Goldman Sachs ETF Trust (GPRF) NPORT-P Goldman Sachs Ultra Short Municipal Income ETF (Nov 2024 report)

GOLDMAN

SACHS

COMMUNITY

MUNICIPAL

BOND

ETF

Schedule

of

Investments

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

-

98.3%

Alabama

-

1.3%

Alabama

Public

School

and

College

Authority

Tax

Exempt

Capital

Improvement

and

RB,

Series

2020-A

(Aa1/AA)

$

30,000

5.000%

11/01/2031

$

33,649

Alabama

Public

School

and

College

Authority

Tax

Exempt

Capital

Improvement

and

RB,

Series

2020-A

(Aa1/AA)

30,000

5.000

11/01/2034

33,437

30,000

5.000

11/01/2035

33,345

25,000

4.000

11/01/2036

25,689

126,120

Arizona

-

1.0%

Arizona

Board

of

Regents

University

of

Arizona

System

Revenue

Refunding

Bonds

Series

2016

(Aa2/AA-)

50,000

3.000

06/01/2035

47,799

Arizona

Board

of

Regents,

University

of

Arizona

System

Revenue

Refunding

Bonds

Series

2016

(Aa2/AA-)

30,000

3.000

06/01/2034

28,888

City

of

Mesa

Utility

Systems

Revenue

Refunding

Bonds

Series

2019C

(Aa2/AA-)

20,000

5.000

07/01/2034

21,767

98,454

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

32,084

a

a

California

-

21.1%

Anaheim

Lease

RB

Anaheim

Public

Improvement

Project

1997

(AGM)

(A1/AA)

50,000

0.000

(a)

09/01/2032

38,853

California

Educational

Facilities

Authority

Stanford

University

RB

Series

U-2

(Aaa/AAA)

90,000

5.000

10/01/2032

106,622

California

Health

Facilities

Financing

Authority

RB

Adventist

Health

System/West

Series

2013A

(NR/BBB+)

50,000

4.000

03/01/2033

50,000

California

Health

Facilities

Financing

Authority,

Refunding

RB

(Cedars-Sinai

Medical

Center)

Series

2015

(Aa3/NR)

30,000

3.500

11/15/2034

30,033

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

35,873

40,000

5.000

10/01/2035

47,434

California

Infrastructure

and

Economic

Development

Bank

Lease

RB

30,000

5.000

08/01/2035

32,717

City

of

Los

Angeles

Department

of

Water

and

Power

Water

System

RB

2017

Series

A

(Aa2/AA+)

30,000

5.000

07/01/2033

31,402

County

of

Santa

Clara

GO

Bonds

(Election

of

2008)

2013

Series

B3

(NR/AAA)

50,000

3.250

08/01/2035

47,109

Department

of

Water

and

Power

of

the

City

of

Los

Angeles

Power

System

RB

2024

Series

E

(Aa2/AA-)

40,000

5.000

(b)

07/01/2033

47,625

Department

of

Water

and

Power

of

the

City

of

Los

Angeles

RB

Series

2018

D

(Aa2/AA-)

35,000

5.000

07/01/2031

37,953

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

California

–

(continued)

Department

of

Water

and

Power

of

the

City

of

Los

Angeles

RB

Series

2018

D

(Aa2/AA-)

–

(continued)

$

50,000

5.000%

07/01/2033

$

59,534

30,000

5.000

07/01/2034

32,313

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

32,917

Los

Angeles

County

Metropolitan

Transportation

Authority

Measure

R

Senior

Sales

Tax

RB

2021-A

(Aa1/AAA)

30,000

5.000

06/01/2029

33,451

Los

Angeles

County

Metropolitan

Transportation

Authority

Measure

R

Senior

Sales

Tax

RB

Series

2021-A

(Aa1/AAA)

40,000

4.000

06/01/2034

43,263

Los

Angeles

County

Public

Works

Financing

Authority

Lease

RB

2021

Series

F

Green

Bonds

(Aa2/AA+)

30,000

5.000

12/01/2034

34,512

Los

Angeles

Unified

School

District

2019

GO

Refunding

Bond

Series

A

(Aa2/NR)

40,000

3.000

01/01/2034

39,334

Los

Rios

Community

College

District

Sacramento

County

California

GO

Bonds

2008

Election

Series

B

(Aa2/AA+)

40,000

4.125

08/01/2035

40,001

Metropolitan

Water

District

of

Southern

California

Subordinate

Water

Revenue

Refunding

Bonds,

2020

Series

A

(NR/AA+)

30,000

4.000

07/01/2029

31,876

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

39,928

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

40,530

San

Diego

Unified

School

District

GO

Refunding

Bonds

Series

2012

R-1

(Aa2/AA-)

50,000

0.000

(a)

07/01/2031

40,998

San

Francisco

Bay

Area

Rapid

Transit

District

GO

Bonds

Election

of

2016

2017

Series

A-1

Green

Bonds

(Aaa/AA-)

30,000

5.000

08/01/2031

31,877

25,000

4.000

08/01/2036

25,443

San

Francisco

Bay

Area

Rapid

Transit

District

Sales

Tax

Revenue

Bonds

2015

Refunding

Series

A

(NR/AA+)

30,000

5.000

07/01/2027

30,387

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

39,232

San

Jose

Evergreen

California

Community

College

District

GO

Bonds

Election

of

2004

B

(AGM)

(Aaa/AA+)

50,000

0.000

(a)

09/01/2031

40,813

Santa

Clara

County

Financing

Authority

California

Refunding

Lease

RB

Multiple

Facilities

Projects

2016

Series

Q

(NR/AA+)

50,000

3.000

05/15/2035

48,781

Santa

Clara

Unified

School

District

Election

of

2014

GO

Bonds

Series

2019

(Aaa/AAA)

30,000

3.000

07/01/2033

30,008

GOLDMAN

SACHS

COMMUNITY

MUNICIPAL

BOND

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

California

–

(continued)

Southern

California

Public

Power

Authority

and

Transmission

System

Renewal

Project

RB

2023-1

(Aa2/NR)

$

50,000

5.000%

07/01/2034

$

59,198

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

37,572

State

of

California

GO

Various

Purpose

Bonds

(Aa2/AA-)

30,000

5.000

03/01/2030

33,508

70,000

5.000

11/01/2031

78,178

30,000

5.000

03/01/2032

33,350

30,000

5.000

11/01/2032

32,346

30,000

5.000

03/01/2034

33,199

State

of

California

GO

Various

Purpose

Refunding

Bonds

(Aa2/AA-)

30,000

5.000

11/01/2030

31,825

50,000

5.000

11/01/2032

58,019

40,000

4.000

11/01/2034

40,951

State

of

California

Tax

Exempt

Various

Purpose

GO

Refunding

Bonds

(Aa2/AA-)

50,000

5.000

09/01/2028

50,689

20,000

5.000

10/01/2028

21,753

State

of

California

Tax

Exempt

Various

Purpose

GO

Refunding

Bonds

Bid

Group

B

(Aa2/AA-)

70,000

3.375

09/01/2033

69,600

State

of

California

Various

Purpose

GO

Bonds

(Green

Bonds)

(Aa2/AA-)

40,000

3.750

10/01/2037

40,001

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

20,181

The

Regents

of

The

University

of

California

General

RB

Series

2024

BV

(Aa2/AA)

40,000

5.000

05/15/2036

47,637

The

Regents

of

the

University

of

California

General

Revenue

Bonds

2017

Series

AY

(Aa2/AA)

30,000

5.000

05/15/2032

31,604

The

Regents

of

the

University

of

California

General

Revenue

Bonds

2017

Series

Bv

(Aa2/AA)

50,000

5.000

05/15/2033

59,215

The

Regents

of

the

University

of

California

Limited

Project

RB

2022

Series

S

(Aa3/AA-)

40,000

5.000

05/15/2029

44,505

The

Regents

of

the

University

of

California

Limited

Project

RB

2022

Series

S

Forward

Delivery

(Aa3/AA-)

25,000

5.000

05/15/2031

28,728

WM

S

Hart

High

School

District

GO

Bonds

Election

2001

2005

B

(AGM)

(Aa2/AA)

30,000

0.000

(a)

09/01/2029

26,018

2,098,896

Colorado

-

1.6%

Colorado

Health

Facilities

Authority

Hospital

RB

Series

2015

(NR/A-)

30,000

5.000

01/15/2035

30,469

Colorado

Health

Facilities

Authority

RB

for

Commonspirit

Health

Series

2024A

(A3/A-)

50,000

5.000

12/01/2034

57,405

Colorado

Health

Facilities

Authority

RB

Series

2019A

(NR/A+)

30,000

5.000

11/01/2034

32,552

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Colorado

–

(continued)

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

$

40,766

161,192

Connecticut

-

2.2%

Connecticut

State

Health

&

Educational

Facilities

Authority

RB

Quinnipiac

University

Issue

Series

L

(A3/A-)

25,000

5.000

07/01/2032

25,176

State

of

Connecticut

GO

Bonds

(Aa3/AA-)

30,000

5.000

11/15/2030

30,553

30,000

5.000

11/15/2032

30,535

State

of

Connecticut

GO

Bonds

2015

Series

A

(Aa3/AA-)

20,000

4.000

03/15/2032

20,033

State

of

Connecticut

GO

Bonds

2024

Series

B

(Social

Bonds)

(Aa3/AA-)

40,000

5.000

01/15/2038

45,840

State

of

Connecticut

GO

Refunding

Bonds

Series

2016

B

(Aa3/AA-)

30,000

5.000

05/15/2027

30,919

State

of

Connecticut

Tax

Exempt

GO

Bonds

2018

Series

E

(Aa3/AA-)

30,000

5.000

09/15/2034

32,061

215,117

Delaware

-

0.3%

The

State

of

Delaware

GO

Refunding

Bonds

Series

2017A

(Aaa/AAA)

27,000

5.000

01/01/2028

28,973

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

30,549

District

of

Columbia

Washington

D.C.

GO

Bonds

Series

2015B

(Aaa/AA+)

20,000

5.000

06/01/2026

20,211

District

of

Columbia

Washington

D.C.

GO

Bonds

Series

2017D

(Aaa/AA+)

40,000

4.000

06/01/2033

40,856

District

of

Columbia

Washington

D.C.

GO

Bonds

Series

2021D

(Aaa/AA+)

30,000

5.000

02/01/2029

32,839

District

of

Columbia

Washington

D.C.

Income

Tax

Secured

RB

Series

2019A

Tax

Exempt

(Aaa/AAA)

30,000

5.000

03/01/2028

32,274

30,000

5.000

03/01/2030

33,074

189,803

Florida

-

3.8%

City

of

Cape

Coral

Fl

Water

and

Sewer

Refunding

RB

Series

2017

(A1/A+)

20,000

5.000

10/01/2032

20,923

City

of

Jacksonville

Transportation

RB

Refunding

Series

2015

(Aa2/AA-)

30,000

3.000

10/01/2031

29,677

City

of

Lakeland

Energy

System

Refunding

RB

Series

2016

(Aa3/AA)

40,000

2.500

10/01/2027

38,961

GOLDMAN

SACHS

COMMUNITY

MUNICIPAL

BOND

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

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

$

22,777

Florida

State

Board

of

Education

Public

Education

Capital

Outlay

Refunding

Bonds

2019

Series

C

(Aaa/AAA)

30,000

5.000

06/01/2031

32,855

Greater

Orlando

Aviation

Authority

Priority

Subordinated

Airport

Facilities

RB

Series

2017A

AMT

of

The

City

of

Orlando

Florida

(Aa3/AA-)

20,000

5.000

(c)

10/01/2029

20,907

Miami-Dade

County

Water

and

Sewer

System

Revenue

Refunding

Bonds

Series

2017B

(Aa3/AA)

30,000

5.000

10/01/2032

30,453

Orlando

Utilities

Commission

Utility

System

RB

Series

2018A

(Aa2/AA)

30,000

5.000

10/01/2032

31,700

Reedy

Creek

Improvement

District

Florida

Ad

Valorem

Tax

Bonds

Series

2017A

(Aa3/AA-)

20,000

5.000

06/01/2030

21,001

Seminole

County

Water

and

Sewer

Refunding

RB

Series

2015

A

(Aa2/AA+)

30,000

4.000

10/01/2030

30,209

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

32,396

Tampa

Bay

Water,

Florida

Utility

System

Revenue

Refunding

&

Improvement

Revenue

Bonds

2001

A

(NATL)

(Aa1/AA+)

30,000

6.000

10/01/2029

33,842

The

School

Board

of

Miami-Dade

County

Florida

Certificates

of

Participation

Series

2015D

(A1/A+)

35,000

4.000

02/01/2032

35,417

381,118

Georgia

-

1.7%

City

of

Atlanta

Airport

Passenger

Facility

Charge

and

Subordinate

Lien

General

RB

Series

2023E

(Aa3/NR)

40,000

5.000

07/01/2034

44,212

City

of

Atlanta

Georgia

Airport

Passenger

Facility

Charge

and

Subordinate

Lien

General

RB

Series

2023E

(Aa3/NR)

50,000

5.000

07/01/2031

54,524

Forsyth

County

School

District

Georgia

GO

Bonds

Series

2020

(Aaa/AAA)

30,000

5.000

02/01/2030

33,491

State

of

Georgia

GO

Bonds

Series

2015A

(Aaa/AAA)

35,000

4.000

02/01/2033

35,044

167,271

Hawaii

-

1.3%

City

and

County

of

Honolulu

GO

Bonds

Series

2018A

Tax

Exempt

(Aa2/NR)

30,000

5.000

09/01/2029

32,480

City

and

County

of

Honolulu

GO

Tax

Exempt

Refunding

Bonds

Series

2017D

(Aa2/NR)

30,000

5.000

09/01/2033

31,554

City

and

County

of

Honolulu

Transit

Improvements

GO

Series

E

(Aa2/NR)

30,000

5.000

03/01/2029

32,815

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Hawaii

–

(continued)

State

of

Hawaii

GO

Bonds

of

2018

Series

FT

(Aa2/AA+)

$

30,000

5.000%

01/01/2034

$

31,759

128,608

Illinois

-

4.2%

Illinois

Community

College

District

No.

512

GO

Bonds

Series

2020

(Aaa/NR)

40,000

4.000

12/15/2029

41,374

Illinois

Finance

Authority

RB

for

The

University

of

Chicago,

Series

2021A

(Forward

Delivery)

(Aa2/AA-)

20,000

5.000

10/01/2032

22,895

Illinois

Finance

Authority

RB

Rush

University

Medical

Center

Obligated

Group

Series

2015A

(A1/A+)

30,000

5.000

11/15/2029

30,209

30,000

5.000

11/15/2034

30,174

Illinois

St

GO

Bonds

October

2020

B

(A3/A-)

40,000

4.000

10/01/2032

40,674

20,000

4.000

10/01/2034

20,217

Regional

Transportation

Authority

GO

Bonds

2004A

(AGM)

(Aa3/AA)

30,000

5.750

06/01/2029

32,925

Sales

Tax

Securitization

Corp.

