GOLDMAN SACHS COMMUNITY MUNICIPAL BOND ETF
Schedule of Investments
May 31, 2023 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||
Municipal Bonds – 98.4% | ||||||||||||
Alabama – 2.1% | ||||||||||||
Alabama Federal Aid Highway Finance Authority Special Obligation RB Series 2015 (NR/AAA) | ||||||||||||
$ | 120,000 | 3.000 | % | 09/01/2028 | $ 119,401 | |||||||
Alabama Public School and College Authority Tax Exempt Capital improvement and RB, Series 2020-A (Aa1/AA) | ||||||||||||
50,000 | 5.000 | 11/01/2026 | 53,327 | |||||||||
50,000 | 5.000 | 11/01/2031 | 57,196 | |||||||||
50,000 | 5.000 | 11/01/2034 | 56,841 | |||||||||
50,000 | 5.000 | 11/01/2035 | 56,393 | |||||||||
65,000 | 4.000 | 11/01/2036 | 66,240 | |||||||||
| ||||||||||||
409,398 | ||||||||||||
| ||||||||||||
Alaska – 0.3% | ||||||||||||
Municipality of Anchorage, Alaska 2014 GO Refunding Bonds Series B (NR/AA) | ||||||||||||
60,000 | 5.000 | 09/01/2024 | 61,233 | |||||||||
| ||||||||||||
Arizona – 0.6% | ||||||||||||
Arizona Health Facilities Authority RB Series 2014A (A2/NR) | ||||||||||||
50,000 | 5.000 | 12/01/2024 | 51,062 | |||||||||
City of Mesa Utility Systems Revenue Refunding Bonds Series 2019C (Aa2/AA-) | ||||||||||||
60,000 | 5.000 | 07/01/2034 | 66,763 | |||||||||
| ||||||||||||
117,825 | ||||||||||||
| ||||||||||||
Arkansas – 0.3% | ||||||||||||
City of Fort Smith Water and Sewer Refunding and Construction RB Series 2018 (NR/A) | ||||||||||||
50,000 | 5.000 | 10/01/2030 | 54,070 | |||||||||
| ||||||||||||
California – 10.7% | ||||||||||||
California Health Facilities Financing Authority RB (Common spirit Health) Series 2020A (Baa1/A-) | ||||||||||||
55,000 | 5.000 | 04/01/2033 | 59,649 | |||||||||
California Health Facilities Financing Authority RB Series 2013A (NR/A-) | ||||||||||||
60,000 | 4.000 | 03/01/2033 | 58,802 | |||||||||
California Health Facilities Financing Authority, Refunding RB (Cedars-Sinai Medical Center) Series 2015 (Aa3/NR) | ||||||||||||
50,000 | 3.500 | 11/15/2034 | 49,406 | |||||||||
California Infrastructure and Economic Development Bank Lease RB (California State Teachers Retirement System Headquarters Expansion) Green Bond Series 2019 (NR/A+) | ||||||||||||
50,000 | 5.000 | 08/01/2035 | 55,417 | |||||||||
California Infrastructure and Economic Development Bank, California Clean Water and Drinking Water State Revolving Fund RB Breen Bond Series 2023 (Aaa/AAA) | ||||||||||||
50,000 | 5.000 | 10/01/2028 | 55,938 | |||||||||
City of Los Angeles Department of Water and Power Water System RB 2017 Series A (Aa2/AA+) | ||||||||||||
50,000 | 5.000 | 07/01/2033 | 53,830 | |||||||||
|
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||
Municipal Bonds – (continued) | ||||||||||||
California – (continued) | ||||||||||||
Department of Water and Power of the City of Los Angeles RB Series 2018 D (Aa2/AA-) | ||||||||||||
$ | 70,000 | 5.000 | % | 07/01/2034 | $ 77,243 | |||||||
Golden State Tobacco Securitization Corp. California Tobacco Settlement Revenue Enhanced Asset Backed Bonds 2005A (Aa3/A+) | ||||||||||||
100,000 | 0.000 | (a) | 06/01/2024 | 96,799 | ||||||||
Golden State Tobacco Securitization Corp. Enhanced Tobacco Settlement Asset Backed Bonds 2015A (Aa3/A+) | ||||||||||||
20,000 | 4.000 | 06/01/2031 | 20,438 | |||||||||
Los Angeles County Metropolitan Transportation Authority Proposition C Sales Tax RB Senior Bonds Series 2013B (NR/AAA) | ||||||||||||
50,000 | 5.000 | 07/01/2025 | 50,060 | |||||||||
Los Angeles Unified School District 2014 GO Refunding Bond Series D (Aa3/AA-) | ||||||||||||
80,000 | 5.000 | 07/01/2025 | 83,316 | |||||||||
Los Angeles Unified School District GO Bonds, Measure Q Series C (Aa3/NR) | ||||||||||||
50,000 | 5.000 | 07/01/2025 | 50,971 | |||||||||
Palomar Community College District 2015 GO Refunding Bonds (AA2/AA) | ||||||||||||
80,000 | 5.000 | 05/01/2030 | 83,064 | |||||||||
San Bernadino Community College District, San Bernardino and Riverside Counties Election of 2002 GO Bonds Series D (Aa1/AA) | ||||||||||||
50,000 | 0.000 | (a) | 08/01/2032 | 36,215 | ||||||||
San Diego Unified School District 2015 GO Refunding Bonds Dedicated Unlimited Ad Valorem Property Tax Bonds Series R-4 (Aa2/AA-) | ||||||||||||
80,000 | 5.000 | 07/01/2025 | 83,349 | |||||||||
San Diego Unified School District GO Refunding Bonds Series 2012 R-1 (Aa2/AA-) | ||||||||||||
50,000 | 0.000 | (a) | 07/01/2031 | 38,184 | ||||||||
San Francisco Bay Area Rapid Transit District GO Bonds Election of 2016 2017 Series A-1 Green Bonds (Aaa/A+) | ||||||||||||
50,000 | 5.000 | 08/01/2031 | 54,850 | |||||||||
45,000 | 4.000 | 08/01/2036 | 46,210 | |||||||||
San Francisco Bay Area Rapid Transit District Sales Tax Revenue Bonds 2015 Refunding Series A (NR/AA+) | ||||||||||||
50,000 | 5.000 | 07/01/2027 | 52,141 | |||||||||
San Jose Evergreen California Community College District GO Bonds Election of 2004 B (Aa1/AA+) | ||||||||||||
50,000 | 0.000 | (a) | 09/01/2031 | 37,741 | ||||||||
State of California GO Various Purpose Bonds (Aa2/AA-) | ||||||||||||
50,000 | 5.000 | 03/01/2030 | 57,058 | |||||||||
120,000 | 5.000 | 11/01/2031 | 137,771 | |||||||||
50,000 | 5.000 | 03/01/2032 | 56,985 | |||||||||
50,000 | 5.000 | 11/01/2032 | 55,654 | |||||||||
50,000 | 5.000 | 03/01/2034 | 56,822 | |||||||||
State of California GO Various Purpose Refunding Bonds (Aa2/AA-) | ||||||||||||
50,000 | 5.000 | 11/01/2030 | 54,493 | |||||||||
50,000 | 5.000 | 11/01/2032 | 59,375 | |||||||||
|
GOLDMAN SACHS COMMUNITY MUNICIPAL BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||
Municipal Bonds – (continued) | ||||||||||||
California – (continued) | ||||||||||||
State of California Tax Exempt Various Purpose GO Refunding Bonds (Aa2/AA-) | ||||||||||||
$ | 110,000 | 5.000 | % | 09/01/2028 | $ 115,047 | |||||||
60,000 | 5.000 | 10/01/2028 | 66,778 | |||||||||
State Public Works Board of the State of California Lease Revenue Refunding Bonds 2015 Series G (Aa3/A+) | ||||||||||||
60,000 | 5.000 | 05/01/2025 | 62,275 | |||||||||
The Metropolitan Water District of Southern California Water Revenue Bonds 2015 Authorization Series A (Aa1/AAA) | ||||||||||||
100,000 | 5.000 | 07/01/2024 | 101,973 | |||||||||
The Regents of the University of California General Revenue Bonds 2017 Series AY (AA2/AA) | ||||||||||||
70,000 | 5.000 | 05/15/2032 | 76,073 | |||||||||
Trustees of the California State University System Wide RB Series 2015A (Aa2/AA-) | ||||||||||||
50,000 | 5.000 | 11/01/2032 | 52,278 | |||||||||
WM S Hart High School District GO Bonds Election 2001 2005 B (Aa2/AA) | ||||||||||||
50,000 | 0.000 | (a) | 09/01/2029 | 40,454 | ||||||||
| ||||||||||||
2,136,659 | ||||||||||||
| ||||||||||||
Colorado – 1.5% | ||||||||||||
Colorado Health Facilities Authority Hospital RB Series 2015 (NR/A+) | ||||||||||||
50,000 | 5.000 | 01/15/2035 | 51,696 | |||||||||
Colorado Health Facilities Authority RB Series 2019A (NR/A+) | ||||||||||||
50,000 | 5.000 | 11/01/2034 | 53,968 | |||||||||
