Goldman

Sachs

Core

Bond

ETF

Schedule

of

Investments

May

31,

2026

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Mortgage-Backed

Securities

–

35.0%

a

ARZ

Trust

,

Series

2024-BILT,

Class

A

$

200,000

5.772

%

06/11/39

(a)

$

202,002

BANK

,

Series

2021-BN35,

Class

A5

200,000

2.285

06/15/64

(b)

176,557

BANK

,

Series

2024-BNK48,

Class

AS

1,250,000

5.355

10/15/57

(b)(c)

1,250,059

BANK

,

Series

2025-BNK51,

Class

B

100,000

5.895

12/25/67

(b)(c)

101,914

BANK5

,

Series

2023-5YR3,

Class

A3

2,450,000

6.724

09/15/56

(b)(c)

2,541,254

BANK5

,

Series

2024-5YR7,

Class

A3

350,000

5.769

06/15/57

(b)

359,443

BANK5

,

Series

2024-5YR9,

Class

AS

180,000

6.182

08/15/57

(b)(c)

185,966

BANK5

,

Series

2025-5YR14,

Class

A3

180,000

5.646

04/15/58

(b)

185,001

BANK5

,

Series

2025-5YR15,

Class

A3

300,000

5.452

07/15/58

(b)

306,421

BANK5

,

Series

2025-5YR19,

Class

A3

200,000

5.270

12/15/58

(b)

203,517

BANK5

,

Series

2026-5YR21,

Class

A3

300,000

5.525

04/15/59

(b)

308,123

BANK5

,

Series

2026-5YR22,

Class

A3

1,100,000

5.713

06/15/59

(b)(d)

1,137,167

Benchmark

Mortgage

Trust

,

Series

2019-B11,

Class

A5

250,000

3.542

05/15/52

(b)

240,858

Benchmark

Mortgage

Trust

,

Series

2020-B22,

Class

ASB

88,826

1.731

01/15/54

(b)

83,857

Benchmark

Mortgage

Trust

,

Series

2021-B28,

Class

ASB

220,000

1.980

08/15/54

205,085

Benchmark

Mortgage

Trust

,

Series

2023-B39,

Class

A5

250,000

5.754

07/15/56

(b)

260,233

BFLD

Commercial

Mortgage

Trust

,

Series

2025-660F,

Class

B

(TSFR1M

+

1.800%)

250,000

5.427

11/15/42

(a)(c)

250,750

BMO

Mortgage

Trust

,

Series

2024-5C4,

Class

A3

1,900,000

6.526

05/15/57

(b)(c)

1,982,065

BMO

Mortgage

Trust

,

Series

2024-5C7,

Class

A3

400,000

5.566

11/15/57

(b)(c)

408,593

BMO

Mortgage

Trust

,

Series

2026-C14,

Class

A5

200,000

5.317

02/15/59

(b)

202,297

BSTN

Commercial

Mortgage

Trust

,

Series

2025-1C,

Class

A

200,000

5.369

06/15/44

(a)(c)

202,693

BX

Commercial

Mortgage

Trust

,

Series

2026-CSMO,

Class

A

(TSFR1M

+

1.400%)

2,500,000

5.027

02/15/43

(a)(c)

2,505,160

BX

Commercial

Mortgage

Trust

,

Series

2026-CSMO,

Class

B

(TSFR1M

+

1.700%)

450,000

5.327

02/15/43

(a)(c)

451,228

BX

Commercial

Mortgage

Trust

,

Series

2026-LP3,

Class

A

(TSFR1M

+

1.380%)

980,704

5.007

04/15/43

(a)(c)

983,021

BX

Trust

,

Series

2024-BIO,

Class

A

(TSFR1M

+

1.642%)

1,875,000

5.269

02/15/41

(a)(c)

1,873,537

BX

Trust

,

Series

2025-ARIA,

Class

A

1,846,000

5.031

12/13/42

(a)(c)

1,852,061

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Mortgage-Backed

Securities

–

(continued)

a

BX

Trust

,

Series

2025-ROIC,

Class

A

(TSFR1M

+

1.144%)

$

1,638,723

4.771

%

03/15/30

(a)(c)

$

1,635,963

COMM

Mortgage

Trust

,

Series

2024-277P,

Class

A

250,000

6.338

08/10/44

(a)

259,275

DBC

Mortgage

Trust

,

Series

2025-DBC,

Class

A

(TSFR1M

+

1.350%)

250,000

4.978

11/15/42

(a)(b)(c)

250,072

Durst

Commercial

Mortgage

Trust

,

Series

2025-151,

Class

A

2,000,000

5.145

08/10/42

(a)(c)

2,012,800

Federal

Home

Loan

Mortgage

Corporation

466,257

2.000

05/01/51

376,657

226,898

2.000

07/01/51

183,058

11,242,628

2.500

03/01/52

9,472,887

214,578

5.500

11/01/53

216,624

188,769

6.000

07/01/54

193,381

9,311,198

5.000

09/01/54

9,240,664

903,063

5.500

02/01/55

908,847

Federal

National

Mortgage

Association

3,000,000

4.500

TBA-15yr

(e)

2,968,044

9,855,759

2.000

02/01/51

7,972,052

1,276,077

2.000

10/01/51

1,028,631

226,354

3.000

02/01/52

200,066

494,678

5.500

04/01/54

499,385

431,666

5.500

01/01/55

434,569

243,390

5.500

11/01/55

246,294

9,000,000

2.000

TBA-30yr

(e)

7,200,297

27,000,000

2.500

TBA-30yr

(e)

22,599,972

2,000,000

3.000

TBA-30yr

(e)

1,746,412

3,000,000

3.500

TBA-30yr

(e)

2,726,964

6,000,000

4.500

TBA-30yr

(e)

5,758,812

3,000,000

5.000

TBA-30yr

(e)

2,951,352

20,000,000

5.500

TBA-30yr

(e)

20,088,400

4,000,000

6.000

TBA-30yr

(e)

4,084,040

2,000,000

6.500

TBA-30yr

(e)

2,078,120

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates

,

Series

K547,

Class

A2

100,000

4.421

05/25/30

(b)(c)

100,019

Government

National

Mortgage

Association

368,646

2.500

06/20/50

315,826

385,200

2.000

12/20/51

316,268

240,243

3.000

03/20/52

213,700

963,214

4.500

09/20/52

935,224

291,480

5.500

02/20/55

294,143

1,000,000

2.500

TBA-30yr

(e)

855,258

4,000,000

2.000

TBA-30yr

(e)

3,281,932

2,000,000

6.000

TBA-30yr

(e)

2,037,720

2,000,000

3.000

TBA-30yr

(e)

1,777,680

2,000,000

3.500

TBA-30yr

(e)

1,801,268

3,000,000

4.500

TBA-30yr

(e)

2,885,511

4,000,000

5.000

TBA-30yr

(e)

3,949,724

4,000,000

5.500

TBA-30yr

(e)

4,024,640

3,000,000

6.000

TBA-30yr

(e)

3,054,750

GWT

,

Series

2024-WLF2,

Class

A

(TSFR1M

+

1.691%)

300,000

5.318

05/15/41

(a)(c)

300,749

HLTN

Commercial

Mortgage

Trust

,

Series

2026-DPLO,

Class

A

(TSFR1M

+

1.700%)

2,700,000

5.327

04/15/41

(a)(c)

2,706,550

Goldman

Sachs

Core

Bond

ETF

Schedule

of

Investments

(continued)

May

31,

2026

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Mortgage-Backed

Securities

–

(continued)

a

Houston

Galleria

Mall

Trust

,

Series

2025-HGLR,

Class

A

$

3,268,000

5.462

%

02/05/45

(a)(c)

$

3,339,692

Hudson

Yards

Mortgage

Trust

,

Series

2025-SPRL,

Class

A

100,000

5.467

01/13/40

(a)(c)

102,043

IRV

Trust

,

Series

2025-200P,

Class

C

250,000

5.730

03/14/47

(a)(b)(c)

248,720

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

,

Series

2022-NLP,

Class

A

(TSFR1M

+

0.847%)

135,256

4.474

04/15/37

(a)(c)

133,867

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

,

Series

2024-OMNI,

Class

A

180,000

5.797

10/05/39

(a)(c)

181,501

JPMDB

Commercial

Mortgage

Securities

Trust

,

Series

2017-C7,

Class

A5

480,000

3.409

10/15/50

(b)

473,070

LBTY

Commercial

Mortgage

Trust

,

Series

2026-225L,

Class

A

1,500,000

4.593

02/10/43

(a)(c)

1,474,880

MAD

Commercial

Mortgage

Trust

,

Series

2025-11MD,

Class

A

3,100,000

4.754

10/15/42

(a)(c)

3,081,116

Manhattan

West

Mortgage

Trust

,

Series

2026-2MW,

Class

A

1,200,000

5.498

06/10/48

(a)(c)

1,204,482

Manhattan

West

Mortgage

Trust

,

Series

2026-2MW,

Class

B

600,000

5.718

06/10/48

(a)(c)

603,108

MTN

Commercial

Mortgage

Trust

,

Series

2026-LPFX,

Class

A

1,800,000

5.153

05/15/43

(a)(c)

1,788,131

NYC

Commercial

Mortgage

Trust

,

Series

2025-11X,

Class

A

(TSFR1M

+

1.743%)

250,000

5.370

10/15/40

(a)(c)

250,831

NYC

Commercial

Mortgage

Trust

,

Series

2025-11X,

Class

B

(TSFR1M

+

2.093%)

250,000

5.720

10/15/40

(a)(c)

250,737

NYC

Commercial

Mortgage

Trust

,

Series

2025-300P,

Class

A

2,140,000

4.879

07/13/42

(a)(c)

2,119,045

NYC

Trust

,

Series

2026-9W57,

Class

A

2,000,000

5.053

06/06/40

(a)(b)(c)

1,992,375

NYC

Trust

,

Series

2026-9W57,

Class

B

800,000

5.353

06/06/40

(a)(b)(c)

798,038

SCG

Trust

,

Series

2025-SNIP,

Class

A

(TSFR1M

+

1.500%)

2,500,000

5.127

09/15/42

(a)(c)

2,507,474

Wells

Fargo

Commercial

Mortgage

Trust

,

Series

2024-1CHI,

Class

A

119,000

5.307

07/15/35

(a)(c)

119,311

Wells

Fargo

Commercial

Mortgage

Trust

,

Series

2026-1250B,

Class

A

150,000

4.677

03/10/41

(a)(c)

148,362

TOTAL

MORTGAGE-BACKED

SECURITIES

(Cost

$175,958,253)

175,460,245

a

Corporate

Obligations

–

24.2%

Advertising

–

0.0%

Lamar

Media

Corp.

55,000

5.375

11/01/33

(a)(b)

54,195

Aerospace

&

Defense

–

1.2%

Axon

Enterprise,

Inc.

50,000

6.250

03/15/33

(a)(b)

51,173

Boeing

Co.

(The)

50,000

5.040

05/01/27

(b)

50,283

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Aerospace

&

Defense

–

(continued)

Boeing

Co.

(The)

–

(continued)

$

220,000

6.259

%

05/01/27

(b)

$

223,543

50,000

3.450

11/01/28

(b)

48,768

42,000

5.150

05/01/30

(b)

42,688

150,000

3.600

05/01/34

(b)

135,385

140,000

6.528

05/01/34

(b)

152,846

430,000

3.250

02/01/35

(b)

373,794

284,000

6.625

02/15/38

311,362

1,077,000

3.550

03/01/38

(b)

899,526

1,520,000

6.875

03/15/39

1,700,959

236,000

5.705

05/01/40

(b)

240,522

128,000

3.625

03/01/48

(b)

91,368

529,000

3.850

11/01/48

(b)

390,604

82,000

3.750

02/01/50

(b)

60,005

11,000

6.858

05/01/54

(b)

12,424

Hexcel

Corp.

64,000

5.875

02/26/35

(b)

65,921

Howmet

Aerospace,

Inc.

50,000

4.850

10/15/31

(b)

50,314

Moog,

Inc.

30,000

5.500

10/15/34

(a)(b)

29,805

TransDigm

,

Inc.

794,000

6.375

05/31/33

(a)(b)

802,204

5,000

6.250

01/31/34

(a)(b)

5,116

60,000

6.750

01/31/34

(a)(b)

61,536

15,000

6.125

07/31/34

(a)(b)

14,930

5,815,076

Banks

–

7.1%

American

Express

Co.

(SOFR

+

1.760%)

42,000

4.420

08/03/33

(b)(c)

40,900

(SOFR

+

1.420%)

152,000

5.284

07/26/35

(b)(c)

153,779

(SOFR

+

1.790%)

100,000

5.667

04/25/36

(b)(c)

103,668

(SOFR

+

1.237%)

141,000

4.804

10/24/36

(b)(c)

136,475

Bank

of

America

Corp.

(SOFR

+

1.320%)

76,000

2.687

04/22/32

(b)(c)

68,985

(SOFR

+

1.220%)

96,000

2.299

07/21/32

(b)(c)

84,887

(SOFR

+

1.210%)

10,000

2.572

10/20/32

(b)(c)

8,914

(SOFR

+

1.830%)

164,000

4.571

04/27/33

(b)(c)

161,023

(SOFR

+

1.910%)

134,000

5.288

04/25/34

(b)(c)

136,075

(SOFR

+

1.840%)

115,000

5.872

09/15/34

(b)(c)

120,556

(SOFR

+

1.650%)

75,000

5.468

01/23/35

(b)(c)

76,642

(SOFR

+

1.738%)

3,268,000

5.518

10/25/35

(b)(c)

3,292,890

(SOFR

+

1.697%)

853,000

5.744

02/12/36

(b)(c)

871,076

(US

5

Year

CMT

T-Note

+

1.200%)

213,000

2.482

09/21/36

(b)(c)

185,756

Goldman

Sachs

Core

Bond

ETF

Schedule

of

Investments

(continued)

May

31,

2026

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Banks

–

(continued)

(US

5

Year

CMT

T-Note

+

1.200%)

–

(continued)

$

200,000

6.110

%

01/29/37

$

210,967

(SOFR

+

1.130%)

100,000

5.045

02/06/37

(b)(c)

98,511

(TSFR3M

+

2.076%)

24,000

4.244

04/24/38

(b)(c)

21,951

(SOFR

+

1.580%)

50,000

3.311

04/22/42

(b)(c)

38,663

Bank

of

America

Corp.

,

MTN

(SOFR

+

1.530%)

197,000

1.898

07/23/31

(b)(c)

175,960

(SOFR

+

1.370%)

302,000

1.922

10/24/31

(b)(c)

267,851

(SOFR

+

1.330%)

226,000

2.972

02/04/33

(b)(c)

204,347

(SOFR

+

2.160%)

223,000

5.015

07/22/33

(b)(c)

224,117

(SOFR

+

1.913%)

1,133,000

5.425

08/15/35

(b)(c)

1,138,386

(SOFR

+

1.930%)

50,000

2.676

06/19/41

(b)(c)

36,281

Bank

of

America

Corp.

,

Series

N

(SOFR

+

1.220%)

300,000

2.651

03/11/32

(b)(c)

272,250

Bank

of

America

NA

250,000

6.000

10/15/36

264,747

Capital

One

Financial

Corp.

50,000

4.100

02/09/27

(b)

49,938

65,000

3.750

03/09/27

(b)

64,779

(SOFR

+

2.057%)

25,000

4.927

05/10/28

(b)(c)

25,101

(SOFR

+

1.250%)

10,000

4.493

09/11/31

(b)(c)

9,826

(SOFR

+

3.070%)

15,000

7.624

10/30/31

(b)(c)

16,522

(SOFRINDX

+

3.370%)

20,000

7.964

11/02/34

(b)(c)

23,041

(SOFR

+

2.260%)

50,000

6.051

02/01/35

(b)(c)

51,933

(SOFR

+

1.990%)

1,138,000

5.884

07/26/35

(b)(c)

1,169,017

(SOFR

+

2.036%)

119,000

6.183

01/30/36

(b)(c)

121,737

(SOFR

+

1.630%)

155,000

5.197

09/11/36

(b)(c)

150,880

(SOFR

+

1.508%)

20,000

5.399

01/30/37

(b)(c)

19,729

Citigroup,

Inc.

(SOFR

+

1.422%)

77,000

2.976

11/05/30

(b)(c)

72,821

(SOFR

+

1.146%)

50,000

2.666

01/29/31

(b)(c)

46,530

(SOFR

+

3.914%)

197,000

4.412

03/31/31

(b)(c)

194,747

(SOFR

+

2.107%)

61,000

2.572

06/03/31

(b)(c)

56,110

(SOFR

+

1.171%)

30,000

4.503

09/11/31

(b)(c)

29,679

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Banks

–

(continued)

(SOFR

+

1.167%)

$

137,000

2.561

%

05/01/32

(b)(c)

$

123,255

(SOFR

+

1.351%)

718,000

3.057

01/25/33

(b)(c)

651,096

(SOFR

+

2.338%)

96,000

6.270

11/17/33

(b)(c)

102,532

(SOFR

+

1.447%)

298,000

5.449

06/11/35

(b)(c)

303,426

(SOFR

+

1.830%)

200,000

6.020

01/24/36

(b)(c)

205,968

(TSFR3M

+

1.430%)

49,000

3.878

01/24/39

(b)(c)

42,549

(US

5

Year

CMT

T-Note

+

1.730%)

69,000

5.411

09/19/39

(b)(c)

68,195

Citigroup,

Inc.

,

Series

EE

(US

5

Year

CMT

T-Note

+

2.572%)

26,000

6.750

02/15/75

(b)(c)

26,244

Citizens

Financial

Group,

Inc.

(SOFR

+

2.010%)

19,000

5.841

01/23/30

(b)(c)

19,505

10,000

2.500

02/06/30

(b)

9,212

11,000

3.250

04/30/30

(b)

10,411

First

Horizon

Corp.

(SOFR

+

1.766%)

619,000

5.514

03/07/31

(b)(c)

627,523

Huntington

Bancshares,

Inc.

(SOFRINDX

+

1.870%)

292,000

5.709

02/02/35

(b)(c)

299,136

(US

5

Year

CMT

T-Note

+

1.700%)

637,000

6.141

11/18/39

(b)(c)

651,154

JPMorgan

Chase

&

Co.

(TSFR3M

+

1.105%)

30,000

1.764

11/19/31

(b)(c)

26,445

(SOFR

+

0.840%)

1,190,000

4.347

01/22/32

(b)(c)

1,168,977

(TSFR3M

+

1.250%)

10,000

2.580

04/22/32

(b)(c)

9,033

(SOFR

+

1.260%)

10,000

2.963

01/25/33

(b)(c)

9,070

(SOFR

+

1.800%)

20,000

4.586

04/26/33

(b)(c)

19,698

(SOFR

+

2.080%)

10,000

4.912

07/25/33

(b)(c)

10,013

(SOFR

+

1.845%)

40,000

5.350

06/01/34

(b)(c)

40,798

(SOFR

+

1.460%)

30,000

5.294

07/22/35

(b)(c)

30,289

(SOFR

+

1.315%)

95,000

5.502

01/24/36

(b)(c)

97,204

(SOFR

+

1.680%)

33,000

5.572

04/22/36

(b)(c)

33,950

(SOFR

+

1.635%)

129,000

5.576

07/23/36

(b)(c)

130,870

(SOFR

+

1.190%)

501,000

4.810

10/22/36

(b)(c)

486,441

Goldman

Sachs

Core

Bond

ETF

Schedule

of

Investments

(continued)

May

31,

2026

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Banks

–

(continued)

(SOFR

+

1.070%)

$

747,000

4.898

%

01/22/37

(b)(c)

$

727,759

(SOFR

+

1.300%)

3,330,000

5.193

02/05/37

(b)(c)

3,277,671

119,000

6.400

05/15/38

131,467

(TSFR3M

+

1.622%)

121,000

3.882

07/24/38

(b)(c)

106,918

(TSFR3M

+

2.460%)

50,000

3.109

04/22/41

(b)(c)

38,688

(TSFR3M

+

1.510%)

50,000

2.525

11/19/41

(b)(c)

35,441

M&T

Bank

Corp.

(SOFR

+

2.260%)

1,149,000

6.082

03/13/32

(b)(c)

1,199,576

(SOFR

+

1.850%)

30,000

5.053

01/27/34

(b)(c)

29,786

(US

5

Year

CMT

T-Note

+

1.430%)

120,000

5.400

07/30/35

(b)(c)

119,646

M&T

Bank

Corp.

,

MTN

(SOFR

+

1.610%)

313,000

5.385

01/16/36

(b)(c)

312,621

Morgan

Stanley

(SOFR

+

1.630%)

1,000,000

5.449

07/20/29

(b)(c)

1,017,046

(SOFR

+

0.800%)

1,000,000

4.238

01/09/30

(b)(c)

989,181

(SOFR

+

2.560%)

110,000

6.342

10/18/33

(b)(c)

117,810

(SOFR

+

1.730%)

567,000

5.466

01/18/35

(b)(c)

577,616

(SOFR

+

1.555%)

105,000

5.320

07/19/35

(b)(c)

105,935

(SOFR

+

1.418%)

305,000

5.587

01/18/36

(b)(c)

312,681

(SOFR

+

1.757%)

339,000

5.664

04/17/36

(b)(c)

349,121

(SOFR

+

1.360%)

2,676,000

2.484

09/16/36

(b)(c)

2,327,080

(SOFR

+

1.184%)

250,000

5.073

01/30/37

(b)(c)

245,056

116,000

3.971

07/22/38

(b)(c)

102,013

(US

5

Year

CMT

T-Note

+

1.800%)

48,000

5.942

02/07/39

(b)(c)

49,596

(SOFR

+

1.485%)

50,000

3.217

04/22/42

(b)(c)

38,161

Morgan

Stanley

,

GMTN

(SOFR

+

1.178%)

300,000

2.239

07/21/32

(b)(c)

263,716

Morgan

Stanley

,

MTN

(SOFR

+

1.034%)

25,000

1.794

02/13/32

(b)(c)

21,765

(SOFR

+

1.870%)

268,000

5.250

04/21/34

(b)(c)

270,754

(SOFR

+

1.880%)

75,000

5.424

07/21/34

(b)(c)

76,452

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Banks

–

(continued)

Morgan

Stanley

,

Series

I

(SOFR

+

1.314%)

$

184,000

4.892

%

10/22/36

(b)(c)

$

178,453

Morgan

Stanley

Private

Bank

NA

(SOFR

+

0.762%)

4,267,000

4.213

02/08/30

(b)(c)

4,218,574

Regions

Financial

Corp.

(SOFR

+

1.490%)

40,000

5.722

06/06/30

(b)(c)

41,030

State

Street

Corp.

(US

5

Year

CMT

T-Note

+

2.135%)

12,000

6.450

06/15/75

(b)(c)

12,307

Synchrony

Financial

(SOFRINDX

+

2.130%)

20,000

5.935

08/02/30

(b)(c)

20,381

(SOFR

+

1.530%)

560,000

4.947

02/25/32

(b)(c)

546,518

Truist

Financial

Corp.

,

MTN

(SOFR

+

1.620%)

62,000

5.435

01/24/30

(b)(c)

63,243

(SOFR

+

2.361%)

33,000

5.867

06/08/34

(b)(c)

34,342

(SOFR

+

1.922%)

526,000

5.711

01/24/35

(b)(c)

541,784

(SOFR

+

1.395%)

517,000

4.964

10/23/36

(b)(c)

501,700

Truist

Financial

Corp.

,

Series

I

(SOFR

+

1.414%)

258,000

5.281

04/23/37

(b)(c)

255,558

U.S.

Bancorp

(SOFR

+

1.296%)

161,000

5.083

05/15/31

(b)(c)

163,189

(SOFR

+

1.101%)

222,000

5.033

01/26/37

(b)(c)

218,424

Wells

Fargo

&

Co.

(SOFR

+

1.370%)

50,000

4.970

04/23/29

(b)(c)

50,377

(SOFR

+

1.500%)

30,000

5.198

01/23/30

(b)(c)

30,440

(SOFR

+

2.060%)

10,000

6.491

10/23/34

(b)(c)

10,831

(SOFR

+

1.780%)

70,000

5.499

01/23/35

(b)(c)

71,417

30,000

5.375

02/07/35

30,799

(SOFR

+

1.340%)

105,000

4.892

09/15/36

(b)(c)

102,415

(SOFR

+

1.100%)

98,000

4.960

01/23/37

(b)(c)

95,755

Wells

Fargo

&

Co.

,

MTN

(TSFR3M

+

1.572%)

50,000

3.584

05/22/28

(b)(c)

49,614

35,781,748

Basic

Industry

–

0.3%

Qnity

Electronics,

Inc.

5,000

6.250

08/15/33

(a)(b)

5,103

Goldman

Sachs

Core

Bond

ETF

Schedule

of

Investments

(continued)

May

31,

2026

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Basic

Industry

–

(continued)

Solstice

Advanced

Materials,

Inc.

$

1,234,000

5.625

%

09/30/33

(a)(b)

$

1,219,371

1,224,474

Brokerage

–

0.1%

Jane

Street

Group

/

JSG

Finance,

Inc.

358,000

6.750

05/01/33

(a)(b)

368,145

VFH

Parent

LLC

/

Valor

Co.-Issuer,

Inc.

10,000

7.500

06/15/31

(a)(b)

10,475

378,620

Building

Materials

–

0.9%

Advanced

Drainage

Systems,

Inc.

741,000

5.375

03/01/34

(a)(b)

723,965

AECOM

1,281,000

6.000

08/01/33

(a)(b)

1,281,585

Allegion U.S.

Holding

Co.,

Inc.

155,000

5.600

05/29/34

(b)

158,104

Builders

FirstSource

,

Inc.

11,000

4.250

02/01/32

(a)(b)

10,128

783,000

6.750

05/15/35

(a)(b)

791,237

Ferguson

Enterprises,

Inc.

