NPORT-EX 2 752133GS033125.htm
Goldman Sachs Nasdaq-100 Core Premium Income ETF
Schedule of Investments
March 31, 2025 (Unaudited)
Shares
Description
Value
aa
Common Stocks – 99.2%
Communication Services – 15.5%
83,402
Alphabet, Inc., Class A
$
12,897,285
78,598
Alphabet, Inc., Class C
12,279,366
4,993
Charter Communications, Inc.,
Class A*
1,840,070
132,675
Comcast Corp., Class A
4,895,708
9,168
Electronic Arts, Inc.
1,324,959
31,312
Meta Platforms, Inc., Class A
18,046,984
15,048
Netflix, Inc.*
14,032,712
6,209
Take-Two Interactive Software,
Inc.*
1,286,815
40,164
T-Mobile US, Inc.
10,712,140
15,915
Trade Desk, Inc. (The), Class A*
870,869
86,353
Warner Bros Discovery, Inc.*
926,568
79,113,476
Consumer Discretionary – 13.7%
15,228
Airbnb, Inc., Class A*
1,819,137
151,530
Amazon.com, Inc.*
28,830,098
1,154
Booking Holdings, Inc.
5,316,374
13,877
DoorDash, Inc., Class A*
2,536,299
4,091
Lululemon Athletica, Inc.*
1,157,998
9,698
Marriott International, Inc.,
Class A
2,310,064
1,783
MercadoLibre, Inc. (Brazil)*
3,478,401
2,015
O'Reilly Automotive, Inc.*
2,886,649
23,496
PDD Holdings, Inc. ADR
(China)*
2,780,752
11,606
Ross Stores, Inc.
1,483,131
39,958
Starbucks Corp.
3,919,480
51,970
Tesla, Inc.*
13,468,545
69,986,928
Consumer Staples – 6.1%
16,215
Coca-Cola Europacific Partners
PLC (United Kingdom)
1,411,191
15,615
Costco Wholesale Corp.
14,768,355
47,727
Keurig Dr Pepper, Inc.
1,633,218
42,037
Kraft Heinz Co. (The)
1,279,186
45,503
Mondelez International, Inc.,
Class A
3,087,378
34,234
Monster Beverage Corp.*
2,003,374
48,246
PepsiCo, Inc.
7,234,005
31,416,707
Energy – 0.6%
34,830
Baker Hughes Co.
1,530,779
10,182
Diamondback Energy, Inc.
1,627,898
3,158,677
Financials – 0.4%
34,799
PayPal Holdings, Inc.*
2,270,635
Health Care – 5.8%
18,898
Amgen, Inc.
5,887,672
20,484
AstraZeneca PLC ADR (United
Kingdom)
1,505,574
5,142
Biogen, Inc.*
703,631
13,746
Dexcom, Inc.*
938,714
16,087
GE HealthCare Technologies,
Inc.
1,298,382
43,808
Gilead Sciences, Inc.
4,908,686
Shares
Description
Value
aa
Common Stocks – (continued)
Health Care – (continued)
2,837
IDEXX Laboratories, Inc.*
$
1,191,398
12,546
Intuitive Surgical, Inc.*
6,213,658
3,782
Regeneron Pharmaceuticals, Inc.
2,398,658
9,033
Vertex Pharmaceuticals, Inc.*
4,379,379
29,425,752
Industrials – 5.0%
14,313
Automatic Data Processing, Inc.
4,373,051
2,683
Axon Enterprise, Inc.*
1,411,124
14,196
Cintas Corp.
2,917,704
33,985
Copart, Inc.*
1,923,211
66,648
CSX Corp.
1,961,451
20,173
Fastenal Co.
1,564,416
22,863
Honeywell International, Inc.
4,841,240
7,477
Old Dominion Freight Line, Inc.
1,237,070
18,461
PACCAR, Inc.
1,797,547
12,666
Paychex, Inc.
1,954,110
4,935
Verisk Analytics, Inc.
1,468,755
25,449,679
Information Technology – 49.0%
15,299
Adobe, Inc.*
5,867,625
57,005
Advanced Micro Devices, Inc.*
5,856,694
17,447
Analog Devices, Inc.
3,518,537
3,083
ANSYS, Inc.*
975,954
214,791
Apple, Inc.
47,711,525
28,580
Applied Materials, Inc.
4,147,530
10,879
AppLovin Corp., Class A*
2,882,609
4,605
ARM Holdings PLC ADR*
491,768
3,177
ASML Holding NV
(Netherlands)
2,105,176
5,769
Atlassian Corp., Class A*
1,224,239
7,563
Autodesk, Inc.*
1,979,993
110,847
Broadcom, Inc.
18,559,113
9,642
Cadence Design Systems, Inc.*
2,452,250
4,661
CDW Corp.
746,972
139,947
Cisco Systems, Inc.
8,636,129
17,399
Cognizant Technology Solutions
Corp., Class A
1,331,024
8,226
Crowdstrike Holdings, Inc.,
Class A*
2,900,323
11,160
Datadog, Inc., Class A*
1,107,184
27,051
Fortinet, Inc.*
2,603,929
19,441
GLOBALFOUNDRIES, Inc.*
717,567
152,319
Intel Corp.
3,459,165
9,834
Intuit, Inc.
6,037,978
4,675
KLA Corp.
3,178,065
45,156
Lam Research Corp.
3,282,841
30,439
Marvell Technology, Inc.
1,874,129
18,919
Microchip Technology, Inc.
915,869
39,194
Micron Technology, Inc.
3,405,567
106,294
Microsoft Corp.
39,901,705
8,362
MicroStrategy, Inc., Class A*
2,410,514
2,613
MongoDB, Inc.*
458,320
348,881
NVIDIA Corp.
37,811,723
8,922
NXP Semiconductors NV
(China)
1,695,715
14,825
ON Semiconductor Corp.*
603,229
79,113
Palantir Technologies, Inc., Class
A*
6,677,137
Goldman Sachs Nasdaq-100 Core Premium Income ETF
Schedule of Investments
(continued)
March 31, 2025 (Unaudited)
Additional Investment Information 
**End swaps header**
Shares
Description
Value
aa
Common Stocks – (continued)
Information Technology – (continued)
23,291
Palo Alto Networks, Inc.*
$
3,974,376
38,907
QUALCOMM, Inc.