State of Colorado Higher Education Capital Construction Lease Purchase Financing Program Certificates of Participation Series 2014 A (Aa2/AA-) | ||||||||||||
80,000 | 5.000 | 11/01/2025 | 83,563 | |||||||||
The Regents of The University of Colorado University Enterprise Revenue and Refunding Bonds Series 2014A (Aa1/NR) | ||||||||||||
100,000 | 5.000 | 06/01/2027 | 101,586 | |||||||||
| ||||||||||||
290,813 | ||||||||||||
| ||||||||||||
Connecticut – 2.8% | ||||||||||||
Connecticut State Health & Educational Facilities Authority RB Quinnipiac University Issue Series L (A3/A-) | ||||||||||||
65,000 | 5.000 | 07/01/2032 | 66,946 | |||||||||
State of Connecticut GO Bonds (Aa3/AA-) | ||||||||||||
50,000 | 5.000 | 11/15/2030 | 52,143 | |||||||||
50,000 | 5.000 | 11/15/2032 | 52,012 | |||||||||
State of Connecticut GO Bonds 2013 Series C (Aa3/AA-) | ||||||||||||
100,000 | 4.000 | 07/15/2028 | 100,076 | |||||||||
State of Connecticut GO Bonds 2015 Series A (Aa3 /AA-) | ||||||||||||
60,000 | 4.000 | 03/15/2032 | 60,655 | |||||||||
State of Connecticut GO Refunding Bonds Series 2016 B (Aa3/AA-) | ||||||||||||
50,000 | 5.000 | 05/15/2027 | 52,737 | |||||||||
State of Connecticut Tax Exempt GO Bonds Series 2018 E (Aa3/AA-) | ||||||||||||
50,000 | 5.000 | 09/15/2025 | 52,023 | |||||||||
State of Connecticut Tax Exempt GO Bonds 2018 Series E (Aa3/AA-) | ||||||||||||
70,000 | 5.000 | 09/15/2034 | 76,518 | |||||||||
|
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||
Municipal Bonds – (continued) | ||||||||||||
Connecticut – (continued) | ||||||||||||
University of Connecticut GO Bonds Series 2013 A (Aa3/AA-) | ||||||||||||
$ | 50,000 | 4.000 | % | 08/15/2029 | $ 50,008 | |||||||
| ||||||||||||
563,118 | ||||||||||||
| ||||||||||||
Delaware – 0.4% | ||||||||||||
The State of Delaware GO Refunding Bonds Series 2017A (Aaa/AAA) | ||||||||||||
67,000 | 5.000 | 01/01/2028 | 73,403 | |||||||||
| ||||||||||||
District of Columbia – 1.9% | ||||||||||||
District of Columbia Hospital RB Refunding Children’s Hospital Obligated Group Issue Series 2015 (A1/NR) | ||||||||||||
50,000 | 5.000 | 07/15/2031 | 51,886 | |||||||||
District of Columbia Washington D.C. GO Bonds Series 2015B (Aaa/AA+) | ||||||||||||
60,000 | 5.000 | 06/01/2026 | 62,128 | |||||||||
District of Columbia Washington D.C. GO Bonds Series 2017D (Aaa/AA+) | ||||||||||||
100,000 | 4.000 | 06/01/2033 | 103,075 | |||||||||
District of Columbia Washington D.C. GO Bonds Series 2021D (Aaa/AA+) | ||||||||||||
50,000 | 5.000 | 02/01/2029 | 55,762 | |||||||||
District of Columbia Washington D.C. Income Tax Secured RB Series 2019A Tax Exempt (Aa1/AAA) | ||||||||||||
50,000 | 5.000 | 03/01/2028 | 54,862 | |||||||||
50,000 | 5.000 | 03/01/2030 | 56,608 | |||||||||
| ||||||||||||
384,321 | ||||||||||||
| ||||||||||||
Florida – 5.5% | ||||||||||||
City of Cape Coral Fl Water and Sewer Refunding RB Series 2017 (A1/A+) | ||||||||||||
60,000 | 5.000 | 10/01/2032 | 64,391 | |||||||||
City of Jacksonville Transportation RB Refunding Series 2015 (Aa3/AA-) | ||||||||||||
50,000 | 3.000 | 10/01/2031 | 49,052 | |||||||||
City of Jacksonville Transportation Refunding RB Series 2015 (Aa3/AA-) | ||||||||||||
70,000 | 5.000 | 10/01/2027 | 72,322 | |||||||||
Florida State Board of Education Florida Public Education Capital Outlay Refunding Bonds 2019 Series C (Aaa/AAA) | ||||||||||||
50,000 | 5.000 | 06/01/2031 | 56,603 | |||||||||
Greater Orlando Aviation Authority Priority Subordinated Airport Facilities RB Series 2017A Amt of The City of Orlando Florida (A1/A+) | ||||||||||||
60,000 | 5.000 | 10/01/2027 | 64,160 | |||||||||
JEA Water and Sewer System RB 2017 Series A (Aa2/AA+) | ||||||||||||
75,000 | 5.000 | 10/01/2025 | 77,795 | |||||||||
Miami-Dade County Water and Sewer System Revenue Refunding Bonds Series 2017B (Aa3/AA-) | ||||||||||||
50,000 | 5.000 | 10/01/2032 | 51,376 | |||||||||
Orange County Florida Tourist Development Tax RB Refunding Series 2010 (NR/AA-) | ||||||||||||
50,000 | 5.000 | 10/01/2024 | 50,810 | |||||||||
|
GOLDMAN SACHS COMMUNITY MUNICIPAL BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||
Municipal Bonds – (continued) | ||||||||||||
Florida – (continued) | ||||||||||||
Orlando Utilities Commission Utility System RB Series 2018A (Aa2/AA) | ||||||||||||
$ | 70,000 | 5.000 | % | 10/01/2032 | $ 76,068 | |||||||
Orlando Utilities Commission Utility System Revenue Refunding Bonds Series 2013A (Aa2/AA) | ||||||||||||
70,000 | 5.000 | 10/01/2024 | 71,711 | |||||||||
Reedy Creek Improvement District Florida Ad Valorem Tax Bonds Series 2017A (Aa3/AA-) | ||||||||||||
60,000 | 5.000 | 06/01/2030 | 64,297 | |||||||||
School District of Pasco County Sales Tax RB Series 2013 (A1/NR) | ||||||||||||
50,000 | 5.000 | 10/01/2024 | 51,038 | |||||||||
Seminole County Water and Sewer Refunding RB Series 2015 A (Aa2/AA+) | ||||||||||||
50,000 | 4.000 | 10/01/2030 | 50,934 | |||||||||
State of Florida Full Faith and Credit State Board of Education Public Education Capital Outlay Refunding Bonds 2022 Series B Forward Delivery (Aaa/AAA) | ||||||||||||
50,000 | 5.000 | 06/01/2028 | 55,312 | |||||||||
State of Florida State Board of Education Full Faith and Credit Public Education Capital Outlay Refunding Bonds 2015 Series A (Aaa/AAA) | ||||||||||||
100,000 | 5.000 | 06/01/2026 | 102,001 | |||||||||
Tampa Bay Wtr Fla Util Sys Rev Ref & Impt Rev Bonds 2001 A (Aa1/AA+) | ||||||||||||
50,000 | 6.000 | 10/01/2029 | 59,469 | |||||||||
The School Board of Miami-Dade County Florida Certificates of Participation Series 2015D (Aaa/AAA) | ||||||||||||
75,000 | 4.000 | 02/01/2032 | 76,717 | |||||||||
| ||||||||||||
1,094,056 | ||||||||||||
| ||||||||||||
Georgia – 0.3% | ||||||||||||
Forsyth County School District Georgia GO Bonds Series 2020 (Aa2/NR) | ||||||||||||
50,000 | 5.000 | 02/01/2030 | 57,169 | |||||||||
| ||||||||||||
Hawaii – 4.1% | ||||||||||||
City and County of Honolulu GO Bonds Series C (Aa2/NR) | ||||||||||||
50,000 | 4.000 | 10/01/2033 | 50,819 | |||||||||
City and County of Honolulu GO Bonds Series 2017D Tax Exempt Refunding Bonds (Aa2/NR) | ||||||||||||
50,000 | 5.000 | 09/01/2032 | 53,943 | |||||||||
City and County of Honolulu GO Bonds Series 2018A Tax Exempt (Aa2/NR) | ||||||||||||
50,000 | 5.000 | 09/01/2029 | 55,209 | |||||||||
City and County of Honolulu GO Bonds Series 2021E Honolulu Rail Transit Project (Aa2/NR) | ||||||||||||
50,000 | 5.000 | 03/01/2029 | 55,884 | |||||||||
City and County of Honolulu GO Bonds Series 2022A Tax Exempt Forward Refunding (Aa2/NR) | ||||||||||||
50,000 | 5.000 | 11/01/2027 | 54,362 | |||||||||
City and County of Honolulu GO Tax Exempt Refunding Bonds Series 2017D (Aa2/NR) | ||||||||||||
50,000 | 5.000 | 09/01/2033 | 53,839 | |||||||||
|
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||
Municipal Bonds – (continued) | ||||||||||||
Hawaii – (continued) | ||||||||||||
City and County of Honolulu Wastewater System RB Junior Series 2015A Refunding Second Bond Resolution (Aa3/NR) | ||||||||||||
$ | 100,000 | 5.000 | % | 07/01/2026 | $ 103,612 | |||||||
State of Hawaii GO Bonds of 2015 Series ET (Aa2/AA+) | ||||||||||||
