Goldman
Sachs
Nasdaq-100
Core
Premium
Income
ETF
Schedule
of
Investments
May
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
99.9%
Communication
Services
–
15.9%
13,870
Alphabet,
Inc.,
Class
A*
$
2,392,575
13,347
Alphabet,
Inc.,
Class
C*
2,321,844
883
Charter
Communications,
Inc.,
Class
A*
253,527
24,088
Comcast
Corp.,
Class
A
964,243
1,625
Electronic
Arts,
Inc.
215,930
8,238
Meta
Platforms,
Inc.,
Class
A
3,845,746
2,631
Netflix,
Inc.*
1,688,102
23,375
Sirius
XM
Holdings,
Inc.
65,918
1,037
Take-Two
Interactive
Software,
Inc.*
166,293
7,220
T-Mobile
US,
Inc.
1,263,211
2,705
Trade
Desk,
Inc.
(The),
Class
A*
250,970
14,847
Warner
Bros
Discovery,
Inc.*
122,339
13,550,698
Consumer
Discretionary
–
12.5%
2,652
Airbnb,
Inc.,
Class
A*
384,354
24,448
Amazon.com,
Inc.*
4,313,605
203
Booking
Holdings,
Inc.
766,599
2,278
DoorDash,
Inc.,
Class
A*
250,831
734
Lululemon
Athletica,
Inc.*
229,001
1,760
Marriott
International,
Inc.,
Class
A
406,859
308
MercadoLibre,
Inc.
(Brazil)*
531,479
359
O'Reilly
Automotive,
Inc.*
345,810
4,060
PDD
Holdings,
Inc.
ADR
(China)*
608,107
2,046
Ross
Stores,
Inc.
285,949
6,889
Starbucks
Corp.
552,635
11,346
Tesla,
Inc.*
2,020,496
10,695,725
Consumer
Staples
–
6.5%
2,780
Coca-Cola
Europacific
Partners
PLC
(United
Kingdom)
204,914
2,697
Costco
Wholesale
Corp.
2,184,273
1,319
Dollar
Tree,
Inc.*
155,576
8,456
Keurig
Dr
Pepper,
Inc.
289,618
7,392
Kraft
Heinz
Co.
(The)
261,455
8,185
Mondelez
International,
Inc.,
Class
A
560,918
6,330
Monster
Beverage
Corp.*
328,654
8,357
PepsiCo,
Inc.
1,444,925
5,233
Walgreens
Boots
Alliance,
Inc.
84,879
5,515,212
Energy
–
0.5%
6,101
Baker
Hughes
Co.
204,262
1,085
Diamondback
Energy,
Inc.
216,197
420,459
Financials
–
0.5%
6,517
PayPal
Holdings,
Inc.*
410,506
Health
Care
–
6.3%
3,258
Amgen,
Inc.
996,459
3,544
AstraZeneca
PLC
ADR
(United
Kingdom)
276,503
884
Biogen,
Inc.*
198,847
2,344
Dexcom,
Inc.*
278,397
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Health
Care
–
(continued)
2,776
GE
HealthCare
Technologies,
Inc.
$
216,528
7,573
Gilead
Sciences,
Inc.
486,717
505
IDEXX
Laboratories,
Inc.*
250,960
955
Illumina,
Inc.*
99,587
2,142
Intuitive
Surgical,
Inc.*
861,341
2,323
Moderna,
Inc.*
331,143
656
Regeneron
Pharmaceuticals,
Inc.*
642,985
1,561
Vertex
Pharmaceuticals,
Inc.*
710,786
5,350,253
Industrials
–
4.4%
2,483
Automatic
Data
Processing,
Inc.
608,136
602
Cintas
Corp.
408,138
5,862
Copart,
Inc.*
311,038
11,908
CSX
Corp.
401,895
3,485
Fastenal
Co.
229,940
3,965
Honeywell
International,
Inc.
801,683
1,322
Old
Dominion
Freight
Line,
Inc.
231,681
3,182
PACCAR,
Inc.
342,065
2,200
Paychex,
Inc.
264,352
872
Verisk
Analytics,
Inc.
220,424
3,819,352
Information
Technology
–
50.3%
2,748
Adobe,
Inc.*
1,222,201
9,822
Advanced
Micro
Devices,
Inc.*
1,639,292
3,005
Analog
Devices,
Inc.
704,642
529
ANSYS,
Inc.*
167,931
36,344
Apple,
Inc.
6,987,134
5,050
Applied
Materials,
Inc.
1,086,154
525
ASML
Holding
NV
(Netherlands)
504,184
949
Atlassian
Corp.,
Class
A*
148,860
1,302
Autodesk,
Inc.*
262,483
2,812
Broadcom,
Inc.
3,735,883
1,654
Cadence
Design
Systems,
Inc.*
473,557
816
CDW
Corp.
182,474
24,615
Cisco
Systems,
Inc.
1,144,598
3,013
Cognizant
Technology
Solutions
Corp.,
Class
A
199,310
1,364
Crowdstrike
Holdings,
Inc.,
Class
A*
427,846
1,859
Datadog,
Inc.,
Class
A*
204,825
4,644
Fortinet,
Inc.*
275,482
3,337
GLOBALFOUNDRIES,
Inc.*
163,513
25,702
Intel
Corp.
792,907
1,698
Intuit,
Inc.
978,795
803
KLA
Corp.
609,903
787
Lam
Research
Corp.
733,830
5,247
Marvell
Technology,
Inc.
361,046
3,285
Microchip
Technology,
Inc.
319,401
6,711
Micron
Technology,
Inc.
838,875
17,488
Microsoft
Corp.
7,259,793
421
MongoDB,
Inc.*
99,381
5,883
NVIDIA
Corp.
6,449,709
1,544
NXP
Semiconductors
NV
(China)
420,122
2,604
ON
Semiconductor
Corp.*
190,196
Goldman
Sachs
Nasdaq-100
Core
Premium
Income
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Additional
Investment
Information
**End
swaps
header**
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Information
Technology
–
(continued)
1,964
Palo
Alto
Networks,
Inc.*
$
579,203
6,784
QUALCOMM,
Inc.
1,384,275
651
Roper
Technologies,
Inc.
346,827
923
Synopsys,
Inc.*
517,618
5,528
Texas
Instruments,
Inc.
1,078,015
1,271
Workday,
Inc.,
Class
A*
268,753
902
Zscaler,
Inc.*
153,304
42,912,322
Materials
–
1.5%
2,928
Linde
PLC
1,275,202
Real
Estate
–
0.2%
2,466
CoStar
Group,
Inc.*
192,767
Utilities
–
1.3%
3,192
American
Electric
Power
Co.,
Inc.
288,078
1,911
Constellation
Energy
Corp.
415,165
6,088
Exelon
Corp.
228,604
3,368
Xcel
Energy,
Inc.
186,756
1,118,603
TOTAL
COMMON
STOCKS
(Cost
$79,615,236)
85,261,099
Shares
Description
Value
a
Exchange-Traded
Fund
–
0.9%
4,016
Invesco
Nasdaq
100
ETF
(Cost
$719,133)
$
746,454
Shares
Dividend
Rate
Value
aa
Investment
Company
–
0.2%
(a)
Goldman
Sachs
Financial
Square
Treasury
Obligations
Fund
–
Institutional
Shares
209,188
5.180%
209,188
(Cost
$209,188)
TOTAL
INVESTMENTS
–
101.0%
(Cost
$80,543,557)
$
86,216,741
LIABILITIES
IN
EXCESS
OF
OTHER
ASSETS
–
(1.0)%
(854,134)
NET
ASSETS
–
100.0%
$
85,362,607
a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
*
Non-income
producing
security.
