NPORT-EX 2 409796GS053124.htm
GOLDMAN
SACHS
ACCESS
EMERGING
MARKETS
USD
BOND
ETF
Schedule
of
Investments
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Sovereign
Debt
Obligations
–
85.2%
Bahamas
–
0.3%
Bahamas
Government
International
Bond
(
B+
/
B1
)
$
200,000
8.950
%
10/15/32
$
195,612
Bahrain
–
2.9%
Bahrain
Government
International
Bond
(
B+
/
B2
)
200,000
5.625
09/30/31
188,831
200,000
6.250
01/25/51
168,500
200,000
7.500
09/20/47
193,078
200,000
6.000
09/19/44
165,000
550,000
7.000
01/26/26
554,975
225,000
5.625
05/18/34
203,907
UAE
Government
International
Bond
(
B+
/
B2
)
225,000
7.375
05/14/30
235,126
1,709,417
Brazil
–
3.7%
Brazilian
Government
International
Bond
(
BB
/
Ba2
)
779,000
6.000
10/20/33
755,729
585,000
5.625
01/07/41
516,718
270,000
5.000
01/27/45
208,575
200,000
3.875
06/12/30
177,194
300,000
4.625
01/13/28
289,836
200,000
7.125
01/20/37
210,250
2,158,302
Côte
d'Ivoire
–
0.3%
Ivory
Coast
Government
International
Bond
(
BB-
/
Ba2
)
200,000
8.250
01/30/37
195,352
Chile
–
2.9%
Chile
Government
International
Bond
(
A
/
A2
)
600,000
3.500
01/31/34
518,141
200,000
4.000
01/31/52
154,419
200,000
5.330
01/05/54
188,104
400,000
3.240
02/06/28
374,160
210,000
3.125
01/21/26
202,150
200,000
3.100
01/22/61
122,349
225,000
3.250
09/21/71
137,805
1,697,128
China
–
2.8%
China
Government
International
Bond
(
NR
/
NR
)
200,000
2.750
12/03/39
156,414
200,000
3.500
10/19/28
192,007
200,000
1.750
10/26/31
166,554
632,000
1.200
10/21/30
518,569
400,000
1.250
10/26/26
367,723
250,000
4.000
10/19/48
221,155
1,622,422
Colombia
–
4.9%
Colombia
Government
International
Bond
(
BB+
/
Baa2
)
500,000
3.125
04/15/31
393,394
550,000
5.000
06/15/45
387,460
400,000
5.200
05/15/49
281,826
300,000
3.875
04/25/27
280,912
250,000
3.250
04/22/32
191,118
200,000
8.750
11/14/53
209,567
200,000
7.375
09/18/37
194,803
275,000
5.625
02/26/44
210,787
300,000
6.125
01/18/41
251,825
460,000
3.000
01/30/30
374,306
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
$
119,131
2,895,129
Costa
Rica
–
1.8%
Costa
Rica
Government
International
Bond
(
BB-
/
B1
)
450,000
6.125
02/19/31
451,688
400,000
7.158
03/12/45
416,000
200,000
6.550
04/03/34
204,250
1,071,938
Dominican
Republic
–
4.8%
Dominican
Republic
International
Bond
(
BB
/
Ba3
)
425,000
6.000
07/19/28
422,344
450,000
4.875
09/23/32
402,188
150,000
6.875
01/29/26
152,062
200,000
5.500
02/22/29
193,250
175,000
7.450
04/30/44
183,094
200,000
6.400
06/05/49
186,000
225,000
6.850
01/27/45
221,062
300,000
5.875
01/30/60
253,500
225,000
4.500
01/30/30
205,031
450,000
5.950
01/25/27
448,313
150,000
6.500
02/15/48
141,375
2,808,219
Ecuador
–
1.6%
Ecuador
Government
International
Bond
(a)
(
B-
/
Ba3
)
850,000
3.500
07/31/35
443,062
450,000
6.000
07/31/30
306,000
450,000
2.500
07/31/40
214,313
963,375
Egypt
–
4.4%
Egypt
Government
International
Bond
(
B-
/
Caa1
)
200,000
7.300
09/30/33
165,033
200,000
5.875
06/11/25
196,690
200,000
7.903
02/21/48
149,750
200,000
7.500
01/31/27
195,750
200,000
8.875
05/29/50
161,500
200,000
3.875
02/16/26
186,297
200,000
6.588
02/21/28
185,695
200,000
8.700
03/01/49
159,500
300,000
5.800
09/30/27
275,481
350,000
7.625
05/29/32
299,645
450,000
8.500
01/31/47
353,250
200,000
7.500
02/16/61
141,750
134,000
6.875
04/30/40
97,317
2,567,658
Guatemala
–
1.5%
Guatemala
Government
Bond
(
BB
/
NR
)
225,000
3.700
10/07/33
182,531
200,000
6.125
06/01/50
181,500
300,000
5.375
04/24/32
283,875
200,000
6.600
06/13/36
200,750
848,656
Honduras
–
0.2%
Honduras
Government
International
Bond
(
BB-
/
B1
)
150,000
6.250
01/19/27
143,250
GOLDMAN
SACHS
ACCESS
EMERGING
MARKETS
USD
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Sovereign
Debt
Obligations
(Continued)
Hungary
–
2.8%
Hungary
Government
International
Bond
(
BBB-
/
Baa2
)
$
550,000
7.625
%
03/29/41
$
622,181
403,000
5.250
06/16/29
394,190
200,000
5.500
06/16/34
192,876
200,000
6.125
05/22/28
203,831
200,000
6.750
09/25/52
212,351
1,625,429
Indonesia
–
4.0%
Indonesia
Government
International
Bond
(
BBB
/
Baa2
)
275,000
3.050
03/12/51
187,130
200,000
4.300
03/31/52
166,533
200,000
3.850
07/18/27
191,555
125,000
8.500
10/12/35
157,635
225,000
4.200
10/15/50
185,090
400,000
4.650
09/20/32
384,335
325,000
7.750
01/17/38
398,525
423,000
3.550
03/31/32
377,105
350,000
2.850
02/14/30
308,902
2,356,810
Ivory
Coast
–
0.7%
Ivory
Coast
Government
International
Bond
(
BB-
/
Ba2
)
426,000
6.125
06/15/33
379,140
Jordan
–
1.2%
Jordan
Government
International
Bond
(
B+
/
Ba3
)
200,000
7.500
01/13/29
200,828
350,000
5.850
07/07/30
321,890
Jordan
Government
International
Bond
,
Series
RegS
(
B+
/
Ba3
)
200,000
6.125
01/29/26
196,052
718,770
Kazakhstan
–
1.1%
Kazakhstan
Government
International
Bond
(
BBB-
/
Baa2
)
200,000
5.125
07/21/25
199,948
225,000
6.500
07/21/45
253,296
200,000
4.875
10/14/44
190,876
644,120
Kenya
–
1.2%
Republic
of
Kenya
Government
International
Bond
(
B
/
B3
)
200,000
8.250
02/28/48
167,500
200,000
8.000
05/22/32
182,953
350,000
7.000
05/22/27
337,320
687,773
Kuwait
–
0.7%
Kuwait
International
Government
Bond
(
A+
/
NR
)
400,000
3.500
03/20/27
382,742
Mexico
–
3.4%
Mexico
Government
International
Bond
(
BBB
/
Baa2
)
600,000
4.875
05/19/33
558,650
200,000
6.338
05/04/53
191,888
200,000
3.750
01/11/28
188,871
325,000
4.500
04/22/29
311,353
200,000
6.000
05/07/36
197,225
150,000
5.550
01/21/45
136,335
50,000
6.050
01/11/40
48,945
Mexico
Government
International
Bond
,
MTN
(
BBB
/
Baa2
)
175,000
7.500
04/08/33
195,960
150,000
4.750
03/08/44
121,764
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Sovereign
Debt
Obligations
(Continued)
Mexico
–
(continued)
Mexico
Government
International
Bond,
MTN
(BBB/Baa2)
(continued)
$
50,000
8.300
%
08/15/31
$
59,495
2,010,486
Morocco
–
1.3%
Morocco
Government
International
Bond
(
BB+
/
Ba1
)
200,000
6.500
09/08/33
205,064
350,000
4.000
12/15/50
237,563
300,000
5.950
03/08/28
300,373
743,000
Nigeria
–
2.5%
Nigeria
Government
International
Bond
(
B-
/
Caa1
)
200,000
7.375
09/28/33
167,042
200,000
8.747
01/21/31
188,690
200,000
8.250
09/28/51
157,575
200,000
6.500
11/28/27
187,000
200,000
7.696
02/23/38
158,660
249,000
6.125
09/28/28
221,283
275,000
7.875
02/16/32
242,659
200,000
7.625
11/28/47
150,000
1,472,909
Panama
–
4.8%
Panama
Bonos
del
Tesoro
(b)
,
Series
DOM
(
BBB
/
Baa3
)
200,000
6.375
07/25/33
189,500
Panama
Government
International
Bond
(
BBB
/
Baa3
)
275,000
4.500
04/01/56
178,063
200,000
6.853
03/28/54
182,500
200,000
3.875
03/17/28
184,000
250,000
4.500
04/16/50
167,500
150,000
6.700
01/26/36
144,750
400,000
2.252
09/29/32
287,000
260,000
8.875
09/30/27
280,475
225,000
3.750
03/16/25
221,625
232,000
9.375
04/01/29
258,680
410,000
3.160
01/23/30
343,375
245,000
3.870
07/23/60
139,650
200,000
4.500
01/19/63
127,500
200,000
4.300
04/29/53
127,000
2,831,618
Philippines
–
4.4%
Philippine
Government
International
Bond
(
BBB+
/
Baa2
)
650,000
10.625
03/16/25
676,331
283,000
3.200
07/06/46
197,889
200,000
3.700
03/01/41
159,572
200,000
3.700
02/02/42
157,864
770,000
2.950
05/05/45
523,625
400,000
3.000
02/01/28
371,423
450,000
2.650
12/10/45
289,333
200,000
6.375
10/23/34
217,302
2,593,339
Poland
–
4.0%
Republic
of
Poland
Government
