GOLDMAN SACHS ACCESS EMERGING MARKETS USD BOND ETF
Schedule of Investments
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Sovereign Debt Obligations – 85.1% | ||||||||||||
| Angola – 1.7% | ||||||||||||
| Angolan Government International Bond (NR/B3) | ||||||||||||
| $ |
400,000 | 8.250 | % | 05/09/28 | $ 356,538 | |||||||
| 200,000 | 8.000 | 11/26/29 | 170,110 | |||||||||
| 400,000 | 9.375 | 05/08/48 | 307,000 | |||||||||
| 200,000 | 9.125 | 11/26/49 | 150,000 | |||||||||
|
| ||||||||||||
| 983,648 | ||||||||||||
|
| ||||||||||||
| Bahamas – 0.3% | ||||||||||||
| Bahamas Government International Bond (B+/B1) | ||||||||||||
| 200,000 | 8.950 | 10/15/32 | 164,500 | |||||||||
|
| ||||||||||||
| Bahrain – 2.9% | ||||||||||||
| Bahrain Government International Bond (B+/NR) | ||||||||||||
| 550,000 | 7.000 | 01/26/26 | 560,631 | |||||||||
| 225,000 | 7.375 | 05/14/30 | 227,605 | |||||||||
| 200,000 | 5.625 | 09/30/31 | 182,634 | |||||||||
| 225,000 | 5.625 | 05/18/34 | 192,372 | |||||||||
| 325,000 | 6.000 | 09/19/44 | 248,219 | |||||||||
| 200,000 | 7.500 | 09/20/47 | 174,969 | |||||||||
| 200,000 | 6.250 | 01/25/51 | 152,750 | |||||||||
|
| ||||||||||||
| 1,739,180 | ||||||||||||
|
| ||||||||||||
| Brazil – 2.5% | ||||||||||||
| Brazilian Government International Bond (NR/NR) | ||||||||||||
| 200,000 | 4.250 | 01/07/25 | 197,801 | |||||||||
| 779,000 | 6.000 | 10/20/33 | 769,286 | |||||||||
| 585,000 | 5.625 | 01/07/41 | 513,338 | |||||||||
|
| ||||||||||||
| 1,480,425 | ||||||||||||
|
| ||||||||||||
| Chile – 3.0% | ||||||||||||
| Chile Government International Bond (A/A2) | ||||||||||||
| 610,000 | 3.125 | 01/21/26 | 588,654 | |||||||||
| 400,000 | 3.240 | 02/06/28 | 380,883 | |||||||||
| 600,000 | 3.500 | 01/31/34 | 533,181 | |||||||||
| 200,000 | 4.000 | 01/31/52 | 162,351 | |||||||||
| 225,000 | 3.250 | 09/21/71 | 145,720 | |||||||||
|
| ||||||||||||
| 1,810,789 | ||||||||||||
|
| ||||||||||||
| China – 2.6% | ||||||||||||
| China Government International Bond (NR/NR) | ||||||||||||
| 200,000 | 0.750 | 10/26/24 | 189,751 | |||||||||
| 400,000 | 1.250 | 10/26/26 | 361,022 | |||||||||
| 200,000 | 3.500 | 10/19/28 | 196,658 | |||||||||
| 400,000 | 2.750 | 12/03/39 | 322,946 | |||||||||
| 250,000 | 4.000 | 10/19/48 | 234,621 | |||||||||
| 400,000 | 2.250 | 10/21/50 | 263,029 | |||||||||
|
| ||||||||||||
| 1,568,027 | ||||||||||||
|
| ||||||||||||
| Colombia – 4.9% | ||||||||||||
| Colombia Government International Bond (BB+/Baa2) | ||||||||||||
| 300,000 | 3.875 | 04/25/27 | 271,549 | |||||||||
| 460,000 | 3.000 | 01/30/30 | 355,586 | |||||||||
| 500,000 | 3.125 | 04/15/31 | 374,315 | |||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Sovereign Debt Obligations – (continued) | ||||||||||||
| Colombia – (continued) | ||||||||||||
| Colombia Government International Bond (BB+/Baa2) – (continued) | ||||||||||||
| $ |
250,000 | 3.250 | % | 04/22/32 | $ 182,056 | |||||||
| 580,000 | 7.375 | 09/18/37 | 543,628 | |||||||||
| 300,000 | 6.125 | 01/18/41 | 238,700 | |||||||||
| 275,000 | 5.625 | 02/26/44 | 200,593 | |||||||||
| 550,000 | 5.000 | 06/15/45 | 368,730 | |||||||||
| 400,000 | 5.200 | 05/15/49 | 270,281 | |||||||||
| 200,000 | 4.125 | 05/15/51 | 118,451 | |||||||||
|
| ||||||||||||
| 2,923,889 | ||||||||||||
|
| ||||||||||||
| Costa Rica – 1.4% | ||||||||||||
| Costa Rica Government International Bond (B+/B2) | ||||||||||||
| 450,000 | 6.125 | 02/19/31 | 452,812 | |||||||||
| 400,000 | 7.158 | 03/12/45 | 398,500 | |||||||||
|
| ||||||||||||
| 851,312 | ||||||||||||
|
| ||||||||||||
| Dominican Republic – 4.3% | ||||||||||||
| Dominican Republic International Bond (BB/Ba3) | ||||||||||||
| 200,000 | 5.500 | 01/27/25 | 198,500 | |||||||||
| 150,000 | 6.875 | 01/29/26 | 152,250 | |||||||||
| 450,000 | 5.950 | 01/25/27 | 442,688 | |||||||||
| 425,000 | 6.000 | 07/19/28 | 412,781 | |||||||||
| 225,000 | 4.500 | 01/30/30 | 195,469 | |||||||||
| 450,000 | 4.875 | 09/23/32 | 380,250 | |||||||||
| 175,000 | 7.450 | 04/30/44 | 168,875 | |||||||||
| 225,000 | 6.850 | 01/27/45 | 200,812 | |||||||||
| 200,000 | 6.400 | 06/05/49 | 167,000 | |||||||||
| 300,000 | 5.875 | 01/30/60 | 225,375 | |||||||||
|
| ||||||||||||
| 2,544,000 | ||||||||||||
|
| ||||||||||||
| Ecuador – 1.1% | ||||||||||||
| Ecuador Government International Bond (B-/NR) | ||||||||||||
| 450,000 | 5.500 | (a) | 07/31/30 | 222,187 | ||||||||
| 850,000 | 2.500 | (a) | 07/31/35 | 299,625 | ||||||||
| 450,000 | 1.500 | (a) | 07/31/40 | 142,313 | ||||||||
|
| ||||||||||||
| 664,125 | ||||||||||||
|
| ||||||||||||
| Egypt – 3.4% | ||||||||||||
| Egypt Government International Bond (B/NR) | ||||||||||||
| 300,000 | 5.750 | 05/29/24 | 269,867 | |||||||||
| 200,000 | 5.875 | 06/11/25 | 153,701 | |||||||||
| 200,000 | 3.875 | 02/16/26 | 134,986 | |||||||||
| 200,000 | 7.500 | 01/31/27 | 135,500 | |||||||||
| 300,000 | 5.800 | 09/30/27 | 187,231 | |||||||||
| 200,000 | 6.588 | 02/21/28 | 124,837 | |||||||||
| 350,000 | 7.625 | 05/29/32 | 194,143 | |||||||||
| 200,000 | 7.300 | 09/30/33 | 106,960 | |||||||||
| 125,000 | 6.875 | 04/30/40 | 64,687 | |||||||||
| 450,000 | 8.500 | 01/31/47 | 228,375 | |||||||||
| 200,000 | 7.903 | 02/21/48 | 98,750 | |||||||||
| 200,000 | 8.700 | 03/01/49 | 102,750 | |||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS EMERGING MARKETS USD BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Sovereign Debt Obligations – (continued) | ||||||||||||
| Egypt – (continued) | ||||||||||||
| Egypt Government International Bond (B/NR) – (continued) | ||||||||||||
| $ |
200,000 | 8.875 | % | 05/29/50 | $ 103,750 | |||||||
| 200,000 | 7.500 | 02/16/61 | 95,750 | |||||||||
|
| ||||||||||||
| 2,001,287 | ||||||||||||
|
| ||||||||||||
| Guatemala – 1.4% | ||||||||||||
| Guatemala Government Bond (BB/NR) | ||||||||||||
| 300,000 | 5.375 | 04/24/32 | 287,625 | |||||||||
| 425,000 | 3.700 | 10/07/33 | 346,906 | |||||||||
| 200,000 | 6.125 | 06/01/50 | 183,750 | |||||||||
|
| ||||||||||||
| 818,281 | ||||||||||||
|
| ||||||||||||
| Hungary – 3.0% | ||||||||||||
| Hungary Government International Bond (BBB-/Baa2) | ||||||||||||
| 400,000 | 5.375 | 03/25/24 | 400,232 | |||||||||
| 200,000 | 6.125 | 05/22/28 | 203,679 | |||||||||
| 200,000 | 5.250 | 06/16/29 | 193,883 | |||||||||
| 200,000 | 5.500 | 06/16/34 | 191,365 | |||||||||
| 550,000 | 7.625 | 03/29/41 | 611,825 | |||||||||
| 200,000 | 6.750 | 09/25/52 | 202,278 | |||||||||
|
| ||||||||||||
| 1,803,262 | ||||||||||||
|
| ||||||||||||
| Indonesia – 4.0% | ||||||||||||
| Indonesia Government International Bond (BBB/Baa2) | ||||||||||||
| 330,000 | 4.125 | 01/15/25 | 325,539 | |||||||||
| 200,000 | 3.850 | 07/18/27 | 193,745 | |||||||||
| 350,000 | 2.850 | 02/14/30 | 315,344 | |||||||||
| 400,000 | 4.650 | 09/20/32 | 397,451 | |||||||||
| 125,000 | 8.500 | 10/12/35 | 163,059 | |||||||||
| 325,000 | 7.750 | 01/17/38 | 408,752 | |||||||||
| 225,000 | 4.200 | 10/15/50 | 193,054 | |||||||||
| 275,000 | 3.050 | 03/12/51 | 200,408 | |||||||||
| 200,000 | 4.300 | 03/31/52 | 172,942 | |||||||||
|
| ||||||||||||
| 2,370,294 | ||||||||||||
|
| ||||||||||||
| Jamaica – 1.7% | ||||||||||||
| Jamaica Government International Bond (B+/B2) | ||||||||||||
| 400,000 | 6.750 | 04/28/28 | 423,000 | |||||||||
| 100,000 | 8.000 | 03/15/39 | 120,250 | |||||||||
| 400,000 | 7.875 | 07/28/45 | 465,500 | |||||||||
|
| ||||||||||||
| 1,008,750 | ||||||||||||
|
| ||||||||||||
| Jordan – 0.9% | ||||||||||||
| Jordan Government International Bond (B+/B1) | ||||||||||||
| 200,000 | 6.125 | 01/29/26 | 193,849 | |||||||||
| 350,000 | 5.850 | 07/07/30 | 314,134 | |||||||||
|
| ||||||||||||
| 507,983 | ||||||||||||
|
| ||||||||||||
| Kazakhstan – 1.0% | ||||||||||||
| Kazakhstan Government International Bond (BBB-/Baa2) | ||||||||||||
| 400,000 | 4.875 | 10/14/44 | 358,704 | |||||||||
| 225,000 | 6.500 | 07/21/45 | 234,052 | |||||||||
|
| ||||||||||||
| 592,756 | ||||||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Sovereign Debt Obligations – (continued) | ||||||||||||
| Kenya – 1.7% | ||||||||||||
| Republic of Kenya Government International Bond (B/NR) | ||||||||||||
| $ |
606,000 | 6.875 | % | 06/24/24 | $ 556,541 | |||||||
| 350,000 | 7.000 | 05/22/27 | 300,251 | |||||||||
| 200,000 | 8.250 | 02/28/48 | 147,250 | |||||||||
|
| ||||||||||||
| 1,004,042 | ||||||||||||
|
| ||||||||||||
| Kuwait – 0.7% | ||||||||||||
| Kuwait International Government Bond (A+/NR) | ||||||||||||
| 400,000 | 3.500 | 03/20/27 | 391,388 | |||||||||
|
| ||||||||||||
| Mexico – 3.2% | ||||||||||||
| Mexico Government International Bond (BBB/Baa2) | ||||||||||||
| 200,000 | 3.750 | 01/11/28 | 191,319 | |||||||||
| 325,000 | 4.500 | 04/22/29 | 316,754 | |||||||||
| 600,000 | 4.875 | 05/19/33 | 575,224 | |||||||||
| 50,000 | 6.050 | 01/11/40 | 50,804 | |||||||||
| 150,000 | 5.550 | 01/21/45 | 142,170 | |||||||||
| 200,000 | 6.338 | 05/04/53 | 202,606 | |||||||||
| Mexico Government International Bond, MTN (BBB/Baa2) | ||||||||||||
| 50,000 | 8.300 | 08/15/31 | 59,251 | |||||||||
| 175,000 | 7.500 | 04/08/33 | 201,980 | |||||||||
| 150,000 | 4.750 | 03/08/44 | 127,594 | |||||||||
|
| ||||||||||||
| 1,867,702 | ||||||||||||
|
| ||||||||||||
| Mongolia – 0.3% | ||||||||||||
| Mongolia Government International Bond (B/B3) | ||||||||||||
| 200,000 | 5.125 | 04/07/26 | 178,750 | |||||||||
|
| ||||||||||||
| Morocco – 0.4% | ||||||||||||
| Morocco Government International Bond (BB+/NR) | ||||||||||||
| 350,000 | 4.000 | 12/15/50 | 233,188 | |||||||||
|
| ||||||||||||
| Nigeria – 2.2% | ||||||||||||
| Nigeria Government International Bond (B-/Caa1) | ||||||||||||
| 200,000 | 6.500 | 11/28/27 | 169,750 | |||||||||
| 249,000 | 6.125 | 09/28/28 | 200,780 | |||||||||
| 200,000 | 8.747 | 01/21/31 | 167,655 | |||||||||
| 275,000 | 7.875 | 02/16/32 | 216,472 | |||||||||
| 200,000 | 7.375 | 09/28/33 | 147,718 | |||||||||
| 200,000 | 7.696 | 02/23/38 | 138,513 | |||||||||
| 200,000 | 7.625 | 11/28/47 | 131,750 | |||||||||
| 200,000 | 8.250 | 09/28/51 | 135,440 | |||||||||
|
| ||||||||||||
| 1,308,078 | ||||||||||||
|
| ||||||||||||
| Panama – 4.5% | ||||||||||||
| Panama Government International Bond (BBB/Baa2) | ||||||||||||
| 225,000 | 3.750 | 03/16/25 | 219,937 | |||||||||
| 260,000 | 8.875 | 09/30/27 | 302,900 | |||||||||
| 200,000 | 3.875 | 03/17/28 | 191,500 | |||||||||
| 50,000 | 9.375 | 04/01/29 | 61,000 | |||||||||
| 410,000 | 3.160 | 01/23/30 | 362,338 | |||||||||
| 400,000 | 2.252 | 09/29/32 | 309,000 | |||||||||
| 150,000 | 6.700 | 01/26/36 | 160,875 | |||||||||
| 250,000 | 4.500 | 04/16/50 | 192,500 | |||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS EMERGING MARKETS USD BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Sovereign Debt Obligations – (continued) | ||||||||||||
| Panama – (continued) | ||||||||||||
| Panama Government International Bond (BBB/Baa2) – (continued) | ||||||||||||
| $ |
200,000 | 4.300 | % | 04/29/53 | $ 146,750 | |||||||
| 200,000 | 6.853 | 03/28/54 | 206,000 | |||||||||
| 275,000 | 4.500 | 04/01/56 | 205,563 | |||||||||
| 245,000 | 3.870 | 07/23/60 | 161,087 | |||||||||
| 200,000 | 4.500 | 01/19/63 | 145,000 | |||||||||
|
| ||||||||||||
| 2,664,450 | ||||||||||||
|
| ||||||||||||
| Paraguay – 1.1% | ||||||||||||
| Paraguay Government International Bond (BB/Ba1) | ||||||||||||
| 100,000 | 5.000 | 04/15/26 | 98,461 | |||||||||
| 200,000 | 4.950 | 04/28/31 | 192,500 | |||||||||
| 425,000 | 5.400 | 03/30/50 | 355,938 | |||||||||
|
| ||||||||||||
| 646,899 | ||||||||||||
|
| ||||||||||||
| Peru – 4.0% | ||||||||||||
| Peruvian Government International Bond (BBB/Baa1) | ||||||||||||
| 610,000 | 2.392 | 01/23/26 | 572,223 | |||||||||
| 200,000 | 4.125 | 08/25/27 | 196,313 | |||||||||
| 350,000 | 2.783 | 01/23/31 | 299,404 | |||||||||
| 100,000 | 1.862 | 12/01/32 | 76,002 | |||||||||
| 200,000 | 8.750 | 11/21/33 | 253,185 | |||||||||
| 150,000 | 3.000 | 01/15/34 | 122,518 | |||||||||
| 75,000 | 6.550 | 03/14/37 | 82,554 | |||||||||
| 450,000 | 5.625 | 11/18/50 | 453,477 | |||||||||
| 150,000 | 3.550 | 03/10/51 | 108,923 | |||||||||
| 340,000 | 2.780 | 12/01/60 | 198,840 | |||||||||
| 60,000 | 3.600 | 01/15/72 | 39,173 | |||||||||
|
| ||||||||||||
| 2,402,612 | ||||||||||||
|
| ||||||||||||
| Philippines – 2.4% | ||||||||||||
| Philippine Government International Bond (BBB+/Baa2) | ||||||||||||
| 200,000 | 6.375 | 10/23/34 | 225,420 | |||||||||
| 200,000 | 3.700 | 03/01/41 | 165,635 | |||||||||
| 200,000 | 3.700 | 02/02/42 | 164,960 | |||||||||
| 480,000 | 2.950 | 05/05/45 | 344,876 | |||||||||
| 450,000 | 2.650 | 12/10/45 | 305,943 | |||||||||
| 283,000 | 3.200 | 07/06/46 | 210,516 | |||||||||
|
| ||||||||||||
| 1,417,350 | ||||||||||||
|
| ||||||||||||
| Poland – 1.7% | ||||||||||||
| Republic of Poland Government International Bond (A-/A2) | ||||||||||||
| 1,000,000 | 5.500 | 11/16/27 | 1,036,332 | |||||||||
|
| ||||||||||||
| Qatar – 2.8% | ||||||||||||
| Qatar Government International Bond (AA/Aa3) | ||||||||||||
| 200,000 | 3.400 | 04/16/25 | 195,423 | |||||||||
| 350,000 | 3.750 | 04/16/30 | 340,373 | |||||||||
| 200,000 | 4.625 | 06/02/46 | 190,146 | |||||||||
| 220,000 | 5.103 | 04/23/48 | 218,592 | |||||||||
| 350,000 | 4.817 | 03/14/49 | 334,056 | |||||||||
| 400,000 | 4.400 | 04/16/50 | 362,088 | |||||||||
|
| ||||||||||||
| 1,640,678 | ||||||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Sovereign Debt Obligations – (continued) | ||||||||||||
| Romania – 2.6% | ||||||||||||
| Romanian Government International Bond (BBB-/Baa3) | ||||||||||||
| $ |
460,000 | 5.250 | % | 11/25/27 | $ 453,049 | |||||||
| 170,000 | 3.000 | 02/14/31 | 140,410 | |||||||||
| 250,000 | 3.625 | 03/27/32 | 210,734 | |||||||||
| 300,000 | 7.125 | 01/17/33 | 316,334 | |||||||||
| 180,000 | 6.125 | 01/22/44 | 168,542 | |||||||||
| 280,000 | 5.125 | 06/15/48 | 229,343 | |||||||||
|
| ||||||||||||
| 1,518,412 | ||||||||||||
|
| ||||||||||||
| Saudi Arabia – 3.9% | ||||||||||||
| Saudi Government International Bond (NR/NR) | ||||||||||||
| 502,000 | 2.900 | 10/22/25 | 481,952 | |||||||||
| 400,000 | 2.500 | 02/03/27 | 373,596 | |||||||||
| 225,000 | 4.375 | 04/16/29 | 222,239 | |||||||||
| 225,000 | 4.500 | 04/17/30 | 222,899 | |||||||||
| 400,000 | 3.250 | 10/22/30 | 366,392 | |||||||||
| 350,000 | 4.500 | 10/26/46 | 306,383 | |||||||||
| 200,000 | 4.625 | 10/04/47 | 176,413 | |||||||||
| 200,000 | 4.500 | 04/22/60 | 173,262 | |||||||||
|
| ||||||||||||
| 2,323,136 | ||||||||||||
|
| ||||||||||||
| Senegal – 0.2% | ||||||||||||
| Senegal Government International Bond (B+/Ba3) | ||||||||||||
| 200,000 | 6.750 | 03/13/48 | 133,000 | |||||||||
|
| ||||||||||||
| South Africa – 3.6% | ||||||||||||
| Republic of South Africa Government International Bond (BB-/Ba2) | ||||||||||||
| 350,000 | 5.875 | 09/16/25 | 345,734 | |||||||||
| 335,000 | 4.850 | 09/27/27 | 309,501 | |||||||||
| 350,000 | 4.300 | 10/12/28 | 302,048 | |||||||||
| 350,000 | 5.875 | 06/22/30 | 315,886 | |||||||||
| 200,000 | 5.375 | 07/24/44 | 136,328 | |||||||||
| 600,000 | 5.750 | 09/30/49 | 406,767 | |||||||||
| 400,000 | 7.300 | 04/20/52 | 321,330 | |||||||||
|
| ||||||||||||
| 2,137,594 | ||||||||||||
|
| ||||||||||||
| Trinidad and Tobago – 0.3% | ||||||||||||
| Trinidad & Tobago Government International Bond (NR/NR) | ||||||||||||
| 200,000 | 4.500 | 08/04/26 | 195,500 | |||||||||
|
| ||||||||||||
| Turkey – 4.9% | ||||||||||||
| Turkey Government International Bond (NR/B3) | ||||||||||||
| 325,000 | 6.350 | 08/10/24 | 314,381 | |||||||||
| 525,000 | 5.600 | 11/14/24 | 498,109 | |||||||||
| 350,000 | 7.375 | 02/05/25 | 338,707 | |||||||||
| 330,000 | 4.250 | 03/13/25 | 302,451 | |||||||||
| 525,000 | 4.875 | 10/09/26 | 457,772 | |||||||||
| 100,000 | 11.875 | 01/15/30 | 111,125 | |||||||||
| 362,000 | 6.875 | 03/17/36 | 293,131 | |||||||||
| 200,000 | 6.000 | 01/14/41 | 140,908 | |||||||||
| 725,000 | 5.750 | 05/11/47 | 477,594 | |||||||||
|
| ||||||||||||
| 2,934,178 | ||||||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS EMERGING MARKETS USD BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Sovereign Debt Obligations – (continued) | ||||||||||||
| United Arab Emirates – 1.2% | ||||||||||||
| UAE Government International Bond (NR/Aa2) | ||||||||||||
| $ |
350,000 | 2.000 | % | 10/19/31 | $ 297,266 | |||||||
| 200,000 | 2.875 | 10/19/41 | 154,434 | |||||||||
| 375,000 | 3.250 | 10/19/61 | 269,721 | |||||||||
|
| ||||||||||||
| 721,421 | ||||||||||||
|
| ||||||||||||
| Uruguay – 3.3% | ||||||||||||
| Uruguay Government International Bond (BBB+/Baa2) | ||||||||||||
| 150,000 | 4.375 | 10/27/27 | 150,563 | |||||||||
| 408,000 | 4.375 | 01/23/31 | 408,000 | |||||||||
| 50,000 | 7.875 | 01/15/33 | 62,375 | |||||||||
| 200,000 | 5.750 | 10/28/34 | 219,500 | |||||||||
| 200,000 | 7.625 | 03/21/36 | 249,500 | |||||||||
| 200,000 | 4.125 | 11/20/45 | 181,000 | |||||||||
| 450,000 | 5.100 | 06/18/50 | 443,531 | |||||||||
| 240,000 | 4.975 | 04/20/55 | 232,500 | |||||||||
|
| ||||||||||||
| 1,946,969 | ||||||||||||
|
| ||||||||||||
| TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $53,907,464) |
$50,534,187 | |||||||||||
|
| ||||||||||||
| Corporate Obligations – 13.0% | ||||||||||||
| Brazil – 1.0% | ||||||||||||
| Petrobras Global Finance BV (BB-/Ba1) | ||||||||||||
| $ |
200,000 | 7.375 | % | 01/17/27 | $ 209,250 | |||||||
| 200,000 | 5.999 | 01/27/28 | 200,250 | |||||||||
| 209,000 | 6.850 | 06/05/15 | 179,217 | |||||||||
|
| ||||||||||||
| 588,717 | ||||||||||||
|
| ||||||||||||
| Chile – 2.0% | ||||||||||||
| Corp. Nacional del Cobre de Chile (A/A3) | ||||||||||||
| 200,000 | 3.625 | 08/01/27 | 189,513 | |||||||||
| 200,000 | 3.000 | 09/30/29 | 176,937 | |||||||||
| 200,000 | 3.150 | 01/14/30 | 177,438 | |||||||||
| 400,000 | 4.500 | 08/01/47 | 334,292 | |||||||||
| 200,000 | 3.700 | 01/30/50 | 147,500 | |||||||||
| Empresa de Transporte de Pasajeros Metro SA (NR/NR) | ||||||||||||
| 200,000 | 4.700 | 05/07/50 | 166,686 | |||||||||
|
| ||||||||||||
| 1,192,366 | ||||||||||||
|
| ||||||||||||
| China – 1.2% | ||||||||||||
| China Development Bank, Series EMTN (A+/A1) | ||||||||||||
| 200,000 | 3.000 | 06/01/26 | 190,810 | |||||||||
| China Development Bank Financial Leasing Co. Ltd.(b) (BBB+/NR) (US 5 Year CMT T-Note + 2.750%) | ||||||||||||
| 200,000 | 2.875 | 09/28/30 | 187,590 | |||||||||
| Export-Import Bank of China (The) (A+/A1) | ||||||||||||
| 350,000 | 3.625 | 07/31/24 | 344,060 | |||||||||
|
| ||||||||||||
| 722,460 | ||||||||||||
|
| ||||||||||||
| India – 2.8% | ||||||||||||
| Export-Import Bank of India (BBB-/Baa3) | ||||||||||||
| 200,000 | 3.375 | 08/05/26 | 188,524 | |||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| India – (continued) | ||||||||||||
| Export-Import Bank of India (BBB-/Baa3) – (continued) | ||||||||||||
| $ |
200,000 | 3.875 | % | 02/01/28 | $ 189,640 | |||||||
| 250,000 | 3.250 | 01/15/30 | 222,881 | |||||||||
| Export-Import Bank of India, GMTN (NR/Baa3) | ||||||||||||
| 275,000 | 3.875 | 03/12/24 | 271,593 | |||||||||
| Indian Railway Finance Corp Ltd. (BBB-/Baa3) | ||||||||||||
| 350,000 | 2.800 | 02/10/31 | 294,325 | |||||||||
| 200,000 | 3.570 | 01/21/32 | 176,198 | |||||||||
| REC Ltd. (NR/Baa3) | ||||||||||||
| 303,000 | 5.625 | 04/11/28 | 303,920 | |||||||||
|
| ||||||||||||
| 1,647,081 | ||||||||||||
|
| ||||||||||||
| Indonesia – 1.5% | ||||||||||||
| Pertamina Persero PT (NR/Baa2) | ||||||||||||
| 757,000 | 3.100 | 08/27/30 | 668,999 | |||||||||
| 200,000 | 6.450 | 05/30/44 | 207,500 | |||||||||
|
| ||||||||||||
| 876,499 | ||||||||||||
|
| ||||||||||||
| Mexico – 2.0% | ||||||||||||
| Petroleos Mexicanos (BBB/B1) | ||||||||||||
| 100,000 | 6.875 | 10/16/25 | 95,947 | |||||||||
| 200,000 | 4.500 | 01/23/26 | 177,234 | |||||||||
| 180,000 | 6.500 | 03/13/27 | 155,698 | |||||||||
| 25,000 | 5.350 | 02/12/28 | 20,213 | |||||||||
| 50,000 | 6.500 | 01/23/29 | 41,090 | |||||||||
| 100,000 | 6.840 | 01/23/30 | 77,850 | |||||||||
| 250,000 | 5.950 | 01/28/31 | 179,687 | |||||||||
| 25,000 | 6.625 | 06/15/35 | 16,934 | |||||||||
| 25,000 | 6.500 | 06/02/41 | 15,510 | |||||||||
| 50,000 | 5.625 | 01/23/46 | 27,493 | |||||||||
| 428,000 | 6.750 | 09/21/47 | 258,402 | |||||||||
| 75,000 | 7.690 | 01/23/50 | 48,531 | |||||||||
| 100,000 | 6.950 | 01/28/60 | 59,622 | |||||||||
|
| ||||||||||||
| 1,174,211 | ||||||||||||
|
| ||||||||||||
| Peru – 0.2% | ||||||||||||
| Petroleos del Peru SA (BB/NR) | ||||||||||||
| 200,000 | 5.625 | 06/19/47 | 123,000 | |||||||||
|
| ||||||||||||
| Philippines – 0.3% | ||||||||||||
| Power Sector Assets & Liabilities Management Corp. (BBB+/Baa2) | ||||||||||||
| 200,000 | 7.390 | 12/02/24 | 208,000 | |||||||||
|
| ||||||||||||
| Qatar – 0.8% | ||||||||||||
| QatarEnergy (NR/NR) | ||||||||||||
| 309,000 | 2.250 | 07/12/31 | 260,357 | |||||||||
| 300,000 | 3.300 | 07/12/51 | 215,800 | |||||||||
|
| ||||||||||||
| 476,157 | ||||||||||||
|
| ||||||||||||
| Saudi Arabia – 0.9% | ||||||||||||
| Saudi Arabian Oil Co. (NR/A1) | ||||||||||||
| 375,000 | 3.500 | 04/16/29 | 349,414 | |||||||||
| 200,000 | 4.250 | 04/16/39 | 177,870 | |||||||||
|
| ||||||||||||
| 527,284 | ||||||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS EMERGING MARKETS USD BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| South Africa – 0.3% | ||||||||||||
| Eskom Holdings SOC Ltd. (BB-/Ba2) | ||||||||||||
| $ |
200,000 | 4.314 | % | 07/23/27 | $ 172,500 | |||||||
|
| ||||||||||||
| TOTAL CORPORATE OBLIGATIONS (Cost $8,129,679) |
$ 7,708,275 | |||||||||||
|
| ||||||||||||
| Shares | Dividend Rate |
Value | ||||||||||
| Investment Company – 0.4%(c) | ||||||||||||
| Goldman Sachs Financial Square Government Fund – Institutional Shares | ||||||||||||
| 243,138 | 5.003% | $ 243,138 | ||||||||||
| (Cost $243,138) | ||||||||||||
|
| ||||||||||||
| TOTAL INVESTMENTS – 98.5% (Cost $62,280,281) |
$58,485,600 | |||||||||||
|
| ||||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES – 1.5% |
901,213 | |||||||||||
|
| ||||||||||||
| NET ASSETS – 100.0% | $59,386,813 | |||||||||||
|
| ||||||||||||
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
| (a) | Step coupon. | |
| (b) | Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on May 31, 2023. | |
| (c) | Represents an affiliated issuer. | |
|
| ||
| Investment Abbreviations: | ||
| CMT | — Constant Maturity Treasury Index | |
| GMTN | — Global Medium Term Note | |
| MTN | — Medium Term Note | |
|
| ||
GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF
Schedule of Investments
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – 91.2% | ||||||||||||
| Advertising – 1.2% | ||||||||||||
| Clear Channel Outdoor Holdings, Inc. (B/B1) | ||||||||||||
| $ |
316,000 | 5.125 | %(a) | 08/15/27 | $ 277,685 | |||||||
| 136,000 | 7.500 | (a) | 06/01/29 | 97,240 | ||||||||
| Lamar Media Corp. (BB/Ba3) | ||||||||||||
| 179,000 | 3.750 | 02/15/28 | 161,995 | |||||||||
| 234,000 | 4.000 | 02/15/30 | 205,920 | |||||||||
| Outfront Media Capital LLC / Outfront Media Capital Corp.(a) (B+/B2) | ||||||||||||
| 365,000 | 6.250 | 06/15/25 | 365,456 | |||||||||
|
| ||||||||||||
| 1,108,296 | ||||||||||||
|
| ||||||||||||
| Aerospace & Defense – 2.7% | ||||||||||||
| Howmet Aerospace, Inc. (BB+/Ba1) | ||||||||||||
| 590,000 | 6.875 | 05/01/25 | 604,013 | |||||||||
| TransDigm, Inc. (B+/Ba3) | ||||||||||||
| 758,000 | 6.250 | (a) | 03/15/26 | 754,210 | ||||||||
| 62,000 | 6.375 | 06/15/26 | 61,612 | |||||||||
| 46,000 | 7.500 | 03/15/27 | 46,058 | |||||||||
| 523,000 | 5.500 | 11/15/27 | 493,581 | |||||||||
| 730,000 | 4.625 | 01/15/29 | 649,700 | |||||||||
|
| ||||||||||||
| 2,609,174 | ||||||||||||
|
| ||||||||||||
| Banks – 0.4% | ||||||||||||
| Freedom Mortgage Corp. (B/B2) | ||||||||||||
| 179,000 | 8.250 | (a) | 04/15/25 | 170,945 | ||||||||
| 197,000 | 7.625 | (a) | 05/01/26 | 172,868 | ||||||||
|
| ||||||||||||
| 343,813 | ||||||||||||
|
| ||||||||||||
| Basic Industry – 2.3% | ||||||||||||
| Axalta Coating Systems LLC(a) (BB-/B1) | ||||||||||||
| 280,000 | 3.375 | 02/15/29 | 241,150 | |||||||||
| Chemours Co. (The)(a) (BB/B1) | ||||||||||||
| 213,000 | 5.750 | 11/15/28 | 189,037 | |||||||||
| Olin Corp. (BB+/Ba1) | ||||||||||||
| 289,000 | 5.625 | 08/01/29 | 278,163 | |||||||||
| 170,000 | 5.000 | 02/01/30 | 155,762 | |||||||||
| Olympus Water US Holding Corp.(a) (B-/B3) | ||||||||||||
| 280,000 | 4.250 | 10/01/28 | 225,750 | |||||||||
| SCIH Salt Holdings, Inc.(a) (CCC+/Caa2) | ||||||||||||
| 317,000 | 6.625 | 05/01/29 | 263,506 | |||||||||
| Tronox, Inc.(a) (BB-/B1) | ||||||||||||
| 438,000 | 4.625 | 03/15/29 | 355,328 | |||||||||
| Valvoline, Inc.(a) (B+/Ba3) | ||||||||||||
| 247,000 | 3.625 | 06/15/31 | 204,393 | |||||||||
| WR Grace Holdings LLC (B/B1) | ||||||||||||
| 200,000 | 4.875 | (a) | 06/15/27 | 186,250 | ||||||||
| 160,000 | 5.625 | (a) | 08/15/29 | 133,800 | ||||||||
|
| ||||||||||||
| 2,233,139 | ||||||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Broadcasting – 3.2% | ||||||||||||
| CMG Media Corp.(a) (CCC+/Caa1) | ||||||||||||
| $ |
315,000 | 8.875 | % | 12/15/27 | $ 203,963 | |||||||
| Gray Escrow II, Inc.(a) (B/B3) | ||||||||||||
| 165,000 | 5.375 | 11/15/31 | 106,219 | |||||||||
| Gray Television, Inc.(a) (B/B3) | ||||||||||||
| 228,000 | 4.750 | 10/15/30 | 149,340 | |||||||||
| Nexstar Media, Inc.(a) (BB+/B2) | ||||||||||||
| 407,000 | 5.625 | 07/15/27 | 373,931 | |||||||||
| Scripps Escrow, Inc.(a) (B/B3) | ||||||||||||
| 77,000 | 5.875 | 07/15/27 | 59,675 | |||||||||
| Sinclair Television Group, Inc.(a) (BB-/Ba2) | ||||||||||||
| 219,000 | 4.125 | 12/01/30 | 143,445 | |||||||||
| Sirius XM Radio, Inc. (BB/Ba3) | ||||||||||||
| 476,000 | 5.000 | (a) | 08/01/27 | 431,970 | ||||||||
| 494,000 | 4.000 | (a) | 07/15/28 | 414,960 | ||||||||
| 326,000 | 3.875 | (a) | 09/01/31 | 241,444 | ||||||||
| TEGNA, Inc. (BB+/Ba3) | ||||||||||||
| 126,000 | 4.625 | 03/15/28 | 110,565 | |||||||||
| 361,000 | 5.000 | 09/15/29 | 309,557 | |||||||||
| Univision Communications, Inc. (B+/B1) | ||||||||||||
| 144,000 | 5.125 | (a) | 02/15/25 | 140,220 | ||||||||
| 94,000 | 6.625 | (a) | 06/01/27 | 89,300 | ||||||||
| 280,000 | 4.500 | (a) | 05/01/29 | 235,900 | ||||||||
|
| ||||||||||||
| 3,010,489 | ||||||||||||
|
| ||||||||||||
| Brokerage – 0.9% | ||||||||||||
| Coinbase Global, Inc.(a) (BB-/B1) | ||||||||||||
| 348,000 | 3.375 | 10/01/28 | 219,675 | |||||||||
| Jefferies Finance LLC / JFIN Co.-Issuer Corp.(a) (BB-/B1) | ||||||||||||
| 470,000 | 5.000 | 08/15/28 | 382,187 | |||||||||
| Ladder Capital Finance Holdings LLLP / Ladder Capital Finance | ||||||||||||
| 297,000 | 4.750 | 06/15/29 | 233,145 | |||||||||
|
| ||||||||||||
| 835,007 | ||||||||||||
|
| ||||||||||||
| Building Materials – 1.1% | ||||||||||||
| American Builders & Contractors Supply Co., Inc.(a) (BB+/Ba2) | ||||||||||||
| 177,000 | 4.000 | 01/15/28 | 161,513 | |||||||||
| Builders FirstSource, Inc. (BB-/Ba2) | ||||||||||||
| 88,000 | 5.000 | (a) | 03/01/30 | 81,730 | ||||||||
| 301,000 | 4.250 | (a) | 02/01/32 | 259,236 | ||||||||
| Camelot Return Merger Sub, Inc.(a) (B/B2) | ||||||||||||
| 103,000 | 8.750 | 08/01/28 | 97,335 | |||||||||
| Standard Industries, Inc. (BB/B1) | ||||||||||||
| 329,000 | 4.375 | (a) | 07/15/30 | 278,825 | ||||||||
| 179,000 | 3.375 | (a) | 01/15/31 | 140,295 | ||||||||
|
| ||||||||||||
| 1,018,934 | ||||||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Capital Goods – 4.8% | ||||||||||||
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC(a) (B+/Caa1) | ||||||||||||
| $ |
700,000 | 4.000 | % | 09/01/29 | $ 549,937 | |||||||
| Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. (B-/Caa1) | ||||||||||||
| 400,000 | 5.250 | (a) | 08/15/27 | 339,000 | ||||||||
| 200,000 | 5.250 | (a) | 08/15/27 | 169,000 | ||||||||
| ASP Unifrax Holdings, Inc.(a) (CCC+/Caa2) | ||||||||||||
| 204,000 | 7.500 | 09/30/29 | 143,820 | |||||||||
| Chart Industries, Inc.(a) (B+/Ba3) | ||||||||||||
| 302,000 | 7.500 | 01/01/30 | 306,530 | |||||||||
| Clydesdale Acquisition Holdings, Inc. (CCC+/Caa2) | ||||||||||||
| 51,000 | 6.625 | (a) | 04/15/29 | 48,514 | ||||||||
| 215,000 | 8.750 | (a) | 04/15/30 | 186,781 | ||||||||
| Covanta Holding Corp.(a) (B/B2) | ||||||||||||
| 337,000 | 4.875 | 12/01/29 | 293,530 | |||||||||
| Crown Americas LLC / Crown Americas Capital Corp V (BB+/Ba2) | ||||||||||||
| 213,000 | 4.250 | 09/30/26 | 203,415 | |||||||||
| Crown Americas LLC / Crown Americas Capital Corp. VI (BB+/Ba2) | ||||||||||||
| 148,000 | 4.750 | 02/01/26 | 144,300 | |||||||||
| Herc Holdings, Inc.(a) (B+/Ba3) | ||||||||||||
| 226,000 | 5.500 | 07/15/27 | 215,830 | |||||||||
| LABL, Inc. (B-/B2) | ||||||||||||
| 233,000 | 6.750 | (a) | 07/15/26 | 224,845 | ||||||||
| 152,000 | 10.500 | (a) | 07/15/27 | 141,740 | ||||||||
| Mauser Packaging Solutions Holding Co.(a) (B/B2) | ||||||||||||
| 645,000 | 7.875 | 08/15/26 | 640,969 | |||||||||
| Sealed Air Corp. (BB+/Ba2) | ||||||||||||
| 91,000 | 5.125 | (a) | 12/01/24 | 90,659 | ||||||||
| 120,000 | 5.500 | (a) | 09/15/25 | 119,700 | ||||||||
| 167,000 | 6.875 | (a) | 07/15/33 | 171,384 | ||||||||
| Sensata Technologies, Inc.(a) (BB+/Ba3) | ||||||||||||
| 428,000 | 3.750 | 02/15/31 | 364,870 | |||||||||
| Stericycle, Inc.(a) (BB-/NR) | ||||||||||||
| 306,000 | 3.875 | 01/15/29 | 271,193 | |||||||||
|
| ||||||||||||
| 4,626,017 | ||||||||||||
|
| ||||||||||||
| Communications – 5.8% | ||||||||||||
| CCO Holdings LLC / CCO Holdings Capital Corp. (BB-/B1) | ||||||||||||
| 300,000 | 5.125 | (a) | 05/01/27 | 278,250 | ||||||||
| 400,000 | 5.000 | (a) | 02/01/28 | 364,000 | ||||||||
| 300,000 | 5.375 | (a) | 06/01/29 | 270,375 | ||||||||
| 450,000 | 4.750 | (a) | 03/01/30 | 380,250 | ||||||||
| 300,000 | 4.500 | (a) | 08/15/30 | 248,250 | ||||||||
| 350,000 | 4.250 | (a) | 02/01/31 | 279,125 | ||||||||
| 440,000 | 7.375 | (a) | 03/01/31 | 421,300 | ||||||||
| 450,000 | 4.500 | 05/01/32 | 353,812 | |||||||||
| 300,000 | 4.250 | (a) | 01/15/34 | 222,000 | ||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Communications – (continued) | ||||||||||||
| CSC Holdings LLC (B/B1) | ||||||||||||
| $ |
76,000 | 5.250 | % | 06/01/24 | $ 70,870 | |||||||
| 200,000 | 5.500 | (a) | 04/15/27 | 164,500 | ||||||||
| 250,000 | 7.500 | (a) | 04/01/28 | 135,625 | ||||||||
| 400,000 | 6.500 | (a) | 02/01/29 | 317,000 | ||||||||
| 240,000 | 5.750 | (a) | 01/15/30 | 105,900 | ||||||||
| 250,000 | 4.125 | (a) | 12/01/30 | 174,375 | ||||||||
| 400,000 | 4.625 | (a) | 12/01/30 | 172,000 | ||||||||
| 250,000 | 3.375 | (a) | 02/15/31 | 171,250 | ||||||||
| 435,000 | 4.500 | (a) | 11/15/31 | 303,413 | ||||||||
| Directv Financing LLC / Directv Financing Co.-Obligor, Inc.(a) (BB/Ba3) | ||||||||||||
| 508,000 | 5.875 | 08/15/27 | 448,310 | |||||||||
| Live Nation Entertainment, Inc.(a) (B/B2) | ||||||||||||
| 442,000 | 4.750 | 10/15/27 | 411,060 | |||||||||
| WMG Acquisition Corp. (BB+/Ba2) | ||||||||||||
| 232,000 | 3.875 | (a) | 07/15/30 | 198,940 | ||||||||
| 93,000 | 3.000 | (a) | 02/15/31 | 75,446 | ||||||||
|
| ||||||||||||
| 5,566,051 | ||||||||||||
|
| ||||||||||||
| Consumer Cyclical – 15.5% | ||||||||||||
| ADT Security Corp. (The) (BB/Ba3) | ||||||||||||
| 86,000 | 4.125 | (a) | 08/01/29 | 74,390 | ||||||||
| 46,000 | 4.875 | (a) | 07/15/32 | 39,387 | ||||||||
| Allison Transmission, Inc.(a) (NR/Ba2) | ||||||||||||
| 289,000 | 3.750 | 01/30/31 | 244,205 | |||||||||
| American Axle & Manufacturing, Inc. (B+/B2) | ||||||||||||
| 263,000 | 6.875 | 07/01/28 | 236,700 | |||||||||
| 126,000 | 5.000 | 10/01/29 | 102,690 | |||||||||
| APX Group, Inc.(a) (BB/Ba2) | ||||||||||||
| 200,000 | 6.750 | 02/15/27 | 197,750 | |||||||||
| Asbury Automotive Group, Inc.(a) (BB/B1) | ||||||||||||
| 200,000 | 4.625 | 11/15/29 | 176,250 | |||||||||
| Boyd Gaming Corp. (BB/B1) | ||||||||||||
| 108,000 | 4.750 | 12/01/27 | 102,330 | |||||||||
| 146,000 | 4.750 | (a) | 06/15/31 | 130,305 | ||||||||
| Caesars Entertainment, Inc. (B/Ba3) | ||||||||||||
| 680,000 | 6.250 | (a) | 07/01/25 | 680,000 | ||||||||
| 305,000 | 8.125 | (a) | 07/01/27 | 311,160 | ||||||||
| 375,000 | 4.625 | (a) | 10/15/29 | 324,375 | ||||||||
| Carnival Corp. (B/B3) | ||||||||||||
| 100,000 | 10.500 | (a) | 02/01/26 | 104,000 | ||||||||
| 841,000 | 7.625 | (a) | 03/01/26 | 801,052 | ||||||||
| 908,000 | 6.000 | (a) | 05/01/29 | 754,775 | ||||||||
| Carnival Holdings Bermuda Ltd.(a) (B+/B2) | ||||||||||||
| 273,000 | 10.375 | 05/01/28 | 296,205 | |||||||||
| Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op(a) (BB+/Ba2) | ||||||||||||
| 185,000 | 5.500 | 05/01/25 | 184,075 | |||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Consumer Cyclical – (continued) | ||||||||||||
| Churchill Downs, Inc. (B+/B1) | ||||||||||||
| $ |
277,000 | 5.500 | %(a) | 04/01/27 | $ 267,305 | |||||||
| 215,000 | 4.750 | (a) | 01/15/28 | 199,950 | ||||||||
| Clarios Global LP / Clarios US Finance Co.(a) (B-/Caa1) | ||||||||||||
| 296,000 | 8.500 | 05/15/27 | 297,480 | |||||||||
| Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. (B/B2) | ||||||||||||
| 147,000 | 4.625 | (a) | 01/15/29 | 128,257 | ||||||||
| 44,000 | 6.750 | (a) | 01/15/30 | 35,860 | ||||||||
| Gap, Inc. (The)(a) (BB/B1) | ||||||||||||
| 212,000 | 3.875 | 10/01/31 | 146,810 | |||||||||
| Hilton Domestic Operating Co., Inc. (BB+/Ba2) | ||||||||||||
| 220,000 | 5.750 | (a) | 05/01/28 | 217,250 | ||||||||
| 145,000 | 3.750 | (a) | 05/01/29 | 128,325 | ||||||||
| 45,000 | 4.875 | 01/15/30 | 41,794 | |||||||||
| 303,000 | 4.000 | (a) | 05/01/31 | 263,011 | ||||||||
| 259,000 | 3.625 | (a) | 02/15/32 | 214,832 | ||||||||
| Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc(a) (B/B2) | ||||||||||||
| 438,000 | 5.000 | 06/01/29 | 391,462 | |||||||||
| Iron Mountain, Inc. (BB-/Ba3) | ||||||||||||
| 200,000 | 4.875 | (a) | 09/15/27 | 188,250 | ||||||||
| 256,000 | 5.250 | (a) | 03/15/28 | 240,320 | ||||||||
| 341,000 | 5.250 | (a) | 07/15/30 | 306,900 | ||||||||
| 250,000 | 4.500 | (a) | 02/15/31 | 213,906 | ||||||||
| LCM Investments Holdings II LLC(a) (BB-/B2) | ||||||||||||
| 300,000 | 4.875 | 05/01/29 | 250,500 | |||||||||
| Macy’s Retail Holdings LLC (BB+/Ba2) | ||||||||||||
| 200,000 | 5.875 | (a) | 04/01/29 | 177,500 | ||||||||
| 101,000 | 6.125 | (a) | 03/15/32 | 86,102 | ||||||||
| MGM Resorts International (BB-/B1) | ||||||||||||
| 79,000 | 5.750 | 06/15/25 | 78,901 | |||||||||
| 173,000 | 4.625 | 09/01/26 | 164,350 | |||||||||
| 190,000 | 5.500 | 04/15/27 | 182,638 | |||||||||
| 160,000 | 4.750 | 10/15/28 | 146,600 | |||||||||
| Mohegan Tribal Gaming Authority(a) (B-/B3) | ||||||||||||
| 209,000 | 8.000 | 02/01/26 | 182,353 | |||||||||
| NCL Corp Ltd.(a) (B-/Caa1) | ||||||||||||
| 207,000 | 3.625 | 12/15/24 | 198,720 | |||||||||
| NCL Corp. Ltd. (B-/Caa1) | ||||||||||||
| 290,000 | 5.875 | (a) | 03/15/26 | 265,350 | ||||||||
| 119,000 | 7.750 | (a) | 02/15/29 | 107,100 | ||||||||
| Nordstrom, Inc. (BB+/Ba1) | ||||||||||||
| 251,000 | 4.375 | 04/01/30 | 199,545 | |||||||||
| PetSmart, Inc. / PetSmart Finance Corp. (B-/B3) | ||||||||||||
| 250,000 | 4.750 | (a) | 02/15/28 | 232,813 | ||||||||
| 250,000 | 7.750 | (a) | 02/15/29 | 243,750 | ||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Consumer Cyclical – (continued) | ||||||||||||
| Prime Security Services Borrower LLC / Prime Finance, Inc. (B/B3) | ||||||||||||
| $ |
88,000 | 3.375 | %(a) | 08/31/27 | $ 76,890 | |||||||
| 358,000 | 6.250 | (a) | 01/15/28 | 329,808 | ||||||||
| RHP Hotel Properties LP / RHP Finance Corp.(a) (B+/B1) | ||||||||||||
| 205,000 | 4.500 | 02/15/29 | 181,425 | |||||||||
| Royal Caribbean Cruises Ltd. (B/B3) | ||||||||||||
| 216,000 | 11.500 | (a) | 06/01/25 | 228,150 | ||||||||
| 437,000 | 4.250 | (a) | 07/01/26 | 402,040 | ||||||||
| 150,000 | 3.700 | 03/15/28 | 128,250 | |||||||||
| 351,000 | 5.500 | (a) | 04/01/28 | 323,798 | ||||||||
| Scientific Games International, Inc. (B+/B3) | ||||||||||||
| 145,000 | 7.000 | (a) | 05/15/28 | 143,912 | ||||||||
| 46,000 | 7.250 | (a) | 11/15/29 | 45,943 | ||||||||
| Six Flags Entertainment Corp.(a) (B/B3) | ||||||||||||
| 150,000 | 5.500 | 04/15/27 | 142,313 | |||||||||
| Staples, Inc. (B/B3) | ||||||||||||
| 238,000 | 7.500 | (a) | 04/15/26 | 196,945 | ||||||||
| 176,000 | 10.750 | (a) | 04/15/27 | 108,240 | ||||||||
| Taylor Morrison Communities, Inc.(a) (BB/Ba2) | ||||||||||||
| 143,000 | 5.125 | 08/01/30 | 132,811 | |||||||||
| Travel + Leisure Co.(a) (BB-/Ba3) | ||||||||||||
| 260,000 | 6.625 | 07/31/26 | 258,700 | |||||||||
| Williams Scotsman International, Inc.(a) (B+/B2) | ||||||||||||
| 223,000 | 6.125 | 06/15/25 | 223,000 | |||||||||
| Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. (B+/B2) | ||||||||||||
| 430,000 | 5.500 | (a) | 03/01/25 | 421,938 | ||||||||
| 100,000 | 5.250 | (a) | 05/15/27 | 94,875 | ||||||||
| Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.(a) (B+/B2) | ||||||||||||
| 200,000 | 5.125 | 10/01/29 | 179,500 | |||||||||
| Yum! Brands, Inc. (BB/Ba3) | ||||||||||||
| 161,000 | 4.750 | (a) | 01/15/30 | 151,742 | ||||||||
| 164,000 | 3.625 | 03/15/31 | 141,040 | |||||||||
| 375,000 | 5.375 | 04/01/32 | 357,188 | |||||||||
|
| ||||||||||||
| 14,826,091 | ||||||||||||
|
| ||||||||||||
| Consumer Noncyclical – 5.2% | ||||||||||||
| Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC (BB/Ba3) | ||||||||||||
| 616,000 | 4.625 | (a) | 01/15/27 | 585,970 | ||||||||
| 239,000 | 3.500 | (a) | 03/15/29 | 209,125 | ||||||||
| 205,000 | 4.875 | (a) | 02/15/30 | 190,650 | ||||||||
| Allied Universal Holdco LLC / Allied Universal Finance Corp. (CCC+/Caa1) | ||||||||||||
| 62,000 | 6.625 | (a) | 07/15/26 | 58,590 | ||||||||
| 680,000 | 6.000 | (a) | 06/01/29 | 506,600 | ||||||||
| Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl(a) (B/B2) | ||||||||||||
| 200,000 | 4.625 | 06/01/28 | 166,750 | |||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Consumer Noncyclical – (continued) | ||||||||||||
| Avantor Funding, Inc.(a) (BB/B2) | ||||||||||||
| $ |
396,000 | 4.625 | % | 07/15/28 | $ 367,785 | |||||||
| Hologic, Inc. (BB+/Ba2) | ||||||||||||
| 104,000 | 4.625 | (a) | 02/01/28 | 98,800 | ||||||||
| 199,000 | 3.250 | (a) | 02/15/29 | 174,622 | ||||||||
| Medline Borrower LP (B+/B1) | ||||||||||||
| 998,000 | 3.875 | (a) | 04/01/29 | 863,270 | ||||||||
| 121,000 | 5.250 | (a) | 10/01/29 | 104,060 | ||||||||
| Molina Healthcare, Inc.(a) (BB-/Ba3) | ||||||||||||
| 470,000 | 4.375 | 06/15/28 | 431,225 | |||||||||
| Organon & Co. / Organon Foreign Debt Co.-Issuer BV (BB/Ba2) | ||||||||||||
| 730,000 | 4.125 | (a) | 04/30/28 | 651,525 | ||||||||
| 290,000 | 5.125 | (a) | 04/30/31 | 247,588 | ||||||||
| RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc.(a) (CCC+/Caa2) | ||||||||||||
| 343,000 | 9.750 | 12/01/26 | 257,250 | |||||||||
| Vector Group Ltd.(a) (B-/Caa1) | ||||||||||||
| 60,000 | 10.500 | 11/01/26 | 60,225 | |||||||||
|
| ||||||||||||
| 4,974,035 | ||||||||||||
|
| ||||||||||||
| Consumer Products – 1.0% | ||||||||||||
| Coty, Inc.(a) (BB/Ba2) | ||||||||||||
| 382,000 | 5.000 | 04/15/26 | 367,675 | |||||||||
| Newell Brands, Inc. (BB+/Ba1) | ||||||||||||
| 200,000 | 6.625 | 09/15/29 | 189,714 | |||||||||
| 100,000 | 5.875 | 04/01/36 | 80,100 | |||||||||
| Scotts Miracle-Gro Co. (The) (B/B1) | ||||||||||||
| 200,000 | 4.500 | 10/15/29 | 171,500 | |||||||||
| Tempur Sealy International, Inc.(a) (BB+/Ba2) | ||||||||||||
| 200,000 | 4.000 | 04/15/29 | 170,750 | |||||||||
|
| ||||||||||||
| 979,739 | ||||||||||||
|
| ||||||||||||
| Distribution & Logistics – 0.2% | ||||||||||||
| WESCO Distribution, Inc.(a) (BB/Ba3) | ||||||||||||
| 171,000 | 7.250 | 06/15/28 | 175,275 | |||||||||
|
| ||||||||||||
| Electric – 3.4% | ||||||||||||
| Calpine Corp. (BB+/Ba2) | ||||||||||||
| 191,000 | 5.250 | (a) | 06/01/26 | 185,747 | ||||||||
| 150,000 | 4.625 | (a) | 02/01/29 | 127,500 | ||||||||
| 68,000 | 5.000 | (a) | 02/01/31 | 55,250 | ||||||||
| 277,000 | 3.750 | (a) | 03/01/31 | 226,448 | ||||||||
| Clearway Energy Operating LLC(a) (BB/Ba2) | ||||||||||||
| 497,000 | 3.750 | 02/15/31 | 418,722 | |||||||||
| FirstEnergy Corp. (BB+/Ba1) | ||||||||||||
| 520,000 | 2.650 | 03/01/30 | 443,950 | |||||||||
| FirstEnergy Corp., Series B (BB+/Ba1) | ||||||||||||
| 126,000 | 4.150 | 07/15/27 | 120,960 | |||||||||
| NRG Energy, Inc. (BB/Ba2) | ||||||||||||
| 310,000 | 5.250 | (a) | 06/15/29 | 279,775 | ||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Electric – (continued) | ||||||||||||
| NRG Energy, Inc. (BB/Ba2) – (continued) | ||||||||||||
| $ |
92,000 | 3.625 | %(a) | 02/15/31 | $ 72,916 | |||||||
| 322,000 | 3.875 | (a) | 02/15/32 | 250,355 | ||||||||
| PG&E Corp. (BB-/B1) | ||||||||||||
| 514,000 | 5.250 | 07/01/30 | 465,170 | |||||||||
| Vistra Operations Co. LLC (BB/Ba2) | ||||||||||||
| 187,000 | 5.625 | (a) | 02/15/27 | 179,754 | ||||||||
| 385,000 | 5.000 | (a) | 07/31/27 | 361,900 | ||||||||
| 84,000 | 4.375 | (a) | 05/01/29 | 73,710 | ||||||||
|
| ||||||||||||
| 3,262,157 | ||||||||||||
|
| ||||||||||||
| Energy – 10.8% | ||||||||||||
| Antero Midstream Partners LP / Antero Midstream Finance Corp. (BB/Ba3) | ||||||||||||
| 167,000 | 5.750 | (a) | 03/01/27 | 160,737 | ||||||||
| 71,000 | 5.750 | (a) | 01/15/28 | 67,983 | ||||||||
| Antero Resources Corp.(a) (BB+/Ba2) | ||||||||||||
| 126,000 | 7.625 | 02/01/29 | 128,520 | |||||||||
| Apache Corp. (BB+/Ba1) | ||||||||||||
| 159,000 | 6.000 | 01/15/37 | 147,075 | |||||||||
| Archrock Partners LP / Archrock Partners Finance Corp.(a) (B+/B2) | ||||||||||||
| 297,000 | 6.875 | 04/01/27 | 286,234 | |||||||||
| Ascent Resources Utica Holdings LLC / ARU Finance Corp.(a) (B+/B3) | ||||||||||||
| 159,000 | 5.875 | 06/30/29 | 140,119 | |||||||||
| Buckeye Partners LP (BB-/B1) | ||||||||||||
| 68,000 | 3.950 | 12/01/26 | 60,860 | |||||||||
| 144,000 | 4.125 | 12/01/27 | 127,099 | |||||||||
| 152,000 | 4.500 | (a) | 03/01/28 | 134,140 | ||||||||
| Callon Petroleum Co.(a) (BB-/B3) | ||||||||||||
| 351,000 | 8.000 | 08/01/28 | 343,980 | |||||||||
| Comstock Resources, Inc. (B+/B2) | ||||||||||||
| 108,000 | 6.750 | (a) | 03/01/29 | 95,310 | ||||||||
| 132,000 | 5.875 | (a) | 01/15/30 | 110,550 | ||||||||
| CQP Holdco LP / BIP-V Chinook Holdco LLC(a) (BB/B1) | ||||||||||||
| 500,000 | 5.500 | 06/15/31 | 448,750 | |||||||||
| CrownRock LP / CrownRock Finance, Inc.(a) (BB-/B1) | ||||||||||||
| 391,000 | 5.625 | 10/15/25 | 386,112 | |||||||||
| DT Midstream, Inc.(a) (BB+/Ba2) | ||||||||||||
| 197,000 | 4.375 | 06/15/31 | 165,972 | |||||||||
| Endeavor Energy Resources LP / EER Finance, Inc.(a) (BB+/Ba2) | ||||||||||||
| 193,000 | 5.750 | 01/30/28 | 192,035 | |||||||||
| EnLink Midstream LLC (BB+/Ba1) | ||||||||||||
| 143,000 | 5.375 | 06/01/29 | 136,005 | |||||||||
| EnLink Midstream Partners LP (BB+/Ba1) | ||||||||||||
| 335,000 | 4.850 | 07/15/26 | 324,386 | |||||||||
| EQM Midstream Partners LP (BB-/Ba3) | ||||||||||||
| 315,000 | 6.000 | (a) | 07/01/25 | 313,425 | ||||||||
| 170,000 | 6.500 | (a) | 07/01/27 | 166,812 | ||||||||
| 67,000 | 5.500 | 07/15/28 | 62,980 | |||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Energy – (continued) | ||||||||||||
| EQM Midstream Partners LP (BB-/Ba3) – (continued) | ||||||||||||
| $ |
210,000 | 4.500 | %(a) | 01/15/29 | $ 184,800 | |||||||
| 246,000 | 4.750 | (a) | 01/15/31 | 212,483 | ||||||||
| Hess Midstream Operations LP (BB+/Ba2) | ||||||||||||
| 82,000 | 5.125 | (a) | 06/15/28 | 77,182 | ||||||||
| 248,000 | 4.250 | (a) | 02/15/30 | 214,830 | ||||||||
| 100,000 | 5.500 | (a) | 10/15/30 | 91,000 | ||||||||
| Hilcorp Energy I LP / Hilcorp Finance Co. (BB+/Ba3) | ||||||||||||
| 75,000 | 6.250 | (a) | 11/01/28 | 70,312 | ||||||||
| 277,000 | 5.750 | (a) | 02/01/29 | 251,378 | ||||||||
| ITT Holdings LLC(a) (B/B2) | ||||||||||||
| 260,000 | 6.500 | 08/01/29 | 208,650 | |||||||||
| Moss Creek Resources Holdings, Inc. (B+/B3) | ||||||||||||
| 139,000 | 7.500 | (a) | 01/15/26 | 128,575 | ||||||||
| 265,000 | 10.500 | (a) | 05/15/27 | 255,725 | ||||||||
| Nabors Industries Ltd.(a) (CCC/B3) | ||||||||||||
| 199,000 | 7.250 | 01/15/26 | 182,831 | |||||||||
| Nabors Industries, Inc. (CCC/Caa1) | ||||||||||||
| 81,000 | 5.750 | 02/01/25 | 77,557 | |||||||||
| New Fortress Energy, Inc.(a) (BB/B1) | ||||||||||||
| 578,000 | 6.500 | 09/30/26 | 512,975 | |||||||||
| PBF Holding Co. LLC / PBF Finance Corp. (BB/B1) | ||||||||||||
| 81,000 | 7.250 | 06/15/25 | 80,797 | |||||||||
| 340,000 | 6.000 | 02/15/28 | 317,900 | |||||||||
| Range Resources Corp. (BB/Ba3) | ||||||||||||
| 199,000 | 4.875 | 05/15/25 | 196,513 | |||||||||
| 164,000 | 8.250 | 01/15/29 | 170,765 | |||||||||
| SM Energy Co. (BB-/B2) | ||||||||||||
| 90,000 | 6.750 | 09/15/26 | 87,525 | |||||||||
| 199,000 | 6.625 | 01/15/27 | 193,528 | |||||||||
| Southwestern Energy Co. (BB+/Ba2) | ||||||||||||
| 293,000 | 5.375 | 03/15/30 | 270,293 | |||||||||
| 100,000 | 4.750 | 02/01/32 | 86,750 | |||||||||
| Sunoco LP / Sunoco Finance Corp. (BB/Ba3) | ||||||||||||
| 130,000 | 6.000 | 04/15/27 | 128,050 | |||||||||
| 200,000 | 4.500 | 05/15/29 | 178,500 | |||||||||
| Transocean Titan Financing Ltd.(a) (B-/B2) | ||||||||||||
| 100,000 | 8.375 | 02/01/28 | 101,125 | |||||||||
| Transocean, Inc. (B-/B2) | ||||||||||||
| 87,000 | 11.500 | (a) | 01/30/27 | 89,175 | ||||||||
| 610,000 | 8.750 | (a) | 02/15/30 | 610,763 | ||||||||
| USA Compression Partners LP / USA Compression Finance Corp. (B+/B3) | ||||||||||||
| 340,000 | 6.875 | 04/01/26 | 326,400 | |||||||||
| Venture Global Calcasieu Pass LLC (BB+/Ba2) | ||||||||||||
| 548,000 | 3.875 | (a) | 08/15/29 | 478,815 | ||||||||
| 247,000 | 3.875 | (a) | 11/01/33 | 202,849 | ||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Energy – (continued) | ||||||||||||
| Weatherford International Ltd.(a) (BB-/Ba3) | ||||||||||||
| $ |
300,000 | 6.500 | % | 09/15/28 | $ 297,750 | |||||||
|
| ||||||||||||
| 10,284,880 | ||||||||||||
|
| ||||||||||||
| Financial Company – 4.3% | ||||||||||||
| Coinbase Global, Inc.(a) (BB-/B1) | ||||||||||||
| 250,000 | 3.625 | 10/01/31 | 145,937 | |||||||||
| Curo Group Holdings Corp.(a) (CCC-/Caa3) | ||||||||||||
| 323,000 | 7.500 | 08/01/28 | 74,290 | |||||||||
| HUB International Ltd.(a) (B-/Caa2) | ||||||||||||
| 290,000 | 7.000 | 05/01/26 | 287,100 | |||||||||
| Icahn Enterprises LP / Icahn Enterprises Finance Corp. (BB/Ba3) | ||||||||||||
| 591,000 | 6.375 | 12/15/25 | 534,444 | |||||||||
| 317,000 | 5.250 | 05/15/27 | 262,317 | |||||||||
| LD Holdings Group LLC(a) (CCC+/Caa1) | ||||||||||||
| 239,000 | 6.125 | 04/01/28 | 155,350 | |||||||||
| Midcap Financial Issuer Trust(a) (B+/B1) | ||||||||||||
| 500,000 | 6.500 | 05/01/28 | 441,250 | |||||||||
| Nationstar Mortgage Holdings, Inc. (B/B1) | ||||||||||||
| 130,000 | 6.000 | (a) | 01/15/27 | 119,275 | ||||||||
| 253,000 | 5.500 | (a) | 08/15/28 | 220,110 | ||||||||
| Navient Corp. (B+/Ba3) | ||||||||||||
| 108,000 | 5.875 | 10/25/24 | 106,178 | |||||||||
| 164,000 | 6.750 | 06/25/25 | 159,695 | |||||||||
| 121,000 | 6.750 | 06/15/26 | 114,726 | |||||||||
| Navient Corp., MTN (B+/Ba3) | ||||||||||||
| 197,000 | 5.625 | 08/01/33 | 142,086 | |||||||||
| NFP Corp.(a) (CCC+/Caa2) | ||||||||||||
| 342,000 | 6.875 | 08/15/28 | 285,143 | |||||||||
| PennyMac Financial Services, Inc.(a) (B+/Ba3) | ||||||||||||
| 302,000 | 5.375 | 10/15/25 | 281,615 | |||||||||
| Rocket Mortgage LLC(a) (BB/Ba1) | ||||||||||||
| 244,000 | 5.250 | 01/15/28 | 230,052 | |||||||||
| Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc.(a) (BB/Ba1) | ||||||||||||
| 386,000 | 3.875 | 03/01/31 | 306,090 | |||||||||
| United Wholesale Mortgage LLC(a) (NR/Ba3) | ||||||||||||
| 281,000 | 5.500 | 04/15/29 | 236,040 | |||||||||
|
| ||||||||||||
| 4,101,698 | ||||||||||||
|
| ||||||||||||
| Food and Beverage – 3.0% | ||||||||||||
| Aramark Services, Inc.(a) (BB-/B1) | ||||||||||||
| 413,000 | 5.000 | 02/01/28 | 392,350 | |||||||||
| Darling Ingredients, Inc.(a) (BB+/Ba2) | ||||||||||||
| 452,000 | 5.250 | 04/15/27 | 440,417 | |||||||||
| HLF Financing Sarl LLC / Herbalife International, Inc.(a) (B+/B1) | ||||||||||||
| 50,000 | 4.875 | 06/01/29 | 34,250 | |||||||||
| Lamb Weston Holdings, Inc.(a) (BB+/Ba3) | ||||||||||||
| 455,000 | 4.125 | 01/31/30 | 408,363 | |||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Food and Beverage – (continued) | ||||||||||||
| Performance Food Group, Inc.(a) (BB-/B2) | ||||||||||||
| $ |
488,000 | 5.500 | % | 10/15/27 | $ 471,530 | |||||||
| Post Holdings, Inc. (B+/B2) | ||||||||||||
| 279,000 | 5.750 | (a) | 03/01/27 | 274,117 | ||||||||
| 180,000 | 5.625 | (a) | 01/15/28 | 174,375 | ||||||||
| 273,000 | 5.500 | (a) | 12/15/29 | 254,573 | ||||||||
| 270,000 | 4.500 | (a) | 09/15/31 | 229,500 | ||||||||
| US Foods, Inc.(a) (BB-/B3) | ||||||||||||
| 200,000 | 4.750 | 02/15/29 | 182,750 | |||||||||
|
| ||||||||||||
| 2,862,225 | ||||||||||||
|
| ||||||||||||
| Hardware – 1.8% | ||||||||||||
| CommScope Technologies LLC(a) (CCC+/Caa1) | ||||||||||||
| 300,000 | 5.000 | 03/15/27 | 203,250 | |||||||||
| CommScope, Inc. (B/B1) | ||||||||||||
| 879,000 | 6.000 | (a) | 03/01/26 | 824,062 | ||||||||
| 80,000 | 7.125 | (a) | 07/01/28 | 54,600 | ||||||||
| NCR Corp. (B/B3) | ||||||||||||
| 341,000 | 5.750 | (a) | 09/01/27 | 341,171 | ||||||||
| 54,000 | 5.000 | (a) | 10/01/28 | 48,060 | ||||||||
| 62,000 | 6.125 | (a) | 09/01/29 | 61,690 | ||||||||
| 190,000 | 5.250 | (a) | 10/01/30 | 163,400 | ||||||||
|
| ||||||||||||
| 1,696,233 | ||||||||||||
|
| ||||||||||||
| Healthcare – 5.5% | ||||||||||||
| AdaptHealth LLC(a) (B/B1) | ||||||||||||
| 200,000 | 5.125 | 03/01/30 | 155,250 | |||||||||
| CHS/Community Health Systems, Inc. (B-/B3) | ||||||||||||
| 226,000 | 6.000 | (a) | 01/15/29 | 183,060 | ||||||||
| 238,000 | 6.875 | (a) | 04/15/29 | 134,470 | ||||||||
| 437,000 | 5.250 | (a) | 05/15/30 | 328,843 | ||||||||
| 419,000 | 4.750 | (a) | 02/15/31 | 302,727 | ||||||||
| DaVita, Inc. (B+/B1) | ||||||||||||
| 376,000 | 4.625 | (a) | 06/01/30 | 323,360 | ||||||||
| 163,000 | 3.750 | (a) | 02/15/31 | 129,585 | ||||||||