(a)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
ADR
—
American
Depositary
Receipt
PLC
—
Public
Limited
Company
WRITTEN
OPTIONS
CONTRACTS
—
At
May
31,
2024,
the
Fund
had
the
following
written
option
contracts:
EXCHANGE
TRADED
OPTIONS
ON
EQUITY
CONTRACTS
Description
Exercise
Rate
Expiration
Date
Number
of
Contracts
Notional
Amount
Market
Value
Premiums
Paid
(Received)
by
the
Fund
Unrealized
Appreciation/
(Depreciation)
Written
Option
Contracts:
Calls
Invesco
QQQ
Trust
Series
1
$
446.00
07/01/2024
626
$
(27,920)
$
(732,213)
$
(531,944)
$
(200,269)
Invesco
QQQ
Trust
Series
1
460.00
06/24/2024
110
(5,060)
(37,316)
(72,242)
34,926
Invesco
QQQ
Trust
Series
1
452.00
06/17/2024
29
(1,311)
(17,460)
(27,369)
9,908
Invesco
QQQ
Trust
Series
1
442.00
06/10/2024
34
(1,503)
(38,002)
(26,987)
(11,014)
Invesco
QQQ
Trust
Series
1
439.00
06/10/2024
38
(1,668)
(52,858)
(36,775)
(16,084)
Total
written
option
contracts
837
$
(37,462)
$
(877,849)
$
(695,317)
$
(182,533)
Goldman
Sachs
S&P
500
Core
Premium
Income
ETF
Schedule
of
Investments
May
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
100.1%
Communication
Services
–
9.3%
16,693
Alphabet,
Inc.,
Class
A*
$
2,879,542
13,958
Alphabet,
Inc.,
Class
C*
2,428,134
20,342
AT&T,
Inc.
370,631
286
Charter
Communications,
Inc.,
Class
A*
82,116
11,229
Comcast
Corp.,
Class
A
449,497
664
Electronic
Arts,
Inc.
88,232
473
Fox
Corp.,
Class
A
16,285
374
Fox
Corp.,
Class
B
11,946
996
Interpublic
Group
of
Cos.,
Inc.
(The)
31,245
392
Live
Nation
Entertainment,
Inc.*
36,746
833
Match
Group,
Inc.*
25,515
6,216
Meta
Platforms,
Inc.,
Class
A
2,901,815
1,212
Netflix,
Inc.*
777,643
1,077
News
Corp.,
Class
A
29,284
243
News
Corp.,
Class
B
6,775
552
Omnicom
Group,
Inc.
51,314
1,321
Paramount
Global,
Class
B
15,733
456
Take-Two
Interactive
Software,
Inc.*
73,124
1,486
T-Mobile
US,
Inc.
259,991
11,965
Verizon
Communications,
Inc.
492,360
5,196
Walt
Disney
Co.
(The)
539,916
6,558
Warner
Bros
Discovery,
Inc.*
54,038
11,621,882
Consumer
Discretionary
–
9.7%
1,213
Airbnb,
Inc.,
Class
A*
175,800
25,836
Amazon.com,
Inc.*
4,558,504
802
Aptiv
PLC*
66,775
45
AutoZone,
Inc.*
124,647
604
Bath
&
Body
Works,
Inc.
31,372
491
Best
Buy
Co.,
Inc.
41,647
86
Booking
Holdings,
Inc.
324,766
673
BorgWarner,
Inc.
23,999
611
Caesars
Entertainment,
Inc.*
21,727
485
CarMax,
Inc.*
34,076
2,855
Carnival
Corp.*
43,053
68
Chipotle
Mexican
Grill,
Inc.*
212,807
863
D.R.
Horton,
Inc.
127,551
329
Darden
Restaurants,
Inc.
49,478
64
Deckers
Outdoor
Corp.*
70,011
95
Domino's
Pizza,
Inc.
48,315
1,422
eBay,
Inc.
77,101
377
Etsy,
Inc.*
23,928
378
Expedia
Group,
Inc.*
42,661
11,154
Ford
Motor
Co.
135,298
436
Garmin
Ltd.
71,439
3,282
General
Motors
Co.
147,657
385
Genuine
Parts
Co.
55,494
337
Hasbro,
Inc.
20,146
722
Hilton
Worldwide
Holdings,
Inc.
144,833
2,820
Home
Depot,
Inc.
(The)
944,333
1,037
Las
Vegas
Sands
Corp.
46,696
700
Lennar
Corp.,
Class
A
112,245
731
LKQ
Corp.
31,455
1,630
Lowe’s
Cos.,
Inc.
360,703
319
Lululemon
Athletica,
Inc.*
99,525
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Consumer
Discretionary
–
(continued)
684
Marriott
International,
Inc.,
Class
A
$
158,120
2,056
McDonald's
Corp.
532,278
774
MGM
Resorts
International*
31,092
149
Mohawk
Industries,
Inc.*
18,168
3,418
NIKE,
Inc.,
Class
B
324,881
1,111
Norwegian
Cruise
Line
Holdings
Ltd.*
18,443
8
NVR,
Inc.*
61,446
167
O'Reilly
Automotive,
Inc.*
160,864
100
Pool
Corp.
36,355
601
PulteGroup,
Inc.
70,509
121
Ralph
Lauren
Corp.
22,613
946
Ross
Stores,
Inc.
132,213
664
Royal
Caribbean
Cruises
Ltd.*
98,060
3,232
Starbucks
Corp.
259,271
650
Tapestry,
Inc.
28,269
7,825
Tesla,
Inc.*
1,393,476
3,198
TJX
Cos.,
Inc.
(The)
329,714
300
Tractor
Supply
Co.
85,587
138
Ulta
Beauty,
Inc.*
54,522
290
Wynn
Resorts
Ltd.
27,515
796
Yum!
Brands,
Inc.
109,394
12,220,832
Consumer
Staples
–
6.1%
4,997
Altria
Group,
Inc.
231,111
1,502
Archer-Daniels-Midland
Co.
93,785
425
Brown-Forman
Corp.,
Class
B
19,490
383
Bunge
Global
SA
41,207
563
Campbell
Soup
Co.
24,986
628
Church
&
Dwight
Co.,
Inc.
67,202
347
Clorox
Co.
(The)
45,651
11,027
Coca-Cola
Co.
(The)
693,929
2,333
Colgate-Palmolive
Co.
216,876
1,355
Conagra
Brands,
Inc.
40,487
462
Constellation
Brands,
Inc.,
Class
A
115,606
1,260
Costco
Wholesale
Corp.
1,020,461
616
Dollar
General
Corp.
84,337
573
Dollar
Tree,
Inc.*
67,585
655
Estee
Lauder
Cos.,
Inc.
(The),
Class
A
80,801
1,580
General
Mills,
Inc.
108,625
424
Hershey
Co.
(The)
83,880
815
Hormel
Foods
Corp.
25,249
287
J
M
Smucker
Co.
