Goldman
Sachs
Enhanced
U.S.
Equity
ETF
Schedule
of
Investments
May
31,
2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
99.4%
Communication
Services
–
9.9%
34,177
Alphabet,
Inc.,
Class
A
$
12,998,880
23,146
Alphabet,
Inc.,
Class
C
8,712,849
6,669
Live
Nation
Entertainment,
Inc.*
1,123,126
13,365
Meta
Platforms,
Inc.,
Class
A
8,453,496
21,319
Netflix,
Inc.*
1,833,860
11,816
T-Mobile
US,
Inc.
2,215,855
35,338,066
Consumer
Discretionary
–
10.0%
57,351
Amazon.com,
Inc.*
15,521,475
13,478
Aptiv
PLC*
915,695
337
AutoZone,
Inc.*
989,159
3,691
DoorDash
,
Inc.,
Class
A*
587,939
10,768
Home
Depot,
Inc.
(The)
3,414,964
11,197
Lennar
Corp.,
Class
A
1,005,267
8,618
Ross
Stores,
Inc.
1,997,049
22,131
Starbucks
Corp.
2,194,510
16,094
Tesla,
Inc.*
7,013,604
12,842
TJX
Cos.,
Inc.
(The)
1,987,300
35,626,962
Consumer
Staples
–
4.7%
49,252
Coca-Cola
Co.
(The)
3,891,401
15,538
Coca-Cola
Europacific
Partners
PLC
(United
Kingdom)
1,409,141
2,132
Costco
Wholesale
Corp.
2,038,874
31,747
Procter &
Gamble
Co.
(The)
4,557,599
40,260
Walmart,
Inc.
4,660,095
16,557,110
Energy
–
3.0%
9,250
Chevron
Corp.
1,687,755
14,316
ConocoPhillips
1,631,738
35,936
Devon
Energy
Corp.
1,598,792
8,784
Expand
Energy
Corp.
816,736
21,580
Exxon
Mobil
Corp.
3,134,711
10,194
Phillips
66
1,792,921
10,662,653
Financials
–
11.7%
4,595
Allstate
Corp.
(The)
946,984
11,363
American
Financial
Group,
Inc.
1,474,917
39,467
Bank
of
America
Corp.
2,036,497
10,826
Berkshire
Hathaway,
Inc.,
Class
B*
5,136,721
1,642
Blackrock,
Inc.
1,718,977
10,758
Capital
One
Financial
Corp.
2,021,751
17,275
Charles
Schwab
Corp.
(The)
1,508,971
12,756
Citigroup,
Inc.
1,605,980
17,537
JPMorgan
Chase &
Co.
5,249,000
9,356
Marsh
&
McLennan
Cos.,
Inc.
1,496,679
9,786
Mastercard,
Inc.,
Class
A
4,834,088
16,448
Morgan
Stanley
3,421,184
2,347
MSCI,
Inc.
1,481,849
12,684
Nasdaq,
Inc.
1,173,524
15,552
Synchrony
Financial
1,111,035
6,170
Travelers
Cos.,
Inc.
(The)
1,800,961
8,460
Visa,
Inc.,
Class
A
2,761,006
12,502
Wintrust
Financial
Corp.
1,878,175
41,658,299
Shares
Description
Value
Common
Stocks
–
(continued)
Health
Care
–
7.0%
13,171
Agilent
Technologies,
Inc.
$
1,785,065
1,136
Argenx
SE
ADR
(Netherlands)*
949,685
22,264
Boston
Scientific
Corp.*
1,075,574
5,152
Cencora
,
Inc.
1,387,743
9,797
Cytokinetics,
Inc.*
752,018
4,729
Eli
Lilly
&
Co.
5,225,545
2,613
Intuitive
Surgical,
Inc.*
1,109,584
23,021
Johnson &
Johnson
5,187,322
26,895
Merck &
Co.,
Inc.
3,192,974
904
Mettler-Toledo
International,
Inc.*
1,067,244
4,635
Thermo
Fisher
Scientific,
Inc.
2,282,784
1,722
Vertex
Pharmaceuticals,
Inc.*
770,664
24,786,202
Industrials
–
8.3%
5,319
3M
Co.
814,499
5,526
Advanced
Drainage
Systems,
Inc.
768,998
3,841
Caterpillar,
Inc.
3,364,217
29,097
CSX
Corp.
1,316,930
4,023
Eaton
Corp.
PLC
1,611,614
2,115
GE
Vernova
,
Inc.
2,047,997
8,618
General
Electric
Co.
2,790,164
9,821
Honeywell
International,
Inc.
2,336,023
6,304
Howmet
Aerospace,
Inc.
1,628,008
20,985
Ingersoll
Rand,
Inc.
1,503,365
7,174
ITT,
Inc.
1,398,930
7,946
L3Harris
Technologies,
Inc.
