# EDGAR Filing Document

**Accession Number:** 0001479026
**File Stem:** 0001752724-25-174045
**Filing Date:** 2025-7
**Character Count:** 53631
**Document Hash:** 497534b4439eb9c7fda38e882c7443d8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-174045.hdr.sgml**: 20250722

**ACCESSION NUMBER**: 0001752724-25-174045

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250722

**DATE AS OF CHANGE**: 20250722

**PERIOD START**: 20250831

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23013
- **FILM NUMBER:** 251140940

**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 Dynamic California Municipal Income ETF (Series ID: S000085812)

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10282

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

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

- **a. Name of Series:** Goldman Sachs Dynamic California Municipal Income ETF

- **b. EDGAR series identifier (if any):** S000085812

- **c. LEI of Series:** 984500AXF0156EDC0189

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $15538076.83

**Total Liabilities:** $743864.97

**Net Assets:** $14794211.86

**Delayed Delivery Securities:** $267422.50

**Cash Not Reported:** $96797.05

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 12.37000000 | **1-Year:** 313.41000000 | **5-Year:** 1275.85000000 | **10-Year:** 2690.70000000 | **30-Year:** 1805.68000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 45.98000000 | **5-Year:** 194.27000000 | **10-Year:** 1045.40000000 | **30-Year:** 938.36000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000251207 | -1.36%               | -0.87%               | 0.06%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $9466.65                 | $-178932.54                                |
| Month 2  | $0.00                    | $-87094.83                                 |
| Month 3  | $-23004.11               | $-16708.26                                 |