| Encompass Health Corp. (B+/B1) | ||||||||||||
| 421,000 | 4.750 | 02/01/30 | 382,058 | |||||||||
| IQVIA, Inc.(a) (BB/Ba2) | ||||||||||||
| 280,000 | 5.000 | 05/15/27 | 272,300 | |||||||||
| Legacy LifePoint Health LLC(a) (B/B2) | ||||||||||||
| 292,000 | 4.375 | 02/15/27 | 220,460 | |||||||||
| MPH Acquisition Holdings LLC(a) (CCC+/Caa1) | ||||||||||||
| 297,000 | 5.750 | 11/01/28 | 213,840 | |||||||||
| MPT Operating Partnership LP / MPT Finance Corp. (BB+/Ba1) | ||||||||||||
| 300,000 | 5.000 | 10/15/27 | 246,562 | |||||||||
| 175,000 | 3.500 | 03/15/31 | 118,340 | |||||||||
| Service Corp. International (BB/Ba3) | ||||||||||||
| 115,000 | 4.625 | 12/15/27 | 109,250 | |||||||||
| 468,000 | 5.125 | 06/01/29 | 446,940 | |||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Healthcare – (continued) | ||||||||||||
| Tenet Healthcare Corp. (B-/B3) | ||||||||||||
| $ |
94,000 | 4.625 | % | 07/15/24 | $ 94,000 | |||||||
| 397,000 | 4.875 | 01/01/26 | 386,579 | |||||||||
| 290,000 | 6.250 | 02/01/27 | 285,650 | |||||||||
| 205,000 | 5.125 | 11/01/27 | 196,800 | |||||||||
| 93,000 | 4.625 | 06/15/28 | 86,722 | |||||||||
| 468,000 | 6.125 | 10/01/28 | 445,185 | |||||||||
| 220,000 | 4.250 | 06/01/29 | 197,450 | |||||||||
|
| ||||||||||||
| 5,259,431 | ||||||||||||
|
| ||||||||||||
| Insurance – 1.1% | ||||||||||||
| Acrisure LLC / Acrisure Finance, Inc. (CCC+/Caa2) | ||||||||||||
| 80,000 | 7.000 | (a) | 11/15/25 | 76,033 | ||||||||
| 163,000 | 10.125 | (a) | 08/01/26 | 164,630 | ||||||||
| Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer(a) (B/B2) | ||||||||||||
| 783,000 | 4.250 | 10/15/27 | 704,700 | |||||||||
| AssuredPartners, Inc.(a) (CCC+/Caa2) | ||||||||||||
| 80,000 | 5.625 | 01/15/29 | 69,200 | |||||||||
|
| ||||||||||||
| 1,014,563 | ||||||||||||
|
| ||||||||||||
| Metals – 0.5% | ||||||||||||
| Novelis Corp. (BB/Ba3) | ||||||||||||
| 471,000 | 4.750 | (a) | 01/30/30 | 420,368 | ||||||||
| 60,000 | 3.875 | (a) | 08/15/31 | 49,500 | ||||||||
|
| ||||||||||||
| 469,868 | ||||||||||||
|
| ||||||||||||
| Metals and Mining – 0.4% | ||||||||||||
| Cleveland-Cliffs, Inc.(a) (BB+/Ba2) | ||||||||||||
| 386,000 | 6.750 | 03/15/26 | 391,307 | |||||||||
|
| ||||||||||||
| Natural Gas – 2.6% | ||||||||||||
| AmeriGas Partners LP / AmeriGas Finance Corp. (NR/B1) | ||||||||||||
| 295,000 | 5.500 | 05/20/25 | 285,412 | |||||||||
| 75,000 | 5.750 | 05/20/27 | 67,875 | |||||||||
| Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. (BB/Ba3) | ||||||||||||
| 69,000 | 5.625 | (a) | 05/01/27 | 65,377 | ||||||||
| 382,000 | 6.000 | (a) | 02/01/29 | 354,305 | ||||||||
| Ferrellgas LP / Ferrellgas Finance Corp.(a) (B/B2) | ||||||||||||
| 376,000 | 5.375 | 04/01/26 | 342,160 | |||||||||
| Genesis Energy LP / Genesis Energy Finance Corp. (B/B2) | ||||||||||||
| 601,000 | 8.000 | 01/15/27 | 587,478 | |||||||||
| NGL Energy Operating LLC / NGL Energy Finance Corp.(a) (B+/B2) | ||||||||||||
| 128,000 | 7.500 | 02/01/26 | 122,720 | |||||||||
| NuStar Logistics LP (BB-/Ba3) | ||||||||||||
| 100,000 | 6.000 | 06/01/26 | 97,250 | |||||||||
| 100,000 | 5.625 | 04/28/27 | 95,500 | |||||||||
| Rockies Express Pipeline LLC(a) (BB+/Ba2) | ||||||||||||
| 268,000 | 4.950 | 07/15/29 | 241,200 | |||||||||
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. (BB-/B1) | ||||||||||||
| 153,000 | 6.000 | (a) | 03/01/27 | 144,203 | ||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Natural Gas – (continued) | ||||||||||||
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. (BB-/B1) – (continued) | ||||||||||||
| $ |
111,000 | 5.500 | %(a) | 01/15/28 | $ 100,177 | |||||||
|
| ||||||||||||
| 2,503,657 | ||||||||||||
|
| ||||||||||||
| Pharmaceuticals – 1.4% | ||||||||||||
| Bausch Health Americas, Inc.(a) (CCC-/Ca) | ||||||||||||
| 206,000 | 9.250 | 04/01/26 | 170,980 | |||||||||
| Bausch Health Cos., Inc. (CCC+/Caa1) | ||||||||||||
| 699,000 | 5.500 | (a) | 11/01/25 | 622,110 | ||||||||
| 400,000 | 4.875 | (a) | 06/01/28 | 243,000 | ||||||||
| 414,000 | 11.000 | (a) | 09/30/28 | 314,640 | ||||||||
|
| ||||||||||||
| 1,350,730 | ||||||||||||
|
| ||||||||||||
| REITs and Real Estate – 2.3% | ||||||||||||
| Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL(a) (BB+/B1) | ||||||||||||
| 500,000 | 5.750 | 05/15/26 | 444,621 | |||||||||
| Diversified Healthcare Trust (B/Caa3) | ||||||||||||
| 268,000 | 4.375 | 03/01/31 | 192,290 | |||||||||
| Howard Hughes Corp. (The)(a) (BB-/Ba3) | ||||||||||||
| 236,000 | 4.375 | 02/01/31 | 188,210 | |||||||||
| Kennedy-Wilson, Inc. (BB-/B2) | ||||||||||||
| 249,000 | 5.000 | 03/01/31 | 186,750 | |||||||||
| Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer(a) (B+/B1) | ||||||||||||
| 316,000 | 4.875 | 05/15/29 | 272,550 | |||||||||
| Service Properties Trust (BB/B1) | ||||||||||||
| 239,000 | 7.500 | 09/15/25 | 234,582 | |||||||||
| 60,000 | 4.950 | 10/01/29 | 45,750 | |||||||||
| 278,000 | 4.375 | 02/15/30 | 203,635 | |||||||||
| Starwood Property Trust, Inc. (BB-/Ba3) | ||||||||||||
| 434,000 | 3.750 | (a) | 12/31/24 | 408,025 | ||||||||
| 60,000 | 4.750 | 03/15/25 | 56,550 | |||||||||
|
| ||||||||||||
| 2,232,963 | ||||||||||||
|
| ||||||||||||
| Rental Equipment – 1.6% | ||||||||||||
| Avis Budget Car Rental LLC / Avis Budget Finance, Inc.(a) (BB-/B1) | ||||||||||||
| 229,000 | 5.375 | 03/01/29 | 206,386 | |||||||||
| H&E Equipment Services, Inc.(a) (BB-/B1) | ||||||||||||
| 460,000 | 3.875 | 12/15/28 | 393,875 | |||||||||
| Hertz Corp. (The)(a) (B+/Caa1) | ||||||||||||
| 300,000 | 5.000 | 12/01/29 | 240,750 | |||||||||
| United Rentals North America, Inc. (BB+/Ba2) | ||||||||||||
| 178,000 | 5.500 | 05/15/27 | 176,238 | |||||||||
| 180,000 | 4.875 | 01/15/28 | 172,575 | |||||||||
| 140,000 | 5.250 | 01/15/30 | 133,350 | |||||||||
| 281,000 | 3.875 | 02/15/31 | 242,714 | |||||||||
|
| ||||||||||||
| 1,565,888 | ||||||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Software – 1.4% | ||||||||||||
| Cloud Software Group, Inc.(a) (B/B2) | ||||||||||||
| $ |
587,000 | 6.500 | % | 03/31/29 | $ 522,430 | |||||||
| Gartner, Inc.(a) (BB+/Ba1) | ||||||||||||
| 479,000 | 4.500 | 07/01/28 | 453,254 | |||||||||
| SS&C Technologies, Inc.(a) (B+/B2) | ||||||||||||
| 412,000 | 5.500 | 09/30/27 | 393,316 | |||||||||
|
| ||||||||||||
| 1,369,000 | ||||||||||||
|
| ||||||||||||
| Technology – 2.0% | ||||||||||||
| Arches Buyer, Inc. (CCC+/Caa1) | ||||||||||||
| 152,000 | 4.250 | (a) | 06/01/28 | 128,820 | ||||||||
| 247,000 | 6.125 | (a) | 12/01/28 | 214,272 | ||||||||
| Imola Merger Corp.(a) (BB-/B1) | ||||||||||||
| 328,000 | 4.750 | 05/15/29 | 282,900 | |||||||||
| McAfee Corp.(a) (CCC+/Caa2) | ||||||||||||
| 302,000 | 7.375 | 02/15/30 | 254,813 | |||||||||
| Uber Technologies, Inc.(a) (B/B1) | ||||||||||||
| 500,000 | 4.500 | 08/15/29 | 458,750 | |||||||||
| Veritas US, Inc. / Veritas Bermuda Ltd.(a) (B-/B3) | ||||||||||||
| 260,000 | 7.500 | 09/01/25 | 194,116 | |||||||||
| Verscend Escrow Corp.(a) (CCC+/Caa2) | ||||||||||||
| 215,000 | 9.750 | 08/15/26 | 215,414 | |||||||||
| Xerox Holdings Corp.(a) (BB/Ba2) | ||||||||||||
| 200,000 | 5.500 | 08/15/28 | 170,500 | |||||||||
|
| ||||||||||||
| 1,919,585 | ||||||||||||
|
| ||||||||||||
| Transportation – 2.5% | ||||||||||||
| American Airlines, Inc.(a) (B+/Ba3) | ||||||||||||
| 371,000 | 11.750 | 07/15/25 | 407,636 | |||||||||
| American Airlines, Inc./AAdvantage Loyalty IP Ltd. (NR/Ba2) | ||||||||||||
| 605,000 | 5.500 | (a) | 04/20/26 | 596,681 | ||||||||
| 726,000 | 5.750 | (a) | 04/20/29 | 695,330 | ||||||||
| Fortress Transportation and Infrastructure Investors LLC(a) (B/Ba2) | ||||||||||||
| 95,000 | 6.500 | 10/01/25 | 92,863 | |||||||||
| United Airlines, Inc. (BB/Ba1) | ||||||||||||
| 88,000 | 4.375 | (a) | 04/15/26 | 83,435 | ||||||||
| 535,000 | 4.625 | (a) | 04/15/29 | 485,328 | ||||||||
|
| ||||||||||||
| 2,361,273 | ||||||||||||
|
| ||||||||||||
| Wireless – 0.3% | ||||||||||||
| SBA Communications Corp. (BB/Ba3) | ||||||||||||
| 300,000 | 3.875 | 02/15/27 | 277,076 | |||||||||
|
| ||||||||||||
| Wirelines – 2.0% | ||||||||||||
| Cablevision Lightpath LLC(a) (B-/Caa1) | ||||||||||||
| 200,000 | 5.625 | 09/15/28 | 146,000 | |||||||||
| Consolidated Communications, Inc.(a) (B-/B3) | ||||||||||||
| 208,000 | 6.500 | 10/01/28 | 156,780 | |||||||||
| Frontier Communications Holdings LLC (B/B3) | ||||||||||||
| 300,000 | 5.000 | (a) | 05/01/28 | 251,625 | ||||||||
| 200,000 | 6.750 | (a) | 05/01/29 | 148,000 | ||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Wirelines – (continued) | ||||||||||||
| Frontier Communications Holdings LLC (B/B3) – (continued) | ||||||||||||
| $ |
150,000 | 6.000 | %(a) | 01/15/30 | $ 105,562 | |||||||
| Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC(a) (B/B2) | ||||||||||||
| 589,000 | 10.500 | 02/15/28 | 572,066 | |||||||||
| Windstream Escrow LLC / Windstream Escrow Finance Corp.(a) (B-/B3) | ||||||||||||
| 452,000 | 7.750 | 08/15/28 | 368,945 | |||||||||
| Zayo Group Holdings, Inc.(a) (B-/B3) | ||||||||||||
| 225,000 | 4.000 | 03/01/27 | 158,344 | |||||||||
|
| ||||||||||||
| 1,907,322 | ||||||||||||
|
| ||||||||||||
| TOTAL CORPORATE OBLIGATIONS (Cost $94,267,732) |
$87,135,916 | |||||||||||
|
| ||||||||||||
| Foreign Corporate Debt – 6.4% | ||||||||||||
| Aerospace & Defense – 1.1% | ||||||||||||
| Bombardier, Inc. (Canada) (B/B2) | ||||||||||||
| $ |
704,000 | 7.125 | %(a) | 06/15/26 | $ 695,200 | |||||||
| 359,000 | 7.875 | (a) | 04/15/27 | 355,410 | ||||||||
|
| ||||||||||||
| 1,050,610 | ||||||||||||
|
| ||||||||||||
| Basic Industry – 0.8% | ||||||||||||
| Methanex Corp. (Canada) (BB/Ba1) | ||||||||||||
| 200,000 | 5.125 | 10/15/27 | 186,500 | |||||||||
| 102,000 | 5.250 | 12/15/29 | 93,196 | |||||||||
| NOVA Chemicals Corp. (Canada) (BB/Ba3) | ||||||||||||
| 201,000 | 5.000 | (a) | 05/01/25 | 195,221 | ||||||||
| 283,000 | 5.250 | (a) | 06/01/27 | 256,823 | ||||||||
|
| ||||||||||||
| 731,740 | ||||||||||||
|
| ||||||||||||
| Capital Goods – 0.8% | ||||||||||||
| ARD Finance SA(a)(b) (Luxembourg) (PIK 7.250%, Cash 6.500%) (B-/Caa3) | ||||||||||||
| 200,000 | 6.500 | 06/30/27 | 156,000 | |||||||||
| GFL Environmental, Inc. (Canada) (B-/B3) | ||||||||||||
| 271,000 | 4.250 | (a) | 06/01/25 | 261,176 | ||||||||
| 342,000 | 4.750 | (a) | 06/15/29 | 310,793 | ||||||||
|
| ||||||||||||
| 727,969 | ||||||||||||
|
| ||||||||||||
| Consumer Cyclical – 1.7% | ||||||||||||
| 1011778 BC ULC / New Red Finance, Inc. (Canada) (B+/B2) | ||||||||||||
| 316,000 | 3.875 | (a) | 01/15/28 | 290,325 | ||||||||
| 54,000 | 4.375 | (a) | 01/15/28 | 49,747 | ||||||||
| 117,000 | 3.500 | (a) | 02/15/29 | 103,984 | ||||||||
| 469,000 | 4.000 | (a) | 10/15/30 | 405,685 | ||||||||
| Brookfield Residential Properties, Inc. / Brookfield Residential US LLC(a) (Canada) (B+/B1) | ||||||||||||
| 80,000 | 4.875 | 02/15/30 | 60,700 | |||||||||
| Garda World Security Corp. (Canada) (B/B2) | ||||||||||||
| 167,000 | 4.625 | (a) | 02/15/27 | 152,179 | ||||||||
| 135,000 | 9.500 | (a) | 11/01/27 | 126,562 | ||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Foreign Corporate Debt – (continued) | ||||||||||||
| Consumer Cyclical – (continued) | ||||||||||||
| Mattamy Group Corp. (Canada) (BB/Ba3) | ||||||||||||
| $ |
197,000 | 5.250 | %(a) | 12/15/27 | $ 182,270 | |||||||
| 67,000 | 4.625 | (a) | 03/01/30 | 57,788 | ||||||||
| Odeon Finco PLC(a) (United Kingdom) (B/B3) | ||||||||||||
| 260,000 | 12.750 | 11/01/27 | 251,550 | |||||||||
|
| ||||||||||||
| 1,680,790 | ||||||||||||
|
| ||||||||||||
| Energy – 0.1% | ||||||||||||
| MEG Energy Corp.(a) (Canada) (BB-/B1) | ||||||||||||
| 70,000 | 7.125 | 02/01/27 | 71,225 | |||||||||
|
| ||||||||||||
| Mining – 1.0% | ||||||||||||
| First Quantum Minerals Ltd. (Zambia) (B+/NR) | ||||||||||||
| 207,000 | 7.500 | (a) | 04/01/25 | 206,310 | ||||||||
| 410,000 | 6.875 | (a) | 03/01/26 | 398,970 | ||||||||
| Hudbay Minerals, Inc.(a) (Canada) (B/B2) | ||||||||||||
| 435,000 | 4.500 | 04/01/26 | 399,656 | |||||||||
|
| ||||||||||||
| 1,004,936 | ||||||||||||
|
| ||||||||||||
| Natural Gas – 0.3% | ||||||||||||
| Parkland Corp.(a) (Canada) (BB/Ba3) | ||||||||||||
| 363,000 | 4.625 | 05/01/30 | 315,810 | |||||||||
|
| ||||||||||||
| Software – 0.2% | ||||||||||||
| Open Text Corp.(a) (Canada) (BB-/Ba3) | ||||||||||||
| 200,000 | 3.875 | 02/15/28 | 175,500 | |||||||||
|
| ||||||||||||
| Wireless – 0.4% | ||||||||||||
| Intelsat Jackson Holdings SA(a) (Luxembourg) (B+/B3) | ||||||||||||
| 392,000 | 6.500 | 03/15/30 | 362,600 | |||||||||
|
| ||||||||||||
| TOTAL FOREIGN CORPORATE DEBT (Cost $6,378,025) |
$ 6,121,180 | |||||||||||
|
| ||||||||||||
| Shares | Dividend Rate |
Value | ||||||||||
| Investment Company – 0.6%(c) | ||||||||||||
| Goldman Sachs Financial Square Government Fund – Institutional Shares | ||||||||||||
| 576,771 | 5.003% | $ 576,771 | ||||||||||
| (Cost $576,771) | ||||||||||||
|
| ||||||||||||
| TOTAL INVESTMENTS – 98.2% (Cost $101,222,528) |
$93,833,867 | |||||||||||
|
| ||||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES – 1.8% |
1,756,620 | |||||||||||
|
| ||||||||||||
| NET ASSETS – 100.0% | $95,590,487 | |||||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
| (a) | Exempt from registration under Rule 144A of the Securities Act of 1933. | |
| (b) | Pay-in-kind securities. | |
| (c) | Represents an affiliated issuer. | |
|
| ||
| Investment Abbreviations: | ||
| LP | — Limited Partnership | |
| MTN | — Medium Term Note | |
| PLC | — Public Limited Company | |
| REIT | — Real Estate Investment Trust | |
|
| ||
GOLDMAN SACHS ACCESS INFLATION PROTECTED USD BOND ETF
Schedule of Investments
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| U.S. Treasury Inflation Indexed Bonds – 99.5% | ||||||||||||
| U.S. Treasury Inflation Indexed Bonds | ||||||||||||
| $ |
1,652,534 | 0.125 | % | 07/15/24 | $ 1,603,401 | |||||||
| 6,806,940 | 0.125 | 10/15/24 | 6,581,559 | |||||||||
| 4,860,371 | 0.250 | 01/15/25 | 4,681,497 | |||||||||
| 4,027,139 | 0.375 | 07/15/25 | 3,882,781 | |||||||||
| 10,973,220 | 0.125 | 10/15/25 | 10,491,204 | |||||||||
| 10,778,411 | 0.625 | 01/15/26 | 10,384,626 | |||||||||
| 9,155,807 | 0.125 | 04/15/26 | 8,667,172 | |||||||||
| 6,387,952 | 0.375 | 07/15/27 | 6,060,267 | |||||||||
| 10,833,062 | 0.500 | 01/15/28 | 10,254,374 | |||||||||
| 4,777,334 | 0.750 | 07/15/28 | 4,584,449 | |||||||||
| 2,989,106 | 3.875 | 04/15/29 | 3,356,072 | |||||||||
| 5,174,300 | 0.250 | 07/15/29 | 4,792,989 | |||||||||
| 9,720,804 | 0.125 | 01/15/30 | 8,851,582 | |||||||||
| 5,543,670 | 0.125 | 07/15/30 | 5,039,666 | |||||||||
| 3,957,361 | 0.125 | 07/15/31 | 3,557,868 | |||||||||
| 4,538,368 | 0.125 | 01/15/32 | 4,051,412 | |||||||||
| 4,113,846 | 0.625 | 07/15/32 | 3,834,156 | |||||||||
| 5,489,602 | 2.125 | 02/15/40 | 5,922,475 | |||||||||
| 5,694,473 | 0.750 | 02/15/42 | 4,853,724 | |||||||||
| 3,935,009 | 0.875 | 02/15/47 | 3,309,800 | |||||||||
| 2,484,740 | 1.000 | 02/15/48 | 2,143,025 | |||||||||
| 1,572,545 | 1.000 | 02/15/49 | 1,352,826 | |||||||||
| 3,411,731 | 0.250 | 02/15/50 | 2,385,437 | |||||||||
| 1,409,564 | 0.125 | 02/15/52 | 935,001 | |||||||||
|
| ||||||||||||
| TOTAL U.S. TREASURY INFLATION INDEXED BONDS (Cost $138,843,651) |
$121,577,363 | |||||||||||
|
| ||||||||||||
| Shares | Dividend Rate |
Value | ||||||||||
| Investment Company – 0.3%(a) | ||||||||||||
| Goldman Sachs Financial Square Government Fund – Institutional Shares | ||||||||||||
| 336,835 | 5.003% | $ 336,835 | ||||||||||
| (Cost $336,835) | ||||||||||||
|
| ||||||||||||
| TOTAL INVESTMENTS – 99.8% (Cost $139,180,486) |
$121,914,198 | |||||||||||
|
| ||||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES – 0.2% |
233,958 | |||||||||||
|
| ||||||||||||
| NET ASSETS – 100.0% | $122,148,156 | |||||||||||
|
| ||||||||||||
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
| (a) | Represents an affiliated issuer. | |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND
Schedule of Investments
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – 85.3% | ||||||||||||
| Aerospace & Defense – 2.4% | ||||||||||||
| Boeing Co. (The) | ||||||||||||
| $ |
10,000 | 4.875 | % | 05/01/25 | $ 9,926 | |||||||
| 20,000 | 2.196 | 02/04/26 | 18,439 | |||||||||
| 70,000 | 3.250 | 03/01/28 | 64,061 | |||||||||
| General Dynamics Corp. | ||||||||||||
| 16,000 | 1.150 | 06/01/26 | 14,581 | |||||||||
| Huntington Ingalls Industries, Inc. | ||||||||||||
| 20,000 | 3.483 | 12/01/27 | 18,510 | |||||||||
| L3Harris Technologies, Inc. | ||||||||||||
| 16,000 | 3.850 | 12/15/26 | 15,440 | |||||||||
| Lockheed Martin Corp. | ||||||||||||
| 50,000 | 3.550 | 01/15/26 | 48,857 | |||||||||
| Northrop Grumman Corp. | ||||||||||||
| 8,000 | 3.200 | 02/01/27 | 7,627 | |||||||||
| Raytheon Technologies Corp. | ||||||||||||
| 16,000 | 3.500 | 03/15/27 | 15,360 | |||||||||
| Textron, Inc. | ||||||||||||
| 13,000 | 3.650 | 03/15/27 | 12,410 | |||||||||
|
| ||||||||||||
| 225,211 | ||||||||||||
|
| ||||||||||||
| Banks – 19.8% | ||||||||||||
| American Express Co. | ||||||||||||
| 29,000 | 3.125 | 05/20/26 | 27,664 | |||||||||
| 20,000 | 5.850 | 11/05/27 | 20,803 | |||||||||
| Bank of America Corp. | ||||||||||||
| (SOFR + 0.960%) | ||||||||||||
| 32,000 | 1.734 | (a) | 07/22/27 | 28,428 | ||||||||
| (SOFR + 1.580%) | ||||||||||||
| 32,000 | 4.376 | (a) | 04/27/28 | 30,980 | ||||||||
| Bank of America Corp., MTN | ||||||||||||
| 27,000 | 4.200 | 08/26/24 | 26,604 | |||||||||
| 21,000 | 4.000 | 01/22/25 | 20,534 | |||||||||
| (SOFR + 1.010%) | ||||||||||||
| 21,000 | 1.197 | (a) | 10/24/26 | 18,865 | ||||||||
| (3M U.S. T-Bill MMY + 1.322%) | ||||||||||||
| 25,000 | 3.559 | (a) | 04/23/27 | 23,766 | ||||||||
| (SOFR + 1.050%) | ||||||||||||
| 51,000 | 2.551 | (a) | 02/04/28 | 46,187 | ||||||||
| Bank of America Corp.(a), Series N | ||||||||||||
| (SOFR + 0.910%) | ||||||||||||
| 17,000 | 1.658 | 03/11/27 | 15,292 | |||||||||
| Bank of New York Mellon Corp. (The), MTN | ||||||||||||
| 20,000 | 1.600 | 04/24/25 | 18,788 | |||||||||
| 50,000 | 3.350 | 04/25/25 | 48,300 | |||||||||
| (3M U.S. T-Bill MMY + 1.331%) | ||||||||||||
| 34,000 | 3.442 | (a) | 02/07/28 | 32,282 | ||||||||
| Charles Schwab Corp. (The) | ||||||||||||
| 33,000 | 3.000 | 03/10/25 | 31,442 | |||||||||
| 10,000 | 3.850 | 05/21/25 | 9,666 | |||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Banks – (continued) | ||||||||||||
| Charles Schwab Corp. (The) – (continued) | ||||||||||||
| $ |
40,000 | 3.300 | % | 04/01/27 | $ 36,979 | |||||||
| Citigroup, Inc. | ||||||||||||
| (SOFR + 1.372%) | ||||||||||||
| 34,000 | 4.140 | (a) | 05/24/25 | 33,508 | ||||||||
| (SOFR + 0.694%) | ||||||||||||
| 50,000 | 2.014 | (a) | 01/25/26 | 47,097 | ||||||||
| 34,000 | 4.450 | 09/29/27 | 32,575 | |||||||||
| (3M U.S. T-Bill MMY + 1.825%) | ||||||||||||
| 24,000 | 3.887 | (a) | 01/10/28 | 22,824 | ||||||||
| Citizens Financial Group, Inc. | ||||||||||||
| 50,000 | 2.850 | 07/27/26 | 42,932 | |||||||||
| Comerica, Inc. | ||||||||||||
| 13,000 | 3.800 | 07/22/26 | 11,055 | |||||||||
| Discover Financial Services | ||||||||||||
| 40,000 | 3.750 | 03/04/25 | 38,021 | |||||||||
| 20,000 | 4.100 | 02/09/27 | 18,664 | |||||||||
| Fifth Third Bancorp(a) | ||||||||||||
| (SOFRINDX + 2.192%) | ||||||||||||
| 65,000 | 6.361 | 10/27/28 | 65,359 | |||||||||
| Huntington Bancshares, Inc. | ||||||||||||
| 50,000 | 2.625 | 08/06/24 | 46,922 | |||||||||
| 18,000 | 4.000 | 05/15/25 | 16,893 | |||||||||
| JPMorgan Chase & Co. | ||||||||||||
| 34,000 | 3.875 | 09/10/24 | 33,287 | |||||||||
| (3M U.S. T-Bill MMY + 1.585%) | ||||||||||||
| 28,000 | 2.005 | (a) | 03/13/26 | 26,372 | ||||||||
| (SOFR + 1.850%) | ||||||||||||
| 21,000 | 2.083 | (a) | 04/22/26 | 19,761 | ||||||||
| 27,000 | 3.200 | 06/15/26 | 25,755 | |||||||||
| 30,000 | 2.950 | 10/01/26 | 28,305 | |||||||||
| (SOFR + 0.800%) | ||||||||||||
| 17,000 | 1.045 | (a) | 11/19/26 | 15,313 | ||||||||
| (SOFR + 0.885%) | ||||||||||||
| 25,000 | 1.578 | (a) | 04/22/27 | 22,393 | ||||||||
| (SOFR + 1.560%) | ||||||||||||
| 47,000 | 4.323 | (a) | 04/26/28 | 45,728 | ||||||||
| KeyCorp, MTN | ||||||||||||
| 35,000 | 2.250 | 04/06/27 | 28,949 | |||||||||
| M&T Bank Corp.(a) | ||||||||||||
| (SOFRINDX + 1.780%) | ||||||||||||
| 20,000 | 4.553 | 08/16/28 | 18,715 | |||||||||
| Morgan Stanley | ||||||||||||
| (SOFR + 1.990%) | ||||||||||||
| 20,000 | 2.188 | (a) | 04/28/26 | 18,914 | ||||||||
| (SOFR + 0.879%) | ||||||||||||
| 19,000 | 1.593 | (a) | 05/04/27 | 17,090 | ||||||||
| (SOFR + 1.610%) | ||||||||||||
| 34,000 | 4.210 | (a) | 04/20/28 | 32,868 | ||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Banks – (continued) | ||||||||||||
| Morgan Stanley – (continued) | ||||||||||||
| $ |
34,000 | 3.591 | %(a) | 07/22/28 | $ 31,637 | |||||||
| Morgan Stanley, GMTN | ||||||||||||
| 34,000 | 3.875 | 01/27/26 | 33,124 | |||||||||
| 27,000 | 4.350 | 09/08/26 | 26,184 | |||||||||
| (SOFR + 0.858%) | ||||||||||||
| 21,000 | 1.512 | (a) | 07/20/27 | 18,744 | ||||||||
| Morgan Stanley, MTN | ||||||||||||
| 31,000 | 3.125 | 07/27/26 | 29,271 | |||||||||
| Northern Trust Corp.(a) | ||||||||||||
| (3M USD LIBOR + 1.131%) | ||||||||||||
| 50,000 | 3.375 | 05/08/32 | 44,665 | |||||||||
| PNC Financial Services Group, Inc. (The)(a) | ||||||||||||
| (SOFR + 1.620%) | ||||||||||||
| 20,000 | 5.354 | 12/02/28 | 19,974 | |||||||||
| Santander Holdings USA, Inc. | ||||||||||||
| 13,000 | 3.450 | 06/02/25 | 12,395 | |||||||||
| 20,000 | 4.500 | 07/17/25 | 19,361 | |||||||||
| (SOFR + 1.249%) | ||||||||||||
| 20,000 | 2.490 | (a) | 01/06/28 | 17,523 | ||||||||
| (SOFR + 2.356%) | ||||||||||||
| 20,000 | 6.499 | (a) | 03/09/29 | 20,312 | ||||||||
| State Street Corp. | ||||||||||||
| 20,000 | 3.300 | 12/16/24 | 19,417 | |||||||||
| (SOFR + 2.600%) | ||||||||||||
| 13,000 | 2.901 | (a) | 03/30/26 | 12,423 | ||||||||
| Synchrony Financial | ||||||||||||
| 31,000 | 4.250 | 08/15/24 | 29,406 | |||||||||
| Synovus Financial Corp. | ||||||||||||
| 30,000 | 5.200 | 08/11/25 | 27,658 | |||||||||
| Truist Financial Corp., MTN | ||||||||||||
| 30,000 | 2.850 | 10/26/24 | 28,754 | |||||||||
| (SOFR + 1.626%) | ||||||||||||
| 50,000 | 5.900 | (a) | 10/28/26 | 49,533 | ||||||||
| (SOFR + 1.435%) | ||||||||||||
| 20,000 | 4.873 | (a) | 01/26/29 | 19,365 | ||||||||
| US Bancorp, MTN | ||||||||||||
| (SOFR + 0.730%) | ||||||||||||
| 10,000 | 2.215 | (a) | 01/27/28 | 8,926 | ||||||||
| (SOFR + 1.660%) | ||||||||||||
| 30,000 | 4.548 | (a) | 07/22/28 | 28,947 | ||||||||
| US Bancorp, Series X | ||||||||||||
| 21,000 | 3.150 | 04/27/27 | 19,604 | |||||||||
| Wells Fargo & Co. | ||||||||||||
| 6,000 | 3.000 | 04/22/26 | 5,681 | |||||||||
| (SOFR + 2.000%) | ||||||||||||
| 26,000 | 2.188 | (a) | 04/30/26 | 24,496 | ||||||||
| 23,000 | 3.000 | 10/23/26 | 21,488 | |||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Banks – (continued) | ||||||||||||
| Wells Fargo & Co., MTN | ||||||||||||
| (3M U.S. T-Bill MMY + 1.012%) | ||||||||||||
| $ |
51,000 | 2.164 | %(a) | 02/11/26 | $ 48,194 | |||||||
| (3M U.S. T-Bill MMY + 1.432%) | ||||||||||||
| 11,000 | 3.196 | (a) | 06/17/27 | 10,336 | ||||||||
| (SOFR + 1.510%) | ||||||||||||
| 16,000 | 3.526 | (a) | 03/24/28 | 15,026 | ||||||||
| (3M U.S. T-Bill MMY + 1.572%) | ||||||||||||
| 15,000 | 3.584 | (a) | 05/22/28 | 14,090 | ||||||||
| (SOFR + 2.100%) | ||||||||||||
| 15,000 | 2.393 | (a) | 06/02/28 | 13,419 | ||||||||
| (SOFR + 1.980%) | ||||||||||||
| 16,000 | 4.808 | (a) | 07/25/28 | 15,743 | ||||||||
|
| ||||||||||||
| 1,831,576 | ||||||||||||
|
| ||||||||||||
| Basic Industry – 0.3% | ||||||||||||
| Linde, Inc. | ||||||||||||
| 24,000 | 3.200 | 01/30/26 | 23,326 | |||||||||
|
| ||||||||||||
| Building Materials – 0.7% | ||||||||||||
| Allegion US Holding Co., Inc. | ||||||||||||
| 50,000 | 3.200 | 10/01/24 | 48,180 | |||||||||
| Owens Corning | ||||||||||||
| 16,000 | 4.200 | 12/01/24 | 15,717 | |||||||||
|
| ||||||||||||
| 63,897 | ||||||||||||
|
| ||||||||||||
| Capital Goods – 6.1% | ||||||||||||
| 3M Co., MTN | ||||||||||||
| 20,000 | 3.000 | 08/07/25 | 19,307 | |||||||||
| Berry Global, Inc. | ||||||||||||
| 20,000 | 1.650 | 01/15/27 | 17,254 | |||||||||
| Carrier Global Corp. | ||||||||||||
| 12,000 | 2.242 | 02/15/25 | 11,380 | |||||||||
| Caterpillar Financial Services Corp. | ||||||||||||
| 17,000 | 0.900 | 03/02/26 | 15,372 | |||||||||
| Caterpillar Financial Services Corp., MTN | ||||||||||||
| 60,000 | 4.900 | 01/17/25 | 60,060 | |||||||||
| 20,000 | 3.600 | 08/12/27 | 19,424 | |||||||||
| Honeywell International, Inc. | ||||||||||||
| 60,000 | 4.850 | 11/01/24 | 60,011 | |||||||||
| Hubbell, Inc. | ||||||||||||
| 40,000 | 3.500 | 02/15/28 | 37,420 | |||||||||
| John Deere Capital Corp., MTN | ||||||||||||
| 50,000 | 5.150 | 03/03/25 | 50,376 | |||||||||
| 17,000 | 2.350 | 03/08/27 | 15,768 | |||||||||
| 20,000 | 4.750 | 01/20/28 | 20,234 | |||||||||
| 20,000 | 1.500 | 03/06/28 | 17,440 | |||||||||
| Johnson Controls International PLC | ||||||||||||
| 24,000 | 3.900 | 02/14/26 | 23,312 | |||||||||
| Lennox International, Inc. | ||||||||||||
| 40,000 | 1.350 | 08/01/25 | 36,684 | |||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Capital Goods – (continued) | ||||||||||||
| Otis Worldwide Corp. | ||||||||||||
| $ |
30,000 | 2.293 | % | 04/05/27 | $ 27,402 | |||||||
| Republic Services, Inc. | ||||||||||||
| 7,000 | 2.500 | 08/15/24 | 6,771 | |||||||||
| 9,000 | 2.900 | 07/01/26 | 8,518 | |||||||||
| Roper Technologies, Inc. | ||||||||||||
| 16,000 | 1.000 | 09/15/25 | 14,601 | |||||||||
| 16,000 | 3.850 | 12/15/25 | 15,551 | |||||||||
| Sonoco Products Co. | ||||||||||||
| 16,000 | 2.250 | 02/01/27 | 14,495 | |||||||||
| Trane Technologies Luxembourg Finance SA | ||||||||||||
| 40,000 | 3.500 | 03/21/26 | 38,372 | |||||||||
| Westinghouse Air Brake Technologies Corp. | ||||||||||||
| 16,000 | 4.400 | 03/15/24 | 15,776 | |||||||||
| 16,000 | 3.200 | 06/15/25 | 15,217 | |||||||||
|
| ||||||||||||
| 560,745 | ||||||||||||
|
| ||||||||||||
| Communications – 1.4% | ||||||||||||
| Charter Communications Operating LLC / Charter Communications Operating Capital | ||||||||||||
| 17,000 | 4.908 | 07/23/25 | 16,717 | |||||||||
| Moody’s Corp. | ||||||||||||
| 50,000 | 3.750 | 03/24/25 | 48,525 | |||||||||
| Netflix, Inc. | ||||||||||||
| 6,000 | 5.750 | 03/01/24 | 6,033 | |||||||||
| 16,000 | 5.875 | 02/15/25 | 16,200 | |||||||||
| 16,000 | 4.375 | 11/15/26 | 15,780 | |||||||||
| TWDC Enterprises 18 Corp., MTN | ||||||||||||
| 8,000 | 1.850 | 07/30/26 | 7,382 | |||||||||
| Walt Disney Co. (The) | ||||||||||||
| 24,000 | 3.350 | 03/24/25 | 23,427 | |||||||||
|
| ||||||||||||
| 134,064 | ||||||||||||
|
| ||||||||||||
| Consumer Cyclical – 10.4% | ||||||||||||
| Amazon.com, Inc. | ||||||||||||
| 80,000 | 3.800 | 12/05/24 | 78,698 | |||||||||
| 20,000 | 0.800 | 06/03/25 | 18,553 | |||||||||
| 33,000 | 1.000 | 05/12/26 | 29,923 | |||||||||
| 15,000 | 4.550 | 12/01/27 | 15,124 | |||||||||
| American Honda Finance Corp., GMTN | ||||||||||||
| 20,000 | 3.500 | 02/15/28 | 19,153 | |||||||||
| American Honda Finance Corp., MTN | ||||||||||||
| 13,000 | 1.200 | 07/08/25 | 12,040 | |||||||||
| 13,000 | 1.300 | 09/09/26 | 11,652 | |||||||||
| AutoNation, Inc. | ||||||||||||
| 18,000 | 3.500 | 11/15/24 | 17,417 | |||||||||
| Booking Holdings, Inc. | ||||||||||||
| 43,000 | 3.600 | 06/01/26 | 41,596 | |||||||||
| DR Horton, Inc. | ||||||||||||
| 13,000 | 2.500 | 10/15/24 | 12,493 | |||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Consumer Cyclical – (continued) | ||||||||||||
| DR Horton, Inc. – (continued) | ||||||||||||
| $ |
10,000 | 1.300 | % | 10/15/26 | $ 8,861 | |||||||
| General Motors Co. | ||||||||||||
| 34,000 | 6.800 | 10/01/27 | 35,760 | |||||||||
| General Motors Financial Co., Inc. | ||||||||||||
| 70,000 | 4.000 | 01/15/25 | 68,260 | |||||||||
| 21,000 | 1.250 | 01/08/26 | 18,849 | |||||||||
| 20,000 | 2.700 | 08/20/27 | 17,834 | |||||||||
| Home Depot, Inc. (The) | ||||||||||||
| 40,000 | 4.000 | 09/15/25 | 39,535 | |||||||||
| 21,000 | 2.800 | 09/14/27 | 19,703 | |||||||||
| Las Vegas Sands Corp. | ||||||||||||
| 16,000 | 3.200 | 08/08/24 | 15,435 | |||||||||
| 10,000 | 3.500 | 08/18/26 | 9,276 | |||||||||
| Lennar Corp. | ||||||||||||
| 32,000 | 4.750 | 05/30/25 | 31,571 | |||||||||
| 20,000 | 4.750 | 11/29/27 | 19,638 | |||||||||
| Marriott International, Inc., Series EE | ||||||||||||
| 8,000 | 5.750 | 05/01/25 | 8,096 | |||||||||
| McDonald’s Corp., MTN | ||||||||||||
| 70,000 | 3.300 | 07/01/25 | 67,830 | |||||||||
| NIKE, Inc. | ||||||||||||
| 50,000 | 2.750 | 03/27/27 | 47,290 | |||||||||
| Ross Stores, Inc. | ||||||||||||
| 13,000 | 4.600 | 04/15/25 | 12,859 | |||||||||
| Starbucks Corp. | ||||||||||||
| 16,000 | 2.000 | 03/12/27 | 14,550 | |||||||||
| 20,000 | 3.500 | 03/01/28 | 19,018 | |||||||||
| Toll Brothers Finance Corp. | ||||||||||||
| 16,000 | 4.875 | 11/15/25 | 15,720 | |||||||||
| Toyota Motor Credit Corp., MTN | ||||||||||||
| 16,000 | 0.800 | 01/09/26 | 14,492 | |||||||||
| 40,000 | 3.050 | 03/22/27 | 37,864 | |||||||||
| Visa, Inc. | ||||||||||||
| 16,000 | 1.900 | 04/15/27 | 14,758 | |||||||||
| 50,000 | 2.750 | 09/15/27 | 47,165 | |||||||||
| Walmart, Inc. | ||||||||||||
| 60,000 | 2.850 | 07/08/24 | 58,665 | |||||||||
| 24,000 | 1.050 | 09/17/26 | 21,661 | |||||||||
| Western Union Co. (The) | ||||||||||||
| 40,000 | 1.350 | 03/15/26 | 35,499 | |||||||||
|
| ||||||||||||
| 956,838 | ||||||||||||
|
| ||||||||||||
| Consumer Noncyclical – 4.4% | ||||||||||||
| AbbVie, Inc. | ||||||||||||
| 25,000 | 2.600 | 11/21/24 | 24,097 | |||||||||
| 31,000 | 3.600 | 05/14/25 | 30,181 | |||||||||
| Amgen, Inc. | ||||||||||||
| 15,000 | 5.150 | 03/02/28 | 15,150 | |||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Consumer Noncyclical – (continued) | ||||||||||||
| Becton Dickinson & Co. | ||||||||||||
| $ |
18,000 | 3.734 | % | 12/15/24 | $ 17,619 | |||||||
| Equifax, Inc. | ||||||||||||
| 19,000 | 2.600 | 12/01/24 | 18,175 | |||||||||
| Gilead Sciences, Inc. | ||||||||||||
| 60,000 | 3.500 | 02/01/25 | 58,484 | |||||||||
| 20,000 | 1.200 | 10/01/27 | 17,400 | |||||||||
| Merck & Co., Inc. | ||||||||||||
| 16,000 | 0.750 | 02/24/26 | 14,546 | |||||||||
| Philip Morris International, Inc. | ||||||||||||
| 22,000 | 2.875 | 05/01/24 | 21,482 | |||||||||
| 50,000 | 4.875 | 02/13/26 | 49,913 | |||||||||
| Royalty Pharma PLC | ||||||||||||
| 50,000 | 1.200 | 09/02/25 | 45,089 | |||||||||
| Shire Acquisitions Investments Ireland DAC | ||||||||||||
| 50,000 | 3.200 | 09/23/26 | 47,233 | |||||||||
| Utah Acquisition Sub, Inc. | ||||||||||||
| 13,000 | 3.950 | 06/15/26 | 12,377 | |||||||||
| Walgreens Boots Alliance, Inc. | ||||||||||||
| 37,000 | 3.800 | 11/18/24 | 36,151 | |||||||||
|
| ||||||||||||
| 407,897 | ||||||||||||
|
| ||||||||||||
| Consumer Products – 0.6% | ||||||||||||
| Procter & Gamble Co. (The) | ||||||||||||
| 50,000 | 4.100 | 01/26/26 | 49,798 | |||||||||
| 8,000 | 1.900 | 02/01/27 | 7,400 | |||||||||
|
| ||||||||||||
| 57,198 | ||||||||||||
|
| ||||||||||||
| Electric – 7.1% | ||||||||||||
| AEP Transmission Co. LLC | ||||||||||||
| 17,000 | 3.100 | 12/01/26 | 15,991 | |||||||||
| AES Corp. (The) | ||||||||||||
| 17,000 | 1.375 | 01/15/26 | 15,212 | |||||||||
| Black Hills Corp. | ||||||||||||
| 20,000 | 5.950 | 03/15/28 | 20,528 | |||||||||
| CenterPoint Energy, Inc. | ||||||||||||
| 17,000 | 1.450 | 06/01/26 | 15,281 | |||||||||
| CMS Energy Corp. | ||||||||||||
| 17,000 | 3.000 | 05/15/26 | 16,066 | |||||||||
| Dominion Energy, Inc.(b) | ||||||||||||
| 50,000 | 3.071 | 08/15/24 | 48,412 | |||||||||
| Dominion Energy, Inc., Series A | ||||||||||||
| 17,000 | 1.450 | 04/15/26 | 15,344 | |||||||||
| DTE Energy Co., Series F | ||||||||||||
| 24,000 | 1.050 | 06/01/25 | 22,065 | |||||||||
| Duke Energy Corp. | ||||||||||||
| 20,000 | 0.900 | 09/15/25 | 18,229 | |||||||||
| 16,000 | 2.650 | 09/01/26 | 14,844 | |||||||||
| 40,000 | 4.300 | 03/15/28 | 38,745 | |||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Electric – (continued) | ||||||||||||
| Eastern Energy Gas Holdings LLC | ||||||||||||
| $ |
40,000 | 3.600 | % | 12/15/24 | $ 38,708 | |||||||
| Edison International | ||||||||||||
| 40,000 | 4.125 | 03/15/28 | 37,558 | |||||||||
| Entergy Louisiana LLC | ||||||||||||
| 50,000 | 5.590 | 10/01/24 | 50,127 | |||||||||
| Exelon Corp. | ||||||||||||
| 11,000 | 3.400 | 04/15/26 | 10,491 | |||||||||
| NextEra Energy Capital Holdings, Inc. | ||||||||||||
| 13,000 | 1.875 | 01/15/27 | 11,670 | |||||||||
| 27,000 | 3.550 | 05/01/27 | 25,582 | |||||||||
| 30,000 | 4.900 | 02/28/28 | 29,866 | |||||||||
| (US 5 Year CMT T-Note + 2.547%) | ||||||||||||
| 20,000 | 3.800 | (a) | 03/15/82 | 16,589 | ||||||||
| Pacific Gas and Electric Co. | ||||||||||||
| 7,000 | 3.450 | 07/01/25 | 6,660 | |||||||||
| 28,000 | 3.300 | 03/15/27 | 25,663 | |||||||||
| 20,000 | 5.450 | 06/15/27 | 19,594 | |||||||||
| Public Service Electric and Gas Co., MTN | ||||||||||||
| 50,000 | 3.050 | 11/15/24 | 48,511 | |||||||||
| Sempra Energy | ||||||||||||
| 34,000 | 3.250 | 06/15/27 | 31,728 | |||||||||
| Southern California Edison Co. | ||||||||||||
| 15,000 | 5.850 | 11/01/27 | 15,512 | |||||||||
| Southern Co. (The) | ||||||||||||
| 16,000 | 3.250 | 07/01/26 | 15,176 | |||||||||
| Southern Co. Gas Capital Corp. | ||||||||||||
| 16,000 | 3.875 | 11/15/25 | 15,411 | |||||||||
| Southwestern Electric Power Co., Series N | ||||||||||||
| 13,000 | 1.650 | 03/15/26 | 11,817 | |||||||||
|
| ||||||||||||
| 651,380 | ||||||||||||
|
| ||||||||||||
| Energy – 8.1% | ||||||||||||
| Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc. | ||||||||||||
| 15,000 | 3.337 | 12/15/27 | 14,003 | |||||||||
| Boardwalk Pipelines LP | ||||||||||||
| 40,000 | 4.450 | 07/15/27 | 38,547 | |||||||||
| BP Capital Markets America, Inc. | ||||||||||||
| 20,000 | 3.796 | 09/21/25 | 19,580 | |||||||||
| 40,000 | 3.017 | 01/16/27 | 37,981 | |||||||||
| Chevron Corp. | ||||||||||||
| 25,000 | 3.326 | 11/17/25 | 24,461 | |||||||||
| 50,000 | 1.995 | 05/11/27 | 45,767 | |||||||||
| DCP Midstream Operating LP | ||||||||||||
| 40,000 | 5.375 | 07/15/25 | 39,700 | |||||||||
| Energy Transfer LP | ||||||||||||
| 40,000 | 4.750 | 01/15/26 | 39,439 | |||||||||
| 40,000 | 5.550 | 02/15/28 | 40,153 | |||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Energy – (continued) | ||||||||||||
| Enterprise Products Operating LLC | ||||||||||||
| $ |
16,000 | 3.750 | % | 02/15/25 | $ 15,695 | |||||||
| Exxon Mobil Corp. | ||||||||||||
| 24,000 | 3.043 | 03/01/26 | 23,159 | |||||||||
| 13,000 | 2.275 | 08/16/26 | 12,200 | |||||||||
| Hercules Capital, Inc. | ||||||||||||
| 20,000 | 3.375 | 01/20/27 | 16,984 | |||||||||
| Kinder Morgan, Inc. | ||||||||||||
| 16,000 | 4.300 | 06/01/25 | 15,716 | |||||||||
| Magellan Midstream Partners LP | ||||||||||||
| 24,000 | 5.000 | 03/01/26 | 23,876 | |||||||||
| Marathon Petroleum Corp. | ||||||||||||
| 11,000 | 4.700 | 05/01/25 | 10,869 | |||||||||
| MPLX LP | ||||||||||||
| 24,000 | 4.875 | 12/01/24 | 23,756 | |||||||||
| 12,000 | 1.750 | 03/01/26 | 10,947 | |||||||||
| National Fuel Gas Co. | ||||||||||||
| 16,000 | 5.500 | 01/15/26 | 15,894 | |||||||||
| Occidental Petroleum Corp. | ||||||||||||
| 50,000 | 5.875 | 09/01/25 | 50,052 | |||||||||
| ONEOK Partners LP | ||||||||||||
| 50,000 | 4.900 | 03/15/25 | 49,277 | |||||||||
| Plains All American Pipeline LP / PAA Finance Corp. | ||||||||||||
| 16,000 | 4.650 | 10/15/25 | 15,712 | |||||||||
| Sabine Pass Liquefaction LLC | ||||||||||||
| 10,000 | 5.625 | 03/01/25 | 9,997 | |||||||||
| 31,000 | 5.000 | 03/15/27 | 30,718 | |||||||||
| Spectra Energy Partners LP | ||||||||||||
| 17,000 | 4.750 | 03/15/24 | 16,837 | |||||||||
| Targa Resources Partners LP / Targa Resources Partners Finance Corp. | ||||||||||||
| 40,000 | 6.500 | 07/15/27 | 40,275 | |||||||||
| Western Midstream Operating LP | ||||||||||||
| 16,000 | 3.350 | 02/01/25 | 15,300 | |||||||||
| 16,000 | 3.950 | 06/01/25 | 15,400 | |||||||||
| Williams Cos., Inc. (The) | ||||||||||||
| 34,000 | 4.000 | 09/15/25 | 33,016 | |||||||||
|
| ||||||||||||
| 745,311 | ||||||||||||
|
| ||||||||||||
| Financial Company – 2.4% | ||||||||||||
| Air Lease Corp. | ||||||||||||
| 37,000 | 3.625 | 04/01/27 | 34,366 | |||||||||
| Ally Financial, Inc. | ||||||||||||
| 50,000 | 5.125 | 09/30/24 | 48,762 | |||||||||
| 15,000 | 7.100 | 11/15/27 | 15,289 | |||||||||
| Ares Capital Corp. | ||||||||||||
| 17,000 | 2.875 | 06/15/27 | 14,842 | |||||||||
| Bain Capital Specialty Finance, Inc. | ||||||||||||
| 20,000 | 2.550 | 10/13/26 | 17,071 | |||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Financial Company – (continued) | ||||||||||||
| BGC Partners, Inc. | ||||||||||||
| $ |
40,000 | 4.375 | % | 12/15/25 | $ 37,200 | |||||||
| FS KKR Capital Corp. | ||||||||||||
| 13,000 | 4.625 | 07/15/24 | 12,580 | |||||||||
| 16,000 | 3.250 | 07/15/27 | 13,752 | |||||||||
| GATX Corp. | ||||||||||||
| 16,000 | 3.250 | 09/15/26 | 14,945 | |||||||||
| Sixth Street Specialty Lending, Inc. | ||||||||||||
| 16,000 | 3.875 | 11/01/24 | 15,385 | |||||||||
|
| ||||||||||||
| 224,192 | ||||||||||||
|
| ||||||||||||
| Food and Beverage – 2.1% | ||||||||||||
| Coca-Cola Co. (The) | ||||||||||||
| 50,000 | 1.500 | 03/05/28 | 44,416 | |||||||||
| General Mills, Inc. | ||||||||||||
| 20,000 | 4.000 | 04/17/25 | 19,632 | |||||||||
| 30,000 | 5.241 | 11/18/25 | 30,045 | |||||||||
| Kellogg Co. | ||||||||||||
| 50,000 | 3.250 | 04/01/26 | 47,722 | |||||||||
| McCormick & Co., Inc. | ||||||||||||
| 16,000 | 0.900 | 02/15/26 | 14,345 | |||||||||
| PepsiCo, Inc. | ||||||||||||
| 26,000 | 2.250 | 03/19/25 | 24,926 | |||||||||
| 11,000 | 2.850 | 02/24/26 | 10,583 | |||||||||
|
| ||||||||||||
| 191,669 | ||||||||||||
|
| ||||||||||||
| Hardware – 0.7% | ||||||||||||
| CDW LLC / CDW Finance Corp. | ||||||||||||
| 50,000 | 4.125 | 05/01/25 | 48,188 | |||||||||
| Micron Technology, Inc. | ||||||||||||
| 16,000 | 4.185 | 02/15/27 | 15,420 | |||||||||
|
| ||||||||||||
| 63,608 | ||||||||||||
|
| ||||||||||||
| Healthcare – 1.5% | ||||||||||||
| CVS Health Corp. | ||||||||||||
| 13,000 | 3.000 | 08/15/26 | 12,258 | |||||||||
| Evernorth Health, Inc. | ||||||||||||
| 33,000 | 3.500 | 06/15/24 | 32,275 | |||||||||
| HCA, Inc. | ||||||||||||
| 24,000 | 5.000 | 03/15/24 | 23,835 | |||||||||
| 10,000 | 5.375 | 02/01/25 | 9,950 | |||||||||
| 16,000 | 4.500 | 02/15/27 | 15,570 | |||||||||
| Quest Diagnostics, Inc. | ||||||||||||
| 16,000 | 3.450 | 06/01/26 | 15,362 | |||||||||
| UnitedHealth Group, Inc. | ||||||||||||
| 16,000 | 3.375 | 04/15/27 | 15,393 | |||||||||
| 15,000 | 5.250 | 02/15/28 | 15,441 | |||||||||
|
| ||||||||||||
| 140,084 | ||||||||||||
|
| ||||||||||||
| Insurance – 0.4% | ||||||||||||
| CNA Financial Corp. | ||||||||||||
| 13,000 | 3.950 | 05/15/24 | 12,746 | |||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Insurance – (continued) | ||||||||||||
| Lincoln National Corp. | ||||||||||||
| $ |
30,000 | 3.800 | % | 03/01/28 | $ 27,359 | |||||||
|
| ||||||||||||
| 40,105 | ||||||||||||
|
| ||||||||||||
| Pharmaceuticals – 0.1% | ||||||||||||
| Viatris, Inc. | ||||||||||||
| 16,000 | 2.300 | 06/22/27 | 14,004 | |||||||||
|
| ||||||||||||
| REITs and Real Estate – 3.5% | ||||||||||||
| Boston Properties LP | ||||||||||||
| 20,000 | 3.200 | 01/15/25 | 18,955 | |||||||||
| Brandywine Operating Partnership LP | ||||||||||||
| 20,000 | 3.950 | 11/15/27 | 14,667 | |||||||||
| Brixmor Operating Partnership LP | ||||||||||||
| 20,000 | 3.900 | 03/15/27 | 18,557 | |||||||||
| Equinix, Inc. | ||||||||||||
| 23,000 | 1.800 | 07/15/27 | 19,932 | |||||||||
| ERP Operating LP | ||||||||||||
| 16,000 | 3.375 | 06/01/25 | 15,446 | |||||||||
| GLP Capital LP / GLP Financing II, Inc. | ||||||||||||
| 40,000 | 3.350 | 09/01/24 | 38,611 | |||||||||
| 9,000 | 5.375 | 04/15/26 | 8,723 | |||||||||
| Healthpeak OP LLC | ||||||||||||
| 16,000 | 3.250 | 07/15/26 | 15,002 | |||||||||
| Highwoods Realty LP | ||||||||||||
| 20,000 | 4.125 | 03/15/28 | 17,227 | |||||||||
| Public Storage | ||||||||||||
| 13,000 | 1.500 | 11/09/26 | 11,671 | |||||||||
| Simon Property Group LP | ||||||||||||
| 16,000 | 3.500 | 09/01/25 | 15,433 | |||||||||
| 16,000 | 3.300 | 01/15/26 | 15,293 | |||||||||
| Spirit Realty LP | ||||||||||||
| 7,000 | 3.200 | 01/15/27 | 6,356 | |||||||||
| Tanger Properties LP | ||||||||||||
| 30,000 | 3.875 | 07/15/27 | 27,070 | |||||||||
| VICI Properties LP | ||||||||||||
| 50,000 | 4.375 | 05/15/25 | 48,232 | |||||||||
| Vornado Realty LP | ||||||||||||
| 20,000 | 2.150 | 06/01/26 | 16,325 | |||||||||
| Welltower OP LLC | ||||||||||||
| 16,000 | 4.000 | 06/01/25 | 15,513 | |||||||||
|
| ||||||||||||
| 323,013 | ||||||||||||
|
| ||||||||||||
| Software – 0.2% | ||||||||||||
| Oracle Corp. | ||||||||||||
| 20,000 | 2.300 | 03/25/28 | 17,730 | |||||||||
|
| ||||||||||||
| Technology – 8.1% | ||||||||||||
| Activision Blizzard, Inc. | ||||||||||||
| 40,000 | 3.400 | 09/15/26 | 38,529 | |||||||||
| Alphabet, Inc. | ||||||||||||
| 16,000 | 1.998 | 08/15/26 | 14,976 | |||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Technology – (continued) | ||||||||||||
| Apple, Inc. | ||||||||||||
| $ |
20,000 | 1.800 | % | 09/11/24 | $ 19,252 | |||||||
| 25,000 | 2.450 | 08/04/26 | 23,643 | |||||||||
| 17,000 | 2.050 | 09/11/26 | 15,873 | |||||||||
| 32,000 | 3.350 | 02/09/27 | 31,193 | |||||||||
| Arrow Electronics, Inc. | ||||||||||||
| 50,000 | 4.000 | 04/01/25 | 48,275 | |||||||||
| Autodesk, Inc. | ||||||||||||
| 40,000 | 3.500 | 06/15/27 | 38,404 | |||||||||
| Broadcom Corp. / Broadcom Cayman Finance Ltd. | ||||||||||||
| 17,000 | 3.875 | 01/15/27 | 16,361 | |||||||||
| Fiserv, Inc. | ||||||||||||
| 12,000 | 3.850 | 06/01/25 | 11,675 | |||||||||
| 24,000 | 3.200 | 07/01/26 | 22,727 | |||||||||
| Genpact Luxembourg Sarl | ||||||||||||
| 16,000 | 3.375 | 12/01/24 | 15,500 | |||||||||
| Hewlett Packard Enterprise Co. | ||||||||||||
| 15,000 | 4.900 | 10/15/25 | 14,944 | |||||||||
| International Business Machines Corp. | ||||||||||||
| 90,000 | 6.220 | 08/01/27 | 94,809 | |||||||||
| Intuit, Inc. | ||||||||||||
| 16,000 | 1.350 | 07/15/27 | 13,991 | |||||||||
| Jabil, Inc. | ||||||||||||
| 40,000 | 4.250 | 05/15/27 | 38,377 | |||||||||
| Keysight Technologies, Inc. | ||||||||||||
| 40,000 | 4.600 | 04/06/27 | 39,761 | |||||||||
| Microchip Technology, Inc. | ||||||||||||
| 16,000 | 4.250 | 09/01/25 | 15,622 | |||||||||
| Microsoft Corp. | ||||||||||||
| 31,000 | 3.300 | 02/06/27 | 30,336 | |||||||||
| Motorola Solutions, Inc. | ||||||||||||
| 13,000 | 7.500 | 05/15/25 | 13,370 | |||||||||
| NetApp, Inc. | ||||||||||||
| 13,000 | 3.300 | 09/29/24 | 12,633 | |||||||||
| 40,000 | 2.375 | 06/22/27 | 36,685 | |||||||||
| QUALCOMM, Inc. | ||||||||||||
| 7,000 | 3.450 | 05/20/25 | 6,819 | |||||||||
| TD SYNNEX Corp. | ||||||||||||
| 50,000 | 1.250 | 08/09/24 | 46,962 | |||||||||
| Tyco Electronics Group SA | ||||||||||||
| 50,000 | 3.450 | 08/01/24 | 48,995 | |||||||||
| VeriSign, Inc. | ||||||||||||
| 40,000 | 5.250 | 04/01/25 | 39,650 | |||||||||
|
| ||||||||||||
| 749,362 | ||||||||||||
|
| ||||||||||||
| Transportation – 2.5% | ||||||||||||
| CSX Corp. | ||||||||||||
| 17,000 | 3.250 | 06/01/27 | 16,116 | |||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Transportation – (continued) | ||||||||||||
| Delta Air Lines, Inc. | ||||||||||||
| $ |
20,000 | 2.900 | % | 10/28/24 | $ 19,338 | |||||||
| Norfolk Southern Corp. | ||||||||||||
| 40,000 | 5.590 | 05/17/25 | 40,331 | |||||||||
| Ryder System, Inc., MTN | ||||||||||||
| 5,000 | 1.750 | 09/01/26 | 4,474 | |||||||||
| 8,000 | 2.900 | 12/01/26 | 7,387 | |||||||||
| 20,000 | 5.650 | 03/01/28 | 20,229 | |||||||||
| Southwest Airlines Co. | ||||||||||||
| 16,000 | 5.250 | 05/04/25 | 15,911 | |||||||||
| 40,000 | 5.125 | 06/15/27 | 39,865 | |||||||||
| Union Pacific Corp. | ||||||||||||
| 17,000 | 3.250 | 08/15/25 | 16,536 | |||||||||
| United Airlines Pass Through Trust, Series A | ||||||||||||
| 20,820 | 4.150 | 04/11/24 | 20,253 | |||||||||
| United Airlines Pass Through Trust, Class A, Series 20-1 | ||||||||||||
| 15,092 | 5.875 | 10/15/27 | 14,979 | |||||||||
| United Airlines Pass Through Trust, Series A | ||||||||||||
| 16,189 | 4.300 | 08/15/25 | 15,437 | |||||||||
|
| ||||||||||||
| 230,856 | ||||||||||||
|
| ||||||||||||
| Wireless – 2.5% | ||||||||||||
| American Tower Corp. | ||||||||||||
| 13,000 | 3.375 | 10/15/26 | 12,258 | |||||||||
| AT&T, Inc. | ||||||||||||
| 21,000 | 1.700 | 03/25/26 | 19,178 | |||||||||
| 10,000 | 1.650 | 02/01/28 | 8,661 | |||||||||
| Crown Castle, Inc. | ||||||||||||
| 33,000 | 3.200 | 09/01/24 | 32,068 | |||||||||
| Sprint LLC | ||||||||||||
| 56,000 | 7.625 | 03/01/26 | 58,625 | |||||||||
| T-Mobile USA, Inc. | ||||||||||||
| 16,000 | 3.750 | 04/15/27 | 15,183 | |||||||||
| 70,000 | 2.050 | 02/15/28 | 60,998 | |||||||||
| Verizon Communications, Inc. | ||||||||||||
| 25,000 | 2.100 | 03/22/28 | 22,105 | |||||||||
|
| ||||||||||||
| 229,076 | ||||||||||||
|
| ||||||||||||
| TOTAL CORPORATE OBLIGATIONS (Cost $8,126,864) |
$7,881,142 | |||||||||||
|
| ||||||||||||
| Foreign Corporate Debt – 13.2% | ||||||||||||
| Banks – 7.0% | ||||||||||||
| Bank of Montreal, MTN (Canada) | ||||||||||||
| $ |
50,000 | 1.250 | % | 09/15/26 | $ 44,144 | |||||||
| 30,000 | 2.650 | 03/08/27 | 27,507 | |||||||||
| Bank of Montreal(a) (Canada) | ||||||||||||
| (5 Year USD Swap + 1.432%) | ||||||||||||
| 40,000 | 3.803 | 12/15/32 | 35,644 | |||||||||
| Bank of Nova Scotia (The) (Canada) | ||||||||||||
| 17,000 | 1.050 | 03/02/26 | 15,215 | |||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Foreign Corporate Debt – (continued) | ||||||||||||
| Banks – (continued) | ||||||||||||
| Bank of Nova Scotia (The) (Canada) – (continued) | ||||||||||||
| $ |
17,000 | 2.700 | % | 08/03/26 | $ 15,797 | |||||||
| 21,000 | 1.300 | 09/15/26 | 18,566 | |||||||||
| Canadian Imperial Bank of Commerce (Canada) | ||||||||||||
| 77,000 | 1.250 | 06/22/26 | 68,560 | |||||||||
| Deutsche Bank AG (Germany) | ||||||||||||
| 50,000 | 4.100 | 01/13/26 | 47,326 | |||||||||
| Mitsubishi UFJ Financial Group, Inc. (Japan) | ||||||||||||
| 20,000 | 3.287 | 07/25/27 | 18,659 | |||||||||
| Royal Bank of Canada (Canada) | ||||||||||||
| 21,000 | 3.625 | 05/04/27 | 20,012 | |||||||||
| Royal Bank of Canada, GMTN (Canada) | ||||||||||||
| 20,000 | 4.240 | 08/03/27 | 19,438 | |||||||||
| Royal Bank of Canada, MTN (Canada) | ||||||||||||
| 23,000 | 1.150 | 06/10/25 | 21,210 | |||||||||
| Sumitomo Mitsui Financial Group, Inc. (Japan) | ||||||||||||
| 20,000 | 3.446 | 01/11/27 | 18,904 | |||||||||
| 51,000 | 3.364 | 07/12/27 | 48,000 | |||||||||
| 30,000 | 3.352 | 10/18/27 | 27,917 | |||||||||
| 50,000 | 3.544 | 01/17/28 | 46,733 | |||||||||
| Toronto-Dominion Bank (The), MTN (Canada) | ||||||||||||
| 34,000 | 0.750 | 01/06/26 | 30,430 | |||||||||
| 16,000 | 1.250 | 09/10/26 | 14,124 | |||||||||
| Toronto-Dominion Bank (The) (Canada) | ||||||||||||
| 15,000 | 5.156 | 01/10/28 | 15,027 | |||||||||
| Westpac Banking Corp. (Australia) | ||||||||||||
| 23,000 | 1.150 | 06/03/26 | 20,678 | |||||||||
| 70,000 | 5.457 | 11/18/27 | 71,790 | |||||||||
|
| ||||||||||||
| 645,681 | ||||||||||||
|
| ||||||||||||
| Brokerage – 0.1% | ||||||||||||
| Brookfield Finance, Inc. (Canada) | ||||||||||||
| 9,000 | 4.000 | 04/01/24 | 8,835 | |||||||||
|
| ||||||||||||
| Consumer Cyclical – 0.3% | ||||||||||||
| Toyota Motor Corp. (Japan) | ||||||||||||
| 28,000 | 1.339 | 03/25/26 | 25,592 | |||||||||
|
| ||||||||||||
| Consumer Noncyclical – 1.6% | ||||||||||||
| AstraZeneca PLC (United Kingdom) | ||||||||||||
| 50,000 | 3.375 | 11/16/25 | 48,489 | |||||||||
| BAT Capital Corp. (United Kingdom) | ||||||||||||
| 20,000 | 2.789 | 09/06/24 | 19,290 | |||||||||
| BAT International Finance PLC (United Kingdom) | ||||||||||||
| 67,000 | 1.668 | 03/25/26 | 60,258 | |||||||||
| Bayer US Finance II LLC(c) (Germany) | ||||||||||||
| 18,000 | 3.375 | 07/15/24 | 17,574 | |||||||||
|
| ||||||||||||
| 145,611 | ||||||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Foreign Corporate Debt – (continued) | ||||||||||||
| Energy – 2.6% | ||||||||||||
| BP Capital Markets PLC (United Kingdom) | ||||||||||||
| $ |
21,000 | 3.279 | % | 09/19/27 | $ 20,025 | |||||||
| Canadian Natural Resources Ltd. (Canada) | ||||||||||||
| 50,000 | 2.050 | 07/15/25 | 46,957 | |||||||||
| Enbridge, Inc. (Canada) | ||||||||||||
| 7,000 | 3.500 | 06/10/24 | 6,856 | |||||||||
| (3M USD LIBOR + 3.641%) | ||||||||||||
| 50,000 | 6.250 | (a) | 03/01/78 | 45,875 | ||||||||
| Equinor ASA (Norway) | ||||||||||||
| 60,000 | 1.750 | 01/22/26 | 55,806 | |||||||||
| Shell International Finance BV (Netherlands) | ||||||||||||
| 50,000 | 2.000 | 11/07/24 | 48,099 | |||||||||
| 16,000 | 3.250 | 05/11/25 | 15,591 | |||||||||
|
| ||||||||||||
| 239,209 | ||||||||||||
|
| ||||||||||||
| Oil Company-Integrated – 0.3% | ||||||||||||
| Ecopetrol SA (Colombia) | ||||||||||||
| 31,000 | 4.125 | 01/16/25 | 29,799 | |||||||||
|
| ||||||||||||
| Technology – 0.5% | ||||||||||||
| NXP BV / NXP Funding LLC (China) | ||||||||||||
| 10,000 | 4.875 | 03/01/24 | 9,929 | |||||||||
| NXP BV / NXP Funding LLC / NXP USA, Inc. (China) | ||||||||||||
| 40,000 | 4.400 | 06/01/27 | 38,992 | |||||||||
|
| ||||||||||||
| 48,921 | ||||||||||||
|
| ||||||||||||
| Transportation – 0.4% | ||||||||||||
| Canadian Pacific Railway Co. (Canada) | ||||||||||||
| 40,000 | 3.700 | 02/01/26 | 38,677 | |||||||||
|
| ||||||||||||
| Wireless – 0.4% | ||||||||||||
| Rogers Communications, Inc.(c) (Canada) | ||||||||||||
| 34,000 | 3.200 | 03/15/27 | 31,656 | |||||||||
|
| ||||||||||||
| TOTAL FOREIGN CORPORATE DEBT (Cost $1,243,052) |
$1,213,981 | |||||||||||
|
| ||||||||||||
| TOTAL INVESTMENTS – 98.5% (Cost $9,369,916) |
$9,095,123 | |||||||||||
|
| ||||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES – 1.5% |
141,184 | |||||||||||
|
| ||||||||||||
| NET ASSETS – 100.0% | $9,236,307 | |||||||||||
