GOLDMAN
SACHS
FUTURE
HEALTH
CARE
EQUITY
ETF
Schedule
of
Investments
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
98.5%
Canada
–
1.4%
4,977
Xenon
Pharmaceuticals,
Inc.
(Health
Care)*
$
272,391
France
–
0.6%
533
Sartorius
Stedim
Biotech
(Health
Care)
110,775
Japan
–
3.5%
4,173
Hoya
Corp.
(Health
Care)
709,874
Netherlands
–
4.1%
979
Argenx
SE
ADR
(Health
Care)*
818,434
Switzerland
–
3.9%
1,034
Galderma
Group
AG
(Health
Care)*
220,404
879
Lonza
Group
AG
(Health
Care)
562,938
783,342
United
Kingdom
–
4.8%
5,234
AstraZeneca
PLC
(Health
Care)
973,756
United
States
–
80.2%
4,105
Agilent
Technologies,
Inc.
(Health
Care)
556,351
2,703
Alkermes
PLC
(Health
Care)*
114,040
4,823
Apogee
Therapeutics,
Inc.
(Health
Care)*
396,161
15,740
Boston
Scientific
Corp.
(Health
Care)*
760,399
2,214
Bridgebio
Pharma,
Inc.
(Health
Care)*
146,700
1,750
Cencora
,
Inc.
(Health
Care)
471,380
2,432
CG
oncology,
Inc.
(Health
Care)*
151,489
3,663
Cytokinetics,
Inc.
(Health
Care)*
281,172
4,214
Definium
Therapeutics,
Inc.
(Health
Care)*
101,937
7,621
Dexcom,
Inc.
(Health
Care)*
561,973
6,939
Edwards
Lifesciences
Corp.
(Health
Care)*
600,015
2,417
Eli
Lilly
&
Co.
(Health
Care)
2,670,785
8,286
Guardant
Health,
Inc.
(Health
Care)*
1,074,611
2,081
Insmed
,
Inc.
(Health
Care)*
222,480
398
Insulet
Corp.
(Health
Care)*
57,686
1,849
Intuitive
Surgical,
Inc.
(Health
Care)*
785,159
3,614
Ionis
Pharmaceuticals,
Inc.
(Health
Care)*
276,471
7,204
Johnson &
Johnson
(Health
Care)
1,623,277
430
Madrigal
Pharmaceuticals,
Inc.
(Health
Care)*
213,826
10,073
Merck &
Co.,
Inc.
(Health
Care)
1,195,867
271
Mettler-Toledo
International,
Inc.
(Health
Care)*
319,937
1,015
Penumbra,
Inc.
(Health
Care)*
323,074
Shares
Description
Value
a
Common
Stocks
–
(continued)
United
States
–
(continued)
316
Praxis
Precision
Medicines,
Inc.
(Health
Care)*
$
110,591
741
Quest
Diagnostics,
Inc.
(Health
Care)
144,421
2,038
Repligen
Corp.
(Health
Care)*
252,610
1,069
REVOLUTION
Medicines,
Inc.
(Health
Care)*
168,346
1,538
Rhythm
Pharmaceuticals,
Inc.
(Health
Care)*
135,836
16,036
Roivant
Sciences
Ltd.
(Health
Care)*
480,920
6,370
Royalty
Pharma
PLC,
Class
A
(Health
Care)
355,191
960
Spyre
Therapeutics,
Inc.
(Health
Care)*
70,560
1,008
Structure
Therapeutics,
Inc.
ADR
(Health
Care)*
39,655
1,847
Thermo
Fisher
Scientific,
Inc.
(Health
Care)
909,666
715
UnitedHealth
Group,
Inc.
(Health
Care)
271,922
667
Vertex
Pharmaceuticals,
Inc.
(Health
Care)*
298,509
16,143,017
TOTAL
COMMON
STOCKS
(Cost
$15,992,080)
19,811,589
Shares
Dividend
Rate
Value
aa
a
Investment
Company
–
1.4%
(a)
Goldman
Sachs
Financial
Square
Treasury
Obligations
Fund
–
Institutional
Shares
287,989
3.519%
287,989
(Cost
$287,989)
TOTAL
INVESTMENTS
–
99.9%
(Cost
$16,280,069)
$
20,099,578
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.1%
18,249
NET
ASSETS
–
100.0%
$
20,117,827
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
FUTURE
HEALTH
CARE
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
**End
swaps
header**
Sector
Name
%
of
Market
Value
Health
Care
98.6
%
Investment
Company
1.4
TOTAL
INVESTMENTS
100.0%
GOLDMAN
SACHS
FUTURE
TECH
LEADERS
EQUITY
ETF
Schedule
of
Investments
May
31,
2026
(Unaudited)
**End
swaps
header**
Shares
Description
Value
Common
Stocks
–
99.0%
Communication
Services
–
5.1%
81,591
Capcom
Co.