**Designated Index Information**

- **Index Name:** Securities Only Portfolio

- **Index Identifier:** Securities Only Portfolio_PV105933

### Schedule of Portfolio Investments

| Name                                        | Title                                                                        | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US ULTRA BOND CBT                                                            | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        -1 | NC      | $-1080.36     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| GLENDALE CA ELEC WKS REVENUE                | City of Glendale CA Electric Revenue                                         | CUSIP: 378406PF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $148306.58    | 1.00%             | 2039-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SACRAMENTO CITY CA UNIF SCH DI              | Sacramento City Unified School District/CA                                   | CUSIP: 785870N85<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $90208.18     | 0.61%             | 2048-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST POLL CONTROL FIN              | California Pollution Control Financing Authority                             | CUSIP: 13053CAD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $90105.21     | 0.61%             | 2046-11-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CA REGL BLDG AUTH                 | San Diego Regional Building Authority                                        | CUSIP: 79730EFG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $166265.83    | 1.12%             | 2028-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN JOAQUIN HILLS CA TRANSPRTN              | San Joaquin Hills Transportation Corridor Agency                             | CUSIP: 798111GD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100011.95    | 0.68%             | 2049-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA UNIF SCH DIST C              | Los Angeles Unified School District/CA                                       | CUSIP: 544648XD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $52513.75     | 0.35%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIVER ISLANDS CA PUBLIC FING A              | River Islands Public Financing Authority                                     | CUSIP: 76827QHK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $102315.35    | 0.69%             | 2052-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| UNIV OF CALIFORNIA CA RGTS MED              | Regents of the University of California Medical Center Pooled Revenue        | CUSIP: 913366HE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $126977.18    | 0.86%             | 2032-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                          | Commonwealth of Puerto Rico                                                  | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    100000 | PA      | $107063.75    | 0.72%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY &CNTY              | San Francisco City & County Airport Comm-San Francisco International Airport | CUSIP: 79766DTB5<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |    130000 | PA      | $133518.02    | 0.90%             | 2037-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR              | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                       | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $187911.12    | 1.27%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| M-S-R CA ENERGY AUTH GAS REVEN              | M-S-R Energy Authority                                                       | CUSIP: 55374SAA8<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |    100000 | PA      | $105029.97    | 0.71%             | 2029-11-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                          | Commonwealth of Puerto Rico                                                  | CUSIP: 74514L3R6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    101000 | PA      | $68459.14     | 0.46%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A              | California Community Choice Financing Authority                              | CUSIP: 13013JFR2<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    100000 | PA      | $105874.66    | 0.72%             | 2055-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| LONE PINE UNIF SCH DIST CA                  | Lone Pine Unified School District                                            | CUSIP: 54222LAK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $259084.25    | 1.75%             | 2054-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE              | California Municipal Finance Authority                                       | CUSIP: 13048VBQ0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101991.09    | 0.69%             | 2031-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A              | City of Los Angeles Department of Airports                                   | CUSIP: 544445SS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $103397.12    | 0.70%             | 2037-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR              | California School Finance Authority                                          | CUSIP: 13058TKU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $223737.62    | 1.51%             | 2031-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH AQUEDUCT &               | Puerto Rico Commonwealth Aqueduct & Sewer Authority                          | CUSIP: 745160SJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $237225.88    | 1.60%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TAHOE FOREST CA HOSP DIST                   | Tahoe Forest Hospital District                                               | CUSIP: 873822HU7<br>LEI: 5493000F568RTYEFBX37 | Long             | DBT              | MUN               | US        |    100000 | PA      | $77160.55     | 0.52%             | 2042-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A              | California Community Choice Financing Authority                              | CUSIP: 13013JEP7<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    100000 | PA      | $105053.50    | 0.71%             | 2055-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MOUNTAIN HOUSE CMNTY FACS DIST              | Mountain House Community Facilities District                                 | CUSIP: 62412KAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150692.24    | 1.02%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY & CNTY CA M              | City & County of San Francisco CA                                            | CUSIP: 79765PEG4<br>LEI: 549300RA28ZEFOB6M782 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250117.83    | 1.69%             | 2029-08-01      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY & CNTY CA P              | San Francisco City & County Public Utilities Commission Wastewater Revenue   | CUSIP: 79768HKP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $102602.50    | 0.69%             | 2054-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SP              | California Municipal Finance Authority                                       | CUSIP: 13051AMF2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    150000 | PA      | $143168.16    | 0.97%             | 2055-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A              | California Community Choice Financing Authority                              | CUSIP: 13013JAR7<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    100000 | PA      | $94831.60     | 0.64%             | 2052-02-01      | Variable      | 2.42%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A              | California Health Facilities Financing Authority                             | CUSIP: 13032US33<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    175000 | PA      | $179937.73    | 1.22%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY &CNTY              | San Francisco City & County Airport Comm-San Francisco International Airport | CUSIP: 