5,976,504
3,778
Roper Technologies, Inc.
2,227,433
5,439
Synopsys, Inc.*
2,332,515
32,023
Texas Instruments, Inc.
5,754,533
7,528
Workday, Inc., Class A*
1,758,014
5,398
Zscaler, Inc.*
1,071,071
250,622,544
Materials – 1.5%
16,636
Linde PLC
7,746,387
Real Estate – 0.2%
14,427
CoStar Group, Inc.*
1,143,051
Utilities – 1.4%
17,914
American Electric Power Co.,
Inc.
1,957,463
11,005
Constellation Energy Corp.
2,218,938
35,361
Exelon Corp.
1,629,435
20,211
Xcel Energy, Inc.
1,430,737
7,236,573
TOTAL COMMON STOCKS
(Cost $513,210,962)
507,570,409
Shares
Dividend Rate
Value
aa
Investment Company – 0.2%
(a)
Goldman Sachs Financial Square Treasury
Obligations Fund – Institutional Shares
935,079
4.236%
$
935,079
(Cost $935,079)
TOTAL INVESTMENTS – 99.4%
(Cost $514,146,041)
$
508,505,488
OTHER ASSETS IN EXCESS OF LIABILITIES
– 0.6%
3,217,403
NET ASSETS – 100.0%
$
511,722,891
  a
The percentage shown for each investment category reflects the
value of investments in that category as a percentage of net assets.
*
Non-income producing security.
(a)
Represents an affiliated issuer.
Investment Abbreviations:
ADR
—
American Depositary Receipt
PLC
—
Public Limited Company
WRITTEN
OPTIONS CONTRACTS
— At March 31, 2025, the Fund had the following written option contracts:
OVER-THE-COUNTER OPTIONS ON EQUITIES
Description
Counterparty
Exercise
Rate
Expiration
Date
Number of
Contracts
Notional Amount
Market
Value
Premiums Paid
(Received) by
the Fund
Unrealized
Appreciation/
(Depreciation)
Written Option Contracts:
Calls
Invesco QQQ
Trust Series
1
Morgan
Stanley and
Co.
$
486.00
04/28/2025
(275)
$
(13,365)
$
(129,107)
$
(309,856)
$
180,749
Invesco QQQ
Trust Series
1
Morgan
Stanley and
Co.
471.00
04/28/2025
(658)
(30,992)
(771,800)
(816,413)
44,613
Invesco QQQ
Trust Series
1
Morgan
Stanley and
Co.
481.00
04/18/2025
(780)
(37,518)
(406,378)
(832,065)
425,687
Invesco QQQ
Trust Series
1
Morgan
Stanley and
Co.
480.00
04/14/2025
(826)
(39,648)
(344,156)
(1,105,807)
761,651
Invesco QQQ
Trust Series
1
Morgan
Stanley and
Co.
494.00
04/07/2025
(753)
(37,198)
(19,353)
(975,700)
956,347
Total written option contracts
(3,292)
$
(158,721)
$
(1,670,794)
$
(4,039,841)
$
2,369,047
Goldman Sachs S&P 500 Core Premium Income ETF
Schedule of Investments
March 31, 2025 (Unaudited)
Shares
Description
Value
aa
Common Stocks – 99.5%
Communication Services – 9.2%
66,160
Alphabet, Inc., Class A
$
10,230,982
53,615
Alphabet, Inc., Class C
8,376,272
81,125
AT&T, Inc.
2,294,215
1,128
Charter Communications, Inc.,
Class A*
415,702
43,020
Comcast Corp., Class A
1,587,438
2,620
Electronic Arts, Inc.
378,642
2,559
Fox Corp., Class A
144,839
1,590
Fox Corp., Class B
83,809
4,141
Interpublic Group of Cos., Inc.
(The)
112,470
1,922
Live Nation Entertainment, Inc.*
250,975
2,749
Match Group, Inc.
85,769
24,832
Meta Platforms, Inc., Class A
14,312,171
4,859
Netflix, Inc.*
4,531,163
3,904
News Corp., Class A
106,267
924
News Corp., Class B
28,062
2,249
Omnicom Group, Inc.
186,465
6,780
Paramount Global, Class B
81,089
1,879
Take-Two Interactive Software,
Inc.*
389,423
718
TKO Group Holdings, Inc.
109,718
5,468
T-Mobile US, Inc.
1,458,370
47,401
Verizon Communications, Inc.
2,150,109
20,449
Walt Disney Co. (The)
2,018,316
25,473
Warner Bros Discovery, Inc.*
273,325
49,605,591
Consumer Discretionary – 10.3%
4,835
Airbnb, Inc., Class A*
577,589
106,998
Amazon.com, Inc.*
20,357,439
2,711
Aptiv PLC (Jersey)*
161,305
185
AutoZone, Inc.*
705,364
2,150
Best Buy Co., Inc.
158,261
369
Booking Holdings, Inc.
1,699,950
2,757
Caesars Entertainment, Inc.*
68,925
1,923
CarMax, Inc.*
149,840
12,284
Carnival Corp.*
239,907
15,192
Chipotle Mexican Grill, Inc.*
762,790
3,421
D.R. Horton, Inc.
434,912
1,309
Darden Restaurants, Inc.
271,958
1,722
Deckers Outdoor Corp.*
192,537
396
Domino's Pizza, Inc.
181,942
3,826
DoorDash, Inc., Class A*
699,278
5,238
eBay, Inc.
354,770
1,407
Expedia Group, Inc.
236,517
44,607
Ford Motor Co.
447,408
1,749
Garmin Ltd.
379,760
11,293
General Motors Co.
531,110
1,541
Genuine Parts Co.
183,595
1,495
Hasbro, Inc.
91,928
2,786
Hilton Worldwide Holdings, Inc.
633,954
11,388
Home Depot, Inc. (The)
4,173,588
3,744
Las Vegas Sands Corp.
144,631
2,786
Lennar Corp., Class A
319,777
2,923
LKQ Corp.
124,344
6,508
Lowe’s Cos., Inc.