|
| ||||||||||||
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
| (a) | Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on May 31, 2023. | |
| (b) | Step coupon. | |
| (c) | Exempt from registration under Rule 144A of the Securities Act of 1933. | |
|
| ||
| Investment Abbreviations: | ||
| CMT | — Constant Maturity Treasury Index | |
| GMTN | — Global Medium Term Note | |
| LIBOR | — London Interbank Offered Rate | |
| LP | — Limited Partnership | |
| MTN | — Medium Term Note | |
| PLC | — Public Limited Company | |
| REIT | — Real Estate Investment Trust | |
| SOFR | — Secured Overnight Financing Rate | |
| SOFRINDX | — Secured Overnight Financing Rate Index | |
|
| ||
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – 79.5% | ||||||||||||
| Aerospace & Defense – 2.4% | ||||||||||||
| Boeing Co. (The) | ||||||||||||
| $ |
300,000 | 2.196 | % | 02/04/26 | $ 276,587 | |||||||
| 290,000 | 2.700 | 02/01/27 | 266,982 | |||||||||
| 400,000 | 3.250 | 02/01/28 | 369,570 | |||||||||
| 400,000 | 3.200 | 03/01/29 | 360,849 | |||||||||
| 290,000 | 2.950 | 02/01/30 | 253,600 | |||||||||
| 1,500,000 | 5.150 | 05/01/30 | 1,490,814 | |||||||||
| 500,000 | 3.600 | 05/01/34 | 425,237 | |||||||||
| 300,000 | 3.250 | 02/01/35 | 241,945 | |||||||||
| 300,000 | 5.705 | 05/01/40 | 295,860 | |||||||||
| 275,000 | 3.900 | 05/01/49 | 206,587 | |||||||||
| 300,000 | 3.750 | 02/01/50 | 220,453 | |||||||||
| 400,000 | 5.805 | 05/01/50 | 392,633 | |||||||||
| 500,000 | 5.930 | 05/01/60 | 489,660 | |||||||||
| General Dynamics Corp. | ||||||||||||
| 50,000 | 3.250 | 04/01/25 | 48,648 | |||||||||
| 600,000 | 3.500 | 04/01/27 | 577,801 | |||||||||
| 250,000 | 4.250 | 04/01/40 | 228,980 | |||||||||
| 384,000 | 4.250 | 04/01/50 | 346,618 | |||||||||
| Lockheed Martin Corp. | ||||||||||||
| 250,000 | 5.100 | 11/15/27 | 256,667 | |||||||||
| 533,000 | 4.070 | 12/15/42 | 471,271 | |||||||||
| 260,000 | 3.800 | 03/01/45 | 217,084 | |||||||||
| 100,000 | 4.700 | 05/15/46 | 95,191 | |||||||||
| 168,000 | 4.090 | 09/15/52 | 144,635 | |||||||||
| 100,000 | 4.150 | 06/15/53 | 86,860 | |||||||||
| 428,000 | 5.900 | 11/15/63 | 479,912 | |||||||||
| Northrop Grumman Corp. | ||||||||||||
| 476,000 | 2.930 | 01/15/25 | 458,439 | |||||||||
| 290,000 | 3.200 | 02/01/27 | 276,475 | |||||||||
| 738,000 | 3.250 | 01/15/28 | 695,828 | |||||||||
| 400,000 | 4.400 | 05/01/30 | 391,955 | |||||||||
| 1,016,000 | 4.030 | 10/15/47 | 849,316 | |||||||||
| 267,000 | 5.250 | 05/01/50 | 266,317 | |||||||||
| Raytheon Technologies Corp. | ||||||||||||
| 187,000 | 3.200 | 03/15/24 | 183,715 | |||||||||
| 1,080,000 | 3.950 | 08/16/25 | 1,058,098 | |||||||||
| 100,000 | 3.125 | 05/04/27 | 94,470 | |||||||||
| 300,000 | 4.125 | 11/16/28 | 290,615 | |||||||||
| 620,000 | 1.900 | 09/01/31 | 498,232 | |||||||||
| 243,000 | 4.450 | 11/16/38 | 225,275 | |||||||||
| 500,000 | 4.500 | 06/01/42 | 458,306 | |||||||||
| 870,000 | 4.150 | 05/15/45 | 737,234 | |||||||||
| 208,000 | 3.750 | 11/01/46 | 164,412 | |||||||||
| 304,000 | 4.350 | 04/15/47 | 265,701 | |||||||||
| 292,000 | 4.625 | 11/16/48 | 266,161 | |||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Aerospace & Defense – (continued) | ||||||||||||
| Raytheon Technologies Corp. – (continued) | ||||||||||||
| $ |
406,000 | 3.125 | % | 07/01/50 | $ 287,107 | |||||||
| 260,000 | 2.820 | 09/01/51 | 172,075 | |||||||||
|
| ||||||||||||
| 15,884,175 | ||||||||||||
|
| ||||||||||||
| Agriculture – 0.1% | ||||||||||||
| Archer-Daniels-Midland Co. | ||||||||||||
| 462,000 | 3.250 | 03/27/30 | 427,532 | |||||||||
| 500,000 | 2.900 | 03/01/32 | 436,529 | |||||||||
|
| ||||||||||||
| 864,061 | ||||||||||||
|
| ||||||||||||
| Banks – 19.4% | ||||||||||||
| American Express Co. | ||||||||||||
| 170,000 | 2.500 | 07/30/24 | 164,588 | |||||||||
| 2,912,000 | 3.000 | 10/30/24 | 2,817,229 | |||||||||
| 649,000 | 4.200 | 11/06/25 | 635,495 | |||||||||
| 470,000 | 3.125 | 05/20/26 | 448,343 | |||||||||
| 250,000 | 1.650 | 11/04/26 | 223,935 | |||||||||
| (SOFR + 2.255%) | ||||||||||||
| 192,000 | 4.989 | (a) | 05/26/33 | 186,670 | ||||||||
| Bank of America Corp. | ||||||||||||
| (SOFR + 0.690%) | ||||||||||||
| 220,000 | 0.976 | (a) | 04/22/25 | 211,004 | ||||||||
| (3M U.S. T-Bill MMY + 1.072%) | ||||||||||||
| 584,000 | 3.366 | (a) | 01/23/26 | 561,777 | ||||||||
| (SOFR + 0.960%) | ||||||||||||
| 696,000 | 1.734 | (a) | 07/22/27 | 618,298 | ||||||||
| (3M U.S. T-Bill MMY + 1.512%) | ||||||||||||
| 485,000 | 3.705 | (a) | 04/24/28 | 457,236 | ||||||||
| (SOFR + 1.990%) | ||||||||||||
| 800,000 | 6.204 | (a) | 11/10/28 | 825,817 | ||||||||
| (3M U.S. T-Bill MMY + 1.040%) | ||||||||||||
| 1,148,000 | 3.419 | (a) | 12/20/28 | 1,056,470 | ||||||||
| (SOFR + 2.150%) | ||||||||||||
| 519,000 | 2.592 | (a) | 04/29/31 | 436,492 | ||||||||
| (SOFR + 1.320%) | ||||||||||||
| 1,130,000 | 2.687 | (a) | 04/22/32 | 937,288 | ||||||||
| (SOFR + 1.220%) | ||||||||||||
| 1,140,000 | 2.299 | (a) | 07/21/32 | 908,229 | ||||||||
| (SOFR + 1.210%) | ||||||||||||
| 700,000 | 2.572 | (a) | 10/20/32 | 569,280 | ||||||||
| (SOFR + 1.910%) | ||||||||||||
| 630,000 | 5.288 | (a) | 04/25/34 | 628,157 | ||||||||
| (US 5 Year CMT T-Note + 1.200%) | ||||||||||||
| 278,000 | 2.482 | (a) | 09/21/36 | 213,063 | ||||||||
| 860,000 | 6.110 | 01/29/37 | 900,039 | |||||||||
| (3M U.S. T-Bill MMY + 2.076%) | ||||||||||||
| 418,000 | 4.244 | (a) | 04/24/38 | 369,382 | ||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Banks – (continued) | ||||||||||||
| Bank of America Corp. – (continued) | ||||||||||||
| $ |
370,000 | 7.750 | % | 05/14/38 | $ 439,503 | |||||||
| (SOFR + 1.580%) | ||||||||||||
| 519,000 | 3.311 | (a) | 04/22/42 | 388,295 | ||||||||
| (3M U.S. T-Bill MMY + 1.452%) | ||||||||||||
| 500,000 | 3.946 | (a) | 01/23/49 | 396,888 | ||||||||
| (SOFR + 1.560%) | ||||||||||||
| 457,000 | 2.972 | (a) | 07/21/52 | 303,463 | ||||||||
| Bank of America Corp., GMTN | ||||||||||||
| 220,000 | 3.500 | 04/19/26 | 212,274 | |||||||||
| (3M U.S. T-Bill MMY + 1.632%) | ||||||||||||
| 588,000 | 3.593 | (a) | 07/21/28 | 548,754 | ||||||||
| Bank of America Corp., Series L | ||||||||||||
| 110,000 | 3.950 | 04/21/25 | 107,249 | |||||||||
| 580,000 | 4.183 | 11/25/27 | 556,251 | |||||||||
| Bank of America Corp., MTN | ||||||||||||
| 260,000 | 4.000 | 04/01/24 | 256,909 | |||||||||
| 596,000 | 4.200 | 08/26/24 | 587,255 | |||||||||
| 340,000 | 4.000 | 01/22/25 | 332,450 | |||||||||
| (3M U.S. T-Bill MMY + 1.232%) | ||||||||||||
| 292,000 | 3.458 | (a) | 03/15/25 | 286,532 | ||||||||
| 215,000 | 3.875 | 08/01/25 | 210,101 | |||||||||
| (3M U.S. T-Bill MMY + 1.090%) | ||||||||||||
| 820,000 | 3.093 | (a) | 10/01/25 | 791,174 | ||||||||
| (3M U.S. T-Bill MMY + 1.132%) | ||||||||||||
| 1,000,000 | 2.456 | (a) | 10/22/25 | 955,451 | ||||||||
| (3M U.S. T-Bill MMY + 0.902%) | ||||||||||||
| 700,000 | 2.015 | (a) | 02/13/26 | 656,557 | ||||||||
| 180,000 | 4.450 | 03/03/26 | 176,459 | |||||||||
| (SOFR + 1.150%) | ||||||||||||
| 1,718,000 | 1.319 | (a) | 06/19/26 | 1,576,999 | ||||||||
| 629,000 | 4.250 | 10/22/26 | 608,802 | |||||||||
| (3M U.S. T-Bill MMY + 1.322%) | ||||||||||||
| 760,000 | 3.559 | (a) | 04/23/27 | 722,495 | ||||||||
| 670,000 | 3.248 | 10/21/27 | 628,114 | |||||||||
| (3M U.S. T-Bill MMY + 1.837%) | ||||||||||||
| 628,000 | 3.824 | (a) | 01/20/28 | 594,168 | ||||||||
| (3M U.S. T-Bill MMY + 1.332%) | ||||||||||||
| 150,000 | 3.970 | (a) | 03/05/29 | 141,068 | ||||||||
| (3M U.S. T-Bill MMY + 1.572%) | ||||||||||||
| 710,000 | 4.271 | (a) | 07/23/29 | 674,727 | ||||||||
| (3M U.S. T-Bill MMY + 1.472%) | ||||||||||||
| 504,000 | 3.974 | (a) | 02/07/30 | 467,770 | ||||||||
| (3M U.S. T-Bill MMY + 1.442%) | ||||||||||||
| 200,000 | 3.194 | (a) | 07/23/30 | 176,004 | ||||||||
| (3M U.S. T-Bill MMY + 1.452%) | ||||||||||||
| 281,000 | 2.884 | (a) | 10/22/30 | 242,067 | ||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Banks – (continued) | ||||||||||||
| Bank of America Corp., MTN – (continued) | ||||||||||||
| (3M U.S. T-Bill MMY + 1.252%) | ||||||||||||
| $ |
1,345,000 | 2.496 | %(a) | 02/13/31 | $ 1,128,510 | |||||||
| (SOFR + 1.530%) | ||||||||||||
| 830,000 | 1.898 | (a) | 07/23/31 | 662,066 | ||||||||
| (SOFR + 1.370%) | ||||||||||||
| 500,000 | 1.922 | (a) | 10/24/31 | 395,458 | ||||||||
| (3M U.S. T-Bill MMY + 1.582%) | ||||||||||||
| 208,000 | 4.078 | (a) | 04/23/40 | 175,708 | ||||||||
| (SOFR + 1.930%) | ||||||||||||
| 704,000 | 2.676 | (a) | 06/19/41 | 483,405 | ||||||||
| 248,000 | 5.875 | 02/07/42 | 260,116 | |||||||||
| 334,000 | 5.000 | 01/21/44 | 316,686 | |||||||||
| (3M U.S. T-Bill MMY + 2.252%) | ||||||||||||
| 354,000 | 4.443 | (a) | 01/20/48 | 308,558 | ||||||||
| (3M U.S. T-Bill MMY + 1.782%) | ||||||||||||
| 477,000 | 4.330 | (a) | 03/15/50 | 402,447 | ||||||||
| (3M U.S. T-Bill MMY + 3.412%) | ||||||||||||
| 826,000 | 4.083 | (a) | 03/20/51 | 663,589 | ||||||||
| Bank of America Corp.(a), Series N | ||||||||||||
| (SOFR + 1.220%) | ||||||||||||
| 500,000 | 2.651 | 03/11/32 | 415,057 | |||||||||
| Bank of New York Mellon Corp. (The), MTN | ||||||||||||
| 100,000 | 2.100 | 10/24/24 | 95,757 | |||||||||
| 50,000 | 2.800 | 05/04/26 | 47,376 | |||||||||
| 290,000 | 3.250 | 05/16/27 | 274,155 | |||||||||
| 636,000 | 3.400 | 01/29/28 | 598,678 | |||||||||
| (3M U.S. T-Bill MMY + 1.331%) | ||||||||||||
| 887,000 | 3.442 | (a) | 02/07/28 | 842,184 | ||||||||
| 400,000 | 3.850 | 04/28/28 | 383,759 | |||||||||
| 144,000 | 3.300 | 08/23/29 | 129,719 | |||||||||
| Capital One Financial Corp. | ||||||||||||
| 50,000 | 4.200 | 10/29/25 | 47,507 | |||||||||
| (SOFR + 1.290%) | ||||||||||||
| 550,000 | 2.636 | (a) | 03/03/26 | 512,208 | ||||||||
| (SOFR + 2.160%) | ||||||||||||
| 150,000 | 4.985 | (a) | 07/24/26 | 146,083 | ||||||||
| 250,000 | 3.750 | 03/09/27 | 234,824 | |||||||||
| 490,000 | 3.800 | 01/31/28 | 454,658 | |||||||||
| (SOFR + 1.337%) | ||||||||||||
| 500,000 | 2.359 | (a) | 07/29/32 | 356,474 | ||||||||
| Charles Schwab Corp. (The) | ||||||||||||
| 244,000 | 0.750 | 03/18/24 | 234,275 | |||||||||
| 450,000 | 2.000 | 03/20/28 | 386,185 | |||||||||
| 700,000 | 2.300 | 05/13/31 | 559,934 | |||||||||
| 300,000 | 1.950 | 12/01/31 | 227,779 | |||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Banks – (continued) | ||||||||||||
| Citigroup, Inc. | ||||||||||||
| $ |
250,000 | 4.000 | % | 08/05/24 | $ 246,386 | |||||||
| 500,000 | 3.875 | 03/26/25 | 485,739 | |||||||||
| (3M U.S. T-Bill MMY + 1.158%) | ||||||||||||
| 340,000 | 3.352 | (a) | 04/24/25 | 332,453 | ||||||||
| (SOFR + 0.669%) | ||||||||||||
| 100,000 | 0.981 | (a) | 05/01/25 | 95,545 | ||||||||
| 100,000 | 3.700 | 01/12/26 | 96,721 | |||||||||
| (SOFR + 0.694%) | ||||||||||||
| 1,018,000 | 2.014 | (a) | 01/25/26 | 958,897 | ||||||||
| (SOFR + 2.842%) | ||||||||||||
| 640,000 | 3.106 | (a) | 04/08/26 | 614,336 | ||||||||
| (SOFR + 0.765%) | ||||||||||||
| 1,857,000 | 1.122 | (a) | 01/28/27 | 1,660,994 | ||||||||
| (SOFR + 0.770%) | ||||||||||||
| 275,000 | 1.462 | (a) | 06/09/27 | 245,194 | ||||||||
| 700,000 | 4.450 | 09/29/27 | 670,670 | |||||||||
| (3M U.S. T-Bill MMY + 1.825%) | ||||||||||||
| 100,000 | 3.887 | (a) | 01/10/28 | 95,099 | ||||||||
| (SOFR + 1.280%) | ||||||||||||
| 1,530,000 | 3.070 | (a) | 02/24/28 | 1,419,464 | ||||||||
| (SOFR + 1.887%) | ||||||||||||
| 300,000 | 4.658 | (a) | 05/24/28 | 294,714 | ||||||||
| (3M U.S. T-Bill MMY + 1.652%) | ||||||||||||
| 700,000 | 3.668 | (a) | 07/24/28 | 657,943 | ||||||||
| 600,000 | 4.125 | 07/25/28 | 563,654 | |||||||||
| (3M U.S. T-Bill MMY + 1.413%) | ||||||||||||
| 1,150,000 | 3.520 | (a) | 10/27/28 | 1,071,618 | ||||||||
| (3M U.S. T-Bill MMY + 1.600%) | ||||||||||||
| 200,000 | 3.980 | (a) | 03/20/30 | 185,683 | ||||||||
| (SOFR + 1.422%) | ||||||||||||
| 800,000 | 2.976 | (a) | 11/05/30 | 694,146 | ||||||||
| (SOFR + 2.107%) | ||||||||||||
| 1,000,000 | 2.572 | (a) | 06/03/31 | 836,443 | ||||||||
| (SOFR + 1.167%) | ||||||||||||
| 800,000 | 2.561 | (a) | 05/01/32 | 659,600 | ||||||||
| 544,000 | 6.625 | 06/15/32 | 574,439 | |||||||||
| (SOFR + 1.939%) | ||||||||||||
| 600,000 | 3.785 | (a) | 03/17/33 | 534,065 | ||||||||
| (SOFR + 2.086%) | ||||||||||||
| 500,000 | 4.910 | (a) | 05/24/33 | 484,843 | ||||||||
| (SOFR + 2.338%) | ||||||||||||
| 1,000,000 | 6.270 | (a) | 11/17/33 | 1,070,930 | ||||||||
| (3M U.S. T-Bill MMY + 1.430%) | ||||||||||||
| 300,000 | 3.878 | (a) | 01/24/39 | 251,706 | ||||||||
| 540,000 | 5.300 | 05/06/44 | 495,264 | |||||||||
| 500,000 | 4.750 | 05/18/46 | 423,169 | |||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Banks – (continued) | ||||||||||||
| Citizens Bank NA(a) | ||||||||||||
| (SOFR + 2.000%) | ||||||||||||
| $ |
300,000 | 4.575 | % | 08/09/28 | $ 273,736 | |||||||
| Discover Financial Services | ||||||||||||
| 100,000 | 6.700 | 11/29/32 | 103,783 | |||||||||
| Fifth Third Bancorp | ||||||||||||
| 506,000 | 2.550 | 05/05/27 | 442,286 | |||||||||
| (SOFRINDX + 2.192%) | ||||||||||||
| 100,000 | 6.361 | (a) | 10/27/28 | 100,552 | ||||||||
| 190,000 | 8.250 | 03/01/38 | 213,150 | |||||||||
| Fifth Third Bank NA | ||||||||||||
| 560,000 | 3.850 | 03/15/26 | 508,124 | |||||||||
| Huntington Bancshares, Inc. | ||||||||||||
| 870,000 | 2.625 | 08/06/24 | 816,451 | |||||||||
| 328,000 | 2.550 | 02/04/30 | 258,098 | |||||||||
| JPMorgan Chase & Co. | ||||||||||||
| 150,000 | 3.625 | 05/13/24 | 147,465 | |||||||||
| 325,000 | 3.875 | 09/10/24 | 318,183 | |||||||||
| 240,000 | 3.125 | 01/23/25 | 232,546 | |||||||||
| (3M U.S. T-Bill MMY + 1.417%) | ||||||||||||
| 204,000 | 3.220 | (a) | 03/01/25 | 200,230 | ||||||||
| (3M U.S. T-Bill MMY + 0.580%) | ||||||||||||
| 250,000 | 0.969 | (a) | 06/23/25 | 237,835 | ||||||||
| 378,000 | 3.900 | 07/15/25 | 371,503 | |||||||||
| (SOFR + 1.160%) | ||||||||||||
| 630,000 | 2.301 | (a) | 10/15/25 | 602,738 | ||||||||
| (SOFR + 0.915%) | ||||||||||||
| 250,000 | 2.595 | (a) | 02/24/26 | 238,302 | ||||||||
| (3M U.S. T-Bill MMY + 1.585%) | ||||||||||||
| 170,000 | 2.005 | (a) | 03/13/26 | 160,115 | ||||||||
| 730,000 | 3.300 | 04/01/26 | 702,378 | |||||||||
| (SOFR + 1.850%) | ||||||||||||
| 840,000 | 2.083 | (a) | 04/22/26 | 790,466 | ||||||||
| 690,000 | 3.200 | 06/15/26 | 658,190 | |||||||||
| 290,000 | 4.125 | 12/15/26 | 283,893 | |||||||||
| (3M U.S. T-Bill MMY + 1.507%) | ||||||||||||
| 300,000 | 3.960 | (a) | 01/29/27 | 288,888 | ||||||||
| (SOFR + 0.885%) | ||||||||||||
| 600,000 | 1.578 | (a) | 04/22/27 | 537,433 | ||||||||
| 293,000 | 4.250 | 10/01/27 | 286,263 | |||||||||
| 184,000 | 3.625 | 12/01/27 | 173,714 | |||||||||
| (3M U.S. T-Bill MMY + 1.599%) | ||||||||||||
| 213,000 | 3.782 | (a) | 02/01/28 | 202,772 | ||||||||
| (3M U.S. T-Bill MMY + 1.642%) | ||||||||||||
| 1,064,000 | 3.540 | (a) | 05/01/28 | 1,005,514 | ||||||||
| (SOFR + 1.890%) | ||||||||||||
| 1,002,000 | 2.182 | (a) | 06/01/28 | 893,458 | ||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Banks – (continued) | ||||||||||||
| JPMorgan Chase & Co. – (continued) | ||||||||||||
| (3M U.S. T-Bill MMY + 0.945%) | ||||||||||||
| $ |
2,142,000 | 3.509 | %(a) | 01/23/29 | $ 1,995,698 | |||||||
| (3M U.S. T-Bill MMY + 1.382%) | ||||||||||||
| 518,000 | 4.005 | (a) | 04/23/29 | 490,770 | ||||||||
| (3M U.S. T-Bill MMY + 1.592%) | ||||||||||||
| 450,000 | 4.452 | (a) | 12/05/29 | 435,171 | ||||||||
| (3M U.S. T-Bill MMY + 1.422%) | ||||||||||||
| 114,000 | 3.702 | (a) | 05/06/30 | 105,364 | ||||||||
| (3M U.S. T-Bill MMY + 1.510%) | ||||||||||||
| 692,000 | 2.739 | (a) | 10/15/30 | 599,549 | ||||||||
| (3M U.S. T-Bill MMY + 3.790%) | ||||||||||||
| 400,000 | 4.493 | (a) | 03/24/31 | 385,476 | ||||||||
| (SOFR + 2.040%) | ||||||||||||
| 1,130,000 | 2.522 | (a) | 04/22/31 | 959,037 | ||||||||
| (3M U.S. T-Bill MMY + 2.515%) | ||||||||||||
| 422,000 | 2.956 | (a) | 05/13/31 | 361,657 | ||||||||
| (3M U.S. T-Bill MMY + 1.105%) | ||||||||||||
| 80,000 | 1.764 | (a) | 11/19/31 | 63,046 | ||||||||
| (SOFR + 1.065%) | ||||||||||||
| 1,052,000 | 1.953 | (a) | 02/04/32 | 835,500 | ||||||||
| (3M U.S. T-Bill MMY + 1.250%) | ||||||||||||
| 1,104,000 | 2.580 | (a) | 04/22/32 | 918,690 | ||||||||
| (SOFR + 1.180%) | ||||||||||||
| 1,067,000 | 2.545 | (a) | 11/08/32 | 873,938 | ||||||||
| (SOFR + 1.260%) | ||||||||||||
| 600,000 | 2.963 | (a) | 01/25/33 | 509,884 | ||||||||
| 513,000 | 6.400 | 05/15/38 | 572,056 | |||||||||
| (3M U.S. T-Bill MMY + 1.622%) | ||||||||||||
| 485,000 | 3.882 | (a) | 07/24/38 | 417,964 | ||||||||
| 147,000 | 5.500 | 10/15/40 | 148,385 | |||||||||
| (3M U.S. T-Bill MMY + 2.460%) | ||||||||||||
| 80,000 | 3.109 | (a) | 04/22/41 | 60,043 | ||||||||
| 126,000 | 5.600 | 07/15/41 | 130,852 | |||||||||
| 328,000 | 5.400 | 01/06/42 | 328,489 | |||||||||
| (SOFR + 1.460%) | ||||||||||||
| 100,000 | 3.157 | (a) | 04/22/42 | 74,510 | ||||||||
| 10,000 | 5.625 | 08/16/43 | 10,069 | |||||||||
| 423,000 | 4.850 | 02/01/44 | 399,780 | |||||||||
| 614,000 | 4.950 | 06/01/45 | 569,986 | |||||||||
| (3M U.S. T-Bill MMY + 1.842%) | ||||||||||||
| 471,000 | 4.260 | (a) | 02/22/48 | 403,181 | ||||||||
| (3M U.S. T-Bill MMY + 1.722%) | ||||||||||||
| 268,000 | 4.032 | (a) | 07/24/48 | 218,847 | ||||||||
| (3M U.S. T-Bill MMY + 1.642%) | ||||||||||||
| 622,000 | 3.964 | (a) | 11/15/48 | 501,975 | ||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Banks – (continued) | ||||||||||||
| JPMorgan Chase & Co. – (continued) | ||||||||||||
| (3M U.S. T-Bill MMY + 1.482%) | ||||||||||||
| $ |
140,000 | 3.897 | %(a) | 01/23/49 | $ 111,586 | |||||||
| (SOFR + 2.440%) | ||||||||||||
| 368,000 | 3.109 | (a) | 04/22/51 | 255,928 | ||||||||
| (SOFR + 1.580%) | ||||||||||||
| 570,000 | 3.328 | (a) | 04/22/52 | 410,691 | ||||||||
| KeyBank NA | ||||||||||||
| 300,000 | 4.900 | 08/08/32 | 240,363 | |||||||||
| KeyCorp, MTN | ||||||||||||
| 467,000 | 2.250 | 04/06/27 | 386,262 | |||||||||
| 516,000 | 4.100 | 04/30/28 | 451,621 | |||||||||
| 274,000 | 2.550 | 10/01/29 | 208,579 | |||||||||
| M&T Bank Corp.(a) | ||||||||||||
| (SOFR + 1.850%) | ||||||||||||
| 260,000 | 5.053 | 01/27/34 | 240,378 | |||||||||
| Manufacturers & Traders Trust Co. | ||||||||||||
| 340,000 | 2.900 | 02/06/25 | 317,614 | |||||||||
| Morgan Stanley | ||||||||||||
| (SOFR + 0.525%) | ||||||||||||
| 150,000 | 0.790 | (a) | 05/30/25 | 142,374 | ||||||||
| 565,000 | 5.000 | 11/24/25 | 564,143 | |||||||||
| (SOFR + 0.720%) | ||||||||||||
| 500,000 | 0.985 | (a) | 12/10/26 | 447,002 | ||||||||
| 328,000 | 3.625 | 01/20/27 | 314,686 | |||||||||
| 862,000 | 3.950 | 04/23/27 | 819,873 | |||||||||
| (SOFR + 1.000%) | ||||||||||||
| 1,500,000 | 2.475 | (a) | 01/21/28 | 1,360,717 | ||||||||
| 85,000 | 3.591 | (a) | 07/22/28 | 79,092 | ||||||||
| (SOFR + 2.240%) | ||||||||||||
| 300,000 | 6.296 | (a) | 10/18/28 | 311,633 | ||||||||
| 120,000 | 7.250 | 04/01/32 | 138,785 | |||||||||
| (US 5 Year CMT T-Note + 2.430%) | ||||||||||||
| 200,000 | 5.948 | (a) | 01/19/38 | 198,219 | ||||||||
| (3M USD LIBOR + 1.455%) | ||||||||||||
| 68,000 | 3.971 | (a) | 07/22/38 | 58,095 | ||||||||
| (SOFR + 1.485%) | ||||||||||||
| 290,000 | 3.217 | (a) | 04/22/42 | 218,023 | ||||||||
| 758,000 | 6.375 | 07/24/42 | 833,063 | |||||||||
| 528,000 | 4.300 | 01/27/45 | 456,616 | |||||||||
| 690,000 | 4.375 | 01/22/47 | 603,532 | |||||||||
| Morgan Stanley, Series F | ||||||||||||
| 605,000 | 3.875 | 04/29/24 | 596,768 | |||||||||
| Morgan Stanley, GMTN | ||||||||||||
| 125,000 | 3.700 | 10/23/24 | 122,017 | |||||||||
| 427,000 | 4.000 | 07/23/25 | 418,156 | |||||||||
| 538,000 | 3.875 | 01/27/26 | 524,137 | |||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Banks – (continued) | ||||||||||||
| Morgan Stanley, GMTN – (continued) | ||||||||||||
| $ |
752,000 | 4.350 | % | 09/08/26 | $ 729,271 | |||||||
| (3M U.S. T-Bill MMY + 1.628%) | ||||||||||||
| 960,000 | 4.431 | (a) | 01/23/30 | 922,343 | ||||||||
| (SOFR + 1.143%) | ||||||||||||
| 1,293,000 | 2.699 | (a) | 01/22/31 | 1,107,667 | ||||||||
| (SOFR + 1.178%) | ||||||||||||
| 350,000 | 2.239 | (a) | 07/21/32 | 280,145 | ||||||||
| (SOFR + 4.840%) | ||||||||||||
| 629,000 | 5.597 | (a) | 03/24/51 | 649,739 | ||||||||
| Morgan Stanley(a), Series I | ||||||||||||
| (SOFR + 0.745%) | ||||||||||||
| 770,000 | 0.864 | 10/21/25 | 714,520 | |||||||||
| Morgan Stanley, MTN | ||||||||||||
| (SOFR + 1.152%) | ||||||||||||
| 850,000 | 2.720 | (a) | 07/22/25 | 820,669 | ||||||||
| (SOFR + 0.560%) | ||||||||||||
| 576,000 | 1.164 | (a) | 10/21/25 | 537,963 | ||||||||
| (SOFR + 0.940%) | ||||||||||||
| 200,000 | 2.630 | (a) | 02/18/26 | 190,133 | ||||||||
| 836,000 | 3.125 | 07/27/26 | 789,365 | |||||||||
| (SOFR + 3.120%) | ||||||||||||
| 380,000 | 3.622 | (a) | 04/01/31 | 344,044 | ||||||||
| (SOFR + 1.034%) | ||||||||||||
| 841,000 | 1.794 | (a) | 02/13/32 | 656,189 | ||||||||
| (SOFR + 1.020%) | ||||||||||||
| 425,000 | 1.928 | (a) | 04/28/32 | 332,584 | ||||||||
| (SOFR + 1.200%) | ||||||||||||
| 1,000,000 | 2.511 | (a) | 10/20/32 | 810,899 | ||||||||
| (SOFR + 1.430%) | ||||||||||||
| 500,000 | 2.802 | (a) | 01/25/52 | 322,092 | ||||||||
| Northern Trust Corp. | ||||||||||||
| 300,000 | 6.125 | 11/02/32 | 315,398 | |||||||||
| PNC Bank NA | ||||||||||||
| 1,150,000 | 3.100 | 10/25/27 | 1,053,576 | |||||||||
| 260,000 | 2.700 | 10/22/29 | 223,601 | |||||||||
| PNC Financial Services Group, Inc. (The) | ||||||||||||
| 408,000 | 3.900 | 04/29/24 | 397,019 | |||||||||
| 502,000 | 2.600 | 07/23/26 | 463,944 | |||||||||
| 290,000 | 3.150 | 05/19/27 | 270,868 | |||||||||
| (SOFR + 1.620%) | ||||||||||||
| 300,000 | 5.354 | (a) | 12/02/28 | 299,606 | ||||||||
| 100,000 | 3.450 | 04/23/29 | 91,209 | |||||||||
| 410,000 | 2.550 | 01/22/30 | 347,243 | |||||||||
| (SOFR + 0.979%) | ||||||||||||
| 500,000 | 2.307 | (a) | 04/23/32 | 406,415 | ||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Banks – (continued) | ||||||||||||
| Santander Holdings USA, Inc. | ||||||||||||
| $ |
1,310,000 | 3.500 | % | 06/07/24 | $ 1,274,048 | |||||||
| 440,000 | 3.450 | 06/02/25 | 419,539 | |||||||||
| (SOFR + 1.249%) | ||||||||||||
| 444,000 | 2.490 | (a) | 01/06/28 | 389,020 | ||||||||
| State Street Corp. | ||||||||||||
| 40,000 | 3.550 | 08/18/25 | 38,756 | |||||||||
| 160,000 | 2.650 | 05/19/26 | 150,877 | |||||||||
| 100,000 | 2.200 | 03/03/31 | 81,082 | |||||||||
| Synchrony Financial | ||||||||||||
| 770,000 | 4.250 | 08/15/24 | 730,404 | |||||||||
| 392,000 | 4.500 | 07/23/25 | 363,898 | |||||||||
| 724,000 | 3.950 | 12/01/27 | 624,745 | |||||||||
| Truist Bank | ||||||||||||
| 380,000 | 3.200 | 04/01/24 | 372,250 | |||||||||
| 500,000 | 1.500 | 03/10/25 | 461,086 | |||||||||
| (US 5 Year CMT T-Note + 1.150%) | ||||||||||||
| 750,000 | 2.636 | (a) | 09/17/29 | 692,819 | ||||||||
| 550,000 | 2.250 | 03/11/30 | 434,957 | |||||||||
| Truist Financial Corp., MTN | ||||||||||||
| 250,000 | 2.500 | 08/01/24 | 240,222 | |||||||||
| 605,000 | 2.850 | 10/26/24 | 579,883 | |||||||||
| 280,000 | 3.700 | 06/05/25 | 266,411 | |||||||||
| 150,000 | 1.200 | 08/05/25 | 135,266 | |||||||||
| (SOFR + 0.609%) | ||||||||||||
| 550,000 | 1.267 | (a) | 03/02/27 | 489,533 | ||||||||
| 750,000 | 1.950 | 06/05/30 | 594,094 | |||||||||
| US Bancorp | ||||||||||||
| 80,000 | 2.400 | 07/30/24 | 76,901 | |||||||||
| 250,000 | 1.450 | 05/12/25 | 231,357 | |||||||||
| (US 5 Year CMT T-Note + 0.950%) | ||||||||||||
| 300,000 | 2.491 | (a) | 11/03/36 | 221,216 | ||||||||
| US Bancorp, MTN | ||||||||||||
| 290,000 | 3.600 | 09/11/24 | 279,292 | |||||||||
| 286,000 | 3.100 | 04/27/26 | 264,574 | |||||||||
| (SOFR + 0.730%) | ||||||||||||
| 300,000 | 2.215 | (a) | 01/27/28 | 267,793 | ||||||||
| 755,000 | 3.900 | 04/26/28 | 708,682 | |||||||||
| 387,000 | 3.000 | 07/30/29 | 332,220 | |||||||||
| 300,000 | 1.375 | 07/22/30 | 228,118 | |||||||||
| (SOFR + 1.020%) | ||||||||||||
| 950,000 | 2.677 | (a) | 01/27/33 | 765,795 | ||||||||
| US Bancorp, Series V | ||||||||||||
| 100,000 | 2.375 | 07/22/26 | 91,337 | |||||||||
| US Bancorp, Series X | ||||||||||||
| 535,000 | 3.150 | 04/27/27 | 499,435 | |||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Banks – (continued) | ||||||||||||
| US Bank NA | ||||||||||||
| $ |
550,000 | 2.050 | % | 01/21/25 | $ 520,293 | |||||||
| 800,000 | 2.800 | 01/27/25 | 763,807 | |||||||||
| Wells Fargo & Co. | ||||||||||||
| 815,000 | 3.000 | 04/22/26 | 771,652 | |||||||||
| (SOFR + 2.000%) | ||||||||||||
| 600,000 | 2.188 | (a) | 04/30/26 | 565,288 | ||||||||
| 1,234,000 | 3.000 | 10/23/26 | 1,152,879 | |||||||||
| (SOFR + 2.530%) | ||||||||||||
| 1,119,000 | 3.068 | (a) | 04/30/41 | 816,692 | ||||||||
| 550,000 | 5.375 | 11/02/43 | 516,358 | |||||||||
| 492,000 | 3.900 | 05/01/45 | 390,417 | |||||||||
| Wells Fargo & Co., GMTN | ||||||||||||
| 250,000 | 4.300 | 07/22/27 | 240,462 | |||||||||
| 404,000 | 4.900 | 11/17/45 | 354,215 | |||||||||
| Wells Fargo & Co., MTN | ||||||||||||
| 50,000 | 3.300 | 09/09/24 | 48,766 | |||||||||
| 460,000 | 3.000 | 02/19/25 | 442,919 | |||||||||
| 272,000 | 3.550 | 09/29/25 | 262,545 | |||||||||
| (3M U.S. T-Bill MMY + 1.087%) | ||||||||||||
| 500,000 | 2.406 | (a) | 10/30/25 | 478,423 | ||||||||
| (3M U.S. T-Bill MMY + 1.012%) | ||||||||||||
| 530,000 | 2.164 | (a) | 02/11/26 | 500,844 | ||||||||
| (SOFR + 1.320%) | ||||||||||||
| 150,000 | 3.908 | (a) | 04/25/26 | 146,029 | ||||||||
| 250,000 | 4.100 | 06/03/26 | 241,016 | |||||||||
| (SOFR + 1.560%) | ||||||||||||
| 200,000 | 4.540 | (a) | 08/15/26 | 196,676 | ||||||||
| (3M U.S. T-Bill MMY + 1.432%) | ||||||||||||
| 320,000 | 3.196 | (a) | 06/17/27 | 300,677 | ||||||||
| (3M U.S. T-Bill MMY + 1.572%) | ||||||||||||
| 168,000 | 3.584 | (a) | 05/22/28 | 157,810 | ||||||||
| (SOFR + 2.100%) | ||||||||||||
| 955,000 | 2.393 | (a) | 06/02/28 | 854,324 | ||||||||
| 775,000 | 4.150 | 01/24/29 | 733,845 | |||||||||
| (3M U.S. T-Bill MMY + 1.432%) | ||||||||||||
| 976,000 | 2.879 | (a) | 10/30/30 | 844,724 | ||||||||
| (SOFR + 1.262%) | ||||||||||||
| 900,000 | 2.572 | (a) | 02/11/31 | 758,309 | ||||||||
| (SOFR + 4.032%) | ||||||||||||
| 200,000 | 4.478 | (a) | 04/04/31 | 190,440 | ||||||||
| (SOFR + 1.500%) | ||||||||||||
| 750,000 | 3.350 | (a) | 03/02/33 | 643,908 | ||||||||
| (SOFR + 2.100%) | ||||||||||||
| 100,000 | 4.897 | (a) | 07/25/33 | 96,740 | ||||||||
| 293,000 | 4.400 | 06/14/46 | 234,915 | |||||||||
| 400,000 | 4.750 | 12/07/46 | 339,347 | |||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Banks – (continued) | ||||||||||||
| Wells Fargo & Co., MTN – (continued) | ||||||||||||
| (3M U.S. T-Bill MMY + 4.502%) | ||||||||||||
| $ |
1,192,000 | 5.013 | %(a) | 04/04/51 | $ 1,086,372 | |||||||
| Wells Fargo Bank NA | ||||||||||||
| 400,000 | 6.600 | 01/15/38 | 439,024 | |||||||||
|
| ||||||||||||
| 127,389,205 | ||||||||||||
|
| ||||||||||||
| Basic Industry – 0.8% | ||||||||||||
| Air Products and Chemicals, Inc. | ||||||||||||
| 300,000 | 2.700 | 05/15/40 | 222,605 | |||||||||
| CF Industries, Inc. | ||||||||||||
| 500,000 | 5.150 | 03/15/34 | 475,338 | |||||||||
| 220,000 | 4.950 | 06/01/43 | 184,250 | |||||||||
| 375,000 | 5.375 | 03/15/44 | 330,509 | |||||||||
| Dow Chemical Co. (The) | ||||||||||||
| 440,000 | 7.375 | 11/01/29 | 490,874 | |||||||||
| 200,000 | 4.375 | 11/15/42 | 167,200 | |||||||||
| 450,000 | 5.550 | 11/30/48 | 432,350 | |||||||||
| 200,000 | 3.600 | 11/15/50 | 145,575 | |||||||||
| DuPont de Nemours, Inc. | ||||||||||||
| 500,000 | 4.493 | 11/15/25 | 494,346 | |||||||||
| 400,000 | 5.319 | 11/15/38 | 395,947 | |||||||||
| LYB International Finance BV | ||||||||||||
| 753,000 | 4.875 | 03/15/44 | 652,300 | |||||||||
| LYB International Finance III LLC | ||||||||||||
| 240,000 | 4.200 | 10/15/49 | 180,036 | |||||||||
| 308,000 | 4.200 | 05/01/50 | 230,741 | |||||||||
| 200,000 | 3.625 | 04/01/51 | 137,232 | |||||||||
| LyondellBasell Industries NV | ||||||||||||
| 200,000 | 4.625 | 02/26/55 | 159,260 | |||||||||
| Sherwin-Williams Co. (The) | ||||||||||||
| 288,000 | 3.450 | 06/01/27 | 273,825 | |||||||||
| 300,000 | 4.500 | 06/01/47 | 255,591 | |||||||||
|
| ||||||||||||
| 5,227,979 | ||||||||||||
|
| ||||||||||||
| Broadcasting – 0.1% | ||||||||||||
| Fox Corp. | ||||||||||||
| 690,000 | 4.709 | 01/25/29 | 673,263 | |||||||||
| 280,000 | 5.476 | 01/25/39 | 259,945 | |||||||||
|
| ||||||||||||
| 933,208 | ||||||||||||
|
| ||||||||||||
| Brokerage – 0.5% | ||||||||||||
| BlackRock, Inc. | ||||||||||||
| 70,000 | 3.500 | 03/18/24 | 68,925 | |||||||||
| 200,000 | 2.400 | 04/30/30 | 173,505 | |||||||||
| 200,000 | 1.900 | 01/28/31 | 164,254 | |||||||||
| 150,000 | 2.100 | 02/25/32 | 122,525 | |||||||||
| CME Group, Inc. | ||||||||||||
| 50,000 | 2.650 | 03/15/32 | 42,898 | |||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Brokerage – (continued) | ||||||||||||
| CME Group, Inc. – (continued) | ||||||||||||
| $ |
100,000 | 5.300 | % | 09/15/43 | $ 103,222 | |||||||
| Intercontinental Exchange, Inc. | ||||||||||||
| 340,000 | 2.100 | 06/15/30 | 285,475 | |||||||||
| 830,000 | 1.850 | 09/15/32 | 645,099 | |||||||||
| 360,000 | 4.600 | 03/15/33 | 351,774 | |||||||||
| 566,000 | 3.000 | 06/15/50 | 387,277 | |||||||||
| 392,000 | 4.950 | 06/15/52 | 372,763 | |||||||||
| 416,000 | 3.000 | 09/15/60 | 264,062 | |||||||||
| Jefferies Financial Group, Inc. | ||||||||||||
| 125,000 | 4.150 | 01/23/30 | 113,077 | |||||||||
|
| ||||||||||||
| 3,094,856 | ||||||||||||
|
| ||||||||||||
| Capital Goods – 1.2% | ||||||||||||
| 3M Co. | ||||||||||||
| 500,000 | 2.375 | 08/26/29 | 434,067 | |||||||||
| Carrier Global Corp. | ||||||||||||
| 40,000 | 2.493 | 02/15/27 | 36,679 | |||||||||
| 565,000 | 2.722 | 02/15/30 | 487,686 | |||||||||
| 307,000 | 2.700 | 02/15/31 | 260,114 | |||||||||
| 438,000 | 3.377 | 04/05/40 | 331,735 | |||||||||
| 250,000 | 3.577 | 04/05/50 | 179,859 | |||||||||
| Caterpillar, Inc. | ||||||||||||
| 155,000 | 3.400 | 05/15/24 | 152,107 | |||||||||
| 40,000 | 2.600 | 04/09/30 | 35,585 | |||||||||
| 80,000 | 5.200 | 05/27/41 | 82,671 | |||||||||
| 88,000 | 3.803 | 08/15/42 | 76,314 | |||||||||
| 246,000 | 3.250 | 09/19/49 | 190,751 | |||||||||
| Deere & Co. | ||||||||||||
| 266,000 | 3.900 | 06/09/42 | 237,686 | |||||||||
| 190,000 | 3.750 | 04/15/50 | 165,404 | |||||||||
| Emerson Electric Co. | ||||||||||||
| 180,000 | 2.800 | 12/21/51 | 118,444 | |||||||||
| General Electric Co., MTN | ||||||||||||
| 135,000 | 6.750 | 03/15/32 | 152,059 | |||||||||
| Honeywell International, Inc. | ||||||||||||
| 112,000 | 2.300 | 08/15/24 | 108,529 | |||||||||
| 763,000 | 2.500 | 11/01/26 | 720,387 | |||||||||
| 80,000 | 2.700 | 08/15/29 | 72,534 | |||||||||
| 290,000 | 1.750 | 09/01/31 | 234,935 | |||||||||
| 300,000 | 5.000 | 02/15/33 | 309,389 | |||||||||
| Illinois Tool Works, Inc. | ||||||||||||
| 321,000 | 2.650 | 11/15/26 | 305,045 | |||||||||
| 290,000 | 3.900 | 09/01/42 | 253,281 | |||||||||
| Otis Worldwide Corp. | ||||||||||||
| 624,000 | 2.565 | 02/15/30 | 540,238 | |||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Capital Goods – (continued) | ||||||||||||
| Parker-Hannifin Corp. | ||||||||||||
| $ |
300,000 | 3.650 | % | 06/15/24 | $ 294,799 | |||||||
| Regal Rexnord Corp. | ||||||||||||
| 350,000 | 6.050 | (b) | 02/15/26 | 351,422 | ||||||||
| 350,000 | 6.050 | (b) | 04/15/28 | 345,873 | ||||||||
| 100,000 | 6.300 | (b) | 02/15/30 | 99,971 | ||||||||
| 200,000 | 6.400 | (b) | 04/15/33 | 197,571 | ||||||||
| Republic Services, Inc. | ||||||||||||
| 390,000 | 3.950 | 05/15/28 | 375,801 | |||||||||
| Westinghouse Air Brake Technologies Corp. | ||||||||||||
| 326,000 | 3.450 | 11/15/26 | 307,265 | |||||||||
| 340,000 | 4.950 | 09/15/28 | 331,307 | |||||||||
|
| ||||||||||||
| 7,789,508 | ||||||||||||
|
| ||||||||||||
| Communications – 3.7% | ||||||||||||
| Charter Communications Operating LLC / Charter Communications Operating Capital | ||||||||||||
| 798,000 | 4.908 | 07/23/25 | 784,714 | |||||||||
| 261,000 | 3.750 | 02/15/28 | 239,285 | |||||||||
| 414,000 | 4.200 | 03/15/28 | 388,359 | |||||||||
| 250,000 | 2.250 | 01/15/29 | 207,481 | |||||||||
| 128,000 | 5.050 | 03/30/29 | 122,791 | |||||||||
| 370,000 | 2.800 | 04/01/31 | 296,330 | |||||||||
| 425,000 | 6.384 | 10/23/35 | 412,421 | |||||||||
| 338,000 | 5.375 | 04/01/38 | 286,341 | |||||||||
| 300,000 | 3.500 | 06/01/41 | 197,907 | |||||||||
| 590,000 | 6.484 | 10/23/45 | 534,841 | |||||||||
| 466,000 | 5.375 | 05/01/47 | 369,308 | |||||||||
| 432,000 | 5.750 | 04/01/48 | 358,757 | |||||||||
| 430,000 | 5.125 | 07/01/49 | 329,051 | |||||||||
| 350,000 | 4.800 | 03/01/50 | 257,580 | |||||||||
| 748,000 | 3.700 | 04/01/51 | 459,534 | |||||||||
| 250,000 | 3.900 | 06/01/52 | 157,453 | |||||||||
| 354,000 | 3.850 | 04/01/61 | 209,743 | |||||||||
| 254,000 | 4.400 | 12/01/61 | 166,031 | |||||||||
| 282,000 | 3.950 | 06/30/62 | 169,469 | |||||||||
| Comcast Corp. | ||||||||||||
| 400,000 | 3.150 | 02/15/28 | 376,030 | |||||||||
| 400,000 | 3.550 | 05/01/28 | 380,292 | |||||||||
| 400,000 | 4.150 | 10/15/28 | 390,222 | |||||||||
| 400,000 | 3.400 | 04/01/30 | 370,274 | |||||||||
| 500,000 | 4.650 | 02/15/33 | 496,585 | |||||||||
| 300,000 | 7.050 | 03/15/33 | 348,577 | |||||||||
| 250,000 | 4.800 | 05/15/33 | 249,636 | |||||||||
| 150,000 | 4.200 | 08/15/34 | 140,717 | |||||||||
| 880,000 | 3.900 | 03/01/38 | 765,441 | |||||||||
| 400,000 | 3.969 | 11/01/47 | 327,766 | |||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Communications – (continued) | ||||||||||||
| Comcast Corp. – (continued) | ||||||||||||
| $ |
300,000 | 4.000 | % | 03/01/48 | $ 246,575 | |||||||
| 400,000 | 4.700 | 10/15/48 | 368,327 | |||||||||
| 400,000 | 3.999 | 11/01/49 | 326,253 | |||||||||
| 400,000 | 3.450 | 02/01/50 | 296,727 | |||||||||
| 400,000 | 2.800 | 01/15/51 | 262,255 | |||||||||
| 450,000 | 2.887 | 11/01/51 | 297,072 | |||||||||
| 400,000 | 2.450 | 08/15/52 | 240,605 | |||||||||
| 750,000 | 5.350 | 05/15/53 | 749,063 | |||||||||
| 400,000 | 2.937 | 11/01/56 | 256,148 | |||||||||
| 400,000 | 4.950 | 10/15/58 | 375,251 | |||||||||
| 560,000 | 2.650 | 08/15/62 | 327,011 | |||||||||
| 400,000 | 2.987 | 11/01/63 | 247,387 | |||||||||
| Netflix, Inc. | ||||||||||||
| 400,000 | 5.875 | 02/15/25 | 405,000 | |||||||||
| 325,000 | 4.375 | 11/15/26 | 320,531 | |||||||||
| 690,000 | 5.875 | 11/15/28 | 716,738 | |||||||||
| 227,000 | 6.375 | 05/15/29 | 240,756 | |||||||||
| Omnicom Group, Inc. | ||||||||||||
| 125,000 | 2.600 | 08/01/31 | 104,363 | |||||||||
| Omnicom Group, Inc. / Omnicom Capital, Inc. | ||||||||||||
| 362,000 | 3.650 | 11/01/24 | 353,280 | |||||||||
| 850,000 | 3.600 | 04/15/26 | 821,397 | |||||||||
| S&P Global, Inc. | ||||||||||||
| 300,000 | 2.900 | 03/01/32 | 261,130 | |||||||||
| Time Warner Cable Enterprises LLC | ||||||||||||
| 216,000 | 8.375 | 07/15/33 | 239,834 | |||||||||
| Time Warner Cable LLC | ||||||||||||
| 70,000 | 6.550 | 05/01/37 | 66,828 | |||||||||
| 304,000 | 7.300 | 07/01/38 | 309,732 | |||||||||
| 322,000 | 6.750 | 06/15/39 | 304,970 | |||||||||
| 180,000 | 5.875 | 11/15/40 | 155,895 | |||||||||
| 431,000 | 5.500 | 09/01/41 | 356,683 | |||||||||
| TWDC Enterprises 18 Corp., GMTN | ||||||||||||
| 290,000 | 4.125 | 06/01/44 | 250,961 | |||||||||
| TWDC Enterprises 18 Corp., MTN | ||||||||||||
| 705,000 | 1.850 | 07/30/26 | 650,526 | |||||||||
| 202,000 | 2.950 | 06/15/27 | 191,039 | |||||||||
| Walt Disney Co. (The) | ||||||||||||
| 632,000 | 1.750 | 08/30/24 | 606,678 | |||||||||
| 400,000 | 3.350 | 03/24/25 | 390,455 | |||||||||
| 202,000 | 2.200 | 01/13/28 | 183,744 | |||||||||
| 330,000 | 2.000 | 09/01/29 | 283,134 | |||||||||
| 498,000 | 3.800 | 03/22/30 | 472,161 | |||||||||
| 1,180,000 | 2.650 | 01/13/31 | 1,027,312 | |||||||||
| 75,000 | 6.400 | 12/15/35 | 84,209 | |||||||||
| 100,000 | 6.650 | 11/15/37 | 114,524 | |||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Communications – (continued) | ||||||||||||
| Walt Disney Co. (The) – (continued) | ||||||||||||
| $ |
250,000 | 4.625 | % | 03/23/40 | $ 236,093 | |||||||
| 1,100,000 | 2.750 | 09/01/49 | 733,182 | |||||||||
| 270,000 | 4.700 | 03/23/50 | 251,631 | |||||||||
| 383,000 | 3.800 | 05/13/60 | 299,465 | |||||||||
|
| ||||||||||||
| 24,217,861 | ||||||||||||
|
| ||||||||||||
| Consumer Cyclical – 6.3% | ||||||||||||
| Amazon.com, Inc. | ||||||||||||
| 250,000 | 2.730 | 04/13/24 | 245,207 | |||||||||
| 732,000 | 0.450 | 05/12/24 | 699,237 | |||||||||
| 212,000 | 2.800 | 08/22/24 | 206,657 | |||||||||
| 379,000 | 3.800 | 12/05/24 | 372,832 | |||||||||
| 70,000 | 0.800 | 06/03/25 | 64,936 | |||||||||
| 18,000 | 5.200 | 12/03/25 | 18,203 | |||||||||
| 200,000 | 1.200 | 06/03/27 | 177,147 | |||||||||
| 780,000 | 3.150 | 08/22/27 | 745,418 | |||||||||
| 575,000 | 1.500 | 06/03/30 | 473,781 | |||||||||
| 600,000 | 3.600 | 04/13/32 | 562,731 | |||||||||
| 420,000 | 4.800 | 12/05/34 | 429,097 | |||||||||
| 715,000 | 3.875 | 08/22/37 | 656,328 | |||||||||
| 400,000 | 2.875 | 05/12/41 | 305,133 | |||||||||
| 284,000 | 4.950 | 12/05/44 | 287,198 | |||||||||
| 731,000 | 4.050 | 08/22/47 | 646,380 | |||||||||
| 444,000 | 2.500 | 06/03/50 | 289,293 | |||||||||
| 1,086,000 | 3.100 | 05/12/51 | 794,818 | |||||||||
| 482,000 | 4.250 | 08/22/57 | 428,430 | |||||||||
| 400,000 | 2.700 | 06/03/60 | 254,675 | |||||||||
| 400,000 | 3.250 | 05/12/61 | 283,594 | |||||||||
| 500,000 | 4.100 | 04/13/62 | 423,128 | |||||||||
| American Honda Finance Corp., MTN | ||||||||||||
| 430,000 | 2.150 | 09/10/24 | 413,889 | |||||||||
| 40,000 | 1.200 | 07/08/25 | 37,046 | |||||||||
| Aptiv PLC | ||||||||||||
| 300,000 | 3.100 | 12/01/51 | 180,000 | |||||||||
| Aptiv PLC / Aptiv Corp. | ||||||||||||
| 216,000 | 4.150 | 05/01/52 | 159,311 | |||||||||
| Booking Holdings, Inc. | ||||||||||||
| 150,000 | 4.625 | 04/13/30 | 148,670 | |||||||||
| Costco Wholesale Corp. | ||||||||||||
| 232,000 | 3.000 | 05/18/27 | 221,987 | |||||||||
| 200,000 | 1.375 | 06/20/27 | 178,739 | |||||||||
| 100,000 | 1.600 | 04/20/30 | 83,756 | |||||||||
| 876,000 | 1.750 | 04/20/32 | 709,818 | |||||||||
| Dollar Tree, Inc. | ||||||||||||
| 236,000 | 4.200 | 05/15/28 | 227,092 | |||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Consumer Cyclical – (continued) | ||||||||||||
| eBay, Inc. | ||||||||||||
| $ |
250,000 | 1.900 | % | 03/11/25 | $ 236,097 | |||||||
| Expedia Group, Inc. | ||||||||||||
| 300,000 | 3.250 | 02/15/30 | 259,579 | |||||||||
| General Motors Co. | ||||||||||||
| 500,000 | 6.125 | 10/01/25 | 507,508 | |||||||||
| 500,000 | 5.600 | 10/15/32 | 482,590 | |||||||||
| 300,000 | 6.600 | 04/01/36 | 304,391 | |||||||||
| 300,000 | 5.150 | 04/01/38 | 266,081 | |||||||||
| 404,000 | 6.750 | 04/01/46 | 401,981 | |||||||||
| 200,000 | 5.400 | 04/01/48 | 168,281 | |||||||||
| 550,000 | 5.950 | 04/01/49 | 501,404 | |||||||||
| General Motors Financial Co., Inc. | ||||||||||||
| 200,000 | 5.250 | 03/01/26 | 198,941 | |||||||||
| 400,000 | 2.350 | 02/26/27 | 358,035 | |||||||||
| 100,000 | 5.000 | 04/09/27 | 98,159 | |||||||||
| 600,000 | 2.700 | 08/20/27 | 535,006 | |||||||||
| 200,000 | 6.000 | 01/09/28 | 203,016 | |||||||||
| 650,000 | 2.350 | 01/08/31 | 507,469 | |||||||||
| 250,000 | 2.700 | 06/10/31 | 197,919 | |||||||||
| Global Payments, Inc. | ||||||||||||
| 500,000 | 2.900 | 11/15/31 | 408,131 | |||||||||
| Home Depot, Inc. (The) | ||||||||||||
| 220,000 | 3.350 | 09/15/25 | 213,725 | |||||||||
| 800,000 | 4.000 | 09/15/25 | 790,698 | |||||||||
| 556,000 | 3.000 | 04/01/26 | 535,408 | |||||||||
| 244,000 | 3.900 | 12/06/28 | 237,952 | |||||||||
| 390,000 | 2.950 | 06/15/29 | 358,192 | |||||||||
| 400,000 | 1.375 | 03/15/31 | 316,681 | |||||||||
| 400,000 | 1.875 | 09/15/31 | 326,535 | |||||||||
| 680,000 | 5.875 | 12/16/36 | 746,459 | |||||||||
| 460,000 | 3.300 | 04/15/40 | 369,691 | |||||||||
| 500,000 | 4.200 | 04/01/43 | 439,634 | |||||||||
| 150,000 | 4.875 | 02/15/44 | 143,877 | |||||||||
| 130,000 | 4.400 | 03/15/45 | 116,524 | |||||||||
| 300,000 | 4.250 | 04/01/46 | 262,429 | |||||||||
| 300,000 | 4.500 | 12/06/48 | 273,016 | |||||||||
| 300,000 | 3.125 | 12/15/49 | 213,695 | |||||||||
| 300,000 | 3.350 | 04/15/50 | 223,743 | |||||||||
| 406,000 | 2.375 | 03/15/51 | 245,549 | |||||||||
| 300,000 | 3.500 | 09/15/56 | 226,168 | |||||||||
| Las Vegas Sands Corp. | ||||||||||||
| 116,000 | 3.200 | 08/08/24 | 111,909 | |||||||||
| 190,000 | 3.500 | 08/18/26 | 176,239 | |||||||||
| 320,000 | 3.900 | 08/08/29 | 283,958 | |||||||||
| Marriott International, Inc., Series FF | ||||||||||||
| 236,000 | 4.625 | 06/15/30 | 226,568 | |||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Consumer Cyclical – (continued) | ||||||||||||
| Marriott International, Inc., Series GG | ||||||||||||
| $ |
300,000 | 3.500 | % | 10/15/32 | $ 259,081 | |||||||
| Marriott International, Inc., Series R | ||||||||||||
| 200,000 | 3.125 | 06/15/26 | 188,722 | |||||||||
| Mastercard, Inc. | ||||||||||||
| 90,000 | 2.000 | 03/03/25 | 86,063 | |||||||||
| 143,000 | 2.950 | 11/21/26 | 136,644 | |||||||||
| 144,000 | 3.300 | 03/26/27 | 138,743 | |||||||||
| 132,000 | 2.950 | 06/01/29 | 122,078 | |||||||||
| 508,000 | 3.350 | 03/26/30 | 476,959 | |||||||||
| 162,000 | 3.650 | 06/01/49 | 134,071 | |||||||||
| 400,000 | 3.850 | 03/26/50 | 341,808 | |||||||||
| McDonald’s Corp., MTN | ||||||||||||
| 370,000 | 3.700 | 01/30/26 | 361,262 | |||||||||
| 304,000 | 3.500 | 03/01/27 | 292,853 | |||||||||
| 350,000 | 3.800 | 04/01/28 | 339,487 | |||||||||
| 100,000 | 2.625 | 09/01/29 | 89,415 | |||||||||
| 282,000 | 2.125 | 03/01/30 | 241,643 | |||||||||
| 150,000 | 3.600 | 07/01/30 | 140,500 | |||||||||
| 941,000 | 4.700 | 12/09/35 | 916,929 | |||||||||
| 150,000 | 4.875 | 12/09/45 | 140,501 | |||||||||
| 500,000 | 4.450 | 03/01/47 | 441,900 | |||||||||
| 296,000 | 4.450 | 09/01/48 | 261,890 | |||||||||
| 122,000 | 4.200 | 04/01/50 | 102,909 | |||||||||
| NIKE, Inc. | ||||||||||||
| 80,000 | 2.400 | 03/27/25 | 76,982 | |||||||||
| 115,000 | 2.375 | 11/01/26 | 107,954 | |||||||||
| 290,000 | 2.750 | 03/27/27 | 274,280 | |||||||||
| 204,000 | 2.850 | 03/27/30 | 186,042 | |||||||||
| 250,000 | 3.250 | 03/27/40 | 204,265 | |||||||||
| 140,000 | 3.875 | 11/01/45 | 121,474 | |||||||||
| 340,000 | 3.375 | 03/27/50 | 270,949 | |||||||||
| Starbucks Corp. | ||||||||||||
| 2,012,000 | 3.800 | 08/15/25 | 1,970,348 | |||||||||
| 100,000 | 4.000 | 11/15/28 | 97,072 | |||||||||
| 300,000 | 3.000 | 02/14/32 | 263,344 | |||||||||
| 358,000 | 4.450 | 08/15/49 | 311,682 | |||||||||
| 290,000 | 3.500 | 11/15/50 | 216,617 | |||||||||
| Toyota Motor Credit Corp., MTN | ||||||||||||
| 20,000 | 1.800 | 02/13/25 | 19,022 | |||||||||
| 500,000 | 3.000 | 04/01/25 | 483,260 | |||||||||
| 1,428,000 | 1.900 | 01/13/27 | 1,299,264 | |||||||||
| 200,000 | 3.050 | 03/22/27 | 189,319 | |||||||||
| 535,000 | 2.150 | 02/13/30 | 461,249 | |||||||||
| 487,000 | 3.375 | 04/01/30 | 450,508 | |||||||||
| Visa, Inc. | ||||||||||||
| 473,000 | 3.150 | 12/14/25 | 458,091 | |||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Consumer Cyclical – (continued) | ||||||||||||
| Visa, Inc. – (continued) | ||||||||||||
| $ |
100,000 | 1.900 | % | 04/15/27 | $ 92,238 | |||||||
| 55,000 | 2.750 | 09/15/27 | 51,881 | |||||||||
| 201,000 | 2.050 | 04/15/30 | 173,959 | |||||||||
| 980,000 | 4.150 | 12/14/35 | 945,551 | |||||||||
| 300,000 | 2.700 | 04/15/40 | 231,038 | |||||||||
| 729,000 | 4.300 | 12/14/45 | 674,639 | |||||||||
| 40,000 | 3.650 | 09/15/47 | 34,018 | |||||||||
| 200,000 | 2.000 | 08/15/50 | 122,506 | |||||||||
| Walmart, Inc. | ||||||||||||
| 150,000 | 2.850 | 07/08/24 | 146,662 | |||||||||
| 466,000 | 3.700 | 06/26/28 | 457,274 | |||||||||
| 300,000 | 1.500 | 09/22/28 | 261,871 | |||||||||
| 220,000 | 1.800 | 09/22/31 | 183,477 | |||||||||
| 455,000 | 5.250 | 09/01/35 | 489,322 | |||||||||
| 330,000 | 6.500 | 08/15/37 | 390,948 | |||||||||
| 465,000 | 4.050 | 06/29/48 | 421,884 | |||||||||
| 400,000 | 2.650 | 09/22/51 | 279,757 | |||||||||
| 1,000,000 | 4.500 | 09/09/52 | 957,975 | |||||||||
|
| ||||||||||||
| 41,787,949 | ||||||||||||
|
| ||||||||||||
| Consumer Noncyclical – 8.7% | ||||||||||||
| Abbott Laboratories | ||||||||||||
| 763,000 | 2.950 | 03/15/25 | 742,233 | |||||||||
| 68,000 | 3.750 | 11/30/26 | 67,000 | |||||||||
| 538,000 | 4.750 | 11/30/36 | 543,599 | |||||||||
| 540,000 | 4.900 | 11/30/46 | 541,799 | |||||||||
| AbbVie, Inc. | ||||||||||||
| 100,000 | 2.600 | 11/21/24 | 96,388 | |||||||||
| 1,452,000 | 3.800 | 03/15/25 | 1,421,056 | |||||||||
| 2,482,000 | 3.600 | 05/14/25 | 2,416,408 | |||||||||
| 291,000 | 3.200 | 05/14/26 | 279,650 | |||||||||
| 250,000 | 4.250 | 11/14/28 | 244,923 | |||||||||
| 625,000 | 3.200 | 11/21/29 | 566,586 | |||||||||
| 425,000 | 4.550 | 03/15/35 | 404,887 | |||||||||
| 1,006,000 | 4.050 | 11/21/39 | 865,850 | |||||||||
| 300,000 | 4.850 | 06/15/44 | 276,319 | |||||||||
| 379,000 | 4.750 | 03/15/45 | 343,517 | |||||||||
| 500,000 | 4.700 | 05/14/45 | 450,462 | |||||||||
| 304,000 | 4.450 | 05/14/46 | 262,830 | |||||||||
| 320,000 | 4.875 | 11/14/48 | 296,792 | |||||||||
| 950,000 | 4.250 | 11/21/49 | 807,817 | |||||||||
| Altria Group, Inc. | ||||||||||||
| 800,000 | 2.350 | 05/06/25 | 758,325 | |||||||||
| 780,000 | 4.800 | 02/14/29 | 763,267 | |||||||||
| 370,000 | 2.450 | 02/04/32 | 289,716 | |||||||||
| 100,000 | 5.800 | 02/14/39 | 96,589 | |||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Consumer Noncyclical – (continued) | ||||||||||||
| Altria Group, Inc. – (continued) | ||||||||||||
| $ |
270,000 | 3.400 | % | 02/04/41 | $ 185,343 | |||||||
| 220,000 | 4.250 | 08/09/42 | 169,702 | |||||||||
| 310,000 | 5.375 | 01/31/44 | 287,590 | |||||||||
| 348,000 | 3.875 | 09/16/46 | 241,510 | |||||||||
| 360,000 | 5.950 | 02/14/49 | 334,231 | |||||||||
| 70,000 | 3.700 | 02/04/51 | 45,305 | |||||||||
| 150,000 | 4.000 | 02/04/61 | 102,522 | |||||||||
| Amgen, Inc. | ||||||||||||
| 300,000 | 3.125 | 05/01/25 | 289,495 | |||||||||
| 500,000 | 2.200 | 02/21/27 | 459,984 | |||||||||
| 800,000 | 5.150 | 03/02/28 | 808,017 | |||||||||
| 400,000 | 1.650 | 08/15/28 | 345,279 | |||||||||
| 500,000 | 2.000 | 01/15/32 | 396,085 | |||||||||
| 460,000 | 4.200 | 03/01/33 | 433,105 | |||||||||
| 300,000 | 3.150 | 02/21/40 | 225,596 | |||||||||
| 610,000 | 4.563 | 06/15/48 | 529,081 | |||||||||
| 712,000 | 3.375 | 02/21/50 | 507,295 | |||||||||
| 900,000 | 4.663 | 06/15/51 | 794,758 | |||||||||
| 334,000 | 2.770 | 09/01/53 | 203,858 | |||||||||
| 1,280,000 | 4.400 | 02/22/62 | 1,029,691 | |||||||||
| 360,000 | 5.750 | 03/02/63 | 359,369 | |||||||||
| Biogen, Inc. | ||||||||||||
| 372,000 | 5.200 | 09/15/45 | 363,446 | |||||||||
| Bristol-Myers Squibb Co. | ||||||||||||
| 1,922,000 | 0.750 | 11/13/25 | 1,758,076 | |||||||||
| 430,000 | 4.550 | 02/20/48 | 395,784 | |||||||||
| 714,000 | 4.250 | 10/26/49 | 623,617 | |||||||||
| 600,000 | 2.550 | 11/13/50 | 382,884 | |||||||||
| 750,000 | 3.700 | 03/15/52 | 600,987 | |||||||||
| 400,000 | 3.900 | 03/15/62 | 314,367 | |||||||||
| Centene Corp. | ||||||||||||
| 860,000 | 4.250 | 12/15/27 | 812,511 | |||||||||
| 400,000 | 2.450 | 07/15/28 | 343,000 | |||||||||
| 904,000 | 4.625 | 12/15/29 | 840,720 | |||||||||
| 550,000 | 3.000 | 10/15/30 | 460,625 | |||||||||
| 546,000 | 2.500 | 03/01/31 | 437,145 | |||||||||
| Elevance Health, Inc. | ||||||||||||
| 400,000 | 6.100 | 10/15/52 | 431,519 | |||||||||
| Eli Lilly & Co. | ||||||||||||
| 190,000 | 3.950 | 03/15/49 | 167,814 | |||||||||
| 300,000 | 2.250 | 05/15/50 | 191,521 | |||||||||
| 292,000 | 2.500 | 09/15/60 | 180,369 | |||||||||
| Gilead Sciences, Inc. | ||||||||||||
| 292,000 | 3.700 | 04/01/24 | 287,485 | |||||||||
| 500,000 | 2.950 | 03/01/27 | 471,064 | |||||||||
| 476,000 | 4.000 | 09/01/36 | 431,981 | |||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Consumer Noncyclical – (continued) | ||||||||||||
| Gilead Sciences, Inc. – (continued) | ||||||||||||
| $ |
300,000 | 4.800 | % | 04/01/44 | $ 282,657 | |||||||
| 300,000 | 4.750 | 03/01/46 | 279,977 | |||||||||
| 528,000 | 4.150 | 03/01/47 | 452,874 | |||||||||
| 500,000 | 2.800 | 10/01/50 | 334,079 | |||||||||
| Johnson & Johnson | ||||||||||||
| 110,200 | 2.625 | 01/15/25 | 106,966 | |||||||||
| 100,000 | 0.550 | 09/01/25 | 92,085 | |||||||||
| 98,000 | 2.450 | 03/01/26 | 93,493 | |||||||||
| 83,000 | 2.950 | 03/03/27 | 79,798 | |||||||||
| 212,000 | 0.950 | 09/01/27 | 186,494 | |||||||||
| 250,000 | 2.900 | 01/15/28 | 238,066 | |||||||||
| 50,000 | 1.300 | 09/01/30 | 41,398 | |||||||||
| 190,000 | 4.375 | 12/05/33 | 192,887 | |||||||||
| 995,000 | 3.550 | 03/01/36 | 905,144 | |||||||||
| 872,000 | 3.625 | 03/03/37 | 792,765 | |||||||||
| 250,000 | 5.950 | 08/15/37 | 287,634 | |||||||||
| 245,000 | 3.400 | 01/15/38 | 216,586 | |||||||||
| 46,000 | 2.100 | 09/01/40 | 32,138 | |||||||||
| 208,000 | 3.700 | 03/01/46 | 180,330 | |||||||||
| 218,000 | 3.750 | 03/03/47 | 190,423 | |||||||||
| 125,000 | 2.450 | 09/01/60 | 78,475 | |||||||||
| Kroger Co. (The) | ||||||||||||
| 500,000 | 3.950 | 01/15/50 | 397,953 | |||||||||
| Medtronic, Inc. | ||||||||||||
| 580,000 | 4.375 | 03/15/35 | 564,212 | |||||||||
| 385,000 | 4.625 | 03/15/45 | 368,447 | |||||||||
| Merck & Co., Inc. | ||||||||||||
| 950,000 | 2.900 | 03/07/24 | 932,218 | |||||||||
| 528,000 | 2.750 | 02/10/25 | 512,382 | |||||||||
| 102,000 | 0.750 | 02/24/26 | 92,733 | |||||||||
| 240,000 | 3.400 | 03/07/29 | 228,321 | |||||||||
| 500,000 | 2.150 | 12/10/31 | 418,220 | |||||||||
| 100,000 | 3.900 | 03/07/39 | 88,817 | |||||||||
| 250,000 | 4.150 | 05/18/43 | 225,806 | |||||||||
| 540,000 | 3.700 | 02/10/45 | 456,155 | |||||||||
| 300,000 | 4.000 | 03/07/49 | 262,015 | |||||||||
| 846,000 | 2.450 | 06/24/50 | 548,453 | |||||||||
| Mylan, Inc. | ||||||||||||
| 195,000 | 4.550 | 04/15/28 | 184,648 | |||||||||
| 254,000 | 5.200 | 04/15/48 | 191,751 | |||||||||
| Pfizer Investment Enterprises Pte Ltd. | ||||||||||||
| 1,000,000 | 4.650 | 05/19/25 | 996,396 | |||||||||
| 1,000,000 | 4.450 | 05/19/28 | 998,906 | |||||||||
| 1,000,000 | 4.750 | 05/19/33 | 1,006,454 | |||||||||
