NPORT-EX 2 230993GS113023.htm
GOLDMAN
SACHS
ACCESS
EMERGING
MARKETS
USD
BOND
ETF
Schedule
of
Investments
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Sovereign
Debt
Obligations
–
83.6%
Bahamas
–
0.3%
Bahamas
Government
International
Bond
(
B+
/
B1
)
$
200,000
8.950
%
10/15/32
$
178,500
Bahrain
–
3.1%
Bahrain
Government
International
Bond
(
B+
/
B2
)
225,000
7.375
05/14/30
231,226
225,000
5.625
05/18/34
198,284
200,000
5.625
09/30/31
184,602
550,000
7.000
01/26/26
555,632
200,000
6.000
09/19/44
158,500
200,000
6.250
01/25/51
159,750
200,000
7.5
00
09/20/47
183,772
1,671,766
Bolivia
–
0.2%
Bolivian
Government
International
Bond
(
CCC+
/
Caa1
)
200,000
4.500
03/20/28
95,000
Brazil
–
3.2%
Brazilian
Government
International
Bond
(
BB-
/
Ba2
)
779,000
6.000
10/20/33
765,689
585,000
5.625
01/07/41
514,554
200,000
4.250
01/07/25
197,207
200,000
7.125
01/20/37
211,000
1,688,450
Chile
–
3.0%
Chile
Government
International
Bond
(
A
/
A2
)
600,000
3.500
01/31/34
515,491
200,000
5.330
01/05/54
187,462
225,000
3.250
09/21/71
138,529
200,000
4.000
01/31/52
153,166
400,000
3.240
02/06/28
373,424
210,000
3.125
01/21/26
201,189
1,569,261
China
–
3.0%
China
Government
International
Bond
(
A+
/
A1
)
200,000
0.750
10/26/24
192,280
200,000
1.750
10/26/31
166,170
200,000
2.750
12/03/39
152,163
250,000
4.000
10/19/48
215,983
200,000
3.500
10/19/28
192,905
400,000
1.250
10/26/26
363,547
390,000
1.200
10/21/30
318,240
1,601,288
Colombia
–
5.0%
Colombia
Government
International
Bond
(
BB+
/
Baa2
)
460,000
3.000
01/30/30
370,584
500,000
3.125
04/15/31
388,193
550,000
5.000
06/15/45
391,660
300,000
3.875
04/25/27
279,665
300,000
6.125
01/18/41
252,193
400,000
5.200
05/15/49
285,550
200,000
7.375
09/18/37
195,442
275,000
5.625
02/26/44
212,094
250,000
3.250
04/22/32
189,225
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Sovereign
Debt
Obligations
(Continued)
Colombia
–
(continued)
Colombia
Government
International
Bond
(BB+/Baa2)
(continued)
$
200,000
4.125
%
05/15/51
$
121,492
2,686,098
Costa
Rica
–
2.0%
Costa
Rica
Government
International
Bond
(
BB-
/
B1
)
450,000
6.125
02/19/31
452,250
400,000
7.158
03/12/45
409,000
200,000
6.550
04/03/34
202,500
1,063,750
Dominican
Republic
–
5.3%
Dominican
Republic
International
Bond
(
BB
/
Ba3
)
200,000
5.500
02/22/29
190,500
225,000
4.500
01/30/30
200,250
225,000
6.850
01/27/45
210,375
200,000
5.500
01/27/25
198,750
425,000
6.000
07/19/28
416,500
450,000
5.950
01/25/27
443,250
150,000
6.875
01/29/26
150,938
200,000
6.400
06/05/49
177,500
175,000
7.450
04/30/44
174,125
450,000
4.875
09/23/32
391,500
300,000
5.875
01/30/60
243,375
2,797,063
Ecuador
–
1.2%
Ecuador
Government
International
Bond
(a)
(
B-
/
Ba3
)
850,000
3.500
07/31/35
304,937
450,000
6.000
07/31/30
209,813
450,000
2.500
07/31/40
146,813
661,563
Egypt
–
3.7%
Egypt
Government
International
Bond
(
B-
/
Caa1
)
300,000
5.800
09/30/27
214,633
200,000
5.875
06/11/25
179,748
350,000
7.625
05/29/32
222,709
200,000
8.700
03/01/49
115,500
200,000
7.500
02/16/61
109,250
200,000
7.300
09/30/33
122,291
200,000
7.903
02/21/48
111,000
200,000
8.875
05/29/50
116,750
200,000
3.875
02/16/26
155,228
200,000
6.588
02/21/28
141,607
200,000
7.500
01/31/27
156,500
450,000
8.500
01/31/47
258,750
125,000
6.875
04/30/40
70,625
1,974,591
Guatemala
–
1.5%
Guatemala
Government
Bond
(
BB
/
NR
)
225,000
3.700
10/07/33
175,500
200,000
6.125
06/01/50
172,250
300,000
5.375
04/24/32
277,500
200,000
6.600
06/13/36
193,500
818,750
GOLDMAN
SACHS
ACCESS
EMERGING
MARKETS
USD
BOND
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Sovereign
Debt
Obligations
(Continued)
Hungary
–
2.6%
Hungary
Government
International
Bond
(
BBB-
/
Baa2
)
$
200,000
6.125
%
05/22/28
$
203,633
200,000
6.750
09/25/52
203,873
200,000
5.250
06/16/29
195,607
550,000
7.625
03/29/41
611,117
200,000
5.500
06/16/34
190,893
1,405,123
Indonesia
–
4.7%
Indonesia
Government
International
Bond
(
BBB
/
Baa2
)
400,000
4.650
09/20/32
384,805
325,000
7.750
01/17/38
397,654
225,000
4.200
10/15/50
185,761
275,000
3.050
03/12/51
191,339
200,000
3.850
07/18/27
191,843
350,000
2.850
02/14/30
308,858
330,000
4.125
01/15/25
325,721
200,000
3.550
03/31/32
178,581
200,000
4.300
03/31/52
167,573
125,000
8.500
10/12/35
158,525
2,490,660
Ivory
Coast
–
0.3%
Ivory
Coast
Government
International
Bond
(
BB-
/
Ba3
)
200,000
6.125
06/15/33
176,500
Jordan
–
1.3%
Jordan
Government
International
Bond
(
B+
/
B1
)
350,000
5.850
07/07/30
319,772
200,000
7.500
01/13/29
199,124
200,000
6.125
01/29/26
196,291
715,187
Kazakhstan
–
0.8%
Kazakhstan
Government
International
Bond
(
BBB-
/
Baa2
)
225,000
6.500
07/21/45
237,458
200,000
4.875
10/14/44
176,940
414,398
Kenya
–
2.0%
Republic
of
Kenya
Government
International
Bond
(
B
/
NR
)
606,000
6.875
06/24/24
583,575
350,000
7.000
05/22/27
315,942
200,000
8.250
02/28/48
152,000
1,051,517
Kuwait
–
0.7%
Kuwait
International
Government
Bond
(
A+
/
NR
)
400,000
3.500
03/20/27
384,578
Mexico
–
3.4%
Mexico
Government
International
Bond
(
BBB
/
Baa2
)
200,000
6.338
05/04/53
192,694
200,000
3.750
01/11/28
190,038
600,000
4.875
05/19/33
561,289
325,000
4.500
04/22/29
313,884
150,000
5.550
01/21/45
136,416
50,000
6.050
01/11/40
48,565
Mexico
Government
International
Bond
,
MTN
(
BBB
/
Baa2
)
175,000
7.500
04/08/33
195,431
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Sovereign
Debt
Obligations
(Continued)
Mexico
–
(continued)
Mexico
Government
International
Bond,
MTN
(BBB/Baa2)
(continued)
$
150,000
4.750
%
03/08/44
$
122,135
50,000
8.300
08/15/31
59,872
1,820,324
Morocco
–
1.4%
Morocco
Government
International
Bond
(
BB+
/
Ba1
)
200,000
6.500
09/08/33
202,841
350,000
4.000
12/15/50
233,188
300,000
5.950
03/08/28
301,968
737,997
Nigeria
–
2.7%
Nigeria
Government
International
Bond
(
B-
/
Caa1
)
200,000
8.250
09/28/51
151,287
200,000
6.500
11/28/27
177,750
200,000
7.625
11/28/47
145,750
200,000
7.696
02/23/38
152,332
200,000
7.375
09/28/33
159,521
249,000
6.125
09/28/28
211,973
200,000
8.747
01/21/31
180,688
275,000
7.875
02/16/32
233,025
1,412,326
Panama
–
4.5%
Panama
Government
International
Bond
(
BBB
/
Baa3
)
200,000
6.853
03/28/54
179,250
200,000
3.875
03/17/28
180,750
225,000
3.750
03/16/25
217,969
250,000
4.500
04/16/50
164,375
150,000
6.700
01/26/36
143,625
245,000
3.870
07/23/60
140,262
275,000
4.500
04/01/56
176,344
260,000
8.875
09/30/27
280,475
400,000
2.252
09/29/32
283,000
410,000
3.160
01/23/30
338,763
200,000
4.500
01/19/63
125,000
200,000
4.300
04/29/53
125,750
50,000
9.375
04/01/29
55,937
2,411,500
Philippines
–
4.5%
Philippine
Government
International
Bond
(
BBB+
/
Baa2
)
650,000
10.625
03/16/25
693,108
283,000
3.200
07/06/46
198,930
200,000
6.375
10/23/34
217,641
400,000
3.000
02/01/28
369,922
200,000
3.700
02/02/42
157,768
200,000
3.700
03/01/41
159,467
480,000
2.950
05/05/45
329,526
450,000
2.650
12/10/45
290,591
2,416,953
Poland
–
1.9%
Republic
of
Poland
Government
International
Bond
(
A-
/
A2
)
400,000
5.500
11/16/27
409,473
300,000
4.875
10/04/33
291,745
300,000
5.500
04/04/53
290,540
991,758
GOLDMAN
SACHS
ACCESS
EMERGING
MARKETS
USD
BOND
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Sovereign
Debt
Obligations
(Continued)
Qatar
–
3.3%
Qatar
Government
International
Bond
(
AA
/
Aa3
)
$
350,000
4.817
%
03/14/49
$
311,541
400,000
4.400
04/16/50
335,001
550,000
3.750
04/16/30
521,819
220,000
5.103
04/23/48
203,628
200,000
3.400
04/16/25
194,664
200,000
4.625
06/02/46
175,574
1,742,227
Romania
–
2.8%
Romanian
Government
International
Bond
(
BBB-
/
Baa3
)
250,000
3.625
03/27/32
207,871
280,000
5.125
06/15/48
223,307
460,000
5.250
11/25/27
451,095
180,000
6.125
01/22/44
166,339
170,000
3.000
02/14/31
138,110
300,000
7.125
01/17/33
310,649
1,497,371
Saudi
Arabia
–
3.7%
Saudi
Government
International
Bond
(
NR
/
A1
)
400,000
2.500
02/03/27
370,956
400,000
3.250
10/22/30
358,740
200,000
5.500
10/25/32
205,565
225,000
4.500
04/17/30
218,813
225,000
4.375
04/16/29
219,131
200,000
4.625
10/04/47
164,946
200,000
4.500
04/22/60
157,464
350,000
4.500
10/26/46
284,837
1,980,452
Serbia
–
0.7%
Serbia
International
Bond
(
BB+
/
Ba2
)
200,000
6.500
09/26/33
196,993
200,000
2.125
12/01/30
154,250
351,243
Trinidad
and
Tobago
–
0.4%
Trinidad
&
Tobago
Government
International
Bond
(
BBB-
/
Ba2
)
200,000
4.500
08/04/26
194,500
Turkey
–
5.4%
Turkiye
Government
International
Bond
(
NR
/
B3
)
350,000
7.375
02/05/25
353,892
525,000
5.750
05/11/47
372,094
362,000
6.875
03/17/36
320,913
330,000
4.250
03/13/25
320,076
525,000
5.600
11/14/24
520,877
525,000
4.875
10/09/26
493,805
200,000
9.375
03/14/29
212,412
200,000
6.000
01/14/41
154,491
100,000
11.875
01/15/30
120,125
2,868,685
United
Arab
Emirates
–
1.3%
UAE
Government
International
Bond
(
NR
/
Aa2
)
375,000
3.250
10/19/61
246,529
350,000
2.000
10/19/31
287,522
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Sovereign
Debt
Obligations
(Continued)
United
Arab
Emirates
–
(continued)
UAE
Government
International
Bond
(NR/Aa2)
(continued)
$
200,000
2.875
%
10/19/41
$
141,933
675,984
Uruguay
–
3.4%
Uruguay
Government
International
Bond
(b)
(
BBB+
/
Baa2
)
240,000
4.975
04/20/55
220,800
200,000
5.750
10/28/34
211,000
408,000
4.375
01/23/31
398,310
200,000
4.125
11/20/45
172,000
150,000
4.375
10/27/27
150,750
350,000
5.100
06/18/50
331,406
200,000
7.625
03/21/36
241,000
50,000
7.875
01/15/33
59,500
1,784,766
Uzbekistan
–
0.3%
Republic
of
Uzbekistan
International
Bond
(
BB-
/
NR
)
200,000
3.900
10/19/31
158,266
TOTAL
SOVEREIGN
DEBT
OBLIGATIONS
(Cost
$47,501,436)
44,488,395
a
Corporate
Obligations
–
14.5%
Brazil
–
1.1%
Petrobras
Global
Finance
BV
(
BB-
/
Ba1
)
200,000
7.375
01/17/27
209,000
200,000
5.999
01/27/28
200,500
209,000
6.850
06/05/15
183,920
593,420
Chile
–
2.1%
Corp.
Nacional
del
Cobre
de
Chile
(
A
/
Baa1
)
200,000
3.000
09/30/29
173,375
200,000
3.150
01/14/30
173,938
400,000
4.500
08/01/47
305,214
200,000
3.625
08/01/27
186,582
200,000
3.700
01/30/50
131,968
Empresa
de
Transporte
de
Pasajeros
Metro
SA
(
NR
/
A3
)
200,000
4.700
05/07/50
154,844
1,125,921
China
–
1.7%
China
Development
Bank
,
EMTN
(
A+
/
A1
)
200,000
3.000
06/01/26
190,477
China
Development
Bank
Financial
Leasing
Co.
Ltd.
(c)
(
BBB+
/
NR
)
(US
5
Year
CMT
T-Note
+
2.750%)
200,000
2.875
09/28/30
187,253
Export-Import
Bank
of
China
(The)
(
A+
/
A1
)
350,000
3.625
07/31/24
345,682
Export-Import
Bank
of
China
(The)
,
EMTN
(
A+
/
A1
)
200,000
4.000
11/28/47
167,857
891,269
Hungary
–
0.4%
Magyar
Export-Import
Bank
Zrt
(
BBB-
/
NR
)
200,000
6.125
12/04/27
198,785
GOLDMAN
SACHS
ACCESS
EMERGING
MARKETS
USD
BOND
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
(Continued)
India
–
2.9%
Export-Import
Bank
of
India
(
NR
/
Baa3
)
$
200,000
3.875
%
02/01/28
$
188,446
250,000
3.250
01/15/30
220,407
200,000
3.375
08/05/26
190,194
Indian
Railway
Finance
Corp.
Ltd.
(
BBB-
/
Baa3
)
200,000
3.570
01/21/32
172,236
350,000
2.800
02/10/31
290,946
Power
Finance
Corp.
Ltd.
(
NR
/
Baa3
)
200,000
3.950
04/23/30
179,500
REC
Ltd.
(
NR
/
Baa3
)
303,000
5.625
04/11/28
302,456
1,544,185
Indonesia
–
1.1%
Pertamina
Persero
PT
(
NR
/
Baa2
)
457,000
3.100
08/27/30
398,732
200,000
6.450
05/30/44
202,000
600,732
Mexico
–
2.3%
Petroleos
Mexicanos
(
BBB
/
B1
)
180,000
6.500
03/13/27
162,231
200,000
4.500
01/23/26
182,680
428,000
6.750
09/21/47
261,651
250,000
5.950
01/28/31
187,229
100,000
6.875
10/16/25
96,833
100,000
6.840
01/23/30
80,758
50,000
5.625
01/23/46
28,191
50,000
6.500
01/23/29
41,873
75,000
7.690
01/23/50
49,792
100,000
6.950
01/28/60
61,135
25,000
6.625
06/15/35
17,594
25,000
6.500
06/02/41
15,969
25,000
5.350
02/12/28
20,776
1,206,712
Philippines
–
0.4%
Power
Sector
Assets
&
Liabilities
Management
Corp.
(
BBB+
/
Baa2
)
200,000
7.390
12/02/24
205,250
Poland
–
0.4%
Bank
Gospodarstwa
Krajowego
(
NR
/
A2
)
200,000
5.375
05/22/33
193,619
Qatar
–
0.8%
QatarEnergy
(
AA
/
Aa3
)
309,000
2.250
07/12/31
253,248
300,000
3.300
07/12/51
200,478
453,726
Saudi
Arabia
–
1.3%
Gaci
First
Investment
Co.
(
NR
/
A1
)
200,000
4.875
02/14/35
187,089
Saudi
Arabian
Oil
Co.
(
NR
/
A1
)
375,000
3.500
04/16/29
345,127
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
(Continued)
Saudi
Arabia
–
(continued)
Saudi
Arabian
Oil
Co.
(NR/A1)
(continued)
$
200,000
4.250
%
04/16/39
$
167,512
699,728
TOTAL
CORPORATE
OBLIGATIONS
(Cost
$8,148,881)
7,713,347
Shares
Dividend
Rate
Value
aa
a
Investment
Company
–
0.4%
(d)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
223,956
5.259%
223,956
(Cost
$223,956)
TOTAL
INVESTMENTS
–
98.5%
(Cost
$55,874,273)
$
52,425,698
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
1.5%
807,091
NET
ASSETS
–
100.0%
$
53,232,789
  a
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)
Pay-in-kind
securities.
(c)
Variable
rate
security.
Interest
rate
or
distribution
rate
disclosed
is
that
which
is
in
effect
on
November
30,
2023.
(d)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
CMT
—
Constant
Maturity
Treasury
Index
MTN
—
Medium
Term
Note
GOLDMAN
SACHS
ACCESS
HIGH
YIELD
CORPORATE
BOND
ETF
Schedule
of
Investments
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
91.0%
Advertising
–
1.0%
Clear
Channel
Outdoor
Holdings,
Inc.
$
516,000
5.125
%
08/15/27
(a)(b)
$
481,170
236,000
7.500
06/01/29
(a)(b)
186,440
Lamar
Media
Corp.
179,000
3.750
02/15/28
(a)
165,575
234,000
4.000
02/15/30
(a)
208,845
1,042,030
Aerospace
&
Defense
–
2.4%
Howmet
Aerospace,
Inc.
40,000
5.125
10/01/24
(a)
39,900
590,000
6.875
05/01/25
(a)
597,375
TransDigm,
Inc.
704,000
6.250
03/15/26
(a)(b)
701,360
46,000
7.500
03/15/27
(a)
46,230
523,000
5.500
11/15/27
(a)
504,695
698,000
4.625
01/15/29
(a)
631,690
2,521,250
Banks
–
0.3%
Freedom
Mortgage
Corp.
$
297,000
7.625
(a)(b)
05/01/26
(a)(b)
284,377
Basic
Industry
–
2.0%
Axalta
Coating
Systems
LLC
280,000
3.375
02/15/29
(a)(b)
243,950
Chemours
Co.
(The)
213,000
5.750
11/15/28
(a)(b)
193,830
Olin
Corp.
269,000
5.625
08/01/29
(a)
258,240
210,000
5.000
02/01/30
(a)
193,463
Olympus
Water  U.S.
Holding
Corp.
280,000
4.250
10/01/28
(a)(b)
243,250
SCIH
Salt
Holdings,
Inc.
303,000
6.625
05/01/29
(a)(b)
269,291
Tronox,
Inc.
417,000
4.625
03/15/29
(a)(b)
355,492
Valvoline,
Inc.
236,000
3.625
06/15/31
(a)(b)
194,700
WR
Grace
Holdings
LLC
188,000
4.875
06/15/27
(a)(b)
179,070
2,131,286
Broadcasting
–
2.7%
CMG
Media
Corp.
302,000
8.875
12/15/27
(a)(b)
245,375
iHeartCommunications,
Inc.
200,000
6.375
05/01/26
(a)
170,500
200,000
8.375
05/01/27
(a)
140,250
250,000
5.250
08/15/27
(a)(b)
191,250
Nexstar
Media,
Inc.
396,000
5.625
07/15/27
(a)(b)
375,210
Sirius
XM
Radio,
Inc.
476,000
5.000
08/01/27
(a)(b)
453,390
626,000
4.000
07/15/28
(a)(b)
560,270
319,000
3.875
09/01/31
(a)(b)
258,191
TEGNA,
Inc.
126,000
4.625
03/15/28
(a)
115,132
343,000
5.000
09/15/29
(a)
306,128
2,815,696
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Brokerage
–
0.7%
Coinbase
Global,
Inc.
$
138,000
3.375
%
10/01/28
(a)(b)
$
110,918
Jefferies
Finance
LLC
/
JFIN
Co.-Issuer
Corp.
470,000
5.000
08/15/28
(a)(b)
401,474
Ladder
Capital
Finance
Holdings
LLLP
/
Ladder
Capital
Finance
Corp.
284,000
4.750
06/15/29
(a)(b)
247,790
760,182
Building
Materials
–
0.9%
American
Builders
&
Contractors
Supply
Co.,
Inc.
171,000
4.000
01/15/28
(a)(b)
157,961
50,000
3.875
11/15/29
(a)(b)
43,375
Builders
FirstSource,
Inc.
88,000
5.000
03/01/30
(a)(b)
82,280
292,000
4.250
02/01/32
(a)(b)
251,485
Standard
Industries,
Inc.
329,000
4.375
07/15/30
(a)(b)
289,081
171,000
3.375
01/15/31
(a)(b)
140,434
964,616
Capital
Goods
–
3.2%
ASP
Unifrax
Holdings,
Inc.
320,000
5.250
09/30/28
(a)(b)
222,400
Ball
Corp.
482,000
2.875
08/15/30
(a)
400,662
Clydesdale
Acquisition
Holdings,
Inc.
51,000
6.625
04/15/29
(a)(b)
49,151
210,000
8.750
04/15/30
(a)(b)
189,000
Covanta
Holding
Corp.
321,000
4.875
12/01/29
(a)(b)
267,427
Crown
Americas
LLC
/
Crown
Americas
Capital
Corp.
V
198,000
4.250
09/30/26
(a)
190,327
Crown
Americas
LLC
/
Crown
Americas
Capital
Corp.
VI
148,000
4.750
02/01/26
(a)
144,485
Emerald
Debt
Merger
Sub
LLC
400,000
6.625
12/15/30
(a)(b)
401,000
Herc
Holdings,
Inc.
214,000
5.500
07/15/27
(a)(b)
208,918
LABL,
Inc.
233,000
6.750
07/15/26
(a)(b)
223,389
152,000
10.500
07/15/27
(a)(b)
138,890
Mauser
Packaging
Solutions
Holding
Co.
645,000
7.875
08/15/26
(a)(b)
640,969
Sensata
Technologies,
Inc.
406,000
3.750
02/15/31
(a)(b)
344,593
3,421,211
Communications
–
5.8%
AMC
Networks,
Inc.
175,000
4.250
02/15/29
(a)
123,375
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
300,000
5.125
05/01/27
(a)(b)
286,500
375,000
5.000
02/01/28
(a)(b)
352,500
279,000
5.375
06/01/29
(a)(b)
258,424
428,000
4.750
03/01/30
(a)(b)
376,640
300,000
4.500
08/15/30
(a)(b)
258,000
350,000
4.250
02/01/31
(a)(b)
293,125
440,000
7.375
03/01/31
(a)(b)
441,650
532,000
4.500
05/01/32
(a)
438,235
388,000
4.250
01/15/34
(a)(b)
304,580
GOLDMAN
SACHS
ACCESS
HIGH
YIELD
CORPORATE
BOND
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Communications
–
(continued)
CSC
Holdings
LLC
$
400,000
5.500
%
04/15/27
(a)(b)
$
354,500
250,000
7.500
04/01/28
(a)(b)
171,250
400,000
6.500
02/01/29
(a)(b)
340,000
240,000
5.750
01/15/30
(a)(b)
137,400
250,000
4.125
12/01/30
(a)(b)
178,750
400,000
4.625
12/01/30
(a)(b)
220,000
250,000
3.375
02/15/31
(a)(b)
170,625
Directv
Financing
LLC
/
Directv
Financing
Co.-Obligor,
Inc.
543,000
5.875
08/15/27
(a)(b)
489,379
Live
Nation
Entertainment,
Inc.
425,000
4.750
10/15/27
(a)(b)
401,625
WMG
Acquisition
Corp.
232,000
3.875
07/15/30
(a)(b)
203,000
293,000
3.000
02/15/31
(a)(b)
243,190
6,042,748
Consumer
Cyclical
–
19.0%
ADT
Security
Corp.
(The)
86,000
4.125
08/01/29
(a)(b)
76,648
46,000
4.875
07/15/32
(b)
40,422
Allison
Transmission,
Inc.
279,000
3.750
01/30/31
(a)(b)
234,360
AMC
Entertainment
Holdings,
Inc.
200,000
10.000
06/15/26
(a)
(b)(c)
162,000
American
Axle
&
Manufacturing,
Inc.
246,000
6.875
07/01/28
(a)
228,165
126,000
5.000
10/01/29
(a)
104,580
Anywhere
Real
Estate
Group
LLC
/
Anywhere
Co.-Issuer
Corp.
250,000
7.000
04/15/30
(a)(b)
217,187
Asbury
Automotive
Group,
Inc.
292,000
4.625
11/15/29
(a)(b)
262,435
Bath
&
Body
Works,
Inc.
194,000
6.875
11/01/35
183,815
100,000
6.750
07/01/36
93,250
Boyd
Gaming
Corp.
108,000
4.750
12/01/27
(a)
102,330
146,000
4.750
06/15/31
(a)(b)
130,122
Caesars
Entertainment,
Inc.
632,000
6.250
07/01/25
(a)(b)
628,840
305,000
8.125
07/01/27
(a)(b)
310,678
358,000
4.625
10/15/29
(a)(b)
315,488
Carnival
Corp.
841,000
7.625
03/01/26
(a)(b)
849,410
50,000
5.750
03/01/27
(a)(b)
47,563
871,000
6.000
05/01/29
(a)(b)
804,586
Carnival
Holdings
Bermuda
Ltd.
273,000
10.375
05/01/28
(a)(b)
297,229
Cedar
Fair
LP
/
Canada's
Wonderland
Co.
/
Magnum
Management
Corp.
/
Millennium
Op
219,000
5.500
05/01/25
(a)(b)
218,179
Clarios
Global
LP
/
Clarios  U.S.
Finance
Co.
289,000
8.500
05/15/27
(a)(b)
291,168
Fertitta
Entertainment
LLC
/
Fertitta
Entertainment
Finance
Co.,
Inc.
147,000
4.625
01/15/29
(a)(b)
130,279
44,000
6.750
01/15/30
(a)(b)
37,125
Ford
Motor
Co.
240,000
4.346
12/08/26
(a)
227,536
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Consumer
Cyclical
–
(continued)
Ford
Motor
Co.
–
(continued)
$
390,000
9.625
%
04/22/30
(a)
$
448,150
Ford
Motor
Credit
Co.
LLC
200,000
3.664
09/08/24
196,080
200,000
4.063
11/01/24
(a)
195,581
200,000
4.687
06/09/25
(a)
194,146
200,000
4.271
01/09/27
(a)
188,025
210,000
4.125
08/17/27
(a)
194,323
300,000
3.815
11/02/27
(a)
273,508
400,000
5.113
05/03/29
(a)
376,606
280,000
7.350
03/06/30
(a)
292,071
Ford
Motor
Credit
Co.
LLC
,
Series
GMTN
200,000
4.389
01/08/26
191,929
Gap,
Inc.
(The)
207,000
3.875
10/01/31
(a)(b)
164,565
Goodyear
Tire
&
Rubber
Co.
(The)
50,000
9.500
05/31/25
(a)
50,937
50,000
5.000
05/31/26
(a)
48,625
150,000
4.875
03/15/27
(a)
142,500
170,000
5.000
07/15/29
(a)
155,975
180,000
5.250
04/30/31
(a)
158,400
103,000
5.250
07/15/31
(a)
89,610
Hilton
Domestic
Operating
Co.,
Inc.
50,000
5.375
05/01/25
(a)(b)
49,750
220,000
5.750
05/01/28
(a)(b)
216,975
145,000
3.750
05/01/29
(a)(b)
130,862
45,000
4.875
01/15/30
(a)
42,300
283,000
4.000
05/01/31
(a)(b)
249,497
259,000
3.625
02/15/32
(a)(b)
218,683
Hilton
Grand
Vacations
Borrower
Escrow
LLC
/
Hilton
Grand
Vacations
Borrower
Esc
419,000
5.000
06/01/29
(a)(b)
371,339
Iron
Mountain,
Inc.
200,000
4.875
09/15/27
(a)(b)
190,000
239,000
5.250
03/15/28
(a)(b)
227,349
319,000
5.250
07/15/30
(a)(b)
295,075
400,000
4.500
02/15/31
(a)(b)
347,750
KFC
Holding
Co./Pizza
Hut
Holdings
LLC/Taco
Bell
of
America
LLC
150,000
4.750
06/01/27
(a)(b)
146,813
LCM
Investments
Holdings
II
LLC
290,000
4.875
05/01/29
(a)(b)
253,025
Light
&
Wonder
International,
Inc.
145,000
7.000
05/15/28
(a)(b)
145,906
146,000
7.250
11/15/29
(a)(b)
147,095
Macy's
Retail
Holdings
LLC
190,000
5.875
04/01/29
(a)(b)
179,312
101,000
6.125
03/15/32
(a)(b)
90,774
MGM
Resorts
International
79,000
5.750
06/15/25
(a)
78,802
161,000
4.625
09/01/26
(a)
155,164
180,000
5.500
04/15/27
(a)
174,825
160,000
4.750
10/15/28
(a)
148,800
Mohegan
Tribal
Gaming
Authority
354,000
8.000
02/01/26
(a)(b)
332,318
NCL
Corp.
Ltd.
196,000
3.625
12/15/24
(a)(b)
189,875
327,000
5.875
03/15/26
(a)(b)
311,467
114,000
7.750
02/15/29
(a)(b)
108,300
GOLDMAN
SACHS
ACCESS
HIGH
YIELD
CORPORATE
BOND
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Consumer
Cyclical
–
(continued)
NMG
Holding
Co.,
Inc.
/
Neiman
Marcus
Group
LLC
$
240,000
7.125
%
04/01/26
(a)(b)
$
223,800
PetSmart,
Inc.
/
PetSmart
Finance
Corp.
250,000
4.750
02/15/28
(a)(b)
228,750
250,000
7.750
02/15/29
(a)(b)
236,875
Premier
Entertainment
Sub
LLC
/
Premier
Entertainment
Finance
Corp.
100,000
5.625
09/01/29
(a)(b)
72,750
100,000
5.875
09/01/31
(a)(b)
71,500
Prime
Security
Services
Borrower
LLC
/
Prime
Finance,
Inc.
88,000
3.375
08/31/27
(a)(b)
79,640
358,000
6.250
01/15/28
(a)(b)
345,470
QVC,
Inc.
50,000
4.450
02/15/25
(a)
46,750
150,000
4.750
02/15/27
(a)
115,125
RHP
Hotel
Properties
LP
/
RHP
Finance
Corp.
299,000
4.500
02/15/29
(a)(b)
269,100
Royal
Caribbean
Cruises
Ltd.
420,000
4.250
07/01/26
(a)(b)
399,525
140,000
3.700
03/15/28
(a)
125,650
351,000
5.500
04/01/28
(a)(b)
336,082
200,000
8.250
01/15/29
(a)(b)
209,750
Sabre
GLBL,
Inc.
300,000
8.625
06/01/27
(a)(b)
251,625
Six
Flags
Entertainment
Corp.
250,000
5.500
04/15/27
(a)(b)
239,063
Staples,
Inc.
233,000
7.500
04/15/26
(a)(b)
207,370
Taylor
Morrison
Communities,
Inc.
243,000
5.125
08/01/30
(a)(b)
224,168
Tenneco,
Inc.
200,000
8.000
11/17/28
(a)(b)
165,500
Travel
+
Leisure
Co.
355,000
6.625
07/31/26
(a)(b)
355,887
Williams
Scotsman,
Inc.
254,000
6.125
06/15/25
(a)(b)
252,413
Wynn
Las
Vegas
LLC
/
Wynn
Las
Vegas
Capital
Corp.
179,000
5.500
03/01/25
(a)(b)
176,763
200,000
5.250
05/15/27
(a)(b)
192,500
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp.
200,000
5.125
10/01/29
(a)(b)
181,500
Yum!
Brands,
Inc.
161,000
4.750
01/15/30
(a)(b)
149,931
164,000
3.625
03/15/31
(a)
141,245
354,000
5.375
04/01/32
(a)
335,415
19,790,629
Consumer
Noncyclical
–
3.7%
Allied
Universal
Holdco
LLC
/
Allied
Universal
Finance
Corp.
62,000
6.625
07/15/26
(a)(b)
60,295
207,000
9.750
07/15/27
(a)(b)
190,828
280,000
6.000
06/01/29
(a)(b)
213,500
Allied
Universal
Holdco
LLC
/Allied
Universal
Finance
Corp.
/
Atlas
Luxco
4
Sarl
200,000
4.625
06/01/28
(a)(b)
175,000
Hologic,
Inc.
104,000
4.625
02/01/28
(a)(b)
98,670
375,000
3.250
02/15/29
(a)(b)
330,938
Medline
Borrower
LP
986,000
3.875
04/01/29
(a)(b)
877,540
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Consumer
Noncyclical
–
(continued)
Medline
Borrower
LP
–
(continued)
$
121,000
5.250
%
10/01/29
(a)(b)
$
109,959
Molina
Healthcare,
Inc.
450,000
4.375
06/15/28
(a)(b)
417,375
Organon
&
Co
/
Organon
Foreign
Debt
Co.-Issuer
BV
720,000
4.125
04/30/28
(a)(b)
641,700
290,000
5.125
04/30/31
(a)(b)
230,550
RegionalCare
Hospital
Partners
Holdings
Inc
/
LifePoint
Health,
Inc.
393,000
9.750
12/01/26
(a)(b)
381,210
Vector
Group
Ltd.
154,000
10.500
11/01/26
(a)(b)
154,770
3,882,335
Consumer
Products
–
0.7%
Coty,
Inc.
382,000
5.000
04/15/26
(a)(b)
374,838
Tempur
Sealy
International,
Inc.
300,000
4.000
04/15/29
(a)(b)
259,500
634,338
Distribution
&
Logistics
–
0.2%
WESCO
Distribution,
Inc.
171,000
7.250
(a)(b)
06/15/28
(a)(b)
174,206
Electric
–
2.7%
Calpine
Corp.
191,000
5.250
06/01/26
(a)(b)
187,180
150,000
4.625
02/01/29
(a)(b)
135,750
68,000
5.000
02/01/31
(a)(b)
59,925
277,000
3.750
03/01/31
(a)(b)
237,527
Clearway
Energy
Operating
LLC
473,000
3.750
02/15/31
(a)(b)
394,955
FirstEnergy
Corp.
487,000
2.650
03/01/30
(a)
413,169
FirstEnergy
Corp.
,
Series
B
126,000
4.150
07/15/27
(a)
120,120
PG&E
Corp.
487,000
5.250
07/01/30
(a)
460,148
Vistra
Operations
Co.
LLC
187,000
5.625
02/15/27
(a)(b)
182,325
385,000
5.000
07/31/27
(a)(b)
366,231
284,000
4.375
05/01/29
(a)(b)
257,020
2,814,350
Energy
–
12.0%
Antero
Midstream
Partners
LP
/
Antero
Midstream
Finance
Corp.
167,000
5.750
03/01/27
(a)(b)
163,869
71,000
5.750
01/15/28
(a)(b)
69,047
Antero
Resources
Corp.
126,000
7.625
02/01/29
(a)(b)
129,150
150,000
5.375
03/01/30
(a)(b)
141,375
Archrock
Partners
LP
/
Archrock
Partners
Finance
Corp.
297,000
6.875
04/01/27
(a)(b)
296,258
Ascent
Resources
Utica
Holdings
LLC
/
ARU
Finance
Corp.
152,000
5.875
06/30/29
(a)(b)
140,410
Buckeye
Partners
LP
68,000
3.950
12/01/26
(a)
64,430
134,000
4.125
12/01/27
(a)
123,949
146,000
4.500
03/01/28
(a)(b)
133,955
Callon
Petroleum
Co.
332,000
8.000
08/01/28
(a)(b)
337,810
GOLDMAN
SACHS
ACCESS
HIGH
YIELD
CORPORATE
BOND
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Energy
–
(continued)
CITGO
Petroleum
Corp.
$
70,000
6.375
%
06/15/26
(a)(b)
$
69,387
Civitas
Resources,
Inc.
200,000
8.375
07/01/28
(a)(b)
205,500
200,000
8.750
07/01/31
(a)(b)
207,500
Comstock
Resources,
Inc.
108,000
6.750
03/01/29
(a)(b)
99,900
132,000
5.875
01/15/30
(a)(b)
115,170
CQP
Holdco
LP
/
BIP-V
Chinook
Holdco
LLC
500,000
5.500
06/15/31
(a)(b)
462,500
CrownRock
LP
/
CrownRock
Finance,
Inc.
364,000
5.625
10/15/25
(a)(b)
362,180
DT
Midstream,
Inc.
297,000
4.375
06/15/31
(a)(b)
261,731
Endeavor
Energy
Resources
LP
/
EER
Finance,
Inc.
243,000
5.750
01/30/28
(a)(b)
238,140
EnLink
Midstream
LLC
343,000
5.375
06/01/29
(a)
330,006
EnLink
Midstream
Partners
LP
312,000
4.850
07/15/26
(a)
304,361
EQM
Midstream
Partners
LP
293,000
6.000
07/01/25
(a)(b)
291,901
50,000
7.500
06/01/27
(a)(b)
51,125
170,000
6.500
07/01/27
(a)(b)
170,637
67,000
5.500
07/15/28
(a)
65,493
199,000
4.500
01/15/29
(a)(b)
182,085
239,000
4.750
01/15/31
(a)(b)
213,606
Hess
Midstream
Operations
LP
77,000
5.125
06/15/28
(a)(b)
73,631
233,000
4.250
02/15/30
(a)(b)
208,535
100,000
5.500
10/15/30
(a)(b)
94,250
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.
75,000
6.250
11/01/28
(a)(b)
73,312
269,000
5.750
02/01/29
(a)(b)
252,860
150,000
6.000
02/01/31
(a)(b)
139,125
ITT
Holdings
LLC
260,000
6.500
08/01/29
(a)(b)
228,475
Moss
Creek
Resources
Holdings,
Inc.
130,000
7.500
01/15/26
(a)(b)
127,888
265,000
10.500
05/15/27
(a)(b)
267,650
Nabors
Industries
Ltd.
189,000
7.250
01/15/26
(a)(b)
180,967
Nabors
Industries,
Inc.
81,000
5.750
02/01/25
(a)
81,203
New
Fortress
Energy,
Inc.
547,000
6.500
09/30/26
(a)(b)
519,650
PBF
Holding
Co.
LLC
/
PBF
Finance
Corp.
323,000
6.000
02/15/28
(a)
311,695
Range
Resources
Corp.
185,000
4.875
05/15/25
(a)
182,688
153,000
8.250
01/15/29
(a)
158,546
250,000
4.750
02/15/30
(a)(b)
227,500
SM
Energy
Co.
90,000
6.750
09/15/26
(a)
89,325
199,000
6.625
01/15/27
(a)
197,010
Southwestern
Energy
Co.
293,000
5.375
03/15/30
(a)
278,716
341,000
4.750
02/01/32
(a)
304,343
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Energy
–
(continued)
Sunoco
LP
/
Sunoco
Finance
Corp.
$
130,000
6.000
%
04/15/27
(a)
$
129,837
200,000
4.500
05/15/29
(a)
183,000
Transocean
Titan
Financing
Ltd.
193,000
8.375
02/01/28
(a)(b)
197,342
Transocean,
Inc.
187,000
11.500
01/30/27
(a)(b)
194,246
627,000
8.750
02/15/30
(a)(b)
641,891
USA
Compression
Partners
LP
/
USA
Compression
Finance
Corp.
316,000
6.875
04/01/26
(a)
315,210
Venture
Global
Calcasieu
Pass
LLC
520,000
3.875
08/15/29
(a)(b)
456,950
247,000
3.875
11/01/33
(a)(b)
201,614
Venture
Global
LNG,
Inc.
510,000
8.125
06/01/28
(a)(b)
506,175
250,000
9.500
02/01/29
(a)(b)
258,125
Weatherford
International
Ltd.
250,000
6.500
09/15/28
(a)(b)
253,750
12,566,984
Financial
Company
–
5.3%
Coinbase
Global,
Inc.
250,000
3.625
10/01/31
(a)(b)
183,750
HUB
International
Ltd.
282,000
7.000
05/01/26
(a)(b)
282,000
170,000
5.625
12/01/29
(a)(b)
154,913
Icahn
Enterprises
LP
/
Icahn
Enterprises
Finance
Corp.
564,000
6.375
12/15/25
(a)
544,367
310,000
5.250
05/15/27
(a)
281,325
LD
Holdings
Group
LLC
226,000
6.125
04/01/28
(a)(b)
159,330
Midcap
Financial
Issuer
Trust
500,000
6.500
05/01/28
(a)(b)
435,000
Nationstar
Mortgage
Holdings,
Inc.
130,000
6.000
01/15/27
(a)(b)
126,912
353,000
5.500
08/15/28
(a)(b)
329,173
Navient
Corp.
108,000
5.875
10/25/24
107,662
164,000
6.750
06/25/25
165,845
271,000
6.750
06/15/26
270,109
Navient
Corp.
,
Series
MTN
297,000
5.625
08/01/33
231,289
NFP
Corp.
342,000
6.875
08/15/28
(a)(b)
305,235
OneMain
Finance
Corp.
120,000
3.500
01/15/27
(a)
107,550
375,000
3.875
09/15/28
(a)
322,969
235,000
4.000
09/15/30
(a)
192,112
PennyMac
Financial
Services,
Inc.
302,000
5.375
10/15/25
(a)(b)
294,450
150,000
5.750
09/15/31
(a)(b)
132,562
Rocket
Mortgage
LLC
244,000
5.250
01/15/28
(a)(b)
233,140
Rocket
Mortgage
LLC
/
Rocket
Mortgage
Co.-Issuer,
Inc.
371,000
3.875
03/01/31
(a)(b)
311,744
270,000
4.000
10/15/33
(a)(b)
218,735
United
Wholesale
Mortgage
LLC
269,000
5.500
04/15/29
(a)(b)
240,419
5,630,591
GOLDMAN
SACHS
ACCESS
HIGH
YIELD
CORPORATE
BOND
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Food
and
Beverage
–
2.7%
Aramark
Services,
Inc.
$
395,000
5.000
%
02/01/28
(a)(b)
$
376,238
Lamb
Weston
Holdings,
Inc.
620,000
4.125
01/31/30
(a)(b)
557,225
Performance
Food
Group,
Inc.
488,000
5.500
10/15/27
(a)(b)
473,970
Post
Holdings,
Inc.
279,000
5.750
03/01/27
(a)(b)
274,117
180,000
5.625
01/15/28
(a)(b)
175,950
273,000
5.500
12/15/29
(a)(b)
257,985
370,000
4.500
09/15/31
(a)(b)
323,288
U.S.
Foods,
Inc.
300,000
4.750
02/15/29
(a)(b)
278,625
2,717,398
Hardware
–
0.9%
CommScope
Technologies
LLC
294,000
5.000
03/15/27
(a)(b)
126,420
CommScope,
Inc.
429,000
6.000
03/01/26
(a)(b)
370,012
80,000
7.125
07/01/28
(a)(b)
37,600
NCR
Voyix
Corp.
254,000
5.000
10/01/28
(a)(b)
232,410
190,000
5.250
10/01/30
(a)(b)
166,962
933,404
Healthcare
–
5.7%
AdaptHealth
LLC
195,000
5.125
03/01/30
(a)(b)
156,000
CHS/Community
Health
Systems,
Inc.
226,000
6.000
01/15/29
(a)(b)
192,665
238,000
6.875
04/15/29
(a)(b)
141,015
476,000
5.250
05/15/30
(a)(b)
373,660
399,000
4.750
02/15/31
(a)(b)
296,257
DaVita,
Inc.
526,000
4.625
06/01/30
(a)(b)
447,100
313,000
3.750
02/15/31
(a)(b)
245,705
Encompass
Health
Corp.
400,000
4.750
02/01/30
(a)
366,000
IQVIA,
Inc.