23,000

4.350

03/15/31

(b)

22,626

Installed

Building

Products,

Inc.

170,000

5.625

02/01/34

(a)(b)

166,995

QXO

Building

Products,

Inc.

537,000

6.750

04/30/32

(a)(b)

547,345

Standard

Building

Solutions,

Inc.

961,000

6.250

08/01/33

(a)(b)

961,691

4,663,676

Capital

Goods

–

1.1%

AGCO

Corp.

1,000,000

5.800

03/21/34

(b)

1,027,930

Atkore,

Inc.

22,000

4.250

06/01/31

(a)(b)

20,977

CACI

International,

Inc.

110,000

6.375

06/15/33

(a)(b)

112,506

Carrier

Global

Corp.

100,000

2.493

02/15/27

(b)

98,802

1,000,000

2.722

02/15/30

(b)

935,900

69,000

5.900

03/15/34

(b)

72,754

28,000

3.377

04/05/40

(b)

22,419

50,000

3.577

04/05/50

(b)

36,386

CompoSecure

Holdings

LLC

446,000

5.625

02/01/33

(a)(b)

432,934

Esab

Corp.

70,000

5.625

04/01/31

(a)(b)

70,490

General

Electric

Co.

1,088,000

4.900

01/29/36

(b)

1,086,399

General

Electric

Co.

,

GMTN

37,000

6.875

01/10/39

42,811

General

Electric

Co.

,

MTN

443,000

5.875

01/14/38

472,552

Ingersoll

Rand,

Inc.

51,000

5.700

08/14/33

(b)

52,940

Quanta

Services,

Inc.

151,000

5.250

08/09/34

(b)

152,548

21,000

5.100

08/09/35

(b)

20,928

Regal

Rexnord

Corp.

500,000

6.050

04/15/28

(b)

511,570

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Capital

Goods

–

(continued)

Regal

Rexnord

Corp.

–

(continued)

$

120,000

6.300

%

02/15/30

(b)

$

125,181

5,296,027

Communications

–

0.3%

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

205,000

3.750

02/15/28

(b)

201,509

100,000

4.200

03/15/28

(b)

98,921

164,000

6.100

06/01/29

(b)

168,829

News

Corp.

38,000

3.875

05/15/29

(a)(b)

36,828

Time

Warner

Cable

Enterprises

LLC

593,000

8.375

07/15/33

669,166

Time

Warner

Cable

LLC

66,000

6.750

06/15/39

65,423

20,000

5.875

11/15/40

(b)

18,008

1,258,684

Consumer

Cyclical

–

3.6%

7-Eleven,

Inc.

221,000

2.500

02/10/41

(a)(b)

149,578

Acushnet

Co.

20,000

5.625

12/01/33

(a)(b)

19,843

Airbnb,

Inc.

183,000

5.250

03/16/36

(b)

183,137

AutoNation,

Inc.

20,000

4.750

06/01/30

(b)

19,899

47,000

3.850

03/01/32

(b)

43,922

527,000

5.890

03/15/35

(b)

538,159

Brink's

Co.

(The)

33,000

6.500

06/15/29

(a)(b)

33,807

Carnival

Corp.

Ltd.

20,000

5.875

06/15/31

(a)(b)

20,307

33,000

6.125

02/15/33

(a)(b)

33,420

Choice

Hotels

International,

Inc.

184,000

3.700

01/15/31

(b)

173,434

799,000

5.850

08/01/34

(b)

809,207

Cinemark

USA,

Inc.

19,000

7.000

08/01/32

(a)(b)

19,659

Dollar

General

Corp.

10,000

3.500

04/03/30

(b)

9,529

25,000

5.000

11/01/32

(b)

24,887

204,000

5.450

07/05/33

(b)

207,552

Expedia

Group,

Inc.

191,000

5.400

02/15/35

(b)

189,932

Ford

Motor

Co.

936,000

3.250

02/12/32

(b)

829,426

Ford

Motor

Credit

Co.

LLC

1,000,000

5.875

11/07/29

(b)

1,015,761

1,007,000

5.420

04/09/31

(b)

1,003,661

General

Motors

Co.

56,000

5.350

04/15/28

(b)

56,750

153,000

5.400

10/15/29

(b)

156,302

General

Motors

Financial

Co.,

Inc.

180,000

4.350

01/17/27

(b)

179,881

1,250,000

5.350

07/15/27

1,262,648

1,250,000

2.700

08/20/27

(b)

1,224,613

1,000,000

6.000

01/09/28

(b)

1,021,354

20,000

2.400

10/15/28

(b)

19,016

Goldman

Sachs

Core

Bond

ETF

Schedule

of

Investments

(continued)

May

31,

2026

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Consumer

Cyclical

–

(continued)

General

Motors

Financial

Co.,

Inc.

–

(continued)

$

6,000

5.800

%

01/07/29

(b)

$

6,167

100,000

5.550

07/15/29

(b)

102,370

10,000

5.750

02/08/31

(b)

10,347

1,407,000

5.450

09/06/34

(b)

1,415,455

Global

Payments,

Inc.

192,000

4.875

11/15/30

(b)

188,992

882,000

5.550

11/15/35

(b)

860,102

Hilton

Domestic

Operating

Co.,

Inc.

515,000

5.500

03/31/34

(a)(b)

511,561

Hyatt

Hotels

Corp.

27,000

5.500

06/30/34

(b)

27,440

301,000

5.400

12/15/35

(b)

298,329

LCM

Investments

Holdings

II

LLC

10,000

8.250

08/01/31

(a)(b)

10,436

Marriott

International,

Inc.

70,000

4.500

05/01/33

(b)

67,830

410,000

5.500

04/15/37

(b)

414,221

Marriott

International,

Inc.

,

Series

AA

177,000

4.650

12/01/28

(b)

177,440

Marriott

International,

Inc.

,

Series

GG

577,000

3.500

10/15/32

(b)

532,003

Marriott

International,

Inc.

,

Series

HH

33,000

2.850

04/15/31

(b)

30,293

O'Reilly

Automotive,

Inc.

120,000

5.100

03/12/36

(b)

118,603

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp.

1,053,000

6.500

06/15/33

(a)(b)

1,082,168

30,000

5.750

03/15/34

(a)(b)

29,734

Royal

Caribbean

Cruises

Ltd.

1,061,000

6.250

03/15/32

(a)(b)

1,083,478

55,000

6.000

02/01/33

(a)(b)

55,731

31,000

4.750

05/15/33

(b)

30,172

128,000

5.375

01/15/36

(b)

127,261

598,000

5.250

02/27/38

(b)

579,128

Travel

+

Leisure

Co.

15,000

6.125

09/01/33

(a)(b)

14,749

Viking

Cruises

Ltd.

970,000

5.875

10/15/33

(a)(b)

970,312

17,990,006

Consumer

Noncyclical

–

0.2%

Alcon

Finance

Corp.

200,000

3.000

09/23/29

(a)(b)

189,841

Altria

Group,

Inc.

62,000

5.250

08/06/35

(b)

62,064

Amgen,

Inc.

50,000

5.250

03/02/33

(b)

51,057

Amneal

Pharmaceuticals

LLC

13,000

6.875

08/01/32

(a)(b)

13,467

Cardinal

Health,

Inc.

32,000

5.450

02/15/34

(b)

32,685

5,000

5.150

09/15/35

(b)

4,976

Elevance

Health,

Inc.

200,000

4.600

09/15/32

(b)

196,501

GXO

Logistics,

Inc.

41,000

2.650

07/15/31

(b)

36,350

Kroger

Co.

(The)

175,000

5.000

09/15/34

(b)

173,248

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Consumer

Noncyclical

–

(continued)

Laboratory

Corp.

of

America

Holdings

$

39,000

2.700

%

06/01/31

(b)

$

35,499

78,000

4.550

04/01/32

(b)

76,856

Revvity

,

Inc.

50,000

3.300

09/15/29

(b)

47,890

10,000

2.550

03/15/31

(b)

8,988

101,000

2.250

09/15/31

(b)

88,612

Royalty

Pharma

PLC

41,000

5.400

09/02/34

(b)

41,491

46,000

5.200

09/25/35

(b)

45,673

Thermo

Fisher

Scientific,

Inc.

70,000

4.902

02/12/36

(b)

69,236

1,174,434

Distribution

&

Logistics

–

0.2%

WESCO

Distribution,

Inc.

30,000

5.250

04/15/31

(a)(b)

29,761

917,000

6.375

03/15/33

(a)(b)

941,646

45,000

5.500

04/15/34

(a)(b)

44,667

1,016,074

Distributors

–

0.0%

Hyundai

Capital

America

44,000

5.600

03/30/28

(a)(b)

44,702

21,000

5.300

01/08/30

(a)(b)

21,320

20,000

4.500

09/18/30

(a)(b)

19,680

85,702

Electric

–

0.2%

DTE

Energy

Co.

59,000

4.875

06/01/28

(b)

59,455

Duke

Energy

Corp.

29,000

3.750

09/01/46

(b)

21,654

Duquesne

Light

Holdings,

Inc.

60,000

2.532

10/01/30

(a)(b)

54,193

MidAmerican

Energy

Co.

50,000

4.250

07/15/49

(b)

40,508

NextEra

Energy

Capital

Holdings,

Inc.

50,000

3.550

05/01/27

(b)

49,709

41,000

1.900

06/15/28

(b)

39,000

36,000

5.050

03/15/30

(b)

36,565

NRG

Energy,

Inc.

90,000

5.875

05/15/34

(a)(b)

89,399

Pacific

Gas

and

Electric

Co.

39,000

2.100

08/01/27

(b)

37,921

59,000

5.000

06/04/28

(b)

59,410

143,000

4.650

08/01/28

(b)

142,811

7,000

5.900

06/15/32

(b)

7,250

50,000

5.050

10/15/32

(b)

49,727

10,000

6.150

01/15/33

(b)

10,476

20,000

5.700

03/01/35

(b)

20,247

PacifiCorp

43,000

2.900

06/15/52

(b)

25,659

Vistra

Operations

Co.

LLC

132,000

4.300

07/15/29

(a)(b)

129,716

20,000

4.700

01/31/31

(a)(b)

19,660

55,000

5.250

10/15/35

(a)(b)

53,460

946,820

Goldman

Sachs

Core

Bond

ETF

Schedule

of

Investments

(continued)

May

31,

2026

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Electrical

–

0.2%

Vertiv

Holdings

Co.

$

1,064,000

4.850

%

03/15/36

(b)

$

1,036,387

Energy

–

0.6%

Chord

Energy

Corp.

35,000

6.000

10/01/30

(a)(b)

35,421

35,000

6.750

03/15/33

(a)(b)

35,968

DBR

Land

Holdings

LLC

165,000

6.250

12/01/30

(a)(b)

167,575

Energy

Transfer

LP

30,000

5.000

05/15/44

(b)

26,482

10,000

5.150

03/15/45

(b)

8,902

90,000

6.125

12/15/45

(b)

89,309

Howard

Midstream

Energy

Partners

LLC

1,010,000

6.625

01/15/34

(a)(b)

1,021,383

Kinder

Morgan

Energy

Partners

LP

20,000

6.550

09/15/40

21,481

Kinder

Morgan,

Inc.

20,000

5.300

12/01/34

(b)

20,246

Kodiak

Gas

Services

LLC

1,010,000

6.500

10/01/33

(a)(b)

1,027,994

5,000

6.750

10/01/35

(a)(b)

5,140

MPLX

LP

10,000

5.200

03/01/47

(b)

9,004

43,000

4.700

04/15/48

(b)

35,799

93,000

5.500

02/15/49

(b)

85,499

Occidental

Petroleum

Corp.

17,000

7.875

09/15/31

19,328

57,000

5.375

01/01/32

(b)

58,605

283,000

5.550

10/01/34

(b)

291,863

65,000

6.450

09/15/36

70,639

Ovintiv

,

Inc.

20,000

8.125

09/15/30

22,396

Sunoco

LP

25,000

5.875

03/15/34

(a)(b)

24,828

Sunoco

LP

/

Sunoco

Finance

Corp.

14,000

4.500

05/15/29

(b)

13,720

Targa

Resources

Corp.

59,000

4.200

02/01/33

(b)

56,131

USA

Compression

Partners

LP

/

USA

Compression

Finance

Corp.

30,000

6.250

10/01/33

(a)(b)

30,111

Venture

Global

Plaquemines

LNG

LLC

15,000

6.125

12/15/30

(a)(b)

15,398

15,000

6.500

06/15/34

(a)(b)

15,656

3,208,878

Financial

Company

–

0.6%

Ally

Financial,

Inc.

23,000

7.100

11/15/27

(b)

23,775

(SOFRINDX

+

1.960%)

30,000

5.737

05/15/29

(b)(c)

30,478

(SOFR

+

3.260%)

130,000

6.992

06/13/29

(b)(c)

135,039

(SOFRINDX

+

1.730%)

46,000

5.543

01/17/31

(b)(c)

46,368

Apollo

Debt

Solutions

BDC

39,000

6.550

03/15/32

(b)

39,460

Aviation

Capital

Group

LLC

45,000

5.375

07/15/29

(a)(b)

45,604

132,000

4.875

01/28/33

(a)(b)

128,092

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Financial

Company

–

(continued)

Blackstone

Secured

Lending

Fund

$

7,000

5.300

%

06/30/30

(b)

$

6,827

Rocket

Cos.,

Inc.

167,000

6.375

08/01/33

(a)(b)

169,459

Stonex

Escrow

Issuer

LLC

25,000

6.875

07/15/32

(a)(b)

25,791

Sumisho

Air

Lease

Corp.

,

MTN

50,000

2.875

01/15/32

(b)

44,651

Takeoff

Merger

Sub,

Inc.

2,540,000

4.850

03/24/31

(a)(b)

2,516,529

3,212,073

Food

and

Beverage

–

0.8%

Campbell's

Co.

(The)

29,000

5.400

03/21/34

(b)

28,169

Campbell's

Company

(The)

94,000

4.750

03/23/35

(b)

86,708

455,000

5.250

10/13/54

(b)

379,871

Constellation

Brands,

Inc.

36,000

4.800

05/01/30

(b)

36,235

25,000

2.250

08/01/31

(b)

22,061

J

M

Smucker

Co.

(The)

100,000

5.900

11/15/28

(b)

103,205

7,000

2.125

03/15/32

(b)

6,035

100,000

6.200

11/15/33

(b)

106,630

Mars,

Inc.

142,000

4.800

03/01/30

(a)(b)

142,958

165,000

5.000

03/01/32

(a)(b)

166,710

483,000

5.200

03/01/35

(a)(b)

486,127

744,000

5.700

05/01/55

(a)(b)

733,707

Performance

Food

Group,

Inc.

625,000

5.625

03/01/34

(a)(b)

611,155

Pernod

Ricard

International

Finance

LLC

1,000,000

1.625

04/01/31

(a)(b)

862,512

3,772,083

Glass

Packaging

–

0.0%

Crown

Americas

LLC

40,000

5.875

06/01/33

(b)

40,186

Hardware

–

0.0%

Amkor

Technology,

Inc.

75,000

5.875

10/01/33

(a)(b)

75,352

Healthcare

–

1.2%

Augusta

SpinCo

Corp.

1,000,000

4.945

03/23/33

(b)

996,628

Cencora

,

Inc.

1,000,000

4.250

11/15/30

(b)

981,797

413,000

2.700

03/15/31

(b)

377,102

Cigna

Group

(The)

168,000

4.800

08/15/38

(b)

159,057

45,000

3.875

10/15/47

(b)

34,302

713,000

4.900

12/15/48

(b)

626,233

CVS

Health

Corp.

20,000

4.875

07/20/35

(b)

19,383

57,000

5.450

09/15/35

(b)

57,682

1,215,000

4.780

03/25/38

(b)

1,133,973

115,000

6.125

09/15/39

119,131

HCA,

Inc.

50,000

4.500

02/15/27

(b)

49,993

227,000

3.500

09/01/30

(b)

215,664

Goldman

Sachs

Core

Bond

ETF

Schedule

of

Investments

(continued)

May

31,

2026

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Healthcare

–

(continued)

HCA,

Inc.

–

(continued)

$

67,000

2.375

%

07/15/31

(b)

$

59,393

459,000

5.500

03/01/32

(b)

470,674

71,000

5.500

06/01/33

(b)

72,482

24,000

5.125

06/15/39

(b)

22,742

Solventum

Corp.

28,000

5.400

03/01/29

(b)

28,546

273,000

5.600

03/23/34

(b)

279,735

UnitedHealth

Group,

Inc.

77,000

5.000

04/15/34

(b)

77,128

13,000

3.500

08/15/39

(b)

10,675

54,000

5.700

10/15/40

(b)

55,029

120,000

5.950

02/15/41

(b)

124,488

208,000

3.050

05/15/41

(b)

156,566

40,000

4.375

03/15/42

(b)

34,780

45,000

4.250

03/15/43

(b)

38,098

10,000

5.875

02/15/53

(b)

10,041

2,000

5.625

07/15/54

(b)

1,940

6,213,262

Insurance

–

0.0%

Acrisure

LLC

/

Acrisure

Finance,

Inc.

10,000

6.750

07/01/32

(a)(b)

9,670

Teachers

Insurance

&

Annuity

Association

of

America

47,000

4.900

09/15/44

(a)

41,989

Willis

North

America,

Inc.

20,000

4.550

03/15/31

(b)

19,710

71,369

Lodging

–

0.1%

Las

Vegas

Sands

Corp.

157,000

5.625

06/15/28

(b)

159,226

124,000

6.000

06/14/30

(b)

127,918

287,144

Media

Non

Cable

–

0.3%

Graham

Holdings

Co.

613,000

5.625

12/01/33

(a)(b)

603,387

Netflix,

Inc.

1,000,000

6.375

05/15/29

1,055,413

1,658,800

Metals

–

0.2%

Commercial

Metals

Co.

20,000

5.750

11/15/33

(a)(b)

20,001

817,000

6.000

12/15/35

(a)(b)

818,240

838,241

Metals

and

Mining

–

0.0%

Carpenter

Technology

Corp.

10,000

5.625

03/01/34

(a)(b)

9,958

REITs

and

Real

Estate

–

0.7%

Agree

LP

20,000

5.625

06/15/34

(b)

20,565

American

Homes

4

Rent

LP

40,000

4.950

06/15/30

(b)

40,138

258,000

2.375

07/15/31

(b)

228,085

329,000

5.250

03/15/35

(b)

327,397

CBRE

Services,

Inc.

19,000

5.500

04/01/29

(b)

19,458

Cousins

Properties

LP

66,000

5.250

07/15/30

(b)

66,789

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

REITs

and

Real

Estate

–

(continued)

Cousins

Properties

LP

–

(continued)

$

20,000

5.375

%

02/15/32

(b)

$

20,316

93,000

4.875

03/01/33

(b)

90,580

1,072,000

5.875

10/01/34

(b)

1,098,590

Essex

Portfolio

LP

30,000

3.000

01/15/30

(b)

28,311

Healthcare

Realty

Holdings

LP

51,000

2.050

03/15/31

(b)

44,408

Healthpeak

OP

LLC

20,000

5.375

02/15/35

(b)

20,142

Highwoods

Realty

LP

47,000

2.600

02/01/31

(b)

41,905

101,000

7.650

02/01/34

(b)

112,924

Host

Hotels

&

Resorts

LP

1,000,000

4.250

12/15/28

(b)

991,009

26,000

5.700

06/15/32

(b)

26,662

20,000

5.700

07/01/34

(b)

20,401

Host

Hotels

&

Resorts

LP

,

Series

I

36,000

3.500

09/15/30

(b)

33,941

Host

Hotels

&

Resorts

LP

,

Series

J

20,000

2.900

12/15/31

(b)

17,859

Invitation

Homes

Operating

Partnership

LP

45,000

2.000

08/15/31

(b)

38,750

Kilroy

Realty

LP

29,000

6.250

01/15/36

(b)

29,105

Phillips

Edison

Grocery

Center

Operating

Partnership

I

LP

20,000

4.750

03/15/33

(b)

19,591

Starwood

Property

Trust,

Inc.

70,000

5.250

10/15/28

(a)(b)

69,910

15,000

5.750

01/15/31

(a)(b)

14,984

210,000

6.125

06/01/31

(a)(b)

212,275

WP

Carey,

Inc.

50,000

3.850

07/15/29

(b)

48,890

3,682,985

Revenue

–

0.1%

Adventist

Health

System

,

Series

2025

70,000

4.742

12/01/30

(b)

69,339

Ascension

Health

,

Series

2025

25,000

4.923

11/15/35

(b)

24,759

CommonSpirit

Health

25,000

4.352

09/01/30

(b)

24,525

CommonSpirit

Health

,

Series

2025

170,000

4.975

09/01/35

(b)

164,868

Cornell

University

,

Series

2025

45,000

4.733

06/15/35

(b)

44,532

PeaceHealth

Obligated

Group

20,000

4.335

11/15/28

(b)

19,858

Sutter

Health

,

Series

20A

116,000

3.161

08/15/40

(b)

89,838

437,719

Software

–

1.9%

Fair

Isaac

Corp.

81,000

6.000

05/15/33

(a)(b)

80,190

749,000

6.250

09/15/34

(a)(b)

739,549

MSCI,

Inc.

150,000

4.000

11/15/29

(a)(b)

145,455

273,000

3.875

02/15/31

(a)(b)

258,864

50,000

3.625

11/01/31

(a)(b)

46,429

Goldman

Sachs

Core

Bond

ETF

Schedule

of

Investments

(continued)

May

31,

2026

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Software

–

(continued)

MSCI,

Inc.

–

(continued)

$

288,000

3.250

%

08/15/33

(a)(b)

$

254,003

20,000

5.250

09/01/35

(b)

19,687

Oracle

Corp.

71,000

4.650

05/06/30

(b)

69,857

154,000

5.250

02/03/32

(b)

152,707

60,000

4.800

09/26/32

(b)

57,659

310,000

5.350

05/04/33

(b)

305,071

100,000

5.500

08/03/35

(b)

96,982

140,000

5.200

09/26/35

(b)

133,124

3,810,000

5.700

02/04/36

(b)

3,743,566

73,000

3.600

04/01/40

(b)

54,017

161,000

6.550

02/04/46

(b)

155,030

92,000

4.000

07/15/46

(b)

63,863

233,000

4.000

11/15/47

(b)

159,043

15,000

6.900

11/09/52

(b)

14,753

105,000

5.550

02/06/53

(b)

86,793

25,000

6.000

08/03/55

(b)

21,840

45,000

6.700

02/04/56

(b)

43,338

Paychex,

Inc.

58,000

5.350

04/15/32

(b)

58,738

ROBLOX

Corp.

18,000

3.875

05/01/30

(a)(b)

16,992

Salesforce,

Inc.

1,565,000

4.900

09/15/31

(b)

1,566,032

725,000

5.550

03/15/36

(b)

729,387

40,000

2.700

07/15/41

(b)

27,576

613,000

6.550

03/15/56

(b)

625,388

9,725,933

Technology

–

1.9%

Alphabet,

Inc.

100,000

4.100

11/15/30

(b)

98,938

AppLovin

Corp.

1,115,000

5.500

12/01/34

(b)

1,125,152

Block,

Inc.

336,000

6.500

05/15/32

(b)

342,426

526,000

6.000

08/15/33

(a)(b)

526,161

Broadcom,

Inc.

25,000

2.600

02/15/33

(b)

21,803

144,000

3.469

04/15/34

(b)

129,680

1,217,000

5.200

07/15/35

(b)

1,223,093

86,000

3.137

11/15/35

(a)(b)

73,196

30,000

4.800

02/15/36

(b)

29,187

161,000

3.187

11/15/36

(a)(b)

134,744

1,734,000

4.900

02/15/38

(b)

1,674,374

Crowdstrike

Holdings,

Inc.

10,000

3.000

02/15/29

(b)

9,522

Elastic

NV

408,000

4.125

07/15/29

(a)(b)

390,649

Electronic

Arts,

Inc.

54,000

2.950

02/15/51

(b)

42,949

Fidelity

National

Information

Services,

Inc.

240,000

4.800

03/10/31

(b)

238,240

Intel

Corp.

22,000

4.000

12/15/32

20,805

24,000

3.050

08/12/51

(b)

15,048

Match

Group

Holdings

II

LLC

30,000

6.125

09/15/33

(a)(b)

29,499

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Technology

–

(continued)

Meta

Platforms,

Inc.

$

50,000

4.200

%

11/15/30

(b)

$

49,335

50,000

4.600

11/15/32

(b)

49,351

122,000

4.875

11/15/35

(b)

119,136

QTS

Fayetteville

I

Dc1-2

LLC

/

QTS

TRS

Fayetteville

I

DC1-2

LLC

2,432,000

5.700

04/15/36

(a)(b)

2,367,131

Seagate

Data

Storage

Technology

Pte

Ltd.

20,000

5.875

07/15/30

(a)(b)

20,356

Snap,

Inc.

363,000

6.875

03/15/34

(a)(b)

357,528

SV

RNO

Property

Owner

1

LLC

324,000

5.875

03/01/31

(a)(b)

319,854

Synopsys,

Inc.

127,000

4.850

04/01/30

(b)

127,681

Uber

Technologies,

Inc.

10,000

4.150

01/15/31

(b)

9,782

43,000

4.800

09/15/34

(b)

42,093

VMware,

Inc.

50,000

1.800

08/15/28

(b)

47,273

9,634,986

Transportation

–

0.0%

Delta

Air

Lines,

Inc.

29,000

4.950

07/10/28

(b)

29,157

40,000

5.250

07/10/30

(b)

40,461

Penske

Truck

Leasing

Co.

LP

/

PTL

Finance

Corp.

68,000

5.250

07/01/29

(a)(b)

68,925

United

Airlines

Holdings,

Inc.