| 1,000,000 | 5.110 | 05/19/43 | 996,079 | |||||||||
| 1,000,000 | 5.300 | 05/19/53 | 1,030,423 | |||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Consumer Noncyclical – (continued) | ||||||||||||
| Pfizer Investment Enterprises Pte Ltd. – (continued) | ||||||||||||
| $ |
380,000 | 5.340 | % | 05/19/63 | $ 381,206 | |||||||
| Pfizer, Inc. | ||||||||||||
| 200,000 | 2.950 | 03/15/24 | 196,565 | |||||||||
| 50,000 | 3.400 | 05/15/24 | 49,102 | |||||||||
| 92,000 | 0.800 | 05/28/25 | 85,384 | |||||||||
| 276,000 | 3.450 | 03/15/29 | 263,068 | |||||||||
| 618,000 | 2.625 | 04/01/30 | 550,550 | |||||||||
| 400,000 | 3.900 | 03/15/39 | 353,022 | |||||||||
| 425,000 | 7.200 | 03/15/39 | 529,085 | |||||||||
| 260,000 | 2.550 | 05/28/40 | 188,556 | |||||||||
| 100,000 | 4.300 | 06/15/43 | 91,013 | |||||||||
| 110,000 | 4.400 | 05/15/44 | 103,471 | |||||||||
| 300,000 | 4.125 | 12/15/46 | 264,134 | |||||||||
| 352,000 | 4.200 | 09/15/48 | 316,366 | |||||||||
| 100,000 | 4.000 | 03/15/49 | 86,847 | |||||||||
| 525,000 | 2.700 | 05/28/50 | 364,595 | |||||||||
| Philip Morris International, Inc. | ||||||||||||
| 50,000 | 3.250 | 11/10/24 | 48,698 | |||||||||
| 1,190,000 | 3.375 | 08/11/25 | 1,151,390 | |||||||||
| 500,000 | 5.000 | 11/17/25 | 500,176 | |||||||||
| 394,000 | 2.750 | 02/25/26 | 372,174 | |||||||||
| 500,000 | 5.625 | 11/17/29 | 511,976 | |||||||||
| 100,000 | 5.125 | 02/15/30 | 99,058 | |||||||||
| 200,000 | 2.100 | 05/01/30 | 164,826 | |||||||||
| 300,000 | 5.375 | 02/15/33 | 297,257 | |||||||||
| 274,000 | 6.375 | 05/16/38 | 293,298 | |||||||||
| 200,000 | 4.375 | 11/15/41 | 167,917 | |||||||||
| 110,000 | 3.875 | 08/21/42 | 85,329 | |||||||||
| 241,000 | 4.125 | 03/04/43 | 190,889 | |||||||||
| 150,000 | 4.875 | 11/15/43 | 131,241 | |||||||||
| 145,000 | 4.250 | 11/10/44 | 116,613 | |||||||||
| Regeneron Pharmaceuticals, Inc. | ||||||||||||
| 346,000 | 2.800 | 09/15/50 | 222,078 | |||||||||
| Stryker Corp. | ||||||||||||
| 220,000 | 4.625 | 03/15/46 | 198,146 | |||||||||
| Utah Acquisition Sub, Inc. | ||||||||||||
| 565,000 | 3.950 | 06/15/26 | 537,937 | |||||||||
| 200,000 | 5.250 | 06/15/46 | 152,750 | |||||||||
| Viatris, Inc. | ||||||||||||
| 423,000 | 4.000 | 06/22/50 | 271,599 | |||||||||
| Walgreens Boots Alliance, Inc. | ||||||||||||
| 574,000 | 3.800 | 11/18/24 | 560,823 | |||||||||
| 450,000 | 3.450 | 06/01/26 | 427,261 | |||||||||
| 106,000 | 4.800 | 11/18/44 | 88,322 | |||||||||
| 50,000 | 4.100 | 04/15/50 | 36,431 | |||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Consumer Noncyclical – (continued) | ||||||||||||
| Wyeth LLC | ||||||||||||
| $ |
388,000 | 6.500 | % | 02/01/34 | $ 439,293 | |||||||
| 300,000 | 5.950 | 04/01/37 | 330,627 | |||||||||
| Zoetis, Inc. | ||||||||||||
| 158,000 | 3.000 | 09/12/27 | 148,666 | |||||||||
| 410,000 | 4.700 | 02/01/43 | 374,685 | |||||||||
|
| ||||||||||||
| 57,085,826 | ||||||||||||
|
| ||||||||||||
| Consumer Products – 0.4% | ||||||||||||
| Haleon US Capital LLC | ||||||||||||
| 300,000 | 3.625 | 03/24/32 | 269,336 | |||||||||
| 400,000 | 4.000 | 03/24/52 | 324,554 | |||||||||
| Procter & Gamble Co. (The) | ||||||||||||
| 80,000 | 0.550 | 10/29/25 | 73,049 | |||||||||
| 50,000 | 2.450 | 11/03/26 | 47,054 | |||||||||
| 214,000 | 1.900 | 02/01/27 | 197,947 | |||||||||
| 250,000 | 2.850 | 08/11/27 | 237,508 | |||||||||
| 680,000 | 3.000 | 03/25/30 | 633,685 | |||||||||
| 500,000 | 1.200 | 10/29/30 | 405,995 | |||||||||
| 300,000 | 1.950 | 04/23/31 | 256,257 | |||||||||
| 110,000 | 2.300 | 02/01/32 | 96,539 | |||||||||
|
| ||||||||||||
| 2,541,924 | ||||||||||||
|
| ||||||||||||
| Electric – 2.8% | ||||||||||||
| American Electric Power Co., Inc.(a) | ||||||||||||
| (US 5 Year CMT T-Note + 2.675%) | ||||||||||||
| 270,000 | 3.875 | 02/15/62 | 216,000 | |||||||||
| Consolidated Edison Co. of New York, Inc. | ||||||||||||
| 250,000 | 4.625 | 12/01/54 | 214,095 | |||||||||
| 134,000 | 3.600 | 06/15/61 | 95,872 | |||||||||
| Consolidated Edison Co. of New York, Inc., Series 20B | ||||||||||||
| 400,000 | 3.950 | 04/01/50 | 322,345 | |||||||||
| Duke Energy Carolinas LLC | ||||||||||||
| 345,000 | 3.200 | 08/15/49 | 245,935 | |||||||||
| Duke Energy Corp. | ||||||||||||
| 372,000 | 3.750 | 04/15/24 | 366,323 | |||||||||
| 390,000 | 2.650 | 09/01/26 | 361,815 | |||||||||
| 480,000 | 2.450 | 06/01/30 | 401,435 | |||||||||
| 504,000 | 3.750 | 09/01/46 | 375,799 | |||||||||
| 350,000 | 3.500 | 06/15/51 | 248,055 | |||||||||
| Duke Energy Florida LLC | ||||||||||||
| 300,000 | 6.400 | 06/15/38 | 333,312 | |||||||||
| Entergy Louisiana LLC | ||||||||||||
| 250,000 | 0.950 | 10/01/24 | 236,251 | |||||||||
| 1,030,000 | 4.000 | 03/15/33 | 946,347 | |||||||||
| 242,000 | 4.200 | 09/01/48 | 202,768 | |||||||||
| Exelon Corp. | ||||||||||||
| 92,000 | 4.050 | 04/15/30 | 86,466 | |||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Electric – (continued) | ||||||||||||
| Exelon Corp. – (continued) | ||||||||||||
| $ |
288,000 | 4.700 | % | 04/15/50 | $ 250,347 | |||||||
| Florida Power & Light Co. | ||||||||||||
| 200,000 | 5.050 | 04/01/28 | 204,463 | |||||||||
| 250,000 | 3.950 | 03/01/48 | 208,569 | |||||||||
| 342,000 | 3.150 | 10/01/49 | 246,985 | |||||||||
| Georgia Power Co. | ||||||||||||
| 1,000,000 | 4.950 | 05/17/33 | 988,483 | |||||||||
| 100,000 | 5.125 | 05/15/52 | 95,282 | |||||||||
| Georgia Power Co., Series A | ||||||||||||
| 436,000 | 3.250 | 03/15/51 | 302,814 | |||||||||
| NextEra Energy Capital Holdings, Inc. | ||||||||||||
| 1,050,000 | 6.051 | 03/01/25 | 1,062,557 | |||||||||
| 1,060,000 | 2.250 | 06/01/30 | 882,518 | |||||||||
| 500,000 | 2.440 | 01/15/32 | 405,773 | |||||||||
| NiSource, Inc. | ||||||||||||
| 100,000 | 0.950 | 08/15/25 | 91,142 | |||||||||
| 192,000 | 3.600 | 05/01/30 | 173,635 | |||||||||
| 926,000 | 1.700 | 02/15/31 | 727,181 | |||||||||
| 264,000 | 4.375 | 05/15/47 | 222,449 | |||||||||
| 276,000 | 3.950 | 03/30/48 | 217,316 | |||||||||
| Pacific Gas and Electric Co. | ||||||||||||
| 50,000 | 3.450 | 07/01/25 | 47,568 | |||||||||
| 421,000 | 2.100 | 08/01/27 | 363,185 | |||||||||
| 650,000 | 3.300 | 12/01/27 | 579,669 | |||||||||
| 70,000 | 3.750 | 07/01/28 | 63,495 | |||||||||
| 600,000 | 4.550 | 07/01/30 | 544,181 | |||||||||
| 352,000 | 3.300 | 08/01/40 | 235,453 | |||||||||
| 340,000 | 3.950 | 12/01/47 | 228,103 | |||||||||
| 300,000 | 4.950 | 07/01/50 | 233,860 | |||||||||
| 400,000 | 3.500 | 08/01/50 | 248,261 | |||||||||
| 100,000 | 6.750 | 01/15/53 | 98,027 | |||||||||
| PacifiCorp | ||||||||||||
| 1,000,000 | 5.500 | 05/15/54 | 1,013,329 | |||||||||
| Sempra Energy | ||||||||||||
| 548,000 | 3.250 | 06/15/27 | 511,375 | |||||||||
| 250,000 | 3.400 | 02/01/28 | 232,127 | |||||||||
| 300,000 | 6.000 | 10/15/39 | 306,215 | |||||||||
| 240,000 | 4.000 | 02/01/48 | 186,809 | |||||||||
| (US 5 Year CMT T-Note + 2.868%) | ||||||||||||
| 640,000 | 4.125 | (a) | 04/01/52 | 520,000 | ||||||||
| Southern California Edison Co. | ||||||||||||
| 437,000 | 4.000 | 04/01/47 | 343,893 | |||||||||
| 318,000 | 3.650 | 02/01/50 | 235,947 | |||||||||
| Southern California Edison Co., Series 20A | ||||||||||||
| 220,000 | 2.950 | 02/01/51 | 142,110 | |||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Electric – (continued) | ||||||||||||
| Southern California Edison Co., Series C | ||||||||||||
| $ |
200,000 | 4.125 | % | 03/01/48 | $ 160,747 | |||||||
| Southern Co. (The) | ||||||||||||
| 856,000 | 3.250 | 07/01/26 | 811,931 | |||||||||
| 430,000 | 4.400 | 07/01/46 | 358,327 | |||||||||
| Southern Co. (The)(a), Series B | ||||||||||||
| (US 5 Year CMT T-Note + 3.733%) | ||||||||||||
| 300,000 | 4.000 | 01/15/51 | 278,794 | |||||||||
| Virginia Electric and Power Co. | ||||||||||||
| 492,000 | 2.450 | 12/15/50 | 290,486 | |||||||||
|
| ||||||||||||
| 18,766,224 | ||||||||||||
|
| ||||||||||||
| Energy – 6.6% | ||||||||||||
| Baker Hughes Holdings LLC | ||||||||||||
| 50,000 | 5.125 | 09/15/40 | 47,462 | |||||||||
| Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc. | ||||||||||||
| 240,000 | 3.337 | 12/15/27 | 224,051 | |||||||||
| 300,000 | 4.080 | 12/15/47 | 236,532 | |||||||||
| BP Capital Markets America, Inc. | ||||||||||||
| 150,000 | 3.119 | 05/04/26 | 143,957 | |||||||||
| 1,842,000 | 3.017 | 01/16/27 | 1,749,015 | |||||||||
| 230,000 | 1.749 | 08/10/30 | 189,248 | |||||||||
| 700,000 | 2.721 | 01/12/32 | 598,094 | |||||||||
| 548,000 | 2.772 | 11/10/50 | 355,884 | |||||||||
| 578,000 | 2.939 | 06/04/51 | 388,705 | |||||||||
| Cheniere Corpus Christi Holdings LLC | ||||||||||||
| 617,000 | 5.875 | 03/31/25 | 617,771 | |||||||||
| 1,196,000 | 5.125 | 06/30/27 | 1,185,535 | |||||||||
| Cheniere Energy Partners LP | ||||||||||||
| 400,000 | 4.500 | 10/01/29 | 367,000 | |||||||||
| 400,000 | 4.000 | 03/01/31 | 353,500 | |||||||||
| 400,000 | 3.250 | 01/31/32 | 328,820 | |||||||||
| Chevron Corp. | ||||||||||||
| 150,000 | 2.895 | 03/03/24 | 147,727 | |||||||||
| 200,000 | 1.554 | 05/11/25 | 188,653 | |||||||||
| 110,000 | 3.326 | 11/17/25 | 107,628 | |||||||||
| 255,000 | 1.995 | 05/11/27 | 233,411 | |||||||||
| 590,000 | 2.236 | 05/11/30 | 516,302 | |||||||||
| 352,000 | 3.078 | 05/11/50 | 258,745 | |||||||||
| Chevron USA, Inc. | ||||||||||||
| 174,000 | 0.687 | 08/12/25 | 160,069 | |||||||||
| ConocoPhillips | ||||||||||||
| 410,000 | 6.500 | 02/01/39 | 467,154 | |||||||||
| ConocoPhillips Co. | ||||||||||||
| 100,000 | 6.950 | 04/15/29 | 111,612 | |||||||||
| 100,000 | 3.758 | 03/15/42 | 82,845 | |||||||||
| 300,000 | 4.300 | 11/15/44 | 263,285 | |||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Energy – (continued) | ||||||||||||
| ConocoPhillips Co. – (continued) | ||||||||||||
| $ |
150,000 | 4.025 | % | 03/15/62 | $ 119,875 | |||||||
| Devon Energy Corp. | ||||||||||||
| 170,000 | 5.600 | 07/15/41 | 158,294 | |||||||||
| 355,000 | 4.750 | 05/15/42 | 297,821 | |||||||||
| 100,000 | 5.000 | 06/15/45 | 86,237 | |||||||||
| Diamondback Energy, Inc. | ||||||||||||
| 515,000 | 3.250 | 12/01/26 | 490,538 | |||||||||
| 92,000 | 3.500 | 12/01/29 | 82,962 | |||||||||
| 896,000 | 6.250 | 03/15/33 | 933,038 | |||||||||
| Energy Transfer LP | ||||||||||||
| 200,000 | 4.500 | 04/15/24 | 197,454 | |||||||||
| 608,000 | 4.050 | 03/15/25 | 593,683 | |||||||||
| 668,000 | 2.900 | 05/15/25 | 635,573 | |||||||||
| 200,000 | 4.750 | 01/15/26 | 197,195 | |||||||||
| 200,000 | 5.500 | 06/01/27 | 200,864 | |||||||||
| 100,000 | 4.000 | 10/01/27 | 94,728 | |||||||||
| 230,000 | 4.950 | 06/15/28 | 225,351 | |||||||||
| 151,000 | 5.250 | 04/15/29 | 149,324 | |||||||||
| 100,000 | 3.750 | 05/15/30 | 90,344 | |||||||||
| 100,000 | 6.500 | 02/01/42 | 99,726 | |||||||||
| 201,000 | 5.300 | 04/15/47 | 170,166 | |||||||||
| 283,000 | 5.400 | 10/01/47 | 243,437 | |||||||||
| 277,000 | 6.000 | 06/15/48 | 254,497 | |||||||||
| 431,000 | 6.250 | 04/15/49 | 410,191 | |||||||||
| 480,000 | 5.000 | 05/15/50 | 392,368 | |||||||||
| Enterprise Products Operating LLC | ||||||||||||
| 207,000 | 3.750 | 02/15/25 | 203,059 | |||||||||
| 326,000 | 3.125 | 07/31/29 | 294,328 | |||||||||
| 150,000 | 2.800 | 01/31/30 | 132,051 | |||||||||
| 150,000 | 5.950 | 02/01/41 | 153,619 | |||||||||
| 207,000 | 4.850 | 08/15/42 | 187,674 | |||||||||
| 220,000 | 4.450 | 02/15/43 | 189,774 | |||||||||
| 268,000 | 4.850 | 03/15/44 | 241,709 | |||||||||
| 176,000 | 5.100 | 02/15/45 | 163,599 | |||||||||
| 220,000 | 4.900 | 05/15/46 | 198,578 | |||||||||
| 414,000 | 4.800 | 02/01/49 | 371,080 | |||||||||
| 368,000 | 4.200 | 01/31/50 | 299,178 | |||||||||
| 775,000 | 3.950 | 01/31/60 | 577,559 | |||||||||
| Enterprise Products Operating LLC(a), Series E | ||||||||||||
| (3M USD LIBOR + 3.033%) | ||||||||||||
| 164,000 | 5.250 | 08/16/77 | 143,632 | |||||||||
| EOG Resources, Inc. | ||||||||||||
| 916,000 | 4.150 | 01/15/26 | 904,933 | |||||||||
| 216,000 | 4.375 | 04/15/30 | 212,966 | |||||||||
| 236,000 | 4.950 | 04/15/50 | 229,214 | |||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Energy – (continued) | ||||||||||||
| EQT Corp. | ||||||||||||
| $ |
400,000 | 6.125 | % | 02/01/25 | $ 400,460 | |||||||
| 200,000 | 3.900 | 10/01/27 | 186,250 | |||||||||
| Exxon Mobil Corp. | ||||||||||||
| 302,000 | 2.019 | 08/16/24 | 291,954 | |||||||||
| 742,000 | 2.992 | 03/19/25 | 719,499 | |||||||||
| 310,000 | 3.043 | 03/01/26 | 299,145 | |||||||||
| 130,000 | 2.275 | 08/16/26 | 121,998 | |||||||||
| 100,000 | 3.294 | 03/19/27 | 97,146 | |||||||||
| 476,000 | 3.482 | 03/19/30 | 448,673 | |||||||||
| 100,000 | 4.227 | 03/19/40 | 91,474 | |||||||||
| 430,000 | 3.567 | 03/06/45 | 348,231 | |||||||||
| 100,000 | 4.114 | 03/01/46 | 86,763 | |||||||||
| 408,000 | 3.095 | 08/16/49 | 294,542 | |||||||||
| 628,000 | 4.327 | 03/19/50 | 558,342 | |||||||||
| 260,000 | 3.452 | 04/15/51 | 199,490 | |||||||||
| Halliburton Co. | ||||||||||||
| 368,000 | 2.920 | 03/01/30 | 324,948 | |||||||||
| 493,000 | 4.850 | 11/15/35 | 466,527 | |||||||||
| 500,000 | 7.450 | 09/15/39 | 569,924 | |||||||||
| 200,000 | 5.000 | 11/15/45 | 177,327 | |||||||||
| Hess Corp. | ||||||||||||
| 290,000 | 4.300 | 04/01/27 | 281,145 | |||||||||
| 148,000 | 6.000 | 01/15/40 | 146,149 | |||||||||
| 373,000 | 5.600 | 02/15/41 | 350,202 | |||||||||
| Kinder Morgan Energy Partners LP | ||||||||||||
| 388,000 | 5.500 | 03/01/44 | 348,247 | |||||||||
| Kinder Morgan, Inc. | ||||||||||||
| 396,000 | 5.550 | 06/01/45 | 357,139 | |||||||||
| 402,000 | 5.050 | 02/15/46 | 338,912 | |||||||||
| 100,000 | 3.600 | 02/15/51 | 67,476 | |||||||||
| Kinder Morgan, Inc., GMTN | ||||||||||||
| 1,000,000 | 7.750 | 01/15/32 | 1,134,066 | |||||||||
| Marathon Petroleum Corp. | ||||||||||||
| 250,000 | 3.625 | 09/15/24 | 243,960 | |||||||||
| 200,000 | 4.750 | 09/15/44 | 165,469 | |||||||||
| MPLX LP | ||||||||||||
| 136,000 | 4.125 | 03/01/27 | 132,199 | |||||||||
| 100,000 | 4.800 | 02/15/29 | 97,624 | |||||||||
| 914,000 | 2.650 | 08/15/30 | 768,081 | |||||||||
| 350,000 | 4.500 | 04/15/38 | 300,708 | |||||||||
| 310,000 | 5.200 | 03/01/47 | 268,022 | |||||||||
| 520,000 | 5.500 | 02/15/49 | 463,265 | |||||||||
| Occidental Petroleum Corp. | ||||||||||||
| 1,600,000 | 0.000 | (c) | 10/10/36 | 842,747 | ||||||||
| 350,000 | 6.600 | 03/15/46 | 358,049 | |||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Energy – (continued) | ||||||||||||
| ONEOK, Inc. | ||||||||||||
| $ |
200,000 | 4.550 | % | 07/15/28 | $ 192,204 | |||||||
| 378,000 | 3.100 | 03/15/30 | 325,637 | |||||||||
| 680,000 | 6.100 | 11/15/32 | 689,218 | |||||||||
| 100,000 | 5.200 | 07/15/48 | 83,537 | |||||||||
| Phillips 66 | ||||||||||||
| 100,000 | 3.900 | 03/15/28 | 96,166 | |||||||||
| 390,000 | 4.650 | 11/15/34 | 366,155 | |||||||||
| 150,000 | 5.875 | 05/01/42 | 153,849 | |||||||||
| 450,000 | 4.875 | 11/15/44 | 406,975 | |||||||||
| Plains All American Pipeline LP / PAA Finance Corp. | ||||||||||||
| 750,000 | 3.600 | 11/01/24 | 728,229 | |||||||||
| 766,000 | 4.650 | 10/15/25 | 752,225 | |||||||||
| 240,000 | 4.500 | 12/15/26 | 232,177 | |||||||||
| 339,000 | 3.550 | 12/15/29 | 299,608 | |||||||||
| Sabine Pass Liquefaction LLC | ||||||||||||
| 600,000 | 5.750 | 05/15/24 | 598,875 | |||||||||
| 500,000 | 5.625 | 03/01/25 | 499,862 | |||||||||
| 1,252,000 | 5.875 | 06/30/26 | 1,269,622 | |||||||||
| 430,000 | 5.000 | 03/15/27 | 426,087 | |||||||||
| 108,000 | 4.200 | 03/15/28 | 102,870 | |||||||||
| Spectra Energy Partners LP | ||||||||||||
| 330,000 | 4.750 | 03/15/24 | 326,837 | |||||||||
| Targa Resources Corp. | ||||||||||||
| 400,000 | 4.950 | 04/15/52 | 317,929 | |||||||||
| Transcontinental Gas Pipe Line Co. LLC | ||||||||||||
| 144,000 | 7.850 | 02/01/26 | 152,736 | |||||||||
| Valero Energy Corp. | ||||||||||||
| 820,000 | 6.625 | 06/15/37 | 879,246 | |||||||||
| Western Midstream Operating LP | ||||||||||||
| 470,000 | 5.500 | 02/01/50 | 377,175 | |||||||||
| Williams Cos., Inc. (The) | ||||||||||||
| 280,000 | 4.000 | 09/15/25 | 271,892 | |||||||||
| 318,000 | 3.750 | 06/15/27 | 303,261 | |||||||||
| 384,000 | 3.500 | 11/15/30 | 343,907 | |||||||||
| 432,000 | 6.300 | 04/15/40 | 448,092 | |||||||||
| 200,000 | 5.100 | 09/15/45 | 176,415 | |||||||||
| 240,000 | 4.850 | 03/01/48 | 204,095 | |||||||||
|
| ||||||||||||
| 43,320,658 | ||||||||||||
|
| ||||||||||||
| Financial Company – 0.9% | ||||||||||||
| Air Lease Corp. | ||||||||||||
| 80,000 | 1.875 | 08/15/26 | 70,600 | |||||||||
| 550,000 | 3.125 | 12/01/30 | 455,418 | |||||||||
| Air Lease Corp., MTN | ||||||||||||
| 1,170,000 | 2.875 | 01/15/26 | 1,089,030 | |||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Financial Company – (continued) | ||||||||||||
| Ally Financial, Inc. | ||||||||||||
| $ |
770,000 | 3.875 | % | 05/21/24 | $ 745,207 | |||||||
| 100,000 | 5.750 | 11/20/25 | 97,189 | |||||||||
| 469,000 | 8.000 | 11/01/31 | 489,586 | |||||||||
| Ares Capital Corp. | ||||||||||||
| 475,000 | 2.150 | 07/15/26 | 413,250 | |||||||||
| 300,000 | 2.875 | 06/15/28 | 249,686 | |||||||||
| Blackstone Private Credit Fund | ||||||||||||
| 49,000 | 2.625 | 12/15/26 | 41,726 | |||||||||
| 500,000 | 3.250 | 03/15/27 | 428,903 | |||||||||
| GE Capital International Funding Co. Unlimited | ||||||||||||
| 1,772,000 | 4.418 | 11/15/35 | 1,683,319 | |||||||||
|
| ||||||||||||
| 5,763,914 | ||||||||||||
|
| ||||||||||||
| Food and Beverage – 2.2% | ||||||||||||
| Coca-Cola Co. (The) | ||||||||||||
| 50,000 | 3.375 | 03/25/27 | 48,687 | |||||||||
| 250,000 | 1.450 | 06/01/27 | 226,419 | |||||||||
| 240,000 | 1.000 | 03/15/28 | 207,534 | |||||||||
| 102,000 | 2.125 | 09/06/29 | 89,919 | |||||||||
| 852,000 | 3.450 | 03/25/30 | 808,684 | |||||||||
| 226,000 | 1.650 | 06/01/30 | 189,432 | |||||||||
| 300,000 | 2.000 | 03/05/31 | 253,331 | |||||||||
| 500,000 | 1.375 | 03/15/31 | 402,164 | |||||||||
| 360,000 | 2.500 | 06/01/40 | 269,009 | |||||||||
| 110,000 | 2.875 | 05/05/41 | 85,601 | |||||||||
| 430,000 | 2.600 | 06/01/50 | 297,541 | |||||||||
| 100,000 | 3.000 | 03/05/51 | 74,862 | |||||||||
| 250,000 | 2.500 | 03/15/51 | 168,244 | |||||||||
| 220,000 | 2.750 | 06/01/60 | 149,718 | |||||||||
| Hormel Foods Corp. | ||||||||||||
| 300,000 | 1.800 | 06/11/30 | 251,103 | |||||||||
| Keurig Dr Pepper, Inc. | ||||||||||||
| 220,000 | 0.750 | 03/15/24 | 211,804 | |||||||||
| 1,019,000 | 3.200 | 05/01/30 | 921,091 | |||||||||
| 100,000 | 3.800 | 05/01/50 | 76,930 | |||||||||
| 560,000 | 4.500 | 04/15/52 | 482,068 | |||||||||
| Kraft Heinz Foods Co. | ||||||||||||
| 565,000 | 3.000 | 06/01/26 | 537,112 | |||||||||
| 250,000 | 6.875 | 01/26/39 | 279,773 | |||||||||
| 507,000 | 5.000 | 06/04/42 | 472,868 | |||||||||
| 552,000 | 4.375 | 06/01/46 | 464,244 | |||||||||
| 410,000 | 4.875 | 10/01/49 | 371,349 | |||||||||
| Molson Coors Beverage Co. | ||||||||||||
| 880,000 | 3.000 | 07/15/26 | 829,597 | |||||||||
| 190,000 | 5.000 | 05/01/42 | 176,196 | |||||||||
| 370,000 | 4.200 | 07/15/46 | 298,213 | |||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Food and Beverage – (continued) | ||||||||||||
| Mondelez International, Inc. | ||||||||||||
| $ |
435,000 | 2.750 | % | 04/13/30 | $ 383,380 | |||||||
| 490,000 | 2.625 | 09/04/50 | 314,171 | |||||||||
| PepsiCo, Inc. | ||||||||||||
| 599,000 | 3.600 | 03/01/24 | 593,193 | |||||||||
| 456,000 | 2.250 | 03/19/25 | 437,170 | |||||||||
| 112,000 | 2.750 | 04/30/25 | 108,269 | |||||||||
| 160,000 | 2.850 | 02/24/26 | 153,931 | |||||||||
| 166,000 | 2.375 | 10/06/26 | 155,585 | |||||||||
| 68,000 | 3.000 | 10/15/27 | 64,787 | |||||||||
| 96,000 | 2.625 | 07/29/29 | 87,086 | |||||||||
| 210,000 | 2.750 | 03/19/30 | 189,722 | |||||||||
| 210,000 | 1.625 | 05/01/30 | 175,346 | |||||||||
| 100,000 | 1.400 | 02/25/31 | 81,156 | |||||||||
| 400,000 | 1.950 | 10/21/31 | 334,043 | |||||||||
| 290,000 | 2.625 | 10/21/41 | 216,962 | |||||||||
| 300,000 | 4.450 | 04/14/46 | 287,851 | |||||||||
| 280,000 | 3.450 | 10/06/46 | 227,825 | |||||||||
| 200,000 | 2.875 | 10/15/49 | 147,132 | |||||||||
| 130,000 | 3.625 | 03/19/50 | 109,093 | |||||||||
| Sysco Corp. | ||||||||||||
| 604,000 | 3.300 | 07/15/26 | 577,465 | |||||||||
| 547,000 | 3.250 | 07/15/27 | 515,926 | |||||||||
| 329,000 | 5.950 | 04/01/30 | 347,239 | |||||||||
| 270,000 | 6.600 | 04/01/50 | 300,884 | |||||||||
|
| ||||||||||||
| 14,451,709 | ||||||||||||
|
| ||||||||||||
| Hardware – 0.2% | ||||||||||||
| Micron Technology, Inc. | ||||||||||||
| 543,000 | 4.185 | 02/15/27 | 523,316 | |||||||||
| 470,000 | 4.663 | 02/15/30 | 444,738 | |||||||||
| 728,000 | 2.703 | 04/15/32 | 575,868 | |||||||||
|
| ||||||||||||
| 1,543,922 | ||||||||||||
|
| ||||||||||||
| Healthcare – 4.9% | ||||||||||||
| Aetna, Inc. | ||||||||||||
| 450,000 | 3.500 | 11/15/24 | 437,905 | |||||||||
| 140,000 | 6.625 | 06/15/36 | 153,513 | |||||||||
| 348,000 | 3.875 | 08/15/47 | 268,181 | |||||||||
| Cigna Group (The) | ||||||||||||
| 2,482,000 | 4.125 | 11/15/25 | 2,433,874 | |||||||||
| 800,000 | 4.375 | 10/15/28 | 779,090 | |||||||||
| 500,000 | 2.400 | 03/15/30 | 426,668 | |||||||||
| 300,000 | 4.800 | 08/15/38 | 281,735 | |||||||||
| 130,000 | 4.800 | 07/15/46 | 116,641 | |||||||||
| 674,000 | 4.900 | 12/15/48 | 614,887 | |||||||||
| 290,000 | 3.400 | 03/15/50 | 207,228 | |||||||||
| 472,000 | 3.400 | 03/15/51 | 337,376 | |||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Healthcare – (continued) | ||||||||||||
| CVS Health Corp. | ||||||||||||
| $ |
850,000 | 2.625 | % | 08/15/24 | $ 823,685 | |||||||
| 1,154,000 | 4.100 | 03/25/25 | 1,141,191 | |||||||||
| 556,000 | 3.875 | 07/20/25 | 544,906 | |||||||||
| 100,000 | 2.875 | 06/01/26 | 94,799 | |||||||||
| 368,000 | 3.000 | 08/15/26 | 347,000 | |||||||||
| 488,000 | 3.625 | 04/01/27 | 466,772 | |||||||||
| 750,000 | 1.300 | 08/21/27 | 647,596 | |||||||||
| 825,000 | 4.300 | 03/25/28 | 804,639 | |||||||||
| 523,000 | 3.250 | 08/15/29 | 472,673 | |||||||||
| 150,000 | 5.125 | 02/21/30 | 149,517 | |||||||||
| 150,000 | 5.250 | 02/21/33 | 150,722 | |||||||||
| 1,116,000 | 4.780 | 03/25/38 | 1,036,344 | |||||||||
| 246,000 | 4.125 | 04/01/40 | 204,689 | |||||||||
| 520,000 | 2.700 | 08/21/40 | 360,609 | |||||||||
| 176,000 | 5.300 | 12/05/43 | 167,919 | |||||||||
| 616,000 | 5.125 | 07/20/45 | 563,470 | |||||||||
| 1,208,000 | 5.050 | 03/25/48 | 1,094,131 | |||||||||
| 50,000 | 4.250 | 04/01/50 | 40,486 | |||||||||
| Danaher Corp. | ||||||||||||
| 340,000 | 2.800 | 12/10/51 | 227,986 | |||||||||
| Elevance Health, Inc. | ||||||||||||
| 506,000 | 3.500 | 08/15/24 | 494,784 | |||||||||
| 50,000 | 3.350 | 12/01/24 | 48,578 | |||||||||
| 552,000 | 3.650 | 12/01/27 | 526,886 | |||||||||
| 300,000 | 2.550 | 03/15/31 | 254,593 | |||||||||
| 84,000 | 4.625 | 05/15/42 | 75,348 | |||||||||
| 309,000 | 4.650 | 01/15/43 | 278,867 | |||||||||
| 174,000 | 4.650 | 08/15/44 | 155,785 | |||||||||
| 340,000 | 4.375 | 12/01/47 | 292,429 | |||||||||
| 318,000 | 4.550 | 03/01/48 | 278,890 | |||||||||
| 300,000 | 3.125 | 05/15/50 | 206,813 | |||||||||
| HCA, Inc. | ||||||||||||
| 476,000 | 5.000 | 03/15/24 | 472,728 | |||||||||
| 820,000 | 5.250 | 04/15/25 | 811,800 | |||||||||
| 528,000 | 5.250 | 06/15/26 | 522,720 | |||||||||
| 308,000 | 5.375 | 09/01/26 | 307,230 | |||||||||
| 555,000 | 4.500 | 02/15/27 | 540,084 | |||||||||
| 300,000 | 5.625 | 09/01/28 | 302,625 | |||||||||
| 404,000 | 4.125 | 06/15/29 | 375,398 | |||||||||
| 500,000 | 3.500 | 09/01/30 | 441,588 | |||||||||
| 100,000 | 5.125 | 06/15/39 | 91,366 | |||||||||
| 315,000 | 5.500 | 06/15/47 | 289,020 | |||||||||
| 410,000 | 5.250 | 06/15/49 | 362,005 | |||||||||
| 220,000 | 3.500 | 07/15/51 | 148,809 | |||||||||
| 415,000 | 4.625 | (b) | 03/15/52 | 334,050 | ||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Healthcare – (continued) | ||||||||||||
| Humana, Inc. | ||||||||||||
| $ |
300,000 | 3.700 | % | 03/23/29 | $ 279,042 | |||||||
| 1,000,000 | 5.875 | 03/01/33 | 1,051,691 | |||||||||
| UnitedHealth Group, Inc. | ||||||||||||
| 548,000 | 3.750 | 07/15/25 | 537,484 | |||||||||
| 100,000 | 3.100 | 03/15/26 | 96,588 | |||||||||
| 100,000 | 3.450 | 01/15/27 | 96,876 | |||||||||
| 600,000 | 2.300 | 05/15/31 | 512,177 | |||||||||
| 688,000 | 4.200 | 05/15/32 | 663,666 | |||||||||
| 500,000 | 5.350 | 02/15/33 | 522,925 | |||||||||
| 758,000 | 4.625 | 07/15/35 | 743,973 | |||||||||
| 838,000 | 4.250 | 03/15/43 | 751,935 | |||||||||
| 631,000 | 4.450 | 12/15/48 | 565,899 | |||||||||
| 300,000 | 3.700 | 08/15/49 | 238,878 | |||||||||
| 700,000 | 3.250 | 05/15/51 | 513,652 | |||||||||
| 511,000 | 4.750 | 05/15/52 | 478,899 | |||||||||
| 500,000 | 3.875 | 08/15/59 | 395,170 | |||||||||
| 1,500,000 | 6.050 | 02/15/63 | 1,658,475 | |||||||||
|
| ||||||||||||
| 32,115,958 | ||||||||||||
|
| ||||||||||||
| Insurance – 1.6% | ||||||||||||
| American International Group, Inc. | ||||||||||||
| 386,000 | 2.500 | 06/30/25 | 365,123 | |||||||||
| 50,000 | 3.900 | 04/01/26 | 48,524 | |||||||||
| 204,000 | 4.800 | 07/10/45 | 179,778 | |||||||||
| 301,000 | 4.750 | 04/01/48 | 261,506 | |||||||||
| 100,000 | 4.375 | 06/30/50 | 82,664 | |||||||||
| American International Group, Inc.(a), Series A-9 | ||||||||||||
| (3M USD LIBOR + 2.868%) | ||||||||||||
| 338,000 | 5.750 | 04/01/48 | 326,385 | |||||||||
| Aon Corp. | ||||||||||||
| 200,000 | 2.800 | 05/15/30 | 174,584 | |||||||||
| Aon Corp. / Aon Global Holdings PLC | ||||||||||||
| 352,000 | 3.900 | 02/28/52 | 274,507 | |||||||||
| Berkshire Hathaway Finance Corp. | ||||||||||||
| 130,000 | 1.450 | 10/15/30 | 106,114 | |||||||||
| 530,000 | 2.875 | 03/15/32 | 470,817 | |||||||||
| 50,000 | 2.500 | 01/15/51 | 32,050 | |||||||||
| 850,000 | 3.850 | 03/15/52 | 693,633 | |||||||||
| Berkshire Hathaway, Inc. | ||||||||||||
| 100,000 | 4.500 | 02/11/43 | 94,835 | |||||||||
| Chubb INA Holdings, Inc. | ||||||||||||
| 472,000 | 4.350 | 11/03/45 | 422,149 | |||||||||
| Corebridge Financial, Inc. | ||||||||||||
| 444,000 | 3.650 | 04/05/27 | 415,296 | |||||||||
| 250,000 | 3.900 | 04/05/32 | 216,595 | |||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Insurance – (continued) | ||||||||||||
| Equitable Holdings, Inc. | ||||||||||||
| $ |
426,000 | 5.000 | % | 04/20/48 | $ 361,695 | |||||||
| Everest Reinsurance Holdings, Inc. | ||||||||||||
| 470,000 | 3.500 | 10/15/50 | 329,562 | |||||||||
| Marsh & McLennan Cos., Inc. | ||||||||||||
| 175,000 | 4.375 | 03/15/29 | 171,188 | |||||||||
| 100,000 | 2.250 | 11/15/30 | 83,425 | |||||||||
| 206,000 | 4.900 | 03/15/49 | 190,824 | |||||||||
| MetLife, Inc. | ||||||||||||
| 270,000 | 3.600 | 04/10/24 | 265,919 | |||||||||
| 150,000 | 4.550 | 03/23/30 | 148,121 | |||||||||
| 400,000 | 5.700 | 06/15/35 | 412,164 | |||||||||
| 556,000 | 6.400 | 12/15/36 | 548,886 | |||||||||
| 304,000 | 4.125 | 08/13/42 | 249,703 | |||||||||
| 250,000 | 4.875 | 11/13/43 | 226,534 | |||||||||
| 200,000 | 4.600 | 05/13/46 | 175,007 | |||||||||
| Prudential Financial, Inc. | ||||||||||||
| (3M USD LIBOR + 3.031%) | ||||||||||||
| 1,162,000 | 5.375 | (a) | 05/15/45 | 1,113,406 | ||||||||
| (3M USD LIBOR + 2.380%) | ||||||||||||
| 228,000 | 4.500 | (a) | 09/15/47 | 206,188 | ||||||||
| 210,000 | 3.905 | 12/07/47 | 162,769 | |||||||||
| 246,000 | 3.935 | 12/07/49 | 192,339 | |||||||||
| (US 5 Year CMT T-Note + 3.035%) | ||||||||||||
| 192,000 | 3.700 | (a) | 10/01/50 | 163,011 | ||||||||
| Prudential Financial, Inc., MTN | ||||||||||||
| 300,000 | 5.700 | 12/14/36 | 314,894 | |||||||||
| 307,000 | 4.350 | 02/25/50 | 257,098 | |||||||||
| 308,000 | 3.700 | 03/13/51 | 231,367 | |||||||||
| Travelers Cos., Inc. (The) | ||||||||||||
| 440,000 | 3.050 | 06/08/51 | 305,781 | |||||||||
|
| ||||||||||||
| 10,274,441 | ||||||||||||
|
| ||||||||||||
| Metals and Mining – 0.0% | ||||||||||||
| Newmont Corp. | ||||||||||||
| 300,000 | 2.250 | 10/01/30 | 248,379 | |||||||||
|
| ||||||||||||
| Mining – 0.1% | ||||||||||||
| Freeport-McMoRan, Inc. | ||||||||||||
| 400,000 | 4.625 | 08/01/30 | 377,000 | |||||||||
| 70,000 | 5.400 | 11/14/34 | 67,463 | |||||||||
| 294,000 | 5.450 | 03/15/43 | 268,642 | |||||||||
|
| ||||||||||||
| 713,105 | ||||||||||||
|
| ||||||||||||
| Pharmaceuticals – 0.1% | ||||||||||||
| Viatris, Inc. | ||||||||||||
| 610,000 | 3.850 | 06/22/40 | 410,039 | |||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| REITs and Real Estate – 0.9% | ||||||||||||
| Boston Properties LP | ||||||||||||
| $ |
726,000 | 2.550 | % | 04/01/32 | $ 535,204 | |||||||
| 390,000 | 2.450 | 10/01/33 | 273,650 | |||||||||
| Digital Realty Trust LP | ||||||||||||
| 900,000 | 3.600 | 07/01/29 | 784,826 | |||||||||
| Equinix, Inc. | ||||||||||||
| 80,000 | 2.625 | 11/18/24 | 76,591 | |||||||||
| 270,000 | 3.200 | 11/18/29 | 237,519 | |||||||||
| 204,000 | 2.150 | 07/15/30 | 165,317 | |||||||||
| 200,000 | 2.500 | 05/15/31 | 163,266 | |||||||||
| GLP Capital LP / GLP Financing II, Inc. | ||||||||||||
| 594,000 | 5.375 | 04/15/26 | 575,736 | |||||||||
| 236,000 | 5.300 | 01/15/29 | 225,080 | |||||||||
| 150,000 | 3.250 | 01/15/32 | 121,735 | |||||||||
| Simon Property Group LP | ||||||||||||
| 440,000 | 3.300 | 01/15/26 | 420,548 | |||||||||
| 68,000 | 3.250 | 11/30/26 | 63,976 | |||||||||
| 440,000 | 2.450 | 09/13/29 | 373,898 | |||||||||
| 204,000 | 2.650 | 07/15/30 | 173,137 | |||||||||
| 284,000 | 3.250 | 09/13/49 | 187,241 | |||||||||
| 220,000 | 3.800 | 07/15/50 | 160,004 | |||||||||
| VICI Properties LP | ||||||||||||
| 300,000 | 4.750 | 02/15/28 | 285,789 | |||||||||
| 400,000 | 4.950 | 02/15/30 | 373,228 | |||||||||
| 400,000 | 5.125 | 05/15/32 | 372,653 | |||||||||
| Welltower OP LLC | ||||||||||||
| 170,000 | 3.625 | 03/15/24 | 166,755 | |||||||||
| 300,000 | 4.250 | 04/15/28 | 285,852 | |||||||||
| 276,000 | 3.100 | 01/15/30 | 239,463 | |||||||||
|
| ||||||||||||
| 6,261,468 | ||||||||||||
|
| ||||||||||||
| Revenue – 0.4% | ||||||||||||
| Ascension Health | ||||||||||||
| 200,000 | 3.945 | 11/15/46 | 169,145 | |||||||||
| Ascension Health, Series B | ||||||||||||
| 440,000 | 2.532 | 11/15/29 | 383,109 | |||||||||
| CommonSpirit Health | ||||||||||||
| 1,100,000 | 2.760 | 10/01/24 | 1,064,101 | |||||||||
| 220,000 | 3.347 | 10/01/29 | 196,514 | |||||||||
| 239,000 | 4.350 | 11/01/42 | 203,532 | |||||||||
| 200,000 | 4.187 | 10/01/49 | 160,385 | |||||||||
| Kaiser Foundation Hospitals | ||||||||||||
| 295,000 | 4.150 | 05/01/47 | 257,482 | |||||||||
| Kaiser Foundation Hospitals, Series 2019 | ||||||||||||
| 286,000 | 3.266 | 11/01/49 | 212,319 | |||||||||
| Kaiser Foundation Hospitals, Series 2021 | ||||||||||||
| 125,000 | 2.810 | 06/01/41 | 91,276 | |||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Revenue – (continued) | ||||||||||||
| Kaiser Foundation Hospitals, Series 2021 – (continued) | ||||||||||||
| $ |
300,000 | 3.002 | % | 06/01/51 | $ 209,003 | |||||||
|
| ||||||||||||
| 2,946,866 | ||||||||||||
|
| ||||||||||||
| Software – 1.5% | ||||||||||||
| Oracle Corp. | ||||||||||||
| 500,000 | 3.400 | 07/08/24 | 489,056 | |||||||||
| 1,500,000 | 6.150 | 11/09/29 | 1,576,743 | |||||||||
| 300,000 | 2.950 | 04/01/30 | 262,731 | |||||||||
| 2,000,000 | 6.250 | 11/09/32 | 2,113,679 | |||||||||
| 600,000 | 3.900 | 05/15/35 | 513,731 | |||||||||
| 490,000 | 4.000 | 11/15/47 | 365,919 | |||||||||
| 2,530,000 | 6.900 | 11/09/52 | 2,767,121 | |||||||||
| 500,000 | 3.850 | 04/01/60 | 338,359 | |||||||||
| 500,000 | 4.100 | 03/25/61 | 360,017 | |||||||||
| Salesforce, Inc. | ||||||||||||
| 500,000 | 1.950 | 07/15/31 | 415,347 | |||||||||
| 700,000 | 2.900 | 07/15/51 | 480,852 | |||||||||
|
| ||||||||||||
| 9,683,555 | ||||||||||||
|
| ||||||||||||
| Technology – 7.0% | ||||||||||||
| Activision Blizzard, Inc. | ||||||||||||
| 280,000 | 2.500 | 09/15/50 | 176,792 | |||||||||
| Adobe, Inc. | ||||||||||||
| 192,000 | 3.250 | 02/01/25 | 187,653 | |||||||||
| 82,000 | 2.150 | 02/01/27 | 75,643 | |||||||||
| 500,000 | 2.300 | 02/01/30 | 441,205 | |||||||||
| Alphabet, Inc. | ||||||||||||
| 182,000 | 1.998 | 08/15/26 | 170,357 | |||||||||
| 50,000 | 0.800 | 08/15/27 | 43,947 | |||||||||
| 132,000 | 1.100 | 08/15/30 | 107,594 | |||||||||
| 1,500,000 | 1.900 | 08/15/40 | 1,026,441 | |||||||||
| 823,000 | 2.050 | 08/15/50 | 506,502 | |||||||||
| 497,000 | 2.250 | 08/15/60 | 298,082 | |||||||||
| Analog Devices, Inc. | ||||||||||||
| 75,000 | 3.500 | 12/05/26 | 72,690 | |||||||||
| 250,000 | 1.700 | 10/01/28 | 217,763 | |||||||||
| Apple, Inc. | ||||||||||||
| 448,000 | 3.450 | 05/06/24 | 440,525 | |||||||||
| 138,000 | 2.850 | 05/11/24 | 134,886 | |||||||||
| 184,000 | 2.750 | 01/13/25 | 178,772 | |||||||||
| 112,000 | 2.500 | 02/09/25 | 108,242 | |||||||||
| 91,000 | 1.125 | 05/11/25 | 85,240 | |||||||||
| 40,000 | 3.200 | 05/13/25 | 39,019 | |||||||||
| 50,000 | 0.550 | 08/20/25 | 46,015 | |||||||||
| 129,000 | 0.700 | 02/08/26 | 117,016 | |||||||||
| 361,000 | 3.250 | 02/23/26 | 350,486 | |||||||||
| 144,000 | 2.450 | 08/04/26 | 136,186 | |||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Technology – (continued) | ||||||||||||
| Apple, Inc. – (continued) | ||||||||||||
| $ |
150,000 | 2.050 | % | 09/11/26 | $ 140,056 | |||||||
| 100,000 | 3.000 | 06/20/27 | 96,136 | |||||||||
| 692,000 | 2.900 | 09/12/27 | 658,554 | |||||||||
| 218,000 | 3.000 | 11/13/27 | 207,886 | |||||||||
| 88,000 | 1.200 | 02/08/28 | 77,087 | |||||||||
| 330,000 | 1.400 | 08/05/28 | 288,744 | |||||||||
| 400,000 | 1.650 | 05/11/30 | 340,804 | |||||||||
| 250,000 | 1.250 | 08/20/30 | 205,111 | |||||||||
| 850,000 | 1.650 | 02/08/31 | 709,322 | |||||||||
| 300,000 | 1.700 | 08/05/31 | 248,779 | |||||||||
| 625,000 | 4.500 | 02/23/36 | 641,334 | |||||||||
| 102,000 | 2.375 | 02/08/41 | 74,809 | |||||||||
| 545,000 | 3.850 | 05/04/43 | 484,166 | |||||||||
| 310,000 | 4.450 | 05/06/44 | 303,789 | |||||||||
| 305,000 | 3.450 | 02/09/45 | 256,287 | |||||||||
| 350,000 | 4.375 | 05/13/45 | 331,429 | |||||||||
| 642,000 | 4.650 | 02/23/46 | 638,021 | |||||||||
| 306,000 | 3.850 | 08/04/46 | 268,072 | |||||||||
| 208,000 | 4.250 | 02/09/47 | 195,900 | |||||||||
| 270,000 | 3.750 | 09/12/47 | 231,236 | |||||||||
| 446,000 | 3.750 | 11/13/47 | 381,738 | |||||||||
| 793,000 | 2.950 | 09/11/49 | 585,066 | |||||||||
| 594,000 | 2.650 | 05/11/50 | 409,922 | |||||||||
| 239,000 | 2.400 | 08/20/50 | 157,745 | |||||||||
| 680,000 | 2.650 | 02/08/51 | 464,498 | |||||||||
| 325,000 | 2.800 | 02/08/61 | 215,168 | |||||||||
| Applied Materials, Inc. | ||||||||||||
| 130,000 | 3.300 | 04/01/27 | 125,273 | |||||||||
| 650,000 | 1.750 | 06/01/30 | 542,085 | |||||||||
| 236,000 | 4.350 | 04/01/47 | 217,066 | |||||||||
| Broadcom Corp. / Broadcom Cayman Finance Ltd. | ||||||||||||
| 659,000 | 3.875 | 01/15/27 | 634,220 | |||||||||
| 598,000 | 3.500 | 01/15/28 | 555,360 | |||||||||
| Broadcom, Inc. | ||||||||||||
| 440,000 | 3.150 | 11/15/25 | 419,504 | |||||||||
| 380,000 | 3.459 | 09/15/26 | 362,815 | |||||||||
| 605,000 | 4.750 | 04/15/29 | 590,678 | |||||||||
| 274,000 | 4.150 | 11/15/30 | 251,723 | |||||||||
| 570,000 | 2.450 | (b) | 02/15/31 | 461,124 | ||||||||
| 470,000 | 4.300 | 11/15/32 | 428,220 | |||||||||
| 805,000 | 3.419 | (b) | 04/15/33 | 670,521 | ||||||||
| 290,000 | 3.469 | (b) | 04/15/34 | 237,844 | ||||||||
| 600,000 | 3.137 | (b) | 11/15/35 | 459,171 | ||||||||
| 500,000 | 3.187 | (b) | 11/15/36 | 374,085 | ||||||||
| 600,000 | 3.500 | (b) | 02/15/41 | 443,763 | ||||||||
| 360,000 | 3.750 | (b) | 02/15/51 | 260,835 | ||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Technology – (continued) | ||||||||||||
| Fiserv, Inc. | ||||||||||||
| $ |
400,000 | 2.750 | % | 07/01/24 | $ 387,926 | |||||||
| 150,000 | 3.850 | 06/01/25 | 145,938 | |||||||||
| 440,000 | 3.200 | 07/01/26 | 416,667 | |||||||||
| 300,000 | 4.200 | 10/01/28 | 289,745 | |||||||||
| 500,000 | 3.500 | 07/01/29 | 458,190 | |||||||||
| 400,000 | 4.400 | 07/01/49 | 330,438 | |||||||||
| Hewlett Packard Enterprise Co. | ||||||||||||
| 340,000 | 1.450 | 04/01/24 | 328,697 | |||||||||
| 300,000 | 4.900 | 10/15/25 | 298,879 | |||||||||
| 300,000 | 6.350 | 10/15/45 | 306,616 | |||||||||
| International Business Machines Corp. | ||||||||||||
| 250,000 | 3.450 | 02/19/26 | 241,567 | |||||||||
| 1,510,000 | 3.300 | 05/15/26 | 1,452,641 | |||||||||
| 300,000 | 1.700 | 05/15/27 | 269,009 | |||||||||
| 1,086,000 | 1.950 | 05/15/30 | 903,642 | |||||||||
| 540,000 | 4.150 | 05/15/39 | 469,873 | |||||||||
| 200,000 | 4.000 | 06/20/42 | 165,936 | |||||||||
| 300,000 | 4.250 | 05/15/49 | 251,803 | |||||||||
| 300,000 | 2.950 | 05/15/50 | 197,053 | |||||||||
| 500,000 | 4.900 | 07/27/52 | 455,945 | |||||||||
| KLA Corp. | ||||||||||||
| 87,000 | 4.650 | 11/01/24 | 86,349 | |||||||||
| 130,000 | 4.100 | 03/15/29 | 126,501 | |||||||||
| 100,000 | 3.300 | 03/01/50 | 74,429 | |||||||||
| Lam Research Corp. | ||||||||||||
| 238,000 | 4.000 | 03/15/29 | 231,305 | |||||||||
| 228,000 | 1.900 | 06/15/30 | 190,665 | |||||||||
| 220,000 | 4.875 | 03/15/49 | 210,649 | |||||||||
| 352,000 | 2.875 | 06/15/50 | 242,502 | |||||||||
| Leidos, Inc. | ||||||||||||
| 300,000 | 4.375 | 05/15/30 | 274,500 | |||||||||
| 50,000 | 2.300 | 02/15/31 | 39,031 | |||||||||
| 500,000 | 5.750 | 03/15/33 | 495,217 | |||||||||
| Meta Platforms, Inc. | ||||||||||||
| 1,000,000 | 4.600 | 05/15/28 | 1,002,104 | |||||||||
| 750,000 | 4.950 | 05/15/33 | 750,067 | |||||||||
| Microchip Technology, Inc. | ||||||||||||
| 120,000 | 4.250 | 09/01/25 | 117,166 | |||||||||
| Microsoft Corp. | ||||||||||||
| 1,348,000 | 2.700 | 02/12/25 | 1,308,411 | |||||||||
| 154,000 | 3.125 | 11/03/25 | 149,509 | |||||||||
| 80,000 | 2.400 | 08/08/26 | 75,898 | |||||||||
| 87,000 | 3.300 | 02/06/27 | 85,135 | |||||||||
| 960,000 | 3.500 | 02/12/35 | 905,251 | |||||||||
| 470,000 | 3.450 | 08/08/36 | 429,270 | |||||||||
| 81,000 | 4.100 | 02/06/37 | 79,219 | |||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Technology – (continued) | ||||||||||||
| Microsoft Corp. – (continued) | ||||||||||||
| $ |
264,000 | 4.450 | % | 11/03/45 | $ 261,059 | |||||||
| 300,000 | 3.700 | 08/08/46 | 262,271 | |||||||||
| 470,000 | 4.250 | 02/06/47 | 455,840 | |||||||||
| 1,047,000 | 2.525 | 06/01/50 | 723,119 | |||||||||
| 1,040,000 | 2.921 | 03/17/52 | 768,419 | |||||||||
| 632,000 | 2.675 | 06/01/60 | 422,486 | |||||||||
| 400,000 | 3.041 | 03/17/62 | 291,080 | |||||||||
| Motorola Solutions, Inc. | ||||||||||||
| 692,000 | 4.600 | 05/23/29 | 678,553 | |||||||||
| NVIDIA Corp. | ||||||||||||
| 2,198,000 | 0.584 | 06/14/24 | 2,095,297 | |||||||||
| 80,000 | 1.550 | 06/15/28 | 70,438 | |||||||||
| 400,000 | 2.000 | 06/15/31 | 336,072 | |||||||||
| 400,000 | 3.500 | 04/01/50 | 321,525 | |||||||||
| PayPal Holdings, Inc. | ||||||||||||
| 400,000 | 2.400 | 10/01/24 | 386,281 | |||||||||
| 250,000 | 1.650 | 06/01/25 | 235,023 | |||||||||
| 1,060,000 | 4.400 | 06/01/32 | 1,021,929 | |||||||||
| 50,000 | 3.250 | 06/01/50 | 35,086 | |||||||||
| QUALCOMM, Inc. | ||||||||||||
| 152,000 | 2.900 | 05/20/24 | 148,419 | |||||||||
| 135,000 | 3.450 | 05/20/25 | 131,515 | |||||||||
| 304,000 | 3.250 | 05/20/27 | 291,368 | |||||||||
| 126,000 | 2.150 | 05/20/30 | 107,744 | |||||||||
| 320,000 | 4.650 | 05/20/35 | 317,007 | |||||||||
| 396,000 | 4.800 | 05/20/45 | 378,540 | |||||||||
| 250,000 | 4.300 | 05/20/47 | 221,154 | |||||||||
| 470,000 | 4.500 | 05/20/52 | 418,613 | |||||||||
| Texas Instruments, Inc. | ||||||||||||
| 232,000 | 2.250 | 09/04/29 | 204,241 | |||||||||
| 300,000 | 4.900 | 03/14/33 | 308,008 | |||||||||
| 669,000 | 4.150 | 05/15/48 | 593,123 | |||||||||
|
| ||||||||||||
| 46,334,955 | ||||||||||||
|
| ||||||||||||
| Transportation – 1.3% | ||||||||||||
| CSX Corp. | ||||||||||||
| 400,000 | 4.100 | 03/15/44 | 340,330 | |||||||||
| FedEx Corp. | ||||||||||||
| 408,000 | 5.100 | 01/15/44 | 376,129 | |||||||||
| 510,000 | 4.750 | 11/15/45 | 445,964 | |||||||||
| 934,000 | 4.550 | 04/01/46 | 788,529 | |||||||||
| FedEx Corp. Pass Through Trust, Series 2020-1 | ||||||||||||
| 43,316 | 1.875 | 02/20/34 | 35,519 | |||||||||
| Norfolk Southern Corp. | ||||||||||||
| 450,000 | 3.155 | 05/15/55 | 299,912 | |||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Transportation – (continued) | ||||||||||||
| Southwest Airlines Co. | ||||||||||||
| $ |
270,000 | 5.250 | % | 05/04/25 | $ 268,496 | |||||||
| 125,000 | 5.125 | 06/15/27 | 124,580 | |||||||||
| Union Pacific Corp. | ||||||||||||
| 500,000 | 2.400 | 02/05/30 | 438,722 | |||||||||
| 1,950,000 | 2.800 | 02/14/32 | 1,689,388 | |||||||||
| 278,000 | 3.799 | 10/01/51 | 225,546 | |||||||||
| 95,000 | 2.950 | 03/10/52 | 65,021 | |||||||||
| 408,000 | 3.839 | 03/20/60 | 318,401 | |||||||||
| 646,000 | 3.799 | 04/06/71 | 487,783 | |||||||||
| United Parcel Service, Inc. | ||||||||||||
| 292,000 | 3.050 | 11/15/27 | 277,815 | |||||||||
| 792,000 | 3.400 | 03/15/29 | 750,939 | |||||||||
| 570,000 | 3.750 | 11/15/47 | 472,500 | |||||||||
| 500,000 | 4.250 | 03/15/49 | 441,936 | |||||||||
| 448,000 | 5.300 | 04/01/50 | 468,111 | |||||||||
|
| ||||||||||||
| 8,315,621 | ||||||||||||
|
| ||||||||||||
| Wireless – 5.4% | ||||||||||||
| American Tower Corp. | ||||||||||||
| 250,000 | 4.000 | 06/01/25 | 243,293 | |||||||||
| 556,000 | 3.375 | 10/15/26 | 524,279 | |||||||||
| 200,000 | 2.750 | 01/15/27 | 183,873 | |||||||||
| 361,000 | 3.800 | 08/15/29 | 333,444 | |||||||||
| 80,000 | 2.900 | 01/15/30 | 69,405 | |||||||||
| 300,000 | 1.875 | 10/15/30 | 237,968 | |||||||||
| 251,000 | 3.100 | 06/15/50 | 160,789 | |||||||||
| AT&T, Inc. | ||||||||||||
| 611,000 | 3.800 | 02/15/27 | 590,757 | |||||||||
| 346,000 | 4.250 | 03/01/27 | 339,645 | |||||||||
| 339,000 | 2.300 | 06/01/27 | 306,981 | |||||||||
| 75,000 | 1.650 | 02/01/28 | 64,961 | |||||||||
| 300,000 | 4.100 | 02/15/28 | 289,955 | |||||||||
| 912,000 | 4.350 | 03/01/29 | 885,946 | |||||||||
| 459,000 | 4.300 | 02/15/30 | 439,064 | |||||||||
| 389,000 | 2.750 | 06/01/31 | 328,371 | |||||||||
| 428,000 | 2.250 | 02/01/32 | 343,163 | |||||||||
| 630,000 | 2.550 | 12/01/33 | 494,048 | |||||||||
| 685,000 | 4.500 | 05/15/35 | 630,034 | |||||||||
| 140,000 | 4.850 | 03/01/39 | 129,036 | |||||||||
| 330,000 | 4.350 | 06/15/45 | 272,723 | |||||||||
| 435,000 | 4.750 | 05/15/46 | 378,467 | |||||||||
| 293,000 | 4.500 | 03/09/48 | 245,288 | |||||||||
| 225,000 | 4.550 | 03/09/49 | 188,865 | |||||||||
| 538,000 | 3.650 | 06/01/51 | 389,546 | |||||||||
| 130,000 | 3.300 | 02/01/52 | 89,940 | |||||||||
| 1,560,000 | 3.500 | 09/15/53 | 1,087,759 | |||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Wireless – (continued) | ||||||||||||
| AT&T, Inc. – (continued) | ||||||||||||
| $ |
1,358,000 | 3.550 | % | 09/15/55 | $ 933,569 | |||||||
| 530,000 | 3.800 | 12/01/57 | 375,591 | |||||||||
| 1,319,000 | 3.650 | 09/15/59 | 907,676 | |||||||||
| 92,000 | 3.850 | 06/01/60 | 65,326 | |||||||||
| Crown Castle, Inc. | ||||||||||||
| 467,000 | 4.450 | 02/15/26 | 457,721 | |||||||||
| 506,000 | 3.700 | 06/15/26 | 484,615 | |||||||||
| 649,000 | 1.050 | 07/15/26 | 570,470 | |||||||||
| 98,000 | 3.650 | 09/01/27 | 92,263 | |||||||||
| 200,000 | 3.800 | 02/15/28 | 188,225 | |||||||||
| 220,000 | 3.300 | 07/01/30 | 194,153 | |||||||||
| 180,000 | 2.250 | 01/15/31 | 147,519 | |||||||||
| 301,000 | 2.100 | 04/01/31 | 242,656 | |||||||||
| 300,000 | 2.900 | 04/01/41 | 208,008 | |||||||||
| 100,000 | 3.250 | 01/15/51 | 66,630 | |||||||||
| Sprint Capital Corp. | ||||||||||||
| 400,000 | 6.875 | 11/15/28 | 428,182 | |||||||||
| 600,000 | 8.750 | 03/15/32 | 728,250 | |||||||||
| T-Mobile USA, Inc. | ||||||||||||
| 500,000 | 2.250 | 02/15/26 | 464,614 | |||||||||
| 800,000 | 3.750 | 04/15/27 | 759,162 | |||||||||
| 300,000 | 4.950 | 03/15/28 | 298,718 | |||||||||
| 100,000 | 2.625 | 02/15/29 | 87,399 | |||||||||
| 700,000 | 3.375 | 04/15/29 | 634,526 | |||||||||
| 900,000 | 3.875 | 04/15/30 | 833,918 | |||||||||
| 700,000 | 2.550 | 02/15/31 | 586,681 | |||||||||
| 300,000 | 2.875 | 02/15/31 | 255,869 | |||||||||
| 408,000 | 2.250 | 11/15/31 | 328,796 | |||||||||
| 408,000 | 2.700 | 03/15/32 | 338,920 | |||||||||
| 500,000 | 5.050 | 07/15/33 | 492,665 | |||||||||
| 700,000 | 4.375 | 04/15/40 | 613,662 | |||||||||
| 500,000 | 3.000 | 02/15/41 | 361,306 | |||||||||
| 600,000 | 4.500 | 04/15/50 | 510,057 | |||||||||
| 400,000 | 3.300 | 02/15/51 | 277,534 | |||||||||
| 500,000 | 5.750 | 01/15/54 | 509,572 | |||||||||
| 300,000 | 3.600 | 11/15/60 | 206,369 | |||||||||
| Verizon Communications, Inc. | ||||||||||||
| 394,000 | 3.500 | 11/01/24 | 384,617 | |||||||||
| 184,000 | 3.376 | 02/15/25 | 179,110 | |||||||||
| 1,988,000 | 0.850 | 11/20/25 | 1,806,266 | |||||||||
| 559,000 | 4.125 | 03/16/27 | 548,055 | |||||||||
| 710,000 | 2.100 | 03/22/28 | 627,787 | |||||||||
| 722,000 | 4.329 | 09/21/28 | 701,374 | |||||||||
| 786,000 | 4.016 | 12/03/29 | 739,537 | |||||||||
| 471,000 | 3.150 | 03/22/30 | 420,511 | |||||||||
| 280,000 | 1.500 | 09/18/30 | 222,521 | |||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Wireless – (continued) | ||||||||||||
| Verizon Communications, Inc. – (continued) | ||||||||||||
| $ |
100,000 | 1.680 | % | 10/30/30 | $ 79,335 | |||||||
| 1,330,000 | 2.550 | 03/21/31 | 1,115,709 | |||||||||
| 50,000 | 2.355 | 03/15/32 | 40,407 | |||||||||
| 1,000,000 | 5.050 | 05/09/33 | 991,613 | |||||||||
| 220,000 | 4.272 | 01/15/36 | 198,090 | |||||||||
| 478,000 | 5.250 | 03/16/37 | 472,505 | |||||||||
| 550,000 | 2.650 | 11/20/40 | 376,365 | |||||||||
| 510,000 | 3.400 | 03/22/41 | 387,798 | |||||||||
| 60,000 | 6.550 | 09/15/43 | 65,806 | |||||||||
| 704,000 | 4.862 | 08/21/46 | 641,946 | |||||||||
| 455,000 | 4.522 | 09/15/48 | 391,776 | |||||||||
| 400,000 | 2.875 | 11/20/50 | 254,963 | |||||||||
| 800,000 | 3.550 | 03/22/51 | 582,924 | |||||||||
| 364,000 | 5.012 | 08/21/54 | 335,141 | |||||||||
| 150,000 | 2.987 | 10/30/56 | 92,795 | |||||||||
| 500,000 | 3.000 | 11/20/60 | 305,168 | |||||||||
| 555,000 | 3.700 | 03/22/61 | 397,322 | |||||||||
|
| ||||||||||||
| 35,257,663 | ||||||||||||
|
| ||||||||||||
| TOTAL CORPORATE OBLIGATIONS (Cost $588,954,350) |
$523,225,029 | |||||||||||
|
| ||||||||||||
| Foreign Corporate Debt – 19.3% | ||||||||||||
| Banks – 10.6% | ||||||||||||
| Australia & New Zealand Banking Group Ltd. (Australia) | ||||||||||||
| $ |
300,000 | 5.088 | % | 12/08/25 | $ 300,580 | |||||||
| Banco Bilbao Vizcaya Argentaria SA (Spain) | ||||||||||||
| 200,000 | 1.125 | 09/18/25 | 181,107 | |||||||||
| Banco Santander SA (Spain) | ||||||||||||
| 200,000 | 2.706 | 06/27/24 | 193,513 | |||||||||
| 1,432,000 | 2.746 | 05/28/25 | 1,340,839 | |||||||||
| 800,000 | 5.179 | 11/19/25 | 785,294 | |||||||||
| 600,000 | 1.849 | 03/25/26 | 539,589 | |||||||||
| 600,000 | 4.250 | 04/11/27 | 572,844 | |||||||||
| (US 1 Year CMT T-Note + 0.900%) | ||||||||||||
| 600,000 | 1.722 | (a) | 09/14/27 | 524,942 | ||||||||
| 325,000 | 3.490 | 05/28/30 | 284,648 | |||||||||
| (US 1 Year CMT T-Note + 1.600%) | ||||||||||||
| 336,000 | 3.225 | (a) | 11/22/32 | 264,820 | ||||||||
| Bank of Montreal (Canada) | ||||||||||||
| (5 Year USD Swap + 1.432%) | ||||||||||||
| 341,000 | 3.803 | (a) | 12/15/32 | 303,864 | ||||||||
| (US 5 Year CMT T-Note + 1.400%) | ||||||||||||
| 204,000 | 3.088 | (a) | 01/10/37 | 162,048 | ||||||||
| Bank of Montreal, MTN (Canada) | ||||||||||||
| 230,000 | 0.625 | 07/09/24 | 218,280 | |||||||||
| 150,000 | 1.500 | 01/10/25 | 141,234 | |||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Foreign Corporate Debt – (continued) | ||||||||||||
| Banks – (continued) | ||||||||||||
| Bank of Montreal, MTN (Canada) – (continued) | ||||||||||||
| $ |
75,000 | 1.250 | % | 09/15/26 | $ 66,215 | |||||||
| (SOFR + 0.603%) | ||||||||||||
| 40,000 | 0.949 | (a) | 01/22/27 | 35,875 | ||||||||
| 264,000 | 2.650 | 03/08/27 | 242,062 | |||||||||
| Bank of Nova Scotia (The) (Canada) | ||||||||||||
| 224,000 | 0.700 | 04/15/24 | 214,298 | |||||||||
| 75,000 | 0.650 | 07/31/24 | 70,820 | |||||||||
| 198,000 | 1.300 | 06/11/25 | 182,568 | |||||||||
| 626,000 | 4.500 | 12/16/25 | 609,920 | |||||||||
| 220,000 | 2.700 | 08/03/26 | 204,428 | |||||||||
| 80,000 | 1.950 | 02/02/27 | 72,050 | |||||||||
| 530,000 | 2.450 | 02/02/32 | 436,965 | |||||||||
| Barclays PLC (United Kingdom) | ||||||||||||
| 1,140,000 | 3.650 | 03/16/25 | 1,096,243 | |||||||||
| 1,035,000 | 4.375 | 01/12/26 | 1,000,515 | |||||||||
| (SOFR + 2.714%) | ||||||||||||
| 200,000 | 2.852 | (a) | 05/07/26 | 188,272 | ||||||||
| 210,000 | 5.200 | 05/12/26 | 203,996 | |||||||||
| 850,000 | 4.836 | 05/09/28 | 787,553 | |||||||||
| (US 1 Year CMT T-Note + 1.200%) | ||||||||||||
| 424,000 | 2.667 | (a) | 03/10/32 | 336,402 | ||||||||
| (SOFR + 2.980%) | ||||||||||||
| 1,000,000 | 6.224 | (a) | 05/09/34 | 1,012,042 | ||||||||
| (US 5 Year CMT T-Note + 2.900%) | ||||||||||||
| 960,000 | 3.564 | (a) | 09/23/35 | 761,091 | ||||||||
| (US 1 Year CMT T-Note + 1.700%) | ||||||||||||
| 500,000 | 3.811 | (a) | 03/10/42 | 358,887 | ||||||||
| 330,000 | 5.250 | 08/17/45 | 304,222 | |||||||||
| 436,000 | 4.950 | 01/10/47 | 382,855 | |||||||||
| Canadian Imperial Bank of Commerce (Canada) | ||||||||||||
| 258,000 | 3.100 | 04/02/24 | 252,638 | |||||||||
| 110,000 | 2.250 | 01/28/25 | 104,439 | |||||||||
| 300,000 | 1.250 | 06/22/26 | 267,118 | |||||||||
| 150,000 | 3.600 | 04/07/32 | 135,299 | |||||||||
| Cooperatieve Rabobank UA (Netherlands) | ||||||||||||
| 1,105,000 | 3.750 | 07/21/26 | 1,037,686 | |||||||||
| 186,000 | 5.250 | 05/24/41 | 192,912 | |||||||||
| 250,000 | 5.750 | 12/01/43 | 248,358 | |||||||||
| 485,000 | 5.250 | 08/04/45 | 453,026 | |||||||||
| Credit Suisse AG (Switzerland) | ||||||||||||
| 750,000 | 7.950 | 01/09/25 | 759,375 | |||||||||
| 1,210,000 | 2.950 | 04/09/25 | 1,134,375 | |||||||||
| 1,350,000 | 1.250 | 08/07/26 | 1,157,625 | |||||||||
| Credit Suisse Group AG (Switzerland) | ||||||||||||
| 660,000 | 3.750 | 03/26/25 | 622,875 | |||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Foreign Corporate Debt – (continued) | ||||||||||||
| Banks – (continued) | ||||||||||||
| Credit Suisse Group AG (Switzerland) – (continued) | ||||||||||||
| $ |
250,000 | 4.550 | % | 04/17/26 | $ 235,625 | |||||||