International
Bond
(
A-
/
A2
)
1,000,000
3.250
04/06/26
970,435
500,000
4.875
10/04/33
483,630
500,000
5.500
04/04/53
485,483
400,000
5.500
11/16/27
406,090
2,345,638
GOLDMAN
SACHS
ACCESS
EMERGING
MARKETS
USD
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Sovereign
Debt
Obligations
(Continued)
Qatar
–
3.5%
Qatar
Government
International
Bond
(
AA
/
Aa2
)
$
300,000
4.000
%
03/14/29
$
288,410
350,000
4.817
03/14/49
318,486
550,000
3.750
04/16/30
517,990
200,000
3.400
04/16/25
196,271
200,000
4.625
06/02/46
179,548
220,000
5.103
04/23/48
209,116
UAE
Government
International
Bond
(
AA
/
Aa2
)
400,000
4.400
04/16/50
341,510
2,051,331
Romania
–
3.6%
Romanian
Government
International
Bond
(
BBB-
/
Baa3
)
380,000
6.125
01/22/44
361,315
400,000
3.625
03/27/32
336,751
420,000
3.000
02/14/31
348,050
460,000
5.250
11/25/27
452,028
300,000
7.125
01/17/33
315,052
280,000
5.125
06/15/48
234,592
50,000
7.625
01/17/53
54,280
2,102,068
Saudi
Arabia
–
3.7%
Saudi
Government
International
Bond
(
NR
/
A1
)
200,000
4.500
04/22/60
159,914
200,000
5.500
10/25/32
203,356
200,000
5.750
01/16/54
192,977
200,000
4.625
10/04/47
169,313
400,000
2.500
02/03/27
372,650
400,000
3.250
10/22/30
358,148
225,000
4.375
04/16/29
217,839
225,000
4.500
04/17/30
216,847
350,000
4.500
10/26/46
292,759
2,183,803
Serbia
–
0.6%
Serbia
International
Bond
(
BB+
/
Ba2
)
200,000
6.500
09/26/33
200,987
200,000
2.125
12/01/30
159,000
359,987
Trinidad
and
Tobago
–
0.3%
Trinidad
&
Tobago
Government
International
Bond
(
BBB-
/
Ba2
)
200,000
4.500
08/04/26
193,750
Turkey
–
4.2%
Turkiye
Government
International
Bond
(
NR
/
B3
)
525,000
5.750
05/11/47
402,281
400,000
7.625
05/15/34
403,087
525,000
4.875
10/09/26
507,454
362,000
6.875
03/17/36
341,384
330,000
4.250
03/13/25
324,468
200,000
9.375
03/14/29
217,882
200,000
6.000
01/14/41
165,303
100,000
11.875
01/15/30
124,750
2,486,609
United
Arab
Emirates
–
1.5%
UAE
Government
International
Bond
(
NR
/
Aa2
)
477,000
2.875
10/19/41
343,345
350,000
2.000
10/19/31
287,178
375,000
3.250
10/19/61
246,583
877,106
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Sovereign
Debt
Obligations
(Continued)
Uruguay
–
3.3%
Uruguay
Government
International
Bond
(c)
(
BBB+
/
Baa1
)
$
350,000
5.100
%
06/18/50
$
327,469
380,000
4.975
04/20/55
345,800
200,000
5.750
10/28/34
208,000
200,000
7.625
03/21/36
238,250
408,000
4.375
01/23/31
395,760
200,000
4.125
11/20/45
172,500
150,000
4.375
10/27/27
148,875
60,000
7.875
01/15/33
71,025
1,907,679
Uzbekistan
–
0.3%
Republic
of
Uzbekistan
International
Bond
(
BB-
/
NR
)
200,000
3.900
10/19/31
163,252
TOTAL
SOVEREIGN
DEBT
OBLIGATIONS
(Cost
$51,702,595)
49,993,817
a
Corporate
Obligations
–
13.2%
Brazil
–
1.7%
Petrobras
Global
Finance
BV
(
BB
/
Ba1
)
200,000
7.375
01/17/27
207,000
200,000
5.999
01/27/28
200,000
301,000
6.500
07/03/33
301,771
216,000
6.850
06/05/15
190,890
71,000
6.900
03/19/49
66,868
966,529
Chile
–
2.0%
Corp.
Nacional
del
Cobre
de
Chile
(
BBB+
/
Baa1
)
200,000
3.700
01/30/50
134,979
200,000
3.000
09/30/29
175,250
200,000
3.150
01/14/30
175,750
200,000
3.625
08/01/27
188,484
400,000
4.500
08/01/47
311,068
Empresa
de
Transporte
de
Pasajeros
Metro
SA
(
NR
/
A3
)
200,000
4.700
05/07/50
162,113
1,147,644
China
–
0.3%
China
Development
Bank
Financial
Leasing
Co.
Ltd.
(d)
(
BBB+
/
NR
)
(US
5
Year
CMT
T-Note
+
2.750%)
200,000
2.875
09/28/30
192,104
Hungary
–
0.4%
Magyar
Export-Import
Bank
Zrt
(
BBB-
/
NR
)
200,000
6.125
12/04/27
201,335
India
–
3.0%
Export-Import
Bank
of
India
(
NR
/
Baa3
)
200,000
3.875
02/01/28
190,537
400,000
3.375
08/05/26
383,210
250,000
3.250
01/15/30
224,200
Indian
Railway
Finance
Corp.
Ltd.
(
BBB-
/
Baa3
)
350,000
2.800
02/10/31
297,586
200,000
3.570
01/21/32
176,284
Power
Finance
Corp.
Ltd.
(
NR
/
Baa3
)
200,000
3.950
04/23/30
182,250
GOLDMAN
SACHS
ACCESS
EMERGING
MARKETS
USD
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
(Continued)
India
–
(continued)
REC
Ltd.
(
NR
/
Baa3
)
$
303,000
5.625
%
04/11/28
$
303,995
1,758,062
Indonesia
–
1.0%
Pertamina
Persero
PT
(
NR
/
Baa2
)
457,000
3.100
08/27/30
401,589
200,000
6.450
05/30/44
208,000
609,589
Mexico
–
2.2%
Petroleos
Mexicanos
(
BBB
/
B3
)
175,000
5.350
02/12/28
156,196
200,000
4.500
01/23/26
188,645
180,000
6.500
03/13/27
170,085
428,000
6.750
09/21/47
287,426
100,000
6.840
01/23/30
88,139
75,000
7.690
01/23/50
54,780
100,000
6.950
01/28/60
66,534
50,000
6.500
01/23/29
45,186
100,000
6.875
10/16/25
98,563
199,000
5.625
01/23/46
121,438
25,000
6.625
06/15/35
19,191
25,000
6.500
06/02/41
17,281
1,313,464
Poland
–
0.3%
Bank
Gospodarstwa
Krajowego
(
NR
/
A2
)
200,000
5.375
05/22/33
198,965
Qatar
–
0.8%
QatarEnergy
(
AA
/
Aa2
)
300,000
3.300
07/12/51
205,813
309,000
2.250
07/12/31
255,536
461,349
Saudi
Arabia
–
1.5%
Gaci
First
Investment
Co.
(
NR
/
A1
)
200,000
4.875
02/14/35
187,784
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
(Continued)
Saudi
Arabia
–
(continued)
Gaci
First
Investment
Co.
(NR/A1)
(continued)
$
200,000
5.250
%
01/29/34
$
195,180
Saudi
Arabian
Oil
Co.
(
NR
/
A1
)
200,000
4.250
04/16/39
171,701
375,000
3.500
04/16/29
347,724
902,389
TOTAL
CORPORATE
OBLIGATIONS
(Cost
$8,051,618)
7,751,430
Shares
Dividend
Rate
Value
aa
a
Investment
Company
–
0.2%
(e)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
116,933
5.227%
116,933
(Cost
$116,933)
TOTAL
INVESTMENTS
–
98.6%
(Cost
$59,871,146)
$
57,862,180
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
1.4%
845,734
NET
ASSETS
–
100.0%
$
58,707,914
  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)
Exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
(c)
Pay-in-kind
securities.
(d)
Variable
rate
security.
Interest
rate
or
distribution
rate
disclosed
is
that
which
is
in
effect
on
May
31,
2024.
(e)
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
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
91.6%
Advertising
–
1.4%
Clear
Channel
Outdoor
Holdings,
Inc.
$
516,000
5.125
%
08/15/27
(a)
$
490,200
100,000
7.750
04/15/28
(a)
86,625
300,000
9.000
09/15/28
(a)
311,625
236,000
7.500
06/01/29
(a)
193,520
Lamar
Media
Corp.
279,000
3.750
02/15/28
259,470
234,000
4.000
02/15/30
210,308
200,000
3.625
01/15/31
173,250
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp.
460,000
4.625
03/15/30
(a)
410,550
2,135,548
Aerospace
&
Defense
–
1.9%
Spirit
AeroSystems,
Inc.
100,000
4.600
06/15/28
91,500
170,000
9.375
11/30/29
(a)
182,962
100,000
9.750
11/15/30
(a)
109,625
TransDigm,
Inc.
523,000
5.500
11/15/27
510,579
152,000
6.750
08/15/28
(a)
154,090
698,000
4.625
01/15/29
645,650
350,000
6.875
12/15/30
(a)
353,937
300,000
7.125
12/01/31
(a)
306,938
640,000
6.625
03/01/32
(a)
642,800
2,998,081
Banks
–
0.5%
Freedom
Mortgage
Corp.
297,000
7.625
05/01/26
(a)
295,886
200,000
6.625
01/15/27
(a)
193,750
100,000
12.000
10/01/28
(a)
108,250
180,000
12.250
10/01/30
(a)
197,775
795,661
Basic
Industry
–
1.4%
Axalta
Coating
Systems
LLC
280,000
3.375
02/15/29
(a)
249,900
Chemours
Co.
(The)
213,000
5.750
11/15/28
(a)
195,960
Olin
Corp.
269,000
5.625
08/01/29
262,611
210,000
5.000
02/01/30
198,713
Olympus
Water  U.S.
Holding
Corp.
280,000
4.250
10/01/28
(a)
258,650
200,000
6.250
10/01/29
(a)
185,250
SCIH
Salt
Holdings,
Inc.
