("NAV"). The Funds issue and redeem shares at their respective NAV only in blocks of a specified number of shares, or multiples thereof, referred to as "Creation Units". Creation Units are issued and redeemed generally for a designated portfolio of securities (including any portion of such securities for which cash may be substituted) and a specified amount of cash. Shares generally trade in the secondary market in quantities less than a Creation Unit at market prices that change throughout the day. Only those that have entered into an authorized participant agreement with ALPS Distributors, Inc. (the "Distributor") may do business directly with the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. S I G N I F I C A N T A C C O U N T I N G P O L I C I E S

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;A. Investment Valuation — The Funds' valuation policy is to value investments at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily NAV calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. These reclaims, if any, are recorded when the amount is known and there are no significant uncertainties on collectability. Such amounts recovered, if any, are reflected as other income in the Statements of Operations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments.

&nbsp;&nbsp;&nbsp;&nbsp;C. Expenses — Expenses incurred directly by a Fund are charged to the Fund, and certain expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis, depending upon the nature of the expenses, and are accrued daily.

&nbsp;&nbsp;&nbsp;&nbsp;D. Federal Taxes and Distributions to Shareholders — It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Code"), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**11**

------

GOLDMAN SACHS FUTURE ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. S I G N I F I C A N T A C C O U N T I N G P O L I C I E S (c o n t i n u e d)

required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid annually.

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund's distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds' net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

&nbsp;&nbsp;&nbsp;&nbsp;E. Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translations. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

&nbsp;&nbsp;&nbsp;&nbsp;F. Segment Reporting — The Funds follow Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Each Fund operates in one segment. The segment derives its revenues from Fund investments made in accordance with the defined investment strategy of the Fund, as prescribed in the Funds' prospectus. The Chief Operating Decision Maker ("CODM") is the 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. I N V E S T M E N T S A N D F A I R V A L U E M E A S U R E M E N T S

GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds' policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM's assumptions in determining fair value measurement).

The Board of Trustees ("Trustees") has approved valuation procedures that govern the valuation of the portfolio investments held by the Funds ("Valuation Procedures"), including investments for which market quotations are not readily available. With respect to the Funds' investments that do not have readily available market quotations, the Trustees have designated GSAM as the valuation designee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**12**

------

GOLDMAN SACHS FUTURE ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. I N V E S T M E N T S A N D F A I R V A L U E M E A S U R E M E N T S (c o n t i n u e d)

to perform fair valuations pursuant to Rule 2a-5 under the Act (the "Valuation Designee"). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds' investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Equity Securities — Equity securities traded on a United States ("U.S.") securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2.

Money Market Funds — Investments in the Goldman Sachs Financial Square Treasury Obligations Fund ("Underlying Money Market Fund") are valued at the NAV per share of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding the Underlying Money Market Fund's accounting policies and investment holdings, please see the Underlying Money Market Fund's financial statements at SEC.gov.

&nbsp;&nbsp;&nbsp;&nbsp;B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund's investments may be determined under the Valuation Procedures. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund's NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

&nbsp;&nbsp;&nbsp;&nbsp;C. Fair Value Hierarchy — The following is a summary of the Funds' investments classified in the fair value hierarchy as of February 28, 2026:

---

| | | | |
|:---|:---|:---|:---|
| **Future Health Care Equity ETF** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
| Assets |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | $818848 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3283186 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 18229635 |  |  |
|  Investment Company | 245420 |  |  |
| Total | $22577089 | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**13**

------

GOLDMAN SACHS FUTURE ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&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. I N V E S T M E N T S A N D F A I R V A L U E M E A S U R E M E N T S (c o n t i n u e d)

---

| | | | |
|:---|:---|:---|:---|
| **Future Tech Leaders Equity ETF** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
| Assets |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | $87219739 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 10158985 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 78470537 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 1620489 |  |  |
|  Investment Company | 2395544 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179865294 | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table.

For further information regarding security characteristics, see the Schedule of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A G R E E M E N T S A N D A F F I L I A T E D T R A N S A C T I O N S

&nbsp;&nbsp;&nbsp;&nbsp;A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds' business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund's average daily net assets.

The Funds operate under a unitary management fee structure. Under the unitary fee structure, GSAM is responsible for paying substantially all the expenses of each Fund, excluding payments under a Fund's 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings and litigation, indemnification and extraordinary expenses. As the Funds directly pay fees and expenses of the independent Trustees, the management fee collected by GSAM will be reduced by an amount equal to the fees and expenses paid by the Funds to the independent Trustees.

For the six months ended February 28, 2026, contractual and effective net unitary management fees with GSAM for each Fund were at the following rates:

---

| | |
|:---|:---|
| **Fund** | **Unitary Management Fee** |
| &nbsp;&nbsp;&nbsp;&nbsp; Future Health Care Equity ETF | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp; Future Tech Leaders Equity ETF | 0.75% |

---

The Funds invest in Institutional Shares of the Goldman Sachs Financial Square Treasury Obligations Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds' investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund ("Government Money Market Fund"). For the six months ended February 28, 2026, GSAM waived $191 and $2,663 of the Funds' management fees for the Future Health Care Equity ETF and the Future Tech Leaders Equity ETF, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;B. Other Transactions with Affiliates — For the six months ended February 28, 2026, Goldman Sachs did not earn any brokerage commissions from portfolio transactions on behalf of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**14**

------

GOLDMAN SACHS FUTURE ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A G R E E M E N T S A N D A F F I L I A T E D T R A N S A C T I O N S (c o n t i n u e d)

The following tables provide information about the Funds' investment in the Goldman Sachs Financial Square Treasury Obligations Fund as of and for the six months ended February 28, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Future Health Care Equity ETF** | **Future Health Care Equity ETF** | **Future Health Care Equity ETF** | **Future Health Care Equity ETF** | **Future Health Care Equity ETF** | **Future Health Care Equity ETF** | **Future Health Care Equity ETF** |
| **Underlying Fund** | **Beginning value<br>as of August 31,<br>2025** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>February 28, 2026** | **Shares as of<br>February 28, 2026** | **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 |  |  |
|  | $302347 | $1603553 | $(1660480) | $245420 | 245420 | $4056 |
| **Future Tech Leaders Equity ETF** | **Future Tech Leaders Equity ETF** | **Future Tech Leaders Equity ETF** | **Future Tech Leaders Equity ETF** | **Future Tech Leaders Equity ETF** | **Future Tech Leaders Equity ETF** | **Future Tech Leaders Equity ETF** |
| **Underlying Fund** | **Beginning value<br>as of August 31,<br>2025** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>February 28, 2026** | **Shares as of**<br> **February 28, 2026** | **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 |  |  |
|  | 2862302 | 19471103 | (19937861) | 2395544 | 2395544 | 55298 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. C R E A T I O N A N D R E D E M P T I O N O F C R E A T I O N U N I T S

The Trust issues and redeems shares of the Funds only in Creation Units on a continuous basis through the Distributor, without an initial sales load, at NAV next determined after receipt, on any Business Day (as defined in the Statement of Additional Information), of an order in proper form. Shares of the Funds may only be purchased or redeemed by certain financial institutions (each an "Authorized Participant"). An Authorized Participant is either (1) a "Participating Party" or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation; or (2) a Depository Trust Company participant; which, in either case, must have executed an agreement with the Distributor. Retail investors will typically not qualify as an Authorized Participant or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors will purchase shares in the secondary market at market prices with the assistance of a broker and may be subject to customary brokerage commissions or fees. Fixed creation and redemption transaction fees are imposed in connection with creations and redemptions.

Authorized Participants transacting in Creation Units for cash may also pay a variable charge to compensate the relevant fund for certain transaction costs (e.g. taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in "Proceeds from sale of shares" in the Statements of Changes in Net Assets.

Share activity is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Future Health Care Equity ETF** | **Goldman Sachs Future Health Care Equity ETF** | **Goldman Sachs Future Health Care Equity ETF** | **Goldman Sachs Future Health Care Equity ETF** |
|  | **For the<br>Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **For the<br>Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **For the Fiscal Year Ended<br>August 31, 2025** | **For the Fiscal Year Ended<br>August 31, 2025** |
|  | **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 | 50000 | $&nbsp;&nbsp;&nbsp;&nbsp;1737793 |  | $— |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (25000) | (809415) | (25000) | (827726) |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NET INCREASE (DECREASE) IN SHARES** | 25000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928378 | (25000) | $(827726) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**15**

------

GOLDMAN SACHS FUTURE ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&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. C R E A T I O N A N D R E D E M P T I O N O F C R E A T I O N U N I T S (c o n t i n u e d)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Future Tech Leaders Equity ETF** | **Goldman Sachs Future Tech Leaders Equity ETF** | **Goldman Sachs Future Tech Leaders Equity ETF** | **Goldman Sachs Future Tech Leaders Equity ETF** |
|  | **For the<br>Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **For the<br>Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **For the Fiscal Year Ended<br>August 31, 2025** | **For the Fiscal Year Ended<br>August 31, 2025** |
|  | **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 | 50000 | $2113347 | 250000 | $8141056 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (725000) | (29751893) | (1350000) | (42349891) |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NET DECREASE IN SHARES** | (675000) | $&nbsp;&nbsp;&nbsp;&nbsp;(27638546) | (1100000) | $&nbsp;&nbsp;&nbsp;&nbsp;(34208835) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. P O R T F O L I O S E C U R I T I E S T R A N S A C T I O N S

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended February 28, 2026 were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
|  Future Health Care Equity ETF | $8000918 | $8018305 |
|  Future Tech Leaders Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52421499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60907451 |

---

The purchases and sales from in-kind creation and redemption transactions for the six months ended February 28, 2026 were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Future Health Care Equity ETF | $1718323 | $798581 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Future Tech Leaders Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1377744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20321345 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. S E C U R I T I E S L E N D I N G

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**16**

------

GOLDMAN SACHS FUTURE ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. S E C U R I T I E S L E N D I N G (c o n t i n u e d)

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 February 28, 2026, 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 February 28, 2026.

Each of the Funds and BNY received compensation relating to the lending of the Funds' securities. The amounts earned, if any, by the Funds for the six months ended February 28, 2026 are reported under Investment Income on the Statements of Operations.

The following table provides information about the Funds' investment in the Government Money Market Fund for the six months ended February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Beginning value as<br>of August 31, 2025 | **Purchases**<br> **at Cost** | **Proceeds**<br> **from Sales** | Ending value as<br>of February 28, 2026 |
|  Future Health Care Equity ETF | $– $|  | $— | $— |
|  Future Tech Leaders Equity ETF | – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14664163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14664163) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. T A X I N F O R M A T I O N

As of the Funds' most recent fiscal year end, August 31, 2025, the Funds' capital loss carryforwards and certain timing differences on a tax-basis were as follows:

---

| | | |
|:---|:---|:---|
|  | Future Health<br>Care Equity ETF | Future Tech<br>Leaders Equity<br>ETF |
|  Capital loss carryforwards: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Short-Term | $(9167745) | $(44562503) |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Long-Term | (7934115) | (66914820) |
|  Total capital loss carryforwards | (17101860) | (111477323) |
|  Timing differences — (Post October Capital Loss Deferral and Qualified Late Year Ordinary Loss Deferral) | (1927713) | (1026855) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**17**

------

GOLDMAN SACHS FUTURE ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&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. T A X I N F O R M A T I O N (c o n t i n u e d)

As of February 28, 2026, the Funds' aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

---

| | | |
|:---|:---|:---|
|  | **Future Health Care<br>Equity ETF** | **Future Tech Leaders**<br> **Equity ETF** |
|  Tax Cost | $18103717 | $125006036 |
|  Gross unrealized gain | 5208508 | 66166669 |
|  Gross unrealized loss | (735136) | (11307411) |
|  Net unrealized gain (loss) | $4473372 | $54859258 |

---

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales and differences in the tax treatment of passive foreign investment company investments.

GSAM has reviewed the Funds' tax positions for all open tax years (the current and prior years, as applicable) and has concluded that no provision for income tax is required in the Funds' financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. O T H E R R I S K S

The Funds' risks include, but are not limited to, the following:

Depositary Receipts Risk — Foreign securities may trade in the form of depositary receipts, which include American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs") (collectively "Depositary Receipts"). To the extent a Fund acquires Depositary Receipts through banks which do not have a contractual relationship with the foreign issuer of the security underlying the Depositary Receipts to issue and service such unsponsored Depositary Receipts, there may be an increased possibility that a Fund would not become aware of and be able to respond to corporate actions such as stock splits or rights offerings involving the foreign issuer in a timely manner. In addition, the lack of information may result in inefficiencies in the valuation of such instruments. Investment in Depositary Receipts does not eliminate all the risks inherent in investing in securities of non-U.S. issuers. The market value of Depositary Receipts is dependent upon the market value of the underlying securities and fluctuations in the relative value of the currencies in which the Depositary Receipts and the underlying securities are quoted. The issuers of Depositary Receipts may discontinue issuing new Depositary Receipts and withdraw existing Depositary Receipts at any time, which may result in costs and delays in the distribution of the underlying assets to the Fund and may negatively impact a Fund's performance.

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund's liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**18**

------

GOLDMAN SACHS FUTURE ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. O T H E R R I S K S (c o n t i n u e d)

exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.

Foreign Custody Risk — The Funds invest in foreign securities, and as such the Funds may hold such securities and cash with foreign banks, agents, and securities depositories appointed by a Fund's custodian (each a "Foreign Custodian"). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund's ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

Geographic and Sector Risk — If a Fund invests a significant portion of its total assets in certain issuers within the same state, geographic region or economic sector, an adverse economic, business, political, environmental or other development affecting that state, region or sector may affect the value of the Fund's investments more than if its investments were not so focused.

Industry Concentration Risk — Concentrating Fund investments in a limited number of issuers conducting business in the same industry or group of industries will subject the Fund to a greater risk of loss as a result of adverse economic, business, political, environmental or other developments than if its investments were diversified across different industries.

Investment Style Risk — Different investment styles (e.g., growth, value or quantitative) tend to shift in and out of favor depending upon market and economic conditions and investor sentiment. The Fund may outperform or underperform other funds that invest in similar asset classes but employ different investment styles.

Issuer Concentration Risk — The Funds may invest in a relatively small number of issuers. As a result, they may be subject to greater risks than a fund that invests in a greater number of issuers. A change in the value of any single investment held by the Funds may affect the overall value of the Funds more than it would affect a mutual fund that holds more investments. In particular, the Funds may be more susceptible to adverse developments affecting any single issuer in the Funds and may be susceptible to greater losses because of these developments.

Large Shareholder Transaction Risk — Certain shareholders, including other funds advised by the Investment Adviser, may from time to time own a substantial amount of the Fund's Shares. In addition, a third party investor, the Investment Adviser or an affiliate of the Investment Adviser, an authorized participant, a lead market maker, or another entity (i.e., a seed investor) may invest in the Fund and hold its investment solely to facilitate commencement of the Fund or to facilitate the Fund's achieving a specified size or scale. Any such investment may be held for a limited period of time. There can be no assurance that any large shareholder would not redeem its investment, that the size of the Fund would be maintained at such levels or that the Fund would continue to meet applicable listing requirements. Redemptions by large shareholders could have a significant negative impact on the Fund, including on the Fund's liquidity. In addition, transactions by large shareholders may account for a large percentage of the trading volume on NYSE Arca and may, therefore, have a material upward or downward effect on the market price of the Shares.

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors, governments or countries and/ or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**19**

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GOLDMAN SACHS FUTURE ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&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. O T H E R R I S K S (c o n t i n u e d)

Market Trading Risk — Each Fund faces numerous market trading risks, including disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for Shares. If a shareholder purchases Shares at a time when the market price is at a premium to the NAV or sells Shares at a time when the market price is at a discount to the NAV, the shareholder may pay more for, or receive less than, the underlying value of the Shares, respectively. The Investment Adviser cannot predict whether Shares will trade below, at or above their NAV. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for Shares will be closely related to, but not identical to, the same forces influencing the prices of the securities of a Fund's Index trading individually or in the aggregate at any point in time.

Mid-Cap and Small-Cap Risk — Investments in mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.

Non-Diversification Risk — The Funds are non-diversified, meaning that they are permitted to invest a larger percentage of their assets in one or more issuers or in fewer issuers than diversified funds. Thus, a Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

Stock Risk — Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.

Thematic Investing Risk — The Fund's thematic investment strategy limits the universe of investment opportunities available to the Fund and will affect the Fund's exposure to certain companies, sectors, regions, and countries, which may result in the Fund forgoing opportunities to buy or sell certain securities when it might otherwise be advantageous to do so. Adhering to the Fund's thematic investment strategy may also affect the Fund's performance relative to similar funds that do not seek to invest in companies exposed to certain themes. There is no guarantee that the Investment Adviser's views, security selection criteria or investment judgment will reflect the beliefs or values of any particular investor. In addition, the Investment Adviser is not required to monitor on an ongoing basis whether a current holding continues to be aligned with one or more themes or otherwise associated with certain themes. The Fund is not required to sell, and may instead add to, positions in holdings that no longer continue to be aligned with one or more of the Key Themes or associated with these themes.

Valuation Risk — The sale price the Fund could receive for a security may differ from the Fund's valuation of the security, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. The Fund relies on various sources to calculate its NAV. The information may be provided by third parties that are believed to be reliable, but the information may not be accurate due to errors by such pricing sources, technological issues or otherwise. NAV calculations may also be impacted by operational risks arising from factors such as failures in systems and technology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. I N D E M N I F I C A T I O N S

Under the Trust's organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**20**

------

GOLDMAN SACHS FUTURE ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. O T H E R M A T T E R S

The Funds adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. Adoption of the new standard impacted financial statement disclosures only and did not affect any Fund's financial position or the results of its operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. S U B S E Q U E N T E V E N T S

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;

**21**

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![LOGO](g66180dsp024.jpg)

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![LOGO](g113300g00k01.jpg)

Goldman Sachs Funds Semi-Annual Financial Statements February 28, 2026 Goldman Sachs MarketBeta® ETFs Goldman Sachs MarketBeta® Emerging Markets Equity ETF (GSEE) Goldman Sachs MarketBeta® International Equity ETF (GSID) Goldman Sachs MarketBeta® Russell 1000 Growth Equity ETF (GGUS) Goldman Sachs MarketBeta® Russell 1000 Value Equity ETF (GVUS) Goldman Sachs MarketBeta® U.S. Equity ETF (GSUS)

------

## Goldman Sachs MarketBeta<sup>®</sup><sup></sup>ETFs

---

| | |
|:---|:---|
| **Table of Contents** | **Page** |
|  **[Schedule of Investments](#mb113300_1)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs MarketBeta<sup>®</sup> Emerging Markets Equity ETF](#mb113300_2) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs MarketBeta<sup>®</sup> International Equity ETF](#mb113300_3) | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF](#mb113300_4) | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF](#mb113300_5) | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs MarketBeta<sup>®</sup> U.S. Equity ETF](#mb113300_6) | 73 |
|  **[Financial Statements](#mb113300_7)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#mb113300_8) | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#mb113300_9) | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#mb113300_10) | 82 |
|  **[Financial Highlights](#mb113300_11)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MarketBeta<sup>®</sup> Emerging Markets Equity ETF](#mb113300_12) | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MarketBeta<sup>®</sup> International Equity ETF](#mb113300_13) | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF](#mb113300_14) | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF](#mb113300_15) | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MarketBeta<sup>®</sup> U.S. Equity ETF](#mb113300_16) | 89 |
|  **[Notes to Financial Statements](#mb113300_17)** | 90 |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – 97.2% | Common Stocks – 97.2% | Common Stocks – 97.2% |
| Argentina – 0.0% | Argentina – 0.0% | Argentina – 0.0% |
| 870 | Vista Energy SAB de CV ADR (Energy)\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50234 |
| Australia – 0.0% | Australia – 0.0% | Australia – 0.0% |
| 3225 | Yancoal Australia Ltd. (Energy)<sup>(a)</sup> | 13468 |
| Brazil – 3.2% | Brazil – 3.2% | Brazil – 3.2% |
| 48769 | Ambev SA (Consumer Staples) | 154723 |
| 12806 | Axia Energia (Utilities) | 152997 |
| 58098 | B3 SA – Brasil Bolsa Balcao (Financials) | 202785 |
| 15976 | Banco Bradesco SA (Financials) | 57227 |
| 12970 | Banco BTG Pactual SA (Financials) | 154931 |
| 19014 | Banco do Brasil SA (Financials) | 99920 |
| 4144 | Banco Santander Brasil SA (Financials) | 27070 |
| 7419 | BB Seguridade Participacoes SA (Financials) | 50170 |
| 6902 | Caixa Seguridade Participacoes SA (Financials) | 23943 |
| 5177 | Cia de Saneamento Basico do Estado de Sao Paulo (Utilities) | 155364 |
| 20333 | Cia Paranaense de Energia (Utilities) | 58124 |
| 2055 | CPFL Energia SA (Utilities) | 20176 |
| 5440 | CSN Mineracao SA (Materials) | 5771 |
| 7693 | Embraer SA (Industrials) | 138639 |
| 3664 | Energisa SA (Utilities) | 38475 |
| 7400 | Eneva SA (Utilities)\* | 30879 |
| 2812 | Engie Brasil Energia SA (Utilities) | 18468 |
| 13166 | Equatorial SA (Utilities) | 108109 |
| 5618 | Itau Unibanco Holding SA (Financials) | 47741 |
| 10878 | Klabin SA (Materials) | 43611 |
| 9591 | Localiza Rent a Car SA (Industrials) | 94931 |
| 11020 | Motiva Infraestrutura de Mobilidade SA (Industrials) | 35778 |
| 2513 | Neoenergia SA (Utilities) | 16107 |
| 38464 | NU Holdings Ltd., Class A (Financials)\* | 576191 |
| 2187 | Pagseguro Digital Ltd., Class A (Financials) | 23204 |
| 40955 | Petroleo Brasileiro SA - Petrobras (Energy) | 341242 |
| 2098 | Porto Seguro SA (Financials) | 21408 |
| 8969 | PRIO SA (Energy)\* | 95298 |
| 14214 | Raia Drogasil SA (Consumer Staples) | 69511 |
| 7367 | Rede D'Or Sao Luiz SA (Health Care)<sup>(b)</sup> | 57892 |
| 14290 | Rumo SA (Industrials) | 44500 |
| 2584 | StoneCo Ltd., Class A (Financials)\* | 43411 |
| 7867 | Suzano SA (Materials) | 88973 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Brazil – (continued) | Brazil – (continued) | Brazil – (continued) | Brazil – (continued) |
| 8946 | Telefonica Brasil SA (Communication Services) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75324 |
| 8848 | TIM SA (Communication Services) |  | 48136 |
| 5660 | TOTVS SA (Information Technology) |  | 41763 |
| 8486 | Ultrapar Participacoes SA (Consumer Discretionary) |  | 42692 |
| 39456 | Vale SA (Materials) |  | 680662 |
| 13182 | Vibra Energia SA (Consumer Discretionary) |  | 76907 |
| 16419 | WEG SA (Industrials) |  | 159120 |
| 4395 | XP, Inc., Class A (Financials) |  | 94624 |
|  |  |  | 4316797 |
| Chile – 0.5% | Chile – 0.5% | Chile – 0.5% | Chile – 0.5% |
| 494176 | Banco de Chile (Financials) |  | 101759 |
| 999 | Banco de Credito e Inversiones SA (Financials) |  | 68333 |
| 888 | Banco Itau Chile SA (Financials) |  | 21231 |
| 698139 | Banco Santander Chile (Financials) |  | 59899 |
| 13722 | Cencosud SA (Consumer Staples) |  | 42814 |
| 8524 | Cencosud Shopping SA (Real Estate) |  | 24672 |
| 13136 | Empresas CMPC SA (Materials) |  | 19430 |
| 4839 | Empresas Copec SA (Consumer Discretionary) |  | 39870 |
| 237451 | Enel Americas SA (Utilities) |  | 21324 |
| 284364 | Enel Chile SA (Utilities) |  | 23764 |
| 13334 | Falabella SA (Consumer Discretionary) |  | 98845 |
| 5013675 | Latam Airlines Group SA (Industrials) |  | 140865 |
| 5379 | Plaza SA (Real Estate) |  | 25106 |
| 3228 | Quinenco SA (Industrials) |  | 16248 |
|  |  |  | 704160 |
| China – 24.4% | China – 24.4% | China – 24.4% | China – 24.4% |
| 5231 | 360 Security Technology, Inc., Class A (Information Technology) |  | 9454 |
| 1043 | 37 Interactive Entertainment Network Technology Group Co. Ltd., Class A (Communication Services) |  | 3725 |
| 20980 | 3SBio, Inc. (Health Care)\*<sup>(b)</sup> |  | 58846 |
| 7779 | AAC Technologies Holdings, Inc. (Information Technology) |  | 37134 |
| 574 | Accelink Technologies Co. Ltd., Class A (Information Technology) |  | 6352 |
| 164 | ACM Research Shanghai, Inc., Class A (Information Technology) |  | 4117 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>3</sub>

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 479 | Advanced Micro-Fabrication Equipment Inc China, Class A (Information Technology) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24621 |
| 598 | AECC Aero-Engine Control Co. Ltd., Class A (Industrials) | 2428 |
| 1693 | AECC Aviation Power Co. Ltd., Class A (Industrials) | 14100 |
| 53313 | Agricultural Bank of China Ltd., Class A (Financials) | 49732 |
| 340320 | Agricultural Bank of China Ltd., Class H (Financials) | 231023 |
| 6990 | Aier Eye Hospital Group Co. Ltd., Class A (Health Care) | 10799 |
| 369 | AIMA Technology Group Co. Ltd., Class A (Consumer Discretionary) | 1576 |
| 7303 | Air China Ltd., Class A (Industrials)\* | 8952 |
| 18228 | Air China Ltd., Class H (Industrials)\* | 15823 |
| 1082 | Airtac International Group (Industrials) | 41774 |
| 1066 | Aisino Corp., Class A (Information Technology) | 1572 |
| 6498 | Akeso, Inc. (Health Care)\*<sup>(b)</sup> | 88804 |
| 199447 | Alibaba Group Holding Ltd. (Consumer Discretionary) | 3643624 |
| 568 | All Winner Technology Co. Ltd., Class A (Information Technology) | 3530 |
| 8760 | Aluminum Corp. of China Ltd., Class A (Materials) | 17518 |
| 42244 | Aluminum Corp. of China Ltd., Class H (Materials) | 76364 |
| 292 | Amlogic Shanghai Co. Ltd., Class A (Information Technology)\* | 4043 |
| 1561 | An Hui Wenergy Co. Ltd., Class A (Utilities) | 1961 |
| 328 | Andon Health Co. Ltd., Class A (Health Care) | 2122 |
| 4646 | Angang Steel Co. Ltd., Class A (Materials)\* | 1828 |
| 17937 | Angang Steel Co. Ltd., Class H (Materials)\* | 4930 |
| 605 | Angel Yeast Co. Ltd., Class A (Consumer Staples) | 3879 |
| 3019 | Anhui Conch Cement Co. Ltd., Class A (Materials) | 11247 |
| 13467 | Anhui Conch Cement Co. Ltd., Class H (Materials) | 42180 |
| 4699 | Anhui Expressway Co. Ltd., Class H (Industrials) | 8320 |
| 979 | Anhui Gujing Distillery Co. Ltd., Class A (Consumer Staples) | 17296 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 1476 | Anhui Jianghuai Automobile Group Corp. Ltd., Class A (Consumer Discretionary)\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11789 |
| 251 | Anhui Kouzi Distillery Co. Ltd., Class A (Consumer Staples) | 1029 |
| 463 | Anhui Yingjia Distillery Co. Ltd., Class A (Consumer Staples) | 2566 |
| 200 | Anji Microelectronics Technology Shanghai Co. Ltd., Class A (Information Technology) | 7826 |
| 149 | Anjoy Foods Group Co. Ltd., Class A (Consumer Staples) | 2083 |
| 318 | Anker Innovations Technology Co. Ltd., Class A (Information Technology) | 4485 |
| 14135 | ANTA Sports Products Ltd. (Consumer Discretionary) | 153689 |
| 690 | Apeloa Pharmaceutical Co. Ltd., Class A (Health Care) | 1817 |
| 184 | APT Medical, Inc., Class A (Health Care) | 6604 |
| 2736 | Ascentage Pharma Group International (Health Care)\*<sup>(b)</sup> | 16404 |
| 574 | Asia - Potash International Investment Guangzhou Co. Ltd., Class A (Materials)\* | 4727 |
| 282 | ASR Microelectronics Co. Ltd., Class A (Information Technology)\* | 4018 |
| 147 | Asymchem Laboratories Tianjin Co. Ltd., Class A (Health Care) | 2089 |
| 290 | Asymchem Laboratories Tianjin Co. Ltd., Class H (Health Care)<sup>(b)</sup> | 2910 |
| 727 | Atour Lifestyle Holdings Ltd. ADR (Consumer Discretionary) | 28549 |
| 246 | Autobio Diagnostics Co. Ltd., Class A (Health Care) | 1302 |
| 770 | Autohome, Inc. ADR (Communication Services) | 14769 |
| 1187 | Avary Holding Shenzhen Co. Ltd., Class A (Information Technology) | 10206 |
| 335 | AVIC Chengdu UAS Co. Ltd., Class A (Industrials)\* | 2435 |
| 29017 | AviChina Industry & Technology Co. Ltd., Class H (Industrials)<sup>(a)</sup> | 15766 |
| 598 | AVICOPTER PLC, Class A (Industrials) | 3377 |
| 3617 | BAIC BluePark New Energy Technology Co. Ltd., Class A (Consumer Discretionary)\* | 4212 |
| 5672 | BAIC Foton Motor Co. Ltd., Class A (Consumer Discretionary)\* | 2645 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 4 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 23808 | Baidu, Inc., Class A (Communication Services)\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376501 |
| 229 | Baimtec Material Co. Ltd., Class A (Industrials) | 2452 |
| 4194 | Baiyin Nonferrous Group Co. Ltd., Class A (Materials) | 6541 |
| 14731 | Bank of Beijing Co. Ltd., Class A (Financials) | 11573 |
| 2797 | Bank of Changsha Co. Ltd., Class A (Financials) | 3995 |
| 3060 | Bank of Chengdu Co. Ltd., Class A (Financials) | 7212 |
| 28698 | Bank of China Ltd., Class A (Financials) | 22085 |
| 738366 | Bank of China Ltd., Class H (Financials) | 437989 |
| 1436 | Bank of Chongqing Co. Ltd., Class A (Financials) | 2049 |
| 5408 | Bank of Chongqing Co. Ltd., Class H (Financials) | 5296 |
| 36649 | Bank of Communications Co. Ltd., Class A (Financials) | 34988 |
| 82271 | Bank of Communications Co. Ltd., Class H (Financials) | 72151 |
| 2387 | Bank of Guiyang Co. Ltd., Class A (Financials) | 2021 |
| 4529 | Bank of Hangzhou Co. Ltd., Class A (Financials) | 10727 |
| 14115 | Bank of Jiangsu Co. Ltd., Class A (Financials) | 21293 |
| 8277 | Bank of Nanjing Co. Ltd., Class A (Financials) | 13572 |
| 5362 | Bank of Ningbo Co. Ltd., Class A (Financials) | 24454 |
| 8500 | Bank of Qingdao Co. Ltd., Class H (Financials)<sup>(b)</sup> | 4705 |
| 11060 | Bank of Shanghai Co. Ltd., Class A (Financials) | 15604 |
| 2387 | Bank of Suzhou Co. Ltd., Class A (Financials) | 2829 |
| 5539 | Bank of Zhengzhou Co. Ltd., Class A (Financials) | 1558 |
| 15329 | Baoshan Iron & Steel Co. Ltd., Class A (Materials) | 16087 |
| 6432 | BBMG Corp., Class A (Materials) | 1922 |
| 26210 | BBMG Corp., Class H (Materials) | 2848 |
| 5014 | Beijing Capital Eco- Environment Protection Group Co. Ltd., Class A (Utilities) | 2324 |
| 354 | Beijing Compass Technology Development Co. Ltd., Class A (Financials)\* | 5987 |
| 3252 | Beijing Dabeinong Technology Group Co. Ltd., Class A (Consumer Staples) | 1920 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 149 | Beijing Easpring Material Technology Co. Ltd., Class A (Industrials) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1238 |
| 574 | Beijing E-Hualu Information Technology Co. Ltd., Class A (Information Technology)\* | 1059 |
| 1931 | Beijing Enlight Media Co. Ltd., Class A (Communication Services) | 5485 |
| 5192 | Beijing Enterprises Holdings Ltd. (Utilities) | 23364 |
| 49465 | Beijing Enterprises Water Group Ltd. (Utilities) | 17896 |
| 7296 | Beijing Geekplus Technology Co. Ltd., Class H (Industrials)\* | 22311 |
| 164 | Beijing Huafeng Test & Control Technology Co. Ltd., Class A (Information Technology) | 7059 |
| 4027 | Beijing Jingneng Power Co. Ltd., Class A (Utilities) | 3234 |
| 315 | Beijing Kingsoft Office Software, Inc., Class A (Information Technology) | 13827 |
| 831 | Beijing New Building Materials PLC, Class A (Industrials) | 3390 |
| 1807 | Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A (Materials) | 4741 |
| 2244 | Beijing Originwater Technology Co. Ltd., Class A (Industrials) | 1380 |
| 90 | Beijing Roborock Technology Co. Ltd., Class A (Consumer Discretionary) | 1877 |
| 1239 | Beijing Shiji Information Technology Co. Ltd., Class A (Information Technology) | 2140 |
| 1699 | Beijing Shougang Co. Ltd., Class A (Materials) | 1416 |
| 1226 | Beijing Sinnet Technology Co. Ltd., Class A (Information Technology) | 3118 |
| 1281 | Beijing Tiantan Biological Products Corp. Ltd., Class A (Health Care) | 3045 |
| 926 | Beijing Tongrentang Co. Ltd., Class A (Health Care) | 4153 |
| 1308 | Beijing Ultrapower Software Co. Ltd., Class A (Information Technology) | 2219 |
| 472 | Beijing United Information Technology Co. Ltd., Class A (Industrials) | 1880 |
| 482 | Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A (Health Care)\* | 2880 |
| 1807 | Beijing Yanjing Brewery Co. Ltd., Class A (Consumer Staples) | 3403 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>5</sub>

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 29755 | Beijing-Shanghai High Speed Railway Co. Ltd., Class A (Industrials) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21468 |
| 48 | Bestechnic Shanghai Co. Ltd., Class A (Information Technology) | 1447 |
| 208 | Bethel Automotive Safety Systems Co. Ltd., Class A (Consumer Discretionary) | 1673 |
| 149 | Betta Pharmaceuticals Co. Ltd., Class A (Health Care) | 999 |
| 357 | BGI Genomics Co. Ltd., Class A (Health Care)\* | 2528 |
| 3184 | Bilibili, Inc., Class Z (Communication Services)\* | 90039 |
| 305 | Biwin Storage Technology Co. Ltd., Class A (Information Technology)\* | 7371 |
| 820 | Bloks Group Ltd. (Consumer Discretionary)\* | 6625 |
| 479 | Bloomage Biotechnology Corp. Ltd., Class A (Consumer Staples) | 3306 |
| 2532 | Bluefocus Intelligent Communications Group Co. Ltd., Class A (Communication Services)\* | 6827 |
| 2431 | BOC Aviation Ltd. (Industrials)<sup>(b)</sup> | 27069 |
| 39880 | BOC Hong Kong Holdings Ltd. (Financials) | 228916 |
| 1699 | BOC International China Co. Ltd., Class A (Financials) | 3544 |
| 25838 | BOE Technology Group Co. Ltd., Class A (Information Technology) | 16872 |
| 34318 | Brilliance China Automotive Holdings Ltd. (Consumer Discretionary) | 18295 |
| 820 | BTG Hotels Group Co. Ltd., Class A (Consumer Discretionary) | 2087 |
| 3687 | BYD Co. Ltd., Class A (Consumer Discretionary) | 48000 |
| 40596 | BYD Co. Ltd., Class H (Consumer Discretionary) | 492779 |
| 696 | By-health Co. Ltd., Class A (Consumer Staples) | 1223 |
| 6998 | C&D International Investment Group Ltd. (Real Estate) | 13527 |
| 1807 | Caida Securities Co. Ltd., Class A (Financials) | 1804 |
| 3255 | Caitong Securities Co. Ltd., Class A (Financials) | 4123 |
| 4104 | CALB Group Co. Ltd., Class H (Consumer Discretionary)\*<sup>(b)</sup> | 13620 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 322 | Cambricon Technologies Corp. Ltd., Class A (Information Technology)\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55287 |
| 584 | Canmax Technologies Co. Ltd., Class A (Materials) | 4287 |
| 902 | Capital Securities Co. Ltd., Class A (Financials) | 2406 |
| 586 | Cathay Biotech, Inc., Class A (Materials) | 4670 |
| 13480 | CCOOP Group Co. Ltd., Class A (Consumer Discretionary)\* | 4539 |
| 2797 | CECEP Solar Energy Co. Ltd., Class A (Utilities) | 2377 |
| 4188 | CECEP Wind-Power Corp., Class A (Utilities) | 2020 |
| 463 | CETC Cyberspace Security Technology Co. Ltd., Class A (Information Technology) | 1358 |
| 11168 | CGN Power Co. Ltd., Class A (Utilities) | 6430 |
| 119285 | CGN Power Co. Ltd., Class H<br>(Utilities)<sup>(b)</sup> | 47884 |
| 233 | Chagee Holdings Ltd. ADR (Consumer Discretionary) | 2547 |
| 312 | Changchun High-Tech Industry Group Co. Ltd., Class A (Health Care) | 4355 |
| 4182 | Changjiang Securities Co. Ltd., Class A (Financials) | 4846 |
| 149 | Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A (Consumer Discretionary) | 3314 |
| 1169 | Chaozhou Three-Circle Group Co. Ltd., Class A (Information Technology) | 10751 |
| 264 | Chengdu Hi-tech Development Co. Ltd., Class A (Real Estate) | 2205 |
| 640 | Chengdu Kanghong Pharmaceutical Group Co. Ltd., Class A (Health Care) | 2728 |
| 2141 | Chengdu Xingrong Environment Co. Ltd., Class A (Utilities) | 2303 |
| 1066 | Chifeng Jilong Gold Mining Co. Ltd., Class A (Materials) | 6202 |
| 2008 | Chifeng Jilong Gold Mining Co. Ltd., Class H (Materials) | 10181 |
| 574 | China Automotive Engineering Research Institute Co. Ltd., Class A (Consumer Discretionary) | 1673 |
| 1931 | China Baoan Group Co. Ltd., Class A (Industrials) | 2688 |
| 108921 | China Cinda Asset Management Co. Ltd., Class H (Financials) | 17545 |
| 4438 | China CITIC Bank Corp. Ltd., Class A (Financials) | 4657 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 6 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 87919 | China CITIC Bank Corp. Ltd., Class H (Financials) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81039 |
| 146307 | China CITIC Financial Asset Management Co., Ltd., Class H (Financials)\*<sup>(b)</sup> | 15899 |
| 2470 | China Coal Energy Co. Ltd., Class A (Energy) | 5461 |
| 20771 | China Coal Energy Co. Ltd., Class H (Energy) | 34520 |
| 1807 | China Coal Xinji Energy Co. Ltd., Class A (Energy) | 2039 |
| 28982 | China Communications Services Corp. Ltd., Class H (Industrials) | 16488 |
| 14518 | China Construction Bank Corp., Class A (Financials) | 18177 |
| 1037446 | China Construction Bank Corp., Class H (Financials) | 1059708 |
| 5114 | China CSSC Holdings Ltd., Class A (Industrials) | 28138 |
| 12075 | China Eastern Airlines Corp. Ltd., Class A (Industrials)\* | 10085 |
| 19824 | China Eastern Airlines Corp. Ltd., Class H (Industrials)\*<sup>(a)</sup> | 14066 |
| 23803 | China Energy Engineering Corp. Ltd., Class A (Industrials) | 8812 |
| 75345 | China Energy Engineering Corp. Ltd., Class H (Industrials)<sup>(a)</sup> | 12715 |
| 32182 | China Everbright Bank Co. Ltd., Class A (Financials) | 15198 |
| 85486 | China Everbright Bank Co. Ltd., Class H (Financials) | 35955 |
| 40961 | China Everbright Environment Group Ltd. (Industrials) | 26811 |
| 38515 | China Feihe Ltd. (Consumer Staples)<sup>(b)</sup> | 18711 |
| 1066 | China Film Group Co. Ltd., Class A (Communication Services) | 2309 |
| 4765 | China First Heavy Industries Co. Ltd., Class A (Industrials)\* | 3577 |
| 4524 | China Galaxy Securities Co. Ltd., Class A (Financials) | 9634 |
| 37867 | China Galaxy Securities Co. Ltd., Class H (Financials) | 47974 |
| 2736 | China Gold International Resources Corp. Ltd. (Materials) | 71704 |
| 1699 | China Great Wall Securities Co. Ltd., Class A (Financials) | 2454 |
| 2251 | China Greatwall Technology Group Co. Ltd., Class A (Information Technology)\* | 5443 |
| 3043 | China Hainan Rubber Industry Group Co. Ltd., Class A (Materials) | 3406 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 35915 | China Hongqiao Group Ltd. (Materials) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162813 |
| 1645 | China International Capital Corp. Ltd., Class A (Financials) | 8308 |
| 1951 | China International Marine Containers Group Co. Ltd., Class A (Industrials) | 3839 |
| 4924 | China International Marine Containers Group Co. Ltd., Class H (Industrials) | 7837 |
| 3010 | China Jushi Co. Ltd., Class A (Materials) | 11863 |
| 1377 | China Life Insurance Co. Ltd., Class A (Financials) | 8927 |
| 75614 | China Life Insurance Co. Ltd., Class H (Financials) | 305273 |
| 4434 | China Literature Ltd. (Communication Services)\*<sup>(b)</sup> | 17913 |
| 37016 | China Longyuan Power Group Corp. Ltd., Class H (Utilities) | 35823 |
| 13433 | China Medical System Holdings Ltd. (Health Care) | 25073 |
| 13675 | China Merchants Bank Co. Ltd., Class A (Financials) | 77236 |
| 41747 | China Merchants Bank Co. Ltd., Class H (Financials) | 260660 |
| 6123 | China Merchants Energy Shipping Co. Ltd., Class A (Energy) | 14493 |
| 3676 | China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A (Industrials) | 5192 |
| 13834 | China Merchants Port Holdings Co. Ltd. (Industrials) | 30915 |
| 5655 | China Merchants Securities Co. Ltd., Class A (Financials) | 13682 |
| 5649 | China Merchants Securities Co. Ltd., Class H (Financials)<sup>(b)</sup> | 10176 |
| 6108 | China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A (Real Estate) | 8823 |
| 27236 | China Minsheng Banking Corp. Ltd., Class A (Financials) | 15403 |
| 80237 | China Minsheng Banking Corp. Ltd., Class H (Financials) | 41544 |
| 40599 | China National Building Material Co. Ltd., Class H (Materials) | 35294 |
| 4651 | China National Chemical Engineering Co. Ltd., Class A (Industrials) | 6332 |
| 574 | China National Medicines Corp. Ltd., Class A (Health Care) | 2450 |
| 12776 | China National Nuclear Power Co. Ltd., Class A (Utilities) | 15865 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>7</sub>

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 379 | China National Software & Service Co. Ltd., Class A (Information Technology)\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2464 |
| 13359 | China Nonferrous Mining Corp. Ltd. (Materials) | 25635 |
| 2605 | China Northern Rare Earth Group High-Tech Co. Ltd., Class A (Materials) | 23693 |
| 690 | China Oilfield Services Ltd., Class A (Energy) | 1697 |
| 19757 | China Oilfield Services Ltd., Class H (Energy) | 25485 |
| 40857 | China Overseas Land & Investment Ltd. (Real Estate) | 74954 |
| 15723 | China Overseas Property Holdings Ltd. (Real Estate) | 8563 |
| 4536 | China Pacific Insurance Group Co. Ltd., Class A (Financials) | 26981 |
| 28033 | China Pacific Insurance Group Co. Ltd., Class H (Financials) | 128802 |
| 20664 | China Petroleum & Chemical Corp., Class A (Energy) | 19457 |
| 249880 | China Petroleum & Chemical Corp., Class H (Energy) | 174101 |
| 3617 | China Petroleum Engineering Corp., Class A (Energy) | 2235 |
| 59631 | China Power International Development Ltd. (Utilities) | 25005 |
| 3384 | China Railway Construction Heavy Industry Corp. Ltd., Class A (Industrials) | 2673 |
| 15687 | China Railway Group Ltd., Class A (Industrials) | 14405 |
| 47233 | China Railway Group Ltd., Class H (Industrials) | 31218 |
| 4791 | China Railway Signal & Communication Corp. Ltd., Class A (Information Technology) | 3994 |
| 20819 | China Railway Signal & Communication Corp. Ltd., Class H (Information Technology)<sup>(b)</sup> | 9794 |
| 690 | China Rare Earth Resources And Technology Co. Ltd., Class A (Materials)\* | 6535 |
| 78086 | China Reinsurance Group Corp., Class H (Financials) | 16471 |
| 17422 | China Resources Beer Holdings Co. Ltd. (Consumer Staples) | 61473 |
| 4546 | China Resources Beverage Holdings Co. Ltd. (Consumer Staples) | 5835 |
| 738 | China Resources Double Crane Pharmaceutical Co. Ltd., Class A (Health Care) | 1979 |
| 10037 | China Resources Gas Group Ltd. (Utilities) | 26921 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 32058 | China Resources Land Ltd. (Real Estate) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130246 |
| 698 | China Resources Microelectronics Ltd., Class A (Information Technology) | 5809 |
| 6907 | China Resources Mixc Lifestyle Services Ltd. (Real Estate)<sup>(b)</sup> | 42031 |
| 20034 | China Resources Pharmaceutical Group Ltd. (Health Care)<sup>(b)</sup> | 11653 |
| 21721 | China Resources Power Holdings Co. Ltd. (Utilities) | 51872 |
| 1168 | China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A (Health Care) | 4917 |
| 126588 | China Ruyi Holdings Ltd. (Communication Services)\* | 32852 |
| 4332 | China Shenhua Energy Co. Ltd., Class A (Energy) | 26683 |
| 37411 | China Shenhua Energy Co. Ltd., Class H (Energy) | 215030 |
| 1066 | China South Publishing & Media Group Co. Ltd., Class A (Communication Services) | 1726 |
| 8374 | China Southern Airlines Co. Ltd., Class A (Industrials)\* | 8959 |
| 21246 | China Southern Airlines Co. Ltd., Class H (Industrials)\* | 15971 |
| 1807 | China Southern Power Grid Energy Efficiency & Clean Energy Co. Ltd., Class A (Industrials) | 2165 |
| 820 | China Southern Power Grid Energy Storage Co. Ltd., Class A (Utilities) | 1784 |
| 29239 | China State Construction Engineering Corp. Ltd., Class A (Industrials) | 21479 |
| 17449 | China State Construction International Holdings Ltd. (Industrials) | 20723 |
| 1071 | China Suntien Green Energy Corp. Ltd., Class A (Energy) | 1221 |
| 12175 | China Suntien Green Energy Corp. Ltd., Class H (Energy) | 6537 |
| 15248 | China Taiping Insurance Holdings Co. Ltd. (Financials) | 44562 |
| 21958 | China Three Gorges Renewables Group Co. Ltd., Class A (Utilities) | 13314 |
| 1398 | China Tourism Group Duty Free Corp. Ltd., Class A (Consumer Discretionary) | 16419 |
| 1092 | China Tourism Group Duty Free Corp. Ltd., Class H (Consumer<br>Discretionary)<sup>(b)</sup> | 11015 |
| 51698 | China Tower Corp. Ltd., Class H (Communication Services)<sup>(b)</sup> | 73692 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 8 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 1368 | China Tungsten And Hightech Materials Co. Ltd., Class A (Materials) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13204 |
| 24284 | China United Network Communications Ltd., Class A (Communication Services) | 17414 |
| 7450 | China Vanke Co. Ltd., Class A (Real Estate)\* | 5256 |
| 27183 | China Vanke Co. Ltd., Class H (Real Estate)\* | 13066 |
| 3617 | China XD Electric Co. Ltd., Class A (Industrials) | 8477 |
| 16144 | China Yangtze Power Co. Ltd., Class A (Utilities) | 61273 |
| 463 | China Zhenhua Group Science & Technology Co. Ltd., Class A (Information Technology) | 3897 |
| 14037 | China Zheshang Bank Co. Ltd., Class A (Financials) | 6097 |
| 21747 | China Zheshang Bank Co. Ltd., Class H (Financials) | 7479 |
| 2961 | Chongqing Afari Technology Co. Ltd., Class A (Consumer Discretionary)\* | 5028 |
| 366 | Chongqing Brewery Co. Ltd., Class A (Consumer Staples) | 2958 |
| 9778 | Chongqing Changan Automobile Co. Ltd., Class A (Consumer Discretionary) | 15762 |
| 7905 | Chongqing Rural Commercial Bank Co. Ltd., Class A (Financials) | 7478 |
| 28991 | Chongqing Rural Commercial Bank Co. Ltd., Class H (Financials) | 21830 |
| 1580 | Chongqing Zhifei Biological Products Co. Ltd., Class A (Health Care)\* | 3982 |
| 786 | Chongqing Zongshen Power Machinery Co. Ltd., Class A (Consumer Discretionary) | 2429 |
| 3648 | Chuangxin Industries Holdings Ltd. (Materials)\* | 11053 |
| 962 | Cinda Securities Co. Ltd., Class A (Financials) | 2483 |
| 54662 | CITIC Ltd. (Industrials) | 87491 |
| 1071 | Citic Pacific Special Steel Group Co. Ltd., Class A (Materials) | 2815 |
| 8620 | CITIC Securities Co. Ltd., Class A (Financials) | 34388 |
| 19771 | CITIC Securities Co. Ltd., Class H (Financials) | 70923 |
| 11602 | CMOC Group Ltd., Class A (Materials) | 40568 |
| 39842 | CMOC Group Ltd., Class H (Materials) | 123059 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 645 | CNGR Advanced Material Co. Ltd., Class A (Industrials) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5395 |
| 4437 | CNOOC Energy Technology & Services Ltd., Class A (Energy) | 2962 |
| 4625 | CNPC Capital Co. Ltd., Class A (Financials) | 6128 |
| 1308 | COFCO Capital Holdings Co. Ltd., Class A (Energy) | 2122 |
| 1476 | COFCO Sugar Holding Co. Ltd., Class A (Consumer Staples) | 3382 |
| 2872 | Contemporary Amperex Technology Co. Ltd., Class A (Industrials) | 143167 |
| 1276 | Contemporary Amperex Technology Co. Ltd., Class H (Industrials)<sup>(a)</sup> | 80911 |
| 7440 | COSCO SHIPPING Development Co. Ltd., Class A (Industrials) | 3156 |
| 41921 | COSCO SHIPPING Development Co. Ltd., Class H (Industrials) | 6378 |
| 2789 | COSCO SHIPPING Energy Transportation Co. Ltd., Class A (Energy) | 8366 |
| 14996 | COSCO SHIPPING Energy Transportation Co. Ltd., Class H (Energy)<sup>(a)</sup> | 36099 |
| 8903 | COSCO SHIPPING Holdings Co. Ltd., Class A (Industrials) | 19478 |
| 28772 | COSCO SHIPPING Holdings Co. Ltd., Class H (Industrials) | 55836 |
| 25084 | Country Garden Services Holdings Co. Ltd. (Real Estate) | 20267 |
| 18330 | CRRC Corp. Ltd., Class A (Industrials) | 16805 |
| 51418 | CRRC Corp. Ltd., Class H (Industrials) | 38126 |
| 2133 | CSC Financial Co. Ltd., Class A (Financials) | 7415 |
| 9844 | CSC Financial Co. Ltd., Class H (Financials)<sup>(b)</sup> | 15089 |
| 1947 | CSI Solar Co. Ltd., Class A (Information Technology) | 4123 |
| 687 | CSPC Innovation Pharmaceutical Co. Ltd., Class A (Health Care) | 3307 |
| 820 | CSSC Science & Technology Co. Ltd., Class A (Industrials) | 1598 |
| 13954 | Daqin Railway Co. Ltd., Class A (Industrials) | 10373 |
| 592 | DaShenLin Pharmaceutical Group Co. Ltd., Class A (Consumer Staples) | 1689 |
| 4646 | Datang International Power Generation Co. Ltd., Class A (Utilities) | 2702 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>9</sub>

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 36003 | Datang International Power Generation Co. Ltd., Class H (Utilities) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12197 |
| 522 | DBG Technology Co. Ltd., Class A (Consumer Discretionary) | 2013 |
| 2244 | DHC Software Co. Ltd., Class A (Information Technology) | 3163 |
| 456 | Digital China Group Co. Ltd., Class A (Information Technology) | 2700 |
| 600 | Do-Fluoride New Materials Co. Ltd., Class A (Materials) | 2680 |
| 377 | Dong-E-E-Jiao Co. Ltd., Class A (Health Care) | 2988 |
| 1810 | Dongfang Electric Corp. Ltd., Class A (Industrials) | 9780 |
| 4351 | Dongfang Electric Corp. Ltd., Class H (Industrials)<sup>(a)</sup> | 22016 |
| 24000 | Dongfeng Motor Group Co. Ltd., Class H (Consumer Discretionary)\* | 30099 |
| 2270 | Dongxing Securities Co. Ltd., Class A (Financials) | 4619 |
| 548 | Duality Biotherapeutics, Inc. (Health Care)\* | 22068 |
| 10711 | East Money Information Co. Ltd., Class A (Financials) | 35157 |
| 984 | Eastern Air Logistics Co. Ltd., Class A (Industrials) | 2729 |
| 302 | Eastroc Beverage Group Co. Ltd., Class A (Consumer Staples) | 10633 |
| 4191 | Easyhome New Retail Group Co. Ltd., Class A (Consumer Discretionary)\* | 1808 |
| 463 | Ecovacs Robotics Co. Ltd., Class A (Consumer Discretionary) | 4679 |
| 264 | Electric Connector Technology Co. Ltd., Class A (Information Technology) | 1670 |
| 246 | Empyrean Technology Co. Ltd., Class A (Information Technology) | 3621 |
| 8585 | ENN Energy Holdings Ltd. (Utilities) | 75510 |
| 1588 | ENN Natural Gas Co. Ltd., Class A (Utilities) | 4719 |
| 705 | Eoptolink Technology, Inc. Ltd., Class A (Information Technology) | 36978 |
| 184 | Espressif Systems Shanghai Co. Ltd., Class A (Information Technology) | 4530 |
| 1476 | Eve Energy Co. Ltd., Class A (Industrials) | 13409 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 2917 | Everbright Securities Co. Ltd., Class A (Financials) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7075 |
| 3453 | Everbright Securities Co. Ltd., Class H (Financials)<sup>(b)</sup> | 3779 |
| 7291 | Everdisplay Optronics Shanghai Co. Ltd., Class A (Information Technology)\* | 2774 |
| 3385 | Fangda Carbon New Material Co. Ltd., Class A (Industrials) | 3113 |
| 25072 | Far East Horizon Ltd. (Financials) | 24809 |
| 774 | Farasis Energy Gan Zhou Co. Ltd., Class A (Industrials)\* | 1640 |
| 1714 | FAW Jiefang Group Co. Ltd., Class A (Industrials) | 1731 |
| 820 | Fiberhome Telecommunication Technologies Co. Ltd., Class A (Information Technology) | 6161 |
| 3252 | First Capital Securities Co. Ltd., Class A (Financials) | 3569 |
| 808 | Flat Glass Group Co. Ltd., Class A (Information Technology)\* | 2011 |
| 5473 | Flat Glass Group Co. Ltd., Class H (Information Technology)\* | 7592 |
| 10967 | Focus Media Information Technology Co. Ltd., Class A (Communication Services) | 11301 |
| 3035 | Foshan Haitian Flavouring & Food Co. Ltd., Class A (Consumer Staples) | 15907 |
| 1916 | Foshan Haitian Flavouring & Food Co. Ltd., Class H (Consumer Staples) | 8274 |
| 6000 | Founder Securities Co. Ltd., Class A (Financials) | 6716 |
| 7100 | Foxconn Industrial Internet Co. Ltd., Class A (Information Technology) | 57641 |
| 1476 | Fujian Funeng Co. Ltd., Class A (Utilities) | 2227 |
| 711 | Fujian Sunner Development Co. Ltd., Class A (Consumer Staples) | 2000 |
| 8211 | Full Truck Alliance Co. Ltd. ADR (Industrials) | 77019 |
| 1377 | Fuyao Glass Industry Group Co. Ltd., Class A (Consumer Discretionary) | 12122 |
| 6679 | Fuyao Glass Industry Group Co. Ltd., Class H (Consumer Discretionary)<sup>(b)</sup> | 55501 |
| 1181 | GalaxyCore, Inc., Class A (Information Technology) | 2906 |
| 246 | Gan & Lee Pharmaceuticals Co. Ltd., Class A (Health Care) | 2365 |
| 924 | Ganfeng Lithium Group Co. Ltd., Class A (Materials) | 9845 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 10 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 4976 | Ganfeng Lithium Group Co. Ltd., Class H (Materials)<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43767 |
| 82 | G-bits Network Technology Xiamen Co. Ltd., Class A (Communication Services) | 5015 |
| 14039 | GD Power Development Co. Ltd., Class A (Utilities) | 10047 |
| 11876 | GDS Holdings Ltd., Class A (Information Technology)\* | 63493 |
| 3479 | GEM Co. Ltd., Class A (Industrials) | 5035 |
| 3143 | Gemdale Corp., Class A (Real Estate)\* | 1507 |
| 12345 | Genscript Biotech Corp. (Health Care)\* | 18844 |
| 548 | Geovis Technology Co. Ltd., Class A (Information Technology) | 5413 |
| 4644 | GF Securities Co. Ltd., Class A (Financials) | 14106 |
| 11223 | GF Securities Co. Ltd., Class H (Financials) | 24735 |
| 5167 | Giant Biogene Holding Co. Ltd. (Consumer Staples)<sup>(b)</sup> | 21085 |
| 1476 | Giant Network Group Co. Ltd., Class A (Communication Services) | 7981 |
| 367 | GigaDevice Semiconductor, Inc., Class A (Information Technology) | 16047 |
| 268 | Ginlong Technologies Co. Ltd., Class A (Industrials) | 3289 |
| 820 | Glarun Technology Co. Ltd., Class A (Information Technology) | 3494 |
| 820 | Glodon Co. Ltd., Class A (Information Technology) | 1670 |
| 2377 | GoerTek, Inc., Class A (Information Technology) | 9417 |
| 2269 | Goldwind Science & Technology Co. Ltd., Class A (Industrials) | 9409 |
| 9945 | Goldwind Science & Technology Co. Ltd., Class H (Industrials) | 19681 |
| 579 | Goneo Group Co. Ltd., Class A (Industrials) | 3675 |
| 926 | Gotion High-tech Co. Ltd., Class A (Industrials) | 5115 |
| 1604 | Great Wall Motor Co. Ltd., Class A (Consumer Discretionary) | 4793 |
| 26917 | Great Wall Motor Co. Ltd., Class H (Consumer Discretionary) | 44253 |
| 3842 | Gree Electric Appliances, Inc. of Zhuhai, Class A (Consumer Discretionary) | 20971 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 7316 | Greenland Holdings Corp. Ltd., Class A (Real Estate)\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1813 |
| 12803 | Greentown China Holdings Ltd. (Real Estate)<sup>(a)</sup> | 17121 |
| 1807 | GRG Banking Equipment Co. Ltd., Class A (Information Technology) | 3621 |
| 1476 | Guangdong Electric Power Development Co. Ltd., Class A (Utilities) | 1097 |
| 1043 | Guangdong Haid Group Co. Ltd., Class A (Consumer Staples) | 8332 |
| 2141 | Guangdong HEC Technology Holding Co. Ltd., Class A (Materials)\* | 11796 |
| 29065 | Guangdong Investment Ltd. (Utilities) | 28351 |
| 5115 | Guanghui Energy Co. Ltd., Class A (Energy) | 4384 |
| 3945 | Guangshen Railway Co. Ltd., Class A (Industrials) | 1782 |
| 16786 | Guangshen Railway Co. Ltd., Class H (Industrials) | 4700 |
| 1396 | Guangxi Liugong Machinery Co. Ltd., Class A (Industrials) | 2429 |
| 3532 | Guangzhou Automobile Group Co. Ltd., Class A (Consumer Discretionary) | 4144 |
| 29680 | Guangzhou Automobile Group Co. Ltd., Class H (Consumer Discretionary) | 14153 |
| 1476 | Guangzhou Baiyun International Airport Co. Ltd., Class A (Industrials) | 2022 |
| 918 | Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A (Health Care) | 3384 |
| 2805 | Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H (Health Care) | 6881 |
| 1476 | Guangzhou Haige Communications Group, Inc. Co., Class A (Information Technology) | 3799 |
| 377 | Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A (Information Technology) | 2124 |
| 1471 | Guangzhou Tinci Materials Technology Co. Ltd., Class A (Materials) | 9065 |
| 1962 | Guangzhou Yuexiu Capital Holdings Group Co. Ltd., Class A (Financials) | 2757 |
| 5472 | Guming Holdings Ltd. (Consumer Discretionary) | 19923 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>11</sub>

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 288 | Guobo Electronics Co. Ltd., Class A (Information Technology) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5162 |
| 3400 | Guolian Minsheng Securities Co. Ltd., Class A (Financials) | 4881 |
| 5062 | Guolian Minsheng Securities Co. Ltd., Class H (Financials)<sup>(a)</sup> | 3249 |
| 3506 | Guosen Securities Co. Ltd., Class A (Financials) | 6418 |
| 1138 | Guosheng Securities, Inc., Class A (Financials)\* | 2647 |
| 8998 | Guotai Haitong Securities Co. Ltd., Class A (Financials) | 24827 |
| 22930 | Guotai Haitong Securities Co. Ltd., Class H (Financials)<sup>(b)</sup> | 46727 |
| 3480 | Guoyuan Securities Co. Ltd., Class A (Financials) | 4220 |
| 2055 | H World Group Ltd. ADR (Consumer Discretionary) | 112614 |
| 18177 | Haidilao International Holding Ltd. (Consumer Discretionary)<sup>(b)</sup> | 40945 |
| 4647 | Haier Smart Home Co. Ltd., Class A (Consumer Discretionary) | 17407 |
| 25632 | Haier Smart Home Co. Ltd., Class H (Consumer Discretionary) | 87426 |
| 31398 | Hainan Airlines Holding Co. Ltd., Class A (Industrials)\* | 7780 |
| 8385 | Hainan Airport Infrastructure Co. Ltd., Class A (Real Estate) | 5194 |
| 574 | Haisco Pharmaceutical Group Co. Ltd., Class A (Health Care) | 3903 |
| 6958 | Haitian International Holdings Ltd. (Industrials) | 22523 |
| 579 | Han's Laser Technology Industry Group Co. Ltd., Class A (Industrials) | 6101 |
| 809 | Hangcha Group Co. Ltd., Class A (Industrials) | 3500 |
| 2244 | Hangzhou Binjiang Real Estate Group Co. Ltd., Class A (Real Estate) | 3680 |
| 463 | Hangzhou Chang Chuan Technology Co. Ltd., Class A (Information Technology) | 9751 |
| 1918 | Hangzhou First Applied Material Co. Ltd., Class A (Information Technology) | 5060 |
| 820 | Hangzhou GreatStar Industrial Co., Ltd., Class A (Consumer Discretionary) | 4268 |
| 2372 | Hangzhou Iron & Steel Co., Class A (Materials)\* | 3437 |
| 463 | Hangzhou Lion Microelectronics Co. Ltd., Class A (Information Technology)\* | 2821 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 690 | Hangzhou Oxygen Plant Group Co. Ltd., Class A (Materials) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3273 |
| 585 | Hangzhou Robam Appliances Co. Ltd., Class A (Consumer Discretionary) | 1790 |
| 690 | Hangzhou Silan Microelectronics Co. Ltd., Class A (Information Technology) | 3237 |
| 475 | Hangzhou Tigermed Consulting Co. Ltd., Class A (Health Care) | 4129 |
| 1588 | Hangzhou Tigermed Consulting Co. Ltd., Class H (Health Care)<sup>(b)</sup> | 9554 |
| 12600 | Hansoh Pharmaceutical Group Co. Ltd. (Health Care)<sup>(b)</sup> | 56314 |
| 463 | Haohua Chemical Science & Technology Co. Ltd., Class A (Materials) | 2546 |
| 7296 | Harbin Electric Co. Ltd., Class H (Industrials) | 26284 |
| 640 | Hebei Changshan Biochemical Pharmaceutical Co. Ltd., Class A (Health Care)\* | 4352 |
| 574 | Hebei Hengshui Laobaigan Liquor Co. Ltd., Class A (Consumer Staples) | 1298 |
| 348 | Hebei Sinopack Electronic Technology Co. Ltd., Class A (Information Technology) | 4091 |
| 820 | Hebei Yangyuan Zhihui Beverage Co. Ltd., Class A (Consumer Staples) | 3625 |
| 574 | Hefei Meiya Optoelectronic Technology, Inc., Class A (Industrials) | 1675 |
| 1066 | Heilongjiang Agriculture Co. Ltd., Class A (Consumer Staples) | 2498 |
| 984 | Henan Pinggao Electric Co. Ltd., Class A (Industrials) | 3271 |
| 1699 | Henan Shenhuo Coal Industry & Electricity Power Co. Ltd., Class A (Materials) | 8036 |
| 2244 | Henan Shuanghui Investment & Development Co. Ltd., Class A (Consumer Staples) | 8595 |
| 7072 | Hengan International Group Co. Ltd. (Consumer Staples) | 26382 |
| 1071 | Hengdian Group DMEGC Magnetics Co. Ltd., Class A (Information Technology) | 3458 |
| 4651 | Hengli Petrochemical Co. Ltd., Class A (Materials) | 17422 |
| 1699 | Hengtong Optic-electric Co. Ltd., Class A (Information Technology) | 11763 |
| 3250 | Hengyi Petrochemical Co. Ltd., Class A (Materials) | 6082 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 12 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 1269 | Hesai Group ADR (Consumer Discretionary)\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34200 |
| 7561 | Hesteel Co. Ltd., Class A (Materials) | 2942 |
| 574 | Hgtech Co. Ltd., Class A (Information Technology) | 7518 |
| 656 | Hisense Home Appliances Group Co. Ltd., Class A (Consumer Discretionary) | 2270 |
| 4057 | Hisense Home Appliances Group Co. Ltd., Class H (Consumer Discretionary) | 12427 |
| 820 | Hisense Visual Technology Co. Ltd., Class A (Consumer Discretionary) | 2702 |
| 352 | Hithink RoyalFlush Information Network Co. Ltd., Class A (Financials) | 17052 |
| 2387 | HLA Group Corp. Ltd., Class A (Consumer Discretionary) | 2254 |
| 1476 | Hongta Securities Co. Ltd., Class A (Financials) | 1755 |
| 94694 | Horizon Robotics (Information Technology)\* | 99389 |
| 463 | Hoshine Silicon Industry Co. Ltd., Class A (Materials) | 3462 |
| 274 | Hua Hong Semiconductor Ltd., Class A (Information Technology)\* | 5063 |
| 8008 | Hua Hong Semiconductor Ltd., Class H (Information Technology)\*<sup>(b)</sup> | 99049 |
| 3371 | Huaan Securities Co. Ltd., Class A (Financials) | 3145 |
| 5009 | Huadian Power International Corp. Ltd., Class A (Utilities) | 3723 |
| 17104 | Huadian Power International Corp. Ltd., Class H (Utilities) | 9774 |
| 1169 | Huadong Medicine Co. Ltd., Class A (Health Care) | 6124 |
| 3593 | Huafon Chemical Co. Ltd., Class A (Materials) | 6499 |
| 1699 | Huaibei Mining Holdings Co. Ltd., Class A (Materials) | 3346 |
| 1068 | Hualan Biological Engineering, Inc., Class A (Health Care) | 2408 |
| 246 | Huali Industrial Group Co. Ltd., Class A (Consumer Discretionary) | 1709 |
| 3710 | Huaneng Lancang River Hydropower, Inc., Class A (Utilities) | 5067 |
| 5559 | Huaneng Power International, Inc., Class A (Utilities) | 5866 |
| 49216 | Huaneng Power International, Inc., Class H (Utilities) | 37940 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 352 | Huaqin Technology Co. Ltd., Class A (Information Technology) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4729 |
| 5067 | Huatai Securities Co. Ltd., Class A (Financials) | 15790 |
| 16583 | Huatai Securities Co. Ltd., Class H (Financials)<sup>(a)(b)</sup> | 35574 |
| 2145 | Huaxi Securities Co. Ltd., Class A (Financials) | 2795 |
| 9738 | Huaxia Bank Co. Ltd., Class A (Financials) | 9495 |
| 246 | Huaxia Eye Hospital Group Co. Ltd., Class A (Health Care) | 670 |
| 926 | Huaxin Building Materials Group Co. Ltd., Class A (Materials) | 3145 |
| 2556 | Huaxin Building Materials Group Co. Ltd., Class H (Materials) | 6012 |
| 2245 | Huayu Automotive Systems Co. Ltd., Class A (Consumer Discretionary) | 6325 |
| 656 | Hubei Dinglong Co. Ltd., Class A (Materials) | 4396 |
| 3019 | Hubei Energy Group Co. Ltd., Class A (Utilities) | 2090 |
| 246 | Hubei Feilihua Quartz Glass Co. Ltd., Class A (Materials) | 4816 |
| 574 | Hubei Jumpcan Pharmaceutical Co. Ltd., Class A (Health Care) | 2325 |
| 690 | Hubei Xingfa Chemicals Group Co. Ltd., Class A (Materials) | 4335 |
| 463 | Huizhou Desay Sv Automotive Co. Ltd., Class A (Consumer Discretionary) | 8371 |
| 1066 | Hunan Gold Corp. Ltd., Class A (Materials) | 5858 |
| 5660 | Hunan Valin Steel Co. Ltd., Class A (Materials) | 5536 |
| 492 | Hunan Yuneng New Energy Battery Material Co. Ltd., Class A (Industrials) | 4805 |
| 1357 | Hundsun Technologies, Inc., Class A (Information Technology) | 5938 |
| 183 | Hwatsing Technology Co. Ltd., Class A (Information Technology) | 5170 |
| 1590 | Hygon Information Technology Co. Ltd., Class A (Information Technology) | 60509 |
| 1226 | Hytera Communications Corp. Ltd., Class A (Information Technology)\* | 1982 |
| 926 | IEIT Systems Co. Ltd., Class A (Information Technology) | 8622 |
| 1697 | Iflytek Co. Ltd., Class A (Information Technology) | 13807 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>13</sub>

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 574 | IKD Co. Ltd., Class A (Consumer Discretionary) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1543 |
| 208 | Imeik Technology Development Co. Ltd., Class A (Health Care) | 4329 |
| 43856 | Industrial & Commercial Bank of China Ltd., Class A (Financials) | 44234 |
| 747249 | Industrial & Commercial Bank of China Ltd., Class H (Financials) | 616168 |
| 15871 | Industrial Bank Co. Ltd., Class A (Financials) | 42356 |
| 5099 | Industrial Securities Co. Ltd., Class A (Financials) | 5017 |
| 1552 | INESA Intelligent Tech, Inc., Class A (Information Technology) | 4992 |
| 149 | Ingenic Semiconductor Co. Ltd., Class A (Information Technology) | 2893 |
| 35033 | Inner Mongolia BaoTou Steel Union Co. Ltd., Class A (Materials) | 16544 |
| 2789 | Inner Mongolia Berun Chemical Co. Ltd., Class A (Materials) | 3809 |
| 1476 | Inner Mongolia Dian Tou Energy Corp. Ltd., Class A (Energy) | 6605 |
| 1030 | Inner Mongolia ERDOS Resources Co. Ltd., Class A (Materials) | 2621 |
| 6332 | Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A (Materials) | 5547 |
| 4765 | Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A (Utilities) | 3535 |
| 1440 | Inner Mongolia Xingye Silver&Tin Mining Co. Ltd., Class A (Materials) | 11584 |
| 4757 | Inner Mongolia Yili Industrial Group Co. Ltd., Class A (Consumer Staples) | 18083 |
| 2558 | Inner Mongolia Yitai Coal Co. Ltd., Class H (Energy)\* |  |
| 2644 | InnoScience Suzhou Technology Holding Co. Ltd., Class H (Information Technology)\* | 23086 |
| 17028 | Innovent Biologics, Inc. (Health<br>Care)\*<sup>(b)</sup> | 185254 |
| 200 | Intsig Information Co. Ltd., Class A (Information Technology) | 6573 |
| 5690 | iQIYI, Inc. ADR (Communication Services)\* | 9104 |
| 232 | iRay Group, Class A (Health Care) | 4102 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 2551 | IRICO Display Devices Co. Ltd., Class A (Information Technology)\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2588 |
| 633 | Isoftstone Information Technology Group Co. Ltd., Class A (Information Technology) | 4567 |
| 77124 | J&T Global Express Ltd. (Industrials)\* | 101259 |
| 2387 | JA Solar Technology Co. Ltd., Class A (Information Technology)\* | 4210 |
| 475 | Jafron Biomedical Co. Ltd., Class A (Health Care) | 1374 |
| 585 | Jason Furniture Hangzhou Co. Ltd., Class A (Consumer Discretionary) | 3049 |
| 1071 | JCET Group Co. Ltd., Class A (Information Technology) | 7518 |
| 410 | JCHX Mining Management Co. Ltd., Class A (Materials) | 4629 |
| 11002 | JD Health International, Inc. (Consumer Staples)\*<sup>(b)</sup> | 79820 |
| 20969 | JD Logistics, Inc. (Industrials)\*<sup>(b)</sup> | 29944 |
| 31691 | JD.com, Inc., Class A (Consumer Discretionary) | 422971 |
| 1368 | JF SmartInvest Holdings Ltd. (Financials)<sup>(a)</sup> | 6233 |
| 2212 | Jiangsu Changshu Rural Commercial Bank Co. Ltd., Class A (Financials) | 2318 |
| 4665 | Jiangsu Eastern Shenghong Co. Ltd., Class A (Materials)\* | 8853 |
| 690 | Jiangsu Expressway Co. Ltd., Class A (Industrials) | 1207 |
| 14041 | Jiangsu Expressway Co. Ltd., Class H (Industrials) | 18273 |
| 3177 | Jiangsu Financial Leasing Co. Ltd., Class A (Financials) | 2982 |
| 920 | Jiangsu Hengli Hydraulic Co. Ltd., Class A (Industrials) | 15130 |
| 4190 | Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A (Health Care) | 34542 |
| 1824 | Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class H (Health Care)\*<sup>(a)</sup> | 15507 |
| 574 | Jiangsu Hoperun Software Co. Ltd., Class A (Information Technology) | 4329 |
| 522 | Jiangsu Jiejie Microelectronics Co. Ltd., Class A (Information Technology) | 2613 |
| 711 | Jiangsu King's Luck Brewery JSC Ltd., Class A (Consumer Staples) | 3238 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 14 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 574 | Jiangsu Nhwa Pharmaceutical Co. Ltd., Class A (Health Care) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1992 |
| 369 | Jiangsu Pacific Quartz Co. Ltd., Class A (Information Technology) | 2638 |
| 1476 | Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A (Communication Services) | 2158 |
| 246 | Jiangsu Xinquan Automotive Trim Co. Ltd., Class A (Consumer Discretionary) | 3032 |
| 1048 | Jiangsu Yanghe Distillery Co. Ltd., Class A (Consumer Staples) | 8126 |
| 251 | Jiangsu Yangnong Chemical Co. Ltd., Class A (Materials) | 2945 |
| 246 | Jiangsu Yoke Technology Co. Ltd., Class A (Materials) | 3441 |
| 585 | Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A (Health Care) | 3300 |
| 2244 | Jiangsu Zhongtian Technology Co. Ltd., Class A (Industrials) | 9531 |
| 1358 | Jiangxi Copper Co. Ltd., Class A (Materials) | 11488 |
| 11967 | Jiangxi Copper Co. Ltd., Class H (Materials) | 69763 |
| 272 | Jiangxi Lianchuang Optoelectronic Science & Technology Co. Ltd., Class A (Information Technology) | 2556 |
| 6290 | Jiangxi Zhengbang Technology Co. Ltd., Class A (Consumer Staples)\* | 2943 |
| 1807 | Jinduicheng Molybdenum Co. Ltd., Class A (Materials) | 6461 |
| 4668 | Jinko Solar Co. Ltd., Class A (Information Technology)\* | 5130 |
| 1148 | Jinneng Holding Shanxi Coal Industry Co. Ltd., Class A (Energy) | 2836 |
| 149 | JiuGui Liquor Co. Ltd., Class A (Consumer Staples) | 1112 |
| 2141 | Jizhong Energy Resources Co. Ltd., Class A (Energy) | 1797 |
| 820 | JL Mag Rare-Earth Co. Ltd., Class A (Industrials) | 4910 |
| 1572 | JL Mag Rare-Earth Co. Ltd., Class H (Industrials) | 5125 |
| 1066 | Joincare Pharmaceutical Group Industry Co. Ltd., Class A (Health Care) | 1781 |
| 4045 | Jointown Pharmaceutical Group Co. Ltd., Class A (Health Care) | 3119 |
| 463 | Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A (Consumer Staples) | 1264 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 1471 | Juneyao Airlines Co. Ltd., Class A (Industrials) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2997 |
| 6906 | J-Yuan Trust Co. Ltd., Class A (Financials)\* | 2929 |
| 9438 | Kangmei Pharmaceutical Co. Ltd., Class A (Health Care)\* | 2655 |
| 3504 | Kanzhun Ltd. ADR (Industrials) | 56344 |
| 22164 | KE Holdings, Inc., Class A (Real Estate) | 123427 |
| 246 | Keboda Technology Co. Ltd., Class A (Consumer Discretionary) | 2409 |
| 1471 | Keda Industrial Group Co. Ltd., Class A (Industrials) | 3857 |
| 31791 | Kingdee International Software Group Co. Ltd. (Information Technology)\* | 40927 |
| 1807 | Kingfa Sci & Tech Co. Ltd., Class A (Materials) | 5094 |
| 1476 | Kingnet Network Co. Ltd., Class A (Communication Services) | 4879 |
| 25540 | Kingsoft Cloud Holdings Ltd. (Information Technology)\*<sup>(a)</sup> | 23313 |
| 11424 | Kingsoft Corp. Ltd. (Communication Services) | 37972 |
| 31345 | Kuaishou Technology (Communication Services)<sup>(b)</sup> | 251853 |
| 1600 | Kuang-Chi Technologies Co. Ltd., Class A (Industrials)\* | 11173 |
| 41033 | Kunlun Energy Co. Ltd. (Utilities) | 44012 |
| 820 | Kunlun Tech Co. Ltd., Class A (Communication Services)\* | 7303 |
| 852 | Kweichow Moutai Co. Ltd., Class A (Consumer Staples) | 180687 |
| 1312 | Lao Feng Xiang Co. Ltd., Class A (Consumer Discretionary) | 8460 |
| 506 | Laopu Gold Co. Ltd., Class H (Consumer Discretionary) | 46802 |
| 1714 | LB Group Co. Ltd., Class A (Materials) | 5833 |
| 54506 | Lenovo Group Ltd. (Information Technology) | 67800 |
| 3615 | Lens Technology Co. Ltd., Class A (Information Technology) | 18531 |
| 3284 | Lens Technology Co. Ltd., Class H (Information Technology) | 11537 |
| 4630 | Leo Group Co. Ltd., Class A (Communication Services) | 6499 |
| 1471 | Lepu Medical Technology Beijing Co. Ltd., Class A (Health Care) | 3939 |
| 463 | Levima Advanced Materials Corp., Class A (Materials) | 1433 |
| 13048 | Li Auto, Inc., Class A (Consumer Discretionary)\* | 114681 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **15** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 25482 | Li Ning Co. Ltd. (Consumer Discretionary) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73363 |
| 10733 | Liaoning Port Co. Ltd., Class A (Industrials) | 2706 |
| 5115 | Lingyi iTech Guangdong Co., Class A (Information Technology) | 11466 |
| 251 | Livzon Pharmaceutical Group, Inc., Class A (Health Care) | 1297 |
| 1761 | Livzon Pharmaceutical Group, Inc., Class H (Health Care) | 6538 |
| 24502 | Longfor Group Holdings Ltd. (Real Estate)<sup>(b)</sup> | 31167 |
| 5558 | LONGi Green Energy Technology Co. Ltd., Class A (Information Technology)\* | 14841 |
| 248 | Loongson Technology Corp. Ltd., Class A (Information Technology)\* | 5738 |
| 1471 | Luxi Chemical Group Co. Ltd., Class A (Materials) | 4007 |
| 4797 | Luxshare Precision Industry Co. Ltd., Class A (Information Technology) | 35113 |
| 921 | Luzhou Laojiao Co. Ltd., Class A (Consumer Staples) | 14833 |
| 4106 | Maanshan Iron & Steel Co. Ltd., Class A (Materials)\* | 2490 |
| 15726 | Maanshan Iron & Steel Co. Ltd., Class H (Materials)\* | 5509 |
| 1154 | Mango Excellent Media Co. Ltd., Class A (Communication Services) | 4101 |
| 1276 | Mao Geping Cosmetics Co. Ltd., Class H (Consumer Staples) | 12805 |
| 354 | Maxscend Microelectronics Co. Ltd., Class A (Information Technology) | 4138 |
| 2141 | Meihua Holdings Group Co. Ltd., Class A (Materials) | 3576 |
| 3019 | Meinian Onehealth Healthcare Holdings Co. Ltd., Class A (Health Care) | 3080 |
| 39500 | Meitu, Inc. (Communication<br>Services)\*<sup>(b)</sup> | 28582 |
| 59615 | Meituan, Class B (Consumer Discretionary)\*<sup>(b)</sup> | 618469 |
| 14363 | Metallurgical Corp. of China Ltd., Class A (Industrials) | 6720 |
| 36872 | Metallurgical Corp. of China Ltd., Class H (Industrials)<sup>(a)</sup> | 9098 |
| 293 | MGI Tech Co. Ltd., Class A (Health Care)\* | 2720 |
| 4660 | Midea Group Co. Ltd., Class A (Consumer Discretionary) | 53413 |
| 6712 | Midea Group Co. Ltd., Class H (Consumer Discretionary) | 77956 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 1471 | Ming Yang Smart Energy Group Ltd., Class A (Industrials) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4914 |
| 5482 | MINISO Group Holding Ltd. (Consumer Discretionary) | 25258 |
| 3043 | Minmetals Capital Co. Ltd., Class A (Financials) | 2546 |
| 8615 | Minth Group Ltd. (Consumer Discretionary) | 48328 |
| 456 | Mixue Group, Class H (Consumer Discretionary)\*<sup>(a)</sup> | 20812 |
| 42455 | MMG Ltd. (Materials)\* | 58672 |
| 698 | Montage Technology Co. Ltd., Class A (Information Technology) | 16639 |
| 3721 | Muyuan Foods Co. Ltd., Class A (Consumer Staples) | 25436 |
| 4437 | Nanjing Iron & Steel Co. Ltd., Class A (Materials) | 3822 |
| 918 | Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A (Health Care) | 1325 |
| 2387 | Nanjing Securities Co. Ltd., Class A (Financials) | 2745 |
| 1184 | Nanshan Aluminium International Holdings Ltd. (Materials) | 9279 |
| 6000 | NARI Technology Co. Ltd., Class A (Industrials) | 23874 |
| 1771 | National Silicon Industry Group Co. Ltd., Class A (Information Technology)\* | 5607 |
| 492 | NAURA Technology Group Co. Ltd., Class A (Information Technology) | 33839 |
| 1699 | NavInfo Co. Ltd., Class A (Information Technology)\* | 2704 |
| 738 | NetEase Cloud Music, Inc. (Communication Services)\*<sup>(b)</sup> | 14586 |
| 19308 | NetEase, Inc. (Communication Services) | 442333 |
| 1332 | New China Life Insurance Co. Ltd., Class A (Financials) | 14677 |
| 10122 | New China Life Insurance Co. Ltd., Class H (Financials) | 71494 |
| 3479 | New Hope Liuhe Co. Ltd., Class A (Consumer Staples) | 4417 |
| 16097 | New Oriental Education & Technology Group, Inc. (Consumer Discretionary) | 90011 |
| 728 | Newland Digital Technology Co. Ltd., Class A (Information Technology) | 2671 |
| 1249 | Nexchip Semiconductor Corp., Class A (Information Technology) | 6477 |
| 938 | Ninestar Corp., Class A (Information Technology)\* | 2950 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 16 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 720 | Ningbo Deye Technology Co. Ltd., Class A (Industrials) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10966 |
| 820 | Ningbo Joyson Electronic Corp., Class A (Consumer Discretionary) | 3345 |
| 463 | Ningbo Orient Wires & Cables Co. Ltd., Class A (Industrials) | 3995 |
| 820 | Ningbo Sanxing Medical Electric Co. Ltd., Class A (Industrials) | 3147 |
| 1471 | Ningbo Shanshan Co. Ltd., Class A (Materials)\* | 3235 |
| 1167 | Ningbo Tuopu Group Co. Ltd., Class A (Consumer Discretionary) | 11536 |
| 4182 | Ningbo Zhoushan Port Co. Ltd., Class A (Industrials) | 2603 |
| 4668 | Ningxia Baofeng Energy Group Co. Ltd., Class A (Materials) | 16281 |
| 20150 | NIO, Inc., Class A (Consumer Discretionary)\* | 102010 |
| 19900 | Nongfu Spring Co. Ltd., Class H (Consumer Staples)<sup>(b)</sup> | 120588 |
| 820 | North Industries Group Red Arrow Co. Ltd., Class A (Industrials)\* | 2424 |
| 3043 | Offshore Oil Engineering Co. Ltd., Class A (Energy) | 3198 |
| 2244 | OFILM Group Co. Ltd., Class A (Information Technology)\* | 3215 |
| 853 | OmniVision Integrated Circuits Group, Inc., Class A (Information Technology) | 15292 |
| 1328 | Onewo, Inc., Class H (Real Estate) | 3234 |
| 147 | Oppein Home Group, Inc., Class A (Consumer Discretionary) | 1224 |
| 4665 | Orient Securities Co. Ltd., Class A (Financials) | 6874 |
| 11205 | Orient Securities Co. Ltd., Class H (Financials)<sup>(b)</sup> | 8838 |
| 2387 | Oriental Pearl Group Co. Ltd., Class A (Communication Services) | 3998 |
| 463 | Ovctek China, Inc., Class A (Health Care) | 1076 |
| 4765 | Pacific Securities Co. Ltd. (The), Class A (Financials)\* | 2903 |
| 6977 | Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A (Materials)\* | 4322 |
| 8363 | PDD Holdings, Inc. ADR (Consumer Discretionary)\* | 867494 |
| 574 | People.cn Co. Ltd., Class A (Communication Services) | 1953 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 5890 | People's Insurance Co. Group of China Ltd. (The), Class A (Financials) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7357 |
| 96688 | People's Insurance Co. Group of China Ltd. (The), Class H (Financials) | 79233 |
| 1471 | Perfect World Co. Ltd., Class A (Communication Services) | 4629 |
| 16375 | PetroChina Co. Ltd., Class A (Energy) | 25920 |
| 233234 | PetroChina Co. Ltd., Class H (Energy) | 284455 |
| 3284 | Phancy Group Co. Ltd., Class H (Information Technology)\* | 16701 |
| 820 | Pharmaron Beijing Co. Ltd., Class A (Health Care) | 3538 |
| 3472 | Pharmaron Beijing Co. Ltd., Class H (Health Care)<sup>(b)</sup> | 8793 |
| 75592 | PICC Property & Casualty Co. Ltd., Class H (Financials) | 156458 |
| 13674 | Ping An Bank Co. Ltd., Class A (Financials) | 21724 |
| 9760 | Ping An Healthcare and Technology Co. Ltd. (Consumer Staples)\*<sup>(b)</sup> | 16433 |
| 7101 | Ping An Insurance Group Co. of China Ltd., Class A (Financials) | 65298 |
| 71435 | Ping An Insurance Group Co. of China Ltd., Class H (Financials) | 621003 |
| 1699 | Pingdingshan Tianan Coal Mining Co. Ltd., Class A (Energy) | 2209 |
| 242 | Piotech, Inc., Class A (Information Technology) | 13030 |
| 9072 | Poly Developments and Holdings Group Co. Ltd., Class A (Real Estate) | 8991 |
| 1880 | Poly Property Services Co. Ltd., Class H (Real Estate) | 7701 |
| 2483 | Pony AI, Inc. ADR (Information Technology)\* | 35606 |
| 6980 | Pop Mart International Group Ltd. (Consumer Discretionary)<sup>(b)</sup> | 205059 |
| 18882 | Postal Savings Bank of China Co. Ltd., Class A (Financials) | 13678 |
| 96210 | Postal Savings Bank of China Co. Ltd., Class H (Financials)<sup>(b)</sup> | 60637 |
| 11727 | Power Construction Corp. of China Ltd., Class A (Industrials) | 9794 |
| 264 | Proya Cosmetics Co. Ltd., Class A (Consumer Staples) | 2730 |
| 1078 | Qfin Holdings, Inc. ADR (Financials) | 15696 |
| 586 | Qi An Xin Technology Group, Inc., Class A (Information Technology)\* | 3053 |
| 3695 | Qilu Bank Co. Ltd., Class A (Financials) | 3070 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **17** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 809 | Qingdao Sentury Tire Co. Ltd., Class A (Consumer Discretionary) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2437 |
| 738 | Qingdao TGOOD Electric Co. Ltd., Class A (Industrials) | 3247 |
| 3460 | Qinghai Salt Lake Industry Co. Ltd., Class A (Materials)\* | 19265 |
| 6000 | Quzhou Xin'an Development Co. Ltd., Class A (Real Estate)\* | 3262 |
| 820 | Range Intelligent Computing Technology Group Co. Ltd., Class A (Information Technology) | 12357 |
| 295 | Raytron Technology Co. Ltd., Class A (Information Technology) | 5023 |
| 1824 | Remegen Co. Ltd., Class H (Health Care)\*<sup>(b)</sup> | 18783 |
| 5836 | REPT BATTERO Energy Co. Ltd., Class H (Industrials)\* | 10647 |
| 88 | RoboTechnik Intelligent Technology Co. Ltd., Class A (Industrials) | 5297 |
| 233 | Rockchip Electronics Co. Ltd., Class A (Information Technology) | 6112 |
| 6434 | Rongsheng Petrochemical Co. Ltd., Class A (Materials) | 14629 |
| 5662 | SAIC Motor Corp. Ltd., Class A (Consumer Discretionary) | 11826 |
| 2141 | Sailun Group Co. Ltd., Class A (Consumer Discretionary) | 4906 |
| 3371 | Sanan Optoelectronics Co. Ltd., Class A (Information Technology) | 8205 |
| 310 | Sangfor Technologies, Inc., Class A (Information Technology) | 5924 |
| 13213 | Sany Heavy Equipment International Holdings Co. Ltd. (Industrials) | 26605 |
| 6336 | Sany Heavy Industry Co. Ltd., Class A (Industrials) | 21379 |
| 4380 | Sany Heavy Industry Co. Ltd., Class H (Industrials)\* | 14088 |
| 1838 | Satellite Chemical Co. Ltd., Class A (Materials) | 6263 |
| 4437 | SDIC Capital Co. Ltd., Class A (Financials) | 4824 |
| 5014 | SDIC Power Holdings Co. Ltd., Class A (Utilities) | 9683 |
| 3617 | Sealand Securities Co. Ltd., Class A (Financials) | 2219 |
| 1490 | Seazen Holdings Co. Ltd., Class A (Real Estate)\* | 3620 |
| 321067 | SenseTime Group, Inc., Class B (Information Technology)\*<sup>(a)(b)</sup> | 105077 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 6464 | Sensteed Hi-tech Group, Class A (Consumer Discretionary)\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4673 |
| 1066 | Seres Group Co. Ltd., Class A (Consumer Discretionary) | 16675 |
| 640 | Seres Group Co. Ltd., Class H (Consumer Discretionary)\* | 7793 |
| 3263 | SF Holding Co. Ltd., Class A (Industrials) | 18011 |
| 2836 | SF Holding Co. Ltd., Class H (Industrials) | 13045 |
| 482 | SG Micro Corp., Class A (Information Technology) | 4832 |
| 6444 | Shaanxi Coal Industry Co. Ltd., Class A (Energy) | 22260 |
| 1476 | Shaanxi Energy Investment Co. Ltd., Class A (Utilities) | 2293 |
| 232 | Shaanxi Huaqin Technology Industry Co. Ltd., Class A (Materials) | 3412 |
| 2594 | Shan Xi Hua Yang Group New Energy Co. Ltd., Class A (Energy) | 3815 |
| 2789 | Shandong Gold Mining Co. Ltd., Class A (Materials) | 19232 |
| 9698 | Shandong Gold Mining Co. Ltd., Class H (Materials)<sup>(b)</sup> | 51105 |
| 574 | Shandong Himile Mechanical Science & Technology Co. Ltd., Class A (Industrials) | 8073 |
| 1476 | Shandong Hi-speed Co. Ltd., Class A (Industrials) | 2095 |
| 1479 | Shandong Hualu Hengsheng Chemical Co. Ltd., Class A (Materials) | 8321 |
| 926 | Shandong Linglong Tyre Co. Ltd., Class A (Consumer Discretionary) | 2065 |
| 9535 | Shandong Nanshan Aluminum Co. Ltd., Class A (Materials) | 9839 |
| 574 | Shandong Sinocera Functional Material Co. Ltd., Class A (Materials) | 3201 |
| 1807 | Shandong Sun Paper Industry JSC Ltd., Class A (Materials) | 4546 |
| 28113 | Shandong Weigao Group Medical Polymer Co. Ltd., Class H (Health Care) | 18294 |
| 1168 | Shanghai Aiko Solar Energy Co. Ltd., Class A (Information Technology)\* | 2472 |
| 313 | Shanghai Allist Pharmaceuticals Co. Ltd., Class A (Health Care) | 4230 |
| 706 | Shanghai Bairun Investment Holding Group Co. Ltd., Class A (Consumer Staples) | 1993 |
| 4321 | Shanghai Baosight Software Co. Ltd., Class A (Information Technology) | 15229 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 18 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 522 | Shanghai Belling Co. Ltd., Class A (Information Technology) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2398 |
| 274 | Shanghai BOCHU Electronic Technology Corp. Ltd., Class A (Information Technology) | 6057 |
| 820 | Shanghai Chicmax Cosmetic Co. Ltd., Class H (Consumer Staples) | 6321 |
| 6332 | Shanghai Construction Group Co. Ltd., Class A (Industrials) | 2760 |
| 8736 | Shanghai Electric Group Co. Ltd., Class A (Industrials)\* | 11587 |
| 31234 | Shanghai Electric Group Co. Ltd., Class H (Industrials)\* | 18887 |
| 1807 | Shanghai Electric Power Co. Ltd., Class A (Utilities) | 5755 |
| 1377 | Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A (Health Care) | 5315 |
| 6068 | Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H (Health Care) | 15530 |
| 479 | Shanghai Fudan Microelectronics Group Co. Ltd., Class A (Information Technology) | 5983 |
| 2558 | Shanghai Fudan Microelectronics Group Co. Ltd., Class H (Information Technology) | 16109 |
| 640 | Shanghai Henlius Biotech, Inc., Class H (Health Care)\*<sup>(b)</sup> | 5486 |
| 548 | Shanghai Huace Navigation Technology Ltd., Class A (Information Technology) | 3021 |
| 1699 | Shanghai International Airport Co. Ltd., Class A (Industrials) | 7555 |
| 5762 | Shanghai International Port Group Co. Ltd., Class A (Industrials) | 4275 |
| 690 | Shanghai Jinjiang International Hotels Co. Ltd., Class A (Consumer Discretionary) | 2844 |
| 479 | Shanghai Junshi Biosciences Co. Ltd., Class A (Health Care)\* | 2374 |
| 2012 | Shanghai Junshi Biosciences Co. Ltd., Class H (Health Care)\*<sup>(b)</sup> | 5268 |
| 1708 | Shanghai Lingang Holdings Corp. Ltd., Class A (Real Estate) | 2818 |
| 1337 | Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A (Real Estate) | 1631 |
| 585 | Shanghai M&G Stationery, Inc., Class A (Industrials) | 2324 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 4104 | Shanghai MicroPort MedBot Group Co. Ltd., Class H (Health Care)\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14659 |
| 246 | Shanghai Moons' Electric Co. Ltd., Class A (Industrials) | 2479 |
| 1604 | Shanghai Pharmaceuticals Holding Co. Ltd., Class A (Health Care) | 4021 |
| 8530 | Shanghai Pharmaceuticals Holding Co. Ltd., Class H (Health Care) | 12704 |
| 20682 | Shanghai Pudong Development Bank Co. Ltd., Class A (Financials) | 29301 |
| 1620 | Shanghai Putailai New Energy Technology Group Co. Ltd., Class A (Materials) | 6711 |
| 3601 | Shanghai RAAS Blood Products Co. Ltd., Class A (Health Care) | 3301 |
| 7209 | Shanghai Rural Commercial Bank Co. Ltd., Class A (Financials) | 8837 |
| 3924 | Shanghai Stonehill Technology Co. Ltd., Class A (Information Technology)\* | 6331 |
| 2223 | Shanghai Tunnel Engineering Co. Ltd., Class A (Industrials) | 2148 |
| 579 | Shanghai United Imaging Healthcare Co. Ltd., Class A (Health Care) | 11030 |
| 3380 | Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A (Consumer Discretionary) | 2527 |
| 820 | Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A (Real Estate) | 4936 |
| 1476 | Shanghai Zhonggu Logistics Co. Ltd., Class A (Industrials) | 2336 |
| 1931 | Shanjin International Gold Co. Ltd., Class A (Materials) | 8719 |
| 1476 | Shanxi Coal International Energy Group Co. Ltd., Class A (Industrials) | 2536 |
| 3019 | Shanxi Coking Coal Energy Group Co. Ltd., Class A (Energy) | 3230 |
| 2244 | Shanxi Lu'an Environmental Energy Development Co. Ltd., Class A (Energy) | 4870 |
| 3255 | Shanxi Meijin Energy Co. Ltd., Class A (Materials)\* | 2486 |
| 2387 | Shanxi Securities Co. Ltd., Class A (Financials) | 2094 |
| 4307 | Shanxi Taigang Stainless Steel Co. Ltd., Class A (Materials)\* | 3321 |
| 822 | Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A (Consumer Staples) | 19307 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **19** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 268 | Sharetronic Data Technology Co. Ltd., Class A (Information Technology) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10421 |
| 246 | Shede Spirits Co. Ltd., Class A (Consumer Staples) | 1904 |
| 3371 | Shenergy Co. Ltd., Class A (Utilities) | 4206 |
| 395 | Shengyi Electronics Co. Ltd., Class A (Information Technology) | 4964 |
| 1699 | Shengyi Technology Co. Ltd., Class A (Information Technology) | 17114 |
| 419 | Shennan Circuits Co. Ltd., Class A (Information Technology) | 17433 |
| 16029 | Shenwan Hongyuan Group Co. Ltd., Class A (Financials) | 11705 |
| 13808 | Shenwan Hongyuan Group Co. Ltd., Class H (Financials)<sup>(a)(b)</sup> | 5472 |
| 159 | Shenyang Xingqi Pharmaceutical Co. Ltd., Class A (Health Care) | 1687 |
| 365 | Shenzhen Capchem Technology Co. Ltd., Class A (Materials) | 3038 |
| 2372 | Shenzhen Dobot Corp. Ltd., Class H (Industrials)\* | 11748 |
| 2789 | Shenzhen Energy Group Co. Ltd., Class A (Utilities) | 2854 |
| 682 | Shenzhen Envicool Technology Co. Ltd., Class A (Industrials) | 10785 |
| 912 | Shenzhen Everwin Precision Technology Co. Ltd., Class A (Information Technology) | 5143 |
| 6992 | Shenzhen Expressway Corp. Ltd., Class H (Industrials) | 6418 |
| 1066 | Shenzhen Fastprint Circuit Tech Co. Ltd., Class A (Information Technology) | 4035 |
| 244 | Shenzhen Fortune Trend Technology Co. Ltd., Class A (Information Technology) | 4539 |
| 246 | Shenzhen Goodix Technology Co. Ltd., Class A (Information Technology) | 2807 |
| 463 | Shenzhen Hepalink Pharmaceutical Group Co. Ltd., Class A (Health Care) | 811 |
| 698 | Shenzhen Huaqiang Industry Co. Ltd., Class A (Information Technology) | 2574 |
| 440 | Shenzhen Infogem Technologies Co. Ltd., Class A (Information Technology)\* | 2508 |
| 1724 | Shenzhen Inovance Technology Co. Ltd., Class A (Industrials) | 18323 |
| 1066 | Shenzhen Kaifa Technology Co. Ltd., Class A (Information Technology) | 5345 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 372 | Shenzhen Kangtai Biological Products Co. Ltd., Class A (Health Care) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816 |
| 149 | Shenzhen Kedali Industry Co. Ltd., Class A (Consumer Discretionary) | 3589 |
| 610 | Shenzhen Kinwong Electronic Co. Ltd., Class A (Information Technology) | 5912 |
| 246 | Shenzhen Longsys Electronics Co. Ltd., Class A (Information Technology)\* | 10459 |
| 352 | Shenzhen Megmeet Electrical Co. Ltd., Class A (Industrials) | 6395 |
| 812 | Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (Health Care) | 22004 |
| 3043 | Shenzhen MTC Co. Ltd., Class A (Consumer Discretionary) | 4741 |
| 574 | Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A (Health Care) | 4378 |
| 6980 | Shenzhen Overseas Chinese Town Co. Ltd., Class A (Real Estate)\* | 2655 |
| 820 | Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A (Health Care) | 5870 |
| 149 | Shenzhen SC New Energy Technology Corp., Class A (Information Technology) | 2687 |
| 820 | Shenzhen SED Industry Co. Ltd., Class A (Industrials) | 2468 |
| 574 | Shenzhen Sunlord Electronics Co. Ltd., Class A (Information Technology) | 3497 |
| 700 | Shenzhen Sunway Communication Co. Ltd., Class A (Information Technology) | 7814 |
| 200 | Shenzhen Techwinsemi Technology Co. Ltd., Class A (Information Technology) | 7461 |
| 727 | Shenzhen Transsion Holdings Co. Ltd., Class A (Information Technology) | 6126 |
| 874 | Shenzhen Woer Heat-Shrinkable Material Co. Ltd., Class A (Industrials) | 3634 |
| 574 | Shenzhen YUTO Packaging Technology Co. Ltd., Class A (Materials) | 2648 |
| 184 | Shenzhen Zhaowei Machinery & Electronic Co. Ltd., Class A (Industrials) | 3187 |
| 8901 | Shenzhou International Group Holdings Ltd. (Consumer Discretionary) | 72087 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 20 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 1148 | Shijiazhuang Changshan BeiMing Technology Co. Ltd., Class A (Consumer Discretionary)\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3517 |
| 1071 | Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A (Health Care) | 2729 |
| 1050 | Siasun Robot & Automation Co. Ltd., Class A (Industrials)\* | 2678 |
| 305 | SICC Co. Ltd., Class A (Information Technology)\* | 4148 |
| 164 | Sichuan Biokin Pharmaceutical Co. Ltd., Class A (Health Care)\* | 6325 |
| 3043 | Sichuan Changhong Electric Co. Ltd., Class A (Consumer Discretionary) | 4586 |
| 3390 | Sichuan Chuantou Energy Co. Ltd., Class A (Utilities) | 7135 |
| 1308 | Sichuan Development Lomon Co. Ltd., Class A (Materials) | 2608 |
| 6332 | Sichuan Hebang Biotechnology Co. Ltd., Class A (Materials)\* | 2704 |
| 1164 | Sichuan Kelun Pharmaceutical Co. Ltd., Class A (Health Care) | 5181 |
| 479 | Sichuan Kelun-Biotech Biopharmaceutical Co. Ltd., Class H (Health Care)\* | 23723 |
| 4667 | Sichuan Road and Bridge Group Co. Ltd., Class A (Industrials) | 6762 |
| 149 | Sichuan Swellfun Co. Ltd., Class A (Consumer Staples) | 831 |
| 4109 | Silergy Corp. (Information Technology) | 36994 |
| 2387 | Sinolink Securities Co. Ltd., Class A (Financials) | 3176 |
| 1807 | Sinoma International Engineering Co., Class A (Industrials) | 2918 |
| 926 | Sinoma Science & Technology Co. Ltd., Class A (Materials) | 6833 |
| 5014 | Sinomach Heavy Equipment Group Co. Ltd., Class A (Industrials)\* | 3851 |
| 283 | Sinomine Resource Group Co. Ltd., Class A (Materials) | 3754 |
| 16764 | Sinopec Engineering Group Co. Ltd., Class H (Industrials) | 16974 |
| 4897 | Sinopec Oilfield Service Corp., Class A (Energy)\* | 2291 |
| 4420 | Sinopec Shanghai Petrochemical Co. Ltd., Class A (Materials) | 2042 |
| 41730 | Sinopec Shanghai Petrochemical Co. Ltd., Class H (Materials) | 8536 |
| 15609 | Sinopharm Group Co. Ltd., Class H (Health Care) | 42185 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 2810 | Sinotrans Ltd., Class A (Industrials) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2441 |
| 18988 | Sinotrans Ltd., Class H (Industrials) | 12744 |
| 7670 | Sinotruk Hong Kong Ltd. (Industrials) | 40359 |
| 820 | Sinotruk Jinan Truck Co. Ltd., Class A (Industrials) | 2469 |
| 360 | Skshu Paint Co. Ltd., Class A (Materials) | 2745 |
| 218 | Skyverse Technology Co. Ltd., Class A (Information Technology)\* | 6260 |
| 278 | Smartsens Technology Shanghai Co. Ltd., Class A (Information Technology) | 3947 |
| 22062 | Smoore International Holdings Ltd. (Consumer Staples)<sup>(b)</sup> | 33422 |
| 1931 | Songcheng Performance Development Co. Ltd., Class A (Consumer Discretionary) | 2339 |
| 3380 | SooChow Securities Co. Ltd., Class A (Financials) | 4577 |
| 4765 | Southwest Securities Co. Ltd., Class A (Financials) | 3167 |
| 2100 | SPIC Industry-Finance Holdings Co. Ltd., Class A (Financials) | 2035 |
| 574 | Spring Airlines Co. Ltd., Class A (Industrials) | 4601 |
| 208 | StarPower Semiconductor Ltd., Class A (Information Technology) | 3299 |
| 820 | State Grid Information & Communication Co. Ltd., Class A (Information Technology) | 2366 |
| 2797 | State Grid Yingda Co. Ltd., Class A (Industrials) | 3025 |
| 1312 | Sungrow Power Supply Co. Ltd., Class A (Industrials) | 27633 |
| 7599 | Sunny Optical Technology Group Co. Ltd. (Information Technology) | 56588 |
| 369 | Sunresin New Materials Co. Ltd., Class A (Materials) | 4018 |
| 20138 | Sunshine Insurance Group Co. Ltd., Class H (Financials) | 10092 |
| 931 | Sunwoda Electronic Co. Ltd., Class A (Industrials) | 3548 |
| 666 | SUPCON Technology Co. Ltd., Class A (Information Technology) | 7785 |
| 176 | Suzhou Centec Communications Co. Ltd., Class A (Information Technology)\* | 5055 |
| 926 | Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A (Information Technology) | 11546 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **21** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 191 | Suzhou Maxwell Technologies Co. Ltd., Class A (Information Technology) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8124 |
| 484 | Suzhou TFC Optical Communication Co. Ltd., Class A (Information Technology) | 26010 |
| 185 | Suzhou Zelgen Biopharmaceutical Co. Ltd., Class A (Health Care)\* | 2214 |
| 4590 | TAL Education Group ADR (Consumer Discretionary)\* | 48333 |
| 820 | Talkweb Information System Co. Ltd., Class A (Communication Services)\* | 4365 |
| 4191 | TangShan Port Group Co. Ltd., Class A (Industrials) | 2645 |
| 820 | Tasly Pharmaceutical Group Co. Ltd., Class A (Health Care) | 1732 |
| 3507 | TBEA Co. Ltd., Class A (Industrials) | 15509 |
| 11613 | TCL Technology Group Corp., Class A (Information Technology) | 8412 |
| 2926 | TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A (Information Technology)\* | 4401 |
| 68472 | Tencent Holdings Ltd. (Communication Services) | 4534367 |
| 6263 | Tencent Music Entertainment Group ADR (Communication Services) | 91440 |
| 149 | Thunder Software Technology Co. Ltd., Class A (Information Technology) | 1585 |
| 2797 | Tian Di Science & Technology Co. Ltd., Class A (Industrials) | 2495 |
| 6000 | Tianfeng Securities Co. Ltd., Class A (Financials)\* | 3586 |
| 410 | Tianjin Pharmaceutical Da Re Tang Group Corp. Ltd., Class A (Health Care) | 2570 |
| 1604 | Tianma Microelectronics Co. Ltd., Class A (Information Technology)\* | 2373 |
| 926 | Tianqi Lithium Corp., Class A (Materials)\* | 7639 |
| 1721 | Tianqi Lithium Corp., Class H (Materials)\* | 10592 |
| 3479 | Tianshan Aluminum Group Co. Ltd., Class A (Materials) | 8960 |
| 2797 | TianShan Material Co. Ltd., Class A (Materials)\* | 2230 |
| 2141 | Tianshui Huatian Technology Co. Ltd., Class A (Information Technology) | 4737 |
| 20276 | Tingyi Cayman Islands Holding Corp. (Consumer Staples) | 33931 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 14002 | Tongcheng Travel Holdings Ltd. (Consumer Discretionary) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36982 |
| 820 | TongFu Microelectronics Co. Ltd., Class A (Information Technology) | 6216 |
| 1066 | Tonghua Dongbao Pharmaceutical Co. Ltd., Class A (Health Care) | 1395 |
| 1699 | Tongkun Group Co. Ltd., Class A (Materials) | 6015 |
| 8613 | Tongling Nonferrous Metals Group Co. Ltd., Class A (Materials) | 9955 |
| 3259 | Tongwei Co. Ltd., Class A (Information Technology)\* | 8626 |
| 178 | Topchoice Medical Corp., Class A (Health Care) | 1312 |
| 26083 | Topsports International Holdings Ltd. (Consumer Discretionary)<sup>(b)</sup> | 10504 |
| 912 | TransThera Sciences Nanjing, Inc., Class H (Health Care)\* | 8033 |
| 11840 | TravelSky Technology Ltd., Class H (Consumer Discretionary) | 16241 |
| 1475 | Trina Solar Co. Ltd., Class A (Information Technology)\* | 4104 |
| 6900 | Trip.com Group Ltd. (Consumer Discretionary) | 362900 |
| 2387 | Tsinghua Tongfang Co. Ltd., Class A (Information Technology)\* | 3312 |
| 377 | Tsingtao Brewery Co. Ltd., Class A (Consumer Staples) | 3433 |
| 7234 | Tsingtao Brewery Co. Ltd., Class H (Consumer Staples) | 49015 |
| 3079 | UBTech Robotics Corp. Ltd., Class H (Industrials)\* | 47826 |
| 478 | Unigroup Guoxin Microelectronics Co. Ltd., Class A (Information Technology) | 5553 |
| 15307 | Uni-President China Holdings Ltd. (Consumer Staples) | 15107 |
| 148 | Unisound AI Technology Co. Ltd., Class H (Information Technology)\* | 6183 |
| 1931 | Unisplendour Corp. Ltd., Class A (Information Technology) | 7304 |
| 4787 | United Nova Technology Co. Ltd., Class A (Information Technology)\* | 5428 |
| 690 | Universal Scientific Industrial Shanghai Co. Ltd., Class A (Information Technology) | 4790 |
| 574 | Venustech Group, Inc., Class A (Information Technology)\* | 1213 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 22 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 349 | Verisilicon Microelectronics Shanghai Co. Ltd., Class A (Information Technology)\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14124 |
| 574 | Victory Giant Technology Huizhou Co. Ltd., Class A (Information Technology) | 25438 |
| 3386 | Vipshop Holdings Ltd. ADR (Consumer Discretionary) | 58984 |
| 1043 | Walvax Biotechnology Co. Ltd., Class A (Health Care) | 1879 |
| 1476 | Wanda Film Holding Co. Ltd., Class A (Communication Services)\* | 2354 |
| 820 | Wangfujing Group Co. Ltd., Class A (Consumer Discretionary) | 1657 |
| 1725 | Wangsu Science & Technology Co. Ltd., Class A (Information Technology) | 5079 |
| 14592 | Wanguo Gold Group Ltd. (Materials) | 33448 |
| 2188 | Wanhua Chemical Group Co. Ltd., Class A (Materials) | 29658 |
| 48436 | Want Want China Holdings Ltd. (Consumer Staples) | 30342 |
| 879 | Weibo Corp. ADR (Communication Services) | 8728 |
| 4439 | Weichai Power Co. Ltd., Class A (Industrials) | 18025 |
| 21797 | Weichai Power Co. Ltd., Class H (Industrials) | 90898 |
| 706 | Weihai Guangwei Composites Co. Ltd., Class A (Materials) | 4178 |
| 5108 | Weilong Delicious Global Holdings Ltd. (Consumer Staples) | 7647 |
| 4787 | Wens Foodstuff Group Co. Ltd., Class A (Consumer Staples) | 11150 |
| 1699 | Western Mining Co. Ltd., Class A (Materials) | 8581 |
| 3275 | Western Securities Co. Ltd., Class A (Financials) | 3819 |
| 658 | Western Superconducting Technologies Co. Ltd., Class A (Materials) | 8656 |
| 711 | Wingtech Technology Co. Ltd., Class A (Information Technology)\* | 3472 |
| 359 | Winner Medical Co. Ltd., Class A (Health Care) | 1869 |
| 1476 | Winning Health Technology Group Co. Ltd., Class A (Health Care) | 2315 |
| 16275 | Wintime Energy Group Co. Ltd., Class A (Utilities)\* | 4341 |
| 1049 | Wolong Electric Group Co. Ltd., Class A (Industrials) | 6862 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 3617 | Wuchan Zhongda Group Co. Ltd., Class A (Consumer Discretionary) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3084 |
| 3020 | Wuhan Guide Infrared Co. Ltd., Class A (Information Technology)\* | 6849 |
| 246 | Wuhan Jingce Electronic Group Co. Ltd., Class A (Information Technology)\* | 5476 |
| 2553 | Wuliangye Yibin Co. Ltd., Class A (Consumer Staples) | 38718 |
| 1471 | WUS Printed Circuit Kunshan Co. Ltd., Class A (Information Technology) | 17924 |
| 1596 | WuXi AppTec Co. Ltd., Class A (Health Care) | 22799 |
| 5072 | WuXi AppTec Co. Ltd., Class H (Health Care)<sup>(b)</sup> | 77161 |
| 39758 | Wuxi Biologics Cayman, Inc. (Health Care)\*<sup>(b)</sup> | 204428 |
| 1071 | Wuxi Lead Intelligent Equipment Co. Ltd., Class A (Industrials) | 8554 |
| 3227 | WuXi XDC Cayman, Inc. (Health Care)\* | 26052 |
| 7442 | XCMG Construction Machinery Co. Ltd., Class A (Industrials) | 13298 |
| 3100 | XD, Inc. (Communication Services) | 29287 |
| 285 | Xiamen Amoytop Biotech Co. Ltd., Class A (Health Care) | 3121 |
| 1931 | Xiamen C & D, Inc., Class A (Industrials) | 2733 |
| 149 | Xiamen Faratronic Co. Ltd., Class A (Information Technology) | 2530 |
| 926 | Xiamen Tungsten Co. Ltd., Class A (Materials) | 9468 |
| 1476 | Xiangcai Co. Ltd., Class A (Financials)\* | 2272 |
| 820 | Xiangtan Electric Manufacturing Co. Ltd., Class A (Industrials)\* | 1780 |
| 190188 | Xiaomi Corp., Class B (Information Technology)\*<sup>(b)</sup> | 848560 |
| 1066 | Xinfengming Group Co. Ltd., Class A (Materials) | 3299 |
| 1101 | Xinjiang Daqo New Energy Co. Ltd., Class A (Information Technology)\* | 3835 |
| 55988 | Xinyi Solar Holdings Ltd. (Information Technology)<sup>(a)</sup> | 24765 |
| 15370 | XPeng, Inc., Class A (Consumer Discretionary)\* | 134303 |
| 31774 | XtalPi Holdings Ltd. (Health Care)\* | 42083 |
| 738 | Xuji Electric Co. Ltd., Class A (Industrials) | 3431 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **23** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 12699 | Yadea Group Holdings Ltd. (Consumer Discretionary)<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18524 |
| 4560 | Yangtze Optical Fibre & Cable Joint Stock Ltd. Co., Class H (Information Technology)<sup>(a)(b)</sup> | 86744 |
| 463 | Yangzhou Yangjie Electronic Technology Co. Ltd., Class A (Information Technology) | 5898 |
| 3089 | Yankuang Energy Group Co. Ltd., Class A (Energy) | 7978 |
| 36335 | Yankuang Energy Group Co. Ltd., Class H (Energy)<sup>(a)</sup> | 65032 |
| 463 | Yantai Jereh Oilfield Services Group Co. Ltd., Class A (Energy) | 7914 |
| 606 | Yealink Network Technology Corp. Ltd., Class A (Information Technology) | 3319 |
| 836 | Yifeng Pharmacy Chain Co. Ltd., Class A (Consumer Staples) | 2961 |
| 1172 | Yihai Kerry Arawana Holdings Co. Ltd., Class A (Consumer Staples) | 5024 |
| 6660 | Yonghui Superstores Co. Ltd., Class A (Consumer Staples)\* | 4126 |
| 251 | YongXing Special Materials Technology Co. Ltd., Class A (Materials) | 2374 |
| 2266 | Yonyou Network Technology Co. Ltd., Class A (Information Technology)\* | 4697 |
| 3371 | Youngor Fashion Co. Ltd., Class A (Real Estate) | 3597 |
| 1931 | YTO Express Group Co. Ltd., Class A (Industrials) | 5519 |
| 20074 | Yuexiu Property Co. Ltd. (Real Estate) | 11805 |
| 2244 | YUNDA Holding Group Co., Ltd., Class A (Industrials) | 2329 |
| 2460 | Yunnan Aluminium Co. Ltd., Class A (Materials) | 11187 |
| 1284 | Yunnan Baiyao Group Co. Ltd., Class A (Health Care) | 10490 |
| 149 | Yunnan Botanee Bio- Technology Group Co. Ltd., Class A (Consumer Staples) | 1024 |
| 3617 | Yunnan Chihong Zinc&Germanium Co. Ltd., Class A (Materials) | 5815 |
| 1394 | Yunnan Copper Co. Ltd., Class A (Materials) | 5201 |
| 686 | Yunnan Energy New Material Group Co. Ltd., Class A (Materials)\* | 6192 |
| 1071 | Yunnan Tin Co. Ltd., Class A (Materials) | 6925 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 1071 | Yunnan Yuntianhua Co. Ltd., Class A (Materials) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6926 |
| 1476 | Yutong Bus Co. Ltd., Class A (Industrials) | 6387 |
| 11164 | Zai Lab Ltd. (Health Care)\*<sup>(a)</sup> | 21494 |
| 926 | Zangge Mining Co. Ltd., Class A (Materials) | 11629 |
| 820 | ZCZL Industrial Technology Group Co. Ltd., Class A (Industrials) | 2995 |
| 2931 | ZCZL Industrial Technology Group Co. Ltd., Class H (Industrials) | 8806 |
| 415 | Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A (Health Care) | 9874 |
| 17907 | Zhaojin Mining Industry Co. Ltd., Class H (Materials) | 78980 |
| 3252 | Zhefu Holding Group Co. Ltd., Class A (Industrials) | 2474 |
| 5300 | Zhejiang Century Huatong Group Co. Ltd., Class A (Communication Services)\* | 14222 |
| 88 | Zhejiang Cfmoto Power Co. Ltd., Class A (Consumer Discretionary) | 3171 |
| 3617 | Zhejiang China Commodities City Group Co. Ltd., Class A (Consumer Discretionary) | 7834 |
| 1584 | Zhejiang Chint Electrics Co. Ltd., Class A (Industrials) | 7628 |
| 984 | Zhejiang Crystal-Optech Co. Ltd., Class A (Information Technology) | 4044 |
| 1936 | Zhejiang Dahua Technology Co. Ltd., Class A (Information Technology) | 5435 |
| 398 | Zhejiang Dingli Machinery Co. Ltd., Class A (Industrials) | 3439 |
| 16178 | Zhejiang Expressway Co. Ltd., Class H (Industrials) | 14167 |
| 1066 | Zhejiang Hailiang Co. Ltd., Class A (Materials) | 2286 |
| 926 | Zhejiang Huahai Pharmaceutical Co. Ltd., Class A (Health Care) | 2158 |
| 935 | Zhejiang Huayou Cobalt Co. Ltd., Class A (Industrials) | 10714 |
| 926 | Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A (Information Technology) | 7523 |
| 2387 | Zhejiang Jinke Tom Culture Industry Co. Ltd., Class A (Communication Services)\* | 1712 |
| 656 | Zhejiang JIULI Hi-tech Metals Co. Ltd., Class A (Materials) | 3304 |
| 1931 | Zhejiang Juhua Co. Ltd., Class A (Materials) | 11708 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 24 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 6846 | Zhejiang Leapmotor Technology Co. Ltd., Class H (Consumer Discretionary)\*<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35883 |
| 2141 | Zhejiang Longsheng Group Co. Ltd., Class A (Materials) | 5115 |
| 1947 | Zhejiang NHU Co. Ltd., Class A (Materials) | 8939 |
| 2474 | Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A (Industrials) | 18466 |
| 5016 | Zhejiang Sanhua Intelligent Controls Co. Ltd., Class H (Industrials)<sup>(a)</sup> | 21700 |
| 410 | Zhejiang Sanmei Chemical Industry Co. Ltd., Class A (Materials) | 4373 |
| 574 | Zhejiang Shuanghuan Driveline Co. Ltd., Class A (Consumer Discretionary) | 3465 |
| 149 | Zhejiang Supor Co. Ltd., Class A (Consumer Discretionary) | 966 |
| 1476 | Zhejiang Wanfeng Auto Wheel Co. Ltd., Class A (Consumer Discretionary) | 3515 |
| 918 | Zhejiang Weiming Environment Protection Co. Ltd., Class A (Industrials) | 3768 |
| 1071 | Zhejiang Weixing New Building Materials Co. Ltd., Class A (Industrials) | 1915 |
| 6578 | Zhejiang Zheneng Electric Power Co. Ltd., Class A (Utilities) | 5110 |
| 3034 | Zheshang Securities Co. Ltd., Class A (Financials) | 4718 |
| 12085 | ZhongAn Online P&C Insurance Co. Ltd., Class H (Financials)\*<sup>(b)</sup> | 23684 |
| 586 | Zhongfu Shenying Carbon Fiber Co. Ltd., Class A (Materials)\* | 2744 |
| 791 | Zhongji Innolight Co. Ltd., Class A (Information Technology) | 61565 |
| 3371 | Zhongjin Gold Corp. Ltd., Class A (Materials) | 15644 |
| 7723 | Zhongsheng Group Holdings Ltd. (Consumer Discretionary) | 10229 |
| 4424 | Zhongtai Securities Co. Ltd., Class A (Financials) | 4133 |
| 706 | Zhuhai CosMX Battery Co. Ltd., Class A (Industrials) | 1925 |
| 479 | Zhuzhou CRRC Times Electric Co. Ltd., Class A (Industrials) | 4147 |
| 4836 | Zhuzhou CRRC Times Electric Co. Ltd., Class H (Industrials) | 27438 |
| 1931 | Zhuzhou Kibing Group Co. Ltd., Class A (Industrials) | 2122 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) | China – (continued) |
| 13682 | Zijin Mining Group Co. Ltd., Class A (Materials) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78871 |
| 60186 | Zijin Mining Group Co. Ltd., Class H (Materials) |  | 346244 |
| 6110 | ZJLD Group, Inc. (Consumer Staples)<sup>(b)</sup> |  | 7139 |
| 5788 | Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A (Industrials) |  | 8428 |
| 16844 | Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H (Industrials)<sup>(a)</sup> |  | 22524 |
| 3016 | ZTE Corp., Class A (Information Technology) |  | 16990 |
| 8877 | ZTE Corp., Class H (Information Technology) |  | 30913 |
| 4537 | ZTO Express Cayman, Inc. (Industrials) |  | 111074 |
|  |  |  | 33196021 |
| Colombia – 0.1% | Colombia – 0.1% | Colombia – 0.1% | Colombia – 0.1% |
| 53455 | Ecopetrol SA (Energy) |  | 31886 |
| 3543 | Grupo Argos SA (Materials) |  | 15567 |
| 2529 | Grupo Cibest SA (Financials) |  | 55236 |
| 1355 | Grupo de Inversiones Suramericana SA (Financials) |  | 19557 |
| 4975 | Interconexion Electrica SA ESP (Utilities) |  | 36432 |
|  |  |  | 158678 |
| Cyprus – 0.0% | Cyprus – 0.0% | Cyprus – 0.0% | Cyprus – 0.0% |
| 3677 | Bank of Cyprus Holdings PLC (Financials) |  | 40202 |
| Czech Republic – 0.1% | Czech Republic – 0.1% | Czech Republic – 0.1% | Czech Republic – 0.1% |
| 1786 | CEZ AS (Utilities) |  | 101410 |
| 815 | Komercni Banka AS (Financials) |  | 46674 |
|  |  |  | 148084 |
| Egypt – 0.1% | Egypt – 0.1% | Egypt – 0.1% | Egypt – 0.1% |
| 29016 | Commercial International Bank - Egypt (CIB) (Financials) |  | 80785 |
| 17768 | Eastern Co. SAE (Consumer Staples) |  | 15193 |
| 12016 | EFG Holding S.A.E. (Financials)\* |  | 6781 |
| 13738 | Fawry for Banking & Payment Technology Services SAE (Financials)\* |  | 5286 |
| 10882 | Talaat Moustafa Group (Real Estate) |  | 19767 |
|  |  |  | 127812 |
| Greece – 0.5% | Greece – 0.5% | Greece – 0.5% | Greece – 0.5% |
| 22008 | Alpha Bank SA (Financials) |  | 96664 |
| 860 | Athens International Airport SA (Industrials) |  | 11616 |
| 27033 | Eurobank SA (Financials) |  | 125118 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **25** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Greece – (continued) | Greece – (continued) | Greece – (continued) | Greece – (continued) |
| 1848 | Hellenic Telecommunications Organization SA (Communication Services) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38184 |
| 1314 | JUMBO SA (Consumer Discretionary) |  | 38507 |
| 643 | Motor Oil Hellas Corinth Refineries SA (Energy) |  | 27847 |
| 9240 | National Bank of Greece SA (Financials) |  | 150390 |
| 2271 | OPAP Holding SA (Consumer Discretionary) |  | 42365 |
| 13613 | Piraeus Bank SA (Financials)\* |  | 130512 |
| 2088 | Public Power Corp. SA (Utilities) |  | 46594 |
|  |  |  | 707797 |
| Hong Kong – 0.0% | Hong Kong – 0.0% | Hong Kong – 0.0% | Hong Kong – 0.0% |
| 2736 | Cowell e Holdings, Inc. (Information Technology)\* |  | 9808 |
| 27364 | Guotai Junan International Holdings Ltd. (Financials) |  | 9795 |
| 1628 | Orient Overseas International Ltd. (Industrials) |  | 31115 |
|  |  |  | 50718 |
| Hungary – 0.3% | Hungary – 0.3% | Hungary – 0.3% | Hungary – 0.3% |
| 4274 | MOL Hungarian Oil & Gas PLC (Energy) |  | 47246 |
| 2423 | OTP Bank Nyrt (Financials) |  | 298439 |
| 1529 | Richter Gedeon Nyrt (Health Care) |  | 57202 |
|  |  |  | 402887 |
| India – 13.3% | India – 13.3% | India – 13.3% | India – 13.3% |
| 2724 | 360 ONE WAM Ltd. (Financials) |  | 33044 |
| 600 | ABB India Ltd. (Industrials) |  | 40052 |
| 64 | Abbott India Ltd. (Health Care) |  | 18663 |
| 842 | ACC Ltd. (Materials) |  | 14738 |
| 3750 | Adani Energy Solutions Ltd. (Utilities)\* |  | 41696 |
| 2472 | Adani Enterprises Ltd. (Industrials) |  | 58740 |
| 3288 | Adani Green Energy Ltd. (Utilities)\* |  | 34238 |
| 6214 | Adani Ports & Special Economic Zone Ltd. (Industrials) |  | 103890 |
| 47396 | Adani Power Ltd. (Utilities)\* |  | 72993 |
| 2433 | Adani Total Gas Ltd. (Utilities) |  | 13693 |
| 8027 | Aditya Birla Capital Ltd. (Financials)\* |  | 30391 |
| 382 | Alkem Laboratories Ltd. (Health Care) |  | 23680 |
| 7108 | Ambuja Cements Ltd. (Materials) |  | 39096 |
| 1880 | APL Apollo Tubes Ltd. (Materials) |  | 46177 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| India – (continued) | India – (continued) | India – (continued) |
| 1062 | Apollo Hospitals Enterprise Ltd. (Health Care) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91303 |
| 31388 | Ashok Leyland Ltd. (Industrials) | 72832 |
| 3627 | Asian Paints Ltd. (Materials) | 94733 |
| 1394 | Astral Ltd. (Industrials) | 25557 |
| 5114 | AU Small Finance Bank Ltd. (Financials)<sup>(b)</sup> | 53871 |
| 3095 | Aurobindo Pharma Ltd. (Health Care) | 41518 |
| 1250 | Authum Investment & Infrastucture Ltd. (Financials) | 6621 |
| 1640 | Avenue Supermarts Ltd. (Consumer Staples)\*<sup>(b)</sup> | 69359 |
| 4081 | AWL Agri Business Ltd. (Consumer Staples)\* | 8483 |
| 25417 | Axis Bank Ltd. (Financials) | 386635 |
| 758 | Bajaj Auto Ltd. (Consumer Discretionary) | 83089 |
| 29183 | Bajaj Finance Ltd. (Financials) | 319461 |
| 4243 | Bajaj Finserv Ltd. (Financials) | 92969 |
| 312 | Bajaj Holdings & Investment Ltd. (Financials) | 37052 |
| 11316 | Bajaj Housing Finance Ltd. (Financials)\* | 10826 |
| 830 | Balkrishna Industries Ltd. (Consumer Discretionary) | 21749 |
| 9365 | Bandhan Bank Ltd. (Financials)<sup>(b)</sup> | 18733 |
| 11451 | Bank of Baroda (Financials) | 40523 |
| 10681 | Bank of India (Financials) | 20669 |
| 11826 | Bank of Maharashtra (Financials) | 9718 |
| 2248 | Berger Paints India Ltd. (Materials) | 11270 |
| 1077 | Bharat Dynamics Ltd. (Industrials) | 14978 |
| 39541 | Bharat Electronics Ltd. (Industrials) | 193280 |
| 2988 | Bharat Forge Ltd. (Consumer Discretionary) | 62771 |
| 12117 | Bharat Heavy Electricals Ltd. (Industrials) | 35288 |
| 21443 | Bharat Petroleum Corp. Ltd. (Energy) | 90838 |
| 27467 | Bharti Airtel Ltd. (Communication Services) | 567387 |
| 873 | Bharti Hexacom Ltd. (Communication Services) | 15420 |
| 6124 | Biocon Ltd. (Health Care) | 26239 |
| 90 | Bosch Ltd. (Consumer Discretionary) | 36034 |
| 1167 | Britannia Industries Ltd. (Consumer Staples) | 76997 |
| 2198 | BSE Ltd. (Financials) | 65404 |
| 21276 | Canara Bank (Financials) | 36803 |
| 7869 | CG Power & Industrial Solutions Ltd. (Industrials) | 62726 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 26 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| India – (continued) | India – (continued) | India – (continued) |
| 4615 | Cholamandalam Investment and Finance Co. Ltd. (Financials) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87799 |
| 5958 | Cipla Ltd. (Health Care) | 88293 |
| 18375 | Coal India Ltd. (Energy) | 86981 |
| 953 | Cochin Shipyard Ltd. (Industrials)<sup>(b)</sup> | 15626 |
| 3473 | Coforge Ltd. (Information Technology) | 45268 |
| 1435 | Colgate-Palmolive India Ltd. (Consumer Staples) | 35561 |
| 3178 | Container Corp. Of India Ltd. (Industrials) | 17314 |
| 1267 | Coromandel International Ltd. (Materials) | 30917 |
| 1504 | Cummins India Ltd. (Industrials) | 80978 |
| 5889 | Dabur India Ltd. (Consumer Staples) | 33563 |
| 818 | Dalmia Bharat Ltd. (Materials) | 17920 |
| 4531 | Delhivery Ltd. (Industrials)\* | 21585 |
| 1232 | Divi's Laboratories Ltd. (Health Care) | 86784 |
| 395 | Dixon Technologies India Ltd. (Consumer Discretionary) | 45710 |
| 6993 | DLF Ltd. (Real Estate) | 46416 |
| 6084 | Dr Reddy's Laboratories Ltd. (Health Care) | 86021 |
| 1457 | Eicher Motors Ltd. (Consumer Discretionary) | 128290 |
| 9638 | Embassy Office Parks REIT (Real Estate) | 45028 |
| 52889 | Eternal Ltd. (Consumer Discretionary)\* | 143186 |
| 4892 | Exide Industries Ltd. (Consumer Discretionary) | 17976 |
| 20500 | Federal Bank Ltd. (Financials) | 67566 |
| 729 | Fertilisers & Chemicals Travancore Ltd. (Materials) | 5957 |
| 5421 | Fortis Healthcare Ltd. (Health Care) | 56170 |
| 11590 | FSN E-Commerce Ventures Ltd. (Consumer Discretionary)\* | 33821 |
| 27253 | GAIL India Ltd. (Utilities) | 50785 |
| 1418 | GE Vernova T&D India Ltd. (Industrials) | 60011 |
| 1576 | General Insurance Corp. of India (Financials)<sup>(b)</sup> | 6636 |
| 756 | Gland Pharma Ltd. (Health Care)<sup>(b)</sup> | 15142 |
| 463 | GlaxoSmithKline Pharmaceuticals Ltd. (Health Care) | 13087 |
| 1600 | Glenmark Pharmaceuticals Ltd. (Health Care) | 37578 |
| 29085 | GMR Airports Ltd. (Industrials)\* | 32171 |
| 426 | Godfrey Phillips India Ltd. (Consumer Staples) | 9905 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| India – (continued) | India – (continued) | India – (continued) |
| 4251 | Godrej Consumer Products Ltd. (Consumer Staples) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56889 |
| 1699 | Godrej Properties Ltd. (Real Estate)\* | 32327 |
| 3651 | Grasim Industries Ltd. (Materials) | 112360 |
| 400 | Gujarat Fluorochemicals Ltd. (Materials) | 15315 |
| 2218 | Gujarat Gas Ltd. (Utilities) | 9932 |
| 2360 | Havells India Ltd. (Industrials) | 36242 |
| 10262 | HCL Technologies Ltd. (Information Technology) | 156689 |
| 2322 | HDB Financial Services Ltd. (Financials) | 18000 |
| 2138 | HDFC Asset Management Co. Ltd. (Financials)<sup>(b)</sup> | 63419 |
| 125348 | HDFC Bank Ltd. (Financials) | 1223151 |
| 10860 | HDFC Life Insurance Co. Ltd. (Financials)<sup>(b)</sup> | 85387 |
| 1312 | Hero MotoCorp Ltd. (Consumer Discretionary) | 82346 |
| 1098 | Hexaware Technologies Ltd. (Information Technology) | 5715 |
| 14965 | Hindalco Industries Ltd. (Materials) | 152107 |
| 1913 | Hindustan Aeronautics Ltd. (Industrials) | 82285 |
| 10970 | Hindustan Petroleum Corp. Ltd. (Energy) | 52905 |
| 8177 | Hindustan Unilever Ltd. (Consumer Staples) | 210150 |
| 3201 | Hindustan Zinc Ltd. (Materials) | 21245 |
| 146 | Hitachi Energy India Ltd. (Industrials) | 41022 |
| 23 | Honeywell Automation India Ltd. (Information Technology) | 7831 |
| 3966 | Housing & Urban Development Corp. Ltd. (Financials) | 8141 |
| 1467 | Hyundai Motor India Ltd. (Consumer Discretionary) | 34917 |
| 58241 | ICICI Bank Ltd. (Financials) | 882742 |
| 2606 | ICICI Lombard General Insurance Co. Ltd. (Financials)<sup>(b)</sup> | 54468 |
| 4493 | ICICI Prudential Life Insurance Co. Ltd. (Financials)<sup>(b)</sup> | 32323 |
| 61184 | IDFC First Bank Ltd. (Financials) | 49417 |
| 2930 | Indian Bank (Financials) | 31900 |
| 9400 | Indian Hotels Co. Ltd. (Consumer Discretionary) | 68922 |
| 31245 | Indian Oil Corp. Ltd. (Energy) | 64385 |
| 2550 | Indian Railway Catering & Tourism Corp. Ltd. (Industrials) | 15964 |
| 20135 | Indian Railway Finance Corp. Ltd. (Financials)<sup>(b)</sup> | 22918 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **27** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| India – (continued) | India – (continued) | India – (continued) |
| 8368 | Indian Renewable Energy Development Agency Ltd. (Financials)\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11245 |
| 6575 | Indraprastha Gas Ltd. (Utilities) | 12348 |
| 14425 | Indus Towers Ltd. (Communication Services)\* | 72136 |
| 6511 | IndusInd Bank Ltd. (Financials)\* | 68473 |
| 3651 | Info Edge India Ltd. (Communication Services) | 41319 |
| 35377 | Infosys Ltd. (Information Technology) | 505557 |
| 2405 | InterGlobe Aviation Ltd. (Industrials)<sup>(b)</sup> | 127609 |
| 33286 | ITC Ltd. (Consumer Staples) | 114739 |
| 3259 | Jindal Stainless Ltd. (Materials) | 27811 |
| 4193 | Jindal Steel Ltd. (Materials) | 57344 |
| 32381 | Jio Financial Services Ltd. (Financials) | 90904 |
| 405 | JK Cement Ltd. (Materials) | 25179 |
| 4482 | JSW Energy Ltd. (Utilities) | 24029 |
| 2957 | JSW Infrastructure Ltd. (Industrials) | 8282 |
| 9025 | JSW Steel Ltd. (Materials) | 125460 |
| 4474 | Jubilant Foodworks Ltd. (Consumer Discretionary) | 25567 |
| 4320 | Kalyan Jewellers India Ltd. (Consumer Discretionary) | 19474 |
| 343 | Kaynes Technology India Ltd. (Information Technology)\* | 14540 |
| 10794 | Knowledge Realty Trust REIT (Real Estate) | 14221 |
| 60534 | Kotak Mahindra Bank Ltd. (Financials) | 276267 |
| 1750 | KPIT Technologies Ltd. (Information Technology) | 14833 |
| 9471 | Kwality Wall's India Ltd. (Consumer Staples)\* | 2719 |
| 8546 | L&T Finance Ltd. (Financials) | 26673 |
| 231 | L&T Technology Services Ltd. (Industrials)<sup>(b)</sup> | 8918 |
| 7460 | Larsen & Toubro Ltd. (Industrials) | 350818 |
| 4671 | Laurus Labs Ltd. (Health Care)<sup>(b)</sup> | 55235 |
| 861 | LG Electronics India Ltd. (Consumer Discretionary)\* | 15038 |
| 2597 | Life Insurance Corp. of India (Financials) | 24247 |
| 232 | Linde India Ltd. (Materials) | 17162 |
| 1114 | Lloyds Metals & Energy Ltd. (Materials) | 15098 |
| 3185 | Lodha Developers Ltd. (Real Estate)<sup>(b)</sup> | 34598 |
| 770 | LTIMindtree Ltd. (Information Technology)<sup>(b)</sup> | 37765 |
| 2560 | Lupin Ltd. (Health Care) | 64774 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| India – (continued) | India – (continued) | India – (continued) |
| 5795 | Mahindra & Mahindra Financial Services Ltd. (Financials) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23842 |
| 9858 | Mahindra & Mahindra Ltd. (Consumer Discretionary) | 368135 |
| 799 | MakeMyTrip Ltd. (Consumer Discretionary)\* | 45120 |
| 1269 | Mankind Pharma Ltd. (Health Care) | 31351 |
| 5438 | Marico Ltd. (Consumer Staples) | 47141 |
| 1287 | Maruti Suzuki India Ltd. (Consumer Discretionary) | 210175 |
| 2574 | Max Financial Services Ltd. (Financials)\* | 51307 |
| 8197 | Max Healthcare Institute Ltd. (Health Care) | 98385 |
| 750 | Mazagon Dock Shipbuilders Ltd. (Industrials) | 18342 |
| 1647 | Motilal Oswal Financial Services Ltd. (Financials) | 13128 |
| 1166 | Mphasis Ltd. (Information Technology) | 29433 |
| 24 | MRF Ltd. (Consumer Discretionary) | 37193 |
| 1509 | Multi Commodity Exchange of India Ltd. (Financials) | 40526 |
| 1175 | Muthoot Finance Ltd. (Financials) | 43312 |
| 10867 | National Aluminium Co. Ltd. (Materials) | 42357 |
| 6800 | Nestle India Ltd. (Consumer Staples) | 96548 |
| 32311 | NHPC Ltd. (Utilities) | 26754 |
| 1966 | Nippon Life India Asset Management Ltd. (Financials)<sup>(b)</sup> | 20123 |
| 34213 | NMDC Ltd. (Materials) | 30740 |
| 8394 | NTPC Green Energy Ltd. (Utilities)\* | 8317 |
| 48011 | NTPC Ltd. (Utilities) | 201541 |
| 1377 | Oberoi Realty Ltd. (Real Estate) | 23049 |
| 29975 | Oil & Natural Gas Corp. Ltd. (Energy) | 92156 |
| 6924 | Oil India Ltd. (Energy) | 36829 |
| 4629 | One 97 Communications Ltd. (Financials)\* | 55883 |
| 274 | Oracle Financial Services Software Ltd. (Information Technology) | 20878 |
| 61 | Page Industries Ltd. (Consumer Discretionary) | 21530 |
| 2847 | Patanjali Foods Ltd. (Consumer Staples) | 15897 |
| 3701 | PB Fintech Ltd. (Financials)\* | 60273 |
| 1144 | Persistent Systems Ltd. (Information Technology) | 59516 |
| 8472 | Petronet LNG Ltd. (Energy) | 30116 |
| 2205 | Phoenix Mills Ltd. (The) (Real Estate) | 40200 |
| 827 | PI Industries Ltd. (Materials) | 28337 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 28 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| India – (continued) | India – (continued) | India – (continued) |
| 3096 | Pidilite Industries Ltd. (Materials) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50774 |
| 514 | Polycab India Ltd. (Industrials) | 48648 |
| 15429 | Power Finance Corp. Ltd. (Financials) | 70178 |
| 50108 | Power Grid Corp. of India Ltd. (Utilities) | 164491 |
| 521 | Premier Energies Ltd. (Information Technology)<sup>(b)</sup> | 4186 |
| 1959 | Prestige Estates Projects Ltd. (Real Estate) | 29996 |
| 108 | Procter & Gamble Hygiene & Health Care Ltd. (Consumer Staples) | 13475 |
| 26174 | Punjab National Bank (Financials) | 37240 |
| 5147 | Rail Vikas Nigam Ltd. (Industrials) | 17898 |
| 14078 | REC Ltd. (Financials) | 54129 |
| 65638 | Reliance Industries Ltd. (Energy) | 1005678 |
| 48853 | Samvardhana Motherson International Ltd. (Consumer Discretionary) | 71602 |
| 2782 | SBI Cards & Payment Services Ltd. (Financials)\* | 23681 |
| 4942 | SBI Life Insurance Co. Ltd.<br>(Financials)<sup>(b)</sup> | 110665 |
| 507 | Schaeffler India Ltd. (Consumer Discretionary) | 24282 |
| 97 | Shree Cement Ltd. (Materials) | 27801 |
| 15529 | Shriram Finance Ltd. (Financials) | 184246 |
| 972 | Siemens Energy India Ltd. (Industrials) | 31314 |
| 1006 | Siemens Ltd. (Industrials)\* | 37802 |
| 8365 | SJVN Ltd. (Utilities) | 6715 |
| 281 | Solar Industries India Ltd. (Materials) | 41710 |
| 5066 | Sona Blw Precision Forgings Ltd. (Consumer Discretionary)<sup>(b)</sup> | 29764 |
| 1527 | SRF Ltd. (Materials) | 43006 |
| 20333 | State Bank of India (Financials) | 268577 |
| 12099 | Steel Authority of India Ltd. (Materials) | 22038 |
| 11158 | Sun Pharmaceutical Industries Ltd. (Health Care) | 213039 |
| 753 | Sundaram Finance Ltd. (Financials) | 45601 |
| 662 | Supreme Industries Ltd. (Industrials) | 28926 |
| 121658 | Suzlon Energy Ltd. (Industrials)\* | 57060 |
| 15819 | Swiggy Ltd. (Consumer Discretionary)\* | 52468 |
| 4362 | Tata Capital Ltd. (Financials)\* | 15995 |
| 1309 | Tata Communications Ltd. (Communication Services) | 22985 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| India – (continued) | India – (continued) | India – (continued) |
| 9449 | Tata Consultancy Services Ltd. (Information Technology) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273926 |
| 6449 | Tata Consumer Products Ltd. (Consumer Staples) | 80882 |
| 380 | Tata Elxsi Ltd. (Information Technology) | 18850 |
| 1493 | Tata Investment Corp. Ltd. (Financials) | 10810 |
| 20816 | Tata Motors Ltd. (Industrials)\* | 115616 |
| 21808 | Tata Motors Passenger Vehicles Ltd. (Consumer Discretionary) | 91725 |
| 17549 | Tata Power Co. Ltd. (The) (Utilities) | 72828 |
| 81470 | Tata Steel Ltd. (Materials) | 190143 |
| 1933 | Tata Technologies Ltd. (Information Technology) | 12439 |
| 5892 | Tech Mahindra Ltd. (Information Technology) | 87937 |
| 355 | Thermax Ltd. (Industrials) | 12166 |
| 3911 | Titan Co. Ltd. (Consumer Discretionary) | 186036 |
| 1178 | Torrent Pharmaceuticals Ltd. (Health Care) | 56109 |
| 1941 | Torrent Power Ltd. (Utilities) | 33420 |
| 2009 | Trent Ltd. (Consumer Discretionary) | 86111 |
| 1185 | Tube Investments of India Ltd. (Consumer Discretionary) | 35864 |
| 2538 | TVS Motor Co. Ltd. (Consumer Discretionary) | 107955 |
| 1264 | UltraTech Cement Ltd. (Materials) | 176131 |
| 17979 | Union Bank of India Ltd. (Financials) | 39973 |
| 811 | United Breweries Ltd. (Consumer Staples) | 14308 |
| 3358 | United Spirits Ltd. (Consumer Staples) | 50966 |
| 2101 | UNO Minda Ltd. (Consumer Discretionary) | 27447 |
| 6251 | UPL Ltd. (Materials) | 43796 |
| 14810 | Varun Beverages Ltd. (Consumer Staples) | 73483 |
| 14980 | Vedanta Ltd. (Materials) | 118291 |
| 23729 | Vishal Mega Mart Ltd. (Consumer Discretionary)\* | 30720 |
| 293655 | Vodafone Idea Ltd. (Communication Services)\* | 34183 |
| 2478 | Voltas Ltd. (Industrials) | 42527 |
| 1076 | WAAREE Energies Ltd. (Information Technology) | 32044 |
| 28075 | Wipro Ltd. (Information Technology) | 62016 |
| 168864 | Yes Bank Ltd. (Financials)\* | 38459 |
| 2502 | Zydus Lifesciences Ltd. (Health Care) | 25348 |
|  |  | 18090981 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **29** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Indonesia – 1.1% | Indonesia – 1.1% | Indonesia – 1.1% |
| 82459 | Alamtri Minerals Indonesia Tbk PT (Materials) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10329 |
| 93328 | Alamtri Resources Indonesia Tbk PT (Energy) | 13026 |
| 141197 | Amman Mineral Internasional PT (Materials)\* | 64429 |
| 96408 | Aneka Tambang Tbk (Materials) | 25015 |
| 227860 | Astra International Tbk PT (Industrials) | 90723 |
| 579013 | Bank Central Asia Tbk PT (Financials) | 247803 |
| 402362 | Bank Mandiri Persero Tbk PT (Financials) | 126601 |
| 169942 | Bank Negara Indonesia Persero Tbk PT (Financials) | 44601 |
| 778084 | Bank Rakyat Indonesia Persero Tbk PT (Financials) | 181468 |
| 307748 | Barito Pacific Tbk PT (Materials)\* | 36530 |
| 60955 | Barito Renewables Energy Tbk PT (Utilities)\* | 29905 |
| 1008492 | Bumi Resources Minerals Tbk PT (Materials)\* | 58350 |
| 1700124 | Bumi Resources Tbk PT (Energy)\* | 26164 |
| 80559 | Chandra Asri Pacific Tbk PT (Materials) | 32195 |
| 137088 | Chandra Daya Investasi Tbk PT (Utilities) | 8586 |
| 85467 | Charoen Pokphand Indonesia Tbk PT (Consumer Staples) | 21666 |
| 17418 | Dian Swastatika Sentosa Tbk PT (Energy)\* | 81999 |
| 174756 | Elang Mahkota Teknologi Tbk PT (Communication Services) | 9277 |
| 9857526 | GoTo Gojek Tokopedia Tbk PT (Consumer Discretionary)\* | 35867 |
| 98048 | Impack Pratama Industri Tbk PT (Materials)\* | 12574 |
| 26595 | Indofood CBP Sukses Makmur Tbk PT (Consumer Staples) | 12453 |
| 51346 | Indofood Sukses Makmur Tbk PT (Consumer Staples) | 19754 |
| 67075 | Indosat Tbk PT (Communication Services) | 9242 |
| 233972 | Kalbe Farma Tbk PT (Health Care) | 15352 |
| 147756 | Merdeka Copper Gold Tbk PT (Materials)\* | 33050 |
| 57188 | Merdeka Gold Resources Tbk PT (Materials)\* | 28398 |
| 19568 | Pantai Indah Kapuk Dua Tbk PT (Real Estate) | 11117 |
| 196444 | Petrindo Jaya Kreasi Tbk PT (Energy) | 18748 |
| 28640 | Petrosea Tbk PT (Materials) | 10463 |
| 220934 | Sumber Alfaria Trijaya Tbk PT (Consumer Staples) | 22008 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Indonesia – (continued) | Indonesia – (continued) | Indonesia – (continued) | Indonesia – (continued) |
| 525505 | Telkom Indonesia Persero Tbk PT (Communication Services) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110963 |
| 109084 | Trimegah Bangun Persada Tbk PT (Materials) |  | 10020 |
| 72965 | Unilever Indonesia Tbk PT (Consumer Staples) |  | 10358 |
| 16415 | United Tractors Tbk PT (Energy) |  | 28003 |
| 24536 | Vale Indonesia Tbk PT (Materials) |  | 11562 |
| 54544 | XLSMART Telecom Sejahtera Tbk PT (Communication Services) |  | 10313 |
|  |  |  | 1518912 |
| Kazakhstan – –% | Kazakhstan – –% | Kazakhstan – –% | Kazakhstan – –% |
| 1389 | Solidcore Resources PLC (Materials)\* |  |  |
| Kuwait – 0.6% | Kuwait – 0.6% | Kuwait – 0.6% | Kuwait – 0.6% |
| 12625 | Al Ahli Bank of Kuwait KSCP (Financials) |  | 12592 |
| 19842 | Boubyan Bank KSCP (Financials) |  | 43914 |
| 11599 | Burgan Bank SAK (Financials) |  | 7788 |
| 28445 | Gulf Bank KSCP (Financials) |  | 31430 |
| 140047 | Kuwait Finance House KSCP (Financials) |  | 367007 |
| 8323 | Mabanee Co KPSC (Real Estate) |  | 26586 |
| 24590 | Mobile Telecommunications Co. KSCP (Communication Services) |  | 43441 |
| 90892 | National Bank of Kuwait SAKP (Financials) |  | 279372 |
| 29905 | Warba Bank KSCP (Financials)\* |  | 28073 |
|  |  |  | 840203 |
| Luxembourg – 0.0% | Luxembourg – 0.0% | Luxembourg – 0.0% | Luxembourg – 0.0% |
| 1490 | Reinet Investments SCA (Financials) |  | 52678 |
| Mexico – 1.9% | Mexico – 1.9% | Mexico – 1.9% | Mexico – 1.9% |
| 178528 | America Movil SAB de CV, Series B (Communication Services) |  | 232317 |
| 5209 | Arca Continental SAB de CV (Consumer Staples) |  | 62752 |
| 20588 | Becle SAB de CV (Consumer Staples) |  | 20988 |
| 167364 | Cemex SAB de CV, Series CPO (Materials) |  | 209716 |
| 5889 | Coca-Cola Femsa SAB de CV (Consumer Staples) |  | 65523 |
| 2313 | El Puerto de Liverpool SAB de CV (Consumer Discretionary) |  | 14434 |
| 31644 | Fibra Uno Administracion SA de CV REIT (Real Estate) |  | 55027 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 30 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Mexico – (continued) | Mexico – (continued) | Mexico – (continued) | Mexico – (continued) |
| 19311 | Fomento Economico Mexicano SAB de CV (Consumer Staples) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216881 |
| 2045 | Gruma SAB de CV, Class B (Consumer Staples)<sup>(a)</sup> |  | 36695 |
| 3100 | Grupo Aeroportuario del Centro Norte SAB de CV (Industrials) |  | 47401 |
| 4138 | Grupo Aeroportuario del Pacifico SAB de CV, Class B (Industrials) |  | 108079 |
| 2058 | Grupo Aeroportuario del Sureste SAB de CV, Class B (Industrials) |  | 74046 |
| 14459 | Grupo Bimbo SAB de CV, Series A (Consumer Staples)<sup>(a)</sup> |  | 52505 |
| 5735 | Grupo Carso SAB de CV, Series A1 (Industrials) |  | 44981 |
| 5020 | Grupo Comercial Chedraui SA de CV (Consumer Staples) |  | 32222 |
| 31885 | Grupo Financiero Banorte SAB de CV, Class O (Financials) |  | 363937 |
| 22009 | Grupo Financiero Inbursa SAB de CV, Class O (Financials) |  | 56026 |
| 34592 | Grupo Mexico SAB de CV, Series B (Materials) |  | 440351 |
| 2039 | Industrias Penoles SAB de CV (Materials)\* |  | 129602 |
| 16858 | Kimberly-Clark de Mexico SAB de CV, Class A (Consumer Staples) |  | 42356 |
| 11977 | Prologis Property Mexico SA de CV REIT (Real Estate) |  | 58876 |
| 2141 | Promotora y Operadora de Infraestructura SAB de CV (Industrials) |  | 35308 |
| 55143 | Wal-Mart de Mexico SAB de CV (Consumer Staples) |  | 178639 |
|  |  |  | 2578662 |
| Netherlands – –% | Netherlands – –% | Netherlands – –% | Netherlands – –% |
| 1289 | Nebius Group NV, Class A (Information Technology)\* |  |  |
| Philippines – 0.4% | Philippines – 0.4% | Philippines – 0.4% | Philippines – 0.4% |
| 15400 | Aboitiz Power Corp. (Utilities) |  | 11831 |
| 2955 | Ayala Corp. (Industrials) |  | 30747 |
| 66436 | Ayala Land, Inc. (Real Estate) |  | 24079 |
| 23278 | Bank of the Philippine Islands (Financials) |  | 46826 |
| 23980 | BDO Unibank, Inc. (Financials) |  | 57096 |
| 415 | Globe Telecom, Inc. (Communication Services) |  | 12522 |
| 8916 | International Container Terminal Services, Inc. (Industrials) |  | 111015 |
| 5217 | Jollibee Foods Corp. (Consumer Discretionary) |  | 19361 |
| 3487 | Manila Electric Co. (Utilities) |  | 38580 |
| 21065 | Metropolitan Bank & Trust Co. (Financials) |  | 28128 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Philippines – (continued) | Philippines – (continued) | Philippines – (continued) | Philippines – (continued) |
| 1069 | PLDT, Inc. (Communication Services) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25953 |
| 5384 | SM Investments Corp. (Industrials) |  | 65824 |
| 101187 | SM Prime Holdings, Inc. (Real Estate) |  | 37727 |
|  |  |  | 509689 |
| Qatar – 0.6% | Qatar – 0.6% | Qatar – 0.6% | Qatar – 0.6% |
| 75964 | Al Rayan Bank (Financials) |  | 48654 |
| 37091 | Commercial Bank PSQC (The) (Financials) |  | 49407 |
| 19714 | Dukhan Bank (Financials) |  | 19432 |
| 10255 | Estithmar Holding QPSC (Industrials)\* |  | 10663 |
| 22429 | Industries Qatar QSC (Industrials) |  | 74476 |
| 61236 | Mesaieed Petrochemical Holding Co. (Materials) |  | 17575 |
| 5499 | Nebras Energy (Utilities) |  | 22277 |
| 12957 | Ooredoo QPSC (Communication Services) |  | 48220 |
| 6617 | Qatar Fuel QSC (Energy) |  | 26897 |
| 31725 | Qatar Gas Transport Co. Ltd. (Energy) |  | 42956 |
| 11242 | Qatar International Islamic Bank QSC (Financials) |  | 34983 |
| 18162 | Qatar Islamic Bank (Financials) |  | 118220 |
| 49251 | Qatar National Bank QPSC (Financials) |  | 261067 |
|  |  |  | 774827 |
| Russia – 0.0% | Russia – 0.0% | Russia – 0.0% | Russia – 0.0% |
| 12708 | Alrosa PJSC (Materials)\* |  |  |
| 801 | Gazprom Neft PJSC (Energy)\* |  |  |
| 49291 | Gazprom PJSC (Energy)\* |  |  |
| 26300 | GMK Norilskiy Nickel PAO (Materials)\* |  |  |
| 1413 | LUKOIL PJSC (Energy)\* |  |  |
| 4560 | Mobile TeleSystems PJSC (Communication Services)\* |  |  |
| 3099 | Novatek PJSC (Energy)\* |  |  |
| 5287 | Novolipetsk Steel PJSC (Materials)\* |  |  |
| 780 | PIK-Spetsializirovannyy Zastroyshchik PAO (Consumer Discretionary)\* |  |  |
| 1280 | Polyus PJSC (Materials)\* |  |  |
| 5078 | Rosneft Oil Co. PJSC (Energy)\* |  |  |
| 44370 | Sberbank of Russia PJSC (Financials)\* |  |  |
| 969 | Severstal PAO (Materials)\* |  |  |
| 146300 | Surgutneftegas PJSC (Energy)\* |  |  |
| 6047 | Tatneft PJSC (Energy)\* |  |  |
| 6503 | United Co RUSAL International PJSC (Materials)\* |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **31** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Saudi Arabia – 2.6% | Saudi Arabia – 2.6% | Saudi Arabia – 2.6% |
| 2498 | ACWA Power Co. (Utilities)\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110485 |
| 4473 | Ades Holding Co. (Energy) | 21382 |
| 21588 | Al Rajhi Bank (Financials) | 581297 |
| 13562 | Alinma Bank (Financials) | 101166 |
| 5342 | Almarai Co. JSC (Consumer Staples) | 56768 |
| 10023 | Arab National Bank (Financials) | 55046 |
| 298 | Arabian Internet & Co.mmunications Services Co. (Information Technology) | 14857 |
| 8302 | Bank AlBilad (Financials) | 56661 |
| 7365 | Bank Al-Jazira (Financials) | 22738 |
| 13839 | Banque Saudi Fransi (Financials) | 73311 |
| 868 | Bupa Arabia for Cooperative Insurance Co. (Financials) | 41145 |
| 830 | Co. for Cooperative Insurance (The) (Financials) | 30028 |
| 6160 | Dar Al Arkan Real Estate Development Co. (Real Estate)\* | 32730 |
| 955 | Dr Sulaiman Al Habib Medical Services Group Co. (Health Care) | 58814 |
| 299 | Elm Co. (Information Technology) | 51097 |
| 4260 | Etihad Etisalat Co. (Communication Services) | 73027 |
| 6688 | Jabal Omar Development Co. (Consumer Discretionary)\* | 26567 |
| 6892 | Jarir Marketing Co. (Consumer Discretionary) | 25706 |
| 1135 | Makkah Construction & Development Co. (Real Estate) | 23633 |
| 376 | MBC Group CJSC (Communication Services)\* | 2843 |
| 1137 | Mouwasat Medical Services Co. (Health Care) | 19294 |
| 467 | Nahdi Medical Co. (Consumer Staples) | 12388 |
| 5390 | Rabigh Refining & Petrochemical Co. (Energy)\* | 10461 |
| 16276 | Riyad Bank (Financials) | 120544 |
| 649 | Riyadh Cables Group Co. (Industrials) | 20382 |
| 2636 | SABIC Agri-Nutrients Co. (Materials) | 87002 |
| 4351 | Sahara International Petrochemical Co. (Materials) | 16089 |
| 386 | SAL Saudi Logistics Services (Industrials) | 16671 |
| 15591 | Saudi Arabian Mining Co. (Materials)\* | 291793 |
| 63766 | Saudi Arabian Oil Co. (Energy)<sup>(b)</sup> | 424325 |
| 625 | Saudi Aramco Base Oil Co. (Materials) | 15221 |
| 11086 | Saudi Awwal Bank (Financials) | 101139 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Saudi Arabia – (continued) | Saudi Arabia – (continued) | Saudi Arabia – (continued) | Saudi Arabia – (continued) |
| 9965 | Saudi Basic Industries Corp. (Materials) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143993 |
| 9097 | Saudi Electricity Co. (Utilities) |  | 32838 |
| 4027 | Saudi Industrial Investment Group (Materials) |  | 13850 |
| 7126 | Saudi Investment Bank (The) (Financials) |  | 25647 |
| 32552 | Saudi National Bank (The) (Financials) |  | 361718 |
| 378 | Saudi Research & Media Group (Communication Services)\*<sup>(a)</sup> |  | 8249 |
| 562 | Saudi Tadawul Group Holding Co. (Financials) |  | 20497 |
| 21032 | Saudi Telecom Co. (Communication Services) |  | 234493 |
| 7460 | Umm Al Qura for Development & Construction Co. (Real Estate)\* |  | 32896 |
| 3228 | Yanbu National Petrochemical Co. (Materials) |  | 21687 |
|  |  |  | 3490478 |
| South Africa – 3.3% | South Africa – 3.3% | South Africa – 3.3% | South Africa – 3.3% |
| 9209 | Absa Group Ltd. (Financials) |  | 156959 |
| 3716 | Bid Corp. Ltd. (Consumer Staples) |  | 98083 |
| 3737 | Bidvest Group Ltd. (Industrials) |  | 59278 |
| 954 | Capitec Bank Holdings Ltd. (Financials) |  | 284299 |
| 2683 | Clicks Group Ltd. (Consumer Staples) |  | 53636 |
| 5957 | Discovery Ltd. (Financials) |  | 97812 |
| 2721 | Exxaro Resources Ltd. (Energy) |  | 33813 |
| 55398 | FirstRand Ltd. (Financials) |  | 345213 |
| 9756 | Gold Fields Ltd. (Materials) |  | 569069 |
| 6077 | Harmony Gold Mining Co. Ltd. (Materials) |  | 136995 |
| 9645 | Impala Platinum Holdings Ltd. (Materials) |  | 214302 |
| 2597 | Investec Ltd. (Financials) |  | 22333 |
| 708 | Kumba Iron Ore Ltd. (Materials) |  | 16350 |
| 2964 | Mr Price Group Ltd. (Consumer Discretionary) |  | 34112 |
| 18221 | MTN Group Ltd. (Communication Services) |  | 237608 |
| 8352 | Naspers Ltd., Class N (Consumer Discretionary) |  | 464511 |
| 4690 | Nedbank Group Ltd. (Financials) |  | 92813 |
| 3676 | Northam Platinum Holdings Ltd. (Materials) |  | 100078 |
| 53435 | Old Mutual Ltd. (Financials) |  | 55525 |
| 9941 | OUTsurance Group Ltd. (Financials) |  | 45884 |
| 40258 | Pepkor Holdings Ltd. (Consumer Discretionary)<sup>(b)</sup> |  | 67276 |
| 5616 | Remgro Ltd. (Financials) |  | 68408 |
| 19396 | Sanlam Ltd. (Financials) |  | 129384 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 32 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| South Africa – (continued) | South Africa – (continued) | South Africa – (continued) | South Africa – (continued) |
| 6874 | Sasol Ltd. (Materials)\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62752 |
| 5250 | Shoprite Holdings Ltd. (Consumer Staples) |  | 87245 |
| 30786 | Sibanye Stillwater Ltd. (Materials)\* |  | 135387 |
| 14690 | Standard Bank Group Ltd. (Financials) |  | 296550 |
| 2898 | Valterra Platinum Ltd. (Materials) |  | 339438 |
| 6523 | Vodacom Group Ltd. (Communication Services) |  | 66691 |
| 10499 | Woolworths Holdings Ltd. (Consumer Discretionary) |  | 35915 |
|  |  |  | 4407719 |
| South Korea – 17.3% | South Korea – 17.3% | South Korea – 17.3% | South Korea – 17.3% |
| 489 | ABLBio, Inc. (Health Care)\* |  | 65948 |
| 416 | Alteogen, Inc. (Health Care) |  | 117845 |
| 343 | Amorepacific Corp. (Consumer Staples) |  | 36100 |
| 274 | APR Corp. (Consumer Staples)\* |  | 59524 |
| 2900 | BNK Financial Group, Inc. (Financials) |  | 40179 |
| 5 | Celltrion Pharm, Inc. (Health Care) |  | 252 |
| 1685 | Celltrion, Inc. (Health Care)\* |  | 279369 |
| 88 | CJ CheilJedang Corp. (Consumer Staples) |  | 13091 |
| 146 | CJ Corp. (Industrials) |  | 22177 |
| 580 | Coway Co. Ltd. (Consumer Discretionary)\* |  | 33022 |
| 361 | DB HiTek Co. Ltd. (Information Technology) |  | 24016 |
| 479 | DB Insurance Co. Ltd. (Financials) |  | 60970 |
| 592 | Doosan Bobcat, Inc. (Industrials)\* |  | 26750 |
| 74 | Doosan Co. Ltd. (Industrials) |  | 65743 |
| 4754 | Doosan Enerbility Co. Ltd. (Industrials)\* |  | 351304 |
| 247 | Doosan Robotics, Inc. (Industrials)\* |  | 18287 |
| 505 | Ecopro BM Co. Ltd. (Industrials)\* |  | 77760 |
| 1101 | Ecopro Co. Ltd. (Industrials)\* |  | 141595 |
| 344 | Ecopro Materials Co. Ltd. (Industrials)\* |  | 17194 |
| 546 | GS Holdings Corp. (Industrials) |  | 26076 |
| 2986 | Hana Financial Group, Inc. (Financials) |  | 252829 |
| 292 | Hanjin Kal Corp. (Consumer Discretionary)\* |  | 31727 |
| 754 | Hankook Tire & Technology Co. Ltd. (Consumer Discretionary) |  | 38211 |
| 73 | Hanmi Pharm Co. Ltd. (Health Care)\* |  | 30093 |
| 464 | Hanmi Semiconductor Co. Ltd. (Information Technology) |  | 104348 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| South Korea – (continued) | South Korea – (continued) | South Korea – (continued) |
| 367 | Hanwha Aerospace Co. Ltd. (Industrials) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304877 |
| 357 | Hanwha Corp. (Industrials)\* | 33901 |
| 1234 | Hanwha Ocean Co. Ltd. (Industrials)\* | 121127 |
| 1258 | Hanwha Solutions Corp. (Materials)\* | 46350 |
| 672 | Hanwha Systems Co. Ltd. (Industrials)\* | 53069 |
| 465 | HD Hyundai Co. Ltd. (Energy) | 94552 |
| 232 | HD Hyundai Electric Co. Ltd. (Industrials) | 169343 |
| 344 | HD Hyundai Heavy Industries Co. Ltd. (Industrials) | 144200 |
| 156 | HD Hyundai Marine Solution Co. Ltd. (Industrials) | 19987 |
| 493 | HD Korea Shipbuilding & Offshore Engineering Co. Ltd. (Industrials) | 154223 |
| 1361 | HLB, Inc. (Health Care)\* | 49009 |
| 3062 | HMM Co. Ltd. (Industrials) | 45446 |
| 238 | HYBE Co. Ltd. (Communication Services)\* | 64112 |
| 59 | Hyosung Heavy Industries Corp. (Industrials) | 115785 |
| 72 | Hyundai Autoever Corp. (Information Technology) | 25076 |
| 252 | Hyundai Elevator Co. Ltd. (Industrials) | 17290 |
| 804 | Hyundai Engineering & Construction Co. Ltd. (Industrials) | 92053 |
| 410 | Hyundai Glovis Co. Ltd. (Industrials) | 82513 |
| 660 | Hyundai Mobis Co. Ltd. (Consumer Discretionary) | 237205 |
| 1571 | Hyundai Motor Co. (Consumer Discretionary) | 736082 |
| 801 | Hyundai Rotem Co. Ltd. (Industrials) | 128349 |
| 1011 | Hyundai Steel Co. (Materials) | 32681 |
| 2910 | Industrial Bank of Korea (Financials) | 52091 |
| 3330 | Kakao Corp. (Communication Services) | 144219 |
| 2509 | KakaoBank Corp. (Financials) | 47354 |
| 282 | Kakaopay Corp. (Financials)\* | 13115 |
| 1332 | Kangwon Land, Inc. (Consumer Discretionary) | 17640 |
| 4077 | KB Financial Group, Inc. (Financials) | 450638 |
| 44 | KCC Corp. (Materials) | 19912 |
| 165 | KEPCO Engineering & Construction Co., Inc. (Industrials)\* | 20084 |
| 2666 | Kia Corp. (Consumer Discretionary) | 380857 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **33** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| South Korea – (continued) | South Korea – (continued) | South Korea – (continued) |
| 165 | KIWOOM Securities Co. Ltd. (Financials) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53451 |
| 776 | Korea Aerospace Industries Ltd. (Industrials) | 103305 |
| 2845 | Korea Electric Power Corp. (Utilities) | 115699 |
| 341 | Korea Gas Corp. (Utilities) | 9767 |
| 456 | Korea Investment Holdings Co. Ltd. (Financials) | 81944 |
| 91 | Korea Zinc Co. Ltd. (Materials) | 128418 |
| 2157 | Korean Air Lines Co. Ltd. (Industrials)\* | 42135 |
| 311 | Krafton, Inc. (Communication Services)\* | 53725 |
| 728 | KT Corp. (Communication Services) | 32288 |
| 1015 | KT&G Corp. (Consumer Staples) | 115083 |
| 177 | Kumho Petrochemical Co. Ltd. (Materials)\* | 18875 |
| 298 | L&F Co. Ltd. (Industrials)\* | 26040 |
| 530 | LG Chem Ltd. (Materials) | 153823 |
| 367 | LG CNS Co. Ltd. (Information Technology) | 19007 |
| 967 | LG Corp. (Industrials) | 72399 |
| 3380 | LG Display Co. Ltd. (Information Technology)\* | 33694 |
| 1217 | LG Electronics, Inc. (Consumer Discretionary) | 123265 |
| 448 | LG Energy Solution Ltd. (Industrials)\* | 132983 |
| 106 | LG H&H Co. Ltd. (Consumer Staples) | 19675 |
| 169 | LG Innotek Co. Ltd. (Information Technology) | 37477 |
| 1160 | LG Uplus Corp. (Communication Services) | 13338 |
| 138 | LIG Nex1 Co. Ltd. (Industrials)\* | 48830 |
| 274 | LigaChem Biosciences, Inc. (Health Care)\* | 36514 |
| 214 | Lotte Chemical Corp. (Materials) | 14267 |
| 187 | LS Corp. (Industrials)\* | 36984 |
| 175 | LS Electric Co. Ltd. (Industrials) | 95742 |
| 852 | Meritz Financial Group, Inc. (Financials)\* | 75279 |
| 2113 | Mirae Asset Securities Co. Ltd. (Financials) | 105760 |
| 1475 | NAVER Corp. (Communication Services) | 260958 |
| 150 | NCSoft Corp. (Communication Services) | 24088 |
| 256 | Netmarble Corp. (Communication Services)<sup>(b)</sup> | 9361 |
| 1637 | NH Investment & Securities Co. Ltd. (Financials) | 40399 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| South Korea – (continued) | South Korea – (continued) | South Korea – (continued) |
| 263 | Orion Corp. (Consumer Staples)\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24389 |
| 242 | Peptron, Inc. (Health Care) | 47946 |
| 71 | PharmaResearch Co. Ltd. (Health Care) | 17250 |
| 625 | Posco DX Co. Ltd. (Information Technology) | 17075 |
| 396 | POSCO Future M Co. Ltd. (Industrials)\* | 67996 |
| 806 | POSCO Holdings, Inc. (Materials) | 231406 |
| 529 | Posco International Corp. (Industrials) | 26551 |
| 92 | Rainbow Robotics (Industrials)\* | 55002 |
| 152 | Sam Chun Dang Pharm Co. Ltd. (Health Care) | 87174 |
| 127 | Samsung Biologics Co. Ltd. (Health Care)\*<sup>(b)</sup> | 156973 |
| 918 | Samsung C&T Corp. (Industrials) | 223677 |
| 295 | Samsung Card Co. Ltd. (Financials) | 12920 |
| 1817 | Samsung E&A Co. Ltd. (Industrials) | 45978 |
| 603 | Samsung Electro-Mechanics Co. Ltd. (Information Technology) | 188005 |
| 51701 | Samsung Electronics Co. Ltd. (Information Technology) | 7781207 |
| 70 | Samsung Episholdings Co. Ltd. (Health Care)\* | 32847 |
| 339 | Samsung Fire & Marine Insurance Co. Ltd. (Financials) | 124901 |
| 7134 | Samsung Heavy Industries Co. Ltd. (Industrials)\* | 143573 |
| 854 | Samsung Life Insurance Co. Ltd. (Financials) | 136545 |
| 692 | Samsung SDI Co. Ltd. (Information Technology)\* | 224172 |
| 399 | Samsung SDS Co. Ltd. (Information Technology) | 54088 |
| 689 | Samsung Securities Co. Ltd. (Financials) | 51154 |
| 47 | Samyang Foods Co. Ltd. (Consumer Staples) | 39894 |
| 5099 | Shinhan Financial Group Co. Ltd. (Financials) | 343478 |
| 338 | SK Biopharmaceuticals Co. Ltd. (Health Care)\* | 28149 |
| 293 | SK Bioscience Co. Ltd. (Health Care)\* | 9970 |
| 5921 | SK hynix, Inc. (Information Technology) | 4367175 |
| 872 | SK Innovation Co. Ltd. (Energy) | 77410 |
| 958 | SK Square Co. Ltd. (Industrials)\* | 429552 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 34 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| South Korea – (continued) | South Korea – (continued) | South Korea – (continued) | South Korea – (continued) |
| 1206 | SK Telecom Co. Ltd. (Communication Services) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66902 |
| 397 | SK, Inc. (Industrials) |  | 110669 |
| 211 | SKC Co. Ltd. (Materials)\* |  | 16604 |
| 453 | S-Oil Corp. (Energy)\* |  | 34640 |
| 7019 | Woori Financial Group, Inc. (Financials) |  | 175658 |
| 615 | Yuhan Corp. (Health Care) |  | 47114 |
|  |  |  | 23480167 |
| Taiwan – 22.1% | Taiwan – 22.1% | Taiwan – 22.1% | Taiwan – 22.1% |
| 5922 | Accton Technology Corp. (Information Technology) |  | 265637 |
| 34342 | Acer, Inc. (Information Technology) |  | 30149 |
| 5051 | Advantech Co. Ltd. (Information Technology) |  | 54457 |
| 875 | Alchip Technologies Ltd. (Information Technology) |  | 97842 |
| 41434 | ASE Technology Holding Co. Ltd. (Information Technology) |  | 514424 |
| 26364 | Asia Cement Corp. (Materials) |  | 30283 |
| 3760 | Asia Vital Components Co. Ltd. (Information Technology) |  | 212630 |
| 333 | ASMedia Technology, Inc. (Information Technology) |  | 14030 |
| 375 | ASPEED Technology, Inc. (Information Technology) |  | 116906 |
| 7317 | Asustek Computer, Inc. (Information Technology) |  | 124720 |
| 74362 | AUO Corp. (Information Technology)\* |  | 39550 |
| 1824 | Bizlink Holding, Inc. (Industrials) |  | 82402 |
| 12768 | Caliway Biopharmaceuticals Co. Ltd. (Health Care)\* |  | 67295 |
| 5833 | Catcher Technology Co. Ltd. (Information Technology) |  | 35789 |
| 100848 | Cathay Financial Holding Co. Ltd. (Financials) |  | 257524 |
| 15649 | Chailease Holding Co. Ltd. (Financials) |  | 52145 |
| 74997 | Chang Hwa Commercial Bank Ltd. (Financials) |  | 51903 |
| 25030 | Cheng Shin Rubber Industry Co. Ltd. (Consumer Discretionary) |  | 25101 |
| 6398 | Chicony Electronics Co. Ltd. (Information Technology) |  | 25624 |
| 35246 | China Airlines Ltd. (Industrials) |  | 23715 |
| 134795 | China Steel Corp. (Materials) |  | 89616 |
| 4144 | Chroma ATE, Inc. (Information Technology) |  | 183228 |
| 41919 | Chunghwa Telecom Co. Ltd. (Communication Services) |  | 179973 |
| 43988 | Compal Electronics, Inc. (Information Technology) |  | 44607 |
| 173543 | CTBC Financial Holding Co. Ltd. (Financials) |  | 310822 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Taiwan – (continued) | Taiwan – (continued) | Taiwan – (continued) |
| 20745 | Delta Electronics, Inc. (Information Technology) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950477 |
| 8747 | E Ink Holdings, Inc. (Information Technology) | 52407 |
| 156053 | E.Sun Financial Holding Co. Ltd. (Financials) | 175498 |
| 1851 | Eclat Textile Co. Ltd. (Consumer Discretionary) | 25086 |
| 3552 | Elite Material Co. Ltd. (Information Technology) | 277687 |
| 751 | eMemory Technology, Inc. (Information Technology) | 60877 |
| 31143 | Eva Airways Corp. (Industrials) | 37917 |
| 12204 | Evergreen Marine Corp. Taiwan Ltd. (Industrials) | 77030 |
| 34610 | Far Eastern New Century Corp. (Industrials) | 31936 |
| 20599 | Far EasTone Telecommunications Co. Ltd. (Communication Services) | 60719 |
| 5036 | Feng TAY Enterprise Co. Ltd. (Consumer Discretionary) | 15135 |
| 126891 | First Financial Holding Co. Ltd. (Financials) | 121561 |
| 19152 | FIT Hon Teng Ltd. (Information Technology)\*<sup>(a)(b)</sup> | 15376 |
| 39259 | Formosa Chemicals & Fibre Corp. (Materials) | 64151 |
| 15274 | Formosa Petrochemical Corp. (Energy) | 26671 |
| 47205 | Formosa Plastics Corp. (Materials) | 78042 |
| 1580 | Fortune Electric Co. Ltd. (Industrials) | 54167 |
| 11662 | Foxconn Technology Co. Ltd. (Information Technology) | 22232 |
| 85098 | Fubon Financial Holding Co. Ltd. (Financials) | 256840 |
| 5614 | Gigabyte Technology Co. Ltd. (Information Technology) | 43079 |
| 1021 | Global Unichip Corp. (Information Technology) | 90614 |
| 2553 | Globalwafers Co. Ltd. (Information Technology) | 37218 |
| 3927 | Gold Circuit Electronics Ltd. (Information Technology) | 103928 |
| 23387 | Highwealth Construction Corp. (Real Estate) | 28362 |
| 132087 | Hon Hai Precision Industry Co. Ltd. (Information Technology) | 1028392 |
| 1060 | Hon Precision, Inc. (Information Technology) | 165057 |
| 2844 | Hotai Motor Co. Ltd. (Consumer Discretionary) | 53306 |
| 96404 | Hua Nan Financial Holdings Co. Ltd. (Financials) | 117683 |
| 87595 | Innolux Corp. (Information Technology) | 75215 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **35** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Taiwan – (continued) | Taiwan – (continued) | Taiwan – (continued) |
| 2973 | International Games System Co. Ltd. (Communication Services) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66202 |
| 27742 | Inventec Corp. (Information Technology) | 41109 |
| 1199 | Jentech Precision Industrial Co. Ltd. (Information Technology) | 119858 |
| 179681 | KGI Financial Holding Co. Ltd. (Financials) | 126366 |
| 908 | King Slide Works Co. Ltd. (Information Technology) | 100223 |
| 12232 | King Yuan Electronics Co. Ltd. (Information Technology) | 128156 |
| 1116 | Largan Precision Co. Ltd. (Information Technology) | 90107 |
| 21621 | Lite-On Technology Corp. (Information Technology) | 119843 |
| 1088 | Lotes Co. Ltd. (Information Technology) | 61876 |
| 15855 | MediaTek, Inc. (Information Technology) | 988048 |
| 130035 | Mega Financial Holding Co. Ltd. (Financials) | 168944 |
| 8347 | Micro-Star International Co. Ltd. (Information Technology) | 25219 |
| 61307 | Nan Ya Plastics Corp. (Materials) | 180320 |
| 2636 | Nan Ya Printed Circuit Board Corp. (Information Technology) | 46874 |
| 12516 | Nanya Technology Corp. (Information Technology)\* | 114489 |
| 1427 | Nien Made Enterprise Co. Ltd. (Consumer Discretionary) | 18448 |
| 6639 | Novatek Microelectronics Corp. (Information Technology) | 83596 |
| 22752 | Pegatron Corp. (Information Technology) | 53580 |
| 3434 | PharmaEssentia Corp. (Health Care) | 79658 |
| 2046 | Phison Electronics Corp. (Information Technology) | 123897 |
| 27292 | Pou Chen Corp. (Consumer Discretionary) | 27151 |
| 36463 | Powerchip Semiconductor Manufacturing Corp. (Information Technology)\* | 89607 |
| 7374 | Powertech Technology, Inc. (Information Technology) | 60956 |
| 6449 | President Chain Store Corp. (Consumer Staples) | 46078 |
| 28653 | Quanta Computer, Inc. (Information Technology) | 267609 |
| 5325 | Realtek Semiconductor Corp. (Information Technology) | 82150 |
| 23776 | Ruentex Development Co. Ltd. (Real Estate) | 22473 |
| 41513 | Shanghai Commercial & Savings Bank Ltd. (The) (Financials) | 53403 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Taiwan – (continued) | Taiwan – (continued) | Taiwan – (continued) |
| 3142 | Shihlin Electric & Engineering Corp. (Industrials) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23758 |
| 6481 | Sino-American Silicon Products, Inc. (Information Technology) | 24503 |
| 142439 | SinoPac Financial Holdings Co. Ltd. (Financials) | 151516 |
| 14735 | Synnex Technology International Corp. (Information Technology) | 33945 |
| 26638 | TA Chen Stainless Pipe (Materials) | 31621 |
| 51869 | Taichung Commercial Bank Co. Ltd. (Financials) | 35066 |
| 244689 | Taishin Financial Holding Co. Ltd. (Financials) | 200700 |
| 86047 | Taiwan Business Bank (Financials) | 45214 |
| 115496 | Taiwan Cooperative Financial Holding Co. Ltd. (Financials) | 88812 |
| 19694 | Taiwan High Speed Rail Corp. (Industrials) | 17068 |
| 19460 | Taiwan Mobile Co. Ltd. (Communication Services) | 67026 |
| 263678 | Taiwan Semiconductor Manufacturing Co. Ltd. (Information Technology) | 16854238 |
| 77327 | TCC Group Holdings Co. Ltd. (Materials) | 65407 |
| 17876 | Teco Electric and Machinery Co. Ltd. (Industrials) | 47481 |
| 5853 | Tripod Technology Corp. (Information Technology) | 73043 |
| 13516 | Unimicron Technology Corp. (Information Technology) | 208515 |
| 51987 | Uni-President Enterprises Corp. (Consumer Staples) | 120760 |
| 128259 | United Microelectronics Corp. (Information Technology) | 268756 |
| 12258 | Vanguard International Semiconductor Corp. (Information Technology) | 52432 |
| 1212 | VisEra Technologies Co. Ltd. (Information Technology) | 13281 |
| 877 | Voltronic Power Technology Corp. (Industrials) | 26020 |
| 33907 | Walsin Lihwa Corp. (Industrials) | 39924 |
| 16096 | Wan Hai Lines Ltd. (Industrials) | 39401 |
| 35277 | Winbond Electronics Corp. (Information Technology)\* | 138459 |
| 32571 | Wistron Corp. (Information Technology) | 141926 |
| 1099 | Wiwynn Corp. (Information Technology) | 140848 |
| 18364 | WPG Holdings Ltd. (Information Technology) | 41187 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 36 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Taiwan – (continued) | Taiwan – (continued) | Taiwan – (continued) | Taiwan – (continued) |
| 9138 | WT Microelectronics Co. Ltd. (Information Technology) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53872 |
| 18164 | Yageo Corp. (Information Technology) |  | 173428 |
| 20474 | Yang Ming Marine Transport Corp. (Industrials) |  | 37654 |
| 114017 | Yuanta Financial Holding Co. Ltd. (Financials) |  | 179550 |
| 6984 | Zhen Ding Technology Holding Ltd. (Information Technology) |  | 46767 |
|  |  |  | 29945453 |
| Thailand – 1.5% | Thailand – 1.5% | Thailand – 1.5% | Thailand – 1.5% |
| 11888 | Advanced Info Service PCL, NVDR (Communication Services) |  | 145325 |
| 48193 | Airports of Thailand PCL, NVDR (Industrials) |  | 84495 |
| 104337 | Asset World Corp. PCL, NVDR (Consumer Discretionary) |  | 8391 |
| 122844 | Bangkok Dusit Medical Services PCL, NVDR (Health Care) |  | 85756 |
| 95760 | Bangkok Expressway & Metro PCL, NVDR (Industrials) |  | 19408 |
| 101840 | Banpu PCL, NVDR (Energy) |  | 18674 |
| 12569 | Berli Jucker PCL, NVDR (Consumer Staples) |  | 6470 |
| 6500 | Bumrungrad Hospital PCL, NVDR (Health Care) |  | 44539 |
| 36500 | Cal-Comp Electronics Thailand PCL, NVDR (Information Technology) |  | 6576 |
| 36111 | Central Pattana PCL, NVDR (Real Estate) |  | 81318 |
| 43660 | Central Retail Corp. PCL, NVDR (Consumer Discretionary) |  | 28933 |
| 43777 | Charoen Pokphand Foods PCL, NVDR (Consumer Staples) |  | 29574 |
| 9051 | Com7 PCL, NVDR (Consumer Discretionary) |  | 7017 |
| 62027 | CP ALL PCL, NVDR (Consumer Staples) |  | 103262 |
| 16733 | CP AXTRA PCL, NVDR (Consumer Staples) |  | 9043 |
| 51100 | Delta Electronics Thailand PCL, NVDR (Information Technology) |  | 458642 |
| 2558 | Electricity Generating PCL, NVDR (Utilities) |  | 10163 |
| 8351 | Global Power Synergy PCL, NVDR (Utilities) |  | 11686 |
| 45887 | Gulf Development PCL, NVDR (Utilities)\* |  | 91523 |
| 58550 | Home Product Center PCL, NVDR (Consumer Discretionary) |  | 13938 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Thailand – (continued) | Thailand – (continued) | Thailand – (continued) | Thailand – (continued) |
| 21063 | Indorama Ventures PCL, NVDR (Materials) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15517 |
| 6694 | Kasikornbank PCL, NVDR (Financials) |  | 43284 |
| 40875 | Krung Thai Bank PCL, NVDR (Financials) |  | 45037 |
| 10818 | Krungthai Card PCL, NVDR (Financials) |  | 11572 |
| 97305 | Land & Houses PCL, NVDR (Real Estate) |  | 13648 |
| 38203 | Minor International PCL, NVDR (Consumer Discretionary) |  | 31954 |
| 8520 | Muangthai Capital PCL, NVDR (Financials) |  | 10141 |
| 20817 | Osotspa PCL, NVDR (Consumer Staples) |  | 11519 |
| 15061 | PTT Exploration & Production PCL, NVDR (Energy) |  | 66378 |
| 26725 | PTT Global Chemical PCL, NVDR (Materials) |  | 24288 |
| 34119 | PTT Oil & Retail Business PCL, NVDR (Consumer Discretionary) |  | 14708 |
| 151362 | PTT PCL, NVDR (Energy) |  | 180164 |
| 12170 | Ratch Group PCL, NVDR (Utilities) |  | 12137 |
| 9381 | SCB X PCL, NVDR (Financials) |  | 44815 |
| 13142 | SCG Packaging PCL, NVDR (Materials) |  | 8709 |
| 8523 | Siam Cement PCL (The), NVDR (Materials) |  | 61691 |
| 127100 | Thai Airways International PCL, NVDR (Industrials)\* |  | 28008 |
| 97622 | Thai Beverage PCL (Consumer Staples) |  | 35503 |
| 29756 | Thai Life Insurance PCL, NVDR (Financials) |  | 10530 |
| 12977 | Thai Oil PCL, NVDR (Energy) |  | 22856 |
| 33471 | Thai Union Group PCL, NVDR (Consumer Staples) |  | 13352 |
| 17367 | TIDLOR Holdings PCL, NVDR (Financials) |  | 11118 |
| 2189 | Tisco Financial Group PCL, NVDR (Financials) |  | 8063 |
| 285150 | TMBThanachart Bank PCL, NVDR (Financials) |  | 21649 |
| 118663 | True Corp. PCL, NVDR (Communication Services) |  | 55352 |
|  |  |  | 2066726 |
| Turkey – 0.8% | Turkey – 0.8% | Turkey – 0.8% | Turkey – 0.8% |
| 10938 | AG Anadolu Grubu Holding AS (Industrials) |  | 8407 |
| 402 | Agesa Hayat ve Emeklilik AS (Financials) |  | 2064 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **37** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Turkey – (continued) | Turkey – (continued) | Turkey – (continued) |
| 8117 | Ahlatci Dogal Gaz Dagitim Enerji VE Yatirim AS (Utilities)\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4595 |
| 31079 | Akbank TAS (Financials) | 63746 |
| 466 | Akcansa Cimento AS (Materials) | 2230 |
| 3767 | Akfen Yenilenebilir Enerji AS (Utilities)\* | 1530 |
| 19560 | Aksa Akrilik Kimya Sanayii AS (Consumer Discretionary) | 4530 |
| 2432 | Aksa Enerji Uretim AS (Utilities)\* | 3716 |
| 1675 | Alarko Holding AS (Industrials) | 3902 |
| 878 | Alfa Solar Enerji Sanayi VE Ticaret AS (Information Technology) | 807 |
| 8380 | Anadolu Anonim Turk Sigorta Sirketi (Financials) | 4953 |
| 22804 | Anadolu Efes Biracilik Ve Malt Sanayii AS (Consumer Staples) | 9832 |
| 762 | Anadolu Hayat Emeklilik AS (Financials) | 1945 |
| 1209 | Arcelik AS (Consumer Discretionary)\* | 3169 |
| 13017 | Aselsan Elektronik Sanayi Ve Ticaret AS (Industrials) | 95364 |
| 3127 | Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS (Industrials) | 13375 |
| 998 | Avrupakent Gayrimenkul Yatirim Ortakligi AS REIT (Real Estate) | 1185 |
| 1800 | Aydem Yenilenebilir Enerji AS (Utilities)\* | 1037 |
| 923 | Aygaz AS (Utilities) | 5162 |
| 26328 | Baticim Bati Anadolu Cimento Sanayii AS (Materials)\* | 3241 |
| 4684 | BatiSoke Soke Cimento Sanayii TAS (Materials)\* | 3108 |
| 4670 | BIM Birlesik Magazalar AS (Consumer Staples) | 70923 |
| 334 | Borusan Birlesik Boru Fabrikalari Sanayi ve Ticaret AS (Materials)\* | 4924 |
| 44 | Borusan Yatirim ve Pazarlama AS (Financials) | 2292 |
| 19063 | Can2 Termik AS (Utilities)\* | 698 |
| 39 | Celebi Hava Servisi AS (Industrials) | 1546 |
| 4767 | Cimsa Cimento Sanayi VE Ticaret AS (Materials) | 5553 |
| 9691 | Coca-Cola Icecek AS (Consumer Staples) | 15699 |
| 3236 | CW Enerji Muhendislik Ticaret VE Sanayi AS (Industrials)\* | 2246 |
| 965 | Destek Finans Faktoring AS (Financials)\*<sup>(a)</sup> | 32868 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Turkey – (continued) | Turkey – (continued) | Turkey – (continued) |
| 12045 | Dogan Sirketler Grubu Holding AS (Consumer Discretionary) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5514 |
| 921 | Dogus Otomotiv Servis ve Ticaret AS (Consumer Discretionary) | 4589 |
| 216 | Eczacibasi Yatirim Holding Ortakligi AS (Industrials) | 1425 |
| 5636 | Efor Yatirim Sanayi Ticaret AS (Consumer Staples) | 2752 |
| 16 | EGE Endustri VE Ticaret AS (Consumer Discretionary) | 2393 |
| 1881 | EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS (Consumer Staples) | 4922 |
| 24713 | Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT (Real Estate) | 13326 |
| 3015 | Enerjisa Enerji AS (Utilities)<sup>(b)</sup> | 7367 |
| 28741 | Enerya Enerji AS (Utilities) | 6552 |
| 6476 | Enka Insaat ve Sanayi AS (Industrials) | 14985 |
| 40390 | Eregli Demir ve Celik Fabrikalari TAS (Materials) | 30013 |
| 2256 | Europower Enerji VE Otomasyon Teknolojileri Sanayi Ticaret AS (Industrials)\* | 1813 |
| 7536 | Ford Otomotiv Sanayi AS (Consumer Discretionary) | 19872 |
| 16875 | GEN Ilac VE Saglik Urunleri Sanayi VE Ticaret AS (Health Care) | 2999 |
| 1627 | Girisim Elektrik Taahhut Ticaret Ve Sanayi AS (Industrials)\* | 1708 |
| 420 | Grainturk Tarim AS (Consumer Staples)\* | 2181 |
| 959 | Gubre Fabrikalari TAS (Materials)\* | 11608 |
| 255 | GUR-Sel Turizm Tasimacilik VE Servis Ticaret AS (Industrials) | 2102 |
| 12498 | Haci Omer Sabanci Holding AS (Financials) | 28663 |
| 40853 | Hektas Ticaret TAS (Materials)\* | 2826 |
| 5937 | Is Gayrimenkul Yatirim Ortakligi AS REIT (Real Estate)\* | 2945 |
| 5136 | Is Yatirim Menkul Degerler AS (Financials) | 5627 |
| 7113 | Izdemir Enerji Elektrik Uretim AS (Utilities)\* | 1529 |
| 2289 | Jantsa Jant Sanayi Ve Ticaret AS (Industrials) | 964 |
| 2847 | Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class A (Materials)\* | 1978 |
| 9573 | Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D (Materials)\* | 7083 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 38 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Turkey – (continued) | Turkey – (continued) | Turkey – (continued) |
| 7838 | Katilimevim Tasarruf Finansman AS (Financials) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7169 |
| 5497 | Kayseri Seker Fabrikasi AS (Consumer Staples)\* | 649 |
| 3757 | Kiler Holding AS (Industrials)\* | 26499 |
| 7554 | KOC Holding AS (Industrials) | 34305 |
| 5587 | Kocaer Celik Sanayi Ve Ticaret AS (Materials) | 1401 |
| 2845 | Kontrolmatik Enerji Ve Muhendislik AS (Industrials) | 609 |
| 3 | Konya Cimento Sanayii AS (Materials)\* | 305 |
| 4563 | Kuyumcukent Gayrimenkul Yatirimlari AS REIT (Real Estate)\* | 7641 |
| 2879 | LDR Turizm AS (Industrials) | 5538 |
| 8254 | Margun Enerji Uretim Sanayi VE Ticaret AS (Utilities)\* | 9345 |
| 7020 | Mavi Giyim Sanayi Ve Ticaret AS, Class B (Consumer Discretionary)<sup>(b)</sup> | 7251 |
| 2927 | MIA Teknoloji AS (Information Technology)\* | 2497 |
| 1131 | Migros Ticaret AS (Consumer Staples) | 16610 |
| 596 | MLP Saglik Hizmetleri AS (Health Care)\*<sup>(b)</sup> | 5926 |
| 6052 | OBA Makarnacilik Sanayi VE Ticaret AS (Consumer Staples) | 1154 |
| 413 | Otokar Otomotiv Ve Savunma Sanayi A.S. (Industrials)\* | 3615 |
| 12418 | Oyak Cimento Fabrikalari AS (Materials) | 6922 |
| 2490 | Pasifik Eurasia Lojistik Dis Ticaret AS (Industrials)\*<sup>(a)</sup> | 6872 |
| 2644 | Pegasus Hava Tasimaciligi AS (Industrials)\*<sup>(a)</sup> | 11821 |
| 47258 | Peker Gayrimenkul Yatirim Ortakligi AS REIT (Real Estate)\* | 13870 |
| 13095 | Petkim Petrokimya Holding AS (Materials)\* | 5151 |
| 1418 | Ral Yatirim Holding AS (Industrials)\* | 5049 |
| 6826 | Reysas Gayrimenkul Yatirim Ortakligi AS REIT (Real Estate)\* | 5026 |
| 6410 | Reysas Tasimacilik ve Lojistik Ticaret AS (Industrials)\* | 2915 |
| 119495 | Sasa Polyester Sanayi AS (Materials)\* | 6715 |
| 1509 | Selcuk Ecza Deposu Ticaret ve Sanayi A.S. (Health Care) | 2918 |
| 5788 | Smart Gunes Enerjisi Teknolojileri ArGE Uretim Sanayi ve Ticaret AS (Information Technology)\* | 972 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Turkey – (continued) | Turkey – (continued) | Turkey – (continued) | Turkey – (continued) |
| 3342 | Sok Marketler Ticaret AS (Consumer Staples)\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4847 |
| 613 | TAB Gida Sanayi Ve Ticaret AS (Consumer Discretionary) |  | 3630 |
| 2221 | TAV Havalimanlari Holding AS (Industrials)\* |  | 15614 |
| 2347 | Tekfen Holding AS (Industrials) |  | 3839 |
| 2520 | Tera Yatirim Menkul Degerler AS (Financials)\* |  | 15139 |
| 12181 | Tera Yatirim Teknoloji Holding AS REIT (Real Estate)\* |  | 3913 |
| 1586 | Tofas Turk Otomobil Fabrikasi AS (Consumer Discretionary) |  | 11475 |
| 2304 | Torunlar Gayrimenkul Yatirim Ortakligi AS REIT (Real Estate) |  | 4461 |
| 2385 | TR Anadolu Metal Madencilik Isletmeleri AS (Materials)\* |  | 9160 |
| 12337 | Turk Altin Isletmeleri AS (Materials)\* |  | 17122 |
| 7847 | Turk Hava Yollari AO (Industrials) |  | 54900 |
| 6440 | Turk Telekomunikasyon AS (Communication Services)\* |  | 9956 |
| 331 | Turk Traktor ve Ziraat Makineleri AS (Industrials) |  | 3848 |
| 10402 | Turkcell Iletisim Hizmetleri AS (Communication Services) |  | 27406 |
| 7948 | Turkiye Halk Bankasi AS (Financials)\* |  | 8861 |
| 91259 | Turkiye Is Bankasi AS, Class C (Financials) |  | 35111 |
| 9867 | Turkiye Petrol Rafinerileri AS (Energy) |  | 49052 |
| 22701 | Turkiye Sigorta AS (Financials) |  | 6301 |
| 13136 | Turkiye Sinai Kalkinma Bankasi AS (Financials)\* |  | 3879 |
| 18154 | Turkiye Sise ve Cam Fabrikalari AS (Industrials) |  | 18529 |
| 189 | Ufuk Yatirim Yonetim ve Gayrimenkul AS (Real Estate)\* |  | 6459 |
| 1802 | Ulker Biskuvi Sanayi AS (Consumer Staples) |  | 5063 |
| 37016 | Yapi ve Kredi Bankasi AS (Financials)\* |  | 36467 |
| 1527 | YEO Teknoloji Enerji VE Endustri AS (Industrials)\* |  | 1407 |
| 17601 | Zorlu Enerji Elektrik Uretim AS (Utilities)\* |  | 1350 |
|  |  |  | 1118917 |
| United Arab Emirates – 2.2% | United Arab Emirates – 2.2% | United Arab Emirates – 2.2% | United Arab Emirates – 2.2% |
| 33694 | Abu Dhabi Commercial Bank PJSC (Financials) |  | 139086 |
| 15999 | Abu Dhabi Islamic Bank PJSC (Financials) |  | 111088 |
| 34040 | Abu Dhabi National Energy Co. PJSC (Utilities) |  | 26231 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **39** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| United Arab Emirates – (continued) | United Arab Emirates – (continued) | United Arab Emirates – (continued) | United Arab Emirates – (continued) |
| 33704 | Abu Dhabi National Oil Co. for Distribution PJSC (Consumer Discretionary) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36709 |
| 30722 | ADNOC Drilling Co. PJSC (Energy) |  | 42830 |
| 76081 | Adnoc Gas PLC (Energy) |  | 70435 |
| 40442 | Aldar Properties PJSC (Real Estate) |  | 118929 |
| 17938 | Alpha Dhabi Holding PJSC (Industrials)\* |  | 44545 |
| 36458 | Borouge PLC (Materials) |  | 25711 |
| 101596 | Dubai Electricity & Water Authority PJSC (Utilities) |  | 82991 |
| 32719 | Dubai Islamic Bank PJSC (Financials) |  | 73945 |
| 9414 | Emaar Development PJSC (Real Estate) |  | 49601 |
| 68767 | Emaar Properties PJSC (Real Estate) |  | 303338 |
| 27213 | Emirates NBD Bank PJSC (Financials) |  | 244525 |
| 38515 | Emirates Telecommunications Group Co. PJSC (Communication Services) |  | 212682 |
| 48925 | First Abu Dhabi Bank PJSC (Financials) |  | 261374 |
| 9373 | International Holding Co. PJSC (Industrials)\* |  | 1019850 |
| 37103 | Modon Holding PSC (Industrials)\* |  | 33945 |
| 40613 | Two Point Zero Group PJSC (Industrials)\* |  | 22007 |
|  |  |  | 2919822 |
| United States – 0.3% | United States – 0.3% | United States – 0.3% | United States – 0.3% |
| 200 | BeOne Medicines Ltd., Class A (Health Care)\* |  | 7512 |
| 10746 | BeOne Medicines Ltd., Class H (Health Care)\* |  | 264180 |
| 3922 | JBS NV, Class A (Consumer Staples)\* |  | 66243 |
|  |  |  | 337935 |
| **TOTAL COMMON STOCKS<br>(Cost $78,122,404)** | **TOTAL COMMON STOCKS<br>(Cost $78,122,404)** |  | 132050027 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Rate** | **Value** |
| Preferred Stocks – 2.1% | Preferred Stocks – 2.1% | Preferred Stocks – 2.1% | Preferred Stocks – 2.1% |
| Brazil – 1.1% | Brazil – 1.1% | Brazil – 1.1% | Brazil – 1.1% |
| 2888 | Axia Energia (Utilities) | 6.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37652 |
| 57253 | Banco Bradesco SA (Financials) | 6.79 | 236119 |
| 20425 | Cia Energetica de Minas Gerais (Utilities) | 13.68 | 48072 |
| 14304 | Gerdau SA (Materials) | 2.95 | 58545 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | **Description** | **Rate** | **Value** | **Value** |
| Preferred Stocks – (continued) | Preferred Stocks – (continued) | Preferred Stocks – (continued) | Preferred Stocks – (continued) | Preferred Stocks – (continued) |
| Brazil – (continued) | Brazil – (continued) | Brazil – (continued) | Brazil – (continued) | Brazil – (continued) |
| 59494 | Itau Unibanco Holding SA (Financials) | 6.53% | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542692 |
| 65007 | Itausa SA (Financials) | 7.94 |  | 180887 |
| 47745 | Petroleo Brasileiro SA - Petrobras (Energy) | 7.40 |  | 366163 |
|  |  |  |  | 1470130 |
| Chile – 0.1% | Chile – 0.1% | Chile – 0.1% | Chile – 0.1% | Chile – 0.1% |
| 1573 | Sociedad Quimica y Minera de Chile SA, Class B (Materials)\* | 0.00 |  | 120026 |
| Colombia – 0.1% | Colombia – 0.1% | Colombia – 0.1% | Colombia – 0.1% | Colombia – 0.1% |
| 3160 | Grupo Argos SA (Materials) | 5.17 |  | 11192 |
| 4980 | Grupo Cibest SA (Financials) | 7.11 |  | 84368 |
| 1754 | Grupo de Inversiones Suramericana SA (Financials) | 3.26 |  | 21485 |
|  |  |  |  | 117045 |
| India – 0.0% | India – 0.0% | India – 0.0% | India – 0.0% | India – 0.0% |
| 11624 | TVS Motor Co. Ltd. (Consumer Discretionary)\*<sup>(c)</sup> | 6.00 |  | 1278 |
| Russia – 0.0% | Russia – 0.0% | Russia – 0.0% | Russia – 0.0% | Russia – 0.0% |
| 4252 | Sberbank of Russia PJSC (Financials)\* | 0.00 |  |  |
| 31665 | Surgutneftegas PJSC (Energy)\* | 0.00 |  |  |
| 640 | Tatneft PJSC (Energy)\* | 0.00 |  |  |
| South Korea – 0.8% | South Korea – 0.8% | South Korea – 0.8% | South Korea – 0.8% | South Korea – 0.8% |
| 29 | Doosan Co. Ltd. (Industrials) | 0.33 |  | 12358 |
| 184 | Hanwha Corp. (Industrials)\* | 2.36 |  | 7176 |
| 379 | Hyundai Motor Co. (Consumer Discretionary) | 3.12 |  | 85232 |
| 219 | Hyundai Motor Co. (Consumer Discretionary) | 3.10 |  | 48946 |
| 25 | Hyundai Motor Co. (Consumer Discretionary) | 3.28 |  | 5327 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 40 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Rate** | **Value** |
| Preferred Stocks – (continued) | Preferred Stocks – (continued) | Preferred Stocks – (continued) | Preferred Stocks – (continued) |
| South Korea – (continued) | South Korea – (continued) | South Korea – (continued) |  |
| 63 | Korea Investment Holdings Co. Ltd. (Financials) | 4.88% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7861 |
| 89 | LG Chem Ltd. (Materials) | 0.52 | 12436 |
| 194 | LG Electronics, Inc. (Consumer Discretionary) | 1.57 | 8995 |
| 1493 | Mirae Asset Securities Co. Ltd. (Financials) | 1.08 | 23923 |
| 8997 | Samsung Electronics Co. Ltd. (Information Technology) | 1.16 | 899387 |
| 29 | Samsung Fire & Marine Insurance Co. Ltd. (Financials) | 4.62 | 8296 |
|  |  |  | 1119937 |
| **TOTAL PREFERRED STOCKS<br>(Cost $1,581,404)** | **TOTAL PREFERRED STOCKS<br>(Cost $1,581,404)** |  | 2828416 |
| **Shares** | **Description** | **Description** | **Value** |
| Exchange-Traded Fund – 0.5% | Exchange-Traded Fund – 0.5% | Exchange-Traded Fund – 0.5% | Exchange-Traded Fund – 0.5% |
| United States – 0.5% | United States – 0.5% | United States – 0.5% | United States – 0.5% |
| 23978 | iShares MSCI Malaysia ETF | iShares MSCI Malaysia ETF |  |
| **(Cost $568,898)** | **(Cost $568,898)** |  | 700637 |
| **Shares** | **Dividend Rate** | **Dividend Rate** | **Value** |
| Investment Company – 0.6%<sup>(d)</sup> | Investment Company – 0.6%<sup>(d)</sup> | Investment Company – 0.6%<sup>(d)</sup> | Investment Company – 0.6%<sup>(d)</sup> |
|  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 |  |
| 787719 | 3.571% | 3.571% | 787719 |
| **(Cost $787,719)** | **(Cost $787,719)** |  |  |
| **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE<br>(Cost $81,060,425)** | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE<br>(Cost $81,060,425)** | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE<br>(Cost $81,060,425)** | 136366799 |
| Securities Lending Reinvestment Vehicle – 0.6%<sup>(d)</sup> | Securities Lending Reinvestment Vehicle – 0.6%<sup>(d)</sup> | Securities Lending Reinvestment Vehicle – 0.6%<sup>(d)</sup> | Securities Lending Reinvestment Vehicle – 0.6%<sup>(d)</sup> |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |
| 822516 | 3.589% | 3.589% | 822516 |
| (Cost $822,516) | (Cost $822,516) |  |  |
| **TOTAL INVESTMENTS – 101.0%<br>(Cost $81,882,941)** | **TOTAL INVESTMENTS – 101.0%<br>(Cost $81,882,941)** | **TOTAL INVESTMENTS – 101.0%<br>(Cost $81,882,941)** | $137189315 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS<br> – (1.0)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS<br> – (1.0)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS<br> – (1.0)%** | (1379445) |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135809870 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.<br>

