GOLDMAN
SACHS
ACCESS
MUNICIPAL
BOND
ETF
Schedule
of
Investments
May
31,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
-
98.7%
Alabama
-
1.2%
Alabama
Public
School
and
College
Authority
Tax
Exempt
Capital
Improvement
and
RB,
Series
2020-A
(Aa1/AA)
$
30,000
5.000%
11/01/2031
$
32,856
Alabama
Public
School
and
College
Authority
Tax
Exempt
Capital
Improvement
and
RB,
Series
2020-A
(Aa1/AA)
30,000
5.000
11/01/2034
32,348
30,000
5.000
11/01/2035
32,185
25,000
4.000
11/01/2036
24,947
122,336
Arizona
-
1.4%
Arizona
Board
of
Regents
Arizona
State
University
System
Revenue
Refunding
Bonds
Series
2017B
(Aa2/AA)
40,000
5.000
07/01/2032
41,387
Arizona
Board
of
Regents
University
of
Arizona
System
Revenue
Refunding
Bonds
Series
2016
(Aa3/AA-)
30,000
3.000
06/01/2034
27,424
50,000
3.000
06/01/2035
45,004
City
of
Mesa
Utility
Systems
Revenue
Refunding
Bonds
Series
2019C
(Aa2/AA-)
20,000
5.000
07/01/2034
21,193
135,008
Arkansas
-
0.3%
City
of
Fort
Smith
Water
and
Sewer
Refunding
and
Construction
RB
Series
2018
(NR/A)
30,000
5.000
10/01/2030
31,496
a
a
California
-
20.4%
Anaheim
Lease
RB
Anaheim
Public
Improvement
Project
1997
(AGM)
(A1/AA)
50,000
0.000
(a)
09/01/2032
38,610
California
Community
Choice
Financing
Authority
Clean
Energy
Project
RB
Series
2021B-1
(Green
Bonds)
(A1/NR)
(PUTABLE)
30,000
4.000
(b)(c)
02/01/2052
29,662
California
Community
Choice
Financing
Authority
Clean
Energy
Project
RB
Series
2024D
(Aa1/NR)
(PUTABLE)
40,000
5.000
(b)(c)
02/01/2055
42,381
California
Educational
Facilities
Authority
Stanford
University
RB
Series
U-2
(Aaa/AAA)
90,000
5.000
10/01/2032
103,074
California
Health
Facilities
Financing
Authority
RB
Adventist
Health
System/West
Series
2013A
(NR/BBB+)
50,000
4.000
03/01/2033
48,943
California
Health
Facilities
Financing
Authority,
Refunding
RB
(Cedars-Sinai
Medical
Center)
Series
2015
(Aa3/NR)
30,000
3.500
11/15/2034
28,974
California
Infrastructure
and
Economic
Development
Bank
California
Clean
Water
and
Drinking
Water
State
Revolving
Fund
RB
Series
2024
(Aaa/AAA)
30,000
5.000
10/01/2033
34,685
40,000
5.000
10/01/2035
45,536
California
Infrastructure
and
Economic
Development
Bank
Lease
RB
30,000
5.000
08/01/2035
31,782
City
of
Los
Angeles
Department
of
Water
and
Power
Water
System
RB
2017
Series
A
(Aa2/AA-)
30,000
5.000
07/01/2033
30,484
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
California
–
(continued)
County
of
Santa
Clara
GO
Bonds
(Election
of
2008)
2013
Series
B3
(NR/AAA)
$
50,000
3.250%
08/01/2035
$
46,279
Department
of
Water
and
Power
of
the
City
of
Los
Angeles
Power
System
RB
2024
Series
E
(Aa2/A)
40,000
5.000
07/01/2033
43,589
Department
of
Water
and
Power
of
the
City
of
Los
Angeles
RB
Series
2018
D
(Aa2/A)
50,000
5.000
07/01/2033
54,486
30,000
5.000
07/01/2034
30,870
Infrastructure
and
Economic
Development
Bank,
California
Clean
Water
and
Drinking
Water
State
Revolving
Fund
RB
Breen
Bond
Series
2023
(Aaa/AAA)
30,000
5.000
10/01/2028
32,360
Los
Angeles
County
Metropolitan
Transportation
Authority
Measure
R
Senior
Sales
Tax
RB
2021-A
(Aa1/AAA)
30,000
5.000
06/01/2029
32,702
Los
Angeles
County
Metropolitan
Transportation
Authority
Measure
R
Senior
Sales
Tax
RB
Series
2021-A
(Aa1/AAA)
40,000
4.000
06/01/2034
41,204
Los
Angeles
County
Public
Works
Financing
Authority
Lease
RB
2021
Series
F
Green
Bonds
(Aa2/AA+)
30,000
5.000
12/01/2034
32,845
Los
Angeles
Unified
School
District
2019
GO
Refunding
Bond
Series
A
(Aa2/NR)
40,000
3.000
01/01/2034
37,664
Metropolitan
Water
District
of
Southern
California
Subordinate
Water
Revenue
Refunding
Bonds,
2020
Series
A
(NR/AA+)
30,000
4.000
07/01/2029
31,428
Sacramento
Municipal
Utility
District
Electric
Revenue
Refunding
Bonds
2022
Series
J
(NR/AA)
30,000
5.000
08/15/2027
31,568
San
Bernadino
Community
College
District,
San
Bernardino
and
Riverside
Counties
Election
of
2002
GO
Bonds
Series
D
(Aa1/AA)
50,000
0.000
(a)
08/01/2032
39,434
San
Diego
Unified
School
District
2015
GO
Refunding
Bonds
Dedicated
Unlimited
Ad
Valorem
Property
Tax
Bonds
Series
R-4
(Aa2/AA-)
40,000
5.000
07/01/2025
40,064
San
Diego
Unified
School
District
GO
Refunding
Bonds
Series
2012
R-1
(Aa2/AA-)
50,000
0.000
(a)
07/01/2031
40,851
San
Francisco
Bay
Area
Rapid
Transit
District
GO
Bonds
Election
of
2016
2017
Series
A-1
Green
Bonds
(Aaa/AA-)
30,000
5.000
08/01/2031
31,287
25,000
4.000
08/01/2036
25,110
San
Francisco
Bay
Area
Rapid
Transit
District
Sales
Tax
Revenue
Bonds
2015
Refunding
Series
A
(NR/AA+)
30,000
5.000
07/01/2027
30,050
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-)
40,000
3.500
06/15/2035
38,022
San
Jose
Evergreen
California
Community
College
District
GO
Bonds
Election
of
2004
B
(AGM)
(Aaa/AA+)
50,000
0.000
(a)
09/01/2031
41,111
GOLDMAN
SACHS
ACCESS
MUNICIPAL
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
California
–
(continued)
Santa
Clara
County
Financing
Authority
California
Refunding
Lease
RB
Multiple
Facilities
Projects
2016
Series
Q
(NR/AA+)
$
50,000
3.000%
05/15/2035
$
45,410
Santa
Clara
Unified
School
District
Election
of
2014
GO
Bonds
Series
2019
(Aaa/AAA)
30,000
3.000
07/01/2033
28,807
Southern
California
Public
Power
Authority
and
Transmission
System
Renewal
Project
RB
2023-1
(Aa2/NR)
50,000
5.000
07/01/2034
54,107
State
of
California
Department
of
Water
Resources
and
Water
System
Central
Valley
Project
RB
Series
AX
(Aa1/AAA)
35,000
5.000
12/01/2030
36,745
State
of
California
GO
Various
Purpose
Bonds
(Aa2/AA-)
30,000
5.000
03/01/2030
32,816
70,000
5.000
11/01/2031
76,517
30,000
5.000
03/01/2032
32,603
30,000
5.000
11/01/2032
31,740
30,000
5.000
03/01/2034
32,295
State
of
California
GO
Various
Purpose
Refunding
Bonds
(Aa2/AA-)
30,000
5.000
11/01/2030
31,353
50,000
5.000
11/01/2032
56,312
40,000
4.000
11/01/2034
40,077
State
of
California
Tax
Exempt
Various
Purpose
GO
Refunding
Bonds
(Aa2/AA-)
50,000
5.000
09/01/2028
50,233
20,000
5.000
10/01/2028
21,415
State
of
California
Tax
Exempt
Various
Purpose
GO
Refunding
Bonds
Bid
Group
B
(Aa2/AA-)
70,000
3.375
09/01/2033
68,198
The
Regents
of
The
University
of
California
General
RB
Series
2024
BV
(Aa2/AA)
40,000
5.000
05/15/2036
44,350
The
Regents
of
the
University
of
California
General
Revenue
Bonds
2017
Series
AY
(Aa2/AA)
30,000
5.000
05/15/2032
30,985
The
Regents
of
the
University
of
California
General
Revenue
Bonds
2017
Series
Bv
(Aa2/AA)
50,000
5.000
05/15/2033
56,377
The
Regents
of
the
University
of
California
Limited
Project
RB
2022
Series
S
(Aa3/AA-)
40,000
5.000
05/15/2029
43,240
The
Regents
of
the
University
of
California
Limited
Project
RB
2022
Series
S
Forward
Delivery
(Aa3/AA-)
25,000
5.000
05/15/2031
27,674
WM
S
Hart
High
School
District
GO
Bonds
Election
2001
2005
B
(AGM)
(Aa2/AA)
30,000
0.000
(a)
09/01/2029
26,238
2,002,547
Colorado
-
1.6%
Colorado
Health
Facilities
Authority
Hospital
RB
Series
2015
(NR/A-)
30,000
5.000
01/15/2035
30,182
Colorado
Health
Facilities
Authority
RB
for
Commonspirit
Health
Series
2024A
(A3/A-)
50,000
5.000
12/01/2034
54,360
Colorado
Health
Facilities
Authority
RB
Series
2019A
(NR/A+)
30,000
5.000
11/01/2034
31,273
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Colorado
–
(continued)
State
of
Colorado
Higher
Education
Capital
Construction
Lease
Purchase
Financing
program
Certificates
of
Participation
Series
2014
A
(Aa2/AA-)
$
40,000
5.000%
11/01/2025
$
40,333
156,148
Connecticut
-
2.1%
Connecticut
State
Health
&
Educational
Facilities
Authority
RB
Quinnipiac
University
Issue
Series
L
(A3/A-)
25,000
5.000
07/01/2032
25,003
State
of
Connecticut
GO
Bonds
(Aa3/AA-)
30,000
5.000
11/15/2030
30,180
30,000
5.000
11/15/2032
30,134
State
of
Connecticut
GO
Bonds
2015
Series
A
(Aa3/AA-)
20,000
4.000
03/15/2032
20,031
State
of
Connecticut
GO
Bonds
2024
Series
B
(Social
Bonds)
(Aa3/AA-)
40,000
5.000
01/15/2038
43,469
State
of
Connecticut
GO
Refunding
Bonds
Series
2016
B
(Aa3/AA-)
30,000
5.000
05/15/2027
30,561
State
of
Connecticut
Tax
Exempt
GO
Bonds
2018
Series
E
(Aa3/AA-)
30,000
5.000
09/15/2034
31,321
210,699
Delaware
-
0.3%
The
State
of
Delaware
GO
Refunding
Bonds
Series
2017A
(Aaa/AAA)
27,000
5.000
01/01/2028
28,536
a
a
District
of
Columbia
-
2.4%
District
of
Columbia
Hospital
RB
Refunding
Children's
Hospital
Obligated
Group
Issue
Series
2015
(A1/NR)
30,000
5.000
07/15/2031
30,241
District
of
Columbia
Washington
D.C.
General
Obligation
Bonds
Series
2024A
(Aa1/AA+)
40,000
5.000
08/01/2036
44,258
District
of
Columbia
Washington
D.C.
GO
Bonds
Series
2015B
(Aa1/AA+)
20,000
5.000
06/01/2026
20,029
District
of
Columbia
Washington
D.C.
GO
Bonds
Series
2017D
(Aa1/AA+)
40,000
4.000
06/01/2033
40,155
District
of
Columbia
Washington
D.C.
GO
Bonds
Series
2021D
(Aa1/AA+)
30,000
5.000
02/01/2029
32,150
District
of
Columbia
Washington
D.C.
Income
Tax
Secured
RB
Series
2019A
Tax
Exempt
(Aa1/AAA)
30,000
5.000
03/01/2028
31,687
30,000
5.000
03/01/2030
32,223
230,743
Florida
-
3.9%
City
of
Cape
Coral
Fl
Water
and
Sewer
Refunding
RB
Series
2017
(A1/A+)
20,000
5.000
10/01/2032
20,612
City
of
Jacksonville
Transportation
RB
Refunding
Series
2015
(Aa2/AA-)
30,000
3.000
10/01/2031
29,314
GOLDMAN
SACHS
ACCESS
MUNICIPAL
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
City
of
Lakeland
Energy
System
Refunding
RB
Series
2016
(Aa3/AA)
$
40,000
2.500%
10/01/2027
$
38,938
Florida
Housing
Finance
Corporation
Homeowner
Mortgage
RB
2021
Series
1
Non-AMT
(Social
Bonds)
(GNMA/FNMA/FHLMC)
(Aaa/NR)
30,000
1.800
07/01/2036
22,225
Florida
State
Board
of
Education
Public
Education
Capital
Outlay
Refunding
Bonds
2019
Series
C
(Aaa/AAA)
30,000
5.000
06/01/2031
32,122
Greater
Orlando
Aviation
Authority
Priority
Subordinated
Airport
Facilities
RB
Series
2017A
AMT
of
The
City
of
Orlando
Florida
(Aa3/AA-)
20,000
5.000
(d)
10/01/2029
20,799
JEA
Water
and
Sewer
System
RB
2017
Series
A
(Aa1/AA+)
40,000
3.250
10/01/2036
36,263
Orlando
Utilities
Commission
Utility
System
RB
Series
2018A
(Aa2/AA)
30,000
5.000
10/01/2032
31,149
Reedy
Creek
Improvement
District
Florida
Ad
Valorem
Tax
Bonds
Series
2017A
(Aa3/AA-)
20,000
5.000
06/01/2030
20,708
Seminole
County
Water
and
Sewer
Refunding
RB
Series
2015
A
(Aa2/AA+)
30,000
4.000
10/01/2030
30,044
State
of
Florida
Full
Faith
and
Credit
State
Board
of
Education
Public
Education
Capital
Outlay
Refunding
Bonds
2022
Series
B
Forward
Delivery
(Aaa/AAA)
30,000
5.000
06/01/2028
31,902
Tampa
Bay
Water,
Florida
Utility
System
Revenue
Refunding
&
Improvement
Revenue
Bonds
2001
A
(NATL)
(Aa1/AA+)
30,000
6.000
10/01/2029
33,186
The
School
Board
of
Miami-Dade
County
Florida
Certificates
of
Participation
Series
2015D
(A1/A+)
35,000
4.000
02/01/2032
35,165
382,427
Georgia
-
1.7%
City
of
Atlanta
Airport
Passenger
Facility
Charge
and
Subordinate
Lien
General
RB
Series
2023E
(Aa3/NR)
40,000
5.000
07/01/2034
42,712
City
of
Atlanta
Georgia
Airport
Passenger
Facility
Charge
and
Subordinate
Lien
General
RB
Series
2023E
(Aa3/NR)
50,000
5.000
07/01/2031
53,534
Forsyth
County
School
District
Georgia
GO
Bonds
Series
2020
(Aaa/AAA)
30,000
5.000
02/01/2030
32,832
State
of
Georgia
GO
Bonds
Series
2015A
(Aaa/AAA)
35,000
4.000
02/01/2033
35,012
164,090
Hawaii
-
1.3%
City
and
County
of
Honolulu
GO
Bonds
Series
2018A
Tax
Exempt
(Aa2/NR)
30,000
5.000
09/01/2029
31,714
City
and
County
of
Honolulu
GO
Tax
Exempt
Refunding
Bonds
Series
2017D
(Aa2/NR)
30,000
5.000
09/01/2033
31,006
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Hawaii
–
(continued)
City
and
County
of
Honolulu
Transit
Improvements
GO
Series
E
(Aa2/NR)
$
30,000
5.000%
03/01/2029
$
32,279
State
of
Hawaii
GO
Bonds
of
2018
Series
FT
(Aa2/AA+)
30,000
5.000
01/01/2034
31,125
126,124
Illinois
-
3.8%
Illinois
Community
College
District
No.
512
GO
Bonds
Series
2020
(Aaa/NR)
40,000
4.000
12/15/2029
40,902
Illinois
Finance
Authority
RB
for
The
University
of
Chicago,
Series
2021A
(Forward
Delivery)
(Aa2/AA-)
20,000
5.000
10/01/2032
22,109
Illinois
Finance
Authority
RB
Rush
University
Medical
Center
Obligated
Group
Series
2015A
(A1/A+)
30,000
5.000
11/15/2029
30,016
30,000
5.000
11/15/2034
29,999
Illinois
St
GO
Bonds
October
2020
B
(A3/A-)
40,000
4.000
10/01/2032
39,802
20,000
4.000
10/01/2034
19,602
Regional
Transportation
Authority
GO
Bonds
2004A
(AGM)
(Aa3/AA)
30,000
5.750
06/01/2029
32,291
Sales
Tax
Securitization
Corp.
Sales
Tax
Securitization
Bonds
Series
2023A
Social
Bonds
(NR/A+)
20,000
3.000
01/01/2027
19,848
State
of
Illinois
GO
Bonds
Refunding
Series
October
2024
(A3/A-)
50,000
5.000
02/01/2034
54,093
State
of
Illinois
GO
Bonds
Series
November
2019A
(A3/A-)
30,000
5.000
11/01/2026
30,713
State
of
Illinois
GO
Bonds,
Series
May
2023B
(A3/A-)
50,000
5.000
05/01/2034
53,303
372,678
Indiana
-
1.0%
Indiana
Finance
Authority
State
Revolving
Fund
Program
Bonds
Series
2024A
(NR/AAA)
50,000
5.000
02/01/2039
54,202
Indiana
Revenues
Special
Program
Carmel
Jr
Waterworks
Project
Series
2008
B
(AGM)
(A1/AA)
30,000
0.000
(a)
06/01/2031
24,559
The
Trustees
of
Indiana
University
Indiana
University
Consolidated
RB
Series
2015A
(Aaa/AAA)
20,000
5.000
06/01/2026
20,032
98,793
Iowa
-
1.0%
Board
of
Regents
State
of
Iowa
Hospital
Revenue
Refunding
Bonds
Series
S.U.I.
2022C
University
of
Iowa
Hospitals
and
Clinics
(Aa2/AA)
30,000
5.000
09/01/2028
31,865
Iowa
Finance
Authority
State
Revolving
Fund
RB
Series
2017
Green
Bonds
(Aaa/AAA)
30,000
5.000
08/01/2027
31,490
30,000
5.000
08/01/2030
31,162
94,517
GOLDMAN
SACHS
ACCESS
MUNICIPAL
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Kentucky
-
0.3%
Kentucky
Municipal
Power
Agency
Power
System
Revenue
Refunding
Bonds
for
Prairie
State
Project
Series
2015A
(NATL)
(Baa1/NR)
$
30,000
5.000%
09/01/2025
$
30,102
a
a
Louisiana
-
0.4%
City
of
Shreveport,
Louisiana
Water
&
Sewer
RB
Junior
Lien
Series
2018C
(BAM)
(Baa3/AA)
20,000
5.000
12/01/2026
20,476
Louisiana
Public
Facilities
Authority
RB
for
Ochsner
Clinic
Foundation
Project
Series
2002B
(Aa1/NR)
20,000
5.500
(d)
05/15/2027
20,477
40,953
Maryland
-
2.0%
Montgomery
County
GO
Consolidated
Public
Improvement
Bonds
Series
2020
A
(Aaa/AAA)
30,000
4.000
08/01/2031
31,165
State
of
Maryland
GO
Bonds
State
and
Local
Facilities
Loan
of
2019
First
Series
Tax
Exempt
Bonds
Bidding
Group
1
(Aa1/AAA)
30,000
5.000
03/15/2027
31,170
State
of
Maryland
GO
Bonds
State
and
Local
Facilities
Loan
of
2020
Second
Series
A
Tax
Exempt
Bonds
Bidding
Group
2
(Aa1/AAA)
30,000
5.000
08/01/2032
32,657
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)
30,000
5.000
08/01/2028
32,040
35,000
5.000
08/01/2030
38,546
Washington
Suburban
Sanitary
District
Maryland
Consolidated
Public
Improvement
Refunding
Bonds
of
2020
Montgomery
and
Prince
George's
Counties
Maryland
(CNTY
GTD)
(Aaa/AAA)
30,000
5.000
06/01/2030
32,991
198,569
Massachusetts
-
4.2%
Commonwealth
of
Massachusetts
GO
Bonds
Consolidated
Loan
of
2019
Series
F
(Aa1/AA+)
55,000
5.000
05/01/2029
59,481
Commonwealth
of
Massachusetts
GO
Bonds
Consolidated
Loan
of
2024
Series
B
(Aa1/AA+)
40,000
5.000
05/01/2036
44,737
Commonwealth
of
Massachusetts
GO
Refunding
Bonds
2018
Series
C
(Aa1/AA+)
20,000
5.000
09/01/2032
22,523
Massachusetts
Bay
Transn
Authority
Mass
Sales
Tax
Revenue
Sen
Sales
Tax
Bonds
A-1
(Aa2/AA+)
40,000
5.250
07/01/2034
46,420
Massachusetts
Bay
Transportation
Authority
RB
Series
2005
A
(Aa2/AA+)
30,000
5.000
07/01/2025
30,047
Massachusetts
Development
Finance
Agency
RB,
Northeastern
University
Issue,
Series
2022
(A1/NR)
40,000
5.000
10/01/2035
43,889
Massachusetts
Water
Resources
Authority
General
Revenue
Refunding
Green
Bonds
2024
Series
C
(Aa1/AA+)
40,000
5.000
08/01/2034
45,651
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Massachusetts
–
(continued)
School
Building
Authority
Senior
Dedicated
Sales
Tax
Refunding
Bonds
Series
2015
C
(Aa1/AA+)
$
30,000
5.000%
08/15/2025
$
30,121
The
Commonwealth
of
Massachusetts
GO
Bonds
Consolidated
Loan
of
2015
Series
D
(Aa1/AA+)
50,000
3.000
09/01/2032
48,893
The
Commonwealth
of
Massachusetts
GO
Bonds
Consolidated
Loan
of
2018,
Series
B
(Aa1/AA+)
40,000
5.000
01/01/2027
41,393
413,155
Michigan
-
1.2%
Michigan
State
Housing
Development
Authority
Rental
Housing
RB
2019
Series
A-1
Non-AMT
(NR/AA+)
35,000
2.875
10/01/2034
30,550
State
of
Michigan
GO
Environmental
Program
and
Refunding
Bonds
Series
2017A
Tax
Exempt
(Aa1/AA)
35,000
5.000
05/01/2026
35,693
State
of
Michigan
GO
Environmental
Program
Bonds
Series
2018
Tax
Exempt
(Aa1/AA)
50,000
3.000
05/01/2030
49,719
115,962
Minnesota
-
1.0%
Minnesota
Public
Facilities
Authority
State
Revolving
Fund
RB
Series
2023A
(Aaa/AAA)
50,000
5.000
03/01/2033
56,521
State
of
Minnesota
GO
State
Various
Purpose
Bonds
Series
2018A
(Aaa/AAA)
40,000
5.000
08/01/2031
42,297
98,818
Mississippi
-
0.2%
Mississippi
Development
Bank
Special
Obligation
Bonds
Series
2015A
Jackson
Public
School
District
GO
Refunding
Bond
Project
Series
2015B
Jackson
Public
School
District
Limited
Tax
Refunding
Note
Project
(NR/A+)
20,000
5.000
04/01/2026
20,290
a
a
Missouri
-
0.3%
Missouri
Joint
Municipal
Electric
Utility
Commission
Power
Project
RB
Refunding
Bonds
for
Prairie
State
Project
Series
2015A
(A2/NR)
30,000
5.000
12/01/2030
30,000
a
a
Montana
-
0.5%
City
of
Forsyth
Rosebud
County
Montana
Pollution
Control
Revenue
Refunding
Bonds
Puget
Sound
Energy
Project
Series
2013A
Non-AMT
(NR/A-)
50,000
3.900
(b)
03/01/2031
49,415
a
a
Nebraska
-
0.2%
The
University
of
Nebraska
Facilities
Corp.