303,000
6.625
05/01/29
(a)
285,956
Tronox,
Inc.
417,000
4.625
03/15/29
(a)
378,428
WR
Grace
Holdings
LLC
188,000
4.875
06/15/27
(a)
181,420
2,196,888
Broadcasting
–
1.7%
iHeartCommunications,
Inc.
450,000
6.375
05/01/26
344,250
200,000
8.375
05/01/27
73,000
250,000
5.250
08/15/27
(a)
139,375
Nexstar
Media,
Inc.
100,000
5.625
07/15/27
(a)
94,750
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Broadcasting
–
(continued)
Sirius
XM
Radio,
Inc.
$
350,000
3.125
%
09/01/26
(a)
$
327,687
476,000
5.000
08/01/27
(a)
451,605
326,000
4.000
07/15/28
(a)
291,770
639,000
3.875
09/01/31
(a)
510,801
TEGNA,
Inc.
300,000
4.750
03/15/26
(a)
291,750
2,524,988
Brokerage
–
0.4%
Coinbase
Global,
Inc.
138,000
3.375
10/01/28
(a)
117,818
Jefferies
Finance
LLC
/
JFIN
Co.-Issuer
Corp.
200,000
5.000
08/15/28
(a)
184,687
Ladder
Capital
Finance
Holdings
LLLP
/
Ladder
Capital
Finance
Corp.
284,000
4.750
06/15/29
(a)
257,375
559,880
Building
Materials
–
1.7%
American
Builders
&
Contractors
Supply
Co.,
Inc.
171,000
4.000
01/15/28
(a)
159,671
120,000
3.875
11/15/29
(a)
106,050
Builders
FirstSource,
Inc.
88,000
5.000
03/01/30
(a)
82,830
292,000
4.250
02/01/32
(a)
255,500
240,000
6.375
06/15/32
(a)
239,400
100,000
6.375
03/01/34
(a)
98,375
Smyrna
Ready
Mix
Concrete
LLC
100,000
6.000
11/01/28
(a)
96,625
500,000
8.875
11/15/31
(a)
526,875
SRS
Distribution,
Inc.
100,000
4.625
07/01/28
(a)
99,563
Standard
Industries,
Inc.
300,000
5.000
02/15/27
(a)
291,750
329,000
4.375
07/15/30
(a)
293,547
201,000
3.375
01/15/31
(a)
168,054
Summit
Materials
LLC
/
Summit
Materials
Finance
Corp.
100,000
7.250
01/15/31
(a)
103,125
2,521,365
Capital
Goods
–
4.0%
ASP
Unifrax
Holdings,
Inc.
320,000
5.250
09/30/28
(a)
162,000
Ball
Corp.
300,000
6.875
03/15/28
306,000
250,000
6.000
06/15/29
250,625
482,000
2.875
08/15/30
409,700
Chart
Industries,
Inc.
100,000
7.500
01/01/30
(a)
103,000
Clean
Harbors,
Inc.
300,000
4.875
07/15/27
(a)
290,250
Clydesdale
Acquisition
Holdings,
Inc.
151,000
6.625
04/15/29
(a)
149,112
210,000
8.750
04/15/30
(a)
202,913
Crown
Americas
LLC
/
Crown
Americas
Capital
Corp.
V
198,000
4.250
09/30/26
191,565
Crown
Americas
LLC
/
Crown
Americas
Capital
Corp.
VI
148,000
4.750
02/01/26
145,410
Emerald
Debt
Merger
Sub
LLC
400,000
6.625
12/15/30
(a)
402,000
GOLDMAN
SACHS
ACCESS
HIGH
YIELD
CORPORATE
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Capital
Goods
–
(continued)
EquipmentShare.com,
Inc.
$
300,000
9.000
%
05/15/28
(a)
$
310,500
Graham
Packaging
Co.,
Inc.
100,000
7.125
08/15/28
(a)
94,375
Herc
Holdings,
Inc.
214,000
5.500
07/15/27
(a)
209,453
LABL,
Inc.
233,000
6.750
07/15/26
(a)
230,961
152,000
10.500
07/15/27
(a)
148,770
170,000
5.875
11/01/28
(a)
153,425
100,000
8.250
11/01/29
(a)
85,375
Madison
IAQ
LLC
100,000
4.125
06/30/28
(a)
92,750
Mauser
Packaging
Solutions
Holding
Co.
645,000
7.875
04/15/27
(a)
659,512
300,000
9.250
04/15/27
(a)
298,875
Pactiv
Evergreen
Group
Issuer
LLC
/
Pactiv
Evergreen
Group
Issuer,
Inc.
190,000
4.375
10/15/28
(a)
176,937
Pactiv
Evergreen
Group
Issuer,
Inc./Pactiv
Evergreen
Group
Issuer
LLC
100,000
4.000
10/15/27
(a)
93,375
Reworld
Holding
Corp.
321,000
4.875
12/01/29
(a)
293,142
Sealed
Air
Corp.
450,000
6.875
07/15/33
(a)
465,188
Sensata
Technologies,
Inc.
100,000
3.750
02/15/31
(a)
86,625
6,011,838
Communications
–
7.0%
AMC
Networks,
Inc.
175,000
4.250
02/15/29
124,250
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
560,000
5.125
05/01/27
(a)
535,500
775,000
5.000
02/01/28
(a)
717,844
279,000
5.375
06/01/29
(a)
250,751
200,000
6.375
09/01/29
(a)
187,500
478,000
4.750
03/01/30
(a)
408,092
430,000
4.500
08/15/30
(a)
358,512
350,000
4.250
02/01/31
(a)
282,188
440,000
7.375
03/01/31
(a)
426,250
350,000
4.750
02/01/32
(a)
283,063
532,000
4.500
05/01/32
422,275
200,000
4.500
06/01/33
(a)
155,250
388,000
4.250
01/15/34
(a)
291,485
CSC
Holdings
LLC
200,000
5.500
04/15/27
(a)
153,750
250,000
5.375
02/01/28
(a)
176,875
250,000
7.500
04/01/28
(a)
140,625
200,000
11.250
05/15/28
(a)
162,500
500,000
11.750
01/31/29
(a)
398,750
200,000
6.500
02/01/29
(a)
136,000
240,000
5.750
01/15/30
(a)
102,600
250,000
4.125
12/01/30
(a)
155,000
400,000
4.625
12/01/30
(a)
170,000
250,000
3.375
02/15/31
(a)
147,812
250,000
4.500
11/15/31
(a)
154,063
Directv
Financing
LLC
350,000
8.875
02/01/30
(a)
336,875
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Communications
–
(continued)
Directv
Financing
LLC
/
Directv
Financing
Co.-Obligor,
Inc.
$
543,000
5.875
%
08/15/27
(a)
$
511,778
DISH
DBS
Corp.
450,000
7.750
07/01/26
289,125
450,000
5.250
12/01/26
(a)
360,562
450,000
5.750
12/01/28
(a)
316,125
280,000
5.125
06/01/29
114,100
DISH
Network
Corp.
600,000
11.750
11/15/27
(a)
601,125
Live
Nation
Entertainment,
Inc.
425,000
4.750
10/15/27
(a)
403,750
150,000
3.750
01/15/28
(a)
138,375
McGraw-Hill
Education,
Inc.
440,000
5.750
08/01/28
(a)
412,500
News
Corp.
250,000
3.875
05/15/29
(a)
228,437
130,000
5.125
02/15/32
(a)
121,063
Radiate
Holdco
LLC
/
Radiate
Finance,
Inc.
250,000
4.500
09/15/26
(a)
185,625
WMG
Acquisition
Corp.
232,000
3.875
07/15/30
(a)
206,480
293,000
3.000
02/15/31
(a)
249,783
10,816,638
Consumer
Cyclical
–
18.3%
Adient
Global
Holdings
Ltd.
500,000
8.250
04/15/31
(a)
521,287
ADT
Security
Corp.
(The)
86,000
4.125
08/01/29
(a)
78,152
196,000
4.875
07/15/32
(a)
177,625
Allison
Transmission,
Inc.
279,000
3.750
01/30/31
(a)
241,335
AMC
Entertainment
Holdings,
Inc.
200,000
10.000
06/15/26
(a)(b)
171,000
100,000
7.500
02/15/29
(a)
74,250
American
Axle
&
Manufacturing,
Inc.
246,000
6.875
07/01/28
244,770
126,000
5.000
10/01/29
114,660
Anywhere
Real
Estate
Group
LLC
/
Anywhere
Co.-Issuer
Corp.
250,000
7.000
04/15/30
(a)
217,812
Asbury
Automotive
Group,
Inc.
292,000
4.625
11/15/29
(a)
269,005
150,000
5.000
02/15/32
(a)
134,625
Bath
&
Body
Works,
Inc.
500,000
7.500
06/15/29
515,625
100,000
6.625
10/01/30
(a)
100,375
194,000
6.875
11/01/35
196,182
100,000
6.750
07/01/36
99,563
Boyd
Gaming
Corp.
108,000
4.750
12/01/27
103,005
146,000
4.750
06/15/31
(a)
131,217
Brink's
Co.
(The)
200,000
5.500
07/15/25
(a)
199,500
Caesars
Entertainment,
Inc.
305,000
8.125
07/01/27
(a)
310,576
358,000
4.625
10/15/29
(a)
324,437
200,000
7.000
02/15/30
(a)
202,750
140,000
6.500
02/15/32
(a)
138,950
Carnival
Corp.
841,000
7.625
03/01/26
(a)
846,256
GOLDMAN
SACHS
ACCESS
HIGH
YIELD
CORPORATE
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Consumer
Cyclical
–
(continued)
Carnival
Corp.
–
(continued)
$
250,000
5.750
%
03/01/27
(a)
$
246,250
200,000
4.000
08/01/28
(a)
184,250
871,000
6.000
05/01/29
(a)
851,403
Carnival
Holdings
Bermuda
Ltd.
273,000
10.375
05/01/28
(a)
295,181
Carvana
Co.
120,000
12.000
12/01/28
(a)(b)
125,550
460,000
13.000
06/01/30
(a)(b)
474,375
460,000
14.000
06/01/31
(a)(b)
485,875
Century
Communities,
Inc.