\* Non-income producing security.

(a) All or a portion of security is on loan.

(b) Exempt from registration under Rule 144A of the Securities Act of 1933.

(c) Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.

(d) Represents an affiliated issuer.

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ADR | —American Depositary Receipt |
| NVDR | —Non-Voting Depository Receipt |
| PLC | —Public Limited Company |
| REIT | —Real Estate Investment Trust |

---

---

| | |
|:---|:---|
| **Sector Name** | **% of<br> Market <br>Value** |
|  Information Technology | 32.4% |
|  Financials | 19.5 |
|  Consumer Discretionary | 10.4 |
|  Industrials | 8.6 |
|  Communication Services | 7.2 |
|  Materials | 6.9 |
|  Energy | 3.6 |
|  Health Care | 3.1 |
|  Consumer Staples | 3.1 |
|  Utilities | 2.2 |
|  Real Estate | 1.3 |
|  Investment Company | 0.6 |
|  Exchange-Traded Fund | 0.5 |
|  Securities Lending Reinvestment Vehicle | 0.6 |
| TOTAL INVESTMENTS | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **41** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – 99.2% | Common Stocks – 99.2% | Common Stocks – 99.2% |
| Australia – 7.9% | Australia – 7.9% | Australia – 7.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25040 | AGL Energy Ltd. (Utilities) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176485 |
| 20777 | ALS Ltd. (Industrials) | 379348 |
| 9939 | Ampol Ltd. (Energy) | 199529 |
| 126318 | ANZ Group Holdings Ltd. (Financials) | 3604423 |
| 53540 | APA Group (Utilities) | 351029 |
| 24076 | Aristocrat Leisure Ltd. (Consumer Discretionary) | 824945 |
| 7994 | ASX Ltd. (Financials) | 301709 |
| 44772 | Atlas Arteria Ltd. (Industrials) | 153152 |
| 76632 | Aurizon Holdings Ltd. (Industrials) | 226639 |
| 210426 | BHP Group Ltd. (Materials) | 8759171 |
| 18952 | BlueScope Steel Ltd. (Materials) | 378172 |
| 58866 | Brambles Ltd. (Industrials) | 1052128 |
| 14062 | CAR Group Ltd. (Communication Services) | 265765 |
| 19400 | Charter Hall Group REIT (Real Estate) | 305127 |
| 2731 | Cochlear Ltd. (Health Care) | 387323 |
| 54948 | Coles Group Ltd. (Consumer Staples) | 805103 |
| 70444 | Commonwealth Bank of Australia (Financials) | 8766261 |
| 21964 | Computershare Ltd. (Industrials) | 485076 |
| 20506 | CSL Ltd. (Health Care) | 2144693 |
| 44287 | Dexus REIT (Real Estate) | 211775 |
| 8194 | EBOS Group Ltd. (Health Care) | 117807 |
| 61387 | Endeavour Group Ltd. (Consumer Staples) | 171053 |
| 82584 | Evolution Mining Ltd. (Materials) | 975791 |
| 66619 | Fortescue Ltd. (Materials) | 1003644 |
| 405228 | Glencore PLC (Materials)\* | 2909281 |
| 84300 | Goodman Group REIT (Real Estate) | 1738611 |
| 79874 | GPT Group (The) REIT (Real Estate) | 288026 |
| 101750 | Insurance Australia Group Ltd. (Financials) | 482931 |
| 13401 | IREN Ltd. (Information Technology)\* | 548771 |
| 4569 | JB Hi-Fi Ltd. (Consumer Discretionary) | 267423 |
| 92890 | Lottery Corp. Ltd. (The) (Consumer Discretionary) | 364751 |
| 38621 | Lynas Rare Earths Ltd. (Materials)\* | 522392 |
| 15105 | Macquarie Group Ltd. (Financials) | 2298023 |
| 114902 | Medibank Pvt Ltd. (Financials) | 358656 |
| 7193 | Mineral Resources Ltd. (Materials)\* | 312589 |
| 164223 | Mirvac Group REIT (Real Estate) | 239919 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Australia – (continued) | Australia – (continued) | Australia – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129367 | National Australia Bank Ltd. (Financials) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4519321 |
| 25469 | NEXTDC Ltd. (Information Technology)\* | 251929 |
| 57987 | Northern Star Resources Ltd. (Materials) | 1251304 |
| 20339 | Orica Ltd. (Materials) | 353958 |
| 71299 | Origin Energy Ltd. (Utilities) | 617357 |
| 114527 | PLS Group Ltd. (Materials)\* | 423596 |
| 2037 | Pro Medicus Ltd. (Health Care) | 188717 |
| 63397 | Qantas Airways Ltd. (Industrials) | 449540 |
| 63208 | QBE Insurance Group Ltd. (Financials) | 978832 |
| 7556 | Ramsay Health Care Ltd. (Health Care) | 231923 |
| 2096 | REA Group Ltd. (Communication Services)<sup>(a)</sup> | 248539 |
| 12295 | Reece Ltd. (Industrials) | 137213 |
| 15642 | Rio Tinto Ltd. (Materials) | 1865273 |
| 45232 | Rio Tinto PLC (Materials) | 4460576 |
| 137602 | Santos Ltd. (Energy) | 662900 |
| 216463 | Scentre Group REIT (Real Estate) | 589282 |
| 14294 | SEEK Ltd. (Communication Services) | 168690 |
| 8405 | SGH Ltd. (Industrials) | 279725 |
| 188972 | Sigma Healthcare Ltd. (Health Care) | 382465 |
| 19664 | Sonic Healthcare Ltd. (Health Care) | 333943 |
| 188618 | South32 Ltd. (Materials) | 618326 |
| 99566 | Stockland REIT (Real Estate) | 362584 |
| 45590 | Suncorp Group Ltd. (Financials) | 475325 |
| 12255 | Technology One Ltd. (Information Technology) | 227683 |
| 478321 | Telstra Group Ltd. (Communication Services) | 1765735 |
| 16343 | TPG Telecom Ltd. (Communication Services) | 45889 |
| 132169 | Transurban Group (Industrials) | 1350688 |
| 160207 | Vicinity Ltd. REIT (Real Estate) | 279720 |
| 14719 | Washington H Soul Pattinson & Co. Ltd. (Financials) | 401223 |
| 47462 | Wesfarmers Ltd. (Consumer Discretionary) | 2693051 |
| 143742 | Westpac Banking Corp. (Financials) | 4357702 |
| 34730 | Whitehaven Coal Ltd. (Energy) | 193300 |
| 7628 | WiseTech Global Ltd. (Information Technology) | 258432 |
| 80085 | Woodside Energy Group Ltd. (Energy) | 1615725 |
| 51231 | Woolworths Group Ltd. (Consumer Staples) | 1314352 |
| 20262 | Worley Ltd. (Industrials) | 163746 |
|  |  | 76896085 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 42 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Austria – 0.4% | Austria – 0.4% | Austria – 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2968 | ANDRITZ AG (Industrials) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257743 |
| 3259 | BAWAG Group AG (Financials)\*<sup>(b)</sup> | 507923 |
| 12788 | Erste Group Bank AG (Financials) | 1520450 |
| 1482 | EVN AG (Utilities) | 51794 |
| 5903 | OMV AG (Energy) | 381938 |
| 5323 | Raiffeisen Bank International AG (Financials) | 265599 |
| 634 | Strabag SE (Industrials) | 71263 |
| 2810 | Verbund AG (Utilities) | 200062 |
| 1473 | Vienna Insurance Group AG Wiener Versicherung Gruppe (Financials) | 114612 |
| 4666 | voestalpine AG (Materials) | 267414 |
| 4456 | Wienerberger AG (Materials) | 146261 |
|  |  | 3785059 |
| Belgium – 0.9% | Belgium – 0.9% | Belgium – 0.9% |
| 921 | Ackermans & van Haaren NV (Industrials) | 316006 |
| 7598 | Ageas SA/NV (Financials) | 564274 |
| 40645 | Anheuser-Busch InBev SA/NV (Consumer Staples) | 3302644 |
| 1570 | Colruyt Group NV (Consumer Staples) | 63582 |
| 871 | D'ieteren Group (Consumer Discretionary) | 188607 |
| 1834 | Elia Group SA/NV (Utilities) | 291897 |
| 804 | Financiere de Tubize SA (Health Care) | 215013 |
| 3169 | Groupe Bruxelles Lambert NV (Financials) | 318227 |
| 10593 | KBC Group NV (Financials) | 1435822 |
| 17 | Lotus Bakeries NV (Consumer Staples) | 211156 |
| 624 | Sofina SA (Financials) | 185515 |
| 3034 | Syensqo SA (Materials) | 173273 |
| 5105 | UCB SA (Health Care) | 1520733 |
| 7358 | Warehouses De Pauw CVA REIT (Real Estate) | 226225 |
|  |  | 9012974 |
| Brazil – 0.0% | Brazil – 0.0% | Brazil – 0.0% |
| 6415 | Yara International ASA (Materials) | 324142 |
| Chile – 0.1% | Chile – 0.1% | Chile – 0.1% |
| 14670 | Antofagasta PLC (Materials) | 841782 |
| China – 0.6% | China – 0.6% | China – 0.6% |
| 210151 | Alibaba Health Information Technology Ltd. (Consumer Staples)\* | 149913 |
| 70634 | Budweiser Brewing Co. APAC Ltd. (Consumer Staples)<sup>(b)</sup> | 70344 |
| 31353 | BYD Electronic International Co. Ltd. (Information Technology) | 129306 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) | China – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112539 | China Gas Holdings Ltd. (Utilities) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116537 |
| 124105 | China Mengniu Dairy Co. Ltd. (Consumer Staples) |  | 256709 |
| 72890 | Chow Tai Fook Jewellery Group Ltd. (Consumer Discretionary) |  | 122258 |
| 348328 | CSPC Pharmaceutical Group Ltd. (Health Care) |  | 440857 |
| 87051 | Fosun International Ltd. (Industrials) |  | 43068 |
| 275279 | Geely Automobile Holdings Ltd. (Consumer Discretionary) |  | 568355 |
| 51724 | Prosus NV (Consumer Discretionary)\* |  | 2657181 |
| 35523 | Qingdao Port International Co. Ltd., Class H (Industrials)<sup>(b)</sup> |  | 34332 |
| 409191 | Sino Biopharmaceutical Ltd. (Health Care) |  | 316487 |
| 56534 | SITC International Holdings Co. Ltd. (Industrials) |  | 241251 |
| 39895 | Wharf Holdings Ltd. (The) (Real Estate) |  | 132097 |
| 74198 | Wilmar International Ltd. (Consumer Staples) |  | 206488 |
| 65892 | Xinyi Glass Holdings Ltd. (Industrials)<sup>(a)</sup> |  | 87439 |
| 110696 | Yangzijiang Shipbuilding Holdings Ltd. (Industrials) |  | 379824 |
|  |  |  | 5952446 |
| Denmark – 1.4% | Denmark – 1.4% | Denmark – 1.4% | Denmark – 1.4% |
| 3882 | Carlsberg AS, Class B (Consumer Staples) |  | 603158 |
| 5448 | Coloplast A/S, Class B (Health Care) |  | 420137 |
| 27331 | Danske Bank A/S (Financials) |  | 1425721 |
| 8009 | DSV A/S (Industrials) |  | 2069962 |
| 2618 | Genmab A/S (Health Care)\* |  | 764755 |
| 132900 | Novo Nordisk A/S, Class B (Health Care) |  | 4996351 |
| 15364 | Novonesis Novozymes B, Class B (Materials) |  | 911691 |
| 19678 | Orsted AS (Utilities)\*<sup>(b)</sup> |  | 466451 |
| 3274 | Pandora A/S (Consumer Discretionary) |  | 258691 |
| 14261 | Tryg A/S (Financials) |  | 352919 |
| 42497 | Vestas Wind Systems A/S (Industrials) |  | 1090967 |
|  |  |  | 13360803 |
| Faroe Islands – 0.0% | Faroe Islands – 0.0% | Faroe Islands – 0.0% | Faroe Islands – 0.0% |
| 2068 | Bakkafrost P/F (Consumer Staples) |  | 99124 |
| Finland – 1.1% | Finland – 1.1% | Finland – 1.1% | Finland – 1.1% |
| 5850 | Elisa OYJ (Communication Services) |  | 300044 |
| 17975 | Fortum OYJ (Utilities) |  | 420430 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **43** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Finland – (continued) | Finland – (continued) | Finland – (continued) | Finland – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11240 | Kesko OYJ, Class B (Consumer Staples) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276835 |
| 14063 | Kone OYJ, Class B (Industrials) |  | 1063001 |
| 27062 | Metso Oyj (Industrials) |  | 565712 |
| 17906 | Neste OYJ (Energy) |  | 447780 |
| 213229 | Nokia OYJ (Information Technology) |  | 1632410 |
| 132447 | Nordea Bank Abp (Financials) |  | 2572456 |
| 4432 | Orion OYJ, Class B (Health Care) |  | 354265 |
| 104678 | Sampo OYJ, Class A (Financials) |  | 1160295 |
| 23800 | Stora Enso OYJ, Class R (Materials)<sup>(a)</sup> |  | 323298 |
| 22379 | UPM-Kymmene OYJ (Materials) |  | 712890 |
| 20245 | Wartsila OYJ Abp (Industrials) |  | 882031 |
|  |  |  | 10711447 |
| France – 7.6% | France – 7.6% | France – 7.6% | France – 7.6% |
| 23746 | Air Liquide SA (Materials) |  | 4997302 |
| 24773 | Airbus SE (Industrials) |  | 5388929 |
| 70474 | AXA SA (Financials) |  | 3449834 |
| 41813 | BNP Paribas SA (Financials) |  | 4714706 |
| 29237 | Bollore SE (Energy) |  | 171082 |
| 8123 | Bouygues SA (Industrials) |  | 505245 |
| 6677 | Capgemini SE (Information Technology) |  | 843145 |
| 19236 | Cie de Saint-Gobain SA (Industrials) |  | 1958680 |
| 27039 | Cie Generale des Etablissements Michelin SCA (Consumer Discretionary) |  | 1098219 |
| 41597 | Credit Agricole SA (Financials) |  | 922599 |
| 26906 | Danone SA (Consumer Staples) |  | 2307623 |
| 28662 | Dassault Systemes (Information Technology) |  | 627755 |
| 73926 | Engie SA (Utilities) |  | 2525141 |
| 12353 | EssilorLuxottica SA (Health Care) |  | 3284587 |
| 1373 | Hermes International SCA (Consumer Discretionary) |  | 3321639 |
| 2982 | Kering (Consumer Discretionary) |  | 1006611 |
| 10640 | Legrand SA (Industrials) |  | 1932765 |
| 9402 | L'Oreal SA (Consumer Staples) |  | 4411518 |
| 10919 | LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary) |  | 7014577 |
| 79384 | Orange SA (Communication Services) |  | 1704926 |
| 8187 | Pernod Ricard SA (Consumer Staples) |  | 756492 |
| 9653 | Publicis Groupe SA (Communication Services) |  | 859585 |
| 14679 | Safran SA (Industrials) |  | 5892713 |
| 1172 | Sartorius Stedim Biotech (Health Care) |  | 253370 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| France – (continued) | France – (continued) | France – (continued) | France – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27250 | Societe Generale SA (Financials) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2376379 |
| 3670 | Thales SA (Industrials) |  | 1104526 |
| 85356 | TotalEnergies SE (Energy) |  | 6780472 |
| 20358 | Vinci SA (Industrials) |  | 3383167 |
|  |  |  | 73593587 |
| Germany – 8.2% | Germany – 8.2% | Germany – 8.2% | Germany – 8.2% |
| 7052 | adidas AG (Consumer Discretionary) |  | 1317221 |
| 16096 | Allianz SE (Financials) |  | 7263544 |
| 37744 | BASF SE (Materials) |  | 2170285 |
| 41498 | Bayer AG (Health Care) |  | 2058353 |
| 11697 | Bayerische Motoren Werke AG (Consumer Discretionary) |  | 1235502 |
| 4079 | Beiersdorf AG (Consumer Staples) |  | 518451 |
| 4543 | BioNTech SE ADR (Health Care)\* |  | 500990 |
| 29448 | Commerzbank AG (Financials) |  | 1204756 |
| 4510 | Continental AG (Consumer Discretionary) |  | 389361 |
| 21041 | Daimler Truck Holding AG (Industrials) |  | 1069000 |
| 75157 | Deutsche Bank AG (Financials) |  | 2688316 |
| 7756 | Deutsche Boerse AG (Financials) |  | 2128207 |
| 38730 | Deutsche Post AG (Industrials) |  | 2291000 |
| 148622 | Deutsche Telekom AG (Communication Services) |  | 5982050 |
| 93465 | E.ON SE (Utilities) |  | 2171771 |
| 8923 | Fresenius Medical Care AG (Health Care) |  | 415621 |
| 17440 | Fresenius SE & Co. KGaA (Health Care) |  | 1048103 |
| 2549 | Hannover Rueck SE (Financials) |  | 775877 |
| 264 | Hapag-Lloyd AG (Industrials)<sup>(b)</sup> |  | 40740 |
| 5359 | Heidelberg Materials AG (Materials) |  | 1199354 |
| 4018 | Henkel AG & Co. KGaA (Consumer Staples) |  | 364106 |
| 55007 | Infineon Technologies AG (Information Technology) |  | 2976188 |
| 2759 | Knorr-Bremse AG (Industrials) |  | 363217 |
| 29265 | Mercedes-Benz Group AG (Consumer Discretionary) |  | 2038640 |
| 5472 | Merck KGaA (Health Care) |  | 828920 |
| 2242 | MTU Aero Engines AG (Industrials) |  | 967262 |
| 5540 | Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen (Financials) |  | 3634226 |
| 1944 | Rheinmetall AG (Industrials) |  | 3818203 |
| 28508 | RWE AG (Utilities) |  | 1835785 |
| 43201 | SAP SE (Information Technology) |  | 8720236 |
| 31242 | Siemens AG (Industrials) |  | 9125957 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 44 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Germany – (continued) | Germany – (continued) | Germany – (continued) | Germany – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31294 | Siemens Energy AG (Industrials) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6150137 |
| 12592 | Siemens Healthineers AG (Health Care)<sup>(b)</sup> |  | 626512 |
| 2529 | Talanx AG (Financials) |  | 319501 |
| 1185 | Volkswagen AG (Consumer Discretionary) |  | 142431 |
| 30172 | Vonovia SE (Real Estate) |  | 1022056 |
|  |  |  | 79401879 |
| Hong Kong – 1.8% | Hong Kong – 1.8% | Hong Kong – 1.8% | Hong Kong – 1.8% |
| 443145 | AIA Group Ltd. (Financials) |  | 4917444 |
| 51095 | Cathay Pacific Airways Ltd. (Industrials) |  | 91841 |
| 79186 | CK Asset Holdings Ltd. (Real Estate) |  | 503938 |
| 25341 | CK Infrastructure Holdings Ltd. (Utilities) |  | 215275 |
| 77150 | CLP Holdings Ltd. (Utilities) |  | 731836 |
| 2445 | Futu Holdings Ltd. ADR (Financials)\* |  | 363914 |
| 72612 | Hang Lung Properties Ltd. (Real Estate) |  | 95335 |
| 54936 | Henderson Land Development Co. Ltd. (Real Estate) |  | 248900 |
| 94416 | HK Electric Investments & HK Electric Investments Ltd. (Utilities) |  | 84613 |
| 150685 | HKT Trust & HKT Ltd. (Communication Services) |  | 237716 |
| 462250 | Hong Kong & China Gas Co. Ltd. (Utilities) |  | 449713 |
| 50327 | Hong Kong Exchanges & Clearing Ltd. (Financials) |  | 2695808 |
| 43115 | Hongkong Land Holdings Ltd. (Real Estate) |  | 373807 |
| 110496 | Link REIT (Real Estate) |  | 547525 |
| 65334 | MTR Corp. Ltd. (Industrials) |  | 311880 |
| 56913 | Power Assets Holdings Ltd. (Utilities) |  | 461654 |
| 109613 | Prudential PLC (Financials) |  | 1676326 |
| 1290 | Regencell Bioscience Holdings Ltd. (Health Care)\*<sup>(a)</sup> |  | 33837 |
| 154365 | Sino Land Co. Ltd. (Real Estate) |  | 252205 |
| 56555 | Sun Hung Kai Properties Ltd. (Real Estate) |  | 1055596 |
| 17089 | Swire Pacific Ltd., Class A (Industrials) |  | 183842 |
| 43909 | Swire Properties Ltd. (Real Estate) |  | 151562 |
| 57778 | Techtronic Industries Co. Ltd. (Industrials) |  | 942512 |
| 316868 | WH Group Ltd. (Consumer Staples)<sup>(b)</sup> |  | 398609 |
| 64595 | Wharf Real Estate Investment Co. Ltd. (Real Estate) |  | 238655 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Hong Kong – (continued) | Hong Kong – (continued) | Hong Kong – (continued) | Hong Kong – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9600 | Zijin Gold International Co. Ltd. (Materials)\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286939 |
|  |  |  | 17551282 |
| Indonesia – 0.1% | Indonesia – 0.1% | Indonesia – 0.1% | Indonesia – 0.1% |
| 8527 | Jardine Matheson Holdings Ltd. (Industrials) |  | 703478 |
| Ireland – 0.5% | Ireland – 0.5% | Ireland – 0.5% | Ireland – 0.5% |
| 7405 | AerCap Holdings NV (Industrials) |  | 1106603 |
| 87255 | AIB Group PLC (Financials) |  | 911745 |
| 40321 | Bank of Ireland Group PLC (Financials) |  | 787182 |
| 6224 | Kerry Group PLC, Class A (Consumer Staples) |  | 553356 |
| 6392 | Kingspan Group PLC (Industrials) |  | 636593 |
|  |  |  | 3995479 |
| Israel – 1.4% | Israel – 1.4% | Israel – 1.4% | Israel – 1.4% |
| 2408 | Airport City Ltd. (Real Estate)\* |  | 42241 |
| 9003 | Amot Investments Ltd. (Real Estate) |  | 59697 |
| 1525 | Azrieli Group Ltd. (Real Estate) |  | 218924 |
| 55238 | Bank Hapoalim BM (Financials) |  | 1391631 |
| 63626 | Bank Leumi Le-Israel BM (Financials) |  | 1537609 |
| 116308 | Bezeq The Israeli Telecommunication Corp. Ltd. (Communication Services) |  | 306596 |
| 658 | Big Shopping Centers Ltd. (Real Estate) |  | 158448 |
| 1173 | Camtek Ltd. (Information Technology)\* |  | 195104 |
| 4963 | Cellebrite DI Ltd. (Information Technology)\* |  | 66206 |
| 3592 | Check Point Software Technologies Ltd. (Information Technology)\* |  | 546235 |
| 2714 | Clal Insurance Enterprises Holdings Ltd. (Financials) |  | 202380 |
| 388 | Delek Group Ltd. (Energy) |  | 118627 |
| 1134 | Elbit Systems Ltd. (Industrials) |  | 867639 |
| 10825 | Energix-Renewable Energies Ltd. (Utilities) |  | 69051 |
| 5484 | Enlight Renewable Energy Ltd. (Utilities)\* |  | 375179 |
| 968 | Etoro Group Ltd., Class A (Financials)\* |  | 29689 |
| 277 | Fattal Holdings 1998 Ltd. (Consumer Discretionary)\* |  | 54334 |
| 2162 | First International Bank Of Israel Ltd. (The) (Financials) |  | 185698 |
| 4109 | Global-e Online Ltd. (Consumer Discretionary)\* |  | 143692 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **45** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Israel – (continued) | Israel – (continued) | Israel – (continued) | Israel – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4589 | Harel Insurance Investments & Financial Services Ltd. (Financials) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240768 |
| 29099 | ICL Group Ltd. (Materials) |  | 137451 |
| 156 | Israel Corp. Ltd. (Materials) |  | 40192 |
| 51634 | Israel Discount Bank Ltd., Class A (Financials) |  | 624315 |
| 954 | Mega Or Holdings Ltd. (Real Estate) |  | 155148 |
| 1043 | Melisron Ltd. (Real Estate) |  | 141147 |
| 753 | Menora Mivtachim Holdings Ltd. (Financials) |  | 107450 |
| 20037 | Migdal Insurance & Financial Holdings Ltd. (Financials)\* |  | 108322 |
| 24447 | Mivne Real Estate KD Ltd. (Real Estate) |  | 101286 |
| 6278 | Mizrahi Tefahot Bank Ltd. (Financials) |  | 469746 |
| 2996 | Next Vision Stabilized Systems Ltd. (Information Technology) |  | 341993 |
| 2641 | Nice Ltd. (Information Technology)\* |  | 299027 |
| 1242 | Nova Ltd. (Information Technology)\* |  | 544636 |
| 1380 | Oddity Tech Ltd., Class A (Consumer Staples)\* |  | 16243 |
| 5500 | OPC Energy Ltd. (Utilities)\* |  | 173156 |
| 9700 | Phoenix Financial Ltd. (Financials) |  | 495001 |
| 3277 | Plus500 Ltd. (Financials) |  | 176583 |
| 5922 | Shapir Engineering and Industry Ltd. (Industrials) |  | 61763 |
| 15040 | Shikun & Binui Ltd. (Industrials)\* |  | 79197 |
| 11233 | Shufersal Ltd. (Consumer Staples) |  | 157280 |
| 2092 | Strauss Group Ltd. (Consumer Staples) |  | 92144 |
| 2902 | Tel Aviv Stock Exchange Ltd. (Financials) |  | 141243 |
| 48594 | Teva Pharmaceutical Industries Ltd. (Health Care)\* |  | 1644417 |
| 4585 | Tower Semiconductor Ltd. (Information Technology)\* |  | 578947 |
| 2289 | Wix.com Ltd. (Information Technology)\* |  | 161283 |
|  |  |  | 13657718 |
| Italy – 3.1% | Italy – 3.1% | Italy – 3.1% | Italy – 3.1% |
| 64907 | A2A SpA (Utilities) |  | 189980 |
| 8467 | Banca Mediolanum SpA (Financials) |  | 182345 |
| 77925 | Banca Monte dei Paschi di Siena SpA (Financials) |  | 763467 |
| 46725 | Banco BPM SpA (Financials) |  | 691534 |
| 60010 | BPER Banca SpA (Financials) |  | 850955 |
| 24161 | Davide Campari-Milano NV (Consumer Staples) |  | 181945 |
| 324174 | Enel SpA (Utilities) |  | 3901780 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Italy – (continued) | Italy – (continued) | Italy – (continued) | Italy – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87441 | Eni SpA (Energy) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2029318 |
| 5170 | Ferrari NV (Consumer Discretionary) |  | 1961898 |
| 25459 | FinecoBank Banca Fineco SpA (Financials) |  | 600889 |
| 37814 | Generali (Financials) |  | 1614436 |
| 14638 | Infrastrutture Wireless Italiane SpA (Communication Services)<sup>(a)(b)</sup> |  | 155461 |
| 602131 | Intesa Sanpaolo SpA (Financials) |  | 4148315 |
| 17047 | Leonardo SpA (Industrials) |  | 1143237 |
| 9072 | Moncler SpA (Consumer Discretionary) |  | 625969 |
| 19016 | Poste Italiane SpA (Financials)<sup>(b)</sup> |  | 510788 |
| 21380 | PRADA SpA (Consumer Discretionary) |  | 121630 |
| 11900 | Prysmian SpA (Industrials) |  | 1440160 |
| 4597 | Recordati Industria Chimica e Farmaceutica SpA (Health Care) |  | 262808 |
| 20671 | Ryanair Holdings PLC ADR (Industrials) |  | 1395086 |
| 85461 | Snam SpA (Utilities) |  | 664957 |
| 449574 | Telecom Italia SpA (Communication Services)\* |  | 337703 |
| 251597 | Telecom Italia SpA-RSP (Communication Services)\* |  | 220360 |
| 58570 | Terna - Rete Elettrica Nazionale (Utilities) |  | 705367 |
| 59206 | UniCredit SpA (Financials) |  | 5061791 |
| 13747 | Unipol Assicurazioni SpA (Financials) |  | 343450 |
|  |  |  | 30105629 |
| Japan – 25.4% | Japan – 25.4% | Japan – 25.4% | Japan – 25.4% |
| 3816 | ABC-Mart, Inc. (Consumer Discretionary) |  | 64123 |
| 15847 | Acom Co. Ltd. (Financials) |  | 52030 |
| 30909 | Advantest Corp. (Information Technology) |  | 5315655 |
| 100753 | Aeon Co. Ltd. (Consumer Staples) |  | 1436839 |
| 8501 | AGC, Inc. (Industrials) |  | 377338 |
| 8433 | Air Water, Inc. (Materials) |  | 117184 |
| 21236 | Aisin Corp. (Consumer Discretionary) |  | 378065 |
| 36552 | Ajinomoto Co., Inc. (Consumer Staples) |  | 1163109 |
| 7825 | Alfresa Holdings Corp. (Health Care) |  | 134272 |
| 14771 | ALSOK Co. Ltd. (Industrials) |  | 121196 |
| 12824 | Amada Co. Ltd. (Industrials) |  | 213768 |
| 18636 | ANA Holdings, Inc. (Industrials) |  | 406202 |
| 62850 | Asahi Group Holdings Ltd. (Consumer Staples) |  | 684154 |
| 8900 | Asahi Intecc Co. Ltd. (Health Care) |  | 191881 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 46 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) | Japan – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52548 | Asahi Kasei Corp. (Materials) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620815 |
| 26718 | Asics Corp. (Consumer Discretionary) | 820407 |
| 75711 | Astellas Pharma, Inc. (Health Care) | 1261567 |
| 19480 | Azbil Corp. (Information Technology) | 181418 |
| 24193 | Bandai Namco Holdings, Inc. (Consumer Discretionary) | 657647 |
| 5391 | BayCurrent, Inc. (Industrials) | 155558 |
| 46438 | Bridgestone Corp. (Consumer Discretionary) | 1129087 |
| 10487 | Brother Industries Ltd. (Information Technology) | 217095 |
| 38042 | Canon, Inc. (Information Technology) | 1160327 |
| 13956 | Capcom Co. Ltd. (Communication Services) | 321178 |
| 39461 | Central Japan Railway Co. (Industrials) | 1164684 |
| 26685 | Chiba Bank Ltd. (The) (Financials)<sup>(a)</sup> | 397733 |
| 27591 | Chubu Electric Power Co., Inc. (Utilities) | 466109 |
| 27116 | Chugai Pharmaceutical Co. Ltd. (Health Care) | 1815838 |
| 5850 | Coca-Cola Bottlers Japan Holdings, Inc. (Consumer Staples) | 154526 |
| 1563 | Cosmos Pharmaceutical Corp. (Consumer Staples) | 69458 |
| 17250 | CyberAgent, Inc. (Communication Services) | 152253 |
| 18137 | Dai Nippon Printing Co. Ltd. (Industrials) | 377552 |
| 14268 | Daifuku Co. Ltd. (Industrials) | 591465 |
| 148506 | Dai-ichi Life Holdings, Inc. (Financials) | 1532382 |
| 72663 | Daiichi Sankyo Co. Ltd. (Health Care) | 1426033 |
| 11522 | Daikin Industries Ltd. (Industrials) | 1469724 |
| 12516 | Daito Trust Construction Co. Ltd. (Real Estate) | 288600 |
| 24420 | Daiwa House Industry Co. Ltd. (Real Estate) | 882639 |
| 188 | Daiwa House REIT Investment Corp. REIT (Real Estate) | 160154 |
| 55708 | Daiwa Securities Group, Inc. (Financials) | 587320 |
| 69879 | Denso Corp. (Consumer Discretionary) | 1007063 |
| 8297 | Dentsu Group, Inc. (Communication Services)\* | 155471 |
| 3795 | Disco Corp. (Information Technology) | 1835212 |
| 42004 | East Japan Railway Co. (Industrials) | 1038498 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) | Japan – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19280 | Ebara Corp. (Industrials) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684386 |
| 10951 | Eisai Co. Ltd. (Health Care) | 367617 |
| 7009 | Electric Power Development Co. Ltd. (Utilities) | 167453 |
| 112111 | ENEOS Holdings, Inc. (Energy) | 1068510 |
| 38871 | FANUC Corp. (Industrials) | 1770949 |
| 7382 | Fast Retailing Co. Ltd. (Consumer Discretionary) | 3263920 |
| 4528 | Food & Life Cos. Ltd. (Consumer Discretionary) | 291909 |
| 5678 | Fuji Electric Co. Ltd. (Industrials) | 505883 |
| 6065 | Fuji Media Holdings, Inc. (Communication Services) | 139111 |
| 49514 | FUJIFILM Holdings Corp. (Information Technology) | 1028813 |
| 10231 | Fujikura Ltd. (Industrials) | 1753933 |
| 76365 | Fujitsu Ltd. (Information Technology) | 1754989 |
| 7633 | Fukuoka Financial Group, Inc. (Financials) | 334556 |
| 202 | GLP J REIT (Real Estate) | 181137 |
| 1830 | GMO Payment Gateway, Inc. (Financials) | 94838 |
| 9126 | Hakuhodo DY Holdings, Inc. (Communication Services) | 68449 |
| 11646 | Hamamatsu Photonics KK (Information Technology) | 150941 |
| 9850 | Hankyu Hanshin Holdings, Inc. (Industrials)<sup>(a)</sup> | 287377 |
| 10622 | Haseko Corp. (Consumer Discretionary) | 232272 |
| 608 | Hikari Tsushin, Inc. (Industrials) | 172168 |
| 1224 | Hirose Electric Co. Ltd. (Information Technology) | 182943 |
| 4308 | Hitachi Construction Machinery Co. Ltd. (Industrials) | 193898 |
| 183872 | Hitachi Ltd. (Industrials) | 6154780 |
| 195338 | Honda Motor Co. Ltd. (Consumer Discretionary) | 1982470 |
| 4516 | Hoshizaki Corp. (Industrials) | 158975 |
| 14184 | Hoya Corp. (Health Care) | 2567883 |
| 23776 | Hulic Co. Ltd. (Real Estate) | 315084 |
| 10382 | Ibiden Co. Ltd. (Information Technology) | 634191 |
| 33745 | Idemitsu Kosan Co. Ltd. (Energy) | 322266 |
| 42730 | IHI Corp. (Industrials) | 1177692 |
| 6672 | Iida Group Holdings Co. Ltd. (Consumer Discretionary) | 118846 |
| 35796 | Inpex Corp. (Energy) | 871256 |
| 14138 | Isetan Mitsukoshi Holdings Ltd. (Consumer Discretionary) | 278911 |
| 24342 | Isuzu Motors Ltd. (Consumer Discretionary) | 455034 |
| 264277 | ITOCHU Corp. (Industrials) | 3842490 |
| 10392 | J Front Retailing Co. Ltd. (Consumer Discretionary)<sup>(a)</sup> | 171730 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **47** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) | Japan – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17926 | Japan Airlines Co. Ltd. (Industrials)<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370633 |
| 44104 | Japan Exchange Group, Inc. (Financials) | 603261 |
| 290 | Japan Metropolitan Fund Invest REIT (Real Estate) | 226056 |
| 58262 | Japan Post Bank Co. Ltd. (Financials) | 1142290 |
| 73461 | Japan Post Holdings Co. Ltd. (Financials) | 957993 |
| 7615 | Japan Post Insurance Co. Ltd. (Financials) | 248850 |
| 300 | Japan Real Estate Investment Corp. REIT (Real Estate) | 249992 |
| 46804 | Japan Tobacco, Inc. (Consumer Staples) | 1794815 |
| 24985 | JFE Holdings, Inc. (Materials)<sup>(a)</sup> | 352151 |
| 22522 | JX Advanced Metals Corp. (Materials) | 599962 |
| 18452 | Kajima Corp. (Industrials) | 844094 |
| 4300 | Kandenko Co. Ltd. (Industrials) | 192409 |
| 38017 | Kansai Electric Power Co., Inc. (The) (Utilities) | 687411 |
| 6496 | Kansai Paint Co. Ltd. (Materials) | 115004 |
| 19185 | Kao Corp. (Consumer Staples) | 820117 |
| 6524 | Kawasaki Heavy Industries Ltd. (Industrials) | 762822 |
| 15365 | Kawasaki Kisen Kaisha Ltd.<br>(Industrials)<sup>(a)</sup> | 247316 |
| 128921 | KDDI Corp. (Communication Services) | 2205592 |
| 4580 | Keio Corp. (Industrials) | 123121 |
| 19770 | Keisei Electric Railway Co. Ltd. (Industrials) | 171709 |
| 4296 | Kewpie Corp. (Consumer Staples) | 123219 |
| 7758 | Keyence Corp. (Information Technology) | 3282584 |
| 32080 | Kikkoman Corp. (Consumer Staples) | 308215 |
| 4626 | Kinden Corp. (Industrials) | 251500 |
| 7885 | Kintetsu Group Holdings Co. Ltd. (Industrials) | 166867 |
| 7057 | Kioxia Holdings Corp. (Information Technology)\* | 958712 |
| 34046 | Kirin Holdings Co. Ltd. (Consumer Staples) | 590312 |
| 5899 | Kobe Bussan Co. Ltd. (Consumer Staples) | 140027 |
| 4713 | Koei Tecmo Holdings Co. Ltd. (Communication Services) | 54458 |
| 8647 | Koito Manufacturing Co. Ltd. (Consumer Discretionary) | 156241 |
| 5892 | Kokusai Electric Corp. (Information Technology) | 243945 |
| 36963 | Komatsu Ltd. (Industrials) | 1783457 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) | Japan – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3994 | Konami Group Corp. (Communication Services) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532874 |
| 39817 | Kubota Corp. (Industrials) | 809984 |
| 13540 | Kuraray Co. Ltd. (Materials) | 160052 |
| 4688 | Kurita Water Industries Ltd. (Industrials) | 261627 |
| 56406 | Kyocera Corp. (Information Technology) | 998418 |
| 12406 | Kyoto Financial Group, Inc. (Financials) | 308074 |
| 10386 | Kyowa Kirin Co. Ltd. (Health Care) | 191921 |
| 19268 | Kyushu Electric Power Co., Inc. (Utilities) | 248556 |
| 5863 | Kyushu Railway Co. (Industrials) | 148861 |
| 3349 | Lasertec Corp. (Information Technology) | 722033 |
| 11610 | Lixil Corp. (Industrials)<sup>(a)</sup> | 136457 |
| 109093 | LY Corp. (Communication Services) | 271815 |
| 17061 | M3, Inc. (Health Care) | 187739 |
| 10167 | Makita Corp. (Industrials) | 394307 |
| 61836 | Marubeni Corp. (Industrials) | 2379572 |
| 7418 | Marui Group Co. Ltd. (Financials) | 150807 |
| 14828 | MatsukiyoCocokara & Co. (Consumer Staples) | 245891 |
| 24003 | Mazda Motor Corp. (Consumer Discretionary) | 213471 |
| 3556 | McDonald's Holdings Co. Japan Ltd. (Consumer Discretionary) | 169230 |
| 39328 | Mebuki Financial Group, Inc. (Financials) | 338303 |
| 7659 | Medipal Holdings Corp. (Health Care) | 150457 |
| 10379 | MEIJI Holdings Co. Ltd. (Consumer Staples) | 267710 |
| 44636 | Metaplanet, Inc. (Consumer Discretionary)\* | 92631 |
| 14212 | MINEBEA MITSUMI, Inc. (Industrials) | 306224 |
| 11873 | MISUMI Group, Inc. (Industrials) | 239399 |
| 54819 | Mitsubishi Chemical Group Corp. (Materials) | 407478 |
| 141611 | Mitsubishi Corp. (Industrials) | 4798221 |
| 81563 | Mitsubishi Electric Corp. (Industrials) | 3129825 |
| 48401 | Mitsubishi Estate Co. Ltd. (Real Estate) | 1636256 |
| 7557 | Mitsubishi Gas Chemical Co., Inc. (Materials) | 211233 |
| 34731 | Mitsubishi HC Capital, Inc. (Financials) | 336799 |
| 131314 | Mitsubishi Heavy Industries Ltd. (Industrials) | 4217188 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 48 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) | Japan – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27056 | Mitsubishi Motors Corp. (Consumer Discretionary) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74362 |
| 478841 | Mitsubishi UFJ Financial Group, Inc. (Financials) | 9104496 |
| 101424 | Mitsui & Co. Ltd. (Industrials) | 3814647 |
| 14846 | Mitsui Chemicals, Inc. (Materials) | 226315 |
| 115151 | Mitsui Fudosan Co. Ltd. (Real Estate) | 1553663 |
| 2300 | Mitsui Kinzoku Co. Ltd. (Materials) | 543750 |
| 15071 | Mitsui OSK Lines Ltd. (Industrials)<sup>(a)</sup> | 559690 |
| 103958 | Mizuho Financial Group, Inc. (Financials) | 4761593 |
| 10292 | MonotaRO Co. Ltd. (Industrials) | 137150 |
| 55369 | MS&AD Insurance Group Holdings, Inc. (Financials) | 1551928 |
| 71412 | Murata Manufacturing Co. Ltd. (Information Technology) | 1879010 |
| 52294 | NEC Corp. (Information Technology) | 1451671 |
| 13451 | Nexon Co. Ltd. (Communication Services) | 286122 |
| 9913 | NGK Insulators Ltd. (Industrials) | 291247 |
| 4047 | NH Foods Ltd. (Consumer Staples) | 185313 |
| 10583 | Nichirei Corp. (Consumer Staples) | 144010 |
| 38079 | NIDEC Corp. (Industrials) | 600484 |
| 11174 | Nikon Corp. (Consumer Discretionary) | 142927 |
| 48584 | Nintendo Co. Ltd. (Communication Services) | 2799123 |
| 336 | Nippon Building Fund, Inc. REIT (Real Estate) | 312703 |
| 10321 | NIPPON EXPRESS HOLDINGS, Inc. (Industrials) | 254513 |
| 37105 | Nippon Paint Holdings Co. Ltd. (Materials) | 274975 |
| 279 | Nippon Prologis REIT, Inc. REIT (Real Estate) | 163692 |
| 7788 | Nippon Sanso Holdings Corp. (Materials) | 298949 |
| 211773 | Nippon Steel Corp. (Materials) | 862691 |
| 6746 | Nippon Television Holdings, Inc. (Communication Services) | 146911 |
| 17181 | Nippon Yusen KK (Industrials)<sup>(a)</sup> | 590839 |
| 5442 | Nissan Chemical Corp. (Materials) | 247726 |
| 93174 | Nissan Motor Co. Ltd. (Consumer Discretionary)\*<sup>(a)</sup> | 258530 |
| 10673 | Nisshin Seifun Group, Inc. (Consumer Staples) | 149302 |
| 7608 | Nissin Foods Holdings Co. Ltd. (Consumer Staples) | 160615 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) | Japan – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6633 | Niterra Co. Ltd. (Consumer Discretionary) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335760 |
| 16055 | Nitori Holdings Co. Ltd. (Consumer Discretionary) | 321666 |
| 30032 | Nitto Denko Corp. (Materials) | 699609 |
| 127823 | Nomura Holdings, Inc. (Financials) | 1189194 |
| 21527 | Nomura Real Estate Holdings, Inc. (Real Estate) | 160289 |
| 170 | Nomura Real Estate Master Fund, Inc. REIT (Real Estate) | 181733 |
| 16875 | Nomura Research Institute Ltd. (Information Technology) | 472014 |
| 2282155 | NTT, Inc. (Communication Services) | 2240861 |
| 28846 | Obayashi Corp. (Industrials) | 815910 |
| 1187 | OBIC Business Consultants Co. Ltd. (Information Technology) | 48050 |
| 13605 | Obic Co. Ltd. (Information Technology) | 365995 |
| 13243 | Odakyu Electric Railway Co. Ltd. (Industrials) | 152045 |
| 33709 | Oji Holdings Corp. (Materials) | 212564 |
| 46370 | Olympus Corp. (Health Care) | 453825 |
| 7813 | Omron Corp. (Information Technology) | 277840 |
| 16994 | Ono Pharmaceutical Co. Ltd. (Health Care) | 291116 |
| 3124 | Open House Group Co. Ltd. (Consumer Discretionary) | 231511 |
| 1389 | Oracle Corp. Japan (Information Technology) | 83914 |
| 46489 | Oriental Land Co. Ltd. (Consumer Discretionary)<sup>(a)</sup> | 838514 |
| 47961 | ORIX Corp. (Financials) | 1702788 |
| 232 | Orix JREIT, Inc. REIT (Real Estate) | 154691 |
| 15549 | Osaka Gas Co. Ltd. (Utilities) | 648950 |
| 9156 | Otsuka Corp. (Information Technology) | 184674 |
| 18550 | Otsuka Holdings Co. Ltd. (Health Care) | 1272509 |
| 79684 | Pan Pacific International Holdings Corp. (Consumer Discretionary) | 530801 |
| 94218 | Panasonic Holdings Corp. (Consumer Discretionary) | 1531024 |
| 76822 | Persol Holdings Co. Ltd. (Industrials) | 122915 |
| 3730 | Rakuten Bank Ltd. (Financials)\* | 152019 |
| 59245 | Rakuten Group, Inc. (Consumer Discretionary)\* | 314240 |
| 61951 | Recruit Holdings Co. Ltd. (Industrials) | 2724455 |
| 69120 | Renesas Electronics Corp. (Information Technology) | 1314442 |
| 93046 | Resona Holdings, Inc. (Financials) | 1138603 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **49** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) | Japan – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7833 | Resonac Holdings Corp. (Materials) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598544 |
| 23611 | Ricoh Co. Ltd. (Information Technology) | 222310 |
| 4545 | Rinnai Corp. (Consumer Discretionary) | 118570 |
| 14658 | Rohm Co. Ltd. (Information Technology) | 270017 |
| 8208 | Rohto Pharmaceutical Co. Ltd. (Consumer Staples) | 128384 |
| 21476 | Ryohin Keikaku Co. Ltd. (Consumer Discretionary) | 494791 |
| 6817 | Sanrio Co. Ltd. (Consumer Discretionary) | 250019 |
| 14271 | Santen Pharmaceutical Co. Ltd. (Health Care) | 159826 |
| 8114 | Sanwa Holdings Corp. (Industrials) | 214849 |
| 25068 | SBI Holdings, Inc. (Financials) | 537888 |
| 3430 | SCREEN Holdings Co. Ltd. (Information Technology) | 503653 |
| 17684 | Secom Co. Ltd. (Industrials) | 683914 |
| 6450 | Sega Sammy Holdings, Inc. (Consumer Discretionary) | 108034 |
| 9304 | Seibu Holdings, Inc. (Industrials)<sup>(a)</sup> | 276513 |
| 11473 | Seiko Epson Corp. (Information Technology) | 155607 |
| 15731 | Sekisui Chemical Co. Ltd. (Industrials) | 307214 |
| 25348 | Sekisui House Ltd. (Consumer Discretionary) | 621178 |
| 96618 | Seven & i Holdings Co. Ltd. (Consumer Staples)<sup>(a)</sup> | 1358686 |
| 13004 | SG Holdings Co. Ltd. (Industrials) | 132101 |
| 11560 | Sharp Corp. (Consumer Discretionary)\* | 47691 |
| 9934 | Shimadzu Corp. (Information Technology) | 277357 |
| 5910 | Shimamura Co. Ltd. (Consumer Discretionary) | 136124 |
| 3352 | Shimano, Inc. (Consumer Discretionary) | 359837 |
| 22617 | Shimizu Corp. (Industrials) | 506012 |
| 71067 | Shin-Etsu Chemical Co. Ltd. (Materials) | 2807630 |
| 32161 | Shionogi & Co. Ltd. (Health Care) | 754766 |
| 16334 | Shiseido Co. Ltd. (Consumer Staples) | 345250 |
| 19163 | Shizuoka Financial Group, Inc. (Financials) | 385899 |
| 2353 | SMC Corp. (Industrials) | 1136674 |
| 1194913 | SoftBank Corp. (Communication Services) | 1636332 |
| 157132 | SoftBank Group Corp. (Communication Services) | 4115374 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) | Japan – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9322 | Sojitz Corp. (Industrials) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422737 |
| 38349 | Sompo Holdings, Inc. (Financials) | 1533960 |
| 252900 | Sony Financial Group, Inc. (Financials)\* | 259015 |
| 252580 | Sony Group Corp. (Consumer Discretionary) | 5893668 |
| 11018 | Square Enix Holdings Co. Ltd. (Communication Services) | 181687 |
| 4722 | Stanley Electric Co. Ltd. (Consumer Discretionary) | 99809 |
| 23999 | Subaru Corp. (Consumer Discretionary) | 456000 |
| 4264 | Sugi Holdings Co. Ltd. (Consumer Staples) | 98048 |
| 59744 | Sumitomo Chemical Co. Ltd. (Materials) | 218006 |
| 45273 | Sumitomo Corp. (Industrials) | 1932131 |
| 30429 | Sumitomo Electric Industries Ltd. (Consumer Discretionary) | 2022103 |
| 20793 | Sumitomo Forestry Co. Ltd. (Consumer Discretionary) | 225743 |
| 4783 | Sumitomo Heavy Industries Ltd. (Industrials) | 189114 |
| 10693 | Sumitomo Metal Mining Co. Ltd. (Materials) | 864686 |
| 160777 | Sumitomo Mitsui Financial Group, Inc. (Financials) | 6175690 |
| 27170 | Sumitomo Mitsui Trust Group, Inc. (Financials) | 954191 |
| 6500 | Sumitomo Pharma Co. Ltd. (Health Care)\* | 105082 |
| 35492 | Sumitomo Realty & Development Co. Ltd. (Real Estate) | 1202125 |
| 7302 | Sumitomo Rubber Industries Ltd. (Consumer Discretionary) | 130091 |
| 2829 | Sundrug Co. Ltd. (Consumer Staples) | 76503 |
| 5220 | Suntory Beverage & Food Ltd. (Consumer Staples) | 164399 |
| 67280 | Suzuki Motor Corp. (Consumer Discretionary) | 1021536 |
| 19856 | Sysmex Corp. (Health Care) | 187209 |
| 22540 | T&D Holdings, Inc. (Financials) | 608382 |
| 6358 | Taisei Corp. (Industrials) | 828322 |
| 65351 | Takeda Pharmaceutical Co. Ltd. (Health Care) | 2435724 |
| 5608 | TBS Holdings, Inc. (Communication Services) | 212287 |
| 80427 | TDK Corp. (Information Technology) | 1248969 |
| 57143 | Terumo Corp. (Health Care) | 772277 |
| 9180 | TIS, Inc. (Information Technology) | 189568 |
| 8707 | Tobu Railway Co. Ltd. (Industrials) | 175451 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 50 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) | Japan – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1936 | Toei Animation Co. Ltd. (Communication Services) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30195 |
| 22480 | Toho Co. Ltd. (Communication<br>Services)<sup>(a)</sup> | 225340 |
| 19263 | Tohoku Electric Power Co., Inc. (Utilities) | 159841 |
| 73674 | Tokio Marine Holdings, Inc. (Financials) | 3080033 |
| 6874 | Tokyo Century Corp. (Financials) | 100518 |
| 62202 | Tokyo Electric Power Co. Holdings, Inc. (Utilities)\* | 279047 |
| 19044 | Tokyo Electron Ltd. (Information Technology) | 5368304 |
| 13619 | Tokyo Gas Co. Ltd. (Utilities) | 667843 |
| 12239 | Tokyo Metro Co. Ltd. (Industrials) | 131072 |
| 20940 | Tokyu Corp. (Industrials) | 267911 |
| 24791 | Tokyu Fudosan Holdings Corp. (Real Estate) | 249379 |
| 11268 | TOPPAN Holdings, Inc. (Industrials) | 387208 |
| 57811 | Toray Industries, Inc. (Materials) | 496184 |
| 12502 | Tosoh Corp. (Materials) | 218570 |
| 6365 | TOTO Ltd. (Industrials) | 249219 |
| 3806 | Toyo Suisan Kaisha Ltd. (Consumer Staples) | 299726 |
| 7127 | Toyota Industries Corp. (Industrials) | 923486 |
| 444892 | Toyota Motor Corp. (Consumer Discretionary) | 10899676 |
| 27993 | Toyota Tsusho Corp. (Industrials) | 1252939 |
| 5522 | Trend Micro, Inc. (Information Technology) | 183919 |
| 10388 | Tsuruha Holdings, Inc. (Consumer Staples)<sup>(a)</sup> | 174658 |
| 47794 | Unicharm Corp. (Consumer Staples) | 327402 |
| 129 | United Urban Investment Corp. REIT (Real Estate) | 153189 |
| 16520 | USS Co. Ltd. (Consumer Discretionary) | 201309 |
| 18332 | West Japan Railway Co. (Industrials) | 393822 |
| 11076 | Yakult Honsha Co. Ltd. (Consumer Staples) | 185481 |
| 27085 | Yamada Holdings Co. Ltd. (Consumer Discretionary) | 100724 |
| 16232 | Yamaha Corp. (Consumer Discretionary) | 125905 |
| 38283 | Yamaha Motor Co. Ltd. (Consumer Discretionary) | 304793 |
| 11507 | Yamato Holdings Co. Ltd. (Industrials) | 141069 |
| 5528 | Yamazaki Baking Co. Ltd. (Consumer Staples) | 124245 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) | Japan – (continued) | Japan – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10201 | Yaskawa Electric Corp. (Industrials) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360343 |
| 9987 | Yokogawa Electric Corp. (Information Technology) |  | 399480 |
| 46793 | Yokohama Financial Group, Inc. (Financials) |  | 506518 |
| 5471 | Yokohama Rubber Co. Ltd. (The) (Consumer Discretionary) |  | 276204 |
| 3922 | Zensho Holdings Co. Ltd. (Consumer Discretionary) |  | 249425 |
| 16943 | ZOZO, Inc. (Consumer Discretionary)<sup>(a)</sup> |  | 123607 |
|  |  |  | 247087446 |
| Luxembourg – 0.2% | Luxembourg – 0.2% | Luxembourg – 0.2% | Luxembourg – 0.2% |
| 17950 | ArcelorMittal (Materials) |  | 1175820 |
| 27328 | CVC Capital Partners PLC (Financials)<sup>(b)</sup> |  | 390098 |
|  |  |  | 1565918 |
| Macau – 0.0% | Macau – 0.0% | Macau – 0.0% | Macau – 0.0% |
| 90665 | Galaxy Entertainment Group Ltd. (Consumer Discretionary) |  | 484032 |
| 34102 | MGM China Holdings Ltd. (Consumer Discretionary) |  | 54583 |
| 101215 | Sands China Ltd. (Consumer Discretionary) |  | 229159 |
|  |  |  | 767774 |
| Mexico – 0.0% | Mexico – 0.0% | Mexico – 0.0% | Mexico – 0.0% |
| 7688 | Fresnillo PLC (Materials) |  | 438252 |
| Netherlands – 4.5% | Netherlands – 4.5% | Netherlands – 4.5% | Netherlands – 4.5% |
| 24152 | ABN AMRO Bank NV (Financials)<sup>(b)</sup> |  | 808722 |
| 1178 | Adyen NV (Financials)\*<sup>(b)</sup> |  | 1383633 |
| 2571 | Argenx SE ADR (Health Care)\* |  | 1971751 |
| 1938 | ASM International NV (Information Technology) |  | 1634231 |
| 16075 | ASML Holding NV (Information Technology) |  | 23409646 |
| 3163 | EXOR NV (Financials) |  | 277664 |
| 5227 | Heineken Holding NV (Consumer Staples) |  | 451756 |
| 12136 | Heineken NV (Consumer Staples) |  | 1125685 |
| 121129 | ING Groep NV (Financials) |  | 3522512 |
| 37817 | Koninklijke Ahold Delhaize NV (Consumer Staples) |  | 1865054 |
| 140359 | Koninklijke KPN NV (Communication Services) |  | 795632 |
| 34709 | Koninklijke Philips NV (Health Care) |  | 1109764 |
| 8793 | Nebius Group NV (Information Technology)\* |  | 801834 |
| 10629 | NXP Semiconductors NV (Information Technology) |  | 2412889 |
| 40029 | Universal Music Group NV (Communication Services) |  | 903182 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **51** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Netherlands – (continued) | Netherlands – (continued) | Netherlands – (continued) | Netherlands – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9965 | Wolters Kluwer NV (Industrials) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801243 |
|  |  |  | 43275198 |
| New Zealand – 0.3% | New Zealand – 0.3% | New Zealand – 0.3% | New Zealand – 0.3% |
| 28194 | a2 Milk Co. Ltd. (The) (Consumer Staples) |  | 195401 |
| 71876 | Auckland International Airport Ltd. (Industrials) |  | 395063 |
| 32356 | Contact Energy Ltd. (Utilities) |  | 180367 |
| 23620 | Fisher & Paykel Healthcare Corp. Ltd. (Health Care) |  | 579683 |
| 38257 | Infratil Ltd. (Financials) |  | 257568 |
| 3452 | Mainfreight Ltd. (Industrials) |  | 133293 |
| 27215 | Mercury NZ Ltd. (Utilities) |  | 104351 |
| 52791 | Meridian Energy Ltd. (Utilities) |  | 179293 |
| 76234 | Spark New Zealand Ltd. (Communication Services) |  | 104297 |
| 6790 | Xero Ltd. (Information Technology)\* |  | 402306 |
|  |  |  | 2531622 |
| Nigeria – 0.0% | Nigeria – 0.0% | Nigeria – 0.0% | Nigeria – 0.0% |
| 24365 | Airtel Africa PLC (Communication Services)<sup>(b)</sup> |  | 114324 |
| Norway – 0.7% | Norway – 0.7% | Norway – 0.7% | Norway – 0.7% |
| 921 | Aker ASA, Class A (Industrials) |  | 89453 |
| 12800 | Aker BP ASA (Energy) |  | 385074 |
| 30769 | AutoStore Holdings Ltd. (Industrials)\*<sup>(b)</sup> |  | 35254 |
| 34714 | DNB Bank ASA (Financials) |  | 1100161 |
| 31566 | Equinor ASA (Energy) |  | 934365 |
| 5961 | Frontline PLC (Energy) |  | 221813 |
| 7555 | Gjensidige Forsikring ASA (Financials) |  | 213148 |
| 17470 | Kongsberg Gruppen ASA (Industrials) |  | 708467 |
| 11197 | Leroy Seafood Group ASA (Consumer Staples) |  | 58495 |
| 18477 | Mowi ASA (Consumer Staples) |  | 435443 |
| 6985 | Nordic Semiconductor ASA (Information Technology)\* |  | 105215 |
| 54539 | Norsk Hydro ASA (Materials) |  | 505294 |
| 33186 | Orkla ASA (Consumer Staples) |  | 453833 |
| 2269 | Protector Forsikring ASA (Financials) |  | 123546 |
| 2697 | Salmar ASA (Consumer Staples) |  | 161309 |
| 5231 | SpareBank 1 SMN (Financials) |  | 117394 |
| 8723 | SpareBank 1 Sor-Norge ASA (Financials) |  | 193928 |
| 6096 | Sparebanken Norge (Financials) |  | 131776 |
| 17193 | Storebrand ASA (Financials) |  | 325665 |
| 26821 | Telenor ASA (Communication Services) |  | 497040 |
| 9731 | TOMRA Systems ASA (Industrials) |  | 120290 |
| 37240 | Var Energi ASA (Energy) |  | 138925 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Norway – (continued) | Norway – (continued) | Norway – (continued) | Norway – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6844 | Vend Marketplaces ASA, Class B (Communication Services) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171506 |
| 4230 | Wallenius Wilhelmsen ASA (Industrials) |  | 58470 |
|  |  |  | 7285864 |
| Poland – 0.5% | Poland – 0.5% | Poland – 0.5% | Poland – 0.5% |
| 24066 | Allegro.eu SA (Consumer<br>Discretionary)\*<sup>(b)</sup> |  | 186962 |
| 2370 | Asseco Poland SA (Information Technology) |  | 116953 |
| 25771 | Bank Millennium SA (Financials)\* |  | 125080 |
| 7362 | Bank Pekao SA (Financials) |  | 466120 |
| 530 | Budimex SA (Industrials) |  | 119718 |
| 2887 | CD Projekt SA (Communication Services) |  | 196122 |
| 20008 | Dino Polska SA (Consumer Staples)\*<sup>(b)</sup> |  | 225133 |
| 10086 | InPost SA (Industrials)\* |  | 181010 |
| 5690 | KGHM Polska Miedz SA (Materials)\* |  | 534336 |
| 51 | LPP SA (Consumer Discretionary) |  | 295067 |
| 544 | mBank SA (Financials)\* |  | 157369 |
| 24282 | ORLEN SA (Energy) |  | 779302 |
| 36673 | PGE Polska Grupa Energetyczna SA (Utilities)\* |  | 115840 |
| 35803 | Powszechna Kasa Oszczednosci Bank Polski SA (Financials) |  | 926580 |
| 23715 | Powszechny Zaklad Ubezpieczen SA (Financials) |  | 448989 |
| 1645 | Santander Bank Polska SA (Financials) |  | 272214 |
| 17823 | Zabka Group SA (Consumer Staples)\* |  | 111498 |
|  |  |  | 5258293 |
| Portugal – 0.2% | Portugal – 0.2% | Portugal – 0.2% | Portugal – 0.2% |
| 371743 | Banco Comercial Portugues SA, Class R (Financials) |  | 391339 |
| 126167 | EDP SA (Utilities) |  | 672728 |
| 17684 | Galp Energia SGPS SA (Energy) |  | 380425 |
| 11469 | Jeronimo Martins SGPS SA (Consumer Staples) |  | 301433 |
| 8900 | Navigator Co. SA (The) (Materials)<sup>(a)</sup> |  | 36106 |
|  |  |  | 1782031 |
| Russia – –% | Russia – –% | Russia – –% | Russia – –% |
| 12172 | Evraz PLC (Materials)\*<sup>(c)</sup> |  |  |
| Singapore – 1.7% | Singapore – 1.7% | Singapore – 1.7% | Singapore – 1.7% |
| 159694 | CapitaLand Ascendas REIT (Real Estate) |  | 339627 |
| 238954 | CapitaLand Integrated Commercial Trust REIT (Real Estate) |  | 462851 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 52 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Singapore – (continued) | Singapore – (continued) | Singapore – (continued) | Singapore – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100188 | CapitaLand Investment Ltd. (Real Estate) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242381 |
| 18409 | City Developments Ltd. (Real Estate) |  | 142923 |
| 84627 | DBS Group Holdings Ltd. (Financials) |  | 3821713 |
| 236670 | Genting Singapore Ltd. (Consumer Discretionary) |  | 133786 |
| 113266 | Grab Holdings Ltd., Class A (Industrials)\* |  | 477983 |
| 10875 | Hafnia Ltd. (Energy) |  | 81208 |
| 3017 | Jardine Cycle & Carriage Ltd. (Industrials) |  | 84343 |
| 57882 | Keppel Ltd. (Industrials) |  | 598566 |
| 85749 | Mapletree Industrial Trust REIT (Real Estate) |  | 138299 |
| 137430 | Mapletree Logistics Trust REIT (Real Estate) |  | 140163 |
| 95799 | Mapletree Pan Asia Commercial Trust REIT (Real Estate) |  | 107550 |
| 135646 | Oversea-Chinese Banking Corp. Ltd. (Financials) |  | 2298212 |
| 36260 | SATS Ltd. (Industrials) |  | 112376 |
| 12501 | Sea Ltd. ADR (Consumer Discretionary)\* |  | 1355733 |
| 134706 | Seatrium Ltd. (Industrials)<sup>(a)</sup> |  | 255599 |
| 37413 | Sembcorp Industries Ltd. (Utilities) |  | 181023 |
| 55260 | Singapore Airlines Ltd. (Industrials) |  | 313687 |
| 34125 | Singapore Exchange Ltd. (Financials) |  | 491027 |
| 63365 | Singapore Technologies Engineering Ltd. (Industrials) |  | 499466 |
| 302965 | Singapore Telecommunications Ltd. (Communication Services) |  | 1207213 |
| 27591 | STMicroelectronics NV (Information Technology) |  | 925505 |
| 53653 | United Overseas Bank Ltd. (Financials) |  | 1568211 |
| 21924 | UOL Group Ltd. (Real Estate) |  | 195519 |
|  |  |  | 16174964 |
| South Africa – 0.2% | South Africa – 0.2% | South Africa – 0.2% | South Africa – 0.2% |
| 42391 | Anglo American PLC (Materials) |  | 2109297 |
| Spain – 3.2% | Spain – 3.2% | Spain – 3.2% | Spain – 3.2% |
| 7285 | ACS Actividades de Construccion y Servicios SA (Industrials) |  | 942714 |
| 31140 | Aena SME SA (Industrials)<sup>(b)</sup> |  | 980577 |
| 18969 | Amadeus IT Group SA (Consumer Discretionary) |  | 1181203 |
| 238145 | Banco Bilbao Vizcaya Argentaria SA (Financials) |  | 5553266 |
| 612529 | Banco Santander SA (Financials) |  | 7803475 |
| 146440 | CaixaBank SA (Financials) |  | 1818927 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Spain – (continued) | Spain – (continued) | Spain – (continued) | Spain – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24631 | Cellnex Telecom SA (Communication Services)\*<sup>(b)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934690 |
| 13199 | Endesa SA (Utilities) |  | 538741 |
| 261008 | Iberdrola SA (Utilities) |  | 6178857 |
| 47041 | Industria de Diseno Textil SA (Consumer Discretionary) |  | 3155860 |
| 10566 | Naturgy Energy Group SA (Utilities) |  | 328599 |
| 47389 | Repsol SA (Energy) |  | 1063932 |
| 168263 | Telefonica SA (Communication Services) |  | 764873 |
|  |  |  | 31245714 |
| Sweden – 3.5% | Sweden – 3.5% | Sweden – 3.5% | Sweden – 3.5% |
| 7322 | AAK AB (Consumer Staples) |  | 200770 |
| 9964 | AddTech AB, Class B (Industrials) |  | 369512 |
| 11774 | Alfa Laval AB (Industrials) |  | 698146 |
| 41013 | Assa Abloy AB, Class B (Industrials) |  | 1752778 |
| 106937 | Atlas Copco AB, Class A (Industrials) |  | 2311757 |
| 63786 | Atlas Copco AB, Class B (Industrials) |  | 1200768 |
| 4941 | Avanza Bank Holding AB (Financials)<sup>(a)</sup> |  | 181100 |
| 4522 | Axfood AB (Consumer Staples) |  | 164890 |
| 17315 | Beijer Ref AB (Industrials) |  | 271836 |
| 11875 | Boliden AB (Materials)\* |  | 944199 |
| 14837 | Castellum AB (Real Estate) |  | 197578 |
| 25923 | Epiroc AB, Class A (Industrials) |  | 781201 |
| 15734 | Epiroc AB, Class B (Industrials) |  | 409803 |
| 21896 | EQT AB (Financials) |  | 679745 |
| 25548 | Essity AB, Class B (Consumer Staples) |  | 813506 |
| 5942 | Evolution AB (Consumer<br>Discretionary)<sup>(b)</sup> |  | 361159 |
| 27425 | Fastighets AB Balder, Class B (Real Estate)\* |  | 206449 |
| 9074 | Getinge AB, Class B (Health Care) |  | 204056 |
| 23347 | H & M Hennes & Mauritz AB, Class B (Consumer Discretionary) |  | 498633 |
| 87750 | Hexagon AB, Class B (Information Technology) |  | 1000762 |
| 3182 | Holmen AB, Class B (Materials) |  | 125762 |
| 16007 | Husqvarna AB, Class B (Industrials) |  | 77173 |
| 4100 | Industrivarden AB, Class A (Financials) |  | 233796 |
| 6445 | Industrivarden AB, Class C (Financials) |  | 365588 |
| 11147 | Indutrade AB (Industrials) |  | 290084 |
| 5605 | Investment AB Latour, Class B (Industrials) |  | 143253 |
| 21414 | Investor AB, Class A (Financials) |  | 889066 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **53** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Sweden – (continued) | Sweden – (continued) | Sweden – (continued) | Sweden – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74769 | Investor AB, Class B (Financials) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3130360 |
| 1878 | L E Lundbergforetagen AB, Class B (Financials) |  | 123429 |
| 9396 | Lifco AB, Class B (Industrials) |  | 335118 |
| 61561 | Nibe Industrier AB, Class B (Industrials) |  | 252928 |
| 6000 | Nordnet AB publ (Financials) |  | 190189 |
| 12822 | Saab AB, Class B (Industrials) |  | 928546 |
| 9004 | Sagax AB, Class B (Real Estate) |  | 190606 |
| 4518 | Sagax AB, Class D (Real Estate) |  | 17551 |
| 44383 | Sandvik AB (Industrials) |  | 1964685 |
| 5581 | Sectra AB, Class B (Health Care) |  | 119877 |
| 20959 | Securitas AB, Class B (Industrials) |  | 373297 |
| 63860 | Skandinaviska Enskilda Banken AB, Class A (Financials) |  | 1364597 |
| 13830 | Skanska AB, Class B (Industrials) |  | 426123 |
| 14358 | SKF AB, Class B (Industrials) |  | 413111 |
| 9188 | SSAB AB, Class A (Materials) |  | 82200 |
| 24412 | SSAB AB, Class B (Materials) |  | 216127 |
| 24918 | Svenska Cellulosa AB SCA, Class B (Materials) |  | 339279 |
| 59270 | Svenska Handelsbanken AB, Class A (Financials) |  | 949886 |
| 1473 | Svenska Handelsbanken AB, Class B (Financials)<sup>(a)</sup> |  | 39508 |
| 7547 | Sweco AB, Class B (Industrials) |  | 120951 |
| 36530 | Swedbank AB, Class A (Financials) |  | 1408146 |
| 7869 | Swedish Orphan Biovitrum AB (Health Care)\* |  | 344845 |
| 23062 | Tele2 AB, Class B (Communication Services) |  | 487690 |
| 123421 | Telefonaktiebolaget LM Ericsson, Class B (Information Technology) |  | 1430149 |
| 94075 | Telia Co. AB (Communication Services) |  | 483377 |
| 4408 | Thule Group AB (Consumer Discretionary)<sup>(b)</sup> |  | 114516 |
| 8731 | Trelleborg AB, Class B (Industrials) |  | 383008 |
| 7926 | Volvo AB, Class A (Industrials) |  | 309218 |
| 63048 | Volvo AB, Class B (Industrials) |  | 2458303 |
| 19694 | Volvo Car AB, Class B (Consumer Discretionary)\* |  | 54285 |
|  |  |  | 34425275 |
| Switzerland – 3.9% | Switzerland – 3.9% | Switzerland – 3.9% | Switzerland – 3.9% |
| 66860 | ABB Ltd. (Industrials) |  | 6243918 |
| 42 | Chocoladefabriken Lindt & Spruengli AG (Consumer Staples) |  | 691398 |
| 22261 | Cie Financiere Richemont SA (Consumer Discretionary) |  | 4551775 |
| 10626 | DSM-Firmenich AG (Materials) |  | 758288 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Switzerland – (continued) | Switzerland – (continued) | Switzerland – (continued) | Switzerland – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6580 | Galderma Group AG (Health Care) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1248322 |
| 1402 | Geberit AG (Industrials) |  | 1181322 |
| 393 | Givaudan SA (Materials) |  | 1580074 |
| 2171 | Kuehne + Nagel International AG (Industrials) |  | 506299 |
| 2956 | Lonza Group AG (Health Care) |  | 2060994 |
| 913 | Partners Group Holding AG (Financials) |  | 1017887 |
| 17073 | Sandoz Group AG (Health Care) |  | 1510052 |
| 827 | Schindler Holding AG (Industrials) |  | 302712 |
| 1717 | Schindler Holding AG Participation Certificates (Industrials) |  | 655499 |
| 7060 | SGS SA (Industrials) |  | 890475 |
| 6449 | Sika AG (Materials) |  | 1337514 |
| 4513 | Straumann Holding AG (Health Care) |  | 543403 |
| 1203 | Swiss Life Holding AG (Financials) |  | 1378745 |
| 1067 | Swisscom AG (Communication Services) |  | 1001028 |
| 132758 | UBS Group AG (Financials) |  | 5525757 |
| 6114 | Zurich Insurance Group AG (Financials) |  | 4615810 |
|  |  |  | 37601272 |
| United Kingdom – 10.9% | United Kingdom – 10.9% | United Kingdom – 10.9% | United Kingdom – 10.9% |
| 41199 | 3i Group PLC (Financials) |  | 1840057 |
| 9887 | Admiral Group PLC (Financials) |  | 393992 |
| 17774 | Ashtead Group PLC (Industrials) |  | 1272715 |
| 12774 | Associated British Foods PLC (Consumer Staples) |  | 339530 |
| 63254 | AstraZeneca PLC (Health Care) |  | 13217213 |
| 38040 | Autotrader Group PLC (Communication Services)<sup>(b)</sup> |  | 252083 |
| 129728 | Aviva PLC (Financials) |  | 1196473 |
| 127680 | BAE Systems PLC (Industrials) |  | 3625449 |
| 589653 | Barclays PLC (Financials) |  | 3590012 |
| 57113 | Barratt Redrow PLC (Consumer Discretionary) |  | 280344 |
| 87463 | British American Tobacco PLC (Consumer Staples) |  | 5456163 |
| 254664 | BT Group PLC (Communication Services) |  | 742287 |
| 14238 | Bunzl PLC (Industrials) |  | 419982 |
| 199676 | Centrica PLC (Utilities) |  | 534627 |
| 112515 | CK Hutchison Holdings Ltd. (Industrials) |  | 926339 |
| 8603 | Coca-Cola Europacific Partners PLC (Consumer Staples) |  | 950029 |
| 72274 | Compass Group PLC (Consumer Discretionary) |  | 2213507 |
| 82688 | Convatec Group PLC (Health Care)<sup>(b)</sup> |  | 285040 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 54 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| United Kingdom – (continued) | United Kingdom – (continued) | United Kingdom – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94607 | Diageo PLC (Consumer Staples) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2114608 |
| 15736 | Halma PLC (Information Technology) | 885179 |
| 728229 | HSBC Holdings PLC (Financials) | 13644295 |
| 12057 | ICG PLC (Financials) | 272167 |
| 31599 | Imperial Brands PLC (Consumer Staples) | 1412570 |
| 54674 | Informa PLC (Communication Services) | 616132 |
| 5994 | InterContinental Hotels Group PLC (Consumer Discretionary) | 824175 |
| 73268 | International Consolidated Airlines Group SA ADR (Industrials) | 835255 |
| 6711 | Intertek Group PLC (Industrials) | 426048 |
| 73296 | J Sainsbury PLC (Consumer Staples) | 343915 |
| 73556 | Kingfisher PLC (Consumer Discretionary) | 366396 |
| 31567 | Land Securities Group PLC REIT (Real Estate) | 274376 |
| 242587 | Legal & General Group PLC (Financials) | 884835 |
| 2492025 | Lloyds Banking Group PLC (Financials) | 3432491 |
| 19395 | London Stock Exchange Group PLC (Financials) | 2310301 |
| 92113 | M&G PLC (Financials) | 393444 |
| 85299 | Marks & Spencer Group PLC (Consumer Staples) | 454708 |
| 52800 | Melrose Industries PLC (Industrials) | 401645 |
| 208225 | National Grid PLC (Utilities) | 3894081 |
| 327223 | NatWest Group PLC (Financials) | 2723200 |
| 4792 | Next PLC (Consumer Discretionary) | 871041 |
| 27292 | Pearson PLC (Consumer Discretionary) | 352177 |
| 31208 | Phoenix Group Holdings PLC (Financials) | 321815 |
| 27288 | Reckitt Benckiser Group PLC (Consumer Staples) | 2389082 |
| 76756 | RELX PLC (Industrials) | 2666551 |
| 107007 | Rentokil Initial PLC (Industrials) | 656315 |
| 355522 | Rolls-Royce Holdings PLC (Industrials) | 6373889 |
| 40941 | Sage Group PLC (The) (Information Technology) | 452345 |
| 33790 | Schroders PLC (Financials) | 266214 |
| 51940 | Segro PLC REIT (Real Estate) | 587417 |
| 11017 | Severn Trent PLC (Utilities) | 485828 |
| 35812 | Smith & Nephew PLC (Health Care) | 660343 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| United Kingdom – (continued) | United Kingdom – (continued) | United Kingdom – (continued) | United Kingdom – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13783 | Smiths Group PLC (Industrials) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508849 |
| 3059 | Spirax Group PLC (Industrials) |  | 325107 |
| 51024 | SSE PLC (Utilities) |  | 1844634 |
| 78571 | Standard Chartered PLC (Financials) |  | 1935231 |
| 274819 | Tesco PLC (Consumer Staples) |  | 1775724 |
| 90595 | Unilever PLC (Consumer Staples) |  | 6658836 |
| 28447 | United Utilities Group PLC (Utilities) |  | 532761 |
| 5658 | Verisure PLC (Industrials)\* |  | 63096 |
| 798775 | Vodafone Group PLC (Communication Services) |  | 1229631 |
| 10825 | Weir Group PLC (The) (Industrials) |  | 512581 |
| 7784 | Whitbread PLC (Consumer Discretionary) |  | 272095 |
| 28727 | Wise PLC, Class A (Financials)\* |  | 332343 |
|  |  |  | 106119568 |
| United States – 8.9% | United States – 8.9% | United States – 8.9% | United States – 8.9% |
| 20924 | Alcon AG (Health Care) |  | 1819100 |
| 19903 | Amrize Ltd. (Materials)\* |  | 1273036 |
| 113 | AP Moller – Maersk A/S, Class A (Industrials) |  | 276786 |
| 182 | AP Moller – Maersk A/S, Class B (Industrials)<sup>(a)</sup> |  | 450830 |
| 603772 | BP PLC (Energy) |  | 3877285 |
| 38820 | Experian PLC (Industrials) |  | 1454058 |
| 20042 | Ferrovial SE (Industrials) |  | 1494594 |
| 171523 | GSK PLC (Health Care) |  | 5075600 |
| 376052 | Haleon PLC (Health Care) |  | 2051152 |
| 20495 | Holcim AG (Materials)\* |  | 1888935 |
| 3259 | ICON PLC (Health Care)\* |  | 352428 |
| 24445 | James Hardie Industries PLC CDI (Materials)\* |  | 596138 |
| 1677 | Monday.com Ltd. (Information Technology)\* |  | 121817 |
| 108601 | Nestle SA (Consumer Staples) |  | 11859193 |
| 80166 | Novartis AG (Health Care) |  | 13603359 |
| 1209 | Roche Holding AG (Health Care) |  | 599587 |
| 29645 | Roche Holding AG (Health Care) |  | 14146954 |
| 45066 | Sanofi SA (Health Care) |  | 4373819 |
| 22923 | Schneider Electric SE (Industrials) |  | 7488943 |
| 241464 | Shell PLC (Energy) |  | 9977704 |
| 83077 | Stellantis NV (Consumer Discretionary) |  | 680836 |
| 11390 | Swiss Re AG (Financials) |  | 2013485 |
| 12995 | Tenaris SA (Energy) |  | 354735 |
|  |  |  | 85830374 |
| TOTAL COMMON STOCKS<br>(Cost $697,996,845) | TOTAL COMMON STOCKS<br>(Cost $697,996,845) |  | 963606100 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **55** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Rate** | **Value** |
| Preferred Stocks – 0.3% | Preferred Stocks – 0.3% | Preferred Stocks – 0.3% | Preferred Stocks – 0.3% |
| Germany – 0.3% | Germany – 0.3% | Germany – 0.3% | Germany – 0.3% |
| 2441 | Bayerische Motoren Werke AG (Consumer Discretionary) | &nbsp;&nbsp;&nbsp;&nbsp;4.86% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256218 |
| 4755 | Dr. Ing hc F Porsche AG (Consumer Discretionary)<sup>(b)</sup> | 5.58 | 232373 |
| 6986 | Henkel AG & Co. KGaA (Consumer Staples) | 2.45 | 686100 |
| 1026 | Sartorius AG (Health Care) | 0.31 | 291099 |
| 8776 | Volkswagen AG (Consumer Discretionary) | 6.26 | 1048618 |
| TOTAL PREFERRED STOCKS<br>(Cost $3,014,857) | TOTAL PREFERRED STOCKS<br>(Cost $3,014,857) | TOTAL PREFERRED STOCKS<br>(Cost $3,014,857) | 2514408 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend Rate** | **Value** |
| Investment Company – 0.3%<sup>(d)</sup> | Investment Company – 0.3%<sup>(d)</sup> | Investment Company – 0.3%<sup>(d)</sup> |
|  Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2857056 | 3.571% | 2857056 |
|  **(Cost $2,857,056)** | **(Cost $2,857,056)** |  |
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE<br>(Cost $703,868,758) | TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE<br>(Cost $703,868,758) | 968977564 |

---

---

| | | |
|:---|:---|:---|
| Securities Lending Reinvestment Vehicle – 0.7%<sup>(d)</sup> | Securities Lending Reinvestment Vehicle – 0.7%<sup>(d)</sup> | Securities Lending Reinvestment Vehicle – 0.7%<sup>(d)</sup> |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7190855 | 3.589% | 7190855 |
|  **(Cost $7,190,855)** | **(Cost $7,190,855)** |  |
| TOTAL INVESTMENTS – 100.5%<br>(Cost $711,059,613) | TOTAL INVESTMENTS – 100.5%<br>(Cost $711,059,613) | $976168419 |
|  **LIABILITIES IN EXCESS OF OTHER ASSETS<br>– (0.5)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS<br>– (0.5)%** | (5030822) |
|  **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971137597 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| \* | Non-income producing security. |
| (a) | All or a portion of security is on loan. |
| (b) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (c) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |
| (d) | Represents an affiliated issuer. |

---

---

| | |
|:---|:---|
| <br> **Investment Abbreviations:** | <br> **Investment Abbreviations:** |
| ADR | —American Depositary Receipt |
| CVA | —Dutch Certification |
| PLC | —Public Limited Company |
| REIT | —Real Estate Investment Trust |

---

---

| | |
|:---|:---|
| **Sector Name** | **% of**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market <br>Value** |
|  Financials | 23.7% |
|  Industrials | 19.8 |
|  Health Care | 10.7 |
|  Consumer Discretionary | 9.1 |
|  Information Technology | 8.9 |
|  Consumer Staples | 7.2 |
|  Materials | 6.3 |
|  Communication Services | 4.0 |
|  Utilities | 3.7 |
|  Energy | 3.4 |
|  Real Estate | 2.2 |
|  Investment Company | 0.3 |
|  Securities Lending Reinvestment Vehicle | 0.7 |
| TOTAL INVESTMENTS | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 56 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION

**FUTURES CONTRACTS**— At February 28, 2026, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br> (Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  MSCI EAFE E-Mini Index | 22 | 03/20/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3481610 | $166390 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **57** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> RUSSELL 1000 GROWTH EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – 99.9% | Common Stocks – 99.9% | Common Stocks – 99.9% |
| Communication Services – 10.7% | Communication Services – 10.7% | Communication Services – 10.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29239 | Alphabet, Inc., Class A | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9115551 |
| 23807 | Alphabet, Inc., Class C | 7414214 |
| 3373 | AST SpaceMobile, Inc.\*<sup>(a)</sup> | 267108 |
| 1147 | DoubleVerify Holdings, Inc.\* | 12089 |
| 9 | GCI Liberty, Inc., Class A\* | 358 |
| 101 | GCI Liberty, Inc., Class C\* | 3974 |
| 121 | Iridium Communications, Inc. | 2898 |
| 81 | Liberty Broadband Corp., Class A\* | 4421 |
| 398 | Liberty Broadband Corp., Class C\* | 21735 |
| 117 | Liberty Media Corp.-Liberty Formula One, Class A\* | 9871 |
| 1078 | Liberty Media Corp.-Liberty Formula One, Class C\* | 98734 |
| 2619 | Live Nation Entertainment, Inc.\* | 424645 |
| 23621 | Meta Platforms, Inc., Class A | 15310660 |
| 70829 | Netflix, Inc.\* | 6816583 |
| 27 | Nexstar Media Group, Inc. | 6777 |
| 391 | NIQ Global Intelligence PLC\* | 5212 |
| 4868 | Pinterest, Inc., Class A\* | 83389 |
| 2060 | Reddit, Inc., Class A\* | 300369 |
| 10290 | ROBLOX Corp., Class A\* | 706511 |
| 277 | Roku, Inc.\* | 27259 |
| 2553 | Spotify Technology SA\* | 1314642 |
| 1025 | Take-Two Interactive Software, Inc.\* | 216767 |
| 488 | TKO Group Holdings, Inc. | 109248 |
| 7382 | Trade Desk, Inc. (The), Class A\* | 175839 |
| 1429 | Trump Media & Technology Group Corp.\* | 15305 |
|  |  | 42464159 |
| Consumer Discretionary – 14.1% | Consumer Discretionary – 14.1% | Consumer Discretionary – 14.1% |
| 7056 | Airbnb, Inc., Class A\* | 953336 |
| 75425 | Amazon.com, Inc.\* | 15839250 |
| 42 | AutoZone, Inc.\* | 157734 |
| 259 | Birkenstock Holding PLC (Germany)\* | 10787 |
| 511 | Booking Holdings, Inc. | 2166308 |
| 122 | Bright Horizons Family Solutions, Inc.\* | 9091 |
| 1042 | Burlington Stores, Inc.\* | 319759 |
| 5531 | Carnival Corp. | 174503 |
| 2241 | Carvana Co.\* | 748853 |
| 1656 | Cava Group, Inc.\* | 136570 |
| 3623 | Chewy, Inc., Class A\* | 99343 |
| 21841 | Chipotle Mexican Grill, Inc.\* | 812922 |
| 133 | Choice Hotels International, Inc. | 14012 |
| 923 | Churchill Downs, Inc. | 84851 |
| 21707 | Coupang, Inc. (South Korea)\* | 414170 |
| 1835 | Darden Restaurants, Inc. | 392415 |
| 2409 | Deckers Outdoor Corp.\* | 282503 |
| 157 | Domino's Pizza, Inc. | 63194 |
| 5951 | DoorDash, Inc., Class A\* | 1050173 |
| 7973 | DraftKings, Inc., Class A\* | 190076 |
| 636 | Duolingo, Inc.\* | 64236 |
| 1945 | Dutch Bros, Inc., Class A\* | 104271 |
| 923 | Etsy, Inc.\* | 50654 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Consumer Discretionary – (continued) | Consumer Discretionary – (continued) | Consumer Discretionary – (continued) | Consumer Discretionary – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1944 | Expedia Group, Inc. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419301 |
| 553 | Floor & Decor Holdings, Inc., Class A\* |  | 38207 |
| 2168 | Flutter Entertainment PLC\* |  | 230111 |
| 133 | Grand Canyon Education, Inc.\* |  | 21156 |
| 356 | H&R Block, Inc. |  | 10901 |
| 3782 | Hilton Worldwide Holdings, Inc. |  | 1179152 |
| 12681 | Home Depot, Inc. (The) |  | 4827910 |
| 5087 | Las Vegas Sands Corp. |  | 288535 |
| 43 | Lithia Motors, Inc. |  | 12022 |
| 994 | Lululemon Athletica, Inc.\* |  | 184059 |
| 2856 | Marriott International, Inc., Class A |  | 975981 |
| 670 | McDonald's Corp. |  | 228510 |
| 281 | Murphy USA, Inc. |  | 109798 |
| 6721 | Norwegian Cruise Line Holdings Ltd.\* |  | 166614 |
| 3703 | On Holding AG, Class A (Switzerland)\* |  | 172115 |
| 12846 | O'Reilly Automotive, Inc.\* |  | 1205982 |
| 1393 | Planet Fitness, Inc., Class A\* |  | 114435 |
| 103 | Pool Corp. |  | 23400 |
| 44 | Ralph Lauren Corp. |  | 15954 |
| 3424 | Restaurant Brands International, Inc. (Canada) |  | 245535 |
| 44 | RH\* |  | 7291 |
| 1055 | Ross Stores, Inc. |  | 216950 |
| 4205 | Royal Caribbean Cruises Ltd. |  | 1307587 |
| 229 | SharkNinja, Inc.\* |  | 28137 |
| 3354 | Somnigroup International, Inc. |  | 300217 |
| 2494 | Starbucks Corp. |  | 244462 |
| 3145 | Tapestry, Inc. |  | 488953 |
| 37590 | Tesla, Inc.\* |  | 15130351 |
| 1102 | Texas Roadhouse, Inc. |  | 201523 |
| 9347 | TJX Cos., Inc. (The) |  | 1511036 |
| 32 | TopBuild Corp.\* |  | 14346 |
| 8802 | Tractor Supply Co. |  | 456296 |
| 336 | Travel + Leisure Co. |  | 24763 |
| 186 | Ulta Beauty, Inc.\* |  | 127371 |
| 469 | Vail Resorts, Inc. |  | 63695 |
| 1870 | Valvoline, Inc.\* |  | 70686 |
| 2896 | Viking Holdings Ltd.\* |  | 225946 |
| 290 | Wayfair, Inc., Class A\* |  | 22136 |
| 1160 | Wendy's Co. (The)<sup>(a)</sup> |  | 8886 |
| 292 | Williams-Sonoma, Inc. |  | 60050 |
| 463 | Wingstop, Inc. |  | 120153 |
| 1100 | Wyndham Hotels & Resorts, Inc. |  | 89980 |
| 1554 | Yum! Brands, Inc. |  | 261321 |
|  |  |  | 55590825 |
| Consumer Staples – 3.6% | Consumer Staples – 3.6% | Consumer Staples – 3.6% | Consumer Staples – 3.6% |
| 323 | BJ's Wholesale Club Holdings, Inc.\* |  | 31909 |
| 93 | Casey's General Stores, Inc. |  | 63760 |
| 2726 | Celsius Holdings, Inc.\* |  | 146141 |
| 31758 | Coca-Cola Co. (The) |  | 2590183 |
| 129 | Coca-Cola Consolidated, Inc. |  | 26110 |
| 6311 | Colgate-Palmolive Co. |  | 625673 |
| 7418 | Costco Wholesale Corp. |  | 7498040 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 58 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> RUSSELL 1000 GROWTH EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Consumer Staples – (continued) | Consumer Staples – (continued) | Consumer Staples – (continued) | Consumer Staples – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282 | Darling Ingredients, Inc.\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14991 |
| 220 | Freshpet, Inc.\* |  | 18579 |
| 286 | Hershey Co. (The) |  | 67576 |
| 1997 | Kimberly-Clark Corp. |  | 222546 |
| 11574 | Monster Beverage Corp.\* |  | 987262 |
| 3115 | PepsiCo, Inc. |  | 528740 |
| 304 | Performance Food Group Co.\* |  | 29506 |
| 1632 | Sprouts Farmers Market, Inc.\* |  | 120556 |
| 4258 | Sysco Corp. |  | 388159 |
| 7212 | Walmart, Inc. |  | 922775 |
|  |  |  | 14282506 |
| Energy – 0.5% | Energy – 0.5% | Energy – 0.5% | Energy – 0.5% |
| 1589 | Cheniere Energy, Inc. |  | 374575 |
| 262 | HF Sinclair Corp. |  | 13103 |
| 486 | Phillips 66 |  | 75004 |
| 1962 | SLB Ltd. |  | 100729 |
| 3522 | Targa Resources Corp. |  | 830488 |
| 956 | Texas Pacific Land Corp. |  | 501221 |
| 1070 | Williams Cos., Inc. (The) |  | 79950 |
|  |  |  | 1975070 |
| Financials – 7.3% | Financials – 7.3% | Financials – 7.3% | Financials – 7.3% |
| 2711 | Affirm Holdings, Inc.\* |  | 127363 |
| 538 | Ally Financial, Inc. |  | 21219 |
| 2939 | American Express Co. |  | 907857 |
| 1401 | Ameriprise Financial, Inc. |  | 658638 |
| 3218 | Aon PLC, Class A |  | 1079542 |
| 4763 | Apollo Global Management, Inc. |  | 498210 |
| 3121 | Ares Management Corp., Class A |  | 349583 |
| 254 | Arthur J Gallagher & Co. |  | 57963 |
| 8766 | Bank of America Corp. |  | 436810 |
| 843 | Bank of New York Mellon Corp. (The) |  | 100401 |
| 12396 | Blackstone, Inc. |  | 1405334 |
| 3286 | Block, Inc.\* |  | 209318 |
| 10609 | Blue Owl Capital, Inc. |  | 111925 |
| 2189 | Brookfield Asset Management Ltd., Class A (Canada) |  | 102336 |
| 507 | Brown & Brown, Inc. |  | 36413 |
| 87 | Bullish (Cayman Islands)\*<sup>(a)</sup> |  | 2731 |
| 2473 | Charles Schwab Corp. (The) |  | 235430 |
| 5257 | Citigroup, Inc. |  | 579269 |
| 362 | Coinbase Global, Inc., Class A\* |  | 63658 |
| 1129 | Corpay, Inc.\* |  | 367038 |
| 9 | Credit Acceptance Corp.\* |  | 4259 |
| 4989 | Equitable Holdings, Inc. |  | 200657 |
| 100 | Everest Group Ltd. |  | 33549 |
| 39 | FactSet Research Systems, Inc. |  | 8455 |
| 104 | Figure Technology Solutions, Inc.,<br>Class A\*<sup>(a)</sup> |  | 2629 |
| 2456 | Fiserv, Inc.\* |  | 152984 |
| 248 | Freedom Holding Corp. (Kazakhstan)\*<sup>(a)</sup> |  | 29802 |
| 262 | Goldman Sachs Group, Inc. (The)<sup>(b)</sup> |  | 225207 |
| 436 | Hamilton Lane, Inc., Class A |  | 45754 |
| 344 | Houlihan Lokey, Inc. |  | 56337 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Financials – (continued) | Financials – (continued) | Financials – (continued) | Financials – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374 | Interactive Brokers Group, Inc., Class A | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26625 |
| 619 | Jefferies Financial Group, Inc. |  | 27484 |
| 368 | Kinsale Capital Group, Inc. |  | 143398 |
| 2806 | KKR & Co., Inc. |  | 246030 |
| 294 | Lazard, Inc. |  | 14876 |
| 1321 | LPL Financial Holdings, Inc. |  | 396802 |
| 41 | Markel Group, Inc.\* |  | 84971 |
| 973 | Marsh & McLennan Cos., Inc. |  | 181698 |
| 13445 | Mastercard, Inc., Class A |  | 6953888 |
| 2579 | Moody's Corp. |  | 1231705 |
| 255 | Morningstar, Inc. |  | 46701 |
| 596 | MSCI, Inc. |  | 340811 |
| 55494 | NU Holdings Ltd., Class A (Brazil)\* |  | 831300 |
| 99 | Popular, Inc. (Puerto Rico) |  | 13401 |
| 489 | Progressive Corp. (The) |  | 104480 |
| 75 | RLI Corp. |  | 4674 |
| 1645 | Robinhood Markets, Inc., Class A\* |  | 124773 |
| 1754 | Ryan Specialty Holdings, Inc. |  | 69020 |
| 1085 | Shift4 Payments, Inc., Class A\*<sup>(a)</sup> |  | 47816 |
| 482 | SLM Corp. |  | 9033 |
| 2755 | SoFi Technologies, Inc.\* |  | 48929 |
| 7686 | Toast, Inc., Class A\* |  | 209905 |
| 2059 | TPG, Inc. |  | 89402 |
| 152 | Tradeweb Markets, Inc., Class A |  | 18735 |
| 318 | UWM Holdings Corp. |  | 1402 |
| 28133 | Visa, Inc., Class A |  | 9006499 |
| 373 | Western Alliance Bancorp |  | 29959 |
| 44 | WEX, Inc.\* |  | 6564 |
| 582 | XP, Inc., Class A (Brazil) |  | 12530 |
|  |  |  | 28434082 |
| Health Care – 10.4% | Health Care – 10.4% | Health Care – 10.4% | Health Care – 10.4% |
| 29608 | AbbVie, Inc. |  | 6871425 |
| 2101 | Alnylam Pharmaceuticals, Inc.\* |  | 699465 |
| 6631 | Amgen, Inc. |  | 2573889 |
| 1789 | Apellis Pharmaceuticals, Inc.\* |  | 37497 |
| 4212 | Boston Scientific Corp.\* |  | 323692 |
| 6507 | Bristol-Myers Squibb Co. |  | 405842 |
| 1987 | Cardinal Health, Inc. |  | 455480 |
| 181 | Caris Life Sciences, Inc.\* |  | 3645 |
| 3040 | Cencora, Inc. |  | 1131306 |
| 20 | Chemed Corp. |  | 8200 |
| 349 | Cigna Group (The) |  | 101147 |
| 1559 | Corcept Therapeutics, Inc.\* |  | 55656 |
| 585 | DaVita, Inc.\* |  | 91436 |
| 6485 | Dexcom, Inc.\* |  | 476194 |
| 2214 | Doximity, Inc., Class A\* |  | 54309 |
| 13389 | Eli Lilly & Co. |  | 14085094 |
| 169 | Exact Sciences Corp.\* |  | 17471 |
| 3542 | Exelixis, Inc.\* |  | 156061 |
| 5561 | Gilead Sciences, Inc. |  | 828311 |
| 1925 | Halozyme Therapeutics, Inc.\* |  | 133845 |
| 567 | HCA Healthcare, Inc. |  | 300340 |
| 1320 | IDEXX Laboratories, Inc.\* |  | 866884 |
| 687 | Incyte Corp.\* |  | 69573 |
| 3255 | Insmed, Inc.\* |  | 486069 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **59** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> RUSSELL 1000 GROWTH EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Health Care – (continued) | Health Care – (continued) | Health Care – (continued) | Health Care – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452 | Inspire Medical Systems, Inc.\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29159 |
| 1163 | Insulet Corp.\* |  | 286807 |
| 5899 | Intuitive Surgical, Inc.\* |  | 2970206 |
| 2438 | Ionis Pharmaceuticals, Inc.\* |  | 197844 |
| 746 | Masimo Corp.\* |  | 130811 |
| 1936 | McKesson Corp. |  | 1911548 |
| 371 | Medpace Holdings, Inc.\* |  | 167603 |
| 465 | Molina Healthcare, Inc.\* |  | 71633 |
| 2155 | Natera, Inc.\* |  | 448326 |
| 1376 | Neurocrine Biosciences, Inc.\* |  | 181976 |
| 621 | Penumbra, Inc.\* |  | 213866 |
| 109 | Repligen Corp.\* |  | 14032 |
| 570 | ResMed, Inc. |  | 146068 |
| 1281 | Sarepta Therapeutics, Inc.\* |  | 21470 |
| 277 | Sotera Health Co.\* |  | 4501 |
| 1466 | Stryker Corp. |  | 568016 |
| 1892 | Summit Therapeutics, Inc.\* |  | 31388 |
| 1592 | Tempus AI, Inc., Class A\*<sup>(a)</sup> |  | 84774 |
| 1532 | Ultragenyx Pharmaceutical, Inc.\* |  | 35833 |
| 1950 | Veeva Systems, Inc., Class A\* |  | 354920 |
| 4298 | Vertex Pharmaceuticals, Inc.\* |  | 2135375 |
| 137 | Viking Therapeutics, Inc.\* |  | 4636 |
| 517 | Waters Corp.\* |  | 165119 |
| 5907 | Zoetis, Inc. |  | 774408 |
|  |  |  | 41183150 |
| Industrials – 8.4% | Industrials – 8.4% | Industrials – 8.4% | Industrials – 8.4% |
| 1417 | 3M Co. |  | 234258 |
| 1116 | AAON, Inc. |  | 112939 |
| 332 | Alaska Air Group, Inc.\* |  | 17131 |
| 239 | Allison Transmission Holdings, Inc. |  | 29947 |
| 709 | American Airlines Group, Inc.\* |  | 9267 |
| 211 | Armstrong World Industries, Inc. |  | 36608 |
| 6269 | Automatic Data Processing, Inc. |  | 1343823 |
| 98 | Avis Budget Group, Inc.\* |  | 9546 |
| 1239 | Axon Enterprise, Inc.\* |  | 672034 |
| 1745 | Boeing Co. (The)\* |  | 397040 |
| 1997 | Booz Allen Hamilton Holding Corp. |  | 157423 |
| 1758 | Broadridge Financial Solutions, Inc. |  | 326759 |
| 262 | BWX Technologies, Inc. |  | 53967 |
| 83 | Carlisle Cos., Inc. |  | 32766 |
| 141 | Carpenter Technology Corp. |  | 56128 |
| 944 | Caterpillar, Inc. |  | 701231 |
| 5702 | Cintas Corp. |  | 1146843 |
| 580 | Comfort Systems USA, Inc. |  | 829035 |
| 13664 | Copart, Inc.\* |  | 520462 |
| 1831 | Core & Main, Inc., Class A\* |  | 99167 |
| 254 | EMCOR Group, Inc. |  | 184053 |
| 353 | Equifax, Inc. |  | 73763 |
| 2574 | ExlService Holdings, Inc.\* |  | 80438 |
| 15644 | Fastenal Co. |  | 720250 |
| 184 | Ferguson Enterprises, Inc. |  | 47980 |
| 1689 | FTAI Aviation Ltd. |  | 516496 |
| 4569 | GE Vernova, Inc. |  | 3991478 |
| 17384 | General Electric Co. |  | 5949848 |
| 709 | HEICO Corp. |  | 226497 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Industrials – (continued) | Industrials – (continued) | Industrials – (continued) | Industrials – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1246 | HEICO Corp., Class A | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299177 |
| 6701 | Howmet Aerospace, Inc. |  | 1759213 |
| 1573 | Illinois Tool Works, Inc. |  | 457161 |
| 846 | Karman Holdings, Inc.\*<sup>(a)</sup> |  | 74541 |
| 156 | KBR, Inc. |  | 6588 |
| 526 | Lennox International, Inc. |  | 299788 |
| 493 | Leonardo DRS, Inc. |  | 21391 |
| 648 | Loar Holdings, Inc.\* |  | 45872 |
| 950 | Lockheed Martin Corp. |  | 625176 |
| 1038 | Lyft, Inc., Class A\* |  | 14366 |
| 219 | MasTec, Inc.\* |  | 65266 |
| 172 | Old Dominion Freight Line, Inc. |  | 34925 |
| 1675 | Paychex, Inc. |  | 156864 |
| 467 | Paycom Software, Inc. |  | 58763 |
| 666 | Paylocity Holding Corp.\* |  | 70922 |
| 1894 | Quanta Services, Inc. |  | 1066473 |
| 185 | RB Global, Inc. (Canada)\* |  | 18678 |
| 105 | RBC Bearings, Inc.\* |  | 60472 |
| 6862 | Rocket Lab Corp.\* |  | 474164 |
| 150 | Rockwell Automation, Inc. |  | 61117 |
| 4640 | Rollins, Inc. |  | 282530 |
| 55 | Simpson Manufacturing Co., Inc. |  | 10646 |
| 237 | SiteOne Landscape Supply, Inc.\* |  | 33865 |
| 810 | Southwest Airlines Co. |  | 39901 |
| 218 | StandardAero, Inc.\* |  | 6714 |
| 808 | Tetra Tech, Inc. |  | 28959 |
| 3726 | Trane Technologies PLC |  | 1722604 |
| 159 | TransDigm Group, Inc. |  | 207144 |
| 33647 | Uber Technologies, Inc.\* |  | 2537657 |
| 40 | U-Haul Holding Co.\* |  | 2027 |
| 639 | U-Haul Holding Co. |  | 30135 |
| 783 | Union Pacific Corp. |  | 207479 |
| 1569 | Veralto Corp. |  | 152868 |
| 1394 | Verisk Analytics, Inc. |  | 289353 |
| 6358 | Vertiv Holdings Co., Class A |  | 1620591 |
| 620 | W.W. Grainger, Inc. |  | 709733 |
| 6183 | Waste Management, Inc. |  | 1489114 |
| 752 | WillScot Holdings Corp. |  | 16251 |
| 386 | XPO, Inc.\* |  | 81241 |
|  |  |  | 33716906 |
| Information Technology – 43.4% | Information Technology – 43.4% | Information Technology – 43.4% | Information Technology – 43.4% |
| 6986 | Adobe, Inc.\* |  | 1833196 |
| 15744 | Advanced Micro Devices, Inc.\* |  | 3152106 |
| 20392 | Amphenol Corp., Class A |  | 2978456 |
| 366 | Appfolio, Inc., Class A\* |  | 65060 |
| 154878 | Apple, Inc. |  | 40915670 |
| 3802 | Applied Materials, Inc. |  | 1415485 |
| 3985 | AppLovin Corp., Class A\* |  | 1732558 |
| 17241 | Arista Networks, Inc.\* |  | 2301674 |
| 2093 | Astera Labs, Inc.\* |  | 248711 |
| 2750 | Atlassian Corp., Class A\* |  | 206608 |
| 3532 | Autodesk, Inc.\* |  | 868413 |
| 2608 | Bentley Systems, Inc., Class B |  | 95322 |
| 47316 | Broadcom, Inc. |  | 15119828 |
| 4526 | Cadence Design Systems, Inc.\* |  | 1364136 |
| 157 | CDW Corp. |  | 19255 |
| 121 | Circle Internet Group, Inc.\* |  | 10096 |
| 5199 | Cloudflare, Inc., Class A\* |  | 895216 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 60 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> RUSSELL 1000 GROWTH EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Information Technology – (continued) | Information Technology – (continued) | Information Technology – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4790 | Confluent, Inc., Class A\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146909 |
| 4132 | Crowdstrike Holdings, Inc., Class A\* | 1537021 |
| 5178 | Datadog, Inc., Class A\* | 579729 |
| 725 | Dell Technologies, Inc., Class C | 107358 |
| 2520 | Docusign, Inc.\* | 113576 |
| 805 | Dropbox, Inc., Class A\* | 20117 |
| 4872 | Dynatrace, Inc.\* | 175002 |
| 1531 | Elastic NV\* | 79719 |
| 2109 | Enphase Energy, Inc.\* | 89147 |
| 395 | Entegris, Inc. | 52318 |
| 323 | Fair Isaac Corp.\* | 455223 |
| 10556 | Fortinet, Inc.\* | 834241 |
| 1224 | Gartner, Inc.\* | 192413 |
| 960 | Gen Digital, Inc. | 21667 |
| 2317 | Gitlab, Inc., Class A\* | 60937 |
| 84 | Globant SA\* | 4180 |
| 2229 | GoDaddy, Inc., Class A\* | 194280 |
| 1408 | Guidewire Software, Inc.\* | 204611 |
| 846 | HubSpot, Inc.\* | 223775 |
| 4563 | Intuit, Inc. | 1866404 |
| 1143 | Jabil, Inc. | 302884 |
| 2199 | KLA Corp. | 3352485 |
| 252 | Kyndryl Holdings, Inc.\* | 3107 |
| 20984 | Lam Research Corp. | 4907948 |
| 1919 | Lattice Semiconductor Corp.\* | 183495 |
| 90 | Lumentum Holdings, Inc.\* | 63082 |
| 257 | MACOM Technology Solutions Holdings, Inc.\* | 63767 |
| 996 | Manhattan Associates, Inc.\* | 134888 |
| 1002 | Marvell Technology, Inc. | 81853 |
| 45867 | Microsoft Corp. | 18013806 |
| 124 | MongoDB, Inc.\* | 40730 |
| 768 | Monolithic Power Systems, Inc. | 877624 |
| 1166 | Motorola Solutions, Inc. | 562315 |
| 248 | nCino, Inc.\* | 4003 |
| 1303 | NetApp, Inc. | 129036 |
| 1056 | Nutanix, Inc., Class A\* | 40424 |
| 245087 | NVIDIA Corp. | 43426966 |
| 1096 | Okta, Inc.\* | 79460 |
| 178 | Onto Innovation, Inc.\* | 38428 |
| 28133 | Oracle Corp. | 4090538 |
| 36506 | Palantir Technologies, Inc., Class A\* | 5008258 |
| 13036 | Palo Alto Networks, Inc.\* | 1941321 |
| 480 | Pegasystems, Inc. | 20990 |
| 1891 | Procore Technologies, Inc.\* | 104081 |
| 233 | PTC, Inc.\* | 36486 |
| 4415 | Pure Storage, Inc., Class A\* | 283531 |
| 4098 | QUALCOMM, Inc. | 583391 |
| 1327 | RingCentral, Inc., Class A\* | 48369 |
| 1323 | Rubrik, Inc., Class A\* | 68743 |
| 1730 | Salesforce, Inc. | 336987 |
| 5177 | Samsara, Inc., Class A\* | 149615 |
| 3538 | SentinelOne, Inc., Class A\* | 46419 |
| 17271 | ServiceNow, Inc.\* | 1865441 |
| 5446 | Snowflake, Inc.\* | 917161 |
| 245 | Strategy, Inc.\* | 31728 |
| 3903 | Super Micro Computer, Inc.\* | 126418 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Information Technology – (continued) | Information Technology – (continued) | Information Technology – (continued) | Information Technology – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2245 | Synopsys, Inc.\* | $| 929430 |
| 362 | Teradata Corp.\* |  | 11399 |
| 6169 | Texas Instruments, Inc. |  | 1308507 |
| 406 | Twilio, Inc., Class A\* |  | 49110 |
| 594 | Tyler Technologies, Inc.\* |  | 210686 |
| 72 | Ubiquiti, Inc. |  | 55223 |
| 290 | Unity Software, Inc.\* |  | 5287 |
| 3571 | Workday, Inc., Class A\* |  | 477657 |
| 1658 | Zscaler, Inc.\* |  | 243709 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171437203 |
| Materials – 0.5% | Materials – 0.5% | Materials – 0.5% | Materials – 0.5% |
| 1007 | Anglogold Ashanti PLC (Australia) |  | 128665 |
| 31 | Eagle Materials, Inc. |  | 6938 |
| 1015 | Ecolab, Inc. |  | 312975 |
| 1552 | James Hardie Industries PLC\* |  | 37791 |
| 3470 | Sherwin-Williams Co. (The) |  | 1258187 |
| 222 | Steel Dynamics, Inc. |  | 42875 |
|  |  |  | 1787431 |
| Real Estate – 0.6% | Real Estate – 0.6% | Real Estate – 0.6% | Real Estate – 0.6% |
| 7817 | American Tower Corp. REIT |  | 1499770 |
| 541 | CBRE Group, Inc., Class A\* |  | 79884 |
| 860 | CoStar Group, Inc.\* |  | 38382 |
| 213 | Jones Lang LaSalle, Inc.\* |  | 67212 |
| 1426 | Lamar Advertising Co., Class A REIT |  | 196417 |
| 346 | Public Storage REIT |  | 106243 |
| 1192 | Simon Property Group, Inc. REIT |  | 242989 |
| 393 | Sun Communities, Inc. REIT |  | 53629 |
| 289 | UDR, Inc. REIT |  | 10837 |
|  |  |  | 2295363 |
| Utilities – 0.4% | Utilities – 0.4% | Utilities – 0.4% | Utilities – 0.4% |
| 3124 | NRG Energy, Inc. |  | 559071 |
| 5615 | Vistra Corp. |  | 976392 |
|  |  |  | 1535463 |
| TOTAL COMMON STOCKS<br>(Cost $353,385,590) | TOTAL COMMON STOCKS<br>(Cost $353,385,590) |  | 394702158 |
| **Shares** | **Dividend Rate** | **Value** | **Value** |
| Investment Company – 0.1%<sup>(b)</sup> | Investment Company – 0.1%<sup>(b)</sup> | Investment Company – 0.1%<sup>(b)</sup> | Investment Company – 0.1%<sup>(b)</sup> |
|  Goldman Sachs Financial Square Treasury 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 |
| 324227 | 3.571% |  | 324227 |
| **(Cost $324,227)** | **(Cost $324,227)** |  |  |
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE<br>(Cost $353,709,817) | TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE<br>(Cost $353,709,817) |  | 395026385 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **61** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> RUSSELL 1000 GROWTH EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend Rate** | **Value** |
| Securities Lending Reinvestment Vehicle – 0.1%<sup>(b)</sup> | Securities Lending Reinvestment Vehicle – 0.1%<sup>(b)</sup> | Securities Lending Reinvestment Vehicle – 0.1%<sup>(b)</sup> |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531246 | 3.589% | $531246 |
| **(Cost $531,246)** | **(Cost $531,246)** |  |
| TOTAL INVESTMENTS – 100.1%<br>(Cost $354,241,063) | TOTAL INVESTMENTS – 100.1%<br>(Cost $354,241,063) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395557631 |
|  **LIABILITIES IN EXCESS OF OTHER ASSETS<br>– (0.1)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS<br>– (0.1)%** | (397143) |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend Rate** | **Value** |
| Securities Lending Reinvestment Vehicle – (continued) | Securities Lending Reinvestment Vehicle – (continued) | Securities Lending Reinvestment Vehicle – (continued) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395160488 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

\* Non-income producing security.