280,000
5.000
05/15/27
(a)(b)
272,300
Legacy
LifePoint
Health
LLC
323,000
4.375
02/15/27
(a)(b)
281,818
MPH
Acquisition
Holdings
LLC
250,000
5.500
09/01/28
(a)(b)
219,063
250,000
5.750
11/01/28
(a)(b)
195,000
Service
Corp.
International
115,000
4.625
12/15/27
(a)
109,825
468,000
5.125
06/01/29
(a)
449,280
Tenet
Healthcare
Corp.
397,000
4.875
01/01/26
(a)
391,045
290,000
6.250
02/01/27
(a)
288,913
305,000
5.125
11/01/27
(a)
293,562
193,000
4.625
06/15/28
(a)
180,455
451,000
6.125
10/01/28
(a)
438,597
420,000
4.250
06/01/29
(a)
375,900
5,714,160
Insurance
–
1.4%
Acrisure
LLC
/
Acrisure
Finance,
Inc.
80,000
7.000
11/15/25
(a)(b)
78,982
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Insurance
–
(continued)
Acrisure
LLC
/
Acrisure
Finance,
Inc.
–
(continued)
$
157,000
10.125
%
08/01/26
(a)(b)
$
162,495
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co.-Issuer
973,000
4.250
10/15/27
(a)(b)
906,106
204,000
6.750
10/15/27
(a)(b)
196,095
AssuredPartners,
Inc.
150,000
5.625
01/15/29
(a)(b)
134,438
1,478,116
Metals
–
0.4%
Novelis
Corp.
451,000
4.750
01/30/30
(a)(b)
412,101
60,000
3.875
08/15/31
(a)(b)
50,775
462,876
Metals
and
Mining
–
0.4%
Cleveland-Cliffs,
Inc.
386,000
6.750
(a)(b)
03/15/26
(a)(b)
385,518
Natural
Gas
–
2.9%
Energy
Transfer
LP
50,000
5.750
04/01/25
(a)
49,938
69,000
5.625
05/01/27
(a)(b)
67,965
382,000
6.000
02/01/29
(a)(b)
378,180
Ferrellgas
LP
/
Ferrellgas
Finance
Corp.
359,000
5.375
04/01/26
(a)(b)
343,742
Genesis
Energy
LP
/
Genesis
Energy
Finance
Corp.
570,000
8.000
01/15/27
(a)
572,850
NGL
Energy
Operating
LLC
/
NGL
Energy
Finance
Corp.
128,000
7.500
02/01/26
(a)(b)
128,640
NuStar
Logistics
LP
193,000
6.000
06/01/26
(a)
193,000
100,000
5.625
04/28/27
(a)
98,500
Rockies
Express
Pipeline
LLC
251,000
4.950
07/15/29
(a)(b)
232,175
Tallgrass
Energy
Partners
LP
/
Tallgrass
Energy
Finance
Corp.
153,000
6.000
03/01/27
(a)(b)
147,454
111,000
5.500
01/15/28
(a)(b)
102,953
150,000
6.000
09/01/31
(a)(b)
134,812
Venture
Global
LNG,
Inc.
550,000
8.375
06/01/31
(a)(b)
541,406
2,991,615
Pharmaceuticals
–
1.0%
Bausch
Health
Cos.,
Inc.
550,000
5.500
11/01/25
(a)(b)
481,250
200,000
6.125
02/01/27
(a)(b)
112,000
500,000
4.875
06/01/28
(a)(b)
252,500
250,000
11.000
09/30/28
(b)
156,875
100,000
6.250
02/15/29
(a)(b)
36,000
1,038,625
REITs
and
Real
Estate
–
1.5%
Howard
Hughes
Corp.
(The)
329,000
4.375
02/01/31
(a)(b)
274,715
Kennedy-Wilson,
Inc.
241,000
5.000
03/01/31
(a)
181,955
Service
Properties
Trust
239,000
7.500
09/15/25
(a)
239,939
60,000
4.950
10/01/29
(a)
46,950
263,000
4.375
02/15/30
(a)
193,634
GOLDMAN
SACHS
ACCESS
HIGH
YIELD
CORPORATE
BOND
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
REITs
and
Real
Estate
–
(continued)
Starwood
Property
Trust,
Inc.
$
434,000
3.750
%
12/31/24
(a)(b)
$
421,414
60,000
4.750
03/15/25
(a)
59,325
1,417,932
Rental
Equipment
–
1.3%
H&E
Equipment
Services,
Inc.
440,000
3.875
12/15/28
(a)(b)
389,400
United
Rentals
North
America,
Inc.
228,000
5.500
05/15/27
(a)
225,102
280,000
4.875
01/15/28
(a)
270,200
240,000
5.250
01/15/30
(a)
230,100
281,000
3.875
02/15/31
(a)
245,524
1,360,326
Software
–
1.6%
Cloud
Software
Group,
Inc.
663,000
6.500
03/31/29
(a)(b)
613,275
650,000
9.000
09/30/29
(a)(b)
587,437
SS&C
Technologies,
Inc.
412,000
5.500
09/30/27
(a)(b)
398,948
1,599,660
Technology
–
2.8%
Arches
Buyer,
Inc.
152,000
4.250
06/01/28
(a)(b)
133,000
234,000
6.125
12/01/28
(a)(b)
201,240
Imola
Merger
Corp.
328,000
4.750
05/15/29
(a)(b)
299,710
McAfee
Corp.
297,000
7.375
02/15/30
(a)(b)
257,276
Presidio
Holdings,
Inc.
225,000
8.250
02/01/28
(a)(b)
219,656
Seagate
HDD
Cayman
150,000
8.250
12/15/29
(a)(b)
160,500
385,000
9.625
12/01/32
(a)(b)
432,162
Uber
Technologies,
Inc.
617,000
4.500
08/15/29
(a)(b)
571,496
Veritas  U.S.,
Inc.
/
Veritas
Bermuda
Ltd.
300,000
7.500
09/01/25
(a)(b)
233,336
Verscend
Escrow
Corp.
209,000
9.750
08/15/26
(a)(b)
210,167
Xerox
Holdings
Corp.
295,000
5.500
08/15/28
(a)(b)
247,431
2,965,974
Transportation
–
2.3%
American
Airlines,
Inc.
371,000
11.750
07/15/25
(b)
406,709
American
Airlines,
Inc.
/AAdvantage
Loyalty
IP
Ltd.
485,000
5.500
04/20/26
(b)
479,544
698,000
5.750
04/20/29
(b)
668,318
Fortress
Transportation
and
Infrastructure
Investors
LLC
95,000
6.500
10/01/25
(a)(b)
94,288
Spirit
Loyalty
Cayman
Ltd
/
Spirit
IP
Cayman
Ltd.
100,000
8.000
09/20/25
(a)(b)
72,250
United
Airlines,
Inc.
188,000
4.375
04/15/26
(a)(b)
179,130
513,000
4.625
04/15/29
(a)(b)
458,155
2,358,394
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Wireless
–
0.4%
SBA
Communications
Corp.
$
300,000
3.875
%
02/15/27
(a)
$
281,873
Viasat,
Inc.
100,000
7.500
05/30/31
(a)(b)
72,000
353,873
Wirelines
–
3.1%
Cablevision
Lightpath
LLC
200,000
5.625
09/15/28
(a)(b)
150,500
Consolidated
Communications,
Inc.
202,000
6.500
10/01/28
(a)(b)
167,913
Embarq
Corp.
200,000
7.995
06/01/36
115,500
Frontier
Communications
Holdings
LLC
500,000
5.000
05/01/28
(a)(b)
450,000
200,000
6.750
05/01/29
(a)(b)
169,750
273,000
5.875
11/01/29
(a)
218,741
150,000
6.000
01/15/30
(a)(b)
119,813
Level
3
Financing,
Inc.
150,000
4.250
07/01/28
(a)(b)
60,375
100,000
3.625
01/15/29
(a)(b)
36,500
125,000
3.750
07/15/29
(a)(b)
45,625
390,000
3.875
11/15/29
(a)(b)
300,788
Lumen
Technologies,
Inc.
200,000
4.000
02/15/27
(a)(b)
106,250
Uniti
Group
LP
/
Uniti
Group
Finance,
Inc.
/
CSL
Capital
LLC
300,000
10.500
02/15/28
(a)(b)
297,000
491,000
4.750
04/15/28
(a)(b)
409,985
150,000
6.500
02/15/29
(a)(b)
100,875
Windstream
Escrow
LLC
/
Windstream
Escrow
Finance
Corp.
202,000
7.750
08/15/28
(a)(b)
167,407
Zayo
Group
Holdings,
Inc.
420,000
4.000
03/01/27
(a)(b)
321,825
3,238,847
TOTAL
CORPORATE
OBLIGATIONS
(Cost
$98,329,534)
94,493,547
a
Foreign
Corporate
Debt
–
6.5%
Aerospace
&
Defense
–
0.8%
Bombardier,
Inc.
(
Canada
)
547,000
7.125
06/15/26
(a)(b)
548,367
291,000
7.875
04/15/27
(a)(b)
291,728
840,095
Basic
Industry
–
0.7%
Methanex
Corp.
(
Canada
)
188,000
5.125
10/15/27
(a)
177,895
102,000
5.250
12/15/29
(a)
94,196
NOVA
Chemicals
Corp.
(
Canada
)
190,000
5.000
05/01/25
(a)(b)
183,825
273,000
5.250
06/01/27
(a)(b)
244,335
700,251
Capital
Goods
–
0.7%
ARD
Finance
SA
(
Luxembourg
)
200,000
6.500
06/30/27
(a)
(b)(c)
106,000
GFL
Environmental,
Inc.
(
Canada
)
271,000
4.250
06/01/25
(a)(b)
264,903
50,000
3.750
08/01/25
(a)(b)
48,500
GOLDMAN
SACHS
ACCESS
HIGH
YIELD
CORPORATE
BOND
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Foreign
Corporate
Debt
–
(continued)
Capital
Goods
–
(continued)
GFL
Environmental,
Inc.
(Canada)
–
(continued)
$
342,000
4.750
%
06/15/29
(a)(b)
$
314,640
734,043
Consumer
Cyclical
–
1.9%
1011778
BC
ULC
/
New
Red
Finance,
Inc.
(
Canada
)
301,000
3.875
01/15/28
(a)(b)
278,425
154,000
4.375
01/15/28
(a)(b)
143,413
112,000
3.500
02/15/29
(a)(b)
100,100
457,000
4.000
10/15/30
(a)(b)
395,305
Brookfield
Residential
Properties,
Inc.
/
Brookfield
Residential  U.S.
LLC
(
Canada
)
80,000
4.875
02/15/30
(a)(b)
67,400
Garda
World
Security
Corp.
(
Canada
)
167,000
4.625
02/15/27
(a)(b)
158,232
135,000
9.500
11/01/27
(a)(b)
129,938
Mattamy
Group
Corp.
(
Canada
)
186,000
5.250
12/15/27
(a)(b)
174,840
117,000
4.625
03/01/30
(a)(b)
103,399
Odeon
Finco
PLC
(
United
Kingdom
)
260,000
12.750
11/01/27
(a)(b)
262,600
1,813,652
Energy
–
0.1%
MEG
Energy
Corp.
65,000
7.125
(a)(b)
02/01/27
(a)(b)
66,138
Mining
–
0.9%
First
Quantum
Minerals
Ltd.
(
Zambia
)
207,000
7.500
04/01/25
(a)(b)
191,533
410,000
6.875
03/01/26
(a)(b)
355,337
Hudbay
Minerals,
Inc.
(
Canada
)
405,000
4.500
04/01/26
(a)(b)
386,269
933,139
Natural
Gas
–
0.3%
Parkland
Corp.
347,000
4.625
(a)(b)
05/01/30
(a)(b)
311,432
Software
–
0.6%
Open
Text
Corp.
(
Canada
)
250,000
3.875
02/15/28
(a)(b)
228,438
200,000
3.875
12/01/29
(a)(b)
174,750
Open
Text
Holdings,
Inc.
(
Canada
)
250,000
4.125
12/01/31
(a)(b)
214,375
617,563
Transportation
–
0.1%
VistaJet
Malta
Finance
PLC
/
Vista
Management
Holding,
Inc.
(
Switzerland
)
100,000
9.500
06/01/28
(a)(b)
81,458
100,000
6.375
02/01/30
(a)(b)
68,750
150,208
Wireless
–
0.4%
Intelsat
Jackson
Holdings
SA
485,000
6.500
(a)(b)
03/15/30
(a)(b)
450,444
TOTAL
FOREIGN
CORPORATE
DEBT
(Cost
$6,921,039)
6,616,965
Shares
Dividend
Rate
Value
aa
a
Investment
Company
–
0.8%
(d)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
860,494
5.259%
$
860,494
(Cost
$860,494)
TOTAL
INVESTMENTS
–
98.3%
(Cost
$106,111,067)
$
101,971,006
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
1.7%
1,731,479
NET
ASSETS
–
100.0%
$
103,702,485
  a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
(a)
Securities
with
“Call”
features.
Maturity
dates
disclosed
are
the
final
maturity
date.
(b)
Exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
(c)
Pay-in-kind
securities.
(d)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
GMTN
—
Global
Medium
Term
Note
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
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
U.S.
Treasury
Inflation
Indexed
Bonds
–
99.5%
a
U.S.
Treasury
Inflation
Indexed
Bonds
$
5,258,066
0
.125
%
10/15/24
$
5,116,428
2,956,340
0
.250
01/15/25
2,855,041
1,644,439
0
.375
07/15/25
1,582,891
391,453
0
.125
10/15/25
373,520
6,764,318
0
.625
01/15/26
6,476,024
6,721,494
0
.125
04/15/26
6,333,398
8,315,508
0
.125
07/15/26
7,839,617
4,246,415
0
.125
10/15/26
3,984,981
5,467,053
0
.375
07/15/27
5,116,591
8,811,964
0
.500
01/15/28
8,194,854
2,796,894
0
.750
07/15/28
2,625,596
2,557,521
3
.875
04/15/29
2,767,129
4,419,611
0
.250
07/15/29
3,986,207
8,309,500
0
.125
01/15/30
7,339,051
5,849,890
0
.125
07/15/30
5,143,109
3,377,386
0
.125
07/15/31
2,912,524
4,610,132
0
.125
01/15/32
3,923,125
6,528,712
0
.625
07/15/32
5,773,345
4,683,635
2
.125
02/15/40
4,614,233
5,749,593
0
.750
02/15/42
4,431,387
3,357,233
0
.875
02/15/47
2,494,662
2,120,607
1
.000
02/15/48
1,612,703
1,371,151
1
.000
02/15/49
1,038,089
2,255,487
0
.250
02/15/50
1,373,272
1,610,947
0
.125
02/15/52
919,737
TOTAL
U.S.
TREASURY
INFLATION
INDEXED
BONDS
(Cost
$114,985,957)
98,827,514
Shares
Dividend
Rate
Value
aa
a
Investment
Company
–
0.3%
(a)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
297,644
5.259%
297,644
(Cost
$297,644)
TOTAL
INVESTMENTS
–
99.8%
(Cost
$115,283,601)
$
99,125,158
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.2%
205,899
NET
ASSETS
–
100.0%
$
99,331,057
  a
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
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
81.9%
Aerospace
&
Defense
–
2.0%
Boeing
Co.
(The)
$
10,000
4.875
%
05/01/25
$
9,887
20,000
2.196
02/04/26
18,728
70,000
3.250
03/01/28
64,288
General
Dynamics
Corp.
16,000
1.150
06/01/26
14,603
Huntington
Ingalls
Industries,
Inc.
20,000
3.483
12/01/27
18,650
L3Harris
Technologies,
Inc.
16,000
3.850
12/15/26
15,422
10,000
4.400
06/15/28
9,691
Lockheed
Martin
Corp.
50,000
3.550
01/15/26
48,748
Northrop
Grumman
Corp.
8,000
3.200
02/01/27
7,566
RTX
Corp.
16,000
3.500
03/15/27
15,159
Textron,
Inc.
13,000
3.650
03/15/27
12,301
235,043
Banks
–
22.9%
American
Express
Co.
69,000
3.125
05/20/26
65,891
20,000
5.850
11/05/27
20,579
Bank
of
America
Corp.
(
(SOFR
+
1.290%)
)
30,000
5.080
01/20/27
(a)
29,682
(
SOFR
+
0.960%
)
32,000
1.734
07/22/27
(a)
28,762
(
(SOFR
+
1.580%)
)
32,000
4.376
04/27/28
(a)
30,690
(
(SOFR
+
1.630%)
)
30,000
5.202
04/25/29
(a)
29,623
Bank
of
America
Corp.
,
GMTN
(
3M
U.S.
T-Bill
MMY
+
1.632%
)
40,000
3.593
07/21/28
(a)
37,217
Bank
of
America
Corp.
,
MTN
21,000
4.000
01/22/25
20,583
(
(SOFR
+
0.650%)
)
36,000
1.530
12/06/25
(a)
34,322
(
SOFR
+
1.010%
)
21,000
1.197
10/24/26
(a)
19,229
(
3M
U.S.
T-Bill
MMY
+
1.322%
)
25,000
3.559
04/23/27
(a)
23,802
(
SOFR
+
1.050%
)
76,000
2.551
02/04/28
(a)
69,246
(
SOFR
+
2.040%
)
50,000
4.948
07/22/28
(a)
49,018
(
3M
U.S.
T-Bill
MMY
+
1.572%
)
60,000
4.271
07/23/29
(a)
56,353
Bank
of
America
Corp.
,
Series
N
(
(SOFR
+
0.910%)
)
17,000
1.658
03/11/27
(a)
15,503
Bank
of
New
York
Mellon
Corp.
(The)
,
MTN
20,000
1.600
04/24/25
19,007
40,000
3.400
01/29/28
37,355
(
3M
U.S.
T-Bill
MMY
+
1.331%
)
34,000
3.442
02/07/28
(a)
32,045
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Banks
–
(continued)
Capital
One
Financial
Corp.
(
(SOFR
+
2.080%)
)
$
20,000
5.468
%
02/01/29
(a)
$
19,151
(
SOFR
+
2.640%
)
60,000
6.312
06/08/29
(a)
59,553
Charles
Schwab
Corp.
(The)
33,000
3.000
03/10/25
31,862
Citigroup,
Inc.
(
SOFR
+
0.694%
)
50,000
2.014
01/25/26
(a)
47,676
(
SOFR
+
0.765%
)
60,000
1.122
01/28/27
(a)
54,222
34,000
4.450
09/29/27
32,574
(
3M
U.S.
T-Bill
MMY
+
1.825%
)
64,000
3.887
01/10/28
(a)
61,073
(
SOFR
+
1.280%
)
40,000
3.070
02/24/28
(a)
37,165
(
3M
U.S.
T-Bill
MMY
+
1.413%
)
40,000
3.520
10/27/28
(a)
37,026
Citizens
Financial
Group,
Inc.
50,000
2.850
07/27/26
45,346
Comerica,
Inc.
13,000
3.800
07/22/26
12,003
Discover
Financial
Services
70,000
3.750
03/04/25
67,810
20,000
4.100
02/09/27
18,608
Fifth
Third
Bancorp
20,000
2.550
05/05/27
18,078
(
SOFRINDX
+
2.192%
)
65,000
6.361
10/27/28
(a)
65,297
Huntington
Bancshares,
Inc.
18,000
4.000
05/15/25
17,445
JPMorgan
Chase
&
Co.
(
3M
U.S.
T-Bill
MMY
+
1.585%
)
28,000
2.005
03/13/26
(a)
26,675
(
SOFR
+
1.850%
)
21,000
2.083
04/22/26
(a)
19,933
27,000
3.200
06/15/26
25,695
30,000
2.950
10/01/26
28,365
(
SOFR
+
0.800%
)
17,000
1.045
11/19/26
(a)
15,531
(
SOFR
+
0.885%
)
25,000
1.578
04/22/27
(a)
22,646
(
SOFR
+
1.170%
)
25,000
2.947
02/24/28
(a)
23,200
(
SOFR
+
1.560%
)
47,000
4.323
04/26/28
(a)
45,448
(
SOFR
+
1.990%
)
40,000
4.851
07/25/28
(a)
39,229
(
SOFR
+
1.015%
)
30,000
2.069
06/01/29
(a)
25,899
(
(3M
U.S.
T-Bill
MMY
+
1.522%)
)
20,000
4.203
07/23/29
(a)
18,935
(
(SOFR
+
1.450%)
)
100,000
5.299
07/24/29
(a)
99,841
M&T
Bank
Corp.
(
(SOFRINDX
+
1.780%)
)
20,000
4.553
08/16/28
(a)
18,710
GOLDMAN
SACHS
ACCESS
INVESTMENT
GRADE
CORPORATE
1-5
YEAR
BOND
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Banks
–
(continued)
Morgan
Stanley
(
SOFR
+
1.990%
)
$
110,000
2.188
%
04/28/26
(a)
$
104,603
(
(SOFR
+
1.295%)
)
20,000
5.050
01/28/27
(a)
19,740
20,000
3.591
07/22/28
(a)
18,736
(
(SOFR
+
2.240%)
)
40,000
6.296
10/18/28
(a)
41,190
(
(SOFR
+
1.730%)
)
50,000
5.123
02/01/29
(a)
49,363
Morgan
Stanley
,
GMTN
20,000
3.875
01/27/26
19,432
Morgan
Stanley
,
MTN
(
SOFR
+
0.940%
)
40,000
2.630
02/18/26
(a)
38,322
(
(SOFR
+
1.590%)
)
100,000
5.164
04/20/29
(a)
97,988
PNC
Financial
Services
Group,
Inc.
(The)
(
(SOFR
+
1.620%)
)
20,000
5.354
12/02/28
(a)
19,735
Santander
Holdings
USA,
Inc.
13,000
3.450
06/02/25
12,479
20,000
4.500
07/17/25
19,508
(
SOFR
+
1.249%
)
20,000
2.490
01/06/28
(a)
17,951
(
(SOFR
+
2.356%)
)
20,000
6.499
03/09/29
(a)
20,102
State
Street
Corp.
20,000
3.300
12/16/24
19,552
(
(SOFR
+
0.604%)
)
40,000
4.857
01/26/26
(a)
39,570
(
(SOFR
+
2.600%)
)
13,000
2.901
03/30/26
(a)
12,551
Synchrony
Financial
20,000
4.875
06/13/25
19,323
40,000
4.500
07/23/25
38,215
20,000
3.950
12/01/27
17,882
U.S.
Bancorp
,
MTN
40,000
3.950
11/17/25
38,878
(
SOFR
+
0.730%
)
10,000
2.215
01/27/28
(a)
9,020
(
SOFR
+
1.660%
)
30,000
4.548
07/22/28
(a)
28,877
U.S.
Bancorp
,
Series
X
21,000
3.150
04/27/27
19,572
US
Bancorp
(
(SOFR
+
2.020%)
)
30,000
5.775
06/12/29
(a)
30,024
Wells
Fargo
&
Co.
6,000
3.000
04/22/26
5,682
23,000
3.000
10/23/26
21,549
(
SOFR
+
2.000%
)
56,000
2.188
04/30/26
(a)
53,196
Wells
Fargo
&
Co.
,
MTN
(
3M
U.S.
T-Bill
MMY
+
1.012%
)
51,000
2.164
02/11/26
(a)
48,733
(
3M
U.S.
T-Bill
MMY
+
1.432%
)
11,000
3.196
06/17/27
(a)
10,372
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Banks
–
(continued)
(
SOFR
+
1.510%
)
$
16,000
3.526
%
03/24/28
(a)
$
15,012
(
3M
U.S.
T-Bill
MMY
+
1.572%
)
15,000
3.584
05/22/28
(a)
14,049
(
SOFR
+
2.100%
)
15,000
2.393
06/02/28
(a)
13,418
(
SOFR
+
1.980%
)
16,000
4.808
07/25/28
(a)
15,560
(
SOFR
+
1.740%
)
50,000
5.574
07/25/29
(a)
49,792
2,653,879
Basic
Industry
–
0.2%
Linde,
Inc.
$
24,000
3.200
01/30/26
23,137
Building
Materials
–
0.5%
Owens
Corning
16,000
4.200
12/01/24
15,717
Stanley
Black
&
Decker,
Inc.
40,000
3.400
03/01/26
38,139
53,856
Capital
Goods
–
4.7%
3M
Co.
,
MTN
20,000
3.000
08/07/25
19,254
Berry
Global,
Inc.
20,000
1.650
01/15/27
17,656
Carrier
Global
Corp.
12,000
2.242
02/15/25
11,532
Caterpillar
Financial
Services
Corp.
17,000
0.900
03/02/26
15,559
Caterpillar
Financial
Services
Corp.
,
MTN
60,000
4.900
01/17/25
59,830
40,000
1.150
09/14/26
36,202
20,000
3.600
08/12/27
19,248
Honeywell
International,
Inc.
60,000
4.850
11/01/24
59,684
John
Deere
Capital
Corp.
,
MTN
50,000
5.150
03/03/25
50,104
17,000
2.350
03/08/27
15,740
20,000
4.750
01/20/28
19,909
20,000
1.500
03/06/28
17,429
Lennox
International,
Inc.
40,000
1.350
08/01/25
37,311
Otis
Worldwide
Corp.
30,000
2.293
04/05/27
27,457
Republic
Services,
Inc.
9,000
2.900
07/01/26
8,541
Roper
Technologies,
Inc.
16,000
1.000
09/15/25
14,806
16,000
3.850
12/15/25
15,524
Sonoco
Products
Co.
16,000
2.250
02/01/27
14,398
Trane
Technologies
Financing
Ltd.
40,000
3.500
03/21/26
38,392
Westinghouse
Air
Brake
Technologies
Corp.
16,000
3.200
06/15/25
15,327
Xylem,
Inc.
30,000
1.950
01/30/28
26,323
540,226
GOLDMAN
SACHS
ACCESS
INVESTMENT
GRADE
CORPORATE
1-5
YEAR
BOND
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Communications
–
1.5%
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
$
17,000
4.908
%
07/23/25
$
16,725
Comcast
Corp.
40,000
3.550
05/01/28
37,800
Moody's
Corp.
50,000
3.750
03/24/25
48,895
TWDC
Enterprises
18
Corp.
,
MTN
8,000
1.850
07/30/26
7,408
Walt
Disney
Co.
(The)
24,000
3.350
03/24/25
23,423
40,000
3.700
03/23/27
38,677
172,928
Consumer
Cyclical
–
11.2%
Amazon.com,
Inc.
70,000
3.800
12/05/24
69,060
20,000
0.800
06/03/25
18,796
33,000
1.000
05/12/26
30,164
15,000
4.550
12/01/27
15,001
American
Honda
Finance
Corp.
,
GMTN
20,000
3.500
02/15/28
18,817
40,000
5.125
07/07/28
40,107
American
Honda
Finance
Corp.
,
MTN
13,000
1.200
07/08/25
12,215
13,000
1.300
09/09/26
11,759
AutoNation,
Inc.
18,000
3.500
11/15/24
17,572
Booking
Holdings,
Inc.
43,000
3.600
06/01/26
41,592
Dollar
General
Corp.
40,000
4.150
11/01/25
39,000
20,000
3.875
04/15/27
19,113
Dollar
Tree,
Inc.
30,000
4.200
05/15/28
28,517
DR
Horton,
Inc.
10,000
1.300
10/15/26
8,931
General
Motors
Co.
34,000
6.800
10/01/27
35,274
General
Motors
Financial
Co.,
Inc.
70,000
4.000
01/15/25
68,470
40,000
4.350
04/09/25
39,161
21,000
1.250
01/08/26
19,114
20,000
2.700
08/20/27
17,992
30,000
3.850
01/05/28
27,962
Global
Payments,
Inc.
40,000
1.200
03/01/26
36,237
10,000
4.450
06/01/28
9,535
Home
Depot,
Inc.
(The)
40,000
4.000
09/15/25
39,324
21,000
2.800
09/14/27
19,587
Las
Vegas
Sands
Corp.
10,000
3.500
08/18/26
9,399
Lennar
Corp.
32,000
4.750
05/30/25
31,576
20,000
4.750
11/29/27
19,550
Marriott
International,
Inc.
,
Series
EE
8,000
5.750
05/01/25
8,010
McDonald's
Corp.
,
MTN
70,000
3.300
07/01/25
67,961
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Consumer
Cyclical
–
(continued)
McDonald’s
Corp.,
MTN
–
(continued)
$
40,000
3.500
%
03/01/27
$
38,322
Meritage
Homes
Corp.
40,000
6.000
06/01/25
39,700
NIKE,
Inc.
50,000
2.750
03/27/27
47,026
Ross
Stores,
Inc.
43,000
4.600
04/15/25
42,431
40,000
0.875
04/15/26
36,003
Starbucks
Corp.
16,000
2.000
03/12/27
14,582
20,000
3.500
03/01/28
18,860
Toll
Brothers
Finance
Corp.
16,000
4.875
11/15/25
15,760
Toyota
Motor
Credit
Corp.
,
MTN
20,000
1.450
01/13/25
19,185
16,000
0.800
01/09/26
14,668
40,000
3.050
03/22/27
37,557
Visa,
Inc.
16,000
1.900
04/15/27
14,662
40,000
0.750
08/15/27
34,974
50,000
2.750
09/15/27
46,792
Walmart,
Inc.
24,000
1.050
09/17/26
21,819
Western
Union
Co.
(The)
40,000
1.350
03/15/26
36,159
1,298,296
Consumer
Noncyclical
–
3.2%
Abbott
Laboratories
20,000
1.150
01/30/28
17,457
AbbVie,
Inc.
25,000
2.600
11/21/24
24,304
31,000
3.600
05/14/25
30,261
Amgen,
Inc.
15,000
5.150
03/02/28
15,051
Becton
Dickinson
&
Co.
18,000
3.734
12/15/24
17,652
Centene
Corp.
20,000
4.250
12/15/27
19,025
Equifax,
Inc.
19,000
2.600
12/01/24
18,395
Gilead
Sciences,
Inc.
60,000
3.500
02/01/25
58,719
20,000
1.200
10/01/27
17,361
Johnson
&
Johnson
40,000
2.900
01/15/28
37,615
Merck
&
Co.,
Inc.
16,000
0.750
02/24/26
14,633
Shire
Acquisitions
Investments
Ireland
DAC
50,000
3.200
09/23/26
47,437
Utah
Acquisition
Sub,
Inc.
13,000
3.950
06/15/26
12,383
Walgreens
Boots
Alliance,
Inc.
37,000
3.800
11/18/24
36,178
366,471
Consumer
Products
–
0.8%
Estee
Lauder
Cos.,
Inc.
(The)
40,000
3.150
03/15/27
37,858
GOLDMAN
SACHS
ACCESS
INVESTMENT
GRADE
CORPORATE
1-5
YEAR
BOND
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Consumer
Products
–
(continued)
Procter
&
Gamble
Co.
(The)
$
50,000
4.100
%
01/26/26
$
49,342
8,000
1.900
02/01/27
7,363
94,563
Electric
–
6.0%
AES
Corp.
(The)
17,000
1.375
01/15/26
15,513
Black
Hills
Corp.
20,000
5.950
03/15/28
20,273
Dominion
Energy,
Inc.
,
Series
A
17,000
1.450
04/15/26
15,552
DTE
Energy
Co.
,
Series
F
24,000
1.050
06/01/25
22,412
Duke
Energy
Corp.
20,000
0.900
09/15/25
18,472
16,000
2.650
09/01/26
14,951
40,000
4.300
03/15/28
38,550
Eastern
Energy
Gas
Holdings
LLC
40,000
3.600
12/15/24
39,132
Edison
International
40,000
4.125
03/15/28
37,700
Entergy
Louisiana
LLC
50,000
5.590
10/01/24
49,977
Exelon
Corp.
11,000
3.400
04/15/26
10,556
National
Rural
Utilities
Cooperative
Finance
Corp.
,
MTN
40,000
3.450
06/15/25
38,875
NextEra
Energy
Capital
Holdings,
Inc.
13,000
1.875
01/15/27
11,719
27,000
3.550
05/01/27
25,668
30,000
4.900
02/28/28
29,583
(
(US
5
Year
CMT
T-Note
+
2.547%)
)
20,000
3.800
03/15/82
(a)
16,661
Pacific
Gas
and
Electric
Co.
7,000
3.450
07/01/25
6,723
28,000
3.300
03/15/27
25,846
20,000
5.450
06/15/27
19,753
Public
Service
Electric
and
Gas
Co.
,
MTN
50,000
3.050
11/15/24
48,894
San
Diego
Gas
&
Electric
Co.
40,000
6.000
06/01/26
41,020
Sempra
74,000
3.250
06/15/27
69,048
Southern
California
Edison
Co.
15,000
5.850
11/01/27
15,389
Southern
Co.
(The)
16,000
3.250
07/01/26
15,287
Southern
Co.
Gas
Capital
Corp.
16,000
3.875
11/15/25
15,511
Southwestern
Electric
Power
Co.
,
Series
M
30,000
4.100
09/15/28
28,274
691,339
Electrical
–
0.3%
Hubbell,
Inc.
40,000
3.500
02/15/28
37,403
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Energy
–
8.1%
Baker
Hughes
Holdings
LLC
/
Baker
Hughes
Co.-Obligor,
Inc.
$
40,000
2.061
%
12/15/26
$
36,507
15,000
3.337
12/15/27
14,086
Boardwalk
Pipelines
LP
40,000
4.450
07/15/27
38,477
BP
Capital
Markets
America,
Inc.
20,000
3.796
09/21/25
19,617
30,000
3.119
05/04/26
28,717
40,000
3.017
01/16/27
37,807
Chevron
Corp.
25,000
3.326
11/17/25
24,367
50,000
1.995
05/11/27
45,827
Chevron
USA,
Inc.
40,000
1.018
08/12/27
35,104
DCP
Midstream
Operating
LP
40,000
5.375
07/15/25
40,028
Energy
Transfer
LP
40,000
4.750
01/15/26
39,326
40,000
5.550
02/15/28
39,979
Enterprise
Products
Operating
LLC
16,000
3.750
02/15/25
15,702
EQT
Corp.
10,000
5.700
04/01/28
10,062
Exxon
Mobil
Corp.
24,000
3.043
03/01/26
23,076
13,000
2.275
08/16/26
12,230
Hercules
Capital,
Inc.
20,000
3.375
01/20/27
17,752
Kinder
Morgan,
Inc.
16,000
4.300
06/01/25
15,730
Magellan
Midstream
Partners
LP
24,000
5.000
03/01/26
23,813
Marathon
Petroleum
Corp.
11,000
4.700
05/01/25
10,867
MPLX
LP
24,000
4.875
12/01/24
23,735
12,000
1.750
03/01/26
11,065
40,000
4.250
12/01/27
38,285
National
Fuel
Gas
Co.
56,000
5.500
01/15/26
55,947
Occidental
Petroleum
Corp.
50,000
5.875
09/01/25
50,217
ONEOK
Partners
LP
50,000
4.900
03/15/25
49,520
Plains
All
American
Pipeline
LP
/
PAA
Finance
Corp.
16,000
4.650
10/15/25
15,685
Sabine
Pass
Liquefaction
LLC
10,000
5.625
03/01/25
10,001
31,000
5.000
03/15/27
30,768
Targa
Resources
Partners
LP
/
Targa
Resources
Partners
Finance
Corp.
40,000
6.500
07/15/27
40,475
Western
Midstream
Operating
LP
36,000
3.100
02/01/25
34,946
16,000
3.950
06/01/25
15,557
Williams
Cos.,
Inc.
(The)
34,000
4.000
09/15/25
33,150
938,425
GOLDMAN
SACHS
ACCESS
INVESTMENT
GRADE
CORPORATE
1-5
YEAR
BOND
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Financial
Company
–
2.7%
Air
Lease
Corp.
$
37,000
3.625
%
04/01/27
$
34,557
20,000
3.625
12/01/27
18,551
Air
Lease
Corp.
,
GMTN
40,000
3.750
06/01/26
38,068
Ally
Financial,
Inc.
30,000
4.625
03/30/25
29,351
15,000
7.100
11/15/27
15,283
Ares
Capital
Corp.
17,000
2.875
06/15/27
15,110
Bain
Capital
Specialty
Finance,
Inc.
20,000
2.950
03/10/26
18,051
20,000
2.550
10/13/26
17,466
BGC
Group,
Inc.
40,000
4.375
12/15/25
37,904
FS
KKR
Capital
Corp.
20,000
4.125
02/01/25
19,400
16,000
3.250
07/15/27
14,114
Oaktree
Specialty
Lending
Corp.
40,000
3.500
02/25/25
38,295
Sixth
Street
Specialty
Lending,
Inc.
16,000
3.875
11/01/24
15,626
311,776
Food
and
Beverage
–
2.0%
Coca-Cola
Co.
(The)
50,000
1.500
03/05/28
44,079
General
Mills,
Inc.
20,000
4.000
04/17/25
19,600
30,000
5.241
11/18/25
29,906
Kellanova
50,000
3.250
04/01/26
47,883
McCormick
&
Co.,
Inc.
16,000
0.900
02/15/26
14,556
40,000
3.400
08/15/27
37,675
PepsiCo,
Inc.
26,000
2.250
03/19/25
25,085
11,000
2.850
02/24/26
10,543
229,327
Hardware
–
0.4%
CDW
LLC
/
CDW
Finance
Corp.
50,000
4.125
05/01/25
48,750
Healthcare
–
1.4%
CVS
Health
Corp.
13,000
3.000
08/15/26
12,270
Evernorth
Health,
Inc.
40,000
4.500
02/25/26
39,346
HCA,
Inc.
10,000
5.375
02/01/25
9,937
16,000
4.500
02/15/27
15,540
Quest
Diagnostics,
Inc.
16,000
3.450
06/01/26
15,321
UnitedHealth
Group,
Inc.
16,000
3.375
04/15/27
15,249
15,000
5.250
02/15/28
15,252
36,000
3.850
06/15/28
34,543
157,458
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Insurance
–
0.7%
Berkshire
Hathaway
Finance
Corp.
$
40,000
2.300
%
03/15/27
$
37,156
Lincoln
National
Corp.
30,000
3.800
03/01/28
27,818
Radian
Group,
Inc.
20,000
4.875
03/15/27
18,975
83,949
Media
Non
Cable
–
0.3%
Netflix,
Inc.
16,000
5.875
02/15/25
16,120
16,000
4.375
11/15/26
15,780
31,900
Mining
–
0.1%
Freeport-McMoRan,
Inc.
10,000
4.125
03/01/28
9,400
Pharmaceuticals
–
0.1%
Viatris,
Inc.
16,000
2.300
06/22/27
14,140
REITs
and
Real
Estate
–
2.6%
Boston
Properties
LP
20,000
3.200
01/15/25
19,299
Brandywine
Operating
Partnership
LP
20,000
3.950
11/15/27
17,321
Brixmor
Operating
Partnership
LP
20,000
3.900
03/15/27
18,795
Equinix,
Inc.
23,000
1.800
07/15/27
20,354
ERP
Operating
LP
16,000
3.375
06/01/25
15,518
GLP
Capital
LP
/
GLP
Financing
II,
Inc.
9,000
5.375
04/15/26
8,779
Healthpeak
OP
LLC
16,000
3.250
07/15/26
15,186
Highwoods
Realty
LP
20,000
4.125
03/15/28
18,002
Hudson
Pacific
Properties
LP
10,000
3.950
11/01/27
7,876
Public
Storage
Operating
Co.
13,000
1.500
11/09/26
11,812
Simon
Property
Group
LP
16,000
3.500
09/01/25
15,446
16,000
3.300
01/15/26
15,319
Spirit
Realty
LP
7,000
3.200
01/15/27
6,515
Tanger
Properties
LP
30,000
3.875
07/15/27
27,132
VICI
Properties
LP
50,000
4.375
05/15/25
48,471
Vornado
Realty
LP
20,000
2.150
06/01/26
17,371
Welltower
OP
LLC
16,000
4.000
06/01/25
15,620
298,816
Revenue
–
0.3%
CommonSpirit
Health
40,000
1.547
10/01/25
37,141
GOLDMAN
SACHS
ACCESS
INVESTMENT
GRADE
CORPORATE
1-5
YEAR
BOND
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Software
–
0.4%
Oracle
Corp.
$
50,000
3.250
%
11/15/27
$
46,579
Technology
–
6.3%
Alphabet,
Inc.
16,000
1.998
08/15/26
14,927
Apple,
Inc.
25,000
2.450
08/04/26
23,608
17,000
2.050
09/11/26
15,832
32,000
3.350
02/09/27
30,754
90,000
4.000
05/10/28
88,395
Arrow
Electronics,
Inc.
50,000
4.000
04/01/25
48,726
Autodesk,
Inc.
40,000
3.500
06/15/27
37,980
Broadcom
Corp.
/
Broadcom
Cayman
Finance
Ltd.
17,000
3.875
01/15/27
16,328
Fiserv,
Inc.
12,000
3.850
06/01/25
11,711
24,000
3.200
07/01/26
22,791
Genpact
Luxembourg
Sarl
16,000
3.375
12/01/24
15,540
Hewlett
Packard
Enterprise
Co.
15,000
4.900
10/15/25
14,850
International
Business
Machines
Corp.
90,000
6.220
08/01/27
94,208
Intuit,
Inc.
16,000
1.350
07/15/27
14,148
Jabil,
Inc.
40,000
4.250
05/15/27
38,470
Keysight
Technologies,
Inc.
40,000
4.600
04/06/27
38,763
Microchip
Technology,
Inc.
16,000
4.250
09/01/25
15,589
Microsoft
Corp.
40,000
3.400
09/15/26
(b)
38,651
31,000
3.300
02/06/27
29,840
Motorola
Solutions,
Inc.
13,000
7.500
05/15/25
13,335
NetApp,
Inc.
40,000
2.375
06/22/27
36,285
QUALCOMM,
Inc.
7,000
3.450
05/20/25
6,828
TD
SYNNEX
Corp.
10,000
2.375
08/09/28
8,412
VeriSign,
Inc.
40,000
5.250
04/01/25
39,500
Vontier
Corp.
10,000
2.400
04/01/28
8,502
723,973
Transportation
–
1.1%
CSX
Corp.
17,000
3.250
06/01/27
16,010
Ryder
System,
Inc.
,
MTN
5,000
1.750
09/01/26
4,541
8,000
2.900
12/01/26
7,409
20,000
5.650
03/01/28
20,216
Southwest
Airlines
Co.
40,000
5.125
06/15/27
39,500
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Transportation
–
(continued)
Union
Pacific
Corp.
$
17,000
3.250
%
08/15/25
$
16,494
United
Airlines,
Inc.
Pass-Through
Trust
,
Series
20-1
13,587
5.875
10/15/27
13,595
United
Airlines,
Inc.
Pass-Through
Trust
,
Series
A
15,491
4.300
08/15/25
14,903
132,668
Wireless
–
2.1%
American
Tower
Corp.
13,000
3.375
10/15/26
12,270
40,000
5.500
03/15/28
40,066
AT&T,
Inc.
21,000
1.700
03/25/26
19,439
10,000
1.650
02/01/28
8,747
Crown
Castle,
Inc.
40,000
1.050
07/15/26
35,695
Sprint
LLC
30,000
7.625
03/01/26
31,181
T-Mobile
USA,
Inc.
16,000
3.750
04/15/27
15,263
70,000
2.050
02/15/28
61,677
Verizon
Communications,
Inc.
25,000
2.100
03/22/28
22,205
246,543
TOTAL
CORPORATE
OBLIGATIONS
(Cost
$9,639,433)
9,477,986
a
Foreign
Corporate
Debt
–
16.6%
Banks
–
10.4%
Bank
of
Nova
Scotia
(The)
(
Canada
)
17,000
1.050
03/02/26
15,431
17,000
2.700
08/03/26
15,877
61,000
1.300
09/15/26
54,642
50,000
2.951
03/11/27
46,383
Barclays
PLC
(
United
Kingdom
)
(
(3M
USD
LIBOR
+
1.902%)
)
200,000
4.972
05/16/29
(a)
191,407
Canadian
Imperial
Bank
of
Commerce
(
Canada
)
77,000
1.250
06/22/26
69,412
Deutsche
Bank
AG
(
Germany
)
90,000
4.100
01/13/26
86,678
HSBC
Holdings
PLC
(
United
Kingdom
)
(
(SOFR
+
1.970%)
)
200,000
6.161
03/09/29
(a)
202,546
Mitsubishi
UFJ
Financial
Group,
Inc.
(
Japan
)
100,000
3.777
03/02/25
97,541
20,000
3.287
07/25/27
18,654
Royal
Bank
of
Canada
(
Canada
)
101,000
3.625
05/04/27
95,864
Royal
Bank
of
Canada
,
GMTN
(
Canada
)
40,000
1.150
07/14/26
35,960
20,000
4.240
08/03/27
19,380
Royal
Bank
of
Canada
,
MTN
(
Canada
)
23,000
1.150
06/10/25
21,567
Sumitomo
Mitsui
Financial
Group,
Inc.