| (SOFR + 3.730%) | ||||||||||||
| 621,000 | 4.194 | (a)(b) | 04/01/31 | 548,033 | ||||||||
| 300,000 | 4.875 | 05/15/45 | 253,500 | |||||||||
| Deutsche Bank AG (Germany) | ||||||||||||
| 130,000 | 3.700 | 05/30/24 | 126,180 | |||||||||
| (SOFR + 1.131%) | ||||||||||||
| 200,000 | 1.447 | (a) | 04/01/25 | 189,184 | ||||||||
| (SOFR + 2.581%) | ||||||||||||
| 800,000 | 3.961 | (a) | 11/26/25 | 761,416 | ||||||||
| (SOFR + 1.870%) | ||||||||||||
| 1,000,000 | 2.129 | (a) | 11/24/26 | 887,169 | ||||||||
| (SOFR + 1.219%) | ||||||||||||
| 1,694,000 | 2.311 | (a) | 11/16/27 | 1,462,103 | ||||||||
| (SOFR + 1.318%) | ||||||||||||
| 1,702,000 | 2.552 | (a) | 01/07/28 | 1,485,300 | ||||||||
| (SOFR + 3.180%) | ||||||||||||
| 800,000 | 6.720 | (a) | 01/18/29 | 802,848 | ||||||||
| (SOFR + 3.043%) | ||||||||||||
| 260,000 | 3.547 | (a) | 09/18/31 | 216,581 | ||||||||
| (SOFR + 1.718%) | ||||||||||||
| 370,000 | 3.035 | (a) | 05/28/32 | 294,020 | ||||||||
| ING Groep NV (Netherlands) | ||||||||||||
| 300,000 | 3.550 | 04/09/24 | 294,854 | |||||||||
| (SOFR + 1.640%) | ||||||||||||
| 260,000 | 3.869 | (a) | 03/28/26 | 251,499 | ||||||||
| 200,000 | 3.950 | 03/29/27 | 191,028 | |||||||||
| (SOFR + 1.005%) | ||||||||||||
| 800,000 | 1.726 | (a) | 04/01/27 | 718,200 | ||||||||
| (SOFR + 1.830%) | ||||||||||||
| 500,000 | 4.017 | (a) | 03/28/28 | 472,486 | ||||||||
| 490,000 | 4.550 | 10/02/28 | 474,524 | |||||||||
| 330,000 | 4.050 | 04/09/29 | 311,444 | |||||||||
| (SOFR + 1.316%) | ||||||||||||
| 690,000 | 2.727 | (a) | 04/01/32 | 573,131 | ||||||||
| Lloyds Banking Group PLC (United Kingdom) | ||||||||||||
| 940,000 | 4.450 | 05/08/25 | 916,911 | |||||||||
| (US 1 Year CMT T-Note + 3.500%) | ||||||||||||
| 300,000 | 3.870 | (a) | 07/09/25 | 292,386 | ||||||||
| 400,000 | 4.582 | 12/10/25 | 385,250 | |||||||||
| 1,500,000 | 3.750 | 01/11/27 | 1,419,277 | |||||||||
| 940,000 | 4.375 | 03/22/28 | 905,939 | |||||||||
| (3M USD LIBOR + 1.205%) | ||||||||||||
| 1,220,000 | 3.574 | (a) | 11/07/28 | 1,118,941 | ||||||||
| 200,000 | 5.300 | 12/01/45 | 172,148 | |||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Foreign Corporate Debt – (continued) | ||||||||||||
| Banks – (continued) | ||||||||||||
| Lloyds Banking Group PLC (United Kingdom) – (continued) | ||||||||||||
| $ |
490,000 | 4.344 | % | 01/09/48 | $ 368,873 | |||||||
| Mitsubishi UFJ Financial Group, Inc. (Japan) | ||||||||||||
| 290,000 | 2.193 | 02/25/25 | 273,810 | |||||||||
| (US 1 Year CMT T-Note + 1.080%) | ||||||||||||
| 260,000 | 5.719 | (a) | 02/20/26 | 260,434 | ||||||||
| (US 1 Year CMT T-Note + 0.830%) | ||||||||||||
| 1,300,000 | 2.341 | (a) | 01/19/28 | 1,166,300 | ||||||||
| 290,000 | 3.961 | 03/02/28 | 276,909 | |||||||||
| (US 1 Year CMT T-Note + 1.950%) | ||||||||||||
| 800,000 | 5.017 | (a) | 07/20/28 | 792,362 | ||||||||
| (US 1 Year CMT T-Note + 1.900%) | ||||||||||||
| 300,000 | 5.354 | (a) | 09/13/28 | 300,594 | ||||||||
| (US 1 Year CMT T-Note + 1.380%) | ||||||||||||
| 1,800,000 | 5.422 | (a) | 02/22/29 | 1,803,588 | ||||||||
| 250,000 | 3.741 | 03/07/29 | 232,798 | |||||||||
| (US 1 Year CMT T-Note + 1.100%) | ||||||||||||
| 300,000 | 2.852 | (a) | 01/19/33 | 249,049 | ||||||||
| (US 1 Year CMT T-Note + 1.630%) | ||||||||||||
| 1,000,000 | 5.441 | (a) | 02/22/34 | 1,007,403 | ||||||||
| Mizuho Financial Group, Inc. (Japan) | ||||||||||||
| 490,000 | 2.839 | 09/13/26 | 453,344 | |||||||||
| (US 1 Year CMT T-Note + 0.670%) | ||||||||||||
| 500,000 | 1.234 | (a) | 05/22/27 | 441,144 | ||||||||
| (3M U.S. T-Bill MMY + 1.532%) | ||||||||||||
| 800,000 | 4.254 | (a) | 09/11/29 | 757,067 | ||||||||
| 300,000 | 2.564 | 09/13/31 | 237,471 | |||||||||
| National Australia Bank Ltd. (Australia) | ||||||||||||
| 940,000 | 2.500 | 07/12/26 | 878,061 | |||||||||
| NatWest Group PLC (United Kingdom) | ||||||||||||
| (3M USD LIBOR + 1.762%) | ||||||||||||
| 665,000 | 4.269 | (a) | 03/22/25 | 653,660 | ||||||||
| 846,000 | 4.800 | 04/05/26 | 832,942 | |||||||||
| (US 1 Year CMT T-Note + 2.550%) | ||||||||||||
| 355,000 | 3.073 | (a) | 05/22/28 | 322,486 | ||||||||
| (3M USD LIBOR + 1.754%) | ||||||||||||
| 345,000 | 4.892 | (a) | 05/18/29 | 333,220 | ||||||||
| (US 5 Year CMT T-Note + 2.100%) | ||||||||||||
| 748,000 | 3.754 | (a) | 11/01/29 | 706,599 | ||||||||
| (3M USD LIBOR + 1.905%) | ||||||||||||
| 470,000 | 5.076 | (a) | 01/27/30 | 455,606 | ||||||||
| (3M USD LIBOR + 1.871%) | ||||||||||||
| 370,000 | 4.445 | (a) | 05/08/30 | 346,715 | ||||||||
| (US 5 Year CMT T-Note + 2.350%) | ||||||||||||
| 420,000 | 3.032 | (a) | 11/28/35 | 325,542 | ||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Foreign Corporate Debt – (continued) | ||||||||||||
| Banks – (continued) | ||||||||||||
| Royal Bank of Canada (Canada) | ||||||||||||
| $ |
130,000 | 1.200 | % | 04/27/26 | $ 116,713 | |||||||
| 800,000 | 3.625 | 05/04/27 | 762,380 | |||||||||
| Royal Bank of Canada, GMTN (Canada) | ||||||||||||
| 500,000 | 2.250 | 11/01/24 | 478,481 | |||||||||
| 50,000 | 0.875 | 01/20/26 | 45,073 | |||||||||
| 308,000 | 4.650 | 01/27/26 | 302,259 | |||||||||
| 264,000 | 1.400 | 11/02/26 | 234,392 | |||||||||
| 500,000 | 4.240 | 08/03/27 | 485,944 | |||||||||
| 250,000 | 2.300 | 11/03/31 | 203,432 | |||||||||
| 300,000 | 5.000 | 02/01/33 | 294,912 | |||||||||
| Royal Bank of Canada, MTN (Canada) | ||||||||||||
| 257,000 | 1.150 | 06/10/25 | 237,001 | |||||||||
| Santander UK Group Holdings PLC (United Kingdom) | ||||||||||||
| (SOFR + 0.787%) | ||||||||||||
| 200,000 | 1.089 | (a) | 03/15/25 | 190,913 | ||||||||
| (SOFR + 2.749%) | ||||||||||||
| 870,000 | 6.833 | (a) | 11/21/26 | 880,020 | ||||||||
| (SOFR + 0.989%) | ||||||||||||
| 1,790,000 | 1.673 | (a) | 06/14/27 | 1,552,636 | ||||||||
| (3M USD LIBOR + 1.400%) | ||||||||||||
| 800,000 | 3.823 | (a) | 11/03/28 | 728,316 | ||||||||
| Sumitomo Mitsui Financial Group, Inc. (Japan) | ||||||||||||
| 500,000 | 2.696 | 07/16/24 | 483,908 | |||||||||
| 300,000 | 1.474 | 07/08/25 | 276,189 | |||||||||
| 400,000 | 3.784 | 03/09/26 | 385,097 | |||||||||
| 664,000 | 3.364 | 07/12/27 | 624,950 | |||||||||
| 200,000 | 5.520 | 01/13/28 | 203,241 | |||||||||
| 290,000 | 3.544 | 01/17/28 | 271,051 | |||||||||
| 1,000,000 | 3.040 | 07/16/29 | 882,822 | |||||||||
| 490,000 | 2.750 | 01/15/30 | 425,665 | |||||||||
| 500,000 | 2.130 | 07/08/30 | 410,150 | |||||||||
| 500,000 | 2.222 | 09/17/31 | 401,128 | |||||||||
| 500,000 | 5.766 | 01/13/33 | 520,475 | |||||||||
| Toronto-Dominion Bank (The) (Canada) | ||||||||||||
| 50,000 | 1.950 | 01/12/27 | 44,888 | |||||||||
| 290,000 | 4.108 | 06/08/27 | 278,898 | |||||||||
| (5 Year USD Swap + 2.205%) | ||||||||||||
| 338,000 | 3.625 | (a) | 09/15/31 | 315,255 | ||||||||
| Toronto-Dominion Bank (The), MTN (Canada) | ||||||||||||
| 830,000 | 2.650 | 06/12/24 | 805,568 | |||||||||
| 270,000 | 1.150 | 06/12/25 | 248,656 | |||||||||
| 643,000 | 0.750 | 01/06/26 | 575,492 | |||||||||
| 330,000 | 1.250 | 09/10/26 | 291,297 | |||||||||
| 440,000 | 2.800 | 03/10/27 | 404,926 | |||||||||
| 340,000 | 2.000 | 09/10/31 | 269,466 | |||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Foreign Corporate Debt – (continued) | ||||||||||||
| Banks – (continued) | ||||||||||||
| Toronto-Dominion Bank (The), MTN (Canada) – (continued) | ||||||||||||
| $ |
481,000 | 3.200 | % | 03/10/32 | $ 415,499 | |||||||
| Westpac Banking Corp. (Australia) | ||||||||||||
| 1,000,000 | 5.350 | 10/18/24 | 1,004,146 | |||||||||
| 112,000 | 1.019 | 11/18/24 | 105,698 | |||||||||
| 40,000 | 2.350 | 02/19/25 | 38,370 | |||||||||
| 200,000 | 2.850 | 05/13/26 | 189,928 | |||||||||
| 550,000 | 1.150 | 06/03/26 | 494,470 | |||||||||
| 40,000 | 3.350 | 03/08/27 | 38,029 | |||||||||
| 350,000 | 5.457 | 11/18/27 | 358,950 | |||||||||
| 40,000 | 3.400 | 01/25/28 | 38,028 | |||||||||
| 247,000 | 2.650 | 01/16/30 | 217,992 | |||||||||
| (US 5 Year CMT T-Note + 1.350%) | ||||||||||||
| 1,126,000 | 2.894 | (a) | 02/04/30 | 1,050,086 | ||||||||
| 400,000 | 2.150 | 06/03/31 | 334,106 | |||||||||
| (US 5 Year CMT T-Note + 2.000%) | ||||||||||||
| 400,000 | 4.110 | (a) | 07/24/34 | 353,934 | ||||||||
| (US 5 Year CMT T-Note + 1.750%) | ||||||||||||
| 300,000 | 2.668 | (a) | 11/15/35 | 230,323 | ||||||||
| 186,000 | 4.421 | 07/24/39 | 153,774 | |||||||||
| 100,000 | 2.963 | 11/16/40 | 66,464 | |||||||||
| Westpac Banking Corp.(a), GMTN (Australia) | ||||||||||||
| (5 Year USD Swap + 2.236%) | ||||||||||||
| 146,000 | 4.322 | 11/23/31 | 136,490 | |||||||||
|
| ||||||||||||
| 69,840,442 | ||||||||||||
|
| ||||||||||||
| Beverages – 0.0% | ||||||||||||
| Coca-Cola Femsa SAB de CV (Mexico) | ||||||||||||
| 280,000 | 2.750 | 01/22/30 | 248,865 | |||||||||
|
| ||||||||||||
| Brokerage – 0.4% | ||||||||||||
| Brookfield Finance, Inc. (Canada) | ||||||||||||
| 814,000 | 3.900 | 01/25/28 | 761,978 | |||||||||
| 120,000 | 4.850 | 03/29/29 | 116,000 | |||||||||
| 425,000 | 4.350 | 04/15/30 | 395,320 | |||||||||
| 237,000 | 4.700 | 09/20/47 | 197,120 | |||||||||
| Nomura Holdings, Inc. (Japan) | ||||||||||||
| 300,000 | 2.679 | 07/16/30 | 245,560 | |||||||||
| 550,000 | 2.608 | 07/14/31 | 437,043 | |||||||||
| 780,000 | 2.999 | 01/22/32 | 633,699 | |||||||||
|
| ||||||||||||
| 2,786,720 | ||||||||||||
|
| ||||||||||||
| Consumer Cyclical – 0.0% | ||||||||||||
| Honda Motor Co., Ltd. (Japan) | ||||||||||||
| 300,000 | 2.967 | 03/10/32 | 266,795 | |||||||||
| Toyota Motor Corp. (Japan) | ||||||||||||
| 80,000 | 1.339 | 03/25/26 | 73,121 | |||||||||
|
| ||||||||||||
| 339,916 | ||||||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Foreign Corporate Debt – (continued) | ||||||||||||
| Consumer Noncyclical – 1.2% | ||||||||||||
| AstraZeneca PLC (United Kingdom) | ||||||||||||
| $ |
400,000 | 6.450 | % | 09/15/37 | $ 462,467 | |||||||
| BAT Capital Corp. (United Kingdom) | ||||||||||||
| 150,000 | 3.222 | 08/15/24 | 145,658 | |||||||||
| 634,000 | 3.215 | 09/06/26 | 592,515 | |||||||||
| 352,000 | 4.700 | 04/02/27 | 343,356 | |||||||||
| 792,000 | 3.557 | 08/15/27 | 725,740 | |||||||||
| 330,000 | 2.259 | 03/25/28 | 284,086 | |||||||||
| 410,000 | 2.726 | 03/25/31 | 326,736 | |||||||||
| 524,000 | 4.390 | 08/15/37 | 415,095 | |||||||||
| 353,000 | 4.540 | 08/15/47 | 252,413 | |||||||||
| 204,000 | 4.758 | 09/06/49 | 151,046 | |||||||||
| 318,000 | 3.984 | 09/25/50 | 209,336 | |||||||||
| BAT International Finance PLC (United Kingdom) | ||||||||||||
| 259,000 | 1.668 | 03/25/26 | 232,935 | |||||||||
| 1,346,000 | 4.448 | 03/16/28 | 1,273,653 | |||||||||
| GlaxoSmithKline Capital, Inc. (United Kingdom) | ||||||||||||
| 910,000 | 3.875 | 05/15/28 | 885,894 | |||||||||
| 511,000 | 6.375 | 05/15/38 | 585,123 | |||||||||
| Reynolds American, Inc. (United Kingdom) | ||||||||||||
| 500,000 | 5.700 | 08/15/35 | 467,961 | |||||||||
| 324,000 | 5.850 | 08/15/45 | 284,358 | |||||||||
|
| ||||||||||||
| 7,638,372 | ||||||||||||
|
| ||||||||||||
| Consumer Products – 0.2% | ||||||||||||
| Unilever Capital Corp. (United Kingdom) | ||||||||||||
| 100,000 | 2.900 | 05/05/27 | 94,763 | |||||||||
| 500,000 | 3.500 | 03/22/28 | 482,523 | |||||||||
| 500,000 | 2.125 | 09/06/29 | 438,258 | |||||||||
| 132,000 | 5.900 | 11/15/32 | 145,348 | |||||||||
|
| ||||||||||||
| 1,160,892 | ||||||||||||
|
| ||||||||||||
| Energy – 1.8% | ||||||||||||
| BP Capital Markets PLC (United Kingdom) | ||||||||||||
| 764,000 | 3.279 | 09/19/27 | 728,522 | |||||||||
| 168,000 | 3.723 | 11/28/28 | 161,065 | |||||||||
| (US 5 Year CMT T-Note + 4.036%) | ||||||||||||
| 400,000 | 4.375 | (a) | 09/22/71 | 385,500 | ||||||||
| (US 5 Year CMT T-Note + 4.398%) | ||||||||||||
| 400,000 | 4.875 | (a) | 12/22/71 | 367,500 | ||||||||
| Canadian Natural Resources Ltd. (Canada) | ||||||||||||
| 513,000 | 3.850 | 06/01/27 | 487,290 | |||||||||
| Canadian Natural Resources Ltd., GMTN (Canada) | ||||||||||||
| 214,000 | 4.950 | 06/01/47 | 186,956 | |||||||||
| Cenovus Energy, Inc. (Canada) | ||||||||||||
| 172,000 | 6.750 | 11/15/39 | 180,777 | |||||||||
| 322,000 | 5.400 | 06/15/47 | 288,115 | |||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Foreign Corporate Debt – (continued) | ||||||||||||
| Energy – (continued) | ||||||||||||
| Enbridge, Inc. (Canada) | ||||||||||||
| $ |
484,000 | 3.125 | % | 11/15/29 | $ 433,283 | |||||||
| 400,000 | 2.500 | 08/01/33 | 312,895 | |||||||||
| (3M USD LIBOR + 3.641%) | ||||||||||||
| 570,000 | 6.250 | (a) | 03/01/78 | 522,975 | ||||||||
| Equinor ASA (Norway) | ||||||||||||
| 70,000 | 3.700 | 03/01/24 | 68,971 | |||||||||
| 460,000 | 2.875 | 04/06/25 | 444,835 | |||||||||
| 200,000 | 1.750 | 01/22/26 | 186,019 | |||||||||
| 204,000 | 3.125 | 04/06/30 | 187,415 | |||||||||
| 100,000 | 2.375 | 05/22/30 | 87,274 | |||||||||
| 430,000 | 3.950 | 05/15/43 | 366,197 | |||||||||
| 114,000 | 3.250 | 11/18/49 | 84,218 | |||||||||
| 250,000 | 3.700 | 04/06/50 | 201,911 | |||||||||
| Shell International Finance BV (Netherlands) | ||||||||||||
| 662,000 | 2.000 | 11/07/24 | 636,834 | |||||||||
| 682,000 | 3.250 | 05/11/25 | 664,540 | |||||||||
| 330,000 | 2.875 | 05/10/26 | 316,234 | |||||||||
| 130,000 | 2.500 | 09/12/26 | 122,149 | |||||||||
| 352,000 | 3.875 | 11/13/28 | 343,776 | |||||||||
| 240,000 | 2.375 | 11/07/29 | 211,444 | |||||||||
| 300,000 | 2.750 | 04/06/30 | 268,100 | |||||||||
| 328,000 | 4.125 | 05/11/35 | 304,676 | |||||||||
| 521,000 | 6.375 | 12/15/38 | 581,394 | |||||||||
| 352,000 | 4.375 | 05/11/45 | 312,622 | |||||||||
| 306,000 | 4.000 | 05/10/46 | 255,445 | |||||||||
| 230,000 | 3.750 | 09/12/46 | 185,273 | |||||||||
| 282,000 | 3.125 | 11/07/49 | 202,750 | |||||||||
| 300,000 | 3.000 | 11/26/51 | 207,645 | |||||||||
| Suncor Energy, Inc. (Canada) | ||||||||||||
| 80,000 | 6.800 | 05/15/38 | 84,954 | |||||||||
| 264,000 | 4.000 | 11/15/47 | 201,663 | |||||||||
| 100,000 | 3.750 | 03/04/51 | 72,608 | |||||||||
| TotalEnergies Capital International SA (France) | ||||||||||||
| 184,000 | 3.750 | 04/10/24 | 181,258 | |||||||||
| 192,000 | 2.829 | 01/10/30 | 173,038 | |||||||||
| 231,000 | 2.986 | 06/29/41 | 175,166 | |||||||||
| 370,000 | 3.461 | 07/12/49 | 283,417 | |||||||||
| 220,000 | 3.386 | 06/29/60 | 158,042 | |||||||||
| TotalEnergies Capital SA (France) | ||||||||||||
| 344,000 | 3.883 | 10/11/28 | 335,666 | |||||||||
|
| ||||||||||||
| 11,960,412 | ||||||||||||
|
| ||||||||||||
| Financial Company – 0.5% | ||||||||||||
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland) | ||||||||||||
| 500,000 | 3.500 | 01/15/25 | 478,584 | |||||||||
| 450,000 | 6.500 | 07/15/25 | 453,356 | |||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Foreign Corporate Debt – (continued) | ||||||||||||
| Financial Company – (continued) | ||||||||||||
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland) – (continued) | ||||||||||||
| $ |
952,000 | 2.450 | % | 10/29/26 | $ 848,320 | |||||||
| 300,000 | 3.000 | 10/29/28 | 259,610 | |||||||||
| 432,000 | 3.300 | 01/30/32 | 350,883 | |||||||||
| 300,000 | 3.400 | 10/29/33 | 238,287 | |||||||||
| 480,000 | 3.850 | 10/29/41 | 361,713 | |||||||||
|
| ||||||||||||
| 2,990,753 | ||||||||||||
|
| ||||||||||||
| Food and Beverage – 1.7% | ||||||||||||
| Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Belgium) | ||||||||||||
| 458,000 | 3.650 | 02/01/26 | 446,260 | |||||||||
| 1,630,000 | 4.700 | 02/01/36 | 1,596,670 | |||||||||
| 2,466,000 | 4.900 | 02/01/46 | 2,343,692 | |||||||||
| Anheuser-Busch InBev Finance, Inc. (Belgium) | ||||||||||||
| 1,026,000 | 4.625 | 02/01/44 | 952,814 | |||||||||
| 600,000 | 4.900 | 02/01/46 | 571,156 | |||||||||
| Anheuser-Busch InBev Worldwide, Inc. (Belgium) | ||||||||||||
| 536,000 | 4.000 | 04/13/28 | 524,622 | |||||||||
| 628,000 | 4.750 | 01/23/29 | 632,843 | |||||||||
| 281,000 | 4.900 | 01/23/31 | 289,237 | |||||||||
| 293,000 | 4.375 | 04/15/38 | 274,913 | |||||||||
| 340,000 | 5.450 | 01/23/39 | 353,533 | |||||||||
| 100,000 | 4.350 | 06/01/40 | 91,819 | |||||||||
| 244,000 | 4.950 | 01/15/42 | 236,153 | |||||||||
| 299,000 | 4.600 | 04/15/48 | 274,594 | |||||||||
| 146,000 | 4.439 | 10/06/48 | 131,268 | |||||||||
| 632,000 | 5.550 | 01/23/49 | 662,604 | |||||||||
| 280,000 | 4.500 | 06/01/50 | 253,117 | |||||||||
| 214,000 | 4.750 | 04/15/58 | 197,571 | |||||||||
| 262,000 | 5.800 | 01/23/59 | 283,281 | |||||||||
| Diageo Capital PLC (United Kingdom) | ||||||||||||
| 200,000 | 1.375 | 09/29/25 | 185,205 | |||||||||
| 700,000 | 2.375 | 10/24/29 | 612,795 | |||||||||
|
| ||||||||||||
| 10,914,147 | ||||||||||||
|
| ||||||||||||
| Forest Products & Paper – 0.1% | ||||||||||||
| Suzano Austria GmbH (Brazil) | ||||||||||||
| 450,000 | 3.750 | 01/15/31 | 382,598 | |||||||||
|
| ||||||||||||
| Insurance – 0.1% | ||||||||||||
| Manulife Financial Corp. (Canada) | ||||||||||||
| 600,000 | 3.703 | 03/16/32 | 549,820 | |||||||||
| 186,000 | 5.375 | 03/04/46 | 182,665 | |||||||||
|
| ||||||||||||
| 732,485 | ||||||||||||
|
| ||||||||||||
| Internet – 0.5% | ||||||||||||
| Alibaba Group Holding Ltd. (China) | ||||||||||||
| 760,000 | 3.600 | 11/28/24 | 740,535 | |||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Foreign Corporate Debt – (continued) | ||||||||||||
| Internet – (continued) | ||||||||||||
| Alibaba Group Holding Ltd. (China) – (continued) | ||||||||||||
| $ |
744,000 | 3.400 | % | 12/06/27 | $ 697,181 | |||||||
| 560,000 | 2.125 | 02/09/31 | 460,997 | |||||||||
| 400,000 | 4.000 | 12/06/37 | 340,003 | |||||||||
| 550,000 | 4.200 | 12/06/47 | 435,415 | |||||||||
| 300,000 | 3.150 | 02/09/51 | 194,572 | |||||||||
| 200,000 | 4.400 | 12/06/57 | 157,973 | |||||||||
|
| ||||||||||||
| 3,026,676 | ||||||||||||
|
| ||||||||||||
| Lodging – 0.2% | ||||||||||||
| Sands China Ltd. (Macau) | ||||||||||||
| 290,000 | 5.625 | 08/08/25 | 282,025 | |||||||||
| 500,000 | 4.300 | 01/08/26 | 468,125 | |||||||||
| 490,000 | 5.900 | 08/08/28 | 463,050 | |||||||||
|
| ||||||||||||
| 1,213,200 | ||||||||||||
|
| ||||||||||||
| Metals and Mining – 0.2% | ||||||||||||
| BHP Billiton Finance USA Ltd. (Australia) | ||||||||||||
| 351,000 | 4.125 | 02/24/42 | 311,222 | |||||||||
| 274,000 | 5.000 | 09/30/43 | 267,721 | |||||||||
| Rio Tinto Finance USA Ltd. (Australia) | ||||||||||||
| 80,000 | 7.125 | 07/15/28 | 89,188 | |||||||||
| 306,000 | 5.200 | 11/02/40 | 306,553 | |||||||||
| Rio Tinto Finance USA PLC (Australia) | ||||||||||||
| 80,000 | 4.125 | 08/21/42 | 69,975 | |||||||||
|
| ||||||||||||
| 1,044,659 | ||||||||||||
|
| ||||||||||||
| Mining – 0.3% | ||||||||||||
| Southern Copper Corp. (Mexico) | ||||||||||||
| 941,000 | 7.500 | 07/27/35 | 1,072,830 | |||||||||
| 242,000 | 6.750 | 04/16/40 | 259,645 | |||||||||
| 166,000 | 5.250 | 11/08/42 | 156,258 | |||||||||
| 306,000 | 5.875 | 04/23/45 | 310,504 | |||||||||
|
| ||||||||||||
| 1,799,237 | ||||||||||||
|
| ||||||||||||
| Oil Company-Exploration & Production – 0.0% | ||||||||||||
| CNOOC Finance 2015 USA LLC (China) | ||||||||||||
| 200,000 | 4.375 | 05/02/28 | 199,023 | |||||||||
|
| ||||||||||||
| Oil Company-Integrated – 0.2% | ||||||||||||
| Ecopetrol SA (Colombia) | ||||||||||||
| 150,000 | 4.125 | 01/16/25 | 144,187 | |||||||||
| 200,000 | 5.375 | 06/26/26 | 190,625 | |||||||||
| 598,000 | 6.875 | 04/29/30 | 534,463 | |||||||||
| 178,000 | 7.375 | 09/18/43 | 142,845 | |||||||||
| 400,000 | 5.875 | 05/28/45 | 262,000 | |||||||||
|
| ||||||||||||
| 1,274,120 | ||||||||||||
|
| ||||||||||||
| Pharmaceuticals – 0.0% | ||||||||||||
| Astrazeneca Finance LLC (United Kingdom) | ||||||||||||
| 300,000 | 2.250 | 05/28/31 | 255,361 | |||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Foreign Corporate Debt – (continued) | ||||||||||||
| Semiconductors – 0.2% | ||||||||||||
| TSMC Arizona Corp. (Taiwan) | ||||||||||||
| $ |
260,000 | 1.750 | % | 10/25/26 | $ 233,859 | |||||||
| 300,000 | 2.500 | 10/25/31 | 253,368 | |||||||||
| 720,000 | 3.250 | 10/25/51 | 543,704 | |||||||||
|
| ||||||||||||
| 1,030,931 | ||||||||||||
|
| ||||||||||||
| Technology – 0.2% | ||||||||||||
| NXP BV / NXP Funding LLC (China) | ||||||||||||
| 192,000 | 4.875 | 03/01/24 | 190,633 | |||||||||
| NXP BV / NXP Funding LLC / NXP USA, Inc. (China) | ||||||||||||
| 226,000 | 3.400 | 05/01/30 | 200,945 | |||||||||
| 263,000 | 2.500 | 05/11/31 | 215,192 | |||||||||
| 289,000 | 2.650 | 02/15/32 | 233,709 | |||||||||
| 300,000 | 5.000 | 01/15/33 | 289,369 | |||||||||
|
| ||||||||||||
| 1,129,848 | ||||||||||||
|
| ||||||||||||
| Telecommunications – 0.2% | ||||||||||||
| America Movil SAB de CV (Mexico) | ||||||||||||
| 300,000 | 3.625 | 04/22/29 | 275,969 | |||||||||
| 266,000 | 2.875 | 05/07/30 | 231,547 | |||||||||
| 640,000 | 6.125 | 03/30/40 | 682,398 | |||||||||
| 470,000 | 4.375 | 04/22/49 | 408,523 | |||||||||
|
| ||||||||||||
| 1,598,437 | ||||||||||||
|
| ||||||||||||
| Transportation – 0.0% | ||||||||||||
| Canadian Pacific Railway Co. (Canada) | ||||||||||||
| 400,000 | 3.100 | 12/02/51 | 277,771 | |||||||||
|
| ||||||||||||
| Wireless – 0.4% | ||||||||||||
| Rogers Communications, Inc. (Canada) | ||||||||||||
| 594,000 | 4.300 | 02/15/48 | 459,016 | |||||||||
| 500,000 | 4.350 | 05/01/49 | 389,488 | |||||||||
| 500,000 | 3.700 | 11/15/49 | 349,955 | |||||||||
| Vodafone Group PLC (United Kingdom) | ||||||||||||
| 150,000 | 4.125 | 05/30/25 | 147,257 | |||||||||
| 419,000 | 6.150 | 02/27/37 | 436,374 | |||||||||
| 50,000 | 4.375 | 02/19/43 | 41,319 | |||||||||
| 450,000 | 4.875 | 06/19/49 | 388,825 | |||||||||
| 330,000 | 4.250 | 09/17/50 | 260,841 | |||||||||
|
| ||||||||||||
| 2,473,075 | ||||||||||||
|
| ||||||||||||
| Wirelines – 0.3% | ||||||||||||
| Deutsche Telekom International Finance BV (Germany) | ||||||||||||
| 650,000 | 8.750 | 06/15/30 | 783,312 | |||||||||
| Orange SA (France) | ||||||||||||
| 800,000 | 9.000 | 03/01/31 | 999,596 | |||||||||
| 100,000 | 5.375 | 01/13/42 | 100,035 | |||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Foreign Corporate Debt – (continued) | ||||||||||||
| Wirelines – (continued) | ||||||||||||
| Telefonica Emisiones SA (Spain) | ||||||||||||
| $ |
500,000 | 4.895 | % | 03/06/48 | $ 404,235 | |||||||
|
| ||||||||||||
| 2,287,178 | ||||||||||||
|
| ||||||||||||
| TOTAL FOREIGN CORPORATE DEBT (Cost $138,708,836) |
$126,605,118 | |||||||||||
|
| ||||||||||||
| Shares | Dividend Rate |
Value | ||||||||||
| Investment Company – 0.3%(d) | ||||||||||||
| Goldman Sachs Financial Square Government Fund – Institutional Shares | ||||||||||||
| 1,993,891 | 5.003% | $ 1,993,891 | ||||||||||
| (Cost $1,993,891) | ||||||||||||
|
| ||||||||||||
| TOTAL INVESTMENTS – 99.1% (Cost $729,657,077) |
$651,824,038 | |||||||||||
|
| ||||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES – 0.9% |
6,178,052 | |||||||||||
|
| ||||||||||||
| NET ASSETS – 100.0% | $658,002,090 | |||||||||||
|
| ||||||||||||
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
| (a) | Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on May 31, 2023. | |
| (b) | Exempt from registration under Rule 144A of the Securities Act of 1933. | |
| (c) | Issued with a zero coupon. Income is recognized through the accretion of discount. | |
| (d) | Represents an affiliated issuer. | |
|
| ||
| Investment Abbreviations: | ||
| CMT | — Constant Maturity Treasury Index | |
| GMTN | — Global Medium Term Note | |
| LIBOR | — London Interbank Offered Rate | |
| LP | — Limited Partnership | |
| MTN | — Medium Term Note | |
| PLC | — Public Limited Company | |
| REIT | — Real Estate Investment Trust | |
| SOFR | — Secured Overnight Financing Rate | |
| SOFRINDX | — Secured Overnight Financing Rate Index | |
|
| ||
GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF
Schedule of Investments
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate(a) |
Maturity Date |
Value | |||||||||
| U.S. Treasury Bills – 92.9% | ||||||||||||
| U.S. Treasury Bills | ||||||||||||
| $ |
488,960,000 | 4.933 | % | 07/05/23 | $ 486,724,749 | |||||||
| 170,469,900 | 4.964 | 07/05/23 | 169,690,607 | |||||||||
| 2,620,000 | 4.969 | 07/05/23 | 2,608,023 | |||||||||
| 9,818,000 | 4.971 | 07/05/23 | 9,773,118 | |||||||||
| 24,327,800 | 4.997 | 07/06/23 | 24,212,468 | |||||||||
| 39,500,000 | 5.000 | 07/06/23 | 39,312,740 | |||||||||
| 80,000,000 | 5.005 | 07/06/23 | 79,620,740 | |||||||||
| 392,869,500 | 5.007 | 07/06/23 | 391,007,002 | |||||||||
| 872,000 | 5.009 | 07/06/23 | 867,866 | |||||||||
| 9,736,400 | 3.442 | 08/10/23 | 9,639,236 | |||||||||
| 198,000 | 3.485 | 08/10/23 | 196,024 | |||||||||
| 126,000 | 3.516 | 08/10/23 | 124,743 | |||||||||
| 576,000 | 3.522 | 08/10/23 | 570,252 | |||||||||
| 702,000 | 3.560 | 08/10/23 | 694,994 | |||||||||
| 95,220,200 | 3.778 | 08/10/23 | 94,269,952 | |||||||||
| 129,000 | 4.514 | 08/10/23 | 127,713 | |||||||||
| 1,892,000 | 4.527 | 08/10/23 | 1,873,119 | |||||||||
| 774,000 | 4.538 | 08/10/23 | 766,276 | |||||||||
| 430,000 | 4.555 | 08/10/23 | 425,709 | |||||||||
| 1,677,000 | 4.559 | 08/10/23 | 1,660,264 | |||||||||
| 817,000 | 4.562 | 08/10/23 | 808,847 | |||||||||
| 559,000 | 4.568 | 08/10/23 | 553,421 | |||||||||
| 1,333,000 | 4.571 | 08/10/23 | 1,319,697 | |||||||||
| 3,440,000 | 4.582 | 08/10/23 | 3,405,671 | |||||||||
| 25,542,000 | 4.586 | 08/10/23 | 25,287,104 | |||||||||
| 1,720,000 | 4.594 | 08/10/23 | 1,702,835 | |||||||||
| 1,161,000 | 4.601 | 08/10/23 | 1,149,414 | |||||||||
| 215,000 | 4.606 | 08/10/23 | 212,854 | |||||||||
| 774,000 | 4.611 | 08/10/23 | 766,276 | |||||||||
| 387,000 | 4.615 | 08/10/23 | 383,138 | |||||||||
| 1,118,000 | 4.616 | 08/10/23 | 1,106,843 | |||||||||
| 430,000 | 4.617 | 08/10/23 | 425,709 | |||||||||
| 896,000 | 4.622 | 08/10/23 | 887,058 | |||||||||
| 301,000 | 4.624 | 08/10/23 | 297,996 | |||||||||
| 258,000 | 4.637 | 08/10/23 | 255,425 | |||||||||
| 903,000 | 4.640 | 08/10/23 | 893,989 | |||||||||
| 43,000 | 4.644 | 08/10/23 | 42,571 | |||||||||
| 946,000 | 4.661 | 08/10/23 | 936,559 | |||||||||
| 258,000 | 4.672 | 08/10/23 | 255,425 | |||||||||
| 86,000 | 4.721 | 08/10/23 | 85,142 | |||||||||
| 301,000 | 4.730 | 08/10/23 | 297,996 | |||||||||
| 946,000 | 4.737 | 08/10/23 | 936,559 | |||||||||
| 4,644,000 | 4.750 | 08/10/23 | 4,597,655 | |||||||||
| 172,000 | 4.762 | 08/10/23 | 170,284 | |||||||||
| 1,849,000 | 4.763 | 08/10/23 | 1,830,548 | |||||||||
| 521,000 | 4.776 | 08/10/23 | 515,801 | |||||||||
| 344,000 | 4.790 | 08/10/23 | 340,567 | |||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate(a) |
Maturity Date |
Value | |||||||||
| U.S. Treasury Bills – (continued) | ||||||||||||
| U.S. Treasury Bills – (continued) | ||||||||||||
| $ |
172,000 | 4.796 | % | 08/10/23 | $ 170,284 | |||||||
| 1,075,000 | 4.824 | 08/10/23 | 1,064,272 | |||||||||
| 6,622,000 | 4.870 | 08/10/23 | 6,555,916 | |||||||||
| 2,494,000 | 4.885 | 08/10/23 | 2,469,111 | |||||||||
| 301,000 | 4.893 | 08/10/23 | 297,996 | |||||||||
| 559,000 | 4.896 | 08/10/23 | 553,421 | |||||||||
| 473,000 | 4.899 | 08/10/23 | 468,280 | |||||||||
| 5,160,000 | 4.904 | 08/10/23 | 5,108,506 | |||||||||
| 301,000 | 4.917 | 08/10/23 | 297,996 | |||||||||
| 1,591,000 | 4.922 | 08/10/23 | 1,575,123 | |||||||||
| 2,881,000 | 4.927 | 08/10/23 | 2,852,249 | |||||||||
| 473,000 | 4.947 | 08/10/23 | 468,280 | |||||||||
| 1,487,000 | 4.950 | 08/10/23 | 1,472,161 | |||||||||
| 495,000 | 4.964 | 08/10/23 | 490,060 | |||||||||
| 3,913,000 | 4.975 | 08/10/23 | 3,873,950 | |||||||||
| 645,000 | 4.979 | 08/10/23 | 638,563 | |||||||||
| 946,000 | 4.980 | 08/10/23 | 936,559 | |||||||||
| 645,000 | 4.981 | 08/10/23 | 638,563 | |||||||||
| 476,935,100 | 4.987 | 08/10/23 | 472,175,536 | |||||||||
| 172,000 | 4.988 | 08/10/23 | 170,284 | |||||||||
| 903,000 | 5.004 | 08/10/23 | 893,989 | |||||||||
| 21,543,000 | 5.005 | 08/10/23 | 21,328,012 | |||||||||
| 1,333,000 | 5.006 | 08/10/23 | 1,319,697 | |||||||||
| 172,000 | 5.007 | 08/10/23 | 170,284 | |||||||||
| 1,200,000 | 5.022 | 08/10/23 | 1,188,025 | |||||||||
| 688,000 | 5.026 | 08/10/23 | 681,134 | |||||||||
| 903,000 | 5.027 | 08/10/23 | 893,989 | |||||||||
| 344,000 | 5.060 | 08/10/23 | 340,567 | |||||||||
| 860,000 | 5.100 | 08/10/23 | 851,418 | |||||||||
| 559,000 | 5.127 | 08/10/23 | 553,421 | |||||||||
| 2,527,000 | 5.128 | 08/10/23 | 2,501,782 | |||||||||
| 64,000 | 5.137 | 08/10/23 | 63,361 | |||||||||
| 1,064,000 | 5.140 | 08/10/23 | 1,053,382 | |||||||||
| 688,000 | 5.145 | 08/10/23 | 681,134 | |||||||||
| 1,330,000 | 5.162 | 08/10/23 | 1,316,727 | |||||||||
| 3,724,000 | 5.201 | 08/10/23 | 3,686,836 | |||||||||
| 798,000 | 5.204 | 08/10/23 | 790,036 | |||||||||
| 1,596,000 | 5.211 | 08/10/23 | 1,580,073 | |||||||||
| 170,000,000 | 4.974 | 08/24/23 | 167,959,991 | |||||||||
| 110,800,000 | 5.000 | 08/24/23 | 109,470,394 | |||||||||
| 92,249,000 | 5.046 | 08/24/23 | 91,142,007 | |||||||||
| 568,000 | 5.098 | 08/24/23 | 561,184 | |||||||||
| 710,000 | 5.127 | 08/24/23 | 701,480 | |||||||||
| 1,349,000 | 5.138 | 08/24/23 | 1,332,812 | |||||||||
| 1,988,000 | 5.158 | 08/24/23 | 1,964,144 | |||||||||
| 852,000 | 5.190 | 08/24/23 | 841,776 | |||||||||
| 744,000 | 5.024 | 09/05/23 | 733,969 | |||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate(a) |
Maturity Date |
Value | |||||||||
| U.S. Treasury Bills – (continued) | ||||||||||||
| U.S. Treasury Bills – (continued) | ||||||||||||
| $ |
80,710,600 | 5.035 | % | 09/05/23 | $ 79,622,383 | |||||||
| 1,767,000 | 5.043 | 09/05/23 | 1,743,176 | |||||||||
| 930,000 | 5.063 | 09/05/23 | 917,461 | |||||||||
| 488,515,000 | 5.165 | 09/05/23 | 481,928,374 | |||||||||
| 396,000 | 4.456 | 10/05/23 | 388,767 | |||||||||
| 126,000 | 4.458 | 10/05/23 | 123,699 | |||||||||
| 774,000 | 4.476 | 10/05/23 | 759,862 | |||||||||
| 450,000 | 4.483 | 10/05/23 | 441,780 | |||||||||
| 126,000 | 4.531 | 10/05/23 | 123,699 | |||||||||
| 558,000 | 4.544 | 10/05/23 | 547,808 | |||||||||
| 720,000 | 4.568 | 10/05/23 | 706,849 | |||||||||
| 648,000 | 4.575 | 10/05/23 | 636,164 | |||||||||
| 162,000 | 4.584 | 10/05/23 | 159,041 | |||||||||
| 108,000 | 4.587 | 10/05/23 | 106,027 | |||||||||
| 1,044,000 | 4.588 | 10/05/23 | 1,024,931 | |||||||||
| 180,000 | 4.589 | 10/05/23 | 176,712 | |||||||||
| 90,000 | 4.595 | 10/05/23 | 88,356 | |||||||||
| 1,080,000 | 4.597 | 10/05/23 | 1,060,273 | |||||||||
| 702,000 | 4.601 | 10/05/23 | 689,177 | |||||||||
| 234,000 | 4.605 | 10/05/23 | 229,726 | |||||||||
| 72,000 | 4.618 | 10/05/23 | 70,685 | |||||||||
| 10,692,000 | 4.620 | 10/05/23 | 10,496,704 | |||||||||
| 1,440,000 | 4.626 | 10/05/23 | 1,413,697 | |||||||||
| 54,000 | 4.628 | 10/05/23 | 53,014 | |||||||||
| 324,000 | 4.630 | 10/05/23 | 318,082 | |||||||||
| 108,000 | 4.631 | 10/05/23 | 106,027 | |||||||||
| 72,000 | 4.634 | 10/05/23 | 70,685 | |||||||||
| 18,000 | 4.635 | 10/05/23 | 17,671 | |||||||||
| 324,000 | 4.645 | 10/05/23 | 318,082 | |||||||||
| 468,000 | 4.648 | 10/05/23 | 459,452 | |||||||||
| 216,000 | 4.652 | 10/05/23 | 212,055 | |||||||||
| 378,000 | 4.653 | 10/05/23 | 371,096 | |||||||||
| 378,000 | 4.658 | 10/05/23 | 371,096 | |||||||||
| 36,517,800 | 4.660 | 10/05/23 | 35,850,779 | |||||||||
| 36,000 | 4.662 | 10/05/23 | 35,342 | |||||||||
| 92,000 | 4.663 | 10/05/23 | 90,320 | |||||||||
| 342,000 | 4.668 | 10/05/23 | 335,753 | |||||||||
| 252,000 | 4.675 | 10/05/23 | 247,397 | |||||||||
| 180,000 | 4.683 | 10/05/23 | 176,712 | |||||||||
| 1,944,000 | 4.684 | 10/05/23 | 1,908,492 | |||||||||
| 468,000 | 4.690 | 10/05/23 | 459,452 | |||||||||
| 486,000 | 4.694 | 10/05/23 | 477,123 | |||||||||
| 126,000 | 4.696 | 10/05/23 | 123,699 | |||||||||
| 108,000 | 4.713 | 10/05/23 | 106,027 | |||||||||
| 378,000 | 4.717 | 10/05/23 | 371,096 | |||||||||
| 368,000 | 4.721 | 10/05/23 | 361,278 | |||||||||
| 90,000 | 4.724 | 10/05/23 | 88,356 | |||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate(a) |
Maturity Date |
Value | |||||||||
| U.S. Treasury Bills – (continued) | ||||||||||||
| U.S. Treasury Bills – (continued) | ||||||||||||
| $ |
306,000 | 4.728 | % | 10/05/23 | $ 300,411 | |||||||
| 144,000 | 4.729 | 10/05/23 | 141,370 | |||||||||
| 828,000 | 4.731 | 10/05/23 | 812,876 | |||||||||
| 108,000 | 4.744 | 10/05/23 | 106,027 | |||||||||
| 144,000 | 4.756 | 10/05/23 | 141,370 | |||||||||
| 72,000 | 4.767 | 10/05/23 | 70,685 | |||||||||
| 198,000 | 4.795 | 10/05/23 | 194,383 | |||||||||
| 2,160,000 | 4.801 | 10/05/23 | 2,120,546 | |||||||||
| 2,772,000 | 4.802 | 10/05/23 | 2,721,368 | |||||||||
| 666,000 | 4.811 | 10/05/23 | 653,835 | |||||||||
| 460,000 | 4.837 | 10/05/23 | 451,598 | |||||||||
| 630,000 | 4.838 | 10/05/23 | 618,493 | |||||||||
| 126,000 | 4.850 | 10/05/23 | 123,699 | |||||||||
| 270,000 | 4.872 | 10/05/23 | 265,068 | |||||||||
| 207,000 | 4.880 | 10/05/23 | 203,219 | |||||||||
| 72,000 | 4.887 | 10/05/23 | 70,685 | |||||||||
| 126,000 | 4.900 | 10/05/23 | 123,699 | |||||||||
| 198,000 | 4.905 | 10/05/23 | 194,383 | |||||||||
| 558,000 | 4.910 | 10/05/23 | 547,808 | |||||||||
| 378,000 | 4.924 | 10/05/23 | 371,096 | |||||||||
| 900,000 | 4.927 | 10/05/23 | 883,561 | |||||||||
| 1,296,000 | 4.938 | 10/05/23 | 1,272,328 | |||||||||
| 270,000 | 4.942 | 10/05/23 | 265,068 | |||||||||
| 306,000 | 4.943 | 10/05/23 | 300,411 | |||||||||
| 9,396,000 | 4.961 | 10/05/23 | 9,224,376 | |||||||||
| 162,000 | 4.967 | 10/05/23 | 159,041 | |||||||||
| 500,000 | 4.970 | 10/05/23 | 490,867 | |||||||||
| 407,813,900 | 4.983 | 10/05/23 | 400,364,914 | |||||||||
| 342,000 | 4.988 | 10/05/23 | 335,753 | |||||||||
| 564,000 | 4.989 | 10/05/23 | 553,698 | |||||||||
| 72,000 | 4.994 | 10/05/23 | 70,685 | |||||||||
| 288,000 | 5.000 | 10/05/23 | 282,739 | |||||||||
| 2,632,000 | 5.005 | 10/05/23 | 2,583,925 | |||||||||
| 144,000 | 5.025 | 10/05/23 | 141,370 | |||||||||
| 752,000 | 5.027 | 10/05/23 | 738,264 | |||||||||
| 1,128,000 | 5.032 | 10/05/23 | 1,107,396 | |||||||||
| 360,000 | 5.044 | 10/05/23 | 353,424 | |||||||||
| 752,000 | 5.088 | 10/05/23 | 738,264 | |||||||||
| 940,000 | 5.093 | 10/05/23 | 922,830 | |||||||||
| 234,000 | 5.095 | 10/05/23 | 229,726 | |||||||||
| 288,000 | 5.121 | 10/05/23 | 282,739 | |||||||||
| 1,786,000 | 5.131 | 10/05/23 | 1,753,378 | |||||||||
| 94,787,900 | 5.360 | 10/05/23 | 93,056,537 | |||||||||
| 145,370,900 | 4.668 | 11/02/23 | 142,128,643 | |||||||||
| 20,476,000 | 4.711 | 11/02/23 | 20,019,317 | |||||||||
| 432,000 | 4.766 | 11/02/23 | 422,365 | |||||||||
| 1,998,000 | 4.837 | 11/02/23 | 1,953,438 | |||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate(a) |
Maturity Date |
Value | |||||||||
| U.S. Treasury Bills – (continued) | ||||||||||||
| U.S. Treasury Bills – (continued) | ||||||||||||
| $ |
6,480,000 | 4.842 | % | 11/02/23 | $ 6,335,474 | |||||||
| 702,000 | 4.849 | 11/02/23 | 686,343 | |||||||||
| 2,120,000 | 4.860 | 11/02/23 | 2,072,717 | |||||||||
| 378,000 | 4.880 | 11/02/23 | 369,569 | |||||||||
| 56,856,800 | 4.891 | 11/02/23 | 55,588,703 | |||||||||
| 378,000 | 4.914 | 11/02/23 | 369,569 | |||||||||
| 630,000 | 4.932 | 11/02/23 | 615,949 | |||||||||
| 1,140,000 | 4.940 | 11/02/23 | 1,114,574 | |||||||||
| 1,672,000 | 4.941 | 11/02/23 | 1,634,709 | |||||||||
| 2,700,000 | 4.942 | 11/02/23 | 2,639,781 | |||||||||
| 1,400,000 | 4.948 | 11/02/23 | 1,368,775 | |||||||||
| 594,000 | 4.952 | 11/02/23 | 580,752 | |||||||||
| 810,000 | 4.954 | 11/02/23 | 791,934 | |||||||||
| 918,000 | 4.966 | 11/02/23 | 897,526 | |||||||||
| 318,000 | 4.970 | 11/02/23 | 310,908 | |||||||||
| 486,000 | 4.980 | 11/02/23 | 475,161 | |||||||||
| 1,026,000 | 5.007 | 11/02/23 | 1,003,117 | |||||||||
| 4,312,000 | 5.022 | 11/02/23 | 4,215,828 | |||||||||
| 1,484,000 | 5.035 | 11/02/23 | 1,450,902 | |||||||||
| 27,054,000 | 5.042 | 11/02/23 | 26,450,605 | |||||||||
| 636,000 | 5.043 | 11/02/23 | 621,815 | |||||||||
| 424,000 | 5.097 | 11/02/23 | 414,543 | |||||||||
| 530,000 | 5.115 | 11/02/23 | 518,179 | |||||||||
| 1,216,000 | 5.146 | 11/02/23 | 1,188,879 | |||||||||
| 1,007,000 | 5.153 | 11/02/23 | 984,541 | |||||||||
| 126,871,600 | 5.404 | 11/02/23 | 124,041,940 | |||||||||
| 292,300 | 4.437 | 01/25/24 | 283,037 | |||||||||
| 10,164,000 | 4.452 | 01/25/24 | 9,841,909 | |||||||||
| 726,000 | 4.514 | 01/25/24 | 702,993 | |||||||||
| 3,828,000 | 4.549 | 01/25/24 | 3,706,693 | |||||||||
| 462,000 | 4.578 | 01/25/24 | 447,359 | |||||||||
| 264,000 | 4.602 | 01/25/24 | 255,634 | |||||||||
| 336,000 | 4.624 | 01/25/24 | 325,352 | |||||||||
| 1,650,000 | 4.661 | 01/25/24 | 1,597,713 | |||||||||
| 121,321,300 | 4.755 | 01/25/24 | 117,476,703 | |||||||||
| 296,000 | 4.819 | 01/25/24 | 286,620 | |||||||||
| 1,056,000 | 4.897 | 01/25/24 | 1,022,536 | |||||||||
| 528,000 | 4.912 | 01/25/24 | 511,268 | |||||||||
| 481,000 | 4.916 | 01/25/24 | 465,757 | |||||||||
| 432,000 | 4.948 | 01/25/24 | 418,310 | |||||||||
| 990,000 | 4.964 | 01/25/24 | 958,628 | |||||||||
| 960,000 | 4.976 | 01/25/24 | 929,578 | |||||||||
| 264,000 | 4.979 | 01/25/24 | 255,634 | |||||||||
| 555,000 | 5.000 | 01/25/24 | 537,412 | |||||||||
| 159,569,400 | 5.003 | 01/25/24 | 154,512,744 | |||||||||
| 1,452,000 | 5.004 | 01/25/24 | 1,405,987 | |||||||||
| 407,000 | 5.014 | 01/25/24 | 394,102 | |||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate(a) |
Maturity Date |
Value | |||||||||
| U.S. Treasury Bills – (continued) | ||||||||||||
| U.S. Treasury Bills – (continued) | ||||||||||||
| $ |
1,386,000 | 5.017 | % | 01/25/24 | $ 1,342,079 | |||||||
| 333,000 | 5.032 | 01/25/24 | 322,447 | |||||||||
| 2,664,000 | 5.052 | 01/25/24 | 2,579,579 | |||||||||
| 703,000 | 5.064 | 01/25/24 | 680,722 | |||||||||
| 18,537,000 | 5.067 | 01/25/24 | 17,949,574 | |||||||||
| 858,000 | 5.130 | 01/25/24 | 830,811 | |||||||||
| 1,056,000 | 5.171 | 01/25/24 | 1,022,536 | |||||||||
| 3,850,000 | 4.483 | 02/22/24 | 3,712,924 | |||||||||
| 275,000 | 4.536 | 02/22/24 | 265,209 | |||||||||
| 1,450,000 | 4.541 | 02/22/24 | 1,398,374 | |||||||||
| 625,000 | 4.630 | 02/22/24 | 602,747 | |||||||||
| 140,308,700 | 4.670 | 02/22/24 | 135,313,145 | |||||||||
| 400,000 | 4.938 | 02/22/24 | 385,758 | |||||||||
| 200,000 | 4.952 | 02/22/24 | 192,879 | |||||||||
| 100,000 | 5.059 | 02/22/24 | 96,440 | |||||||||
| 375,000 | 5.063 | 02/22/24 | 361,648 | |||||||||
| 525,000 | 5.087 | 02/22/24 | 506,308 | |||||||||
| 550,000 | 5.089 | 02/22/24 | 530,418 | |||||||||
| 100,706,600 | 5.107 | 02/22/24 | 97,121,039 | |||||||||
| 325,000 | 5.207 | 02/22/24 | 313,429 | |||||||||
| 105,844,500 | 4.657 | 03/21/24 | 101,592,528 | |||||||||
| 651,000 | 4.688 | 03/21/24 | 624,848 | |||||||||
| 84,000 | 4.820 | 03/21/24 | 80,626 | |||||||||
| 420,000 | 4.834 | 03/21/24 | 403,128 | |||||||||
| 115,144,800 | 4.862 | 03/21/24 | 110,519,217 | |||||||||
| 580,000 | 4.906 | 03/21/24 | 556,700 | |||||||||
| 352,000 | 4.943 | 03/21/24 | 337,859 | |||||||||
| 108,000 | 4.676 | 04/18/24 | 103,243 | |||||||||
| 216,000 | 4.761 | 04/18/24 | 206,486 | |||||||||
| 180,000 | 4.787 | 04/18/24 | 172,072 | |||||||||
| 144,000 | 4.794 | 04/18/24 | 137,658 | |||||||||
| 342,000 | 4.798 | 04/18/24 | 326,937 | |||||||||
| 93,359,800 | 4.828 | 04/18/24 | 89,247,764 | |||||||||
| 504,000 | 4.851 | 04/18/24 | 481,801 | |||||||||
| 199,065,500 | 5.260 | 04/18/24 | 190,297,653 | |||||||||
| 84,318,500 | 5.259 | 05/16/24 | 80,303,116 | |||||||||
|
| ||||||||||||
| TOTAL U.S. TREASURY BILLS (Cost $4,975,801,218) |
$4,971,760,290 | |||||||||||
|
| ||||||||||||
| U.S. Treasury Notes – 7.1% | ||||||||||||
| U.S. Treasury Notes | ||||||||||||
| $ |
868,000 | 4.544 | % | 09/15/23 | $ 854,946 | |||||||
| 69,813,900 | 4.546 | 09/15/23 | 68,763,964 | |||||||||
| 3,024,000 | 4.547 | 09/15/23 | 2,978,522 | |||||||||
| 2,240,000 | 4.549 | 09/15/23 | 2,206,313 | |||||||||
| 1,092,000 | 4.580 | 09/15/23 | 1,075,577 | |||||||||
| 1,232,000 | 4.581 | 09/15/23 | 1,213,472 | |||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate(a) |
Maturity Date |
Value | |||||||||
| U.S. Treasury Notes – (continued) | ||||||||||||
| U.S. Treasury Notes – (continued) | ||||||||||||
| $ |
504,000 | 4.591 | % | 09/15/23 | $ 496,420 | |||||||
| 84,000 | 4.604 | 09/15/23 | 82,737 | |||||||||
| 112,000 | 4.613 | 09/15/23 | 110,316 | |||||||||
| 280,000 | 4.623 | 09/15/23 | 275,789 | |||||||||
| 1,120,000 | 4.625 | 09/15/23 | 1,103,156 | |||||||||
| 1,044,000 | 4.629 | 09/15/23 | 1,028,299 | |||||||||
| 252,000 | 4.642 | 09/15/23 | 248,210 | |||||||||
| 504,000 | 4.650 | 09/15/23 | 496,420 | |||||||||
| 196,000 | 4.656 | 09/15/23 | 193,052 | |||||||||
| 616,000 | 4.668 | 09/15/23 | 606,736 | |||||||||
| 588,000 | 4.678 | 09/15/23 | 579,157 | |||||||||
| 168,000 | 4.679 | 09/15/23 | 165,473 | |||||||||
| 280,000 | 4.682 | 09/15/23 | 275,789 | |||||||||
| 532,000 | 4.685 | 09/15/23 | 523,999 | |||||||||
| 174,000 | 4.689 | 09/15/23 | 171,383 | |||||||||
| 1,204,000 | 4.690 | 09/15/23 | 1,185,893 | |||||||||
| 348,000 | 4.695 | 09/15/23 | 342,766 | |||||||||
| 112,000 | 4.709 | 09/15/23 | 110,316 | |||||||||
| 756,000 | 4.711 | 09/15/23 | 744,630 | |||||||||
| 28,000 | 4.717 | 09/15/23 | 27,579 | |||||||||
| 196,000 | 4.723 | 09/15/23 | 193,052 | |||||||||
| 1,092,000 | 4.725 | 09/15/23 | 1,075,577 | |||||||||
| 168,000 | 4.728 | 09/15/23 | 165,473 | |||||||||
| 144,000 | 4.732 | 09/15/23 | 141,834 | |||||||||
| 196,000 | 4.734 | 09/15/23 | 193,052 | |||||||||
| 16,772,000 | 4.736 | 09/15/23 | 16,519,765 | |||||||||
| 168,000 | 4.740 | 09/15/23 | 165,473 | |||||||||
| 448,000 | 4.747 | 09/15/23 | 441,263 | |||||||||
| 406,000 | 4.753 | 09/15/23 | 399,894 | |||||||||
| 1,334,000 | 4.757 | 09/15/23 | 1,313,938 | |||||||||
| 56,000 | 4.766 | 09/15/23 | 55,158 | |||||||||
| 493,000 | 4.775 | 09/15/23 | 485,586 | |||||||||
| 145,000 | 4.779 | 09/15/23 | 142,819 | |||||||||
| 232,000 | 4.785 | 09/15/23 | 228,511 | |||||||||
| 576,000 | 4.789 | 09/15/23 | 567,338 | |||||||||
| 308,000 | 4.796 | 09/15/23 | 303,368 | |||||||||
| 700,000 | 4.801 | 09/15/23 | 689,473 | |||||||||
| 868,000 | 4.822 | 09/15/23 | 854,946 | |||||||||
| 588,000 | 4.824 | 09/15/23 | 579,157 | |||||||||
| 1,624,000 | 4.845 | 09/15/23 | 1,599,577 | |||||||||
| 4,312,000 | 4.858 | 09/15/23 | 4,247,152 | |||||||||
| 224,000 | 4.861 | 09/15/23 | 220,631 | |||||||||
| 3,360,000 | 4.882 | 09/15/23 | 3,309,469 | |||||||||
| 560,000 | 4.893 | 09/15/23 | 551,578 | |||||||||
| 196,000 | 4.898 | 09/15/23 | 193,052 | |||||||||
| 1,036,000 | 4.903 | 09/15/23 | 1,020,420 | |||||||||
| 112,000 | 4.908 | 09/15/23 | 110,316 | |||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate(a) |
Maturity Date |
Value | |||||||||
| U.S. Treasury Notes – (continued) | ||||||||||||
| U.S. Treasury Notes – (continued) | ||||||||||||
| $ |
168,000 | 4.932 | % | 09/15/23 | $ 165,473 | |||||||
| 196,000 | 4.965 | 09/15/23 | 193,052 | |||||||||
| 364,000 | 4.970 | 09/15/23 | 358,526 | |||||||||
| 780,000 | 4.972 | 09/15/23 | 768,270 | |||||||||
| 1,400,000 | 4.988 | 09/15/23 | 1,378,945 | |||||||||
| 224,000 | 4.990 | 09/15/23 | 220,631 | |||||||||
| 476,000 | 5.014 | 09/15/23 | 468,841 | |||||||||
| 280,000 | 5.017 | 09/15/23 | 275,789 | |||||||||
| 336,000 | 5.033 | 09/15/23 | 330,947 | |||||||||
| 252,000 | 5.046 | 09/15/23 | 248,210 | |||||||||
| 308,000 | 5.065 | 09/15/23 | 303,368 | |||||||||
| 2,016,000 | 5.066 | 09/15/23 | 1,985,681 | |||||||||
| 532,000 | 5.070 | 09/15/23 | 523,999 | |||||||||
| 720,000 | 5.072 | 09/15/23 | 709,172 | |||||||||
| 784,000 | 5.077 | 09/15/23 | 772,209 | |||||||||
| 14,028,000 | 5.091 | 09/15/23 | 13,817,032 | |||||||||
| 616,000 | 5.093 | 09/15/23 | 606,736 | |||||||||
| 324,000 | 5.097 | 09/15/23 | 319,127 | |||||||||
| 588,000 | 5.100 | 09/15/23 | 579,157 | |||||||||
| 112,000 | 5.104 | 09/15/23 | 110,316 | |||||||||
| 224,000 | 5.107 | 09/15/23 | 220,631 | |||||||||
| 420,000 | 5.122 | 09/15/23 | 413,684 | |||||||||
| 448,000 | 5.135 | 09/15/23 | 441,263 | |||||||||
| 420,000 | 5.137 | 09/15/23 | 413,684 | |||||||||
| 224,000 | 5.162 | 09/15/23 | 220,631 | |||||||||
| 532,000 | 5.168 | 09/15/23 | 523,999 | |||||||||
| 364,000 | 5.221 | 09/15/23 | 358,526 | |||||||||
| 448,000 | 5.253 | 09/15/23 | 441,263 | |||||||||
| 146,597,800 | 4.761 | 12/15/23 | 142,600,719 | |||||||||
| 264,000 | 4.799 | 12/15/23 | 256,802 | |||||||||
| 1,880,000 | 4.861 | 12/15/23 | 1,828,741 | |||||||||
| 440,000 | 4.862 | 12/15/23 | 428,003 | |||||||||
| 528,000 | 4.864 | 12/15/23 | 513,604 | |||||||||
| 352,000 | 4.876 | 12/15/23 | 342,403 | |||||||||
| 1,232,000 | 4.886 | 12/15/23 | 1,198,409 | |||||||||
| 352,000 | 4.922 | 12/15/23 | 342,403 | |||||||||
| 9,800 | 4.967 | 12/15/23 | 9,533 | |||||||||
| 294,000 | 4.984 | 12/15/23 | 285,984 | |||||||||
| 836,000 | 5.020 | 12/15/23 | 813,206 | |||||||||
| 378,000 | 5.079 | 12/15/23 | 367,694 | |||||||||
| 462,000 | 5.089 | 12/15/23 | 449,403 | |||||||||
| 798,000 | 5.101 | 12/15/23 | 776,242 | |||||||||
| 3,024,000 | 5.113 | 12/15/23 | 2,941,549 | |||||||||
| 1,080,000 | 5.117 | 12/15/23 | 1,050,553 | |||||||||
| 51,709,300 | 5.118 | 12/15/23 | 50,299,414 | |||||||||
| 21,042,000 | 5.131 | 12/15/23 | 20,468,277 | |||||||||
| 1,005,000 | 5.154 | 12/15/23 | 977,598 | |||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate(a) |
Maturity Date |
Value | |||||||||
| U.S. Treasury Notes – (continued) | ||||||||||||
| U.S. Treasury Notes – (continued) | ||||||||||||
| $ |
1,474,000 | 5.176 | % | 12/15/23 | $ 1,433,810 | |||||||
| 871,000 | 5.306 | 12/15/23 | 847,252 | |||||||||
| 1,072,000 | 5.350 | 12/15/23 | 1,042,771 | |||||||||
|
| ||||||||||||
| TOTAL U.S. TREASURY NOTES (Cost $378,822,364) |
$ 378,072,318 | |||||||||||
|
| ||||||||||||
| TOTAL INVESTMENTS – 100.0% (Cost $5,354,623,582) |
5,349,832,608 | |||||||||||
|
| ||||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES – 0.0% |
646,136 | |||||||||||
|
| ||||||||||||
| NET ASSETS – 100.0% | $5,350,478,744 | |||||||||||
|
| ||||||||||||
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
| (a) | Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices. | |
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Schedule of Investments
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Mortgage-Backed Securities – 32.5% | ||||||||||||
| Federal Home Loan Mortgage Corporation | ||||||||||||
| $ |
264,706 | 4.500 | % | 07/01/48 | $ 258,752 | |||||||
| 240,887 | 2.500 | 11/01/50 | 208,852 | |||||||||
| 1,949,215 | 2.000 | 05/01/51 | 1,607,287 | |||||||||
| 2,790,884 | 2.500 | 05/01/51 | 2,385,594 | |||||||||
| 929,934 | 2.500 | 11/01/51 | 796,006 | |||||||||
| 10,950,337 | 2.000 | 03/01/52 | 9,000,618 | |||||||||
| 7,831,671 | 2.000 | 03/01/52 | 6,440,370 | |||||||||
| 1,253,355 | 2.000 | 03/01/52 | 1,030,555 | |||||||||
| 9,828,934 | 2.000 | 05/01/52 | 8,082,434 | |||||||||
| 206,121 | 4.500 | 05/01/52 | 199,237 | |||||||||
| 508,290 | 2.000 | 07/01/52 | 417,898 | |||||||||
| 3,878,123 | 3.000 | 08/01/52 | 3,477,603 | |||||||||
| 27,725 | 2.500 | 01/01/53 | 23,716 | |||||||||
| 249,702 | 5.000 | 01/01/53 | 245,710 | |||||||||
| 895,188 | 5.000 | 02/01/53 | 880,887 | |||||||||
| 822,161 | 5.000 | 04/01/53 | 813,164 | |||||||||
| Federal National Mortgage Association | ||||||||||||
| 1,000,000 | 1.750 | 07/02/24 | 966,104 | |||||||||
| 5,000,000 | 1.500 | TBA-15yr(a) | 4,353,906 | |||||||||
| 8,000,000 | 2.000 | TBA-15yr(a) | 7,159,375 | |||||||||
| 2,000,000 | 2.500 | TBA-15yr(a) | 1,837,188 | |||||||||
| 2,000,000 | 3.000 | TBA-15yr(a) | 1,884,063 | |||||||||
| 2,640,423 | 3.500 | 07/01/45 | 2,474,261 | |||||||||
| 67,214 | 4.500 | 06/01/48 | 66,002 | |||||||||
| 362,051 | 4.500 | 07/01/48 | 355,526 | |||||||||
| 26,016 | 5.000 | 12/01/48 | 26,015 | |||||||||
| 47,827 | 4.500 | 01/01/49 | 46,798 | |||||||||
| 39,328 | 4.500 | 08/01/49 | 38,625 | |||||||||
| 666,887 | 4.500 | 08/01/49 | 654,990 | |||||||||
| 195,743 | 5.000 | 12/01/49 | 194,945 | |||||||||
| 28,886 | 4.500 | 01/01/50 | 28,317 | |||||||||
| 120,765 | 4.500 | 03/01/50 | 118,186 | |||||||||
| 109,192 | 5.000 | 04/01/50 | 110,839 | |||||||||
| 1,588,684 | 2.500 | 06/01/50 | 1,377,605 | |||||||||
| 53,339 | 4.500 | 10/01/50 | 52,322 | |||||||||
| 81,405 | 4.500 | 10/01/50 | 79,187 | |||||||||
| 102,315 | 2.500 | 02/01/51 | 88,079 | |||||||||
| 538,214 | 2.500 | 03/01/51 | 464,273 | |||||||||
| 685,247 | 2.500 | 09/01/51 | 591,259 | |||||||||
| 2,739,472 | 2.500 | 10/01/51 | 2,362,750 | |||||||||
| 1,237,577 | 2.500 | 11/01/51 | 1,067,319 | |||||||||
| 1,603,666 | 2.500 | 11/01/51 | 1,382,954 | |||||||||
| 7,847,166 | 2.000 | 02/01/52 | 6,453,085 | |||||||||
| 6,969,948 | 2.500 | 04/01/52 | 5,959,961 | |||||||||
| 85,903 | 2.000 | 10/01/52 | 70,599 | |||||||||
| 799,091 | 5.000 | 10/01/52 | 785,920 | |||||||||
| 995,578 | 5.000 | 11/01/52 | 979,459 | |||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Mortgage-Backed Securities – (continued) | ||||||||||||
| Federal National Mortgage Association – (continued) | ||||||||||||
| $ |
40,452 | 2.500 | % | 12/01/52 | $ 34,603 | |||||||
| 1,322,278 | 5.000 | 02/01/53 | 1,301,161 | |||||||||
| 448,924 | 5.000 | 03/01/53 | 441,749 | |||||||||
| 397,030 | 5.000 | 03/01/53 | 390,689 | |||||||||
| 197,755 | 5.000 | 04/01/53 | 194,595 | |||||||||
| 9,185,265 | 5.000 | 04/01/53 | 9,038,473 | |||||||||
| 597,457 | 5.000 | 05/01/53 | 587,908 | |||||||||
| 3,900,000 | 1.500 | TBA-30yr(a) | 3,036,820 | |||||||||
| 10,000,000 | 3.000 | TBA-30yr(a) | 8,864,063 | |||||||||
| 9,000,000 | 3.500 | TBA-30yr(a) | 8,256,797 | |||||||||
| 7,000,000 | 4.000 | TBA-30yr(a) | 6,607,344 | |||||||||
| 1,000,000 | 4.500 | TBA-30yr(a) | 966,406 | |||||||||
| 4,000,000 | 5.500 | TBA-30yr(a) | 3,989,375 | |||||||||
| Government National Mortgage Association | ||||||||||||
| 55,388 | 5.000 | 12/20/48 | 55,571 | |||||||||
| 30,084 | 5.000 | 05/20/49 | 30,059 | |||||||||
| 298,118 | 3.000 | 09/20/49 | 268,883 | |||||||||
| 110,040 | 4.500 | 03/20/50 | 108,435 | |||||||||
| 60,315 | 5.000 | 05/20/50 | 60,456 | |||||||||
| 233,523 | 4.000 | 09/20/50 | 224,843 | |||||||||
| 784,584 | 3.000 | 07/20/51 | 709,021 | |||||||||
| 3,556,097 | 2.000 | 09/20/51 | 3,022,440 | |||||||||
| 2,357,587 | 4.500 | 10/20/52 | 2,286,060 | |||||||||
| 4,000,000 | 2.000 | TBA-30yr(a) | 3,385,625 | |||||||||