Facilities
Bonds
Series
2018
(Aa1/AA)
20,000
5.000
07/15/2026
20,455
a
a
Nevada
-
0.9%
Clark
County
School
District
GO
Limited
Tax
Building
and
Refunding
Bonds
Series
2017C
(A1/AA-)
30,000
5.000
06/15/2027
31,237
30,000
5.000
06/15/2029
31,252
GOLDMAN
SACHS
ACCESS
MUNICIPAL
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Nevada
–
(continued)
Clark
County
School
District
Nevada
GO
Limited
Tax
School
Bonds
Additionally
Secured
By
Pledged
Revenues
Series
2015D
(A1/AA-)
$
25,000
4.000%
06/15/2032
$
25,037
87,526
New
Jersey
-
3.2%
Higher
Education
Student
Assistance
Authority
Senior
Student
Loan
Revenue
Refunding
Bonds
Series
2018B
(Aaa/AA)
30,000
5.000
12/01/2027
30,980
New
Jersey
Educational
Facilities
Authority
Princeton
University
RB
2024
Series
A-1
(Aaa/AAA)
40,000
5.000
03/01/2031
44,321
New
Jersey
Health
Care
Facilities
Financing
Authority
RB
Valley
Health
System
Obligated
Group
Series
2019
(NR/A)
30,000
5.000
07/01/2032
31,800
New
Jersey
State
Transportation
Authority
System
Bonds
Series
2006C
(AMBAC)
(A2/A-)
25,000
0.000
(a)
12/15/2028
22,141
New
Jersey
State
Transportation
Authority
System
Bonds
Series
2006C
(AGM)
(A1/AA)
20,000
0.000
(a)
12/15/2029
17,121
New
Jersey
Transportation
Trust
Fund
Authority
RB
Capital
Appreciation
for
Transportation
System
Bonds
Series
2010
A
(A2/A-)
20,000
0.000
(a)
12/15/2031
15,772
30,000
0.000
(a)
12/15/2034
20,454
New
Jersey
Transportation
Trust
Fund
Authority
RB
for
Transportation
System
Bonds
Series
2006
C
(NATL)
(A2/A-)
40,000
0.000
(a)
12/15/2027
36,758
New
Jersey
Transportation
Trust
Fund
Authority
RB
for
Transportation
System
Series
2009
A
(A2/A-)
40,000
0.000
(a)
12/15/2033
28,700
New
Jersey
Transportation
Trust
Fund
Authority
Tax
Exempt
RB
for
Transportation
System
Bonds
Series
2019
A
(A2/A-)
30,000
5.000
12/15/2025
30,298
New
Jersey
Transportation
Trust
Fund
Authority
Transportation
System
Bonds
2018
Series
A
(A2/A-)
30,000
5.000
12/15/2029
31,703
310,048
New
York
-
15.8%
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)
30,000
5.000
03/15/2032
32,660
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)
30,000
5.000
03/15/2031
32,804
50,000
4.000
03/15/2034
50,395
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)
30,000
5.000
03/15/2033
32,522
Dormitory
Authority
of
The
State
of
New
York
New
York
University
RB
Series
2015A
(Aa2/AA-)
40,000
2.800
07/01/2027
39,918
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
New
York
–
(continued)
Dormitory
Authority
of
The
State
of
New
York
School
Districts
RB
Financing
Program
RB
Series
2017B
(AGM
ST
INTERCEPT)
(Aa3/AA)
$
30,000
5.000%
10/01/2028
$
31,224
30,000
5.000
10/01/2032
30,983
Dormitory
Authority
of
The
State
of
New
York
State
Sales
Tax
RB
Series
2018A
(Aa1/AA+)
30,000
5.000
03/15/2028
31,918
Hudson
Yards
Infrastructure
Corp.
Hudson
Yards
RB
Fiscal
2022
Series
A
Green
Bonds
(Aa2/AA)
20,000
5.000
02/15/2032
22,580
Hudson
Yards
Infrastructure
Corporation
Revenue
Bonds
Fiscal
Green
Bonds
Series
2022
A
(Aa2/AA)
30,000
4.000
02/15/2038
29,618
Long
Island
Power
Authority
Electric
System
RB
Series
C
(AGC)
(A2/AA)
30,000
5.250
09/01/2029
32,317
Metropolitan
Transportation
Authority
Dedicated
Tax
Fund
Refunding
Green
Bonds
Subseries
2017B-2
(NR/AA)
25,000
3.125
11/15/2033
23,157
Metropolitan
Transportation
Authority
RB
Refunding
for
Climate
Bond
Certified
Series
2020
E
(A3/A-)
30,000
5.000
11/15/2029
32,119
30,000
5.000
11/15/2033
32,155
Metropolitan
Transportation
Authority
Revenue
Refunding
Bonds
Series
2015C
(A3/A-)
30,000
5.250
11/15/2029
30,164
Metropolitan
Transportation
Authority
Revenue
Refunding
for
Climate
Bond
Certified
Series
2017B
(A3/A-)
30,000
5.000
11/15/2027
31,293
Metropolitan
Transportation
Authority
Transportation
Revenue
Refunding
Green
Bonds
Series
2017C-1
(A3/A-)
30,000
5.000
11/15/2027
31,293
35,000
5.000
11/15/2034
35,917
30,000
3.250
11/15/2036
25,420
Metropolitan
Transportation
Authority
Transportation
Revenue
Refunding
Green
Bonds,
Series
2017C-2,
Capital
Appreciation
Bonds,
Climate
Bond
Certified
(A3/A-)
30,000
0.000
(a)
11/15/2033
21,466
New
York
City
Housing
Development
Corp.
Multi-Family
Housing
RB
2017
Series
G-1
Sustainable
Neighborhood
Bonds
(Aa2/AA+)
30,000
3.450
11/01/2037
26,757
New
York
City
Municipal
Water
Finance
Authority
Water
&
Sewer
System
Second
General
Resolution
RB
Fiscal
2024
Subseries
BB-2
(Aa1/AA+)
40,000
5.000
06/15/2035
45,404
New
York
City
Transitional
Finance
Authority
Building
Aid
RB
Fiscal
2015
Series
S-1
(ST
AID
WITHHLDG)
(Aa2/AA)
30,000
5.000
07/15/2029
30,031
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)
40,000
5.000
07/15/2030
43,607
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Subordinate
Bonds
Fiscal
2001
Series
C
(Aa1/AAA)
30,000
5.000
02/01/2030
32,586
GOLDMAN
SACHS
ACCESS
MUNICIPAL
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
New
York
–
(continued)
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Subordinate
Bonds
Fiscal
2010
Subseries
G-5
(Aa1/AAA)
$
30,000
5.000%
05/01/2030
$
32,692
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Subordinate
Bonds
Fiscal
2019
Series
A
Subseries
A-1
(Aa1/AAA)
30,000
5.000
08/01/2034
31,272
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Subordinate
Bonds
Fiscal
2021
Series
D
Subseries
D-1
Tax
Exempt
Bonds
(Aa1/AAA)
30,000
5.000
11/01/2034
32,051
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Subordinate
Bonds
Fiscal
2022
Series
A
Subseries
A-1
Tax
Exempt
Bonds
(Aa1/AAA)
30,000
5.000
11/01/2027
31,524
30,000
5.000
11/01/2028
32,077
25,000
5.000
11/01/2034
27,155
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Subordinate
Bonds
Fiscal
2022
Series
A
Subseries
A-1
Tax-
Exempt
Bonds
(Aa1/AAA)
40,000
5.000
11/01/2032
43,813
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Subordinate
Bonds
Fiscal
2022
Series
C
Subseries
C-1
Tax
Exempt
(Aa1/AAA)
20,000
5.000
02/01/2035
21,723
New
York
Convention
Center
Development
Corp.
RB
for
New
York
City
Hotel
Unit
Fee
Revenue Series
2015
(A2/NR)
30,000
3.500
11/15/2034
28,493
New
York
Convention
Center
Development
Corp.
RB
for
New
York
City
Hotel
Unit
Fee
Revenue
Series
2015
(A2/NR)
30,000
5.000
11/15/2032
30,162
New
York
State
Dormitory
Authority
RB
for
Memorial
Sloan-
Kettering
Cancer
Center
(NATL)
(WR/NR)
50,000
0.000
(a)
07/01/2027
46,842
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)
20,000
5.000
06/15/2030
20,784
State
of
New
York
Mortgage
Agency
Homeowner
Mortgage
RB
Series
225
(NON-AMT)
(Aa1/NR)
60,000
2.000
10/01/2035
46,867
The
City
of
New
York
GO
Bonds
Fiscal
2006
Series
J
(AGM)
(Aa2/AA)
40,000
5.000
06/01/2034
44,759
The
City
of
New
York
GO
Bonds
Fiscal
2013
Series
E
(Aa2/AA)
35,000
3.000
08/01/2033
32,119
The
City
of
New
York
GO
Bonds
Fiscal
2018
Series
1
(Aa2/AA)
30,000
5.000
08/01/2026
30,745
30,000
5.000
08/01/2031
31,031
The
City
of
New
York
GO
Bonds
Fiscal
2019
Series
A
(Aa2/AA)
30,000
5.000
08/01/2026
30,745
The
City
of
New
York
GO
Bonds
Fiscal
2021
Series
C
(Aa2/AA)
30,000
5.000
08/01/2030
32,814
30,000
5.000
08/01/2034
32,052
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
New
York
–
(continued)
Triborough
Bridge
and
Tunnel
Authority
MTA
Bridges
and
Tunnels
Payroll
Mobility
Tax
Senior
Lien
Refunding
Green
Bonds
Series
2023A
Climate
Bond
Certified
(NR/AA+)
$
30,000
5.000%
11/15/2029
$
32,651
Triborough
Bridge
and
Tunnel
Authority
MTA
Bridges
and
Tunnels
Payroll
Mobility
Tax
Senior
Lien
Refunding
Green
Bonds
Series
2023C
(NR/AA+)
40,000
5.000
11/15/2037
43,424
1,544,103
North
Carolina
-
1.3%
County
of
Wake
Limited
Obligation
Bonds
Series
2021
(Aa1/AA+)
30,000
4.000
03/01/2034
30,341
North
Carolina
Medical
Care
Commission
Health
Care
Facilities
RB
Vidant
Health
Series
2015
(A2/A)
50,000
4.000
06/01/2034
49,849
State
of
North
Carolina
Limited
Obligation
Bonds
Series
2013A
(Aa1/AA+)
50,000
3.000
05/01/2031
48,608
128,798
North
Dakota
-
0.7%
North
Dakota
Public
Finance
Authority
Revolving
Fund
Program
Bonds
Series
2022A
(Aaa/AAA)
30,000
5.000
10/01/2031
33,433
State
of
North
Dakota
Housing
Finance
Agency
Program
Bonds
Home
Mortgage
Finance
Program
2021
Series
B
(NON-AMT)
(Social
Bonds)
(Aa1/NR)
40,000
2.300
07/01/2036
31,074
64,507
Ohio
-
2.8%
American
Municipal
Power
Inc.
Prairie
State
Energy
Campus
Project
RB
Refunding
Series
2019C
(A1/A)
30,000
5.000
02/15/2033
31,912
City
of
Columbus
Sewerage
System
RB
Refunding
Series
2015
(Aa1/AA)
30,000
5.000
06/01/2030
30,491
County
of
Ohio
Hospital
Facilities
RB
for
Mercy
Health
Series
2017A
(A1/A+)
40,000
5.000
08/01/2028
41,876
Ohio
Housing
Finance
Agency
Residential
Mortgage
RB
Mortgage-Backed
Securities
Program
2022
Series
A
Non-
AMT
Social
Bonds
(GNMA/FNMA/FHLMC)
(Aa1/NR)
30,000
2.300
03/01/2033
25,598
Ohio
Water
Development
Authority
State
of
Ohio
Water
Pollution
Control
Loan
Fund
RB
Series
2020B
(Aaa/AAA)
45,000
4.000
12/01/2037
45,405
Ohio
Water
Development
Authority
State
Of
Ohio
Water
Pollution
Control
Loan
Fund
RB
Series
2020B
(Aaa/AAA)
30,000
5.250
12/01/2035
32,730
State
of
Ohio
Higher
Education
GO
Refunding
Bonds
Series
2017C
(Aaa/AAA)
30,000
5.000
08/01/2027
31,444
State
of
Ohio
Infrastructure
Improvement
GO
Refunding
Bonds
Series
2015C
(Aaa/AAA)
30,000
5.000
09/01/2026
30,792
270,248
GOLDMAN
SACHS
ACCESS
MUNICIPAL
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Oklahoma
-
0.3%
Grand
River
Dam
Authority
RB
Series
2014A
(A1/AA-)
$
30,000
3.375%
06/01/2034
$
28,468
a
a
Oregon
-
1.6%
City
of
Portland
Oregon
Second
Lien
Sewer
System
RB
2020
Series
A
(Aa2/AA)
20,000
5.000
03/01/2027
20,752
Medford
Hospital
Facilities
Authority
RB
Refunding
for
Asante
Health
System
Obligated
Group
Series
2020
A
(NR/A+)
20,000
5.000
08/15/2026
20,401
40,000
5.000
08/15/2033
42,442
State
of
Oregon
Housing
and
Community
Services
Department
Mortgage
RB
Single-Family
Mortgage
Program
2017
Series
D
Non-AMT
(Aa2/NR)
45,000
3.150
07/01/2032
43,034
West
Linn-Wilsonville
School
District
No.
3JT
GO
Bonds
for
Clackamas
and
Washington
Counties
Series
2020A
(SCH
BD
GTY)
(Aa1/NR)
50,000
0.000
(a)
06/15/2035
32,433
159,062
Pennsylvania
-
3.4%
Commonwealth
Financing
Authority
Tax
Exempt
RB
Series
2015
A
(Aa3/A)
30,000
5.000
06/01/2033
30,036
Commonwealth
of
Pennsylvania
GO
Bonds:
First
Series
of
2016
and
First
Refunding
Series
of
2016
(Aa2/A+)
60,000
5.000
09/15/2026
61,650
Department
of
Water
and
Power
of
the
City
of
Los
Angeles
RB
Series
2018
D
(A3/A)
30,000
3.250
07/01/2032
28,685
Pennsylvania
Housing
Finance
Agency
Single
Family
Mortgage
RB
Series
2017-123B
(NON-AMT)
(Aa1/AA+)
40,000
3.450
10/01/2032
39,359
Philadelphia
Authority
For
Industrial
Development
City
Agreement
Revenue
Refunding
Bonds
Cultural
and
Commercial
Corridors
Program
Series
A
(A1/A+)
45,000
5.000
12/01/2031
45,284
Port
Authority
of
Allegheny
County
Pennsylvania
Special
Revenue
Transportation
Bonds
Refunding
Series
of
2020
(Aa3/AA-)
30,000
5.000
03/01/2029
32,158
Sports
and
Exhibition
Authority
of
Pittsburgh
and
Allegheny
County
Allegheny
County
Hotel
Room
Excise
Tax
RB
Refunding
Series
A
Of
2022
(AGM)
(A2/AA)
30,000
5.000
02/01/2031
32,407
Sports
and
Exhibition
Authority
of
Pittsburgh
and
Allegheny
County
Hotel
Room
Excise
Tax
RB
Refunding
Series
A
Of
2022
(AGM)
(A2/AA)
20,000
5.000
02/01/2032
21,773
The
City
of
Philadelphia,
Pennsylvania
GO
Bonds,
Series
2021A
(Tax-Exempt)
(A1/A+)
40,000
5.000
05/01/2034
42,958
334,310
South
Carolina
-
0.5%
Scago
Educational
Facilities
Corp.
For
Pickens
School
District
Installment
Purchase
Refunding
RB
School
District
Of
Pickens
County
Project
Series
2015
(A1/A)
50,000
5.000
12/01/2027
50,059
a
a
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Tennessee
-
1.3%
Metropolitan
Government
Nashville
&
Davidson
County
Health
&
Ed.
Fac.