(The)
32,041
748
Kellanova
45,134
5,022
Kenvue,
Inc.
96,925
2,971
Keurig
Dr
Pepper,
Inc.
101,757
958
Kimberly-Clark
Corp.
127,701
2,259
Kraft
Heinz
Co.
(The)
79,901
1,838
Kroger
Co.
(The)
96,256
409
Lamb
Weston
Holdings,
Inc.
36,111
704
McCormick
&
Co.,
Inc.
50,843
500
Molson
Coors
Beverage
Co.,
Class
B
27,405
3,819
Mondelez
International,
Inc.,
Class
A
261,716
1,987
Monster
Beverage
Corp.*
103,165
Goldman
Sachs
S&P
500
Core
Premium
Income
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Consumer
Staples
–
(continued)
3,895
PepsiCo,
Inc.
$
673,446
4,399
Philip
Morris
International,
Inc.
445,971
6,618
Procter &
Gamble
Co.
(The)
1,088,926
1,389
Sysco
Corp.
101,147
1,303
Target
Corp.
203,476
818
Tyson
Foods,
Inc.,
Class
A
46,831
2,143
Walgreens
Boots
Alliance,
Inc.
34,759
12,069
Walmart,
Inc.
793,657
7,508,436
Energy
–
3.9%
955
APA
Corp.
29,156
2,819
Baker
Hughes
Co.
94,380
4,905
Chevron
Corp.
796,081
3,315
ConocoPhillips
386,131
2,057
Coterra
Energy,
Inc.
58,666
1,778
Devon
Energy
Corp.
87,264
509
Diamondback
Energy,
Inc.
101,423
1,616
EOG
Resources,
Inc.
201,273
1,219
EQT
Corp.
50,089
12,812
Exxon
Mobil
Corp.
1,502,335
2,574
Halliburton
Co.
94,466
777
Hess
Corp.
119,736
5,480
Kinder
Morgan,
Inc.
106,805
1,659
Marathon
Oil
Corp.
48,045
1,045
Marathon
Petroleum
Corp.
184,557
1,851
Occidental
Petroleum
Corp.
115,688
1,658
ONEOK,
Inc.
134,298
1,205
Phillips
66
171,243
4,068
Schlumberger
NV
186,681
632
Targa
Resources
Corp.
74,721
971
Valero
Energy
Corp.
152,583
3,469
Williams
Cos.,
Inc.
(The)
143,998
4,839,619
Financials
–
12.9%
1,507
Aflac,
Inc.
135,434
745
Allstate
Corp.
(The)
124,802
1,628
American
Express
Co.
390,720
1,989
American
International
Group,
Inc.
156,773
331
Ameriprise
Financial,
Inc.
144,518
566
Aon
PLC,
Class
A
159,408
1,038
Arch
Capital
Group
Ltd.*
106,530
595
Arthur
J
Gallagher
&
Co.
150,731
127
Assurant,
Inc.
22,031
19,511
Bank
of
America
Corp.
780,245
2,638
Bank
of
New
York
Mellon
Corp.
(The)
157,251
5,189
Berkshire
Hathaway,
Inc.,
Class
B*
2,150,322
439
BlackRock,
Inc.
338,921
2,118
Blackstone,
Inc.
255,219
634
Brown
&
Brown,
Inc.
56,749
1,134
Capital
One
Financial
Corp.
156,072
300
Cboe
Global
Markets,
Inc.
51,897
4,346
Charles
Schwab
Corp.
(The)
318,475
1,148
Chubb
Ltd.
310,901
459
Cincinnati
Financial
Corp.
53,969
5,393
Citigroup,
Inc.
336,038
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Financials
–
(continued)
1,321
Citizens
Financial
Group,
Inc.
$
46,618
1,088
CME
Group,
Inc.
220,842
344
Comerica,
Inc.
17,627
213
Corpay,
Inc.*
57,014
721
Discover
Financial
Services
88,438
123
Everest
Group
Ltd.
48,084
138
FactSet
Research
Systems,
Inc.
55,788
1,530
Fidelity
National
Information
Services,
Inc.
116,096
1,876
Fifth
Third
Bancorp
70,200
1,715
Fiserv,
Inc.*
256,838
1,418
Franklin
Resources,
Inc.
33,465
762
Global
Payments,
Inc.
77,610
221
Globe
Life,
Inc.
18,290
859
Hartford
Financial
Services
Group,
Inc.
(The)
88,864
4,029
Huntington
Bancshares,
Inc.
56,084
1,779
Intercontinental
Exchange,
Inc.
238,208
1,952
Invesco
Ltd.
30,666
191
Jack
Henry
&
Associates,
Inc.
31,454
8,201
JPMorgan
Chase &
Co.
1,661,769
2,654
KeyCorp
38,138
516
Loews
Corp.
39,629
467
M&T
Bank
Corp.
70,797
107
MarketAxess
Holdings,
Inc.
21,286
1,400
Marsh
&
McLennan
Cos.,
Inc.
290,612
2,327
Mastercard,
Inc.,
Class
A
1,040,332
1,765
MetLife,
Inc.
127,733
495
Moody's
Corp.
196,510
3,719
Morgan
Stanley
363,867
224
MSCI,
Inc.
110,920
1,279
Nasdaq,
Inc.
75,499
738
Northern
Trust
Corp.
62,169
3,045
PayPal
Holdings,
Inc.*
191,805
1,128
PNC
Financial
Services
Group,
Inc.
(The)
177,536
611
Principal
Financial
Group,
Inc.
50,126
1,637
Progressive
Corp.
(The)
345,702
1,016
Prudential
Financial,
Inc.
122,276
660
Raymond
James
Financial,
Inc.
81,015
2,568
Regions
Financial
Corp.
49,691
944
S&P
Global,
Inc.
403,569
1,091
State
Street
Corp.
82,469
1,153
Synchrony
Financial
50,501
724
T.
Rowe
Price
Group,
Inc.
85,309
639
Travelers
Cos.,
Inc.
(The)
137,832
3,782
Truist
Financial
Corp.
142,770
4,401
US
Bancorp
178,461
4,482
Visa,
Inc.,
Class
A
1,221,166
514
W
R
Berkley
Corp.
41,649
10,225
Wells
Fargo &
Co.
612,682
282
Willis
Towers
Watson
PLC
71,992
16,055,004
Health
Care
–
12.0%
4,905
Abbott
Laboratories
501,242
5,014
AbbVie,
Inc.
808,457
814
Agilent
Technologies,
Inc.
106,154
201
Align
Technology,
Inc.*
51,699
1,516
Amgen,
Inc.
463,669
Goldman
Sachs
S&P
500
Core
Premium
Income
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Health
Care
–
(continued)
1,467
Baxter
International,
Inc.
$
50,010
815
Becton
Dickinson
&
Co.
189,056
399
Biogen,
Inc.*
89,751
57
Bio-Rad
Laboratories,
Inc.,
Class
A*
16,351
445
Bio-Techne
Corp.
34,350
4,156
Boston
Scientific
Corp.*
314,069
5,750
Bristol-Myers
Squibb
Co.
236,268
634
Cardinal
Health,
Inc.
62,937
545
Catalent,
Inc.*
29,316
461
Cencora,
Inc.
