Goldman Sachs ETF Trust (GPRF) NPORT-P Goldman Sachs Future Consumer Equity ETF (Nov 2024 report)

GOLDMAN

SACHS

FUTURE

CONSUMER

EQUITY

ETF

Schedule

of

Investments

November

30,

2024

(Unaudited)

**End

swaps

header**

Shares

Description

Value

aa

Common

Stocks

–

97.6%

Communication

Services

–

28.1%

13,074

Alphabet,

Inc.,

Class

C

$

2,228,986

5,578

CTS

Eventim

AG

&

Co.

KGaA

(Germany)

492,234

4,818

Electronic

Arts,

Inc.

788,562

7,325

Live

Nation

Entertainment,

Inc.*

1,012,681

2,750

Meta

Platforms,

Inc.,

Class

A

1,579,380

15,960

NetEase,

Inc.

(China)

275,655

1,687

Sea

Ltd.

ADR

(Singapore)*

191,981

2,011

Spotify

Technology

SA*

959,167

13,679

Tencent

Holdings

Ltd.

(China)

699,635

14,144

Tencent

Music

Entertainment

Group

ADR

(China)

161,383

3,578

T-Mobile

US,

Inc.

883,551

7,056

Walt

Disney

Co.

(The)

828,868

10,102,083

Consumer

Discretionary

–

21.2%

12,810

Amazon.com,

Inc.*

2,663,071

4,452

Basic-Fit

NV

(Netherlands)*

(a)

99,969

1,153

Cava

Group,

Inc.*

162,458

13,262

Chipotle

Mexican

Grill,

Inc.*

815,878

7,262

Foot

Locker,

Inc.*

182,639

1,263

LVMH

Moet

Hennessy

Louis

Vuitton

SE

(France)

790,384

16,761

Meituan,

Class

B

(China)*

(a)

363,370

176

MercadoLibre,

Inc.

(Brazil)*

349,390

8,832

Moncler

SpA

(Italy)

432,369

76,101

Samsonite

International

SA

(a)

205,373

69,089

Shenzhou

International

Group

Holdings

Ltd.

(China)

528,275

8,116

TJX

Cos.,

Inc.

(The)

1,020,100

7,613,276

Consumer

Staples

–

3.7%

157,528

Budweiser

Brewing

Co.

APAC

Ltd.

(China)

(a)

149,804

1,673

elf

Beauty,

Inc.*

216,687

3,214

Kweichow

Moutai

Co.

Ltd.,

Class

A

(China)

676,320

2,101

Oddity

Tech

Ltd.,

Class

A

(Israel)*

97,613

16,577

Proya

Cosmetics

Co.

Ltd.,

Class

A

(China)

209,630

1,350,054

Financials

–

5.6%

117,104

Jio

Financial

Services

Ltd.

(India)*

455,063

2,879

Mastercard,

Inc.,

Class

A

1,534,334

1,989,397

Health

Care

–

1.9%

3,390

Cooper

Cos.,

Inc.

(The)*

354,119

2,347

Illumina,

Inc.*

338,320

692,439

Industrials

–

2.9%

21,578

Experian

PLC

1,028,777

Information

Technology

–

27.8%

12,640

Apple,

Inc.

2,999,851

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Information

Technology

–

(continued)

15,129

Infineon

Technologies

AG

(Germany)

$

492,401

10,412

Marvell

Technology,

Inc.

965,088

22,054

NVIDIA

Corp.

3,048,966

8,864

Samsung

Electronics

Co.

Ltd.

(South

Korea)

344,381

5,015

Shopify,

Inc.,

Class

A

(Canada)*

579,734

51,342

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

(Taiwan)

1,574,258

10,004,679

Materials

–

1.8%

5,912

DSM-Firmenich

AG

(Switzerland)

649,090

Real

Estate

–

1.6%

2,846

American

Tower

Corp.

REIT

594,814

Utilities

–

3.0%

25,864

EDP

Renovaveis

SA

(Spain)

302,679

9,670

NextEra

Energy,

Inc.

760,739

1,063,418

TOTAL

COMMON

STOCKS

(Cost

$30,771,464)

35,088,027

Shares

Dividend

Rate

Value

aa

Investment

Company

–

2.3%

(b)

Goldman

Sachs

Financial

Square

Treasury

Obligations

Fund

–

Institutional

Shares

810,682

4.511%

810,682

(Cost

$810,682)

TOTAL

INVESTMENTS

–

99.9%

(Cost

$31,582,146)

$

35,898,709

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

0.1%

37,092

NET

ASSETS

–

100.0%

$

35,935,801

  a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

Exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

(b)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

ADR

—

American

Depositary

Receipt

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

GOLDMAN

SACHS

FUTURE

HEALTH

CARE

EQUITY

ETF

Schedule

of

Investments

November

30,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

98.4%

Canada

–

0.5%

2,584

Xenon

Pharmaceuticals,

Inc.

(Health

Care)*

$

110,156

Denmark

–

4.6%

5,790

Genmab

A/S

ADR

(Health

Care)*

124,485

8,354

Novo

Nordisk

A/S,

Class

B

(Health

Care)

895,976

1,020,461

France

–

0.6%

682

Sartorius

Stedim

Biotech

(Health

Care)

129,911

Japan

–

2.9%

3,487

Hoya

Corp.

(Health

Care)

447,179

12,011

Kyowa

Kirin

Co.

Ltd.

(Health

Care)

198,817

645,996

Netherlands

–

2.2%

774

Argenx

SE

ADR

(Health

Care)*

477,210

Switzerland

–

2.3%

861

Lonza

Group

AG

(Health

Care)

514,450

United

Kingdom

–

3.2%

5,199

AstraZeneca

PLC

(Health

Care)

701,262

United

States

–

82.1%

7,517

Abbott

Laboratories

(Health

Care)

892,794

6,780

AbbVie,

Inc.