(
Japan
)
20,000
3.446
01/11/27
18,835
51,000
3.364
07/12/27
47,616
30,000
3.352
10/18/27
27,914
GOLDMAN
SACHS
ACCESS
INVESTMENT
GRADE
CORPORATE
1-5
YEAR
BOND
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Foreign
Corporate
Debt
–
(continued)
Banks
–
(continued)
Sumitomo
Mitsui
Financial
Group,
Inc.
(Japan)
–
(continued)
$
50,000
3.544
%
01/17/28
$
46,524
Westpac
Banking
Corp.
(
Australia
)
23,000
1.150
06/03/26
20,892
70,000
5.457
11/18/27
70,876
1,203,999
Consumer
Cyclical
–
0.2%
Toyota
Motor
Corp.
28,000
1.339
03/25/26
25,808
Consumer
Noncyclical
–
1.3%
AstraZeneca
PLC
(
United
Kingdom
)
50,000
3.375
11/16/25
48,483
BAT
Capital
Corp.
(
United
Kingdom
)
40,000
4.700
04/02/27
39,104
BAT
International
Finance
PLC
(
United
Kingdom
)
67,000
1.668
03/25/26
61,510
149,097
Energy
–
2.2%
BP
Capital
Markets
PLC
(
United
Kingdom
)
41,000
3.279
09/19/27
38,809
Canadian
Natural
Resources
Ltd.
(
Canada
)
50,000
2.050
07/15/25
47,217
Enbridge,
Inc.
(
Canada
)
(
3M
U.S.
T-Bill
MMY
+
3.903%
)
50,000
6.250
03/01/78
(a)
44,750
Equinor
ASA
(
Norway
)
60,000
1.750
01/22/26
56,220
Shell
International
Finance
BV
(
Netherlands
)
50,000
2.000
11/07/24
48,509
16,000
3.250
05/11/25
15,589
251,094
Financial
Company
–
0.2%
ORIX
Corp.
30,000
5.000
09/13/27
29,792
Insurance
–
0.5%
Manulife
Financial
Corp.
60,000
2.484
05/19/27
54,624
Metals
and
Mining
–
0.5%
BHP
Billiton
Finance
USA
Ltd.
60,000
4.750
02/28/28
59,455
Technology
–
0.7%
NXP
BV
/
NXP
Funding
LLC
/
NXP
USA,
Inc.
(
China
)
40,000
3.875
06/18/26
38,599
40,000
4.400
06/01/27
38,720
77,319
Transportation
–
0.3%
Canadian
Pacific
Railway
Co.
40,000
3.700
02/01/26
38,582
Wireless
–
0.3%
Rogers
Communications,
Inc.
34,000
3.200
03/15/27
31,615
TOTAL
FOREIGN
CORPORATE
DEBT
(Cost
$1,939,444)
1,921,385
Shares
Dividend
Rate
Value
aa
a
Investment
Company
–
0.3%
(c)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
33,925
5.259%
$
33,925
(Cost
$33,925)
TOTAL
INVESTMENTS
–
98.8%
(Cost
$11,612,802)
$
11,433,296
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
1.2%
133,766
NET
ASSETS
–
100.0%
$
11,567,062
  a
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
November
30,
2023.
(b)
Exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
(c)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
CMT
—
Constant
Maturity
Treasury
Index
GMTN
—
Global
Medium
Term
Note
LIBOR
—
London
Interbank
Offered
Rate
LP
—
Limited
Partnership
MMY
—
Money
Market
Yield
MTN
—
Medium
Term
Note
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
SOFR
—
Secured
Overnight
Financing
Rate
—
Secured
Overnight
Financing
Rate
Index
T-Bill
—
Treasury
Bill
GOLDMAN
SACHS
ACCESS
INVESTMENT
GRADE
CORPORATE
BOND
ETF
Schedule
of
Investments
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
80.0%
Aerospace
&
Defense
–
2.2%
Boeing
Co.
(The)
$
300,000
2.196
%
02/04/26
$
280,912
290,000
2.700
02/01/27
267,825
400,000
3.250
02/01/28
372,269
400,000
3.200
03/01/29
361,870
290,000
2.950
02/01/30
253,501
1,500,000
5.150
05/01/30
1,482,511
500,000
3.600
05/01/34
426,188
300,000
3.250
02/01/35
240,867
300,000
5.705
05/01/40
296,884
275,000
3.900
05/01/49
206,013
300,000
3.750
02/01/50
218,673
400,000
5.805
05/01/50
392,790
500,000
5.930
05/01/60
488,758
General
Dynamics
Corp.
50,000
3.250
04/01/25
48,756
600,000
3.500
04/01/27
574,879
250,000
4.250
04/01/40
219,638
384,000
4.250
04/01/50
330,375
Lockheed
Martin
Corp.
250,000
5.100
11/15/27
252,987
620,000
5.250
01/15/33
633,917
193,000
4.070
12/15/42
164,331
260,000
3.800
03/01/45
209,747
100,000
4.700
05/15/46
91,579
168,000
4.090
09/15/52
138,323
220,000
4.150
06/15/53
182,475
148,000
5.900
11/15/63
160,555
Northrop
Grumman
Corp.
176,000
2.930
01/15/25
171,121
290,000
3.200
02/01/27
274,276
738,000
3.250
01/15/28
690,839
400,000
4.400
05/01/30
385,286
956,000
4.030
10/15/47
767,973
228,000
5.250
05/01/50
220,279
RTX
Corp.
1,080,000
3.950
08/16/25
1,053,586
100,000
3.125
05/04/27
93,323
300,000
4.125
11/16/28
285,832
220,000
1.900
09/01/31
172,546
250,000
2.375
03/15/32
200,686
100,000
5.150
02/27/33
98,075
243,000
4.450
11/16/38
212,343
180,000
4.500
06/01/42
155,212
254,000
4.150
05/15/45
202,037
208,000
3.750
11/01/46
154,227
166,000
4.350
04/15/47
136,048
292,000
4.625
11/16/48
252,182
146,000
3.125
07/01/50
95,560
260,000
2.820
09/01/51
159,589
14,077,643
Agriculture
–
0.1%
Archer-Daniels-Midland
Co.
462,000
3.250
03/27/30
418,719
500,000
2.900
03/01/32
429,572
848,291
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Banks
–
19.6%
American
Express
Co.
$
2,062,000
3.000
%
10/30/24
$
2,013,134
649,000
4.200
11/06/25
635,729
470,000
3.125
05/20/26
448,826
250,000
1.650
11/04/26
226,628
200,000
3.300
05/03/27
187,853
200,000
5.850
11/05/27
205,787
600,000
4.050
05/03/29
575,645
200,000
4.050
12/03/42
169,641
(
SOFR
+
2.255%
)
192,000
4.989
05/26/33
(a)
185,318
Bank
of
America
Corp.
(
TSFR3M
+
1.072%
)
584,000
3.366
01/23/26
(a)
565,864
(
SOFR
+
0.960%
)
696,000
1.734
07/22/27
(a)
625,572
(
TSFR3M
+
1.774%
)
485,000
3.705
04/24/28
(a)
453,950
(
SOFR
+
1.990%
)
800,000
6.204
11/10/28
(a)
817,778
(
3M
U.S.
T-Bill
MMY
+
1.302%
)
1,148,000
3.419
12/20/28
(a)
1,049,473
(
SOFR
+
2.150%
)
519,000
2.592
04/29/31
(a)
429,518
(
SOFR
+
1.320%
)
970,000
2.687
04/22/32
(a)
787,661
(
SOFR
+
1.220%
)
980,000
2.299
07/21/32
(a)
769,370
(
SOFR
+
1.210%
)
700,000
2.572
10/20/32
(a)
558,473
(
SOFR
+
1.910%
)
930,000
5.288
04/25/34
(a)
891,513
(
US
5
Year
CMT
T-Note
+
1.200%
)
234,000
2.482
09/21/36
(a)
177,214
860,000
6.110
01/29/37
886,096
370,000
7.750
05/14/38
427,092
(
US
5
Year
CMT
T-Note
+
2.000%
)
100,000
3.846
03/08/37
(a)
84,583
(
3M
U.S.
T-Bill
MMY+
2.076%
)
418,000
4.244
04/24/38
(a)
357,646
(
SOFR
+
1.580%
)
519,000
3.311
04/22/42
(a)
383,251
(
TSFR3M
+
1.452%
)
210,000
3.946
01/23/49
(a)
165,248
(
SOFR
+
1.560%
)
457,000
2.972
07/21/52
(a)
300,399
Bank
of
America
Corp.
,
GMTN
220,000
3.500
04/19/26
211,912
(
3M
U.S.
T-Bill
MMY
+
1.632%
)
588,000
3.593
07/21/28
(a)
547,091
Bank
of
America
Corp.
,
MTN
120,000
4.000
01/22/25
117,617
215,000
3.875
08/01/25
210,212
153,000
4.450
03/03/26
149,189
469,000
4.250
10/22/26
452,836
670,000
3.248
10/21/27
621,664
248,000
5.875
02/07/42
253,844
GOLDMAN
SACHS
ACCESS
INVESTMENT
GRADE
CORPORATE
BOND
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Banks
–
(continued)
Bank
of
America
Corp.,
MTN
–
(continued)
$
334,000
5.000
%
01/21/44
$
311,454
(
TSFR3M
+
1.352%
)
280,000
3.093
10/01/25
(a)
272,268
(
TSFR3M
+
1.132%
)
340,000
2.456
10/22/25
(a)
329,121
(
TSFR3M
+
0.902%
)
700,000
2.015
02/13/26
(a)
667,313
(
SOFR
+
1.150%
)
1,718,000
1.319
06/19/26
(a)
1,596,493
(
SOFR
+
1.750%
)
200,000
4.827
07/22/26
(a)
197,213
(
SOFR
+
1.010%
)
200,000
1.197
10/24/26
(a)
183,131
(
3M
U.S.
T-Bill
MMY
+
1.322%
)
760,000
3.559
04/23/27
(a)
723,571
(
TSFR3M
+
1.837%
)
628,000
3.824
01/20/28
(a)
592,314
(
SOFR
+
1.050%
)
490,000
2.551
02/04/28
(a)
446,456
(
SOFR
+
2.040%
)
1,000,000
4.948
07/22/28
(a)
980,370
(
TSFR3M
+
1.332%
)
150,000
3.970
03/05/29
(a)
139,989
(
3M
U.S.
T-Bill
MMY
+
1.572%
)
1,090,000
4.271
07/23/29
(a)
1,023,744
(
3M
U.S.
T-Bill
MMY
+
1.472%
)
504,000
3.974
02/07/30
(a)
466,132
(
TSFR3M
+
1.442%
)
200,000
3.194
07/23/30
(a)
174,961
(
TSFR3M
+
1.452%
)
281,000
2.884
10/22/30
(a)
240,210
(
3M
U.S.
T-Bill
MMY
+
1.252%
)
525,000
2.496
02/13/31
(a)
434,352
(
SOFR
+
1.530%
)
830,000
1.898
07/23/31
(a)
646,175
(
SOFR
+
1.370%
)
500,000
1.922
10/24/31
(a)
389,495
(
SOFR
+
1.330%
)
622,000
2.972
02/04/33
(a)
508,987
(
TSFR3M
+
1.582%
)
208,000
4.078
04/23/40
(a)
172,141
(
SOFR
+
1.930%
)
704,000
2.676
06/19/41
(a)
478,442
(
TSFR3M
+
2.252%
)
354,000
4.443
01/20/48
(a)
298,326
(
TSFR3M
+
1.782%
)
477,000
4.330
03/15/50
(a)
394,764
(
3M
U.S.
T-Bill
MMY
+
3.412%
)
826,000
4.083
03/20/51
(a)
656,627
Bank
of
America
Corp.
,
Series
L
110,000
3.950
04/21/25
107,277
520,000
4.183
11/25/27
496,176
Bank
of
America
Corp.
,
Series
N
(
SOFR
+
1.220%
)
500,000
2.651
03/11/32
(a)
404,983
Bank
of
America
NA
250,000
5.526
08/18/26
252,375
500,000
6.000
10/15/36
515,972
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Banks
–
(continued)
Bank
of
New
York
Mellon
Corp.
(The)
,
MTN
$
50,000
2.800
%
05/04/26
$
47,251
290,000
3.250
05/16/27
271,537
636,000
3.400
01/29/28
593,945
400,000
3.850
04/28/28
382,211
144,000
3.300
08/23/29
128,709
(
3M
U.S.
T-Bill
MMY
+
1.331%
)
1,087,000
3.442
02/07/28
(a)
1,024,499
(
SOFR
+
1.845%
)
810,000
6.474
10/25/34
(a)
858,308
Capital
One
Financial
Corp.
50,000
4.200
10/29/25
47,964
450,000
3.750
03/09/27
418,176
300,000
3.650
05/11/27
277,224
690,000
3.800
01/31/28
633,904
(
SOFR
+
1.290%
)
550,000
2.636
03/03/26
(a)
519,036
(
SOFR
+
2.160%
)
150,000
4.985
07/24/26
(a)
146,237
(
SOFR
+
0.855%
)
200,000
1.878
11/02/27
(a)
174,796
(
SOFR
+
2.057%
)
250,000
4.927
05/10/28
(a)
238,147
(
SOFR
+
2.640%
)
1,000,000
6.312
06/08/29
(a)
992,551
(
SOFR
+
1.337%
)
180,000
2.359
07/29/32
(a)
127,547
(
SOFR
+
2.860%
)
500,000
6.377
06/08/34
(a)
484,069
Citigroup,
Inc.
500,000
3.875
03/26/25
485,965
100,000
3.700
01/12/26
96,732
588,000
4.450
09/29/27
563,343
629,000
4.125
07/25/28
589,219
484,000
6.625
06/15/32
508,691
486,000
6.675
09/13/43
510,687
396,000
5.300
05/06/44
358,599
500,000
4.750
05/18/46
416,517
(
SOFR
+
0.694%
)
1,018,000
2.014
01/25/26
(a)
970,684
(
SOFR
+
2.842%
)
640,000
3.106
04/08/26
(a)
618,012
(
SOFR
+
0.765%
)
1,697,000
1.122
01/28/27
(a)
1,533,580
(
SOFR
+
0.770%
)
275,000
1.462
06/09/27
(a)
246,808
(
3M
U.S.
T-Bill
MMY
+
1.825%
)
100,000
3.887
01/10/28
(a)
95,427
(
SOFR
+
1.280%
)
1,370,000
3.070
02/24/28
(a)
1,272,905
(
SOFR
+
1.887%
)
300,000
4.658
05/24/28
(a)
292,048
(
TSFR3M
+
1.652%
)
1,180,000
3.668
07/24/28
(a)
1,105,367
(
3M
U.S.
T-Bill
MMY
+
1.413%
)
1,190,000
3.520
10/27/28
(a)
1,101,512
(
TSFR3M
+
1.600%
)
200,000
3.980
03/20/30
(a)
184,528
GOLDMAN
SACHS
ACCESS
INVESTMENT
GRADE
CORPORATE
BOND
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Banks
–
(continued)
(
SOFR
+
1.422%
)
$
800,000
2.976
%
11/05/30
(a)
$
691,262
(
SOFR
+
2.107%
)
1,000,000
2.572
06/03/31
(a)
826,906
(
SOFR
+
1.167%
)
800,000
2.561
05/01/32
(a)
641,763
(
SOFR
+
1.939%
)
200,000
3.785
03/17/33
(a)
173,733
(
SOFR
+
2.086%
)
500,000
4.910
05/24/33
(a)
470,187
(
SOFR
+
2.338%
)
1,000,000
6.270
11/17/33
(a)
1,034,256
(
TSFR3M
+
1.430%
)
300,000
3.878
01/24/39
(a)
245,689
(
TSFR3M
+
2.101%
)
300,000
4.281
04/24/48
(a)
248,749
Citizens
Bank
NA
(
SOFR
+
2.000%
)
300,000
4.575
08/09/28
(a)
276,858
Citizens
Financial
Group,
Inc.
100,000
3.250
04/30/30
82,933
Discover
Bank
300,000
3.450
07/27/26
276,574
Discover
Financial
Services
100,000
6.700
11/29/32
98,799
Fifth
Third
Bancorp
506,000
2.550
05/05/27
457,367
190,000
8.250
03/01/38
211,808
(
SOFRINDX
+
2.192%
)
300,000
6.361
10/27/28
(a)
301,369
Fifth
Third
Bank
NA
560,000
3.850
03/15/26
530,381
Huntington
Bancshares,
Inc.
328,000
2.550
02/04/30
270,247
JPMorgan
Chase
&
Co.
240,000
3.125
01/23/25
234,025
138,000
3.900
07/15/25
135,101
730,000
3.300
04/01/26
697,409
690,000
3.200
06/15/26
656,640
290,000
4.125
12/15/26
280,701
251,000
4.250
10/01/27
244,179
184,000
3.625
12/01/27
173,776
513,000
6.400
05/15/38
567,150
147,000
5.500
10/15/40
147,374
226,000
5.600
07/15/41
229,197
328,000
5.400
01/06/42
327,202
60,000
5.625
08/16/43
59,360
423,000
4.850
02/01/44
388,109
554,000
4.950
06/01/45
502,562
(
SOFR
+
1.160%
)
210,000
2.301
10/15/25
(a)
203,255
(
SOFR
+
0.605%
)
200,000
1.561
12/10/25
(a)
190,519
(
SOFR
+
0.915%
)
250,000
2.595
02/24/26
(a)
240,445
(
3M
U.S.
T-Bill
MMY
+
1.585%
)
370,000
2.005
03/13/26
(a)
352,491
(
SOFR
+
1.850%
)
840,000
2.083
04/22/26
(a)
797,325
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Banks
–
(continued)
(
SOFR
+
0.800%
)
$
800,000
1.045
%
11/19/26
(a)
$
730,868
(
TSFR3M
+
1.507%
)
500,000
3.960
01/29/27
(a)
482,124
(
SOFR
+
0.885%
)
600,000
1.578
04/22/27
(a)
543,500
(
3M
U.S.
T-Bill
MMY
+
1.599%
)
213,000
3.782
02/01/28
(a)
201,942
(
SOFR
+
1.170%
)
200,000
2.947
02/24/28
(a)
185,599
(
SOFR
+
1.560%
)
200,000
4.323
04/26/28
(a)
193,395
(
3M
U.S.
T-Bill
MMY
+
1.642%
)
1,064,000
3.540
05/01/28
(a)
996,629
622,000
3.964
11/15/48
(a)
490,807
(
SOFR
+
1.890%
)
1,002,000
2.182
06/01/28
(a)
898,966
(
SOFR
+
1.990%
)
140,000
4.851
07/25/28
(a)
137,301
(
TSFR3M
+
1.207%
)
1,922,000
3.509
01/23/29
(a)
1,786,457
(
TSFR3M
+
1.382%
)
518,000
4.005
04/23/29
(a)
490,065
(
SOFR
+
1.015%
)
200,000
2.069
06/01/29
(a)
172,662
(
3M
U.S.
T-Bill
MMY
+
1.592%
)
450,000
4.452
12/05/29
(a)
430,620
(
TSFR3M
+
1.422%
)
114,000
3.702
05/06/30
(a)
103,933
(
3M
U.S.
T-Bill
MMY
+
1.510%
)
692,000
2.739
10/15/30
(a)
597,694
(
3M
U.S.
T-Bill
MMY
+
3.790%
)
400,000
4.493
03/24/31
(a)
378,012
(
SOFR
+
2.040%
)
1,130,000
2.522
04/22/31
(a)
948,848
(
TSFR3M
+
2.515%
)
358,000
2.956
05/13/31
(a)
303,615
(
3M
U.S.
T-Bill
MMY
+
1.105%
)
80,000
1.764
11/19/31
(a)
62,509
(
SOFR
+
1.065%
)
1,052,000
1.953
02/04/32
(a)
823,341
(
TSFR3M
+
1.250%
)
1,104,000
2.580
04/22/32
(a)
904,477
(
SOFR
+
1.180%
)
1,067,000
2.545
11/08/32
(a)
861,330
(
SOFR
+
1.260%
)
600,000
2.963
01/25/33
(a)
495,979
(
SOFR
+
1.800%
)
500,000
4.586
04/26/33
(a)
464,165
(
SOFR
+
1.810%
)
680,000
6.254
10/23/34
(a)
709,665
(
3M
U.S.
T-Bill
MMY
+
1.622%
)
485,000
3.882
07/24/38
(a)
405,546
(
TSFR3M
+
2.460%
)
110,000
3.109
04/22/41
(a)
80,711
(
SOFR
+
1.460%
)
100,000
3.157
04/22/42
(a)
73,551
(
TSFR3M
+
1.842%
)
271,000
4.260
02/22/48
(a)
224,340
GOLDMAN
SACHS
ACCESS
INVESTMENT
GRADE
CORPORATE
BOND
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Banks
–
(continued)
(
TSFR3M
+
1.722%
)
$
268,000
4.032
%
07/24/48
(a)
$
215,948
(
TSFR3M
+
1.482%
)
290,000
3.897
01/23/49
(a)
225,693
(
SOFR
+
2.440%
)
368,000
3.109
04/22/51
(a)
247,156
(
SOFR
+
1.580%
)
760,000
3.328
04/22/52
(a)
534,522
M&T
Bank
Corp.
(
SOFR
+
1.850%
)
260,000
5.053
01/27/34
(a)
233,323
Manufacturers
&
Traders
Trust
Co.
840,000
2.900
02/06/25
810,687
Morgan
Stanley
(
SOFR
+
1.990%
)
3,000,000
2.188
04/28/26
(a)
2,852,803
(
SOFR
+
1.669%
)
200,000
4.679
07/17/26
(a)
196,367
(
SOFR
+
1.770%
)
200,000
6.138
10/16/26
(a)
201,712
250,000
3.950
04/23/27
237,627
600,000
3.591
07/22/28
(a)
562,090
100,000
6.375
07/24/42
109,155
510,000
4.300
01/27/45
428,319
100,000
4.375
01/22/47
84,375
(
SOFR
+
1.610%
)
200,000
4.210
04/20/28
(a)
192,162
(
SOFR
+
1.290%
)
2,280,000
2.943
01/21/33
(a)
1,865,303
(
SOFR
+
1.360%
)
250,000
2.484
09/16/36
(a)
189,236
(
SOFR
+
2.620%
)
1,660,000
5.297
04/20/37
(a)
1,539,057
(
US
5
Year
CMT
T-Note
+
2.430%
)
100,000
5.948
01/19/38
(a)
97,129
(
3M
USD
LIBOR
+
1.455%
)
645,000
3.971
07/22/38
(a)
537,935
(
TSFR3M
+
1.693%
)
1,340,000
4.457
04/22/39
(a)
1,172,842
(
SOFR
+
1.485%
)
200,000
3.217
04/22/42
(a)
146,880
Morgan
Stanley
,
GMTN
200,000
4.000
07/23/25
195,046
1,000,000
3.875
01/27/26
971,586
(
TSFR3M
+
1.402%
)
460,000
3.772
01/24/29
(a)
429,289
(
SOFR
+
1.143%
)
650,000
2.699
01/22/31
(a)
550,133
(
SOFR
+
4.840%
)
100,000
5.597
03/24/51
(a)
101,136
Morgan
Stanley
,
MTN
(
SOFR
+
0.940%
)
500,000
2.630
02/18/26
(a)
479,032
(
SOFR
+
1.034%
)
2,280,000
1.794
02/13/32
(a)
1,747,740
(
SOFR
+
1.430%
)
1,890,000
2.802
01/25/52
(a)
1,186,442
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Banks
–
(continued)
Morgan
Stanley
Bank
NA
$
880,000
5.479
%
07/16/25
$
882,200
250,000
4.754
04/21/26
246,964
250,000
5.882
10/30/26
253,637
PNC
Bank
NA
250,000
3.250
06/01/25
240,497
250,000
2.700
10/22/29
209,918
PNC
Financial
Services
Group,
Inc.
(The)
(
SOFRINDX
+
2.140%
)
250,000
6.037
10/28/33
(a)
249,911
Santander
Holdings
USA,
Inc.
380,000
3.450
06/02/25
364,772
300,000
3.244
10/05/26
275,110
(
SOFR
+
1.249%
)
444,000
2.490
01/06/28
(a)
398,509
State
Street
Corp.
40,000
3.550
08/18/25
38,896
160,000
2.650
05/19/26
151,320
100,000
2.200
03/03/31
79,387
Synchrony
Bank
400,000
5.400
08/22/25
386,714
Synchrony
Financial
392,000
4.500
07/23/25
374,507
724,000
3.950
12/01/27
647,314
U.S.
Bancorp
250,000
1.450
05/12/25
235,379
(
US
5
Year
CMT
T-Note
+
0.950%
)
300,000
2.491
11/03/36
(a)
221,574
U.S.
Bancorp
,
MTN
286,000
3.100
04/27/26
269,497
755,000
3.900
04/26/28
710,630
387,000
3.000
07/30/29
335,604
300,000
1.375
07/22/30
229,562
(
SOFR
+
0.730%
)
300,000
2.215
01/27/28
(a)
270,589
(
SOFR
+
1.660%
)
200,000
4.548
07/22/28
(a)
192,512
(
SOFR
+
1.020%
)
950,000
2.677
01/27/33
(a)
749,790
U.S.
Bancorp
,
Series
V
100,000
2.375
07/22/26
92,453
U.S.
Bancorp
,
Series
X
535,000
3.150
04/27/27
498,630
US
Bank
NA
550,000
2.050
01/21/25
528,461
800,000
2.800
01/27/25
773,646
Wells
Fargo
&
Co.
815,000
3.000
04/22/26
771,748
1,234,000
3.000
10/23/26
1,156,172
550,000
5.375
11/02/43
500,853
292,000
3.900
05/01/45
227,171
(
SOFR
+
2.000%
)
600,000
2.188
04/30/26
(a)
569,954
(
SOFR
+
2.060%
)
990,000
6.491
10/23/34
(a)
1,036,745
(
SOFR
+
2.530%
)
1,119,000
3.068
04/30/41
(a)
801,478
GOLDMAN
SACHS
ACCESS
INVESTMENT
GRADE
CORPORATE
BOND
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Banks
–
(continued)
Wells
Fargo
&
Co.
,
GMTN
$
450,000
4.300
%
07/22/27
$
432,251
404,000
4.900
11/17/45
340,739
Wells
Fargo
&
Co.
,
MTN
660,000
3.000
02/19/25
640,281
272,000
3.550
09/29/25
262,382
250,000
4.100
06/03/26
243,237
293,000
4.400
06/14/46
229,811
400,000
4.750
12/07/46
328,250
(
TSFR3M
+
1.087%
)
500,000
2.406
10/30/25
(a)
482,740
(
3M
U.S.
T-Bill
MMY
+
1.012%
)
530,000
2.164
02/11/26
(a)
506,446
(
SOFR
+
1.320%
)
150,000
3.908
04/25/26
(a)
146,147
(
SOFR
+
1.560%
)
200,000
4.540
08/15/26
(a)
196,114
(
3M
U.S.
T-Bill
MMY
+
1.432%
)
320,000
3.196
06/17/27
(a)
301,718
(
SOFR
+
1.510%
)
50,000
3.526
03/24/28
(a)
46,912
(
3M
U.S.
T-Bill
MMY
+
1.572%
)
168,000
3.584
05/22/28
(a)
157,347
(
SOFR
+
2.100%
)
955,000
2.393
06/02/28
(a)
854,272
900,000
4.897
07/25/33
(a)
845,310
(
SOFR
+
1.980%
)
200,000
4.808
07/25/28
(a)
194,497
(
SOFR
+
1.740%
)
1,470,000
5.574
07/25/29
(a)
1,463,898
(
TSFR3M
+
1.432%
)
976,000
2.879
10/30/30
(a)
835,466
(
3M
U.S.
T-Bill
MMY
+
1.262%
)
900,000
2.572
02/11/31
(a)
754,140
(
3M
U.S.
T-Bill
MMY
+
4.032%
)
200,000
4.478
04/04/31
(a)
185,714
(
SOFR
+
1.500%
)
750,000
3.350
03/02/33
(a)
625,502
(
TSFR3M
+
4.502%
)
1,192,000
5.013
04/04/51
(a)
1,063,055
Wells
Fargo
Bank
NA
1,310,000
5.550
08/01/25
1,312,127
400,000
6.600
01/15/38
421,660
123,988,391
Basic
Industry
–
0.8%
Air
Products
and
Chemicals,
Inc.
300,000
2.700
05/15/40
213,320
CF
Industries,
Inc.
360,000
5.150
03/15/34
341,768
187,000
4.950
06/01/43
159,885
115,000
5.375
03/15/44
103,084
Dow
Chemical
Co.
(The)
630,000
7.375
11/01/29
696,371
200,000
4.375
11/15/42
163,323
390,000
5.550
11/30/48
367,274
200,000
3.600
11/15/50
141,417
DuPont
de
Nemours,
Inc.
500,000
4.493
11/15/25
492,411
400,000
5.319
11/15/38
390,401
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Basic
Industry
–
(continued)
LYB
International
Finance
BV
$
693,000
4.875
%
03/15/44
$
582,873
LYB
International
Finance
III
LLC
240,000
4.200
10/15/49
176,283
263,000
4.200
05/01/50
192,866
200,000
3.625
04/01/51
134,138
LyondellBasell
Industries
NV
200,000
4.625
02/26/55
155,341
Sherwin-Williams
Co.
(The)
288,000
3.450
06/01/27
272,981
300,000
4.500
06/01/47
254,381
4,838,117
Broadcasting
–
0.2%
Discovery
Communications
LLC
310,000
5.200
09/20/47
250,519
780,000
5.300
05/15/49
637,545
Fox
Corp.
100,000
5.476
01/25/39
91,433
979,497
Brokerage
–
0.5%
BlackRock,
Inc.
200,000
2.400
04/30/30
172,942
200,000
1.900
01/28/31
162,647
150,000
2.100
02/25/32
120,377
CME
Group,
Inc.
50,000
2.650
03/15/32
42,428
100,000
5.300
09/15/43
100,874
Intercontinental
Exchange,
Inc.
340,000
2.100
06/15/30
281,301
290,000
1.850
09/15/32
222,052
360,000
4.600
03/15/33
342,796
566,000
3.000
06/15/50
372,009
392,000
4.950
06/15/52
363,401
416,000
3.000
09/15/60
256,168
500,000
5.200
06/15/62
469,941
Jefferies
Financial
Group,
Inc.
125,000
4.150
01/23/30
113,110
244,000
2.625
10/15/31
191,534
3,211,580
Capital
Goods
–
1.1%
Carrier
Global
Corp.
40,000
2.493
02/15/27
36,693
505,000
2.722
02/15/30
432,494
107,000
2.700
02/15/31
89,738
378,000
3.377
04/05/40
282,531
250,000
3.577
04/05/50
179,206
Caterpillar,
Inc.
40,000
2.600
04/09/30
35,226
80,000
5.200
05/27/41
79,920
388,000
3.803
08/15/42
320,429
246,000
3.250
09/19/49
178,329
Deere
&
Co.
266,000
3.900
06/09/42
227,284
190,000
3.750
04/15/50
155,051
Eaton
Corp.
645,000
4.150
03/15/33
603,766
General
Electric
Co.
,
MTN
135,000
6.750
03/15/32
149,909
GOLDMAN
SACHS
ACCESS
INVESTMENT
GRADE
CORPORATE
BOND
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Capital
Goods
–
(continued)
Honeywell
International,
Inc.
$
263,000
2.500
%
11/01/26
$
247,973
80,000
2.700
08/15/29
71,497
290,000
1.750
09/01/31
231,131
300,000
5.000
02/15/33
300,859
Illinois
Tool
Works,
Inc.
121,000
2.650
11/15/26
114,494
290,000
3.900
09/01/42
242,979
John
Deere
Capital
Corp.
,
Series
I
600,000
5.150
09/08/33
605,630
Otis
Worldwide
Corp.
624,000
2.565
02/15/30
533,466
Republic
Services,
Inc.
390,000
3.950
05/15/28
373,555
500,000
5.000
04/01/34
489,905
Waste
Management,
Inc.
150,000
1.500
03/15/31
118,100
Westinghouse
Air
Brake
Technologies
Corp.
326,000
3.450
11/15/26
308,047
340,000
4.700
09/15/28
328,437
6,736,649
Communications
–
4.6%
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
798,000
4.908
07/23/25
785,077
261,000
3.750
02/15/28
242,221
414,000
4.200
03/15/28
390,064
214,000
2.250
01/15/29
180,393
128,000
5.050
03/30/29
123,419
343,000
2.800
04/01/31
279,508
200,000
2.300
02/01/32
153,165
425,000
6.384
10/23/35
416,753
308,000
5.375
04/01/38
266,225
300,000
3.500
06/01/41
200,707
572,000
6.484
10/23/45
531,133
421,000
5.375
05/01/47
340,703
432,000
5.750
04/01/48
364,979
430,000
5.125
07/01/49
333,973
450,000
4.800
03/01/50
335,603
694,000
3.700
04/01/51
427,786
350,000
3.900
06/01/52
223,633
354,000
3.850
04/01/61
211,388
254,000
4.400
12/01/61
167,108
282,000
3.950
06/30/62
169,283
Comcast
Corp.
1,000,000
3.375
08/15/25
970,774
400,000
3.150
02/15/28
373,370
400,000
3.550
05/01/28
377,997
400,000
4.150
10/15/28
386,957
700,000
4.550
01/15/29
688,144
150,000
2.650
02/01/30
131,289
400,000
3.400
04/01/30
365,031
300,000
4.250
10/15/30
286,219
500,000
5.500
11/15/32
511,271
600,000
4.250
01/15/33
558,914
500,000
4.650
02/15/33
483,437
300,000
7.050
03/15/33
337,844
250,000
4.800
05/15/33
244,038
150,000
4.200
08/15/34
136,640
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Communications
–
(continued)
Comcast
Corp.
–
(continued)
$
320,000
5.650
%
06/15/35
$
328,623
400,000
4.400
08/15/35
367,061
540,000
3.900
03/01/38
459,498
400,000
3.969
11/01/47
314,419
100,000
4.000
03/01/48
79,183
400,000
4.700
10/15/48
357,667
400,000
3.999
11/01/49
313,229
400,000
3.450
02/01/50
286,920
400,000
2.800
01/15/51
249,404
800,000
2.887
11/01/51
505,266
400,000
2.450
08/15/52
231,046
210,000
5.350
05/15/53
203,534
750,000
2.937
11/01/56
459,000
336,000
4.950
10/15/58
305,942
472,000
2.650
08/15/62
265,394
400,000
2.987
11/01/63
237,237
Meta
Platforms,
Inc.
50,000
4.800
05/15/30
50,042
Netflix,
Inc.
400,000
5.875
02/15/25
403,000
325,000
4.375
11/15/26
320,531
690,000
5.875
11/15/28
714,150
227,000
6.375
05/15/29
242,039
Omnicom
Group
Inc
/
Omnicom
Capital,
Inc.
122,000
3.650
11/01/24
119,681
850,000
3.600
04/15/26
818,864
Omnicom
Group,
Inc.
125,000
2.600
08/01/31
102,717
Time
Warner
Cable
Enterprises
LLC
216,000
8.375
07/15/33
242,783
Time
Warner
Cable
LLC
170,000
6.550
05/01/37
160,926
304,000
7.300
07/01/38
304,024
322,000
6.750
06/15/39
306,330
180,000
5.875
11/15/40
156,381
431,000
5.500
09/01/41
357,711
TWDC
Enterprises
18
Corp.
,
GMTN
290,000
4.125
06/01/44
243,509
TWDC
Enterprises
18
Corp.
,
MTN
245,000
1.850
07/30/26
226,860
102,000
2.950
06/15/27
96,594
Walt
Disney
Co.
(The)
140,000
3.350
03/24/25
136,638
202,000
2.200
01/13/28
183,541
110,000
2.000
09/01/29
94,753
422,000
3.800
03/22/30
396,506
960,000
2.650
01/13/31
825,324
75,000
6.400
12/15/35
82,644
400,000
6.650
11/15/37
449,069
250,000
4.625
03/23/40
231,264
940,000
2.750
09/01/49
606,190
270,000
4.700
03/23/50
247,204
200,000
3.600
01/13/51
151,581
383,000
3.800
05/13/60
287,633
Warnermedia
Holdings,
Inc.
1,200,000
3.755
03/15/27
1,131,093
500,000
4.054
03/15/29
460,691
1,300,000
5.050
03/15/42
1,071,441
GOLDMAN
SACHS
ACCESS
INVESTMENT
GRADE
CORPORATE
BOND
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Communications
–
(continued)
Warnermedia
Holdings,
Inc.
–
(continued)
$
700,000
5.141
%
03/15/52
$
561,348
340,000
5.391
03/15/62
271,859
29,013,390
Consumer
Cyclical
–
7.0%
Amazon.com,
Inc.
139,000
3.800
12/05/24
137,133
391,000
0.800
06/03/25
367,460
103,000
5.200
12/03/25
103,524
200,000
1.200
06/03/27
177,661
780,000
3.150
08/22/27
738,462
483,000
1.500
06/03/30
397,656
600,000
3.600
04/13/32
553,429
420,000
4.800
12/05/34
422,287
715,000
3.875
08/22/37
637,199
400,000
2.875
05/12/41
297,395
284,000
4.950
12/05/44
279,255
731,000
4.050
08/22/47
623,323
444,000
2.500
06/03/50
277,743
1,086,000
3.100
05/12/51
764,257
482,000
4.250
08/22/57
414,473
400,000
2.700
06/03/60
245,916
400,000
3.250
05/12/61
274,108
420,000
4.100
04/13/62
344,362
American
Honda
Finance
Corp.
,
MTN
40,000
1.200
07/08/25
37,585
Aptiv
PLC
300,000
3.100
12/01/51
181,690
Aptiv
PLC
/
Aptiv
Corp.
216,000
4.150
05/01/52
158,175
Booking
Holdings,
Inc.
150,000
4.625
04/13/30
146,606
Costco
Wholesale
Corp.
232,000
3.000
05/18/27
219,428
200,000
1.375
06/20/27
177,948
100,000
1.600
04/20/30
83,208
876,000
1.750
04/20/32
698,916
Dollar
Tree,
Inc.
236,000
4.200
05/15/28
224,337
eBay,
Inc.
250,000
1.900
03/11/25
238,605
490,000
4.000
07/15/42
382,786
Expedia
Group,
Inc.
300,000
3.250
02/15/30
264,442
Ford
Motor
Credit
Co.
LLC
500,000
4.134
08/04/25
480,135
500,000
4.542
08/01/26
476,207
500,000
2.900
02/16/28
438,058
General
Motors
Co.
500,000
6.125
10/01/25
502,189
250,000
5.000
10/01/28
245,284
452,000
5.600
10/15/32
442,798
900,000
6.600
04/01/36
921,902
273,000
5.150
04/01/38
241,482
368,000
6.750
04/01/46
374,756
200,000
5.400
04/01/48
170,272
190,000
5.950
04/01/49
173,170
General
Motors
Financial
Co.,
Inc.
200,000
5.250
03/01/26
197,738
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Consumer
Cyclical
–
(continued)
General
Motors
Financial
Co.,
Inc.
–
(continued)
$
400,000
2.350
%
02/26/27
$
360,815
100,000
5.000
04/09/27
98,098
600,000
2.700
08/20/27
539,774
200,000
6.000
01/09/28
202,695
500,000
5.850
04/06/30
498,396
1,040,000
2.350
01/08/31
827,950
250,000
2.700
06/10/31
201,315
Global
Payments,
Inc.
400,000
2.900
11/15/31
329,277
Home
Depot,
Inc.
(The)
220,000
3.350
09/15/25
214,286
205,000
4.000
09/15/25
201,537
318,000
3.000
04/01/26
305,159
244,000
3.900
12/06/28
234,828
390,000
2.950
06/15/29
355,909
400,000
1.375
03/15/31
314,997
400,000
1.875
09/15/31
322,485
680,000
5.875
12/16/36
727,684
460,000
3.300
04/15/40
358,322
500,000
4.200
04/01/43
430,046
150,000
4.875
02/15/44
139,980
130,000
4.400
03/15/45
113,159
300,000
4.250
04/01/46
254,784
300,000
4.500
12/06/48
265,263
300,000
3.125
12/15/49
206,698
300,000
3.350
04/15/50
216,559
406,000
2.375
03/15/51
237,517
300,000
3.500
09/15/56
215,921
Las
Vegas
Sands
Corp.
190,000
3.500
08/18/26
178,579
320,000
3.900
08/08/29
286,168
Lowe's
Cos.,
Inc.
500,000
4.800
04/01/26
495,608
190,000
3.100
05/03/27
179,026
200,000
1.300
04/15/28
171,468
390,000
1.700
09/15/28
335,724
280,000
1.700
10/15/30
223,318
250,000
3.750
04/01/32
223,930
1,690,000
5.150
07/01/33
1,659,356
700,000
5.625
04/15/53
682,951
Marriott
International,
Inc.
,
Series
FF
236,000
4.625
06/15/30
224,912
Marriott
International,
Inc.
,
Series
GG
300,000
3.500
10/15/32
254,328
Marriott
International,
Inc.
,
Series
R
170,000
3.125
06/15/26
160,948
Mastercard,
Inc.
90,000
2.000
03/03/25
86,636
143,000
2.950
11/21/26
135,548
144,000
3.300
03/26/27
137,482
132,000
2.950
06/01/29
120,512
368,000
3.350
03/26/30
339,878
250,000
2.000
11/18/31
203,750
162,000
3.650
06/01/49
128,055
400,000
3.850
03/26/50
327,104
McDonald's
Corp.
,
MTN
130,000
3.700
01/30/26
126,396
304,000
3.500
03/01/27
291,246
GOLDMAN
SACHS
ACCESS
INVESTMENT
GRADE
CORPORATE
BOND
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Consumer
Cyclical
–
(continued)
McDonald’s
Corp.,
MTN
–
(continued)
$
350,000
3.800
%
04/01/28
$
332,696
100,000
2.625
09/01/29
89,034
282,000
2.125
03/01/30
239,347
150,000
3.600
07/01/30
138,630
321,000
4.700
12/09/35
304,156
360,000
6.300
10/15/37
390,634
100,000
6.300
03/01/38
109,108
150,000
4.875
12/09/45
136,877
300,000
4.450
03/01/47
254,777
296,000
4.450
09/01/48
251,583
372,000
4.200
04/01/50
303,671
NIKE,
Inc.
80,000
2.400
03/27/25
77,528
115,000
2.375
11/01/26
107,834
190,000
2.750
03/27/27
178,699
204,000
2.850
03/27/30
182,755
250,000
3.250
03/27/40
197,028
140,000
3.875
11/01/45
115,772
340,000
3.375
03/27/50
259,496
Starbucks
Corp.
2,012,000
3.800
08/15/25
1,962,679
100,000
4.000
11/15/28
95,791
300,000
3.000
02/14/32
259,179
250,000
4.500
11/15/48
213,660
102,000
4.450
08/15/49
86,492
290,000
3.500
11/15/50
209,130
Target
Corp.
184,000
2.250
04/15/25
176,992
Toyota
Motor
Credit
Corp.
,
MTN
20,000
1.800
02/13/25
19,205
125,000
3.000
04/01/25
121,547
1,428,000
1.900
01/13/27
1,303,266
200,000
3.050
03/22/27
187,784
475,000
2.150
02/13/30
404,956
427,000
3.375
04/01/30
390,098
Visa,
Inc.
123,000
3.150
12/14/25
118,898
100,000
1.900
04/15/27
91,638
267,000
2.750
09/15/27
249,867
174,000
2.050
04/15/30
148,701
320,000
1.100
02/15/31
251,639
920,000
4.150
12/14/35
865,485
100,000
2.700
04/15/40
73,683
729,000
4.300
12/14/45
649,136
100,000
3.650
09/15/47
79,059
200,000
2.000
08/15/50
115,983
Walmart,
Inc.
190,000
3.550
06/26/25
186,168
100,000
3.050
07/08/26
96,100
166,000
3.700
06/26/28
161,040
252,000
1.500
09/22/28
219,888
220,000
1.800
09/22/31
180,117
455,000
5.250
09/01/35
476,617
330,000
6.500
08/15/37
379,853
165,000
4.050
06/29/48
141,505
400,000
2.650
09/22/51
259,141
940,000
4.500
09/09/52
857,954
44,382,613
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Consumer
Noncyclical
–
6.2%
Abbott
Laboratories
$
263,000
2.950
%
03/15/25
$
256,043
68,000
3.750
11/30/26
66,282
538,000
4.750
11/30/36
525,468
540,000
4.900
11/30/46
520,963
AbbVie,
Inc.
100,000
2.600
11/21/24
97,218
1,452,000
3.800
03/15/25
1,422,806
2,082,000
3.600
05/14/25
2,032,359
291,000
3.200
05/14/26
279,441
250,000
4.250
11/14/28
242,775
625,000
3.200
11/21/29
567,139
425,000
4.550
03/15/35
402,725
290,000
4.500
05/14/35
272,341
806,000
4.050
11/21/39
694,945
300,000
4.850
06/15/44
277,443
379,000
4.750
03/15/45
342,517
500,000
4.700
05/14/45
449,286
304,000
4.450
05/14/46
262,999
320,000
4.875
11/14/48
294,738
950,000
4.250
11/21/49
802,698
Altria
Group,
Inc.