2,504,420
11,529
Old
Dominion
Freight
Line,
Inc.
2,595,754
2,934
Rockwell
Automation,
Inc.
1,323,410
15,611
Uber
Technologies,
Inc.*
1,099,014
11,741
United
Airlines
Holdings,
Inc.*
1,347,867
3,149
Woodward,
Inc.
1,102,245
29,553,455
Information
Technology
–
37.7%
10,804
Advanced
Micro
Devices,
Inc.*
5,575,944
11,396
Amphenol
Corp.,
Class
A
1,695,269
75,500
Apple,
Inc.
23,560,530
7,846
Applied
Materials,
Inc.
3,531,171
2,181
AppLovin
Corp.,
Class
A*
1,337,149
8,446
Arista
Networks,
Inc.*
1,346,884
25,396
Broadcom,
Inc.
11,346,171
3,658
Cadence
Design
Systems,
Inc.*
1,371,494
1,967
Ciena
Corp.*
1,141,312
1,817
Coherent
Corp.*
656,791
4,864
Datadog,
Inc.,
Class
A*
1,203,110
6,837
Dell
Technologies,
Inc.,
Class
C
2,877,762
53,089
Hewlett
Packard
Enterprise
Co.
2,284,951
4,023
Intuit,
Inc.
1,333,745
4,927
Jabil,
Inc.
1,796,187
1,377
KLA
Corp.
2,646,195
592
Lumentum
Holdings,
Inc.*
506,136
6,732
Micron
Technology,
Inc.
6,536,772
41,007
Microsoft
Corp.
18,462,992
3,092
Motorola
Solutions,
Inc.
1,246,942
11,770
NetApp,
Inc.
2,051,393
133,114
NVIDIA
Corp.
28,105,690
12,763
Oracle
Corp.
2,881,630
Goldman
Sachs
Enhanced
U.S.
Equity
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
**End
swaps
header**
Shares
Description
Value
Common
Stocks
–
(continued)
Information
Technology
–
(continued)
14,493
Palantir
Technologies,
Inc.,
Class
A*
$
2,268,734
5,679
Palo
Alto
Networks,
Inc.*
1,599,718
5,450
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
ADR
(Taiwan)
2,280,552
3,530
Teradyne,
Inc.
1,321,314
3,318
Tyler
Technologies,
Inc.*
1,039,032
3,299
Western
Digital
Corp.
1,752,462
133,758,032
Materials
–
2.3%
28,361
International
Paper
Co.
949,243
5,093
Linde
PLC
2,534,735
5,159
Sherwin-Williams
Co.
(The)
1,567,510
18,535
Solstice
Advanced
Materials,
Inc.
1,561,203
5,665
Steel
Dynamics,
Inc.
1,473,750
8,086,441
Real
Estate
–
2.5%
11,199
American
Tower
Corp.
REIT
2,093,765
47,866
Americold
Realty
Trust,
Inc.
REIT
751,018
9,787
AvalonBay
Communities,
Inc.
REIT
1,786,225
6,032
CBRE
Group,
Inc.,
Class
A*
754,241
10,393
Equity
LifeStyle
Properties,
Inc.
REIT
641,976
6,976
Mid-America
Apartment
Communities,
Inc.
REIT
900,392
13,174
Prologis,
Inc.
REIT
1,890,074
8,817,691
Utilities
–
2.3%
16,829
Ameren
Corp.
1,817,027
22,014
CMS
Energy
Corp.
1,597,556
10,930
Consolidated
Edison,
Inc.
1,154,536
18,272
NextEra
Energy,
Inc.
1,589,847
62,754
PG&E
Corp.
1,025,400
11,921
Xcel
Energy,
Inc.
947,720
8,132,086
TOTAL
COMMON
STOCKS
(Cost
$219,629,565)
352,976,997
Shares
Dividend
Rate
Value
aa
Investment
Company
–
0.6%
(a)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
2,180,799
3.532%
2,180,799
(Cost
$2,180,799)
TOTAL
INVESTMENTS
–
100.0%
(Cost
$221,810,364)
$
355,157,796
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.0%
119,328
NET
ASSETS
–
100.0%
$
355,277,124
a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
*
Non-income
producing
security.
(a)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
ADR
—
American
Depositary
Receipt
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Goldman
Sachs
Growth
Opportunities
ETF
Schedule
of
Investments
May
31,
2026
(Unaudited)
**End
swaps
header**
Shares
Description
Value
Common
Stocks
–
99.6%
Communication
Services
–
12.6%
22,203
Alphabet,
Inc.,
Class
A
$
8,444,689
14,324
Alphabet,
Inc.,
Class
C
5,391,983
10,552
Meta
Platforms,
Inc.,
Class
A
6,674,246
1,568
Spotify
Technology
SA*
780,362
3,539
TKO
Group
Holdings,
Inc.