57,000

5.375

03/01/31

(b)

56,442

194,985

Wireless

–

0.4%

AT&T,

Inc.

15,000

4.350

06/15/45

(b)

12,176

47,000

4.850

07/15/45

(b)

40,888

3,000

5.550

11/01/45

(b)

2,846

309,000

4.750

05/15/46

(b)

262,634

Crown

Castle,

Inc.

50,000

4.000

03/01/27

(b)

49,898

T-Mobile

USA,

Inc.

1,000,000

6.700

12/15/33

1,099,120

10,000

4.700

01/15/35

(b)

9,696

374,000

5.300

05/15/35

(b)

378,594

1,855,852

TOTAL

CORPORATE

OBLIGATIONS

(Cost

$122,131,490)

121,641,729

a

U.S.

Treasury

Notes

–

18.4%

U.S.

Treasury

Notes

2,000,000

4.500

(f)

04/15/27

2,010,859

7,207,000

3.750

(f)

04/30/27

7,199,117

4,201,000

1.250

(f)

04/30/28

3,989,473

4,654,000

1.000

(f)

07/31/28

4,365,307

92,000

1.875

(f)

02/28/29

86,847

1,906,000

2.625

(f)

07/31/29

1,825,144

224,000

4.000

(f)

02/28/30

223,248

13,126,000

3.750

(f)

01/31/31

12,914,753

5,120,000

4.125

(f)

05/31/31

(d)

5,117,400

Goldman

Sachs

Core

Bond

ETF

Schedule

of

Investments

(continued)

May

31,

2026

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

U.S.

Treasury

Notes

–

(continued)

U.S.

Treasury

Notes

–

(continued)

$

7,952,000

1.250

%

(f)

08/15/31

$

6,874,752

14,487,000

3.750

(f)

02/28/33

14,048,995

25,248,000

4.250

(f)

03/31/33

25,212,495

5,140,000

4.250

(f)

05/31/33

(d)

5,130,563

3,631,000

4.000

(f)

11/15/35

3,512,425

TOTAL

U.S.

TREASURY

NOTES

(Cost

$92,941,244)

92,511,378

a

Asset-

Backed

Securities

–

17.1%

Collateralized

Loan

Obligations

–

17.1%

1988

CLO

5

Ltd.

,

Series

2024-5A,

Class

A1

(TSFR3M

+

1.540%)

3,250,000

5.213

07/15/37

(a)(b)(c)

3,254,046

AIMCO

CLO

10

Ltd.

,

Series

2019-10A,

Class

ARR

(TSFR3M

+

1.410%)

250,000

5.074

07/22/37

(a)(b)(c)

250,000

Apidos

Loan

Fund

Ltd.

,

Series

2024-1A,

Class

A1R

(TSFR3M

+

1.250%)

1,250,000

4.917

10/25/38

(a)(b)(c)

1,252,812

ARES

LI

CLO

Ltd.

,

Series

2019-51A,

Class

A1R2

(TSFR3M

+

1.360%)

250,000

5.033

10/15/37

(a)(b)(c)

250,604

Ares

XLI

CLO

Ltd.

,

Series

2016-41A,

Class

A1R3

(TSFR3M

+

1.260%)

2,525,000

4.875

04/15/39

(a)(c)

2,531,131

Bain

Capital

Credit

CLO

,

Series

2019-1A,

Class

BR3

(TSFR3M

+

1.400%)

950,000

5.075

04/19/34

(a)(b)(c)

950,449

Bain

Capital

Credit

CLO

Ltd.

,

Series

2023-4A,

Class

A1R

(TSFR3M

+

1.230%)

2,885,738

4.902

01/21/39

(a)(b)(c)

2,887,738

Benefit

Street

Partners

CLO

41

Ltd.

,

Series

2025-41A,

Class

A

(TSFR3M

+

1.300%)

3,000,000

4.967

07/25/38

(a)(b)(c)

3,013,029

Benefit

Street

Partners

CLO

Ltd.

,

Series

2015-6BR,

Class

A1R

(TSFR3M

+

1.180%)

2,000,000

4.855

04/20/38

(a)(b)(c)

2,001,960

Birch

Grove

CLO

7

Ltd.

,

Series

2023-7A,

Class

A1R

(TSFR3M

+

1.260%)

2,900,000

4.935

10/20/38

(a)(b)(c)

2,905,437

Birch

Grove

CLO

8

Ltd.

,

Series

2024-8A,

Class

A1R

(TSFR3M

+

1.290%)

500,000

4.965

04/20/39

(a)(b)(c)

501,540

Carlyle U.S.

CLO

Ltd.

,

Series

2021-10A,

Class

A1R

(TSFR3M

+

1.310%)

650,000

4.985

01/20/38

(a)(b)(c)

650,543

Carlyle U.S.

CLO

Ltd.

,

Series

2026-1A,

Class

A1

(TSFR3M

+

1.160%)

850,000

4.836

04/25/39

(a)(b)(c)

849,478

CARLYLE U.S.

CLO

Ltd.

,

Series

2021-6A,

Class

A1R

(TSFR3M

+

1.290%)

3,000,000

4.963

01/15/38

(a)(b)(c)

3,004,092

Carval

CLO

X-C

Ltd.

,

Series

2024-2A,

Class

A

(TSFR3M

+

1.460%)

750,000

5.135

07/20/37

(a)(b)(c)

751,217

CBAMR

Ltd.

,

Series

2020-12A,

Class

A1R2

(TSFR3M

+

1.250%)

250,000

4.925

01/20/39

(a)(b)(c)

250,355

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Asset-

Backed

Securities

–

(continued)

Collateralized

Loan

Obligations

–

(continued)

Cedar

Funding

VIII

CLO

Ltd.

,

Series

2017-8A,

Class

ARR

(TSFR3M

+

1.220%)

$

2,000,000

4.900

%

01/17/38

(a)(b)(c)

$

1,999,924

CIFC

Funding

Ltd.

,

Series

2017-1A,

Class

ARR

(TSFR3M

+

1.550%)

570,000

5.222

04/21/37

(a)(b)(c)

570,678

CIFC

Funding

Ltd.

,

Series

2020-1A,

Class

A1R2

(TSFR3M

+

1.250%)

2,830,000

4.888

07/15/39

(a)(c)

2,837,137

Dewolf

Park

CLO

Ltd.

,

Series

2017-1A,

Class

AR2

(TSFR3M

+

1.210%)

270,000

4.874

01/22/39

(a)(b)(c)

270,089

Dryden

106

CLO

Ltd.

,

Series

2022-106A,

Class

A1R

(TSFR3M

+

1.360%)

3,500,000

5.033

10/15/37

(a)(b)(c)

3,509,450

Dryden

108

CLO

Ltd.

,

Series

2022-108A,

Class

A1R

(TSFR3M

+

1.360%)

3,175,000

5.035

07/18/37

(a)(b)(c)

3,179,578

Elmwood

CLO

23

Ltd.

,

Series

2023-2A,

Class

A1R2

(TSFR3M

+

1.200%)

3,000,000

–

07/16/39

(a)(c)(d)(g)

3,000,000

Elmwood

CLO

23

Ltd.

,

Series

2023-2A,

Class

AR

(TSFR3M

+

1.350%)

3,000,000

5.030

04/16/36

(a)(b)(c)

3,000,000

Elmwood

CLO

27

Ltd.

,

Series

2024-3A,

Class

A1R

(TSFR3M

+

1.240%)

1,700,000

4.886

04/18/39

(a)(b)(c)

1,703,910

Elmwood

CLO

38

Ltd.

,

Series

2025-1A,

Class

A

(TSFR3M

+

1.150%)

525,000

4.814

04/22/38

(a)(b)(c)

525,124

Empower

CLO

Ltd.

,

Series

2023-2A,

Class

AR

(TSFR3M

+

1.320%)

3,000,000

4.993

10/15/38

(a)(b)(c)

3,007,269

GoldenTree

Loan

Management U.S.

CLO

19

Ltd.

,

Series

2024-

19A,

Class

AR

(TSFR3M

+

1.150%)

700,000

4.825

07/20/39

(a)(b)(c)

699,474

GoldenTreee

Loan

Management

U.S.

CLO

29

Ltd.

,

Series

2026-

29A,

Class

A

(TSFR3M

+

1.230%)

250,000

4.869

04/20/38

(a)(b)(c)

250,577

Invesco U.S.

CLO

Ltd.

,

Series

2023-3A,

Class

BR

(TSFR3M

+

1.750%)

250,000

5.423

07/15/38

(a)(b)(c)

251,198

Invesco U.S.

CLO

Ltd.

,

Series

2024-4A,

Class

A1

(TSFR3M

+

1.330%)

3,000,000

5.003

01/15/38

(a)(b)(c)

3,009,009

Kennedy

Lewis

CLO

18

Ltd.

,

Series

2024-18A,

Class

A

(TSFR3M

+

1.370%)

250,000

5.045

01/20/38

(a)(b)(c)

250,674

KKR

CLO

29

Ltd.

,

Series

29AR,

Class

A1RR

(TSFR3M

+

1.250%)

1,250,000

0.010

07/15/39

(a)(b)

(c)(d)(g)

1,250,000

KKR

CLO

50

Ltd.

,

Series

2024-50A,

Class

A1R

(TSFR3M

+

1.270%)

840,000

4.922

04/20/39

(a)(b)(c)

841,662

KKR

CLO

59

Ltd.

,

Series

2025-59A,

Class

A1

(TSFR3M

+

1.240%)

2,000,000

4.918

01/15/39

(a)(b)(c)

2,003,000

Goldman

Sachs

Core

Bond

ETF

Schedule

of

Investments

(continued)

May

31,

2026

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Asset-

Backed

Securities

–

(continued)

Collateralized

Loan

Obligations

–

(continued)

Oaktree

CLO

Ltd.

,

Series

2023-2A,

Class

A1R

(TSFR3M

+

1.350%)

$

575,000

5.025

%

07/20/38

(a)(b)(c)

$

576,383

Ocp

CLO

Ltd.

,

Series

2024-33A,

Class

A1

(TSFR3M

+

1.500%)

500,000

5.175

07/20/37

(a)(b)(c)

500,000

OCP

CLO

Ltd.

,

Series

2017-13A,

Class

AR2

(TSFR3M

+

1.340%)

2,150,000

5.012

11/26/37

(a)(b)(c)

2,156,020

OHA

Credit

Funding

15-R

Ltd.

,

Series

2023-15RA,

Class

A

(TSFR3M

+

1.290%)

300,000

4.965

07/20/38

(a)(b)(c)

300,681

Palmer

Square

CLO

Ltd.

,

Series

2024-3A,

Class

A

(TSFR3M

+

1.350%)

350,000

5.025

07/20/37

(a)(b)(c)

350,595

Park

Blue

CLO

Ltd.

,

Series

2024-6A,

Class

A1

(TSFR3M

+

1.340%)

625,000

5.007

01/25/38

(a)(b)(c)

625,482

Pikes

Peak

CLO

19

2025

,

Series

2025-19A,

Class

A1

(TSFR3M

+

1.340%)

375,000

5.015

07/20/38

(a)(b)(c)

375,800

Regatta

30

Funding

Ltd.

,

Series

2024-4A,

Class

A1

(TSFR3M

+

1.320%)

3,375,000

4.987

01/25/38

(a)(b)(c)

3,384,588

Regatta

XXV

Funding

Ltd.

,

Series

2023-1A,

Class

A1R

(TSFR3M

+

1.340%)

500,000

5.013

07/15/38

(a)(b)(c)

501,316

RR

27

Ltd.

,

Series

2023-27A,

Class

A1AR

(TSFR3M

+

1.230%)

3,375,000

4.903

10/15/40

(a)(b)(c)

3,378,085

Signal

Peak

CLO

12

Ltd.

,

Series

2022-12A,

Class

A1R

(TSFR3M

+

1.400%)

500,000

5.075

07/18/37

(a)(b)(c)

500,701

Silver

Point

CLO

14

Ltd.

,

Series

2025-14A,

Class

A1

(TSFR3M

+

1.230%)

350,000

4.909

01/15/39

(a)(b)(c)

349,584

Silver

Point

CLO

2

Ltd.

,

Series

2023-2A,

Class

A1R

(TSFR3M

+

1.370%)

250,000

5.045

04/20/38

(a)(b)(c)

250,411

Sixth

Street

CLO

XVI

Ltd.

,

Series

2020-16A,

Class

A1R2

(TSFR3M

+

1.170%)

1,025,000

4.842

01/21/39

(a)(b)(c)

1,025,615

Symphony

CLO

47

Ltd.

,

Series

2025-47A,

Class

A1

(TSFR3M

+

1.140%)

3,100,000

4.808

04/20/38

(a)(b)(c)

3,099,061

Symphony

CLO

52

Ltd.

,

Series

2025-52A,

Class

BR

(TSFR3M

+

1.550%)

500,000

5.215

01/20/36

(a)(b)(c)

501,000

Toyota

Auto

Receivables

Owner

Trust

,

Series

2024-B,

Class

A3

1,394,205

5.330

01/16/29

(b)

1,405,468

Trimaran

Cavu

Ltd.

,

Series

2026-1A,

Class

A

(TSFR3M

+

1.280%)

3,675,000

0.010

07/22/39

(a)(c)(d)(g)

3,675,059

Warwick

Capital

CLO

1

Ltd.

,

Series

2023-1A,

Class

AR

(TSFR3M

+

1.280%)

350,000

4.955

10/20/38

(a)(b)(c)

350,149

Warwick

Capital

CLO

3

Ltd.

,

Series

2024-3AR,

Class

A1R

(TSFR3M

+

1.240%)

4,275,000

–

07/20/39

(a)(b)

(c)(d)(g)

4,275,000

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Asset-

Backed

Securities

–

(continued)

Collateralized

Loan

Obligations

–

(continued)

Whitebox

CLO

III

Ltd.

,

Series

2021-3A,

Class

A1R

(TSFR3M

+

1.270%)

$

250,000

4.943

%

10/15/35

(a)(b)(c)

$

250,124

Wonder

Lake

Park

CLO

Ltd.

,

Series

2025-1A,

Class

A

(TSFR3M

+

1.290%)

350,000

4.957

07/24/38

(a)(b)(c)

350,996

85,645,302

Diversified

Financial

Services

–

0.0%

Barclays

Dryrock

Issuance

Trust

,

Series

2025-1,

Class

A

100,000

3.970

07/15/31

99,284

SFS

Auto

Receivables

Securitization

Trust

,

Series

2024-2A,

Class

A4

135,000

5.260

08/20/30

(a)(b)

136,889

236,173

TOTAL

ASSET-

BACKED

SECURITIES

(Cost

$85,837,562)

85,881,475

a

Collateralized

Mortgage

Obligations

–

5.7%

a

Angel

Oak

Mortgage

Trust

,

Series

2021-4,

Class

A1

771,661

1.035

01/20/65

(a)(b)(c)

649,521

Angel

Oak

Mortgage

Trust

,

Series

2021-6,

Class

A1

3,734,054

1.458

09/25/66

(a)(b)(c)

3,124,120

Angel

Oak

Mortgage

Trust

,

Series

2025-12,

Class

A1

2,446,606

5.039

12/25/70

(a)(b)(c)

2,433,137

Angel

Oak

Mortgage

Trust

,

Series

2025-12,

Class

A1A

376,401

5.039

12/25/70

(a)(b)

374,528

BRAVO

Residential

Funding

Trust

,

Series

2024-NQM7,

Class

A1

455,464

5.554

10/27/64

(a)(b)

456,942

COLT

Mortgage

Loan

Trust

,

Series

2021-4,

Class

A1

173,744

1.397

10/25/66

(a)(b)(c)

148,192

COLT

Mortgage

Loan

Trust

,

Series

2025-11,

Class

A1

1,911,850

5.053

11/25/70

(a)(b)(c)

1,904,457

COLT

Mortgage

Loan

Trust

,

Series

2025-4,

Class

A1

408,887

5.794

04/25/70

(a)(b)

411,990

COLT

Mortgage

Loan

Trust

,

Series

2025-7,

Class

A1

310,804

5.470

06/25/70

(a)(b)

311,610

COLT

Mortgage

Loan

Trust

,

Series

2025-8,

Class

A1

195,994

5.480

08/25/70

(a)(b)

196,665

COLT

Mortgage

Loan

Trust

,

Series

2026-2,

Class

A1

2,431,786

4.832

03/25/71

(a)(b)(c)

2,408,299

Connecticut

Avenue

Securities

Trust

,

Series

2024-R02,

Class

1M2

(SOFR

+

1.800%)

520,000

5.412

02/25/44

(a)(b)(c)

523,455

Cross

Mortgage

Trust

,

Series

2025-H5,

Class

A1

707,566

5.509

07/25/70

(a)(b)(c)

710,009

CSMC

,

Series

2021-NQM7,

Class

A1

2,362,744

1.756

10/25/66

(a)(b)(c)

2,111,565

EFMT

,

Series

2025-NQM5,

Class

A1A

261,503

5.033

11/25/70

(a)(b)

260,398

EFMT

,

Series

2026-NQM1,

Class

A1A

2,135,240

4.771

02/25/71

(a)(b)

2,110,858

EFMT

,

Series

2026-NQM4,

Class

A1A

170,162

5.466

04/25/71

(a)(b)

170,467

Ellington

Financial

Mortgage

Trust

,

Series

2021-2,

Class

A1

1,306,436

0.931

06/25/66

(a)(b)(c)

1,102,480

Ellington

Financial

Mortgage

Trust

,

Series

2022-1,

Class

A1

493,716

2.206

01/25/67

(a)(b)(c)

433,325

Goldman

Sachs

Core

Bond

ETF

Schedule

of

Investments

(continued)

May

31,

2026

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Collateralized

Mortgage

Obligations

–

(continued)

a

GCAT

Trust

,

Series

2021-NQM5,

Class

A2

$

579,873

1.417

%

07/25/66

(a)(b)(c)

$

477,634

J.P.

Morgan

Mortgage

Trust

,

Series

2023-DSC2,

Class

A1

70,197

5.250

11/25/63

(a)(b)(c)

70,665

JP

Morgan

Mortgage

Trust

Series

,

Series

2025-NQM5,

Class

A1A

410,910

4.879

05/25/66

(a)(b)

407,249

MFA

Trust

,

Series

2025-NQM5,

Class

A1A

2,168,357

5.186

11/25/70

(a)(b)

2,164,266

Morgan

Stanley

Residential

Mortgage

Loan

Trust

,

Series

2026-

NQM3,

Class

A1

531,483

5.209

03/25/71

(a)(b)(c)

530,202

OBX

Trust

,

Series

2021-NQM4,

Class

A1

3,823,848

1.957

10/25/61

(a)(b)(c)

3,242,999

OBX

Trust

,

Series

2024-NQM14,

Class

A1

156,775

4.944

09/25/64

(a)(b)

156,203

OBX

Trust

,

Series

2024-NQM17,

Class

A1

268,185

5.610

11/25/64

(a)(b)(c)

269,387

OBX

Trust

,

Series

2024-NQM9,

Class

A1

72,720

6.030

01/25/64

(a)(b)

73,243

Verus

Securitization

Trust

,

Series

2025-7,

Class

A1

1,259,780

5.129

08/25/70

(a)(b)

1,256,607

TOTAL

COLLATERALIZED

MORTGAGE

OBLIGATIONS

(Cost

$28,684,628)

28,490,473

a

Foreign

Corporate

Debt

–

2.8%

Banks

–

0.5%

Barclays

PLC

(

United

Kingdom

)

400,000

4.836

05/09/28

(b)

400,649

Macquarie

Group

Ltd.

(

Australia

)

(SOFR

+

1.440%)

37,000

2.691

06/23/32

(a)(b)(c)

33,225

Norinchukin

Bank

(The)

(

Japan

)

431,000

4.683

03/10/31

(a)

426,256

Royal

Bank

of

Canada

,

GMTN

(

Canada

)

115,000

5.000

02/01/33

116,077

UBS

Group

AG

(

Switzerland

)

(SOFR

+

1.730%)

900,000

3.091

05/14/32

(a)(b)(c)

826,206

(SOFR

+

1.760%)

825,000

5.580

05/09/36

(a)(b)(c)

839,981

Westpac

Banking

Corp.

(

Australia

)

(US

5

Year

CMT

T-Note

+

2.000%)

50,000

4.110

07/24/34

(b)(c)

48,816

2,691,210

Chemicals

–

0.2%

OCP

SA

(

Morocco

)

1,090,000

6.750

05/02/34

(b)

1,144,392

Communications

–

0.0%

Videotron

Ltd.

(

Canada

)

30,000

5.700

01/15/35

(a)(b)

30,269

Consumer

Cyclical

–

0.2%

1011778

BC

ULC

/

New

Red

Finance,

Inc.

(

Canada

)

31,000

6.125

06/15/29

(a)(b)

31,575

10,000

4.000

10/15/30

(a)(b)

9,484

Flutter

Treasury

DAC

(

United

Kingdom

)

782,000

5.875

06/04/31

(a)(b)

775,444

816,503

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Foreign

Corporate

Debt

–

(continued)

Consumer

Noncyclical

–

0.4%

BAT

Capital

Corp.

(

United

Kingdom

)

$

43,000

4.742

%

03/16/32

(b)

$

42,890

206,000

4.625

03/22/33

(b)

202,158

123,000

6.000

02/20/34

(b)

129,980

112,000

5.625

08/15/35

(b)

115,607

25,000

4.390

08/15/37

(b)

22,874

BAT

International

Finance

PLC

(

United

Kingdom

)

38,000

4.448

03/16/28

(b)

38,009

50,000

5.931

02/02/29

(b)

51,696

EMD

Finance

LLC

(

Germany

)

1,000,000

5.000

10/15/35

(a)(b)

986,795

Reynolds

American,

Inc.

(

United

Kingdom

)

422,000

5.700

08/15/35

(b)

435,391

2,025,400

Energy

–

0.0%

Enbridge,

Inc.

(

Canada

)

6,000

5.700

03/08/33

(b)

6,236

Financial

Company

–

0.4%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

(

Ireland

)

923,000

3.000

10/29/28

(b)

889,091

Avolon

Holdings

Funding

Ltd.

(

Ireland

)

711,000

4.950

10/15/32

(a)(b)

693,178

Macquarie

Airfinance

Holdings

Ltd.

(

United

Kingdom

)

20,000

5.200

03/27/28

(a)(b)

20,085

SMBC

Aviation

Capital

Finance

DAC

(

Ireland

)

200,000

5.250

11/26/35

(a)(b)

196,636

1,798,990

Food

and

Beverage

–

0.1%

Anheuser-Busch

Cos.

LLC

/

Anheuser-Busch

InBev

Worldwide,

Inc.

(

Belgium

)

74,000

4.700

02/01/36

(b)

72,044

Bacardi

Ltd.

(

Bermuda

)

100,000

4.700

05/15/28

(a)(b)

99,904

Bacardi

Ltd.

/

Bacardi-Martini

BV

(

Bermuda

)

294,000

5.900

06/15/43

(a)(b)

281,989

JDE

Peet's

NV

(

Netherlands

)

225,000

2.250

09/24/31

(a)(b)

195,864

649,801

Metals

and

Mining

–

0.3%

Glencore

Finance

Canada

Ltd.

(

Australia

)

1,130,000

5.550

10/25/42

(a)

1,104,103

Glencore

Funding

LLC

(

Australia

)

230,000

2.850

04/27/31

(a)(b)

209,685

206,000

2.625

09/23/31

(a)(b)

184,349

50,000

5.673

04/01/35

(a)(b)

51,379

1,549,516

Mining

–

0.2%

Vale

Overseas

Ltd.

(

Brazil

)

845,000

6.400

06/28/54

(b)

865,376

Software

–

0.0%

Constellation

Software,

Inc.

(

Canada

)

163,000

5.461

02/16/34

(a)(b)

160,620

Technology

–

0.2%

NXP

BV

/

NXP

Funding

LLC

/

NXP

USA,

Inc.

(

Netherlands

)

20,000

4.400

06/01/27

(b)

20,023

46,000

3.400

05/01/30

(b)

43,902

Goldman

Sachs

Core

Bond

ETF

Schedule

of

Investments

(continued)

May

31,

2026

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Foreign

Corporate

Debt

–

(continued)

Technology

–

(continued)

NXP

BV

/

NXP

Funding

LLC

/

NXP

USA,

Inc.

(Netherlands)

–

(continued)

$

10,000

2.500

%

05/11/31

(b)

$

8,986

1,077,000

2.650

02/15/32

(b)

956,754

1,029,665

Wireless

–

0.0%

Rogers

Communications,

Inc.

(

Canada

)

20,000

4.500

03/15/42

(b)

17,061

21,000

5.450

10/01/43

(b)

19,639

36,700

Wirelines

–

0.3%

British

Telecommunications

PLC

(

United

Kingdom

)

1,000,000

9.625

12/15/30

1,190,512

TOTAL

FOREIGN

CORPORATE

DEBT

(Cost

$14,048,980)

13,995,190

a

U.S.

Treasury

Bonds

–

1.6%

U.S.

Treasury

Bonds

2,429,000

4.750

(f)

02/15/45

2,365,239

2,348,000

5.000

(f)

05/15/45

2,357,539

1,240,000

5.000

(f)

05/15/46

(d)

1,243,778

50,000

4.750

(f)

08/15/55

48,148

2,160,000

5.000

(f)

05/15/56

2,166,750

TOTAL

U.S.