Ltd.
(Japan)
$
1,545,816
81,667
Cellnex
Telecom
SA
(Spain)*
(a)
2,746,586
156,578
NetEase,
Inc.
(China)
3,877,790
6,191
Reddit,
Inc.,
Class
A*
1,089,616
30,620
ROBLOX
Corp.,
Class
A*
1,443,733
3,590
Spotify
Technology
SA*
1,786,671
12,490,212
Consumer
Discretionary
–
5.0%
19,992
DoorDash
,
Inc.,
Class
A*
3,184,526
44,030
eBay,
Inc.
4,811,158
1,015,134
Eternal
Ltd.
(India)*
2,677,603
922
MercadoLibre
,
Inc.
(Brazil)*
1,563,389
12,236,676
Financials
–
1.5%
24,330
Intercontinental
Exchange,
Inc.
3,597,191
Health
Care
–
1.2%
17,408
Hoya
Corp.
(Japan)
2,961,296
Industrials
–
10.2%
8,917
Axon
Enterprise,
Inc.*
4,001,236
38,841
Bizlink
Holding,
Inc.
(Taiwan)
2,585,226
105,092
Daifuku
Co.
Ltd.
(Japan)
4,826,482
120,320
Ebara
Corp.
(Japan)
4,295,361
19,730
Rocket
Lab
Corp.*
2,830,860
7,812
SK
Square
Co.
Ltd.
(South
Korea)*
6,391,636
24,930,801
Information
Technology
–
70.3%
74,252
Accton
Technology
Corp.
(Taiwan)
5,759,920
36,648
AIXTRON
SE
(Germany)
2,490,716
36,007
Amphenol
Corp.,
Class
A
5,356,401
3,894
AppLovin
Corp.,
Class
A*
2,387,372
283,726
ASE
Technology
Holding
Co.
Ltd.
(Taiwan)
5,534,041
15,625
Cadence
Design
Systems,
Inc.*
5,858,281
14,356
Cambricon
Technologies
Corp.
Ltd.,
Class
A
(China)
2,781,409
80,998
Chroma
ATE,
Inc.
(Taiwan)
6,515,936
5,077
Ciena
Corp.*
2,945,828
21,337
Cloudflare,
Inc.,
Class
A*
5,159,713
145,053
Coforge
Ltd.
(India)
2,170,909
8,882
Coherent
Corp.*
3,210,577
3,426
Crowdstrike
Holdings,
Inc.,
Class
A*
2,504,406
15,831
Datadog,
Inc.,
Class
A*
3,915,798
17,756
Dell
Technologies,
Inc.,
Class
C
7,473,678
135,506
Delta
Electronics,
Inc.
(Taiwan)
10,576,437
37,138
Elite
Material
Co.
Ltd.
(Taiwan)
6,070,025
75,300
Hangzhou
Chang
Chuan
Technology
Co.
Ltd.,
Class
A
(China)
2,347,498
77,180
Infineon
Technologies
AG
(Germany)
7,305,195
19,926
IsuPetasys
Co.
Ltd.
(South
Korea)
1,708,321
43,510
Jentech
Precision
Industrial
Co.
Ltd.
(Taiwan)
4,923,878
Shares
Description
Value
Common
Stocks
–
(continued)
Information
Technology
–
(continued)
1,704
KLA
Corp.
$
3,274,594
53,061
Lotes
Co.
Ltd.
(Taiwan)
4,488,728
1,963
Lumentum
Holdings,
Inc.*
1,678,286
39,421
Marvell
Technology,
Inc.
8,081,305
90,996
MediaTek,
Inc.
(Taiwan)
12,519,920
218,772
Mirion
Technologies,
Inc.*
3,999,152
4,065
MongoDB,
Inc.*
1,364,011
2,202
Monolithic
Power
Systems,
Inc.
3,448,794
10,401
Motorola
Solutions,
Inc.
4,194,515
45,912
NAURA
Technology
Group
Co.
Ltd.,
Class
A
(China)
4,276,981
25,193
Persistent
Systems
Ltd.
(India)
1,377,474
48,151
Samsara,
Inc.,
Class
A*
1,684,803
2,587
Samsung
Electro-Mechanics
Co.