Sales

Tax

Securitization

Bonds

Series

2023A

Social

Bonds

(NR/AA-)

20,000

3.000

01/01/2027

19,775

State

of

Illinois

GO

Bonds

Refunding

Series

October

2024

(A3/A-)

50,000

5.000

02/01/2034

56,462

State

of

Illinois

GO

Bonds

Series

December

2017B

(A3/A-)

35,000

5.000

12/01/2025

35,648

State

of

Illinois

GO

Bonds

Series

November

2019A

(A3/A-)

30,000

5.000

11/01/2026

31,071

State

of

Illinois

GO

Bonds,

Series

May

2023B

(A3/A-)

50,000

5.000

05/01/2034

55,337

416,761

Indiana

-

1.0%

Indiana

Finance

Authority

State

Revolving

Fund

Program

Bonds

Series

2024A

(NR/AAA)

50,000

5.000

02/01/2039

57,398

Indiana

Revenues

Special

Program

Carmel

Jr

Waterworks

Project

Series

2008

B

(AGM)

(A1/AA)

30,000

0.000

(a)

06/01/2031

24,555

The

Trustees

of

Indiana

University

Indiana

University

Consolidated

RB

Series

2015A

(Aaa/AAA)

20,000

5.000

06/01/2026

20,197

102,150

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

32,331

Iowa

Finance

Authority

State

Revolving

Fund

RB

Series

2017

Green

Bonds

(Aaa/AAA)

30,000

5.000

08/01/2027

31,820

30,000

5.000

08/01/2030

31,658

95,809

GOLDMAN

SACHS

COMMUNITY

MUNICIPAL

BOND

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

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

$

30,333

a

a

Louisiana

-

0.8%

City

of

New

Orleans

GO

Refunding

Bonds

Series

2022

(A2/A+)

30,000

5.000

12/01/2025

30,515

City

of

Shreveport,

Louisiana

Water

&

Sewer

RB

Junior

Lien

Series

2018C

(BAM)

(Baa3/AA)

20,000

5.000

12/01/2026

20,753

Louisiana

Public

Facilities

Authority

RB

for

Ochsner

Clinic

Foundation

Project

Series

2002B

(Aaa/NR)

30,000

5.500

(c)

05/15/2027

30,779

82,047

Maryland

-

2.0%

Montgomery

County

GO

Consolidated

Public

Improvement

Bonds

Series

2020

A

(Aaa/AAA)

30,000

4.000

08/01/2031

31,736

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

31,596

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

33,565

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

32,534

35,000

5.000

08/01/2030

39,391

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

33,670

202,492

Massachusetts

-

3.8%

Commonwealth

of

Massachusetts

GO

Bonds

Consolidated

Loan

of

2019

Series

F

(Aa1/AA+)

55,000

5.000

05/01/2029

60,610

Commonwealth

of

Massachusetts

GO

Refunding

Bonds

2018

Series

C

(Aa1/AA+)

20,000

5.000

09/01/2032

23,204

Massachusetts

Bay

Transn

Authority

Mass

Sales

Tax

Revenue

Sen

Sales

Tax

Bonds

A-1

(Aa2/AA+)

40,000

5.250

07/01/2034

48,467

Massachusetts

Bay

Transportation

Authority

RB

Series

2005

A

(Aa2/AA+)

30,000

5.000

07/01/2025

30,359

Massachusetts

Development

Finance

Agency

RB,

Northeastern

University

Issue,

Series

2022

(A1/NR)

40,000

5.000

10/01/2035

45,702

Massachusetts

Water

Resources

Authority

General

Revenue

Refunding

Green

Bonds

2024

Series

C

(Aa1/AA+)

40,000

5.000

08/01/2034

47,449

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Massachusetts

–

(continued)

School

Building

Authority

Senior

Dedicated

Sales

Tax

Refunding

Bonds

Series

2015

C

(Aa1/AA+)

$

30,000

5.000%

08/15/2025

$

30,441

The

Commonwealth

of

Massachusetts

GO

Bonds

Consolidated

Loan

of

2015

Series

D

(Aa1/AA+)

50,000

3.000

09/01/2032

49,166

The

Commonwealth

of

Massachusetts

GO

Bonds

Consolidated

Loan

of

2018,

Series

B

(Aa1/AA+)

40,000

5.000

01/01/2027

41,965

377,363

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

31,505

State

of

Michigan

GO

Environmental

Program

and

Refunding

Bonds

Series

2017A

Tax

Exempt

(Aa1/AA)

35,000

5.000

05/01/2026

36,069

67,574

Minnesota

-

1.0%

Minnesota

Public

Facilities

Authority

State

Revolving

Fund

RB

Series

2023A

(Aaa/AAA)

50,000

5.000

03/01/2033

57,992

State

of

Minnesota

GO

State

Various

Purpose

Bonds

Series

2018A

(Aaa/AAA)

40,000

5.000

08/01/2031

43,253

101,245

Mississippi

-

0.2%

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

20,484

a

a

Missouri

-

0.6%

Joint

Municipal

Electric

Utility

Commission

Power

Project

Revenue

Refunding

Bonds

for

Plum

Point

Project

Series

2014A

(A3/NR)

30,000

5.000

01/01/2026

30,040

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

30,256

60,296

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

(d)

03/01/2031

50,001

a

a

Nebraska

-

0.2%

The

University

of

Nebraska

Facilities

Corp.

Facilities

Bonds

Series

2018

(Aa1/AA)

20,000

5.000

07/15/2026

20,700

a

a

GOLDMAN

SACHS

COMMUNITY

MUNICIPAL

BOND

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Nevada

-

1.2%

Clark

County

Nevada

GO

Limited

Tax

Detention

Center

Bonds

Additionally

Secured

By

Pledged

Revenues

Series

2019

(Aa1/AAA)

$

30,000

5.000%

06/01/2031

$

32,722

Clark

County

School

District

GO

Limited

Tax

Building

and

Refunding

Bonds

Series

2017C

(A1/AA-)

30,000

5.000

06/15/2027

31,700

30,000

5.000

06/15/2029

31,873

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

25,160

121,455

New

Jersey

-

3.4%

Higher

Education

Student

Assistance

Authority

Senior

Student

Loan

Revenue

Refunding

Bonds

Series

2018B

(Aaa/AA)

30,000

5.000

12/01/2027

31,324

New

Jersey

Economic

Development

Authority

School

Facilities

Construction

Bonds

Series

2015

WW

(A2/A-)

30,000

4.625

(c)

06/15/2032

30,261

New

Jersey

Educational

Facilities

Authority

Princeton

University

RB

2024

Series

A-1

(Aaa/AAA)

40,000

5.000

03/01/2031

45,589

New

Jersey

Health

Care

Facilities

Financing

Authority

RB

Valley

Health

System

Obligated

Group

Series

2019

(NR/A)

30,000

5.000

07/01/2032

32,353

New

Jersey

State

Transportation

Authority

System

Bonds

Series

2006C

(AMBAC)

(A2/A-)

25,000

0.000

(a)

12/15/2028

21,885

New

Jersey

State

Transportation

Authority

System

Bonds

Series

2006C

(AGM)

(A1/AA)

20,000

0.000

(a)

12/15/2029

16,999

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

15,752

30,000

0.000

(a)

12/15/2034

21,085

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

36,228

New

Jersey

Transportation

Trust

Fund

Authority

RB

for

Transportation

System

Series

2009

A

(A2/A-)

40,000

0.000

(a)

12/15/2033

29,232

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

30,590

New

Jersey

Transportation

Trust

Fund

Authority

Transportation

System

Bonds

2018

Series

A

(A2/A-)

30,000

5.000

12/15/2029

32,387

343,685

New

York

-

15.8%

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

33,427

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%

03/15/2031

$

33,525

50,000

4.000

03/15/2034

52,499

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

33,340

Dormitory

Authority

of

The

State

of

New

York

New

York

University

RB

Series

2015A

(Aa2/AA-)

40,000

2.800

07/01/2027

40,006

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

31,656

30,000

5.000

10/01/2032

31,550

Dormitory

Authority

of

The

State

of

New

York

State

Sales

Tax

RB

Series

2018A

(Aa1/AA+)

30,000

5.000

03/15/2028

32,458

Hudson

Yards

Infrastructure

Corp.

Hudson

Yards

RB

Fiscal

2022

Series

A

Green

Bonds

(Aa2/AA)

20,000

5.000

02/15/2032

23,133

Hudson

Yards

Infrastructure

Corporation

Revenue

Bonds

Fiscal

Green

Bonds

Series

2022

A

(Aa2/AA)

30,000

4.000

02/15/2038

31,583

Long

Island

Power

Authority

Electric

System

RB

Series

C

(AGC)

(A2/AA)

30,000

5.250

09/01/2029

33,008

Metropolitan

Transportation

Authority

Dedicated

Tax

Fund

Refunding

Green

Bonds

Subseries

2017B-2

(NR/AA)

25,000

3.125

11/15/2033

24,008

Metropolitan

Transportation

Authority

RB

Refunding

for

Climate

Bond

Certified

Series

2020

E

(A3/A-)

30,000

5.000

11/15/2029

32,869

30,000

5.000

11/15/2033

32,858

Metropolitan

Transportation

Authority

Revenue

Refunding

Bonds

Series

2015C

(A3/A-)

30,000

5.250

11/15/2029

30,560

Metropolitan

Transportation

Authority

Revenue

Refunding

for

Climate

Bond

Certified

Series

2017B

(A3/A-)

30,000

5.000

11/15/2027

31,840

Metropolitan

Transportation

Authority

Revenue

Refunding

for

Climate

Bond

Certified

Series

2017C-1

(A3/A-)

30,000

5.000

11/15/2025

30,548

Metropolitan

Transportation

Authority

Transportation

Revenue

Refunding

Green

Bonds

Series

2017C-1

(A3/A-)

30,000

5.000

11/15/2027

31,840

35,000

5.000

11/15/2034

36,843

30,000

3.250

11/15/2036

27,471

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

21,516

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

29,465

GOLDMAN

SACHS

COMMUNITY

MUNICIPAL

BOND

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

New

York

–

(continued)

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

$

30,295

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

30,069

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

44,918

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Subordinate

Bonds

Fiscal

2001

Series

C

(Aa1/AAA)

30,000

5.000

02/01/2030

33,353

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

33,493

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

31,854

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

33,316

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

32,058

30,000

5.000

11/01/2028

32,730

25,000

5.000

11/01/2034

28,187

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Subordinate

Bonds

Fiscal

2022

Series

A

Subseries

A-1

Tax-

Exempt

Bonds

(Aa1/AAA)

40,000

5.000

11/01/2032

45,357

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

22,583

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

20,418

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

29,605

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

30,391

New

York

State

Dormitory

Authority

RB

for

Memorial

Sloan-

Kettering

Cancer

Center

(NATL)

(WR/NR)

50,000

0.000

(a)

07/01/2027

46,265

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

21,085

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

New

York

–

(continued)

State

of

New

York

Mortgage

Agency

Homeowner

Mortgage

RB

Series

225

(NON-AMT)

(Aa1/NR)

$

60,000

2.000%

10/01/2035

$

49,227

The

City

of

New

York

GO

Bonds

Fiscal

2006

Series

J

(AGM)

(Aa2/AA)

40,000

5.000

06/01/2034

47,145

The

City

of

New

York

GO

Bonds

Fiscal

2013

Series

E

(Aa2/AA)

35,000

3.000

08/01/2033

33,153

The

City

of

New

York

GO

Bonds

Fiscal

2018

Series

1

(Aa2/AA)

30,000

5.000

08/01/2026

31,132

30,000

5.000

08/01/2031

31,654

The

City

of

New

York

GO

Bonds

Fiscal

2019

Series

A

(Aa2/AA)

30,000

5.000

08/01/2026

31,132

The

City

of

New

York

GO

Bonds

Fiscal

2021

Series

C

(Aa2/AA)

30,000

5.000

08/01/2030

33,596

30,000

5.000

08/01/2034

33,221

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

33,410

1,575,650

North

Carolina

-

0.8%

County

of

Wake

Limited

Obligation

Bonds

Series

2021

(Aa1/AA+)

30,000

4.000

03/01/2034

31,539

North

Carolina

Medical

Care

Commission

Health

Care

Facilities

RB

Vidant

Health

Series

2015

(A2/A)

50,000

4.000

06/01/2034

50,105

81,644

North

Dakota

-

0.7%

North

Dakota

Public

Finance

Authority

Revolving

Fund

Program

Bonds

Series

2022A

(Aaa/AAA)

30,000

5.000

10/01/2031

34,211

State

of

North

Dakota

Housing

Finance

Agency

Program

Bonds

Home

Mortgage

Finance

Program

2021

Series

B

(NON-AMT)

(Social

Bonds)

(Aa1/NR)

40,000

2.300

07/01/2036

32,730

66,941

Ohio

-

2.8%

American

Municipal

Power

Inc.

Prairie

State

Energy

Campus

Project

RB

Refunding

Series

2019C

(A1/A)

30,000

5.000

02/15/2033

32,774

City

of

Columbus

Sewerage

System

RB

Refunding

Series

2015

(Aa1/AA)

30,000

5.000

06/01/2030

30,870

County

of

Ohio

Hospital

Facilities

RB

for

Mercy

Health

Series

2017A

(A2/A+)

40,000

5.000

08/01/2028

42,672

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

26,280

Ohio

Water

Development

Authority

State

of

Ohio

Water

Pollution

Control

Loan

Fund

RB

Series

2020B

(Aaa/AAA)

45,000

4.000

12/01/2037

46,628

Ohio

Water

Development

Authority

State

Of

Ohio

Water

Pollution

Control

Loan

Fund

RB

Series

2020B

(Aaa/AAA)

30,000

5.250

12/01/2035

33,791

GOLDMAN

SACHS

COMMUNITY

MUNICIPAL

BOND

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Ohio

–

(continued)

State

of

Ohio

Higher

Education

GO

Refunding

Bonds

Series

2017C

(Aaa/AAA)

$

30,000

5.000%

08/01/2027

$

31,843

State

of

Ohio

Infrastructure

Improvement

GO

Refunding

Bonds

Series

2015C

(Aaa/AAA)

30,000

5.000

09/01/2026

31,195

276,053

Oklahoma

-

0.3%

Grand

River

Dam

Authority

RB

Series

2014A

(A1/AA-)

30,000

3.375

06/01/2034

29,578

a

a

Oregon

-

1.6%

City

of

Portland

Oregon

Second

Lien

Sewer

System

RB

2020

Series

A

(Aa2/AA)

20,000

5.000

03/01/2027

21,023

Medford

Hospital

Facilities

Authority

RB

Refunding

for

Asante

Health

System

Obligated

Group

Series

2020

A

(NR/A+)

20,000

5.000

08/15/2026

20,599

40,000

5.000

08/15/2033

43,465

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

43,826

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

33,346

162,259

Pennsylvania

-

3.4%

Commonwealth

Financing

Authority

Tax

Exempt

RB

Series

2015

A

(Aa3/A)

30,000

5.000

06/01/2033

30,245

Commonwealth

of

Pennsylvania

GO

Bonds:

First

Series

of

2016

and

First

Refunding

Series

of

2016

(Aa2/A+)

60,000

5.000

09/15/2026

62,291

Department

of

Water

and

Power

of

the

City

of

Los

Angeles

RB

Series

2018

D

(A3/A)

30,000

3.250

07/01/2032

29,333

Pennsylvania

Housing

Finance

Agency

Single

Family

Mortgage

RB

Series

2017-123B

(NON-AMT)

(Aa1/AA+)

40,000

3.450

10/01/2032

39,880

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

45,830

Port

Authority

of

Allegheny

County

Pennsylvania

Special

Revenue

Transportation

Bonds

Refunding

Series

of

2020

(Aa3/AA-)

30,000

5.000

03/01/2029

32,677

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

33,245

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

22,412

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Pennsylvania

–

(continued)

The

City

of

Philadelphia,

Pennsylvania

GO

Bonds,

Series

2021A

(Tax-Exempt)

(A1/A+)

$

40,000

5.000%

05/01/2034

$

44,235

340,148

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

50,429

a

a

Tennessee

-

1.4%

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Ed.