(a) All or a portion of security is on loan.

(b) Represents an affiliated issuer.

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| PLC | —Public Limited Company |
| REIT | —Real Estate Investment Trust |

---

**FUTURES CONTRACTS** — At February 28, 2026, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br> (Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  E-MINI RUSS 1000 GMAR26 | 1 | 03/20/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226965 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12749) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 62 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> RUSSELL 1000 VALUE EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – 99.4% | Common Stocks – 99.4% | Common Stocks – 99.4% |
| Communication Services – 7.9% | Communication Services – 7.9% | Communication Services – 7.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26698 | Alphabet, Inc., Class A | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8323369 |
| 21735 | Alphabet, Inc., Class C | 6768931 |
| 168 | AST SpaceMobile, Inc.\*<sup>(a)</sup> | 13304 |
| 89421 | AT&T, Inc. | 2504682 |
| 1079 | Charter Communications, Inc., Class A\* | 253166 |
| 46760 | Comcast Corp., Class A | 1447690 |
| 937 | DoubleVerify Holdings, Inc.\* | 9876 |
| 3239 | Electronic Arts, Inc. | 649646 |
| 2771 | Fox Corp., Class A | 156118 |
| 1924 | Fox Corp., Class B | 99529 |
| 30 | GCI Liberty, Inc., Class A\* | 1192 |
| 226 | GCI Liberty, Inc., Class C\* | 8893 |
| 1062 | IAC, Inc.\* | 40696 |
| 1122 | Iridium Communications, Inc. | 26872 |
| 151 | Liberty Broadband Corp., Class A\* | 8241 |
| 1134 | Liberty Broadband Corp., Class C\* | 61928 |
| 2445 | Liberty Global Ltd., Class A (Belgium)\* | 31149 |
| 1786 | Liberty Global Ltd., Class C (Belgium)\* | 21968 |
| 187 | Liberty Media Corp.-Liberty Formula One, Class A\* | 15777 |
| 1870 | Liberty Media Corp.-Liberty Formula One, Class C\* | 171274 |
| 231 | Madison Square Garden Sports Corp.\* | 76613 |
| 3139 | Match Group, Inc. | 99192 |
| 5022 | Meta Platforms, Inc., Class A | 3255160 |
| 1319 | Millicom International Cellular SA (Guatemala) | 96142 |
| 2061 | New York Times Co. (The), Class A | 164447 |
| 4862 | News Corp., Class A | 118098 |
| 1671 | News Corp., Class B | 44749 |
| 341 | Nexstar Media Group, Inc. | 85598 |
| 4122 | Omnicom Group, Inc. | 351565 |
| 3819 | Pinterest, Inc., Class A\* | 65420 |
| 1440 | Roku, Inc.\* | 141710 |
| 2437 | Sirius XM Holdings, Inc. | 53517 |
| 1535 | Take-Two Interactive Software, Inc.\* | 324622 |
| 517 | TKO Group Holdings, Inc. | 115741 |
| 6232 | T-Mobile US, Inc. | 1352905 |
| 944 | Trump Media & Technology Group Corp.\* | 10110 |
| 54642 | Verizon Communications, Inc. | 2739750 |
| 1869 | Versant Media Group, Inc.\* | 62275 |
| 23428 | Walt Disney Co. (The) | 2484305 |
| 30019 | Warner Bros Discovery, Inc.\* | 845635 |
| 3796 | ZoomInfo Technologies, Inc.\* | 23573 |
|  |  | 33125428 |
| Consumer Discretionary – 7.1% | Consumer Discretionary – 7.1% | Consumer Discretionary – 7.1% |
| 6579 | ADT, Inc. | 52764 |
| 34124 | Amazon.com, Inc.\* | 7166040 |
| 1916 | Amer Sports, Inc. (Finland)\* | 72770 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Consumer Discretionary – (continued) | Consumer Discretionary – (continued) | Consumer Discretionary – (continued) |
| 2801 | Aptiv PLC\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205986 |
| 3389 | Aramark | 141830 |
| 353 | AutoNation, Inc.\* | 68891 |
| 178 | AutoZone, Inc.\* | 668493 |
| 2734 | Bath & Body Works, Inc. | 62226 |
| 2482 | Best Buy Co., Inc. | 153810 |
| 566 | Birkenstock Holding PLC (Germany)\* | 23574 |
| 25 | Booking Holdings, Inc. | 105984 |
| 2798 | BorgWarner, Inc. | 161081 |
| 746 | Boyd Gaming Corp. | 62090 |
| 636 | Bright Horizons Family Solutions, Inc.\* | 47395 |
| 841 | Brunswick Corp. | 66960 |
| 2651 | Caesars Entertainment, Inc.\* | 66408 |
| 1958 | CarMax, Inc.\* | 84527 |
| 9599 | Carnival Corp. | 302848 |
| 241 | Choice Hotels International, Inc. | 25389 |
| 126 | Churchill Downs, Inc. | 11583 |
| 458 | Columbia Sportswear Co. | 28369 |
| 734 | Crocs, Inc.\* | 66581 |
| 3432 | D.R. Horton, Inc. | 550458 |
| 95 | Darden Restaurants, Inc. | 20316 |
| 817 | Dick's Sporting Goods, Inc. | 166366 |
| 38 | Dillard's, Inc., Class A | 22906 |
| 284 | Domino's Pizza, Inc. | 114313 |
| 5850 | eBay, Inc. | 531531 |
| 591 | Etsy, Inc.\* | 32434 |
| 692 | Five Below, Inc.\* | 154683 |
| 1008 | Floor & Decor Holdings, Inc., Class A\* | 69643 |
| 389 | Flutter Entertainment PLC\* | 41288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50139 | Ford Motor Co. | 706459 |
| 5513 | GameStop Corp., Class A\* | 132477 |
| 2921 | Gap, Inc. (The) | 81905 |
| 2093 | Garmin Ltd. | 529173 |
| 12072 | General Motors Co. | 950187 |
| 2905 | Gentex Corp. | 67977 |
| 1782 | Genuine Parts Co. | 212521 |
| 285 | Grand Canyon Education, Inc.\* | 45335 |
| 1416 | H&R Block, Inc. | 43358 |
| 1412 | Harley-Davidson, Inc. | 25416 |
| 1697 | Hasbro, Inc. | 169004 |
| 3042 | Home Depot, Inc. (The) | 1158150 |
| 529 | Hyatt Hotels Corp., Class A<sup>(a)</sup> | 85433 |
| 686 | Lear Corp. | 90037 |
| 2658 | Lennar Corp., Class A | 303969 |
| 126 | Lennar Corp., Class B | 13448 |
| 336 | Liberty Live Holdings, Inc., Class A\* | 32605 |
| 672 | Liberty Live Holdings, Inc., Class C\* | 66965 |
| 292 | Lithia Motors, Inc. | 81637 |
| 3332 | LKQ Corp. | 110323 |
| 7256 | Lowe's Cos., Inc. | 1919720 |
| 1292 | Lucid Group, Inc.\*<sup>(a)</sup> | 12920 |
| 573 | Lululemon Athletica, Inc.\* | 106102 |
| 3480 | Macy's, Inc. | 68834 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **63** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> RUSSELL 1000 VALUE EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares**  | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Consumer Discretionary – (continued) | Consumer Discretionary – (continued) | Consumer Discretionary – (continued) | Consumer Discretionary – (continued) |
| 681 | Marriott International, Inc., Class A | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4124 | Mattel, Inc.\* |  | 69902 |
| 8719 | McDonald's Corp. |  | 2973702 |
| 2631 | MGM Resorts International\* |  | 96979 |
| 659 | Mohawk Industries, Inc.\* |  | 82553 |
| 6493 | Newell Brands, Inc. |  | 29543 |
| 14860 | NIKE, Inc., Class B |  | 923995 |
| 553 | Norwegian Cruise Line Holdings Ltd.\* |  | 13709 |
| 36 | NVR, Inc.\* |  | 270640 |
| 786 | Ollie's Bargain Outlet Holdings, Inc.\* |  | 84181 |
| 901 | O'Reilly Automotive, Inc.\* |  | 84586 |
| 2317 | Penn Entertainment, Inc.\* |  | 36238 |
| 259 | Penske Automotive Group, Inc. |  | 40798 |
| 376 | Pool Corp. |  | 85420 |
| 2565 | PulteGroup, Inc. |  | 351918 |
| 671 | PVH Corp. |  | 46031 |
| 4922 | QuantumScape Corp.\* |  | 34060 |
| 482 | Ralph Lauren Corp. |  | 174773 |
| 1507 | Restaurant Brands International, Inc. (Canada) |  | 108067 |
| 125 | RH\* |  | 20714 |
| 9954 | Rivian Automotive, Inc., Class A\* |  | 152595 |
| 3310 | Ross Stores, Inc. |  | 680668 |
| 1789 | Service Corp. International |  | 150598 |
| 884 | SharkNinja, Inc.\* |  | 108617 |
| 12676 | Starbucks Corp. |  | 1242502 |
| 220 | Tapestry, Inc. |  | 34203 |
| 654 | Thor Industries, Inc. |  | 62869 |
| 7183 | TJX Cos., Inc. (The) |  | 1161204 |
| 1271 | Toll Brothers, Inc. |  | 199852 |
| 348 | TopBuild Corp.\* |  | 156008 |
| 542 | Travel + Leisure Co. |  | 39945 |
| 434 | Ulta Beauty, Inc.\* |  | 297199 |
| 3234 | Under Armour, Inc., Class A\* |  | 23996 |
| 2859 | Under Armour, Inc., Class C\* |  | 20671 |
| 125 | Vail Resorts, Inc. |  | 16976 |
| 4527 | VF Corp. |  | 87914 |
| 988 | Wayfair, Inc., Class A\* |  | 75414 |
| 1318 | Wendy's Co. (The)<sup>(a)</sup> |  | 10096 |
| 735 | Whirlpool Corp.<sup>(a)</sup> |  | 50296 |
| 1293 | Williams-Sonoma, Inc. |  | 265905 |
| 102 | Wyndham Hotels & Resorts, Inc. |  | 8344 |
| 1072 | Wynn Resorts Ltd. |  | 115980 |
| 868 | YETI Holdings, Inc.\* |  | 37940 |
| 2377 | Yum! Brands, Inc. |  | 399716 |
|  |  |  | 29523527 |
| Consumer Staples – 7.8% | Consumer Staples – 7.8% | Consumer Staples – 7.8% | Consumer Staples – 7.8% |
| 5319 | Albertsons Cos., Inc., Class A |  | 95210 |
| 21665 | Altria Group, Inc. |  | 1495752 |
| 6144 | Archer-Daniels-Midland Co. |  | 424182 |
| 1630 | BellRing Brands, Inc.\* |  | 29976 |
| 1447 | BJ's Wholesale Club Holdings, Inc.\* |  | 142949 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares**  | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Consumer Staples – (continued) | Consumer Staples – (continued) | Consumer Staples – (continued) |
| 105 | Boston Beer Co., Inc. (The), Class A\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23812 |
| 733 | Brown-Forman Corp., Class A | 21521 |
| 1896 | Brown-Forman Corp., Class B | 54718 |
| 1706 | Bunge Global SA | 205829 |
| 2490 | Campbell's Company (The) | 67106 |
| 408 | Casey's General Stores, Inc. | 279721 |
| 3163 | Church & Dwight Co., Inc. | 331672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1582 | Clorox Co. (The) | 201167 |
| 25728 | Coca-Cola Co. (The) | 2098376 |
| 574 | Coca-Cola Consolidated, Inc. | 116178 |
| 5352 | Colgate-Palmolive Co. | 530597 |
| 6113 | Conagra Brands, Inc. | 117675 |
| 1865 | Constellation Brands, Inc., Class A | 294409 |
| 5587 | Coty, Inc., Class A\* | 14023 |
| 1784 | Darling Ingredients, Inc.\* | 94837 |
| 2821 | Dollar General Corp. | 440753 |
| 2488 | Dollar Tree, Inc.\* | 314682 |
| 710 | elf Beauty, Inc.\* | 65356 |
| 3171 | Estee Lauder Cos., Inc. (The), Class A | 347129 |
| 2767 | Flowers Foods, Inc. | 27338 |
| 450 | Freshpet, Inc.\* | 38003 |
| 7032 | General Mills, Inc. | 318057 |
| 1645 | Hershey Co. (The) | 388681 |
| 3715 | Hormel Foods Corp. | 95104 |
| 820 | Ingredion, Inc. | 96317 |
| 1331 | J M Smucker Co. (The) | 154329 |
| 24406 | Kenvue, Inc. | 466643 |
| 16633 | Keurig Dr Pepper, Inc. | 503647 |
| 2730 | Kimberly-Clark Corp. | 304231 |
| 10966 | Kraft Heinz Co. (The) | 269873 |
| 7848 | Kroger Co. (The) | 535548 |
| 1750 | Lamb Weston Holdings, Inc. | 84333 |
| 2213 | Maplebear, Inc.\* | 83010 |
| 3252 | McCormick & Co., Inc. | 231022 |
| 2154 | Molson Coors Beverage Co., Class B | 105524 |
| 16640 | Mondelez International, Inc., Class A | 1024691 |
| 15304 | PepsiCo, Inc. | 2597701 |
| 1717 | Performance Food Group Co.\* | 166652 |
| 20160 | Philip Morris International, Inc. | 3766493 |
| 525 | Pilgrim's Pride Corp. | 22659 |
| 648 | Post Holdings, Inc.\* | 68882 |
| 3297 | Primo Brands Corp., Class A | 74776 |
| 30392 | Procter & Gamble Co. (The) | 5081542 |
| 756 | Reynolds Consumer Products, Inc. | 18756 |
| 5 | Seaboard Corp. | 25664 |
| 582 | Smithfield Foods, Inc. | 14480 |
| 2796 | Sysco Corp. | 254883 |
| 5838 | Target Corp. | 664306 |
| 3593 | Tyson Foods, Inc., Class A | 233509 |
| 2949 | US Foods Holding Corp.\* | 284903 |
| 50666 | Walmart, Inc. | 6482715 |
|  |  | 32291902 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 64 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> RUSSELL 1000 VALUE EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Energy – 6.6% | Energy – 6.6% | Energy – 6.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4295 | Antero Midstream Corp. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96552 |
| 3756 | Antero Resources Corp.\* | 138258 |
| 4554 | APA Corp. | 138305 |
| 12738 | Baker Hughes Co. | 831282 |
| 1558 | Cheniere Energy, Inc. | 367267 |
| 24235 | Chevron Corp. | 4526129 |
| 758 | Chord Energy Corp. | 82144 |
| 16258 | ConocoPhillips | 1844633 |
| 9688 | Coterra Energy, Inc. | 296356 |
| 7986 | Devon Energy Corp. | 347631 |
| 2449 | Diamondback Energy, Inc. | 426322 |
| 1303 | DT Midstream, Inc. | 180908 |
| 7093 | EOG Resources, Inc. | 880099 |
| 8010 | EQT Corp. | 491974 |
| 2946 | Expand Energy Corp. | 317932 |
| 54660 | Exxon Mobil Corp. | 8335650 |
| 11011 | Halliburton Co. | 396396 |
| 1845 | HF Sinclair Corp. | 92268 |
| 24976 | Kinder Morgan, Inc. | 830952 |
| 4002 | Marathon Petroleum Corp. | 793236 |
| 1629 | Matador Resources Co. | 83731 |
| 4798 | NOV, Inc. | 97207 |
| 9091 | Occidental Petroleum Corp. | 482550 |
| 8026 | ONEOK, Inc. | 664312 |
| 3334 | Ovintiv, Inc. | 168667 |
| 9202 | Permian Resources Corp., Class A | 168305 |
| 4861 | Phillips 66 | 750198 |
| 3032 | Range Resources Corp. | 125161 |
| 17802 | SLB Ltd. | 913955 |
| 5187 | TechnipFMC PLC (United Kingdom) | 343950 |
| 3929 | Valero Energy Corp. | 804031 |
| 2177 | Viper Energy, Inc., Class A | 101318 |
| 914 | Weatherford International PLC | 96390 |
| 14812 | Williams Cos., Inc. (The) | 1106753 |
|  |  | 27320822 |
| Financials – 19.7% | Financials – 19.7% | Financials – 19.7% |
| 359 | Affiliated Managers Group, Inc. | 109919 |
| 1397 | Affirm Holdings, Inc.\* | 65631 |
| 6256 | Aflac, Inc. | 706490 |
| 12769 | AGNC Investment Corp. REIT | 143141 |
| 3389 | Allstate Corp. (The) | 727008 |
| 3126 | Ally Financial, Inc. | 123289 |
| 4701 | American Express Co. | 1452139 |
| 849 | American Financial Group, Inc. | 112900 |
| 7166 | American International Group, Inc. | 576791 |
| 112 | Ameriprise Financial, Inc. | 52653 |
| 8841 | Annaly Capital Management, Inc. REIT | 205465 |
| 205 | Aon PLC, Class A | 68771 |
| 1607 | Apollo Global Management, Inc. | 168092 |
| 4686 | Arch Capital Group Ltd.\* | 469303 |
| 3058 | Arthur J Gallagher & Co. | 697836 |
| 651 | Assurant, Inc. | 149463 |
| 598 | Assured Guaranty Ltd. | 51554 |
| 998 | Axis Capital Holdings Ltd. | 105509 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Financials – (continued) | Financials – (continued) | Financials – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79192 | Bank of America Corp. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3946137 |
| 8437 | Bank of New York Mellon Corp. (The) | 1004847 |
| 1370 | Bank OZK | 63787 |
| 23867 | Berkshire Hathaway, Inc., Class B\* | 12051642 |
| 1967 | Blackrock, Inc. | 2091373 |
| 4406 | Block, Inc.\* | 280662 |
| 336 | BOK Financial Corp. | 42242 |
| 733 | Brighthouse Financial, Inc.\* | 43965 |
| 3217 | Brookfield Asset Management Ltd., Class A (Canada) | 150395 |
| 3336 | Brown & Brown, Inc. | 239592 |
| 365 | Bullish (Cayman Islands)\*<sup>(a)</sup> | 11457 |
| 8138 | Capital One Financial Corp. | 1592118 |
| 3359 | Carlyle Group, Inc. (The) | 174634 |
| 1345 | Cboe Global Markets, Inc. | 403123 |
| 20155 | Charles Schwab Corp. (The) | 1918756 |
| 4723 | Chubb Ltd. | 1609882 |
| 1978 | Cincinnati Financial Corp. | 324352 |
| 18861 | Citigroup, Inc. | 2078294 |
| 5586 | Citizens Financial Group, Inc. | 336221 |
| 4619 | CME Group, Inc. | 1475771 |
| 336 | CNA Financial Corp. | 16135 |
| 2603 | Coinbase Global, Inc., Class A\* | 457738 |
| 3812 | Columbia Banking System, Inc. | 108451 |
| 1665 | Commerce Bancshares, Inc. | 84898 |
| 3481 | Corebridge Financial, Inc. | 89949 |
| 50 | Credit Acceptance Corp.\* | 23659 |
| 763 | Cullen/Frost Bankers, Inc. | 105462 |
| 1756 | East West Bancorp, Inc. | 192194 |
| 521 | Euronet Worldwide, Inc.\* | 36235 |
| 497 | Evercore, Inc., Class A | 153494 |
| 463 | Everest Group Ltd. | 155332 |
| 455 | FactSet Research Systems, Inc. | 98649 |
| 3338 | Fidelity National Financial, Inc. | 176513 |
| 6763 | Fidelity National Information Services, Inc. | 344643 |
| 11679 | Fifth Third Bancorp | 577760 |
| 373 | Figure Technology Solutions, Inc., Class A\*<sup>(a)</sup> | 9429 |
| 1263 | First American Financial Corp. | 88549 |
| 120 | First Citizens BancShares, Inc., Class A | 227778 |
| 1894 | First Hawaiian, Inc. | 46895 |
| 6456 | First Horizon Corp. | 153588 |
| 5048 | Fiserv, Inc.\* | 314440 |
| 4559 | FNB Corp. | 77457 |
| 4252 | Franklin Resources, Inc. | 112848 |
| 3136 | Global Payments, Inc. | 239779 |
| 1065 | Globe Life, Inc. | 154702 |
| 3592 | Goldman Sachs Group, Inc. (The)<sup>(b)</sup> | 3087576 |
| 178 | Hamilton Lane, Inc., Class A | 18679 |
| 493 | Hanover Insurance Group, Inc. (The) | 89051 |
| 3645 | Hartford Insurance Group, Inc. (The) | 513325 |
| 429 | Houlihan Lokey, Inc. | 70257 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **65** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> RUSSELL 1000 VALUE EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Financials – (continued) | Financials – (continued) | Financials – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26012 | Huntington Bancshares, Inc. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437002 |
| 5149 | Interactive Brokers Group, Inc., Class A | 366557 |
| 7327 | Intercontinental Exchange, Inc. | 1202581 |
| 4674 | Invesco Ltd. | 122739 |
| 933 | Jack Henry & Associates, Inc. | 151575 |
| 1612 | Janus Henderson Group PLC | 83985 |
| 1486 | Jefferies Financial Group, Inc. | 65978 |
| 35145 | JPMorgan Chase & Co. | 10554044 |
| 884 | Kemper Corp. | 28571 |
| 12145 | KeyCorp | 251887 |
| 6539 | KKR & Co., Inc. | 573340 |
| 954 | Lazard, Inc. | 48272 |
| 2187 | Lincoln National Corp. | 75014 |
| 2194 | Loews Corp. | 241384 |
| 2017 | M&T Bank Corp. | 437649 |
| 129 | Markel Group, Inc.\* | 267349 |
| 468 | MarketAxess Holdings, Inc. | 89856 |
| 5587 | Marsh & McLennan Cos., Inc. | 1043316 |
| 7226 | MetLife, Inc. | 520778 |
| 2987 | MGIC Investment Corp. | 79245 |
| 14902 | Morgan Stanley | 2481332 |
| 97 | Morningstar, Inc. | 17765 |
| 490 | MSCI, Inc. | 280197 |
| 5854 | Nasdaq, Inc. | 512693 |
| 2507 | Northern Trust Corp. | 358727 |
| 2935 | Old Republic International Corp. | 125824 |
| 1639 | OneMain Holdings, Inc. | 90178 |
| 12125 | PayPal Holdings, Inc. | 560296 |
| 1846 | Pinnacle Financial Partners, Inc. | 167543 |
| 5075 | PNC Financial Services Group, Inc. (The) | 1077676 |
| 790 | Popular, Inc. (Puerto Rico) | 106934 |
| 423 | Primerica, Inc. | 107298 |
| 2852 | Principal Financial Group, Inc. | 272138 |
| 7203 | Progressive Corp. (The) | 1538993 |
| 1175 | Prosperity Bancshares, Inc. | 82685 |
| 4555 | Prudential Financial, Inc. | 448121 |
| 2348 | Raymond James Financial, Inc. | 359432 |
| 11538 | Regions Financial Corp. | 321103 |
| 847 | Reinsurance Group of America, Inc. | 182723 |
| 614 | RenaissanceRe Holdings Ltd. (Bermuda) | 185710 |
| 7101 | Rithm Capital Corp. REIT | 71365 |
| 988 | RLI Corp. | 61572 |
| 8233 | Robinhood Markets, Inc., Class A\* | 624473 |
| 12090 | Rocket Cos., Inc., Class A | 219917 |
| 3918 | S&P Global, Inc. | 1731286 |
| 1336 | SEI Investments Co. | 108644 |
| 2343 | SLM Corp. | 43908 |
| 13541 | SoFi Technologies, Inc.\* | 240488 |
| 1288 | SouthState Bank Corp. | 127087 |
| 4441 | Starwood Property Trust, Inc. REIT | 79094 |
| 3600 | State Street Corp. | 463032 |
| 1924 | Stifel Financial Corp. | 142472 |
| 4660 | Synchrony Financial | 322053 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Financials – (continued) | Financials – (continued) | Financials – (continued) | Financials – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2809 | T. Rowe Price Group, Inc. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265816 |
| 1007 | TFS Financial Corp. |  | 14118 |
| 102 | TPG, Inc. |  | 4429 |
| 1371 | Tradeweb Markets, Inc., Class A |  | 168983 |
| 2904 | Travelers Cos., Inc. (The) |  | 896291 |
| 16826 | Truist Financial Corp. |  | 829690 |
| 2222 | Unum Group |  | 159384 |
| 20060 | US Bancorp |  | 1096480 |
| 443 | UWM Holdings Corp. |  | 1954 |
| 1183 | Virtu Financial, Inc., Class A |  | 48988 |
| 1235 | Voya Financial, Inc. |  | 82597 |
| 3739 | W R Berkley Corp. |  | 268086 |
| 2148 | Webster Financial Corp. |  | 154935 |
| 40672 | Wells Fargo & Co. |  | 3312734 |
| 1095 | Western Alliance Bancorp |  | 87950 |
| 4064 | Western Union Co. (The) |  | 39136 |
| 401 | WEX, Inc.\* |  | 59825 |
| 32 | White Mountains Insurance Group Ltd. |  | 71056 |
| 1273 | Willis Towers Watson PLC |  | 388481 |
| 899 | Wintrust Financial Corp. |  | 129510 |
| 4745 | XP, Inc., Class A (Brazil) |  | 102160 |
| 1862 | Zions Bancorp NA |  | 106655 |
|  |  |  | 82093808 |
| Health Care – 11.8% | Health Care – 11.8% | Health Care – 11.8% | Health Care – 11.8% |
| 22318 | Abbott Laboratories |  | 2596699 |
| 1364 | Acadia Healthcare Co., Inc.\* |  | 31972 |
| 3659 | Agilent Technologies, Inc. |  | 444129 |
| 880 | Align Technology, Inc.\* |  | 167288 |
| 1813 | Amgen, Inc. |  | 703734 |
| 8484 | Avantor, Inc.\* |  | 76780 |
| 6579 | Baxter International, Inc. |  | 134014 |
| 3674 | Becton Dickinson & Co. |  | 648388 |
| 1876 | Biogen, Inc.\* |  | 359854 |
| 2441 | BioMarin Pharmaceutical, Inc.\* |  | 150683 |
| 242 | Bio-Rad Laboratories, Inc., Class A\* |  | 67383 |
| 2014 | Bio-Techne Corp. |  | 118826 |
| 15690 | Boston Scientific Corp.\* |  | 1205777 |
| 21139 | Bristol-Myers Squibb Co. |  | 1318439 |
| 1326 | Bruker Corp. |  | 53186 |
| 1543 | Cardinal Health, Inc. |  | 353702 |
| 6377 | Centene Corp.\* |  | 286200 |
| 1362 | Certara, Inc.\* |  | 9643 |
| 627 | Charles River Laboratories International, Inc.\* |  | 111913 |
| 168 | Chemed Corp. |  | 68882 |
| 3126 | Cigna Group (The) |  | 905977 |
| 2558 | Cooper Cos., Inc. (The)\* |  | 214028 |
| 16086 | CVS Health Corp. |  | 1285271 |
| 8150 | Danaher Corp. |  | 1716716 |
| 2557 | DENTSPLY SIRONA, Inc. |  | 37537 |
| 7392 | Edwards Lifesciences Corp.\* |  | 639186 |
| 6320 | Elanco Animal Health, Inc.\* |  | 166848 |
| 2905 | Elevance Health, Inc. |  | 929600 |
| 1288 | Encompass Health Corp. |  | 138950 |
| 2554 | Envista Holdings Corp.\* |  | 74602 |
| 2260 | Exact Sciences Corp.\* |  | 233639 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 66 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> RUSSELL 1000 VALUE EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Health Care – (continued) | Health Care – (continued) | Health Care – (continued) |
| 735 | Exelixis, Inc.\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5878 | GE HealthCare Technologies, Inc. | 495339 |
| 11689 | Gilead Sciences, Inc. | 1741077 |
| 1440 | Globus Medical, Inc., Class A\* | 137462 |
| 1650 | HCA Healthcare, Inc. | 874005 |
| 1407 | Henry Schein, Inc.\* | 115923 |
| 2865 | Hologic, Inc.\* | 215906 |
| 1551 | Humana, Inc. | 295528 |
| 2032 | Illumina, Inc.\* | 273223 |
| 1507 | Incyte Corp.\* | 152614 |
| 143 | Insmed, Inc.\* | 21354 |
| 153 | Ionis Pharmaceuticals, Inc.\* | 12416 |
| 2179 | IQVIA Holdings, Inc.\* | 389627 |
| 761 | Jazz Pharmaceuticals PLC\* | 144605 |
| 31132 | Johnson & Johnson | 7734123 |
| 1073 | Labcorp Holdings, Inc. | 310226 |
| 125 | McKesson Corp. | 123421 |
| 16470 | Medtronic PLC | 1608460 |
| 32598 | Merck & Co., Inc. | 4036284 |
| 267 | Mettler-Toledo International, Inc.\* | 364906 |
| 4717 | Moderna, Inc.\* | 252690 |
| 320 | Molina Healthcare, Inc.\* | 49296 |
| 179 | Neurocrine Biosciences, Inc.\* | 23673 |
| 3765 | Organon & Co. | 27447 |
| 1951 | Perrigo Co. PLC | 25792 |
| 73499 | Pfizer, Inc. | 2032247 |
| 2604 | QIAGEN NV | 129679 |
| 1432 | Quest Diagnostics, Inc. | 303455 |
| 1308 | Regeneron Pharmaceuticals, Inc. | 1022424 |
| 593 | Repligen Corp.\* | 76337 |
| 1432 | ResMed, Inc. | 366964 |
| 2226 | REVOLUTION Medicines, Inc.\* | 227097 |
| 1543 | Revvity, Inc. | 151692 |
| 4866 | Roivant Sciences Ltd.\* | 140822 |
| 5038 | Royalty Pharma PLC, Class A | 232806 |
| 1783 | Solventum Corp.\* | 132299 |
| 1858 | Sotera Health Co.\* | 30193 |
| 1261 | STERIS PLC | 318213 |
| 3302 | Stryker Corp. | 1279393 |
| 573 | Teleflex, Inc. | 69940 |
| 1123 | Tenet Healthcare Corp.\* | 268835 |
| 4887 | Thermo Fisher Scientific, Inc. | 2546665 |
| 571 | United Therapeutics Corp.\* | 287727 |
| 11775 | UnitedHealth Group, Inc. | 3453254 |
| 701 | Universal Health Services, Inc., Class B | 144476 |
| 387 | Veeva Systems, Inc., Class A\* | 70438 |
| 15232 | Viatris, Inc. | 227414 |
| 1288 | Viking Therapeutics, Inc.\* | 43586 |
| 849 | Waters Corp.\* | 271154 |
| 920 | West Pharmaceutical Services, Inc. | 233993 |
| 2543 | Zimmer Biomet Holdings, Inc. | 250333 |
| 1164 | Zoetis, Inc. | 152600 |
|  |  | 49171663 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Industrials – 14.0% | Industrials – 14.0% | Industrials – 14.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5807 | 3M Co. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960013 |
| 1485 | A O Smith Corp. | 115830 |
| 397 | Acuity, Inc. | 119731 |
| 907 | Advanced Drainage Systems, Inc. | 155405 |
| 1699 | AECOM | 166468 |
| 796 | AGCO Corp. | 108654 |
| 1337 | Air Lease Corp. | 86691 |
| 1300 | Alaska Air Group, Inc.\* | 67080 |
| 1105 | Allegion PLC | 178071 |
| 908 | Allison Transmission Holdings, Inc. | 113772 |
| 2058 | Amentum Holdings, Inc.\* | 61472 |
| 7842 | American Airlines Group, Inc.\* | 102495 |
| 2959 | AMETEK, Inc. | 707852 |
| 4732 | API Group Corp.\* | 210385 |
| 489 | Applied Industrial Technologies, Inc. | 138182 |
| 430 | Armstrong World Industries, Inc. | 74605 |
| 1814 | ATI, Inc.\* | 296752 |
| 382 | Automatic Data Processing, Inc. | 81886 |
| 151 | Avis Budget Group, Inc.\* | 14709 |
| 8278 | Boeing Co. (The)\* | 1883493 |
| 154 | Broadridge Financial Solutions, Inc. | 28624 |
| 1434 | Builders FirstSource, Inc.\* | 149552 |
| 966 | BWX Technologies, Inc. | 198977 |
| 1509 | C.H. Robinson Worldwide, Inc. | 279542 |
| 279 | CACI International, Inc., Class A\* | 170237 |
| 486 | Carlisle Cos., Inc. | 191858 |
| 509 | Carpenter Technology Corp. | 202618 |
| 10345 | Carrier Global Corp. | 666218 |
| 5258 | Caterpillar, Inc. | 3905800 |
| 5894 | Clarivate PLC\* | 13556 |
| 651 | Clean Harbors, Inc.\* | 190873 |
| 11262 | CNH Industrial NV | 138523 |
| 672 | Concentrix Corp. | 22042 |
| 858 | Copart, Inc.\* | 32681 |
| 1022 | Core & Main, Inc., Class A\* | 55352 |
| 632 | Crane Co. | 126735 |
| 24110 | CSX Corp. | 1029256 |
| 1768 | Cummins, Inc. | 1032282 |
| 489 | Curtiss-Wright Corp. | 342461 |
| 3138 | Deere & Co. | 1976030 |
| 8376 | Delta Air Lines, Inc. | 550303 |
| 1530 | Donaldson Co., Inc. | 141923 |
| 1742 | Dover Corp. | 392821 |
| 5033 | Eaton Corp. PLC | 1892005 |
| 379 | EMCOR Group, Inc. | 274631 |
| 7239 | Emerson Electric Co. | 1091279 |
| 1314 | Equifax, Inc. | 274573 |
| 731 | Esab Corp. | 92230 |
| 761 | Everus Construction Group, Inc.\* | 91982 |
| 1707 | Expeditors International of Washington, Inc. | 247566 |
| 2701 | Fastenal Co. | 124354 |
| 2796 | FedEx Corp. | 1082052 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **67** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> RUSSELL 1000 VALUE EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Industrials – (continued) | Industrials – (continued) | Industrials – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2341 | Ferguson Enterprises, Inc. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610439 |
| 1673 | Flowserve Corp. | 148094 |
| 4109 | Fortive Corp. | 243253 |
| 1554 | Fortune Brands Innovations, Inc. | 84444 |
| 429 | FTI Consulting, Inc.\* | 70536 |
| 3007 | Gates Industrial Corp. PLC\* | 82903 |
| 750 | Generac Holdings, Inc.\* | 169028 |
| 3246 | General Dynamics Corp. | 1158984 |
| 2067 | Genpact Ltd. | 82101 |
| 2138 | Graco, Inc. | 200801 |
| 1475 | GXO Logistics, Inc.\* | 92674 |
| 2254 | Hayward Holdings, Inc.\* | 36064 |
| 1027 | Hexcel Corp. | 95193 |
| 8199 | Honeywell International, Inc. | 1997194 |
| 687 | Hubbell, Inc. | 351490 |
| 501 | Huntington Ingalls Industries, Inc. | 222705 |
| 971 | IDEX Corp. | 203395 |
| 2531 | Illinois Tool Works, Inc. | 735585 |
| 5183 | Ingersoll Rand, Inc. | 487928 |
| 1035 | ITT, Inc. | 209494 |
| 1025 | J.B. Hunt Transport Services, Inc. | 239245 |
| 1560 | Jacobs Solutions, Inc. | 215062 |
| 8479 | Johnson Controls International PLC | 1223520 |
| 1667 | KBR, Inc. | 70397 |
| 727 | Kirby Corp.\* | 94365 |
| 2022 | Knight-Swift Transportation Holdings, Inc. | 127224 |
| 2399 | L3Harris Technologies, Inc. | 874531 |
| 490 | Landstar System, Inc. | 79846 |
| 1637 | Leidos Holdings, Inc. | 286639 |
| 589 | Leonardo DRS, Inc. | 25557 |
| 697 | Lincoln Electric Holdings, Inc. | 200074 |
| 1935 | Lockheed Martin Corp. | 1273385 |
| 4292 | Lyft, Inc., Class A\* | 59401 |
| 759 | ManpowerGroup, Inc. | 21229 |
| 2704 | Masco Corp. | 193660 |
| 640 | MasTec, Inc.\* | 190733 |
| 648 | Middleby Corp. (The)\* | 109421 |
| 520 | MSA Safety, Inc. | 101613 |
| 564 | MSC Industrial Direct Co., Inc., Class A | 52926 |
| 1393 | Mueller Industries, Inc. | 164318 |
| 693 | Nordson Corp. | 203354 |
| 2901 | Norfolk Southern Corp. | 913061 |
| 1742 | Northrop Grumman Corp. | 1261870 |
| 2092 | nVent Electric PLC | 247609 |
| 2259 | Old Dominion Freight Line, Inc. | 458690 |
| 821 | Oshkosh Corp. | 139586 |
| 5075 | Otis Worldwide Corp. | 469742 |
| 1090 | Owens Corning | 133056 |
| 6619 | PACCAR, Inc. | 834590 |
| 1633 | Parker-Hannifin Corp. | 1647991 |
| 699 | Parsons Corp.\* | 46134 |
| 2847 | Paychex, Inc. | 266622 |
| 267 | Paycom Software, Inc. | 33597 |
| 48 | Paylocity Holding Corp.\* | 5111 |
| 2101 | Pentair PLC | 208398 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Industrials – (continued) | Industrials – (continued) | Industrials – (continued) | Industrials – (continued) |
| 426 | Quanta Services, Inc. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7643 | QXO, Inc.\* |  | 183050 |
| 2236 | RB Global, Inc. (Canada) |  | 225747 |
| 325 | RBC Bearings, Inc.\* |  | 187174 |
| 848 | Regal Rexnord Corp. |  | 187391 |
| 2602 | Republic Services, Inc. |  | 595858 |
| 1270 | Robert Half, Inc. |  | 31013 |
| 1357 | Rockwell Automation, Inc. |  | 552910 |
| 17313 | RTX Corp. |  | 3507960 |
| 516 | Ryder System, Inc. |  | 114325 |
| 342 | Saia, Inc.\* |  | 138643 |
| 723 | Schneider National, Inc., Class B |  | 20519 |
| 604 | Science Applications International Corp. |  | 55725 |
| 1862 | Sensata Technologies Holding PLC |  | 69527 |
| 493 | Simpson Manufacturing Co., Inc. |  | 95430 |
| 431 | SiteOne Landscape Supply, Inc.\* |  | 61586 |
| 658 | Snap-on, Inc. |  | 253475 |
| 5433 | Southwest Airlines Co. |  | 267630 |
| 2716 | SS&C Technologies Holdings, Inc. |  | 204488 |
| 1658 | StandardAero, Inc.\* |  | 51066 |
| 1985 | Stanley Black & Decker, Inc. |  | 171683 |
| 2792 | Tetra Tech, Inc. |  | 100065 |
| 2311 | Textron, Inc. |  | 227980 |
| 803 | Timken Co. (The) |  | 87029 |
| 1274 | Toro Co. (The) |  | 125948 |
| 586 | TransDigm Group, Inc. |  | 763435 |
| 2503 | TransUnion |  | 196611 |
| 1370 | Trex Co., Inc.\* |  | 56745 |
| 808 | U-Haul Holding Co. |  | 38105 |
| 7075 | Union Pacific Corp. |  | 1874734 |
| 4180 | United Airlines Holdings, Inc.\* |  | 444334 |
| 9427 | United Parcel Service, Inc., Class B |  | 1093155 |
| 833 | United Rentals, Inc. |  | 699720 |
| 255 | Valmont Industries, Inc. |  | 117282 |
| 1844 | Veralto Corp. |  | 179661 |
| 718 | Verisk Analytics, Inc. |  | 149035 |
| 83 | W.W. Grainger, Inc. |  | 95013 |
| 447 | Watsco, Inc. |  | 186547 |
| 616 | WESCO International, Inc. |  | 178332 |
| 2177 | Westinghouse Air Brake Technologies Corp. |  | 574619 |
| 1941 | WillScot Holdings Corp. |  | 41945 |
| 772 | Woodward, Inc. |  | 298579 |
| 1169 | XPO, Inc.\* |  | 246039 |
| 3125 | Xylem, Inc. |  | 404875 |
|  |  |  | 57802204 |
| Information Technology – 11.6% | Information Technology – 11.6% | Information Technology – 11.6% | Information Technology – 11.6% |
| 8103 | Accenture PLC, Class A |  | 1691258 |
| 8651 | Advanced Micro Devices, Inc.\* |  | 1732017 |
| 1843 | Akamai Technologies, Inc.\* |  | 181333 |
| 1796 | Allegro MicroSystems, Inc. (Japan)\* |  | 65500 |
| 1418 | Amdocs Ltd. |  | 98976 |
| 1670 | Amkor Technology, Inc. |  | 79859 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 68 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> RUSSELL 1000 VALUE EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Information Technology – (continued) | Information Technology – (continued) | Information Technology – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6425 | Analog Devices, Inc. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2285951 |
| 7406 | Applied Materials, Inc. | 2757254 |
| 663 | Arrow Electronics, Inc.\* | 100882 |
| 12656 | Aurora Innovation, Inc.\* | 59230 |
| 1103 | Avnet, Inc. | 72621 |
| 1099 | BILL Holdings, Inc.\* | 48916 |
| 7062 | CCC Intelligent Solutions Holdings, Inc.\* | 41171 |
| 1558 | CDW Corp. | 191073 |
| 1812 | Ciena Corp.\* | 631844 |
| 515 | Circle Internet Group, Inc.\* | 42972 |
| 680 | Cirrus Logic, Inc.\* | 95962 |
| 51495 | Cisco Systems, Inc. | 4091793 |
| 2165 | Cognex Corp. | 117776 |
| 6341 | Cognizant Technology Solutions Corp., Class A | 408551 |
| 1970 | Coherent Corp.\* | 510092 |
| 10028 | Corning, Inc. | 1508011 |
| 734 | Crane NXT Co. | 35445 |
| 3563 | Dell Technologies, Inc., Class C | 527609 |
| 631 | Docusign, Inc.\* | 28439 |
| 840 | Dolby Laboratories, Inc., Class A | 55919 |
| 1911 | Dropbox, Inc., Class A\* | 47756 |
| 2645 | DXC Technology Co.\* | 33300 |
| 1611 | Entegris, Inc. | 213377 |
| 732 | EPAM Systems, Inc.\* | 103212 |
| 749 | F5, Inc.\* | 203249 |
| 52 | Fair Isaac Corp.\* | 73287 |
| 1303 | First Solar, Inc.\* | 256952 |
| 4896 | Flex Ltd.\* | 308546 |
| 6289 | Gen Digital, Inc. | 141943 |
| 1362 | GLOBALFOUNDRIES, Inc.\* | 64763 |
| 500 | Globant SA\* | 24880 |
| 16841 | Hewlett Packard Enterprise Co. | 361576 |
| 12114 | HP, Inc. | 230045 |
| 57093 | Intel Corp.\* | 2604012 |
| 12038 | International Business Machines Corp. | 2891648 |
| 321 | IPG Photonics Corp.\* | 42234 |
| 470 | Jabil, Inc. | 124545 |
| 2210 | Keysight Technologies, Inc.\* | 679199 |
| 2917 | Kyndryl Holdings, Inc.\* | 35967 |
| 255 | Lattice Semiconductor Corp.\* | 24383 |
| 336 | Littelfuse, Inc. | 118427 |
| 816 | Lumentum Holdings, Inc.\* | 571943 |
| 611 | MACOM Technology Solutions Holdings, Inc.\* | 151601 |
| 10328 | Marvell Technology, Inc. | 843694 |
| 6778 | Microchip Technology, Inc. | 505910 |
| 14450 | Micron Technology, Inc. | 5958746 |
| 932 | MKS, Inc. | 227837 |
| 917 | MongoDB, Inc.\* | 301207 |
| 1239 | Motorola Solutions, Inc. | 597520 |
| 1177 | nCino, Inc.\* | 18997 |
| 1556 | NetApp, Inc. | 154091 |
| 2559 | Nutanix, Inc., Class A\* | 97958 |
| 1281 | Okta, Inc.\* | 92872 |
| 5414 | ON Semiconductor Corp.\* | 359923 |
| 507 | Onto Innovation, Inc.\* | 109456 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Information Technology – (continued) | Information Technology – (continued) | Information Technology – (continued) | Information Technology – (continued) |
| 746 | Pegasystems, Inc. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32623 |
| 1354 | PTC, Inc.\* |  | 212023 |
| 601 | Pure Storage, Inc., Class A\* |  | 38596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2690 | Qnity Electronics, Inc. |  | 340984 |
| 1094 | Qorvo, Inc.\* |  | 90693 |
| 10744 | QUALCOMM, Inc. |  | 1529516 |
| 1453 | Ralliant Corp. |  | 66678 |
| 1379 | Roper Technologies, Inc. |  | 482278 |
| 703 | Rubrik, Inc., Class A\* |  | 36528 |
| 772 | SailPoint, Inc.\* |  | 10885 |
| 10715 | Salesforce, Inc. |  | 2087175 |
| 1827 | Sandisk Corp.\* |  | 1160803 |
| 1041 | SentinelOne, Inc., Class A\* |  | 13658 |
| 1968 | Skyworks Solutions, Inc. |  | 117253 |
| 3213 | Strategy, Inc.\* |  | 416083 |
| 3571 | Super Micro Computer, Inc.\* |  | 115665 |
| 625 | Synopsys, Inc.\* |  | 258750 |
| 1000 | TD SYNNEX Corp. |  | 156810 |
| 597 | Teledyne Technologies, Inc.\* |  | 406617 |
| 944 | Teradata Corp.\* |  | 29727 |
| 2066 | Teradyne, Inc. |  | 661182 |
| 6897 | Texas Instruments, Inc. |  | 1462923 |
| 3059 | Trimble, Inc.\* |  | 204555 |
| 1531 | Twilio, Inc., Class A\* |  | 185190 |
| 102 | Tyler Technologies, Inc.\* |  | 36178 |
| 5594 | UiPath, Inc., Class A\* |  | 60024 |
| 3831 | Unity Software, Inc.\* |  | 69839 |
| 564 | Universal Display Corp. |  | 60173 |
| 1088 | VeriSign, Inc. |  | 247999 |
| 1899 | Vontier Corp. |  | 77707 |
| 4445 | Western Digital Corp. |  | 1243266 |
| 653 | Zebra Technologies Corp., Class A\* |  | 146246 |
| 3374 | Zoom Communications, Inc., Class A\* |  | 249474 |
|  |  |  | 48343611 |
| Materials – 4.4% | Materials – 4.4% | Materials – 4.4% | Materials – 4.4% |
| 2853 | Air Products and Chemicals, Inc. |  | 786486 |
| 1509 | Albemarle Corp. |  | 269613 |
| 3318 | Alcoa Corp. |  | 205981 |
| 5845 | Amcor PLC |  | 283073 |
| 5684 | Anglogold Ashanti PLC (Australia) |  | 726245 |
| 840 | AptarGroup, Inc. |  | 120716 |
| 678 | Ashland, Inc. |  | 42280 |
| 999 | Avery Dennison Corp. |  | 196154 |
| 2802 | Axalta Coating Systems Ltd.\* |  | 93615 |
| 3627 | Ball Corp. |  | 243480 |
| 1433 | Celanese Corp. |  | 71564 |
| 2128 | CF Industries Holdings, Inc. |  | 211821 |
| 7254 | Cleveland-Cliffs, Inc.\* |  | 77328 |
| 8786 | Corteva, Inc. |  | 703934 |
| 8711 | CRH PLC |  | 1045146 |
| 1487 | Crown Holdings, Inc. |  | 170410 |
| 9087 | Dow, Inc. |  | 279243 |
| 5376 | DuPont de Nemours, Inc. |  | 269015 |
| 398 | Eagle Materials, Inc. |  | 89072 |
| 1474 | Eastman Chemical Co. |  | 111302 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **69** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> RUSSELL 1000 VALUE EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Materials – (continued) | Materials – (continued) | Materials – (continued) | Materials – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2426 | Ecolab, Inc. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748057 |
| 2892 | Element Solutions, Inc. |  | 101480 |
| 1593 | FMC Corp. |  | 23481 |
| 18370 | Freeport-McMoRan, Inc. |  | 1250630 |
| 3825 | Graphic Packaging Holding Co. |  | 46780 |
| 2396 | Huntsman Corp. |  | 30309 |
| 3290 | International Flavors & Fragrances, Inc. |  | 270537 |
| 6731 | International Paper Co. |  | 293135 |
| 659 | James Hardie Industries PLC\* |  | 16047 |
| 6052 | Linde PLC |  | 3074900 |
| 809 | Louisiana-Pacific Corp. |  | 68555 |
| 3289 | LyondellBasell Industries NV, Class A |  | 189183 |
| 770 | Martin Marietta Materials, Inc. |  | 520959 |
| 4052 | Mosaic Co. (The) |  | 112808 |
| 1646 | MP Materials Corp.\*<sup>(a)</sup> |  | 96900 |
| 76 | NewMarket Corp. |  | 47577 |
| 14163 | Newmont Corp. |  | 1841190 |
| 2950 | Nucor Corp. |  | 521796 |
| 1732 | Olin Corp. |  | 43941 |
| 1134 | Packaging Corp. of America |  | 263247 |
| 2919 | PPG Industries, Inc. |  | 359825 |
| 678 | Reliance, Inc. |  | 214004 |
| 1059 | Royal Gold, Inc. |  | 317478 |
| 1632 | RPM International, Inc. |  | 186244 |
| 632 | Scotts Miracle-Gro Co. (The) |  | 44316 |
| 1986 | Sealed Air Corp. |  | 83174 |
| 280 | Sherwin-Williams Co. (The) |  | 101525 |
| 1218 | Silgan Holdings, Inc. |  | 58525 |
| 6691 | Smurfit WestRock PLC |  | 314544 |
| 2051 | Solstice Advanced Materials, Inc. |  | 161024 |
| 1411 | Sonoco Products Co. |  | 79679 |
| 1077 | Southern Copper Corp. (Mexico) |  | 235109 |
| 1631 | Steel Dynamics, Inc. |  | 314995 |
| 1698 | Vulcan Materials Co. |  | 526380 |
| 429 | Westlake Corp. |  | 45208 |
|  |  |  | 18600020 |
| Real Estate – 4.0% | Real Estate – 4.0% | Real Estate – 4.0% | Real Estate – 4.0% |
| 1442 | Agree Realty Corp. REIT |  | 116052 |
| 2203 | Alexandria Real Estate Equities, Inc. REIT |  | 119050 |
| 4388 | American Homes 4 Rent, Class A REIT |  | 131640 |
| 3661 | Americold Realty Trust, Inc. REIT |  | 49021 |
| 1827 | AvalonBay Communities, Inc. REIT |  | 323799 |
| 3910 | Brixmor Property Group, Inc. REIT |  | 118356 |
| 2034 | BXP, Inc. REIT |  | 117118 |
| 1380 | Camden Property Trust REIT |  | 149509 |
| 3399 | CBRE Group, Inc., Class A\* |  | 501896 |
| 4699 | CoStar Group, Inc.\* |  | 209716 |
| 2255 | Cousins Properties, Inc. REIT |  | 52226 |
| 5572 | Crown Castle, Inc. REIT |  | 498917 |
| 2907 | CubeSmart REIT |  | 119594 |
| 4446 | Digital Realty Trust, Inc. REIT |  | 787831 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Real Estate – (continued) | Real Estate – (continued) | Real Estate – (continued) |
| 670 | EastGroup Properties, Inc. REIT | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065 | EPR Properties REIT | 63272 |
| 1256 | Equinix, Inc. REIT | 1223671 |
| 2434 | Equity LifeStyle Properties, Inc. REIT | 163467 |
| 4864 | Equity Residential REIT | 307453 |
| 818 | Essex Property Trust, Inc. REIT | 208680 |
| 2711 | Extra Space Storage, Inc. REIT | 409442 |
| 1092 | Federal Realty Investment Trust REIT | 118777 |
| 1643 | First Industrial Realty Trust, Inc. REIT | 103739 |
| 3389 | Gaming and Leisure Properties, Inc. REIT | 165756 |
| 4214 | Healthcare Realty Trust, Inc. REIT | 77748 |
| 8902 | Healthpeak Properties, Inc. REIT | 157387 |
| 1361 | Highwoods Properties, Inc. REIT | 30609 |
| 8807 | Host Hotels & Resorts, Inc. REIT | 172529 |
| 415 | Howard Hughes Holdings, Inc.\* | 30034 |
| 7850 | Invitation Homes, Inc. REIT | 206769 |
| 3768 | Iron Mountain, Inc. REIT | 408187 |
| 427 | Jones Lang LaSalle, Inc.\* | 134740 |
| 1510 | Kilroy Realty Corp. REIT | 45028 |
| 8582 | Kimco Realty Corp. REIT | 202106 |
| 902 | Lineage, Inc. REIT | 36549 |
| 6400 | Medical Properties Trust, Inc. REIT | 36864 |
| 1495 | Mid-America Apartment Communities, Inc. REIT | 200121 |
| 1979 | Millrose Properties, Inc. REIT | 62061 |
| 1032 | National Storage Affiliates Trust REIT | 36141 |
| 2402 | NNN REIT, Inc. REIT | 108859 |
| 3625 | Omega Healthcare Investors, Inc. REIT | 174979 |
| 3136 | Park Hotels & Resorts, Inc. REIT | 35468 |
| 11913 | Prologis, Inc. REIT | 1698436 |
| 1762 | Public Storage REIT | 541040 |
| 3861 | Rayonier, Inc. REIT | 82973 |
| 11658 | Realty Income Corp. REIT | 781086 |
| 2320 | Regency Centers Corp. REIT | 183280 |
| 3160 | Rexford Industrial Realty, Inc. REIT | 118405 |
| 1379 | SBA Communications Corp. REIT | 277400 |
| 3238 | Simon Property Group, Inc. REIT | 660066 |
| 2398 | STAG Industrial, Inc. REIT | 94050 |
| 1312 | Sun Communities, Inc. REIT | 179036 |
| 4011 | UDR, Inc. REIT | 150412 |
| 6060 | Ventas, Inc. REIT | 522130 |
| 13564 | VICI Properties, Inc. REIT | 409768 |
| 2265 | Vornado Realty Trust REIT | 62469 |
| 2783 | W.P. Carey, Inc. REIT | 207751 |
| 8897 | Welltower, Inc. REIT | 1842747 |
| 9308 | Weyerhaeuser Co. REIT | 228325 |
| 725 | Zillow Group, Inc., Class A\* | 32480 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 70 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> RUSSELL 1000 VALUE EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |  |
| Real Estate – (continued) | Real Estate – (continued) | Real Estate – (continued) | Real Estate – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2089 | Zillow Group, Inc., Class C\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93211 |
|  |  |  | 16511754 |
| Utilities – 4.5% | Utilities – 4.5% | Utilities – 4.5% | Utilities – 4.5% |
| 9118 | AES Corp. (The) |  | 157559 |
| 3298 | Alliant Energy Corp. |  | 238577 |
| 3466 | Ameren Corp. |  | 392628 |
| 6871 | American Electric Power Co., Inc. |  | 919477 |
| 2501 | American Water Works Co., Inc. |  | 340211 |
| 2033 | Atmos Energy Corp. |  | 379744 |
| 1974 | Brookfield Renewable Corp.<br>(Canada)<sup>(a)</sup> |  | 84349 |
| 8463 | CenterPoint Energy, Inc. |  | 368141 |
| 672 | Clearway Energy, Inc., Class A |  | 24205 |
| 1044 | Clearway Energy, Inc., Class C |  | 39996 |
| 3821 | CMS Energy Corp. |  | 298305 |
| 4630 | Consolidated Edison, Inc. |  | 520968 |
| 4023 | Constellation Energy Corp. |  | 1327107 |
| 10962 | Dominion Energy, Inc. |  | 692141 |
| 2661 | DTE Energy Co. |  | 394467 |
| 9992 | Duke Energy Corp. |  | 1307453 |
| 4895 | Edison International |  | 365852 |
| 5754 | Entergy Corp. |  | 616311 |
| 3730 | Essential Utilities, Inc. |  | 149088 |
| 2956 | Evergy, Inc. |  | 247299 |
| 4718 | Eversource Energy |  | 359559 |
| 12983 | Exelon Corp. |  | 642269 |
| 7047 | FirstEnergy Corp. |  | 360525 |
| 761 | IDACORP, Inc. |  | 109561 |
| 2970 | MDU Resources Group, Inc. |  | 61420 |
| 1181 | National Fuel Gas Co. |  | 107506 |
| 26995 | NextEra Energy, Inc. |  | 2531321 |
| 6043 | NiSource, Inc. |  | 285834 |
| 2580 | OGE Energy Corp. |  | 126781 |
| 28150 | PG&E Corp. |  | 534850 |
| 1530 | Pinnacle West Capital Corp. |  | 153459 |
| 9506 | PPL Corp. |  | 370544 |
| 6414 | Public Service Enterprise Group, Inc. |  | 552053 |
| 8384 | Sempra |  | 807128 |
| 14143 | Southern Co. (The) |  | 1377245 |
| 583 | Talen Energy Corp.\* |  | 216276 |
| 2761 | UGI Corp. |  | 103289 |
| 4209 | WEC Energy Group, Inc. |  | 492285 |
| 7630 | Xcel Energy, Inc. |  | 636037 |
|  |  |  | 18691820 |
| TOTAL COMMON STOCKS<br>(Cost $336,833,748) | TOTAL COMMON STOCKS<br>(Cost $336,833,748) |  | 413476559 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend Rate** | **Value** |
| Investment Company – 0.4%<sup>(b)</sup> | Investment Company – 0.4%<sup>(b)</sup> | Investment Company – 0.4%<sup>(b)</sup> |
|  Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1577595 | 3.571% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1577595 |
| (Cost $1,577,595) | (Cost $1,577,595) |  |
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE<br>(Cost $338,411,343) | TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE<br>(Cost $338,411,343) | 415054154 |

---

---

| | | |
|:---|:---|:---|
| Securities Lending Reinvestment Vehicle – 0.1%<sup>(b)</sup> | Securities Lending Reinvestment Vehicle – 0.1%<sup>(b)</sup> | Securities Lending Reinvestment Vehicle – 0.1%<sup>(b)</sup> |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374872 | 3.589% | 374872 |
| (Cost $374,872) | (Cost $374,872) |  |
| TOTAL INVESTMENTS – 99.9%<br>(Cost $338,786,215) | TOTAL INVESTMENTS – 99.9%<br>(Cost $338,786,215) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415429026 |
| OTHER ASSETS IN EXCESS OF LIABILITIES<br> – 0.1% | OTHER ASSETS IN EXCESS OF LIABILITIES<br> – 0.1% | 329870 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415758896 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| \* | Non-income producing security. |
| (a) | All or a portion of security is on loan. |
| (b) | Represents an affiliated issuer. |

---

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| PLC | —Public Limited Company |
| REIT | —Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **71** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> RUSSELL 1000 VALUE EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FUTURES CONTRACTS — At February 28, 2026, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional**<br> **Amount** | **Unrealized<br>Appreciation/<br> (Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  E-Mini Russell 1000 Index | 17 | 03/20/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1883685 | $51217 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 72 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> U.S. EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – 99.8% | Common Stocks – 99.8% | Common Stocks – 99.8% |
| Communication Services – 11.2% | Communication Services – 11.2% | Communication Services – 11.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299055 | Alphabet, Inc., Class A | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93233387 |
| 258989 | Alphabet, Inc., Class C | 80656944 |
| 364798 | AT&T, Inc. | 10217992 |
| 4232 | Charter Communications, Inc., Class A\* | 992954 |
| 184238 | Comcast Corp., Class A | 5704008 |
| 11622 | Electronic Arts, Inc. | 2331025 |
| 10887 | Fox Corp., Class A | 613373 |
| 7479 | Fox Corp., Class B | 386889 |
| 8143 | Live Nation Entertainment, Inc.\* | 1320306 |
| 111594 | Meta Platforms, Inc., Class A | 72332999 |
| 235115 | Netflix, Inc.\* | 22627468 |
| 30411 | Pinterest, Inc., Class A\* | 520940 |
| 6582 | Reddit, Inc., Class A\* | 959721 |
| 31656 | ROBLOX Corp., Class A\* | 2173501 |
| 7925 | Spotify Technology SA\* | 4080900 |
| 8856 | Take-Two Interactive Software, Inc.\* | 1872867 |
| 24004 | T-Mobile US, Inc. | 5211028 |
| 22840 | Trade Desk, Inc. (The), Class A\* | 544049 |
| 216885 | Verizon Communications, Inc. | 10874614 |
| 91898 | Walt Disney Co. (The) | 9744864 |
| 116564 | Warner Bros Discovery, Inc.\* | 3283608 |
|  |  | 329683437 |
| Consumer Discretionary – 10.1% | Consumer Discretionary – 10.1% | Consumer Discretionary – 10.1% |
| 21379 | Airbnb, Inc., Class A\* | 2888517 |
| 491310 | Amazon.com, Inc.\* | 103175100 |
| 858 | AutoZone, Inc.\* | 3222288 |
| 1651 | Booking Holdings, Inc. | 6999167 |
| 53607 | Carnival Corp. | 1691301 |
| 6901 | Carvana Co.\* | 2306038 |
| 68786 | Chipotle Mexican Grill, Inc.\* | 2560215 |
| 57987 | Coupang, Inc. (South Korea)\* | 1106392 |
| 13281 | D.R. Horton, Inc. | 2130139 |
| 6002 | Darden Restaurants, Inc. | 1283528 |
| 17585 | DoorDash, Inc., Class A\* | 3103225 |
| 24581 | DraftKings, Inc., Class A\* | 586011 |
| 23636 | eBay, Inc. | 2147567 |
| 5994 | Expedia Group, Inc. | 1292846 |
| 9098 | Flutter Entertainment PLC\* | 965662 |
| 200416 | Ford Motor Co. | 2823861 |
| 7890 | Garmin Ltd. | 1994829 |
| 47965 | General Motors Co. | 3775325 |
| 6980 | Genuine Parts Co. | 832435 |
| 11736 | Hilton Worldwide Holdings, Inc. | 3659050 |
| 51098 | Home Depot, Inc. (The) | 19454030 |
| 17218 | Las Vegas Sands Corp. | 976605 |
| 11483 | Lennar Corp., Class A | 1313196 |
| 433 | Lennar Corp., Class B | 46214 |
| 28789 | Lowe's Cos., Inc. | 7616706 |
| 5383 | Lululemon Athletica, Inc.\* | 996770 |
| 12030 | Marriott International, Inc., Class A | 4111012 |
| 36699 | McDonald's Corp. | 12516561 |
| 2420 | MercadoLibre, Inc. (Brazil)\* | 4253344 |
| 59730 | NIKE, Inc., Class B | 3714011 |
| 136 | NVR, Inc.\* | 1022419 |
| 43839 | O'Reilly Automotive, Inc.\* | 4115605 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares**  | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Consumer Discretionary – (continued) | Consumer Discretionary – (continued) | Consumer Discretionary – (continued) | Consumer Discretionary – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10192 | PulteGroup, Inc. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1398342 |
| 16489 | Ross Stores, Inc. |  | 3390798 |
| 12905 | Royal Caribbean Cruises Ltd. |  | 4012939 |
| 57262 | Starbucks Corp. |  | 5612821 |
| 149139 | Tesla, Inc.\* |  | 60029939 |
| 57310 | TJX Cos., Inc. (The) |  | 9264735 |
| 27210 | Tractor Supply Co. |  | 1410566 |
| 2308 | Ulta Beauty, Inc.\* |  | 1580495 |
| 14280 | Yum! Brands, Inc. |  | 2401325 |
|  |  |  | 297781929 |
| Consumer Staples – 5.4% | Consumer Staples – 5.4% | Consumer Staples – 5.4% | Consumer Staples – 5.4% |
| 86503 | Altria Group, Inc. |  | 5972167 |
| 24512 | Archer-Daniels-Midland Co. |  | 1692308 |
| 12633 | Church & Dwight Co., Inc. |  | 1324696 |
| 198851 | Coca-Cola Co. (The) |  | 16218288 |
| 41641 | Colgate-Palmolive Co. |  | 4128289 |
| 7991 | Constellation Brands, Inc., Class A |  | 1261459 |
| 22828 | Costco Wholesale Corp. |  | 23074314 |
| 11236 | Dollar General Corp. |  | 1755513 |
| 9610 | Dollar Tree, Inc.\* |  | 1215473 |
| 12562 | Estee Lauder Cos., Inc. (The), Class A |  | 1375162 |
| 27799 | General Mills, Inc. |  | 1257349 |
| 7584 | Hershey Co. (The) |  | 1791948 |
| 98574 | Kenvue, Inc. |  | 1884735 |
| 66081 | Keurig Dr Pepper, Inc. |  | 2000933 |
| 16994 | Kimberly-Clark Corp. |  | 1893811 |
| 44112 | Kraft Heinz Co. (The) |  | 1085596 |
| 29863 | Kroger Co. (The) |  | 2037851 |
| 13009 | McCormick & Co., Inc. |  | 924159 |
| 66519 | Mondelez International, Inc., Class A |  | 4096240 |
| 35595 | Monster Beverage Corp.\* |  | 3036254 |
| 70468 | PepsiCo, Inc. |  | 11961238 |
| 79908 | Philip Morris International, Inc. |  | 14929212 |
| 120417 | Procter & Gamble Co. (The) |  | 20133722 |
| 24893 | Sysco Corp. |  | 2269246 |
| 23304 | Target Corp. |  | 2651762 |
| 14471 | Tyson Foods, Inc., Class A |  | 940470 |
| 222865 | Walmart, Inc. |  | 28515577 |
|  |  |  | 159427772 |
| Energy – 3.5% | Energy – 3.5% | Energy – 3.5% | Energy – 3.5% |
| 50865 | Baker Hughes Co. |  | 3319450 |
| 11244 | Cheniere Energy, Inc. |  | 2650548 |
| 97113 | Chevron Corp. |  | 18136824 |
| 63540 | ConocoPhillips |  | 7209248 |
| 38680 | Coterra Energy, Inc. |  | 1183221 |
| 30873 | Devon Energy Corp. |  | 1343902 |
| 9681 | Diamondback Energy, Inc. |  | 1685268 |
| 28022 | EOG Resources, Inc. |  | 3476970 |
| 216918 | Exxon Mobil Corp. |  | 33079995 |
| 44051 | Halliburton Co. |  | 1585836 |
| 99852 | Kinder Morgan, Inc. |  | 3322076 |
| 15451 | Marathon Petroleum Corp. |  | 3062543 |
| 39572 | Occidental Petroleum Corp. |  | 2100482 |
| 32026 | ONEOK, Inc. |  | 2650792 |
| 20900 | Phillips 66 |  | 3225497 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **73** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> U.S. EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Energy – (continued) | Energy – (continued) | Energy – (continued) | Energy – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76743 | SLB Ltd. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3939986 |
| 10997 | Targa Resources Corp. |  | 2593093 |
| 15631 | Valero Energy Corp. |  | 3198728 |
| 62630 | Williams Cos., Inc. (The) |  | 4679713 |
|  |  |  | 102444172 |
| Financials – 12.2% | Financials – 12.2% | Financials – 12.2% | Financials – 12.2% |
| 24105 | Aflac, Inc. |  | 2722178 |
| 13550 | Allstate Corp. (The) |  | 2906746 |
| 27859 | American Express Co. |  | 8605645 |
| 27733 | American International Group, Inc. |  | 2232229 |
| 4773 | Ameriprise Financial, Inc. |  | 2243883 |
| 10002 | Aon PLC, Class A |  | 3355371 |
| 21769 | Apollo Global Management, Inc. |  | 2277037 |
| 17885 | Arch Capital Group Ltd.\* |  | 1791183 |
| 10648 | Ares Management Corp., Class A |  | 1192682 |
| 13033 | Arthur J Gallagher & Co. |  | 2974131 |
| 325795 | Bank of America Corp. |  | 16234365 |
| 35847 | Bank of New York Mellon Corp. (The) |  | 4269378 |
| 70418 | Berkshire Hathaway, Inc., Class B\* |  | 35557569 |
| 7907 | Blackrock, Inc. |  | 8406960 |
| 37761 | Blackstone, Inc. |  | 4280965 |
| 28364 | Block, Inc.\* |  | 1806787 |
| 32646 | Capital One Financial Corp. |  | 6386863 |
| 5361 | Cboe Global Markets, Inc. |  | 1606799 |
| 86227 | Charles Schwab Corp. (The) |  | 8208810 |
| 18825 | Chubb Ltd. |  | 6416689 |
| 7904 | Cincinnati Financial Corp. |  | 1296098 |
| 92025 | Citigroup, Inc. |  | 10140235 |
| 22360 | Citizens Financial Group, Inc. |  | 1345848 |
| 18468 | CME Group, Inc. |  | 5900526 |
| 11421 | Coinbase Global, Inc., Class A\* |  | 2008383 |
| 3523 | Corpay, Inc.\* |  | 1145327 |
| 2152 | Everest Group Ltd. |  | 721974 |
| 27003 | Fidelity National Information Services, Inc. |  | 1376073 |
| 34234 | Fifth Third Bancorp |  | 1693556 |
| 27513 | Fiserv, Inc.\* |  | 1713785 |
| 12434 | Global Payments, Inc. |  | 950704 |
| 15354 | Goldman Sachs Group, Inc. (The)<sup>(a)</sup> |  | 13197838 |
| 14599 | Hartford Insurance Group, Inc. (The) |  | 2055977 |
| 80451 | Huntington Bancshares, Inc. |  | 1351577 |
| 21266 | Interactive Brokers Group, Inc., Class A |  | 1513927 |
| 29195 | Intercontinental Exchange, Inc. |  | 4791775 |
| 139656 | JPMorgan Chase & Co. |  | 41938697 |
| 47853 | KeyCorp |  | 992471 |
| 34938 | KKR & Co., Inc. |  | 3063364 |
| 8877 | Loews Corp. |  | 976648 |
| 7882 | M&T Bank Corp. |  | 1710236 |
| 643 | Markel Group, Inc.\* |  | 1332598 |
| 25271 | Marsh & McLennan Cos., Inc. |  | 4719107 |
| 41013 | Mastercard, Inc., Class A |  | 21212334 |
| 28857 | MetLife, Inc. |  | 2079724 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Financials – (continued) | Financials – (continued) | Financials – (continued) | Financials – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7995 | Moody's Corp. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3818332 |
| 62559 | Morgan Stanley |  | 10416699 |
| 3736 | MSCI, Inc. |  | 2136357 |
| 22070 | Nasdaq, Inc. |  | 1932891 |
| 9965 | Northern Trust Corp. |  | 1425892 |
| 48131 | PayPal Holdings, Inc. |  | 2224133 |
| 20261 | PNC Financial Services Group, Inc. (The) |  | 4302423 |
| 11495 | Principal Financial Group, Inc. |  | 1096853 |
| 30041 | Progressive Corp. (The) |  | 6418560 |
| 18165 | Prudential Financial, Inc. |  | 1787073 |
| 9361 | Raymond James Financial, Inc. |  | 1432982 |
| 46123 | Regions Financial Corp. |  | 1283603 |
| 38805 | Robinhood Markets, Inc., Class A\* |  | 2943359 |
| 46884 | Rocket Cos., Inc., Class A |  | 852820 |
| 15574 | S&P Global, Inc. |  | 6881839 |
| 14596 | State Street Corp. |  | 1877337 |
| 18519 | Synchrony Financial |  | 1279848 |
| 11089 | T. Rowe Price Group, Inc. |  | 1049352 |
| 11437 | Travelers Cos., Inc. (The) |  | 3529916 |
| 65781 | Truist Financial Corp. |  | 3243661 |
| 77268 | US Bancorp |  | 4223469 |
| 86745 | Visa, Inc., Class A |  | 27770544 |
| 15391 | W R Berkley Corp. |  | 1103535 |
| 161474 | Wells Fargo & Co. |  | 13152057 |
| 4927 | Willis Towers Watson PLC |  | 1503573 |
|  |  |  | 360392160 |
| Health Care – 9.9% | Health Care – 9.9% | Health Care – 9.9% | Health Care – 9.9% |
| 88975 | Abbott Laboratories |  | 10352241 |
| 90722 | AbbVie, Inc. |  | 21054762 |
| 14564 | Agilent Technologies, Inc. |  | 1767778 |
| 6677 | Alnylam Pharmaceuticals, Inc.\* |  | 2222907 |
| 27520 | Amgen, Inc. |  | 10682163 |
| 14733 | Becton Dickinson & Co. |  | 2600080 |
| 7483 | Biogen, Inc.\* |  | 1435389 |
| 75839 | Boston Scientific Corp.\* |  | 5828227 |
| 104520 | Bristol-Myers Squibb Co. |  | 6518912 |
| 12271 | Cardinal Health, Inc. |  | 2812881 |
| 8909 | Cencora, Inc. |  | 3315395 |
| 25750 | Centene Corp.\* |  | 1155660 |
| 13485 | Cigna Group (The) |  | 3908223 |
| 64975 | CVS Health Corp. |  | 5191503 |
| 32367 | Danaher Corp. |  | 6817785 |
| 20092 | Dexcom, Inc.\* |  | 1475356 |
| 29656 | Edwards Lifesciences Corp.\* |  | 2564354 |
| 11411 | Elevance Health, Inc. |  | 3651520 |
| 43498 | Eli Lilly & Co. |  | 45759461 |
| 23531 | GE HealthCare Technologies, Inc. |  | 1982957 |
| 63843 | Gilead Sciences, Inc. |  | 9509415 |
| 8093 | HCA Healthcare, Inc. |  | 4286862 |
| 6195 | Humana, Inc. |  | 1180395 |
| 4105 | IDEXX Laboratories, Inc.\* |  | 2695877 |
| 18161 | Intuitive Surgical, Inc.\* |  | 9144245 |
| 8815 | IQVIA Holdings, Inc.\* |  | 1576210 |
| 123993 | Johnson & Johnson |  | 30803581 |
| 4292 | Labcorp Holdings, Inc. |  | 1240903 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 74 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> U.S. EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Health Care – (continued) | Health Care – (continued) | Health Care – (continued) | Health Care – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6348 | McKesson Corp. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6267825 |
| 65906 | Medtronic PLC |  | 6436380 |
| 127707 | Merck & Co., Inc. |  | 15812681 |
| 1059 | Mettler-Toledo International, Inc.\* |  | 1447325 |
| 292206 | Pfizer, Inc. |  | 8079496 |
| 5702 | Quest Diagnostics, Inc. |  | 1208311 |
| 5124 | Regeneron Pharmaceuticals, Inc. |  | 4005277 |
| 7449 | ResMed, Inc. |  | 1908881 |
| 19719 | Royalty Pharma PLC, Class A |  | 911215 |
| 5041 | STERIS PLC |  | 1272096 |
| 17670 | Stryker Corp. |  | 6846418 |
| 19365 | Thermo Fisher Scientific, Inc. |  | 10091295 |
| 46535 | UnitedHealth Group, Inc. |  | 13647319 |
| 7667 | Veeva Systems, Inc., Class A\* |  | 1395471 |
| 13045 | Vertex Pharmaceuticals, Inc.\* |  | 6481147 |
| 5041 | Waters Corp.\* |  | 1609995 |
| 3699 | West Pharmaceutical Services, Inc. |  | 940804 |
| 10152 | Zimmer Biomet Holdings, Inc. |  | 999363 |
| 22881 | Zoetis, Inc. |  | 2999699 |
|  |  |  | 293896040 |
| Industrials – 9.0% | Industrials – 9.0% | Industrials – 9.0% | Industrials – 9.0% |
| 27582 | 3M Co. |  | 4559856 |
| 11823 | AMETEK, Inc. |  | 2828298 |
| 20826 | Automatic Data Processing, Inc. |  | 4464261 |
| 3764 | Axon Enterprise, Inc.\* |  | 2041594 |
| 38796 | Boeing Co. (The)\* |  | 8827254 |
| 5999 | Broadridge Financial Solutions, Inc. |  | 1115034 |
| 41019 | Carrier Global Corp. |  | 2641624 |
| 24055 | Caterpillar, Inc. |  | 17868776 |
| 17628 | Cintas Corp. |  | 3545520 |
| 44092 | Copart, Inc.\* |  | 1679464 |
| 96333 | CSX Corp. |  | 4112456 |
| 7054 | Cummins, Inc. |  | 4118619 |
| 12701 | Deere & Co. |  | 7997947 |
| 33468 | Delta Air Lines, Inc. |  | 2198848 |
| 7020 | Dover Corp. |  | 1583010 |
| 20001 | Eaton Corp. PLC |  | 7518776 |
| 28817 | Emerson Electric Co. |  | 4344163 |
| 6327 | Equifax, Inc. |  | 1322090 |
| 58867 | Fastenal Co. |  | 2710237 |
| 11112 | FedEx Corp. |  | 4300344 |
| 9566 | Ferguson Enterprises, Inc. |  | 2494430 |
| 16307 | Fortive Corp. |  | 965374 |
| 13975 | GE Vernova, Inc. |  | 12208560 |
| 11341 | General Dynamics Corp. |  | 4049304 |
| 54119 | General Electric Co. |  | 18522769 |
| 32690 | Honeywell International, Inc. |  | 7962957 |
| 20531 | Howmet Aerospace, Inc. |  | 5390003 |
| 14957 | Illinois Tool Works, Inc. |  | 4346953 |
| 20701 | Ingersoll Rand, Inc. |  | 1948792 |
| 31385 | Johnson Controls International PLC |  | 4528856 |
| 9605 | L3Harris Technologies, Inc. |  | 3501407 |
| 6596 | Leidos Holdings, Inc. |  | 1154960 |
| 11906 | Lockheed Martin Corp. |  | 7835101 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Industrials – (continued) | Industrials – (continued) | Industrials – (continued) | Industrials – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11533 | Norfolk Southern Corp. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3629896 |
| 7385 | Northrop Grumman Corp. |  | 5349546 |
| 9518 | Old Dominion Freight Line, Inc. |  | 1932630 |
| 20304 | Otis Worldwide Corp. |  | 1879338 |
| 26635 | PACCAR, Inc. |  | 3358407 |
| 6523 | Parker-Hannifin Corp. |  | 6582881 |
| 16513 | Paychex, Inc. |  | 1546442 |
| 7529 | Quanta Services, Inc. |  | 4239429 |
| 10472 | Republic Services, Inc. |  | 2398088 |
| 5780 | Rockwell Automation, Inc. |  | 2355061 |
| 15278 | Rollins, Inc. |  | 930277 |
| 69002 | RTX Corp. |  | 13981185 |
| 2638 | Snap-on, Inc. |  | 1016210 |
| 24039 | Southwest Airlines Co. |  | 1184161 |
| 11063 | SS&C Technologies Holdings, Inc. |  | 832933 |
| 11438 | Trane Technologies PLC |  | 5288016 |
| 2842 | TransDigm Group, Inc. |  | 3702529 |
| 103662 | Uber Technologies, Inc.\* |  | 7818188 |
| 30661 | Union Pacific Corp. |  | 8124552 |
| 16719 | United Airlines Holdings, Inc.\* |  | 1777230 |
| 37691 | United Parcel Service, Inc., Class B |  | 4370648 |
| 3320 | United Rentals, Inc. |  | 2788800 |
| 7140 | Verisk Analytics, Inc. |  | 1482050 |
| 17756 | Vertiv Holdings Co., Class A |  | 4525827 |
| 2243 | W.W. Grainger, Inc. |  | 2567629 |
| 20633 | Waste Management, Inc. |  | 4969252 |
| 8718 | Westinghouse Air Brake Technologies Corp. |  | 2301116 |
| 12428 | Xylem, Inc. |  | 1610172 |
|  |  |  | 267230130 |
| Information Technology – 32.4% | Information Technology – 32.4% | Information Technology – 32.4% | Information Technology – 32.4% |
| 31669 | Accenture PLC, Class A |  | 6609954 |
| 21542 | Adobe, Inc.\* |  | 5652836 |
| 83204 | Advanced Micro Devices, Inc.\* |  | 16658273 |
| 5608 | Amdocs Ltd. |  | 391438 |
| 61941 | Amphenol Corp., Class A |  | 9047102 |
| 25121 | Analog Devices, Inc. |  | 8937801 |
| 740225 | Apple, Inc. |  | 195552641 |
| 40708 | Applied Materials, Inc. |  | 15155588 |
| 13040 | AppLovin Corp., Class A\* |  | 5669401 |
| 52984 | Arista Networks, Inc.\* |  | 7073364 |
| 5045 | ARM Holdings PLC ADR\* |  | 642985 |
| 8481 | Atlassian Corp., Class A\* |  | 637178 |
| 10991 | Autodesk, Inc.\* |  | 2702357 |
| 239167 | Broadcom, Inc. |  | 76425815 |
| 13974 | Cadence Design Systems, Inc.\* |  | 4211764 |
| 6761 | CDW Corp. |  | 829169 |
| 6786 | Circle Internet Group, Inc.\* |  | 566224 |
| 203513 | Cisco Systems, Inc. |  | 16171143 |
| 15694 | Cloudflare, Inc., Class A\* |  | 2702350 |
| 25283 | Cognizant Technology Solutions Corp., Class A |  | 1628984 |
| 12283 | CoreWeave, Inc., Class A\* |  | 977235 |
| 39793 | Corning, Inc. |  | 5984071 |
| 12680 | Crowdstrike Holdings, Inc., Class A\* |  | 4716706 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **75** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> U.S. EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Information Technology – (continued) | Information Technology – (continued) | Information Technology – (continued) | Information Technology – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15894 | Datadog, Inc., Class A\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1779492 |
| 15360 | Dell Technologies, Inc., Class C |  | 2274509 |
| 1224 | Fair Isaac Corp.\* |  | 1725057 |
| 32242 | Fortinet, Inc.\* |  | 2548085 |
| 3830 | Gartner, Inc.\* |  | 602076 |
| 3933 | GLOBALFOUNDRIES, Inc.\* |  | 187014 |
| 67274 | Hewlett Packard Enterprise Co. |  | 1444373 |
| 48181 | HP, Inc. |  | 914957 |
| 2591 | HubSpot, Inc.\* |  | 685345 |
| 226843 | Intel Corp.\* |  | 10346309 |
| 47954 | International Business Machines Corp. |  | 11519030 |
| 13935 | Intuit, Inc. |  | 5699833 |
| 8812 | Keysight Technologies, Inc.\* |  | 2708192 |
| 6755 | KLA Corp. |  | 10298335 |
| 64507 | Lam Research Corp. |  | 15087542 |
| 43477 | Marvell Technology, Inc. |  | 3551636 |
| 27169 | Microchip Technology, Inc. |  | 2027894 |
| 57678 | Micron Technology, Inc. |  | 23784677 |
| 377399 | Microsoft Corp. |  | 148219683 |
| 4089 | MongoDB, Inc.\* |  | 1343114 |
| 2375 | Monolithic Power Systems, Inc. |  | 2714007 |
| 8558 | Motorola Solutions, Inc. |  | 4127181 |
| 10253 | NetApp, Inc. |  | 1015355 |
| 1201104 | NVIDIA Corp. |  | 212823618 |
| 21393 | ON Semiconductor Corp.\* |  | 1422207 |
| 86410 | Oracle Corp. |  | 12564014 |
| 109063 | Palantir Technologies, Inc., Class A\* |  | 14962353 |
| 35511 | Palo Alto Networks, Inc.\* |  | 5288298 |
| 10733 | Qnity Electronics, Inc. |  | 1360515 |
| 55061 | QUALCOMM, Inc. |  | 7838484 |
| 5513 | Roper Technologies, Inc. |  | 1928061 |
| 46807 | Salesforce, Inc. |  | 9117536 |
| 6997 | Sandisk Corp.\* |  | 4445614 |
| 10150 | Seagate Technology Holdings PLC |  | 4139576 |
| 53466 | ServiceNow, Inc.\* |  | 5774863 |
| 16577 | Snowflake, Inc.\* |  | 2791733 |
| 13399 | Strategy, Inc.\* |  | 1735171 |
| 26171 | Super Micro Computer, Inc.\* |  | 847679 |
| 9789 | Synopsys, Inc.\* |  | 4052646 |
| 15209 | TE Connectivity PLC (Switzerland) |  | 3500351 |
| 46480 | Texas Instruments, Inc. |  | 9858873 |
| 12238 | Trimble, Inc.\* |  | 818355 |
| 4161 | VeriSign, Inc. |  | 948458 |
| 17551 | Western Digital Corp. |  | 4909015 |
| 11051 | Workday, Inc., Class A\* |  | 1478182 |
| 13493 | Zoom Communications, Inc., Class A\* |  | 997672 |
| 4886 | Zscaler, Inc.\* |  | 718193 |
|  |  |  | 957869542 |
| Materials – 2.0% | Materials – 2.0% | Materials – 2.0% | Materials – 2.0% |
| 11262 | Air Products and Chemicals, Inc. |  | 3104596 |
| 25781 | Anglogold Ashanti PLC (Australia) |  | 3294038 |
| 35031 | Corteva, Inc. |  | 2806684 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Materials – (continued) | Materials – (continued) | Materials – (continued) | Materials – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34754 | CRH PLC | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4169785 |
| 21466 | DuPont de Nemours, Inc. |  | 1074159 |
| 12923 | Ecolab, Inc. |  | 3984807 |
| 73524 | Freeport-McMoRan, Inc. |  | 5005514 |
| 26750 | International Paper Co. |  | 1164962 |
| 23994 | Linde PLC |  | 12190871 |
| 3085 | Martin Marietta Materials, Inc. |  | 2087218 |
| 56161 | Newmont Corp. |  | 7300930 |
| 11821 | Nucor Corp. |  | 2090898 |
| 4555 | Packaging Corp. of America |  | 1057398 |
| 11654 | PPG Industries, Inc. |  | 1436589 |
| 11891 | Sherwin-Williams Co. (The) |  | 4311558 |
| 4673 | Southern Copper Corp. (Mexico) |  | 1020116 |
| 6766 | Vulcan Materials Co. |  | 2097460 |
|  |  |  | 58197583 |
| Real Estate – 1.8% | Real Estate – 1.8% | Real Estate – 1.8% | Real Estate – 1.8% |
| 24024 | American Tower Corp. REIT |  | 4609245 |
| 7303 | AvalonBay Communities, Inc. REIT |  | 1294311 |
| 15361 | CBRE Group, Inc., Class A\* |  | 2268205 |
| 21334 | CoStar Group, Inc.\* |  | 952136 |
| 22285 | Crown Castle, Inc. REIT |  | 1995399 |
| 17681 | Digital Realty Trust, Inc. REIT |  | 3133073 |
| 5012 | Equinix, Inc. REIT |  | 4882991 |
| 17591 | Equity Residential REIT |  | 1111927 |
| 3280 | Essex Property Trust, Inc. REIT |  | 836761 |
| 10779 | Extra Space Storage, Inc. REIT |  | 1627952 |
| 15031 | Iron Mountain, Inc. REIT |  | 1628308 |
| 47564 | Prologis, Inc. REIT |  | 6781200 |
| 8103 | Public Storage REIT |  | 2488107 |
| 47323 | Realty Income Corp. REIT |  | 3170641 |
| 5459 | SBA Communications Corp. REIT |  | 1098133 |
| 16619 | Simon Property Group, Inc. REIT |  | 3387783 |
| 24101 | Ventas, Inc. REIT |  | 2076542 |
| 54199 | VICI Properties, Inc. REIT |  | 1637352 |
| 35320 | Welltower, Inc. REIT |  | 7315478 |
|  |  |  | 52295544 |
| Utilities – 2.3% | Utilities – 2.3% | Utilities – 2.3% | Utilities – 2.3% |
| 13832 | Ameren Corp. |  | 1566889 |
| 27456 | American Electric Power Co., Inc. |  | 3674162 |
| 10002 | American Water Works Co., Inc. |  | 1360572 |
| 8134 | Atmos Energy Corp. |  | 1519350 |
| 33489 | CenterPoint Energy, Inc. |  | 1456771 |
| 15283 | CMS Energy Corp. |  | 1193144 |
| 18526 | Consolidated Edison, Inc. |  | 2084545 |
| 16087 | Constellation Energy Corp. |  | 5306779 |
| 43763 | Dominion Energy, Inc. |  | 2763196 |
| 10603 | DTE Energy Co. |  | 1571789 |
| 39905 | Duke Energy Corp. |  | 5221569 |
| 19785 | Edison International |  | 1478731 |
| 22945 | Entergy Corp. |  | 2457639 |
| 18860 | Eversource Energy |  | 1437321 |
| 51798 | Exelon Corp. |  | 2562447 |
| 28129 | FirstEnergy Corp. |  | 1439080 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 76 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> U.S. EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Utilities – (continued) | Utilities – (continued) | Utilities – (continued) |
| 107135 | NextEra Energy, Inc. | $10046049 |
| 112795 | PG&E Corp. | 2143105 |
| 37990 | PPL Corp. | 1480850 |
| 25608 | Public Service Enterprise Group, Inc. | 2204081 |
| 33525 | Sempra | 3227452 |
| 56350 | Southern Co. (The) | 5487363 |
| 17171 | Vistra Corp. | 2985865 |
| 16374 | WEC Energy Group, Inc. | 1915103 |
| 30439 | Xcel Energy, Inc. | 2537395 |
|  |  | 69121247 |
| TOTAL COMMON STOCKS<br>(Cost $2,332,519,858) | TOTAL COMMON STOCKS<br>(Cost $2,332,519,858) | 2948339556 |
| **Shares** | **Dividend Rate** | **Value** |
| Investment Company – 0.1%<sup>(a)</sup> | Investment Company – 0.1%<sup>(a)</sup> | Investment Company – 0.1%<sup>(a)</sup> |
|  Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |
| 3016547 | 3.571% | 3016547 |
| **(Cost $3,016,547)** | **(Cost $3,016,547)** |  |
| TOTAL INVESTMENTS – 99.9%<br>(Cost $2,335,536,405) | TOTAL INVESTMENTS – 99.9%<br>(Cost $2,335,536,405) | $2951356103 |
|  **OTHER ASSETS IN EXCESS OF LIABILITIES<br>– 0.1%** | **OTHER ASSETS IN EXCESS OF LIABILITIES<br>– 0.1%** | 2872028 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2954228131 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

\* Non-income producing security.

(a) Represents an affiliated issuer.

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| ADR | —American Depositary Receipt |
| PLC | —Public Limited Company |
| REIT | —Real Estate Investment Trust |

---

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At February 28, 2026, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized Appreciation/ <br> (Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  S&P 500 E-Mini Index | 9 | 03/20/26 | $3100050 | $(17043) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **77** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Assets and Liabilities *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **MarketBeta<sup>®</sup> Emerging<br>Markets Equity ETF** | **MarketBeta<sup>®</sup><sup></sup>International Equity<br>ETF** | **MarketBeta<sup>®</sup> Russell<br>1000 Growth Equity<br>ETF** | **MarketBeta<sup>®</sup> Russell**<br> **1000 Value Equity ETF** |
| Assets: |  |  |  |  |
|  Investments in unaffiliated issuers, at value (cost $80,272,706, $701,011,702, $353,214,394 and $335,014,338, respectively)<sup>(a)</sup>  | $135579080 | $966120508 | $394476951 | $410388983 |
|  Investments in affiliated issuers, at value (cost $787,719, $2,857,056, $495,423 and $3,397,005, respectively) | 787719 | 2857056 | 549434 | 4665171 |
|  Investments in affiliated securities lending reinvestment vehicle, at value which equals cost | 822516 | 7190855 | 531246 | 374872 |
| Cash | 22 | 8550 |  |  |
| Foreign Currency, at value (cost $13,140, $91,104, $– and $–, respectively) | 13189 | 91032 |  |  |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 200567 | 1089407 | 130722 | 571631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 3942 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 1070 | 5265 | 277 | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims | 994 | 926043 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold |  | 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts |  | 111112 | 20619 | 149686 |
|  **Total assets** | 137409099 | 978399830 | 395709249 | 416150598 |
| Liabilities: |  |  |  |  |
|  Variation margin on futures contracts |  | 8426 | 2013 | 612 |
|  Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned | 822516 | 7190855 | 531246 | 374872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign capital gains taxes | 757052 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 19660 | 62831 | 15502 | 16218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 1 | 121 |  |  |
|  **Total liabilities** | 1599229 | 7262233 | 548761 | 391702 |
| Net Assets: |  |  |  |  |
|  Paid-in capital | 80807272 | 695479312 | 353195143 | 339061447 |
|  Total distributable earnings | 55002598 | 275658285 | 41965345 | 76697449 |
|  **NET ASSETS** | $135809870 | $971137597 | $395160488 | $415758896 |
|  **SHARES ISSUED AND OUTSTANDING** |  |  |  |  |
|  Shares outstanding no par value (unlimited shares authorized): | 2100000 | 12700000 | 6450000 | 7175000 |
|  Net asset value per share: | $64.67 | $76.47 | $61.27 | $57.95 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes loaned securities having a market value of $662,631, $6,661,888, $487,981 and $351,745 for MarketBeta<sup>®</sup><sup></sup>Emerging Markets Equity ETF, MarketBeta<sup>®</sup><sup></sup>International Equity ETF, MarketBeta<sup>®</sup><sup></sup>Russell 1000 Growth Equity ETF and MarketBeta<sup>®</sup><sup></sup>Russell 1000 Value Equity ETF, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 78 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Assets and Liabilities (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **MarketBeta<sup>®</sup> U.S.<br>Equity ETF** |
| Assets: |  |
|  Investments in unaffiliated issuers, at value (cost $2,325,124,126) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2935141718 |
|  Investments in affiliated issuers, at value (cost $10,412,279) | 16214385 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 2714376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts | 239627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 19484 |
|  Securities lending income | 98 |
|  **Total assets** | 2954329688 |
| Liabilities: |  |
|  Variation margin on futures contracts | 14062 |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 87495 |
|  **Total liabilities** | 101557 |
| Net Assets: |  |
|  Paid-in capital | 2238325879 |
|  Total distributable earnings | 715902252 |
|  **NET ASSETS** | $2954228131 |
|  **SHARES ISSUED AND OUTSTANDING** |  |
|  Shares outstanding no par value (unlimited shares authorized): | 31250000 |
|  Net asset value per share: | $94.54 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **79** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Operations *For the Six Months Ended February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **MarketBeta<sup>®</sup><sup></sup>Emerging Markets<br>Equity ETF** | **MarketBeta<sup>®</sup><sup></sup>International<br>Equity ETF** | **MarketBeta<sup>®</sup><sup></sup>Russell 1000<br>Growth Equity ETF** | **MarketBeta<sup>®</sup><sup></sup> Russell 1000 Value** <br> **Equity ETF** |
| Investment income: |  |  |  |  |
| Dividends — unaffiliated issuers (net of foreign withholding taxes of $112,791, $657,721, $1,273 and $2,464, respectively) | $839091 | $7092688 | $997967 | $3645327 |
|  Dividends — affiliated issuers | 19959 | 46328 | 13379 | 39920 |
| Securities lending income, net of rebates received or paid to borrowers – unaffiliated issuer | 15883 | 52923 | 1276 | 2538 |
|  **Total Investment Income** | 874933 | 7191939 | 1012622 | 3687785 |
| Expenses: |  |  |  |  |
|  Management fees | 278280 | 1119584 | 215237 | 218569 |
|  Trustee fees | 13797 | 16223 | 14606 | 14603 |
|  **Total expenses** | 292077 | 1135807 | 229843 | 233172 |
|  Less — expense reductions | (59357) | (229345) | (614) | (1156) |
|  **Net expenses** | 232720 | 906462 | 229229 | 232016 |
|  **NET INVESTMENT INCOME** | 642213 | 6285477 | 783393 | 3455769 |
| Realized and Unrealized gain (loss): |  |  |  |  |
|  Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers (including the effects of net foreign capital gains tax of $(46014), $–, $– and $–, respectively) | 3564445 | (1084251) | 735127 | 99230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated issuers |  | 5 | 43 | 11372 |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — affiliated issuers |  |  | 4554 | 138390 |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — unaffiliated issuers | 1799042 | 33487086 | 9489533 | 7167990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 15896 | 386117 | 14341 | 100871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (11308) | (89765) |  |  |
|  Net change in unrealized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers (including the effects of the net change in foreign capital gains tax liability of $(18242), $–, $– and $–, respectively) | 25483088 | 113117691 | (6047204) | 37008621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated issuers |  |  | 23300 | 287856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  | 85261 | (12749) | 12328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 3829 | 1754 |  |  |
|  **Net realized and unrealized gain** | 30854992 | 145903898 | 4206945 | 44826658 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31497205 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152189375 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4990338 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48282427 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 80 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Operations (continued) *For the Six Months Ended February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **MarketBeta<sup>®</sup> U.S.**<br> **Equity ETF** |
| Investment income: |  |
|  Dividends — unaffiliated issuers (net of foreign withholding taxes of $233) | $16702531 |
|  Dividends — affiliated issuers | 123801 |
|  Securities lending income, net of rebates received or paid to borrowers – unaffiliated issuer | 10171 |
|  **Total Investment Income** | 16836503 |
| Expenses: |  |
|  Management fees | 1287026 |
|  Trustee fees | 22587 |
|  **Total expenses** | 1309613 |
|  Less — expense reductions | (293907) |
|  **Net expenses** | 1015706 |
|  **NET INVESTMENT INCOME** | 15820797 |
| Realized and Unrealized gain (loss): |  |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | (5283425) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated issuers | (6950) |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — affiliated issuers | 899074 |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — unaffiliated issuers | 130810795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 46233 |
|  Net change in unrealized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 33073455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated issuers | 916011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (17043) |
|  **Net realized and unrealized gain** | 160438150 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176258947 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **81** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **MarketBet<sup>a</sup><sup>®</sup> Emerging Markets Equity ETF** | **MarketBet<sup>a</sup><sup>®</sup> Emerging Markets Equity ETF** | **MarketBet<sup>a</sup><sup>®</sup> International Equity ETF** | **MarketBet<sup>a</sup><sup>®</sup> International Equity ETF** |
|  | **For the<br>Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **For the Fiscal<br>Year Ended<br>August 31, 2025** | **For the<br>Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **For the Fiscal<br>Year Ended<br>August 31, 2025** |
| From operations: |  |  |  |  |
|  Net investment income | $642213 | $2384509 | $6285477 | $22201538 |
|  Net realized gain | 5368075 | 652826 | 32699192 | 60720090 |
|  Net change in unrealized gain | 25486917 | 1411300 | 113204706 | 25664534 |
|  **Net increase in net assets resulting from operations** | 31497205 | 17150635 | 152189375 | 108586162 |
| Distributions to shareholders: |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From distributable earnings | (3273567) | (2897064) | (9638895) | (24314998) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares |  |  | 74541905 | 90255771 |
|  Cost of shares redeemed | (12090083) | (11186728) | (86669318) | (222745720) |
| **Net decrease in net assets resulting from share transactions** | (12090083) | (11186728) | (12127413) | (132489949) |
|  **TOTAL INCREASE (DECREASE)** | 16133555 | 3066843 | 130423067 | (48218785) |
| Net Assets: |  |  |  |  |
|  Beginning of period | $119676315 | $116609472 | $840714530 | $888933315 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135809870 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119676315 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971137597 | $840714530 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 82 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets (continued) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **MarketBet<sup>a</sup><sup>®</sup> Russell 1000 Growth Equity ETF** | **MarketBet<sup>a</sup><sup>®</sup> Russell 1000 Growth Equity ETF** | **MarketBet<sup>a</sup><sup>®</sup> Russell 1000 Value Equity ETF** | **MarketBet<sup>a</sup><sup>®</sup> Russell 1000 Value Equity ETF** |
|  | **For the<br>Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **For the Fiscal<br>Year Ended<br>August 31, 2025** | **For the<br>Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **For the Fiscal<br>Year Ended<br>August 31, 2025** |
| From operations: |  |  |  |  |
|  Net investment income | $783393 | $1634899 | $3455769 | $8148564 |
|  Net realized gain | 10243598 | 36046061 | 7517853 | 39893813 |
|  Net change in unrealized gain (loss) | (6036653) | 21375375 | 37308805 | (15196299) |
|  **Net increase in net assets resulting from operations** | 4990338 | 59056335 | 48282427 | 32846078 |
| Distributions to shareholders: |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From distributable earnings | (753219) | (1730375) | (3432021) | (8968036) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 63297716 | 189315387 | 35917470 | 73792908 |
|  Cost of shares redeemed | (25365166) | (184056912) | (28695340) | (248162761) |
| **Net increase (decrease) in net assets resulting from share transactions** | 37932550 | 5258475 | 7222130 | (174369853) |
|  **TOTAL INCREASE (DECREASE)** | 42169669 | 62584435 | 52072536 | (150491811) |
| Net Assets: |  |  |  |  |
|  Beginning of period | $352990819 | $290406384 | $363686360 | $514178171 |
|  End of period | $395160488 | $352990819 | $415758896 | $363686360 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **83** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets (continued) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **MarketBet<sup>a</sup><sup>®</sup> U.S. Equity ETF** | **MarketBet<sup>a</sup><sup>®</sup> U.S. Equity ETF** |
|  | **For the<br>Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **For the Fiscal<br>Year Ended<br>August 31, 2025** |
| From operations: |  |  |
|  Net investment income | $15820797 | $30273765 |
|  Net realized gain | 126465727 | 266332352 |
|  Net change in unrealized gain | 33972423 | 94165373 |
|  **Net increase in net assets resulting from operations** | 176258947 | 390771490 |
| Distributions to shareholders: |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From distributable earnings | (15590979) | (30518560) |
| From share transactions: |  |  |
|  Proceeds from sales of shares | 387000758 | 676352243 |
|  Cost of shares redeemed | (302002960) | (709679472) |
|  **Net increase (decrease) in net assets resulting from share transactions** | 84997798 | (33327229) |
|  **TOTAL INCREASE** | 245665766 | 326925701 |
| Net Assets: |  |  |
|  Beginning of period | $2708562365 | $2381636664 |
|  End of period | $2954228131 | $2708562365 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 84 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **MarketBeta<sup>®</sup> Emerging Markets Equity ETF** | **MarketBeta<sup>®</sup> Emerging Markets Equity ETF** | **MarketBeta<sup>®</sup> Emerging Markets Equity ETF** | **MarketBeta<sup>®</sup> Emerging Markets Equity ETF** | **MarketBeta<sup>®</sup> Emerging Markets Equity ETF** | **MarketBeta<sup>®</sup> Emerging Markets Equity ETF** |
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the Six Months <br>Ended**<br> **February 28, 2026<br>(Unaudited)** | **For the Fiscal**<br>**Year Ended August 31,** | **For the Fiscal**<br>**Year Ended August 31,** | **For the Fiscal**<br>**Year Ended August 31,** | **For the Fiscal**<br>**Year Ended August 31,** | **For the Fiscal**<br>**Year Ended August 31,** |
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the Six Months <br>Ended**<br> **February 28, 2026<br>(Unaudited)** | <br> **2025** | <br> **2024** | <br> **2023** | <br> **2022** | <br> **2021** |
| Per Share Operating Performance: |  |  |  |  |  |  |
|  Net asset value, beginning of period | $52.03 | $45.73 | $40.81 | $41.23 | $55.68 | $48.15 |
|  Net investment income<sup>(a)</sup>  | 0.28 | 1.02 | 1.06 | 0.96 | 1.35 <sup>(b)</sup> | 0.89 |
|  Net realized and unrealized gain (loss) | 13.78 | 6.49 | 4.35 | (0.34) | (11.93) | 8.14 |
|  Total from investment operations | 14.06 | 7.51 | 5.41 | 0.62 | (10.58) | 9.03 |
|  Distributions to shareholders from net investment income | (1.42) | (1.21) | (0.49) | (1.04) | (3.87) | (1.50) |
|  Net asset value, end of period | $64.67 | $52.03 | $45.73 | $40.81 | $41.23 | $55.68 |
|  Market price, end of period | $64.27 | $52.33 | $45.73 | $40.81 | $41.16 | $55.72 |
|  **Total Return at Net Asset Value<sup>(c)</sup>**  | 27.43% | 16.84% | 13.50% | 1.61% | (20.01)% | 19.35% |
|  Net assets, end of period (in 000's) | $135810 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119676 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116609 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26524 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32981 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36191 |
|  Ratio of net expenses to average net assets | 0.36 %<sup>(d)</sup> | 0.36% | 0.36% | 0.36% | 0.36% | 0.36% |
|  Ratio of total expenses to average net assets | 0.45 %<sup>(d)</sup> | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% |
|  Ratio of net investment income to average net assets | 0.99 %<sup>(d)</sup> | 2.17% | 2.47% | 2.40% | 2.87 %<sup>(b)</sup> | 1.63% |
|  Portfolio turnover rate<sup>(e)</sup>  | 3% | 8% | 7% | 13% | 18% | 21% |

---

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> Reflects income recognized from non-recurring special dividends which amounted to $0.32 per share and 0.67% of average net assets. 

<sup>(c)</sup> Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. 

<sup>(d)</sup> Annualized.

<sup>(e)</sup> The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **85** |

---

------

GOLDMAN SACHS MARKETBETA ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **MarketBeta<sup>®</sup> International Equity ETF** | **MarketBeta<sup>®</sup> International Equity ETF** | **MarketBeta<sup>®</sup> International Equity ETF** | **MarketBeta<sup>®</sup> International Equity ETF** | **MarketBeta<sup>®</sup> International Equity ETF** | **MarketBeta<sup>®</sup> International Equity ETF** |
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the Six Months <br>Ended**<br> **February 28, 2026<br>(Unaudited)** | **For the Fiscal Year Ended August 31,** | **For the Fiscal Year Ended August 31,** | **For the Fiscal Year Ended August 31,** | **For the Fiscal Year Ended August 31,** | **For the Fiscal Year Ended August 31,** |
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the Six Months <br>Ended**<br> **February 28, 2026<br>(Unaudited)** | <br> **2025** | <br> **2024** | <br> **2023** | <br> **2022** | <br> **2021** |
| Per Share Operating Performance: |  |  |  |  |  |  |
|  Net asset value, beginning of period | $65.68 | $59.26 | $50.87 | $44.63 | $57.61 | $46.79 |
|  Net investment income<sup>(a)</sup>  | 0.47 | 1.58 | 1.44 | 1.45 | 1.63 | 1.28 |
|  Net realized and unrealized gain (loss) | 11.04 | 6.58 | 8.22 | 6.17 | (12.83) | 10.84 |
|  Total from investment operations | 11.51 | 8.16 | 9.66 | 7.62 | (11.20) | 12.12 |
|  Distributions to shareholders from net investment income | (0.72) | (1.74) | (1.27) | (1.38) | (1.78) | (1.30) |
|  Net asset value, end of period | $76.47 | $65.68 | $59.26 | $50.87 | $44.63 | $57.61 |
|  Market price, end of period | $76.22 | $65.58 | $59.31 | $50.84 | $44.33 | $57.80 |
|  **Total Return at Net Asset Value<sup>(b)</sup>**  | 17.68% | 14.08% | 19.21% | 17.22% | (19.80)% | 26.20% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971138 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840715 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888933 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437479 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357050 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357192 |
|  Ratio of net expenses to average net assets | 0.20 %<sup>(c)</sup> | 0.20% | 0.20% | 0.20% | 0.20% | 0.20% |
|  Ratio of total expenses to average net assets | 0.25 %<sup>(c)</sup> | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% |
|  Ratio of net investment income to average net assets | 1.38 %<sup>(c)</sup> | 2.68% | 2.66% | 2.96% | 3.15% | 2.41% |
|  Portfolio turnover rate<sup>(d)</sup>  | 2% | 3% | 4% | 4% | 7% | 5% |

---

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> Assumes investment at the net asset value at the beginning of the 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;

---

| | |
|:---|:---|
| 86 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF** | **MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF** | **MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF** |
|  | **For the Six Months<br>Ended<br>February 28, 2026<br>(Unaudited)** | **For the Fiscal<br>Year Ended August<br>31, 2025** | **For the Period<br>November 28, 2023<sup>\*</sup>to**<br> **August 31, 2024** |
| Per Share Operating Performance: |  |  |  |
|  Net asset value, beginning of period | $60.34 | $50.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$40.15 |
|  Net investment income<sup>(a)</sup>  | 0.13 | 0.30 | 0.24 |
|  Net realized and unrealized gain | 0.92 | 10.28 | 9.89 |
|  Total from investment operations | 1.05 | 10.58 | 10.13 |
|  Distributions to shareholders from net investment income | (0.12) | (0.31) | (0.21) |
|  Net asset value, end of period | $61.27 | $60.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$50.07 |
|  Market price, end of period | $61.29 | $60.32 | $50.05 |
|  **Total Return at Net Asset Value<sup>(b)</sup>**  | 1.74% | 21.20% | 25.26% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395160 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$290406 |
|  Ratio of net expenses to average net assets | 0.12 %<sup>(c)</sup> | 0.12% | 0.12%<sup>(c)</sup> |
|  Ratio of net investment income to average net assets | 0.41 %<sup>(c)</sup> | 0.56% | 0.69%<sup>(c)</sup> |
|  Portfolio turnover rate<sup>(d)</sup>  | 12% | 45% | 29% |

---

\* Commencement of operations.

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. 

<sup>(c)</sup> Annualized.

<sup>(d)</sup> The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **87** |

---

------

GOLDMAN SACHS MARKETBETA ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF** | **MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF** | **MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF** |
|  | **For the Six Months<br>Ended<br>February 28, 2026<br>(Unaudited)** | **For the Fiscal<br>Year Ended August<br>31, 2025** | **For the Period<br>November 28, 2023<sup>\*</sup>to**<br> **August 31, 2024** |
| Per Share Operating Performance: |  |  |  |
|  Net asset value, beginning of period | $51.77 | $48.39 | $39.86 |
|  Net investment income<sup>(a)</sup>  | 0.48 | 0.95 | 0.69 |
|  Net realized and unrealized gain | 6.17 | 3.41 | 8.31 |
|  Total from investment operations | 6.65 | 4.36 | 9.00 |
|  Distributions to shareholders from net investment income | (0.47) | (0.98) | (0.47) |
|  Net asset value, end of period | $57.95 | $51.77 | $48.39 |
|  Market price, end of period | $57.89 | $51.76 | $48.40 |
|  **Total Return at Net Asset Value<sup>(b)</sup>**  | 12.93% | 9.17% | 22.67% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415759 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363686 | $514178 |
|  Ratio of net expenses to average net assets | 0.12 %<sup>(c)</sup> | 0.12% | 0.12%<sup>(c)</sup> |
|  Ratio of net investment income to average net assets | 1.78 %<sup>(c)</sup> | 1.93% | 2.04%<sup>(c)</sup> |
|  Portfolio turnover rate<sup>(d)</sup>  | 1% | 11% | 18% |

---

<sup>\*</sup> Commencement of operations.

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. 

<sup>(c)</sup> Annualized.

<sup>(d)</sup> The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 88 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **MarketBeta<sup>®</sup> U.S. Equity ETF** | **MarketBeta<sup>®</sup> U.S. Equity ETF** | **MarketBeta<sup>®</sup> U.S. Equity ETF** | **MarketBeta<sup>®</sup> U.S. Equity ETF** | **MarketBeta<sup>®</sup> U.S. Equity ETF** | **MarketBeta<sup>®</sup> U.S. Equity ETF** |
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the Six Months <br>Ended**<br> **February 28, 2026<br>(Unaudited)** | **For the Fiscal**<br>**Year Ended August 31,** | **For the Fiscal**<br>**Year Ended August 31,** | **For the Fiscal**<br>**Year Ended August 31,** | **For the Fiscal**<br>**Year Ended August 31,** | **For the Fiscal**<br>**Year Ended August 31,** |
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the Six Months <br>Ended**<br> **February 28, 2026<br>(Unaudited)** | <br> **2025** | <br> **2024** | <br> **2023** | <br> **2022** | <br> **2021** |
| Per Share Operating Performance: |  |  |  |  |  |  |
|  Net asset value, beginning of period | $89.24 | $77.45 | $61.63 | $53.96 | $63.07 | $48.62 |
|  Net investment income<sup>(a)</sup>  | 0.50 | 0.98 | 0.95 | 0.89 | 0.82 | 0.74 |
|  Net realized and unrealized gain (loss) | 5.30 | 11.81 | 15.76 | 7.67 | (9.20) | 14.46 |
|  Total from investment operations | 5.80 | 12.79 | 16.71 | 8.56 | (8.38) | 15.20 |
|  Distributions to shareholders from net investment income | (0.50) | (1.00) | (0.89) | (0.89) | (0.73) | (0.75) |
|  Net asset value, end of period | $94.54 | $89.24 | $77.45 | $61.63 | $53.96 | $63.07 |
|  Market price, end of period | $94.55 | $89.24 | $77.45 | $61.68 | $53.97 | $63.09 |
|  **Total Return at Net Asset Value<sup>(b)</sup>**  | 6.50% | 16.65% | 27.33% | 16.12% | (13.41)% | 31.60% |
|  Net assets, end of period (in 000's) | $2954228 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2708562 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2381637 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1016937 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685236 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428861 |
|  Ratio of net expenses to average net assets | 0.07 %<sup>(c)</sup> | 0.07% | 0.07% | 0.07% | 0.07% | 0.07% |
|  Ratio of total expenses to average net assets | 0.09 %<sup>(c)</sup> | 0.09% | 0.09% | 0.09% | 0.09% | 0.09% |
|  Ratio of net investment income to average net assets | 1.09 %<sup>(c)</sup> | 1.20% | 1.39% | 1.59% | 1.40% | 1.36% |
|  Portfolio turnover rate<sup>(d)</sup>  | 1% | 2% | 3% | 3% | 3% | 4% |

---

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. 

<sup>(c)</sup> Annualized.

<sup>(d)</sup> The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **89** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. ORGANIZATION

Goldman Sachs ETF Trust (the "Trust") is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the "Act"), consisting of multiple series. The Trust was organized as a Delaware statutory trust on December 16, 2009. The following table lists those series of the Trust that are included in this report (collectively, the "Funds" or individually a "Fund") along with their respective diversification status under the Act:

---

| | |
|:---|:---|
| **Fund** | **Diversified/**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Diversified**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs MarketBeta<sup>®</sup> Emerging Markets Equity ETF | Diversified |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs MarketBeta<sup>®</sup> International Equity ETF | Diversified |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF | Diversified |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF | Diversified |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs MarketBeta<sup>®</sup> U.S. Equity ETF | Diversified |

---

The investment objective of each Fund is to provide investment results that closely correspond, before fees and expenses, to the performance of its respective Index.

Goldman Sachs Asset Management, L.P. ("GSAM"), an affiliate of Goldman Sachs & Co. LLC ("Goldman Sachs"), serves as investment adviser to the Funds pursuant to a management agreement (the "Agreement") with the Trust. Each Fund is an exchange-traded fund ("ETF"). Shares of the Goldman Sachs MarketBeta<sup>®</sup> Emerging Markets Equity ETF, Goldman Sachs MarketBeta<sup>®</sup> International Equity ETF and Goldman Sachs MarketBeta<sup>®</sup> U.S. Equity ETF are listed and traded on the Cboe BZX Exchange, Inc., and shares of the Goldman Sachs MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF and Goldman Sachs MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF are listed and traded on NYSE Arca, Inc. Market prices for the Funds' shares may be different from their net asset value ("NAV"). The Funds issue and redeem shares at their respective NAV only in blocks of a specified number of shares, or multiples thereof, referred to as "Creation Units." Creation Units are issued and redeemed generally for a designated portfolio of securities (including any portion of such securities for which cash may be substituted) and a specified amount of cash. Shares generally trade in the secondary market in quantities less than a Creation Unit at market prices that change throughout the day. Only those that have entered into an authorized participant agreement with ALPS Distributors, Inc. (the "Distributor") may do business directly with the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;A. Investment Valuation — The Funds' valuation policy is to value investments at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily NAV calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

90.0 ------

GOLDMAN SACHS MARKETBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES (continued)

payable upon sale of such investments. Distributions received from the Funds' investments in U.S. real estate investment trusts ("REITs") may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract.

&nbsp;&nbsp;&nbsp;&nbsp;C. Expenses — Expenses incurred directly by a Fund are charged to the Fund, and certain expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis, depending upon the nature of the expenses, and are accrued daily.

&nbsp;&nbsp;&nbsp;&nbsp;D. Federal Taxes and Distributions to Shareholders — It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Code"), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. For each Fund, income distributions, if any, are declared and paid quarterly. Capital gains distributions, if any, are declared and paid annually.

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund's distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds' net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

&nbsp;&nbsp;&nbsp;&nbsp;E. Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

&nbsp;&nbsp;&nbsp;&nbsp;F. Segment Reporting — The Funds follow 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 Fund's Investment Adviser. The CODM monitors and actively manages the operating results of each Fund. The financial information the CODM leverages to assess the segment's performance and to make decisions for the Funds' single segment, is consistent with that presented within each Funds' financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds' policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**91**

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GOLDMAN SACHS MARKETBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

(Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM's assumptions in determining fair value measurement).

The Board of Trustees ("Trustees") has approved valuation procedures that govern the valuation of the portfolio investments held by the Funds ("Valuation Procedures"), including investments for which market quotations are not readily available. With respect to the Funds' investments that do not have readily available market quotations, the Trustees have designated GSAM as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Act (the "Valuation Designee"). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds' investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Equity Securities — Equity securities traded on a United States ("U.S.") securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the last bid price for long positions and the last ask price for short positions on the exchange where they are principally traded. Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy.

Over-the-counter ("OTC") and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

92.0 ------

GOLDMAN SACHS MARKETBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

Underlying Funds (including Money Market Funds) — Underlying funds ("Underlying Funds") include ETFs and other investment companies. Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds' shares will correspondingly fluctuate in value. Underlying Funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund's accounting policies and investment holdings, please see the Underlying Fund's financial statements at SEC.gov.

&nbsp;&nbsp;&nbsp;&nbsp;B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund's investments may be determined under the Valuation Procedures. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund's NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

&nbsp;&nbsp;&nbsp;&nbsp;C. Fair Value Hierarchy — The following is a summary of the Funds' investments classified in the fair value hierarchy as of February 28, 2026:

---

| | | | |
|:---|:---|:---|:---|
| MarketBeta<sup>®</sup> Emerging Markets Equity ETF |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa | $4535531 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 116018639 | 3104204 | 1278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 1351648 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 2916597 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oceania | 13468 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 5349899 | 1587179 |  |
|  Exchange-Traded Fund | 700637 |  |  |
|  Investment Company | 787719 |  |  |
|  Securities Lending Reinvestment Vehicle | 822516 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132496654 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4691383 | $1278 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**93**

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GOLDMAN SACHS MARKETBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

---

| | | | |
|:---|:---|:---|:---|
| MarketBeta<sup>®</sup> International Equity ETF |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa | $2223621 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 301895108 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 492048765 | 3090757 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 85672488 | 596138 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oceania | 79427707 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 1165924 |  |  |
|  Investment Company | 2857056 |  |  |
|  Securities Lending Reinvestment Vehicle | 7190855 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972481524 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3686895 | $— |
| Derivative Type |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts<sup>(b)</sup>  | $166390 | $— | $— |

---

---

| | | | |
|:---|:---|:---|:---|
| MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | $443972 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 182902 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 393102789 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oceania | 128665 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 843830 |  |  |
|  Investment Company | 324227 |  |  |
|  Securities Lending Reinvestment Vehicle | 531246 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395557631 | $— | $— |
| Derivative Type |  |  |  |
|  **Liabilities** |  |  |  |
|  Futures Contracts<sup>(b)</sup>  | $(12749) | $— | $— |

---

---

| | | | |
|:---|:---|:---|:---|
| MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | $65500 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 493411 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 412089243 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oceania | 726245 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 102160 |  |  |
|  Investment Company | 1577595 |  |  |
|  Securities Lending Reinvestment Vehicle | 374872 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415429026 | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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GOLDMAN SACHS MARKETBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

---

| | | | |
|:---|:---|:---|:---|
| Derivative Type |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts<sup>(b)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51217 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| MarketBeta<sup>®</sup> U.S. Equity ETF |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | $1106392 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 3500351 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 2936185431 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oceania | 3294038 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 4253344 |  |  |
|  Investment Company | 3016547 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2951356103 | $— | $— |
| Derivative Type |  |  |  |
|  **Liabilities** |  |  |  |
|  Futures Contracts<sup>(b)</sup>  | $(17043) | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table.

<sup>(b)</sup> Amount shown represents unrealized gain (loss) at period end. 

For further information regarding security characteristics, see the Schedules of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 February 28, 2026. These instruments were used as part of the Funds' investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds' net exposure.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  MarketBeta<sup>®</sup> International Equity ETF | MarketBeta<sup>®</sup> International Equity ETF |  |  |  |
| **Risk** | **Statement of Assets and Liabilities** | **Assets<sup>1</sup>** | **Statement of Assets and Liabilities** | **Liabilities<sup>1</sup>** |
|  Equity | Variation margin on futures contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166390 | Variation margin on futures contracts | $— |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF | MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF |  |  |  |
| **Risk** | **Statement of Assets and Liabilities** | **Assets<sup>1</sup>** | **Statement of Assets and Liabilities** | **Liabilities<sup>1</sup>** |
|  Equity | Variation margin on futures contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | Variation margin on futures contracts | $(12749) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF | MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF |  |  |  |
| **Risk** | **Statement of Assets and Liabilities** | **Assets<sup>1</sup>** | **Statement of Assets and Liabilities** | **Liabilities<sup>1</sup>** |
|  Equity | Variation margin on futures contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51217 | Variation margin on futures contracts | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**95**

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GOLDMAN SACHS MARKETBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  MarketBeta<sup>®</sup> U.S. Equity ETF | MarketBeta<sup>®</sup> U.S. Equity ETF |  |  |  |
| **Risk** | **Statement of Assets and Liabilities** | **Assets<sup>1</sup>** | **Statement of Assets and Liabilities** | **Liabilities<sup>1</sup>** |
|  Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | Variation margin on futures contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17043) |

---

<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 February 28, 2026 is reported within the Statements of Assets and Liabilities.

The following tables set forth, by certain risk types, the Funds' gains (losses) related to these derivatives and their indicative volumes for the six months ended February 28, 2026. 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:

---

| | | | |
|:---|:---|:---|:---|
|  MarketBeta<sup>®</sup> Emerging Markets Equity ETF | MarketBeta<sup>®</sup> Emerging Markets Equity ETF | MarketBeta<sup>®</sup> Emerging Markets Equity ETF | MarketBeta<sup>®</sup> Emerging Markets Equity ETF |
| **Risk**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** | **Statement of Operations** | **Net Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
|  Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | $15896 | $— |

---

---

| | | | |
|:---|:---|:---|:---|
|  MarketBeta<sup>®</sup> International Equity ETF | MarketBeta<sup>®</sup> International Equity ETF | MarketBeta<sup>®</sup> International Equity ETF | MarketBeta<sup>®</sup> International Equity ETF |
| **Risk** | **Statement of Operations** | **Net Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
|  Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | 386117 | 85261 |

---

---

| | | | |
|:---|:---|:---|:---|
|  MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF | MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF | MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF | MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF |
| **Risk** | **Statement of Operations** | **Net Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
|  Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | 14341 | (12749) |

---

---

| | | | |
|:---|:---|:---|:---|
|  MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF | MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF | MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF | MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF |
| **Risk** | **Statement of Operations** | **Net Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
|  Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | 100871 | 12328 |

---

---

| | | | |
|:---|:---|:---|:---|
|  MarketBeta<sup>®</sup> U.S. Equity ETF | MarketBeta<sup>®</sup> U.S. Equity ETF | MarketBeta<sup>®</sup> U.S. Equity ETF | MarketBeta<sup>®</sup> U.S. Equity ETF |
| **Risk** | **Statement of Operations** | **Net Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
|  Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | 46233 | (17043) |

---

For the six months ended February 28, 2026, the relevant values for each derivative type were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

96.0 ------

GOLDMAN SACHS MARKETBETA<sup>®</sup> ETFS

&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;4. INVESTMENTS IN DERIVATIVES (continued)

---

| | |
|:---|:---|
|  | **Average number of<br>Contracts<sup>(a)</sup>** |
| **Fund** | **Futures Contracts** |
| MarketBeta<sup>®</sup> Emerging Markets Equity ETF | 3 |
| MarketBeta<sup>®</sup> International Equity ETF | 25 |
| MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF | 2 |
| MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF | 10 |
| MarketBeta<sup>®</sup> U.S. Equity ETF | 6 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amounts disclosed represent average number of contracts, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the six months ended February 28, 2026.

&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 such Fund, excluding payments under a Fund's 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings and litigation, indemnification and extraordinary expenses. As the Funds directly pay fees and expenses of the independent Trustees, the management fee collected by GSAM will be reduced by an amount equal to the fees and expenses paid by the Funds to the independent Trustees.

For the six months ended February 28, 2026, contractual and effective net unitary management fees with GSAM were at the following rates:

---

| | | |
|:---|:---|:---|
| **Fund** | **Contractual<br>Unitary Management<br>Fee** | **Effective Net<br>Unitary<br>Management<br>Fee\*** |
| Goldman Sachs MarketBeta<sup>®</sup> Emerging Markets Equity ETF | 0.45% | 0.36% |
| Goldman Sachs MarketBeta<sup>®</sup> International Equity ETF | 0.25% | 0.20% |
| Goldman Sachs MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF | 0.12% | 0.12% |
| Goldman Sachs MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF | 0.12% | 0.12% |
| Goldman Sachs MarketBeta<sup>®</sup> U.S. Equity ETF | 0.09% | 0.07% |

---

\* Effective Net Unitary Management Fee includes the impact of management fee waivers, if any.

GSAM has agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.36%, 0.20% and 0.07% as an annual percentage rate of average daily net assets of the MarketBeta<sup>®</sup> Emerging Markets Equity ETF, MarketBeta<sup>®</sup> International Equity ETF and MarketBeta<sup>®</sup> U.S. Equity ETF, respectively. These arrangements will remain in effect through at least December 29, 2026 and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. For the six months ended February 28, 2026, GSAM waived $58,416, $227,162 and $291,025 of the Funds' management fees for the MarketBeta<sup>®</sup> Emerging Markets Equity ETF, MarketBeta<sup>®</sup> International Equity ETF and MarketBeta<sup>®</sup> U.S. Equity ETF, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**97**

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The Funds invest in Institutional Shares of the Goldman Sachs Financial Square Treasury Obligations Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest. For the six months ended February 28, 2026, the management fee waived by GSAM was $946, $2,183, $614, $1,156 and $2,882 for the MarketBeta<sup>®</sup> Emerging Markets Equity ETF, MarketBeta<sup>®</sup> International Equity ETF, MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF, MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF and MarketBeta<sup>®</sup> U.S. Equity ETF, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;B. Other Transactions with Affiliates — The following table provides information about the Fund's investment in shares of Goldman Sachs Financial Square Treasury Obligations Fund and The Goldman Sachs Group, Inc. as of and for the six months ended February 28, 2026:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  MarketBeta<sup>®</sup> Emerging Markets Equity ETF | MarketBeta<sup>®</sup> Emerging Markets Equity ETF | MarketBeta<sup>®</sup> Emerging Markets Equity ETF | MarketBeta<sup>®</sup> Emerging Markets Equity ETF | MarketBeta<sup>®</sup> Emerging Markets Equity ETF | MarketBeta<sup>®</sup> Emerging Markets Equity ETF | MarketBeta<sup>®</sup> Emerging Markets Equity ETF | MarketBeta<sup>®</sup> Emerging Markets Equity ETF | MarketBeta<sup>®</sup> Emerging Markets Equity ETF | MarketBeta<sup>®</sup> Emerging Markets Equity ETF |
| **Underlying Fund** | **Beginning value**<br> **as of August 31,**<br> **2025** | **Purchases at Cost** | **Proceeds from<br>Sales** | **Realized Gain<br>(Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Ending value as<br>of February 28,<br>2026** | **Shares as of<br>February 28,<br>2026** | **Dividend<br>Income** | **Capital Gain<br>Distribution** |
|  Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |
|  | $776373 | $8410886 | $(5044618) | $– | $– | $787719 | 787719 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19959 | $– |
|  MarketBeta<sup>®</sup> International Equity ETF | MarketBeta<sup>®</sup> International Equity ETF | MarketBeta<sup>®</sup> International Equity ETF | MarketBeta<sup>®</sup> International Equity ETF | MarketBeta<sup>®</sup> International Equity ETF | MarketBeta<sup>®</sup> International Equity ETF | MarketBeta<sup>®</sup> International Equity ETF | MarketBeta<sup>®</sup> International Equity ETF | MarketBeta<sup>®</sup> International Equity ETF | MarketBeta<sup>®</sup> International Equity ETF |
| **Underlying Fund** | **Beginning value<br>as of August 31,<br>2025** | **Purchases at Cost** | **Proceeds from<br>Sales** | **Realized Gain<br>(Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Ending value as<br>of February 28,**<br> **2026** | **Shares as of<br>February 28,<br>2026** | **Dividend<br>Income** | **Capital Gain<br>Distribution** |
|  Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |
|  | 3177483 | 13015816 | (13336243) |  |  | 2857056 | 2857056 | 46328 |  |
|  MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF | MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF | MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF | MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF | MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF | MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF | MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF | MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF | MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF | MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF |
| **Underlying Fund** | **Beginning value<br>as of August 31,<br>2025** | **Purchases at Cost** | **Proceeds from<br>Sales** | **Realized Gain<br>(Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Ending value as<br>of February 28,<br>2026** | **Shares as of<br>February 28,<br>2026** | **Dividend<br>Income** | **Capital Gain<br>Distribution** |
|  Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |
|  | 261184 | 4429550 | (4366507) |  |  | 324227 | 324227 | 12371 |  |
|  Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) |
|  | 175879 | 34394 | (12962) | 4596 | 23300 | 225207 | 262 | 1008 |  |
|  Total | $437063 | $4463944 | $(4379469) | $4596 | $23300 | $549434 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13379 | $– |
|  MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF | MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF | MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF | MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF | MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF | MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF | MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF | MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF | MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF | MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF |
| **Underlying Fund** | **Beginning value<br>as of August 31,<br>2025** | **Purchases at Cost** | **Proceeds from<br>Sales** | **Realized Gain<br>(Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Ending value as<br>of February 28,<br>2026** | **Shares as of<br>February 28,<br>2026** | **Dividend<br>Income** | **Capital Gain<br>Distribution** |
|  Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |
|  | 1350515 | 4469340 | (10437096) |  |  | 1577595 | 1577595 | 24577 |  |
|  Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) |
|  | 2699295 | 287704 | (337041) | 149762 | 287855 | 3087576 | 3592 | 15344 |  |
|  Total | $4049810 | $4757044 | $(10774137) | $149762 | $287855 | $4665171 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39921 | $– |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

98.0 ------

GOLDMAN SACHS MARKETBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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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)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  MarketBeta<sup>®</sup> U.S. Equity ETF  | MarketBeta<sup>®</sup> U.S. Equity ETF  | MarketBeta<sup>®</sup> U.S. Equity ETF  | MarketBeta<sup>®</sup> U.S. Equity ETF  | MarketBeta<sup>®</sup> U.S. Equity ETF  | MarketBeta<sup>®</sup> U.S. Equity ETF  | MarketBeta<sup>®</sup> U.S. Equity ETF  | MarketBeta<sup>®</sup> U.S. Equity ETF  | MarketBeta<sup>®</sup> U.S. Equity ETF  | MarketBeta<sup>®</sup> U.S. Equity ETF  |
| **Underlying Fund** | **Beginning value<br>as of August 31,<br>2025** | **Purchases at Cost** | **Proceeds from<br>Sales** | **Realized Gain<br>(Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Ending value as<br>of February 28,<br>2026** | **Shares as of<br>February 28,<br>2026** | **Dividend<br>Income** | **Capital Gain<br>Distribution** |
|  Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |
|  | $2604149 | $17725699 | $(17313301) | $– | $– | $3016547 | 3016547 | $61269 | $– |
|  Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) |
|  | 11352393 | 1731274 | (1693956) | 892116 | 916010 | 13197838 | 15354 | 62532 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13956542 | $19456973 | $(19007257) | $892116 | $916010 | $16214385 |  | $123801 | $– |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. CREATION AND REDEMPTION OF CREATION UNITS

The Trust issues and redeems shares of the Funds only in Creation Units on a continuous basis through the Distributor, without an initial sales load, at NAV next determined after receipt, on any Business Day (as defined in the Statement of Additional Information), of an order in proper form. Shares of the Funds may only be purchased or redeemed by certain financial institutions (each an "Authorized Participant"). An Authorized Participant is either (1) a "Participating Party" or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation; or (2) a Depository Trust Company participant; which, in either case, must have executed an agreement with the Distributor. Retail investors will typically not qualify as an Authorized Participant or have the resources to buy and sell whole Creation Units.

Therefore, they will be unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors will purchase shares in the secondary market at market prices with the assistance of a broker and may be subject to customary brokerage commissions or fees. Fixed creation and redemption transaction fees are imposed in connection with creations and redemptions.

Authorized Participants transacting in Creation Units for cash may also pay a variable charge to compensate the relevant fund for certain transaction costs (e.g. taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in "Proceeds from sale of shares" in the Statements of Changes in Net Assets. Share activity is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Goldman Sachs MarketBeta<sup>®</sup> Emerging Markets Equity ETF** | **Goldman Sachs MarketBeta<sup>®</sup> Emerging Markets Equity ETF** | **Goldman Sachs MarketBeta<sup>®</sup> Emerging Markets Equity ETF** | **Goldman Sachs MarketBeta<sup>®</sup> Emerging Markets Equity ETF** |
|  | **For the**<br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the**<br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **August 31, 2025** | **For the Fiscal Year Ended**<br> **August 31, 2025** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fund Share Activity** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (200000) | $(12090083) | (250000) | $(11186728) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **NET DECREASE IN SHARES** | (200000) | $(12090083) | (250000) | $(11186728) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**99**

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GOLDMAN SACHS MARKETBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. CREATION AND REDEMPTION OF CREATION UNITS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Goldman Sachs MarketBeta<sup>®</sup> International Equity ETF** | **Goldman Sachs MarketBeta<sup>®</sup> International Equity ETF** | **Goldman Sachs MarketBeta<sup>®</sup> International Equity ETF** | **Goldman Sachs MarketBeta<sup>®</sup> International Equity ETF** |
|  | **For the**<br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the**<br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **August 31, 2025** | **For the Fiscal Year Ended**<br> **August 31, 2025** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fund Share Activity** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 1100000 | $74541905 | 1600000 | $90255771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1200000) | (86669318) | (3800000) | (222745720) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **NET DECREASE IN SHARES** | (100000) | $(12127413) | (2200000) | $(132489949) |
|  | **Goldman Sachs MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF** | **Goldman Sachs MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF** | **Goldman Sachs MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF** | **Goldman Sachs MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF** |
|  | **For the**<br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the**<br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **August 31, 2025** | **For the Fiscal Year Ended**<br> **August 31, 2025** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fund Share Activity** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 1000000 | $63297716 | 3450000 | $189315387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (400000) | (25365166) | (3400000) | (184056912) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE IN SHARES** | 600000 | $37932550 | 50000 | $5258475 |
|  | **Goldman Sachs MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF** | **Goldman Sachs MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF** | **Goldman Sachs MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF** | **Goldman Sachs MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF** |
|  | **For the**<br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the**<br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **August 31, 2025** | **For the Fiscal Year Ended**<br> **August 31, 2025** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fund Share Activity** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 675000 | $35917470 | 1475000 | $73792908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (525000) | (28695340) | (5075000) | (248162761) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN SHARES** | 150000 | $7222130 | (3600000) | $(174369853) |
|  | **Goldman Sachs MarketBeta<sup>®</sup> U.S. Equity ETF** | **Goldman Sachs MarketBeta<sup>®</sup> U.S. Equity ETF** | **Goldman Sachs MarketBeta<sup>®</sup> U.S. Equity ETF** | **Goldman Sachs MarketBeta<sup>®</sup> U.S. Equity ETF** |
|  | **For the**<br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the**<br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **August 31, 2025** | **For the Fiscal Year Ended**<br> **August 31, 2025** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fund Share Activity** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 4100000 | $387000758 | 8300000 | $676352243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (3200000) | (302002960) | (8700000) | (709679472) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN SHARES** | 900000 | $84997798 | (400000) | $(33327229) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

100.0 ------

GOLDMAN SACHS MARKETBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended February 28, 2026, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| MarketBeta<sup>®</sup> Emerging Markets Equity ETF | $3350579 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13936603 |
| MarketBeta<sup>®</sup> International Equity ETF | 14530853 | 15297928 |
| MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF | 45882824 | 45926316 |
| MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF | 2481515 | 2551378 |
| MarketBeta<sup>®</sup> U.S. Equity ETF | 27738468 | 27580173 |

---

The purchases and sales from in-kind creation and redemption transactions for the six months ended February 28, 2026, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MarketBeta<sup>®</sup> Emerging Markets Equity ETF | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3992814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MarketBeta<sup>®</sup> International Equity ETF | 73725068 | 86605547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF | 63298377 | 25314376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF | 35917942 | 28600972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MarketBeta<sup>®</sup> U.S. Equity ETF | 386549933 | 301686425 |

---

&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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**101**

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GOLDMAN SACHS MARKETBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. SECURITIES LENDING (continued)

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 February 28, 2026, are disclosed as "Payable upon return of securities loaned" on the Statements of Assets and Liabilities, where applicable.

Each of the Funds and BNY received compensation relating to the lending of the Funds' securities. The amounts earned, if any, by the Funds for the six months ended February 28, 2026, are reported under Investment Income on the Statements of Operations.

The following table provides information about the Funds' investment in the Government Money Market Fund for the six months ended February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Beginning value as<br>of August 31, 2025** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Ending value as<br>of February 28, 2026** |
| MarketBeta<sup>®</sup> Emerging Markets Equity ETF | $1137326 | $3176320 | $(3491130) | $822516 |
| MarketBeta<sup>®</sup> International Equity ETF | 10762363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65913147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69484655) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7190855 |
| MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF | 91605 | 2631679 | (2192038) | 531246 |
| MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF | 155536 | 2509224 | (2289888) | 374872 |
| MarketBeta<sup>®</sup> U.S. Equity ETF | 898115 | 7246293 | (8144408) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. TAX INFORMATION

As of the Funds' most recent fiscal year end, August 31, 2025, the Funds' capital loss carryforwards and certain timing differences on a tax-basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **MarketBeta<sup>®</sup><sup></sup>Emerging Markets<br>Equity ETF** | **MarketBeta<sup>®</sup><sup></sup>International<br>Equity ETF** | **MarketBeta<sup>®</sup><sup></sup>Russell 1000<br>Growth Equity ETF** | **MarketBeta<sup>®</sup><sup></sup>Russell 1000 Value<br>Equity ETF** | **MarketBeta<sup>®</sup> U.S.<br>Equity ETF** |
|  Capital loss carryforwards: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Short-Term | $(1039059) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3739218) | $(889762) | $(4271617) | $(4050078) |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Long-Term | (1523204) | (10479141) |  |  | (12096514) |
|  Total capital loss carryforwards | (2562263) | (14218359) | (889762) | (4271617) | (16146592) |
|  Timing differences — (Late Year Ordinary Loss Deferral and Post-October Capital Loss Deferral and Miscellaneous adjustments) | (680150) | (4440503) | (7998871) | (4169593) | (13905023) |

---

As of February 28, 2026, the Fund's aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

102.0 ------

GOLDMAN SACHS MARKETBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. TAX INFORMATION (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **MarketBeta<sup>®</sup> Emerging<br>Markets Equity ETF** | **MarketBeta<sup>®</sup><sup></sup>International Equity<br>ETF** | **MarketBeta<sup>®</sup> Russell<br>1000 Growth Equity<br>ETF** | **MarketBeta<sup>®</sup> Russell** <br> **1000 Value Equity ETF**  |
|  Tax Cost | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83390272 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716024839 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355163644 | $338941508 |
|  Gross unrealized gain | 58229669 | 300901205 | 57065575 | 96714770 |
|  Gross unrealized loss | (4430626) | (40757625) | (16671588) | (20227252) |
|  Net unrealized gain (loss) | $53799043 | $260143580 | $40393987 | $76487518 |

---

---

| | |
|:---|:---|
|  | **MarketBeta<sup>®</sup> U.S.** <br> **Equity ETF**  |
|  Tax Cost | $2336935063 |
|  Gross unrealized gain | 713211808 |
|  Gross unrealized loss | (98790768) |
|  Net unrealized gain (loss) | $614421040 |

---

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains/(losses) on regulated futures contracts, differences in the tax treatment of partnership investments, passive foreign investment company investments, and underlying fund investments.

GSAM has reviewed the Funds' tax positions for all open tax years (the current and prior year, as applicable) and has concluded that no provision for income tax is required in the Funds' financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. OTHER RISKS

The Funds' risks include, but are not limited to, the following:

Calculation Methodology Risk — The Index relies on various sources of information to assess the criteria of issuers included in the Index (or a Reference Index, if applicable), including fundamental information that may be based on assumptions and estimates. Neither the Fund, the Investment Adviser nor the Index Provider can offer assurances that the Index's calculation methodology or sources of information will provide a correct valuation of securities, nor can they guarantee the availability or timeliness of the production of the Index.

Diversification Risk — Each Fund is classified as a "diversified" fund; however, each Fund may become "non-diversified," meaning that it is permitted to invest a larger percentage of its assets in one or more issuers or in fewer issuers than diversified funds, to the extent its respective Index is non-diversified. Each fund thus may invest a larger percentage of its assets in fewer issuers than diversified funds.

Index Risk — Solactive AG and FTSE Russell (the "Index Providers") constructs each applicable Fund's Index in accordance with a rules-based methodology. A Fund will be negatively affected by general declines in the securities and asset classes represented in its Index. In addition, because the Funds are not "actively" managed, unless a specific security is removed from an Index, a Fund generally would not sell a security because the security's issuer was in financial trouble. Market disruptions and regulatory restrictions could have an adverse effect on a Fund's ability to adjust its exposure to the required levels in order to track the Index. A Fund also does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, a Fund's performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers. When the Index is rebalanced and the Fund in turn rebalances its portfolio to attempt to increase the correlation between the Fund's portfolio and the Index, any transaction

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**103**

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GOLDMAN SACHS MARKETBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. OTHER RISKS (continued)

costs and market exposure arising from such portfolio rebalancing may be borne directly by the Fund and its shareholders. The Index Providers may utilize third party data in constructing each respective Index, but it does not guarantee the accuracy or availability of any such third party data. Errors in index data, index computation or the construction of an Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Providers for a period of time or at all, which may have an adverse impact on the applicable Fund and its shareholders. In addition, neither a Fund, the Investment Adviser, the Calculation Agent nor the Index Providers can guarantee the availability or timeliness of the production of the Index. Furthermore, Solactive AG, the index provider for Goldman Sachs MarketBeta<sup>®</sup> Emerging Markets Equity ETF, Goldman Sachs MarketBeta<sup>®</sup> International Equity ETF and Goldman Sachs MarketBeta<sup>®</sup> U.S. Equity ETF, and FTSE Russell, the index provider for Goldman Sachs MarketBeta<sup>®</sup> Russell 1000 Growth ETF and Goldman Sachs MarketBeta<sup>®</sup> Russell 1000 Value ETF may delay or change a scheduled rebalancing or reconstitution of an Index or the implementation of certain rules at its sole discretion. In such circumstances, a Fund, in replicating the composition of its Index, may have more or less exposure to a particular sector or individual company than had the Index been constructed in accordance with its stated methodology.

Industry Concentration Risk — Concentrating Fund investments in a limited number of issuers conducting business in the same industry or group of industries will subject a Fund to a greater risk of loss as a result of adverse economic, business, political, environmental or other developments than if its investments were diversified across different industries.

Large Shareholder Transaction Risk — Certain shareholders, including other funds advised by the Investment Adviser, may from time to time own a substantial amount of the Fund's Shares. In addition, a third party investor, the Investment Adviser or an affiliate of the Investment Adviser, an authorized participant, a lead market maker, or another entity (i.e., a seed investor) may invest in the Fund and hold its investment solely to facilitate commencement of the Fund or to facilitate the Fund's achieving a specified size or scale. Any such investment may be held for a limited period of time. There can be no assurance that any large shareholder would not redeem its investment, that the size of the Fund would be maintained at such levels or that the Fund would continue to meet applicable listing requirements. Redemptions by large shareholders could have a significant negative impact on the Fund, including on the Fund's liquidity. In addition, transactions by large shareholders may account for a large percentage of the trading volume on Cboe BZX Exchange, Inc. or NYSE Arca, Inc., as applicable, and may, therefore, have a material upward or downward effect on the market price of the Shares.

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors, governments or countries and/ or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Market Trading Risk — Each Fund faces numerous market trading risks, including disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for Shares. If a shareholder purchases Shares at a time when the market price is at a premium to the NAV or sells Shares at a time when the market price is at a discount to the NAV, the shareholder may pay more for, or receive less than, the underlying value of the Shares, respectively. The Investment Adviser cannot predict whether Shares will trade below, at or above their NAV. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for Shares will be closely related to, but not identical to, the same forces influencing the prices of the securities of a Fund's Index trading individually or in the aggregate at any point in time.

Mid-Cap Risk — Investments in mid-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

104.0 ------

GOLDMAN SACHS MARKETBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. OTHER RISKS (continued)

Stock Risk — Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.

Tracking Error Risk — Tracking error is the divergence of a Fund's performance from that of its Index. The performance of a Fund may diverge from that of its Index for a number of reasons. Tracking error may occur because of transaction costs, a Fund's holding of cash, differences in accrual of dividends, changes to its Index or the need to meet new or existing regulatory requirements. Unlike a Fund, the returns of an Index are not reduced by investment and other operating expenses, including the trading costs associated with implementing changes to its portfolio of investments. Tracking error risk may be heightened during times of market volatility or other unusual market conditions.

Valuation Risk — The sale price a Fund could receive for a security may differ from the Fund's valuation of the security, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. The Funds rely on various sources to calculate their respective NAVs. The information may be provided by third parties that are believed to be reliable, but the information may not be accurate due to errors by such pricing sources, technological issues or otherwise. NAV calculations may also be impacted by operational risks arising from factors such as failures in systems and technology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. INDEMNIFICATIONS

Under the Trust's organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. OTHER MATTERS

The Funds adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-09, Income Taxes (Topic 740)–Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. Adoption of the new standard impacted financial statement disclosures only and did not affect any Fund's financial position or the results of its operations.