1,517,861
1,252
Lululemon Athletica, Inc.*
354,391
2,610
Marriott International, Inc.,
Class A
621,702
Shares
Description
Value
aa
Common Stocks – (continued)
Consumer Discretionary – (continued)
8,167
McDonald's Corp.
$
2,551,126
3,030
MGM Resorts International*
89,809
641
Mohawk Industries, Inc.*
73,189
13,360
NIKE, Inc., Class B
848,093
5,589
Norwegian Cruise Line Holdings
Ltd.*
105,967
29
NVR, Inc.*
210,087
658
O'Reilly Automotive, Inc.*
942,638
398
Pool Corp.
126,703
2,399
PulteGroup, Inc.
246,617
485
Ralph Lauren Corp.
107,059
3,626
Ross Stores, Inc.
463,367
2,872
Royal Caribbean Cruises Ltd.
590,024
12,954
Starbucks Corp.
1,270,658
2,533
Tapestry, Inc.
178,349
31,746
Tesla, Inc.*
8,227,293
12,633
TJX Cos., Inc. (The)
1,538,699
6,003
Tractor Supply Co.
330,765
503
Ulta Beauty, Inc.*
184,370
1,381
Williams-Sonoma, Inc.
218,336
1,026
Wynn Resorts Ltd.
85,671
3,245
Yum! Brands, Inc.
510,633
55,676,786
Consumer Staples – 6.0%
19,176
Altria Group, Inc.
1,150,944
5,355
Archer-Daniels-Midland Co.
257,094
1,860
Brown-Forman Corp., Class B
63,128
1,497
Bunge Global SA
114,401
2,360
Church & Dwight Co., Inc.
259,812
1,452
Clorox Co. (The)
213,807
44,230
Coca-Cola Co. (The)
3,167,753
9,500
Colgate-Palmolive Co.
890,150
5,411
Conagra Brands, Inc.
144,311
1,770
Constellation Brands, Inc., Class
A
324,830
5,013
Costco Wholesale Corp.
4,741,195
2,416
Dollar General Corp.
212,439
2,157
Dollar Tree, Inc.*
161,926
2,731
Estee Lauder Cos., Inc. (The),
Class A
180,246
5,955
General Mills, Inc.
356,049
1,612
Hershey Co. (The)
275,700
2,744
Hormel Foods Corp.
84,899
1,208
J M Smucker Co. (The)
143,039
3,085
Kellanova
254,482
22,074
Kenvue, Inc.
529,335
13,871
Keurig Dr Pepper, Inc.
474,666
3,724
Kimberly-Clark Corp.
529,627
10,427
Kraft Heinz Co. (The)
317,294
7,301
Kroger Co. (The)
494,205
1,710
Lamb Weston Holdings, Inc.
91,143
2,759
McCormick & Co., Inc.
227,093
2,035
Molson Coors Beverage Co.,
Class B
123,871
14,579
Mondelez International, Inc.,
Class A
989,185
7,529
Monster Beverage Corp.*
440,597
15,662
PepsiCo, Inc.
2,348,360
17,728
Philip Morris International, Inc.
2,813,965
Goldman Sachs S&P 500 Core Premium Income ETF
Schedule of Investments
(continued)
March 31, 2025 (Unaudited)
Shares
Description
Value
aa
Common Stocks – (continued)
Consumer Staples – (continued)
26,449
Procter & Gamble Co. (The)
$
4,507,439
5,370
Sysco Corp.
402,965
5,142
Target Corp.
536,619
2,144
The Campbell's Company
85,589
2,925
Tyson Foods, Inc., Class A
186,644
7,996
Walgreens Boots Alliance, Inc.
89,315
49,307
Walmart, Inc.
4,328,662
32,512,779
Energy – 3.6%
4,239
APA Corp.
89,104
11,303
Baker Hughes Co.
496,767
18,970
Chevron Corp.
3,173,491
14,325
ConocoPhillips
1,504,411
8,261
Coterra Energy, Inc.
238,743
7,288
Devon Energy Corp.
272,571
2,073
Diamondback Energy, Inc.
331,431
6,212
EOG Resources, Inc.
796,627
6,906
EQT Corp.
368,988
2,443
Expand Energy Corp.
271,955
49,353
Exxon Mobil Corp.
5,869,552
9,395
Halliburton Co.
238,351
3,033
Hess Corp.
484,461
22,522
Kinder Morgan, Inc.
642,553
3,553
Marathon Petroleum Corp.
517,637
7,477
Occidental Petroleum Corp.
369,065
7,198
ONEOK, Inc.
714,186
4,678
Phillips 66
577,639
15,833
Schlumberger NV
661,819
2,662
Targa Resources Corp.
533,651
210
Texas Pacific Land Corp.
278,248
3,530
Valero Energy Corp.
466,207
14,140
Williams Cos., Inc. (The)
845,006
19,742,463
Financials – 14.6%
5,632
Aflac, Inc.
626,222
2,993
Allstate Corp. (The)
619,761
6,324
American Express Co.
1,701,472
6,967
American International Group,
Inc.
605,711
1,282
Ameriprise Financial, Inc.
620,629
2,493
Aon PLC, Class A
994,931
5,206
Apollo Global Management, Inc.
712,910
4,125
Arch Capital Group Ltd.
396,742
2,914
Arthur J Gallagher & Co.
1,006,029
599
Assurant, Inc.
125,640
75,911
Bank of America Corp.
3,167,766
9,689
Bank of New York Mellon Corp.
(The)
812,616
20,867
Berkshire Hathaway, Inc., Class
B*
11,113,347
1,786
Blackrock, Inc.
1,690,413
8,745
Blackstone, Inc.
1,222,376
2,599
Brown & Brown, Inc.
323,316
4,464
Capital One Financial Corp.
800,395
1,245
Cboe Global Markets, Inc.
281,731
19,939
Charles Schwab Corp. (The)
1,560,825
4,225
Chubb Ltd.
1,275,908
1,718
Cincinnati Financial Corp.
253,783
Shares
Description
Value
aa
Common Stocks – (continued)
Financials – (continued)
21,976
Citigroup, Inc.
$
1,560,076
5,350
Citizens Financial Group, Inc.
219,189
4,258
CME Group, Inc.