150,000
6.750
06/01/27
150,375
200,000
3.875
08/15/29
(a)
176,500
Cinemark
USA,
Inc.
100,000
5.250
07/15/28
(a)
93,875
Clarios
Global
LP
/
Clarios  U.S.
Finance
Co.
289,000
8.500
05/15/27
(a)
290,806
100,000
6.750
05/15/28
(a)
101,125
Fertitta
Entertainment
LLC
/
Fertitta
Entertainment
Finance
Co.,
Inc.
147,000
4.625
01/15/29
(a)
132,851
564,000
6.750
01/15/30
(a)
499,140
FirstCash,
Inc.
200,000
4.625
09/01/28
(a)
187,750
240,000
6.875
03/01/32
(a)
238,200
Gap,
Inc.
(The)
100,000
3.625
10/01/29
(a)
86,750
207,000
3.875
10/01/31
(a)
173,362
GEO
Group,
Inc.
(The)
200,000
8.625
04/15/29
(a)
205,750
200,000
10.250
04/15/31
(a)
211,250
Goodyear
Tire
&
Rubber
Co.
(The)
50,000
9.500
05/31/25
50,094
50,000
5.000
05/31/26
48,750
150,000
4.875
03/15/27
144,188
170,000
5.000
07/15/29
156,825
180,000
5.250
04/30/31
163,800
103,000
5.250
07/15/31
92,957
Guitar
Center,
Inc.
250,000
8.500
01/15/26
(a)
221,875
Hilton
Domestic
Operating
Co.,
Inc.
50,000
5.375
05/01/25
(a)
49,937
220,000
5.750
05/01/28
(a)
218,350
225,000
3.750
05/01/29
(a)
204,469
45,000
4.875
01/15/30
42,525
283,000
4.000
05/01/31
(a)
249,785
289,000
3.625
02/15/32
(a)
245,400
Hilton
Grand
Vacations
Borrower
Escrow
LLC
/
Hilton
Grand
Vacations
Borrower
Esc
419,000
5.000
06/01/29
(a)
388,622
300,000
6.625
01/15/32
(a)
298,500
Iron
Mountain
Information
Management
Services,
Inc.
100,000
5.000
07/15/32
(a)
90,375
Iron
Mountain,
Inc.
200,000
4.875
09/15/27
(a)
193,500
239,000
5.250
03/15/28
(a)
230,337
100,000
5.000
07/15/28
(a)
95,375
200,000
7.000
02/15/29
(a)
203,500
100,000
4.875
09/15/29
(a)
92,875
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Consumer
Cyclical
–
(continued)
Iron
Mountain,
Inc.
–
(continued)
$
319,000
5.250
%
07/15/30
(a)
$
299,461
400,000
4.500
02/15/31
(a)
357,750
KFC
Holding
Co./Pizza
Hut
Holdings
LLC/Taco
Bell
of
America
LLC
150,000
4.750
06/01/27
(a)
146,063
LCM
Investments
Holdings
II
LLC
290,000
4.875
05/01/29
(a)
269,700
Liberty
Interactive
LLC
200,000
8.250
02/01/30
106,000
Life
Time,
Inc.
60,000
8.000
04/15/26
(a)
60,675
Light
&
Wonder
International,
Inc.
145,000
7.000
05/15/28
(a)
146,631
146,000
7.250
11/15/29
(a)
148,373
250,000
7.500
09/01/31
(a)
257,187
Lithia
Motors,
Inc.
200,000
4.625
12/15/27
(a)
190,500
100,000
4.375
01/15/31
(a)
88,250
Macy's
Retail
Holdings
LLC
190,000
5.875
04/01/29
(a)
183,825
170,000
5.875
03/15/30
(a)
162,350
141,000
6.125
03/15/32
(a)
134,479
MGM
Resorts
International
79,000
5.750
06/15/25
78,902
161,000
4.625
09/01/26
156,371
180,000
5.500
04/15/27
177,300
160,000
4.750
10/15/28
150,200
Mohegan
Tribal
Gaming
Authority
354,000
8.000
02/01/26
(a)
330,105
200,000
13.250
12/15/27
(a)
225,750
NCL
Corp.
Ltd.
327,000
5.875
03/15/26
(a)
322,504
500,000
5.875
02/15/27
(a)
493,750
114,000
7.750
02/15/29
(a)
116,992
NCL
Finance
Ltd.
50,000
6.125
03/15/28
(a)
48,875
NMG
Holding
Co.,
Inc.
/
Neiman
Marcus
Group
LLC
240,000
7.125
04/01/26
(a)
239,400
Nordstrom,
Inc.
100,000
4.250
08/01/31
88,500
Penske
Automotive
Group,
Inc.
110,000
3.750
06/15/29
98,038
PetSmart,
Inc.
/
PetSmart
Finance
Corp.
250,000
4.750
02/15/28
(a)
233,125
250,000
7.750
02/15/29
(a)
238,750
Premier
Entertainment
Sub
LLC
/
Premier
Entertainment
Finance
Corp.
100,000
5.625
09/01/29
(a)
72,625
100,000
5.875
09/01/31
(a)
69,875
Prime
Security
Services
Borrower
LLC
/
Prime
Finance,
Inc.
100,000
5.750
04/15/26
(a)
99,750
338,000
3.375
08/31/27
(a)
310,115
358,000
6.250
01/15/28
(a)
352,183
QVC,
Inc.
450,000
4.750
02/15/27
387,563
50,000
4.375
09/01/28
37,500
RHP
Hotel
Properties
LP
/
RHP
Finance
Corp.
100,000
4.750
10/15/27
96,375
GOLDMAN
SACHS
ACCESS
HIGH
YIELD
CORPORATE
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Consumer
Cyclical
–
(continued)
RHP
Hotel
Properties
LP
/
RHP
Finance
Corp.
–
(continued)
$
100,000
7.250
%
07/15/28
(a)
$
102,250
329,000
4.500
02/15/29
(a)
304,736
Royal
Caribbean
Cruises
Ltd.
420,000
4.250
07/01/26
(a)
405,300
200,000
5.500
08/31/26
(a)
197,250
100,000
5.375
07/15/27
(a)
97,875
140,000
3.700
03/15/28
129,850
351,000
5.500
04/01/28
(a)
343,980
100,000
7.250
01/15/30
(a)
103,000
Sabre
GLBL,
Inc.
400,000
8.625
06/01/27
(a)
369,500
Six
Flags
Entertainment
Corp.
250,000
5.500
04/15/27
(a)
245,313
200,000
7.250
05/15/31
(a)
199,375
Staples,
Inc.
333,000
7.500
04/15/26
(a)
333,000
Station
Casinos
LLC
100,000
4.500
02/15/28
(a)
93,250
Taylor
Morrison
Communities,
Inc.
100,000
5.875
06/15/27
(a)
99,125
243,000
5.125
08/01/30
(a)
229,027
Tenneco,
Inc.
300,000
8.000
11/17/28
(a)
274,125
TKC
Holdings,
Inc.
100,000
6.875
05/15/28
(a)
97,750
Travel
+
Leisure
Co.
155,000
6.625
07/31/26
(a)
156,163
100,000
6.000
04/01/27
99,500
150,000
4.500
12/01/29
(a)
136,500
Wand
NewCo
3,
Inc.
540,000
7.625
01/30/32
(a)
554,850
Williams
Scotsman,
Inc.
254,000
6.125
06/15/25
(a)
253,365
290,000
7.375
10/01/31
(a)
298,700
Wynn
Las
Vegas
LLC
/
Wynn
Las
Vegas
Capital
Corp.
200,000
5.250
05/15/27
(a)
195,000
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp.
200,000
5.125
10/01/29
(a)
189,500
Yum!
Brands,
Inc.
161,000
4.750
01/15/30
(a)
152,145
164,000
3.625
03/15/31
143,090
200,000
4.625
01/31/32
184,250
354,000
5.375
04/01/32
338,513
27,407,688
Consumer
Noncyclical
–
4.1%
Albertsons
Cos.
Inc
/
Safeway,
Inc.
/
New
Albertsons
LP
/
Albertsons
LLC
580,000
3.500
03/15/29
(a)
520,550
650,000
4.875
02/15/30
(a)
611,812
Allied
Universal
Holdco
LLC
/
Allied
Universal
Finance
Corp.
3,000
6.625
07/15/26
(a)
3,004
207,000
9.750
07/15/27
(a)
205,577
200,000
6.000
06/01/29
(a)
171,000
Allied
Universal
Holdco
LLC
/Allied
Universal
Finance
Corp.
/
Atlas
Luxco
4
Sarl
200,000
4.625
06/01/28
(a)
181,000
Avantor
Funding,
Inc.
550,000
4.625
07/15/28
(a)
519,062
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Consumer
Noncyclical
–
(continued)
Hologic,
Inc.
$
104,000
4.625
%
02/01/28
(a)
$
100,230
375,000
3.250
02/15/29
(a)
334,688
LifePoint
Health,
Inc.
200,000
5.375
01/15/29
(a)
169,000
Medline
Borrower
LP
986,000
3.875
04/01/29
(a)
898,493
471,000
5.250
10/01/29
(a)
446,272
Molina
Healthcare,
Inc.
450,000
4.375
06/15/28
(a)
420,188
140,000
3.875
11/15/30
(a)
122,850
100,000
3.875
05/15/32
(a)
85,000
Organon
&
Co
/
Organon
Foreign
Debt
Co.-Issuer
BV
330,000
4.125
04/30/28
(a)
304,838
550,000
5.125
04/30/31
(a)
488,125
RegionalCare
Hospital
Partners
Holdings
Inc
/
LifePoint
Health,
Inc.
393,000
9.750
12/01/26
(a)
393,491
Teleflex,
Inc.
100,000
4.625
11/15/27
95,875
140,000
4.250
06/01/28
(a)
130,900
Vector
Group
Ltd.
154,000
10.500
11/01/26
(a)
155,733
150,000
5.750
02/01/29
(a)
138,000
6,495,688
Consumer
Products
–
1.3%
Coty
Inc/HFC
Prestige
Products,
Inc./HFC
Prestige
International  U.S.