726,132
22,017,412
Consumer
Discretionary
–
11.1%
33,544
Amazon.com,
Inc.*
9,078,348
6,890
DoorDash
,
Inc.,
Class
A*
1,097,508
25,927
Dutch
Bros,
Inc.,
Class
A*
1,503,766
4,486
Home
Depot,
Inc.
(The)
1,422,690
8,273
Ross
Stores,
Inc.
1,917,102
7,963
Tesla,
Inc.*
3,470,196
6,552
Wingstop
,
Inc.
1,028,402
19,518,012
Consumer
Staples
–
1.5%
2,764
Costco
Wholesale
Corp.
2,643,268
Energy
–
1.5%
10,683
Targa
Resources
Corp.
2,724,913
Financials
–
4.7%
25,295
Bank
of
America
Corp.
1,305,222
6,585
Capital
One
Financial
Corp.
1,237,519
6,377
JPMorgan
Chase &
Co.
1,908,700
7,614
Mastercard,
Inc.,
Class
A
3,761,164
8,212,605
Health
Care
–
7.6%
1,238
Argenx
SE
ADR
(Netherlands)*
1,034,955
29,815
Boston
Scientific
Corp.*
1,440,363
4,812
Eli
Lilly
&
Co.
5,317,260
11,071
Guardant
Health,
Inc.*
1,435,798
3,839
Intuitive
Surgical,
Inc.*
1,630,193
5,163
Johnson &
Johnson
1,163,379
43,258
Roivant
Sciences
Ltd.*
1,297,307
13,319,255
Industrials
–
8.3%
3,691
Axon
Enterprise,
Inc.*
1,656,226
4,283
Eaton
Corp.
PLC
1,715,770
1,925
GE
Vernova
,
Inc.
1,864,016
7,822
General
Electric
Co.
2,532,451
9,773
Old
Dominion
Freight
Line,
Inc.
2,200,391
4,670
Rockwell
Automation,
Inc.
2,106,450
1,888
United
Rentals,
Inc.
1,879,825
3,770
Waste
Connections,
Inc.
561,805
14,516,934
Information
Technology
–
50.7%
8,225
Advanced
Micro
Devices,
Inc.*
4,244,923
40,321
Apple,
Inc.
12,582,571
3,490
AppLovin
Corp.,
Class
A*
2,139,684
13,390
Broadcom,
Inc.
5,982,250
5,995
Cloudflare,
Inc.,
Class
A*
1,449,711
6,552
Coherent
Corp.*
2,368,351
6,887
Datadog,
Inc.,
Class
A*
1,703,500
1,087
KLA
Corp.
2,088,899
13,024
Marvell
Technology,
Inc.
2,669,920
2,602
Micron
Technology,
Inc.
2,526,542
38,410
Microsoft
Corp.
17,293,718
Shares
Description
Value
Common
Stocks
–
(continued)
Information
Technology
–
(continued)
2,998
Motorola
Solutions,
Inc.
$
1,209,033
115,676
NVIDIA
Corp.
24,423,831
9,136
Palantir
Technologies,
Inc.,
Class
A*
1,430,149
11,198
Palo
Alto
Networks,
Inc.*
3,154,365
28,794
Samsara,
Inc.,
Class
A*
1,007,502
5,230
Snowflake,
Inc.*
1,336,527
8,082
Zscaler,
Inc.*
1,129,298
88,740,774
Materials
–
1.6%
2,783
Martin
Marietta
Materials,
Inc.
1,618,704
3,668
Sherwin-Williams
Co.
(The)
1,114,485
2,733,189
TOTAL
COMMON
STOCKS
(Cost
$73,439,293)
174,426,362
Shares
Dividend
Rate
Value
aa
Investment
Company
–
0.4%
(a)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
632,039
3.532%
632,039
(Cost
$632,039)
TOTAL
INVESTMENTS
–
100.0%
(Cost
$74,071,332)
$
175,058,401
LIABILITIES
IN
EXCESS
OF
OTHER
ASSETS
–
(0.0)%
(36,289)
NET
ASSETS
–
100.0%
$
175,022,112
a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
*
Non-income
producing
security.
(a)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
ADR
—
American
Depositary
Receipt
PLC
—
Public
Limited
Company
Goldman
Sachs
Technology
Opportunities
ETF
Schedule
of
Investments
May
31,
2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
99.1%
Communication
Services
–
16.0%
208,027
Alphabet,
Inc.,
Class
C
$
78,307,604
49,554
Meta
Platforms,
Inc.,
Class
A
31,343,401
17,764
Spotify
Technology
SA*
8,840,787
118,491,792
Consumer
Discretionary
–
8.0%
42,981
Alibaba
Group
Holding
Ltd.