&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;

**105**

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![LOGO](g113300g00k02.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 Brian J. Wildman\* \*Effective April 1, 2026. THE BANK OF NEW YORK 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 and Principal Executive Officer Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Robert Griffith, Secretary© 2026 Goldman Sachs. All rights reserved. MCEQWGETFSAR-26

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![LOGO](g112516dsp001.jpg)

Goldman Sachs Funds Semi-Annual Financial Statements February 28, 2026 Goldman Sachs Municipal Income ETFs Goldman Sachs Dynamic California Municipal Income ETF (GCAL) Goldman Sachs Dynamic New York Municipal Income ETF (GMNY) Goldman Sachs Municipal Income ETF (GMUB) Goldman Sachs Ultra Short Municipal Income ETF (GUMI)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Goldman Sachs Municipal Income ETFs

---

| | |
|:---|:---|
|  **Table of Contents** | Page |
|  **[Schedules of Investments](#mi112516_1)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Dynamic California Municipal Income ETF](#mi112516_2) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Dynamic New York Municipal Income ETF](#mi112516_3) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Municipal Income ETF](#mi112516_4) | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Ultra Short Municipal Income ETF](#mi112516_5) | 34 |
|  **[Financial Statements](#mi112516_6)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#mi112516_7) | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#mi112516_8) | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#mi112516_9) | 44 |
|  **[Financial Highlights](#mi112516_10)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Dynamic California Municipal Income ETF](#mi112516_11) | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Dynamic New York Municipal Income ETF](#mi112516_12) | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Municipal Income ETF](#mi112516_13) | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Ultra Short Municipal Income ETF](#mi112516_14) | 49 |
|  **[Notes to Financial Statements](#mi112516_15)** | 50 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

GOLDMAN SACHS DYNAMIC CALIFORNIA MUNICIPAL INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds - 98.9% | Municipal Bonds - 98.9% | Municipal Bonds - 98.9% | Municipal Bonds - 98.9% |
| American Samoa - 0.6% | American Samoa - 0.6% | American Samoa - 0.6% | American Samoa - 0.6% |
| American Samoa Economic Development Authority General RB Series 2025B (Ba3/NR) | American Samoa Economic Development Authority General RB Series 2025B (Ba3/NR) | American Samoa Economic Development Authority General RB Series 2025B (Ba3/NR) | American Samoa Economic Development Authority General RB Series 2025B (Ba3/NR) |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | 5.250 %<sup>(a)</sup> | 09/01/2045 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015917 |
| California - 86.6% | California - 86.6% | California - 86.6% | California - 86.6% |
| Airport Commission of The City & County of San Francisco San Francisco International Airport Second Series Revenue Refunding Bonds Series 2024A (Aa3/NR) | Airport Commission of The City & County of San Francisco San Francisco International Airport Second Series Revenue Refunding Bonds Series 2024A (Aa3/NR) | Airport Commission of The City & County of San Francisco San Francisco International Airport Second Series Revenue Refunding Bonds Series 2024A (Aa3/NR) | Airport Commission of The City & County of San Francisco San Francisco International Airport Second Series Revenue Refunding Bonds Series 2024A (Aa3/NR) |
| 515000 | 5.250 | 05/01/2044 | 563959 |
| Airport Commission of The City and County of San Francisco International Airport Second Series Refunding RB Series 2020A (AMT) (Aa3/AA-) | Airport Commission of The City and County of San Francisco International Airport Second Series Refunding RB Series 2020A (AMT) (Aa3/AA-) | Airport Commission of The City and County of San Francisco International Airport Second Series Refunding RB Series 2020A (AMT) (Aa3/AA-) | Airport Commission of The City and County of San Francisco International Airport Second Series Refunding RB Series 2020A (AMT) (Aa3/AA-) |
| 130000 | 5.000 | 05/01/2037 | 140074 |
| Airport Commission of The City and County of San Francisco International Airport Second Series Revenue Refunding Bonds Series 2024A (Aa3/NR) | Airport Commission of The City and County of San Francisco International Airport Second Series Revenue Refunding Bonds Series 2024A (Aa3/NR) | Airport Commission of The City and County of San Francisco International Airport Second Series Revenue Refunding Bonds Series 2024A (Aa3/NR) | Airport Commission of The City and County of San Francisco International Airport Second Series Revenue Refunding Bonds Series 2024A (Aa3/NR) |
| 125000 | 5.250 | 05/01/2040 | 141930 |
| Airport Commission of The City and County of San Francisco San Francisco International Airport Second Series RB Series 2018D (AMT) (Aa3/AA-) | Airport Commission of The City and County of San Francisco San Francisco International Airport Second Series RB Series 2018D (AMT) (Aa3/AA-) | Airport Commission of The City and County of San Francisco San Francisco International Airport Second Series RB Series 2018D (AMT) (Aa3/AA-) | Airport Commission of The City and County of San Francisco San Francisco International Airport Second Series RB Series 2018D (AMT) (Aa3/AA-) |
| 1000000 | 5.000 | 05/01/2048 | 1011656 |
| Alameda Corridor Transportation Authority Convertible Capital Appreciation Bonds Series 2022A (A3/A-) | Alameda Corridor Transportation Authority Convertible Capital Appreciation Bonds Series 2022A (A3/A-) | Alameda Corridor Transportation Authority Convertible Capital Appreciation Bonds Series 2022A (A3/A-) | Alameda Corridor Transportation Authority Convertible Capital Appreciation Bonds Series 2022A (A3/A-) |
| 1000000 | 0.000 <sup>(b)</sup> | 10/01/2048 | 602655 |
| Alvord Unified School District GO Bonds Capital Appreciation for 2007 Election Series 2007 B (AG) (A1/AA) | Alvord Unified School District GO Bonds Capital Appreciation for 2007 Election Series 2007 B (AG) (A1/AA) | Alvord Unified School District GO Bonds Capital Appreciation for 2007 Election Series 2007 B (AG) (A1/AA) | Alvord Unified School District GO Bonds Capital Appreciation for 2007 Election Series 2007 B (AG) (A1/AA) |
| 640000 | 0.000 <sup>(c)</sup> | 08/01/2036 | 445807 |
| Amador Water Agency Revenue Certificates of Participation Series 2024A (A2/NR) | Amador Water Agency Revenue Certificates of Participation Series 2024A (A2/NR) | Amador Water Agency Revenue Certificates of Participation Series 2024A (A2/NR) | Amador Water Agency Revenue Certificates of Participation Series 2024A (A2/NR) |
| 100000 | 5.000 | 06/01/2026 | 100128 |
| Antioch Unified School District Contra Costa County California GO Bonds Election of 2024 Series A (AGC) (NR/AA) | Antioch Unified School District Contra Costa County California GO Bonds Election of 2024 Series A (AGC) (NR/AA) | Antioch Unified School District Contra Costa County California GO Bonds Election of 2024 Series A (AGC) (NR/AA) | Antioch Unified School District Contra Costa County California GO Bonds Election of 2024 Series A (AGC) (NR/AA) |
| 100000 | 5.000 | 08/01/2041 | 110846 |
| Atwater Wastewater RB Refunding Series 2017 A (AG) (NR/AA) | Atwater Wastewater RB Refunding Series 2017 A (AG) (NR/AA) | Atwater Wastewater RB Refunding Series 2017 A (AG) (NR/AA) | Atwater Wastewater RB Refunding Series 2017 A (AG) (NR/AA) |
| 1000000 | 5.000 | 05/01/2040 | 1020454 |
| Bakersfield City School District California GO Bonds Election of 2016 2022 Series C (BAM) (Aa3/AA) | Bakersfield City School District California GO Bonds Election of 2016 2022 Series C (BAM) (Aa3/AA) | Bakersfield City School District California GO Bonds Election of 2016 2022 Series C (BAM) (Aa3/AA) | Bakersfield City School District California GO Bonds Election of 2016 2022 Series C (BAM) (Aa3/AA) |
| 120000 | 3.000 | 11/01/2051 | 91656 |
| Bay Area Toll Authority Bridge RB 2021 Series D (Aa3/AA) (SIFMA Municipal Swap Index Yield + 0.30%) | Bay Area Toll Authority Bridge RB 2021 Series D (Aa3/AA) (SIFMA Municipal Swap Index Yield + 0.30%) | Bay Area Toll Authority Bridge RB 2021 Series D (Aa3/AA) (SIFMA Municipal Swap Index Yield + 0.30%) | Bay Area Toll Authority Bridge RB 2021 Series D (Aa3/AA) (SIFMA Municipal Swap Index Yield + 0.30%) |
| 500000 | 2.180 <sup>(d)(e)</sup> | 04/01/2056 | 496504 |
| Bay Area Toll Authority Bridge RB 2021 Series E (Aa3/AA) (SIFMA Municipal Swap Index Yield + 0.41%) | Bay Area Toll Authority Bridge RB 2021 Series E (Aa3/AA) (SIFMA Municipal Swap Index Yield + 0.41%) | Bay Area Toll Authority Bridge RB 2021 Series E (Aa3/AA) (SIFMA Municipal Swap Index Yield + 0.41%) | Bay Area Toll Authority Bridge RB 2021 Series E (Aa3/AA) (SIFMA Municipal Swap Index Yield + 0.41%) |
| 350000 | 2.290 <sup>(d)(e)</sup> | 04/01/2056 | 345299 |
| Bay Area Toll Authority San Francisco Bay Area Subordinate Toll Bridge RB 2019 Series S-8 (A1/AA-) | Bay Area Toll Authority San Francisco Bay Area Subordinate Toll Bridge RB 2019 Series S-8 (A1/AA-) | Bay Area Toll Authority San Francisco Bay Area Subordinate Toll Bridge RB 2019 Series S-8 (A1/AA-) | Bay Area Toll Authority San Francisco Bay Area Subordinate Toll Bridge RB 2019 Series S-8 (A1/AA-) |
| 100000 | 3.000 | 04/01/2054 | 75186 |
| Bay Area Toll Authority Series 2026 A (Term Rate) (NR/AA) | Bay Area Toll Authority Series 2026 A (Term Rate) (NR/AA) | Bay Area Toll Authority Series 2026 A (Term Rate) (NR/AA) | Bay Area Toll Authority Series 2026 A (Term Rate) (NR/AA) |
| 500000 | 5.000 <sup>(d)(f)(g)</sup> | 04/01/2061 | 587361 |
| Beaumont Community Facilities District No. 2016-2 Special Tax Series 2019 (NR/NR) | Beaumont Community Facilities District No. 2016-2 Special Tax Series 2019 (NR/NR) | Beaumont Community Facilities District No. 2016-2 Special Tax Series 2019 (NR/NR) | Beaumont Community Facilities District No. 2016-2 Special Tax Series 2019 (NR/NR) |
| 275000 | 4.000 | 09/01/2031 | 278441 |
| 290000 | 4.000 | 09/01/2032 | 293394 |
| 300000 | 5.000 | 09/01/2033 | 306459 |
| 215000 | 5.000 | 09/01/2034 | 219615 |
| 330000 | 5.000 | 09/01/2035 | 337056 |
| Beaumont Public Improvement Authority Local Agency Revenue Refunding Bonds Series 2025 (AG) (NR/AA) | Beaumont Public Improvement Authority Local Agency Revenue Refunding Bonds Series 2025 (AG) (NR/AA) | Beaumont Public Improvement Authority Local Agency Revenue Refunding Bonds Series 2025 (AG) (NR/AA) | Beaumont Public Improvement Authority Local Agency Revenue Refunding Bonds Series 2025 (AG) (NR/AA) |
| 150000 | 5.000 | 09/01/2036 | 177564 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| California – (continued) | California – (continued) | California – (continued) | California – (continued) |
| Brawley Elementary School District Imperial County California 2025 GO Bond Anticipation Notes Series A (NR/A+/SP-1+) | Brawley Elementary School District Imperial County California 2025 GO Bond Anticipation Notes Series A (NR/A+/SP-1+) | Brawley Elementary School District Imperial County California 2025 GO Bond Anticipation Notes Series A (NR/A+/SP-1+) | Brawley Elementary School District Imperial County California 2025 GO Bond Anticipation Notes Series A (NR/A+/SP-1+) |
| $200000 | 0.000 %<sup>(c)</sup> | 08/01/2029 | $182098 |
| Burbank-Glendale-Pasadena Airport Authority Airport Senior RB 2024 Series B (AMT) (A2/A) | Burbank-Glendale-Pasadena Airport Authority Airport Senior RB 2024 Series B (AMT) (A2/A) | Burbank-Glendale-Pasadena Airport Authority Airport Senior RB 2024 Series B (AMT) (A2/A) | Burbank-Glendale-Pasadena Airport Authority Airport Senior RB 2024 Series B (AMT) (A2/A) |
| 625000 | 5.250 | 07/01/2054 | 657011 |
| California Community Choice Financing Authority Clean Energy Project RB Series 2023B (A1/NR) | California Community Choice Financing Authority Clean Energy Project RB Series 2023B (A1/NR) | California Community Choice Financing Authority Clean Energy Project RB Series 2023B (A1/NR) | California Community Choice Financing Authority Clean Energy Project RB Series 2023B (A1/NR) |
| 120000 | 5.000 <sup>(d)(f)</sup> | 07/01/2053 | 127655 |
| California Community Choice Financing Authority Clean Energy Project RB Series 2024A (A1/NR) | California Community Choice Financing Authority Clean Energy Project RB Series 2024A (A1/NR) | California Community Choice Financing Authority Clean Energy Project RB Series 2024A (A1/NR) | California Community Choice Financing Authority Clean Energy Project RB Series 2024A (A1/NR) |
| 1345000 | 5.000 <sup>(d)(f)</sup> | 05/01/2054 | 1467254 |
| California Community Choice Financing Authority Clean Energy Project RB Series 2024D (Aa1/NR) | California Community Choice Financing Authority Clean Energy Project RB Series 2024D (Aa1/NR) | California Community Choice Financing Authority Clean Energy Project RB Series 2024D (Aa1/NR) | California Community Choice Financing Authority Clean Energy Project RB Series 2024D (Aa1/NR) |
| 300000 | 5.000 <sup>(d)(f)</sup> | 02/01/2055 | 332132 |
| California Community Choice Financing Authority Clean Energy Project RB Series 2024E (Green Bonds) (A1/NR) | California Community Choice Financing Authority Clean Energy Project RB Series 2024E (Green Bonds) (A1/NR) | California Community Choice Financing Authority Clean Energy Project RB Series 2024E (Green Bonds) (A1/NR) | California Community Choice Financing Authority Clean Energy Project RB Series 2024E (Green Bonds) (A1/NR) |
| 100000 | 5.000 <sup>(d)(f)</sup> | 02/01/2055 | 109454 |
| California Community Choice Financing Authority Clean Energy Project RB Series 2026A-1 (A1/NR) | California Community Choice Financing Authority Clean Energy Project RB Series 2026A-1 (A1/NR) | California Community Choice Financing Authority Clean Energy Project RB Series 2026A-1 (A1/NR) | California Community Choice Financing Authority Clean Energy Project RB Series 2026A-1 (A1/NR) |
| 430000 | 5.000 <sup>(d)(f)</sup> | 04/01/2056 | 477592 |
| California Community Choice Financing Authority Clean Energy Project RB Series 2026B (Green Bonds) (Baa1/NR) | California Community Choice Financing Authority Clean Energy Project RB Series 2026B (Green Bonds) (Baa1/NR) | California Community Choice Financing Authority Clean Energy Project RB Series 2026B (Green Bonds) (Baa1/NR) | California Community Choice Financing Authority Clean Energy Project RB Series 2026B (Green Bonds) (Baa1/NR) |
| 500000 | 5.000 | 03/01/2036 | 545426 |
| California Community Choice Financing Authority Clean Energy Project RB Term Rate Green Bonds Series 2024F (Aa3/NR) | California Community Choice Financing Authority Clean Energy Project RB Term Rate Green Bonds Series 2024F (Aa3/NR) | California Community Choice Financing Authority Clean Energy Project RB Term Rate Green Bonds Series 2024F (Aa3/NR) | California Community Choice Financing Authority Clean Energy Project RB Term Rate Green Bonds Series 2024F (Aa3/NR) |
| 1050000 | 5.000 <sup>(d)(f)</sup> | 02/01/2055 | 1153406 |
| California Community Choice Financing Authority Series 2021B-2 (A1/NR) | California Community Choice Financing Authority Series 2021B-2 (A1/NR) | California Community Choice Financing Authority Series 2021B-2 (A1/NR) | California Community Choice Financing Authority Series 2021B-2 (A1/NR) |
| 170000 | 2.330 <sup>(d)(e)</sup> | 02/01/2052 | 163305 |
| California County Tobacco Securitization Agency RB Refunding Series 2020 B-1 (NR/BBB+) | California County Tobacco Securitization Agency RB Refunding Series 2020 B-1 (NR/BBB+) | California County Tobacco Securitization Agency RB Refunding Series 2020 B-1 (NR/BBB+) | California County Tobacco Securitization Agency RB Refunding Series 2020 B-1 (NR/BBB+) |
| 305000 | 5.000 | 06/01/2049 | 305544 |
| California Enterprise Development Authority RB for Provident Group-SDSU Properties LLC - M@College Project Series 2020 A (Baa3/NR) | California Enterprise Development Authority RB for Provident Group-SDSU Properties LLC - M@College Project Series 2020 A (Baa3/NR) | California Enterprise Development Authority RB for Provident Group-SDSU Properties LLC - M@College Project Series 2020 A (Baa3/NR) | California Enterprise Development Authority RB for Provident Group-SDSU Properties LLC - M@College Project Series 2020 A (Baa3/NR) |
| 575000 | 5.000 | 08/01/2040 | 601384 |
| California Enterprise Development Authority Student Housing RR Bonds for Provident Group - Pomona Properties L.L.C. Project Series 2024A (Baa3/NR) | California Enterprise Development Authority Student Housing RR Bonds for Provident Group - Pomona Properties L.L.C. Project Series 2024A (Baa3/NR) | California Enterprise Development Authority Student Housing RR Bonds for Provident Group - Pomona Properties L.L.C. Project Series 2024A (Baa3/NR) | California Enterprise Development Authority Student Housing RR Bonds for Provident Group - Pomona Properties L.L.C. Project Series 2024A (Baa3/NR) |
| 650000 | 5.000 | 01/15/2039 | 710048 |
| California Health Facilities Financing Authority Cedars-Sinai Medical Center Refunding RB Series 2016B (Aa3/NR) | California Health Facilities Financing Authority Cedars-Sinai Medical Center Refunding RB Series 2016B (Aa3/NR) | California Health Facilities Financing Authority Cedars-Sinai Medical Center Refunding RB Series 2016B (Aa3/NR) | California Health Facilities Financing Authority Cedars-Sinai Medical Center Refunding RB Series 2016B (Aa3/NR) |
| 960000 | 4.000 | 08/15/2039 | 961482 |
| California Health Facilities Financing Authority RB Adventist Health System West Series 2024A (NR/BBB+) | California Health Facilities Financing Authority RB Adventist Health System West Series 2024A (NR/BBB+) | California Health Facilities Financing Authority RB Adventist Health System West Series 2024A (NR/BBB+) | California Health Facilities Financing Authority RB Adventist Health System West Series 2024A (NR/BBB+) |
| 520000 | 5.000 | 12/01/2028 | 551948 |
| 590000 | 5.250 | 12/01/2041 | 650327 |
| California Health Facilities Financing Authority RB Adventist Health System/West Series 2024A (NR/BBB+) | California Health Facilities Financing Authority RB Adventist Health System/West Series 2024A (NR/BBB+) | California Health Facilities Financing Authority RB Adventist Health System/West Series 2024A (NR/BBB+) | California Health Facilities Financing Authority RB Adventist Health System/West Series 2024A (NR/BBB+) |
| 100000 | 5.000 | 12/01/2036 | 112908 |
| California Health Facilities Financing Authority RB Cedars-Sinai Health System Series 2021A (AG-CR) (Aa3/AA) | California Health Facilities Financing Authority RB Cedars-Sinai Health System Series 2021A (AG-CR) (Aa3/AA) | California Health Facilities Financing Authority RB Cedars-Sinai Health System Series 2021A (AG-CR) (Aa3/AA) | California Health Facilities Financing Authority RB Cedars-Sinai Health System Series 2021A (AG-CR) (Aa3/AA) |
| 190000 | 3.000 | 08/15/2051 | 146734 |
| California Health Facilities Financing Authority RB Cedars-Sinai Health System Series 2021A (Aa3/AA-) | California Health Facilities Financing Authority RB Cedars-Sinai Health System Series 2021A (Aa3/AA-) | California Health Facilities Financing Authority RB Cedars-Sinai Health System Series 2021A (Aa3/AA-) | California Health Facilities Financing Authority RB Cedars-Sinai Health System Series 2021A (Aa3/AA-) |
| 1200000 | 4.000 | 08/15/2048 | 1148997 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>3</sub>

------

GOLDMAN SACHS DYNAMIC CALIFORNIA MUNICIPAL INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| California – (continued) | California – (continued) | California – (continued) | California – (continued) |
| California Health Facilities Financing Authority RB Children'S Hospital of Orange County Series 2024B (NR/AA) | California Health Facilities Financing Authority RB Children'S Hospital of Orange County Series 2024B (NR/AA) | California Health Facilities Financing Authority RB Children'S Hospital of Orange County Series 2024B (NR/AA) | California Health Facilities Financing Authority RB Children'S Hospital of Orange County Series 2024B (NR/AA) |
| $110000 | 5.000 %<sup>(d)(f)</sup> | 11/01/2054 | $125222 |
| California Health Facilities Financing Authority RB Commonspirit Health Series 2020A (A3/A-) | California Health Facilities Financing Authority RB Commonspirit Health Series 2020A (A3/A-) | California Health Facilities Financing Authority RB Commonspirit Health Series 2020A (A3/A-) | California Health Facilities Financing Authority RB Commonspirit Health Series 2020A (A3/A-) |
| 190000 | 3.000 | 04/01/2044 | 166549 |
| California Health Facilities Financing Authority RB Commonspirit Health Series 2024A (A3/A-) | California Health Facilities Financing Authority RB Commonspirit Health Series 2024A (A3/A-) | California Health Facilities Financing Authority RB Commonspirit Health Series 2024A (A3/A-) | California Health Facilities Financing Authority RB Commonspirit Health Series 2024A (A3/A-) |
| 100000 | 5.000 | 12/01/2030 | 112640 |
| 855000 | 5.000 | 12/01/2034 | 1009356 |
| 215000 | 5.000 | 12/01/2042 | 238908 |
| 155000 | 5.000 | 12/01/2044 | 168148 |
| 500000 | 5.250 | 12/01/2049 | 534558 |
| California Health Facilities Financing Authority RB El Camino Hospital Series 2017 (Aa3/AA) | California Health Facilities Financing Authority RB El Camino Hospital Series 2017 (Aa3/AA) | California Health Facilities Financing Authority RB El Camino Hospital Series 2017 (Aa3/AA) | California Health Facilities Financing Authority RB El Camino Hospital Series 2017 (Aa3/AA) |
| 500000 | 5.000 | 02/01/2042 | 509801 |
| California Health Facilities Financing Authority RB for Lucile Salter Packard Children's Hospital Series 2017 A (A1/A+) | California Health Facilities Financing Authority RB for Lucile Salter Packard Children's Hospital Series 2017 A (A1/A+) | California Health Facilities Financing Authority RB for Lucile Salter Packard Children's Hospital Series 2017 A (A1/A+) | California Health Facilities Financing Authority RB for Lucile Salter Packard Children's Hospital Series 2017 A (A1/A+) |
| 1000000 | 5.000 | 11/15/2042 | 1023693 |
| California Health Facilities Financing Authority RB for Providence Health & Services Series 2014B (A3/A) | California Health Facilities Financing Authority RB for Providence Health & Services Series 2014B (A3/A) | California Health Facilities Financing Authority RB for Providence Health & Services Series 2014B (A3/A) | California Health Facilities Financing Authority RB for Providence Health & Services Series 2014B (A3/A) |
| 1000000 | 5.000 | 10/01/2044 | 1000787 |
| California Health Facilities Financing Authority RB Scripps Health Series 2024B (NR/AA-) | California Health Facilities Financing Authority RB Scripps Health Series 2024B (NR/AA-) | California Health Facilities Financing Authority RB Scripps Health Series 2024B (NR/AA-) | California Health Facilities Financing Authority RB Scripps Health Series 2024B (NR/AA-) |
| 100000 | 5.000 <sup>(d)(f)</sup> | 11/15/2061 | 112342 |
| California Health Facilities Financing Authority RB Sutter Health Series 2018A (A1/A+) | California Health Facilities Financing Authority RB Sutter Health Series 2018A (A1/A+) | California Health Facilities Financing Authority RB Sutter Health Series 2018A (A1/A+) | California Health Facilities Financing Authority RB Sutter Health Series 2018A (A1/A+) |
| 125000 | 5.000 | 11/15/2027 | 131484 |
| California Health Facilities Financing Authority Refunding RB Adventist Health System West Series 2016A (NR/BBB+) | California Health Facilities Financing Authority Refunding RB Adventist Health System West Series 2016A (NR/BBB+) | California Health Facilities Financing Authority Refunding RB Adventist Health System West Series 2016A (NR/BBB+) | California Health Facilities Financing Authority Refunding RB Adventist Health System West Series 2016A (NR/BBB+) |
| 185000 | 4.000 | 03/01/2039 | 184996 |
| California Health Facilities Financing Authority Refunding RB Adventist Health System/West Series 2016A (NR/BBB+) | California Health Facilities Financing Authority Refunding RB Adventist Health System/West Series 2016A (NR/BBB+) | California Health Facilities Financing Authority Refunding RB Adventist Health System/West Series 2016A (NR/BBB+) | California Health Facilities Financing Authority Refunding RB Adventist Health System/West Series 2016A (NR/BBB+) |
| 535000 | 3.000 | 03/01/2039 | 475627 |
| California Health Facilities Financing Authority Refunding RB Sutter Health Series 2016B (A1/A+) | California Health Facilities Financing Authority Refunding RB Sutter Health Series 2016B (A1/A+) | California Health Facilities Financing Authority Refunding RB Sutter Health Series 2016B (A1/A+) | California Health Facilities Financing Authority Refunding RB Sutter Health Series 2016B (A1/A+) |
| 345000 | 4.000 | 11/15/2041 | 345434 |
| California Health Facilitiess Financing Authority Variable Rate RB Providence St Joseph Health Obligated Group 2009D (A3/A) | California Health Facilitiess Financing Authority Variable Rate RB Providence St Joseph Health Obligated Group 2009D (A3/A) | California Health Facilitiess Financing Authority Variable Rate RB Providence St Joseph Health Obligated Group 2009D (A3/A) | California Health Facilitiess Financing Authority Variable Rate RB Providence St Joseph Health Obligated Group 2009D (A3/A) |
| 210000 | 5.000 | 07/01/2031 | 238625 |
| California Housing Finance Agency Limited Obligation Multifamily Housing RB 300 De Haro 2025 Issue P (Aa1/NR) | California Housing Finance Agency Limited Obligation Multifamily Housing RB 300 De Haro 2025 Issue P (Aa1/NR) | California Housing Finance Agency Limited Obligation Multifamily Housing RB 300 De Haro 2025 Issue P (Aa1/NR) | California Housing Finance Agency Limited Obligation Multifamily Housing RB 300 De Haro 2025 Issue P (Aa1/NR) |
| 1000000 | 3.250 <sup>(d)(f)</sup> | 06/01/2055 | 1008160 |
| California Housing Finance Agency Limited Obligation Multifamily Housing RB Sutter Street 2025 Issue D (Aa1/NR) | California Housing Finance Agency Limited Obligation Multifamily Housing RB Sutter Street 2025 Issue D (Aa1/NR) | California Housing Finance Agency Limited Obligation Multifamily Housing RB Sutter Street 2025 Issue D (Aa1/NR) | California Housing Finance Agency Limited Obligation Multifamily Housing RB Sutter Street 2025 Issue D (Aa1/NR) |
| 1000000 | 2.750 <sup>(d)(f)</sup> | 11/01/2029 | 1003184 |
| California Infrastructure & Economic Development Bank RB Series A (A3/A-) | California Infrastructure & Economic Development Bank RB Series A (A3/A-) | California Infrastructure & Economic Development Bank RB Series A (A3/A-) | California Infrastructure & Economic Development Bank RB Series A (A3/A-) |
| 720000 | 4.000 | 05/01/2039 | 744408 |
| California Infrastructure and Economic Development Bank RB Bay Area Toll Authority Series 2003 A (FGIC) (#Aa1/AA+) | California Infrastructure and Economic Development Bank RB Bay Area Toll Authority Series 2003 A (FGIC) (#Aa1/AA+) | California Infrastructure and Economic Development Bank RB Bay Area Toll Authority Series 2003 A (FGIC) (#Aa1/AA+) | California Infrastructure and Economic Development Bank RB Bay Area Toll Authority Series 2003 A (FGIC) (#Aa1/AA+) |
| 130000 | 5.000 <sup>(h)</sup> | 01/01/2028 | 137243 |
| California Infrastructure and Economic Development Bank Refunding RB (A3/A-) | California Infrastructure and Economic Development Bank Refunding RB (A3/A-) | California Infrastructure and Economic Development Bank Refunding RB (A3/A-) | California Infrastructure and Economic Development Bank Refunding RB (A3/A-) |
| 385000 | 5.000 <sup>(h)</sup> | 11/01/2026 | 392887 |
| California Infrastructure and Economic Development Bank Refunding RB Preforming Arts Center of Los Angeles County Series 2020 (A3/A) | California Infrastructure and Economic Development Bank Refunding RB Preforming Arts Center of Los Angeles County Series 2020 (A3/A) | California Infrastructure and Economic Development Bank Refunding RB Preforming Arts Center of Los Angeles County Series 2020 (A3/A) | California Infrastructure and Economic Development Bank Refunding RB Preforming Arts Center of Los Angeles County Series 2020 (A3/A) |
| 250000 | 5.000 | 12/01/2041 | 267582 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| California – (continued) | California – (continued) | California – (continued) | California – (continued) |
| California Infrastructure and Economic Development Bank Refunding RB Segerstrom Center for The Arts Series 2024 (NR/A-) | California Infrastructure and Economic Development Bank Refunding RB Segerstrom Center for The Arts Series 2024 (NR/A-) | California Infrastructure and Economic Development Bank Refunding RB Segerstrom Center for The Arts Series 2024 (NR/A-) | California Infrastructure and Economic Development Bank Refunding RB Segerstrom Center for The Arts Series 2024 (NR/A-) |
| $100000 | 5.000% | 01/01/2032 | $114452 |
| California Infrastructure and Economic Development Bank Revenue Refunding Bonds Segerstrom Center For The Arts Series 2017 (NR/A-) | California Infrastructure and Economic Development Bank Revenue Refunding Bonds Segerstrom Center For The Arts Series 2017 (NR/A-) | California Infrastructure and Economic Development Bank Revenue Refunding Bonds Segerstrom Center For The Arts Series 2017 (NR/A-) | California Infrastructure and Economic Development Bank Revenue Refunding Bonds Segerstrom Center For The Arts Series 2017 (NR/A-) |
| 100000 | 5.000 | 01/01/2028 | 105053 |
| California Municipal Finance Authority Claremont Graduate University Refunding RB Series 2020B (NR/NR) | California Municipal Finance Authority Claremont Graduate University Refunding RB Series 2020B (NR/NR) | California Municipal Finance Authority Claremont Graduate University Refunding RB Series 2020B (NR/NR) | California Municipal Finance Authority Claremont Graduate University Refunding RB Series 2020B (NR/NR) |
| 430000 | 5.000 <sup>(a)</sup> | 10/01/2034 | 447215 |
| California Municipal Finance Authority Community Facilities District No. 2021-13 City of Lincoln - Esplanade At Turkey Creek Special Tax Bonds Series 2025 (NR/NR) | California Municipal Finance Authority Community Facilities District No. 2021-13 City of Lincoln - Esplanade At Turkey Creek Special Tax Bonds Series 2025 (NR/NR) | California Municipal Finance Authority Community Facilities District No. 2021-13 City of Lincoln - Esplanade At Turkey Creek Special Tax Bonds Series 2025 (NR/NR) | California Municipal Finance Authority Community Facilities District No. 2021-13 City of Lincoln - Esplanade At Turkey Creek Special Tax Bonds Series 2025 (NR/NR) |
| 150000 | 5.000 | 09/01/2055 | 151466 |
| California Municipal Finance Authority Linxs Apm Project Senior Lien RB Series 2018A (NR/NR) | California Municipal Finance Authority Linxs Apm Project Senior Lien RB Series 2018A (NR/NR) | California Municipal Finance Authority Linxs Apm Project Senior Lien RB Series 2018A (NR/NR) | California Municipal Finance Authority Linxs Apm Project Senior Lien RB Series 2018A (NR/NR) |
| 100000 | 5.000 | 12/31/2034 | 103820 |
| California Municipal Finance Authority Linxs Apm Project Senior Lien RB, Series 2018A (NR/NR) | California Municipal Finance Authority Linxs Apm Project Senior Lien RB, Series 2018A (NR/NR) | California Municipal Finance Authority Linxs Apm Project Senior Lien RB, Series 2018A (NR/NR) | California Municipal Finance Authority Linxs Apm Project Senior Lien RB, Series 2018A (NR/NR) |
| 100000 | 5.000 | 06/30/2031 | 104415 |
| California Municipal Finance Authority Multifamily Housing RB El Camino Real Multifamily Series 2026 (Aa1/NR) | California Municipal Finance Authority Multifamily Housing RB El Camino Real Multifamily Series 2026 (Aa1/NR) | California Municipal Finance Authority Multifamily Housing RB El Camino Real Multifamily Series 2026 (Aa1/NR) | California Municipal Finance Authority Multifamily Housing RB El Camino Real Multifamily Series 2026 (Aa1/NR) |
| 1500000 | 2.500 <sup>(d)(f)</sup> | 03/01/2046 | 1500767 |
| California Municipal Finance Authority Multifamily Housing RB<br> Montecito Village 2025 Series A (FNMA COLL) (Aa1/NR) | California Municipal Finance Authority Multifamily Housing RB<br> Montecito Village 2025 Series A (FNMA COLL) (Aa1/NR) | California Municipal Finance Authority Multifamily Housing RB<br> Montecito Village 2025 Series A (FNMA COLL) (Aa1/NR) | California Municipal Finance Authority Multifamily Housing RB<br> Montecito Village 2025 Series A (FNMA COLL) (Aa1/NR) |
| 100000 | 4.700 | 07/01/2041 | 107111 |
| California Municipal Finance Authority Multifamily Housing RB Oaks on Balboa, Series 2025 A-1 (Aa1/NR) | California Municipal Finance Authority Multifamily Housing RB Oaks on Balboa, Series 2025 A-1 (Aa1/NR) | California Municipal Finance Authority Multifamily Housing RB Oaks on Balboa, Series 2025 A-1 (Aa1/NR) | California Municipal Finance Authority Multifamily Housing RB Oaks on Balboa, Series 2025 A-1 (Aa1/NR) |
| 100000 | 3.150 <sup>(d)(f)</sup> | 08/01/2059 | 100754 |
| California Municipal Finance Authority Multifamily Housing RB Palmdale Family Apartments 2025 Series A-1 (Aa1/NR) | California Municipal Finance Authority Multifamily Housing RB Palmdale Family Apartments 2025 Series A-1 (Aa1/NR) | California Municipal Finance Authority Multifamily Housing RB Palmdale Family Apartments 2025 Series A-1 (Aa1/NR) | California Municipal Finance Authority Multifamily Housing RB Palmdale Family Apartments 2025 Series A-1 (Aa1/NR) |
| 1000000 | 2.950 <sup>(d)(f)</sup> | 01/01/2056 | 1007662 |
| California Municipal Finance Authority RB Community Health Centers of The Central Coast Inc. Series 2025A (NR/NR) | California Municipal Finance Authority RB Community Health Centers of The Central Coast Inc. Series 2025A (NR/NR) | California Municipal Finance Authority RB Community Health Centers of The Central Coast Inc. Series 2025A (NR/NR) | California Municipal Finance Authority RB Community Health Centers of The Central Coast Inc. Series 2025A (NR/NR) |
| 250000 | 5.000 | 12/01/2032 | 277846 |
| 250000 | 5.000 | 12/01/2033 | 280162 |
| 250000 | 5.000 | 12/01/2034 | 281801 |
| California Municipal Finance Authority RB Community Health Centers of The Central Coast, Inc. Series 2025A (NR/NR) | California Municipal Finance Authority RB Community Health Centers of The Central Coast, Inc. Series 2025A (NR/NR) | California Municipal Finance Authority RB Community Health Centers of The Central Coast, Inc. Series 2025A (NR/NR) | California Municipal Finance Authority RB Community Health Centers of The Central Coast, Inc. Series 2025A (NR/NR) |
| 250000 | 5.000 | 12/01/2035 | 282436 |
| California Municipal Finance Authority RB Emerson College Issue Series 2017B (Baa2/BBB+) | California Municipal Finance Authority RB Emerson College Issue Series 2017B (Baa2/BBB+) | California Municipal Finance Authority RB Emerson College Issue Series 2017B (Baa2/BBB+) | California Municipal Finance Authority RB Emerson College Issue Series 2017B (Baa2/BBB+) |
| 240000 | 5.000 | 01/01/2033 | 247134 |
| California Municipal Finance Authority RB for Community Medical Centers Series 2017 A (Baa1/BBB+) | California Municipal Finance Authority RB for Community Medical Centers Series 2017 A (Baa1/BBB+) | California Municipal Finance Authority RB for Community Medical Centers Series 2017 A (Baa1/BBB+) | California Municipal Finance Authority RB for Community Medical Centers Series 2017 A (Baa1/BBB+) |
| 1150000 | 5.000 | 02/01/2035 | 1167355 |
| California Municipal Finance Authority RB for The Learning Choice Academy Series 2021 A (NR/BBB-) | California Municipal Finance Authority RB for The Learning Choice Academy Series 2021 A (NR/BBB-) | California Municipal Finance Authority RB for The Learning Choice Academy Series 2021 A (NR/BBB-) | California Municipal Finance Authority RB for The Learning Choice Academy Series 2021 A (NR/BBB-) |
| 675000 | 4.000 | 07/01/2031 | 684328 |
| 355000 | 4.000 | 07/01/2051 | 292328 |
| 250000 | 4.000 | 07/01/2055 | 200995 |
| California Municipal Finance Authority RB Refunding for California Lutheran University Series 2018 (Baa2/NR) | California Municipal Finance Authority RB Refunding for California Lutheran University Series 2018 (Baa2/NR) | California Municipal Finance Authority RB Refunding for California Lutheran University Series 2018 (Baa2/NR) | California Municipal Finance Authority RB Refunding for California Lutheran University Series 2018 (Baa2/NR) |
| 225000 | 5.000 | 10/01/2031 | 235793 |
| 250000 | 5.000 | 10/01/2034 | 260064 |
| 300000 | 5.000 | 10/01/2037 | 309872 |
| 300000 | 5.000 | 10/01/2038 | 309122 |

---

&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 DYNAMIC CALIFORNIA MUNICIPAL INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| California – (continued) | California – (continued) | California – (continued) | California – (continued) |
| California Municipal Finance Authority Refunding RB PRS-California Obligated Group Projects Series 2024A Tax-Exempt (NR/NR) | California Municipal Finance Authority Refunding RB PRS-California Obligated Group Projects Series 2024A Tax-Exempt (NR/NR) | California Municipal Finance Authority Refunding RB PRS-California Obligated Group Projects Series 2024A Tax-Exempt (NR/NR) | California Municipal Finance Authority Refunding RB PRS-California Obligated Group Projects Series 2024A Tax-Exempt (NR/NR) |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | 5.000% | 04/01/2044 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106106 |
| California Municipal Finance Authority Revenue Refunding Bonds Series 2025A (NR/NR) | California Municipal Finance Authority Revenue Refunding Bonds Series 2025A (NR/NR) | California Municipal Finance Authority Revenue Refunding Bonds Series 2025A (NR/NR) | California Municipal Finance Authority Revenue Refunding Bonds Series 2025A (NR/NR) |
| 1000000 | 5.000 | 10/01/2036 | 1101979 |
| California Municipal Finance Authority Senior Lien RB for Linxs APM Project Series 2018A (NR/NR) | California Municipal Finance Authority Senior Lien RB for Linxs APM Project Series 2018A (NR/NR) | California Municipal Finance Authority Senior Lien RB for Linxs APM Project Series 2018A (NR/NR) | California Municipal Finance Authority Senior Lien RB for Linxs APM Project Series 2018A (NR/NR) |
| 500000 | 5.000 | 12/31/2043 | 508424 |
| California Municipal Finance Authority Solid Waste Disposal RB Republic Services Inc. Project Series 2021B (NR/A-/A-2) (PUTABLE) | California Municipal Finance Authority Solid Waste Disposal RB Republic Services Inc. Project Series 2021B (NR/A-/A-2) (PUTABLE) | California Municipal Finance Authority Solid Waste Disposal RB Republic Services Inc. Project Series 2021B (NR/A-/A-2) (PUTABLE) | California Municipal Finance Authority Solid Waste Disposal RB Republic Services Inc. Project Series 2021B (NR/A-/A-2) (PUTABLE) |
| 1000000 | 3.250 <sup>(d)(f)</sup> | 07/01/2051 | 1000578 |
| California Municipal Finance Authority Solid Waste Disposal RB Waste Management Inc. Project Series 2020 (NR/A-/A-2) (PUTABLE) | California Municipal Finance Authority Solid Waste Disposal RB Waste Management Inc. Project Series 2020 (NR/A-/A-2) (PUTABLE) | California Municipal Finance Authority Solid Waste Disposal RB Waste Management Inc. Project Series 2020 (NR/A-/A-2) (PUTABLE) | California Municipal Finance Authority Solid Waste Disposal RB Waste Management Inc. Project Series 2020 (NR/A-/A-2) (PUTABLE) |
| 250000 | 2.875 <sup>(d)(f)</sup> | 10/01/2045 | 250000 |
| California Municipal Finance Authority Solid Waste Disposal RB Waste Management, Inc. Project Series 2024B (NR/A-/A-2) | California Municipal Finance Authority Solid Waste Disposal RB Waste Management, Inc. Project Series 2024B (NR/A-/A-2) | California Municipal Finance Authority Solid Waste Disposal RB Waste Management, Inc. Project Series 2024B (NR/A-/A-2) | California Municipal Finance Authority Solid Waste Disposal RB Waste Management, Inc. Project Series 2024B (NR/A-/A-2) |
| 300000 | 3.375 <sup>(d)(f)</sup> | 09/01/2050 | 300947 |
| California Municipal Finance Authority Special Facility RB For United Airlines International Airport Project Series 2019 (NR/ BB+) | California Municipal Finance Authority Special Facility RB For United Airlines International Airport Project Series 2019 (NR/ BB+) | California Municipal Finance Authority Special Facility RB For United Airlines International Airport Project Series 2019 (NR/ BB+) | California Municipal Finance Authority Special Facility RB For United Airlines International Airport Project Series 2019 (NR/ BB+) |
| 1000000 | 4.000 | 07/15/2029 | 1019803 |
| California Municipal Finance Authority Student Housing RB for Bowles Hall Foundation Series 2015 A (Baa3/NR) | California Municipal Finance Authority Student Housing RB for Bowles Hall Foundation Series 2015 A (Baa3/NR) | California Municipal Finance Authority Student Housing RB for Bowles Hall Foundation Series 2015 A (Baa3/NR) | California Municipal Finance Authority Student Housing RB for Bowles Hall Foundation Series 2015 A (Baa3/NR) |
| 400000 | 5.000 | 06/01/2035 | 400444 |
| California Pollution Control Financing Authority RB San Jose Water Company Project Series 2016 (NR/A) | California Pollution Control Financing Authority RB San Jose Water Company Project Series 2016 (NR/A) | California Pollution Control Financing Authority RB San Jose Water Company Project Series 2016 (NR/A) | California Pollution Control Financing Authority RB San Jose Water Company Project Series 2016 (NR/A) |
| 100000 | 4.750 | 11/01/2046 | 100094 |
| California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources Desalination Project Series 2023 (Baa3/NR) | California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources Desalination Project Series 2023 (Baa3/NR) | California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources Desalination Project Series 2023 (Baa3/NR) | California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources Desalination Project Series 2023 (Baa3/NR) |
| 250000 | 5.000 <sup>(a)</sup> | 07/01/2037 | 275632 |
| California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources LP Desalination Project Series 2012 (AMT) (Baa3/NR) | California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources LP Desalination Project Series 2012 (AMT) (Baa3/NR) | California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources LP Desalination Project Series 2012 (AMT) (Baa3/NR) | California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources LP Desalination Project Series 2012 (AMT) (Baa3/NR) |
| 1000000 | 5.000 <sup>(a)</sup> | 11/21/2045 | 1001295 |
| California Pollution Control Financing Authority Water Furnishing RB Refunding for San Diego County Water Desalination Project Series 2019 (Baa3/NR) | California Pollution Control Financing Authority Water Furnishing RB Refunding for San Diego County Water Desalination Project Series 2019 (Baa3/NR) | California Pollution Control Financing Authority Water Furnishing RB Refunding for San Diego County Water Desalination Project Series 2019 (Baa3/NR) | California Pollution Control Financing Authority Water Furnishing RB Refunding for San Diego County Water Desalination Project Series 2019 (Baa3/NR) |
| 1090000 | 5.000 <sup>(a)</sup> | 07/01/2029 | 1132538 |
| California Public Finance Authority California Tax Increment RB Fontana Jurupa Hills Project 2025A (AG) (NR/AA) | California Public Finance Authority California Tax Increment RB Fontana Jurupa Hills Project 2025A (AG) (NR/AA) | California Public Finance Authority California Tax Increment RB Fontana Jurupa Hills Project 2025A (AG) (NR/AA) | California Public Finance Authority California Tax Increment RB Fontana Jurupa Hills Project 2025A (AG) (NR/AA) |
| 200000 | 5.000 | 09/01/2033 | 237611 |
| California Public Finance Authority Health Care Facilities RB Series 2025A (Baa1/NR) | California Public Finance Authority Health Care Facilities RB Series 2025A (Baa1/NR) | California Public Finance Authority Health Care Facilities RB Series 2025A (Baa1/NR) | California Public Finance Authority Health Care Facilities RB Series 2025A (Baa1/NR) |
| 100000 | 5.000 | 11/01/2054 | 101725 |
| California Public Finance Authority RB Henry Mayo Newhall Hospital Series 2021A (Fixed Mode) (NR/BBB) | California Public Finance Authority RB Henry Mayo Newhall Hospital Series 2021A (Fixed Mode) (NR/BBB) | California Public Finance Authority RB Henry Mayo Newhall Hospital Series 2021A (Fixed Mode) (NR/BBB) | California Public Finance Authority RB Henry Mayo Newhall Hospital Series 2021A (Fixed Mode) (NR/BBB) |
| 360000 | 4.000 | 10/15/2028 | 369316 |
| California Public Finance Authority RB Henry Mayo Newhall Hospital Series 2021B (NR/BBB) | California Public Finance Authority RB Henry Mayo Newhall Hospital Series 2021B (NR/BBB) | California Public Finance Authority RB Henry Mayo Newhall Hospital Series 2021B (NR/BBB) | California Public Finance Authority RB Henry Mayo Newhall Hospital Series 2021B (NR/BBB) |
| 680000 | 4.000 <sup>(d)(f)</sup> | 10/15/2051 | 667882 |
| California School Finance Authority Charter School RB Classical Academies Project Series 2020A (NR/BBB-) | California School Finance Authority Charter School RB Classical Academies Project Series 2020A (NR/BBB-) | California School Finance Authority Charter School RB Classical Academies Project Series 2020A (NR/BBB-) | California School Finance Authority Charter School RB Classical Academies Project Series 2020A (NR/BBB-) |
| 120000 | 3.000 <sup>(a)</sup> | 10/01/2030 | 118309 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| California – (continued) | California – (continued) | California – (continued) | California – (continued) |
| California School Finance Authority Charter School RB for Envision Education – Obligated Group Series 2024A (NR/ BB+) | California School Finance Authority Charter School RB for Envision Education – Obligated Group Series 2024A (NR/ BB+) | California School Finance Authority Charter School RB for Envision Education – Obligated Group Series 2024A (NR/ BB+) | California School Finance Authority Charter School RB for Envision Education – Obligated Group Series 2024A (NR/ BB+) |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720000 | 5.000 %<sup>(a)</sup> | 06/01/2034 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759420 |
| California School Finance Authority Charter School RB Hawking Steam Charter School Project Series 2022 (NR/BB+) | California School Finance Authority Charter School RB Hawking Steam Charter School Project Series 2022 (NR/BB+) | California School Finance Authority Charter School RB Hawking Steam Charter School Project Series 2022 (NR/BB+) | California School Finance Authority Charter School RB Hawking Steam Charter School Project Series 2022 (NR/BB+) |
| 1000000 | 5.000 <sup>(a)</sup> | 07/01/2042 | 1012310 |
| California School Finance Authority RB for Classical Academy Obligated Group Series 2020 A (NR/BBB-) | California School Finance Authority RB for Classical Academy Obligated Group Series 2020 A (NR/BBB-) | California School Finance Authority RB for Classical Academy Obligated Group Series 2020 A (NR/BBB-) | California School Finance Authority RB for Classical Academy Obligated Group Series 2020 A (NR/BBB-) |
| 500000 | 5.000 <sup>(a)</sup> | 10/01/2040 | 509699 |
| California School Finance Authority RB for Classical Academy Obligated Group Series 2021 A (NR/BBB-) | California School Finance Authority RB for Classical Academy Obligated Group Series 2021 A (NR/BBB-) | California School Finance Authority RB for Classical Academy Obligated Group Series 2021 A (NR/BBB-) | California School Finance Authority RB for Classical Academy Obligated Group Series 2021 A (NR/BBB-) |
| 240000 | 3.000 <sup>(a)</sup> | 10/01/2031 | 235371 |
| California School Finance Authority RB for Fenton Charter Public Schools Series 2020 A (NR/BB+) | California School Finance Authority RB for Fenton Charter Public Schools Series 2020 A (NR/BB+) | California School Finance Authority RB for Fenton Charter Public Schools Series 2020 A (NR/BB+) | California School Finance Authority RB for Fenton Charter Public Schools Series 2020 A (NR/BB+) |
| 500000 | 5.000 <sup>(a)</sup> | 07/01/2040 | 501864 |
| California School Finance Authority School Facility RB Value Schools Series 2020A (NR/BBB-) | California School Finance Authority School Facility RB Value Schools Series 2020A (NR/BBB-) | California School Finance Authority School Facility RB Value Schools Series 2020A (NR/BBB-) | California School Finance Authority School Facility RB Value Schools Series 2020A (NR/BBB-) |
| 220000 | 3.250 <sup>(a)</sup> | 07/01/2030 | 218308 |
| California School Finance Authority School Facility Refunding RB Value Schools Series 2023A (ST INTERCEPT) (NR/BBB-) | California School Finance Authority School Facility Refunding RB Value Schools Series 2023A (ST INTERCEPT) (NR/BBB-) | California School Finance Authority School Facility Refunding RB Value Schools Series 2023A (ST INTERCEPT) (NR/BBB-) | California School Finance Authority School Facility Refunding RB Value Schools Series 2023A (ST INTERCEPT) (NR/BBB-) |
| 545000 | 5.000 <sup>(a)</sup> | 07/01/2040 | 565622 |
| California State GO Refunding Bonds 2007 (AG) (Aa2/AA) | California State GO Refunding Bonds 2007 (AG) (Aa2/AA) | California State GO Refunding Bonds 2007 (AG) (Aa2/AA) | California State GO Refunding Bonds 2007 (AG) (Aa2/AA) |
| 1000000 | 5.250 | 08/01/2032 | 1164829 |
| California Statewide Communities Development Authority Community Facilities District No. 2023-08 San Juan Oaks Improvement Area No. 1 Special Tax Bonds Series 2025 (NR/ NR) | California Statewide Communities Development Authority Community Facilities District No. 2023-08 San Juan Oaks Improvement Area No. 1 Special Tax Bonds Series 2025 (NR/ NR) | California Statewide Communities Development Authority Community Facilities District No. 2023-08 San Juan Oaks Improvement Area No. 1 Special Tax Bonds Series 2025 (NR/ NR) | California Statewide Communities Development Authority Community Facilities District No. 2023-08 San Juan Oaks Improvement Area No. 1 Special Tax Bonds Series 2025 (NR/ NR) |
| 550000 | 5.000 | 09/01/2040 | 588256 |
| California Statewide Communities Development Authority Infrastructure Program RB for Pacific Highlands Ranch Series 2019 (NR/NR) | California Statewide Communities Development Authority Infrastructure Program RB for Pacific Highlands Ranch Series 2019 (NR/NR) | California Statewide Communities Development Authority Infrastructure Program RB for Pacific Highlands Ranch Series 2019 (NR/NR) | California Statewide Communities Development Authority Infrastructure Program RB for Pacific Highlands Ranch Series 2019 (NR/NR) |
| 875000 | 5.000 | 09/02/2034 | 932427 |
| 595000 | 5.000 | 09/02/2039 | 623835 |
| California Statewide Communities Development Authority Kaiser Permanente RB Series 2004J (NR/AA-) (PUTABLE) | California Statewide Communities Development Authority Kaiser Permanente RB Series 2004J (NR/AA-) (PUTABLE) | California Statewide Communities Development Authority Kaiser Permanente RB Series 2004J (NR/AA-) (PUTABLE) | California Statewide Communities Development Authority Kaiser Permanente RB Series 2004J (NR/AA-) (PUTABLE) |
| 200000 | 5.000 <sup>(d)(f)</sup> | 04/01/2036 | 220260 |
| California Statewide Communities Development Authority Kaiser Permanente RB Series 2009C Sub-Series C-3 (NR/AA-) (PUTABLE) | California Statewide Communities Development Authority Kaiser Permanente RB Series 2009C Sub-Series C-3 (NR/AA-) (PUTABLE) | California Statewide Communities Development Authority Kaiser Permanente RB Series 2009C Sub-Series C-3 (NR/AA-) (PUTABLE) | California Statewide Communities Development Authority Kaiser Permanente RB Series 2009C Sub-Series C-3 (NR/AA-) (PUTABLE) |
| 125000 | 5.000 <sup>(d)(f)</sup> | 04/01/2045 | 137662 |
| California Statewide Communities Development Authority RB Adventist Health System West Series 2018A (NR/BBB+) | California Statewide Communities Development Authority RB Adventist Health System West Series 2018A (NR/BBB+) | California Statewide Communities Development Authority RB Adventist Health System West Series 2018A (NR/BBB+) | California Statewide Communities Development Authority RB Adventist Health System West Series 2018A (NR/BBB+) |
| 470000 | 3.500 | 03/01/2038 | 444045 |
| California Statewide Communities Development Authority RB for Loma Linda University Medical Center Series 2016A (NR/ BB+) | California Statewide Communities Development Authority RB for Loma Linda University Medical Center Series 2016A (NR/ BB+) | California Statewide Communities Development Authority RB for Loma Linda University Medical Center Series 2016A (NR/ BB+) | California Statewide Communities Development Authority RB for Loma Linda University Medical Center Series 2016A (NR/ BB+) |
| 500000 | 5.000 <sup>(a)</sup> | 12/01/2046 | 500391 |
| California Statewide Communities Development Authority RB Green Bonds for Marin General Hospital Series 2018A (NR/ BBB) | California Statewide Communities Development Authority RB Green Bonds for Marin General Hospital Series 2018A (NR/ BBB) | California Statewide Communities Development Authority RB Green Bonds for Marin General Hospital Series 2018A (NR/ BBB) | California Statewide Communities Development Authority RB Green Bonds for Marin General Hospital Series 2018A (NR/ BBB) |
| 365000 | 5.000 | 08/01/2028 | 379607 |
| California Statewide Communities Development Authority RB John Muir Health Series 2024A (NR/A) | California Statewide Communities Development Authority RB John Muir Health Series 2024A (NR/A) | California Statewide Communities Development Authority RB John Muir Health Series 2024A (NR/A) | California Statewide Communities Development Authority RB John Muir Health Series 2024A (NR/A) |
| 1000000 | 5.000 | 12/01/2041 | 1136117 |
| California Statewide Communities Development Authority RB Refunding for Front Porch Communities & Services Series 2017 A (NR/A-) | California Statewide Communities Development Authority RB Refunding for Front Porch Communities & Services Series 2017 A (NR/A-) | California Statewide Communities Development Authority RB Refunding for Front Porch Communities & Services Series 2017 A (NR/A-) | California Statewide Communities Development Authority RB Refunding for Front Porch Communities & Services Series 2017 A (NR/A-) |
| 460000 | 5.000 | 04/01/2030 | 470144 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>5</sub>

------

GOLDMAN SACHS DYNAMIC CALIFORNIA MUNICIPAL INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| California – (continued) | California – (continued) | California – (continued) | California – (continued) |
| California Statewide Communities Development Authority RB Refunding for Front Porch Communities & Services Series 2017 A (NR/A-) – (continued) | California Statewide Communities Development Authority RB Refunding for Front Porch Communities & Services Series 2017 A (NR/A-) – (continued) | California Statewide Communities Development Authority RB Refunding for Front Porch Communities & Services Series 2017 A (NR/A-) – (continued) | California Statewide Communities Development Authority RB Refunding for Front Porch Communities & Services Series 2017 A (NR/A-) – (continued) |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135000 | 5.000% | 04/01/2031 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137936 |
| 385000 | 4.000 | 04/01/2032 | 389142 |
| California Statewide Communities Development Authority RB Refunding for Loma Linda University Medical Center Series 2014 A (NR/BB+) | California Statewide Communities Development Authority RB Refunding for Loma Linda University Medical Center Series 2014 A (NR/BB+) | California Statewide Communities Development Authority RB Refunding for Loma Linda University Medical Center Series 2014 A (NR/BB+) | California Statewide Communities Development Authority RB Refunding for Loma Linda University Medical Center Series 2014 A (NR/BB+) |
| 350000 | 5.500 | 12/01/2054 | 350488 |
| California Statewide Communities Development Authority Special Assessment Bond Series 2020 (NR/NR) | California Statewide Communities Development Authority Special Assessment Bond Series 2020 (NR/NR) | California Statewide Communities Development Authority Special Assessment Bond Series 2020 (NR/NR) | California Statewide Communities Development Authority Special Assessment Bond Series 2020 (NR/NR) |
| 915000 | 4.000 | 09/02/2028 | 924779 |
| California Statewide Communities Development Authority Statewide Community Infrastructure Program Series 2025C-2 (NR/BBB-) | California Statewide Communities Development Authority Statewide Community Infrastructure Program Series 2025C-2 (NR/BBB-) | California Statewide Communities Development Authority Statewide Community Infrastructure Program Series 2025C-2 (NR/BBB-) | California Statewide Communities Development Authority Statewide Community Infrastructure Program Series 2025C-2 (NR/BBB-) |
| 215000 | 4.250 | 09/02/2040 | 216360 |
| 230000 | 4.250 | 09/02/2041 | 228101 |
| California Statewide Communities Development Authority Student Housing RB for University of California Irvine East Campus Apartments, Phase IV-A CHF-Irvine, LLC Series 2017 (Baa1/ NR) | California Statewide Communities Development Authority Student Housing RB for University of California Irvine East Campus Apartments, Phase IV-A CHF-Irvine, LLC Series 2017 (Baa1/ NR) | California Statewide Communities Development Authority Student Housing RB for University of California Irvine East Campus Apartments, Phase IV-A CHF-Irvine, LLC Series 2017 (Baa1/ NR) | California Statewide Communities Development Authority Student Housing RB for University of California Irvine East Campus Apartments, Phase IV-A CHF-Irvine, LLC Series 2017 (Baa1/ NR) |
| 975000 | 5.000 | 05/15/2042 | 986279 |
| California Statewide Communities Development Authority Student Housing Refunding RB for University of California Irvine East Campus Apartments Series 2016 (Baa1/NR) | California Statewide Communities Development Authority Student Housing Refunding RB for University of California Irvine East Campus Apartments Series 2016 (Baa1/NR) | California Statewide Communities Development Authority Student Housing Refunding RB for University of California Irvine East Campus Apartments Series 2016 (Baa1/NR) | California Statewide Communities Development Authority Student Housing Refunding RB for University of California Irvine East Campus Apartments Series 2016 (Baa1/NR) |
| 50000 | 5.000 | 05/15/2040 | 50126 |
| Carlsbad Unified School District San Diego County California Election of 2018 GO Bonds Series B (NR/AA) | Carlsbad Unified School District San Diego County California Election of 2018 GO Bonds Series B (NR/AA) | Carlsbad Unified School District San Diego County California Election of 2018 GO Bonds Series B (NR/AA) | Carlsbad Unified School District San Diego County California Election of 2018 GO Bonds Series B (NR/AA) |
| 215000 | 3.000 | 08/01/2046 | 176888 |
| City & County of San Francisco Community Facilities District No. 2016-1 Special Tax Bonds Series 2021 (NR/NR) | City & County of San Francisco Community Facilities District No. 2016-1 Special Tax Bonds Series 2021 (NR/NR) | City & County of San Francisco Community Facilities District No. 2016-1 Special Tax Bonds Series 2021 (NR/NR) | City & County of San Francisco Community Facilities District No. 2016-1 Special Tax Bonds Series 2021 (NR/NR) |
| 1000000 | 4.000 | 09/01/2041 | 962626 |
| City and County of San Francisco Infrastructure and Revitalization Financing District No. 1 Treasure Island Tax Increment RB Series 2025A (NR/NR) | City and County of San Francisco Infrastructure and Revitalization Financing District No. 1 Treasure Island Tax Increment RB Series 2025A (NR/NR) | City and County of San Francisco Infrastructure and Revitalization Financing District No. 1 Treasure Island Tax Increment RB Series 2025A (NR/NR) | City and County of San Francisco Infrastructure and Revitalization Financing District No. 1 Treasure Island Tax Increment RB Series 2025A (NR/NR) |
| 1200000 | 5.000 <sup>(a)</sup> | 09/01/2035 | 1305568 |
| City and County of San Francisco Multifamily Housing RB Sunnydale Hope SF Block 9 Series 2025B-2 (Aa1/NR) | City and County of San Francisco Multifamily Housing RB Sunnydale Hope SF Block 9 Series 2025B-2 (Aa1/NR) | City and County of San Francisco Multifamily Housing RB Sunnydale Hope SF Block 9 Series 2025B-2 (Aa1/NR) | City and County of San Francisco Multifamily Housing RB Sunnydale Hope SF Block 9 Series 2025B-2 (Aa1/NR) |
| 250000 | 3.350 <sup>(d)(f)</sup> | 08/01/2029 | 254482 |
| City of Chino CA Community Facilities District No. 2003-3 Special Tax for Improvement Area No. 7 Series 2020 (NR/NR) | City of Chino CA Community Facilities District No. 2003-3 Special Tax for Improvement Area No. 7 Series 2020 (NR/NR) | City of Chino CA Community Facilities District No. 2003-3 Special Tax for Improvement Area No. 7 Series 2020 (NR/NR) | City of Chino CA Community Facilities District No. 2003-3 Special Tax for Improvement Area No. 7 Series 2020 (NR/NR) |
| 1275000 | 4.000 | 09/01/2032 | 1323742 |
| City of Glendale California Electric RB 2025 Series (Aa3/NR) | City of Glendale California Electric RB 2025 Series (Aa3/NR) | City of Glendale California Electric RB 2025 Series (Aa3/NR) | City of Glendale California Electric RB 2025 Series (Aa3/NR) |
| 1250000 | 5.000 | 02/01/2049 | 1319974 |
| 1000000 | 5.000 | 02/01/2055 | 1044695 |
| City of Glendale California Electric RB, 2024 Series (NR/A+) | City of Glendale California Electric RB, 2024 Series (NR/A+) | City of Glendale California Electric RB, 2024 Series (NR/A+) | City of Glendale California Electric RB, 2024 Series (NR/A+) |
| 140000 | 5.000 | 02/01/2039 | 160845 |
| City of Indio Community Facilities District No. 2004-3 Terra Lago Improvement Area No. 1 California 2026 Special Tax Refunding Bonds (AG) (NR/AA) | City of Indio Community Facilities District No. 2004-3 Terra Lago Improvement Area No. 1 California 2026 Special Tax Refunding Bonds (AG) (NR/AA) | City of Indio Community Facilities District No. 2004-3 Terra Lago Improvement Area No. 1 California 2026 Special Tax Refunding Bonds (AG) (NR/AA) | City of Indio Community Facilities District No. 2004-3 Terra Lago Improvement Area No. 1 California 2026 Special Tax Refunding Bonds (AG) (NR/AA) |
| 250000 | 5.000 | 09/01/2033 | 292689 |
| 250000 | 5.000 | 09/01/2034 | 296114 |
| 250000 | 5.000 | 09/01/2035 | 298730 |
| City of Long Beach Marina Revenue Refunding Bonds Series 2025 (NR/A) | City of Long Beach Marina Revenue Refunding Bonds Series 2025 (NR/A) | City of Long Beach Marina Revenue Refunding Bonds Series 2025 (NR/A) | City of Long Beach Marina Revenue Refunding Bonds Series 2025 (NR/A) |
| 100000 | 5.000 | 05/15/2026 | 100551 |
| City of Los Angeles Department of Airports International Airport Series RB 2022 Series G (AMT) (Aa2/AA) | City of Los Angeles Department of Airports International Airport Series RB 2022 Series G (AMT) (Aa2/AA) | City of Los Angeles Department of Airports International Airport Series RB 2022 Series G (AMT) (Aa2/AA) | City of Los Angeles Department of Airports International Airport Series RB 2022 Series G (AMT) (Aa2/AA) |
| 750000 | 5.000 | 05/15/2028 | 792623 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| California – (continued) | California – (continued) | California – (continued) | California – (continued) |
| City of Newport Beach Assessment District No. 124 Limited Obligation Improvement Bonds 2023 Series A (NR/NR) | City of Newport Beach Assessment District No. 124 Limited Obligation Improvement Bonds 2023 Series A (NR/NR) | City of Newport Beach Assessment District No. 124 Limited Obligation Improvement Bonds 2023 Series A (NR/NR) | City of Newport Beach Assessment District No. 124 Limited Obligation Improvement Bonds 2023 Series A (NR/NR) |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725000 | 5.000% | 09/02/2043 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765819 |
| City of Palm Desert Community Facilities District No. 2005-1 University Park California Special Tax Refunding Bonds Series 2021A (NR/NR) | City of Palm Desert Community Facilities District No. 2005-1 University Park California Special Tax Refunding Bonds Series 2021A (NR/NR) | City of Palm Desert Community Facilities District No. 2005-1 University Park California Special Tax Refunding Bonds Series 2021A (NR/NR) | City of Palm Desert Community Facilities District No. 2005-1 University Park California Special Tax Refunding Bonds Series 2021A (NR/NR) |
| 190000 | 4.000 | 09/01/2030 | 198101 |
| 215000 | 4.000 | 09/01/2033 | 223507 |
| 250000 | 4.000 | 09/01/2036 | 256020 |
| City of Palm Desert Section 29 Assessment District No. 2004-02 Special Assessment Refunding Bonds Series 2021 (NR/NR) | City of Palm Desert Section 29 Assessment District No. 2004-02 Special Assessment Refunding Bonds Series 2021 (NR/NR) | City of Palm Desert Section 29 Assessment District No. 2004-02 Special Assessment Refunding Bonds Series 2021 (NR/NR) | City of Palm Desert Section 29 Assessment District No. 2004-02 Special Assessment Refunding Bonds Series 2021 (NR/NR) |
| 155000 | 4.000 | 09/02/2026 | 155953 |
| 700000 | 4.000 | 09/02/2031 | 732783 |
| 1100000 | 4.000 | 09/02/2037 | 1117249 |
| City of Sacramento California Water RB Series 2017 (NR/AA) | City of Sacramento California Water RB Series 2017 (NR/AA) | City of Sacramento California Water RB Series 2017 (NR/AA) | City of Sacramento California Water RB Series 2017 (NR/AA) |
| 1000000 | 5.250 | 09/01/2047 | 1021410 |
| City of Sacramento Railyards Community Facilities District No. 2018-01 Improvements Special Tax Bonds Series 2022 (NR/ NR) | City of Sacramento Railyards Community Facilities District No. 2018-01 Improvements Special Tax Bonds Series 2022 (NR/ NR) | City of Sacramento Railyards Community Facilities District No. 2018-01 Improvements Special Tax Bonds Series 2022 (NR/ NR) | City of Sacramento Railyards Community Facilities District No. 2018-01 Improvements Special Tax Bonds Series 2022 (NR/ NR) |
| 600000 | 5.375 <sup>(a)</sup> | 09/01/2052 | 604431 |
| City of San Jose California GO Bonds Disaster Preparedness Public Safety and Infrastructure Series 2025A (Aa1/AA+) | City of San Jose California GO Bonds Disaster Preparedness Public Safety and Infrastructure Series 2025A (Aa1/AA+) | City of San Jose California GO Bonds Disaster Preparedness Public Safety and Infrastructure Series 2025A (Aa1/AA+) | City of San Jose California GO Bonds Disaster Preparedness Public Safety and Infrastructure Series 2025A (Aa1/AA+) |
| 1000000 | 5.000 | 09/01/2055 | 1077430 |
| City of Tulare California Sewer Revenue Refunding Bonds, Series 2015 (AG) (A1/AA) | City of Tulare California Sewer Revenue Refunding Bonds, Series 2015 (AG) (A1/AA) | City of Tulare California Sewer Revenue Refunding Bonds, Series 2015 (AG) (A1/AA) | City of Tulare California Sewer Revenue Refunding Bonds, Series 2015 (AG) (A1/AA) |
| 870000 | 5.000 | 11/15/2033 | 871814 |
| City of Vernon Electric System RB 2021 Series A (Baa1/A-) | City of Vernon Electric System RB 2021 Series A (Baa1/A-) | City of Vernon Electric System RB 2021 Series A (Baa1/A-) | City of Vernon Electric System RB 2021 Series A (Baa1/A-) |
| 100000 | 5.000 | 04/01/2028 | 104999 |
| Community Facilities District No. 1997-1 Schools Infrastructure Financing Agency County of Stanislaus State of California Special Tax Bonds Series 2025 (AG) (NR/AA) | Community Facilities District No. 1997-1 Schools Infrastructure Financing Agency County of Stanislaus State of California Special Tax Bonds Series 2025 (AG) (NR/AA) | Community Facilities District No. 1997-1 Schools Infrastructure Financing Agency County of Stanislaus State of California Special Tax Bonds Series 2025 (AG) (NR/AA) | Community Facilities District No. 1997-1 Schools Infrastructure Financing Agency County of Stanislaus State of California Special Tax Bonds Series 2025 (AG) (NR/AA) |
| 150000 | 5.000 | 09/01/2045 | 163103 |
| Community Facilities District No. 2020-2 Countryview of The Romoland School District Improvement Area No. 1 Series 2025 Special Tax Bonds (NR/NR) | Community Facilities District No. 2020-2 Countryview of The Romoland School District Improvement Area No. 1 Series 2025 Special Tax Bonds (NR/NR) | Community Facilities District No. 2020-2 Countryview of The Romoland School District Improvement Area No. 1 Series 2025 Special Tax Bonds (NR/NR) | Community Facilities District No. 2020-2 Countryview of The Romoland School District Improvement Area No. 1 Series 2025 Special Tax Bonds (NR/NR) |
| 100000 | 5.000 | 09/01/2040 | 107676 |
| Community Facilities District No. 2021-1 of The Temecula Valley Unified School District Special Tax Bonds Series 2024 (NR/ NR) | Community Facilities District No. 2021-1 of The Temecula Valley Unified School District Special Tax Bonds Series 2024 (NR/ NR) | Community Facilities District No. 2021-1 of The Temecula Valley Unified School District Special Tax Bonds Series 2024 (NR/ NR) | Community Facilities District No. 2021-1 of The Temecula Valley Unified School District Special Tax Bonds Series 2024 (NR/ NR) |
| 100000 | 5.000 | 09/01/2049 | 101181 |
| Community Facilities District No. 2023-2 Cimarron Ridge of The City of Menifee Improvement Area No. 1 Special Tax Bonds Series 2025A (NR/NR) | Community Facilities District No. 2023-2 Cimarron Ridge of The City of Menifee Improvement Area No. 1 Special Tax Bonds Series 2025A (NR/NR) | Community Facilities District No. 2023-2 Cimarron Ridge of The City of Menifee Improvement Area No. 1 Special Tax Bonds Series 2025A (NR/NR) | Community Facilities District No. 2023-2 Cimarron Ridge of The City of Menifee Improvement Area No. 1 Special Tax Bonds Series 2025A (NR/NR) |
| 260000 | 5.000 | 09/01/2035 | 282521 |
| Contra Costa Transportation Authority Sales Tax RB Limited Tax Bonds Refunding Bonds Series 2018B (NR/AAA) | Contra Costa Transportation Authority Sales Tax RB Limited Tax Bonds Refunding Bonds Series 2018B (NR/AAA) | Contra Costa Transportation Authority Sales Tax RB Limited Tax Bonds Refunding Bonds Series 2018B (NR/AAA) | Contra Costa Transportation Authority Sales Tax RB Limited Tax Bonds Refunding Bonds Series 2018B (NR/AAA) |
| 135000 | 5.000 | 03/01/2030 | 139202 |
| County of Sacramento Airport System Senior RB Series 2025A (AMT) (A2/A+) | County of Sacramento Airport System Senior RB Series 2025A (AMT) (A2/A+) | County of Sacramento Airport System Senior RB Series 2025A (AMT) (A2/A+) | County of Sacramento Airport System Senior RB Series 2025A (AMT) (A2/A+) |
| 1000000 | 5.000 | 07/01/2037 | 1147339 |
| County of Sacramento RB Refunding for Airport System Series 2018 C (A2/A+) | County of Sacramento RB Refunding for Airport System Series 2018 C (A2/A+) | County of Sacramento RB Refunding for Airport System Series 2018 C (A2/A+) | County of Sacramento RB Refunding for Airport System Series 2018 C (A2/A+) |
| 1000000 | 5.000 | 07/01/2039 | 1033907 |
| CSCDA Community Improvement Authority Essential Housing Senior Lien RB Series 2021A-1 (NR/NR) | CSCDA Community Improvement Authority Essential Housing Senior Lien RB Series 2021A-1 (NR/NR) | CSCDA Community Improvement Authority Essential Housing Senior Lien RB Series 2021A-1 (NR/NR) | CSCDA Community Improvement Authority Essential Housing Senior Lien RB Series 2021A-1 (NR/NR) |
| 200000 | 3.600 <sup>(a)</sup> | 05/01/2047 | 170494 |
| Cypress California Elem School District GO School District Bonds 2009A (AG) (A1/AA) | Cypress California Elem School District GO School District Bonds 2009A (AG) (A1/AA) | Cypress California Elem School District GO School District Bonds 2009A (AG) (A1/AA) | Cypress California Elem School District GO School District Bonds 2009A (AG) (A1/AA) |
| 115000 | 0.000 <sup>(c)</sup> | 08/01/2032 | 97543 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **6** | **The accompanying notes are an integral part of these financial statements.** |

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GOLDMAN SACHS DYNAMIC CALIFORNIA MUNICIPAL INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| California – (continued) | California – (continued) | California – (continued) | California – (continued) |
| Department of Airports of The City of Los Angeles California Los Angeles International Airport Senior Refunding RB 2018 Series B (Amt) (Aa2/AA) | Department of Airports of The City of Los Angeles California Los Angeles International Airport Senior Refunding RB 2018 Series B (Amt) (Aa2/AA) | Department of Airports of The City of Los Angeles California Los Angeles International Airport Senior Refunding RB 2018 Series B (Amt) (Aa2/AA) | Department of Airports of The City of Los Angeles California Los Angeles International Airport Senior Refunding RB 2018 Series B (Amt) (Aa2/AA) |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | 5.000% | 05/15/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103156 |
| Department of Airports of The City of Los Angeles California Los Angeles International Airport Subordinate RB 2021 Series D (NR/NR) | Department of Airports of The City of Los Angeles California Los Angeles International Airport Subordinate RB 2021 Series D (NR/NR) | Department of Airports of The City of Los Angeles California Los Angeles International Airport Subordinate RB 2021 Series D (NR/NR) | Department of Airports of The City of Los Angeles California Los Angeles International Airport Subordinate RB 2021 Series D (NR/NR) |
| 10000 | 5.000 | 05/15/2031 | 11237 |
| Department of Airports of The City of Los Angeles California Los Angeles International Airport Subordinate Revenue and Refunding RB 2021 Series A (Aa3/AA-) | Department of Airports of The City of Los Angeles California Los Angeles International Airport Subordinate Revenue and Refunding RB 2021 Series A (Aa3/AA-) | Department of Airports of The City of Los Angeles California Los Angeles International Airport Subordinate Revenue and Refunding RB 2021 Series A (Aa3/AA-) | Department of Airports of The City of Los Angeles California Los Angeles International Airport Subordinate Revenue and Refunding RB 2021 Series A (Aa3/AA-) |
| 100000 | 5.000 | 05/15/2037 | 109314 |
| Department of Airports of The City of Los Angeles, California Los Angeles International Airport Subordinate RB 2018 Series D (AMT) (Aa3/AA-) | Department of Airports of The City of Los Angeles, California Los Angeles International Airport Subordinate RB 2018 Series D (AMT) (Aa3/AA-) | Department of Airports of The City of Los Angeles, California Los Angeles International Airport Subordinate RB 2018 Series D (AMT) (Aa3/AA-) | Department of Airports of The City of Los Angeles, California Los Angeles International Airport Subordinate RB 2018 Series D (AMT) (Aa3/AA-) |
| 260000 | 5.000 | 05/15/2031 | 280511 |
| Department of Water and Power of The City of Los Angeles Power System RB 2018 Series D (Aa2/A) | Department of Water and Power of The City of Los Angeles Power System RB 2018 Series D (Aa2/A) | Department of Water and Power of The City of Los Angeles Power System RB 2018 Series D (Aa2/A) | Department of Water and Power of The City of Los Angeles Power System RB 2018 Series D (Aa2/A) |
| 1260000 | 5.000 | 07/01/2048 | 1283312 |
| Department of Water and Power of The City of Los Angeles Power System RB 2025 Series A (Aa2/NR) | Department of Water and Power of The City of Los Angeles Power System RB 2025 Series A (Aa2/NR) | Department of Water and Power of The City of Los Angeles Power System RB 2025 Series A (Aa2/NR) | Department of Water and Power of The City of Los Angeles Power System RB 2025 Series A (Aa2/NR) |
| 310000 | 5.000 | 07/01/2028 | 325218 |
| Department of Water and Power of The City of Los Angeles Water System RB 2025 Series A (Aa2/NR) | Department of Water and Power of The City of Los Angeles Water System RB 2025 Series A (Aa2/NR) | Department of Water and Power of The City of Los Angeles Water System RB 2025 Series A (Aa2/NR) | Department of Water and Power of The City of Los Angeles Water System RB 2025 Series A (Aa2/NR) |
| 1000000 | 5.000 | 01/01/2030 | 1087285 |
| Downey Unified School District California Election of 2014 GO Bonds Series C (NR/AA-) | Downey Unified School District California Election of 2014 GO Bonds Series C (NR/AA-) | Downey Unified School District California Election of 2014 GO Bonds Series C (NR/AA-) | Downey Unified School District California Election of 2014 GO Bonds Series C (NR/AA-) |
| 170000 | 3.000 | 08/01/2048 | 135937 |
| Dublin Community Facilities District No. 2015-1 Improvement Area No. 1 Special Tax Series 2017 (NR/NR) | Dublin Community Facilities District No. 2015-1 Improvement Area No. 1 Special Tax Series 2017 (NR/NR) | Dublin Community Facilities District No. 2015-1 Improvement Area No. 1 Special Tax Series 2017 (NR/NR) | Dublin Community Facilities District No. 2015-1 Improvement Area No. 1 Special Tax Series 2017 (NR/NR) |
| 575000 | 5.000 | 09/01/2027 | 587819 |
| East Bay Municipal Utility District Alameda and Contra Costa Counties California Wastewater System Revenue Refunding Bonds Series 2015A-2 (Aa1/AAA) | East Bay Municipal Utility District Alameda and Contra Costa Counties California Wastewater System Revenue Refunding Bonds Series 2015A-2 (Aa1/AAA) | East Bay Municipal Utility District Alameda and Contra Costa Counties California Wastewater System Revenue Refunding Bonds Series 2015A-2 (Aa1/AAA) | East Bay Municipal Utility District Alameda and Contra Costa Counties California Wastewater System Revenue Refunding Bonds Series 2015A-2 (Aa1/AAA) |
| 100000 | 5.000 | 06/01/2038 | 125268 |
| East Bay Regional Park District 2024 Promissory Notes (Aaa/ AAA) | East Bay Regional Park District 2024 Promissory Notes (Aaa/ AAA) | East Bay Regional Park District 2024 Promissory Notes (Aaa/ AAA) | East Bay Regional Park District 2024 Promissory Notes (Aaa/ AAA) |
| 100000 | 4.000 | 05/01/2043 | 103979 |
| East County AWP Joint Powers Authority Tax Exempt Interim Notes Series 2024A Subseries A-1 (NR/NR) | East County AWP Joint Powers Authority Tax Exempt Interim Notes Series 2024A Subseries A-1 (NR/NR) | East County AWP Joint Powers Authority Tax Exempt Interim Notes Series 2024A Subseries A-1 (NR/NR) | East County AWP Joint Powers Authority Tax Exempt Interim Notes Series 2024A Subseries A-1 (NR/NR) |
| 370000 | 3.125 | 09/01/2026 | 370505 |
| East Side Union High School District Santa Clara County California 2015 GO Refunding Bonds (Aa3/A+) | East Side Union High School District Santa Clara County California 2015 GO Refunding Bonds (Aa3/A+) | East Side Union High School District Santa Clara County California 2015 GO Refunding Bonds (Aa3/A+) | East Side Union High School District Santa Clara County California 2015 GO Refunding Bonds (Aa3/A+) |
| 400000 | 3.750 | 08/01/2038 | 400125 |
| Eastern Foothill Transportation Corridor Agency Senior Lien Toll Road Refunding RB Series 1995A (NR/AA+) | Eastern Foothill Transportation Corridor Agency Senior Lien Toll Road Refunding RB Series 1995A (NR/AA+) | Eastern Foothill Transportation Corridor Agency Senior Lien Toll Road Refunding RB Series 1995A (NR/AA+) | Eastern Foothill Transportation Corridor Agency Senior Lien Toll Road Refunding RB Series 1995A (NR/AA+) |
| 105000 | 0.000 <sup>(c)</sup> | 01/01/2028 | 101193 |
| El Centro Elementary School District Imperial County California 2025 GO Bond Anticipation Notes Series A-2 (NR/A+) | El Centro Elementary School District Imperial County California 2025 GO Bond Anticipation Notes Series A-2 (NR/A+) | El Centro Elementary School District Imperial County California 2025 GO Bond Anticipation Notes Series A-2 (NR/A+) | El Centro Elementary School District Imperial County California 2025 GO Bond Anticipation Notes Series A-2 (NR/A+) |
| 150000 | 5.000 | 06/15/2030 | 168195 |
| El Centro Elementary School District Imperial County California 2025 GO Bond Anticipation Notes Series B-2 (NR/A+) | El Centro Elementary School District Imperial County California 2025 GO Bond Anticipation Notes Series B-2 (NR/A+) | El Centro Elementary School District Imperial County California 2025 GO Bond Anticipation Notes Series B-2 (NR/A+) | El Centro Elementary School District Imperial County California 2025 GO Bond Anticipation Notes Series B-2 (NR/A+) |
| 200000 | 5.000 | 06/15/2030 | 224261 |
| El Dorado Irrigation District Refunding RB Series 2016C (Aa3/ AA-) | El Dorado Irrigation District Refunding RB Series 2016C (Aa3/ AA-) | El Dorado Irrigation District Refunding RB Series 2016C (Aa3/ AA-) | El Dorado Irrigation District Refunding RB Series 2016C (Aa3/ AA-) |
| 695000 | 4.000 | 03/01/2034 | 695387 |
| El Monte City School District Los Angeles California Election of 2008 GO Bonds Series B (A1/A+) | El Monte City School District Los Angeles California Election of 2008 GO Bonds Series B (A1/A+) | El Monte City School District Los Angeles California Election of 2008 GO Bonds Series B (A1/A+) | El Monte City School District Los Angeles California Election of 2008 GO Bonds Series B (A1/A+) |
| 100000 | 0.000 <sup>(c)</sup> | 08/01/2039 | 62410 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| California – (continued) | California – (continued) | California – (continued) | California – (continued) |
| El Monte Union High School District Los Angeles County California Election of 2018 GO Bonds Series D (Aa3/NR) | El Monte Union High School District Los Angeles County California Election of 2018 GO Bonds Series D (Aa3/NR) | El Monte Union High School District Los Angeles County California Election of 2018 GO Bonds Series D (Aa3/NR) | El Monte Union High School District Los Angeles County California Election of 2018 GO Bonds Series D (Aa3/NR) |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | 5.000% | 06/01/2041 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;926680 |
| 500000 | 5.250 | 06/01/2045 | 560735 |
| El Rancho California University School Dist GO School Bonds 2008E (AG) (NR/AA) | El Rancho California University School Dist GO School Bonds 2008E (AG) (NR/AA) | El Rancho California University School Dist GO School Bonds 2008E (AG) (NR/AA) | El Rancho California University School Dist GO School Bonds 2008E (AG) (NR/AA) |
| 130000 | 0.000 <sup>(c)</sup> | 08/01/2033 | 106225 |
| Elk Grove Finance Authority California Special Tax RB Series 2024 (NR/NR) | Elk Grove Finance Authority California Special Tax RB Series 2024 (NR/NR) | Elk Grove Finance Authority California Special Tax RB Series 2024 (NR/NR) | Elk Grove Finance Authority California Special Tax RB Series 2024 (NR/NR) |
| 200000 | 5.000 | 09/01/2039 | 215480 |
| Equitable School Revolving Fund California Infrastructure and Economic Development Bank Series 2024 B (Social Bonds) (NR/A+) | Equitable School Revolving Fund California Infrastructure and Economic Development Bank Series 2024 B (Social Bonds) (NR/A+) | Equitable School Revolving Fund California Infrastructure and Economic Development Bank Series 2024 B (Social Bonds) (NR/A+) | Equitable School Revolving Fund California Infrastructure and Economic Development Bank Series 2024 B (Social Bonds) (NR/A+) |
| 100000 | 5.000 | 11/01/2029 | 107995 |
| 1655000 | 5.000 | 11/01/2049 | 1724725 |
| Folsom Ranch Financing Authority, Community Facilities District No. 18 Folsom Plan Area-Wide Improvements and Services Special Tax RB Series 2024 (NR/NR) | Folsom Ranch Financing Authority, Community Facilities District No. 18 Folsom Plan Area-Wide Improvements and Services Special Tax RB Series 2024 (NR/NR) | Folsom Ranch Financing Authority, Community Facilities District No. 18 Folsom Plan Area-Wide Improvements and Services Special Tax RB Series 2024 (NR/NR) | Folsom Ranch Financing Authority, Community Facilities District No. 18 Folsom Plan Area-Wide Improvements and Services Special Tax RB Series 2024 (NR/NR) |
| 100000 | 5.000 | 09/01/2028 | 105060 |
| Foothill-De Anza California Community College Dist G.O. Bonds Electricity 99 2000 A (NATL) (Aaa/AAA) | Foothill-De Anza California Community College Dist G.O. Bonds Electricity 99 2000 A (NATL) (Aaa/AAA) | Foothill-De Anza California Community College Dist G.O. Bonds Electricity 99 2000 A (NATL) (Aaa/AAA) | Foothill-De Anza California Community College Dist G.O. Bonds Electricity 99 2000 A (NATL) (Aaa/AAA) |
| 110000 | 0.000 <sup>(c)</sup> | 08/01/2027 | 106823 |
| Fruitvale School District California GO Bonds Election of 2016 Series B (BAM) (NR/AA) | Fruitvale School District California GO Bonds Election of 2016 Series B (BAM) (NR/AA) | Fruitvale School District California GO Bonds Election of 2016 Series B (BAM) (NR/AA) | Fruitvale School District California GO Bonds Election of 2016 Series B (BAM) (NR/AA) |
| 185000 | 3.000 | 08/01/2047 | 150275 |
| Gavilan Joint Community College District Santa Clara and San Benito Counties California Election of 2018 GO Bonds Series B (Aa3/AA) | Gavilan Joint Community College District Santa Clara and San Benito Counties California Election of 2018 GO Bonds Series B (Aa3/AA) | Gavilan Joint Community College District Santa Clara and San Benito Counties California Election of 2018 GO Bonds Series B (Aa3/AA) | Gavilan Joint Community College District Santa Clara and San Benito Counties California Election of 2018 GO Bonds Series B (Aa3/AA) |
| 265000 | 3.000 | 08/01/2050 | 204957 |
| Glendora California University School District GO School Bonds 2009B (AG) (Aa3/AA) | Glendora California University School District GO School Bonds 2009B (AG) (Aa3/AA) | Glendora California University School District GO School Bonds 2009B (AG) (Aa3/AA) | Glendora California University School District GO School Bonds 2009B (AG) (Aa3/AA) |
| 225000 | 0.000 <sup>(c)</sup> | 08/01/2033 | 184930 |
| Harbor Department of The City of Los Angeles Refunding RB 2024 Series A-2 (AMT) (Aa2/AA+) | Harbor Department of The City of Los Angeles Refunding RB 2024 Series A-2 (AMT) (Aa2/AA+) | Harbor Department of The City of Los Angeles Refunding RB 2024 Series A-2 (AMT) (Aa2/AA+) | Harbor Department of The City of Los Angeles Refunding RB 2024 Series A-2 (AMT) (Aa2/AA+) |
| 685000 | 5.000 | 08/01/2036 | 787068 |
| Imperial Irrigation District Electric System Refunding RB Series 2016B-1 (NR/AA-) | Imperial Irrigation District Electric System Refunding RB Series 2016B-1 (NR/AA-) | Imperial Irrigation District Electric System Refunding RB Series 2016B-1 (NR/AA-) | Imperial Irrigation District Electric System Refunding RB Series 2016B-1 (NR/AA-) |
| 905000 | 5.000 | 11/01/2046 | 913065 |
| Improvement Area No. 1 of City of Mountain House Community Facilities District No. 2024-1 Public Facilities and Services California Special Tax Bonds Series 2025 (NR/NR) | Improvement Area No. 1 of City of Mountain House Community Facilities District No. 2024-1 Public Facilities and Services California Special Tax Bonds Series 2025 (NR/NR) | Improvement Area No. 1 of City of Mountain House Community Facilities District No. 2024-1 Public Facilities and Services California Special Tax Bonds Series 2025 (NR/NR) | Improvement Area No. 1 of City of Mountain House Community Facilities District No. 2024-1 Public Facilities and Services California Special Tax Bonds Series 2025 (NR/NR) |
| 500000 | 5.000 | 09/01/2040 | 532454 |
| Independent Cities Finance Authority City of Compton California Sales Tax RB Series 2021 (AG) (NR/AA) | Independent Cities Finance Authority City of Compton California Sales Tax RB Series 2021 (AG) (NR/AA) | Independent Cities Finance Authority City of Compton California Sales Tax RB Series 2021 (AG) (NR/AA) | Independent Cities Finance Authority City of Compton California Sales Tax RB Series 2021 (AG) (NR/AA) |
| 150000 | 4.000 <sup>(a)</sup> | 06/01/2041 | 153874 |
| Independent Cities Finance Authority RB for City of Compton Sales Tax Series 2021 (AG) (NR/AA) | Independent Cities Finance Authority RB for City of Compton Sales Tax Series 2021 (AG) (NR/AA) | Independent Cities Finance Authority RB for City of Compton Sales Tax Series 2021 (AG) (NR/AA) | Independent Cities Finance Authority RB for City of Compton Sales Tax Series 2021 (AG) (NR/AA) |
| 665000 | 4.000 <sup>(a)</sup> | 06/01/2036 | 687116 |
| Inglewood Joint Powers Authority Los Angeles County California Lease RB Series 2025 (BAM) (NR/AA) | Inglewood Joint Powers Authority Los Angeles County California Lease RB Series 2025 (BAM) (NR/AA) | Inglewood Joint Powers Authority Los Angeles County California Lease RB Series 2025 (BAM) (NR/AA) | Inglewood Joint Powers Authority Los Angeles County California Lease RB Series 2025 (BAM) (NR/AA) |
| 1000000 | 5.250 | 08/01/2050 | 1080458 |
| Irvine Facilities Financing Authority Gateway Preserve Land Acquisition Project Lease RB, Series 2023A (NR/AA+) | Irvine Facilities Financing Authority Gateway Preserve Land Acquisition Project Lease RB, Series 2023A (NR/AA+) | Irvine Facilities Financing Authority Gateway Preserve Land Acquisition Project Lease RB, Series 2023A (NR/AA+) | Irvine Facilities Financing Authority Gateway Preserve Land Acquisition Project Lease RB, Series 2023A (NR/AA+) |
| 850000 | 5.250 | 05/01/2048 | 851842 |
| Irvine Unified School District Community Facilities District No. 09-1 Special Tax Bonds Series 2017 A (NR/NR) | Irvine Unified School District Community Facilities District No. 09-1 Special Tax Bonds Series 2017 A (NR/NR) | Irvine Unified School District Community Facilities District No. 09-1 Special Tax Bonds Series 2017 A (NR/NR) | Irvine Unified School District Community Facilities District No. 09-1 Special Tax Bonds Series 2017 A (NR/NR) |
| 690000 | 5.000 | 09/01/2042 | 698227 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>7</sub>

------

GOLDMAN SACHS DYNAMIC CALIFORNIA MUNICIPAL INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| California – (continued) | California – (continued) | California – (continued) | California – (continued) |
| Irvine Unified School District Community Facilities District Number 09-1 Special Tax Bonds Series 2019A (NR/NR) | Irvine Unified School District Community Facilities District Number 09-1 Special Tax Bonds Series 2019A (NR/NR) | Irvine Unified School District Community Facilities District Number 09-1 Special Tax Bonds Series 2019A (NR/NR) | Irvine Unified School District Community Facilities District Number 09-1 Special Tax Bonds Series 2019A (NR/NR) |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215000 | 4.000% | 09/01/2039 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217127 |
| Kern California Community College District Election 2016 Go Bonds Facilities Improvment District No 1 C (BAM-TCRS) (Aa2/AA) | Kern California Community College District Election 2016 Go Bonds Facilities Improvment District No 1 C (BAM-TCRS) (Aa2/AA) | Kern California Community College District Election 2016 Go Bonds Facilities Improvment District No 1 C (BAM-TCRS) (Aa2/AA) | Kern California Community College District Election 2016 Go Bonds Facilities Improvment District No 1 C (BAM-TCRS) (Aa2/AA) |
| 130000 | 3.000 | 08/01/2046 | 107321 |
| Lake Tahoe Unified School District GO Bonds Election of 2008 Series 2010 (AGM) (A1/AA) | Lake Tahoe Unified School District GO Bonds Election of 2008 Series 2010 (AGM) (A1/AA) | Lake Tahoe Unified School District GO Bonds Election of 2008 Series 2010 (AGM) (A1/AA) | Lake Tahoe Unified School District GO Bonds Election of 2008 Series 2010 (AGM) (A1/AA) |
| 100000 | 0.000 <sup>(c)</sup> | 08/01/2031 | 87597 |
| Lone Pine Unified School District Inyo County California General Obligation Bonds, Election of 2024 Series 2025 (NR/A+) | Lone Pine Unified School District Inyo County California General Obligation Bonds, Election of 2024 Series 2025 (NR/A+) | Lone Pine Unified School District Inyo County California General Obligation Bonds, Election of 2024 Series 2025 (NR/A+) | Lone Pine Unified School District Inyo County California General Obligation Bonds, Election of 2024 Series 2025 (NR/A+) |
| 250000 | 5.500 | 08/01/2054 | 265500 |
| Long Beach Unified School District County of Los Angeles California Election of 2008 GO Bonds Series D-1 (Aa2/AA-) | Long Beach Unified School District County of Los Angeles California Election of 2008 GO Bonds Series D-1 (Aa2/AA-) | Long Beach Unified School District County of Los Angeles California Election of 2008 GO Bonds Series D-1 (Aa2/AA-) | Long Beach Unified School District County of Los Angeles California Election of 2008 GO Bonds Series D-1 (Aa2/AA-) |
| 500000 | 0.000 <sup>(c)</sup> | 08/01/2031 | 402567 |
| 275000 | 0.000 <sup>(c)</sup> | 08/01/2032 | 212038 |
| Los Angeles California University School District CTFS Partner Co Op 2023 A Green Bond (A1/NR) | Los Angeles California University School District CTFS Partner Co Op 2023 A Green Bond (A1/NR) | Los Angeles California University School District CTFS Partner Co Op 2023 A Green Bond (A1/NR) | Los Angeles California University School District CTFS Partner Co Op 2023 A Green Bond (A1/NR) |
| 50000 | 5.000 | 10/01/2027 | 52410 |
| Los Angeles California University School District CTFS Partner Co Op 2023 A Green Bond (NR/NR) | Los Angeles California University School District CTFS Partner Co Op 2023 A Green Bond (NR/NR) | Los Angeles California University School District CTFS Partner Co Op 2023 A Green Bond (NR/NR) | Los Angeles California University School District CTFS Partner Co Op 2023 A Green Bond (NR/NR) |
| 75000 | 5.000 | 10/01/2027 | 78736 |
| Los Angeles County Development Authority Multifamily Housing Mortgage RB 2111 Firestone 2023 Series E (HUD SECT 8) (Aa1/NR) | Los Angeles County Development Authority Multifamily Housing Mortgage RB 2111 Firestone 2023 Series E (HUD SECT 8) (Aa1/NR) | Los Angeles County Development Authority Multifamily Housing Mortgage RB 2111 Firestone 2023 Series E (HUD SECT 8) (Aa1/NR) | Los Angeles County Development Authority Multifamily Housing Mortgage RB 2111 Firestone 2023 Series E (HUD SECT 8) (Aa1/NR) |
| 155000 | 5.000 <sup>(d)(f)</sup> | 07/01/2043 | 155312 |
| Los Angeles County Public Works Financing Authority Lease RB 2024 Series H (NR/AA+) | Los Angeles County Public Works Financing Authority Lease RB 2024 Series H (NR/AA+) | Los Angeles County Public Works Financing Authority Lease RB 2024 Series H (NR/AA+) | Los Angeles County Public Works Financing Authority Lease RB 2024 Series H (NR/AA+) |
| 230000 | 5.000 | 12/01/2028 | 250254 |
| Los Angeles County Public Works Financing Authority Lease RB 2025 Series J (NR/AA+) | Los Angeles County Public Works Financing Authority Lease RB 2025 Series J (NR/AA+) | Los Angeles County Public Works Financing Authority Lease RB 2025 Series J (NR/AA+) | Los Angeles County Public Works Financing Authority Lease RB 2025 Series J (NR/AA+) |
| 1000000 | 5.250 | 12/01/2050 | 1091100 |
| Los Angeles County Public Works Financing Authority Los Angeles County Public Works Financing Authority Lease RB Multiple Capital Projects I 2010 Series B (Aa2/AA+) | Los Angeles County Public Works Financing Authority Los Angeles County Public Works Financing Authority Lease RB Multiple Capital Projects I 2010 Series B (Aa2/AA+) | Los Angeles County Public Works Financing Authority Los Angeles County Public Works Financing Authority Lease RB Multiple Capital Projects I 2010 Series B (Aa2/AA+) | Los Angeles County Public Works Financing Authority Los Angeles County Public Works Financing Authority Lease RB Multiple Capital Projects I 2010 Series B (Aa2/AA+) |
| 2415000 | 7.488 | 08/01/2033 | 2677569 |
| Los Angeles Department of Airports RB Senior Refunding Series 2018 B (Aa2/AA) | Los Angeles Department of Airports RB Senior Refunding Series 2018 B (Aa2/AA) | Los Angeles Department of Airports RB Senior Refunding Series 2018 B (Aa2/AA) | Los Angeles Department of Airports RB Senior Refunding Series 2018 B (Aa2/AA) |
| 1000000 | 5.000 | 05/15/2034 | 1049413 |
| Los Angeles Unified School District County of Los Angeles California Election of 2024 GO Bonds US Series A-1 2025 (Aa2/NR) | Los Angeles Unified School District County of Los Angeles California Election of 2024 GO Bonds US Series A-1 2025 (Aa2/NR) | Los Angeles Unified School District County of Los Angeles California Election of 2024 GO Bonds US Series A-1 2025 (Aa2/NR) | Los Angeles Unified School District County of Los Angeles California Election of 2024 GO Bonds US Series A-1 2025 (Aa2/NR) |
| 250000 | 5.000 | 07/01/2037 | 304894 |
| Los Angeles Unified School District County of Los Angeles California GO Bonds Series Qrr (Aa2/NR) | Los Angeles Unified School District County of Los Angeles California GO Bonds Series Qrr (Aa2/NR) | Los Angeles Unified School District County of Los Angeles California GO Bonds Series Qrr (Aa2/NR) | Los Angeles Unified School District County of Los Angeles California GO Bonds Series Qrr (Aa2/NR) |
| 640000 | 5.000 | 07/01/2043 | 730112 |
| 600000 | 5.000 | 07/01/2045 | 665089 |
| Menifee Union School District Riverside County California 2020 GO Bonds Series C (AG) (Aa2/AA) | Menifee Union School District Riverside County California 2020 GO Bonds Series C (AG) (Aa2/AA) | Menifee Union School District Riverside County California 2020 GO Bonds Series C (AG) (Aa2/AA) | Menifee Union School District Riverside County California 2020 GO Bonds Series C (AG) (Aa2/AA) |
| 215000 | 3.000 | 08/01/2045 | 179761 |
| Menlo Park City School District County of San Mateo 2015 GO Refunding Bonds Capital Appreciation Bonds (Aaa/AAA) | Menlo Park City School District County of San Mateo 2015 GO Refunding Bonds Capital Appreciation Bonds (Aaa/AAA) | Menlo Park City School District County of San Mateo 2015 GO Refunding Bonds Capital Appreciation Bonds (Aaa/AAA) | Menlo Park City School District County of San Mateo 2015 GO Refunding Bonds Capital Appreciation Bonds (Aaa/AAA) |
| 1000000 | 0.000 <sup>(c)</sup> | 07/01/2033 | 746261 |
| Merced Union High School District Merced County California GO Refunding Bonds Series 2025 (Aa2/NR) | Merced Union High School District Merced County California GO Refunding Bonds Series 2025 (Aa2/NR) | Merced Union High School District Merced County California GO Refunding Bonds Series 2025 (Aa2/NR) | Merced Union High School District Merced County California GO Refunding Bonds Series 2025 (Aa2/NR) |
| 195000 | 5.000 | 08/01/2036 | 240002 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| California – (continued) | California – (continued) | California – (continued) | California – (continued) |
| Modesto Financing Authority Domestic Project RB 2007F (NATL) (Baa3/AA)<br> (3M USD SOFR + 0.63%) | Modesto Financing Authority Domestic Project RB 2007F (NATL) (Baa3/AA)<br> (3M USD SOFR + 0.63%) | Modesto Financing Authority Domestic Project RB 2007F (NATL) (Baa3/AA)<br> (3M USD SOFR + 0.63%) | Modesto Financing Authority Domestic Project RB 2007F (NATL) (Baa3/AA)<br> (3M USD SOFR + 0.63%) |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | 3.346 %<sup>(e)</sup> | 09/01/2037 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49144 |
| Msr Energy Authority California Gas RB Series 2009A Modesto (NONR/BBB+) | Msr Energy Authority California Gas RB Series 2009A Modesto (NONR/BBB+) | Msr Energy Authority California Gas RB Series 2009A Modesto (NONR/BBB+) | Msr Energy Authority California Gas RB Series 2009A Modesto (NONR/BBB+) |
| 95000 | 6.125 | 11/01/2029 | 101064 |
| Municipal Improvement Corporation of Los Angeles Lease RB Series 2020-A (NR/A+) | Municipal Improvement Corporation of Los Angeles Lease RB Series 2020-A (NR/A+) | Municipal Improvement Corporation of Los Angeles Lease RB Series 2020-A (NR/A+) | Municipal Improvement Corporation of Los Angeles Lease RB Series 2020-A (NR/A+) |
| 140000 | 5.000 | 11/01/2026 | 142849 |
| Municipal Improvement Corporation of Los Angeles Lease RB Series 2023-A (Aa3/NR) | Municipal Improvement Corporation of Los Angeles Lease RB Series 2023-A (Aa3/NR) | Municipal Improvement Corporation of Los Angeles Lease RB Series 2023-A (Aa3/NR) | Municipal Improvement Corporation of Los Angeles Lease RB Series 2023-A (Aa3/NR) |
| 120000 | 5.000 | 05/01/2028 | 127803 |
| Municipal Improvement Corporation of Los Angeles Lease RB Series 2025-A (NR/A+) | Municipal Improvement Corporation of Los Angeles Lease RB Series 2025-A (NR/A+) | Municipal Improvement Corporation of Los Angeles Lease RB Series 2025-A (NR/A+) | Municipal Improvement Corporation of Los Angeles Lease RB Series 2025-A (NR/A+) |
| 1000000 | 5.250 | 05/01/2050 | 1076621 |
| Municipal Improvement Corporation of Los Angeles Series 2016-B (NR/A+) | Municipal Improvement Corporation of Los Angeles Series 2016-B (NR/A+) | Municipal Improvement Corporation of Los Angeles Series 2016-B (NR/A+) | Municipal Improvement Corporation of Los Angeles Series 2016-B (NR/A+) |
| 110000 | 5.000 | 11/01/2027 | 112134 |
| Needles Unified School District San Bernardino County Ca Go Bonds Election of 2008 Series 2011B (AGM) (A1/AA) | Needles Unified School District San Bernardino County Ca Go Bonds Election of 2008 Series 2011B (AGM) (A1/AA) | Needles Unified School District San Bernardino County Ca Go Bonds Election of 2008 Series 2011B (AGM) (A1/AA) | Needles Unified School District San Bernardino County Ca Go Bonds Election of 2008 Series 2011B (AGM) (A1/AA) |
| 815000 | 0.000 <sup>(b)</sup> | 08/01/2041 | 738201 |
| Orcutt Union School District California Election of 2016 GO Bonds Series B (NR/AA-) | Orcutt Union School District California Election of 2016 GO Bonds Series B (NR/AA-) | Orcutt Union School District California Election of 2016 GO Bonds Series B (NR/AA-) | Orcutt Union School District California Election of 2016 GO Bonds Series B (NR/AA-) |
| 100000 | 3.000 | 08/01/2049 | 78818 |
| Oxnard School District Ventura County California 2026 GO Bond Anticipation Notes (NR/A+) | Oxnard School District Ventura County California 2026 GO Bond Anticipation Notes (NR/A+) | Oxnard School District Ventura County California 2026 GO Bond Anticipation Notes (NR/A+) | Oxnard School District Ventura County California 2026 GO Bond Anticipation Notes (NR/A+) |
| 1500000 | 0.000 <sup>(c)</sup> | 02/01/2031 | 1310962 |
| Palomar Health Certificates of Participation Evidencing Proportionate Undivided Ownership Interests of the Holders thereof in Installment Payments to be Paid Series 2022A (AGM) (A1/AA) | Palomar Health Certificates of Participation Evidencing Proportionate Undivided Ownership Interests of the Holders thereof in Installment Payments to be Paid Series 2022A (AGM) (A1/AA) | Palomar Health Certificates of Participation Evidencing Proportionate Undivided Ownership Interests of the Holders thereof in Installment Payments to be Paid Series 2022A (AGM) (A1/AA) | Palomar Health Certificates of Participation Evidencing Proportionate Undivided Ownership Interests of the Holders thereof in Installment Payments to be Paid Series 2022A (AGM) (A1/AA) |
| 100000 | 5.250 | 11/01/2035 | 108076 |
| Pomona Unified School District Los Angeles County California GO Bonds 2016 Election Series F (BAM) (Aa3/AA) | Pomona Unified School District Los Angeles County California GO Bonds 2016 Election Series F (BAM) (Aa3/AA) | Pomona Unified School District Los Angeles County California GO Bonds 2016 Election Series F (BAM) (Aa3/AA) | Pomona Unified School District Los Angeles County California GO Bonds 2016 Election Series F (BAM) (Aa3/AA) |
| 130000 | 3.000 | 08/01/2048 | 103223 |
| Public Facilities Financing Authority of The City of San Diego Senior Water RB Series 2020A (Aa2/NR) | Public Facilities Financing Authority of The City of San Diego Senior Water RB Series 2020A (Aa2/NR) | Public Facilities Financing Authority of The City of San Diego Senior Water RB Series 2020A (Aa2/NR) | Public Facilities Financing Authority of The City of San Diego Senior Water RB Series 2020A (Aa2/NR) |
| 135000 | 3.000 | 08/01/2049 | 106833 |
| Redding Joint Powers Financing Authority Electric System RB 2025 Series A (NR/NR) | Redding Joint Powers Financing Authority Electric System RB 2025 Series A (NR/NR) | Redding Joint Powers Financing Authority Electric System RB 2025 Series A (NR/NR) | Redding Joint Powers Financing Authority Electric System RB 2025 Series A (NR/NR) |
| 1160000 | 5.000 | 06/01/2055 | 1218793 |
| River Islands Public Financing Authority Community Facilities District No. 2003-1 Special Tax series 2022 (NR/NR) | River Islands Public Financing Authority Community Facilities District No. 2003-1 Special Tax series 2022 (NR/NR) | River Islands Public Financing Authority Community Facilities District No. 2003-1 Special Tax series 2022 (NR/NR) | River Islands Public Financing Authority Community Facilities District No. 2003-1 Special Tax series 2022 (NR/NR) |
| 100000 | 5.750 | 09/01/2052 | 103896 |
| Riverside County Redevelopment Agency Tax Allocation for Capital Appreciation Jurupa Valley Redevelopment Project Area Series 2011 B (NR/A+) | Riverside County Redevelopment Agency Tax Allocation for Capital Appreciation Jurupa Valley Redevelopment Project Area Series 2011 B (NR/A+) | Riverside County Redevelopment Agency Tax Allocation for Capital Appreciation Jurupa Valley Redevelopment Project Area Series 2011 B (NR/A+) | Riverside County Redevelopment Agency Tax Allocation for Capital Appreciation Jurupa Valley Redevelopment Project Area Series 2011 B (NR/A+) |
| 100000 | 0.000 <sup>(c)</sup> | 10/01/2038 | 64212 |
| 260000 | 0.000 <sup>(c)</sup> | 10/01/2042 | 134959 |
| Riverside County Transportation Commission Toll Revenue Senior Lien Refunding Bonds 2021 Series B-1 (NR/A) | Riverside County Transportation Commission Toll Revenue Senior Lien Refunding Bonds 2021 Series B-1 (NR/A) | Riverside County Transportation Commission Toll Revenue Senior Lien Refunding Bonds 2021 Series B-1 (NR/A) | Riverside County Transportation Commission Toll Revenue Senior Lien Refunding Bonds 2021 Series B-1 (NR/A) |
| 310000 | 4.000 | 06/01/2037 | 326410 |
| 410000 | 4.000 | 06/01/2038 | 431379 |
| 530000 | 4.000 | 06/01/2039 | 556851 |
| Riverside Public Financing Authority Lease RB Series 2025A (NR/ AA-) | Riverside Public Financing Authority Lease RB Series 2025A (NR/ AA-) | Riverside Public Financing Authority Lease RB Series 2025A (NR/ AA-) | Riverside Public Financing Authority Lease RB Series 2025A (NR/ AA-) |
| 200000 | 5.000 | 11/01/2034 | 246347 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **8** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC CALIFORNIA MUNICIPAL INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| California – (continued) | California – (continued) | California – (continued) | California – (continued) |
| Riverside Unified School District Financing Authority California 2024 Special Tax Refunding RB (BAM) (NR/AA) | Riverside Unified School District Financing Authority California 2024 Special Tax Refunding RB (BAM) (NR/AA) | Riverside Unified School District Financing Authority California 2024 Special Tax Refunding RB (BAM) (NR/AA) | Riverside Unified School District Financing Authority California 2024 Special Tax Refunding RB (BAM) (NR/AA) |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | 5.000% | 09/01/2035 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121217 |
| Sacramento City Unified School District 2024 GO Bonds for Election of 2020 Measure H 2024 Series B (AGM) (A1/AA) | Sacramento City Unified School District 2024 GO Bonds for Election of 2020 Measure H 2024 Series B (AGM) (A1/AA) | Sacramento City Unified School District 2024 GO Bonds for Election of 2020 Measure H 2024 Series B (AGM) (A1/AA) | Sacramento City Unified School District 2024 GO Bonds for Election of 2020 Measure H 2024 Series B (AGM) (A1/AA) |
| 100000 | 4.000 | 08/01/2048 | 97108 |
| San Bernardino City Unified School District Certificates of Participation 2025 Financing (AG) (NR/AA) | San Bernardino City Unified School District Certificates of Participation 2025 Financing (AG) (NR/AA) | San Bernardino City Unified School District Certificates of Participation 2025 Financing (AG) (NR/AA) | San Bernardino City Unified School District Certificates of Participation 2025 Financing (AG) (NR/AA) |
| 200000 | 4.375 | 10/01/2043 | 209803 |
| San Diego County Regional Airport Authority Subordinate Airport RB Series 2021B (A1/NR) | San Diego County Regional Airport Authority Subordinate Airport RB Series 2021B (A1/NR) | San Diego County Regional Airport Authority Subordinate Airport RB Series 2021B (A1/NR) | San Diego County Regional Airport Authority Subordinate Airport RB Series 2021B (A1/NR) |
| 250000 | 5.000 | 07/01/2028 | 264488 |
| 150000 | 4.000 | 07/01/2046 | 141566 |
| 945000 | 4.000 | 07/01/2051 | 859298 |
| San Diego Unified School District 2010 GO Bonds (Aa2/AA-) | San Diego Unified School District 2010 GO Bonds (Aa2/AA-) | San Diego Unified School District 2010 GO Bonds (Aa2/AA-) | San Diego Unified School District 2010 GO Bonds (Aa2/AA-) |
| 900000 | 0.000 <sup>(c)</sup> | 07/01/2043 | 470343 |
| San Francisco Community College District City and County of San Francisco California Election of 2020 GO Bonds Series B (BAM) (A1/AA) | San Francisco Community College District City and County of San Francisco California Election of 2020 GO Bonds Series B (BAM) (A1/AA) | San Francisco Community College District City and County of San Francisco California Election of 2020 GO Bonds Series B (BAM) (A1/AA) | San Francisco Community College District City and County of San Francisco California Election of 2020 GO Bonds Series B (BAM) (A1/AA) |
| 100000 | 5.250 | 06/15/2049 | 108128 |
| San Jacinto Unified School District Financing Authority Special Tax RB Series 2019 (NR/NR) | San Jacinto Unified School District Financing Authority Special Tax RB Series 2019 (NR/NR) | San Jacinto Unified School District Financing Authority Special Tax RB Series 2019 (NR/NR) | San Jacinto Unified School District Financing Authority Special Tax RB Series 2019 (NR/NR) |
| 500000 | 5.000 | 09/01/2036 | 517890 |
| San Joaquin Hills Transportation Corridor Agency RB Refunding for Junior Lien Toll Road Series 2014B (NR/A-) | San Joaquin Hills Transportation Corridor Agency RB Refunding for Junior Lien Toll Road Series 2014B (NR/A-) | San Joaquin Hills Transportation Corridor Agency RB Refunding for Junior Lien Toll Road Series 2014B (NR/A-) | San Joaquin Hills Transportation Corridor Agency RB Refunding for Junior Lien Toll Road Series 2014B (NR/A-) |
| 100000 | 5.250 | 01/15/2049 | 100061 |
| San Leandro Public Financing Authority 2018 Lease RB (NR/AA-) | San Leandro Public Financing Authority 2018 Lease RB (NR/AA-) | San Leandro Public Financing Authority 2018 Lease RB (NR/AA-) | San Leandro Public Financing Authority 2018 Lease RB (NR/AA-) |
| 150000 | 5.000 | 11/01/2043 | 151376 |
| San Marcos Unified School District GO Bonds 2010 Election Series B (Aa3/AA-) | San Marcos Unified School District GO Bonds 2010 Election Series B (Aa3/AA-) | San Marcos Unified School District GO Bonds 2010 Election Series B (Aa3/AA-) | San Marcos Unified School District GO Bonds 2010 Election Series B (Aa3/AA-) |
| 2000000 | 0.000 <sup>(c)</sup> | 08/01/2039 | 1251499 |
| San Mateo Union High School District San Mateo County California 2026 General Obligation Refunding Bonds (Forward Delivery) (Aaa/NR) | San Mateo Union High School District San Mateo County California 2026 General Obligation Refunding Bonds (Forward Delivery) (Aaa/NR) | San Mateo Union High School District San Mateo County California 2026 General Obligation Refunding Bonds (Forward Delivery) (Aaa/NR) | San Mateo Union High School District San Mateo County California 2026 General Obligation Refunding Bonds (Forward Delivery) (Aaa/NR) |
| 1125000 | 5.000 <sup>(g)</sup> | 09/01/2032 | 1313229 |
| Santa Paula City of Harvest Community Facilities District Number 1 Improvement Area A Special Tax Bonds Series 2020 (NR/ NR) | Santa Paula City of Harvest Community Facilities District Number 1 Improvement Area A Special Tax Bonds Series 2020 (NR/ NR) | Santa Paula City of Harvest Community Facilities District Number 1 Improvement Area A Special Tax Bonds Series 2020 (NR/ NR) | Santa Paula City of Harvest Community Facilities District Number 1 Improvement Area A Special Tax Bonds Series 2020 (NR/ NR) |
| 600000 | 5.000 | 09/01/2035 | 632442 |
| Santa Rita Union Elementary School District School Facilities Improvement District No. 2022-1 Monterey County, California 2025 GO Bond Anticipation Notes (Aa3/NR) | Santa Rita Union Elementary School District School Facilities Improvement District No. 2022-1 Monterey County, California 2025 GO Bond Anticipation Notes (Aa3/NR) | Santa Rita Union Elementary School District School Facilities Improvement District No. 2022-1 Monterey County, California 2025 GO Bond Anticipation Notes (Aa3/NR) | Santa Rita Union Elementary School District School Facilities Improvement District No. 2022-1 Monterey County, California 2025 GO Bond Anticipation Notes (Aa3/NR) |
| 1500000 | 0.000 <sup>(c)</sup> | 08/01/2030 | 1331920 |
| School Facilities Improvement District No.3 of Tracy Unified School District San Joaquin County California GO Bonds 2014 Election, Series 2018 (Aa1/NR) | School Facilities Improvement District No.3 of Tracy Unified School District San Joaquin County California GO Bonds 2014 Election, Series 2018 (Aa1/NR) | School Facilities Improvement District No.3 of Tracy Unified School District San Joaquin County California GO Bonds 2014 Election, Series 2018 (Aa1/NR) | School Facilities Improvement District No.3 of Tracy Unified School District San Joaquin County California GO Bonds 2014 Election, Series 2018 (Aa1/NR) |
| 115000 | 3.250 | 08/01/2032 | 115357 |
| Sierra View Local Health Care District RB Refunding for Tulare County Series 2020 (NR/NR) | Sierra View Local Health Care District RB Refunding for Tulare County Series 2020 (NR/NR) | Sierra View Local Health Care District RB Refunding for Tulare County Series 2020 (NR/NR) | Sierra View Local Health Care District RB Refunding for Tulare County Series 2020 (NR/NR) |
| 320000 | 4.000 | 07/01/2026 | 321266 |
| Solano California Community College District Election 2012 Go Bonds E (AG-CR) (NR/AA) | Solano California Community College District Election 2012 Go Bonds E (AG-CR) (NR/AA) | Solano California Community College District Election 2012 Go Bonds E (AG-CR) (NR/AA) | Solano California Community College District Election 2012 Go Bonds E (AG-CR) (NR/AA) |
| 375000 | 3.500 | 08/01/2046 | 337281 |
| Southern California Logistics Airport Authority Junior Lien Tax Allocation Refunding Bonds Series 2025A (AG) (NR/AA) | Southern California Logistics Airport Authority Junior Lien Tax Allocation Refunding Bonds Series 2025A (AG) (NR/AA) | Southern California Logistics Airport Authority Junior Lien Tax Allocation Refunding Bonds Series 2025A (AG) (NR/AA) | Southern California Logistics Airport Authority Junior Lien Tax Allocation Refunding Bonds Series 2025A (AG) (NR/AA) |
| 1150000 | 5.000 | 12/01/2042 | 1322092 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| California – (continued) | California – (continued) | California – (continued) | California – (continued) |
| Southern California Public Power Authority A Public Entity Organized Under The Laws of The State of California Southern Transmission System Renewal Project RB 2025-2 (Aa2/NR) | Southern California Public Power Authority A Public Entity Organized Under The Laws of The State of California Southern Transmission System Renewal Project RB 2025-2 (Aa2/NR) | Southern California Public Power Authority A Public Entity Organized Under The Laws of The State of California Southern Transmission System Renewal Project RB 2025-2 (Aa2/NR) | Southern California Public Power Authority A Public Entity Organized Under The Laws of The State of California Southern Transmission System Renewal Project RB 2025-2 (Aa2/NR) |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640000 | 5.000 %<sup>(d)(f)</sup> | 07/01/2053 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680646 |
| State of California GO Bonds Various Purpose General Obligation Refunding Bonds (Aa2/AA-) | State of California GO Bonds Various Purpose General Obligation Refunding Bonds (Aa2/AA-) | State of California GO Bonds Various Purpose General Obligation Refunding Bonds (Aa2/AA-) | State of California GO Bonds Various Purpose General Obligation Refunding Bonds (Aa2/AA-) |
| 100000 | 5.000 | 03/01/2035 | 110435 |
| State of California Various Purpose GO Bonds (Aa2/AA-) | State of California Various Purpose GO Bonds (Aa2/AA-) | State of California Various Purpose GO Bonds (Aa2/AA-) | State of California Various Purpose GO Bonds (Aa2/AA-) |
| 1000000 | 7.500 | 04/01/2034 | 1181486 |
| 500000 | 5.250 | 10/01/2039 | 500891 |
| State Public Works Board of The State of California Lease RB for Various Capital Projects Series 2023 D (Aa3/A+) | State Public Works Board of The State of California Lease RB for Various Capital Projects Series 2023 D (Aa3/A+) | State Public Works Board of The State of California Lease RB for Various Capital Projects Series 2023 D (Aa3/A+) | State Public Works Board of The State of California Lease RB for Various Capital Projects Series 2023 D (Aa3/A+) |
| 100000 | 5.500 | 11/01/2028 | 109265 |
| Successor Agency to The Redevelopment Agency ofThe City and County of San Francisco 2016 Series A Tax Allocation Refunding Bonds (Mission Bay North Redevelopment Project) (NR/A) | Successor Agency to The Redevelopment Agency ofThe City and County of San Francisco 2016 Series A Tax Allocation Refunding Bonds (Mission Bay North Redevelopment Project) (NR/A) | Successor Agency to The Redevelopment Agency ofThe City and County of San Francisco 2016 Series A Tax Allocation Refunding Bonds (Mission Bay North Redevelopment Project) (NR/A) | Successor Agency to The Redevelopment Agency ofThe City and County of San Francisco 2016 Series A Tax Allocation Refunding Bonds (Mission Bay North Redevelopment Project) (NR/A) |
| 790000 | 5.000 | 08/01/2035 | 797818 |
| Sunol Glen Unified School District Alameda County California 2026 General Obligation Bond Anticipation Notes (NR/AA) | Sunol Glen Unified School District Alameda County California 2026 General Obligation Bond Anticipation Notes (NR/AA) | Sunol Glen Unified School District Alameda County California 2026 General Obligation Bond Anticipation Notes (NR/AA) | Sunol Glen Unified School District Alameda County California 2026 General Obligation Bond Anticipation Notes (NR/AA) |
| 1600000 | 0.000 <sup>(c)</sup> | 02/01/2031 | 1408567 |
| Tahoe Forest Hospital District Placer and Nevada Counties 2019 GO Refunding Bonds (Aa3/NR) | Tahoe Forest Hospital District Placer and Nevada Counties 2019 GO Refunding Bonds (Aa3/NR) | Tahoe Forest Hospital District Placer and Nevada Counties 2019 GO Refunding Bonds (Aa3/NR) | Tahoe Forest Hospital District Placer and Nevada Counties 2019 GO Refunding Bonds (Aa3/NR) |
| 285000 | 3.000 | 08/01/2042 | 249572 |
| Tahoe Forest Hospital District Placer and Nevada Counties California 2015 GO Refunding Bonds (Aa3/NR) | Tahoe Forest Hospital District Placer and Nevada Counties California 2015 GO Refunding Bonds (Aa3/NR) | Tahoe Forest Hospital District Placer and Nevada Counties California 2015 GO Refunding Bonds (Aa3/NR) | Tahoe Forest Hospital District Placer and Nevada Counties California 2015 GO Refunding Bonds (Aa3/NR) |
| 315000 | 3.500 | 08/01/2038 | 313598 |
| Tejon Ranch Public Facilities Financing Authority Special Tax for Community Facilities District No. 2008-1 Industrial Complex Public Improvements series 2024-A (NR/NR) | Tejon Ranch Public Facilities Financing Authority Special Tax for Community Facilities District No. 2008-1 Industrial Complex Public Improvements series 2024-A (NR/NR) | Tejon Ranch Public Facilities Financing Authority Special Tax for Community Facilities District No. 2008-1 Industrial Complex Public Improvements series 2024-A (NR/NR) | Tejon Ranch Public Facilities Financing Authority Special Tax for Community Facilities District No. 2008-1 Industrial Complex Public Improvements series 2024-A (NR/NR) |
| 100000 | 5.000 | 09/01/2042 | 106402 |
| The Regents of The University of California Medical Center Pooled RB Series 2016-L (Tax-Exempt) (Aa3/AA-) | The Regents of The University of California Medical Center Pooled RB Series 2016-L (Tax-Exempt) (Aa3/AA-) | The Regents of The University of California Medical Center Pooled RB Series 2016-L (Tax-Exempt) (Aa3/AA-) | The Regents of The University of California Medical Center Pooled RB Series 2016-L (Tax-Exempt) (Aa3/AA-) |
| 125000 | 5.000 | 05/15/2032 | 125740 |
| The Regents of The University of California General RB 2024 Series BS (Aa2/AA) | The Regents of The University of California General RB 2024 Series BS (Aa2/AA) | The Regents of The University of California General RB 2024 Series BS (Aa2/AA) | The Regents of The University of California General RB 2024 Series BS (Aa2/AA) |
| 1000000 | 5.000 | 05/15/2037 | 1173034 |
| The Regents of The University of California General RB 2025 Series CA (Aa2/AA) | The Regents of The University of California General RB 2025 Series CA (Aa2/AA) | The Regents of The University of California General RB 2025 Series CA (Aa2/AA) | The Regents of The University of California General RB 2025 Series CA (Aa2/AA) |
| 925000 | 5.000 | 05/15/2038 | 1091012 |
| The Regents of The University of California Medical Center Pooled RB 2020 Series O-1 (Aa3/AA-/A-1+) | The Regents of The University of California Medical Center Pooled RB 2020 Series O-1 (Aa3/AA-/A-1+) | The Regents of The University of California Medical Center Pooled RB 2020 Series O-1 (Aa3/AA-/A-1+) | The Regents of The University of California Medical Center Pooled RB 2020 Series O-1 (Aa3/AA-/A-1+) |
| 1490000 | 0.400 <sup>(d)(f)</sup> | 05/15/2045 | 1490000 |
| Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 A-1 (NR/A) | Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 A-1 (NR/A) | Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 A-1 (NR/A) | Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 A-1 (NR/A) |
| 885000 | 5.000 | 06/01/2026 | 889925 |
| Tobacco Securitization Authority of Southern California Tobacco Settlement Asset-Backed Refunding Bonds Series 2019 (NR/A-) | Tobacco Securitization Authority of Southern California Tobacco Settlement Asset-Backed Refunding Bonds Series 2019 (NR/A-) | Tobacco Securitization Authority of Southern California Tobacco Settlement Asset-Backed Refunding Bonds Series 2019 (NR/A-) | Tobacco Securitization Authority of Southern California Tobacco Settlement Asset-Backed Refunding Bonds Series 2019 (NR/A-) |
| 500000 | 5.000 | 06/01/2035 | 536781 |
| Transbay Joint Powers Authority Tax Allocation for Transbay Redevelopment Project Series 2020 A (NR/NR) | Transbay Joint Powers Authority Tax Allocation for Transbay Redevelopment Project Series 2020 A (NR/NR) | Transbay Joint Powers Authority Tax Allocation for Transbay Redevelopment Project Series 2020 A (NR/NR) | Transbay Joint Powers Authority Tax Allocation for Transbay Redevelopment Project Series 2020 A (NR/NR) |
| 1210000 | 5.000 | 10/01/2037 | 1260142 |
| Transmission Agency of Northern California California-Oregon Transmission Project Revenue Refunding Bonds 2016 Series A (Aa3/A+) | Transmission Agency of Northern California California-Oregon Transmission Project Revenue Refunding Bonds 2016 Series A (Aa3/A+) | Transmission Agency of Northern California California-Oregon Transmission Project Revenue Refunding Bonds 2016 Series A (Aa3/A+) | Transmission Agency of Northern California California-Oregon Transmission Project Revenue Refunding Bonds 2016 Series A (Aa3/A+) |
| 1000000 | 5.000 | 05/01/2032 | 1004639 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>9</sub>

------

GOLDMAN SACHS DYNAMIC CALIFORNIA MUNICIPAL INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| California – (continued) | California – (continued) | California – (continued) | California – (continued) |
| Trustees of The California State University Systemwide RB Series 2016A (Aa2/AA-) | Trustees of The California State University Systemwide RB Series 2016A (Aa2/AA-) | Trustees of The California State University Systemwide RB Series 2016A (Aa2/AA-) | Trustees of The California State University Systemwide RB Series 2016A (Aa2/AA-) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | 3.125% | 11/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125006 |
| 1000000 | 5.000 | 11/01/2041 | 1003276 |
| Trustees of The California State University Systemwide RB Series 2017A (Aa2/AA-) | Trustees of The California State University Systemwide RB Series 2017A (Aa2/AA-) | Trustees of The California State University Systemwide RB Series 2017A (Aa2/AA-) | Trustees of The California State University Systemwide RB Series 2017A (Aa2/AA-) |
| 600000 | 5.000 | 11/01/2047 | 608667 |
| Tulare County Transportation Authority Sales Tax RB Limited Tax Bonds Series 2020 (NR/AA) | Tulare County Transportation Authority Sales Tax RB Limited Tax Bonds Series 2020 (NR/AA) | Tulare County Transportation Authority Sales Tax RB Limited Tax Bonds Series 2020 (NR/AA) | Tulare County Transportation Authority Sales Tax RB Limited Tax Bonds Series 2020 (NR/AA) |
| 105000 | 4.000 | 02/01/2034 | 112096 |
| Tulare Joint Union High School District 2025 Certificates of Participation Evidencing the Direct, Undivided Fractional Interests of the Owners Thereof in Lease Payments to be made by the Tulare Joint Union High School District to the Local Facilities Fina (AG) (NR/AA) | Tulare Joint Union High School District 2025 Certificates of Participation Evidencing the Direct, Undivided Fractional Interests of the Owners Thereof in Lease Payments to be made by the Tulare Joint Union High School District to the Local Facilities Fina (AG) (NR/AA) | Tulare Joint Union High School District 2025 Certificates of Participation Evidencing the Direct, Undivided Fractional Interests of the Owners Thereof in Lease Payments to be made by the Tulare Joint Union High School District to the Local Facilities Fina (AG) (NR/AA) | Tulare Joint Union High School District 2025 Certificates of Participation Evidencing the Direct, Undivided Fractional Interests of the Owners Thereof in Lease Payments to be made by the Tulare Joint Union High School District to the Local Facilities Fina (AG) (NR/AA) |
| 200000 | 5.000 | 06/01/2035 | 216067 |
| Turlock Irrigation District First Priority Subordinated Revenue Refunding Bonds, Series 2016 (NR/AA-) | Turlock Irrigation District First Priority Subordinated Revenue Refunding Bonds, Series 2016 (NR/AA-) | Turlock Irrigation District First Priority Subordinated Revenue Refunding Bonds, Series 2016 (NR/AA-) | Turlock Irrigation District First Priority Subordinated Revenue Refunding Bonds, Series 2016 (NR/AA-) |
| 350000 | 5.000 | 01/01/2046 | 353465 |
| Union Elementary School District Santa Clara County Election of 2014 GO Bonds Series A (Aa1/AA+) | Union Elementary School District Santa Clara County Election of 2014 GO Bonds Series A (Aa1/AA+) | Union Elementary School District Santa Clara County Election of 2014 GO Bonds Series A (Aa1/AA+) | Union Elementary School District Santa Clara County Election of 2014 GO Bonds Series A (Aa1/AA+) |
| 195000 | 3.125 | 09/01/2039 | 191813 |
| Washington Township Healthcare District Revenue Refunding Bonds 2020 Series A (Baa3/NR) | Washington Township Healthcare District Revenue Refunding Bonds 2020 Series A (Baa3/NR) | Washington Township Healthcare District Revenue Refunding Bonds 2020 Series A (Baa3/NR) | Washington Township Healthcare District Revenue Refunding Bonds 2020 Series A (Baa3/NR) |
| 250000 | 5.000 | 07/01/2026 | 251638 |
| West Hollywood Public Financing Authority 2020 Lease RB Series A (NR/AA+) | West Hollywood Public Financing Authority 2020 Lease RB Series A (NR/AA+) | West Hollywood Public Financing Authority 2020 Lease RB Series A (NR/AA+) | West Hollywood Public Financing Authority 2020 Lease RB Series A (NR/AA+) |
| 315000 | 3.000 | 04/01/2039 | 310356 |
| Western Riverside Water and Wastewater Financing Authority Local Agency Revenue Refunding Bonds 2025 Series A (AG) (NR/AA) | Western Riverside Water and Wastewater Financing Authority Local Agency Revenue Refunding Bonds 2025 Series A (AG) (NR/AA) | Western Riverside Water and Wastewater Financing Authority Local Agency Revenue Refunding Bonds 2025 Series A (AG) (NR/AA) | Western Riverside Water and Wastewater Financing Authority Local Agency Revenue Refunding Bonds 2025 Series A (AG) (NR/AA) |
| 200000 | 5.000 | 09/01/2036 | 243654 |
|  |  |  | 136369498 |
| Guam - 4.9% | Guam - 4.9% | Guam - 4.9% | Guam - 4.9% |
| A.B. Won Pat International Airport Authority Guam General RB 2024 Series B (NON-AMT) (Baa2/NR) | A.B. Won Pat International Airport Authority Guam General RB 2024 Series B (NON-AMT) (Baa2/NR) | A.B. Won Pat International Airport Authority Guam General RB 2024 Series B (NON-AMT) (Baa2/NR) | A.B. Won Pat International Airport Authority Guam General RB 2024 Series B (NON-AMT) (Baa2/NR) |
| 100000 | 5.000 | 10/01/2030 | 108401 |
| 100000 | 5.000 | 10/01/2033 | 111950 |
| 150000 | 5.000 | 10/01/2035 | 169285 |
| A.B. Won Pat International Airport Authority, Guam General RB 2024 Series B (NON-AMT) (Baa2/NR) | A.B. Won Pat International Airport Authority, Guam General RB 2024 Series B (NON-AMT) (Baa2/NR) | A.B. Won Pat International Airport Authority, Guam General RB 2024 Series B (NON-AMT) (Baa2/NR) | A.B. Won Pat International Airport Authority, Guam General RB 2024 Series B (NON-AMT) (Baa2/NR) |
| 100000 | 5.000 | 10/01/2037 | 111056 |
| 125000 | 5.000 | 10/01/2039 | 136954 |
| Government of Guam Business Privilege Tax Refunding Bonds, Series 2025G (Baa3/NR) | Government of Guam Business Privilege Tax Refunding Bonds, Series 2025G (Baa3/NR) | Government of Guam Business Privilege Tax Refunding Bonds, Series 2025G (Baa3/NR) | Government of Guam Business Privilege Tax Refunding Bonds, Series 2025G (Baa3/NR) |
| 1000000 | 5.000 | 01/01/2028 | 1038264 |
| Government of Guam Hotel Occupancy Tax Revenue Refunding Bonds Series 2021A (Baa3/NR) | Government of Guam Hotel Occupancy Tax Revenue Refunding Bonds Series 2021A (Baa3/NR) | Government of Guam Hotel Occupancy Tax Revenue Refunding Bonds Series 2021A (Baa3/NR) | Government of Guam Hotel Occupancy Tax Revenue Refunding Bonds Series 2021A (Baa3/NR) |
| 500000 | 5.000 | 11/01/2028 | 527916 |
| Government of Guam Limited Obligation Section 30 Bonds Series 2016A (NR/BB+) | Government of Guam Limited Obligation Section 30 Bonds Series 2016A (NR/BB+) | Government of Guam Limited Obligation Section 30 Bonds Series 2016A (NR/BB+) | Government of Guam Limited Obligation Section 30 Bonds Series 2016A (NR/BB+) |
| 100000 | 5.000 | 12/01/2035 | 101121 |
| Guam Government RB Refunding Series 2021 F (Baa3/NR) | Guam Government RB Refunding Series 2021 F (Baa3/NR) | Guam Government RB Refunding Series 2021 F (Baa3/NR) | Guam Government RB Refunding Series 2021 F (Baa3/NR) |
| 100000 | 4.000 | 01/01/2042 | 99580 |
| Guam Power Authority / Revenue Refunding Bonds, 2022 Series A (Tax-Exempt Forward Delivery) (Baa2/BBB) | Guam Power Authority / Revenue Refunding Bonds, 2022 Series A (Tax-Exempt Forward Delivery) (Baa2/BBB) | Guam Power Authority / Revenue Refunding Bonds, 2022 Series A (Tax-Exempt Forward Delivery) (Baa2/BBB) | Guam Power Authority / Revenue Refunding Bonds, 2022 Series A (Tax-Exempt Forward Delivery) (Baa2/BBB) |
| 100000 | 5.000 | 10/01/2034 | 110645 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Guam – (continued) | Guam – (continued) | Guam – (continued) | Guam – (continued) |
| Guam Power Authority Revenue Refunding Bonds 2022 Series A (Baa2/BBB) | Guam Power Authority Revenue Refunding Bonds 2022 Series A (Baa2/BBB) | Guam Power Authority Revenue Refunding Bonds 2022 Series A (Baa2/BBB) | Guam Power Authority Revenue Refunding Bonds 2022 Series A (Baa2/BBB) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | 5.000% | 10/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219936 |
| Guam Power Authority Revenue Refunding Bonds, 2022 Series A (Baa2/BBB) | Guam Power Authority Revenue Refunding Bonds, 2022 Series A (Baa2/BBB) | Guam Power Authority Revenue Refunding Bonds, 2022 Series A (Baa2/BBB) | Guam Power Authority Revenue Refunding Bonds, 2022 Series A (Baa2/BBB) |
| 1000000 | 5.000 | 10/01/2032 | 1113182 |
| Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2024B (Baa2/A-) | Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2024B (Baa2/A-) | Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2024B (Baa2/A-) | Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2024B (Baa2/A-) |
| 110000 | 5.000 | 07/01/2029 | 118009 |
| Guam Waterworks Authority Water and Wastewater System RB Series 2025A (Baa2/A-) | Guam Waterworks Authority Water and Wastewater System RB Series 2025A (Baa2/A-) | Guam Waterworks Authority Water and Wastewater System RB Series 2025A (Baa2/A-) | Guam Waterworks Authority Water and Wastewater System RB Series 2025A (Baa2/A-) |
| 1570000 | 5.000 | 07/01/2034 | 1802603 |
| 500000 | 5.250 | 07/01/2050 | 519491 |
| Port Authority of Guam Port RB, 2018 Series B (AMT) (Baa2/A) | Port Authority of Guam Port RB, 2018 Series B (AMT) (Baa2/A) | Port Authority of Guam Port RB, 2018 Series B (AMT) (Baa2/A) | Port Authority of Guam Port RB, 2018 Series B (AMT) (Baa2/A) |
| 255000 | 5.000 | 07/01/2037 | 262112 |
| Territory of Guam Hotel Occupancy Tax RB Refunding Series 2021 A (Baa3/NR) | Territory of Guam Hotel Occupancy Tax RB Refunding Series 2021 A (Baa3/NR) | Territory of Guam Hotel Occupancy Tax RB Refunding Series 2021 A (Baa3/NR) | Territory of Guam Hotel Occupancy Tax RB Refunding Series 2021 A (Baa3/NR) |
| 300000 | 5.000 | 11/01/2027 | 310583 |
| 450000 | 5.000 | 11/01/2029 | 483870 |
| 375000 | 5.000 | 11/01/2030 | 409822 |
|  |  |  | 7754780 |
| Puerto Rico - 5.4% | Puerto Rico - 5.4% | Puerto Rico - 5.4% | Puerto Rico - 5.4% |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding for Senior Lien Series 2020 A (NR/NR) | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding for Senior Lien Series 2020 A (NR/NR) | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding for Senior Lien Series 2020 A (NR/NR) | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding for Senior Lien Series 2020 A (NR/NR) |
| 1000000 | 5.000 <sup>(a)</sup> | 07/01/2047 | 1002242 |
| Puerto Rico Commonwealth GO Restructured Bonds Series 2022 A-1 (NR/NR) | Puerto Rico Commonwealth GO Restructured Bonds Series 2022 A-1 (NR/NR) | Puerto Rico Commonwealth GO Restructured Bonds Series 2022 A-1 (NR/NR) | Puerto Rico Commonwealth GO Restructured Bonds Series 2022 A-1 (NR/NR) |
| 111000 | 0.000 <sup>(c)</sup> | 07/01/2033 | 82189 |
| 50000 | 4.000 | 07/01/2033 | 51209 |
| 1430000 | 4.000 | 07/01/2037 | 1432955 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Restructured Bonds Series A-2 (NR/NR) | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Restructured Bonds Series A-2 (NR/NR) | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Restructured Bonds Series A-2 (NR/NR) | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Restructured Bonds Series A-2 (NR/NR) |
| 197000 | 4.329 | 07/01/2040 | 197408 |
| Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR) |
| 513000 | 0.000 <sup>(c)</sup> | 07/01/2027 | 492637 |
| 1623000 | 0.000 <sup>(c)</sup> | 07/01/2029 | 1463595 |
| 146000 | 0.000 <sup>(c)</sup> | 07/01/2031 | 122903 |
| 672000 | 0.000 <sup>(c)</sup> | 07/01/2033 | 522554 |
| 377000 | 0.000 <sup>(c)</sup> | 07/01/2046 | 135611 |
| 2075000 | 0.000 <sup>(c)</sup> | 07/01/2051 | 545948 |
| Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR) |
| 1141000 | 4.329 | 07/01/2040 | 1143360 |
| Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR) |
| 295000 | 5.000 | 07/01/2058 | 289551 |
| Puerto Rico Sales Tax Financing Corporation Sales Tax Revenue Restructured Bonds Series A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Revenue Restructured Bonds Series A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Revenue Restructured Bonds Series A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Revenue Restructured Bonds Series A-1 (NR/NR) |
| 1000000 | 4.550 | 07/01/2040 | 1006701 |
|  |  |  | 8488863 |
| Virgin Islands - 1.4% | Virgin Islands - 1.4% | Virgin Islands - 1.4% | Virgin Islands - 1.4% |
| Matching Fund Special Purpose Securitization Corp. Matching Fund Securitization Bonds Series 2022A (NR/NR) | Matching Fund Special Purpose Securitization Corp. Matching Fund Securitization Bonds Series 2022A (NR/NR) | Matching Fund Special Purpose Securitization Corp. Matching Fund Securitization Bonds Series 2022A (NR/NR) | Matching Fund Special Purpose Securitization Corp. Matching Fund Securitization Bonds Series 2022A (NR/NR) |
| 1500000 | 5.000 | 10/01/2039 | 1590506 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **10** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC CALIFORNIA MUNICIPAL INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Virgin Islands – (continued) | Virgin Islands – (continued) | Virgin Islands – (continued) | Virgin Islands – (continued) | Virgin Islands – (continued) |
|  Matching Fund Special Purpose Securitization Corporation Matching Fund Securitization Bonds Series 2022A (NR/NR) | Matching Fund Special Purpose Securitization Corporation Matching Fund Securitization Bonds Series 2022A (NR/NR) | Matching Fund Special Purpose Securitization Corporation Matching Fund Securitization Bonds Series 2022A (NR/NR) | Matching Fund Special Purpose Securitization Corporation Matching Fund Securitization Bonds Series 2022A (NR/NR) | Matching Fund Special Purpose Securitization Corporation Matching Fund Securitization Bonds Series 2022A (NR/NR) |
| $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | 5.000% | 10/01/2028 | $103831 |
|  Virgin Islands Transportation & Infrastructure Corporation Grant Anticipation RB Federal Highway Grant Anticipation Revenue Loan Note Series 2025 (NR/A) | Virgin Islands Transportation & Infrastructure Corporation Grant Anticipation RB Federal Highway Grant Anticipation Revenue Loan Note Series 2025 (NR/A) | Virgin Islands Transportation & Infrastructure Corporation Grant Anticipation RB Federal Highway Grant Anticipation Revenue Loan Note Series 2025 (NR/A) | Virgin Islands Transportation & Infrastructure Corporation Grant Anticipation RB Federal Highway Grant Anticipation Revenue Loan Note Series 2025 (NR/A) | Virgin Islands Transportation & Infrastructure Corporation Grant Anticipation RB Federal Highway Grant Anticipation Revenue Loan Note Series 2025 (NR/A) |
|  | 250000 | 5.000 | 09/01/2030 | 272318 |
|  Virgin Islands Transportation & Infrastructure Corporation Grant Anticipation RB Federal Highway Grant Anticipation Revenue Loan Note, Series 2025 (NR/A) | Virgin Islands Transportation & Infrastructure Corporation Grant Anticipation RB Federal Highway Grant Anticipation Revenue Loan Note, Series 2025 (NR/A) | Virgin Islands Transportation & Infrastructure Corporation Grant Anticipation RB Federal Highway Grant Anticipation Revenue Loan Note, Series 2025 (NR/A) | Virgin Islands Transportation & Infrastructure Corporation Grant Anticipation RB Federal Highway Grant Anticipation Revenue Loan Note, Series 2025 (NR/A) | Virgin Islands Transportation & Infrastructure Corporation Grant Anticipation RB Federal Highway Grant Anticipation Revenue Loan Note, Series 2025 (NR/A) |
|  | 150000 | 5.000 | 09/01/2044 | 162874 |
|  |  |  |  | 2129529 |
| TOTAL MUNICIPAL BONDS<br>(Cost $150,522,986) | TOTAL MUNICIPAL BONDS<br>(Cost $150,522,986) | TOTAL MUNICIPAL BONDS<br>(Cost $150,522,986) | TOTAL MUNICIPAL BONDS<br>(Cost $150,522,986) | 155758587 |
| **Shares** | **Shares** | **Dividend<br>Rate** |  | **Value** |
| Investment Company - 0.7%<sup>(i)</sup> | Investment Company - 0.7%<sup>(i)</sup> | Investment Company - 0.7%<sup>(i)</sup> | Investment Company - 0.7%<sup>(i)</sup> | Investment Company - 0.7%<sup>(i)</sup> |
|  Goldman Sachs Financial Square Treasury Instruments Fund - Institutional Shares | Goldman Sachs Financial Square Treasury Instruments Fund - Institutional Shares | Goldman Sachs Financial Square Treasury Instruments Fund - Institutional Shares | Goldman Sachs Financial Square Treasury Instruments Fund - Institutional Shares | Goldman Sachs Financial Square Treasury Instruments Fund - Institutional Shares |
|  | 1075997 | 3.548% |  | 1075997 |
| (Cost $1,075,997) | (Cost $1,075,997) | (Cost $1,075,997) | (Cost $1,075,997) | (Cost $1,075,997) |
| TOTAL INVESTMENTS - 99.6%<br>(Cost $151,598,983) | TOTAL INVESTMENTS - 99.6%<br>(Cost $151,598,983) | TOTAL INVESTMENTS - 99.6%<br>(Cost $151,598,983) | TOTAL INVESTMENTS - 99.6%<br>(Cost $151,598,983) | $156834584 |
|  **OTHER ASSETS IN EXCESS<br> OF LIABILITIES - 0.4%** | **OTHER ASSETS IN EXCESS<br> OF LIABILITIES - 0.4%** | **OTHER ASSETS IN EXCESS<br> OF LIABILITIES - 0.4%** | **OTHER ASSETS IN EXCESS<br> OF LIABILITIES - 0.4%** | 685172 |
| NET ASSETS - 100.0% | NET ASSETS - 100.0% | NET ASSETS - 100.0% | NET ASSETS - 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157519756 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Exempt from registration under Rule 144A of the Securities Act of 1933.

(b) Zero coupon bond until next reset date.

(c) Issued with a zero coupon. Income is recognized through the accretion of discount.

(d) Security with "Put" features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on February 28, 2026.

(e) Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on February 28, 2026.

(f) Variable Rate Demand Instruments – rate shown is that which is in effect on February 28, 2026. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.

(g) When-issued security.

(h) Pre-refunded security. Maturity date disclosed is pre-refunding date.

(i) Represents an affiliated issuer.

Security ratings disclosed, if any, are issued by either S&P Global Ratings, Moody's Investor Service or Fitch Ratings and are unaudited. A brief description of the ratings is available in the Fund's Statement of Additional Information.