TREASURY

BONDS

(Cost

$8,191,459)

8,181,454

a

Sovereign

Debt

Obligations

–

1.0%

Sovereign

–

1.0%

Chile

Government

International

Bond

200,000

3.100

05/07/41

(b)

152,714

Eagle

Funding

Luxco

Sarl

500,000

5.500

08/17/30

(a)(b)

502,556

Hungary

Government

International

Bond

400,000

5.500

06/16/34

404,800

Hungary

Government

International

Bond

,

Series

30Y

100,000

7.625

03/29/41

117,703

Mexico

Government

International

Bond

900,000

6.125

02/09/38

(b)

884,728

502,000

6.050

01/11/40

491,029

20,000

5.550

01/21/45

18,071

Peruvian

Government

International

Bond

60,000

5.500

03/30/36

(b)

60,653

116,000

2.780

12/01/60

(b)

63,254

Republic

of

Poland

Government

International

Bond

,

Series

10Y

91,000

5.125

09/18/34

(b)

91,378

Republic

of

Poland

Government

International

Bond

,

Series

30Y

228,000

5.500

03/18/54

(b)

211,349

Romanian

Government

International

Bond

986,000

5.750

03/24/35

954,048

160,000

6.625

05/16/36

163,522

264,000

5.750

07/04/36

(a)

251,710

60,000

5.125

06/15/48

48,753

Serbia

International

Bond

590,000

5.500

05/06/36

(a)

577,447

TOTAL

SOVEREIGN

DEBT

OBLIGATIONS

(Cost

$5,001,558)

4,993,715

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

0.2%

California

–

0.1%

California

Public

Finance

Authority

,

Series

B

$

450,000

5.403

%

11/15/36

$

448,523

Illinois

–

0.1%

State

of

Illinois

162,500

5.650

12/01/38

165,562

Massachusetts

–

0.0%

Massachusetts

Development

Finance

Agency

,

Series

B

130,000

4.571

05/01/45

(b)

119,662

New

York

–

0.0%

New

York

State

Dormitory

Authority

,

Series

1

100,000

4.294

07/01/44

(b)

88,445

TOTAL

MUNICIPAL

BONDS

(Cost

$817,024)

822,192

Shares

Dividend

Rate

Value

aa

a

Investment

Company

–

15.2%

(h)

Goldman

Sachs

Central

Government

Fund

-

Institutional

Shares

76,279,800

3.683%

76,279,800

(Cost

$76,279,800)

TOTAL

INVESTMENTS

–

121.2%

(Cost

$609,891,998)

$

608,257,651

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

–

(21.2)%

(106,534,918)

NET

ASSETS

–

100.0%

$

501,722,733

a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

(a)

Exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

(b)

Securities

with

“Call”

features.

Maturity

dates

disclosed

are

the

final

maturity

date.

(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,

2026.

(d)

When-issued

security.

(e)

TBA

(To

Be

Announced)

Securities

are

purchased

on

a

forward

commitment

basis

with

an

approximate

principal

amount

and

no

defined

maturity

date.

The

actual

principal

and

maturity

date

will

be

determined

upon

settlement

when

the

specific

mortgage

pools

are

assigned.

Total

market

value

of

TBA

securities

(excluding

forward

sales

contracts,

if

any)

amounts

to

$95,870,896

which

represents

approximately

19.1%

of

the

Fund’s

net

assets

as

of

May

31,

2026.

(f)

Interest

rates

represent

either

the

stated

coupon

rate,

annualized

yield

on

date

of

purchase

for

discounted

securities,

or,

for

floating

rate

securities,

the

current

reset

rate,

which

is

based

upon

current

interest

rate

indices.

(g)

Zero

coupon

bond

until

next

reset

date.

(h)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

CLO

—

Collateralized

Loan

Obligation

CMT

—

Constant

Maturity

Treasury

Index

Goldman

Sachs

Core

Bond

ETF

Schedule

of

Investments

(continued)

May

31,

2026

(Unaudited)

Additional

Investment

Information

**End

swaps

header**

Investment

Abbreviations:

(continued)

GMTN

—

Global

Medium

Term

Note

LP

—

Limited

Partnership

MTN

—

Medium

Term

Note

PLC

—

Public

Limited

Company

Investment

Abbreviations:

(continued)

REIT

—

Real

Estate

Investment

Trust

SOFR

—

Secured

Overnight

Financing

Rate

SOFRINDX

—

Secured

Overnight

Financing

Rate

Index

TSFR

—

Term

Secured

Overnight

Financing

Rate

FUTURES

CONTRACTS

—

At

May

31,

2026,

the

Fund

had

the

following

futures

contracts:

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Long

position

contracts:

U.S.

Treasury

2

Year

Note

330

09/30/26

$

68,186,250

$

114,146

U.S.

Treasury

5

Year

Note

233

09/30/26

24,992,891

111,086

U.S.

Treasury

Long

Bond

113

09/21/26

12,698,375

165,473

U.S.

Treasury

Ultra

Bond

315

09/21/26

36,097,031

654,365

Total

$

1,045,070

Short

position

contracts:

U.S.

Treasury

10

Year

Note

(277)

09/21/26

(30,435,375)

(146,506)

U.S.

Treasury

10

Year

Ultra

Note

(53)

09/21/26

(5,946,766)

(43,112)

Total

$

(189,618)

Total

Futures

Contracts

$

855,452

SWAP

CONTRACTS

—

At

May

31,

2026,

the

Fund

had

the

following

swap

contracts:

OVER

THE

COUNTER

CREDIT

DEFAULT

SWAP

CONTRACTS

Reference

Obligation/Index

Financing

Rate

Received

(Paid)

by

the

Fund

Credit

Spread

at

May

31,

2026

(a)

Counterparty

Termination

Date

Notional

Amount

(000's)

Value

Upfront

Premium

(Received)

Paid

Unrealized

Appreciation/

(Depreciation)

CDXIG544

(b)

1.000%

(2.236)

%

BARC

06/20/2030

2,140

$

50,844

$

37,216

$

13,628

CDXIG545

(b)

1.000%

(2.248)

MS

12/20/2030

4,577

102,043

90,217

11,826

TOTAL

$

152,887

$

127,433

$

25,454

(a)

Credit

spread

on

the

referenced

obligation,

together

with

the

period

of

expiration,

are

indicators

of

payment/performance

risk.

The

likelihood

of

a

credit

event

occurring

which

would

require

a

fund

or

its

counterparty

to

make

a

payment

or

otherwise

be

required

to

perform

under

the

swap

contract

is

generally

greater

as

the

credit

spread

and

term

of

the

swap

contract

increase.

(b)

Payments

made

quarterly.

Goldman

Sachs

Corporate

Bond

ETF

Schedule

of

Investments

May

31,

2026

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

79.8%

Advertising

–

0.1%

Lamar

Media

Corp.

$

196,000

5.375

%

11/01/33

(a)(b)

$

193,130

Aerospace

&

Defense

–

3.0%

Axon

Enterprise,

Inc.

228,000

6.250

03/15/33

(a)(b)

233,348

Boeing

Co.

(The)

180,000

2.700

02/01/27

(a)

178,098

611,000

6.259

05/01/27

(a)

620,840

551,000

3.450

11/01/28

(a)

537,422

1,150,000

5.150

05/01/30

(a)

1,168,825

500,000

6.528

05/01/34

(a)

545,879

851,000

3.250

02/01/35

(a)

739,764

263,000

5.875

02/15/40

269,578

417,000

5.705

05/01/40

(a)

424,990

253,000

3.625

03/01/48

(a)

180,595

200,000

6.858

05/01/54

(a)

225,896

Hexcel

Corp.

455,000

5.875

02/26/35

(a)

468,658

TransDigm

,

Inc.

42,000

6.375

05/31/33

(a)(b)

42,434

15,000

6.125

07/31/34

(a)(b)

14,930

5,651,257

Aerospace &

Defense

–

1.3%

Boeing

Co.

(The)

250,000

3.250

03/01/28

(a)

244,897

650,000

2.950

02/01/30

(a)

612,478

285,000

3.600

05/01/34

(a)

257,231

840,000

3.550

03/01/38

(a)

701,580

150,000

3.375

06/15/46

(a)

104,810

350,000

3.850

11/01/48

(a)

258,434

Moog,

Inc.

165,000

5.500

10/15/34

(a)(b)

163,927

2,343,357

Banks

–

18.2%

Bank

of

America

Corp.

(TSFR3M

+

1.302%)

160,000

3.419

12/20/28

(a)(c)

157,452

(SOFR

+

1.630%)

150,000

5.202

04/25/29

(a)(c)

151,828

(SOFR

+

2.150%)

1,465,000

2.592

04/29/31

(a)(c)

1,353,878

(SOFR

+

0.870%)

2,690,000

4.456

02/06/32

(a)(c)

2,648,948

(SOFR

+

1.210%)

140,000

2.572

10/20/32

(a)(c)

124,788

(SOFR

+

1.830%)

586,000

4.571

04/27/33

(a)(c)

575,364

(SOFR

+

1.738%)

35,000

5.518

10/25/35

(a)(c)

35,267

(US

5

Year

CMT

T-Note

+

1.200%)

943,000

2.482

09/21/36

(a)(c)

822,383

Bank

of

America

Corp.

,

MTN

(SOFR

+

1.530%)

550,000

1.898

07/23/31

(a)(c)

491,260

Bank

of

America

Corp.

,

Series

N

(SOFR

+

1.220%)

350,000

2.651

03/11/32

(a)(c)

317,625

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Banks

–

(continued)

Bank

of

New

York

Mellon

Corp.

(The)

,

Series

H

(US

5

Year

CMT

T-Note

+

3.352%)

$

20,000

7.166

%

03/20/75

(a)(c)

$

20,042

Capital

One

Financial

Corp.

(SOFR

+

2.600%)

98,000

5.247

07/26/30

(a)(c)

99,344

(SOFR

+

1.990%)

585,000

5.884

07/26/35

(a)(c)

600,945

(SOFR

+

2.036%)

902,000

6.183

01/30/36

(a)(c)

922,743

(SOFR

+

1.630%)

144,000

5.197

09/11/36

(a)(c)

140,172

Citigroup,

Inc.

(SOFR

+

1.422%)

394,000

2.976

11/05/30

(a)(c)

372,616

(SOFR

+

1.351%)

2,200,000

3.057

01/25/33

(a)(c)

1,995,001

(SOFR

+

2.338%)

383,000

6.270

11/17/33

(a)(c)

409,059

(US

5

Year

CMT

T-Note

+

1.730%)

320,000

5.411

09/19/39

(a)(c)

316,267

(US

5

Year

CMT

T-Note

+

3.001%)

90,000

6.625

05/15/75

(a)(c)

91,242

Citigroup,

Inc.

,

Series

T

(TSFR3M

+

4.779%)

60,000

6.250

02/15/75

(a)(c)

60,102

Citizens

Financial

Group,

Inc.

(SOFR

+

2.010%)

482,000

5.841

01/23/30

(a)(c)

494,821

(SOFR

+

1.259%)

744,000

5.253

03/05/31

(a)(c)

752,712

Fifth

Third

Bancorp

(SOFR

+

2.340%)

649,000

6.339

07/27/29

(a)(c)

671,638

(SOFR

+

1.486%)

60,000

4.895

09/06/30

(a)(c)

60,170

(SOFR

+

1.240%)

253,000

5.141

01/29/37

(a)(c)

247,778

First

Horizon

Corp.

(SOFR

+

1.766%)

294,000

5.514

03/07/31

(a)(c)

298,048

Huntington

Bancshares,

Inc.

(SOFR

+

2.020%)

725,000

6.208

08/21/29

(a)(c)

748,623

(SOFR

+

1.276%)

100,000

5.272

01/15/31

(a)(c)

101,414

(SOFRINDX

+

1.870%)

590,000

5.709

02/02/35

(a)(c)

604,419

(US

5

Year

CMT

T-Note

+

1.700%)

251,000

6.141

11/18/39

(a)(c)

256,577

JPMorgan

Chase

&

Co.

(SOFR

+

0.840%)

810,000

4.347

01/22/32

(a)(c)

795,690

(SOFR

+

1.680%)

455,000

5.572

04/22/36

(a)(c)

468,098

Goldman

Sachs

Corporate

Bond

ETF

Schedule

of

Investments

(continued)

May

31,

2026

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Banks

–

(continued)

(SOFR

+

1.635%)

$

750,000

5.576

%

07/23/36

(a)(c)

$

760,872

(SOFR

+

1.190%)

577,000

4.810

10/22/36

(a)(c)

560,233

(SOFR

+

1.300%)

1,951,000

5.193

02/05/37

(a)(c)

1,920,341

267,000

6.400

05/15/38

294,972

(TSFR3M

+

1.622%)

542,000

3.882

07/24/38

(a)(c)

478,921

KeyCorp

,

Series

D

(TSFR3M

+

3.868%)

60,000

5.000

12/15/74

(a)(c)

59,630

M&T

Bank

Corp.

(SOFR

+

1.400%)

50,000

5.179

07/08/31

(a)(c)

50,466

(SOFR

+

2.260%)

1,011,000

6.082

03/13/32

(a)(c)

1,055,501

M&T

Bank

Corp.

,

MTN

(SOFR

+

1.610%)

1,082,000

5.385

01/16/36

(a)(c)

1,080,689

M&T

Bank

Corp.

,

Series

F

(TSFR3M

+

3.782%)

40,000

5.125

05/01/75

(a)(c)

39,863

Morgan

Stanley

(SOFR

+

1.630%)

492,000

5.449

07/20/29

(a)(c)

500,387

(SOFR

+

1.260%)

450,000

5.656

04/18/30

(a)(c)

461,365

(SOFR

+

0.950%)

500,000

4.493

01/16/32

(a)(c)

492,088

(SOFR

+

2.560%)

50,000

6.342

10/18/33

(a)(c)

53,550

(SOFR

+

1.730%)

1,102,000

5.466

01/18/35

(a)(c)

1,122,634

(SOFR

+

1.580%)

280,000

5.831

04/19/35

(a)(c)

291,791

(SOFR

+

1.360%)

206,000

2.484

09/16/36

(a)(c)

179,140

(US

5

Year

CMT

T-Note

+

2.430%)

345,000

5.948

01/19/38

(a)(c)

357,260

82,000

3.971

07/22/38

(a)(c)

72,112

Morgan

Stanley

,

MTN

(SOFR

+

1.010%)

464,000

5.652

04/13/28

(a)(c)

468,907

(SOFR

+

1.870%)

650,000

5.250

04/21/34

(a)(c)

656,680

Morgan

Stanley

Private

Bank

NA

(SOFR

+

1.080%)

1,150,000

4.734

07/18/31

(a)(c)

1,146,181

Pinnacle

Financial

Partners,

Inc.

(SOFR

+

1.700%)

115,000

5.596

05/19/32

(a)(c)

115,548

Regions

Financial

Corp.

(SOFR

+

1.490%)

677,000

5.722

06/06/30

(a)(c)

694,442

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Banks

–

(continued)

State

Street

Corp.

(US

5

Year

CMT

T-Note

+

2.135%)

$

280,000

6.450

%

06/15/75

(a)(c)

$

287,165

Truist

Financial

Corp.

,

MTN

(SOFR

+

1.368%)

318,000

4.123

06/06/28

(a)(c)

317,249

(SOFR

+

1.620%)

101,000

5.435

01/24/30

(a)(c)

103,024

(SOFR

+

1.309%)

275,000

5.071

05/20/31

(a)(c)

278,129

(SOFR

+

2.361%)

83,000

5.867

06/08/34

(a)(c)

86,376

(SOFR

+

1.922%)

551,000

5.711

01/24/35

(a)(c)

567,534

(SOFR

+

1.395%)

1,143,000

4.964

10/23/36

(a)(c)

1,109,174

Wells

Fargo

&

Co.

(SOFR

+

1.340%)

337,000

4.892

09/15/36

(a)(c)

328,704

Wells

Fargo

&

Co.

,

MTN

(TSFR3M

+

1.572%)

580,000

3.584

05/22/28

(a)(c)

575,520

Wells

Fargo

&

Co.

,

Series

GG

(US

5

Year

CMT

T-Note

+

2.340%)

230,000

6.125

06/15/75

(a)(c)

231,500

34,004,262

Basic

Industry

–

0.3%

Qnity

Electronics,

Inc.

245,000

5.750

08/15/32

(a)(b)

246,907

255,000

6.250

08/15/33

(a)(b)

260,225

Solstice

Advanced

Materials,

Inc.

120,000

5.625

09/30/33

(a)(b)

118,577

625,709

Brokerage

–

0.0%

Jane

Street

Group

/

JSG

Finance,

Inc.

10,000

6.750

05/01/33

(a)(b)

10,283

Building

Materials

–

0.3%

Advanced

Drainage

Systems,

Inc.

115,000

5.375

03/01/34

(a)(b)

112,356

AECOM

8,000

6.000

08/01/33

(a)(b)

8,004

Builders

FirstSource

,

Inc.

136,000

6.750

05/15/35

(a)(b)

137,431

Ferguson

Enterprises,

Inc.

255,000

4.350

03/15/31

(a)

250,854

QXO

Building

Products,

Inc.

71,000

6.750

04/30/32

(a)(b)

72,368

Standard

Building

Solutions,

Inc.

37,000

6.250

08/01/33

(a)(b)

37,026

618,039

Capital

Goods

–

1.2%

AGCO

Corp.

400,000

5.800

03/21/34

(a)

411,172

Atkore,

Inc.

15,000

4.250

06/01/31

(a)(b)

14,302

Goldman

Sachs

Corporate

Bond

ETF

Schedule

of

Investments

(continued)

May

31,

2026

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Capital

Goods

–

(continued)

CACI

International,

Inc.

$

68,000

6.375

%

06/15/33

(a)(b)

$

69,549

Carlisle

Cos.,

Inc.

100,000

5.550

09/15/40

(a)

99,468

CompoSecure

Holdings

LLC

60,000

5.625

02/01/33

(a)(b)

58,242

Esab

Corp.

734,000

6.250

04/15/29

(a)(b)

747,579

45,000

5.625

04/01/31

(a)(b)

45,315

Granite

Construction,

Inc.

185,000

6.375

06/15/34

(a)(b)(d)

188,697

Regal

Rexnord

Corp.

67,000

6.050

04/15/28

(a)

68,550

490,000

6.300

02/15/30

(a)

511,157

2,214,031

Communications

–

1.0%

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

720,000

3.750

02/15/28

(a)

707,739

150,000

4.200

03/15/28

(a)

148,381

News

Corp.

567,000

3.875

05/15/29

(a)(b)

549,506

Time

Warner

Cable

LLC

478,000

5.875

11/15/40

(a)

430,383

1,836,009

Consumer

Cyclical

–

13.0%

7-Eleven,

Inc.

382,000

1.800

02/10/31

(a)(b)

332,470

190,000

2.500

02/10/41

(a)(b)

128,596

AutoNation,

Inc.

721,000

4.750

06/01/30

(a)

717,349

666,000

5.890

03/15/35

(a)

680,103

Booking

Holdings,

Inc.

405,000

5.375

05/07/36

(a)

405,539

Carnival

Corp.

Ltd.

350,000

5.875

06/15/31

(a)(b)

355,378

Choice

Hotels

International,

Inc.

636,000

3.700

01/15/31

(a)

599,479

441,000

5.850

08/01/34

(a)

446,634

Cinemark

USA,

Inc.

293,000

7.000

08/01/32

(a)(b)

303,165

Dollar

General

Corp.

541,000

3.500

04/03/30

(a)

515,504

707,000

5.450

07/05/33

(a)

719,310

Expedia

Group,

Inc.

50,000

2.950

03/15/31

(a)

46,004

1,082,000

5.400

02/15/35

(a)

1,075,951

425,000

5.500

04/15/36

(a)

420,384

Ford

Motor

Credit

Co.

LLC

1,285,000

5.850

05/17/27

(a)

1,296,901

2,315,000

5.420

04/09/31

(a)

2,307,324

General

Motors

Co.

260,000

4.200

10/01/27

(a)

259,250

500,000

6.800

10/01/27

(a)

513,427

164,000

5.350

04/15/28

(a)

166,196

General

Motors

Financial

Co.,

Inc.

543,000

1.500

06/10/26

(a)

542,577

1,010,000

5.000

04/09/27

(a)

1,015,479

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Consumer

Cyclical

–

(continued)

General

Motors

Financial

Co.,

Inc.

–

(continued)

$

1,376,000

5.350

%

07/15/27

$

1,389,923

1,275,000

2.700

08/20/27

(a)

1,249,106

621,000

3.850

01/05/28

(a)

615,112

1,020,000

6.000

01/09/28

(a)

1,041,781

664,000

5.850

04/06/30

(a)

688,662

1,015,000

5.450

07/15/30

(a)

1,038,662

311,000

5.750

02/08/31

(a)

321,796

18,000

3.100

01/12/32

(a)

16,302

235,000

6.400

01/09/33

(a)

250,853

146,000

5.450

09/06/34

(a)

146,877

Global

Payments,

Inc.

180,000

4.450

06/01/28

(a)

178,771

204,000

5.550

11/15/35

(a)

198,935

Hilton

Domestic

Operating

Co.,

Inc.

65,000

5.500

09/15/31

(a)(b)

65,367

30,000

5.500

03/31/34

(a)(b)

29,800

Hyatt

Hotels

Corp.

322,000

5.500

06/30/34

(a)

327,248

601,000

5.400

12/15/35

(a)

595,666

Marriott

International,

Inc.

79,000

4.800

03/15/30

(a)

79,542

595,000

5.500

04/15/37

(a)

601,126

Marriott

International,

Inc.

,

Series

GG

124,000

3.500

10/15/32

(a)

114,330

Marriott

International,

Inc.

,

Series

HH

438,000

2.850

04/15/31

(a)

402,074

MasTec

,

Inc.

150,000

5.900

06/15/29

(a)

154,358

O'Reilly

Automotive,

Inc.

180,000

5.100

03/12/36

(a)

177,905

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp.

20,000

5.750

03/15/34

(a)(b)

19,823

Royal

Caribbean

Cruises

Ltd.

380,000

6.250

03/15/32

(a)(b)

388,051

74,000

6.000

02/01/33

(a)(b)

74,984

848,000

5.375

01/15/36

(a)

843,105

185,000

5.250

02/27/38

(a)

179,161

Viking

Cruises

Ltd.

355,000

5.875

10/15/33

(a)(b)

355,114

24,391,454

Consumer

Noncyclical

–

3.1%

Altria

Group,

Inc.

631,000

4.800

02/14/29

(a)

635,065

674,000

5.250

08/06/35

(a)

674,696

Amneal

Pharmaceuticals

LLC

23,000

6.875

08/01/32

(a)(b)

23,825

Cardinal

Health,

Inc.

603,000

5.000

11/15/29

(a)

610,117

29,000

4.500

09/15/30

(a)

28,747

574,000

5.450

02/15/34

(a)

586,299

Elevance

Health,

Inc.

125,000

4.600

09/15/32

(a)

122,813

GXO

Logistics,

Inc.

650,000

2.650

07/15/31

(a)

576,285

475,000

6.500

05/06/34

(a)

496,913

Kroger

Co.

(The)

600,000

5.000

09/15/34

(a)

593,993

Goldman

Sachs

Corporate

Bond

ETF

Schedule

of

Investments

(continued)

May

31,

2026

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Consumer

Noncyclical

–

(continued)

Revvity

,

Inc.

$

40,000

1.900

%

09/15/28

(a)

$

37,641

813,000

3.300

09/15/29

(a)

778,690

Royalty

Pharma

PLC

62,000

2.200

09/02/30

(a)

56,025

566,000

5.400

09/02/34

(a)

572,780

5,793,889

Distribution

&

Logistics

–

0.3%

WESCO

Distribution,

Inc.

50,000

5.250

04/15/31

(a)(b)

49,602

297,000

6.375

03/15/33

(a)(b)

304,982

185,000

5.500

04/15/34

(a)(b)

183,630

538,214

Distributors

–

1.0%

Hyundai

Capital

America

957,000

5.600

03/30/28

(a)(b)

972,261

195,000

4.500

09/18/30

(a)(b)

191,881

655,000

4.550

01/08/31

(a)(b)

645,414

1,809,556

Electric

–

1.7%

DTE

Electric

Co.

70,000

4.250

05/14/27

70,147

DTE

Energy

Co.

383,000

4.875

06/01/28

(a)

385,952

NextEra

Energy

Capital

Holdings,

Inc.

288,000

1.900

06/15/28

(a)

273,947

NRG

Energy,

Inc.

50,000

5.875

05/15/34

(a)(b)

49,666

Pacific

Gas

and

Electric

Co.

228,000

2.100

08/01/27

(a)

221,690

54,000

5.000

06/04/28

(a)

54,375

98,000

6.950

03/15/34

(a)

107,066

200,000

5.800

05/15/34

(a)

204,752

19,000

5.700

03/01/35

(a)

19,234

45,000

6.000

08/15/35

(a)

46,374

315,000

5.200

05/01/36

(a)

307,252

Vistra

Operations

Co.

LLC

315,000

4.300

07/15/29

(a)(b)

309,549

850,000

5.250

10/15/35

(a)(b)

826,212

360,000

5.550

04/30/36

(a)(b)

358,083

3,234,299

Energy

–

2.9%

Chord

Energy

Corp.

56,000

6.000

10/01/30

(a)(b)

56,674

Continental

Resources,

Inc.

500,000

4.375

01/15/28

(a)

497,258

DBR

Land

Holdings

LLC

260,000

6.250

12/01/30

(a)(b)

264,057

Diamondback

Energy,

Inc.

150,000

6.250

03/15/33

(a)

160,997

Energy

Transfer

LP

50,000

3.900

07/15/26

(a)

49,960

596,000

5.150

03/15/45

(a)

530,567

Howard

Midstream

Energy

Partners

LLC

120,000

6.625

01/15/34

(a)(b)

121,352

Kinder

Morgan

Energy

Partners

LP

255,000

6.550

09/15/40

273,884

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Energy

–

(continued)

Kodiak

Gas

Services

LLC

$

120,000

6.750

%

10/01/35

(a)(b)

$

123,361

Marathon

Petroleum

Corp.

230,000

3.800

04/01/28

(a)

227,137

Occidental

Petroleum

Corp.