Ltd.
(South
Korea)
3,651,326
41,089
SCREEN
Holdings
Co.
Ltd.
(Japan)
2,870,216
15,350
Shopify,
Inc.,
Class
A
(Canada)*
1,822,199
2,868
SK
hynix
,
Inc.
(South
Korea)
4,439,976
14,985
Snowflake,
Inc.*
3,829,417
11,803
Teradyne,
Inc.
4,417,981
18,178
Zscaler,
Inc.*
2,540,012
170,956,029
Materials
–
3.1%
337,165
Hubei
Dinglong
Co.
Ltd.,
Class
A
(China)
3,347,989
117,320
Mitsubishi
Gas
Chemical
Co.,
Inc.
(Japan)
4,086,559
7,434,548
Real
Estate
–
2.6%
14,023
Digital
Realty
Trust,
Inc.
REIT
2,664,370
3,385
Equinix,
Inc.
REIT
3,615,315
6,279,685
TOTAL
COMMON
STOCKS
(Cost
$141,810,955)
240,886,438
Shares
Dividend
Rate
Value
aa
Investment
Company
–
2.1%
(b)
Goldman
Sachs
Financial
Square
Treasury
Obligations
Fund
–
Institutional
Shares
5,122,182
3.519%
5,122,182
(Cost
$5,122,182)
TOTAL
INVESTMENTS
–
101.1%
(Cost
$146,933,137)
$
246,008,620
LIABILITIES
IN
EXCESS
OF
OTHER
ASSETS
–
(1.1)%
(2,638,756)
NET
ASSETS
–
100.0%
$
243,369,864
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)
Exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
(b)
Represents
an
affiliated
issuer.
GOLDMAN
SACHS
FUTURE
TECH
LEADERS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Investment
Abbreviations:
REIT
—
Real
Estate
Investment
Trust
**End
swaps
header**
(continued)
Goldman
Sachs
Future
Thematic
Equity
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.
A.
Level
1
and
Level
2
Fair
Value
Investments
—
The
valuation
techniques
and
significant
inputs
used
in
determining
the
fair
values
for
investments
classified
as
Level
1
and
Level
2
are
as
follows:
Equity
Securities
—
Equity
securities
traded
on
a
United
States
(“U.S.”)
securities
exchange
or
the
NASDAQ
system,
or
those
located
on
certain
foreign
exchanges,
including
but
not
limited
to
the
Americas,
are
valued
daily
at
their
last
sale
price
or
official
closing
price
on
the
principal
exchange
or
system
on
which
they
are
traded.
If
there
is
no
sale
or
official
closing
price
or
such
price
is
believed
by
GSAM
to
not
represent
fair
value,
equity
securities
will
be
valued
at
the
valid
closing
bid
price
for
long
positions
and
at
the
valid
closing
ask
price
for
short
positions
(i.e.
where
there
is
sufficient
volume,
during
normal
exchange
trading
hours).
If
no
valid
bid/ask
price
is
available,
the
equity
security
will
be
valued
pursuant
to
the
Valuation
Procedures
and
consistent
with
applicable
regulatory
guidance.
To
the
extent
these
investments
are
actively
traded,
they
are
classified
as
Level
1
of
the
fair
value
hierarchy,
otherwise
they
are
generally
classified
as
Level
2.
Certain
equity
securities
containing
unique
attributes
may
be
classified
as
Level
2.
Unlisted
equity
securities
for
which
market
quotations
are
available
are
valued
at
the
last
sale
price
on
the
valuation
date,
or
if
no
sale
occurs,
at
the
last
bid
price
for
long
positions
or
the
last
ask
price
for
short
positions,
and
are
generally
classified
as
Level
2.
Money
Market
Funds
—
Investments
in
the
Goldman
Sachs
Financial
Square
Treasury
Obligations
Fund
and
Goldman
Sachs
Financial
Square
Government
Fund
(“Underlying
Money
Market
Funds”)
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
Funds’
accounting
policies
and
investment
holdings,
please
see
the
Underlying
Money
Market
Funds’
shareholder
report.
Goldman
Sachs
Future
Thematic
Equity
ETFs
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
B.
Level
3
Fair
Value
Investments
—
To
the
extent
that
significant
inputs
to
valuation
models
and
other
alternative
pricing
sources
are
unobservable,
or
if
quotations
are
not
readily
available,
or
if
GSAM
believes
that
such
quotations
do
not
accurately
reflect
fair
value,
the
fair
value
of
a
Fund’s
investments
may
be
determined
under
the
Valuation
Procedures.