ADR
(China)
5,339,100
119,690
Amazon.com,
Inc.*
32,392,902
40,259
DoorDash
,
Inc.,
Class
A*
6,412,856
88,478
eBay,
Inc.
9,667,991
3,528
MercadoLibre
,
Inc.
(Brazil)*
5,982,253
59,795,102
Financials
–
4.6%
43,678
Mastercard,
Inc.,
Class
A
21,576,059
37,634
Visa,
Inc.,
Class
A
12,282,232
33,858,291
Information
Technology
–
66.4%
59,535
Advanced
Micro
Devices,
Inc.*
30,726,013
90,244
Apple,
Inc.
28,161,543
25,294
Applied
Materials,
Inc.
11,383,818
22,165
AppLovin
Corp.,
Class
A*
13,589,140
53,697
Arista
Networks,
Inc.*
8,563,061
60,144
Broadcom,
Inc.
26,870,535
33,351
Cadence
Design
Systems,
Inc.*
12,504,290
158,721
Cisco
Systems,
Inc.
19,113,183
42,358
Cloudflare,
Inc.,
Class
A*
10,243,012
41,894
Coherent
Corp.*
15,143,424
10,775
Crowdstrike
Holdings,
Inc.,
Class
A*
7,876,525
28,834
Dell
Technologies,
Inc.,
Class
C
12,136,519
9,379
KLA
Corp.
18,023,718
86,598
Marvell
Technology,
Inc.
17,752,590
33,697
Micron
Technology,
Inc.
32,719,787
81,679
Microsoft
Corp.
36,775,153
22,483
Motorola
Solutions,
Inc.
9,066,944
422,330
NVIDIA
Corp.
89,170,755
74,706
Palantir
Technologies,
Inc.,
Class
A*
11,694,477
68,686
Palo
Alto
Networks,
Inc.*
19,348,159
223,520
Samsara,
Inc.,
Class
A*
7,820,965
44,597
Snowflake,
Inc.*
11,396,763
57,062
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
ADR
(Taiwan)
23,877,594
47,323
Texas
Instruments,
Inc.
14,465,695
32,321
Zscaler,
Inc.*
4,516,213
492,939,876
Real
Estate
–
4.1%
57,019
Digital
Realty
Trust,
Inc.
REIT
10,833,610
18,476
Equinix,
Inc.
REIT
19,733,107
30,566,717
TOTAL
COMMON
STOCKS
(Cost
$337,377,650)
735,651,778
Shares
Dividend
Rate
Value
aa
Investment
Company
–
0.9%
(a)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
6,970,933
3.532%
$
6,970,933
(Cost
$6,970,933)
TOTAL
INVESTMENTS
–
100.0%
(Cost
$344,348,583)
$
742,622,711
LIABILITIES
IN
EXCESS
OF
OTHER
ASSETS
–
(0.0)%
(57,336)
NET
ASSETS
–
100.0%
$
742,565,375
a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
*
Non-income
producing
security.
(a)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
ADR
—
American
Depositary
Receipt
REIT
—
Real
Estate
Investment
Trust
Goldman
Sachs
Value
Opportunities
ETF
Schedule
of
Investments
May
31,
2026
(Unaudited)
**End
swaps
header**
Shares
Description
Value
Common
Stocks
–
97.0%
Communication
Services
–
9.0%
6,851
Alphabet,
Inc.,
Class
A
$
2,605,709
4,919
T-Mobile
US,
Inc.
922,460
3,528,169
Consumer
Discretionary
–
9.9%
7,014
Amazon.com,
Inc.*
1,898,269
11,404
Starbucks
Corp.
1,130,821
5,676
TJX
Cos.,
Inc.
(The)
878,361
3,907,451
Consumer
Staples
–
5.2%
5,664
Procter &
Gamble
Co.
(The)
813,124
10,551
Walmart,
Inc.
1,221,278
2,034,402
Energy
–
6.0%
9,705
Chevron
Corp.
1,770,774
6,489
Expand
Energy
Corp.
603,347
2,374,121
Financials
–
14.5%
26,946
Bank
of
America
Corp.
1,390,413
5,589
Capital
One
Financial
Corp.
1,050,341
5,852
JPMorgan
Chase &
Co.
1,751,562
7,182
Morgan
Stanley
1,493,856
5,686,172
Health
Care
–
9.2%
4,870
Johnson &
Johnson
1,097,357
10,465
Merck &
Co.,
Inc.
1,242,405
2,572
Thermo
Fisher
Scientific,
Inc.
1,266,736
3,606,498
Industrials
–
17.2%
5,796
3M
Co.
887,542
3,250
Eaton
Corp.
PLC
1,301,950
6,463
Honeywell
International,
Inc.
1,537,289
3,391
L3Harris
Technologies,
Inc.
1,068,775
4,518
Old
Dominion
Freight
Line,
Inc.
1,017,228
2,122
Rockwell
Automation,
Inc.