120,000 | 3.250 | 10/01/2032 | 120,417 | |||||||||
State of Hawaii GO Bonds of 2017 Series FK (Aa2/AA+) | ||||||||||||
60,000 | 5.000 | 05/01/2024 | 60,921 | |||||||||
State of Hawaii GO Bonds of 2018 Series FT (Aa2/AA+) | ||||||||||||
50,000 | 5.000 | 01/01/2034 | 54,291 | |||||||||
State of Hawaii GO Bonds Series 2017 FK (Aa2/AA+) | ||||||||||||
50,000 | 5.000 | 05/01/2033 | 53,415 | |||||||||
State of Hawaii GO Refunding Bonds of 2017 Series FN (Aa2/AA+) | ||||||||||||
50,000 | 5.000 | 10/01/2029 | 54,054 | |||||||||
State of Hawaii GO Refunding Bonds Series 2017 FN (Aa2/AA+) | ||||||||||||
50,000 | 5.000 | 10/01/2026 | 53,233 | |||||||||
| ||||||||||||
823,999 | ||||||||||||
| ||||||||||||
Idaho – 0.4% | ||||||||||||
Idaho Health Facilities Authority RB Refunding for Trinity Health Corp. Obligated Group Series 2015 D (Aa3/AA-) | ||||||||||||
70,000 | 5.500 | 12/01/2026 | 72,503 | |||||||||
| ||||||||||||
Illinois – 2.7% | ||||||||||||
Illinois Finance Authority RB Rush University Medical Center Obligated Group Series 2015A (A1/A+) | ||||||||||||
50,000 | 5.000 | 11/15/2029 | 51,562 | |||||||||
70,000 | 5.000 | 11/15/2034 | 71,595 | |||||||||
Illinois St Go Bonds October 2020 B (A3/A-) | ||||||||||||
60,000 | 4.000 | 10/01/2034 | 60,378 | |||||||||
Regional Transportation Auth Ill Go Bonds 2004A (Aa3/AA) | ||||||||||||
50,000 | 5.750 | 06/01/2029 | 56,847 | |||||||||
Sales Tax Securitization Corp. Sales Tax Securitization Bonds Series 2023A Social Bonds (NR/AA-) | ||||||||||||
60,000 | 3.000 | 01/01/2027 | 58,097 | |||||||||
State of Illinois GO Bonds Series November 2019A (A3/A-) | ||||||||||||
50,000 | 5.000 | 11/01/2026 | 52,491 | |||||||||
State of Illinois GO Bonds Series of April 2014 (A3/A-) | ||||||||||||
105,000 | 5.000 | 04/01/2029 | 105,917 | |||||||||
State of Illinois GO Bonds Series of December 2017B (A3/A-) | ||||||||||||
75,000 | 5.000 | 12/01/2025 | 77,542 | |||||||||
| ||||||||||||
534,429 | ||||||||||||
| ||||||||||||
Indiana – 0.5% | ||||||||||||
Indiana Revenues Special Program Carmel Jr Waterworks Project Series 2008 B (A1/AA) | ||||||||||||
55,000 | 0.000 | (a) | 06/01/2031 | 41,129 | ||||||||
The Trustees of Indiana University Indiana University Consolidated RB Series 2015A (Aaa/AAA) | ||||||||||||
60,000 | 5.000 | 06/01/2026 | 62,129 | |||||||||
| ||||||||||||
103,258 | ||||||||||||
|
GOLDMAN SACHS COMMUNITY MUNICIPAL BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||
Municipal Bonds – (continued) | ||||||||||||
Iowa – 0.8% | ||||||||||||
Board of Regents State of Iowa Hospital Revenue Refunding Bonds Series S.U.I. 2022C University of Iowa Hospitals and Clinics (Aa2/AA+) | ||||||||||||
$ | 50,000 | 5.000 | % | 09/01/2028 | $ 54,909 | |||||||
Iowa Finance Authority State Revolving Fund RB Series 2017 Green Bonds (Aaa/AAA) | ||||||||||||
50,000 | 5.000 | 08/01/2027 | 54,057 | |||||||||
50,000 | 5.000 | 08/01/2030 | 54,434 | |||||||||
| ||||||||||||
163,400 | ||||||||||||
| ||||||||||||
Kansas – 0.3% | ||||||||||||
Johnson County Kansas GO Internal Improvement Bonds Series 2018A (Aaa/AAA) | ||||||||||||
60,000 | 5.000 | 09/01/2024 | 61,263 | |||||||||
| ||||||||||||
Kentucky – 0.6% | ||||||||||||
Kentucky Municipal Power Agency Power System Revenue Refunding Bonds for Prairie State Project Series 2015A (Baa1/NR) | ||||||||||||
50,000 | 5.000 | 09/01/2025 | 51,489 | |||||||||
Kentucky Municipal Power Agency Power System Revenue Refunding Bonds Prairie State Project Series 2015A (Baa1/NR) | ||||||||||||
75,000 | 5.000 | 09/01/2024 | 76,256 | |||||||||
| ||||||||||||
127,745 | ||||||||||||
| ||||||||||||
Louisiana – 0.6% | ||||||||||||
City of New Orleans GO Refunding Bonds Series 2022 (A2/A+) | ||||||||||||
50,000 | 5.000 | 12/01/2025 | 52,048 | |||||||||
City of Shreveport La Water & Sewer RB Junior Lien Series 2018C (Baa2/AA) | ||||||||||||
60,000 | 5.000 | 12/01/2026 | 63,186 | |||||||||
| ||||||||||||
115,234 | ||||||||||||
| ||||||||||||
Maryland – 1.9% | ||||||||||||
Montgomery County GO Consolidated Public Improvement Bonds Series 2020 A (Aaa/AAA) | ||||||||||||
50,000 | 4.000 | 08/01/2031 | 53,768 | |||||||||
State of Maryland GO Bonds State and Local Facilities Loan of 2019 First Series Tax Exempt Bonds Bidding Group 1 (Aaa/AAA) | ||||||||||||
70,000 | 5.000 | 03/15/2027 | 75,244 | |||||||||
State of Maryland GO Bonds State and Local Facilities Loan Of 2020 Second Series A Tax Exempt Bonds Bidding Group 2 (Aaa/AAA) | ||||||||||||
50,000 | 5.000 | 08/01/2032 | 57,461 | |||||||||
State of Maryland GO Bonds State and Local Facilities Loan of 2020 Second Series A Tax Exempt Bonds Second Series A Bidding Group 1 Bonds (Aaa/AAA) | ||||||||||||
50,000 | 5.000 | 08/01/2028 | 55,353 | |||||||||
75,000 | 5.000 | 08/01/2030 | 86,264 | |||||||||
Washington Suburban Sanitary District Maryland Consolidated Public Improvement Refunding Bonds of 2020 Montgomery and Prince George’s Counties Maryland (Aaa/AAA) | ||||||||||||
50,000 | 5.000 | 06/01/2030 | 57,350 | |||||||||
| ||||||||||||
385,440 | ||||||||||||
|
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||
Municipal Bonds – (continued) | ||||||||||||
Massachusetts – 0.8% | ||||||||||||
Massachusetts Bay Transportation Authority RB Series 2005 A (Aa2/AA+) | ||||||||||||
$ | 50,000 | 5.000 | % | 07/01/2025 | $ 51,929 | |||||||
Massachusetts Water Pollution Abatement Trust State Revolving Fund Refunding Bonds Series 2014 (Aaa/AAA) | ||||||||||||
60,000 | 5.000 | 08/01/2024 | 61,213 | |||||||||
School Building Authority Senior Dedicated Sales Tax Refunding Bonds Series 2015 C (Aa2/AA+) | ||||||||||||
50,000 | 5.000 | 08/15/2025 | 52,003 | |||||||||
| ||||||||||||
165,145 | ||||||||||||
| ||||||||||||
Michigan – 1.9% | ||||||||||||
Birmingham Public Schools Michigan 2013 Refunding Bonds GO – Unlimited Tax (Aa2/AA+) | ||||||||||||
60,000 | 3.000 | 05/01/2034 | 59,949 | |||||||||
Michigan Financial Authority Sparrow Obligated Group Refunding Bonds 2015 (NR/A-) | ||||||||||||
30,000 | 5.000 | 11/15/2031 | 30,364 | |||||||||
Michigan Financial Authority Sparrow Obligated Group Refunding Bonds 2015 (NR/NR)(b) | ||||||||||||
20,000 | 5.000 | 11/15/2031 | 20,627 | |||||||||
Michigan State Building Authority 2013 RB and Refunding Bonds Series 1-A (Aa2-/AA-) | ||||||||||||
50,000 | 5.000 | 10/15/2029 | 50,385 | |||||||||
Michigan State Housing Development Authority Rental Housing RB 2019 Series A-1 Non-Amt (NR/AA+) | ||||||||||||
75,000 | 2.875 | 10/01/2034 | 67,294 | |||||||||
Royal Oak Hospital Finance Authority RB Refunding Bonds for William Beaumont Hospital Obligated Group Series 2014D (Aa3/AA) | ||||||||||||
75,000 | 5.000 | 09/01/2032 | 75,899 | |||||||||
State of Michigan GO Environmental Program and Refunding Bonds Series 2017A Tax Exempt (Aa1/AA) | ||||||||||||
75,000 | 5.000 | 05/01/2026 | 79,207 | |||||||||
| ||||||||||||
383,725 | ||||||||||||
| ||||||||||||
Minnesota – 0.4% | ||||||||||||
State of Minnesota GO State Various Purpose Bonds Series 2018A (Aaa/AAA) | ||||||||||||
80,000 | 5.000 | 08/01/2031 | 89,056 | |||||||||
| ||||||||||||