79766DWS4<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |    125000 | PA      | $131664.63    | 0.89%             | 2040-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A              | California Health Facilities Financing Authority                             | CUSIP: 13032UGL6<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    185000 | PA      | $167911.25    | 1.13%             | 2039-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT              | California Statewide Communities Development Authority                       | CUSIP: 13080SEX8<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    150000 | PA      | $146321.90    | 0.99%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A              | California Health Facilities Financing Authority                             | CUSIP: 13032UQ76<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    100000 | PA      | $109906.20    | 0.74%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA MUNI IMPT CORPL              | Municipal Improvement Corp of Los Angeles                                    | CUSIP: 544587G51<br>LEI: 549300ZJ0YLTZNSR8F57 | Long             | DBT              | MUN               | US        |    100000 | PA      | $102767.46    | 0.69%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE              | California Municipal Finance Authority                                       | CUSIP: 13048V2S6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101082.78    | 0.68%             | 2044-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MATCHING FUND SPL PURPOSE SECU              | Matching Fund Special Purpose Securitization Corp                            | CUSIP: 57665NAD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101829.82    | 0.69%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GOLDEN ST TOBACCO SECURITIZATI              | Golden State Tobacco Securitization Corp                                     | CUSIP: 38122NYC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $125000.00    | 0.84%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT WTR & PWR               | Los Angeles Department of Water & Power                                      | CUSIP: 5444956D1<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    100000 | PA      | $99034.86     | 0.67%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A              | California Health Facilities Financing Authority                             | CUSIP: 13032URA8<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    125000 | PA      | $131841.71    | 0.89%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA MUNI IMPT CORPL              | Municipal Improvement Corp of Los Angeles                                    | CUSIP: 5445874H8<br>LEI: 549300ZJ0YLTZNSR8F57 | Long             | DBT              | MUN               | US        |    120000 | PA      | $127374.55    | 0.86%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EAST BAY CA REGL PARK DIST                  | East Bay Regional Park District                                              | CUSIP: 271015UX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $97267.88     | 0.66%             | 2043-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CNTY CA MET TRANSP              | Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue   | CUSIP: 54466HDL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $170000.00    | 1.15%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE &              | California Infrastructure & Economic Development Bank                        | CUSIP: 13033WKZ5<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    130000 | PA      | $137344.12    | 0.93%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                          | Commonwealth of Puerto Rico                                                  | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |     50000 | PA      | $48105.79     | 0.33%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST POLL CONTROL FIN              | California Pollution Control Financing Authority                             | CUSIP: 130536QW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $124200.08    | 0.84%             | 2040-11-01      | Variable      | 3.12%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A              | California Community Choice Financing Authority                              | CUSIP: 13013JFD3<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    300000 | PA      | $317854.02    | 2.15%             | 2055-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH SAN FRANCISCO CA UNIF SC              | South San Francisco Unified School District                                  | CUSIP: 840058UP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $104182.96    | 0.70%             | 2025-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FOOTHILL ESTRN TRANSPRTN CORRI              | Foothill-Eastern Transportation Corridor Agency                              | CUSIP: 345105BC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $97353.73     | 0.66%             | 2028-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| VIRGIN ISLANDS TRANSPRTN & INF              | Virgin Islands Transportation & Infrastructure Corp                          | CUSIP: 927686AF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $268564.30    | 1.82%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE &              | California Infrastructure & Economic Development Bank                        | CUSIP: 13035ADD8<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    100000 | PA      | $105705.77    | 0.71%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GUAM PWR AUTH REVENUE                       | Guam Power Authority                                                         | CUSIP: 400653JZ5<br>LEI: 549300IPOV320QCKW060 | Long             | DBT              | MUN               | US        |    100000 | PA      | $107884.50    | 0.73%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE &              | California Infrastructure & Economic Development Bank                        | CUSIP: 13034AK66<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    250000 | PA      | $256979.20    | 1.74%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SP              | California Municipal Finance Authority                                       | CUSIP: 13050RAA0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    100000 | PA      | $97401.65     | 0.66%             | 2029-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TULARE TRANSPRTN AUTH SALES TA              | Tulare County Transportation Authority                                       | CUSIP: 89915CBH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $103484.73    | 0.70%             | 2034-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CSCDA CMNTY IMPT AUTH CA ESSEN              | CSCDA Community Improvement Authority                                        | CUSIP: 126292BP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $158357.36    | 1.07%             | 2047-05-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| LONG BEACH CA MARINA REVENUE                | City of Long Beach CA Marina System Revenue                                  | CUSIP: 542426DB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101916.91    | 0.69%             | 2026-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF WTR & P              | Los Angeles Department of Water & Power                                      | CUSIP: 544532PA6<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    310000 | PA      | $321636.38    | 2.17%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR              | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                       | CUSIP: 74529JQF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $21263.38     | 0.14%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| VERNON CA ELEC SYS REVENUE                  | City of Vernon CA Electric System Revenue                                    | CUSIP: 924397EN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $104154.44    | 0.70%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE &              | California Infrastructure & Economic Development Bank                        | CUSIP: 13034A5V8<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    100000 | PA      | $109236.20    | 0.74%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEEDLES CA UNIF SCH DIST                    | Needles Unified School District                                              | CUSIP: 640023EF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $90460.90     | 0.61%             | 2041-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TEJON RANCH CA PUBLIC FACS FIN              | Tejon Ranch Public Facilities Finance Authority                              | CUSIP: 879083FN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101229.76    | 0.68%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FOLSOM RANCH CA FING AUTH SPL               | Folsom Ranch Financing Authority                                             | CUSIP: 344414GT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $103578.12    | 0.70%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A              | City of Los Angeles Department of Airports                                   | CUSIP: 544445P78<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10832.82     | 0.07%             | 2031-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT WTR & PWR               | Los Angeles Department of Water & Power                                      | CUSIP: 544495DY7<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    235000 | PA      | $235000.00    | 1.59%             | 2035-07-01      | Variable      | 3.05%                 | No            |                  2 | On Loan: No      |
| E BAY CA MUNI UTILITY DIST WST              | East Bay Municipal Utility District Wastewater System Revenue                | CUSIP: 271012FD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $112952.62    | 0.76%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A              | California Health Facilities Financing Authority                             | CUSIP: 13032UG51<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    210000 | PA      | $233536.78    | 1.58%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH CH              | California Municipal Finance Authority                                       | CUSIP: 13048DDD7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |     25000 | PA      | $24613.32     | 0.17%             | 2031-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR              | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                       | CUSIP: 74529JRH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    116000 | PA      | $108322.52    | 0.73%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                               | State of California                                                          | CUSIP: 13063DDP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100364.31    | 0.68%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CNTY CA DEV AUTH M              | Los Angeles County Development Authority                                     | CUSIP: 54465JAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50683.38     | 0.34%             | 2043-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A              | California Health Facilities Financing Authority                             | CUSIP: 13032US58<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    110000 | PA      | $112215.93    | 0.76%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEMECULA VLY CA UNIF SCH DISTC              | Temecula Valley Unified School District Community Facilities District        | CUSIP: 87970HRP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $97049.48     | 0.66%             | 2049-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE              | California Municipal Finance Authority                                       | CUSIP: 13048VBU1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100899.45    | 0.68%             | 2034-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AMADOR CA WTR AGY COPS                      | Amador Water Agency Financing Corp                                           | CUSIP: 022653BJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101375.16    | 0.69%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKE TAHOE CA UNIF SCH DIST                 | Lake Tahoe Unified School District                                           | CUSIP: 511012LT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $81277.55     | 0.55%             | 2031-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| EL MONTE CA CITY SCH DIST                   | El Monte City School District/CA                                             | CUSIP: 283309JL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $54099.28     | 0.37%             | 2039-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A              | California Health Facilities Financing Authority                             | CUSIP: 13032UT73<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    100000 | PA      | $104474.16    | 0.71%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST PUBLIC WKS BRD L              | California State Public Works Board                                          | CUSIP: 13068XJH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $108538.32    | 0.73%             | 2028-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA PUBLIC FIN AUTH REV              | California Public Finance Authority                                          | CUSIP: 13056HAB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $98978.81     | 0.67%             | 2054-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA UNIF SCH DIST C              | Los Angeles Unified School District/CA                                       | CUSIP: 544648WP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $78822.70     | 0.53%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT BUSINESS PRIVILEGE T              | Territory of Guam                                                            | CUSIP: 40065NCR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $88436.88     | 0.60%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CNTY CA REGL ARPT AU              | San Diego County Regional Airport Authority                                  | CUSIP: 79739GNE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $261183.90    | 1.77%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH SCH FA              | California School Finance Authority                                          | CUSIP: 13059TGM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $238901.50    | 1.61%             | 2030-07-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT              | California Statewide Communities Development Authority                       | CUSIP: 13080SXZ2<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    150000 | PA      | $161547.35    | 1.09%             | 2036-04-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH CO              | California Municipal Finance Authority                                       | CUSIP: 130493CJ6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    100000 | PA      | $105772.93    | 0.71%             | 2035-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA UNIF SCH DIST                | Los Angeles Unified School District/CA                                       | CUSIP: 544647KL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $279284.48    | 1.89%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST STWD CMNTYS DEVA              | California Statewide Communities Development Authority                       | CUSIP: 13078RGJ3<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50023.44     | 0.34%             | 2040-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONTRA COSTA CA TRANSPRTN AUTH              | Contra Costa Transportation Authority Sales Tax Revenue                      | CUSIP: 21221MFS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $139889.42    | 0.95%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA MUNI IMPT CORPL              | Municipal Improvement Corp of Los Angeles                                    | CUSIP: 544587U71<br>LEI: 