104,449
1,492
Centene
Corp.*
106,812
136
Charles
River
Laboratories
International,
Inc.*
28,348
825
Cigna
Group
(The)
284,312
553
Cooper
Cos.,
Inc.
(The)
52,153
3,586
CVS
Health
Corp.
213,726
1,863
Danaher
Corp.
478,418
166
DaVita,
Inc.*
24,422
1,079
Dexcom,
Inc.*
128,153
1,698
Edwards
Lifesciences
Corp.*
147,539
653
Elevance
Health,
Inc.
351,627
2,263
Eli
Lilly
&
Co.
1,856,429
1,213
GE
HealthCare
Technologies,
Inc.
94,614
3,510
Gilead
Sciences,
Inc.
225,588
557
HCA
Healthcare,
Inc.
189,241
326
Henry
Schein,
Inc.*
22,605
676
Hologic,
Inc.*
49,875
338
Humana,
Inc.
121,045
235
IDEXX
Laboratories,
Inc.*
116,783
469
Illumina,
Inc.*
48,907
530
Incyte
Corp.*
30,629
199
Insulet
Corp.*
35,261
1,004
Intuitive
Surgical,
Inc.*
403,728
526
IQVIA
Holdings,
Inc.*
115,241
6,787
Johnson &
Johnson
995,449
240
Labcorp
Holdings,
Inc.
46,778
370
McKesson
Corp.
210,748
3,799
Medtronic
PLC
309,125
7,161
Merck &
Co.,
Inc.
898,992
55
Mettler-Toledo
International,
Inc.*
77,225
923
Moderna,
Inc.*
131,574
164
Molina
Healthcare,
Inc.*
51,591
15,978
Pfizer,
Inc.
457,929
301
Quest
Diagnostics,
Inc.
42,733
296
Regeneron
Pharmaceuticals,
Inc.*
290,127
424
ResMed,
Inc.
87,484
325
Revvity,
Inc.
35,509
423
Solventum
Corp.*
25,101
287
STERIS
PLC
63,967
946
Stryker
Corp.
322,671
121
Teleflex,
Inc.
25,297
1,095
Thermo
Fisher
Scientific,
Inc.
621,938
2,615
UnitedHealth
Group,
Inc.
1,295,393
187
Universal
Health
Services,
Inc.,
Class
B
35,493
733
Vertex
Pharmaceuticals,
Inc.*
333,764
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Health
Care
–
(continued)
3,400
Viatris,
Inc.
$
36,040
168
Waters
Corp.*
51,895
210
West
Pharmaceutical
Services,
Inc.
69,596
608
Zimmer
Biomet
Holdings,
Inc.
70,011
1,303
Zoetis,
Inc.
220,937
14,990,601
Industrials
–
8.5%
1,581
3M
Co.
158,321
321
A
O
Smith
Corp.
26,848
269
Allegion
PLC
32,770
1,883
American
Airlines
Group,
Inc.*
21,654
632
AMETEK,
Inc.
107,175
1,147
Automatic
Data
Processing,
Inc.
280,923
207
Axon
Enterprise,
Inc.*
58,306
1,623
Boeing
Co.
(The)*
288,261
339
Broadridge
Financial
Solutions,
Inc.
68,061
344
Builders
FirstSource,
Inc.*
55,312
275
C.H.
Robinson
Worldwide,
Inc.
23,752
2,384
Carrier
Global
Corp.
150,645
1,443
Caterpillar,
Inc.
488,484
239
Cintas
Corp.
162,035
2,422
Copart,
Inc.*
128,511
5,652
CSX
Corp.
190,755
378
Cummins,
Inc.
106,494
390
Dayforce,
Inc.*
19,289
738
Deere
&
Co.
276,573
1,847
Delta
Air
Lines,
Inc.
94,234
378
Dover
Corp.
69,484
1,137
Eaton
Corp.
PLC
378,450
1,625
Emerson
Electric
Co.
182,260
348
Equifax,
Inc.
80,524
348
Expeditors
International
of
Washington,
Inc.
42,073
1,599
Fastenal
Co.
105,502
645
FedEx
Corp.
163,804
963
Fortive
Corp.
71,686
773
GE
Vernova,
Inc.*
135,971
181
Generac
Holdings,
Inc.*
26,645
629
General
Dynamics
Corp.
188,555
3,095
General
Electric
Co.
511,108
1,863
Honeywell
International,
Inc.
376,680
1,086
Howmet
Aerospace,
Inc.
91,930
138
Hubbell,
Inc.
53,667
95
Huntington
Ingalls
Industries,
Inc.
24,044
207
IDEX
Corp.
43,188
773
Illinois
Tool
Works,
Inc.
187,646
1,129
Ingersoll
Rand,
Inc.
105,053
222
J.B.
Hunt
Transport
Services,
Inc.
35,687
339
Jacobs
Solutions,
Inc.
47,236
1,944
Johnson
Controls
International
PLC
139,793
531
L3Harris
Technologies,
Inc.
119,385
403
Leidos
Holdings,
Inc.
59,261
609
Lockheed
Martin
Corp.
286,437
623
Masco
Corp.
43,560
133
Nordson
Corp.
31,218
Goldman
Sachs
S&P
500
Core
Premium
Income
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Industrials
–
(continued)
640
Norfolk
Southern
Corp.
$
143,872
388
Northrop
Grumman
Corp.
174,899
500
Old
Dominion
Freight
Line,
Inc.
87,625
1,162
Otis
Worldwide
Corp.
115,270
1,500
PACCAR,
Inc.
161,250
359
Parker-Hannifin
Corp.
190,816
858
Paychex,
Inc.
103,097
114
Paycom
Software,
Inc.
16,566
458
Pentair
PLC
37,272
399
Quanta
Services,
Inc.
110,100
580
Republic
Services,
Inc.
107,410
204
Robert
Half,
Inc.
13,103
316
Rockwell
Automation,
Inc.
81,379
679
Rollins,
Inc.
31,024
3,762
RTX
Corp.
405,581
154
Snap-on,
Inc.
42,020
1,722
Southwest
Airlines
Co.
46,218
418
Stanley
Black
&
Decker,
Inc.
36,437
537
Textron,
Inc.
47,047
645
Trane
Technologies
PLC
211,212
158
TransDigm
Group,
Inc.
212,230
5,837
Uber
Technologies,
Inc.*
376,837
1,747
Union
Pacific
Corp.
406,737
930
United
Airlines
Holdings,
Inc.*
49,281
2,028
United
Parcel
Service,
Inc.,
Class
B
281,750
183
United
Rentals,
Inc.
122,502
608
Veralto
Corp.
59,937
411
Verisk
Analytics,
Inc.
103,893
125
W.W.
Grainger,
Inc.
115,183
1,039
Waste
Management,
Inc.
218,948
505
Westinghouse
Air
Brake
Technologies
Corp.
85,461
651
Xylem,
Inc.
91,804
10,626,011
Information
Technology
–
30.7%
1,775
Accenture
PLC,
Class
A
501,065
1,280
Adobe,
Inc.*
569,293
4,567
Advanced
Micro
Devices,
Inc.*
762,232
420
Akamai
Technologies,
Inc.*
38,741
1,698
Amphenol
Corp.,
Class
A
224,764
1,404
Analog
Devices,
Inc.
329,224
250
ANSYS,
Inc.*
79,362
41,057
Apple,
Inc.