800,000
2.350
05/06/25
766,320
780,000
4.800
02/14/29
761,799
370,000
2.450
02/04/32
290,803
100,000
5.800
02/14/39
98,732
270,000
3.400
02/04/41
186,084
220,000
4.250
08/09/42
168,230
310,000
5.375
01/31/44
299,659
148,000
3.875
09/16/46
104,072
690,000
5.950
02/14/49
672,947
70,000
3.700
02/04/51
46,726
150,000
4.000
02/04/61
102,955
Amgen,
Inc.
300,000
3.125
05/01/25
290,575
500,000
2.200
02/21/27
458,163
800,000
3.200
11/02/27
747,184
800,000
5.150
03/02/28
802,723
400,000
1.650
08/15/28
345,048
150,000
3.000
02/22/29
136,624
500,000
2.000
01/15/32
395,311
460,000
4.200
03/01/33
422,554
300,000
3.150
02/21/40
220,889
610,000
4.563
06/15/48
512,909
712,000
3.375
02/21/50
491,766
900,000
4.663
06/15/51
773,585
334,000
2.770
09/01/53
197,681
1,220,000
4.400
02/22/62
953,774
360,000
5.750
03/02/63
354,171
Biogen,
Inc.
372,000
5.200
09/15/45
341,173
Bristol-Myers
Squibb
Co.
1,922,000
0.750
11/13/25
1,776,004
750,000
3.200
06/15/26
720,280
400,000
3.900
02/20/28
388,054
430,000
4.550
02/20/48
372,236
714,000
4.250
10/26/49
594,968
600,000
2.550
11/13/50
357,973
750,000
3.700
03/15/52
558,115
GOLDMAN
SACHS
ACCESS
INVESTMENT
GRADE
CORPORATE
BOND
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Consumer
Noncyclical
–
(continued)
Bristol-Myers
Squibb
Co.
–
(continued)
$
140,000
3.900
%
03/15/62
$
102,861
Centene
Corp.
860,000
4.250
12/15/27
818,075
400,000
2.450
07/15/28
348,000
844,000
4.625
12/15/29
789,140
523,000
3.000
10/15/30
439,001
786,000
2.500
03/01/31
626,181
Elevance
Health,
Inc.
336,000
6.100
10/15/52
353,870
Eli
Lilly
&
Co.
190,000
3.950
03/15/49
158,152
300,000
2.250
05/15/50
179,836
292,000
2.500
09/15/60
166,764
Equifax,
Inc.
180,000
2.350
09/15/31
142,994
Gilead
Sciences,
Inc.
500,000
2.950
03/01/27
468,370
476,000
4.000
09/01/36
416,862
300,000
4.800
04/01/44
272,341
300,000
4.750
03/01/46
266,467
528,000
4.150
03/01/47
433,342
500,000
2.800
10/01/50
316,971
Johnson
&
Johnson
1,490,000
0.550
09/01/25
1,383,212
300,000
1.300
09/01/30
244,006
Kenvue,
Inc.
150,000
5.200
03/22/63
143,749
Kroger
Co.
(The)
500,000
3.950
01/15/50
379,160
Medtronic,
Inc.
580,000
4.375
03/15/35
543,936
385,000
4.625
03/15/45
347,274
Merck
&
Co.,
Inc.
750,000
0.750
02/24/26
685,928
500,000
2.750
12/10/51
319,435
Mylan,
Inc.
195,000
4.550
04/15/28
183,438
254,000
5.200
04/15/48
193,352
Philip
Morris
International,
Inc.
200,000
0.875
05/01/26
180,463
250,000
4.250
11/10/44
202,681
Regeneron
Pharmaceuticals,
Inc.
346,000
2.800
09/15/50
208,715
Stryker
Corp.
220,000
4.625
03/15/46
196,755
Thermo
Fisher
Scientific,
Inc.
470,000
2.800
10/15/41
331,002
Utah
Acquisition
Sub,
Inc.
505,000
3.950
06/15/26
481,048
200,000
5.250
06/15/46
155,746
Viatris,
Inc.
423,000
4.000
06/22/50
272,580
Walgreens
Boots
Alliance,
Inc.
194,000
3.800
11/18/24
189,688
450,000
3.450
06/01/26
423,974
106,000
4.800
11/18/44
78,661
50,000
4.100
04/15/50
32,382
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Consumer
Noncyclical
–
(continued)
Zoetis,
Inc.
$
158,000
3.000
%
09/12/27
$
146,820
410,000
4.700
02/01/43
364,246
39,507,751
Consumer
Products
–
0.4%
Haleon
US
Capital
LLC
300,000
3.625
03/24/32
264,281
400,000
4.000
03/24/52
310,500
Procter
&
Gamble
Co.
(The)
80,000
0.550
10/29/25
73,900
50,000
2.450
11/03/26
47,137
214,000
1.900
02/01/27
196,974
250,000
2.850
08/11/27
235,422
512,000
3.000
03/25/30
468,371
360,000
1.200
10/29/30
288,291
300,000
1.950
04/23/31
251,193
110,000
2.300
02/01/32
93,613
2,229,682
Electric
–
2.9%
Berkshire
Hathaway
Energy
Co.
200,000
4.450
01/15/49
161,471
500,000
4.250
10/15/50
387,476
Consolidated
Edison
Co.
of
New
York,
Inc.
250,000
4.625
12/01/54
209,870
134,000
3.600
06/15/61
92,302
Consolidated
Edison
Co.
of
New
York,
Inc.
,
Series
20B
400,000
3.950
04/01/50
311,138
Duke
Energy
Carolinas
LLC
345,000
3.200
08/15/49
231,149
Duke
Energy
Corp.
390,000
2.650
09/01/26
364,420
480,000
2.450
06/01/30
403,206
504,000
3.750
09/01/46
364,682
350,000
3.500
06/15/51
240,488
316,000
5.000
08/15/52
275,512
Duke
Energy
Florida
LLC
300,000
6.400
06/15/38
323,499
Emerson
Electric
Co.
300,000
2.200
12/21/31
246,389
180,000
2.800
12/21/51
113,789
Entergy
Louisiana
LLC
1,230,000
4.000
03/15/33
1,103,904
242,000
4.200
09/01/48
191,807
Florida
Power
&
Light
Co.
200,000
5.050
04/01/28
200,445
250,000
3.950
03/01/48
198,405
342,000
3.150
10/01/49
231,460
Georgia
Power
Co.
1,000,000
4.950
05/17/33
970,006
100,000
5.125
05/15/52
92,197
Georgia
Power
Co.
,
Series
A
756,000
3.250
03/15/51
505,680
NextEra
Energy
Capital
Holdings,
Inc.
1,050,000
6.051
03/01/25
1,053,321
500,000
4.450
06/20/25
492,671
250,000
2.750
11/01/29
218,235
1,100,000
2.250
06/01/30
909,526
800,000
2.440
01/15/32
644,355
GOLDMAN
SACHS
ACCESS
INVESTMENT
GRADE
CORPORATE
BOND
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Electric
–
(continued)
NiSource,
Inc.
$
250,000
3.950
%
03/30/48
$
188,912
Pacific
Gas
and
Electric
Co.
1,000,000
6.100
01/15/29
1,004,200
100,000
4.550
07/01/30
91,912
300,000
2.500
02/01/31
239,254
300,000
3.300
08/01/40
205,577
100,000
3.950
12/01/47
67,757
600,000
4.950
07/01/50
479,011
100,000
3.500
08/01/50
63,117
100,000
6.750
01/15/53
101,068
PacifiCorp
260,000
2.900
06/15/52
149,172
940,000
5.500
05/15/54
814,405
Sempra
548,000
3.250
06/15/27
511,332
250,000
3.400
02/01/28
232,624
450,000
6.000
10/15/39
450,688
240,000
4.000
02/01/48
183,520
(
US
5
Year
CMT
T-Note
+
2.868%
)
205,000
4.125
04/01/52
(a)
168,356
Southern
California
Edison
Co.
250,000
4.650
10/01/43
212,457
487,000
4.000
04/01/47
373,471
318,000
3.650
02/01/50
225,830
Southern
California
Edison
Co.
,
Series
20A
220,000
2.950
02/01/51
137,737
Southern
California
Edison
Co.
,
Series
C
200,000
4.125
03/01/48
156,983
Southern
Co.
(The)
1,056,000
3.250
07/01/26
1,008,915
430,000
4.400
07/01/46
354,121
Southern
Co.
(The)
,
Series
B
(
US
5
Year
CMT
T-Note
+
3.733%
)
300,000
4.000
01/15/51
(a)
282,314
Virginia
Electric
and
Power
Co.
492,000
2.450
12/15/50
277,680
18,517,816
Energy
–
6.2%
Baker
Hughes
Holdings
LLC
50,000
5.125
09/15/40
47,838
Baker
Hughes
Holdings
LLC
/
Baker
Hughes
Co.-Obligor,
Inc.
404,000
3.337
12/15/27
379,372
300,000
4.080
12/15/47
239,841
BP
Capital
Markets
America,
Inc.
129,000
3.119
05/04/26
123,483
1,782,000
3.017
01/16/27
1,684,306
240,000
3.937
09/21/28
231,009
250,000
4.234
11/06/28
242,906
197,000
1.749
08/10/30
161,254
700,000
2.721
01/12/32
590,708
190,000
3.000
02/24/50
126,478
548,000
2.772
11/10/50
345,384
578,000
2.939
06/04/51
375,672
200,000
3.001
03/17/52
130,293
Cheniere
Corpus
Christi
Holdings
LLC
217,000
5.875
03/31/25
217,336
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Energy
–
(continued)
Cheniere
Corpus
Christi
Holdings
LLC
–
(continued)
$
1,136,000
5.125
%
06/30/27
$
1,127,480
Cheniere
Energy
Partners
LP
400,000
4.500
10/01/29
374,000
600,000
4.000
03/01/31
531,000
500,000
3.250
01/31/32
413,125
Cheniere
Energy,
Inc.
248,000
4.625
10/15/28
236,840
Chevron
Corp.
185,000
1.554
05/11/25
176,239
95,000
3.326
11/17/25
92,596
215,000
1.995
05/11/27
197,054
438,000
2.236
05/11/30
377,143
352,000
3.078
05/11/50
249,029
Chevron
USA,
Inc.
159,000
0.687
08/12/25
148,101
ConocoPhillips
410,000
6.500
02/01/39
455,046
ConocoPhillips
Co.
100,000
6.950
04/15/29
110,056
100,000
5.050
09/15/33
98,682
100,000
3.758
03/15/42
79,215
300,000
4.300
11/15/44
253,714
100,000
5.300
05/15/53
96,524
250,000
4.025
03/15/62
188,438
Energy
Transfer
LP
208,000
4.050
03/15/25
203,946
668,000
2.900
05/15/25
642,416
200,000
4.750
01/15/26
196,632
200,000
5.500
06/01/27
200,161
100,000
4.000
10/01/27
94,227
230,000
4.950
06/15/28
223,613
551,000
5.250
04/15/29
540,496
540,000
3.750
05/15/30
484,663
310,000
6.400
12/01/30
322,297
100,000
6.500
02/01/42
101,296
201,000
5.300
04/15/47
174,983
283,000
5.400
10/01/47
250,139
277,000
6.000
06/15/48
264,244
431,000
6.250
04/15/49
424,269
480,000
5.000
05/15/50
403,251
Enterprise
Products
Operating
LLC
367,000
3.750
02/15/25
360,163
326,000
3.125
07/31/29
295,404
150,000
2.800
01/31/30
132,047
300,000
5.350
01/31/33
302,481
150,000
5.950
02/01/41
154,124
207,000
4.850
08/15/42
189,160
220,000
4.450
02/15/43
190,862
268,000
4.850
03/15/44
245,612
176,000
5.100
02/15/45
165,344
220,000
4.900
05/15/46
198,867
414,000
4.800
02/01/49
374,685
368,000
4.200
01/31/50
301,654
835,000
3.950
01/31/60
629,362
Enterprise
Products
Operating
LLC
,
Series
E
(
TSFR3M
+
3.295%
)
149,000
5.250
08/16/77
(a)
136,747
GOLDMAN
SACHS
ACCESS
INVESTMENT
GRADE
CORPORATE
BOND
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Energy
–
(continued)
EOG
Resources,
Inc.
$
233,000
4.150
%
01/15/26
$
228,270
186,000
4.375
04/15/30
180,100
236,000
4.950
04/15/50
220,112
Exxon
Mobil
Corp.
226,000
2.992
03/19/25
219,931
262,000
3.043
03/01/26
251,908
130,000
2.275
08/16/26
122,303
100,000
3.294
03/19/27
95,781
476,000
3.482
03/19/30
439,985
300,000
2.610
10/15/30
261,645
100,000
4.227
03/19/40
88,964
430,000
3.567
03/06/45
336,004
100,000
4.114
03/01/46
84,579
408,000
3.095
08/16/49
284,534
628,000
4.327
03/19/50
541,951
260,000
3.452
04/15/51
192,736
Halliburton
Co.
112,000
2.920
03/01/30
97,784
493,000
4.850
11/15/35
467,492
600,000
6.700
09/15/38
672,571
300,000
7.450
09/15/39
353,082
200,000
5.000
11/15/45
182,034
Hess
Corp.
248,000
4.300
04/01/27
242,041
148,000
6.000
01/15/40
154,059
323,000
5.600
02/15/41
324,615
Kinder
Morgan
Energy
Partners
LP
188,000
5.500
03/01/44
168,323
Kinder
Morgan,
Inc.
340,000
4.300
06/01/25
334,272
396,000
5.550
06/01/45
357,154
142,000
5.050
02/15/46
120,276
100,000
3.600
02/15/51
67,687
Kinder
Morgan,
Inc.
,
GMTN
1,000,000
7.750
01/15/32
1,119,971
Marathon
Petroleum
Corp.
200,000
4.750
09/15/44
166,543
MPLX
LP
136,000
4.125
03/01/27
130,881
100,000
4.800
02/15/29
97,069
314,000
2.650
08/15/30
262,167
350,000
4.500
04/15/38
297,836
310,000
5.200
03/01/47
269,255
180,000
5.500
02/15/49
163,805
Occidental
Petroleum
Corp.
250,000
6.625
09/01/30
259,375
165,000
6.125
01/01/31
166,856
130,000
7.500
05/01/31
141,333
224,000
6.450
09/15/36
230,160
350,000
6.600
03/15/46
360,234
ONEOK,
Inc.
200,000
4.550
07/15/28
192,850
378,000
3.100
03/15/30
329,462
680,000
6.100
11/15/32
696,845
200,000
5.200
07/15/48
175,843
Phillips
66
100,000
3.900
03/15/28
94,931
390,000
4.650
11/15/34
366,942
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Energy
–
(continued)
Phillips
66
–
(continued)
$
150,000
5.875
%
05/01/42
$
154,833
450,000
4.875
11/15/44
410,182
Plains
All
American
Pipeline
LP
/
PAA
Finance
Corp.
250,000
3.600
11/01/24
244,978
766,000
4.650
10/15/25
750,901
240,000
4.500
12/15/26
233,078
339,000
3.550
12/15/29
303,644
Sabine
Pass
Liquefaction
LLC
500,000
5.625
03/01/25
500,062
1,252,000
5.875
06/30/26
1,264,802
430,000
5.000
03/15/27
426,775
498,000
4.200
03/15/28
476,212
Targa
Resources
Corp.
200,000
4.950
04/15/52
164,271
Transcontinental
Gas
Pipe
Line
Co.
LLC
644,000
7.850
02/01/26
671,790
Valero
Energy
Corp.
560,000
6.625
06/15/37
590,266
Western
Midstream
Operating
LP
270,000
5.250
02/01/50
225,450
Williams
Cos.,
Inc.
(The)
280,000
4.000
09/15/25
273,000
318,000
3.750
06/15/27
301,971
384,000
3.500
11/15/30
342,090
250,000
2.600
03/15/31
205,879
642,000
6.300
04/15/40
668,065
200,000
5.100
09/15/45
178,020
240,000
4.850
03/01/48
205,889
39,508,016
Financial
Company
–
0.9%
Air
Lease
Corp.
80,000
1.875
08/15/26
72,393
402,000
3.125
12/01/30
337,440
Air
Lease
Corp.
,
MTN
1,110,000
2.875
01/15/26
1,045,481
300,000
2.875
01/15/32
243,017
Ally
Financial,
Inc.
100,000
5.750
11/20/25
98,241
139,000
7.100
11/15/27
141,621
469,000
8.000
11/01/31
495,082
Ares
Capital
Corp.
250,000
3.250
07/15/25
236,756
475,000
2.150
07/15/26
425,099
300,000
2.875
06/15/28
256,495
Blackstone
Private
Credit
Fund
349,000
2.625
12/15/26
306,845
700,000
3.250
03/15/27
623,116
GE
Capital
International
Funding
Co
Unlimited
Co.
1,772,000
4.418
11/15/35
1,652,268
5,933,854
Food
and
Beverage
–
2.1%
Coca-Cola
Co.
(The)
100,000
3.375
03/25/27
96,426
250,000
1.450
06/01/27
224,763
240,000
1.000
03/15/28
207,581
102,000
2.125
09/06/29
89,408
656,000
3.450
03/25/30
611,979
GOLDMAN
SACHS
ACCESS
INVESTMENT
GRADE
CORPORATE
BOND
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Food
and
Beverage
–
(continued)
Coca-Cola
Co.
(The)
–
(continued)
$
193,000
1.650
%
06/01/30
$
160,487
255,000
2.000
03/05/31
212,983
240,000
1.375
03/15/31
191,344
210,000
2.500
06/01/40
150,299
110,000
2.875
05/05/41
82,235
430,000
2.600
06/01/50
279,638
100,000
3.000
03/05/51
71,045
250,000
2.500
03/15/51
157,154
220,000
2.750
06/01/60
140,689
Constellation
Brands,
Inc.
330,000
3.150
08/01/29
296,512
Keurig
Dr
Pepper,
Inc.
299,000
3.200
05/01/30
265,534
100,000
3.800
05/01/50
74,603
412,000
4.500
04/15/52
343,541
Kraft
Heinz
Foods
Co.
665,000
3.000
06/01/26
631,758
250,000
6.875
01/26/39
273,345
507,000
5.000
06/04/42
459,369
552,000
4.375
06/01/46
449,455
410,000
4.875
10/01/49
359,229
Molson
Coors
Beverage
Co.
820,000
3.000
07/15/26
776,397
190,000
5.000
05/01/42
171,914
370,000
4.200
07/15/46
293,264
Mondelez
International,
Inc.
435,000
2.750
04/13/30
378,330
490,000
2.625
09/04/50
302,903
PepsiCo,
Inc.
156,000
2.250
03/19/25
150,508
112,000
2.750
04/30/25
108,516
1,000,000
5.250
11/10/25
1,007,146
160,000
2.850
02/24/26
153,357
166,000
2.375
10/06/26
155,936
68,000
3.000
10/15/27
64,126
96,000
2.625
07/29/29
85,916
210,000
2.750
03/19/30
187,552
210,000
1.625
05/01/30
173,877
100,000
1.400
02/25/31
79,766
400,000
1.950
10/21/31
326,416
290,000
2.625
10/21/41
206,296
300,000
4.450
04/14/46
270,624
280,000
3.450
10/06/46
213,897
200,000
2.875
10/15/49
137,209
130,000
3.625
03/19/50
102,158
Sysco
Corp.
200,000
3.750
10/01/25
193,936
604,000
3.300
07/15/26
575,038
547,000
3.250
07/15/27
510,610
329,000
5.950
04/01/30
340,481
270,000
6.600
04/01/50
295,431
13,090,981
Healthcare
–
4.9%
Aetna,
Inc.
150,000
3.500
11/15/24
147,071
140,000
6.625
06/15/36
149,348
348,000
3.875
08/15/47
254,891
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Healthcare
–
(continued)
Cigna
Group
(The)
$
2,382,000
4.125
%
11/15/25
$
2,323,517
1,210,000
4.375
10/15/28
1,173,233
180,000
2.400
03/15/30
153,064
300,000
4.800
08/15/38
279,209
130,000
4.800
07/15/46
115,300
674,000
4.900
12/15/48
604,951
290,000
3.400
03/15/50
201,236
472,000
3.400
03/15/51
326,113
CVS
Health
Corp.
1,094,000
4.100
03/25/25
1,077,730
556,000
3.875
07/20/25
542,175
100,000
2.875
06/01/26
94,520
368,000
3.000
08/15/26
347,342
488,000
3.625
04/01/27
463,099
350,000
1.300
08/21/27
304,984
825,000
4.300
03/25/28
797,796
523,000
3.250
08/15/29
471,142
150,000
5.125
02/21/30
147,812
220,000
1.750
08/21/30
175,553
410,000
5.250
02/21/33
402,350
1,116,000
4.780
03/25/38
1,001,857
246,000
4.125
04/01/40
198,011
160,000
2.700
08/21/40
106,562
176,000
5.300
12/05/43
160,934
520,000
5.125
07/20/45
461,016
968,000
5.050
03/25/48
847,987
50,000
4.250
04/01/50
38,941
1,196,000
5.875
06/01/53
1,165,810
Danaher
Corp.
340,000
2.800
12/10/51
215,268
Elevance
Health,
Inc.
50,000
3.350
12/01/24
48,750
552,000
3.650
12/01/27
523,996
150,000
2.875
09/15/29
133,183
300,000
2.550
03/15/31
249,842
84,000
4.625
05/15/42
73,823
309,000
4.650
01/15/43
268,108
174,000
4.650
08/15/44
151,556
340,000
4.375
12/01/47
282,250
118,000
4.550
03/01/48
100,064
300,000
3.125
05/15/50
199,809
HCA,
Inc.
1,820,000
5.250
04/15/25
1,810,354
330,000
5.875
02/15/26
330,413
628,000
5.250
06/15/26
622,819
188,000
5.375
09/01/26
187,267
555,000
4.500
02/15/27
539,044
180,000
5.200
06/01/28
177,481
100,000
5.625
09/01/28
100,520
50,000
5.875
02/01/29
50,438
404,000
4.125
06/15/29
375,063
500,000
3.500
09/01/30
440,276
100,000
5.125
06/15/39
89,875
315,000
5.500
06/15/47
282,909
410,000
5.250
06/15/49
356,845
220,000
3.500
07/15/51
143,333
415,000
4.625
03/15/52
324,541
GOLDMAN
SACHS
ACCESS
INVESTMENT
GRADE
CORPORATE
BOND
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Healthcare
–
(continued)
Humana,
Inc.
$
300,000
3.700
%
03/23/29
$
279,977
940,000
5.875
03/01/33
962,136
UnitedHealth
Group,
Inc.
188,000
3.750
07/15/25
183,733
100,000
3.100
03/15/26
96,081
100,000
3.450
01/15/27
95,699
400,000
2.950
10/15/27
373,005
600,000
2.300
05/15/31
499,909
688,000
4.200
05/15/32
648,402
500,000
5.350
02/15/33
510,524
758,000
4.625
07/15/35
728,443
400,000
5.800
03/15/36
419,093
838,000
4.250
03/15/43
718,815
631,000
4.450
12/15/48
541,402
300,000
3.700
08/15/49
225,510
700,000
3.250
05/15/51
493,093
311,000
4.750
05/15/52
277,595
500,000
3.875
08/15/59
373,468
940,000
6.050
02/15/63
1,008,172
31,046,438
Insurance
–
1.5%
American
International
Group,
Inc.
204,000
4.800
07/10/45
177,293
301,000
4.750
04/01/48
263,306
100,000
4.375
06/30/50
79,635
American
International
Group,
Inc.
,
Series
A-9
(
3M
USD
LIBOR
+
2.868%
)
290,000
5.750
04/01/48
(a)
273,283
Aon
Corp.
200,000
2.800
05/15/30
172,748
Aon
Corp.
/
Aon
Global
Holdings
PLC
352,000
3.900
02/28/52
267,071
Berkshire
Hathaway
Finance
Corp.
112,000
1.450
10/15/30
90,915
530,000
2.875
03/15/32
459,421
430,000
2.850
10/15/50
281,635
50,000
2.500
01/15/51
30,387
850,000
3.850
03/15/52
664,561
Berkshire
Hathaway,
Inc.
100,000
4.500
02/11/43
93,588
Chubb
INA
Holdings,
Inc.
472,000
4.350
11/03/45
409,941
Corebridge
Financial,
Inc.
240,000
3.500
04/04/25
232,504
Equitable
Holdings,
Inc.
426,000
5.000
04/20/48
375,573
Everest
Reinsurance
Holdings,
Inc.
470,000
3.500
10/15/50
321,544
Marsh
&
McLennan
Cos.,
Inc.
175,000
4.375
03/15/29
170,422
100,000
2.250
11/15/30
83,343
206,000
4.900
03/15/49
187,988
MetLife,
Inc.
150,000
4.550
03/23/30
146,622
400,000
5.700
06/15/35
406,420
468,000
6.400
12/15/36
457,408
256,000
4.125
08/13/42
206,392
250,000
4.875
11/13/43
227,170
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Insurance
–
(continued)
MetLife,
Inc.
–
(continued)
$
388,000
4.600
%
05/13/46
$
340,625
270,000
5.000
07/15/52
247,882
Prudential
Financial,
Inc.
(
3M
USD
LIBOR
+
3.031%
)
1,007,000
5.375
05/15/45
(a)
973,536
(
3M
USD
LIBOR
+
2.380%
)
195,000
4.500
09/15/47
(a)
174,267
210,000
3.905
12/07/47
160,572
246,000
3.935
12/07/49
186,682
(
US
5
Year
CMT
T-Note
+
3.035%
)
192,000
3.700
10/01/50
(a)
157,269
Prudential
Financial,
Inc.
,
MTN
300,000
5.700
12/14/36
305,433
250,000
4.600
05/15/44
215,274
259,000
4.350
02/25/50
206,755
260,000
3.700
03/13/51
191,610
Travelers
Cos.,
Inc.
(The)
440,000
3.050
06/08/51
293,389
9,532,464
Metals
and
Mining
–
0.0%
Newmont
Corp.
$
300,000
2.250
10/01/30
249,060
Pharmaceuticals
–
0.1%
Viatris,
Inc.
560,000
3.850
06/22/40
385,487
REITs
and
Real
Estate
–
1.0%
Alexandria
Real
Estate
Equities,
Inc.
50,000
3.375
08/15/31
43,317
250,000
2.950
03/15/34
197,956
210,000
3.550
03/15/52
141,828
Boston
Properties
LP
100,000
4.500
12/01/28
92,139
726,000
2.550
04/01/32
540,449
390,000
2.450
10/01/33
274,875
Digital
Realty
Trust
LP
840,000
3.600
07/01/29
761,102
Equinix,
Inc.
80,000
2.625
11/18/24
77,550
270,000
3.200
11/18/29
238,556
204,000
2.150
07/15/30
165,989
200,000
2.500
05/15/31
162,915
GLP
Capital
LP
/
GLP
Financing
II,
Inc.
644,000
5.375
04/15/26
628,151
236,000
5.300
01/15/29
224,991
130,000
3.250
01/15/32
104,409
Prologis
LP
150,000
1.250
10/15/30
115,869
Simon
Property
Group
LP
160,000
3.300
01/15/26
153,188
68,000
3.250
11/30/26
64,126
132,000
2.450
09/13/29
113,012
174,000
2.650
07/15/30
147,117
284,000
3.250
09/13/49
186,775
220,000
3.800
07/15/50
158,245
VICI
Properties
LP
300,000
4.750
02/15/28
283,495
GOLDMAN
SACHS
ACCESS
INVESTMENT
GRADE
CORPORATE
BOND
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
REITs
and
Real
Estate
–
(continued)
VICI
Properties
LP
–
(continued)
$
400,000
4.950
%
02/15/30
$
372,179
400,000
5.125
05/15/32
368,615
Welltower
OP
LLC
300,000
4.250
04/15/28
286,876
276,000
3.100
01/15/30
239,478
6,143,202
REVENUE
–
0.4%
Ascension
Health
200,000
3.945
11/15/46
157,870
Ascension
Health
,
Series
B
380,000
2.532
11/15/29
331,607
CommonSpirit
Health
1,100,000
2.760
10/01/24
1,071,069
220,000
3.347
10/01/29
195,619
239,000
4.350
11/01/42
195,121
200,000
4.187
10/01/49
152,321
Kaiser
Foundation
Hospitals
295,000
4.150
05/01/47
242,540
Kaiser
Foundation
Hospitals
,
Series
2019
286,000
3.266
11/01/49
196,329
Kaiser
Foundation
Hospitals
,
Series
2021
125,000
2.810
06/01/41
86,554
300,000
3.002
06/01/51
193,271
2,822,301
Software
–
1.7%
Oracle
Corp.
1,440,000
6.150
11/09/29
1,509,150
300,000
2.950
04/01/30
263,108
1,940,000
6.250
11/09/32
2,038,894
600,000
3.900
05/15/35
512,674
645,000
3.800
11/15/37
526,626
550,000
3.600
04/01/40
418,384
150,000
3.650
03/25/41
113,460
214,000
4.125
05/15/45
167,634
490,000
4.000
11/15/47
370,825
1,650,000
6.900
11/09/52
1,846,543
1,000,000
4.375
05/15/55
775,730
500,000
3.850
04/01/60
345,187
500,000
4.100
03/25/61
359,413
Salesforce,
Inc.
800,000
3.700
04/11/28
768,547
500,000
1.950
07/15/31
409,428
700,000
2.900
07/15/51
465,074
Workday,
Inc.
200,000
3.800
04/01/32
177,809
11,068,486
Technology
–
8.3%
Adobe,
Inc.
192,000
3.250
02/01/25
187,819
82,000
2.150
02/01/27
75,803
500,000
2.300
02/01/30
438,205
Alphabet,
Inc.
182,000
1.998
08/15/26
169,796
50,000
0.800
08/15/27
43,848
114,000
1.100
08/15/30
91,809
1,240,000
1.900
08/15/40
819,060
823,000
2.050
08/15/50
483,769
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Technology
–
(continued)
Alphabet,
Inc.
–
(continued)
$
747,000
2.250
%
08/15/60
$
436,897
Analog
Devices,
Inc.
75,000
3.500
12/05/26
72,060
214,000
1.700
10/01/28
185,160
Apple,
Inc.
184,000
2.750
01/13/25
179,334
112,000
2.500
02/09/25
108,666
91,000
1.125
05/11/25
86,101
50,000
0.550
08/20/25
46,503
479,000
0.700
02/08/26
439,986
331,000
3.250
02/23/26
320,467
324,000
2.450
08/04/26
305,963
750,000
2.050
09/11/26
698,467
120,000
3.000
06/20/27
113,605
692,000
2.900
09/12/27
651,109
218,000
3.000
11/13/27
205,931
488,000
1.200
02/08/28
425,272
110,000
1.400
08/05/28
95,770
320,000
3.250
08/08/29
298,703
336,000
1.650
05/11/30
280,996
118,000
1.250
08/20/30
95,218
790,000
1.650
02/08/31
645,094
300,000
1.700
08/05/31
244,299
625,000
4.500
02/23/36
619,764
102,000
2.375
02/08/41
72,074
495,000
3.850
05/04/43
424,056
310,000
4.450
05/06/44
288,424
305,000
3.450
02/09/45
241,294
350,000
4.375
05/13/45
319,347
222,000
4.650
02/23/46
211,400
306,000
3.850
08/04/46
256,882
208,000
4.250
02/09/47
186,492
270,000
3.750
09/12/47
219,936
446,000
3.750
11/13/47
366,373
793,000
2.950
09/11/49
558,661
594,000
2.650
05/11/50
385,186
239,000
2.400
08/20/50
149,312
940,000
2.650
02/08/51
612,868
325,000
2.800
02/08/61
209,529
Applied
Materials,
Inc.
130,000
3.300
04/01/27
123,922
650,000
1.750
06/01/30
536,509
236,000
4.350
04/01/47
208,460
Broadcom
Corp.
/
Broadcom
Cayman
Finance
Ltd.
659,000
3.875
01/15/27
632,954
598,000
3.500
01/15/28
560,360
Broadcom,
Inc.
440,000
3.150
11/15/25
422,942
380,000
3.459
09/15/26
362,884
500,000
1.950
02/15/28
(b)
439,282
605,000
4.750
04/15/29
590,127
274,000
4.150
11/15/30
253,549
570,000
2.450
02/15/31
(b)
469,958
470,000
4.300
11/15/32
433,176
805,000
3.419
04/15/33
(b)
675,806
290,000
3.469
04/15/34
(b)
240,759
600,000
3.137
11/15/35
(b)
466,011
650,000
3.187
11/15/36
(b)
499,117
GOLDMAN
SACHS
ACCESS
INVESTMENT
GRADE
CORPORATE
BOND
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Technology
–
(continued)
Broadcom,
Inc.
–
(continued)
$
600,000
3.500
%
02/15/41
(b)
$
450,385
360,000
3.750
02/15/51
(b)
262,820
Dell
International
LLC
/
EMC
Corp.
50,000
5.750
02/01/33
50,706
250,000
8.100
07/15/36
294,800
500,000
3.375
12/15/41
357,601
Fiserv,
Inc.
150,000
3.850
06/01/25
146,391
440,000
3.200
07/01/26
417,833
300,000
4.200
10/01/28
286,461
500,000
3.500
07/01/29
457,254
400,000
4.400
07/01/49
330,222
Hewlett
Packard
Enterprise
Co.
300,000
4.900
10/15/25
297,000
300,000
6.350
10/15/45
306,325
Intel
Corp.
600,000
3.400
03/25/25
586,025
1,000,000
3.700
07/29/25
976,572
1,200,000
4.875
02/10/26
1,198,942
290,000
3.150
05/11/27
274,561
1,600,000
4.000
08/05/29
1,532,704
700,000
5.125
02/10/30
706,965
250,000
3.900
03/25/30
236,425
500,000
4.900
07/29/45
479,169
500,000
4.100
05/19/46
409,883
250,000
3.734
12/08/47
192,929
500,000
3.100
02/15/60
320,165
International
Business
Machines
Corp.
260,000
4.000
07/27/25
254,919
250,000
3.450
02/19/26
240,997
1,510,000
3.300
05/15/26
1,450,027
300,000
1.700
05/15/27
268,592
1,086,000
1.950
05/15/30
901,755
540,000
4.150
05/15/39
464,937
200,000
4.000
06/20/42
165,562
300,000
4.250
05/15/49
248,607
300,000
2.950
05/15/50
192,969
500,000
4.900
07/27/52
450,437
KLA
Corp.
87,000
4.650
11/01/24
86,313
130,000
4.100
03/15/29
125,648
100,000
3.300
03/01/50
71,540
Lam
Research
Corp.
238,000
4.000
03/15/29
229,386
228,000
1.900
06/15/30
189,170
220,000
4.875
03/15/49
203,391
352,000
2.875
06/15/50
232,574
Leidos,
Inc.
300,000
4.375
05/15/30
279,375
695,000
2.300
02/15/31
558,020
300,000
5.750
03/15/33
297,795
Meta
Platforms,
Inc.
1,000,000
4.600
05/15/28
994,217
100,000
3.850
08/15/32
91,810
750,000
4.950
05/15/33
745,388
800,000
4.450
08/15/52
685,838
Microchip
Technology,
Inc.
120,000
4.250
09/01/25
116,918
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Technology
–
(continued)
Microsoft
Corp.
$
1,348,000
2.700
%
02/12/25
$
1,310,840
133,000
3.125
11/03/25
128,900
240,000
2.400
08/08/26
226,973
87,000
3.300
02/06/27
83,744
960,000
3.500
02/12/35
876,608
470,000
3.450
08/08/36
414,469
81,000
4.100
02/06/37
76,049
264,000
4.450
11/03/45
250,917
300,000
3.700
08/08/46
248,277
270,000
4.250
02/06/47
248,916
1,047,000
2.525
06/01/50
674,667
620,000
2.500
09/15/50
(b)
394,505
1,040,000
2.921
03/17/52
718,892
632,000
2.675
06/01/60
399,343
400,000
3.041
03/17/62
273,606
Motorola
Solutions,
Inc.
692,000
4.600
05/23/29
671,250
NVIDIA
Corp.
80,000
1.550
06/15/28
70,114
400,000
2.000
06/15/31
330,793
150,000
3.500
04/01/40
123,640
400,000
3.500
04/01/50
309,381
PayPal
Holdings,
Inc.
250,000
1.650
06/01/25
236,839
1,060,000
4.400
06/01/32
1,013,703
50,000
3.250
06/01/50
35,322
QUALCOMM,
Inc.
135,000
3.450
05/20/25
131,675
304,000
3.250
05/20/27
289,637
126,000
2.150
05/20/30
107,227
320,000
4.650
05/20/35
313,577
396,000
4.800
05/20/45
369,996
250,000
4.300
05/20/47
215,147
470,000
4.500
05/20/52
408,937
Texas
Instruments,
Inc.
232,000
2.250
09/04/29
202,899
320,000
1.750
05/04/30
269,681
300,000
4.900
03/14/33
299,439
669,000
4.150
05/15/48
568,133
VMware
LLC
50,000
1.400
08/15/26
45,113
52,740,656
Transportation
–
1.2%
Burlington
Northern
Santa
Fe
LLC
100,000
3.900
08/01/46
79,053
600,000
3.300
09/15/51
423,701
120,000
4.450
01/15/53
104,630
CSX
Corp.
140,000
4.100
03/15/44
114,677
200,000
3.800
11/01/46
152,967
300,000
4.500
11/15/52
256,530
FedEx
Corp.
180,000
2.400
05/15/31
149,873
344,000
5.100
01/15/44
309,861
430,000
4.750
11/15/45
372,192
974,000
4.550
04/01/46
819,602
GOLDMAN
SACHS
ACCESS
INVESTMENT
GRADE
CORPORATE
BOND
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Transportation
–
(continued)
FedEx
Corp.
2020-1
Class
AA
Pass
Through
Trust
,
Series
20-1,
AA
$
41,979
1.875
%
02/20/34
$
33,829
Union
Pacific
Corp.
180,000
2.400
02/05/30
155,199
1,750,000
2.800
02/14/32
1,483,347
278,000
3.799
10/01/51
215,865
95,000
2.950
03/10/52
61,735
408,000
3.839
03/20/60
304,700
446,000
3.799
04/06/71
319,003
United
Parcel
Service,
Inc.
200,000
3.900
04/01/25
196,566
292,000
3.050
11/15/27
274,523
792,000
3.400
03/15/29
744,396
190,000
3.750
11/15/47
150,064
500,000
4.250
03/15/49
423,807
448,000
5.300
04/01/50
446,223
7,592,343
Wireless
–
6.1%
American
Tower
Corp.
250,000
4.000
06/01/25
243,984
556,000
3.375
10/15/26
524,764
200,000
2.750
01/15/27
184,362
361,000
3.800
08/15/29
331,666
80,000
2.900
01/15/30
68,781
300,000
1.875
10/15/30
236,317
590,000
5.900
11/15/33
599,464
251,000
3.100
06/15/50
158,734
AT&T,
Inc.
611,000
3.800
02/15/27
588,786
346,000
4.250
03/01/27
337,896
339,000
2.300
06/01/27
309,107
75,000
1.650
02/01/28
65,605
300,000
4.100
02/15/28
288,206
912,000
4.350
03/01/29
876,724
1,729,000
4.300
02/15/30
1,634,595
389,000
2.750
06/01/31
327,434
428,000
2.250
02/01/32
339,902
630,000
2.550
12/01/33
489,990
685,000
4.500
05/15/35
619,400
140,000
4.850
03/01/39
126,395
330,000
4.350
06/15/45
267,215
435,000
4.750
05/15/46
368,467
293,000
4.500
03/09/48
238,936
225,000
4.550
03/09/49
183,142
538,000
3.650
06/01/51
376,209
130,000
3.300
02/01/52
86,176
1,560,000
3.500
09/15/53
1,036,927
1,358,000
3.550
09/15/55
899,228
530,000
3.800
12/01/57
362,223
1,119,000
3.650
09/15/59
740,517
192,000
3.850
06/01/60
132,123
Crown
Castle,
Inc.
467,000
4.450
02/15/26
456,082
506,000
3.700
06/15/26
484,057
649,000
1.050
07/15/26
579,149
98,000
3.650
09/01/27
91,577
200,000
3.800
02/15/28
187,313
220,000
3.300
07/01/30
191,828
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Wireless
–
(continued)
Crown
Castle,
Inc.
–
(continued)
$
180,000
2.250
%
01/15/31
$
144,609
301,000
2.100
04/01/31
236,290
100,000
2.900
04/01/41
67,312
100,000
3.250
01/15/51
64,245
Sprint
Capital
Corp.
640,000
6.875
11/15/28
676,991
1,180,000
8.750
03/15/32
1,412,313
Sprint
LLC
940,000
7.625
02/15/25
955,817
T-Mobile
USA,
Inc.
500,000
2.250
02/15/26
467,965
800,000
3.750
04/15/27
763,174
300,000
4.950
03/15/28
297,873
50,000
4.800
07/15/28
49,478
100,000
2.625
02/15/29
88,193
700,000
3.375
04/15/29
635,154
900,000
3.875
04/15/30
827,804
1,060,000
2.550
02/15/31
878,789
300,000
2.875
02/15/31
254,292
408,000
2.250
11/15/31
324,756
408,000
2.700
03/15/32
334,583
500,000
5.050
07/15/33
484,172
500,000
5.750
01/15/34
508,794
640,000
4.375
04/15/40
546,309
500,000
3.000
02/15/41
352,020
600,000
4.500
04/15/50
500,429
400,000
3.300
02/15/51
269,298
500,000
5.750
01/15/54
495,641
300,000
3.600
11/15/60
200,924
Verizon
Communications,
Inc.
134,000
3.500
11/01/24
131,417
154,000
3.376
02/15/25
150,332
1,893,000
0.850
11/20/25
1,742,039
559,000
4.125
03/16/27
543,888
250,000
3.000
03/22/27
235,060
710,000
2.100
03/22/28
630,609
922,000
4.329
09/21/28
889,719
771,000
4.016
12/03/29
726,067
384,000
3.150
03/22/30
340,835
236,000
1.500
09/18/30
187,642
85,000
1.680
10/30/30
67,779
670,000
2.550
03/21/31
556,694
50,000
2.355
03/15/32
40,010
985,000
5.050
05/09/33
970,792
220,000
4.272
01/15/36
197,025
445,000
5.250
03/16/37
443,268
550,000
2.650
11/20/40
373,785
610,000
3.400
03/22/41
463,438
60,000
6.550
09/15/43
65,637
650,000
4.862
08/21/46
579,246
401,000
4.522
09/15/48
343,613
400,000
2.875
11/20/50
254,239
800,000
3.550
03/22/51
577,251
310,000
5.012
08/21/54
281,662
150,000
2.987
10/30/56
92,618
446,000
3.000
11/20/60
273,410
GOLDMAN
SACHS
ACCESS
INVESTMENT
GRADE
CORPORATE
BOND
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Wireless
–
(continued)
Verizon
Communications,
Inc.
–
(continued)
$
555,000
3.700
%
03/22/61
$
391,246
38,419,827
TOTAL
CORPORATE
OBLIGATIONS
(Cost
$564,346,462)
506,864,535
a
Foreign
Corporate
Debt
–
18.5%
Banks
–
11.2%
Australia
&
New
Zealand
Banking
Group
Ltd.
(
Australia
)
300,000
5.088
12/08/25
299,872
Australia
&
New
Zealand
Banking
Group
Ltd.