1,129,605
811
Corpay, Inc.*
282,812
2,914
Discover Financial Services
497,420
241
Erie Indemnity Co., Class A
100,991
496
Everest Group Ltd.
180,212
570
FactSet Research Systems, Inc.
259,145
5,858
Fidelity National Information
Services, Inc.
437,475
6,850
Fifth Third Bancorp
268,520
6,541
Fiserv, Inc.*
1,444,449
7,193
Franklin Resources, Inc.
138,465
2,847
Global Payments, Inc.
278,778
988
Globe Life, Inc.
130,139
3,240
Hartford Insurance Group, Inc.
(The)
400,885
16,508
Huntington Bancshares, Inc.
247,785
7,040
Intercontinental Exchange, Inc.
1,214,400
9,385
Invesco Ltd.
142,370
701
Jack Henry & Associates, Inc.
128,003
31,813
JPMorgan Chase & Co.
7,803,729
11,831
KeyCorp
189,178
8,174
KKR & Co., Inc.
944,996
1,965
Loews Corp.
180,603
1,790
M&T Bank Corp.
319,962
457
MarketAxess Holdings, Inc.
98,872
5,627
Marsh & McLennan Cos., Inc.
1,373,157
9,238
Mastercard, Inc., Class A
5,063,533
6,841
MetLife, Inc.
549,264
2,051
Moody's Corp.
955,130
15,283
Morgan Stanley
1,783,068
1,007
MSCI, Inc.
569,458
6,310
Nasdaq, Inc.
478,677
3,243
Northern Trust Corp.
319,922
11,333
PayPal Holdings, Inc.*
739,478
4,432
PNC Financial Services Group,
Inc. (The)
779,013
2,561
Principal Financial Group, Inc.
216,072
6,638
Progressive Corp. (The)
1,878,620
4,241
Prudential Financial, Inc.
473,635
2,566
Raymond James Financial, Inc.
356,443
9,335
Regions Financial Corp.
202,850
3,851
S&P Global, Inc.
1,956,693
4,624
State Street Corp.
413,987
4,757
Synchrony Financial
251,836
3,338
T. Rowe Price Group, Inc.
306,662
2,554
Travelers Cos., Inc. (The)
675,431
15,293
Truist Financial Corp.
629,307
17,564
US Bancorp
741,552
19,566
Visa, Inc., Class A
6,857,100
2,754
W R Berkley Corp.
195,975
37,519
Wells Fargo & Co.
2,693,489
1,089
Willis Towers Watson PLC
368,028
79,338,962
Health Care – 11.1%
19,644
Abbott Laboratories
2,605,777
20,062
AbbVie, Inc.
4,203,390
3,164
Agilent Technologies, Inc.
370,125
Goldman Sachs S&P 500 Core Premium Income ETF
Schedule of Investments
(continued)
March 31, 2025 (Unaudited)
Shares
Description
Value
aa
Common Stocks – (continued)
Health Care – (continued)
820
Align Technology, Inc.*
$
130,265
6,155
Amgen, Inc.
1,917,590
5,804
Baxter International, Inc.
198,671
3,253
Becton Dickinson & Co.
745,132
1,593
Biogen, Inc.*
217,986
1,642
Bio-Techne Corp.
96,270
16,913
Boston Scientific Corp.*
1,706,183
23,000
Bristol-Myers Squibb Co.
1,402,770
2,565
Cardinal Health, Inc.
353,380
1,965
Cencora, Inc.
546,447
5,591
Centene Corp.*
339,430
603
Charles River Laboratories
International, Inc.*
90,764
3,097
Cigna Group (The)
1,018,913
2,256
Cooper Cos., Inc. (The)*
190,294
14,361
CVS Health Corp.
972,958
7,248
Danaher Corp.
1,485,840
602
DaVita, Inc.*
92,088
4,379
Dexcom, Inc.*
299,042
6,641
Edwards Lifesciences Corp.*
481,340
2,620
Elevance Health, Inc.
1,139,595
8,951
Eli Lilly & Co.
7,392,720
5,243
GE HealthCare Technologies,
Inc.
423,163
14,151
Gilead Sciences, Inc.
1,585,620
2,066
HCA Healthcare, Inc.
713,906
1,430
Henry Schein, Inc.*
97,941
2,416
Hologic, Inc.*
149,236
1,363
Humana, Inc.
360,650
922
IDEXX Laboratories, Inc.*
387,194
1,710
Incyte Corp.*
103,540
819
Insulet Corp.*
215,078
4,081
Intuitive Surgical, Inc.*
2,021,197
1,931
IQVIA Holdings, Inc.*
340,435
27,154
Johnson & Johnson
4,503,219
975
Labcorp Holdings, Inc.
226,922
1,386
McKesson Corp.
932,764
14,618
Medtronic PLC
1,313,573
28,547
Merck & Co., Inc.
2,562,379
234
Mettler-Toledo International,
Inc.*
276,333
3,810
Moderna, Inc.*
108,014
627
Molina Healthcare, Inc.*
206,528
64,359
Pfizer, Inc.
1,630,857
1,300
Quest Diagnostics, Inc.
219,960
1,176
Regeneron Pharmaceuticals, Inc.
745,854
1,634
ResMed, Inc.
365,771
1,381
Revvity, Inc.
146,110
1,569
Solventum Corp.*
119,307
1,045
STERIS PLC
236,849
3,904
Stryker Corp.
1,453,264
4,347
Thermo Fisher Scientific, Inc.
2,163,067
10,443
UnitedHealth Group, Inc.
5,469,521
691
Universal Health Services, Inc.,
Class B
129,839
2,914
Vertex Pharmaceuticals, Inc.*
1,412,765
14,033
Viatris, Inc.
122,227
668
Waters Corp.*
246,205
786
West Pharmaceutical Services,
Inc.
175,970
Shares
Description
Value
aa
Common Stocks – (continued)
Health Care – (continued)
2,219
Zimmer Biomet Holdings, Inc.
$
251,146
5,003
Zoetis, Inc.
823,744
60,237,118
Industrials – 8.4%
6,204
3M Co.
911,119
942
A O Smith Corp.
61,569
936
Allegion PLC
122,111
2,512
AMETEK, Inc.
432,416
4,525
Automatic Data Processing, Inc.