549300ZJ0YLTZNSR8F57 | Long             | DBT              | MUN               | US        |    140000 | PA      | $143854.83    | 0.97%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR              | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                       | CUSIP: 74529JRJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $139920.96    | 0.95%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| MENIFEE CA SPL TAX                          | City of Menifee CA                                                           | CUSIP: 58680WFR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $266135.48    | 1.80%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIVERSIDE CA PUBLIC FING AUTHL              | Riverside Public Financing Authority                                         | CUSIP: 76926CCQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $224321.76    | 1.52%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CNTY CA TOBACCO SEC              | California County Tobacco Securitization Agency                              | CUSIP: 13016NFB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $97142.27     | 0.66%             | 2049-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIVERSIDE CA UNIF SCH DIST FIN              | Riverside Unified School District Financing Authority                        | CUSIP: 769066BL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $114370.10    | 0.77%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH CH              | California Municipal Finance Authority                                       | CUSIP: 13048DDG0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    250000 | PA      | $189662.95    | 1.28%             | 2055-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST EDUCTNL FACS AUT              | California Educational Facilities Authority                                  | CUSIP: 130179RL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $98203.36     | 0.66%             | 2053-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CNTY CA PUBLIC WKS              | Los Angeles County Public Works Financing Authority                          | CUSIP: 54473ERD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101062.16    | 0.68%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE &              | California Infrastructure & Economic Development Bank                        | CUSIP: 13034A6B1<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    300000 | PA      | $290781.51    | 1.97%             | 2065-01-01      | Variable      | 9.50%                 | No            |                  2 | On Loan: No      |
| BAY AREA CA TOLL AUTH TOLL BRI              | Bay Area Toll Authority                                                      | CUSIP: 072024WG3<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |    100000 | PA      | $69913.93     | 0.47%             | 2054-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| UNION CA ELEM SCH DIST                      | Union Elementary School District                                             | CUSIP: 906573FY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $87135.85     | 0.59%             | 2039-09-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                          | Commonwealth of Puerto Rico                                                  | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |     25000 | PA      | $20562.15     | 0.14%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CA CMNTY CLG DIS              | San Francisco Community College District                                     | CUSIP: 797683KJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $105392.43    | 0.71%             | 2049-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR              | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                       | CUSIP: 74529JQH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $17705.66     | 0.12%             | 2051-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A              | City of Los Angeles Department of Airports                                   | CUSIP: 544445EX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $102801.22    | 0.69%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR              | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                       | CUSIP: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    182000 | PA      | $58428.24     | 0.39%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST ENTERPRISE DEV A              | California Enterprise Development Authority                                  | CUSIP: 13067VBR4<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |    100000 | PA      | $106369.31    | 0.72%             | 2049-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ANTIOCH CA UNIF SCH DIST                    | Antioch Unified School District                                              | CUSIP: 037105NU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $106103.72    | 0.72%             | 2041-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A              | California Health Facilities Financing Authority                             | CUSIP: 13032UN87<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    100000 | PA      | $110143.43    | 0.74%             | 2061-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                               | State of California                                                          | CUSIP: 13063EKL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $107140.83    | 0.72%             | 2035-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A              | California Health Facilities Financing Authority                             | CUSIP: 13032UP93<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    110000 | PA      | $121520.93    | 0.82%             | 2054-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST UNIV REVENUE                  | California State University                                                  | CUSIP: 13077C4G6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $113511.31    | 0.77%             | 2036-11-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT              | California Statewide Communities Development Authority                       | CUSIP: 13080SXX7<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    125000 | PA      | $134622.79    | 0.91%             | 2045-04-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT LTD OBLG REVENUE                  | Territory of Guam                                                            | CUSIP: 40065HDT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100824.31    | 0.68%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN BERNARDINO CITY CA UNIF SC              | San Bernardino City Unified School District                                  | CUSIP: 796714EY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $191919.94    | 1.30%             | 2043-10-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ROMOLAND CA SCH DIST SPL TAX                | Romoland School District                                                     | CUSIP: 776192XX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101351.22    | 0.69%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A              | California Community Choice Financing Authority                              | CUSIP: 13013JCB0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    100000 | PA      | $103988.45    | 0.70%             | 2053-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SO              | California Municipal Finance Authority                                       | CUSIP: 13048RAH0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    250000 | PA      | $249998.93    | 1.69%             | 2045-10-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CNTY CA PUBLIC WKS              | Los Angeles County Public Works Financing Authority                          | CUSIP: 54473EXS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $246892.19    | 1.67%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** Peter Fortner

**Name of Signer:** Peter Fortner

**Title:** Vice President Assistant Treasurer