,
MTN
(
Australia
)
400,000
3.700
11/16/25
388,695
Banco
Bilbao
Vizcaya
Argentaria
SA
(
Spain
)
200,000
1.125
09/18/25
184,265
Banco
Santander
SA
(
Spain
)
1,432,000
2.746
05/28/25
1,360,950
800,000
5.179
11/19/25
781,806
600,000
1.849
03/25/26
547,212
600,000
4.250
04/11/27
568,755
600,000
6.607
11/07/28
621,008
325,000
3.490
05/28/30
280,815
(
US
1
Year
CMT
T-Note
+
0.900%
)
600,000
1.722
09/14/27
(a)
532,517
(
US
1
Year
CMT
T-Note
+
1.600%
)
336,000
3.225
11/22/32
(a)
264,306
Bank
of
Montreal
(
Canada
)
750,000
5.203
02/01/28
747,392
Bank
of
Montreal
,
MTN
(
Canada
)
750,000
1.850
05/01/25
712,636
Bank
of
Nova
Scotia
(The)
(
Canada
)
190,000
2.200
02/03/25
182,673
448,000
1.300
06/11/25
420,092
566,000
4.500
12/16/25
552,248
220,000
2.700
08/03/26
205,475
80,000
1.950
02/02/27
72,114
750,000
4.850
02/01/30
724,999
530,000
2.450
02/02/32
422,813
Barclays
PLC
(
United
Kingdom
)
1,140,000
3.650
03/16/25
1,109,361
1,035,000
4.375
01/12/26
1,004,428
210,000
5.200
05/12/26
204,884
850,000
4.836
05/09/28
801,364
330,000
5.250
08/17/45
297,591
436,000
4.950
01/10/47
381,506
(
SOFR
+
2.714%
)
200,000
2.852
05/07/26
(a)
190,875
(
US
1
Year
CMT
T-Note
+
1.200%
)
424,000
2.667
03/10/32
(a)
334,102
(
SOFR
+
2.980%
)
1,000,000
6.224
05/09/34
(a)
984,675
(
US
5
Year
CMT
T-Note
+
2.900%
)
960,000
3.564
09/23/35
(a)
770,316
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Foreign
Corporate
Debt
–
(continued)
Banks
–
(continued)
(
US
1
Year
CMT
T-Note
+
1.700%
)
$
500,000
3.811
%
03/10/42
(a)
$
347,576
Canadian
Imperial
Bank
of
Commerce
(
Canada
)
110,000
2.250
01/28/25
105,764
300,000
1.250
06/22/26
270,438
150,000
3.450
04/07/27
141,217
150,000
3.600
04/07/32
131,538
Cooperatieve
Rabobank
UA
(
Netherlands
)
1,105,000
3.750
07/21/26
1,045,249
159,000
5.250
05/24/41
158,237
250,000
5.750
12/01/43
242,283
485,000
5.250
08/04/45
440,801
Deutsche
Bank
AG
(
Germany
)
(
SOFR
+
2.581%
)
800,000
3.961
11/26/25
(a)
779,829
(
SOFR
+
1.870%
)
1,000,000
2.129
11/24/26
(a)
917,116
(
SOFR
+
1.219%
)
1,574,000
2.311
11/16/27
(a)
1,403,389
(
SOFR
+
3.180%
)
800,000
6.720
01/18/29
(a)
814,386
(
SOFR
+
3.043%
)
260,000
3.547
09/18/31
(a)
217,828
(
SOFR
+
1.718%
)
370,000
3.035
05/28/32
(a)
295,661
(
SOFR
+
2.257%
)
200,000
3.742
01/07/33
(a)
153,222
HSBC
Holdings
PLC
(
United
Kingdom
)
260,000
4.375
11/23/26
250,982
694,000
6.500
09/15/37
684,709
370,000
6.100
01/14/42
390,963
(
SOFR
+
1.290%
)
580,000
1.589
05/24/27
(a)
523,246
(
TSFR3M
+
1.808%
)
1,100,000
4.041
03/13/28
(a)
1,039,567
(
SOFR
+
2.610%
)
710,000
5.210
08/11/28
(a)
698,286
(
SOFR
+
1.732%
)
200,000
2.013
09/22/28
(a)
174,295
(
SOFR
+
3.350%
)
290,000
7.390
11/03/28
(a)
306,120
(
TSFR3M
+
1.796%
)
900,000
4.583
06/19/29
(a)
851,736
(
TSFR3M
+
1.872%
)
416,000
3.973
05/22/30
(a)
378,299
(
SOFR
+
2.870%
)
502,000
5.402
08/11/33
(a)
484,815
(
SOFR
+
4.250%
)
1,036,000
8.113
11/03/33
(a)
1,128,983
(
SOFR
+
2.390%
)
1,420,000
6.254
03/09/34
(a)
1,446,012
(
SOFR
+
2.980%
)
1,000,000
6.547
06/20/34
(a)
987,611
(
SOFR
+
2.650%
)
400,000
6.332
03/09/44
(a)
407,359
ING
Groep
NV
(
Netherlands
)
(
SOFR
+
1.640%
)
260,000
3.869
03/28/26
(a)
253,115
GOLDMAN
SACHS
ACCESS
INVESTMENT
GRADE
CORPORATE
BOND
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Foreign
Corporate
Debt
–
(continued)
Banks
–
(continued)
()
–
(continued)
$
200,000
3.950
%
03/29/27
$
189,431
490,000
4.550
10/02/28
470,782
330,000
4.050
04/09/29
307,755
(
SOFR
+
1.005%
)
800,000
1.726
04/01/27
(a)
727,446
(
SOFR
+
1.830%
)
500,000
4.017
03/28/28
(a)
475,107
(
SOFR
+
1.316%
)
690,000
2.727
04/01/32
(a)
561,451
Lloyds
Banking
Group
PLC
(
United
Kingdom
)
740,000
4.450
05/08/25
726,253
400,000
4.582
12/10/25
386,193
1,500,000
3.750
01/11/27
1,417,283
940,000
4.375
03/22/28
891,203
200,000
5.300
12/01/45
173,909
490,000
4.344
01/09/48
356,746
(
3M
USD
LIBOR
+
1.205%
)
1,220,000
3.574
11/07/28
(a)
1,122,915
Mitsubishi
UFJ
Financial
Group,
Inc.
(
Japan
)
290,000
2.193
02/25/25
278,087
210,000
3.961
03/02/28
200,169
214,000
3.741
03/07/29
199,244
(
US
1
Year
CMT
T-Note
+
1.080%
)
260,000
5.719
02/20/26
(a)
260,267
(
US
1
Year
CMT
T-Note
+
0.830%
)
1,300,000
2.341
01/19/28
(a)
1,181,109
(
US
1
Year
CMT
T-Note
+
1.950%
)
800,000
5.017
07/20/28
(a)
786,556
(
US
1
Year
CMT
T-Note
+
1.900%
)
300,000
5.354
09/13/28
(a)
299,193
(
US
1
Year
CMT
T-Note
+
1.380%
)
1,800,000
5.422
02/22/29
(a)
1,802,515
(
US
1
Year
CMT
T-Note
+
0.950%
)
200,000
2.309
07/20/32
(a)
159,446
(
US
1
Year
CMT
T-Note
+
1.100%
)
300,000
2.852
01/19/33
(a)
246,191
(
US
1
Year
CMT
T-Note
+
2.125%
)
200,000
5.133
07/20/33
(a)
195,039
(
US
1
Year
CMT
T-Note
+
1.630%
)
1,000,000
5.441
02/22/34
(a)
992,135
Mizuho
Financial
Group,
Inc.
(
Japan
)
490,000
2.839
09/13/26
456,169
300,000
2.564
09/13/31
235,252
(
US
1
Year
CMT
T-Note
+
0.670%
)
500,000
1.234
05/22/27
(a)
448,978
(
TSFR3M
+
1.532%
)
800,000
4.254
09/11/29
(a)
752,879
300,000
1.979
09/08/31
(a)
236,738
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Foreign
Corporate
Debt
–
(continued)
Banks
–
(continued)
(
TSFR3M
+
1.392%
)
$
430,000
3.153
%
07/16/30
(a)
$
376,220
NatWest
Group
PLC
(
United
Kingdom
)
846,000
4.800
04/05/26
830,000
(
US
1
Year
CMT
T-Note
+
2.550%
)
355,000
3.073
05/22/28
(a)
323,131
(
3M
USD
LIBOR
+
1.754%
)
345,000
4.892
05/18/29
(a)
329,987
(
US
5
Year
CMT
T-Note
+
2.100%
)
748,000
3.754
11/01/29
(a)
721,378
(
3M
USD
LIBOR
+
1.905%
)
470,000
5.076
01/27/30
(a)
449,277
(
3M
USD
LIBOR
+
1.871%
)
370,000
4.445
05/08/30
(a)
341,216
(
US
5
Year
CMT
T-Note
+
2.350%
)
420,000
3.032
11/28/35
(a)
329,788
Royal
Bank
of
Canada
(
Canada
)
130,000
1.200
04/27/26
118,015
800,000
3.625
05/04/27
759,318
Royal
Bank
of
Canada
,
GMTN
(
Canada
)
180,000
2.250
11/01/24
174,622
920,000
0.875
01/20/26
838,489
263,000
4.650
01/27/26
258,151
264,000
1.400
11/02/26
237,009
500,000
4.240
08/03/27
484,495
250,000
2.300
11/03/31
201,062
300,000
5.000
02/01/33
288,878
300,000
5.000
05/02/33
289,903
Royal
Bank
of
Canada
,
MTN
(
Canada
)
230,000
1.150
06/10/25
215,673
Santander
UK
Group
Holdings
PLC
(
United
Kingdom
)
(
SOFR
+
0.989%
)
1,790,000
1.673
06/14/27
(a)
1,601,534
(
3M
USD
LIBOR
+
1.400%
)
1,260,000
3.823
11/03/28
(a)
1,155,501
Sumitomo
Mitsui
Financial
Group,
Inc.
(
Japan
)
1,030,000
1.474
07/08/25
964,960
340,000
3.784
03/09/26
328,235
604,000
3.364
07/12/27
563,922
200,000
5.520
01/13/28
201,156
490,000
3.544
01/17/28
455,941
1,170,000
3.944
07/19/28
1,104,919
1,000,000
3.040
07/16/29
877,839
490,000
2.750
01/15/30
417,825
500,000
2.130
07/08/30
405,665
500,000
2.222
09/17/31
396,174
500,000
5.766
01/13/33
509,580
Toronto-Dominion
Bank
(The)
,
MTN
(
Canada
)
750,000
4.693
09/15/27
735,331
Westpac
Banking
Corp.
(
Australia
)
112,000
1.019
11/18/24
107,331
40,000
2.350
02/19/25
38,630
200,000
2.850
05/13/26
189,976
190,000
1.150
06/03/26
172,583
290,000
3.350
03/08/27
273,970
130,000
5.457
11/18/27
131,627
GOLDMAN
SACHS
ACCESS
INVESTMENT
GRADE
CORPORATE
BOND
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Foreign
Corporate
Debt
–
(continued)
Banks
–
(continued)
Westpac
Banking
Corp.
(Australia)
–
(continued)
$
40,000
3.400
%
01/25/28
$
37,761
211,000
2.650
01/16/30
183,792
400,000
2.150
06/03/31
326,317
186,000
4.421
07/24/39
148,947
100,000
2.963
11/16/40
64,076
(
US
5
Year
CMT
T-Note
+
1.350%
)
1,026,000
2.894
02/04/30
(a)
974,770
(
US
5
Year
CMT
T-Note
+
2.000%
)
340,000
4.110
07/24/34
(a)
298,843
(
US
5
Year
CMT
T-Note
+
1.750%
)
300,000
2.668
11/15/35
(a)
233,035
(
US
5
Year
CMT
T-Note
+
1.530%
)
450,000
3.020
11/18/36
(a)
349,159
Westpac
Banking
Corp.
,
GMTN
(
Australia
)
(
5
Year
USD
Swap
+
2.236%
)
146,000
4.322
11/23/31
(a)
137,763
70,910,592
Beverages
–
0.0%
Coca-Cola
Femsa
SAB
de
CV
280,000
2.750
01/22/30
244,426
Brokerage
–
0.4%
Brookfield
Finance,
Inc.
(
Canada
)
754,000
3.900
01/25/28
709,902
120,000
4.850
03/29/29
115,239
309,000
4.350
04/15/30
284,779
237,000
4.700
09/20/47
190,697
Nomura
Holdings,
Inc.
(
Japan
)
300,000
2.679
07/16/30
246,164
550,000
2.608
07/14/31
437,468
780,000
2.999
01/22/32
630,830
2,615,079
Consumer
Cyclical
–
0.1%
Honda
Motor
Co.
Ltd.
(
Japan
)
255,000
2.967
03/10/32
221,261
Toyota
Motor
Corp.
(
Japan
)
80,000
1.339
03/25/26
73,737
294,998
Consumer
Noncyclical
–
1.2%
Astrazeneca
Finance
LLC
(
United
Kingdom
)
400,000
4.875
03/03/28
400,236
AstraZeneca
PLC
(
United
Kingdom
)
400,000
6.450
09/15/37
445,356
BAT
Capital
Corp.
(
United
Kingdom
)
634,000
3.215
09/06/26
597,491
352,000
4.700
04/02/27
344,117
792,000
3.557
08/15/27
738,835
330,000
2.259
03/25/28
288,623
410,000
2.726
03/25/31
334,642
524,000
4.390
08/15/37
422,440
353,000
4.540
08/15/47
258,196
204,000
4.758
09/06/49
152,513
318,000
3.984
09/25/50
214,105
150,000
7.081
08/02/53
152,691
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Foreign
Corporate
Debt
–
(continued)
Consumer
Noncyclical
–
(continued)
BAT
International
Finance
PLC
(
United
Kingdom
)
$
259,000
1.668
%
03/25/26
$
237,779
1,126,000
4.448
03/16/28
1,080,331
GlaxoSmithKline
Capital,
Inc.
(
United
Kingdom
)
910,000
3.875
05/15/28
874,863
511,000
6.375
05/15/38
569,137
Reynolds
American,
Inc.
(
United
Kingdom
)
180,000
5.700
08/15/35
168,903
324,000
5.850
08/15/45
283,924
Takeda
Pharmaceutical
Co.
Ltd.
(
Japan
)
250,000
3.175
07/09/50
166,799
7,730,981
Consumer
Products
–
0.2%
Unilever
Capital
Corp.
(
United
Kingdom
)
100,000
2.900
05/05/27
93,862
500,000
3.500
03/22/28
475,869
500,000
2.125
09/06/29
433,654
132,000
5.900
11/15/32
140,958
1,144,343
Electric
–
0.0%
Emera  U.S.
Finance
LP
200,000
4.750
06/15/46
153,501
Energy
–
1.4%
BP
Capital
Markets
PLC
(
United
Kingdom
)
191,000
3.279
09/19/27
180,794
144,000
3.723
11/28/28
136,814
(
US
5
Year
CMT
T-Note
+
4.398%
)
400,000
4.875
12/22/71
(a)
362,000
(
US
5
Year
CMT
T-Note
+
4.036%
)
385,000
4.375
09/22/72
(a)
372,488
Canadian
Natural
Resources
Ltd.
(
Canada
)
453,000
3.850
06/01/27
431,585
300,000
6.250
03/15/38
300,841
Canadian
Natural
Resources
Ltd.
,
GMTN
(
Canada
)
214,000
4.950
06/01/47
183,290
Cenovus
Energy,
Inc.
(
Canada
)
50,000
6.750
11/15/39
51,710
192,000
5.400
06/15/47
172,484
Enbridge,
Inc.
(
Canada
)
484,000
3.125
11/15/29
430,058
400,000
2.500
08/01/33
312,154
(
3M
U.S.
T-Bill
MMY
+
3.903%
)
570,000
6.250
03/01/78
(a)
510,150
Shell
International
Finance
BV
(
Netherlands
)
222,000
2.000
11/07/24
215,378
179,000
3.250
05/11/25
174,401
239,000
2.875
05/10/26
228,292
130,000
2.500
09/12/26
122,480
714,000
3.875
11/13/28
686,687
654,000
2.375
11/07/29
572,679
300,000
2.750
04/06/30
266,072
328,000
4.125
05/11/35
300,095
521,000
6.375
12/15/38
574,979
352,000
4.375
05/11/45
304,601
306,000
4.000
05/10/46
249,594
230,000
3.750
09/12/46
180,273
GOLDMAN
SACHS
ACCESS
INVESTMENT
GRADE
CORPORATE
BOND
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Foreign
Corporate
Debt
–
(continued)
Energy
–
(continued)
Shell
International
Finance
BV
(Netherlands)
–
(continued)
$
282,000
3.125
%
11/07/49
$
193,823
300,000
3.000
11/26/51
199,367
TotalEnergies
Capital
International
SA
(
France
)
192,000
2.829
01/10/30
171,106
231,000
2.986
06/29/41
169,424
370,000
3.461
07/12/49
273,531
220,000
3.386
06/29/60
150,022
TotalEnergies
Capital
SA
(
France
)
106,000
3.883
10/11/28
101,907
8,579,079
Financial
Company
–
0.5%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
(
Ireland
)
500,000
3.500
01/15/25
485,862
450,000
6.500
07/15/25
452,737
952,000
2.450
10/29/26
868,638
300,000
3.000
10/29/28
264,889
432,000
3.300
01/30/32
358,706
300,000
3.400
10/29/33
242,709
480,000
3.850
10/29/41
358,815
3,032,356
Food
and
Beverage
–
1.5%
Anheuser-Busch
Cos.
LLC
/
Anheuser-Busch
InBev
Worldwide,
Inc.
(
Belgium
)
146,000
3.650
02/01/26
142,306
1,630,000
4.700
02/01/36
1,555,461
1,866,000
4.900
02/01/46
1,723,954
Anheuser-Busch
InBev
Finance,
Inc.
(
Belgium
)
866,000
4.625
02/01/44
775,439
600,000
4.900
02/01/46
555,194
Anheuser-Busch
InBev
Worldwide,
Inc.
(
Belgium
)
536,000
4.000
04/13/28
519,416
628,000
4.750
01/23/29
626,373
281,000
4.900
01/23/31
283,486
293,000
4.375
04/15/38
264,906
340,000
5.450
01/23/39
341,235
100,000
4.350
06/01/40
88,811
244,000
4.950
01/15/42
230,893
299,000
4.600
04/15/48
266,834
146,000
4.439
10/06/48
127,035
632,000
5.550
01/23/49
646,023
280,000
4.500
06/01/50
247,485
214,000
4.750
04/15/58
190,403
262,000
5.800
01/23/59
273,217
Diageo
Capital
PLC
(
United
Kingdom
)
200,000
1.375
09/29/25
187,286
700,000
2.375
10/24/29
608,897
9,654,654
Forest
Products
&
Paper
–
0.1%
Suzano
Austria
GmbH
1,000,000
3.125
01/15/32
793,915
Insurance
–
0.1%
Manulife
Financial
Corp.
(
Canada
)
(
5
Year
USD
Swap
+
1.647%
)
100,000
4.061
02/24/32
(a)
90,429
540,000
3.703
03/16/32
484,910
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Foreign
Corporate
Debt
–
(continued)
Insurance
–
(continued)
()
–
(continued)
$
186,000
5.375
%
03/04/46
$
179,435
754,774
Internet
–
0.1%
Alibaba
Group
Holding
Ltd.
400,000
4.400
12/06/57
299,436
Lodging
–
0.2%
Sands
China
Ltd.
(
Macau
)
290,000
5.375
08/08/25
283,112
500,000
4.300
01/08/26
475,000
740,000
5.650
08/08/28
707,625
1,465,737
Metals
–
0.1%
ArcelorMittal
SA
300,000
6.550
11/29/27
310,191
Mining
–
0.3%
Southern
Copper
Corp.
(
Mexico
)
941,000
7.500
07/27/35
1,033,182
206,000
6.750
04/16/40
216,534
166,000
5.250
11/08/42
147,174
206,000
5.875
04/23/45
196,520
1,593,410
Oil
Company-Integrated
–
0.1%
Ecopetrol
SA
1,000,000
4.625
11/02/31
804,272
Pharmaceuticals
–
0.0%
Astrazeneca
Finance
LLC
300,000
2.250
05/28/31
249,334
Semiconductors
–
0.2%
TSMC
Arizona
Corp.
(
Taiwan
)
260,000
1.750
10/25/26
236,423
300,000
2.500
10/25/31
248,132
720,000
3.250
10/25/51
521,287
1,005,842
Technology
–
0.2%
NXP
BV
/
NXP
Funding
LLC
/
NXP
USA,
Inc.
(
China
)
226,000
3.400
05/01/30
199,494
263,000
2.500
05/11/31
214,023
543,000
2.650
02/15/32
438,937
285,000
5.000
01/15/33
272,683
1,125,137
Telecommunications
–
0.0%
America
Movil
SAB
de
CV
100,000
6.125
03/30/40
103,365
Transportation
–
0.0%
Canadian
Pacific
Railway
Co.
400,000
3.100
12/02/51
266,794
Wireless
–
0.2%
Vodafone
Group
PLC
(
United
Kingdom
)
150,000
4.125
05/30/25
147,332
419,000
6.150
02/27/37
432,952
50,000
4.375
02/19/43
40,998
390,000
4.875
06/19/49
332,484
330,000
4.250
09/17/50
256,425
1,210,191
GOLDMAN
SACHS
ACCESS
INVESTMENT
GRADE
CORPORATE
BOND
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Foreign
Corporate
Debt
–
(continued)
Wirelines
–
0.4%
Deutsche
Telekom
International
Finance
BV
(
Germany
)
$
590,000
8.750
%
06/15/30
$
698,086
Orange
SA
(
France
)
740,000
9.000
03/01/31
897,088
100,000
5.375
01/13/42
94,795
Telefonica
Emisiones
SA
(
Spain
)
200,000
4.103
03/08/27
191,537
500,000
4.665
03/06/38
433,303
500,000
4.895
03/06/48
408,161
2,722,970
TOTAL
FOREIGN
CORPORATE
DEBT
(Cost
$126,010,000)
117,065,377
Shares
Dividend
Rate
Value
aa
a
Investment
Company
–
0.5%
(c)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
2,975,695
5.259%
2,975,695
(Cost
$2,975,695)
TOTAL
INVESTMENTS
–
99.0%
(Cost
$693,332,157)
$
626,905,607
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
1.0%
6,340,115
NET
ASSETS
–
100.0%
$
633,245,722
  a
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
November
30,
2023.
(b)
Exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
(c)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
CMT
—
Constant
Maturity
Treasury
Index
GMTN
—
Global
Medium
Term
Note
LIBOR
—
London
Interbank
Offered
Rate
LP
—
Limited
Partnership
MMY
—
Money
Market
Yield
MTN
—
Medium
Term
Note
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
SOFR
—
Secured
Overnight
Financing
Rate
SOFRINDX
—
Secured
Overnight
Financing
Rate
Index
T-Bill
—
Treasury
Bill
TSFR
—
Term
Secured
Overnight
Financing
Rate
GOLDMAN
SACHS
ACCESS
TREASURY
0-1
YEAR
ETF
Schedule
of
Investments
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
U.S.
Treasury
Bills
-
91.7%
U.S.
Treasury
Bills
$
2,418,000
5.341
%
01/04/24
$
2,406,001
1,085,000
5.348
01/04/24
1,079,616
248,000
5.350
01/04/24
246,769
124,000
5.353
01/04/24
123,385
1,564,000
5.377
01/04/24
1,556,239
310,000
5.447
01/04/24
308,462
168,265,400
5.453
01/04/24
167,430,380
4,212,000
5.327
01/11/24
4,186,763
1,188,000
5.333
01/11/24
1,180,882
432,000
5.334
01/11/24
429,412
702,000
5.343
01/11/24
697,794
216,000
5.350
01/11/24
214,706
2,484,000
5.369
01/11/24
2,469,116
162,000
5.394
01/11/24
161,029
540,000
5.397
01/11/24
536,764
990,000
5.406
01/11/24
984,068
989,000
5.413
01/11/24
983,074
216,000
5.415
01/11/24
214,706
713,000
5.417
01/11/24
708,728
46,000
5.418
01/11/24
45,724
276,000
5.420
01/11/24
274,346
529,000
5.425
01/11/24
525,830
162,000
5.427
01/11/24
161,029
1,265,000
5.430
01/11/24
1,257,420
92,000
5.432
01/11/24
91,449
540,000
5.434
01/11/24
536,764
487,000
5.435
01/11/24
484,082
1,380,000
5.441
01/11/24
1,371,731
216,000
5.444
01/11/24
214,706
230,000
5.448
01/11/24
228,622
1,134,000
5.450
01/11/24
1,127,205
168,000
5.452
01/11/24
166,993
68,424,900
5.474
01/11/24
68,014,911
146,621,000
5.475
01/11/24
145,742,476
1,100,000
5.476
01/11/24
1,093,409
64,334,800
5.479
01/11/24
63,949,318
8,502,000
5.330
01/23/24
8,436,204
2,398,000
5.332
01/23/24
2,379,442
872,000
5.353
01/23/24
865,252
436,000
5.359
01/23/24
432,626
1,417,000
5.367
01/23/24
1,406,034
362,231,000
5.383
01/23/24
359,427,747
5,382,000
5.393
01/23/24
5,340,350
1,090,000
5.421
01/23/24
1,081,565
348,000
5.426
01/23/24
345,307
2,560,000
5.468
01/23/24
2,540,189
279,541,700
5.500
01/23/24
277,378,367
169,243,400
5.501
01/23/24
167,933,650
149,459,200
5.506
01/23/24
148,302,557
572,000
5.350
01/25/24
567,380
2,028,000
5.352
01/25/24
2,011,620
208,000
5.372
01/25/24
206,320
104,000
5.376
01/25/24
103,160
338,000
5.379
01/25/24
335,270
1,150,000
5.389
01/25/24
1,140,712
75,000
5.434
01/25/24
74,394
260,000
5.437
01/25/24
257,900
131,950,500
5.459
01/25/24
130,884,766
3,976,300
5.462
01/25/24
3,944,184
1,404,000
5.336
02/06/24
1,390,307
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
U.S.
Treasury
Bills
–
(continued)
U.S.
Treasury
Bills
–
(continued)
$
396,000
5.349
%
02/06/24
$
392,138
144,000
5.361
02/06/24
142,596
72,000
5.369
02/06/24
71,298
234,000
5.374
02/06/24
231,718
828,000
5.406
02/06/24
819,925
180,000
5.409
02/06/24
178,245
324,000
5.433
02/06/24
320,840
180,000
5.436
02/06/24
178,245
54,000
5.438
02/06/24
53,473
72,000
5.447
02/06/24
71,298
54,000
5.464
02/06/24
53,473
360,000
5.480
02/06/24
356,489
378,000
5.481
02/06/24
374,313
19,502,900
5.507
02/06/24
19,312,690
27,401,200
5.508
02/06/24
27,133,959
46,626,500
5.526
02/06/24
46,171,756
10,343,100
5.510
02/13/24
10,231,589
274,300
5.405
02/15/24
271,265
800,000
5.355
02/20/24
790,559
7,800,000
5.358
02/20/24
7,707,948
2,200,000
5.360
02/20/24
2,174,037
400,000
5.386
02/20/24
395,279
1,300,000
5.401
02/20/24
1,284,658
4,646,000
5.417
02/20/24
4,591,170
1,000,000
5.431
02/20/24
988,198
306,000
5.459
02/20/24
302,389
476,128,500
5.481
02/20/24
470,509,422
61,872,400
5.496
02/20/24
61,142,207
200,000
5.510
02/20/24
197,640
136,000
5.351
02/27/24
134,261
1,326,000
5.357
02/27/24
1,309,046
374,000
5.371
02/27/24
369,218
68,000
5.387
02/27/24
67,131
221,000
5.413
02/27/24
218,174
782,000
5.433
02/27/24
772,002
170,000
5.434
02/27/24
167,826
51,000
5.472
02/27/24
50,348
90,171,500
5.502
02/27/24
89,018,613
376,000
5.367
02/29/24
371,079
3,666,000
5.370
02/29/24
3,618,018
1,034,000
5.378
02/29/24
1,020,467
188,000
5.393
02/29/24
185,539
131,597,000
5.407
02/29/24
129,874,593
611,000
5.412
02/29/24
603,003
470,000
5.421
02/29/24
463,848
2,116,000
5.442
02/29/24
2,088,305
138,000
5.457
02/29/24
136,194
846,000
5.462
02/29/24
834,927
470,000
5.474
02/29/24
463,848
188,000
5.481
02/29/24
185,539
141,000
5.486
02/29/24
139,155
940,000
5.500
02/29/24
927,697
987,000
5.504
02/29/24
974,082
137,633,500
5.542
02/29/24
135,832,085
107,754,200
5.590
02/29/24
106,343,860
296,000
5.361
03/07/24
291,844
2,886,000
5.364
03/07/24
2,845,476
814,000
5.391
03/07/24
802,570
148,000
5.404
03/07/24
145,922
481,000
5.406
03/07/24
474,246
GOLDMAN
SACHS
ACCESS
TREASURY
0-1
YEAR
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
U.S.
Treasury
Bills
–
(continued)
U.S.
Treasury
Bills
–
(continued)
$
370,000
5.420
%
03/07/24
$
364,805
1,702,000
5.445
03/07/24
1,678,101
111,000
5.468
03/07/24
109,441
196,447,600
5.532
03/07/24
193,689,187
176,000
5.350
03/14/24
173,348
64,000
5.367
03/14/24
63,036
624,000
5.380
03/14/24
614,598
32,000
5.409
03/14/24
31,518
104,000
5.413
03/14/24
102,433
80,000
5.416
03/14/24
78,795
368,000
5.446
03/14/24
362,455
24,000
5.484
03/14/24
23,638
40,859,400
5.523
03/14/24
40,243,734
416,000
5.378
03/21/24
409,309
4,056,000
5.382
03/21/24
3,990,764
1,144,000
5.393
03/21/24
1,125,600
676,000
5.403
03/21/24
665,127
208,000
5.424
03/21/24
204,655
520,000
5.426
03/21/24
511,636
2,392,000
5.471
03/21/24
2,353,528
156,000
5.485
03/21/24
153,491
277,379,700
5.547
03/21/24
272,918,404
960,000
5.374
03/28/24
943,606
2,496,000
5.388
03/28/24
2,453,375
128,000
5.416
03/28/24
125,814
416,000
5.419
03/28/24
408,896
320,000
5.434
03/28/24
314,535
1,426,000
5.457
03/28/24
1,401,648
93,000
5.500
03/28/24
91,412
168,472,600
5.558
03/28/24
165,595,558
600,000
5.364
04/18/24
587,988
1,650,000
5.374
04/18/24
1,616,966
5,850,000
5.382
04/18/24
5,732,879
975,000
5.421
04/18/24
955,480
300,000
5.432
04/18/24
293,994
750,000
5.444
04/18/24
734,985
3,450,000
5.458
04/18/24
3,380,929
222,000
5.507
04/18/24
217,555
399,788,400
5.523
04/18/24
391,784,386
104,000
5.360
04/25/24
101,825
1,014,000
5.362
04/25/24
992,795
286,000
5.380
04/25/24
280,019
130,000
5.428
04/25/24
127,281
169,000
5.432
04/25/24
165,466
52,000
5.438
04/25/24
50,913
598,000
5.479
04/25/24
585,495
39,000
5.524
04/25/24
38,184
68,859,100
5.549
04/25/24
67,419,108
936,000
5.363
05/02/24
915,507
96,000
5.368
05/02/24
93,898
264,000
5.379
05/02/24
258,220
120,000
5.426
05/02/24
117,373
156,000
5.437
05/02/24
152,585
48,000
5.439
05/02/24
46,949
65,929,600
5.525
05/02/24
64,486,131
287,475,700
5.367
05/16/24
280,599,661
1,080,000
5.419
05/16/24
1,042,448
36,000
5.429
05/16/24
34,748
180,000
5.447
05/16/24
173,741
72,000
5.450
05/16/24
69,497
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
U.S.
Treasury
Bills
–
(continued)
U.S.
Treasury
Bills
–
(continued)
$
180,000
5.452
%
05/16/24
$
173,741
558,000
5.462
05/16/24
538,598
184,713,000
5.468
05/16/24
178,290,536
324,000
5.474
05/16/24
312,735
414,000
5.482
05/16/24
399,605
72,000
5.484
05/16/24
69,497
306,000
5.486
05/16/24
295,360
468,000
5.489
05/16/24
451,728
360,000
5.499
05/16/24
347,483
216,000
5.504
05/16/24
208,490
306,000
5.513
05/16/24
295,360
54,000
5.522
05/16/24
52,122
288,000
5.542
05/16/24
277,986
378,000
5.557
05/16/24
364,857
702,000
5.558
05/16/24
677,592
39,507,200
5.171
07/11/24
38,295,689
3,985,300
5.448
07/11/24
3,863,089
5,382,000
5.280
09/05/24
5,175,617
552,000
5.295
09/05/24
530,833
1,518,000
5.303
09/05/24
1,459,790
690,000
5.337
09/05/24
663,541
897,000
5.390
09/05/24
862,603
276,000
5.425
09/05/24
265,416
3,128,000
5.444
09/05/24
3,008,051
365,620,100
5.474
09/05/24
351,599,736
1,871,900
5.278
10/03/24
1,794,304
300,000
5.346
10/03/24
287,564
390,000
5.378
10/03/24
373,833
120,000
5.432
10/03/24
115,026
1,380,000
5.436
10/03/24
1,322,795
161,191,600
5.485
10/03/24
154,509,742
112,498,600
5.166
10/31/24
107,399,333
1,752,600
5.360
10/31/24
1,673,159
979,400
5.363
10/31/24
935,006
5,096,317,215
TOTAL
U.S.
TREASURY
BILLS
(Cost
$5,093,944,054)
5,096,317,215
a
U.S.
Treasury
Notes
-
8.4%
U.S.
Treasury
Notes
528,000
5.387
05/15/24
515,986
192,000
5.392
05/15/24
187,631
1,872,000
5.405
05/15/24
1,829,405
312,000
5.452
05/15/24
304,901
240,000
5.484
05/15/24
234,539
96,000
5.496
05/15/24
93,816
126,221,800
5.503
05/15/24
123,349,761
72,000
5.511
05/15/24
70,362
240,000
5.514
05/15/24
234,539
96,000
5.518
05/15/24
93,816
72,000
5.525
05/15/24
70,362
480,000
5.530
05/15/24
469,078
432,000
5.537
05/15/24
422,170
1,872,000
5.356
06/15/24
1,822,238
192,000
5.373
06/15/24
186,896
528,000
5.398
06/15/24
513,965
240,000
5.442
06/15/24
233,620
96,000
5.457
06/15/24
93,448
312,000
5.472
06/15/24
303,706
49,526,300
5.485
06/15/24
48,209,790
GOLDMAN
SACHS
ACCESS
TREASURY
0-1
YEAR
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
U.S.
Treasury
Notes
–
(continued)
U.S.
Treasury
Notes
–
(continued)
$
45,000,000
5.509
%
06/15/24
$
43,803,808
33,964,800
5.515
06/15/24
33,061,946
736,000
5.516
06/15/24
716,436
19,283,700
5.305
07/15/24
18,708,202
80,000
5.364
07/15/24
77,613
780,000
5.377
07/15/24
756,722
220,000
5.385
07/15/24
213,434
100,000
5.402
07/15/24
97,016
130,000
5.411
07/15/24
126,120
414,000
5.432
07/15/24
401,645
40,000
5.465
07/15/24
38,806
40,565,400
5.481
07/15/24
39,354,776
24,000
5.490
07/15/24
23,284
10,000,000
5.501
07/15/24
9,701,563
64,000
5.351
08/15/24
61,839
624,000
5.360
08/15/24
602,928
176,000
5.367
08/15/24
170,057
80,000
5.405
08/15/24
77,298
104,000
5.435
08/15/24
100,488
80,000
5.450
08/15/24
77,298
368,000
5.459
08/15/24
355,573
144,000
5.464
08/15/24
139,137
32,000
5.465
08/15/24
30,919
32,000
5.483
08/15/24
30,919
24,000
5.506
08/15/24
23,190
41,879,700
5.514
08/15/24
40,465,442
160,000
5.525
08/15/24
154,597
32,000
5.365
08/31/24
31,519
312,000
5.367
08/31/24
307,314
88,000
5.378
08/31/24
86,678
46,902,000
5.398
08/31/24
45,728,534
52,000
5.408
08/31/24
51,219
40,000
5.427
08/31/24
39,399
16,000
5.489
08/31/24
15,760
21,140,100
5.534
08/31/24
20,822,586
29,316,300
5.199
11/15/24
28,098,986
2,374,600
5.243
11/15/24
2,275,998
466,069,078
TOTAL
U.S.
TREASURY
NOTES
(Cost
$465,703,560)
466,069,078
TOTAL
INVESTMENTS
-
100.1%
(Cost
$5,559,647,614)
$
5,562,386,293
LIABILITIES
IN
EXCESS
OF
OTHER
ASSETS
-
(0.1)%
(6,692,290)
NET
ASSETS
-
100.0%
$
5,555,694,003
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.
Security
ratings
disclosed,
if
any,
are
issued
by
either
Standard
&
Poor’s,
Moody’s
Investor
Service
or
Fitch
and
are
unaudited.
A
brief
description
of
the
ratings
is
available
in
the
Fund’s
Statement
of
Additional
Information.
GOLDMAN
SACHS
ACCESS
ULTRA
SHORT
BOND
ETF
Schedule
of
Investments
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Asset-Backed
Securities
–
25.2%
Ally
Auto
Receivables
Trust
,
Series
2022-1,
Class
A3
$
3,170,000
3.310
%
11/15/26
$
3,111,224
American
Express
Credit
Account
Master
Trust
,
Series
2022-2,
Class
A
6,000,000
3.390
05/15/27
5,836,211
American
Express
Credit
Account
Master
Trust
,
Series
2023-1,
Class
A
2,100,000
4.870
05/15/28
2,089,163
Anchorage
Capital
CLO
Ltd.
,
Series
2014-4RA,
Class
A
(
3M
U.S.
T-Bill
MMY
+
1.312%
)
734,011
6.702
01/28/31
(a)(b)
732,875
BA
Credit
Card
Trust
,
Series
2021-A1,
Class
A1
500,000
0.440
09/15/26
490,484
BA
Credit
Card
Trust
,
Series
2022-A2,
Class
A2
2,100,000
5.000
04/15/28
2,090,545
Bank
of
America
Auto
Trust
,
Series
2023-2A,
Class
A2
1,325,000
5.850
08/17/26
(a)
1,326,963
Barclays
Dryrock
Issuance
Trust
,
Series
2021-1,
Class
A
2,400,000
0.630
07/15/27
2,306,547
Barclays
Dryrock
Issuance
Trust
,
Series
2023-2,
Class
A
(
SOFR
+
0.900%
)
2,050,000
6.225
08/15/28
(b)
2,052,207
Barings
CLO
Ltd.
,
Series
2018-3A,
Class
A1
(
3M
U.S.
T-Bill
MMY
+
1.212%
)
148,339
6.627
07/20/29
(a)(b)
148,240
BBCMS
Mortgage
Trust
,
Series
2018-C2,
Class
ASB
534,273
4.236
12/15/51
511,161
BlueMountain
CLO
Ltd.
,
Series
2013-2A,
Class
A1R
(
3M
U.S.
T-Bill
MMY
+
1.442%
)
690,586
6.854
10/22/30
(a)(b)
690,470
BSPDF
Issuer
Ltd.
,
Series
2021-FL1,
Class
A
(
1M
U.S.
T-Bill
MMY
+
1.314%
)
1,149,968
6.637
10/15/36
(a)(b)
1,133,850
BX
,
Series
2021-MFM1,
Class
A
(
1M
U.S.
T-Bill
MMY
+
0.814%
)
76,626
6.137
01/15/34
(a)(b)
75,429
BX
Trust
,
Series
2021-ARIA,
Class
A
(
1M
U.S.
T-Bill
MMY
+
1.014%
)
1,300,000
6.337
10/15/36
(a)(b)
1,262,306
BXHPP
Trust
,
Series
2021-FILM,
Class
A
(
1M
U.S.
T-Bill
MMY
+
0.764%
)
1,850,000
6.087
08/15/36
(a)(b)
1,742,611
Capital
One
Multi-Asset
Execution
Trust
,
Series
2022-A2,
Class
A
4,800,000
3.490
05/15/27
4,669,909
CARDS
II
Trust
,
Series
2021-1A,
Class
A
3,125,000
0.602
04/15/27
(a)
3,064,393
Carlyle
US
CLO
Ltd.
,
Series
2017-2A,
Class
A1R
(
3M
U.S.
T-Bill
MMY
+
1.312%
)
1,870,972
6.727
07/20/31
(a)(b)
1,866,940
CFCRE
Commercial
Mortgage
Trust
,
Series
2016-C3,
Class
A3
245,000
3.865
01/10/48
233,373
CIFC
Funding
Ltd.
,
Series
2017-2A,
Class
AR
(
3M
U.S.
T-Bill
MMY
+
1.212%
)
448,189
6.627
04/20/30
(a)(b)
447,466
CIFC
Funding
Ltd.
,
Series
2017-3A,
Class
A1
(
3M
U.S.
T-Bill
MMY
+
1.482%
)
1,928,614
6.897
07/20/30
(a)(b)
1,928,693
Citigroup
Commercial
Mortgage
Trust
,
Series
2014-GC19,
Class
A4
1,140,612
4.023
03/11/47
1,131,455
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Asset-Backed
Securities
–
(continued)
Citigroup
Commercial
Mortgage
Trust
,
Series
2014-GC21,
Class
A5
$
600,000
3.855
%
05/10/47
$
593,870
Citigroup
Commercial
Mortgage
Trust
,
Series
2015-GC29,
Class
AAB
79,672
2.984
04/10/48
78,641
Citigroup
Commercial
Mortgage
Trust
,
Series
2015-GC33,
Class
A4
3,000,000
3.778
09/10/58
2,789,457
Citigroup
Commercial
Mortgage
Trust
,
Series
2016-GC37,
Class
A3
2,738,532
3.050
04/10/49
2,614,957
COMM
Mortgage
Trust
,
Series
2013-CR12,
Class
A4
167,961
4.046
10/10/46
160,165
COMM
Mortgage
Trust
,
Series
2014-CR19,
Class
A5
3,350,000
3.796
08/10/47
3,301,147
COMM
Mortgage
Trust
,
Series
2014-UBS2,
Class
A5
2,370,017
3.961
03/10/47
2,331,406
COMM
Mortgage
Trust
,
Series
2015-CR24,
Class
ASB
157,242
3.445
08/10/48
154,905
COMM
Mortgage
Trust
,
Series
2015-CR25,
Class
A3
1,967,088
3.505
08/10/48
1,908,667
COMM
Mortgage
Trust
,
Series
2015-CR26,
Class
ASB
345,906
3.373
10/10/48
339,048
COMM
Mortgage
Trust
,
Series
2016-DC2,
Class
A4
467,107
3.497
02/10/49
450,895
Credit
Suisse
Mortgage
Capital
Certificates
,
Series
2019-ICE4,
Class
A
(
1M
U.S.
T-Bill
MMY
+
1.027%
)
1,296,774
6.350
05/15/36
(a)(b)
1,293,937
CSAIL
Commercial
Mortgage
Trust
,
Series
2015-C3,
Class
A4
1,300,000
3.718
08/15/48
1,238,867
DBJPM
Mortgage
Trust
,
Series
2016-C3,
Class
ASB
186,711
2.756
08/10/49
178,908
Discover
Card
Execution
Note
Trust
,
Series
2017-A5,
Class
A5
(
1M
U.S.
T-Bill
MMY
+
0.714%
)
2,000,000
6.037
12/15/26
(b)
2,003,230
Discover
Card
Execution
Note
Trust
,
Series
2023-A1,
Class
A
2,925,000
4.310
03/15/28
2,866,947
Dryden
XXVI
Senior
Loan
Fund
,
Series
2013-26A,
Class
AR
(
3M
U.S.
T-Bill
MMY
+
1.162%
)
184,457
6.555
04/15/29
(a)(b)
183,522
Edsouth
Indenture
No
3
LLC
,
Series
2012-2,
Class
A
(
SOFR
+
0.844%
)
16,264
6.173
04/25/39
(a)(b)
16,224
Educational
Funding
of
the
South,
Inc.
,
Series
2011-1,
Class
A2
(
SOFR
+
0.912%
)
117,292
6.246
04/25/35
(b)
117,373
EFS
Volunteer
LLC
,
Series
2010-1,
Class
A2
(
SOFR
+
1.112%
)
106,689
6.446
10/25/35
(a)(b)
106,734
Extended
Stay
America
Trust
,
Series
2021-ESH,
Class
A
(
1M
U.S.
T-Bill
MMY
+
1.194%
)
1,360,587
6.517
07/15/38
(a)(b)
1,344,800
Flatiron
CLO
19
Ltd.
,
Series
2019-1A,
Class
AR
(
3M
U.S.
T-Bill
MMY
+
1.342%
)
1,000,000
6.732
11/16/34
(a)(b)
997,058
Ford
Credit
Auto
Owner
Trust
,
Series
2022-A,
Class
A3
2,391,465
1.290
06/15/26
2,323,848
GOLDMAN
SACHS
ACCESS
ULTRA
SHORT
BOND
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Asset-Backed
Securities
–
(continued)
Ford
Credit
Auto
Owner
Trust
,
Series
2023-C,
Class
A2A
$
2,425,000
5.680
%
09/15/26
$
2,427,446
GM
Financial
Consumer
Automobile
Receivables
Trust
,
Series
2022-1,
Class
A3
4,000,268
1.260
11/16/26
3,869,878
GMF
Floorplan
Owner
Revolving
Trust
,
Series
2023-1,
Class
A1
1,500,000
5.340
06/15/28
(a)
1,495,323
Goal
Capital
Funding
Trust
,
Series
2010-1,
Class
A
(
3M
USD
LIBOR
+
0.700%
)
110,626
6.341
08/25/48
(a)(b)
109,049
GoldentTree
Loan
Management  U.S.
CLO
1
Ltd.
,
Series
2021-9A,
Class
A
(
3M
U.S.
T-Bill
MMY
+
1.332%
)
3,000,000
6.747
01/20/33
(a)(b)
2,989,134
Great
Wolf
Trust
,
Series
2019-WOLF,
Class
A
(
1M
U.S.