1,382,523
833
Axon Enterprise, Inc.*
438,116
8,511
Boeing Co. (The)*
1,451,551
1,265
Broadridge Financial Solutions,
Inc.
306,712
1,332
Builders FirstSource, Inc.*
166,420
1,276
C.H. Robinson Worldwide, Inc.
130,662
9,398
Carrier Global Corp.
595,833
5,469
Caterpillar, Inc.
1,803,676
3,839
Cintas Corp.
789,030
9,713
Copart, Inc.*
549,659
22,227
CSX Corp.
654,141
1,550
Cummins, Inc.
485,832
1,751
Dayforce, Inc.*
102,136
2,912
Deere & Co.
1,366,747
7,261
Delta Air Lines, Inc.
316,580
1,516
Dover Corp.
266,331
4,549
Eaton Corp. PLC
1,236,555
6,422
Emerson Electric Co.
704,108
1,400
Equifax, Inc.
340,984
1,389
Expeditors International of
Washington, Inc.
167,027
6,178
Fastenal Co.
479,104
2,516
FedEx Corp.
613,351
3,787
Fortive Corp.
277,133
3,173
GE Vernova, Inc.
968,653
672
Generac Holdings, Inc.*
85,109
2,800
General Dynamics Corp.
763,224
12,264
General Electric Co.
2,454,640
7,358
Honeywell International, Inc.
1,558,057
4,748
Howmet Aerospace, Inc.
615,958
629
Hubbell, Inc.
208,142
419
Huntington Ingalls Industries,
Inc.
85,493
768
IDEX Corp.
138,985
2,935
Illinois Tool Works, Inc.
727,909
4,503
Ingersoll Rand, Inc.
360,375
843
J.B. Hunt Transport Services, Inc.
124,722
1,336
Jacobs Solutions, Inc.
161,509
7,685
Johnson Controls International
PLC
615,645
2,082
L3Harris Technologies, Inc.
435,783
1,476
Leidos Holdings, Inc.
199,171
356
Lennox International, Inc.
199,655
2,344
Lockheed Martin Corp.
1,047,088
2,453
Masco Corp.
170,582
548
Nordson Corp.
110,543
2,590
Norfolk Southern Corp.
613,442
1,544
Northrop Grumman Corp.
790,543
2,062
Old Dominion Freight Line, Inc.
341,158
4,505
Otis Worldwide Corp.
464,916
Goldman Sachs S&P 500 Core Premium Income ETF
Schedule of Investments
(continued)
March 31, 2025 (Unaudited)
Shares
Description
Value
aa
Common Stocks – (continued)
Industrials – (continued)
5,928
PACCAR, Inc.
$
577,209
1,478
Parker-Hannifin Corp.
898,402
3,455
Paychex, Inc.
533,037
491
Paycom Software, Inc.
107,274
1,868
Pentair PLC
163,413
1,731
Quanta Services, Inc.
439,986
2,255
Republic Services, Inc.
546,071
1,272
Rockwell Automation, Inc.
328,659
2,661
Rollins, Inc.
143,774
15,048
RTX Corp.
1,993,258
587
Snap-on, Inc.
197,825
6,566
Southwest Airlines Co.
220,486
1,653
Stanley Black & Decker, Inc.
127,083
2,013
Textron, Inc.
145,439
2,563
Trane Technologies PLC
863,526
679
TransDigm Group, Inc.
939,254
23,676
Uber Technologies, Inc.*
1,725,033
6,925
Union Pacific Corp.
1,635,962
3,894
United Airlines Holdings, Inc.*
268,881
8,280
United Parcel Service, Inc.,
Class B
910,717
795
United Rentals, Inc.
498,227
2,702
Veralto Corp.
263,310
1,667
Verisk Analytics, Inc.
496,133
476
W.W. Grainger, Inc.
470,207
4,220
Waste Management, Inc.
976,972
1,949
Westinghouse Air Brake
Technologies Corp.
353,451
2,629
Xylem, Inc.
314,060
45,530,377
Information Technology – 29.5%
7,051
Accenture PLC, Class A (Ireland)
2,200,194
4,922
Adobe, Inc.*
1,887,735
18,417
Advanced Micro Devices, Inc.*
1,892,163
1,681
Akamai Technologies, Inc.*
135,320
13,907
Amphenol Corp., Class A
912,160
5,624
Analog Devices, Inc.
1,134,192
938
ANSYS, Inc.*
296,933
170,398
Apple, Inc.
37,850,508
9,213
Applied Materials, Inc.
1,336,991
11,798
Arista Networks, Inc.*
914,109
2,431
Autodesk, Inc.*
636,436
53,214
Broadcom, Inc.
8,909,620
3,116
Cadence Design Systems, Inc.*
792,492
1,497
CDW Corp.
239,909
45,476
Cisco Systems, Inc.
2,806,324
5,437
Cognizant Technology Solutions
Corp., Class A
415,930
8,841
Corning, Inc.
404,741
2,785
Crowdstrike Holdings, Inc.,
Class A*
981,935
3,571
Dell Technologies, Inc., Class C
325,497
1,425
Enphase Energy, Inc.*
88,421
619
EPAM Systems, Inc.*
104,512
673
F5, Inc.*
179,200
280
Fair Isaac Corp.*
516,365
1,183
First Solar, Inc.*
149,567
7,152
Fortinet, Inc.*
688,451
857
Gartner, Inc.*
359,717
Shares
Description
Value
aa
Common Stocks – (continued)
Information Technology – (continued)
6,371
Gen Digital, Inc.
$
169,086
1,632
GoDaddy, Inc., Class A*
293,988
15,483
Hewlett Packard Enterprise Co.
238,903
10,228
HP, Inc.
283,213
49,322
Intel Corp.
1,120,103
10,514
International Business Machines
Corp.
2,614,411
3,174
Intuit, Inc.
1,948,804
1,265
Jabil, Inc.
172,129
3,332
Juniper Networks, Inc.
120,585
1,979
Keysight Technologies, Inc.*
296,395
1,505
KLA Corp.
1,023,099
14,558
Lam Research Corp.
1,058,367
6,068
Microchip Technology, Inc.
293,752
12,697
Micron Technology, Inc.