Fac.

Board

(WR/A)

30,000

5.000

07/01/2031

33,385

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

31,979

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

31,588

The

Metropolitan

Government

of

Nashville

and

Davidson

County

GO

Improvement

Bonds

Series

2021C

(Aa2/AA+)

40,000

3.000

01/01/2034

38,561

135,513

Texas

-

6.7%

Austin

Public

Improvement

Refunding

Bonds

2020

(NR/AAA)

30,000

5.000

09/01/2029

33,000

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

31,580

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

22,329

Board

of

Regents

of

the

University

of

Texas

System

Current

Refunding

Revenue

Bonds,

Series

A

(Aaa/AAA)

30,000

5.000

08/15/2032

32,598

City

of

Dallas

Texas

GO

Refunding

and

Improvement

Bonds

Series

2019A

(NR/AA-)

50,000

3.000

02/15/2036

47,064

City

of

Dallas

Texas

GO

Refunding

Bonds

Series

2019B

(NR/AA-)

35,000

5.000

02/15/2026

35,887

City

of

Houston

Texas

Combined

Utility

System

First

Lien

Revenue

Refunding

Bonds

Series

2018D

(Aa2/NR)

30,000

5.000

11/15/2032

32,308

Collin

County

Community

College

District

Texas

Limited

Tax

Bonds

Series

2018

(Aaa/AAA)

35,000

4.000

08/15/2031

35,766

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

31,833

Harris

County

Permanent

Improvement

Refunding

Bonds

Series

2022A

(Aaa/NR)

30,000

5.000

10/01/2026

31,238

GOLDMAN

SACHS

COMMUNITY

MUNICIPAL

BOND

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Texas

–

(continued)

Harris

County

Texas

Tax

and

Subordinate

Lien

Revenue

Refunding

Bonds

Series

2022A

(Aaa/NR)

$

30,000

5.000%

08/15/2027

$

31,863

20,000

5.000

08/15/2032

23,055

Hurst-Euless-Bedford

Independent

School

District

Unlimited

Tax

Refunding

Bonds

Series

2017A

(NR/AA+)

20,000

5.000

08/15/2027

21,172

20,000

5.000

08/15/2028

21,144

North

Texas

Municipal

Water

District

Water

System

RB

Refunding

Bonds

Series

2021A

(Aa1/AAA)

30,000

4.000

09/01/2030

31,759

North

Texas

Municipal

Water

District

Water

System

Revenue

Refunding

and

Improvement

Bonds

Series

2015

(Aa1/AAA)

20,000

5.000

09/01/2028

20,275

Texas

Water

Development

Board

State

Revolving

Fund

RB

New

Series

2022

(NR/AAA)

25,000

5.000

08/01/2032

28,637

Texas

Water

Development

Board

State

Water

Implementation

Revenue

Fund

For

Texas

RB

Series

2015A

(NR/AAA)

30,000

5.000

10/15/2029

30,503

30,000

5.000

10/15/2030

30,482

30,000

4.000

10/15/2032

30,120

Trinity

River

Authority

of

Texas

Regional

Wastewater

System

Revenue

Improvement

and

Refunding

Bonds

Series

2018

(NR/AAA)

30,000

5.000

08/01/2033

31,996

Trinity

River

Authority

Regional

Wastewater

System

Revenue

Improvement

and

Refunding

Bonds

Series

2017B

(NR/AAA)

30,000

5.000

08/01/2030

31,627

666,236

Utah

-

1.0%

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

31,575

Utah

Board

of

Higher

Education

University

of

Utah

General

RB

Series

2022B

Green

Bonds

(Aa1/AA+)

30,000

5.000

08/01/2030

33,630

Utah

Transit

Authority

Sales

Tax

Revenue

Refunding

Bonds

Series

2006

C

(AGM)

(Aa2/AA+)

30,000

5.250

06/15/2032

33,739

98,944

Virginia

-

1.8%

Fairfax

County

Virginia

Public

Improvement

Bonds

Series

2023A

(ST

AID

WITHHLDG)

(Aaa/AAA)

30,000

4.000

10/01/2031

32,334

50,000

4.000

10/01/2034

53,322

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

32,079

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

34,953

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Virginia

–

(continued)

Virginia

Educational

Facilities

RB

Refunding

for

Public

Higher

Education

Financing

Program

Series

2016A

(ST

INTERCEPT)

(Aa1/AA+)

$

30,000

5.000%

09/01/2028

$

31,117

183,805

Washington

-

2.8%

State

of

Washington

Various

Purpose

GO

Bonds

Series

2016A-1

(Aaa/AA+)

30,000

5.000

08/01/2030

30,325

State

of

Washington

Various

Purpose

GO

Bonds

Series

2019A

(Aaa/AA+)

30,000

5.000

08/01/2032

32,111

25,000

5.000

08/01/2034

26,741

State

of

Washington

Various

Purpose

GO

Bonds

Series

2021C

(Aaa/AA+)

50,000

5.000

02/01/2030

55,665

State

of

Washington

Various

Purpose

GO

Bonds

Series

2023B

(Aaa/AA+)

20,000

5.000

02/01/2027

20,993

State

of

Washington

Various

Purpose

GO

Refunding

Bonds

Series

R-2018D

(Aaa/AA+)

30,000

5.000

08/01/2031

31,579

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

33,696

University

of

Washington

General

Revenue

and

Refunding

Bonds

2015C

(Aaa/AA+)

50,000

4.000

12/01/2028

50,515

281,625

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

51,144

State

of

Wisconsin

GO

Refunding

Bonds

Series

2016

(NR/NR)

30,000

5.000

(c)

11/01/2030

30,862

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

44,500

126,506

TOTAL

MUNICIPAL

BONDS

(Cost

$9,738,237)

9,795,362

GOLDMAN

SACHS

COMMUNITY

MUNICIPAL

BOND

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Shares

Dividend

    Rate

Value

a

Investment

Company

-

0.3%

(e)

Investment

Company

-

0.3%

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

32,296

4.541%

$

32,296

(Cost

$32,296)

TOTAL

INVESTMENTS

-

98.6%

(Cost

$9,770,533)

$

9,827,658

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

1.4%

143,145

NET

ASSETS

-

100.0%

$

9,970,803

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)

When-issued

security.

(c)

Pre-refunded

security.

Maturity

date

disclosed

is

pre-refunding

date.

(d)

Variable

Rate

Demand

Instruments

–

rate

shown

is

that

which

is

in

effect

on

November

30,

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.

(e)

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

ST

AID

WITHHLDG

-

State

Aid

Withholding

ST

APPROP

-

State

Appropriation

Goldman

Sachs

Dynamic

California

Municipal

Income

ETF

Schedule

of

Investments

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

-

100.2%

California

-

88.0%

Airport

Commission

of

The

City

and

County

of

San

Francisco

International

Airport

Second

Series

Refunding

RB

Series

2020A

(AMT)

(A1/A+)

$

130,000

5.000%

05/01/2037

$

137,977

Airport

Commission

of

The

City

and

County

of

San

Francisco

International

Airport

Second

Series

Revenue

Refunding

Bonds

Series

2024A

(A1/NR)

125,000

5.250

05/01/2040

139,707

Amador

Water

Agency

Revenue

Certificates

of

Participation

Series

2024A

(A2/NR)

100,000

5.000

06/01/2026

102,309

Antioch

Unified

School

District

Contra

Costa

County

California

GO

Bonds

Election

of

2024

Series

A

(AGC)

(NR/AA)

100,000

5.000

08/01/2041

112,348

Bay

Area

Toll

Authority

Series

2024

F-2

(NR/AA)

100,000

5.000

04/01/2045

110,774

California

Community

Choice

Financing

Authority

Clean

Energy

Project

RB

Series

2023B

(A1/NR)

100,000

5.000

(a)(b)

07/01/2053

106,055

California

Community

Choice

Financing

Authority

Clean

Energy

Project

RB

Series

2024D

(Aa1/NR)

50,000

5.000

(a)(b)

02/01/2055

54,807

California

Community

Choice

Financing

Authority

Series

2021B-2

(A1/NR)

100,000

3.630

(b)(c)

02/01/2052

94,609

California

County

Tobacco

Securitization

Agency

RB

Refunding

Series

2020

B-1

(NR/BBB+)

100,000

5.000

06/01/2049

101,923

California

Enterprise

Development

Authority

Lease

RB

Riverside

County

Mead

Valley

Wellness

Village

Project

Series

2024A

(Aa3/AA-)

100,000

5.250

11/01/2049

113,253

California

Health

Facilities

Financing

Authority

RB

Commonspirit

Health

Series

2024A

(A3/A-)

175,000

5.000

12/01/2042

196,244

California

Health

Facilities

Financing

Authority

RB

Scripps

Health

Series

2024B

(NR/AA-)

100,000

5.000

(a)(b)

11/15/2061

111,960

California

Health

Facilities

Financing

Authority

RB

Sutter

Health

Series

2018A

(A1/A+)

125,000

5.000

11/15/2027

133,471

California

Health

Facilities

Financing

Authority

Refunding

RB

Adventist

Health

System

West

Series

2016A

(NR/BBB+)

125,000

4.000

03/01/2039

124,671

California

Infrastructure

and

Economic

Development

Bank

RB

Bay

Area

Toll

Authority

Series

2003

A

(FGIC)

(#Aaa/AA+)

130,000

5.000

(d)

01/01/2028

139,095

California

Infrastructure

and

Economic

Development

Bank

RB

Brightline

West

Passenger

Rail

Project

Series

2020A-4

(NR/NR)

200,000

8.000

(a)(b)(e)

01/01/2050

206,094

California

Infrastructure

and

Economic

Development

Bank

Refunding

RB

Preforming

Arts

Center

of

Los

Angeles

County

Series

2020

(A3/A)

100,000

5.000

12/01/2041

108,304

California

Infrastructure

and

Economic

Development

Bank

Refunding

RB

Segerstrom

Center

for

The

Arts

Series

2024

(NR/A-)

100,000

5.000

01/01/2032

113,389

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

California

–

(continued)

California

Municipal

Finance

Authority

Refunding

RB

PRS-

California

Obligated

Group

Projects

Series

2024A

Tax-Exempt

(NR/NR)

$

100,000

5.000%

04/01/2044

$

108,477

California

Municipal

Finance

Authority

Special

Facility

RB

For

United

Airlines

International

Airport

Project

Series

2019

(NR/BB)

100,000

4.000

07/15/2029

99,740

California

Pollution

Control

Financing

Authority

RB

San

Jose

Water

Company

Project

Series

2016

(NR/A)

100,000

4.750

11/01/2046

100,878

California

Pollution

Control

Financing

Authority

Solid

Waste

Disposal

Refunding

RB

Waste

Management

Inc.

Project

Series

2015B-2

(NR/A-/A-2)

(PUTABLE)

125,000

3.125

(a)(b)

11/01/2040

124,298

California

School

Finance

Authority

RB

for

Classical

Academy

Obligated

Group

Series

2021

A

(NR/BBB-)

100,000

3.000

(e)

10/01/2031

94,629

California

Statewide

Communities

Development

Authority

Kaiser

Permanente

RB

Series

2004J

(NR/AA-)

(PUTABLE)

150,000

5.000

(a)(b)

04/01/2036

165,835

City

of

Vernon

Electric

System

RB

2021

Series

A

(Baa1/A-)

100,000

5.000

04/01/2028

106,117

Community

Facilities

District

No.

2021-1

of

The

Temecula

Valley

Unified

School

District

Special

Tax

Bonds

Series

2024

(NR/NR)

100,000

5.000

09/01/2049

103,945

Department

of

Water

and

Power

of

The

City

of

Los

Angeles

Water

System

Variable

Rate

Demand

RB

2019

Series

A

Subseries

A-2

(Aa2/NR)

120,000

1.300

(a)(b)

07/01/2045

120,000

East

Bay

Regional

Park

District

2024

Promissory

Notes

(Aaa/AAA)

100,000

4.000

05/01/2043

104,508

Equitable

School

Revolving

Fund

California

Infrastructure

and

Economic

Development

Bank

Series

2024

B

(Social

Bonds)

(NR/A)

100,000

5.000

11/01/2029

109,109

Folsom

Ranch

Financing

Authority,

Community

Facilities

District

No.

18

Folsom

Plan

Area-Wide

Improvements

and

Services

Special

Tax

RB

Series

2024

(NR/NR)

100,000

5.000

09/01/2028

104,720

Golden

State

Tobacco

Securitization

Corp.

Enhanced

Tobacco

Settlement

Asset-Backed

Bonds

Series

2015A

(ST

APPROP)

(Aa3/A+)

125,000

5.000

(d)

06/01/2025

126,369

Lake

Tahoe

Unified

School

District

GO

Bonds

Election

of

2008

Series

2010

(AGM)

(A1/AA)

100,000

0.000

(f)

08/01/2031

81,382

Los

Angeles

County

Public

Works

Financing

Authority

Lease

Revenue

Refunding

Bonds

2015

Series

B

(Tax-Exempt)

(Aa2/AA+)

100,000

5.000

12/01/2025

102,360

Palomar

Health

Certificates

of

Participation

Evidencing

Proportionate

Undivided

Ownership

Interests

of

the

Holders

thereof

in

Installment

Payments

to

be

Paid

Series

2022A

(AGM)

(A1/AA)

100,000

5.250

11/01/2035

112,134

Goldman

Sachs

Dynamic

California

Municipal

Income

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

California

–

(continued)

Public

Utilities

Commission

of

The

City

and

County

of

San

Francisco

Wastewater

RB

2024

Series

C

(Aa2/AA)

$

100,000

5.000%

10/01/2054

$

111,238

River

Islands

Public

Financing

Authority

Community

Facilities

District

No.

2003-1

Special

Tax

series

2022

(NR/NR)

100,000

5.750

09/01/2052

105,299

Riverside

Unified

School

District

Financing

Authority

California

2024

Special

Tax

Refunding

RB

(BAM)

(NR/AA)

100,000

5.000

(g)

09/01/2035

119,085

Sacramento

City

Unified

School

District

2024

GO

Bonds

for

Election

of

2020

Measure

H

2024

Series

B

(AGM)

(A1/AA)

100,000

4.000

08/01/2048

100,884

San

Joaquin

Hills

Transportation

Corridor

Agency

RB

Refunding

for

Junior

Lien

Toll

Road

Series

2014B

(NR/A-)

100,000

5.250

01/15/2049

100,141

South

San

Francisco

Unified

School

District

2016

GO

Bonds

Measure

J,

Series

C

(Aa1/NR)

105,000

0.000

(f)

09/01/2025

102,668

Southern

California

Public

Power

Authority

a

Public

Entity

Organized

Under

The

Laws

of

The

State

of

California

Southern

Transmission

System

Renewal

Project

RB

20241

(Aa2/NR)

100,000

5.000

07/01/2049

112,423

State

of

California

GO

Various

Purpose

Refunding

Bonds

(Aa2/AA-)

100,000

5.000

03/01/2035

110,374

State

of

California

Tax-Exempt

Various

Purpose

GO

Refunding

Bonds

(Aa2/AA-)

100,000

5.000

08/01/2025

101,484

State

Public

Works

Board

of

The

State

of

California

Lease

RB

for

Various

Capital

Projects

Series

2023

D

(Aa3/A+)

100,000

5.500

11/01/2028

110,833

Tahoe

Forest

Hospital

District

Placer

and

Nevada

Counties

2019

GO

Refunding

Bonds

(Aa3/NR)

100,000

3.000

08/01/2042

89,641

Tejon

Ranch

Public

Facilities

Financing

Authority

Special

Tax

for

Community

Facilities

District

No.