| 8,000,000 | 2.500 | TBA-30yr(a) | 6,983,125 | |||||||||
| 7,000,000 | 3.000 | TBA-30yr(a) | 6,294,531 | |||||||||
| 6,000,000 | 3.500 | TBA-30yr(a) | 5,557,969 | |||||||||
| 3,000,000 | 4.000 | TBA-30yr(a) | 2,847,187 | |||||||||
| 1,000,000 | 5.000 | TBA-30yr(a) | 985,234 | |||||||||
| 1,000,000 | 5.500 | TBA-30yr(a) | 997,266 | |||||||||
|
| ||||||||||||
| TOTAL MORTGAGE-BACKED SECURITIES (Cost $156,925,891) |
$155,425,283 | |||||||||||
|
| ||||||||||||
| U.S. Treasury Notes – 32.3% | ||||||||||||
| U.S. Treasury Notes | ||||||||||||
| $ |
27,266,000 | 1.500 | % | 10/31/24 | $ 26,043,693 | |||||||
| 19,564,000 | 2.500 | 01/31/25 | 18,896,012 | |||||||||
| 21,549,000 | 2.000 | 02/15/25 | 20,638,309 | |||||||||
| 43,473,000 | 0.250 | 10/31/25 | 39,567,892 | |||||||||
| 10,000,000 | 1.625 | 05/15/26 | 9,327,116 | |||||||||
| 16,803,000 | 2.875 | 08/15/28 | 16,078,877 | |||||||||
| 6,630,000 | 2.875 | 04/30/29 | 6,318,654 | |||||||||
| 5,981,000 | 2.375 | 05/15/29 | 5,542,174 | |||||||||
| 4,928,000 | 2.750 | 05/31/29 | 4,662,081 | |||||||||
| 3,860,000 | 3.250 | 06/30/29 | 3,753,668 | |||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| U.S. Treasury Notes – (continued) | ||||||||||||
| U.S. Treasury Notes – (continued) | ||||||||||||
| $ |
3,707,000 | 1.625 | % | 08/15/29 | $ 3,283,385 | |||||||
|
| ||||||||||||
| TOTAL U.S. TREASURY NOTES (Cost $156,327,626) |
$154,111,861 | |||||||||||
|
| ||||||||||||
| Corporate Obligations – 20.1% | ||||||||||||
| Aerospace & Defense – 0.5% | ||||||||||||
| Boeing Co. (The) | ||||||||||||
| $ |
500,000 | 4.875 | % | 05/01/25 | $ 496,316 | |||||||
| 500,000 | 3.625 | 02/01/31 | 451,427 | |||||||||
| 300,000 | 5.805 | 05/01/50 | 294,475 | |||||||||
| General Dynamics Corp. | ||||||||||||
| 215,000 | 3.625 | 04/01/30 | 201,846 | |||||||||
| Hexcel Corp. | ||||||||||||
| 40,000 | 4.200 | 02/15/27 | 38,044 | |||||||||
| Lockheed Martin Corp. | ||||||||||||
| 335,000 | 5.250 | 01/15/33 | 348,653 | |||||||||
| Northrop Grumman Corp. | ||||||||||||
| 40,000 | 4.030 | 10/15/47 | 33,437 | |||||||||
| Raytheon Technologies Corp. | ||||||||||||
| 200,000 | 3.950 | 08/16/25 | 195,944 | |||||||||
| 100,000 | 2.375 | 03/15/32 | 82,829 | |||||||||
| 30,000 | 4.450 | 11/16/38 | 27,812 | |||||||||
| 60,000 | 4.875 | 10/15/40 | 56,527 | |||||||||
| 400,000 | 2.820 | 09/01/51 | 264,731 | |||||||||
| Textron, Inc. | ||||||||||||
| 80,000 | 3.000 | 06/01/30 | 70,512 | |||||||||
|
| ||||||||||||
| 2,562,553 | ||||||||||||
|
| ||||||||||||
| Banks – 4.0% | ||||||||||||
| American Express Co. | ||||||||||||
| 80,000 | 3.625 | 12/05/24 | 77,724 | |||||||||
| 400,000 | 3.950 | 08/01/25 | 390,534 | |||||||||
| Bank of America Corp. | ||||||||||||
| (SOFR + 0.690%) | ||||||||||||
| 425,000 | 0.976 | (b) | 04/22/25 | 407,621 | ||||||||
| (SOFR + 0.960%) | ||||||||||||
| 300,000 | 1.734 | (b) | 07/22/27 | 266,508 | ||||||||
| (3M U.S. T-Bill MMY + 1.040%) | ||||||||||||
| 200,000 | 3.419 | (b) | 12/20/28 | 184,054 | ||||||||
| (SOFR + 2.150%) | ||||||||||||
| 180,000 | 2.592 | (b) | 04/29/31 | 151,384 | ||||||||
| (US 5 Year CMT T-Note + 1.200%) | ||||||||||||
| 200,000 | 2.482 | (b) | 09/21/36 | 153,283 | ||||||||
| (3M U.S. T-Bill MMY + 2.076%) | ||||||||||||
| 264,000 | 4.244 | (b) | 04/24/38 | 233,294 | ||||||||
| 100,000 | 7.750 | 05/14/38 | 118,784 | |||||||||
| Bank of America Corp., Series L | ||||||||||||
| 125,000 | 4.183 | 11/25/27 | 119,882 | |||||||||
| 73,000 | 4.750 | 04/21/45 | 66,872 | |||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Banks – (continued) | ||||||||||||
| Bank of America Corp., MTN | ||||||||||||
| $ |
100,000 | 3.875 | % | 08/01/25 | $ 97,722 | |||||||
| (SOFR + 1.010%) | ||||||||||||
| 100,000 | 1.197 | (b) | 10/24/26 | 89,834 | ||||||||
| (3M U.S. T-Bill MMY + 1.322%) | ||||||||||||
| 80,000 | 3.559 | (b) | 04/23/27 | 76,052 | ||||||||
| 75,000 | 3.248 | 10/21/27 | 70,311 | |||||||||
| (SOFR + 2.040%) | ||||||||||||
| 900,000 | 4.948 | (b) | 07/22/28 | 891,650 | ||||||||
| (3M U.S. T-Bill MMY + 1.472%) | ||||||||||||
| 300,000 | 3.974 | (b) | 02/07/30 | 278,435 | ||||||||
| (3M U.S. T-Bill MMY + 1.252%) | ||||||||||||
| 200,000 | 2.496 | (b) | 02/13/31 | 167,808 | ||||||||
| (SOFR + 1.530%) | ||||||||||||
| 40,000 | 1.898 | (b) | 07/23/31 | 31,907 | ||||||||
| (SOFR + 1.930%) | ||||||||||||
| 700,000 | 2.676 | (b) | 06/19/41 | 480,659 | ||||||||
| (3M U.S. T-Bill MMY + 3.412%) | ||||||||||||
| 300,000 | 4.083 | (b) | 03/20/51 | 241,013 | ||||||||
| (SOFR + 1.880%) | ||||||||||||
| 60,000 | 2.831 | (b) | 10/24/51 | 38,251 | ||||||||
| Bank of America Corp.(b), Series N | ||||||||||||
| (SOFR + 1.650%) | ||||||||||||
| 100,000 | 3.483 | 03/13/52 | 73,286 | |||||||||
| Bank of New York Mellon Corp. (The), MTN | ||||||||||||
| 300,000 | 2.800 | 05/04/26 | 284,257 | |||||||||
| 155,000 | 1.650 | 01/28/31 | 123,339 | |||||||||
| 646,000 | 1.800 | 07/28/31 | 510,788 | |||||||||
| Charles Schwab Corp. (The) | ||||||||||||
| 610,000 | 3.200 | 03/02/27 | 558,563 | |||||||||
| 150,000 | 2.900 | 03/03/32 | 122,865 | |||||||||
| Citigroup, Inc. | ||||||||||||
| (SOFR + 1.372%) | ||||||||||||
| 800,000 | 4.140 | (b) | 05/24/25 | 788,414 | ||||||||
| (SOFR + 0.765%) | ||||||||||||
| 100,000 | 1.122 | (b) | 01/28/27 | 89,445 | ||||||||
| (3M U.S. T-Bill MMY + 1.825%) | ||||||||||||
| 100,000 | 3.887 | (b) | 01/10/28 | 95,099 | ||||||||
| (SOFR + 1.887%) | ||||||||||||
| 300,000 | 4.658 | (b) | 05/24/28 | 294,714 | ||||||||
| (SOFR + 2.086%) | ||||||||||||
| 700,000 | 4.910 | (b) | 05/24/33 | 678,780 | ||||||||
| Comerica, Inc. | ||||||||||||
| 25,000 | 4.000 | 02/01/29 | 20,229 | |||||||||
| Fifth Third Bancorp | ||||||||||||
| 40,000 | 8.250 | 03/01/38 | 44,874 | |||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Banks – (continued) | ||||||||||||
| JPMorgan Chase & Co. | ||||||||||||
| (3M U.S. T-Bill MMY + 0.540%) | ||||||||||||
| $ |
300,000 | 0.824 | %(b) | 06/01/25 | $ 285,264 | |||||||
| (SOFR + 0.490%) | ||||||||||||
| 300,000 | 0.768 | (b) | 08/09/25 | 282,526 | ||||||||
| (3M U.S. T-Bill MMY + 1.585%) | ||||||||||||
| 165,000 | 2.005 | (b) | 03/13/26 | 155,405 | ||||||||
| 40,000 | 7.625 | 10/15/26 | 43,114 | |||||||||
| (SOFR + 0.800%) | ||||||||||||
| 100,000 | 1.045 | (b) | 11/19/26 | 90,075 | ||||||||
| 300,000 | 8.000 | 04/29/27 | 332,456 | |||||||||
| 80,000 | 4.250 | 10/01/27 | 78,161 | |||||||||
| (3M U.S. T-Bill MMY + 1.599%) | ||||||||||||
| 400,000 | 3.782 | (b) | 02/01/28 | 380,793 | ||||||||
| (3M U.S. T-Bill MMY + 1.642%) | ||||||||||||
| 50,000 | 3.540 | (b) | 05/01/28 | 47,252 | ||||||||
| (3M U.S. T-Bill MMY + 1.592%) | ||||||||||||
| 40,000 | 4.452 | (b) | 12/05/29 | 38,682 | ||||||||
| (3M U.S. T-Bill MMY + 1.510%) | ||||||||||||
| 90,000 | 2.739 | (b) | 10/15/30 | 77,976 | ||||||||
| (3M U.S. T-Bill MMY + 3.790%) | ||||||||||||
| 342,000 | 4.493 | (b) | 03/24/31 | 329,582 | ||||||||
| (3M U.S. T-Bill MMY + 1.105%) | ||||||||||||
| 25,000 | 1.764 | (b) | 11/19/31 | 19,702 | ||||||||
| (SOFR + 1.180%) | ||||||||||||
| 300,000 | 2.545 | (b) | 11/08/32 | 245,718 | ||||||||
| (3M U.S. T-Bill MMY + 1.622%) | ||||||||||||
| 152,000 | 3.882 | (b) | 07/24/38 | 130,991 | ||||||||
| 15,000 | 5.400 | 01/06/42 | 15,022 | |||||||||
| 40,000 | 4.850 | 02/01/44 | 37,804 | |||||||||
| (3M U.S. T-Bill MMY + 1.642%) | ||||||||||||
| 40,000 | 3.964 | (b) | 11/15/48 | 32,281 | ||||||||
| (SOFR + 2.440%) | ||||||||||||
| 660,000 | 3.109 | (b) | 04/22/51 | 459,002 | ||||||||
| KeyCorp, MTN | ||||||||||||
| 120,000 | 4.100 | 04/30/28 | 105,028 | |||||||||
| 80,000 | 2.550 | 10/01/29 | 60,899 | |||||||||
| (SOFRINDX + 2.060%) | ||||||||||||
| 250,000 | 4.789 | (b) | 06/01/33 | 215,757 | ||||||||
| M&T Bank Corp.(b) | ||||||||||||
| (SOFR + 1.850%) | ||||||||||||
| 400,000 | 5.053 | 01/27/34 | 369,813 | |||||||||
| Manufacturers & Traders Trust Co. | ||||||||||||
| 280,000 | 3.400 | 08/17/27 | 239,667 | |||||||||
| Morgan Stanley | ||||||||||||
| (SOFR + 0.525%) | ||||||||||||
| 40,000 | 0.790 | (b) | 05/30/25 | 37,966 | ||||||||
| (SOFR + 1.295%) | ||||||||||||
| 500,000 | 5.050 | (b) | 01/28/27 | 499,669 | ||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Banks – (continued) | ||||||||||||
| Morgan Stanley – (continued) | ||||||||||||
| (SOFR + 1.360%) | ||||||||||||
| $ |
100,000 | 2.484 | %(b) | 09/16/36 | $ 75,398 | |||||||
| (SOFR + 1.485%) | ||||||||||||
| 300,000 | 3.217 | (b) | 04/22/42 | 225,541 | ||||||||
| 80,000 | 4.300 | 01/27/45 | 69,184 | |||||||||
| 75,000 | 4.375 | 01/22/47 | 65,601 | |||||||||
| Morgan Stanley, GMTN | ||||||||||||
| 340,000 | 3.700 | 10/23/24 | 331,886 | |||||||||
| 120,000 | 4.350 | 09/08/26 | 116,373 | |||||||||
| (SOFR + 1.143%) | ||||||||||||
| 250,000 | 2.699 | (b) | 01/22/31 | 214,166 | ||||||||
| (SOFR + 1.178%) | ||||||||||||
| 200,000 | 2.239 | (b) | 07/21/32 | 160,083 | ||||||||
| Morgan Stanley, MTN | ||||||||||||
| 100,000 | 6.250 | 08/09/26 | 102,920 | |||||||||
| (SOFR + 1.430%) | ||||||||||||
| 300,000 | 2.802 | (b) | 01/25/52 | 193,255 | ||||||||
| Northern Trust Corp. | ||||||||||||
| 315,000 | 3.950 | 10/30/25 | 305,459 | |||||||||
| 56,000 | 3.650 | 08/03/28 | 53,898 | |||||||||
| 135,000 | 3.150 | 05/03/29 | 124,668 | |||||||||
| PNC Bank NA | ||||||||||||
| 300,000 | 2.700 | 10/22/29 | 258,001 | |||||||||
| PNC Financial Services Group, Inc. (The) | ||||||||||||
| 290,000 | 3.450 | 04/23/29 | 264,506 | |||||||||
| State Street Corp. | ||||||||||||
| (SOFR + 0.560%) | ||||||||||||
| 40,000 | 1.684 | (b) | 11/18/27 | 35,749 | ||||||||
| (3M USD LIBOR + 1.030%) | ||||||||||||
| 50,000 | 4.141 | (b) | 12/03/29 | 47,975 | ||||||||
| 100,000 | 2.200 | 03/03/31 | 81,082 | |||||||||
| (SOFR + 1.490%) | ||||||||||||
| 40,000 | 3.031 | (b) | 11/01/34 | 34,482 | ||||||||
| Synchrony Financial | ||||||||||||
| 150,000 | 3.950 | 12/01/27 | 129,436 | |||||||||
| 100,000 | 2.875 | 10/28/31 | 71,780 | |||||||||
| Truist Financial Corp., MTN | ||||||||||||
| 80,000 | 3.875 | 03/19/29 | 71,765 | |||||||||
| US Bancorp, MTN | ||||||||||||
| 80,000 | 3.900 | 04/26/28 | 75,092 | |||||||||
| 80,000 | 3.000 | 07/30/29 | 68,676 | |||||||||
| 40,000 | 1.375 | 07/22/30 | 30,416 | |||||||||
| US Bancorp, Series V | ||||||||||||
| 300,000 | 2.375 | 07/22/26 | 274,010 | |||||||||
| US Bancorp, Series X | ||||||||||||
| 150,000 | 3.150 | 04/27/27 | 140,028 | |||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Banks – (continued) | ||||||||||||
| US Bank NA | ||||||||||||
| $ |
300,000 | 2.050 | % | 01/21/25 | $ 283,796 | |||||||
| Wells Fargo & Co. | ||||||||||||
| (SOFR + 2.000%) | ||||||||||||
| 300,000 | 2.188 | (b) | 04/30/26 | 282,644 | ||||||||
| 400,000 | 3.000 | 10/23/26 | 373,704 | |||||||||
| 128,000 | 5.606 | 01/15/44 | 122,067 | |||||||||
| 60,000 | 3.900 | 05/01/45 | 47,612 | |||||||||
| Wells Fargo & Co., MTN | ||||||||||||
| (3M U.S. T-Bill MMY + 1.572%) | ||||||||||||
| 50,000 | 3.584 | (b) | 05/22/28 | 46,967 | ||||||||
| 25,000 | 4.150 | 01/24/29 | 23,672 | |||||||||
| (SOFR + 1.262%) | ||||||||||||
| 400,000 | 2.572 | (b) | 02/11/31 | 337,026 | ||||||||
| (SOFR + 4.032%) | ||||||||||||
| 340,000 | 4.478 | (b) | 04/04/31 | 323,749 | ||||||||
| 290,000 | 4.750 | 12/07/46 | 246,027 | |||||||||
| Wells Fargo Bank NA | ||||||||||||
| 300,000 | 6.600 | 01/15/38 | 329,268 | |||||||||
|
| ||||||||||||
| 18,966,802 | ||||||||||||
|
| ||||||||||||
| Basic Industry – 0.3% | ||||||||||||
| CF Industries, Inc. | ||||||||||||
| 272,000 | 5.150 | 03/15/34 | 258,584 | |||||||||
| 100,000 | 5.375 | 03/15/44 | 88,136 | |||||||||
| Dow Chemical Co. (The) | ||||||||||||
| 60,000 | 3.600 | 11/15/50 | 43,672 | |||||||||
| DuPont de Nemours, Inc. | ||||||||||||
| 400,000 | 5.419 | 11/15/48 | 392,114 | |||||||||
| FMC Corp. | ||||||||||||
| 302,000 | 4.500 | 10/01/49 | 236,524 | |||||||||
| Huntsman International LLC | ||||||||||||
| 70,000 | 4.500 | 05/01/29 | 63,793 | |||||||||
| Linde, Inc. | ||||||||||||
| 85,000 | 1.100 | 08/10/30 | 67,101 | |||||||||
| LYB International Finance III LLC | ||||||||||||
| 40,000 | 2.250 | 10/01/30 | 32,712 | |||||||||
| 180,000 | 3.625 | 04/01/51 | 123,509 | |||||||||
| Mosaic Co. (The) | ||||||||||||
| 80,000 | 4.875 | 11/15/41 | 67,822 | |||||||||
| Sherwin-Williams Co. (The) | ||||||||||||
| 200,000 | 3.450 | 06/01/27 | 190,156 | |||||||||
|
| ||||||||||||
| 1,564,123 | ||||||||||||
|
| ||||||||||||
| Broadcasting – 0.0% | ||||||||||||
| Fox Corp. | ||||||||||||
| 40,000 | 4.709 | 01/25/29 | 39,030 | |||||||||
| 40,000 | 5.576 | 01/25/49 | 36,152 | |||||||||
|
| ||||||||||||
| 75,182 | ||||||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Brokerage – 0.3% | ||||||||||||
| Affiliated Managers Group, Inc. | ||||||||||||
| $ |
130,000 | 3.300 | % | 06/15/30 | $ 109,678 | |||||||
| CME Group, Inc. | ||||||||||||
| 375,000 | 3.000 | 03/15/25 | 362,415 | |||||||||
| Eaton Vance Corp. | ||||||||||||
| 50,000 | 3.500 | 04/06/27 | 46,965 | |||||||||
| Intercontinental Exchange, Inc. | ||||||||||||
| 185,000 | 2.100 | 06/15/30 | 155,332 | |||||||||
| 482,000 | 4.600 | 03/15/33 | 470,985 | |||||||||
| Jefferies Financial Group, Inc. | ||||||||||||
| 40,000 | 4.850 | 01/15/27 | 39,389 | |||||||||
| 40,000 | 4.150 | 01/23/30 | 36,184 | |||||||||
| 200,000 | 6.250 | 01/15/36 | 201,415 | |||||||||
| 20,000 | 6.500 | 01/20/43 | 19,759 | |||||||||
| Morgan Stanley Domestic Holdings, Inc. | ||||||||||||
| 80,000 | 4.500 | 06/20/28 | 78,326 | |||||||||
|
| ||||||||||||
| 1,520,448 | ||||||||||||
|
| ||||||||||||
| Capital Goods – 0.7% | ||||||||||||
| 3M Co. | ||||||||||||
| 250,000 | 3.050 | 04/15/30 | 222,450 | |||||||||
| Carrier Global Corp. | ||||||||||||
| 100,000 | 3.577 | 04/05/50 | 71,944 | |||||||||
| Caterpillar Financial Services Corp., MTN | ||||||||||||
| 400,000 | 3.400 | 05/13/25 | 389,491 | |||||||||
| Caterpillar, Inc. | ||||||||||||
| 50,000 | 3.803 | 08/15/42 | 43,360 | |||||||||
| 230,000 | 3.250 | 04/09/50 | 178,429 | |||||||||
| CNH Industrial Capital LLC | ||||||||||||
| 50,000 | 1.450 | 07/15/26 | 44,451 | |||||||||
| Cummins, Inc. | ||||||||||||
| 411,000 | 2.600 | 09/01/50 | 260,290 | |||||||||
| Deere & Co. | ||||||||||||
| 25,000 | 3.900 | 06/09/42 | 22,339 | |||||||||
| 40,000 | 2.875 | 09/07/49 | 29,622 | |||||||||
| 25,000 | 3.750 | 04/15/50 | 21,764 | |||||||||
| Emerson Electric Co. | ||||||||||||
| 45,000 | 1.950 | 10/15/30 | 37,460 | |||||||||
| 15,000 | 6.000 | 08/15/32 | 15,986 | |||||||||
| Fortive Corp. | ||||||||||||
| 15,000 | 4.300 | 06/15/46 | 11,950 | |||||||||
| Honeywell International, Inc. | ||||||||||||
| 100,000 | 2.700 | 08/15/29 | 90,667 | |||||||||
| 188,000 | 1.950 | 06/01/30 | 158,564 | |||||||||
| Illinois Tool Works, Inc. | ||||||||||||
| 115,000 | 3.900 | 09/01/42 | 100,439 | |||||||||
| John Deere Capital Corp., MTN | ||||||||||||
| 300,000 | 4.750 | 01/20/28 | 303,514 | |||||||||
| 35,000 | 2.800 | 07/18/29 | 31,847 | |||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Capital Goods – (continued) | ||||||||||||
| John Deere Capital Corp., MTN – (continued) | ||||||||||||
| $ |
80,000 | 2.450 | % | 01/09/30 | $ 70,430 | |||||||
| Leggett & Platt, Inc. | ||||||||||||
| 80,000 | 4.400 | 03/15/29 | 76,980 | |||||||||
| 100,000 | 3.500 | 11/15/51 | 72,077 | |||||||||
| Otis Worldwide Corp. | ||||||||||||
| 60,000 | 2.293 | 04/05/27 | 54,804 | |||||||||
| Regal Rexnord Corp.(c) | ||||||||||||
| 200,000 | 6.400 | 04/15/33 | 197,571 | |||||||||
| Republic Services, Inc. | ||||||||||||
| 150,000 | 2.375 | 03/15/33 | 122,734 | |||||||||
| Trane Technologies Luxembourg Finance SA | ||||||||||||
| 50,000 | 3.800 | 03/21/29 | 47,193 | |||||||||
| Waste Management, Inc. | ||||||||||||
| 50,000 | 0.750 | 11/15/25 | 45,162 | |||||||||
| 50,000 | 2.500 | 11/15/50 | 31,392 | |||||||||
| Westinghouse Air Brake Technologies Corp. | ||||||||||||
| 133,000 | 3.450 | 11/15/26 | 125,356 | |||||||||
| 415,000 | 4.950 | 09/15/28 | 404,390 | |||||||||
| WW Grainger, Inc. | ||||||||||||
| 100,000 | 1.850 | 02/15/25 | 95,094 | |||||||||
| 60,000 | 4.600 | 06/15/45 | 55,861 | |||||||||
| 100,000 | 3.750 | 05/15/46 | 79,847 | |||||||||
| Xylem, Inc. | ||||||||||||
| 15,000 | 3.250 | 11/01/26 | 14,265 | |||||||||
|
| ||||||||||||
| 3,527,723 | ||||||||||||
|
| ||||||||||||
| Communications – 0.9% | ||||||||||||
| Charter Communications Operating LLC / Charter Communications Operating Capital | ||||||||||||
| 190,000 | 4.908 | 07/23/25 | 186,837 | |||||||||
| 140,000 | 3.750 | 02/15/28 | 128,352 | |||||||||
| 82,000 | 4.200 | 03/15/28 | 76,922 | |||||||||
| 90,000 | 5.050 | 03/30/29 | 86,337 | |||||||||
| 40,000 | 2.800 | 04/01/31 | 32,036 | |||||||||
| 130,000 | 6.384 | 10/23/35 | 126,152 | |||||||||
| 300,000 | 5.375 | 04/01/38 | 254,149 | |||||||||
| 240,000 | 6.484 | 10/23/45 | 217,562 | |||||||||
| 60,000 | 5.750 | 04/01/48 | 49,827 | |||||||||
| 40,000 | 5.125 | 07/01/49 | 30,610 | |||||||||
| 40,000 | 6.834 | 10/23/55 | 37,224 | |||||||||
| 100,000 | 3.850 | 04/01/61 | 59,249 | |||||||||
| 60,000 | 4.400 | 12/01/61 | 39,220 | |||||||||
| Comcast Corp. | ||||||||||||
| 500,000 | 3.950 | 10/15/25 | 491,763 | |||||||||
| 500,000 | 4.250 | 01/15/33 | 478,157 | |||||||||
| 300,000 | 2.887 | 11/01/51 | 198,048 | |||||||||
| Omnicom Group, Inc. | ||||||||||||
| 511,000 | 2.450 | 04/30/30 | 430,672 | |||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Communications – (continued) | ||||||||||||
| Omnicom Group, Inc. – (continued) | ||||||||||||
| $ |
80,000 | 4.200 | % | 06/01/30 | $ 75,777 | |||||||
| Time Warner Cable Enterprises LLC | ||||||||||||
| 115,000 | 8.375 | 07/15/33 | 127,689 | |||||||||
| Time Warner Cable LLC | ||||||||||||
| 115,000 | 6.750 | 06/15/39 | 108,918 | |||||||||
| 15,000 | 5.875 | 11/15/40 | 12,991 | |||||||||
| 15,000 | 5.500 | 09/01/41 | 12,414 | |||||||||
| TWDC Enterprises 18 Corp. | ||||||||||||
| 15,000 | 4.375 | 08/16/41 | 13,485 | |||||||||
| TWDC Enterprises 18 Corp., GMTN | ||||||||||||
| 15,000 | 4.125 | 06/01/44 | 12,981 | |||||||||
| TWDC Enterprises 18 Corp., MTN | ||||||||||||
| 250,000 | 2.950 | 06/15/27 | 236,434 | |||||||||
| Walt Disney Co. (The) | ||||||||||||
| 400,000 | 1.750 | 08/30/24 | 383,973 | |||||||||
| 80,000 | 2.000 | 09/01/29 | 68,639 | |||||||||
| 80,000 | 3.800 | 03/22/30 | 75,849 | |||||||||
| 90,000 | 3.500 | 05/13/40 | 73,921 | |||||||||
| 15,000 | 4.750 | 09/15/44 | 13,979 | |||||||||
| 50,000 | 3.600 | 01/13/51 | 38,641 | |||||||||
|
| ||||||||||||
| 4,178,808 | ||||||||||||
|
| ||||||||||||
| Consumer Cyclical – 1.5% | ||||||||||||
| Amazon.com, Inc. | ||||||||||||
| 500,000 | 3.300 | 04/13/27 | 482,207 | |||||||||
| 250,000 | 3.150 | 08/22/27 | 238,916 | |||||||||
| 100,000 | 2.100 | 05/12/31 | 84,617 | |||||||||
| 80,000 | 4.050 | 08/22/47 | 70,739 | |||||||||
| 15,000 | 2.500 | 06/03/50 | 9,774 | |||||||||
| 200,000 | 3.950 | 04/13/52 | 171,708 | |||||||||
| 75,000 | 4.250 | 08/22/57 | 66,664 | |||||||||
| 50,000 | 2.700 | 06/03/60 | 31,834 | |||||||||
| Costco Wholesale Corp. | ||||||||||||
| 40,000 | 3.000 | 05/18/27 | 38,274 | |||||||||
| DR Horton, Inc. | ||||||||||||
| 80,000 | 2.500 | 10/15/24 | 76,881 | |||||||||
| 90,000 | 2.600 | 10/15/25 | 84,550 | |||||||||
| 100,000 | 1.400 | 10/15/27 | 86,149 | |||||||||
| General Motors Co. | ||||||||||||
| 400,000 | 5.600 | 10/15/32 | 386,072 | |||||||||
| General Motors Financial Co., Inc. | ||||||||||||
| 500,000 | 6.050 | 10/10/25 | 503,950 | |||||||||
| Home Depot, Inc. (The) | ||||||||||||
| 250,000 | 2.800 | 09/14/27 | 234,555 | |||||||||
| 300,000 | 4.500 | 09/15/32 | 297,758 | |||||||||
| 237,000 | 3.125 | 12/15/49 | 168,819 | |||||||||
| 300,000 | 3.625 | 04/15/52 | 233,413 | |||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Consumer Cyclical – (continued) | ||||||||||||
| Las Vegas Sands Corp. | ||||||||||||
| $ |
473,000 | 3.900 | % | 08/08/29 | $ 419,726 | |||||||
| Marriott International, Inc., Series EE | ||||||||||||
| 50,000 | 5.750 | 05/01/25 | 50,600 | |||||||||
| Mastercard, Inc. | ||||||||||||
| 60,000 | 2.000 | 03/03/25 | 57,375 | |||||||||
| 15,000 | 3.300 | 03/26/27 | 14,452 | |||||||||
| 100,000 | 3.950 | 02/26/48 | 87,517 | |||||||||
| 50,000 | 3.850 | 03/26/50 | 42,726 | |||||||||
| McDonald’s Corp., MTN | ||||||||||||
| 200,000 | 3.500 | 07/01/27 | 191,905 | |||||||||
| 45,000 | 4.700 | 12/09/35 | 43,849 | |||||||||
| 60,000 | 4.450 | 09/01/48 | 53,086 | |||||||||
| MDC Holdings, Inc. | ||||||||||||
| 434,000 | 2.500 | 01/15/31 | 336,860 | |||||||||
| 40,000 | 6.000 | 01/15/43 | 35,050 | |||||||||
| NIKE, Inc. | ||||||||||||
| 20,000 | 3.375 | 03/27/50 | 15,938 | |||||||||
| O’Reilly Automotive, Inc. | ||||||||||||
| 80,000 | 4.200 | 04/01/30 | 75,895 | |||||||||
| PulteGroup, Inc. | ||||||||||||
| 264,000 | 6.375 | 05/15/33 | 273,413 | |||||||||
| Starbucks Corp. | ||||||||||||
| 250,000 | 3.800 | 08/15/25 | 244,825 | |||||||||
| 30,000 | 3.750 | 12/01/47 | 23,469 | |||||||||
| Tapestry, Inc. | ||||||||||||
| 33,000 | 4.125 | 07/15/27 | 31,268 | |||||||||
| Toyota Motor Credit Corp. | ||||||||||||
| 100,000 | 0.625 | 09/13/24 | 94,653 | |||||||||
| 40,000 | 3.650 | 01/08/29 | 38,143 | |||||||||
| Toyota Motor Credit Corp., MTN | ||||||||||||
| 300,000 | 0.800 | 01/09/26 | 271,724 | |||||||||
| 100,000 | 1.150 | 08/13/27 | 87,527 | |||||||||
| 80,000 | 3.375 | 04/01/30 | 74,005 | |||||||||
| Visa, Inc. | ||||||||||||
| 40,000 | 1.900 | 04/15/27 | 36,895 | |||||||||
| 135,000 | 0.750 | 08/15/27 | 118,702 | |||||||||
| 405,000 | 2.750 | 09/15/27 | 382,035 | |||||||||
| 40,000 | 4.300 | 12/14/45 | 37,017 | |||||||||
| Walmart, Inc. | ||||||||||||
| 340,000 | 2.850 | 07/08/24 | 332,434 | |||||||||
| 200,000 | 2.650 | 09/22/51 | 139,878 | |||||||||
| Western Union Co. (The) | ||||||||||||
| 50,000 | 1.350 | 03/15/26 | 44,374 | |||||||||
|
| ||||||||||||
| 6,922,221 | ||||||||||||
|
| ||||||||||||
| Consumer Noncyclical – 1.7% | ||||||||||||
| Abbott Laboratories | ||||||||||||
| 60,000 | 3.875 | 09/15/25 | 58,993 | |||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Consumer Noncyclical – (continued) | ||||||||||||
| Abbott Laboratories – (continued) | ||||||||||||
| $ |
150,000 | 4.750 | % | 11/30/36 | $ 151,561 | |||||||
| 100,000 | 6.000 | 04/01/39 | 111,463 | |||||||||
| 40,000 | 4.750 | 04/15/43 | 39,210 | |||||||||
| AbbVie, Inc. | ||||||||||||
| 600,000 | 2.950 | 11/21/26 | 566,764 | |||||||||
| 100,000 | 4.625 | 10/01/42 | 88,337 | |||||||||
| 200,000 | 4.400 | 11/06/42 | 175,434 | |||||||||
| 200,000 | 4.700 | 05/14/45 | 180,185 | |||||||||
| 150,000 | 4.250 | 11/21/49 | 127,550 | |||||||||
| Agilent Technologies, Inc. | ||||||||||||
| 100,000 | 2.750 | 09/15/29 | 88,755 | |||||||||
| Altria Group, Inc. | ||||||||||||
| 115,000 | 3.400 | 05/06/30 | 101,638 | |||||||||
| 40,000 | 4.500 | 05/02/43 | 31,470 | |||||||||
| 40,000 | 5.375 | 01/31/44 | 37,108 | |||||||||
| 75,000 | 3.875 | 09/16/46 | 52,050 | |||||||||
| 150,000 | 5.950 | 02/14/49 | 139,263 | |||||||||
| 55,000 | 4.450 | 05/06/50 | 39,969 | |||||||||
| Amgen, Inc. | ||||||||||||
| 200,000 | 3.625 | 05/22/24 | 196,361 | |||||||||
| 200,000 | 2.600 | 08/19/26 | 186,940 | |||||||||
| 200,000 | 2.200 | 02/21/27 | 183,993 | |||||||||
| 500,000 | 5.250 | 03/02/33 | 501,926 | |||||||||
| 400,000 | 5.600 | 03/02/43 | 398,000 | |||||||||
| 200,000 | 4.663 | 06/15/51 | 176,613 | |||||||||
| Bristol-Myers Squibb Co. | ||||||||||||
| 300,000 | 0.750 | 11/13/25 | 274,414 | |||||||||
| 300,000 | 3.200 | 06/15/26 | 289,399 | |||||||||
| 50,000 | 3.250 | 02/27/27 | 48,342 | |||||||||
| Centene Corp. | ||||||||||||
| 400,000 | 4.250 | 12/15/27 | 377,912 | |||||||||
| Elevance Health, Inc. | ||||||||||||
| 300,000 | 5.500 | 10/15/32 | 311,516 | |||||||||
| Eli Lilly & Co. | ||||||||||||
| 15,000 | 3.100 | 05/15/27 | 14,321 | |||||||||
| 102,000 | 3.375 | 03/15/29 | 96,843 | |||||||||
| Equifax, Inc. | ||||||||||||
| 40,000 | 3.250 | 06/01/26 | 37,991 | |||||||||
| 100,000 | 2.350 | 09/15/31 | 79,922 | |||||||||
| Gilead Sciences, Inc. | ||||||||||||
| 479,000 | 2.800 | 10/01/50 | 320,048 | |||||||||
| Johnson & Johnson | ||||||||||||
| 76,000 | 0.550 | 09/01/25 | 69,985 | |||||||||
| 15,000 | 0.950 | 09/01/27 | 13,195 | |||||||||
| 90,000 | 2.900 | 01/15/28 | 85,704 | |||||||||
| 170,000 | 6.950 | 09/01/29 | 197,185 | |||||||||
| 40,000 | 1.300 | 09/01/30 | 33,118 | |||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Consumer Noncyclical – (continued) | ||||||||||||
| Johnson & Johnson – (continued) | ||||||||||||
| $ |
25,000 | 3.625 | % | 03/03/37 | $ 22,728 | |||||||
| 40,000 | 2.100 | 09/01/40 | 27,946 | |||||||||
| 25,000 | 4.500 | 12/05/43 | 24,463 | |||||||||
| 35,000 | 3.700 | 03/01/46 | 30,344 | |||||||||
| Kroger Co. (The) | ||||||||||||
| 25,000 | 3.875 | 10/15/46 | 19,454 | |||||||||
| Medtronic, Inc. | ||||||||||||
| 50,000 | 4.375 | 03/15/35 | 48,639 | |||||||||
| Merck & Co., Inc. | ||||||||||||
| 150,000 | 1.700 | 06/10/27 | 135,937 | |||||||||
| 100,000 | 3.600 | 09/15/42 | 84,165 | |||||||||
| 250,000 | 3.700 | 02/10/45 | 211,183 | |||||||||
| Mylan, Inc. | ||||||||||||
| 210,000 | 5.400 | 11/29/43 | 167,499 | |||||||||
| 135,000 | 5.200 | 04/15/48 | 101,915 | |||||||||
| Pfizer, Inc. | ||||||||||||
| 290,000 | 0.800 | 05/28/25 | 269,146 | |||||||||
| 245,000 | 4.000 | 12/15/36 | 228,856 | |||||||||
| 10,000 | 4.100 | 09/15/38 | 9,179 | |||||||||
| 40,000 | 2.700 | 05/28/50 | 27,779 | |||||||||
| Philip Morris International, Inc. | ||||||||||||
| 40,000 | 3.250 | 11/10/24 | 38,958 | |||||||||
| 450,000 | 5.125 | 11/17/27 | 455,221 | |||||||||
| 50,000 | 5.750 | 11/17/32 | 51,344 | |||||||||
| 15,000 | 4.375 | 11/15/41 | 12,594 | |||||||||
| 15,000 | 4.875 | 11/15/43 | 13,124 | |||||||||
| 10,000 | 4.250 | 11/10/44 | 8,042 | |||||||||
| Royalty Pharma PLC | ||||||||||||
| 200,000 | 1.750 | 09/02/27 | 173,136 | |||||||||
| Utah Acquisition Sub, Inc. | ||||||||||||
| 75,000 | 5.250 | 06/15/46 | 57,281 | |||||||||
| Viatris, Inc. | ||||||||||||
| 150,000 | 2.700 | 06/22/30 | 120,468 | |||||||||
| 15,000 | 4.000 | 06/22/50 | 9,631 | |||||||||
| Walgreens Boots Alliance, Inc. | ||||||||||||
| 40,000 | 4.800 | 11/18/44 | 33,329 | |||||||||
| 15,000 | 4.650 | 06/01/46 | 12,395 | |||||||||
| Wyeth LLC | ||||||||||||
| 10,000 | 6.500 | 02/01/34 | 11,322 | |||||||||
|
| ||||||||||||
| 8,289,556 | ||||||||||||
|
| ||||||||||||
| Consumer Products – 0.3% | ||||||||||||
| Clorox Co. (The) | ||||||||||||
| 747,000 | 4.600 | 05/01/32 | 736,181 | |||||||||
| Colgate-Palmolive Co., MTN | ||||||||||||
| 40,000 | 4.000 | 08/15/45 | 36,411 | |||||||||
| 15,000 | 3.700 | 08/01/47 | 13,067 | |||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Consumer Products – (continued) | ||||||||||||
| Haleon US Capital LLC | ||||||||||||
| $ |
250,000 | 4.000 | % | 03/24/52 | $ 202,846 | |||||||
| Procter & Gamble Co. (The) | ||||||||||||
| 40,000 | 0.550 | 10/29/25 | 36,524 | |||||||||
| 40,000 | 1.000 | 04/23/26 | 36,414 | |||||||||
| 300,000 | 2.450 | 11/03/26 | 282,323 | |||||||||
| 15,000 | 2.850 | 08/11/27 | 14,250 | |||||||||
|
| ||||||||||||
| 1,358,016 | ||||||||||||
|
| ||||||||||||
| Electric – 2.0% | ||||||||||||
| AEP Texas, Inc., Series G | ||||||||||||
| 100,000 | 4.150 | 05/01/49 | 80,413 | |||||||||
| AEP Transmission Co. LLC | ||||||||||||
| 100,000 | 3.750 | 12/01/47 | 79,215 | |||||||||
| AEP Transmission Co. LLC, Series M | ||||||||||||
| 110,000 | 3.650 | 04/01/50 | 85,054 | |||||||||
| Alabama Power Co., Series 20-A | ||||||||||||
| 15,000 | 1.450 | 09/15/30 | 11,934 | |||||||||
| Alabama Power Co., Series A | ||||||||||||
| 100,000 | 4.300 | 07/15/48 | 84,636 | |||||||||
| American Electric Power Co., Inc. | ||||||||||||
| 300,000 | 2.300 | 03/01/30 | 249,066 | |||||||||
| 40,000 | 3.250 | 03/01/50 | 26,957 | |||||||||
| American Electric Power Co., Inc., Series J | ||||||||||||
| 36,000 | 4.300 | 12/01/28 | 34,883 | |||||||||
| Black Hills Corp. | ||||||||||||
| 20,000 | 2.500 | 06/15/30 | 16,592 | |||||||||
| Cleco Corporate Holdings LLC | ||||||||||||
| 80,000 | 3.375 | 09/15/29 | 68,925 | |||||||||
| Cleco Power LLC | ||||||||||||
| 15,000 | 6.000 | 12/01/40 | 14,854 | |||||||||
| CMS Energy Corp.(b) | ||||||||||||
| (US 5 Year CMT T-Note + 4.116%) | ||||||||||||
| 150,000 | 4.750 | 06/01/50 | 132,375 | |||||||||
| Commonwealth Edison Co. | ||||||||||||
| 300,000 | 3.650 | 06/15/46 | 233,869 | |||||||||
| Commonwealth Edison Co., Series 123 | ||||||||||||
| 40,000 | 3.750 | 08/15/47 | 31,742 | |||||||||
| Consolidated Edison Co. of New York, Inc. | ||||||||||||
| 170,000 | 3.850 | 06/15/46 | 132,652 | |||||||||
| 40,000 | 4.625 | 12/01/54 | 34,255 | |||||||||
| 100,000 | 4.500 | 05/15/58 | 82,932 | |||||||||
| Consolidated Edison Co. of New York, Inc., Series 08-B | ||||||||||||
| 10,000 | 6.750 | 04/01/38 | 11,310 | |||||||||
| Consolidated Edison Co. of New York, Inc., Series 12-A | ||||||||||||
| 40,000 | 4.200 | 03/15/42 | 34,046 | |||||||||
| Consolidated Edison Co. of New York, Inc., Series A | ||||||||||||
| 15,000 | 4.125 | 05/15/49 | 12,276 | |||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Electric – (continued) | ||||||||||||
| Dominion Energy, Inc. | ||||||||||||
| $ |
80,000 | 4.250 | % | 06/01/28 | $ 77,223 | |||||||
| Dominion Energy, Inc., Series C | ||||||||||||
| 300,000 | 3.375 | 04/01/30 | 268,715 | |||||||||
| DTE Electric Co. | ||||||||||||
| 15,000 | 3.700 | 03/15/45 | 11,788 | |||||||||
| DTE Electric Co., Series A | ||||||||||||
| 40,000 | 4.000 | 04/01/43 | 33,117 | |||||||||
| DTE Energy Co.(d), Series C | ||||||||||||
| 60,000 | 2.529 | 10/01/24 | 57,695 | |||||||||
| Duke Energy Carolinas LLC | ||||||||||||
| 350,000 | 3.700 | 12/01/47 | 269,928 | |||||||||
| 50,000 | 3.950 | 03/15/48 | 40,454 | |||||||||
| Duke Energy Corp. | ||||||||||||
| 300,000 | 3.750 | 09/01/46 | 223,690 | |||||||||
| Duke Energy Florida LLC | ||||||||||||
| 25,000 | 3.400 | 10/01/46 | 18,460 | |||||||||
| Duke Energy Indiana LLC | ||||||||||||
| 50,000 | 6.350 | 08/15/38 | 55,829 | |||||||||
| 40,000 | 6.450 | 04/01/39 | 43,767 | |||||||||
| Duke Energy Progress LLC | ||||||||||||
| 100,000 | 3.450 | 03/15/29 | 92,995 | |||||||||
| 15,000 | 4.100 | 05/15/42 | 12,829 | |||||||||
| Edison International | ||||||||||||
| 485,000 | 5.750 | 06/15/27 | 488,577 | |||||||||
| Entergy Corp. | ||||||||||||
| 50,000 | 2.800 | 06/15/30 | 42,849 | |||||||||
| Entergy Louisiana LLC | ||||||||||||
| 250,000 | 0.950 | 10/01/24 | 236,251 | |||||||||
| 230,000 | 4.200 | 04/01/50 | 191,594 | |||||||||
| Entergy Texas, Inc. | ||||||||||||
| 85,000 | 1.750 | 03/15/31 | 67,513 | |||||||||
| Evergy Kansas Central, Inc. | ||||||||||||
| 40,000 | 4.250 | 12/01/45 | 33,464 | |||||||||
| 250,000 | 5.700 | 03/15/53 | 252,005 | |||||||||
| Evergy Metro, Inc. | ||||||||||||
| 200,000 | 4.200 | 03/15/48 | 162,041 | |||||||||
| Evergy Metro, Inc., Series 2019 | ||||||||||||
| 15,000 | 4.125 | 04/01/49 | 12,083 | |||||||||
| Eversource Energy | ||||||||||||
| 60,000 | 3.450 | 01/15/50 | 43,526 | |||||||||
| Exelon Corp. | ||||||||||||
| 100,000 | 4.450 | 04/15/46 | 83,999 | |||||||||
| Florida Power & Light Co. | ||||||||||||
| 80,000 | 4.950 | 06/01/35 | 79,469 | |||||||||
| 300,000 | 5.690 | 03/01/40 | 314,159 | |||||||||
| 15,000 | 4.125 | 02/01/42 | 13,033 | |||||||||
| 140,000 | 4.050 | 10/01/44 | 118,620 | |||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Electric – (continued) | ||||||||||||
| Georgia Power Co., Series B | ||||||||||||
| $ |
400,000 | 2.650 | % | 09/15/29 | $ 348,540 | |||||||
| 15,000 | 3.700 | 01/30/50 | 11,302 | |||||||||
| Interstate Power and Light Co. | ||||||||||||
| 200,000 | 2.300 | 06/01/30 | 166,780 | |||||||||
| 40,000 | 3.500 | 09/30/49 | 28,752 | |||||||||
| National Rural Utilities Cooperative Finance Corp. | ||||||||||||
| 40,000 | 2.400 | 03/15/30 | 34,069 | |||||||||
| 100,000 | 2.750 | 04/15/32 | 83,964 | |||||||||
| 300,000 | 4.023 | 11/01/32 | 279,476 | |||||||||
| NiSource, Inc. | ||||||||||||
| 100,000 | 1.700 | 02/15/31 | 78,529 | |||||||||
| Northern States Power Co. | ||||||||||||
| 200,000 | 4.500 | 06/01/52 | 178,963 | |||||||||
| NSTAR Electric Co. | ||||||||||||
| 15,000 | 3.200 | 05/15/27 | 14,199 | |||||||||
| 100,000 | 3.950 | 04/01/30 | 94,770 | |||||||||
| Ohio Power Co., Series D | ||||||||||||
| 15,000 | 6.600 | 03/01/33 | 16,518 | |||||||||
| Pacific Gas and Electric Co. | ||||||||||||
| 100,000 | 3.450 | 07/01/25 | 95,135 | |||||||||
| 200,000 | 2.100 | 08/01/27 | 172,534 | |||||||||
| 210,000 | 4.300 | 03/15/45 | 150,385 | |||||||||
| 150,000 | 4.000 | 12/01/46 | 101,587 | |||||||||
| PPL Capital Funding, Inc. | ||||||||||||
| 25,000 | 5.000 | 03/15/44 | 21,657 | |||||||||
| Public Service Electric and Gas Co., MTN | ||||||||||||
| 100,000 | 1.900 | 08/15/31 | 80,482 | |||||||||
| 300,000 | 3.800 | 03/01/46 | 240,519 | |||||||||
| 100,000 | 3.000 | 03/01/51 | 69,222 | |||||||||
| Public Service Enterprise Group, Inc. | ||||||||||||
| 40,000 | 2.450 | 11/15/31 | 32,461 | |||||||||
| Puget Sound Energy, Inc. | ||||||||||||
| 205,000 | 4.223 | 06/15/48 | 172,464 | |||||||||
| Sempra Energy | ||||||||||||
| 400,000 | 3.800 | 02/01/38 | 332,712 | |||||||||
| 100,000 | 4.000 | 02/01/48 | 77,837 | |||||||||
| Southern California Edison Co. | ||||||||||||
| 40,000 | 2.850 | 08/01/29 | 35,086 | |||||||||
| Southern Co. (The) | ||||||||||||
| 110,000 | 5.113 | 08/01/27 | 109,906 | |||||||||
| 250,000 | 4.400 | 07/01/46 | 208,330 | |||||||||
| Southern Co. (The)(b), Series 21-A | ||||||||||||
| (US 5 Year CMT T-Note + 2.915%) | ||||||||||||
| 100,000 | 3.750 | 09/15/51 | 85,029 | |||||||||
| Southern Co. Gas Capital Corp. | ||||||||||||
| 15,000 | 3.950 | 10/01/46 | 11,494 | |||||||||
| 100,000 | 4.400 | 05/30/47 | 82,201 | |||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Electric – (continued) | ||||||||||||
| Southwestern Electric Power Co., Series L | ||||||||||||
| $ |
100,000 | 3.850 | % | 02/01/48 | $ 74,783 | |||||||
| Tucson Electric Power Co. | ||||||||||||
| 300,000 | 4.850 | 12/01/48 | 266,792 | |||||||||
| Union Electric Co. | ||||||||||||
| 100,000 | 3.500 | 03/15/29 | 93,185 | |||||||||
| Virginia Electric and Power Co., Series A | ||||||||||||
| 100,000 | 3.500 | 03/15/27 | 95,547 | |||||||||
| Virginia Electric and Power Co., Series B | ||||||||||||
| 100,000 | 6.000 | 01/15/36 | 104,988 | |||||||||
| Virginia Electric and Power Co., Series C | ||||||||||||
| 150,000 | 4.000 | 11/15/46 | 118,846 | |||||||||
| Xcel Energy, Inc. | ||||||||||||
| 400,000 | 1.750 | 03/15/27 | 357,518 | |||||||||
|
| ||||||||||||
| 9,330,221 | ||||||||||||
|
| ||||||||||||
| Energy – 1.5% | ||||||||||||
| Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc. | ||||||||||||
| 185,000 | 4.080 | 12/15/47 | 145,861 | |||||||||
| Boardwalk Pipelines LP | ||||||||||||
| 100,000 | 4.800 | 05/03/29 | 96,772 | |||||||||
| BP Capital Markets America, Inc. | ||||||||||||
| 300,000 | 4.234 | 11/06/28 | 295,313 | |||||||||
| Cheniere Corpus Christi Holdings LLC | ||||||||||||
| 80,000 | 5.875 | 03/31/25 | 80,100 | |||||||||
| 40,000 | 5.125 | 06/30/27 | 39,650 | |||||||||
| 300,000 | 2.742 | 12/31/39 | 239,976 | |||||||||
| Chevron Corp. | ||||||||||||
| 300,000 | 3.326 | 11/17/25 | 293,531 | |||||||||
| Chevron USA, Inc. | ||||||||||||
| 200,000 | 2.343 | 08/12/50 | 126,073 | |||||||||
| ConocoPhillips Co. | ||||||||||||
| 250,000 | 3.758 | 03/15/42 | 207,111 | |||||||||
| Devon Energy Corp. | ||||||||||||
| 9,000 | 4.500 | 01/15/30 | 8,476 | |||||||||
| Energy Transfer LP | ||||||||||||
| 140,000 | 3.750 | 05/15/30 | 126,481 | |||||||||
| 75,000 | 6.125 | 12/15/45 | 70,040 | |||||||||
| 225,000 | 5.300 | 04/15/47 | 190,485 | |||||||||
| 55,000 | 6.250 | 04/15/49 | 52,345 | |||||||||
| Enterprise Products Operating LLC | ||||||||||||
| 100,000 | 2.800 | 01/31/30 | 88,034 | |||||||||
| 160,000 | 4.850 | 08/15/42 | 145,062 | |||||||||
| 60,000 | 4.200 | 01/31/50 | 48,779 | |||||||||
| 15,000 | 3.950 | 01/31/60 | 11,179 | |||||||||
| Enterprise Products Operating LLC, Series D | ||||||||||||
| 80,000 | 6.875 | 03/01/33 | 90,395 | |||||||||
| EOG Resources, Inc. | ||||||||||||
| 60,000 | 3.900 | 04/01/35 | 54,390 | |||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Energy – (continued) | ||||||||||||
| Exxon Mobil Corp. | ||||||||||||
| $ |
75,000 | 2.709 | % | 03/06/25 | $ 72,443 | |||||||
| 200,000 | 2.275 | 08/16/26 | 187,689 | |||||||||
| 200,000 | 4.227 | 03/19/40 | 182,949 | |||||||||
| Halliburton Co. | ||||||||||||
| 50,000 | 5.000 | 11/15/45 | 44,332 | |||||||||
| Hess Corp. | ||||||||||||
| 120,000 | 4.300 | 04/01/27 | 116,336 | |||||||||
| 55,000 | 6.000 | 01/15/40 | 54,312 | |||||||||
| 75,000 | 5.600 | 02/15/41 | 70,416 | |||||||||
| 100,000 | 5.800 | 04/01/47 | 95,616 | |||||||||
| Kinder Morgan Energy Partners LP | ||||||||||||
| 300,000 | 7.300 | 08/15/33 | 327,055 | |||||||||
| Kinder Morgan, Inc. | ||||||||||||
| 40,000 | 4.300 | 06/01/25 | 39,289 | |||||||||
| 56,000 | 2.000 | 02/15/31 | 44,349 | |||||||||
| 200,000 | 5.200 | 03/01/48 | 171,702 | |||||||||
| Magellan Midstream Partners LP | ||||||||||||
| 300,000 | 4.200 | 10/03/47 | 220,098 | |||||||||
| Marathon Oil Corp. | ||||||||||||
| 300,000 | 6.800 | 03/15/32 | 310,933 | |||||||||
| MPLX LP | ||||||||||||
| 100,000 | 4.875 | 12/01/24 | 98,984 | |||||||||
| 200,000 | 1.750 | 03/01/26 | 182,446 | |||||||||
| 476,000 | 2.650 | 08/15/30 | 400,007 | |||||||||
| 140,000 | 4.700 | 04/15/48 | 112,672 | |||||||||
| 100,000 | 5.500 | 02/15/49 | 89,089 | |||||||||
| NOV, Inc. | ||||||||||||
| 15,000 | 3.950 | 12/01/42 | 10,790 | |||||||||
| ONEOK Partners LP | ||||||||||||
| 15,000 | 6.650 | 10/01/36 | 15,205 | |||||||||
| ONEOK, Inc. | ||||||||||||
| 80,000 | 2.200 | 09/15/25 | 74,141 | |||||||||
| 100,000 | 3.400 | 09/01/29 | 88,227 | |||||||||
| 25,000 | 6.350 | 01/15/31 | 25,653 | |||||||||
| 140,000 | 5.200 | 07/15/48 | 116,952 | |||||||||
| Ovintiv, Inc. | ||||||||||||
| 40,000 | 7.375 | 11/01/31 | 42,806 | |||||||||
| 65,000 | 6.500 | 08/15/34 | 65,462 | |||||||||
| Phillips 66 Co. | ||||||||||||
| 250,000 | 3.550 | 10/01/26 | 236,465 | |||||||||
| Plains All American Pipeline LP / PAA Finance Corp. | ||||||||||||
| 90,000 | 3.600 | 11/01/24 | 87,387 | |||||||||
| 50,000 | 4.650 | 10/15/25 | 49,101 | |||||||||
| 40,000 | 4.500 | 12/15/26 | 38,696 | |||||||||
| 92,000 | 3.550 | 12/15/29 | 81,310 | |||||||||
| 35,000 | 6.700 | 05/15/36 | 35,014 | |||||||||
| 40,000 | 6.650 | 01/15/37 | 40,217 | |||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Energy – (continued) | ||||||||||||
| Plains All American Pipeline LP / PAA Finance Corp. – (continued) | ||||||||||||
| $ |
15,000 | 4.700 | % | 06/15/44 | $ 11,598 | |||||||
| Sabine Pass Liquefaction LLC | ||||||||||||
| 120,000 | 5.750 | 05/15/24 | 119,775 | |||||||||
| 110,000 | 5.625 | 03/01/25 | 109,970 | |||||||||
| 120,000 | 4.200 | 03/15/28 | 114,300 | |||||||||
| 15,000 | 4.500 | 05/15/30 | 14,156 | |||||||||
| Spectra Energy Partners LP | ||||||||||||
| 125,000 | 3.375 | 10/15/26 | 118,308 | |||||||||
| Transcontinental Gas Pipe Line Co. LLC | ||||||||||||
| 50,000 | 5.400 | 08/15/41 | 47,757 | |||||||||
| 40,000 | 3.950 | 05/15/50 | 30,545 | |||||||||
| Valero Energy Corp. | ||||||||||||
| 200,000 | 3.400 | 09/15/26 | 190,835 | |||||||||
| 15,000 | 4.900 | 03/15/45 | 13,163 | |||||||||
| 60,000 | 3.650 | 12/01/51 | 40,967 | |||||||||
| Williams Cos., Inc. (The) | ||||||||||||
| 200,000 | 3.750 | 06/15/27 | 190,730 | |||||||||
| 15,000 | 6.300 | 04/15/40 | 15,559 | |||||||||
|
| ||||||||||||
| 7,255,859 | ||||||||||||
|
| ||||||||||||
| Financial Company – 0.2% | ||||||||||||
| Air Lease Corp. | ||||||||||||
| 300,000 | 2.200 | 01/15/27 | 265,266 | |||||||||
| Aircastle Ltd. | ||||||||||||
| 15,000 | 4.250 | 06/15/26 | 14,127 | |||||||||
| Blackstone Private Credit Fund | ||||||||||||
| 150,000 | 3.250 | 03/15/27 | 128,671 | |||||||||
| GE Capital Funding LLC | ||||||||||||
| 300,000 | 4.550 | 05/15/32 | 290,992 | |||||||||
| GE Capital International Funding Co. Unlimited | ||||||||||||
| 200,000 | 4.418 | 11/15/35 | 189,991 | |||||||||
| Lazard Group LLC | ||||||||||||
| 110,000 | 4.500 | 09/19/28 | 103,411 | |||||||||
|
| ||||||||||||
| 992,458 | ||||||||||||
|
| ||||||||||||
| Food and Beverage – 0.6% | ||||||||||||
| Coca-Cola Co. (The) | ||||||||||||
| 155,000 | 1.750 | 09/06/24 | 149,939 | |||||||||
| 50,000 | 2.250 | 01/05/32 | 42,706 | |||||||||
| 593,000 | 3.000 | 03/05/51 | 443,929 | |||||||||
| Conagra Brands, Inc. | ||||||||||||
| 100,000 | 1.375 | 11/01/27 | 85,582 | |||||||||
| Constellation Brands, Inc. | ||||||||||||
| 40,000 | 3.150 | 08/01/29 | 36,114 | |||||||||
| 291,000 | 4.750 | 05/09/32 | 283,414 | |||||||||
| Hershey Co. (The) | ||||||||||||
| 40,000 | 3.375 | 08/15/46 | 30,737 | |||||||||
| 100,000 | 3.125 | 11/15/49 | 73,357 | |||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Food and Beverage – (continued) | ||||||||||||
| J M Smucker Co. (The) | ||||||||||||
| $ |
40,000 | 2.125 | % | 03/15/32 | $ 32,271 | |||||||
| 15,000 | 4.375 | 03/15/45 | 12,926 | |||||||||
| 100,000 | 3.550 | 03/15/50 | 73,021 | |||||||||
| Kellogg Co. | ||||||||||||
| 100,000 | 4.500 | 04/01/46 | 88,620 | |||||||||
| Keurig Dr Pepper, Inc. | ||||||||||||
| 100,000 | 4.420 | 12/15/46 | 84,910 | |||||||||
| 300,000 | 4.500 | 04/15/52 | 258,251 | |||||||||
| Kraft Heinz Foods Co. | ||||||||||||
| 159,000 | 3.000 | 06/01/26 | 151,152 | |||||||||
| 40,000 | 3.875 | 05/15/27 | 38,751 | |||||||||
| 80,000 | 3.750 | 04/01/30 | 74,626 | |||||||||
| 22,000 | 5.000 | 07/15/35 | 21,691 | |||||||||
| 285,000 | 5.200 | 07/15/45 | 270,438 | |||||||||
| 110,000 | 4.375 | 06/01/46 | 92,512 | |||||||||
| 40,000 | 4.875 | 10/01/49 | 36,229 | |||||||||
| Molson Coors Beverage Co. | ||||||||||||
| 120,000 | 4.200 | 07/15/46 | 96,718 | |||||||||
| PepsiCo, Inc. | ||||||||||||
| 300,000 | 3.500 | 07/17/25 | 292,328 | |||||||||
| 146,000 | 2.750 | 03/19/30 | 131,902 | |||||||||
| Sysco Corp. | ||||||||||||
| 80,000 | 2.400 | 02/15/30 | 68,616 | |||||||||
|
| ||||||||||||
| 2,970,740 | ||||||||||||
|
| ||||||||||||
| Hardware – 0.1% | ||||||||||||
| Micron Technology, Inc. | ||||||||||||
| 150,000 | 6.750 | 11/01/29 | 156,750 | |||||||||
| 370,000 | 3.366 | 11/01/41 | 253,256 | |||||||||
|
| ||||||||||||
| 410,006 | ||||||||||||
|
| ||||||||||||
| Healthcare – 1.0% | ||||||||||||
| Aetna, Inc. | ||||||||||||
| 40,000 | 4.750 | 03/15/44 | 35,402 | |||||||||
| Bio-Rad Laboratories, Inc. | ||||||||||||
| 100,000 | 3.700 | 03/15/32 | 88,134 | |||||||||
| Cigna Group (The) | ||||||||||||
| 400,000 | 4.375 | 10/15/28 | 389,545 | |||||||||
| CVS Health Corp. | ||||||||||||
| 200,000 | 3.250 | 08/15/29 | 180,755 | |||||||||
| 250,000 | 3.750 | 04/01/30 | 230,071 | |||||||||
| 76,000 | 1.750 | 08/21/30 | 61,187 | |||||||||
| 280,000 | 4.780 | 03/25/38 | 260,015 | |||||||||
| 370,000 | 5.050 | 03/25/48 | 335,123 | |||||||||
| 100,000 | 4.250 | 04/01/50 | 80,972 | |||||||||
| Elevance Health, Inc. | ||||||||||||
| 150,000 | 2.550 | 03/15/31 | 127,297 | |||||||||
| 15,000 | 4.650 | 08/15/44 | 13,429 | |||||||||
| 40,000 | 4.850 | 08/15/54 | 34,338 | |||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Healthcare – (continued) | ||||||||||||
| Evernorth Health, Inc. | ||||||||||||
| $ |
120,000 | 4.500 | % | 02/25/26 | $ 118,604 | |||||||
| HCA, Inc. | ||||||||||||
| 70,000 | 5.875 | 02/15/26 | 70,262 | |||||||||
| 46,000 | 5.250 | 06/15/26 | 45,540 | |||||||||
| 90,000 | 5.375 | 09/01/26 | 89,775 | |||||||||
| 40,000 | 4.500 | 02/15/27 | 38,925 | |||||||||
| 25,000 | 5.625 | 09/01/28 | 25,219 | |||||||||
| 785,000 | 5.875 | 02/01/29 | 796,775 | |||||||||
| 75,000 | 4.125 | 06/15/29 | 69,690 | |||||||||
| 50,000 | 3.500 | 09/01/30 | 44,159 | |||||||||
| 40,000 | 5.500 | 06/15/47 | 36,701 | |||||||||
| Humana, Inc. | ||||||||||||
| 100,000 | 2.150 | 02/03/32 | 79,390 | |||||||||
| McKesson Corp. | ||||||||||||
| 200,000 | 3.950 | 02/16/28 | 193,260 | |||||||||
| Quest Diagnostics, Inc. | ||||||||||||
| 100,000 | 2.800 | 06/30/31 | 85,826 | |||||||||
| UnitedHealth Group, Inc. | ||||||||||||
| 250,000 | 4.625 | 07/15/35 | 245,374 | |||||||||
| 250,000 | 4.750 | 07/15/45 | 235,290 | |||||||||
| 450,000 | 3.750 | 10/15/47 | 360,092 | |||||||||
| 25,000 | 2.900 | 05/15/50 | 17,383 | |||||||||
| 300,000 | 5.200 | 04/15/63 | 295,960 | |||||||||
|
| ||||||||||||
| 4,684,493 | ||||||||||||
|
| ||||||||||||
| Insurance – 0.7% | ||||||||||||
| American International Group, Inc. | ||||||||||||
| 50,000 | 3.900 | 04/01/26 | 48,524 | |||||||||
| Aon Global Ltd. | ||||||||||||
| 100,000 | 4.600 | 06/14/44 | 87,417 | |||||||||
| Arch Capital Group Ltd. | ||||||||||||
| 90,000 | 3.635 | 06/30/50 | 65,885 | |||||||||
| Arch Capital Group US, Inc. | ||||||||||||
| 40,000 | 5.144 | 11/01/43 | 36,157 | |||||||||
| Assurant, Inc. | ||||||||||||
| 100,000 | 2.650 | 01/15/32 | 76,550 | |||||||||
| AXIS Specialty Finance LLC | ||||||||||||
| 40,000 | 3.900 | 07/15/29 | 37,139 | |||||||||
| Berkshire Hathaway Finance Corp. | ||||||||||||
| 150,000 | 4.250 | 01/15/49 | 135,412 | |||||||||
| Berkshire Hathaway, Inc. | ||||||||||||
| 350,000 | 3.125 | 03/15/26 | 339,866 | |||||||||
| Brighthouse Financial, Inc. | ||||||||||||
| 40,000 | 5.625 | 05/15/30 | 37,671 | |||||||||
| 75,000 | 4.700 | 06/22/47 | 55,054 | |||||||||
| Chubb INA Holdings, Inc. | ||||||||||||
| 150,000 | 3.350 | 05/03/26 | 146,164 | |||||||||
| 100,000 | 1.375 | 09/15/30 | 79,553 | |||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Insurance – (continued) | ||||||||||||
| CNO Financial Group, Inc. | ||||||||||||
| $ |
200,000 | 5.250 | % | 05/30/29 | $ 189,750 | |||||||
| Fidelity National Financial, Inc. | ||||||||||||
| 230,000 | 3.400 | 06/15/30 | 199,406 | |||||||||
| Hartford Financial Services Group, Inc. (The) | ||||||||||||
| 30,000 | 3.600 | 08/19/49 | 22,406 | |||||||||
| Jackson Financial, Inc. | ||||||||||||
| 100,000 | 3.125 | 11/23/31 | 77,700 | |||||||||
| Marsh & McLennan Cos., Inc. | ||||||||||||
| 80,000 | 3.500 | 06/03/24 | 78,454 | |||||||||
| 100,000 | 2.375 | 12/15/31 | 82,084 | |||||||||
| 100,000 | 4.350 | 01/30/47 | 84,547 | |||||||||
| MetLife, Inc. | ||||||||||||
| 15,000 | 4.125 | 08/13/42 | 12,321 | |||||||||
| 80,000 | 4.600 | 05/13/46 | 70,003 | |||||||||
| PartnerRe Finance B LLC | ||||||||||||
| 150,000 | 3.700 | 07/02/29 | 140,497 | |||||||||
| (US 5 Year CMT T-Note + 3.815%) | ||||||||||||
| 300,000 | 4.500 | (b) | 10/01/50 | 248,130 | ||||||||
| Prudential Financial, Inc. | ||||||||||||
| 40,000 | 3.935 | 12/07/49 | 31,275 | |||||||||
| Prudential Financial, Inc., MTN | ||||||||||||
| 15,000 | 6.625 | 06/21/40 | 16,333 | |||||||||
| 15,000 | 4.350 | 02/25/50 | 12,562 | |||||||||
| 60,000 | 3.700 | 03/13/51 | 45,071 | |||||||||
| Radian Group, Inc. | ||||||||||||
| 250,000 | 4.500 | 10/01/24 | 242,500 | |||||||||
| Reinsurance Group of America, Inc. | ||||||||||||
| 430,000 | 3.900 | 05/15/29 | 397,457 | |||||||||
| Travelers Cos., Inc. (The) | ||||||||||||
| 150,000 | 3.750 | 05/15/46 | 120,266 | |||||||||
| Voya Financial, Inc.(b) | ||||||||||||
| (3M USD LIBOR + 2.084%) | ||||||||||||
| 40,000 | 4.700 | 01/23/48 | 32,674 | |||||||||
| W R Berkley Corp. | ||||||||||||
| 40,000 | 4.750 | 08/01/44 | 35,195 | |||||||||
| Willis North America, Inc. | ||||||||||||
| 200,000 | 5.050 | 09/15/48 | 171,228 | |||||||||
|
| ||||||||||||
| 3,455,251 | ||||||||||||
|
| ||||||||||||
| Metals – 0.2% | ||||||||||||
| Nucor Corp. | ||||||||||||
| 500,000 | 3.950 | 05/23/25 | 490,285 | |||||||||
| Steel Dynamics, Inc. | ||||||||||||
| 80,000 | 3.450 | 04/15/30 | 71,300 | |||||||||
| 145,000 | 3.250 | 01/15/31 | 126,513 | |||||||||
|
| ||||||||||||
| 688,098 | ||||||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| REITs and Real Estate – 0.8% | ||||||||||||
| Alexandria Real Estate Equities, Inc. | ||||||||||||
| $ |
100,000 | 3.375 | % | 08/15/31 | $ 86,134 | |||||||
| Brandywine Operating Partnership LP | ||||||||||||
| 100,000 | 3.950 | 11/15/27 | 73,333 | |||||||||
| CBRE Services, Inc. | ||||||||||||
| 129,000 | 2.500 | 04/01/31 | 103,652 | |||||||||
| Corporate Office Properties LP | ||||||||||||
| 490,000 | 2.750 | 04/15/31 | 364,748 | |||||||||
| Digital Realty Trust LP | ||||||||||||
| 40,000 | 3.700 | 08/15/27 | 36,612 | |||||||||
| Equinix, Inc. | ||||||||||||
| 95,000 | 3.000 | 07/15/50 | 61,188 | |||||||||
| GLP Capital LP / GLP Financing II, Inc. | ||||||||||||
| 50,000 | 3.350 | 09/01/24 | 48,263 | |||||||||
| 90,000 | 5.250 | 06/01/25 | 88,054 | |||||||||
| 40,000 | 5.750 | 06/01/28 | 39,005 | |||||||||
| 255,000 | 4.000 | 01/15/30 | 223,002 | |||||||||
| 72,000 | 4.000 | 01/15/31 | 62,254 | |||||||||
| Healthcare Realty Holdings LP | ||||||||||||
| 410,000 | 2.000 | 03/15/31 | 316,471 | |||||||||
| Life Storage LP | ||||||||||||
| 140,000 | 2.400 | 10/15/31 | 111,494 | |||||||||
| Mid-America Apartments LP | ||||||||||||
| 100,000 | 2.875 | 09/15/51 | 63,794 | |||||||||
| Prologis LP | ||||||||||||
| 80,000 | 4.000 | 09/15/28 | 77,339 | |||||||||
| 200,000 | 2.250 | 04/15/30 | 170,205 | |||||||||
| 40,000 | 1.250 | 10/15/30 | 31,089 | |||||||||
| 120,000 | 2.125 | 10/15/50 | 66,627 | |||||||||
| Public Storage | ||||||||||||
| 60,000 | 3.094 | 09/15/27 | 56,392 | |||||||||
| Realty Income Corp. | ||||||||||||
| 200,000 | 5.625 | 10/13/32 | 204,732 | |||||||||
| Sabra Health Care LP | ||||||||||||
| 85,000 | 5.125 | 08/15/26 | 80,240 | |||||||||
| 100,000 | 3.200 | 12/01/31 | 74,064 | |||||||||
| Simon Property Group LP | ||||||||||||
| 200,000 | 2.450 | 09/13/29 | 169,954 | |||||||||
| 100,000 | 2.200 | 02/01/31 | 80,629 | |||||||||
| 10,000 | 6.750 | 02/01/40 | 10,828 | |||||||||
| 250,000 | 5.850 | 03/08/53 | 245,932 | |||||||||
| UDR, Inc., MTN | ||||||||||||
| 100,000 | 1.900 | 03/15/33 | 73,687 | |||||||||
| Vornado Realty LP | ||||||||||||
| 220,000 | 3.500 | 01/15/25 | 203,383 | |||||||||
| Welltower OP LLC | ||||||||||||