GSAM,
consistent
with
its
procedures
and
applicable
regulatory
guidance,
may
make
an
adjustment
to
the
most
recent
valuation
prices
of
either
domestic
or
foreign
securities
in
light
of
significant
events
to
reflect
what
it
believes
to
be
the
fair
value
of
the
securities
at
the
time
of
determining
a
Fund’s
NAV.
To
the
extent
investments
are
valued
using
single
source
broker
quotations
obtained
directly
from
the
broker
or
passed
through
from
third
party
pricing
vendors,
such
investments
are
classified
as
Level
3
investments.
C.
Fair
Value
Hierarchy
—
The
following
is
a
summary
of
the
Funds’
investments
classified
in
the
fair
value
hierarchy
as
of
May
31,
2026:
For
further
information
regarding
security
characteristics,
see
the
Schedules
of
Investments.
D.
Securities
Lending
—
The
Funds
may
lend
their
securities
through
a
securities
lending
agent,
the
Bank
of
New
York
Mellon
(“BNYM”),
to
certain
qualified
borrowers.
In
accordance
with
the
Funds’
securities
lending
procedures,
the
Funds
receive
cash
collateral
at
least
equal
to
the
market
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
business
of
the
Funds,
at
their
last
sale
price
or
official
closing
price
on
the
principal
exchange
or
system
on
which
they
are
traded,
and
any
additional
required
collateral
is
delivered
to
the
Funds
on
the
next
business
day.
As
with
other
extensions
of
credit,
the
Funds
may
experience
delay
in
the
recovery
of
their
securities
or
incur
a
loss
should
the
borrower
of
the
securities
breach
its
agreement
with
the
Funds
or
become
insolvent
at
a
time
when
the
collateral
is
insufficient
to
cover
the
cost
of
repurchasing
securities
on
loan.
Dividend
income
received
from
securities
on
loan
may
not
be
subject
to
withholding
taxes
and
therefore
withholding
taxes
paid
may
differ
from
the
amounts
listed
in
the
Statements
of
Operations.
Loans
of
securities
are
terminable
at
any
time
and
as
such
1)
the
remaining
contractual
maturities
of
the
outstanding
securities
lending
transactions
are
considered
to
be
overnight
and
continuous
and
2)
the
(a)
Future
Health
Care
Equity
ETF
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Asia
$
709,874
$
—
$
—
Europe
2,686,307
—
—
North
America
16,415,408
—
—
Investment
Company
287,989
—
—
Total
$
20,099,578
$
—
$
—
€
1.00
€
1.00
€
1.00
(a)
Future
Tech
Leaders
Equity
ETF
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Asia
$
118,608,753
$
—
$
—
Europe
12,542,497
—
—
North
America
108,171,799
—
—
South
America
1,563,389
—
—
Investment
Company
5,122,182
—
—
Total
$
246,008,620
$
—
$
—
€
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
Future
Thematic
Equity
ETFs
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
The
Funds
invest
the
cash
collateral
received
in
connection
with
securities
lending
transactions
in
the
Goldman
Sachs
Financial
Square
Government
Fund
(“Government
Money
Market
Fund”),
an
affiliated
series
of
the
Goldman
Sachs
Trust.
The
Government
Money
Market
Fund
is
registered
under
the
Act
as
an
open
end
investment
company,
is
subject
to
Rule
2a-7
under
the
Act,
and
is
managed
by
GSAM,
for
which
GSAM
may
receive
a
management
fee
of
up
to
0.16%
on
an
annualized
basis
of
the
average
daily
net
assets
of
the
Government
Money
Market
Fund.
In
the
event
of
a
default
by
a
borrower
with
respect
to
any
loan,
BNYM
may
exercise
any
and
all
remedies
provided
under
the
applicable
borrower
agreement
to
make
the
Funds
whole.
These
remedies
include
purchasing
replacement
securities
by
applying
the
collateral
held
from
the
defaulting
broker
against
the
purchase
cost
of
the
replacement
securities.
If
BNYM
is
unable
to
purchase
replacement
securities,
BNYM
will
indemnify
the
Funds
by
paying
the
Funds
an
amount
equal
to
the
market
value
of
the
securities
loaned
minus
the
value
of
cash
collateral
received
from
the
borrower
for
the
loan,
subject
to
an
exclusion
for
any
shortfalls
resulting
from
a
loss
of
value
in
such
cash
collateral
due
to
reinvestment
risk.