Mississippi – 0.6% | ||||||||||||
Mississippi Development Bank Special Obligation Bonds Series 2015A Jackson Public School District GO Refunding Bond Project Series 2015B Jackson Public School District Limited Tax Refunding Note Project (NR/A+) | ||||||||||||
60,000 | 5.000 | 04/01/2026 | 62,472 | |||||||||
State of Mississippi Tax Exempt GO Bonds Series 2015A (Aa2/AA) | ||||||||||||
50,000 | 4.000 | 10/01/2033 | 50,931 | |||||||||
| ||||||||||||
113,403 | ||||||||||||
|
GOLDMAN SACHS COMMUNITY MUNICIPAL BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||
Municipal Bonds – (continued) | ||||||||||||
Missouri – 2.4% | ||||||||||||
Health and Educational Facilities Authority of The State of Missouri Health Facilities RB SSM Health Care Series 2014A (NR/A+) | ||||||||||||
$ | 120,000 | 5.000 | % | 06/01/2030 | $ 121,432 | |||||||
Jackson County Special Obligation Refunding Bonds for Harry S. Truman Sports Complex Project Series 2014 (Aa3/NR) | ||||||||||||
50,000 | 5.000 | 12/01/2024 | 51,003 | |||||||||
Joint Municipal Electric Utility Commission Power Project Revenue Refunding Bonds for Plum Point Project Series 2014A (A3/A-) | ||||||||||||
50,000 | 5.000 | 01/01/2026 | 51,136 | |||||||||
Missouri Joint Municipal Electric Utility Commission Power Project RB Refunding Bonds for Prarie State Project Series 2015A (A2/NR) | ||||||||||||
50,000 | 5.000 | 12/01/2030 | 51,208 | |||||||||
The School District of Springfield R-XII Springfield Missouri GO School Refunding Bonds 2017 Missouri Direct Deposit Program (NR/AA+) | ||||||||||||
200,000 | 4.000 | 03/01/2029 | 208,780 | |||||||||
| ||||||||||||
483,559 | ||||||||||||
| ||||||||||||
Montana – 0.4% | ||||||||||||
City of Forsyth Rosebud County Montana Pollution Control Revenue Refunding Bonds Puget Sound Energy Project Series 2013A Non-Amt (NR/A-)(c) | ||||||||||||
90,000 | 3.900 | 03/01/2031 | 86,482 | |||||||||
| ||||||||||||
Nebraska – 0.6% | ||||||||||||
The University of Nebraska Facilities Corp. Facilities Bonds Series 2018 (Aa1/AA) | ||||||||||||
60,000 | 5.000 | 07/15/2026 | 63,585 | |||||||||
The University of Nebraska Facilities Corporation Facilities Bonds Series 2018 (Aa1/AA) | ||||||||||||
50,000 | 5.000 | 07/15/2025 | 51,948 | |||||||||
| ||||||||||||
115,533 | ||||||||||||
| ||||||||||||
Nevada – 1.8% | ||||||||||||
Clark County Nevada GO Limited Tax Detention Center Bonds Additionally Secured By Pledged Revenues Series 2019 (Aa1/AA+) | ||||||||||||
80,000 | 5.000 | 06/01/2025 | 82,838 | |||||||||
50,000 | 5.000 | 06/01/2031 | 55,955 | |||||||||
Clark County School District GO Limited Tax Building and Refunding Bonds Series 2017C (A1/A+) | ||||||||||||
50,000 | 5.000 | 06/15/2026 | 52,542 | |||||||||
50,000 | 5.000 | 06/15/2027 | 53,444 | |||||||||
50,000 | 5.000 | 06/15/2029 | 53,907 | |||||||||
Clark County School District Nevada GO Limited Tax School Bonds Additionally Secured By Pledged Revenues Series 2015D (A1/A+) | ||||||||||||
65,000 | 4.000 | 06/15/2032 | 65,627 | |||||||||
| ||||||||||||
364,313 | ||||||||||||
| ||||||||||||
New Hampshire – 0.3% | ||||||||||||
New Hampshire Municipal Bond Bank Series 2022 C (NR/AA+) | ||||||||||||
50,000 | 5.000 | 08/15/2024 | 51,041 | |||||||||
|
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||
Municipal Bonds – (continued) | ||||||||||||
New Jersey – 2.8% | ||||||||||||
Higher Education Student Assistance Authority Senior Student Loan Revenue Refunding Bonds Series 2018B (NR/AA) | ||||||||||||
$ | 50,000 | 5.000 | % | 12/01/2027 | $ 52,202 | |||||||
New Jersey Economic Development Authority School Facilities Construction Bonds Series 2015 WW (A2/A-) | ||||||||||||
50,000 | 4.625 | 06/15/2032 | 51,480 | |||||||||
New Jersey Health Care Facilities Financing Authority RB Valley Health System Obligated Group Series 2019 (NR/A) | ||||||||||||
50,000 | 5.000 | 07/01/2032 | 54,780 | |||||||||
New Jersey State Transportation Authority System Bonds Series 2006C (A1/AA) | ||||||||||||
60,000 | 0.000 | (a) | 12/15/2029 | 47,606 | ||||||||
New Jersey State Transportation Authority System Bonds Series 2006C (A2/A-) | ||||||||||||
65,000 | 0.000 | (a) | 12/15/2028 | 53,714 | ||||||||
New Jersey Transportation Trust Fund Authority Bonds Series 2006 C (A2/A-) | ||||||||||||
60,000 | 0.000 | (a) | 12/15/2025 | 54,752 | ||||||||
New Jersey Transportation Trust Fund Authority Bonds Series 2006 C (A2/A-) | ||||||||||||
80,000 | 0.000 | (a) | 12/15/2027 | 68,325 | ||||||||
New Jersey Transportation Trust Fund Authority Capital Appreciation Bonds Series 2010 A (A2/A-) | ||||||||||||
50,000 | 0.000 | (a) | 12/15/2034 | 32,029 | ||||||||
New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (Baa1/BBB) | ||||||||||||
50,000 | 0.000 | (a) | 12/15/2031 | 36,211 | ||||||||
New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2019 A (Baa1/BBB) | ||||||||||||
50,000 | 5.000 | 12/15/2025 | 51,900 | |||||||||
New Jersey Transportation Trust Fund Authority Transportation System Bonds Series 2009A (A2/A-) | ||||||||||||
80,000 | 0.000 | (a) | 12/15/2033 | 53,480 | ||||||||
| ||||||||||||
556,479 | ||||||||||||
| ||||||||||||
New Mexico – 1.1% | ||||||||||||
Albuquerque Bernalillo County Water Utility Authority Senior Lien Joint Water and Sewer System Refunding and Improvement RB (Aa2/AA+) | ||||||||||||
70,000 | 5.000 | 07/01/2025 | 72,614 | |||||||||
New Mexico Capital Projects GO Bonds Series 2015 (Aa2/AA) | ||||||||||||
50,000 | 5.000 | 03/01/2025 | 51,582 | |||||||||
New Mexico Hospital Equipment Loan Council Hospital System RB Presbyterian Healthcare Services Series 2015A (Aa3/AA) | ||||||||||||
100,000 | 5.000 | 08/01/2031 | 103,332 | |||||||||
| ||||||||||||
227,528 | ||||||||||||
|
GOLDMAN SACHS COMMUNITY MUNICIPAL BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||
Municipal Bonds – (continued) | ||||||||||||
New York – 15.6% | ||||||||||||
Dormitory Authority of The State of New York New York State Personal Income Tax RB General Purpose Series 2020A Bidding Group 2 Bonds Tax Exempt (Aa1/NR) | ||||||||||||
$ | 50,000 | 5.000 | % | 03/15/2031 | $ 57,032 | |||||||
50,000 | 5.000 | 03/15/2032 | 56,921 | |||||||||
50,000 | 5.000 | 03/15/2033 | 56,842 | |||||||||
90,000 | 4.000 | 03/15/2034 | 95,061 | |||||||||
Dormitory Authority of The State of New York New York University RB Series 2015A (Aa2/AA-) | ||||||||||||
100,000 | 2.800 | 07/01/2027 | 99,221 | |||||||||
Dormitory Authority of The State of New York School Districts RB Financing Program RB Series 2017B (Aa3/AA) | ||||||||||||
50,000 | 5.000 | 10/01/2028 | 54,371 | |||||||||
70,000 | 5.000 | 10/01/2032 | 76,157 | |||||||||
Dormitory Authority of The State of New York State Personal Income Tax RB General Purpose Series 2014C Tax Exempt Group B (Aa1/AA+) | ||||||||||||
60,000 | 5.000 | 03/15/2027 | 60,827 | |||||||||
Dormitory Authority of The State of New York State Sales Tax RB Series 2018A (Aa1/AA+) | ||||||||||||
50,000 | 5.000 | 03/15/2028 | 54,675 | |||||||||
Hudson Yards Infrastructure Corp. Hudson Yards RB Fiscal 2022 Series A Green Bonds (Aa2/AA-) | ||||||||||||