2008-1

Industrial

Complex

Public

Improvements

series

2024-A

(NR/NR)

100,000

5.000

09/01/2042

107,773

The

Regents

of

The

University

of

California  Medical

Center

Pooled

RB

Series

2016-L

(Tax-Exempt)

(Aa3/AA-)

125,000

5.000

05/15/2032

129,074

Trustees

of

The

California

State

University

Systemwide

RB

Series

2016A

(Aa2/AA-)

125,000

3.125

11/01/2036

122,861

Union

Elementary

School

District

Santa

Clara

County

Election

of

2014

GO

Bonds

Series

A

(Aa1/AA+)

100,000

3.125

09/01/2039

95,486

5,590,755

Guam

-

3.3%

Guam

Government

RB

Refunding

Series

2021

F

(Baa3/NR)

100,000

4.000

01/01/2042

97,850

Guam

Power

Authority

/

Revenue

Refunding

Bonds,

2022

Series

A

(Tax-Exempt

Forward

Delivery)

(Baa2/BBB)

100,000

5.000

10/01/2034

110,585

208,435

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Puerto

Rico

-

7.3%

Puerto

Rico

Commonwealth

GO

Restructured

Bonds

Series

2022

A-1

(NR/NR)

$

100,000

5.750%

07/01/2031

$

111,549

49,000

0.000

(f)

07/01/2033

33,955

50,000

4.000

07/01/2033

49,851

25,000

4.000

07/01/2046

23,846

Puerto

Rico

Sales

Tax

Financing

Corporation

Sales

Tax

Capital

Appreciation

Restructured

RB

Series

2018

A-1

(NR/NR)

75,000

0.000

(f)

07/01/2046

25,409

75,000

0.000

(f)

07/01/2051

18,629

Puerto

Rico

Sales

Tax

Financing

Corporation

Sales

Tax

Capital

Appreciation

Restructured

RB

Series

2019

A-2

(NR/NR)

100,000

4.329

07/01/2040

100,001

Puerto

Rico

Sales

Tax

Financing

Corporation

Sales

Tax

Restructured

RB

Series

2018

A-1

(NR/NR)

100,000

5.000

07/01/2058

100,451

463,691

Virgin

Islands

-

1.6%

Matching

Fund

Special

Purpose

Securitization

Corporation

Matching

Fund

Securitization

Bonds

Series

2022A

(NR/NR)

100,000

5.000

10/01/2028

104,268

a

a

TOTAL

MUNICIPAL

BONDS

(Cost

$6,292,562)

6,367,149

TOTAL

INVESTMENTS

-

100.2%

(Cost

$6,292,562)

$

6,367,149

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

-

(0.2)%

(12,995)

NET

ASSETS

-

100.0%

$

6,354,154

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

(a)

Variable

Rate

Demand

Instruments

–

rate

shown

is

that

which

is

in

effect

on

November

30,

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.

(b)

Security

with

“Put”

features

and

resetting

interest

rates.

Maturity

dates

disclosed

are

the

puttable

dates.

Interest

rate

disclosed

is

that

which

is

in

effect

on

November

30,

2024.

(c)

Variable

or

floating

rate

security.

Except

for

floating

rate

notes

(for

which

final

maturity

is

disclosed),

maturity

date

disclosed

is

the

next

interest

reset

date.

Interest

rate

disclosed

is

that

which

is

in

effect

on

November

30,

2024.

(d)

Pre-refunded

security.

Maturity

date

disclosed

is

pre-refunding

date.

(e)

Exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

(f)

Issued

with

a

zero

coupon.

Income

is

recognized

through

the

accretion

of

discount.

(g)

When-issued

security.

Goldman

Sachs

Dynamic

California

Municipal

Income

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Additional

Investment

Information 

FUTURES

CONTRACTS

—

At

November

30,

2024,

the

Portfolio

had

the

following

futures

contracts:

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Short

position

contracts:

U.S.

Treasury

Ultra

Bond

1

03/20/25

$

(127,219)

$

(1,494)

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.

AMT

-

Alternative

Minimum

Tax

(subject

to)

BAM

-

Build

America

Mutual

Assurance

Co.

FGIC

-

Insured

by

Financial

Guaranty

Insurance

Co.

GO

-

General

Obligation

RB

-

Revenue

Bond

ST

APPROP

-

State

Appropriation

GOLDMAN

SACHS

DYNAMIC

NEW

YORK

MUNICIPAL

INCOME

ETF

Schedule

of

Investments

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

-

97.1%

Alabama

-

2.1%

Southeast

Alabama

Gas

Supply

District

Gas

Supply

RB

Refunding

Series

2024B

(A1/NR)

$

125,000

5.000%

(a)(b)

06/01/2049

$

133,876

a

a

Florida

-

1.6%

Crosswinds

East

Community

Development

District

Polk

County

Special

Assessment

Bonds

Series

2024

Assessment

Area

Two

Project

(NR/NR)

100,000

5.150

05/01/2044

100,319

a

a

Guam

-

4.9%

Guam

Government

RB

Refunding

Series

2021

F

(Baa3/NR)

100,000

4.000

01/01/2042

97,850

Guam

Power

Authority

/

Revenue

Refunding

Bonds,

2022

Series

A

(Tax-Exempt

Forward

Delivery)

(Baa2/BBB)

100,000

5.000

10/01/2034

110,586

Port

Authority

of

Guam

Port

RB

2018

Series

B

Private

Activity

(AMT)

(Baa2/A)

100,000

5.000

07/01/2032

103,581

312,017

Nevada

-

1.6%

Director

of

The

State

of

Nevada

Department

of

Business

and

Industry

RB

for

Brightline

West

Passenger

Rail

Project

Series

2020A-4

(NR/NR)

100,000

8.125

(a)(b)

01/01/2050

103,047

a

a

New

York

-

77.9%

Allegany

County

Capital

Resource

Corp.

RB

for

Alfred

University

Project

Series

2024

(NR/BBB+)

25,000

5.250

04/01/2039

27,048

Andover

Central

School

District

New

York

GO

Bond

Anticipation

Notes

2024

(ST

AID

WITHHLDG)

(NR/NR)

100,000

4.750

06/20/2025

100,769

Build

NYC

Resource

Corporation

RB,

Manhattan

College

Project

Series

2017

(NR/BBB)

110,000

4.000

08/01/2042

100,983

Build

NYC

Resource

Corporation

Tax-Exempt

RB

Success

Academy

Charter

Schools

Project

Series

2024

(NR/A-)

100,000

5.000

09/01/2032

110,300

City

of

Troy

Capital

Resource

Corp.

Revenue

Refunding

Bonds

for

Rensselaer

Polytechnic

Institute

Project

Series

2020A

(Forward

Delivery)

(A3/BBB+)

125,000

5.000

09/01/2037

135,658

County

of

Monroe

Industrial

Development

Agency

School

Facility

RB

for

Rochester

Schools

Modernization

Project

Series

2018

(ST

AID

WITHHLDG)

(Aa2/AA)

100,000

5.000

05/01/2028

108,251

Dormitory

Authority

of

the

State

of

New

York

Montefiore

Obligated

Group

RB,

Series

2024

(Baa3/BBB-)

100,000

5.000

11/01/2025

101,309

Dormitory

Authority

of

The

State

of

New

York

NYU

Hospitals

Center

RB

Series

2016A

(A1/A+)

50,000

4.000

07/01/2040

50,122

Dormitory

Authority

of

The

State

of

New

York

Pace

University

RB

Series

2024A

(Baa3/BBB-)

100,000

5.250

05/01/2040

111,346

Dormitory

Authority

of

The

State

of

New

York

Personal

Income

Tax

RB

Series

2015A

(Aa1/AA+)

100,000

3.000

03/15/2025

100,024

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

New

York

–

(continued)

Dormitory

Authority

of

The

State

of

New

York

State

Personal

Income

Tax

RB

General

Purpose

Series

2018A

(Tax-Exempt)

(Aa1/NR)

$

125,000

5.000%

03/15/2035

$

128,714

Dormitory

Authority

of

the

State

of

New

York

White

Plains

Hospital

Obligated

Group

RB

Series

2024

(AGC)

(A1/AA)

100,000

5.250

10/01/2044

111,615

Dutchess

County

Local

Development

Corp.

RB

for

Marist

College

Project

Series

2015A

(A2/NR)

100,000

5.000

07/01/2040

100,710

Dutchess

County

Local

Development

Corp.

RB

Nuvance

Health

Issue

Series

2019B

(Baa3/BBB)

100,000

4.000

07/01/2044

95,913

Frontier

Central

School

District

GO

Bond

Anticipation

Notes

Series

B

(ST

AID

WITHHLDG)

(NR/NR)

100,000

4.500

07/17/2025

100,990

Long

Island

Power

Authority

Electric

System

General

RB

Series

2019A

(A2/A)

105,000

3.000

09/01/2036

98,988

Metropolitan

Transportation

Authority

Dedicated

Tax

Green

Fund

Bonds

Series

2016B-1

(NR/AA)

100,000

5.000

11/15/2036

103,319

Metropolitan

Transportation

Authority

RB

Refunding

Green

Bond

Series

2024A

(A3/A-)

50,000

5.000

11/15/2039

55,907

Metropolitan

Transportation

Authority

RB

Refunding

Green

Bond

Series

2024A

(BAM)

(A3/AA)

100,000

4.000

11/15/2048

99,745

Metropolitan

Transportation

Authority

Transportation

RB,

Series

2015A-1

(A3/A-)

100,000

5.000

11/15/2045

100,302

Monroe

County

Industrial

Development

Corp.

RB

for

University

of

Rochester

Project

Series

2020A

(Tax-Exempt)

(Aa3/AA-)

125,000

4.000

07/01/2050

124,925

New

York

City

Industrial

Development

Agency

Pilot

Revenue

Refunding

Bonds

Yankee

Stadium

Project

Series

2020A

(Tax-Exempt)

(AGM)

(A1/AA)

115,000

5.000

03/01/2028

122,678

New

York

City

Industrial

Development

Agency

RB

Refunding

for

Queens

Ballpark

Co.

LLC

Series

2021

A

(AGM)

(A1/AA)

100,000

3.000

01/01/2046

82,522

New

York

City

Municipal

Water

Finance

Authority

Water

and

Sewer

System

Second

General

Resolution

RB

Fiscal

Series

2018-DD

(Aa1/AA+)

125,000

5.000

06/15/2040

131,406

New

York

City

Municipal

Water

Finance

Authority

Waterand

Sewer

System

Second

General

Resolution

RB

Fiscal

2015

Series

FF

(Aa1/AA+)

75,000

5.000

(c)

06/15/2025

75,804

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Subordinate

Bonds

Fiscal

2023

Series

D

Subseries

D-1

Tax-

Exempt

Bonds

(Aa1/AAA)

100,000

5.000

11/01/2026

104,435

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Tax-Exempt

Subordinate

Bonds

Fiscal

2016

Series

F

(Aa1/AAA)

100,000

3.000

02/01/2039

92,308

GOLDMAN

SACHS

DYNAMIC

NEW

YORK

MUNICIPAL

INCOME

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

New

York

–

(continued)

New

York

Liberty

Development

Corp.

RB

Refunding

for

3

World

Trade

Center

LLC

Series

2014

(NR/NR)

$

100,000

5.000%

(d)

11/15/2044

$

100,055

New

York

State

Environmental

Facilities

Corp.

Solid

Waste

Disposal

Refunding

RB

for

Waste

Management,

Inc.

Project

Series

2012

(NR/A-/A-2)

(PUTABLE)

100,000

4.250

(a)(b)

05/01/2030

100,050

New

York

State

Housing

Finance

Agency

State

Personal

Income

Tax

RB

2024

Series

A-2

(Aa1/NR)

100,000

3.450

(a)(b)

06/15/2054

100,576

New

York

State

Thruway

Authority

New

York

General

Revenue

Refunding

Bonds

Series

Q

(Aa3/A+)

100,000

5.000

01/01/2032

114,699

New

York

Transportation

Development

Corp.

RB

for

Delta

Air

Lines,

Inc.

Series

2018

(Baa3/NR)

100,000

5.000

01/01/2029

103,949

New

York

Transportation

Development

Corporation

Special

Facilities

Bonds,

Series

2016A

125,000

4.000

07/01/2035

124,632

New

York

Transportation

Development

Corporation

Special

Facilities

RB,

Series

2024

100,000

5.250

06/30/2049

106,127

New

York

Transportation

Development

Corporation

Terminal

4

John

F.

Kennedy

International

Airport

Project

Special

Facility

RB

Series

2020C

(Tax-Exempt/NON-AMT)

(Baa1/BBB)

100,000

4.000

12/01/2042

98,897

Oneida

County

Local

Development

Corp.

RB

Refunding

for

Mohawk

Valley

Health

System

Obligated

Group

Project

Series

2019

A

(AGM)

(NR/AA)

100,000

4.000

12/01/2049

97,153

Oneida

Indian

Nation

Tax

RB

Series

2024B

(Federally

Tax-Exempt)

(NR/NR)

100,000

6.000

(d)

09/01/2043

110,648

Sauquoit

Valley

Central

School

District

GO

Bond

Anticipation

Notes

2024

(ST

AID

WITHHLDG)

(NR/NR)

100,000

4.375

08/01/2025

100,603

State

of

New

York

Dormitory

Authority

Northwell

Health

Obligated

Group

RB

Series

2022A

(A3/A-)

120,000

5.000

05/01/2052

127,883

The

City

of

New

York

GO

Bonds

Fiscal

2022

Series

B

and

C

Tax-

Exempt

Bonds,

Series

C

(Aa2/AA)

100,000

5.000

08/01/2027

106,118

The

City

of

New

York

GO

Bonds

Fiscal

2023

Series

E

Tax-Exempt

Bonds,

Subseries

E-1

(Aa2/AA)

100,000

5.000

04/01/2025

100,670

The

Port

Authority

of

New

York

and

New

Jersey

Consolidated

Bonds

Two

Hundred

Twenty-Sixth

Series

(Aa3/AA-)

110,000

5.000

10/15/2027

115,246

100,000

5.000

10/15/2041

106,725

The

Trust

for

Cultural

Resources

of

the

City

of

New

York

Revenue

and

Refunding

Bonds

Series

2024A

(Aa3/AA-)

100,000

5.000

07/15/2054

109,506

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

New

York

–

(continued)

Triborough

Bridge

&

Tunnel

Authority

Sales

Tax

RB

Subseries

2024A-1

(NR/AA+)

$

100,000

5.000%

05/15/2054

$

108,874

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

New

York

–

(continued)

Triborough

Bridge

and

Tunnel

Authority

MTA

Bridges

and

Tunnels

Payroll

Mobility

Tax

Senior

Lien

Bonds

Series

2022C

(NR/AA+)

$

100,000

5.250%

05/15/2052

$

109,614

Triborough

Bridge

and

Tunnel

Authority

MTA

Bridges

and

Tunnels

Payroll

Mobility

Tax

Senior

Lien

Refunding

Bonds

Series

2022B

(NR/AA+)

100,000

4.000

05/15/2026

101,835

Yonkers

Economic

Development

Corp.