Board
(WR/A)
$
30,000
5.000%
07/01/2031
$
32,369
Tennessee
State
School
Bond
Authority
Higher
Educational
Facilities
Second
Program
Bonds
2017
Refunding
Series
B
(ST
INTERCEPT)
(Aa1/AA+)
30,000
5.000
11/01/2027
31,538
Tennessee
State
School
Bond
Authority
Higher
Educational
Facilities
Second
Program
Bonds
2017
Series
A
(ST
HGR
ED
INTERCEPT
PROG)
(Aa1/AA+)
30,000
5.000
11/01/2033
30,990
The
Metropolitan
Government
of
Nashville
and
Davidson
County
GO
Improvement
Bonds
Series
2021C
(Aa2/AA+)
40,000
3.000
01/01/2034
37,400
132,297
Texas
-
6.8%
Austin
Public
Improvement
Refunding
Bonds
2020
(NR/AAA)
30,000
5.000
09/01/2029
32,501
Board
of
Regents
of
The
Texas
A&M
University
System
Revenue
Financing
System
Bonds
Series
2017E
(Aaa/AAA)
30,000
5.000
05/15/2028
31,090
Board
of
Regents
of
The
University
of
Houston
System
Consolidated
Revenue
and
Refunding
Bonds
Series
2022A
(Aa2/AA)
20,000
5.000
02/15/2031
21,905
Board
of
Regents
of
the
University
of
Texas
System
Current
Refunding
Revenue
Bonds,
Series
A
(Aaa/AAA)
30,000
5.000
08/15/2032
32,106
City
of
Dallas
Texas
GO
Refunding
and
Improvement
Bonds
Series
2019A
(NR/AA-)
50,000
3.000
02/15/2036
43,990
City
of
Houston
Texas
Combined
Utility
System
First
Lien
Revenue
Refunding
Bonds
Series
2018D
(Aa2/NR)
30,000
5.000
11/15/2032
31,610
Collin
County
Community
College
District
Texas
Limited
Tax
Bonds
Series
2018
(Aaa/AAA)
35,000
4.000
08/15/2031
35,431
Harris
County
Cultural
Education
Facilities
Finance
Corporation
Hospital
RB
for
Memorial
Hermann
Health
System
Series
2019A
(Aa3/AA-)
30,000
5.000
12/01/2027
31,426
Harris
County
Permanent
Improvement
Refunding
Bonds
Series
2022A
(Aaa/NR)
30,000
5.000
10/01/2026
30,890
Harris
County
Texas
Tax
and
Subordinate
Lien
Revenue
Refunding
Bonds
Series
2022A
(Aaa/NR)
30,000
5.000
08/15/2027
31,390
20,000
5.000
08/15/2032
22,337
Hurst-Euless-Bedford
Independent
School
District
Unlimited
Tax
Refunding
Bonds
Series
2017A
(NR/AA+)
20,000
5.000
08/15/2027
20,901
20,000
5.000
08/15/2028
20,843
North
Texas
Municipal
Water
District
Water
System
RB
Refunding
Bonds
Series
2021A
(Aa1/AAA)
30,000
4.000
09/01/2030
31,241
North
Texas
Municipal
Water
District
Water
System
Revenue
Refunding
and
Improvement
Bonds
Series
2015
(Aa1/AAA)
20,000
5.000
09/01/2028
20,084
GOLDMAN
SACHS
ACCESS
MUNICIPAL
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
Texas
Water
Development
Board
State
Revolving
Fund
RB
New
Series
2022
(NR/AAA)
$
25,000
5.000%
08/01/2032
$
28,015
Texas
Water
Development
Board
State
Revolving
Fund
RB
New
Series
2023
(NR/AAA)
40,000
5.000
08/01/2032
44,824
Texas
Water
Development
Board
State
Water
Implementation
Revenue
Fund
For
Texas
RB
Series
2015A
(NR/AAA)
30,000
5.000
10/15/2029
30,175
30,000
5.000
10/15/2030
30,168
30,000
4.000
10/15/2032
30,035
Trinity
River
Authority
of
Texas
Regional
Wastewater
System
Revenue
Improvement
and
Refunding
Bonds
Series
2018
(NR/AAA)
30,000
5.000
08/01/2033
31,387
Trinity
River
Authority
Regional
Wastewater
System
Revenue
Improvement
and
Refunding
Bonds
Series
2017B
(NR/AAA)
30,000
5.000
08/01/2030
31,048
663,397
Utah
-
1.0%
State
Board
of
Regents
of
The
State
of
Utah
University
of
Utah
General
Revenue
Series
2017A
(ST
APPROP)
(Aa1/AA+)
30,000
5.000
08/01/2031
31,094
Utah
Board
of
Higher
Education
University
of
Utah
General
RB
Series
2022B
Green
Bonds
(Aa1/AA+)
30,000
5.000
08/01/2030
32,949
Utah
Transit
Authority
Sales
Tax
Revenue
Refunding
Bonds
Series
2006
C
(AGM)
(Aa2/AA+)
30,000
5.250
06/15/2032
32,974
97,017
Virginia
-
1.8%
Fairfax
County
Virginia
Public
Improvement
Bonds
Series
2023A
(ST
AID
WITHHLDG)
(Aaa/AAA)
30,000
4.000
10/01/2031
31,698
50,000
4.000
10/01/2034
51,540
Virginia
College
Building
Authority
Educational
Facilities
Revenue
Refunding
Bonds
21St
Century
College
and
Equipment
Programs
Series
2017E
(Aa1/AA+)
30,000
5.000
02/01/2029
31,646
Virginia
College
Building
Authority
Virginia
Educational
Facilities
Revenue
Refunding
Bonds
Public
Higher
Education
Financing
Program
Series
2016A
(ST
INTERCEPT)
(Aa1/AA+)
35,000
3.000
09/01/2026
34,975
Virginia
Educational
Facilities
RB
Refunding
for
Public
Higher
Education
Financing
Program
Series
2016A
(ST
INTERCEPT)
(Aa1/AA+)
30,000
5.000
09/01/2028
30,682
180,541
Washington
-
3.3%
State
of
Washington
Various
Purpose
GO
Bonds
Series
2016A-1
(Aaa/AA+)
30,000
5.000
08/01/2030
30,090
State
of
Washington
Various
Purpose
GO
Bonds
Series
2019A
(Aaa/AA+)
30,000
5.000
08/01/2032
31,473
25,000
5.000
08/01/2034
26,044
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Washington
–
(continued)
State
of
Washington
Various
Purpose
GO
Bonds
Series
2021C
(Aaa/AA+)
$
50,000
5.000%
02/01/2030
$
54,674
State
of
Washington
Various
Purpose
GO
Bonds
Series
2023B
(Aaa/AA+)
20,000
5.000
02/01/2027
20,718
State
of
Washington
Various
Purpose
GO
Refunding
Bonds
Series
R-2018D
(Aaa/AA+)
30,000
5.000
08/01/2031
31,064
State
of
Washington
Washington
Various
Purpose
GO
Bonds
Series
2023B
(Aaa/AA+)
40,000
5.000
02/01/2037
43,491
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)
30,000
5.000
11/01/2030
33,157
University
of
Washington
General
Revenue
and
Refunding
Bonds
2015C
(Aa1/AA+)
50,000
4.000
12/01/2028
50,065
320,776
Wisconsin
-
1.3%
Public
Finance
Authority
Lease
Development
RB
for
Ku
Campus
Development
Corp.
Central
District
Development
Project
Series
2016
(Aa2/NR)
50,000
5.000
03/01/2030
50,536
State
of
Wisconsin
GO
Refunding
Bonds
Series
2016
(NR/NR)
30,000
5.000
(d)
11/01/2030
30,539
Wisconsin
Health
and
Educational
Facilities
Authority
Revenue
Refunding
Bonds
Series
2015
Prohealth
Care
Inc.
Obligated
Group
(A1/A+)
45,000
3.150
08/15/2027
44,414
125,489
TOTAL
MUNICIPAL
BONDS
(Cost
$9,784,409)
9,670,507
Shares
Dividend
Rate
Value
a
Investment
Company
-
0.0%
(e)
Investment
Company
-
0.0%
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
76
0.042%
76
(Cost
$76)
TOTAL
INVESTMENTS
-
98.7%
(Cost
$9,784,485)
$
9,670,583
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
-
1.3%
130,069
NET
ASSETS
-
100.0%
$
9,800,652
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
(a)
Issued
with
a
zero
coupon.
Income
is
recognized
through
the
accretion
of
discount.
(b)
Variable
Rate
Demand
Instruments
–
rate
shown
is
that
which
is
in
effect
on
May
31,
2025.
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.
GOLDMAN
SACHS
ACCESS
MUNICIPAL
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2025
(Unaudited)
(c)
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
May
31,
2025.
(d)
Pre-refunded
security.
Maturity
date
disclosed
is
pre-refunding
date.
(e)
Represents
an
affiliated
issuer.
Security
ratings
disclosed,
if
any,
are
issued
by
either
Standard
&
Poor’s,
Moody’s
Investor
Service
or
Fitch
and
are
unaudited.
A
brief
description
of
the
ratings
is
available
in
the
Fund’s
Statement
of
Additional
Information.
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
Goldman
Sachs
Dynamic
California
Municipal
Income
ETF
Schedule
of
Investments
May
31,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
-
102.5%
California
-
91
.1
%
Airport
Commission
of
The
City
and
County
of
San
Francisco
International
Airport
Second
Series
Refunding
RB
Series
2020A
(AMT)
(A1/AA-)
$
130,000
5.000%
05/01/2037
$
133,518
Airport
Commission
of
The
City
and
County
of
San
Francisco
International
Airport
Second
Series
Revenue
Refunding
Bonds
Series
2024A
(A1/NR)
125,000
5.250
05/01/2040
131,665
Amador
Water
Agency
Revenue
Certificates
of
Participation
Series
2024A
(A2/NR)
100,000
5.000
06/01/2026
101,375
Antioch
Unified
School
District
Contra
Costa
County
California
GO
Bonds
Election
of
2024
Series
A
(AGC)
(NR/AA)
100,000
5.000
08/01/2041
106,104
Bay
Area
Toll
Authority
San
Francisco
Bay
Area
Subordinate
Toll
Bridge
RB
2019
Series
S-8
(A1/AA-)
100,000
3.000
04/01/2054
69,914
California
Community
Choice
Financing
Authority
Clean
Energy
Project
RB
Series
2023B
(A1/NR)
100,000
5.000
(a)
(b)
07/01/2053
103,988
California
Community
Choice
Financing
Authority
Clean
Energy
Project
RB
Series
2024D
(Aa1/NR)
300,000
5.000
(a)
(b)
02/01/2055
317,854
California
Community
Choice
Financing
Authority
Clean
Energy
Project
RB
Series
2024E
(Green
Bonds)
(A1/NR)
100,000
5.000
(a)
(b)
02/01/2055
105,054
California
Community
Choice
Financing
Authority
Clean
Energy
Project
RB
Term
Rate
Green
Bonds
Series
2024F
(Aa3/NR)
100,000
5.000
(a)
(b)
02/01/2055
105,875
California
Community
Choice
Financing
Authority
Series
2021B-2
(A1/NR)
100,000
2.420
(b)
(c)
02/01/2052
94,832
California
County
Tobacco
Securitization
Agency
RB
Refunding
Series
2020
B-1
(NR/BBB+)
100,000
5.000
06/01/2049
97,142
California
Educational
Facilities
Authority
RB
University
of
San
Francisco
Series
2018A
(A3/NR)
100,000
5.000
10/01/2053
98,203
California
Enterprise
Development
Authority
Lease
RB
Riverside
County
Mead
Valley
Wellness
Village
Project
Series
2024A
(Aa3/AA-)
100,000
5.250
11/01/2049
106,369
California
Health
Facilities
Financing
Authority
RB
Adventist
Health
System/West
Series
2024A
(NR/BBB+)
100,000
5.000
12/01/2036
104,474
California
Health
Facilities
Financing
Authority
RB
Children'S
Hospital
of
Orange
County
Series
2024B
(NR/AA)
110,000
5.000
(a)
(b)
11/01/2054
121,521
California
Health
Facilities
Financing
Authority
RB
Commonspirit
Health
Series
2024A
(A3/A-)
100,000
5.000
12/01/2030
109,906
175,000
5.000
12/01/2042
179,938
110,000
5.000
12/01/2044
112,216
California
Health
Facilities
Financing
Authority
RB
Scripps
Health
Series
2024B
(NR/AA-)
100,000
5.000
(a)
(b)
11/15/2061
110,143
California
Health
Facilities
Financing
Authority
RB
Sutter
Health
Series
2018A
(A1/A+)
125,000
5.000
11/15/2027
131,842
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
California
–
(continued)
California
Health
Facilities
Financing
Authority
Refunding
RB
Adventist
Health
System
West
Series
2016A
(NR/BBB+)
$
185,000
4.000%
03/01/2039
$
167,911
California
Health
Facilitiess
Financing
Authority
Variable
Rate
RB
Providence
St
Joseph
Health
Obligated
Group
2009D
(A2/A)
210,000
5.000
07/01/2031
233,537
California
Infrastructure
and
Economic
Development
Bank
RB
Bay
Area
Toll
Authority
Series
2003
A
(FGIC)
(#Aa1/AA+)
130,000
5.000
(d)
01/01/2028
137,344
California
Infrastructure
and
Economic
Development
Bank
Refunding
RB
Preforming
Arts
Center
of
Los
Angeles
County
Series
2020
(A3/A)
250,000
5.000
12/01/2041
256,979
California
Infrastructure
and
Economic
Development
Bank
Refunding
RB
Segerstrom
Center
for
The
Arts
Series
2024
(NR/A-)
100,000
5.000
01/01/2032
109,236
California
Infrastructure
and
Economic
Development
Bank
Senior
Subordinated
Secured
RB
Brightline
West
Passenger
Rail
Project
Series
2025A
(NR/NR)
300,000
9.500
(a)
(b)
(e)
01/01/2065
290,782
California
Municipal
Finance
Authority
Community
Facilities
District
No.
2021-13
City
of
Lincoln
-
Esplanade
At
Turkey
Creek
Special
Tax
Bonds
Series
2025
(NR/NR)
150,000
5.000
09/01/2055
143,168
California
Municipal
Finance
Authority
Linxs
Apm
Project
Senior
Lien
RB
Series
2018A
(NR/NR)
100,000
5.000
12/31/2034
100,899
California
Municipal
Finance
Authority
Linxs
Apm
Project
Senior
Lien
RB,
Series
2018A
(NR/NR)
100,000
5.000
06/30/2031
101,991
California
Municipal
Finance
Authority
RB
for
The
Learning
Choice
Academy
Series
2021
A
(NR/BBB-)
25,000
4.000
07/01/2031
24,613
250,000
4.000
07/01/2055
189,663
California
Municipal
Finance
Authority
Refunding
RB
PRS-
California
Obligated
Group
Projects
Series
2024A
Tax-Exempt
(NR/NR)
100,000
5.000
04/01/2044
101,083
California
Municipal
Finance
Authority
Solid
Waste
Disposal
RB
Waste
Management
Inc.
Project
Series
2020
(NR/A-/A-2)
(PUTABLE)
250,000
3.750
(a)
(b)
(f)
10/01/2045
249,999
California
Municipal
Finance
Authority
Special
Facility
RB
For
United
Airlines
International
Airport
Project
Series
2019
(NR/BB)
100,000
4.000
07/15/2029
97,402
California
Pollution
Control
Financing
Authority
RB
San
Jose
Water
Company
Project
Series
2016
(NR/A)
100,000
4.750
11/01/2046
90,105
California
Pollution
Control
Financing
Authority
Solid
Waste
Disposal
Refunding
RB
Waste
Management
Inc.
Project
Series
2015B-2
(NR/A-/A-2)
(PUTABLE)
125,000
3.125
(a)
(b)
11/01/2040
124,200
California
Public
Finance
Authority
Health
Care
Facilities
RB
Series
2025A
(Baa1/NR)
100,000
5.000
11/01/2054
98,979
Goldman
Sachs
Dynamic
California
Municipal
Income
ETF
Schedule
of
Investments
(continued)
May
31,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
California
–
(continued)
California
School
Finance
Authority
RB
for
Classical
Academy
Obligated
Group
Series
2021
A
(NR/BBB-)
$
240,000
3.000%
(e)
10/01/2031
$
223,738
California
School
Finance
Authority
School
Facility
RB
Value
Schools
Series
2020A
(NR/BBB-)
250,000
3.250
(e)
07/01/2030
238,902
California
Statewide
Communities
Development
Authority
Kaiser
Permanente
RB
Series
2004J
(NR/AA-)
(PUTABLE)
150,000
5.000
(a)
(b)
04/01/2036
161,547
California
Statewide
Communities
Development
Authority
Kaiser
Permanente
RB
Series
2009C
Sub-Series
C-3
(NR/AA-)
(PUTABLE)
125,000
5.000
(a)
(b)
04/01/2045
134,623
California
Statewide
Communities
Development
Authority
RB
Refunding
for
Loma
Linda
University
Medical
Center
Series
2014
A
(NR/BB)
150,000
5.500
12/01/2054
146,322
California
Statewide
Communities
Development
Authority
Student
Housing
Refunding
RB
for
University
of
California
Irvine
East
Campus
Apartments
Series
2016
(Baa1/NR)
50,000
5.000
05/15/2040
50,023
City
and
County
of
San
Francisco
Multifamily
Housing
RB
Sunnydale
Hope
SF
Block
9
Series
2025B-2
(Aa1/NR)
250,000
3.350
(a)
(b)
(f)
08/01/2029
250,118
City
of
Glendale
California
Electric
RB,
2024
Series
(NR/A+)
140,000
5.000
02/01/2039
148,307
City
of
Long
Beach
Marina
Revenue
Refunding
Bonds
Series
2025
(NR/A)
100,000
5.000
05/15/2026
101,917
City
of
Vernon
Electric
System
RB
2021
Series
A
(Baa1/A-)
100,000
5.000
04/01/2028
104,154
Community
Facilities
District
No.
2020-2
Countryview
of
The
Romoland
School
District
Improvement
Area
No.
1
Series
2025
Special
Tax
Bonds
(NR/NR)
100,000
5.000
09/01/2040
101,351
Community
Facilities
District
No.
2021-1
of
The
Temecula
Valley
Unified
School
District
Special
Tax
Bonds
Series
2024
(NR/NR)
100,000
5.000
09/01/2049
97,049
Community
Facilities
District
No.
2023-2
Cimarron
Ridge
of
The
City
of
Menifee
Improvement
Area
No.
1
Special
Tax
Bonds
Series
2025A
(NR/NR)
260,000
5.000
09/01/2035
266,136
Contra
Costa
Transportation
Authority
Sales
Tax
RB
Limited
Tax
Bonds
Refunding
Bonds
Series
2018B
(NR/AAA)
135,000
5.000
03/01/2030
139,889
CSCDA
Community
Improvement
Authority
Essential
Housing
Senior
Lien
RB
Series
2021A-1
(NR/NR)
200,000
3.600
(e)
05/01/2047
158,357
Department
of
Airports
of
The
City
of
Los
Angeles
California
Los
Angeles
International
Airport
Senior
Refunding
RB
2018
Series
B
(Amt)
(Aa2/AA)
100,000
5.000
05/15/2027
102,801
Department
of
Airports
of
The
City
of
Los
Angeles
California
Los
Angeles
International
Airport
Subordinate
RB
2021
Series
D
(NR/NR)
10,000
5.000
05/15/2031
10,833
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
California
–
(continued)
Department
of
Airports
of
The
City
of
Los
Angeles
California
Los
Angeles
International
Airport
Subordinate
Revenue
and
Refunding
RB
2021
Series
A
(Aa3/AA-)
$
100,000
5.000%
05/15/2037
$
103,397
Department
of
Water
and
Power
of
The
City
of
Los
Angeles
California
Power
System
Variable
Rate
Demand
RB,
2002
Series
A
Subseries
A-5
(Aa2/A/A-1)
235,000
3.100
(a)
(b)
07/01/2035
235,000
Department
of
Water
and
Power
of
The
City
of
Los
Angeles
Power
System
RB
2018
Series
D
(Aa2/A)
100,000
5.000
07/01/2048
99,035
Department
of
Water
and
Power
of
The
City
of
Los
Angeles
Power
System
RB
2025
Series
A
(Aa2/NR)
310,000
5.000
07/01/2028
321,636
East
Bay
Municipal
Utility
District
Alameda
and
Contra
Costa
Counties
California
Wastewater
System
Revenue
Refunding
Bonds
Series
2015A-2
(Aa1/AAA)
100,000
5.000
06/01/2038
112,953
East
Bay
Regional
Park
District
2024
Promissory
Notes
(Aaa/AAA)
100,000
4.000
05/01/2043
97,268
Eastern
Foothill
Transportation
Corridor
Agency
Senior
Lien
Toll
Road
Refunding
RB
Series
1995A
(NR/AA+)
105,000
0.000
(g)
01/01/2028
97,354
El
Monte
City
School
District
Los
Angeles
California
Election
of
2008
GO
Bonds
Series
B
(A1/A+)
100,000
0.000
(g)
08/01/2039
54,099
Equitable
School
Revolving
Fund
California
Infrastructure
and
Economic
Development
Bank
Series
2024
B
(Social
Bonds)
(NR/A)
100,000
5.000
11/01/2029
105,706
Folsom
Ranch
Financing
Authority,
Community
Facilities
District
No.
18
Folsom
Plan
Area-Wide
Improvements
and
Services
Special
Tax
RB
Series
2024
(NR/NR)
100,000
5.000
09/01/2028
103,578
Golden
State
Tobacco
Securitization
Corp.
Enhanced
Tobacco
Settlement
Asset-Backed
Bonds
Series
2015A
(ST
APPROP)
(Aa3/A+)
125,000
5.000
(d)
06/01/2025
125,000
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)
150,000
5.000
09/01/2040
150,692
Lake
Tahoe
Unified
School
District
GO
Bonds
Election
of
2008
Series
2010
(AGM)
(A1/AA)
100,000
0.000
(g)
08/01/2031
81,278
Lone
Pine
Unified
School
District
Inyo
County
California
General
Obligation
Bonds,
Election
of
2024
Series
2025
(NR/A+)
250,000
5.500
08/01/2054
259,084
Los
Angeles
California
University
School
District
CTFS
Partner
Co
Op
2023
A
Green
Bond
(A1/NR)
50,000
5.000
10/01/2027
52,514
Los
Angeles
California
University
School
District
CTFS
Partner
Co
Op
2023
A
Green
Bond
(NR/NR)
75,000
5.000
10/01/2027
78,822
Los
Angeles
County
Development
Authority
Multifamily
Housing
Mortgage
RB
2111
Firestone
2023
Series
E
(HUD
SECT
8)
(Aa1/NR)
50,000
5.000
(a)
(b)
07/01/2043
50,683
Goldman
Sachs
Dynamic
California
Municipal
Income
ETF
Schedule
of
Investments
(continued)
May
31,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
California
–
(continued)
Los
Angeles
County
Metropolitan
Transportation
Authority
Measure
R
Senior
Sales
Tax
RB
Series
2016-A
(Aa1/AAA)
$
170,000
5.000%
06/01/2025
$
170,000
Los
Angeles
County
Public
Works
Financing
Authority
Lease
RB
2024
Series
H
(NR/AA+)
230,000
5.000
12/01/2028
246,892
Los
Angeles
County
Public
Works
Financing
Authority
Lease
Revenue
Refunding
Bonds
2015
Series
B
(Tax-Exempt)
(Aa2/AA+)
100,000
5.000
12/01/2025
101,062
Los
Angeles
Unified
School
District
County
of
Los
Angeles
California
Election
of
2024
GO
Bonds
US
Series
A-1
2025
(Aa2/NR)
250,000
5.000
07/01/2037
279,285
Msr
Energy
Authority
California
Gas
RB
Series
2009A
Modesto
(NR/BBB+)
100,000
6.125
11/01/2029
105,030
Municipal
Improvement
Corporation
of
Los
Angeles
Lease
RB
Series
2020-A
(NR/A+)
140,000
5.000
11/01/2026
143,855
Municipal
Improvement
Corporation
of
Los
Angeles
Lease
RB
Series
2023-A
(Aa3/NR)
120,000
5.000
05/01/2028
127,375
Municipal
Improvement
Corporation
of
Los
Angeles
Series
2016-B
(NR/A+)
100,000
5.000
11/01/2027
102,767
Needles
Unified
School
District
San
Bernardino
County
Ca
Go
Bonds
Election
of
2008
Series
2011B
(AGM)
(A1/AA)
115,000
0.000
(h)
08/01/2041
90,461
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)
100,000
5.250
11/01/2035
105,773
Public
Utilities
Commission
of
The
City
and
County
of
San
Francisco
Wastewater
RB
2024
Series
C
(Aa2/AA)
100,000
5.000
10/01/2054
102,603
River
Islands
Public
Financing
Authority
Community
Facilities
District
No.
