GOLDMAN
SACHS
COMMUNITY
MUNICIPAL
BOND
ETF
Schedule
of
Investments
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
-
97.9%
Alabama
-
1.6%
Alabama
Public
School
and
College
Authority
Tax
Exempt
Capital
Improvement
and
RB,
Series
2020-A
(Aa1/AA)
$
30,000
5.000%
11/01/2026
$
31,138
30,000
5.000
11/01/2034
33,070
30,000
5.000
11/01/2035
33,040
25,000
4.000
11/01/2036
25,539
Alabama
Public
School
and
College
Authority
Tax
Exempt
Capital
Improvement
and
RB,
Series
2020-A
(Aa1/AA)
30,000
5.000
11/01/2031
33,083
155,870
Arizona
-
0.5%
Arizona
Board
of
Regents,
University
of
Arizona
System
Revenue
Refunding
Bonds
Series
2016
(Aa2/AA-)
30,000
3.000
06/01/2034
26,775
City
of
Mesa
Utility
Systems
Revenue
Refunding
Bonds
Series
2019C
(Aa2/AA-)
20,000
5.000
07/01/2034
21,510
48,285
Arkansas
-
0.3%
City
of
Fort
Smith
Water
and
Sewer
Refunding
and
Construction
RB
Series
2018
(NR/A)
30,000
5.000
10/01/2030
31,613
a
a
California
-
17.6%
Anaheim
Lease
RB
Anaheim
Public
Improvement
Project
1997
(AGM)
(A1/AA)
50,000
0.000
(a)
09/01/2032
37,170
California
Educational
Facilities
Authority
Stanford
University
RB
Series
U-2
(Aaa/AAA)
40,000
5.000
10/01/2032
45,997
California
Health
Facilities
Financing
Authority
RB
Adventist
Health
System/West
Series
2013A
(NR/BBB+)
50,000
4.000
03/01/2033
48,361
California
Health
Facilities
Financing
Authority,
Refunding
RB
(Cedars-Sinai
Medical
Center)
Series
2015
(Aa3/NR)
30,000
3.500
11/15/2034
28,891
California
Infrastructure
and
Economic
Development
Bank
California
Clean
Water
and
Drinking
Water
State
Revolving
Fund
RB
Series
2024
(Aaa/AAA)
30,000
5.000
10/01/2033
34,963
California
Infrastructure
and
Economic
Development
Bank
Lease
RB
30,000
5.000
08/01/2035
32,593
City
of
Los
Angeles
Department
of
Water
and
Power
Water
System
RB
2017
Series
A
(Aa2/AA+)
30,000
5.000
07/01/2033
31,222
County
of
Santa
Clara
GO
Bonds
(Election
of
2008)
2013
Series
B3
(NR/AAA)
50,000
3.250
08/01/2035
45,378
Department
of
Water
and
Power
of
the
City
of
Los
Angeles
RB
Series
2018
D
(Aa2/AA-)
35,000
5.000
07/01/2031
37,359
50,000
5.000
07/01/2033
57,694
30,000
5.000
07/01/2034
31,872
Infrastructure
and
Economic
Development
Bank,
California
Clean
Water
and
Drinking
Water
State
Revolving
Fund
RB
Breen
Bond
Series
2023
(Aaa/AAA)
30,000
5.000
10/01/2028
32,376
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
California
–
(continued)
Los
Angeles
County
Metropolitan
Transportation
Authority
Measure
R
Senior
Sales
Tax
RB
2021-A
(Aa1/AAA)
$
30,000
5.000%
06/01/2029
$
32,746
Los
Angeles
County
Public
Works
Financing
Authority
Lease
RB
2021
Series
F
Green
Bonds
(Aa2/AA+)
30,000
5.000
12/01/2034
33,732
Los
Angeles
Unified
School
District
2019
GO
Refunding
Bond
Series
A
(Aa2/NR)
40,000
3.000
01/01/2034
36,301
Los
Rios
Community
College
District
Sacramento
County
California
GO
Bonds
2008
Election
Series
B
(Aa2/AA)
40,000
4.125
08/01/2035
39,998
Metropolitan
Water
District
of
Southern
California
Subordinate
Water
Revenue
Refunding
Bonds,
2020
Series
A
(NR/AA+)
30,000
4.000
07/01/2029
31,245
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
37,655
San
Diego
Unified
School
District
2015
GO
Refunding
Bonds
Dedicated
Unlimited
Ad
Valorem
Property
Tax
Bonds
Series
R-4
(Aa2/AA-)
40,000
5.000
07/01/2025
40,674
San
Diego
Unified
School
District
GO
Refunding
Bonds
Series
2012
R-1
(Aa2/AA-)
50,000
0.000
(a)
07/01/2031
38,915
San
Francisco
Bay
Area
Rapid
Transit
District
GO
Bonds
Election
of
2016
2017
Series
A-1
Green
Bonds
(Aaa/A+)
30,000
5.000
08/01/2031
31,470
25,000
4.000
08/01/2036
25,307
San
Francisco
Bay
Area
Rapid
Transit
District
Sales
Tax
Revenue
Bonds
2015
Refunding
Series
A
(NR/AA+)
30,000
5.000
07/01/2027
30,441
San
Francisco
Unified
School
District
California
GO
Bonds
Proposition
A
Election
of
2006
Series
F
2015
and
Proposition
A
Election
of
2011
Series
C
2015
(A1/AA)
40,000
3.500
06/15/2035
38,409
San
Jose
Evergreen
California
Community
College
District
GO
Bonds
Election
of
2004
B
(AGM)
(Aa1/AA+)
50,000
0.000
(a)
09/01/2031
38,499
Santa
Clara
Unified
School
District
Election
of
2014
GO
Bonds
Series
2019
(Aaa/AAA)
30,000
3.000
07/01/2033
27,862
Southern
California
Public
Power
Authority
and
Transmission
System
Renewal
Project
RB
2023-1
(Aa2/NR)
50,000
5.000
07/01/2034
57,213
State
of
California
Department
of
Water
Resources
and
Water
System
Central
Valley
Project
RB
Series
AX
(Aa1/AAA)
35,000
5.000
12/01/2030
37,170
State
of
California
GO
Various
Purpose
Bonds
(Aa2/AA-)
30,000
5.000
03/01/2030
32,860
70,000
5.000
11/01/2031
76,781
30,000
5.000
03/01/2032
32,888
30,000
5.000
11/01/2032
31,931
30,000
5.000
03/01/2034
32,798
State
of
California
GO
Various
Purpose
Refunding
Bonds
(Aa2/AA-)
30,000
5.000
11/01/2030
31,504
50,000
5.000
11/01/2032
56,766
GOLDMAN
SACHS
COMMUNITY
MUNICIPAL
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
California
–
(continued)
State
of
California
GO
Various
Purpose
Refunding
Bonds
(Aa2/AA-)
–
(continued)
$
40,000
4.000%
11/01/2034
$
40,304
State
of
California
Tax
Exempt
Various
Purpose
GO
Refunding
Bonds
(Aa2/AA-)
50,000
5.000
09/01/2028
50,801
20,000
5.000
10/01/2028
21,416
State
of
California
Tax
Exempt
Various
Purpose
GO
Refunding
Bonds
Bid
Group
B
(Aa2/AA-)
70,000
3.375
09/01/2033
66,769
State
of
California
Various
Purpose
GO
Bonds
(Green
Bonds)
(Aa2/AA-)
40,000
3.750
10/01/2037
37,276
State
Public
Works
Board
of
the
State
of
California
Lease
Revenue
Refunding
Bonds
2015
Series
G
(Aa3/A+)
20,000
5.000
05/01/2025
20,282
The
Regents
of
the
University
of
California
General
Revenue
Bonds
2017
Series
AY
(Aa2/AA)
30,000
5.000
05/15/2032
31,306
The
Regents
of
the
University
of
California
General
Revenue
Bonds
2017
Series
Bv
(Aa2/AA)
50,000
5.000
05/15/2033
57,264
The
Regents
of
the
University
of
California
Limited
Project
RB
2022
Series
S
Forward
Delivery
(Aa3/AA-)
25,000
5.000
05/15/2031
27,895
WM
S
Hart
High
School
District
GO
Bonds
Election
2001
2005
B
(AGM)
(Aa2/AA)
30,000
0.000
(a)
09/01/2029
24,780
1,715,134
Colorado
-
1.1%
Colorado
Health
Facilities
Authority
Hospital
RB
Series
2015
(NR/A)
30,000
5.000
01/15/2035
30,518
Colorado
Health
Facilities
Authority
RB
Series
2019A
(NR/A+)
30,000
5.000
11/01/2034
31,944
State
of
Colorado
Higher
Education
Capital
Construction
Lease
Purchase
Financing
program
Certificates
of
Participation
Series
2014
A
(Aa2/AA-)
40,000
5.000
11/01/2025
40,858
103,320
Connecticut
-
2.1%
Connecticut
State
Health
&
Educational
Facilities
Authority
RB
Quinnipiac
University
Issue
Series
L
(A3/A-)
25,000
5.000
07/01/2032
25,280
State
of
Connecticut
GO
Bonds
(Aa3/AA-)
30,000
5.000
11/15/2030
30,486
30,000
5.000
11/15/2032
30,454
State
of
Connecticut
GO
Bonds
2015
Series
A
(Aa3/AA-)
20,000
4.000
03/15/2032
19,944
State
of
Connecticut
GO
Refunding
Bonds
Series
2016
B
(Aa3/AA-)
30,000
5.000
05/15/2027
30,726
State
of
Connecticut
Tax
Exempt
GO
Bonds
2018
Series
E
(Aa3/AA-)
30,000
5.000
09/15/2034
31,701
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Connecticut
–
(continued)
State
of
Connecticut
Tax
Exempt
GO
Bonds
Series
2018
E
(Aa3/AA-)
$
30,000
5.000%
09/15/2025
$
30,628
199,219
Delaware
-
0.3%
The
State
of
Delaware
GO
Refunding
Bonds
Series
2017A
(Aaa/AAA)
27,000
5.000
01/01/2028
28,620
a
a
District
of
Columbia
-
1.9%
District
of
Columbia
Hospital
RB
Refunding Children's
Hospital
Obligated
Group
Issue
Series
2015
(A1/NR)
30,000
5.000
07/15/2031
30,405
District
of
Columbia
Washington
D.C.