7,893,208
2,353
Applied
Materials,
Inc.
506,083
722
Arista
Networks,
Inc.*
214,903
591
Autodesk,
Inc.*
119,146
1,247
Broadcom,
Inc.
1,656,702
767
Cadence
Design
Systems,
Inc.*
219,600
374
CDW
Corp.
83,634
11,533
Cisco
Systems,
Inc.
536,285
1,374
Cognizant
Technology
Solutions
Corp.,
Class
A
90,890
2,162
Corning,
Inc.
80,556
401
Enphase
Energy,
Inc.*
51,288
166
EPAM
Systems,
Inc.*
29,536
140
F5,
Inc.*
23,656
65
Fair
Isaac
Corp.*
83,845
310
First
Solar,
Inc.*
84,246
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Information
Technology
–
(continued)
1,761
Fortinet,
Inc.*
$
104,463
205
Gartner,
Inc.*
86,032
1,498
Gen
Digital,
Inc.
37,195
3,724
Hewlett
Packard
Enterprise
Co.
65,729
2,384
HP,
Inc.
87,016
11,972
Intel
Corp.
369,336
2,608
International
Business
Machines
Corp.
435,145
796
Intuit,
Inc.
458,846
361
Jabil,
Inc.
42,923
833
Juniper
Networks,
Inc.
29,713
492
Keysight
Technologies,
Inc.*
68,132
371
KLA
Corp.
281,786
361
Lam
Research
Corp.
336,611
1,508
Microchip
Technology,
Inc.
146,623
3,136
Micron
Technology,
Inc.
392,000
21,015
Microsoft
Corp.
8,723,957
136
Monolithic
Power
Systems,
Inc.
100,046
470
Motorola
Solutions,
Inc.
171,508
577
NetApp,
Inc.
69,488
6,988
NVIDIA
Corp.
7,661,154
736
NXP
Semiconductors
NV
(China)
200,266
1,191
ON
Semiconductor
Corp.*
86,991
4,538
Oracle
Corp.
531,808
884
Palo
Alto
Networks,
Inc.*
260,700
331
PTC,
Inc.*
58,335
230
Qorvo,
Inc.*
22,630
3,161
QUALCOMM,
Inc.
645,002
294
Roper
Technologies,
Inc.
156,631
2,739
Salesforce,
Inc.
642,131
554
Seagate
Technology
Holdings
PLC
51,655
567
ServiceNow,
Inc.*
372,479
443
Skyworks
Solutions,
Inc.
41,048
132
Super
Micro
Computer,
Inc.*
103,555
432
Synopsys,
Inc.*
242,266
876
TE
Connectivity
Ltd.
131,137
128
Teledyne
Technologies,
Inc.*
50,810
438
Teradyne,
Inc.
61,732
2,560
Texas
Instruments,
Inc.
499,226
731
Trimble,
Inc.*
40,702
103
Tyler
Technologies,
Inc.*
49,477
261
VeriSign,
Inc.*
45,498
928
Western
Digital
Corp.*
69,869
146
Zebra
Technologies
Corp.,
Class
A*
45,602
38,255,512
Materials
–
2.3%
627
Air
Products
and
Chemicals,
Inc.
167,221
333
Albemarle
Corp.
40,822
4,262
Amcor
PLC
43,345
229
Avery
Dennison
Corp.
52,118
889
Ball
Corp.
61,723
295
Celanese
Corp.
44,852
564
CF
Industries
Holdings,
Inc.
44,968
1,968
Corteva,
Inc.
110,090
1,992
Dow,
Inc.
114,799
1,210
DuPont
de
Nemours,
Inc.
99,414
Goldman
Sachs
S&P
500
Core
Premium
Income
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Materials
–
(continued)
349
Eastman
Chemical
Co.
$
35,364
718
Ecolab,
Inc.
166,720
325
FMC
Corp.
19,809
4,057
Freeport-McMoRan,
Inc.
213,926
731
International
Flavors
&
Fragrances,
Inc.
70,308
950
International
Paper
Co.
42,835
1,370
Linde
PLC
596,662
708
LyondellBasell
Industries
NV,
Class
A
70,389
175
Martin
Marietta
Materials,
Inc.
100,114
926
Mosaic
Co.
(The)
28,641
3,262
Newmont
Corp.
136,808
705
Nucor
Corp.
119,039
246
Packaging
Corp.
of
America
45,139
650
PPG
Industries,
Inc.
85,416
667
Sherwin-Williams
Co.
(The)
202,635
419
Steel
Dynamics,
Inc.
56,091
364
Vulcan
Materials
Co.
93,100
723
Westrock
Co.
38,782
2,901,130
Real
Estate
–
2.2%
469
Alexandria
Real
Estate
Equities,
Inc.
REIT
55,811
1,321
American
Tower
Corp.
REIT
258,573
396
AvalonBay
Communities,
Inc.
REIT
76,301
396
Boston
Properties,
Inc.
REIT
24,025
269
Camden
Property
Trust
REIT
27,613
835
CBRE
Group,
Inc.,
Class
A*
73,538
1,145
CoStar
Group,
Inc.*
89,505
1,232
Crown
Castle,
Inc.
REIT
126,280
931
Digital
Realty
Trust,
Inc.
REIT
135,312
265
Equinix,
Inc.
REIT
202,190
951
Equity
Residential
REIT
61,844
188
Essex
Property
Trust,
Inc.
REIT
48,840
591
Extra
Space
Storage,
Inc.
REIT
85,559
214
Federal
Realty
Investment
Trust
REIT
21,603
2,103
Healthpeak
Properties,
Inc.
REIT
41,850
2,087
Host
Hotels
&
Resorts,
Inc.
REIT
37,441
1,582
Invitation
Homes,
Inc.
REIT
55,038
827
Iron
Mountain,
Inc.
REIT
66,731
2,014
Kimco
Realty
Corp.
REIT
38,991
332
Mid-America
Apartment
Communities,
Inc.
REIT
44,392
2,622
Prologis,
Inc.
REIT
289,705
446
Public
Storage
REIT
122,128
2,390
Realty
Income
Corp.
REIT
126,813
401
Regency
Centers
Corp.
REIT
24,621
309
SBA
Communications
Corp.
REIT
60,774
924
Simon
Property
Group,
Inc.
REIT
139,810
847
UDR,
Inc.
REIT
32,711
1,148
Ventas,
Inc.
REIT
57,698
2,967
VICI
Properties,
Inc.
REIT
85,183
1,539
Welltower,
Inc.
REIT
159,548
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Real
Estate
–
(continued)
1,995
Weyerhaeuser
Co.
REIT
$
59,910
2,730,338
Utilities
–
2.5%
2,002
AES
Corp.
(The)
43,223
717
Alliant
Energy
Corp.
36,918
728
Ameren
Corp.
53,413
1,490
American
Electric
Power
Co.,
Inc.
134,473
532
American
Water
Works
Co.,
Inc.
69,570
376
Atmos
Energy
Corp.
43,586
1,807
CenterPoint
Energy,
Inc.
55,132
856
CMS
Energy
Corp.
53,868
971
Consolidated
Edison,
Inc.
91,808
917
Constellation
Energy
Corp.
199,218
2,380
Dominion
Energy,
Inc.
128,330
568
DTE
Energy
Co.