2003-1
Special
Tax
series
2022
(NR/NR)
100,000
5.750
09/01/2052
102,315
Riverside
Public
Financing
Authority
Lease
RB
Series
2025A
(NR/AA-)
200,000
5.000
11/01/2034
224,322
Riverside
Unified
School
District
Financing
Authority
California
2024
Special
Tax
Refunding
RB
(BAM)
(NR/AA)
100,000
5.000
09/01/2035
114,370
Sacramento
City
Unified
School
District
2024
GO
Bonds
for
Election
of
2020
Measure
H
2024
Series
B
(AGM)
(A1/AA)
100,000
4.000
08/01/2048
90,208
San
Bernardino
City
Unified
School
District
Certificates
of
Participation
2025
Financing
(AG)
(NR/AA)
200,000
4.375
10/01/2043
191,920
San
Diego
County
Regional
Airport
Authority
Subordinate
Airport
RB
Series
2021B
(A1/NR)
250,000
5.000
07/01/2028
261,184
San
Diego
Regional
Building
Authority
Lease
Revenue
Refunding
Bonds
County
Operations
Center
Series
2016A
(Aa1/AA+)
165,000
5.000
10/15/2028
166,266
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
California
–
(continued)
San
Francisco
Community
College
District
City
and
County
of
San
Francisco
California
Election
of
2020
GO
Bonds
Series
B
(BAM)
(A1/AA)
$
100,000
5.250%
06/15/2049
$
105,392
San
Joaquin
Hills
Transportation
Corridor
Agency
RB
Refunding
for
Junior
Lien
Toll
Road
Series
2014B
(NR/A-)
100,000
5.250
01/15/2049
100,012
South
San
Francisco
Unified
School
District
2016
GO
Bonds
Measure
J,
Series
C
(Aaa/NR)
105,000
0.000
(g)
09/01/2025
104,183
State
of
California
GO
Bonds
Various
Purpose
General
Obligation
Refunding
Bonds
(Aa2/AA-)
100,000
5.000
03/01/2035
107,141
State
of
California
Tax-Exempt
Various
Purpose
GO
Refunding
Bonds
(Aa2/AA-)
100,000
5.000
08/01/2025
100,364
State
Public
Works
Board
of
The
State
of
California
Lease
RB
for
Various
Capital
Projects
Series
2023
D
(Aa3/A+)
100,000
5.500
11/01/2028
108,538
Tahoe
Forest
Hospital
District
Placer
and
Nevada
Counties
2019
GO
Refunding
Bonds
(Aa3/NR)
100,000
3.000
08/01/2042
77,161
Tejon
Ranch
Public
Facilities
Financing
Authority
Special
Tax
for
Community
Facilities
District
No.
2008-1
Industrial
Complex
Public
Improvements
series
2024-A
(NR/NR)
100,000
5.000
09/01/2042
101,230
The
Regents
of
The
University
of
California Medical
Center
Pooled
RB
Series
2016-L
(Tax-Exempt)
(Aa3/AA-)
125,000
5.000
05/15/2032
126,977
Trustees
of
The
California
State
University
Systemwide
RB
Series
2016A
(Aa2/AA-)
125,000
3.125
11/01/2036
113,511
Tulare
County
Transportation
Authority
Sales
Tax
RB
Limited
Tax
Bonds
Series
2020
(NR/AA)
100,000
4.000
02/01/2034
103,485
Union
Elementary
School
District
Santa
Clara
County
Election
of
2014
GO
Bonds
Series
A
(Aa1/AA+)
100,000
3.125
09/01/2039
87,136
13,484,808
Guam
-
2
.0
%
Government
of
Guam
Limited
Obligation
Section
30
Bonds
Series
2016A
(NR/BB)
100,000
5.000
12/01/2035
100,824
Guam
Government
RB
Refunding
Series
2021
F
(Baa3/NR)
100,000
4.000
01/01/2042
88,437
Guam
Power
Authority
/
Revenue
Refunding
Bonds,
2022
Series
A
(Tax-Exempt
Forward
Delivery)
(Baa2/BBB)
100,000
5.000
10/01/2034
107,885
297,146
Puerto
Rico
-
6
.9
%
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Authority
RB
Refunding
for
Senior
Lien
Series
2020
A
(NR/NR)
250,000
5.000
(e)
07/01/2047
237,226
Puerto
Rico
Commonwealth
GO
Restructured
Bonds
Series
2022
A-1
(NR/NR)
100,000
5.750
07/01/2031
107,064
101,000
0.000
(g)
07/01/2033
68,459
50,000
4.000
07/01/2033
48,106
Goldman
Sachs
Dynamic
California
Municipal
Income
ETF
Schedule
of
Investments
(continued)
May
31,
2025
(Unaudited)
Additional
Investment
Information
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Puerto
Rico
–
(continued)
Puerto
Rico
Commonwealth
GO
Restructured
Bonds
Series
2022
A-1
(NR/NR)
–
(continued)
$
25,000
4.000%
07/01/2046
$
20,562
Puerto
Rico
Sales
Tax
Financing
Corp.
Sales
Tax
Revenue
Restructured
Bonds
Series
A-2
(NR/NR)
150,000
4.329
07/01/2040
139,921
Puerto
Rico
Sales
Tax
Financing
Corporation
Sales
Tax
Capital
Appreciation
Restructured
RB
Series
2018
A-1
(NR/NR)
30,000
0.000
(g)
07/01/2033
21,263
182,000
0.000
(g)
07/01/2046
58,428
75,000
0.000
(g)
07/01/2051
17,706
Puerto
Rico
Sales
Tax
Financing
Corporation
Sales
Tax
Capital
Appreciation
Restructured
RB
Series
2019
A-2
(NR/NR)
116,000
4.329
07/01/2040
108,323
Puerto
Rico
Sales
Tax
Financing
Corporation
Sales
Tax
Restructured
RB
Series
2018
A-1
(NR/NR)
200,000
5.000
07/01/2058
187,911
1,014,969
Virgin
Islands
-
2
.5
%
Matching
Fund
Special
Purpose
Securitization
Corporation
Matching
Fund
Securitization
Bonds
Series
2022A
(NR/NR)
100,000
5.000
10/01/2028
101,830
Virgin
Islands
Transportation
&
Infrastructure
Corporation
Grant
Anticipation
RB
Federal
Highway
Grant
Anticipation
Revenue
Loan
Note
Series
2025
(NR/A)
250,000
5.000
(f)
09/01/2030
268,564
370,394
TOTAL
MUNICIPAL
BONDS
(Cost
$15,374,045)
15,167,317
TOTAL
INVESTMENTS
-
102.5%
(Cost
$15,374,045)
$
15,167,317
LIABILITIES
IN
EXCESS
OF
OTHER
ASSETS
-
(2.5)%
(
373,105
)
NET
ASSETS
-
100.0%
$
14,794,212
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
May
31,
2025.
(b)
Variable
Rate
Demand
Instruments
–
rate
shown
is
that
which
is
in
effect
on
May
31,
2025.
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.
(c)
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
May
31,
2025.
(d)
Pre-refunded
security.
Maturity
date
disclosed
is
pre-refunding
date.
(e)
Exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
(f)
When-issued
security.
(g)
Issued
with
a
zero
coupon.
Income
is
recognized
through
the
accretion
of
discount.
(h)
Zero
coupon
bond
until
next
reset
date.
Security
ratings
disclosed,
if
any,
are
issued
by
either
Standard
&
Poor’s,
Moody’s
Investor
Service
or
Fitch
and
are
unaudited.
A
brief
description
of
the
ratings
is
available
in
the
Fund’s
Statement
of
Additional
Information.
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.
GO
-
General
Obligation
HUD
SECT
8
-
Hud
Section
8
RB
-
Revenue
Bond
ST
APPROP
-
State
Appropriation
FUTURES
CONTRACTS
—
At
May
31,
2025
,
the
Portfolio
had
the
following
futures
contracts:
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Short
position
contracts:
U.S.
Treasury
Ultra
Bond
(1)
09/19/25
$
(
116,313
)
$
(
1,080
)
GOLDMAN
SACHS
DYNAMIC
NEW
YORK
MUNICIPAL
INCOME
ETF
Schedule
of
Investments
May
31,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
-
101.2%
Alabama
-
2
.1
%
Southeast
Alabama
Gas
Supply
District
Gas
Supply
RB
Refunding
Series
2024B
(A1/NR)
$
125,000
5.000%
(a)
(b)
06/01/2049
$
130,724
a
a
Guam
-
4
.9
%
Guam
Government
RB
Refunding
Series
2021
F
(Baa3/NR)
100,000
4.000
01/01/2042
88,437
Guam
Power
Authority
/
Revenue
Refunding
Bonds,
2022
Series
A
(Tax-Exempt
Forward
Delivery)
(Baa2/BBB)
100,000
5.000
10/01/2034
107,884
Port
Authority
of
Guam
Port
RB
2018
Series
B
Private
Activity
(AMT)
(Baa2/A)
100,000
5.000
07/01/2032
102,427
298,748
Nevada
-
1
.6
%
Director
of
The
State
of
Nevada
Department
of
Business
and
Industry
Senior
Subordinated
Secured
RB
Brightline
West
Passenger
Rail
Project
Series
2025A
(NR/NR)
100,000
9.500
(a)
(b)
(c)
01/01/2065
95,426
a
a
New
York
-
81
.1
%
Allegany
County
Capital
Resource
Corp.
RB
for
Alfred
University
Project
Series
2024
(NR/BBB+)
25,000
5.250
04/01/2039
25,753
Andover
Central
School
District
New
York
GO
Bond
Anticipation
Notes
2024
(ST
AID
WITHHLDG)
(NR/NR)
100,000
4.750
06/20/2025
100,057
Build
NYC
Resource
Corp.
RB
for
Bay
Ridge
Preparatory
School
Project
Series
2024
(NR/BB)
100,000
5.000
(c)
09/01/2039
96,790
Build
NYC
Resource
Corporation
RB,
Manhattan
College
Project
Series
2017
(NR/BBB)
110,000
4.000
08/01/2042
89,978
Build
NYC
Resource
Corporation
Tax-Exempt
RB
Success
Academy
Charter
Schools
Project
Series
2024
(NR/A-)
100,000
5.000
09/01/2032
108,602
City
of
Troy
Capital
Resource
Corp.
Revenue
Refunding
Bonds
for
Rensselaer
Polytechnic
Institute
Project
Series
2020A
(Forward
Delivery)
(A3/BBB+)
125,000
5.000
09/01/2037
129,173
Clinton
County
Capital
Resource
Corp.
(A3/NR)
100,000
5.000
(c)
07/01/2037
104,408
County
of
Monroe
Industrial
Development
Agency
Multifamily
Housing
RB
andrews
Terrace
Community
Partners
L.P.
Project
Series
2023B-1
(HUD
SECT
8)
(Aa1/NR)
100,000
5.000
(a)
(b)
07/01/2028
103,611
County
of
Monroe
Industrial
Development
Agency
School
Facility
RB
for
Rochester
Schools
Modernization
Project
Series
2018
(ST
AID
WITHHLDG)
(Aa2/AA)
100,000
5.000
05/01/2028
106,608
Dormitory
Authority
of
the
State
of
New
York
Montefiore
Obligated
Group
RB,
Series
2024
(Baa3/BBB-)
100,000
5.000
11/01/2025
100,555
Dormitory
Authority
of
The
State
of
New
York
Northwell
Health
Obligated
Group
RB
Series
2024A
(A3/A-)
120,000
5.250
05/01/2054
121,683
Dormitory
Authority
of
The
State
of
New
York
NYU
Hospitals
Center
RB
Series
2016A
(A1/A+)
50,000
4.000
07/01/2040
47,624
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
New
York
–
(continued)
Dormitory
Authority
of
The
State
of
New
York
Pace
University
RB
Series
2024A
(Baa3/BBB-)
$
100,000
5.250%
05/01/2040
$
103,403
Dormitory
Authority
of
The
State
of
New
York
State
Personal
Income
Tax
RB
General
Purpose
Series
2018A
(Tax-Exempt)
(Aa1/NR)
125,000
5.000
03/15/2035
126,984
Dormitory
Authority
of
the
State
of
New
York
White
Plains
Hospital
Obligated
Group
RB
Series
2024
(AGC)
(A1/AA)
100,000
5.250
10/01/2044
104,723
Dutchess
County
Local
Development
Corp.
RB
for
Marist
College
Project
Series
2015A
(A2/NR)
100,000
5.000
07/01/2040
100,146
Dutchess
County
Local
Development
Corp.
RB
Nuvance
Health
Issue
Series
2019B
(Baa3/BBB)
100,000
4.000
07/01/2044
88,465
Frontier
Central
School
District
GO
Bond
Anticipation
Notes
Series
B
(ST
AID
WITHHLDG)
(NR/NR)
100,000
4.500
07/17/2025
100,167
Long
Island
Power
Authority
Electric
System
General
RB
Series
2019A
(A2/A)
105,000
3.000
09/01/2036
94,226
Metropolitan
Transportation
Authority
Dedicated
Tax
Green
Fund
Bonds
Series
2016B-1
(NR/AA)
100,000
5.000
11/15/2036
101,159
Metropolitan
Transportation
Authority
Transportation
Revenue
Refunding
Green
Bonds
Series
2025A
(A3/A-)
50,000
5.000
11/15/2038
53,106
Monroe
County
Industrial
Development
Corp.
RB
for
University
of
Rochester
Project
Series
2020A
(Tax-Exempt)
(Aa3/AA-)
125,000
4.000
07/01/2050
108,820
New
York
City
Industrial
Development
Agency
Pilot
Revenue
Refunding
Bonds
Yankee
Stadium
Project
Series
2020A
(Tax-Exempt)
(AGM)
(A1/AA)
115,000
5.000
03/01/2028
120,846
New
York
City
Industrial
Development
Agency
RB
Refunding
for
Queens
Ballpark
Co.
LLC
Series
2021
A
(AGM)
(A1/AA)
100,000
3.000
01/01/2046
71,895
New
York
City
Municipal
Water
Finance
Authority
Water
and
Sewer
System
Second
General
Resolution
RB
Adjustable
Rate
Fiscal
2011
Series
DD
(Aa1/AA+/A-1)
120,000
2.900
(a)
(b)
06/15/2043
120,000
New
York
City
Municipal
Water
Finance
Authority
Water
and
Sewer
System
Second
General
Resolution
RB
Adjustable
Rate
Fiscal
2021
Series
EE
Subseries
EE-1
and
EE-2
(Aa1/AA+/A-1)
100,000
2.900
(a)
(b)
06/15/2045
100,000
New
York
City
Municipal
Water
Finance
Authority
Water
and
Sewer
System
Second
General
Resolution
RB
Fiscal
Series
2018-DD
(Aa1/AA+)
125,000
5.000
06/15/2040
127,375
New
York
City
Municipal
Water
Finance
Authority
Waterand
Sewer
System
Second
General
Resolution
RB
Fiscal
2015
Series
FF
(Aa1/AA+)
75,000
5.000
(d)
06/15/2025
75,052
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Subordinate
Bonds
Fiscal
2023
Series
D
Subseries
D-1
Tax-
Exempt
Bonds
(Aa1/AAA)
100,000
5.000
11/01/2026
102,992
GOLDMAN
SACHS
DYNAMIC
NEW
YORK
MUNICIPAL
INCOME
ETF
Schedule
of
Investments
(continued)
May
31,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
New
York
–
(continued)
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Tax-Exempt
Subordinate
Bonds
Fiscal
2016
Series
F
(Aa1/AAA)
$
100,000
3.000%
02/01/2039
$
83,356
New
York
Liberty
Development
Corp.
RB
Refunding
for
3
World
Trade
Center
LLC
Series
2014
(NR/NR)
100,000
5.000
(c)
11/15/2044
97,266
New
York
State
Environmental
Facilities
Corp.
Solid
Waste
Disposal
Refunding
RB
for
Waste
Management,
Inc.
Project
Series
2012
(NR/A-/A-2)
(PUTABLE)
100,000
4.100
(a)
(b)
05/01/2030
100,046
New
York
State
Housing
Finance
Agency
State
Personal
Income
Tax
RB
2024
Series
A-2
(Aa1/NR)
100,000
3.450
(a)
(b)
06/15/2054
99,564
New
York
Transportation
Development
Corp.
RB
for
Delta
Air
Lines,
Inc.
Series
2018
(Baa2/NR)
100,000
5.000
01/01/2029
101,887
New
York
Transportation
Development
Corporation
Special
Facilities
Bonds,
Series
2016A
125,000
4.000
07/01/2035
122,916
New
York
Transportation
Development
Corporation
Special
Facilities
RB,
Series
2024
100,000
5.250
06/30/2049
98,981
New
York
Transportation
Development
Corporation
Terminal
4
John
F.
Kennedy
International
Airport
Project
Special
Facility
RB
Series
2020C
(Tax-Exempt/NON-AMT)
(Baa1/BBB)
100,000
4.000
12/01/2042
89,046
Oneida
County
Local
Development
Corp.
RB
Refunding
for
Mohawk
Valley
Health
System
Obligated
Group
Project
Series
2019
A
(AGM)
(NR/AA)
100,000
4.000
12/01/2049
86,790
Oneida
Indian
Nation
Tax
RB
Series
2024B
(Federally
Tax-Exempt)
(NR/NR)
100,000
6.000
(c)
09/01/2043
105,367
Onondaga
Civic
Development
Corporation
RB
Syracuse
University
Project
Series
2025
(Aa3/AA-)
100,000
4.500
12/01/2050
93,654
Sauquoit
Valley
Central
School
District
GO
Bond
Anticipation
Notes
2024
(ST
AID
WITHHLDG)
(NR/NR)
100,000
4.375
08/01/2025
100,106
The
City
of
New
York
GO
Bonds
Fiscal
2022
Series
B
and
C
Tax-
Exempt
Bonds,
Series
C
(Aa2/AA)
100,000
5.000
08/01/2027
104,579
The
Port
Authority
of
New
York
and
New
Jersey
Consolidated
Bonds
Two
Hundred
Twenty-Sixth
Series
(Aa3/AA-)
110,000
5.000
10/15/2027
114,079
100,000
5.000
10/15/2041
101,611
The
Trust
for
Cultural
Resources
of
the
City
of
New
York
Revenue
and
Refunding
Bonds
Series
2024A
(Aa3/AA-)
100,000
5.000
07/15/2054
103,081
Transportation
Infrastructure
Properties
LLC
Trips
Obligated
Group
Build
NYC
Resource
Corporation
Senior
Airport
Facilities
RB
Trips
Obligated
Group
Series
2025
(NR/BBB+)
100,000
5.500
(e)
07/01/2055
101,048
Triborough
Bridge
and
Tunnel
Authority
MTA
Bridges
and
Tunnels
Payroll
Mobility
Tax
Senior
Lien
Bonds
Series
2022C
(NR/AA+)
100,000
5.250
05/15/2052
102,999
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
New
York
–
(continued)
Triborough
Bridge
and
Tunnel
Authority
MTA
Bridges
and
Tunnels
Payroll
Mobility
Tax
Senior
Lien
Refunding
Bonds
Series
2022B
(NR/AA+)
$
100,000
4.000%
05/15/2026
$
100,947
Triborough
Bridge
and
Tunnel
Authority
Mta
Bridges
and
Tunnels
Real
Estate
Transfer
Tax
RB
Series
2025A
(NR/AA+)
100,000
5.250
05/15/2059
103,732
Yonkers
Economic
Development
Corp.
RB
Refunding
for
Charter
School
of
Educational
Excellence
Series
2020
A
(NR/BB)
100,000
4.000
10/15/2030
98,641
4,943,897
Puerto
Rico
-
7
.2
%
Puerto
Rico
Commonwealth
GO
Restructured
Bonds
Series
2022
A-1
(NR/NR)
100,000
5.750
07/01/2031
107,064
49,000
0.000
(f)
07/01/2033
33,213
50,000
4.000
07/01/2033
48,106
25,000
4.000
07/01/2046
20,562
Puerto
Rico
Sales
Tax
Financing
Corp.