225,000

8.875

07/15/30

(a)

255,729

428,000

5.375

01/01/32

(a)

440,052

158,000

5.550

10/01/34

(a)

162,948

765,000

6.450

09/15/36

831,368

ONEOK,

Inc.

25,000

4.000

07/13/27

(a)

24,906

394,000

4.550

07/15/28

(a)

394,176

Sabine

Pass

Liquefaction

LLC

645,000

5.000

03/15/27

(a)

646,096

Sunoco

LP

110,000

5.875

03/15/34

(a)(b)

109,242

Venture

Global

Plaquemines

LNG

LLC

120,000

6.125

12/15/30

(a)(b)

123,183

70,000

6.500

06/15/34

(a)(b)

73,060

5,366,007

Financial

Company

–

2.7%

Aircastle

Ltd.

/

Aircastle

Ireland

DAC

170,000

5.250

03/15/30

(a)(b)

171,327

150,000

5.000

09/15/30

(a)(b)

149,535

Ally

Financial,

Inc.

650,000

4.750

06/09/27

(a)

652,312

(SOFRINDX

+

1.960%)

680,000

5.737

05/15/29

(a)(c)

690,842

(SOFR

+

3.260%)

456,000

6.992

06/13/29

(a)(c)

473,676

Apollo

Debt

Solutions

BDC

132,000

6.550

03/15/32

(a)

133,555

Ares

Capital

Corp.

220,000

5.550

01/15/30

(a)

219,188

Aviation

Capital

Group

LLC

435,000

5.375

07/15/29

(a)(b)

440,833

420,000

4.875

01/28/33

(a)(b)

407,567

Blackstone

Private

Credit

Fund

65,000

5.050

09/10/30

(a)

62,427

Blackstone

Secured

Lending

Fund

23,000

5.300

06/30/30

(a)

22,433

Morgan

Stanley

(SOFR

+

2.050%)

73,000

6.627

11/01/34

(a)(c)

79,704

SLM

Corp.

(SOFRINDX

+

2.710%)

180,000

6.495

05/15/32

(a)(c)

180,030

Sumisho

Air

Lease

Corp.

812,000

3.625

04/01/27

(a)

806,636

377,000

5.850

12/15/27

(a)

383,986

150,000

5.500

03/24/36

(a)(b)

149,341

5,023,392

Food

and

Beverage

–

2.0%

Campbell's

Company

(The)

363,000

4.750

03/23/35

(a)

334,840

Constellation

Brands,

Inc.

166,000

3.150

08/01/29

(a)

158,953

221,000

4.800

05/01/30

(a)

222,442

Goldman

Sachs

Corporate

Bond

ETF

Schedule

of

Investments

(continued)

May

31,

2026

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Food

and

Beverage

–

(continued)

Darling

Ingredients,

Inc.

$

225,000

6.000

%

06/15/30

(a)(b)

$

227,327

J

M

Smucker

Co.

(The)

502,000

6.200

11/15/33

(a)

535,282

Maple

Parent

Holdings

Corp.

880,000

5.700

03/26/36

(a)(b)

888,260

Mars,

Inc.

195,000

4.800

03/01/30

(a)(b)

196,315

310,000

5.000

03/01/32

(a)(b)

313,213

489,000

5.700

05/01/55

(a)(b)

482,235

Performance

Food

Group,

Inc.

170,000

5.625

03/01/34

(a)(b)

166,234

Pernod

Ricard

International

Finance

LLC

200,000

1.625

04/01/31

(a)(b)

172,502

3,697,603

Glass

Packaging

–

0.3%

Crown

Americas

LLC

484,000

5.875

06/01/33

(a)

486,249

Healthcare

–

5.7%

Augusta

SpinCo

Corp.

400,000

4.945

03/23/33

(a)

398,651

Cigna

Group

(The)

115,000

4.800

08/15/38

(a)

108,879

40,000

3.875

10/15/47

(a)

30,490

726,000

4.900

12/15/48

(a)

637,651

543,000

3.400

03/15/50

(a)

375,701

CVS

Health

Corp.

510,000

5.700

06/01/34

(a)

526,921

150,000

4.875

07/20/35

(a)

145,372

1,173,000

5.450

09/15/35

(a)

1,187,040

993,000

4.780

03/25/38

(a)

926,778

HCA,

Inc.

1,300,000

5.625

09/01/28

(a)

1,323,901

1,212,000

3.500

09/01/30

(a)

1,151,477

803,000

5.500

03/01/32

(a)

823,423

Insulet

Corp.

38,000

6.500

04/01/33

(a)(b)

38,660

IQVIA,

Inc.

500,000

6.250

02/01/29

(a)

517,518

Medline

Borrower

LP/Medline

Co.-Issuer,

Inc.

252,000

6.250

04/01/29

(a)(b)

258,637

Solventum

Corp.

762,000

5.400

03/01/29

(a)

776,852

1,229,000

5.600

03/23/34

(a)

1,259,322

UnitedHealth

Group,

Inc.

200,000

6.050

02/15/63

(a)

202,766

10,690,039

Insurance

–

0.4%

American

International

Group,

Inc.

201,000

4.850

05/07/30

(a)

202,815

Arthur

J

Gallagher

&

Co.

274,000

5.150

02/15/35

(a)

271,983

Willis

North

America,

Inc.

307,000

2.950

09/15/29

(a)

291,309

766,107

Media

Non

Cable

–

0.0%

Graham

Holdings

Co.

85,000

5.625

12/01/33

(a)(b)

83,667

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Metals

–

0.2%

Commercial

Metals

Co.

$

240,000

5.750

%

11/15/33

(a)(b)

$

240,015

165,000

6.000

12/15/35

(a)(b)

165,251

405,266

Metals

and

Mining

–

0.0%

Carpenter

Technology

Corp.

35,000

5.625

03/01/34

(a)(b)

34,854

REITs

and

Real

Estate

–

5.6%

Agree

LP

150,000

4.800

10/01/32

(a)

148,557

500,000

5.625

06/15/34

(a)

514,112

American

Homes

4

Rent

LP

100,000

4.950

06/15/30

(a)

100,346

100,000

2.375

07/15/31

(a)

88,405

CBRE

Services,

Inc.

318,000

5.500

04/01/29

(a)

325,671

150,000

5.950

08/15/34

(a)

156,389

Cousins

Properties

LP

534,000

5.250

07/15/30

(a)

540,386

545,000

5.375

02/15/32

(a)

553,595

390,000

4.875

03/01/33

(a)

379,851

730,000

5.875

10/01/34

(a)

748,107

Essential

Properties

LP

366,000

5.400

12/01/35

(a)

362,374

Essex

Portfolio

LP

239,000

1.700

03/01/28

(a)

227,748

759,000

3.000

01/15/30

(a)

716,274

Extra

Space

Storage

LP

654,000

4.950

01/15/33

(a)

648,553

GLP

Capital

LP

/

GLP

Financing

II,

Inc.

118,000

6.750

12/01/33

(a)

125,585

Highwoods

Realty

LP

217,000

5.350

01/15/33

(a)

215,800

915,000

7.650

02/01/34

(a)

1,023,024

Host

Hotels

&

Resorts

LP

925,000

4.250

12/15/28

(a)

916,683

688,000

5.700

06/15/32

(a)

705,512

Host

Hotels

&

Resorts

LP

,

Series

I

123,000

3.500

09/15/30

(a)

115,963

Invitation

Homes

Operating

Partnership

LP

405,000

2.300

11/15/28

(a)

383,729

Kilroy

Realty

LP

561,000

6.250

01/15/36

(a)

563,038

NNN

REIT,

Inc.

150,000

5.600

10/15/33

(a)

154,151

Phillips

Edison

Grocery

Center

Operating

Partnership

I

LP

100,000

4.750

03/15/33

(a)

97,953

150,000

5.750

07/15/34

(a)

155,066

100,000

4.950

01/15/35

(a)

97,674

Starwood

Property

Trust,

Inc.

178,000

5.250

10/15/28

(a)(b)

177,770

55,000

5.750

01/15/31

(a)(b)

54,943

190,000

6.125

06/01/31

(a)(b)

192,058

10,489,317

Software

–

5.7%

Fair

Isaac

Corp.

298,000

6.000

05/15/33

(a)(b)

295,019

125,000

6.250

09/15/34

(a)(b)

123,423

Goldman

Sachs

Corporate

Bond

ETF

Schedule

of

Investments

(continued)

May

31,

2026

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Software

–

(continued)

MSCI,

Inc.

$

200,000

4.000

%

11/15/29

(a)(b)

$

193,940

150,000

3.875

02/15/31

(a)(b)

142,233

328,000

3.625

11/01/31

(a)(b)

304,574

1,206,000

3.250

08/15/33

(a)(b)

1,063,637

Oracle

Corp.

722,000

5.250

02/03/32

(a)

715,937

1,270,000

5.350

05/04/33

(a)

1,249,805

25,000

4.700

09/27/34

(a)

23,209

225,000

5.500

08/03/35

(a)

218,210

50,000

5.200

09/26/35

(a)

47,544

1,315,000

5.700

02/04/36

(a)

1,292,071

820,000

6.550

02/04/46

(a)

789,592

625,000

4.000

11/15/47

(a)

426,617

225,000

6.900

11/09/52

(a)

221,302

216,000

5.375

09/27/54

(a)

173,106

Paychex,

Inc.

852,000

5.100

04/15/30

(a)

861,642

376,000

5.350

04/15/32

(a)

380,787

ROBLOX

Corp.

150,000

3.875

05/01/30

(a)(b)

141,599

Salesforce,

Inc.

995,000

4.900

09/15/31

(a)

995,657

784,000

5.550

03/15/36

(a)

788,744

170,000

6.550

03/15/56

(a)

173,435

10,622,083

Technology

–

6.3%

AppLovin

Corp.

116,000

5.125

12/01/29

(a)

117,357

636,000

5.375

12/01/31

(a)

647,221

1,219,000

5.500

12/01/34

(a)

1,230,099

Black

Pearl

Compute

LLC

390,000

6.125

02/15/31

(a)(b)

396,736

Block,

Inc.

12,000

6.500

05/15/32

(a)

12,230

165,000

6.000

08/15/33

(a)(b)

165,050

Broadcom,

Inc.

1,529,000

5.200

07/15/35

(a)

1,536,654

145,000

4.950

01/15/36

(a)

143,206

130,000

3.187

11/15/36

(a)(b)

108,800

740,000

4.900

02/15/38

(a)

714,554

Electronic

Arts,

Inc.

290,000

2.950

02/15/51

(a)

230,652

Fidelity

National

Information

Services,

Inc.

580,000

4.800

03/10/31

(a)

575,746

Fiserv,

Inc.

130,000

5.250

08/11/35

(a)

127,231

Intel

Corp.

376,000

2.000

08/12/31

(a)

328,150

Keysight

Technologies,

Inc.

273,000

5.350

07/30/30

(a)

279,634

Match

Group

Holdings

II

LLC

187,000

6.125

09/15/33

(a)(b)

183,876

Meta

Platforms,

Inc.

110,000

4.600

11/15/32

(a)

108,571

50,000

4.875

11/15/35

(a)

48,826

NetApp,

Inc.

426,000

5.500

03/17/32

(a)

435,864

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Technology

–

(continued)

QTS

Fayetteville

I

Dc1-2

LLC

/

QTS

TRS

Fayetteville

I

DC1-2

LLC

$

960,000

5.700

%

04/15/36

(a)(b)

$

934,394

Seagate

Data

Storage

Technology

Pte

Ltd.

28,000

5.875

07/15/30

(a)(b)

28,499

Snap,

Inc.

26,000

6.875

03/15/34

(a)(b)

25,608

SV

RNO

Property

Owner

1

LLC

500,000

5.875

03/01/31

(a)(b)

493,602

Synopsys,

Inc.

674,000

4.850

04/01/30

(a)

677,612

583,000

5.000

04/01/32

(a)

586,686

Uber

Technologies,

Inc.

150,000

4.500

08/15/29

(a)(b)

148,801

36,000

4.150

01/15/31

(a)

35,213

1,099,000

4.800

09/15/34

(a)

1,075,829

VMware,

Inc.

320,000

1.800

08/15/28

(a)

302,546

11,699,247

Transportation

–

2.0%

American

Airlines

Group,

Inc.

Pass-Through

Trust

,

Series

2025-1,

A

522,000

4.900

05/11/38

506,572

American

Airlines

Group,

Inc.

Pass-Through

Trust

,

Series

2025-1,

B

380,000

5.650

11/11/34

374,590

Delta

Air

Lines,

Inc.

410,000

4.950

07/10/28

(a)

412,218

1,029,000

5.250

07/10/30

(a)

1,040,869

Penske

Truck

Leasing

Co.

LP

/

PTL

Finance

Corp.

350,000

4.400

07/01/27

(a)(b)

349,317

350,000

5.875

11/15/27

(a)(b)

355,764

536,000

5.250

07/01/29

(a)(b)

543,292

United

Airlines

Holdings,

Inc.

137,000

5.375

03/01/31

(a)

135,657

3,718,279

Wireless

–

1.5%

AT&T,

Inc.

420,000

4.750

05/15/46

(a)

356,978

Crown

Castle,

Inc.

1,409,000

3.650

09/01/27

(a)

1,395,833

Crown

Castle,

Inc.

123,000

5.000

01/11/28

(a)

123,932

T-Mobile

USA,

Inc.

35,000

2.875

02/15/31

(a)

32,274

225,000

3.500

04/15/31

(a)

213,157

211,000

5.050

07/15/33

(a)

212,462

472,000

6.700

12/15/33

518,784

46,000

5.300

05/15/35

(a)

46,565

2,899,985

TOTAL

CORPORATE

OBLIGATIONS

(Cost

$149,962,927)

149,245,584

a

Foreign

Corporate

Debt

–

11.8%

Banks

–

2.9%

Banco

Santander

SA

(

Spain

)

600,000

5.565

01/17/30

614,586

Goldman

Sachs

Corporate

Bond

ETF

Schedule

of

Investments

(continued)

May

31,

2026

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Foreign

Corporate

Debt

–

(continued)

Banks

–

(continued)

(US

1

Year

CMT

T-Note

+

1.600%)

$

200,000

3.225

%

11/22/32

(a)(c)

$

180,815

Bank

of

Montreal

,

Series

J

(

Canada

)

(SOFR

+

1.208%)

180,000

5.298

06/02/37

(a)(c)(d)

180,202

Barclays

PLC

(

United

Kingdom

)

1,255,000

4.836

05/09/28

(a)

1,257,037

(SOFR

+

1.080%)

320,000

4.476

11/11/29

(a)(c)

318,024

(SOFR

+

1.560%)

500,000

4.942

09/10/30

(a)(c)

501,541

(SOFR

+

1.590%)

600,000

5.785

02/25/36

(a)(c)

612,310

HSBC

Holdings

PLC

,

Series

1

(

United

Kingdom

)

(US

5

Year

CMT

T-Note

+

2.513%)

425,000

6.750

12/31/99

(a)(c)

425,425

ING

Groep

NV

(

Netherlands

)

(SOFR

+

1.440%)

500,000

5.335

03/19/30

(a)(c)

509,145

Macquarie

Group

Ltd.

(

Australia

)

(TSFR3M

+

1.634%)

105,000

3.763

11/28/28

(a)(b)(c)

103,682

Santander

UK

Group

Holdings

PLC

(

United

Kingdom

)

(3M

USD

LIBOR

+

1.400%)

205,000

3.823

11/03/28

(a)(c)

202,821

UBS

Group

AG

(

Switzerland

)

(SOFR

+

1.730%)

350,000

3.091

05/14/32

(a)(b)(c)

321,302

(SOFR

+

1.290%)

200,000

4.844

11/06/33

(a)(b)(c)

196,550

5,423,440

Capital

Goods

–

0.1%

Tyco

Electronics

Group

SA

(

Switzerland

)

150,000

4.500

02/09/31

(a)

148,957

Chemicals

–

0.1%

OCP

SA

(

Morocco

)

240,000

6.750

05/02/34

(a)

251,976

Consumer

Noncyclical

–

2.9%

BAT

Capital

Corp.

(

United

Kingdom

)

125,000

3.215

09/06/26

(a)

124,598

1,240,000

3.557

08/15/27

(a)

1,228,948

1,000,000

2.259

03/25/28

(a)

962,135

658,000

5.834

02/20/31

(a)

686,735

235,000

4.742

03/16/32

(a)

234,401

335,000

4.625

03/22/33

(a)

328,752

310,000

5.625

08/15/35

(a)

319,984

BAT

International

Finance

PLC

(

United

Kingdom

)

1,235,000

5.931

02/02/29

(a)

1,276,895

Reynolds

American,

Inc.

(

United

Kingdom

)

238,000

5.700

08/15/35

(a)

245,552

5,408,000

Electric

–

0.0%

Emera U.S.

Finance

LP

(

Canada

)

50,000

3.550

06/15/26

(a)

49,972

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Foreign

Corporate

Debt

–

(continued)

Financial

Company

–

1.7%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

(

Ireland

)

$

1,150,000

6.450

%

04/15/27

(a)

$

1,169,274

500,000

4.625

10/15/27

(a)

500,603

200,000

5.375

12/15/31

(a)

203,823

500,000

4.750

01/15/33

(a)

489,564

Avolon

Holdings

Funding

Ltd.

(

Ireland

)

200,000

3.250

02/15/27

(a)(b)

198,185

230,000

4.950

10/15/32

(a)(b)

224,235

Macquarie

Airfinance

Holdings

Ltd.

(

United

Kingdom

)

238,000

5.200

03/27/28

(a)(b)

239,016

200,000

6.400

03/26/29

(a)(b)

206,317

3,231,017

Food

and

Beverage

–

0.9%

Bacardi

Ltd.

(

Bermuda

)

1,042,000

4.700

05/15/28

(a)(b)

1,040,997

Bacardi

Ltd.

/

Bacardi-Martini

BV

(

Bermuda

)

315,000

5.900

06/15/43

(a)(b)

302,131

JDE

Peet's

NV

(

Netherlands

)

300,000

2.250

09/24/31

(a)(b)

261,153

1,604,281

Hardware

–

0.6%

Kioxia

Holdings

Corp.

(

Japan

)

628,000

6.250

07/24/30

(a)(b)

647,582

532,000

6.625

07/24/33

(a)(b)

558,914

1,206,496

Metals

and

Mining

–

0.6%

Glencore

Finance

Canada

Ltd.

(

Australia

)

165,000

5.550

10/25/42

(b)

161,219

Glencore

Funding

LLC

(

Australia

)

875,000

4.000

03/27/27

(a)(b)

872,879

85,000

2.850

04/27/31

(a)(b)

77,492

1,111,590

Mining

–

0.3%

Vale

Overseas

Ltd.

(

Brazil

)

495,000

6.400

06/28/54

(a)

506,937

Technology

–

0.9%

NXP

BV

/

NXP

Funding

LLC

/

NXP

USA,

Inc.

(

Netherlands

)

500,000

4.400

06/01/27

(a)

500,582

421,000

2.650

02/15/32

(a)

373,996

254,000

4.850

08/19/32

(a)

251,844

475,000

5.000

01/15/33

(a)

474,715

1,601,137

Wireless

–

0.5%

Rogers

Communications,

Inc.

(

Canada

)

1,012,000

3.800

03/15/32

(a)

944,120

59,000

4.500

03/15/42

(a)

50,331

994,451

Wirelines

–

0.3%

British

Telecommunications

PLC

(

United

Kingdom

)

458,000

9.625

12/15/30

545,255

TOTAL

FOREIGN

CORPORATE

DEBT

(Cost

$22,150,852)

22,083,509

Goldman

Sachs

Corporate

Bond

ETF

Schedule

of

Investments

(continued)

May

31,

2026

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Sovereign

Debt

Obligations

–

2.5%

Sovereign

–

2.5%

Chile

Government

International

Bond

$

670,000

3.100

%

05/07/41

(a)

$

511,594

Hungary

Government

International

Bond

400,000

6.000

09/26/35

(b)

416,553

Indonesia

Government

International

Bond

200,000

5.600

01/15/35

(a)

204,428

Mexico

Government

International

Bond

455,000

5.625

09/22/35

(a)

442,181

290,000

6.125

02/09/38

(a)

285,079

450,000

6.050

01/11/40

440,165

200,000

6.750

02/09/56

(a)

195,957

Mexico

Government

International

Bond

,

MTN

792,000

4.750

03/08/44

639,975

Peruvian

Government

International

Bond

393,000

5.500

03/30/36

(a)

397,274

Republic

of

Poland

Government

International

Bond

,

Series

30Y

735,000

5.500

03/18/54

(a)

681,322

70,000

6.125

04/14/56

(a)

70,048

Romanian

Government

International

Bond

100,000

3.000

02/14/31

(b)

89,858

45,000

6.625

05/16/36

(b)

45,991

30,000

5.750

07/04/36

(b)

28,603

150,000

6.125

01/22/44

141,738

TOTAL

SOVEREIGN

DEBT

OBLIGATIONS

(Cost

$4,647,180)

4,590,766

a

U.S.

Treasury

Notes

–

1.1%

U.S.

Treasury

Notes

1,070,000

4.125

(e)

05/31/31

(d)

1,069,457

1,070,000

4.250

(e)

05/31/33

(d)

1,068,035

TOTAL

U.S.

TREASURY

NOTES

(Cost

$2,134,707)

2,137,492

aa

U.S.

Treasury

Bonds

–

0.1%

Need

to

Update

BDF

–

0.1%

U.S.

Treasury

Bonds

$

240,000

5.000

(d)

05/15/46

(d)

240,731

(Cost

$236,355)

Shares

Dividend

Rate

Value

aa

a

Investment

Company

–

2.4%

(f)

Goldman

Sachs

Central

Government

Fund

-

Institutional

Shares

4,520,273

3.683%

4,520,273

(Cost

$4,520,273)

TOTAL

INVESTMENTS

–

97.7%

(Cost

$183,652,294)

$

182,818,355

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

2.3%

4,275,663

NET

ASSETS

–

100.0%

$

187,094,018

a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

(a)

Securities

with

“Call”

features.

Maturity

dates

disclosed

are

the

final

maturity

date.

(b)

Exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

(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,

2026.

(d)

When-issued

security.

(e)

Interest

rates

represent

either

the

stated

coupon

rate,

annualized

yield

on

date

of

purchase

for

discounted

securities,

or,

for

floating

rate

securities,

the

current

reset

rate,

which

is

based

upon

current

interest

rate

indices.

(f)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

CMT

—

Constant

Maturity

Treasury

Index

LIBOR

—

London

Interbank

Offered

Rate

LP

—

Limited

Partnership

MTN

—

Medium

Term

Note

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

SOFR

—

Secured

Overnight

Financing

Rate

SOFRINDX

—

Secured

Overnight

Financing

Rate

Index

TSFR

—

Term

Secured

Overnight

Financing

Rate

Goldman

Sachs

Corporate

Bond

ETF

Schedule

of

Investments

(continued)

May

31,

2026

(Unaudited)

Additional

Investment

Information

FUTURES

CONTRACTS

—

At

May

31,

2026,

the

Portfolio

had

the

following

futures

contracts:

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Long

position

contracts:

U.S.

Treasury

10

Year

Ultra

Note

15

09/21/26

$

1,683,047

$

13,349

U.S.

Treasury

2

Year

Note

18

09/30/26

3,719,250

6,162

U.S.

Treasury

5

Year

Note

15

09/30/26

1,608,985

4,258

U.S.

Treasury

Long

Bond

76

09/21/26

8,540,500

115,737

U.S.

Treasury

Ultra

Bond

179

09/21/26

20,512,281

366,267

Total

$

505,773

Short

position

contracts:

U.S.

Treasury

10

Year

Note

(125)

09/21/26

(13,734,375)

(64,971)

Total

Futures

Contracts

$

440,802

SWAP

CONTRACTS

—

At

May

31,

2026,

the

Fund

had

the

following

swap

contracts:

OVER

THE

COUNTER

CREDIT

DEFAULT

SWAP

CONTRACTS

Reference

Obligation/Index

Financing

Rate

Received

(Paid)

by

the

Fund

Credit

Spread

at

May

31,

2026

(a)

Counterparty

Termination

Date

Notional

Amount

(000's)

Value

Upfront

Premium

(Received)

Paid

Unrealized

Appreciation/

(Depreciation)

CDXIG544

(b)

1.000%

(2.166)

%

BARC

06/20/2030

3,320

$

78,743

$

57,736

$

21,007

CDXIG545

(b)

1.000%

(2.230)

MS

12/20/2030

72,693

1,620,737

1,457,556

163,181

TOTAL

$

1,699,480

$

1,515,292

$

184,188

(a)

Credit

spread

on

the

referenced

obligation,

together

with

the

period

of

expiration,

are

indicators

of

payment/performance

risk.

The

likelihood

of

a

credit

event

occurring

which

would

require

a

fund

or

its

counterparty

to

make

a

payment

or

otherwise

be

required

to

perform

under

the

swap

contract

is

generally

greater

as

the

credit

spread

and

term

of

the

swap

contract

increase.

(b)

Payments

made

quarterly.

GOLDMAN

SACHS

ULTRA

SHORT

BOND

ETF

Schedule

of

Investments

May

31,

2026

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

28.7%

Agriculture

–

0.5%

Bunge

Ltd.

Finance

Corp.

$

1,000,000

3.250

%

08/15/26

$

997,497

5,011,000

4.900

04/21/27

5,040,453

1,642,000

3.750

09/25/27

1,630,523

7,668,473

Banks

–

10.6%

Bank

of

America

Corp.

(SOFR

+

0.960%)

9,508,000

1.734

07/22/27

(a)

9,472,418

(SOFR

+

1.580%)

7,482,000

4.376

04/27/28

(a)

7,479,654

Capital

One

Financial

Corp.