1,103,242
84,363
Microsoft Corp.
31,669,027
522
Monolithic Power Systems, Inc.
302,750
1,913
Motorola Solutions, Inc.
837,530
2,186
NetApp, Inc.
192,018
277,789
NVIDIA Corp.
30,106,772
2,886
NXP Semiconductors NV
(China)
548,513
4,756
ON Semiconductor Corp.*
193,522
18,534
Oracle Corp.
2,591,238
23,356
Palantir Technologies, Inc., Class
A*
1,971,246
7,535
Palo Alto Networks, Inc.*
1,285,772
1,290
PTC, Inc.*
199,885
12,555
QUALCOMM, Inc.
1,928,573
1,195
Roper Technologies, Inc.
704,548
10,860
Salesforce, Inc.
2,914,390
2,496
Seagate Technology Holdings
PLC
212,035
2,335
ServiceNow, Inc.*
1,858,987
1,763
Skyworks Solutions, Inc.
113,943
5,739
Super Micro Computer, Inc.*
196,503
1,768
Synopsys, Inc.*
758,207
3,294
TE Connectivity PLC
(Switzerland)
465,508
487
Teledyne Technologies, Inc.*
242,385
1,835
Teradyne, Inc.
151,571
10,322
Texas Instruments, Inc.
1,854,863
2,881
Trimble, Inc.*
189,138
445
Tyler Technologies, Inc.*
258,719
969
VeriSign, Inc.*
246,000
4,097
Western Digital Corp.*
165,642
2,390
Workday, Inc., Class A*
558,137
610
Zebra Technologies Corp., Class
A*
172,362
159,785,283
Materials – 2.0%
2,536
Air Products and Chemicals, Inc.
747,917
1,357
Albemarle Corp.
97,731
17,306
Amcor PLC
167,868
880
Avery Dennison Corp.
156,614
3,274
Ball Corp.
170,477
1,953
CF Industries Holdings, Inc.
152,627
7,671
Corteva, Inc.
482,736
7,923
Dow, Inc.
276,671
Goldman Sachs S&P 500 Core Premium Income ETF
Schedule of Investments
(continued)
March 31, 2025 (Unaudited)
Shares
Description
Value
aa
Common Stocks – (continued)
Materials – (continued)
4,730
DuPont de Nemours, Inc.
$
353,236
1,395
Eastman Chemical Co.
122,913
2,824
Ecolab, Inc.
715,941
16,395
Freeport-McMoRan, Inc.
620,715
2,829
International Flavors &
Fragrances, Inc.
219,559
6,107
International Paper Co.
325,809
5,414
Linde PLC
2,520,975
2,838
LyondellBasell Industries NV,
Class A
199,795
709
Martin Marietta Materials, Inc.
338,994
3,737
Mosaic Co. (The)
100,936
12,953
Newmont Corp.
625,371
2,695
Nucor Corp.
324,316
995
Packaging Corp. of America
197,030
2,581
PPG Industries, Inc.
282,232
2,665
Sherwin-Williams Co. (The)
930,591
5,675
Smurfit WestRock PLC
255,716
1,652
Steel Dynamics, Inc.
206,632
1,499
Vulcan Materials Co.
349,717
10,943,119
Real Estate – 2.3%
1,785
Alexandria Real Estate Equities,
Inc. REIT
165,130
5,465
American Tower Corp. REIT
1,189,184
1,533
AvalonBay Communities, Inc.
REIT
329,012
1,861
BXP, Inc. REIT
125,041
1,164
Camden Property Trust REIT
142,357
3,385
CBRE Group, Inc., Class A*
442,690
4,602
CoStar Group, Inc.*
364,616
5,095
Crown Castle, Inc. REIT
531,052
3,652
Digital Realty Trust, Inc. REIT
523,295
1,116
Equinix, Inc. REIT
909,931
3,649
Equity Residential REIT
261,195
771
Essex Property Trust, Inc. REIT
236,365
2,377
Extra Space Storage, Inc. REIT
352,961
790
Federal Realty Investment Trust
REIT
77,278
7,969
Healthpeak Properties, Inc. REIT
161,133
8,367
Host Hotels & Resorts, Inc.
REIT
118,895
6,190
Invitation Homes, Inc. REIT
215,722
3,415
Iron Mountain, Inc. REIT
293,827
8,144
Kimco Realty Corp. REIT
172,979
1,270
Mid-America Apartment
Communities, Inc. REIT
212,827
10,567
Prologis, Inc. REIT
1,181,285
1,746
Public Storage REIT
522,560
9,426
Realty Income Corp. REIT
546,802
1,554
Regency Centers Corp. REIT
114,623
1,319
SBA Communications Corp.
REIT
290,193
3,738
Simon Property Group, Inc.
REIT
620,807
3,323
UDR, Inc. REIT
150,100
4,856
Ventas, Inc. REIT
333,899
11,853
VICI Properties, Inc. REIT
386,645
6,911
Welltower, Inc. REIT
1,058,834
Shares
Description
Value
aa
Common Stocks – (continued)
Real Estate – (continued)
7,527
Weyerhaeuser Co. REIT
$
220,391
12,251,629
Utilities – 2.5%
8,380
AES Corp. (The)
104,080
2,951
Alliant Energy Corp.
189,897
3,024
Ameren Corp.
303,610
5,906
American Electric Power Co.,
Inc.
645,349
1,940
American Water Works Co., Inc.
286,189
1,592
Atmos Energy Corp.
246,091
7,447
CenterPoint Energy, Inc.
269,805
3,396
CMS Energy Corp.
255,074
3,766
Consolidated Edison, Inc.
416,482
3,578
Constellation Energy Corp.
721,432
9,380
Dominion Energy, Inc.
525,937
2,369
DTE Energy Co.
327,562
8,849
Duke Energy Corp.
1,079,313
4,478
Edison International
263,844
5,101
Entergy Corp.
436,084
2,974
Evergy, Inc.
205,057
3,838
Eversource Energy
238,378
11,637
Exelon Corp.
536,233
5,693
FirstEnergy Corp.
230,111
23,323
NextEra Energy, Inc.
1,653,367
6,091
NiSource, Inc.
244,188
2,409
NRG Energy, Inc.