Sales
Tax
Revenue
Restructured
Bonds
Series
A-2
(NR/NR)
100,000
4.329
07/01/2040
93,281
Puerto
Rico
Sales
Tax
Financing
Corporation
Sales
Tax
Capital
Appreciation
Restructured
RB
Series
2018
A-1
(NR/NR)
75,000
0.000
(f)
07/01/2046
24,077
75,000
0.000
(f)
07/01/2051
17,706
Puerto
Rico
Sales
Tax
Financing
Corporation
Sales
Tax
Restructured
RB
Series
2018
A-1
(NR/NR)
100,000
5.000
07/01/2058
93,955
437,964
Virgin
Islands
-
4
.3
%
Matching
Fund
Special
Purpose
Securitization
Corporation
Matching
Fund
Securitization
Bonds
Series
2022A
(NR/NR)
100,000
5.000
10/01/2028
101,830
Virgin
Islands
Transportation
&
Infrastructure
Corporation
Grant
Anticipation
RB
Federal
Highway
Grant
Anticipation
Revenue
Loan
Note
Series
2025
(NR/A)
150,000
5.000
(e)
09/01/2030
161,138
262,968
TOTAL
MUNICIPAL
BONDS
(Cost
$6,333,284)
6,169,727
TOTAL
INVESTMENTS
-
101.2%
(Cost
$6,333,284)
$
6,169,727
LIABILITIES
IN
EXCESS
OF
OTHER
ASSETS
-
(1.2)%
(
73,727
)
NET
ASSETS
-
100.0%
$
6,096,000
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
May
31,
2025.
(b)
Variable
Rate
Demand
Instruments
–
rate
shown
is
that
which
is
in
effect
on
May
31,
2025.
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.
(c)
Exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
(d)
Pre-refunded
security.
Maturity
date
disclosed
is
pre-refunding
date.
GOLDMAN
SACHS
DYNAMIC
NEW
YORK
MUNICIPAL
INCOME
ETF
Schedule
of
Investments
(continued)
May
31,
2025
(Unaudited)
Additional
Investment
Information
(e)
When-issued
security.
(f)
Issued
with
a
zero
coupon.
Income
is
recognized
through
the
accretion
of
discount.
Security
ratings
disclosed,
if
any,
are
issued
by
either
Standard
&
Poor’s,
Moody’s
Investor
Service
or
Fitch
and
are
unaudited.
A
brief
description
of
the
ratings
is
available
in
the
Fund’s
Statement
of
Additional
Information.
Investment
Abbreviations:
AGC
-
Insured
by
Assured
Guaranty
Corp.
AGM
-
Insured
by
Assured
Guaranty
Municipal
Corp.
AMT
-
Alternative
Minimum
Tax
(subject
to)
GO
-
General
Obligation
HUD
SECT
8
-
Hud
Section
8
MTA
-
Metropolitan
Transportation
Authority
RB
-
Revenue
Bond
ST
AID
WITHHLDG
-
State
Aid
Withholding
FUTURES
CONTRACTS
—
At
May
31,
2025
,
the
Portfolio
had
the
following
futures
contracts:
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Short
position
contracts:
U.S.
Treasury
Ultra
Bond
(1)
09/19/25
$
(
116,313
)
$
(
1,080
)
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:
AGC
-
Insured
by
Assured
Guaranty
Corp.
AGM
-
Insured
by
Assured
Guaranty
Municipal
Corp.
AMT
-
Alternative
Minimum
Tax
(subject
to)
GO
-
General
Obligation
HUD
SECT
8
-
Hud
Section
8
MTA
-
Metropolitan
Transportation
Authority
RB
-
Revenue
Bond
ST
AID
WITHHLDG
-
State
Aid
Withholding
Goldman
Sachs
Municipal
Income
ETF
Schedule
of
Investments
May
31,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
-
92.5%
Alabama
-
3
.7
%
Alabama
Housing
Finance
Authority
Collateralized
Single
Family
Mortgage
RB
2024
Series
C
Bonds
(NON-AMT)
(GNMA/FNMA/FHLMC)
(Aa1/NR)
$
100,000
4.450%
10/01/2044
$
97,026
Jefferson
County
Alabama
Sewer
Revenue
Warrants
Series
2024
(Baa1/BBB+)
100,000
5.250
10/01/2042
103,960
Southeast
Alabama
Gas
Supply
District
Gas
Supply
RB
Refunding
Series
2024B
(A1/NR)
125,000
5.000
(a)
(b)
06/01/2049
130,724
Southeast
Energy
Authority
A
Cooperative
District
Energy
Supply
RB
Series
2025B
(A1/NR)
200,000
5.250
(a)
(b)
03/01/2055
206,509
The
Black
Belt
Energy
District
Gas
Supply
RB
Series
2021A
(Aa1/NR)
150,000
4.000
(a)
(b)
06/01/2051
148,344
The
Public
Educational
Building
Authority
of
Jacksonville
State
University
Foundation
Higher
Educational
Facilities
RB
Jsu
Foundation
Project
Series
2024
(BAM)
(Baa2/AA)
125,000
5.125
08/01/2044
128,260
814,823
Arizona
-
1
.0
%
City
of
Chandler
IDA
RB
for
Intel
Corp.
Project
Series
2022-2
(Baa1/BBB)
100,000
5.000
(a)
(b)
09/01/2052
101,901
City
of
Phoenix
Civic
Improvement
Corporation
Junior
Lien
Airport
RB
Series
2019B
(AMT)
(Aa3/A+)
125,000
5.000
07/01/2035
128,360
230,261
California
-
6
.2
%
California
Community
Choice
Financing
Authority
Clean
Energy
Project
RB
Term
Rate
Green
Bonds
Series
2024F
(Aa3/NR)
215,000
5.000
(a)
(b)
02/01/2055
227,630
California
Health
Facilities
Financing
Authority
RB
Scripps
Health
Series
2024B
(NR/AA-)
100,000
5.000
(a)
(b)
11/15/2061
110,143
California
Infrastructure
and
Economic
Development
Bank
Senior
Subordinated
Secured
RB
Brightline
West
Passenger
Rail
Project
Series
2025A
(NR/NR)
100,000
9.500
(a)
(b)
(c)
01/01/2065
96,927
City
and
County
of
San
Francisco
Multifamily
Housing
RB
Sunnydale
Hope
SF
Block
9
Series
2025B-2
(Aa1/NR)
125,000
3.350
(a)
(b)
(d)
08/01/2029
125,059
Department
of
Airports
of
The
City
of
Los
Angeles
California,
Los
Angeles
International
Airport
Subordinate
Revenue
and
Refunding
RB
2025
Series
A
(Aa3/NR)
100,000
5.000
05/15/2030
106,144
Department
of
Water
and
Power
of
The
City
of
Los
Angeles
California
Power
System
Variable
Rate
Demand
RB,
2002
Series
A
Subseries
A-5
(Aa2/A/A-1)
500,000
3.100
(a)
(b)
07/01/2035
500,000
Department
of
Water
and
Power
of
The
City
of
Los
Angeles
Power
System
RB
2018
Series
D
(Aa2/A)
100,000
5.000
07/01/2048
99,035
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
California
–
(continued)
Equitable
School
Revolving
Fund
California
Infrastructure
and
Economic
Development
Bank
Series
2024
B
(Social
Bonds)
(NR/A)
$
100,000
5.000%
11/01/2029
$
105,706
1,370,644
Colorado
-
5
.3
%
City
and
County
of
Denver,
Colorado,
Airport
System
Subordinate
RB
Series
2018A
(AMT)
(A1/A+)
130,000
5.000
12/01/2043
128,708
Colorado
Health
Facilities
Authority
RB
for
Commonspirit
Health
Series
2019B-2
(A3/A-)
95,000
5.000
(a)
(b)
08/01/2049
95,767
Colorado
Health
Facilities
Authority
RB
Refunding
for
CommonSpirit
Health
Obligated
Group
Series
2019
A-2
(A3/A-)
100,000
5.000
08/01/2038
101,634
Colorado
Health
Facilities
Authority
RB
Series
2019A
(NR/A+)
150,000
5.000
11/01/2028
158,431
Colorado
Health
Facilities
Authority
Revenue
Hospital
Reference
Bonds
Childrens
Hospital
Colorado
2020A
(Aa2/AA+/A-1)
500,000
3.000
(a)
(b)
12/01/2052
500,000
Denver
Health
&
Hospital
Authority
RB
Series
2019
A
(NR/BBB)
110,000
4.000
12/01/2040
99,826
Trails
at
Crowfoot
Metropolitan
District
No.
3
in
the
Town
of
Parker
Colorado
GO
Limited
Tax
Refunding
Bonds
Series
2024A
(AGC)
(NR/AA)
100,000
5.000
12/01/2027
103,569
1,187,935
Connecticut
-
1
.2
%
City
of
Hartford
Connecticut
Special
Obligation
Refunding
Bonds
State
Contract
Assistance
Series
2025
(Aa3/AA-)
250,000
5.000
07/15/2027
260,176
a
a
District
of
Columbia
-
0
.4
%
Metropolitan
Washington
Airports
Authority
Dulles
Toll
Road
Subordinate
Lien
Revenue
Refunding
Bonds
for
Dulles
Metrorail
and
Capital
Improvement
Projects
Series
2019B
(Baa2/A-)
100,000
4.000
10/01/2035
99,564
a
a
Florida
-
14
.5
%
Aberdeen
Community
Development
District
Special
Assessment
Refunding
Series
2020
A-1
(AG)
(NR/AA)
55,000
3.250
05/01/2036
48,784
Aventura
Isles
Community
Development
District
Miami-Dade
County
Florida
Special
Assessment
Refunding
Bonds
Series
2024
(NR/NR)
200,000
5.000
05/01/2027
203,601
Broward
County
Florida
Convention
Center
Hotel
First
Tier
RB
Series
2022
(Aaa/AAA)
200,000
5.000
01/01/2040
207,674
City
of
Gainesville
Florida
Variable
Rate
Utilities
System
RB
2012
Series
B
(Aa3/NR)
500,000
3.000
(a)
(b)
10/01/2042
500,000
County
of
Osceola
Transportation
RB
Refunding
Series
2019
A-1
(NR/BBB+)
155,000
5.000
10/01/2038
156,998
Goldman
Sachs
Municipal
Income
ETF
Schedule
of
Investments
(continued)
May
31,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Crossings
Community
Development
District
Osceola
County
Special
Assessment
Bonds
Series
2024
(NR/NR)
$
100,000
5.350%
05/01/2044
$
95,255
Florida
Development
Finance
Corp.
Educational
Facilities
RB
for
Saint
Andrew's
School
of
Boca
Raton,
Inc.
Project
Series
2024A
(NR/BBB+)
125,000
5.250
06/01/2044
125,087
Florida
Development
Finance
Corp.
RB
Brightline
Florida
Passenger
Rail
Expansion
Project
Series
2025A
(NR/NR)
250,000
8.250
(a)
(b)
(c)
07/01/2057
254,563
Hammock
Oaks
Community
Development
District
Town
of
Lady
Lake
Florida
Special
Assessment
Bonds
Series
2025
(NR/NR)
170,000
4.500
(c)
05/01/2032
171,097
Housing
Finance
Authority
of
Hillsborough
County
Multifamily
Housing
Zion
Village
RB
Series
2024
(HUD
SECT
8)
(Aa1/NR)
100,000
3.250
(a)
(b)
09/01/2042
99,884
Liberty
Cove
Community
Development
District
Special
Assessment
RB
Series
2024
(NR/NR)
85,000
4.800
05/01/2031
84,875
Lowery
Hills
Community
Development
District
City
of
Lake
Alfred
Florida
Special
Assessment
Bonds
Series
2025
Assessment
Area
One
(NR/NR)
100,000
4.550
(c)
05/01/2032
99,847
Miami
Dade
County
Aviation
Revenue
Refunding
Bonds
Series
2015A
(NR/A+)
150,000
5.000
10/01/2038
149,755
Orange
County
Health
Facilities
Authority
Hospital
RB
Orlando
Health
Obligated
Group
Series
2023A
(A2/A+)
100,000
5.000
10/01/2038
105,380
Peace
Creek
Village
Community
Development
District
City
of
Winter
Haven
Florida
Special
Assessment
Bonds
Series
2025
(NR/NR)
100,000
4.500
(c)
05/01/2032
99,788
Sarasota
County
Public
Hospital
District
Fixed
Rate
Hospital
RB
Series
2018
(A1/NR)
100,000
4.000
07/01/2048
86,232
Seminole
County
Sales
Tax
Revenue
Refunding
Bonds
Series
2005B
(NATL)
(Aa1/AA)
115,000
5.250
10/01/2026
118,648
South
Broward
Hospital
District
Refunding
RB
for
South
Broward
Hospital
District
Obligated
Group
Series
2016
(Aa3/AA)
100,000
5.000
05/01/2028
101,674
The
School
Board
of
Pinellas
County
Florida
Certificates
of
Participation
The
School
Board
of
Pinellas
County
Florida
Master
Lease
Program
Series
2021A
(A2/NR)
180,000
5.000
07/01/2033
196,453
Tradition
Community
Development
District
No.
9
Port
St.
Lucie,
Florida
Special
Assessment
Bonds
Series
2025
(NR/NR)
100,000
5.400
05/01/2045
95,645
Volusia
County
Educational
Facilities
Authority
Educational
Facilities
Revenue
Refunding
Bonds
Stetson
University
Inc.
Project
Series
2025
(Baa1/BBB+)
200,000
5.000
06/01/2034
210,960
3,212,200
Georgia
-
1
.7
%
Development
Authority
of
Burke
County
Pollution
Control
RB
First
Series
2009
(A3/A/A-1)
100,000
3.100
(a)
(b)
07/01/2049
100,000
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Georgia
–
(continued)
Development
Authority
of
Monroe
County
Georgia
Pollution
Control
RB
Georgia
Power
Company
Plant
Scherer
Project
Second
Series
2009
(A3/A)
(PUTABLE)
$
185,000
3.875%
(a)
(b)
10/01/2048
$
185,336
Development
Authority
of
The
Unified
Government
of
Athens-
Clarke
County
Georgia
University
of
Georgia
Project
-
Bolton
Commons
LLC
Refunding
RB
Series
2024
(Aa3/NR)
100,000
3.000
06/15/2039
84,028
369,364
Guam
-
0
.4
%
Guam
Government
RB
Refunding
Series
2021
F
(Baa3/NR)
100,000
4.000
01/01/2042
88,437
a
a
Illinois
-
8
.4
%
Chicago
Illinois
Board
of
Education
GO
Bonds
Capital
Appreciation
for
School
Reform
Series
1998
B-1
(NATL)
(Baa3/BB+)
90,000
0.000
(e)
12/01/2030
71,577
City
of
Chicago
Chicago
O’Hare
International
Airport
General
Airport
Senior
Lien
RB
Series
2017D
(AMT)
(NR/A+)
135,000
5.000
01/01/2035
136,072
City
of
Chicago
GO
Bonds
Series
2024A
(NR/BBB)
180,000
5.000
01/01/2041
177,508
City
of
Chicago
Multi-Family
Housing
RB
The
Ave
Sw
Project
Series
2025
(Aa1/NR)
150,000
3.200
(a)
(b)
10/01/2028
149,808
City
of
Chicago
Second
Lien
Wastewater
Transmission
RB
Refunding
Series
2024B
(BAM)
(NR/AA)
150,000
5.000
01/01/2031
163,501
City
of
Chicago
Second
Lien
Water
Revenue
Refunding
Bonds
Series
2004
(NR/A+)
115,000
5.000
11/01/2026
117,925
City
of
Springfield
Illinois
Senior
Lien
Electric
Revenue
Refunding
Bonds
Series
of
2024
(BAM)
(A3/AA)
100,000
5.000
03/01/2030
107,591
Forest
Preserve
District
of
Will
County
Illinois
GO
Limited
Tax
Bonds
Series
2024
(Aa1/NR)
100,000
5.000
12/15/2042
104,215
Illinois
State
GO
Bonds
June
2016
(BAM-TCRS)
(NR/AA)
135,000
4.000
06/01/2041
122,213
Metropolitan
Pier
and
Exposition
Authority
RB
Refunding
for
McCormick
Place
Expansion
Project
Series
2024
B
(NR/A)
100,000
5.000
06/15/2053
96,060
Sales
Tax
Securitization
Corp.
Second
Lien
Sales
Tax
Securitization
Bonds
Series
2020A
(NR/A+)
100,000
5.000
01/01/2026
100,986
Sales
Tax
Securitization
Corp.
Second
Lien
Sales
Tax
Securitization
Bonds
Series
2021A
(NR/A+)
140,000
5.000
01/01/2032
152,329
State
of
Illinois
GO
Bonds
Series
of
May
2024B
(A3/A-)
135,000
5.250
05/01/2043
138,856
The
County
of
Cook
Illinois
Sales
Tax
RB
Series
2024
(NR/AA-)
225,000
5.000
11/15/2042
230,687
1,869,328
Goldman
Sachs
Municipal
Income
ETF
Schedule
of
Investments
(continued)
May
31,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Indiana
-
0
.9
%
City
of
Whiting
Environmental
Facilities
Refunding
RB
for
BP
Products
North
America
Inc.
Project
Series
2019A
(A1/A-)
(PUTABLE)
$
100,000
5.000%
(a)
(b)
12/01/2044
$
100,892
The
Indianapolis
Local
Public
Improvement
Bond
Bank
Bonds
Series
2024E
(NR/AA-)
100,000
5.000
02/01/2030
108,076
208,968
Louisiana
-
0
.5
%
Board
of
Commissioners
of
The
Port
of
New
Orleans
Louisiana
Port
Facility
RB
Series
2025A
(NON-AMT)
(A2/A)
100,000
5.250
04/01/2055
101,889
a
a
Maryland
-
0
.6
%
Frederick
County
Maryland
Tax
Allocation
Refunding
for
Oakdale-
Lake
Linganore
Development
District
Series
2019
B
(NR/NR)
150,000
3.750
07/01/2039
131,720
a
a
Michigan
-
1
.6
%
City
of
Detroit,
County
of
Wayne,
Unlimited
Tax
GO
Social
Bonds
Series
2023A
(Tax
Exempt)
(Baa2/BBB)
100,000
6.000
05/01/2039
110,714
Michigan
Finance
Authority
Revenue
Hospital
Bonds
Trinity
Health
Credit
Group
2013MI-5
(NR/AA-)
265,000
4.000
12/01/2040
243,943
354,657
Minnesota
-
0
.5
%
Minneapolis
St.
Paul
Metropolitan
Airports
Commisson
Subordinate
Airport
RB
Series
2024B
(AMT)
(NR/A+)
100,000
5.000
01/01/2039
103,228
a
a
Mississippi
-
2
.3
%
Mississippi
Business
Finance
Corporation
Gulf
Opportunity
Zone
Industrial
Development
RB
Chevron
Usa
Inc.
Project
(Aa2/AA-/A-1+)
515,000
3.000
(a)
(b)
12/01/2030
515,000
a
a
Missouri
-
2
.4
%
Health
and
Educational
Facilities
Authority
of
The
State
of
Missouri
Variable
Rate
Demand
Educational
Facilities
RB
Saint
Louis
University
Series
2008B-2
(Aa1/AA+/A-1)
525,000
3.000
(a)
(b)
10/01/2035
525,000
a
a
Nevada
-
0
.4
%
Director
of
The
State
of
Nevada
Department
of
Business
and
Industry
Senior
Subordinated
Secured
RB
Brightline
West
Passenger
Rail
Project
Series
2025A
(NR/NR)
100,000
9.500
(a)
(b)
(c)
01/01/2065
95,425
a
a
New
Hampshire
-
0
.4
%
National
Finance
Authority
RB
for
Presbyterian
Senior
Living
Project
Series
2023A
(NR/NR)
100,000
5.250
07/01/2048
100,035
a
a
New
Jersey
-
4
.2
%
New
Jersey
Economic
Development
Authority
Special
Facility
Revenue
and
Refunding
Bonds
Series
2017
(Baa2/NR)
100,000
5.000
10/01/2047
95,279
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
New
Jersey
–
(continued)
New
Jersey
Educational
Facilities
Authority
Princeton
University
RB,
2025
Series
A-2
(Aaa/AAA)
$
200,000
5.000%
(a)
(b)
07/01/2064
$
221,292
New
Jersey
Transportation
Trust
Fund
Authority
RB
for
Transportation
System
Series
2009
A
(A2/A-)
335,000
0.000
(e)
12/15/2039
171,035
New
Jersey
Transportation
Trust
Fund
Authority
Transportation
System
Bonds
2021
Series
A
(A2/A-)
100,000
4.000
06/15/2035
99,028
New
Jersey
Transportation
Trust
Fund
Authority
Transportation
System
Bonds
2022
Series
A
(A2/A-)
150,000
4.000
06/15/2041
137,618
New
Jersey
Turnpike
Authority
Turnpike
RB
Series
2025
A
(A1/AA-)
200,000
5.000
(d)
01/01/2043
209,270
933,522
New
York
-
7
.5
%
Andover
Central
School
District
New
York
GO
Bond
Anticipation
Notes
2024
(ST
AID
WITHHLDG)
(NR/NR)
100,000
4.750
06/20/2025
100,057
Brooklyn
Arena
Local
Development
Corp.
Pilot
RB
Refunding
for
Barclays
Center
Series
2016
A
(AGM)
(A1/AA)
100,000
3.000
07/15/2043
72,715
Brooklyn
Arena
Local
Development
Corporation
Pilot
Revenue
Refunding
Bonds,
Series
2016A
(AG)
(A1/AA)
200,000
4.000
07/15/2029
201,118
City
of
Troy
Capital
Resource
Corp.
Revenue
Refunding
Bonds
for
Rensselaer
Polytechnic
Institute
Project
Series
2020A
(Forward
Delivery)
(A3/BBB+)
100,000
5.000
09/01/2037
103,339
Dormitory
Authority
of
The
State
of
New
York
State
Personal
Income
Tax
RB
General
Purpose
Series
2025A
(Aa1/NR)
150,000
5.000
03/15/2048
153,711
Metropolitan
Transportation
Authority
RB
Refunding
Green
Bond
Series
2024A
(BAM)
(A3/AA)
100,000
4.000
11/15/2048
86,180
New
York
City
Industrial
Development
Agency
RB
Refunding
for
Queens
Ballpark
Co.