60,000 | 5.000 | 02/15/2032 | 70,747 | |||||||||
Hudson Yards Infrastructure Corporation Revenue Bonds Fiscal Green Bonds Series 2022 A (Aa2/AA-) | ||||||||||||
50,000 | 4.000 | 02/15/2038 | 50,477 | |||||||||
Long Island Power Authority Electric System RB Series C (A2/AA) | ||||||||||||
50,000 | 5.250 | 09/01/2029 | 56,138 | |||||||||
Metropolitan Transportation Authority RB Series 2014B (A3/BBB+) | ||||||||||||
50,000 | 5.000 | 11/15/2027 | 50,800 | |||||||||
Metropolitan Transportation Authority RB Refunding for Climate Bond Certified Series 2020 E (A3/BBB+) | ||||||||||||
50,000 | 5.000 | 11/15/2029 | 53,474 | |||||||||
50,000 | 5.000 | 11/15/2033 | 54,162 | |||||||||
Metropolitan Transportation Authority Revenue Refunding Bonds Series 2015C (A3/BBB+) | ||||||||||||
50,000 | 5.250 | 11/15/2029 | 51,631 | |||||||||
Metropolitan Transportation Authority Revenue Refunding for Climate Bond Certified Series 2017B (A3/BBB+) | ||||||||||||
50,000 | 5.000 | 11/15/2027 | 52,623 | |||||||||
Metropolitan Transportation Authority Revenue Refunding for Climate Bond Certified Series 2017C-1 (A3/BBB+) | ||||||||||||
50,000 | 5.000 | 11/15/2025 | 51,415 | |||||||||
Metropolitan Transportation Authority Transportation Revenue Refunding Green Bonds Series 2017C-1 (A3/BBB+) | ||||||||||||
50,000 | 5.000 | 11/15/2027 | 52,623 | |||||||||
55,000 | 5.000 | 11/15/2034 | 58,080 | |||||||||
Monroe County Industrial Development Corp. Tax Exempt RB The Rochester General Hospital Project Series 2013 Series 2013B (NR/BBB+) | ||||||||||||
70,000 | 3.600 | 12/01/2032 | 65,370 | |||||||||
|
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||
Municipal Bonds – (continued) | ||||||||||||
New York – (continued) | ||||||||||||
New York City GO Bonds Fiscal 2019 Series A (Aa2/AA) | ||||||||||||
$ | 50,000 | 5.000 | % | 08/01/2025 | $ 51,835 | |||||||
New York City Housing Development Corp. Multi-Family Housing RB 2017 Series G-1 Sustainable Neighborhood Bonds (Aa2/AA+) | ||||||||||||
75,000 | 3.450 | 11/01/2037 | 68,573 | |||||||||
New York City Municipal Water Finance Authority Water & Sewer System Second General Resolution RB Fiscal Series 2015 FF (Aa1/AA+) | ||||||||||||
50,000 | 5.000 | 06/15/2032 | 51,603 | |||||||||
New York City Transitional Finance Authority Building Aid RB Fiscal 2015 Series S-1 (Aa2/AA) | ||||||||||||
50,000 | 5.000 | 07/15/2029 | 51,390 | |||||||||
New York City Transitional Finance Authority Building Aid RB Fiscal 2023 Series S-1 Subseries S-1A Tax Exempt Bonds (Aa2/AA) | ||||||||||||
80,000 | 5.000 | 07/15/2030 | 91,724 | |||||||||
New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2001 Series C (Aa1/AAA) | ||||||||||||
50,000 | 5.000 | 02/01/2030 | 56,420 | |||||||||
New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2010 Subseries G-5 (Aa1/AAA) | ||||||||||||
50,000 | 5.000 | 05/01/2030 | 56,656 | |||||||||
New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2014 (Aa1/AAA) | ||||||||||||
70,000 | 5.000 | 11/01/2028 | 70,866 | |||||||||
New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2019 Series A Subseries A-1 (Aa1/AAA) | ||||||||||||
50,000 | 5.000 | 08/01/2034 | 54,746 | |||||||||
New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2021 Series D Subseries D-1 Tax Exempt Bonds (Aa1/AAA) | ||||||||||||
50,000 | 5.000 | 11/01/2034 | 56,806 | |||||||||
New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2022 Series A Subseries A-1 Tax Exempt Bonds (Aa1/AAA) | ||||||||||||
50,000 | 5.000 | 11/01/2027 | 54,232 | |||||||||
50,000 | 5.000 | 11/01/2028 | 55,216 | |||||||||
65,000 | 5.000 | 11/01/2034 | 74,901 | |||||||||
New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2022 Series C Subseries C-1 Tax Exempt (Aa1/AAA) | ||||||||||||
50,000 | 5.000 | 02/01/2035 | 57,601 | |||||||||
New York City Transitional Finance Authority Future Tax Secured Tax Exempt Subordinate Bonds Fiscal 2016 Series C (Aa1/AAA) | ||||||||||||
60,000 | 5.000 | 11/01/2027 | 62,630 | |||||||||
New York Convention Center Development Corp. RB for New York City Hotel Unit Fee Revenue Series 2015 (A2/NR) | ||||||||||||
50,000 | 5.000 | 11/15/2032 | 51,559 | |||||||||
50,000 | 3.500 | 11/15/2034 | 48,403 | |||||||||
New York State Dormitory Authority RB for Memorial Sloan-Kettering Cancer Center (NR/NR) | ||||||||||||
55,000 | 0.000 | (a) | 07/01/2026 | 49,840 | ||||||||
90,000 | 0.000 | (a) | 07/01/2027 | 79,211 | ||||||||
|
GOLDMAN SACHS COMMUNITY MUNICIPAL BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||
Municipal Bonds – (continued) | ||||||||||||
New York – (continued) | ||||||||||||
New York State Environmental Facilities Corp. State Clean Water and Drinking Water Revolving Funds RB New York City Municipal Water Finance Authority Projects – Second Resolution Bonds Series 2017 E Subordinated SRF Bonds (Aaa/AAA) | ||||||||||||
$ | 60,000 | 5.000 | % | 06/15/2030 | $ 64,928 | |||||||
Sales Tax Asset Receivable Corp. Sales Tax Asset RB Fiscal 2015 Series A (NR/AA+) | ||||||||||||
65,000 | 5.000 | 10/15/2026 | 66,538 | |||||||||
60,000 | 5.000 | 10/15/2028 | 61,420 | |||||||||
The City of New York GO Bonds Fiscal 2014 Series I Subseries I-1 (Aa2/AA) | ||||||||||||
70,000 | 5.000 | 03/01/2025 | 70,960 | |||||||||
The City of New York GO Bonds Fiscal 2018 Series 1 (Aa2/AA) | ||||||||||||
50,000 | 5.000 | 08/01/2025 | 51,835 | |||||||||
50,000 | 5.000 | 08/01/2026 | 52,895 | |||||||||
50,000 | 5.000 | 08/01/2031 | 54,089 | |||||||||
The City of New York GO Bonds Fiscal 2021 Series C (Aa2/AA) | ||||||||||||
70,000 | 5.000 | 08/01/2030 | 79,197 | |||||||||
50,000 | 5.000 | 08/01/2034 | 56,605 | |||||||||
The City of New York GO Bonds Fiscal 2019 Series A (Aa2/AA) | ||||||||||||
70,000 | 5.000 | 08/01/2026 | 74,053 | |||||||||
Triborough Bridge and Tunnel Authority MTA Bridges and Tunnels Payroll Mobility Tax Senior Lien Refunding Green Bonds Series 2023A Climate Bond Certified (NR/AA+) | ||||||||||||
50,000 | 5.000 | 11/15/2029 | 56,821 | |||||||||
| ||||||||||||
3,112,200 | ||||||||||||
| ||||||||||||
North Carolina – 1.0% | ||||||||||||
County of Wake Limited Obligation Bonds Series 2021 (Aa1/AA+) | ||||||||||||
50,000 | 4.000 | 03/01/2034 | 53,295 | |||||||||
County of Wake North Carolina GO Public Improvement Bonds Series 2014 (Aaa/AAA) | ||||||||||||
60,000 | 5.000 | 09/01/2024 | 61,315 | |||||||||
North Carolina Medical Care Commission Health Care Facilities RB Vidant Health Series 2015 (A2/A+) | ||||||||||||
90,000 | 4.000 | 06/01/2034 | 90,567 | |||||||||
| ||||||||||||
205,177 | ||||||||||||
| ||||||||||||
North Dakota – 0.8% | ||||||||||||
North Dakota Public Finance Authority Revolving Fund Program Bonds Series 2022A (Aaa/AAA) | ||||||||||||
70,000 | 5.000 | 10/01/2031 | 81,468 | |||||||||
State of North Dakota North Dakota Housing Finance Agency Housing Finance Program Bonds Home Mortgage Finance Program 2021 Series B Nonamt Social Bonds (Aa1/NR) | ||||||||||||
100,000 | 2.300 | 07/01/2036 | 81,359 | |||||||||
| ||||||||||||
162,827 | ||||||||||||
| ||||||||||||
Ohio – 3.1% | ||||||||||||