229,963
25,229
PG&E Corp.
433,434
1,387
Pinnacle West Capital Corp.
132,112
7,647
PPL Corp.
276,133
5,794
Public Service Enterprise Group,
Inc.
476,846
7,581
Sempra
540,980
12,410
Southern Co. (The)
1,141,099
3,962
Vistra Corp.
465,297
3,587
WEC Energy Group, Inc.
390,911
6,529
Xcel Energy, Inc.
462,188
13,727,046
TOTAL COMMON STOCKS
(Cost $534,013,336)
539,351,153
Shares
Dividend Rate
Value
aa
Investment Company – 0.2%
(a)
Goldman Sachs Financial Square Treasury
Obligations Fund – Institutional Shares
1,214,075
4.236%
1,214,075
(Cost $1,214,075)
TOTAL INVESTMENTS – 99.7%
(Cost $535,227,411)
$
540,565,228
OTHER ASSETS IN EXCESS OF LIABILITIES
– 0.3%
1,808,808
NET ASSETS – 100.0%
$
542,374,036
  a
The percentage shown for each investment category reflects the
value of investments in that category as a percentage of net assets.
Goldman Sachs S&P 500 Core Premium Income ETF
Schedule of Investments
(continued)
March 31, 2025 (Unaudited)
Additional Investment Information 
**End swaps header**
*
Non-income producing security.
(a)
Represents an affiliated issuer.
Investment Abbreviations:
PLC
—
Public Limited Company
REIT
—
Real Estate Investment Trust
WRITTEN
OPTIONS CONTRACTS
— At March 31, 2025, the Fund had the following written option contracts:
OVER-THE-COUNTER OPTIONS ON EQUITIES
Description
Counterparty
Exercise
Rate
Expiration
Date
Number of
Contracts
Notional Amount
Market
Value
Premiums Paid
(Received) by
the Fund
Unrealized
Appreciation/
(Depreciation)
Written Option Contracts:
Calls
SPDR S&P 500
ETF Trust
Morgan
Stanley and
Co.
$
570.00
04/28/2025
(60)
$
(3,420)
$
(38,446)
$
(64,365)
$
25,919
SPDR S&P 500
ETF Trust
Morgan
Stanley and
Co.
558.00
04/28/2025
(549)
(30,634)
(720,824)
(634,507)
(86,317)
SPDR S&P 500
ETF Trust
Morgan
Stanley and
Co.
565.00
04/18/2025
(596)
(33,674)
(451,595)
(625,651)
174,056
SPDR S&P 500
ETF Trust
Morgan
Stanley and
Co.
563.00
04/14/2025
(839)
(47,236)
(573,781)
(961,284)
387,503
SPDR S&P 500
ETF Trust
Morgan
Stanley and
Co.
579.00
04/07/2025
(623)
(36,072)
(20,399)
(687,013)
666,614
Total written option contracts
(2,667)
$
(151,036)
$
(1,805,045)
$
(2,972,820)
$
1,167,775
Goldman Sachs Core Premium Income ETFs
Schedule of Investments
March 31, 2025 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS
Investment Valuation —
The Funds’ valuation policy is to value investments at fair value.
Investments and Fair Value Measurements —
U.S. GAAP defines the fair value of a financial instrument as the amount that would
be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement
date (i.e., the exit price); the Funds’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes
the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices
in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3
measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined
based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying
investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value
hierarchy are described below:
Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets
or liabilities;
Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable
(including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit
spreads), either directly or indirectly;
Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair
value measurement).
The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held
by the Funds, including investments for which market quotations are not readily available. With respect to the Funds’ investments
that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform
fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the “Valuation Designee”). GSAM has day-to-day
responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To
assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures
and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the
Valuation Procedures.
A. Level 1 and Level 2 Fair Value Investments —
The valuation techniques and significant inputs used in determining the fair values
for investments classified as Level 1 and Level 2 are as follows:
Equity Securities —
Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located
on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price
on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by
GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid
closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask
price is available, the equity security will be valued pursuant to the Valuation Procedures and consistent with applicable regulatory
guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they
are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.
Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no
sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2.
Goldman Sachs Core Premium Income ETFs
Schedule of Investments
(continued)
March 31, 2025 (Unaudited)
Derivative Contracts —
A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a
combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices,
and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For
financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any,
is reported separately on the Statement of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative
contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedule of Investments.
Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on
the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the last bid
price for long positions and the last ask price for short positions on the exchange where they are principally traded. Exchange traded
derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) and centrally cleared derivatives are
valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing
transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular
model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the
instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including
contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss
severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can
generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are
classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.
i. Options
—
When a Fund writes call or put options, an amount equal to the premium received is recorded as a liability and is
subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on swap contracts.
Upon the purchase of a call option or a put option by a Fund, the premium paid is recorded as an investment and subsequently
marked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to be determined on a
future date. The premiums for these options are based upon implied volatility parameters at specified terms.
Money Market Funds —
Investments in the Goldman Sachs Financial Square Treasury Obligations Fund (“Underlying Money
Market Fund”) are valued at the NAV per share of the Institutional Share class on the day of valuation. These investments are generally
classified as Level 1 of the fair value hierarchy. For information regarding the Underlying Money Market Fund’s accounting policies
and investment holdings, please see the Underlying Money Market Fund’s shareholder report.
B. Level 3 Fair Value Investments —
To the extent that significant inputs to valuation models and other alternative pricing sources are
unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value,
the fair value of a Fund’s investments may be determined under the Valuation Procedures. GSAM, consistent with its procedures and
applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in
light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. To
the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third
party pricing vendors, such investments are classified as Level 3 investments.