---

| | |
|:---|:---|
|  **Investment Abbreviations:** | **Investment Abbreviations:** |
| AGC | - Insured by Assured Guaranty Corp. |
| AGM | - Insured by Assured Guaranty Municipal Corp. |
| AMT | - Alternative Minimum Tax (subject to) |
| BAM | - Build America Mutual Assurance Co. |
| FGIC | - Insured by Financial Guaranty Insurance Co. |
| FNMA | - Insured by Federal National Mortgage Association |
| GO | - General Obligation |
| HUD SECT 8 | - Hud Section 8 |
| LP | - Limited Partnership |
| NATL | - National Public Finance Guarantee Corp. |
| RB | - Revenue Bond |
| RR | - Revenue Refunding |
| SIFMA | - Securities Industry and Financial Markets Association |
| SOFR | - Secured Overnight Financing Rate |
| ST |  |
| INTERCEPT | State Aid Intercept |
| TCRS | - Transferable Custody Receipts |
| USD | - United States Dollar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>11</sub>

------

GOLDMAN SACHS DYNAMIC CALIFORNIA MUNICIPAL INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION

**FUTURES CONTRACTS** — At February 28, 2026, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Number of<br>Contracts | Expiration<br>Date | Notional<br>Amount | Unrealized<br>Appreciation/<br> (Depreciation) |
|  **Short position contracts:** |  |  |  |  |
|  U.S. Treasury Ultra Bond | (9) | 06/18/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1093781) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9225) |

---

&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 DYNAMIC NEW YORK MUNICIPAL INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds - 97.9% | Municipal Bonds - 97.9% | Municipal Bonds - 97.9% | Municipal Bonds - 97.9% |
| Alabama - 0.4% | Alabama - 0.4% | Alabama - 0.4% | Alabama - 0.4% |
| Southeast Alabama Gas Supply District Gas Supply RB Refunding Series 2024B (A1/NR) | Southeast Alabama Gas Supply District Gas Supply RB Refunding Series 2024B (A1/NR) | Southeast Alabama Gas Supply District Gas Supply RB Refunding Series 2024B (A1/NR) | Southeast Alabama Gas Supply District Gas Supply RB Refunding Series 2024B (A1/NR) |
| $125000 | 5.000 %<sup>(a)(b)</sup> | 06/01/2049 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136648 |
| American Samoa - 0.4% | American Samoa - 0.4% | American Samoa - 0.4% | American Samoa - 0.4% |
| American Samoa Economic Development Authority General RB Series 2025B (Ba3/NR) | American Samoa Economic Development Authority General RB Series 2025B (Ba3/NR) | American Samoa Economic Development Authority General RB Series 2025B (Ba3/NR) | American Samoa Economic Development Authority General RB Series 2025B (Ba3/NR) |
| 125000 | 5.250 <sup>(c)</sup> | 09/01/2045 | 126990 |
| Guam - 4.2% | Guam - 4.2% | Guam - 4.2% | Guam - 4.2% |
| A.B. Won Pat International Airport Authority Guam General RB 2024 Series B (NON-AMT) (Baa2/NR) | A.B. Won Pat International Airport Authority Guam General RB 2024 Series B (NON-AMT) (Baa2/NR) | A.B. Won Pat International Airport Authority Guam General RB 2024 Series B (NON-AMT) (Baa2/NR) | A.B. Won Pat International Airport Authority Guam General RB 2024 Series B (NON-AMT) (Baa2/NR) |
| 100000 | 5.000 | 10/01/2032 | 110690 |
| Government of Guam Business Privilege Tax Refunding Bonds, Series 2025G (Baa3/NR) | Government of Guam Business Privilege Tax Refunding Bonds, Series 2025G (Baa3/NR) | Government of Guam Business Privilege Tax Refunding Bonds, Series 2025G (Baa3/NR) | Government of Guam Business Privilege Tax Refunding Bonds, Series 2025G (Baa3/NR) |
| 125000 | 5.000 | 01/01/2028 | 129783 |
| Government of Guam Hotel Occupancy Tax Revenue Refunding Bonds Series 2021A (Baa3/NR) | Government of Guam Hotel Occupancy Tax Revenue Refunding Bonds Series 2021A (Baa3/NR) | Government of Guam Hotel Occupancy Tax Revenue Refunding Bonds Series 2021A (Baa3/NR) | Government of Guam Hotel Occupancy Tax Revenue Refunding Bonds Series 2021A (Baa3/NR) |
| 100000 | 5.000 | 11/01/2035 | 107565 |
| Guam Government RB Refunding Series 2021 F (Baa3/NR) | Guam Government RB Refunding Series 2021 F (Baa3/NR) | Guam Government RB Refunding Series 2021 F (Baa3/NR) | Guam Government RB Refunding Series 2021 F (Baa3/NR) |
| 100000 | 4.000 | 01/01/2042 | 99580 |
| Guam Power Authority / Revenue Refunding Bonds, 2022 Series A (Tax-Exempt Forward Delivery) (Baa2/BBB) | Guam Power Authority / Revenue Refunding Bonds, 2022 Series A (Tax-Exempt Forward Delivery) (Baa2/BBB) | Guam Power Authority / Revenue Refunding Bonds, 2022 Series A (Tax-Exempt Forward Delivery) (Baa2/BBB) | Guam Power Authority / Revenue Refunding Bonds, 2022 Series A (Tax-Exempt Forward Delivery) (Baa2/BBB) |
| 100000 | 5.000 | 10/01/2034 | 110645 |
| Guam Power Authority Revenue Refunding Bonds 2022 Series A (Baa2/BBB) | Guam Power Authority Revenue Refunding Bonds 2022 Series A (Baa2/BBB) | Guam Power Authority Revenue Refunding Bonds 2022 Series A (Baa2/BBB) | Guam Power Authority Revenue Refunding Bonds 2022 Series A (Baa2/BBB) |
| 50000 | 5.000 | 10/01/2031 | 54984 |
| Guam Power Authority Revenue Refunding Bonds, 2022 Series A (Baa2/BBB) | Guam Power Authority Revenue Refunding Bonds, 2022 Series A (Baa2/BBB) | Guam Power Authority Revenue Refunding Bonds, 2022 Series A (Baa2/BBB) | Guam Power Authority Revenue Refunding Bonds, 2022 Series A (Baa2/BBB) |
| 100000 | 5.000 | 10/01/2032 | 111318 |
| Guam Waterworks Authority Water and Wastewater System RB Series 2025A (Baa2/A-) | Guam Waterworks Authority Water and Wastewater System RB Series 2025A (Baa2/A-) | Guam Waterworks Authority Water and Wastewater System RB Series 2025A (Baa2/A-) | Guam Waterworks Authority Water and Wastewater System RB Series 2025A (Baa2/A-) |
| 350000 | 5.000 | 07/01/2032 | 393662 |
| Port Authority of Guam Port RB 2018 Series B Private Activity (AMT) (Baa2/A) | Port Authority of Guam Port RB 2018 Series B Private Activity (AMT) (Baa2/A) | Port Authority of Guam Port RB 2018 Series B Private Activity (AMT) (Baa2/A) | Port Authority of Guam Port RB 2018 Series B Private Activity (AMT) (Baa2/A) |
| 100000 | 5.000 | 07/01/2032 | 103818 |
| Territory of Guam Hotel Occupancy Tax RB Refunding Series 2021 A (Baa3/NR) | Territory of Guam Hotel Occupancy Tax RB Refunding Series 2021 A (Baa3/NR) | Territory of Guam Hotel Occupancy Tax RB Refunding Series 2021 A (Baa3/NR) | Territory of Guam Hotel Occupancy Tax RB Refunding Series 2021 A (Baa3/NR) |
| 50000 | 5.000 | 11/01/2027 | 51764 |
| 50000 | 5.000 | 11/01/2029 | 53763 |
| 50000 | 5.000 | 11/01/2030 | 54643 |
|  |  |  | 1382215 |
| New York - 85.1% | New York - 85.1% | New York - 85.1% | New York - 85.1% |
| Allegany County Capital Resource Corp. RB for Alfred University Project Series 2024 (NR/BBB+) | Allegany County Capital Resource Corp. RB for Alfred University Project Series 2024 (NR/BBB+) | Allegany County Capital Resource Corp. RB for Alfred University Project Series 2024 (NR/BBB+) | Allegany County Capital Resource Corp. RB for Alfred University Project Series 2024 (NR/BBB+) |
| 200000 | 5.250 | 04/01/2039 | 218002 |
| Brooklyn Arena Local Development Corp. Pilot Revenue Refunding Bonds for Barclays Center Series 2016A (Ba1/NR) | Brooklyn Arena Local Development Corp. Pilot Revenue Refunding Bonds for Barclays Center Series 2016A (Ba1/NR) | Brooklyn Arena Local Development Corp. Pilot Revenue Refunding Bonds for Barclays Center Series 2016A (Ba1/NR) | Brooklyn Arena Local Development Corp. Pilot Revenue Refunding Bonds for Barclays Center Series 2016A (Ba1/NR) |
| 55000 | 5.000 | 07/15/2042 | 55308 |
| Brooklyn Arena Local Development Corp. RB for Brooklyn Events Center LLC Series 2009 (Ba1/NR) | Brooklyn Arena Local Development Corp. RB for Brooklyn Events Center LLC Series 2009 (Ba1/NR) | Brooklyn Arena Local Development Corp. RB for Brooklyn Events Center LLC Series 2009 (Ba1/NR) | Brooklyn Arena Local Development Corp. RB for Brooklyn Events Center LLC Series 2009 (Ba1/NR) |
| 75000 | 0.000 <sup>(d)</sup> | 07/15/2046 | 27823 |
| Buffalo and Erie County Industrial Land Development Corporation Canisius University Project Tax-Exempt RB Series 2025 (NR/ BBB) | Buffalo and Erie County Industrial Land Development Corporation Canisius University Project Tax-Exempt RB Series 2025 (NR/ BBB) | Buffalo and Erie County Industrial Land Development Corporation Canisius University Project Tax-Exempt RB Series 2025 (NR/ BBB) | Buffalo and Erie County Industrial Land Development Corporation Canisius University Project Tax-Exempt RB Series 2025 (NR/ BBB) |
| 150000 | 6.250 | 05/01/2045 | 161613 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| New York – (continued) | New York – (continued) | New York – (continued) | New York – (continued) |
| Build NYC Resource Corp. RB for Academic Leadership Charter School Series 2021 (NR/BBB-) | Build NYC Resource Corp. RB for Academic Leadership Charter School Series 2021 (NR/BBB-) | Build NYC Resource Corp. RB for Academic Leadership Charter School Series 2021 (NR/BBB-) | Build NYC Resource Corp. RB for Academic Leadership Charter School Series 2021 (NR/BBB-) |
| $100000 | 4.000% | 06/15/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101046 |
| 100000 | 4.000 | 06/15/2028 | 100634 |
| Build NYC Resource Corp. RB for Bay Ridge Preparatory School Project Series 2024 (NR/BB) | Build NYC Resource Corp. RB for Bay Ridge Preparatory School Project Series 2024 (NR/BB) | Build NYC Resource Corp. RB for Bay Ridge Preparatory School Project Series 2024 (NR/BB) | Build NYC Resource Corp. RB for Bay Ridge Preparatory School Project Series 2024 (NR/BB) |
| 100000 | 5.000 <sup>(c)</sup> | 09/01/2039 | 103706 |
| Build NYC Resource Corp. RB Urban Resource Institute Project, Series 2025A (NR/A+) | Build NYC Resource Corp. RB Urban Resource Institute Project, Series 2025A (NR/A+) | Build NYC Resource Corp. RB Urban Resource Institute Project, Series 2025A (NR/A+) | Build NYC Resource Corp. RB Urban Resource Institute Project, Series 2025A (NR/A+) |
| 200000 | 4.125 | 12/01/2035 | 211943 |
| Build NYC Resource Corp. Tax-Exempt RB Success Academy Charter Schools Project, Series 2024 (NR/A-) | Build NYC Resource Corp. Tax-Exempt RB Success Academy Charter Schools Project, Series 2024 (NR/A-) | Build NYC Resource Corp. Tax-Exempt RB Success Academy Charter Schools Project, Series 2024 (NR/A-) | Build NYC Resource Corp. Tax-Exempt RB Success Academy Charter Schools Project, Series 2024 (NR/A-) |
| 195000 | 5.000 | 09/01/2035 | 214075 |
| Build NYC Resource Corporation RB Riverspring Health Senior Living Inc. Project Series 2026B-4 (NR/NR) | Build NYC Resource Corporation RB Riverspring Health Senior Living Inc. Project Series 2026B-4 (NR/NR) | Build NYC Resource Corporation RB Riverspring Health Senior Living Inc. Project Series 2026B-4 (NR/NR) | Build NYC Resource Corporation RB Riverspring Health Senior Living Inc. Project Series 2026B-4 (NR/NR) |
| 150000 | 5.000 | 12/15/2031 | 150384 |
| Build NYC Resource Corporation RB, Manhattan College Project Series 2017 (NR/BBB) | Build NYC Resource Corporation RB, Manhattan College Project Series 2017 (NR/BBB) | Build NYC Resource Corporation RB, Manhattan College Project Series 2017 (NR/BBB) | Build NYC Resource Corporation RB, Manhattan College Project Series 2017 (NR/BBB) |
| 110000 | 4.000 | 08/01/2042 | 98003 |
| Build NYC Resource Corporation Tax-Exempt RB Series 2021A (NR/BB+) | Build NYC Resource Corporation Tax-Exempt RB Series 2021A (NR/BB+) | Build NYC Resource Corporation Tax-Exempt RB Series 2021A (NR/BB+) | Build NYC Resource Corporation Tax-Exempt RB Series 2021A (NR/BB+) |
| 200000 | 4.000 <sup>(c)</sup> | 11/01/2051 | 160165 |
| Build NYC Resource Corporation Tax-Exempt RB Success Academy Charter Schools Project Series 2024 (NR/A-) | Build NYC Resource Corporation Tax-Exempt RB Success Academy Charter Schools Project Series 2024 (NR/A-) | Build NYC Resource Corporation Tax-Exempt RB Success Academy Charter Schools Project Series 2024 (NR/A-) | Build NYC Resource Corporation Tax-Exempt RB Success Academy Charter Schools Project Series 2024 (NR/A-) |
| 100000 | 5.000 | 09/01/2032 | 111282 |
| City of Albany Capital Resource Corp. Tax-Exempt RB Kipp Capital Region Public Charter Schools Project Series 2024 (NR/BBB-) | City of Albany Capital Resource Corp. Tax-Exempt RB Kipp Capital Region Public Charter Schools Project Series 2024 (NR/BBB-) | City of Albany Capital Resource Corp. Tax-Exempt RB Kipp Capital Region Public Charter Schools Project Series 2024 (NR/BBB-) | City of Albany Capital Resource Corp. Tax-Exempt RB Kipp Capital Region Public Charter Schools Project Series 2024 (NR/BBB-) |
| 145000 | 4.000 | 06/01/2034 | 147776 |
| City of Albany Capital Resource Corporation Tax-Exempt RB Albany Medical Center Hospital Project Series 2025A (A2/A) | City of Albany Capital Resource Corporation Tax-Exempt RB Albany Medical Center Hospital Project Series 2025A (A2/A) | City of Albany Capital Resource Corporation Tax-Exempt RB Albany Medical Center Hospital Project Series 2025A (A2/A) | City of Albany Capital Resource Corporation Tax-Exempt RB Albany Medical Center Hospital Project Series 2025A (A2/A) |
| 190000 | 5.250 | 05/01/2044 | 211053 |
| City of Beacon New York Public Improvement Serial Bonds Series 2016A (NR/NR) | City of Beacon New York Public Improvement Serial Bonds Series 2016A (NR/NR) | City of Beacon New York Public Improvement Serial Bonds Series 2016A (NR/NR) | City of Beacon New York Public Improvement Serial Bonds Series 2016A (NR/NR) |
| 155000 | 3.000 | 05/15/2033 | 145724 |
| City of Syrac Use Industrial Development Agency School Facility RB Syracuse City School District Project Series 2018A (ST AID WITHHLDG) (Aa2/AA) | City of Syrac Use Industrial Development Agency School Facility RB Syracuse City School District Project Series 2018A (ST AID WITHHLDG) (Aa2/AA) | City of Syrac Use Industrial Development Agency School Facility RB Syracuse City School District Project Series 2018A (ST AID WITHHLDG) (Aa2/AA) | City of Syrac Use Industrial Development Agency School Facility RB Syracuse City School District Project Series 2018A (ST AID WITHHLDG) (Aa2/AA) |
| 110000 | 5.000 | 05/01/2030 | 110491 |
| City of Troy Capital Resource Corp. Revenue Refunding Bonds for Rensselaer Polytechnic Institute Project Series 2020A<br>(Forward Delivery) (A3/BBB+) | City of Troy Capital Resource Corp. Revenue Refunding Bonds for Rensselaer Polytechnic Institute Project Series 2020A<br>(Forward Delivery) (A3/BBB+) | City of Troy Capital Resource Corp. Revenue Refunding Bonds for Rensselaer Polytechnic Institute Project Series 2020A<br>(Forward Delivery) (A3/BBB+) | City of Troy Capital Resource Corp. Revenue Refunding Bonds for Rensselaer Polytechnic Institute Project Series 2020A<br>(Forward Delivery) (A3/BBB+) |
| 400000 | 5.000 | 09/01/2037 | 429642 |
| City of Yonkers New York GO Serial Bonds 2026A (AG) (A1/AA) | City of Yonkers New York GO Serial Bonds 2026A (AG) (A1/AA) | City of Yonkers New York GO Serial Bonds 2026A (AG) (A1/AA) | City of Yonkers New York GO Serial Bonds 2026A (AG) (A1/AA) |
| 400000 | 5.000 | 02/01/2041 | 449241 |
| City School District of The City of Port Jervis Orange County New York Bond Anticipation Notes 2025 (ST AID WITHHLDG) (NR/NR) | City School District of The City of Port Jervis Orange County New York Bond Anticipation Notes 2025 (ST AID WITHHLDG) (NR/NR) | City School District of The City of Port Jervis Orange County New York Bond Anticipation Notes 2025 (ST AID WITHHLDG) (NR/NR) | City School District of The City of Port Jervis Orange County New York Bond Anticipation Notes 2025 (ST AID WITHHLDG) (NR/NR) |
| 200000 | 4.000 | 06/26/2026 | 201072 |
| Clifton Fine Central School District New York Bond Anticipation Notes, 2025 (ST AID WITHHLDG) (NR/NR) | Clifton Fine Central School District New York Bond Anticipation Notes, 2025 (ST AID WITHHLDG) (NR/NR) | Clifton Fine Central School District New York Bond Anticipation Notes, 2025 (ST AID WITHHLDG) (NR/NR) | Clifton Fine Central School District New York Bond Anticipation Notes, 2025 (ST AID WITHHLDG) (NR/NR) |
| 300000 | 4.000 | 06/26/2026 | 301626 |
| Clinton County Capital Resource Corp. (NR/A+) | Clinton County Capital Resource Corp. (NR/A+) | Clinton County Capital Resource Corp. (NR/A+) | Clinton County Capital Resource Corp. (NR/A+) |
| 100000 | 5.000 <sup>(c)</sup> | 07/01/2037 | 113561 |
| County of Monroe Industrial Development Agency Multifamily Housing RB andrews Terrace Community Partners L.P. Project Series 2023B-1 (HUD SECT 8) (Aa1/NR) | County of Monroe Industrial Development Agency Multifamily Housing RB andrews Terrace Community Partners L.P. Project Series 2023B-1 (HUD SECT 8) (Aa1/NR) | County of Monroe Industrial Development Agency Multifamily Housing RB andrews Terrace Community Partners L.P. Project Series 2023B-1 (HUD SECT 8) (Aa1/NR) | County of Monroe Industrial Development Agency Multifamily Housing RB andrews Terrace Community Partners L.P. Project Series 2023B-1 (HUD SECT 8) (Aa1/NR) |
| 110000 | 5.000 <sup>(a)(b)</sup> | 07/01/2028 | 113441 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>13</sub>

------

GOLDMAN SACHS DYNAMIC NEW YORK MUNICIPAL INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| New York – (continued) | New York – (continued) | New York – (continued) | New York – (continued) |
| County of Monroe Industrial Development Agency School Facility RB for Rochester Schools Modernization Project Series 2018 (ST AID WITHHLDG) (Aa2/AA) | County of Monroe Industrial Development Agency School Facility RB for Rochester Schools Modernization Project Series 2018 (ST AID WITHHLDG) (Aa2/AA) | County of Monroe Industrial Development Agency School Facility RB for Rochester Schools Modernization Project Series 2018 (ST AID WITHHLDG) (Aa2/AA) | County of Monroe Industrial Development Agency School Facility RB for Rochester Schools Modernization Project Series 2018 (ST AID WITHHLDG) (Aa2/AA) |
| 100000 | 5.000% | 05/01/2028 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106437 |
| County of Saratoga New York General Obligations Public Improvement Serial Bonds 2018 (NR/AA+) | County of Saratoga New York General Obligations Public Improvement Serial Bonds 2018 (NR/AA+) | County of Saratoga New York General Obligations Public Improvement Serial Bonds 2018 (NR/AA+) | County of Saratoga New York General Obligations Public Improvement Serial Bonds 2018 (NR/AA+) |
| 250000 | 3.250 | 10/15/2031 | 250026 |
| Dormitory Authority of The State of New York State Sales Tax RB, Series 2016A (Aa1/AA+) | Dormitory Authority of The State of New York State Sales Tax RB, Series 2016A (Aa1/AA+) | Dormitory Authority of The State of New York State Sales Tax RB, Series 2016A (Aa1/AA+) | Dormitory Authority of The State of New York State Sales Tax RB, Series 2016A (Aa1/AA+) |
| 350000 | 5.000 | 03/15/2030 | 355245 |
| Dormitory Authority of The State of New York State Sales Tax RB, Series 2016A (A2/A) | Dormitory Authority of The State of New York State Sales Tax RB, Series 2016A (A2/A) | Dormitory Authority of The State of New York State Sales Tax RB, Series 2016A (A2/A) | Dormitory Authority of The State of New York State Sales Tax RB, Series 2016A (A2/A) |
| 250000 | 5.000 | 07/01/2035 | 251648 |
| Dormitory Authority of The State of New York Icahn School of Medicine at Mount Sinai RB Series 2015A (Baa3/BBB) | Dormitory Authority of The State of New York Icahn School of Medicine at Mount Sinai RB Series 2015A (Baa3/BBB) | Dormitory Authority of The State of New York Icahn School of Medicine at Mount Sinai RB Series 2015A (Baa3/BBB) | Dormitory Authority of The State of New York Icahn School of Medicine at Mount Sinai RB Series 2015A (Baa3/BBB) |
| 135000 | 4.000 | 07/01/2040 | 134995 |
| Dormitory Authority of The State of New York Maimonides Medical Center Fha-Insured Mortgage Hospital RB Series 2020 (FHA 241) (Aa1/AA+) | Dormitory Authority of The State of New York Maimonides Medical Center Fha-Insured Mortgage Hospital RB Series 2020 (FHA 241) (Aa1/AA+) | Dormitory Authority of The State of New York Maimonides Medical Center Fha-Insured Mortgage Hospital RB Series 2020 (FHA 241) (Aa1/AA+) | Dormitory Authority of The State of New York Maimonides Medical Center Fha-Insured Mortgage Hospital RB Series 2020 (FHA 241) (Aa1/AA+) |
| 145000 | 3.000 | 08/01/2037 | 140315 |
| 110000 | 3.000 | 08/01/2039 | 103654 |
| Dormitory Authority of The State of New York Memorial Sloan-Kettering Cancer Center RB 2017 Series 1 (Aa3/AA-) | Dormitory Authority of The State of New York Memorial Sloan-Kettering Cancer Center RB 2017 Series 1 (Aa3/AA-) | Dormitory Authority of The State of New York Memorial Sloan-Kettering Cancer Center RB 2017 Series 1 (Aa3/AA-) | Dormitory Authority of The State of New York Memorial Sloan-Kettering Cancer Center RB 2017 Series 1 (Aa3/AA-) |
| 100000 | 4.000 | 07/01/2036 | 101282 |
| Dormitory Authority of The State of New York Mount Sinai Obligated Group RB Series 2025 (Baa3/BBB) | Dormitory Authority of The State of New York Mount Sinai Obligated Group RB Series 2025 (Baa3/BBB) | Dormitory Authority of The State of New York Mount Sinai Obligated Group RB Series 2025 (Baa3/BBB) | Dormitory Authority of The State of New York Mount Sinai Obligated Group RB Series 2025 (Baa3/BBB) |
| 200000 | 5.000 | 07/01/2031 | 220807 |
| Dormitory Authority of The State of New York New York Institute of Technology RB Series 2024 (Baa2/BBB) | Dormitory Authority of The State of New York New York Institute of Technology RB Series 2024 (Baa2/BBB) | Dormitory Authority of The State of New York New York Institute of Technology RB Series 2024 (Baa2/BBB) | Dormitory Authority of The State of New York New York Institute of Technology RB Series 2024 (Baa2/BBB) |
| 200000 | 5.250 | 07/01/2049 | 206400 |
| Dormitory Authority of The State of New York New York State Sales Tax RB Series 2016A (Aa1/AA+) | Dormitory Authority of The State of New York New York State Sales Tax RB Series 2016A (Aa1/AA+) | Dormitory Authority of The State of New York New York State Sales Tax RB Series 2016A (Aa1/AA+) | Dormitory Authority of The State of New York New York State Sales Tax RB Series 2016A (Aa1/AA+) |
| 250000 | 5.000 | 03/15/2036 | 253115 |
| Dormitory Authority of The State of New York New York University RB Series 2016A (Aa2/AA-) | Dormitory Authority of The State of New York New York University RB Series 2016A (Aa2/AA-) | Dormitory Authority of The State of New York New York University RB Series 2016A (Aa2/AA-) | Dormitory Authority of The State of New York New York University RB Series 2016A (Aa2/AA-) |
| 260000 | 5.000 | 07/01/2036 | 261904 |
| Dormitory Authority of The State of New York Northwell Health Obligated Group RB Series 2024A (A3/A-) | Dormitory Authority of The State of New York Northwell Health Obligated Group RB Series 2024A (A3/A-) | Dormitory Authority of The State of New York Northwell Health Obligated Group RB Series 2024A (A3/A-) | Dormitory Authority of The State of New York Northwell Health Obligated Group RB Series 2024A (A3/A-) |
| 120000 | 5.250 | 05/01/2054 | 124957 |
| Dormitory Authority of The State of New York Nysarc Inc. RB Series 2026A (Aa2/NR) | Dormitory Authority of The State of New York Nysarc Inc. RB Series 2026A (Aa2/NR) | Dormitory Authority of The State of New York Nysarc Inc. RB Series 2026A (Aa2/NR) | Dormitory Authority of The State of New York Nysarc Inc. RB Series 2026A (Aa2/NR) |
| 200000 | 3.200 <sup>(a)(b)</sup> | 05/01/2056 | 201890 |
| Dormitory Authority of The State of New York Nyu Hospitals Center RB Series 2016A (A1/A+) | Dormitory Authority of The State of New York Nyu Hospitals Center RB Series 2016A (A1/A+) | Dormitory Authority of The State of New York Nyu Hospitals Center RB Series 2016A (A1/A+) | Dormitory Authority of The State of New York Nyu Hospitals Center RB Series 2016A (A1/A+) |
| 500000 | 2.750 | 07/01/2035 | 490918 |
| Dormitory Authority of The State of New York NYU Hospitals Center RB Series 2016A (A1/A+) | Dormitory Authority of The State of New York NYU Hospitals Center RB Series 2016A (A1/A+) | Dormitory Authority of The State of New York NYU Hospitals Center RB Series 2016A (A1/A+) | Dormitory Authority of The State of New York NYU Hospitals Center RB Series 2016A (A1/A+) |
| 50000 | 4.000 | 07/01/2040 | 50053 |
| Dormitory Authority of The State of New York Pace University RB Series 2024A (Baa3/BBB-) | Dormitory Authority of The State of New York Pace University RB Series 2024A (Baa3/BBB-) | Dormitory Authority of The State of New York Pace University RB Series 2024A (Baa3/BBB-) | Dormitory Authority of The State of New York Pace University RB Series 2024A (Baa3/BBB-) |
| 150000 | 5.250 | 05/01/2044 | 158873 |
| Dormitory Authority of The State of New York Pace University RBy Series 2024A (Baa3/BBB-) | Dormitory Authority of The State of New York Pace University RBy Series 2024A (Baa3/BBB-) | Dormitory Authority of The State of New York Pace University RBy Series 2024A (Baa3/BBB-) | Dormitory Authority of The State of New York Pace University RBy Series 2024A (Baa3/BBB-) |
| 100000 | 5.250 | 05/01/2041 | 108892 |
| Dormitory Authority of The State of New York Personal Income Tax RB General Purpose Series 2017B (Aa1/AA+) | Dormitory Authority of The State of New York Personal Income Tax RB General Purpose Series 2017B (Aa1/AA+) | Dormitory Authority of The State of New York Personal Income Tax RB General Purpose Series 2017B (Aa1/AA+) | Dormitory Authority of The State of New York Personal Income Tax RB General Purpose Series 2017B (Aa1/AA+) |
| 140000 | 5.000 | 02/15/2042 | 143388 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| New York – (continued) | New York – (continued) | New York – (continued) | New York – (continued) |
| Dormitory Authority of The State of New York Pratt Institute RB Series 2016 (A2/NR) | Dormitory Authority of The State of New York Pratt Institute RB Series 2016 (A2/NR) | Dormitory Authority of The State of New York Pratt Institute RB Series 2016 (A2/NR) | Dormitory Authority of The State of New York Pratt Institute RB Series 2016 (A2/NR) |
| $300000 | 3.000% | 07/01/2036 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290531 |
| Dormitory Authority of The State of New York St. John's University RB Series 2021A (A3/A-) | Dormitory Authority of The State of New York St. John's University RB Series 2021A (A3/A-) | Dormitory Authority of The State of New York St. John's University RB Series 2021A (A3/A-) | Dormitory Authority of The State of New York St. John's University RB Series 2021A (A3/A-) |
| 325000 | 4.000 | 07/01/2035 | 343007 |
| Dormitory Authority of The State of New York St. John'S University RB Series 2021A (A3/A-) | Dormitory Authority of The State of New York St. John'S University RB Series 2021A (A3/A-) | Dormitory Authority of The State of New York St. John'S University RB Series 2021A (A3/A-) | Dormitory Authority of The State of New York St. John'S University RB Series 2021A (A3/A-) |
| 325000 | 4.000 | 07/01/2037 | 336613 |
| Dormitory Authority of The State of New York State Personal Income Tax RB General Purpose Series 2018A (Tax-Exempt) (Aa1/NR) | Dormitory Authority of The State of New York State Personal Income Tax RB General Purpose Series 2018A (Tax-Exempt) (Aa1/NR) | Dormitory Authority of The State of New York State Personal Income Tax RB General Purpose Series 2018A (Tax-Exempt) (Aa1/NR) | Dormitory Authority of The State of New York State Personal Income Tax RB General Purpose Series 2018A (Tax-Exempt) (Aa1/NR) |
| 125000 | 5.000 | 03/15/2035 | 126598 |
| Dormitory Authority of The State of New York State Personal Income Tax RB General Purpose Series 2025A (Aa1/NR) | Dormitory Authority of The State of New York State Personal Income Tax RB General Purpose Series 2025A (Aa1/NR) | Dormitory Authority of The State of New York State Personal Income Tax RB General Purpose Series 2025A (Aa1/NR) | Dormitory Authority of The State of New York State Personal Income Tax RB General Purpose Series 2025A (Aa1/NR) |
| 150000 | 5.000 | 03/15/2048 | 158871 |
| Dormitory Authority of the State of New York White Plains Hospital Obligated Group RB Series 2024 (AGC) (A1/AA) | Dormitory Authority of the State of New York White Plains Hospital Obligated Group RB Series 2024 (AGC) (A1/AA) | Dormitory Authority of the State of New York White Plains Hospital Obligated Group RB Series 2024 (AGC) (A1/AA) | Dormitory Authority of the State of New York White Plains Hospital Obligated Group RB Series 2024 (AGC) (A1/AA) |
| 250000 | 5.250 | 10/01/2044 | 269685 |
| Dutchess County Local Development Corp. RB Nuvance Health Issue Series 2019B (Baa3/BBB+) | Dutchess County Local Development Corp. RB Nuvance Health Issue Series 2019B (Baa3/BBB+) | Dutchess County Local Development Corp. RB Nuvance Health Issue Series 2019B (Baa3/BBB+) | Dutchess County Local Development Corp. RB Nuvance Health Issue Series 2019B (Baa3/BBB+) |
| 100000 | 4.000 | 07/01/2044 | 94763 |
| Geneseo Town New York Bond Anticipation Notes 2025 (NR/NR) | Geneseo Town New York Bond Anticipation Notes 2025 (NR/NR) | Geneseo Town New York Bond Anticipation Notes 2025 (NR/NR) | Geneseo Town New York Bond Anticipation Notes 2025 (NR/NR) |
| 190000 | 4.000 | 08/18/2026 | 190866 |
| Hempstead town Local Development Corp. RB Refunding for Molloy College Project Series 2017 (NR/BBB) | Hempstead town Local Development Corp. RB Refunding for Molloy College Project Series 2017 (NR/BBB) | Hempstead town Local Development Corp. RB Refunding for Molloy College Project Series 2017 (NR/BBB) | Hempstead town Local Development Corp. RB Refunding for Molloy College Project Series 2017 (NR/BBB) |
| 250000 | 5.000 | 07/01/2035 | 254939 |
| Long Island Power Authority Electric System General RB Series 2016B (A2/A) | Long Island Power Authority Electric System General RB Series 2016B (A2/A) | Long Island Power Authority Electric System General RB Series 2016B (A2/A) | Long Island Power Authority Electric System General RB Series 2016B (A2/A) |
| 100000 | 5.000 | 09/01/2046 | 100580 |
| Long Island Power Authority Electric System General RB Series 2019A (A2/A) | Long Island Power Authority Electric System General RB Series 2019A (A2/A) | Long Island Power Authority Electric System General RB Series 2019A (A2/A) | Long Island Power Authority Electric System General RB Series 2019A (A2/A) |
| 305000 | 3.000 | 09/01/2036 | 305002 |
| Long Island Power Authority Electric System General RB, Series 2022B (A2/A) | Long Island Power Authority Electric System General RB, Series 2022B (A2/A) | Long Island Power Authority Electric System General RB, Series 2022B (A2/A) | Long Island Power Authority Electric System General RB, Series 2022B (A2/A) |
| 200000 | 5.000 <sup>(a)(b)</sup> | 09/01/2052 | 205010 |
| Metropolitan Transportation Authority Dedicated Tax Fund Green Bonds Series 2017A (NR/AA) | Metropolitan Transportation Authority Dedicated Tax Fund Green Bonds Series 2017A (NR/AA) | Metropolitan Transportation Authority Dedicated Tax Fund Green Bonds Series 2017A (NR/AA) | Metropolitan Transportation Authority Dedicated Tax Fund Green Bonds Series 2017A (NR/AA) |
| 165000 | 5.000 | 11/15/2036 | 169474 |
| Metropolitan Transportation Authority Dedicated Tax Fund Green Bonds Subseries 2017B-1 (NR/AA) | Metropolitan Transportation Authority Dedicated Tax Fund Green Bonds Subseries 2017B-1 (NR/AA) | Metropolitan Transportation Authority Dedicated Tax Fund Green Bonds Subseries 2017B-1 (NR/AA) | Metropolitan Transportation Authority Dedicated Tax Fund Green Bonds Subseries 2017B-1 (NR/AA) |
| 100000 | 5.000 | 11/15/2042 | 102670 |
| Metropolitan Transportation Authority Dedicated Tax Fund Refunding Bonds Series 2016A (NR/AA) | Metropolitan Transportation Authority Dedicated Tax Fund Refunding Bonds Series 2016A (NR/AA) | Metropolitan Transportation Authority Dedicated Tax Fund Refunding Bonds Series 2016A (NR/AA) | Metropolitan Transportation Authority Dedicated Tax Fund Refunding Bonds Series 2016A (NR/AA) |
| 115000 | 5.250 | 11/15/2032 | 117258 |
| Metropolitan Transportation Authority Dedicated Tax Green Fund Bonds Series 2016B-1 (NR/AA) | Metropolitan Transportation Authority Dedicated Tax Green Fund Bonds Series 2016B-1 (NR/AA) | Metropolitan Transportation Authority Dedicated Tax Green Fund Bonds Series 2016B-1 (NR/AA) | Metropolitan Transportation Authority Dedicated Tax Green Fund Bonds Series 2016B-1 (NR/AA) |
| 100000 | 5.000 | 11/15/2036 | 101516 |
| Metropolitan Transportation Authority RB Refunding Green Bond Series 2024A (A2/A) | Metropolitan Transportation Authority RB Refunding Green Bond Series 2024A (A2/A) | Metropolitan Transportation Authority RB Refunding Green Bond Series 2024A (A2/A) | Metropolitan Transportation Authority RB Refunding Green Bond Series 2024A (A2/A) |
| 225000 | 5.000 | 11/15/2037 | 256010 |
| Metropolitan Transportation Authority Transportation RB Series 2016C-1 (A2/A) | Metropolitan Transportation Authority Transportation RB Series 2016C-1 (A2/A) | Metropolitan Transportation Authority Transportation RB Series 2016C-1 (A2/A) | Metropolitan Transportation Authority Transportation RB Series 2016C-1 (A2/A) |
| 260000 | 5.000 | 11/15/2032 | 264070 |
| Metropolitan Transportation Authority Transportation Revenue Refunding Green Bonds Series 2025A (A2/A) | Metropolitan Transportation Authority Transportation Revenue Refunding Green Bonds Series 2025A (A2/A) | Metropolitan Transportation Authority Transportation Revenue Refunding Green Bonds Series 2025A (A2/A) | Metropolitan Transportation Authority Transportation Revenue Refunding Green Bonds Series 2025A (A2/A) |
| 50000 | 5.000 | 11/15/2038 | 57109 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **14** | **The accompanying notes are an integral part of these financial statements.** |

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GOLDMAN SACHS DYNAMIC NEW YORK MUNICIPAL INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| New York – (continued) | New York – (continued) | New York – (continued) | New York – (continued) |
| Monroe County Industrial Development Corp. RB for University of Rochester Project Series 2020A (Tax-Exempt) (Aa3/AA-) | Monroe County Industrial Development Corp. RB for University of Rochester Project Series 2020A (Tax-Exempt) (Aa3/AA-) | Monroe County Industrial Development Corp. RB for University of Rochester Project Series 2020A (Tax-Exempt) (Aa3/AA-) | Monroe County Industrial Development Corp. RB for University of Rochester Project Series 2020A (Tax-Exempt) (Aa3/AA-) |
| $175000 | 4.000% | 07/01/2050 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163590 |
| New York City Housing Development Corporation Multi-Family Housing RB 2026 Series B (NON-AMT) (FNMA COLL) (Aa2/AA+) | New York City Housing Development Corporation Multi-Family Housing RB 2026 Series B (NON-AMT) (FNMA COLL) (Aa2/AA+) | New York City Housing Development Corporation Multi-Family Housing RB 2026 Series B (NON-AMT) (FNMA COLL) (Aa2/AA+) | New York City Housing Development Corporation Multi-Family Housing RB 2026 Series B (NON-AMT) (FNMA COLL) (Aa2/AA+) |
| 350000 | 3.100 <sup>(a)(b)</sup> | 11/01/2045 | 352613 |
| New York City Housing Development Corporation Multi-Family Housing RB 2026 Series B (NON-AMT) (ST AID WITHHLDG) (Aa2/NR) | New York City Housing Development Corporation Multi-Family Housing RB 2026 Series B (NON-AMT) (ST AID WITHHLDG) (Aa2/NR) | New York City Housing Development Corporation Multi-Family Housing RB 2026 Series B (NON-AMT) (ST AID WITHHLDG) (Aa2/NR) | New York City Housing Development Corporation Multi-Family Housing RB 2026 Series B (NON-AMT) (ST AID WITHHLDG) (Aa2/NR) |
| 300000 | 5.000 <sup>(e)</sup> | 07/01/2041 | 345051 |
| New York City Industrial Development Agency Pilot Refunding Bonds Queens Baseball Stadium Project Series 2021A (AG) (A1/AA) | New York City Industrial Development Agency Pilot Refunding Bonds Queens Baseball Stadium Project Series 2021A (AG) (A1/AA) | New York City Industrial Development Agency Pilot Refunding Bonds Queens Baseball Stadium Project Series 2021A (AG) (A1/AA) | New York City Industrial Development Agency Pilot Refunding Bonds Queens Baseball Stadium Project Series 2021A (AG) (A1/AA) |
| 310000 | 5.000 | 01/01/2027 | 316583 |
| New York City Industrial Development Agency Pilot Revenue Refunding Bonds Yankee Stadium Project Series 2020A (Tax-Exempt) (AGM) (A1/AA) | New York City Industrial Development Agency Pilot Revenue Refunding Bonds Yankee Stadium Project Series 2020A (Tax-Exempt) (AGM) (A1/AA) | New York City Industrial Development Agency Pilot Revenue Refunding Bonds Yankee Stadium Project Series 2020A (Tax-Exempt) (AGM) (A1/AA) | New York City Industrial Development Agency Pilot Revenue Refunding Bonds Yankee Stadium Project Series 2020A (Tax-Exempt) (AGM) (A1/AA) |
| 115000 | 5.000 | 03/01/2028 | 121034 |
| New York City Industrial Development Agency RB Refunding for Queens Ballpark Co. LLC Series 2021 A (AGM) (A1/AA) | New York City Industrial Development Agency RB Refunding for Queens Ballpark Co. LLC Series 2021 A (AGM) (A1/AA) | New York City Industrial Development Agency RB Refunding for Queens Ballpark Co. LLC Series 2021 A (AGM) (A1/AA) | New York City Industrial Development Agency RB Refunding for Queens Ballpark Co. LLC Series 2021 A (AGM) (A1/AA) |
| 100000 | 3.000 | 01/01/2046 | 79723 |
| New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (Baa1/NR) | New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (Baa1/NR) | New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (Baa1/NR) | New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (Baa1/NR) |
| 125000 | 3.000 | 03/01/2049 | 91870 |
| New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (AG) (A1/AA) | New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (AG) (A1/AA) | New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (AG) (A1/AA) | New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (AG) (A1/AA) |
| 115000 | 3.000 | 03/01/2036 | 112929 |
| 200000 | 4.000 | 03/01/2045 | 196641 |
| New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB Fiscal 2021 Series CC (Aa1/AA+) | New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB Fiscal 2021 Series CC (Aa1/AA+) | New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB Fiscal 2021 Series CC (Aa1/AA+) | New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB Fiscal 2021 Series CC (Aa1/AA+) |
| 200000 | 5.000 | 06/15/2032 | 228127 |
| New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB Fiscal 2022 Series Aa Consisting of Fiscal 2022 Subseries AA-1 (Aa1/ AA+) | New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB Fiscal 2022 Series Aa Consisting of Fiscal 2022 Subseries AA-1 (Aa1/ AA+) | New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB Fiscal 2022 Series Aa Consisting of Fiscal 2022 Subseries AA-1 (Aa1/ AA+) | New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB Fiscal 2022 Series Aa Consisting of Fiscal 2022 Subseries AA-1 (Aa1/ AA+) |
| 150000 | 3.000 | 06/15/2051 | 111913 |
| New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB Fiscal 2026 Series BB (Aa1/AA+) | New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB Fiscal 2026 Series BB (Aa1/AA+) | New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB Fiscal 2026 Series BB (Aa1/AA+) | New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB Fiscal 2026 Series BB (Aa1/AA+) |
| 100000 | 5.000 | 06/15/2056 | 104826 |
| New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB Fiscal Series 2018-DD (Aa1/AA+) | New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB Fiscal Series 2018-DD (Aa1/AA+) | New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB Fiscal Series 2018-DD (Aa1/AA+) | New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB Fiscal Series 2018-DD (Aa1/AA+) |
| 125000 | 5.000 | 06/15/2040 | 129626 |
| New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB, Fiscal 2026 Subseries AA-2 (Aa1/AA+) | New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB, Fiscal 2026 Subseries AA-2 (Aa1/AA+) | New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB, Fiscal 2026 Subseries AA-2 (Aa1/AA+) | New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB, Fiscal 2026 Subseries AA-2 (Aa1/AA+) |
| 250000 | 5.000 | 06/15/2044 | 278434 |
| New York City Transitional Finance Authority Building Aid RB Fiscal 2019 Series S-1 (ST AID WITHHLDG) (Aa2/AA) | New York City Transitional Finance Authority Building Aid RB Fiscal 2019 Series S-1 (ST AID WITHHLDG) (Aa2/AA) | New York City Transitional Finance Authority Building Aid RB Fiscal 2019 Series S-1 (ST AID WITHHLDG) (Aa2/AA) | New York City Transitional Finance Authority Building Aid RB Fiscal 2019 Series S-1 (ST AID WITHHLDG) (Aa2/AA) |
| 110000 | 5.000 | 07/15/2045 | 113185 |
| New York City Transitional Finance Authority Fiscal 2018 Series S-3 Tax-Exempt Bonds (ST AID WITHHLDG) (Aa2/AA) | New York City Transitional Finance Authority Fiscal 2018 Series S-3 Tax-Exempt Bonds (ST AID WITHHLDG) (Aa2/AA) | New York City Transitional Finance Authority Fiscal 2018 Series S-3 Tax-Exempt Bonds (ST AID WITHHLDG) (Aa2/AA) | New York City Transitional Finance Authority Fiscal 2018 Series S-3 Tax-Exempt Bonds (ST AID WITHHLDG) (Aa2/AA) |
| 245000 | 3.625 | 07/15/2047 | 216276 |

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---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| New York – (continued) | New York – (continued) | New York – (continued) | New York – (continued) |
| New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2023 Series D Subseries D-1 Tax-Exempt Bonds (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2023 Series D Subseries D-1 Tax-Exempt Bonds (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2023 Series D Subseries D-1 Tax-Exempt Bonds (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2023 Series D Subseries D-1 Tax-Exempt Bonds (Aa1/AAA) |
| $100000 | 5.000% | 11/01/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101955 |
| New York City Transitional Finance Authority Future Tax Secured Tax-Exempt Subordinate Bonds Fiscal 2016 Series F (Aa1/ AAA) | New York City Transitional Finance Authority Future Tax Secured Tax-Exempt Subordinate Bonds Fiscal 2016 Series F (Aa1/ AAA) | New York City Transitional Finance Authority Future Tax Secured Tax-Exempt Subordinate Bonds Fiscal 2016 Series F (Aa1/ AAA) | New York City Transitional Finance Authority Future Tax Secured Tax-Exempt Subordinate Bonds Fiscal 2016 Series F (Aa1/ AAA) |
| 345000 | 3.000 | 02/01/2039 | 315607 |
| New York City Transitional Finance Authority Future Tax Secured Tax-Exempt Subordinate Bonds Fiscal 2025 Series E (Aa1/ AAA) | New York City Transitional Finance Authority Future Tax Secured Tax-Exempt Subordinate Bonds Fiscal 2025 Series E (Aa1/ AAA) | New York City Transitional Finance Authority Future Tax Secured Tax-Exempt Subordinate Bonds Fiscal 2025 Series E (Aa1/ AAA) | New York City Transitional Finance Authority Future Tax Secured Tax-Exempt Subordinate Bonds Fiscal 2025 Series E (Aa1/ AAA) |
| 140000 | 5.000 | 11/01/2046 | 149783 |
| New York Liberty Development Corp. RB Refunding for 3 World Trade Center LLC Series 2014 (NR/NR) | New York Liberty Development Corp. RB Refunding for 3 World Trade Center LLC Series 2014 (NR/NR) | New York Liberty Development Corp. RB Refunding for 3 World Trade Center LLC Series 2014 (NR/NR) | New York Liberty Development Corp. RB Refunding for 3 World Trade Center LLC Series 2014 (NR/NR) |
| 300000 | 5.000 <sup>(c)</sup> | 11/15/2044 | 300495 |
| New York Liberty Development Corp. Revenue Refunding Bonds for World Trade Center Project Series 2021A (BAM-TCRS) (NR/AA) | New York Liberty Development Corp. Revenue Refunding Bonds for World Trade Center Project Series 2021A (BAM-TCRS) (NR/AA) | New York Liberty Development Corp. Revenue Refunding Bonds for World Trade Center Project Series 2021A (BAM-TCRS) (NR/AA) | New York Liberty Development Corp. Revenue Refunding Bonds for World Trade Center Project Series 2021A (BAM-TCRS) (NR/AA) |
| 330000 | 3.000 | 11/15/2051 | 246468 |
| New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-3 (Baa1/NR) | New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-3 (Baa1/NR) | New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-3 (Baa1/NR) | New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-3 (Baa1/NR) |
| 100000 | 2.800 | 09/15/2069 | 94278 |
| New York Liberty Development Corporation Tax-Exempt Liberty Revenue Refunding Bonds Series 2021A (NR/A+) | New York Liberty Development Corporation Tax-Exempt Liberty Revenue Refunding Bonds Series 2021A (NR/A+) | New York Liberty Development Corporation Tax-Exempt Liberty Revenue Refunding Bonds Series 2021A (NR/A+) | New York Liberty Development Corporation Tax-Exempt Liberty Revenue Refunding Bonds Series 2021A (NR/A+) |
| 290000 | 2.750 | 11/15/2041 | 239980 |
| New York St Dorm Auth Revs Non St Supported Debt Bds Memorial Sloan-Kettering Cancer Ctr 2022 1-B (NR/AA-) | New York St Dorm Auth Revs Non St Supported Debt Bds Memorial Sloan-Kettering Cancer Ctr 2022 1-B (NR/AA-) | New York St Dorm Auth Revs Non St Supported Debt Bds Memorial Sloan-Kettering Cancer Ctr 2022 1-B (NR/AA-) | New York St Dorm Auth Revs Non St Supported Debt Bds Memorial Sloan-Kettering Cancer Ctr 2022 1-B (NR/AA-) |
| 100000 | 4.000 | 07/01/2051 | 93196 |
| New York State Dormitory Authority RB Refunding for Brooklyn Law School Series 2019 A (Baa1/NR) | New York State Dormitory Authority RB Refunding for Brooklyn Law School Series 2019 A (Baa1/NR) | New York State Dormitory Authority RB Refunding for Brooklyn Law School Series 2019 A (Baa1/NR) | New York State Dormitory Authority RB Refunding for Brooklyn Law School Series 2019 A (Baa1/NR) |
| 300000 | 5.000 | 07/01/2033 | 315682 |
| New York State Dormitory Authority RB Refunding for Brooklyn St. Joseph's College Series 2020 A (NR/NR) | New York State Dormitory Authority RB Refunding for Brooklyn St. Joseph's College Series 2020 A (NR/NR) | New York State Dormitory Authority RB Refunding for Brooklyn St. Joseph's College Series 2020 A (NR/NR) | New York State Dormitory Authority RB Refunding for Brooklyn St. Joseph's College Series 2020 A (NR/NR) |
| 185000 | 5.000 | 07/01/2029 | 189382 |
| New York State Dormitory Authority RB Refunding for Catholic Health System Obligated Group Series 2019 A (B2/B) | New York State Dormitory Authority RB Refunding for Catholic Health System Obligated Group Series 2019 A (B2/B) | New York State Dormitory Authority RB Refunding for Catholic Health System Obligated Group Series 2019 A (B2/B) | New York State Dormitory Authority RB Refunding for Catholic Health System Obligated Group Series 2019 A (B2/B) |
| 100000 | 5.000 | 07/01/2035 | 98968 |
| New York State Dormitory Authority RB Series 2020 B (Aa2/NR) | New York State Dormitory Authority RB Series 2020 B (Aa2/NR) | New York State Dormitory Authority RB Series 2020 B (Aa2/NR) | New York State Dormitory Authority RB Series 2020 B (Aa2/NR) |
| 235000 | 3.000 | 04/01/2048 | 186087 |
| New York State Environmental Facilities Corp Solid Waste Disposal RB Series 2014 (B1/B+) (PUTABLE) | New York State Environmental Facilities Corp Solid Waste Disposal RB Series 2014 (B1/B+) (PUTABLE) | New York State Environmental Facilities Corp Solid Waste Disposal RB Series 2014 (B1/B+) (PUTABLE) | New York State Environmental Facilities Corp Solid Waste Disposal RB Series 2014 (B1/B+) (PUTABLE) |
| 250000 | 2.875 <sup>(a)(b)(c)</sup> | 12/01/2044 | 243602 |
| New York State Environmental Facilities Corp. Solid Waste Disposal Refunding RB for Waste Management, Inc. Project Series 2012 (NR/A-/A-2) (PUTABLE) | New York State Environmental Facilities Corp. Solid Waste Disposal Refunding RB for Waste Management, Inc. Project Series 2012 (NR/A-/A-2) (PUTABLE) | New York State Environmental Facilities Corp. Solid Waste Disposal Refunding RB for Waste Management, Inc. Project Series 2012 (NR/A-/A-2) (PUTABLE) | New York State Environmental Facilities Corp. Solid Waste Disposal Refunding RB for Waste Management, Inc. Project Series 2012 (NR/A-/A-2) (PUTABLE) |
| 500000 | 3.000 <sup>(a)(b)</sup> | 05/01/2030 | 500102 |
| New York State Housing Finance Agency Affordable Housing RB 2026 Series A (Aaa/NR) | New York State Housing Finance Agency Affordable Housing RB 2026 Series A (Aaa/NR) | New York State Housing Finance Agency Affordable Housing RB 2026 Series A (Aaa/NR) | New York State Housing Finance Agency Affordable Housing RB 2026 Series A (Aaa/NR) |
| 320000 | 3.550 | 10/01/2033 | 320012 |
| New York State Housing Finance Agency State Personal Income Tax RB 2024 Series A-2 (Aa1/NR) | New York State Housing Finance Agency State Personal Income Tax RB 2024 Series A-2 (Aa1/NR) | New York State Housing Finance Agency State Personal Income Tax RB 2024 Series A-2 (Aa1/NR) | New York State Housing Finance Agency State Personal Income Tax RB 2024 Series A-2 (Aa1/NR) |
| 100000 | 3.450 <sup>(a)(b)</sup> | 06/15/2054 | 101861 |
| New York State Thruway Authority General RB Series P (Aa3/A+) | New York State Thruway Authority General RB Series P (Aa3/A+) | New York State Thruway Authority General RB Series P (Aa3/A+) | New York State Thruway Authority General RB Series P (Aa3/A+) |
| 400000 | 5.000 | 01/01/2049 | 424372 |
| New York State Twy Authority General RB (BAM-TCRS) (Aa3/ AA) | New York State Twy Authority General RB (BAM-TCRS) (Aa3/ AA) | New York State Twy Authority General RB (BAM-TCRS) (Aa3/ AA) | New York State Twy Authority General RB (BAM-TCRS) (Aa3/ AA) |
| 100000 | 3.000 | 01/01/2051 | 75119 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **15** |

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GOLDMAN SACHS DYNAMIC NEW YORK MUNICIPAL INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| New York – (continued) | New York – (continued) | New York – (continued) | New York – (continued) |
| New York Transitional Finance Authority Future Tax Secured Tax-Exempt Subordinate Bonds Adjustable Rate Bonds Fiscal 2026 Subseries F-3 (Aa1/AAA/A-1) | New York Transitional Finance Authority Future Tax Secured Tax-Exempt Subordinate Bonds Adjustable Rate Bonds Fiscal 2026 Subseries F-3 (Aa1/AAA/A-1) | New York Transitional Finance Authority Future Tax Secured Tax-Exempt Subordinate Bonds Adjustable Rate Bonds Fiscal 2026 Subseries F-3 (Aa1/AAA/A-1) | New York Transitional Finance Authority Future Tax Secured Tax-Exempt Subordinate Bonds Adjustable Rate Bonds Fiscal 2026 Subseries F-3 (Aa1/AAA/A-1) |
| $200000 | 1.950 %<sup>(a)(b)</sup> | 02/01/2056 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 |
| New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (Baa2/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (Baa2/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (Baa2/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (Baa2/NR) |
| 100000 | 5.000 | 01/01/2029 | 103767 |
| New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2020 (Baa2/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2020 (Baa2/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2020 (Baa2/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2020 (Baa2/NR) |
| 535000 | 5.000 | 10/01/2035 | 567866 |
| New York Transportation Development Corp. RB for Empire State Thruway Partners LLC Series 2021 (NR/NR) | New York Transportation Development Corp. RB for Empire State Thruway Partners LLC Series 2021 (NR/NR) | New York Transportation Development Corp. RB for Empire State Thruway Partners LLC Series 2021 (NR/NR) | New York Transportation Development Corp. RB for Empire State Thruway Partners LLC Series 2021 (NR/NR) |
| 200000 | 4.000 | 10/31/2034 | 204625 |
| New York Transportation Development Corp. Special Facilities Bonds for Laguardia Airport Terminal B Redevelopment Project Series 2016A (Baa2/NR) | New York Transportation Development Corp. Special Facilities Bonds for Laguardia Airport Terminal B Redevelopment Project Series 2016A (Baa2/NR) | New York Transportation Development Corp. Special Facilities Bonds for Laguardia Airport Terminal B Redevelopment Project Series 2016A (Baa2/NR) | New York Transportation Development Corp. Special Facilities Bonds for Laguardia Airport Terminal B Redevelopment Project Series 2016A (Baa2/NR) |
| 250000 | 5.000 | 07/01/2041 | 250237 |
| New York Transportation Development Corp. Special Facilities RB for John F. Kennedy International Airport New Terminal One Project Green Bonds Series 2023 (AMT) (Baa3/AA) | New York Transportation Development Corp. Special Facilities RB for John F. Kennedy International Airport New Terminal One Project Green Bonds Series 2023 (AMT) (Baa3/AA) | New York Transportation Development Corp. Special Facilities RB for John F. Kennedy International Airport New Terminal One Project Green Bonds Series 2023 (AMT) (Baa3/AA) | New York Transportation Development Corp. Special Facilities RB for John F. Kennedy International Airport New Terminal One Project Green Bonds Series 2023 (AMT) (Baa3/AA) |
| 180000 | 6.000 | 06/30/2054 | 188958 |
| New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2016 (NR/B+) | New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2016 (NR/B+) | New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2016 (NR/B+) | New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2016 (NR/B+) |
| 250000 | 5.000 | 08/01/2031 | 250389 |
| New York Transportation Development Corporation Special Facilities Bonds, Series 2016A (Laguardia Airport Terminal B Redevelopment Project) (AMT) (AGM) (A1/AA) | New York Transportation Development Corporation Special Facilities Bonds, Series 2016A (Laguardia Airport Terminal B Redevelopment Project) (AMT) (AGM) (A1/AA) | New York Transportation Development Corporation Special Facilities Bonds, Series 2016A (Laguardia Airport Terminal B Redevelopment Project) (AMT) (AGM) (A1/AA) | New York Transportation Development Corporation Special Facilities Bonds, Series 2016A (Laguardia Airport Terminal B Redevelopment Project) (AMT) (AGM) (A1/AA) |
| 125000 | 4.000 | 07/01/2035 | 125008 |
| New York Transportation Development Corporation Special Facilities RB, Series 2024 (AMT) (AG) (A1/AA) | New York Transportation Development Corporation Special Facilities RB, Series 2024 (AMT) (AG) (A1/AA) | New York Transportation Development Corporation Special Facilities RB, Series 2024 (AMT) (AG) (A1/AA) | New York Transportation Development Corporation Special Facilities RB, Series 2024 (AMT) (AG) (A1/AA) |
| 100000 | 5.000 | 06/30/2049 | 101532 |
| New York Transportation Development Corporation Special Facilities RB, Series 2024 (JFK International Airport New Terminal One Project) (Green Bonds) (Baa3/AA) | New York Transportation Development Corporation Special Facilities RB, Series 2024 (JFK International Airport New Terminal One Project) (Green Bonds) (Baa3/AA) | New York Transportation Development Corporation Special Facilities RB, Series 2024 (JFK International Airport New Terminal One Project) (Green Bonds) (Baa3/AA) | New York Transportation Development Corporation Special Facilities RB, Series 2024 (JFK International Airport New Terminal One Project) (Green Bonds) (Baa3/AA) |
| 100000 | 5.250 | 06/30/2049 | 101948 |
| New York Transportation Development Corporation Terminal 4 John F. Kennedy International Airport Project Special Facility RB Series 2020C (Tax-Exempt/NON-AMT) (Baa1/BBB) | New York Transportation Development Corporation Terminal 4 John F. Kennedy International Airport Project Special Facility RB Series 2020C (Tax-Exempt/NON-AMT) (Baa1/BBB) | New York Transportation Development Corporation Terminal 4 John F. Kennedy International Airport Project Special Facility RB Series 2020C (Tax-Exempt/NON-AMT) (Baa1/BBB) | New York Transportation Development Corporation Terminal 4 John F. Kennedy International Airport Project Special Facility RB Series 2020C (Tax-Exempt/NON-AMT) (Baa1/BBB) |
| 100000 | 4.000 | 12/01/2042 | 99149 |
| New York Transportation Development Corporation Terminal 4 John F. Kennedy International Airport Project Special Facility RB, Series 2020C Tax-Exempt/NON-AMT (Baa1/BBB) | New York Transportation Development Corporation Terminal 4 John F. Kennedy International Airport Project Special Facility RB, Series 2020C Tax-Exempt/NON-AMT (Baa1/BBB) | New York Transportation Development Corporation Terminal 4 John F. Kennedy International Airport Project Special Facility RB, Series 2020C Tax-Exempt/NON-AMT (Baa1/BBB) | New York Transportation Development Corporation Terminal 4 John F. Kennedy International Airport Project Special Facility RB, Series 2020C Tax-Exempt/NON-AMT (Baa1/BBB) |
| 225000 | 5.000 | 12/01/2035 | 245672 |
| Oneida County Local Development Corp. RB Refunding for Mohawk Valley Health System Obligated Group Project Series 2019 A (AG) (NR/AA) | Oneida County Local Development Corp. RB Refunding for Mohawk Valley Health System Obligated Group Project Series 2019 A (AG) (NR/AA) | Oneida County Local Development Corp. RB Refunding for Mohawk Valley Health System Obligated Group Project Series 2019 A (AG) (NR/AA) | Oneida County Local Development Corp. RB Refunding for Mohawk Valley Health System Obligated Group Project Series 2019 A (AG) (NR/AA) |
| 200000 | 4.000 | 12/01/2034 | 206083 |
| Oneida County Local Development Corp. RB Refunding for Mohawk Valley Health System Obligated Group Project Series 2019 A (AGM) (NR/AA) | Oneida County Local Development Corp. RB Refunding for Mohawk Valley Health System Obligated Group Project Series 2019 A (AGM) (NR/AA) | Oneida County Local Development Corp. RB Refunding for Mohawk Valley Health System Obligated Group Project Series 2019 A (AGM) (NR/AA) | Oneida County Local Development Corp. RB Refunding for Mohawk Valley Health System Obligated Group Project Series 2019 A (AGM) (NR/AA) |
| 100000 | 4.000 | 12/01/2049 | 91939 |
| Oneida Indian Nation Tax RB Series 2024B (Federally Tax-Exempt) (NR/NR) | Oneida Indian Nation Tax RB Series 2024B (Federally Tax-Exempt) (NR/NR) | Oneida Indian Nation Tax RB Series 2024B (Federally Tax-Exempt) (NR/NR) | Oneida Indian Nation Tax RB Series 2024B (Federally Tax-Exempt) (NR/NR) |
| 250000 | 6.000 <sup>(c)</sup> | 09/01/2043 | 273325 |
| Onondaga Civic Development Corporation RB Syracuse University Project Series 2025 (Aa3/AA-) | Onondaga Civic Development Corporation RB Syracuse University Project Series 2025 (Aa3/AA-) | Onondaga Civic Development Corporation RB Syracuse University Project Series 2025 (Aa3/AA-) | Onondaga Civic Development Corporation RB Syracuse University Project Series 2025 (Aa3/AA-) |
| 100000 | 4.500 | 12/01/2050 | 100186 |

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| New York – (continued) | New York – (continued) | New York – (continued) | New York – (continued) |
| Riverhead IDA Economic Job Development Corporation Tax-Exempt Educational Revenue Refunding Bonds Riverhead Charter School Project, Series 2025 (NR/BBB-) | Riverhead IDA Economic Job Development Corporation Tax-Exempt Educational Revenue Refunding Bonds Riverhead Charter School Project, Series 2025 (NR/BBB-) | Riverhead IDA Economic Job Development Corporation Tax-Exempt Educational Revenue Refunding Bonds Riverhead Charter School Project, Series 2025 (NR/BBB-) | Riverhead IDA Economic Job Development Corporation Tax-Exempt Educational Revenue Refunding Bonds Riverhead Charter School Project, Series 2025 (NR/BBB-) |
| $100000 | 5.250% | 08/01/2044 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104533 |
| South Orangetown Central School District Rockland County New York Bond Anticipation Notes 2025 Series B (ST AID WITHHLDG) (NR/NR) | South Orangetown Central School District Rockland County New York Bond Anticipation Notes 2025 Series B (ST AID WITHHLDG) (NR/NR) | South Orangetown Central School District Rockland County New York Bond Anticipation Notes 2025 Series B (ST AID WITHHLDG) (NR/NR) | South Orangetown Central School District Rockland County New York Bond Anticipation Notes 2025 Series B (ST AID WITHHLDG) (NR/NR) |
| 300000 | 4.000 | 08/05/2026 | 302148 |
| State of New York Mortgage Agency Mortgage RB Forty-Ninth Series (NON-AMT) (A2/A) | State of New York Mortgage Agency Mortgage RB Forty-Ninth Series (NON-AMT) (A2/A) | State of New York Mortgage Agency Mortgage RB Forty-Ninth Series (NON-AMT) (A2/A) | State of New York Mortgage Agency Mortgage RB Forty-Ninth Series (NON-AMT) (A2/A) |
| 130000 | 5.000 | 07/01/2034 | 130966 |
| Suffolk County Water Authority New York Water System RB Series 2016 Refunding (NR/AAA) | Suffolk County Water Authority New York Water System RB Series 2016 Refunding (NR/AAA) | Suffolk County Water Authority New York Water System RB Series 2016 Refunding (NR/AAA) | Suffolk County Water Authority New York Water System RB Series 2016 Refunding (NR/AAA) |
| 175000 | 4.000 | 06/01/2030 | 175834 |
| The City of New York GO Bonds Fiscal 2022 Series B and C Tax-Exempt Bonds, Series C (Aa2/AA) | The City of New York GO Bonds Fiscal 2022 Series B and C Tax-Exempt Bonds, Series C (Aa2/AA) | The City of New York GO Bonds Fiscal 2022 Series B and C Tax-Exempt Bonds, Series C (Aa2/AA) | The City of New York GO Bonds Fiscal 2022 Series B and C Tax-Exempt Bonds, Series C (Aa2/AA) |
| 100000 | 5.000 | 08/01/2027 | 104117 |
| The City of New York GO Bonds Fiscal 2025 Series A (Aa2/AA) | The City of New York GO Bonds Fiscal 2025 Series A (Aa2/AA) | The City of New York GO Bonds Fiscal 2025 Series A (Aa2/AA) | The City of New York GO Bonds Fiscal 2025 Series A (Aa2/AA) |
| 250000 | 5.000 | 08/01/2037 | 288283 |
| The Genesee County Funding Corporation RB Rochester Regional Health Energy Projects Series 2025A (NR/BBB+) | The Genesee County Funding Corporation RB Rochester Regional Health Energy Projects Series 2025A (NR/BBB+) | The Genesee County Funding Corporation RB Rochester Regional Health Energy Projects Series 2025A (NR/BBB+) | The Genesee County Funding Corporation RB Rochester Regional Health Energy Projects Series 2025A (NR/BBB+) |
| 250000 | 5.000 | 12/01/2044 | 261579 |
| The Port Authority of New York and New Jersey Consolidated Bonds Two Hundred Twenty-Sixth Series (Aa3/AA-) | The Port Authority of New York and New Jersey Consolidated Bonds Two Hundred Twenty-Sixth Series (Aa3/AA-) | The Port Authority of New York and New Jersey Consolidated Bonds Two Hundred Twenty-Sixth Series (Aa3/AA-) | The Port Authority of New York and New Jersey Consolidated Bonds Two Hundred Twenty-Sixth Series (Aa3/AA-) |
| 130000 | 5.000 | 10/15/2027 | 135147 |
| 265000 | 5.000 | 10/15/2041 | 282408 |
| The Port Authority of New York and New Jersey Consolidated Bonds, One Hundred Ninety-Seventh Series (Aa3/AA-) | The Port Authority of New York and New Jersey Consolidated Bonds, One Hundred Ninety-Seventh Series (Aa3/AA-) | The Port Authority of New York and New Jersey Consolidated Bonds, One Hundred Ninety-Seventh Series (Aa3/AA-) | The Port Authority of New York and New Jersey Consolidated Bonds, One Hundred Ninety-Seventh Series (Aa3/AA-) |
| 225000 | 5.000 | 11/15/2041 | 227277 |
| The Trust for Cultural Resources of the City of New York Revenue and Refunding Bonds Series 2024A (Aa3/AA-) | The Trust for Cultural Resources of the City of New York Revenue and Refunding Bonds Series 2024A (Aa3/AA-) | The Trust for Cultural Resources of the City of New York Revenue and Refunding Bonds Series 2024A (Aa3/AA-) | The Trust for Cultural Resources of the City of New York Revenue and Refunding Bonds Series 2024A (Aa3/AA-) |
| 100000 | 5.000 | 07/15/2054 | 105447 |
| Town of Hempstead Local Development Corporation Education RB Evergreen Charter School Project Series 2022A (NR/BB) | Town of Hempstead Local Development Corporation Education RB Evergreen Charter School Project Series 2022A (NR/BB) | Town of Hempstead Local Development Corporation Education RB Evergreen Charter School Project Series 2022A (NR/BB) | Town of Hempstead Local Development Corporation Education RB Evergreen Charter School Project Series 2022A (NR/BB) |
| 175000 | 5.250 | 06/15/2042 | 179996 |
| Town of Hempstead Local Development Corporation RB Series 2017 (A2/A) | Town of Hempstead Local Development Corporation RB Series 2017 (A2/A) | Town of Hempstead Local Development Corporation RB Series 2017 (A2/A) | Town of Hempstead Local Development Corporation RB Series 2017 (A2/A) |
| 430000 | 5.000 | 07/01/2047 | 434251 |
| Town of Hempstead Nassau County New York Public Improvement Serial Bonds 2025 Series A (Aaa/NR) | Town of Hempstead Nassau County New York Public Improvement Serial Bonds 2025 Series A (Aaa/NR) | Town of Hempstead Nassau County New York Public Improvement Serial Bonds 2025 Series A (Aaa/NR) | Town of Hempstead Nassau County New York Public Improvement Serial Bonds 2025 Series A (Aaa/NR) |
| 200000 | 4.000 | 06/01/2039 | 212186 |
| Town of Niskayuna, New York GO Public Improvement Serial Bonds 2018 (NR/AA+) | Town of Niskayuna, New York GO Public Improvement Serial Bonds 2018 (NR/AA+) | Town of Niskayuna, New York GO Public Improvement Serial Bonds 2018 (NR/AA+) | Town of Niskayuna, New York GO Public Improvement Serial Bonds 2018 (NR/AA+) |
| 175000 | 3.625 | 06/01/2043 | 175002 |
| Town of Riverhead New York GO Bond Anticipation Notes 2025 Series B (NR/NR) | Town of Riverhead New York GO Bond Anticipation Notes 2025 Series B (NR/NR) | Town of Riverhead New York GO Bond Anticipation Notes 2025 Series B (NR/NR) | Town of Riverhead New York GO Bond Anticipation Notes 2025 Series B (NR/NR) |
| 200000 | 4.000 | 08/14/2026 | 201345 |
| Transportation Infrastructure Properties LLC Trips Obligated Group Build NYC Resource Corporation Senior Airport Facilities RB Trips Obligated Group Series 2025 (NR/BBB+) | Transportation Infrastructure Properties LLC Trips Obligated Group Build NYC Resource Corporation Senior Airport Facilities RB Trips Obligated Group Series 2025 (NR/BBB+) | Transportation Infrastructure Properties LLC Trips Obligated Group Build NYC Resource Corporation Senior Airport Facilities RB Trips Obligated Group Series 2025 (NR/BBB+) | Transportation Infrastructure Properties LLC Trips Obligated Group Build NYC Resource Corporation Senior Airport Facilities RB Trips Obligated Group Series 2025 (NR/BBB+) |
| 300000 | 5.500 | 07/01/2055 | 314515 |
| Triborough Bridge and Tunnel Authority (MTA Bridges and Tunnels) Real Estate Transfer Tax RB, Series 2025A (A1/A+) | Triborough Bridge and Tunnel Authority (MTA Bridges and Tunnels) Real Estate Transfer Tax RB, Series 2025A (A1/A+) | Triborough Bridge and Tunnel Authority (MTA Bridges and Tunnels) Real Estate Transfer Tax RB, Series 2025A (A1/A+) | Triborough Bridge and Tunnel Authority (MTA Bridges and Tunnels) Real Estate Transfer Tax RB, Series 2025A (A1/A+) |
| 205000 | 5.000 | 12/01/2044 | 224156 |
| Triborough Bridge and Tunnel Authority (MTA Bridges and Tunnels) Sales Tax RB, Series 2024A General RB Subseries 2024A-1 (Aa3/AA-) | Triborough Bridge and Tunnel Authority (MTA Bridges and Tunnels) Sales Tax RB, Series 2024A General RB Subseries 2024A-1 (Aa3/AA-) | Triborough Bridge and Tunnel Authority (MTA Bridges and Tunnels) Sales Tax RB, Series 2024A General RB Subseries 2024A-1 (Aa3/AA-) | Triborough Bridge and Tunnel Authority (MTA Bridges and Tunnels) Sales Tax RB, Series 2024A General RB Subseries 2024A-1 (Aa3/AA-) |
| 210000 | 5.000 | 11/15/2043 | 232207 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **16** | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS DYNAMIC NEW YORK MUNICIPAL INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| New York – (continued) | New York – (continued) | New York – (continued) | New York – (continued) |
| Triborough Bridge and Tunnel Authority Mta Bridges and Tunnels General Revenue Bond Series 2016A (Aa3/AA-) | Triborough Bridge and Tunnel Authority Mta Bridges and Tunnels General Revenue Bond Series 2016A (Aa3/AA-) | Triborough Bridge and Tunnel Authority Mta Bridges and Tunnels General Revenue Bond Series 2016A (Aa3/AA-) | Triborough Bridge and Tunnel Authority Mta Bridges and Tunnels General Revenue Bond Series 2016A (Aa3/AA-) |
| 250000 | 5.000% | 11/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250656 |
| Triborough Bridge and Tunnel Authority MTA Bridges and Tunnels Payroll Mobility Tax Senior Lien Bonds Series 2021B (NR/ AA+) | Triborough Bridge and Tunnel Authority MTA Bridges and Tunnels Payroll Mobility Tax Senior Lien Bonds Series 2021B (NR/ AA+) | Triborough Bridge and Tunnel Authority MTA Bridges and Tunnels Payroll Mobility Tax Senior Lien Bonds Series 2021B (NR/ AA+) | Triborough Bridge and Tunnel Authority MTA Bridges and Tunnels Payroll Mobility Tax Senior Lien Bonds Series 2021B (NR/ AA+) |
| 230000 | 5.000 <sup>(a)(b)</sup> | 05/15/2050 | 231209 |
| Triborough Bridge and Tunnel Authority MTA Bridges and Tunnels Payroll Mobility Tax Senior Lien Bonds Series 2022C (NR/ AA+) | Triborough Bridge and Tunnel Authority MTA Bridges and Tunnels Payroll Mobility Tax Senior Lien Bonds Series 2022C (NR/ AA+) | Triborough Bridge and Tunnel Authority MTA Bridges and Tunnels Payroll Mobility Tax Senior Lien Bonds Series 2022C (NR/ AA+) | Triborough Bridge and Tunnel Authority MTA Bridges and Tunnels Payroll Mobility Tax Senior Lien Bonds Series 2022C (NR/ AA+) |
| 100000 | 5.250 | 05/15/2052 | 104884 |
| Triborough Bridge and Tunnel Authority MTA Bridges and Tunnels Payroll Mobility Tax Senior Lien Refunding Bonds Series 2022B (NR/AA+) | Triborough Bridge and Tunnel Authority MTA Bridges and Tunnels Payroll Mobility Tax Senior Lien Refunding Bonds Series 2022B (NR/AA+) | Triborough Bridge and Tunnel Authority MTA Bridges and Tunnels Payroll Mobility Tax Senior Lien Refunding Bonds Series 2022B (NR/AA+) | Triborough Bridge and Tunnel Authority MTA Bridges and Tunnels Payroll Mobility Tax Senior Lien Refunding Bonds Series 2022B (NR/AA+) |
| 100000 | 4.000 | 05/15/2026 | 100393 |
| Triborough Bridge and Tunnel Authority Mta Bridges and Tunnels Real Estate Transfer Tax RB Series 2025A (NR/AA+) | Triborough Bridge and Tunnel Authority Mta Bridges and Tunnels Real Estate Transfer Tax RB Series 2025A (NR/AA+) | Triborough Bridge and Tunnel Authority Mta Bridges and Tunnels Real Estate Transfer Tax RB Series 2025A (NR/AA+) | Triborough Bridge and Tunnel Authority Mta Bridges and Tunnels Real Estate Transfer Tax RB Series 2025A (NR/AA+) |
| 100000 | 5.250 | 05/15/2059 | 105367 |
| Triborough Bridge and Tunnel Authority Mta Bridges and Tunnels Sales Tax RB Series 2022A (NR/AA+) | Triborough Bridge and Tunnel Authority Mta Bridges and Tunnels Sales Tax RB Series 2022A (NR/AA+) | Triborough Bridge and Tunnel Authority Mta Bridges and Tunnels Sales Tax RB Series 2022A (NR/AA+) | Triborough Bridge and Tunnel Authority Mta Bridges and Tunnels Sales Tax RB Series 2022A (NR/AA+) |
| 235000 | 4.000 | 05/15/2052 | 218728 |
| Tsasc Inc. Tobacco Settlement Bonds Tobacco Settlement Bonds Fiscal 2017 Series A (NR/BBB) | Tsasc Inc. Tobacco Settlement Bonds Tobacco Settlement Bonds Fiscal 2017 Series A (NR/BBB) | Tsasc Inc. Tobacco Settlement Bonds Tobacco Settlement Bonds Fiscal 2017 Series A (NR/BBB) | Tsasc Inc. Tobacco Settlement Bonds Tobacco Settlement Bonds Fiscal 2017 Series A (NR/BBB) |
| 300000 | 5.000 | 06/01/2041 | 302069 |
| Utility Debt Securitization Authority Restructuring Bonds Series 2025TE-2 (Aaa/AAA) | Utility Debt Securitization Authority Restructuring Bonds Series 2025TE-2 (Aaa/AAA) | Utility Debt Securitization Authority Restructuring Bonds Series 2025TE-2 (Aaa/AAA) | Utility Debt Securitization Authority Restructuring Bonds Series 2025TE-2 (Aaa/AAA) |
| 350000 | 5.000 | 12/15/2039 | 415103 |
| Utility Debt Securitization Authority Restructuring Bonds Series 2025TE-2 (ST AID WITHHLDG) (Aa2/NR) | Utility Debt Securitization Authority Restructuring Bonds Series 2025TE-2 (ST AID WITHHLDG) (Aa2/NR) | Utility Debt Securitization Authority Restructuring Bonds Series 2025TE-2 (ST AID WITHHLDG) (Aa2/NR) | Utility Debt Securitization Authority Restructuring Bonds Series 2025TE-2 (ST AID WITHHLDG) (Aa2/NR) |
| 100000 | 4.000 | 06/15/2033 | 100427 |
| Westchester County Local Development Corp. Revenue Refunding Bonds for Kendal on Hudson Project Series 2022B (NR/NR) | Westchester County Local Development Corp. Revenue Refunding Bonds for Kendal on Hudson Project Series 2022B (NR/NR) | Westchester County Local Development Corp. Revenue Refunding Bonds for Kendal on Hudson Project Series 2022B (NR/NR) | Westchester County Local Development Corp. Revenue Refunding Bonds for Kendal on Hudson Project Series 2022B (NR/NR) |
| 75000 | 5.000 | 01/01/2027 | 76021 |
| Westchester County Local Development Corporation RB for New York Blood Center Project Series 2024 (Baa1/NR) | Westchester County Local Development Corporation RB for New York Blood Center Project Series 2024 (Baa1/NR) | Westchester County Local Development Corporation RB for New York Blood Center Project Series 2024 (Baa1/NR) | Westchester County Local Development Corporation RB for New York Blood Center Project Series 2024 (Baa1/NR) |
| 300000 | 5.000 | 07/01/2035 | 335979 |
| Westchester County Local Development Corporation RB Series 2026A Senior Lien Sunrise of Tarrytown Project (NR/NR) | Westchester County Local Development Corporation RB Series 2026A Senior Lien Sunrise of Tarrytown Project (NR/NR) | Westchester County Local Development Corporation RB Series 2026A Senior Lien Sunrise of Tarrytown Project (NR/NR) | Westchester County Local Development Corporation RB Series 2026A Senior Lien Sunrise of Tarrytown Project (NR/NR) |
| 100000 | 6.000 <sup>(c)(e)</sup> | 12/01/2045 | 103286 |
| Yonkers Economic Development Corp. RB Refunding for Charter School of Educational Excellence Series 2020 A (NR/BB) | Yonkers Economic Development Corp. RB Refunding for Charter School of Educational Excellence Series 2020 A (NR/BB) | Yonkers Economic Development Corp. RB Refunding for Charter School of Educational Excellence Series 2020 A (NR/BB) | Yonkers Economic Development Corp. RB Refunding for Charter School of Educational Excellence Series 2020 A (NR/BB) |
| 200000 | 4.000 | 10/15/2030 | 201408 |
|  |  |  | 28053963 |
| Puerto Rico - 6.2% | Puerto Rico - 6.2% | Puerto Rico - 6.2% | Puerto Rico - 6.2% |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding for Senior Lien Series 2020 A (NR/NR) | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding for Senior Lien Series 2020 A (NR/NR) | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding for Senior Lien Series 2020 A (NR/NR) | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding for Senior Lien Series 2020 A (NR/NR) |
| 250000 | 5.000 <sup>(c)</sup> | 07/01/2047 | 250561 |
| Puerto Rico Commonwealth GO Restructured Bonds Series 2022 A-1 (NR/NR) | Puerto Rico Commonwealth GO Restructured Bonds Series 2022 A-1 (NR/NR) | Puerto Rico Commonwealth GO Restructured Bonds Series 2022 A-1 (NR/NR) | Puerto Rico Commonwealth GO Restructured Bonds Series 2022 A-1 (NR/NR) |
| 100000 | 5.750 | 07/01/2031 | 111123 |
| 49000 | 0.000 <sup>(d)</sup> | 07/01/2033 | 36282 |
| 50000 | 4.000 | 07/01/2033 | 51209 |
| 200000 | 4.000 | 07/01/2037 | 200413 |
| 25000 | 4.000 | 07/01/2046 | 22571 |
| Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AG) (A1/AA)<br> (3M USD SOFR + 0.52%) | Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AG) (A1/AA)<br> (3M USD SOFR + 0.52%) | Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AG) (A1/AA)<br> (3M USD SOFR + 0.52%) | Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AG) (A1/AA)<br> (3M USD SOFR + 0.52%) |
| 45000 | 3.148 <sup>(f)</sup> | 07/01/2029 | 43945 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Puerto Rico – (continued) | Puerto Rico – (continued) | Puerto Rico – (continued) | Puerto Rico – (continued) |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Restructured Bonds Series A-2 (NR/NR) | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Restructured Bonds Series A-2 (NR/NR) | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Restructured Bonds Series A-2 (NR/NR) | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Restructured Bonds Series A-2 (NR/NR) |
| 165000 | 4.329% | 07/01/2040 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165341 |
| Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR) |
| 242000 | 0.000 <sup>(d)</sup> | 07/01/2027 | 232394 |
| 309000 | 0.000 <sup>(d)</sup> | 07/01/2029 | 278651 |
| 100000 | 0.000 <sup>(d)</sup> | 07/01/2031 | 84181 |
| 151000 | 0.000 <sup>(d)</sup> | 07/01/2033 | 117419 |
| 75000 | 0.000 <sup>(d)</sup> | 07/01/2046 | 26978 |
| 75000 | 0.000 <sup>(d)</sup> | 07/01/2051 | 19733 |
| Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR) |
| 232000 | 4.329 | 07/01/2040 | 232480 |
| Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR) |
| 167000 | 5.000 | 07/01/2058 | 163915 |
|  |  |  | 2037196 |
| Virgin Islands - 1.6% | Virgin Islands - 1.6% | Virgin Islands - 1.6% | Virgin Islands - 1.6% |
| Matching Fund Special Purpose Securitization Corp. Matching Fund Securitization Bonds Series 2022A (NR/NR) | Matching Fund Special Purpose Securitization Corp. Matching Fund Securitization Bonds Series 2022A (NR/NR) | Matching Fund Special Purpose Securitization Corp. Matching Fund Securitization Bonds Series 2022A (NR/NR) | Matching Fund Special Purpose Securitization Corp. Matching Fund Securitization Bonds Series 2022A (NR/NR) |
| 250000 | 5.000 | 10/01/2039 | 265084 |
| Matching Fund Special Purpose Securitization Corporation Matching Fund Securitization Bonds Series 2022A (NR/NR) | Matching Fund Special Purpose Securitization Corporation Matching Fund Securitization Bonds Series 2022A (NR/NR) | Matching Fund Special Purpose Securitization Corporation Matching Fund Securitization Bonds Series 2022A (NR/NR) | Matching Fund Special Purpose Securitization Corporation Matching Fund Securitization Bonds Series 2022A (NR/NR) |
| 100000 | 5.000 | 10/01/2028 | 103831 |
| Virgin Islands Transportation & Infrastructure Corporation Grant Anticipation RB Federal Highway Grant Anticipation Revenue Loan Note Series 2025 (NR/A) | Virgin Islands Transportation & Infrastructure Corporation Grant Anticipation RB Federal Highway Grant Anticipation Revenue Loan Note Series 2025 (NR/A) | Virgin Islands Transportation & Infrastructure Corporation Grant Anticipation RB Federal Highway Grant Anticipation Revenue Loan Note Series 2025 (NR/A) | Virgin Islands Transportation & Infrastructure Corporation Grant Anticipation RB Federal Highway Grant Anticipation Revenue Loan Note Series 2025 (NR/A) |
| 150000 | 5.000 | 09/01/2030 | 163391 |
|  |  |  | 532306 |
| **TOTAL MUNICIPAL BONDS**<br> **(Cost $31,440,324)** | **TOTAL MUNICIPAL BONDS**<br> **(Cost $31,440,324)** | **TOTAL MUNICIPAL BONDS**<br> **(Cost $31,440,324)** | 32269318 |
| **Shares** | **Dividend<br>Rate** |  | **Value** |
| Investment Company - 1.8%<sup>(g)</sup> | Investment Company - 1.8%<sup>(g)</sup> | Investment Company - 1.8%<sup>(g)</sup> | Investment Company - 1.8%<sup>(g)</sup> |
| Goldman Sachs Financial Square Treasury Instruments Fund - Institutional Shares | Goldman Sachs Financial Square Treasury Instruments Fund - Institutional Shares | Goldman Sachs Financial Square Treasury Instruments Fund - Institutional Shares | Goldman Sachs Financial Square Treasury Instruments Fund - Institutional Shares |
| 585909 | 3.548% |  | 585909 |
| (Cost $585,909) | (Cost $585,909) | (Cost $585,909) | (Cost $585,909) |
| TOTAL INVESTMENTS - 99.7%<br>(Cost $32,026,233) | TOTAL INVESTMENTS - 99.7%<br>(Cost $32,026,233) | TOTAL INVESTMENTS - 99.7%<br>(Cost $32,026,233) | $32855227 |
| **OTHER ASSETS IN EXCESS<br>OF LIABILITIES - 0.3%** | **OTHER ASSETS IN EXCESS<br>OF LIABILITIES - 0.3%** | **OTHER ASSETS IN EXCESS<br>OF LIABILITIES - 0.3%** | 97947 |
| NET ASSETS - 100.0% | NET ASSETS - 100.0% | NET ASSETS - 100.0% | $32953174 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

(a) Variable Rate Demand Instruments – rate shown is that which is in effect on February 28, 2026. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.

(b) Security with "Put" features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **17** |

---

------

GOLDMAN SACHS DYNAMIC NEW YORK MUNICIPAL INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| (c) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (d) | Issued with a zero coupon. Income is recognized through the accretion of discount. |
| (e) | When-issued security. |
| (f) | Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on February 28, 2026. |
| (g) | Represents an affiliated issuer. |
| Security ratings disclosed, if any, are issued by either S&P Global Ratings, Moody's Investor Service or Fitch Ratings and are unaudited. A brief description of the ratings is available in the Fund's Statement of Additional Information. | Security ratings disclosed, if any, are issued by either S&P Global Ratings, Moody's Investor Service or Fitch Ratings and are unaudited. A brief description of the ratings is available in the Fund's Statement of Additional Information. |

---

---

| | |
|:---|:---|
|  **Investment Abbreviations:** | **Investment Abbreviations:** |
| AGC | - Insured by Assured Guaranty Corp. |
| AGM | - Insured by Assured Guaranty Municipal Corp. |
| AMT | - Alternative Minimum Tax (subject to) |
| BAM | - Build America Mutual Assurance Co. |
| FHA | - Federal Housing Administration |
| FNMA | - Insured by Federal National Mortgage Association |
| GO | - General Obligation |
| HUD SECT 8 | - Hud Section 8 |
| IDA | - Industrial Development Agency |
| MTA | - Metropolitan Transportation Authority |
| RB | - Revenue Bond |
| SOFR | - Secured Overnight Financing Rate |

---

---

| | |
|:---|:---|
|  **Investment Abbreviations: (continued)** | **Investment Abbreviations: (continued)** |
| ST AID |  |
| WITHHLDG | State Aid Withholding |
| TCRS | - Transferable Custody Receipts |
| USD | - United States Dollar |

---

ADDITIONAL INVESTMENT INFORMATION

**FUTURES CONTRACTS** — At February 28, 2026, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Number of<br>Contracts | Expiration<br>Date | **Notional**<br> **Amount** | Unrealized<br>Appreciation/<br>(Depreciation) |
|  **Short position contracts:** |  |  |  |  |
|  U.S. Treasury Ultra Bond | (2) | 06/18/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(243063) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2064) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **18** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MUNICIPAL INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Municipal Bonds - 98.2% | Municipal Bonds - 98.2% | Municipal Bonds - 98.2% | Municipal Bonds - 98.2% |
| Alabama - 4.3% | Alabama - 4.3% | Alabama - 4.3% | Alabama - 4.3% |
| Board of Trustees of Alabama State University General Tuition and Fee RB Series 2025 (AG) (A1/AA) | Board of Trustees of Alabama State University General Tuition and Fee RB Series 2025 (AG) (A1/AA) | Board of Trustees of Alabama State University General Tuition and Fee RB Series 2025 (AG) (A1/AA) | Board of Trustees of Alabama State University General Tuition and Fee RB Series 2025 (AG) (A1/AA) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | 5.250% | 09/01/2038 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582094 |
| Board of Trustees of The Alabama Community College System Wallace State Community College Hanceville RB Series 2025 (BAM) (A1/AA) | Board of Trustees of The Alabama Community College System Wallace State Community College Hanceville RB Series 2025 (BAM) (A1/AA) | Board of Trustees of The Alabama Community College System Wallace State Community College Hanceville RB Series 2025 (BAM) (A1/AA) | Board of Trustees of The Alabama Community College System Wallace State Community College Hanceville RB Series 2025 (BAM) (A1/AA) |
| 500000 | 5.250 | 11/01/2036 | 586381 |
| Jefferson County Alabama Sewer Revenue Warrants Series 2024 (Baa1/BBB+) | Jefferson County Alabama Sewer Revenue Warrants Series 2024 (Baa1/BBB+) | Jefferson County Alabama Sewer Revenue Warrants Series 2024 (Baa1/BBB+) | Jefferson County Alabama Sewer Revenue Warrants Series 2024 (Baa1/BBB+) |
| 100000 | 5.250 | 10/01/2042 | 110963 |
| Southeast Alabama Gas Supply District Gas Supply RB Refunding Series 2024B (A1/NR) | Southeast Alabama Gas Supply District Gas Supply RB Refunding Series 2024B (A1/NR) | Southeast Alabama Gas Supply District Gas Supply RB Refunding Series 2024B (A1/NR) | Southeast Alabama Gas Supply District Gas Supply RB Refunding Series 2024B (A1/NR) |
| 125000 | 5.000 <sup>(a)(b)</sup> | 06/01/2049 | 136648 |
| Southeast Energy Authority A Cooperative District Energy Supply RB Series 2025B (A1/NR) | Southeast Energy Authority A Cooperative District Energy Supply RB Series 2025B (A1/NR) | Southeast Energy Authority A Cooperative District Energy Supply RB Series 2025B (A1/NR) | Southeast Energy Authority A Cooperative District Energy Supply RB Series 2025B (A1/NR) |
| 200000 | 5.250 <sup>(a)(b)</sup> | 03/01/2055 | 214323 |
| Southeast Energy Authority A Cooperative District Energy Supply RB, Series 2025E (Aa3/NR) | Southeast Energy Authority A Cooperative District Energy Supply RB, Series 2025E (Aa3/NR) | Southeast Energy Authority A Cooperative District Energy Supply RB, Series 2025E (Aa3/NR) | Southeast Energy Authority A Cooperative District Energy Supply RB, Series 2025E (Aa3/NR) |
| 2000000 | 5.000 | 10/01/2030 | 2180752 |
| Southeast Energy Authority A Cooperative District Energy Supply RB, Series 2025H (A1/NR) | Southeast Energy Authority A Cooperative District Energy Supply RB, Series 2025H (A1/NR) | Southeast Energy Authority A Cooperative District Energy Supply RB, Series 2025H (A1/NR) | Southeast Energy Authority A Cooperative District Energy Supply RB, Series 2025H (A1/NR) |
| 225000 | 5.000 | 11/01/2035 | 247228 |
| Southeast Energy Authority Commodity Supply RB Series 2022A-1 (A1/NR) | Southeast Energy Authority Commodity Supply RB Series 2022A-1 (A1/NR) | Southeast Energy Authority Commodity Supply RB Series 2022A-1 (A1/NR) | Southeast Energy Authority Commodity Supply RB Series 2022A-1 (A1/NR) |
| 615000 | 5.500 <sup>(a)(b)</sup> | 01/01/2053 | 669411 |
| Southeast Energy Authority, A Cooperative District Energy Supply RB Series 2025C (Aa1/NR) | Southeast Energy Authority, A Cooperative District Energy Supply RB Series 2025C (Aa1/NR) | Southeast Energy Authority, A Cooperative District Energy Supply RB Series 2025C (Aa1/NR) | Southeast Energy Authority, A Cooperative District Energy Supply RB Series 2025C (Aa1/NR) |
| 900000 | 5.000 <sup>(a)(b)</sup> | 05/01/2055 | 975318 |
| The Black Belt Energy District Gas Supply RB Series 2021A (Aa1/ NR) | The Black Belt Energy District Gas Supply RB Series 2021A (Aa1/ NR) | The Black Belt Energy District Gas Supply RB Series 2021A (Aa1/ NR) | The Black Belt Energy District Gas Supply RB Series 2021A (Aa1/ NR) |
| 150000 | 4.000 <sup>(a)(b)</sup> | 06/01/2051 | 156648 |
| The Black Belt Energy Gas District Gas Project RB 2025 Series F (NR/AA-) | The Black Belt Energy Gas District Gas Project RB 2025 Series F (NR/AA-) | The Black Belt Energy Gas District Gas Project RB 2025 Series F (NR/AA-) | The Black Belt Energy Gas District Gas Project RB 2025 Series F (NR/AA-) |
| 250000 | 5.000 | 12/01/2035 | 275091 |
| The Black Belt Energy Gas District Gas Project Revenue Refunding Bonds 2025 Series D (Aa3/NR) | The Black Belt Energy Gas District Gas Project Revenue Refunding Bonds 2025 Series D (Aa3/NR) | The Black Belt Energy Gas District Gas Project Revenue Refunding Bonds 2025 Series D (Aa3/NR) | The Black Belt Energy Gas District Gas Project Revenue Refunding Bonds 2025 Series D (Aa3/NR) |
| 700000 | 5.000 <sup>(a)(b)</sup> | 12/01/2055 | 777774 |
| The Educational Building Authority of The City of Homewood Alabama Lease RB Tax-Exempt Series 2024-A (Baa2/NR) | The Educational Building Authority of The City of Homewood Alabama Lease RB Tax-Exempt Series 2024-A (Baa2/NR) | The Educational Building Authority of The City of Homewood Alabama Lease RB Tax-Exempt Series 2024-A (Baa2/NR) | The Educational Building Authority of The City of Homewood Alabama Lease RB Tax-Exempt Series 2024-A (Baa2/NR) |
| 500000 | 5.500 | 10/01/2049 | 516133 |
| The Educational Building Authority of The City of Homewood Alabama RB Tax-Exempt Series 2024-C (Baa2/NR) | The Educational Building Authority of The City of Homewood Alabama RB Tax-Exempt Series 2024-C (Baa2/NR) | The Educational Building Authority of The City of Homewood Alabama RB Tax-Exempt Series 2024-C (Baa2/NR) | The Educational Building Authority of The City of Homewood Alabama RB Tax-Exempt Series 2024-C (Baa2/NR) |
| 500000 | 5.500 | 10/01/2049 | 516133 |
| The Industrial Development Board of The City of Mobile Alabama Pollution Control RB Alabama Power Company Barry Plant Project, Series 2007-A (A1/A) (PUTABLE) | The Industrial Development Board of The City of Mobile Alabama Pollution Control RB Alabama Power Company Barry Plant Project, Series 2007-A (A1/A) (PUTABLE) | The Industrial Development Board of The City of Mobile Alabama Pollution Control RB Alabama Power Company Barry Plant Project, Series 2007-A (A1/A) (PUTABLE) | The Industrial Development Board of The City of Mobile Alabama Pollution Control RB Alabama Power Company Barry Plant Project, Series 2007-A (A1/A) (PUTABLE) |
| 540000 | 3.375 <sup>(a)(b)</sup> | 06/01/2034 | 551693 |
| The Public Educational Building Authority of Jacksonville Higher Educational Facilities RB for JSU Foundation Project Series 2024 Consisting of: Series 2024-A (BAM) (Baa2/AA) | The Public Educational Building Authority of Jacksonville Higher Educational Facilities RB for JSU Foundation Project Series 2024 Consisting of: Series 2024-A (BAM) (Baa2/AA) | The Public Educational Building Authority of Jacksonville Higher Educational Facilities RB for JSU Foundation Project Series 2024 Consisting of: Series 2024-A (BAM) (Baa2/AA) | The Public Educational Building Authority of Jacksonville Higher Educational Facilities RB for JSU Foundation Project Series 2024 Consisting of: Series 2024-A (BAM) (Baa2/AA) |
| 195000 | 5.250 | 08/01/2049 | 203768 |
|  |  |  | 8700358 |
| Alaska - 0.2% | Alaska - 0.2% | Alaska - 0.2% | Alaska - 0.2% |
| Alaska Industrial Development and Export Authority Power Revenue Refunding Bonds Series 2015 (Baa2/NR) | Alaska Industrial Development and Export Authority Power Revenue Refunding Bonds Series 2015 (Baa2/NR) | Alaska Industrial Development and Export Authority Power Revenue Refunding Bonds Series 2015 (Baa2/NR) | Alaska Industrial Development and Export Authority Power Revenue Refunding Bonds Series 2015 (Baa2/NR) |
| 500000 | 4.000 | 01/01/2028 | 500139 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br>Amount | Interest<br>Rate | Maturity<br>Date | Value |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Arizona - 3.2% | Arizona - 3.2% | Arizona - 3.2% | Arizona - 3.2% |
| Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (NR/AA-)<br> (S&P 7 Day Municipal Intermediate Grade Rate + 0.81%) | Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (NR/AA-)<br> (S&P 7 Day Municipal Intermediate Grade Rate + 0.81%) | Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (NR/AA-)<br> (S&P 7 Day Municipal Intermediate Grade Rate + 0.81%) | Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (NR/AA-)<br> (S&P 7 Day Municipal Intermediate Grade Rate + 0.81%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2785000 | 4.160 %<sup>(b)(c)</sup> | 01/01/2037 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2767136 |
| City of Chandler IDA RB for Intel Corp. Project Series 2022-2 (Baa2/BBB) | City of Chandler IDA RB for Intel Corp. Project Series 2022-2 (Baa2/BBB) | City of Chandler IDA RB for Intel Corp. Project Series 2022-2 (Baa2/BBB) | City of Chandler IDA RB for Intel Corp. Project Series 2022-2 (Baa2/BBB) |
| 1000000 | 5.000 <sup>(a)(b)</sup> | 09/01/2052 | 1021303 |
| City of Garden City Kansas Sales Tax Special Obligation RB Sports of The World Star Bond Project Phase II Series 2025 (NR/AA-) | City of Garden City Kansas Sales Tax Special Obligation RB Sports of The World Star Bond Project Phase II Series 2025 (NR/AA-) | City of Garden City Kansas Sales Tax Special Obligation RB Sports of The World Star Bond Project Phase II Series 2025 (NR/AA-) | City of Garden City Kansas Sales Tax Special Obligation RB Sports of The World Star Bond Project Phase II Series 2025 (NR/AA-) |
| 1000000 | 5.000 | 05/15/2043 | 1087565 |
| City of Glendale Arizona Senior Lien Water and Sewer Revenue and Revenue Refunding Obligations Series 2025 (NR/AA) | City of Glendale Arizona Senior Lien Water and Sewer Revenue and Revenue Refunding Obligations Series 2025 (NR/AA) | City of Glendale Arizona Senior Lien Water and Sewer Revenue and Revenue Refunding Obligations Series 2025 (NR/AA) | City of Glendale Arizona Senior Lien Water and Sewer Revenue and Revenue Refunding Obligations Series 2025 (NR/AA) |
| 100000 | 5.000 | 07/01/2038 | 117610 |
| City of Phoenix Civic Improvement Corporation Junior Lien Airport RB Series 2019B (AMT) (Aa3/A+) | City of Phoenix Civic Improvement Corporation Junior Lien Airport RB Series 2019B (AMT) (Aa3/A+) | City of Phoenix Civic Improvement Corporation Junior Lien Airport RB Series 2019B (AMT) (Aa3/A+) | City of Phoenix Civic Improvement Corporation Junior Lien Airport RB Series 2019B (AMT) (Aa3/A+) |
| 125000 | 5.000 | 07/01/2035 | 133173 |
| Kayenta Unified School District No. 27 of Navajo County Arizona Impact Aid RB Series 2025 (NR/A+) | Kayenta Unified School District No. 27 of Navajo County Arizona Impact Aid RB Series 2025 (NR/A+) | Kayenta Unified School District No. 27 of Navajo County Arizona Impact Aid RB Series 2025 (NR/A+) | Kayenta Unified School District No. 27 of Navajo County Arizona Impact Aid RB Series 2025 (NR/A+) |
| 440000 | 5.000 | 07/01/2030 | 468637 |
| The Industrial Development Authority of The City of Chandler Arizona Industrial Development RB Series 2019 (AMT) (Baa2/BBB) | The Industrial Development Authority of The City of Chandler Arizona Industrial Development RB Series 2019 (AMT) (Baa2/BBB) | The Industrial Development Authority of The City of Chandler Arizona Industrial Development RB Series 2019 (AMT) (Baa2/BBB) | The Industrial Development Authority of The City of Chandler Arizona Industrial Development RB Series 2019 (AMT) (Baa2/BBB) |
| 120000 | 4.000 <sup>(a)(b)</sup> | 06/01/2049 | 123487 |
| The Industrial Development Authority of The County of Maricopa RB Banner Health (NR/AA-) | The Industrial Development Authority of The County of Maricopa RB Banner Health (NR/AA-) | The Industrial Development Authority of The County of Maricopa RB Banner Health (NR/AA-) | The Industrial Development Authority of The County of Maricopa RB Banner Health (NR/AA-) |
| 890000 | 4.000 | 01/01/2041 | 890491 |
|  |  |  | 6609402 |
| California - 4.0% | California - 4.0% | California - 4.0% | California - 4.0% |
| California Community Choice Financing Authority Clean Energy Project RB Series 2023B (A1/NR) | California Community Choice Financing Authority Clean Energy Project RB Series 2023B (A1/NR) | California Community Choice Financing Authority Clean Energy Project RB Series 2023B (A1/NR) | California Community Choice Financing Authority Clean Energy Project RB Series 2023B (A1/NR) |
| 125000 | 5.000 <sup>(a)(b)</sup> | 07/01/2053 | 132974 |
| California Community Choice Financing Authority Clean Energy Project RB Series 2026A-1 (A1/NR) | California Community Choice Financing Authority Clean Energy Project RB Series 2026A-1 (A1/NR) | California Community Choice Financing Authority Clean Energy Project RB Series 2026A-1 (A1/NR) | California Community Choice Financing Authority Clean Energy Project RB Series 2026A-1 (A1/NR) |
| 460000 | 5.000 <sup>(a)(b)</sup> | 04/01/2056 | 510912 |
| California Community Choice Financing Authority Clean Energy Project RB Term Rate Green Bonds Series 2024F (Aa3/NR) | California Community Choice Financing Authority Clean Energy Project RB Term Rate Green Bonds Series 2024F (Aa3/NR) | California Community Choice Financing Authority Clean Energy Project RB Term Rate Green Bonds Series 2024F (Aa3/NR) | California Community Choice Financing Authority Clean Energy Project RB Term Rate Green Bonds Series 2024F (Aa3/NR) |
| 520000 | 5.000 <sup>(a)(b)</sup> | 02/01/2055 | 571211 |
| California Health Facilities Financing Authority Providence St. Joseph Health RB Series 2025C (NR/A) | California Health Facilities Financing Authority Providence St. Joseph Health RB Series 2025C (NR/A) | California Health Facilities Financing Authority Providence St. Joseph Health RB Series 2025C (NR/A) | California Health Facilities Financing Authority Providence St. Joseph Health RB Series 2025C (NR/A) |
| 250000 | 5.250 <sup>(a)(b)</sup> | 10/01/2050 | 293440 |
| California Health Facilities Financing Authority RB Adventist Health System West Series 2024A (NR/BBB+) | California Health Facilities Financing Authority RB Adventist Health System West Series 2024A (NR/BBB+) | California Health Facilities Financing Authority RB Adventist Health System West Series 2024A (NR/BBB+) | California Health Facilities Financing Authority RB Adventist Health System West Series 2024A (NR/BBB+) |
| 500000 | 5.000 | 12/01/2028 | 530719 |
| California Health Facilities Financing Authority RB Scripps Health Series 2024B (NR/AA-) | California Health Facilities Financing Authority RB Scripps Health Series 2024B (NR/AA-) | California Health Facilities Financing Authority RB Scripps Health Series 2024B (NR/AA-) | California Health Facilities Financing Authority RB Scripps Health Series 2024B (NR/AA-) |
| 100000 | 5.000 <sup>(a)(b)</sup> | 11/15/2061 | 112342 |
| California Health Facilities Financing Authority Refunding RB Adventist Health System West Series 2016A (NR/BBB+) | California Health Facilities Financing Authority Refunding RB Adventist Health System West Series 2016A (NR/BBB+) | California Health Facilities Financing Authority Refunding RB Adventist Health System West Series 2016A (NR/BBB+) | California Health Facilities Financing Authority Refunding RB Adventist Health System West Series 2016A (NR/BBB+) |
| 210000 | 4.000 | 03/01/2039 | 209996 |
| California Infrastructure and Economic Development Bank Clean Water State Revolving Fund RB, Series 2017 (Aaa/AAA) | California Infrastructure and Economic Development Bank Clean Water State Revolving Fund RB, Series 2017 (Aaa/AAA) | California Infrastructure and Economic Development Bank Clean Water State Revolving Fund RB, Series 2017 (Aaa/AAA) | California Infrastructure and Economic Development Bank Clean Water State Revolving Fund RB, Series 2017 (Aaa/AAA) |
| 250000 | 5.000 | 10/01/2036 | 257026 |
| California School Finance Authority Educational Facilities RB New Designs Charter School Project Series 2024A (NR/BB+) | California School Finance Authority Educational Facilities RB New Designs Charter School Project Series 2024A (NR/BB+) | California School Finance Authority Educational Facilities RB New Designs Charter School Project Series 2024A (NR/BB+) | California School Finance Authority Educational Facilities RB New Designs Charter School Project Series 2024A (NR/BB+) |
| 100000 | 4.750 <sup>(d)</sup> | 06/01/2044 | 99744 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **19** |

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------

GOLDMAN SACHS MUNICIPAL INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| California – (continued) | California – (continued) | California – (continued) | California – (continued) | California – (continued) |
|  California Statewide Communities Development Authority RB Adventist Health System West Series 2018A (NR/BBB+) | California Statewide Communities Development Authority RB Adventist Health System West Series 2018A (NR/BBB+) | California Statewide Communities Development Authority RB Adventist Health System West Series 2018A (NR/BBB+) | California Statewide Communities Development Authority RB Adventist Health System West Series 2018A (NR/BBB+) | California Statewide Communities Development Authority RB Adventist Health System West Series 2018A (NR/BBB+) |
| $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865000 | 3.500% | 03/01/2038 | 817232 |
|  City and County of San Francisco Multifamily Housing RB Sunnydale Hope SF Block 9 Series 2025B-2 (Aa1/NR) | City and County of San Francisco Multifamily Housing RB Sunnydale Hope SF Block 9 Series 2025B-2 (Aa1/NR) | City and County of San Francisco Multifamily Housing RB Sunnydale Hope SF Block 9 Series 2025B-2 (Aa1/NR) | City and County of San Francisco Multifamily Housing RB Sunnydale Hope SF Block 9 Series 2025B-2 (Aa1/NR) | City and County of San Francisco Multifamily Housing RB Sunnydale Hope SF Block 9 Series 2025B-2 (Aa1/NR) |
|  | 125000 | 3.350 <sup>(a)(b)</sup> | 08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127241 |
|  Department of Airports of The City of Los Angeles California, Los Angeles International Airport Subordinate Revenue and Refunding RB 2025 Series A (Aa3/NR) | Department of Airports of The City of Los Angeles California, Los Angeles International Airport Subordinate Revenue and Refunding RB 2025 Series A (Aa3/NR) | Department of Airports of The City of Los Angeles California, Los Angeles International Airport Subordinate Revenue and Refunding RB 2025 Series A (Aa3/NR) | Department of Airports of The City of Los Angeles California, Los Angeles International Airport Subordinate Revenue and Refunding RB 2025 Series A (Aa3/NR) | Department of Airports of The City of Los Angeles California, Los Angeles International Airport Subordinate Revenue and Refunding RB 2025 Series A (Aa3/NR) |
|  | 100000 | 5.000 | 05/15/2030 | 110518 |
|  Department of Water and Power of The City of Los Angeles Power System RB 2018 Series D (Aa2/A) | Department of Water and Power of The City of Los Angeles Power System RB 2018 Series D (Aa2/A) | Department of Water and Power of The City of Los Angeles Power System RB 2018 Series D (Aa2/A) | Department of Water and Power of The City of Los Angeles Power System RB 2018 Series D (Aa2/A) | Department of Water and Power of The City of Los Angeles Power System RB 2018 Series D (Aa2/A) |
|  | 100000 | 5.000 | 07/01/2048 | 101850 |
|  Department of Water and Power of The City of Los Angeles Power System RB 2025 Series B (Aa2/NR) | Department of Water and Power of The City of Los Angeles Power System RB 2025 Series B (Aa2/NR) | Department of Water and Power of The City of Los Angeles Power System RB 2025 Series B (Aa2/NR) | Department of Water and Power of The City of Los Angeles Power System RB 2025 Series B (Aa2/NR) | Department of Water and Power of The City of Los Angeles Power System RB 2025 Series B (Aa2/NR) |
|  | 250000 | 5.000 | 07/01/2034 | 294781 |
|  Department of Water and Power of The City of Los Angeles Power System RB, 2024 Series A (Aa2/A) | Department of Water and Power of The City of Los Angeles Power System RB, 2024 Series A (Aa2/A) | Department of Water and Power of The City of Los Angeles Power System RB, 2024 Series A (Aa2/A) | Department of Water and Power of The City of Los Angeles Power System RB, 2024 Series A (Aa2/A) | Department of Water and Power of The City of Los Angeles Power System RB, 2024 Series A (Aa2/A) |
|  | 555000 | 5.000 | 07/01/2028 | 589501 |
|  El Centro Elementary School District Imperial County California 2025 GO Bond Anticipation Notes Series A-2 (NR/A+) | El Centro Elementary School District Imperial County California 2025 GO Bond Anticipation Notes Series A-2 (NR/A+) | El Centro Elementary School District Imperial County California 2025 GO Bond Anticipation Notes Series A-2 (NR/A+) | El Centro Elementary School District Imperial County California 2025 GO Bond Anticipation Notes Series A-2 (NR/A+) | El Centro Elementary School District Imperial County California 2025 GO Bond Anticipation Notes Series A-2 (NR/A+) |
|  | 500000 | 5.000 | 06/15/2030 | 560651 |
|  El Monte City School District Los Angeles County California 2026 GO Refunding Bonds Forward Delivery (AG) (NR/AA) | El Monte City School District Los Angeles County California 2026 GO Refunding Bonds Forward Delivery (AG) (NR/AA) | El Monte City School District Los Angeles County California 2026 GO Refunding Bonds Forward Delivery (AG) (NR/AA) | El Monte City School District Los Angeles County California 2026 GO Refunding Bonds Forward Delivery (AG) (NR/AA) | El Monte City School District Los Angeles County California 2026 GO Refunding Bonds Forward Delivery (AG) (NR/AA) |
|  | 500000 | 5.000 <sup>(e)</sup> | 08/01/2046 | 541119 |
|  Equitable School Revolving Fund California Infrastructure and Economic Development Bank Series 2024 B (Social Bonds) (NR/A+) | Equitable School Revolving Fund California Infrastructure and Economic Development Bank Series 2024 B (Social Bonds) (NR/A+) | Equitable School Revolving Fund California Infrastructure and Economic Development Bank Series 2024 B (Social Bonds) (NR/A+) | Equitable School Revolving Fund California Infrastructure and Economic Development Bank Series 2024 B (Social Bonds) (NR/A+) | Equitable School Revolving Fund California Infrastructure and Economic Development Bank Series 2024 B (Social Bonds) (NR/A+) |
|  | 100000 | 5.000 | 11/01/2029 | 107995 |
|  Sacramento County Financing Authority RB Series 2007B (NATL) (Aa3/AA-)<br> (3M USD SOFR + 0.55%) | Sacramento County Financing Authority RB Series 2007B (NATL) (Aa3/AA-)<br> (3M USD SOFR + 0.55%) | Sacramento County Financing Authority RB Series 2007B (NATL) (Aa3/AA-)<br> (3M USD SOFR + 0.55%) | Sacramento County Financing Authority RB Series 2007B (NATL) (Aa3/AA-)<br> (3M USD SOFR + 0.55%) | Sacramento County Financing Authority RB Series 2007B (NATL) (Aa3/AA-)<br> (3M USD SOFR + 0.55%) |
|  | 770000 | 3.182 <sup>(c)</sup> | 06/01/2034 | 757858 |
|  San Diego County Regional Airport Authority Senior Airport RB Series 2025A (Governmental/NON-AMT) Series 2025B (Private Activity/AMT) (Aa3/NR) | San Diego County Regional Airport Authority Senior Airport RB Series 2025A (Governmental/NON-AMT) Series 2025B (Private Activity/AMT) (Aa3/NR) | San Diego County Regional Airport Authority Senior Airport RB Series 2025A (Governmental/NON-AMT) Series 2025B (Private Activity/AMT) (Aa3/NR) | San Diego County Regional Airport Authority Senior Airport RB Series 2025A (Governmental/NON-AMT) Series 2025B (Private Activity/AMT) (Aa3/NR) | San Diego County Regional Airport Authority Senior Airport RB Series 2025A (Governmental/NON-AMT) Series 2025B (Private Activity/AMT) (Aa3/NR) |
|  | 500000 | 5.000 | 07/01/2030 | 553980 |
|  Santa Rita Union Elementary School District School Facilities Improvement District No. 2022-1 Monterey County, California 2025 GO Bond Anticipation Notes (Aa3/NR) | Santa Rita Union Elementary School District School Facilities Improvement District No. 2022-1 Monterey County, California 2025 GO Bond Anticipation Notes (Aa3/NR) | Santa Rita Union Elementary School District School Facilities Improvement District No. 2022-1 Monterey County, California 2025 GO Bond Anticipation Notes (Aa3/NR) | Santa Rita Union Elementary School District School Facilities Improvement District No. 2022-1 Monterey County, California 2025 GO Bond Anticipation Notes (Aa3/NR) | Santa Rita Union Elementary School District School Facilities Improvement District No. 2022-1 Monterey County, California 2025 GO Bond Anticipation Notes (Aa3/NR) |
|  | 500000 | 0.000 <sup>(f)</sup> | 08/01/2030 | 443973 |
|  Southern California Public Power Authority A Public Entity Organized Under The Laws of The State of California Southern Transmission System Renewal Project RB 2025-2 (Aa2/NR) | Southern California Public Power Authority A Public Entity Organized Under The Laws of The State of California Southern Transmission System Renewal Project RB 2025-2 (Aa2/NR) | Southern California Public Power Authority A Public Entity Organized Under The Laws of The State of California Southern Transmission System Renewal Project RB 2025-2 (Aa2/NR) | Southern California Public Power Authority A Public Entity Organized Under The Laws of The State of California Southern Transmission System Renewal Project RB 2025-2 (Aa2/NR) | Southern California Public Power Authority A Public Entity Organized Under The Laws of The State of California Southern Transmission System Renewal Project RB 2025-2 (Aa2/NR) |
|  | 500000 | 5.000 <sup>(a)(b)</sup> | 07/01/2053 | 531755 |
|  |  |  |  | 8256818 |
| Colorado - 3.2% | Colorado - 3.2% | Colorado - 3.2% | Colorado - 3.2% | Colorado - 3.2% |
|  City and County of Denver, Colorado, Airport System Subordinate RB Series 2018A (AMT) (A1/A+) | City and County of Denver, Colorado, Airport System Subordinate RB Series 2018A (AMT) (A1/A+) | City and County of Denver, Colorado, Airport System Subordinate RB Series 2018A (AMT) (A1/A+) | City and County of Denver, Colorado, Airport System Subordinate RB Series 2018A (AMT) (A1/A+) | City and County of Denver, Colorado, Airport System Subordinate RB Series 2018A (AMT) (A1/A+) |
|  | 130000 | 5.000 | 12/01/2043 | 133787 |
|  Colorado Educational and Cultural Facilities Authority Charter School RB Roosevelt Charter Academy Project Series 2025A (BAM MORAL OBLG) (NR/AA) | Colorado Educational and Cultural Facilities Authority Charter School RB Roosevelt Charter Academy Project Series 2025A (BAM MORAL OBLG) (NR/AA) | Colorado Educational and Cultural Facilities Authority Charter School RB Roosevelt Charter Academy Project Series 2025A (BAM MORAL OBLG) (NR/AA) | Colorado Educational and Cultural Facilities Authority Charter School RB Roosevelt Charter Academy Project Series 2025A (BAM MORAL OBLG) (NR/AA) | Colorado Educational and Cultural Facilities Authority Charter School RB Roosevelt Charter Academy Project Series 2025A (BAM MORAL OBLG) (NR/AA) |
|  | 250000 | 5.000 | 07/01/2055 | 254873 |
|  Colorado Health Facilities Authority Hospital RB, Series 2025A (Aa2/AA) | Colorado Health Facilities Authority Hospital RB, Series 2025A (Aa2/AA) | Colorado Health Facilities Authority Hospital RB, Series 2025A (Aa2/AA) | Colorado Health Facilities Authority Hospital RB, Series 2025A (Aa2/AA) | Colorado Health Facilities Authority Hospital RB, Series 2025A (Aa2/AA) |
|  | 200000 | 5.000 <sup>(a)(b)</sup> | 11/15/2060 | 220369 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal<br>Amount | Interest<br>Rate | Maturity<br>Date | Value |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Colorado – (continued) | Colorado – (continued) | Colorado – (continued) | Colorado – (continued) | Colorado – (continued) |
|  Colorado Health Facilities Authority RB for Commonspirit Health Series 2019B-2 (A3/A-) | Colorado Health Facilities Authority RB for Commonspirit Health Series 2019B-2 (A3/A-) | Colorado Health Facilities Authority RB for Commonspirit Health Series 2019B-2 (A3/A-) | Colorado Health Facilities Authority RB for Commonspirit Health Series 2019B-2 (A3/A-) | Colorado Health Facilities Authority RB for Commonspirit Health Series 2019B-2 (A3/A-) |
| $| 95000 | 5.000 %<sup>(a)(b)</sup> | 08/01/2049 | 95103 |
|  Colorado Health Facilities Authority RB for Intermountain Healthcare Series 2022C (Aa1/AA+) | Colorado Health Facilities Authority RB for Intermountain Healthcare Series 2022C (Aa1/AA+) | Colorado Health Facilities Authority RB for Intermountain Healthcare Series 2022C (Aa1/AA+) | Colorado Health Facilities Authority RB for Intermountain Healthcare Series 2022C (Aa1/AA+) | Colorado Health Facilities Authority RB for Intermountain Healthcare Series 2022C (Aa1/AA+) |
|  | 355000 | 5.000 <sup>(a)(b)</sup> | 05/15/2062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376319 |
|  Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (A3/A-) | Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (A3/A-) | Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (A3/A-) | Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (A3/A-) | Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (A3/A-) |
|  | 1060000 | 3.250 | 08/01/2049 | 843847 |
|  Colorado Health Facilities Authority RB Series 2019A (NR/A+) | Colorado Health Facilities Authority RB Series 2019A (NR/A+) | Colorado Health Facilities Authority RB Series 2019A (NR/A+) | Colorado Health Facilities Authority RB Series 2019A (NR/A+) | Colorado Health Facilities Authority RB Series 2019A (NR/A+) |
|  | 150000 | 5.000 | 11/01/2028 | 159742 |
|  Colorado Housing and Finance Authority Multifamily Housing RB Albion Apartments Project, Series 2025 (Aa1/NR) | Colorado Housing and Finance Authority Multifamily Housing RB Albion Apartments Project, Series 2025 (Aa1/NR) | Colorado Housing and Finance Authority Multifamily Housing RB Albion Apartments Project, Series 2025 (Aa1/NR) | Colorado Housing and Finance Authority Multifamily Housing RB Albion Apartments Project, Series 2025 (Aa1/NR) | Colorado Housing and Finance Authority Multifamily Housing RB Albion Apartments Project, Series 2025 (Aa1/NR) |
|  | 500000 | 3.375 <sup>(a)(b)</sup> | 07/01/2044 | 507155 |
|  Denver Convention Center Hotel Authority Convention Center Hotel Senior Revenue Refunding Bonds, Series 2016 (Baa2/ BBB-) | Denver Convention Center Hotel Authority Convention Center Hotel Senior Revenue Refunding Bonds, Series 2016 (Baa2/ BBB-) | Denver Convention Center Hotel Authority Convention Center Hotel Senior Revenue Refunding Bonds, Series 2016 (Baa2/ BBB-) | Denver Convention Center Hotel Authority Convention Center Hotel Senior Revenue Refunding Bonds, Series 2016 (Baa2/ BBB-) | Denver Convention Center Hotel Authority Convention Center Hotel Senior Revenue Refunding Bonds, Series 2016 (Baa2/ BBB-) |
|  | 500000 | 5.000 | 12/01/2040 | 502865 |
|  Denver Health & Hospital Authority RB Series 2019 A (NR/BBB) | Denver Health & Hospital Authority RB Series 2019 A (NR/BBB) | Denver Health & Hospital Authority RB Series 2019 A (NR/BBB) | Denver Health & Hospital Authority RB Series 2019 A (NR/BBB) | Denver Health & Hospital Authority RB Series 2019 A (NR/BBB) |
|  | 285000 | 4.000 | 12/01/2040 | 273715 |
|  Independence Water & Sanitation District Special Revenue Refunding and Improvement Bonds Series 2024 (NR/NR) | Independence Water & Sanitation District Special Revenue Refunding and Improvement Bonds Series 2024 (NR/NR) | Independence Water & Sanitation District Special Revenue Refunding and Improvement Bonds Series 2024 (NR/NR) | Independence Water & Sanitation District Special Revenue Refunding and Improvement Bonds Series 2024 (NR/NR) | Independence Water & Sanitation District Special Revenue Refunding and Improvement Bonds Series 2024 (NR/NR) |
|  | 1000000 | 5.125 | 12/01/2033 | 1055337 |
|  Northglenn Urban Renewal Authority Tax Allocation for Urban Renewal Plan 2 Series 2019 (NR/BBB-) | Northglenn Urban Renewal Authority Tax Allocation for Urban Renewal Plan 2 Series 2019 (NR/BBB-) | Northglenn Urban Renewal Authority Tax Allocation for Urban Renewal Plan 2 Series 2019 (NR/BBB-) | Northglenn Urban Renewal Authority Tax Allocation for Urban Renewal Plan 2 Series 2019 (NR/BBB-) | Northglenn Urban Renewal Authority Tax Allocation for Urban Renewal Plan 2 Series 2019 (NR/BBB-) |
|  | 290000 | 4.000 | 12/01/2029 | 300066 |
|  Prairie Center Metropolitan District No. 3 In The City of Brighton Adams County Colorado Limited Property Tax Supported Primary Improvements RB Series 2024A (NR/NR) | Prairie Center Metropolitan District No. 3 In The City of Brighton Adams County Colorado Limited Property Tax Supported Primary Improvements RB Series 2024A (NR/NR) | Prairie Center Metropolitan District No. 3 In The City of Brighton Adams County Colorado Limited Property Tax Supported Primary Improvements RB Series 2024A (NR/NR) | Prairie Center Metropolitan District No. 3 In The City of Brighton Adams County Colorado Limited Property Tax Supported Primary Improvements RB Series 2024A (NR/NR) | Prairie Center Metropolitan District No. 3 In The City of Brighton Adams County Colorado Limited Property Tax Supported Primary Improvements RB Series 2024A (NR/NR) |
|  | 500000 | 5.875 | 12/15/2046 | 530298 |
|  Regional Transportation District Private Activity Bonds for Denver Transit Partners Eagle P3 Project Series 2020 (Baa1/NR) | Regional Transportation District Private Activity Bonds for Denver Transit Partners Eagle P3 Project Series 2020 (Baa1/NR) | Regional Transportation District Private Activity Bonds for Denver Transit Partners Eagle P3 Project Series 2020 (Baa1/NR) | Regional Transportation District Private Activity Bonds for Denver Transit Partners Eagle P3 Project Series 2020 (Baa1/NR) | Regional Transportation District Private Activity Bonds for Denver Transit Partners Eagle P3 Project Series 2020 (Baa1/NR) |
|  | 715000 | 5.000 | 01/15/2029 | 757370 |
|  Regional Transportation District Sales Tax RB for Fastracks Project Series 2016A (Aa2/AAA) | Regional Transportation District Sales Tax RB for Fastracks Project Series 2016A (Aa2/AAA) | Regional Transportation District Sales Tax RB for Fastracks Project Series 2016A (Aa2/AAA) | Regional Transportation District Sales Tax RB for Fastracks Project Series 2016A (Aa2/AAA) | Regional Transportation District Sales Tax RB for Fastracks Project Series 2016A (Aa2/AAA) |
|  | 380000 | 5.000 | 11/01/2046 | 383087 |
|  Trails at Crowfoot Metropolitan District No. 3 in the Town of Parker Colorado GO Limited Tax Refunding Bonds Series 2024A (AGC) (NR/AA) | Trails at Crowfoot Metropolitan District No. 3 in the Town of Parker Colorado GO Limited Tax Refunding Bonds Series 2024A (AGC) (NR/AA) | Trails at Crowfoot Metropolitan District No. 3 in the Town of Parker Colorado GO Limited Tax Refunding Bonds Series 2024A (AGC) (NR/AA) | Trails at Crowfoot Metropolitan District No. 3 in the Town of Parker Colorado GO Limited Tax Refunding Bonds Series 2024A (AGC) (NR/AA) | Trails at Crowfoot Metropolitan District No. 3 in the Town of Parker Colorado GO Limited Tax Refunding Bonds Series 2024A (AGC) (NR/AA) |
|  | 100000 | 5.000 | 12/01/2027 | 104020 |
|  |  |  |  | 6497953 |
| Connecticut - 0.6% | Connecticut - 0.6% | Connecticut - 0.6% | Connecticut - 0.6% | Connecticut - 0.6% |
|  City of Hartford Connecticut Special Obligation Refunding Bonds State Contract Assistance Series 2025 (Aa2/AA-) | City of Hartford Connecticut Special Obligation Refunding Bonds State Contract Assistance Series 2025 (Aa2/AA-) | City of Hartford Connecticut Special Obligation Refunding Bonds State Contract Assistance Series 2025 (Aa2/AA-) | City of Hartford Connecticut Special Obligation Refunding Bonds State Contract Assistance Series 2025 (Aa2/AA-) | City of Hartford Connecticut Special Obligation Refunding Bonds State Contract Assistance Series 2025 (Aa2/AA-) |
|  | 250000 | 5.000 | 07/15/2027 | 259868 |
|  Town of East Lyme Connecticut GO Bond Anticipation Notes (NR/NR) | Town of East Lyme Connecticut GO Bond Anticipation Notes (NR/NR) | Town of East Lyme Connecticut GO Bond Anticipation Notes (NR/NR) | Town of East Lyme Connecticut GO Bond Anticipation Notes (NR/NR) | Town of East Lyme Connecticut GO Bond Anticipation Notes (NR/NR) |
|  | 1000000 | 4.000 | 08/06/2026 | 1006077 |
|  |  |  |  | 1265945 |
| Delaware - 0.4% | Delaware - 0.4% | Delaware - 0.4% | Delaware - 0.4% | Delaware - 0.4% |
|  The Delaware Economic Development Authority Exempt Facility Refunding RB,Nrg Energy Project Series 2020AB (NON-AMT) (Baa3/BBB-) (PUTABLE) | The Delaware Economic Development Authority Exempt Facility Refunding RB,Nrg Energy Project Series 2020AB (NON-AMT) (Baa3/BBB-) (PUTABLE) | The Delaware Economic Development Authority Exempt Facility Refunding RB,Nrg Energy Project Series 2020AB (NON-AMT) (Baa3/BBB-) (PUTABLE) | The Delaware Economic Development Authority Exempt Facility Refunding RB,Nrg Energy Project Series 2020AB (NON-AMT) (Baa3/BBB-) (PUTABLE) | The Delaware Economic Development Authority Exempt Facility Refunding RB,Nrg Energy Project Series 2020AB (NON-AMT) (Baa3/BBB-) (PUTABLE) |
|  | 500000 | 4.000 <sup>(a)(b)</sup> | 10/01/2040 | 516351 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **20** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MUNICIPAL INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Delaware – (continued) | Delaware – (continued) | Delaware – (continued) | Delaware – (continued) |
| The Delaware Economic Development Authority Gas Facilities Refunding RB Delmarva Power & Light Company Project 2020, Series A (A2/A) | The Delaware Economic Development Authority Gas Facilities Refunding RB Delmarva Power & Light Company Project 2020, Series A (A2/A) | The Delaware Economic Development Authority Gas Facilities Refunding RB Delmarva Power & Light Company Project 2020, Series A (A2/A) | The Delaware Economic Development Authority Gas Facilities Refunding RB Delmarva Power & Light Company Project 2020, Series A (A2/A) |
| 250000 | 3.600% | 01/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259820 |
|  |  |  | 776171 |
| District of Columbia - 0.6% | District of Columbia - 0.6% | District of Columbia - 0.6% | District of Columbia - 0.6% |
| District Columbia Univ Rev Ref Bds Georgetown Univ 2025 A (A3/A-) | District Columbia Univ Rev Ref Bds Georgetown Univ 2025 A (A3/A-) | District Columbia Univ Rev Ref Bds Georgetown Univ 2025 A (A3/A-) | District Columbia Univ Rev Ref Bds Georgetown Univ 2025 A (A3/A-) |
| 750000 | 5.000 <sup>(a)(b)</sup> | 04/01/2060 | 867684 |
| Metropolitan Washington Airports Authority Airport System Revenue and Refunding Bonds, Series 2025-A (AMT) (Aa3/ AA-) | Metropolitan Washington Airports Authority Airport System Revenue and Refunding Bonds, Series 2025-A (AMT) (Aa3/ AA-) | Metropolitan Washington Airports Authority Airport System Revenue and Refunding Bonds, Series 2025-A (AMT) (Aa3/ AA-) | Metropolitan Washington Airports Authority Airport System Revenue and Refunding Bonds, Series 2025-A (AMT) (Aa3/ AA-) |
| 250000 | 5.000 | 10/01/2030 | 277184 |
| Metropolitan Washington Airports Authority Dulles Toll Road Subordinate Lien Revenue Refunding Bonds for Dulles Metrorail and Capital Improvement Projects Series 2019B (Baa2/A-) | Metropolitan Washington Airports Authority Dulles Toll Road Subordinate Lien Revenue Refunding Bonds for Dulles Metrorail and Capital Improvement Projects Series 2019B (Baa2/A-) | Metropolitan Washington Airports Authority Dulles Toll Road Subordinate Lien Revenue Refunding Bonds for Dulles Metrorail and Capital Improvement Projects Series 2019B (Baa2/A-) | Metropolitan Washington Airports Authority Dulles Toll Road Subordinate Lien Revenue Refunding Bonds for Dulles Metrorail and Capital Improvement Projects Series 2019B (Baa2/A-) |
| 100000 | 4.000 | 10/01/2035 | 102571 |
|  |  |  | 1247439 |
| Florida - 9.4% | Florida - 9.4% | Florida - 9.4% | Florida - 9.4% |
| Aberdeen Community Development District Special Assessment Refunding Series 2020 A-1 (AG) (NR/AA) | Aberdeen Community Development District Special Assessment Refunding Series 2020 A-1 (AG) (NR/AA) | Aberdeen Community Development District Special Assessment Refunding Series 2020 A-1 (AG) (NR/AA) | Aberdeen Community Development District Special Assessment Refunding Series 2020 A-1 (AG) (NR/AA) |
| 265000 | 3.250 | 05/01/2036 | 259973 |
| Alachua County Health Facilities Authority Continuing Care Retirement Community RB Oak Hammock at The University of Florida, Inc. Project Series 2025B-1 (NR/NR) | Alachua County Health Facilities Authority Continuing Care Retirement Community RB Oak Hammock at The University of Florida, Inc. Project Series 2025B-1 (NR/NR) | Alachua County Health Facilities Authority Continuing Care Retirement Community RB Oak Hammock at The University of Florida, Inc. Project Series 2025B-1 (NR/NR) | Alachua County Health Facilities Authority Continuing Care Retirement Community RB Oak Hammock at The University of Florida, Inc. Project Series 2025B-1 (NR/NR) |
| 735000 | 4.000 | 10/01/2030 | 737658 |
| Aventura Isles Community Development District Miami-Dade County Florida Special Assessment Refunding Bonds Series 2024 (NR/NR) | Aventura Isles Community Development District Miami-Dade County Florida Special Assessment Refunding Bonds Series 2024 (NR/NR) | Aventura Isles Community Development District Miami-Dade County Florida Special Assessment Refunding Bonds Series 2024 (NR/NR) | Aventura Isles Community Development District Miami-Dade County Florida Special Assessment Refunding Bonds Series 2024 (NR/NR) |
| 200000 | 5.000 | 05/01/2027 | 203797 |
| Babcock Ranch Community Independent Special District Special Assessment Area 2C Series 2020 (NR/NR) | Babcock Ranch Community Independent Special District Special Assessment Area 2C Series 2020 (NR/NR) | Babcock Ranch Community Independent Special District Special Assessment Area 2C Series 2020 (NR/NR) | Babcock Ranch Community Independent Special District Special Assessment Area 2C Series 2020 (NR/NR) |
| 775000 | 4.000 | 05/01/2040 | 777770 |
| Broward County Florida Convention Center Hotel First Tier RB Series 2022 (Aaa/AAA) | Broward County Florida Convention Center Hotel First Tier RB Series 2022 (Aaa/AAA) | Broward County Florida Convention Center Hotel First Tier RB Series 2022 (Aaa/AAA) | Broward County Florida Convention Center Hotel First Tier RB Series 2022 (Aaa/AAA) |
| 200000 | 5.000 | 01/01/2040 | 219829 |
| Capital Projects Finance Authority Educational Facilities RB Imagine School At North Port Project (NR/NR) | Capital Projects Finance Authority Educational Facilities RB Imagine School At North Port Project (NR/NR) | Capital Projects Finance Authority Educational Facilities RB Imagine School At North Port Project (NR/NR) | Capital Projects Finance Authority Educational Facilities RB Imagine School At North Port Project (NR/NR) |
| 100000 | 6.250 <sup>(d)</sup> | 06/15/2045 | 102166 |
| Capital Trust Authority Health Care Facilities Revenue and Revenue Refunding Bonds UF Health Projects Series 2025A (A3/A) | Capital Trust Authority Health Care Facilities Revenue and Revenue Refunding Bonds UF Health Projects Series 2025A (A3/A) | Capital Trust Authority Health Care Facilities Revenue and Revenue Refunding Bonds UF Health Projects Series 2025A (A3/A) | Capital Trust Authority Health Care Facilities Revenue and Revenue Refunding Bonds UF Health Projects Series 2025A (A3/A) |
| 750000 | 5.000 | 12/01/2030 | 830507 |
| City of West Palm Beach Utility System RB Series 2017 A (Aa2/ AA+) | City of West Palm Beach Utility System RB Series 2017 A (Aa2/ AA+) | City of West Palm Beach Utility System RB Series 2017 A (Aa2/ AA+) | City of West Palm Beach Utility System RB Series 2017 A (Aa2/ AA+) |
| 1500000 | 5.000 | 10/01/2042 | 1533355 |
| Corkscrew Farms Community Development District Lee County Florida Special Assessment Bonds Series 2017 (NR/NR) | Corkscrew Farms Community Development District Lee County Florida Special Assessment Bonds Series 2017 (NR/NR) | Corkscrew Farms Community Development District Lee County Florida Special Assessment Bonds Series 2017 (NR/NR) | Corkscrew Farms Community Development District Lee County Florida Special Assessment Bonds Series 2017 (NR/NR) |
| 255000 | 5.000 <sup>(d)</sup> | 11/01/2038 | 268006 |
| County of Osceola Transportation RB Refunding Series 2019 A-1 (NR/BBB+) | County of Osceola Transportation RB Refunding Series 2019 A-1 (NR/BBB+) | County of Osceola Transportation RB Refunding Series 2019 A-1 (NR/BBB+) | County of Osceola Transportation RB Refunding Series 2019 A-1 (NR/BBB+) |
| 525000 | 5.000 | 10/01/2037 | 546942 |
| 1000000 | 5.000 | 10/01/2039 | 1035271 |
| Crossings Community Development District Osceola County Special Assessment Bonds Series 2024 (NR/NR) | Crossings Community Development District Osceola County Special Assessment Bonds Series 2024 (NR/NR) | Crossings Community Development District Osceola County Special Assessment Bonds Series 2024 (NR/NR) | Crossings Community Development District Osceola County Special Assessment Bonds Series 2024 (NR/NR) |
| 85000 | 5.350 | 05/01/2044 | 87744 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br>Amount | Interest<br>Rate | Maturity<br>Date | Value |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Florida – (continued) | Florida – (continued) | Florida – (continued) | Florida – (continued) |
| Cypress Creek Reserve Community Development District Polk County Florida Special Assessment Bonds, Series 2025 (NR/ NR) | Cypress Creek Reserve Community Development District Polk County Florida Special Assessment Bonds, Series 2025 (NR/ NR) | Cypress Creek Reserve Community Development District Polk County Florida Special Assessment Bonds, Series 2025 (NR/ NR) | Cypress Creek Reserve Community Development District Polk County Florida Special Assessment Bonds, Series 2025 (NR/ NR) |
| 150000 | 4.750% | 05/01/2035 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158499 |
| Esplanade Lake Club Community Development District Special Assessment for Capital Improvement Program Series 2019 A-1 (NR/NR) | Esplanade Lake Club Community Development District Special Assessment for Capital Improvement Program Series 2019 A-1 (NR/NR) | Esplanade Lake Club Community Development District Special Assessment for Capital Improvement Program Series 2019 A-1 (NR/NR) | Esplanade Lake Club Community Development District Special Assessment for Capital Improvement Program Series 2019 A-1 (NR/NR) |
| 520000 | 4.000 | 11/01/2040 | 511260 |
| Florida Development Finance Corp. Educational Facilities RB for Saint Andrew's School of Boca Raton, Inc. Project Series 2024A (NR/BBB+) | Florida Development Finance Corp. Educational Facilities RB for Saint Andrew's School of Boca Raton, Inc. Project Series 2024A (NR/BBB+) | Florida Development Finance Corp. Educational Facilities RB for Saint Andrew's School of Boca Raton, Inc. Project Series 2024A (NR/BBB+) | Florida Development Finance Corp. Educational Facilities RB for Saint Andrew's School of Boca Raton, Inc. Project Series 2024A (NR/BBB+) |
| 125000 | 5.250 | 06/01/2044 | 130085 |
| Florida Development Finance Corp. RB for Imagine School at Broward Series 2019 A (Baa3/NR) | Florida Development Finance Corp. RB for Imagine School at Broward Series 2019 A (Baa3/NR) | Florida Development Finance Corp. RB for Imagine School at Broward Series 2019 A (Baa3/NR) | Florida Development Finance Corp. RB for Imagine School at Broward Series 2019 A (Baa3/NR) |
| 425000 | 4.000 <sup>(d)</sup> | 12/15/2029 | 429297 |
| Florida Development Finance Corporation Healthcare Facilities RB Tampa General Hospital Project Series 2026B Term Mode (NR/A-) | Florida Development Finance Corporation Healthcare Facilities RB Tampa General Hospital Project Series 2026B Term Mode (NR/A-) | Florida Development Finance Corporation Healthcare Facilities RB Tampa General Hospital Project Series 2026B Term Mode (NR/A-) | Florida Development Finance Corporation Healthcare Facilities RB Tampa General Hospital Project Series 2026B Term Mode (NR/A-) |
| 500000 | 5.000 <sup>(a)(b)</sup> | 08/01/2056 | 555534 |
| Florida Housing Finance Corporation Multifamily Mortgage RB 2026 Series A Capri Place (Aa1/NR) | Florida Housing Finance Corporation Multifamily Mortgage RB 2026 Series A Capri Place (Aa1/NR) | Florida Housing Finance Corporation Multifamily Mortgage RB 2026 Series A Capri Place (Aa1/NR) | Florida Housing Finance Corporation Multifamily Mortgage RB 2026 Series A Capri Place (Aa1/NR) |
| 1900000 | 3.000 <sup>(a)(b)</sup> | 02/01/2044 | 1908118 |
| Hammock Oaks Community Development District Town of Lady Lake Florida Special Assessment Bonds Series 2025 (NR/NR) | Hammock Oaks Community Development District Town of Lady Lake Florida Special Assessment Bonds Series 2025 (NR/NR) | Hammock Oaks Community Development District Town of Lady Lake Florida Special Assessment Bonds Series 2025 (NR/NR) | Hammock Oaks Community Development District Town of Lady Lake Florida Special Assessment Bonds Series 2025 (NR/NR) |
| 170000 | 4.500 <sup>(d)</sup> | 05/01/2032 | 175490 |
| Housing Finance Authority of Hillsborough County Multifamily Housing Zion Village RB Series 2024 (HUD SECT 8) (Aa1/ NR) | Housing Finance Authority of Hillsborough County Multifamily Housing Zion Village RB Series 2024 (HUD SECT 8) (Aa1/ NR) | Housing Finance Authority of Hillsborough County Multifamily Housing Zion Village RB Series 2024 (HUD SECT 8) (Aa1/ NR) | Housing Finance Authority of Hillsborough County Multifamily Housing Zion Village RB Series 2024 (HUD SECT 8) (Aa1/ NR) |
| 115000 | 3.250 <sup>(a)(b)</sup> | 09/01/2042 | 115381 |
| Housing Finance Authority of Miami-Dade County Florida Multifamily Housing RB Series 2025A (Aa1/NR) | Housing Finance Authority of Miami-Dade County Florida Multifamily Housing RB Series 2025A (Aa1/NR) | Housing Finance Authority of Miami-Dade County Florida Multifamily Housing RB Series 2025A (Aa1/NR) | Housing Finance Authority of Miami-Dade County Florida Multifamily Housing RB Series 2025A (Aa1/NR) |
| 500000 | 3.250 <sup>(a)(b)</sup> | 02/01/2044 | 507215 |
| Housing Finance Authority of Pinellas County, Florida Multifamily Housing RB Series 2025 (NR/AA+) (PUTABLE) | Housing Finance Authority of Pinellas County, Florida Multifamily Housing RB Series 2025 (NR/AA+) (PUTABLE) | Housing Finance Authority of Pinellas County, Florida Multifamily Housing RB Series 2025 (NR/AA+) (PUTABLE) | Housing Finance Authority of Pinellas County, Florida Multifamily Housing RB Series 2025 (NR/AA+) (PUTABLE) |
| 130000 | 3.400 <sup>(a)(b)</sup> | 07/01/2028 | 131382 |
| Hunt Club Grove Community Development District City of Lake Wales Florida Special Assessment Bonds Series 2026 Assessment Area Two (NR/NR) | Hunt Club Grove Community Development District City of Lake Wales Florida Special Assessment Bonds Series 2026 Assessment Area Two (NR/NR) | Hunt Club Grove Community Development District City of Lake Wales Florida Special Assessment Bonds Series 2026 Assessment Area Two (NR/NR) | Hunt Club Grove Community Development District City of Lake Wales Florida Special Assessment Bonds Series 2026 Assessment Area Two (NR/NR) |
| 100000 | 4.000 | 12/15/2033 | 100915 |
| Ibis Landing Community Development District Lee County Florida Special Assessment Bonds Series 2025 (NR/NR) | Ibis Landing Community Development District Lee County Florida Special Assessment Bonds Series 2025 (NR/NR) | Ibis Landing Community Development District Lee County Florida Special Assessment Bonds Series 2025 (NR/NR) | Ibis Landing Community Development District Lee County Florida Special Assessment Bonds Series 2025 (NR/NR) |
| 150000 | 4.125 | 06/15/2030 | 152660 |
| Jacksonville Housing Finance Authority Multifamily Housing RB Series 2025 (Aa1/NR) | Jacksonville Housing Finance Authority Multifamily Housing RB Series 2025 (Aa1/NR) | Jacksonville Housing Finance Authority Multifamily Housing RB Series 2025 (Aa1/NR) | Jacksonville Housing Finance Authority Multifamily Housing RB Series 2025 (Aa1/NR) |
| 125000 | 3.400 <sup>(a)(b)</sup> | 07/01/2058 | 125793 |
| Jea Water and Sewer System RB 2025 Series A (Aa1/AA+) | Jea Water and Sewer System RB 2025 Series A (Aa1/AA+) | Jea Water and Sewer System RB 2025 Series A (Aa1/AA+) | Jea Water and Sewer System RB 2025 Series A (Aa1/AA+) |
| 250000 | 5.250 | 10/01/2049 | 271037 |
| Kingston One Community Development District Lee County Florida Special Assessment Bonds Series 2025 (NR/NR) | Kingston One Community Development District Lee County Florida Special Assessment Bonds Series 2025 (NR/NR) | Kingston One Community Development District Lee County Florida Special Assessment Bonds Series 2025 (NR/NR) | Kingston One Community Development District Lee County Florida Special Assessment Bonds Series 2025 (NR/NR) |
| 590000 | 5.000 | 05/01/2035 | 631198 |
| Lakewood Ranch Stewardship District Special Assessment RB for Lakewood Centre North Project Series 2015 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for Lakewood Centre North Project Series 2015 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for Lakewood Centre North Project Series 2015 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for Lakewood Centre North Project Series 2015 (NR/NR) |
| 105000 | 4.875 | 05/01/2035 | 105033 |
| 705000 | 4.875 | 05/01/2045 | 704985 |
| Lee County Florida Airport RB Series 2026A-2 (Put Bonds) (AMT) (A2/NR) | Lee County Florida Airport RB Series 2026A-2 (Put Bonds) (AMT) (A2/NR) | Lee County Florida Airport RB Series 2026A-2 (Put Bonds) (AMT) (A2/NR) | Lee County Florida Airport RB Series 2026A-2 (Put Bonds) (AMT) (A2/NR) |
| 1000000 | 5.000 <sup>(a)(b)(e)</sup> | 10/01/2056 | 1100944 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **21** |

---

------

GOLDMAN SACHS MUNICIPAL INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Florida – (continued) | Florida – (continued) | Florida – (continued) | Florida – (continued) |
| Liberty Cove Community Development District Special Assessment RB Series 2024 (NR/NR) | Liberty Cove Community Development District Special Assessment RB Series 2024 (NR/NR) | Liberty Cove Community Development District Special Assessment RB Series 2024 (NR/NR) | Liberty Cove Community Development District Special Assessment RB Series 2024 (NR/NR) |
| $85000 | 4.800% | 05/01/2031 | $86796 |
| Lowery Hills Community Development District City of Lake Alfred Florida Special Assessment Bonds Series 2025 Assessment Area One (NR/NR) | Lowery Hills Community Development District City of Lake Alfred Florida Special Assessment Bonds Series 2025 Assessment Area One (NR/NR) | Lowery Hills Community Development District City of Lake Alfred Florida Special Assessment Bonds Series 2025 Assessment Area One (NR/NR) | Lowery Hills Community Development District City of Lake Alfred Florida Special Assessment Bonds Series 2025 Assessment Area One (NR/NR) |
| 100000 | 4.550 <sup>(d)</sup> | 05/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102591 |
| Miami Dade County Aviation Revenue Refunding Bonds Series 2015A (NR/A+) | Miami Dade County Aviation Revenue Refunding Bonds Series 2015A (NR/A+) | Miami Dade County Aviation Revenue Refunding Bonds Series 2015A (NR/A+) | Miami Dade County Aviation Revenue Refunding Bonds Series 2015A (NR/A+) |
| 150000 | 5.000 | 10/01/2038 | 150365 |
| Miami Dade County Aviation Revenue Refunding Bonds Series 2017B (AMT) (NR/A+) | Miami Dade County Aviation Revenue Refunding Bonds Series 2017B (AMT) (NR/A+) | Miami Dade County Aviation Revenue Refunding Bonds Series 2017B (AMT) (NR/A+) | Miami Dade County Aviation Revenue Refunding Bonds Series 2017B (AMT) (NR/A+) |
| 500000 | 5.000 | 10/01/2040 | 510280 |
| Miami-Dade County Expressway Authority Toll System RB, Series 2010 A (A3/A) | Miami-Dade County Expressway Authority Toll System RB, Series 2010 A (A3/A) | Miami-Dade County Expressway Authority Toll System RB, Series 2010 A (A3/A) | Miami-Dade County Expressway Authority Toll System RB, Series 2010 A (A3/A) |
| 500000 | 5.000 | 07/01/2040 | 500731 |
| Miami-Dade County Florida Subordinate Special Obligation Bonds Series 2009 (Aa3/A+) | Miami-Dade County Florida Subordinate Special Obligation Bonds Series 2009 (Aa3/A+) | Miami-Dade County Florida Subordinate Special Obligation Bonds Series 2009 (Aa3/A+) | Miami-Dade County Florida Subordinate Special Obligation Bonds Series 2009 (Aa3/A+) |
| 250000 | 0.000 <sup>(f)</sup> | 10/01/2031 | 215582 |
| Newton Road Community Development District Miami-Dade County Florida Special Assessment Bonds Series 2025 (NR/ NR) | Newton Road Community Development District Miami-Dade County Florida Special Assessment Bonds Series 2025 (NR/ NR) | Newton Road Community Development District Miami-Dade County Florida Special Assessment Bonds Series 2025 (NR/ NR) | Newton Road Community Development District Miami-Dade County Florida Special Assessment Bonds Series 2025 (NR/ NR) |
| 325000 | 4.000 <sup>(d)</sup> | 06/15/2030 | 325801 |
| Orange County Health Facilities Authority Hospital RB Orlando Health Obligated Group Series 2023A (A2/A+) | Orange County Health Facilities Authority Hospital RB Orlando Health Obligated Group Series 2023A (A2/A+) | Orange County Health Facilities Authority Hospital RB Orlando Health Obligated Group Series 2023A (A2/A+) | Orange County Health Facilities Authority Hospital RB Orlando Health Obligated Group Series 2023A (A2/A+) |
| 100000 | 5.000 | 10/01/2038 | 111741 |
| Palm Beach County Florida RB Provident Group - PBAU Properties Ii Llc - Palm Beach Atlantic University Project Senior Series 2025A (NR/NR) | Palm Beach County Florida RB Provident Group - PBAU Properties Ii Llc - Palm Beach Atlantic University Project Senior Series 2025A (NR/NR) | Palm Beach County Florida RB Provident Group - PBAU Properties Ii Llc - Palm Beach Atlantic University Project Senior Series 2025A (NR/NR) | Palm Beach County Florida RB Provident Group - PBAU Properties Ii Llc - Palm Beach Atlantic University Project Senior Series 2025A (NR/NR) |
| 500000 | 5.500 <sup>(d)</sup> | 10/01/2045 | 520252 |
| Peace Creek Village Community Development District City of Winter Haven Florida Special Assessment Bonds Series 2025 (NR/NR) | Peace Creek Village Community Development District City of Winter Haven Florida Special Assessment Bonds Series 2025 (NR/NR) | Peace Creek Village Community Development District City of Winter Haven Florida Special Assessment Bonds Series 2025 (NR/NR) | Peace Creek Village Community Development District City of Winter Haven Florida Special Assessment Bonds Series 2025 (NR/NR) |
| 100000 | 4.500 <sup>(d)</sup> | 05/01/2032 | 102665 |
| Radiance Community Development District Flagler County Florida Special Assessment Bonds Series 2025 (NR/NR) | Radiance Community Development District Flagler County Florida Special Assessment Bonds Series 2025 (NR/NR) | Radiance Community Development District Flagler County Florida Special Assessment Bonds Series 2025 (NR/NR) | Radiance Community Development District Flagler County Florida Special Assessment Bonds Series 2025 (NR/NR) |
| 100000 | 6.200 <sup>(d)</sup> | 05/01/2045 | 105393 |
| Sarasota County Public Hospital District Fixed Rate Hospital RB Series 2018 (Aa3/NR) | Sarasota County Public Hospital District Fixed Rate Hospital RB Series 2018 (Aa3/NR) | Sarasota County Public Hospital District Fixed Rate Hospital RB Series 2018 (Aa3/NR) | Sarasota County Public Hospital District Fixed Rate Hospital RB Series 2018 (Aa3/NR) |
| 185000 | 4.000 | 07/01/2048 | 167738 |
| Seminole County Sales Tax Revenue Refunding Bonds Series 2005B (NATL) (Aa1/AA) | Seminole County Sales Tax Revenue Refunding Bonds Series 2005B (NATL) (Aa1/AA) | Seminole County Sales Tax Revenue Refunding Bonds Series 2005B (NATL) (Aa1/AA) | Seminole County Sales Tax Revenue Refunding Bonds Series 2005B (NATL) (Aa1/AA) |
| 115000 | 5.250 | 10/01/2026 | 117105 |
| South Broward Hospital District Refunding RB for South Broward Hospital District Obligated Group Series 2016 (Aa3/AA) | South Broward Hospital District Refunding RB for South Broward Hospital District Obligated Group Series 2016 (Aa3/AA) | South Broward Hospital District Refunding RB for South Broward Hospital District Obligated Group Series 2016 (Aa3/AA) | South Broward Hospital District Refunding RB for South Broward Hospital District Obligated Group Series 2016 (Aa3/AA) |
| 100000 | 5.000 | 05/01/2028 | 100428 |
| Southpointe of Manatee County Community Development District Manatee County Florida Special Assessment Bonds Series 2026 Assessment Area One (NR/NR) | Southpointe of Manatee County Community Development District Manatee County Florida Special Assessment Bonds Series 2026 Assessment Area One (NR/NR) | Southpointe of Manatee County Community Development District Manatee County Florida Special Assessment Bonds Series 2026 Assessment Area One (NR/NR) | Southpointe of Manatee County Community Development District Manatee County Florida Special Assessment Bonds Series 2026 Assessment Area One (NR/NR) |
| 100000 | 4.000 | 05/01/2033 | 100799 |
| The School Board of Pinellas County Florida Certificates of Participation The School Board of Pinellas County Florida Master Lease Program Series 2021A (A2/NR) | The School Board of Pinellas County Florida Certificates of Participation The School Board of Pinellas County Florida Master Lease Program Series 2021A (A2/NR) | The School Board of Pinellas County Florida Certificates of Participation The School Board of Pinellas County Florida Master Lease Program Series 2021A (A2/NR) | The School Board of Pinellas County Florida Certificates of Participation The School Board of Pinellas County Florida Master Lease Program Series 2021A (A2/NR) |
| 190000 | 5.000 | 07/01/2033 | 215105 |
| Tradition Community Development District No. 9 Port St. Lucie, Florida Special Assessment Bonds Series 2025 (NR/NR) | Tradition Community Development District No. 9 Port St. Lucie, Florida Special Assessment Bonds Series 2025 (NR/NR) | Tradition Community Development District No. 9 Port St. Lucie, Florida Special Assessment Bonds Series 2025 (NR/NR) | Tradition Community Development District No. 9 Port St. Lucie, Florida Special Assessment Bonds Series 2025 (NR/NR) |
| 100000 | 5.400 | 05/01/2045 | 102588 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | Interest<br>Rate | Maturity<br>Date | Value |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Florida – (continued) | Florida – (continued) | Florida – (continued) | Florida – (continued) |
| Verano #1 Community Development District Special Assessment Bonds for District #1 Project Series 2015 (NR/NR) | Verano #1 Community Development District Special Assessment Bonds for District #1 Project Series 2015 (NR/NR) | Verano #1 Community Development District Special Assessment Bonds for District #1 Project Series 2015 (NR/NR) | Verano #1 Community Development District Special Assessment Bonds for District #1 Project Series 2015 (NR/NR) |
| 145000 | 5.250% | 11/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147180 |
| Volusia County Educational Facilities Authority Educational Facilities Revenue Refunding Bonds Stetson University Inc. Project Series 2025 (Baa1/BBB+) | Volusia County Educational Facilities Authority Educational Facilities Revenue Refunding Bonds Stetson University Inc. Project Series 2025 (Baa1/BBB+) | Volusia County Educational Facilities Authority Educational Facilities Revenue Refunding Bonds Stetson University Inc. Project Series 2025 (Baa1/BBB+) | Volusia County Educational Facilities Authority Educational Facilities Revenue Refunding Bonds Stetson University Inc. Project Series 2025 (Baa1/BBB+) |
| 200000 | 5.000 | 06/01/2034 | 221968 |
| West Port East Community Development District Charlotte County Florida Special Assessment Bonds Series 2025 (NR/NR) | West Port East Community Development District Charlotte County Florida Special Assessment Bonds Series 2025 (NR/NR) | West Port East Community Development District Charlotte County Florida Special Assessment Bonds Series 2025 (NR/NR) | West Port East Community Development District Charlotte County Florida Special Assessment Bonds Series 2025 (NR/NR) |
| 265000 | 4.850 <sup>(d)</sup> | 05/01/2035 | 283882 |
| Westview South Community Development District Counties of Osceola and Polk Florida Special Assessment Bonds Series 2025 (NR/NR) | Westview South Community Development District Counties of Osceola and Polk Florida Special Assessment Bonds Series 2025 (NR/NR) | Westview South Community Development District Counties of Osceola and Polk Florida Special Assessment Bonds Series 2025 (NR/NR) | Westview South Community Development District Counties of Osceola and Polk Florida Special Assessment Bonds Series 2025 (NR/NR) |
| 85000 | 4.050 <sup>(d)</sup> | 05/01/2030 | 85945 |
| Wildblue Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Wildblue Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Wildblue Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Wildblue Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| 490000 | 4.250 <sup>(d)</sup> | 06/15/2039 | 482638 |
|  |  |  | 19175417 |
| Georgia - 1.4% | Georgia - 1.4% | Georgia - 1.4% | Georgia - 1.4% |
| Development Authority of Monroe County Georgia Pollution Control RB Georgia Power Company Plant Scherer Project Second Series 2009 (A3/A) (PUTABLE) | Development Authority of Monroe County Georgia Pollution Control RB Georgia Power Company Plant Scherer Project Second Series 2009 (A3/A) (PUTABLE) | Development Authority of Monroe County Georgia Pollution Control RB Georgia Power Company Plant Scherer Project Second Series 2009 (A3/A) (PUTABLE) | Development Authority of Monroe County Georgia Pollution Control RB Georgia Power Company Plant Scherer Project Second Series 2009 (A3/A) (PUTABLE) |
| 185000 | 3.875 <sup>(a)(b)</sup> | 10/01/2048 | 185025 |
| Development Authority of The Unified Government of Athens-Clarke County Georgia University of Georgia Project - Bolton Commons LLC Refunding RB Series 2024 (Aa3/NR) | Development Authority of The Unified Government of Athens-Clarke County Georgia University of Georgia Project - Bolton Commons LLC Refunding RB Series 2024 (Aa3/NR) | Development Authority of The Unified Government of Athens-Clarke County Georgia University of Georgia Project - Bolton Commons LLC Refunding RB Series 2024 (Aa3/NR) | Development Authority of The Unified Government of Athens-Clarke County Georgia University of Georgia Project - Bolton Commons LLC Refunding RB Series 2024 (Aa3/NR) |
| 100000 | 3.000 | 06/15/2039 | 94956 |
| Main Street Energy, Inc. Energy Project RB, Series 2025D (A3/ NR) | Main Street Energy, Inc. Energy Project RB, Series 2025D (A3/ NR) | Main Street Energy, Inc. Energy Project RB, Series 2025D (A3/ NR) | Main Street Energy, Inc. Energy Project RB, Series 2025D (A3/ NR) |
| 1500000 | 5.000 | 12/01/2033 | 1638479 |
| Main Street Natural Gas Inc. Gas Supply RB Series 2023A (A3/ NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2023A (A3/ NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2023A (A3/ NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2023A (A3/ NR) |
| 45000 | 5.000 <sup>(a)(b)</sup> | 06/01/2053 | 48179 |
| Main Street Natural Gas Inc. Gas Supply RB Series 2025A (Aa2/ NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2025A (Aa2/ NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2025A (Aa2/ NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2025A (Aa2/ NR) |
| 155000 | 5.000 <sup>(a)(b)</sup> | 06/01/2055 | 170270 |
| Main Street Natural Gas, Inc. Gas Supply RB Series 2025B (A3/ NR) | Main Street Natural Gas, Inc. Gas Supply RB Series 2025B (A3/ NR) | Main Street Natural Gas, Inc. Gas Supply RB Series 2025B (A3/ NR) | Main Street Natural Gas, Inc. Gas Supply RB Series 2025B (A3/ NR) |
| 500000 | 5.000 <sup>(a)(b)</sup> | 12/01/2055 | 545433 |
| Private Colleges and Universities Authority Emory University RB, Series 2025A (Aa2/AA) | Private Colleges and Universities Authority Emory University RB, Series 2025A (Aa2/AA) | Private Colleges and Universities Authority Emory University RB, Series 2025A (Aa2/AA) | Private Colleges and Universities Authority Emory University RB, Series 2025A (Aa2/AA) |
| 200000 | 5.250 | 09/01/2040 | 234458 |
|  |  |  | 2916800 |
| Guam - 1.3% | Guam - 1.3% | Guam - 1.3% | Guam - 1.3% |
| A.B. Won Pat International Airport Authority Guam General RB 2024 Series A (AMT) (Baa2/NR) | A.B. Won Pat International Airport Authority Guam General RB 2024 Series A (AMT) (Baa2/NR) | A.B. Won Pat International Airport Authority Guam General RB 2024 Series A (AMT) (Baa2/NR) | A.B. Won Pat International Airport Authority Guam General RB 2024 Series A (AMT) (Baa2/NR) |
| 250000 | 5.250 | 10/01/2043 | 265398 |
| Government of Guam Business Privilege Tax Refunding Bonds Series 2021F Tax-Exempt Forward Delivery (Baa3/NR) | Government of Guam Business Privilege Tax Refunding Bonds Series 2021F Tax-Exempt Forward Delivery (Baa3/NR) | Government of Guam Business Privilege Tax Refunding Bonds Series 2021F Tax-Exempt Forward Delivery (Baa3/NR) | Government of Guam Business Privilege Tax Refunding Bonds Series 2021F Tax-Exempt Forward Delivery (Baa3/NR) |
| 600000 | 5.000 | 01/01/2028 | 623261 |
| Government of Guam Business Privilege Tax Refunding Bonds, Series 2025G (Baa3/NR) | Government of Guam Business Privilege Tax Refunding Bonds, Series 2025G (Baa3/NR) | Government of Guam Business Privilege Tax Refunding Bonds, Series 2025G (Baa3/NR) | Government of Guam Business Privilege Tax Refunding Bonds, Series 2025G (Baa3/NR) |
| 500000 | 5.000 | 01/01/2028 | 519132 |
| Guam Government RB Refunding Series 2021 F (Baa3/NR) | Guam Government RB Refunding Series 2021 F (Baa3/NR) | Guam Government RB Refunding Series 2021 F (Baa3/NR) | Guam Government RB Refunding Series 2021 F (Baa3/NR) |
| 100000 | 4.000 | 01/01/2042 | 99580 |
| Guam Power Authority Refunding RB Series 2024 A (Baa2/BBB) | Guam Power Authority Refunding RB Series 2024 A (Baa2/BBB) | Guam Power Authority Refunding RB Series 2024 A (Baa2/BBB) | Guam Power Authority Refunding RB Series 2024 A (Baa2/BBB) |
| 375000 | 5.000 | 10/01/2044 | 396605 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **22** | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS MUNICIPAL INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Guam – (continued) | Guam – (continued) | Guam – (continued) | Guam – (continued) |
| Guam Power Authority Revenue Refunding Bonds 2022 Series A (Baa2/BBB) | Guam Power Authority Revenue Refunding Bonds 2022 Series A (Baa2/BBB) | Guam Power Authority Revenue Refunding Bonds 2022 Series A (Baa2/BBB) | Guam Power Authority Revenue Refunding Bonds 2022 Series A (Baa2/BBB) |
| 750000 | 5.000% | 10/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824761 |
|  |  |  | 2728737 |
| Illinois - 11.5% | Illinois - 11.5% | Illinois - 11.5% | Illinois - 11.5% |
| Board of Education of The City of Chicago Unlimited Tax GO Bonds Dedicated Revenues Series 2012A (BAM-TCRS) (NR/ AA) | Board of Education of The City of Chicago Unlimited Tax GO Bonds Dedicated Revenues Series 2012A (BAM-TCRS) (NR/ AA) | Board of Education of The City of Chicago Unlimited Tax GO Bonds Dedicated Revenues Series 2012A (BAM-TCRS) (NR/ AA) | Board of Education of The City of Chicago Unlimited Tax GO Bonds Dedicated Revenues Series 2012A (BAM-TCRS) (NR/ AA) |
| 500000 | 5.000 | 12/01/2042 | 503138 |
| Board of Education of The City of Chicago Unlimited Tax GO Refunding Bonds Dedicated Revenues Series 2017B (NR/ BB+) | Board of Education of The City of Chicago Unlimited Tax GO Refunding Bonds Dedicated Revenues Series 2017B (NR/ BB+) | Board of Education of The City of Chicago Unlimited Tax GO Refunding Bonds Dedicated Revenues Series 2017B (NR/ BB+) | Board of Education of The City of Chicago Unlimited Tax GO Refunding Bonds Dedicated Revenues Series 2017B (NR/ BB+) |
| 500000 | 6.750 <sup>(d)</sup> | 12/01/2030 | 525493 |
| Board of Education of The City of Chicago Unlimited Tax GO Refunding Bonds Dedicated Revenues Series 2025B (NR/ BB+) | Board of Education of The City of Chicago Unlimited Tax GO Refunding Bonds Dedicated Revenues Series 2025B (NR/ BB+) | Board of Education of The City of Chicago Unlimited Tax GO Refunding Bonds Dedicated Revenues Series 2025B (NR/ BB+) | Board of Education of The City of Chicago Unlimited Tax GO Refunding Bonds Dedicated Revenues Series 2025B (NR/ BB+) |
| 270000 | 6.000 | 12/01/2038 | 301544 |
| Chicago Ill GO Bonds 2024A (AG-CR) (A1/AA) | Chicago Ill GO Bonds 2024A (AG-CR) (A1/AA) | Chicago Ill GO Bonds 2024A (AG-CR) (A1/AA) | Chicago Ill GO Bonds 2024A (AG-CR) (A1/AA) |
| 1000000 | 5.000 | 01/01/2042 | 1061300 |
| Chicago Illinois Board of Education Dedicated Capital Improvement Series 2016 (NR/NR) | Chicago Illinois Board of Education Dedicated Capital Improvement Series 2016 (NR/NR) | Chicago Illinois Board of Education Dedicated Capital Improvement Series 2016 (NR/NR) | Chicago Illinois Board of Education Dedicated Capital Improvement Series 2016 (NR/NR) |
| 1000000 | 6.000 | 04/01/2046 | 1013278 |
| Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL) (Baa3/BB+) | Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL) (Baa3/BB+) | Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL) (Baa3/BB+) | Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL) (Baa3/BB+) |
| 105000 | 0.000 <sup>(f)</sup> | 12/01/2030 | 89254 |
| Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa3/ BB+) | Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa3/ BB+) | Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa3/ BB+) | Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa3/ BB+) |
| 1830000 | 0.000 <sup>(f)</sup> | 12/01/2027 | 1729522 |
| Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 A (AG) (NR/AA) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 A (AG) (NR/AA) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 A (AG) (NR/AA) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 A (AG) (NR/AA) |
| 500000 | 5.000 | 12/01/2034 | 521858 |
| Chicago Illinois GO Bonds Series 2019 (NR/BBB) | Chicago Illinois GO Bonds Series 2019 (NR/BBB) | Chicago Illinois GO Bonds Series 2019 (NR/BBB) | Chicago Illinois GO Bonds Series 2019 (NR/BBB) |
| 910000 | 5.000 | 01/01/2031 | 940447 |
| City of Chicago GO Bonds, Series 2025E (NR/BBB) | City of Chicago GO Bonds, Series 2025E (NR/BBB) | City of Chicago GO Bonds, Series 2025E (NR/BBB) | City of Chicago GO Bonds, Series 2025E (NR/BBB) |
| 280000 | 5.500 | 01/01/2041 | 306945 |
| City of Chicago Chicago O'Hare International Airport General Airport Senior Lien RB Series 2017D (AMT) (NR/A+) | City of Chicago Chicago O'Hare International Airport General Airport Senior Lien RB Series 2017D (AMT) (NR/A+) | City of Chicago Chicago O'Hare International Airport General Airport Senior Lien RB Series 2017D (AMT) (NR/A+) | City of Chicago Chicago O'Hare International Airport General Airport Senior Lien RB Series 2017D (AMT) (NR/A+) |
| 135000 | 5.000 | 01/01/2035 | 137160 |
| City of Chicago Chicago O'Hare International Airport General Airport Senior Lien RB, Series 2017D (AMT) (NR/A+) | City of Chicago Chicago O'Hare International Airport General Airport Senior Lien RB, Series 2017D (AMT) (NR/A+) | City of Chicago Chicago O'Hare International Airport General Airport Senior Lien RB, Series 2017D (AMT) (NR/A+) | City of Chicago Chicago O'Hare International Airport General Airport Senior Lien RB, Series 2017D (AMT) (NR/A+) |
| 1000000 | 5.000 | 01/01/2037 | 1013802 |
| City of Chicago Multi-Family Housing RB The Ave Sw Project Series 2025 (Aa1/NR) | City of Chicago Multi-Family Housing RB The Ave Sw Project Series 2025 (Aa1/NR) | City of Chicago Multi-Family Housing RB The Ave Sw Project Series 2025 (Aa1/NR) | City of Chicago Multi-Family Housing RB The Ave Sw Project Series 2025 (Aa1/NR) |
| 150000 | 3.200 <sup>(a)(b)</sup> | 10/01/2028 | 151408 |
| City of Chicago Second Lein Wastewater Transmission RB, Refunding Series 2023B (AG) (NR/AA) | City of Chicago Second Lein Wastewater Transmission RB, Refunding Series 2023B (AG) (NR/AA) | City of Chicago Second Lein Wastewater Transmission RB, Refunding Series 2023B (AG) (NR/AA) | City of Chicago Second Lein Wastewater Transmission RB, Refunding Series 2023B (AG) (NR/AA) |
| 330000 | 5.000 | 01/01/2039 | 363713 |
| City of Chicago Second Lien Wastewater Transmission RB Refunding Series 2024B (BAM) (NR/AA) | City of Chicago Second Lien Wastewater Transmission RB Refunding Series 2024B (BAM) (NR/AA) | City of Chicago Second Lien Wastewater Transmission RB Refunding Series 2024B (BAM) (NR/AA) | City of Chicago Second Lien Wastewater Transmission RB Refunding Series 2024B (BAM) (NR/AA) |
| 150000 | 5.000 | 01/01/2031 | 167495 |
| City of Chicago Second Lien Water Revenue Refunding Bonds Series 2004 (NR/A+) | City of Chicago Second Lien Water Revenue Refunding Bonds Series 2004 (NR/A+) | City of Chicago Second Lien Water Revenue Refunding Bonds Series 2004 (NR/A+) | City of Chicago Second Lien Water Revenue Refunding Bonds Series 2004 (NR/A+) |
| 115000 | 5.000 | 11/01/2026 | 117064 |
| City of Springfield Illinois Senior Lien Electric Revenue Refunding Bonds Series of 2024 (BAM) (A3/AA) | City of Springfield Illinois Senior Lien Electric Revenue Refunding Bonds Series of 2024 (BAM) (A3/AA) | City of Springfield Illinois Senior Lien Electric Revenue Refunding Bonds Series of 2024 (BAM) (A3/AA) | City of Springfield Illinois Senior Lien Electric Revenue Refunding Bonds Series of 2024 (BAM) (A3/AA) |
| 100000 | 5.000 | 03/01/2030 | 109351 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | Maturity<br>Date | Value |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Illinois – (continued) | Illinois – (continued) | Illinois – (continued) | Illinois – (continued) |
| Community Consolidated School District Number 65 Cook County Illinois Evanston/Skokie GO Limited Tax School Bonds, Series 2025A (AG) (Aa3/AA) | Community Consolidated School District Number 65 Cook County Illinois Evanston/Skokie GO Limited Tax School Bonds, Series 2025A (AG) (Aa3/AA) | Community Consolidated School District Number 65 Cook County Illinois Evanston/Skokie GO Limited Tax School Bonds, Series 2025A (AG) (Aa3/AA) | Community Consolidated School District Number 65 Cook County Illinois Evanston/Skokie GO Limited Tax School Bonds, Series 2025A (AG) (Aa3/AA) |
| 400000 | 5.000% | 12/01/2034 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463387 |
| Forest Preserve District of Will County Illinois GO Limited Tax Bonds Series 2024 (Aa1/NR) | Forest Preserve District of Will County Illinois GO Limited Tax Bonds Series 2024 (Aa1/NR) | Forest Preserve District of Will County Illinois GO Limited Tax Bonds Series 2024 (Aa1/NR) | Forest Preserve District of Will County Illinois GO Limited Tax Bonds Series 2024 (Aa1/NR) |
| 100000 | 5.000 | 12/15/2041 | 110388 |
| Illinois Development Finance Authority Variable Rate RB St. Vincent De Paul Center Project Series 2000A (NR/AA) | Illinois Development Finance Authority Variable Rate RB St. Vincent De Paul Center Project Series 2000A (NR/AA) | Illinois Development Finance Authority Variable Rate RB St. Vincent De Paul Center Project Series 2000A (NR/AA) | Illinois Development Finance Authority Variable Rate RB St. Vincent De Paul Center Project Series 2000A (NR/AA) |
| 350000 | 2.850 <sup>(a)(b)(e)</sup> | 11/15/2039 | 350375 |
| Illinois Finance Authority Depaul University RB Series 2016 (A1/A) | Illinois Finance Authority Depaul University RB Series 2016 (A1/A) | Illinois Finance Authority Depaul University RB Series 2016 (A1/A) | Illinois Finance Authority Depaul University RB Series 2016 (A1/A) |
| 350000 | 5.000 | 10/01/2041 | 352248 |
| Illinois Finance Authority Graduate and Professional Student Loan Program RB Midwestern University Foundation Senior Series 2025A (NR/AAA) | Illinois Finance Authority Graduate and Professional Student Loan Program RB Midwestern University Foundation Senior Series 2025A (NR/AAA) | Illinois Finance Authority Graduate and Professional Student Loan Program RB Midwestern University Foundation Senior Series 2025A (NR/AAA) | Illinois Finance Authority Graduate and Professional Student Loan Program RB Midwestern University Foundation Senior Series 2025A (NR/AAA) |
| 440000 | 5.000 | 07/01/2029 | 465277 |
| Illinois Finance Authority Illinois Finance Authority RB Series 2025A-1 (NR/A+) | Illinois Finance Authority Illinois Finance Authority RB Series 2025A-1 (NR/A+) | Illinois Finance Authority Illinois Finance Authority RB Series 2025A-1 (NR/A+) | Illinois Finance Authority Illinois Finance Authority RB Series 2025A-1 (NR/A+) |
| 250000 | 5.000 <sup>(a)(b)</sup> | 08/15/2054 | 269242 |
| Illinois Finance Authority RB for DuPage County Community High School District No. 99 Downers Grove Series 2020 A (NR/AA+) | Illinois Finance Authority RB for DuPage County Community High School District No. 99 Downers Grove Series 2020 A (NR/AA+) | Illinois Finance Authority RB for DuPage County Community High School District No. 99 Downers Grove Series 2020 A (NR/AA+) | Illinois Finance Authority RB for DuPage County Community High School District No. 99 Downers Grove Series 2020 A (NR/AA+) |
| 450000 | 3.000 | 12/15/2036 | 443906 |
| Illinois Finance Authority RB Series 2016A Presbyterian Homes Obligated Group (NR/NR) | Illinois Finance Authority RB Series 2016A Presbyterian Homes Obligated Group (NR/NR) | Illinois Finance Authority RB Series 2016A Presbyterian Homes Obligated Group (NR/NR) | Illinois Finance Authority RB Series 2016A Presbyterian Homes Obligated Group (NR/NR) |
| 1000000 | 5.000 | 11/01/2027 | 1012555 |
| Illinois Finance Authority RB Series 2017A Northwestern Memorial Healthcare (Aa2/AA+) | Illinois Finance Authority RB Series 2017A Northwestern Memorial Healthcare (Aa2/AA+) | Illinois Finance Authority RB Series 2017A Northwestern Memorial Healthcare (Aa2/AA+) | Illinois Finance Authority RB Series 2017A Northwestern Memorial Healthcare (Aa2/AA+) |
| 600000 | 5.000 | 07/15/2042 | 615493 |
| Illinois Finance Authority RB The University of Chicago Series 2024A (Aa2/AA-) | Illinois Finance Authority RB The University of Chicago Series 2024A (Aa2/AA-) | Illinois Finance Authority RB The University of Chicago Series 2024A (Aa2/AA-) | Illinois Finance Authority RB The University of Chicago Series 2024A (Aa2/AA-) |
| 1675000 | 5.250 | 04/01/2043 | 1855498 |
| Illinois Finance Authority RB, Series 2025B-1 (Tax Exempt Mandatory Paydown Securities (Temps–85Sm)) (The Moorings ofArlington Heights) (NR/NR) | Illinois Finance Authority RB, Series 2025B-1 (Tax Exempt Mandatory Paydown Securities (Temps–85Sm)) (The Moorings ofArlington Heights) (NR/NR) | Illinois Finance Authority RB, Series 2025B-1 (Tax Exempt Mandatory Paydown Securities (Temps–85Sm)) (The Moorings ofArlington Heights) (NR/NR) | Illinois Finance Authority RB, Series 2025B-1 (Tax Exempt Mandatory Paydown Securities (Temps–85Sm)) (The Moorings ofArlington Heights) (NR/NR) |
| 1000000 | 4.100 | 05/01/2031 | 1007232 |
| Illinois Finance Authority State of Illinois Clean Water Initiative Revolving Fund RB, Series 2020 (NR/AAA) | Illinois Finance Authority State of Illinois Clean Water Initiative Revolving Fund RB, Series 2020 (NR/AAA) | Illinois Finance Authority State of Illinois Clean Water Initiative Revolving Fund RB, Series 2020 (NR/AAA) | Illinois Finance Authority State of Illinois Clean Water Initiative Revolving Fund RB, Series 2020 (NR/AAA) |
| 175000 | 4.000 | 07/01/2038 | 180569 |
| Illinois Housing Development Authority Multifamily Housing RB Series 2026 Island Terrace (Aa1/NR) | Illinois Housing Development Authority Multifamily Housing RB Series 2026 Island Terrace (Aa1/NR) | Illinois Housing Development Authority Multifamily Housing RB Series 2026 Island Terrace (Aa1/NR) | Illinois Housing Development Authority Multifamily Housing RB Series 2026 Island Terrace (Aa1/NR) |
| 1750000 | 2.800 <sup>(a)(b)</sup> | 04/01/2029 | 1754099 |
| Illinois State GO Bonds June 2016 (BAM-TCRS) (NR/AA) | Illinois State GO Bonds June 2016 (BAM-TCRS) (NR/AA) | Illinois State GO Bonds June 2016 (BAM-TCRS) (NR/AA) | Illinois State GO Bonds June 2016 (BAM-TCRS) (NR/AA) |
| 435000 | 4.000 | 06/01/2041 | 428697 |
| Metropolitan Pier & Exposition Authority Mccormick Place Expansion Project Refunding Bonds Series 2024B (NR/A) | Metropolitan Pier & Exposition Authority Mccormick Place Expansion Project Refunding Bonds Series 2024B (NR/A) | Metropolitan Pier & Exposition Authority Mccormick Place Expansion Project Refunding Bonds Series 2024B (NR/A) | Metropolitan Pier & Exposition Authority Mccormick Place Expansion Project Refunding Bonds Series 2024B (NR/A) |
| 350000 | 4.000 | 12/15/2027 | 357698 |
| Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2010 B1 (AG) (A1/AA) | Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2010 B1 (AG) (A1/AA) | Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2010 B1 (AG) (A1/AA) | Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2010 B1 (AG) (A1/AA) |
| 350000 | 0.000 <sup>(f)</sup> | 06/15/2044 | 162812 |
| Metropolitan Pier and Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2024 B (NR/A) | Metropolitan Pier and Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2024 B (NR/A) | Metropolitan Pier and Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2024 B (NR/A) | Metropolitan Pier and Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2024 B (NR/A) |
| 100000 | 5.000 | 06/15/2053 | 100022 |
| Regional Transportation Authority Ill Go Bds 2004A (AG) (Aa2/ AA) | Regional Transportation Authority Ill Go Bds 2004A (AG) (Aa2/ AA) | Regional Transportation Authority Ill Go Bds 2004A (AG) (Aa2/ AA) | Regional Transportation Authority Ill Go Bds 2004A (AG) (Aa2/ AA) |
| 750000 | 5.750 | 06/01/2034 | 870947 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **23** |