American Municipal Power Inc. Prarie State Energy Campus Project RB Refunding Series 2019C (A1/A) | ||||||||||||
50,000 | 5.000 | 02/15/2033 | 55,353 | |||||||||
|
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||
Municipal Bonds – (continued) | ||||||||||||
Ohio – (continued) | ||||||||||||
City of Columbus Ohio Various Purpose Limited Tax Bonds Series 2015A (Aaa/AAA) | ||||||||||||
$ | 80,000 | 5.000 | % | 07/01/2025 | $ 83,004 | |||||||
City of Columbus Sewerage System RB Refunding Series 2015 (Aa1/AA) | ||||||||||||
50,000 | 5.000 | 06/01/2030 | 52,637 | |||||||||
Cuyahoga County Certificates of Participation for Convention Hotel Project Series 2014 (A1/AA-) | ||||||||||||
35,000 | 5.000 | 12/01/2028 | 35,356 | |||||||||
Hamilton County Ohio Sewer System Refunding RB 2014 Series A The Metropolitan Sewer District of Greater Cincinnati (Aa2/AA+) | ||||||||||||
80,000 | 5.000 | 12/01/2027 | 81,970 | |||||||||
Ohio Water Development Authority State of Ohio Water Pollution Control Loan Fund RB Series 2020B (Aaa/AAA) | ||||||||||||
50,000 | 5.250 | 12/01/2035 | 57,505 | |||||||||
85,000 | 4.000 | 12/01/2037 | 86,620 | |||||||||
State of Ohio Higher Education GO Bonds Series 2015C (Aa1/AA+) | ||||||||||||
50,000 | 5.000 | 11/01/2027 | 51,726 | |||||||||
State of Ohio Infrastructure Improvement GO Refunding Bonds Series 2015C (Aa1/AA+) | ||||||||||||
50,000 | 5.000 | 09/01/2026 | 53,141 | |||||||||
State of Ohio Higher Education GO Refunding Bonds Series 2017C (Aa1/AA+) | ||||||||||||
50,000 | 5.000 | 08/01/2027 | 54,179 | |||||||||
| ||||||||||||
611,491 | ||||||||||||
| ||||||||||||
Oklahoma – 0.3% | ||||||||||||
Grand River Dam Authority RB Series 2014A (A1/AA-) | ||||||||||||
50,000 | 3.375 | 06/01/2034 | 49,678 | |||||||||
| ||||||||||||
Oregon – 1.4% | ||||||||||||
City of Portland Oregon Second Lien Sewer System RB 2020 Series A (Aa2/AA) | ||||||||||||
60,000 | 5.000 | 03/01/2027 | 64,441 | |||||||||
Hillsboro School District No. 1J Washington Yamhill and Multnomah Counties Oregon GO Bonds Series 2017 (Aa1/NR) | ||||||||||||
60,000 | 5.000 | 06/15/2025 | 62,140 | |||||||||
Medford Hospital Facilities Authority RB Refunding for Asante Health System Obligated Group Series 2020 A (NR/A+) | ||||||||||||
60,000 | 5.000 | 08/15/2026 | 62,757 | |||||||||
State of Oregon Housing and Community Services Department Mortgage RB Single-Family Mortgage Program 2017 Series D Non-Amt (Aa2/NR) | ||||||||||||
85,000 | 3.150 | 07/01/2032 | 82,693 | |||||||||
| ||||||||||||
272,031 | ||||||||||||
| ||||||||||||
Pennsylvania – 2.7% | ||||||||||||
Commonwealth Financing Authority Tax Exempt RB Series 2015 A (A1/A) | ||||||||||||
70,000 | 5.000 | 06/01/2033 | 71,637 | |||||||||
Commonwealth of Pennsylvania GO Bonds First Series of 2018 (Aa3/A+) | ||||||||||||
50,000 | 5.000 | 03/01/2025 | 51,565 | |||||||||
|
GOLDMAN SACHS COMMUNITY MUNICIPAL BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||
Municipal Bonds – (continued) | ||||||||||||
Pennsylvania – (continued) | ||||||||||||
Commonwealth of Pennsylvania GO Bonds: First Series of 2016 and First Refunding Series of 2016 (Aa3/A+) | ||||||||||||
$ | 100,000 | 5.000 | % | 09/15/2026 | $ 106,080 | |||||||
Department of Water and Power of the City of Los Angeles RB Series 2018 D (Aa2/AA-) | ||||||||||||
50,000 | 3.250 | 07/01/2032 | 48,729 | |||||||||
Philadelphia Authority For Industrial Development City Agreement Revenue Refunding Bonds Cultural and Commercial Corridors Program Series A (A1/A) | ||||||||||||
85,000 | 5.000 | 12/01/2031 | 87,392 | |||||||||
Port Authority of Allegheny County Pennsylvania Special Revenue Transportation Bonds Refunding Series of 2020 (Aa3/AA-) | ||||||||||||
50,000 | 5.000 | 03/01/2029 | 55,268 | |||||||||
Sports and Exhibition Authority of Pittsburgh and Allegheny County Allegheny County Pennsylvania Hotel Room Excise Tax RB Refunding Series A of 2022 (A2/AA) | ||||||||||||
50,000 | 5.000 | 02/01/2031 | 56,621 | |||||||||
60,000 | 5.000 | 02/01/2032 | 68,563 | |||||||||
| ||||||||||||
545,855 | ||||||||||||
| ||||||||||||
South Carolina – 0.5% | ||||||||||||
Scago Educational Facilities Corp. For Pickens School District Installment Purchase Refunding RB School District of Pickens County Project Series 2015 (A1/A) | ||||||||||||
90,000 | 5.000 | 12/01/2027 | 92,631 | |||||||||
| ||||||||||||
Tennessee – 1.7% | ||||||||||||
State of Tennessee GO Bonds Series 2015 A (Aaa/AAA) | ||||||||||||
50,000 | 5.000 | 08/01/2032 | 51,984 | |||||||||
Tennessee State School Bond Authority Higher Educational Facilities Second Program Bonds 2017 Refunding Series B (Aa1/AA+) | ||||||||||||
50,000 | 5.000 | 11/01/2027 | 54,470 | |||||||||
Tennessee State School Bond Authority Higher Educational Facilities Second Program Bonds 2017 Series A (Aa1/AA+) | ||||||||||||
50,000 | 5.000 | 11/01/2033 | 54,312 | |||||||||
The Health and Educational Facilities Board of The Metropolitan Government of Nashville and Davidson County Tennessee RB Vanderbilt University Medical Center Series 2021A (NR/A) | ||||||||||||
50,000 | 5.000 | 07/01/2031 | 54,751 | |||||||||
The Metropolitan Government of Nashville and Davidson County GO Improvement Bonds Series 2015C (Aa2/AA) | ||||||||||||
50,000 | 5.000 | 07/01/2027 | 51,833 | |||||||||
The Metropolitan Government of Nashville and Davidson County GO Improvement Bonds Series 2021C (Aa2/AA) | ||||||||||||
80,000 | 3.000 | 01/01/2034 | 75,980 | |||||||||
| ||||||||||||
343,330 | ||||||||||||
| ||||||||||||
Texas – 10.9% | ||||||||||||
Austin Independent School District A Political Subdivision of The State of Texas Located In Travis County Texas Unlimited Tax School Building Bonds Series 2023 Non-PSF (Aaa/NR) | ||||||||||||
90,000 | 5.000 | 08/01/2028 | 99,224 | |||||||||
|
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||
Municipal Bonds – (continued) | ||||||||||||
Texas – (continued) | ||||||||||||
Austin Tex Pub Impt Refunding Bonds 2020 (NR/AAA) | ||||||||||||
$ | 50,000 | 5.000 | % | 09/01/2029 | $ 56,239 | |||||||
Austin Tex Water & Wastewater Sys Rev Ref Bonds 2014 (Aa2/AA) | ||||||||||||
80,000 | 5.000 | 11/15/2028 | 81,186 | |||||||||
Bexar County Texas Flood Control Tax Refunding Bonds Series 2014 (Aaa/AAA) | ||||||||||||
80,000 | 4.000 | 06/15/2033 | 80,517 | |||||||||
Board of Regents of The Texas A&M University System Revenue Financing System Bonds Series 2017E (Aaa/AAA) | ||||||||||||
50,000 | 5.000 | 05/15/2028 | 53,707 | |||||||||
Board of Regents of The University of Houston System Consolidated Revenue and Refunding Bonds Series 2022A (Aa2/AA) | ||||||||||||
60,000 | 5.000 | 02/15/2031 | 69,138 | |||||||||
Board of Regents of The University of Texas System Revenue Financing System Refunding Bonds Series 2019A (Aaa/AAA) | ||||||||||||
50,000 | 5.000 | 08/15/2032 | 56,024 | |||||||||
City of Austin Travis, Williamson and Hays Counties Electric Utility System RB Refunding Bonds Series 2015A (Aa3/AA-) | ||||||||||||
50,000 | 5.000 | 11/15/2025 | 52,161 | |||||||||
City of Dallas Texas GO Refunding Bonds Series 2019B (NR/AA-) | ||||||||||||