LLC
Series
2021
A
(AG)
(A1/AA)
170,000
3.000
01/01/2046
122,222
New
York
City
Municipal
Water
Finance
Authority
Water
and
Sewer
System
Second
General
Resolution
RB
Adjustable
Rate
Fiscal
2014
Series
AA
Fiscal
2014
Subseries
AA1
AA2
AA5
AA6
(Aa1/AA+/A-1+)
200,000
3.000
(a)
(b)
06/15/2050
200,000
New
York
Transportation
Development
Corp.
RB
for
Delta
Air
Lines,
Inc.
Series
2020
(Baa2/NR)
175,000
5.000
10/01/2040
173,142
New
York
Transportation
Development
Corporation
Terminal
4
John
F.
Kennedy
International
Airport
Project
Special
Facility
RB
Series
2020C
(Tax-Exempt/NON-AMT)
(Baa1/BBB)
100,000
4.000
12/01/2042
89,046
Onondaga
Civic
Development
Corporation
RB
Syracuse
University
Project
Series
2025
(Aa3/AA-)
150,000
5.000
12/01/2032
168,405
Sauquoit
Valley
Central
School
District
GO
Bond
Anticipation
Notes
2024
(ST
AID
WITHHLDG)
(NR/NR)
100,000
4.375
08/01/2025
100,106
Goldman
Sachs
Municipal
Income
ETF
Schedule
of
Investments
(continued)
May
31,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
New
York
–
(continued)
Triborough
Bridge
and
Tunnel
Authority
Mta
Bridges
and
Tunnels
Payroll
Mobility
Tax
Bond
Anticipation
Notes
Series
2025A
(NR/SP-1+)
$
100,000
5.000%
03/01/2028
$
105,299
1,675,340
Ohio
-
3
.3
%
City
of
Norwood,
Ohio
Special
Obligation
Revenue
Refunding
Bonds
Series
2025
(NR/NR)
145,000
4.375
12/01/2030
144,299
Cleveland
Airport
Special
RB
for
Continental
Airlines,
Inc.
Project
Series
1998
(Ba3/BB)
180,000
5.375
09/15/2027
180,078
Columbus-Franklin
County
Finance
Authority
Multifamily
Housing
RB
Westerville
Crossing
Apartments
Series
2024B
(Aa1/NR)
100,000
5.000
(a)
(b)
12/01/2028
104,214
Ohio
Housing
Finance
Agency
Multifamily
Housing
RB
at
Main
Series
2025
(Aa1/NR)
200,000
3.700
(a)
(b)
11/01/2047
201,124
State
of
Ohio
Higher
Educational
Facility
Commission
State
of
Ohio
Higher
Educational
Facility
RB
Xavier
University
2024
Project
(Baa1/NR)
100,000
5.000
05/01/2040
102,481
732,196
Oklahoma
-
1
.8
%
Oklahoma
Housing
Finance
Agency
Collateralized
RB
The
Villages
at
A
New
Leaf
II
Series
2025
(Aa1/NR)
(PUTABLE)
300,000
3.400
(a)
(b)
(d)
07/01/2028
300,287
Wagoner
County
Development
Authority
Sales
Tax
RB
Series
2025
(NR/NR)
100,000
6.500
05/01/2035
100,261
400,548
Oregon
-
1
.5
%
City
of
Forest
Grove
Oregon
Campus
Improvement
Revenue
Refunding
Bonds
Pacific
University
Series
2022A
Forward
Delivery
(NR/BBB)
175,000
5.000
05/01/2033
178,773
The
Port
of
Portland
Oregon
Portland
International
Airport
RB
Series
Twenty-Eight
(AMT)
(NR/AA-)
150,000
5.000
07/01/2030
159,311
338,084
Pennsylvania
-
3
.2
%
Acts
Retirement
Life
Communities,
Inc.
Obligated
Group
Montgomery
County
Industrial
Development
Authority
Retirement
Communities
RB
Series
2016
(NR/NR)
100,000
5.000
11/15/2033
101,178
City
of
Erie
Higher
Education
Building
Authority
RB
for
Gannon
University
Series
2021
(Baa2/BBB+)
25,000
4.000
05/01/2036
23,084
Coatesville
Area
School
District
Chester
County
Pennsylvania
GO
Bonds
Series
of
2025
(AG
ST
AID
WITHHLDG)
(Aa3/AA)
250,000
5.250
(d)
11/15/2042
260,299
Commonwealth
of
Pennsylvania
GO
Bonds
First
Series
of
2024
Bid
Group
B
(Aa2/A+)
100,000
4.000
08/15/2044
93,888
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Pennsylvania
–
(continued)
Pennsylvania
Economic
Development
Financing
Authority
RB
Refunding
for
American
Water
Co.
Project
Series
2019
(A1/A+)
$
150,000
3.000%
04/01/2039
$
123,632
Pennsylvania
Economic
Development
Financing
Authority
UPMC
RB,
Series
2020A
(A2/A)
100,000
5.000
(a)
(b)
03/15/2060
105,056
707,137
Puerto
Rico
-
2
.9
%
Puerto
Rico
Commonwealth
GO
Restructured
Bonds
Series
2022
A-1
(NR/NR)
109,000
4.000
07/01/2033
104,871
25,000
4.000
07/01/2046
20,562
Puerto
Rico
Sales
Tax
Financing
Corp
Sales
Tax
Revenue
Restructured
Bonds
Series
2019A-2B
(NR/NR)
167,000
4.550
07/01/2040
159,322
Puerto
Rico
Sales
Tax
Financing
Corp.
Sales
Tax
Revenue
Restructured
Bonds
Series
A-2
(NR/NR)
200,000
4.329
07/01/2040
186,561
Puerto
Rico
Sales
Tax
Financing
Corporation
Sales
Tax
Capital
Appreciation
Restructured
RB
Series
2018
A-1
(NR/NR)
140,000
0.000
(e)
07/01/2046
44,945
99,000
0.000
(e)
07/01/2051
23,371
Puerto
Rico
Sales
Tax
Financing
Corporation
Sales
Tax
Restructured
RB
Series
2018
A-1
(NR/NR)
100,000
5.000
07/01/2058
93,956
633,588
Rhode
Island
-
0
.5
%
Providence
Public
Buildings
Authority
Capital
Improvement
Program
Projects
RB
2024
Series
A
(AGC)
(A1/AA)
100,000
5.250
09/15/2041
106,225
a
a
South
Carolina
-
0
.9
%
South
Carolina
Jobs-Economic
Development
Authority
Healthcare
RB
Beaufort
Memorial
Hospital
&
South
of
Broad
Healthcare
Project
Series
2024
(NR/BB)
100,000
5.000
11/15/2030
103,920
South
Carolina
Public
Service
Authority
Revenue
Refunding
Obligations
Santee
Cooper
Consisting
of
Series
2024-B
(Tax-Exempt)
(A3/A-)
100,000
4.125
12/01/2044
90,686
194,606
Texas
-
7
.4
%
Arlington
Higher
Education
Finance
Corporation
Education
RB
Riverwalk
Education
Foundation
Inc.
Series
2022
(PSF-GTD)
(NR/AAA)
100,000
5.000
08/15/2027
104,547
Austin
Affordable
PFC
Inc.
Multifamily
Housing
RB
Series
2024B
(FNMA
COLL)
(Aa1/NR)
100,000
5.000
(a)
(b)
09/01/2028
103,814
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)
100,000
5.000
09/01/2028
105,328
City
of
Gunter
Texas
A
Municipal
Corp.
of
The
State
of
Texas
Located
In
Grayson
County
Special
Assessment
RB
Series
2025
(NR/NR)
100,000
4.500
(c)
09/15/2032
98,692
Goldman
Sachs
Municipal
Income
ETF
Schedule
of
Investments
(continued)
May
31,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
Clifton
Higher
Education
Finance
Corp.
Education
Revenue
and
Refunding
Bonds
Series
2024
(PSF-GTD)
(NR/AAA)
$
60,000
5.000%
08/15/2039
$
63,358
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)
125,000
5.000
(a)
(b)
02/01/2044
130,071
Matagorda
County
Navigation
District
Number
One
Pollution
Control
Revenue
Refunding
Bonds
for
Central
Power
and
Light
Company
Project
Series
1996
(Baa3/BBB+)
250,000
4.250
05/01/2030
255,362
Mission
Economic
Development
Corporation
Solid
Waste
Disposal
RB
Waste
Management
Inc.
Project
Series
2020A
(NR/A-/A-2)
(PUTABLE)
250,000
3.750
(a)
(b)
(d)
05/01/2046
249,999
New
Hope
Cultural
Education
Facilities
Finance
Corporation
Retirement
Facility
RB
Westminster
Project
Series
2025
(NR/NR)
100,000
5.000
11/01/2031
105,365
Nueces
River
Authority
Water
Supply
Facilities
Revenue
Refunding
Bonds
for
City
of
Corpus
Christi
Lake
Texana
Project
Series
2015
(NR/AA-)
100,000
5.000
07/15/2026
100,211
Socorro
Independent
School
District
Unlimited
Tax
Refunding
Bonds
Series
2017B
(PSF-GTD)
(Aaa/NR)
120,000
5.000
08/15/2027
125,561
Texas
Transportation
Commission
Central
Texas
Turnpike
System
First
Tier
Revenue
Refunding
Put
Bonds
Series
2024-B
(A2/A)
100,000
5.000
(a)
(b)
08/15/2042
105,266
Trinity
River
Authority
of
Texas
Regional
Wastewater
System
Revenue
Improvementand
Refunding
Bonds
Series
2024
(NR/AAA)
100,000
5.000
08/01/2043
104,836
1,652,410
Utah
-
0
.5
%
Salt
Lake
City
Airport
RB
Salt
Lake
City
International
Airport
Series
2017A
(AMT)
(A2/A+)
100,000
5.000
07/01/2036
100,714
a
a
Virgin
Islands
-
0
.5
%
Matching
Fund
Special
Purpose
Securitization
Corporation
Matching
Fund
Securitization
Bonds
Series
2022A
(NR/NR)
100,000
5.000
10/01/2028
101,830
a
a
Virginia
-
2
.1
%
Economic
Development
Authority
of
The
City
of
Salem
Virginia
Educational
Facilities
RB
Roanoke
College
Series
2025
(NR/BBB+)
200,000
5.500
(d)
04/01/2045
198,679
Hampton
Roads
Transportation
Authority
Accountability
Commission
Transportation
Fund
Senior
Lien
Bond
Anticipation
Notes
Series
2021A
(NR/NR)
255,000
5.000
07/01/2026
260,594
459,273
Washington
-
2
.4
%
Enumclaw
School
District
No.
216
King
County
Washington
Unlimited
Tax
GO
Refunding
Bonds
2025
(SCH
BD
GTY)
(Aaa/NR)
200,000
5.000
12/01/2034
223,845
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Washington
–
(continued)
Fircrest
Properties
Lease
RB
Series
2024
Sustainability
Bonds
State
of
Washington
DSHS
Project
(NR/AA)
$
100,000
5.000%
06/01/2032
$
111,253
Port
of
Seattle
Intermediate
Lien
Revenue
and
Refunding
Bonds
Series
2024B
(AMT)
(A1/AA-)
100,000
5.000
07/01/2029
105,313
Washington
State
Convention
Center
Public
Facilities
District
Junior
Lodging
Tax
Notes
2021
(NR/NR)
100,000
4.000
07/01/2031
100,685
541,096
Wisconsin
-
1
.4
%
City
of
Milwaukee
GO
Corporate
Purpose
Bonds
Series
2017
B5
(NR/A-)
100,000
4.000
04/01/2028
100,632
Public
Finance
Authority
RB
Kahala
Nui
Project
Series
2025
(NR/NR)
100,000
5.250
11/15/2050
101,437
Public
Finance
Authority
RB
Kahala
Nui
Project
Series
2025
(NR/BBB-)
100,000
5.500
(c)
06/01/2040
100,538
302,607
TOTAL
MUNICIPAL
BONDS
(Cost
$20,751,269)
20,517,830
TOTAL
INVESTMENTS
-
92.5%
(Cost
$20,751,269)
$
20,517,830
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
-
7.5%
1,673,098
NET
ASSETS
-
100.0%
$
22,190,928
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
May
31,
2025.
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.
(b)
Security
with
“Put”
features
and
resetting
interest
rates.
Maturity
dates
disclosed
are
the
puttable
dates.
Interest
rate
disclosed
is
that
which
is
in
effect
on
May
31,
2025.
(c)
Exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
(d)
When-issued
security.
(e)
Issued
with
a
zero
coupon.
Income
is
recognized
through
the
accretion
of
discount.
Security
ratings
disclosed,
if
any,
are
issued
by
either
Standard
&
Poor’s,
Moody’s
Investor
Service
or
Fitch
and
are
unaudited.
A
brief
description
of
the
ratings
is
available
in
the
Fund’s
Statement
of
Additional
Information.
Goldman
Sachs
Municipal
Income
ETF
Schedule
of
Investments
(continued)
May
31,
2025
(Unaudited)
Additional
Investment
Information
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.
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
IDA
-
Industrial
Development
Agency
MTA
-
Metropolitan
Transportation
Authority
NATL
-
National
Public
Finance
Guarantee
Corp.
PSF-GTD
-
Guaranteed
by
Permanent
School
Fund
RB
-
Revenue
Bond
ST
AID
WITHHLDG
-
State
Aid
Withholding
TCRS
-
Transferable
Custody
Receipts
UPMC
-
University
of
Pittsburgh
Medical
Center
FUTURES
CONTRACTS
—
At
May
31,
2025
,
the
Portfolio
had
the
following
futures
contracts:
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Short
position
contracts:
U.S.
Treasury
Ultra
Bond
(1)
09/19/25
$
(
116,313
)
$
(
1,080
)
GOLDMAN
SACHS
ULTRA
SHORT
MUNICIPAL
INCOME
ETF
Schedule
of
Investments
May
31,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
-
95.2%
Alaska
-
0
.6
%
Alaska
Housing
Finance
Corporation
State
Capital
Project
Bonds
II
2015
Series
B
(Aa1/AA+)
$
40,000
5.000%
(a)
06/01/2025
$
40,000
Municipality
of
Anchorage
2014
GO
Refunding
Bonds
Series
B
General
Purpose
(NR/AA-)
30,000
5.000
09/01/2025
30,024
70,024
Arizona
-
4
.2
%
Arizona
Board
of
Regents
Arizona
State
University
System
RB
Series
2016B
(Green
Bonds)
(Aa2/AA)
60,000
5.000
07/01/2027
60,866
Arizona
Transportation
Board
Highway
Revenue
Refunding
Bonds
Series
2016
(Aa1/AA+)
10,000
5.000
07/01/2026
10,235
City
of
Phoenix
Civic
Improvement
Corp.
Junior
Lien
Airport
RB
Series
2005B
(NATL)
(Aa1/AA)
20,000
5.500
07/01/2025
20,040
City
of
Yuma
Municipal
Property
Corporation
Senior
Lien
Excise
Tax
Revenue
and
Revenue
Refunding
Bonds
Series
2015
(A1/AA-)
20,000
4.000
07/01/2026
20,013
The
Industrial
Development
Authority
of
The
County
Maricopa
Hospital
RB
Honorhealth
Series
2024C
(Aa1/NR)
100,000
1.950
(b)
(c)
12/01/2054
100,000
The
Industrial
Development
Authority
of
The
County
of
Yavapai
Hospital
RB
Yavapai
Regional
Medical
Center
Series
2019
(A3/NR)
115,000
5.000
08/01/2026
116,927
University
of
Arizona
Board
of
Regents
Refunding
Certificates
of
Participation
University
of
Arizona
Projects
Series
2018B
(A1/A+)
150,000
5.000
06/01/2025
150,000
478,081
California
-
5
.2
%
California
Municipal
Finance
Authority
Solid
Waste
Disposal
Refunding
RB
Republic
Services,
Inc.
Project
Series
2021A
(NR/BBB+/A-2)
(PUTABLE)
250,000
3.750
(b)
(c)
07/01/2041
249,846
Los
Angeles
County
Metropolitan
Transportation
Authority
Proposition
C
Sales
Tax
RB
Senior
Bonds
Series
2017-A
(Aa1/AAA)
115,000
5.000
07/01/2025
115,178
Public
Facilities
Financing
Authority
of
The
City
of
San
Diego
Senior
Sewer
Revenue
Refunding
Bonds
Series
2015
(NR/AA+)
20,000
4.000
05/15/2026
20,017
Tender
Option
Bond
Trust
Receipts
CTFs
2023-XM1153
(NA)
(NR/AA+/A-1)
200,000
2.120
(b)
(c)
(d)
07/01/2048
200,000
585,041
Colorado
-
1
.2
%
City
and
County
of
Denver
Colorado
Airport
System
Subordinate
RB
Series
2018A
(AMT)
(A1/A+)
130,000
5.000
12/01/2026
132,748
a
a
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Connecticut
-
1
.0
%
State
of
Connecticut
General
Obligation
Bonds
GO
Bonds
2025
Series
A
(Aa3/AA-)
$
40,000
5.000%
03/15/2027
$
41,439
State
of
Connecticut
Health
and
Educational
Facilities
Authority
Hartford
Healthcare
Issue
RB
Series
2020A
(NR/A)
25,000
5.000
07/01/2025
25,029
State
of
Connecticut
Health
and
Educational
Facility
Authority
Revenue
Refunding
Bonds
Connecticut
State
University
System
Issue
Series
L
(Aa3/AA-)
50,000
4.000
11/01/2025
50,029
116,497
District
of
Columbia
-
1
.5
%
District
of
Columbia
Hospital
Refunding
RB
Children'S
Hospital
Obligated
Group
Issue
Series
2015
(A1/NR)
55,000
5.000
07/15/2026
55,594
Metropolitan
Washington
Airports
Authority
Airport
System
Revenue
Refunding
Bonds
Series
2021A
(Aa3/AA-)
110,000
5.000
10/01/2026
112,192
167,786
Florida
-
5
.0
%
City
of
Cape
Coral
Water
&
Sewer
Refunding
RB
Series
2017
(A1/A+)
40,000
5.000
10/01/2025
40,235
City
of
Jacksonville
Florida
Special
RB
Series
2021A
(NR/AA)
30,000
5.000
10/01/2025
30,181
City
of
Jacksonville
Transportation
Refunding
RB
Series
2015
(Aa2/AA-)
35,000
5.000
10/01/2026
35,230
Greater
Orlando
Aviation
Authority
Priority
Subordinated
Airport
Facilities
Refunding
RB
for
The
City
of
Orlando
Series
2016
(AMT)
(Aa3/AA-)
30,000
5.000
10/01/2025
30,148
Miami-Dade
County
GO
Bonds
for
Public
Health
Trust
Program
Series
2021A
(NR/AA)
30,000
5.000
07/01/2026
30,681
North
Sumter
County
Utility
Dependent
District
RB
for
Central
Sumter
Utility
Series
2019
(NR/A)
70,000
5.000
10/01/2026
71,468
Sarasota
County
Florida
Utility
System
Revenue
Refunding
Bonds
Series
2016B
(NR/AA+)
40,000
5.000
10/01/2026
40,666
School
Board
of
Duval
County
Florida
Certificates
of
Participation
Series
2015B
(NR/A+)
75,000
5.000
07/01/2027
75,109
South
Florida
Water
Management
District
Certificates
of
Participation
Series
2015
(Aa3/AA)
10,000
5.000
10/01/2026
10,164
St.
Johns
County
Florida
Transportation
Improvement
Revenue
Refunding
Bonds
Series
2015
(AG)
(Aa1/AA)
50,000
5.000
10/01/2026
50,087
State
of
Florida
Department
of
Transportation Turnpike
Revenue
Refunding
Bonds
Series
2015B
(Aa2/NR)
45,000
5.000
07/01/2026
45,069
The
School
Board
of
Brevard
County
Florida
Refunding
Certificates
of
Participation
Series
2015C
(Aa3/NR)
15,000
5.000
07/01/2026
15,022
GOLDMAN
SACHS
ULTRA
SHORT
MUNICIPAL
INCOME
ETF
Schedule
of
Investments
(continued)
May
31,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
The
School
Board
of
Palm
Beach
County
Florida
Certificates
of
Participation
Series
2018C
(Aa3/NR)
$
90,000
5.000%
08/01/2025
$
90,292
564,352
Georgia
-
3
.7
%
Development
Authority
of
Appling
County
Pollution
Control
RB
Oglethorpe
Power
Corporation
Hatch
Project
Series
2013A
(A3/BBB+/A-2)
300,000
2.000
(b)
(c)
01/01/2038
300,000
The
Atlanta
Development
Authority
RB
Panther
Place
LLC
Project
Located
On
The
Campus
of
Georgia
State
University
Series
2017A
(Aa3/NR)
115,000
5.000
07/01/2025
115,157
415,157
Illinois
-
11
.0
%
Aurora
West
School
District
No.