957,149
6,769,933
Information
Technology
–
15.4%
2,334
Advanced
Micro
Devices,
Inc.*
1,204,578
2,097
Applied
Materials,
Inc.
943,776
5,026
Arista
Networks,
Inc.*
801,496
1,858
Coherent
Corp.*
671,611
2,509
Micron
Technology,
Inc.
2,436,239
6,057,700
Materials
–
1.5%
17,861
International
Paper
Co.
597,808
Real
Estate
–
3.6%
4,150
AvalonBay
Communities,
Inc.
REIT
757,417
4,579
Prologis,
Inc.
REIT
656,949
1,414,366
Utilities
–
5.5%
11,936
Ameren
Corp.
1,288,730
Shares
Description
Value
Common
Stocks
–
(continued)
Utilities
–
(continued)
10,251
NextEra
Energy,
Inc.
$
891,939
2,180,669
TOTAL
COMMON
STOCKS
(Cost
$31,699,159)
38,157,289
Shares
Dividend
Rate
Value
aa
Investment
Company
–
1.5%
(a)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
586,517
3.532%
586,517
(Cost
$586,517)
TOTAL
INVESTMENTS
–
98.5%
(Cost
$32,285,676)
$
38,743,806
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
1.5%
608,125
NET
ASSETS
–
100.0%
$
39,351,931
a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
*
Non-income
producing
security.
(a)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Goldman
Sachs
Fundamental
Equity
Active
ETFs
Schedule
of
Investments
May
31,
2026
(Unaudited)
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Investment
Valuation
—
The
Funds’
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
Funds’
policy
is
to
use
the
market
approach.
GAAP
establishes
a
fair
value
hierarchy
that
prioritizes
the
inputs
to
valuation
techniques
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
The
level
in
the
fair
value
hierarchy
within
which
the
fair
value
measurement
in
its
entirety
falls
shall
be
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
The
levels
used
for
classifying
investments
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
these
investments.
The
three
levels
of
the
fair
value
hierarchy
are
described
below:
Level
1
—
Unadjusted
quoted
prices
in
active
markets
that
are
accessible
at
the
measurement
date
for
identical,
unrestricted
assets
or
liabilities;
Level
2
—
Quoted
prices
in
markets
that
are
not
active
or
financial
instruments
for
which
significant
inputs
are
observable
(including,
but
not
limited
to,
quoted
prices
for
similar
investments,
interest
rates,
foreign
exchange
rates,
volatility
and
credit
spreads),
either
directly
or
indirectly;
Level
3
—
Prices
or
valuations
that
require
significant
unobservable
inputs
(including
GSAM’s
assumptions
in
determining
fair
value
measurement).
The
Board
of
Trustees
(“Trustees”)
has
approved
Valuation
Procedures
that
govern
the
valuation
of
the
portfolio
investments
held
by
the
Funds,
including
investments
for
which
market
quotations
are
not
readily
available.
With
respect
to
the
Funds’
investments
that
do
not
have
readily
available
market
quotations,
the
Trustees
have
designated
GSAM
as
the
valuation
designee
to
perform
fair
valuations
pursuant
to
Rule
2a-5
under
the
Act
(the
“Valuation
Designee”).
GSAM
has
day-to-day
responsibility
for
implementing
and
maintaining
internal
controls
and
procedures
related
to
the
valuation
of
the
Funds’
investments.
To
assess
the
continuing
appropriateness
of
pricing
sources
and
methodologies,
GSAM
regularly
performs
price
verification
procedures
and
issues
challenges
as
necessary
to
third
party
pricing
vendors
or
brokers,
and
any
differences
are
reviewed
in
accordance
with
the
Valuation
Procedures.
Level
1
and
Level
2
Fair
Value
Investments
—
The
valuation
techniques
and
significant
inputs
used
in
determining
the
fair
values
for
investments
classified
as
Level
1
and
Level
2
are
as
follows:
Equity
Securities
—
Equity
securities
traded
on
a
United
States
(“U.S.”)
securities
exchange
or
the
NASDAQ
system,
or
those
located
on
certain
foreign
exchanges,
including
but
not
limited
to
the
Americas,
are
valued
daily
at
their
last
sale
price
or
official
closing
price
on
the
principal
exchange
or
system
on
which
they
are
traded.
If
there
is
no
sale
or
official
closing
price
or
such
price
is
believed
by
GSAM
to
not
represent
fair
value,
equity
securities
will
be
valued
at
the
valid
closing
bid
price
for
long
positions
and
at
the
valid
closing
ask
price
for
short
positions
(i.e.
where
there
is
sufficient
volume,
during
normal
exchange
trading
hours).
If
no
valid
bid/ask
price
is
available,
the
equity
security
will
be
valued
pursuant
to
the
Valuation
Procedures
and
consistent
with
applicable
regulatory
guidance.