GO
Bonds
Series
2015B
(Aaa/AA+)
20,000
5.000
06/01/2026
20,324
District
of
Columbia
Washington
D.C.
GO
Bonds
Series
2017D
(Aaa/AA+)
40,000
4.000
06/01/2033
40,556
District
of
Columbia
Washington
D.C.
GO
Bonds
Series
2021D
(Aaa/AA+)
30,000
5.000
02/01/2029
32,277
District
of
Columbia
Washington
D.C.
Income
Tax
Secured
RB
Series
2019A
Tax
Exempt
(Aa1/AAA)
30,000
5.000
03/01/2028
31,821
30,000
5.000
03/01/2030
32,629
188,012
Florida
-
4.8%
City
of
Cape
Coral
Fl
Water
and
Sewer
Refunding
RB
Series
2017
(A1/A+)
20,000
5.000
10/01/2032
20,750
City
of
Jacksonville
Transportation
RB
Refunding
Series
2015
(Aa3/AA-)
30,000
3.000
10/01/2031
27,844
City
of
Jacksonville
Transportation
Refunding
RB
Series
2015
(Aa3/AA-)
30,000
5.000
10/01/2027
30,460
City
of
Lakeland
Energy
System
Refunding
RB
Series
2016
(Aa3/AA)
40,000
2.500
10/01/2027
37,614
Florida
Housing
Finance
Corporation
Homeowner
Mortgage
RB
2021
Series
1
Non-AMT
(Social
Bonds)
(GNMA/FNMA/FHLMC)
(Aaa/NR)
30,000
1.800
07/01/2036
21,515
Florida
State
Board
of
Education
Public
Education
Capital
Outlay
Refunding
Bonds
2019
Series
C
(Aaa/AAA)
30,000
5.000
06/01/2031
32,356
Greater
Orlando
Aviation
Authority
Priority
Subordinated
Airport
Facilities
RB
Series
2017A
AMT
of
The
City
of
Orlando
Florida
(A1/A+)
20,000
5.000
(b)
10/01/2029
20,722
JEA
Water
and
Sewer
System
RB
2017
Series
A
(Aa2/AA+)
35,000
5.000
10/01/2025
35,714
Miami-Dade
County
Water
and
Sewer
System
Revenue
Refunding
Bonds
Series
2017B
(Aa3/AA)
30,000
5.000
10/01/2032
30,460
GOLDMAN
SACHS
COMMUNITY
MUNICIPAL
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Orlando
Utilities
Commission
Utility
System
RB
Series
2018A
(Aa2/AA)
$
30,000
5.000%
10/01/2032
$
31,489
Orlando
Utilities
Commission
Utility
System
Revenue
Refunding
Bonds
Series
2013A
(Aa2/AA)
30,000
5.000
10/01/2024
30,127
Reedy
Creek
Improvement
District
Florida
Ad
Valorem
Tax
Bonds
Series
2017A
(Aa3/AA-)
20,000
5.000
06/01/2030
20,745
Seminole
County
Water
and
Sewer
Refunding
RB
Series
2015
A
(Aa2/AA+)
30,000
4.000
10/01/2030
30,048
State
of
Florida
Full
Faith
and
Credit
State
Board
of
Education
Public
Education
Capital
Outlay
Refunding
Bonds
2022
Series
B
Forward
Delivery
(Aaa/AAA)
30,000
5.000
06/01/2028
31,961
Tampa
Bay
Water,
Florida
Utility
System
Revenue
Refunding
&
Improvement
Revenue
Bonds
2001
A
(NATL)
(Aa1/AA+)
30,000
6.000
10/01/2029
34,067
The
School
Board
of
Miami-Dade
County
Florida
Certificates
of
Participation
Series
2015D
(A1/A+)
35,000
4.000
02/01/2032
35,292
471,164
Georgia
-
1.2%
City
of
Atlanta
Airport
Passenger
Facility
Charge
and
Subordinate
Lien
General
RB
Series
2023E
(Aa3/NR)
40,000
5.000
07/01/2034
43,754
Forsyth
County
School
District
Georgia
GO
Bonds
Series
2020
(Aaa/AAA)
30,000
5.000
02/01/2030
32,900
State
of
Georgia
GO
Bonds
2015A
Tranche
1
(Aaa/AAA)
35,000
4.000
02/01/2033
35,024
111,678
Hawaii
-
3.8%
City
and
County
of
Honolulu
GO
Bonds
Series
2017D
Tax-Exempt
Refunding
Bonds
(Aa2/NR)
30,000
5.000
09/01/2032
31,234
City
and
County
of
Honolulu
GO
Bonds
Series
2018A
Tax
Exempt
(Aa2/NR)
30,000
5.000
09/01/2029
31,999
City
and
County
of
Honolulu
GO
Bonds
Series
2022A
Tax
Exempt
Forward
Refunding
(Aa2/NR)
30,000
5.000
11/01/2027
31,623
City
and
County
of
Honolulu
GO
Bonds
Series
C
(Aa2/NR)
30,000
4.000
10/01/2033
29,866
City
and
County
of
Honolulu
GO
Tax
Exempt
Refunding
Bonds
Series
2017D
(Aa2/NR)
30,000
5.000
09/01/2033
31,225
City
and
County
of
Honolulu
Transit
Improvements
GO
Series
E
(Aa2/NR)
30,000
5.000
03/01/2029
32,280
State
of
Hawaii
GO
Bonds
of
2015
Series
ET
(Aa2/AA+)
60,000
3.250
(b)
10/01/2032
59,795
State
of
Hawaii
GO
Bonds
of
2018
Series
FT
(Aa2/AA+)
30,000
5.000
01/01/2034
31,630
State
of
Hawaii
GO
Bonds
Series
2017 FK
(Aa2/AA+)
30,000
5.000
05/01/2033
31,124
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Hawaii
–
(continued)
State
of
Hawaii
GO
Refunding
Bonds
of
2017
Series
FN
(Aa2/AA+)
$
30,000
5.000%
10/01/2029
$
31,304
State
of
Hawaii
GO
Refunding
Bonds
Series
2017
FN
(Aa2/AA+)
30,000
5.000
10/01/2026
31,061
373,141
Illinois
-
3.7%
Illinois
Community
College
District
No.
512
GO
Bonds
Series
2020
(Aaa/NR)
40,000
4.000
12/15/2029
40,588
Illinois
Finance
Authority
RB
for
The
University
of
Chicago,
Series
2021A
(Forward
Delivery)
(Aa2/AA-)
20,000
5.000
10/01/2032
22,403
Illinois
Finance
Authority
RB
Rush
University
Medical
Center
Obligated
Group
Series
2015A
(A1/A+)
30,000
5.000
11/15/2029
30,238
30,000
5.000
11/15/2034
30,172
Illinois
St
GO
Bonds
October
2020
B
(A3/A-)
40,000
4.000
10/01/2032
39,938
20,000
4.000
10/01/2034
19,908
Regional
Transportation
Authority
GO
Bonds
2004A
(AGM)
(Aa3/AA)
30,000
5.750
06/01/2029
32,764
Sales
Tax
Securitization
Corp.