(Health

Care)

1,240,265

574

Align

Technology,

Inc.

(Health

Care)*

133,610

1,438

Alnylam

Pharmaceuticals,

Inc.

(Health

Care)*

363,915

3,159

Amgen,

Inc.

(Health

Care)

893,586

2,146

AnaptysBio,

Inc.

(Health

Care)*

53,564

9,238

BioMarin

Pharmaceutical,

Inc.

(Health

Care)*

609,985

1,205

Blueprint

Medicines

Corp.

(Health

Care)*

116,138

18,167

Boston

Scientific

Corp.

(Health

Care)*

1,647,020

4,326

CG

oncology,

Inc.

(Health

Care)*

150,329

8,185

Cooper

Cos.,

Inc.

(The)

(Health

Care)*

855,005

3,410

CSL

Ltd.

(Health

Care)

626,936

3,262

Danaher

Corp.

(Health

Care)

781,869

3,014

Eli

Lilly

&

Co.

(Health

Care)

2,397,185

798

IDEXX

Laboratories,

Inc.

(Health

Care)*

336,557

4,049

Insulet

Corp.

(Health

Care)*

1,080,192

2,389

Intuitive

Surgical,

Inc.

(Health

Care)*

1,294,838

1,016

iRhythm

Technologies,

Inc.

(Health

Care)*

88,356

481

Madrigal

Pharmaceuticals,

Inc.

(Health

Care)*

157,859

Shares

Description

Value

a

Common

Stocks

–

(continued)

United

States

–

(continued)

8,978

Merck &

Co.,

Inc.

(Health

Care)

$

912,524

231

Mettler-Toledo

International,

Inc.

(Health

Care)*

289,027

2,384

MoonLake

Immunotherapeutics

(Health

Care)*

129,761

1,215

Natera,

Inc.

(Health

Care)*

203,853

3,202

Neurocrine

Biosciences,

Inc.

(Health

Care)*

405,854

11,350

Roivant

Sciences

Ltd.

(Health

Care)*

144,259

1,181

TransMedics

Group,

Inc.

(Health

Care)*

102,405

3,043

Ultragenyx

Pharmaceutical,

Inc.

(Health

Care)*

144,938

2,009

UnitedHealth

Group,

Inc.

(Health

Care)

1,225,892

1,489

Vaxcyte,

Inc.

(Health

Care)*

140,472

2,132

Veeva

Systems,

Inc.,

Class

A

(Health

Care)*

485,776

906

West

Pharmaceutical

Services,

Inc.

(Health

Care)

295,066

18,199,830

TOTAL

COMMON

STOCKS

(Cost

$19,641,823)

21,799,276

Shares

Dividend

Rate

Value

aa

a

Investment

Company

–

3.8%

(a)

Goldman

Sachs

Financial

Square

Treasury

Obligations

Fund

–

Institutional

Shares

851,468

4.511%

851,468

(Cost

$851,468)

TOTAL

INVESTMENTS

–

102.2%

(Cost

$20,493,291)

$

22,650,744

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

–

(2.2)%

(498,287)

NET

ASSETS

–

100.0%

$

22,152,457

  a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

ADR

—

American

Depositary

Receipt

PLC

—

Public

Limited

Company

GOLDMAN

SACHS

FUTURE

HEALTH

CARE

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

**End

swaps

header**

Sector

Name

%

of

Market

Value

Health

Care

96.2

%

Investment

Company

3.8

TOTAL

INVESTMENTS

100.0%

GOLDMAN

SACHS

FUTURE

PLANET

EQUITY

ETF

Schedule

of

Investments

November

30,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

98.6%

China

–

4.3%

15,129

BYD

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

$

573,456

35,384

Contemporary

Amperex

Technology

Co.

Ltd.,

Class

A

(Industrials)

1,274,890

1,848,346

Denmark

–

6.3%

27,837

Novonesis

(Novozymes)

B,

Class

B

(Materials)

1,630,954

14,711

Orsted

AS

(Utilities)*

(a)

816,282

15,390

Vestas

Wind

Systems

A/S

(Industrials)*

239,100

2,686,336

France

–

3.3%

28,564

Dassault

Systemes

(Information

Technology)

985,028

13,448

Imerys

SA

(Materials)

401,967

1,386,995

Germany

–

2.7%

35,696

Infineon

Technologies

AG

(Information

Technology)

1,161,791

Ireland

–

1.7%

9,851

Kingspan

Group

PLC

(Industrials)

740,810

Italy

–

3.9%

228,885

Enel

SpA

(Utilities)

1,646,307

Japan

–

6.5%

8,941

Horiba

Ltd.

(Information

Technology)

508,890

2,066

Keyence

Corp.

(Information

Technology)

890,312

25,421

Kurita

Water

Industries

Ltd.

(Industrials)

964,808

23,279

NIDEC

Corp.

(Industrials)

427,031

2,791,041

Norway

–

0.4%

331,894

Aker

Carbon

Capture

ASA

(Industrials)*

179,236

Spain

–

4.6%

137,231

Iberdrola

SA

(Utilities)

1,955,287

Sweden

–

–%

18,262

Re:NewCell

AB

(Materials)*

(b)(c)

—

Switzerland

–

8.6%

18,174

ABB

Ltd.

(Industrials)

1,037,218

16,785

DSM-Firmenich

AG

(Materials)

1,842,859

20,676

SIG

Group

AG

(Materials)*

408,826

1,521

Sika

AG

(Materials)

393,803

3,682,706

Shares

Description

Value

a

Common

Stocks

–

(continued)

Taiwan

–

2.3%

81,906

Delta

Electronics,

Inc.

(Information

Technology)

$

960,693

United

Kingdom

–

3.3%

189,226

DS

Smith

PLC

(Materials)

1,401,005

United

States

–

50.7%

3,022

Advanced

Drainage

Systems,

Inc.