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------

GOLDMAN SACHS MUNICIPAL INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Illinois – (continued) | Illinois – (continued) | Illinois – (continued) | Illinois – (continued) |
| Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2021A (NR/A+) | Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2021A (NR/A+) | Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2021A (NR/A+) | Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2021A (NR/A+) |
| 140000 | 5.000% | 01/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158733 |
| School District Number 97 Cook County Illinois Oak Park GO School Bonds Series 2020 (Aa2/NR) | School District Number 97 Cook County Illinois Oak Park GO School Bonds Series 2020 (Aa2/NR) | School District Number 97 Cook County Illinois Oak Park GO School Bonds Series 2020 (Aa2/NR) | School District Number 97 Cook County Illinois Oak Park GO School Bonds Series 2020 (Aa2/NR) |
| 145000 | 4.000 | 01/01/2030 | 149341 |
| State of Illinois GO Bonds Series 2019B (A2/A-) | State of Illinois GO Bonds Series 2019B (A2/A-) | State of Illinois GO Bonds Series 2019B (A2/A-) | State of Illinois GO Bonds Series 2019B (A2/A-) |
| 425000 | 4.000 | 11/01/2034 | 434248 |
| State of Illinois GO Bonds Series of May 2018A (A2/A-) | State of Illinois GO Bonds Series of May 2018A (A2/A-) | State of Illinois GO Bonds Series of May 2018A (A2/A-) | State of Illinois GO Bonds Series of May 2018A (A2/A-) |
| 450000 | 5.000 | 05/01/2032 | 471989 |
| State of Illinois GO Bonds Series of May 2024B (A2/A-) | State of Illinois GO Bonds Series of May 2024B (A2/A-) | State of Illinois GO Bonds Series of May 2024B (A2/A-) | State of Illinois GO Bonds Series of May 2024B (A2/A-) |
| 135000 | 5.250 | 05/01/2043 | 146367 |
| The County of Cook Illinois Sales Tax RB Series 2024 (NR/AA-) | The County of Cook Illinois Sales Tax RB Series 2024 (NR/AA-) | The County of Cook Illinois Sales Tax RB Series 2024 (NR/AA-) | The County of Cook Illinois Sales Tax RB Series 2024 (NR/AA-) |
| 1610000 | 5.000 | 11/15/2042 | 1740607 |
| The Industrial Development Authority of The City of Glendale Arizona RB Midwestern University Series 2025 (A2/A-) | The Industrial Development Authority of The City of Glendale Arizona RB Midwestern University Series 2025 (A2/A-) | The Industrial Development Authority of The City of Glendale Arizona RB Midwestern University Series 2025 (A2/A-) | The Industrial Development Authority of The City of Glendale Arizona RB Midwestern University Series 2025 (A2/A-) |
| 500000 | 5.000 | 12/01/2047 | 512176 |
|  |  |  | 23466678 |
| Indiana - 0.7% | Indiana - 0.7% | Indiana - 0.7% | Indiana - 0.7% |
| City of Whiting Environmental Facilities Refunding RB for BP Products North America Inc. Project Series 2019A (A1/A-) (PUTABLE) | City of Whiting Environmental Facilities Refunding RB for BP Products North America Inc. Project Series 2019A (A1/A-) (PUTABLE) | City of Whiting Environmental Facilities Refunding RB for BP Products North America Inc. Project Series 2019A (A1/A-) (PUTABLE) | City of Whiting Environmental Facilities Refunding RB for BP Products North America Inc. Project Series 2019A (A1/A-) (PUTABLE) |
| 100000 | 5.000 <sup>(a)(b)</sup> | 12/01/2044 | 100637 |
| Indiana Finance Authority Health System RB Series 2025 Indiana University Health Series 202D-1 (Aa2/AA) | Indiana Finance Authority Health System RB Series 2025 Indiana University Health Series 202D-1 (Aa2/AA) | Indiana Finance Authority Health System RB Series 2025 Indiana University Health Series 202D-1 (Aa2/AA) | Indiana Finance Authority Health System RB Series 2025 Indiana University Health Series 202D-1 (Aa2/AA) |
| 250000 | 5.000 <sup>(a)(b)</sup> | 10/01/2064 | 269890 |
| Indiana Finance Authority RB Series 2016A (NR/A+) | Indiana Finance Authority RB Series 2016A (NR/A+) | Indiana Finance Authority RB Series 2016A (NR/A+) | Indiana Finance Authority RB Series 2016A (NR/A+) |
| 100000 | 5.000 | 03/01/2031 | 101211 |
| Indiana Finance Authority RB, Series 2025C-1 (NR/NR) | Indiana Finance Authority RB, Series 2025C-1 (NR/NR) | Indiana Finance Authority RB, Series 2025C-1 (NR/NR) | Indiana Finance Authority RB, Series 2025C-1 (NR/NR) |
| 500000 | 4.125 | 05/15/2032 | 502159 |
| Indiana Housing and Community Development Authority Multifamily Housing RB Wabash Place Project Series 2025 (Aa1/NR) | Indiana Housing and Community Development Authority Multifamily Housing RB Wabash Place Project Series 2025 (Aa1/NR) | Indiana Housing and Community Development Authority Multifamily Housing RB Wabash Place Project Series 2025 (Aa1/NR) | Indiana Housing and Community Development Authority Multifamily Housing RB Wabash Place Project Series 2025 (Aa1/NR) |
| 375000 | 3.125 <sup>(a)(b)</sup> | 02/01/2043 | 378162 |
| The Indianapolis Local Public Improvement Bond Bank Bonds Series 2024E (NR/AA-) | The Indianapolis Local Public Improvement Bond Bank Bonds Series 2024E (NR/AA-) | The Indianapolis Local Public Improvement Bond Bank Bonds Series 2024E (NR/AA-) | The Indianapolis Local Public Improvement Bond Bank Bonds Series 2024E (NR/AA-) |
| 100000 | 5.000 | 02/01/2030 | 110071 |
|  |  |  | 1462130 |
| Kansas - 0.6% | Kansas - 0.6% | Kansas - 0.6% | Kansas - 0.6% |
| City of Garden City Kansas Sales Tax Special Obligation RB Sports of The World Star Bond Project Phase II Series 2025 (NR/NR) | City of Garden City Kansas Sales Tax Special Obligation RB Sports of The World Star Bond Project Phase II Series 2025 (NR/NR) | City of Garden City Kansas Sales Tax Special Obligation RB Sports of The World Star Bond Project Phase II Series 2025 (NR/NR) | City of Garden City Kansas Sales Tax Special Obligation RB Sports of The World Star Bond Project Phase II Series 2025 (NR/NR) |
| 200000 | 4.000 <sup>(d)</sup> | 06/01/2029 | 200763 |
| City of Manhattan RB Refunding for Meadowlark Hills Retirement Community Obligated Group Series 2021 A (NR/NR) | City of Manhattan RB Refunding for Meadowlark Hills Retirement Community Obligated Group Series 2021 A (NR/NR) | City of Manhattan RB Refunding for Meadowlark Hills Retirement Community Obligated Group Series 2021 A (NR/NR) | City of Manhattan RB Refunding for Meadowlark Hills Retirement Community Obligated Group Series 2021 A (NR/NR) |
| 1000000 | 4.000 | 06/01/2036 | 993655 |
|  |  |  | 1194418 |
| Kentucky - 0.9% | Kentucky - 0.9% | Kentucky - 0.9% | Kentucky - 0.9% |
| Public Energy Authority of Kentucky Gas Supply RB Series 2020A (NR/NR) | Public Energy Authority of Kentucky Gas Supply RB Series 2020A (NR/NR) | Public Energy Authority of Kentucky Gas Supply RB Series 2020A (NR/NR) | Public Energy Authority of Kentucky Gas Supply RB Series 2020A (NR/NR) |
| 690000 | 4.000 <sup>(a)(b)</sup> | 12/01/2050 | 694374 |
| Public Energy Authority of Kentucky Gas Supply RB, 2025 Series B (Baa2/NR) | Public Energy Authority of Kentucky Gas Supply RB, 2025 Series B (Baa2/NR) | Public Energy Authority of Kentucky Gas Supply RB, 2025 Series B (Baa2/NR) | Public Energy Authority of Kentucky Gas Supply RB, 2025 Series B (Baa2/NR) |
| 500000 | 5.000 | 12/01/2033 | 533157 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | Value |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Kentucky – (continued) | Kentucky – (continued) | Kentucky – (continued) | Kentucky – (continued) |
| Public Energy Authority of Kentucky Gas Supply Revenue Refunding Bonds 2025 Series A (A1/NR) | Public Energy Authority of Kentucky Gas Supply Revenue Refunding Bonds 2025 Series A (A1/NR) | Public Energy Authority of Kentucky Gas Supply Revenue Refunding Bonds 2025 Series A (A1/NR) | Public Energy Authority of Kentucky Gas Supply Revenue Refunding Bonds 2025 Series A (A1/NR) |
| 500000 | 5.250 %<sup>(a)(b)</sup> | 06/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540571 |
|  |  |  | 1768102 |
| Louisiana - 2.6% | Louisiana - 2.6% | Louisiana - 2.6% | Louisiana - 2.6% |
| Board of Commissioners of The Port of New Orleans Louisiana Port Facility RB Series 2025A (NON-AMT) (A2/A) | Board of Commissioners of The Port of New Orleans Louisiana Port Facility RB Series 2025A (NON-AMT) (A2/A) | Board of Commissioners of The Port of New Orleans Louisiana Port Facility RB Series 2025A (NON-AMT) (A2/A) | Board of Commissioners of The Port of New Orleans Louisiana Port Facility RB Series 2025A (NON-AMT) (A2/A) |
| 100000 | 5.250 | 04/01/2055 | 103962 |
| Lakeshore Villages Master Community Development District Special Assessment Series 2019 (NR/NR) | Lakeshore Villages Master Community Development District Special Assessment Series 2019 (NR/NR) | Lakeshore Villages Master Community Development District Special Assessment Series 2019 (NR/NR) | Lakeshore Villages Master Community Development District Special Assessment Series 2019 (NR/NR) |
| 1000000 | 4.125 | 06/01/2039 | 979857 |
| Louisiana Housing Corporation Multifamily Housing RB Arbours At Lafayette Phase II Project Series 2024 (FHA 221(D)(4)) (Aa1/NR) | Louisiana Housing Corporation Multifamily Housing RB Arbours At Lafayette Phase II Project Series 2024 (FHA 221(D)(4)) (Aa1/NR) | Louisiana Housing Corporation Multifamily Housing RB Arbours At Lafayette Phase II Project Series 2024 (FHA 221(D)(4)) (Aa1/NR) | Louisiana Housing Corporation Multifamily Housing RB Arbours At Lafayette Phase II Project Series 2024 (FHA 221(D)(4)) (Aa1/NR) |
| 1000000 | 5.000 <sup>(a)(b)</sup> | 04/01/2028 | 1023865 |
| Louisiana Local Government Environmental Facilities and Community Development Authority Entergy Louisiana, LLC Project) Revenue Refunding Bonds Series 2021B (NON-AMT) (A2/A) | Louisiana Local Government Environmental Facilities and Community Development Authority Entergy Louisiana, LLC Project) Revenue Refunding Bonds Series 2021B (NON-AMT) (A2/A) | Louisiana Local Government Environmental Facilities and Community Development Authority Entergy Louisiana, LLC Project) Revenue Refunding Bonds Series 2021B (NON-AMT) (A2/A) | Louisiana Local Government Environmental Facilities and Community Development Authority Entergy Louisiana, LLC Project) Revenue Refunding Bonds Series 2021B (NON-AMT) (A2/A) |
| 120000 | 2.500 | 04/01/2036 | 107660 |
| Louisiana Public Facilities Authority Hospital RB Louisiana Children Medicine Ctr 2023A (NR/A) | Louisiana Public Facilities Authority Hospital RB Louisiana Children Medicine Ctr 2023A (NR/A) | Louisiana Public Facilities Authority Hospital RB Louisiana Children Medicine Ctr 2023A (NR/A) | Louisiana Public Facilities Authority Hospital RB Louisiana Children Medicine Ctr 2023A (NR/A) |
| 500000 | 5.250 <sup>(a)(b)</sup> | 12/01/2052 | 548651 |
| Louisiana Public Facilities Authority Revenue Refunding Bonds for Ochsner Clinic Foundation Project Series 2017 (A3/A) | Louisiana Public Facilities Authority Revenue Refunding Bonds for Ochsner Clinic Foundation Project Series 2017 (A3/A) | Louisiana Public Facilities Authority Revenue Refunding Bonds for Ochsner Clinic Foundation Project Series 2017 (A3/A) | Louisiana Public Facilities Authority Revenue Refunding Bonds for Ochsner Clinic Foundation Project Series 2017 (A3/A) |
| 500000 | 5.000 | 05/15/2042 | 506252 |
| Louisiana Stadium and Exposition District Senior RB, Tax-Exempt Series 2023A (A2/NR) | Louisiana Stadium and Exposition District Senior RB, Tax-Exempt Series 2023A (A2/NR) | Louisiana Stadium and Exposition District Senior RB, Tax-Exempt Series 2023A (A2/NR) | Louisiana Stadium and Exposition District Senior RB, Tax-Exempt Series 2023A (A2/NR) |
| 400000 | 5.000 | 07/01/2037 | 451241 |
| Office Facilities Corporation Lease RB Northwest Louisiana State Office Building Project Series 2025 (AG) (NR/AA) | Office Facilities Corporation Lease RB Northwest Louisiana State Office Building Project Series 2025 (AG) (NR/AA) | Office Facilities Corporation Lease RB Northwest Louisiana State Office Building Project Series 2025 (AG) (NR/AA) | Office Facilities Corporation Lease RB Northwest Louisiana State Office Building Project Series 2025 (AG) (NR/AA) |
| 140000 | 5.000 | 07/01/2038 | 160450 |
| Parish of St. James State of Louisiana RB Nustar Logistics, L.P. Project Series 2011 (NON-AMT) (Ba1/BB+) (PUTABLE) | Parish of St. James State of Louisiana RB Nustar Logistics, L.P. Project Series 2011 (NON-AMT) (Ba1/BB+) (PUTABLE) | Parish of St. James State of Louisiana RB Nustar Logistics, L.P. Project Series 2011 (NON-AMT) (Ba1/BB+) (PUTABLE) | Parish of St. James State of Louisiana RB Nustar Logistics, L.P. Project Series 2011 (NON-AMT) (Ba1/BB+) (PUTABLE) |
| 500000 | 3.700 <sup>(a)(b)</sup> | 08/01/2041 | 514637 |
| Parish School Board of the Parish of Lafayette State of Louisiana Sales Tax RB, Series 2025 (NR/AA+) | Parish School Board of the Parish of Lafayette State of Louisiana Sales Tax RB, Series 2025 (NR/AA+) | Parish School Board of the Parish of Lafayette State of Louisiana Sales Tax RB, Series 2025 (NR/AA+) | Parish School Board of the Parish of Lafayette State of Louisiana Sales Tax RB, Series 2025 (NR/AA+) |
| 250000 | 5.500 | 04/01/2045 | 279784 |
| Pineville School District No. 52 of Rapides Parish Louisiana GO School Bonds Series 2025 (BAM) (NR/AA) | Pineville School District No. 52 of Rapides Parish Louisiana GO School Bonds Series 2025 (BAM) (NR/AA) | Pineville School District No. 52 of Rapides Parish Louisiana GO School Bonds Series 2025 (BAM) (NR/AA) | Pineville School District No. 52 of Rapides Parish Louisiana GO School Bonds Series 2025 (BAM) (NR/AA) |
| 245000 | 5.250 | 03/01/2038 | 280151 |
| 275000 | 5.250 | 03/01/2039 | 313222 |
|  |  |  | 5269732 |
| Maine - 0.6% | Maine - 0.6% | Maine - 0.6% | Maine - 0.6% |
| Maine Health and Higher Educational Facilities Authority RB Northeastern University Issue Series 2024B (A1/NR) | Maine Health and Higher Educational Facilities Authority RB Northeastern University Issue Series 2024B (A1/NR) | Maine Health and Higher Educational Facilities Authority RB Northeastern University Issue Series 2024B (A1/NR) | Maine Health and Higher Educational Facilities Authority RB Northeastern University Issue Series 2024B (A1/NR) |
| 275000 | 5.000 | 10/01/2039 | 311454 |
| Maine State Housing Authority Maine Energy Housing and Economic Recovery Fund RB 2021 Series 1 (Aa3/A+) | Maine State Housing Authority Maine Energy Housing and Economic Recovery Fund RB 2021 Series 1 (Aa3/A+) | Maine State Housing Authority Maine Energy Housing and Economic Recovery Fund RB 2021 Series 1 (Aa3/A+) | Maine State Housing Authority Maine Energy Housing and Economic Recovery Fund RB 2021 Series 1 (Aa3/A+) |
| 470000 | 5.000 | 06/15/2036 | 513250 |
| Maine State Housing Authority Maine Energy Housing and Economic Recovery Fund RB 2021 Series 1 (Aa3/A+) | Maine State Housing Authority Maine Energy Housing and Economic Recovery Fund RB 2021 Series 1 (Aa3/A+) | Maine State Housing Authority Maine Energy Housing and Economic Recovery Fund RB 2021 Series 1 (Aa3/A+) | Maine State Housing Authority Maine Energy Housing and Economic Recovery Fund RB 2021 Series 1 (Aa3/A+) |
| 455000 | 5.000 | 06/15/2037 | 493461 |
|  |  |  | 1318165 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **24** | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS MUNICIPAL INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Maryland - 1.0% | Maryland - 1.0% | Maryland - 1.0% | Maryland - 1.0% |
| Frederick County Maryland Tax Allocation Refunding for Oakdale-Lake Linganore Development District Series 2019 B (NR/NR) | Frederick County Maryland Tax Allocation Refunding for Oakdale-Lake Linganore Development District Series 2019 B (NR/NR) | Frederick County Maryland Tax Allocation Refunding for Oakdale-Lake Linganore Development District Series 2019 B (NR/NR) | Frederick County Maryland Tax Allocation Refunding for Oakdale-Lake Linganore Development District Series 2019 B (NR/NR) |
| $150000 | 3.750% | 07/01/2039 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145632 |
| Maryland Economic Development Corp. Private Activity RB for Purple Line Light Rail Project Series 2022A (Baa3/NR) | Maryland Economic Development Corp. Private Activity RB for Purple Line Light Rail Project Series 2022A (Baa3/NR) | Maryland Economic Development Corp. Private Activity RB for Purple Line Light Rail Project Series 2022A (Baa3/NR) | Maryland Economic Development Corp. Private Activity RB for Purple Line Light Rail Project Series 2022A (Baa3/NR) |
| 465000 | 5.000 | 11/12/2028 | 467624 |
| Maryland Health and Higher Educational Facilities Authority RB Medstar Health Issue Series 2026B-1 and Series 2026B-2 Long-Term Rate (A2/A) | Maryland Health and Higher Educational Facilities Authority RB Medstar Health Issue Series 2026B-1 and Series 2026B-2 Long-Term Rate (A2/A) | Maryland Health and Higher Educational Facilities Authority RB Medstar Health Issue Series 2026B-1 and Series 2026B-2 Long-Term Rate (A2/A) | Maryland Health and Higher Educational Facilities Authority RB Medstar Health Issue Series 2026B-1 and Series 2026B-2 Long-Term Rate (A2/A) |
| 500000 | 5.000 <sup>(a)(b)</sup> | 08/15/2056 | 565650 |
| Mayor and City Council of Baltimore City of Baltimore Maryland Special Obligation Bonds City-Wide Affordable Housing Program Series 2025 (NR/NR) | Mayor and City Council of Baltimore City of Baltimore Maryland Special Obligation Bonds City-Wide Affordable Housing Program Series 2025 (NR/NR) | Mayor and City Council of Baltimore City of Baltimore Maryland Special Obligation Bonds City-Wide Affordable Housing Program Series 2025 (NR/NR) | Mayor and City Council of Baltimore City of Baltimore Maryland Special Obligation Bonds City-Wide Affordable Housing Program Series 2025 (NR/NR) |
| 825000 | 5.000 <sup>(d)</sup> | 06/01/2045 | 833640 |
|  |  |  | 2012546 |
| Massachusetts - 1.4% | Massachusetts - 1.4% | Massachusetts - 1.4% | Massachusetts - 1.4% |
| Commonwealth of Massachusetts GO Limited Bonds Series 2016 E (Aa1/AA+) | Commonwealth of Massachusetts GO Limited Bonds Series 2016 E (Aa1/AA+) | Commonwealth of Massachusetts GO Limited Bonds Series 2016 E (Aa1/AA+) | Commonwealth of Massachusetts GO Limited Bonds Series 2016 E (Aa1/AA+) |
| 655000 | 3.000 | 04/01/2044 | 560398 |
| Massachusetts Development Finance Agency RB Beth Israel Lahey Health Issue Tax-Exempt Series N 2025 (A3/A) | Massachusetts Development Finance Agency RB Beth Israel Lahey Health Issue Tax-Exempt Series N 2025 (A3/A) | Massachusetts Development Finance Agency RB Beth Israel Lahey Health Issue Tax-Exempt Series N 2025 (A3/A) | Massachusetts Development Finance Agency RB Beth Israel Lahey Health Issue Tax-Exempt Series N 2025 (A3/A) |
| 1000000 | 5.000 | 07/01/2040 | 1126453 |
| Massachusetts Development Finance Agency RB for Harvard University Series 2016 A (Aaa/AAA) | Massachusetts Development Finance Agency RB for Harvard University Series 2016 A (Aaa/AAA) | Massachusetts Development Finance Agency RB for Harvard University Series 2016 A (Aaa/AAA) | Massachusetts Development Finance Agency RB for Harvard University Series 2016 A (Aaa/AAA) |
| 250000 | 5.000 | 07/15/2036 | 306039 |
| Massachusetts Development Finance Agency RB Wellforce Issue Series C 2020 (AG) (NR/AA) | Massachusetts Development Finance Agency RB Wellforce Issue Series C 2020 (AG) (NR/AA) | Massachusetts Development Finance Agency RB Wellforce Issue Series C 2020 (AG) (NR/AA) | Massachusetts Development Finance Agency RB Wellforce Issue Series C 2020 (AG) (NR/AA) |
| 450000 | 5.000 | 10/01/2034 | 493222 |
| Massachusetts Development Finance Authority Variable Rate Demand RB Williams College Issue Series N (2011) (Aa1/ AA+) | Massachusetts Development Finance Authority Variable Rate Demand RB Williams College Issue Series N (2011) (Aa1/ AA+) | Massachusetts Development Finance Authority Variable Rate Demand RB Williams College Issue Series N (2011) (Aa1/ AA+) | Massachusetts Development Finance Authority Variable Rate Demand RB Williams College Issue Series N (2011) (Aa1/ AA+) |
| 375000 | 3.300 <sup>(a)(b)</sup> | 07/01/2041 | 382703 |
|  |  |  | 2868815 |
| Michigan - 2.3% | Michigan - 2.3% | Michigan - 2.3% | Michigan - 2.3% |
| City of Detroit County of Wayne State of Michigan Unlimited Tax GO Bonds Series 2018 (Baa1/BBB) | City of Detroit County of Wayne State of Michigan Unlimited Tax GO Bonds Series 2018 (Baa1/BBB) | City of Detroit County of Wayne State of Michigan Unlimited Tax GO Bonds Series 2018 (Baa1/BBB) | City of Detroit County of Wayne State of Michigan Unlimited Tax GO Bonds Series 2018 (Baa1/BBB) |
| 200000 | 5.000 | 04/01/2038 | 206592 |
| City of Detroit GO Bonds Series 2021 A (Baa1/BBB) | City of Detroit GO Bonds Series 2021 A (Baa1/BBB) | City of Detroit GO Bonds Series 2021 A (Baa1/BBB) | City of Detroit GO Bonds Series 2021 A (Baa1/BBB) |
| 1530000 | 5.000 | 04/01/2030 | 1662439 |
| City of Detroit UT GO Bonds Series 2021A (Baa1/BBB) | City of Detroit UT GO Bonds Series 2021A (Baa1/BBB) | City of Detroit UT GO Bonds Series 2021A (Baa1/BBB) | City of Detroit UT GO Bonds Series 2021A (Baa1/BBB) |
| 550000 | 5.000 | 04/01/2046 | 563083 |
| City of Detroit, County of Wayne, Unlimited Tax GO Social Bonds Series 2023A (Tax Exempt) (Baa1/BBB) | City of Detroit, County of Wayne, Unlimited Tax GO Social Bonds Series 2023A (Tax Exempt) (Baa1/BBB) | City of Detroit, County of Wayne, Unlimited Tax GO Social Bonds Series 2023A (Tax Exempt) (Baa1/BBB) | City of Detroit, County of Wayne, Unlimited Tax GO Social Bonds Series 2023A (Tax Exempt) (Baa1/BBB) |
| 100000 | 6.000 | 05/01/2039 | 116213 |
| Great Lakes Water Authority Sewage Disposal System Revenue Refunding Second Lien Bonds Series 2025B (A1/A+) | Great Lakes Water Authority Sewage Disposal System Revenue Refunding Second Lien Bonds Series 2025B (A1/A+) | Great Lakes Water Authority Sewage Disposal System Revenue Refunding Second Lien Bonds Series 2025B (A1/A+) | Great Lakes Water Authority Sewage Disposal System Revenue Refunding Second Lien Bonds Series 2025B (A1/A+) |
| 500000 | 5.000 | 07/01/2031 | 568694 |
| Great Lakes Water Authority Water Supply System Revenue Refunding Second Lien Bonds Series 2025B (A1/A+) | Great Lakes Water Authority Water Supply System Revenue Refunding Second Lien Bonds Series 2025B (A1/A+) | Great Lakes Water Authority Water Supply System Revenue Refunding Second Lien Bonds Series 2025B (A1/A+) | Great Lakes Water Authority Water Supply System Revenue Refunding Second Lien Bonds Series 2025B (A1/A+) |
| 500000 | 5.000 | 07/01/2031 | 568694 |
| Lansing Board of Water and Light City of Lansing Michigan Utility System Revenue Refunding Bonds Series 2026A Mandatory Put Bonds (Aa3/AA-) | Lansing Board of Water and Light City of Lansing Michigan Utility System Revenue Refunding Bonds Series 2026A Mandatory Put Bonds (Aa3/AA-) | Lansing Board of Water and Light City of Lansing Michigan Utility System Revenue Refunding Bonds Series 2026A Mandatory Put Bonds (Aa3/AA-) | Lansing Board of Water and Light City of Lansing Michigan Utility System Revenue Refunding Bonds Series 2026A Mandatory Put Bonds (Aa3/AA-) |
| 500000 | 5.000 <sup>(a)(b)</sup> | 07/01/2051 | 556041 |
| Michigan Finance Authority Revenue Hospital Bonds Trinity Health Credit Group 2013MI-5 (Aa3/AA-) | Michigan Finance Authority Revenue Hospital Bonds Trinity Health Credit Group 2013MI-5 (Aa3/AA-) | Michigan Finance Authority Revenue Hospital Bonds Trinity Health Credit Group 2013MI-5 (Aa3/AA-) | Michigan Finance Authority Revenue Hospital Bonds Trinity Health Credit Group 2013MI-5 (Aa3/AA-) |
| 265000 | 4.000 | 12/01/2040 | 266394 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | Interest<br>Rate | Maturity<br>Date | Value |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Michigan – (continued) | Michigan – (continued) | Michigan – (continued) | Michigan – (continued) |
| The Economic Development Corporation of The City of Kalamazoo Limited Obligation RB Friendship Village of Kalamazoo Project Series 2026B-3 Tax Exempt Mandatory Paydown Securities Temps – 50Sm (NR/NR) | The Economic Development Corporation of The City of Kalamazoo Limited Obligation RB Friendship Village of Kalamazoo Project Series 2026B-3 Tax Exempt Mandatory Paydown Securities Temps – 50Sm (NR/NR) | The Economic Development Corporation of The City of Kalamazoo Limited Obligation RB Friendship Village of Kalamazoo Project Series 2026B-3 Tax Exempt Mandatory Paydown Securities Temps – 50Sm (NR/NR) | The Economic Development Corporation of The City of Kalamazoo Limited Obligation RB Friendship Village of Kalamazoo Project Series 2026B-3 Tax Exempt Mandatory Paydown Securities Temps – 50Sm (NR/NR) |
| 225000 | 3.900 %<sup>(d)</sup> | 08/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225769 |
|  |  |  | 4733919 |
| Minnesota - 0.6% | Minnesota - 0.6% | Minnesota - 0.6% | Minnesota - 0.6% |
| Housing and Redevelopment Authority of The City of Saint Paul Minnesota Charter School Lease Revenue and Refunding Bonds Series 2025 Nova Classical Academy Project (NR/BB+) | Housing and Redevelopment Authority of The City of Saint Paul Minnesota Charter School Lease Revenue and Refunding Bonds Series 2025 Nova Classical Academy Project (NR/BB+) | Housing and Redevelopment Authority of The City of Saint Paul Minnesota Charter School Lease Revenue and Refunding Bonds Series 2025 Nova Classical Academy Project (NR/BB+) | Housing and Redevelopment Authority of The City of Saint Paul Minnesota Charter School Lease Revenue and Refunding Bonds Series 2025 Nova Classical Academy Project (NR/BB+) |
| 425000 | 5.500 | 09/01/2055 | 425157 |
| Independent School District No. 709 Duluth St. Louis County Minnesota GO Capital Appreciation Facilities Maintenance Bonds Series 2025A (SD CRED PROG) (Aa1/NR) | Independent School District No. 709 Duluth St. Louis County Minnesota GO Capital Appreciation Facilities Maintenance Bonds Series 2025A (SD CRED PROG) (Aa1/NR) | Independent School District No. 709 Duluth St. Louis County Minnesota GO Capital Appreciation Facilities Maintenance Bonds Series 2025A (SD CRED PROG) (Aa1/NR) | Independent School District No. 709 Duluth St. Louis County Minnesota GO Capital Appreciation Facilities Maintenance Bonds Series 2025A (SD CRED PROG) (Aa1/NR) |
| 855000 | 0.000 <sup>(f)</sup> | 02/01/2032 | 724181 |
| Minneapolis St. Paul Metropolitan Airports Commisson Subordinate Airport RB Series 2024B (AMT) (NR/A+) | Minneapolis St. Paul Metropolitan Airports Commisson Subordinate Airport RB Series 2024B (AMT) (NR/A+) | Minneapolis St. Paul Metropolitan Airports Commisson Subordinate Airport RB Series 2024B (AMT) (NR/A+) | Minneapolis St. Paul Metropolitan Airports Commisson Subordinate Airport RB Series 2024B (AMT) (NR/A+) |
| 100000 | 5.000 | 01/01/2039 | 110878 |
|  |  |  | 1260216 |
| Mississippi - 0.4% | Mississippi - 0.4% | Mississippi - 0.4% | Mississippi - 0.4% |
| Mississippi Business Finance Corporation Gulf Opportunity Zone Industrial Development Corportation Chervron U.S.A. Inc. Project Series 2009 A (Aa2/AA-/A-1+) | Mississippi Business Finance Corporation Gulf Opportunity Zone Industrial Development Corportation Chervron U.S.A. Inc. Project Series 2009 A (Aa2/AA-/A-1+) | Mississippi Business Finance Corporation Gulf Opportunity Zone Industrial Development Corportation Chervron U.S.A. Inc. Project Series 2009 A (Aa2/AA-/A-1+) | Mississippi Business Finance Corporation Gulf Opportunity Zone Industrial Development Corportation Chervron U.S.A. Inc. Project Series 2009 A (Aa2/AA-/A-1+) |
| 215000 | 1.000 <sup>(a)(b)</sup> | 12/01/2030 | 215000 |
| Warren County, Mississippi Gulf Opportunity Zone Revenue Refunding Bonds International Paper Company Project Series 2018 (NON-AMT) (NR/BBB) | Warren County, Mississippi Gulf Opportunity Zone Revenue Refunding Bonds International Paper Company Project Series 2018 (NON-AMT) (NR/BBB) | Warren County, Mississippi Gulf Opportunity Zone Revenue Refunding Bonds International Paper Company Project Series 2018 (NON-AMT) (NR/BBB) | Warren County, Mississippi Gulf Opportunity Zone Revenue Refunding Bonds International Paper Company Project Series 2018 (NON-AMT) (NR/BBB) |
| 500000 | 4.000 | 09/01/2032 | 528765 |
|  |  |  | 743765 |
| Missouri - 1.7% | Missouri - 1.7% | Missouri - 1.7% | Missouri - 1.7% |
| Board of Municipal Utilities of The City of Sikeston Missouri Lessee Certificates of Participation Series 2026 (NR/BBB+) | Board of Municipal Utilities of The City of Sikeston Missouri Lessee Certificates of Participation Series 2026 (NR/BBB+) | Board of Municipal Utilities of The City of Sikeston Missouri Lessee Certificates of Participation Series 2026 (NR/BBB+) | Board of Municipal Utilities of The City of Sikeston Missouri Lessee Certificates of Participation Series 2026 (NR/BBB+) |
| 155000 | 5.000 <sup>(e)</sup> | 09/01/2040 | 169015 |
| City of Kansas City Missouri Sanitary Sewer System Refunding RB Series 2021B (Aa2/AA) | City of Kansas City Missouri Sanitary Sewer System Refunding RB Series 2021B (Aa2/AA) | City of Kansas City Missouri Sanitary Sewer System Refunding RB Series 2021B (Aa2/AA) | City of Kansas City Missouri Sanitary Sewer System Refunding RB Series 2021B (Aa2/AA) |
| 790000 | 3.000 | 01/01/2036 | 794609 |
| Health And Educational Facilities Authority of The State of Missouri Health Facilities RB, (Coxhealth) Series 2025B (A2/ NR) | Health And Educational Facilities Authority of The State of Missouri Health Facilities RB, (Coxhealth) Series 2025B (A2/ NR) | Health And Educational Facilities Authority of The State of Missouri Health Facilities RB, (Coxhealth) Series 2025B (A2/ NR) | Health And Educational Facilities Authority of The State of Missouri Health Facilities RB, (Coxhealth) Series 2025B (A2/ NR) |
| 550000 | 5.000 | 11/15/2041 | 614173 |
| Phelps County Missouri Hospital RB Phelps Health Series 2025 (NR/BBB+) | Phelps County Missouri Hospital RB Phelps Health Series 2025 (NR/BBB+) | Phelps County Missouri Hospital RB Phelps Health Series 2025 (NR/BBB+) | Phelps County Missouri Hospital RB Phelps Health Series 2025 (NR/BBB+) |
| 1000000 | 5.750 | 12/01/2045 | 1094618 |
| State Environmental Improvement and Energy Resources Authority of The State of Missouri Environmental Improvement RB Kansas City Power & Light Company Project, Series 2008 (Baa1/A-) (PUTABLE) | State Environmental Improvement and Energy Resources Authority of The State of Missouri Environmental Improvement RB Kansas City Power & Light Company Project, Series 2008 (Baa1/A-) (PUTABLE) | State Environmental Improvement and Energy Resources Authority of The State of Missouri Environmental Improvement RB Kansas City Power & Light Company Project, Series 2008 (Baa1/A-) (PUTABLE) | State Environmental Improvement and Energy Resources Authority of The State of Missouri Environmental Improvement RB Kansas City Power & Light Company Project, Series 2008 (Baa1/A-) (PUTABLE) |
| 500000 | 4.050 <sup>(a)(b)</sup> | 05/01/2038 | 515731 |
| The Industrial Development Authority of The City of Kansas City Missouri Economic Activity Tax RB for Historic Northeast Redevelopment Plan Series 2024A-1 (NR/NR) | The Industrial Development Authority of The City of Kansas City Missouri Economic Activity Tax RB for Historic Northeast Redevelopment Plan Series 2024A-1 (NR/NR) | The Industrial Development Authority of The City of Kansas City Missouri Economic Activity Tax RB for Historic Northeast Redevelopment Plan Series 2024A-1 (NR/NR) | The Industrial Development Authority of The City of Kansas City Missouri Economic Activity Tax RB for Historic Northeast Redevelopment Plan Series 2024A-1 (NR/NR) |
| 200000 | 5.000 <sup>(d)</sup> | 06/01/2054 | 196469 |
|  |  |  | 3384615 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **25** |

---

------

GOLDMAN SACHS MUNICIPAL INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Nebraska - 0.3% | Nebraska - 0.3% | Nebraska - 0.3% | Nebraska - 0.3% |
| Central Plains Energy Project Gas Supply Revenue Refunding Bonds, Series 2025A Sub-Series 2025A-1 (Aa1/NR) | Central Plains Energy Project Gas Supply Revenue Refunding Bonds, Series 2025A Sub-Series 2025A-1 (Aa1/NR) | Central Plains Energy Project Gas Supply Revenue Refunding Bonds, Series 2025A Sub-Series 2025A-1 (Aa1/NR) | Central Plains Energy Project Gas Supply Revenue Refunding Bonds, Series 2025A Sub-Series 2025A-1 (Aa1/NR) |
| $500000 | 5.000 %<sup>(a)(b)</sup> | 08/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545135 |
| Nevada - 0.4% | Nevada - 0.4% | Nevada - 0.4% | Nevada - 0.4% |
| Las Vegas Convention and Visitors Authority Nevada RB Series 2018C (Aa3/AA-) | Las Vegas Convention and Visitors Authority Nevada RB Series 2018C (Aa3/AA-) | Las Vegas Convention and Visitors Authority Nevada RB Series 2018C (Aa3/AA-) | Las Vegas Convention and Visitors Authority Nevada RB Series 2018C (Aa3/AA-) |
| 750000 | 5.000 | 07/01/2037 | 788101 |
| New Hampshire - 0.6% | New Hampshire - 0.6% | New Hampshire - 0.6% | New Hampshire - 0.6% |
| National Finance Authority Pollution Control Refunding RB for New York State Electric & Gas Corp. Project Series 2022A (Baa1/A-) | National Finance Authority Pollution Control Refunding RB for New York State Electric & Gas Corp. Project Series 2022A (Baa1/A-) | National Finance Authority Pollution Control Refunding RB for New York State Electric & Gas Corp. Project Series 2022A (Baa1/A-) | National Finance Authority Pollution Control Refunding RB for New York State Electric & Gas Corp. Project Series 2022A (Baa1/A-) |
| 1000000 | 4.000 | 12/01/2028 | 1025018 |
| National Finance Authority RB for Presbyterian Senior Living Project Series 2023A (NR/NR) | National Finance Authority RB for Presbyterian Senior Living Project Series 2023A (NR/NR) | National Finance Authority RB for Presbyterian Senior Living Project Series 2023A (NR/NR) | National Finance Authority RB for Presbyterian Senior Living Project Series 2023A (NR/NR) |
| 250000 | 5.250 | 07/01/2048 | 254547 |
|  |  |  | 1279565 |
| New Jersey - 1.6% | New Jersey - 1.6% | New Jersey - 1.6% | New Jersey - 1.6% |
| New Jersey Economic Development Authority Special Facility Revenue and Refunding Bonds Series 2017 (Baa2/NR) | New Jersey Economic Development Authority Special Facility Revenue and Refunding Bonds Series 2017 (Baa2/NR) | New Jersey Economic Development Authority Special Facility Revenue and Refunding Bonds Series 2017 (Baa2/NR) | New Jersey Economic Development Authority Special Facility Revenue and Refunding Bonds Series 2017 (Baa2/NR) |
| 410000 | 5.000 | 10/01/2047 | 410675 |
| New Jersey Educational Facilities Authority Princeton University RB, 2025 Series A-2 (Aaa/AAA) | New Jersey Educational Facilities Authority Princeton University RB, 2025 Series A-2 (Aaa/AAA) | New Jersey Educational Facilities Authority Princeton University RB, 2025 Series A-2 (Aaa/AAA) | New Jersey Educational Facilities Authority Princeton University RB, 2025 Series A-2 (Aaa/AAA) |
| 200000 | 5.000 <sup>(a)(b)</sup> | 07/01/2064 | 239072 |
| New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (A1/A) | New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (A1/A) | New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (A1/A) | New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (A1/A) |
| 3500000 | 0.000 <sup>(f)</sup> | 12/15/2039 | 2125133 |
| New Jersey Transportation Trust Fund Authority Transportation System Bonds 2021 Series A (A1/A) | New Jersey Transportation Trust Fund Authority Transportation System Bonds 2021 Series A (A1/A) | New Jersey Transportation Trust Fund Authority Transportation System Bonds 2021 Series A (A1/A) | New Jersey Transportation Trust Fund Authority Transportation System Bonds 2021 Series A (A1/A) |
| 100000 | 4.000 | 06/15/2035 | 105430 |
| New Jersey Transportation Trust Fund Authority Transportation System Bonds 2022 Series A (A1/A) | New Jersey Transportation Trust Fund Authority Transportation System Bonds 2022 Series A (A1/A) | New Jersey Transportation Trust Fund Authority Transportation System Bonds 2022 Series A (A1/A) | New Jersey Transportation Trust Fund Authority Transportation System Bonds 2022 Series A (A1/A) |
| 150000 | 4.000 | 06/15/2041 | 152949 |
| New Jersey Turnpike Authority Turnpike RB Series 2025 A (A1/ AA-) | New Jersey Turnpike Authority Turnpike RB Series 2025 A (A1/ AA-) | New Jersey Turnpike Authority Turnpike RB Series 2025 A (A1/ AA-) | New Jersey Turnpike Authority Turnpike RB Series 2025 A (A1/ AA-) |
| 200000 | 5.000 | 01/01/2043 | 224290 |
|  |  |  | 3257549 |
| New York - 7.5% | New York - 7.5% | New York - 7.5% | New York - 7.5% |
| Brooklyn Arena Local Development Corp. Pilot RB Refunding for Barclays Center Series 2016 A (AGM) (A1/AA) | Brooklyn Arena Local Development Corp. Pilot RB Refunding for Barclays Center Series 2016 A (AGM) (A1/AA) | Brooklyn Arena Local Development Corp. Pilot RB Refunding for Barclays Center Series 2016 A (AGM) (A1/AA) | Brooklyn Arena Local Development Corp. Pilot RB Refunding for Barclays Center Series 2016 A (AGM) (A1/AA) |
| 705000 | 3.000 | 07/15/2043 | 579999 |
| Brooklyn Arena Local Development Corporation Pilot Revenue Refunding Bonds, Series 2016A (AG) (A1/AA) | Brooklyn Arena Local Development Corporation Pilot Revenue Refunding Bonds, Series 2016A (AG) (A1/AA) | Brooklyn Arena Local Development Corporation Pilot Revenue Refunding Bonds, Series 2016A (AG) (A1/AA) | Brooklyn Arena Local Development Corporation Pilot Revenue Refunding Bonds, Series 2016A (AG) (A1/AA) |
| 200000 | 4.000 | 07/15/2029 | 202170 |
| Buffalo and Erie County Industrial Land Development Corporation Canisius University Project Tax-Exempt RB Series 2025 (NR/ BBB) | Buffalo and Erie County Industrial Land Development Corporation Canisius University Project Tax-Exempt RB Series 2025 (NR/ BBB) | Buffalo and Erie County Industrial Land Development Corporation Canisius University Project Tax-Exempt RB Series 2025 (NR/ BBB) | Buffalo and Erie County Industrial Land Development Corporation Canisius University Project Tax-Exempt RB Series 2025 (NR/ BBB) |
| 550000 | 6.250 | 05/01/2045 | 592582 |
| City of Troy Capital Resource Corp. Revenue Refunding Bonds for Rensselaer Polytechnic Institute Project Series 2020A (Forward Delivery) (A3/BBB+) | City of Troy Capital Resource Corp. Revenue Refunding Bonds for Rensselaer Polytechnic Institute Project Series 2020A (Forward Delivery) (A3/BBB+) | City of Troy Capital Resource Corp. Revenue Refunding Bonds for Rensselaer Polytechnic Institute Project Series 2020A (Forward Delivery) (A3/BBB+) | City of Troy Capital Resource Corp. Revenue Refunding Bonds for Rensselaer Polytechnic Institute Project Series 2020A (Forward Delivery) (A3/BBB+) |
| 100000 | 5.000 | 09/01/2037 | 107410 |
| Dormitory Authority of The State of New York State Sales Tax RB Series 2017A (Aa1/AA+) | Dormitory Authority of The State of New York State Sales Tax RB Series 2017A (Aa1/AA+) | Dormitory Authority of The State of New York State Sales Tax RB Series 2017A (Aa1/AA+) | Dormitory Authority of The State of New York State Sales Tax RB Series 2017A (Aa1/AA+) |
| 1000000 | 5.000 | 03/15/2039 | 1024215 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | Interest<br>Rate | Maturity<br>Date | Value |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| New York – (continued) | New York – (continued) | New York – (continued) | New York – (continued) |
| Long Island Power Authority Electric System General RB Series 2016B (A2/A) | Long Island Power Authority Electric System General RB Series 2016B (A2/A) | Long Island Power Authority Electric System General RB Series 2016B (A2/A) | Long Island Power Authority Electric System General RB Series 2016B (A2/A) |
| $580000 | 5.000% | 09/01/2046 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583362 |
| Long Island Power Authority Electric System General RB, Series 2022B (A2/A) | Long Island Power Authority Electric System General RB, Series 2022B (A2/A) | Long Island Power Authority Electric System General RB, Series 2022B (A2/A) | Long Island Power Authority Electric System General RB, Series 2022B (A2/A) |
| 1000000 | 5.000 <sup>(a)(b)</sup> | 09/01/2052 | 1025052 |
| Metropolitan Transportation Authority RB Refunding Green Bond Series 2024A (BAM) (A2/AA) | Metropolitan Transportation Authority RB Refunding Green Bond Series 2024A (BAM) (A2/AA) | Metropolitan Transportation Authority RB Refunding Green Bond Series 2024A (BAM) (A2/AA) | Metropolitan Transportation Authority RB Refunding Green Bond Series 2024A (BAM) (A2/AA) |
| 100000 | 4.000 | 11/15/2048 | 93929 |
| New York City Housing Development Corporation Multi-Family Housing RB 2026 Series B (NON-AMT) (FNMA COLL) (Aa2/AA+) | New York City Housing Development Corporation Multi-Family Housing RB 2026 Series B (NON-AMT) (FNMA COLL) (Aa2/AA+) | New York City Housing Development Corporation Multi-Family Housing RB 2026 Series B (NON-AMT) (FNMA COLL) (Aa2/AA+) | New York City Housing Development Corporation Multi-Family Housing RB 2026 Series B (NON-AMT) (FNMA COLL) (Aa2/AA+) |
| 1000000 | 3.100 <sup>(a)(b)</sup> | 11/01/2045 | 1007467 |
| New York City Industrial Development Agency RB Refunding for Queens Ballpark Co. LLC Series 2021 A (AG) (A1/AA) | New York City Industrial Development Agency RB Refunding for Queens Ballpark Co. LLC Series 2021 A (AG) (A1/AA) | New York City Industrial Development Agency RB Refunding for Queens Ballpark Co. LLC Series 2021 A (AG) (A1/AA) | New York City Industrial Development Agency RB Refunding for Queens Ballpark Co. LLC Series 2021 A (AG) (A1/AA) |
| 270000 | 3.000 | 01/01/2046 | 215252 |
| New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2013 Series C Subseries C-4 Tax-Exempt Subordinate Bonds Adjustable Rate Bonds (Aa1/ AAA/A-1+) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2013 Series C Subseries C-4 Tax-Exempt Subordinate Bonds Adjustable Rate Bonds (Aa1/ AAA/A-1+) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2013 Series C Subseries C-4 Tax-Exempt Subordinate Bonds Adjustable Rate Bonds (Aa1/ AAA/A-1+) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2013 Series C Subseries C-4 Tax-Exempt Subordinate Bonds Adjustable Rate Bonds (Aa1/ AAA/A-1+) |
| 410000 | 0.900 <sup>(a)(b)</sup> | 11/01/2036 | 410000 |
| New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2026 Series F Subseries F-1 Tax-Exempt Bonds (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2026 Series F Subseries F-1 Tax-Exempt Bonds (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2026 Series F Subseries F-1 Tax-Exempt Bonds (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2026 Series F Subseries F-1 Tax-Exempt Bonds (Aa1/AAA) |
| 250000 | 5.000 | 02/01/2040 | 286970 |
| New York City Transitional Finance Authority Future Tax Secured Tax-Exempt Subordinate Bonds(Adjustable Rate Bonds) Fiscal 2019 Subseries B-4 (Aa1/AAA/A-1+) | New York City Transitional Finance Authority Future Tax Secured Tax-Exempt Subordinate Bonds(Adjustable Rate Bonds) Fiscal 2019 Subseries B-4 (Aa1/AAA/A-1+) | New York City Transitional Finance Authority Future Tax Secured Tax-Exempt Subordinate Bonds(Adjustable Rate Bonds) Fiscal 2019 Subseries B-4 (Aa1/AAA/A-1+) | New York City Transitional Finance Authority Future Tax Secured Tax-Exempt Subordinate Bonds(Adjustable Rate Bonds) Fiscal 2019 Subseries B-4 (Aa1/AAA/A-1+) |
| 260000 | 0.900 <sup>(a)(b)</sup> | 08/01/2042 | 260000 |
| New York City Transitional Finance Authority New York Future Tax Secured Tax-Exempt Subordinate Bonds Fiscal 2018, Subseries C-3 (Aa1/AAA) | New York City Transitional Finance Authority New York Future Tax Secured Tax-Exempt Subordinate Bonds Fiscal 2018, Subseries C-3 (Aa1/AAA) | New York City Transitional Finance Authority New York Future Tax Secured Tax-Exempt Subordinate Bonds Fiscal 2018, Subseries C-3 (Aa1/AAA) | New York City Transitional Finance Authority New York Future Tax Secured Tax-Exempt Subordinate Bonds Fiscal 2018, Subseries C-3 (Aa1/AAA) |
| 1000000 | 5.000 | 05/01/2040 | 1044338 |
| New York Liberty Development Corp. RB Refunding for 3 World Trade Center LLC Series 2014 (NR/NR) | New York Liberty Development Corp. RB Refunding for 3 World Trade Center LLC Series 2014 (NR/NR) | New York Liberty Development Corp. RB Refunding for 3 World Trade Center LLC Series 2014 (NR/NR) | New York Liberty Development Corp. RB Refunding for 3 World Trade Center LLC Series 2014 (NR/NR) |
| 1000000 | 5.000 <sup>(d)</sup> | 11/15/2044 | 1001649 |
| New York State Energy Research and Development Authority Pollution Control RB Rochester Gas and Electric Corporation Project 1997 Series A (Baa1/A-) | New York State Energy Research and Development Authority Pollution Control RB Rochester Gas and Electric Corporation Project 1997 Series A (Baa1/A-) | New York State Energy Research and Development Authority Pollution Control RB Rochester Gas and Electric Corporation Project 1997 Series A (Baa1/A-) | New York State Energy Research and Development Authority Pollution Control RB Rochester Gas and Electric Corporation Project 1997 Series A (Baa1/A-) |
| 500000 | 3.800 | 08/01/2032 | 524473 |
| New York State Environmental Facilities Corp. RB for Casella Waste Systems, Inc. Series 2020 R-1 (B1/B+) | New York State Environmental Facilities Corp. RB for Casella Waste Systems, Inc. Series 2020 R-1 (B1/B+) | New York State Environmental Facilities Corp. RB for Casella Waste Systems, Inc. Series 2020 R-1 (B1/B+) | New York State Environmental Facilities Corp. RB for Casella Waste Systems, Inc. Series 2020 R-1 (B1/B+) |
| 250000 | 4.250 <sup>(a)(b)(d)</sup> | 09/01/2050 | 255419 |
| New York State Housing Finance Agency Affordable Housing RB 2026 Series A (Aaa/NR) | New York State Housing Finance Agency Affordable Housing RB 2026 Series A (Aaa/NR) | New York State Housing Finance Agency Affordable Housing RB 2026 Series A (Aaa/NR) | New York State Housing Finance Agency Affordable Housing RB 2026 Series A (Aaa/NR) |
| 500000 | 3.550 | 10/01/2033 | 500018 |
| New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2020 (Baa2/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2020 (Baa2/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2020 (Baa2/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2020 (Baa2/NR) |
| 1150000 | 5.000 | 10/01/2035 | 1220647 |
| 175000 | 5.000 | 10/01/2040 | 181197 |
| New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 A (Baa1/NR) | New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 A (Baa1/NR) | New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 A (Baa1/NR) | New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 A (Baa1/NR) |
| 600000 | 5.000 | 12/01/2036 | 640488 |
| New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2016 (NR/B+) | New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2016 (NR/B+) | New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2016 (NR/B+) | New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2016 (NR/B+) |
| 100000 | 5.000 | 08/01/2031 | 100156 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **26** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MUNICIPAL INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| New York – (continued) | New York – (continued) | New York – (continued) | New York – (continued) |
| New York Transportation Development Corporation Special Facilities RB Series 2025 (AMT) (Baa3/AA) | New York Transportation Development Corporation Special Facilities RB Series 2025 (AMT) (Baa3/AA) | New York Transportation Development Corporation Special Facilities RB Series 2025 (AMT) (Baa3/AA) | New York Transportation Development Corporation Special Facilities RB Series 2025 (AMT) (Baa3/AA) |
| &nbsp;&nbsp;&nbsp;&nbsp;500000 | 6.000% | 06/30/2044 | 560445 |
| New York Transportation Development Corporation Terminal 4 John F. Kennedy International Airport Project Special Facility RB Series 2020C (Tax-Exempt/NON-AMT) (Baa1/BBB) | New York Transportation Development Corporation Terminal 4 John F. Kennedy International Airport Project Special Facility RB Series 2020C (Tax-Exempt/NON-AMT) (Baa1/BBB) | New York Transportation Development Corporation Terminal 4 John F. Kennedy International Airport Project Special Facility RB Series 2020C (Tax-Exempt/NON-AMT) (Baa1/BBB) | New York Transportation Development Corporation Terminal 4 John F. Kennedy International Airport Project Special Facility RB Series 2020C (Tax-Exempt/NON-AMT) (Baa1/BBB) |
| 100000 | 4.000 | 12/01/2042 | 99149 |
| Onondaga Civic Development Corporation RB Syracuse University Project Series 2025 (Aa3/AA-) | Onondaga Civic Development Corporation RB Syracuse University Project Series 2025 (Aa3/AA-) | Onondaga Civic Development Corporation RB Syracuse University Project Series 2025 (Aa3/AA-) | Onondaga Civic Development Corporation RB Syracuse University Project Series 2025 (Aa3/AA-) |
| 150000 | 5.000 | 12/01/2032 | 175749 |
| Port Authority of New York Consolidated Bonds 227th Series (Aa3/ AA-) | Port Authority of New York Consolidated Bonds 227th Series (Aa3/ AA-) | Port Authority of New York Consolidated Bonds 227th Series (Aa3/ AA-) | Port Authority of New York Consolidated Bonds 227th Series (Aa3/ AA-) |
| 1500000 | 3.000 | 10/01/2027 | 1511788 |
| The City of New York GO Bonds Fiscal 2014 Series I Subseries I-2 (Aa2/AA/A-1+) | The City of New York GO Bonds Fiscal 2014 Series I Subseries I-2 (Aa2/AA/A-1+) | The City of New York GO Bonds Fiscal 2014 Series I Subseries I-2 (Aa2/AA/A-1+) | The City of New York GO Bonds Fiscal 2014 Series I Subseries I-2 (Aa2/AA/A-1+) |
| 265000 | 0.900 <sup>(a)(b)</sup> | 03/01/2040 | 265000 |
| The City of New York GO Bonds Fiscal 2024 Series D Fiscal 2024 (Aa2/AA) | The City of New York GO Bonds Fiscal 2024 Series D Fiscal 2024 (Aa2/AA) | The City of New York GO Bonds Fiscal 2024 Series D Fiscal 2024 (Aa2/AA) | The City of New York GO Bonds Fiscal 2024 Series D Fiscal 2024 (Aa2/AA) |
| 500000 | 5.000 | 04/01/2050 | 520003 |
| Triborough Bridge and Tunnel Authority MTA Bridges and Tunnels General RB Series 2017A (Aa3/AA-) | Triborough Bridge and Tunnel Authority MTA Bridges and Tunnels General RB Series 2017A (Aa3/AA-) | Triborough Bridge and Tunnel Authority MTA Bridges and Tunnels General RB Series 2017A (Aa3/AA-) | Triborough Bridge and Tunnel Authority MTA Bridges and Tunnels General RB Series 2017A (Aa3/AA-) |
| 175000 | 5.000 | 11/15/2047 | 177470 |
| Triborough Bridge and Tunnel Authority Mta Bridges and Tunnels Payroll Mobility Tax Bond Anticipation Notes Series 2025A (NR/SP-1+) | Triborough Bridge and Tunnel Authority Mta Bridges and Tunnels Payroll Mobility Tax Bond Anticipation Notes Series 2025A (NR/SP-1+) | Triborough Bridge and Tunnel Authority Mta Bridges and Tunnels Payroll Mobility Tax Bond Anticipation Notes Series 2025A (NR/SP-1+) | Triborough Bridge and Tunnel Authority Mta Bridges and Tunnels Payroll Mobility Tax Bond Anticipation Notes Series 2025A (NR/SP-1+) |
| 100000 | 5.000 | 03/01/2028 | 105750 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15272147 |
| North Carolina - 2.0% | North Carolina - 2.0% | North Carolina - 2.0% | North Carolina - 2.0% |
| Inlivian Multifamily Housing RB Central at Old Concord Series 2025 (Aa1/NR) | Inlivian Multifamily Housing RB Central at Old Concord Series 2025 (Aa1/NR) | Inlivian Multifamily Housing RB Central at Old Concord Series 2025 (Aa1/NR) | Inlivian Multifamily Housing RB Central at Old Concord Series 2025 (Aa1/NR) |
| 500000 | 3.300 <sup>(a)(b)</sup> | 11/10/2043 | 507494 |
| North Carolina Capital Facilities Finance Agency Revenue Refunding Bonds Duke University Project Series 2016B (Aa1/ AA+) | North Carolina Capital Facilities Finance Agency Revenue Refunding Bonds Duke University Project Series 2016B (Aa1/ AA+) | North Carolina Capital Facilities Finance Agency Revenue Refunding Bonds Duke University Project Series 2016B (Aa1/ AA+) | North Carolina Capital Facilities Finance Agency Revenue Refunding Bonds Duke University Project Series 2016B (Aa1/ AA+) |
| 1000000 | 5.000 | 10/01/2044 | 1009025 |
| North Carolina Medical Care Commission Health Care Facilities First Mortgage RB Lutheran Services for The Aging Series 2021A (NR/NR) | North Carolina Medical Care Commission Health Care Facilities First Mortgage RB Lutheran Services for The Aging Series 2021A (NR/NR) | North Carolina Medical Care Commission Health Care Facilities First Mortgage RB Lutheran Services for The Aging Series 2021A (NR/NR) | North Carolina Medical Care Commission Health Care Facilities First Mortgage RB Lutheran Services for The Aging Series 2021A (NR/NR) |
| 245000 | 5.000 | 03/01/2026 | 245000 |
| North Carolina Medical Care Commission Health Care Facilities RB Duke University Health System, Series 2025B (Aa3/AA-) | North Carolina Medical Care Commission Health Care Facilities RB Duke University Health System, Series 2025B (Aa3/AA-) | North Carolina Medical Care Commission Health Care Facilities RB Duke University Health System, Series 2025B (Aa3/AA-) | North Carolina Medical Care Commission Health Care Facilities RB Duke University Health System, Series 2025B (Aa3/AA-) |
| 350000 | 5.000 <sup>(a)(b)</sup> | 06/01/2055 | 382482 |
| North Carolina Medical Care Commission Retirement Facilities First Mortgage RB Deerfield Episcopal Retirement Community Project Tax-Exempt Mandatory Paydown Securities (Temps-50Sm) Series 2026B-4 (NR/NR) | North Carolina Medical Care Commission Retirement Facilities First Mortgage RB Deerfield Episcopal Retirement Community Project Tax-Exempt Mandatory Paydown Securities (Temps-50Sm) Series 2026B-4 (NR/NR) | North Carolina Medical Care Commission Retirement Facilities First Mortgage RB Deerfield Episcopal Retirement Community Project Tax-Exempt Mandatory Paydown Securities (Temps-50Sm) Series 2026B-4 (NR/NR) | North Carolina Medical Care Commission Retirement Facilities First Mortgage RB Deerfield Episcopal Retirement Community Project Tax-Exempt Mandatory Paydown Securities (Temps-50Sm) Series 2026B-4 (NR/NR) |
| 1000000 | 3.200 | 11/01/2030 | 1005171 |
| North Carolina Turnpike Authority RB Senior Lien for Triangle Expressway Series 2019 (AG) (NR/AA) | North Carolina Turnpike Authority RB Senior Lien for Triangle Expressway Series 2019 (AG) (NR/AA) | North Carolina Turnpike Authority RB Senior Lien for Triangle Expressway Series 2019 (AG) (NR/AA) | North Carolina Turnpike Authority RB Senior Lien for Triangle Expressway Series 2019 (AG) (NR/AA) |
| 1075000 | 3.000 | 01/01/2042 | 930524 |
|  |  |  | 4079696 |
| North Dakota - 0.1% | North Dakota - 0.1% | North Dakota - 0.1% | North Dakota - 0.1% |
| City of Grand Forks RB Refunding for Altru Health System Obligated Group Series 2021 (Baa3/NR) | City of Grand Forks RB Refunding for Altru Health System Obligated Group Series 2021 (Baa3/NR) | City of Grand Forks RB Refunding for Altru Health System Obligated Group Series 2021 (Baa3/NR) | City of Grand Forks RB Refunding for Altru Health System Obligated Group Series 2021 (Baa3/NR) |
| 225000 | 5.000 | 12/01/2026 | 228119 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | Value |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Ohio - 1.6% | Ohio - 1.6% | Ohio - 1.6% | Ohio - 1.6% |
| City of Norwood, Ohio Special Obligation Revenue Refunding Bonds Series 2025 (NR/NR) | City of Norwood, Ohio Special Obligation Revenue Refunding Bonds Series 2025 (NR/NR) | City of Norwood, Ohio Special Obligation Revenue Refunding Bonds Series 2025 (NR/NR) | City of Norwood, Ohio Special Obligation Revenue Refunding Bonds Series 2025 (NR/NR) |
| $&nbsp;&nbsp;&nbsp;&nbsp;115000 | 4.375% | 12/01/2030 | $117176 |
| Cleveland Airport Special RB for Continental Airlines, Inc. Project Series 1998 (Ba2/BB+) | Cleveland Airport Special RB for Continental Airlines, Inc. Project Series 1998 (Ba2/BB+) | Cleveland Airport Special RB for Continental Airlines, Inc. Project Series 1998 (Ba2/BB+) | Cleveland Airport Special RB for Continental Airlines, Inc. Project Series 1998 (Ba2/BB+) |
| 280000 | 5.375 | 09/15/2027 | 280572 |
| Columbus-Franklin County Finance Authority Multifamily Housing RB Westerville Crossing Apartments Series 2024B (Aa1/NR) | Columbus-Franklin County Finance Authority Multifamily Housing RB Westerville Crossing Apartments Series 2024B (Aa1/NR) | Columbus-Franklin County Finance Authority Multifamily Housing RB Westerville Crossing Apartments Series 2024B (Aa1/NR) | Columbus-Franklin County Finance Authority Multifamily Housing RB Westerville Crossing Apartments Series 2024B (Aa1/NR) |
| 100000 | 5.000 <sup>(a)(b)</sup> | 12/01/2028 | 103794 |
| Ohio Air Quality Development Authority Air Quality Development Refunding Bonds for Duke Energy Corp. Project Series 2022B (NON-AMT) (Baa2/BBB) (PUTABLE) | Ohio Air Quality Development Authority Air Quality Development Refunding Bonds for Duke Energy Corp. Project Series 2022B (NON-AMT) (Baa2/BBB) (PUTABLE) | Ohio Air Quality Development Authority Air Quality Development Refunding Bonds for Duke Energy Corp. Project Series 2022B (NON-AMT) (Baa2/BBB) (PUTABLE) | Ohio Air Quality Development Authority Air Quality Development Refunding Bonds for Duke Energy Corp. Project Series 2022B (NON-AMT) (Baa2/BBB) (PUTABLE) |
| 500000 | 4.000 <sup>(a)(b)</sup> | 09/01/2030 | 508270 |
| Ohio Air Quality Development Authority Collateralized Air Quality Revenue Refunding Bonds for Dayton Power and Light Company Project 2015 Series A (Baa1/BBB+) (PUTABLE) | Ohio Air Quality Development Authority Collateralized Air Quality Revenue Refunding Bonds for Dayton Power and Light Company Project 2015 Series A (Baa1/BBB+) (PUTABLE) | Ohio Air Quality Development Authority Collateralized Air Quality Revenue Refunding Bonds for Dayton Power and Light Company Project 2015 Series A (Baa1/BBB+) (PUTABLE) | Ohio Air Quality Development Authority Collateralized Air Quality Revenue Refunding Bonds for Dayton Power and Light Company Project 2015 Series A (Baa1/BBB+) (PUTABLE) |
| 500000 | 4.250 <sup>(a)(b)</sup> | 11/01/2040 | 509360 |
| Ohio Air Quality Development Authority State of Ohio Air Quality Revenue Refunding Bonds Ohio Valley Electric Corporation Project Series 2026B (Baa3/NR) | Ohio Air Quality Development Authority State of Ohio Air Quality Revenue Refunding Bonds Ohio Valley Electric Corporation Project Series 2026B (Baa3/NR) | Ohio Air Quality Development Authority State of Ohio Air Quality Revenue Refunding Bonds Ohio Valley Electric Corporation Project Series 2026B (Baa3/NR) | Ohio Air Quality Development Authority State of Ohio Air Quality Revenue Refunding Bonds Ohio Valley Electric Corporation Project Series 2026B (Baa3/NR) |
| 250000 | 4.350 | 06/30/2040 | 254616 |
| Ohio Housing Finance Agency Multifamily Housing RB (Community Pendleton Project), Series 2025 (Aa1/NR) | Ohio Housing Finance Agency Multifamily Housing RB (Community Pendleton Project), Series 2025 (Aa1/NR) | Ohio Housing Finance Agency Multifamily Housing RB (Community Pendleton Project), Series 2025 (Aa1/NR) | Ohio Housing Finance Agency Multifamily Housing RB (Community Pendleton Project), Series 2025 (Aa1/NR) |
| 125000 | 3.400 <sup>(a)(b)</sup> | 07/01/2042 | 125926 |
| Ohio Housing Finance Agency Multifamily Housing RB at Main Series 2025 (Aa1/NR) | Ohio Housing Finance Agency Multifamily Housing RB at Main Series 2025 (Aa1/NR) | Ohio Housing Finance Agency Multifamily Housing RB at Main Series 2025 (Aa1/NR) | Ohio Housing Finance Agency Multifamily Housing RB at Main Series 2025 (Aa1/NR) |
| 215000 | 3.700 <sup>(a)(b)</sup> | 11/01/2047 | 217806 |
| Ohio State RB Refunding for University Hospitals Health System, Inc. Obligated Group Series 2020 A (A3/A) | Ohio State RB Refunding for University Hospitals Health System, Inc. Obligated Group Series 2020 A (A3/A) | Ohio State RB Refunding for University Hospitals Health System, Inc. Obligated Group Series 2020 A (A3/A) | Ohio State RB Refunding for University Hospitals Health System, Inc. Obligated Group Series 2020 A (A3/A) |
| 315000 | 3.000 | 01/15/2045 | 253554 |
| State of Ohio Higher Educational Facility RB for Xavier University 2024 Project (Baa3/NR) | State of Ohio Higher Educational Facility RB for Xavier University 2024 Project (Baa3/NR) | State of Ohio Higher Educational Facility RB for Xavier University 2024 Project (Baa3/NR) | State of Ohio Higher Educational Facility RB for Xavier University 2024 Project (Baa3/NR) |
| 740000 | 5.000 | 05/01/2042 | 770725 |
| State of Ohio Ohio Higher Educational Facility Commission State of Ohio Higher Educational Facility RB (Baa3/NR) | State of Ohio Ohio Higher Educational Facility Commission State of Ohio Higher Educational Facility RB (Baa3/NR) | State of Ohio Ohio Higher Educational Facility Commission State of Ohio Higher Educational Facility RB (Baa3/NR) | State of Ohio Ohio Higher Educational Facility Commission State of Ohio Higher Educational Facility RB (Baa3/NR) |
| 150000 | 5.000 | 05/01/2039 | 159627 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3301426 |
| Oklahoma - 1.3% | Oklahoma - 1.3% | Oklahoma - 1.3% | Oklahoma - 1.3% |
| Muskogee County Public Safety Authority Capital Improvement RB Series 2025 (NR/A+) | Muskogee County Public Safety Authority Capital Improvement RB Series 2025 (NR/A+) | Muskogee County Public Safety Authority Capital Improvement RB Series 2025 (NR/A+) | Muskogee County Public Safety Authority Capital Improvement RB Series 2025 (NR/A+) |
| 230000 | 4.000 | 12/01/2034 | 236173 |
| 500000 | 4.000 | 12/01/2035 | 511207 |
| Oklahoma County Finance Authority Educational Facilities Lease RB Western Heights Public Schools Project, Series 2025 (NR/ BBB-) | Oklahoma County Finance Authority Educational Facilities Lease RB Western Heights Public Schools Project, Series 2025 (NR/ BBB-) | Oklahoma County Finance Authority Educational Facilities Lease RB Western Heights Public Schools Project, Series 2025 (NR/ BBB-) | Oklahoma County Finance Authority Educational Facilities Lease RB Western Heights Public Schools Project, Series 2025 (NR/ BBB-) |
| 500000 | 5.000 | 09/01/2032 | 539838 |
| Oklahoma Housing Finance Agency Collateralized RB Astoria Creek Project Series 2025 (Aa1/NR) | Oklahoma Housing Finance Agency Collateralized RB Astoria Creek Project Series 2025 (Aa1/NR) | Oklahoma Housing Finance Agency Collateralized RB Astoria Creek Project Series 2025 (Aa1/NR) | Oklahoma Housing Finance Agency Collateralized RB Astoria Creek Project Series 2025 (Aa1/NR) |
| 500000 | 3.150 <sup>(a)(b)</sup> | 07/01/2044 | 502356 |
| Oklahoma Housing Finance Agency Collateralized RB The Villages at A New Leaf II Series 2025 (Aa1/NR) (PUTABLE) | Oklahoma Housing Finance Agency Collateralized RB The Villages at A New Leaf II Series 2025 (Aa1/NR) (PUTABLE) | Oklahoma Housing Finance Agency Collateralized RB The Villages at A New Leaf II Series 2025 (Aa1/NR) (PUTABLE) | Oklahoma Housing Finance Agency Collateralized RB The Villages at A New Leaf II Series 2025 (Aa1/NR) (PUTABLE) |
| 300000 | 3.400 <sup>(a)(b)</sup> | 07/01/2028 | 303189 |
| Trustees of The Tulsa Municipal Airport Trust RB, Series 2025 (NR/B+) | Trustees of The Tulsa Municipal Airport Trust RB, Series 2025 (NR/B+) | Trustees of The Tulsa Municipal Airport Trust RB, Series 2025 (NR/B+) | Trustees of The Tulsa Municipal Airport Trust RB, Series 2025 (NR/B+) |
| 250000 | 6.250 | 12/01/2035 | 294133 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **27** |

---

------

GOLDMAN SACHS MUNICIPAL INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Oklahoma – (continued) | Oklahoma – (continued) | Oklahoma – (continued) | Oklahoma – (continued) |
| Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2001 B (AMT) (NR/NR) | Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2001 B (AMT) (NR/NR) | Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2001 B (AMT) (NR/NR) | Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2001 B (AMT) (NR/NR) |
| &nbsp;&nbsp;&nbsp;&nbsp;100000 | 5.500% | 12/01/2035 | 100249 |
| Wagoner County Development Authority Sales Tax RB Series 2025 (NR/NR) | Wagoner County Development Authority Sales Tax RB Series 2025 (NR/NR) | Wagoner County Development Authority Sales Tax RB Series 2025 (NR/NR) | Wagoner County Development Authority Sales Tax RB Series 2025 (NR/NR) |
| 100000 | 6.500 | 05/01/2035 | 103493 |
|  |  |  | 2590638 |
| Oregon - 1.2% | Oregon - 1.2% | Oregon - 1.2% | Oregon - 1.2% |
| City of Forest Grove Oregon Campus Improvement Revenue Refunding Bonds Pacific University Series 2022A Forward Delivery (NR/BBB) | City of Forest Grove Oregon Campus Improvement Revenue Refunding Bonds Pacific University Series 2022A Forward Delivery (NR/BBB) | City of Forest Grove Oregon Campus Improvement Revenue Refunding Bonds Pacific University Series 2022A Forward Delivery (NR/BBB) | City of Forest Grove Oregon Campus Improvement Revenue Refunding Bonds Pacific University Series 2022A Forward Delivery (NR/BBB) |
| 175000 | 5.000 | 05/01/2033 | 186225 |
| City of Redmond Oregon Full Faith and Credit Bonds Series 2025A Airport Expansion Projects (AMT) (Aa2/NR) | City of Redmond Oregon Full Faith and Credit Bonds Series 2025A Airport Expansion Projects (AMT) (Aa2/NR) | City of Redmond Oregon Full Faith and Credit Bonds Series 2025A Airport Expansion Projects (AMT) (Aa2/NR) | City of Redmond Oregon Full Faith and Credit Bonds Series 2025A Airport Expansion Projects (AMT) (Aa2/NR) |
| 250000 | 5.000 | 06/01/2035 | 288699 |
| Lincoln County School District Lincoln and Lane Counties Oregon GO Bonds, Series 2025 (SCH BD GTY) (Aa1/NR) | Lincoln County School District Lincoln and Lane Counties Oregon GO Bonds, Series 2025 (SCH BD GTY) (Aa1/NR) | Lincoln County School District Lincoln and Lane Counties Oregon GO Bonds, Series 2025 (SCH BD GTY) (Aa1/NR) | Lincoln County School District Lincoln and Lane Counties Oregon GO Bonds, Series 2025 (SCH BD GTY) (Aa1/NR) |
| 650000 | 0.000 <sup>(g)</sup> | 06/15/2027 | 661801 |
| Oregon Housing And Community Services Department Housing Development RB Verde Pines Project 2025 Series O (Aa1/NR) | Oregon Housing And Community Services Department Housing Development RB Verde Pines Project 2025 Series O (Aa1/NR) | Oregon Housing And Community Services Department Housing Development RB Verde Pines Project 2025 Series O (Aa1/NR) | Oregon Housing And Community Services Department Housing Development RB Verde Pines Project 2025 Series O (Aa1/NR) |
| 1000000 | 3.100 <sup>(a)(b)</sup> | 12/01/2059 | 1005038 |
| The Port of Portland Oregon Portland International Airport RB Series Twenty-Eight (AMT) (NR/AA-) | The Port of Portland Oregon Portland International Airport RB Series Twenty-Eight (AMT) (NR/AA-) | The Port of Portland Oregon Portland International Airport RB Series Twenty-Eight (AMT) (NR/AA-) | The Port of Portland Oregon Portland International Airport RB Series Twenty-Eight (AMT) (NR/AA-) |
| 220000 | 5.000 | 07/01/2030 | 242797 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2384560 |
| Pennsylvania - 7.8% | Pennsylvania - 7.8% | Pennsylvania - 7.8% | Pennsylvania - 7.8% |
| Acts Retirement Life Communities, Inc. Obligated Group Montgomery County Industrial Development Authority Retirement Communities RB Series 2016 (NR/NR) | Acts Retirement Life Communities, Inc. Obligated Group Montgomery County Industrial Development Authority Retirement Communities RB Series 2016 (NR/NR) | Acts Retirement Life Communities, Inc. Obligated Group Montgomery County Industrial Development Authority Retirement Communities RB Series 2016 (NR/NR) | Acts Retirement Life Communities, Inc. Obligated Group Montgomery County Industrial Development Authority Retirement Communities RB Series 2016 (NR/NR) |
| 100000 | 5.000 | 11/15/2033 | 101326 |
| Allegheny County Hospital Development Authority RB Refunding for Allegheny Health Network Obligated Group Series 2018 A USD (NR/A) | Allegheny County Hospital Development Authority RB Refunding for Allegheny Health Network Obligated Group Series 2018 A USD (NR/A) | Allegheny County Hospital Development Authority RB Refunding for Allegheny Health Network Obligated Group Series 2018 A USD (NR/A) | Allegheny County Hospital Development Authority RB Refunding for Allegheny Health Network Obligated Group Series 2018 A USD (NR/A) |
| 575000 | 4.000 | 04/01/2044 | 549236 |
| Bethel Park School District Allegheny County Pennsylvania GO Limited Tax Bonds Series of 2024 (ST AID WITHHLDG) (Aa2/NR) | Bethel Park School District Allegheny County Pennsylvania GO Limited Tax Bonds Series of 2024 (ST AID WITHHLDG) (Aa2/NR) | Bethel Park School District Allegheny County Pennsylvania GO Limited Tax Bonds Series of 2024 (ST AID WITHHLDG) (Aa2/NR) | Bethel Park School District Allegheny County Pennsylvania GO Limited Tax Bonds Series of 2024 (ST AID WITHHLDG) (Aa2/NR) |
| 1125000 | 5.000 | 08/01/2043 | 1247207 |
| Borough of Punxsutawney Jefferson County Pennsylvania GO Bonds Series B of 2025 (Tax Exempt) (AG) (Baa2/AA) | Borough of Punxsutawney Jefferson County Pennsylvania GO Bonds Series B of 2025 (Tax Exempt) (AG) (Baa2/AA) | Borough of Punxsutawney Jefferson County Pennsylvania GO Bonds Series B of 2025 (Tax Exempt) (AG) (Baa2/AA) | Borough of Punxsutawney Jefferson County Pennsylvania GO Bonds Series B of 2025 (Tax Exempt) (AG) (Baa2/AA) |
| 1000000 | 5.125 | 12/01/2050 | 1020297 |
| Cheltenham Township IDA Arcadia University RB Series of 2024 (NR/BBB-) | Cheltenham Township IDA Arcadia University RB Series of 2024 (NR/BBB-) | Cheltenham Township IDA Arcadia University RB Series of 2024 (NR/BBB-) | Cheltenham Township IDA Arcadia University RB Series of 2024 (NR/BBB-) |
| 330000 | 5.750 | 04/01/2054 | 323459 |
| Chester County Health and Education Facilities Authority RB Series 2025 (NR/NR) | Chester County Health and Education Facilities Authority RB Series 2025 (NR/NR) | Chester County Health and Education Facilities Authority RB Series 2025 (NR/NR) | Chester County Health and Education Facilities Authority RB Series 2025 (NR/NR) |
| 500000 | 5.125 | 06/01/2046 | 515893 |
| City of Erie Higher Education Building Authority RB for Gannon University Series 2021 (Baa3/BBB+) | City of Erie Higher Education Building Authority RB for Gannon University Series 2021 (Baa3/BBB+) | City of Erie Higher Education Building Authority RB for Gannon University Series 2021 (Baa3/BBB+) | City of Erie Higher Education Building Authority RB for Gannon University Series 2021 (Baa3/BBB+) |
| 25000 | 4.000 | 05/01/2036 | 24341 |
| City of Yonkers New York GO Serial Bonds 2026A (Baa3/NR) | City of Yonkers New York GO Serial Bonds 2026A (Baa3/NR) | City of Yonkers New York GO Serial Bonds 2026A (Baa3/NR) | City of Yonkers New York GO Serial Bonds 2026A (Baa3/NR) |
| 525000 | 5.000 | 05/01/2027 | 537205 |
| Coatesville Area School District Chester County Pennsylvania GO Bonds Series of 2025 (AG ST AID WITHHLDG) (Aa3/AA) | Coatesville Area School District Chester County Pennsylvania GO Bonds Series of 2025 (AG ST AID WITHHLDG) (Aa3/AA) | Coatesville Area School District Chester County Pennsylvania GO Bonds Series of 2025 (AG ST AID WITHHLDG) (Aa3/AA) | Coatesville Area School District Chester County Pennsylvania GO Bonds Series of 2025 (AG ST AID WITHHLDG) (Aa3/AA) |
| 250000 | 5.250 | 11/15/2042 | 276342 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Pennsylvania – (continued) | Pennsylvania – (continued) | Pennsylvania – (continued) | Pennsylvania – (continued) |
| Commonwealth of Pennsylvania GO Bonds First Series of 2024 Bid Group B (Aa2/A+) | Commonwealth of Pennsylvania GO Bonds First Series of 2024 Bid Group B (Aa2/A+) | Commonwealth of Pennsylvania GO Bonds First Series of 2024 Bid Group B (Aa2/A+) | Commonwealth of Pennsylvania GO Bonds First Series of 2024 Bid Group B (Aa2/A+) |
| $&nbsp;&nbsp;&nbsp;&nbsp;100000 | 4.000% | 08/15/2044 | $100437 |
| Cumberland County Municipal Authority RB Messiah Village Project Series A of 2026 (NR/NR) | Cumberland County Municipal Authority RB Messiah Village Project Series A of 2026 (NR/NR) | Cumberland County Municipal Authority RB Messiah Village Project Series A of 2026 (NR/NR) | Cumberland County Municipal Authority RB Messiah Village Project Series A of 2026 (NR/NR) |
| 395000 | 5.000 | 06/01/2027 | 404320 |
| 415000 | 5.000 | 06/01/2028 | 432160 |
| Delaware County Authority Commonwealth of Pennsylvania Haverford College RB Series 2017A (NR/AA-) | Delaware County Authority Commonwealth of Pennsylvania Haverford College RB Series 2017A (NR/AA-) | Delaware County Authority Commonwealth of Pennsylvania Haverford College RB Series 2017A (NR/AA-) | Delaware County Authority Commonwealth of Pennsylvania Haverford College RB Series 2017A (NR/AA-) |
| 500000 | 5.000 | 10/01/2042 | 507025 |
| Montgomery County Higher Education And Health Authority Thomas Jefferson University RB,Series 2019 (A3/A) | Montgomery County Higher Education And Health Authority Thomas Jefferson University RB,Series 2019 (A3/A) | Montgomery County Higher Education And Health Authority Thomas Jefferson University RB,Series 2019 (A3/A) | Montgomery County Higher Education And Health Authority Thomas Jefferson University RB,Series 2019 (A3/A) |
| 500000 | 5.000 | 09/01/2027 | 519160 |
| Montgomery County Higher Education and Health Authority, (Commonwealth of Pennsylvania) Arcadia University RB, Series of 2015 (NR/BBB-) | Montgomery County Higher Education and Health Authority, (Commonwealth of Pennsylvania) Arcadia University RB, Series of 2015 (NR/BBB-) | Montgomery County Higher Education and Health Authority, (Commonwealth of Pennsylvania) Arcadia University RB, Series of 2015 (NR/BBB-) | Montgomery County Higher Education and Health Authority, (Commonwealth of Pennsylvania) Arcadia University RB, Series of 2015 (NR/BBB-) |
| 350000 | 5.000 | 04/01/2030 | 350138 |
| Montgomery County IDA Exempt Facilities Revenue Refunding Bonds 2023 Series A (Baa1/BBB+) (PUTABLE) | Montgomery County IDA Exempt Facilities Revenue Refunding Bonds 2023 Series A (Baa1/BBB+) (PUTABLE) | Montgomery County IDA Exempt Facilities Revenue Refunding Bonds 2023 Series A (Baa1/BBB+) (PUTABLE) | Montgomery County IDA Exempt Facilities Revenue Refunding Bonds 2023 Series A (Baa1/BBB+) (PUTABLE) |
| 205000 | 4.100 <sup>(a)(b)</sup> | 04/01/2053 | 210306 |
| Montgomery County IDA Exempt Facilities Revenue Refunding Bonds 2023 Series B (Baa1/BBB+) | Montgomery County IDA Exempt Facilities Revenue Refunding Bonds 2023 Series B (Baa1/BBB+) | Montgomery County IDA Exempt Facilities Revenue Refunding Bonds 2023 Series B (Baa1/BBB+) | Montgomery County IDA Exempt Facilities Revenue Refunding Bonds 2023 Series B (Baa1/BBB+) |
| 790000 | 4.100 | 06/01/2029 | 829107 |
| Montgomery County Industrial Development Authority Montgomery County Pennsylvania Germantown Academy Project School RB Series 2021A Tax Exempt (NR/A-) | Montgomery County Industrial Development Authority Montgomery County Pennsylvania Germantown Academy Project School RB Series 2021A Tax Exempt (NR/A-) | Montgomery County Industrial Development Authority Montgomery County Pennsylvania Germantown Academy Project School RB Series 2021A Tax Exempt (NR/A-) | Montgomery County Industrial Development Authority Montgomery County Pennsylvania Germantown Academy Project School RB Series 2021A Tax Exempt (NR/A-) |
| 450000 | 4.000 | 10/01/2036 | 450027 |
| Montgomery County Industrial Development Authority RB Refunding for The Public School of Germantown Series 2021 A (NR/A-) | Montgomery County Industrial Development Authority RB Refunding for The Public School of Germantown Series 2021 A (NR/A-) | Montgomery County Industrial Development Authority RB Refunding for The Public School of Germantown Series 2021 A (NR/A-) | Montgomery County Industrial Development Authority RB Refunding for The Public School of Germantown Series 2021 A (NR/A-) |
| 450000 | 4.000 | 10/01/2041 | 425288 |
| Pennsylvania Economic Development Financing Authority RB Refunding for American Water Co. Project Series 2019 (Aa3/ A+) | Pennsylvania Economic Development Financing Authority RB Refunding for American Water Co. Project Series 2019 (Aa3/ A+) | Pennsylvania Economic Development Financing Authority RB Refunding for American Water Co. Project Series 2019 (Aa3/ A+) | Pennsylvania Economic Development Financing Authority RB Refunding for American Water Co. Project Series 2019 (Aa3/ A+) |
| 275000 | 3.000 | 04/01/2039 | 258779 |
| Pennsylvania Economic Development Financing Authority Solid Waste Disposal RB for Waste Management Inc. Project Series 2019A (NR/A-/A-2) | Pennsylvania Economic Development Financing Authority Solid Waste Disposal RB for Waste Management Inc. Project Series 2019A (NR/A-/A-2) | Pennsylvania Economic Development Financing Authority Solid Waste Disposal RB for Waste Management Inc. Project Series 2019A (NR/A-/A-2) | Pennsylvania Economic Development Financing Authority Solid Waste Disposal RB for Waste Management Inc. Project Series 2019A (NR/A-/A-2) |
| 600000 | 3.875 <sup>(a)(b)</sup> | 08/01/2038 | 601926 |
| Pennsylvania Economic Development Financing Authority UPMC RB, Series 2025A (A2/A) | Pennsylvania Economic Development Financing Authority UPMC RB, Series 2025A (A2/A) | Pennsylvania Economic Development Financing Authority UPMC RB, Series 2025A (A2/A) | Pennsylvania Economic Development Financing Authority UPMC RB, Series 2025A (A2/A) |
| 200000 | 5.000 <sup>(a)(b)</sup> | 03/15/2060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215760 |
| Pennsylvania Turnpike Commission RB Series 2018 A (Aa3/NR) | Pennsylvania Turnpike Commission RB Series 2018 A (Aa3/NR) | Pennsylvania Turnpike Commission RB Series 2018 A (Aa3/NR) | Pennsylvania Turnpike Commission RB Series 2018 A (Aa3/NR) |
| 1670000 | 5.250 | 12/01/2044 | 1747974 |
| Pennsylvania Turnpike Commission Turnpike Subordinate RB, Series A of 2019 (A2/NR) | Pennsylvania Turnpike Commission Turnpike Subordinate RB, Series A of 2019 (A2/NR) | Pennsylvania Turnpike Commission Turnpike Subordinate RB, Series A of 2019 (A2/NR) | Pennsylvania Turnpike Commission Turnpike Subordinate RB, Series A of 2019 (A2/NR) |
| 500000 | 5.000 | 12/01/2044 | 523560 |
| Philadelphia Authority For Industrial Development Pennsylvania Healthcare Facility RB Series 2025A Greater Philadelphia Health Action Incorporated Project (NR/NR) | Philadelphia Authority For Industrial Development Pennsylvania Healthcare Facility RB Series 2025A Greater Philadelphia Health Action Incorporated Project (NR/NR) | Philadelphia Authority For Industrial Development Pennsylvania Healthcare Facility RB Series 2025A Greater Philadelphia Health Action Incorporated Project (NR/NR) | Philadelphia Authority For Industrial Development Pennsylvania Healthcare Facility RB Series 2025A Greater Philadelphia Health Action Incorporated Project (NR/NR) |
| 125000 | 5.000 | 06/01/2040 | 129273 |
| Philadelphia Authority for Industrial Development RB for Mast Community Charter School II Series 2020 A (NR/BBB) | Philadelphia Authority for Industrial Development RB for Mast Community Charter School II Series 2020 A (NR/BBB) | Philadelphia Authority for Industrial Development RB for Mast Community Charter School II Series 2020 A (NR/BBB) | Philadelphia Authority for Industrial Development RB for Mast Community Charter School II Series 2020 A (NR/BBB) |
| 440000 | 5.000 | 08/01/2030 | 457640 |
| Philadelphia Hospitals and Higher Education Facilities Authority RB for Temple University Health System Obligation Group Series 2017 (Baa3/BBB) | Philadelphia Hospitals and Higher Education Facilities Authority RB for Temple University Health System Obligation Group Series 2017 (Baa3/BBB) | Philadelphia Hospitals and Higher Education Facilities Authority RB for Temple University Health System Obligation Group Series 2017 (Baa3/BBB) | Philadelphia Hospitals and Higher Education Facilities Authority RB for Temple University Health System Obligation Group Series 2017 (Baa3/BBB) |
| 80000 | 5.000 | 07/01/2034 | 81235 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **28** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MUNICIPAL INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Pennsylvania – (continued) | Pennsylvania – (continued) | Pennsylvania – (continued) | Pennsylvania – (continued) |
| Scranton-Lackawanna Health and Welfare Authority The University of Scranton Revenue Refunding Bonds Series 2025B (NR/A-) | Scranton-Lackawanna Health and Welfare Authority The University of Scranton Revenue Refunding Bonds Series 2025B (NR/A-) | Scranton-Lackawanna Health and Welfare Authority The University of Scranton Revenue Refunding Bonds Series 2025B (NR/A-) | Scranton-Lackawanna Health and Welfare Authority The University of Scranton Revenue Refunding Bonds Series 2025B (NR/A-) |
| &nbsp;&nbsp;&nbsp;&nbsp;455000 | 5.000% | 11/01/2026 | 461743 |
| 700000 | 5.000 | 11/01/2035 | 812019 |
| The City of Philadelphia GO Bonds Series 2025C (Tax-Exempt) (A1/A+) | The City of Philadelphia GO Bonds Series 2025C (Tax-Exempt) (A1/A+) | The City of Philadelphia GO Bonds Series 2025C (Tax-Exempt) (A1/A+) | The City of Philadelphia GO Bonds Series 2025C (Tax-Exempt) (A1/A+) |
| 445000 | 5.000 | 08/01/2032 | 512640 |
| The City of Philadelphia Pennsylvania GO Bonds Series 2025A (Tax-Exempt) (A1/A+) | The City of Philadelphia Pennsylvania GO Bonds Series 2025A (Tax-Exempt) (A1/A+) | The City of Philadelphia Pennsylvania GO Bonds Series 2025A (Tax-Exempt) (A1/A+) | The City of Philadelphia Pennsylvania GO Bonds Series 2025A (Tax-Exempt) (A1/A+) |
| 250000 | 5.000 | 08/01/2042 | 282359 |
| Wilson School District (Berks CountyPennsylvania) GO Notes Series D of 2025 (Tax-Exempt) (ST AID WITHHLDG) (NR/ AA) | Wilson School District (Berks CountyPennsylvania) GO Notes Series D of 2025 (Tax-Exempt) (ST AID WITHHLDG) (NR/ AA) | Wilson School District (Berks CountyPennsylvania) GO Notes Series D of 2025 (Tax-Exempt) (ST AID WITHHLDG) (NR/ AA) | Wilson School District (Berks CountyPennsylvania) GO Notes Series D of 2025 (Tax-Exempt) (ST AID WITHHLDG) (NR/ AA) |
| 1000000 | 5.000 | 05/15/2041 | 1104247 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16012429 |
| Puerto Rico - 3.1% | Puerto Rico - 3.1% | Puerto Rico - 3.1% | Puerto Rico - 3.1% |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding for Senior Lien Series 2020 A (NR/NR) | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding for Senior Lien Series 2020 A (NR/NR) | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding for Senior Lien Series 2020 A (NR/NR) | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding for Senior Lien Series 2020 A (NR/NR) |
| 1000000 | 5.000 <sup>(d)</sup> | 07/01/2047 | 1002242 |
| Puerto Rico Commonwealth GO Restructured Bonds Series 2022 A-1 (NR/NR) | Puerto Rico Commonwealth GO Restructured Bonds Series 2022 A-1 (NR/NR) | Puerto Rico Commonwealth GO Restructured Bonds Series 2022 A-1 (NR/NR) | Puerto Rico Commonwealth GO Restructured Bonds Series 2022 A-1 (NR/NR) |
| 100000 | 5.750 | 07/01/2031 | 111123 |
| 250000 | 0.000 <sup>(f)</sup> | 07/01/2033 | 185111 |
| 109000 | 4.000 | 07/01/2033 | 111635 |
| 102000 | 4.000 | 07/01/2046 | 92091 |
| Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AG) (A1/AA)<br> (3M USD SOFR + 0.52%) | Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AG) (A1/AA)<br> (3M USD SOFR + 0.52%) | Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AG) (A1/AA)<br> (3M USD SOFR + 0.52%) | Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AG) (A1/AA)<br> (3M USD SOFR + 0.52%) |
| 200000 | 3.148 <sup>(c)</sup> | 07/01/2029 | 195309 |
| Puerto Rico Sales Tax Corp Sales Tax Revenue Restructured Bonds Cofina, 2019 A-2A (NR/NR) | Puerto Rico Sales Tax Corp Sales Tax Revenue Restructured Bonds Cofina, 2019 A-2A (NR/NR) | Puerto Rico Sales Tax Corp Sales Tax Revenue Restructured Bonds Cofina, 2019 A-2A (NR/NR) | Puerto Rico Sales Tax Corp Sales Tax Revenue Restructured Bonds Cofina, 2019 A-2A (NR/NR) |
| 150000 | 4.550 | 07/01/2040 | 151005 |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue Restructured Bonds Series 2019A-2B (NR/NR) | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue Restructured Bonds Series 2019A-2B (NR/NR) | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue Restructured Bonds Series 2019A-2B (NR/NR) | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue Restructured Bonds Series 2019A-2B (NR/NR) |
| 167000 | 4.550 | 07/01/2040 | 168119 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Restructured Bonds Series A-2 (NR/NR) | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Restructured Bonds Series A-2 (NR/NR) | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Restructured Bonds Series A-2 (NR/NR) | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Restructured Bonds Series A-2 (NR/NR) |
| 366000 | 4.329 | 07/01/2040 | 366757 |
| Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR) |
| 725000 | 0.000 <sup>(f)</sup> | 07/01/2027 | 696222 |
| 723000 | 0.000 <sup>(f)</sup> | 07/01/2029 | 651990 |
| 400000 | 0.000 <sup>(f)</sup> | 07/01/2031 | 336722 |
| 901000 | 0.000 <sup>(f)</sup> | 07/01/2046 | 324099 |
| 334000 | 0.000 <sup>(f)</sup> | 07/01/2051 | 87878 |
| Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR) |
| 1674000 | 4.329 | 07/01/2040 | 1677462 |
| Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR) |
| 100000 | 5.000 | 07/01/2058 | 98153 |
|  |  |  | 6255918 |
| Rhode Island - 0.9% | Rhode Island - 0.9% | Rhode Island - 0.9% | Rhode Island - 0.9% |
| Providence Public Buildings Authority Capital Improvement Program Projects RB 2024 Series A (AG) (A1/AA) | Providence Public Buildings Authority Capital Improvement Program Projects RB 2024 Series A (AG) (A1/AA) | Providence Public Buildings Authority Capital Improvement Program Projects RB 2024 Series A (AG) (A1/AA) | Providence Public Buildings Authority Capital Improvement Program Projects RB 2024 Series A (AG) (A1/AA) |
| 100000 | 5.250 | 09/15/2042 | 111578 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Rhode Island – (continued) | Rhode Island – (continued) | Rhode Island – (continued) | Rhode Island – (continued) |
| Rhode Island Health and Educational Building Corporation Hospital Financing RB Brown University Health Obligated Group Issue Series 2026B Fixed Rate Mode (NR/BBB+) | Rhode Island Health and Educational Building Corporation Hospital Financing RB Brown University Health Obligated Group Issue Series 2026B Fixed Rate Mode (NR/BBB+) | Rhode Island Health and Educational Building Corporation Hospital Financing RB Brown University Health Obligated Group Issue Series 2026B Fixed Rate Mode (NR/BBB+) | Rhode Island Health and Educational Building Corporation Hospital Financing RB Brown University Health Obligated Group Issue Series 2026B Fixed Rate Mode (NR/BBB+) |
| &nbsp;&nbsp;&nbsp;&nbsp;500000 | 5.000% | 05/15/2031 | 554276 |
| Rhode Island Health And Educational Building Corporation Hospital Financing Revenue Refunding Bonds Lifespan Obligated Group Issue Series 2016 (NR/BBB+) | Rhode Island Health And Educational Building Corporation Hospital Financing Revenue Refunding Bonds Lifespan Obligated Group Issue Series 2016 (NR/BBB+) | Rhode Island Health And Educational Building Corporation Hospital Financing Revenue Refunding Bonds Lifespan Obligated Group Issue Series 2016 (NR/BBB+) | Rhode Island Health And Educational Building Corporation Hospital Financing Revenue Refunding Bonds Lifespan Obligated Group Issue Series 2016 (NR/BBB+) |
| 615000 | 5.000 | 05/15/2039 | 618421 |
| Rhode Island Health and Educational Building Corporation State Appropriation-Backed RB Central Falls Public School Projects Series 2025 (Aa3/AA-) | Rhode Island Health and Educational Building Corporation State Appropriation-Backed RB Central Falls Public School Projects Series 2025 (Aa3/AA-) | Rhode Island Health and Educational Building Corporation State Appropriation-Backed RB Central Falls Public School Projects Series 2025 (Aa3/AA-) | Rhode Island Health and Educational Building Corporation State Appropriation-Backed RB Central Falls Public School Projects Series 2025 (Aa3/AA-) |
| 210000 | 5.000 | 05/15/2036 | 244875 |
| Rhode Island Health And Educational Building Corporation Student Housing RB Prg - Ri Properties LLC Senior Series 2025A (AG) (NR/AA) | Rhode Island Health And Educational Building Corporation Student Housing RB Prg - Ri Properties LLC Senior Series 2025A (AG) (NR/AA) | Rhode Island Health And Educational Building Corporation Student Housing RB Prg - Ri Properties LLC Senior Series 2025A (AG) (NR/AA) | Rhode Island Health And Educational Building Corporation Student Housing RB Prg - Ri Properties LLC Senior Series 2025A (AG) (NR/AA) |
| 300000 | 5.000 | 07/01/2033 | 334870 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1864020 |
| South Carolina - 0.4% | South Carolina - 0.4% | South Carolina - 0.4% | South Carolina - 0.4% |
| South Carolina Jobs-Economic Development Authority Healthcare RB Beaufort Memorial Hospital & South of Broad Healthcare Project Series 2024 (NR/BB) | South Carolina Jobs-Economic Development Authority Healthcare RB Beaufort Memorial Hospital & South of Broad Healthcare Project Series 2024 (NR/BB) | South Carolina Jobs-Economic Development Authority Healthcare RB Beaufort Memorial Hospital & South of Broad Healthcare Project Series 2024 (NR/BB) | South Carolina Jobs-Economic Development Authority Healthcare RB Beaufort Memorial Hospital & South of Broad Healthcare Project Series 2024 (NR/BB) |
| 100000 | 5.000 | 11/15/2030 | 106984 |
| South Carolina Public Service Authority Revenue Refunding Obligations Santee Cooper Consisting of Series 2024-B (Tax-Exempt) (A3/A-) | South Carolina Public Service Authority Revenue Refunding Obligations Santee Cooper Consisting of Series 2024-B (Tax-Exempt) (A3/A-) | South Carolina Public Service Authority Revenue Refunding Obligations Santee Cooper Consisting of Series 2024-B (Tax-Exempt) (A3/A-) | South Carolina Public Service Authority Revenue Refunding Obligations Santee Cooper Consisting of Series 2024-B (Tax-Exempt) (A3/A-) |
| 100000 | 4.125 | 12/01/2044 | 100327 |
| South Carolina State Housing Finance And Development Authority Multifamily Housing RB Oak Grove Apartments Series 2025 (Aa1/NR) | South Carolina State Housing Finance And Development Authority Multifamily Housing RB Oak Grove Apartments Series 2025 (Aa1/NR) | South Carolina State Housing Finance And Development Authority Multifamily Housing RB Oak Grove Apartments Series 2025 (Aa1/NR) | South Carolina State Housing Finance And Development Authority Multifamily Housing RB Oak Grove Apartments Series 2025 (Aa1/NR) |
| 600000 | 3.150 <sup>(a)(b)</sup> | 11/01/2043 | 605553 |
|  |  |  | 812864 |
| Tennessee - 0.9% | Tennessee - 0.9% | Tennessee - 0.9% | Tennessee - 0.9% |
| Metropolitan Nashville Airport Authority Airport Improvement RB Refunding Series 2026D (NR/AA-) | Metropolitan Nashville Airport Authority Airport Improvement RB Refunding Series 2026D (NR/AA-) | Metropolitan Nashville Airport Authority Airport Improvement RB Refunding Series 2026D (NR/AA-) | Metropolitan Nashville Airport Authority Airport Improvement RB Refunding Series 2026D (NR/AA-) |
| 625000 | 5.000 | 07/01/2029 | 676957 |
| 500000 | 5.000 | 07/01/2040 | 560178 |
| The Health Educational and Housing Facility Board of The County of Shelby Tennessee RB Methodist Le Bonheur Healthcare 2025A (AG) (A1/AA) | The Health Educational and Housing Facility Board of The County of Shelby Tennessee RB Methodist Le Bonheur Healthcare 2025A (AG) (A1/AA) | The Health Educational and Housing Facility Board of The County of Shelby Tennessee RB Methodist Le Bonheur Healthcare 2025A (AG) (A1/AA) | The Health Educational and Housing Facility Board of The County of Shelby Tennessee RB Methodist Le Bonheur Healthcare 2025A (AG) (A1/AA) |
| 500000 | 5.000 | 06/01/2035 | 573493 |
|  |  |  | 1810628 |
| Texas - 11.4% | Texas - 11.4% | Texas - 11.4% | Texas - 11.4% |
| Arlington Higher Education Finance Corporation Education RB Riverwalk Education Foundation Inc. Series 2022 (PSF-GTD) (NR/AAA) | Arlington Higher Education Finance Corporation Education RB Riverwalk Education Foundation Inc. Series 2022 (PSF-GTD) (NR/AAA) | Arlington Higher Education Finance Corporation Education RB Riverwalk Education Foundation Inc. Series 2022 (PSF-GTD) (NR/AAA) | Arlington Higher Education Finance Corporation Education RB Riverwalk Education Foundation Inc. Series 2022 (PSF-GTD) (NR/AAA) |
| 100000 | 5.000 | 08/15/2027 | 103704 |
| Austin Affordable PFC Inc. Multifamily Housing RB Series 2024B (FNMA COLL) (Aa1/NR) | Austin Affordable PFC Inc. Multifamily Housing RB Series 2024B (FNMA COLL) (Aa1/NR) | Austin Affordable PFC Inc. Multifamily Housing RB Series 2024B (FNMA COLL) (Aa1/NR) | Austin Affordable PFC Inc. Multifamily Housing RB Series 2024B (FNMA COLL) (Aa1/NR) |
| 100000 | 5.000 <sup>(a)(b)</sup> | 09/01/2028 | 103518 |
| Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2020 A (A2/A+) | Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2020 A (A2/A+) | Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2020 A (A2/A+) | Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2020 A (A2/A+) |
| 750000 | 5.000 | 01/01/2036 | 809159 |
| Cities of Dallas and Fort Worth Texas Dallas Fort Worth International Airport Joint Revenue Refunding and Improvement Bonds Series 2025A-2 (A1/AA-) | Cities of Dallas and Fort Worth Texas Dallas Fort Worth International Airport Joint Revenue Refunding and Improvement Bonds Series 2025A-2 (A1/AA-) | Cities of Dallas and Fort Worth Texas Dallas Fort Worth International Airport Joint Revenue Refunding and Improvement Bonds Series 2025A-2 (A1/AA-) | Cities of Dallas and Fort Worth Texas Dallas Fort Worth International Airport Joint Revenue Refunding and Improvement Bonds Series 2025A-2 (A1/AA-) |
| 1000000 | 5.000 <sup>(a)(b)</sup> | 11/01/2050 | 1121066 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **29** |

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------

GOLDMAN SACHS MUNICIPAL INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Texas – (continued) | Texas – (continued) | Texas – (continued) | Texas – (continued) |
| City of Garland Texas Dallas Collin and Rockwall Counties Electric Utility System Revenue Refunding Bonds Series 2026 (AG) (A1/AA) | City of Garland Texas Dallas Collin and Rockwall Counties Electric Utility System Revenue Refunding Bonds Series 2026 (AG) (A1/AA) | City of Garland Texas Dallas Collin and Rockwall Counties Electric Utility System Revenue Refunding Bonds Series 2026 (AG) (A1/AA) | City of Garland Texas Dallas Collin and Rockwall Counties Electric Utility System Revenue Refunding Bonds Series 2026 (AG) (A1/AA) |
| $&nbsp;&nbsp;&nbsp;&nbsp;275000 | 5.000% | 03/01/2040 | $314637 |
| 375000 | 5.000 | 03/01/2041 | 425270 |
| City of Celina Special Assessment RB for Parks at Wilson Creek Series 2021 (NR/NR) | City of Celina Special Assessment RB for Parks at Wilson Creek Series 2021 (NR/NR) | City of Celina Special Assessment RB for Parks at Wilson Creek Series 2021 (NR/NR) | City of Celina Special Assessment RB for Parks at Wilson Creek Series 2021 (NR/NR) |
| 205000 | 4.000 <sup>(d)</sup> | 09/01/2051 | 172380 |
| City of Celina Texas a Municipal Corp. of The State of Texas Located in Collin and Denton Counties Special Assessment RB Series 2024 (BAM) (NR/AA) | City of Celina Texas a Municipal Corp. of The State of Texas Located in Collin and Denton Counties Special Assessment RB Series 2024 (BAM) (NR/AA) | City of Celina Texas a Municipal Corp. of The State of Texas Located in Collin and Denton Counties Special Assessment RB Series 2024 (BAM) (NR/AA) | City of Celina Texas a Municipal Corp. of The State of Texas Located in Collin and Denton Counties Special Assessment RB Series 2024 (BAM) (NR/AA) |
| 100000 | 5.000 | 09/01/2028 | 105548 |
| City of Dallas TexasDallas Denton Collin and Rockwall Counties Waterworks and Sewer System Revenue Refunding Bonds Taxable Series 2016A/ 2016B (NR/AAA) | City of Dallas TexasDallas Denton Collin and Rockwall Counties Waterworks and Sewer System Revenue Refunding Bonds Taxable Series 2016A/ 2016B (NR/AAA) | City of Dallas TexasDallas Denton Collin and Rockwall Counties Waterworks and Sewer System Revenue Refunding Bonds Taxable Series 2016A/ 2016B (NR/AAA) | City of Dallas TexasDallas Denton Collin and Rockwall Counties Waterworks and Sewer System Revenue Refunding Bonds Taxable Series 2016A/ 2016B (NR/AAA) |
| 500000 | 5.000 | 10/01/2041 | 504714 |
| City of Dayton Texas A Municipal Corporation of The State of Texas Located in Liberty County Special Assessment RB Series 2025 (NR/NR) | City of Dayton Texas A Municipal Corporation of The State of Texas Located in Liberty County Special Assessment RB Series 2025 (NR/NR) | City of Dayton Texas A Municipal Corporation of The State of Texas Located in Liberty County Special Assessment RB Series 2025 (NR/NR) | City of Dayton Texas A Municipal Corporation of The State of Texas Located in Liberty County Special Assessment RB Series 2025 (NR/NR) |
| 441000 | 5.250 <sup>(d)</sup> | 09/01/2045 | 447245 |
| City of Galveston Wharves and Terminal First Lien RB Series 2024A (NR/A) | City of Galveston Wharves and Terminal First Lien RB Series 2024A (NR/A) | City of Galveston Wharves and Terminal First Lien RB Series 2024A (NR/A) | City of Galveston Wharves and Terminal First Lien RB Series 2024A (NR/A) |
| 630000 | 5.500 | 08/01/2044 | 671792 |
| City of Garland Texas Dallas Collin and Rockwall Counties Water and Sewer System Revenue Refunding Bonds Series 2025 (NR/AA-) | City of Garland Texas Dallas Collin and Rockwall Counties Water and Sewer System Revenue Refunding Bonds Series 2025 (NR/AA-) | City of Garland Texas Dallas Collin and Rockwall Counties Water and Sewer System Revenue Refunding Bonds Series 2025 (NR/AA-) | City of Garland Texas Dallas Collin and Rockwall Counties Water and Sewer System Revenue Refunding Bonds Series 2025 (NR/AA-) |
| 250000 | 5.000 | 03/01/2042 | 277544 |
| City of Gunter Texas A Municipal Corp. of The State of Texas Located In Grayson County Special Assessment RB Series 2025 (NR/NR) | City of Gunter Texas A Municipal Corp. of The State of Texas Located In Grayson County Special Assessment RB Series 2025 (NR/NR) | City of Gunter Texas A Municipal Corp. of The State of Texas Located In Grayson County Special Assessment RB Series 2025 (NR/NR) | City of Gunter Texas A Municipal Corp. of The State of Texas Located In Grayson County Special Assessment RB Series 2025 (NR/NR) |
| 100000 | 4.500 <sup>(d)</sup> | 09/15/2032 | 102210 |
| City of Houston Airport System Subordinate Lien Revenue Refunding Bonds Series 2020A (AMT) (A1/A+) | City of Houston Airport System Subordinate Lien Revenue Refunding Bonds Series 2020A (AMT) (A1/A+) | City of Houston Airport System Subordinate Lien Revenue Refunding Bonds Series 2020A (AMT) (A1/A+) | City of Houston Airport System Subordinate Lien Revenue Refunding Bonds Series 2020A (AMT) (A1/A+) |
| 405000 | 4.000 | 07/01/2047 | 368282 |
| City of Houston Texas Subordinate Lien RB Consisting of: Airport System Subordinate Lien Revenue and Refunding Bonds Series 2025A (AMT) (NR/A+) | City of Houston Texas Subordinate Lien RB Consisting of: Airport System Subordinate Lien Revenue and Refunding Bonds Series 2025A (AMT) (NR/A+) | City of Houston Texas Subordinate Lien RB Consisting of: Airport System Subordinate Lien Revenue and Refunding Bonds Series 2025A (AMT) (NR/A+) | City of Houston Texas Subordinate Lien RB Consisting of: Airport System Subordinate Lien Revenue and Refunding Bonds Series 2025A (AMT) (NR/A+) |
| 1000000 | 5.250 | 07/01/2038 | 1154764 |
| City of Justin Texas A Municipal Corporation of The State of Texas Located In Denton County Special Assessment RB, Series 2025 (NR/NR) | City of Justin Texas A Municipal Corporation of The State of Texas Located In Denton County Special Assessment RB, Series 2025 (NR/NR) | City of Justin Texas A Municipal Corporation of The State of Texas Located In Denton County Special Assessment RB, Series 2025 (NR/NR) | City of Justin Texas A Municipal Corporation of The State of Texas Located In Denton County Special Assessment RB, Series 2025 (NR/NR) |
| 368000 | 4.250 <sup>(d)</sup> | 09/01/2032 | 375413 |
| City of Lowry Crossing Texas A Municipal Corporation of The State of Texas Located In Collin County Special Assessment RB Series 2025 (NR/NR) | City of Lowry Crossing Texas A Municipal Corporation of The State of Texas Located In Collin County Special Assessment RB Series 2025 (NR/NR) | City of Lowry Crossing Texas A Municipal Corporation of The State of Texas Located In Collin County Special Assessment RB Series 2025 (NR/NR) | City of Lowry Crossing Texas A Municipal Corporation of The State of Texas Located In Collin County Special Assessment RB Series 2025 (NR/NR) |
| 409000 | 5.250 <sup>(d)</sup> | 09/15/2045 | 414398 |
| City of San Antonio Texas Electric and Gas Systems Variable Rate Junior Lien Revenue Refunding Bonds Series 2026A (Aa3/ A+) | City of San Antonio Texas Electric and Gas Systems Variable Rate Junior Lien Revenue Refunding Bonds Series 2026A (Aa3/ A+) | City of San Antonio Texas Electric and Gas Systems Variable Rate Junior Lien Revenue Refunding Bonds Series 2026A (Aa3/ A+) | City of San Antonio Texas Electric and Gas Systems Variable Rate Junior Lien Revenue Refunding Bonds Series 2026A (Aa3/ A+) |
| 500000 | 3.150 <sup>(a)(b)</sup> | 02/01/2055 | 508157 |
| Clifton Higher Education Finance Corp. Education Revenue and Refunding Bonds Series 2024 (PSF-GTD) (NR/AAA) | Clifton Higher Education Finance Corp. Education Revenue and Refunding Bonds Series 2024 (PSF-GTD) (NR/AAA) | Clifton Higher Education Finance Corp. Education Revenue and Refunding Bonds Series 2024 (PSF-GTD) (NR/AAA) | Clifton Higher Education Finance Corp. Education Revenue and Refunding Bonds Series 2024 (PSF-GTD) (NR/AAA) |
| 60000 | 5.000 | 08/15/2039 | 66170 |
| Clifton Higher Education Finance Corporation Education Revenue and Refunding Bonds Idea Public Schools, Series 2025 (PSF-GTD) (NR/AAA) | Clifton Higher Education Finance Corporation Education Revenue and Refunding Bonds Idea Public Schools, Series 2025 (PSF-GTD) (NR/AAA) | Clifton Higher Education Finance Corporation Education Revenue and Refunding Bonds Idea Public Schools, Series 2025 (PSF-GTD) (NR/AAA) | Clifton Higher Education Finance Corporation Education Revenue and Refunding Bonds Idea Public Schools, Series 2025 (PSF-GTD) (NR/AAA) |
| 200000 | 5.000 | 08/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223285 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Texas – (continued) | Texas – (continued) | Texas – (continued) | Texas – (continued) |
| Clifton Higher Education Finance Corporation Texas Variable Rate Education RB International Leadership of Texas Inc, Series 2025B (PSF-GTD) (Aaa/NR) | Clifton Higher Education Finance Corporation Texas Variable Rate Education RB International Leadership of Texas Inc, Series 2025B (PSF-GTD) (Aaa/NR) | Clifton Higher Education Finance Corporation Texas Variable Rate Education RB International Leadership of Texas Inc, Series 2025B (PSF-GTD) (Aaa/NR) | Clifton Higher Education Finance Corporation Texas Variable Rate Education RB International Leadership of Texas Inc, Series 2025B (PSF-GTD) (Aaa/NR) |
| $&nbsp;&nbsp;&nbsp;&nbsp;250000 | 4.000 %<sup>(a)(b)</sup> | 02/15/2055 | $263785 |
| Crandall Economic Development Corporation Kaufman County Sales Tax RB Series 2025 (BAM) (NR/AA) | Crandall Economic Development Corporation Kaufman County Sales Tax RB Series 2025 (BAM) (NR/AA) | Crandall Economic Development Corporation Kaufman County Sales Tax RB Series 2025 (BAM) (NR/AA) | Crandall Economic Development Corporation Kaufman County Sales Tax RB Series 2025 (BAM) (NR/AA) |
| 275000 | 5.000 | 08/15/2040 | 294591 |
| El Paso County Hospital District El Paso County Texas GO Bonds, Series 2025 (AG) (NR/AA) | El Paso County Hospital District El Paso County Texas GO Bonds, Series 2025 (AG) (NR/AA) | El Paso County Hospital District El Paso County Texas GO Bonds, Series 2025 (AG) (NR/AA) | El Paso County Hospital District El Paso County Texas GO Bonds, Series 2025 (AG) (NR/AA) |
| 500000 | 5.000 | 02/15/2030 | 546894 |
| El Paso County Hospital District El Paso County Texas GO Refunding Bonds Series 2024 (AG) (NR/AA) | El Paso County Hospital District El Paso County Texas GO Refunding Bonds Series 2024 (AG) (NR/AA) | El Paso County Hospital District El Paso County Texas GO Refunding Bonds Series 2024 (AG) (NR/AA) | El Paso County Hospital District El Paso County Texas GO Refunding Bonds Series 2024 (AG) (NR/AA) |
| 420000 | 5.000 | 08/15/2042 | 458524 |
| El Paso Independent School District El Paso County Texas Unlimited Tax Refunding Bonds Series 2026A Forward Delivery (PSF-GTD) (Aaa/NR) | El Paso Independent School District El Paso County Texas Unlimited Tax Refunding Bonds Series 2026A Forward Delivery (PSF-GTD) (Aaa/NR) | El Paso Independent School District El Paso County Texas Unlimited Tax Refunding Bonds Series 2026A Forward Delivery (PSF-GTD) (Aaa/NR) | El Paso Independent School District El Paso County Texas Unlimited Tax Refunding Bonds Series 2026A Forward Delivery (PSF-GTD) (Aaa/NR) |
| 1000000 | 5.000 <sup>(e)</sup> | 08/15/2041 | 1114266 |
| Gulfgate Redevelopment Authority Texas Tax Increment Contract Revenue and Refunding Bonds Series 2020 (AG) (NR/AA) | Gulfgate Redevelopment Authority Texas Tax Increment Contract Revenue and Refunding Bonds Series 2020 (AG) (NR/AA) | Gulfgate Redevelopment Authority Texas Tax Increment Contract Revenue and Refunding Bonds Series 2020 (AG) (NR/AA) | Gulfgate Redevelopment Authority Texas Tax Increment Contract Revenue and Refunding Bonds Series 2020 (AG) (NR/AA) |
| 650000 | 4.000 | 09/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674729 |
| 580000 | 4.000 | 09/01/2036 | 598717 |
| Hidalgo County Texas Certificates of Obligation Series 2025 (Aa2/ AA-) | Hidalgo County Texas Certificates of Obligation Series 2025 (Aa2/ AA-) | Hidalgo County Texas Certificates of Obligation Series 2025 (Aa2/ AA-) | Hidalgo County Texas Certificates of Obligation Series 2025 (Aa2/ AA-) |
| 755000 | 5.000 | 08/15/2037 | 873574 |
| Houston Airport System RB Refunding for United Airlines, Inc. <br>Series 2020 B-2 (NR/NR) | Houston Airport System RB Refunding for United Airlines, Inc. <br>Series 2020 B-2 (NR/NR) | Houston Airport System RB Refunding for United Airlines, Inc. <br>Series 2020 B-2 (NR/NR) | Houston Airport System RB Refunding for United Airlines, Inc. <br>Series 2020 B-2 (NR/NR) |
| 200000 | 5.000 | 07/15/2027 | 204350 |
| Karnes County Hospital District A Political Subdivision of The State of Texas Located In Karnes County Adjustable-Rate Hospital Revenue Refunding Bonds Series 2024 (NR/NR) | Karnes County Hospital District A Political Subdivision of The State of Texas Located In Karnes County Adjustable-Rate Hospital Revenue Refunding Bonds Series 2024 (NR/NR) | Karnes County Hospital District A Political Subdivision of The State of Texas Located In Karnes County Adjustable-Rate Hospital Revenue Refunding Bonds Series 2024 (NR/NR) | Karnes County Hospital District A Political Subdivision of The State of Texas Located In Karnes County Adjustable-Rate Hospital Revenue Refunding Bonds Series 2024 (NR/NR) |
| 125000 | 5.000 <sup>(a)(b)</sup> | 02/01/2044 | 133060 |
| LA Feria Independent School District A Political Subdivision of The State of Texas Located In Cameron County Texas Unlimited Tax School Building Bonds, Series 2025 (PSF-GTD) (Aaa/NR) | LA Feria Independent School District A Political Subdivision of The State of Texas Located In Cameron County Texas Unlimited Tax School Building Bonds, Series 2025 (PSF-GTD) (Aaa/NR) | LA Feria Independent School District A Political Subdivision of The State of Texas Located In Cameron County Texas Unlimited Tax School Building Bonds, Series 2025 (PSF-GTD) (Aaa/NR) | LA Feria Independent School District A Political Subdivision of The State of Texas Located In Cameron County Texas Unlimited Tax School Building Bonds, Series 2025 (PSF-GTD) (Aaa/NR) |
| 400000 | 5.000 | 02/15/2045 | 429003 |
| Lower Colorado River Authority Refunding RB, Series 2025B (A2/A) | Lower Colorado River Authority Refunding RB, Series 2025B (A2/A) | Lower Colorado River Authority Refunding RB, Series 2025B (A2/A) | Lower Colorado River Authority Refunding RB, Series 2025B (A2/A) |
| 500000 | 5.000 <sup>(a)(b)</sup> | 05/15/2045 | 562860 |
| Matagorda County Navigation District Number One Pollution Control Revenue Refunding Bonds for Central Power and Light Company Project Series 1996 (Baa3/BBB+) | Matagorda County Navigation District Number One Pollution Control Revenue Refunding Bonds for Central Power and Light Company Project Series 1996 (Baa3/BBB+) | Matagorda County Navigation District Number One Pollution Control Revenue Refunding Bonds for Central Power and Light Company Project Series 1996 (Baa3/BBB+) | Matagorda County Navigation District Number One Pollution Control Revenue Refunding Bonds for Central Power and Light Company Project Series 1996 (Baa3/BBB+) |
| 250000 | 4.250 | 05/01/2030 | 263550 |
| New Hope Cultural Education Facilities Finance Corp. RB for CHF-Collegiate Housing College Station I LLC Series 2014 A (AG) (A1/AA) | New Hope Cultural Education Facilities Finance Corp. RB for CHF-Collegiate Housing College Station I LLC Series 2014 A (AG) (A1/AA) | New Hope Cultural Education Facilities Finance Corp. RB for CHF-Collegiate Housing College Station I LLC Series 2014 A (AG) (A1/AA) | New Hope Cultural Education Facilities Finance Corp. RB for CHF-Collegiate Housing College Station I LLC Series 2014 A (AG) (A1/AA) |
| 250000 | 5.000 | 04/01/2046 | 250033 |
| New Hope Cultural Education Facilities Finance Corporation Retirement Facility RB Westminster Project Series 2025 (NR/ NR) | New Hope Cultural Education Facilities Finance Corporation Retirement Facility RB Westminster Project Series 2025 (NR/ NR) | New Hope Cultural Education Facilities Finance Corporation Retirement Facility RB Westminster Project Series 2025 (NR/ NR) | New Hope Cultural Education Facilities Finance Corporation Retirement Facility RB Westminster Project Series 2025 (NR/ NR) |
| 100000 | 5.000 | 11/01/2031 | 109256 |
| North Texas Higher Education AuthorityInc. Tax-Exempt Education Loan RB,Senior Series 2025A (AMT) (NR/AA) | North Texas Higher Education AuthorityInc. Tax-Exempt Education Loan RB,Senior Series 2025A (AMT) (NR/AA) | North Texas Higher Education AuthorityInc. Tax-Exempt Education Loan RB,Senior Series 2025A (AMT) (NR/AA) | North Texas Higher Education AuthorityInc. Tax-Exempt Education Loan RB,Senior Series 2025A (AMT) (NR/AA) |
| 1150000 | 5.000 | 06/01/2033 | 1252483 |
| Nueces River Authority Water Supply Facilities Revenue Refunding Bonds for City of Corpus Christi Lake Texana Project Series 2015 (NR/AA-) | Nueces River Authority Water Supply Facilities Revenue Refunding Bonds for City of Corpus Christi Lake Texana Project Series 2015 (NR/AA-) | Nueces River Authority Water Supply Facilities Revenue Refunding Bonds for City of Corpus Christi Lake Texana Project Series 2015 (NR/AA-) | Nueces River Authority Water Supply Facilities Revenue Refunding Bonds for City of Corpus Christi Lake Texana Project Series 2015 (NR/AA-) |
| 100000 | 5.000 | 07/15/2026 | 100192 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **30** | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS MUNICIPAL INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Texas – (continued) | Texas – (continued) | Texas – (continued) | Texas – (continued) |
| Princeton Independent School District Collin County Texas Unlimited Tax School Building Bonds Series 2025 (PSF-GTD) (Aaa/NR) | Princeton Independent School District Collin County Texas Unlimited Tax School Building Bonds Series 2025 (PSF-GTD) (Aaa/NR) | Princeton Independent School District Collin County Texas Unlimited Tax School Building Bonds Series 2025 (PSF-GTD) (Aaa/NR) | Princeton Independent School District Collin County Texas Unlimited Tax School Building Bonds Series 2025 (PSF-GTD) (Aaa/NR) |
| &nbsp;&nbsp;&nbsp;&nbsp;500000 | 5.000% | 02/15/2040 | 568428 |
| Sinton Independent School District Texas Fixed Rate and Variable Rate Unlimited Tax School Building Bonds, Series 2022 (PSF-GTD) (NR/AAA) | Sinton Independent School District Texas Fixed Rate and Variable Rate Unlimited Tax School Building Bonds, Series 2022 (PSF-GTD) (NR/AAA) | Sinton Independent School District Texas Fixed Rate and Variable Rate Unlimited Tax School Building Bonds, Series 2022 (PSF-GTD) (NR/AAA) | Sinton Independent School District Texas Fixed Rate and Variable Rate Unlimited Tax School Building Bonds, Series 2022 (PSF-GTD) (NR/AAA) |
| 680000 | 4.000 <sup>(a)(b)</sup> | 08/15/2049 | 684903 |
| Socorro Independent School District Unlimited Tax Refunding Bonds Series 2017B (PSF-GTD) (Aaa/NR) | Socorro Independent School District Unlimited Tax Refunding Bonds Series 2017B (PSF-GTD) (Aaa/NR) | Socorro Independent School District Unlimited Tax Refunding Bonds Series 2017B (PSF-GTD) (Aaa/NR) | Socorro Independent School District Unlimited Tax Refunding Bonds Series 2017B (PSF-GTD) (Aaa/NR) |
| 120000 | 5.000 | 08/15/2027 | 124865 |
| Tarrant County Cultural Education Facilities Finance Corporation Hospital RB Baylor Scott & White Health Project Series 2026E (Aa2/AA-) | Tarrant County Cultural Education Facilities Finance Corporation Hospital RB Baylor Scott & White Health Project Series 2026E (Aa2/AA-) | Tarrant County Cultural Education Facilities Finance Corporation Hospital RB Baylor Scott & White Health Project Series 2026E (Aa2/AA-) | Tarrant County Cultural Education Facilities Finance Corporation Hospital RB Baylor Scott & White Health Project Series 2026E (Aa2/AA-) |
| 500000 | 5.000 | 11/15/2029 | 548162 |
| 500000 | 5.000 | 11/15/2041 | 569215 |
| Tarrant County Cultural Education Facilities Finance Corporation Texas Health Resources System RB Series 2025B (Aa2/AA) | Tarrant County Cultural Education Facilities Finance Corporation Texas Health Resources System RB Series 2025B (Aa2/AA) | Tarrant County Cultural Education Facilities Finance Corporation Texas Health Resources System RB Series 2025B (Aa2/AA) | Tarrant County Cultural Education Facilities Finance Corporation Texas Health Resources System RB Series 2025B (Aa2/AA) |
| 505000 | 5.000 <sup>(a)(b)</sup> | 11/15/2064 | 546574 |
| Tarrant County Cultural Education Facilities Finance Corporation Texas Health Resources System RB Series 2025C (Aa2/AA) | Tarrant County Cultural Education Facilities Finance Corporation Texas Health Resources System RB Series 2025C (Aa2/AA) | Tarrant County Cultural Education Facilities Finance Corporation Texas Health Resources System RB Series 2025C (Aa2/AA) | Tarrant County Cultural Education Facilities Finance Corporation Texas Health Resources System RB Series 2025C (Aa2/AA) |
| 500000 | 5.000 <sup>(a)(b)</sup> | 11/15/2064 | 564993 |
| Texas Municipal Gas Acquisition and Supply Corp. II RB for SOFR Index Rate Series 2012 C (A1/A) (3M USD SOFR + 0.86%) | Texas Municipal Gas Acquisition and Supply Corp. II RB for SOFR Index Rate Series 2012 C (A1/A) (3M USD SOFR + 0.86%) | Texas Municipal Gas Acquisition and Supply Corp. II RB for SOFR Index Rate Series 2012 C (A1/A) (3M USD SOFR + 0.86%) | Texas Municipal Gas Acquisition and Supply Corp. II RB for SOFR Index Rate Series 2012 C (A1/A) (3M USD SOFR + 0.86%) |
| 870000 | 3.320 <sup>(c)</sup> | 09/15/2027 | 871852 |
| Texas Municipal Gas Acquisition and Supply Corporation VI Gas Supply RB Series 2025 (A1/NR) | Texas Municipal Gas Acquisition and Supply Corporation VI Gas Supply RB Series 2025 (A1/NR) | Texas Municipal Gas Acquisition and Supply Corporation VI Gas Supply RB Series 2025 (A1/NR) | Texas Municipal Gas Acquisition and Supply Corporation VI Gas Supply RB Series 2025 (A1/NR) |
| 1000000 | 5.000 | 01/01/2036 | 1103201 |
| Texas Transportation Commission Central Texas Turnpike System First Tier Revenue Refunding Put Bonds Series 2024-B (A2/A) | Texas Transportation Commission Central Texas Turnpike System First Tier Revenue Refunding Put Bonds Series 2024-B (A2/A) | Texas Transportation Commission Central Texas Turnpike System First Tier Revenue Refunding Put Bonds Series 2024-B (A2/A) | Texas Transportation Commission Central Texas Turnpike System First Tier Revenue Refunding Put Bonds Series 2024-B (A2/A) |
| 100000 | 5.000 <sup>(a)(b)</sup> | 08/15/2042 | 109293 |
| Trinity River Authority of Texas Regional Wastewater System Revenue Improvement and Refunding Bonds Series 2024 (NR/ AAA) | Trinity River Authority of Texas Regional Wastewater System Revenue Improvement and Refunding Bonds Series 2024 (NR/ AAA) | Trinity River Authority of Texas Regional Wastewater System Revenue Improvement and Refunding Bonds Series 2024 (NR/ AAA) | Trinity River Authority of Texas Regional Wastewater System Revenue Improvement and Refunding Bonds Series 2024 (NR/ AAA) |
| 100000 | 5.000 | 08/01/2043 | 110754 |
| University Houston Consolidated RB Refunding Series 2017 C (Aa2/AA+) | University Houston Consolidated RB Refunding Series 2017 C (Aa2/AA+) | University Houston Consolidated RB Refunding Series 2017 C (Aa2/AA+) | University Houston Consolidated RB Refunding Series 2017 C (Aa2/AA+) |
| 360000 | 3.250 | 02/15/2041 | 349975 |
| Upper Trinity Regional Water District Regional Treated Water Supply System Revenue Refunding Bonds, Series 2025 (BAM) (NR/AA) | Upper Trinity Regional Water District Regional Treated Water Supply System Revenue Refunding Bonds, Series 2025 (BAM) (NR/AA) | Upper Trinity Regional Water District Regional Treated Water Supply System Revenue Refunding Bonds, Series 2025 (BAM) (NR/AA) | Upper Trinity Regional Water District Regional Treated Water Supply System Revenue Refunding Bonds, Series 2025 (BAM) (NR/AA) |
| 100000 | 5.250 | 08/01/2041 | 111814 |
| Waller Independent School District Waller and Harris Counties Texas Unlimited Tax School Building Bonds Series 2025 (PSF-GTD) (Aaa/AAA) | Waller Independent School District Waller and Harris Counties Texas Unlimited Tax School Building Bonds Series 2025 (PSF-GTD) (Aaa/AAA) | Waller Independent School District Waller and Harris Counties Texas Unlimited Tax School Building Bonds Series 2025 (PSF-GTD) (Aaa/AAA) | Waller Independent School District Waller and Harris Counties Texas Unlimited Tax School Building Bonds Series 2025 (PSF-GTD) (Aaa/AAA) |
| 500000 | 5.000 | 02/15/2037 | 583034 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23246186 |
| Utah - 0.4% | Utah - 0.4% | Utah - 0.4% | Utah - 0.4% |
| Copper Rim Infrastructure Financing District in The City of West Jordan Salt Lake County Utah Special Assessment Bonds Series 2025 (NR/NR) | Copper Rim Infrastructure Financing District in The City of West Jordan Salt Lake County Utah Special Assessment Bonds Series 2025 (NR/NR) | Copper Rim Infrastructure Financing District in The City of West Jordan Salt Lake County Utah Special Assessment Bonds Series 2025 (NR/NR) | Copper Rim Infrastructure Financing District in The City of West Jordan Salt Lake County Utah Special Assessment Bonds Series 2025 (NR/NR) |
| 100000 | 6.125 <sup>(d)</sup> | 12/01/2054 | 103394 |
| Downtown Revitalization Public Infrastructure District Second Lien Sales Tax RB Seg Redevelopment Project, Series 2025B (AG) (A1/AA) | Downtown Revitalization Public Infrastructure District Second Lien Sales Tax RB Seg Redevelopment Project, Series 2025B (AG) (A1/AA) | Downtown Revitalization Public Infrastructure District Second Lien Sales Tax RB Seg Redevelopment Project, Series 2025B (AG) (A1/AA) | Downtown Revitalization Public Infrastructure District Second Lien Sales Tax RB Seg Redevelopment Project, Series 2025B (AG) (A1/AA) |
| 250000 | 5.250 | 06/01/2043 | 281056 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Utah – (continued) | Utah – (continued) | Utah – (continued) | Utah – (continued) |
| Salt Lake City Airport RB Salt Lake City International Airport Series 2017A (AMT) (A1/A+) | Salt Lake City Airport RB Salt Lake City International Airport Series 2017A (AMT) (A1/A+) | Salt Lake City Airport RB Salt Lake City International Airport Series 2017A (AMT) (A1/A+) | Salt Lake City Airport RB Salt Lake City International Airport Series 2017A (AMT) (A1/A+) |
| &nbsp;&nbsp;&nbsp;&nbsp;100000 | 5.000% | 07/01/2036 | 102436 |
| Utah Housing Corporation Multifamily Housing RB The Cooperative 1881 Series 2026 (Aa1/NR) | Utah Housing Corporation Multifamily Housing RB The Cooperative 1881 Series 2026 (Aa1/NR) | Utah Housing Corporation Multifamily Housing RB The Cooperative 1881 Series 2026 (Aa1/NR) | Utah Housing Corporation Multifamily Housing RB The Cooperative 1881 Series 2026 (Aa1/NR) |
| 285000 | 2.650 <sup>(a)(b)</sup> | 03/01/2045 | 285318 |
|  |  |  | 772204 |
| Virgin Islands - 0.5% | Virgin Islands - 0.5% | Virgin Islands - 0.5% | Virgin Islands - 0.5% |
| Matching Fund Special Purpose Securitization Corp. Matching Fund Securitization Bonds Series 2022A (NR/NR) | Matching Fund Special Purpose Securitization Corp. Matching Fund Securitization Bonds Series 2022A (NR/NR) | Matching Fund Special Purpose Securitization Corp. Matching Fund Securitization Bonds Series 2022A (NR/NR) | Matching Fund Special Purpose Securitization Corp. Matching Fund Securitization Bonds Series 2022A (NR/NR) |
| 795000 | 5.000 | 10/01/2039 | 842968 |
| Matching Fund Special Purpose Securitization Corporation Matching Fund Securitization Bonds Series 2022A (NR/NR) | Matching Fund Special Purpose Securitization Corporation Matching Fund Securitization Bonds Series 2022A (NR/NR) | Matching Fund Special Purpose Securitization Corporation Matching Fund Securitization Bonds Series 2022A (NR/NR) | Matching Fund Special Purpose Securitization Corporation Matching Fund Securitization Bonds Series 2022A (NR/NR) |
| 100000 | 5.000 | 10/01/2028 | 103831 |
|  |  |  | 946799 |
| Virginia - 0.2% | Virginia - 0.2% | Virginia - 0.2% | Virginia - 0.2% |
| Economic Development Authority of The City of Salem Virginia Educational Facilities RB Roanoke College Series 2025 (NR/ BBB+) | Economic Development Authority of The City of Salem Virginia Educational Facilities RB Roanoke College Series 2025 (NR/ BBB+) | Economic Development Authority of The City of Salem Virginia Educational Facilities RB Roanoke College Series 2025 (NR/ BBB+) | Economic Development Authority of The City of Salem Virginia Educational Facilities RB Roanoke College Series 2025 (NR/ BBB+) |
| 200000 | 5.500 | 04/01/2045 | 207706 |
| Hampton Roads Transportation Authority Accountability Commission Transportation Fund Senior Lien Bond Anticipation Notes Series 2021A (NR/NR) | Hampton Roads Transportation Authority Accountability Commission Transportation Fund Senior Lien Bond Anticipation Notes Series 2021A (NR/NR) | Hampton Roads Transportation Authority Accountability Commission Transportation Fund Senior Lien Bond Anticipation Notes Series 2021A (NR/NR) | Hampton Roads Transportation Authority Accountability Commission Transportation Fund Senior Lien Bond Anticipation Notes Series 2021A (NR/NR) |
| 255000 | 5.000 | 07/01/2026 | 257410 |
|  |  |  | 465116 |
| Washington - 1.2% | Washington - 1.2% | Washington - 1.2% | Washington - 1.2% |
| Enumclaw School District No. 216 King County Washington Unlimited Tax GO Refunding Bonds 2025 (SCH BD GTY) (Aaa/NR) | Enumclaw School District No. 216 King County Washington Unlimited Tax GO Refunding Bonds 2025 (SCH BD GTY) (Aaa/NR) | Enumclaw School District No. 216 King County Washington Unlimited Tax GO Refunding Bonds 2025 (SCH BD GTY) (Aaa/NR) | Enumclaw School District No. 216 King County Washington Unlimited Tax GO Refunding Bonds 2025 (SCH BD GTY) (Aaa/NR) |
| 200000 | 5.000 | 12/01/2034 | 237119 |
| Fircrest Properties Lease RB Series 2024 Sustainability Bonds State of Washington DSHS Project (NR/AA) | Fircrest Properties Lease RB Series 2024 Sustainability Bonds State of Washington DSHS Project (NR/AA) | Fircrest Properties Lease RB Series 2024 Sustainability Bonds State of Washington DSHS Project (NR/AA) | Fircrest Properties Lease RB Series 2024 Sustainability Bonds State of Washington DSHS Project (NR/AA) |
| 100000 | 5.000 | 06/01/2032 | 115106 |
| Port of Seattle Intermediate Lien Revenue and Refunding Bonds Series 2024B (AMT) (Aa3/AA-) | Port of Seattle Intermediate Lien Revenue and Refunding Bonds Series 2024B (AMT) (Aa3/AA-) | Port of Seattle Intermediate Lien Revenue and Refunding Bonds Series 2024B (AMT) (Aa3/AA-) | Port of Seattle Intermediate Lien Revenue and Refunding Bonds Series 2024B (AMT) (Aa3/AA-) |
| 100000 | 5.000 | 07/01/2029 | 108313 |
| Public Utility District No. 1 of Snohomish County Washington Electric System Revenue Refunding Bonds Series 2025B (Tax-Exempt) (Aa2/AA) | Public Utility District No. 1 of Snohomish County Washington Electric System Revenue Refunding Bonds Series 2025B (Tax-Exempt) (Aa2/AA) | Public Utility District No. 1 of Snohomish County Washington Electric System Revenue Refunding Bonds Series 2025B (Tax-Exempt) (Aa2/AA) | Public Utility District No. 1 of Snohomish County Washington Electric System Revenue Refunding Bonds Series 2025B (Tax-Exempt) (Aa2/AA) |
| 1000000 | 5.000 | 12/01/2037 | 1180937 |
| The City of Seattle Washington Municipal Light and Power Improvement and Refunding RB 2025 (Aa2/AA) | The City of Seattle Washington Municipal Light and Power Improvement and Refunding RB 2025 (Aa2/AA) | The City of Seattle Washington Municipal Light and Power Improvement and Refunding RB 2025 (Aa2/AA) | The City of Seattle Washington Municipal Light and Power Improvement and Refunding RB 2025 (Aa2/AA) |
| 500000 | 5.000 | 02/01/2043 | 560987 |
| Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (A3/A-) | Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (A3/A-) | Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (A3/A-) | Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (A3/A-) |
| 100000 | 5.000 | 08/01/2038 | 104995 |
| Washington State Convention Center Public Facilities District Junior Lodging Tax Notes 2021 (NR/NR) | Washington State Convention Center Public Facilities District Junior Lodging Tax Notes 2021 (NR/NR) | Washington State Convention Center Public Facilities District Junior Lodging Tax Notes 2021 (NR/NR) | Washington State Convention Center Public Facilities District Junior Lodging Tax Notes 2021 (NR/NR) |
| 100000 | 4.000 | 07/01/2031 | 104754 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2412211 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **31** |

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------

GOLDMAN SACHS MUNICIPAL INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| West Virginia - 0.4% | West Virginia - 0.4% | West Virginia - 0.4% | West Virginia - 0.4% |
| The County Commission of Ohio CountyWest Virginia Special District Excise Tax Revenue Refunding And Improvement BondsSeries 2025 A (Fort Henry Economic Opportunity Development District - The Highlands Project) (AG) (NR/AA) | The County Commission of Ohio CountyWest Virginia Special District Excise Tax Revenue Refunding And Improvement BondsSeries 2025 A (Fort Henry Economic Opportunity Development District - The Highlands Project) (AG) (NR/AA) | The County Commission of Ohio CountyWest Virginia Special District Excise Tax Revenue Refunding And Improvement BondsSeries 2025 A (Fort Henry Economic Opportunity Development District - The Highlands Project) (AG) (NR/AA) | The County Commission of Ohio CountyWest Virginia Special District Excise Tax Revenue Refunding And Improvement BondsSeries 2025 A (Fort Henry Economic Opportunity Development District - The Highlands Project) (AG) (NR/AA) |
| $&nbsp;&nbsp;&nbsp;&nbsp;500000 | 5.250% | 06/01/2045 | $539973 |
| West Virginia Hospital Finance Authority Hospital Revenue Improvement Bonds West Virginia University Health System Obligated Group 2025 Series B (A2/A) | West Virginia Hospital Finance Authority Hospital Revenue Improvement Bonds West Virginia University Health System Obligated Group 2025 Series B (A2/A) | West Virginia Hospital Finance Authority Hospital Revenue Improvement Bonds West Virginia University Health System Obligated Group 2025 Series B (A2/A) | West Virginia Hospital Finance Authority Hospital Revenue Improvement Bonds West Virginia University Health System Obligated Group 2025 Series B (A2/A) |
| 250000 | 5.000 <sup>(a)(b)</sup> | 06/01/2055 | 279618 |
|  |  |  | 819591 |
| Wisconsin - 1.5% | Wisconsin - 1.5% | Wisconsin - 1.5% | Wisconsin - 1.5% |
| City of Milwaukee GO Corporate Purpose Bonds Series 2017 B5 (NR/A-) | City of Milwaukee GO Corporate Purpose Bonds Series 2017 B5 (NR/A-) | City of Milwaukee GO Corporate Purpose Bonds Series 2017 B5 (NR/A-) | City of Milwaukee GO Corporate Purpose Bonds Series 2017 B5 (NR/A-) |
| 100000 | 4.000 | 04/01/2028 | 100118 |
| Public Finance Authority Charter School RB Cherokee Classical Academy Project Series 2025A (NR/NR) | Public Finance Authority Charter School RB Cherokee Classical Academy Project Series 2025A (NR/NR) | Public Finance Authority Charter School RB Cherokee Classical Academy Project Series 2025A (NR/NR) | Public Finance Authority Charter School RB Cherokee Classical Academy Project Series 2025A (NR/NR) |
| 200000 | 6.000 <sup>(d)</sup> | 06/15/2035 | 211167 |
| Public Finance Authority Education RB Pinecrest Academy of<br>Nevada—Pinecrest Academy Springs Campus Project Series 2025A (NR/BB+) | Public Finance Authority Education RB Pinecrest Academy of<br>Nevada—Pinecrest Academy Springs Campus Project Series 2025A (NR/BB+) | Public Finance Authority Education RB Pinecrest Academy of<br>Nevada—Pinecrest Academy Springs Campus Project Series 2025A (NR/BB+) | Public Finance Authority Education RB Pinecrest Academy of<br>Nevada—Pinecrest Academy Springs Campus Project Series 2025A (NR/BB+) |
| 100000 | 4.000 <sup>(d)</sup> | 07/15/2033 | 101052 |
| Public Finance Authority Educational Facilities RB Lindenwood Education System Series 2026 (NR/BBB-) | Public Finance Authority Educational Facilities RB Lindenwood Education System Series 2026 (NR/BBB-) | Public Finance Authority Educational Facilities RB Lindenwood Education System Series 2026 (NR/BBB-) | Public Finance Authority Educational Facilities RB Lindenwood Education System Series 2026 (NR/BBB-) |
| 320000 | 5.000 <sup>(e)</sup> | 06/01/2030 | 339796 |
| Public Finance Authority RB for Prime Healthcare Foundation, Inc. Series 2018 A (NR/NR) | Public Finance Authority RB for Prime Healthcare Foundation, Inc. Series 2018 A (NR/NR) | Public Finance Authority RB for Prime Healthcare Foundation, Inc. Series 2018 A (NR/NR) | Public Finance Authority RB for Prime Healthcare Foundation, Inc. Series 2018 A (NR/NR) |
| 1000000 | 5.200 | 12/01/2037 | 1026130 |
| Public Finance Authority RB Kahala Nui Project Series 2025 (NR/ NR) | Public Finance Authority RB Kahala Nui Project Series 2025 (NR/ NR) | Public Finance Authority RB Kahala Nui Project Series 2025 (NR/ NR) | Public Finance Authority RB Kahala Nui Project Series 2025 (NR/ NR) |
| 100000 | 5.250 | 11/15/2050 | 102801 |
| Public Finance Authority RB Kahala Nui Project Series 2025 (NR/ BBB-) | Public Finance Authority RB Kahala Nui Project Series 2025 (NR/ BBB-) | Public Finance Authority RB Kahala Nui Project Series 2025 (NR/ BBB-) | Public Finance Authority RB Kahala Nui Project Series 2025 (NR/ BBB-) |
| 100000 | 5.500 <sup>(d)</sup> | 06/01/2040 | 107207 |
| Wisconsin Health & Educational Facilities Authority RB for Hmong American Peace Academy Ltd. Series 2020 (NR/ BBB+) | Wisconsin Health & Educational Facilities Authority RB for Hmong American Peace Academy Ltd. Series 2020 (NR/ BBB+) | Wisconsin Health & Educational Facilities Authority RB for Hmong American Peace Academy Ltd. Series 2020 (NR/ BBB+) | Wisconsin Health & Educational Facilities Authority RB for Hmong American Peace Academy Ltd. Series 2020 (NR/ BBB+) |
| 400000 | 4.000 | 03/15/2030 | 406342 |
| Wisconsin Health and Educational Facilities Authority RB Series 2025A (NR/A+) | Wisconsin Health and Educational Facilities Authority RB Series 2025A (NR/A+) | Wisconsin Health and Educational Facilities Authority RB Series 2025A (NR/A+) | Wisconsin Health and Educational Facilities Authority RB Series 2025A (NR/A+) |
| 500000 | 5.000 | 08/15/2037 | 571951 |
|  |  |  | 2966564 |
| **TOTAL MUNICIPAL BONDS**<br> **(Cost $194,787,434)** | **TOTAL MUNICIPAL BONDS**<br> **(Cost $194,787,434)** | **TOTAL MUNICIPAL BONDS**<br> **(Cost $194,787,434)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200269746 |

---

---

| | | |
|:---|:---|:---|
| Shares | **Dividend**<br> **Rate** | Value |
| Investment Company - 2.0%<sup>(h)</sup> | Investment Company - 2.0%<sup>(h)</sup> | Investment Company - 2.0%<sup>(h)</sup> |
| Goldman Sachs Financial Square Treasury Instruments Fund - Institutional Shares | Goldman Sachs Financial Square Treasury Instruments Fund - Institutional Shares | Goldman Sachs Financial Square Treasury Instruments Fund - Institutional Shares |
| $4154659 | 3.548% | $4154659 |
| (Cost $4,154,659) | (Cost $4,154,659) | (Cost $4,154,659) |
| **TOTAL INVESTMENTS - 100.2%**<br> **(Cost $198,942,093)** | **TOTAL INVESTMENTS - 100.2%**<br> **(Cost $198,942,093)** | $204424405 |
| **LIABILITIES IN EXCESS OF**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OTHER ASSETS - (0.2)%** | **LIABILITIES IN EXCESS OF**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OTHER ASSETS - (0.2)%** | (362524) |
| **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204061881 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value | The percentage shown for each investment category reflects the value |
| of investments in that category as a percentage of net assets. | of investments in that category as a percentage of net assets. |
| (a) | Variable Rate Demand Instruments – rate shown is that which is |
|  | in effect on February 28, 2026. Certain variable rate securities |
|  | are not based on a published reference rate and spread but are |
|  | determined by the issuer or agent and are based on current |
|  | market conditions. |
| (b) | Security with "Put" features and resetting interest rates. |
|  | Maturity dates disclosed are the puttable dates. Interest rate |
|  | disclosed is that which is in effect on February 28, 2026. |
| (c) | Variable or floating rate security. Except for floating rate notes |
|  | (for which final maturity is disclosed), maturity date disclosed |
|  | is the next interest reset date. Interest rate disclosed is that |
|  | which is in effect on February 28, 2026. |
| (d) | Exempt from registration under Rule 144A of the Securities Act |
|  | of 1933. |
| (e) | When-issued security. |
| (f) | Issued with a zero coupon. Income is recognized through the |
|  | accretion of discount. |
| (g) | Zero coupon bond until next reset date. |
| (h) | Represents an affiliated issuer. |
| Security ratings disclosed, if any, are issued by either S&P Global Ratings, Moody's Investor Service or Fitch Ratings and are unaudited. A brief description of the ratings is available in the Fund's Statement of<br>Additional Information. | Security ratings disclosed, if any, are issued by either S&P Global Ratings, Moody's Investor Service or Fitch Ratings and are unaudited. A brief description of the ratings is available in the Fund's Statement of<br>Additional Information. |

---

---

| | |
|:---|:---|
|  **Investment Abbreviations:** | **Investment Abbreviations:** |
| AGC | - Insured by Assured Guaranty Corp. |
| AGM | - Insured by Assured Guaranty Municipal Corp. |
| AMT | - Alternative Minimum Tax (subject to) |
| BAM | - Build America Mutual Assurance Co. |
| FNMA | - Insured by Federal National Mortgage Association |
| GO | - General Obligation |
| HUD SECT 8 | - Hud Section 8 |
| IDA | - Industrial Development Agency |
| MTA | - Metropolitan Transportation Authority |
| NATL | - National Public Finance Guarantee Corp. |
| PSF-GTD | - Guaranteed by Permanent School Fund |
| RB | - Revenue Bond |
| SCH BD |  |
| GTY | School Bond Guaranty |
| SD CRED |  |
| PROG | School District Credit Program |
| SOFR | - Secured Overnight Financing Rate |
| ST AID |  |
| WITHHLDG | State Aid Withholding |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **32** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MUNICIPAL INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  **Investment Abbreviations: (continued)** | **Investment Abbreviations: (continued)** |
| TCRS | - Transferable Custody Receipts |
| UPMC | - University of Pittsburgh Medical Center |
| USD | - United States Dollar |
| UT | - Unlimited Tax |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **33** |