| 200,000 | 4.000 | 06/01/25 | 193,919 | |||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| REITs and Real Estate – (continued) | ||||||||||||
| Welltower OP LLC – (continued) | ||||||||||||
| $ |
200,000 | 4.250 | % | 04/15/28 | $ 190,568 | |||||||
|
| ||||||||||||
| 3,607,592 | ||||||||||||
|
| ||||||||||||
| Revenue – 0.1% | ||||||||||||
| California Institute of Technology | ||||||||||||
| 15,000 | 3.650 | 09/01/19 | 10,204 | |||||||||
| Hackensack Meridian Health, Inc., Series 2020 | ||||||||||||
| 15,000 | 2.675 | 09/01/41 | 10,531 | |||||||||
| Stanford Health Care | ||||||||||||
| 100,000 | 3.027 | 08/15/51 | 69,395 | |||||||||
| University of Chicago (The), Series 20B | ||||||||||||
| 40,000 | 2.761 | 04/01/45 | 30,988 | |||||||||
| Yale University, Series 2020 | ||||||||||||
| 190,000 | 1.482 | 04/15/30 | 156,164 | |||||||||
| 80,000 | 2.402 | 04/15/50 | 51,829 | |||||||||
|
| ||||||||||||
| 329,111 | ||||||||||||
|
| ||||||||||||
| Software – 0.3% | ||||||||||||
| Oracle Corp. | ||||||||||||
| 800,000 | 2.300 | 03/25/28 | 709,197 | |||||||||
| 500,000 | 4.900 | 02/06/33 | 482,472 | |||||||||
| 300,000 | 3.600 | 04/01/40 | 227,760 | |||||||||
| Salesforce, Inc. | ||||||||||||
| 20,000 | 2.900 | 07/15/51 | 13,739 | |||||||||
|
| ||||||||||||
| 1,433,168 | ||||||||||||
|
| ||||||||||||
| Technology – 1.2% | ||||||||||||
| Adobe, Inc. | ||||||||||||
| 40,000 | 2.300 | 02/01/30 | 35,296 | |||||||||
| Alphabet, Inc. | ||||||||||||
| 150,000 | 2.250 | 08/15/60 | 89,965 | |||||||||
| Apple, Inc. | ||||||||||||
| 90,000 | 3.450 | 05/06/24 | 88,498 | |||||||||
| 400,000 | 1.800 | 09/11/24 | 385,049 | |||||||||
| 50,000 | 3.200 | 05/13/25 | 48,774 | |||||||||
| 40,000 | 2.450 | 08/04/26 | 37,829 | |||||||||
| 15,000 | 3.350 | 02/09/27 | 14,622 | |||||||||
| 15,000 | 3.200 | 05/11/27 | 14,473 | |||||||||
| 60,000 | 2.900 | 09/12/27 | 57,100 | |||||||||
| 40,000 | 1.650 | 02/08/31 | 33,380 | |||||||||
| 45,000 | 4.500 | 02/23/36 | 46,176 | |||||||||
| 80,000 | 3.850 | 05/04/43 | 71,070 | |||||||||
| 80,000 | 4.450 | 05/06/44 | 78,397 | |||||||||
| 300,000 | 4.650 | 02/23/46 | 298,140 | |||||||||
| 50,000 | 3.750 | 11/13/47 | 42,796 | |||||||||
| 300,000 | 2.650 | 02/08/51 | 204,926 | |||||||||
| 160,000 | 2.550 | 08/20/60 | 103,901 | |||||||||
| Applied Materials, Inc. | ||||||||||||
| 125,000 | 3.900 | 10/01/25 | 122,726 | |||||||||
| 256,000 | 3.300 | 04/01/27 | 246,692 | |||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Technology – (continued) | ||||||||||||
| Broadcom, Inc. | ||||||||||||
| $ |
300,000 | 4.110 | % | 09/15/28 | $ 285,206 | |||||||
| 90,000 | 3.469 | (c) | 04/15/34 | 73,814 | ||||||||
| 60,000 | 3.187 | (c) | 11/15/36 | 44,890 | ||||||||
| 160,000 | 3.500 | (c) | 02/15/41 | 118,337 | ||||||||
| Corning, Inc. | ||||||||||||
| 125,000 | 5.350 | 11/15/48 | 120,824 | |||||||||
| 45,000 | 4.375 | 11/15/57 | 36,324 | |||||||||
| Fiserv, Inc. | ||||||||||||
| 235,000 | 4.400 | 07/01/49 | 194,132 | |||||||||
| Hewlett Packard Enterprise Co. | ||||||||||||
| 100,000 | 6.350 | 10/15/45 | 102,205 | |||||||||
| International Business Machines Corp. | ||||||||||||
| 15,000 | 5.875 | 11/29/32 | 16,162 | |||||||||
| 150,000 | 4.150 | 05/15/39 | 130,520 | |||||||||
| 250,000 | 4.000 | 06/20/42 | 207,420 | |||||||||
| Jabil, Inc. | ||||||||||||
| 80,000 | 3.600 | 01/15/30 | 71,356 | |||||||||
| KLA Corp. | ||||||||||||
| 60,000 | 3.300 | 03/01/50 | 44,657 | |||||||||
| Kyndryl Holdings, Inc. | ||||||||||||
| 323,000 | 2.700 | 10/15/28 | 266,738 | |||||||||
| 100,000 | 3.150 | 10/15/31 | 74,058 | |||||||||
| 100,000 | 4.100 | 10/15/41 | 64,603 | |||||||||
| Lam Research Corp. | ||||||||||||
| 40,000 | 3.125 | 06/15/60 | 26,743 | |||||||||
| Leidos, Inc. | ||||||||||||
| 100,000 | 4.375 | 05/15/30 | 91,500 | |||||||||
| Microsoft Corp. | ||||||||||||
| 65,000 | 3.300 | 02/06/27 | 63,607 | |||||||||
| 15,000 | 3.500 | 02/12/35 | 14,145 | |||||||||
| 203,000 | 4.200 | 11/03/35 | 201,630 | |||||||||
| 220,000 | 4.250 | 02/06/47 | 213,372 | |||||||||
| 200,000 | 4.000 | 02/12/55 | 181,757 | |||||||||
| 20,000 | 2.675 | 06/01/60 | 13,370 | |||||||||
| Motorola Solutions, Inc. | ||||||||||||
| 624,000 | 2.750 | 05/24/31 | 514,667 | |||||||||
| NVIDIA Corp. | ||||||||||||
| 250,000 | 3.500 | 04/01/50 | 200,953 | |||||||||
| QUALCOMM, Inc. | ||||||||||||
| 250,000 | 4.300 | 05/20/47 | 221,154 | |||||||||
| VeriSign, Inc. | ||||||||||||
| 350,000 | 2.700 | 06/15/31 | 292,688 | |||||||||
|
| ||||||||||||
| 5,906,642 | ||||||||||||
|
| ||||||||||||
| Transportation – 0.3% | ||||||||||||
| CSX Corp. | ||||||||||||
| 250,000 | 4.100 | 11/15/32 | 237,804 | |||||||||
| 100,000 | 4.500 | 11/15/52 | 88,855 | |||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Transportation – (continued) | ||||||||||||
| FedEx Corp. | ||||||||||||
| $ |
40,000 | 3.900 | % | 02/01/35 | $ 35,096 | |||||||
| 300,000 | 4.750 | 11/15/45 | 262,332 | |||||||||
| 40,000 | 4.400 | 01/15/47 | 33,258 | |||||||||
| 40,000 | 4.950 | 10/17/48 | 36,143 | |||||||||
| Norfolk Southern Corp. | ||||||||||||
| 120,000 | 3.050 | 05/15/50 | 81,298 | |||||||||
| Southwest Airlines Co. | ||||||||||||
| 40,000 | 5.250 | 05/04/25 | 39,777 | |||||||||
| Union Pacific Corp. | ||||||||||||
| 40,000 | 3.700 | 03/01/29 | 38,443 | |||||||||
| 70,000 | 4.050 | 03/01/46 | 58,502 | |||||||||
| 10,000 | 4.500 | 09/10/48 | 8,826 | |||||||||
| 80,000 | 3.799 | 10/01/51 | 64,905 | |||||||||
| 60,000 | 3.839 | 03/20/60 | 46,824 | |||||||||
| 15,000 | 3.750 | 02/05/70 | 11,269 | |||||||||
| Union Pacific Railroad Co. Pass-Through Trust, Series 2015-1 | ||||||||||||
| 181,330 | 2.695 | 05/12/27 | 165,764 | |||||||||
| United Airlines Pass-Through Trust, Series A | ||||||||||||
| 127,993 | 2.900 | 05/01/28 | 108,363 | |||||||||
| United Parcel Service, Inc. | ||||||||||||
| 40,000 | 3.625 | 10/01/42 | 33,227 | |||||||||
| 15,000 | 4.250 | 03/15/49 | 13,258 | |||||||||
| 15,000 | 5.300 | 04/01/50 | 15,673 | |||||||||
|
| ||||||||||||
| 1,379,617 | ||||||||||||
|
| ||||||||||||
| Water – 0.0% | ||||||||||||
| Essential Utilities, Inc. | ||||||||||||
| 100,000 | 3.351 | % | 04/15/50 | 69,268 | ||||||||
|
| ||||||||||||
| Wireless – 0.9% | ||||||||||||
| American Tower Corp. | ||||||||||||
| 200,000 | 3.375 | 10/15/26 | 188,590 | |||||||||
| 40,000 | 3.950 | 03/15/29 | 37,279 | |||||||||
| 100,000 | 3.700 | 10/15/49 | 70,568 | |||||||||
| 20,000 | 3.100 | 06/15/50 | 12,812 | |||||||||
| AT&T, Inc. | ||||||||||||
| 320,000 | 2.750 | 06/01/31 | 270,125 | |||||||||
| 395,000 | 2.250 | 02/01/32 | 316,704 | |||||||||
| 250,000 | 4.500 | 05/15/35 | 229,939 | |||||||||
| 400,000 | 3.500 | 06/01/41 | 304,435 | |||||||||
| 140,000 | 3.650 | 06/01/51 | 101,369 | |||||||||
| 100,000 | 3.300 | 02/01/52 | 69,185 | |||||||||
| 300,000 | 3.500 | 09/15/53 | 209,184 | |||||||||
| 310,000 | 3.550 | 09/15/55 | 213,112 | |||||||||
| Crown Castle, Inc. | ||||||||||||
| 40,000 | 3.300 | 07/01/30 | 35,301 | |||||||||
| 140,000 | 4.150 | 07/01/50 | 109,147 | |||||||||
| T-Mobile USA, Inc. | ||||||||||||
| 400,000 | 3.750 | 04/15/27 | 379,581 | |||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Wireless – (continued) | ||||||||||||
| T-Mobile USA, Inc. – (continued) | ||||||||||||
| $ |
400,000 | 4.500 | % | 04/15/50 | $ 340,038 | |||||||
| 100,000 | 5.650 | 01/15/53 | 100,303 | |||||||||
| Verizon Communications, Inc. | ||||||||||||
| 500,000 | 0.850 | 11/20/25 | 454,292 | |||||||||
| 500,000 | 2.355 | 03/15/32 | 404,066 | |||||||||
| 350,000 | 3.400 | 03/22/41 | 266,136 | |||||||||
| 300,000 | 2.987 | 10/30/56 | 185,589 | |||||||||
| 40,000 | 3.700 | 03/22/61 | 28,636 | |||||||||
|
| ||||||||||||
| 4,326,391 | ||||||||||||
|
| ||||||||||||
| TOTAL CORPORATE OBLIGATIONS (Cost $106,578,959) |
$ 95,804,347 | |||||||||||
|
| ||||||||||||
| U.S. Treasury Bonds – 7.7%(e) | ||||||||||||
| U.S. Treasury Bonds | ||||||||||||
| $ |
1,450,000 | 4.500 | % | 02/15/36 | $ 1,584,382 | |||||||
| 5,480,000 | 4.375 | 02/15/38 | 5,887,272 | |||||||||
| 7,889,000 | 3.875 | 08/15/40 | 7,901,327 | |||||||||
| 13,791,000 | 2.500 | 02/15/45 | 10,724,381 | |||||||||
| 5,673,000 | 2.500 | 05/15/46 | 4,381,582 | |||||||||
| 8,946,000 | 2.250 | 02/15/52 | 6,461,521 | |||||||||
|
| ||||||||||||
| TOTAL U.S. TREASURY BONDS (Cost $43,489,650) |
$ 36,940,465 | |||||||||||
|
| ||||||||||||
| Foreign Corporate Debt – 5.0% | ||||||||||||
| Banks – 2.0% | ||||||||||||
| Banco Bilbao Vizcaya Argentaria SA (Spain) | ||||||||||||
| $ |
200,000 | 1.125 | % | 09/18/25 | $ 181,107 | |||||||
| Banco Santander SA (Spain) | ||||||||||||
| 280,000 | 3.892 | 05/24/24 | 274,698 | |||||||||
| 200,000 | 1.849 | 03/25/26 | 179,863 | |||||||||
| 200,000 | 3.800 | 02/23/28 | 184,559 | |||||||||
| Bank of Montreal(b) (Canada) | ||||||||||||
| (5 Year USD Swap + 1.432%) | ||||||||||||
| 110,000 | 3.803 | 12/15/32 | 98,021 | |||||||||
| Bank of Montreal, MTN (Canada) | ||||||||||||
| 200,000 | 2.500 | 06/28/24 | 193,985 | |||||||||
| Barclays PLC (United Kingdom) | ||||||||||||
| 200,000 | 4.375 | 09/11/24 | 195,209 | |||||||||
| 200,000 | 5.200 | 05/12/26 | 194,282 | |||||||||
| (US 1 Year CMT T-Note + 3.050%) | ||||||||||||
| 300,000 | 7.325 | (b) | 11/02/26 | 311,777 | ||||||||
| Credit Suisse Group AG (Switzerland) | ||||||||||||
| 400,000 | 3.750 | 03/26/25 | 377,500 | |||||||||
| Deutsche Bank AG(b) (Germany) | ||||||||||||
| (SOFR + 1.318%) | ||||||||||||
| 500,000 | 2.552 | 01/07/28 | 436,339 | |||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Foreign Corporate Debt – (continued) | ||||||||||||
| Banks – (continued) | ||||||||||||
| Export-Import Bank of China/The(c) (China) | ||||||||||||
| $ |
400,000 | 3.625 | % | 07/31/24 | $ 393,294 | |||||||
| Export-Import Bank of Korea (South Korea) | ||||||||||||
| 340,000 | 2.625 | 05/26/26 | 317,886 | |||||||||
| 300,000 | 1.250 | 09/21/30 | 240,728 | |||||||||
| 300,000 | 2.500 | 06/29/41 | 221,671 | |||||||||
| ING Groep NV (Netherlands) | ||||||||||||
| 354,000 | 4.550 | 10/02/28 | 342,819 | |||||||||
| Korea Development Bank (The) (South Korea) | ||||||||||||
| 300,000 | 0.800 | 07/19/26 | 263,353 | |||||||||
| 400,000 | 4.375 | 02/15/33 | 393,978 | |||||||||
| Landwirtschaftliche Rentenbank (Germany) | ||||||||||||
| 15,000 | 3.125 | 11/14/23 | 14,819 | |||||||||
| 70,000 | 0.875 | 03/30/26 | 63,909 | |||||||||
| Lloyds Banking Group PLC (United Kingdom) | ||||||||||||
| 300,000 | 4.375 | 03/22/28 | 289,130 | |||||||||
| Mitsubishi UFJ Financial Group, Inc. (Japan) | ||||||||||||
| 500,000 | 2.193 | 02/25/25 | 472,087 | |||||||||
| (US 1 Year CMT T-Note + 1.950%) | ||||||||||||
| 500,000 | 5.017 | (b) | 07/20/28 | 495,226 | ||||||||
| (US 1 Year CMT T-Note + 1.970%) | ||||||||||||
| 400,000 | 5.406 | (b) | 04/19/34 | 403,476 | ||||||||
| Mizuho Financial Group, Inc. (Japan) | ||||||||||||
| (US 1 Year CMT T-Note + 0.750%) | ||||||||||||
| 200,000 | 1.554 | (b) | 07/09/27 | 177,191 | ||||||||
| 400,000 | 3.170 | 09/11/27 | 370,419 | |||||||||
| NatWest Group PLC(b) (United Kingdom) | ||||||||||||
| (US 5 Year CMT T-Note + 2.350%) | ||||||||||||
| 300,000 | 3.032 | 11/28/35 | 232,530 | |||||||||
| Royal Bank of Canada (Canada) | ||||||||||||
| 285,000 | 3.875 | 05/04/32 | 260,770 | |||||||||
| Santander UK Group Holdings PLC(b) (United Kingdom) | ||||||||||||
| (SOFR + 1.475%) | ||||||||||||
| 340,000 | 2.896 | 03/15/32 | 276,715 | |||||||||
| Sumitomo Mitsui Financial Group, Inc. (Japan) | ||||||||||||
| 400,000 | 3.364 | 07/12/27 | 376,476 | |||||||||
| 400,000 | 2.930 | 09/17/41 | 283,996 | |||||||||
| Svensk Exportkredit AB, GMTN (Sweden) | ||||||||||||
| 200,000 | 0.375 | 07/30/24 | 189,446 | |||||||||
| 200,000 | 0.625 | 05/14/25 | 185,004 | |||||||||
| Toronto-Dominion Bank (The)(b) (Canada) | ||||||||||||
| (5 Year USD Swap + 2.205%) | ||||||||||||
| 375,000 | 3.625 | 09/15/31 | 349,765 | |||||||||
| Westpac Banking Corp. (Australia) | ||||||||||||
| 200,000 | 2.850 | 05/13/26 | 189,929 | |||||||||
| 75,000 | 3.350 | 03/08/27 | 71,305 | |||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Foreign Corporate Debt – (continued) | ||||||||||||
| Banks – (continued) | ||||||||||||
| Westpac Banking Corp. (Australia) – (continued) | ||||||||||||
| $ |
40,000 | 2.150 | % | 06/03/31 | $ 33,411 | |||||||
| (US 5 Year CMT T-Note + 2.000%) | ||||||||||||
| 10,000 | 4.110 | (b) | 07/24/34 | 8,848 | ||||||||
| (US 5 Year CMT T-Note + 1.530%) | ||||||||||||
| 100,000 | 3.020 | (b) | 11/18/36 | 77,172 | ||||||||
|
| ||||||||||||
| 9,622,693 | ||||||||||||
|
| ||||||||||||
| Basic Industry – 0.0% | ||||||||||||
| Nutrien Ltd. (Canada) | ||||||||||||
| 100,000 | 2.950 | 05/13/30 | 87,525 | |||||||||
|
| ||||||||||||
| Brokerage – 0.1% | ||||||||||||
| Brookfield Finance, Inc. (Canada) | ||||||||||||
| 150,000 | 4.350 | 04/15/30 | 139,525 | |||||||||
| 15,000 | 3.500 | 03/30/51 | 9,841 | |||||||||
| Nomura Holdings, Inc. (Japan) | ||||||||||||
| 300,000 | 5.709 | 01/09/26 | 300,550 | |||||||||
|
| ||||||||||||
| 449,916 | ||||||||||||
|
| ||||||||||||
| Capital Goods – 0.0% | ||||||||||||
| Johnson Controls International PLC | ||||||||||||
| 100,000 | 4.500 | 02/15/47 | 85,532 | |||||||||
|
| ||||||||||||
| Communications – 0.0% | ||||||||||||
| RELX Capital, Inc. (United Kingdom) | ||||||||||||
| 100,000 | 3.000 | 05/22/30 | 88,654 | |||||||||
|
| ||||||||||||
| Consumer Cyclical – 0.1% | ||||||||||||
| Honda Motor Co. Ltd. (Japan) | ||||||||||||
| 400,000 | 2.534 | 03/10/27 | 372,263 | |||||||||
|
| ||||||||||||
| Consumer Noncyclical – 0.4% | ||||||||||||
| Ahold Finance USA LLC (Netherlands) | ||||||||||||
| 360,000 | 6.875 | 05/01/29 | 391,270 | |||||||||
| BAT Capital Corp. (United Kingdom) | ||||||||||||
| 400,000 | 2.789 | 09/06/24 | 385,806 | |||||||||
| 100,000 | 3.462 | 09/06/29 | 87,248 | |||||||||
| 80,000 | 3.984 | 09/25/50 | 52,663 | |||||||||
| 140,000 | 5.650 | 03/16/52 | 118,749 | |||||||||
| BAT International Finance PLC (United Kingdom) | ||||||||||||
| 50,000 | 1.668 | 03/25/26 | 44,968 | |||||||||
| Bayer US Finance II LLC (Germany) | ||||||||||||
| 100,000 | 3.375 | (c) | 07/15/24 | 97,635 | ||||||||
| 15,000 | 4.200 | (c) | 07/15/34 | 13,504 | ||||||||
| 50,000 | 4.400 | (c) | 07/15/44 | 40,154 | ||||||||
| 170,000 | 4.700 | (c) | 07/15/64 | 134,467 | ||||||||
| GlaxoSmithKline Capital, Inc. (United Kingdom) | ||||||||||||
| 200,000 | 6.375 | 05/15/38 | 229,011 | |||||||||
| Reynolds American, Inc. (United Kingdom) | ||||||||||||
| 250,000 | 5.850 | 08/15/45 | 219,412 | |||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Foreign Corporate Debt – (continued) | ||||||||||||
| Consumer Noncyclical – (continued) | ||||||||||||
| Takeda Pharmaceutical Co., Ltd. (Japan) | ||||||||||||
| $ |
250,000 | 2.050 | % | 03/31/30 | $ 209,290 | |||||||
|
| ||||||||||||
| 2,024,177 | ||||||||||||
|
| ||||||||||||
| Consumer Products – 0.0% | ||||||||||||
| Unilever Capital Corp. (United Kingdom) | ||||||||||||
| 100,000 | 0.626 | 08/12/24 | 94,812 | |||||||||
|
| ||||||||||||
| Electric – 0.0% | ||||||||||||
| Emera US Finance LP (Canada) | ||||||||||||
| 50,000 | 4.750 | 06/15/46 | 39,986 | |||||||||
|
| ||||||||||||
| Energy – 0.5% | ||||||||||||
| BP Capital Markets PLC (United Kingdom) | ||||||||||||
| 300,000 | 3.279 | 09/19/27 | 286,069 | |||||||||
| Canadian Natural Resources Ltd. (Canada) | ||||||||||||
| 85,000 | 6.250 | 03/15/38 | 87,101 | |||||||||
| Canadian Natural Resources Ltd., GMTN (Canada) | ||||||||||||
| 100,000 | 4.950 | 06/01/47 | 87,363 | |||||||||
| Cenovus Energy, Inc. (Canada) | ||||||||||||
| 100,000 | 2.650 | 01/15/32 | 81,075 | |||||||||
| 50,000 | 5.250 | 06/15/37 | 46,428 | |||||||||
| Enbridge, Inc. (Canada) | ||||||||||||
| 110,000 | 3.125 | 11/15/29 | 98,473 | |||||||||
| 15,000 | 5.500 | 12/01/46 | 14,060 | |||||||||
| (3M USD LIBOR + 3.641%) | ||||||||||||
| 15,000 | 6.250 | (b) | 03/01/78 | 13,763 | ||||||||
| Equinor ASA (Norway) | ||||||||||||
| 140,000 | 1.750 | 01/22/26 | 130,214 | |||||||||
| 40,000 | 3.625 | 09/10/28 | 38,675 | |||||||||
| 210,000 | 3.125 | 04/06/30 | 192,927 | |||||||||
| 510,000 | 3.700 | 04/06/50 | 411,898 | |||||||||
| Shell International Finance BV (Netherlands) | ||||||||||||
| 40,000 | 2.000 | 11/07/24 | 38,479 | |||||||||
| 55,000 | 3.250 | 05/11/25 | 53,592 | |||||||||
| 75,000 | 4.375 | 05/11/45 | 66,610 | |||||||||
| 462,000 | 4.000 | 05/10/46 | 385,671 | |||||||||
| TotalEnergies Capital International SA (France) | ||||||||||||
| 250,000 | 2.434 | 01/10/25 | 240,192 | |||||||||
| 185,000 | 3.455 | 02/19/29 | 174,592 | |||||||||
| 100,000 | 3.127 | 05/29/50 | 71,358 | |||||||||
|
| ||||||||||||
| 2,518,540 | ||||||||||||
|
| ||||||||||||
| Financial Company – 0.1% | ||||||||||||
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland) | ||||||||||||
| 455,000 | 3.300 | 01/30/32 | 369,565 | |||||||||
|
| ||||||||||||
| Food and Beverage – 0.3% | ||||||||||||
| Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Belgium) | ||||||||||||
| 180,000 | 4.900 | 02/01/46 | 171,073 | |||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Foreign Corporate Debt – (continued) | ||||||||||||
| Food and Beverage – (continued) | ||||||||||||
| Anheuser-Busch InBev Finance, Inc. (Belgium) | ||||||||||||
| $ |
55,000 | 4.700 | % | 02/01/36 | $ 53,875 | |||||||
| 100,000 | 4.900 | 02/01/46 | 95,193 | |||||||||
| Anheuser-Busch InBev Worldwide, Inc. (Belgium) | ||||||||||||
| 300,000 | 3.500 | 06/01/30 | 281,067 | |||||||||
| 46,000 | 4.375 | 04/15/38 | 43,160 | |||||||||
| 40,000 | 4.600 | 04/15/48 | 36,735 | |||||||||
| 40,000 | 5.550 | 01/23/49 | 41,937 | |||||||||
| 500,000 | 4.500 | 06/01/50 | 451,995 | |||||||||
| 90,000 | 4.750 | 04/15/58 | 83,090 | |||||||||
|
| ||||||||||||
| 1,258,125 | ||||||||||||
|
| ||||||||||||
| Forest Products & Paper – 0.1% | ||||||||||||
| Suzano Austria GmbH (Brazil) | ||||||||||||
| 200,000 | 5.000 | 01/15/30 | 186,287 | |||||||||
| Suzano Austria GmbH, Series DM3N (Brazil) | ||||||||||||
| 120,000 | 3.125 | 01/15/32 | 95,083 | |||||||||
|
| ||||||||||||
| 281,370 | ||||||||||||
|
| ||||||||||||
| Insurance – 0.1% | ||||||||||||
| Fairfax Financial Holdings Ltd. (Canada) | ||||||||||||
| 400,000 | 3.375 | 03/03/31 | 335,922 | |||||||||
|
| ||||||||||||
| Internet – 0.3% | ||||||||||||
| Alibaba Group Holding Ltd. (China) | ||||||||||||
| 440,000 | 3.400 | 12/06/27 | 412,311 | |||||||||
| Baidu, Inc. (China) | ||||||||||||
| 690,000 | 1.720 | 04/09/26 | 623,593 | |||||||||
| JD.com, Inc. (China) | ||||||||||||
| 200,000 | 3.875 | 04/29/26 | 192,984 | |||||||||
|
| ||||||||||||
| 1,228,888 | ||||||||||||
|
| ||||||||||||
| Media – 0.0% | ||||||||||||
| Grupo Televisa SAB (Mexico) | ||||||||||||
| 100,000 | 6.625 | 03/18/25 | 101,618 | |||||||||
|
| ||||||||||||
| Metals and Mining – 0.0% | ||||||||||||
| Rio Tinto Finance USA PLC (Australia) | ||||||||||||
| 200,000 | 5.125 | 03/09/53 | 198,302 | |||||||||
|
| ||||||||||||
| Mining – 0.0% | ||||||||||||
| Southern Copper Corp. (Mexico) | ||||||||||||
| 55,000 | 3.875 | 04/23/25 | 53,496 | |||||||||
| 100,000 | 5.875 | 04/23/45 | 101,472 | |||||||||
| Teck Resources Ltd. (Canada) | ||||||||||||
| 40,000 | 6.250 | 07/15/41 | 40,070 | |||||||||
|
| ||||||||||||
| 195,038 | ||||||||||||
|
| ||||||||||||
| Oil Company-Integrated – 0.4% | ||||||||||||
| Ecopetrol SA (Colombia) | ||||||||||||
| 200,000 | 8.875 | 01/13/33 | 195,250 | |||||||||
| Petroleos Mexicanos (Mexico) | ||||||||||||
| 225,000 | 6.875 | 08/04/26 | 205,263 | |||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Foreign Corporate Debt – (continued) | ||||||||||||
| Oil Company-Integrated – (continued) | ||||||||||||
| Petroleos Mexicanos (Mexico) – (continued) | ||||||||||||
| $ |
100,000 | 5.350 | % | 02/12/28 | $ 80,851 | |||||||
| 250,000 | 5.950 | 01/28/31 | 179,687 | |||||||||
| 250,000 | 10.000 | (c) | 02/07/33 | 224,560 | ||||||||
| 140,000 | 6.950 | 01/28/60 | 83,471 | |||||||||
| QatarEnergy(c) (Qatar) | ||||||||||||
| 400,000 | 3.300 | 07/12/51 | 289,423 | |||||||||
| Saudi Arabian Oil Co. (Saudi Arabia) | ||||||||||||
| 200,000 | 2.875 | (c) | 04/16/24 | 195,705 | ||||||||
| 300,000 | 2.250 | (c) | 11/24/30 | 251,393 | ||||||||
|
| ||||||||||||
| 1,705,603 | ||||||||||||
|
| ||||||||||||
| Pharmaceuticals – 0.1% | ||||||||||||
| Astrazeneca Finance LLC (United Kingdom) | ||||||||||||
| 350,000 | 2.250 | 05/28/31 | 297,921 | |||||||||
|
| ||||||||||||
| Technology – 0.1% | ||||||||||||
| NXP BV / NXP Funding LLC (China) | ||||||||||||
| 40,000 | 5.350 | 03/01/26 | 40,027 | |||||||||
| NXP BV / NXP Funding LLC / NXP USA, Inc. (China) | ||||||||||||
| 120,000 | 3.400 | 05/01/30 | 106,697 | |||||||||
| 244,000 | 2.500 | 05/11/31 | 199,645 | |||||||||
| 375,000 | 5.000 | 01/15/33 | 361,711 | |||||||||
|
| ||||||||||||
| 708,080 | ||||||||||||
|
| ||||||||||||
| Telecommunications – 0.1% | ||||||||||||
| America Movil SAB de CV (Mexico) | ||||||||||||
| 280,000 | 3.625 | 04/22/29 | 257,571 | |||||||||
| 200,000 | 2.875 | 05/07/30 | 174,096 | |||||||||
|
| ||||||||||||
| 431,667 | ||||||||||||
|
| ||||||||||||
| Transportation – 0.1% | ||||||||||||
| Canadian National Railway Co. (Canada) | ||||||||||||
| 40,000 | 4.450 | 01/20/49 | 36,236 | |||||||||
| Canadian Pacific Railway Co. (Canada) | ||||||||||||
| 250,000 | 2.450 | 12/02/31 | 220,804 | |||||||||
|
| ||||||||||||
| 257,040 | ||||||||||||
|
| ||||||||||||
| Wireless – 0.1% | ||||||||||||
| Rogers Communications, Inc.(c) (Canada) | ||||||||||||
| 170,000 | 4.500 | 03/15/42 | 140,124 | |||||||||
| Vodafone Group PLC (United Kingdom) | ||||||||||||
| 250,000 | 4.125 | 05/30/25 | 245,428 | |||||||||
| 300,000 | 4.375 | 05/30/28 | 294,672 | |||||||||
|
| ||||||||||||
| 680,224 | ||||||||||||
|
| ||||||||||||
| Wirelines – 0.1% | ||||||||||||
| Bell Telephone Co of Canada or Bell Canada/The (Canada) | ||||||||||||
| 80,000 | 4.300 | 07/29/49 | 65,846 | |||||||||
| Deutsche Telekom International Finance BV (Germany) | ||||||||||||
| 15,000 | 8.750 | 06/15/30 | 18,077 | |||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Foreign Corporate Debt – (continued) | ||||||||||||
| Wirelines – (continued) | ||||||||||||
| Orange SA (France) | ||||||||||||
| $ |
140,000 | 9.000 | % | 03/01/31 | $ 174,929 | |||||||
|
| ||||||||||||
| 258,852 | ||||||||||||
|
| ||||||||||||
| TOTAL FOREIGN CORPORATE DEBT (Cost $25,585,807) |
$ 23,692,313 | |||||||||||
|
| ||||||||||||
| Sovereign Debt Obligations – 2.3% | ||||||||||||
| Sovereign – 2.3% | ||||||||||||
| Abu Dhabi Government International Bond (United Arab Emirates) | ||||||||||||
| $ |
340,000 | 2.125 | %(c) | 09/30/24 | $ 326,474 | |||||||
| 200,000 | 2.500 | (c) | 04/16/25 | 191,994 | ||||||||
| 200,000 | 1.625 | (c) | 06/02/28 | 177,764 | ||||||||
| 200,000 | 2.700 | (c) | 09/02/70 | 121,427 | ||||||||
| Chile Government International Bond (Chile) | ||||||||||||
| 400,000 | 2.750 | 01/31/27 | 376,237 | |||||||||
| 200,000 | 2.450 | 01/31/31 | 174,745 | |||||||||
| 600,000 | 3.500 | 01/25/50 | 448,100 | |||||||||
| China Government International Bond(c) (China) | ||||||||||||
| 200,000 | 0.750 | 10/26/24 | 189,793 | |||||||||
| Colombia Government International Bond (Colombia) | ||||||||||||
| 200,000 | 3.875 | 04/25/27 | 181,033 | |||||||||
| 200,000 | 4.500 | 03/15/29 | 174,838 | |||||||||
| 100,000 | 6.125 | 01/18/41 | 79,567 | |||||||||
| 220,000 | 5.000 | 06/15/45 | 147,492 | |||||||||
| Hungary Government International Bond(c) (Hungary) | ||||||||||||
| 300,000 | 6.125 | 05/22/28 | 305,518 | |||||||||
| Indonesia Government International Bond (Indonesia) | ||||||||||||
| 200,000 | 3.850 | 10/15/30 | 190,062 | |||||||||
| 200,000 | 4.650 | 09/20/32 | 198,726 | |||||||||
| 300,000 | 4.850 | 01/11/33 | 304,133 | |||||||||
| 200,000 | 5.650 | 01/11/53 | 210,467 | |||||||||
| Malaysia Sovereign Sukuk BHD(c) (Malaysia) | ||||||||||||
| 300,000 | 3.043 | 04/22/25 | 291,762 | |||||||||
| Mexico Government International Bond (Mexico) | ||||||||||||
| 400,000 | 4.150 | 03/28/27 | 393,622 | |||||||||
| 250,000 | 3.250 | 04/16/30 | 223,097 | |||||||||
| 400,000 | 4.750 | 04/27/32 | 383,758 | |||||||||
| 250,000 | 3.500 | 02/12/34 | 211,127 | |||||||||
| 320,000 | 3.771 | 05/24/61 | 215,078 | |||||||||
| Panama Government International Bond (Panama) | ||||||||||||
| 250,000 | 6.700 | 01/26/36 | 268,125 | |||||||||
| 360,000 | 4.500 | 04/01/56 | 269,100 | |||||||||
| 400,000 | 4.500 | 01/19/63 | 290,000 | |||||||||
| Perusahaan Penerbit SBSN Indonesia III (Indonesia) | ||||||||||||
| 400,000 | 4.550 | (c) | 03/29/26 | 400,000 | ||||||||
| 200,000 | 2.800 | (c) | 06/23/30 | 179,250 | ||||||||
| 400,000 | 2.550 | (c) | 06/09/31 | 347,500 | ||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Sovereign Debt Obligations – (continued) | ||||||||||||
| Sovereign – (continued) | ||||||||||||
| Peruvian Government International Bond (Peru) | ||||||||||||
| $ |
200,000 | 2.783 | % | 01/23/31 | $ 171,088 | |||||||
| 350,000 | 1.862 | 12/01/32 | 266,009 | |||||||||
| 100,000 | 8.750 | 11/21/33 | 126,592 | |||||||||
| 100,000 | 3.300 | 03/11/41 | 75,049 | |||||||||
| Philippine Government International Bond (Philippines) | ||||||||||||
| 200,000 | 3.750 | 01/14/29 | 192,422 | |||||||||
| 400,000 | 2.457 | 05/05/30 | 348,679 | |||||||||
| 220,000 | 5.609 | 04/13/33 | 234,909 | |||||||||
| 250,000 | 6.375 | 10/23/34 | 281,775 | |||||||||
| Province of Alberta Canada (Canada) | ||||||||||||
| 50,000 | 3.300 | 03/15/28 | 48,194 | |||||||||
| Province of Ontario Canada (Canada) | ||||||||||||
| 30,000 | 1.050 | 05/21/27 | 26,606 | |||||||||
| 30,000 | 1.600 | 02/25/31 | 25,120 | |||||||||
| Province of Quebec Canada (Canada) | ||||||||||||
| 90,000 | 0.600 | 07/23/25 | 83,009 | |||||||||
| 25,000 | 2.750 | 04/12/27 | 23,730 | |||||||||
| Qatar Government International Bond (Qatar) | ||||||||||||
| 280,000 | 3.400 | (c) | 04/16/25 | 273,513 | ||||||||
| 200,000 | 4.817 | (c) | 03/14/49 | 191,423 | ||||||||
| Republic of Poland Government International Bond (Poland) | ||||||||||||
| 30,000 | 3.250 | 04/06/26 | 29,190 | |||||||||
| 100,000 | 5.750 | 11/16/32 | 106,367 | |||||||||
| Romanian Government International Bond (Romania) | ||||||||||||
| 16,000 | 3.000 | (c) | 02/14/31 | 13,231 | ||||||||
| 50,000 | 5.125 | (c) | 06/15/48 | 41,088 | ||||||||
| Saudi Government International Bond (Saudi Arabia) | ||||||||||||
| 300,000 | 2.900 | (c) | 10/22/25 | 288,290 | ||||||||
| 500,000 | 4.875 | (c) | 07/18/33 | 505,175 | ||||||||
| 300,000 | 5.000 | (c) | 01/18/53 | 278,088 | ||||||||
| Uruguay Government International Bond (Uruguay) | ||||||||||||
| 15,000 | 4.375 | 01/23/31 | 15,000 | |||||||||
| 250,000 | 5.100 | 06/18/50 | 246,406 | |||||||||
|
| ||||||||||||
| 11,161,742 | ||||||||||||
|
| ||||||||||||
| TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $11,806,463) |
$ 11,161,742 | |||||||||||
|
| ||||||||||||
| U.S. Treasury Obligations – 4.5%(e) | ||||||||||||
| U.S. Treasury Bonds | ||||||||||||
| $ |
14,386,000 | 2.750 | % | 08/15/42 | $ 11,941,805 | |||||||
| 4,940,000 | 2.375 | 11/15/49 | 3,692,215 | |||||||||
| 8,551,000 | 2.000 | 02/15/50 | 5,861,705 | |||||||||
|
| ||||||||||||
| TOTAL U.S. TREASURY OBLIGATIONS (Cost $23,508,692) |
$ 21,495,725 | |||||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Shares | Dividend Rate |
Value | ||||||
| Investment Company – 9.2%(f) |
| |||||||
| Goldman Sachs Financial Square Government Fund – Institutional Shares |
| |||||||
| 44,019,538 |
5.003% | $ 44,019,538 | ||||||
| (Cost $44,019,538) |
| |||||||
|
|
||||||||
| TOTAL INVESTMENTS – 113.6% (Cost $568,242,626) |
|
$542,651,274 | ||||||
|
|
||||||||
| LIABILITIES IN EXCESS OF ASSETS – (13.6)% |
|
(64,924,820) | ||||||
|
|
||||||||
| NET ASSETS – 100.0% |
|
$477,726,454 | ||||||
|
|
||||||||
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
| (a) | TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $74,006,274 which represents approximately 15.5% of the Fund’s net assets as of May 31, 2023. | |
| (b) | Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on May 31, 2023. | |
| (c) | Exempt from registration under Rule 144A of the Securities Act of 1933. | |
| (d) | Step coupon. | |
| (e) | Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices. | |
| (f) | Represents an affiliated issuer. | |
|
| ||
| Investment Abbreviations: | ||
| CMT | — Constant Maturity Treasury Index | |
| GMTN | — Global Medium Term Note | |
| LIBOR | — London Interbank Offered Rate | |
| LP | — Limited Partnership | |
| MTN | — Medium Term Note | |
| PLC | — Public Limited Company | |
| REIT | — Real Estate Investment Trust | |
| SOFR | — Secured Overnight Financing Rate | |
| SOFRINDX | — Secured Overnight Financing Rate Index | |
|
| ||
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
ADDITIONAL INVESTMENT INFORMATION
FORWARD SALES CONTRACTS — At May 31, 2023, the Fund had the following forward sales contracts:
| Description | Interest Rate |
Maturity Date(a) |
Settlement Date |
Principal Amount |
Value | |||||||||||||||
|
|
||||||||||||||||||||
| Federal National Mortgage Association |
2.000 | % | TBA-30yr | 06/15/53 | $ | (14,000,000 | ) | $ | (11,506,250 | ) | ||||||||||
| Federal National Mortgage Association |
5.000 | TBA-30yr | 06/15/53 | (15,000,000 | ) | (14,751,563 | ) | |||||||||||||
|
|
||||||||||||||||||||
| Total (Proceed Receivable $(26,601,641)) |
$ | (26,257,813 | ) | |||||||||||||||||
|
|
||||||||||||||||||||
| (a) | TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. |
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF
Schedule of Investments
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Asset-Backed Securities – 21.9% | ||||||||||||
| Access to Loans for Learning Student Loan Corp., Series 2010-I, Class A3(a) | ||||||||||||
| (3M USD LIBOR + 0.800%) | ||||||||||||
| $ |
462,333 | 6.055 | % | 04/25/37 | $ 463,475 | |||||||
| Access to Loans for Learning Student Loan Corp., Series 2012-1, Class A(a) | ||||||||||||
| (1M USD LIBOR + 0.700%) | ||||||||||||
| 15,848 | 5.838 | 07/25/36 | 15,751 | |||||||||
| Ally Auto Receivables Trust, Series 2022-1, Class A3 | ||||||||||||
| 3,170,000 | 3.310 | 11/15/26 | 3,087,087 | |||||||||
| American Express Credit Account Master Trust, Series 2022-2, Class A | ||||||||||||
| 6,000,000 | 3.390 | 05/15/27 | 5,827,486 | |||||||||
| Anchorage Capital CLO Ltd., Series 2014-4RA, Class A(a)(b) | ||||||||||||
| (3M USD LIBOR + 1.050%) (Cayman Islands) | ||||||||||||
| 946,072 | 6.323 | 01/28/31 | 936,514 | |||||||||
| Atlas Senior Loan Fund III Ltd., Series 2013-1A, Class AR(a)(b) | ||||||||||||
| (3M USD LIBOR + 0.830%) (Cayman Islands) | ||||||||||||
| 37,554 | 6.160 | 11/17/27 | 37,360 | |||||||||
| BA Credit Card Trust, Series 2021-A1, Class A1 | ||||||||||||
| 500,000 | 0.440 | 09/15/26 | 477,716 | |||||||||
| BA Credit Card Trust, Series 2022-A2, Class A2 | ||||||||||||
| 2,100,000 | 5.000 | 04/15/28 | 2,112,093 | |||||||||
| Barclays Dryrock Issuance Trust, Series 2021-1, Class A | ||||||||||||
| 2,400,000 | 0.630 | 07/15/27 | 2,255,009 | |||||||||
| Barings CLO Ltd., Series 2018-3A, Class A1(a)(b) | ||||||||||||
| (3M USD LIBOR + 0.950%) (Cayman Islands) | ||||||||||||
| 209,342 | 6.200 | 07/20/29 | 208,137 | |||||||||
| BBCMS Mortgage Trust, Series 2018-C2, Class ASB | ||||||||||||
| 575,963 | 4.236 | 12/15/51 | 551,784 | |||||||||
| BlueMountain CLO Ltd., Series 2017-2A, Class A1R(a)(b) | ||||||||||||
| (3M USD LIBOR + 1.180%) (Cayman Islands) | ||||||||||||
| 874,206 | 6.453 | 10/22/30 | 866,914 | |||||||||
| BSPDF Issuer Ltd., Series 2021-FL1, Class A(a)(b) | ||||||||||||
| (1M USD LIBOR + 1.200%) (Cayman Islands) | ||||||||||||
| 1,150,000 | 6.307 | 10/15/36 | 1,114,628 | |||||||||
| BX, Series 2021-MFM1, Class A(a)(b) | ||||||||||||
| (1M U.S. T-Bill MMY + 0.810%) | ||||||||||||
| 90,425 | 5.874 | 01/15/34 | 88,222 | |||||||||
| BX Trust, Series 2021-ARIA, Class A(a)(b) | ||||||||||||
| (1M USD LIBOR + 0.899%) | ||||||||||||
| 1,300,000 | 6.006 | 10/15/36 | 1,257,646 | |||||||||
| BXHPP Trust, Series 2021-FILM, Class A(a)(b) | ||||||||||||
| (1M USD LIBOR + 0.650%) | ||||||||||||
| 1,850,000 | 5.757 | 08/15/36 | 1,751,205 | |||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Asset-Backed Securities – (continued) | ||||||||||||
| CARDS II Trust, Series 2021-1A, Class A(b) (Canada) | ||||||||||||
| $ |
3,125,000 | 0.602 | % | 04/15/27 | $ 2,986,209 | |||||||
| Carlyle US CLO Ltd., Series 2017-2A, Class A1R(a)(b) | ||||||||||||
| (3M USD LIBOR + 1.050%) (Cayman Islands) | ||||||||||||
| 2,000,000 | 6.300 | 07/20/31 | 1,976,462 | |||||||||
| CIFC Funding Ltd., Series 2017-3A, Class A1(a)(b) | ||||||||||||
| (3M USD LIBOR + 1.220%) (Cayman Islands) | ||||||||||||
| 2,182,712 | 6.470 | 07/20/30 | 2,166,385 | |||||||||
| CIFC Funding Ltd., Series 2021-2A, Class AR(a)(b) | ||||||||||||
| (3M USD LIBOR + 0.950%) (Cayman Islands) | ||||||||||||
| 489,355 | 6.200 | 04/20/30 | 483,804 | |||||||||
| Citigroup Commercial Mortgage Trust, Series 2014-GC19, Class A4 | ||||||||||||
| 2,400,000 | 4.023 | 03/11/47 | 2,361,458 | |||||||||
| Citigroup Commercial Mortgage Trust, Series 2014-GC21, Class A5 | ||||||||||||
| 600,000 | 3.855 | 05/10/47 | 586,395 | |||||||||
| Citigroup Commercial Mortgage Trust, Series 2015-GC29, Class AAB | ||||||||||||
| 132,349 | 2.984 | 04/10/48 | 129,437 | |||||||||
| Citigroup Commercial Mortgage Trust, Series 2015-GC33, Class A4 | ||||||||||||
| 3,000,000 | 3.778 | 09/10/58 | 2,843,795 | |||||||||
| COMM Mortgage Trust, Series 2013-CR12, Class A4 | ||||||||||||
| 800,000 | 4.046 | 10/10/46 | 780,872 | |||||||||
| COMM Mortgage Trust, Series 2015-CR24, Class ASB | ||||||||||||
| 215,663 | 3.445 | 08/10/48 | 207,699 | |||||||||
| COMM Mortgage Trust, Series 2015-CR26, Class ASB | ||||||||||||
| 450,902 | 3.373 | 10/10/48 | 438,230 | |||||||||
| DBJPM Mortgage Trust, Series 2016-C3, Class ASB | ||||||||||||
| 229,208 | 2.756 | 08/10/49 | 218,671 | |||||||||
| Discover Card Execution Note Trust, Series 2017-A5, Class A5(a) | ||||||||||||
| (1M USD LIBOR + 0.600%) | ||||||||||||
| 2,000,000 | 5.707 | 12/15/26 | 2,000,371 | |||||||||
| Discover Card Execution Note Trust, Series 2023-A1, Class A | ||||||||||||
| 2,925,000 | 4.310 | 03/15/28 | 2,891,450 | |||||||||
| Dryden XXVI Senior Loan Fund, Series 2013-26A, Class AR(a)(b) | ||||||||||||
| (3M USD LIBOR + 0.900%) (Cayman Islands) | ||||||||||||
| 209,523 | 6.160 | 04/15/29 | 207,526 | |||||||||
| Edsouth Indenture No 3 LLC, Series 2012-2, Class A(a)(b) | ||||||||||||
| (1M USD LIBOR + 0.730%) | ||||||||||||
| 20,017 | 5.868 | 04/25/39 | 19,986 | |||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Asset-Backed Securities – (continued) | ||||||||||||
| Educational Funding of the South, Inc., Series 2011-1, Class A2(a) | ||||||||||||
| (3M USD LIBOR + 0.650%) | ||||||||||||
| $ |
307,461 | 5.905 | % | 04/25/35 | $ 306,569 | |||||||
| EFS Volunteer LLC, Series 2010-1, Class A2(a)(b) | ||||||||||||
| (3M USD LIBOR + 0.850%) | ||||||||||||
| 211,382 | 6.105 | 10/25/35 | 211,264 | |||||||||
| Extended Stay America Trust, Series 2021-ESH, Class A(a)(b) | ||||||||||||
| (1M USD LIBOR + 1.080%) | ||||||||||||
| 1,411,966 | 6.188 | 07/15/38 | 1,381,962 | |||||||||
| Flatiron CLO 19 Ltd., Series 2021-1A, Class AR(a)(b) | ||||||||||||
| (3M USD LIBOR + 1.080%) (Cayman Islands) | ||||||||||||
| 1,000,000 | 6.398 | 11/16/34 | 981,494 | |||||||||
| Ford Credit Auto Owner Trust, Series 2018-2, Class A(b) | ||||||||||||
| 1,500,000 | 3.470 | 01/15/30 | 1,496,050 | |||||||||
| Ford Credit Auto Owner Trust 2022-A, Series 2022-A, Class A3 | ||||||||||||
| 3,000,000 | 1.290 | 06/15/26 | 2,875,466 | |||||||||
| GM Financial Consumer Automobile Receivables Trust, Series 2019-4, Class A4 | ||||||||||||
| 2,068,049 | 1.760 | 01/16/25 | 2,061,258 | |||||||||
| GM Financial Consumer Automobile Receivables Trust, Series 2022-1, Class A3 | ||||||||||||
| 4,520,000 | 1.260 | 11/16/26 | 4,304,094 | |||||||||
| GMF Floorplan Owner Revolving Trust, Series 2020-2, Class A(b) | ||||||||||||
| 1,000,000 | 0.690 | 10/15/25 | 980,949 | |||||||||
| Goal Capital Funding Trust, Series 2010-1, Class A(a)(b) | ||||||||||||
| (3M USD LIBOR + 0.700%) | ||||||||||||
| 138,577 | 6.096 | 08/25/48 | 134,875 | |||||||||
| Great Wolf Trust, Series 2019-WOLF, Class A(a)(b) | ||||||||||||
| (1M U.S. T-Bill MMY + 1.150%) | ||||||||||||
| 3,250,000 | 6.208 | 12/15/36 | 3,206,643 | |||||||||
| GS Mortgage Securities Trust, Series 2014-GC18, Class A4 | ||||||||||||
| 4,500,000 | 4.074 | 01/10/47 | 4,425,467 | |||||||||
| HalseyPoint CLO Ltd., Series 2020-3A, Class A1A(a)(b) | ||||||||||||
| (3M USD LIBOR + 1.450%) (Cayman Islands) | ||||||||||||
| 500,000 | 6.749 | 11/30/32 | 493,663 | |||||||||
| Hayfin US Ltd., Series 2018-8A, Class A(a)(b) | ||||||||||||
| (3M USD LIBOR + 1.120%) (Cayman Islands) | ||||||||||||
| 3,000,000 | 6.370 | 04/20/31 | 2,951,154 | |||||||||
| Honda Auto Receivables 2021-3 Owner Trust, Series 2021-3, Class A3 | ||||||||||||
| 1,029,670 | 0.410 | 11/18/25 | 990,201 | |||||||||
| Honda Auto Receivables 2021-4 Owner Trust, Series 2021-4, Class A3 | ||||||||||||
| 2,500,000 | 0.880 | 01/21/26 | 2,390,002 | |||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Asset-Backed Securities – (continued) | ||||||||||||
| Honda Auto Receivables 2023-2 Owner Trust, Series 2023-2, Class A2 | ||||||||||||
| $ |
1,900,000 | 5.410 | % | 04/15/26 | $ 1,903,059 | |||||||
| Hyundai Auto Lease Securitization Trust 2022-A, Series 2022-A, Class A4(b) | ||||||||||||
| 3,800,000 | 1.320 | 12/15/25 | 3,646,933 | |||||||||
| Hyundai Auto Lease Securitization Trust 2023-B, Series 2023-B, Class A2A(b) | ||||||||||||
| 1,800,000 | 5.470 | 09/15/25 | 1,799,344 | |||||||||
| Hyundai Auto Receivables Trust 2020-C, Series 2020-C, Class A4 | ||||||||||||
| 4,000,000 | 0.490 | 11/16/26 | 3,759,249 | |||||||||
| Hyundai Auto Receivables Trust 2021-C, Series 2021-C, Class A3 | ||||||||||||
| 1,939,000 | 0.740 | 05/15/26 | 1,856,595 | |||||||||
| Hyundai Auto Receivables Trust 2022-C, Series 2022-C, Class A3 | ||||||||||||
| 3,625,000 | 5.390 | 06/15/27 | 3,647,513 | |||||||||
| ICG US CLO Ltd., Series 2018-1A, Class A1R(a)(b) | ||||||||||||
| (3M USD LIBOR + 1.140%) (Cayman Islands) | ||||||||||||
| 468,973 | 6.405 | 10/19/28 | 463,677 | |||||||||
| JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-C13, Class A4(a) | ||||||||||||
| 57,031 | 3.994 | 01/15/46 | 56,924 | |||||||||
| JPMBB Commercial Mortgage Securities Trust, Series 2014-C18, Class ASB | ||||||||||||
| 57,890 | 3.566 | 02/15/47 | 57,463 | |||||||||
| KKR Industrial Portfolio Trust, Series 2021-KDIP, Class A(a)(b) | ||||||||||||
| (1M U.S. T-Bill MMY + 0.660%) | ||||||||||||
| 409,014 | 5.724 | 12/15/37 | 401,860 | |||||||||
| LCM XV LP, Series 2021-15A, Class AR2(a)(b) | ||||||||||||
| (3M USD LIBOR + 1.000%) (Cayman Islands) | ||||||||||||
| 1,920,216 | 6.250 | 07/20/30 | 1,900,027 | |||||||||
| LCM XX LP, Series 2018-20A, Class AR(a)(b) | ||||||||||||
| (3M USD LIBOR + 1.040%) (Cayman Islands) | ||||||||||||
| 251,091 | 6.290 | 10/20/27 | 250,380 | |||||||||
| Madison Park Funding Ltd., Series 2021-37A, Class AR(a)(b) | ||||||||||||
| (3M USD LIBOR + 1.070%) (Cayman Islands) | ||||||||||||
| 1,500,000 | 6.330 | 07/15/33 | 1,477,525 | |||||||||
| Madison Park Funding XLI Ltd., Series 2017-12A, Class AR(a)(b) | ||||||||||||
| (3M USD LIBOR + 0.830%) (Cayman Islands) | ||||||||||||
| 144,578 | 6.103 | 04/22/27 | 143,395 | |||||||||
| Marathon CLO Ltd., Series 2021-1A, Class AANR(a)(b) | ||||||||||||
| (3M USD LIBOR + 1.320%) (Cayman Islands) | ||||||||||||
| 2,200,000 | 6.580 | 04/15/32 | 2,167,053 | |||||||||
| Master Credit Card Trust, Series 2021-1A, Class A(b) (Canada) | ||||||||||||
| 1,400,000 | 0.530 | 11/21/25 | 1,330,241 | |||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Asset-Backed Securities – (continued) | ||||||||||||
| Mercedes-Benz Auto Lease Trust 2021-B, Series 2021-B, Class A3 | ||||||||||||
| $ |
648,854 | 0.400 | % | 11/15/24 | $ 636,862 | |||||||
| Mercedes-Benz Auto Receivables Trust 2022-1, Series 2022-1, Class A2 | ||||||||||||
| 955,969 | 5.260 | 10/15/25 | 953,566 | |||||||||
| Morgan Stanley Capital I Trust, Series 2016-BNK2, Class ASB | ||||||||||||
| 497,579 | 2.860 | 11/15/49 | 476,361 | |||||||||
| Nelnet Student Loan Trust, Series 2014-2A, Class A2(a)(b) | ||||||||||||
| (1M USD LIBOR + 0.600%) | ||||||||||||
| 58,112 | 5.738 | 03/25/30 | 58,037 | |||||||||
| Nelnet Student Loan Trust, Series 2016-1A, Class A(a)(b) | ||||||||||||
| (1M USD LIBOR + 0.800%) | ||||||||||||
| 350,227 | 5.938 | 09/25/65 | 346,189 | |||||||||
| Northstar Education Finance, Inc., Series 2012-1, Class A(a)(b) | ||||||||||||
| (1M USD LIBOR + 0.700%) | ||||||||||||
| 44,804 | 5.838 | 12/26/31 | 44,578 | |||||||||
| NorthStar Student Loan Trust III, Series 2016-1, Class A(a)(b) | ||||||||||||
| (1M USD LIBOR + 1.250%) | ||||||||||||
| 247,055 | 6.388 | 05/27/36 | 247,174 | |||||||||
| ONE PARK Mortgage Trust, Series 2021-PARK, Class A(a)(b) | ||||||||||||
| (1M U.S. T-Bill MMY + 0.810%) | ||||||||||||
| 908,000 | 5.874 | 03/15/36 | 852,719 | |||||||||
| OZLM Ltd., Series 2017-11A, Class A1R(a)(b) | ||||||||||||
| (3M USD LIBOR + 1.250%) (Cayman Islands) | ||||||||||||
| 197,067 | 6.549 | 10/30/30 | 195,460 | |||||||||
| Regata Funding Ltd., Series 2021-1A, Class AR(a)(b) | ||||||||||||
| (3M USD LIBOR + 1.100%) (Cayman Islands) | ||||||||||||
| 2,000,000 | 6.360 | 10/15/32 | 1,964,992 | |||||||||
| Rhode Island Student Loan Authority, Series 2012-1, Class A1(a) | ||||||||||||
| (1M USD LIBOR + 0.900%) | ||||||||||||
| 596,708 | 6.070 | 07/01/31 | 596,248 | |||||||||
| Rhode Island Student Loan Authority, Series 2014-1, Class A1(a) | ||||||||||||
| (1M USD LIBOR + 0.700%) | ||||||||||||
| 71,995 | 5.870 | 10/02/28 | 70,274 | |||||||||
| Shackleton 2015-VIII CLO Ltd., Series 2017-8A, Class A2R(a)(b) | ||||||||||||
| (3M USD LIBOR + 0.920%) (Cayman Islands) | ||||||||||||
| 139,519 | 6.170 | 10/20/27 | 138,781 | |||||||||
| SLC Student Loan Trust, Series 2005-5, Class A4(a) | ||||||||||||
| (3M USD LIBOR + 0.140%) | ||||||||||||
| 49,285 | 5.395 | 10/25/28 | 49,215 | |||||||||
| SLC Student Loan Trust, Series 2007-1, Class A4(a) | ||||||||||||
| (3M USD LIBOR + 0.060%) | ||||||||||||
| 829,845 | 5.381 | 05/15/29 | 824,634 | |||||||||
| SLC Student Loan Trust, Series 2010-1, Class A(a) | ||||||||||||
| (3M USD LIBOR + 0.875%) | ||||||||||||
| 189,582 | 6.271 | 11/25/42 | 187,706 | |||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Asset-Backed Securities – (continued) | ||||||||||||
| SLM Student Loan Trust, Series 2005-7, Class A4(a) | ||||||||||||
| (3M USD LIBOR + 0.150%) | ||||||||||||
| $ |
51,854 | 5.405 | % | 10/25/29 | $ 51,625 | |||||||
| SLM Student Loan Trust, Series 2018-10, Class A7B(a)(b) | ||||||||||||
| (3M USD LIBOR + 0.600%) | ||||||||||||
| 59,019 | 5.855 | 10/25/29 | 58,913 | |||||||||
| SOUND POINT CLO XXII Ltd., Series 2019-1A, Class AR(a)(b) | ||||||||||||
| (3M USD LIBOR + 1.080%) (Cayman Islands) | ||||||||||||
| 600,000 | 6.330 | 01/20/32 | 588,061 | |||||||||
| State of Illinois | ||||||||||||
| 567,273 | 4.950 | 06/01/23 | 567,273 | |||||||||
| Stratus CLO 2021-2 Ltd., Series 2021-2A, Class A(a)(b) | ||||||||||||
| (3M USD LIBOR + 0.900%) (Cayman Islands) | ||||||||||||
| 3,701,892 | 6.150 | 12/28/29 | 3,664,892 | |||||||||
| STWD Trust, Series 2021-FLWR, Class A(a)(b) | ||||||||||||
| (1M USD LIBOR + 0.577%) | ||||||||||||
| 1,350,000 | 5.684 | 07/15/36 | 1,302,752 | |||||||||
| Sycamore Tree CLO 2023-2 Ltd., Series 2023-2A, Class A(a)(b) | ||||||||||||
| (3M U.S. T-Bill MMY + 2.330%) (Cayman Islands) | ||||||||||||
| 2,200,000 | 7.237 | 04/20/35 | 2,196,698 | |||||||||
| TCW CLO 2019-2 Ltd., Series 2022-2A, Class A1R(a)(b) | ||||||||||||
| (3M U.S. T-Bill MMY + 1.280%) (Cayman Islands) | ||||||||||||
| 3,500,000 | 6.329 | 10/20/32 | 3,440,720 | |||||||||
| TCW CLO AMR Ltd., Series 2021-1A, Class ASNR(a)(b) | ||||||||||||
| (3M USD LIBOR + 1.220%) (Cayman Islands) | ||||||||||||
| 1,100,000 | 6.538 | 08/16/34 | 1,073,205 | |||||||||
| TCW CLO Ltd., Series 2022-1A, Class A1(a)(b) | ||||||||||||
| (3M U.S. T-Bill MMY + 1.340%) (Cayman Islands) | ||||||||||||
| 3,500,000 | 6.411 | 04/22/33 | 3,420,494 | |||||||||
| Toyota Auto Receivables 2021-D Owner Trust, Series 2021-D, Class A3 | ||||||||||||
| 2,305,000 | 0.710 | 04/15/26 | 2,203,987 | |||||||||
| Toyota Auto Receivables 2022-D Owner Trust, Series 2022-D, Class A3 | ||||||||||||
| 1,825,000 | 5.300 | 09/15/27 | 1,836,047 | |||||||||
| Tralee CLO II Ltd., Series 2017-1A, Class AR(a)(b) | ||||||||||||
| (3M USD LIBOR + 1.320%) (Cayman Islands) | ||||||||||||
| 231,789 | 6.570 | 07/20/29 | 230,373 | |||||||||
| Trimaran Cavu Ltd., Series 2021-1A, Class A(a)(b) | ||||||||||||
| (3M USD LIBOR + 1.210%) (Cayman Islands) | ||||||||||||
| 1,000,000 | 6.483 | 04/23/32 | 981,278 | |||||||||
| Trysail CLO Ltd., Series 2021-1A, Class A1(a)(b) | ||||||||||||
| (3M USD LIBOR + 1.320%) (Cayman Islands) | ||||||||||||
| 3,000,000 | 6.570 | 07/20/32 | 2,953,494 | |||||||||
| Voya CLO 2019-2 Ltd., Series 2019-2A, Class A(a)(b) | ||||||||||||
| (3M USD LIBOR + 1.270%) (Cayman Islands) | ||||||||||||
| 700,000 | 6.520 | 07/20/32 | 691,422 | |||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Asset-Backed Securities – (continued) | ||||||||||||
| Voya CLO Ltd., Series 2015-1A, Class A1R(a)(b) | ||||||||||||
| (3M USD LIBOR + 0.900%) (Cayman Islands) | ||||||||||||
| $ |
143,971 | 6.162 | % | 01/18/29 | $ 142,753 | |||||||
| Wells Fargo Commercial Mortgage Trust, Series 2015-C31, Class ASB | ||||||||||||
| 69,077 | 3.487 | 11/15/48 | 66,785 | |||||||||
| World Omni Automobile Lease Securitization Trust 2023-A, Series 2023-A, Class A2A | ||||||||||||
| 1,400,000 | 5.470 | 11/17/25 | 1,399,412 | |||||||||
| Zais CLO Ltd., Series 2021-15A, Class A1R(a)(b) | ||||||||||||
| (3M USD LIBOR + 1.350%) (Cayman Islands) | ||||||||||||
| 1,000,000 | 6.623 | 07/28/32 | 978,985 | |||||||||
|
| ||||||||||||
| TOTAL ASSET- BACKED SECURITIES (Cost $132,529,541) |
$130,894,091 | |||||||||||
|
| ||||||||||||
| Mortgage-Backed Securities – 17.0% | ||||||||||||
| Federal Home Loan Mortgage Corporation Series MTN | ||||||||||||
| $ |
1,438,000 | 5.400 | % | 06/11/24 | $ 1,431,879 | |||||||
| 1,438,000 | 5.380 | 06/12/24 | 1,431,891 | |||||||||
| FHLMC REMIC(a) (12M USD LIBOR + 1.803%) | ||||||||||||
| 3,541,868 | 4.134 | 10/01/43 | 3,603,478 | |||||||||
| FHLMC REMIC(a) (12M USD LIBOR + 1.618%) | ||||||||||||
| 7,067,212 | 4.080 | 01/01/46 | 7,165,601 | |||||||||
| FHLMC REMIC(a) (12M USD LIBOR + 1.773%) | ||||||||||||
| 668,878 | 3.974 | 10/01/44 | 676,770 | |||||||||
| FHLMC REMIC Series 2003-2682, Class FB(a) (1M USD LIBOR + 0.900%) | ||||||||||||
| 157,906 | 6.007 | 10/15/33 | 158,226 | |||||||||
| FHLMC REMIC Series 2003-2711, Class FA(a) (1M USD LIBOR + 1.000%) | ||||||||||||
| 165,760 | 6.107 | 11/15/33 | 168,696 | |||||||||
| FHLMC REMIC Series 2005-3033, Class FG(a) (1M USD LIBOR + 0.350%) | ||||||||||||
| 464,330 | 5.457 | 09/15/35 | 456,961 | |||||||||
| FHLMC REMIC Series 2007-3298, Class FC(a) (1M USD LIBOR + 0.420%) | ||||||||||||
| 129,388 | 5.527 | 04/15/37 | 126,903 | |||||||||
| FHLMC REMIC Series 2007-3314, Class FC(a) (1M USD LIBOR + 0.400%) | ||||||||||||
| 22,265 | 5.507 | 12/15/36 | 21,914 | |||||||||
| FHLMC REMIC Series 2007-3316, Class FB(a) (1M USD LIBOR + 0.300%) | ||||||||||||
| 542,916 | 5.407 | 08/15/35 | 533,611 | |||||||||
| FHLMC REMIC Series 2007-3371, Class FA(a) (1M USD LIBOR + 0.600%) | ||||||||||||
| 106,324 | 5.707 | 09/15/37 | 105,366 | |||||||||
| FHLMC REMIC Series 2009-3593, Class CF(a) (1M USD LIBOR + 0.600%) | ||||||||||||
| 1,215,768 | 5.707 | 02/15/36 | 1,213,780 | |||||||||
| FHLMC REMIC Series 2011-3895, Class FM(a) (1M USD LIBOR + 0.350%) | ||||||||||||
| 46,643 | 5.457 | 12/15/40 | 46,527 | |||||||||
| FHLMC REMIC Series 2012-4040, Class FW(a) (1M USD LIBOR + 0.370%) | ||||||||||||
| 350,966 | 5.477 | 05/15/32 | 347,771 | |||||||||
| FHLMC REMIC Series 2012-4057, Class FE(a) (1M USD LIBOR + 0.450%) | ||||||||||||
| 724,449 | 5.557 | 06/15/42 | 715,324 | |||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Mortgage-Backed Securities – (continued) | ||||||||||||
| FHLMC REMIC Series 2012-4068, Class UF(a) (1M USD LIBOR + 0.500%) | ||||||||||||
| $ |
183,799 | 5.607 | % | 06/15/42 | $ 179,539 | |||||||
| FHLMC REMIC Series 2012-4098, Class MF(a) (1M USD LIBOR + 0.300%) | ||||||||||||
| 167,377 | 5.407 | 11/15/41 | 165,670 | |||||||||
| FHLMC REMIC Series 2012-4107, Class MF(a) (1M USD LIBOR + 0.400%) | ||||||||||||
| 1,570,212 | 5.507 | 09/15/42 | 1,541,101 | |||||||||
| FHLMC REMIC Series 2012-4126, Class GF(a) (1M USD LIBOR + 0.400%) | ||||||||||||
| 2,018,626 | 5.507 | 11/15/42 | 1,979,087 | |||||||||
| FHLMC REMIC Series 2013-4203, Class QF(a) (1M USD LIBOR + 0.250%) | ||||||||||||
| 1,053,011 | 5.357 | 05/15/43 | 1,029,344 | |||||||||
| FHLMC REMIC Series 2013-4215, Class NF(a) (1M USD LIBOR + 0.350%) | ||||||||||||
| 720,246 | 5.457 | 06/15/43 | 700,882 | |||||||||
| FHLMC REMIC Series 2013-4240, Class FA(a) (1M USD LIBOR + 0.500%) | ||||||||||||
| 2,489,669 | 5.607 | 08/15/43 | 2,433,862 | |||||||||
| FHLMC REMIC Series 2013-4248, Class FL(a) (1M USD LIBOR + 0.450%) | ||||||||||||
| 77,290 | 5.557 | 05/15/41 | 76,270 | |||||||||
| FHLMC REMIC Series 2013-4263, Class FB(a) (1M USD LIBOR + 0.400%) | ||||||||||||
| 56,338 | 5.507 | 11/15/43 | 55,182 | |||||||||
| FHLMC REMIC Series 2013-4272, Class FD(a) (1M USD LIBOR + 0.350%) | ||||||||||||
| 61,535 | 5.457 | 11/15/43 | 60,620 | |||||||||
| FHLMC REMIC Series 2017-4678, Class AF(a) (1M USD LIBOR + 0.400%) | ||||||||||||
| 1,757,803 | 4.104 | 12/15/42 | 1,736,113 | |||||||||
| FHLMC REMIC Series 2017-4719, Class AF(a) (1M USD LIBOR + 0.350%) | ||||||||||||
| 3,018,810 | 5.457 | 09/15/47 | 2,941,994 | |||||||||
| FHLMC REMIC Series 2018-4787, Class ZS | ||||||||||||
| 765,539 | 5.000 | 07/01/48 | 766,106 | |||||||||