(Industrials)

408,846

12,279

AECOM

(Industrials)

1,436,275

2,984

Albemarle

Corp.

(Materials)

321,377

7,908

Aptiv

PLC

(Consumer

Discretionary)*

439,131

14,369

Ball

Corp.

(Materials)

893,177

38,496

Bloom

Energy

Corp.,

Class

A

(Industrials)*

1,056,715

19,210

Darling

Ingredients,

Inc.

(Consumer

Staples)*

778,581

19,215

DocuSign,

Inc.

(Information

Technology)*

1,531,243

2,063

Ecolab,

Inc.

(Materials)

513,213

23,283

Energy

Recovery,

Inc.

(Industrials)*

362,284

9,978

Itron,

Inc.

(Information

Technology)*

1,182,692

28,015

NextEra

Energy,

Inc.

(Utilities)

2,203,940

123,182

Oatly

Group

AB

ADR

(Consumer

Staples)*

(b)

86,129

7,449

Schneider

Electric

SE

(Industrials)

1,915,770

27,240

Smurfit

WestRock

PLC

(Materials)

1,498,745

2,503

TopBuild

Corp.

(Consumer

Discretionary)*

977,772

2,984

Trane

Technologies

PLC

(Industrials)

1,242,000

5,301

Veralto

Corp.

(Industrials)

573,515

6,179

Waste

Connections,

Inc.

(Industrials)

1,189,272

9,307

Waste

Management,

Inc.

(Industrials)

2,124,044

7,291

Xylem,

Inc.

(Industrials)

924,134

21,658,855

TOTAL

COMMON

STOCKS

(Cost

$48,190,934)

42,099,408

Shares

Dividend

Rate

Value

aa

a

Investment

Company

–

1.2%

(d)

Goldman

Sachs

Financial

Square

Treasury

Obligations

Fund

–

Institutional

Shares

510,129

4.511%

510,129

(Cost

$510,129)

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$48,701,063)

42,609,537

GOLDMAN

SACHS

FUTURE

PLANET

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

**End

swaps

header**

Shares

Dividend

Rate

Value

a

Securities

Lending

Reinvestment

Vehicle

–

0.1%

(d)

a

a

a

a

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

62,160

4.541%

$

62,160

(Cost

$62,160)

TOTAL

INVESTMENTS

–

99.9%

(Cost

$48,763,223)

$

42,671,697

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

0.1%

59,928

NET

ASSETS

–

100.0%

$

42,731,625

  a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

Exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

(b)

All

or

a

portion

of

security

is

on

loan.

(c)

Significant

unobservable

inputs

were

used

in

the

valuation

of

this

portfolio

security;

i.e.

Level

3.

(d)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

ADR

—

American

Depositary

Receipt

PLC

—

Public

Limited

Company

Sector

Name

%

of

Market

Value

Industrials

37.8

%

Materials

21.8

Information

Technology

16.9

Utilities

15.5

Consumer

Discretionary

4.7

Consumer

Staples

2.0

Investment

Company

1.2

Securities

Lending

Reinvestment

Vehicle

0.1

TOTAL

INVESTMENTS

100.0%

GOLDMAN

SACHS

FUTURE

REAL

ESTATE

AND

INFRASTRUCTURE

EQUITY

ETF

Schedule

of

Investments

November

30,

2024

(Unaudited)

**End

swaps

header**

Shares

Description

Value

aa

Common

Stocks

–

98.9%

Communication

Services

–

2.0%

9,156

Cellnex

Telecom

SA

(Spain)*

(a)

$

328,606

Energy

–

4.4%

3,201

Cheniere

Energy,

Inc.

717,056

Health

Care

–

1.6%

22,134

Chartwell

Retirement

Residences

(Canada)

255,304

Industrials

–

9.5%

63,572

Enav

SpA

(Italy)

(a)

273,951

6,014

Ferrovial

SE

247,855

1,192

Norfolk

Southern

Corp.

328,813

61,431

Transurban

Group

(Australia)

512,246

1,942

Vinci

SA

(France)

204,827

1,567,692

Real

Estate

–

55.6%

2,584

Alexandria

Real

Estate

Equities,

Inc.

REIT

284,834

9,144

American

Homes

4

Rent,

Class

A

REIT

350,124

2,307

American

Tower

Corp.

REIT

482,163

13,960

Americold

Realty

Trust,

Inc.

REIT

333,086

1,892

AvalonBay

Communities,

Inc.

REIT

445,282

15,755

Big

Yellow

Group

PLC

REIT

(United

Kingdom)

214,672

15,306

CTP

NV

(Netherlands)

(a)

245,726

2,683

Digital

Realty

Trust,

Inc.

REIT

525,036

813

Equinix,

Inc.

REIT

797,943

5,451

Equity

LifeStyle

Properties,

Inc.

REIT

388,820

2,701

Extra

Space

Storage,

Inc.

REIT

461,763

281

GLP

J

REIT

(Japan)

238,182

14,340

Goodman

Group

REIT

(Australia)

354,148

8,113

Invitation

Homes,

Inc.

REIT

277,870

6,528

Prologis,

Inc.

REIT

762,340

6,562

Rexford

Industrial

Realty,

Inc.

REIT

276,129

1,540

SBA

Communications

Corp.

REIT

348,425

29,211

Segro

PLC

REIT

(United

Kingdom)

289,604

31,802

UNITE

Group

PLC

(The)

REIT

(United

Kingdom)

356,522

5,900

Ventas,

Inc.

REIT

378,013

12,399

VICI

Properties,

Inc.

REIT

404,331

10,752

Vonovia

SE

(Germany)

356,587

4,244

Welltower,

Inc.

REIT

586,436

9,158,036

Utilities

–

25.8%

3,363

Ameren

Corp.

317,434

2,202

American

Water

Works

Co.,

Inc.

301,542

5,526

CMS

Energy

Corp.