RB

Refunding

for

Charter

School

of

Educational

Excellence

Series

2020

A

(NR/BB)

100,000

4.000

10/15/2030

100,489

4,920,440

Puerto

Rico

-

7.3%

Puerto

Rico

Commonwealth

GO

Restructured

Bonds

Series

2022

A-1

(NR/NR)

100,000

5.750

07/01/2031

111,549

49,000

0.000

(e)

07/01/2033

33,955

50,000

4.000

07/01/2033

49,851

25,000

4.000

07/01/2046

23,846

Puerto

Rico

Sales

Tax

Financing

Corporation

Sales

Tax

Capital

Appreciation

Restructured

RB

Series

2018

A-1

(NR/NR)

75,000

0.000

(e)

07/01/2046

25,409

75,000

0.000

(e)

07/01/2051

18,629

Puerto

Rico

Sales

Tax

Financing

Corporation

Sales

Tax

Capital

Appreciation

Restructured

RB

Series

2019

A-2

(NR/NR)

100,000

4.329

07/01/2040

100,001

Puerto

Rico

Sales

Tax

Financing

Corporation

Sales

Tax

Restructured

RB

Series

2018

A-1

(NR/NR)

100,000

5.000

07/01/2058

100,451

463,691

Virgin

Islands

-

1.7%

Matching

Fund

Special

Purpose

Securitization

Corporation

Matching

Fund

Securitization

Bonds

Series

2022A

(NR/NR)

100,000

5.000

10/01/2028

104,268

a

a

TOTAL

MUNICIPAL

BONDS

(Cost

$6,087,035)

6,137,658

TOTAL

INVESTMENTS

-

97.1%

(Cost

$6,087,035)

$

6,137,658

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

2.9%

181,620

NET

ASSETS

-

100.0%

$

6,319,278

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

(a)

Variable

Rate

Demand

Instruments

–

rate

shown

is

that

which

is

in

effect

on

November

30,

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.

(b)

Security

with

“Put”

features

and

resetting

interest

rates.

Maturity

dates

disclosed

are

the

puttable

dates.

Interest

rate

disclosed

is

that

which

is

in

effect

on

November

30,

2024.

(c)

Pre-refunded

security.

Maturity

date

disclosed

is

pre-refunding

date.

(d)

Exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

(e)

Issued

with

a

zero

coupon.

Income

is

recognized

through

the

accretion

of

discount.

GOLDMAN

SACHS

DYNAMIC

NEW

YORK

MUNICIPAL

INCOME

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Additional

Investment

Information 

FUTURES

CONTRACTS

—

At

November

30,

2024,

the

Portfolio

had

the

following

futures

contracts:

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Short

position

contracts:

U.S.

Treasury

Ultra

Bond

1

03/20/25

$

(127,219)

$

(1,494)

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.

AMT

-

Alternative

Minimum

Tax

(subject

to)

BAM

-

Build

America

Mutual

Assurance

Co.

GO

-

General

Obligation

MTA

-

Metropolitan

Transportation

Authority

RB

-

Revenue

Bond

ST

AID

WITHHLDG

-

State

Aid

Withholding

GOLDMAN

SACHS

MUNICIPAL

INCOME

ETF

Schedule

of

Investments

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

-

98.7%

Alabama

-

5.1%

Alabama

Housing

Finance

Authority

Collateralized

Single

Family

Mortgage

RB

2024

Series

C

Bonds

(NON-AMT)

(GNMA/FNMA/FHLMC)

(Aaa/NR)

$

100,000

4.450%

10/01/2044

$

102,083

Southeast

Alabama

Gas

Supply

District

Gas

Supply

RB

Refunding

Series

2024B

(A1/NR)

125,000

5.000

(a)(b)

06/01/2049

133,876

The

Black

Belt

Energy

District

Gas

Supply

RB

Series

2021A

(Aa1/NR)

150,000

4.000

(a)(b)

06/01/2051

152,006

387,965

Arizona

-

3.1%

City

of

Chandler

IDA

RB

for

Intel

Corp.

Project

Series

2022-2

(Baa1/BBB+)

100,000

5.000

(a)(b)

09/01/2052

102,771

City

of

Phoenix

Civic

Improvement

Corporation

Junior

Lien

Airport

RB

Series

2019B

(AMT)

(Aa3/A+)

125,000

5.000

07/01/2035

132,249

235,020

California

-

2.9%

California

Health

Facilities

Financing

Authority

RB

Scripps

Health

Series

2024B

(NR/AA-)

100,000

5.000

(a)(b)

11/15/2061

111,960

California

Infrastructure

&

Economic

Development

Bank

(NR/A)

100,000

5.000

11/01/2029

109,109

221,069

Colorado

-

4.2%

Colorado

Health

Facilities

Authority

RB

Refunding

for

CommonSpirit

Health

Obligated

Group

Series

2019

A-2

(A3/A-)

100,000

5.000

08/01/2038

105,977

Denver

Health

&

Hospital

Authority

RB

Series

2019

A

(NR/BBB)

110,000

4.000

12/01/2040

106,405

Trails

at

Crowfoot

Metropolitan

District

No.

3

in

the

Town

of

Parker

Colorado

GO

Limited

Tax

Refunding

Bonds

Series

2024A

(AGC)

(NR/AA)

100,000

5.000

12/01/2027

106,050

318,432

Connecticut

-

1.3%

State

of

Connecticut

GO

Bonds

Series

2024A

(Aa3/AA-)

100,000

5.000

01/15/2025

100,219

a

a

District

of

Columbia

-

1.3%

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Subordinate

Lien

Revenue

Refunding

Bonds

for

Dulles

Metrorail

and

Capital

Improvement

Projects

Series

2019B

(Baa2/A-)

100,000

4.000

10/01/2035

101,366

a

a

Florida

-

12.8%

Aventura

Isles

Community

Development

District

Miami-Dade

County

Florida

Special

Assessment

Refunding

Bonds

Series

2024

(NR/NR)

200,000

5.000

05/01/2027

204,961

Crossings

Community

Development

District

Osceola

County

Special

Assessment

Bonds

Series

2024

(NR/NR)

100,000

5.350

05/01/2044

101,092

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Florida

Development

Finance

Corp.

Educational

Facilities

RB

for

Saint

Andrew's

School

of

Boca

Raton,

Inc.

Project

Series

2024A

(NR/BBB+)

$

125,000

5.250%

06/01/2044

$

132,568

Housing

Finance

Authority

of

Hillsborough

County

Multifamily

Housing

Zion

Village

RB

Series

2024

(Aaa/NR)

100,000

3.250

(a)(b)

09/01/2042

99,952

Liberty

Cove

Community

Development

District

Special

Assessment

RB

Series

2024

(NR/NR)

100,000

4.800

05/01/2031

100,410

Orange

County

Health

Facilities

Authority

Hospital

RB

Orlando

Health

Obligated

Group

Series

2023A

(A2/A+)

100,000

5.000

10/01/2038

112,120

Seminole

County

Sales

Tax

Revenue

Refunding

Bonds

Series

2005B

(NATL)

(Aa1/AA)

115,000

5.250

10/01/2026

120,234

South

Broward

Hospital

District

Refunding

RB

for

South

Broward

Hospital

District

Obligated

Group

Series

2016

(Aa3/AA)

100,000

5.000

05/01/2028

102,904

974,241

Georgia

-

1.2%

Development

Authority

of

The

Unified

Government

of

Athens-

Clarke

County

Georgia

University

of

Georgia

Project

-

Bolton

Commons

LLC

Refunding

RB

Series

2024

(Aa3/NR)

100,000

3.000

06/15/2039

92,186

a

a

Guam

-

1.3%

Guam

Government

RB

Refunding

Series

2021

F

(Baa3/NR)

100,000

4.000

01/01/2042

97,850

a

a

Illinois

-

10.8%

City

of

Chicago

Chicago

O’Hare

International

Airport

General

Airport

Senior

Lien

RB

Series

2017D

(AMT)

(NR/A+)

135,000

5.000

01/01/2035

137,781

City

of

Chicago

GO

Bonds

Series

2024A

(NR/BBB+)

100,000

5.000

01/01/2041

104,058

City

of

Springfield

IL

Electric

Revenue

(BAM)

(A3/AA)

100,000

5.000

(c)

03/01/2030

109,581

Metropolitan

Pier

and

Exposition

Authority

RB

Refunding

for

McCormick

Place

Expansion

Project

Series

2024

B

(NR/A)

100,000

5.000

06/15/2053

106,240

Sales

Tax

Securitization

Corp.

Second

Lien

Sales

Tax

Securitization

Bonds

Series

2020A

(NR/AA-)

100,000

5.000

01/01/2026

102,267

State

of

Illinois

GO

Bonds

Series

of

May

2024B

(A3/A-)

135,000

5.250

05/01/2043

149,512

Will

County

Forest

Preserve

District

(Aa1/NR)

100,000

5.000

12/15/2042

111,106

820,545

Indiana

-

2.8%

City

of

Whiting

Environmental

Facilities

Refunding

RB

for

BP

Products

North

America

Inc.

Project

Series

2019A

(A1/A-)

(PUTABLE)

100,000

5.000

(a)(b)

12/01/2044

101,787

The

Indianapolis

Local

Public

Improvement

Bond

Bank

Bonds

Series

2024E

(NR/AA-)

100,000

5.000

02/01/2030

109,608

211,395

GOLDMAN

SACHS

MUNICIPAL

INCOME

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Minnesota

-

1.4%

Minneapolis

St.

Paul

Metropolitan

Airports

Commisson

Subordinate

Airport

RB

Series

2024B

(AMT)

(NR/A+)

$

100,000

5.000%

01/01/2039

$

107,787

a

a

Nevada

-

1.4%

Director

of

The

State

of

Nevada

Department

of

Business

and

Industry

RB

for

Brightline

West

Passenger

Rail

Project

Series

2020A-4

(NR/NR)

100,000

8.125

(a)(b)

01/01/2050

103,047

a

a

New

Hampshire

-

1.4%

National

Finance

Authority

RB

for

Presbyterian

Senior

Living

Project

Series

2023A

(NR/NR)

100,000

5.250

07/01/2048

106,553

a

a

New

Jersey

-

1.4%

New

Jersey

Transportation

Trust

Fund

Authority

Transportation

System

Bonds

2021

Series

A

(A2/A-)

100,000

4.000

06/15/2035

102,398

a

a

New

York

-

9.3%

Andover

Central

School

District

New

York

GO

Bond

Anticipation

Notes

2024

(ST

AID

WITHHLDG)

(NR/NR)

100,000

4.750

06/20/2025

100,769

City

of

Troy

Capital

Resource

Corp.

Revenue

Refunding

Bonds

for

Rensselaer

Polytechnic

Institute

Project

Series

2020A

(Forward

Delivery)

(A3/BBB+)

100,000

5.000

09/01/2037

108,527

Metropolitan

Transportation

Authority

RB

Refunding

Green

Bond

Series

2024A

(BAM)

(A3/AA)

100,000

4.000

11/15/2048

99,745

Metropolitan

Transportation

Authority

Transportation

RB,

Series

2015A-1

(A3/A-)

100,000

5.000

11/15/2045

100,302

New

York

Transportation

Development

Corporation

Terminal

4

John

F.

Kennedy

International

Airport

Project

Special

Facility

RB

Series

2020C

(Tax-Exempt/NON-AMT)

(Baa1/BBB)

100,000

4.000

12/01/2042

98,897

Sauquoit

Valley

Central

School

District

GO

Bond

Anticipation

Notes

2024

(ST

AID

WITHHLDG)

(NR/NR)

100,000

4.375

08/01/2025

100,603

The

City

of

New

York

General

Obligation

Bonds

Fiscal

2015

Series

F

Subseries

F-5

(Aa2/AA/A-1)

100,000

2.000

(a)(b)

06/01/2044

100,000

708,843

Ohio

-

2.8%

Columbus-Franklin

County

Finance

Authority

Multifamily

Housing

RB

Westerville

Crossing

Apartments

Series

2024B

(Aaa/NR)

100,000

5.000

(a)(b)

12/01/2028

105,433

State

of

Ohio

Higher

Educational

Facility

Commission

State

of

Ohio

Higher

Educational

Facility

RB

Xavier

University

2024

Project

(Baa1/NR)

100,000

5.000

05/01/2040

108,806

214,239

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Pennsylvania

-

2.7%

Acts

Retirement

Life

Communities,

Inc.

Obligated

Group

Montgomery

County

Industrial

Development

Authority

Retirement

Communities

RB

Series

2016

(NR/NR)

$

100,000

5.000%

11/15/2033

$

102,616

Commonwealth

of

Pennsylvania

GO

Bonds

First

Series

of

2024

Bid

Group

B

(Aa2/A+)

100,000

4.000

08/15/2044

101,045

203,661

Puerto

Rico

-

4.4%

Puerto

Rico

Commonwealth

GO

Restructured

Bonds

Series

2022

A-1

(NR/NR)

50,000

4.000

07/01/2033

49,851

25,000

4.000

07/01/2046

23,846

Puerto

Rico

Sales

Tax

Financing

Corporation

Sales

Tax

Capital

Appreciation

Restructured

RB

Series

2018

A-1

(NR/NR)

140,000

0.000

(d)

07/01/2046

47,430

50,000

0.000

(d)

07/01/2051

12,419

Puerto

Rico

Sales

Tax

Financing

Corporation

Sales

Tax

Capital

Appreciation

Restructured

RB

Series

2019

A-2

(NR/NR)

100,000

4.329

07/01/2040

100,001

Puerto

Rico

Sales

Tax

Financing

Corporation

Sales

Tax

Restructured

RB

Series

2018

A-1

(NR/NR)

100,000

5.000

07/01/2058

100,451

333,998

Rhode

Island

-

1.5%

Providence

Public

Buildings

Authority

Capital

Improvement

Program

Projects

RB

2024

Series

A

(AGC)

(A1/AA)

100,000

5.250

09/15/2041

112,514

a

a

South

Carolina

-

2.7%

South

Carolina

Jobs-Economic

Development

Authority

(NR/BB)

100,000

5.000

11/15/2030

105,623

South

Carolina

Public

Service

Authority

Revenue

Refunding

Obligations

Santee

Cooper

Consisting

of

Series

2024-B

(Tax-Exempt)

(A3/A-)

100,000

4.125

12/01/2044

101,178

206,801

Texas

-

14.5%

Alief

Independent

School

District

Texas

Unlimited

Tax

School

Building

and

Refunding

Bonds

Series

2016

(PSF-GTD)

(Aaa/NR)

100,000

5.000

02/15/2025

100,411

Arlington

Higher

Education

Finance

Corporation

Education

RB

Riverwalk

Education

Foundation

Inc.

Series

2022

(PSF-GTD)

(NR/AAA)

100,000

5.000

08/15/2027

105,915

Austin

Affordable

PFC

Inc.