66,189
2,185
Duke
Energy
Corp.
226,300
1,070
Edison
International
82,230
615
Entergy
Corp.
69,181
651
Evergy,
Inc.
35,584
971
Eversource
Energy
57,512
2,864
Exelon
Corp.
107,543
1,425
FirstEnergy
Corp.
57,371
5,802
NextEra
Energy,
Inc.
464,276
1,123
NiSource,
Inc.
32,634
651
NRG
Energy,
Inc.
52,731
6,170
PG&E
Corp.
114,392
290
Pinnacle
West
Capital
Corp.
22,869
2,036
PPL
Corp.
59,716
1,397
Public
Service
Enterprise
Group,
Inc.
105,837
1,779
Sempra
137,036
3,116
Southern
Co.
(The)
249,716
973
Vistra
Corp.
96,405
862
WEC
Energy
Group,
Inc.
69,848
1,551
Xcel
Energy,
Inc.
86,003
3,102,912
TOTAL
COMMON
STOCKS
(Cost
$118,501,137)
124,852,277
a
Exchange-Traded
Funds
–
0.4%
668
iShares
Core
S&P
500
ETF
354,013
275
Vanguard
S&P
500
ETF
133,271
TOTAL
EXCHANGE-TRADED
FUNDS
(Cost
$468,742)
487,284
Goldman
Sachs
S&P
500
Core
Premium
Income
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Additional
Investment
Information
**End
swaps
header**
Shares
Dividend
Rate
Value
aa
Investment
Company
–
0.7%
(a)
Goldman
Sachs
Financial
Square
Treasury
Obligations
Fund
–
Institutional
Shares
849,622
5.180%
$
849,622
(Cost
$849,622)
TOTAL
INVESTMENTS
–
101.2%
(Cost
$119,819,501)
$
126,189,183
LIABILITIES
IN
EXCESS
OF
OTHER
ASSETS
–
(1.2)%
(1,507,017)
NET
ASSETS
–
100.0%
$
124,682,166
a
a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
*
Non-income
producing
security.
(a)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
WRITTEN
OPTIONS
CONTRACTS
—
At
May
31,
2024,
the
Fund
had
the
following
written
option
contracts:
EXCHANGE
TRADED
OPTIONS
ON
EQUITY
CONTRACTS
Description
Exercise
Rate
Expiration
Date
Number
of
Contracts
Notional
Amount
Market
Value
Premiums
Paid
(Received)
by
the
Fund
Unrealized
Appreciation/
(Depreciation)
Written
Option
Contracts:
Calls
SPDR
S&P
500
ETF
Trust
$
521.00
07/01/2024
781
$
(40,690)
$
(792,515)
$
(557,439)
$
(235,076)
SPDR
S&P
500
ETF
Trust
530.00
06/24/2024
33
(1,749)
(14,520)
(18,109)
3,589
SPDR
S&P
500
ETF
Trust
529.00
06/14/2024
50
(2,645)
(25,448)
(39,938)
14,489
SPDR
S&P
500
ETF
Trust
520.00
06/10/2024
83
(4,316)
(80,189)
(61,897)
(18,292)
SPDR
S&P
500
ETF
Trust
515.00
06/10/2024
44
(2,266)
(62,979)
(39,061)
(23,918)
Total
written
option
contracts
991
$
(51,666)
$
(975,651)
$
(716,444)
$
(259,208)
Goldman
Sachs
Core
Premium
Income
ETFs
Schedule
of
Investments
May
31,
2024
(Unaudited)
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Investment
Valuation
—
The
Funds’
valuation
policy
is
to
value
investments
at
fair
value.
Investments
and
Fair
Value
Measurements
—
U.S.
GAAP
defines
the
fair
value
of
a
financial
instrument
as
the
amount
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date
(i.e.,
the
exit
price);
the
Funds’
policy
is
to
use
the
market
approach.
GAAP
establishes
a
fair
value
hierarchy
that
prioritizes
the
inputs
to
valuation
techniques
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
The
level
in
the
fair
value
hierarchy
within
which
the
fair
value
measurement
in
its
entirety
falls
shall
be
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
The
levels
used
for
classifying
investments
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
these
investments.
The
three
levels
of
the
fair
value
hierarchy
are
described
below:
Level
1
—
Unadjusted
quoted
prices
in
active
markets
that
are
accessible
at
the
measurement
date
for
identical,
unrestricted
assets
or
liabilities;
Level
2
—
Quoted
prices
in
markets
that
are
not
active
or
financial
instruments
for
which
significant
inputs
are
observable
(including,
but
not
limited
to,
quoted
prices
for
similar
investments,
interest
rates,
foreign
exchange
rates,
volatility
and
credit
spreads),
either
directly
or
indirectly;
Level
3
—
Prices
or
valuations
that
require
significant
unobservable
inputs
(including
GSAM’s
assumptions
in
determining
fair
value
measurement).
The
Board
of
Trustees
(“Trustees”)
has
approved
Valuation
Procedures
that
govern
the
valuation
of
the
portfolio
investments
held
by
the
Funds,
including
investments
for
which
market
quotations
are
not
readily
available.
With
respect
to
the
Funds’
investments
that
do
not
have
readily
available
market
quotations,
the
Trustees
have
designated
the
Adviser
as
the
valuation
designee
to
perform
fair
valuations
pursuant
to
Rule
2a-5
under
the
Investment
Company
Act
of
1940
(the
“Valuation
Designee”).
GSAM
has
day-to-day
responsibility
for
implementing
and
maintaining
internal
controls
and
procedures
related
to
the
valuation
of
the
Funds’
investments.
To
assess
the
continuing
appropriateness
of
pricing
sources
and
methodologies,
GSAM
regularly
performs
price
verification
procedures
and
issues
challenges
as
necessary
to
third
party
pricing
vendors
or
brokers,
and
any
differences
are
reviewed
in
accordance
with
the
Valuation
Procedures.
A.
Level
1
and
Level
2
Fair
Value
Investments
—
The
valuation
techniques
and
significant
inputs
used
in
determining
the
fair
values
for
investments
classified
as
Level
1
and
Level
2
are
as
follows:
Equity
Securities
—
Equity
securities
traded
on
a
United
States
(“U.S.”)
securities
exchange
or
the
NASDAQ
system,
or
those
located
on
certain
foreign
exchanges,
including
but
not
limited
to
the
Americas,
are
valued
daily
at
their
last
sale
price
or
official
closing
price
on
the
principal
exchange
or
system
on
which
they
are
traded.
If
there
is
no
sale
or
official
closing
price
or
such
price
is
believed
by
GSAM
to
not
represent
fair
value,
equity
securities
will
be
valued
at
the
valid
closing
bid
price
for
long
positions
and
at
the
valid
closing
ask
price
for
short
positions
(i.e.
where
there
is
sufficient
volume,
during
normal
exchange
trading
hours).
If
no
valid
bid/ask
price
is
available,
the
equity
security
will
be
valued
pursuant
to
the
Valuation
Procedures
and
consistent
with
applicable
regulatory
guidance.
To
the
extent
these
investments
are
actively
traded,
they
are
classified
as
Level
1
of
the
fair
value
hierarchy,
otherwise
they
are
generally
classified
as
Level
2.
Certain
equity
securities
containing
unique
attributes
may
be
classified
as
Level
2.