129
GO
School
Building
Bonds
Series
2015C
(Aa2/NR)
75,000
5.000
02/01/2026
75,838
City
of
Chicago
Chicago
O'Hare
International
Airport
General
Airport
Senior
Lien
Revenue
Refunding
Bonds
Series
2024C
(Amt)
(NR/A+)
100,000
5.000
01/01/2027
102,514
City
of
Mount
Vernon
Illinois
GO
Improvement
and
Refunding
Bonds
Series
2020
(BAM)
(NR/AA)
100,000
4.000
12/15/2026
101,062
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)
55,000
5.000
12/01/2026
56,446
Illinois
Finance
Authority
Clean
Water
Initiative
Revolving
Fund
RB
Series
2016
(NR/AAA)
50,000
5.000
01/01/2027
50,565
Illinois
Finance
Authority
RB
Group
2017
Ann
&
Robert
H
Lurie
Childrens
Hospital,
Chicago
Obligation
(NR/AA-)
50,000
5.000
08/15/2025
50,171
Illinois
Finance
Authority
RB
Rush
University
Medical
Center
Obligated
Group
Series
2015A
(A1/A+)
60,000
5.000
11/15/2025
60,046
50,000
5.000
11/15/2026
50,037
Illinois
Finance
Authority
RB
Series
2019
(A1/A+)
100,000
5.000
04/01/2027
103,042
Rock
Island
School
District
No.
41
GO
Refunding
School
Bonds
Series
2018
(Aa3/NR)
120,000
4.000
12/01/2025
120,479
School
District
Number
100
Cook
County
Illinois
Berwyn
South
GO
Refunding
School
Bonds
Series
2019C
(BAM)
(NR/AA)
75,000
5.000
12/01/2025
75,678
School
District
Number
81
Cook
County
Illinois
Schiller
Park
GO
School
Bonds
Series
2020
(NR/AA-)
30,000
4.000
12/01/2025
30,114
State
of
Illinois
GO
Bonds
Series
of
December
2017A
(A3/A-)
75,000
5.000
12/01/2025
75,658
State
of
Illinois
GO
Bonds
Series
of
March
2021B
(A3/A-)
135,000
5.000
03/01/2027
138,866
The
Board
of
Trustees
of
The
University
of
Illinois
Auxiliary
Facilities
System
Refunding
RB
Series
2023A
(Aa2/AA-)
110,000
5.000
04/01/2027
113,862
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Illinois
–
(continued)
The
County
of
Peoria
Illinois
GO
Limited
Tax
Refunding
Debt
Certificates
Series
2020A
(Aa1/NR)
$
45,000
5.000%
12/15/2025
$
45,505
1,249,883
Indiana
-
2
.1
%
Ball
State
University
Board
of
Trustees
Indiana
Ball
State
University
Student
Fee
Bonds
Series
T
(Aa3/AA-)
50,000
5.000
07/01/2025
50,074
Indiana
Finance
Authority
Hospital
Refunding
RB
Series
2017A
(Aa3/A+)
30,000
5.000
11/01/2026
30,784
Indiana
Finance
Authority
RB
Series
2016A
(NR/A+)
50,000
5.000
03/01/2026
50,535
Indiana
Health
Facility
Financing
Authority
RB
Ascension
Health
Subordinate
Credit
Group
Series
2005A-6
(Aa3/NR)
35,000
4.000
10/01/2025
35,092
Penn
High
School
Bldg.
Corp.
Mishawaka
St.
Joseph
County
Indiana
Ad
Valorem
Property
Tax
First
Mortgage
Bonds
Series
2022
(ST
INTERCEPT)
(NR/AA+)
75,000
4.000
07/15/2025
75,051
241,536
Iowa
-
1
.5
%
Iowa
Finance
Authority
RB
Series
2018B
(A1/NR)
95,000
5.000
02/15/2026
95,951
Waukee
Community
School
District
Iowa
School
Infrastructure
Sales
Services
and
Use
Tax
Revenue
and
Refunding
Bonds
Series
2020A
(BAM)
(NR/AA)
75,000
5.000
06/01/2025
75,000
170,951
Kansas
-
1
.5
%
Kansas
Development
Finance
Authority
Refunding
RB
State
of
Kansas
Projects
Series
2020R
(Aa3/A+)
55,000
5.000
11/01/2025
55,441
Reno
County
Kansas
General
Obligation
Refunding
and
Improvement
Bonds
Series
2021
(Aa3/NR)
115,000
4.000
09/01/2025
115,196
170,637
Kentucky
-
1
.5
%
Commonwealth
of
Kentucky
State
Property
and
Buildings
Commission
Revenue
Refunding
Bonds
Project
No.
112
Series
B
(ST
APPROP)
(Aa3/A)
15,000
5.000
11/01/2025
15,106
Fayette
County
Kentucky
School
District
Finance
Corporation
School
Building
Refunding
RB
Series
2015B
(ST
INTERCEPT)
(Aa3/AA-)
75,000
3.000
05/01/2027
74,756
Oldham
County
School
District
Finance
Corporation
Kentucky
School
Building
Refunding
RB
Second
Series
of
2016
(ST
INTERCEPT)
(Aa3/NR)
20,000
4.000
09/01/2026
20,218
The
Turnpike
Authority
of
Kentucky
Economic
Development
Road
Revenue
and
Revenue
Refunding
Bonds
Reviitalization
Projects
Economic
Development
Road
RB
Revitalization
Projects
2015
Series
A
(Aa2/A)
55,000
5.000
07/01/2026
55,080
165,160
GOLDMAN
SACHS
ULTRA
SHORT
MUNICIPAL
INCOME
ETF
Schedule
of
Investments
(continued)
May
31,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Louisiana
-
2
.0
%
Board
of
Supervisors
of
Louisiana
State
Universityand
Agricultural
and
Mechanical
College
Auxiliary
Revenue
Refunding
Bonds
Series
2016A
(A2/NR)
$
75,000
5.000%
07/01/2026
$
76,172
Bossier
City,
Louisiana
Project
Louisiana
Local
Government
Environmental
Facilities
and
Community
Development
Authority
RB
Series
2015
(Aa2/AA)
150,000
5.000
06/01/2025
150,000
226,172
Maryland
-
1
.1
%
City
of
Baltimore
Refunding
RB
for
Wastewater
Projects
Series
2014D
(Aa3/A+)
30,000
5.000
07/01/2026
30,042
Department
of
Transportation
of
Maryland
Consolidated
Transportation
Bonds
Series
2015
(Aa1/AAA)
90,000
3.000
06/01/2026
89,915
119,957
Massachusetts
-
0
.3
%
Town
of
Dedham
Massachusetts
GO
Municipal
Purpose
Loan
of
2017
Bonds
(NR/AAA)
40,000
4.000
06/15/2027
40,029
a
a
Michigan
-
0
.8
%
Board
of
Governors
of
Wayne
State
University
General
RB
Series
2018A
(Aa3/A+)
5,000
5.000
11/15/2026
5,038
County
of
Macomb
State
of
Michigan
Capital
Improvement
Bonds
Series
2015
(Aa1/NR)
20,000
3.200
05/01/2027
19,994
Michigan
Finance
Authority
Hospital
Revenue
Refunding
Bonds
Mclaren
Health
Care
Series
2015A
(A1/NR)
25,000
5.000
05/15/2026
25,029
Portage
Public
Schools
County
of
Kalamazoo
Michigan
2016
School
Building
Site
&
Refunding
Bonds
(NR/AA-)
10,000
5.000
11/01/2026
10,193
Wayne-Westland
Community
Schools
County
of
Wayne
Michigan
2019
School
Building
and
Site
Bonds
(Q-SBLF)
(NR/AA)
25,000
5.000
11/01/2025
25,187
85,441
Minnesota
-
1
.4
%
City
of
Minneapolisand
The
Housing
and
Redevelopment
Authority
of
The
City
of
Saint
Paul
Minnesota
Health
Care
System
Revenue
Refunding
Bonds
Series
2017A
(A1/A+)
10,000
5.000
11/15/2025
10,076
City
of
St.
Cloud
Minnesota
Health
Care
RB
Series
2016A
(A2/NR)
75,000
5.000
05/01/2026
76,218
Independent
School
District
No.
833
South
Washington
County
Independent
School
District
No.
833
GO
School
Building
Refunding
Bonds
Series
2016B
(SD
CRED
PROG)
(Aa1/NR)
70,000
3.000
02/01/2026
69,825
156,119
Mississippi
-
0
.5
%
Mississippi
Hospital
Equipment
and
Facilities
Authority
RB
North
Mississippi
Health
Services
2020
Series
I
(NR/A+)
55,000
5.000
10/01/2026
56,082
a
a
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Missouri
-
4
.4
%
Fort
Osage
R-I
School
District
Jackson
County
Missouri
Certificates
of
Participation
Series
2022A
(NR/A)
$
180,000
4.000%
04/01/2027
$
180,034
Franklin
County
Missouri
Refunding
Certificates
of
Participation
Series
2019B
(NR/A+)
20,000
4.000
04/01/2027
20,288
Healthand
Educational
Facilities
Authority
of
The
State
of
Missouri
Health
Facilities
RB
Mosaic
Health
System
Series
2019A
(A1/NR)
120,000
5.000
02/15/2026
121,468
St.
Louis
Municipal
Finance
Corporation
Recreation
Sales
Tax
Leasehold
Revenue
Refunding
Bonds
City
of
St.
Louis
Missouri
Lessee
Series
2016
(NR/A)
25,000
5.000
02/15/2027
25,287
Tender
Option
Bond
Trust
Receipts
CTFs
2025-XFF841
(NR/AA/A-1+)
100,000
2.000
(b)
(c)
(d)
10/01/2040
100,000
The
City
of
St.
Louis
Airport
Refunding
and
Airport
RB
St.
Louis
Lambert
International
Airport
2017B
(AGM)
(A1/AA)
50,000
5.000
07/01/2025
50,057
497,134
Nebraska
-
0
.4
%
Douglas
County
School
District
No.
001
Omaha
Public
Nebraska
General
Obligation
Bonds
Series
2015
(Aa2/AA)
45,000
5.000
12/15/2026
45,075
a
a
Nevada
-
1
.5
%
Clark
County
School
District
GO
Limited
Tax
Building
and
Refunding
Bonds
Series
2015C
(A1/AA-)
35,000
5.000
06/15/2026
35,355
Clark
County
School
District
Nevada
General
Obligation
Limited
Tax
Building
and
Refunding
Bonds
Series
2015C
(A1/AA-)
100,000
5.000
06/15/2027
100,884
Clark
County
School
District
Nevada
GO
Limited
Tax
School
Bonds
Additionally
Secured
by
Pledged
Revenues
Series
2015D
(A1/AA-)
30,000
5.000
06/15/2026
30,305
166,544
New
Jersey
-
4
.6
%
City
of
Linden
In
The
County
of
Union
New
Jersey
Bond
Anticipation
Notes
Series
2024
(NR/SP-1+)
65,000
4.500
07/10/2025
65,074
City
of
Rahway
New
Jersey
General
Obligation
Bonds
Series
2015
(NR/AA)
30,000
4.000
08/01/2025
30,047
Higher
Education
Student
Assistance
Authority
State
of
New
Jersey
Senior
Student
Loan
RB
Series
2025-2
(AMT)
(NR/A-1+)
(PUTABLE)
300,000
5.000
(b)
(c)
(e)
12/01/2056
303,764
New
Jersey
Economic
Development
Authority
School
Facilities
Construction
Refunding
Bonds
Series
2015
-
XX
(A2/A-)
120,000
4.250
06/15/2026
120,036
518,921
New
Mexico
-
1
.5
%
Albuquerque
Municipal
School
District
No
12
Bernalillo
and
Sandoval
Counties
New
Mexico
General
Obligation
School
Building
Bonds
Series
2018
(ST
AID
WITHHLDG)
(NR/AA)
35,000
5.000
08/01/2025
35,108
GOLDMAN
SACHS
ULTRA
SHORT
MUNICIPAL
INCOME
ETF
Schedule
of
Investments
(continued)
May
31,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
New
Mexico
–
(continued)
Albuquerque
Municipal
School
District
No
12
Bernalillo
and
Sandoval
Counties
New
Mexico
General
Obligation
School
Building
Bonds
Series
2018
(ST
AID
WITHHLDG)
(Aa3/AA)
$
75,000
5.000%
08/01/2025
$
75,231
Santa
Fe
Community
College
District
New
Mexico
General
Obligation
Limited
Tax
Bonds
Series
2024
(Aa2/NR)
60,000
5.000
08/01/2025
60,177
170,516
New
York
-
1
.8
%
City
School
District
of
The
City
of
Beacon
Dutchess
County
New
York
Bond
Anticipation
Notes
series
2024
(ST
AID
WITHHLDG)
(NR/NR)
75,000
4.000
06/20/2025
75,032
Monroe
County
Industrial
Development
Corp.
RB
for
University
of
Rochester
Project
Series
2015A
(Tax-Exempt)
(Aa3/AA-)
15,000
5.000
07/01/2026
15,016
Nassau
County
Sewer
and
Storm
Water
Finance
Authority
System
RB
2014
Series
A
(Aa1/AA)
15,000
5.000
10/01/2025
15,005
The
Port
Authority
of
New
York
and
New
Jersey
Consolidated
Bonds
Two
Hundred
Forty-Fifth
Series
Consolidated
Bonds
Two
Hundred
Forty-Sixth
Series
(Aa3/AA-)
100,000
3.205
09/01/2025
100,341
205,394
North
Carolina
-
0
.5
%
North
Carolina
Medical
Care
Commission
Health
Care
Facilities
Revenue
Refunding
Bonds
Duke
University
Health
System
Series
2016A
(Aa3/AA-)
50,000
5.000
06/01/2025
50,000
North
Carolina
Municipal
Power
Agency
Number
1
Catawba
Electric
RB
Refunding
Series
2016A
(NR/A)
10,000
5.000
01/01/2027
10,194
60,194
Ohio
-
2
.9
%
County
of
Allen
Ohio
Hospital
Facilities
Bon
Secours
Mercy
Health
RB
Series
2020A
(A1/A+)
100,000
5.000
12/01/2025
100,840
County
of
Allen
Ohio
Hospital
Facilities
RB
Series
2017A
(A1/A+)
45,000
5.000
08/01/2026
45,935
County
of
Montgomery
Ohio
Hospital
Facilities
RB
Series
2021
(A1/NR)
100,000
5.000
08/01/2025
100,239
Kings
Local
School
District
Ohio
Warren
County
School
Improvement
GO
Unlimited
Tax
Bond
Anticipation
Notes
Series
2024
(NR/SP-1+)
25,000
4.500
07/16/2025
25,034
Ohio
Department
of
Administrative
Services
Certificates
of
Participation
Series
2018
(Aa1/AA+)
60,000
5.000
09/01/2025
60,248
332,296
Oklahoma
-
6
.5
%
Cleveland
County
Educational
Facilities
Authority
Educational
Facilities
Lease
RB
Norman
Public
Schools
Project
Series
2019
(NR/A+)
150,000
5.000
06/01/2025
150,000
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Oklahoma
–
(continued)
Oklahoma
County
Finance
Authority
Educational
Facilities
Lease
RB
for
Midwest
City-Del
City
Public
Schools
Project
Series
2018
(NR/A+)
$
160,000
5.000%
10/01/2025
$
160,793
Oklahoma
County
Finance
Authority
Educational
Facilities
Lease
RB
Midwest
City
Del
City
Public
Schools
Project
Series
2018
(NR/A+)
40,000
5.000
10/01/2026
40,886
The
Oklahoma
Development
Finance
Authority
Oklahoma
State
System
of
Higher
Education
Master
Real
Property
Lease
RB
Tax-Exempt
Series
2017A
(NR/AA)
26,000
4.000
06/01/2025
26,000
Tulsa
County
Industrial
Authority
Educational
Facilities
Lease
RB
Glenpool
Public
Schools
Project
Series
2017A
Tax-Exempt
(NR/A+)
100,000
5.000
09/01/2025
100,396
Tulsa
County
Industrial
Authority
Educational
Facilities
Lease
RB
Jenks
Public
Schools
Project
(NR/AA-)
125,000
5.000
09/01/2025
125,567
20,000
5.000
09/01/2026
20,095
Tulsa
Public
Facilities
Authority
Oklahoma
Capital
Improvements
RB,
Series
2017
(NR/AA-)
50,000
3.000
06/01/2025
50,000
25,000
3.000
06/01/2026
24,836
Wagoner
County
Independent
School
District
No.
17
Coweta
Board
of
Education
Oklahoma
Building
Bonds
of
2023
(NR/NR)
35,000
4.500
09/01/2026
35,461
734,034
Oregon
-
1
.0
%
Eugene
School
District
No.
4J
GO
Bonds
for
Oregon
School
Bond
Guaranty
Series
2016
(SCH
BD
GTY)
(Aa1/NR)
25,000
2.000
06/15/2026
24,589
Medford
Hospital
Facilities
Authority
RB
Refunding
for
Asante
Health
System
Obligated
Group
Series
2020
A
(NR/A+)
80,000
5.000
08/15/2026
81,605
Metro
Ore
/
Go
Bonds
Series
2012A
(Aaa/AAA)
5,000
4.000
06/01/2026
5,002
111,196
Pennsylvania
-
4
.4
%
Allegheny
County
Hospital
Development
Authority
RB
Allegheny
Health
Network
Obligated
Group
Issue
Series
2018A
(NR/A)
35,000
5.000
04/01/2026
35,473
Allegheny
County
Hospital
Development
Authority
Upmc
RB
Series
2019A
(A2/A)
30,000
5.000
07/15/2025
30,051
Pennsbury
School
District
Bucks
County
Pennsylvania
General
Obligation
Bonds
Series
of
2022
(Forward
Delivery)
(ST
AID
WITHHLDG)
(Aa3/NR)
40,000
4.000
08/01/2025
40,053
Pennsylvania
Economic
Development
Financing
Authority
Solid
Waste
Disposal
RB
for
Waste
Management
Inc.
Project
Series
2019A
(NR/A-/A-2)
200,000
4.250
(b)
(c)
08/01/2038
200,039
Pennsylvania
Higher
Educational
Facilities
Authority
University
of
Pennsylvania
Health
System
RB,
Series
of
2015
(Aa3/AA)
20,000
5.000
08/15/2026
20,076
GOLDMAN
SACHS
ULTRA
SHORT
MUNICIPAL
INCOME
ETF
Schedule
of
Investments
(continued)
May
31,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Pennsylvania
–
(continued)
Pennsylvania
Turnpike
Commission
Turnpike
Subordinate
Revenue
Refunding
Bonds
Second
Series
of
2016
(A2/NR)
$
50,000
5.000%
06/01/2025
$
50,000
Pennsylvania
Turnpike
Commission
Turnpike
Subordinate
Revenue
Refunding
Bonds
Series
of
2016
(A2/NR)
35,000
5.000
06/01/2026
35,330
Philadelphia
Authority
for
Industrial
Development
City
Agreement
Revenue
Refunding
Bonds
Cultural
and
Commercial
Corridors
Program
Series
A
(A1/A+)
60,000
5.000
12/01/2025
60,462
Temple
University
–
The
Commonwealth
System
of
Higher
Education
RB
First
Series
of
2025
(AG)
(Aa3/AA)
25,000
5.000
04/01/2027
25,873
497,357
South
Carolina
-
2
.1
%
Charleston
County
School
District
South
Carolina
GO
Bond
Anticipation
Notes
Sales
Tax
Projects
Phase
V
Series
2025B
(SCSDE)
(NR/NR)
235,000
5.000
05/07/2026
239,742
a
a
South
Dakota
-
0
.4
%
City
of
Sioux
Falls
South
Dakota
Sales
Tax
RB
Series
2012A
(Aa1/AA-)
50,000
3.000
11/15/2026
49,900
a
a
Tennessee
-
3
.9
%
Chattanooga
Tenn
Health
Educational
&
Housing
Fac
Brd
Rev
Bonds
St
Lukes
Health
System
2004
C
(A3/A-/A-2)
100,000
2.030
(b)
(c)
05/01/2039
100,000
City
of
Lenoir
City
Tennessee
Electric
System
RB
Series
2020B
(Aa3/NR)
205,000
3.000
06/01/2026
204,681
City
of
Memphis
General
Improvement
Refunding
Bonds
Series
2015A
(Aa2/AA)
75,000
5.000
04/01/2026
75,115
City
of
Pigeon
Forge
Tennessee
GO
Refunding
Bonds
Series
2021B
(NR/AA)
50,000
5.000
06/01/2025
50,000
The
Metropolitan
Government
of
Nashville
and
Davidson
County
GO
Refunding
Bonds
Series
2021A
(Aa2/AA+)
10,000
5.000
07/01/2026
10,235
440,031
Texas
-
8
.9
%
Arlington
Independent
School
District
Unlimited
Tax
School
Building
and
Refunding
Bonds
Series
2020
(PSF-GTD)
(Aaa/AAA)
200,000
5.000
02/15/2027
207,525
Board
of
Regents
Texas
State
University
System
Revenue
Financing
System
Revenue
and
Refunding
Bonds
Series
2015A
(Aa2/NR)
25,000
5.000
03/15/2026
25,035
Brushy
Creek
Regional
Utility
Authority
Inc
Brushy
Creek
Reg
Util
Auth
Inc
City
of
Cedar
Park
TX
Ser
2016
(NR/AAA)
50,000
4.000
08/01/2025
50,071
Cities
of
Dallas
and
Fort
Worth
Texas
Dallas
Fort
Worth
International
Airport
Joint
Revenue
Refunding
Bonds
Series
2021B
(NON-AMT)
(A1/NR)
30,000
5.000
11/01/2025
30,212
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
City
of
Burleson
Johnson
and
Tarrant
Counties
GO
Refunding
and
Improvement
Bonds
Series
2015
(Aa2/AA)
$
55,000
5.000%
03/01/2026
$
55,068
City
of
El
Paso
Texas
El
Paso
County
GO
Refunding
and
Improvement
Bonds
Series
2015
(NR/AA)
40,000
5.000
08/15/2026
40,161
City
of
Houston
Texas
Airport
System
Subordinate
Lien
Revenue
and
Refunding
Bonds
Series
2018A
(AMT)
(A1/NR)
155,000
5.000
07/01/2025
155,161
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+)
5,000
5.000
07/01/2026
5,007
Dallas
County
Utility
and
Reclamation
District
Unlimited
Tax
Refunding
Bonds
Series
2016
(A2/A+)
100,000
5.000
02/15/2026
101,280
Dayton
Independent
School
District
Texas
Unlimited
Tax
School
Building
Bonds
Series
2015
(PSF-GTD)
(Aaa/AAA)
50,000
5.000
02/15/2026
50,077
Harris
County
Cultural
Education
Facilities
Finance
Corp.