385,217

16,350

Engie

SA

(France)

260,501

4,192

Eversource

Energy

270,342

51,183

National

Grid

PLC

(United

Kingdom)

645,748

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Utilities

–

(continued)

8,798

NextEra

Energy,

Inc.

$

692,139

8,448

Severn

Trent

PLC

(United

Kingdom)

289,599

6,326

Veolia

Environnement

SA

(France)

184,210

4,565

WEC

Energy

Group,

Inc.

461,293

6,101

Xcel

Energy,

Inc.

442,688

4,250,713

TOTAL

COMMON

STOCKS

(Cost

$16,140,232)

16,277,407

Shares

Dividend

Rate

Value

aa

Investment

Company

–

0.9%

(b)

Goldman

Sachs

Financial

Square

Treasury

Obligations

Fund

–

Institutional

Shares

155,802

4.511%

155,802

(Cost

$155,802)

TOTAL

INVESTMENTS

–

99.8%

(Cost

$16,296,034)

$

16,433,209

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

0.2%

36,235

NET

ASSETS

–

100.0%

$

16,469,444

  a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

Exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

(b)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

GOLDMAN

SACHS

FUTURE

TECH

LEADERS

EQUITY

ETF

Schedule

of

Investments

November

30,

2024

(Unaudited)

**End

swaps

header**

Shares

Description

Value

aa

Common

Stocks

–

98.8%

Communication

Services

–

8.3%

64,188

Capcom

Co.

Ltd.

(Japan)

$

1,498,439

61,559

Cellnex

Telecom

SA

(Spain)*

(a)

2,209,333

92,986

NetEase,

Inc.

(China)

1,606,019

162,149

Snap,

Inc.,

Class

A*

1,914,980

5,475

Spotify

Technology

SA*

2,611,356

110,789

Tencent

Music

Entertainment

Group

ADR

(China)

1,264,103

25,000

Trade

Desk,

Inc.

(The),

Class

A*

3,213,750

14,317,980

Consumer

Discretionary

–

8.4%

73,743

BYD

Co.

Ltd.,

Class

H

(China)

2,403,278

10,490

DoorDash,

Inc.,

Class

A*

1,893,235

2,039

MercadoLibre,

Inc.

(Brazil)*

4,047,762

41,033

Trip.com

Group

Ltd.

(China)*

2,681,378

1,008,837

Zomato

Ltd.

(India)*

3,340,175

14,365,828

Financials

–

3.1%

47,074

Fidelity

National

Information

Services,

Inc.

4,015,412

8,176

Jack

Henry

&

Associates,

Inc.

1,440,448

5,455,860

Health

Care

–

1.1%

14,383

Hoya

Corp.

(Japan)

1,844,502

Industrials

–

1.6%

132,259

Daifuku

Co.

Ltd.

(Japan)

2,744,957

Information

Technology

–

76.3%

65,540

Advantest

Corp.

(Japan)

3,595,896

11,817

Analog

Devices,

Inc.

2,576,697

20,980

AppLovin

Corp.,

Class

A*

7,065,015

4,014

Arista

Networks,

Inc.*

1,628,961

3,564

ASM

International

NV

(Netherlands)

1,925,062

114,216

ASMPT

Ltd.

(Hong

Kong)

1,133,860

15,921

Atlassian

Corp.,

Class

A*

4,196,457

13,368

Cadence

Design

Systems,

Inc.*

4,101,436

8,213

CDW

Corp.

1,444,913

197,760

Chroma

ATE,

Inc.

(Taiwan)

2,511,344

23,879

Coforge

Ltd.

(India)

2,454,658

12,573

Crowdstrike

Holdings,

Inc.,

Class

A*

4,349,881

34,356

Datadog,

Inc.,

Class

A*

5,247,879

248,421

Delta

Electronics,

Inc.

(Taiwan)

2,913,783

75,797

Dynatrace,

Inc.*

4,259,033

268,567

E

Ink

Holdings,

Inc.

(Taiwan)

2,323,287

13,553

Elastic

NV*

1,483,511

23,904

Entegris,

Inc.

2,524,979

210,402

Hamamatsu

Photonics

KK

(Japan)

2,490,893

6,778

HubSpot,

Inc.*

4,887,277

417,658

JCET

Group

Co.

Ltd.,

Class

A

(China)

2,245,374

70,861

Jentech

Precision

Industrial

Co.

Ltd.

(Taiwan)

3,021,349

600,229

King

Yuan

Electronics

Co.

Ltd.

(Taiwan)

2,337,499

5,193

KLA

Corp.

3,360,027

85,781

Klaviyo,

Inc.,

Class

A*

3,185,906

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Information

Technology

–

(continued)

77,525

Marvell

Technology,

Inc.

$

7,185,792

94,748

MediaTek,

Inc.

(Taiwan)

3,660,645

32,958

Micron

Technology,

Inc.

3,228,236

17,426

MKS

Instruments,

Inc.

1,980,291

12,602

Monday.com

Ltd.*

3,596,107

8,107

MongoDB,

Inc.*

2,614,426

9,542

Motorola

Solutions,

Inc.

4,768,137

109,765

Murata

Manufacturing

Co.

Ltd.

(Japan)

1,834,472

23,786

Persistent

Systems

Ltd.

(India)

1,662,462

55,008

Samsara,

Inc.,

Class

A*

2,942,378

22,437

Shopify,

Inc.,

Class

A

(Canada)*

2,593,717

145,619

Silergy

Corp.

(China)

1,889,555

22,666

SK

Hynix,

Inc.

(South

Korea)

2,597,967

17,206

Snowflake,

Inc.,

Class

A*

3,007,609

31,579

Tokyo

Seimitsu

Co.

Ltd.