T-Bill
MMY
+
1.148%
)
3,250,000
6.471
12/15/36
(a)(b)
3,225,854
GS
Mortgage
Securities
Trust
,
Series
2014-GC18,
Class
A4
823,224
4.074
01/10/47
814,490
HalseyPoint
CLO
Ltd.
,
Series
2020-3A,
Class
A1A
(
3M
U.S.
T-Bill
MMY
+
1.712%
)
500,000
7.102
11/30/32
(a)(b)
498,986
Hayfin
US
Ltd.
,
Series
2018-8A,
Class
A
(
3M
U.S.
T-Bill
MMY
+
1.382%
)
2,852,279
6.797
04/20/31
(a)(b)
2,842,607
Honda
Auto
Receivables
2021-3
Owner
Trust
,
Series
2021-3,
Class
A3
647,786
0.410
11/18/25
630,564
Honda
Auto
Receivables
2021-4
Owner
Trust
,
Series
2021-4,
Class
A3
1,869,740
0.880
01/21/26
1,809,575
Honda
Auto
Receivables
2023-2
Owner
Trust
,
Series
2023-2,
Class
A2
1,900,000
5.410
04/15/26
1,896,456
Honda
Auto
Receivables
2023-4
Owner
Trust
,
Series
2023-4,
Class
A2
2,900,000
5.870
06/22/26
2,906,367
Hyundai
Auto
Lease
Securitization
Trust
,
Series
2022-A,
Class
A4
3,800,000
1.320
12/15/25
(a)
3,725,200
Hyundai
Auto
Lease
Securitization
Trust
,
Series
2023-B,
Class
A2A
1,656,068
5.470
09/15/25
(a)
1,653,766
Hyundai
Auto
Receivables
Trust
,
Series
2020-C,
Class
A4
4,000,000
0.490
11/16/26
3,867,815
Hyundai
Auto
Receivables
Trust
,
Series
2021-C,
Class
A3
1,441,446
0.740
05/15/26
1,398,052
Hyundai
Auto
Receivables
Trust
,
Series
2022-C,
Class
A3
3,625,000
5.390
06/15/27
3,622,258
Hyundai
Auto
Receivables
Trust
,
Series
2023-C,
Class
A2A
3,050,000
5.800
01/15/27
3,055,049
LCM
XV
LP
,
Series
2021-15A,
Class
AR2
(
3M
U.S.
T-Bill
MMY
+
1.262%
)
1,338,829
6.677
07/20/30
(a)(b)
1,335,991
Madison
Park
Funding
Ltd.
,
Series
2019-37A,
Class
AR
(
3M
U.S.
T-Bill
MMY
+
1.332%
)
1,500,000
6.725
07/15/33
(a)(b)
1,494,232
Marathon
CLO
Ltd.
,
Series
2019-1A,
Class
AANR
(
3M
U.S.
T-Bill
MMY
+
1.582%
)
2,200,000
6.975
04/15/32
(a)(b)
2,185,185
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Asset-Backed
Securities
–
(continued)
Master
Credit
Card
Trust
,
Series
2021-1A,
Class
A
$
1,400,000
0.530
%
11/21/25
(a)
$
1,365,067
Mercedes-Benz
Auto
Lease
Trust
,
Series
2021-B,
Class
A3
165,928
0.400
11/15/24
165,297
Mercedes-Benz
Auto
Receivables
Trust
,
Series
2022-1,
Class
A2
488,519
5.260
10/15/25
487,650
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
,
Series
2016-C29,
Class
A3
4,495,100
3.058
05/15/49
4,277,219
Morgan
Stanley
Capital
I
Trust
,
Series
2016-BNK2,
Class
ASB
357,697
2.860
11/15/49
342,164
Nelnet
Student
Loan
Trust
,
Series
2016-1A,
Class
A
(
SOFR
+
0.914%
)
307,739
6.243
09/25/65
(a)(b)
305,632
Nissan
Auto
Lease
Trust
,
Series
2023-B,
Class
A2A
1,800,000
5.740
08/15/25
1,799,900
Northstar
Education
Finance,
Inc.
,
Series
2012-1,
Class
A
(
SOFR
+
0.814%
)
32,353
6.143
12/26/31
(a)(b)
32,066
ONE
PARK
Mortgage
Trust
,
Series
2021-PARK,
Class
A
(
1M
U.S.
T-Bill
MMY
+
0.814%
)
908,000
6.137
03/15/36
(a)(b)
856,643
OZLM
Ltd.
,
Series
2015-11A,
Class
A1R
(
3M
U.S.
T-Bill
MMY
+
1.512%
)
146,093
6.902
10/30/30
(a)(b)
145,803
Regata
Funding
Ltd.
,
Series
2019-1A,
Class
AR
(
3M
U.S.
T-Bill
MMY
+
1.362%
)
2,000,000
6.755
10/15/32
(a)(b)
1,993,686
Rhode
Island
Student
Loan
Authority
,
Series
2012-1,
Class
A1
(
SOFR
+
0.900%
)
503,261
6.334
07/01/31
(b)
502,986
Rhode
Island
Student
Loan
Authority
,
Series
2014-1,
Class
A1
(
SOFR
+
0.814%
)
55,980
6.145
10/02/28
(b)
54,881
SLC
Student
Loan
Trust
,
Series
2007-1,
Class
A4
(
SOFR
+
0.322%
)
656,388
5.665
05/15/29
(b)
654,438
SLC
Student
Loan
Trust
,
Series
2010-1,
Class
A
(
SOFR
+
1.137%
)
133,512
6.481
11/25/42
(b)
133,762
SLM
Student
Loan
Trust
,
Series
2004-10,
Class
A7B
(
SOFR
+
0.862%
)
42,449
6.196
10/25/29
(a)(b)
42,397
SLM
Student
Loan
Trust
,
Series
2005-7,
Class
A4
(
SOFR
+
0.412%
)
18,458
5.746
10/25/29
(b)
18,409
SOUND
POINT
CLO
XXII
Ltd.
,
Series
2019-1A,
Class
AR
(
3M
U.S.
T-Bill
MMY
+
1.342%
)
600,000
6.757
01/20/32
(a)(b)
593,352
Stratus
CLO
Ltd.
,
Series
2021-2A,
Class
A
(
3M
U.S.
T-Bill
MMY
+
1.162%
)
3,164,386
6.577
12/28/29
(a)(b)
3,153,320
STWD
Trust
,
Series
2021-FLWR,
Class
A
(
1M
U.S.
T-Bill
MMY
+
0.691%
)
1,350,000
6.014
07/15/36
(a)(b)
1,320,483
Sycamore
Tree
CLO
Ltd.
,
Series
2023-2A,
Class
A
(
3M
U.S.
T-Bill
MMY
+
2.330%
)
2,200,000
7.746
04/20/35
(a)(b)
2,203,322
GOLDMAN
SACHS
ACCESS
ULTRA
SHORT
BOND
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Asset-Backed
Securities
–
(continued)
TCW
CLO
AMR
Ltd.
,
Series
2019-1A,
Class
ASNR
(
3M
U.S.
T-Bill
MMY
+
1.482%
)
$
1,100,000
6.872
%
08/16/34
(a)(b)
$
1,096,847
TCW
CLO
Ltd.
,
Series
2019-2A,
Class
A1R
(
3M
U.S.
T-Bill
MMY
+
1.280%
)
3,500,000
6.696
10/20/32
(a)(b)
3,471,738
TCW
CLO
Ltd.
,
Series
2022-1A,
Class
A1
(
3M
U.S.
T-Bill
MMY
+
1.340%
)
3,500,000
6.752
04/22/33
(a)(b)
3,476,725
Toyota
Auto
Receivables
Owner
Trust
,
Series
2021-D,
Class
A3
1,747,423
0.710
04/15/26
1,690,675
Toyota
Auto
Receivables
Owner
Trust
,
Series
2022-D,
Class
A3
1,825,000
5.300
09/15/27
1,820,257
Tralee
CLO
II
Ltd.
,
Series
2013-1A,
Class
AR
(
3M
U.S.
T-Bill
MMY
+
1.582%
)
124,460
6.997
07/20/29
(a)(b)
124,445
Trimaran
Cavu
Ltd.
,
Series
2021-1A,
Class
A
(
3M
U.S.
T-Bill
MMY
+
1.472%
)
1,000,000
6.884
04/23/32
(a)(b)
993,883
Trysail
CLO
Ltd.
,
Series
2021-1A,
Class
A1
(
3M
U.S.
T-Bill
MMY
+
1.582%
)
3,000,000
6.997
07/20/32
(a)(b)
2,993,730
UBS
Commercial
Mortgage
Trust
,
Series
2017-C2,
Class
ASB
737,885
3.264
08/15/50
707,098
Voya
CLO
Ltd.
,
Series
2015-1A,
Class
A1R
(
3M
U.S.
T-Bill
MMY
+
1.162%
)
69,437
6.557
01/18/29
(a)(b)
69,335
Voya
CLO
Ltd.
,
Series
2019-2A,
Class
A
(
3M
U.S.
T-Bill
MMY
+
1.532%
)
700,000
6.947
07/20/32
(a)(b)
699,966
Wells
Fargo
Commercial
Mortgage
Trust
,
Series
2015-C31,
Class
ASB
54,267
3.487
11/15/48
52,647
Wells
Fargo
Commercial
Mortgage
Trust
,
Series
2016-C32,
Class
A3
1,422,360
3.294
01/15/59
1,359,419
World
Omni
Automobile
Lease
Securitization
Trust
,
Series
2023-
A,
Class
A2A
1,247,664
5.470
11/17/25
1,245,610
Zais
CLO
Ltd.
,
Series
2020-15A,
Class
A1R
(
3M
U.S.
T-Bill
MMY
+
1.612%
)
1,000,000
7.002
07/28/32
(a)(b)
989,727
TOTAL
ASSET-BACKED
SECURITIES
(Cost
$155,933,313)
155,430,977
a
Foreign
Corporate
Debt
–
21.7%
Banks
–
18.9%
ANZ
New
Zealand
Int'l
Ltd/London
(
New
Zealand
)
(
SOFR
+
0.600%
)
500,000
6.014
02/18/25
(a)(b)
499,104
Banco
Santander
SA
(
Spain
)
1,400,000
3.892
05/24/24
1,386,966
800,000
3.496
03/24/25
776,879
(
SOFR
+
1.240%
)
1,400,000
6.654
05/24/24
(b)
1,404,526
(
US
1
Year
CMT
T-Note
+
0.450%
)
1,000,000
5.770
06/30/24
(b)
998,892
Bank
of
Montreal
(
Canada
)
1,760,000
5.920
09/25/25
1,773,315
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Foreign
Corporate
Debt
–
(continued)
Banks
–
(continued)
(
SOFRINDX
+
1.330%
)
$
1,804,000
6.756
%
06/05/26
(b)
$
1,813,740
Bank
of
Montreal
,
MTN
(
Canada
)
661,000
0.625
07/09/24
641,134
(
SOFRINDX
+
0.465%
)
3,000,000
5.847
01/10/25
(b)
2,987,978
Bank
of
Nova
Scotia
(The)
(
Canada
)
1,620,000
5.250
12/06/24
1,613,971
2,866,000
5.450
06/12/25
2,858,550
Banque
Federative
du
Credit
Mutuel
SA
(
France
)
2,840,000
0.650
02/27/24
(a)
2,805,925
1,325,000
4.524
07/13/25
(a)
1,302,282
Barclays
PLC
(
United
Kingdom
)
(
US
1
Year
CMT
T-Note
+
0.800%
)
4,790,000
1.007
12/10/24
(b)
4,786,405
BPCE
SA
(
France
)
1,844,000
4.000
04/15/24
1,831,697
525,000
1.625
01/14/25
(a)
502,256
(
SOFR
+
0.570%
)
1,100,000
5.954
01/14/25
(a)(b)
1,095,576
(
SOFR
+
0.960%
)
3,015,000
6.326
09/25/25
(a)(b)
3,012,174
Canadian
Imperial
Bank
of
Commerce
(
Canada
)
(
SOFR
+
1.220%
)
2,662,000
6.592
10/02/26
(b)
2,659,452
Cooperatieve
Rabobank
UA
(
Netherlands
)
(
SOFRINDX
+
0.900%
)
1,156,000
6.277
10/05/26
(b)
1,155,317
Cooperatieve
Rabobank
UA
,
MTN
(
Netherlands
)
952,000
5.500
07/18/25
953,861
Credit
Suisse
AG
(
Switzerland
)
396,000
7.950
01/09/25
403,738
Credit
Suisse
AG
,
MTN
(
Switzerland
)
1,923,000
3.625
09/09/24
1,885,751
Credit
Suisse
AG
,
Series
FRN
(
Switzerland
)
(
SOFRINDX
+
1.260%
)
3,000,000
6.675
02/21/25
(b)
2,992,682
Deutsche
Bank
AG
(
Germany
)
638,000
4.162
05/13/25
624,356
DNB
Bank
ASA
(
Norway
)
(
SOFRINDX
+
0.810%
)
753,000
2.968
03/28/25
(a)(b)
745,435
(
US
1
Year
CMT
T-Note
+
0.330%
)
1,353,000
0.856
09/30/25
(a)(b)
1,297,118
Federation
des
Caisses
Desjardins
du
Quebec
(
Canada
)
(
SOFR
+
0.430%
)
1,895,000
5.845
05/21/24
(a)(b)
1,892,877
1,817,000
4.400
08/23/25
(a)
1,775,468
HSBC
Holdings
PLC
(
United
Kingdom
)
(
SOFR
+
0.708%
)
1,033,000
0.976
05/24/25
(b)
1,006,425
(
3M
U.S.
T-Bill
MMY
+
1.402%
)
5,336,000
2.633
11/07/25
(b)
5,166,216
ING
Groep
NV
(
Netherlands
)
4,181,000
3.550
04/09/24
4,147,053
(
SOFRINDX
+
1.640%
)
2,716,000
7.011
03/28/26
(b)
2,729,613
GOLDMAN
SACHS
ACCESS
ULTRA
SHORT
BOND
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Foreign
Corporate
Debt
–
(continued)
Banks
–
(continued)
Intesa
Sanpaolo
SpA
(
Italy
)
$
791,000
5.250
%
01/12/24
$
790,097
Intesa
Sanpaolo
SpA
,
Series
XR
(
Italy
)
2,171,000
3.250
09/23/24
(a)
2,120,217
Lloyds
Banking
Group
PLC
(
United
Kingdom
)
822,000
3.900
03/12/24
817,374
1,000,000
4.450
05/08/25
981,139
(
US
1
Year
CMT
T-Note
+
3.500%
)
1,913,000
3.870
07/09/25
(b)
1,887,904
Macquarie
Bank
Ltd.
(
Australia
)
(
SOFR
+
1.240%
)
1,851,000
6.598
06/15/26
(a)(b)
1,858,874
Mitsubishi
UFJ
Financial
Group,
Inc.
(
Japan
)
1,000,000
2.193
02/25/25
958,872
(
US
1
Year
CMT
T-Note
+
0.450%
)
1,961,000
0.962
10/11/25
(b)
1,877,466
(
SOFR
+
0.940%
)
2,094,000
6.352
02/20/26
(b)
2,092,800
National
Australia
Bank
Ltd.
(
Australia
)
(
SOFR
+
0.380%
)
2,300,000
5.763
01/12/25
(a)(b)
2,295,414
National
Bank
of
Canada
(
Canada
)
(
SOFR
+
0.490%
)
655,000
5.894
08/06/24
(b)
654,196
Nationwide
Building
Society
(
United
Kingdom
)
326,000
3.900
07/21/25
(a)
316,875
Nordea
Bank
Abp
(
Finland
)
200,000
0.625
05/24/24
(a)
195,200
2,236,000
4.750
09/22/25
(a)
2,208,763
Royal
Bank
of
Canada
,
GMTN
(
Canada
)
(
SOFRINDX
+
0.340%
)
819,000
5.718
10/07/24
(b)
816,782
(
SOFRINDX
+
0.440%
)
2,000,000
5.830
01/21/25
(b)
1,991,648
(
SOFRINDX
+
0.570%
)
431,000
5.967
04/27/26
(b)
426,119
(
SOFRINDX
+
1.080%
)
1,218,000
6.470
07/20/26
(b)
1,218,288
Santander
UK
Group
Holdings
PLC
(
United
Kingdom
)
(
SOFR
+
0.787%
)
1,522,000
1.089
03/15/25
(b)
1,496,506
Skandinaviska
Enskilda
Banken
AB
(
Sweden
)
1,708,000
0.850
09/02/25
(a)
1,577,759
Standard
Chartered
PLC
(
United
Kingdom
)
(
US
1
Year
CMT
T-Note
+
0.780%
)
1,452,000
0.991
01/12/25
(a)(b)
1,441,808
Sumitomo
Mitsui
Financial
Group,
Inc.
(
Japan
)
2,835,000
1.474
07/08/25
2,656,697
Sumitomo
Mitsui
Trust
Bank
Ltd.
(
Japan
)
(
SOFR
+
0.440%
)
1,854,000
5.797
09/16/24
(a)(b)
1,851,518
Svenska
Handelsbanken
AB
(
Sweden
)
2,268,000
3.650
06/10/25
(a)
2,208,490
(
SOFRINDX
+
1.250%
)
2,647,000
6.608
06/15/26
(a)(b)
2,668,373
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Foreign
Corporate
Debt
–
(continued)
Banks
–
(continued)
Swedbank
AB
(
Sweden
)
(
SOFRINDX
+
1.380%
)
$
3,688,000
6.738
%
06/15/26
(a)(b)
$
3,723,246
Toronto-Dominion
Bank
(The)
,
MTN
(
Canada
)
(
SOFR
+
0.410%
)
4,000,000
5.792
01/10/25
(b)
3,982,252
(
SOFR
+
1.080%
)
2,506,000
6.465
07/17/26
(b)
2,503,795
UBS
AG/London
(
Switzerland
)
(
SOFR
+
0.470%
)
3,500,000
5.854
01/13/25
(a)(b)
3,487,055
(
SOFR
+
0.930%
)
1,462,000
6.282
09/11/25
(b)
1,461,133
UBS
Group
AG
(
Switzerland
)
1,300,000
4.125
09/24/25
(a)
1,256,912
Westpac
Banking
Corp.
(
Australia
)
(
SOFR
+
0.300%
)
1,186,000
5.714
11/18/24
(b)
1,183,209
116,533,513
Consumer
Cyclical
–
1.3%
BMW  U.S.
Capital
LLC
(
Germany
)
(
SOFRINDX
+
0.840%
)
1,231,000
6.212
04/01/25
(a)(b)
1,236,229
Volkswagen
Group
of
America
Finance
LLC
(
Germany
)
5,450,000
5.800
09/12/25
(a)
5,454,433
(
SOFR
+
0.930%
)
1,467,000
6.283
09/12/25
(a)(b)
1,465,469
8,156,131
Distributors
–
0.4%
Daimler
Truck
Finance
North
America
LLC
$
2,421,000
5.600
(a)
08/08/25
(a)
2,420,078
Financial
Company
–
1.0%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
(
Ireland
)
4,584,000
1.650
10/29/24
4,403,169
LeasePlan
Corp.
NV
(
Netherlands
)
1,666,000
2.875
10/24/24
(a)
1,616,802
6,019,971
Metals
and
Mining
–
0.1%
Glencore
Funding
LLC
403,000
4.625
(a)
04/29/24
(a)
400,359
TOTAL
FOREIGN
CORPORATE
DEBT
(Cost
$133,327,459)
133,530,052
a
Mortgage-Backed
Securities
–
21.1%
a
Federal
Home
Loan
Mortgage
Corporation
1,438,000
5.380
06/12/24
1,436,197
FHLMC
REMIC
(
RFUCCT1Y
+
1.802%
)
3,195,466
5.282
10/01/43
(b)
3,231,506
(
RFUCCT1Y
+
1.780%
)
601,395
5.474
10/01/44
(b)
606,643
(
RFUCCT1Y
+
1.619%
)
6,193,338
5.097
01/01/46
(b)
6,257,329
GOLDMAN
SACHS
ACCESS
ULTRA
SHORT
BOND
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Mortgage-Backed
Securities
–
(continued)
a
FHLMC
REMIC
,
Series
2003-2682,
Class
FB
(
SOFR
+
1.014%
)
$
145,156
6.339
%
10/15/33
(b)
$
144,898
FHLMC
REMIC
,
Series
2003-2711,
Class
FA
(
SOFR
+
1.114%
)
157,550
6.439
11/15/33
(b)
157,791
FHLMC
REMIC
,
Series
2005-3033,
Class
FG
(
SOFR
+
0.464%
)
434,846
5.789
09/15/35
(b)
425,528
FHLMC
REMIC
,
Series
2007-3298,
Class
FC
(
SOFR
+
0.534%
)
95,637
5.859
04/15/37
(b)
93,028
FHLMC
REMIC
,
Series
2007-3314,
Class
FC
(
SOFR
+
0.514%
)
20,671
5.839
12/15/36
(b)
20,213
FHLMC
REMIC
,
Series
2007-3316,
Class
FB
(
SOFR
+
0.414%
)
505,441
5.739
08/15/35
(b)
494,287
FHLMC
REMIC
,
Series
2007-3371,
Class
FA
(
SOFR
+
0.714%
)
101,898
6.039
09/15/37
(b)
100,221
FHLMC
REMIC
,
Series
2009-3593,
Class
CF
(
SOFR
+
0.714%
)
1,132,726
6.039
02/15/36
(b)
1,120,610
FHLMC
REMIC
,
Series
2011-3895,
Class
FM
(
SOFR
+
0.464%
)
29,448
5.789
12/15/40
(b)
29,389
FHLMC
REMIC
,
Series
2012-4040,
Class
FW
(
SOFR
+
0.484%
)
319,621
5.809
05/15/32
(b)
315,614
FHLMC
REMIC
,
Series
2012-4057,
Class
FE
(
SOFR
+
0.564%
)
683,737
5.889
06/15/42
(b)
667,758
FHLMC
REMIC
,
Series
2012-4068,
Class
UF
(
SOFR
+
0.614%
)
174,056
5.939
06/15/42
(b)
169,367
FHLMC
REMIC
,
Series
2012-4098,
Class
MF
(
SOFR
+
0.414%
)
140,078
5.739
11/15/41
(b)
138,538
FHLMC
REMIC
,
Series
2012-4107,
Class
MF
(
SOFR
+
0.514%
)
1,469,076
5.839
09/15/42
(b)
1,426,644
FHLMC
REMIC
,
Series
2012-4126,
Class
GF
(
SOFR
+
0.514%
)
1,978,209
5.839
11/15/42
(b)
1,918,138
FHLMC
REMIC
,
Series
2013-4203,
Class
QF
(
SOFR
+
0.364%
)
969,651
5.689
05/15/43
(b)
944,855
FHLMC
REMIC
,
Series
2013-4215,
Class
NF
(
SOFR
+
0.464%
)
689,276
5.789
06/15/43
(b)
663,973
FHLMC
REMIC
,
Series
2013-4240,
Class
FA
(
SOFR
+
0.614%
)
2,357,372
5.939
08/15/43
(b)
2,291,450
FHLMC
REMIC
,
Series
2013-4248,
Class
FL
(
SOFR
+
0.564%
)
71,566
5.889
05/15/41
(b)
70,208
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Mortgage-Backed
Securities
–
(continued)
a
FHLMC
REMIC
,
Series
2013-4263,
Class
FB
(
SOFR
+
0.514%
)
$
51,737
5.839
%
11/15/43
(b)
$
50,545
FHLMC
REMIC
,
Series
2013-4272,
Class
FD
(
SOFR
+
0.464%
)
55,990
5.789
11/15/43
(b)
54,818
FHLMC
REMIC
,
Series
2017-4678,
Class
AF
(
SOFR
+
0.514%
)
1,622,177
5.005
12/15/42
(b)
1,590,049
FHLMC
REMIC
,
Series
2017-4719,
Class
AF
(
SOFR
+
0.464%
)
2,880,215
5.789
09/15/47
(b)
2,773,668
FHLMC
REMIC
,
Series
2018-4787,
Class
ZS
684,462
5.000
07/01/48
672,063
FHLMC
REMIC
,
Series
2018-4818,
Class
FC
(
SOFR
+
0.414%
)
192,996
5.739
04/15/48
(b)
183,558
FHLMC
REMIC
,
Series
2018-4852,
Class
BF
(
SOFR
+
0.514%
)
1,241,738
5.839
12/15/48
(b)
1,193,792
FHLMC
REMIC
,
Series
2019-4897,
Class
F
(
SOFR
+
0.514%
)
1,047,765
5.839
07/15/49
(b)
1,017,080
FHLMC
REMIC
,
Series
2019-4903,
Class
F
(
SOFR
+
0.564%
)
161,495
5.889
09/15/48
(b)
154,694
FHLMC
REMIC
,
Series
2019-4906,
Class
NF
(
SOFR
+
0.514%
)
1,336,867
5.169
03/15/38
(b)
1,300,009
FHLMC
REMIC
,
Series
2019-4942,
Class
FA
(
SOFR
+
0.614%
)
1,020,980
5.943
01/25/50
(b)
981,816
FHLMC
REMIC
,
Series
2020-5002,
Class
FJ
(
SOFR
+
0.514%
)
174,898
5.843
07/25/50
(b)
168,430
FHLMC
REMIC
,
Series
2020-5031,
Class
FA
(
SOFR
+
0.300%
)
2,298,537
5.624
08/15/43
(b)
2,193,715
FHLMC
STRIPS
,
Series
2006-239,
Class
F22
(
SOFR
+
0.464%
)
151,111
5.789
08/15/36
(b)
147,700
FHLMC
STRIPS
,
Series
2006-239,
Class
F30
(
SOFR
+
0.414%
)
377,778
5.739
08/15/36
(b)
369,468
FNMA
REMIC
,
Series
2002-53,
Class
FY
(
SOFR
+
0.614%
)
167,378
5.943
08/25/32
(b)
165,932
FNMA
REMIC
,
Series
2004-54,
Class
FL
(
SOFR
+
0.514%
)
81,873
5.843
07/25/34
(b)
81,348
FNMA
REMIC
,
Series
2004-54,
Class
FN
(
SOFR
+
0.564%
)
231,522
5.893
07/25/34
(b)
229,711
FNMA
REMIC
,
Series
2005-103,
Class
FC
(
SOFR
+
0.614%
)
7,499,595
5.943
07/25/35
(b)
7,388,964
FNMA
REMIC
,
Series
2005-120,
Class
FE
(
SOFR
+
0.634%
)
335,842
5.963
01/25/36
(b)
330,635
GOLDMAN
SACHS
ACCESS
ULTRA
SHORT
BOND
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Mortgage-Backed
Securities
–
(continued)
a
FNMA
REMIC
,
Series
2005-87,
Class
FE
(
SOFR
+
0.564%
)
$
372,187
5.893
%
10/25/35
(b)
$
366,397
FNMA
REMIC
,
Series
2006-110,
Class
AF
(
SOFR
+
0.444%
)
2,058,201
5.773
11/25/36
(b)
2,013,030
FNMA
REMIC
,
Series
2006-16,
Class
FC
(
SOFR
+
0.414%
)
84,714
5.743
03/25/36
(b)
83,356
FNMA
REMIC
,
Series
2006-36,
Class
FB
(
SOFR
+
0.414%
)
41,780
5.743
05/25/36
(b)
40,744
FNMA
REMIC
,
Series
2006-42,
Class
PF
(
SOFR
+
0.524%
)
75,904
5.853
06/25/36
(b)
74,696
FNMA
REMIC
,
Series
2006-44,
Class
FP
(
SOFR
+
0.514%
)
825,093
5.843
06/25/36
(b)
810,537
FNMA
REMIC
,
Series
2006-61,
Class
FD
(
SOFR
+
0.474%
)
155,405
5.803
07/25/36
(b)
151,997
FNMA
REMIC
,
Series
2006-79,
Class
DF
(
SOFR
+
0.464%
)
349,534
5.793
08/25/36
(b)
343,634
FNMA
REMIC
,
Series
2006-88,
Class
AF
(
SOFR
+
0.574%
)
321,078
5.903
09/25/36
(b)
314,807
FNMA
REMIC
,
Series
2007-35,
Class
PF
(
SOFR
+
0.364%
)
55,065
5.693
04/25/37
(b)
53,590
FNMA
REMIC
,
Series
2007-67,
Class
FB
(
SOFR
+
0.434%
)
126,255
5.763
07/25/37
(b)
122,726
FNMA
REMIC
,
Series
2008-1,
Class
CF
(
SOFR
+
0.814%
)
42,201
6.143
02/25/38
(b)
41,565
FNMA
REMIC
,
Series
2009-110,
Class
FG
(
SOFR
+
0.864%
)
173,385
6.193
01/25/40
(b)
172,525
FNMA
REMIC
,
Series
2010-113,
Class
FA
(
SOFR
+
0.514%
)
123,902
5.843
10/25/40
(b)
121,893
FNMA
REMIC
,
Series
2010-116,
Class
FE
(
SOFR
+
0.514%
)
155,074
5.843
10/25/40
(b)
152,347
FNMA
REMIC
,
Series
2010-141,
Class
FB
(
SOFR
+
0.584%
)
93,041
5.913
12/25/40
(b)
90,938
FNMA
REMIC
,
Series
2010-15,
Class
FJ
(
SOFR
+
1.044%
)
301,266
6.373
06/25/36
(b)
301,266
FNMA
REMIC
,
Series
2010-39,
Class
FE
(
SOFR
+
0.884%
)
476,668
6.213
06/25/37
(b)
473,854
FNMA
REMIC
,
Series
2010-39,
Class
FG
(
SOFR
+
1.034%
)
207,234
6.363
03/25/36
(b)
207,014
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Mortgage-Backed
Securities
–
(continued)
a
FNMA
REMIC
,
Series
2010-46,
Class
WF
(
SOFR
+
0.864%
)
$
1,501,105
6.193
%
05/25/40
(b)
$
1,476,085
FNMA
REMIC
,
Series
2010-49,
Class
FB
(
SOFR
+
0.864%
)
140,588
6.193
05/25/40
(b)
139,057
FNMA
REMIC
,
Series
2010-59,
Class
FN
(
SOFR
+
0.844%
)
1,650,696
6.173
06/25/40
(b)
1,627,554
FNMA
REMIC
,
Series
2011-53,
Class
FT
(
SOFR
+
0.694%
)
135,558
6.023
06/25/41
(b)
133,181
FNMA
REMIC
,
Series
2011-87,
Class
FJ
(
SOFR
+
0.664%
)
129,107
5.993
09/25/41
(b)
125,952
FNMA
REMIC
,
Series
2012-101,
Class
FC
(
SOFR
+
0.614%
)
110,485
5.943
09/25/42
(b)
107,042
FNMA
REMIC
,
Series
2012-14,
Class
BF
(
SOFR
+
0.714%
)
671,511
6.043
03/25/42
(b)
658,458
FNMA
REMIC
,
Series
2012-37,
Class
BF
(
SOFR
+
0.614%
)
140,729
5.943
12/25/35
(b)
138,513
FNMA
REMIC
,
Series
2013-10,
Class
KF
(
SOFR
+
0.414%
)
90,311
5.743
02/25/43
(b)
87,974
FNMA
REMIC
,
Series
2013-130,
Class
FB
(
SOFR
+
0.564%
)
88,234
5.893
01/25/44
(b)
85,591
FNMA
REMIC
,
Series
2013-19,
Class
DF
(
SOFR
+
0.414%
)
481,795
5.743
09/25/41
(b)
476,763
FNMA
REMIC
,
Series
2013-2,
Class
QF
(
SOFR
+
0.614%
)
59,104
5.943
02/25/43
(b)
57,913
FNMA
REMIC
,
Series
2014-17,
Class
FE
(
SOFR
+
0.664%
)
740,849
5.993
04/25/44
(b)
720,627
FNMA
REMIC
,
Series
2014-28,
Class
FD
(
SOFR
+
0.564%
)
1,623,837
5.893
05/25/44
(b)
1,587,549
FNMA
REMIC
,
Series
2014-47,
Class
AF
(
SOFR
+
0.464%
)
306,770
5.313
08/25/44
(b)
301,509
FNMA
REMIC
,
Series
2015-27,
Class
KF
(
SOFR
+
0.414%
)
78,085
5.743
05/25/45
(b)
76,508
FNMA
REMIC
,
Series
2015-87,
Class
BF
(
SOFR
+
0.414%
)
346,557
5.743
12/25/45
(b)
336,825
FNMA
REMIC
,
Series
2016-49,
Class
EF
(
SOFR
+
0.514%
)
799,407
5.843
08/25/46
(b)
783,546
FNMA
REMIC
,
Series
2016-9335,
Class
AL
(
RFUCCT1Y
+
1.797%
)
8,341,374
5.290
12/01/40
(b)
8,483,820
GOLDMAN
SACHS
ACCESS
ULTRA
SHORT
BOND
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Mortgage-Backed
Securities
–
(continued)
a
FNMA
REMIC
,
Series
2017-16,
Class
FA
(
SOFR
+
0.564%
)
$
672,092
5.893
%
03/25/47
(b)
$
646,370
FNMA
REMIC
,
Series
2017-91,
Class
GF
(
SOFR
+
0.464%
)
1,602,001
5.793
11/25/47
(b)
1,532,593
FNMA
REMIC
,
Series
2018-15,
Class
JF
(
SOFR
+
0.414%
)
875,455
5.743
03/25/48
(b)
834,434
FNMA
REMIC
,
Series
2018-3385,
Class
MA
813,224
4.500
06/01/48
774,924
FNMA
REMIC
,
Series
2018-4,
Class
FM
(
SOFR
+
0.414%
)
2,144,697
5.743
02/25/48
(b)
2,044,106
FNMA
REMIC
,
Series
2019-41,
Class
FM
(
SOFR
+
0.564%
)
1,031,808
5.893
08/25/49
(b)
989,384
FNMA
REMIC
,
Series
2019-6,
Class
KF
(
SOFR
+
0.564%
)
1,732,052
5.893
03/25/49
(b)
1,674,973
FNMA
REMIC
,
Series
2020-6347,
Class
BM
(
RFUCCT1Y
+
1.737%
)
9,148,778
4.804
02/01/41
(b)
9,316,270
FNMA
REMIC
,
Series
2023-7262,
Class
BM
(
RFUCCT1Y
+
1.796%
)
10,699,543
5.094
02/01/45
(b)
10,878,661
FNMA
REMIC
,
Series
2023-7266,
Class
BM
(
RFUCCT1Y
+
1.800%
)
16,621,319
5.012
05/01/44
(b)
16,876,001
GNMA
,
Series
2004-59,
Class
FP
(
1M
U.S.
T-Bill
MMY
+
0.414%
)
359,091
5.744
08/16/34
(b)
353,899
GNMA
,
Series
2005-4,
Class
FA
(
1M
U.S.
T-Bill
MMY
+
0.484%
)
308,119
5.814
01/16/35
(b)
303,762
GNMA
,
Series
2007-26,
Class
FL
(
1M
U.S.
T-Bill
MMY
+
0.314%
)
2,210,444
5.646
05/20/37
(b)
2,151,966
GNMA
,
Series
2007-59,
Class
FA
(
1M
U.S.
T-Bill
MMY
+
0.614%
)
106,364
5.946
10/20/37
(b)
104,446
GNMA
,
Series
2013-99,
Class
PF
(
1M
U.S.
T-Bill
MMY
+
0.414%
)
1,501,132
5.746
07/20/43
(b)
1,451,428
GNMA
,
Series
2018-164,
Class
AF
(
1M
U.S.
T-Bill
MMY
+
0.514%
)
2,409,855
5.846
12/20/48
(b)
2,330,981
GNMA
,
Series
2019-110,
Class
F
(
1M
U.S.
T-Bill
MMY
+
0.564%
)
1,592,979
5.896
09/20/49
(b)
1,536,289
GNMA
,
Series
2019-56,
Class
FB
(
1M
U.S.
T-Bill
MMY
+
0.564%
)
1,833,156
5.896
05/20/49
(b)
1,784,372
GNMA
,
Series
2019-58,
Class
FA
(
1M
U.S.
T-Bill
MMY
+
0.514%
)
783,449
5.846
05/20/49
(b)
757,576
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust
,
Series
2016-JP2,
Class
ASB
304,454
2.713
08/15/49
292,357
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Mortgage-Backed
Securities
–
(continued)
a
JPMBB
Commercial
Mortgage
Securities
Trust
,
Series
2015-C31,
Class
ASB
$
251,963
3.540
%
08/15/48
$
244,084
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
,
Series
2014-C14,
Class
A5
1,386,663
4.064
02/15/47
1,374,055
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
,
Series
2015-C23,
Class
A4
550,000
3.719
07/15/50
528,617
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
,
Series
2015-C24,
Class
A3
2,053,239
3.479
05/15/48
1,971,630
TOTAL
MORTGAGE-BACKED
SECURITIES
(Cost
$130,816,439)
127,866,741
a
Corporate
Obligations
–
18.0%
Banks
–
9.3%
American
Express
Co.
(
SOFR
+
0.760%
)
2,800,000
6.169
02/13/26
(b)
2,783,056
(
SOFRINDX
+
1.350%
)
3,296,000
6.748
10/30/26
(b)
3,303,111
Bank
of
America
Corp.
(
SOFR
+
1.100%
)
737,000
6.495
04/25/25
(b)
737,987
Bank
of
America
Corp.
,
MTN
(
SOFR
+
0.670%
)
3,175,000
1.843
02/04/25
(b)
3,149,358
Bank
of
America
NA
(
SOFR
+
1.020%
)
2,695,000
6.434
08/18/26
(b)
2,700,917
Capital
One
Financial
Corp.
(
SOFR
+
0.690%
)
3,534,000
6.041
12/06/24
(b)
3,533,218
Charles
Schwab
Corp.
(The)
1,250,000
0.750
03/18/24
1,231,651
(
SOFRINDX
+
0.500%
)
1,000,000
5.859
03/18/24
(b)
998,466
(
SOFRINDX
+
0.520%
)
1,259,000
5.929
05/13/26
(b)
1,234,599
Citibank
NA
(
SOFRINDX
+
1.060%
)
3,366,000
6.485
12/04/26
(b)
3,370,587
Citigroup,
Inc.
(
SOFR
+
1.528%
)
1,050,000
6.891
03/17/26
(b)
1,053,734
Huntington
National
Bank
(The)
(
SOFRINDX
+
1.190%
)
1,600,000
6.603
05/16/25
(b)
1,566,141
JPMorgan
Chase
&
Co.
(
SOFR
+
0.420%
)
1,780,000
0.563
02/16/25
(b)
1,758,207
(
3M
U.S.
T-Bill
MMY
+
0.540%
)
1,043,000
0.824
06/01/25
(b)
1,014,732
(
3M
U.S.
T-Bill
MMY
+
0.580%
)
2,736,000
0.969
06/23/25
(b)
2,655,903
KeyBank
NA
(
SOFRINDX
+
0.320%
)
250,000
5.677
06/14/24
(b)
245,821
GOLDMAN
SACHS
ACCESS
ULTRA
SHORT
BOND
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Banks
–
(continued)
Morgan
Stanley
(
SOFR
+
1.160%
)
$
1,430,000
3.620
%
04/17/25
(b)
$
1,416,525
Morgan
Stanley
,
MTN
(
SOFR
+
0.560%
)
3,241,000
1.164
10/21/25
(b)
3,094,689
Morgan
Stanley
Bank
NA
(
SOFR
+
0.780%
)
5,913,000
6.168
07/16/25
(b)
5,914,473
(
SOFR
+
1.165%
)
1,529,000
6.563
10/30/26
(b)
1,536,404
PNC
Bank
NA
2,808,000
3.300
10/30/24
2,747,653
State
Street
Corp.
(
SOFR
+
0.940%
)
1,278,000
2.354
11/01/25
(b)
1,237,784
(
SOFRINDX
+
0.845%
)
1,383,000
6.248
08/03/26
(b)
1,380,578
U.S.
Bancorp
960,000
3.375
02/05/24
955,106
U.S.
Bancorp
,
MTN
936,000
3.700
01/30/24
932,206
Wells
Fargo
&
Co.
466,000
4.480
01/16/24
465,081
Wells
Fargo
Bank
NA
(
SOFR
+
1.060%
)
5,268,000
6.466
08/07/26
(b)
5,298,912
56,316,899
Broadcasting
–
0.1%
Fox
Corp.
705,000
4.030
01/25/24
702,884
Consumer
Cyclical
–
1.4%
7-Eleven,
Inc.
544,000
0.800
02/10/24
(a)
538,600
American
Honda
Finance
Corp.
(
SOFRINDX
+
0.780%
)
1,835,000
6.171
04/23/25
(b)
1,837,031
American
Honda
Finance
Corp.
,
GMTN
(
SOFRINDX
+
0.790%
)
1,450,000
6.163
10/03/25
(b)
1,451,933
AutoZone,
Inc.
1,158,000
3.125
04/18/24
1,145,531
General
Motors
Financial
Co.,
Inc.
(
SOFRINDX
+
1.300%
)
3,000,000
6.678
04/07/25
(b)
2,994,724
Starbucks
Corp.
(
SOFRINDX
+
0.420%
)
479,000
5.831
02/14/24
(b)
478,982
8,446,801
Consumer
Noncyclical
–
1.5%
AbbVie,
Inc.
3,048,000
3.850
06/15/24
3,017,769
2,000,000
2.600
11/21/24
1,944,366
Baxter
International,
Inc.
(
SOFRINDX
+
0.440%
)
906,000
5.863
11/29/24
(b)
903,009
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Consumer
Noncyclical
–
(continued)
GE
HealthCare
Technologies,
Inc.
$
3,067,000
5.550
%
11/15/24
$
3,059,056
8,924,200
Distributors
–
1.3%
Hyundai
Capital
America
1,264,000
5.800
06/26/25
(a)
1,263,831
3,275,000
6.250
11/03/25
(a)
3,297,885
(
SOFR
+
1.320%
)
3,161,000
6.723
11/03/25
(a)(b)
3,164,096
7,725,812
Electric
–
1.6%
CenterPoint
Energy,
Inc.
(
SOFRINDX
+
0.650%
)
1,435,000
6.059
05/13/24
(b)
1,434,432
Eversource
Energy
1,002,000
4.200
06/27/24
992,251
National
Rural
Utilities
Cooperative
Finance
Corp.
,
MTN
(
SOFR
+
0.700%
)
4,108,000
6.106
05/07/25
(b)
4,112,670
NextEra
Energy
Capital
Holdings,
Inc.
2,991,000
4.255
09/01/24
2,953,133
41,000
6.051
03/01/25
41,157
9,533,643
Energy
–
0.3%
Williams
Cos.,
Inc.
(The)
718,000
4.300
03/04/24
714,875
920,000
4.550
06/24/24
912,842
1,627,717
Insurance
–
2.2%
Corebridge
Global
Funding
207,000
0.650
06/17/24
(a)
201,264
Jackson
National
Life
Global
Funding
(
SOFR
+
1.150%
)
3,651,000
6.520
06/28/24
(a)(b)
3,653,686
MassMutual
Global
Funding
II
(
SOFR
+
0.360%
)
786,000
5.743
04/12/24
(a)(b)
784,945
(
SOFR
+
0.980%
)
214,000
6.362
07/10/26
(a)(b)
214,438
New
York
Life
Global
Funding
(
SOFRINDX
+
0.610%
)
219,000
6.000
04/21/25
(a)(b)
218,949
Pacific
Life
Global
Funding
II
(
SOFRINDX
+
0.860%
)
1,004,000
6.219
06/16/25
(a)(b)
1,004,500
(
SOFRINDX
+
1.050%
)
5,347,000
6.447
07/28/26
(a)(b)
5,347,193
Principal
Life
Global
Funding
II
(
SOFR
+
0.900%
)
2,340,000
6.322
08/28/25
(a)(b)
2,339,043
Protective
Life
Global
Funding
(
SOFR
+
0.980%
)
152,000
6.351
03/28/25
(a)(b)
152,371
13,916,389
GOLDMAN
SACHS
ACCESS
ULTRA
SHORT
BOND
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
REITs
and
Real
Estate
–
0.2%
Public
Storage
Operating
Co.
(SOFR
+
0.470%)
$
1,385,000
5.861
%
(b)
04/23/24
(b)
$
1,384,392
Technology
–
0.1%
Hewlett
Packard
Enterprise
Co.
785,000
5.900
10/01/24
784,907
Take-Two
Interactive
Software,
Inc.
23,000
3.300
03/28/24
22,788
807,695
TOTAL
CORPORATE
OBLIGATIONS
(Cost
$109,195,231)
109,386,432
a
U.S.
Treasury
Notes
–
5.0%
U.S.
Treasury
Floating
Rate
Notes
(
3
Mo.
U.S.
T-Bill
MMY
+
0.140%
)
10,803,600
5.461
10/31/24
(b)
10,810,265
(
3
Mo.
U.S.