Hospital
RB
for
Texas
Children's
Hospital
Series
2019A
(Aa2/AA-)
40,000
5.000
10/01/2025
40,222
Harris
County
Flood
Control
District
Improvement
Refunding
Bonds
Series
2020A
(Aaa/NR)
30,000
5.000
10/01/2026
30,795
Houston
Independent
School
District
Harris
County
Texas
Limited
Tax
Refunding
Bonds
Series
2025B
(PSF-GTD)
(Aaa/AAA)
30,000
5.000
02/15/2027
31,108
Lewisville
Independent
School
District
Unlimited
Tax
Refunding
Bonds
Series
2016B
(Non
PSF)
(NR/AA+)
25,000
5.000
08/15/2026
25,096
North
Texas
Tollway
Authority
System
RB
Refundingfor Second
Tier
Bonds
Series
2017B
(A1/A+)
15,000
5.000
01/01/2027
15,173
San
Antonio
Independent
School
District
Unlimited
Tax
School
Building
and
Refunding
Bonds
Series
2015
(PSF-GTD)
(Aaa/NR)
60,000
5.000
02/15/2026
60,091
Upton
County
Texas
Tax
Notes
Series
2022
(NR/AA-)
50,000
5.000
02/15/2026
50,622
Via
Metropolitan
Transit
Authority
a
Political
Subdivision
of
The
State
of
Texas
Located
in
Bexar
County
Farebox
Revenue
Improvement
and
Refunding
Bonds
Series
2013
(NR/AA+)
15,000
4.000
08/01/2026
15,010
West
Harris
County
Regional
Water
Authority
Water
System
Revenue
and
Revenue
Refunding
Bonds
Series
2015A
(A1/AA-)
15,000
5.000
12/15/2026
15,121
1,002,835
Utah
-
0
.2
%
Utah
Infrastructure
Agency
Layton
City
Telecommunications
and
Franchise
Tax
RB
Series
2018
(NR/A+)
25,000
4.000
10/15/2025
25,061
a
a
Virginia
-
0
.2
%
Virginia
Commonwealth
University
Health
System
General
Revenue
Refunding
Bonds
Series
2017A
(Aa3/AA-)
20,000
5.000
07/01/2026
20,406
a
a
GOLDMAN
SACHS
ULTRA
SHORT
MUNICIPAL
INCOME
ETF
Schedule
of
Investments
(continued)
May
31,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Washington
-
1
.0
%
Port
of
Seattle
Intermediate
Lien
RB
2017D
(AMT)
(A1/AA-)
$
110,000
5.000%
05/01/2027
$
113,220
a
a
West
Virginia
-
0
.3
%
West
Virginia
Water
Development
Authority
Refunding
RB
Loan
Program
II
2016
Series
A-Ii
(A1/NR)
35,000
5.000
11/01/2025
35,251
a
a
Wisconsin
-
2
.6
%
Ascension
Health
RB
Ascension
Senior
Credit
Group
Series
2016A
(Aa2/AA)
45,000
5.000
11/15/2026
45,842
Public
Finance
Authority
Hospital
Revenue
Refunding
Bonds
Renown
Regional
Medical
Center
Project
Series
2015A
(NR/A)
45,000
5.000
06/01/2025
45,000
State
of
Wisconsin
General
Obligation
Refunding
Bonds
of
2025
Series
2
(Forward
Delivery)
(Aa1/AA+)
30,000
5.000
05/01/2026
30,591
Wisconsin
Health
and
Educational
Facilities
Authority RB
Series
2015
(NR/AA)
170,000
5.000
12/15/2026
170,135
291,568
TOTAL
MUNICIPAL
BONDS
(Cost
$10,757,066)
10,768,328
Shares
Dividend
Rate
Value
a
Mortgage-Backed
Securities
-
3.1%
(b)
(c)
(d)
Municipal
-
3.1%
Federal
Home
Loan
Mortgage
Corp.
Multifamily
Variable
Rate
Certificates
Relating
to
Municipal
Services
Series
2011-M026
345,000
2.390%
09/15/38
345,000
(Cost
$345,000)
TOTAL
INVESTMENTS
-
105.6%
(Cost
$11,932,378)
$
11,943,720
LIABILITIES
IN
EXCESS
OF
OTHER
ASSETS
-
(5.6)%
(
635,983
)
NET
ASSETS
-
100.0%
$
11,307,737
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
(a)
Pre-refunded
security.
Maturity
date
disclosed
is
pre-refunding
date.
(b)
Variable
Rate
Demand
Instruments
–
rate
shown
is
that
which
is
in
effect
on
May
31,
2025.
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.
(c)
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
May
31,
2025.
(d)
Exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
(e)
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:
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.
GO
-
General
Obligation
NATL
-
National
Public
Finance
Guarantee
Corp.
PSF-GTD
-
Guaranteed
by
Permanent
School
Fund
Q-SBLF
-
Qualified
School
Bond
Loan
Fund
RB
-
Revenue
Bond
SCSDE
-
South
Carolina
State
Department
of
Education
SD
CRED
PROG
-
School
District
Credit
Program
ST
AID
WITHHLDG
-
State
Aid
Withholding
ST
APPROP
-
State
Appropriation
UPMC
-
University
of
Pittsburgh
Medical
Center
Goldman
Sachs
Municipal
Income
ETFs
Schedule
of
Investments
May
31,
2025
(Unaudited)
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Investment
Valuation
—
The
Fund’s
valuation
policy
is
to
value
investments
at
fair
value.
Investments
and
Fair
Value
Measurements
—
U.S.
GAAP
defines
the
fair
value
of
a
financial
instrument
as
the
amount
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date
(i.e.,
the
exit
price);
the
Fund’s
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
Fund,
including
investments
for
which
market
quotations
are
not
readily
available.
With
respect
to
the
Fund’s
investments
that
do
not
have
readily
available
market
quotations,
the
Trustees
have
designated
the
Adviser
as
the
valuation
designee
to
perform
fair
valuations
pursuant
to
rule
2a-5
under
the
Investment
Company
Action
of
1940
(“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.
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.
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
shareholder
report.
Mortgage-Backed
and
Asset-Backed
Securities
—
Mortgage-backed
securities
represent
direct
or
indirect
participations
in,
or
are
collateralized
by
and
payable
from,
mortgage
loans
secured
by
residential
and/or
commercial
real
estate
property.
Asset-backed
securities
include
securities
whose
principal
and
interest
payments
are
collateralized
by
pools
of
other
assets
or
receivables.
The
value
of
certain
mortgage-backed
and
asset-backed
securities
(including
adjustable
rate
mortgage
loans)
may
be
particularly
sensitive
to
changes
in
prevailing
interest
rates.
The
value
of
these
securities
may
also
fluctuate
in
response
to
the
market’s
perception
of
the
creditworthiness
of
the
issuers.
Goldman
Sachs
Municipal
Income
ETFs
Schedule
of
Investments
(continued)
May
31,
2025
(Unaudited)
Asset-backed
securities
may
present
credit
risks
that
are
not
presented
by
mortgage-backed
securities
because
they
generally
do
not
have
the
benefit
of
a
security
interest
in
collateral
that
is
comparable
to
mortgage
assets.
Some
asset-backed
securities
may
only
have
a
subordinated
claim
on
collateral.
Stripped
mortgage-backed
securities
are
usually
structured
with
two
different
classes:
one
that
receives
substantially
all
interest
payments
(interest-only,
or
“IO”
and/or
high
coupon
rate
with
relatively
low
principal
amount,
or
“IOette”),
and
the
other
that
receives
substantially
all
principal
payments
(principal-only,
or
“PO”)
from
a
pool
of
mortgage
loans.
Little
to
no
principal
will
be
received
at
the
maturity
of
an
IO;
as
a
result,
periodic
adjustments
are
recorded
to
reduce
the
cost
of
the
security
until
maturity.
These
adjustments
are
included
in
interest
income.
Derivative
Contracts
—
A
derivative
is
an
instrument
whose
value
is
derived
from
underlying
assets,
indices,
reference
rates
or
a
combination
of
these
factors.
A
Fund
enters
into
derivative
transactions
to
hedge
against
changes
in
interest
rates,
securities
prices,
and/or
currency
exchange
rates,
to
increase
total
return,
or
to
gain
access
to
certain
markets
or
attain
exposure
to
other
underliers.
For
financial
reporting
purposes,
cash
collateral
that
has
been
pledged
to
cover
obligations
of
a
Fund
and
cash
collateral
received,
if
any,
is
reported
separately
on
the
Statements
of
Assets
and
Liabilities
as
either
due
to
broker
or
receivable
for
collateral
on
certain
derivatives
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.
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
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.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Municipal
Income
ETFs
Schedule
of
Investments
(continued)
May
31,
2025
(Unaudited)
Fair
Value
Hierarchy
—
The
following
is
a
summary
of
the
Fund’s
investments
classified
in
the
fair
value
hierarchy
as
of
May
31,
2025:
Access
Municipal
Bond
ETF
Investment
Type
Level
1
Level
2
Level
3
Assets
Fixed
Income
Municipal
Bond
$
—
$
—
$
—
Investment
Company
—
—
—
Total
$
—
$
—
$
—
€
1.00
€
1.00
€
1.00
Dynamic
California
Municipal
Income
ETF
Investment
Type
Level
1
Level
2
Level
3
Assets
Fixed
Income
Municipal
Bond
$
—
$
15,167,317
$
—
Total
$
—
$
15,167,317
$
—
€
1.00
€
1.00
€
1.00
Derivative
Type
Liabilities
Futures
Contracts
(a)
$
(1,080)
$
—
$
—
€
1.00
€
1.00
€
1.00
Dynamic
New
York
Municipal
Income
ETF
Investment
Type
Level
1
Level
2
Level
3
Assets
Fixed
Income
Municipal
Bond
$
—
$
6,169,727
$
—
Total
$
—
$
6,169,727
$
—
€
1.00
€
1.00
€
1.00
Derivative
Type
Liabilities
Futures
Contracts
(a)
$
(1,080)
$
—
$
—
€
1.00
€
1.00
€
1.00
Municipal
Income
ETF
Investment
Type
Level
1
Level
2
Level
3
Assets
Fixed
Income
Municipal
Bond
$
—
$
—
$
—
Total
$
—
$
—
$
—
€
1.00
€
1.00
€
1.00
Derivative
Type
Liabilities
Futures
Contracts
(a)
$
—
$
—
$
—
€
1.00
€
1.00
€
1.00
Ultra
Short
Municipal
Income
ETF
Investment
Type
Level
1
Level
2
Level
3
Assets
Fixed
Income
Mortgage-Backed
Securities
$
—
$
345,000
$
—
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Municipal
Income
ETFs
Schedule
of
Investments
(continued)
May
31,
2025
(Unaudited)
For
further
information
regarding
security
characteristics,
see
the
Schedules
of
Investments.
The
Fund’s
risks
include,
but
are
not
limited
to,
the
following:
Credit/Default
Risk
—
An
issuer
or
guarantor
of
a
security
held
by
the
Fund,
or
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.
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
—
(Community
Municipal
Bond
ETF
only)
Bloomberg
Professional
Services
(the
“Index
Provider”)
constructs
the
Fund’s
Index
in
accordance
with
a
rules
based
methodology.
The
Fund
will
be
negatively
affected
by
general
declines
in
the
securities
and
asset
classes
represented
in
its
Index.
In
addition,
because
the
Fund
is
not
“actively”
managed,
unless
a
specific
security
is
removed
from
an
Index,
the
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
the
Fund’s
ability
to
adjust
its
exposure
to
the
required
levels
in
order
to
track
the
Index.
The
Fund
also
does
not
attempt
to
take
defensive
positions
under
any
market
conditions,
including
declining
markets.
Therefore,
the
Fund’s
performance
could
be
lower
than
funds
that
may
actively
shift
their
portfolio
assets
to
take
advantage
of
market
opportunities
or
to
lessen
the
impact
of
a
market
decline
or
a
decline
in
the
value
of
one
or
more
issuers.
When
the
index
is
rebalanced
and
the
Fund
in
turn
rebalances
its
portfolio
to
attempt
to
increase
the
correlation
between
the
Fund’s
portfolio
and
the
Index,
any
transaction
costs
and
market
exposure
arising
from
such
portfolio
rebalancing
may
be
borne
directly
by
the
Fund
and
its
shareholders.
The
Index
Provider
may
utilize
third
party
data
in
constructing
the
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
the
Fund,
the
Investment
Adviser,
the
Calculation
Agent
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.
Municipal
Bond
$
—
$
10,528,586
$
—
Non-Financial
Company
Commercial
Paper
—
100,000
—
Other
Municipal
Security
—
55,346
—
Tender
Option
Bond
—
475,000
—
Variable
Rate
Demand
Note
—
100,052
—
Short-Term
Investment
—
339,736
—
Total
$
—
$
11,943,720
$
—
€
1.00
€
1.00
€
1.00
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Municipal
Income
ETFs
Schedule
of
Investments
(continued)
May
31,
2025
(Unaudited)
Interest
Rate
Risk
—
When
interest
rates
increase,
fixed
income
securities
or
instruments
held
by
a
Fund
will
generally
decline
in
value.
Long-term
fixed
income
securities
or
instruments
will
normally
have
more
price
volatility
because
of
this
risk
than
short-term
fixed
income
securities
or
instruments.
A
wide
variety
of
market
factors
can
cause
interest
rates
to
rise,
including
central
bank
monetary
policy,
rising
inflation
and
changes
in
general
economic
conditions.
Changing
interest
rates
may
have
unpredictable
effects
on
the
markets,
may
result
in
heightened
market
volatility
and
may
detract
from
Fund
performance.
In
addition,
changes
in
monetary
policy
may
exacerbate
the
risks
associated
with
changing
interest
rates.
Funds
with
longer
average
portfolio
durations
will
generally
be
more
sensitive
to
changes
in
interest
rates
than
funds
with
a
shorter
average
portfolio
duration
Fluctuations
in
interest
rates
may
also
affect
the
liquidity
of
fixed
income
securities
and
instruments
held
by
the
Funds.
A
sudden
or
unpredictable
increase
in
interest
rates
may
cause
volatility
in
the
market
and
may
decrease
the
liquidity
of
the
Fund’s
investments,
which
would
make
it
harder
for
the
Fund
to
sell
its
investments
at
an
advantageous
time.
Investments
in
Other
Investment
Companies
Risk
—
As
a
shareholder
of
another
investment
company,
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.
In
addition,
the
Fund
will
be
affected
by
the
investment
policies,
practices
and
performance
of
such
investment
companies
in
direct
proportion
to
the
amount
of
assets
the
Fund
invests
therein.
Large
Shareholder
Transaction
Risk
—
Certain
shareholders,
including
other
funds
advised
by
the
Investment
Adviser,
may
from
time
to
time
own
a
substantial
amount
of
the
Funds’
Shares.
In
addition,
a
third
party
investor,
the
Investment
Adviser
or
an
affiliate
of
the
Investment
Adviser,
an
authorized
participant,
a
lead
market
maker,
or
another
entity
(i.e.,
a
seed
investor)
may
invest
in
the
Fund
and
hold
its
investment
solely
to
facilitate
commencement
of
the
Fund
or
to
facilitate
the
Fund’s
achieving
a
specified
size
or
scale.
Any
such
investment
may
be
held
for
a
limited
period
of
time.
There
can
be
no
assurance
that
any
large
shareholder
would
not
redeem
its
investment,
that
the
size
of
the
Fund
would
be
maintained
at
such
levels
or
that
the
Fund
would
continue
to
meet
applicable
listing
requirements.
Redemptions
by
large
shareholders
could
have
a
significant
negative
impact
on
the
Funds,
including
on
the
Funds’
liquidity.
In
addition,
transactions
by
large
shareholders
may
account
for
a
large
percentage
of
the
trading
volume
on
(“NYSE
Arca,
Inc.”)
and
may,
therefore,
have
a
material
upward
or
downward
effect
on
the
market
price
of
the
Shares.
Liquidity
Risk
—
A
Fund
may
make
investments
that
are
illiquid
or
that
may
become
less
liquid
in
response
to
market
developments
or
adverse
investor
perceptions.
Illiquid
investments
may
be
more
difficult
to
value.
To
the
extent
a
Fund
engages
in
cash
redemptions,
then
liquidity
risk
may
also
refer
to
the
risk
that
the
Fund
will
not
be
able
to
pay
redemption
proceeds
within
the
allowable
time
period
or
without
significant
dilution
to
remaining
investors’
interests
because
of
unusual
market
conditions,
declining
prices
of
the
securities
sold,
an
unusually
high
volume
of
redemption
requests,
or
other
reasons.
To
meet
redemption
requests,
a
Fund
may
be
forced
to
sell
investments
at
an
unfavorable
time
and/or
under
unfavorable
conditions.
If
a
Fund
is
forced
to
sell
securities
at
an
unfavorable
time
and/or
under
unfavorable
conditions,
such
sales
may
adversely
affect
the
Fund’s
NAV
and
dilute
remaining
investors’
interests.
Liquidity
risk
may
be
the
result
of,
among
other
things,
the
reduced
number
and
capacity
of
traditional
market
participants
to
make
a
market
in
fixed
income
securities
or
the
lack
of
an
active
market.
The
potential
for
liquidity
risk
may
be
magnified
by
a
rising
interest
rate
environment
or
other
circumstances
where
investor
redemptions
from
fixed
income
funds
may
be
higher
than
normal,
potentially
causing
increased
supply
in
the
market
due
to
selling
activity.
Redemptions
by
large
shareholders
may
have
a
negative
impact
on
a
Fund’s
liquidity.
Market
and
Credit
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.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Municipal
Income
ETFs
Schedule
of
Investments
(continued)
May
31,
2025
(Unaudited)
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.
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
Dynamic
California
Municipal
Income
ETF,
Goldman
Sachs
Dynamic
New
York
Municipal
Income
ETF,
Goldman
Sachs
Municipal
Income
ETF,
and
Goldman
Sachs
Ultra
Short
Municipal
Income
ETF
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
mutual
funds.
Thus,
a
Fund
may
be
more
susceptible
to
adverse
developments
affecting
any
single
issuer
held
in
its
portfolio,
and
may
be
more
susceptible
to
greater
losses
because
of
these
developments.
Non-Investment
Grade
Fixed
Income
Securities
Risk
—
Non-investment
grade
fixed
income
securities
and
unrated
securities
of
comparable
credit
quality
(commonly
known
as
“junk
bonds”)
are
considered
speculative
and
are
subject
to
the
increased
risk
of
an
issuer’s
inability
to
meet
principal
and
interest
payment
obligations.
These
securities
may
be
subject
to
greater
price
volatility
due
to
such
factors
as
specific
issuer
developments,
interest
rate
sensitivity,
negative
perceptions
of
the
junk
bond
markets
generally
and
less
liquidity.
The
Fund
may
purchase
the
securities
of
issuers
that
are
in
default.
Seed
Investor
Risk
—
GSAM
and/or
its
affiliates
may
make
payments
to
one
or
more
investors
that
contribute
seed
capital
to
the
Fund.
Such
payments
may
continue
for
a
specified
period
of
time
and/or
until
a
specified
dollar
amount
is
reached.
Those
payments
will
be
made
from
the
assets
of
GSAM
and/or
such
affiliates
(and
not
the
Fund).
Seed
investors
may
contribute
cash
and/or
securities
in
kind
and
such
seed
investment
may
constitute
all
or
a
majority
of
the
assets
in
the
Fund.
There
is
a
risk
that
such
seed
investors
may
redeem
their
investments
in
the
Fund,
particularly
after
payments
from
GSAM
and/or
its
affiliates
have
ceased.
As
with
redemptions
by
other
large
shareholders,
such
redemptions
could
have
a
significant
negative
impact
on
the
Fund,
including
on
the
Fund’s
liquidity
and
the
market
price
of
the
Fund’s
Shares.
The
form
of
a
seed
investor’s
contribution
and
any
redemption
activity
by
a
seed
investor
can
affect,
including
adversely,
the
tax
efficiency
of
the
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.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Municipal
Income
ETFs
Schedule
of
Investments
(continued)
May
31,
2025
(Unaudited)
Valuation
Risk
—
The
sale
price
the
Fund
could
receive
for
a
security
may
differ
from
the
Fund’s
valuation
of
the
security,
particularly
for
securities
that
trade
in
low
volume
or
volatile
markets
or
that
are
valued
using
a
fair
value
methodology.
The
Fund
relies
on
various
sources
to
calculate
its
NAV.
The
information
may
be
provided
by
third
parties
that
are
believed
to
be
reliable,
but
the
information
may
not
be
accurate
due
to
errors
by
such
pricing
sources,
technological
issues
or
otherwise.
NAV
calculations
may
also
be
impacted
by
operational
risks
arising
form
factors
such
as
failures
in
systems
and
technology.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)