LLC
280,000
6.625
07/15/30
(a)
283,150
Coty,
Inc.
200,000
5.000
04/15/26
(a)
197,750
Edgewell
Personal
Care
Co.
100,000
5.500
06/01/28
(a)
97,250
100,000
4.125
04/01/29
(a)
90,875
Energizer
Holdings,
Inc.
260,000
4.750
06/15/28
(a)
240,170
100,000
4.375
03/31/29
(a)
89,500
Newell
Brands,
Inc.
170,000
6.375
09/15/27
167,817
320,000
6.625
09/15/29
313,028
Scotts
Miracle-Gro
Co.
(The)
200,000
4.375
02/01/32
171,000
Tempur
Sealy
International,
Inc.
300,000
4.000
04/15/29
(a)
269,625
240,000
3.875
10/15/31
(a)
202,800
2,122,965
Distribution
&
Logistics
–
0.6%
WESCO
Distribution,
Inc.
300,000
7.125
06/15/25
(a)
299,437
171,000
7.250
06/15/28
(a)
173,993
200,000
6.375
03/15/29
(a)
201,000
200,000
6.625
03/15/32
(a)
201,500
875,930
Electric
–
3.3%
Artera
Services
LLC
280,000
8.500
02/15/31
(a)
285,950
Calpine
Corp.
191,000
5.250
06/01/26
(a)
188,851
GOLDMAN
SACHS
ACCESS
HIGH
YIELD
CORPORATE
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Electric
–
(continued)
Calpine
Corp.
–
(continued)
$
100,000
5.125
%
03/15/28
(a)
$
95,625
150,000
4.625
02/01/29
(a)
139,875
168,000
5.000
02/01/31
(a)
155,190
277,000
3.750
03/01/31
(a)
241,336
Clearway
Energy
Operating
LLC
473,000
3.750
02/15/31
(a)
414,466
NextEra
Energy
Operating
Partners
LP
100,000
3.875
10/15/26
(a)
94,750
200,000
4.500
09/15/27
(a)
188,500
NRG
Energy,
Inc.
640,000
3.375
02/15/29
(a)
564,992
PG&E
Corp.
487,000
5.250
07/01/30
464,762
Pike
Corp.
100,000
8.625
01/31/31
(a)
105,375
Talen
Energy
Supply
LLC
100,000
8.625
06/01/30
(a)
107,375
TerraForm
Power
Operating
LLC
300,000
5.000
01/31/28
(a)
286,875
200,000
4.750
01/15/30
(a)
182,250
Vistra
Operations
Co.
LLC
100,000
5.500
09/01/26
(a)
98,625
187,000
5.625
02/15/27
(a)
183,961
385,000
5.000
07/31/27
(a)
372,006
414,000
4.375
05/01/29
(a)
383,985
200,000
7.750
10/15/31
(a)
207,750
90,000
6.875
04/15/32
(a)
90,675
4,853,174
Energy
–
10.0%
Antero
Midstream
Partners
LP
/
Antero
Midstream
Finance
Corp.
167,000
5.750
03/01/27
(a)
165,330
71,000
5.750
01/15/28
(a)
69,580
250,000
6.625
02/01/32
(a)
249,687
Antero
Resources
Corp.
126,000
7.625
02/01/29
(a)
129,937
150,000
5.375
03/01/30
(a)
144,000
Archrock
Partners
LP
/
Archrock
Partners
Finance
Corp.
297,000
6.875
04/01/27
(a)
299,599
50,000
6.250
04/01/28
(a)
49,500
Ascent
Resources
Utica
Holdings
LLC
/
ARU
Finance
Corp.
152,000
5.875
06/30/29
(a)
146,110
Buckeye
Partners
LP
68,000
3.950
12/01/26
64,855
134,000
4.125
12/01/27
124,414
146,000
4.500
03/01/28
(a)
136,328
Chesapeake
Energy
Corp.
400,000
5.875
02/01/29
(a)
394,000
CITGO
Petroleum
Corp.
300,000
7.000
06/15/25
(a)
300,187
170,000
6.375
06/15/26
(a)
169,788
100,000
8.375
01/15/29
(a)
103,750
CNX
Resources
Corp.
370,000
6.000
01/15/29
(a)
361,675
CQP
Holdco
LP
/
BIP-V
Chinook
Holdco
LLC
500,000
5.500
06/15/31
(a)
470,625
CrownRock
LP
/
CrownRock
Finance,
Inc.
364,000
5.625
10/15/25
(a)
363,545
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Energy
–
(continued)
Delek
Logistics
Partners
LP
/
Delek
Logistics
Finance
Corp.
$
100,000
8.625
%
03/15/29
(a)
$
102,500
DT
Midstream,
Inc.
250,000
4.125
06/15/29
(a)
229,687
297,000
4.375
06/15/31
(a)
266,929
Endeavor
Energy
Resources
LP
/
EER
Finance,
Inc.
343,000
5.750
01/30/28
(a)
346,859
EQM
Midstream
Partners
LP
293,000
6.000
07/01/25
(a)
293,366
50,000
7.500
06/01/27
(a)
51,125
270,000
6.500
07/01/27
(a)
273,375
167,000
5.500
07/15/28
164,078
199,000
4.500
01/15/29
(a)
186,314
239,000
4.750
01/15/31
(a)
219,282
Hess
Midstream
Operations
LP
77,000
5.125
06/15/28
(a)
74,305
233,000
4.250
02/15/30
(a)
211,739
100,000
5.500
10/15/30
(a)
95,750
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.
75,000
6.250
11/01/28
(a)
74,250
269,000
5.750
02/01/29
(a)
260,257
150,000
6.000
02/01/31
(a)
143,250
100,000
8.375
11/01/33
(a)
106,750
ITT
Holdings
LLC
260,000
6.500
08/01/29
(a)
238,875
Kinetik
Holdings
LP
500,000
5.875
06/15/30
(a)
489,375
Moss
Creek
Resources
Holdings,
Inc.
130,000
7.500
01/15/26
(a)
129,594
265,000
10.500
05/15/27
(a)
270,134
Nabors
Industries
Ltd.
189,000
7.250
01/15/26
(a)
189,473
Nabors
Industries,
Inc.
200,000
9.125
01/31/30
(a)
206,875
Northern
Oil
&
Gas,
Inc.
100,000
8.125
03/01/28
(a)
102,125
150,000
8.750
06/15/31
(a)
157,125
PBF
Holding
Co.
LLC
/
PBF
Finance
Corp.
323,000
6.000
02/15/28
316,540
Permian
Resources
Operating
LLC
500,000
8.000
04/15/27
(a)
515,625
200,000
5.875
07/01/29
(a)
196,250
240,000
7.000
01/15/32
(a)
245,100
Range
Resources
Corp.
185,000
4.875
05/15/25
183,844
250,000
4.750
02/15/30
(a)
231,562
SM
Energy
Co.
90,000
6.750
09/15/26
90,112
199,000
6.625
01/15/27
198,254
Southwestern
Energy
Co.
293,000
5.375
03/15/30
281,646
341,000
4.750
02/01/32
309,031
Sunoco
LP
/
Sunoco
Finance
Corp.
130,000
6.000
04/15/27
129,188
200,000
4.500
05/15/29
183,750
90,000
4.500
04/30/30
81,675
Transocean
Titan
Financing
Ltd.
93,000
8.375
02/01/28
(a)
96,023
GOLDMAN
SACHS
ACCESS
HIGH
YIELD
CORPORATE
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Energy
–
(continued)
Transocean,
Inc.
$
130,000
8.250
%
05/15/29
(a)
$
130,244
594,000
8.750
02/15/30
(a)
620,730
230,000
8.500
05/15/31
(a)
229,281
Valaris
Ltd.
300,000
8.375
04/30/30
(a)
310,896
Venture
Global
Calcasieu
Pass
LLC
520,000
3.875
08/15/29
(a)
469,300
30,000
4.125
08/15/31
(a)
26,587
247,000
3.875
11/01/33
(a)
207,789
Venture
Global
LNG,
Inc.
510,000
8.125
06/01/28
(a)
522,112
670,000
9.500
02/01/29
(a)
726,112
200,000
9.875
02/01/32
(a)
215,000
Vital
Energy,
Inc.
200,000
9.750
10/15/30
218,500
15,361,453
Financial
Company
–
5.3%
AG
TTMT
Escrow
Issuer
LLC
100,000
8.625
09/30/27
(a)
103,625
Boost
Newco
Borrower
LLC
200,000
7.500
01/15/31
(a)
207,500
Coinbase
Global,
Inc.
250,000
3.625
10/01/31
(a)
198,750
Compass
Group
Diversified
Holdings
LLC
260,000
5.250
04/15/29
(a)
244,400
Credit
Acceptance
Corp.
180,000
9.250
12/15/28
(a)
190,125
HUB
International
Ltd.
170,000
5.625
12/01/29
(a)
157,887
540,000
7.250
06/15/30
(a)
550,125
400,000
7.375
01/31/32
(a)
401,500
Icahn
Enterprises
LP
/
Icahn
Enterprises
Finance
Corp.
564,000
6.375
12/15/25
564,024
470,000
5.250
05/15/27
434,163
125,000
9.750
01/15/29
(a)
128,750
LD
Holdings
Group
LLC
226,000
6.125
04/01/28
(a)
157,352
Midcap
Financial
Issuer
Trust
200,000
6.500
05/01/28
(a)
187,250
Nationstar
Mortgage
Holdings,
Inc.
130,000
6.000
01/15/27
(a)
128,862
353,000
5.500
08/15/28
(a)
337,998
200,000
5.125
12/15/30
(a)
181,233
100,000
5.750
11/15/31
(a)
92,500
Navient
Corp.
440,000
9.375
07/25/30
458,496
180,000
11.500
03/15/31
198,102
OneMain
Finance
Corp.
450,000
7.125
03/15/26
458,438
120,000
3.500
01/15/27
111,150
535,000
3.875
09/15/28
476,150
100,000
9.000
01/15/29
105,125
100,000
7.875
03/15/30
102,125
235,000
4.000
09/15/30
200,631
Osaic
Holdings,
Inc.