---

------

GOLDMAN SACHS ULTRA SHORT MUNICIPAL INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds - 95.3% | Municipal Bonds - 95.3% | Municipal Bonds - 95.3% | Municipal Bonds - 95.3% |
| Alabama - 0.5% | Alabama - 0.5% | Alabama - 0.5% | Alabama - 0.5% |
| State of Alabama GO Refunding Bonds Series 2014-A (Aa1/AA) | State of Alabama GO Refunding Bonds Series 2014-A (Aa1/AA) | State of Alabama GO Refunding Bonds Series 2014-A (Aa1/AA) | State of Alabama GO Refunding Bonds Series 2014-A (Aa1/AA) |
| $140000 | 3.000% | 08/01/2026 | $140050 |
| Arizona - 2.3% | Arizona - 2.3% | Arizona - 2.3% | Arizona - 2.3% |
| Arizona Board of Regents Arizona State University System RB Series 2016B (Green Bonds) (Aa2/AA) | Arizona Board of Regents Arizona State University System RB Series 2016B (Green Bonds) (Aa2/AA) | Arizona Board of Regents Arizona State University System RB Series 2016B (Green Bonds) (Aa2/AA) | Arizona Board of Regents Arizona State University System RB Series 2016B (Green Bonds) (Aa2/AA) |
| 70000 | 5.000 | 07/01/2027 | 70622 |
| Arizona Board of Regents Arizona State University System RB Tax-Exempt Series 2025A (Aa2/AA) | Arizona Board of Regents Arizona State University System RB Tax-Exempt Series 2025A (Aa2/AA) | Arizona Board of Regents Arizona State University System RB Tax-Exempt Series 2025A (Aa2/AA) | Arizona Board of Regents Arizona State University System RB Tax-Exempt Series 2025A (Aa2/AA) |
| 65000 | 5.000 | 07/01/2026 | 65625 |
| Arizona Transportation Board Highway Revenue Refunding Bonds Series 2016 (Aa1/AA+) | Arizona Transportation Board Highway Revenue Refunding Bonds Series 2016 (Aa1/AA+) | Arizona Transportation Board Highway Revenue Refunding Bonds Series 2016 (Aa1/AA+) | Arizona Transportation Board Highway Revenue Refunding Bonds Series 2016 (Aa1/AA+) |
| 10000 | 5.000 | 07/01/2026 | 10098 |
| Dysart Unified School District No. 89 of Maricopa County Arizona Refunding Bonds Series 2016 (BAM) (NR/AA) | Dysart Unified School District No. 89 of Maricopa County Arizona Refunding Bonds Series 2016 (BAM) (NR/AA) | Dysart Unified School District No. 89 of Maricopa County Arizona Refunding Bonds Series 2016 (BAM) (NR/AA) | Dysart Unified School District No. 89 of Maricopa County Arizona Refunding Bonds Series 2016 (BAM) (NR/AA) |
| 100000 | 4.000 | 07/01/2027 | 100636 |
| Pima County Arizona Sewer System Revenue Refunding Obligations Series 2016 (NR/AA) | Pima County Arizona Sewer System Revenue Refunding Obligations Series 2016 (NR/AA) | Pima County Arizona Sewer System Revenue Refunding Obligations Series 2016 (NR/AA) | Pima County Arizona Sewer System Revenue Refunding Obligations Series 2016 (NR/AA) |
| 50000 | 5.000 | 07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50456 |
| The Industrial Development Authority of The City of Yuma Arizona Hospital RB Yuma Regional Medical Center Series 2024A (NR/A) | The Industrial Development Authority of The City of Yuma Arizona Hospital RB Yuma Regional Medical Center Series 2024A (NR/A) | The Industrial Development Authority of The City of Yuma Arizona Hospital RB Yuma Regional Medical Center Series 2024A (NR/A) | The Industrial Development Authority of The City of Yuma Arizona Hospital RB Yuma Regional Medical Center Series 2024A (NR/A) |
| 165000 | 5.000 | 08/01/2026 | 166746 |
| The Industrial Development Authority of The County of Maricopa RB Banner Health Series 2016A (NR/AA-) | The Industrial Development Authority of The County of Maricopa RB Banner Health Series 2016A (NR/AA-) | The Industrial Development Authority of The County of Maricopa RB Banner Health Series 2016A (NR/AA-) | The Industrial Development Authority of The County of Maricopa RB Banner Health Series 2016A (NR/AA-) |
| 80000 | 5.000 | 01/01/2027 | 81799 |
| The Industrial Development Authority of The County of Yavapai Hospital RB Yavapai Regional Medical Center Series 2019 (A3/NR) | The Industrial Development Authority of The County of Yavapai Hospital RB Yavapai Regional Medical Center Series 2019 (A3/NR) | The Industrial Development Authority of The County of Yavapai Hospital RB Yavapai Regional Medical Center Series 2019 (A3/NR) | The Industrial Development Authority of The County of Yavapai Hospital RB Yavapai Regional Medical Center Series 2019 (A3/NR) |
| 115000 | 5.000 | 08/01/2026 | 116021 |
|  |  |  | 662003 |
| California - 4.5% | California - 4.5% | California - 4.5% | California - 4.5% |
| California Municipal Finance Authority Solid Waste Disposal Refunding RB Republic Services, Inc. Project Series 2021A (NR/A-/A-2) (PUTABLE) | California Municipal Finance Authority Solid Waste Disposal Refunding RB Republic Services, Inc. Project Series 2021A (NR/A-/A-2) (PUTABLE) | California Municipal Finance Authority Solid Waste Disposal Refunding RB Republic Services, Inc. Project Series 2021A (NR/A-/A-2) (PUTABLE) | California Municipal Finance Authority Solid Waste Disposal Refunding RB Republic Services, Inc. Project Series 2021A (NR/A-/A-2) (PUTABLE) |
| 450000 | 3.450 <sup>(a)(b)</sup> | 07/01/2041 | 450126 |
| Los Angeles, California (City of) (NR/SP-1+) | Los Angeles, California (City of) (NR/SP-1+) | Los Angeles, California (City of) (NR/SP-1+) | Los Angeles, California (City of) (NR/SP-1+) |
| 170000 | 5.000 | 06/25/2026 | 171482 |
| Nevada Irrigation District Joint Powers Authority California RB Series 2016A (NR/AA+) | Nevada Irrigation District Joint Powers Authority California RB Series 2016A (NR/AA+) | Nevada Irrigation District Joint Powers Authority California RB Series 2016A (NR/AA+) | Nevada Irrigation District Joint Powers Authority California RB Series 2016A (NR/AA+) |
| 155000 | 5.000 | 03/01/2026 | 155000 |
| Public Facilities Financing Authority of The City of San Diego Senior Sewer Revenue Refunding Bonds Series 2015 (NR/AA+) | Public Facilities Financing Authority of The City of San Diego Senior Sewer Revenue Refunding Bonds Series 2015 (NR/AA+) | Public Facilities Financing Authority of The City of San Diego Senior Sewer Revenue Refunding Bonds Series 2015 (NR/AA+) | Public Facilities Financing Authority of The City of San Diego Senior Sewer Revenue Refunding Bonds Series 2015 (NR/AA+) |
| 20000 | 4.000 | 05/15/2026 | 20031 |
| Tender Option Bond Trust Receipts/Certificates (Aa2/NR) | Tender Option Bond Trust Receipts/Certificates (Aa2/NR) | Tender Option Bond Trust Receipts/Certificates (Aa2/NR) | Tender Option Bond Trust Receipts/Certificates (Aa2/NR) |
| 500000 | 2.180 <sup>(a)(b)(c)</sup> | 06/01/2032 | 500000 |
|  |  |  | 1296639 |
| Colorado - 1.5% | Colorado - 1.5% | Colorado - 1.5% | Colorado - 1.5% |
| Board of Governors of The Colorado State University System System Enterprise Revenue and Revenue Refunding Bonds Series 2013A (ST HGR ED INTERCEPT PROG) (Aa2/AA) | Board of Governors of The Colorado State University System System Enterprise Revenue and Revenue Refunding Bonds Series 2013A (ST HGR ED INTERCEPT PROG) (Aa2/AA) | Board of Governors of The Colorado State University System System Enterprise Revenue and Revenue Refunding Bonds Series 2013A (ST HGR ED INTERCEPT PROG) (Aa2/AA) | Board of Governors of The Colorado State University System System Enterprise Revenue and Revenue Refunding Bonds Series 2013A (ST HGR ED INTERCEPT PROG) (Aa2/AA) |
| 125000 | 5.000 | 03/01/2026 | 125000 |
| City and County of Denver Colorado Airport System Subordinate RB Series 2018A (AMT) (A1/A+) | City and County of Denver Colorado Airport System Subordinate RB Series 2018A (AMT) (A1/A+) | City and County of Denver Colorado Airport System Subordinate RB Series 2018A (AMT) (A1/A+) | City and County of Denver Colorado Airport System Subordinate RB Series 2018A (AMT) (A1/A+) |
| 260000 | 5.000 | 12/01/2026 | 264865 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Colorado – (continued) | Colorado – (continued) | Colorado – (continued) | Colorado – (continued) |
| State of Colorado Building Excellent Schools Today Certificates of Participation Tax-Exempt Series 2025T (Aa2/AA-) | State of Colorado Building Excellent Schools Today Certificates of Participation Tax-Exempt Series 2025T (Aa2/AA-) | State of Colorado Building Excellent Schools Today Certificates of Participation Tax-Exempt Series 2025T (Aa2/AA-) | State of Colorado Building Excellent Schools Today Certificates of Participation Tax-Exempt Series 2025T (Aa2/AA-) |
| 50000 | 5.000% | 03/15/2026 | 50050 |
|  |  |  | 439915 |
| Connecticut - 0.7% | Connecticut - 0.7% | Connecticut - 0.7% | Connecticut - 0.7% |
| State of Connecticut General Obligation Bonds GO Bonds 2025 Series A (Aa2/AA-) | State of Connecticut General Obligation Bonds GO Bonds 2025 Series A (Aa2/AA-) | State of Connecticut General Obligation Bonds GO Bonds 2025 Series A (Aa2/AA-) | State of Connecticut General Obligation Bonds GO Bonds 2025 Series A (Aa2/AA-) |
| 40000 | 5.000 | 03/15/2027 | 41211 |
| State of Connecticut Health and Educational Facilities Authority RB Fairfield University Issue Series S (A2/A) | State of Connecticut Health and Educational Facilities Authority RB Fairfield University Issue Series S (A2/A) | State of Connecticut Health and Educational Facilities Authority RB Fairfield University Issue Series S (A2/A) | State of Connecticut Health and Educational Facilities Authority RB Fairfield University Issue Series S (A2/A) |
| 35000 | 5.000 | 07/01/2026 | 35311 |
| State of Connecticut Tax-Exempt GO Bonds 2018 Series E (Aa2/AA-) | State of Connecticut Tax-Exempt GO Bonds 2018 Series E (Aa2/AA-) | State of Connecticut Tax-Exempt GO Bonds 2018 Series E (Aa2/AA-) | State of Connecticut Tax-Exempt GO Bonds 2018 Series E (Aa2/AA-) |
| 120000 | 5.000 | 09/15/2026 | 121876 |
|  |  |  | 198398 |
| Delaware - 0.3% | Delaware - 0.3% | Delaware - 0.3% | Delaware - 0.3% |
| The State of Delaware GO Bonds Series 2022 (Aaa/AAA) | The State of Delaware GO Bonds Series 2022 (Aaa/AAA) | The State of Delaware GO Bonds Series 2022 (Aaa/AAA) | The State of Delaware GO Bonds Series 2022 (Aaa/AAA) |
| 91000 | 5.000 | 03/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91000 |
| District of Columbia - 1.2% | District of Columbia - 1.2% | District of Columbia - 1.2% | District of Columbia - 1.2% |
| District of Columbia Hospital Refunding RB Children'S Hospital Obligated Group Issue Series 2015 (A1/NR) | District of Columbia Hospital Refunding RB Children'S Hospital Obligated Group Issue Series 2015 (A1/NR) | District of Columbia Hospital Refunding RB Children'S Hospital Obligated Group Issue Series 2015 (A1/NR) | District of Columbia Hospital Refunding RB Children'S Hospital Obligated Group Issue Series 2015 (A1/NR) |
| 55000 | 5.000 | 07/15/2026 | 55066 |
| Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2021A (Aa3/AA-) | Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2021A (Aa3/AA-) | Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2021A (Aa3/AA-) | Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2021A (Aa3/AA-) |
| 110000 | 5.000 | 10/01/2026 | 111708 |
| Washington Metropolitan Area Transit Authority Second Lien RB for Sustainability Climate Transition Bonds Series 2023A (NR/AA) | Washington Metropolitan Area Transit Authority Second Lien RB for Sustainability Climate Transition Bonds Series 2023A (NR/AA) | Washington Metropolitan Area Transit Authority Second Lien RB for Sustainability Climate Transition Bonds Series 2023A (NR/AA) | Washington Metropolitan Area Transit Authority Second Lien RB for Sustainability Climate Transition Bonds Series 2023A (NR/AA) |
| 180000 | 5.000 | 07/15/2026 | 181891 |
|  |  |  | 348665 |
| Florida - 6.8% | Florida - 6.8% | Florida - 6.8% | Florida - 6.8% |
| Broward County Florida Tourist Development Tax RB Series 2021 (Aa2/NR) | Broward County Florida Tourist Development Tax RB Series 2021 (Aa2/NR) | Broward County Florida Tourist Development Tax RB Series 2021 (Aa2/NR) | Broward County Florida Tourist Development Tax RB Series 2021 (Aa2/NR) |
| 100000 | 5.000 | 09/01/2027 | 104118 |
| City of Jacksonville Transportation Refunding RB Series 2015 (Aa2/AA) | City of Jacksonville Transportation Refunding RB Series 2015 (Aa2/AA) | City of Jacksonville Transportation Refunding RB Series 2015 (Aa2/AA) | City of Jacksonville Transportation Refunding RB Series 2015 (Aa2/AA) |
| 35000 | 5.000 | 10/01/2026 | 35076 |
| City of South Miami Health Facilities Authority Hospital RB Refunding for Baptist Health South Florida Obligated Group Series 2017 (Aa3/AA-) | City of South Miami Health Facilities Authority Hospital RB Refunding for Baptist Health South Florida Obligated Group Series 2017 (Aa3/AA-) | City of South Miami Health Facilities Authority Hospital RB Refunding for Baptist Health South Florida Obligated Group Series 2017 (Aa3/AA-) | City of South Miami Health Facilities Authority Hospital RB Refunding for Baptist Health South Florida Obligated Group Series 2017 (Aa3/AA-) |
| 70000 | 5.000 | 08/15/2027 | 72644 |
| Florida Housing Finance Corporation Multifamily Mortgage RB 2023 Series C (HUD SECT 8) (NR/AA+) | Florida Housing Finance Corporation Multifamily Mortgage RB 2023 Series C (HUD SECT 8) (NR/AA+) | Florida Housing Finance Corporation Multifamily Mortgage RB 2023 Series C (HUD SECT 8) (NR/AA+) | Florida Housing Finance Corporation Multifamily Mortgage RB 2023 Series C (HUD SECT 8) (NR/AA+) |
| 130000 | 3.080 <sup>(a)(b)</sup> | 12/01/2026 | 130016 |
| JEA St. Johns River Power Park System RB, Issue Three Series Seven (A1/A+) | JEA St. Johns River Power Park System RB, Issue Three Series Seven (A1/A+) | JEA St. Johns River Power Park System RB, Issue Three Series Seven (A1/A+) | JEA St. Johns River Power Park System RB, Issue Three Series Seven (A1/A+) |
| 100000 | 3.125 | 10/01/2026 | 100057 |
| Lee County Florida Non-Ad Valorem Refunding RB Series 2015 (Aa1/AA+) | Lee County Florida Non-Ad Valorem Refunding RB Series 2015 (Aa1/AA+) | Lee County Florida Non-Ad Valorem Refunding RB Series 2015 (Aa1/AA+) | Lee County Florida Non-Ad Valorem Refunding RB Series 2015 (Aa1/AA+) |
| 75000 | 5.000 | 10/01/2026 | 76243 |
| Miami-Dade County Aviation Revenue Refunding Bonds Series 2016A (Non-Amt) (NR/A+) | Miami-Dade County Aviation Revenue Refunding Bonds Series 2016A (Non-Amt) (NR/A+) | Miami-Dade County Aviation Revenue Refunding Bonds Series 2016A (Non-Amt) (NR/A+) | Miami-Dade County Aviation Revenue Refunding Bonds Series 2016A (Non-Amt) (NR/A+) |
| 70000 | 5.000 | 10/01/2026 | 71058 |
| Miami-Dade County Florida Water and Sewer System Revenue Refunding Bonds Series 2025B (Aa3/AA) | Miami-Dade County Florida Water and Sewer System Revenue Refunding Bonds Series 2025B (Aa3/AA) | Miami-Dade County Florida Water and Sewer System Revenue Refunding Bonds Series 2025B (Aa3/AA) | Miami-Dade County Florida Water and Sewer System Revenue Refunding Bonds Series 2025B (Aa3/AA) |
| 100000 | 5.000 | 10/01/2027 | 104581 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **34** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ULTRA SHORT MUNICIPAL INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Florida – (continued) | Florida – (continued) | Florida – (continued) | Florida – (continued) |
| Miami-Dade County GO Bonds for Public Health Trust Program Series 2021A (NR/AA) | Miami-Dade County GO Bonds for Public Health Trust Program Series 2021A (NR/AA) | Miami-Dade County GO Bonds for Public Health Trust Program Series 2021A (NR/AA) | Miami-Dade County GO Bonds for Public Health Trust Program Series 2021A (NR/AA) |
| 40000 | 5.000% | 07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40382 |
| North Sumter County Utility Dependent District RB for Central Sumter Utility Series 2019 (NR/A) | North Sumter County Utility Dependent District RB for Central Sumter Utility Series 2019 (NR/A) | North Sumter County Utility Dependent District RB for Central Sumter Utility Series 2019 (NR/A) | North Sumter County Utility Dependent District RB for Central Sumter Utility Series 2019 (NR/A) |
| 70000 | 5.000 | 10/01/2026 | 70936 |
| Sarasota County Florida Utility System Revenue Refunding Bonds Series 2016B (NR/AA+) | Sarasota County Florida Utility System Revenue Refunding Bonds Series 2016B (NR/AA+) | Sarasota County Florida Utility System Revenue Refunding Bonds Series 2016B (NR/AA+) | Sarasota County Florida Utility System Revenue Refunding Bonds Series 2016B (NR/AA+) |
| 40000 | 5.000 | 10/01/2026 | 40088 |
| School District of Broward County, Florida Tax Anticipation Notes Series 2025 (NR/NR) | School District of Broward County, Florida Tax Anticipation Notes Series 2025 (NR/NR) | School District of Broward County, Florida Tax Anticipation Notes Series 2025 (NR/NR) | School District of Broward County, Florida Tax Anticipation Notes Series 2025 (NR/NR) |
| 200000 | 4.000 | 06/25/2026 | 201042 |
| School District of Pasco County Florida Sales Tax RB Series 2024 (Aa3/NR) | School District of Pasco County Florida Sales Tax RB Series 2024 (Aa3/NR) | School District of Pasco County Florida Sales Tax RB Series 2024 (Aa3/NR) | School District of Pasco County Florida Sales Tax RB Series 2024 (Aa3/NR) |
| 80000 | 5.000 | 10/01/2026 | 81233 |
| School District of Pinellas County Florida Tax Anticipation Notes Series 2025 (NR/NR) | School District of Pinellas County Florida Tax Anticipation Notes Series 2025 (NR/NR) | School District of Pinellas County Florida Tax Anticipation Notes Series 2025 (NR/NR) | School District of Pinellas County Florida Tax Anticipation Notes Series 2025 (NR/NR) |
| 185000 | 4.000 | 06/30/2026 | 186017 |
| South Florida Water Management District Certificates of Participation Series 2015 (Aa1/AA) | South Florida Water Management District Certificates of Participation Series 2015 (Aa1/AA) | South Florida Water Management District Certificates of Participation Series 2015 (Aa1/AA) | South Florida Water Management District Certificates of Participation Series 2015 (Aa1/AA) |
| 10000 | 5.000 | 10/01/2026 | 10021 |
| The School Board of Broward County, Florida Certificates of Participation Evidencing Undivided Proportionate Interests of The Owners Thereof In Basic Lease Payments To Be Made By The School Board of Broward County Florida As Lessee Pursuant To A Master Le (A1/A+) | The School Board of Broward County, Florida Certificates of Participation Evidencing Undivided Proportionate Interests of The Owners Thereof In Basic Lease Payments To Be Made By The School Board of Broward County Florida As Lessee Pursuant To A Master Le (A1/A+) | The School Board of Broward County, Florida Certificates of Participation Evidencing Undivided Proportionate Interests of The Owners Thereof In Basic Lease Payments To Be Made By The School Board of Broward County Florida As Lessee Pursuant To A Master Le (A1/A+) | The School Board of Broward County, Florida Certificates of Participation Evidencing Undivided Proportionate Interests of The Owners Thereof In Basic Lease Payments To Be Made By The School Board of Broward County Florida As Lessee Pursuant To A Master Le (A1/A+) |
| 45000 | 5.000 | 07/01/2027 | 45370 |
| The School Board of Miami-Dade County Florida Certificates of Participation Series 2015D (A1/A+) | The School Board of Miami-Dade County Florida Certificates of Participation Series 2015D (A1/A+) | The School Board of Miami-Dade County Florida Certificates of Participation Series 2015D (A1/A+) | The School Board of Miami-Dade County Florida Certificates of Participation Series 2015D (A1/A+) |
| 120000 | 5.000 | 02/01/2027 | 120252 |
| The School Board of Orange County Florida Certificates of Participation Series 2016B (Aa2/NR) | The School Board of Orange County Florida Certificates of Participation Series 2016B (Aa2/NR) | The School Board of Orange County Florida Certificates of Participation Series 2016B (Aa2/NR) | The School Board of Orange County Florida Certificates of Participation Series 2016B (Aa2/NR) |
| 175000 | 5.000 | 08/01/2026 | 176932 |
| 180000 | 5.000 | 08/01/2027 | 182008 |
| The School Board of Palm Beach County Florida Certificates of Participation Series 2025A (Aa3/NR) | The School Board of Palm Beach County Florida Certificates of Participation Series 2025A (Aa3/NR) | The School Board of Palm Beach County Florida Certificates of Participation Series 2025A (Aa3/NR) | The School Board of Palm Beach County Florida Certificates of Participation Series 2025A (Aa3/NR) |
| 110000 | 5.000 | 08/01/2027 | 114388 |
|  |  |  | 1962462 |
| Georgia - 1.0% | Georgia - 1.0% | Georgia - 1.0% | Georgia - 1.0% |
| Development Authority of Appling County Pollution Control RB Oglethorpe Power Corporation Hatch Project Series 2013A (A3/BBB+/A-2) | Development Authority of Appling County Pollution Control RB Oglethorpe Power Corporation Hatch Project Series 2013A (A3/BBB+/A-2) | Development Authority of Appling County Pollution Control RB Oglethorpe Power Corporation Hatch Project Series 2013A (A3/BBB+/A-2) | Development Authority of Appling County Pollution Control RB Oglethorpe Power Corporation Hatch Project Series 2013A (A3/BBB+/A-2) |
| 300000 | 2.250 <sup>(a)(b)</sup> | 01/01/2038 | 300000 |
| Idaho - 0.3% | Idaho - 0.3% | Idaho - 0.3% | Idaho - 0.3% |
| Trinity Health Corporation (Aa3/AA-/A-1+) | Trinity Health Corporation (Aa3/AA-/A-1+) | Trinity Health Corporation (Aa3/AA-/A-1+) | Trinity Health Corporation (Aa3/AA-/A-1+) |
| 100000 | 2.625 <sup>(a)(b)</sup> | 12/01/2048 | 100020 |
| Illinois - 9.8% | Illinois - 9.8% | Illinois - 9.8% | Illinois - 9.8% |
| City of Chicago Chicago O'Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2024C (Amt) (NR/A+) | City of Chicago Chicago O'Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2024C (Amt) (NR/A+) | City of Chicago Chicago O'Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2024C (Amt) (NR/A+) | City of Chicago Chicago O'Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2024C (Amt) (NR/A+) |
| 280000 | 5.000 | 01/01/2027 | 285620 |
| City of Chicago Midway Airport RB Refunding for Senior Lien Airport Series 2023C (AMT) (NR/A) | City of Chicago Midway Airport RB Refunding for Senior Lien Airport Series 2023C (AMT) (NR/A) | City of Chicago Midway Airport RB Refunding for Senior Lien Airport Series 2023C (AMT) (NR/A) | City of Chicago Midway Airport RB Refunding for Senior Lien Airport Series 2023C (AMT) (NR/A) |
| 130000 | 5.000 | 01/01/2027 | 132609 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Illinois – (continued) | Illinois – (continued) | Illinois – (continued) | Illinois – (continued) |
| City of Mount Vernon Illinois GO Improvement and Refunding Bonds Series 2020 (BAM) (NR/AA) | City of Mount Vernon Illinois GO Improvement and Refunding Bonds Series 2020 (BAM) (NR/AA) | City of Mount Vernon Illinois GO Improvement and Refunding Bonds Series 2020 (BAM) (NR/AA) | City of Mount Vernon Illinois GO Improvement and Refunding Bonds Series 2020 (BAM) (NR/AA) |
| 125000 | 4.000% | 12/15/2026 | 126437 |
| Community College District No. 505 Counties of Champaign Coles Dewitt, Douglas Edgar Ford Iroquois Livingston Mclean Moultrie Piattand Vermilion and State of Illinois GO Refunding Bonds Series 2018B (NR/AA) | Community College District No. 505 Counties of Champaign Coles Dewitt, Douglas Edgar Ford Iroquois Livingston Mclean Moultrie Piattand Vermilion and State of Illinois GO Refunding Bonds Series 2018B (NR/AA) | Community College District No. 505 Counties of Champaign Coles Dewitt, Douglas Edgar Ford Iroquois Livingston Mclean Moultrie Piattand Vermilion and State of Illinois GO Refunding Bonds Series 2018B (NR/AA) | Community College District No. 505 Counties of Champaign Coles Dewitt, Douglas Edgar Ford Iroquois Livingston Mclean Moultrie Piattand Vermilion and State of Illinois GO Refunding Bonds Series 2018B (NR/AA) |
| 235000 | 5.000 | 12/01/2026 | 239309 |
| Community Consolidated School District No. 30-C Will County Troy Illinois GO Refunding School Bonds Series 2017C (Aa2/ NR) | Community Consolidated School District No. 30-C Will County Troy Illinois GO Refunding School Bonds Series 2017C (Aa2/ NR) | Community Consolidated School District No. 30-C Will County Troy Illinois GO Refunding School Bonds Series 2017C (Aa2/ NR) | Community Consolidated School District No. 30-C Will County Troy Illinois GO Refunding School Bonds Series 2017C (Aa2/ NR) |
| 110000 | 4.000 | 10/01/2026 | 111078 |
| Illinois Finance Authority RB Northwestern University Series 2015 (Aa1/AA+) | Illinois Finance Authority RB Northwestern University Series 2015 (Aa1/AA+) | Illinois Finance Authority RB Northwestern University Series 2015 (Aa1/AA+) | Illinois Finance Authority RB Northwestern University Series 2015 (Aa1/AA+) |
| 305000 | 3.000 | 12/01/2027 | 305088 |
| Illinois Finance Authority RB Series 2016A (A1/A+) | Illinois Finance Authority RB Series 2016A (A1/A+) | Illinois Finance Authority RB Series 2016A (A1/A+) | Illinois Finance Authority RB Series 2016A (A1/A+) |
| 70000 | 5.000 | 08/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70790 |
| Illinois Finance Authority RB Series 2016C (Aa3/AA) | Illinois Finance Authority RB Series 2016C (Aa3/AA) | Illinois Finance Authority RB Series 2016C (Aa3/AA) | Illinois Finance Authority RB Series 2016C (Aa3/AA) |
| 150000 | 5.000 | 02/15/2027 | 153660 |
| Illinois Finance Authority RB Series 2019 (A1/A+) | Illinois Finance Authority RB Series 2019 (A1/A+) | Illinois Finance Authority RB Series 2019 (A1/A+) | Illinois Finance Authority RB Series 2019 (A1/A+) |
| 180000 | 5.000 | 04/01/2027 | 184781 |
| Illinois Finance Authority State of Illinois Clean Water Initiative Revolving Fund RB Series 2019 (NR/AAA) | Illinois Finance Authority State of Illinois Clean Water Initiative Revolving Fund RB Series 2019 (NR/AAA) | Illinois Finance Authority State of Illinois Clean Water Initiative Revolving Fund RB Series 2019 (NR/AAA) | Illinois Finance Authority State of Illinois Clean Water Initiative Revolving Fund RB Series 2019 (NR/AAA) |
| 35000 | 5.000 | 07/01/2026 | 35334 |
| Public Finance Authority (Aa2/NR) | Public Finance Authority (Aa2/NR) | Public Finance Authority (Aa2/NR) |  |
| 275000 | 1.100 <sup>(a)(b)(c)</sup> | 02/15/2053 | 275000 |
| Sales Tax Securitization Corp. Sales Tax Securitization Bonds Series 2023A Social Bonds (NR/A+) | Sales Tax Securitization Corp. Sales Tax Securitization Bonds Series 2023A Social Bonds (NR/A+) | Sales Tax Securitization Corp. Sales Tax Securitization Bonds Series 2023A Social Bonds (NR/A+) | Sales Tax Securitization Corp. Sales Tax Securitization Bonds Series 2023A Social Bonds (NR/A+) |
| 50000 | 3.000 | 01/01/2027 | 50224 |
| Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2020A (NR/A+) | Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2020A (NR/A+) | Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2020A (NR/A+) | Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2020A (NR/A+) |
| 200000 | 5.000 | 01/01/2027 | 204497 |
| Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2021A (NR/A+) | Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2021A (NR/A+) | Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2021A (NR/A+) | Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2021A (NR/A+) |
| 125000 | 5.000 | 01/01/2027 | 127811 |
| State of Illinois GO Bonds Series of March 2021B (A2/A-) | State of Illinois GO Bonds Series of March 2021B (A2/A-) | State of Illinois GO Bonds Series of March 2021B (A2/A-) | State of Illinois GO Bonds Series of March 2021B (A2/A-) |
| 180000 | 5.000 | 03/01/2027 | 184678 |
| State of Illinois GO Refunding Bonds Series of October 2016 Il (A2/A-) | State of Illinois GO Refunding Bonds Series of October 2016 Il (A2/A-) | State of Illinois GO Refunding Bonds Series of October 2016 Il (A2/A-) | State of Illinois GO Refunding Bonds Series of October 2016 Il (A2/A-) |
| 250000 | 5.000 | 02/01/2027 | 255955 |
| The Board of Trustees of The University of Illinois Auxiliary Facilities System Refunding RB Series 2023A (Aa2/AA) | The Board of Trustees of The University of Illinois Auxiliary Facilities System Refunding RB Series 2023A (Aa2/AA) | The Board of Trustees of The University of Illinois Auxiliary Facilities System Refunding RB Series 2023A (Aa2/AA) | The Board of Trustees of The University of Illinois Auxiliary Facilities System Refunding RB Series 2023A (Aa2/AA) |
| 110000 | 5.000 | 04/01/2027 | 113363 |
|  |  |  | 2856234 |
| Indiana - 1.4% | Indiana - 1.4% | Indiana - 1.4% | Indiana - 1.4% |
| Indiana Finance Authority Hospital Refunding RB Series 2017A (A1/A+) | Indiana Finance Authority Hospital Refunding RB Series 2017A (A1/A+) | Indiana Finance Authority Hospital Refunding RB Series 2017A (A1/A+) | Indiana Finance Authority Hospital Refunding RB Series 2017A (A1/A+) |
| 205000 | 5.000 | 11/01/2026 | 208406 |
| Indiana Finance Authority RB Series 2016A (NR/A+) | Indiana Finance Authority RB Series 2016A (NR/A+) | Indiana Finance Authority RB Series 2016A (NR/A+) | Indiana Finance Authority RB Series 2016A (NR/A+) |
| 50000 | 5.000 | 03/01/2026 | 50000 |
| Northern Indiana Commuter Transportation District Limited Obligation Consolidated RB Series 2024 (A1/A+) | Northern Indiana Commuter Transportation District Limited Obligation Consolidated RB Series 2024 (A1/A+) | Northern Indiana Commuter Transportation District Limited Obligation Consolidated RB Series 2024 (A1/A+) | Northern Indiana Commuter Transportation District Limited Obligation Consolidated RB Series 2024 (A1/A+) |
| 150000 | 5.000 | 07/01/2026 | 151353 |
|  |  |  | 409759 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **35** |

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------

GOLDMAN SACHS ULTRA SHORT MUNICIPAL INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Iowa - 0.3% | Iowa - 0.3% | Iowa - 0.3% | Iowa - 0.3% |
| Waukee Community School District Iowa GO School and Refunding Bonds Series 2019A (Aa2/NR) | Waukee Community School District Iowa GO School and Refunding Bonds Series 2019A (Aa2/NR) | Waukee Community School District Iowa GO School and Refunding Bonds Series 2019A (Aa2/NR) | Waukee Community School District Iowa GO School and Refunding Bonds Series 2019A (Aa2/NR) |
| $90000 | 5.000% | 06/01/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90625 |
| Kansas - 1.0% | Kansas - 1.0% | Kansas - 1.0% | Kansas - 1.0% |
| City of Wichita Kansas GO Bonds Series 823 (Aa2/AAA) | City of Wichita Kansas GO Bonds Series 823 (Aa2/AAA) | City of Wichita Kansas GO Bonds Series 823 (Aa2/AAA) | City of Wichita Kansas GO Bonds Series 823 (Aa2/AAA) |
| 140000 | 4.000 | 12/01/2026 | 141872 |
| Public Building Commission of Johnson County Kansas Lease Purchase RB Courthouse and Medical Examiners Facility Projects Series 2018A (Aaa/AAA) | Public Building Commission of Johnson County Kansas Lease Purchase RB Courthouse and Medical Examiners Facility Projects Series 2018A (Aaa/AAA) | Public Building Commission of Johnson County Kansas Lease Purchase RB Courthouse and Medical Examiners Facility Projects Series 2018A (Aaa/AAA) | Public Building Commission of Johnson County Kansas Lease Purchase RB Courthouse and Medical Examiners Facility Projects Series 2018A (Aaa/AAA) |
| 140000 | 5.000 | 09/01/2026 | 141933 |
|  |  |  | 283805 |
| Kentucky - 1.3% | Kentucky - 1.3% | Kentucky - 1.3% | Kentucky - 1.3% |
| Fayette County Kentucky School District Finance Corporation School Building Refunding RB Series 2015B (ST INTERCEPT) (Aa3/AA-) | Fayette County Kentucky School District Finance Corporation School Building Refunding RB Series 2015B (ST INTERCEPT) (Aa3/AA-) | Fayette County Kentucky School District Finance Corporation School Building Refunding RB Series 2015B (ST INTERCEPT) (Aa3/AA-) | Fayette County Kentucky School District Finance Corporation School Building Refunding RB Series 2015B (ST INTERCEPT) (Aa3/AA-) |
| 125000 | 3.000 | 05/01/2027 | 125044 |
| Franklin County School District Finance Corporation Kentucky School Building Refunding RB Series of 2016 (ST INTERCEPT) (Aa3/NR) | Franklin County School District Finance Corporation Kentucky School Building Refunding RB Series of 2016 (ST INTERCEPT) (Aa3/NR) | Franklin County School District Finance Corporation Kentucky School Building Refunding RB Series of 2016 (ST INTERCEPT) (Aa3/NR) | Franklin County School District Finance Corporation Kentucky School Building Refunding RB Series of 2016 (ST INTERCEPT) (Aa3/NR) |
| 105000 | 4.000 | 05/01/2026 | 105272 |
| Oldham County School District Finance Corporation Kentucky School Building Refunding RB Second Series of 2016 (ST INTERCEPT) (Aa3/NR) | Oldham County School District Finance Corporation Kentucky School Building Refunding RB Second Series of 2016 (ST INTERCEPT) (Aa3/NR) | Oldham County School District Finance Corporation Kentucky School Building Refunding RB Second Series of 2016 (ST INTERCEPT) (Aa3/NR) | Oldham County School District Finance Corporation Kentucky School Building Refunding RB Second Series of 2016 (ST INTERCEPT) (Aa3/NR) |
| 20000 | 4.000 | 09/01/2026 | 20157 |
| University of Kentucky General Receipt Bonds 2018 Series A (ST INTERCEPT) (Aa2/AA+) | University of Kentucky General Receipt Bonds 2018 Series A (ST INTERCEPT) (Aa2/AA+) | University of Kentucky General Receipt Bonds 2018 Series A (ST INTERCEPT) (Aa2/AA+) | University of Kentucky General Receipt Bonds 2018 Series A (ST INTERCEPT) (Aa2/AA+) |
| 120000 | 4.000 | 10/01/2027 | 120177 |
|  |  |  | 370650 |
| Louisiana - 2.9% | Louisiana - 2.9% | Louisiana - 2.9% | Louisiana - 2.9% |
| Board of Supervisors of Louisiana State University and Agricultural and Mechanical College Auxiliary Revenue Refunding Bonds Series 2016A (A2/NR) | Board of Supervisors of Louisiana State University and Agricultural and Mechanical College Auxiliary Revenue Refunding Bonds Series 2016A (A2/NR) | Board of Supervisors of Louisiana State University and Agricultural and Mechanical College Auxiliary Revenue Refunding Bonds Series 2016A (A2/NR) | Board of Supervisors of Louisiana State University and Agricultural and Mechanical College Auxiliary Revenue Refunding Bonds Series 2016A (A2/NR) |
| 75000 | 5.000 | 07/01/2026 | 75641 |
| Louisiana Government Environmental Facilities & Community Development Authority Rev RB Honeywell International Inc 2002 (NR/A/A-1) | Louisiana Government Environmental Facilities & Community Development Authority Rev RB Honeywell International Inc 2002 (NR/A/A-1) | Louisiana Government Environmental Facilities & Community Development Authority Rev RB Honeywell International Inc 2002 (NR/A/A-1) | Louisiana Government Environmental Facilities & Community Development Authority Rev RB Honeywell International Inc 2002 (NR/A/A-1) |
| 500000 | 2.300 <sup>(a)(b)</sup> | 12/01/2037 | 500000 |
| Public Fin Auth Wis Ctfs Partn (Aa2/AA+/A-1) | Public Fin Auth Wis Ctfs Partn (Aa2/AA+/A-1) | Public Fin Auth Wis Ctfs Partn (Aa2/AA+/A-1) | Public Fin Auth Wis Ctfs Partn (Aa2/AA+/A-1) |
| 225000 | 1.100 <sup>(a)(b)(c)</sup> | 12/01/2052 | 225000 |
| State of Louisiana GO Bonds Series 2016-A (Aa2/AA) | State of Louisiana GO Bonds Series 2016-A (Aa2/AA) | State of Louisiana GO Bonds Series 2016-A (Aa2/AA) | State of Louisiana GO Bonds Series 2016-A (Aa2/AA) |
| 50000 | 5.000 | 09/01/2027 | 50704 |
|  |  |  | 851345 |
| Maryland - 0.9% | Maryland - 0.9% | Maryland - 0.9% | Maryland - 0.9% |
| City of Baltimore Refunding RB for Wastewater Projects Series 2014D (Aa3/A-) | City of Baltimore Refunding RB for Wastewater Projects Series 2014D (Aa3/A-) | City of Baltimore Refunding RB for Wastewater Projects Series 2014D (Aa3/A-) | City of Baltimore Refunding RB for Wastewater Projects Series 2014D (Aa3/A-) |
| 30000 | 5.000 | 07/01/2026 | 30045 |
| Department of Transportation of Maryland Consolidated Transportation Bonds Series 2015 (Aa1/AAA) | Department of Transportation of Maryland Consolidated Transportation Bonds Series 2015 (Aa1/AAA) | Department of Transportation of Maryland Consolidated Transportation Bonds Series 2015 (Aa1/AAA) | Department of Transportation of Maryland Consolidated Transportation Bonds Series 2015 (Aa1/AAA) |
| 115000 | 3.000 | 06/01/2026 | 115034 |
| State of Maryland Maryland GO Bonds State and Local Facilities Loan of 2015 First Series B (Aa1/AAA) | State of Maryland Maryland GO Bonds State and Local Facilities Loan of 2015 First Series B (Aa1/AAA) | State of Maryland Maryland GO Bonds State and Local Facilities Loan of 2015 First Series B (Aa1/AAA) | State of Maryland Maryland GO Bonds State and Local Facilities Loan of 2015 First Series B (Aa1/AAA) |
| 105000 | 4.000 | 08/01/2026 | 105851 |
|  |  |  | 250930 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | Value |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Massachusetts - 1.9% | Massachusetts - 1.9% | Massachusetts - 1.9% | Massachusetts - 1.9% |
| Massachusetts Health and Educational Facilities Authority RB Museum of Fine Arts Issue Series A-1 (Aa2/AA/A-1) | Massachusetts Health and Educational Facilities Authority RB Museum of Fine Arts Issue Series A-1 (Aa2/AA/A-1) | Massachusetts Health and Educational Facilities Authority RB Museum of Fine Arts Issue Series A-1 (Aa2/AA/A-1) | Massachusetts Health and Educational Facilities Authority RB Museum of Fine Arts Issue Series A-1 (Aa2/AA/A-1) |
| $500000 | 1.050 %<sup>(a)(b)</sup> | 12/01/2037 | $500000 |
| Town of Dedham Massachusetts GO Municipal Purpose Loan of 2017 Bonds (NR/AAA) | Town of Dedham Massachusetts GO Municipal Purpose Loan of 2017 Bonds (NR/AAA) | Town of Dedham Massachusetts GO Municipal Purpose Loan of 2017 Bonds (NR/AAA) | Town of Dedham Massachusetts GO Municipal Purpose Loan of 2017 Bonds (NR/AAA) |
| 40000 | 4.000 | 06/15/2027 | 40057 |
|  |  |  | 540057 |
| Michigan - 2.0% | Michigan - 2.0% | Michigan - 2.0% | Michigan - 2.0% |
| City of Kalamazoo Hospital Finance Authority Hospital Revenue Refunding Bonds Bronson Healthcare Group Inc. Series 2016 (A1/NR) | City of Kalamazoo Hospital Finance Authority Hospital Revenue Refunding Bonds Bronson Healthcare Group Inc. Series 2016 (A1/NR) | City of Kalamazoo Hospital Finance Authority Hospital Revenue Refunding Bonds Bronson Healthcare Group Inc. Series 2016 (A1/NR) | City of Kalamazoo Hospital Finance Authority Hospital Revenue Refunding Bonds Bronson Healthcare Group Inc. Series 2016 (A1/NR) |
| 50000 | 5.000 | 05/15/2027 | 50265 |
| City of Saginaw Hospital Finance Authority Hospital Revenue Refunding Bonds Covenant Medical Center Inc. Series 2020J (NR/A+) | City of Saginaw Hospital Finance Authority Hospital Revenue Refunding Bonds Covenant Medical Center Inc. Series 2020J (NR/A+) | City of Saginaw Hospital Finance Authority Hospital Revenue Refunding Bonds Covenant Medical Center Inc. Series 2020J (NR/A+) | City of Saginaw Hospital Finance Authority Hospital Revenue Refunding Bonds Covenant Medical Center Inc. Series 2020J (NR/A+) |
| 290000 | 5.000 | 07/01/2027 | 298110 |
| City of Warren Michigan Capital Improvement Refunding Bonds Series 2019A GO Limited Tax (NR/AA) | City of Warren Michigan Capital Improvement Refunding Bonds Series 2019A GO Limited Tax (NR/AA) | City of Warren Michigan Capital Improvement Refunding Bonds Series 2019A GO Limited Tax (NR/AA) | City of Warren Michigan Capital Improvement Refunding Bonds Series 2019A GO Limited Tax (NR/AA) |
| 150000 | 3.000 | 04/01/2028 | 151245 |
| County of Macomb State of Michigan Capital Improvement Bonds Series 2015 (Aa1/NR) | County of Macomb State of Michigan Capital Improvement Bonds Series 2015 (Aa1/NR) | County of Macomb State of Michigan Capital Improvement Bonds Series 2015 (Aa1/NR) | County of Macomb State of Michigan Capital Improvement Bonds Series 2015 (Aa1/NR) |
| 50000 | 3.200 | 05/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50024 |
| Michigan Finance Authority Hospital Revenue Refunding Bonds Mclaren Health Care Series 2015A (A1/NR) | Michigan Finance Authority Hospital Revenue Refunding Bonds Mclaren Health Care Series 2015A (A1/NR) | Michigan Finance Authority Hospital Revenue Refunding Bonds Mclaren Health Care Series 2015A (A1/NR) | Michigan Finance Authority Hospital Revenue Refunding Bonds Mclaren Health Care Series 2015A (A1/NR) |
| 25000 | 5.000 | 05/15/2026 | 25048 |
| Portage Public Schools County of Kalamazoo Michigan 2016 School Building Site & Refunding Bonds (NR/AA-) | Portage Public Schools County of Kalamazoo Michigan 2016 School Building Site & Refunding Bonds (NR/AA-) | Portage Public Schools County of Kalamazoo Michigan 2016 School Building Site & Refunding Bonds (NR/AA-) | Portage Public Schools County of Kalamazoo Michigan 2016 School Building Site & Refunding Bonds (NR/AA-) |
| 15000 | 5.000 | 11/01/2026 | 15068 |
|  |  |  | 589760 |
| Minnesota - 0.6% | Minnesota - 0.6% | Minnesota - 0.6% | Minnesota - 0.6% |
| City of St. Cloud Minnesota Health Care RB Series 2016A (A2/ NR) | City of St. Cloud Minnesota Health Care RB Series 2016A (A2/ NR) | City of St. Cloud Minnesota Health Care RB Series 2016A (A2/ NR) | City of St. Cloud Minnesota Health Care RB Series 2016A (A2/ NR) |
| 85000 | 5.000 | 05/01/2026 | 85345 |
| Independent School District No. 273 Edina Minnesota GO Facilities Maintenance and School Building Bonds Series 2017A (SD CRED PROG) (Aaa/NR) | Independent School District No. 273 Edina Minnesota GO Facilities Maintenance and School Building Bonds Series 2017A (SD CRED PROG) (Aaa/NR) | Independent School District No. 273 Edina Minnesota GO Facilities Maintenance and School Building Bonds Series 2017A (SD CRED PROG) (Aaa/NR) | Independent School District No. 273 Edina Minnesota GO Facilities Maintenance and School Building Bonds Series 2017A (SD CRED PROG) (Aaa/NR) |
| 100000 | 3.000 | 02/01/2027 | 100045 |
|  |  |  | 185390 |
| Mississippi - 1.6% | Mississippi - 1.6% | Mississippi - 1.6% | Mississippi - 1.6% |
| Mississippi Development Bank Special Obligation Bonds, Series 2016A (NR/AA-) | Mississippi Development Bank Special Obligation Bonds, Series 2016A (NR/AA-) | Mississippi Development Bank Special Obligation Bonds, Series 2016A (NR/AA-) | Mississippi Development Bank Special Obligation Bonds, Series 2016A (NR/AA-) |
| 80000 | 5.000 | 08/01/2026 | 80870 |
| Mississippi Hospital Equipment and Facilities Authority RB North Mississippi Health Services 2020 Series I (NR/A+) | Mississippi Hospital Equipment and Facilities Authority RB North Mississippi Health Services 2020 Series I (NR/A+) | Mississippi Hospital Equipment and Facilities Authority RB North Mississippi Health Services 2020 Series I (NR/A+) | Mississippi Hospital Equipment and Facilities Authority RB North Mississippi Health Services 2020 Series I (NR/A+) |
| 95000 | 5.000 | 10/01/2026 | 96205 |
| The University of Mississippi Medical Center Medical Center Educational Building Corporation RB Series 2017A (Aa2/NR) | The University of Mississippi Medical Center Medical Center Educational Building Corporation RB Series 2017A (Aa2/NR) | The University of Mississippi Medical Center Medical Center Educational Building Corporation RB Series 2017A (Aa2/NR) | The University of Mississippi Medical Center Medical Center Educational Building Corporation RB Series 2017A (Aa2/NR) |
| 275000 | 5.000 | 06/01/2026 | 276628 |
|  |  |  | 453703 |
| Missouri - 2.5% | Missouri - 2.5% | Missouri - 2.5% | Missouri - 2.5% |
| Board of Public Buildings of The State of Missouri Special Obligation Refunding Bonds Series B 2020 (Aa1/AA+) | Board of Public Buildings of The State of Missouri Special Obligation Refunding Bonds Series B 2020 (Aa1/AA+) | Board of Public Buildings of The State of Missouri Special Obligation Refunding Bonds Series B 2020 (Aa1/AA+) | Board of Public Buildings of The State of Missouri Special Obligation Refunding Bonds Series B 2020 (Aa1/AA+) |
| 140000 | 5.000 | 10/01/2026 | 142215 |
| City of Gladstone Missouri Certificates of Participation Capital Projects Series 2021A (NR/AA-) | City of Gladstone Missouri Certificates of Participation Capital Projects Series 2021A (NR/AA-) | City of Gladstone Missouri Certificates of Participation Capital Projects Series 2021A (NR/AA-) | City of Gladstone Missouri Certificates of Participation Capital Projects Series 2021A (NR/AA-) |
| 50000 | 5.000 | 03/01/2026 | 50000 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **36** | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS ULTRA SHORT MUNICIPAL INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Missouri – (continued) | Missouri – (continued) | Missouri – (continued) | Missouri – (continued) |
| Fort Osage R-I School District Jackson County Missouri Certificates of Participation Series 2022A (NR/A) | Fort Osage R-I School District Jackson County Missouri Certificates of Participation Series 2022A (NR/A) | Fort Osage R-I School District Jackson County Missouri Certificates of Participation Series 2022A (NR/A) | Fort Osage R-I School District Jackson County Missouri Certificates of Participation Series 2022A (NR/A) |
| 180000 | 4.000% | 04/01/2027 | 180095 |
| Francis Howell R-III School District St. Charles County, Missouri GO Refunding Bonds Missouri Direct Deposit Program Series 2024 (ST AID DIR DEP) (NR/AA+) | Francis Howell R-III School District St. Charles County, Missouri GO Refunding Bonds Missouri Direct Deposit Program Series 2024 (ST AID DIR DEP) (NR/AA+) | Francis Howell R-III School District St. Charles County, Missouri GO Refunding Bonds Missouri Direct Deposit Program Series 2024 (ST AID DIR DEP) (NR/AA+) | Francis Howell R-III School District St. Charles County, Missouri GO Refunding Bonds Missouri Direct Deposit Program Series 2024 (ST AID DIR DEP) (NR/AA+) |
| 140000 | 4.000 | 03/01/2026 | 140000 |
| Franklin County Missouri Refunding Certificates of Participation Series 2019B (NR/A+) | Franklin County Missouri Refunding Certificates of Participation Series 2019B (NR/A+) | Franklin County Missouri Refunding Certificates of Participation Series 2019B (NR/A+) | Franklin County Missouri Refunding Certificates of Participation Series 2019B (NR/A+) |
| 20000 | 4.000 | 04/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20315 |
| Health and Educational Facilities Authority of The State of Missouri Health Facilities RB Ssm Health Series 2022A (NR/A+) | Health and Educational Facilities Authority of The State of Missouri Health Facilities RB Ssm Health Series 2022A (NR/A+) | Health and Educational Facilities Authority of The State of Missouri Health Facilities RB Ssm Health Series 2022A (NR/A+) | Health and Educational Facilities Authority of The State of Missouri Health Facilities RB Ssm Health Series 2022A (NR/A+) |
| 155000 | 5.000 | 06/01/2027 | 159529 |
| St. Louis Municipal Finance Corporation Recreation Sales Tax Leasehold Revenue Refunding Bonds City of St. Louis Missouri Lessee Series 2016 (NR/A) | St. Louis Municipal Finance Corporation Recreation Sales Tax Leasehold Revenue Refunding Bonds City of St. Louis Missouri Lessee Series 2016 (NR/A) | St. Louis Municipal Finance Corporation Recreation Sales Tax Leasehold Revenue Refunding Bonds City of St. Louis Missouri Lessee Series 2016 (NR/A) | St. Louis Municipal Finance Corporation Recreation Sales Tax Leasehold Revenue Refunding Bonds City of St. Louis Missouri Lessee Series 2016 (NR/A) |
| 25000 | 5.000 | 02/15/2027 | 25050 |
|  |  |  | 717204 |
| Nebraska - 0.2% | Nebraska - 0.2% | Nebraska - 0.2% | Nebraska - 0.2% |
| Douglas County School District No. 001 Omaha Public Nebraska General Obligation Bonds Series 2015 (Aa2/AA) | Douglas County School District No. 001 Omaha Public Nebraska General Obligation Bonds Series 2015 (Aa2/AA) | Douglas County School District No. 001 Omaha Public Nebraska General Obligation Bonds Series 2015 (Aa2/AA) | Douglas County School District No. 001 Omaha Public Nebraska General Obligation Bonds Series 2015 (Aa2/AA) |
| 45000 | 5.000 | 12/15/2026 | 45099 |
| Nevada - 1.6% | Nevada - 1.6% | Nevada - 1.6% | Nevada - 1.6% |
| Clark County Nevada Airport System Subordinate Lien Refunding RB Series 2019D (NON-AMT) (Aa2/AA-) | Clark County Nevada Airport System Subordinate Lien Refunding RB Series 2019D (NON-AMT) (Aa2/AA-) | Clark County Nevada Airport System Subordinate Lien Refunding RB Series 2019D (NON-AMT) (Aa2/AA-) | Clark County Nevada Airport System Subordinate Lien Refunding RB Series 2019D (NON-AMT) (Aa2/AA-) |
| 170000 | 5.000 | 07/01/2026 | 171556 |
| Clark County School District GO Limited Tax Building and Refunding Bonds Series 2015C (A1/AA-) | Clark County School District GO Limited Tax Building and Refunding Bonds Series 2015C (A1/AA-) | Clark County School District GO Limited Tax Building and Refunding Bonds Series 2015C (A1/AA-) | Clark County School District GO Limited Tax Building and Refunding Bonds Series 2015C (A1/AA-) |
| 35000 | 5.000 | 06/15/2026 | 35075 |
| Clark County School District Nevada GO Limited Tax Building Bonds Series 2024A (A1/AA-) | Clark County School District Nevada GO Limited Tax Building Bonds Series 2024A (A1/AA-) | Clark County School District Nevada GO Limited Tax Building Bonds Series 2024A (A1/AA-) | Clark County School District Nevada GO Limited Tax Building Bonds Series 2024A (A1/AA-) |
| 75000 | 5.000 | 06/15/2026 | 75604 |
| Clark County School District Nevada GO Limited Tax Refunding Bonds Additonally Secured By Pledged Revenues Series 2016B (A1/AA-) | Clark County School District Nevada GO Limited Tax Refunding Bonds Additonally Secured By Pledged Revenues Series 2016B (A1/AA-) | Clark County School District Nevada GO Limited Tax Refunding Bonds Additonally Secured By Pledged Revenues Series 2016B (A1/AA-) | Clark County School District Nevada GO Limited Tax Refunding Bonds Additonally Secured By Pledged Revenues Series 2016B (A1/AA-) |
| 75000 | 5.000 | 06/15/2026 | 75604 |
| Clark County School District Nevada GO Limited Tax School Bonds Additionally Secured by Pledged Revenues Series 2015D (A1/AA-) | Clark County School District Nevada GO Limited Tax School Bonds Additionally Secured by Pledged Revenues Series 2015D (A1/AA-) | Clark County School District Nevada GO Limited Tax School Bonds Additionally Secured by Pledged Revenues Series 2015D (A1/AA-) | Clark County School District Nevada GO Limited Tax School Bonds Additionally Secured by Pledged Revenues Series 2015D (A1/AA-) |
| 30000 | 5.000 | 06/15/2026 | 30065 |
| Clark County, Nevada GO Limited Tax Bond Bank Refunding Bonds Additionally Secured By Pledged Revenues Series 2016B (Aa1/AAA) | Clark County, Nevada GO Limited Tax Bond Bank Refunding Bonds Additionally Secured By Pledged Revenues Series 2016B (Aa1/AAA) | Clark County, Nevada GO Limited Tax Bond Bank Refunding Bonds Additionally Secured By Pledged Revenues Series 2016B (Aa1/AAA) | Clark County, Nevada GO Limited Tax Bond Bank Refunding Bonds Additionally Secured By Pledged Revenues Series 2016B (Aa1/AAA) |
| 75000 | 5.000 | 11/01/2026 | 76421 |
|  |  |  | 464325 |
| New Jersey - 3.6% | New Jersey - 3.6% | New Jersey - 3.6% | New Jersey - 3.6% |
| County of Essex New Jersey General Improvement Bonds Series 2015A (ST AID WITHHLDG) (Aa1/NR) | County of Essex New Jersey General Improvement Bonds Series 2015A (ST AID WITHHLDG) (Aa1/NR) | County of Essex New Jersey General Improvement Bonds Series 2015A (ST AID WITHHLDG) (Aa1/NR) | County of Essex New Jersey General Improvement Bonds Series 2015A (ST AID WITHHLDG) (Aa1/NR) |
| 50000 | 3.000 | 09/01/2027 | 50026 |
| Higher Education Student Assistance Authority State of New Jersey Senior Student Loan RB Series 2025-2 (AMT) (NR/A-1+) (PUTABLE) | Higher Education Student Assistance Authority State of New Jersey Senior Student Loan RB Series 2025-2 (AMT) (NR/A-1+) (PUTABLE) | Higher Education Student Assistance Authority State of New Jersey Senior Student Loan RB Series 2025-2 (AMT) (NR/A-1+) (PUTABLE) | Higher Education Student Assistance Authority State of New Jersey Senior Student Loan RB Series 2025-2 (AMT) (NR/A-1+) (PUTABLE) |
| 300000 | 5.000 <sup>(a)(b)</sup> | 12/01/2056 | 301592 |

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| New Jersey – (continued) | New Jersey – (continued) | New Jersey – (continued) | New Jersey – (continued) |
| New Jersey Economic Development Authority School Facilities Construction Refunding Bonds Series 2015 - XX (A1/A) | New Jersey Economic Development Authority School Facilities Construction Refunding Bonds Series 2015 - XX (A1/A) | New Jersey Economic Development Authority School Facilities Construction Refunding Bonds Series 2015 - XX (A1/A) | New Jersey Economic Development Authority School Facilities Construction Refunding Bonds Series 2015 - XX (A1/A) |
| 120000 | 4.250% | 06/15/2026 | 120091 |
| New Jersey Housing and Mortgage Finance Agency Multi-Family RB 2024 Sub-Series D-2 (GNMA/FNMA/FHLMC) (NR/AA-) | New Jersey Housing and Mortgage Finance Agency Multi-Family RB 2024 Sub-Series D-2 (GNMA/FNMA/FHLMC) (NR/AA-) | New Jersey Housing and Mortgage Finance Agency Multi-Family RB 2024 Sub-Series D-2 (GNMA/FNMA/FHLMC) (NR/AA-) | New Jersey Housing and Mortgage Finance Agency Multi-Family RB 2024 Sub-Series D-2 (GNMA/FNMA/FHLMC) (NR/AA-) |
| 400000 | 2.900 | 11/01/2027 | 401164 |
| State of New Jersey New Jersey GO Bonds Various Purposes (Tax-Exempt) (Aa3/A+) | State of New Jersey New Jersey GO Bonds Various Purposes (Tax-Exempt) (Aa3/A+) | State of New Jersey New Jersey GO Bonds Various Purposes (Tax-Exempt) (Aa3/A+) | State of New Jersey New Jersey GO Bonds Various Purposes (Tax-Exempt) (Aa3/A+) |
| 175000 | 2.000 | 06/01/2027 | 174217 |
|  |  |  | 1047090 |
| New Mexico - 0.4% | New Mexico - 0.4% | New Mexico - 0.4% | New Mexico - 0.4% |
| State of New Mexico New Mexico Severance Tax Bonds Series 2020A (Aa2/AA-) | State of New Mexico New Mexico Severance Tax Bonds Series 2020A (Aa2/AA-) | State of New Mexico New Mexico Severance Tax Bonds Series 2020A (Aa2/AA-) | State of New Mexico New Mexico Severance Tax Bonds Series 2020A (Aa2/AA-) |
| 105000 | 5.000 | 07/01/2026 | 106010 |
| New York - 7.4% | New York - 7.4% | New York - 7.4% | New York - 7.4% |
| Blackrock Muniyield Quality Fd Inc Var (AMT) (NR/NR) | Blackrock Muniyield Quality Fd Inc Var (AMT) (NR/NR) | Blackrock Muniyield Quality Fd Inc Var (AMT) (NR/NR) | Blackrock Muniyield Quality Fd Inc Var (AMT) (NR/NR) |
| 300000 | 2.040 <sup>(a)(b)(c)</sup> | 02/01/2056 | 300000 |
| City School District of The City of Corning Steuben Schuyler and Chemung Counties New York Bond Anticipation Notes – 2025A (NR/NR) | City School District of The City of Corning Steuben Schuyler and Chemung Counties New York Bond Anticipation Notes – 2025A (NR/NR) | City School District of The City of Corning Steuben Schuyler and Chemung Counties New York Bond Anticipation Notes – 2025A (NR/NR) | City School District of The City of Corning Steuben Schuyler and Chemung Counties New York Bond Anticipation Notes – 2025A (NR/NR) |
| 34000 | 4.000 | 06/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34167 |
| County of Genesee New York GO Public Improvement Serial Bonds 2022 (BAM) (NR/AA) | County of Genesee New York GO Public Improvement Serial Bonds 2022 (BAM) (NR/AA) | County of Genesee New York GO Public Improvement Serial Bonds 2022 (BAM) (NR/AA) | County of Genesee New York GO Public Improvement Serial Bonds 2022 (BAM) (NR/AA) |
| 65000 | 3.000 | 03/15/2026 | 65018 |
| Dormitory Authority of The State of New York Barnard College RB Series 2020A (A3/NR) | Dormitory Authority of The State of New York Barnard College RB Series 2020A (A3/NR) | Dormitory Authority of The State of New York Barnard College RB Series 2020A (A3/NR) | Dormitory Authority of The State of New York Barnard College RB Series 2020A (A3/NR) |
| 75000 | 4.000 | 07/01/2026 | 75334 |
| Metransportation Revenue Green Bonds Series 2016A Climate Bond Certified Tropolitan Transportation Authority Subseries 2016A-1 (A2/A) | Metransportation Revenue Green Bonds Series 2016A Climate Bond Certified Tropolitan Transportation Authority Subseries 2016A-1 (A2/A) | Metransportation Revenue Green Bonds Series 2016A Climate Bond Certified Tropolitan Transportation Authority Subseries 2016A-1 (A2/A) | Metransportation Revenue Green Bonds Series 2016A Climate Bond Certified Tropolitan Transportation Authority Subseries 2016A-1 (A2/A) |
| 250000 | 5.000 | 11/15/2026 | 251250 |
| Metropolitan Transportation Authority Transportation Revenue Refunding Green Bonds Series 2018B (A2/A) | Metropolitan Transportation Authority Transportation Revenue Refunding Green Bonds Series 2018B (A2/A) | Metropolitan Transportation Authority Transportation Revenue Refunding Green Bonds Series 2018B (A2/A) | Metropolitan Transportation Authority Transportation Revenue Refunding Green Bonds Series 2018B (A2/A) |
| 160000 | 5.000 | 11/15/2027 | 167611 |
| Monroe County Industrial Development Corp. RB for University of Rochester Project Series 2015A (Tax-Exempt) (Aa3/AA-) | Monroe County Industrial Development Corp. RB for University of Rochester Project Series 2015A (Tax-Exempt) (Aa3/AA-) | Monroe County Industrial Development Corp. RB for University of Rochester Project Series 2015A (Tax-Exempt) (Aa3/AA-) | Monroe County Industrial Development Corp. RB for University of Rochester Project Series 2015A (Tax-Exempt) (Aa3/AA-) |
| 15000 | 5.000 | 07/01/2026 | 15033 |
| New York State Housing Finance Agency (Aa1/NR) | New York State Housing Finance Agency (Aa1/NR) | New York State Housing Finance Agency (Aa1/NR) | New York State Housing Finance Agency (Aa1/NR) |
| 400000 | 1.700 <sup>(a)(b)</sup> | 11/15/2037 | 400000 |
| The City of New York General Obligation Bonds Fiscal 2018 Series B Subseries B-4 And B-5 (Aa2/AA/A-1) | The City of New York General Obligation Bonds Fiscal 2018 Series B Subseries B-4 And B-5 (Aa2/AA/A-1) | The City of New York General Obligation Bonds Fiscal 2018 Series B Subseries B-4 And B-5 (Aa2/AA/A-1) | The City of New York General Obligation Bonds Fiscal 2018 Series B Subseries B-4 And B-5 (Aa2/AA/A-1) |
| 170000 | 1.000 <sup>(a)(b)</sup> | 10/01/2046 | 170000 |
| The City of New York GO Bonds Tax-Exempt Bonds Subseries F-1 (Aa2/AA) | The City of New York GO Bonds Tax-Exempt Bonds Subseries F-1 (Aa2/AA) | The City of New York GO Bonds Tax-Exempt Bonds Subseries F-1 (Aa2/AA) | The City of New York GO Bonds Tax-Exempt Bonds Subseries F-1 (Aa2/AA) |
| 35000 | 5.000 | 08/01/2026 | 35421 |
| The Port Authority of New York and New Jersey Consolidated Bonds One Hundred and Sevent-Fifth Series (Aa3/AA-) | The Port Authority of New York and New Jersey Consolidated Bonds One Hundred and Sevent-Fifth Series (Aa3/AA-) | The Port Authority of New York and New Jersey Consolidated Bonds One Hundred and Sevent-Fifth Series (Aa3/AA-) | The Port Authority of New York and New Jersey Consolidated Bonds One Hundred and Sevent-Fifth Series (Aa3/AA-) |
| 35000 | 3.000 | 12/01/2027 | 35023 |
| Waverly Central School District New York GO Bond Anticipation Notes Series A 2025 (ST AID WITHHLDG) (NR/NR) | Waverly Central School District New York GO Bond Anticipation Notes Series A 2025 (ST AID WITHHLDG) (NR/NR) | Waverly Central School District New York GO Bond Anticipation Notes Series A 2025 (ST AID WITHHLDG) (NR/NR) | Waverly Central School District New York GO Bond Anticipation Notes Series A 2025 (ST AID WITHHLDG) (NR/NR) |
| 600000 | 4.000 | 06/25/2026 | 602791 |
|  |  |  | 2151648 |
| North Carolina - 0.4% | North Carolina - 0.4% | North Carolina - 0.4% | North Carolina - 0.4% |
| County of Mecklenburg, North Carolina GO Public Improvement Bonds Series 2017A (Aaa/AAA) | County of Mecklenburg, North Carolina GO Public Improvement Bonds Series 2017A (Aaa/AAA) | County of Mecklenburg, North Carolina GO Public Improvement Bonds Series 2017A (Aaa/AAA) | County of Mecklenburg, North Carolina GO Public Improvement Bonds Series 2017A (Aaa/AAA) |
| 45000 | 5.000 | 04/01/2026 | 45105 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **37** |

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------

GOLDMAN SACHS ULTRA SHORT MUNICIPAL INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| North Carolina – (continued) | North Carolina – (continued) | North Carolina – (continued) | North Carolina – (continued) |
| North Carolina Municipal Power Agency Number 1 Catawba Electric RB Refunding Series 2016A (NR/A) | North Carolina Municipal Power Agency Number 1 Catawba Electric RB Refunding Series 2016A (NR/A) | North Carolina Municipal Power Agency Number 1 Catawba Electric RB Refunding Series 2016A (NR/A) | North Carolina Municipal Power Agency Number 1 Catawba Electric RB Refunding Series 2016A (NR/A) |
| 85000 | 5.000% | 01/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85779 |
|  |  |  | 130884 |
| Ohio - 3.1% | Ohio - 3.1% | Ohio - 3.1% | Ohio - 3.1% |
| City of Toledo Ohio Water System Revenue Refunding Bonds Series 2012Ra (Aa3/AA-) | City of Toledo Ohio Water System Revenue Refunding Bonds Series 2012Ra (Aa3/AA-) | City of Toledo Ohio Water System Revenue Refunding Bonds Series 2012Ra (Aa3/AA-) | City of Toledo Ohio Water System Revenue Refunding Bonds Series 2012Ra (Aa3/AA-) |
| 225000 | 3.000 | 11/15/2026 | 225099 |
| County of Allen Ohio Hospital Facilities RB Series 2017A (A1/A+) | County of Allen Ohio Hospital Facilities RB Series 2017A (A1/A+) | County of Allen Ohio Hospital Facilities RB Series 2017A (A1/A+) | County of Allen Ohio Hospital Facilities RB Series 2017A (A1/A+) |
| 45000 | 5.000 | 08/01/2026 | 45500 |
| County of Cuyahoga Ohio Convention Hotel Project Certificate of Participation Series 2024 (A1/AA-) | County of Cuyahoga Ohio Convention Hotel Project Certificate of Participation Series 2024 (A1/AA-) | County of Cuyahoga Ohio Convention Hotel Project Certificate of Participation Series 2024 (A1/AA-) | County of Cuyahoga Ohio Convention Hotel Project Certificate of Participation Series 2024 (A1/AA-) |
| 100000 | 5.000 | 12/01/2026 | 101894 |
| State of Ohio General Obligation Highway Capital Improvements Bonds Series V (Aaa/AAA) | State of Ohio General Obligation Highway Capital Improvements Bonds Series V (Aaa/AAA) | State of Ohio General Obligation Highway Capital Improvements Bonds Series V (Aaa/AAA) | State of Ohio General Obligation Highway Capital Improvements Bonds Series V (Aaa/AAA) |
| 165000 | 5.000 | 05/01/2026 | 165788 |
| The Ohio State University Variable Rate Demand General Receipts Refunding Bonds (NR/AA+/A-1+) | The Ohio State University Variable Rate Demand General Receipts Refunding Bonds (NR/AA+/A-1+) | The Ohio State University Variable Rate Demand General Receipts Refunding Bonds (NR/AA+/A-1+) | The Ohio State University Variable Rate Demand General Receipts Refunding Bonds (NR/AA+/A-1+) |
| 265000 | 2.100 <sup>(a)(b)</sup> | 12/01/2039 | 265000 |
| Trinity Health Corporation (Aa3/AA-/A-1+) | Trinity Health Corporation (Aa3/AA-/A-1+) | Trinity Health Corporation (Aa3/AA-/A-1+) | Trinity Health Corporation (Aa3/AA-/A-1+) |
| 100000 | 2.625 <sup>(a)(b)</sup> | 12/01/2046 | 100021 |
|  |  |  | 903302 |
| Oklahoma - 2.2% | Oklahoma - 2.2% | Oklahoma - 2.2% | Oklahoma - 2.2% |
| Cleveland County Educational Facilities Authority Educational Facilities Lease RB Moore Public Schools Project Series 2021 (Aa3/A+) | Cleveland County Educational Facilities Authority Educational Facilities Lease RB Moore Public Schools Project Series 2021 (Aa3/A+) | Cleveland County Educational Facilities Authority Educational Facilities Lease RB Moore Public Schools Project Series 2021 (Aa3/A+) | Cleveland County Educational Facilities Authority Educational Facilities Lease RB Moore Public Schools Project Series 2021 (Aa3/A+) |
| 395000 | 4.000 | 06/01/2027 | 403049 |
| Oklahoma County Finance Authority Educational Facilities Lease RB Midwest City Del City Public Schools Project Series 2018 (NR/A+) | Oklahoma County Finance Authority Educational Facilities Lease RB Midwest City Del City Public Schools Project Series 2018 (NR/A+) | Oklahoma County Finance Authority Educational Facilities Lease RB Midwest City Del City Public Schools Project Series 2018 (NR/A+) | Oklahoma County Finance Authority Educational Facilities Lease RB Midwest City Del City Public Schools Project Series 2018 (NR/A+) |
| 140000 | 5.000 | 10/01/2026 | 141929 |
| Tulsa County Industrial Authority Educational Facilities Lease RB Jenks Public Schools Project (NR/AA-) | Tulsa County Industrial Authority Educational Facilities Lease RB Jenks Public Schools Project (NR/AA-) | Tulsa County Industrial Authority Educational Facilities Lease RB Jenks Public Schools Project (NR/AA-) | Tulsa County Industrial Authority Educational Facilities Lease RB Jenks Public Schools Project (NR/AA-) |
| 20000 | 5.000 | 09/01/2026 | 20039 |
| Tulsa Public Facilities Authority Oklahoma Capital Improvements RB, Series 2017 (NR/AA-) | Tulsa Public Facilities Authority Oklahoma Capital Improvements RB, Series 2017 (NR/AA-) | Tulsa Public Facilities Authority Oklahoma Capital Improvements RB, Series 2017 (NR/AA-) | Tulsa Public Facilities Authority Oklahoma Capital Improvements RB, Series 2017 (NR/AA-) |
| 25000 | 3.000 | 06/01/2026 | 25008 |
| Wagoner County Independent School District No. 17 Coweta Board of Education Oklahoma Building Bonds of 2023 (NR/NR) | Wagoner County Independent School District No. 17 Coweta Board of Education Oklahoma Building Bonds of 2023 (NR/NR) | Wagoner County Independent School District No. 17 Coweta Board of Education Oklahoma Building Bonds of 2023 (NR/NR) | Wagoner County Independent School District No. 17 Coweta Board of Education Oklahoma Building Bonds of 2023 (NR/NR) |
| 35000 | 4.500 | 09/01/2026 | 35307 |
|  |  |  | 625332 |
| Oregon - 1.5% | Oregon - 1.5% | Oregon - 1.5% | Oregon - 1.5% |
| Eugene School District No. 4J GO Bonds for Oregon School Bond Guaranty Series 2016 (SCH BD GTY) (Aa1/NR) | Eugene School District No. 4J GO Bonds for Oregon School Bond Guaranty Series 2016 (SCH BD GTY) (Aa1/NR) | Eugene School District No. 4J GO Bonds for Oregon School Bond Guaranty Series 2016 (SCH BD GTY) (Aa1/NR) | Eugene School District No. 4J GO Bonds for Oregon School Bond Guaranty Series 2016 (SCH BD GTY) (Aa1/NR) |
| 25000 | 2.000 | 06/15/2026 | 24958 |
| Medford Hospital Facilities Authority RB Refunding for Asante Health System Obligated Group Series 2020 A (NR/A+) | Medford Hospital Facilities Authority RB Refunding for Asante Health System Obligated Group Series 2020 A (NR/A+) | Medford Hospital Facilities Authority RB Refunding for Asante Health System Obligated Group Series 2020 A (NR/A+) | Medford Hospital Facilities Authority RB Refunding for Asante Health System Obligated Group Series 2020 A (NR/A+) |
| 80000 | 5.000 | 08/15/2026 | 80946 |
| Metro Ore / Go Bonds Series 2012A (Aaa/AAA) | Metro Ore / Go Bonds Series 2012A (Aaa/AAA) | Metro Ore / Go Bonds Series 2012A (Aaa/AAA) | Metro Ore / Go Bonds Series 2012A (Aaa/AAA) |
| 5000 | 4.000 | 06/01/2026 | 5005 |
| The Port of Portland Oregon Portland International Airport RB Series Twenty-Eight (Amt) (NR/AA-) | The Port of Portland Oregon Portland International Airport RB Series Twenty-Eight (Amt) (NR/AA-) | The Port of Portland Oregon Portland International Airport RB Series Twenty-Eight (Amt) (NR/AA-) | The Port of Portland Oregon Portland International Airport RB Series Twenty-Eight (Amt) (NR/AA-) |
| 90000 | 5.000 | 07/01/2026 | 90724 |

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Oregon – (continued) | Oregon – (continued) | Oregon – (continued) | Oregon – (continued) |
| The Port of Portland Oregon Portland International Airport RB Series Twenty-Eight (AMT) (NR/AA-) | The Port of Portland Oregon Portland International Airport RB Series Twenty-Eight (AMT) (NR/AA-) | The Port of Portland Oregon Portland International Airport RB Series Twenty-Eight (AMT) (NR/AA-) | The Port of Portland Oregon Portland International Airport RB Series Twenty-Eight (AMT) (NR/AA-) |
| 240000 | 5.000% | 07/01/2027 | 247827 |
|  |  |  | 449460 |
| Pennsylvania - 5.7% | Pennsylvania - 5.7% | Pennsylvania - 5.7% | Pennsylvania - 5.7% |
| Allegheny County Hospital Development Authority RB Allegheny Health Network Obligated Group Issue Series 2018A (NR/A) | Allegheny County Hospital Development Authority RB Allegheny Health Network Obligated Group Issue Series 2018A (NR/A) | Allegheny County Hospital Development Authority RB Allegheny Health Network Obligated Group Issue Series 2018A (NR/A) | Allegheny County Hospital Development Authority RB Allegheny Health Network Obligated Group Issue Series 2018A (NR/A) |
| 35000 | 5.000 | 04/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35062 |
| Lancaster County Hospital Authority University of Pennsylvania Health System Health System RB Series B of 2016 (Aa3/AA) | Lancaster County Hospital Authority University of Pennsylvania Health System Health System RB Series B of 2016 (Aa3/AA) | Lancaster County Hospital Authority University of Pennsylvania Health System Health System RB Series B of 2016 (Aa3/AA) | Lancaster County Hospital Authority University of Pennsylvania Health System Health System RB Series B of 2016 (Aa3/AA) |
| 230000 | 5.000 | 08/15/2026 | 232729 |
| Pennsylvania Economic Development Financing Authority Solid Waste Disposal RB for Waste Management Inc. Project Series 2019A (NR/A-/A-2) | Pennsylvania Economic Development Financing Authority Solid Waste Disposal RB for Waste Management Inc. Project Series 2019A (NR/A-/A-2) | Pennsylvania Economic Development Financing Authority Solid Waste Disposal RB for Waste Management Inc. Project Series 2019A (NR/A-/A-2) | Pennsylvania Economic Development Financing Authority Solid Waste Disposal RB for Waste Management Inc. Project Series 2019A (NR/A-/A-2) |
| 400000 | 3.875 <sup>(a)(b)</sup> | 08/01/2038 | 401284 |
| Pennsylvania Economic Development Financing Authority Solid Waste Disposal RB Series 2013 (NR/A-/A-2) (PUTABLE) | Pennsylvania Economic Development Financing Authority Solid Waste Disposal RB Series 2013 (NR/A-/A-2) (PUTABLE) | Pennsylvania Economic Development Financing Authority Solid Waste Disposal RB Series 2013 (NR/A-/A-2) (PUTABLE) | Pennsylvania Economic Development Financing Authority Solid Waste Disposal RB Series 2013 (NR/A-/A-2) (PUTABLE) |
| 265000 | 3.000 <sup>(a)(b)</sup> | 08/01/2045 | 265054 |
| Pennsylvania Economic Development Financing Authority Upmc RB Series 2016 (A2/A) | Pennsylvania Economic Development Financing Authority Upmc RB Series 2016 (A2/A) | Pennsylvania Economic Development Financing Authority Upmc RB Series 2016 (A2/A) | Pennsylvania Economic Development Financing Authority Upmc RB Series 2016 (A2/A) |
| 190000 | 5.000 | 03/15/2027 | 192470 |
| Pennsylvania Economic Development Financing Authority Upmc RB Series 2017A (A2/A) | Pennsylvania Economic Development Financing Authority Upmc RB Series 2017A (A2/A) | Pennsylvania Economic Development Financing Authority Upmc RB Series 2017A (A2/A) | Pennsylvania Economic Development Financing Authority Upmc RB Series 2017A (A2/A) |
| 80000 | 5.000 | 11/15/2026 | 81436 |
| Philadelphia Redevelopment Authority City Service Agreement RB Series C of 2023 (A1/A+) | Philadelphia Redevelopment Authority City Service Agreement RB Series C of 2023 (A1/A+) | Philadelphia Redevelopment Authority City Service Agreement RB Series C of 2023 (A1/A+) | Philadelphia Redevelopment Authority City Service Agreement RB Series C of 2023 (A1/A+) |
| 20000 | 5.000 | 04/15/2026 | 20066 |
| Southeastern Pennsylvania Transportation Authority Capital Grant Receipts Refunding Bonds Series 2017 (A3/AA-) | Southeastern Pennsylvania Transportation Authority Capital Grant Receipts Refunding Bonds Series 2017 (A3/AA-) | Southeastern Pennsylvania Transportation Authority Capital Grant Receipts Refunding Bonds Series 2017 (A3/AA-) | Southeastern Pennsylvania Transportation Authority Capital Grant Receipts Refunding Bonds Series 2017 (A3/AA-) |
| 115000 | 5.000 | 06/01/2027 | 118705 |
| Temple University – of The Commonwealth System of Higher Education RB First Series of 2025 (AG) (Aa3/AA) | Temple University – of The Commonwealth System of Higher Education RB First Series of 2025 (AG) (Aa3/AA) | Temple University – of The Commonwealth System of Higher Education RB First Series of 2025 (AG) (Aa3/AA) | Temple University – of The Commonwealth System of Higher Education RB First Series of 2025 (AG) (Aa3/AA) |
| 65000 | 5.000 | 04/01/2026 | 65133 |
| Temple University – The Commonwealth System of Higher Education RB First Series of 2025 (AG) (Aa3/AA) | Temple University – The Commonwealth System of Higher Education RB First Series of 2025 (AG) (Aa3/AA) | Temple University – The Commonwealth System of Higher Education RB First Series of 2025 (AG) (Aa3/AA) | Temple University – The Commonwealth System of Higher Education RB First Series of 2025 (AG) (Aa3/AA) |
| 25000 | 5.000 | 04/01/2027 | 25702 |
| The City of Philadelphia Pennsylvania GO Refunding Bonds Series 2017 (AG) (A1/AA) | The City of Philadelphia Pennsylvania GO Refunding Bonds Series 2017 (AG) (A1/AA) | The City of Philadelphia Pennsylvania GO Refunding Bonds Series 2017 (AG) (A1/AA) | The City of Philadelphia Pennsylvania GO Refunding Bonds Series 2017 (AG) (A1/AA) |
| 105000 | 5.000 | 08/01/2026 | 106203 |
| Thomas Jefferson University (AGC-CR) (NR/AA/A-1+) | Thomas Jefferson University (AGC-CR) (NR/AA/A-1+) | Thomas Jefferson University (AGC-CR) (NR/AA/A-1+) | Thomas Jefferson University (AGC-CR) (NR/AA/A-1+) |
| 100000 | 2.000 <sup>(a)(b)(c)</sup> | 05/01/2047 | 100000 |
|  |  |  | 1643844 |
| Rhode Island - 1.2% | Rhode Island - 1.2% | Rhode Island - 1.2% | Rhode Island - 1.2% |
| Rhode Island Health and Educational Building Corporation Public Schools Revenue Bond Financing Program RB Refunding Series 2016 A (Aa3/NR) | Rhode Island Health and Educational Building Corporation Public Schools Revenue Bond Financing Program RB Refunding Series 2016 A (Aa3/NR) | Rhode Island Health and Educational Building Corporation Public Schools Revenue Bond Financing Program RB Refunding Series 2016 A (Aa3/NR) | Rhode Island Health and Educational Building Corporation Public Schools Revenue Bond Financing Program RB Refunding Series 2016 A (Aa3/NR) |
| 200000 | 5.000 | 05/15/2026 | 201126 |
| Rhode Island Housing and Mortgage Finance Corporation Homeownership Opportunity Bonds Series 86-B (AMT) (GNMA/FNMA/FHLMC) (Aa1/AA+) | Rhode Island Housing and Mortgage Finance Corporation Homeownership Opportunity Bonds Series 86-B (AMT) (GNMA/FNMA/FHLMC) (Aa1/AA+) | Rhode Island Housing and Mortgage Finance Corporation Homeownership Opportunity Bonds Series 86-B (AMT) (GNMA/FNMA/FHLMC) (Aa1/AA+) | Rhode Island Housing and Mortgage Finance Corporation Homeownership Opportunity Bonds Series 86-B (AMT) (GNMA/FNMA/FHLMC) (Aa1/AA+) |
| 140000 | 3.600 | 10/01/2027 | 140877 |
|  |  |  | 342003 |
| South Carolina - 1.6% | South Carolina - 1.6% | South Carolina - 1.6% | South Carolina - 1.6% |
| Charleston County School District (SCSDE) (NR/SP-1+) | Charleston County School District (SCSDE) (NR/SP-1+) | Charleston County School District (SCSDE) (NR/SP-1+) | Charleston County School District (SCSDE) (NR/SP-1+) |
| 95000 | 4.000 | 04/01/2026 | 95137 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **38** | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS ULTRA SHORT MUNICIPAL INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| South Carolina – (continued) | South Carolina – (continued) | South Carolina – (continued) | South Carolina – (continued) |
| Charleston County School District South Carolina GO Bond Anticipation Notes Sales Tax Projects Phase V Series 2025B (SCSDE) (NR/NR) | Charleston County School District South Carolina GO Bond Anticipation Notes Sales Tax Projects Phase V Series 2025B (SCSDE) (NR/NR) | Charleston County School District South Carolina GO Bond Anticipation Notes Sales Tax Projects Phase V Series 2025B (SCSDE) (NR/NR) | Charleston County School District South Carolina GO Bond Anticipation Notes Sales Tax Projects Phase V Series 2025B (SCSDE) (NR/NR) |
| 235000 | 5.000% | 05/07/2026 | 236154 |
| South Carolina Association of Governmental Organizations Scago Certificates of Participation Series 2025B (SCSDE) (NR/NR) | South Carolina Association of Governmental Organizations Scago Certificates of Participation Series 2025B (SCSDE) (NR/NR) | South Carolina Association of Governmental Organizations Scago Certificates of Participation Series 2025B (SCSDE) (NR/NR) | South Carolina Association of Governmental Organizations Scago Certificates of Participation Series 2025B (SCSDE) (NR/NR) |
| 125000 | 5.000 | 03/02/2026 | 125000 |
|  |  |  | 456291 |
| South Dakota - 0.2% | South Dakota - 0.2% | South Dakota - 0.2% | South Dakota - 0.2% |
| City of Sioux Falls South Dakota Sales Tax RB Series 2012A (Aa1/AA-) | City of Sioux Falls South Dakota Sales Tax RB Series 2012A (Aa1/AA-) | City of Sioux Falls South Dakota Sales Tax RB Series 2012A (Aa1/AA-) | City of Sioux Falls South Dakota Sales Tax RB Series 2012A (Aa1/AA-) |
| 50000 | 3.000 | 11/15/2026 | 50024 |
| Tennessee - 2.8% | Tennessee - 2.8% | Tennessee - 2.8% | Tennessee - 2.8% |
| Chattanooga Tenn Health Educational & Housing Fac Brd Rev Bonds St Lukes Health System 2004 C (A3/A-/A-2) | Chattanooga Tenn Health Educational & Housing Fac Brd Rev Bonds St Lukes Health System 2004 C (A3/A-/A-2) | Chattanooga Tenn Health Educational & Housing Fac Brd Rev Bonds St Lukes Health System 2004 C (A3/A-/A-2) | Chattanooga Tenn Health Educational & Housing Fac Brd Rev Bonds St Lukes Health System 2004 C (A3/A-/A-2) |
| 100000 | 2.020 <sup>(a)(b)</sup> | 05/01/2039 | 100000 |
| City of Lenoir City Tennessee Electric System RB Series 2020B (Aa3/NR) | City of Lenoir City Tennessee Electric System RB Series 2020B (Aa3/NR) | City of Lenoir City Tennessee Electric System RB Series 2020B (Aa3/NR) | City of Lenoir City Tennessee Electric System RB Series 2020B (Aa3/NR) |
| 210000 | 3.000 | 06/01/2026 | 210249 |
| City of Memphis General Improvement Refunding Bonds Series 2015A (Aa2/AA) | City of Memphis General Improvement Refunding Bonds Series 2015A (Aa2/AA) | City of Memphis General Improvement Refunding Bonds Series 2015A (Aa2/AA) | City of Memphis General Improvement Refunding Bonds Series 2015A (Aa2/AA) |
| 75000 | 5.000 | 04/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75175 |
| Sullivan County Tennessee GO Bonds Series 2020 (Aa2/NR) | Sullivan County Tennessee GO Bonds Series 2020 (Aa2/NR) | Sullivan County Tennessee GO Bonds Series 2020 (Aa2/NR) | Sullivan County Tennessee GO Bonds Series 2020 (Aa2/NR) |
| 110000 | 5.000 | 05/01/2026 | 110505 |
| The Health and Educational Facilities Board of The County of Franklin Tennessee Educational Facilities Revenue Refunding Bonds The University of The South Series 2021 (NR/A+) | The Health and Educational Facilities Board of The County of Franklin Tennessee Educational Facilities Revenue Refunding Bonds The University of The South Series 2021 (NR/A+) | The Health and Educational Facilities Board of The County of Franklin Tennessee Educational Facilities Revenue Refunding Bonds The University of The South Series 2021 (NR/A+) | The Health and Educational Facilities Board of The County of Franklin Tennessee Educational Facilities Revenue Refunding Bonds The University of The South Series 2021 (NR/A+) |
| 300000 | 4.000 | 09/01/2027 | 305998 |
| The Metropolitan Government of Nashville and Davidson County GO Refunding Bonds Series 2021A (Aa2/AA+) | The Metropolitan Government of Nashville and Davidson County GO Refunding Bonds Series 2021A (Aa2/AA+) | The Metropolitan Government of Nashville and Davidson County GO Refunding Bonds Series 2021A (Aa2/AA+) | The Metropolitan Government of Nashville and Davidson County GO Refunding Bonds Series 2021A (Aa2/AA+) |
| 15000 | 5.000 | 07/01/2026 | 15145 |
|  |  |  | 817072 |
| Texas - 7.8% | Texas - 7.8% | Texas - 7.8% | Texas - 7.8% |
| Arlington Independent School District Unlimited Tax School Building and Refunding Bonds Series 2020 (PSF-GTD) (Aaa/AAA) | Arlington Independent School District Unlimited Tax School Building and Refunding Bonds Series 2020 (PSF-GTD) (Aaa/AAA) | Arlington Independent School District Unlimited Tax School Building and Refunding Bonds Series 2020 (PSF-GTD) (Aaa/AAA) | Arlington Independent School District Unlimited Tax School Building and Refunding Bonds Series 2020 (PSF-GTD) (Aaa/AAA) |
| 200000 | 5.000 | 02/15/2027 | 205550 |
| Board of Regents Texas State University System Revenue Financing System Revenue and Refunding Bonds Series 2015A (Aa2/NR) | Board of Regents Texas State University System Revenue Financing System Revenue and Refunding Bonds Series 2015A (Aa2/NR) | Board of Regents Texas State University System Revenue Financing System Revenue and Refunding Bonds Series 2015A (Aa2/NR) | Board of Regents Texas State University System Revenue Financing System Revenue and Refunding Bonds Series 2015A (Aa2/NR) |
| 25000 | 5.000 | 03/15/2026 | 25039 |
| City of Austin Texas Public Improvement and Refunding Bonds Series 2024 (NR/AAA) | City of Austin Texas Public Improvement and Refunding Bonds Series 2024 (NR/AAA) | City of Austin Texas Public Improvement and Refunding Bonds Series 2024 (NR/AAA) | City of Austin Texas Public Improvement and Refunding Bonds Series 2024 (NR/AAA) |
| 130000 | 5.000 | 09/01/2026 | 131866 |
| City of Burleson Johnson and Tarrant Counties GO Refunding and Improvement Bonds Series 2015 (Aa2/AA) | City of Burleson Johnson and Tarrant Counties GO Refunding and Improvement Bonds Series 2015 (Aa2/AA) | City of Burleson Johnson and Tarrant Counties GO Refunding and Improvement Bonds Series 2015 (Aa2/AA) | City of Burleson Johnson and Tarrant Counties GO Refunding and Improvement Bonds Series 2015 (Aa2/AA) |
| 55000 | 5.000 | 03/01/2026 | 55000 |
| City of Corpus Christi Texas, A Political Subdivision of The State of Texas Located in Nueces San Patricio Aransas and Kleberg Counties Texas Combination Tax and Limited Pledge Revenue Certificates of Obligation Series 2025A (NR/AA) | City of Corpus Christi Texas, A Political Subdivision of The State of Texas Located in Nueces San Patricio Aransas and Kleberg Counties Texas Combination Tax and Limited Pledge Revenue Certificates of Obligation Series 2025A (NR/AA) | City of Corpus Christi Texas, A Political Subdivision of The State of Texas Located in Nueces San Patricio Aransas and Kleberg Counties Texas Combination Tax and Limited Pledge Revenue Certificates of Obligation Series 2025A (NR/AA) | City of Corpus Christi Texas, A Political Subdivision of The State of Texas Located in Nueces San Patricio Aransas and Kleberg Counties Texas Combination Tax and Limited Pledge Revenue Certificates of Obligation Series 2025A (NR/AA) |
| 75000 | 5.000 | 03/01/2026 | 75000 |
| City of El Paso Downtown Development Corporation Special Revenue Refunding Bonds Series 2016 (NR/AA-) | City of El Paso Downtown Development Corporation Special Revenue Refunding Bonds Series 2016 (NR/AA-) | City of El Paso Downtown Development Corporation Special Revenue Refunding Bonds Series 2016 (NR/AA-) | City of El Paso Downtown Development Corporation Special Revenue Refunding Bonds Series 2016 (NR/AA-) |
| 70000 | 5.000 | 08/15/2027 | 70766 |

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Texas – (continued) | Texas – (continued) | Texas – (continued) | Texas – (continued) |
| City of El Paso Texas GO Refunding Bonds Series 2016 (NR/AA) | City of El Paso Texas GO Refunding Bonds Series 2016 (NR/AA) | City of El Paso Texas GO Refunding Bonds Series 2016 (NR/AA) | City of El Paso Texas GO Refunding Bonds Series 2016 (NR/AA) |
| $30000 | 5.000% | 08/15/2027 | $30357 |
| City of El Paso Texas GO Refunding Bonds Series 2025 (NR/AA) | City of El Paso Texas GO Refunding Bonds Series 2025 (NR/AA) | City of El Paso Texas GO Refunding Bonds Series 2025 (NR/AA) | City of El Paso Texas GO Refunding Bonds Series 2025 (NR/AA) |
| 95000 | 5.000 | 08/15/2026 | 96166 |
| City of Garland Texas Dallas Collin and Rockwall Counties Water and Sewer System Revenue Refunding Bonds New Series 2021 (NR/AA-) | City of Garland Texas Dallas Collin and Rockwall Counties Water and Sewer System Revenue Refunding Bonds New Series 2021 (NR/AA-) | City of Garland Texas Dallas Collin and Rockwall Counties Water and Sewer System Revenue Refunding Bonds New Series 2021 (NR/AA-) | City of Garland Texas Dallas Collin and Rockwall Counties Water and Sewer System Revenue Refunding Bonds New Series 2021 (NR/AA-) |
| 300000 | 4.000 | 03/01/2028 | 309917 |
| City of Houston Texas Combined Utility System First Lien Revenue Refunding Bonds Series 2015D (NR/AA) | City of Houston Texas Combined Utility System First Lien Revenue Refunding Bonds Series 2015D (NR/AA) | City of Houston Texas Combined Utility System First Lien Revenue Refunding Bonds Series 2015D (NR/AA) | City of Houston Texas Combined Utility System First Lien Revenue Refunding Bonds Series 2015D (NR/AA) |
| 35000 | 5.000 | 11/15/2027 | 35075 |
| City of Houston Texas Public Improvement Refunding Bonds Series 2021A (Aa3/NR) | City of Houston Texas Public Improvement Refunding Bonds Series 2021A (Aa3/NR) | City of Houston Texas Public Improvement Refunding Bonds Series 2021A (Aa3/NR) | City of Houston Texas Public Improvement Refunding Bonds Series 2021A (Aa3/NR) |
| 120000 | 5.000 | 03/01/2027 | 123402 |
| City of New Braunfels A Political Subdivision of The State of Texas Located in Comal and Guadalupe Counties Utility System Revenue and Refunding Bonds Series 2016 (Aa1/A+) | City of New Braunfels A Political Subdivision of The State of Texas Located in Comal and Guadalupe Counties Utility System Revenue and Refunding Bonds Series 2016 (Aa1/A+) | City of New Braunfels A Political Subdivision of The State of Texas Located in Comal and Guadalupe Counties Utility System Revenue and Refunding Bonds Series 2016 (Aa1/A+) | City of New Braunfels A Political Subdivision of The State of Texas Located in Comal and Guadalupe Counties Utility System Revenue and Refunding Bonds Series 2016 (Aa1/A+) |
| 5000 | 5.000 | 07/01/2026 | 5010 |
| City of San Antonio Texas Electric and Gas Systems Revenue Refunding Bonds New Series 2018 (Aa2/AA-) | City of San Antonio Texas Electric and Gas Systems Revenue Refunding Bonds New Series 2018 (Aa2/AA-) | City of San Antonio Texas Electric and Gas Systems Revenue Refunding Bonds New Series 2018 (Aa2/AA-) | City of San Antonio Texas Electric and Gas Systems Revenue Refunding Bonds New Series 2018 (Aa2/AA-) |
| 100000 | 5.000 | 02/01/2027 | 102633 |
| Harris County Flood Control District Improvement Refunding Bonds Series 2020A (Aaa/NR) | Harris County Flood Control District Improvement Refunding Bonds Series 2020A (Aaa/NR) | Harris County Flood Control District Improvement Refunding Bonds Series 2020A (Aaa/NR) | Harris County Flood Control District Improvement Refunding Bonds Series 2020A (Aaa/NR) |
| 30000 | 5.000 | 10/01/2026 | 30501 |
| Harris County Texas Toll Road Senior Lien Revenue Refunding Bonds Series 2016A (Aa1/NR) | Harris County Texas Toll Road Senior Lien Revenue Refunding Bonds Series 2016A (Aa1/NR) | Harris County Texas Toll Road Senior Lien Revenue Refunding Bonds Series 2016A (Aa1/NR) | Harris County Texas Toll Road Senior Lien Revenue Refunding Bonds Series 2016A (Aa1/NR) |
| 105000 | 5.000 | 08/15/2027 | 106249 |
| Houston Independent School District Harris County Texas Limited Tax Refunding Bonds Series 2025B (PSF-GTD) (Aaa/AAA) | Houston Independent School District Harris County Texas Limited Tax Refunding Bonds Series 2025B (PSF-GTD) (Aaa/AAA) | Houston Independent School District Harris County Texas Limited Tax Refunding Bonds Series 2025B (PSF-GTD) (Aaa/AAA) | Houston Independent School District Harris County Texas Limited Tax Refunding Bonds Series 2025B (PSF-GTD) (Aaa/AAA) |
| 30000 | 5.000 | 02/15/2027 | 30835 |
| Lower Colorado River Authority Transmission Contract Refunding RB LCRA Transmission Services Corporation Project Series 2024 (AG) (NR/AA) | Lower Colorado River Authority Transmission Contract Refunding RB LCRA Transmission Services Corporation Project Series 2024 (AG) (NR/AA) | Lower Colorado River Authority Transmission Contract Refunding RB LCRA Transmission Services Corporation Project Series 2024 (AG) (NR/AA) | Lower Colorado River Authority Transmission Contract Refunding RB LCRA Transmission Services Corporation Project Series 2024 (AG) (NR/AA) |
| 250000 | 5.000 | 05/15/2026 | 251433 |
| Parker County Texas Unlimited Tax Refunding Bonds Series 2016 (NR/AA) | Parker County Texas Unlimited Tax Refunding Bonds Series 2016 (NR/AA) | Parker County Texas Unlimited Tax Refunding Bonds Series 2016 (NR/AA) | Parker County Texas Unlimited Tax Refunding Bonds Series 2016 (NR/AA) |
| 45000 | 4.000 | 02/15/2027 | 45048 |
| Port Neches-Groves Independent School District Texas Unlimited Tax Refunding Bonds Series 2016A (PSF-GTD) (Aaa/NR) | Port Neches-Groves Independent School District Texas Unlimited Tax Refunding Bonds Series 2016A (PSF-GTD) (Aaa/NR) | Port Neches-Groves Independent School District Texas Unlimited Tax Refunding Bonds Series 2016A (PSF-GTD) (Aaa/NR) | Port Neches-Groves Independent School District Texas Unlimited Tax Refunding Bonds Series 2016A (PSF-GTD) (Aaa/NR) |
| 165000 | 4.000 | 02/15/2028 | 165214 |
| Port of Port Arthur Navigation District of Jefferson County Texas Environmental Facilities RB Motiva Enterprises Llc Project Series 2010 Subseries 2010A (Baa1/P-2/BBB+/A-2) | Port of Port Arthur Navigation District of Jefferson County Texas Environmental Facilities RB Motiva Enterprises Llc Project Series 2010 Subseries 2010A (Baa1/P-2/BBB+/A-2) | Port of Port Arthur Navigation District of Jefferson County Texas Environmental Facilities RB Motiva Enterprises Llc Project Series 2010 Subseries 2010A (Baa1/P-2/BBB+/A-2) | Port of Port Arthur Navigation District of Jefferson County Texas Environmental Facilities RB Motiva Enterprises Llc Project Series 2010 Subseries 2010A (Baa1/P-2/BBB+/A-2) |
| 110000 | 0.850 <sup>(a)(b)</sup> | 04/01/2040 | 110000 |
| Texas Department of Housing and Community Affairs Residential Mortgage RB Series 2023A (GNMA COLL) (Aa1/AA+) | Texas Department of Housing and Community Affairs Residential Mortgage RB Series 2023A (GNMA COLL) (Aa1/AA+) | Texas Department of Housing and Community Affairs Residential Mortgage RB Series 2023A (GNMA COLL) (Aa1/AA+) | Texas Department of Housing and Community Affairs Residential Mortgage RB Series 2023A (GNMA COLL) (Aa1/AA+) |
| 225000 | 3.200 | 01/01/2027 | 226137 |
| Trinity River Authority of Texas Tarrant County Water Project Refunding RB Series 2016 (NR/AA+) | Trinity River Authority of Texas Tarrant County Water Project Refunding RB Series 2016 (NR/AA+) | Trinity River Authority of Texas Tarrant County Water Project Refunding RB Series 2016 (NR/AA+) | Trinity River Authority of Texas Tarrant County Water Project Refunding RB Series 2016 (NR/AA+) |
| 30000 | 4.000 | 02/01/2027 | 30035 |
| West Harris County Regional Water Authority Water System Revenue and Revenue Refunding Bonds Series 2015A (A1/AA-) | West Harris County Regional Water Authority Water System Revenue and Revenue Refunding Bonds Series 2015A (A1/AA-) | West Harris County Regional Water Authority Water System Revenue and Revenue Refunding Bonds Series 2015A (A1/AA-) | West Harris County Regional Water Authority Water System Revenue and Revenue Refunding Bonds Series 2015A (A1/AA-) |
| 15000 | 5.000 | 12/15/2026 | 15025 |
|  |  |  | 2276258 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **39** |

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------

GOLDMAN SACHS ULTRA SHORT MUNICIPAL INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Utah - 1.0% | Utah - 1.0% | Utah - 1.0% | Utah - 1.0% |
| Salt Lake City Utah Salt Lake City International Airport Airport RB Series 2018A Amt (A1/A+) | Salt Lake City Utah Salt Lake City International Airport Airport RB Series 2018A Amt (A1/A+) | Salt Lake City Utah Salt Lake City International Airport Airport RB Series 2018A Amt (A1/A+) | Salt Lake City Utah Salt Lake City International Airport Airport RB Series 2018A Amt (A1/A+) |
| $200000 | 5.000% | 07/01/2026 | $201697 |
| Utah Tran Auth Sales Tax Rev Ref Bds 2006 C (AG) (Aa2/AA+) | Utah Tran Auth Sales Tax Rev Ref Bds 2006 C (AG) (Aa2/AA+) | Utah Tran Auth Sales Tax Rev Ref Bds 2006 C (AG) (Aa2/AA+) | Utah Tran Auth Sales Tax Rev Ref Bds 2006 C (AG) (Aa2/AA+) |
| 90000 | 5.250 | 06/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91988 |
|  |  |  | 293685 |
| Virginia - 0.8% | Virginia - 0.8% | Virginia - 0.8% | Virginia - 0.8% |
| Commonwealth Transportation Board Virginia Transportation Capital Projects Revenue Refunding Bonds Series 2024 (Aa1/AA+) | Commonwealth Transportation Board Virginia Transportation Capital Projects Revenue Refunding Bonds Series 2024 (Aa1/AA+) | Commonwealth Transportation Board Virginia Transportation Capital Projects Revenue Refunding Bonds Series 2024 (Aa1/AA+) | Commonwealth Transportation Board Virginia Transportation Capital Projects Revenue Refunding Bonds Series 2024 (Aa1/AA+) |
| 100000 | 5.000 | 05/15/2026 | 100584 |
| Smithsonian Institution (Aa1/AAA/A-1+) | Smithsonian Institution (Aa1/AAA/A-1+) | Smithsonian Institution (Aa1/AAA/A-1+) | Smithsonian Institution (Aa1/AAA/A-1+) |
| 100000 | 1.880 <sup>(a)(b)</sup> | 12/01/2033 | 100000 |
| Virginia Commonwealth University Health System General Revenue Refunding Bonds Series 2017A (Aa3/AA-) | Virginia Commonwealth University Health System General Revenue Refunding Bonds Series 2017A (Aa3/AA-) | Virginia Commonwealth University Health System General Revenue Refunding Bonds Series 2017A (Aa3/AA-) | Virginia Commonwealth University Health System General Revenue Refunding Bonds Series 2017A (Aa3/AA-) |
| 20000 | 5.000 | 07/01/2026 | 20171 |
|  |  |  | 220755 |
| Washington - 2.6% | Washington - 2.6% | Washington - 2.6% | Washington - 2.6% |
| Bellevue School District No. 405 Washington Unlimited Tax GO and Refunding Bonds 2016 (SCH BD GTY) (Aaa/AA+) | Bellevue School District No. 405 Washington Unlimited Tax GO and Refunding Bonds 2016 (SCH BD GTY) (Aaa/AA+) | Bellevue School District No. 405 Washington Unlimited Tax GO and Refunding Bonds 2016 (SCH BD GTY) (Aaa/AA+) | Bellevue School District No. 405 Washington Unlimited Tax GO and Refunding Bonds 2016 (SCH BD GTY) (Aaa/AA+) |
| 10000 | 5.000 | 12/01/2026 | 10216 |
| Port of Seattle Intermediate Lien RB 2017D (AMT) (Aa3/AA-) | Port of Seattle Intermediate Lien RB 2017D (AMT) (Aa3/AA-) | Port of Seattle Intermediate Lien RB 2017D (AMT) (Aa3/AA-) | Port of Seattle Intermediate Lien RB 2017D (AMT) (Aa3/AA-) |
| 180000 | 5.000 | 05/01/2027 | 185060 |
| Port of Seattle Intermediate Lien RB Series 2019 Amt (Aa3/AA-) | Port of Seattle Intermediate Lien RB Series 2019 Amt (Aa3/AA-) | Port of Seattle Intermediate Lien RB Series 2019 Amt (Aa3/AA-) | Port of Seattle Intermediate Lien RB Series 2019 Amt (Aa3/AA-) |
| 285000 | 5.000 | 04/01/2027 | 292447 |
| State of Washington Washington Various Purpose GO Refunding Bonds Series R-2018D (Aaa/AA+) | State of Washington Washington Various Purpose GO Refunding Bonds Series R-2018D (Aaa/AA+) | State of Washington Washington Various Purpose GO Refunding Bonds Series R-2018D (Aaa/AA+) | State of Washington Washington Various Purpose GO Refunding Bonds Series R-2018D (Aaa/AA+) |
| 135000 | 5.000 | 08/01/2027 | 140539 |
| University of Washington General RB 2024A (Aa1/AA+) | University of Washington General RB 2024A (Aa1/AA+) | University of Washington General RB 2024A (Aa1/AA+) | University of Washington General RB 2024A (Aa1/AA+) |
| 120000 | 5.000 | 04/01/2026 | 120272 |
|  |  |  | 748534 |
| West Virginia - 1.7% | West Virginia - 1.7% | West Virginia - 1.7% | West Virginia - 1.7% |
| West Virginia Economic Development Authority Solid Waste Disposal RB Nucor Steel Project Series 2025A-1 (A3/A-/A-1) | West Virginia Economic Development Authority Solid Waste Disposal RB Nucor Steel Project Series 2025A-1 (A3/A-/A-1) | West Virginia Economic Development Authority Solid Waste Disposal RB Nucor Steel Project Series 2025A-1 (A3/A-/A-1) | West Virginia Economic Development Authority Solid Waste Disposal RB Nucor Steel Project Series 2025A-1 (A3/A-/A-1) |
| 500000 | 2.200 <sup>(a)(b)</sup> | 11/01/2065 | 500000 |
| Wisconsin - 4.2% | Wisconsin - 4.2% | Wisconsin - 4.2% | Wisconsin - 4.2% |
| Ascension Health RB Ascension Senior Credit Group Series 2016A (Aa3/AA) | Ascension Health RB Ascension Senior Credit Group Series 2016A (Aa3/AA) | Ascension Health RB Ascension Senior Credit Group Series 2016A (Aa3/AA) | Ascension Health RB Ascension Senior Credit Group Series 2016A (Aa3/AA) |
| 45000 | 5.000 | 11/15/2026 | 45214 |
| 30000 | 5.000 | 11/15/2027 | 30138 |
| City of Kaukauna Outagamie and Calumet Counties Wisconsin GO Promissory Notes Series 2022A (BAM) (NR/AA) | City of Kaukauna Outagamie and Calumet Counties Wisconsin GO Promissory Notes Series 2022A (BAM) (NR/AA) | City of Kaukauna Outagamie and Calumet Counties Wisconsin GO Promissory Notes Series 2022A (BAM) (NR/AA) | City of Kaukauna Outagamie and Calumet Counties Wisconsin GO Promissory Notes Series 2022A (BAM) (NR/AA) |
| 70000 | 4.000 | 03/01/2026 | 70000 |
| City of Sun Prairie Wisconsin General Obligation Promissory Notes Series 2021C (Aa2/NR) | City of Sun Prairie Wisconsin General Obligation Promissory Notes Series 2021C (Aa2/NR) | City of Sun Prairie Wisconsin General Obligation Promissory Notes Series 2021C (Aa2/NR) | City of Sun Prairie Wisconsin General Obligation Promissory Notes Series 2021C (Aa2/NR) |
| 250000 | 2.000 | 04/01/2026 | 249788 |
| School District of Waukesha Waukesha County Wisconsin GO Promissory Notes Series 2019 (NR/AA) | School District of Waukesha Waukesha County Wisconsin GO Promissory Notes Series 2019 (NR/AA) | School District of Waukesha Waukesha County Wisconsin GO Promissory Notes Series 2019 (NR/AA) | School District of Waukesha Waukesha County Wisconsin GO Promissory Notes Series 2019 (NR/AA) |
| 35000 | 3.000 | 04/01/2027 | 35021 |
| State of Wisconsin General Obligation Refunding Bonds of 2025 Series 2 (Forward Delivery) (Aa1/AA+) | State of Wisconsin General Obligation Refunding Bonds of 2025 Series 2 (Forward Delivery) (Aa1/AA+) | State of Wisconsin General Obligation Refunding Bonds of 2025 Series 2 (Forward Delivery) (Aa1/AA+) | State of Wisconsin General Obligation Refunding Bonds of 2025 Series 2 (Forward Delivery) (Aa1/AA+) |
| 30000 | 5.000 | 05/01/2026 | 30141 |
| Wisconsin Health and Educational Facilities Authority RB Series 2015 (NR/AA) | Wisconsin Health and Educational Facilities Authority RB Series 2015 (NR/AA) | Wisconsin Health and Educational Facilities Authority RB Series 2015 (NR/AA) | Wisconsin Health and Educational Facilities Authority RB Series 2015 (NR/AA) |
| 170000 | 5.000 | 12/15/2026 | 170194 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Wisconsin – (continued) | Wisconsin – (continued) | Wisconsin – (continued) | Wisconsin – (continued) |
| Wisconsin Health and Educational Facilities Authority RB Series 2025D (NR/AA/A-1+) | Wisconsin Health and Educational Facilities Authority RB Series 2025D (NR/AA/A-1+) | Wisconsin Health and Educational Facilities Authority RB Series 2025D (NR/AA/A-1+) | Wisconsin Health and Educational Facilities Authority RB Series 2025D (NR/AA/A-1+) |
| 600000 | 1.750 %<sup>(a)(b)</sup> | 04/01/2055 | $600000 |
|  |  |  | 1230496 |
| TOTAL MUNICIPAL BONDS<br>(Cost $27,578,784) | TOTAL MUNICIPAL BONDS<br>(Cost $27,578,784) | TOTAL MUNICIPAL BONDS<br>(Cost $27,578,784) | 27640726 |
| Commercial Paper - 3.7% | Commercial Paper - 3.7% | Commercial Paper - 3.7% | Commercial Paper - 3.7% |
| Lincoln Electric | Lincoln Electric |  |  |
| 200000 | 2.480% | 04/09/26 | 199998 |
| Met Govt Nashville & Davidson County Tennessee IAM | Met Govt Nashville & Davidson County Tennessee IAM | Met Govt Nashville & Davidson County Tennessee IAM | Met Govt Nashville & Davidson County Tennessee IAM |
| 600000 | 2.380 | 03/05/26 | 600019 |
| Power Authority NY | Power Authority NY | Power Authority NY |  |
| 275000 | 2.320 | 03/05/26 | 275008 |
|  |  |  | 1075025 |
| TOTAL COMMERCIAL PAPER<br>(Cost $1,075,000) | TOTAL COMMERCIAL PAPER<br>(Cost $1,075,000) | TOTAL COMMERCIAL PAPER<br>(Cost $1,075,000) | 1075025 |
| Mortgage-Backed Securities - 1.3%<sup>(a)(b)(c)</sup> | Mortgage-Backed Securities - 1.3%<sup>(a)(b)(c)</sup> | Mortgage-Backed Securities - 1.3%<sup>(a)(b)(c)</sup> | Mortgage-Backed Securities - 1.3%<sup>(a)(b)(c)</sup> |
| Municipal - 1.3% | Municipal - 1.3% | Municipal - 1.3% | Municipal - 1.3% |
| Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificates Relating to Municipal Services Series 2011-M026 | Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificates Relating to Municipal Services Series 2011-M026 | Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificates Relating to Municipal Services Series 2011-M026 | Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificates Relating to Municipal Services Series 2011-M026 |
| 380000 | 2.540% | 09/15/38 | 380000 |
| (Cost $380,000) | (Cost $380,000) | (Cost $380,000) | (Cost $380,000) |
| **Shares** | **Dividend<br>Rate** |  | **Value** |
| Investment Company - 0.0%<sup>(d)</sup> | Investment Company - 0.0%<sup>(d)</sup> | Investment Company - 0.0%<sup>(d)</sup> | Investment Company - 0.0%<sup>(d)</sup> |
| Goldman Sachs Financial Square Treasury Instruments Fund - Institutional Shares | Goldman Sachs Financial Square Treasury Instruments Fund - Institutional Shares | Goldman Sachs Financial Square Treasury Instruments Fund - Institutional Shares | Goldman Sachs Financial Square Treasury Instruments Fund - Institutional Shares |
| 7353 | 3.548 |  | 7353 |
| (Cost $7,353) | (Cost $7,353) | (Cost $7,353) | (Cost $7,353) |
| TOTAL INVESTMENTS - 100.3%<br>(Cost $29,041,137) | TOTAL INVESTMENTS - 100.3%<br>(Cost $29,041,137) | TOTAL INVESTMENTS - 100.3%<br>(Cost $29,041,137) | $29103104 |
| **LIABILITIES IN EXCESS OF OTHER<br>ASSETS - (0.3)%** | **LIABILITIES IN EXCESS OF OTHER<br>ASSETS - (0.3)%** | **LIABILITIES IN EXCESS OF OTHER<br>ASSETS - (0.3)%** | (100346) |
| NET ASSETS - 100.0% | NET ASSETS - 100.0% | NET ASSETS - 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29002758 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| (a) | Security with "Put" features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on February 28, 2026. |
| (b) | Variable Rate Demand Instruments – rate shown is that which is in effect on February 28, 2026. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. |
| (c) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (d) | Represents an affiliated issuer. |
| Security ratings disclosed, if any, are issued by either S&P Global Ratings, Moody's Investor Service or Fitch Ratings and are unaudited. A brief description of the ratings is available in the Fund's Statement of Additional Information. | Security ratings disclosed, if any, are issued by either S&P Global Ratings, Moody's Investor Service or Fitch Ratings and are unaudited. A brief description of the ratings is available in the Fund's Statement of Additional Information. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **40** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ULTRA SHORT MUNICIPAL INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| AGC | - Insured by Assured Guaranty Corp. |
| AMT | - Alternative Minimum Tax (subject to) |
| BAM | - Build America Mutual Assurance Co. |
| FHLMC | - Insured by Federal Home Loan Mortgage Corp. |
| FNMA | - Insured by Federal National Mortgage Association |
| GNMA | - Insured by Government National Mortgage Association |
| GO | - General Obligation |
| HUD SECT 8 | - Hud Section 8 |
| PSF-GTD | - Guaranteed by Permanent School Fund |
| RB | - Revenue Bond |
| SCH BD |  |
| GTY | &nbsp;&nbsp;&nbsp;&nbsp;School Bond Guaranty |
| SCSDE | - South Carolina State Department of Education |
| SD CRED |  |
| PROG | School District Credit Program |
| ST AID |  |
| WITHHLDG | State Aid Withholding |
| ST |  |
| INTERCEPT | State Aid Intercept |
| UPMC | - University of Pittsburgh Medical Center |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **41** |

---

------

GOLDMAN SACHS MUNICIPAL INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Assets and Liabilities *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Dynamic California<br>Municipal Income ETF** | **Dynamic New York<br>Municipal Income ETF** | **Municipal Income ETF** | **Ultra Short Municipal<br>Income ETF** |
| Assets: |  |  |  |  |
|  Investments in unaffiliated issuers, at value (cost $150,522,986, $31,440,324, $194,787,434 and $29,033,784, respectively) | $155758587 | $32269318 | $200269746 | $29095751 |
|  Investments in affiliated issuers, at value (cost $1,075,997, $585,909, $4,154,659 and $7,353, respectively) | 1075997 | 585909 | 4154659 | 7353 |
|  Cash | 786831 | 164583 | 1030122 | 145035 |
|  Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and Dividends | 1737916 | 368720 | 2202443 | 299237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts | 50985 | 11300 |  |  |
|  **Total assets** | 159410316 | 33399830 | 207656970 | 29547376 |
| Liabilities: |  |  |  |  |
|  Variation margin on futures contracts | 6469 | 1438 |  |  |
|  Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 1868732 | 442026 | 3583277 | 543093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 15359 | 3192 | 11812 | 1525 |
|  **Total liabilities** | 1890560 | 446656 | 3595089 | 544618 |
| Net Assets: |  |  |  |  |
|  Paid-in capital | 151898596 | 32071387 | 198041531 | 28876576 |
|  Total distributable earnings | 5621160 | 881787 | 6020350 | 126182 |
|  **NET ASSETS** | $157519756 | $32953174 | $204061881 | $29002758 |
|  **SHARES ISSUED AND OUTSTANDING** |  |  |  |  |
|  Shares outstanding no par value (unlimited shares authorized): | 3050000 | 650000 | 3925000 | 575000 |
|  Net asset value per share: | $51.65 | $50.70 | $51.99 | $50.44 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **42** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MUNICIPAL INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Operations *For the Six Months Ended February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Dynamic California<br>Municipal Income<br>ETF** | **Dynamic New York<br>Municipal Income<br>ETF** | **Municipal Income<br>ETF** | **Ultra Short<br>Municipal Income<br>ETF** |
| Investment income: |  |  |  |  |
|  Interest | $2637717 | $492311 | $2668498 | $322666 |
|  Dividends — affiliated issuers | 37562 | 6258 | 40665 | 114 |
|  **Total Investment Income** | 2675279 | 498569 | 2709163 | 322780 |
| Expenses: |  |  |  |  |
|  Management fees | 216771 | 38534 | 110057 | 12158 |
|  Trustee fees | 13787 | 5314 | 13751 | 4722 |
|  **Total expenses** | 230558 | 43848 | 123808 | 16880 |
|  Less — expense reductions | (34476) | (6528) | (1766) | (5) |
|  **Net expenses** | 196082 | 37320 | 122042 | 16875 |
|  **NET INVESTMENT INCOME** | 2479197 | 461249 | 2587121 | 305905 |
| Realized and Unrealized gain (loss): |  |  |  |  |
|  Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | (40765) | (270) | 316 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (30088) | (9146) | (3183) |  |
|  Net change in unrealized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 4571748 | 861409 | 4908179 | 29492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (9483) | (2322) | (258) |  |
|  **Net realized and unrealized gain** | 4491412 | 849671 | 4905054 | 29492 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $6970609 | $1310920 | $7492175 | $335397 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **43** |

---

------

GOLDMAN SACHS MUNICIPAL INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Dynamic California Municipal Income ETF**  | **Dynamic California Municipal Income ETF**  | **Dynamic New York Municipal Income ETF**  | **Dynamic New York Municipal Income ETF**  |
|  | **For the**<br> **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **For the Fiscal<br>Year Ended<br>August 31, 2025** | **For the**<br> **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **For the Fiscal<br>Year Ended<br>August 31, 2025** |
| From operations: |  |  |  |  |
|  Net investment income | $2479197 | $725250 | $461249 | $271886 |
|  Net realized loss | (70853) | (56307) | (9416) | (43644) |
|  Net change in unrealized gain (loss) | 4562265 | 615948 | 859087 | (66354) |
|  **Net increase in net assets resulting from operations** | 6970609 | 1284891 | 1310920 | 161888 |
| Distributions to shareholders: |  |  |  |  |
|  From distributable earnings | (2310636) | (388934) | (419240) | (223425) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 43303139 | 103595457 | 12509223 | 14562164 |
| **Net increase in net assets resulting from share transactions** | 43303139 | 103595457 | 12509223 | 14562164 |
|  **TOTAL INCREASE** | 47963112 | 104491414 | 13400903 | 14500627 |
| Net Assets: |  |  |  |  |
|  Beginning of period | $109556644 | $5065230 | $19552271 | $5051644 |
|  End of period | $157519756 | $109556644 | $32953174 | $19552271 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **44** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MUNICIPAL INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Municipal Income ETF**  | **Municipal Income ETF**  | **Ultra Short Municipal Income ETF**  | **Ultra Short Municipal Income ETF**  |
|  | **For the**<br> **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **For the Fiscal**<br> **Year Ended<br>August 31, 2025** | **For the**<br> **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **For the Fiscal**<br> **Year Ended<br>August 31, 2025** |
| From operations: |  |  |  |  |
|  Net investment income | $2587121 | $833001 | $305905 | $295304 |
|  Net realized loss | (2867) | (100586) |  | (4984) |
|  Net change in unrealized gain | 4907921 | 543208 | 29492 | 24565 |
|  **Net increase in net assets resulting from operations** | 7492175 | 1275623 | 335397 | 314885 |
| Distributions to shareholders: |  |  |  |  |
|  From distributable earnings | (2235455) | (563372) | (276267) | (273247) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 104988780 | 86792798 | 15094872 | 10035107 |
|  Cost of shares redeemed |  |  |  | (1253403) |
| **Net increase in net assets resulting from share transactions** | 104988780 | 86792798 | 15094872 | 8781704 |
|  **TOTAL INCREASE** | 110245500 | 87505049 | 15154002 | 8823342 |
| Net Assets: |  |  |  |  |
|  Beginning of period | $93816381 | $6311332 | $13848756 | $5025414 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204061881 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93816381 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29002758 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13848756 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **45** |

---

------

GOLDMAN SACHS MUNICIPAL INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Dynamic California Municipal Income ETF** | **Dynamic California Municipal Income ETF** | **Dynamic California Municipal Income ETF** |
|  | **For the Six Months<br>Ended<br>February 28, 2026<br>(Unaudited)** | **For the Fiscal<br>Year Ended<br>August 31, 2025** | **For the Period<br>July 23, 2024<sup>\*</sup>to<br>August 31, 2024** |
| Per Share Operating Performance: |  |  |  |
|  Net asset value, beginning of period | $49.80 | $50.65 | $50.00 |
|  Net investment income<sup>(a)</sup>  | 0.95 | 1.76 | 0.17 |
|  Net realized and unrealized gain (loss) | 1.80 | (1.09) | 0.48 |
|  Total from investment operations | 2.75 | 0.67 | 0.65 |
|  Distributions to shareholders from net investment income | (0.90) | (1.52) |  |
|  Net asset value, end of period | $51.65 | $49.80 | $50.65 |
|  Market price, end of period | $51.72 | $49.85 | $50.72 |
|  **Total Return at Net Asset Value<sup>(b)</sup>**  | 5.58% | 1.34% | 1.30% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157520 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109557 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5065 |
|  Ratio of net expenses to average net assets | 0.30 %<sup>(c)</sup> | 0.33% | 0.35 %<sup>(c)</sup> |
|  Ratio of total expenses to average net assets | 0.35 %<sup>(c)</sup> | 0.35% | 0.35 %<sup>(c)</sup> |
|  Ratio of net investment income to average net assets | 3.76 %<sup>(c)</sup> | 3.54% | 3.10 %<sup>(c)</sup> |
|  Portfolio turnover rate<sup>(d)</sup>  | 11% | 134% | 21% |

---

<sup>\*</sup> Commencement of operations.

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. 

<sup>(c)</sup> Annualized.

<sup>(d)</sup> The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **46** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MUNICIPAL INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Dynamic New York Municipal Income ETF** | **Dynamic New York Municipal Income ETF** | **Dynamic New York Municipal Income ETF** |
|  | **For the Six Months<br>Ended<br>February 28, 2026<br>(Unaudited)** | **For the Fiscal<br>Year Ended<br>August 31, 2025** | **For the Period<br>July 23, 2024<sup>\*</sup>to<br>August 31, 2024** |
| Per Share Operating Performance: |  |  |  |
|  Net asset value, beginning of period | $48.88 | $50.52 | $50.00 |
|  Net investment income<sup>(a)</sup>  | 0.91 | 1.77 | 0.17 |
|  Net realized and unrealized gain (loss) | 1.77 | (1.73) | 0.35 |
|  Total from investment operations | 2.68 | 0.04 | 0.52 |
|  Distributions to shareholders from net investment income | (0.86) | (1.68) |  |
|  Net asset value, end of period | $50.70 | $48.88 | $50.52 |
|  Market price, end of period | $50.77 | $49.02 | $50.55 |
|  **Total Return at Net Asset Value<sup>(b)</sup>**  | 5.54% | 0.08% | 1.04% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32953 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19552 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5052 |
|  Ratio of net expenses to average net assets | 0.30 %<sup>(c)</sup> | 0.34% | 0.35 %<sup>(c)</sup> |
|  Ratio of total expenses to average net assets | 0.35 %<sup>(c)</sup> | 0.35% | 0.35 %<sup>(c)</sup> |
|  Ratio of net investment income to average net assets | 3.68 %<sup>(c)</sup> | 3.58% | 3.17 %<sup>(c)</sup> |
|  Portfolio turnover rate<sup>(d)</sup>  | 14% | 104% | 12% |

---

<sup>\*</sup> Commencement of operations.

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. 

<sup>(c)</sup> Annualized.

<sup>(d)</sup> The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **47** |

---

------

GOLDMAN SACHS MUNICIPAL INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Municipal Income ETF** | **Municipal Income ETF** | **Municipal Income ETF** |
|  | **For the Six Months<br>Ended<br>February 28, 2026<br>(Unaudited)** | **For the Fiscal<br>Year Ended<br>August 31, 2025** | **For the Period<br>July 23, 2024<sup>\*</sup>to<br>August 31, 2024** |
| Per Share Operating Performance: |  |  |  |
|  Net asset value, beginning of period | $50.04 | $50.49 | $50.00 |
|  Net investment income<sup>(a)</sup>  | 0.95 | 1.84 | 0.18 |
|  Net realized and unrealized gain (loss) | 1.88 | (0.69) | 0.31 |
|  Total from investment operations | 2.83 | 1.15 | 0.49 |
|  Distributions to shareholders from net investment income | (0.88) | (1.60) |  |
|  Net asset value, end of period | $51.99 | $50.04 | $50.49 |
|  Market price, end of period | $52.08 | $50.17 | $50.55 |
|  **Total Return at Net Asset Value<sup>(b)</sup>**  | 5.71% | 2.33% | 0.98% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204062 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93816 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6311 |
|  Ratio of net expenses to average net assets | 0.18 %<sup>(c)</sup> | 0.18% | 0.18 %<sup>(c)</sup> |
|  Ratio of net investment income to average net assets | 3.76 %<sup>(c)</sup> | 3.69% | 3.26 %<sup>(c)</sup> |
|  Portfolio turnover rate<sup>(d)</sup>  | 16% | 154% | 47% |

---

<sup>\*</sup> Commencement of operations.

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. 

<sup>(c)</sup> Annualized.

<sup>(d)</sup> The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **48** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MUNICIPAL INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Ultra Short Municipal Income ETF** | **Ultra Short Municipal Income ETF** | **Ultra Short Municipal Income ETF** |
|  | **For the Six Months<br>Ended<br>February 28, 2026<br>(Unaudited)** | **For the Fiscal<br>Year Ended<br>August 31, 2025** | **For the Period<br>July 23, 2024<sup>\*</sup>to<br>August 31, 2024** |
| Per Share Operating Performance: |  |  |  |
|  Net asset value, beginning of period | $50.36 | $50.25 | $50.00 |
|  Net investment income<sup>(a)</sup>  | 0.72 | 1.62 | 0.18 |
|  Net realized and unrealized gain | 0.05 | 0.07 | 0.07 |
|  Total from investment operations | 0.77 | 1.69 | 0.25 |
|  Distributions to shareholders from net investment income | (0.69) | (1.58) |  |
|  Net asset value, end of period | $50.44 | $50.36 | $50.25 |
|  Market price, end of period | $50.45 | $50.32 | $50.27 |
|  **Total Return at Net Asset Value<sup>(b)</sup>**  | 1.54% | 3.43% | 0.50% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29003 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13849 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5025 |
|  Ratio of net expenses to average net assets | 0.16 %<sup>(c)</sup> | 0.16% | 0.16 %<sup>(c)</sup> |
|  Ratio of net investment income to average net assets | 2.90 %<sup>(c)</sup> | 3.23% | 3.20 %<sup>(c)</sup> |
|  Portfolio turnover rate<sup>(d)</sup>  | 65% | 145% | 61% |

---

<sup>\*</sup> Commencement of operations.

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. 

<sup>(c)</sup> Annualized.

<sup>(d)</sup> The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **49** |

---

------

GOLDMAN SACHS MUNICIPAL INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. ORGANIZATION

Goldman Sachs ETF Trust (the "Trust") is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the "Act"), consisting of multiple series. The Trust was organized as a Delaware statutory trust on December 16, 2009. The following table lists those series of the Trust that are included in this report (collectively, the "Funds" or individually a "Fund") along with their respective diversification status under the Act.

---

| | |
|:---|:---|
| Fund | **Diversified/**<br> **Non-Diversified** |
|  Goldman Sachs Dynamic California Municipal Income ETF | Non-Diversified |
|  Goldman Sachs Dynamic New York Municipal Income ETF | Non-Diversified |
|  Goldman Sachs Municipal Income ETF | Non-Diversified |
|  Goldman Sachs Ultra Short Municipal Income ETF | Non-Diversified |

---

The investment objective of the Dynamic California Municipal Income ETF is to seek to provide a high level of current income that is exempt from federal income tax and California personal income tax; the investment objective of the Dynamic New York Municipal Income ETF is to seek to provide a high level of current income that is exempt from federal income tax and New York State and City personal income taxes; the investment objective of the Municipal Income ETF is to seek to provide a high level of current income that is exempt from regular federal income tax; and the investment objective of Ultra Short Municipal Income ETF is to seek to provide a high level of current income, consistent with relatively low volatility of principal, that is exempt from regular federal income tax.

Goldman Sachs Asset Management, L.P. ("GSAM"), an affiliate of Goldman Sachs & Co. LLC ("Goldman Sachs"), serves as investment adviser (the "Investment Adviser") to the Funds pursuant to management agreements (each, an "Agreement" and together, the "Agreements") with the Trust. Each Fund is an exchange-traded fund ("ETF"). Shares of the Funds are listed and traded on the NYSE Arca, Inc. ("NYSE Arca"), Market prices for the Funds' shares may be different from their net asset value ("NAV"). The Funds issue and redeem shares at their respective NAV only in blocks of a specified number of shares, or multiples thereof, referred to as "Creation Units". Creation Units are issued and redeemed generally for a designated portfolio of securities (including any portion of such securities for which cash may be substituted) and a specified amount of cash. Shares generally trade in the secondary market in quantities less than a Creation Unit at market prices that change throughout the day. Only those that have entered into an authorized participant agreement with ALPS Distributors, Inc. (the "Distributor") may do business directly with the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;A. Investment Valuation — The Funds' valuation policy is to value investments at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily NAV calculations. For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract.

&nbsp;&nbsp;&nbsp;&nbsp;C. Expenses — Expenses incurred directly by the Funds are charged to the Funds, and certain expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis, depending upon the nature of the expenses, and are accrued daily.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**50**

------

GOLDMAN SACHS MUNICIPAL INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES (continued)

&nbsp;&nbsp;&nbsp;&nbsp;D. Federal Taxes and Distributions to Shareholders — It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Code"), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. For each Fund, income and capital gains distributions, if any, are declared and paid monthly and annually, respectively. Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions. The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund's distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds' net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

&nbsp;&nbsp;&nbsp;&nbsp;E. Segment Reporting — The Funds follow Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Each Fund operates in one segment. The segment derives its revenues from Fund investments made in accordance with the defined investment strategy of each Fund, as prescribed in the Funds' prospectus. The Chief Operating Decision Maker ("CODM") is the portfolio management team with 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:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM's assumptions in determining fair value measurement).

The Board of Trustees ("Trustees") has approved valuation procedures that govern the valuation of the portfolio investments held by the Funds ("Valuation Procedures"), including investments for which market quotations are not readily available. With respect to the Funds' investments that do not have readily available market quotations, the Trustees have designated GSAM as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Act (the "Valuation Designee"). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds' investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**51**

------

GOLDMAN SACHS MUNICIPAL INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

&nbsp;&nbsp;&nbsp;&nbsp;A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. With the exception of treasury securities of G7 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

Commercial Paper — Commercial paper normally represents short-term unsecured promissory notes issued in bearer form by banks or bank holding companies, corporations, finance companies and other issuers. Commercial paper consists of direct U.S. dollar-denominated obligations of domestic or foreign issuers. Asset-backed commercial paper is issued by a special purpose entity that is organized to issue the commercial paper and to purchase trade receivables or other financial assets.

Money Market Funds — Investments in the Goldman Sachs Financial Square Treasury Instruments Fund ("Underlying Money Market Fund") are valued at the NAV per share of the Institutional Share class on the day of valuation. These investments are generally classified as level 1 of the fair value hierarchy. For information regarding the Underlying Money Market Fund's accounting policies and investment holdings, please see the Underlying Money Market Fund's financial statements at SEC.gov.

Mortgage-Backed and Asset-Backed Securities — Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by residential and/or commercial real estate property. Asset-backed securities include securities whose principal and interest payments are collateralized by pools of other assets or receivables. The value of certain mortgage-backed and asset-backed securities (including adjustable rate mortgage loans) may be particularly sensitive to changes in prevailing interest rates. The value of these securities may also fluctuate in response to the market's perception of the creditworthiness of the issuers.

Asset-backed securities may present credit risks that are not presented by mortgage-backed securities because they generally do not have the benefit of a security interest in collateral that is comparable to mortgage assets. Some asset-backed securities may only have a subordinated claim on collateral.

Stripped mortgage-backed securities are usually structured with two different classes: one that receives substantially all interest payments (interest-only, or "IO" and/or high coupon rate with relatively low principal amount, or "IOette"), and the other that receives substantially all principal payments (principal-only, or "PO") from a pool of mortgage loans. Little to no principal will be received at the maturity of an IO; as a result, periodic adjustments are recorded to reduce the cost of the security until maturity. These adjustments are included in interest income.

Inverse Floaters — The interest rate on inverse floating rate securities ("inverse floaters") resets in the opposite direction from the market rate of interest to which the inverse floaters are indexed. An inverse floater may be considered to be leveraged to the extent that its interest rate varies by a magnitude that exceeds the magnitude of the change in the index rate of interest. The higher the degree of leverage of an inverse floater, the greater the volatility of its market value.

When-Issued Securities and Forward Commitments — When-issued securities, including TBA ("To Be Announced") securities, are securities that are authorized but not yet issued in the market and purchased in order to secure what is considered to be an advantageous price or yield to a Fund. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a when-issued or forward commitment basis with the intention of acquiring the securities for its portfolio, a Fund may dispose of when-issued securities or forward commitments prior to settlement, which may result in a realized gain or loss. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statement(s) of Assets and Liabilities as receivables/payables for collateral on other investments. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**52**

------

GOLDMAN SACHS MUNICIPAL INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

if any, is reported separately on the Statements of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the last bid price for long positions and the last ask price for short positions on the exchange where they are principally traded. Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy.

Over-the-counter ("OTC") and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund's investments may be determined under the Valuation Procedures. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund's NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

&nbsp;&nbsp;&nbsp;&nbsp;B. Fair Value Hierarchy — The following is a summary of the Funds' investments and derivatives classified in the fair value hierarchy as of February 28, 2026:

---

| | | | |
|:---|:---|:---|:---|
| Dynamic California Municipal Income ETF |  |  |  |
| Investment Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3 |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bond | $— | $155758587 | $— |
|  Investment Company | 1075997 |  |  |
|  **Total** | $1075997 | $155758587 | $— |
| Derivative Type |  |  |  |
|  **Liabilities** |  |  |  |
|  Futures Contracts<sup>(a)</sup>  | $(9225) | $— | $— |
| Dynamic New York Municipal Income ETF |  |  |  |
| Investment Type | Level 1 | Level 2 | Level 3 |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bond | $— | $32269318 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**53**

------

GOLDMAN SACHS MUNICIPAL INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

---

| | | | |
|:---|:---|:---|:---|
|  Investment Company | $585909 | $— | $— |
|  **Total** | $585909 | $32269318 | $— |
| Derivative Type |  |  |  |
|  **Liabilities** |  |  |  |
|  Futures Contracts<sup>(a)</sup>  | $(2064) | $— | $— |
| Municipal Income ETF |  |  |  |
| Investment Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3 |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bond | $— | $200269746 | $— |
|  Investment Company | 4154659 |  |  |
|  **Total** | $4154659 | $200269746 | $— |
| Ultra Short Municipal Income ETF |  |  |  |
| Investment Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3 |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Paper | $— | $1075025 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  | 380000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bond |  | 27640726 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investment |  |  |  |
|  Investment Company | 7353 |  |  |
|  **Total** | $7353 | $29095751 | $— |

---

<sup>(a)</sup> Amount shown represents unrealized gain (loss) at period end. 

For further information regarding security characteristics, see the Schedules of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of February 28, 2026. 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Dynamic California Municipal Income ETF** | **Dynamic California Municipal Income ETF** |  |  |  |
| Risk | Statement of Assets and Liabilities | Assets<sup>1</sup> | Statement of Assets and Liabilities | Liabilities<sup>1</sup> |
|  Interest Rate |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9225) |
|  **Dynamic New York Municipal Income ETF** | **Dynamic New York Municipal Income ETF** |  |  |  |
| Risk | Statement of Assets and Liabilities | Assets<sup>1</sup> | Statement of Assets and Liabilities | Liabilities<sup>1</sup> |
|  Interest Rate |  | $— |  | $(2064) |

---

<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 February 28, 2026 is reported within the Statements of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**54**

------

GOLDMAN SACHS MUNICIPAL INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES (continued)

The following tables set forth, by certain risk types, the Funds' gains (losses) related to these derivatives and their indicative volumes for the six months ended February 28, 2026. 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:

---

| | | | |
|:---|:---|:---|:---|
|  **Dynamic California Municipal Income ETF** | **Dynamic California Municipal Income ETF** | **Dynamic California Municipal Income ETF** | **Dynamic California Municipal Income ETF** |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in |
| Risk |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized | Unrealized |
|  | Statement of Operations | Gain (Loss) | Gain (Loss) |
|  Equity | Net realized gain (loss) from futures contracts/Net<br>change in unrealized gain (loss) on futures contracts | $(30088) | $(9483) |
|  **Dynamic New York Municipal Income ETF** | **Dynamic New York Municipal Income ETF** | **Dynamic New York Municipal Income ETF** | **Dynamic New York Municipal Income ETF** |
|  |  |  | Net Change in |
| Risk |  | Net Realized | Unrealized |
|  | Statement of Operations | Gain (Loss) | Gain (Loss) |
|  Equity | Net realized gain (loss) from futures contracts/Net<br>change in unrealized gain (loss) on futures contracts | (9146) | (2322) |
|  **Municipal Income ETF** | **Municipal Income ETF** | **Municipal Income ETF** | **Municipal Income ETF** |
|  |  |  | Net Change in |
| Risk |  | Net Realized | Unrealized |
|  | Statement of Operations | Gain (Loss) | Gain (Loss) |
|  Equity | Net realized gain (loss) from futures contracts/Net<br>change in unrealized gain (loss) on futures contracts | (3183) | (258) |

---

For the six months ended February 28, 2026, the relevant values for each derivative type was as follows:

---

| | |
|:---|:---|
| Fund | Average<br>Number of<br>Contracts<sup>(a)</sup> |
|  Dynamic California Municipal Income ETF | 9 |
|  Dynamic New York Municipal Income ETF | 2 |

---

<sup>(a)</sup> Amounts disclosed represent average number of contracts, based on absolute values, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the six months ended February 28, 2026. 

&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 each Fund's 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses. 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 six months ended February 28, 2026, contractual and effective net unitary management fees with GSAM were at the following rates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**55**

------

GOLDMAN SACHS MUNICIPAL INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

---

| | | |
|:---|:---|:---|
| Fund | Contractual<br>Unitary Management<br>Fee | **Effective Net**<br> **Unitary<br> Management <br>Fee\*** |
|  Goldman Sachs Dynamic California Municipal Income ETF | 0.35% | 0.30% |
|  Goldman Sachs Dynamic New York Municipal Income ETF | 0.35% | 0.30% |
|  Goldman Sachs Municipal Income ETF | 0.18% | 0.18% |
|  Goldman Sachs Ultra Short Municipal Income ETF | 0.16% | 0.16% |

---

\* Effective Net Unitary Management Fee includes the impact of management fee waivers, if any.

GSAM has agreed to waive a portion of its management fee for the Goldman Sachs Dynamic California Municipal Income ETF and Goldman Sachs Dynamic New York Municipal Income ETF in order to achieve an effective net management fee rate of 0.30% as an annual percentage rate of average daily net assets of each Fund through at least December 29, 2026, and prior to such date the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. For the six months ended February 28, 2026, GSAM waived $32,937 and $6,264 of the management fees for the Goldman Sachs Dynamic California Municipal Income ETF and Goldman Sachs Dynamic New York Municipal Income ETF, respectively.

The Goldman Sachs Dynamic California Municipal Income ETF, Goldman Sachs Dynamic New York Municipal Income ETF, the Goldman Sachs Municipal income ETF, and the Goldman Sachs Ultra Short Municipal Income ETF Funds invest in Institutional Shares of the Goldman Sachs Financial Square Treasury Instruments Fund, which is an affiliated Underlying Money Market Fund. GSAM has agreed to waive a portion of its management fee payable by each Fund in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Money Market Fund in which each Fund invests. For the six months ended February 28, 2026, the management fee waived by GSAM was $1,539, $264, 1,766 and $5, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;B. Other Transactions with Affiliates — For the six months ended February 28, 2026, Goldman Sachs did not earn any brokerage commissions from portfolio transactions on behalf of the Funds.

The following table provides information about the Funds' investments in the Goldman Sachs Financial Square Treasury Instruments Fund as of and for the six months ended February 28, 2026:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Dynamic California Municipal Income ETF** | **Dynamic California Municipal Income ETF** | **Dynamic California Municipal Income ETF** | **Dynamic California Municipal Income ETF** | **Dynamic California Municipal Income ETF** | **Dynamic California Municipal Income ETF** | **Dynamic California Municipal Income ETF** | **Dynamic California Municipal Income ETF** | **Dynamic California Municipal Income ETF** |  |
| **Underlying**<br> **Fund** | Beginning value<br>as of August 31,<br>2025 | Purchases at Cost | Proceeds from<br>Sales | Realized Gain<br>(Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Ending value as<br>of February 28,<br>2026 | Shares as of<br>February 28,<br>2026 | Dividend<br>Income | Capital Gain<br> Distribution |
|  Goldman Sachs Financial Square Treasury Instruments Fund - Institutional Shares | Goldman Sachs Financial Square Treasury Instruments Fund - Institutional Shares | Goldman Sachs Financial Square Treasury Instruments Fund - Institutional Shares | Goldman Sachs Financial Square Treasury Instruments Fund - Institutional Shares | Goldman Sachs Financial Square Treasury Instruments Fund - Institutional Shares | Goldman Sachs Financial Square Treasury Instruments Fund - Institutional Shares | Goldman Sachs Financial Square Treasury Instruments Fund - Institutional Shares |  |  |  |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520451 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41513192 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40957646) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075997 | 1075997 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37562 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
|  **Dynamic New York Municipal Income ETF** | **Dynamic New York Municipal Income ETF** | **Dynamic New York Municipal Income ETF** | **Dynamic New York Municipal Income ETF** | **Dynamic New York Municipal Income ETF** | **Dynamic New York Municipal Income ETF** | **Dynamic New York Municipal Income ETF** | **Dynamic New York Municipal Income ETF** | **Dynamic New York Municipal Income ETF** |  |
| Underlying<br>Fund | Beginning value<br>as of August 31,<br>2025 | Purchases at Cost | Proceeds from<br>Sales | Realized Gain<br>(Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Ending value as<br>of February 28,<br>2026 | Shares as of<br>February 28,<br>2026 | Dividend<br>Income | Capital Gain<br>Distribution |
|  Goldman Sachs Financial Square Treasury Instruments Fund - Institutional Shares | Goldman Sachs Financial Square Treasury Instruments Fund - Institutional Shares | Goldman Sachs Financial Square Treasury Instruments Fund - Institutional Shares | Goldman Sachs Financial Square Treasury Instruments Fund - Institutional Shares | Goldman Sachs Financial Square Treasury Instruments Fund - Institutional Shares | Goldman Sachs Financial Square Treasury Instruments Fund - Institutional Shares | Goldman Sachs Financial Square Treasury Instruments Fund - Institutional Shares |  |  |  |
|  | 70975 | 8408691 | (7893757) |  |  | 585909 | 585909 | 6258 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**56**

------

GOLDMAN SACHS MUNICIPAL INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Municipal Income ETF** | **Municipal Income ETF** | **Municipal Income ETF** | **Municipal Income ETF** | **Municipal Income ETF** | **Municipal Income ETF** | **Municipal Income ETF** | **Municipal Income ETF** | **Municipal Income ETF** |  |
| **Underlying**<br> **Fund** | Beginning value<br>as of August 31,<br>2025 | Purchases at Cost | Proceeds from<br>Sales | Realized Gain<br>(Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Ending value as<br>of February 28,<br>2026 | Shares as of<br>February 28,<br>2026 | Dividend<br>Income | Capital Gain<br> Distribution |
|  Goldman Sachs Financial Square Treasury Instruments Fund - Institutional Shares | Goldman Sachs Financial Square Treasury Instruments Fund - Institutional Shares | Goldman Sachs Financial Square Treasury Instruments Fund - Institutional Shares | Goldman Sachs Financial Square Treasury Instruments Fund - Institutional Shares | Goldman Sachs Financial Square Treasury Instruments Fund - Institutional Shares | Goldman Sachs Financial Square Treasury Instruments Fund - Institutional Shares | Goldman Sachs Financial Square Treasury Instruments Fund - Institutional Shares |  |  |  |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464900 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47163927 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43474168) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $4154659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4154659 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40665 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
|  **Ultra Short Municipal Income ETF** | **Ultra Short Municipal Income ETF** | **Ultra Short Municipal Income ETF** | **Ultra Short Municipal Income ETF** | **Ultra Short Municipal Income ETF** | **Ultra Short Municipal Income ETF** | **Ultra Short Municipal Income ETF** | **Ultra Short Municipal Income ETF** | **Ultra Short Municipal Income ETF** |  |
| **Underlying**<br> **Fund** | Beginning value<br>as of August 31,<br>2025 | Purchases at Cost | Proceeds from<br>Sales | Realized Gain<br>(Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Ending value as<br>of February 28,<br>2026 | Shares as of<br>February 28,<br>2026 | Dividend<br>Income | Capital Gain<br>Distribution |
|  Goldman Sachs Financial Square Treasury Instruments Fund - Institutional Shares | Goldman Sachs Financial Square Treasury Instruments Fund - Institutional Shares | Goldman Sachs Financial Square Treasury Instruments Fund - Institutional Shares | Goldman Sachs Financial Square Treasury Instruments Fund - Institutional Shares | Goldman Sachs Financial Square Treasury Instruments Fund - Institutional Shares | Goldman Sachs Financial Square Treasury Instruments Fund - Institutional Shares | Goldman Sachs Financial Square Treasury Instruments Fund - Institutional Shares |  |  |  |
|  |  | 941706 | (934353) |  |  | 7353 | 7353 | 114 |  |

---

A fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common trustees. For the six months ended February 28, 2026, the purchase and sale transactions and related net realized gain (loss) for the Funds with an affiliated fund in compliance with Rule 17a-7 under the Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| Fund | Purchases | Sales | Net Realized<br>Gain/(Loss) |
|  Goldman Sachs Dynamic California Municipal Income ETF | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7307073 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704205 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16737) |
|  Goldman Sachs Dynamic New York Municipal Income ETF | 597582 |  |  |
|  Goldman Sachs Municipal Income ETF | 31915951 | 675000 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. CREATION AND REDEMPTION OF CREATION UNITS

The Trust issues and redeems shares of the Funds only in Creation Units on a continuous basis through the Distributor, without an initial sales load, at NAV next determined after receipt, on any Business Day (as defined in the Statement of Additional Information), of an order in proper form. Shares of the Funds may only be purchased or redeemed by certain financial institutions (each an "Authorized Participant"). An Authorized Participant is either (1) a "Participating Party" or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation; or (2) a Depository Trust Company participant; which, in either case, must have executed an agreement with the Distributor. Retail investors will typically not qualify as an Authorized Participant or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors will purchase shares in the secondary market at market prices with the assistance of a broker and may be subject to customary brokerage commissions or fees. Fixed creation and redemption transaction fees are imposed in connection with creations and redemptions.

Authorized Participants transacting in Creation Units for cash may also pay a variable charge to compensate the relevant fund for certain transaction costs (e.g. taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in "Proceeds from sale of shares" in the Statements of Changes in Net Assets.

Share activity is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**57**

------

GOLDMAN SACHS MUNICIPAL INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. CREATION AND REDEMPTION OF CREATION UNITS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Dynamic California Municipal Income ETF  | Dynamic California Municipal Income ETF  | Dynamic California Municipal Income ETF  | Dynamic California Municipal Income ETF  |
|  | **For the Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **August 31, 2025** | **For the Fiscal Year Ended**<br> **August 31, 2025** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollars |
|  **Fund Share Activity** |  |  |  |  |
|  Shares sold | 850000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43303139 | 2100000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103595457 |
|  Shares redeemed |  |  |  |  |
|  | 850000 | 43303139 | 2100000 | 103595457 |
|  **NET INCREASE IN SHARES** | 850000 | $43303139 | 2100000 | $103595457 |
|  | Dynamic New York Municipal Income ETF  | Dynamic New York Municipal Income ETF  | Dynamic New York Municipal Income ETF  | Dynamic New York Municipal Income ETF  |
|  | **For the Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **August 31, 2025** | **For the Fiscal Year Ended**<br> **August 31, 2025** |
|  | Shares | Dollars | Shares | Dollars |
|  **Fund Share Activity** |  |  |  |  |
|  Shares sold | 250000 | $12509223 | 300000 | $14562164 |
|  Shares redeemed |  |  |  |  |
|  | 250000 | 12509223 | 300000 | 14562164 |
|  **NET INCREASE IN SHARES** | 250000 | $12509223 | 300000 | $14562164 |
|  | Municipal Income ETF  | Municipal Income ETF  | Municipal Income ETF  | Municipal Income ETF  |
|  | **For the Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **August 31, 2025** | **For the Fiscal Year Ended**<br> **August 31, 2025** |
|  | Shares | Dollars | Shares | Dollars |
|  **Fund Share Activity** |  |  |  |  |
|  Shares sold | 2050000 | $104988780 | 1750000 | $86792798 |
|  Shares redeemed |  |  |  |  |
|  | 2050000 | 104988780 | 1750000 | 86792798 |
|  **NET INCREASE IN SHARES** | 2050000 | $104988780 | 1750000 | $86792798 |
|  | Ultra Short Municipal Income ETF  | Ultra Short Municipal Income ETF  | Ultra Short Municipal Income ETF  | Ultra Short Municipal Income ETF  |
|  | **For the Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **August 31, 2025** | **For the Fiscal Year Ended**<br> **August 31, 2025** |
|  | Shares | Dollars | Shares | Dollars |
|  **Fund Share Activity** |  |  |  |  |
|  Shares sold | 300000 | $15094872 | 200000 | $10035107 |
|  Shares redeemed |  |  | (25000) | (1253403) |
|  | 300000 | 15094872 | 175000 | 8781704 |
|  **NET INCREASE IN SHARES** | 300000 | $15094872 | 175000 | $8781704 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**58**

------

GOLDMAN SACHS MUNICIPAL INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended February 28, 2026, were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | Purchases | Sales |
|  Dynamic California Municipal Income ETF | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55337105 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13706921 |
|  Dynamic New York Municipal Income ETF | 15644977 | 3355000 |
|  Municipal Income ETF | 116908661 | 21710000 |
|  Ultra Short Municipal Income ETF | 19098674 | 10260000 |

---

The purchases and sales from in-kind creation and redemption transactions for the six months ended February 28, 2026, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Income ETF | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5034001 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. TAX INFORMATION

As of the Funds' most recent fiscal year ended, August 31, 2025, the Funds' capital loss carryforwards and certain timing differences on a tax-basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Dynamic**<br> **California** | **Dynamic New** | | **Ultra Short** |
|  | **Municipal Income**<br> **ETF** | **York Municipal**<br> **Income ETF** | **Municipal Income<br>ETF** | **Municipal Income<br>ETF** |
|  Capital loss carryforwards: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Short-Term | $(1512) | $(2389) | $(1884) | $(1683) |
|  Timing differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48129) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40864) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(95796) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2396) |

---

As of February 28, 2026, the Funds' aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Dynamic California<br>Municipal Income ETF | **Dynamic New York**<br> **Municipal Income ETF** | Municipal Income ETF | **Ultra Short Municipal**<br> **Income ETF** |
|  Tax Cost | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151556165 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32012382 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198898153 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29039659 |
|  Gross unrealized gain | 5285883 | 864093 | 5553917 | 65729 |
|  Gross unrealized loss | (7464) | (21248) | (27665) | (2284) |
|  Net unrealized gain (loss) | $5278419 | $842845 | $5526252 | $63445 |

---

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains/(losses) on regulated futures contracts, and differences in the tax treatment of market discount accretion and premium amortization.

GSAM has reviewed the Funds' tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds' financial statements. Such open tax year remains subject to examination and adjustment by tax authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**59**

------

GOLDMAN SACHS MUNICIPAL INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. OTHER RISKS

The Funds' risks include, but are not limited to, the following:

Credit/Default Risk — An issuer or guarantor of a security held by a Fund, or a bank or other financial institution that has entered into a repurchase agreement with a Fund, may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities may deteriorate rapidly, which may impair a Fund's liquidity and cause significant deterioration in NAV.

Geographic and Sector Risk — If a Fund focuses its investments in securities of issuers located in a particular country or geographic region, a Fund may be subjected, to a greater extent than if its investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds. A sudden or unpredictable increase in interest rates may cause volatility in the market and may decrease the liquidity of the Fund's investments, which would make it harder for a Fund to sell its investments at an advantageous time.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, each Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by each Fund. In addition, each Fund will be affected by the investment policies, practices and performance of such investment companies in direct proportion to the amount of assets each Fund invests therein.

Large Shareholder Transaction Risk — Certain shareholders, including other funds advised by the Investment Adviser, may from time to time own a substantial amount of the Funds' Shares. In addition, a third party investor, the Investment Adviser or an affiliate of the Investment Adviser, an authorized participant, a lead market maker, or another entity (i.e., a seed investor) may invest in a Fund and hold its investment solely to facilitate commencement of a Fund or to facilitate a Fund's achieving a specified size or scale. Any such investment may be held for a limited period of time. There can be no assurance that any large shareholder would not redeem its investment, that the size of a Fund would be maintained at such levels or that a Fund would continue to meet applicable listing requirements. Redemptions by large shareholders could have a significant negative impact on the Funds, including on the Funds' liquidity. In addition, transactions by large shareholders may account for a large percentage of the trading volume on ("NYSE Arca, Inc.") and may, therefore, have a material upward or downward effect on the market price of the Shares.

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. To the extent a Fund engages in cash redemptions, then liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors' interests because of unusual market conditions, declining prices of the securities sold, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect a Fund's NAV and dilute remaining investors' interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, potentially causing increased supply in the market due to selling activity. Redemptions by large shareholders may have a negative impact on a Fund's liquidity.

Market and Credit Risk — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors, governments or countries and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions or the spread of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**60**

------

GOLDMAN SACHS MUNICIPAL INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. OTHER RISKS (continued)

infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which a Fund has unsettled or open transactions defaults.

Market Trading Risk — Each Fund faces numerous market trading risks, including disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for Shares. If a shareholder purchases Shares at a time when the market price is at a premium to the NAV or sells Shares at a time when the market price is at a discount to the NAV, the shareholder may pay more for, or receive less than, the underlying value of the Shares, respectively. The Investment Adviser cannot predict whether Shares will trade below, at or above their NAV.

Municipal Securities Risk — Municipal securities are subject to credit/default risk, interest rate risk and certain additional risks. A Fund may be more sensitive to adverse economic, business, political, environmental or other developments if it invests a substantial portion of its assets in the bonds of similar projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, or in particular types of municipal securities (such as general obligation bonds, private activity bonds and moral obligation bonds). While interest earned on municipal securities is generally not subject to federal tax, any interest earned on taxable municipal securities is fully taxable at the federal level and may be subject to tax at the state level.

Non-Diversification Risk — The Funds are non-diversified, meaning that they are permitted to invest a larger percentage of their assets in one or more issuers or in fewer issuers than diversified funds. Thus, a Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

Non-Investment Grade Fixed Income Securities Risk — Non-investment grade fixed income securities and unrated securities of comparable credit quality (commonly known as "junk bonds") are considered speculative and are subject to the increased risk of an issuer's inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific issuer developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less liquidity. A Fund may purchase the securities of issuers that are in default.