Sales
Tax
Securitization
Bonds
Series
2023A
Social
Bonds
(NR/AA-)
20,000
3.000
01/01/2027
19,247
State
of
Illinois
GO
Bonds
Series
December
2017B
(A3/A-)
35,000
5.000
12/01/2025
35,595
State
of
Illinois
GO
Bonds
Series
November
2019A
(A3/A-)
30,000
5.000
11/01/2026
30,824
State
of
Illinois
GO
Bonds,
Series
May
2023B
(A3/A-)
50,000
5.000
05/01/2034
54,439
356,116
Indiana
-
0.4%
Indiana
Revenues
Special
Program
Carmel
Jr
Waterworks
Project
Series
2008
B
(AGM)
(A1/AA)
30,000
0.000
(a)
06/01/2031
22,367
The
Trustees
of
Indiana
University
Indiana
University
Consolidated
RB
Series
2015A
(Aaa/AAA)
20,000
5.000
06/01/2026
20,272
42,639
Iowa
-
1.0%
Board
of
Regents
State
of
Iowa
Hospital
Revenue
Refunding
Bonds
Series
S.U.I.
2022C
University
of
Iowa
Hospitals
and
Clinics
(Aa2/AA)
30,000
5.000
09/01/2028
31,921
Iowa
Finance
Authority
State
Revolving
Fund
RB
Series
2017
Green
Bonds
(Aaa/AAA)
30,000
5.000
08/01/2027
31,536
30,000
5.000
08/01/2030
31,379
94,836
Kentucky
-
0.3%
Kentucky
Municipal
Power
Agency
Power
System
Revenue
Refunding
Bonds
for
Prairie
State
Project
Series
2015A
(NATL)
(Baa1/NR)
30,000
5.000
09/01/2025
30,356
a
a
GOLDMAN
SACHS
COMMUNITY
MUNICIPAL
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Louisiana
-
0.8%
City
of
New
Orleans
GO
Refunding
Bonds
Series
2022
(A2/A+)
$
30,000
5.000%
12/01/2025
$
30,653
City
of
Shreveport,
Louisiana
Water
&
Sewer
RB
Junior
Lien
Series
2018C
(BAM)
(Baa2/AA)
20,000
5.000
12/01/2026
20,575
Louisiana
Public
Facilities
Authority
RB
for
Ochsner
Clinic
Foundation
Project
Series
2002B
(Aaa/NR)
30,000
5.500
(b)
05/15/2027
30,818
82,046
Maryland
-
2.0%
Montgomery
County
GO
Consolidated
Public
Improvement
Bonds
Series
2020
A
(Aaa/AAA)
30,000
4.000
08/01/2031
31,089
State
of
Maryland
GO
Bonds
State
and
Local
Facilities
Loan
of
2019
First
Series
Tax
Exempt
Bonds
Bidding
Group
1
(Aaa/AAA)
30,000
5.000
03/15/2027
31,348
State
of
Maryland
GO
Bonds
State
and
Local
Facilities
Loan
of
2020
Second
Series
A
Tax
Exempt
Bonds
Bidding
Group
2
(Aaa/AAA)
30,000
5.000
08/01/2032
33,005
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)
30,000
5.000
08/01/2028
32,036
35,000
5.000
08/01/2030
38,575
Washington
Suburban
Sanitary
District
Maryland
Consolidated
Public
Improvement
Refunding
Bonds
of
2020
Montgomery
and
Prince
George's
Counties
Maryland
(CNTY
GTD)
(Aaa/AAA)
30,000
5.000
06/01/2030
32,987
199,040
Massachusetts
-
2.4%
Commonwealth
of
Massachusetts
GO
Bonds
Consolidated
Loan
of
2019
Series
F
(Aa1/AA+)
55,000
5.000
05/01/2029
59,395
Commonwealth
of
Massachusetts
GO
Refunding
Bonds
2018
Series
C
(Aa1/AA+)
20,000
5.000
09/01/2032
22,613
Massachusetts
Bay
Transportation
Authority
RB
Series
2005
A
(Aa2/AA+)
30,000
5.000
07/01/2025
30,502
Massachusetts
Development
Finance
Agency
RB,
Northeastern
University
Issue,
Series
2022
(A1/NR)
40,000
5.000
10/01/2035
44,986
School
Building
Authority
Senior
Dedicated
Sales
Tax
Refunding
Bonds
Series
2015
C
(Aa2/AA+)
30,000
5.000
08/15/2025
30,561
The
Commonwealth
of
Massachusetts
GO
Bonds
Consolidated
Loan
of
2018,
Series
B
(Aa1/AA+)
40,000
5.000
01/01/2027
41,673
229,730
Michigan
-
0.7%
Michigan
State
Housing
Development
Authority
Rental
Housing
RB
2019
Series
A-1
Non-AMT
(NR/AA+)
35,000
2.875
10/01/2034
29,476
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Michigan
–
(continued)
State
of
Michigan
GO
Environmental
Program
and
Refunding
Bonds
Series
2017A
Tax
Exempt
(Aa1/AA)
$
35,000
5.000%
05/01/2026
$
36,033
65,509
Minnesota
-
0.4%
State
of
Minnesota
GO
State
Various
Purpose
Bonds
Series
2018A
(Aaa/AAA)
40,000
5.000
08/01/2031
42,875
a
a
Mississippi
-
0.5%
Mississippi
Development
Bank
Special
Obligation
Bonds
Series
2015A
Jackson
Public
School
District
GO
Refunding
Bond
Project
Series
2015B
Jackson
Public
School
District
Limited
Tax
Refunding
Note
Project
(NR/A+)
20,000
5.000
04/01/2026
20,402
State
of
Mississippi
Tax
Exempt
GO
Bonds
Series
2015A
(Aa2/AA)
30,000
4.000
(b)
10/01/2033
30,199
50,601
Missouri
-
0.6%
Joint
Municipal
Electric
Utility
Commission
Power
Project
Revenue
Refunding
Bonds
for
Plum
Point
Project
Series
2014A
(A3/A-)
30,000
5.000
01/01/2026
30,210
Missouri
Joint
Municipal
Electric
Utility
Commission
Power
Project
RB
Refunding
Bonds
for
Prairie
State
Project
Series
2015A
(A2/NR)
30,000
5.000
12/01/2030
30,282
60,492
Montana
-
0.5%
City
of
Forsyth
Rosebud
County
Montana
Pollution
Control
Revenue
Refunding
Bonds
Puget
Sound
Energy
Project
Series
2013A
Non-AMT
(NR/A-)
50,000
3.900
(c)
03/01/2031
47,087
a
a
Nebraska
-
0.5%
The
University
of
Nebraska
Facilities
Corp.