(Japan)

1,513,294

5,370

Tyler

Technologies,

Inc.*

3,378,643

479,148

Venustech

Group,

Inc.,

Class

A

(China)

1,135,322

19,993

Zscaler,

Inc.*

4,130,354

130,984,384

TOTAL

COMMON

STOCKS

(Cost

$134,869,470)

169,713,511

Shares

Dividend

Rate

Value

aa

Investment

Company

–

1.5%

(b)

Goldman

Sachs

Financial

Square

Treasury

Obligations

Fund

–

Institutional

Shares

2,630,575

4.511%

2,630,575

(Cost

$2,630,575)

TOTAL

INVESTMENTS

–

100.3%

(Cost

$137,500,045)

$

172,344,086

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

–

(0.3)%

(569,549)

NET

ASSETS

–

100.0%

$

171,774,537

  a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

Exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

(b)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

ADR

—

American

Depositary

Receipt

Goldman

Sachs

Future

Thematic

Equity

ETFs

Schedule

of

Investments

November

30,

2024

(Unaudited)

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

Investment

Valuation

—

The

Funds’

valuation

policy

is

to

value

investments

at

fair

value.

Investments

and

Fair

Value

Measurements

—

U.S.

GAAP

defines

the

fair

value

of

a

financial

instrument

as

the

amount

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date

(i.e.,

the

exit

price);

the

Funds’

policy

is

to

use

the

market

approach.

GAAP

establishes

a

fair

value

hierarchy

that

prioritizes

the

inputs

to

valuation

techniques

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

The

level

in

the

fair

value

hierarchy

within

which

the

fair

value

measurement

in

its

entirety

falls

shall

be

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

The

levels

used

for

classifying

investments

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

these

investments.

The

three

levels

of

the

fair

value

hierarchy

are

described

below:

Level

1

—

Unadjusted

quoted

prices

in

active

markets

that

are

accessible

at

the

measurement

date

for

identical,

unrestricted

assets

or

liabilities;

Level

2

—

Quoted

prices

in

markets

that

are

not

active

or

financial

instruments

for

which

significant

inputs

are

observable

(including,

but

not

limited

to,

quoted

prices

for

similar

investments,

interest

rates,

foreign

exchange

rates,

volatility

and

credit

spreads),

either

directly

or

indirectly;

Level

3

—

Prices

or

valuations

that

require

significant

unobservable

inputs

(including

GSAM’s

assumptions

in

determining

fair

value

measurement).

The

Board

of

Trustees

(“Trustees”)

has

approved

Valuation

Procedures

that

govern

the

valuation

of

the

portfolio

investments

held

by

the

Funds,

including

investments

for

which

market

quotations

are

not

readily

available.

With

respect

to

the

Funds’

investments

that

do

not

have

readily

available

market

quotations,

the

Trustees

have

designated

GSAM

as

the

valuation

designee

to

perform

fair

valuations

pursuant

to

Rule

2a-5

under

the

Act

(the

“Valuation

Designee”).

GSAM

has

day-to-day

responsibility

for

implementing

and

maintaining

internal

controls

and

procedures

related

to

the

valuation

of

the

Funds’

investments.

To

assess

the

continuing

appropriateness

of

pricing

sources

and

methodologies,

GSAM

regularly

performs

price

verification

procedures

and

issues

challenges

as

necessary

to

third

party

pricing

vendors

or

brokers,

and

any

differences

are

reviewed

in

accordance

with

the

Valuation

Procedures.

A.

Level

1

and

Level

2

Fair

Value

Investments

—

The

valuation

techniques

and

significant

inputs

used

in

determining

the

fair

values

for

investments

classified

as

Level

1

and

Level

2

are

as

follows:

Equity

Securities

—

Equity

securities

traded

on

a

United

States

(“U.S.”)

securities

exchange

or

the

NASDAQ

system,

or

those

located

on

certain

foreign

exchanges,

including

but

not

limited

to

the

Americas,

are

valued

daily

at

their

last

sale

price

or

official

closing

price

on

the

principal

exchange

or

system

on

which

they

are

traded.

If

there

is

no

sale

or

official

closing

price

or

such

price

is

believed

by

GSAM

to

not

represent

fair

value,

equity

securities

will

be

valued

at

the

valid

closing

bid

price

for

long

positions

and

at

the

valid

closing

ask

price

for

short

positions

(i.e.

where

there

is

sufficient

volume,

during

normal

exchange

trading

hours).

If

no

valid

bid/ask

price

is

available,

the

equity

security

will

be

valued

pursuant

to

the

Valuation

Procedures

and

consistent

with

applicable

regulatory

guidance.

To

the

extent

these

investments

are

actively

traded,

they

are

classified

as

Level

1

of

the

fair

value

hierarchy,

otherwise

they

are

generally

classified

as

Level

2.

Certain

equity

securities

containing

unique

attributes

may

be

classified

as

Level

2.

Unlisted

equity

securities

for

which

market

quotations

are

available

are

valued

at

the

last

sale

price

on

the

valuation

date,

or

if

no

sale

occurs,

at

the

last

bid

price

for

long

positions

or

the

last

ask

price

for

short

positions,

and

are

generally

classified

as

Level

2.

Money

Market

Funds

—

Investments

in

the

Goldman

Sachs

Financial

Square

Treasury

Obligations

Fund

and

Goldman

Sachs

Financial

Square

Government

Fund

(“Underlying

Money

Market

Funds”)

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

Funds’

accounting

policies

and

investment

holdings,

please

see

the

Underlying

Money

Market

Funds’

shareholder

report.

Goldman

Sachs

Future

Thematic

Equity

ETFs

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

B.

Level

3

Fair

Value

Investments

—

To

the

extent

that

significant

inputs

to

valuation

models

and

other

alternative

pricing

sources

are

unobservable,

or

if

quotations

are

not

readily

available,

or

if

GSAM

believes

that

such

quotations

do

not

accurately

reflect

fair

value,

the

fair

value

of

a

Fund’s

investments

may

be

determined

under

the

Valuation

Procedures.