The
Funds’
master
netting
agreements
with
certain
borrowers
provide
the
right,
in
the
event
of
a
default
(including
bankruptcy
or
insolvency),
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
However,
in
the
event
of
a
default
by
a
borrower,
a
resolution
authority
could
determine
that
such
rights
are
not
enforceable
due
to
the
restrictions
or
prohibitions
against
the
right
of
set-off
that
may
be
imposed
in
accordance
with
a
particular
jurisdiction’s
bankruptcy
or
insolvency
laws.
The
Funds’
loaned
securities
were
all
subject
to
enforceable
Securities
Lending
Agreements
and
the
value
of
the
collateral
was
at
least
equal
to
the
value
of
the
cash
received.
The
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.
Foreign
Custody
Risk
—
The
Funds
invest
in
foreign
securities,
and
as
such
the
Funds
may
hold
such
securities
and
cash
with
foreign
banks,
agents,
and
securities
depositories
appointed
by
a
Fund’s
custodian
(each
a
“Foreign
Custodian”).
Some
foreign
custodians
may
be
recently
organized
or
new
to
the
foreign
custody
business.
In
some
countries,
Foreign
Custodians
may
be
subject
to
little
or
no
regulatory
oversight
over,
or
independent
evaluation
of,
their
operations.
Further,
the
laws
of
certain
countries
may
place
limitations
on
a
Fund’s
ability
to
recover
its
assets
if
a
Foreign
Custodian
enters
bankruptcy.
Investments
in
emerging
markets
may
be
subject
to
even
greater
custody
risks
than
investments
in
more
developed
markets.
Custody
services
in
emerging
market
countries
are
very
often
undeveloped
and
may
be
considerably
less
well
regulated
than
in
more
developed
countries,
and
thus
may
not
afford
the
same
level
of
investor
protection
as
would
apply
in
developed
countries.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Future
Thematic
Equity
ETFs
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Geographic
Risk
—
If
a
Fund
focuses
its
investments
in
securities
of
issuers
located
in
a
particular
country
or
geographic
region,
the
Fund
may
be
subjected,
to
a
greater
extent
than
if
its
investments
were
less
focused,
to
the
risks
of
volatile
economic
cycles
and/
or
conditions
and
developments
that
may
be
particular
to
that
country
or
region,
such
as:
adverse
securities
markets;
adverse
exchange
rates;
adverse
social,
political,
regulatory,
economic,
business,
environmental
or
other
developments;
or
natural
disasters.
Investment
Style
Risk
—
Different
investment
styles
(e.g.,
growth,
value
or
quantitative)
tend
to
shift
in
and
out
of
favor
depending
upon
market
and
economic
conditions
and
investor
sentiment.
The
Fund
may
outperform
or
underperform
other
funds
that
invest
in
similar
asset
classes
but
employ
different
investment
styles.
Issuer
Concentration
Risk
—
The
Funds
may
invest
in
a
relatively
small
number
of
issuers.
As
a
result,
they
may
be
subject
to
greater
risks
than
a
fund
that
invests
in
a
greater
number
of
issuers.
A
change
in
the
value
of
any
single
investment
held
by
the
Funds
may
affect
the
overall
value
of
the
Funds
more
than
it
would
affect
a
mutual
fund
that
holds
more
investments.
In
particular,
the
Funds
may
be
more
susceptible
to
adverse
developments
affecting
any
single
issuer
in
the
Funds
and
may
be
susceptible
to
greater
losses
because
of
these
developments.
Large
Shareholder
Transaction
Risk
—
Certain
shareholders,
including
other
funds
advised
by
the
Investment
Adviser,
may
from
time
to
time
own
a
substantial
amount
of
the
Fund’s
Shares.
In
addition,
a
third
party
investor,
the
Investment
Adviser
or
an
affiliate
of
the
Investment
Adviser,
an
authorized
participant,
a
lead
market
maker,
or
another
entity
(i.e.,
a
seed
investor)
may
invest
in
the
Fund
and
hold
its
investment
solely
to
facilitate
commencement
of
the
Fund
or
to
facilitate
the
Fund’s
achieving
a
specified
size
or
scale.
Any
such
investment
may
be
held
for
a
limited
period
of
time.
There
can
be
no
assurance
that
any
large
shareholder
would
not
redeem
its
investment,
that
the
size
of
the
Fund
would
be
maintained
at
such
levels
or
that
the
Fund
would
continue
to
meet
applicable
listing
requirements.