Facilities
Bonds
Series
2018
(Aa1/AA)
20,000
5.000
07/15/2026
20,638
The
University
of
Nebraska
Facilities
Corporation
Facilities
Bonds
Series
2018
(Aa1/AA)
30,000
5.000
07/15/2025
30,488
51,126
Nevada
-
2.0%
Clark
County
Nevada
GO
Limited
Tax
Detention
Center
Bonds
Additionally
Secured
By
Pledged
Revenues
Series
2019
(Aa1/AA+)
40,000
5.000
06/01/2025
40,579
30,000
5.000
06/01/2031
32,227
Clark
County
School
District
GO
Limited
Tax
Building
and
Refunding
Bonds
Series
2017C
(A1/AA-)
30,000
5.000
06/15/2026
30,857
30,000
5.000
06/15/2027
31,332
30,000
5.000
06/15/2029
31,345
GOLDMAN
SACHS
COMMUNITY
MUNICIPAL
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Nevada
–
(continued)
Clark
County
School
District
Nevada
GO
Limited
Tax
School
Bonds
Additionally
Secured
By
Pledged
Revenues
Series
2015D
(A1/AA-)
$
25,000
4.000%
06/15/2032
$
25,034
191,374
New
Jersey
-
2.6%
Higher
Education
Student
Assistance
Authority
Senior
Student
Loan
Revenue
Refunding
Bonds
Series
2018B
(Aaa/AA)
30,000
5.000
12/01/2027
30,602
New
Jersey
Economic
Development
Authority
School
Facilities
Construction
Bonds
Series
2015
WW
(A2/A-)
30,000
4.625
(b)
06/15/2032
30,352
New
Jersey
Health
Care
Facilities
Financing
Authority
RB
Valley
Health
System
Obligated
Group
Series
2019
(NR/A)
30,000
5.000
07/01/2032
31,849
New
Jersey
State
Transportation
Authority
System
Bonds
Series
2006C
(AMBAC)
(A2/A-)
25,000
0.000
(a)
12/15/2028
20,938
New
Jersey
State
Transportation
Authority
System
Bonds
Series
2006C
(AGM)
(A1/AA)
20,000
0.000
(a)
12/15/2029
16,154
New
Jersey
Transportation
Trust
Fund
Authority
RB
Capital
Appreciation
for
Transportation
System
Bonds
Series
2010
A
(A2/A-)
20,000
0.000
(a)
12/15/2031
14,859
30,000
0.000
(a)
12/15/2034
19,523
New
Jersey
Transportation
Trust
Fund
Authority
RB
for
Transportation
System
Bonds
Series
2006
C
(NATL)
(A2/A-)
40,000
0.000
(a)
12/15/2027
34,894
New
Jersey
Transportation
Trust
Fund
Authority
RB
for
Transportation
System
Series
2009
A
(A2/A-)
40,000
0.000
(a)
12/15/2033
27,197
New
Jersey
Transportation
Trust
Fund
Authority
Tax
Exempt
RB
for
Transportation
System
Bonds
Series
2019
A
(A2/A-)
30,000
5.000
12/15/2025
30,604
256,972
New
Mexico
-
0.7%
Albuquerque
Bernalillo
County
Water
Utility
Authority
Senior
Lien
Joint
Water
And
Sewer
System
Refunding
and
Improvement
RB
(Aa2/AA+)
30,000
5.000
07/01/2025
30,471
New
Mexico
Hospital
Equipment
Loan
Council
Hospital
System
RB
Presbyterian
Healthcare
Services
Series
2015A
(Aa3/AA-)
40,000
5.000
(b)
08/01/2031
40,631
71,102
New
York
-
15.5%
Dormitory
Authority
of
The
State
of
New
York
New
York
Personal
Income
Tax
RB
General
Purpose
Series
2020A
Bidding
Group
2
Bonds
Tax
Exempt
(Aa1/NR)
30,000
5.000
03/15/2032
32,793
Dormitory
Authority
of
The
State
of
New
York
New
York
State
Personal
Income
Tax
RB
General
Purpose
Series
2020A
Bidding
Group
2
Bonds
Tax
Exempt
(Aa1/NR)
30,000
5.000
03/15/2031
32,792
50,000
4.000
03/15/2034
50,803
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
New
York
–
(continued)
Dormitory
Authority
of
The
State
Of
New
York
New
York
State
Personal
Income
Tax
RB
General
Purpose
Series
2020A
Bidding
Group
2
Bonds
Tax
Exempt
(Aa1/NR)
$
30,000
5.000%
03/15/2033
$
32,789
Dormitory
Authority
of
The
State
of
New
York
New
York
University
RB
Series
2015A
(Aa2/AA-)
40,000
2.800
07/01/2027
38,912
Dormitory
Authority
of
The
State
of
New
York
School
Districts
RB
Financing
Program
RB
Series
2017B
(AGM
ST
INTERCEPT)
(Aa3/AA)
30,000
5.000
10/01/2028
31,418
30,000
5.000
10/01/2032
31,367
Dormitory
Authority
of
The
State
of
New
York
State
Sales
Tax
RB
Series
2018A
(Aa1/AA+)
30,000
5.000
03/15/2028
31,829
Hudson
Yards
Infrastructure
Corp.
Hudson
Yards
RB
Fiscal
2022
Series
A
Green
Bonds
(Aa2/AA)
20,000
5.000
02/15/2032
22,608
Hudson
Yards
Infrastructure
Corporation
Revenue
Bonds
Fiscal
Green
Bonds
Series
2022
A
(Aa2/AA)
30,000
4.000
02/15/2038
30,441
Long
Island
Power
Authority
Electric
System
RB
Series
C
(AGC)
(A2/AA)
30,000
5.250
09/01/2029
32,548
Metropolitan
Transportation
Authority
Dedicated
Tax
Fund
Refunding
Green
Bonds
Subseries
2017B-2
(NR/AA)
25,000
3.125
11/15/2033
22,987
Metropolitan
Transportation
Authority
RB
Refunding
for
Climate
Bond
Certified
Series
2020
E
(A3/A-)
30,000
5.000
11/15/2029
32,226
30,000
5.000
11/15/2033
32,192
Metropolitan
Transportation
Authority
Revenue
Refunding
Bonds
Series
2015C
(A3/A-)
30,000
5.250
11/15/2029
30,639
Metropolitan
Transportation
Authority
Revenue
Refunding
for
Climate
Bond
Certified
Series
2017B
(A3/A-)
30,000
5.000
11/15/2027
31,495
Metropolitan
Transportation
Authority
Revenue
Refunding
for
Climate
Bond
Certified
Series
2017C-1
(A3/A-)
30,000
5.000
11/15/2025
30,582
Metropolitan
Transportation
Authority
Transportation
Revenue
Refunding
Green
Bonds
Series
2017C-1
(A3/A-)
30,000
5.000
11/15/2027
31,495
35,000
5.000
11/15/2034
36,705
30,000
3.250
11/15/2036
26,253
Metropolitan
Transportation
Authority
Transportation
Revenue
Refunding
Green
Bonds,
Series
2017C-2,
Capital
Appreciation
Bonds,
Climate
Bond
Certified
(A3/A-)
30,000
0.000
(a)
11/15/2033
20,354
New
York
City
GO
Bonds
Fiscal
2019
Series
A
(Aa2/AA)
30,000
5.000
08/01/2025
30,515
New
York
City
Housing
Development
Corp.
Multi-Family
Housing
RB
2017
Series
G-1
Sustainable
Neighborhood
Bonds
(Aa2/AA+)
30,000
3.450
11/01/2037
26,742
New
York
City
Municipal
Water
Finance
Authority
Water
&
Sewer
System
Second
General
Resolution
RB
Fiscal
Series
2015
FF
(Aa1/AA+)
30,000
5.000
06/15/2032
30,408
GOLDMAN
SACHS
COMMUNITY
MUNICIPAL
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
New
York
–
(continued)
New
York
City
Transitional
Finance
Authority
Building
Aid
RB
Fiscal
2015
Series
S-1
(ST
AID
WITHHLDG)
(Aa2/AA)
$
30,000
5.000%
07/15/2029
$
30,217
New
York
City
Transitional
Finance
Authority
Building
Aid
RB
Fiscal
2023
Series
S-1
Subseries
S-1A
Tax
Exempt
Bonds
(ST
AID
WITHHLDG)
(Aa2/AA)
40,000
5.000
07/15/2030
43,732
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Subordinate
Bonds
Fiscal
2001
Series
C
(Aa1/AAA)
30,000
5.000
02/01/2030
32,511
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Subordinate
Bonds
Fiscal
2010
Subseries
G-5
(Aa1/AAA)
30,000
5.000
05/01/2030
32,624
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Subordinate
Bonds
Fiscal
2019
Series
A
Subseries
A-1
(Aa1/AAA)
30,000
5.000
08/01/2034
31,704
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Subordinate
Bonds
Fiscal
2021
Series
D
Subseries
D-1
Tax
Exempt
Bonds
(Aa1/AAA)
30,000
5.000
11/01/2034
32,816
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Subordinate
Bonds
Fiscal
2022
Series
A
Subseries
A-1
Tax
Exempt
Bonds
(Aa1/AAA)
30,000
5.000
11/01/2027
31,574
30,000
5.000
11/01/2028
32,093
25,000
5.000
11/01/2034
27,642
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Subordinate
Bonds
Fiscal
2022
Series
C
Subseries
C-1
Tax
Exempt
(Aa1/AAA)
20,000
5.000
02/01/2035
22,165
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Tax
Exempt
Subordinate
Bonds
Fiscal
2016
Series
C
(Aa1/AAA)
20,000
5.000
11/01/2027
20,368
New
York
Convention
Center
Development
Corp.
RB
for
New
York
City
Hotel
Unit
Fee
Revenue Series
2015
(A2/NR)
30,000
3.500
11/15/2034
28,198
New
York
Convention
Center
Development
Corp.
RB
for
New
York
City
Hotel
Unit
Fee
Revenue
Series
2015
(A2/NR)
30,000
5.000
11/15/2032
30,456
New
York
State
Dormitory
Authority
RB
for
Memorial
Sloan-
Kettering
Cancer
Center
(NATL)
(WR/NR)
50,000
0.000
(a)
07/01/2027
44,458
New
York
State
Environmental
Facilities
Corp.