75,000 | 5.000 | 02/15/2026 | 78,533 | |||||||||
City of Houston Texas Combined Utility System First Lien Revenue Refunding Bonds Series 2017B (Aa2/NR) | ||||||||||||
80,000 | 5.000 | 11/15/2025 | 83,419 | |||||||||
City of Houston Texas Combined Utility System First Lien Revenue Refunding Bonds Series 2018D (Aa2/NR) | ||||||||||||
70,000 | 5.000 | 11/15/2032 | 77,036 | |||||||||
City of Waco Texas McLennan County GO Refunding Bonds Series 2015 (Aa1/AA+) | ||||||||||||
90,000 | 5.000 | 02/01/2026 | 90,922 | |||||||||
Collin County Community College District Texas Limited Tax Bonds Series 2018 (Aaa/AAA) | ||||||||||||
75,000 | 4.000 | 08/15/2031 | 77,278 | |||||||||
Dallas Area Rapid Transit Senior Lien Sales Tax Revenue Refunding Bonds Series 2014A (Aa2/AA+) | ||||||||||||
65,000 | 5.000 | 12/01/2027 | 66,572 | |||||||||
Harris County Cultural Education Facilities Finance Corporation Hospital RB for Memorial Hermann Health System Series 2019A (A1/A+) | ||||||||||||
50,000 | 5.000 | 12/01/2027 | 53,607 | |||||||||
Harris County Flood Control District Improvement Refunding Bonds Series 2015A (Aaa/AAA) | ||||||||||||
70,000 | 5.000 | 10/01/2027 | 72,593 | |||||||||
Harris County Permanent Improvement Refunding Bonds Series 2022A (Aaa/NR) | ||||||||||||
50,000 | 5.000 | 10/01/2026 | 53,070 | |||||||||
Harris County Texas Tax and Subordinate Lien Revenue Refunding Bonds Series 2022A (Aaa/NR) | ||||||||||||
50,000 | 5.000 | 08/15/2027 | 54,018 | |||||||||
60,000 | 5.000 | 08/15/2032 | 70,188 | |||||||||
|
GOLDMAN SACHS COMMUNITY MUNICIPAL BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||
Municipal Bonds – (continued) | ||||||||||||
Texas – (continued) | ||||||||||||
Hurst-Euless-Bedford Independent School District Unlimited Tax Refunding Bonds Series 2017A Non PSF (NR/AA+) | ||||||||||||
$ | 60,000 | 5.000 | % | 08/15/2027 | $ 64,724 | |||||||
60,000 | 5.000 | 08/15/2028 | 64,905 | |||||||||
Midland Refunding Bonds City of Midland Project Series 2012 Revenue Notes City of Midland Project Series 2012A (Aa3/AA-) | ||||||||||||
115,000 | 0.000 | (a) | 09/15/2027 | 74,616 | ||||||||
North Texas Municipal Water District Water System RB Refunding Bonds Series 2021A (Aa1/AAA) | ||||||||||||
50,000 | 4.000 | 09/01/2030 | 53,637 | |||||||||
50,000 | 3.000 | 09/01/2032 | 47,901 | |||||||||
North Texas Municipal Water District Water System Revenue Refunding and Improvement Bonds Series 2015 (Aa1/AAA) | ||||||||||||
60,000 | 5.000 | 09/01/2028 | 62,155 | |||||||||
Northwest Independent School District Unlimited Tax Refunding Bonds Series 2015 (AAA/NR) | ||||||||||||
50,000 | 5.000 | 02/15/2028 | 51,390 | |||||||||
Tarrant Regional Water District Revenue Refunding Bonds Series 2015 (NR/AAA) | ||||||||||||
80,000 | 5.000 | 03/01/2029 | 82,642 | |||||||||
Texas Water Development Board State Revolving Fund RB New Series 2022 (NR/AAA) | ||||||||||||
65,000 | 5.000 | 08/01/2032 | 75,942 | |||||||||
Texas Water Development Board State Water Implementation Revenue Fund for Texas RB Series 2015A (NR/AAA) | ||||||||||||
50,000 | 5.000 | 10/15/2029 | 51,970 | |||||||||
50,000 | 5.000 | 10/15/2030 | 51,912 | |||||||||
50,000 | 4.000 | 10/15/2032 | 50,582 | |||||||||
Trinity River Authority of Texas Regional Wastewater System Revenue Improvement and Refunding Bonds Series 2018 (NR/AAA) | ||||||||||||
50,000 | 5.000 | 08/01/2033 | 54,793 | |||||||||
Trinity River Authority Regional Wastewater System Revenue Improvement and Refunding Bonds Series 2017b (NR/AAA) | ||||||||||||
50,000 | 5.000 | 08/01/2030 | 53,700 | |||||||||
| ||||||||||||
2,166,301 | ||||||||||||
| ||||||||||||
Utah – 1.1% | ||||||||||||
State Board of Regents of The State of Utah University of Utah General Revenue Series 2017A (Aa1/AA+) | ||||||||||||
50,000 | 5.000 | 08/01/2031 | 53,804 | |||||||||
Utah Board of Higher Education University of Utah General RB Series 2022B Green Bonds (Aa1/AA+) | ||||||||||||
50,000 | 5.000 | 08/01/2030 | 57,369 | |||||||||
Utah Transit Authority Sales Tax Revenue Refunding Bonds Series 2006 C (Aa2/AA+) | ||||||||||||
50,000 | 5.250 | 06/15/2032 | 58,307 | |||||||||
Utah Transit Authority Subordinate Sales Tax RB Refunding Series 2015A Series 2015A (Aa3/AA) | ||||||||||||
50,000 | 5.000 | 06/15/2029 | 51,747 | |||||||||
| ||||||||||||
221,227 | ||||||||||||
|
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||
Municipal Bonds – (continued) | ||||||||||||
Virginia – 3.2% | ||||||||||||
Fairfax County Economic Development Authority Virginia Fairfax County Facilities Revenue and Refunding Bonds Series 2014 A County Facilities Projects (Aa1/SS+) | ||||||||||||
$ | 100,000 | 5.000 | % | 10/01/2030 | $ 102,103 | |||||||
Fairfax County Public Improvement Bonds Series 2022A (Aaa/AAA) | ||||||||||||
120,000 | 4.000 | 10/01/2025 | 122,561 | |||||||||
Fairfax County Virginia Public Improvement Bonds Series 2023A (Aaa/AAA) | ||||||||||||
50,000 | 4.000 | 10/01/2031 | 54,497 | |||||||||
90,000 | 4.000 | 10/01/2034 | 97,063 | |||||||||
Upper Occoquan Sewage Authority Regional Sewerage System RB Refunding Series 2014 (Aa1/AAA) | ||||||||||||
50,000 | 4.000 | 07/01/2031 | 50,898 | |||||||||
Virginia College Building Authority Educational Facilities Revenue Refunding Bonds 21St Century College and Equipment Programs Series 2017E (Aa1/AA+) | ||||||||||||
50,000 | 5.000 | 02/01/2029 | 54,443 | |||||||||
Virginia College Building Authority Virginia Educational Facilities Revenue Refunding Bonds Public Higher Education Financing Program Series 2016A (Aa1/AA+) | ||||||||||||
55,000 | 3.000 | 09/01/2026 | 54,236 | |||||||||
Virginia Educational Facilities RB Refunding for Public Higher Education Financing Program Series 2016A (Aa1/AA+) | ||||||||||||
50,000 | 5.000 | 09/01/2028 | 52,934 | |||||||||
Virginia Port Authority Port Facilities RB Refunding Series 2015A (NR/NR) | ||||||||||||
50,000 | 5.000 | 07/01/2033 | 51,643 | |||||||||
| ||||||||||||
640,378 | ||||||||||||
| ||||||||||||
Washington – 3.7% | ||||||||||||
Federal Way School District No. 210 Washington Unlimited Tax GO and Refunding Bonds 2019 Washington State School Credit Enhancement Program (Aaa/NR) | ||||||||||||
75,000 | 3.000 | 12/01/2033 | 72,131 | |||||||||
King County Washington Sewer Revenue Refunding Bonds 2014 Series B (Aa1/AA+) | ||||||||||||
130,000 | 5.000 | 07/01/2028 | 132,301 | |||||||||
Northshore School District No. 417 King and Snohomish Counties Unlimited Tax GO Bonds Series 2014 (Aaa/AA+) | ||||||||||||
50,000 | 4.000 | 12/01/2033 | 50,230 | |||||||||
State of Washington Various Purpose GO Bonds Series 2015B (Aaa/AA+) | ||||||||||||
90,000 | 5.000 | 02/01/2026 | 92,549 | |||||||||
State of Washington Various Purpose GO Bonds Series 2016A-1 (Aaa/AA+) | ||||||||||||
50,000 | 5.000 | 08/01/2030 | 52,059 | |||||||||
State of Washington Various Purpose GO Bonds Series 2023B (Aaa/AA+) | ||||||||||||
60,000 | 5.000 | 02/01/2027 | 64,328 | |||||||||
State of Washington Various Purpose GO Bonds Series 2019A (Aaa/AA+) | ||||||||||||
50,000 | 5.000 | 08/01/2032 | 55,139 | |||||||||