100,000
10.750
08/01/27
(a)
103,375
PennyMac
Financial
Services,
Inc.
402,000
5.375
10/15/25
(a)
398,482
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Financial
Company
–
(continued)
PennyMac
Financial
Services,
Inc.
–
(continued)
$
150,000
5.750
%
09/15/31
(a)
$
138,000
Rocket
Mortgage
LLC
244,000
5.250
01/15/28
(a)
234,908
Rocket
Mortgage
LLC
/
Rocket
Mortgage
Co.-Issuer,
Inc.
100,000
2.875
10/15/26
(a)
93,205
371,000
3.875
03/01/31
(a)
321,779
270,000
4.000
10/15/33
(a)
226,152
SLM
Corp.
100,000
4.200
10/29/25
97,500
140,000
3.125
11/02/26
130,025
United
Wholesale
Mortgage
LLC
200,000
5.750
06/15/27
(a)
194,250
140,000
5.500
04/15/29
(a)
131,600
8,445,537
Food
and
Beverage
–
2.1%
Aramark
Services,
Inc.
395,000
5.000
02/01/28
(a)
377,719
B&G
Foods,
Inc.
250,000
5.250
09/15/27
229,856
Fiesta
Purchaser,
Inc.
350,000
7.875
03/01/31
(a)
360,937
HLF
Financing
Sarl
LLC
/
Herbalife
International,
Inc.
225,000
4.875
06/01/29
(a)
146,813
Lamb
Weston
Holdings,
Inc.
320,000
4.125
01/31/30
(a)
289,200
240,000
4.375
01/31/32
(a)
213,000
Performance
Food
Group,
Inc.
488,000
5.500
10/15/27
(a)
478,240
Post
Holdings,
Inc.
180,000
5.625
01/15/28
(a)
176,400
273,000
5.500
12/15/29
(a)
261,056
370,000
4.500
09/15/31
(a)
326,525
70,000
6.250
02/15/32
(a)
69,650
U.S.
Foods,
Inc.
250,000
6.875
09/15/28
(a)
254,687
300,000
4.750
02/15/29
(a)
281,625
100,000
4.625
06/01/30
(a)
92,000
3,557,708
Hardware
–
0.4%
NCR
Voyix
Corp.
354,000
5.000
10/01/28
(a)
331,875
200,000
5.125
04/15/29
(a)
186,750
190,000
5.250
10/01/30
(a)
173,138
691,763
Healthcare
–
4.8%
Charles
River
Laboratories
International,
Inc.
450,000
4.000
03/15/31
(a)
396,281
CHS/Community
Health
Systems,
Inc.
350,000
5.625
03/15/27
(a)
332,937
226,000
6.000
01/15/29
(a)
202,835
238,000
6.875
04/15/29
(a)
187,425
200,000
6.125
04/01/30
(a)
143,500
476,000
5.250
05/15/30
(a)
396,270
399,000
4.750
02/15/31
(a)
317,205
DaVita,
Inc.
526,000
4.625
06/01/30
(a)
474,058
313,000
3.750
02/15/31
(a)
263,311
GOLDMAN
SACHS
ACCESS
HIGH
YIELD
CORPORATE
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Healthcare
–
(continued)
Encompass
Health
Corp.
$
400,000
4.750
%
02/01/30
$
371,000
IQVIA,
Inc.
280,000
5.000
05/15/27
(a)
272,650
250,000
6.500
05/15/30
(a)
252,527
Legacy
LifePoint
Health
LLC
323,000
4.375
02/15/27
(a)
306,850
Owens
&
Minor,
Inc.
400,000
6.625
04/01/30
(a)
381,000
RP
Escrow
Issuer
LLC
100,000
5.250
12/15/25
(a)
96,000
Select
Medical
Corp.
100,000
6.250
08/15/26
(a)
100,250
Service
Corp.
International
115,000
4.625
12/15/27
110,400
468,000
5.125
06/01/29
452,790
Star
Parent,
Inc.
100,000
9.000
10/01/30
(a)
104,875
Tenet
Healthcare
Corp.
290,000
6.250
02/01/27
289,637
305,000
5.125
11/01/27
297,375
193,000
4.625
06/15/28
184,556
451,000
6.125
10/01/28
447,054
420,000
4.250
06/01/29
388,500
50,000
6.125
06/15/30
49,625
450,000
6.750
05/15/31
(a)
455,063
7,273,974
Insurance
–
1.5%
Acrisure
LLC
/
Acrisure
Finance,
Inc.
157,000
10.125
08/01/26
(a)
161,710
275,000
8.250
02/01/29
(a)
276,375
240,000
6.000
08/01/29
(a)
219,000
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co.-Issuer
403,000
4.250
10/15/27
(a)
378,820
244,000
6.750
10/15/27
(a)
239,120
100,000
6.750
04/15/28
(a)
100,500
30,000
5.875
11/01/29
(a)
27,938
350,000
7.000
01/15/31
(a)
352,187
AssuredPartners,
Inc.
150,000
5.625
01/15/29
(a)
139,875
Panther
Escrow
Issuer
LLC
400,000
7.125
06/01/31
(a)
404,000
2,299,525
Metals
–
0.9%
Alcoa
Nederland
Holding
BV
200,000
5.500
12/15/27
(a)
196,970
200,000
7.125
03/15/31
(a)
205,750
Arsenal
AIC
Parent
LLC
200,000
11.500
10/01/31
(a)
223,250
Kaiser
Aluminum
Corp.
150,000
4.500
06/01/31
(a)
133,125
Novelis
Corp.
451,000
4.750
01/30/30
(a)
417,175
220,000
3.875
08/15/31
(a)
189,200
1,365,470
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Metals
and
Mining
–
0.1%
Cleveland-Cliffs,
Inc.
$
200,000
6.750
%
04/15/30
(a)
$
197,750
Natural
Gas
–
2.2%
Ferrellgas
LP
/
Ferrellgas
Finance
Corp.
359,000
5.375
04/01/26
(a)
351,371
Genesis
Energy
LP
/
Genesis
Energy
Finance
Corp.
570,000
8.000
01/15/27
583,538
Hess
Midstream
Operations
LP
200,000
5.625
02/15/26
(a)
199,000
NGL
Energy
Operating
LLC
/
NGL
Energy
Finance
Corp.
350,000
8.375
02/15/32
(a)
357,437
NuStar
Logistics
LP
193,000
6.000
06/01/26
192,035
100,000
5.625
04/28/27
98,750
Rockies
Express
Pipeline
LLC
251,000
4.950
07/15/29
(a)
233,430
Tallgrass
Energy
Partners
LP
/
Tallgrass
Energy
Finance
Corp.
153,000
6.000
03/01/27
(a)
150,323
111,000
5.500
01/15/28
(a)
105,866
100,000
7.375
02/15/29
(a)
100,500
300,000
6.000
09/01/31
(a)
282,750
Venture
Global
Calcasieu
Pass
LLC
100,000
6.250
01/15/30
(a)
100,125
Venture
Global
LNG,
Inc.
550,000
8.375
06/01/31
(a)
568,563
3,323,688
Other
–
0.3%
Brand
Industrial
Services,
Inc.
410,000
10.375
08/01/30
(a)
441,775
Pharmaceuticals
–
1.4%
Bausch
Health
Americas,
Inc.
200,000
9.250
04/01/26
(a)
185,000
Bausch
Health
Cos.,
Inc.
250,000
5.500
11/01/25
(a)
236,562
150,000
9.000
12/15/25
(a)
141,750
200,000
6.125
02/01/27
(a)
166,750
70,000
5.000
01/30/28
(a)
39,900
500,000
4.875
06/01/28
(a)
363,750
250,000
11.000
09/30/28
(a)
219,375
50,000
5.000
02/15/29
(a)
25,375
230,000
6.250
02/15/29
(a)
120,750
110,000
5.250
01/30/30
(a)
55,000
300,000
5.250
02/15/31
(a)
150,000
Endo
Finance
Holdings,
Inc.
400,000
8.500
04/15/31
(a)
409,500
2,113,712
REITs
and
Real
Estate
–
2.0%
Anywhere
Real
Estate
Group
LLC
/
Realogy
Co.-Issuer
Corp.
100,000
5.750
01/15/29
(a)
69,000
Brookfield
Property
REIT,
Inc.
/
BPR
Cumulus
LLC
/
BPR
Nimbus
LLC
/
GGSI
Sellco
LL
250,000
5.750
05/15/26
(a)
245,469
Diversified
Healthcare
Trust
100,000
9.750
06/15/25
100,004
100,000
–
01/15/26
(a)(c)
86,634
100,000
4.750
02/15/28
82,324
150,000
4.375
03/01/31
109,125
GOLDMAN
SACHS
ACCESS
HIGH
YIELD
CORPORATE
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
REITs
and
Real
Estate
–
(continued)
Global
Net
Lease,
Inc.
/
Global
Net
Lease
Operating
Partnership
LP
$
150,000
3.750
%
12/15/27
(a)
$
130,814
Howard
Hughes
Corp.
(The)
150,000
5.375
08/01/28
(a)
141,750
329,000
4.375
02/01/31
(a)
281,295
Hudson
Pacific
Properties
LP
250,000
3.950
11/01/27
215,313
Kennedy-Wilson,
Inc.
50,000
4.750
03/01/29
42,687
100,000
4.750
02/01/30
82,125
241,000
5.000
03/01/31
192,499
Park
Intermediate
Holdings
LLC
/
PK
Domestic
Property
LLC
/
PK
Finance
Co.-Issuer
440,000
4.875
05/15/29
(a)
409,750
RLJ
Lodging
Trust
LP
200,000
3.750
07/01/26
(a)
189,250
Service
Properties
Trust
239,000
7.500
09/15/25
243,481
60,000
4.950
10/01/29
46,950
263,000
4.375
02/15/30
191,990
150,000
8.625
11/15/31
(a)
157,371
Starwood
Property
Trust,
Inc.
200,000
7.250
04/01/29
(a)
199,591
3,217,422
Rental
Equipment
–
1.2%
EquipmentShare.com,
Inc.
100,000
8.625
05/15/32
(a)
103,375
H&E
Equipment
Services,
Inc.