State
Clean
Water
and
Drinking
Water
Revolving
Funds
RB
New
York
City
Municipal
Water
Finance
Authority
Projects
-
Second
Resolution
Bonds
Series
2017
E
Subordinated
Srf
Bonds
(Aaa/AAA)
20,000
5.000
06/15/2030
20,772
State
of
New
York
Mortgage
Agency
Homeowner
Mortgage
RB
Series
225
(NON-AMT)
(Aa1/NR)
60,000
2.000
10/01/2035
46,773
The
City
of
New
York
GO
Bonds
Fiscal
2013
Series
E
(Aa2/AA)
35,000
3.000
08/01/2033
31,786
The
City
of
New
York
GO
Bonds
Fiscal
2018
Series
1
(Aa2/AA)
30,000
5.000
08/01/2025
30,515
30,000
5.000
08/01/2026
30,984
30,000
5.000
08/01/2031
31,168
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
New
York
–
(continued)
The
City
of
New
York
GO
Bonds
Fiscal
2019
Series
A
(Aa2/AA)
$
30,000
5.000%
08/01/2026
$
30,984
The
City
of
New
York
GO
Bonds
Fiscal
2021
Series
C
(Aa2/AA)
30,000
5.000
08/01/2030
32,626
30,000
5.000
08/01/2034
32,648
Triborough
Bridge
and
Tunnel
Authority
MTA
Bridges
and
Tunnels
Payroll
Mobility
Tax
Senior
Lien
Refunding
Green
Bonds
Series
2023A
Climate
Bond
Certified
(NR/AA+)
30,000
5.000
11/15/2029
32,620
1,512,327
North
Carolina
-
0.8%
County
of
Wake
Limited
Obligation
Bonds
Series
2021
(Aa1/AA+)
30,000
4.000
03/01/2034
31,152
North
Carolina
Medical
Care
Commission
Health
Care
Facilities
RB
Vidant
Health
Series
2015
(A2/A)
50,000
4.000
06/01/2034
50,010
81,162
North
Dakota
-
0.7%
North
Dakota
Public
Finance
Authority
Revolving
Fund
Program
Bonds
Series
2022A
(Aaa/AAA)
30,000
5.000
10/01/2031
33,288
State
of
North
Dakota
North
Dakota
Housing
Finance
Agency
Housing
Finance
Program
Bonds
Home
Mortgage
Finance
Program
2021
Series
B
(Aa1/NR)
40,000
2.300
07/01/2036
31,320
64,608
Ohio
-
3.6%
American
Municipal
Power
Inc.
Prairie
State
Energy
Campus
Project
RB
Refunding
Series
2019C
(A1/A)
30,000
5.000
02/15/2033
32,315
City
of
Columbus
Ohio
Various
Purpose
Limited
Tax
Bonds
Series
2015A
(Aaa/AAA)
40,000
5.000
07/01/2025
40,670
City
of
Columbus
Sewerage
System
RB
Refunding
Series
2015
(Aa1/AA)
30,000
5.000
06/01/2030
30,798
County
of
Ohio
Hospital
Facilities
RB
for
Mercy
Health
Series
2017A
(A2/A+)
40,000
5.000
08/01/2028
42,036
Hamilton
County
Ohio
Sewer
System
Refunding
RB
2014
Series
A
The
Metropolitan
Sewer
District
of
Greater
Cincinnati
(Aa2/AA+)
40,000
5.000
12/01/2027
40,245
Ohio
Housing
Finance
Agency
Residential
Mortgage
RB
Mortgage-Backed
Securities
Program
2022
Series
A
Non-
AMT
Social
Bonds
(GNMA/FNMA/FHLMC)
(Aaa/NR)
30,000
2.300
03/01/2033
24,645
Ohio
Water
Development
Authority
State
of
Ohio
Water
Pollution
Control
Loan
Fund
RB
Series
2020B
(Aaa/AAA)
45,000
4.000
12/01/2037
45,877
Ohio
Water
Development
Authority
State
Of
Ohio
Water
Pollution
Control
Loan
Fund
RB
Series
2020B
(Aaa/AAA)
30,000
5.250
12/01/2035
33,404
State
of
Ohio
Higher
Education
GO
Refunding
Bonds
Series
2017C
(Aaa/AAA)
30,000
5.000
08/01/2027
31,527
GOLDMAN
SACHS
COMMUNITY
MUNICIPAL
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Ohio
–
(continued)
State
of
Ohio
Infrastructure
Improvement
GO
Refunding
Bonds
Series
2015C
(Aaa/AAA)
$
30,000
5.000%
09/01/2026
$
31,052
352,569
Oklahoma
-
0.7%
Board
of
Regents
of
The
Oklahoma
A&M
University
General
Revenue
Refunding
Bonds
Series
2017A
(NR/AA-)
35,000
4.000
07/01/2034
34,593
Grand
River
Dam
Authority
RB
Series
2014A
(A1/AA-)
30,000
3.375
06/01/2034
28,412
63,005
Oregon
-
1.9%
City
of
Portland
Oregon
Second
Lien
Sewer
System
RB
2020
Series
A
(Aa2/AA)
20,000
5.000
03/01/2027
20,847
Hillsboro
School
District
No.
1J
Washington
Yamhill
and
Multnomah
Counties
Oregon
GO
Bonds
Series
2017
(SCH
BD
GTY)
(Aa1/NR)
30,000
5.000
06/15/2025
30,436
Medford
Hospital
Facilities
Authority
RB
Refunding
for
Asante
Health
System
Obligated
Group
Series
2020
A
(NR/A+)
20,000
5.000
08/15/2026
20,456
40,000
5.000
08/15/2033
42,761
State
of
Oregon
Housing
and
Community
Services
Department
Mortgage
RB
Single-Family
Mortgage
Program
2017
Series
D
Non-AMT
(Aa2/NR)
45,000
3.150
07/01/2032
41,276
West
Linn-Wilsonville
School
District
No.
3JT
GO
Bonds
for
Clackamas
and
Washington
Counties
Series
2020A
(SCH
BD
GTY)
(Aa1/NR)
50,000
0.000
(a)
06/15/2035
31,024
186,800
Pennsylvania
-
2.6%
Commonwealth
Financing
Authority
Tax
Exempt
RB
Series
2015
A
(A1/A)
30,000
5.000
06/01/2033
30,285
Commonwealth
of
Pennsylvania
GO
Bonds:
First
Series
of
2016
and
First
Refunding
Series
of
2016
(Aa3/A+)
60,000
5.000
09/15/2026
62,050
Department
of
Water
and
Power
of
the
City
of
Los
Angeles
RB
Series
2018
D
(A2/A+)
30,000
3.250
07/01/2032
27,960
Philadelphia
Authority
For
Industrial
Development
City
Agreement
Revenue
Refunding
Bonds
Cultural
and
Commercial
Corridors
Program
Series
A
(A1/A)
45,000
5.000
12/01/2031
45,675
Port
Authority
of
Allegheny
County
Pennsylvania
Special
Revenue
Transportation
Bonds
Refunding
Series
of
2020
(Aa3/AA-)
30,000
5.000
03/01/2029
31,981
Sports
and
Exhibition
Authority
of
Pittsburgh
and
Allegheny
County
Allegheny
County
Hotel
Room
Excise
Tax
RB
Refunding
Series
A
Of
2022
(AGM)
(A2/AA)
30,000
5.000
02/01/2031
32,827
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Pennsylvania
–
(continued)
Sports
and
Exhibition
Authority
of
Pittsburgh
and
Allegheny
County
Hotel
Room
Excise
Tax
RB
Refunding
Series
A
Of
2022
(AGM)
(A2/AA)
$
20,000
5.000%
02/01/2032
$
22,136
252,914
South
Carolina
-
0.5%
Scago
Educational
Facilities
Corp.
For
Pickens
School
District
Installment
Purchase
Refunding
RB
School
District
Of
Pickens
County
Project
Series
2015
(A1/A)
50,000
5.000
12/01/2027
50,519
a
a
Tennessee
-
2.0%
Metropolitan
Government
Nashville
&
Davidson
County
Health
&
Ed.
Fac.