T-Bill
MMY
+
0.169%
)
1,215,400
5.521
04/30/25
(b)
1,216,011
U.S.
Treasury
Notes
4,322,000
3.875
(c)
04/30/25
4,257,508
3,460,400
4.625
(c)
06/30/25
3,447,153
4,092,700
4.750
(c)
07/31/25
4,085,825
3,677,200
5.000
(c)
10/31/25
3,694,280
United
States
Treasury
Floating
Rate
Note
(
3
Mo.
U.S.
T-Bill
MMY
+
0.125%
)
2,972,900
5.482
07/31/25
(b)
2,970,579
TOTAL
U.S.
TREASURY
NOTES
(Cost
$30,476,589)
30,481,621
a
Certificate
of
Deposits
–
2.5%
Bayerische
Landesbank/New
York
2,204,000
5.810
03/08/24
2,203,405
Lloyds
Bank
Corporate
Markets
PLC
3,237,000
6.050
10/07/24
3,245,772
Lloyds
Bank
Corporate
Markets
PLC
(
SOFR
+
0.670%
)
1,293,000
5.980
08/14/24
(b)
1,295,236
Natixis
NY
2,000,000
–
07/25/24
(d)
2,002,980
Nordea
Bank
Abp
(
SOFR
+
0.610%
)
11,000
5.930
01/04/24
(b)
11,004
Standard
Chartered
Bank
2,388,000
–
09/05/24
(d)
2,394,448
Sumitomo
Mitsui
Banking
Corp.
(
SOFR
+
0.700%
)
3,295,000
6.000
08/14/24
(b)
3,299,726
Toronto-Dominion
Bank
1,282,000
5.820
05/23/24
1,282,718
TOTAL
CERTIFICATE
OF
DEPOSITS
(Cost
$15,710,057)
15,735,289
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
U.S.
Government
Agency
Obligations
–
0.0%
(e)
Federal
Farm
Credit
Banks
Funding
Corp.
(
SOFR
+
0.115%
)
$
58,000
5.505
%
12/03/24
(b)
$
57,970
(
SOFR
+
0.200%
)
25,000
5.590
12/05/24
(b)
25,009
(
Prime
Rate
-
3.010%
)
29,000
5.490
08/07/25
(b)
28,977
TOTAL
U.S.
GOVERNMENT
AGENCY
OBLIGATIONS
(Cost
$112,017)
111,956
Aaa
a
Short-Term
Investment
–
6.3%
Commercial
Paper
–
6.3%
American
Honda
Finance
Corp.
$
1,212,000
5.926
%
1,197,723
Banco
Santander
SA
2,000,000
6.010
1,962,440
1,500,000
5.750
1,498,608
Bank
of
Montreal
1,211,000
5.920
1,212,437
Bay
Square
Funding
LLC
3,562,000
5.984
3,403,313
Bayer
Corp.
1,200,000
6.231
1,156,992
3,000,000
6.231
2,892,000
DNB
Bank
3,236,000
5.841
3,117,886
Equitable
Short
Term
Funding
LLC
1,500,000
5.944
1,449,930
HSBC
Bank
USA
NA
(SOFR
+
0.610%)
1,000,000
5.200
(b)
1,000,890
HSBC
USA
Inc.
1,053,000
6.220
1,023,569
1,696,000
6.412
1,602,906
ING
(US)
Funding
LLC
825,000
5.956
809,564
JP
Morgan
Securities
LLC
994,000
5.970
994,728
1,696,000
5.930
1,696,729
Macquarie
Bank
Ltd.
1,569,000
5.910
1,568,994
National
Australia
Bank
Ltd.
2,379,000
5.959
2,329,493
National
Bank
of
Canada
3,308,000
5.787
3,139,722
Ridgefield
Funding
Co.
LLC
3,337,000
5.730
3,249,070
Royal
Bank
of
Canada
1,366,000
6.104
1,300,623
Societe
Generale
SA
335,000
5.413
331,392
Standard
Chartered
Bank
1,167,000
5.949
1,145,387
TOTAL
SHORT-TERM
INVESTMENT
(Cost
$38,046,333)
38,084,396
GOLDMAN
SACHS
ACCESS
ULTRA
SHORT
BOND
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
**End
swaps
header**
Shares
Dividend
Rate
Value
aa
a
Investment
Company
–
0.5%
(f)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
3,232,313
5.259%
$
3,232,313
(Cost
$3,232,313)
TOTAL
INVESTMENTS
–
100.3%
(Cost
$616,849,751)
$
613,859,777
LIABILITIES
IN
EXCESS
OF
OTHER
ASSETS
–
(0.3)%
(1,571,610)
NET
ASSETS
–
100.0%
$
612,288,167
  a
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)
Variable
rate
security.
Interest
rate
or
distribution
rate
disclosed
is
that
which
is
in
effect
on
November
30,
2023.
(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)
Zero
coupon
bond
until
next
reset
date.
(e)
Less
than
0.05%
(f)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
BA
—
Banker
Acceptance
Rate
CLO
—
Collateralized
Loan
Obligation
CMT
—
Constant
Maturity
Treasury
Index
FHLMC
—
Federal
Home
Loan
Mortgage
Corp.
FNMA
—
Federal
National
Mortgage
Association
GMTN
—
Global
Medium
Term
Note
GNMA
—
Insured
by
Government
National
Mortgage
Association
LIBOR
—
London
Interbank
Offered
Rate
LP
—
Limited
Partnership
MMY
—
Money
Market
Yield
MTN
—
Medium
Term
Note
PLC
—
Public
Limited
Company
Prime
—
Federal
Reserve
Bank
Prime
Loan
Rate
US
REIT
—
Real
Estate
Investment
Trust
SOFR
—
Secured
Overnight
Financing
Rate
SOFRINDX
—
Secured
Overnight
Financing
Rate
Index
T-Bill
—
Treasury
Bill
GOLDMAN
SACHS
ACCESS
U.S.
AGGREGATE
BOND
ETF
Schedule
of
Investments
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
U.S.
Treasury
Notes
–
30.8%
U.S.
Treasury
Notes
$
19,655,000
1.500
%
(a)
10/31/24
$
19,005,081
19,321,000
2.500
(a)
01/31/25
18,751,484
20,462,000
2.000
(a)
02/15/25
19,727,800
55,404,000
0.250
(a)
10/31/25
50,889,862
39,298,000
1.625
(a)
05/15/26
36,644,655
11,700,000
1.625
(a)
09/30/26
10,827,994
3,091,000
2.875
(a)
04/30/29
2,872,299
4,868,000
2.750
(a)
05/31/29
4,488,587
TOTAL
U.S.
TREASURY
NOTES
(Cost
$165,132,633)
163,207,762
a
Mortgage-Backed
Securities
–
29.9%
a
Federal
Home
Loan
Mortgage
Corporation
1,629,607
2.000
04/01/36
1,436,416
2,287,094
2.000
09/01/36
2,011,200
262,081
4.500
07/01/48
248,011
228,589
2.500
11/01/50
188,750
1,902,809
2.000
05/01/51
1,478,774
2,662,752
2.500
05/01/51
2,181,116
918,905
2.500
11/01/51
747,054
1,222,663
2.000
03/01/52
953,348
7,615,103
2.000
03/01/52
5,927,504
10,528,757
2.000
03/01/52
8,190,958
9,614,834
2.000
05/01/52
7,483,798
2,623,817
3.000
05/01/52
2,218,684
988,896
3.500
05/01/52
868,200
197,286
4.500
05/01/52
185,610
502,735
2.000
07/01/52
391,008
3,690,410
3.000
08/01/52
3,161,195
1,304,414
4.000
08/01/52
1,186,838
27,230
2.500
01/01/53
22,088
247,823
5.000
01/01/53
238,737
872,734
5.000
02/01/53
840,924
784,361
5.000
04/01/53
755,307
Federal
National
Mortgage
Association
1,000,000
1.750
07/02/24
979,158
3,905,008
2.000
08/01/36
3,426,603
5,000,000
1.500
TBA-15yr
(b)
4,251,172
4,000,000
2.500
TBA-15yr
(b)
3,595,937
2,000,000
3.000
TBA-15yr
(b)
1,843,906
2,503,605
3.500
07/01/45
2,247,811
64,574
4.500
06/01/48
61,110
331,603
4.500
07/01/48
313,812
25,791
5.000
12/01/48
25,794
44,668
4.500
01/01/49
42,382
37,929
4.500
08/01/49
36,305
578,825
4.500
08/01/49
552,961
194,066
5.000
12/01/49
189,703
26,619
4.500
01/01/50
25,380
110,948
4.500
03/01/50
105,103
107,976
5.000
04/01/50
107,265
1,511,676
2.500
06/01/50
1,243,864
49,985
4.500
10/01/50
47,643
80,577
4.500
10/01/50
76,077
1,956,944
2.500
11/01/50
1,609,620
1,932,749
2.500
01/01/51
1,578,905
97,460
2.500
02/01/51
80,529
524,366
2.500
03/01/51
432,399
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Mortgage-Backed
Securities
–
(continued)
a
Federal
National
Mortgage
Association
–
(continued)
$
654,123
2.500
%
09/01/51
$
536,034
2,613,951
2.500
10/01/51
2,155,541
1,193,764
2.500
11/01/51
985,624
1,539,754
2.500
11/01/51
1,269,670
7,640,654
2.000
02/01/52
5,949,601
6,765,875
2.500
04/01/52
5,491,813
84,925
2.000
10/01/52
66,044
2,471,126
4.500
10/01/52
2,314,698
790,508
5.000
10/01/52
761,976
959,559
5.000
11/01/52
924,184
39,988
2.500
12/01/52
32,436
1,295,543
3.500
12/01/52
1,142,567
1,306,433
4.000
12/01/52
1,189,613
1,285,860
5.000
02/01/53
1,238,800
383,762
5.000
03/01/53
369,722
445,561
5.000
03/01/53
429,229
191,520
5.000
04/01/53
184,495
8,863,176
5.000
04/01/53
8,537,578
581,519
5.000
05/01/53
560,243
3,000,000
1.500
TBA-30yr
(b)
2,215,547
7,000,000
3.000
TBA-30yr
(b)
5,906,797
7,000,000
3.500
TBA-30yr
(b)
6,142,500
8,000,000
4.000
TBA-30yr
(b)
7,268,750
6,000,000
5.500
TBA-30yr
(b)
5,911,406
2,000,000
6.000
TBA-30yr
(b)
2,006,719
Government
National
Mortgage
Association
51,828
5.000
12/20/48
51,232
27,816
5.000
05/20/49
27,419
280,185
3.000
09/20/49
245,767
102,568
4.500
03/20/50
97,049
56,060
5.000
05/20/50
55,506
217,565
4.000
09/20/50
203,610
3,172,244
2.000
11/20/50
2,586,081
744,857
3.000
07/20/51
648,043
3,399,198
2.000
09/20/51
2,746,827
5,723,714
2.500
09/20/51
4,778,865
2,283,070
4.500
10/20/52
2,160,090
1,750,565
4.000
05/20/53
1,614,435
1,000,000
2.000
TBA-30yr
(b)
807,109
7,000,000
3.000
TBA-30yr
(b)
6,064,297
7,000,000
3.500
TBA-30yr
(b)
6,261,172
1,000,000
4.000
TBA-30yr
(b)
921,797
1,000,000
5.000
TBA-30yr
(b)
971,328
1,000,000
5.500
TBA-30yr
(b)
992,891
TOTAL
MORTGAGE-BACKED
SECURITIES
(Cost
$160,318,188)
158,414,064
a
Corporate
Obligations
–
21.5%
Aerospace
&
Defense
–
0.4%
Boeing
Co.
(The)
500,000
4.875
05/01/25
494,368
500,000
3.625
02/01/31
449,267
300,000
5.805
05/01/50
294,592
General
Dynamics
Corp.
215,000
3.625
04/01/30
200,157
Hexcel
Corp.
40,000
4.200
02/15/27
37,957
GOLDMAN
SACHS
ACCESS
U.S.
AGGREGATE
BOND
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Aerospace
&
Defense
–
(continued)
L3Harris
Technologies,
Inc.
$
200,000
5.400
%
07/31/33
$
199,362
Lockheed
Martin
Corp.
335,000
5.250
01/15/33
342,520
Northrop
Grumman
Corp.
200,000
4.700
03/15/33
193,493
40,000
4.030
10/15/47
32,133
Textron,
Inc.
80,000
3.000
06/01/30
69,140
2,312,989
Banks
–
4.0%
American
Express
Co.
80,000
3.625
12/05/24
78,373
400,000
3.950
08/01/25
390,519
Bank
of
America
Corp.
(
SOFR
+
0.960%
)
300,000
1.734
07/22/27
(c)
269,643
(
3M
U.S.
T-Bill
MMY
+
1.302%
)
200,000
3.419
12/20/28
(c)
182,835
(
SOFR
+
2.150%
)
180,000
2.592
04/29/31
(c)
148,966
(
US
5
Year
CMT
T-Note
+
1.200%
)
200,000
2.482
09/21/36
(c)
151,465
(
3M
U.S.
T-Bill
MMY+
2.076%
)
204,000
4.244
04/24/38
(c)
174,545
100,000
7.750
05/14/38
115,430
Bank
of
America
Corp.
,
MTN
100,000
3.875
08/01/25
97,773
75,000
3.248
10/21/27
69,589
(
SOFR
+
1.010%
)
100,000
1.197
10/24/26
(c)
91,566
(
3M
U.S.
T-Bill
MMY
+
1.322%
)
80,000
3.559
04/23/27
(c)
76,165
(
SOFR
+
2.040%
)
900,000
4.948
07/22/28
(c)
882,333
(
3M
U.S.
T-Bill
MMY
+
1.472%
)
300,000
3.974
02/07/30
(c)
277,460
(
3M
U.S.
T-Bill
MMY
+
1.252%
)
200,000
2.496
02/13/31
(c)
165,468
(
SOFR
+
1.530%
)
40,000
1.898
07/23/31
(c)
31,141
(
SOFR
+
1.930%
)
640,000
2.676
06/19/41
(c)
434,948
(
3M
U.S.
T-Bill
MMY
+
3.412%
)
560,000
4.083
03/20/51
(c)
445,171
(
SOFR
+
1.880%
)
60,000
2.831
10/24/51
(c)
38,080
Bank
of
America
Corp.
,
Series
L
125,000
4.183
11/25/27
119,273
73,000
4.750
04/21/45
63,720
Bank
of
America
Corp.
,
Series
N
(
SOFR
+
1.650%
)
100,000
3.483
03/13/52
(c)
71,876
Bank
of
New
York
Mellon
Corp.
(The)
,
MTN
300,000
2.800
05/04/26
283,505
250,000
3.400
01/29/28
233,469
586,000
1.800
07/28/31
455,832
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Banks
–
(continued)
Capital
One
Financial
Corp.
(
SOFR
+
2.600%
)
$
349,000
5.817
%
02/01/34
(c)
$
326,462
Citigroup,
Inc.
(
SOFR
+
0.765%
)
100,000
1.122
01/28/27
(c)
90,370
500,000
4.450
09/29/27
479,033
(
3M
U.S.
T-Bill
MMY
+
1.825%
)
100,000
3.887
01/10/28
(c)
95,427
(
SOFR
+
1.280%
)
150,000
3.070
02/24/28
(c)
139,369
(
SOFR
+
1.887%
)
300,000
4.658
05/24/28
(c)
292,048
(
SOFR
+
1.351%
)
540,000
3.057
01/25/33
(c)
444,260
(
SOFR
+
2.086%
)
700,000
4.910
05/24/33
(c)
658,261
Citizens
Bank
NA
250,000
2.250
04/28/25
234,001
400,000
3.750
02/18/26
373,897
Citizens
Financial
Group,
Inc.
300,000
2.850
07/27/26
272,075
Fifth
Third
Bancorp
300,000
2.550
05/05/27
271,166
300,000
3.950
03/14/28
280,568
40,000
8.250
03/01/38
44,591
JPMorgan
Chase
&
Co.
(
3M
U.S.
T-Bill
MMY
+
1.585%
)
165,000
2.005
03/13/26
(c)
157,192
40,000
7.625
10/15/26
42,423
300,000
8.000
04/29/27
327,683
80,000
4.250
10/01/27
77,826
15,000
5.400
01/06/42
14,963
40,000
4.850
02/01/44
36,701
(
SOFR
+
0.800%
)
100,000
1.045
11/19/26
(c)
91,358
(
3M
U.S.
T-Bill
MMY
+
1.599%
)
400,000
3.782
02/01/28
(c)
379,235
(
3M
U.S.
T-Bill
MMY
+
1.642%
)
50,000
3.540
05/01/28
(c)
46,834
40,000
3.964
11/15/48
(c)
31,563
(
SOFR
+
1.990%
)
1,050,000
4.851
07/25/28
(c)
1,029,761
(
3M
U.S.
T-Bill
MMY
+
1.592%
)
40,000
4.452
12/05/29
(c)
38,277
(
3M
U.S.
T-Bill
MMY
+
1.510%
)
190,000
2.739
10/15/30
(c)
164,107
(
3M
U.S.
T-Bill
MMY
+
3.790%
)
342,000
4.493
03/24/31
(c)
323,200
(
3M
U.S.
T-Bill
MMY
+
1.105%
)
25,000
1.764
11/19/31
(c)
19,534
(
SOFR
+
1.180%
)
300,000
2.545
11/08/32
(c)
242,174
(
3M
U.S.
T-Bill
MMY
+
1.622%
)
152,000
3.882
07/24/38
(c)
127,099
(
SOFR
+
2.440%
)
660,000
3.109
04/22/51
(c)
443,269
GOLDMAN
SACHS
ACCESS
U.S.
AGGREGATE
BOND
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Banks
–
(continued)
M&T
Bank
Corp.
(
SOFR
+
1.850%
)
$
340,000
5.053
%
01/27/34
(c)
$
305,114
Manufacturers
&
Traders
Trust
Co.
280,000
3.400
08/17/27
247,554
Morgan
Stanley
(
SOFR
+
0.879%
)
50,000
1.593
05/04/27
(c)
45,398
(
SOFR
+
1.360%
)
540,000
2.484
09/16/36
(c)
408,749
940,000
4.375
01/22/47
793,127
Morgan
Stanley
,
GMTN
1,000,000
3.875
01/27/26
971,587
Morgan
Stanley
,
MTN
(
SOFR
+
1.870%
)
940,000
5.250
04/21/34
(c)
904,655
PNC
Financial
Services
Group,
Inc.
(The)
(
SOFR
+
1.730%
)
350,000
6.615
10/20/27
(c)
356,354
(
SOFR
+
2.284%
)
200,000
6.875
10/20/34
(c)
211,934
Synchrony
Financial
150,000
3.950
12/01/27
134,112
100,000
2.875
10/28/31
73,756
U.S.
Bancorp
,
MTN
80,000
3.900
04/26/28
75,299
80,000
3.000
07/30/29
69,375
40,000
1.375
07/22/30
30,608
U.S.
Bancorp
,
Series
V
300,000
2.375
07/22/26
277,360
U.S.
Bancorp
,
Series
X
150,000
3.150
04/27/27
139,803
US
Bank
NA
300,000
2.050
01/21/25
288,252
Wells
Fargo
&
Co.
750,000
3.000
04/22/26
710,197
400,000
3.000
10/23/26
374,772
128,000
5.606
01/15/44
119,328
60,000
3.900
05/01/45
46,679
(
SOFR
+
2.000%
)
300,000
2.188
04/30/26
(c)
284,977
Wells
Fargo
&
Co.
,
MTN
(
3M
U.S.
T-Bill
MMY
+
1.572%
)
50,000
3.584
05/22/28
(c)
46,829
25,000
4.150
01/24/29
23,540
290,000
4.750
12/07/46
237,981
(
3M
U.S.
T-Bill
MMY
+
1.262%
)
400,000
2.572
02/11/31
(c)
335,173
(
3M
U.S.
T-Bill
MMY
+
4.032%
)
340,000
4.478
04/04/31
(c)
315,714
Wells
Fargo
Bank
NA
300,000
6.600
01/15/38
316,245
21,088,344
Basic
Industry
–
0.2%
Celanese  U.S.
Holdings
LLC
300,000
6.700
11/15/33
311,723
CF
Industries,
Inc.
100,000
5.150
03/15/34
94,935
100,000
5.375
03/15/44
89,639
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Basic
Industry
–
(continued)
Dow
Chemical
Co.
(The)
$
60,000
3.600
%
11/15/50
$
42,425
DuPont
de
Nemours,
Inc.
340,000
5.419
11/15/48
331,198
Linde,
Inc.
61,000
1.100
08/10/30
49,071
LYB
International
Finance
III
LLC
40,000
2.250
10/01/30
32,588
180,000
3.625
04/01/51
120,724
Sherwin-Williams
Co.
(The)
200,000
3.450
06/01/27
189,570
1,261,873
Brokerage
–
0.4%
Affiliated
Managers
Group,
Inc.
130,000
3.300
06/15/30
111,589
Cboe
Global
Markets,
Inc.
400,000
3.650
01/12/27
384,330
CME
Group,
Inc.
375,000
3.000
03/15/25
365,152
Intercontinental
Exchange,
Inc.
100,000
3.100
09/15/27
93,366
185,000
2.100
06/15/30
153,061
482,000
4.600
03/15/33
458,966
Jefferies
Financial
Group,
Inc.
40,000
4.850
01/15/27
39,105
40,000
4.150
01/23/30
36,195
200,000
6.250
01/15/36
202,591
20,000
6.500
01/20/43
20,096
1,864,451
Capital
Goods
–
0.7%
Carrier
Global
Corp.
100,000
3.577
04/05/50
71,682
Caterpillar
Financial
Services
Corp.
,
MTN
400,000
3.400
05/13/25
390,435
Caterpillar,
Inc.
50,000
3.803
08/15/42
41,292
230,000
3.250
04/09/50
169,174
CNH
Industrial
Capital
LLC
50,000
1.450
07/15/26
45,340
Cummins,
Inc.
111,000
2.600
09/01/30
68,374
Deere
&
Co.
25,000
3.900
06/09/42
21,361
40,000
2.875
09/07/49
27,502
25,000
3.750
04/15/50
20,401
Honeywell
International,
Inc.
100,000
2.700
08/15/29
89,371
188,000
1.950
06/01/30
157,589
Illinois
Tool
Works,
Inc.
115,000
3.900
09/01/42
96,354
John
Deere
Capital
Corp.
,
MTN
300,000
4.800
01/09/26
299,384
300,000
4.750
01/20/28
298,631
35,000
2.800
07/18/29
31,323
80,000
2.450
01/09/30
69,460
Leggett
&
Platt,
Inc.
300,000
3.500
11/15/27
276,810
80,000
4.400
03/15/29
74,815
GOLDMAN
SACHS
ACCESS
U.S.
AGGREGATE
BOND
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Capital
Goods
–
(continued)
Leggett
&
Platt,
Inc.
–
(continued)
$
100,000
3.500
%
11/15/51
$
66,085
Otis
Worldwide
Corp.
60,000
2.293
04/05/27
54,914
Republic
Services,
Inc.
150,000
2.375
03/15/33
120,446
Trane
Technologies
Financing
Ltd.
50,000
3.800
03/21/29
46,895
Waste
Management,
Inc.
50,000
0.750
11/15/25
46,017
100,000
3.150
11/15/27
93,815
50,000
2.500
11/15/50
30,171
Westinghouse
Air
Brake
Technologies
Corp.
133,000
3.450
11/15/26
125,675
465,000
4.700
09/15/28
449,186
WW
Grainger,
Inc.
100,000
1.850
02/15/25
95,925
60,000
4.600
06/15/45
53,895
100,000
3.750
05/15/46
77,608
Xylem,
Inc.
15,000
3.250
11/01/26
14,215
500,000
1.950
01/30/28
438,715
3,962,860
Communications
–
0.9%
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
190,000
4.908
07/23/25
186,923
140,000
3.750
02/15/28
129,927
82,000
4.200
03/15/28
77,259
90,000
5.050
03/30/29
86,779
40,000
2.800
04/01/31
32,596
130,000
6.384
10/23/35
127,477
240,000
5.375
04/01/38
207,448
201,000
6.484
10/23/45
186,639
60,000
5.750
04/01/48
50,692
40,000
5.125
07/01/49
31,067
40,000
6.834
10/23/55
38,199
85,000
3.850
04/01/61
50,757
60,000
4.400
12/01/61
39,474
Comcast
Corp.
500,000
3.950
10/15/25
489,822
400,000
4.550
01/15/29
393,225
500,000
4.250
01/15/33
465,762
300,000
2.887
11/01/51
189,475
400,000
5.350
05/15/53
387,685
Meta
Platforms,
Inc.
200,000
5.600
05/15/53
203,759
Time
Warner
Cable
Enterprises
LLC
94,000
8.375
07/15/33
105,655
Time
Warner
Cable
LLC
115,000
6.750
06/15/39
109,404
15,000
5.875
11/15/40
13,032
15,000
5.500
09/01/41
12,449
TWDC
Enterprises
18
Corp.
15,000
4.375
08/16/41
12,990
TWDC
Enterprises
18
Corp.
,
GMTN
15,000
4.125
06/01/44
12,595
TWDC
Enterprises
18
Corp.
,
MTN
250,000
2.950
06/15/27
236,751
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Communications
–
(continued)
Walt
Disney
Co.
(The)
$
100,000
3.700
%
10/15/25
$
97,602
400,000
2.200
01/13/28
363,449
80,000
2.000
09/01/29
68,911
80,000
3.800
03/22/30
75,167
90,000
3.500
05/13/40
71,818
15,000
4.750
09/15/44
13,504
50,000
3.600
01/13/51
37,895
4,606,187
Consumer
Cyclical
–
2.3%
Amazon.com,
Inc.
500,000
3.300
04/13/27
478,377
250,000
3.150
08/22/27
236,686
100,000
2.100
05/12/31
83,219
80,000
4.050
08/22/47
68,216
15,000
2.500
06/03/50
9,383
200,000
3.950
04/13/52
165,306
75,000
4.250
08/22/57
64,493
50,000
2.700
06/03/60
30,740
American
Honda
Finance
Corp.
,
GMTN
450,000
5.125
07/07/28
451,208
Best
Buy
Co.,
Inc.
190,000
4.450
10/01/28
184,527
Booking
Holdings,
Inc.
200,000
4.625
04/13/30
195,474
Costco
Wholesale
Corp.
40,000
3.000
05/18/27
37,832
290,000
1.750
04/20/32
231,376
DR
Horton,
Inc.
90,000
2.600
10/15/25
85,239
100,000
1.400
10/15/27
87,215
eBay,
Inc.
200,000
6.300
11/22/32
211,471
Expedia
Group,
Inc.
250,000
3.250
02/15/30
220,368
Ford
Motor
Credit
Co.
LLC
600,000
6.798
11/07/28
612,736
250,000
7.122
11/07/33
260,760
General
Motors
Co.
400,000
5.600
10/15/32
391,856
300,000
5.950
04/01/49
273,427
General
Motors
Financial
Co.,
Inc.
500,000
6.050
10/10/25
502,733
Home
Depot,
Inc.
(The)
250,000
2.800
09/14/27
233,177
300,000
4.500
09/15/32
293,875
237,000
3.125
12/15/49
163,291
300,000
3.625
04/15/52
225,235
Las
Vegas
Sands
Corp.
473,000
3.900
08/08/29
422,991
Lennar
Corp.
500,000
4.750
11/29/27
488,738
Lowe's
Cos.,
Inc.
150,000
2.625
04/01/31
126,197
340,000
5.150
07/01/33
333,835
200,000
5.625
04/15/53
195,129
Marriott
International,
Inc.
,
Series
EE
200,000
5.750
05/01/25
200,253
GOLDMAN
SACHS
ACCESS
U.S.
AGGREGATE
BOND
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Consumer
Cyclical
–
(continued)
Marriott
International,
Inc.
,
Series
FF
$
200,000
4.625
%
06/15/30
$
190,603
Mastercard,
Inc.
60,000
2.000
03/03/25
57,757
15,000
3.300
03/26/27
14,321
100,000
3.950
02/26/48
83,175
50,000
3.850
03/26/50
40,888
McDonald's
Corp.
,
MTN
450,000
3.500
03/01/27
431,121
200,000
3.500
07/01/27
190,146
45,000
4.700
12/09/35
42,639
60,000
4.450
09/01/48
50,997
200,000
5.150
09/09/52
187,381
MDC
Holdings,
Inc.
374,000
2.500
01/15/31
289,850
40,000
6.000
01/15/43
35,000
NIKE,
Inc.
20,000
3.375
03/27/50
15,264
O'Reilly
Automotive,
Inc.
80,000
4.200
04/01/30
75,117
PulteGroup,
Inc.
204,000
6.375
05/15/33
210,748
Starbucks
Corp.
250,000
3.800
08/15/25
243,872
30,000
3.750
12/01/47
22,606
Tapestry,
Inc.
33,000
4.125
07/15/27
30,519
Target
Corp.
550,000
2.250
04/15/25
529,052
Toyota
Motor
Credit
Corp.
40,000
3.650
01/08/29
37,857
300,000
5.550
11/20/30
306,696
Toyota
Motor
Credit
Corp.
,
MTN
300,000
0.800
01/09/26
275,025
100,000
1.150
08/13/27
87,490
80,000
3.375
04/01/30
73,086
Visa,
Inc.
40,000
1.900
04/15/27
36,655
135,000
0.750
08/15/27
118,036
405,000
2.750
09/15/27
379,012
40,000
4.300
12/14/45
35,618
Walmart,
Inc.
100,000
7.550
02/15/30
115,849
500,000
1.800
09/22/31
409,357
200,000
2.650
09/22/51
129,571
Western
Union
Co.
(The)
50,000
1.350
03/15/26
45,199
12,355,870
Consumer
Noncyclical
–
1.6%
Abbott
Laboratories
60,000
3.875
09/15/25
58,929
150,000
4.750
11/30/36
146,506
100,000
6.000
04/01/39
107,393
40,000
4.750
04/15/43
38,296
AbbVie,
Inc.
600,000
2.950
11/21/26
568,099
100,000
4.625
10/01/42
87,847
200,000
4.400
11/06/42
174,899
200,000
4.700
05/14/45
179,714
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Consumer
Noncyclical
–
(continued)
AbbVie,
Inc.
–
(continued)
$
150,000
4.250
%
11/21/49
$
126,742
Agilent
Technologies,
Inc.
100,000
2.750
09/15/29
87,333
Altria
Group,
Inc.
115,000
3.400
05/06/30
102,178
40,000
4.500
05/02/43
31,375
40,000
5.375
01/31/44
38,666
75,000
3.875
09/16/46
52,739
150,000
5.950
02/14/49
146,293
55,000
4.450
05/06/50
41,373
Amgen,
Inc.
200,000
2.600
08/19/26
187,365
200,000
2.200
02/21/27
183,265
500,000
5.250
03/02/33
495,610
400,000
5.600
03/02/43
389,668
200,000
4.663
06/15/51
171,908
Bristol-Myers
Squibb
Co.
300,000
0.750
11/13/25
277,212
300,000
3.200
06/15/26
288,112
50,000
3.250
02/27/27
47,646
500,000
3.550
03/15/42
387,543
Centene
Corp.
400,000
4.250
12/15/27
380,500
Elevance
Health,
Inc.
300,000
5.500
10/15/32
302,156
Eli
Lilly
&
Co.
15,000
3.100
05/15/27
14,220
102,000
3.375
03/15/29
96,116
160,000
3.950
03/15/49
133,181
Equifax,
Inc.
40,000
3.250
06/01/26
37,630
100,000
2.350
09/15/31
79,441
Gilead
Sciences,
Inc.
479,000
2.800
10/01/50
303,658
Johnson
&
Johnson
500,000
2.100
09/01/40
336,753
Kroger
Co.
(The)
25,000
3.875
10/15/46
18,289
Medtronic,
Inc.
50,000
4.375
03/15/35
46,891
Merck
&
Co.,
Inc.
450,000
4.050
05/17/28
438,897
200,000
5.000
05/17/53
192,299
Mylan,
Inc.
150,000
5.400
11/29/43
119,692
135,000
5.200
04/15/48
102,766
Philip
Morris
International,
Inc.
350,000
4.875
02/13/26
347,749
250,000
5.375
02/15/33
246,738
Thermo
Fisher
Scientific,
Inc.
300,000
5.086
08/10/33
298,152
Utah
Acquisition
Sub,
Inc.
75,000
5.250
06/15/46
58,405
Viatris,
Inc.
150,000
2.700
06/22/30
121,251
15,000
4.000
06/22/50
9,666
Walgreens
Boots
Alliance,
Inc.
450,000
3.450
06/01/26
423,974
GOLDMAN
SACHS
ACCESS
U.S.
AGGREGATE
BOND
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Consumer
Noncyclical
–
(continued)
Walgreens
Boots
Alliance,
Inc.
–
(continued)
$
40,000
4.800
%
11/18/44
$
29,684
15,000
4.650
06/01/46
10,710
8,565,529
Consumer
Products
–
0.3%
Clorox
Co.
(The)
347,000
4.600
05/01/32
335,541
Colgate-Palmolive
Co.
,
MTN
40,000
4.000
08/15/45
34,526
15,000
3.700
08/01/47
12,183
Haleon
US
Capital
LLC
250,000
4.000
03/24/52
194,063
Kimberly-Clark
Corp.
415,000
6.625
08/01/37
470,127
Procter
&
Gamble
Co.
(The)
40,000
0.550
10/29/25
36,950
40,000
1.000
04/23/26
36,644
300,000
2.450
11/03/26
282,820
15,000
2.850
08/11/27
14,125
1,416,979
Electric
–
2.1%
AEP
Transmission
Co.
LLC
200,000
5.400
03/15/53
192,739
Alabama
Power
Co.
,
Series
20-A
15,000
1.450
09/15/30
11,801
Alabama
Power
Co.
,
Series
A
100,000
4.300
07/15/48
80,711
Ameren
Illinois
Co.
300,000
4.950
06/01/33
291,420
American
Electric
Power
Co.,
Inc.
400,000
5.625
03/01/33
399,375
Atmos
Energy
Corp.
100,000
2.850
02/15/52
62,915
100,000
5.750
10/15/52
101,965
Berkshire
Hathaway
Energy
Co.
400,000
4.050
04/15/25
392,170
300,000
4.600
05/01/53
246,514
Black
Hills
Corp.
20,000
2.500
06/15/30
16,411
CenterPoint
Energy
Resources
Corp.
400,000
5.250
03/01/28
403,170
Cleco
Corporate
Holdings
LLC
80,000
3.375
09/15/29
68,585
Cleco
Power
LLC
15,000
6.000
12/01/40
13,958
Commonwealth
Edison
Co.
300,000
3.650
06/15/46
223,627
Commonwealth
Edison
Co.
,
Series
123
40,000
3.750
08/15/47
30,157
Consolidated
Edison
Co.
of
New
York,
Inc.
170,000
3.850
06/15/46
128,884
40,000
4.625
12/01/54
33,579
100,000
4.500
05/15/58
80,446
Consolidated
Edison
Co.
of
New
York,
Inc.
,
Series
08-B
10,000
6.750
04/01/38
11,031
Consolidated
Edison
Co.
of
New
York,
Inc.
,
Series
12-A
40,000
4.200
03/15/42
32,703
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Electric
–
(continued)
Consolidated
Edison
Co.
of
New
York,
Inc.
,
Series
A
$
15,000
4.125
%
05/15/49
$
11,756
Constellation
Energy
Generation
LLC
150,000
6.125
01/15/34
154,727
Consumers
Energy
Co.
250,000
4.625
05/15/33
240,485
Dominion
Energy,
Inc.
80,000
4.250
06/01/28
76,446
Dominion
Energy,
Inc.
,
Series
C
300,000
3.375
04/01/30
266,611
DTE
Electric
Co.
150,000
3.950
06/15/42
117,813
15,000
3.700
03/15/45
11,466
DTE
Electric
Co.
,
Series
A
40,000
4.000
04/01/43
32,231
Duke
Energy
Carolinas
LLC
350,000
3.700
12/01/47
256,172
50,000
3.950
03/15/48
38,649
Duke
Energy
Corp.
300,000
3.750
09/01/46
217,073
Duke
Energy
Florida
LLC
25,000
3.400
10/01/46
17,723
Duke
Energy
Indiana
LLC
50,000
6.350
08/15/38
53,278
40,000
6.450
04/01/39
42,477
Duke
Energy
Progress
LLC
100,000
3.450
03/15/29
92,710
200,000
6.300
04/01/38
209,921
15,000
4.100
05/15/42
12,231
Edison
International
485,000
5.750
06/15/27
489,685
Entergy
Corp.
50,000
2.800
06/15/30
42,714
Entergy
Louisiana
LLC
230,000
4.200
04/01/50
181,725
Eversource
Energy
300,000
5.950
02/01/29
306,344
Exelon
Corp.
300,000
5.300
03/15/33
295,523
100,000
4.450
04/15/46
81,417
Georgia
Power
Co.
,
Series
B
400,000
2.650
09/15/29
351,257
15,000
3.700
01/30/50
11,010
Interstate
Power
and
Light
Co.
200,000
2.300
06/01/30
164,731
40,000
3.500
09/30/49
27,690
National
Rural
Utilities
Cooperative
Finance
Corp.
40,000
2.400
03/15/30
33,586
100,000
2.750
04/15/32
81,956
300,000
4.023
11/01/32
266,852
NiSource,
Inc.
300,000
5.250
03/30/28
299,736
Northern
States
Power
Co.
200,000
4.500
06/01/52
171,182
NSTAR
Electric
Co.
15,000
3.200
05/15/27
14,190
100,000
3.950
04/01/30
93,253
Oncor
Electric
Delivery
Co.
LLC
250,000
3.100
09/15/49
167,114
GOLDMAN
SACHS
ACCESS
U.S.
AGGREGATE
BOND
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Electric
–
(continued)
Pacific
Gas
and
Electric
Co.
$
100,000
3.450
%
07/01/25
$
96,038
200,000
2.100
08/01/27
176,381
210,000
4.300
03/15/45
151,644
150,000
4.000
12/01/46
103,124
PacifiCorp
250,000
5.500
05/15/54
216,597
PECO
Energy
Co.
100,000
4.800
10/15/43
88,138
Public
Service
Electric
and
Gas
Co.
,
MTN
100,000
1.900
08/15/31
79,560
300,000
3.800
03/01/46
229,755
100,000
3.000
03/01/51
66,161
Public
Service
Enterprise
Group,
Inc.
40,000
2.450
11/15/31
32,422
Puget
Sound
Energy,
Inc.
205,000
4.223
06/15/48
163,412
Sempra
400,000
3.800
02/01/38
325,064
100,000
4.000
02/01/48
76,466
Southern
California
Edison
Co.
40,000
2.850
08/01/29
35,412
200,000
5.700
03/01/53
193,945
Southern
Co.
(The)
110,000
5.113
08/01/27
108,729
250,000
4.400
07/01/46
205,884
Southern
Co.
(The)
,
Series
21-A
(
US
5
Year
CMT
T-Note
+
2.915%
)
100,000
3.750
09/15/51
(c)
87,721
Southern
Co.
Gas
Capital
Corp.
15,000
3.950
10/01/46
10,948
100,000
4.400
05/30/47
79,334
Tucson
Electric
Power
Co.
300,000
4.850
12/01/48
254,182
Virginia
Electric
and
Power
Co.
,
Series
A
100,000
3.500
03/15/27
95,212
Virginia
Electric
and
Power
Co.
,
Series
B
100,000
6.000
01/15/36
102,943
Virginia
Electric
and
Power
Co.
,
Series
C
150,000
4.000
11/15/46
113,494
Xcel
Energy,
Inc.
400,000
1.750
03/15/27
360,128
11,206,589
Electrical
–
0.0%
Emerson
Electric
Co.
45,000
1.950
10/15/30
37,248
15,000
6.000
08/15/32
15,841
Fortive
Corp.
15,000
4.300
06/15/46
11,876
64,965
Energy
–
1.5%
Baker
Hughes
Holdings
LLC
/
Baker
Hughes
Co.-Obligor,
Inc.
185,000
4.080
12/15/47
147,902
Boardwalk
Pipelines
LP
100,000
4.800
05/03/29
96,113
BP
Capital
Markets
America,
Inc.
300,000
4.234
11/06/28
291,488
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Energy
–
(continued)
Cheniere
Corpus
Christi
Holdings
LLC
$
80,000
5.875
%
03/31/25
$
80,124
40,000
5.125
06/30/27
39,700
300,000
2.742
12/31/39
229,970
Chevron
Corp.
300,000
3.326
11/17/25
292,410
Chevron
USA,
Inc.
200,000
2.343
08/12/50
120,029
ConocoPhillips
Co.
250,000
3.758
03/15/42
198,038
Energy
Transfer
LP
140,000
3.750
05/15/30
125,653
300,000
6.550
12/01/33
314,882
75,000
6.125
12/15/45
72,193
225,000
5.300
04/15/47
195,876
55,000
6.250
04/15/49
54,141
Enterprise
Products
Operating
LLC
100,000
2.800
01/31/30
88,031
160,000
4.850
08/15/42
146,210
100,000
4.800
02/01/49
90,504
60,000
4.200
01/31/50
49,183
15,000
3.950
01/31/60
11,306
Enterprise
Products
Operating
LLC
,
Series
D
80,000
6.875
03/01/33
89,223
EOG
Resources,
Inc.
60,000
3.900
04/01/35
52,825
Exxon
Mobil
Corp.
75,000
2.709
03/06/25
72,821
200,000
2.275
08/16/26
188,159
200,000
4.227
03/19/40
177,928
Halliburton
Co.
50,000
5.000
11/15/45
45,508
Hess
Corp.
120,000
4.300
04/01/27
117,116
55,000
6.000
01/15/40
57,252
75,000
5.600
02/15/41
75,375
100,000
5.800
04/01/47
103,166
Kinder
Morgan
Energy
Partners
LP
300,000
7.300
08/15/33
328,401
Kinder
Morgan,
Inc.
40,000
4.300
06/01/25
39,326
56,000
2.000
02/15/31
44,458
200,000
5.200
03/01/48
172,830
Magellan
Midstream
Partners
LP
300,000
4.200
10/03/47
222,389
MPLX
LP
100,000
4.875
12/01/24
98,896
200,000
1.750
03/01/26
184,415
476,000
2.650
08/15/30
397,425
140,000
4.700
04/15/48
114,005
100,000
5.500
02/15/49
91,003
NOV,
Inc.
15,000
3.950
12/01/42
10,813
Occidental
Petroleum
Corp.
50,000
5.550
03/15/26
49,928
350,000
–
10/10/36
(d)
184,767
ONEOK
Partners
LP
15,000
6.650
10/01/36
15,677
GOLDMAN
SACHS
ACCESS
U.S.
AGGREGATE
BOND
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Energy
–
(continued)
ONEOK,
Inc.
$
80,000
2.200
%
09/15/25
$
75,472
100,000
3.400
09/01/29
89,640
25,000
6.350
01/15/31
25,842
140,000
5.200
07/15/48
123,090
Phillips
66
Co.
250,000
3.550
10/01/26
239,135
Plains
All
American
Pipeline
LP
/
PAA
Finance
Corp.
50,000
4.650
10/15/25
49,014
40,000
4.500
12/15/26
38,846
92,000
3.550
12/15/29
82,405
35,000
6.700
05/15/36
35,136
40,000
6.650
01/15/37
40,964
15,000
4.700
06/15/44
11,805
Sabine
Pass
Liquefaction
LLC
110,000
5.625
03/01/25
110,014
120,000
4.200
03/15/28
114,750
15,000
4.500
05/15/30
14,194
Spectra
Energy
Partners
LP
125,000
3.375
10/15/26
118,221
Targa
Resources
Corp.
300,000
6.150
03/01/29
307,133
Transcontinental
Gas
Pipe
Line
Co.
LLC
50,000
5.400
08/15/41
47,094
40,000
3.950
05/15/50
30,294
Valero
Energy
Corp.
200,000
3.400
09/15/26
189,944
15,000
4.900
03/15/45
13,031
60,000
3.650
12/01/51
41,380
Williams
Cos.,
Inc.
(The)
200,000
3.750
06/15/27
189,919
15,000
6.300
04/15/40
15,609
140,000
4.900
01/15/45
120,580
XTO
Energy,
Inc.
50,000
6.750
08/01/37
56,043
7,757,014
Financial
Company
–
0.2%
Air
Lease
Corp.
300,000
2.200
01/15/27
269,971
Ally
Financial,
Inc.
(
SOFR
+
3.260%
)
100,000
6.992
06/13/29
(c)
98,519
Blackstone
Private
Credit
Fund
150,000
3.250
03/15/27
133,525
GE
Capital
Funding
LLC
300,000
4.550
05/15/32
281,234
GE
Capital
International
Funding
Co
Unlimited
Co.
200,000
4.418
11/15/35
186,486
969,735
Food
and
Beverage
–
0.5%
Coca-Cola
Co.
(The)
50,000
2.250
01/05/32
42,151
593,000
3.000
03/05/51
421,294
Conagra
Brands,
Inc.