(SOFR

+

2.440%)

2,030,000

7.149

10/29/27

(a)

2,051,226

(SOFR

+

0.855%)

6,945,000

1.878

11/02/27

(a)

6,868,758

(SOFR

+

2.080%)

3,000,000

5.468

02/01/29

(a)

3,043,383

Charles

Schwab

Corp.

(The)

1,031,000

2.450

03/03/27

1,018,528

Citibank

NA

(SOFR

+

0.712%)

2,503,000

4.339

11/19/27

(a)

2,504,669

5,466,000

4.876

11/19/27

(a)

5,482,748

Citigroup,

Inc.

(SOFR

+

1.143%)

4,478,000

4.767

05/07/28

(a)

4,496,733

Fifth

Third

Bank

NA

(SOFR

+

0.810%)

11,789,000

4.437

01/28/28

(a)

11,793,797

8,877,000

4.967

01/28/28

(a)

8,903,003

HSBC

USA,

Inc.

(SOFR

+

0.970%)

1,488,000

4.614

06/03/28

(a)

1,496,791

1,967,000

4.650

06/03/28

1,978,300

Huntington

National

Bank

(The)

(SOFR

+

0.720%)

18,639,000

4.871

04/12/28

(a)

18,699,463

JPMorgan

Chase

&

Co.

(SOFR

+

0.765%)

13,505,000

1.470

09/22/27

(a)

13,388,117

(SOFR

+

0.930%)

4,956,000

5.571

04/22/28

(a)

5,008,789

(SOFR

+

1.560%)

2,497,000

4.323

04/26/28

(a)

2,495,865

Morgan

Stanley

(SOFR

+

1.000%)

1,318,000

2.475

01/21/28

(a)

1,302,522

Morgan

Stanley

,

GMTN

(SOFR

+

0.858%)

5,092,000

1.512

07/20/27

(a)

5,072,265

Morgan

Stanley

Bank

NA

(SOFR

+

0.685%)

1,552,000

4.316

10/15/27

(a)

1,553,037

(SOFR

+

0.900%)

2,986,000

4.530

01/12/29

(a)

2,997,964

Morgan

Stanley

Private

Bank

NA

(SOFR

+

0.780%)

11,943,000

4.406

11/17/28

(a)

11,962,928

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Banks

–

(continued)

PNC

Financial

Services

Group,

Inc.

(The)

(SOFRINDX

+

1.730%)

$

6,544,000

6.615

%

10/20/27

(a)

$

6,600,016

State

Street

Corp.

(SOFR

+

0.640%)

1,299,000

4.268

10/22/27

(a)

1,302,068

Truist

Bank

(SOFR

+

0.770%)

11,656,000

4.398

07/24/28

(a)

11,650,997

Wells

Fargo

&

Co.

,

MTN

(TSFR3M

+

1.432%)

4,000,000

3.196

06/17/27

(a)

3,997,806

(SOFR

+

1.070%)

8,449,000

4.698

04/22/28

(a)

8,482,762

161,104,607

Basic

Industry

–

0.2%

Mosaic

Co.

(The)

3,200,000

4.050

11/15/27

3,180,455

Brokerage

–

1.1%

Jefferies

Financial

Group,

Inc.

6,427,000

4.850

01/15/27

6,439,384

Jefferies

Financial

Group,

Inc.

,

MTN

10,500,000

4.300

02/11/27

10,484,052

16,923,436

Building

Materials

–

0.3%

Amrize

Finance U.S.

LLC

2,791,000

4.700

04/07/28

2,800,381

Holcim U.S.

Finance

Luxembourg

SA

1,185,000

3.500

09/22/26

(b)

1,180,462

3,980,843

Capital

Goods

–

1.0%

Roper

Technologies,

Inc.

1,935,000

3.800

12/15/26

1,931,174

Security

Capital

Group,

Inc.

5,000,000

7.500

12/01/27

5,194,538

Veralto

Corp.

8,287,000

5.500

09/18/26

8,307,582

15,433,294

Communications

–

0.1%

Cox

Communications,

Inc.

2,016,000

3.500

08/15/27

(b)

1,990,585

Consumer

Cyclical

–

2.7%

American

Honda

Finance

Corp.

(SOFR

+

0.900%)

7,238,000

4.536

09/01/28

(a)

7,247,657

American

Honda

Finance

Corp.

,

Series

A

6,110,000

4.550

04/10/28

6,107,973

General

Motors

Financial

Co.,

Inc.

(SOFR

+

1.040%)

6,940,000

4.673

02/26/27

(a)

6,957,193

1,058,000

5.400

05/08/27

1,068,889

1,948,000

5.000

07/15/27

1,960,879

(SOFRINDX

+

1.170%)

11,171,000

4.802

04/04/28

(a)

11,213,176

Marriott

International,

Inc.

3,640,000

4.200

07/15/27

3,636,675

GOLDMAN

SACHS

ULTRA

SHORT

BOND

ETF

Schedule

of

Investments

(continued)

May

31,

2026

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Consumer

Cyclical

–

(continued)

Toyota

Motor

Credit

Corp.

(SOFR

+

0.720%)

$

2,543,000

4.361

%

09/05/28

(a)

$

2,555,240

40,747,682

Distributors

–

2.3%

Hyundai

Capital

America

1,370,000

5.450

06/24/26

(b)

1,370,920

1,762,000

3.500

11/02/26

(b)

1,755,837

3,690,000

4.850

03/25/27

(b)

3,702,397

3,284,000

4.875

06/23/27

(b)

3,298,591

7,075,000

4.600

04/06/28

(b)

7,072,842

(SOFR

+

1.500%)

3,162,000

5.130

01/08/27

(a)(b)

3,178,645

(SOFR

+

0.920%)

3,915,000

4.550

01/07/28

(a)(b)

3,925,090

(SOFR

+

1.070%)

6,159,000

4.706

09/18/28

(a)(b)

6,188,302

(SOFR

+

0.890%)

4,130,000

4.520

01/08/29

(a)(b)

4,128,717

34,621,341

Electric

–

1.6%

DTE

Energy

Co.

2,268,000

4.950

07/01/27

2,282,260

Entergy

New

Orleans

LLC

2,257,000

4.000

06/01/26

2,257,000

Eversource

Energy

3,916,000

4.600

07/01/27

3,924,427

Eversource

Energy

,

Series

U

4,250,000

1.400

08/15/26

4,225,862

NextEra

Energy

Capital

Holdings,

Inc.

9,616,000

4.685

09/01/27

9,659,752

Southwestern

Electric

Power

Co.

,

Series

K

2,560,000

2.750

10/01/26

2,547,702

24,897,003

Energy

–

0.5%

MPLX

LP

3,138,000

4.125

03/01/27

3,134,444

ONEOK,

Inc.

3,802,000

5.550

11/01/26

3,818,388

6,952,832

Financial

Company

–

0.9%

Neuberger

Berman

Group

LLC

/

Neuberger

Berman

Finance

Corp.

7,331,000

4.500

03/15/27

(b)

7,326,101

Sumisho

Air

Lease

Corp.

1,266,000

1.875

08/15/26

1,258,151

5,340,000

3.625

04/01/27

5,304,723

13,888,975

Food

and

Beverage

–

0.1%

Constellation

Brands,

Inc.

1,900,000

3.500

05/09/27

1,888,357

Healthcare

–

0.2%

Bio-Rad

Laboratories,

Inc.

1,853,000

3.300

03/15/27

1,836,741

UnitedHealth

Group,

Inc.

1,716,000

4.600

04/15/27

1,723,633

3,560,374

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Insurance

–

4.8%

Corebridge

Global

Funding

$

1,061,000

5.350

%

06/24/26

(b)

$

1,061,761

(SOFR

+

1.300%)

1,860,000

4.934

09/25/26

(a)(b)

1,864,299

(SOFR

+

0.860%)

3,500,000

4.497

12/15/28

(a)(b)

3,486,757

Equitable

America

Global

Funding

(SOFR

+

0.710%)

1,313,000

4.347

09/15/27

(a)(b)

1,312,132

2,000,000

4.650

06/09/28

(b)

1,998,431

5,000,000

4.300

12/15/28

(b)

4,958,237

Equitable

Financial

Life

Global

Funding

185,000

4.600

04/01/27

(b)

185,538

Jackson

National

Life

Global

Funding

2,470,000

4.900

01/13/27

(b)

2,476,717

6,540,000

5.550

07/02/27

(b)

6,615,260

(SOFR

+

0.970%)

1,988,000

4.601

01/14/28

(a)(b)

1,992,300

(SOFR

+

0.950%)

10,658,000

4.587

09/12/28

(a)(b)

10,628,296

MassMutual

Global

Funding

II

(SOFR

+

0.660%)

7,828,000

4.288

01/22/29

(a)(b)

7,820,929

Metropolitan

Life

Global

Funding

I

(SOFR

+

0.700%)

9,018,000

4.332

08/25/28

(a)(b)

9,034,013

New

York

Life

Global

Funding

2,250,000

4.150

07/25/28

(b)

2,238,620

Protective

Life

Global

Funding

(SOFR

+

0.850%)

10,000,000

4.488

09/11/28

(a)(b)

10,023,032

Western-Southern

Global

Funding

6,994,000

4.380

06/02/27

(b)

6,987,841

72,684,163

REITs

and

Real

Estate

–

0.2%

Digital

Realty

Trust

LP

3,421,000

3.700

08/15/27

3,391,946

Software

–

1.0%

Oracle

Corp.

1,171,000

2.650

07/15/26

1,168,572

1,076,000

2.800

04/01/27

1,061,661

Salesforce,

Inc.

12,393,000

4.500

03/15/28

12,412,986

14,643,219

Technology

–

0.5%

Dell

International

LLC

/

EMC

Corp.

2,214,000

4.900

10/01/26

2,216,516

Fidelity

National

Information

Services,

Inc.

4,849,000

4.450

03/10/28

4,835,755

Intel

Corp.

1,365,000

3.750

03/25/27

1,360,545

8,412,816

Transportation

–

0.1%

ERAC

USA

Finance

LLC

1,000,000

3.300

12/01/26

(b)

995,264

TOTAL

CORPORATE

OBLIGATIONS

(Cost

$436,926,998)

436,965,665

GOLDMAN

SACHS

ULTRA

SHORT

BOND

ETF

Schedule

of

Investments

(continued)

May

31,

2026

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Foreign

Corporate

Debt

–

25.0%

Banks

–

17.4%

ABN

AMRO

Bank

NV

(

Netherlands

)

(US

1

Year

CMT

T-Note

+

0.800%)

$

3,100,000

1.542

%

06/16/27

(a)(b)

$

3,096,242

(US

1

Year

CMT

T-Note

+

1.650%)

3,800,000

6.339

09/18/27

(a)(b)

3,819,653

Banco

Bilbao

Vizcaya

Argentaria

SA

(

Spain

)

(SOFR

+

0.880%)

8,800,000

4.525

03/03/29

(a)

8,804,490

Banco

Santander

SA

(

Spain

)

10,200,000

4.250

04/11/27

10,195,690

4,000,000

5.294

08/18/27

4,040,295

(US

1

Year

CMT

T-Note

+

0.900%)

4,800,000

1.722

09/14/27

(a)

4,761,652

(SOFR

+

1.120%)

4,400,000

4.750

07/15/28

(a)

4,424,221

Bank

of

Montreal

(

Canada

)

(SOFRINDX

+

0.750%)

2,250,000

4.062

09/22/28

(a)

2,239,444

6,290,000

4.384

09/22/28

(a)

6,294,765

Bank

of

Nova

Scotia

(The)

(

Canada

)

(SOFR

+

0.760%)

2,250,000

4.043

09/15/28

(a)

2,239,866

Bank

of

Nova

Scotia

(The)

,

MTN

(

Canada

)

(SOFRINDX

+

0.800%)

2,074,000

4.426

08/15/27

(a)

2,078,508

Banque

Federative

du

Credit

Mutuel

SA

(

France

)

(SOFR

+

1.130%)

2,896,000

4.758

01/23/27

(a)(b)

2,912,034

785,000

4.753

07/13/27

(b)

788,641

(SOFRINDX

+

1.070%)

2,619,000

4.696

02/16/28

(a)(b)

2,634,046

Barclays

PLC

(

United

Kingdom

)

(SOFR

+

1.880%)

3,763,000

6.496

09/13/27

(a)

3,784,041

BNP

Paribas

SA

(

France

)

3,410,000

3.500

11/16/27

(b)

3,372,048

Canadian

Imperial

Bank

of

Commerce

(

Canada

)

3,078,000

3.450

04/07/27

3,060,602

3,159,000

5.237

06/28/27

3,193,370

(SOFR

+

0.940%)

2,877,000

4.574

06/28/27

(a)

2,895,039

(SOFRINDX

+

0.600%)

2,246,000

4.243

09/08/28

(a)

2,240,824

Cooperatieve

Rabobank

UA

(

Netherlands

)

(US

1

Year

CMT

T-Note

+

0.730%)

3,154,000

1.980

12/15/27

(a)(b)

3,113,156

(US

1

Year

CMT

T-Note

+

1.220%)

9,906,000

3.649

04/06/28

(a)(b)

9,840,275

Credit

Agricole

SA

(

France

)

(SOFR

+

0.870%)

2,250,000

4.508

03/11/27

(a)(b)

2,258,700

Deutsche

Bank

AG

(

Germany

)

(SOFR

+

1.219%)

11,079,000

4.845

11/16/27

(a)

11,099,952

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Foreign

Corporate

Debt

–

(continued)

Banks

–

(continued)

(SOFR

+

1.318%)

$

3,416,000

2.552

%

01/07/28

(a)

$

3,376,546

Federation

des

Caisses

Desjardins

du

Quebec

(

Canada

)

4,738,000

4.505

05/26/28

(b)

4,735,091

HSBC

Holdings

PLC

(

United

Kingdom

)

(SOFR

+

1.570%)

4,372,000

5.887

08/14/27

(a)

4,383,556

(TSFR3M

+

1.808%)

1,000,000

4.041

03/13/28

(a)

997,064

ING

Groep

NV

(

Netherlands

)

(SOFR

+

1.560%)

4,644,000

6.083

09/11/27

(a)

4,663,444

Intesa

Sanpaolo

SpA

(

Italy

)

4,515,000

3.875

07/14/27

(b)

4,487,754

Lloyds

Banking

Group

PLC

(

United

Kingdom

)

(US

1

Year

CMT

T-Note

+

1.480%)

4,660,000

5.985

08/07/27

(a)

4,672,659

(SOFRINDX

+

1.060%)

1,796,000

4.689

11/26/28

(a)

1,803,066

Macquarie

Bank

Ltd.

(

Australia

)

(SOFR

+

0.920%)

2,462,000

4.553

07/02/27

(a)(b)

2,474,224

Mitsubishi

UFJ

Financial

Group,

Inc.

(

Japan

)

(US

1

Year

CMT

T-Note

+

0.750%)

6,840,000

1.538

07/20/27

(a)

6,813,201

National

Bank

of

Canada

(

Canada

)

(SOFRINDX

+

1.030%)

1,000,000

4.663

07/02/27

(a)

1,000,532

National

Bank

of

Canada

,

MTN

(

Canada

)

(SOFR

+

0.770%)

4,327,000

4.399

01/20/29

(a)

4,329,596

Nationwide

Building

Society

(

United

Kingdom

)

(SOFR

+

1.910%)

2,030,000

6.557

10/18/27

(a)(b)

2,046,000

NatWest

Group

PLC

(

United

Kingdom

)

(US

1

Year

CMT

T-Note

+

0.900%)

2,259,000

1.642

06/14/27

(a)

2,256,650

NatWest

Markets

PLC

(

United

Kingdom

)

(SOFR

+

0.950%)

4,603,000

4.584

03/21/28

(a)(b)

4,624,934

(SOFR

+

0.800%)

10,542,000

4.424

11/06/28

(a)(b)

10,555,268

Royal

Bank

of

Canada

,

GMTN

(

Canada

)

(SOFR

+

0.790%)

1,480,000

5.069

07/23/27

(a)

1,481,539

(SOFRINDX

+

0.720%)

2,950,000

4.349

10/18/27

(a)

2,952,766

Santander

UK

Group

Holdings

PLC

(

United

Kingdom

)

(SOFR

+

0.989%)

1,777,000

1.673

06/14/27

(a)

1,774,912

(SOFR

+

1.220%)

3,421,000

2.469

01/11/28

(a)

3,377,395

Societe

Generale

SA

(

France

)

(SOFR

+

1.100%)

10,095,000

4.727

02/19/27

(a)(b)

10,127,530

11,060,000

5.250

02/19/27

(b)

11,128,385

GOLDMAN

SACHS

ULTRA

SHORT

BOND

ETF

Schedule

of

Investments

(continued)

May

31,

2026

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Foreign

Corporate

Debt

–

(continued)

Banks

–

(continued)

(US

1

Year

CMT

T-Note

+

1.000%)

$

1,629,000

1.792

%

06/09/27

(a)(b)

$

1,628,037

Standard

Chartered

PLC

(

United

Kingdom

)

(SOFR

+

1.930%)

2,000,000

5.560

07/06/27

(a)(b)

2,002,704

Sumitomo

Mitsui

Financial

Group,

Inc.

(

Japan

)

(SOFR

+

0.760%)

4,321,000

4.390

01/15/29

(a)

4,315,992

Sumitomo

Mitsui

Trust

Bank

Ltd.

(

Japan

)

(SOFR

+

0.750%)

3,009,000

4.390

09/11/28

(a)(b)

3,018,735

Toronto-Dominion

Bank

(The)

(

Canada

)

6,132,000

3.913

01/13/28

6,088,425

(SOFR

+

0.820%)

3,142,000

4.446

01/31/28

(a)

3,153,819

(SOFR

+

0.750%)

5,086,000

4.380

10/13/28

(a)

5,095,681

Toronto-Dominion

Bank

(The)

,

GMTN

(

Canada

)

1,368,000

4.980

04/05/27

1,377,743

UBS

Group

AG

(

Switzerland

)

(US

1

Year

CMT

T-Note

+

0.850%)

1,663,000

1.494

08/10/27

(a)(b)

1,653,112

(US

1

Year

CMT

T-Note

+

1.600%)

3,544,000

6.327

12/22/27

(a)(b)

3,579,276

14,127,000

4.282

01/09/28

(b)

14,087,813

(3M

USD

LIBOR

+

1.410%)

2,000,000

3.869

01/12/29

(a)(b)

1,977,378

UniCredit

SpA

(

Italy

)

5,755,000

4.625

04/12/27

(b)

5,768,148

(US

1

Year

CMT

T-Note

+

1.200%)

10,881,000

1.982

06/03/27

(a)(b)

10,881,000

Westpac

New

Zealand

Ltd.

(

New

Zealand

)

2,288,000

5.132

02/26/27

(b)

2,304,330

264,181,859

Basic

Industry

–

0.5%

Yara

International

ASA

(

Brazil

)

7,000,000

4.750

06/01/28

(b)

7,004,473

Brokerage

–

0.1%

Lseg U.S.

Fin

Corp.

(

United

Kingdom

)

2,000,000

4.875

03/28/27

(b)

2,010,884

Consumer

Cyclical

–

2.1%

BMW U.S.

Capital

LLC

(

Germany

)

7,000,000

4.300

03/17/28

(b)

6,989,895

(SOFRINDX

+

0.920%)

4,460,000

4.554

03/21/28

(a)(b)

4,484,111

Mercedes-Benz

Finance

North

America

LLC

(

Germany

)

4,880,000

4.650

04/01/27

(b)

4,900,593

12,188,000

4.125

03/10/28

(b)

12,122,194

Volkswagen

Group

of

America

Finance

LLC

(

Germany

)

2,838,000

4.450

09/11/27

(b)

2,834,354

31,331,147

Consumer

Noncyclical

–

0.3%

Element

Fleet

Management

Corp.

(

Canada

)

3,020,000

5.643

03/13/27

(b)

3,045,525

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Foreign

Corporate

Debt

–

(continued)

Consumer

Noncyclical

–

(continued)

Imperial

Brands

Finance

PLC

(

United

Kingdom

)

$

1,126,000

3.500

%

07/26/26

(b)

$

1,124,272

4,169,797

Distributors

–

1.3%

Daimler

Truck

Finance

North

America

LLC

(

Germany

)

1,468,000

3.650

04/07/27

(b)

1,459,904

3,933,000

4.300

08/12/27

(b)

3,928,600

(SOFR

+

0.960%)

7,293,000

4.594

09/25/27

(a)(b)

7,310,409

(SOFR

+

0.840%)

7,247,000

4.470

01/13/28

(a)(b)

7,251,697

19,950,610

Electric

–

0.3%

ENEL

Finance

International

NV

(

Italy

)

4,193,000

3.625

05/25/27

(b)

4,167,872

Energy

–

0.1%

Var

Energi

ASA

(

Norway

)

1,575,000

5.000

05/18/27

(b)

1,582,390

Financial

Company

–

1.3%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

(

Ireland

)

11,281,000

2.450

10/29/26

11,201,550

5,868,000

6.100

01/15/27

5,922,038

1,000,000

5.750

06/06/28

1,021,863

SMBC

Aviation

Capital

Finance

DAC

(

Ireland

)

2,521,000

1.900

10/15/26

(b)

2,497,228

20,642,679

Metals

and

Mining

–

0.7%

Glencore

Funding

LLC

(

Australia

)

(SOFRINDX

+

0.750%)

10,191,000

4.383

10/01/26

(a)(b)

10,193,843

Wireless

–

0.7%

NTT

Finance

Corp.

(

Japan

)

11,293,000

4.567

07/16/27

(b)

11,310,620

Wirelines

–

0.2%

NTT

Finance

Corp.

(

Japan

)

(SOFR

+

1.080%)

3,813,000

4.710

07/16/28

(a)(b)

3,842,344

TOTAL

FOREIGN

CORPORATE

DEBT

(Cost

$380,260,889)

380,388,518

a

Asset-

Backed

Securities

–

17.9%

Collateralized

Loan

Obligations

–

16.0%

AB

BSL

CLO

6

Ltd.

,

Series

2025-6A,

Class

A

(TSFR3M

+

1.430%)

7,100,000

5.105

07/20/37

(a)(b)

7,105,602

AGL

CLO

16

Ltd.

,

Series

2021-16A,

Class

AR

(TSFR3M

+

0.950%)

2,270,000

4.625

01/20/35

(a)(b)

2,267,959

AGL

Core

CLO

31

Ltd.

,

Series

2024-31A,

Class

A

(TSFR3M

+

1.400%)

8,500,000

5.075

07/20/37

(a)(b)

8,513,090

ARES

LI

CLO

Ltd.

,

Series

2019-51A,

Class

A1R2

(TSFR3M

+

1.360%)

3,100,000

5.033

10/15/37

(a)(b)

3,107,486

GOLDMAN

SACHS

ULTRA

SHORT

BOND

ETF

Schedule

of

Investments

(continued)

May

31,

2026

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Asset-

Backed

Securities

–

(continued)

Collateralized

Loan

Obligations

–

(continued)

Bain

Capital

Credit

CLO

Ltd.

,

Series

2020-3A,

Class

A1R3

(TSFR3M

+

0.990%)

$

5,410,000

4.656

%

10/23/34

(a)(b)

$

5,407,690

Bain

Capital

Credit

CLO

Ltd.

,

Series

2020-4A,

Class

A1RR

(TSFR3M

+

1.150%)

2,790,000

4.825

10/20/36

(a)(b)

2,788,917

Birch

Grove

CLO

10

Ltd.

,

Series

2024-10A,

Class

A

(TSFR3M

+

1.390%)

5,900,000

5.054

01/22/38

(a)(b)

5,914,650

Bryant

Park

Funding

Ltd.

,

Series

2024-24A,

Class

A1

(TSFR3M

+

1.400%)

7,500,000

5.073

10/15/37

(a)(b)

7,516,875

CarVal

CLO

II

Ltd.

,

Series

2019-1A,

Class

AR2

(TSFR3M

+

1.020%)

1,859,737

4.695

04/20/32

(a)(b)

1,859,848

CarVal

CLO

IX-C

Ltd.

,

Series

2024-1A,

Class

AR

(TSFR3M

+

1.320%)

1,670,000

4.980

04/20/37

(a)(b)

1,679,825

CBAM

Ltd.

,

Series

2018-5A,

Class

A1R

(TSFR3M

+

1.340%)

1,880,000

5.020

10/17/38

(a)(b)

1,892,179

Cedar

Funding

IX

CLO

Ltd.

,

Series

2018-9A,

Class

AR

(TSFR3M

+

1.420%)

9,750,000

5.095

07/20/37

(a)(b)

9,762,314

Cedar

Funding

V

CLO

Ltd.

,

Series

2016-5A,

Class

XR2

(TSFR3M

+

1.000%)

4,000,000

4.622

01/17/39

(a)(b)

3,996,084

Diameter

Capital

CLO

3

Ltd.

,

Series

2022-3A,

Class

A1R

(TSFR3M

+

1.330%)

5,025,000

5.003

01/15/38

(a)(b)

5,032,221

Dryden

104

CLO

Ltd.

,

Series

2022-104A,

Class

A1R

(TSFR3M

+

1.290%)

7,316,000

4.932

08/20/34

(a)(b)

7,319,746

Dryden

106

CLO

Ltd.

,

Series

2022-106A,

Class

A1R

(TSFR3M

+

1.360%)

11,100,000

5.033

10/15/37

(a)(b)

11,129,970

Dryden

108

CLO

Ltd.

,

Series

2022-108A,

Class

A1R

(TSFR3M

+

1.360%)

8,861,000

5.035

07/18/37

(a)(b)

8,873,778

Dryden

43

Senior

Loan

Fund

,

Series

2016-43A,

Class

AR3

(TSFR3M

+

1.070%)

4,000,000

4.745

04/20/34

(a)(b)

4,002,428

Dryden

76

CLO

Ltd.