Board
(WR/A)
30,000
5.000
07/01/2031
32,449
State
of
Tennessee
GO
Bonds
Series
2015
A
(Aaa/AAA)
30,000
5.000
(b)
08/01/2032
30,525
Tennessee
State
School
Bond
Authority
Higher
Educational
Facilities
Second
Program
Bonds
2017
Refunding
Series
B
(ST
INTERCEPT)
(Aa1/AA+)
30,000
5.000
11/01/2027
31,544
Tennessee
State
School
Bond
Authority
Higher
Educational
Facilities
Second
Program
Bonds
2017
Series
A
(ST
HGR
ED
INTERCEPT
PROG)
(Aa1/AA+)
30,000
5.000
11/01/2033
31,325
The
Metropolitan
Government
of
Nashville
and
Davidson
County
GO
Improvement
Bonds
Series
2015C
(Aa2/AA+)
30,000
5.000
07/01/2027
30,375
The
Metropolitan
Government
of
Nashville
and
Davidson
County
GO
Improvement
Bonds
Series
2021C
(Aa2/AA+)
40,000
3.000
01/01/2034
36,675
192,893
Texas
-
7.3%
Austin
Public
Improvement
Refunding
Bonds
2020
(NR/AAA)
30,000
5.000
09/01/2029
32,519
Board
of
Regents
of
The
Texas
A&M
University
System
Revenue
Financing
System
Bonds
Series
2017E
(Aaa/AAA)
30,000
5.000
05/15/2028
31,277
Board
of
Regents
of
The
University
of
Houston
System
Consolidated
Revenue
and
Refunding
Bonds
Series
2022A
(Aa2/AA)
20,000
5.000
02/15/2031
22,059
Board
of
Regents
of
the
University
of
Texas
System
Current
Refunding
Revenue
Bonds,
Series
A
(Aaa/AAA)
30,000
5.000
08/15/2032
32,202
City
of
Austin
Travis,
Williamson
and
Hays
Counties
Electric
Utility
System
RB
Refunding
Bonds
Series
2015A
(Aa3/AA-)
30,000
5.000
11/15/2025
30,624
City
of
Dallas
Texas
GO
Refunding
Bonds
Series
2019B
(NR/AA-)
35,000
5.000
02/15/2026
35,913
City
of
Houston
Texas
Combined
Utility
System
First
Lien
Revenue
Refunding
Bonds
Series
2017B
(Aa2/NR)
40,000
5.000
11/15/2025
40,855
City
of
Houston
Texas
Combined
Utility
System
First
Lien
Revenue
Refunding
Bonds
Series
2018D
(Aa2/NR)
30,000
5.000
11/15/2032
31,864
GOLDMAN
SACHS
COMMUNITY
MUNICIPAL
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
Collin
County
Community
College
District
Texas
Limited
Tax
Bonds
Series
2018
(Aaa/AAA)
$
35,000
4.000%
08/15/2031
$
35,462
Harris
County
Cultural
Education
Facilities
Finance
Corporation
Hospital
RB
for
Memorial
Hermann
Health
System
Series
2019A
(Aa3/AA-)
30,000
5.000
12/01/2027
31,333
Harris
County
Flood
Control
District
Improvement
Refunding
Bonds
Series
2015A
(Aaa/AAA)
30,000
5.000
10/01/2027
30,516
Harris
County
Permanent
Improvement
Refunding
Bonds
Series
2022A
(Aaa/NR)
30,000
5.000
10/01/2026
31,047
Harris
County
Texas
Tax
and
Subordinate
Lien
Revenue
Refunding
Bonds
Series
2022A
(Aaa/NR)
30,000
5.000
08/15/2027
31,482
20,000
5.000
08/15/2032
22,432
Hurst-Euless-Bedford
Independent
School
District
Unlimited
Tax
Refunding
Bonds
Series
2017A
(NR/AA+)
20,000
5.000
08/15/2027
20,957
20,000
5.000
08/15/2028
20,881
North
Texas
Municipal
Water
District
Water
System
RB
Refunding
Bonds
Series
2021A
(Aa1/AAA)
30,000
4.000
09/01/2030
30,849
North
Texas
Municipal
Water
District
Water
System
Revenue
Refunding
and
Improvement
Bonds
Series
2015
(Aa1/AAA)
20,000
5.000
09/01/2028
20,320
Texas
Water
Development
Board
State
Revolving
Fund
RB
New
Series
2022
(NR/AAA)
25,000
5.000
08/01/2032
28,085
Texas
Water
Development
Board
State
Water
Implementation
Revenue
Fund
For
Texas
RB
Series
2015A
(NR/AAA)
30,000
5.000
10/15/2029
30,439
30,000
5.000
10/15/2030
30,427
30,000
4.000
10/15/2032
29,318
Trinity
River
Authority
of
Texas
Regional
Wastewater
System
Revenue
Improvement
and
Refunding
Bonds
Series
2018
(NR/AAA)
30,000
5.000
08/01/2033
31,755
Trinity
River
Authority
Regional
Wastewater
System
Revenue
Improvement
and
Refunding
Bonds
Series
2017B
(NR/AAA)
30,000
5.000
08/01/2030
31,278
713,894
Utah
-
1.3%
State
Board
of
Regents
of
The
State
of
Utah
University
of
Utah
General
Revenue
Series
2017A
(ST
APPROP)
(Aa1/AA+)
30,000
5.000
08/01/2031
31,329
Utah
Board
of
Higher
Education
University
of
Utah
General
RB
Series
2022B
Green
Bonds
(Aa1/AA+)
30,000
5.000
08/01/2030
32,976
Utah
Transit
Authority
Sales
Tax
Revenue
Refunding
Bonds
Series
2006
C
(AGM)
(Aa2/AA+)
30,000
5.250
06/15/2032
33,152
Utah
Transit
Authority
Subordinate
Sales
Tax
RB
Refunding
Series
2015A
Series
2015A
(Aa3/AA)
30,000
5.000
(b)
06/15/2029
30,478
127,935
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Virginia
-
3.1%
Fairfax
County
Public
Improvement
Bonds
Series
2022A
(ST
AID
WITHHLDG)
(Aaa/AAA)
$
60,000
4.000%
10/01/2025
$
60,436
Fairfax
County
Virginia
Public
Improvement
Bonds
Series
2023A
(ST
AID
WITHHLDG)
(Aaa/AAA)
30,000
4.000
10/01/2031
31,570
50,000
4.000
10/01/2034
52,302
Upper
Occoquan
Sewage
Authority
Regional
Sewerage
System
RB
Refunding
Series
2014
(Aa1/AAA)
30,000
4.000
(b)
07/01/2031
30,172
Virginia
College
Building
Authority
Educational
Facilities
Revenue
Refunding
Bonds
21St
Century
College
and
Equipment
Programs
Series
2017E
(Aa1/AA+)
30,000
5.000
02/01/2029
31,475
Virginia
College
Building
Authority
Virginia
Educational
Facilities
Revenue
Refunding
Bonds
Public
Higher
Education
Financing
Program
Series
2016A
(ST
INTERCEPT)
(Aa1/AA+)
35,000
3.000
09/01/2026
34,444
Virginia
Educational
Facilities
RB
Refunding
for
Public
Higher
Education
Financing
Program
Series
2016A
(ST
INTERCEPT)
(Aa1/AA+)
30,000
5.000
09/01/2028
30,917
Virginia
Port
Authority
Port
Facilities
RB
Refunding
Series
2015A
(WR/NR)
30,000
5.000
(b)
07/01/2033
30,359
301,675
Washington
-
2.3%
State
of
Washington
Various
Purpose
GO
Bonds
Series
2016A-1
(Aaa/AA+)
30,000
5.000
08/01/2030
30,453
State
of
Washington
Various
Purpose
GO
Bonds
Series
2019A
(Aaa/AA+)
30,000
5.000
08/01/2032
31,900
25,000
5.000
08/01/2034
26,579
State
of
Washington
Various
Purpose
GO
Bonds
Series
2023B
(Aaa/AA+)
20,000
5.000
02/01/2027
20,824
State
of
Washington
Various
Purpose
GO
Refunding
Bonds
Series
R-2018D
(Aaa/AA+)
30,000
5.000
08/01/2031
31,379
The
Central
Puget
Sound
Regional
Transit
Authority
Sales
Tax
and
Motor
Vehicle
Excise
Tax
Improvement
and
Refunding
Bonds
Series
2021S-1
Green
Bonds
(Aa1/AAA)
30,000
5.000
11/01/2030
33,091
University
of
Washington
General
Revenue
and
Refunding
Bonds
2015C
(Aaa/AA+)
50,000
4.000
12/01/2028
50,198
224,424
Wisconsin
-
1.3%
Public
Finance
Authority
Lease
Development
RB
for
Ku
Campus
Development
Corp.