To
the
extent
these
investments
are
actively
traded,
they
are
classified
as
Level
1
of
the
fair
value
hierarchy,
otherwise
they
are
generally
classified
as
Level
2.
Certain
equity
securities
containing
unique
attributes
may
be
classified
as
Level
2.
Unlisted
equity
securities
for
which
market
quotations
are
available
are
valued
at
the
last
sale
price
on
the
valuation
date,
or
if
no
sale
occurs,
at
the
last
bid
price
for
long
positions
or
the
last
ask
price
for
short
positions,
and
are
generally
classified
as
Level
2.
Goldman
Sachs
Fundamental
Equity
Active
ETFs
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Underlying
Funds
(including
Money
Market
Funds)
—
Underlying
funds
(“Underlying
Funds”)
include
exchange-traded
funds
(“ETFs”)
and
other
investment
companies.
Investments
in
the
Underlying
Funds
(except
ETFs)
are
valued
at
the
NAV
per
share
on
the
day
of
valuation.
ETFs
are
valued
daily
at
the
last
sale
price
or
official
closing
price
on
the
principal
exchange
or
system
on
which
the
investment
is
traded.
Because
the
Funds
invest
in
Underlying
Funds
that
fluctuate
in
value,
the
Funds’
shares
will
correspondingly
fluctuate
in
value.
Underlying
Funds
are
generally
classified
as
Level
1
of
the
fair
value
hierarchy.
To
the
extent
that
underlying
ETFs
are
actively
traded,
they
are
classified
as
Level
1
of
the
fair
value
hierarchy,
otherwise
they
are
generally
classified
as
Level
2.
For
information
regarding
an
Underlying
Fund’s
accounting
policies
and
investment
holdings,
please
see
the
Underlying
Fund’s
shareholder
report.
Level
3
Fair
Value
Investments
—
To
the
extent
that
significant
inputs
to
valuation
models
and
other
alternative
pricing
sources
are
unobservable,
or
if
quotations
are
not
readily
available,
or
if
GSAM
believes
that
such
quotations
do
not
accurately
reflect
fair
value,
the
fair
value
of
a
Fund’s
investments
may
be
determined
under
the
Valuation
Procedures.
GSAM,
consistent
with
its
procedures
and
applicable
regulatory
guidance,
may
make
an
adjustment
to
the
most
recent
valuation
prices
of
either
domestic
or
foreign
securities
in
light
of
significant
events
to
reflect
what
it
believes
to
be
the
fair
value
of
the
securities
at
the
time
of
determining
a
Fund’s
NAV.
To
the
extent
investments
are
valued
using
single
source
broker
quotations
obtained
directly
from
the
broker
or
passed
through
from
third
party
pricing
vendors,
such
investments
are
classified
as
Level
3
investments.
Fair
Value
Hierarchy
—
The
following
is
a
summary
of
the
Funds’
investments
classified
in
the
fair
value
hierarchy
as
of
May
31,
2026:
(a)
Enhanced
U.S.
Equity
ETF
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Asia
$
2,280,552
$
—
$
—
Europe
2,358,826
—
—
North
America
348,337,619
—
—
Investment
Company
2,180,799
—
—
Total
$
355,157,796
$
—
$
—
€
1.00
€
1.00
€
1.00
Growth
Opportunities
ETF
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Europe
$
1,034,955
$
—
$
—
North
America
173,391,407
—
—
Investment
Company
632,039
—
—
Total
$
175,058,401
$
—
$
—
€
1.00
€
1.00
€
1.00
Technology
Opportunities
ETF
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Asia
$
29,216,694
$
—
$
—
North
America
700,452,83
1
—
—
South
America
5,982,253
—
—
Investment
Company
6,970,933
—
—
Total
$
742,622,71
1
$
—
$
—
€
1.00
€
1.00
€
1.00
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Fundamental
Equity
Active
ETFs
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
For
further
information
regarding
security
characteristics,
see
the
Schedules
of
Investments.
The
Funds’
risks
include,
but
are
not
limited
to,
the
following:
Foreign
and
Emerging
Countries
Risk
—
Investing
in
foreign
markets
may
involve
special
risks
and
considerations
not
typically
associated
with
investing
in
the
U.S.
Foreign
securities
may
be
subject
to
risk
of
loss
because
of
more
or
less
foreign
government
regulation;
less
public
information;
less
stringent
investor
protections;
less
stringent
accounting,
corporate
governance,
financial
reporting
and
disclosure
standards;
and
less
economic,
political
and
social
stability
in
the
countries
in
which
a
Fund
invests.
The
imposition
of
sanctions,
exchange
controls
(including
repatriation
restrictions),
confiscation
of
assets
and
property,
trade
restrictions
(including
tariffs)
and
other
government
restrictions
by
the
U.S.
or
other
governments,
or
from
problems
in
registration,
settlement
or
custody,
may
also
result
in
losses.