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
Goldman Sachs Core Premium Income ETFs
Schedule of Investments
(continued)
March 31, 2025 (Unaudited)
C. Fair Value Hierarchy —
The following is a summary of the Funds’ investments classified in the fair value hierarchy as of March
31, 2025:
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
(a)
Nasdaq-100 Core Premium Income ETF
Investment Type
Level 1
Level 2
Level 3
Assets
Common Stock and/or Other Equity Investments
(a)
Asia
$
4,476,467
$
—
$
—
Europe
5,021,941
—
—
North America
494,593,600
—
—
South America
3,478,401
—
—
Investment Company
935,079
—
—
Total
$
508,505,488
$
—
$
—
€
1.00
€
1.00
€
1.00
Derivative Type
Liabilities
Written Options Contracts
$
—
$
(1,670,794)
$
—
€
1.00
€
1.00
€
1.00
(a)
S&P 500 Core Premium Income ETF
Investment Type
Level 1
Level 2
Level 3
Assets
Common Stock and/or Other Equity Investments
(a)
Asia
$
548,513
$
—
$
—
Europe
2,827,007
—
—
North America
535,975,633
—
—
Investment Company
1,214,075
—
—
Securities Lending Reinvestment Vehicle
17,561
—
—
Total
$
540,582,789
$
—
$
—
€
1.00
€
1.00
€
1.00
Derivative Type
Liabilities
Written Options Contracts
$
—
$
(1,805,045)
$
—
€
1.00
€
1.00
€
1.00
(a)
Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are
based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table.
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
Goldman Sachs Core Premium Income ETFs
Schedule of Investments
(continued)
March 31, 2025 (Unaudited)
borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square
Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money
Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by
GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the
Government Money Market Fund.
In the event of a default by a borrower with respect to any loan, BNYM may exercise any and all remedies provided under the
applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the
collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase
replacement securities, BNYM will indemnify the Funds by paying the Funds an amount equal to the market value of the securities
loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting
from a loss of value in such cash collateral due to reinvestment risk. The Funds’ master netting agreements with certain borrowers
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:
FLEX Options Risk —
The Fund utilizes FLEX Options guaranteed for settlement by the Options Clearing Corporation (the “OCC”),
and bears the risk that the OCC will be unable or unwilling to perform its obligations under the FLEX Options contracts, which is a
form of counterparty risk. Additionally, FLEX Options may be less liquid than certain other securities, such as standardized options.
In a less liquid market, the Fund may have difficulty closing out certain FLEX Options positions at desired times and prices (and
may have to pay a premium or accept a discounted price). The Fund may experience substantial downside from certain FLEX Option
positions, and FLEX Option positions may expire worthless. The value of the FLEX Options will be affected by, among other things,
changes in the value of the Underlying Index, changes in interest rates, changes in the actual and implied volatility of the Underlying
Index and the remaining time until the FLEX Options expire. The value of FLEX Options does not increase or decrease at the same rate
as the level of the Underlying Index (although they generally move in the same direction).
Industry Concentration Risk —
Concentrating Fund investments in a limited number of issuers conducting business in the same
industry or group of industries will subject the Fund to a greater risk of loss as a result of adverse economic, business, political,
environmental or other developments than if its investments were diversified across different industries.
Large Shareholder Transactions Risk
—
Certain shareholders, including other funds advised by the Investment Adviser, may from
time to time own a substantial amount of the Fund’s Shares. In addition, a third party investor, the Investment Adviser or an affiliate
of the Investment Adviser, an authorized participant, a lead market maker, or another entity (i.e., a seed investor) may invest in the
Fund and hold its investment solely to facilitate commencement of the Fund or to facilitate the Fund’s achieving a specified size or
scale. Any such investment may be held for a limited period of time. There can be no assurance that any large shareholder would not
redeem its investment, that the size of the Fund would be maintained at such levels or that the Fund would continue to meet applicable
listing requirements. Redemptions by large shareholders could have a significant negative impact on the Fund, including on the Fund’s
liquidity. In addition, transactions by large shareholders may account for a large percentage of the trading volume on NASDAQ and
may, therefore, have a material upward or downward effect on the market price of the Shares.
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
Goldman Sachs Core Premium Income ETFs
Schedule of Investments
(continued)
March 31, 2025 (Unaudited)
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, geopolitical disputes, acts of terrorism,
social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other
restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more
such events and developments, could also significantly impact a Fund and its investments.
Market Trading Risk
—
Each Fund faces numerous market trading risks, including disruptions to creations and redemptions, the
existence of extreme market volatility or potential lack of an active trading market for Shares. If a shareholder purchases Shares at a
time when the market price is at a premium to the NAV or sells Shares at a time when the market price is at a discount to the NAV, the
shareholder may pay more for, or receive less than, the underlying value of the Shares, respectively. The Investment Adviser cannot
predict whether Shares will trade below, at or above their NAV. Price differences may be due, in large part, to the fact that supply
and demand forces at work in the secondary trading market for Shares will be closely related to, but not identical to, the same forces
influencing the prices of the securities of a Fund’s Index trading individually or in the aggregate at any point in time.
Non-Diversification Risk —
The Nasdaq-100 Core Premium Income ETF is non-diversified, meaning that it is permitted to invest a
larger percentage of its assets in one or more issuers or in fewer issuers than diversified funds. Thus, a Fund may be more susceptible
to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these
developments.
Option Writing Risk —
Writing (selling) options may limit the opportunity to profit from an increase or decrease in the market
value of a reference security in exchange for up-front cash (the premium) at the time of selling the option. In a sharp rising or falling
market, the Fund could significantly underperform the market or other portfolios without an option writing strategy. The Fund could
also experience a sudden, significant permanent loss due to dramatic movements in the market value of reference security, which may
far exceed the premiums received for writing the option. Such significant losses could cause significant deteriorations in the Fund’s
NAV. Furthermore, the premium received from the Fund’s option writing strategies may not fully protect it against market movements
because the Fund will continue to bear the risk of movements in the value of its portfolio investments.
Tracking Error/Index Risk —
Tracking error is the divergence of the Fund’s performance (without regard to the options overwrite
strategy) from that of the benchmark. The performance of the Fund’s equity investments may diverge from that of the benchmark
for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of
dividends, changes to the benchmark or the need to meet new or existing regulatory requirements. Unlike the Fund, the returns of the
benchmark are not reduced by investment and other operating expenses, including the trading costs associated with implementing
changes to its portfolio of investments. Tracking error risk may be heightened during times of market volatility or other unusual market
conditions. The Fund will be negatively affected by general declines in the securities and asset classes represented in the benchmark. In
addition, unless a specific security is removed from the benchmark, the Fund generally would not sell a security because the security’s
issuer was in financial trouble.
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)