Central
District
Development
Project
Series
2016
(Aa2/NR)
50,000
5.000
03/01/2030
51,060
State
of
Wisconsin
GO
Refunding
Bonds
Series
2016
(NR/NR)
30,000
5.000
(b)
11/01/2030
30,801
GOLDMAN
SACHS
COMMUNITY
MUNICIPAL
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Wisconsin
–
(continued)
Wisconsin
Health
and
Educational
Facilities
Authority
Revenue
Refunding
Bonds
Series
2015
Prohealth
Care
Inc.
Obligated
Group
(A1/A+)
$
45,000
3.150%
08/15/2027
$
43,427
125,288
TOTAL
MUNICIPAL
BONDS
(Cost
$9,716,284)
9,547,970
Shares
Dividend
Rate
Value
a
Investment
Company
-
0.4%
Investment
Company
-
0.4%
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
40,526
5.227%
(d)
40,526
(Cost
$40,526)
TOTAL
INVESTMENTS
-
98.3%
(Cost
$9,756,810)
$
9,588,496
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
-
1.7%
162,224
NET
ASSETS
-
100.0%
$
9,750,720
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,
2024.
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.
(d)
Represents
an
affiliated
issuer.
Security
ratings
disclosed,
if
any,
are
issued
by
either
Standard
&
Poor’s,
Moody’s
Investor
Service
or
Fitch
and
are
unaudited.
A
brief
description
of
the
ratings
is
available
in
the
Fund’s
Statement
of
Additional
Information.
Investment
Abbreviations:
AGC
-
Insured
by
Assured
Guaranty
Corp.
AGM
-
Insured
by
Assured
Guaranty
Municipal
Corp.
AGM
ST
INTERCEPT
-
Assured
Guaranty
Municipal
Corp.
State-Aid
Intercept
AMBAC
-
Insured
by
American
Municipal
Bond
Assurance
Corp.
AMT
-
Alternative
Minimum
Tax
(subject
to)
BAM
-
Build
America
Mutual
Assurance
Co.
FHLMC
-
Insured by
Federal
Home
Loan
Mortgage
Corp.
FNMA
-
Insured
by
Federal
National
Mortgage
Association
GNMA
-
Insured
by
Government
National
Mortgage
Association
GO
-
General
Obligation
MTA
-
Metropolitan
Transportation
Authority
NATL
-
National
Public
Finance
Guarantee
Corp.
NR
-
Not
Rated
RB
-
Revenue
Bond
SCH
BD
GTY
-
School
Bond
Guaranty
ST
AID
WITHHLDG
-
State
Aid
Withholding
Investment
Abbreviations:
(continued)
ST
APPROP
-
State
Appropriation
Goldman
Sachs
Community
Municipal
Bond
ETF
Schedule
of
Investments
May
31,
2024
(Unaudited)
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Investment
Valuation
—
The
Fund’s
valuation
policy
is
to
value
investments
at
fair
value.
Investments
and
Fair
Value
Measurements
—
U.S.
GAAP
defines
the
fair
value
of
a
financial
instrument
as
the
amount
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date
(i.e.,
the
exit
price);
the
Fund’s
policy
is
to
use
the
market
approach.
GAAP
establishes
a
fair
value
hierarchy
that
prioritizes
the
inputs
to
valuation
techniques
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
The
level
in
the
fair
value
hierarchy
within
which
the
fair
value
measurement
in
its
entirety
falls
shall
be
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
The
levels
used
for
classifying
investments
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
these
investments.
The
three
levels
of
the
fair
value
hierarchy
are
described
below:
Level
1
—
Unadjusted
quoted
prices
in
active
markets
that
are
accessible
at
the
measurement
date
for
identical,
unrestricted
assets
or
liabilities;
Level
2
—
Quoted
prices
in
markets
that
are
not
active
or
financial
instruments
for
which
significant
inputs
are
observable
(including,
but
not
limited
to,
quoted
prices
for
similar
investments,
interest
rates,
foreign
exchange
rates,
volatility
and
credit
spreads),
either
directly
or
indirectly;
Level
3
—
Prices
or
valuations
that
require
significant
unobservable
inputs
(including
GSAM’s
assumptions
in
determining
fair
value
measurement).
The
Board
of
Trustees
(“Trustees”)
has
approved
Valuation
Procedures
that
govern
the
valuation
of
the
portfolio
investments
held
by
the
Fund,
including
investments
for
which
market
quotations
are
not
readily
available.
With
respect
to
the
Fund’s
investments
that
do
not
have
readily
available
market
quotations,
the
Trustees
have
designated
the
Adviser
as
the
valuation
designee
to
perform
fair
valuations
pursuant
to
rule
2a-5
under
the
Investment
Company
Action
of
1940
(“Valuation
Designee”)
GSAM
has
day-to-day
responsibility
for
implementing
and
maintaining
internal
controls
and
procedures
related
to
the
valuation
of
the
Funds’
investments.
To
assess
the
continuing
appropriateness
of
pricing
sources
and
methodologies,
GSAM
regularly
performs
price
verification
procedures
and
issues
challenges
as
necessary
to
third
party
pricing
vendors
or
brokers,
and
any
differences
are
reviewed
in
accordance
with
the
Valuation
Procedures.
Level
1
and
Level
2
Fair
Value
Investments
—
The
valuation
techniques
and
significant
inputs
used
in
determining
the
fair
values
for
investments
classified
as
Level
1
and
Level
2
are
as
follows:
Debt
Securities
—
Debt
securities
for
which
market
quotations
are
readily
available
are
valued
daily
on
the
basis
of
quotations
supplied
by
dealers
or
an
independent
pricing
service.
The
pricing
services
may
use
valuation
models
or
matrix
pricing,
which
consider:
(i)
yield
or
price
with
respect
to
bonds
that
are
considered
comparable
in
characteristics
such
as
rating,
interest
rate
and
maturity
date
or
(ii)
quotations
from
securities
dealers
to
determine
current
value.
With
the
exception
of
treasury
securities
of
G7
countries,
which
are
generally
classified
as
Level
1,
these
investments
are
generally
classified
as
Level
2
of
the
fair
value
hierarchy.
Money
Market
Funds
—
Investments
in
the
Goldman
Sachs
Financial
Square
Government
Fund
(“Underlying
Money
Market
Fund”)
are
valued
at
the
NAV
per
share
of
the
Institutional
Share
class
on
the
day
of
valuation.
These
investments
are
generally
classified
as
level
1
of
the
fair
value
hierarchy.
For
information
regarding
the
Underlying
Money
Market
Fund’s
accounting
policies
and
investment
holdings,
please
see
the
Underlying
Money
Market
Fund’s
shareholder
report.
Goldman
Sachs
Community
Municipal
Bond
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
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.
Fair
Value
Hierarchy
—
The
following
is
a
summary
of
the
Fund’s
investments
classified
in
the
fair
value
hierarchy
as
of
May
31,
2024:
For
further
information
regarding
security
characteristics,
see
the
Schedules
of
Investments.
The
Fund’s
risks
include,
but
are
not
limited
to,
the
following:
Calculation
Methodology
Risk
—
The
Index
relies
on
various
sources
of
information
to
assess
the
criteria
of
issuers
included
in
the
Index,
(or
a
Reference
Index
if
applicable)
including
fundamental
information
that
may
be
based
on
assumptions
and
estimates.
Neither
the
Fund,
the
Investment
Adviser
nor
the
Index
Provider
can
offer
assurances
that
the
Index’s
calculation
methodology
or
sources
of
information
will
provide
a
correct
valuation
of
securities,
nor
can
they
guarantee
the
availability
or
timeliness
of
the
production
of
the
Index.
ESG
Standards
Risk
—
The
application
of
the
Index
Provider’s
methodology
when
constructing
the
Index
generally
will
affect
the
Fund’s
exposure
to
certain
issuers,
sectors,
and
regions
and
may
affect
the
Fund’s
performance
depending
on
whether
such
investments
are
in
or
out
of
favor.
For
example,
the
Fund
generally
will
not
invest
in
issuers
that
the
Index
Provider’s
methodology
screens
as
a
result
of
certain
social
or
environmental
factors
(e.g.,
funds
tied
to
alcohol,
tobacco,
gambling,
transportation,
or
correctional
facilities).
Application
of
the
Index’s
ESG
criteria
may
also
affect
the
Fund’s
performance
relative
to
similar
funds
that
do
not
seek
to
track
indexes
that
utilize
such
criteria.
The
Fund
and
GSAM
rely
on
the
Index
Provider
to
determine
whether
the
Index’s
ESG
criteria
are
met
and
do
not
perform
a
separate
ESG
analysis
of
Index
constituents.