,

Series

2019-76A,

Class

A1R2

(TSFR3M

+

1.370%)

10,000,000

5.043

10/15/37

(a)(b)

10,019,340

Dryden

80

CLO

Ltd.

,

Series

2019-80A,

Class

ARR

(TSFR3M

+

0.950%)

7,609,391

4.630

01/17/33

(a)(b)

7,604,970

Dryden

97

CLO

Ltd.

,

Series

2022-97A,

Class

XR

(TSFR3M

+

1.050%)

4,500,000

4.725

10/20/38

(a)(b)

4,500,977

Dryden

98

CLO

Ltd.

,

Series

2022-98A,

Class

AR

(TSFR3M

+

1.020%)

5,870,000

4.695

04/20/35

(a)(b)

5,870,000

Fort

Greene

Park

CLO

LLC

,

Series

2025-2A,

Class

AR

(TSFR3M

+

0.950%)

6,000,000

4.614

04/22/34

(a)(b)

5,996,340

Golub

Capital

Partners

CLO

53B

Ltd.

,

Series

2021-53A,

Class

AR

(TSFR3M

+

0.980%)

1,500,000

4.655

07/20/34

(a)(b)

1,497,047

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Asset-

Backed

Securities

–

(continued)

Collateralized

Loan

Obligations

–

(continued)

Invesco U.S.

CLO

Ltd.

,

Series

2024-4A,

Class

A1

(TSFR3M

+

1.330%)

$

2,000,000

5.003

%

01/15/38

(a)(b)

$

2,006,006

Invesco

CLO

Ltd.

,

Series

2022-2A,

Class

A1R

(TSFR3M

+

1.150%)

4,900,000

4.825

07/20/35

(a)(b)

4,903,494

KKR

CLO

46

Ltd.

,

Series

2023-46A,

Class

AR

(TSFR3M

+

1.400%)

7,800,000

5.075

10/20/37

(a)(b)

7,809,157

KKR

CLO

47

Ltd.

,

Series

2024-47A,

Class

A

(TSFR3M

+

1.370%)

8,000,000

5.043

01/15/38

(a)(b)

8,016,000

KKR

CLO

59

Ltd.

,

Series

2025-59A,

Class

A1

(TSFR3M

+

1.240%)

7,550,000

4.918

01/15/39

(a)(b)

7,561,325

Madison

Park

Funding

LX

Ltd.

,

Series

2022-60A,

Class

A1R

(TSFR3M

+

1.370%)

8,000,000

5.037

10/25/37

(a)(b)

8,018,000

Magnetite

XXI

Ltd.

,

Series

2019-21A,

Class

AR

(TSFR3M

+

1.282%)

8,000,000

4.957

04/20/34

(a)(b)

8,007,816

Menlo

CLO

I

Ltd.

,

Series

2024-1A,

Class

A1

(TSFR3M

+

1.420%)

2,110,000

5.095

01/20/38

(a)(b)

2,113,076

Neuberger

Berman

Loan

Advisers

CLO

36R

Ltd.

,

Series

2020-

36RA,

Class

A

(TSFR3M

+

1.270%)

10,375,000

4.945

07/20/39

(a)(b)

10,397,171

Neuberger

Berman

Loan

Advisers

CLO

51

Ltd.

,

Series

2022-51A,

Class

AR2

(TSFR3M

+

1.000%)

5,560,000

4.666

10/23/36

(a)(b)

5,562,485

OCP

CLO

Ltd.

,

Series

2024-34A,

Class

A1

(TSFR3M

+

1.360%)

6,075,000

5.033

10/15/37

(a)(b)

6,086,403

Park

Avenue

Institutional

Advisers

CLO

Ltd.

,

Series

2017-1A,

Class

A1R2

(TSFR3M

+

1.070%)

1,927,070

4.716

02/14/34

(a)(b)

1,927,070

Park

Blue

CLO

Ltd.

,

Series

2025-9A,

Class

A1

(TSFR3M

+

1.350%)

4,450,000

5.025

10/20/38

(a)(b)

4,462,994

RAD

CLO

27

Ltd.

,

Series

2024-27A,

Class

A1

(TSFR3M

+

1.320%)

1,830,000

4.993

01/15/38

(a)(b)

1,834,859

Sculptor

CLO

XXVIII

Ltd.

,

Series

28A,

Class

AR

(TSFR3M

+

1.060%)

7,000,000

4.735

01/20/35

(a)(b)

6,993,707

Symphony

CLO

52

Ltd.

,

Series

2025-52A,

Class

AR

(TSFR3M

+

1.150%)

5,975,000

4.815

01/20/36

(a)(b)

5,977,808

Venture

34

CLO

Ltd.

,

Series

2018-34A,

Class

AR

(TSFR3M

+

1.280%)

709,376

4.953

10/15/31

(a)(b)

709,900

Vibrant

CLO

XVI

Ltd.

,

Series

2023-16A,

Class

A1A2

(TSFR3M

+

1.250%)

5,200,000

–

07/15/36

(a)(b)(c)

5,200,026

Warwick

Capital

CLO

3

Ltd.

,

Series

2024-3A,

Class

A1

(TSFR3M

+

1.650%)

5,000,000

5.325

04/20/37

(a)(b)

5,003,000

GOLDMAN

SACHS

ULTRA

SHORT

BOND

ETF

Schedule

of

Investments

(continued)

May

31,

2026

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Asset-

Backed

Securities

–

(continued)

Collateralized

Loan

Obligations

–

(continued)

Wellington

Management

CLO

3

Ltd.

,

Series

2024-3A,

Class

A1

(TSFR3M

+

1.360%)

$

7,000,000

5.035

%

07/18/37

(a)(b)

$

7,003,542

243,253,175

Diversified

Financial

Services

–

1.9%

American

Express

Credit

Account

Master

Trust

,

Series

2025-2,

Class

A

2,750,000

4.280

04/15/30

2,754,241

Chase

Auto

Owner

Trust

,

Series

2024-5A,

Class

A3

1,731,191

4.180

08/27/29

(b)

1,732,334

Exeter

Automobile

Receivables

Trust

,

Series

2025-1A,

Class

A3

142,323

4.670

08/15/28

142,398

Exeter

Automobile

Receivables

Trust

,

Series

2025-3A,

Class

A3

1,450,000

4.780

07/16/29

1,453,186

Ford

Credit

Auto

Lease

Trust

,

Series

2024-B,

Class

A3

1,229,407

4.990

12/15/27

1,233,113

GMF

Floorplan

Owner

Revolving

Trust

,

Series

2023-1,

Class

A1

1,500,000

5.340

06/15/28

(b)

1,502,274

Hyundai

Auto

Lease

Securitization

Trust

,

Series

2024-B,

Class

A3

822,071

5.410

05/17/27

(b)

823,446

Hyundai

Auto

Receivables

Trust

,

Series

2024-B,

Class

A3

1,706,349

4.840

03/15/29

1,715,068

Nelnet

Student

Loan

Trust

,

Series

2016-1A,

Class

A

(SOFR

+

0.914%)

153,790

4.527

09/25/65

(a)(b)

153,512

Nissan

Auto

Lease

Trust

,

Series

2024-A,

Class

A3

487,285

4.910

04/15/27

487,467

Rhode

Island

Student

Loan

Authority

,

Series

2012-1,

Class

A1

(SOFR

+

1.014%)

155,670

4.607

07/01/31

(a)

155,590

Santander

Drive

Auto

Receivables

Trust

,

Series

2024-4,

Class

A3

1,353,433

4.850

01/16/29

1,354,985

Santander

Drive

Auto

Receivables

Trust

,

Series

2025-1,

Class

A3

924,381

4.740

01/16/29

925,588

Santander

Drive

Auto

Receivables

Trust

,

Series

2025-2,

Class

A2

196,078

4.710

06/15/28

196,121

SFS

Auto

Receivables

Securitization

Trust

,

Series

2026-1A,

Class

A3

6,200,000

3.960

07/21/31

(b)

6,146,687

Toyota

Auto

Receivables

Owner

Trust

,

Series

2022-D,

Class

A3

258,830

5.300

09/15/27

259,454

Toyota

Auto

Receivables

Owner

Trust

,

Series

2023-B,

Class

A3

804,978

4.710

02/15/28

807,084

Toyota

Auto

Receivables

Owner

Trust

,

Series

2024-C,

Class

A3

1,792,434

4.880

03/15/29

1,802,966

Toyota

Lease

Owner

Trust

,

Series

2024-B,

Class

A3

1,888,935

4.210

09/20/27

(b)

1,889,822

Volkswagen

Auto

Loan

Enhanced

Trust

,

Series

2024-1,

Class

A2A

591,898

4.650

11/22/27

592,481

Westlake

Automobile

Receivables

Trust

,

Series

2025-2A,

Class

A2A

1,153,524

4.660

09/15/28

(b)

1,155,412

World

Omni

Auto

Receivables

Trust

,

Series

2023-C,

Class

A3

893,532

5.150

11/15/28

896,857

28,180,086

TOTAL

ASSET-

BACKED

SECURITIES

(Cost

$271,497,461)

271,433,261

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

U.S.

Treasury

Notes

–

6.1%

U.S.

Treasury

Notes

$

8,490,000

3.558

%

(d)

02/28/27

$

8,507,245

18,536,700

3.808

(d)

05/31/27

18,304,267

14,056,200

4.375

(d)

07/15/27

14,124,834

10,253,000

2.250

(d)

08/15/27

10,051,144

16,178,500

3.875

(d)

10/15/27

16,160,805

17,597,700

3.375

(d)

02/29/28

17,418,286

7,453,900

3.750

(d)

04/30/28

7,420,125

TOTAL

U.S.

TREASURY

NOTES

(Cost

$92,239,608)

91,986,706

a

Mortgage-Backed

Securities

–

5.7%

a

BANK

,

Series

2021-BN37,

Class

ASB

7,775,000

2.487

11/15/64

7,348,291

BANK5

,

Series

2023-5YR2,

Class

A3

6,750,000

6.656

07/15/56

(a)

6,967,928

BBCMS

Mortgage

Trust

,

Series

2018-C2,

Class

ASB

249,651

4.236

12/15/51

248,944

BMARK

,

Series

2023-V4,

Class

A3

4,450,000

6.841

11/15/56

(a)

4,624,533

BMO

Mortgage

Trust

,

Series

2024-5C3,

Class

A3

4,450,000

5.739

02/15/57

4,544,417

BX

Commercial

Mortgage

Trust

,

Series

2024-XL5,

Class

A

(TSFR1M

+

1.392%)

5,247,363

5.019

03/15/41

(a)(b)

5,255,564

BX

Trust

,

Series

2024-BIO,

Class

A

(TSFR1M

+

1.642%)

2,412,000

5.269

02/15/41

(a)(b)

2,410,117

Citigroup

Commercial

Mortgage

Trust

,

Series

2023-SMRT,

Class

A

3,150,000

5.820

06/12/40

(a)(b)

3,201,497

Federal

Home

Loan

Mortgage

Corporation

7,141,555

6.500

06/01/54

7,504,274

FHLMC

REMIC

,

Series

2003-2682,

Class

FB

(SOFR

+

1.014%)

79,781

4.657

10/15/33

(a)

80,235

FHLMC

REMIC

,

Series

2003-2711,

Class

FA

(SOFR

+

1.114%)

82,634

4.757

11/15/33

(a)

83,571

FHLMC

REMIC

,

Series

2005-3033,

Class

FG

(SOFR

+

0.464%)

254,107

4.107

09/15/35

(a)

252,954

FHLMC

REMIC

,

Series

2007-3298,

Class

FC

(SOFR

+

0.534%)

59,558

4.177

04/15/37

(a)

59,217

FHLMC

REMIC

,

Series

2007-3314,

Class

FC

(SOFR

+

0.514%)

13,968

4.157

12/15/36

(a)

13,865

FHLMC

REMIC

,

Series

2007-3316,

Class

FB

(SOFR

+

0.414%)

332,449

4.057

08/15/35

(a)

330,282

FHLMC

REMIC

,

Series

2007-3371,

Class

FA

(SOFR

+

0.714%)

68,089

4.357

09/15/37

(a)

68,207

FHLMC

REMIC

,

Series

2009-3593,

Class

CF

(SOFR

+

0.714%)

762,844

4.357

02/15/36

(a)

762,952

GOLDMAN

SACHS

ULTRA

SHORT

BOND

ETF

Schedule

of

Investments

(continued)

May

31,

2026

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Mortgage-Backed

Securities

–

(continued)

a

FHLMC

REMIC

,

Series

2012-4040,

Class

FW

(SOFR

+

0.484%)

$

180,053

4.127

%

05/15/32

(a)

$

180,117

FHLMC

REMIC

,

Series

2012-4057,

Class

FE

(SOFR

+

0.564%)

525,706

4.207

06/15/42

(a)

523,037

FHLMC

REMIC

,

Series

2012-4068,

Class

UF

(SOFR

+

0.614%)

129,539

4.257

06/15/42

(a)

128,590

FHLMC

REMIC

,

Series

2012-4098,

Class

MF

(SOFR

+

0.414%)

52,081

4.057

11/15/41

(a)

51,974

FHLMC

REMIC

,

Series

2012-4107,

Class

MF

(SOFR

+

0.514%)

1,109,169

4.157

09/15/42

(a)

1,098,947

FHLMC

REMIC

,

Series

2012-4126,

Class

GF

(SOFR

+

0.514%)

1,695,294

4.157

11/15/42

(a)

1,682,511

FHLMC

REMIC

,

Series

2013-4203,

Class

QF

(SOFR

+

0.364%)

675,435

4.007

05/15/43

(a)

669,990

FHLMC

REMIC

,

Series

2013-4215,

Class

NF

(SOFR

+

0.464%)

516,687

4.107

06/15/43

(a)

507,094

FHLMC

REMIC

,

Series

2013-4248,

Class

FL

(SOFR

+

0.564%)

45,100

4.207

05/15/41

(a)

44,968

FHLMC

REMIC

,

Series

2013-4263,

Class

FB

(SOFR

+

0.514%)

33,235

4.157

11/15/43

(a)

33,087

FHLMC

REMIC

,

Series

2013-4272,

Class

FD

(SOFR

+

0.464%)

32,342

4.107

11/15/43

(a)

32,169

FHLMC

REMIC

,

Series

2018-4787,

Class

ZS

538,589

5.000

07/01/48

540,939

FHLMC

REMIC

,

Series

2018-4818,

Class

FC

(SOFR

+

0.414%)

151,187

4.057

04/15/48

(a)

147,004

FHLMC

REMIC

,

Series

2018-4852,

Class

BF

(SOFR

+

0.514%)

1,001,157

4.157

12/15/48

(a)

983,487

FHLMC

REMIC

,

Series

2019-4897,

Class

F

(SOFR

+

0.514%)

740,196

4.157

07/15/49

(a)

733,225

FHLMC

REMIC

,

Series

2019-4903,

Class

F

(SOFR

+

0.564%)

118,911

4.207

09/15/48

(a)

116,541

FHLMC

REMIC

,

Series

2019-4906,

Class

NF

(SOFR

+

0.514%)

820,781

4.168

03/15/38

(a)

802,972

FHLMC

REMIC

,

Series

2019-4942,

Class

FA

(SOFR

+

0.614%)

753,255

4.227

01/25/50

(a)

744,816

FHLMC

REMIC

,

Series

2020-5002,

Class

FJ

(SOFR

+

0.514%)

134,227

4.127

07/25/50

(a)

132,438

FHLMC

STRIPS

,

Series

2006-239,

Class

F22

(SOFR

+

0.464%)

106,777

4.107

08/15/36

(a)

106,244

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Mortgage-Backed

Securities

–

(continued)

a

FHLMC

STRIPS

,

Series

2006-239,

Class

F30

(SOFR

+

0.414%)

$

266,941

4.057

%

08/15/36

(a)

$

265,283

FNMA

REMIC

,

Series

2002-53,

Class

FY

(SOFR

+

0.614%)

97,972

4.227

08/25/32

(a)

98,175

FNMA

REMIC

,

Series

2004-54,

Class

FL

(SOFR

+

0.514%)

30,593

4.127

07/25/34

(a)

30,623

FNMA

REMIC

,

Series

2004-54,

Class

FN

(SOFR

+

0.564%)

131,853

4.177

07/25/34

(a)

132,111

FNMA

REMIC

,

Series

2005-120,

Class

FE

(SOFR

+

0.634%)

211,956

4.247

01/25/36

(a)

211,986

FNMA

REMIC

,

Series

2005-87,

Class

FE

(SOFR

+

0.564%)

219,357

4.177

10/25/35

(a)

219,332

FNMA

REMIC

,

Series

2006-110,

Class

AF

(SOFR

+

0.444%)

1,296,570

4.057

11/25/36

(a)

1,289,535

FNMA

REMIC

,

Series

2006-16,

Class

FC

(SOFR

+

0.414%)

40,024

4.027

03/25/36

(a)

39,885

FNMA

REMIC

,

Series

2006-36,

Class

FB

(SOFR

+

0.414%)

30,494

4.027

05/25/36

(a)

30,298

FNMA

REMIC

,

Series

2006-42,

Class

PF

(SOFR

+

0.524%)

46,065

4.137

06/25/36

(a)

46,040

FNMA

REMIC

,

Series

2006-44,

Class

FP

(SOFR

+

0.514%)

513,796

4.127

06/25/36

(a)

512,621

FNMA

REMIC

,

Series

2006-61,

Class

FD

(SOFR

+

0.474%)

93,008

4.087

07/25/36

(a)

92,616

FNMA

REMIC

,

Series

2006-79,

Class

DF

(SOFR

+

0.464%)

196,283

4.077

08/25/36

(a)

195,930

FNMA

REMIC

,

Series

2006-88,

Class

AF

(SOFR

+

0.574%)

227,604

4.187

09/25/36

(a)

227,142

FNMA

REMIC

,

Series

2007-35,

Class

PF

(SOFR

+

0.364%)

38,992

3.977

04/25/37

(a)

38,658

FNMA

REMIC

,

Series

2007-67,

Class

FB

(SOFR

+

0.434%)

94,507

4.047

07/25/37

(a)

93,811

FNMA

REMIC

,

Series

2008-1,

Class

CF

(SOFR

+

0.814%)

35,876

4.427

02/25/38

(a)

36,049

FNMA

REMIC

,

Series

2009-110,

Class

FG

(SOFR

+

0.864%)

91,331

4.477

01/25/40

(a)

91,955

FNMA

REMIC

,

Series

2010-113,

Class

FA

(SOFR

+

0.514%)

75,669

4.127

10/25/40

(a)

75,459

GOLDMAN

SACHS

ULTRA

SHORT

BOND

ETF

Schedule

of

Investments

(continued)

May

31,

2026

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Mortgage-Backed

Securities

–

(continued)

a

FNMA

REMIC

,

Series

2010-116,

Class

FE

(SOFR

+

0.514%)

$

99,525

4.127

%

10/25/40

(a)

$

99,205

FNMA

REMIC

,

Series

2010-141,

Class

FB

(SOFR

+

0.584%)

65,490

4.197

12/25/40

(a)

64,957

FNMA

REMIC

,

Series

2010-15,

Class

FJ

(SOFR

+

1.044%)

186,701

4.657

06/25/36

(a)

188,609

FNMA

REMIC

,

Series

2010-39,

Class

FE

(SOFR

+

0.884%)

309,052

4.497

06/25/37

(a)

310,596

FNMA

REMIC

,

Series

2010-39,

Class

FG

(SOFR

+

1.034%)

141,400

4.647

03/25/36

(a)

143,183

FNMA

REMIC

,

Series

2010-46,

Class

WF

(SOFR

+

0.864%)

1,092,884

4.477

05/25/40

(a)

1,096,796

FNMA

REMIC

,

Series

2010-49,

Class

FB

(SOFR

+

0.864%)

94,149

4.477

05/25/40

(a)

94,620

FNMA

REMIC

,

Series

2010-59,

Class

FN

(SOFR

+

0.844%)

1,116,200

4.457

06/25/40

(a)

1,121,594

FNMA

REMIC

,

Series

2011-53,

Class

FT

(SOFR

+

0.694%)

88,408

4.307

06/25/41

(a)

88,130

FNMA

REMIC

,

Series

2011-87,

Class

FJ

(SOFR

+

0.664%)

99,613

4.277

09/25/41

(a)

99,004

FNMA

REMIC

,

Series

2012-101,

Class

FC

(SOFR

+

0.614%)

86,410

4.227

09/25/42

(a)

85,291

FNMA

REMIC

,

Series

2012-14,

Class

BF

(SOFR

+

0.714%)

441,839

4.327

03/25/42

(a)

440,344

FNMA

REMIC

,

Series

2012-37,

Class

BF

(SOFR

+

0.614%)

91,941

4.227

12/25/35

(a)

91,640

FNMA

REMIC

,

Series

2013-10,

Class

KF

(SOFR

+

0.414%)

59,198

4.027

02/25/43

(a)

58,555

FNMA

REMIC

,

Series

2013-130,

Class

FB

(SOFR

+

0.564%)

63,927

4.177

01/25/44

(a)

63,229

FNMA

REMIC

,

Series

2013-19,

Class

DF

(SOFR

+

0.414%)

198,342

4.027

09/25/41

(a)

197,992

FNMA

REMIC

,

Series

2013-2,

Class

QF

(SOFR

+

0.614%)

39,124

4.227

02/25/43

(a)

38,777

FNMA

REMIC

,

Series

2014-17,

Class

FE

(SOFR

+

0.664%)

574,633

4.277

04/25/44

(a)

569,410

FNMA

REMIC

,

Series

2014-28,

Class

FD

(SOFR

+

0.564%)

1,103,303

4.177

05/25/44

(a)

1,099,027

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Mortgage-Backed

Securities

–

(continued)

a

FNMA

REMIC

,

Series

2014-47,

Class

AF

(SOFR

+

0.464%)

$

186,299

4.118

%

08/25/44

(a)

$

185,593

FNMA

REMIC

,

Series

2015-27,

Class

KF

(SOFR

+

0.414%)

39,877

4.027

05/25/45

(a)

39,540

FNMA

REMIC

,

Series

2015-87,

Class

BF

(SOFR

+

0.414%)

225,006

4.027

12/25/45

(a)

221,936

FNMA

REMIC

,

Series

2016-49,

Class

EF

(SOFR

+

0.514%)

501,701

4.127

08/25/46

(a)

498,627

FNMA

REMIC

,

Series

2017-16,

Class

FA

(SOFR

+

0.564%)

527,591

4.177

03/25/47

(a)

518,733

FNMA

REMIC

,

Series

2017-91,

Class

GF

(SOFR

+

0.464%)

1,278,856

4.077

11/25/47

(a)

1,251,330

FNMA

REMIC

,

Series

2018-15,

Class

JF

(SOFR

+

0.414%)

696,398

4.027

03/25/48

(a)

679,064

FNMA

REMIC

,

Series

2018-3385,

Class

MA

626,289

4.500

06/01/48

610,174

FNMA

REMIC

,

Series

2019-41,

Class

FM

(SOFR

+

0.564%)

810,580

4.177

08/25/49

(a)

800,246

FNMA

REMIC

,

Series

2019-6,

Class

KF

(SOFR

+

0.564%)

1,248,650

4.177

03/25/49

(a)

1,232,525

Government

National

Mortgage

Association

,

Series

2004-59,

Class

FP

(TSFR1M

+

0.414%)

213,175

4.040

08/16/34

(a)

213,290

Government

National

Mortgage

Association

,

Series

2005-4,

Class

FA

(TSFR1M

+

0.484%)

157,622

4.110

01/16/35

(a)

157,878

Government

National

Mortgage

Association

,

Series

2007-59,

Class

FA

(TSFR1M

+

0.614%)

75,303

4.217

10/20/37

(a)

75,537

Government

National

Mortgage

Association

,

Series

2013-99,

Class

PF

(TSFR1M

+

0.414%)

1,142,558

4.017

07/20/43

(a)

1,132,471

Government

National

Mortgage

Association

,

Series

2019-110,

Class

F

(TSFR1M

+

0.564%)

1,277,338

4.167

09/20/49

(a)

1,262,474

Government

National

Mortgage

Association

,

Series

2019-56,

Class

FB

(TSFR1M

+

0.564%)

1,426,561

4.167

05/20/49

(a)

1,411,810

Government

National

Mortgage

Association

,

Series

2019-58,

Class

FA

(TSFR1M

+

0.514%)

607,225

4.117

05/20/49

(a)

600,552

GS

Mortgage

Securities

Trust

,

Series

2019-GC39,

Class

A3

4,610,235

3.307

05/10/52

4,453,854

GOLDMAN

SACHS

ULTRA

SHORT

BOND

ETF

Schedule

of

Investments

(continued)

May

31,

2026

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Mortgage-Backed

Securities

–

(continued)

a

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

,

Series

2024-OMNI,

Class

A

$

4,800,000

5.797

%

10/05/39

(a)(b)

$

4,840,033

LCCM

,

Series

2017-LC26,

Class

A4

900,000

3.551

07/12/50

(b)

890,530

Morgan

Stanley

Capital

I

,

Series

2017-HR2,

Class

ASB

1,079,057

3.509

12/15/50

1,070,920

Morgan

Stanley

Capital

I

Trust

,

Series

2016-BNK2,

Class

ASB

18,590

2.860

11/15/49

18,536

UBS

Commercial

Mortgage

Trust

,

Series

2017-C2,

Class

ASB

90,211

3.264

08/15/50

89,897

Wells

Fargo

Commercial

Mortgage

Trust

,

Series

2024-1CHI,

Class

A

1,018,000

5.307

07/15/35

(a)(b)

1,020,663

TOTAL

MORTGAGE-BACKED

SECURITIES

(Cost

$86,763,542)

85,971,679

a

Certificate

of

Deposits

–

4.1%

Bank

of

America,

National

Association

3,346,000

4.140

12/22/26

3,347,271

Barclays

PLC

(SOFR

+

0.370%)

5,500,000

3.990

10/09/26

(a)

5,504,889

Kookmin

Bank

(SOFR

+

0.450%)

10,347,000

4.070

02/08/27

(a)

10,348,035

Llyods

Bank

Corporate

Markets

PLC

6,679,000

4.130

04/27/27

6,679,735

National

Bank

of

Kuwait

5,500,000

4.420

08/19/26

5,503,685

(SOFR

+

0.600%)

6,075,000

4.220

12/11/26

(a)

6,082,299

7,784,000

4.220

01/14/27

(a)

7,789,293

(SOFR

+

0.530%)

4,000,000

4.150

02/23/27

(a)

4,002,609

Natixis

SA

(SOFR

+

0.620%)

4,667,000

4.240

10/29/26

(a)

4,674,654

(SOFR

+

0.400%)

9,028,000

4.020

12/04/26

(a)

9,041,156

TOTAL

CERTIFICATE

OF

DEPOSITS

(Cost

$62,918,150)

62,973,626

a

U.S.