GSAM,

consistent

with

its

procedures

and

applicable

regulatory

guidance,

may

make

an

adjustment

to

the

most

recent

valuation

prices

of

either

domestic

or

foreign

securities

in

light

of

significant

events

to

reflect

what

it

believes

to

be

the

fair

value

of

the

securities

at

the

time

of

determining

a

Fund’s

NAV.

To

the

extent

investments

are

valued

using

single

source

broker

quotations

obtained

directly

from

the

broker

or

passed

through

from

third

party

pricing

vendors,

such

investments

are

classified

as

Level

3

investments.

C.

Fair

Value

Hierarchy

—

The

following

is

a

summary

of

the

Funds’

investments

classified

in

the

fair

value

hierarchy

as

of

November

30,

2024:

(a)

Future

Consumer

Equity

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Asia

$

5,727,368

$

—

$

—

Europe

3,259,126

—

—

North

America

25,752,143

—

—

South

America

349,390

—

—

Investment

Company

810,682

—

—

Total

$

35,898,709

$

—

$

—

€

1.00

€

1.00

€

1.00

(a)

Future

Health

Care

Equity

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Asia

$

645,996

$

—

$

—

Europe

2,843,294

—

—

North

America

18,309,986

—

—

Investment

Company

851,468

—

—

Total

$

22,650,744

$

—

$

—

€

1.00

€

1.00

€

1.00

(a)

Future

Planet

Equity

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Asia

$

5,600,080

$

—

$

—

Europe

14,840,473

—

—

North

America

21,658,855

—

—

Investment

Company

510,129

—

—

Securities

Lending

Reinvestment

Vehicle

62,160

—

—

Total

$

42,671,697

$

—

$

—

€

1.00

€

1.00

€

1.00

(a)

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Future

Thematic

Equity

ETFs

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

For

further

information

regarding

security

characteristics,

see

the

Schedules

of

Investments.

D.

Securities

Lending

—

The

Funds

may

lend

their

securities

through

a

securities

lending

agent,

the

Bank

of

New

York

Mellon

(“BNYM”),

to

certain

qualified

borrowers.

In

accordance

with

the

Funds’

securities

lending

procedures,

the

Funds

receive

cash

collateral

at

least

equal

to

the

market

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

business

of

the

Funds,

at

their

last

sale

price

or

official

closing

price

on

the

principal

exchange

or

system

on

which

they

are

traded,

and

any

additional

required

collateral

is

delivered

to

the

Funds

on

the

next

business

day.

As

with

other

extensions

of

credit,

the

Funds

may

experience

delay

in

the

recovery

of

their

securities

or

incur

a

loss

should

the

borrower

of

the

securities

breach

its

agreement

with

the

Funds

or

become

insolvent

at

a

time

when

the

collateral

is

insufficient

to

cover

the

cost

of

repurchasing

securities

on

loan.

Dividend

income

received

from

securities

on

loan

may

not

be

subject

to

withholding

taxes

and

therefore

withholding

taxes

paid

may

differ

from

the

amounts

listed

in

the

Statements

of

Operations.

Loans

of

securities

are

terminable

at

any

time

and

as

such

1)

the

remaining

contractual

maturities

of

the

outstanding

securities

lending

transactions

are

considered

to

be

overnight

and

continuous

and

2)

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

The

Funds

invest

the

cash

collateral

received

in

connection

with

securities

lending

transactions

in

the

Goldman

Sachs

Financial

Square

Government

Fund

(“Government

Money

Market

Fund”),

an

affiliated

series

of

the

Goldman

Sachs

Trust.

The

Government

Money

Market

Fund

is

registered

under

the

Act

as

an

open

end

investment

company,

is

subject

to

Rule

2a-7

under

the

Act,

and

is

managed

by

GSAM,

for

which

GSAM

may

receive

a

management

fee

of

up

to

0.16%

on

an

annualized

basis

of

the

average

daily

net

assets

of

the

Government

Money

Market

Fund.

Future

Real

Estate

and

Infrastructure

Equity

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Asia

$

238,182

$

—

$

—

Europe

3,650,553

—

—

North

America

11,522,278

—

—

Oceania

866,394

—

—

Investment

Company

155,802

—

—

Total

$

16,433,209

$

—

$

—

€

1.00

€

1.00

€

1.00

(a)

Future

Tech

Leaders

Equity

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Asia

$

56,704,511

$

—

$

—

Europe

4,134,395

—

—

North

America

104,826,843

—

—

South

America

4,047,762

—

—

Investment

Company

2,630,575

—

—

Total

$

172,344,086

$

—

$

—

€

1.00

€

1.00

€

1.00

(a)

Amounts

are

disclosed

by

continent

to

highlight

the

impact

of

time

zone

differences

between

local

market

close

and

the

calculation

of

NAV.

Security

valuations

are

based

on

the

principal

exchange

or

system

on

which

they

are

traded,

which

may

differ

from

country

of

domicile

noted

in

table.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Future

Thematic

Equity

ETFs

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

In

the

event

of

a

default

by

a

borrower

with

respect

to

any

loan,

BNYM

may

exercise

any

and

all

remedies

provided

under

the

applicable

borrower

agreement

to

make

the

Funds

whole.

These

remedies

include

purchasing

replacement

securities

by

applying

the

collateral

held

from

the

defaulting

broker

against

the

purchase

cost

of

the

replacement

securities.

If

BNYM

is

unable

to

purchase

replacement

securities,

BNYM

will

indemnify

the

Funds

by

paying

the

Funds

an

amount

equal

to

the

market

value

of

the

securities

loaned

minus

the

value

of

cash

collateral

received

from

the

borrower

for

the

loan,

subject

to

an

exclusion

for

any

shortfalls

resulting

from

a

loss

of

value

in

such

cash

collateral

due

to

reinvestment

risk.