440,000
3.875
12/15/28
(a)
394,350
Hertz
Corp.
(The)
75,000
4.625
12/01/26
(a)
58,313
125,000
5.000
12/01/29
(a)
82,187
United
Rentals
North
America,
Inc.
228,000
5.500
05/15/27
225,033
280,000
4.875
01/15/28
270,550
281,000
3.875
02/15/31
250,090
150,000
3.750
01/15/32
128,625
200,000
6.125
03/15/34
(a)
196,250
1,708,773
Software
–
2.8%
Clarivate
Science
Holdings
Corp.
350,000
3.875
07/01/28
(a)
320,250
100,000
4.875
07/01/29
(a)
91,500
Cloud
Software
Group,
Inc.
813,000
6.500
03/31/29
(a)
773,366
650,000
9.000
09/30/29
(a)
628,063
Fair
Isaac
Corp.
450,000
4.000
06/15/28
(a)
417,375
Gen
Digital,
Inc.
450,000
6.750
09/30/27
(a)
453,938
ROBLOX
Corp.
100,000
3.875
05/01/30
(a)
87,000
SS&C
Technologies,
Inc.
412,000
5.500
09/30/27
(a)
402,000
100,000
6.500
06/01/32
(a)
100,375
UKG,
Inc.
400,000
6.875
02/01/31
(a)
404,000
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Software
–
(continued)
Veritas  U.S.,
Inc.
/
Veritas
Bermuda
Ltd.
$
500,000
7.500
%
09/01/25
(a)
$
455,753
4,133,620
Technology
–
3.7%
Arches
Buyer,
Inc.
152,000
4.250
06/01/28
(a)
133,000
334,000
6.125
12/01/28
(a)
268,870
Block,
Inc.
250,000
2.750
06/01/26
236,563
530,000
3.500
06/01/31
453,812
Entegris,
Inc.
300,000
4.375
04/15/28
(a)
280,875
100,000
5.950
06/15/30
(a)
98,500
Go
Daddy
Operating
Co
LLC
/
GD
Finance
Co.,
Inc.
450,000
5.250
12/01/27
(a)
439,875
Imola
Merger
Corp.
328,000
4.750
05/15/29
(a)
306,680
Match
Group
Holdings
II
LLC
250,000
5.000
12/15/27
(a)
237,813
400,000
4.625
06/01/28
(a)
372,500
100,000
3.625
10/01/31
(a)
83,125
McAfee
Corp.
377,000
7.375
02/15/30
(a)
350,610
NCR
Atleos
Corp.
300,000
9.500
04/01/29
(a)
324,375
Newfold
Digital
Holdings
Group,
Inc.
570,000
11.750
10/15/28
(a)
583,537
100,000
6.000
02/15/29
(a)
72,375
Presidio
Holdings,
Inc.
225,000
8.250
02/01/28
(a)
229,500
Seagate
HDD
Cayman
150,000
8.250
12/15/29
(a)
161,063
385,000
9.625
12/01/32
437,456
Uber
Technologies,
Inc.
617,000
4.500
08/15/29
(a)
582,294
Vericast
Corp.
200,000
11.000
09/15/26
(a)
212,250
Western
Digital
Corp.
200,000
4.750
02/15/26
196,000
6,061,073
Transportation
–
1.9%
American
Airlines,
Inc.
200,000
7.250
02/15/28
(a)
199,920
American
Airlines,
Inc.
/AAdvantage
Loyalty
IP
Ltd.
388,000
5.500
04/20/26
(a)
384,605
698,000
5.750
04/20/29
(a)
675,122
Fortress
Transportation
and
Infrastructure
Investors
LLC
550,000
5.500
05/01/28
(a)
531,437
160,000
7.875
12/01/30
(a)
167,400
United
Airlines,
Inc.
188,000
4.375
04/15/26
(a)
181,269
613,000
4.625
04/15/29
(a)
567,303
XPO,
Inc.
100,000
7.125
06/01/31
(a)
102,000
100,000
7.125
02/01/32
(a)
102,000
2,911,056
GOLDMAN
SACHS
ACCESS
HIGH
YIELD
CORPORATE
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Wireless
–
0.7%
Hughes
Satellite
Systems
Corp.
$
200,000
5.250
%
08/01/26
$
136,250
300,000
6.625
08/01/26
124,500
SBA
Communications
Corp.
300,000
3.875
02/15/27
284,411
220,000
3.125
02/01/29
193,600
Viasat,
Inc.
325,000
6.500
07/15/28
(a)
240,094
978,855
Wirelines
–
2.7%
Cablevision
Lightpath
LLC
200,000
5.625
09/15/28
(a)
157,000
Consolidated
Communications,
Inc.
202,000
6.500
10/01/28
(a)
171,700
Embarq
Corp.
200,000
7.995
06/01/36
62,250
Frontier
Communications
Holdings
LLC
75,000
5.875
10/15/27
(a)
72,891
500,000
5.000
05/01/28
(a)
466,875
200,000
6.750
05/01/29
(a)
183,000
273,000
5.875
11/01/29
236,486
350,000
6.000
01/15/30
(a)
304,062
260,000
8.750
05/15/30
(a)
269,100
100,000
8.625
03/15/31
(a)
102,875
Level
3
Financing,
Inc.
175,000
4.875
06/15/29
(a)
104,781
150,000
4.500
04/01/30
(a)
86,812
100,000
3.875
10/15/30
(a)
54,875
390,000
10.750
12/15/30
(a)
390,488
125,000
4.000
04/15/31
(a)
68,594
Lumen
Technologies,
Inc.
200,000
4.500
01/15/29
(a)
60,000
85,000
4.125
04/15/29
(a)
55,144
85,000
4.125
04/15/30
(a)
54,931
Uniti
Group
LP
/
Uniti
Group
Finance,
Inc.
/
CSL
Capital
LLC
300,000
10.500
02/15/28
(a)
301,125
491,000
4.750
04/15/28
(a)
411,213
150,000
6.500
02/15/29
(a)
104,812
Windstream
Escrow
LLC
/
Windstream
Escrow
Finance
Corp.
202,000
7.750
08/15/28
(a)
189,880
Zayo
Group
Holdings,
Inc.
420,000
4.000
03/01/27
(a)
328,650
4,237,544
TOTAL
CORPORATE
OBLIGATIONS
(Cost
$142,796,000)
140,637,030
a
Foreign
Corporate
Debt
–
5.6%
Aerospace
&
Defense
–
0.6%
Bombardier,
Inc.
(
Canada
)
241,000
7.875
04/15/27
(a)
241,452
200,000
6.000
02/15/28
(a)
197,000
100,000
8.750
11/15/30
(a)
107,562
200,000
7.250
07/01/31
(a)
203,250
200,000
7.450
05/01/34
(a)
223,000
972,264
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Foreign
Corporate
Debt
–
(continued)
Basic
Industry
–
0.7%
Methanex
Corp.
(
Canada
)
$
188,000
5.125
%
10/15/27
$
181,890
102,000
5.250
12/15/29
97,627
NOVA
Chemicals
Corp.
(
Canada
)
190,000
5.000
05/01/25
(a)
187,625
273,000
5.250
06/01/27
(a)
261,739
200,000
8.500
11/15/28
(a)
212,500
100,000
9.000
02/15/30
(a)
105,875
1,047,256
Capital
Goods
–
0.6%
ARD
Finance
SA
(
Luxembourg
)
200,000
6.500
06/30/27
(a)(b)
48,000
GFL
Environmental,
Inc.
(
United
States
)
271,000
4.250
06/01/25
(a)
268,968
250,000
3.750
08/01/25
(a)
244,062
342,000
4.750
06/15/29
(a)
320,625
100,000
6.750
01/15/31
(a)
102,375
984,030
Communications
–
0.2%
Videotron
Ltd.
(
Canada
)
300,000
5.125
04/15/27
(a)
294,750
Consumer
Cyclical
–
1.5%
1011778
BC
ULC
/
New
Red
Finance,
Inc.
(
Canada
)
301,000
3.875
01/15/28
(a)
279,930
154,000
4.375
01/15/28
(a)
144,375
212,000
3.500
02/15/29
(a)
191,065
517,000
4.000
10/15/30
(a)
451,729
Brookfield
Residential
Properties,
Inc.
/
Brookfield
Residential  U.S.
LLC
(
Canada
)
100,000
6.250
09/15/27
(a)
97,500
250,000
4.875
02/15/30
(a)
219,062
Garda
World
Security
Corp.
(
Canada
)
167,000
4.625
02/15/27
(a)
159,068
135,000
9.500
11/01/27
(a)
135,000
Mattamy
Group
Corp.
(
Canada
)
186,000
5.250
12/15/27
(a)
179,955
117,000
4.625
03/01/30
(a)
106,909
Odeon
Finco
PLC
(
United
Kingdom
)
260,000
12.750
11/01/27
(a)
269,750
2,234,343
Consumer
Products
–
0.3%
Kronos
Acquisition
Holdings
Inc
/
KIK
Custom
Products,
Inc.
(
Canada
)
400,000
5.000
12/31/26
(a)
389,000
Energy
–
0.0%
MEG
Energy
Corp.
(
Canada
)
29,000
7.125
02/01/27
(a)
29,363
Mining
–
0.3%
Hudbay
Minerals,
Inc.
(
Canada
)
405,000
4.500
04/01/26
(a)
394,875
Natural
Gas
–
0.2%
Parkland
Corp.
(
Canada
)
347,000
4.625
05/01/30
(a)
315,336
Software
–
0.5%
Open
Text
Corp.
(
Canada
)
640,000
3.875
02/15/28
(a)
589,600
100,000
3.875
12/01/29
(a)
88,000
GOLDMAN
SACHS
ACCESS
HIGH
YIELD
CORPORATE
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Foreign
Corporate
Debt
–
(continued)
Software
–
(continued)
Open
Text
Holdings,
Inc.
(
Canada
)
$
100,000
4.125
%
12/01/31
(a)
$
86,500
764,100
Transportation
–
0.4%
Air
Canada
(
Canada
)
190,000
3.875
08/15/26
(a)
180,262
VistaJet
Malta
Finance
PLC
/
Vista
Management
Holding,
Inc.