Government

Agency

Obligations

–

0.8%

Federal

Home

Loan

Mortgage

Corporation

(SOFR

+

0.140%)

9,447,000

3.760

10/06/27

(a)

9,459,353

3,036,000

3.760

10/14/27

(a)

3,033,239

TOTAL

U.S.

GOVERNMENT

AGENCY

OBLIGATIONS

(Cost

$12,483,000)

12,492,592

a

Municipal

Bonds

–

0.2%

California

–

0.1%

Los

Angeles

Unified

School

District

,

Series

QRR

1,855,000

4.000

07/01/26

1,854,964

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

New

York

–

0.1%

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

,

Series

2

$

1,000,000

4.330

%

11/01/27

(e)

$

1,001,472

TOTAL

MUNICIPAL

BONDS

(Cost

$2,855,000)

2,856,436

Aaa

a

Short-Term

Investment

–

10.3%

Commercial

Paper

–

10.3%

Australia

and

New

Zealand

Banking

Group

Ltd.

$

2,687,000

4.071

%

2,590,564

Banco

Bilbao

Vizcaya

Argentaria

SA

5,263,000

4.271

5,059,006

Bank

of

New

Zealand

5,446,000

4.260

5,232,953

BASF

SE

10,701,000

4.266

10,629,517

Bayer

Corp.

8,000,000

4.356

7,866,960

8,211,000

4.097

8,027,648

Commonwealth

Bank

of

Australia

3,643,000

4.058

3,517,972

Constellation

Energy

Generation,

Inc.

3,983,000

3.994

3,981,526

Fedex

Corp.

2,018,000

4.251

2,005,953

General

Motors

Financial

Co.,

Inc.

1,688,000

4.219

1,676,606

Glencore

Funding

LLC

6,260,000

4.262

6,214,177

HSBC

Holdings

PLC

2,299,000

3.880

2,299,966

Hyundai

Capital

America

8,696,000

4.028

8,670,956

Macquarie

Bank

Ltd.

1,019,000

2.000

1,019,548

5,500,000

4.080

5,428,060

5,170,000

4.215

4,992,772

3,299,000

4.114

3,182,413

National

Bank

of

Canada

(SOFR

+

0.330%)

10,000,000

3.950

(a)

10,003,500

Oracle

Corp.

4,057,000

4.409

4,029,737

14,236,000

4.476

14,014,203

Paradelle

Funding

LLC

5,693,000

4.082

5,497,673

Penske

Truck

Leasing

Co.

1,656,000

4.120

1,646,478

Rwe

Aktiengesellschaft

6,502,000

4.397

6,484,055

10,000,000

4.669

9,616,800

Swedbank

AB

5,105,000

4.169

4,941,078

Targa

Resources

Corp.

9,283,000

3.955

9,279,927

VW

Credit,

Inc.

GOLDMAN

SACHS

ULTRA

SHORT

BOND

ETF

Schedule

of

Investments

(continued)

May

31,

2026

(Unaudited)

**End

swaps

header**

Principal

Amount

Interest

Rate

Maturity

Date

Value

Aaa

(continued)

a

(continued)

Short-Term

Investment

-

(continued)

Commercial

Paper

–

(continued)

$

8,589,000

4.293

%

$

8,471,674

TOTAL

SHORT-TERM

INVESTMENT

(Cost

$156,415,976)

156,381,722

Shares

Dividend

Rate

Value

aa

a

Investment

Company

–

0.4%

(f)

Goldman

Sachs

Central

Government

Fund

-

Institutional

Shares

6,405,345

3.683%

6,405,345

(Cost

$6,405,345)

TOTAL

INVESTMENTS

–

99.2%

(Cost

$1,508,765,969)

$

1,507,855,550

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

0.8%

12,130,284

NET

ASSETS

–

100.0%

$

1,519,985,834

a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

(a)

Variable

rate

security.

Interest

rate

or

distribution

rate

disclosed

is

that

which

is

in

effect

on

May

31,

2026.

(b)

Exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

(c)

Zero

coupon

bond

until

next

reset

date.

(d)

Interest

rates

represent

either

the

stated

coupon

rate,

annualized

yield

on

date

of

purchase

for

discounted

securities,

or,

for

floating

rate

securities,

the

current

reset

rate,

which

is

based

upon

current

interest

rate

indices.

(e)

When-issued

security.

(f)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

CLO

—

Collateralized

Loan

Obligation

CMT

—

Constant

Maturity

Treasury

Index

FHLMC

—

Federal

Home

Loan

Mortgage

Corp.

FNMA

—

Federal

National

Mortgage

Association

GMTN

—

Global

Medium

Term

Note

LIBOR

—

London

Interbank

Offered

Rate

LP

—

Limited

Partnership

MTN

—

Medium

Term

Note

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

SOFR

—

Secured

Overnight

Financing

Rate

SOFRINDX

—

Secured

Overnight

Financing

Rate

Index

TSFR

—

Term

Secured

Overnight

Financing

Rate

Goldman

Sachs

Active

Fixed

Income

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

—

The

fair

value

of

a

financial

instrument

is

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).

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

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

a

Fund’s

investments

that

do

not

have

readily

available

market

quotations,

the

Trustees

have

designated

the

Advisor

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’

portfolio

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:

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.

i.

Commercial

Paper

—

Commercial

paper

normally

represents

short-term

unsecured

promissory

notes

issued

in

bearer

form

by

banks

or

bank

holding

companies,

corporations,

finance

companies

and

other

issuers.

Commercial

paper

consists

of

direct

U.S.

dollar-

denominated

obligations

of

domestic

or

foreign

issuers.

Asset-backed

commercial

paper

is

issued

by

a

special

purpose

entity

that

is

organized

to

issue

the

commercial

paper

and

to

purchase

trade

receivables

or

other

financial

assets.

ii.

Mortgage-Backed

and

Asset-Backed

Securities

—

Mortgage-backed

securities

represent

direct

or

indirect

participations

in,

or

are

collateralized

by

and

payable

from,

mortgage

loans

secured

by

residential

and/or

commercial

real

estate

property.

Asset-backed

securities

include

securities

whose

principal

and

interest

payments

are

collateralized

by

pools

of

other

assets

or

receivables.

The

value

of

certain

mortgage-backed

and

asset-backed

securities

(including

adjustable

rate

mortgage

loans)

may

be

particularly

sensitive

to

changes

in

prevailing

interest

rates.

The

value

of

these

securities

may

also

fluctuate

in

response

to

the

market’s

perception

of

the

creditworthiness

of

the

issuers.

Asset-backed

securities

may

present

credit

risks

that

are

not

presented

by

mortgage-backed

securities

because

they

generally

do

not

have

the

benefit

of

a

security

interest

in

collateral

that

is

comparable

to

mortgage

assets.

Some

asset-backed

securities

may

only

have

a

subordinated

claim

on

collateral.

Goldman

Sachs

Active

Fixed

Income

ETFs

Schedule

of

Investments

(continued)

May

31,

2026

(Unaudited)

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.

iii.

When-Issued

Securities

and

Forward

Commitments

—

When-issued

securities,

including

TBA

(“To

Be

Announced”)

securities,

are

securities

that

are

authorized

but

not

yet

issued

in

the

market

and

purchased

in

order

to

secure

what

is

considered

to

be

an

advantageous

price

or

yield

to

a

Fund.

A

forward

commitment

involves

entering

into

a

contract

to

purchase

or

sell

securities,

typically

on

an

extended

settlement

basis,

for

a

fixed

price

at

a

future

date.

The

purchase

of

securities

on

a

when-issued

or

forward

commitment

basis

involves

a

risk

of

loss

if

the

value

of

the

security

to

be

purchased

declines

before

the

settlement

date.

Conversely,

the

sale

of

securities

on

a

forward

commitment

basis

involves

the

risk

that

the

value

of

the

securities

sold

may

increase

before

the

settlement

date.

Although

a

Fund

will

generally

purchase

securities

on

a

when-issued

or

forward

commitment

basis

with

the

intention

of

acquiring

the

securities

for

its

portfolio,

the

Fund

may

dispose

of

when-issued

securities

or

forward

commitments

prior

to

settlement,

which

may

result

in

a

realized

gain

or

loss.

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.

Derivative

Contracts—

A

derivative

is

an

instrument

whose

value

is

derived

from

underlying

assets,

indices,

reference

rates

or

a

combination

of

these

factors.

A

Portfolio

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

Portfolio

and

cash

collateral

received,

if

any,

is

reported

separately

on

the

Statements

of

Assets

and

Liabilities

as

either

due

to

broker/receivable

for

collateral

on

certain

derivative

contracts.

Non-cash

collateral

pledged

by

a

Portfolio,

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

midpoint

of

the

bid

and

ask

prices

on

the

exchange

where

they

are

principally

traded

(or,

in

the

absence

of

two-way

trading,

at

the

last

bid

price

for

long

positions

and

the

last

ask

price

for

short

positions).

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

Portfolio

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

Portfolio

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.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Active

Fixed

Income

ETFs

Schedule

of

Investments

(continued)

May

31,

2026

(Unaudited)

ii.

Swap

Contracts

—

Bilateral

swap

contracts

are

agreements

in

which

a

Portfolio

and

a

counterparty

agree

to

exchange

periodic

payments

on

a

specified

notional

amount

or

make

a

net

payment

upon

termination.

Bilateral

swap

transactions

are

privately

negotiated

in

the

OTC

market

and

payments

are

settled

through

direct

payments

between

a

Portfolio

and

the

counterparty.

By

contrast,

certain

swap

transactions

are

subject

to

mandatory

central

clearing.

These

swaps

are

executed

through

a

derivatives

clearing

member

(“DCM”),

acting

in

an

agency

capacity,

and

submitted

to

a

central

counterparty

(“CCP”)

(“centrally

cleared

swaps”),

in

which

case

all

payments

are

settled

with

the

CCP

through

the

DCM.

Swaps

are

marked-to-market

daily

using

pricing

vendor

quotations,

counterparty

or

clearinghouse

prices

or

model

prices,

and

the

change

in

value,

if

any,

is

recorded

as

an

unrealized

gain

or

loss.

Upon

entering

into

a

swap

contract,

a

Portfolio

is

required

to

satisfy

an

initial

margin

requirement

by

delivering

cash

or

securities

to

the

counterparty

(or

in

some

cases,

segregated

in

a

triparty

account

on

behalf

of

the

counterparty),

which

can

be

adjusted

by

any

mark-to-market

gains

or

losses

pursuant

to

bilateral

or

centrally

cleared

arrangements.

For

centrally

cleared

swaps

the

daily

change

in

valuation,

if

any,

is

recorded

as

a

receivable

or

payable

for

variation

margin.

A

credit

default

swap

is

an

agreement

that

involves

one

party

(the

buyer

of

protection)

making

a

stream

of

payments

to

another

party

(the

seller

of

protection)

in

exchange

for

the

right

to

receive

protection

on

a

reference

security

or

obligation,

including

a

group

of

assets

or

exposure

to

the

performance

of

an

index.

The

Fund’s

investment

in

credit

default

swaps

may

involve

greater

risks

than

if

the

Fund

had

invested

in

the

referenced

obligation

directly.

Credit

events

are

contract

specific

but

may

include

bankruptcy,

failure

to

pay,

restructuring

and

obligation

acceleration.

If

the

Fund

buys

protection

through

a

credit

default

swap

and

no

credit

event

occurs,

its

payments

are

limited

to

the

periodic

payments

previously

made

to

the

counterparty.

Upon

the

occurrence

of

a

specified

credit

event,

the

Fund,

as

a

buyer

of

credit

protection,

is

entitled

to

receive

an

amount

equal

to

the

notional

amount

of

the

swap

and

deliver

to

the

seller

the

defaulted

reference

obligation

in

a

physically

settled

trade.

The

Fund

may

also

receive

a

net

settlement

amount

in

the

form

of

cash

or

securities

equal

to

the

notional

amount

of

the

swap

reduced

by

the

recovery

value

of

the

reference

obligation

in

a

cash

settled

trade.

As

a

seller

of

protection,

the

Fund

generally

receives

a

payment

stream

throughout

the

term

of

the

swap,

provided

that

there

is

no

credit

event.

In

addition,

if

the

Fund

sells

protection

through

a

credit

default

swap,

the

Fund

could

suffer

a

loss

because

the

value

of

the

referenced

obligation

and

the

premium

payments

received

may

be

less

than

the

notional

amount

of

the

swap

paid

to

the

buyer

of

protection.

Upon

the

occurrence

of

a

specified

credit

event,

the

Fund,

as

a

seller

of

credit

protection,

may

be

required

to

take

possession

of

the

defaulted

reference

obligation

and

pay

the

buyer

an

amount

equal

to

the

notional

amount

of

the

swap

in

a

physically

settled

trade.

The

Fund

may

also

pay

a

net

settlement

amount

in

the

form

of

cash

or

securities

equal

to

the

notional

amount

of

the

swap

reduced

by

the

recovery

value

of

the

reference

obligation

in

a

cash

settled

trade.

Recovery

values

are

at

times

established

through

the

credit

event

auction

process

in

which

market

participants

are

ensured

that

a

transparent

price

has

been

set

for

the

defaulted

security

or

obligation.

In

addition,

the

Fund

is

entitled

to

a

return

of

any

assets,

which

have

been

pledged

as

collateral

to

the

counterparty

upon

settlement.

The

maximum

potential

amount

of

future

payments

(undiscounted)

that

the

Fund

as

seller

of

protection

could

be

required

to

make

under

a

credit

default

swap

would

be

an

amount

equal

to

the

notional

amount

of

the

agreement.

These

potential

amounts

would

be

partially

offset

by

any

recovery

values

of

the

respective

referenced

obligations

or

net

amounts

received

from

a

settlement

of

a

credit

default

swap

for

the

same

reference

security

or

obligation

where

the

Fund

bought

credit

protection.

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

Valuation

Procedures

approved

by

the

Trustees.

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

Active

Fixed

Income

ETFs

Schedule

of

Investments

(continued)

May

31,

2026

(Unaudited)

C.

Fair

Value

Hierarchy

—

The

following

is

a

summary

of

the

Funds’

investments

classified

in

the

fair

value

hierarchy

as

of

May

31,

2026:

Core

Bond

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Fixed

Income

Asset-

Backed

Securities

$

—

$

85,881,475

$

—

Collateralized

Mortgage

Obligations

—

28,490,473

—

Corporate

Obligations

—

121,641,729

—

Foreign

Corporate

Debt

—

13,995,190

—

Mortgage-Backed

Securities

—

175,460,245

—

Municipal

Bond

—

822,192

—

Sovereign

Debt

Obligations

—

4,993,715

—

U.S.

Treasury

Bonds

8,181,454

—

—

U.S.

Treasury

Notes

85,312,261

7,199,117

—

Investment

Company

76,279,800

—

—

Total

$

169,773,515

$

438,484,136

$

—

€

1.00

€

1.00

€

1.00

Derivative

Type

Assets

(a)

Credit

Default

Swap

Contracts

$

—

$

25,454

$

—

Futures

Contracts

1,045,070

—

—

Total

$

1,045,070

$

25,454

$

—

€

1.00

€

1.00

€

1.00

Liabilities

Futures

Contracts

(a)

$

(189,618)

$

—

$

—

€

1.00

€

1.00

€

1.00

Corporate

Bond

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Fixed

Income

Corporate

Obligations

$

—

$

149,245,584

$

—

Foreign

Corporate

Debt

—

22,083,509

—

Sovereign

Debt

Obligations

—

4,590,766

—

U.S.

Treasury

Bonds

240,731

—

—

U.S.

Treasury

Notes

2,137,492

—

—

Investment

Company

4,520,273

—

—

Total

$

6,898,496

$

175,919,859

$

—

€

1.00

€

1.00

€

1.00

Derivative

Type

Assets

(a)

Credit

Default

Swap

Contracts

$

—

$

184,188

$

—

Futures

Contracts

505,773

—

—

Total

$

505,773

$

184,188

$

—

€

1.00

€

1.00

€

1.00

Liabilities

Futures

Contracts

(a)

$

(64,971)

$

—

$

—

€

1.00

€

1.00

€

1.00

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Active

Fixed

Income

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

Risk

—

Foreign

securities

may

be

subject

to

risk

of

loss

because

of

more

or

less

foreign

government

regulation;

less

public

information;

less

stringent

investor

protections;

less

stringent

accounting,

corporate

governance,

financial

reporting

and

disclosure

standards;

and

less

economic,

political

and

social

stability

in

the

countries

in

which

the

Fund

invests.

The

imposition

of

sanctions,

exchange

controls

(including

repatriation

restrictions),

confiscations,

trade

restrictions

(including

tariffs)

and

other

government

restrictions

by

the

United

States

and

other

governments,

or

from

problems

in

share

registration,

settlement

or

custody,

may

also

result

in

losses.

The

type

and

severity

of

sanctions

and

other

similar

measures,

including

counter

sanctions

and

other

retaliatory

actions,

that

may

be

imposed

could

vary

broadly

in

scope,

and

their

impact

is

impossible

to

predict.

For

example,

the

imposition

of

sanctions

and

other

similar

measures

could,

among

other

things,

cause

a

decline

in

the

value

and/or

liquidity

of

securities

issued

by

the

sanctioned

country

or

companies

located

in

or

economically

tied

to

the

sanctioned

country

and

increase

market

volatility

and

disruption

in

the

sanctioned

country

and

throughout

the

world.

Sanctions

and

other

similar

measures

could

limit

or

prevent

the

Fund

from

buying

and

selling

securities

(in

the

sanctioned

country

and

other

markets),

significantly

delay

or

prevent

the

settlement

of

securities

transactions,

and

significantly

impact

the

Fund’s

liquidity

and

performance.

Foreign

risk

also

involves

the

risk

of

negative

foreign

currency

rate

fluctuations,

which

may

cause

the

value

of

securities

denominated

in

such

foreign

currency

(or

other

instruments

through

which

the

Fund

has

exposure

to

foreign

currencies)

to

decline

in

value.

Currency

exchange

rates

may

fluctuate

significantly

over

short

periods

of

time.

Interest

Rate

Risk

—

When

interest

rates

increase,

fixed

income

securities

or

instruments

held

by

the

Fund

will

generally

decline

in

value.

Long-term

fixed

income

securities

or

instruments

will

normally

have

more

price

volatility

because

of

this

risk

than

short-term

fixed

income

securities

or

instruments.

A

wide

variety

of

market

factors

can

cause

interest

rates

to

rise,

including

central

bank

monetary

policy,

rising

inflation

and

changes

in

general

economic

conditions.

Changing

interest

rates

may

have

unpredictable

effects

on

the

markets,

may

result

in

heightened

market

volatility

and

may

detract

from

Fund

performance.

In

addition,

changes

in

monetary

policy

may

exacerbate

the

risks

associated

with

changing

interest

rates.

Funds

with

longer

average

portfolio

durations

will

generally

be

more

sensitive

to

changes

in

interest

rates

than

funds

with

a

shorter

average

portfolio

duration.

Fluctuations

in

interest

rates

may

also

affect

the

liquidity

of

fixed

income

securities

and

instruments

held

by

the

Fund.

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.

Ultra

Short

Bond

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Fixed

Income

Asset-

Backed

Securities

$

—

$

271,433,261

$

—

Certificate

of

Deposit

—

62,973,626

—

Corporate

Obligations

—

436,965,665

—

Foreign

Corporate

Debt

—

380,388,518

—

Mortgage-Backed

Securities

—

85,971,679

—

Municipal

Bond

—

2,856,436

—

U.S.

Government

Agency

Obligations

—

12,492,592

—

U.S.

Treasury

Notes

91,986,706

—

—

Short-Term

Investment

6,405,345

156,381,722

—

Total

$

98,392,051

$

1,409,463,499

$

—

€

1.00

€

1.00

€

1.00

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Active

Fixed

Income

ETFs

Schedule

of

Investments

(continued)

May

31,

2026

(Unaudited)

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

the

Cboe

BZX

and

NYSE

Arca

and

may,

therefore,

have

a

material

upward

or

downward

effect

on

the

market

price

of

the

Shares.

Market

and

Credit

Risks

—

In

the

normal

course

of

business,

the

Fund

trades

financial

instruments

and

enters

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk).

The

value

of

the

securities

in

which

the

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,

the

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

—

The

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.

Mortgage-Backed

and

Other

Asset-Backed

Securities

Risk

—

Mortgage-related

and

other

asset-backed

securities

are

subject

to

credit/

default,

interest

rate

and

certain

additional

risks,

including

"extension

risk"

(i.e.,

in

periods

of

rising

interest

rates,

issuers

may

pay

principal

later

than

expected)

and

"prepayment

risk"

(i.e.,

in

periods

of

declining

interest

rates,

issuers

may

pay

principal

more

quickly

than

expected,

causing

the

Fund

to

reinvest

proceeds

at

lower

prevailing

interest

rates).

Due

to

these

risks,

asset-backed

securities

may

become

more

volatile

in

certain

interest

rate

environments.

Mortgage-backed

securities

offered

by

non-governmental

issuers

are

subject

to

other

risks

as

well,

including

failures

of

private

insurers

to

meet

their

obligations

and

unexpectedly

high

rates

of

default

on

the

mortgages

backing

the

securities,

particularly

during

periods

of

rising

interest

rates.

Other

asset-backed

securities

are

subject

to

risks

similar

to

those

associated

with

mortgage-backed

securities,

as

well

as

risks

associated

with

the

nature

and

servicing

of

the

assets

backing

the

securities.

Asset-backed

securities

may

not

have

the

benefit

of

a

security

interest

in

collateral

comparable

to

that

of

mortgage

assets,

resulting

in

additional

credit

risk.

Municipal

Securities

Risk

—

Municipal

securities

are

subject

to

credit/default

risk,

interest

rate

risk

and

certain

additional

risks.

The

Fund

may

be

more

sensitive

to

adverse

economic,

business,

political,

environmental

or

other

developments

if

it

invests

a

substantial

portion

of

its

assets

in

the

bonds

of

similar

projects

(such

as

those

relating

to

education,

health

care,

housing,

transportation,

and

utilities),

industrial

development

bonds,

or

in

particular

types

of

municipal

securities

(such

as

general

obligation

bonds,

private

activity

bonds

and

moral

obligation

bonds).

While

interest

earned

on

municipal

securities

is

generally

not

subject

to

federal

tax,

any

interest

earned

on

taxable

municipal

securities

is

fully

taxable

at

the

federal

level

and

may

be

subject

to

tax

at

the

state

level.

Non-Diversification

Risk

—

Goldman

Sachs

Core

Bond

ETF

and

Goldman

Sachs

Corporate

bond

ETF

are

non-diversified,

meaning

that

they

are

permitted

to

invest

a

larger

percentage

of

their

assets

in

one

or

more

issuers

or

in

fewer

issuers

than

diversified

funds.

Thus,

the

Funds

may

be

more

susceptible

to

adverse

developments

affecting

any

single

issuer

held

in

its

portfolio,

and

may

be

more

susceptible

to

greater

losses

because

of

these

developments.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Active

Fixed

Income

ETFs

Schedule

of

Investments

(continued)

May

31,

2026

(Unaudited)

U.S.

Government

Securities

Risk

—

The

U.S.

Government

may

not

provide

financial

support

to

U.S.

Government

agencies,

instrumentalities

or

sponsored

enterprises

if

it

is

not

obligated

to

do

so

by

law.

U.S.

Government

securities

issued

by

the

Federal

National

Mortgage

Association

(“Fannie

Mae”)

and

the

Federal

Home

Loan

Mortgage

Corporation

(“Freddie

Mac”)

and

the

Federal

Home

Loan

Banks,

are

neither

issued

nor

guaranteed

by

the

U.S.

Treasury

and,

therefore,

are

not

backed

by

the

full

faith

and

credit

of

the

United

States.

The

maximum

potential

liability

of

the

issuers

of

some

U.S.

Government

Securities

held

by

the

Fund

may

greatly

exceed

their

current

resources,

including

any

legal

right

to

support

from

the

U.S.

Treasury.

It

is

possible

that

issuers

of

the

U.S.

Government

Securities

will

not

have

the

Funds

to

meet

their

payment

obligations

in

the

future.

Valuation

Risk

—

The

sale

price

the

Fund

could

receive

for

a

security

may

differ

from

the

Fund’s

valuation

of

the

security,

particularly

for

securities

that

trade

in

low

volume

or

volatile

markets

or

that

are

valued

using

a

fair

value

methodology.

The

Fund

relies

on

various

sources

to

calculate

its

NAV.

The

information

may

be

provided

by

third

parties

that

are

believed

to

be

reliable,

but

the

information

may

not

be

accurate

due

to

errors

by

such

pricing

sources,

technological

issues

or

otherwise.

NAV

calculation

may

also

be

impacted

by

operational

risks

arising

from

factors

such

as

failures

in

systems

and

technology.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)