Multifamily

Housing

RB

Series

2024B

(FNMA

COLL)

(Aaa/NR)

100,000

5.000

(a)(b)

09/01/2028

104,662

City

of

Celina

Texas

a

Municipal

Corp.

of

The

State

of

Texas

Located

in

Collin

and

Denton

Counties

Special

Assessment

RB

Series

2024

(BAM)

(NR/AA)

100,000

5.000

09/01/2028

105,906

Karnes

County

Hospital

District

A

Political

Subdivision

of

The

State

of

Texas

Located

In

Karnes

County

Adjustable-Rate

Hospital

Revenue

Refunding

Bonds

Series

2024

(NR/NR)

125,000

5.000

(a)(b)

02/01/2044

131,671

GOLDMAN

SACHS

MUNICIPAL

INCOME

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Texas

–

(continued)

Lower

Colorado

River

Authority

/

Transmission

Contract

Refunding

RB

Transmission

Services

Corporation

Project

Series

2015

(NR/A)

$

100,000

5.000%

05/15/2045

$

100,450

Nueces

River

Authority

Water

Supply

Facilities

Revenue

Refunding

Bonds

for

City

of

Corpus

Christi

Lake

Texana

Project

Series

2015

(NR/AA-)

100,000

5.000

07/15/2026

101,152

Socorro

Independent

School

District

Unlimited

Tax

Refunding

Bonds

Series

2017B

(PSF-GTD)

(Aaa/NR)

120,000

5.000

08/15/2027

127,227

Texas

Transportation

Commission

Central

Texas

Turnpike

System

First

Tier

Revenue

Refunding

Put

Bonds

Series

2024-B

(A2/A)

100,000

5.000

(a)(b)

08/15/2042

107,864

Trinity

River

Authority

Central

Regional

Wastewater

System

Revenue

(NR/AAA)

100,000

5.000

08/01/2043

111,423

1,096,681

Utah

-

1.4%

Salt

Lake

City

Airport

RB

Salt

Lake

City

International

Airport

Series

2017A

(AMT)

(A2/A+)

100,000

5.000

07/01/2036

102,762

a

a

Virgin

Islands

-

1.4%

Matching

Fund

Special

Purpose

Securitization

Corporation

Matching

Fund

Securitization

Bonds

Series

2022A

(NR/NR)

100,000

5.000

10/01/2028

104,268

a

a

Washington

-

4.3%

Fircrest

Properties

Lease

RB

Series

2024

Sustainability

Bonds

State

of

Washington

DSHS

Project

(NR/AA)

100,000

5.000

06/01/2032

113,458

Port

of

Seattle

Intermediate

Lien

Revenue

and

Refunding

Bonds

Series

2024B

(AMT)

(A1/AA-)

100,000

5.000

07/01/2029

106,666

Washington

State

Convention

Center

Public

Facilities

District

(NR/NR)

100,000

4.000

07/01/2031

102,614

322,738

Wisconsin

-

1.3%

City

of

Milwaukee

GO

Corporate

Purpose

Bonds

Series

2017

B5

(NR/A-)

100,000

4.000

04/01/2028

101,248

a

a

TOTAL

MUNICIPAL

BONDS

(Cost

$7,443,156)

7,487,826

TOTAL

INVESTMENTS

-

98.7%

(Cost

$7,443,156)

$

7,487,826

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

1.3%

95,282

NET

ASSETS

-

100.0%

$

7,583,108

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

(a)

Variable

Rate

Demand

Instruments

–

rate

shown

is

that

which

is

in

effect

on

November

30,

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.

(b)

Security

with

“Put”

features

and

resetting

interest

rates.

Maturity

dates

disclosed

are

the

puttable

dates.

Interest

rate

disclosed

is

that

which

is

in

effect

on

November

30,

2024.

(c)

When-issued

security.

(d)

Issued

with

a

zero

coupon.

Income

is

recognized

through

the

accretion

of

discount.

GOLDMAN

SACHS

MUNICIPAL

INCOME

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Additional

Investment

Information 

FUTURES

CONTRACTS

—

At

November

30,

2024,

the

Portfolio

had

the

following

futures

contracts:

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Short

position

contracts:

U.S.

Treasury

Ultra

Bond

1

03/20/25

$

(127,219)

$

(1,494)

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.

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

IDA

-

Industrial

Development

Agency

NATL

-

National

Public

Finance

Guarantee

Corp.

PSF-GTD

-

Guaranteed

by

Permanent

School

Fund

RB

-

Revenue

Bond

ST

AID

WITHHLDG

-

State

Aid

Withholding

GOLDMAN

SACHS

ULTRA

SHORT

MUNICIPAL

INCOME

ETF

Schedule

of

Investments

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

-

94.5%

Alabama

-

0.2%

Cherokee

County

Board

of

Education

Special

Tax

School

Warrants

Sales

Tax

Series

2019

(A1/NR)

$

15,000

5.000%

12/01/2025

$

15,280

a

a

Alaska

-

0.7%

Alaska

Municipal

Bond

Bank

GO

and

Refunding

Bonds

Series

2016-2

(NR/AA-)

15,000

5.000

12/01/2024

15,000

Municipality

of

Anchorage

2014

GO

Refunding

Bonds

Series

B

General

Purpose

(NR/AA-)

30,000

5.000

09/01/2025

30,027

45,027

Arizona

-

1.0%

Arizona

Health

Facilities

Authority

RB

Scottsdale

Lincoln

Hospitals

Project

Series

2014A

(A2/NR)

35,000

5.000

12/01/2024

35,000

Arizona

Transportation

Board

Highway

Revenue

Refunding

Bonds

Series

2016

(Aa1/AA+)

10,000

5.000

07/01/2026

10,352

Pendergast

Elementary

School

District

No

92

of

Maricopa

County

Arizona

School

Improvement

Bonds

Project

of

2021

Series

B

2023

(Aa2/NR)

20,000

5.000

07/01/2025

20,222

65,574

California

-

2.5%

California

Municipal

Finance

Authority

Solid

Waste

Disposal

Refunding

RB

Republic

Services,

Inc.

Project

Series

2021A

(NR/BBB+/A-2)

(PUTABLE)

150,000

3.800

(a)(b)

07/01/2041

149,950

San

Diego

County

Regional

Airport

Authority

Subordinate

Airport

RB

Series

2017B

(AMT)

(A1/A)

10,000

5.000

07/01/2025

10,088

160,038

Colorado

-

1.5%

City

of

Wheat

Ridge

Colorado

Sales

&

Use

Tax

RB

Series

2017A

(NR/AA-)

45,000

4.000

12/01/2025

45,000

School

District

No.

1

in

the

City

and

County

of

Denver

and

State

of

Colorado

GO

Refunding

Bonds

Series

2016

(ST

AID

WITHHLDG)

(Aa1/AA+)

50,000

5.000

12/01/2024

50,000

95,000

Connecticut

-

1.0%

State

of

Connecticut

GO

Refunding

Bonds

2017

Series

B

(Aa3/AA-)

10,000

5.000

04/15/2025

10,072

State

of

Connecticut

Health

and

Educational

Facility

Authority

Revenue

Refunding

Bonds

Connecticut

State

University

System

Issue

Series

L

(Aa3/AA-)

50,000

4.000

11/01/2025

50,033

60,105

Florida

-

4.8%

Citizens

Property

Insurance

Corporation

Coastal

Account

Senior

Secured

Bonds

Series

2015A-1

(Aa2/NR)

35,000

5.000

(c)

12/01/2024

35,000

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

City

of

Cape

Coral

Water

&

Sewer

Refunding

RB

Series

2017

(A1/A+)

$

40,000

5.000%

10/01/2025

$

40,623

Greater

Orlando

Aviation

Authority

Priority

Subordinated

Airport

Facilities

Refunding

RB

for

The

City

of

Orlando

Series

2016

(AMT)

(Aa3/AA-)

30,000

5.000

10/01/2025

30,381

Miami-Dade

County

GO

Bonds

for

Public

Health

Trust

Program

Series

2021A

(NR/AA)

30,000

5.000

07/01/2026

31,022

North

Sumter

County

Utility

Dependent

District

RB

for

Central

Sumter

Utility

Series

2019

(NR/A)

70,000

5.000

10/01/2026

72,153

State

of

Florida

Department

of

Transportation  Turnpike

Revenue

Refunding

Bonds

Series

2015B

(Aa2/NR)

45,000

5.000

07/01/2026

45,521

The

School

Board

of

Miami-Dade

County

Certificates

of

Participation

Series

2015A

(A1/A+)

25,000

5.000

05/01/2026

25,206

West

Palm

Beach

Community

Redevelopment

Agency

Tax

Increment

Revenue

Refunding

Bonds

Series

2015

City

Center

Community

Redevelopment

Area

(NR/A)

20,000

5.000

03/01/2025

20,084

299,990

Georgia

-

0.4%

Gwinnett

Cnty

GA

Dev

Auth

CTFS

Partner

Cops

Gwinnett

County

Public

School

Project

2006

(NATL)

(Aa1/AA+)

25,000

5.250

01/01/2025

25,038

a

a

Idaho

-

2.2%

American

Falls

Idaho

Reservoir

Dist

Replacement

Dam

Ref-Var

Rate

Idaho

Pwr

Co

2000

(Baa1/BBB/A-2)

135,000

3.450

(a)(b)

02/01/2025

135,000

a

a

Illinois

-

9.0%

Chicago

Park

District

GO

LT

Refunding

Bonds

Series

2023C

(NR/AA-)

25,000

5.000

01/01/2026

25,484

City

of

Chicago

O'Hare

International

Airport

General

Airport

Senior

Lien

Revenue

Refunding

Bonds

Series

2015B

(NON-AMT)

(NR/A+)

30,000

5.000

01/01/2026

30,039

Community

College

District

No.

505

Counties

of

Champaign

Coles

Dewitt,

Douglas

Edgar

Ford

Iroquois

Livingston

Mclean

Moultrie

Piattand

Vermilion

and

State

of

Illinois

GO

Refunding

Bonds

Series

2018B

(NR/AA)

35,000

5.000

12/01/2026

36,310

Community

High

School

District

Number

88

Dupage

County

Addison

Trail

and

Willowbrook

High

Schools

GO

Refunding

School

Bonds

Series

2016

(Aa1/NR)

10,000

5.000

01/15/2025

10,018

Illinois

Finance

Authority

Clean

Water

Initiative

Revolving

Fund

RB

Series

2016

(NR/AAA)

50,000

5.000

01/01/2027

51,031

Illinois

Finance

Authority

RB

Rush

University

Medical

Center

Obligated

Group

Series

2015A

(A1/A+)

60,000

5.000

11/15/2025

60,454

50,000

5.000

11/15/2026

50,375

GOLDMAN

SACHS

ULTRA

SHORT

MUNICIPAL

INCOME

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Illinois

–

(continued)

Rock

Island

School

District

No.

41

GO

Refunding

School

Bonds

Series

2018

(Aa3/NR)

$

45,000

4.000%

12/01/2025

$

45,400

School

District

Number

100

Cook

County

Illinois

Berwyn

South

GO

Refunding

School

Bonds

Series

2019C

(BAM)

(NR/AA)

75,000

5.000

12/01/2025

76,420

School

District

Number

81

Cook

County

Illinois

Schiller

Park

GO

School

Bonds

Series

2020

(NR/AA-)

30,000

4.000

12/01/2025

30,243

State

of

Illinois

GO

Bonds

Series

of

December

2017A

(A3/A-)

75,000

5.000

12/01/2025

76,388

State

of

Illinois

GO

Bonds

Series

of

December

2021A

(A3/A-)

10,000

5.000

12/01/2024

10,000

State

of

Illinois

GO

Bonds

Series

of

May

2014

(A3/A-)

60,000

5.000

05/01/2025

60,113

562,275

Indiana

-

3.0%

Hamilton

County

Indiana

County

Bridge

Improvement

Bonds

Series

2022

(ST

INTERCEPT)

(NR/AAA)

25,000

5.000

12/31/2024

25,037

Indiana

Finance

Authority

RB

Series

2016A

(NR/A+)

50,000

5.000

03/01/2026

50,941

Indiana

Health

Facility

Financing

Authority

RB

Ascension

Health

Subordinate

Credit

Group

Series

2005A-6

(Aa3/NR)

35,000

4.000

10/01/2025

35,261

Laporte

Multi-School

Building

Corporation

Ad

Valorem

Property

Tax

First

Mortgage

Bonds

Series

2017A

(ST

INTERCEPT)

(NR/AA+)

10,000

3.000

01/15/2025

9,991

Lebanon

Community

School

Corporation

Boone

County

Indiana

GO

Bonds

of

2023

(ST

INTERCEPT)

(NR/AA+)

30,000

5.000

01/15/2025

30,055

Lebanon

Middle

School

Building

Corporation

Boone

County

Indiana

Unlimited

Ad

Valorem

Property

Tax

First

Mortgage

Bonds

Series

2022

(ST

INTERCEPT)

(NR/AA+)

15,000

5.000

01/15/2025

15,027

The

Indianapolis

Local

Public

Improvement

Bond

Bank

Community

Justice

Campus

Bonds

Courthouse

and

Jail

Project

Series

2019A

(Aa1/NR)

20,000

5.000

02/01/2025

20,058

186,370

Kansas

-

0.8%

City

of

Olathe

GO

Temporary

Notes

Series

2024-A

(NR/SP-1+)

15,000

5.000

08/01/2025

15,205

Kansas

Development

Finance

Authority

Refunding

RB

State

of

Kansas

Projects

Series

2020R

(Aa3/A+)

35,000

5.000

11/01/2025

35,623

50,828

Kentucky

-

0.9%

The

Turnpike

Authority

of

Kentucky

Economic

Development

Road

Revenue

and

Revenue

Refunding

Bonds

Reviitalization

Projects

Economic

Development

Road

RB

Revitalization

Projects

2015

Series

A

(Aa2/A)

55,000

5.000

07/01/2026

55,602

a

a

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Louisiana

-

1.3%

Board

of

Supervisors

of

Louisiana

State

Universityand

Agricultural

and

Mechanical

College

Auxiliary

Revenue

Refunding

Bonds

Series

2016A

(A2/NR)

$

50,000

5.000%

07/01/2026

$

51,205

St.

Tammany

Parish

Wide

School

District

No.

12

GO

School

Bonds

Series

2017A

(NR/AA)

25,000

5.000

03/01/2025

25,106

State

of

Louisiana

GO

Bonds

Series

2015-A

(Aa2/AA)

5,000

5.000

05/01/2026

5,040

81,351

Maine

-

0.2%

University

of

Maine

System

RB

Series

2023

(NR/AA-)

15,000

5.000

03/01/2025

15,065

a

a

Maryland

-

3.7%

City

of

Baltimore

Refunding

RB

for

Wastewater

Projects

Series

2014D

(Aa3/A+)

30,000

5.000

07/01/2026

30,046

Washington

Suburban

Sanitary

District

Montgomeryand

Prince

George'S

Counties

Maryland

GO

Multi-Modal

Bond

Anticipation

Notes

(CNTY-GTD)

(Aaa/NR)

200,000

2.000

(a)(b)

06/01/2027

200,000

230,046

Michigan

-

0.6%

Board

of

Governors

of

Wayne

State

University

General

RB

Series

2018A

(Aa3/A+)

5,000

5.000

11/15/2026

5,086

County

of

Grand

Traverse

Hospital

Finance

Authority

Revenue

and

Revenue

Refunding

Bonds

Munson

Healthcare

Obligated

Group

Series

2021

(A1/NR)

10,000

5.000

07/01/2025

10,094

Michigan

Finance

Authority

Hospital

Revenue

Refunding

Bonds

Mclaren

Health

Care

Series

2015A

(A1/NR)

25,000

5.000

05/15/2026

25,197

40,377

Minnesota

-

1.2%

City

of

Andover

Minnesota

GO

Tax

Abatement

Bonds

Series

2019A

(NR/AA+)

5,000

5.000

02/01/2025

5,015

City

of

Minneapolisand

The

Housing

and

Redevelopment

Authority

of

The

City

of

Saint

Paul

Minnesota

Health

Care

System

Revenue

Refunding

Bonds

Series

2017A

(A1/A+)

10,000

5.000

11/15/2025

10,138

City

of

St.