| FHLMC REMIC Series 2018-4818, Class FC(a) (1M USD LIBOR + 0.300%) | ||||||||||||
| 203,356 | 5.407 | 04/15/48 | 195,918 | |||||||||
| FHLMC REMIC Series 2018-4852, Class BF(a) (1M USD LIBOR + 0.400%) | ||||||||||||
| 1,322,774 | 5.507 | 12/15/48 | 1,288,221 | |||||||||
| FHLMC REMIC Series 2019-4897, Class F(a) (1M USD LIBOR + 0.400%) | ||||||||||||
| 1,119,762 | 5.507 | 07/15/49 | 1,096,592 | |||||||||
| FHLMC REMIC Series 2019-4903, Class F(a) (1M USD LIBOR + 0.450%) | ||||||||||||
| 171,514 | 5.557 | 09/15/48 | 166,489 | |||||||||
| FHLMC REMIC Series 2019-4906, Class NF(a) (1M USD LIBOR + 0.400%) | ||||||||||||
| 1,464,938 | 4.270 | 03/15/38 | 1,427,092 | |||||||||
| FHLMC REMIC Series 2019-4942, Class FA(a) (1M USD LIBOR + 0.500%) | ||||||||||||
| 1,072,108 | 5.638 | 01/25/50 | 1,040,733 | |||||||||
| FHLMC REMIC Series 2020-5002, Class FJ(a) (1M USD LIBOR + 0.400%) | ||||||||||||
| 185,103 | 5.538 | 07/25/50 | 179,263 | |||||||||
| FHLMC REMIC Series 2020-5031, Class FA(a) (SOFR + 0.300%) | ||||||||||||
| 2,415,702 | 5.172 | 08/15/43 | 2,318,359 | |||||||||
| FHLMC STRIPS Series 2006-239, Class F22(a) (1M USD LIBOR + 0.350%) | ||||||||||||
| 162,260 | 5.457 | 08/15/36 | 159,535 | |||||||||
| FHLMC STRIPS Series 2006-239, Class F30(a) (1M USD LIBOR + 0.300%) | ||||||||||||
| 405,649 | 5.407 | 08/15/36 | 398,908 | |||||||||
| FNMA REMIC Series 2002-53, Class FY(a) (1M USD LIBOR + 0.500%) | ||||||||||||
| 192,920 | 5.638 | 08/25/32 | 191,924 | |||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Mortgage-Backed Securities – (continued) | ||||||||||||
| FNMA REMIC Series 2004-54, Class FL(a) (1M USD LIBOR + 0.400%) | ||||||||||||
| $ |
100,149 | 5.538 | % | 07/25/34 | $ 99,675 | |||||||
| FNMA REMIC Series 2004-54, Class FN(a) (1M USD LIBOR + 0.450%) | ||||||||||||
| 256,874 | 5.588 | 07/25/34 | 255,180 | |||||||||
| FNMA REMIC Series 2005-103, Class FC(a) (1M USD LIBOR + 0.500%) | ||||||||||||
| 8,043,089 | 5.638 | 07/25/35 | 7,969,703 | |||||||||
| FNMA REMIC Series 2005-120, Class FE(a) (1M USD LIBOR + 0.520%) | ||||||||||||
| 383,681 | 5.658 | 01/25/36 | 380,136 | |||||||||
| FNMA REMIC Series 2005-87, Class FE(a) (1M USD LIBOR + 0.450%) | ||||||||||||
| 404,263 | 5.588 | 10/25/35 | 399,785 | |||||||||
| FNMA REMIC Series 2006-110, Class AF(a) (1M USD LIBOR + 0.330%) | ||||||||||||
| 2,228,043 | 5.468 | 11/25/36 | 2,191,753 | |||||||||
| FNMA REMIC Series 2006-16, Class FC(a) (1M USD LIBOR + 0.300%) | ||||||||||||
| 98,101 | 5.438 | 03/25/36 | 96,883 | |||||||||
| FNMA REMIC Series 2006-36, Class FB(a) (1M USD LIBOR + 0.300%) | ||||||||||||
| 43,035 | 5.438 | 05/25/36 | 42,229 | |||||||||
| FNMA REMIC Series 2006-42, Class PF(a) (1M USD LIBOR + 0.410%) | ||||||||||||
| 84,373 | 5.548 | 06/25/36 | 83,404 | |||||||||
| FNMA REMIC Series 2006-44, Class FP(a) (1M USD LIBOR + 0.400%) | ||||||||||||
| 899,270 | 5.538 | 06/25/36 | 887,859 | |||||||||
| FNMA REMIC Series 2006-61, Class FD(a) (1M USD LIBOR + 0.360%) | ||||||||||||
| 160,810 | 5.498 | 07/25/36 | 158,235 | |||||||||
| FNMA REMIC Series 2006-79, Class DF(a) (1M USD LIBOR + 0.350%) | ||||||||||||
| 377,632 | 5.488 | 08/25/36 | 372,791 | |||||||||
| FNMA REMIC Series 2006-88, Class AF(a) (1M USD LIBOR + 0.460%) | ||||||||||||
| 338,019 | 5.598 | 09/25/36 | 333,796 | |||||||||
| FNMA REMIC Series 2007-35, Class PF(a) (1M USD LIBOR + 0.250%) | ||||||||||||
| 60,397 | 5.388 | 04/25/37 | 59,137 | |||||||||
| FNMA REMIC Series 2007-67, Class FB(a) (1M USD LIBOR + 0.320%) | ||||||||||||
| 141,641 | 5.458 | 07/25/37 | 138,810 | |||||||||
| FNMA REMIC Series 2008-1, Class CF(a) (1M USD LIBOR + 0.700%) | ||||||||||||
| 43,592 | 5.838 | 02/25/38 | 43,288 | |||||||||
| FNMA REMIC Series 2009-110, Class FG(a) (1M USD LIBOR + 0.750%) | ||||||||||||
| 192,611 | 5.888 | 01/25/40 | 192,393 | |||||||||
| FNMA REMIC Series 2010-113, Class FA(a) (1M USD LIBOR + 0.400%) | ||||||||||||
| 135,070 | 5.538 | 10/25/40 | 133,450 | |||||||||
| FNMA REMIC Series 2010-116, Class FE(a) (1M USD LIBOR + 0.400%) | ||||||||||||
| 168,375 | 5.538 | 10/25/40 | 166,188 | |||||||||
| FNMA REMIC Series 2010-141, Class FB(a) (1M USD LIBOR + 0.470%) | ||||||||||||
| 102,490 | 5.608 | 12/25/40 | 100,981 | |||||||||
| FNMA REMIC Series 2010-15, Class FJ(a) (1M USD LIBOR + 0.930%) | ||||||||||||
| 328,096 | 6.068 | 06/25/36 | 329,824 | |||||||||
| FNMA REMIC Series 2010-39, Class FE(a) (1M USD LIBOR + 0.770%) | ||||||||||||
| 515,358 | 5.908 | 06/25/37 | 515,283 | |||||||||
| FNMA REMIC Series 2010-39, Class FG(a) (1M USD LIBOR + 0.920%) | ||||||||||||
| 224,741 | 6.058 | 03/25/36 | 225,857 | |||||||||
| FNMA REMIC Series 2010-46, Class WF(a) (1M USD LIBOR + 0.750%) | ||||||||||||
| 1,598,319 | 5.888 | 05/25/40 | 1,586,994 | |||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Mortgage-Backed Securities – (continued) | ||||||||||||
| FNMA REMIC Series 2010-49, Class FB(a) (1M USD LIBOR + 0.750%) | ||||||||||||
| $ |
153,002 | 5.888 | % | 05/25/40 | $ 152,381 | |||||||
| FNMA REMIC Series 2010-59, Class FN(a) (1M USD LIBOR + 0.730%) | ||||||||||||
| 1,730,952 | 5.868 | 06/25/40 | 1,721,285 | |||||||||
| FNMA REMIC Series 2011-53, Class FT(a) (1M USD LIBOR + 0.580%) | ||||||||||||
| 147,847 | 5.718 | 06/25/41 | 146,377 | |||||||||
| FNMA REMIC Series 2011-87, Class FJ(a) (1M USD LIBOR + 0.550%) | ||||||||||||
| 137,281 | 5.688 | 09/25/41 | 134,965 | |||||||||
| FNMA REMIC Series 2012-101, Class FC(a) (1M USD LIBOR + 0.500%) | ||||||||||||
| 115,714 | 5.638 | 09/25/42 | 113,342 | |||||||||
| FNMA REMIC Series 2012-14, Class BF(a) (1M USD LIBOR + 0.600%) | ||||||||||||
| 727,640 | 5.738 | 03/25/42 | 714,954 | |||||||||
| FNMA REMIC Series 2012-37, Class BF(a) (1M USD LIBOR + 0.500%) | ||||||||||||
| 152,304 | 5.638 | 12/25/35 | 150,809 | |||||||||
| FNMA REMIC Series 2013-10, Class KF(a) (1M USD LIBOR + 0.300%) | ||||||||||||
| 98,741 | 5.438 | 02/25/43 | 96,694 | |||||||||
| FNMA REMIC Series 2013-130, Class FB(a) (1M USD LIBOR + 0.450%) | ||||||||||||
| 93,887 | 5.588 | 01/25/44 | 91,994 | |||||||||
| FNMA REMIC Series 2013-19, Class DF(a) (1M USD LIBOR + 0.300%) | ||||||||||||
| 538,992 | 5.438 | 09/25/41 | 534,136 | |||||||||
| FNMA REMIC Series 2013-2, Class QF(a) (1M USD LIBOR + 0.500%) | ||||||||||||
| 70,278 | 5.638 | 02/25/43 | 69,007 | |||||||||
| FNMA REMIC Series 2014-17, Class FE(a) (1M USD LIBOR + 0.550%) | ||||||||||||
| 787,158 | 5.688 | 04/25/44 | 774,820 | |||||||||
| FNMA REMIC Series 2014-28, Class FD(a) (1M USD LIBOR + 0.450%) | ||||||||||||
| 1,686,255 | 5.588 | 05/25/44 | 1,665,912 | |||||||||
| FNMA REMIC Series 2014-47, Class AF(a) (1M USD LIBOR + 0.350%) | ||||||||||||
| 339,501 | 4.204 | 08/25/44 | 335,519 | |||||||||
| FNMA REMIC Series 2015-27, Class KF(a) (1M USD LIBOR + 0.300%) | ||||||||||||
| 88,628 | 5.438 | 05/25/45 | 87,099 | |||||||||
| FNMA REMIC Series 2015-87, Class BF(a) (1M USD LIBOR + 0.300%) | ||||||||||||
| 375,459 | 5.438 | 12/25/45 | 365,542 | |||||||||
| FNMA REMIC Series 2016-49, Class EF(a) (1M USD LIBOR + 0.400%) | ||||||||||||
| 865,855 | 5.538 | 08/25/46 | 853,417 | |||||||||
| FNMA REMIC Series 2017-16, Class FA(a) (1M USD LIBOR + 0.450%) | ||||||||||||
| 714,236 | 5.588 | 03/25/47 | 695,819 | |||||||||
| FNMA REMIC Series 2017-91, Class GF(a) (1M USD LIBOR + 0.350%) | ||||||||||||
| 1,711,544 | 5.488 | 11/25/47 | 1,657,427 | |||||||||
| FNMA REMIC Series 2018-15, Class JF(a) (1M USD LIBOR + 0.300%) | ||||||||||||
| 910,984 | 5.438 | 03/25/48 | 879,178 | |||||||||
| FNMA REMIC Series 2018-3385, Class MA | ||||||||||||
| 867,311 | 4.500 | 06/01/48 | 851,586 | |||||||||
| FNMA REMIC Series 2018-4, Class FM(a) (1M USD LIBOR + 0.300%) | ||||||||||||
| 2,278,267 | 5.438 | 02/25/48 | 2,198,648 | |||||||||
| FNMA REMIC Series 2019-41, Class FM(a) (1M USD LIBOR + 0.450%) | ||||||||||||
| 1,099,152 | 5.588 | 08/25/49 | 1,069,093 | |||||||||
| FNMA REMIC Series 2019-6, Class KF(a) (1M USD LIBOR + 0.450%) | ||||||||||||
| 1,818,902 | 5.588 | 03/25/49 | 1,780,773 | |||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Mortgage-Backed Securities – (continued) | ||||||||||||
| FNMA REMIC Series 2020-6347, Class BM(a) (12M USD LIBOR + 1.736%) | ||||||||||||
| $ |
10,014,078 | 4.130 | % | 02/01/41 | $ 10,228,473 | |||||||
| GNMA Series 2004-59, Class FP(a) (1M USD LIBOR + 0.300%) | ||||||||||||
| 393,016 | 5.405 | 08/16/34 | 387,839 | |||||||||
| GNMA Series 2005-4, Class FA(a) (1M USD LIBOR + 0.370%) | ||||||||||||
| 340,875 | 5.475 | 01/16/35 | 336,642 | |||||||||
| GNMA Series 2007-26, Class FL(a) (1M USD LIBOR + 0.200%) | ||||||||||||
| 2,362,417 | 5.348 | 05/20/37 | 2,306,653 | |||||||||
| GNMA Series 2007-59, Class FA(a) (1M USD LIBOR + 0.500%) | ||||||||||||
| 114,174 | 5.648 | 10/20/37 | 112,916 | |||||||||
| GNMA Series 2013-99, Class PF(a) (1M USD LIBOR + 0.300%) | ||||||||||||
| 1,585,303 | 5.448 | 07/20/43 | 1,543,870 | |||||||||
| GNMA Series 2018-164, Class AF(a) (1M USD LIBOR + 0.400%) | ||||||||||||
| 2,549,652 | 5.548 | 12/20/48 | 2,490,790 | |||||||||
| GNMA Series 2019-110, Class F(a) (1M USD LIBOR + 0.450%) | ||||||||||||
| 1,716,870 | 5.598 | 09/20/49 | 1,673,854 | |||||||||
| GNMA Series 2019-56, Class FB(a) (1M USD LIBOR + 0.450%) | ||||||||||||
| 1,940,926 | 5.598 | 05/20/49 | 1,904,455 | |||||||||
| GNMA Series 2019-58, Class FA(a) (1M USD LIBOR + 0.400%) | ||||||||||||
| 834,055 | 5.548 | 05/20/49 | 814,757 | |||||||||
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2016-JP2, Class ASB | ||||||||||||
| 438,539 | 2.713 | 08/15/49 | 417,971 | |||||||||
| JPMBB Commercial Mortgage Securities Trust Series 2015-C31, Class ASB | ||||||||||||
| 336,228 | 3.540 | 08/15/48 | 322,712 | |||||||||
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C14, Class A5 | ||||||||||||
| 2,308,223 | 4.064 | 02/15/47 | 2,273,797 | |||||||||
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C23, Class A4 | ||||||||||||
| 550,000 | 3.719 | 07/15/50 | 524,619 | |||||||||
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C24, Class A3 | ||||||||||||
| 2,053,239 | 3.479 | 05/15/48 | 1,948,749 | |||||||||
| Wells Fargo Commercial Mortgage Trust Series 2013-LC12, Class A4(a) | ||||||||||||
| 225,565 | 4.218 | 07/15/46 | 219,599 | |||||||||
|
| ||||||||||||
| TOTAL MORTGAGE-BACKED SECURITIES (Cost $104,363,491) |
$101,745,609 | |||||||||||
|
| ||||||||||||
| Corporate Obligations – 16.1% | ||||||||||||
| Banks – 5.4% | ||||||||||||
| American Express Co. | ||||||||||||
| (SOFR + 0.930%) | ||||||||||||
| $ |
1,854,000 | 6.042 | %(a) | 03/04/25 | $ 1,854,505 | |||||||
| (SOFR + 0.760%) | ||||||||||||
| 2,800,000 | 5.866 | (a) | 02/13/26 | 2,787,500 | ||||||||
| Bank of America Corp. | ||||||||||||
| (SOFR + 0.690%) | ||||||||||||
| 1,133,000 | 5.764 | (a) | 04/22/25 | 1,127,722 | ||||||||
| (SOFR + 1.100%) | ||||||||||||
| 737,000 | 6.165 | (a) | 04/25/25 | 737,948 | ||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Banks – (continued) | ||||||||||||
| Bank of America Corp.(a), Series 2025 | ||||||||||||
| (SOFR + 0.660%) | ||||||||||||
| $ |
1,288,000 | 5.765 | % | 02/04/25 | $ 1,280,622 | |||||||
| Bank of America Corp.(a), MTN | ||||||||||||
| (SOFR + 0.670%) | ||||||||||||
| 1,608,000 | 1.843 | 02/04/25 | 1,563,626 | |||||||||
| Capital One Financial Corp.(a) | ||||||||||||
| (SOFR + 0.690%) | ||||||||||||
| 3,534,000 | 5.573 | 12/06/24 | 3,469,532 | |||||||||
| Charles Schwab Corp. (The)(a) | ||||||||||||
| (SOFRINDX + 0.500%) | ||||||||||||
| 1,000,000 | 5.438 | 03/18/24 | 989,881 | |||||||||
| Huntington National Bank (The)(a) | ||||||||||||
| (SOFRINDX + 1.190%) | ||||||||||||
| 1,600,000 | 6.298 | 05/16/25 | 1,528,050 | |||||||||
| JPMorgan Chase & Co. | ||||||||||||
| (SOFR + 0.420%) | ||||||||||||
| 1,780,000 | 0.563 | (a) | 02/16/25 | 1,715,710 | ||||||||
| (3M U.S. T-Bill MMY + 1.417%) | ||||||||||||
| 4,127,000 | 3.220 | (a) | 03/01/25 | 4,048,634 | ||||||||
| KeyBank NA | ||||||||||||
| (SOFRINDX + 0.340%) | ||||||||||||
| 691,000 | 5.340 | (a) | 01/03/24 | 680,838 | ||||||||
| (SOFRINDX + 0.320%) | ||||||||||||
| 250,000 | 5.231 | (a) | 06/14/24 | 241,710 | ||||||||
| Morgan Stanley | ||||||||||||
| (SOFR + 0.625%) | ||||||||||||
| 1,764,000 | 5.699 | (a) | 01/24/25 | 1,756,819 | ||||||||
| (SOFR + 1.160%) | ||||||||||||
| 1,430,000 | 3.620 | (a) | 04/17/25 | 1,401,350 | ||||||||
| Morgan Stanley(a), MTN | ||||||||||||
| (SOFR + 0.466%) | ||||||||||||
| 2,700,000 | 5.572 | 11/10/23 | 2,698,232 | |||||||||
| National Securities Clearing Corp. | ||||||||||||
| 2,550,000 | 5.050 | (b) | 11/21/24 | 2,546,697 | ||||||||
| 1,165,000 | 5.150 | (b) | 05/30/25 | 1,168,313 | ||||||||
| Wells Fargo & Co. | ||||||||||||
| 462,000 | 4.125 | 08/15/23 | 460,134 | |||||||||
|
| ||||||||||||
| 32,057,823 | ||||||||||||
|
| ||||||||||||
| Basic Industry – 0.5% | ||||||||||||
| Ecolab, Inc. | ||||||||||||
| 272,000 | 0.900 | 12/15/23 | 265,040 | |||||||||
| Sherwin-Williams Co. (The) | ||||||||||||
| 3,107,000 | 4.050 | 08/08/24 | 3,055,318 | |||||||||
|
| ||||||||||||
| 3,320,358 | ||||||||||||
|
| ||||||||||||
| Broadcasting – 0.1% | ||||||||||||
| Fox Corp. | ||||||||||||
| 705,000 | 4.030 | 01/25/24 | 695,848 | |||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Capital Goods – 0.2% | ||||||||||||
| Carlisle Cos., Inc. | ||||||||||||
| $ |
1,117,000 | 0.550 | % | 09/01/23 | $ 1,101,833 | |||||||
|
| ||||||||||||
| Consumer Cyclical – 1.5% | ||||||||||||
| 7-Eleven, Inc.(b) | ||||||||||||
| 544,000 | 0.800 | 02/10/24 | 524,404 | |||||||||
| General Motors Financial Co., Inc. | ||||||||||||
| 1,914,000 | 1.700 | 08/18/23 | 1,896,942 | |||||||||
| (SOFRINDX + 1.300%) | ||||||||||||
| 3,000,000 | 6.317 | (a) | 04/07/25 | 2,985,778 | ||||||||
| Starbucks Corp.(a) | ||||||||||||
| (SOFRINDX + 0.420%) | ||||||||||||
| 479,000 | 5.526 | 02/14/24 | 479,072 | |||||||||
| Toyota Motor Credit Corp.(a) | ||||||||||||
| (SOFRINDX + 0.890%) | ||||||||||||
| 3,044,000 | 5.998 | 05/18/26 | 3,059,395 | |||||||||
|
| ||||||||||||
| 8,945,591 | ||||||||||||
|
| ||||||||||||
| Consumer Noncyclical – 3.0% | ||||||||||||
| AbbVie, Inc. | ||||||||||||
| 2,000,000 | 3.750 | 11/14/23 | 1,983,913 | |||||||||
| 2,000,000 | 2.600 | 11/21/24 | 1,925,770 | |||||||||
| Baxter International, Inc.(a) | ||||||||||||
| (SOFRINDX + 0.440%) | ||||||||||||
| 1,356,000 | 5.551 | 11/29/24 | 1,334,824 | |||||||||
| GE HealthCare Technologies, Inc.(b) | ||||||||||||
| 3,067,000 | 5.550 | 11/15/24 | 3,065,532 | |||||||||
| Pfizer Investment Enterprises Pte Ltd. | ||||||||||||
| 3,171,000 | 4.650 | 05/19/25 | 3,164,908 | |||||||||
| Philip Morris International, Inc. | ||||||||||||
| 3,078,000 | 5.125 | 11/15/24 | 3,079,316 | |||||||||
| Revvity, Inc. | ||||||||||||
| 1,505,000 | 0.550 | 09/15/23 | 1,483,327 | |||||||||
| Thermo Fisher Scientific, Inc. | ||||||||||||
| 1,671,000 | 0.797 | 10/18/23 | 1,641,189 | |||||||||
|
| ||||||||||||
| 17,678,779 | ||||||||||||
|
| ||||||||||||
| Consumer Products – 0.2% | ||||||||||||
| Haleon US Capital LLC | ||||||||||||
| 1,183,000 | 3.024 | 03/24/24 | 1,154,916 | |||||||||
|
| ||||||||||||
| Electric – 1.1% | ||||||||||||
| American Electric Power Co., Inc.(a), Series A | ||||||||||||
| (3M USD LIBOR + 0.480%) | ||||||||||||
| 625,000 | 5.779 | 11/01/23 | 623,998 | |||||||||
| CenterPoint Energy, Inc.(a) | ||||||||||||
| (SOFRINDX + 0.650%) | ||||||||||||
| 2,131,000 | 5.756 | 05/13/24 | 2,123,748 | |||||||||
| Eversource Energy | ||||||||||||
| 1,002,000 | 4.200 | 06/27/24 | 986,306 | |||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Electric – (continued) | ||||||||||||
| Florida Power & Light Co.(a) | ||||||||||||
| (SOFRINDX + 0.380%) | ||||||||||||
| $ |
1,250,000 | 5.411 | % | 01/12/24 | $ 1,246,115 | |||||||
| National Rural Utilities Cooperative Finance Corp.(a), MTN | ||||||||||||
| (SOFR + 0.400%) | ||||||||||||
| 1,884,000 | 5.505 | 08/07/23 | 1,885,326 | |||||||||
| NextEra Energy Capital Holdings, Inc. | ||||||||||||
| 41,000 | 6.051 | 03/01/25 | 41,471 | |||||||||
|
| ||||||||||||
| 6,906,964 | ||||||||||||
|
| ||||||||||||
| Energy – 0.1% | ||||||||||||
| Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc. | ||||||||||||
| 373,000 | 1.231 | 12/15/23 | 364,462 | |||||||||
|
| ||||||||||||
| Food and Beverage – 0.2% | ||||||||||||
| Kellogg Co. | ||||||||||||
| 1,542,000 | 2.650 | 12/01/23 | 1,518,005 | |||||||||
|
| ||||||||||||
| Insurance – 1.7% | ||||||||||||
| Corebridge Global Funding(a)(b) | ||||||||||||
| (SOFR + 0.380%) | ||||||||||||
| 1,390,000 | 5.303 | 12/15/23 | 1,388,766 | |||||||||
| Jackson National Life Global Funding(a)(b) | ||||||||||||
| (SOFR + 1.150%) | ||||||||||||
| 1,397,000 | 6.138 | 06/28/24 | 1,397,378 | |||||||||
| MassMutual Global Funding II | ||||||||||||
| (SOFR + 0.360%) | ||||||||||||
| 986,000 | 5.391 | (a)(b) | 04/12/24 | 982,445 | ||||||||
| (SOFR + 0.270%) | ||||||||||||
| 1,466,000 | 5.329 | (a)(b) | 10/21/24 | 1,461,182 | ||||||||
| Metropolitan Life Global Funding I(b) | ||||||||||||
| 710,000 | 3.600 | 01/11/24 | 701,427 | |||||||||
| New York Life Global Funding | ||||||||||||
| (SOFRINDX + 0.610%) | ||||||||||||
| 219,000 | 5.669 | (a)(b) | 04/21/25 | 218,555 | ||||||||
| (SOFR + 0.650%) | ||||||||||||
| 1,467,000 | 5.738 | (a)(b) | 05/02/25 | 1,469,525 | ||||||||
| Pacific Life Global Funding II(a)(b) | ||||||||||||
| (SOFR + 0.400%) | ||||||||||||
| 750,000 | 5.477 | 01/27/25 | 743,065 | |||||||||
| Protective Life Global Funding(a)(b) | ||||||||||||
| (SOFR + 0.980%) | ||||||||||||
| 1,691,000 | 5.968 | 03/28/25 | 1,683,340 | |||||||||
|
| ||||||||||||
| 10,045,683 | ||||||||||||
|
| ||||||||||||
| REITs and Real Estate – 0.2% | ||||||||||||
| Public Storage(a) (SOFR + 0.470%) | ||||||||||||
| 1,385,000 | 5.532 | 04/23/24 | 1,382,146 | |||||||||
|
| ||||||||||||
| Software – 0.4% | ||||||||||||
| Oracle Corp. | ||||||||||||
| 2,600,000 | 2.400 | 09/15/23 | 2,576,433 | |||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Corporate Obligations – (continued) | ||||||||||||
| Technology – 0.2% | ||||||||||||
| Hewlett Packard Enterprise Co. | ||||||||||||
| $ |
785,000 | 5.900 | % | 10/01/24 | $ 788,509 | |||||||
| Take-Two Interactive Software, Inc. | ||||||||||||
| 571,000 | 3.300 | 03/28/24 | 560,263 | |||||||||
|
| ||||||||||||
| 1,348,772 | ||||||||||||
|
| ||||||||||||
| Transportation – 0.7% | ||||||||||||
| Penske Truck Leasing Co. LP / PTL Finance Corp.(b) | ||||||||||||
| 4,000,000 | 4.125 | 08/01/23 | 3,988,115 | |||||||||
|
| ||||||||||||
| Wireless – 0.6% | ||||||||||||
| AT&T, Inc.(a) | ||||||||||||
| (SOFRINDX + 0.640%) | ||||||||||||
| 2,154,000 | 5.619 | 03/25/24 | 2,153,434 | |||||||||
| Verizon Communications, Inc.(a) | ||||||||||||
| (SOFRINDX + 0.500%) | ||||||||||||
| 1,176,000 | 5.464 | 03/22/24 | 1,175,061 | |||||||||
|
| ||||||||||||
| 3,328,495 | ||||||||||||
|
| ||||||||||||
| TOTAL CORPORATE OBLIGATIONS (Cost $96,746,457) |
$ 96,414,223 | |||||||||||
|
| ||||||||||||
| Foreign Corporate Debt – 15.5% | ||||||||||||
| Banks – 13.5% | ||||||||||||
| ANZ New Zealand Int’l Ltd/London(a)(b) (New Zealand) | ||||||||||||
| (SOFR + 0.600%) | ||||||||||||
| $ |
500,000 | 5.708 | % | 02/18/25 | $ 497,149 | |||||||
| Banco Santander SA (Spain) | ||||||||||||
| 200,000 | 3.892 | 05/24/24 | 196,152 | |||||||||
| (SOFR + 1.240%) | ||||||||||||
| 1,400,000 | 6.348 | (a) | 05/24/24 | 1,404,432 | ||||||||
| (US 1 Year CMT T-Note + 0.450%) | ||||||||||||
| 1,000,000 | 0.701 | (a) | 06/30/24 | 995,198 | ||||||||
| 800,000 | 3.496 | 03/24/25 | 771,644 | |||||||||
| Bank of Montreal(a) (Canada) | ||||||||||||
| (SOFRINDX + 1.330%) | ||||||||||||
| 2,108,000 | 6.442 | 06/05/26 | 2,117,844 | |||||||||
| Bank of Montreal(a), MTN (Canada) | ||||||||||||
| (SOFRINDX + 0.465%) | ||||||||||||
| 3,000,000 | 5.484 | 01/10/25 | 2,980,042 | |||||||||
| Bank of Nova Scotia (The) (Canada) | ||||||||||||
| (SOFRINDX + 0.550%) | ||||||||||||
| 551,000 | 5.473 | (a) | 09/15/23 | 550,884 | ||||||||
| 1,620,000 | 5.250 | 12/06/24 | 1,615,329 | |||||||||
| Bank of Nova Scotia (The)(a), Series FRN (Canada) | ||||||||||||
| (SOFRINDX + 0.445%) | ||||||||||||
| 425,000 | 5.485 | 04/15/24 | 424,098 | |||||||||
| Bank of Nova Scotia (The)(a), MTN (Canada) | ||||||||||||
| (SOFRINDX + 0.960%) | ||||||||||||
| 1,400,000 | 5.856 | 03/11/24 | 1,403,393 | |||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Foreign Corporate Debt – (continued) | ||||||||||||
| Banks – (continued) | ||||||||||||
| Banque Federative du Credit Mutuel SA(b) (France) | ||||||||||||
| $ |
1,298,000 | 0.650 | % | 02/27/24 | $ 1,248,857 | |||||||
| BNP Paribas SA(b) (France) | ||||||||||||
| 1,970,000 | 3.800 | 01/10/24 | 1,942,004 | |||||||||
| BPCE SA(a)(b) (France) | ||||||||||||
| (SOFR + 0.570%) | ||||||||||||
| 1,100,000 | 5.607 | 01/14/25 | 1,087,568 | |||||||||
| Canadian Imperial Bank of Commerce(a) (Canada) | ||||||||||||
| (SOFR + 0.940%) | ||||||||||||
| 2,433,000 | 5.957 | 04/07/25 | 2,433,396 | |||||||||
| Credit Suisse AG (Switzerland) | ||||||||||||
| 396,000 | 7.950 | 01/09/25 | 401,260 | |||||||||
| Credit Suisse AG(a), Series FRN (Switzerland) | ||||||||||||
| (SOFRINDX + 1.260%) | ||||||||||||
| 3,000,000 | 6.368 | 02/21/25 | 2,903,021 | |||||||||
| Deutsche Bank AG, Series E (Germany) | ||||||||||||
| 298,000 | 0.962 | 11/08/23 | 290,085 | |||||||||
| (SOFR + 0.500%) | ||||||||||||
| 3,125,000 | 5.605 | (a) | 11/08/23 | 3,111,976 | ||||||||
| DNB Bank ASA(a)(b) (Norway) | ||||||||||||
| (SOFRINDX + 0.810%) | ||||||||||||
| 753,000 | 2.968 | 03/28/25 | 735,233 | |||||||||
| Federation des Caisses Desjardins du Quebec(a)(b) (Canada) | ||||||||||||
| (SOFR + 0.430%) | ||||||||||||
| 1,895,000 | 5.539 | 05/21/24 | 1,887,533 | |||||||||
| HSBC Holdings PLC (United Kingdom) | ||||||||||||
| (SOFR + 0.534%) | ||||||||||||
| 1,422,000 | 0.732 | (a) | 08/17/24 | 1,404,669 | ||||||||
| (SOFR + 0.580%) | ||||||||||||
| 1,713,000 | 5.688 | (a) | 11/22/24 | 1,693,096 | ||||||||
| ING Groep NV (Netherlands) | ||||||||||||
| 4,181,000 | 3.550 | 04/09/24 | 4,105,263 | |||||||||
| Intesa Sanpaolo SpA(b), Series XR (Italy) | ||||||||||||
| 2,171,000 | 3.250 | 09/23/24 | 2,086,923 | |||||||||
| Lloyds Banking Group PLC (United Kingdom) | ||||||||||||
| 1,367,000 | 4.050 | 08/16/23 | 1,360,754 | |||||||||
| 1,000,000 | 4.450 | 05/08/25 | 976,150 | |||||||||
| Mitsubishi UFJ Financial Group, Inc. (Japan) | ||||||||||||
| 1,000,000 | 2.193 | 02/25/25 | 943,889 | |||||||||
| (SOFR + 1.385%) | ||||||||||||
| 1,529,000 | 6.264 | (a) | 09/12/25 | 1,532,329 | ||||||||
| (SOFR + 0.940%) | ||||||||||||
| 2,400,000 | 6.047 | (a) | 02/20/26 | 2,387,245 | ||||||||
| Mizuho Financial Group, Inc. (Japan) | ||||||||||||
| (SOFR + 1.252%) | ||||||||||||
| 1,358,000 | 1.241 | (a) | 07/10/24 | 1,350,886 | ||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Foreign Corporate Debt – (continued) | ||||||||||||
| Banks – (continued) | ||||||||||||
| Mizuho Financial Group, Inc. (Japan) – (continued) | ||||||||||||
| (SOFR + 0.872%) | ||||||||||||
| $ |
1,259,000 | 0.849 | %(a) | 09/08/24 | $ 1,240,699 | |||||||
| MUFG Bank Ltd.(b) (Japan) | ||||||||||||
| 671,000 | 4.100 | 09/09/23 | 667,861 | |||||||||
| National Australia Bank Ltd.(a)(b) (Australia) | ||||||||||||
| (SOFR + 0.380%) | ||||||||||||
| 2,300,000 | 5.411 | 01/12/25 | 2,282,797 | |||||||||
| National Bank of Canada(a) (Canada) | ||||||||||||
| (SOFR + 0.490%) | ||||||||||||
| 655,000 | 5.595 | 08/06/24 | 652,325 | |||||||||
| NatWest Group PLC (United Kingdom) | ||||||||||||
| 325,000 | 3.875 | 09/12/23 | 322,453 | |||||||||
| Nordea Bank Abp (Finland) | ||||||||||||
| 800,000 | 3.750 | (b) | 08/30/23 | 795,414 | ||||||||
| 200,000 | 0.625 | (b) | 05/24/24 | 190,366 | ||||||||
| Royal Bank of Canada, GMTN (Canada) | ||||||||||||
| (SOFRINDX + 0.340%) | ||||||||||||
| 819,000 | 5.357 | (a) | 10/07/24 | 814,396 | ||||||||
| (SOFRINDX + 0.440%) | ||||||||||||
| 2,000,000 | 5.499 | (a) | 01/21/25 | 1,987,203 | ||||||||
| Societe Generale SA(b) (France) | ||||||||||||
| 1,133,000 | 4.250 | 09/14/23 | 1,124,640 | |||||||||
| Standard Chartered PLC(a)(b) (United Kingdom) | ||||||||||||
| (US 1 Year CMT T-Note + 0.780%) | ||||||||||||
| 1,452,000 | 0.991 | 01/12/25 | 1,403,273 | |||||||||
| Sumitomo Mitsui Trust Bank Ltd. (Japan) | ||||||||||||
| (SOFR + 0.440%) | ||||||||||||
| 1,854,000 | 5.348 | (a)(b) | 09/16/24 | 1,840,442 | ||||||||
| (SOFR + 1.120%) | ||||||||||||
| 3,400,000 | 5.979 | (a)(b) | 03/09/26 | 3,400,423 | ||||||||
| Toronto-Dominion Bank (The), MTN (Canada) | ||||||||||||
| (SOFR + 0.910%) | ||||||||||||
| 781,000 | 5.793 | (a) | 03/08/24 | 781,858 | ||||||||
| (SOFR + 0.410%) | ||||||||||||
| 4,000,000 | 5.429 | (a) | 01/10/25 | 3,975,809 | ||||||||
| Toronto-Dominion Bank (The)(a) (Canada) | ||||||||||||
| (SOFR + 0.355%) | ||||||||||||
| 1,362,000 | 5.467 | 03/04/24 | 1,358,316 | |||||||||
| Toronto-Dominion Bank (The), GMTN (Canada) | ||||||||||||
| 859,000 | 3.250 | 03/11/24 | 843,737 | |||||||||
| UBS AG/London (Switzerland) | ||||||||||||
| 1,588,000 | 0.700 | (b) | 08/09/24 | 1,495,388 | ||||||||
| (SOFR + 0.450%) | ||||||||||||
| 1,462,000 | 5.556 | (a)(b) | 08/09/24 | 1,453,980 | ||||||||
| (SOFR + 0.470%) | ||||||||||||
| 3,500,000 | 5.504 | (a)(b) | 01/13/25 | 3,472,636 | ||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Foreign Corporate Debt – (continued) | ||||||||||||
| Banks – (continued) | ||||||||||||
| Westpac Banking Corp. (Australia) | ||||||||||||
| $ |
2,567,000 | 5.350 | % | 10/18/24 | $ 2,578,519 | |||||||
| (SOFR + 0.300%) | ||||||||||||
| 1,186,000 | 5.408 | (a) | 11/18/24 | 1,179,620 | ||||||||
|
| ||||||||||||
| 80,700,457 | ||||||||||||
|
| ||||||||||||
| Capital Goods – 0.1% | ||||||||||||
| Siemens Financieringsmaatschappij NV(a)(b) (Germany) (SOFR + 0.430%) | ||||||||||||
| 620,000 | 5.328 | 03/11/24 | 620,134 | |||||||||
|
| ||||||||||||
| Consumer Cyclical – 0.7% | ||||||||||||
| BMW US Capital LLC (Germany) | ||||||||||||
| (SOFRINDX + 0.530%) | ||||||||||||
| 710,000 | 5.530 | (a)(b) | 04/01/24 | 711,172 | ||||||||
| (SOFRINDX + 0.840%) | ||||||||||||
| 1,231,000 | 5.840 | (a)(b) | 04/01/25 | 1,233,340 | ||||||||
| Volkswagen Group of America Finance LLC (Germany) | ||||||||||||
| 1,586,000 | 0.875 | (b) | 11/22/23 | 1,549,205 | ||||||||
| (SOFR + 0.950%) | ||||||||||||
| 1,000,000 | 5.815 | (a)(b) | 06/07/24 | 999,806 | ||||||||
|
| ||||||||||||
| 4,493,523 | ||||||||||||
|
| ||||||||||||
| Energy – 0.7% | ||||||||||||
| Enbridge, Inc. (Canada) | ||||||||||||
| 726,000 | 0.550 | 10/04/23 | 712,375 | |||||||||
| (SOFRINDX + 0.630%) | ||||||||||||
| 344,000 | 5.738 | (a) | 02/16/24 | 343,500 | ||||||||
| TransCanada PipeLines Ltd. (Canada) | ||||||||||||
| 3,000,000 | 3.750 | 10/16/23 | 2,986,778 | |||||||||
|
| ||||||||||||
| 4,042,653 | ||||||||||||
|
| ||||||||||||
| Food and Beverage – 0.5% | ||||||||||||
| Danone SA(b) (France) | ||||||||||||
| 3,000,000 | 2.589 | 11/02/23 | 2,961,617 | |||||||||
|
| ||||||||||||
| TOTAL FOREIGN CORPORATE DEBT (Cost $93,166,882) |
$ 92,818,384 | |||||||||||
|
| ||||||||||||
| Certificate of Deposits – 6.8%(c) | ||||||||||||
| Banco Santander SA (SOFR + 0.490%) | ||||||||||||
| $ |
2,000,000 | 5.570 | % | 02/09/24 | $ 1,998,700 | |||||||
| Barclays Bank PLC (SOFR + 0.700%) | ||||||||||||
| 2,300,000 | 5.780 | 10/04/23 | 2,302,530 | |||||||||
| Bayerische Landesbank/New York | ||||||||||||
| 2,204,000 | 5.810 | 03/08/24 | 2,204,066 | |||||||||
| BNP Paribas | ||||||||||||
| 2,403,000 | 5.430 | 02/16/24 | 2,396,848 | |||||||||
| Commonwealth Bank of Australia (SOFR + 0.400%) | ||||||||||||
| 2,579,000 | 5.530 | 11/22/23 | 2,577,169 | |||||||||
| 1,123,000 | 5.480 | 01/29/24 | 1,123,314 | |||||||||
| Cooperatieve Rabobank UA (SOFR + 0.490%) | ||||||||||||
| 2,635,000 | 5.570 | 03/21/24 | 2,634,473 | |||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Certificate of Deposits – (continued) | ||||||||||||
| Landesbank Baden-Wuerttemberg/New York | ||||||||||||
| $ |
2,437,000 | 5.220 | % | 01/17/24 | $ 2,428,056 | |||||||
| Lloyds Bank Corporate Markets PLC (SOFR + 0.540%) | ||||||||||||
| 1,395,000 | 5.620 | 01/31/24 | 1,381,918 | |||||||||
| Mizuho Bank Ltd. (SOFR + 0.520%) | ||||||||||||
| 1,280,000 | 5.600 | 10/02/23 | 1,280,589 | |||||||||
| Nordea Bank Abp (SOFR + 0.610%) | ||||||||||||
| 2,333,000 | 5.690 | 01/04/24 | 2,335,706 | |||||||||
| Royal Bank of Canada (SOFR + 0.700%) | ||||||||||||
| 968,000 | 5.780 | 03/27/24 | 969,365 | |||||||||
| Skandinaviska Enskilda Banken AB (SOFR + 0.680%) | ||||||||||||
| 2,000,000 | 5.730 | 08/18/23 | 2,002,084 | |||||||||
| Standard Chartered Bank (SOFR + 0.640%) | ||||||||||||
| 2,388,000 | 5.720 | 02/20/24 | 2,389,409 | |||||||||
| Sumitomo Mitsui Banking Corp. (SOFR + 0.950%) | ||||||||||||
| 1,278,000 | 6.030 | 10/25/23 | 1,280,812 | |||||||||
| Sumitomo Mitsui Banking Corp. New York Branch | ||||||||||||
| 2,000,000 | 5.000 | 10/06/23 | 1,995,360 | |||||||||
| Svenska Handelsbanken (SOFR + 0.570%) | ||||||||||||
| 2,436,000 | 5.650 | 01/09/24 | 2,437,730 | |||||||||
| Toronto Dominion Bank | ||||||||||||
| 814,000 | 4.070 | 07/18/23 | 812,714 | |||||||||
| 1,633,000 | 0.000 | 04/03/24 | 1,634,037 | |||||||||
| 1,282,000 | 5.820 | 05/23/24 | 1,284,778 | |||||||||
| Wells Fargo Bank NA (SOFR + 0.610%) | ||||||||||||
| 2,966,000 | 5.690 | 04/19/24 | 2,971,792 | |||||||||
|
| ||||||||||||
| TOTAL CERTIFICATE OF DEPOSITS (Cost $40,454,550) |
$ 40,441,450 | |||||||||||
|
| ||||||||||||
| U.S. Treasury Notes – 5.7%(c) | ||||||||||||
| U.S. Treasury Floating Rate Notes (3M USD T-Bill + 0.309%) | ||||||||||||
| $ |
10,803,600 | 5.512 | % | 10/31/24 | $ 10,810,230 | |||||||
| 3,104,300 | 5.541 | 04/30/25 | 3,105,326 | |||||||||
| U.S. Treasury Notes | ||||||||||||
| 7,600,000 | 4.625 | 02/28/25 | 7,604,711 | |||||||||
| 8,149,000 | 3.875 | 03/31/25 | 8,054,777 | |||||||||
| 4,322,000 | 3.875 | 04/30/25 | 4,275,066 | |||||||||
|
| ||||||||||||
| TOTAL U.S. TREASURY NOTES (Cost $33,850,450) |
$ 33,850,110 | |||||||||||
|
| ||||||||||||
| U.S. Government Agency Obligations – 4.2%(c) | ||||||||||||
| Federal Farm Credit Banks Funding Corp. | ||||||||||||
| $ |
2,095,000 | 5.070 | % | 01/11/24 | $ 2,090,193 | |||||||
| Federal Home Loan Banks | ||||||||||||
| 1,460,000 | 4.660 | 11/14/23 | 1,454,044 | |||||||||
| 600,000 | 4.660 | 11/15/23 | 597,621 | |||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| U.S. Government Agency Obligations – (continued) | ||||||||||||
| Federal Home Loan Banks – (continued) | ||||||||||||
| $ |
600,000 | 4.670 | % | 11/17/23 | $ 597,446 | |||||||
| 600,000 | 4.680 | 11/29/23 | 597,442 | |||||||||
| 2,550,000 | 5.000 | 02/21/24 | 2,541,449 | |||||||||
| 1,885,000 | 5.000 | 02/21/24 | 1,878,645 | |||||||||
| 5,230,000 | 5.165 | 03/08/24 | 5,198,818 | |||||||||
| 4,780,000 | 5.340 | 04/23/24 | 4,750,896 | |||||||||
| 2,785,000 | 5.540 | 04/24/24 | 2,777,101 | |||||||||
| 2,770,000 | 5.330 | 04/26/24 | 2,747,745 | |||||||||
|
| ||||||||||||
| TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $25,349,867) |
$ 25,231,400 | |||||||||||
|
| ||||||||||||
| Shares | Dividend Rate |
Value | ||||||||||
| Investment Company – 1.9%(d) | ||||||||||||
| Goldman Sachs Financial Square Government Fund – Institutional Shares | ||||||||||||
| 11,318,044 | 5.003% | $ 11,318,044 | ||||||||||
| (Cost $11,318,044) | ||||||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Short-Term Investments – 10.7% | ||||||||||||
| Commercial Paper – 10.7% | ||||||||||||
| 3M Co. | ||||||||||||
| $ |
1,487,000 | 5.630 | % | 09/07/23 | $ 1,465,825 | |||||||
| American Electric Power Co., Inc. | ||||||||||||
| 1,269,000 | 5.358 | 07/20/23 | 1,259,356 | |||||||||
| B A T Intl Fin | ||||||||||||
| 2,827,000 | 6.173 | 06/20/23 | 2,818,661 | |||||||||
| Bank of Montreal | ||||||||||||
| 1,210,000 | 5.580 | 02/14/24 | 1,209,950 | |||||||||
| Bank of Nova Scotia | ||||||||||||
| 1,214,000 | 5.598 | 10/10/23 | 1,189,040 | |||||||||
| 3,951,000 | 5.580 | 02/09/24 | 3,791,656 | |||||||||
| Barton Capital S.A. | ||||||||||||
| 982,000 | 5.480 | 09/15/23 | 966,032 | |||||||||
| BASF SE | ||||||||||||
| 1,290,000 | 5.787 | 12/18/23 | 1,249,520 | |||||||||
| Bayer Corp. | ||||||||||||
| 2,856,000 | 6.232 | 09/14/23 | 2,808,533 | |||||||||
| BofA Securities, Inc. | ||||||||||||
| 964,000 | 5.440 | 02/08/24 | 961,686 | |||||||||
| Citigroup Global Markets, Inc.(a) (SOFR + 0.650%) | ||||||||||||
| 1,093,000 | 5.700 | 09/21/23 | 1,094,137 | |||||||||
| DNB Bank ASA | ||||||||||||
| 2,731,000 | 5.450 | 11/22/23 | 2,659,038 | |||||||||
|
| ||||||||||||
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Short-Term Investments – (continued) | ||||||||||||
| Commercial Paper – (continued) | ||||||||||||
| EIDP, Inc. | ||||||||||||
| $ |
3,000,000 | 5.788 | % | 10/02/23 | $ 2,942,610 | |||||||
| 522,000 | 5.842 | 11/24/23 | 507,609 | |||||||||
| Federation des Caisses Desjardins du Quebec | ||||||||||||
| 2,365,000 | 5.452 | 02/14/24 | 2,272,008 | |||||||||
| General Motors | ||||||||||||
| 5,060,000 | 5.480 | 06/01/23 | 5,059,241 | |||||||||
| HSBC Bank USA NA(a) (SOFR + 0.610%) | ||||||||||||
| 1,000,000 | 5.690 | 04/26/24 | 999,780 | |||||||||
| HSBC USA Inc. | ||||||||||||
| 1,053,000 | 6.219 | 05/24/24 | 993,965 | |||||||||
| La Fayette Asset Securitization LLC | ||||||||||||
| 1,207,000 | 5.810 | 11/28/23 | 1,173,494 | |||||||||
| Lloyds Bank Corporate Markets PLC | ||||||||||||
| 2,718,000 | 5.520 | 02/14/24 | 2,711,749 | |||||||||
| Macquarie Bank | ||||||||||||
| 1,725,000 | 5.570 | 02/15/24 | 1,724,993 | |||||||||
| Nordea Bank Abp(a) (SOFR + 0.450%) | ||||||||||||
| 1,238,000 | 5.498 | 01/18/27 | 1,238,359 | |||||||||
| Northrop Gruman Corp. | ||||||||||||
| 2,141,000 | 5.896 | 08/22/23 | 2,113,467 | |||||||||
| Nutrien Ltd. | ||||||||||||
| 1,000,000 | 5.581 | 07/14/23 | 993,340 | |||||||||
| Societe Generale SA | ||||||||||||
| 2,716,000 | 5.540 | 11/15/23 | 2,646,742 | |||||||||
| 1,355,000 | 5.413 | 02/09/24 | 1,302,101 | |||||||||
| Starbird Funding Corp. | ||||||||||||
| 5,000,000 | 5.220 | 09/06/23 | 4,998,000 | |||||||||
| Telus Corp. | ||||||||||||
| 1,390,000 | 5.853 | 10/17/23 | 1,359,100 | |||||||||
| Thermo Fisher Scientific Inc. | ||||||||||||
| 1,243,000 | 5.651 | 08/21/23 | 1,227,226 | |||||||||
| TotalEnergies SE | ||||||||||||
| 3,232,000 | 5.781 | 11/27/23 | 3,141,343 | |||||||||
| TransCanada | ||||||||||||
| 3,000,000 | 5.641 | 07/25/23 | 2,974,830 | |||||||||
| VW Credit, Inc. | ||||||||||||
| 897,000 | 5.308 | 06/07/23 | 896,094 | |||||||||
|
| ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
| Short-Term Investments – (continued) | ||||||||||||
| Commercial Paper – (continued) | ||||||||||||
| Westpac Banking Corp. | ||||||||||||
| $ |
1,279,000 | 5.394 | % | 02/20/24 | $ 1,275,508 | |||||||
|
| ||||||||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $64,062,825) |
$ 64,024,993 | |||||||||||
|
| ||||||||||||
| TOTAL INVESTMENTS – 99.8% (Cost $601,842,107) |
$596,738,304 | |||||||||||
|
| ||||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES – 0.2% |
1,026,134 | |||||||||||
|
| ||||||||||||
| NET ASSETS – 100.0% | $597,764,438 | |||||||||||
|
| ||||||||||||
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
| (a) | Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on May 31, 2023. | |
| (b) | Exempt from registration under Rule 144A of the Securities Act of 1933. | |
| (c) | Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices. | |
| (d) | Represents an affiliated issuer. | |
|
| ||
| Investment Abbreviations: | ||
| CLO | — Collateralized Loan Obligation | |
| CMT | — Constant Maturity Treasury Index | |
| FHLMC | — Federal Home Loan Mortgage Corp. | |
| FNMA | — Federal National Mortgage Association | |
| GNMA | — Government National Mortgage Association | |
| GMTN | — Global Medium Term Note | |
| LIBOR | — London Interbank Offered Rate | |
| LP | — Limited Partnership | |
| MTN | — Medium Term Note | |
| PLC | — Public Limited Company | |
| REIT | — Real Estate Investment Trust | |
| SOFR | — Secured Overnight Financing Rate | |
| SOFRINDX | — Secured Overnight Financing Rate Index | |
|
| ||
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Schedule of Investments (continued)
May 31, 2023 (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 — The fair value of a financial instrument is 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). 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 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. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ portfolio 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:
Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. With the exception of treasury securities of G7 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.
i. Commercial Paper — Commercial paper normally represents short-term unsecured promissory notes issued in bearer form by banks or bank holding companies, corporations, finance companies and other issuers. Commercial paper consists of direct U.S. dollar-denominated obligations of domestic or foreign issuers. Asset-backed commercial paper is issued by a special purpose entity that is organized to issue the commercial paper and to purchase trade receivables or other financial assets.
ii. Mortgage-Backed and Asset-Backed Securities — Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by residential and/or commercial real estate property. Asset-backed securities include securities whose principal and interest payments are collateralized by pools of other assets or receivables. The value of certain mortgage-backed and asset-backed securities (including adjustable rate mortgage loans) may be particularly sensitive to changes in prevailing interest rates. The value of these securities may also fluctuate in response to the market’s perception of the creditworthiness of the issuers.
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
Asset-backed securities may present credit risks that are not presented by mortgage-backed securities because they generally do not have the benefit of a security interest in collateral that is comparable to mortgage assets. Some asset-backed securities may only have a subordinated claim on collateral. Stripped mortgage-backed securities are usually structured with two different classes: one that receives substantially all interest payments (interest-only, or “IO” and/or high coupon rate with relatively low principal amount, or “IOette”), and the other that receives substantially all principal payments (principal-only, or “PO”) from a pool of mortgage loans. Little to no principal will be received at the maturity of an IO; as a result, periodic adjustments are recorded to reduce the cost of the security until maturity.
iii. Treasury Inflation Protected Securities — TIPS are treasury securities in which the principal amount is adjusted daily to keep pace with inflation, as measured by the U.S. Consumer Pricing Index for Urban Consumers. The repayment of the original bond principal upon maturity is guaranteed by the full faith and credit of the U.S. Government.
iv. When-Issued Securities and Forward Commitments — When-issued securities, including TBA (“To Be Announced”) securities, are securities that are authorized but not yet issued in the market and purchased in order to secure what is considered to be an advantageous price or yield to a Fund. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a when-issued or forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of when-issued securities or forward commitments prior to settlement, which may result in a realized gain or loss.
Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Money Market Fund”) are valued at the NAV per share of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding the Underlying Money Market Fund’s accounting policies and investment holdings, please see the Underlying Money Market Fund’s shareholder report.
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 the Funds’ investments may be determined under Valuation Procedures approved by the Trustees. 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 and classified in the fair value hierarchy as of May 31, 2023:
| ACCESS EMERGING MARKETS USD BOND ETF | ||||||||||||
| Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| Assets |
| |||||||||||
| Fixed Income |
||||||||||||
| Sovereign Debt Obligations |
$ | — | $ | 50,534,187 | $ | — | ||||||
| Corporate Obligations |
— | 7,708,275 | — | |||||||||
| Investment Company |
243,138 | — | — | |||||||||
| Total | $ | 243,138 | $ | 58,242,462 | $ | — | ||||||
| ACCESS HIGH YIELD CORPORATE BOND ETF | ||||||||||||
| Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| Assets |
| |||||||||||
| Fixed Income |
||||||||||||
| Corporate Obligations |
$ | — | $ | 87,135,916 | $ | — | ||||||
| Foreign Corporate Debt |
— | 6,121,180 | — | |||||||||
| Investment Company |
576,771 | — | — | |||||||||
| Total | $ | 576,771 | $ | 93,257,096 | $ | — | ||||||
| ACCESS INFLATION PROTECTED USD BOND ETF | ||||||||||||
| Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| Assets |
| |||||||||||
| Fixed Income |
||||||||||||
| U.S. Treasury Inflation Indexed Bonds |
$ | 121,577,363 | $ | — | $ | — | ||||||
| Investment Company |
336,835 | — | — | |||||||||
| Total | $ | 121,914,198 | $ | — | $ | — | ||||||
| ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND ETF | ||||||||||||
| Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| Assets |
| |||||||||||
| Fixed Income |
||||||||||||
| Corporate Obligations |
$ | — | $ | 7,881,142 | $ | — | ||||||
| Foreign Corporate Debt |
— | 1,213,981 | — | |||||||||
| Total | $ | — | $ | 9,095,123 | $ | — | ||||||
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
| ACCESS INVESTMENT GRADE CORPORATE BOND ETF | ||||||||||||
| Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| Assets |
| |||||||||||
| Fixed Income |
||||||||||||
| Corporate Obligations |
$ | — | $ | 523,225,029 | $ | — | ||||||
| Foreign Corporate Debt |
— | 126,605,118 | — | |||||||||
| Investment Company |
1,993,891 | — | — | |||||||||
| Total | $ | 1,993,891 | $ | 649,830,147 | $ | — | ||||||
| ACCESS TREASURY 0-1 YEAR ETF | ||||||||||||
| Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| Assets |
| |||||||||||
| Fixed Income |
||||||||||||
| U.S. Treasury Bills |
$ | 4,971,760,290 | $ | — | $ | — | ||||||
| U.S. Treasury Notes |
378,072,318 | — | — | |||||||||
| Total | $ | 5,349,832,608 | $ | — | $ | — | ||||||
| ACCESS U.S. AGGREGATE BOND ETF | ||||||||||||
| Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| Assets |
| |||||||||||
| Fixed Income |
||||||||||||
| Mortgage-Backed Securities |
$ | — | $ | 155,425,283 | $ | — | ||||||
| U.S. Treasury Notes |
154,111,861 | — | — | |||||||||
| Corporate Obligations |
— | 95,804,347 | — | |||||||||
| U.S. Treasury Bonds |
36,940,465 | — | — | |||||||||
| Foreign Corporate Debt |
— | 23,692,313 | — | |||||||||
| U.S. Treasury Obligations |
21,495,725 | — | — | |||||||||
| Sovereign Debt Obligations |
206,659 | 10,955,083 | — | |||||||||
| Investment Company |
44,019,538 | — | — | |||||||||
| Total | $ | 256,774,248 | $ | 285,877,026 | $ | — | ||||||
| Liabilities |
||||||||||||
| Forward Sales Contracts |
— | (26,257,813 | ) | — | ||||||||
| ACCESS ULTRA SHORT BOND ETF | ||||||||||||
| Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| Assets |
| |||||||||||
| Fixed Income |
||||||||||||
| Asset- Backed Securities |
$ | — | $ | 130,894,091 | $ | — | ||||||
| Mortgage-Backed Securities |
— | 101,745,609 | — | |||||||||
| Corporate Obligations |
— | 96,414,223 | — | |||||||||
| Foreign Corporate Debt |
— | 92,818,384 | — | |||||||||
| Commercial Paper |
— | 64,024,993 | — | |||||||||
| Certificate of Deposits |
— | 40,441,450 | — | |||||||||
| U.S. Treasury Notes |
33,850,110 | — | — | |||||||||
| U.S. Government Agency Obligations |
— | 25,231,400 | — | |||||||||
| Investment Company |
11,318,044 | — | — | |||||||||
| Total | $ | 45,168,154 | $ | 551,570,150 | $ | — | ||||||
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
The Funds’ risks include, but are not limited to, the following:
Floating and Variable Rate Obligations Risk — Floating rate and variable rate obligations are debt instruments issued by companies or other entities with interest rates that reset periodically (typically, daily, monthly, quarterly, or semiannually) in response to changes in the market rate of interest on which the interest rate is based. Such market rates are generally the Secured Overnight Financing Rate, London Interbank Offered Rate (“LIBOR”), the Prime Rate of a designated U.S. bank, the Federal Funds Rate, or another base lending rate used by commercial lenders. For floating and variable rate obligations, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit a Fund, depending on the interest rate environment or other circumstances. In a rising interest rate environment, for example, a floating or variable rate obligation that does not reset immediately would prevent a Fund from taking full advantage of rising interest rates in a timely manner. However, in a declining interest rate environment, a Fund may benefit from a lag due to an obligation’s interest rate payment not being immediately impacted by a decline in interest rates.
At the end of 2021, certain LIBORs were discontinued, but the most widely used LIBORs may continue to be provided on a representative basis until June, 2023. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain Fund investments and may result in costs incurred in connection with closing out positions and entering into new trades. Any pricing adjustments to a Fund’s investments resulting from a substitute reference rate may also adversely affect a Fund’s performance and/or NAV.
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.
Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. A Fund may face a heightened level of interest rate risk in connection with the type and extent of certain monetary policy changes made by the Federal Reserve, such as target interest rate changes. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short term fixed income securities or instruments. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. The risks associated with changing interest rates may have unpredictable effects on the markets and a Fund’s investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds. A sudden or unpredictable increase in interest rates may cause volatility in the market and may decrease the liquidity of the Fund’s investments, which would make it harder for the Fund to sell its investments at an advantageous time.
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
Index Risk (each Fund except the Access Ultra Short Bond ETF) — FTSE Fixed Income LLC (the “Index Provider”) constructs each Fund’s Index in accordance with a rules-based methodology. A Fund will be negatively affected by general declines in the securities and asset classes represented in its Index. In addition, because the Funds are not “actively” managed, unless a specific security is removed from an Index, a Fund generally would not sell a security because the security’s issuer was in financial trouble. Market disruptions and regulatory restrictions could have an adverse effect on a Fund’s ability to adjust its exposure to the required levels in order to track the Index. A Fund also does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, a Fund’s performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers. When the Index is rebalanced and a Fund in turn rebalances its portfolio to attempt to increase the correlation between the Fund’s portfolio and the Index, any transaction costs and market exposure arising from such portfolio rebalancing may be borne directly by the Fund and its shareholders. The Index Provider may utilize third party data in constructing each Index, but it does not guarantee the accuracy or availability of any such third party data. The FTSE Goldman Sachs Emerging Markets USD Bond Index, FTSE Goldman Sachs Investment Grade Corporate Bond 1-5 Years Index and FTSE Goldman Sachs US Broad Bond Market Index are new and have limited performance history. Errors in index data, index computation or the construction of an Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the applicable Fund and its shareholders. In addition, neither a Fund, the Investment Adviser nor the Index Provider can guarantee the availability or timeliness of the production of the Index.
Investments in Other Investment Companies Risk — As a shareholder of another investment company, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund.
Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with a Fund’s investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.
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, acts of terrorism, social unrest, natural disasters, 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 sustain losses. 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 (except the Access Ultra Short Bond ETF) trading individually or in the aggregate at any point in time.
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
Tracking Error Risk (each Fund except the Access Ultra Short Bond ETF) — Tracking error is the divergence of a Fund’s performance from that of its Index. The performance of a Fund may diverge from that of its Index for a number of reasons. Tracking error may occur because of transaction costs, a Fund’s holding of cash, differences in accrual of dividends, changes to its Index or the need to meet new or existing regulatory requirements. Unlike a Fund, the returns of an Index are not reduced by investment and other operating expenses, including the trading costs associated with implementing changes to its portfolio of investments. Tracking error risk may be heightened during times of market volatility or other unusual market conditions.