When
assessing
whether
an
issuer
meets
the
Index’s
ESG
criteria,
the
Index
Provider
generally
will
rely
on
third-party
data
that
it
believes
to
be
reliable,
but
it
does
not
guarantee
the
accuracy
of
such
third-party
data.
ESG
information
from
the
Index
Provider
and
other
third-party
data
providers
may
be
incomplete,
inaccurate
or
unavailable
and
may
vary
significantly
from
one
third-party
data
provider
to
another,
which
may
adversely
impact
the
Fund’s
investments.
Certain
investments
may
be
dependent
on
U.S.
government
policies,
including
tax
incentives
and
subsidies,
which
may
change
without
notice.
The
Index’s
ESG
criteria
may
be
changed
without
shareholder
approval.
Index
Risk
—
Bloomberg
Professional
Services
(the
“Index
Provider”)
constructs
the
Fund’s
Index
in
accordance
with
a
rules-based
methodology.
The
Fund
will
be
negatively
affected
by
general
declines
in
the
securities
and
asset
classes
represented
in
its
Index.
In
addition,
because
the
Fund
is
not
“actively”
managed,
unless
a
specific
security
is
removed
from
an
Index,
the
Fund
generally
would
not
sell
a
security
because
the
security’s
issuer
was
in
financial
trouble.
Market
disruptions
and
regulatory
restrictions
could
have
an
adverse
effect
on
the
Fund’s
ability
to
adjust
its
exposure
to
the
required
levels
in
order
to
track
the
Index.
The
Fund
also
does
not
attempt
to
take
defensive
positions
under
any
market
conditions,
including
declining
markets.
Therefore,
the
Fund’s
performance
could
Community
Municipal
Bond
ETF
Investment
Type
Level
1
Level
2
Level
3
Assets
Fixed
Income
Municipal
Bond
$
—
$
9,547,970
$
—
Investment
Company
40,526
—
—
Total
$
40,526
$
9,547,970
$
—
€
1.00
€
1.00
€
1.00
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Community
Municipal
Bond
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
be
lower
than
funds
that
may
actively
shift
their
portfolio
assets
to
take
advantage
of
market
opportunities
or
to
lessen
the
impact
of
a
market
decline
or
a
decline
in
the
value
of
one
or
more
issuers.
The
Index
Provider
relies
on
third
party
data
it
believes
to
be
reliable
in
constructing
the
Index,
but
it
does
not
guarantee
the
accuracy
or
availability
of
such
third
party
data.
Errors
in
index
data,
index
computation
or
the
construction
of
an
Index
in
accordance
with
its
methodology
may
occur
from
time
to
time
and
may
not
be
identified
and
corrected
by
the
Index
Provider
for
a
period
of
time
or
at
all,
which
may
have
an
adverse
impact
on
the
Fund
and
its
shareholders.
In
addition,
neither
the
Fund,
the
Investment
Adviser,
the
Calculation
Agent
nor
the
Index
Provider
can
guarantee
the
availability
or
timeliness
of
the
production
of
the
Index.
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.
Large
Shareholder
Transactions
Risk
—
Certain
shareholders,
including
other
funds
advised
by
the
Investment
Adviser,
may
from
time
to
time
own
a
substantial
amount
of
the
Fund’s
Shares.
In
addition,
a
third
party
investor,
the
Investment
Adviser
or
an
affiliate
of
the
Investment
Adviser,
an
authorized
participant,
a
lead
market
maker,
or
another
entity
(i.e.,
a
seed
investor)
may
invest
in
the
Fund
and
hold
it
sinvestment
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
(insert
exchange
for
the
fund/funds
here)
and
may,
therefore,
have
a
material
upward
or
downward
effect
on
the
market
price
of
the
Shares.
Liquidity
Risk
—
The
Fund
may
make
investments
that
are
illiquid
or
that
may
become
less
liquid
in
response
to
market
developments
or
adverse
investor
perceptions.
Illiquid
investments
may
be
more
difficult
to
value.
To
the
extent
a
Fund
engages
in
cash
redemptions,
then
liquidity
risk
may
also
refer
to
the
risk
that
the
Fund
will
not
be
able
to
pay
redemption
proceeds
within
the
allowable
time
period
or
without
significant
dilution
to
remaining
investors’
interests
because
of
unusual
market
conditions,
declining
prices
of
the
securities
sold,
an
unusually
high
volume
of
redemption
requests,
or
other
reasons.
To
meet
redemption
requests,
the
Fund
may
be
forced
to
sell
investments
at
an
unfavorable
time
and/or
under
unfavorable
conditions.
If
the
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.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Community
Municipal
Bond
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Market
and
Credit
Risks
—
In
the
normal
course
of
business,
a
Fund
trades
financial
instruments
and
enters
into
financial
transactions
where
risk
of
potential
loss
exists
due
to
changes
in
the
market
(market
risk).
The
value
of
the
securities
in
which
a
Fund
invests
may
go
up
or
down
in
response
to
the
prospects
of
individual
companies,
particular
sectors
or
governments
and/or
general
economic
conditions
throughout
the
world
due
to
increasingly
interconnected
global
economies
and
financial
markets.
Events
such
as
war,
military
conflict,
acts
of
terrorism,
social
unrest,
natural
disasters,
recessions,
inflation,
rapid
interest
rate
changes,
supply
chain
disruptions,
sanctions,
the
spread
of
infectious
illness
or
other
public
health
threats
could
also
significantly
impact
a
Fund
and
its
investments.
Additionally,
a
Fund
may
also
be
exposed
to
credit
risk
in
the
event
that
an
issuer
or
guarantor
fails
to
perform
or
that
an
institution
or
entity
with
which
the
Fund
has
unsettled
or
open
transactions
defaults.
Market
Trading
Risks
—
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.
Price
differences
may
be
due,
in
large
part,
to
the
fact
that
supply
and
demand
forces
at
work
in
the
secondary
trading
market
for
Shares
will
be
closely
related
to,
but
not
identical
to,
the
same
forces
influencing
the
prices
of
the
securities
of
a
Fund’s
Index
trading
individually
or
in
the
aggregate
at
any
point
in
time.
Municipal
Securities
Risk
—
Municipal
securities
are
subject
to
credit/default
risk,
interest
rate
risk
and
certain
additional
risks.
The
Fund
may
be
more
sensitive
to
adverse
economic,
business
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).
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.
Seed
Investor
Risk
—
GSAM
and/or
its
affiliates
may
make
payments
to
one
or
more
investors
that
contribute
seed
capital
to
the
Fund.
Such
payments
may
continue
for
a
specified
period
of
time
and/or
until
a
specified
dollar
amount
is
reached.
Those
payments
will
be
made
from
the
assets
of
GSAM
and/or
such
affiliates
(and
not
the
Fund).
There
is
a
risk
that
such
seed
investors
may
redeem
their
investments
in
the
Fund,
particularly
after
payments
from
GSAM
and/or
its
affiliates
have
ceased.
As
with
redemptions
by
other
large
shareholders,
such
redemptions
could
have
a
significant
negative
impact
on
the
Fund,
including
on
the
Fund’s
liquidity
and
the
market
price
of
the
Fund’s
Shares.
State/Territory
Specific
Risk
—
The
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
the
Fund’s
income,
NAV,
liquidity,
and/or
ability
to
preserve
or
realize
capital
appreciation.
Tax
Risk
—
Any
proposed
or
actual
changes
in
income
tax
rates
or
the
tax-exempt
status
of
interest
income
from
municipal
securities
can
significantly
affect
the
demand
for
and
supply,
liquidity
and
marketability
of
municipal
securities.
Such
changes
may
affect
the
Fund’s
net
asset
value
and
ability
to
acquire
and
dispose
of
municipal
securities
at
desirable
yield
and
price
levels.
Tracking
Error
Risk
—
Tracking
error
is
the
divergence
of
the
Fund’s
performance
from
that
of
its
Index.
The
performance
of
the
Fund
may
diverge
from
that
of
its
Index
for
a
number
of
reasons.
Tracking
error
may
occur
because
of
transaction
costs,
the
Fund’
holding
of
cash,
differences
in
accrual
of
dividends,
changes
to
its
Index
or
the
need
to
meet
new
or
existing
regulatory
requirements.
Unlike
the
Fund,
the
returns
of
the
Index
are
not
reduced
by
investment
and
other
operating
expenses,
including
the
trading
costs
associated
with
implementing
changes
to
its
portfolio
of
investments.
Tracking
error
risk
may
be
heightened
during
times
of
market
volatility
or
other
unusual
market
conditions.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)