The

Funds’

master

netting

agreements

with

certain

borrowers

provide

the

right,

in

the

event

of

a

default

(including

bankruptcy

or

insolvency),

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

However,

in

the

event

of

a

default

by

a

borrower,

a

resolution

authority

could

determine

that

such

rights

are

not

enforceable

due

to

the

restrictions

or

prohibitions

against

the

right

of

set-off

that

may

be

imposed

in

accordance

with

a

particular

jurisdiction’s

bankruptcy

or

insolvency

laws.

The

Funds’

loaned

securities

were

all

subject

to

enforceable

Securities

Lending

Agreements

and

the

value

of

the

collateral

was

at

least

equal

to

the

value

of

the

cash

received.

The

Funds’

risks

include,

but

are

not

limited

to,

the

following:

Foreign

and

Emerging

Countries

Risk

—

Investing

in

foreign

markets

may

involve

special

risks

and

considerations

not

typically

associated

with

investing

in

the

U.S.

Foreign

securities

may

be

subject

to

risk

of

loss

because

of

more

or

less

foreign

government

regulation;

less

public

information;

less

stringent

investor

protections;

less

stringent

accounting,

corporate

governance,

financial

reporting

and

disclosure

standards;

and

less

economic,

political

and

social

stability

in

the

countries

in

which

a

Fund

invests.

The

imposition

of

sanctions,

exchange

controls

(including

repatriation

restrictions),

confiscation

of

assets

and

property,

trade

restrictions

(including

tariffs)

and

other

government

restrictions

by

the

U.S.

or

other

governments,

or

from

problems

in

registration,

settlement

or

custody,

may

also

result

in

losses.

The

type

and

severity

of

sanctions

and

other

similar

measures,

including

counter

sanctions

and

other

retaliatory

actions,

that

may

be

imposed

could

vary

broadly

in

scope,

and

their

impact

is

impossible

to

predict.

For

example,

the

imposition

of

sanctions

and

other

similar

measures

could,

among

other

things,

cause

a

decline

in

the

value

and/or

liquidity

of

securities

issued

by

the

sanctioned

country

or

companies

located

in

or

economically

tied

to

the

sanctioned

country

and

increase

market

volatility

and

disruption

in

the

sanctioned

country

and

throughout

the

world.

Sanctions

and

other

similar

measures

could

limit

or

prevent

a

Fund

from

buying

and

selling

securities

(in

the

sanctioned

country

and

other

markets),

significantly

delay

or

prevent

the

settlement

of

securities

transactions,

and

significantly

impact

a

Fund’s

liquidity

and

performance.

Foreign

risk

also

involves

the

risk

of

negative

foreign

currency

exchange

rate

fluctuations,

which

may

cause

the

value

of

securities

denominated

in

such

foreign

currency

(or

other

instruments

through

which

a

Fund

has

exposure

to

foreign

currencies)

to

decline

in

value.

Currency

exchange

rates

may

fluctuate

significantly

over

short

periods

of

time.

To

the

extent

that

a

Fund

also

invests

in

securities

of

issuers

located

in,

or

economically

tied

to,

emerging

markets,

these

risks

may

be

more

pronounced.

Foreign

Custody

Risk

—

The

Funds

invest

in

foreign

securities,

and

as

such

the

Funds

may

hold

such

securities

and

cash

with

foreign

banks,

agents,

and

securities

depositories

appointed

by

a

Fund’s

custodian

(each

a

“Foreign

Custodian”).

Some

foreign

custodians

may

be

recently

organized

or

new

to

the

foreign

custody

business.

In

some

countries,

Foreign

Custodians

may

be

subject

to

little

or

no

regulatory

oversight

over,

or

independent

evaluation

of,

their

operations.

Further,

the

laws

of

certain

countries

may

place

limitations

on

a

Fund’s

ability

to

recover

its

assets

if

a

Foreign

Custodian

enters

bankruptcy.

Investments

in

emerging

markets

may

be

subject

to

even

greater

custody

risks

than

investments

in

more

developed

markets.

Custody

services

in

emerging

market

countries

are

very

often

undeveloped

and

may

be

considerably

less

well

regulated

than

in

more

developed

countries,

and

thus

may

not

afford

the

same

level

of

investor

protection

as

would

apply

in

developed

countries.

Geographic

Risk

—

If

a

Fund

focuses

its

investments

in

securities

of

issuers

located

in

a

particular

country

or

geographic

region,

the

Fund

may

be

subjected,

to

a

greater

extent

than

if

its

investments

were

less

focused,

to

the

risks

of

volatile

economic

cycles

and/

or

conditions

and

developments

that

may

be

particular

to

that

country

or

region,

such

as:

adverse

securities

markets;

adverse

exchange

rates;

adverse

social,

political,

regulatory,

economic,

business,

environmental

or

other

developments;

or

natural

disasters.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Future

Thematic

Equity

ETFs

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Investments

Style

Risk

—

Different

investment

styles

(e.g.,

growth,

value

or

quantitative)

tend

to

shift

in

and

out

of

favor

depending

upon

market

and

economic

conditions

and

investor

sentiment.

The

Fund

may

outperform

or

underperform

other

funds

that

invest

in

similar

asset

classes

but

employ

different

investment

styles.

Issuer

Concentration

Risk

—

The

Funds

may

invest

in

a

relatively

small

number

of

issuers.

As

a

result,

they

may

be

subject

to

greater

risks

than

a

fund

that

invests

in

a

greater

number

of

issuers.

A

change

in

the

value

of

any

single

investment

held

by

the

Funds

may

affect

the

overall

value

of

the

Funds

more

than

it

would

affect

a

mutual

fund

that

holds

more

investments.

In

particular,

the

Funds

may

be

more

susceptible

to

adverse

developments

affecting

any

single

issuer

in

the

Funds

and

may

be

susceptible

to

greater

losses

because

of

these

developments.

Large

Shareholder

Transactions

Risk

—

Certain

shareholders,

including

other

funds

advised

by

the

Investment

Adviser,

may

from

time

to

time

own

a

substantial

amount

of

the

Fund’s

Shares.