100,000
1.375
11/01/27
86,069
Constellation
Brands,
Inc.
40,000
3.150
08/01/29
35,941
291,000
4.750
05/09/32
278,848
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Food
and
Beverage
–
(continued)
Hershey
Co.
(The)
$
40,000
3.375
%
08/15/46
$
29,079
100,000
3.125
11/15/49
69,406
J
M
Smucker
Co.
(The)
40,000
2.125
03/15/32
31,038
15,000
4.375
03/15/45
12,096
100,000
3.550
03/15/50
68,850
Kellanova
100,000
4.500
04/01/46
83,517
Keurig
Dr
Pepper,
Inc.
100,000
4.420
12/15/46
82,220
100,000
4.500
04/15/52
83,384
Kraft
Heinz
Foods
Co.
159,000
3.000
06/01/26
151,052
40,000
3.875
05/15/27
38,395
80,000
3.750
04/01/30
73,466
22,000
5.000
07/15/35
21,126
285,000
5.200
07/15/45
262,202
110,000
4.375
06/01/46
89,565
40,000
4.875
10/01/49
35,047
Molson
Coors
Beverage
Co.
120,000
4.200
07/15/46
95,113
PepsiCo,
Inc.
300,000
3.500
07/17/25
293,118
146,000
2.750
03/19/30
130,393
160,000
4.600
07/17/45
142,565
200,000
4.650
02/15/53
186,540
Sysco
Corp.
80,000
2.400
02/15/30
67,952
2,910,427
Healthcare
–
0.8%
Aetna,
Inc.
40,000
4.750
03/15/44
33,650
Bio-Rad
Laboratories,
Inc.
100,000
3.700
03/15/32
85,473
Cigna
Group
(The)
400,000
4.375
10/15/28
387,846
CVS
Health
Corp.
200,000
3.250
08/15/29
180,169
250,000
3.750
04/01/30
228,382
76,000
1.750
08/21/30
60,646
280,000
4.780
03/25/38
251,362
370,000
5.050
03/25/48
324,127
100,000
4.250
04/01/50
77,882
Elevance
Health,
Inc.
150,000
2.550
03/15/31
124,921
15,000
4.650
08/15/44
13,065
40,000
4.850
08/15/54
32,806
Evernorth
Health,
Inc.
120,000
4.500
02/25/26
118,037
HCA,
Inc.
70,000
5.875
02/15/26
70,087
46,000
5.250
06/15/26
45,620
90,000
5.375
09/01/26
89,649
40,000
4.500
02/15/27
38,850
25,000
5.625
09/01/28
25,130
785,000
5.875
02/01/29
791,869
75,000
4.125
06/15/29
69,628
50,000
3.500
09/01/30
44,028
GOLDMAN
SACHS
ACCESS
U.S.
AGGREGATE
BOND
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Healthcare
–
(continued)
HCA,
Inc.
–
(continued)
$
40,000
5.500
%
06/15/47
$
35,925
Humana,
Inc.
100,000
2.150
02/03/32
78,275
McKesson
Corp.
200,000
3.950
02/16/28
192,696
Quest
Diagnostics,
Inc.
100,000
2.800
06/30/31
83,290
UnitedHealth
Group,
Inc.
190,000
4.625
07/15/35
182,591
190,000
4.750
07/15/45
172,464
450,000
3.750
10/15/47
347,382
25,000
2.900
05/15/50
16,239
300,000
5.200
04/15/63
285,914
4,488,003
Insurance
–
0.8%
Allstate
Corp.
(The)
120,000
3.850
08/10/49
88,779
American
International
Group,
Inc.
100,000
4.750
04/01/48
87,477
American
International
Group,
Inc.
,
Series
A-9
(
3M
USD
LIBOR
+
2.868%
)
140,000
5.750
04/01/48
(c)
131,930
Aon
Global
Ltd.
100,000
4.600
06/14/44
84,706
Arch
Capital
Group
Ltd.
90,000
3.635
06/30/50
64,147
Arch
Capital
Group
US,
Inc.
40,000
5.144
11/01/43
35,572
Assurant,
Inc.
100,000
2.650
01/15/32
76,030
AXIS
Specialty
Finance
LLC
40,000
3.900
07/15/29
36,637
Berkshire
Hathaway
Finance
Corp.
150,000
4.250
01/15/49
129,312
Berkshire
Hathaway,
Inc.
350,000
3.125
03/15/26
337,879
Brighthouse
Financial,
Inc.
40,000
5.625
05/15/30
39,053
75,000
4.700
06/22/47
54,479
Chubb
INA
Holdings,
Inc.
150,000
3.350
05/03/26
144,686
100,000
1.375
09/15/30
78,937
CNO
Financial
Group,
Inc.
200,000
5.250
05/30/29
191,750
Fidelity
National
Financial,
Inc.
230,000
3.400
06/15/30
199,233
Hartford
Financial
Services
Group,
Inc.
(The)
30,000
3.600
08/19/49
21,421
Jackson
Financial,
Inc.
100,000
3.125
11/23/31
79,389
Marsh
&
McLennan
Cos.,
Inc.
100,000
2.375
12/15/31
81,515
100,000
4.350
01/30/47
83,821
MetLife,
Inc.
300,000
5.375
07/15/33
299,043
15,000
4.125
08/13/42
12,093
80,000
4.600
05/13/46
70,232
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Insurance
–
(continued)
Old
Republic
International
Corp.
$
150,000
3.875
%
08/26/26
$
143,322
PartnerRe
Finance
B
LLC
150,000
3.700
07/02/29
136,885
(
US
5
Year
CMT
T-Note
+
3.815%
)
300,000
4.500
10/01/50
(c)
250,270
Progressive
Corp.
(The)
100,000
4.125
04/15/47
81,444
Prudential
Financial,
Inc.
40,000
3.935
12/07/49
30,355
Prudential
Financial,
Inc.
,
MTN
15,000
6.625
06/21/40
15,853
50,000
4.600
05/15/44
43,055
120,000
4.418
03/27/48
98,311
15,000
4.350
02/25/50
11,974
60,000
3.700
03/13/51
44,218
Reinsurance
Group
of
America,
Inc.
430,000
3.900
05/15/29
391,195
Travelers
Cos.,
Inc.
(The)
150,000
3.750
05/15/46
115,319
Voya
Financial,
Inc.
(
3M
USD
LIBOR
+
2.084%
)
40,000
4.700
01/23/48
(c)
32,082
W
R
Berkley
Corp.
40,000
4.750
08/01/44
33,764
Willis
North
America,
Inc.
200,000
5.050
09/15/48
168,921
4,025,089
Media
Non
Cable
–
0.2%
FactSet
Research
Systems,
Inc.
50,000
2.900
03/01/27
46,060
Omnicom
Group,
Inc.
511,000
2.450
04/30/30
428,711
80,000
4.200
06/01/30
74,327
Warnermedia
Holdings,
Inc.
300,000
4.279
03/15/32
264,587
200,000
5.050
03/15/42
164,837
200,000
5.141
03/15/52
160,385
1,138,907
Metals
–
0.2%
Nucor
Corp.
500,000
3.950
05/23/25
489,669
150,000
3.950
05/01/28
143,468
Steel
Dynamics,
Inc.
80,000
3.450
04/15/30
71,200
145,000
3.250
01/15/31
126,694
831,031
Mining
–
0.0%
Freeport-McMoRan,
Inc.
$
200,000
4.125
03/01/28
188,000
REITs
and
Real
Estate
–
0.6%
CBRE
Services,
Inc.
129,000
2.500
04/01/31
103,647
Corporate
Office
Properties
LP
430,000
2.750
04/15/31
331,623
Digital
Realty
Trust
LP
490,000
3.700
08/15/27
463,837
GOLDMAN
SACHS
ACCESS
U.S.
AGGREGATE
BOND
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
REITs
and
Real
Estate
–
(continued)
Equinix,
Inc.
$
95,000
3.000
%
07/15/50
$
58,888
GLP
Capital
LP
/
GLP
Financing
II,
Inc.
90,000
5.250
06/01/25
88,597
40,000
5.750
06/01/28
39,639
50,000
5.300
01/15/29
47,667
216,000
4.000
01/15/30
189,872
51,000
4.000
01/15/31
43,582
Mid-America
Apartments
LP
100,000
2.875
09/15/51
60,570
Prologis
LP
80,000
4.000
09/15/28
76,332
200,000
2.250
04/15/30
167,682
40,000
1.250
10/15/30
30,898
120,000
2.125
10/15/50
64,301
Realty
Income
Corp.
200,000
5.625
10/13/32
201,036
Sabra
Health
Care
LP
85,000
5.125
08/15/26
82,371
100,000
3.200
12/01/31
78,633
Simon
Property
Group
LP
140,000
2.450
09/13/29
119,861
70,000
2.200
02/01/31
56,179
10,000
6.750
02/01/40
10,585
190,000
5.850
03/08/53
185,080
UDR,
Inc.
,
MTN
100,000
1.900
03/15/33
72,906
Vornado
Realty
LP
220,000
3.500
01/15/25
210,737
Welltower
OP
LLC
200,000
4.000
06/01/25
195,254
200,000
4.250
04/15/28
191,250
3,171,027
Revenue
–
0.1%
California
Institute
of
Technology
15,000
3.650
09/01/19
9,510
Hackensack
Meridian
Health,
Inc.
,
Series
2020
15,000
2.675
09/01/41
10,018
Stanford
Health
Care
100,000
3.027
08/15/51
65,855
University
of
Chicago
(The)
,
Series
20B
40,000
2.761
04/01/45
28,137
Yale
University
,
Series
2020
190,000
1.482
04/15/30
154,936
80,000
2.402
04/15/50
48,837
317,293
Software
–
0.3%
Oracle
Corp.
800,000
2.300
03/25/28
710,684
500,000
4.900
02/06/33
480,841
300,000
3.600
04/01/40
228,210
500,000
4.000
07/15/46
380,881
Salesforce,
Inc.
20,000
2.900
07/15/51
13,288
1,813,904
Technology
–
2.0%
Adobe,
Inc.
40,000
2.300
02/01/30
35,056
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Technology
–
(continued)
Alphabet,
Inc.
$
150,000
2.250
%
08/15/60
$
87,730
Apple,
Inc.
50,000
3.200
05/13/25
48,731
200,000
4.421
05/08/26
198,680
230,000
2.450
08/04/26
217,196
15,000
3.350
02/09/27
14,416
15,000
3.200
05/11/27
14,340
60,000
2.900
09/12/27
56,455
40,000
1.650
02/08/31
32,663
45,000
4.500
02/23/36
44,623
80,000
3.850
05/04/43
68,534
80,000
4.450
05/06/44
74,432
100,000
3.450
02/09/45
79,113
300,000
4.650
02/23/46
285,676
50,000
4.250
02/09/47
44,830
50,000
3.750
11/13/47
41,073
300,000
2.650
02/08/51
195,596
160,000
2.550
08/20/60
100,238
Applied
Materials,
Inc.
125,000
3.900
10/01/25
122,271
256,000
3.300
04/01/27
244,030
Broadcom
Corp.
/
Broadcom
Cayman
Finance
Ltd.
500,000
3.875
01/15/27
480,238
Broadcom,
Inc.
300,000
4.110
09/15/28
287,097
90,000
3.469
04/15/34
(e)
74,718
60,000
3.187
11/15/36
(e)
46,072
160,000
3.500
02/15/41
(e)
120,103
Corning,
Inc.
125,000
5.350
11/15/48
115,725
45,000
4.375
11/15/57
35,690
Dell
International
LLC
/
EMC
Corp.
500,000
6.020
06/15/26
505,230
485,000
4.900
10/01/26
478,594
440,000
5.250
02/01/28
442,164
240,000
5.750
02/01/33
243,388
Fiserv,
Inc.
500,000
3.200
07/01/26
474,811
175,000
4.400
07/01/49
144,472
Hewlett
Packard
Enterprise
Co.
100,000
6.350
10/15/45
102,108
Intel
Corp.
500,000
4.875
02/10/28
500,114
440,000
5.700
02/10/53
447,501
International
Business
Machines
Corp.
750,000
4.500
02/06/26
740,742
15,000
5.875
11/29/32
15,906
150,000
4.150
05/15/39
129,149
250,000
4.000
06/20/42
206,952
Jabil,
Inc.
80,000
3.600
01/15/30
70,619
KLA
Corp.
60,000
3.300
03/01/50
42,924
Kyndryl
Holdings,
Inc.
266,000
2.700
10/15/28
225,716
100,000
3.150
10/15/31
79,608
70,000
4.100
10/15/41
49,251
GOLDMAN
SACHS
ACCESS
U.S.
AGGREGATE
BOND
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Technology
–
(continued)
Lam
Research
Corp.
$
40,000
3.125
%
06/15/60
$
25,368
Leidos,
Inc.
100,000
4.375
05/15/30
93,125
Meta
Platforms,
Inc.
300,000
4.950
05/15/33
298,155
Microsoft
Corp.
65,000
3.300
02/06/27
62,567
15,000
3.500
02/12/35
13,697
143,000
4.200
11/03/35
138,017
220,000
4.250
02/06/47
202,821
300,000
2.525
06/01/50
193,314
200,000
4.000
02/12/55
169,644
20,000
2.675
06/01/60
12,637
Motorola
Solutions,
Inc.
564,000
2.750
05/24/31
464,772
NVIDIA
Corp.
250,000
3.500
04/01/50
193,363
QUALCOMM,
Inc.
250,000
4.300
05/20/47
215,147
VeriSign,
Inc.
350,000
2.700
06/15/31
287,438
10,434,640
Transportation
–
0.3%
Burlington
Northern
Santa
Fe
LLC
350,000
5.200
04/15/54
339,270
CSX
Corp.
250,000
4.100
11/15/32
233,108
100,000
4.500
11/15/52
85,510
FedEx
Corp.
40,000
3.900
02/01/35
34,601
300,000
4.750
11/15/45
259,669
40,000
4.400
01/15/47
32,557
40,000
4.950
10/17/48
35,597
Union
Pacific
Corp.
40,000
3.700
03/01/29
38,028
300,000
4.500
01/20/33
288,517
70,000
4.050
03/01/46
55,745
10,000
4.500
09/10/48
8,506
80,000
3.799
10/01/51
62,119
60,000
3.839
03/20/60
44,809
15,000
3.750
02/05/70
10,610
Union
Pacific
Railroad
Co.
Pass-Through
Trust
,
Series
2015-1
181,330
2.695
05/12/27
167,256
1,695,902
Water
–
0.0%
Essential
Utilities,
Inc.
100,000
3.351
04/15/50
66,150
Wireless
–
1.1%
American
Tower
Corp.
200,000
3.375
10/15/26
188,764
450,000
3.600
01/15/28
418,311
40,000
3.950
03/15/29
37,064
100,000
3.700
10/15/49
69,908
20,000
3.100
06/15/50
12,648
AT&T,
Inc.
50,000
1.650
02/01/28
43,736
320,000
2.750
06/01/31
269,354
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Wireless
–
(continued)
AT&T,
Inc.
–
(continued)
$
395,000
2.250
%
02/01/32
$
313,695
250,000
4.500
05/15/35
226,058
400,000
3.500
06/01/41
299,432
140,000
3.650
06/01/51
97,898
100,000
3.300
02/01/52
66,289
300,000
3.500
09/15/53
199,409
310,000
3.550
09/15/55
205,273
T-Mobile
USA,
Inc.
400,000
3.750
04/15/27
381,587
50,000
4.750
02/01/28
49,062
300,000
4.950
03/15/28
297,873
340,000
4.500
04/15/50
283,577
100,000
5.650
01/15/53
98,080
Verizon
Communications,
Inc.
500,000
0.850
11/20/25
460,127
450,000
3.000
03/22/27
423,108
500,000
2.355
03/15/32
400,098
290,000
3.400
03/22/41
220,323
540,000
3.550
03/22/51
389,645
300,000
2.987
10/30/56
185,236
40,000
3.700
03/22/61
28,198
5,664,753
TOTAL
CORPORATE
OBLIGATIONS
(Cost
$123,738,692)
114,178,511
a
U.S.
Treasury
Bonds
–
10.5%
U.S.
Treasury
Bonds
4,741,000
4.500
(a)
02/15/36
4,819,744
7,914,000
4.375
(a)
02/15/38
7,845,962
7,793,000
3.875
(a)
08/15/40
7,094,752
21,584,000
2.500
(a)
02/15/45
15,150,111
12,003,000
2.500
(a)
05/15/46
8,307,092
19,425,000
2.250
(a)
02/15/52
12,379,857
TOTAL
U.S.
TREASURY
BONDS
(Cost
$65,155,076)
55,597,518
a
Foreign
Corporate
Debt
–
5.3%
Banks
–
2.5%
Banco
Bilbao
Vizcaya
Argentaria
SA
(
Spain
)
200,000
1.125
09/18/25
184,265
Banco
Santander
SA
(
Spain
)
200,000
1.849
03/25/26
182,404
200,000
3.800
02/23/28
184,049
Bank
of
Montreal
(
Canada
)
400,000
5.300
06/05/26
399,610
Bank
of
Nova
Scotia
(The)
(
Canada
)
500,000
5.250
06/12/28
497,066
Barclays
PLC
(
United
Kingdom
)
200,000
4.375
09/11/24
196,703
200,000
5.200
05/12/26
195,128
(
US
1
Year
CMT
T-Note
+
3.050%
)
300,000
7.325
11/02/26
(c)
306,452
(
US
1
Year
CMT
T-Note
+
3.000%
)
300,000
5.746
08/09/33
(c)
289,044
GOLDMAN
SACHS
ACCESS
U.S.
AGGREGATE
BOND
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Foreign
Corporate
Debt
–
(continued)
Banks
–
(continued)
Canadian
Imperial
Bank
of
Commerce
(
Canada
)
$
300,000
5.926
%
10/02/26
$
304,627
Cooperatieve
Rabobank
UA
(
Netherlands
)
300,000
5.500
10/05/26
302,480
Deutsche
Bank
AG
(
Germany
)
(
SOFR
+
1.318%
)
500,000
2.552
01/07/28
(c)
447,698
Export-Import
Bank
of
China
(The)
(
China
)
400,000
3.625
07/31/24
(e)
395,102
Export-Import
Bank
of
Korea
(
South
Korea
)
340,000
2.625
05/26/26
320,041
270,000
1.250
09/21/30
211,515
300,000
2.500
06/29/41
205,692
HSBC
Holdings
PLC
(
United
Kingdom
)
(
SOFR
+
3.030%
)
500,000
7.336
11/03/26
(c)
515,003
400,000
4.950
03/31/30
388,438
(
SOFR
+
2.390%
)
400,000
6.254
03/09/34
(c)
407,327
(
SOFR
+
2.650%
)
200,000
6.332
03/09/44
(c)
203,680
ING
Groep
NV
(
Netherlands
)
354,000
4.550
10/02/28
340,116
Japan
Bank
for
International
Cooperation
(
Japan
)
400,000
0.625
07/15/25
372,279
Korea
Development
Bank
(The)
(
South
Korea
)
270,000
0.800
07/19/26
241,229
340,000
4.375
02/15/33
320,924
Kreditanstalt
fuer
Wiederaufbau
(
Germany
)
500,000
0.375
07/18/25
465,479
Landwirtschaftliche
Rentenbank
(
Germany
)
70,000
0.875
03/30/26
64,212
Lloyds
Banking
Group
PLC
(
United
Kingdom
)
(
US
1
Year
CMT
T-Note
+
1.480%
)
280,000
5.985
08/07/27
(c)
281,060
300,000
4.375
03/22/28
284,427
Mitsubishi
UFJ
Financial
Group,
Inc.
(
Japan
)
500,000
2.193
02/25/25
479,460
(
US
1
Year
CMT
T-Note
+
1.950%
)
500,000
5.017
07/20/28
(c)
491,598
(
US
1
Year
CMT
T-Note
+
1.970%
)
400,000
5.406
04/19/34
(c)
396,049
Mizuho
Financial
Group,
Inc.
(
Japan
)
(
US
1
Year
CMT
T-Note
+
0.750%
)
200,000
1.554
07/09/27
(c)
179,846
400,000
3.170
09/11/27
368,987
NatWest
Group
PLC
(
United
Kingdom
)
(
US
5
Year
CMT
T-Note
+
2.350%
)
300,000
3.032
11/28/35
(c)
235,563
Royal
Bank
of
Canada
(
Canada
)
285,000
3.875
05/04/32
254,920
Royal
Bank
of
Canada
,
GMTN
(
Canada
)
300,000
5.200
07/20/26
299,732
520,000
2.300
11/03/31
418,209
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Foreign
Corporate
Debt
–
(continued)
Banks
–
(continued)
Santander
UK
Group
Holdings
PLC
(
United
Kingdom
)
(
SOFR
+
1.475%
)
$
340,000
2.896
%
03/15/32
(c)
$
275,402
Svensk
Exportkredit
AB
,
GMTN
(
Sweden
)
200,000
0.375
07/30/24
193,477
200,000
0.625
05/14/25
187,516
Toronto-Dominion
Bank
(The)
,
MTN
(
Canada
)
500,000
5.532
07/17/26
502,597
Westpac
Banking
Corp.
(
Australia
)
200,000
2.850
05/13/26
189,976
75,000
3.350
03/08/27
70,854
40,000
2.150
06/03/31
32,632
100,000
2.963
11/16/40
64,076
340,000
3.133
11/18/41
220,743
(
US
5
Year
CMT
T-Note
+
1.350%
)
50,000
2.894
02/04/30
(c)
47,503
(
US
5
Year
CMT
T-Note
+
2.000%
)
10,000
4.110
07/24/34
(c)
8,790
(
US
5
Year
CMT
T-Note
+
1.530%
)
100,000
3.020
11/18/36
(c)
77,591
13,501,571
Brokerage
–
0.1%
Brookfield
Finance,
Inc.
(
Canada
)
150,000
4.350
04/15/30
138,242
15,000
3.500
03/30/51
9,889
Nomura
Holdings,
Inc.
(
Japan
)
300,000
5.709
01/09/26
300,468
448,599
Capital
Goods
–
0.0%
Johnson
Controls
International
PLC
100,000
4.500
02/15/47
83,274
Communications
–
0.0%
RELX
Capital,
Inc.
100,000
3.000
05/22/30
88,417
Consumer
Cyclical
–
0.1%
Honda
Motor
Co.
Ltd.
400,000
2.534
03/10/27
370,111
Consumer
Noncyclical
–
0.3%
Ahold
Finance
USA
LLC
(
Netherlands
)
360,000
6.875
05/01/29
387,089
BAT
Capital
Corp.
(
United
Kingdom
)
100,000
3.462
09/06/29
88,996
80,000
3.984
09/25/50
53,863
140,000
5.650
03/16/52
119,235
BAT
International
Finance
PLC
(
United
Kingdom
)
50,000
1.668
03/25/26
45,903
GlaxoSmithKline
Capital,
Inc.
(
United
Kingdom
)
200,000
6.375
05/15/38
222,754
Novartis
Capital
Corp.
(
Switzerland
)
300,000
2.000
02/14/27
276,235
Reynolds
American,
Inc.
(
United
Kingdom
)
250,000
5.850
08/15/45
219,077
GOLDMAN
SACHS
ACCESS
U.S.
AGGREGATE
BOND
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Foreign
Corporate
Debt
–
(continued)
Consumer
Noncyclical
–
(continued)
Takeda
Pharmaceutical
Co.
Ltd.
(
Japan
)
$
250,000
2.050
%
03/31/30
$
205,787
1,618,939
Electric
–
0.0%
Emera  U.S.
Finance
LP
50,000
4.750
06/15/46
38,375
Energy
–
0.4%
BP
Capital
Markets
PLC
(
United
Kingdom
)
300,000
3.279
09/19/27
283,970
Canadian
Natural
Resources
Ltd.
(
Canada
)
85,000
6.250
03/15/38
85,238
Canadian
Natural
Resources
Ltd.
,
GMTN
(
Canada
)
100,000
4.950
06/01/47
85,650
Cenovus
Energy,
Inc.
(
Canada
)
100,000
2.650
01/15/32
80,193
19,000
5.250
06/15/37
17,347
Enbridge,
Inc.
(
Canada
)
110,000
3.125
11/15/29
97,741
200,000
6.200
11/15/30
208,294
15,000
5.500
12/01/46
13,811
100,000
3.400
08/01/51
66,785
(
3M
U.S.
T-Bill
MMY
+
3.903%
)
15,000
6.250
03/01/78
(c)
13,425
Shell
International
Finance
BV
(
Netherlands
)
55,000
3.250
05/11/25
53,587
75,000
4.375
05/11/45
64,901
462,000
4.000
05/10/46
376,837
TotalEnergies
Capital
International
SA
(
France
)
250,000
2.434
01/10/25
242,810
185,000
3.455
02/19/29
173,725
200,000
2.829
01/10/30
178,236
100,000
3.127
05/29/50
68,824
2,111,374
Financial
Company
–
0.1%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
455,000
3.300
01/30/32
377,804
Food
and
Beverage
–
0.2%
Anheuser-Busch
Cos.
LLC
/
Anheuser-Busch
InBev
Worldwide,
Inc.
(
Belgium
)
180,000
4.900
02/01/46
166,298
Anheuser-Busch
InBev
Finance,
Inc.
(
Belgium
)
55,000
4.700
02/01/36
52,485
100,000
4.900
02/01/46
92,532
Anheuser-Busch
InBev
Worldwide,
Inc.
(
Belgium
)
300,000
3.500
06/01/30
277,419
46,000
4.375
04/15/38
41,589
40,000
4.600
04/15/48
35,697
40,000
5.550
01/23/49
40,887
300,000
4.500
06/01/50
265,163
90,000
4.750
04/15/58
80,076
1,052,146
Insurance
–
0.1%
Fairfax
Financial
Holdings
Ltd.
400,000
3.375
03/03/31
337,884
Internet
–
0.0%
JD.com,
Inc.
200,000
3.875
04/29/26
192,958
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Foreign
Corporate
Debt
–
(continued)
Lodging
–
0.1%
Sands
China
Ltd.
$
340,000
3.500
%
08/08/31
$
270,725
Media
–
0.0%
Grupo
Televisa
SAB
100,000
6.625
03/18/25
101,116
Mining
–
0.0%
Southern
Copper
Corp.
(
Mexico
)
55,000
3.875
04/23/25
53,379
100,000
5.875
04/23/45
95,398
Teck
Resources
Ltd.
(
Canada
)
40,000
6.250
07/15/41
39,112
187,889
Multi-National
–
0.8%
Asian
Development
Bank
,
GMTN
(
Supranational
)
400,000
0.625
10/08/24
384,885
400,000
1.000
04/14/26
367,853
400,000
2.625
01/12/27
378,262
400,000
2.750
01/19/28
374,576
European
Investment
Bank
(
Supranational
)
400,000
0.375
03/26/26
363,652
400,000
3.875
03/15/28
387,320
Inter-American
Development
Bank
,
GMTN
(
Supranational
)
300,000
1.750
03/14/25
287,827
400,000
2.000
06/02/26
375,348
International
Bank
for
Reconstruction
&
Development
,
Series
GDIF
(
Supranational
)
400,000
2.500
07/29/25
385,215
International
Finance
Corp.
,
GMTN
(
Supranational
)
400,000
3.625
09/15/25
391,834
400,000
0.750
10/08/26
360,185
4,056,957
Oil
Company-Integrated
–
0.2%
Petroleos
Mexicanos
(
Mexico
)
225,000
6.875
08/04/26
211,751
100,000
5.350
02/12/28
83,104
250,000
5.950
01/28/31
187,229
250,000
10.000
02/07/33
232,836
140,000
6.950
01/28/60
85,589
QatarEnergy
(
Qatar
)
400,000
3.300
07/12/51
(e)
268,330
Saudi
Arabian
Oil
Co.
(
Saudi
Arabia
)
300,000
2.250
11/24/30
(e)
248,118
1,316,957
Pharmaceuticals
–
0.1%
Astrazeneca
Finance
LLC
350,000
2.250
05/28/31
290,890
Technology
–
0.1%
NXP
BV
/
NXP
Funding
LLC
(
China
)
40,000
5.350
03/01/26
39,849
NXP
BV
/
NXP
Funding
LLC
/
NXP
USA,
Inc.
(
China
)
120,000
3.400
05/01/30
105,926
184,000
2.500
05/11/31
149,735
315,000
5.000
01/15/33
301,387
596,897
Telecommunications
–
0.1%
America
Movil
SAB
de
CV
(
Mexico
)
280,000
3.625
04/22/29
257,662
GOLDMAN
SACHS
ACCESS
U.S.
AGGREGATE
BOND
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Foreign
Corporate
Debt
–
(continued)
Telecommunications
–
(continued)
America
Movil
SAB
de
CV
(Mexico)
–
(continued)
$
200,000
2.875
%
05/07/30
$
172,593
430,255
Transportation
–
0.0%
Canadian
Pacific
Railway
Co.
250,000
2.450
12/02/31
227,603
Wirelines
–
0.1%
Bell
Telephone
Co.
of
Canada
or
Bell
Canada
(
Canada
)
80,000
4.300
07/29/49
63,808
Deutsche
Telekom
International
Finance
BV
(
Germany
)
15,000
8.750
06/15/30
17,748
Orange
SA
(
France
)
140,000
9.000
03/01/31
169,719
Telefonica
Emisiones
SA
(
Spain
)
260,000
4.895
03/06/48
212,244
Telefonica
Europe
BV
(
Spain
)
50,000
8.250
09/15/30
57,455
520,974
TOTAL
FOREIGN
CORPORATE
DEBT
(Cost
$29,697,367)
28,221,715
a
Sovereign
Debt
Obligations
–
2.0%
Sovereign
–
2.0%
Abu
Dhabi
Government
International
Bond
340,000
2.125
09/30/24
(e)
330,104
200,000
2.500
04/16/25
(e)
192,385
200,000
1.625
06/02/28
(e)
176,013
200,000
2.700
09/02/70
(e)
114,331
Chile
Government
International
Bond
400,000
2.750
01/31/27
372,384
200,000
2.450
01/31/31
169,149
200,000
3.500
01/25/50
142,456
China
Government
International
Bond
200,000
0.750
10/26/24
(e)
192,324
Colombia
Government
International
Bond
200,000
3.875
04/25/27
186,443
200,000
4.500
03/15/29
180,330
100,000
6.125
01/18/41
84,064
220,000
5.000
06/15/45
156,664
Hungary
Government
International
Bond
300,000
6.125
05/22/28
(e)
305,449
Indonesia
Government
International
Bond
200,000
3.850
10/15/30
186,002
200,000
4.650
09/20/32
192,403
300,000
4.850
01/11/33
294,139
200,000
5.650
01/11/53
202,374
Israel
Government
International
Bond
200,000
4.500
01/17/33
183,171
Malaysia
Sovereign
Sukuk
Bhd
300,000
3.043
04/22/25
(e)
292,091
Mexico
Government
International
Bond
400,000
4.150
03/28/27
391,216
250,000
3.250
04/16/30
220,964
340,000
4.750
04/27/32
318,337
250,000
3.500
02/12/34
204,977
320,000
3.771
05/24/61
205,035
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Sovereign
Debt
Obligations
–
(continued)
Sovereign
–
(continued)
Panama
Government
International
Bond
$
250,000
6.700
%
01/26/36
$
239,375
360,000
4.500
04/01/56
230,850
200,000
4.500
01/19/63
125,000
Perusahaan
Penerbit
SBSN
Indonesia
III
400,000
4.550
03/29/26
(e)
395,500
200,000
2.800
06/23/30
(e)
173,855
200,000
2.550
06/09/31
(e)
167,640
Peruvian
Government
International
Bond
140,000
2.783
01/23/31
118,584
290,000
1.862
12/01/32
219,219
100,000
8.750
11/21/33
122,631
100,000
3.300
03/11/41
73,472
Philippine
Government
International
Bond
200,000
3.750
01/14/29
189,214
400,000
2.457
05/05/30
343,059
220,000
5.609
04/13/33
226,769
250,000
6.375
10/23/34
272,051
Province
of
Alberta
Canada
50,000
3.300
03/15/28
47,452
Province
of
Ontario
Canada
30,000
1.050
05/21/27
26,594
30,000
1.600
02/25/31
24,432
Province
of
Quebec
Canada
90,000
0.600
07/23/25
83,823
25,000
2.750
04/12/27
23,572
Qatar
Government
International
Bond
280,000
3.400
04/16/25
(e)
272,687
270,000
3.750
04/16/30
(e)
256,566
200,000
4.817
03/14/49
(e)
178,526
Republic
of
Poland
Government
International
Bond
30,000
3.250
04/06/26
28,847
100,000
5.750
11/16/32
103,955
Romanian
Government
International
Bond
16,000
3.000
02/14/31
(e)
12,996
50,000
5.125
06/15/48
(e)
40,018
Saudi
Government
International
Bond
300,000
2.900
10/22/25
(e)
287,454
300,000
4.750
01/18/28
(e)
298,009
500,000
4.875
07/18/33
(e)
491,609
300,000
5.000
01/18/53
(e)
258,686
Uruguay
Government
International
Bond
15,000
4.375
01/23/31
14,644
250,000
5.100
06/18/50
236,719
TOTAL
SOVEREIGN
DEBT
OBLIGATIONS
(Cost
$11,761,308)
10,876,613
a
U.S.
Treasury
Obligations
–
4.1%
a
U.S.
Treasury
Bonds
15,297,000
2.750
(a)
08/15/42
11,569,087
4,880,000
2.375
(a)
11/15/49
3,229,000
11,822,000
2.000
(a)
02/15/50
7,149,772
TOTAL
U.S.
TREASURY
OBLIGATIONS
(Cost
$26,333,684)
21,947,859
GOLDMAN
SACHS
ACCESS
U.S.
AGGREGATE
BOND
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Additional
Investment
Information 
**End
swaps
header**
Shares
Dividend
Rate
Value
aa
a
Investment
Company
–
4.1%
(f)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
21,717,420
5.259%
$
21,717,420
(Cost
$21,717,420)
TOTAL
INVESTMENTS
–
108.2%
(Cost
$603,854,368)
$
574,161,462
LIABILITIES
IN
EXCESS
OF
OTHER
ASSETS
–
(8.2)%
(43,457,248)
NET
ASSETS
–
100.0%
$
530,704,214
  a
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.
(b)
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
$55,161,328
which
represents
approximately
10.4%
of
the
Fund’s
net
assets
as
of
November
30,
2023.
(c)
Variable
rate
security.
Interest
rate
or
distribution
rate
disclosed
is
that
which
is
in
effect
on
November
30,
2023.
(d)
Issued
with
a
zero
coupon.
Income
is
recognized
through
the
accretion
of
discount.
(e)
Exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
(f)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
CMT
—
Constant
Maturity
Treasury
Index
FNMA
—
Federal
National
Mortgage
Association
GMTN
—
Global
Medium
Term
Note
LIBOR
—
London
Interbank
Offered
Rate
LP
—
Limited
Partnership
MMY
—
Money
Market
Yield
MTN
—
Medium
Term
Note
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
SOFR
—
Secured
Overnight
Financing
Rate
T-Bill
—
Treasury
Bill
FORWARD
SALES
CONTRACTS
—
At
November
30,
2023,
the
Fund
had
the
following
forward
sales
contracts:
Description
Interest
Rate
Maturity
Date
 (a)
Settlement
Date
Principal
Amount
Value
FNMA
2.000
%
TBA-30yr
12/01/53
$
(12,000,000)
$
(9,325,312)
FNMA
2.500
TBA-30yr
12/01/53
(2,000,000)
(1,621,250)
FNMA
5.000
TBA-30yr
12/01/53
(15,000,000)
(14,441,016)
Total
(Proceed
Receivable
$24,934,453)
$
(25,387,578)
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
FIXED
INCOME
ETFS
Schedule
of
Investments
November
30,
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.
With
respect
to
a
Fund’s
investments
that
do
not
have
readily
available
market
quotations,
the
Trustees
have
designated
the
Advisor
as
the
valuation
designee
to
perform
fair
valuations
pursuant
to
Rule
2a-5
under
the
Act
(the
“Valuation
Designee”.)
GSAM
has
day-to-day
responsibility
for
implementing
and
maintaining
internal
controls
and
procedures
related
to
the
valuation
of
the
Funds’
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.
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.
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.
GOLDMAN
SACHS
ACCESS
FIXED
INCOME
ETFS
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Stripped
mortgage-backed
securities
are
usually
structured
with
two
different
classes:
one
that
receives
substantially
all
interest
payments
(interest-only,
or
“IO”
and/or
high
coupon
rate
with
relatively
low
principal
amount,
or
“IOette”),
and
the
other
that
receives
substantially
all
principal
payments
(principal-only,
or
“PO”)
from
a
pool
of
mortgage
loans.
Little
to
no
principal
will
be
received
at
the
maturity
of
an
IO;
as
a
result,
periodic
adjustments
are
recorded
to
reduce
the
cost
of
the
security
until
maturity.
These
adjustments
are
included
in
interest
income.
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.
Level
3
Fair
Value
Investments
—
To
the
extent
that
significant
inputs
to
valuation
models
and
other
alternative
pricing
sources
are
unobservable,
or
if
quotations
are
not
readily
available,
or
if
GSAM
believes
that
such
quotations
do
not
accurately
reflect
fair
value,
the
fair
value
of
a
Fund’s
investments
may
be
determined
under
Valuation
Procedures
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.
Fair
Value
Hierarchy
—
The
following
is
a
summary
of
the
Funds’
investments
classified
in
the
fair
value
hierarchy
as
of
November
30,
2023:
Access
Emerging
Markets
USD
Bond
ETF
Investment
Type
Level
1
Level
2
Level
3
Assets
Fixed
Income
Corporate
Obligations
$
—
$
7,713,347
$
—
Sovereign
Debt
Obligations
—
44,488,395
—
Investment
Company
223,956
—
—
Total
$
223,956
$
52,201,742
$
—
€
1.00
€
1.00
€
1.00
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
GOLDMAN
SACHS
ACCESS
FIXED
INCOME
ETFS
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
€
1.00
€
1.00
€
1.00
Access
High
Yield
Corporate
Bond
ETF
Investment
Type
Level
1
Level
2
Level
3
Assets
Fixed
Income
Corporate
Obligations
$
—
$
94,493,547
$
—
Foreign
Corporate
Debt
—
6,616,965
—
Investment
Company
860,494
—
—
Total
$
860,494
$
101,110,512
$
—
€
1.00
€
1.00
€
1.00
1.00
1.00
1.00
Access
Inflation
Protected
USD
Bond
ETF
Investment
Type
Level
1
Level
2
Level
3
Assets
Fixed
Income
U.S.
Treasury
Inflation
Indexed
Bond
$
98,827,514
$
—
$
—
Investment
Company
297,644
—
—
Total
$
99,125,158
$
—
$
—
€
1.00
€
1.00
€
1.00
1.00
1.00
1.00
Access
Investment
Grade
Corporate
1-5
Year
Bond
ETF
Investment
Type
Level
1
Level
2
Level
3
Assets
Fixed
Income
Corporate
Obligations
$
—
$
9,477,986
$
—
Foreign
Corporate
Debt
—
1,921,385
—
Investment
Company
33,925
—
—
Total
$
33,925
$
11,399,371
$
—
€
1.00
€
1.00
€
1.00
1.00
1.00
1.00
Access
Investment
Grade
Corporate
Bond
ETF
Investment
Type
Level
1
Level
2
Level
3
Assets
Fixed
Income
Corporate
Obligations
$
—
$
506,864,535
$
—
Foreign
Corporate
Debt
—
117,065,377
—
Investment
Company
2,975,695
—
—
Total
$
2,975,695
$
623,929,912
$
—
€
1.00
€
1.00
€
1.00
1.00
1.00
1.00
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
GOLDMAN
SACHS
ACCESS
FIXED
INCOME
ETFS
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
For
further
information
regarding
security
characteristics,
see
the
Schedules
of
Investments.
The
Funds’
risks
include,
but
are
not
limited
to,
the
following:
Industry
Concentration
Risk
—
In
following
its
methodology,
the
Index
from
time
to
time
may
be
concentrated
to
a
significant
degree
in
securities
of
issuers
located
in
a
single
industry
or
group
of
industries.
To
the
extent
that
the
Index
concentrates
in
the
securities
of
issuers
in
a
particular
industry
or
group
of
industries,
the
Fund
also
may
concentrate
its
investments
to
approximately
the
same
extent.
By
concentrating
its
investments
in
an
industry
or
group
of
industries,
the
Fund
may
face
more
risks
than
if
it
were
diversified
broadly
over
numerous
industries
or
groups
of
industries.
If
the
Index
is
not
concentrated
in
a
particular
industry
or
group
of
industries,
the
Fund
will
not
concentrate
in
a
particular
industry
or
group
of
industries.
Access
Treasury
0-1
Year
ETF
Investment
Type
Level
1
Level
2
Level
3
Assets
Fixed
Income
U.S.
Treasury
Bills
$
5,096,317,215
$
—
$
—
U.S.
Treasury
Notes
466,069,078
—
—
Total
$
5,562,386,293
$
—
$
—
€
1.00
€
1.00
€
1.00
1.00
1.00
1.00
Access
Ultra
Short
Bond
ETF
Investment
Type
Level
1
Level
2
Level
3
Assets
Fixed
Income
Asset-Backed
Securities
$
—
$
155,430,977
$
—
Certificate
of
Deposit
—
15,735,289
—
Corporate
Obligations
—
109,386,432
—
Foreign
Corporate
Debt
—
133,530,052
—
Mortgage-Backed
Securities
—
127,866,741
—
U.S.
Government
Agency
Obligations
—
111,956
—
U.S.
Treasury
Notes
30,481,621
—
—
Short-Term
Investment
—
38,084,396
—
Investment
Company
3,232,313
—
—
Total
$
33,713,934
$
580,145,843
$
—
€
1.00
€
1.00
€
1.00
1.00
1.00
1.00
Access
U.S.
Aggregate
Bond
ETF
Investment
Type
Level
1
Level
2
Level
3
Assets
Fixed
Income
Corporate
Obligations
$
—
$
114,178,511
$
—
Foreign
Corporate
Debt
—
28,221,715
—
Mortgage-Backed
Securities
—
158,414,064
—
Sovereign
Debt
Obligations
205,873
10,670,740
—
U.S.
Treasury
Bonds
55,597,518
—
—
U.S.
Treasury
Notes
163,207,762
—
—
U.S.
Treasury
Obligations
21,947,859
—
—
Investment
Company
21,717,420
—
—
Total
$
262,676,432
$
311,485,030
$
—
Liabilities
Fixed
Income
Forward
Sales
Contracts
$
—
$
(25,387,578)
$
—
€
1.00
€
1.00
€
1.00
1.00
1.00
1.00
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
GOLDMAN
SACHS
ACCESS
FIXED
INCOME
ETFS
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
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.
Large
Shareholder
Transactions
Risk
–
A
Fund
may
experience
adverse
effects
when
certain
large
shareholders,
such
as
other
funds,
institutional
investors
(including
those
trading
by
use
of
non-discretionary
mathematical
formulas),
financial
intermediaries
(who
may
make
investment
decisions
on
behalf
of
underlying
clients
and/or
include
a
Fund
in
their
investment
model),
individuals,
accounts
and
Goldman
Sachs
affiliates,
purchase
or
redeem
large
amounts
of
shares
of
a
Fund.
Such
large
shareholder
redemptions,
which
may
occur
rapidly
or
unexpectedly,
may
cause
a
Fund
to
sell
portfolio
securities
at
times
when
it
would
not
otherwise
do
so,
which
may
negatively
impact
a
Fund’s
NAV
and
liquidity.
These
transactions
may
also
accelerate
the
realization
of
taxable
income
to
shareholders
if
such
sales
of
investments
resulted
in
gains,
and
may
also
increase
transaction
costs.
In
addition,
a
large
redemption
could
result
in
a
Fund’s
current
expenses
being
allocated
over
a
smaller
asset
base,
leading
to
an
increase
in
the
Fund’s
expense
ratio.
Similarly,
large
Fund
share
purchases
may
adversely
affect
a
Fund’s
performance
to
the
extent
that
the
Fund
is
delayed
in
investing
new
cash
or
otherwise
maintains
a
larger
cash
position
than
it
ordinarily
would.
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.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
GOLDMAN
SACHS
ACCESS
FIXED
INCOME
ETFS
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Sampling
Risk
—
The
Fund’s
use
of
a
representative
sampling
approach
will
result
in
its
holding
a
smaller
number
of
securities
than
are
in
the
Index.
As
a
result,
an
adverse
development
respecting
a
security
held
by
the
Fund
could
result
in
a
greater
decline
in
NAV
than
would
be
the
case
if
the
Fund
held
all
of
the
securities
in
the
Index.
Conversely,
a
positive
development
relating
to
a
security
in
the
Index
that
is
not
held
by
the
Fund
could
cause
the
Fund
to
underperform
the
Index.
To
the
extent
the
assets
in
the
Fund
are
smaller,
these
risks
will
be
greater.
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
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)