Unlisted
equity
securities
for
which
market
quotations
are
available
are
valued
at
the
last
sale
price
on
the
valuation
date,
or
if
no
sale
occurs,
at
the
last
bid
price
for
long
positions
or
the
last
ask
price
for
short
positions,
and
are
generally
classified
as
Level
2.
Goldman
Sachs
Core
Premium
Income
ETFs
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Derivative
Contracts
—
A
derivative
is
an
instrument
whose
value
is
derived
from
underlying
assets,
indices,
reference
rates
or
a
combination
of
these
factors.
A
Fund
enters
into
derivative
transactions
to
hedge
against
changes
in
interest
rates,
securities
prices,
and/or
currency
exchange
rates,
to
increase
total
return,
or
to
gain
access
to
certain
markets
or
attain
exposure
to
other
underliers.
For
financial
reporting
purposes,
cash
collateral
that
has
been
pledged
to
cover
obligations
of
a
Fund
and
cash
collateral
received,
if
any,
is
reported
separately
on
the
Statement
of
Assets
and
Liabilities
as
either
due
to
broker/receivable
for
collateral
on
certain
derivative
contracts.
Non-cash
collateral
pledged
by
a
Fund,
if
any,
is
noted
in
the
Schedule
of
Investments.
Exchange-traded
derivatives,
including
futures
and
options
contracts,
are
generally
valued
at
the
last
sale
or
settlement
price
on
the
exchange
where
they
are
principally
traded.
Exchange-traded
options
without
settlement
prices
are
generally
valued
at
the
last
bid
price
for
long
positions
and
the
last
ask
price
for
short
positions
on
the
exchange
where
they
are
principally
traded.
Exchange
traded
derivatives
typically
fall
within
Level
1
of
the
fair
value
hierarchy.
i.
Options
—
When
a
Fund
writes
call
or
put
options,
an
amount
equal
to
the
premium
received
is
recorded
as
a
liability
and
is
subsequently
marked-to-market
to
reflect
the
current
value
of
the
option
written.
Swaptions
are
options
on
swap
contracts.
Upon
the
purchase
of
a
call
option
or
a
put
option
by
a
Fund,
the
premium
paid
is
recorded
as
an
investment
and
subsequently
marked-to-market
to
reflect
the
current
value
of
the
option.
Certain
options
may
be
purchased
with
premiums
to
be
determined
on
a
future
date.
The
premiums
for
these
options
are
based
upon
implied
volatility
parameters
at
specified
terms.
Money
Market
Funds
—
Investments
in
the
Goldman
Sachs
Financial
Square
Treasury
Obligations
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.
B.
Level
3
Fair
Value
Investments
—
To
the
extent
that
significant
inputs
to
valuation
models
and
other
alternative
pricing
sources
are
unobservable,
or
if
quotations
are
not
readily
available,
or
if
GSAM
believes
that
such
quotations
do
not
accurately
reflect
fair
value,
the
fair
value
of
a
Fund’s
investments
may
be
determined
under
the
Valuation
Procedures.
GSAM,
consistent
with
its
procedures
and
applicable
regulatory
guidance,
may
make
an
adjustment
to
the
most
recent
valuation
prices
of
either
domestic
or
foreign
securities
in
light
of
significant
events
to
reflect
what
it
believes
to
be
the
fair
value
of
the
securities
at
the
time
of
determining
a
Fund’s
NAV.
To
the
extent
investments
are
valued
using
single
source
broker
quotations
obtained
directly
from
the
broker
or
passed
through
from
third
party
pricing
vendors,
such
investments
are
classified
as
Level
3
investments.
C.
Fair
Value
Hierarchy
—
The
following
is
a
summary
of
the
Funds’
investments
classified
in
the
fair
value
hierarchy
as
of
May
31,
2024:
Nasdaq-100
Core
Premium
Income
ETF
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Asia
$
1,028,229
$
—
$
—
Europe
985,601
—
—
North
America
82,715,790
—
—
South
America
531,479
—
—
Exchange-Traded
Fund
746,454
—
—
Investment
Company
209,188
—
—
Total
$
86,216,741
$
—
$
—
€
1.00
€
1.00
€
1.00
Derivative
Type
Liabilities
Written
Options
Contracts
$
(877,849)
$
—
$
—
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Core
Premium
Income
ETFs
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
For
further
information
regarding
security
characteristics,
see
the
Schedules
of
Investments.
D.
Securities
Lending
—
The
Funds
may
lend
their
securities
through
a
securities
lending
agent,
the
Bank
of
New
York
Mellon
(“BNYM”),
to
certain
qualified
borrowers.
In
accordance
with
the
Funds’
securities
lending
procedures,
the
Funds
receive
cash
collateral
at
least
equal
to
the
market
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
business
of
the
Funds,
at
their
last
sale
price
or
official
closing
price
on
the
principal
exchange
or
system
on
which
they
are
traded,
and
any
additional
required
collateral
is
delivered
to
the
Funds
on
the
next
business
day.
As
with
other
extensions
of
credit,
the
Funds
may
experience
delay
in
the
recovery
of
their
securities
or
incur
a
loss
should
the
borrower
of
the
securities
breach
its
agreement
with
the
Funds
or
become
insolvent
at
a
time
when
the
collateral
is
insufficient
to
cover
the
cost
of
repurchasing
securities
on
loan.
Dividend
income
received
from
securities
on
loan
may
not
be
subject
to
withholding
taxes
and
therefore
withholding
taxes
paid
may
differ
from
the
amounts
listed
in
the
Statements
of
Operations.
Loans
of
securities
are
terminable
at
any
time
and
as
such
1)
the
remaining
contractual
maturities
of
the
outstanding
securities
lending
transactions
are
considered
to
be
overnight
and
continuous
and
2)
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
The
Funds
invest
the
cash
collateral
received
in
connection
with
securities
lending
transactions
in
the
Goldman
Sachs
Financial
Square
Government
Fund
(“Government
Money
Market
Fund”),
an
affiliated
series
of
the
Goldman
Sachs
Trust.
The
Government
Money
Market
Fund
is
registered
under
the
Act
as
an
open
end
investment
company,
is
subject
to
Rule
2a-7
under
the
Act,
and
is
managed
by
GSAM,
for
which
GSAM
may
receive
a
management
fee
of
up
to
0.16%
on
an
annualized
basis
of
the
average
daily
net
assets
of
the
Government
Money
Market
Fund.
In
the
event
of
a
default
by
a
borrower
with
respect
to
any
loan,
BNYM
may
exercise
any
and
all
remedies
provided
under
the
applicable
borrower
agreement
to
make
the
Funds
whole.
These
remedies
include
purchasing
replacement
securities
by
applying
the
collateral
held
from
the
defaulting
broker
against
the
purchase
cost
of
the
replacement
securities.
If
BNYM
is
unable
to
purchase
replacement
securities,
BNYM
will
indemnify
the
Funds
by
paying
the
Funds
an
amount
equal
to
the
market
value
of
the
securities
loaned
minus
the
value
of
cash
collateral
received
from
the
borrower
for
the
loan,
subject
to
an
exclusion
for
any
shortfalls
resulting
from
a
loss
of
value
in
such
cash
collateral
due
to
reinvestment
risk.