In

addition,

a

third

party

investor,

the

Investment

Adviser

or

an

affiliate

of

the

Investment

Adviser,

an

authorized

participant,

a

lead

market

maker,

or

another

entity

(i.e.,

a

seed

investor)

may

invest

in

the

Fund

and

hold

its

investment

solely

to

facilitate

commencement

of

the

Fund

or

to

facilitate

the

Fund’s

achieving

a

specified

size

or

scale.

Any

such

investment

may

be

held

for

a

limited

period

of

time.

There

can

be

no

assurance

that

any

large

shareholder

would

not

redeem

its

investment,

that

the

size

of

the

Fund

would

be

maintained

at

such

levels

or

that

the

Fund

would

continue

to

meet

applicable

listing

requirements.

Redemptions

by

large

shareholders

could

have

a

significant

negative

impact

on

the

Fund,

including

on

the

Fund’s

liquidity.

In

addition,

transactions

by

large

shareholders

may

account

for

a

large

percentage

of

the

trading

volume

on

NYSE

Arca

and

may,

therefore,

have

a

material

upward

or

downward

effect

on

the

market

price

of

the

Shares.

Market

and

Credit

Risks

—

In

the

normal

course

of

business,

a

Fund

trades

financial

instruments

and

enters

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk).

The

value

of

the

securities

in

which

a

Fund

invests

may

go

up

or

down

in

response

to

the

prospects

of

individual

companies,

particular

sectors

or

governments

and/or

general

economic

conditions

throughout

the

world

due

to

increasingly

interconnected

global

economies

and

financial

markets.

Events

such

as

war,

military

conflict,

acts

of

terrorism,

social

unrest,

natural

disasters,

recessions,

inflation,

rapid

interest

rate

changes,

supply

chain

disruptions,

sanctions,

the

spread

of

infectious

illness

or

other

public

health

threats

could

also

significantly

impact

a

Fund

and

its

investments.

Additionally,

a

Fund

may

also

be

exposed

to

credit

risk

in

the

event

that

an

issuer

or

guarantor

fails

to

perform

or

that

an

institution

or

entity

with

which

the

Fund

has

unsettled

or

open

transactions

defaults.

Market

Trading

Risk

—

Each

Fund

faces

numerous

market

trading

risks,

including

disruptions

to

creations

and

redemptions,

the

existence

of

extreme

market

volatility

or

potential

lack

of

an

active

trading

market

for

Shares.

If

a

shareholder

purchases

Shares

at

a

time

when

the

market

price

is

at

a

premium

to

the

NAV

or

sells

Shares

at

a

time

when

the

market

price

is

at

a

discount

to

the

NAV,

the

shareholder

may

pay

more

for,

or

receive

less

than,

the

underlying

value

of

the

Shares,

respectively.

The

Investment

Adviser

cannot

predict

whether

Shares

will

trade

below,

at

or

above

their

NAV.

Price

differences

may

be

due,

in

large

part,

to

the

fact

that

supply

and

demand

forces

at

work

in

the

secondary

trading

market

for

Shares

will

be

closely

related

to,

but

not

identical

to,

the

same

forces

influencing

the

prices

of

the

securities

of

a

Fund’s

Index

trading

individually

or

in

the

aggregate

at

any

point

in

time.

Mid-Cap

and

Small-Cap

Risk

—

Investments

in

mid-capitalization

and

small-capitalization

companies

involve

greater

risks

than

those

associated

with

larger,

more

established

companies.

These

securities

may

be

subject

to

more

abrupt

or

erratic

price

movements

and

may

lack

sufficient

market

liquidity,

and

these

issuers

often

face

greater

business

risks.

Non-Diversification

Risk

—

The

Funds

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.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Future

Thematic

Equity

ETFs

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Seed

Investor

Risk

—

GSAM

and/or

its

affiliates

may

make

payments

to

one

or

more

investors

that

contribute

seed

capital

to

the

Fund.

Such

payments

may

continue

for

a

specified

period

of

time

and/or

until

a

specified

dollar

amount

is

reached.

Those

payments

will

be

made

from

the

assets

of

GSAM

and/or

such

affiliates

(and

not

the

Fund).

There

is

a

risk

that

such

seed

investors

may

redeem

their

investments

in

the

Fund,

particularly

after

payments

from

GSAM

and/or

its

affiliates

have

ceased.

As

with

redemptions

by

other

large

shareholders,

such

redemptions

could

have

a

significant

negative

impact

on

the

Fund,

including

on

the

Fund’s

liquidity

and

the

market

price

of

the

Fund’s

Shares.

Thematic

Investing

Risk

—

The

Fund’s

thematic

investment

strategy

limits

the

universe

of

investment

opportunities

available

to

the

Fund

and

will

affect

the

Fund’s

exposure

to

certain

companies,

sectors,

regions,

and

countries,

which

may

result

in

the

Fund

forgoing

opportunities

to

buy

or

sell

certain

securities

when

it

might

otherwise

be

advantageous

to

do

so.

Adhering

to

the

Fund’s

thematic

investment

strategy

may

also

affect

the

Fund’s

performance

relative

to

similar

funds

that

do

not

seek

to

invest

in

companies

exposed

to

certain

themes.

There

is

no

guarantee

that

the

Investment

Adviser’s

views,

security

selection

criteria

or

investment

judgment

will

reflect

the

beliefs

or

values

of

any

particular

investor.

In

addition,

the

Investment

Adviser

is

not

required

to

monitor

on

an

ongoing

basis

whether

a

current

holding

continues

to

be

aligned

with

one

or

more

themes

or

otherwise

associated

with

certain

themes.

The

Fund

is

not

required

to

sell,

and

may

instead

add

to,

positions

in

holdings

that

no

longer

continue

to

be

aligned

with

one

or

more

of

the

Key

Themes

or

associated

with

these

themes.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)