The
type
and
severity
of
sanctions
and
other
similar
measures,
including
counter
sanctions
and
other
retaliatory
actions,
that
may
be
imposed
could
vary
broadly
in
scope,
and
their
impact
is
impossible
to
predict.
For
example,
the
imposition
of
sanctions
and
other
similar
measures
could,
among
other
things,
cause
a
decline
in
the
value
and/or
liquidity
of
securities
issued
by
the
sanctioned
country
or
companies
located
in
or
economically
tied
to
the
sanctioned
country
and
increase
market
volatility
and
disruption
in
the
sanctioned
country
and
throughout
the
world.
Sanctions
and
other
similar
measures
could
limit
or
prevent
a
Fund
from
buying
and
selling
securities
(in
the
sanctioned
country
and
other
markets),
significantly
delay
or
prevent
the
settlement
of
securities
transactions,
and
significantly
impact
a
Fund’s
liquidity
and
performance.
Foreign
risk
also
involves
the
risk
of
negative
foreign
currency
exchange
rate
fluctuations,
which
may
cause
the
value
of
securities
denominated
in
such
foreign
currency
(or
other
instruments
through
which
a
Fund
has
exposure
to
foreign
currencies)
to
decline
in
value.
Currency
exchange
rates
may
fluctuate
significantly
over
short
periods
of
time.
To
the
extent
that
a
Fund
also
invests
in
securities
of
issuers
located
in,
or
economically
tied
to,
emerging
markets,
these
risks
may
be
more
pronounced.
Industry
Concentration
Risk
—
Concentrating
Fund
investments
in
a
limited
number
of
issuers
conducting
business
in
the
same
industry
or
group
of
industries
will
subject
the
Fund
to
a
greater
risk
of
loss
as
a
result
of
adverse
economic,
business,
political,
environmental
or
other
developments
than
if
its
investments
were
diversified
across
different
industries.
Investment
Style
Risk
—
Different
investment
styles
(e.g.,
growth,
value
or
quantitative)
tend
to
shift
in
and
out
of
favor
depending
upon
market
and
economic
conditions
and
investor
sentiment.
The
Fund
may
outperform
or
underperform
other
funds
that
invest
in
similar
asset
classes
but
employ
different
investment
styles.
Value
Opportunities
ETF
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
North
America
$
38,157,289
$
—
$
—
Investment
Company
586,517
—
—
Total
$
38,743,806
$
—
$
—
€
1.00
€
1.00
€
1.00
(a)
Amounts
are
disclosed
by
continent
to
highlight
the
impact
of
time
zone
differences
between
local
market
close
and
the
calculation
of
NAV.
Security
valuations
are
based
on
the
principal
exchange
or
system
on
which
they
are
traded,
which
may
differ
from
country
of
domicile
noted
in
table.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Fundamental
Equity
Active
ETFs
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Large
Shareholder
Transactions
Risk
—
Certain
shareholders,
including
other
funds
advised
by
the
Investment
Adviser,
may
from
time
to
time
own
a
substantial
amount
of
the
Fund’s
Shares.
In
addition,
a
third
party
investor,
the
Investment
Adviser
or
an
affiliate
of
the
Investment
Adviser,
an
authorized
participant,
a
lead
market
maker,
or
another
entity
(i.e.,
a
seed
investor)
may
invest
in
the
Fund
and
hold
its
investment
solely
to
facilitate
commencement
of
the
Fund
or
to
facilitate
the
Fund’s
achieving
a
specified
size
or
scale.
Any
such
investment
may
be
held
for
a
limited
period
of
time.
There
can
be
no
assurance
that
any
large
shareholder
would
not
redeem
its
investment,
that
the
size
of
the
Fund
would
be
maintained
at
such
levels
or
that
the
Fund
would
continue
to
meet
applicable
listing
requirements.
Redemptions
by
large
shareholders
could
have
a
significant
negative
impact
on
the
Fund,
including
on
the
Fund’s
liquidity.
In
addition,
transactions
by
large
shareholders
may
account
for
a
large
percentage
of
the
trading
volume
on
Cboe
or
NYSE
Arca
and
may,
therefore,
have
a
material
upward
or
downward
effect
on
the
market
price
of
the
Shares.
Market
and
Credit
Risks
—
In
the
normal
course
of
business,
a
Fund
trades
financial
instruments
and
enters
into
financial
transactions
where
risk
of
potential
loss
exists
due
to
changes
in
the
market
(market
risk).
The
value
of
the
securities
in
which
a
Fund
invests
may
go
up
or
down
in
response
to
the
prospects
of
individual
companies,
particular
sectors
or
governments
and/or
general
economic
conditions
throughout
the
world
due
to
increasingly
interconnected
global
economies
and
financial
markets.