Seed Investor Risk — GSAM and/or its affiliates may make payments to one or more investors that contribute seed capital to a Fund. Such payments may continue for a specified period of time and/or until a specified dollar amount is reached. Those payments will be made from the assets of GSAM and/or such affiliates (and not a Fund). Seed investors may contribute cash and/or securities in kind and such seed investment may constitute all or a majority of the assets in a Fund. There is a risk that such seed investors may redeem their investments in a Fund, particularly after payments from GSAM and/or its affiliates have ceased. As with redemptions by other large shareholders, such redemptions could have a significant negative impact on a Fund, including on a Fund's liquidity and the market price of a Fund's Shares. The form of a seed investor's contribution and any redemption activity by a seed investor can affect, including adversely, the tax efficiency of a Fund.

State/Territory Specific Risk —The Funds' investments in municipal obligations of issuers located in a particular state or U.S. territory may be adversely affected by political, economic and regulatory developments within that state or U.S. territory. Such developments may affect the financial condition of a state's or territory's political subdivisions, agencies, instrumentalities and public authorities and heighten the risks associated with investing in bonds issued by such parties, which could, in turn, adversely affect the Funds' income, NAV, liquidity, and/or ability to preserve or realize capital appreciation.

Tax Risk — Any proposed or actual changes in income tax rates or the tax-exempt status of interest income from municipal securities can significantly affect the demand for and supply, liquidity and marketability of municipal securities. Such changes may affect the Fund's net asset value and ability to acquire and dispose of municipal securities at desirable yield and price levels.

Valuation Risk — The sale price a Fund could receive for a security may differ from a Fund's valuation of the security, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. A Fund relies on various sources to calculate its NAV. The information may be provided by third parties that are believed to be reliable, but the information may not be accurate due to errors by such pricing sources, technological issues or otherwise. NAV calculation may also be impacted by operational risks arising from factors such as failures in systems and technology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**61**

------

GOLDMAN SACHS MUNICIPAL INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. INDEMNIFICATIONS

Under the Trust's organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. SUBSEQUENT EVENTS

Subsequent events have been evaluated through the date of issuance, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**62**

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![LOGO](g112516dsp064.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 Brian J. Wildman\* \*Effective April 1, 2026. THE BANK OF NEW YORK Transfer Agent ALPS DISTRIBUTORS, INC. Distributor GOLDMAN SACHS ASSET MANAGEMENT, L.P. 200 West Street, New York, New York 10282 OFFICERS James A. McNamara, President and Principal Executive Officer Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Robert Griffith, Secretary© 2026 Goldman Sachs. All rights reserved. MUNIINCETFSAR-26

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![LOGO](g112529g00k03.jpg)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Goldman Sachs Buffer ETFs

---

| | |
|:---|:---|
| **Table of Contents** | Page |
|  **[Schedule of Investments](#buff112529_1)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs U.S. Large Cap Buffer 1 ETF](#buff112529_2) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs U.S. Large Cap Buffer 3 ETF](#buff112529_3) | 4 |
|  **[Financial Statements](#buff112529_4)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#buff112529_5) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#buff112529_6) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#buff112529_7) | 7 |
|  **[Financial Highlights](#buff112529_8)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs U.S. Large Cap Buffer 1 ETF](#buff112529_9) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs U.S. Large Cap Buffer 3 ETF](#buff112529_10) | 9 |
|  **[Notes to Financial Statements](#buff112529_11)** | 10 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

GOLDMAN SACHS U.S. LARGE CAP BUFFER 1 ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Exchange Traded Funds – 99.5% | Exchange Traded Funds – 99.5% | Exchange Traded Funds – 99.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94700 | SPDR Portfolio S&P 500 ETF |  |
|  **(Cost $7,620,488)** | **(Cost $7,620,488)** | $7647972 |
| **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<br>Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury<br>Obligations Fund – Institutional Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9582 | 3.571% | 9582 |
|  **(Cost $9,582)** | **(Cost $9,582)** | **(Cost $9,582)** |
| **TOTAL INVESTMENTS – 99.6%**<br> **(Cost $7,630,070)** | **TOTAL INVESTMENTS – 99.6%**<br> **(Cost $7,630,070)** | $7657554 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0.4%** | **OTHER ASSETS IN EXCESS OF LIABILITIES**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0.4%** | 28137 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7685691 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | &nbsp;&nbsp;&nbsp;&nbsp; The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| &nbsp;&nbsp;&nbsp;&nbsp;(a) | Representsan affiliated issuer. |

---

ADDITIONAL INVESTMENT INFORMATION

PURCHASED & WRITTEN OPTIONS CONTRACTS — At February 28, 2026, the Fund had the following purchased and written option contracts:

#### FLEX OPTIONS ON EQUITIES CONTRACTS

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Description | Counterparty | Exercise<br>Rate | Expiration<br>Date | Number of<br>Contracts | Notional Amount | Market<br>Value | Premiums Paid<br>(Received) by the<br>Fund | Unrealized<br>Appreciation/<br>(Depreciation) |
|  **Purchased Option Contracts:** | **Purchased Option Contracts:** | **Purchased Option Contracts:** |  |  |  |  |  |  |
|  **Puts** |  |  |  |  |  |  |  |  |
|  SPDR Portfolio<br> S&P 500<br> ETF | Morgan<br>Stanley Co.,<br>Inc. | $76.21 | 04/01/2026 | 947 | $7217 | $53636 | $100619 | $(46983) |
|  SPDR Portfolio<br> S&P 500<br> ETF | Morgan<br>Stanley Co.,<br>Inc. | 59.36 | 04/01/2026 | 947 | 5621 | 5371 | 16336 | (10965) |
|  Total purchased option contracts | Total purchased option contracts | Total purchased option contracts |  | 1894 | $12838 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59007 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116955 | $(57948) |
| Description | Counterparty | Exercise<br>Rate | Expiration<br>Date | Number of<br>Contracts | Notional Amount | Market Value | <br> **Premiums Paid<br>(Received) by the<br>Fund** | <br> **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Written Option Contracts:** | **Written Option Contracts:** | **Written Option Contracts:** |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  SPDR Portfolio<br> S&P 500<br> ETF | Morgan<br>Stanley Co.,<br>Inc. | $84.23 | 04/01/2026 | (947) | $(7977) | $(14902) | $(74576) | $59675 |
|  **Puts** |  |  |  |  |  |  |  |  |
|  SPDR Portfolio<br> S&P 500<br> ETF | Morgan<br>Stanley Co.,<br>Inc. | $68.19 | 04/01/2026 | (947) | $(6458) | $(15190) | $(25333) | $10142 |
|  Total written option contracts | Total written option contracts | Total written option contracts |  | (1894) | $(14435) | $(30092) | $(99909) | $69817 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>3</sub>

------

GOLDMAN SACHS U.S. LARGE CAP BUFFER 3 ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Exchange Traded Funds – 99.9% | Exchange Traded Funds – 99.9% | Exchange Traded Funds – 99.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120700 | SPDR Portfolio S&P 500 ETF |  |
|  **(Cost $8,679,856)** | **(Cost $8,679,856)** | $9747732 |
| **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<br>Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury<br>Obligations Fund – Institutional Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7244 | 3.571% | 7244 |
|  **(Cost $7,244)** | **(Cost $7,244)** | **(Cost $7,244)** |
| **TOTAL INVESTMENTS – 100.0%**<br> **(Cost $8,687,100)** | **TOTAL INVESTMENTS – 100.0%**<br> **(Cost $8,687,100)** | $9754976 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– (0.0)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– (0.0)%** | (1312) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9753664 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | &nbsp;&nbsp;&nbsp;&nbsp; The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| &nbsp;&nbsp;&nbsp;&nbsp;(a) | Represents an affiliated issuer. |

---

ADDITIONAL INVESTMENT INFORMATION

**PURCHASED & WRITTEN OPTIONS CONTRACTS** — At February 28, 2026, the Fund had the following purchased and written option contracts:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Description | Counterparty | Exercise<br>Rate | Expiration<br>Date | Number of<br>Contracts | Notional Amount | Market<br>Value | Premiums Paid<br>(Received) by the<br>Fund | Unrealized<br>Appreciation/<br>(Depreciation) |
|  **Purchased Option Contracts:** | **Purchased Option Contracts:** | **Purchased Option Contracts:** |  |  |  |  |  |  |
|  **Puts** |  |  |  |  |  |  |  |  |
|  SPDR Portfolio<br> S&P 500<br> ETF | Morgan<br>Stanley Co.,<br>Inc. | $76.37 | 03/02/2026 | 1207 | $9218 | $196 | $145395 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(145199) |
|  SPDR Portfolio<br> S&P 500<br> ETF | Morgan<br>Stanley Co.,<br>Inc. | 59.49 | 03/02/2026 | 1207 | 7180 | – | 22067 | (22067) |
|  Total purchased option contracts | Total purchased option contracts | Total purchased option contracts |  | 2414 | $16398 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167462 | $(167266) |
| Description | Counterparty | Exercise<br>Rate | Expiration<br>Date | Number of<br>Contracts | Notional Amount | Market<br>Value | <br> **Premiums Paid<br>(Received) by the<br>Fund** | <br> **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Written Option Contracts:** | **Written Option Contracts:** | **Written Option Contracts:** |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  SPDR Portfolio<br> S&P 500<br> ETF | Morgan<br>Stanley Co.,<br>Inc. | $85.21 | 03/02/2026 | (1207) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10285) | $– | $(78655) | $78656 |
|  **Puts** |  |  |  |  |  |  |  |  |
|  SPDR Portfolio<br> S&P 500<br> ETF | Morgan<br>Stanley Co.,<br>Inc. | $68.33 | 03/02/2026 | (1207) | $(8247) | $– | $(67848) | $67847 |
|  Total written option contracts | Total written option contracts | Total written option contracts |  | (2414) | $(18532) | $– | $(146503) | $146503 |

---

&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 BUFFER ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Assets and Liabilities *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **U.S. Large Cap Buffer<br>1 ETF** | **U.S. Large Cap Buffer<br>3 ETF** |
| Assets: |  |  |
|  Investments in unaffiliated issuers, at value (cost $7,620,488 and $8,679,856, respectively) | $7647972 | $9747732 |
|  Investments in affiliated issuers, at value (cost $9,582 and $7,244, respectively) | 9582 | 7244 |
|  Purchased Options, at value (premiums paid $116,955 and $167,462, respectively) | 59007 | 196 |
|  Cash | 500 |  |
|  Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 82 | 30 |
|  **Total assets** | 7717143 | 9755202 |
| Liabilities: |  |  |
|  Written options, at value (premiums received <sup>A</sup>$99,909 and $146,503, respectively) | 30092 |  |
|  Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 1360 | 1538 |
|  **Total liabilities** | 31452 | 1538 |
| Net Assets: |  |  |
|  Paid-in capital | 6541511 | 8737204 |
|  Total distributable earnings | 1144180 | 1016460 |
|  **NET ASSETS** | $7685691 | $9753664 |
|  **SHARES ISSUED AND OUTSTANDING** |  |  |
|  Shares outstanding no par value (unlimited shares authorized): | 280000 | 360000 |
|  Net asset value per share: | $27.45 | $27.09 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>5</sub>

------

GOLDMAN SACHS BUFFER ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Operations *For the Six Months Ended February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **U.S. Large Cap<br>Buffer 1 ETF** | **U.S. Large Cap<br>Buffer 3 ETF** |
| Investment income: |  |  |
|  Dividends — unaffiliated issuers | $104051 | $56324 |
|  Dividends — affiliated issuers | 235 | 506 |
|  **Total Investment Income** | 104286 | 56830 |
| Expenses: |  |  |
|  Management fees | 30106 | 19768 |
|  Trustee fees | 4759 | 3431 |
|  **Total expenses** | 34865 | 23199 |
|  Less — expense reductions | (1400) | (953) |
|  **Net expenses** | 33465 | 22246 |
|  **NET INVESTMENT INCOME** | 70821 | 34584 |
| Realized and Unrealized gain (loss): |  |  |
|  Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 1419759 | 100620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options In-kind redemptions | 185493 | 1036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options | (7431) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options | 596 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options In-kind redemptions | (491329) | (119956) |
|  Net change in unrealized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | (469079) | 468702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options | 57130 | 156513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options | 31568 | (179394) |
|  **Net realized and unrealized gain** | 726707 | 427521 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797528 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462105 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 6 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS BUFFER ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **U.S. Large Cap Buffer 1 ETF** | **U.S. Large Cap Buffer 1 ETF** | **U.S. Large Cap Buffer 3 ETF** | **U.S. Large Cap Buffer 3 ETF** |
|  | **For the<br>Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **For the Period<br>December 30, 2024<sup>\*</sup><br>to**<br> **August 31, 2025** | **For the<br>Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **For the Period<br>February 27, 2025<sup>\*</sup><br>to**<br> **August 31, 2025** |
| From operations: |  |  |  |  |
| Net investment income | $70821 | $19416 | $34584 | $34882 |
| Net realized gain (loss) | 1107088 | (159819) | (18300) | (164624) |
| Net change in unrealized gain (loss) | (380381) | 419734 | 445821 | 601292 |
| **Net increase in net assets resulting from operations** | 797528 | 279331 | 462105 | 471550 |
| Distributions to shareholders: |  |  |  |  |
| From distributable earnings | (92498) |  | (98140) |  |
| From share transactions: |  |  |  |  |
| Proceeds from sales of shares | 22638498 | 7975621 | 1089198 | 12334484 |
| Cost of shares redeemed | (21934084) | (1978705) | (544946) | (3960587) |
| &nbsp;&nbsp; **Net increase in net assets resulting from share transactions** | 704414 | 5996916 | 544252 | 8373897 |
|  **TOTAL INCREASE** | 1409444 | 6276247 | 908217 | 8845447 |
| Net Assets: |  |  |  |  |
| Beginning of period | $6276247 | $– | $8845447 | $– |
| End of period | $7685691 | $6276247 | $9753664 | $8845447 |

---

<sup>\*</sup> Commencement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>7</sub>

------

GOLDMAN SACHS U.S. LARGE CAP BUFFER 1 ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **U.S. Large Cap Buffer 1 ETF** | **U.S. Large Cap Buffer 1 ETF** |
|  | **For the Six Months<br>Ended** | **For the Period<br>December 30, 2024<sup>\*</sup>** |
|  | **February 28, 2026** | **to** |
|  | **(Unaudited)** | **August 31, 2025** |
| Per Share Operating Performance: |  |  |
|  Net asset value, beginning of period | $26.15 | $25.00 |
|  Net investment income<sup>(a)</sup> | 0.14 | 0.09 |
|  Net realized and unrealized gain | 1.25 | 1.06 |
|  Total from investment operations | 1.39 | 1.15 |
|  Distributions to shareholders from net investment income | (0.09) |  |
|  Net asset value, end of period | $27.45 | $26.15 |
|  Market price, end of period | $27.40 | $26.18 |
|  **Total Return at Net Asset Value<sup>(b)</sup>** | 5.31% | 4.60% |
|  Net assets, end of period (in 000's) | $7686 | $6276 |
|  Ratio of net expenses to average net assets | 0.48%<sup>(c)</sup> | 0.48%<sup>(c)</sup> |
|  Ratio of total expenses to average net assets | 0.50%<sup>(c)</sup> | 0.50%<sup>(c)</sup> |
|  Ratio of net investment income to average net assets | 1.02%<sup>(c)</sup> | 0.53%<sup>(c)</sup> |
|  Portfolio turnover rate<sup>(d)(e)</sup> | –% | –% |

---

<sup>\*</sup> Commencement of operations.

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete 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. 

<sup>(e)</sup> There were either no long-term purchases or no long-term sales for the period ended February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 8 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS U.S. LARGE CAP BUFFER 3 ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout The Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **U.S. Large Cap Buffer 3 ETF** | **U.S. Large Cap Buffer 3 ETF** |
|  | **For the Six Months<br>Ended** | **For the Period<br>February 27, 2025<sup>\*</sup>** |
|  | **February 28, 2026** | **to** |
|  | **(Unaudited)** | **August 31, 2025** |
| Per Share Operating Performance: |  |  |
|  Net asset value, beginning of period | $26.02 | $25.00 |
|  Net investment income<sup>(a)</sup> | 0.10 | 0.11 |
|  Net realized and unrealized gain | 1.24 | 0.91 |
|  Total from investment operations | 1.34 | 1.02 |
|  Distributions to shareholders from net investment income | (0.27) |  |
|  Net asset value, end of period | $27.09 | $26.02 |
|  Market price, end of period | $27.07 | $26.01 |
|  **Total Return at Net Asset Value<sup>(b)</sup>** | 5.20% | 4.04% |
|  Net assets, end of period (in 000's) | $9754 | $8845 |
|  Ratio of net expenses to average net assets | 0.48%<sup>(c)</sup> | 0.48%<sup>(c)</sup> |
|  Ratio of total expenses to average net assets | 0.50%<sup>(c)</sup> | 0.50%<sup>(c)</sup> |
|  Ratio of net investment income to average net assets | 0.75%<sup>(c)</sup> | 0.85%<sup>(c)</sup> |
|  Portfolio turnover rate<sup>(d)(e)</sup> | –% | 1% |

---

<sup>\*</sup> Commencement of operations.

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete 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. 

<sup>(e)</sup> There were either no long-term purchases or no long-term sales for the period ended February 28, 2026.

&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 BUFFER ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. ORGANIZATION

Goldman Sachs ETF Trust (the "Trust") is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the "Act"), consisting of multiple series. The Trust was organized as a Delaware statutory trust on December 16, 2009. The following table lists those series of the Trust that are included in this report (collectively, the "Funds" or individually a "Fund") along with their respective diversification status under the Act:

---

| | |
|:---|:---|
| Fund | Diversified/<br>Non-Diversified |
| Goldman Sachs U.S. Large Cap Buffer 1 ETF | Non-Diversified |
| Goldman Sachs U.S. Large Cap Buffer 3 ETF | Non-Diversified |

---

The investment objective of each Fund is to seek long-term capital appreciation. Each Fund seeks to achieve a total return, for a specified three month period (each, an "Outcome Period"), that corresponds generally, before fees and expenses, to the share price return of the SPDR<sup>®</sup> Portfolio S&P 500<sup>®</sup> ETF (SPLG) (the "Underlying ETF") or other ETFs that track the S&P 500<sup>®</sup> Index (the "Underlying ETF's Index") up to a "cap" while providing a downside "buffer" and "deep downside protection" against losses over the Outcome Period.

Goldman Sachs Asset Management, L.P. ("GSAM"), an affiliate of Goldman Sachs & Co. LLC ("Goldman Sachs"), serves as investment adviser to the Funds pursuant to a management agreement (the "Agreement") with the Trust. Each Fund is an exchange-traded fund ("ETF"). Shares of the Funds are listed and traded on the Cboe BZX Exchange, Inc. ("Cboe" or the "Exchange"). Market prices for the Funds' shares may be different from their net asset value ("NAV"). The Funds issue and redeem shares at their respective NAV only in blocks of a specified number of shares, or multiples thereof, referred to as "Creation Units". Creation Units are issued and redeemed generally for a designated portfolio of securities (including any portion of such securities for which cash may be substituted) and a specified amount of cash. Shares generally trade in the secondary market in quantities less than a Creation Unit at market prices that change throughout the day. Only those that have entered into an authorized participant agreement with ALPS Distributors, Inc. (the "Distributor") may do business directly with the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;A. Investment Valuation — The Funds' valuation policy is to value investments at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;B. Investment Income and Investments — Investment income includes interest income, dividend income and securities lending, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily NAV calculations. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date.

For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract.

&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

10.0 ------

GOLDMAN SACHS BUFFER ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES (continued)

&nbsp;&nbsp;&nbsp;&nbsp;D. Federal Taxes and Distributions to Shareholders — It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Code"), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid annually.

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund's distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds' net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

&nbsp;&nbsp;&nbsp;&nbsp;E. Segment Reporting — The Funds follow Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Each Fund operates in one segment. The segment derives its revenues from Fund investments made in accordance with the defined investment strategy of the Fund, as prescribed in the Funds' prospectus. The Chief Operating Decision Maker ("CODM") is the 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:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM's assumptions in determining fair value measurement).

The Board of Trustees ("Trustees") has approved valuation procedures that govern the valuation of the portfolio investments held by the Funds ("Valuation Procedures"), including investments for which market quotations are not readily available. With respect to the Funds' investments that do not have readily available market quotations, the Trustees have designated GSAM as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Act (the "Valuation Designee"). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds' investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**11**

------

GOLDMAN SACHS BUFFER ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

&nbsp;&nbsp;&nbsp;&nbsp;A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Equity Securities — Equity securities traded on a United States ("U.S.") securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ ask price is available, the equity security will be valued pursuant to the Valuation Procedures and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2.

Underlying Funds (including Money Market Funds) — Underlying funds ("Underlying Funds") include exchange-traded funds ("ETFs") and other investment companies. Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds' shares will correspondingly fluctuate in value. Underlying Funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund's accounting policies and investment holdings, please see the Underlying Fund's financial statements at SEC.gov.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the last bid price for long positions and the last ask price for short positions on the exchange where they are principally traded. Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter ("OTC") and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Options — When a Fund writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on swap contracts.

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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

12.0 ------

GOLDMAN SACHS BUFFER ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

&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 February 28, 2026:

---

| | | | |
|:---|:---|:---|:---|
| U.S. Large Cap Buffer 1 ETF |  |  |  |
| Investment Type | Level 1 | Level 2 | Level 3 |
|  **Assets** |  |  |  |
|  Exchange Traded Funds | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7647972 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Investment Companies | 9582 |  |  |
|  **Total** | $7657554 | $— | $— |
| Derivative Type |  |  |  |
|  **Assets** |  |  |  |
|  Purchased Options Contracts | $— | $59007 | $— |
| Liabilities |  |  |  |
|  Written Options Contracts | $— | $(30092) | $— |
| <br> **U.S. Large Cap Buffer 3 ETF** |  |  |  |
| Investment Type | Level 1 | Level 2 | Level 3 |
|  **Assets** |  |  |  |
|  Exchange Traded Funds | $9747732 | $— | $— |
|  Investment Companies | 7244 |  |  |
|  **Total** | $9754976 | $— | $— |
| Derivative Type |  |  |  |
|  **Assets** |  |  |  |
|  Purchased Options Contracts | $— | $196 | $— |

---

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 February 28, 2026. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**13**

------

GOLDMAN SACHS BUFFER ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Large Cap Buffer 1 ETF** | **U.S. Large Cap Buffer 1 ETF** |  |  |  |
| Risk | Statement of Assets and Liabilities | Assets | Statement of Assets and Liabilities | Liabilities |
| Equity | Purchased options at value | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59007 | 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;(30092) |
| U.S. Large Cap Buffer 3 ETF | U.S. Large Cap Buffer 3 ETF |  |  |  |
| Risk | Statement of Assets and Liabilities | Assets | Statement of Assets and Liabilities | Liabilities |
| Equity | Purchased options at value | $196 | Written options at value | $— |

---

The following tables set forth, by certain risk types, the Funds' gains (losses) related to these derivatives and their indicative volumes for the six months ended February 28, 2026. 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:

---

| | | | |
|:---|:---|:---|:---|
| U.S. Large Cap Buffer 1 ETF | U.S. Large Cap Buffer 1 ETF |  |  |
| Risk | Statement of Operations | Net Realized<br>Gain (Loss) | Net Change in<br>Unrealized<br>Gain (Loss) |
| Equity | Net realized gain (loss) from purchased options and written options/Net change in unrealized gain (loss) on purchased options and written options | $(312671) | $88698 |
| U.S. Large Cap Buffer 3 ETF | U.S. Large Cap Buffer 3 ETF |  |  |
| Risk | Statement of Operations | Net Realized<br>Gain (Loss) | Net Change in<br>Unrealized<br>Gain (Loss) |
| Equity | Net realized gain (loss) from purchased options and written options/Net change in unrealized gain (loss) on purchased options and written options | (118920) | (22881) |

---

For the six months ended February 28, 2026, the relevant values for each derivative type was as follows:

---

| | | |
|:---|:---|:---|
|  | Average number of Contracts<sup>(a)</sup> | Average number of Contracts<sup>(a)</sup> |
| Fund | Purchased Options | Written Options |
| U.S. Large Cap Buffer 1 ETF | 3629 | 3662 |
| U.S. Large Cap Buffer 3 ETF | 2364 | 2364 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amounts disclosed represent average number of contracts, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the six months ended February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

14.0 ------

GOLDMAN SACHS BUFFER ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 six months ended February 28, 2026, contractual and effective net unitary management fees with GSAM for each Fund were at the following rates:

---

| | | |
|:---|:---|:---|
| Fund | Contractual Unitary Management Fee | Effective Net Unitary Management Fee\* |
| Goldman Sachs U.S. Large Cap Buffer 1 ETF | 0.50% | 0.48% |
| Goldman Sachs U.S. Large Cap Buffer 3 ETF | 0.50% | 0.48% |

---

\* Effective Net Unitary Management Fee includes the impact of management fee waivers, if any.

GSAM has agreed to waive a portion of its management fee in an amount equal to acquired fund fees and expenses. These arrangements will remain in effect through at least December 29, 2026, and prior to such date GSAM may not terminate the arrangement without the approval of the Trustees. For the six months ended February 28, 2026, GSAM waived $1,400, and $953 of the Funds' management fees for U.S. Large Cap Buffer 1 ETF and U.S. Large Cap Buffer 3 ETF, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;B. Other Transactions with Affiliates — For the six months ended February 28, 2026, 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 six months ended February 28, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| U.S. Large Cap Buffer 1 ETF | U.S. Large Cap Buffer 1 ETF | U.S. Large Cap Buffer 1 ETF | U.S. Large Cap Buffer 1 ETF | U.S. Large Cap Buffer 1 ETF |  |  |
| Underlying Fund | Beginning value<br>as of August 31,<br>2025 | Purchases at Cost | Proceeds from Sales | Ending value as of<br>February 28, 2026 | Shares as of<br>February 28, 2026 | 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 |  |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84412 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74830) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9582 | 9582 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 |
|  **U.S. Large Cap Buffer 3 ETF** | **U.S. Large Cap Buffer 3 ETF** | **U.S. Large Cap Buffer 3 ETF** | **U.S. Large Cap Buffer 3 ETF** | **U.S. Large Cap Buffer 3 ETF** | **U.S. Large Cap Buffer 3 ETF** |  |
| Underlying Fund | Beginning value<br>as of August 31,<br>2025 | Purchases at Cost | Proceeds from Sales | Ending value as of<br>February 28, 2026 | Shares as of<br>February 28, 2026 | 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 |  |
|  | 39104 | 165424 | (197283) | 7244 | 7244 | 506 |

---

&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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**15**

------

GOLDMAN SACHS BUFFER ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&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)

Information), of an order in proper form. Shares of the Funds may only be purchased or redeemed by certain financial institutions (each an "Authorized Participant"). An Authorized Participant is either (1) a "Participating Party" or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation; or (2) a Depository Trust Company participant; which, in either case, must have executed an agreement with the Distributor. Retail investors will typically not qualify as an Authorized Participant or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors will purchase shares in the secondary market at market prices with the assistance of a broker and may be subject to customary brokerage commissions or fees. Fixed creation and redemption transaction fees are imposed in connection with creations and redemptions.

Authorized Participants transacting in Creation Units for cash may also pay a variable charge to compensate the relevant fund for certain transaction costs (e.g. taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in "Proceeds from sale of shares" in the Statements of Changes in Net Assets.

Share activity is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Goldman Sachs U.S. Large Cap Buffer 1 ETF** | **Goldman Sachs U.S. Large Cap Buffer 1 ETF** | **Goldman Sachs U.S. Large Cap Buffer 1 ETF** | **Goldman Sachs U.S. Large Cap Buffer 1 ETF** |
|  | **For the**<br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the**<br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Period**<br> **December 30, 2024<sup>(a)</sup>**<br> **to**<br> **August 31, 2025** | **For the Period**<br> **December 30, 2024<sup>(a)</sup>**<br> **to**<br> **August 31, 2025** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund Share Activity** |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 840000 | $22638498 | 320000 | $7975621 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (800000) | (21934084) | (80000) | (1978705) |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NET INCREASE IN SHARES** | 40000 | $704414 | 240000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5996916 |
| <br> (a) Commenced operations on December 30, 2024.<br>|  |  |  |  |
|  | **Goldman Sachs U.S. Large Cap Buffer 3 ETF** | **Goldman Sachs U.S. Large Cap Buffer 3 ETF** | **Goldman Sachs U.S. Large Cap Buffer 3 ETF** | **Goldman Sachs U.S. Large Cap Buffer 3 ETF** |
|  | **For the**<br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the**<br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Period**<br> **February 27, 2025<sup>(a)</sup>**<br> **to**<br> **August 31, 2025** | **For the Period**<br> **February 27, 2025<sup>(a)</sup>**<br> **to**<br> **August 31, 2025** |
|  | **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 | 40000 | $1089198 | 500000 | $12334484 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (20000) | (544946) | (160000) | (3960587) |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NET INCREASE IN SHARES** | 20000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544252 | 340000 | $8373897 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on February 27, 2025.

&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 six months ended February 28, 2026, were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | Purchases | Sales |
|  U.S. Large Cap Buffer 1 ETF | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140243 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  U.S. Large Cap Buffer 3 ETF | 444469 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

16.0 ------

GOLDMAN SACHS BUFFER ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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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;7. PORTFOLIO SECURITIES TRANSACTIONS (continued)

The purchases and sales from in-kind creation and redemption transactions for the six months ended February 28, 2026, were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | Purchases | Sales |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Large Cap Buffer 1 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;22455062 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22250843 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Large Cap Buffer 3 ETF | 540056 | 602925 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. TAX INFORMATION

As of the Funds' most recent fiscal year end, August 31, 2025, the Funds' capital loss carryforwards and certain timing differences on a tax-basis were as follows:

---

| | | |
|:---|:---|:---|
|  | U.S. Large Cap<br>Buffer 1 ETF | U.S. Large Cap <br>Buffer 3 ETF |
|  Timing differences — (Straddle Loss Deferrals) |  | (4756) |

---

As of February 28, 2026, the Funds' aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

---

| | | |
|:---|:---|:---|
|  | U.S. Large Cap Buffer<br>1 ETF | **U.S. Large Cap Buffer** <br> **3 ETF** |
|  Tax Cost | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7747025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8866494 |
|  Gross unrealized gain | 27484 | 1067876 |
|  Gross unrealized loss | (116955) | (179394) |
|  Net unrealized gain (loss) | $(89471) | $888482 |

---

GSAM has reviewed the Funds' tax positions for all open tax years (the current year and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds' financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. OTHER RISKS

The Funds' risks include, but are not limited to, the following:

Buffered Loss Risk — There can be no guarantee that the Fund will be successful in its strategy to provide buffered protection against losses if the value of the Underlying ETF decreases over an Outcome Period in excess of the Initial Loss. In the event an investor purchases shares after the commencement of the Outcome Period or redeems shares prior to the end of the Outcome Period, the investor may not experience the full effect of the Buffer that the Fund seeks to provide. The Fund does not provide principal protection and an investor may experience significant losses on their investment, including the loss of their entire investment. The Buffer is not guaranteed and may not be achieved. Please refer to the Fund's website, which provides the latest information on a daily basis throughout the Outcome Period.

Capped Upside Return Risk — The Fund's strategy seeks to provide returns only up to the Cap over an Outcome Period before Fund fees and expenses. In the event that the value of the Underlying ETF increases in excess of the Cap during an Outcome Period, the Fund will not participate in those gains beyond the Cap for that Outcome Period. In the event an investor purchases shares after the commencement of an Outcome Period and the Fund has risen in value to a level near the Cap, there will likely be little or no

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**17**

------

GOLDMAN SACHS BUFFER ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. OTHER RISKS (continued)

ability for that investor to experience investment gains for the remainder of that Outcome Period. A new Cap is established on or before the first day of each Outcome Period and is dependent on prevailing market conditions. Accordingly, the Cap may increase or decrease from one Outcome Period to the next. The Cap is based on the market costs associated with a series of Options (or other derivatives) that are purchased and sold in order to seek to obtain the relevant market exposure, the Buffer and Deep Downside Protection. The market conditions and other factors that influence the Cap can include, but are not limited to, interest rate levels, the volatility of the Underlying ETF, and relationship of put and calls on the underlying Options. Depending on those factors, it is possible that the Cap will limit the Fund's return during an Outcome Period to a level substantially less than an investor might expect from another comparable equity product that does not employ a Cap, the Buffer and Deep Downside Protection. The Cap may decrease from one Outcome Period to the next. Please refer to the Fund's website, which provides the latest information on a daily basis throughout the Outcome Period.

Deep Downside Protection Risk — There can be no guarantee that the Fund will be successful in its strategy to provide Deep Downside Protection against losses if the value of the Underlying ETF decreases over an Outcome Period. In the event an investor purchases shares after the commencement of the Outcome Period or sells shares prior to the end of the Outcome Period, the investor may not experience the full effect of the Deep Downside Protection that the Fund seeks to provide. The Fund does not provide principal protection and an investor may experience significant losses on their investment, including the loss of their entire investment despite the Deep Downside Protection. The Deep Downside Protection is not guaranteed and may not be achieved. Please refer to the Fund's website, which provides the latest information on a daily basis throughout the Outcome Period.

Derivatives Risk — The Fund's use of options (including FLEX Options, as defined below), futures, credit default swaps, total return swaps and other derivative instruments may result in losses, including due to adverse market movements. These instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other assets and instruments, may increase market exposure and be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying assets or instruments may produce disproportionate losses to the Fund and may expire worthless. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.

FLEX Options Risk — The Fund utilizes FLexible EXchange<sup>®</sup> Options ("FLEX Options") guaranteed for settlement by the Options Clearing Corporation (the "OCC"), and bears the risk that the OCC will be unable or unwilling to perform its obligations under the FLEX Options contracts, which is a form of counterparty risk. Additionally, FLEX Options may be less liquid than certain other securities, such as standardized options. In a less liquid market, the Fund may have difficulty closing out certain FLEX Options positions at desired times and prices (and may have to pay a premium or accept a discounted price). The Fund may experience substantial downside from certain FLEX Option positions, and FLEX Option positions may expire worthless. The value of the FLEX Options will be affected by, among other things, changes in the value of the Underlying Index, changes in interest rates, changes in the actual and implied volatility of the Underlying Index and the remaining time until the FLEX Options expire. The value of FLEX Options does not increase or decrease at the same rate as the level of the Underlying Index (although they generally move in the same direction).

Investments in Other Investment Companies Risk — As a shareholder of another investment company, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. ETFs are subject to risks that do not apply to conventional mutual funds, including, but not limited to, the following: (i) the market price of the ETF's shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF's shares may not develop or be maintained.

Large Shareholder Transaction Risk — Certain shareholders, including other funds advised by the Investment Adviser, may from time to time own a substantial amount of the Fund's Shares. In addition, a third party investor, the Investment Adviser or an affiliate of the Investment Adviser, an authorized participant, a lead market maker, or another entity (i.e., a seed investor) may invest in the Fund and hold its investment solely to facilitate commencement of the Fund or to facilitate the Fund's achieving a specified size or scale. Any such investment may be held for a limited period of time. There can be no assurance that any large shareholder

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

18.0 ------

GOLDMAN SACHS BUFFER ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. OTHER RISKS (continued)

would not redeem its investment, that the size of the Fund would be maintained at such levels or that the Fund would continue to meet applicable listing requirements. Redemptions by large shareholders could have a significant negative impact on the Fund, including on the Fund's liquidity. In addition, transactions by large shareholders may account for a large percentage of the trading volume on Cboe and may, therefore, have a material upward or downward effect on the market price of the Shares.

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. To the extent a Fund engages in cash redemptions, then liquidity risk may also refer to the risk that the Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors' interests because of unusual market conditions, declining prices of the securities sold, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund's NAV and dilute remaining investors' interests.

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors, governments or countries and/ or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Market Trading Risk — Each Fund faces numerous market trading risks, including disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for Shares. If a shareholder purchases Shares at a time when the market price is at a premium to the NAV or sells Shares at a time when the market price is at a discount to the NAV, the shareholder may pay more for, or receive less than, the underlying value of the Shares, respectively. The Investment Adviser cannot predict whether Shares will trade below, at or above their NAV. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for Shares will be closely related to, but not identical to, the same forces influencing the prices of the securities of a Fund's Index trading individually or in the aggregate at any point in time.

Non-Diversification Risk — The U.S. Large Cap Buffer 1 ETF, and U.S. Large Cap Buffer 3 ETF are non-diversified, meaning that it is permitted to invest a larger percentage of its assets in one or more issuers or in fewer issuers than diversified funds. Thus, a Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

Outcome Period Risk — The Fund's investment strategy is designed to deliver returns that match the Underlying ETF, subject to the Buffer, Deep Downside Protection and Cap, only if shares are bought by the first day of the Outcome Period and held until the end of the Outcome Period. If an investor purchases or sells shares during the Outcome Period, the returns realized by the investor will not match those that the Fund seeks to achieve. In addition, the Cap may change from one Outcome Period to the next and is unlikely to remain the same for consecutive Outcome Periods. Moreover, the Fund's returns will be reduced by Fund fees and expenses as well as any brokerage commissions, trading fees, taxes and non-routine or extraordinary expenses incurred by the Fund throughout an Outcome Period. Accordingly, the maximum performance of the Fund over an Outcome Period is expected to be lower than the Cap by these fees and expenses and the performance of the Fund over an Outcome period will be reduced by these fees and expenses in addition to losses beyond the Buffer up to the Deep Downside Protection.

Option Writing Risk — Writing (selling) options may limit the opportunity to profit from an increase or decrease in the market value of a reference security in exchange for up-front cash (the premium) at the time of selling the option. In a sharp rising or falling market, the Fund could significantly underperform the market or other portfolios without an option writing strategy. The Fund could

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**19**

------

GOLDMAN SACHS BUFFER ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. OTHER RISKS (continued)

also experience a sudden, significant permanent loss due to dramatic movements in the market value of reference security, which may far exceed the premiums received for writing the option. Such significant losses could cause significant deteriorations in the Fund's NAV. Furthermore, the premium received from the Fund's option writing strategies may not fully protect it against market movements because the Fund will continue to bear the risk of movements in the value of its portfolio investments.

Tracking Error Risk — Tracking error is the divergence of the Underlying ETF's performance from that of the Underlying ETF's Index. The performance of the Underlying ETF may diverge from that of the benchmark for a number of reasons. Tracking error may occur because of transaction costs, the Underlying ETF's holding of cash, differences in accrual of dividends, changes to the Underlying ETF's Index or the need to meet new or existing regulatory requirements. Unlike the Underlying ETF, the returns of the benchmark are not reduced by investment and other operating expenses, including the trading costs associated with implementing changes to its portfolio of investments. Tracking error risk may be heightened during times of market volatility or other unusual market conditions. The Underlying ETF will be negatively affected by general declines in the securities and asset classes represented in the Underlying ETF's Index.

Underlying ETF Risk — The value of an investment in the Fund will be related, to a degree, to the investment performance of the Underlying ETF. Therefore, the principal risks of investing in the Fund are closely related to the principal risks associated with the Underlying ETF and its investments. Exposure to the Underlying ETF will also expose the Fund to a pro rata portion of the Underlying ETF's fees and expenses. The performance of the Fund (without regard to the Buffer, Deep Downside Protection or Cap) may diverge from that of the Underlying ETF for a number of reasons, including Fund fees and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. INDEMNIFICATIONS

Under the Trust's organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. SUBSEQUENT EVENTS

At a meeting held on December 9-10, 2025, upon the recommendation of Goldman Sachs Asset Management, L.P., the Board of Trustees of the Goldman Sachs ETF Trust (the "Trust") approved a proposal to liquidate the Goldman Sachs U.S. Large Cap Buffer 1 ETF and the Goldman Sachs U.S. Large Cap Buffer 3 ETF (each, a "Fund"), each a series of the Trust. After careful consideration of a number of factors, the Board of Trustees concluded that it is advisable and in the best interest of each Fund and its shareholders to liquidate each Fund. Goldman Sachs U.S. Large Cap Buffer 1 ETF liquidated on April 7, 2026, and Goldman Sachs U.S. Large Cap Buffer 3 ETF liquidated on March 6, 2026, each pursuant to a Plan of Liquidation approved by the Board.

All other subsequent events have been evaluated through the date of issuance, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

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![LOGO](g112529g00k04.jpg)

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![LOGO](g109383g01g11.jpg)

Goldman Sachs Funds Semi-Annual Financial Statements February 28, 2026 Goldman Sachs Fundamental Equity Active ETFs Goldman Sachs Enhanced U.S. Equity ETF (GUSE) Goldman Sachs Growth Opportunities ETF (GSGO) Goldman Sachs Technology Opportunities ETF (GTOP) Goldman Sachs Value Opportunities ETF (GVLE)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Goldman Sachs Fundamental Equity Active ETFs

---

| | |
|:---|:---|
| **Table of Contents** | Page |
|  **Schedule of Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Enhanced U.S. Equity ETF](#va109383_1) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Growth Opportunities ETF](#va109383_2) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Technology Opportunities ETF](#va109383_3) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Value Opportunities ETF](#va109383_4) | 9 |
|  **Financial Statements** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#va109383_5) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#va109383_6) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#va109383_7) | 13 |
|  **Financial Highlights** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Enhanced U.S. Equity ETF](#va109383_8) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Growth Opportunities ETF](#va109383_9) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Technology Opportunities ETF](#va109383_10) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Value Opportunities ETF](#va109383_11) | 18 |
|  **[Notes to Financial Statements](#va109383_12)** | 19 |
|  **[Statement Regarding Basis for Approval of Management Agreement](#va109383_13)** | 37 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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GOLDMAN SACHS ENHANCED U.S. EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – 99.4% | Common Stocks – 99.4% | Common Stocks – 99.4% |
| Aerospace & Defense – 2.7% | Aerospace & Defense – 2.7% | Aerospace & Defense – 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8937 | General Electric Co. | $3058777 |
| 6536 | Howmet Aerospace, Inc. | 1715896 |
| 8236 | L3Harris Technologies, Inc. | 3002352 |
| 3265 | Woodward, Inc. | 1262771 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9039796 |
| Automobile Components – 0.3% | Automobile Components – 0.3% | Automobile Components – 0.3% |
| 13971 | Aptiv PLC\* | 1027427 |
| Automobiles – 2.0% | Automobiles – 2.0% | Automobiles – 2.0% |
| 16533 | Tesla, Inc.\* | 6654698 |
| Banks – 3.2% | Banks – 3.2% | Banks – 3.2% |
| 38759 | Bank of America Corp. | 1931361 |
| 13220 | Citigroup, Inc. | 1456712 |
| 18175 | JPMorgan Chase & Co. | 5457952 |
| 12966 | Wintrust Financial Corp. | 1867882 |
|  |  | 10713907 |
| Beverages – 1.8% | Beverages – 1.8% | Beverages – 1.8% |
| 51079 | Coca-Cola Co. (The) | 4166003 |
| 16089 | Coca-Cola Europacific Partners PLC (United Kingdom) | 1776709 |
|  |  | 5942712 |
| Biotechnology – 0.3% | Biotechnology – 0.3% | Biotechnology – 0.3% |
| 1165 | Argenx SE ADR (Netherlands)\* | 893462 |
| Broadline Retail – 3.7% | Broadline Retail – 3.7% | Broadline Retail – 3.7% |
| 59835 | Amazon.com, Inc.\* | 12565350 |
| Building Products – 0.3% | Building Products – 0.3% | Building Products – 0.3% |
| 5729 | Advanced Drainage Systems, Inc. | 981607 |
| Capital Markets – 3.2% | Capital Markets – 3.2% | Capital Markets – 3.2% |
| 1700 | Blackrock, Inc. | 1807491 |
| 17896 | Charles Schwab Corp. (The) | 1703699 |
| 17057 | Morgan Stanley | 2840161 |
| 2434 | MSCI, Inc. | 1391834 |
| 13148 | Nasdaq, Inc. | 1151502 |
| 11338 | Raymond James Financial, Inc. | 1735621 |
|  |  | 10630308 |
| Chemicals – 2.2% | Chemicals – 2.2% | Chemicals – 2.2% |
| 5267 | Linde PLC | 2676057 |
| 5333 | Sherwin-Williams Co. (The) | 1933692 |
| 35754 | Solstice Advanced Materials, Inc. | 2807047 |
|  |  | 7416796 |
| Communications Equipment – 0.8% | Communications Equipment – 0.8% | Communications Equipment – 0.8% |
| 8765 | Arista Networks, Inc.\* | 1170128 |
| 3208 | Motorola Solutions, Inc. | 1547090 |
|  |  | 2717218 |
| Consumer Finance – 1.0% | Consumer Finance – 1.0% | Consumer Finance – 1.0% |
| 11135 | Capital One Financial Corp. | 2178452 |
| 16103 | Synchrony Financial | 1112878 |
|  |  | 3291330 |
| Consumer Staples Distribution & Retail – 2.2% | Consumer Staples Distribution & Retail – 2.2% | Consumer Staples Distribution & Retail – 2.2% |
| 2219 | Costco Wholesale Corp. | 2242943 |
| 41739 | Walmart, Inc. | 5340505 |
|  |  | 7583448 |

---

---

| | | |
|:---|:---|:---|
| Shares | Description | Value |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Containers & Packaging – 0.4% | Containers & Packaging – 0.4% | Containers & Packaging – 0.4% |
| 29395 | International Paper Co. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1280152 |
| Electric Utilities – 1.2% | Electric Utilities – 1.2% | Electric Utilities – 1.2% |
| 18939 | NextEra Energy, Inc. | 1775910 |
| 65038 | PG&E Corp. | 1235722 |
| 12356 | Xcel Energy, Inc. | 1029996 |
|  |  | 4041628 |
| Electrical Equipment – 1.4% | Electrical Equipment – 1.4% | Electrical Equipment – 1.4% |
| 4168 | Eaton Corp. PLC | 1566835 |
| 2202 | GE Vernova, Inc. | 1923667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3050 | Rockwell Automation, Inc. | 1242722 |
|  |  | 4733224 |
| Electronic Equipment, Instruments & Components – 0.9% | Electronic Equipment, Instruments & Components – 0.9% | Electronic Equipment, Instruments & Components – 0.9% |
| 11802 | Amphenol Corp., Class A | 1723800 |
| 5101 | Jabil, Inc. | 1351714 |
|  |  | 3075514 |
| Entertainment – 1.0% | Entertainment – 1.0% | Entertainment – 1.0% |
| 6901 | Live Nation Entertainment, Inc.\* | 1118928 |
| 22102 | Netflix, Inc.\* | 2127097 |
|  |  | 3246025 |
| Financial Services – 4.2% | Financial Services – 4.2% | Financial Services – 4.2% |
| 10254 | Berkshire Hathaway, Inc., Class B\* | 5177757 |
| 15970 | Fidelity National Information Services, Inc. | 813831 |
| 10158 | Mastercard, Inc., Class A | 5253819 |
| 8779 | Visa, Inc., Class A | 2810509 |
|  |  | 14055916 |
| Ground Transportation – 1.5% | Ground Transportation – 1.5% | Ground Transportation – 1.5% |
| 30141 | CSX Corp. | 1286719 |
| 11935 | Old Dominion Freight Line, Inc. | 2423402 |
| 16191 | Uber Technologies, Inc.\* | 1221125 |
|  |  | 4931246 |
| Health Care Equipment & Supplies – 1.7% | Health Care Equipment & Supplies – 1.7% | Health Care Equipment & Supplies – 1.7% |
| 23306 | Abbott Laboratories | 2711653 |
| 23076 | Boston Scientific Corp.\* | 1773391 |
| 2700 | Intuitive Surgical, Inc.\* | 1359477 |
|  |  | 5844521 |
| Health Care Providers & Services – 0.6% | Health Care Providers & Services – 0.6% | Health Care Providers & Services – 0.6% |
| 5355 | Cencora, Inc. | 1992810 |
| Hotels, Restaurants & Leisure – 0.9% | Hotels, Restaurants & Leisure – 0.9% | Hotels, Restaurants & Leisure – 0.9% |
| 3836 | DoorDash, Inc., Class A\* | 676939 |
| 23539 | Starbucks Corp. | 2307293 |
|  |  | 2984232 |
| Household Durables – 0.4% | Household Durables – 0.4% | Household Durables – 0.4% |
| 11603 | Lennar Corp., Class A | 1326919 |
| Household Products – 1.6% | Household Products – 1.6% | Household Products – 1.6% |
| 32936 | Procter & Gamble Co. (The) | 5506899 |
| Industrial Conglomerates – 0.7% | Industrial Conglomerates – 0.7% | Industrial Conglomerates – 0.7% |
| 10169 | Honeywell International, Inc. | 2477067 |
| Industrial REITs – 0.6% | Industrial REITs – 0.6% | Industrial REITs – 0.6% |
| 13657 | Prologis, Inc. REIT | 1947079 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>3</sub>

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GOLDMAN SACHS ENHANCED U.S. EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Insurance – 1.9% | Insurance – 1.9% | Insurance – 1.9% |
| 4769 | Allstate Corp. (The) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023046 |
| 11769 | American Financial Group, Inc. | 1565042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9704 | Marsh & McLennan Cos., Inc. | 1812125 |
| 6402 | Travelers Cos., Inc. (The) | 1975913 |
|  |  | 6376126 |
| Interactive Media & Services – 7.9% | Interactive Media & Services – 7.9% | Interactive Media & Services – 7.9% |
| 32452 | Alphabet, Inc., Class A | 10117235 |
| 24016 | Alphabet, Inc., Class C | 7479303 |
| 13858 | Meta Platforms, Inc., Class A | 8982479 |
|  |  | 26579017 |
| IT Services – 0.5% | IT Services – 0.5% | IT Services – 0.5% |
| 4308 | International Business Machines Corp. | 1034825 |
| 3935 | Snowflake, Inc.\* | 662693 |
|  |  | 1697518 |
| Life Sciences Tools & Services – 1.4% | Life Sciences Tools & Services – 1.4% | Life Sciences Tools & Services – 1.4% |
| 13635 | Agilent Technologies, Inc. | 1655016 |
| 933 | Mettler-Toledo International, Inc.\* | 1275122 |
| 3367 | Thermo Fisher Scientific, Inc. | 1754578 |
|  |  | 4684716 |
| Machinery – 2.4% | Machinery – 2.4% | Machinery – 2.4% |
| 3986 | Caterpillar, Inc. | 2960920 |
| 21739 | Ingersoll Rand, Inc. | 2046510 |
| 7435 | ITT, Inc. | 1504918 |
| 18875 | Stanley Black & Decker, Inc. | 1632499 |
|  |  | 8144847 |
| Metals & Mining – 0.3% | Metals & Mining – 0.3% | Metals & Mining – 0.3% |
| 5868 | Steel Dynamics, Inc. | 1133287 |
| Multi-Utilities – 1.5% | Multi-Utilities – 1.5% | Multi-Utilities – 1.5% |
| 17438 | Ameren Corp. | 1975376 |
| 22826 | CMS Energy Corp. | 1782026 |
| 11336 | Consolidated Edison, Inc. | 1275527 |
|  |  | 5032929 |
| Oil, Gas & Consumable Fuels – 3.3% | Oil, Gas & Consumable Fuels – 3.3% | Oil, Gas & Consumable Fuels – 3.3% |
| 9598 | Chevron Corp. | 1792523 |
| 14838 | ConocoPhillips | 1683519 |
| 9103 | Expand Energy Corp. | 982396 |
| 32684 | Exxon Mobil Corp. | 4984310 |
| 10571 | Phillips 66 | 1631422 |
|  |  | 11074170 |
| Passenger Airlines – 0.4% | Passenger Airlines – 0.4% | Passenger Airlines – 0.4% |
| 12176 | United Airlines Holdings, Inc.\* | 1294309 |
| Pharmaceuticals – 4.6% | Pharmaceuticals – 4.6% | Pharmaceuticals – 4.6% |
| 4938 | AstraZeneca PLC (United Kingdom) | 1029326 |
| 4903 | Eli Lilly & Co. | 5157907 |
| 23862 | Johnson & Johnson | 5928037 |
| 27881 | Merck & Co., Inc. | 3452225 |
|  |  | 15567495 |
| Real Estate Management & Development – 0.3% | Real Estate Management & Development – 0.3% | Real Estate Management & Development – 0.3% |
| 6264 | CBRE Group, Inc., Class A\* | 924942 |

---

---

| | | |
|:---|:---|:---|
| Shares | Description | Value |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Residential REITs – 1.0% | Residential REITs – 1.0% | Residential REITs – 1.0% |
| 10135 | AvalonBay Communities, Inc. REIT | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1796226 |
| 10770 | Equity LifeStyle Properties, Inc. REIT | 723313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7237 | Mid-America Apartment Communities, Inc. REIT | 968745 |
|  |  | 3488284 |
| Semiconductors & Semiconductor Equipment – 14.1% | Semiconductors & Semiconductor Equipment – 14.1% | Semiconductors & Semiconductor Equipment – 14.1% |
| 11504 | Advanced Micro Devices, Inc.\* | 2303216 |
| 8136 | Applied Materials, Inc. | 3029033 |
| 26500 | Broadcom, Inc. | 8468075 |
| 1435 | KLA Corp. | 2187729 |
| 7707 | Micron Technology, Inc. | 3178135 |
| 138895 | NVIDIA Corp. | 24610805 |
| 5653 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan) | 2117501 |
| 5023 | Teradyne, Inc. | 1607511 |
|  |  | 47502005 |
| Software – 7.6% | Software – 7.6% | Software – 7.6% |
| 2268 | AppLovin Corp., Class A\* | 986058 |
| 3803 | Cadence Design Systems, Inc.\* | 1146224 |
| 983 | Crowdstrike Holdings, Inc., Class A\* | 365656 |
| 398 | Fair Isaac Corp.\* | 560925 |
| 4168 | Intuit, Inc. | 1704837 |
| 37906 | Microsoft Corp. | 14887203 |
| 12337 | Oracle Corp. | 1793800 |
| 15433 | Palantir Technologies, Inc., Class A\* | 2117253 |
| 4503 | Salesforce, Inc. | 877140 |
| 3434 | Tyler Technologies, Inc.\* | 1218006 |
|  |  | 25657102 |
| Specialized REITs – 0.7% | Specialized REITs – 0.7% | Specialized REITs – 0.7% |
| 11605 | American Tower Corp. REIT | 2226535 |
| Specialty Retail – 2.8% | Specialty Retail – 2.8% | Specialty Retail – 2.8% |
| 337 | AutoZone, Inc.\* | 1265630 |
| 11174 | Home Depot, Inc. (The) | 4254165 |
| 8937 | Ross Stores, Inc. | 1837805 |
| 13306 | TJX Cos., Inc. (The) | 2151048 |
|  |  | 9508648 |
| Technology Hardware, Storage & Peripherals – 7.1% | Technology Hardware, Storage & Peripherals – 7.1% | Technology Hardware, Storage & Peripherals – 7.1% |
| 72942 | Apple, Inc. | 19269818 |
| 7098 | Dell Technologies, Inc., Class C | 1051072 |
| 55015 | Hewlett Packard Enterprise Co. | 1181172 |
| 12205 | NetApp, Inc. | 1208661 |
| 4377 | Western Digital Corp. | 1224247 |
|  |  | 23934970 |
| Wireless Telecommunication Services – 0.8% | Wireless Telecommunication Services – 0.8% | Wireless Telecommunication Services – 0.8% |
| 12570 | T-Mobile US, Inc. | 2728821 |
| TOTAL COMMON STOCKS<br>(Cost $225,597,169) | TOTAL COMMON STOCKS<br>(Cost $225,597,169) | 334457012 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| 4 | **The accompanying notes are an integral part of these financial statements.** |

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GOLDMAN SACHS ENHANCED U.S. EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend Rate** | **Value** |
| Investment Company – 0.6%<sup>(a)</sup> | Investment Company – 0.6%<sup>(a)</sup> | Investment Company – 0.6%<sup>(a)</sup> |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2121641 | 3.589% | $2121641 |
| (Cost $2,121,641) | (Cost $2,121,641) |  |
| TOTAL INVESTMENTS – 100.0%<br>(Cost $227,718,810) | TOTAL INVESTMENTS – 100.0%<br>(Cost $227,718,810) | $336578653 |
| OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 0.0% | OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 0.0% | 151277 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336729930 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents an affiliated issuer.

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—American Depositary Receipt |
| PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—Public Limited Company |
| REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—Real Estate Investment Trust |

---

&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 GROWTH OPPORTUNITIES ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – 99.2% | Common Stocks – 99.2% | Common Stocks – 99.2% |
| Aerospace & Defense – 1.8% | Aerospace & Defense – 1.8% | Aerospace & Defense – 1.8% |
| 7713 | General Electric Co. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2639851 |
| Automobiles – 2.1% | Automobiles – 2.1% | Automobiles – 2.1% |
| 7659 | Tesla, Inc.\* | 3082824 |
| Banks – 2.1% | Banks – 2.1% | Banks – 2.1% |
| 23497 | Bank of America Corp. | 1170856 |
| 6291 | JPMorgan Chase & Co. | 1889187 |
|  |  | 3060043 |
| Biotechnology – 1.4% | Biotechnology – 1.4% | Biotechnology – 1.4% |
| 1151 | Argenx SE ADR (Netherlands)\* | 882725 |
| 7567 | Insmed, Inc.\* | 1129980 |
|  |  | 2012705 |
| Broadline Retail – 5.0% | Broadline Retail – 5.0% | Broadline Retail – 5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34825 | Amazon.com, Inc.\* | 7313250 |
| Chemicals – 0.8% | Chemicals – 0.8% | Chemicals – 0.8% |
| 3407 | Sherwin-Williams Co. (The) | 1235344 |
| Commercial Services & Supplies – 0.4% | Commercial Services & Supplies – 0.4% | Commercial Services & Supplies – 0.4% |
| 3509 | Waste Connections, Inc. | 604004 |
| Construction Materials – 0.9% | Construction Materials – 0.9% | Construction Materials – 0.9% |
| 1973 | Martin Marietta Materials, Inc. | 1334873 |
| Consumer Finance – 0.8% | Consumer Finance – 0.8% | Consumer Finance – 0.8% |
| 6243 | Capital One Financial Corp. | 1221380 |
| Consumer Staples Distribution & Retail – 1.8% | Consumer Staples Distribution & Retail – 1.8% | Consumer Staples Distribution & Retail – 1.8% |
| 2659 | Costco Wholesale Corp. | 2687691 |
| Electrical Equipment – 4.1% | Electrical Equipment – 4.1% | Electrical Equipment – 4.1% |
| 4239 | AMETEK, Inc. | 1014054 |
| 4224 | Eaton Corp. PLC | 1587886 |
| 1850 | GE Vernova, Inc. | 1616160 |
| 4490 | Rockwell Automation, Inc. | 1829450 |
|  |  | 6047550 |
| Electronic Equipment, Instruments & Components – 0.9% | Electronic Equipment, Instruments & Components – 0.9% | Electronic Equipment, Instruments & Components – 0.9% |
| 5225 | Coherent Corp.\* | 1352909 |
| Entertainment – 1.8% | Entertainment – 1.8% | Entertainment – 1.8% |
| 3098 | Spotify Technology SA\* | 1595284 |
| 4419 | TKO Group Holdings, Inc. | 989282 |
|  |  | 2584566 |
| Financial Services – 2.4% | Financial Services – 2.4% | Financial Services – 2.4% |
| 6737 | Mastercard, Inc., Class A | 3484444 |
| Ground Transportation – 1.3% | Ground Transportation – 1.3% | Ground Transportation – 1.3% |
| 9637 | Old Dominion Freight Line, Inc. | 1956793 |
| Health Care Equipment & Supplies – 1.9% | Health Care Equipment & Supplies – 1.9% | Health Care Equipment & Supplies – 1.9% |
| 10702 | Boston Scientific Corp.\* | 822449 |
| 3785 | Intuitive Surgical, Inc.\* | 1905785 |
|  |  | 2728234 |
| Health Care Providers & Services – 0.7% | Health Care Providers & Services – 0.7% | Health Care Providers & Services – 0.7% |
| 10284 | Guardant Health, Inc.\* | 965668 |
| Hotels, Restaurants & Leisure – 1.8% | Hotels, Restaurants & Leisure – 1.8% | Hotels, Restaurants & Leisure – 1.8% |
| 7840 | DoorDash, Inc., Class A\* | 1383525 |
| 4849 | Wingstop, Inc. | 1258364 |
|  |  | 2641889 |

---

---

| | | |
|:---|:---|:---|
| Shares | Description | Value |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Household Durables – 0.3% | Household Durables – 0.3% | Household Durables – 0.3% |
| 2707 | D.R. Horton, Inc. | $434176 |
| Interactive Media & Services – 10.4% | Interactive Media & Services – 10.4% | Interactive Media & Services – 10.4% |
| 12908 | Alphabet, Inc., Class A | 4024198 |
| 13781 | Alphabet, Inc., Class C | 4291817 |
| 10773 | Meta Platforms, Inc., Class A | 6982843 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15298858 |
| IT Services – 1.2% | IT Services – 1.2% | IT Services – 1.2% |
| 4927 | Cloudflare, Inc., Class A\* | 848380 |
| 5725 | Snowflake, Inc.\* | 964147 |
|  |  | 1812527 |
| Oil, Gas & Consumable Fuels – 1.7% | Oil, Gas & Consumable Fuels – 1.7% | Oil, Gas & Consumable Fuels – 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10278 | Targa Resources Corp. | 2423552 |
| Pharmaceuticals – 5.5% | Pharmaceuticals – 5.5% | Pharmaceuticals – 5.5% |
| 4876 | AstraZeneca PLC (United Kingdom) | 1016402 |
| 4651 | Eli Lilly & Co. | 4892806 |
| 8402 | Johnson & Johnson | 2087309 |
|  |  | 7996517 |
| Semiconductors & Semiconductor Equipment – 24.7% | Semiconductors & Semiconductor Equipment – 24.7% | Semiconductors & Semiconductor Equipment – 24.7% |
| 10718 | Advanced Micro Devices, Inc.\* | 2145851 |
| 5093 | Applied Materials, Inc. | 1896124 |
| 18386 | Broadcom, Inc. | 5875246 |
| 1089 | KLA Corp. | 1660235 |
| 13521 | Marvell Technology, Inc. | 1104530 |
| 3513 | Micron Technology, Inc. | 1448656 |
| 116166 | NVIDIA Corp. | 20583453 |
| 6570 | Texas Instruments, Inc. | 1393563 |
|  |  | 36107658 |
| Software – 13.0% | Software – 13.0% | Software – 13.0% |
| 3441 | AppLovin Corp., Class A\* | 1496044 |
| 7258 | Datadog, Inc., Class A\* | 812606 |
| 1968 | Intuit, Inc. | 804971 |
| 30771 | Microsoft Corp. | 12085002 |
| 6691 | Oracle Corp. | 972871 |
| 13505 | Palantir Technologies, Inc., Class A\* | 1852751 |
| 22963 | Samsara, Inc., Class A\* | 663631 |
| 2849 | Zscaler, Inc.\* | 418774 |
|  |  | 19106650 |
| Specialty Retail – 1.7% | Specialty Retail – 1.7% | Specialty Retail – 1.7% |
| 4208 | Home Depot, Inc. (The) | 1602070 |
| 4677 | Ross Stores, Inc. | 961778 |
|  |  | 2563848 |
| Technology Hardware, Storage & Peripherals – 7.0% | Technology Hardware, Storage & Peripherals – 7.0% | Technology Hardware, Storage & Peripherals – 7.0% |
| 38783 | Apple, Inc. | 10245693 |
| Textiles, Apparel & Luxury Goods – 0.8% | Textiles, Apparel & Luxury Goods – 0.8% | Textiles, Apparel & Luxury Goods – 0.8% |
| 24657 | On Holding AG, Class A (Switzerland)\* | 1146057 |
| Trading Companies & Distributors – 0.9% | Trading Companies & Distributors – 0.9% | Trading Companies & Distributors – 0.9% |
| 1492 | United Rentals, Inc. | 1253280 |
| TOTAL COMMON STOCKS<br>(Cost $63,695,969) | TOTAL COMMON STOCKS<br>(Cost $63,695,969) | 145342834 |

---

&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 GROWTH OPPORTUNITIES ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend Rate** | **Value** |
| Investment Company – 0.8%<sup>(a)</sup> | Investment Company – 0.8%<sup>(a)</sup> | Investment Company – 0.8%<sup>(a)</sup> |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1143688 | 3.589% | $1143688 |
| (Cost $1,143,688) | (Cost $1,143,688) | (Cost $1,143,688) |
| TOTAL INVESTMENTS – 100.0%<br>(Cost $64,839,657) | TOTAL INVESTMENTS – 100.0%<br>(Cost $64,839,657) | $146486522 |
|  **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (0.0)%** | **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (0.0)%** | (26771) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146459751 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents an affiliated issuer.

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—American Depositary Receipt |
| PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—Public Limited Company |

---

&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 TECHNOLOGY OPPORTUNITIES ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – 99.1% | Common Stocks – 99.1% |  |  |
| Automobiles – 2.9% | Automobiles – 2.9% |  |  |
| 42611 | Tesla, Inc.\* | $| 17151354 |
| Broadline Retail – 8.4% | Broadline Retail – 8.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49990 | Alibaba Group Holding Ltd. ADR (China) |  | 7204059 |
| 127552 | Amazon.com, Inc.\* |  | 26785920 |
| 88944 | eBay, Inc. |  | 8081452 |
| 4010 | MercadoLibre, Inc. (Brazil)\* |  | 7047896 |
|  |  |  | 49119327 |
| Communications Equipment – 3.9% | Communications Equipment – 3.9% |  |  |
| 73320 | Arista Networks, Inc.\* |  | 9788220 |
| 26787 | Motorola Solutions, Inc. |  | 12918299 |
|  |  |  | 22706519 |
| Electronic Equipment, Instruments & Components – 1.6% | Electronic Equipment, Instruments & Components – 1.6% | Electronic Equipment, Instruments & Components – 1.6% | Electronic Equipment, Instruments & Components – 1.6% |
| 35409 | Coherent Corp.\* |  | 9168452 |
| Entertainment – 1.9% | Entertainment – 1.9% |  |  |
| 21483 | Spotify Technology SA\* |  | 11062456 |
| Financial Services – 4.7% | Financial Services – 4.7% |  |  |
| 23720 | Mastercard, Inc., Class A |  | 12268221 |
| 47600 | Visa, Inc., Class A |  | 15238664 |
|  |  |  | 27506885 |
| Hotels, Restaurants & Leisure – 1.5% | Hotels, Restaurants & Leisure – 1.5% |  |  |
| 48082 | DoorDash, Inc., Class A\* |  | 8485030 |
| Interactive Media & Services – 13.5% | Interactive Media & Services – 13.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173190 | Alphabet, Inc., Class C |  | 53936561 |
| 39143 | Meta Platforms, Inc., Class A |  | 25371710 |
|  |  |  | 79308271 |
| IT Services – 4.3% | IT Services – 4.3% |  |  |
| 30021 | Cloudflare, Inc., Class A\* |  | 5169316 |
| 99275 | Shopify, Inc., Class A (Canada)\* |  | 11985471 |
| 47824 | Snowflake, Inc.\* |  | 8054040 |
|  |  |  | 25208827 |
| Semiconductors & Semiconductor Equipment – 36.5% | Semiconductors & Semiconductor Equipment – 36.5% |  |  |
| 72848 | Advanced Micro Devices, Inc.\* |  | 14584898 |
| 46580 | Applied Materials, Inc. |  | 17341734 |
| 61538 | Broadcom, Inc. |  | 19664468 |
| 9128 | KLA Corp. |  | 13916092 |
| 122893 | Marvell Technology, Inc. |  | 10039129 |
| 37100 | Micron Technology, Inc. |  | 15298927 |
| 461299 | NVIDIA Corp. |  | 81737570 |
| 76306 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan) |  | 28582702 |
| 59771 | Texas Instruments, Inc. |  | 12678027 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213843547 |
| Software – 12.6% | Software – 12.6% |  |  |
| 22820 | AppLovin Corp., Class A\* |  | 9921451 |
| 20354 | Cadence Design Systems, Inc.\* |  | 6134696 |
| 66454 | Datadog, Inc., Class A\* |  | 7440190 |
| 15643 | Intuit, Inc. |  | 6398456 |
| 64131 | Microsoft Corp. |  | 25186809 |
| 42927 | Palantir Technologies, Inc., Class A\* |  | 5889155 |
| 289448 | Samsara, Inc., Class A\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8365047 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |
| Software – (continued) | Software – (continued) |  |
| 29646 | Zscaler, Inc.\* | $4357666 |
|  |  | 73693470 |
| Specialized REITs – 3.0% | Specialized REITs – 3.0% |  |
| 18133 | Equinix, Inc. REIT | 17666257 |
| Technology Hardware, Storage & Peripherals – 4.3% | Technology Hardware, Storage & Peripherals – 4.3% |  |
| 95068 | Apple, Inc. | 25115064 |
|  **TOTAL COMMON STOCKS**<br> **(Cost $327,186,596)** | **TOTAL COMMON STOCKS**<br> **(Cost $327,186,596)** | 580035459 |
| **Shares** | **Dividend Rate** | **Value** |
| Investment Company – 0.9%<sup>(a)</sup> | Investment Company – 0.9%<sup>(a)</sup> |  |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5522264 | 3.589% | 5522264 |
|  **(Cost $5,522,264)** | **(Cost $5,522,264)** |  |
|  **TOTAL INVESTMENTS – 100.0%**<br> **(Cost $332,708,860)** | **TOTAL INVESTMENTS – 100.0%**<br> **(Cost $332,708,860)** | $585557723 |
|  **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (0.0)%** | **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (0.0)%** | (70219) |
|  **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585487504 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents an affiliated issuer.

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—American Depositary Receipt |
| REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 8 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS VALUE OPPORTUNITIES ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – 98.5% | Common Stocks – 98.5% |  |
| Aerospace & Defense – 2.4% | Aerospace & Defense – 2.4% | Aerospace & Defense – 2.4% |
| 2872 | L3Harris Technologies, Inc. | $1046959 |
| Banks – 8.4% | Banks – 8.4% | Banks – 8.4% |
| 36105 | Bank of America Corp. | 1799112 |
| 6111 | JPMorgan Chase & Co. | 1835133 |
|  |  | 3634245 |
| Broadline Retail – 3.8% | Broadline Retail – 3.8% | Broadline Retail – 3.8% |
| 7830 | Amazon.com, Inc.\* | 1644300 |
| Capital Markets – 4.3% | Capital Markets – 4.3% | Capital Markets – 4.3% |
| 11167 | Morgan Stanley | 1859417 |
| Chemicals – 2.6% | Chemicals – 2.6% | Chemicals – 2.6% |
| 3094 | Sherwin-Williams Co. (The) | 1121853 |
| Communications Equipment – 2.7% | Communications Equipment – 2.7% | Communications Equipment – 2.7% |
| 8687 | Arista Networks, Inc.\* | 1159715 |
| Consumer Finance – 3.7% | Consumer Finance – 3.7% | Consumer Finance – 3.7% |
| 8198 | Capital One Financial Corp. | 1603857 |
| Consumer Staples Distribution & Retail – 3.5% | Consumer Staples Distribution & Retail – 3.5% | Consumer Staples Distribution & Retail – 3.5% |
| 11798 | Walmart, Inc. | 1509554 |
| Containers & Packaging – 2.1% | Containers & Packaging – 2.1% | Containers & Packaging – 2.1% |
| 20938 | International Paper Co. | 911850 |
| Electric Utilities – 2.3% | Electric Utilities – 2.3% | Electric Utilities – 2.3% |
| 10750 | NextEra Energy, Inc. | 1008027 |
| Electrical Equipment – 5.7% | Electrical Equipment – 5.7% | Electrical Equipment – 5.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2920 | Eaton Corp. PLC | 1097686 |
| 3426 | Rockwell Automation, Inc. | 1395924 |
|  |  | 2493610 |
| Electronic Equipment, Instruments & Components – 1.6% | Electronic Equipment, Instruments & Components – 1.6% | Electronic Equipment, Instruments & Components – 1.6% |
| 2649 | Coherent Corp.\* | 685906 |
| Ground Transportation – 2.8% | Ground Transportation – 2.8% | Ground Transportation – 2.8% |
| 5995 | Old Dominion Freight Line, Inc. | 1217285 |
| Health Care Equipment & Supplies – 4.8% | Health Care Equipment & Supplies – 4.8% | Health Care Equipment & Supplies – 4.8% |
| 11733 | Abbott Laboratories | 1365135 |
| 9597 | Boston Scientific Corp.\* | 737529 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2102664 |
| Hotels, Restaurants & Leisure – 2.6% | Hotels, Restaurants & Leisure – 2.6% | Hotels, Restaurants & Leisure – 2.6% |
| 11680 | Starbucks Corp. | 1144874 |
| Household Products – 2.1% | Household Products – 2.1% | Household Products – 2.1% |
| 5549 | Procter & Gamble Co. (The) | 927793 |
| Industrial Conglomerates – 7.2% | Industrial Conglomerates – 7.2% | Industrial Conglomerates – 7.2% |
| 7616 | 3M Co. | 1259077 |
| 7575 | Honeywell International, Inc. | 1845194 |
|  |  | 3104271 |
| Interactive Media & Services – 5.0% | Interactive Media & Services – 5.0% | Interactive Media & Services – 5.0% |
| 6998 | Alphabet, Inc., Class A | 2181696 |
| Life Sciences Tools & Services – 3.3% | Life Sciences Tools & Services – 3.3% | Life Sciences Tools & Services – 3.3% |
| 2738 | Thermo Fisher Scientific, Inc. | 1426799 |
| Multi-Utilities – 3.6% | Multi-Utilities – 3.6% | Multi-Utilities – 3.6% |
| 13946 | Ameren Corp. | 1579803 |
| Oil, Gas & Consumable Fuels – 6.0% | Oil, Gas & Consumable Fuels – 6.0% | Oil, Gas & Consumable Fuels – 6.0% |
| 10588 | Chevron Corp. | 1977415 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |
| Oil, Gas & Consumable Fuels – (continued) | Oil, Gas & Consumable Fuels – (continued) | Oil, Gas & Consumable Fuels – (continued) |
| 5804 | Expand Energy Corp. | $626368 |
|  |  | 2603783 |
| Pharmaceuticals – 3.7% | Pharmaceuticals – 3.7% | Pharmaceuticals – 3.7% |
| 6419 | Johnson & Johnson | 1594672 |
| Residential REITs – 2.0% | Residential REITs – 2.0% | Residential REITs – 2.0% |
| 4870 | AvalonBay Communities, Inc. REIT | 863110 |
| Semiconductors & Semiconductor Equipment – 7.3% | Semiconductors & Semiconductor Equipment – 7.3% | Semiconductors & Semiconductor Equipment – 7.3% |
| 3114 | Advanced Micro Devices, Inc.\* | 623454 |
| 2629 | Applied Materials, Inc. | 978777 |
| 3769 | Micron Technology, Inc. | 1554222 |
|  |  | 3156453 |
| Specialty Retail – 2.5% | Specialty Retail – 2.5% | Specialty Retail – 2.5% |
| 6653 | TJX Cos., Inc. (The) | 1075524 |
| Wireless Telecommunication Services – 2.5% | Wireless Telecommunication Services – 2.5% | Wireless Telecommunication Services – 2.5% |
| 4950 | T-Mobile US, Inc. | 1074596 |
|  **TOTAL COMMON STOCKS**<br> **(Cost $37,864,033)** | **TOTAL COMMON STOCKS**<br> **(Cost $37,864,033)** | 42732616 |
| **Shares** | **Dividend Rate** | **Value** |
| Investment Company – 1.5%<sup>(a)</sup> | Investment Company – 1.5%<sup>(a)</sup> |  |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668152 | 3.589% | 668152 |
|  **(Cost $668,152)** | **(Cost $668,152)** |  |
|  **TOTAL INVESTMENTS – 100.0%**<br> **(Cost $38,532,185)** | **TOTAL INVESTMENTS – 100.0%**<br> **(Cost $38,532,185)** | $43400768 |
|  **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 0.0%** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 0.0%** | 15247 |
|  **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43416015 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents an affiliated issuer.

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—Public Limited Company |
| REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>9</sub>

------

GOLDMAN SACHS FUNDAMENTAL EQUITY ACTIVE ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Assets and Liabilities *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Enhanced U.S. Equity<br>ETF** | **Growth Opportunities<br>ETF** | **Technology<br>Opportunities ETF** | **Value Opportunities<br>ETF** |
| Assets: |  |  |  |  |
|  Investments in unaffiliated issuers, at value (cost $225,597,169, $63,695,969, $327,186,596 and $37,864,033, respectively) | $334457012 | $145342834 | $580035459 | $42732616 |
|  Investments in affiliated issuers, at value (cost $2,121,641, $1,143,688, $5,522,264 and $668,152, respectively) | 2121641 | 1143688 | 5522264 | 668152 |
|  Cash | 33856 |  |  | 7242 |
|  Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 283010 | 77823 | 244245 | 81757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold |  |  | 2267010 | 652962 |
|  Other assets | 40981 | 12435 |  |  |
|  **Total assets** | 336936500 | 146576780 | 588068978 | 44142729 |
| Liabilities: |  |  |  |  |
|  Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued professional fees | 69387 | 31382 | 48106 | 32095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody, accounting and administrative services | 41527 | 27610 | 54537 | 18240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 35645 |  |  | 631898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 33347 | 21747 | 125575 | 6360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued Miscellaneous expense | 24577 | 23991 | 26747 | 23590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued Printing and mailing costs | 1509 | 11584 | 35468 | 13992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed |  |  | 2275194 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees |  | 238 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 578 | 477 | 15847 | 539 |
|  **Total liabilities** | 206570 | 117029 | 2581474 | 726714 |
| Net Assets: |  |  |  |  |
|  Paid-in capital | 171515838 | 35793230 | 182872170 | 34657883 |
|  Total distributable earnings | 165214092 | 110666521 | 402615334 | 8758132 |
|  **NET ASSETS** | $336729930 | $146459751 | $585487504 | $43416015 |
|  **SHARES ISSUED AND OUTSTANDING** |  |  |  |  |
|  Shares outstanding no par value (unlimited shares authorized): | 8187760 <sup>(a)</sup> | 3804554 <sup>(b)</sup> | 15440110 <sup>(c)</sup> | 1034492 <sup>(d)</sup> |
|  Net asset value per share: | $41.13 | $38.50 | $37.92 | $41.97 |

---

<sup>(a)</sup> Goldman Sachs Enhanced U.S. Equity ETF acquired all of the assets and liabilities of the Goldman Sachs Enhanced U.S. Equity Fund ("EUSE Predecessor Fund") in a reorganization that occurred as of the close of business on November 14, 2025. Performance and financial history of the EUSE Predecessor Fund's Institutional Class Shares have been adopted by Goldman Sachs Enhanced U.S. Equity ETF and will be used going forward. As a result, the information prior to November 14, 2025, reflects that of the EUSE Predecessor Fund's Institutional Class Shares. The EUSE Predecessor Fund ceased operations as of the date of the reorganization (See Note 1). 

<sup>(b)</sup> Goldman Sachs Growth Opportunities ETF acquired all of the assets and liabilities of the Goldman Sachs Strategic Growth Fund ("SG Predecessor Fund") in a reorganization that occurred as of the close of business on November 14, 2025. Performance and financial history of the SG Predecessor Fund's Institutional Class Shares have been adopted by Goldman Sachs Growth Opportunities ETF and will be used going forward. As a result, the information prior to November 14, 2025, reflects that of the SG Predecessor Fund's Institutional Class Shares. The SG Predecessor Fund ceased operations as of the date of the reorganization (See Note 1). 

<sup>(c)</sup> Goldman Sachs Technology Opportunities ETF acquired all of the assets and liabilities of the Goldman Sachs Technology Opportunities Fund ("TO Predecessor Fund") in a reorganization that occurred as of the close of business on December 5, 2025. Performance and financial history of the TO Predecessor Fund's Institutional Class Shares have been adopted by Goldman Sachs Technology Opportunities ETF and will be used going forward. As a result, the information prior to December 5, 2025, reflects that of the TO Predecessor Fund's Institutional Class Shares. The TO Predecessor Fund ceased operations as of the date of the reorganization (See Note 1). 

<sup>(d)</sup> Goldman Sachs Value Opportunities ETF acquired all of the assets and liabilities of the Goldman Sachs Focused Value Fund ("FV Predecessor Fund") in a reorganization that occurred as of the close of business on November 14, 2025. Performance and financial history of the FV Predecessor Fund's Institutional Class Shares have been adopted by Goldman Sachs Value Opportunities ETF and will be used going forward. As a result, the information prior to November 14, 2025, reflects that of the FV Predecessor Fund's Institutional Class Shares. The FV Predecessor Fund ceased operations as of the date of the reorganization (See Note 1). 

&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 FUNDAMENTAL EQUITY ACTIVE ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Operations *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Enhanced U.S.<br>Equity ETF<sup>(a)</sup>** | **Growth<br>Opportunities ETF<sup>(b)</sup>** | **Technology<br>Opportunities ETF<sup>(c)</sup>** | **Value Opportunities<br>ETF<sup>(d)</sup>** |
| Investment income: |  |  |  |  |
| Dividends — unaffiliated issuers (net of foreign withholding taxes of $2,865, $391, $33,682 and $253, respectively) | $1822373 | $390068 | $1393625 | $362620 |
|  Dividends — affiliated issuers | 51303 | 25793 | 196857 | 12220 |
| Securities lending income, net of rebates received or paid to borrowers – unaffiliated issuer | 100 | 982 | 3976 |  |
|  **Total Investment Income** | 1873776 | 416843 | 1594458 | 374840 |
| Expenses: |  |  |  |  |
|  Management fees | 774175 | 485618 | 3207665 | 137044 |
|  Professional fees | 184415 | 47908 | 73059 | 49754 |
|  Registration fees | 139398 | 60994 | 108450 | 79330 |
|  Transfer Agency fees | 45559 | 28502 | 241132 | 5421 |
|  Printing and mailing costs | 33236 | 27260 | 97343 | 22078 |
|  Distribution and/or Service (12b-1) fees | 30720 | 30853 | 341141 | 1195 |
|  Custody, accounting and administrative services | 23280 | 13607 | 36198 | 12495 |
|  Trustee fees | 10248 | 9973 | 14293 | 9896 |
|  Service fees — | 1826 | 3256 | 24231 | 126 |
|  Other | 28330 | 25589 | 32668 | 24373 |
|  **Total expenses** | 1271187 | 733560 | 4176180 | 341712 |
|  Less — expense reductions | (476312) | (229182) | (1054120) | (204589) |
|  **Net expenses** | 794875 | 504378 | 3122060 | 137123 |
|  **NET INVESTMENT INCOME (LOSS)** | 1078901 | (87535) | (1527602) | 237717 |
| Realized and Unrealized gain (loss): |  |  |  |  |
|  Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 19776004 | 34118346 | 215091999 | 1505419 |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 49553069 | 14668235 |  | 2498859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (385) | 6 |  |  |
|  Net change in unrealized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | (43657236) | (42774949) | (182439823) | (2492209) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations |  | 3 |  | 5 |
|  **Net realized and unrealized gain** | 25671452 | 6011641 | 32652176 | 1512074 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $&nbsp;&nbsp;&nbsp;&nbsp;26750353 | $&nbsp;&nbsp;&nbsp;&nbsp;5924106 | $&nbsp;&nbsp;&nbsp;&nbsp;31124574 | $&nbsp;&nbsp;&nbsp;&nbsp;1749791 |

---

<sup>(a)</sup> Goldman Sachs Enhanced U.S. Equity ETF acquired all of the assets and liabilities of the Goldman Sachs Enhanced U.S. Equity Fund ("EUSE Predecessor Fund") in a reorganization that occurred as of the close of business on November 14, 2025. Performance and financial history of the EUSE Predecessor Fund's Institutional Class Shares have been adopted by Goldman Sachs Enhanced U.S. Equity ETF and will be used going forward. As a result, the information prior to November 14, 2025, reflects that of the EUSE Predecessor Fund's Institutional Class Shares. The EUSE Predecessor Fund ceased operations as of the date of the reorganization (See Note 1).

<sup>(b)</sup> Goldman Sachs Growth Opportunities ETF acquired all of the assets and liabilities of the Goldman Sachs Strategic Growth Fund ("SG Predecessor Fund") in a reorganization that occurred as of the close of business on November 14, 2025. Performance and financial history of the SG Predecessor Fund's Institutional Class Shares have been adopted by Goldman Sachs Growth Opportunities ETF and will be used going forward. As a result, the information prior to November 14, 2025, reflects that of the SG Predecessor Fund's Institutional Class Shares. The SG Predecessor Fund ceased operations as of the date of the reorganization (See Note 1).

<sup>(c)</sup> Goldman Sachs Technology Opportunities ETF acquired all of the assets and liabilities of the Goldman Sachs Technology Opportunities Fund ("TO Predecessor Fund") in a reorganization that occurred as of the close of business on December 5, 2025. Performance and financial history of the TO Predecessor Fund's Institutional Class Shares have been adopted by Goldman Sachs Technology Opportunities ETF and will be used going forward. As a result, the information prior to December 5, 2025, reflects that of the TO Predecessor Fund's Institutional Class Shares. The TO Predecessor Fund ceased operations as of the date of the reorganization (See Note 1).

&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 FUNDAMENTAL EQUITY ACTIVE ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Operations (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(d)</sup> Goldman Sachs Value Opportunities ETF acquired all of the assets and liabilities of the Goldman Sachs Focused Value Fund ("FV Predecessor Fund") in a reorganization that occurred as of the close of business on November 14, 2025. Performance and financial history of the FV Predecessor Fund's Institutional Class Shares have been adopted by Goldman Sachs Value Opportunities ETF and will be used going forward. As a result, the information prior to November 14, 2025, reflects that of the FV Predecessor Fund's Institutional Class Shares. The FV Predecessor Fund ceased operations as of the date of the reorganization (See Note 1).

&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 FUNDAMENTAL EQUITY ACTIVE ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Enhanced U.S. Equity ETF<sup>(a)</sup>** | **Enhanced U.S. Equity ETF<sup>(a)</sup>** | **Growth Opportunities ETF<sup>(b)</sup>** | **Growth Opportunities ETF<sup>(b)</sup>** |
|  | **For the**<br> **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **For the Fiscal**<br> **Year Ended<br>August 31, 2025** | **For the**<br> **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **For the Fiscal**<br> **Year Ended<br>August 31, 2025** |
| From operations: |  |  |  |  |
|  Net investment income (loss) | $1078901 | $2760008 | $(87535) | $(564573) |
|  Net realized gain | 69328688 | 9775930 | 48786587 | 25930692 |
|  Net change in unrealized gain (loss) | (43657236) | 47040002 | (42774946) | 17587594 |
| **Net increase in net assets resulting from operations** | 26750353 | 59575940 | 5924106 | 42953713 |
| Distributions to shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares |  | (689684) |  | (3265749) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares |  | (71096) |  | (201375) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (22478355) | (2153683) | (43752590) | (3230319) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares |  |  |  | (98126) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares |  | (748134) |  | (1455697) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares |  | (556892) |  | (380647) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares |  | (11722) |  | (130929) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares |  | (5096372) |  | (4763573) |
|  **Total distributions to shareholders** | (22478355) | (9327583) | (43752590) | (13526415) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 65349533 | 133217066 | 18566063 | 19742886 |
|  Proceeds received in connection with merger |  | 21250425 |  |  |
|  Reinvestment of distributions | 19942531 | 9310592 | 42910098 | 13316185 |
|  Cost of shares redeemed | (207898876) | (103164627) | (75284477) | (51682411) |
| **Net increase (decrease) in net assets resulting from share transactions** | (122606812) | 60613456 | (13808316) | (18623340) |
|  **TOTAL INCREASE (DECREASE)** | (118334814) | 110861813 | (51636800) | 10803958 |
| Net Assets: |  |  |  |  |
|  Beginning of period | $455064744 | $344202931 | $198096551 | $187292593 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336729930 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455064744 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146459751 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198096551 |

---

<sup>(a)</sup> Goldman Sachs Enhanced U.S. Equity ETF acquired all of the assets and liabilities of the Goldman Sachs Enhanced U.S. Equity Fund ("EUSE Predecessor Fund") in a reorganization that occurred as of the close of business on November 14, 2025. Performance and financial history of the EUSE Predecessor Fund's Institutional Class Shares have been adopted by Goldman Sachs Enhanced U.S. Equity ETF and will be used going forward. As a result, the information prior to November 14, 2025, reflects that of the EUSE Predecessor Fund's Institutional Class Shares. The EUSE Predecessor Fund ceased operations as of the date of the reorganization (See Note 1). 

<sup>(b)</sup> Goldman Sachs Growth Opportunities ETF acquired all of the assets and liabilities of the Goldman Sachs Strategic Growth Fund ("SG Predecessor Fund") in a reorganization that occurred as of the close of business on November 14, 2025. Performance and financial history of the SG Predecessor Fund's Institutional Class Shares have been adopted by Goldman Sachs Growth Opportunities ETF and will be used going forward. As a result, the information prior to November 14, 2025, reflects that of the SG Predecessor Fund's Institutional Class Shares. The SG Predecessor Fund ceased operations as of the date of the reorganization (See Note 1). 

&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 FUNDAMENTAL EQUITY ACTIVE ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Technology Opportunities ETF<sup>(a)</sup>** | **Technology Opportunities ETF<sup>(a)</sup>** | **Value Opportunities ETF<sup>(b)</sup>** | **Value Opportunities ETF<sup>(b)</sup>** |
|  | **For the**<br> **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **For the Fiscal**<br> **Year Ended<br>August 31, 2025** | **For the**<br> **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **For the Fiscal<br>Year Ended<br>August 31, 2025** |
| From operations: |  |  |  |  |
|  Net investment income (loss) | $(1527602) | $(3914225) | $237717 | $744532 |
|  Net realized gain | 215091999 | 145069858 | 4004278 | 6809999 |
|  Net change in unrealized gain (loss) | (182439823) | 50338482 | (2492204) | (2965642) |
| **Net increase in net assets resulting from operations** | 31124574 | 191494115 | 1749791 | 4588889 |
| Distributions to shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares |  | (18373555) |  | (122318) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares |  | (1466043) |  | (13203) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (188464515) | (4834784) | (6180778) | (460339) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares |  | (531742) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares |  | (1188312) |  | (402420) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares |  | (3080839) |  | (176320) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares |  |  |  | (1334) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares |  | (4584849) |  | (3864721) |
|  **Total distributions to shareholders** | (188464515) | (34060124) | (6180778) | (5040655) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 77778367 | 116702005 | 6725769 | 10430799 |
|  Reinvestment of distributions | 179458891 | 32709127 | 5671308 | 5040654 |
|  Cost of shares redeemed | (417198725) | (188983919) | (23673475) | (12580800) |
| **Net increase (decrease) in net assets resulting from share transactions** | (159961467) | (39572787) | (11276398) | 2890653 |
|  **TOTAL INCREASE (DECREASE)** | (317301408) | 117861204 | (15707385) | 2438887 |
| Net Assets: |  |  |  |  |
|  Beginning of period | $902788912 | $784927708 | $59123400 | $56684513 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585487504 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902788912 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43416015 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59123400 |

---

<sup>(a)</sup> Goldman Sachs Technology Opportunities ETF acquired all of the assets and liabilities of the Goldman Sachs Technology Opportunities Fund ("TO Predecessor Fund") in a reorganization that occurred as of the close of business on December 5, 2025. Performance and financial history of the TO Predecessor Fund's Institutional Class Shares have been adopted by Goldman Sachs Technology Opportunities ETF and will be used going forward. As a result, the information prior to December 5, 2025, reflects that of the TO Predecessor Fund's Institutional Class Shares. The TO Predecessor Fund ceased operations as of the date of the reorganization (See Note 1). 

<sup>(b)</sup> Goldman Sachs Value Opportunities ETF acquired all of the assets and liabilities of the Goldman Sachs Focused Value Fund ("FV Predecessor Fund") in a reorganization that occurred as of the close of business on November 14, 2025. Performance and financial history of the FV Predecessor Fund's Institutional Class Shares have been adopted by Goldman Sachs Value Opportunities ETF and will be used going forward. As a result, the information prior to November 14, 2025, reflects that of the FV Predecessor Fund's Institutional Class Shares. The FV Predecessor Fund ceased operations as of the date of the reorganization (See Note 1). 

&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 ENHANCED U.S. EQUITY 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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Enhanced U.S. Equity ETF<sup>(a)</sup>** | **Enhanced U.S. Equity ETF<sup>(a)</sup>** | **Enhanced U.S. Equity ETF<sup>(a)</sup>** | **Enhanced U.S. Equity ETF<sup>(a)</sup>** | **Enhanced U.S. Equity ETF<sup>(a)</sup>** | **Enhanced U.S. Equity ETF<sup>(a)</sup>** |
|  | **For the Six Months<br>Ended<br>February 28, 2026<br>(Unaudited)** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** |
|  | **For the Six Months<br>Ended<br>February 28, 2026<br>(Unaudited)** | <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025**  | **2024** | **2023** | **2022** | **2021** |
| Per Share Operating Performance: |  |  |  |  |  |  |
|  Net asset value, beginning of period | $24.15 | $21.84 | $17.62 | $15.53 | $18.56 | $15.01 |
|  Net investment income<sup>(b)</sup> | 0.19 | 0.16 | 0.16 | 0.15 | 0.13 | 0.09 |
|  Net realized and unrealized gain (loss) | 18.37 | 2.66 | 4.28 | 2.59 | (2.04) | 4.31 |
|  Total from investment operations | 18.56 | 2.82 | 4.44 | 2.74 | (1.91) | 4.40 |
|  Distributions to shareholders from net investment income | (0.29) | (0.13) | (0.08) | (0.12) | (0.09) | (0.11) |
|  Distributions to shareholders from net realized gains | (1.29) | (0.38) | (0.14) | (0.53) | (1.03) | (0.74) |
|  Total distributions | (1.58) | (0.51) | (0.22) | (0.65) | (1.12) | (0.85) |
|  Net asset value, end of period | $41.13 | $24.15 | $21.84 | $17.62 | $15.53 | $18.56 |
|  Market price, end of period | $41.08 | $– | $– | $– | $– | $– |
|  **Total Return at Net Asset Value<sup>(c)</sup>** | 15.19% | 13.00% | 25.46% | 18.30% | (11.10)% | 30.62% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336730 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94697 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46799 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12776 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8832 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4514 |
|  Ratio of net expenses to average net assets | 0.43 %<sup>(d)</sup> | 0.56% | 0.57% | 0.59% | 0.59% | 0.59% |
|  Ratio of total expenses to average net assets | 0.69 %<sup>(d)</sup> | 0.72% | 0.89% | 1.18% | 1.24% | 1.46% |
|  Ratio of net investment income to average net assets | 0.58 %<sup>(d)</sup> | 0.70% | 0.82% | 0.91% | 0.78% | 0.54% |
|  Portfolio turnover rate<sup>(e)</sup> | 45% | 73% | 79% | 63% | 49% | 43% |

---

<sup>(a)</sup> Goldman Sachs Enhanced U.S. Equity ETF acquired all of the assets and liabilities of the Goldman Sachs Enhanced U.S. Equity Fund ("EUSE Predecessor Fund") in a reorganization that occurred as of the close of business on November 14, 2025. Performance and financial history of the EUSE Predecessor Fund's Institutional Class Shares have been adopted by Goldman Sachs Enhanced U.S. Equity ETF and will be used going forward. As a result, the information prior to November 14, 2025, reflects that of the EUSE Predecessor Fund's Institutional Class Shares. The EUSE Predecessor Fund ceased operations as of the date of the reorganization (See Note 1). 

<sup>(b)</sup> Calculated based on the average shares outstanding methodology.

<sup>(c)</sup> Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. 

<sup>(d)</sup> Annualized.

<sup>(e)</sup> The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **15** |

---

------

GOLDMAN SACHS GROWTH OPPORTUNITIES 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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Growth Opportunities ETF<sup>(a)</sup>** | **Growth Opportunities ETF<sup>(a)</sup>** | **Growth Opportunities ETF<sup>(a)</sup>** | **Growth Opportunities ETF<sup>(a)</sup>** | **Growth Opportunities ETF<sup>(a)</sup>** | **Growth Opportunities ETF<sup>(a)</sup>** |
|  | **For the Six Months<br>Ended<br>February 28, 2026<br>(Unaudited)** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** |
|  | **For the Six Months<br>Ended<br>February 28, 2026<br>(Unaudited)** | <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025**  | **2024** | **2023** | **2022** | **2021** |
| Per Share Operating Performance: |  |  |  |  |  |  |
|  Net asset value, beginning of period | $15.04 | $12.86 | $10.69 | $9.72 | $14.50 | $12.88 |
|  Net investment loss<sup>(b)</sup> | (0.02) | (0.03) | (0.01) | – <sup>(c)</sup> | (0.03) | (0.03) |
|  Net realized and unrealized gain (loss) | 27.09 | 3.12 | 2.68 | 1.95 | (3.24) | 3.42 |
|  Total from investment operations | 27.07 | 3.09 | 2.67 | 1.95 | (3.27) | 3.39 |
|  Distributions to shareholders from net realized gains | (3.61) | (0.91) | (0.50) | (0.98) | (1.51) | (1.77) |
|  Net asset value, end of period | $38.50 | $15.04 | $12.86 | $10.69 | $9.72 | $14.50 |
|  Market price, end of period | $38.46 | $– | $– | $– | $– | $– |
|  **Total Return at Net Asset Value<sup>(d)</sup>** | 14.64% | 24.63% | 25.86% | 22.54% | (25.16)% | 29.65% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146460 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49367 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50267 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40849 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62894 |
|  Ratio of net expenses to average net assets | 0.60 %<sup>(e)</sup> | 0.75% | 0.75% | 0.76% | 0.75% | 0.75% |
|  Ratio of total expenses to average net assets | 0.87 %<sup>(e)</sup> | 0.95% | 0.96% | 1.00% | 0.92% | 0.93% |
|  Ratio of net investment loss to average net assets | (0.10)%<sup>(e)</sup> | (0.23)% | (0.13)% | (0.03)% | (0.25)% | (0.23)% |
|  Portfolio turnover rate<sup>(f)</sup> | 29% | 38% | 39% | 33% | 24% | 31% |

---

<sup>(a)</sup> Goldman Sachs Growth Opportunities ETF acquired all of the assets and liabilities of the Goldman Sachs Strategic Growth Fund ("SG Predecessor Fund") in a reorganization that occurred as of the close of business on November 14, 2025. Performance and financial history of the SG Predecessor Fund's Institutional Class Shares have been adopted by Goldman Sachs Growth Opportunities ETF and will be used going forward. As a result, the information prior to November 14, 2025, reflects that of the SG Predecessor Fund's Institutional Class Shares. The SG Predecessor Fund ceased operations as of the date of the reorganization (See Note 1). 

<sup>(b)</sup> Calculated based on the average shares outstanding methodology.

<sup>(c)</sup> Amount is less than $0.005 per share. 

<sup>(d)</sup> Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. 

<sup>(e)</sup> Annualized.

<sup>(f)</sup> The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 16 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES 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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Technology Opportunities ETF<sup>(a)</sup>** | **Technology Opportunities ETF<sup>(a)</sup>** | **Technology Opportunities ETF<sup>(a)</sup>** | **Technology Opportunities ETF<sup>(a)</sup>** | **Technology Opportunities ETF<sup>(a)</sup>** | **Technology Opportunities ETF<sup>(a)</sup>** |
|  | **For the Six Months<br>Ended<br>February 28, 2026<br>(Unaudited)** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** |
|  | **For the Six Months<br>Ended<br>February 28, 2026<br>(Unaudited)** | <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025**  | **2024** | **2023** | **2022** | **2021** |
| Per Share Operating Performance: |  |  |  |  |  |  |
|  Net asset value, beginning of period | $40.60 | $33.53 | $25.82 | $25.38 | $41.40 | $34.57 |
|  Net investment loss<sup>(b)</sup> | (0.17) | (0.01) | (0.06) | (0.05) | (0.13) | (0.16) |
|  Net realized and unrealized gain (loss) | 5.75 | 8.42 | 7.77 | 4.48 | (10.59) | 9.64 |
|  Total from investment operations | 5.58 | 8.30 | 7.71 | 4.43 | (10.72) | 9.48 |
|  Distributions to shareholders from net realized gains | (8.26) | (1.23) |  | (3.99) | (5.30) | (2.65) |
|  Net asset value, end of period | $37.92 | $40.60 | $33.53 | $25.82 | $25.38 | $41.40 |
|  Market price, end of period | $37.75 | $– | $– | $– | $– | $– |
|  **Total Return at Net Asset Value<sup>(c)</sup>** | 14.28% | 25.07% | 29.86% | 22.37% | (29.38)% | 29.42% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585488 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147013 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129278 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91673 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97095 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190705 |
|  Ratio of net expenses to average net assets | 0.81 %<sup>(d)</sup> | 0.89% | 0.88% | 0.93% | 0.97% | 0.98% |
|  Ratio of total expenses to average net assets | 1.09 %<sup>(d)</sup> | 1.03% | 1.03% | 1.06% | 1.04% | 1.04% |
|  Ratio of net investment loss to average net assets | (0.40)%<sup>(d)</sup> | (0.32)% | (0.21)% | (0.22)% | (0.40)% | (0.44)% |
|  Portfolio turnover rate<sup>(e)</sup> | 38% | 60% | 37% | 36% | 51% | 41% |

---

<sup>(a)</sup> Goldman Sachs Technology Opportunities ETF acquired all of the assets and liabilities of the Goldman Sachs Technology Opportunities Fund ("TO Predecessor Fund") in a reorganization that occurred as of the close of business on December 5, 2025. Performance and financial history of the TO Predecessor Fund's Institutional Class Shares have been adopted by Goldman Sachs Technology Opportunities ETF and will be used going forward. As a result, the information prior to December 5, 2025, reflects that of the TO Predecessor Fund's Institutional Class Shares. The TO Predecessor Fund ceased operations as of the date of the reorganization (See Note 1). 

<sup>(b)</sup> Calculated based on the average shares outstanding methodology.

<sup>(c)</sup> Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. 

<sup>(d)</sup> Annualized.

<sup>(e)</sup> The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **17** |

---

------

GOLDMAN SACHS VALUE OPPORTUNITIES 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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Value Opportunities ETF<sup>(a)</sup>** | **Value Opportunities ETF<sup>(a)</sup>** | **Value Opportunities ETF<sup>(a)</sup>** | **Value Opportunities ETF<sup>(a)</sup>** | **Value Opportunities ETF<sup>(a)</sup>** | **Value Opportunities ETF<sup>(a)</sup>** |
|  | **For the Six Months<br>Ended<br>February 28, 2026<br>(Unaudited)** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** |
|  | **For the Six Months<br>Ended<br>February 28, 2026<br>(Unaudited)** | <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025**  | **2024** | **2023** | **2022** | **2021** |
| Per Share Operating Performance: |  |  |  |  |  |  |
|  Net asset value, beginning of period | $16.17 | $16.31 | $13.46 | $13.14 | $14.92 | $11.29 |
|  Net investment income<sup>(b)</sup> | 0.19 | 0.20 | 0.22 | 0.19 | 0.16 | 0.11 |
|  Net realized and unrealized gain (loss) | 27.89 | 1.13 | 2.86 | 1.46 | (0.97) | 3.77 |
|  Total from investment operations | 28.08 | 1.33 | 3.08 | 1.65 | (0.81) | 3.88 |
|  Distributions to shareholders from net investment income | (0.47) | (0.21) | (0.20) | (0.16) | (0.11) | (0.01) |
|  Distributions to shareholders from net realized gains | (1.81) | (1.26) | (0.03) | (1.17) | (0.86) | (0.14) |
|  Total distributions | (2.28) | (1.47) | (0.23) | (1.33) | (0.97) | (0.25) |
|  Net asset value, end of period | $41.97 | $16.17 | $16.31 | $13.46 | $13.14 | $14.92 |
|  Market price, end of period | $41.94 | $– | $– | $– | $– | $– |
|  **Total Return at Net Asset Value<sup>(c)</sup>** | 6.66% | 8.33% | 23.16% | 13.13% | (5.98)% | 34.80% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43416 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5253 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4836 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2310 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2167 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5999 |
|  Ratio of net expenses to average net assets | 0.57 %<sup>(d)</sup> | 0.69% | 0.69% | 0.71% | 0.73% | 0.73% |
|  Ratio of total expenses to average net assets | 1.41 %<sup>(d)</sup> | 1.30% | 1.33% | 1.36% | 1.41% | 1.65% |
|  Ratio of net investment income to average net assets | 0.98 %<sup>(d)</sup> | 1.29% | 1.50% | 1.46% | 1.10% | 0.82% |
|  Portfolio turnover rate<sup>(e)</sup> | 43% | 109% | 85% | 82% | 78% | 78% |

---

<sup>(a)</sup> Goldman Sachs Value Opportunities ETF acquired all of the assets and liabilities of the Goldman Sachs Focused Value Fund ("FV Predecessor Fund") in a reorganization that occurred as of the close of business on November 14, 2025. Performance and financial history of the FV Predecessor Fund's Institutional Class Shares have been adopted by Goldman Sachs Value Opportunities ETF Fund and will be used going forward. As a result, the information prior to November 14, 2025, reflects that of the FV Predecessor Fund's Institutional Class Shares. The FV Predecessor Fund ceased operations as of the date of the reorganization (See Note 1). 

<sup>(b)</sup> Calculated based on the average shares outstanding methodology.

<sup>(c)</sup> Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. 

<sup>(d)</sup> Annualized.

<sup>(e)</sup> The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 18 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS FUNDAMENTAL EQUITY ACTIVE ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. ORGANIZATION

Goldman Sachs ETF Trust (the "Trust") is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the "Act"), consisting of multiple series. The Trust was organized as a Delaware statutory trust on December 16, 2009. The following table lists those series of the Trust that are included in this report (collectively, the "Funds" or individually a "Fund") along with their respective diversification status under the Act:

---

| | |
|:---|:---|
| Fund | **Diversified/**<br> **Non-Diversified** |
| Goldman Sachs Enhanced U.S. Equity ETF<sup>(a)</sup> | Diversified |
| Goldman Sachs Growth Opportunities ETF<sup>(a)</sup> | Non-Diversified |
| Goldman Sachs Technology Opportunities ETF<sup>(b)</sup> | Diversified |
| Goldman Sachs Value Opportunities ETF<sup>(a)</sup> | Non-Diversified |
|  <sup>(a)</sup> Commenced operations on November 14, 2025.<br> <sup>(b)</sup> Commenced operations on December 5, 2025. | <sup>(a)</sup> Commenced operations on November 14, 2025.<br> <sup>(b)</sup> Commenced operations on December 5, 2025. |
|  <sup>(a)</sup> Commenced operations on November 14, 2025.<br> <sup>(b)</sup> Commenced operations on December 5, 2025. | <sup>(a)</sup> Commenced operations on November 14, 2025.<br> <sup>(b)</sup> Commenced operations on December 5, 2025. |

---

Pursuant to Agreements and Plans of Reorganization and Liquidation previously approved by the Board of Trustees of Goldman Sachs Trust, the Goldman Sachs Enhanced U.S. Equity Fund, Goldman Sachs Strategic Growth Fund, Goldman Sachs Focused Value Fund, and Goldman Sachs Technology Opportunities Fund (each, an "Acquired Fund") were reorganized into the Goldman Sachs Enhanced U.S. Equity ETF, Goldman Sachs Growth Opportunities ETF, Goldman Sachs Value Opportunities ETF, and Goldman Sachs Technology Opportunities ETF (each, an "Acquiring Fund"), respectively (each, a "Reorganization"). The Reorganizations for the Goldman Sachs Enhanced U.S. Equity Fund, Goldman Sachs Strategic Growth Fund, and Goldman Sachs Focused Value Fund were effective as of the close of business on November 14, 2025, and the Reorganization for the Goldman Sachs Technology Opportunities Fund was effective as of the close of business on December 5, 2025 (each, a "Closing Date").

Following the Reorganizations, the Acquired Funds' performance (Institutional Class Shares) and financial history were adopted by the respective Acquiring Funds. In connection with the Reorganizations, each shareholder of each Acquired Fund (except as noted below) received shares of the respective surviving Acquiring Fund equal in value to the number of shares of the Acquired Fund they owned on the applicable Closing Date, including a cash payment in lieu of fractional shares of the respective Acquiring Fund, which might have been taxable. Shareholders of the Acquired Funds who held their shares through a fund direct individual retirement account and did not take action prior to the Reorganizations had their Acquired Fund shares exchanged for shares of Goldman Sachs Financial Square Government Fund equal in value to their Acquired Fund shares. Each Acquiring Fund has the same investment adviser, investment objective and fundamental investment policies and substantially similar investment strategies as each respective Acquired Fund. Effective as of the close of business on the applicable Closing Date, the Acquired Funds ceased operations in connection with the consummation of their respective Reorganization.

Costs incurred by the Acquiring Funds and the Acquired Funds associated with the Reorganizations (including the legal costs associated with the Reorganizations) were borne by the investment adviser by waiving fees or reimbursing expenses to offset the costs incurred by the Acquiring Funds or Acquired Funds associated with the Reorganizations, including any brokerage fees and expenses incurred by the Acquiring Funds or Acquired Funds related to the disposition and acquisition of assets as part of the Reorganizations. Brokerage fees and expenses related to the disposition and acquisition of assets (including any disposition to raise cash to pay redemption proceeds) that were incurred in the ordinary course of business were borne by the Acquiring Funds and the Acquired Funds. The management fee of each Acquiring Fund is lower than those of each respective Acquired Fund, and the Acquiring Funds employ a unitary fee structure pursuant to which the investment adviser bears all operating expenses of the Funds, subject to limited exceptions, and thus are expected to result in lower net expense ratios than each share class of the respective Acquired Fund. The Reorganizations did not result in a material change to the Acquired Funds' portfolio holdings. There are no material differences in accounting policies of the Acquired Funds as compared to those of the Acquiring Funds.

The Acquiring Funds did not purchase or sell securities following the Reorganizations for purposes of realigning its investment portfolio. Accordingly, the Reorganizations of the Acquired Funds did not affect the corresponding Acquiring Fund's portfolio turnover ratio for the period ended February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**19**

------

GOLDMAN SACHS FUNDAMENTAL EQUITY ACTIVE ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&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 (continued)

The investment objective of each Fund, except the Goldman Sachs Value Opportunities ETF, is to seek long-term growth of capital. The investment objective of the Goldman Sachs Value Opportunities ETF is to seek long-term capital appreciation.

Goldman Sachs Asset Management, L.P. ("GSAM or the Investment Adviser"), an affiliate of Goldman Sachs & Co. LLC ("Goldman Sachs"), serves as investment adviser to the Funds pursuant to a management agreement (the "Agreement") with the Trust. Each Fund is an exchange-traded fund ("ETF"). Shares of the Goldman Sachs Enhanced U.S. Equity ETF, Goldman Sachs Growth Opportunities ETF, Goldman Sachs Technology Opportunities ETF, and Goldman Sachs Value Opportunities ETF are listed and traded on The NASDAQ Stock Market LLC ("NASDAQ"). Market prices for the Funds' shares may be different from their net asset value ("NAV"). The Funds issue and redeem shares at their respective NAV only in blocks of a specified number of shares, or multiples thereof, referred to as "Creation Units". Creation Units are issued and redeemed generally for a designated portfolio of securities (including any portion of such securities for which cash may be substituted) and a specified amount of cash. Shares generally trade in the secondary market in quantities less than a Creation Unit at market prices that change throughout the day. Only those that have entered into an authorized participant agreement with ALPS Distributors, Inc. (the "Distributor") may do business directly with the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;A. Investment Valuation — The Funds' valuation policy is to value investments at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;C. Expenses — Expenses incurred directly by a Fund are charged to the Fund, and certain expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis, depending upon the nature of the expenses, and are accrued daily.

&nbsp;&nbsp;&nbsp;&nbsp;D. Federal Taxes and Distributions to Shareholders — It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Code"), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid annually for the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

20.0 ------

GOLDMAN SACHS FUNDAMENTAL EQUITY ACTIVE ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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:

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**21**

------

GOLDMAN SACHS FUNDAMENTAL EQUITY ACTIVE ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Equity Securities — Equity securities traded on a United States ("U.S.") securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2.

Underlying Funds (including Money Market Funds) — Underlying funds ("Underlying Funds") include exchange-traded funds ("ETFs") and other investment companies. Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds' shares will correspondingly fluctuate in value. Underlying Funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund's accounting policies and investment holdings, please see the Underlying Fund's financial statements at SEC.gov.

&nbsp;&nbsp;&nbsp;&nbsp;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 February 28, 2026:

---

| | | | |
|:---|:---|:---|:---|
| Enhanced U.S. Equity ETF |  |  |  |
| Investment Type | Level 1 | Level 2 | Level 3 |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | $2117501 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 3699497 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 328640014 |  |  |
|  Investment Company | 2121641 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336578653 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

22.0 ------

GOLDMAN SACHS FUNDAMENTAL EQUITY ACTIVE ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

---

| | | | |
|:---|:---|:---|:---|
| Growth Opportunities 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 | $3045184 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 142297650 |  |  |
|  Investment Company | 1143688 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146486522 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

---

| | | | |
|:---|:---|:---|:---|
| Technology Opportunities 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 | $35786761 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 537200802 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 7047896 |  |  |
|  Investment Company | 5522264 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585557723 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

---

| | | | |
|:---|:---|:---|:---|
| Value Opportunities ETF |  |  |  |
| Investment Type | Level 1 | Level 2 | Level 3 |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | $42732616 | $— | $— |
|  Investment Company | 668152 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43400768 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

<sup>(a)</sup> Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table. 

For further information regarding security characteristics, see the Schedules of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. AGREEMENTS AND AFFILIATED TRANSACTIONS

&nbsp;&nbsp;&nbsp;&nbsp;A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds' business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund's average daily net assets.

The Funds operate under a unitary management fee structure. Under the unitary fee structure, GSAM is responsible for paying substantially all the expenses of each Fund, excluding payments under the Fund's 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses. As the Funds directly pay fees and expenses of the independent Trustees, the management fee collected by GSAM will be reduced by an amount equal to the fees and expenses paid by the Funds to the independent Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**23**

------

GOLDMAN SACHS FUNDAMENTAL EQUITY ACTIVE ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended February 28, 2026, contractual and effective net unitary management fees with GSAM were at the following rates:

---

| | |
|:---|:---|
| Fund | **Unitary Management Fee** |
|  Enhanced U.S. Equity ETF<sup>(1)</sup> | 0.30% |
|  Growth Opportunities ETF<sup>(2)</sup> | 0.45% |
|  Technology Opportunities ETF<sup>(3)</sup> | 0.65% |
|  Value Opportunities ETF<sup>(4)</sup> | 0.45% |

---

<sup>(1)</sup> For the period November 14, 2025 through Feb 28, 2026. Prior to November 14, 2025, the effective rate and net management rate for the Acquired Fund with GSAM was 0.55% and 0.52%, respectively. 

---

| | |
|:---|:---|
| <sup>(2</sup>) | For the period November 14, 2025 through Feb 28, 2026. Prior to November 14, 2025, the effective rate and net management rate for the Acquired Fund with GSAM was 0.71% and 0.71%, respectively.  |

---

<sup>(3)</sup> For the period December 5, 2025 through Feb 28, 2026. Prior to December 5, 2025, the effective rate and net management rate for the Acquired Fund with GSAM was 0.94% and 0.85%, respectively. 

<sup>(4)</sup> For the period November 14, 2025 through Feb 28, 2026. Prior to November 14, 2025, the effective rate and net management rate for the Acquired Fund with GSAM was 0.69% and 0.65%, respectively. 

The Goldman Sachs Enhanced U.S. Equity ETF, Goldman Sachs Growth Opportunities ETF, Goldman Sachs Technology Opportunities ETF, and Goldman Sachs Value Opportunities ETF invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds' investments of cash collateral received in connection with securities lending transactions in the affiliated Underlying Fund. For the six months ended February 28, 2026, the management fee waived by GSAM for each Fund was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Management | Transfer Agency | Distribution and | Other Expense | Total Expense |
| Fund | Fee Waiver | Waiver/Credits | Service Fee Waiver | Reimbursements | Reductions |
|  Enhanced U.S. Equity ETF | $28339 | $– | $32546 | $415427 | $476312 |
|  Growth Opportunities ETF | 1125 | 10228 | 34110 | 183719 | 229182 |
|  Technology Opportunities ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352266 | 1054120 |
|  Value Opportunities ETF | 5205 | 604 | 1320 | 197460 | 204589 |

---

&nbsp;&nbsp;&nbsp;&nbsp;B. Distribution and/or Service (12b-1) Plans — Prior to the applicable Closing Date, the Goldman Sachs Trust, on behalf of Class A, Class C, Service and Class R Shares of each Acquired Fund, had adopted a Distribution and Service Plan subject to Rule 12b-1 under the Act.

Under the Distribution and Service Plans, Goldman Sachs, which served as distributor (the "Distributor"), was entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A or Class R Shares of the Acquired Funds, as set forth below.

The Goldman Sachs Trust had adopted Service Plans to allow Class C Shares and Shareholder Administration Plans to allow Service Shares, respectively, to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance or shareholder administration services to their customers who are beneficial owners of such shares. The Service and Shareholder Administration Plans each provided for compensation to the service organizations equal to an

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

24.0 ------

GOLDMAN SACHS FUNDAMENTAL EQUITY ACTIVE ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

annual percentage rate of 0.25% of the average daily net assets attributable to Class C and Service Shares of the Funds, respectively, as set forth below.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or Service Plan Rates  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or Service Plan Rates  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or Service Plan Rates  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or Service Plan Rates  |
|  | Class A\* | Class C | Service | Class R\* |
|  Distribution and/or Service Plan | 0.25% | 0.75% | 0.25% | 0.50% |

---

\* With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution and/or Service Plan to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on "service fees" imposed by the Financial Industry Regulatory Authority. 

Effective July 1, 2025 until the applicable Closing Date, all Distribution and/or Service (Rule 12b-1) Plan fees on all applicable share classes of the Acquired Funds were waived.

&nbsp;&nbsp;&nbsp;&nbsp;C. Distribution Agreement — Prior to the applicable Closing Date, Goldman Sachs, as Distributor of the shares of the Acquired Funds pursuant to a Distribution Agreement, could retain a portion of the Class A Shares' front end sales charge and Class C Shares' CDSC. During the period June 20, 2025 through the applicable Closing Date, Goldman Sachs did not retain any front-end sales charges.

&nbsp;&nbsp;&nbsp;&nbsp;D. Transfer Agency Agreement — Prior to the applicable Closing Date, Goldman Sachs also served as the transfer agent of the Acquired Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services were accrued daily and paid monthly at annual rates as follows: 0.15% of the average daily net assets of Class A, Class C, Investor and Class R Shares of the Acquired Funds; 0.03% of the average daily net assets of Class R6 and Class P Shares of the Acquired Funds; and 0.04% of the average daily net assets of Institutional Shares and Service Shares of the Acquired Funds.

&nbsp;&nbsp;&nbsp;&nbsp;E. Other Expense Agreements and Affiliated Transactions — Prior to the applicable Closing Date, GSAM had agreed to reduce or limit certain "Other Expenses" of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of the Acquired Funds. Such Other Expense reimbursements, if any, were accrued daily and paid monthly. In addition, the Acquired Funds were not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Acquired Funds were 0.004%. These Other Expense limitations remained in place until the applicable Closing Date. In addition, the Acquired Funds had entered into certain offset arrangements with the transfer agent, which may have resulted in a reduction of the Acquired Funds' expenses and were received irrespective of the application of the "Other Expense" limitations described above. For the period September 1, 2025 to November 14, 2025, these Other Expense reimbursements for Enhanced U.S. Equity Fund, Focused Value Fund, and Strategic Growth Fund were $415,427, $197,459, and $183,719, respectively. For the period September 1, 2025 to December 5, 2025, the Other Expense reimbursements for Technology Opportunities Fund was $352,266.

&nbsp;&nbsp;&nbsp;&nbsp;F. Other Transactions with Affiliates — The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common trustees. The following table provides information about the Funds' investments in The Goldman Sachs Group, Inc. and Goldman Sachs Financial Square Treasury Obligations Fund for the six months ended February 28, 2026:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**25**

------

GOLDMAN SACHS FUNDAMENTAL EQUITY ACTIVE ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

#### Enhanced U.S. Equity ETF

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underlying**<br> **Fund** | Beginning value<br>as of August 31,<br>2025 | Purchases at<br>Cost | Proceeds from<br>Sales | Realized Gain<br>(Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Ending value as<br>of February 28,<br>2026 | Shares as of<br>February 28,<br>2026 | Dividend<br>Income | Capital Gain<br>Distribution |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
|  | $421734 | $51303 | $(24604728) | $– | $– | $2121641 | 2121641 | $51303 | $– |
|  **Growth Opportunities ETF** | **Growth Opportunities ETF** | **Growth Opportunities ETF** | **Growth Opportunities ETF** | **Growth Opportunities ETF** | **Growth Opportunities ETF** | **Growth Opportunities ETF** | **Growth Opportunities ETF** | **Growth Opportunities ETF** | **Growth Opportunities ETF** |
| **Underlying**<br> **Fund** | Beginning value<br>as of August 31,<br>2025 | Purchases at<br>Cost | Proceeds from<br>Sales | Realized Gain<br>(Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Ending value as<br>of February 28,<br>2026 | Shares as of<br>February 28,<br>2026 | Dividend<br>Income | Capital Gain<br>Distribution |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
|  | $119062 | $9771884 | $(8747258) | $– | $– | $1143688 | 1143688 | $25793 | $– |
|  **Technology Opportunities ETF** | **Technology Opportunities ETF** | **Technology Opportunities ETF** | **Technology Opportunities ETF** | **Technology Opportunities ETF** | **Technology Opportunities ETF** | **Technology Opportunities ETF** | **Technology Opportunities ETF** | **Technology Opportunities ETF** | **Technology Opportunities ETF** |
| **Underlying**<br> **Fund** | Beginning value<br>as of August 31,<br>2025 | Purchases at<br>Cost | Proceeds from<br>Sales | Realized Gain<br>(Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Ending value as<br>of February 28,<br>2026 | Shares as of<br>February 28,<br>2026 | Dividend<br>Income | Capital Gain<br>Distribution |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
|  | $2754186 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80203488 | $(77435410) | $– | $– | $5522264 | 5522264 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196857 | $– |
|  **Value Opportunities ETF** | **Value Opportunities ETF** | **Value Opportunities ETF** | **Value Opportunities ETF** | **Value Opportunities ETF** | **Value Opportunities ETF** | **Value Opportunities ETF** | **Value Opportunities ETF** | **Value Opportunities ETF** | **Value Opportunities ETF** |
| **Underlying**<br> **Fund** | Beginning value<br>as of August 31,<br>2025 | Purchases at<br>Cost | Proceeds from<br>Sales | Realized Gain<br>(Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Ending value as<br>of February 28,<br>2026 | Shares as of<br>February 28,<br>2026 | Dividend<br>Income | Capital Gain<br>Distribution |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
|  | $527566 | $4170035 | $(4029449) | $– | $– | $668152 | 668152 | $12220 | $– |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. CREATION AND REDEMPTION OF CREATION UNITS

The Trust issues and redeems shares of the Funds only in Creation Units on a continuous basis through the Distributor, without an initial sales load, at NAV next determined after receipt, on any Business Day (as defined in the Statement of Additional Information), of an order in proper form. Shares of the Funds may only be purchased or redeemed by certain financial institutions (each an "Authorized Participant"). An Authorized Participant is either (1) a "Participating Party" or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation; or (2) a Depository Trust Company participant; which, in either case, must have executed an agreement with the Distributor. Retail investors will typically not qualify as an Authorized Participant or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors will purchase shares in the secondary market

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

26.0 ------

GOLDMAN SACHS FUNDAMENTAL EQUITY ACTIVE ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. CREATION AND REDEMPTION OF CREATION UNITS (continued)

at market prices with the assistance of a broker and may be subject to customary brokerage commissions or fees. Fixed creation and redemption transaction fees are imposed in connection with creations and redemptions.

Authorized Participants transacting in Creation Units for cash may also pay a variable charge to compensate the relevant fund for certain transaction costs (e.g. taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in "Proceeds from sale of shares" in the Statements of Changes in Net Assets. Share activity is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Goldman Sachs Enhanced U.S. Equity ETF<sup>(a)</sup> | Goldman Sachs Enhanced U.S. Equity ETF<sup>(a)</sup> | Goldman Sachs Enhanced U.S. Equity ETF<sup>(a)</sup> | Goldman Sachs Enhanced U.S. Equity ETF<sup>(a)</sup> |
|  | **For the Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **August 31, 2025** | **For the Fiscal Year Ended**<br> **August 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollars |
|  **Class A Shares** |  |  |  |  |
|  Shares sold |  | $— | 447009 | $8983441 |
|  Reinvestment of distributions |  |  | 32547 | 678565 |
|  Shares redeemed |  |  | (340871) | (6983384) |
|  |  |  | 596827 | 9596124 |
|  **Class C Shares** |  |  |  |  |
|  Shares sold |  |  | 26468 | 432949 |
|  Reinvestment of distributions |  |  | 4255 | 71096 |
|  Shares redeemed |  |  | (79136) | (1279263) |
|  |  |  | (6621) | (269258) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 1661617 | 65349533 | 3342691 | 74104406 |
|  Reinvestment of distributions | 854156 | 19942531 | 92743 | 2147811 |
|  Shares redeemed | (6860783) | (207898876) | (1740753) | (39240058) |
|  | (4345010) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(122606812) | 1778099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38411568 |
|  **Investor Shares** |  |  |  |  |
|  Shares sold |  |  | 858326 | 18718178 |
|  Reinvestment of distributions |  |  | 33156 | 748134 |
|  Shares redeemed |  |  | (915880) | (19938712) |
|  |  |  | 6547 | 33327 |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold |  |  | 329232 | 7355371 |
|  Reinvestment of distributions |  |  | 24101 | 556892 |
|  Shares redeemed |  |  | (398011) | (8942382) |
|  |  |  | 26817 | 166395 |
|  **Class R Shares** |  |  |  |  |
|  Shares sold |  |  | 8969 | 175420 |
|  Reinvestment of distributions |  |  | 600 | 11722 |
|  Shares redeemed |  |  | (3129) | (58855) |
|  |  |  | 29524 | 455162 |
|  **Class P Shares** |  |  |  |  |
|  Shares sold |  |  | 1057473 | 23447301 |
|  Reinvestment of distributions |  |  | 220349 | 5096372 |
|  Shares redeemed |  |  | (1178747) | (26721973) |
|  |  |  | 719813 | 12220138 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**27**

------

GOLDMAN SACHS FUNDAMENTAL EQUITY ACTIVE ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. CREATION AND REDEMPTION OF CREATION UNITS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Goldman Sachs Enhanced U.S. Equity ETF<sup>(a)</sup> | Goldman Sachs Enhanced U.S. Equity ETF<sup>(a)</sup> | Goldman Sachs Enhanced U.S. Equity ETF<sup>(a)</sup> | Goldman Sachs Enhanced U.S. Equity ETF<sup>(a)</sup> |
|  | **For the Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **August 31, 2025** | **For the Fiscal Year Ended**<br> **August 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollars |
|  **NET INCREASE (DECREASE) IN SHARES** | (4345010) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(122606812) | 3151006 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60613456 |

---

<sup>(a)</sup> Goldman Sachs Enhanced U.S. Equity ETF acquired all of the assets and liabilities of the Goldman Sachs Enhanced U.S. Equity Fund ("EUSE Predecessor Fund") in a reorganization that occurred as of the close of business on November 14, 2025. Performance and financial history of the EUSE Predecessor Fund's Institutional Class Shares have been adopted by Goldman Sachs Enhanced U.S. Equity ETF and will be used going forward. As a result, the information prior to November 14, 2025, reflects that of the EUSE Predecessor Fund's Institutional Class Shares. The EUSE Predecessor Fund ceased operations as of the date of the reorganization. (See Note 1). 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Goldman Sachs Growth Opportunities ETF<sup>(a)</sup> | Goldman Sachs Growth Opportunities ETF<sup>(a)</sup> | Goldman Sachs Growth Opportunities ETF<sup>(a)</sup> | Goldman Sachs Growth Opportunities ETF<sup>(a)</sup> |
|  | **For the Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **August 31, 2025** | **For the Fiscal Year Ended**<br> **August 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollars |
|  **Class A Shares** |  |  |  |  |
|  Shares sold |  | $— | 398904 | $4210015 |
|  Reinvestment of distributions |  |  | 284425 | 3071792 |
|  Shares redeemed |  |  | (631293) | (6726870) |
|  |  |  | 52036 | 554937 |
|  **Class C Shares** |  |  |  |  |
|  Shares sold |  |  | 45518 | 670985 |
|  Reinvestment of distributions |  |  | 13345 | 201375 |
|  Shares redeemed |  |  | (60764) | (882378) |
|  |  |  | (1901) | (10018) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 753054 | 18566063 | 417165 | 5489586 |
|  Reinvestment of distributions |  | 42910098 | 233437 | 3223764 |
|  Shares redeemed | (4331709) | (75284477) | (1276585) | (17319854) |
|  | (3578655) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13808316) | (625983) | (8606504) |
|  **Service Shares** |  |  |  |  |
|  Shares sold |  |  | 8209 | 80998 |
|  Reinvestment of distributions |  |  | 9573 | 98126 |
|  Shares redeemed |  |  | (12569) | (127798) |
|  |  |  | 5213 | 51326 |
|  **Investor Shares** |  |  |  |  |
|  Shares sold |  |  | 412870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5099299 |
|  Reinvestment of distributions |  |  | 106566 | 1455697 |
|  Shares redeemed |  |  | (882621) | (11891564) |
|  |  |  | (363185) | (5336568) |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold |  |  | 90753 | 1231459 |
|  Reinvestment of distributions |  |  | 26938 | 370929 |
|  Shares redeemed |  |  | (129362) | (1727494) |
|  |  |  | (11671) | (125106) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

28.0 ------

GOLDMAN SACHS FUNDAMENTAL EQUITY ACTIVE ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. CREATION AND REDEMPTION OF CREATION UNITS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Goldman Sachs Growth Opportunities ETF<sup>(a)</sup> | Goldman Sachs Growth Opportunities ETF<sup>(a)</sup> | Goldman Sachs Growth Opportunities ETF<sup>(a)</sup> | Goldman Sachs Growth Opportunities ETF<sup>(a)</sup> |
|  | **For the Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **August 31, 2025** | **For the Fiscal Year Ended**<br> **August 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollars |
|  **Class R Shares** |  |  |  |  |
|  Shares sold |  | $— | 3772 | $36328 |
|  Reinvestment of distributions |  |  | 13512 | 130929 |
|  Shares redeemed |  |  | (1285) | (12651) |
|  |  |  | 15999 | 154606 |
|  **Class P Shares** |  |  |  |  |
|  Shares sold |  |  | 215985 | 2924216 |
|  Reinvestment of distributions |  |  | 346946 | 4763573 |
|  Shares redeemed |  |  | (947632) | (12993802) |
|  |  |  | (384701) | (5306013) |
|  **NET DECREASE IN SHARES** | (3578655) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13808316) | (1314193) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18623340) |

---

<sup>(a)</sup> Goldman Sachs Growth Opportunities ETF acquired all of the assets and liabilities of the Goldman Sachs Strategic Growth Fund ("SG Predecessor Fund") in a reorganization that occurred as of the close of business on November 14, 2025. Performance and financial history of the SG Predecessor Fund's Institutional Class Shares have been adopted by Goldman Sachs Growth Opportunities ETF and will be used going forward. As a result, the information prior to November 14, 2025, reflects that of the SG Predecessor Fund's Institutional Class Shares. The SG Predecessor Fund ceased operations as of the date of the reorganization. (See Note 1). 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Goldman Sachs Technology Opportunities ETF<sup>(a)</sup> | Goldman Sachs Technology Opportunities ETF<sup>(a)</sup> | Goldman Sachs Technology Opportunities ETF<sup>(a)</sup> | Goldman Sachs Technology Opportunities ETF<sup>(a)</sup> |
|  | **For the Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **August 31, 2025** | **For the Fiscal Year Ended**<br> **August 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollars |
|  **Class A Shares** |  |  |  |  |
|  Shares sold |  | $— | 1313718 | $36838050 |
|  Reinvestment of distributions |  |  | 594427 | 17155161 |
|  Shares redeemed |  |  | (2163942) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60876853) |
|  |  |  | (255797) | (6883642) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold |  |  | 131718 | 1856910 |
|  Reinvestment of distributions |  |  | 98887 | 1462534 |
|  Shares redeemed |  |  | (698963) | (10188221) |
|  |  |  | (468358) | (6868777) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 2071172 | 77778367 | 963534 | 33842863 |
|  Reinvestment of distributions | 6988733 | 179458891 | 126031 | 4706008 |
|  Shares redeemed | (12260158) | (417198725) | (1324692) | (49032379) |
|  | (3200253) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(159961467) | (235127) | (10483508) |
|  **Service Shares** |  |  |  |  |
|  Shares sold |  |  | 113870 | 3012801 |
|  Reinvestment of distributions |  |  | 19775 | 531742 |
|  Shares redeemed |  |  | (168882) | (4371515) |
|  |  |  | (35237) | (826972) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**29**

------

GOLDMAN SACHS FUNDAMENTAL EQUITY ACTIVE ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. CREATION AND REDEMPTION OF CREATION UNITS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Goldman Sachs Technology Opportunities ETF<sup>(a)</sup> | Goldman Sachs Technology Opportunities ETF<sup>(a)</sup> | Goldman Sachs Technology Opportunities ETF<sup>(a)</sup> | Goldman Sachs Technology Opportunities ETF<sup>(a)</sup> |
|  | **For the Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **August 31, 2025** | **For the Fiscal Year Ended**<br> **August 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollars |
|  **Investor Shares** |  |  |  |  |
|  Shares sold |  | $— | 385909 | $12514749 |
|  Reinvestment of distributions |  |  | 33018 | 1187994 |
|  Shares redeemed |  |  | (686067) | (24349941) |
|  |  |  | (267140) | (10647198) |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold |  |  | 160005 | 5851200 |
|  Reinvestment of distributions |  |  | 82397 | 3080839 |
|  Shares redeemed |  |  | (307519) | (11408019) |
|  |  |  | (65117) | (2475980) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold |  |  | 626885 | 22785432 |
|  Reinvestment of distributions |  |  | 122622 | 4584849 |
|  Shares redeemed |  |  | (788800) | (28756991) |
|  |  |  | (39293) | (1386710) |
|  **NET DECREASE IN SHARES** | (3200253) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(159961467) | (1366069) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39572787) |

---

<sup>(a)</sup> Goldman Sachs Technology Opportunities ETF acquired all of the assets and liabilities of the Goldman Sachs Technology Opportunities Fund ("TO Predecessor Fund") in a reorganization that occurred as of the close of business on December 5, 2025. Performance and financial history of the TO Predecessor Fund's Institutional Class Shares have been adopted by Goldman Sachs Technology Opportunities ETF and will be used going forward. As a result, the information prior to December 5, 2025, reflects that of the TO Predecessor Fund's Institutional Class Shares. The TO Predecessor Fund ceased operations as of the date of the reorganization. (See Note 1). 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Goldman Sachs Value Opportunities ETF<sup>(a)</sup> | Goldman Sachs Value Opportunities ETF<sup>(a)</sup> | Goldman Sachs Value Opportunities ETF<sup>(a)</sup> | Goldman Sachs Value Opportunities ETF<sup>(a)</sup> |
|  | **For the Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **August 31, 2025** | **For the Fiscal Year Ended**<br> **August 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollars |
|  **Class A Shares** |  |  |  |  |
|  Shares sold |  | $— | 52841 | $825091 |
|  Reinvestment of distributions |  |  | 7682 | 122318 |
|  Shares redeemed |  |  | (49371) | (761135) |
|  |  |  | 11152 | 186274 |
|  **Class C Shares** |  |  |  |  |
|  Shares sold |  |  | 9447 | 146301 |
|  Reinvestment of distributions |  |  | 844 | 13202 |
|  Shares redeemed |  |  | (3050) | (48033) |
|  |  |  | 7241 | 111470 |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 195200 | 6725769 | 129578 | 2029248 |
|  Reinvestment of distributions | 405512 | 5671308 | 28683 | 460339 |
|  Shares redeemed | (1169605) | (23673475) | &nbsp;&nbsp;&nbsp;&nbsp;(130101) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1989197) |
|  | (568893) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11276398) | 28160 | 500390 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

30.0 ------

GOLDMAN SACHS FUNDAMENTAL EQUITY ACTIVE ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. CREATION AND REDEMPTION OF CREATION UNITS (continued)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Goldman Sachs Value Opportunities ETF<sup>(a)</sup> | Goldman Sachs Value Opportunities ETF<sup>(a)</sup> | Goldman Sachs Value Opportunities ETF<sup>(a)</sup> | Goldman Sachs Value Opportunities ETF<sup>(a)</sup> |
|  | **For the Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **August 31, 2025** | **For the Fiscal Year Ended**<br> **August 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollars |
|  **Investor Shares** |  |  |  |  |
|  Shares sold |  | $— | 84276 | $1334235 |
|  Reinvestment of distributions |  |  | 25183 | 402420 |
|  Shares redeemed |  |  | (98967) | (1582082) |
|  |  |  | 10492 | 154573 |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold |  |  | 34001 | 518513 |
|  Reinvestment of distributions |  |  | 11022 | 176320 |
|  Shares redeemed |  |  | (51315) | (786673) |
|  |  |  | (6292) | (91840) |
|  **Class R Shares** |  |  |  |  |
|  Shares sold |  |  |  | 10 |
|  Reinvestment of distributions |  |  | 83 | 1334 |
|  Shares redeemed |  |  | (2416) | (41252) |
|  |  |  | (2333) | (39908) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold |  |  | 353596 | 5577401 |
|  Reinvestment of distributions |  |  | 241434 | 3864721 |
|  Shares redeemed |  |  | (463288) | (7372428) |
|  |  |  | 131742 | 2069694 |
|  **NET INCREASE (DECREASE) IN SHARES** | (568893) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11276398) | 180162 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2890653 |

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<sup>(a)</sup> Goldman Sachs Value Opportunities ETF acquired all of the assets and liabilities of the Goldman Sachs Focused Value Fund ("FV Predecessor Fund") in a reorganization that occurred as of the close of business on November 14, 2025. Performance and financial history of the FV Predecessor Fund's Institutional Class Shares have been adopted by Goldman Sachs Value Opportunities ETF and will be used going forward. As a result, the information prior to November 14, 2025, reflects that of the FV Predecessor Fund's Institutional Class Shares. The FV Predecessor Fund ceased operations as of the date of the reorganization. (See Note 1). 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of long-term securities for the six months ended February 28, 2026, were as follows:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | Purchases | Sales |
|  Enhanced U.S. Equity ETF | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168772847 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270313031 |
|  Growth Opportunities ETF | 49744759 | 92115714 |
|  Technology Opportunities ETF | 293888982 | 575117147 |
|  Value Opportunities ETF | 21240026 | 34492151 |

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**31**

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GOLDMAN SACHS FUNDAMENTAL EQUITY ACTIVE ETFS

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Notes to Financial Statements (continued) *February 28, 2026 (Unaudited)*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. PORTFOLIO SECURITIES TRANSACTIONS (continued)

The purchases and sales from in-kind creation and redemption transactions for the six months ended February 28, 2026, were as follows:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | Purchases | Sales |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enhanced U.S. Equity ETF | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52493864 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96315013 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Growth Opportunities ETF | 6599600 | 22442427 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology Opportunities ETF | 26468570 | 98368228 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value Opportunities ETF | 4767849 | 8745433 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. SECURITIES LENDING

The Funds may lend their securities through a securities lending agent, the Bank of New York ("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 (the "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 February 28, 2026, are disclosed as "Payable upon return of securities loaned" on the Statements of Assets and Liabilities, where applicable.

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 six months ended February 28, 2026, are reported under Investment Income on the Statements of Operations.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. TAX INFORMATION

As of the Funds' most recent fiscal year end, August 31, 2025, the Funds' capital loss carryforwards and certain timing differences on a tax-basis were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Enhanced U.S.<br>Equity ETF\* | Growth<br>Opportunities<br>ETF\* | Technology<br>Opportunities<br>ETF\*\* | Value<br>Opportunities<br>ETF\* |
|  Capital loss carryforwards: |  |  |  |  |
|  Timing differences — (Qualified Late Year Loss Deferral and Post October Losses) |  | (305267) |  |  |

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\* Amounts reflect the applicable Predecessor Fund as of November 14, 2025.

\*\*Amounts reflect the TO Predecessor Fund as of December 5, 2025.

As of February 28, 2026, the Funds' aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Enhanced U.S. Equity<br>ETF | Growth Opportunities<br>ETF | Technology<br>Opportunities ETF | Value Opportunities<br>ETF |
|  Tax Cost | $228765180 | $65151146 | $337110689 | $38884427 |
|  Gross unrealized gain | 113491703 | 84811942 | 273917572 | 5557803 |
|  Gross unrealized loss | (5678230) | (3476566) | (25470538) | (1041462) |
|  Net unrealized gain (loss) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107813473 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81335376 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248447034 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4516341 |

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The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, differences in the tax treatment of partnership investments, passive foreign investment company investments, and underlying fund investments.

GSAM has reviewed the Funds' tax positions for all open tax years (the current year, and prior three tax years, as applicable) and has concluded that no provision for income tax is required in the Funds' financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. OTHER RISKS

The Funds' risks include, but are not limited to, the following:

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which the Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent the Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact the Fund's liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value.

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Notes to Financial Statements (continued) *February 28, 2026 (Unaudited)*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. OTHER RISKS (continued)

Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.

Industry Concentration Risk — Concentrating Fund investments in a limited number of issuers conducting business in the same industry or group of industries will subject a Fund to a greater risk of loss as a result of adverse economic, business, political, environmental or other developments than if its investments were diversified across different industries.

Investment Style Risk — Different investment styles (e.g., growth, value or quantitative) tend to shift in and out of favor depending upon market and economic conditions and investor sentiment. The Fund may outperform or underperform other funds that invest in similar asset classes but employ different investment styles.

Large Shareholder Transaction Risk — Certain shareholders, including other funds advised by the Investment Adviser, may from time to time own a substantial amount of the Fund's Shares. In addition, a third party investor, the Investment Adviser or an affiliate of the Investment Adviser, an authorized participant, a lead market maker, or another entity (i.e., a seed investor) may invest in the Fund and hold its investment solely to facilitate commencement of the Fund or to facilitate the Fund's achieving a specified size or scale. Any such investment may be held for a limited period of time. There can be no assurance that any large shareholder would not redeem its investment, that the size of the Fund would be maintained at such levels or that the Fund would continue to meet applicable listing requirements. Redemptions by large shareholders could have a significant negative impact on the Fund, including on the Fund's liquidity. In addition, transactions by large shareholders may account for a large percentage of the trading volume on NASDAQ and may, therefore, have a material upward or downward effect on the market price of the Shares.

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors, governments or countries and/ or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Market Trading Risk — Each Fund faces numerous market trading risks, including disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for Shares. If a shareholder purchases Shares at a time when the market price is at a premium to the NAV or sells Shares at a time when the market price is at a discount to the NAV, the shareholder may pay more for, or receive less than, the underlying value of the Shares, respectively. The Investment Adviser cannot predict whether Shares will trade below, at or above their NAV. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for Shares will be closely related to, but not identical to, the same forces influencing the prices of the securities of a Fund's Index trading individually or in the aggregate at any point in time.

Mid-Cap and Small-Cap Risk — Investments in mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.

Non-Diversification Risk — The Growth Opportunities ETF and Value Opportunities ETF are non-diversified, meaning that they are permitted to invest a larger percentage of their assets in one or more issuers or in fewer issuers than diversified funds. Thus, a Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

Portfolio Turnover Rate Risk — A high rate of portfolio turnover may involve correspondingly greater expenses which must be borne by the Fund and its shareholders, and is also likely to result in short-term capital gains taxable to shareholders.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. OTHER RISKS (continued)

Sector Risk — To the extent a Fund focuses its investments in securities of issuers in one or more sectors (such as the financial services or telecommunications sectors), the Fund may be subjected, to a greater extent than if its investments were diversified across different sectors, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that sector, such as: adverse economic, business, political, environmental or other developments.

Stock Risk — Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.

Technology Sector Risk — The stock prices of technology and technology-related companies and therefore the value of a Fund may experience significant price movements as a result of intense market volatility, worldwide competition, consumer preferences, product compatibility, product obsolescence, government regulation, excessive investor optimism or pessimism, or other factors. The Fund may also invest in a relatively few number of issuers. 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.

Valuation Risk — The sale price the Fund could receive for a security may differ from the Fund's valuation of the security, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. The Fund relies on various sources to calculate its NAV. The information may be provided by third parties that are believed to be reliable, but the information may not be accurate due to errors by such pricing sources, technological issues or otherwise. NAV calculation may also be impacted by operational risks arising from factors such as failures in systems and technology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. INDEMNIFICATIONS

Under the Trust's organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. OTHER MATTERS

Pursuant to Agreements and Plans of Reorganization between the Goldman Sachs Enhanced U.S. Equity Fund, Goldman Sachs Strategic Growth Fund, and Goldman Sachs Focused Value Fund and the Goldman Sachs Enhanced U.S. Equity ETF, Goldman Sachs Growth Opportunities ETF, and Goldman Sachs Value Opportunities ETF as of the close of business on November 14, 2025, and between the Goldman Sachs Technology Opportunities Fund and the Goldman Sachs Technology Opportunities ETF as of the close of business on December 5, 2025, all of the assets and liabilities of the Institutional Class Shares of the Acquired Funds were transferred to the respective Acquiring Fund, each also referred to herein as a "Survivor Fund," in exchange for shares of the respective Survivor Funds having an aggregate NAV equal to the NAV of each such Acquired Fund as of the time of valuation specified in the applicable Reorganization Agreement, which were then distributed to shareholders of record of such Acquired Fund in a tax-free exchange as follows:

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| | | | |
|:---|:---|:---|:---|
| Acquired Fund/Survivor Fund | **Exchanged Shares of** <br> **Survivor Fund Issued**  | **Value of Exchanged** <br> **Shares**  | **Acquired Fund's Shares**<br> **Outstanding as of Close**<br> **of Business** |
| Goldman Sachs Enhanced U.S. Equity Fund/Goldman Sachs Enhanced U.S. Equity ETF | 15815595 | $367599446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15815595 |
| Goldman Sachs Strategic Growth Fund/Goldman Sachs Growth Opportunities ETF | 14652807 | &nbsp;&nbsp;&nbsp;&nbsp;165246422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14652807 |
| Goldman Sachs Technology Opportunities Fund/Goldman Sachs Technology Opportunities ETF | 25712710 | &nbsp;&nbsp;&nbsp;&nbsp;723502444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25712710 |

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Notes to Financial Statements (continued) *February 28, 2026 (Unaudited)*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. OTHER MATTERS (continued)

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| | | | |
|:---|:---|:---|:---|
| Goldman Sachs Focused Value Fund/Goldman Sachs Value Opportunities ETF | 3178842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44,677,935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,178,842 |

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The following chart shows each Survivor Fund's and Acquired Fund's aggregate net assets (immediately before and after the completion of the acquisition) and each Acquired Fund's unrealized depreciation:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Acquired Fund/Survivor Fund | Survivor Fund's<br>Aggregate Net<br>Assets before<br>acquisition | Acquired Fund's<br>Aggregate Net Assets<br>before acquisition | Survivor Fund's<br>Aggregate Net Assets<br>immediately after<br>acquisition | Acquired Fund's<br>Unrealized Appreciation<br>(Depreciation)<sup>(1)</sup> | Acquired Fund's<br>Capital Loss<br>Carryforward<sup>(2)</sup> |
| Goldman Sachs Enhanced U.S. Equity Fund/Goldman Sachs Enhanced U.S. Equity ETF | $- | $367599446 | $367599446 | $151557696 | $- |
| Goldman Sachs Strategic Growth Fund/Goldman Sachs Growth Opportunities ETF |  | &nbsp;&nbsp;&nbsp;&nbsp;165246422 | &nbsp;&nbsp;&nbsp;&nbsp;165246422 | &nbsp;&nbsp;&nbsp;&nbsp;103778770 |  |
| Goldman Sachs Technology Opportunities Fund/Goldman Sachs Technology Opportunities ETF |  | &nbsp;&nbsp;&nbsp;&nbsp;723502444 | &nbsp;&nbsp;&nbsp;&nbsp;723502444 | &nbsp;&nbsp;&nbsp;&nbsp;338694891 |  |
| Goldman Sachs Focused Value Fund/Goldman Sachs Value Opportunities ETF |  | &nbsp;&nbsp;&nbsp;&nbsp;44677935 | &nbsp;&nbsp;&nbsp;&nbsp;44677935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5664544 |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Survivor Fund has elected to carry forward the assets of the Acquired Fund at the Acquired Fund's historical cost basis for purposes of measuring unrealized depreciation and future realized gain or loss of those acquired assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Represents Capital Loss Carryforward of Acquired Fund as of August 31, 2025.

Assuming the acquisition had been completed on September 1, 2025, the Survivor Fund's pro-forma results of operations for the fiscal year ended February 28, 2026 are as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Goldman Sachs<br>Enhanced U.S. Equity<br>ETF | Goldman Sachs Growth<br>Opportunities ETF | Goldman Sachs<br>Technology<br>Opportunities ETF | Goldman Sachs Value<br>Opportunities ETF |
|  Net investment (income/loss) | $680951 | $47798 | $(290720) | $143366 |
|  Net realized and unrealized loss on investments | (134854627) | (126540632) | (467319297) | (4085743) |
|  **Net (increase/decrease) in net assets from operations** | $(134173676) | $(126492834) | $(467610017) | $(3942377) |

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Because the combined Survivor Funds have been managed as single integrated funds since the Reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of each Acquired Fund that have been included in each Survivor Fund's Statement of Operations since the applicable Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. SUBSEQUENT EVENTS

Subsequent events have been evaluated through the date of issuance, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

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<u>Statement Regarding Basis for Initial Approval of Management Agreement (Unaudited)</u>

#### Goldman Sachs Enhanced U.S. Equity ETF, Goldman Sachs Growth Opportunities ETF, Goldman Sachs Technology Opportunities ETF, and Goldman Sachs Value Opportunities ETF

#### Background
The Goldman Sachs Enhanced U.S. Equity ETF, Goldman Sachs Growth Opportunities ETF, Goldman Sachs Technology Opportunities ETF, and Goldman Sachs Value Opportunities ETF (each a "Fund") are newly-organized investment portfolios of Goldman Sachs ETF Trust (the "Trust") that commenced investment operations on November 17, 2025 (except for the Goldman Sachs Technology Opportunities ETF, which commenced operations on December 8, 2025). At a meeting held on June 17-18, 2025 (the "Meeting") in connection with the Funds' organization, the Board of Trustees, including all of the Trustees who are not parties to the Funds' investment management agreement (the "Management Agreement") or "interested persons" (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the "Independent Trustees") approved the Management Agreement with Goldman Sachs Asset Management, L.P. (the "Investment Adviser") on behalf of each Fund. At the Meeting, the Trustees also approved an Agreement and Plan of Reorganization pursuant to which Goldman Sachs Enhanced U.S. Equity Fund, Goldman Sachs Growth Opportunities Fund, Goldman Sachs Technology Opportunities Fund, and Goldman Sachs Value Opportunities Fund (each, an "Acquired Fund"), each a series of Goldman Sachs Trust managed by the Investment Adviser, would be reorganized with and into Goldman Sachs Enhanced U.S. Equity ETF, Goldman Sachs Growth Opportunities ETF, Goldman Sachs Technology Opportunities ETF, and Goldman Sachs Value Opportunities ETF, respectively, each an open-end management investment company operating as an exchange-traded fund ("ETF").

At the Meeting, the Trustees reviewed the Management Agreement with respect to each Fund, including information regarding the terms of the Management Agreement; the nature, extent and quality of the Investment Adviser's anticipated services; the fees and expenses to be paid by each Fund; a comparison of each Fund's proposed management fee and anticipated expenses with those paid by other similar exchange-traded funds ("ETFs"); potential benefits to be derived by the Investment Adviser and its affiliates from their relationships with each Fund; and potential benefits to be derived by each Fund from its relationship with the Investment Adviser. Various information was also provided at prior meetings at which the Funds were discussed.

In connection with the Meeting, the Trustees received written materials and oral presentations on the topics covered, and were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval of registered fund investment management agreements under applicable law. In evaluating the Management Agreement at the Meeting, the Trustees relied upon information included in a presentation made by the Investment Adviser at the Meeting and information received at prior Board meetings, as well as on their knowledge of the Investment Adviser resulting from their meetings and other interactions over time.

#### Nature, Extent, and Quality of the Services Provided Under the Management Agreement
As part of their review, the Trustees considered the nature, extent, and quality of the services to be provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that would be provided by the Investment Adviser and its affiliates. The Trustees noted the Investment Adviser's commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Funds and their service providers would operate, including developments associated with geopolitical events and economic sanctions, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. They also noted the changes in the Investment Adviser's senior management personnel and in the personnel of various of the Investment Adviser's portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. The Trustees also considered information about each Fund's structure, investment objective, strategies and other characteristics. In particular, they noted that each Fund would operate as an actively managed ETF that seeks long-term growth of capital, except that the Goldman Sachs Value Opportunities ETF seeks long-term capital appreciation. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who would provide services to the Funds. In particular, the Trustees considered the Investment Adviser's extensive experience in managing investment strategies similar to those of the Funds. The Trustees also considered information regarding the Investment Adviser's efforts relating to business continuity planning. The Trustees concluded that the Investment Adviser would be able to commit substantial financial and operational resources to the Funds. They also considered that the Investment Adviser has committed substantial financial and operational resources to ETFs and has extensive experience managing other types of registered investment companies. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**37**

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GOLDMAN SACHS FUNDAMENTAL EQUITY ACTIVE ETFS

<u>Statement Regarding Basis for Initial Approval of Management Agreement (Unaudited) (continued)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Investment Performance
Because each Fund was anticipated to commence operations by acquiring the assets of its respective Acquired Fund, and each Fund was to be the accounting survivor to its Acquired Fund, the Trustees were provided with performance information for the Acquired Funds.

#### Unitary Fee Structure
The Trustees considered the unitary management fee rate payable by each Fund, noting that the Management Agreement provides for a unitary fee structure, pursuant to which each Fund pays a single management fee to the Investment Adviser, and the Investment Adviser pays all of the Fund's ordinary operating expenses, excluding payments under the Fund's 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings and litigation, indemnification and extraordinary expenses. In addition, the Trustees considered information on the services to be rendered by the Investment Adviser to each Fund, which would include both advisory and non-advisory services directed to the needs and operations of the Fund as an ETF. The Trustees also considered information provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms, as well as each Fund's peer group and category medians. The comparisons of each Fund's unitary management fee rate and projected expense ratio to those of relevant peer funds were prepared by the Investment Adviser and a third-party provider of mutual fund and ETF data. The Trustees concluded that the comparisons were useful in evaluating the reasonableness of the management fee and total expenses to be paid by the Funds. The Trustees concluded that the Investment Adviser's management of the Funds likely would benefit the Funds and their shareholders. They also noted that shareholders would be able to sell their Fund shares on the secondary market if they believe that Fund fees and expenses are too high or if they are dissatisfied with the performance of a Fund.

#### Profitability
In addition, the Trustees recognized that there was not yet profitability data to evaluate for the Funds, but considered the Investment Adviser's representations that (i) such data would be provided after the Funds commenced operations, and (ii) the Funds were not expected to be profitable to the Investment Adviser and its affiliates initially.

#### Economies of Scale
The Trustees noted that the Funds, similar to many other ETFs, would not have management fee breakpoints. The Trustees considered each Fund's projected asset levels and information comparing the fee rates charged by the Investment Adviser with fee rates charged to other ETFs in the Fund's peer group. They further noted the Investment Adviser's assertion that future economies of scale (among several factors) had been taken into consideration in determining each Fund's unitary management fee rate.

#### Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits expected to be derived by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) fees earned by the Investment Adviser for managing the funds in which the Funds' securities lending cash collateral is invested; (b) the Investment Adviser's ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (c) the Investment Adviser's ability to cross-market other products and services to Fund shareholders; (d) the Investment Adviser's ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; (e) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; and (f) the possibility that the working relationship between the Investment Adviser and the Funds' third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs & Co. LLC ("Goldman Sachs").

#### Other Benefits to the Funds and Their Shareholders
The Trustees also noted that the Funds are expected to receive certain other potential benefits as a result of its relationship with the Investment Adviser, including: (a) enhanced servicing from vendors and broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (b) the Investment Adviser's ability to negotiate favorable terms with derivatives counterparties on behalf of the Funds as a result of the size and reputation of the Goldman Sachs organization; (c) the advantages received from the Investment Adviser's knowledge and experience gained from managing other accounts and products; (d) the Investment Adviser's ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (e) the Funds' access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (f) the Funds' access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the ETF marketplace, and considered that many of the Funds' shareholders invested in the Funds in part because of the Funds' relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

38.0 ------

GOLDMAN SACHS FUNDAMENTAL EQUITY ACTIVE ETFS

<u>Statement Regarding Basis for Initial Approval of Management Agreement (Unaudited) (continued)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Conclusion
In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the unitary management fee to be paid by each Fund was reasonable in light of the services to be provided to it by the Investment Adviser, the Investment Adviser's costs and each Fund's reasonably foreseeable asset levels. The Trustees unanimously concluded that the engagement of the Investment Adviser likely would benefit each Fund and its shareholders and that the Management Agreement should be approved with respect to each Fund for an initial two-year period from its effective date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**39**

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![LOGO](g109383g01g12.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 Brian J. Wildman\* \*Effective April 1, 2026. THE BANK OF NEW YORK Transfer Agent ALPS DISTRIBUTORS, INC. Distributor GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser 200 West Street, New York, New York 10282© 2026 Goldman Sachs. All rights reserved. FNDEQACTSAR-26 OFFICERS James A. McNamara, President and Principal Executive Officer Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Robert Griffith, Secretary

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ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The aggregate remuneration paid to the Funds' trustees, officers and others, if any, is included in Item 7 of this report.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The Goldman Sachs Enhanced U.S. Equity ETF's, Goldman Sachs Growth Opportunities ETF's, Goldman Sachs Technology Opportunities ETF's, Goldman Sachs Value Opportunities ETF's and Goldman Sachs MSCI World Private Equity Return Tracker ETF's statement regarding the basis for approval of their investment advisory contract is included in Item 7 of this report.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

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| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.  |

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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.](d120512dex99cert.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.](d120512dex99906cert.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: | May 5, 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: | May 5, 2026 |
| By: | /s/ Joseph F. DiMaria |
|  | Joseph F. DiMaria |
|  | Principal Financial Officer |
|  | Goldman Sachs ETF Trust |
| Date: | May 5, 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: May 5, 2026

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| |
|:---|
|  /s/ James A. McNamara |
|  James A. McNamara<br> Principal Executive Officer |

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------

**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: May 5, 2026

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| |
|:---|
|  /s/ Joseph F. DiMaria |
|  Joseph F. DiMaria<br> Principal Financial Officer |

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## 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 February 28, 2026 (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: May 5, 2026 | Date: May 5, 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.