Cloud

Minnesota

Health

Care

RB

Series

2016A

(A2/NR)

10,000

5.000

05/01/2026

10,260

Independent

School

District

No.

833

South

Washington

County

Independent

School

District

No.

833

GO

School

Building

Refunding

Bonds

Series

2016B

(SD

CRED

PROG)

(Aa1/NR)

50,000

3.000

02/01/2026

49,737

75,150

Mississippi

-

3.3%

Mississippi

Business

Finance

Corporation

Solid

Waste

Disposal

Facilities

RB

Series

1995

(A3/P-2/A-/A-2)

200,000

2.600

(a)(b)

07/01/2025

200,000

GOLDMAN

SACHS

ULTRA

SHORT

MUNICIPAL

INCOME

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Mississippi

–

(continued)

Mississippi

Development

Bank

Special

Obligation

Bonds

Series

2015A

Jackson

Public

School

District

General

Obligation

Refunding

Bond

Project

Series

2015B

(NR/A+)

$

10,000

5.000%

04/01/2025

$

10,052

210,052

Missouri

-

3.1%

City

of

Kansas

City

Missouri

Sanitary

Sewer

System

Improvement

and

Refunding

RB

Series

2016A

(Aa2/AA)

40,000

5.000

01/01/2026

40,062

Healthand

Educational

Facilities

Authority

of

The

State

of

Missouri

Health

Facilities

RB

Mosaic

Health

System

Series

2019A

(A1/NR)

100,000

5.000

02/15/2026

101,926

The

City

of

St.

Louis

Airport

Refunding

and

Airport

RB

St.

Louis

Lambert

International

Airport

2017B

(AGM)

(A1/AA)

50,000

5.000

07/01/2025

50,449

192,437

Nebraska

-

0.6%

Nebraska

Investment

Finance

Authority

Nebraska

Investment

Finance

Authority

Single

Family

Housing

RB

2021

Series

C

(NON-AMT)

(GNMA/FNMA/FHLMC)

(NR/AAA)

40,000

5.000

09/01/2025

40,436

a

a

Nevada

-

2.3%

Clark

County

School

District

GO

Limited

Tax

Building

and

Refunding

Bonds

Series

2015C

(A1/AA-)

35,000

5.000

06/15/2026

35,713

Clark

County

School

District

Nevada

GO

Limited

Tax

School

Bonds

Additionally

Secured

by

Pledged

Revenues

Series

2015D

(A1/AA-)

30,000

5.000

06/15/2026

30,611

State

of

Nevada

Highway

Revenue

Motor

Vehicle

Fuel

Tax

Improvement

and

Refunding

Bonds,

Series

2016

(Aa1/AAA)

75,000

5.000

12/01/2024

75,000

141,324

New

Jersey

-

5.4%

Jersey

City

Redevelopment

Agency

Hudson

County

Project

Note

Bayfront

Redevelopment

Project

Series

2023A

(Tax-Exempt)

(MUN

GOVT

GTD)

(A1/NR)

100,000

4.000

12/13/2024

100,017

New

Jersey

Economic

Development

Authority

School

Facilities

Construction

Refunding

Bonds

Series

2015

-

XX

(A2/A-)

120,000

4.250

06/15/2026

120,574

New

Jersey

Transportation

Tr

Fd

Auth

Floaters

963-D

(NATL)

(A2/A-)

20,000

5.750

06/15/2025

20,266

New

Jersey

Transportation

Trust

Fund

Authority

RB

for

Transportation

System

Series

2019

A

(A2/A-)

50,000

5.000

12/15/2024

50,031

Township

of

Union

in

The

County

of

Union

State

of

New

Jersey

Bond

Anticipation

Notes

Series

2024

(NR/SP-1+)

45,000

4.500

01/21/2025

45,073

335,961

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

New

York

-

6.5%

City

School

District

of

The

City

of

Beacon

Dutchess

County

New

York

Bond

Anticipation

Notes

series

2024

(ST

AID

WITHHLDG)

(NR/NR)

$

75,000

4.000%

06/20/2025

$

75,452

Monroe

County

Industrial

Development

Corp.

RB

for

University

of

Rochester

Project

Series

2015A

(Tax-Exempt)

(Aa3/AA-)

15,000

5.000

07/01/2026

15,177

Nassau

County

Sewer

and

Storm

Water

Finance

Authority

System

RB

2014

Series

A

(Aa1/AAA)

15,000

5.000

10/01/2025

15,005

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Tax-Exempt

Subordinate

Bonds

Fiscal

2015

Series

C

(Aa1/AAA)

35,000

5.000

11/01/2025

35,283

New

York

State

Energy

Research

and

Development

Authority

RB

Refunding

for

Consolidated

Edison

Co.

of

New

York,

Inc.

Series

2004-C1

(Aa2/AA/A-1+)

100,000

2.850

(a)(b)

11/01/2039

100,000

New

York

State

Thruway

Authority

General

Revenue

Refunding

Bonds

Series

K

(Aa3/A+)

65,000

5.000

01/01/2027

65,085

The

Port

Authority

of

New

York

and

New

Jersey

Consolidated

Bonds

Two

Hundred

Forty-Fifth

Series

Consolidated

Bonds

Two

Hundred

Forty-Sixth

Series

(Aa3/AA-)

100,000

3.205

09/01/2025

101,089

407,091

North

Carolina

-

0.2%

Raleigh-Durham

Airport

Authority

Revenue

Refunding

Bonds,

Series

2017A

(AMT)

(Aa3/NR)

10,000

5.000

05/01/2025

10,061

a

a

Ohio

-

3.9%

City

of

Cincinnati

Ohio

Unlimited

Tax

Various

Purpose

GO

Improvementand

Refunding

Bonds

Series

2017A

(Aa2/AA)

50,000

5.000

12/01/2024

50,000

City

of

Cleveland

Ohio

Various

Purpose

GO

Bonds

Series

2023A

(Aa3/AA+)

50,000

5.000

12/01/2024

50,000

City

of

Columbus

Ohio

Sewerage

System

Revenue

Refunding

Bonds

Series

2014

(Aa1/AA)

5,000

5.000

(c)

12/01/2024

5,000

Columbus

City

School

District

Franklin

County

Ohio

School

Facilities

Construction

and

Improvement

Bonds

Series

2019

(Aa2/AA)

25,000

4.000

12/01/2024

25,000

County

of

Allen

Ohio

Hospital

Facilities

Bon

Secours

Mercy

Health

RB

Series

2020A

(A2/A+)

100,000

5.000

12/01/2025

101,884

State

of

Ohio

Treasurer

of

State

Capital

Facilities

Lease-

Appropiation

Bonds

for

Transportation

Building

Fund

Projects

Series

2015A

(Tax-Exempt)

(Aa1/AA+)

10,000

5.000

04/01/2026

10,065

241,949

Oklahoma

-

3.0%

Oklahoma

County

Finance

Authority

Educational

Facilities

Lease

RB

for

Midwest

City-Del

City

Public

Schools

Project

Series

2018

(NR/A+)

75,000

5.000

10/01/2025

76,032

GOLDMAN

SACHS

ULTRA

SHORT

MUNICIPAL

INCOME

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Oklahoma

–

(continued)

Tulsa

Public

Facilities

Authority

Oklahoma

Capital

Improvements

RB,

Series

2017

(NR/AA-)

$

50,000

3.000%

06/01/2025

$

49,897

25,000

3.000

06/01/2026

24,802

Wagoner

County

Independent

School

District

No.

17

Coweta

Board

of

Education

Oklahoma

Building

Bonds

of

2023

(NR/NR)

35,000

4.500

09/01/2026

35,707

186,438

Oregon

-

0.5%

Eugene

School

District

No.

4J

GO

Bonds

for

Oregon

School

Bond

Guaranty

Series

2016

(SCH

BD

GTY)

(Aa1/NR)

25,000

2.000

06/15/2026

24,448

Metro

Ore

/

Go

Bonds

Series

2012A

(Aaa/AAA)

5,000

4.000

06/01/2026

5,002

29,450

Pennsylvania

-

6.0%

Allegheny

County

Hospital

Development

Authority

RB

Allegheny

Health

Network

Obligated

Group

Issue

Series

2018A

(NR/A)

35,000

5.000

04/01/2026

35,787

City

of

Philadelphia

Airport

Revenue

Refunding

Bonds

Series

2017B

(AMT)

(A1/A+)

10,000

5.000

07/01/2025

10,090

Monroeville

Finance

Authority

Allegheny

County

Pennsylvania

UPMC

RB,

Series

2012

(A2/A)

10,000

5.000

02/15/2025

10,033

Pennsylvania

Economic

Development

Financing

Authority

Solid

Waste

Disposal

RB

for

Waste

Management

Inc.

Project

Series

2019A

(NR/A-/A-2)

200,000

4.250

(a)(b)

08/01/2038

200,107

Pennsylvania

Higher

Educational

Facilities

Authority

University

of

Pennsylvania

Health

System

RB,

Series

of

2015

(Aa3/AA)

20,000

5.000

08/15/2026

20,309

Pennsylvania

Turnpike

Commission

Turnpike

Subordinate

Revenue

Refunding

Bonds

Series

of

2016

(A2/NR)

35,000

5.000

06/01/2026

35,671

Philadelphia

Authority

for

Industrial

Development

Temple

University

RB

First

Series

of

2015

(Aa3/A+)

10,000

5.000

04/01/2026

10,056

Philadelphia

Authority

for

Industrial

Development

The

Children'S

Hospital

of

Philadelphia

Project

Hospital

RB

Series

A

of

2021

(Aa2/AA)

40,000

5.000

07/01/2025

40,444

The

City

of

Philadelphia

Pennsylvania

GO

Bonds

Series

2019B

(A1/A+)

15,000

5.000

02/01/2025

15,043

377,540

South

Carolina

-

3.8%

Building

Equity

Sooner

for

Tomorrow

Best

Installment

Purchase

Revenue

Refunding

Bonds

The

School

District

of

Greenville

County

South

Carolina

Project

Best

II

Series

2015

(Aa2/AA)

60,000

5.000

12/01/2024

60,000

City

of

Isle

of

Palms

South

Carolina

Water

and

Sewer

System

RB

Series

2020

(Aa2/NR)

30,000

5.000

12/01/2024

30,000

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

South

Carolina

–

(continued)

South

Carolina

Public

Service

Authority

Variable

Rate

Revenue

Obligations,

2019

Tax-Exempt

Refunding

Series

A

(Sc)

(NR/A+/A-1)

$

150,000

3.050%

(a)(b)

01/01/2036

$

150,000

240,000

Tennessee

-

3.1%

Chattanooga

Tenn

Health

Educational

&

Housing

Fac

Brd

Rev

Bonds

St

Lukes

Health

System

2004

C

(A3/A-/A-2)

100,000

3.150

(a)(b)

05/01/2039

100,000

City

of

Memphis

General

Improvement

Refunding

Bonds

Series

2015A

(Aa2/AA)

75,000

5.000

04/01/2026

75,481

City

of

Memphis

Tennessee

Electric

System

RB

Series

2014

(Aa2/A+)

10,000

5.000

12/01/2025

10,000

The

Metropolitan

Government

of

Nashville

and

Davidson

County

GO

Refunding

Bonds

Series

2021A

(Aa2/AA+)

10,000

5.000

07/01/2026

10,364

195,845

Texas

-

7.7%

Board

of

Regents

of

The

University

of

Houston

System

Consolidated

Revenue

and

Refunding

Bonds

Series

2020A

(Aa2/AA)

15,000

5.000

02/15/2025

15,056

Board

of

Regents

Texas

State

University

System

Revenue

Financing

System

Revenue

and

Refunding

Bonds

Series

2015A

(Aa2/NR)

25,000

5.000

03/15/2026

25,157

Board

of

Regents

Texas

State

University

System

Revenue

Financing

System

Revenue

and

Refunding

Bonds

Series

2017A

(Aa2/NR)

8,750

5.000

03/15/2025

8,799

City

of

Burleson

Johnson

and

Tarrant

Counties

GO

Refunding

and

Improvement

Bonds

Series

2015

(Aa2/AA)

55,000

5.000

03/01/2026

55,225

City

of

New

Braunfels

A

Political

Subdivision

of

The

State

of

Texas

Located

in

Comal

and

Guadalupe

Counties

Utility

System

Revenue

and

Refunding

Bonds

Series

2016

(Aa1/A+)

5,000

5.000

07/01/2026

5,007

Dallas

County

Utility

and

Reclamation

District

Unlimited

Tax

Refunding

Bonds

Series

2016

(A2/A+)

20,000

5.000

02/15/2025

20,066

100,000

5.000

02/15/2026

102,284

Dallas

Independent

School

District

Unlimited

Tax

Refunding

Bonds

Series

2015

(PSF-GTD)

(Aaa/NR)

10,000

5.000

02/15/2026

10,038

Dayton

Independent

School

District

Texas

Unlimited

Tax

School

Building

Bonds

Series

2015

(PSF-GTD)

(Aaa/AAA)

50,000

5.000

02/15/2026

50,201

Fort

Bend

County

Texas

Limited

Tax

Facility

Bonds

Series

2019

(Aa1/NR)

15,000

5.000

03/01/2025

15,063

Harris

County

Cultural

Education

Facilities

Finance

Corp.