Redemptions
by
large
shareholders
could
have
a
significant
negative
impact
on
the
Fund,
including
on
the
Fund’s
liquidity.
In
addition,
transactions
by
large
shareholders
may
account
for
a
large
percentage
of
the
trading
volume
on
NYSE
Arca
and
may,
therefore,
have
a
material
upward
or
downward
effect
on
the
market
price
of
the
Shares.
Market
and
Credit
Risks
—
In
the
normal
course
of
business,
a
Fund
trades
financial
instruments
and
enters
into
financial
transactions
where
risk
of
potential
loss
exists
due
to
changes
in
the
market
(market
risk).
The
value
of
the
securities
in
which
a
Fund
invests
may
go
up
or
down
in
response
to
the
prospects
of
individual
companies,
particular
sectors
or
governments
and/or
general
economic
conditions
throughout
the
world
due
to
increasingly
interconnected
global
economies
and
financial
markets.
Events
such
as
war,
military
conflict,
geopolitical
disputes,
acts
of
terrorism,
social
or
political
unrest,
natural
disasters,
recessions,
inflation,
rapid
interest
rate
changes,
supply
chain
disruptions,
tariffs
and
other
restrictions
on
trade,
sanctions
or
the
spread
of
infectious
illness
or
other
public
health
threats,
or
the
threat
or
potential
of
one
or
more
such
events
and
developments,
could
also
significantly
impact
a
Fund
and
its
investments.
Additionally,
a
Fund
may
also
be
exposed
to
credit
risk
in
the
event
that
an
issuer
or
guarantor
fails
to
perform
or
that
an
institution
or
entity
with
which
the
Fund
has
unsettled
or
open
transactions
defaults.
Market
Trading
Risk
—
Each
Fund
faces
numerous
market
trading
risks,
including
disruptions
to
creations
and
redemptions,
the
existence
of
extreme
market
volatility
or
potential
lack
of
an
active
trading
market
for
Shares.
If
a
shareholder
purchases
Shares
at
a
time
when
the
market
price
is
at
a
premium
to
the
NAV
or
sells
Shares
at
a
time
when
the
market
price
is
at
a
discount
to
the
NAV,
the
shareholder
may
pay
more
for,
or
receive
less
than,
the
underlying
value
of
the
Shares,
respectively.
The
Investment
Adviser
cannot
predict
whether
Shares
will
trade
below,
at
or
above
their
NAV.
Price
differences
may
be
due,
in
large
part,
to
the
fact
that
supply
and
demand
forces
at
work
in
the
secondary
trading
market
for
Shares
will
be
closely
related
to,
but
not
identical
to,
the
same
forces
influencing
the
prices
of
the
securities
of
a
Fund’s
Index
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.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Future
Thematic
Equity
ETFs
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Non-Diversification
Risk
—
The
Funds
are
non-diversified,
meaning
that
they
are
permitted
to
invest
a
larger
percentage
of
their
assets
in
one
or
more
issuers
or
in
fewer
issuers
than
diversified
funds.
Thus,
a
Fund
may
be
more
susceptible
to
adverse
developments
affecting
any
single
issuer
held
in
its
portfolio,
and
may
be
more
susceptible
to
greater
losses
because
of
these
developments.
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).
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.
Thematic
Investing
Risk
—
The
Fund’s
thematic
investment
strategy
limits
the
universe
of
investment
opportunities
available
to
the
Fund
and
will
affect
the
Fund’s
exposure
to
certain
companies,
sectors,
regions,
and
countries,
which
may
result
in
the
Fund
forgoing
opportunities
to
buy
or
sell
certain
securities
when
it
might
otherwise
be
advantageous
to
do
so.
Adhering
to
the
Fund’s
thematic
investment
strategy
may
also
affect
the
Fund’s
performance
relative
to
similar
funds
that
do
not
seek
to
invest
in
companies
exposed
to
certain
themes.
There
is
no
guarantee
that
the
Investment
Adviser’s
views,
security
selection
criteria
or
investment
judgment
will
reflect
the
beliefs
or
values
of
any
particular
investor.
In
addition,
the
Investment
Adviser
is
not
required
to
monitor
on
an
ongoing
basis
whether
a
current
holding
continues
to
be
aligned
with
one
or
more
themes
or
otherwise
associated
with
certain
themes.
The
Fund
is
not
required
to
sell,
and
may
instead
add
to,
positions
in
holdings
that
no
longer
continue
to
be
aligned
with
one
or
more
of
the
Key
Themes
or
associated
with
these
themes.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)