The
Funds’
master
netting
agreements
with
certain
borrowers
€
1.00
€
1.00
€
1.00
S&P
500
Core
Premium
Income
ETF
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Asia
$
200,266
$
—
$
—
North
America
124,652,011
—
—
Exchange-Traded
Funds
487,284
—
—
Investment
Company
849,622
—
—
Total
$
126,189,183
$
—
$
—
€
1.00
€
1.00
€
1.00
Derivative
Type
Liabilities
Written
Options
Contracts
$
(975,651)
$
—
$
—
€
1.00
€
1.00
€
1.00
(a)
Amounts
are
disclosed
by
continent
to
highlight
the
impact
of
time
zone
differences
between
local
market
close
and
the
calculation
of
NAV.
Security
valuations
are
based
on
the
principal
exchange
or
system
on
which
they
are
traded,
which
may
differ
from
country
of
domicile
noted
in
table.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Core
Premium
Income
ETFs
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
provide
the
right,
in
the
event
of
a
default
(including
bankruptcy
or
insolvency),
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
However,
in
the
event
of
a
default
by
a
borrower,
a
resolution
authority
could
determine
that
such
rights
are
not
enforceable
due
to
the
restrictions
or
prohibitions
against
the
right
of
set-off
that
may
be
imposed
in
accordance
with
a
particular
jurisdiction’s
bankruptcy
or
insolvency
laws.
The
Funds’
loaned
securities
were
all
subject
to
enforceable
Securities
Lending
Agreements,
and
the
value
of
the
collateral
was
at
least
equal
to
the
value
of
the
cash
received.
The
Funds’
risks
include,
but
are
not
limited
to,
the
following:
Industry
Concentration
Risk
—
Concentrating
Fund
investments
in
a
limited
number
of
issuers
conducting
business
in
the
same
industry
or
group
of
industries
will
subject
the
Fund
to
a
greater
risk
of
loss
as
a
result
of
adverse
economic,
business,
political,
environmental
or
other
developments
than
if
its
investments
were
diversified
across
different
industries.
Large
Shareholder
Transactions
Risk
—
Certain
shareholders,
including
other
funds
advised
by
the
Investment
Adviser,
may
from
time
to
time
own
a
substantial
amount
of
the
Fund’s
Shares.
In
addition,
a
third
party
investor,
the
Investment
Adviser
or
an
affiliate
of
the
Investment
Adviser,
an
authorized
participant,
a
lead
market
maker,
or
another
entity
(i.e.,
a
seed
investor)
may
invest
in
the
Fund
and
hold
its
investment
solely
to
facilitate
commencement
of
the
Fund
or
to
facilitate
the
Fund’s
achieving
a
specified
size
or
scale.
Any
such
investment
may
be
held
for
a
limited
period
of
time.
There
can
be
no
assurance
that
any
large
shareholder
would
not
redeem
its
investment,
that
the
size
of
the
Fund
would
be
maintained
at
such
levels
or
that
the
Fund
would
continue
to
meet
applicable
listing
requirements.
Redemptions
by
large
shareholders
could
have
a
significant
negative
impact
on
the
Fund,
including
on
the
Fund’s
liquidity.
In
addition,
transactions
by
large
shareholders
may
account
for
a
large
percentage
of
the
trading
volume
on
NASDAQ
and
may,
therefore,
have
a
material
upward
or
downward
effect
on
the
market
price
of
the
Shares.
Market
Risk
—
The
value
of
the
securities
in
which
the
Fund
invests
may
go
up
or
down
in
response
to
the
prospects
of
individual
companies,
particular
sectors
or
governments
and/or
general
economic
conditions
throughout
the
world
due
to
increasingly
interconnected
global
economies
and
financial
markets.
Events
such
as
war,
military
conflict,
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
the
Fund
and
its
investments.
Market
Trading
Risk
—
Each
Fund
faces
numerous
market
trading
risks,
including
disruptions
to
creations
and
redemptions,
the
existence
of
extreme
market
volatility
or
potential
lack
of
an
active
trading
market
for
Shares.
If
a
shareholder
purchases
Shares
at
a
time
when
the
market
price
is
at
a
premium
to
the
NAV
or
sells
Shares
at
a
time
when
the
market
price
is
at
a
discount
to
the
NAV,
the
shareholder
may
pay
more
for,
or
receive
less
than,
the
underlying
value
of
the
Shares,
respectively.
The
Investment
Adviser
cannot
predict
whether
Shares
will
trade
below,
at
or
above
their
NAV.
Price
differences
may
be
due,
in
large
part,
to
the
fact
that
supply
and
demand
forces
at
work
in
the
secondary
trading
market
for
Shares
will
be
closely
related
to,
but
not
identical
to,
the
same
forces
influencing
the
prices
of
the
securities
of
a
Fund’s
Index
trading
individually
or
in
the
aggregate
at
any
point
in
time.
Non-Diversification
Risk
—
The
Nasdaq-100
Core
Premium
Income
ETF
is
non-diversified,
meaning
that
it
is
permitted
to
invest
a
larger
percentage
of
its
assets
in
one
or
more
issuers
or
in
fewer
issuers
than
diversified
mutual
funds.
Thus,
a
Fund
may
be
more
susceptible
to
adverse
developments
affecting
any
single
issuer
held
in
its
portfolio,
and
may
be
more
susceptible
to
greater
losses
because
of
these
developments.
Option
Writing
Risk
—
Writing
(selling)
options
may
limit
the
opportunity
to
profit
from
an
increase
or
decrease
in
the
market
value
of
a
reference
security
in
exchange
for
up-front
cash
(the
premium)
at
the
time
of
selling
the
option.
In
a
sharp
rising
or
falling
market,
the
Fund
could
significantly
underperform
the
market
or
other
portfolios
without
an
option
writing
strategy.
The
Fund
could
also
experience
a
sudden,
significant
permanent
loss
due
to
dramatic
movements
in
the
market
value
of
reference
security,
which
may
far
exceed
the
premiums
received
for
writing
the
option.
Such
significant
losses
could
cause
significant
deteriorations
in
the
Fund’s
NAV.
Furthermore,
the
premium
received
from
the
Fund’s
option
writing
strategies
may
not
fully
protect
it
against
market
movements
because
the
Fund
will
continue
to
bear
the
risk
of
movements
in
the
value
of
its
portfolio
investments.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Core
Premium
Income
ETFs
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Tracking
Error/Index
Risk
—
Tracking
error
is
the
divergence
of
the
Fund’s
performance
(without
regard
to
the
options
overwrite
strategy)
from
that
of
the
benchmark.
The
performance
of
the
Fund’s
equity
investments
may
diverge
from
that
of
the
benchmark
for
a
number
of
reasons.
Tracking
error
may
occur
because
of
transaction
costs,
the
Fund’s
holding
of
cash,
differences
in
accrual
of
dividends,
changes
to
the
benchmark
or
the
need
to
meet
new
or
existing
regulatory
requirements.
Unlike
the
Fund,
the
returns
of
the
benchmark
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.
The
Fund
will
be
negatively
affected
by
general
declines
in
the
securities
and
asset
classes
represented
in
the
benchmark.
In
addition,
unless
a
specific
security
is
removed
from
the
benchmark,
the
Fund
generally
would
not
sell
a
security
because
the
security’s
issuer
was
in
financial
trouble.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)