Hospital

RB

for

Texas

Children's

Hospital

Series

2019A

(Aa2/AA-)

15,000

5.000

10/01/2025

15,247

Lewisville

Independent

School

District

Unlimited

Tax

Refunding

Bonds

Series

2016B

(Non

PSF)

(NR/AA+)

25,000

5.000

08/15/2026

25,341

GOLDMAN

SACHS

ULTRA

SHORT

MUNICIPAL

INCOME

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Texas

–

(continued)

North

Texas

Tollway

Authority

System

RB

Refunding

for

First

Tier

Series

2015B

(Aa3/AA-)

$

15,000

5.000%

01/01/2026

$

15,016

North

Texas

Tollway

Authority

System

RB

Refundingfor  Second

Tier

Bonds

Series

2017B

(A1/A+)

15,000

5.000

01/01/2027

15,278

San

Antonio

Independent

School

District

Unlimited

Tax

School

Building

and

Refunding

Bonds

Series

2015

(PSF-GTD)

(Aaa/NR)

60,000

5.000

02/15/2026

60,244

Texas

Transportation

Commission

State

of

Texas

GO

Mobility

Fund

Refunding

Bonds

Series

2014

(Aaa/AAA)

15,000

5.000

10/01/2025

15,018

Via

Metropolitan

Transit

Authority

a

Political

Subdivision

of

The

State

of

Texas

Located

in

Bexar

County

Farebox

Revenue

Improvement

and

Refunding

Bonds

Series

2013

(NR/AA+)

15,000

4.000

08/01/2026

15,008

West

Harris

County

Regional

Water

Authority

Water

System

Revenue

and

Revenue

Refunding

Bonds

Series

2015A

(A1/AA-)

15,000

5.000

12/15/2026

15,253

483,301

Utah

-

0.8%

Utah

County

Transportation

Sales

Tax

Revenue

Refunding

Bonds

Series

2021

(NR/AA-)

25,000

4.000

12/01/2024

25,000

Utah

Infrastructure

Agency

Layton

City

Telecommunications

and

Franchise

Tax

RB

Series

2018

(NR/A+)

25,000

4.000

10/15/2025

25,122

50,122

Virginia

-

0.2%

Virginia

College

Building

Authority

Virginia

Educational

Facilities

RB,

Series

2019B

(Aa1/AA+)

15,000

5.000

02/01/2025

15,047

a

a

Washington

-

6.4%

City

of

Pasco

Water

and

Sewer

Improvement

and

Refunding

RB

series

2015

(NR/AA-)

20,000

4.000

12/01/2024

20,000

City

of

Redmond

Utility

System

RB

series

2014

(NR/AAA)

25,000

5.000

(c)

12/01/2024

25,000

City

of

Tukwila

Washington

Limited

Tax

GO

Bonds

2019

(NR/AA+)

40,000

5.000

12/01/2024

40,000

King

County

Washington

Limited

Tax

GO

Refunding

Bonds

2015

Series

E

(Aaa/AAA)

35,000

5.000

12/01/2024

35,000

Snohomish

County

Washington

Limited

Tax

GO

Refunding

Bonds

Series

2015

(Aa1/AAA)

25,000

5.000

12/01/2024

25,000

State

of

Washington

Motor

Vehicle

Fuel

Tax

GO

Bonds

Series

2018D

(Aaa/AA+)

10,000

5.000

02/01/2025

10,031

State

of

Washington

Motor

Vehicle

Fuel

Tax

GO

Refunding

Bonds

Series

R-2015F

(Aaa/AA+)

45,000

5.000

07/01/2026

45,060

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Washington

–

(continued)

Washington

State

Housing

Finance

Comm

Multifamily

Housing

Revenue

Bonds

Artspace

Everett

LP

2008

(Aaa/NR)

$

200,000

3.210%

(a)(b)

12/01/2041

$

200,000

400,091

Wisconsin

-

2.7%

Wisconsin

Health

and

Educational

Facilities

Authority  RB

Series

2015

(NR/AA)

170,000

5.000

12/15/2026

170,147

a

a

TOTAL

MUNICIPAL

BONDS

(Cost

$5,920,444)

5,925,408

Shares

Dividend

    Rate

Value

a

Short-Term

Investments

-

4.5%

Commercial

Paper

-

4.5%

Omaha

Public

Power

District

100,000

3.250%

12/10/24

100,005

School

District

of

Broward

County

60,000

4.000

01/29/25

60,079

The

University

of

Texas

System

125,000

3.200

01/09/25

125,011

285,095

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$285,011)

285,095

a

Mortgage-Backed

Securities

-

3.2%

(a)(b)(d)

Municipal

-

3.2%

Federal

Home

Loan

Mortgage

Corp.

Multifamily

Variable

Rate

Certificates

Relating

to

Municipal

Services

Series

2011-M026

200,000

3.510%

09/15/38

200,000

(Cost

$200,000)

TOTAL

INVESTMENTS

-

102.2%

(Cost

$6,405,455)

$

6,410,503

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

-

(2.2)%

(137,639)

NET

ASSETS

-

100.0%

$

6,272,864

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

(a)

Variable

Rate

Demand

Instruments

–

rate

shown

is

that

which

is

in

effect

on

November

30,

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.

(b)

Security

with

“Put”

features

and

resetting

interest

rates.

Maturity

dates

disclosed

are

the

puttable

dates.

Interest

rate

disclosed

is

that

which

is

in

effect

on

November

30,

2024.

(c)

Pre-refunded

security.

Maturity

date

disclosed

is

pre-refunding

date.

(d)

Exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

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.

GOLDMAN

SACHS

ULTRA

SHORT

MUNICIPAL

INCOME

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Investment

Abbreviations:

AGM

-

Insured

by

Assured

Guaranty

Municipal

Corp.

AMT

-

Alternative

Minimum

Tax

(subject

to)

BAM

-

Build

America

Mutual

Assurance

Co.

COPS

-

Certificates

of

Participation

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

LT

-

Limited

Tax

MUN

GOVT

GTD

-

Municipal

Government

Guaranteed

NATL

NATL

-

National

Public

Finance

Guarantee

Corp.

PSF-GTD

-

Guaranteed

by

Permanent

School

Fund

RB

-

Revenue

Bond

SD

CRED

PROG

-

School

District

Credit

Program

ST

AID

WITHHLDG

-

State

Aid

Withholding

UPMC

-

University

of

Pittsburgh

Medical

Center

Goldman

Sachs

Municipal

Income

ETFs

Schedule

of

Investments

November

30,

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.

Mortgage-Backed

and

Asset-Backed

Securities

—

Mortgage-backed

securities

represent

direct

or

indirect

participations

in,

or

are

collateralized

by

and

payable

from,

mortgage

loans

secured

by

residential

and/or

commercial

real

estate

property.

Asset-backed

securities

include

securities

whose

principal

and

interest

payments

are

collateralized

by

pools

of

other

assets

or

receivables.

The

value

of

certain

mortgage-backed

and

asset-backed

securities

(including

adjustable

rate

mortgage

loans)

may

be

particularly

sensitive

to

changes

in

prevailing

interest

rates.

The

value

of

these

securities

may

also

fluctuate

in

response

to

the

market’s

perception

of

the

creditworthiness

of

the

issuers.

Goldman

Sachs

Municipal

Income

ETFs

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Asset-backed

securities

may

present

credit

risks

that

are

not

presented

by

mortgage-backed

securities

because

they

generally

do

not

have

the

benefit

of

a

security

interest

in

collateral

that

is

comparable

to

mortgage

assets.

Some

asset-backed

securities

may

only

have

a

subordinated

claim

on

collateral.

Stripped

mortgage-backed

securities

are

usually

structured

with

two

different

classes:

one

that

receives

substantially

all

interest

payments

(interest-only,

or

“IO”

and/or

high

coupon

rate

with

relatively

low

principal

amount,

or

“IOette”),

and

the

other

that

receives

substantially

all

principal

payments

(principal-only,

or

“PO”)

from

a

pool

of

mortgage

loans.

Little

to

no

principal

will

be

received

at

the

maturity

of

an

IO;

as

a

result,

periodic

adjustments

are

recorded

to

reduce

the

cost

of

the

security

until

maturity.

These

adjustments

are

included

in

interest

income.

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

November

30,

2024:

Community

Municipal

Bond

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Fixed

Income

Municipal

Bond

$

—

$

9,795,362

$

—

Investment

Company

32,296

—

—

Total

$

32,296

$

9,795,362

$

—

€

1.00

€

1.00

€

1.00

Dynamic

California

Municipal

Income

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Fixed

Income

Municipal

Bond

$

—

$

6,367,149

$

—

Total

$

—

$

6,367,149

$

—

€

1.00

€

1.00

€

1.00

Derivative

Type

Liabilities

Futures

Contracts

(a)

$

(1,494)

$

—

$

—

€

1.00

€

1.00

€

1.00

Dynamic

New

York

Municipal

Income

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Fixed

Income

Municipal

Bond

$

—

$

6,137,658

$

—

Total

$

—

$

6,137,658

$

—

€

1.00

€

1.00

€

1.00

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Municipal

Income

ETFs

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

For

further

information

regarding

security

characteristics,

see

the

Schedules

of

Investments.

The

Fund’s

risks

include,

but

are

not

limited

to,

the

following:

Credit/Default

Risk

—

An

issuer

or

guarantor

of

a

security

held

by

the

Fund,

or

bank

or

other

financial

institution

that

has

entered

into

a

repurchase

agreement

with

the

Fund,

may

default

on

its

obligation

to

pay

interest

and

repay

principal

or

default

on

any

other

obligation.

Additionally,

the

credit

quality

of

securities

may

deteriorate

rapidly,

which

may

impair

the

Fund’s

liquidity

and

cause

significant

deterioration

in

NAV.

Geographic

and

Sector

Risk

—

If

the

Fund

invests

a

significant

portion

of

its

total

assets

in

certain

issuers

within

the

same

state,

geographic

region

or

economic

sector,

an

adverse

economic,

business,

political,

environmental

or

other

development

affecting

that

state,

region

or

sector

may

affect

the

value

of

the

Fund’s

investments

more

than

if

its

investments

were

not

so

focused.

Index

Risk

—

(Community

Municipal

Bond

ETF

only)

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

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.

When

the

index

is

rebalanced

and

the

Fund

in

turn

rebalances

its

portfolio

to

attempt

to

increase

the

correlation

between

the

Fund’s

portfolio

and

the

Index,

any

transaction

costs

and

market

exposure

arising

from

such

portfolio

rebalancing

may

be

borne

directly

by

the

Fund

and

its

shareholders.

The

Index

Provider

may

utilize

third

party

data

in

constructing

the

Index,

but

it

does

not

guarantee

the

accuracy

or

availability

of

any

Derivative

Type

Liabilities

Futures

Contracts

(a)

$

(1,494)

$

—

$

—

€

1.00

€

1.00

€

1.00

Municipal

Income

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Fixed

Income

Municipal

Bond

$

—

$

7,487,826

$

—

Total

$

—

$

7,487,826

$

—

€

1.00

€

1.00

€

1.00

Derivative

Type

Liabilities

Futures

Contracts

(a)

$

(1,494)

$

—

$

—

€

1.00

€

1.00

€

1.00

Goldman

Sachs

Ultra

Short

Municipal

Income

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Fixed

Income

Mortgage-Backed

Securities

$

—

$

200,000

$

—

Municipal

Bond

—

5,925,408

—

Short-Term

Investment

—

285,095

—

Total

$

—

$

6,410,503

$

—

€

1.00

€

1.00

€

1.00

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Municipal

Income

ETFs

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

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

applicable

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.

The

Index

Provider

may

delay

or

change

a

scheduled

rebalancing

or

reconstitution

of

an

Index

or

the

implementation

of

certain

rules

at

its

sole

discretion.

In

such

circumstances,

a

Fund,

in

replicating

the

composition

of

its

Index,

may

have

more

or

less

exposure

to

a

particular

sector

or

individual

company

than

had

the

Index

been

constructed

in

accordance

with

its

stated

methodology.

Interest

Rate

Risk

—

When

interest

rates

increase,

fixed

income

securities

or

instruments

held

by

a

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

Funds.

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

Transaction

Risk

—

Certain

shareholders,

including

other

funds

advised

by

the

Investment

Adviser,

may

from

time

to

time

own

a

substantial

amount

of

the

Funds’

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

Funds,

including

on

the

Funds’

liquidity.

In

addition,

transactions

by

large

shareholders

may

account

for

a

large

percentage

of

the

trading

volume

on

(“NYSE

Arca,

Inc.”)

and

may,

therefore,

have

a

material

upward

or

downward

effect

on

the

market

price

of

the

Shares.

Liquidity

Risk

—

A

Fund

may

make

investments

that

are

illiquid

or

that

may

become

less

liquid

in

response

to

market

developments

or

adverse

investor

perceptions.

Illiquid

investments

may

be

more

difficult

to

value.

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,

a

Fund

may

be

forced

to

sell

investments

at

an

unfavorable

time

and/or

under

unfavorable

conditions.

If

a

Fund

is

forced

to

sell

securities

at

an

unfavorable

time

and/or

under

unfavorable

conditions,

such

sales

may

adversely

affect

the

Fund’s

NAV

and

dilute

remaining

investors’

interests.

Liquidity

risk

may

be

the

result

of,

among

other

things,

the

reduced

number

and

capacity

of

traditional

market

participants

to

make

a

market

in

fixed

income

securities

or

the

lack

of

an

active

market.

The

potential

for

liquidity

risk

may

be

magnified

by

a

rising

interest

rate

environment

or

other

circumstances

where

investor

redemptions

from

fixed

income

funds

may

be

higher

than

normal,

potentially

causing

increased

supply

in

the

market

due

to

selling

activity.

Redemptions

by

large

shareholders

may

have

a

negative

impact

on

a

Fund’s

liquidity.

Market

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.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Municipal

Income

ETFs

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

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.

For

the

Community

Municipal

Bond

ETF,

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,

political,

environmental

or

other

developments

if

it

invests

a

substantial

portion

of

its

assets

in

the

bonds

of

similar

projects

(such

as

those

relating

to

education,

health

care,

housing,

transportation,

and

utilities),

industrial

development

bonds,

or

in

particular

types

of

municipal

securities

(such

as

general

obligation

bonds,

private

activity

bonds

and

moral

obligation

bonds).

While

interest

earned

on

municipal

securities

is

generally

not

subject

to

federal

tax,

any

interest

earned

on

taxable

municipal

securities

is

fully

taxable

at

the

federal

level

and

may

be

subject

to

tax

at

the

state

level.

Non-Diversification

Risk

—

Goldman

Sachs

Dynamic

California

Municipal

Income

ETF,

Goldman

Sachs

Dynamic

New

York

Municipal

Income

ETF,

Goldman

Sachs

Municipal

Income

ETF,

and

Goldman

Sachs

Ultra

Short

Municipal

Income

ETF

are

non-

diversified,

meaning

that

they

are

permitted

to

invest

a

larger

percentage

of

their

assets

in

one

or

more

issuers

or

in

fewer

issuers

than

diversified

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.

Non-Investment

Grade

Fixed

Income

Securities

Risk

—

Non-investment

grade

fixed

income

securities

and

unrated

securities

of

comparable

credit

quality

(commonly

known

as

“junk

bonds”)

are

considered

speculative

and

are

subject

to

the

increased

risk

of

an

issuer’s

inability

to

meet

principal

and

interest

payment

obligations.

These

securities

may

be

subject

to

greater

price

volatility

due

to

such

factors

as

specific

issuer

developments,

interest

rate

sensitivity,

negative

perceptions

of

the

junk

bond

markets

generally

and

less

liquidity.

The

Fund

may

purchase

the

securities

of

issuers

that

are

in

default.

Other

Investment

Companies

Risk

—

By

investing

in

pooled

investment

vehicles

(including

investment

companies

and

ETFs),

partnerships

and

REITS

indirectly

through

the

Fund,

investors

will

incur

a

proportionate

share

of

the

expenses

of

the

other

pooled

investment

vehicles,

partnerships

and

REITs

held

by

the

Fund

(including

operating

costs

and

investment

management

fees)

in

addition

to

the

fees

regularly

borne

by

the

Fund.

In

addition,

the

Fund

will

be

affected

by

the

investment

policies,

practices

and

performance

of

such

investment

in

direct

proportion

to

the

amount

of

assets

the

Fund

invests

therein.

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).

Seed

investors

may

contribute

cash

and/or

securities

in

kind

and

such

seed

investment

may

constitute

all

or

a

majority

of

the

assets

in

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.

The

form

of

a

seed

investor’s

contribution

and

any

redemption

activity

by

a

seed

investor

can

affect,

including

adversely,

the

tax

efficiency

of

the

Fund.

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.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Municipal

Income

ETFs

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Valuation

Risk

—

The

sale

price

the

Fund

could

receive

for

a

security

may

differ

from

the

Fund’s

valuation

of

the

security,

particularly

for

securities

that

trade

in

low

volume

or

volatile

markets

or

that

are

valued

using

a

fair

value

methodology.

The

Fund

relies

on

various

sources

to

calculate

its

NAV.

The

information

may

be

provided

by

third

parties

that

are

believed

to

be

reliable,

but

the

information

may

not

be

accurate

due

to

errors

by

such

pricing

sources,

technological

issues

or

otherwise.

NAV

calculations

may

also

be

impacted

by

operational

risks

arising

form

factors

such

as

failures

in

systems

and

technology.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)