|
GOLDMAN SACHS COMMUNITY MUNICIPAL BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||
Municipal Bonds – (continued) | ||||||||||||
Washington – (continued) | ||||||||||||
$ | 65,000 | 5.000 | % | 08/01/2034 | $ 71,530 | |||||||
State of Washington Various Purpose GO Refunding Bonds | ||||||||||||
50,000 | 5.000 | 08/01/2031 | 53,914 | |||||||||
University of Washington General Revenue and Refunding Bonds 2015C (Aaa/AA+) | ||||||||||||
90,000 | 4.000 | 12/01/2028 | 91,352 | |||||||||
| ||||||||||||
735,533 | ||||||||||||
| ||||||||||||
Wisconsin – 1.0% | ||||||||||||
Public Finance Authority Lease Development RB for Ku Campus Development Corp. Central District Development Project Series 2016 (Aa2/NR) | ||||||||||||
50,000 | 5.000 | 03/01/2030 | 52,025 | |||||||||
State of Wisconsin GO Refunding Bonds Series 2016 (NR/NR)(b) | ||||||||||||
50,000 | 5.000 | 11/01/2030 | 52,805 | |||||||||
Wisconsin Health and Educational Facilities Authority Revenue Refunding Bonds Series 2015 Prohealth Care Inc. Obligated Group (A1/A+) | ||||||||||||
105,000 | 3.150 | 08/15/2027 | 101,359 | |||||||||
| ||||||||||||
206,189 | ||||||||||||
| ||||||||||||
TOTAL MUNICIPAL BONDS (Cost $19,696,495) | $19,630,448 | |||||||||||
| ||||||||||||
Shares | Dividend Rate | Value | ||||||||||
Investment Company – 0.2%(d) | ||||||||||||
Goldman Sachs Financial Square Government Fund – Institutional Shares | ||||||||||||
36,106 | 5.003% | $ 36,106 | ||||||||||
(Cost $36,106) | ||||||||||||
| ||||||||||||
TOTAL INVESTMENTS – 98.6% (Cost $19,732,601) | $19,666,554 | |||||||||||
| ||||||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES – 1.4% | 279,321 | |||||||||||
| ||||||||||||
NET ASSETS – 100.0% | $19,945,875 | |||||||||||
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
(a) | Issued with a zero coupon. Income is recognized through the accretion of discount. | |
(b) | Pre-refunded security. Maturity date disclosed is pre-refunding date. | |
(c) | Variable Rate Demand Instruments - rate shown is that which is in effect on May 31, 2023. Certain variable rate securities are not based on published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. | |
(d) | Represents an affiliated issuer. |
| ||
Investment Abbreviations: | ||
AMT | — Alternative Minimum Tax (subject to) | |
GO | — General Obligation | |
MTA | — Metropolitan Transportation Authority | |
NR | — Not Rated | |
RB | — Revenue Bond | |
|
GOLDMAN SACHS COMMUNITY MUNICIPAL BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS
Investment Valuation — The Fund’s valuation policy is to value investments at fair value.
Investments and Fair Value Measurements — U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Fund’s policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:
Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;
Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).
The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Fund, including investments for which market quotations are not readily available. With respect to the Fund’s investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Action of 1940 (“Valuation Designee”). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Fund’s investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.
Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:
Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. With the exception of treasury securities of G7 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.
Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under Valuation Procedures. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.
GOLDMAN SACHS COMMUNITY MUNICIPAL BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
Fair Value Hierarchy — The following is a summary of the Fund’s investments classified in the fair value hierarchy as of May 31, 2023:
COMMUNITY MUNICIPAL BOND ETF |
| |||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Fixed Income |
| |||||||||||
Municipal Bonds | $ | — | $ | 19,630,448 | $ | — | ||||||
Money Market Fund | 36,106 | — | — | |||||||||
Total | $ | 36,106 | $ | 19,630,448 | $ | — |
For further information regarding security characteristics, see the Schedules of Investments.
The Fund’s risks include, but are not limited to, the following:
Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. The Fund may face a heightened level of interest rate risk in connection with the type and extent of certain monetary policy changes made by the Federal Reserve, such as target interest rate changes. 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. The risks associated with changing interest rates may have unpredictable effects on the markets and a Fund’s investments. 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.
Large Shareholder Transactions Risk — Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.
Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, potentially causing increased supply in the market due to selling activity. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.
Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.
Municipal Securities Risk — Municipal securities are subject to credit/default risk, interest rate risk and certain additional risks. A Fund may be more sensitive to adverse economic, business or political 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).
State/Territory Specific Risk — A Fund’s investments in municipal obligations of issuers located in a particular state or U.S. territory may be adversely affected by political, economic and regulatory developments within that state or U.S. territory. Such developments may affect the financial condition of a state’s or territory’s political subdivisions, agencies, instrumentalities and public authorities and heighten the risks associated with investing in bonds issued by such parties, which could, in turn, adversely affect a Fund’s income, NAV, liquidity, and/or ability to preserve or realize capital appreciation.
GOLDMAN SACHS COMMUNITY MUNICIPAL BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
Tax Risk — The Fund may be adversely impacted by changes in tax rates and policies. Because interest income from municipal securities is normally not subject to regular federal income taxation, the attractiveness of municipal securities in relation to other investment alternatives is affected by changes in federal and state income tax rates or changes in the tax-exempt status of interest income from municipal securities. Any proposed or actual changes in such rates or exempt status, therefore, can significantly affect the demand for and supply, liquidity and marketability of municipal securities. This could in turn affect a Fund’s net asset value and ability to acquire and dispose of municipal securities at desirable yield and price levels. Additionally, the Fund would not be a suitable investment for IRAs, other tax-exempt or tax-deferred accounts or for other investors who are not sensitive to the federal, state or local income tax consequences of their investments.