Events
such
as
war,
military
conflict,
acts
of
terrorism,
social
unrest,
natural
disasters,
recessions,
inflation,
rapid
interest
rate
changes,
supply
chain
disruptions,
sanctions,
the
spread
of
infectious
illness
or
other
public
health
threats
could
also
significantly
impact
a
Fund
and
its
investments.
Additionally,
a
Fund
may
also
be
exposed
to
credit
risk
in
the
event
that
an
issuer
or
guarantor
fails
to
perform
or
that
an
institution
or
entity
with
which
the
Fund
has
unsettled
or
open
transactions
defaults.
Market
Trading
Risk
—
Each
Fund
faces
numerous
market
trading
risks,
including
disruptions
to
creations
and
redemptions,
the
existence
of
extreme
market
volatility
or
potential
lack
of
an
active
trading
market
for
Shares.
If
a
shareholder
purchases
Shares
at
a
time
when
the
market
price
is
at
a
premium
to
the
NAV
or
sells
Shares
at
a
time
when
the
market
price
is
at
a
discount
to
the
NAV,
the
shareholder
may
pay
more
for,
or
receive
less
than,
the
underlying
value
of
the
Shares,
respectively.
The
Investment
Adviser
cannot
predict
whether
Shares
will
trade
below,
at
or
above
their
NAV.
Price
differences
may
be
due,
in
large
part,
to
the
fact
that
supply
and
demand
forces
at
work
in
the
secondary
trading
market
for
Shares
will
be
closely
related
to,
but
not
identical
to,
the
same
forces
influencing
the
prices
of
the
securities
of
a
Fund’s
Index
trading
individually
or
in
the
aggregate
at
any
point
in
time.
Mid-Cap
and
Small-Cap
Risk
—
Investments
in
mid-capitalization
and
small-capitalization
companies
involve
greater
risks
than
those
associated
with
larger,
more
established
companies.
These
securities
may
be
subject
to
more
abrupt
or
erratic
price
movements
and
may
lack
sufficient
market
liquidity,
and
these
issuers
often
face
greater
business
risks.
Non-Diversification
Risk
—
The
North
American
Pipelines
&
Power
Equity
ETF
and
Small
Cap
Core
Equity
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,
the
Fund
may
be
more
susceptible
to
adverse
developments
affecting
any
single
issuer
held
in
its
portfolio,
and
may
be
more
susceptible
to
greater
losses
because
of
these
developments.
Portfolio
Turnover
Rate
Risk
—
A
high
rate
of
portfolio
turnover
may
involve
correspondingly
greater
expenses
which
must
be
borne
by
the
Fund
and
its
shareholders,
and
is
also
likely
to
result
in
short-term
capital
gains
taxable
to
shareholders.
Sector
Risk
—
To
the
extent
a
Fund
focuses
its
investments
in
securities
of
issuers
in
one
or
more
sectors
(such
as
the
financial
services
or
telecommunications
sectors),
the
Fund
may
be
subjected,
to
a
greater
extent
than
if
its
investments
were
diversified
across
different
sectors,
to
the
risks
of
volatile
economic
cycles
and/or
conditions
and
developments
that
may
be
particular
to
that
sector,
such
as:
adverse
economic,
business,
political,
environmental
or
other
developments.
Stock
Risk
—
Stock
prices
have
historically
risen
and
fallen
in
periodic
cycles.
U.S.
and
foreign
stock
markets
have
experienced
periods
of
substantial
price
volatility
in
the
past
and
may
do
so
again
in
the
future.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Fundamental
Equity
Active
ETFs
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Technology
Sector
Risk
—
The
stock
prices
of
technology
and
technology-related
companies
and
therefore
the
value
of
a
Fund
may
experience
significant
price
movements
as
a
result
of
intense
market
volatility,
worldwide
competition,
consumer
preferences,
product
compatibility,
product
obsolescence,
government
regulation,
excessive
investor
optimism
or
pessimism,
or
other
factors.
The
Fund
may
also
invest
in
a
relatively
few
number
of
issuers.
Thus,
the
Fund
may
be
more
susceptible
to
adverse
developments
affecting
any
single
issuer
held
in
its
portfolio
and
may
be
more
susceptible
to
greater
losses
because
of
these
developments.
Valuation
Risk
—
The
sale
price
the
Fund
could
receive
for
a
security
may
differ
from
the
Fund’s
valuation
of
the
security,
particularly
for
securities
that
trade
in
low
volume
or
volatile
markets
or
that
are
valued
using
a
fair
value
methodology.
The
Fund
relies
on
various
sources
to
calculate
its
NAV.
The
information
may
be
provided
by
third
parties
that
are
believed
to
be
reliable,
but
the
information
may
not
be
accurate
due
to
errors
by
such
pricing
sources,
technological
issues
or
otherwise.
NAV
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)