(
Switzerland
)
200,000
7.875
05/01/27
(a)
183,750
100,000
9.500
06/01/28
(a)
91,218
200,000
6.375
02/01/30
(a)
161,000
616,230
Wireless
–
0.3%
Intelsat
Jackson
Holdings
SA
(
Luxembourg
)
485,000
6.500
03/15/30
(a)
458,931
TOTAL
FOREIGN
CORPORATE
DEBT
(Cost
$8,682,267)
8,500,478
Shares
Dividend
Rate
Value
aa
a
Investment
Company
–
1.1%
(d)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
1,752,062
5.227%
1,752,062
(Cost
$1,752,062)
TOTAL
INVESTMENTS
–
98.3%
(Cost
$153,230,329)
$
150,889,570
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
1.7%
2,637,404
NET
ASSETS
–
100.0%
$
153,526,974
  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)
Pay-in-kind
securities.
(c)
Issued
with
a
zero
coupon.
Income
is
recognized
through
the
accretion
of
discount.
(d)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
LP
—
Limited
Partnership
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
GOLDMAN
SACHS
ACCESS
INFLATION
PROTECTED
USD
BOND
ETF
Schedule
of
Investments
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
U.S.
Treasury
Inflation
Indexed
Bonds
–
98.7%
a
U.S.
Treasury
Inflation
Indexed
Bonds
$
1,703,722
0.250
%
01/15/25
$
1,670,634
4,154,007
0.375
07/15/25
4,050,844
1,172,433
0.125
10/15/25
1,134,055
4,140,581
0.625
01/15/26
4,005,980
3,210,855
0.125
04/15/26
3,065,551
6,225,734
0.125
07/15/26
5,943,733
8,167,807
0.125
10/15/26
7,761,132
5,193,901
0.375
01/15/27
4,928,995
2,278,772
0.125
04/15/27
2,137,702
9,413,920
0.375
07/15/27
8,900,657
10,890,758
0.500
01/15/28
10,229,685
3,466,536
0.750
07/15/28
3,282,070
1,791,615
3.875
04/15/29
1,933,005
4,330,993
0.250
07/15/29
3,958,263
8,995,444
0.125
01/15/30
8,064,111
8,627,222
0.125
07/15/30
7,692,491
6,916,234
0.125
07/15/31
6,045,158
5,687,733
0.125
01/15/32
4,900,428
7,617,237
0.625
07/15/32
6,801,189
3,854,443
1.375
07/15/33
3,627,112
4,491,215
2.125
02/15/40
4,434,711
8,188,390
0.750
02/15/42
6,379,418
3,061,320
0.875
02/15/47
2,286,208
2,633,199
1.000
02/15/48
2,004,093
2,088,956
1.000
02/15/49
1,580,835
2,789,296
0.250
02/15/50
1,691,638
4,100,837
0.125
02/15/52
2,309,687
TOTAL
U.S.
TREASURY
INFLATION
INDEXED
BONDS
(Cost
$133,204,445)
120,819,385
Shares
Dividend
Rate
Value
aa
a
Investment
Company
–
0.4%
(a)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
475,624
5.227%
475,624
(Cost
$475,624)
TOTAL
INVESTMENTS
–
99.1%
(Cost
$133,680,069)
$
121,295,009
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.9%
1,134,316
NET
ASSETS
–
100.0%
$
122,429,325
  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
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
82.9%
Aerospace
&
Defense
–
0.1%
Boeing
Co.
(The)
$
10,000
4.875
%
05/01/25
$
9,896
Aerospace/Defense
–
2.1%
Boeing
Co.
(The)
20,000
2.196
02/04/26
18,802
40,000
5.040
05/01/27
39,164
General
Dynamics
Corp.
16,000
1.150
06/01/26
14,800
Huntington
Ingalls
Industries,
Inc.
20,000
3.483
12/01/27
18,725
Lockheed
Martin
Corp.
50,000
3.550
01/15/26
48,698
RTX
Corp.
40,000
5.750
01/15/29
41,029
Textron,
Inc.
13,000
3.650
03/15/27
12,426
193,644
Banks
–
22.8%
American
Express
Co.
50,000
4.900
02/13/26
49,642
51,000
3.125
05/20/26
48,939
20,000
5.850
11/05/27
20,485
Bank
of
America
Corp.
(
SOFR
+
1.290%
)
80,000
5.080
01/20/27
(a)
79,578
(
SOFR
+
0.960%
)
32,000
1.734
07/22/27
(a)
29,443
(
SOFR
+
1.580%
)
32,000
4.376
04/27/28
(a)
31,149
(
SOFR
+
1.630%
)
30,000
5.202
04/25/29
(a)
29,875
Bank
of
America
Corp.
,
GMTN
(
3M
U.S.
T-Bill
MMY  +
1.632
)
40,000
3.593
07/21/28
(a)
38,001
Bank
of
America
Corp.
,
MTN
(
SOFR
+
1.010%
)
21,000
1.197
10/24/26
(a)
19,772
(
3M
U.S.
T-Bill
MMY
+
1.322%
)
25,000
3.559
04/23/27
(a)
24,124
(
SOFR
+
2.040%
)
50,000
4.948
07/22/28
(a)
49,408
(
3M
U.S.
T-Bill
MMY  +
1.572
)
60,000
4.271
07/23/29
(a)
57,681
Bank
of
America
Corp.
,
Series
N
(
SOFR
+
0.910%
)
17,000
1.658
03/11/27
(a)
15,914
Bank
of
New
York
Mellon
Corp.
(The)
,
MTN
20,000
1.600
04/24/25
19,340
68,000
3.400
01/29/28
64,208
(
3M
U.S.
T-Bill
MMY  +
1.331
)
34,000
3.442
02/07/28
(a)
32,490
Capital
One
Financial
Corp.
(
SOFR
+
2.080%
)
20,000
5.468
02/01/29
(a)
19,850
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Banks
–
(continued)
(
SOFR
+
2.640%
)
$
60,000
6.312
%
06/08/29
(a)
$
61,053
(
SOFR
+
1.905%
)
50,000
5.700
02/01/30
(a)
49,882
Citizens
Financial
Group,
Inc.
50,000
2.850
07/27/26
47,082
Fifth
Third
Bancorp
20,000
2.550
05/05/27
18,560
Huntington
Bancshares,
Inc.
(
SOFR
+
2.020%
)
40,000
6.208
08/21/29
(a)
40,854
JPMorgan
Chase
&
Co.
27,000
3.200
06/15/26
25,974
30,000
2.950
10/01/26
28,524
(
SOFR
+
0.800%
)
17,000
1.045
11/19/26
(a)
15,912
(
SOFR
+
0.885%
)
25,000
1.578
04/22/27
(a)
23,257
(
SOFR
+
1.170%
)
25,000
2.947
02/24/28
(a)
23,474
(
SOFR
+
1.560%
)
47,000
4.323
04/26/28
(a)
45,774
(
SOFR
+
1.990%
)
40,000
4.851
07/25/28
(a)
39,466
(
SOFR
+
1.015%
)
30,000
2.069
06/01/29
(a)
26,378
(
3M
U.S.
T-Bill
MMY  +
1.522
)
20,000
4.203
07/23/29
(a)
19,178
(
SOFR
+
1.450%
)
80,000
5.299
07/24/29
(a)
79,577
(
SOFR
+
1.570%
)
50,000
6.087
10/23/29
(a)
51,484
Morgan
Stanley
(
SOFR
+
1.990%
)
34,000
2.188
04/28/26
(a)
32,971
(
SOFR
+
1.770%
)
50,000
6.138
10/16/26
(a)
50,304
(
SOFR
+
1.295%
)
20,000
5.050
01/28/27
(a)
19,846
20,000
3.591
07/22/28
(a)
18,978
(
SOFR
+
2.240%
)
40,000
6.296
10/18/28
(a)
41,027
Morgan
Stanley
,
GMTN
20,000
3.875
01/27/26
19,484
Morgan
Stanley
,
MTN
(
SOFR
+
0.940%
)
28,000
2.630
02/18/26
(a)
27,409
(
SOFR
+
1.590%
)
100,000
5.164
04/20/29
(a)
99,420
PNC
Financial
Services
Group,
Inc.
(The)
(
SOFR
+
1.620%
)
20,000
5.354
12/02/28
(a)
19,930
(
SOFR
+
1.841%
)
50,000
5.582
06/12/29
(a)
50,404
Santander
Holdings
USA,
Inc.
45,000
3.450
06/02/25
43,954
(
SOFR
+
1.249%
)
20,000
2.490
01/06/28
(a)
18,262
GOLDMAN
SACHS
ACCESS
INVESTMENT
GRADE
CORPORATE
1-5
YEAR
BOND
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Banks
–
(continued)
(
SOFR
+
2.356%
)
$
20,000
6.499
%
03/09/29
(a)
$
20,446
Synchrony
Financial
20,000
3.950
12/01/27
18,731
Truist
Financial
Corp.
,
MTN
(
SOFR
+
2.446%
)
30,000
7.161
10/30/29
(a)
31,789
(
SOFR
+
1.620%
)
30,000
5.435
01/24/30
(a)
29,835
U.S.
Bancorp
,
MTN
40,000
3.950
11/17/25
39,160
(
SOFR
+
0.730%
)
10,000
2.215
01/27/28
(a)
9,209
(
SOFR
+
1.660%
)
8,000
4.548
07/22/28
(a)
7,785
U.S.
Bancorp
,
Series
X
21,000
3.150
04/27/27
19,916
US
Bancorp
(
SOFR
+
2.020%
)
30,000
5.775
06/12/29
(a)
30,207
Wells
Fargo
&
Co.
6,000
3.000
04/22/26
5,733
23,000
3.000
10/23/26
21,752
(
SOFR
+
1.790%
)
50,000
6.303
10/23/29
(a)
51,607
(
SOFR
+
1.500%
)
50,000
5.198
01/23/30
(a)
49,418
Wells
Fargo
&
Co.
,
MTN
(
3M
U.S.
T-Bill
MMY  +
1.432
)
11,000
3.196
06/17/27
(a)
10,529
(
SOFR
+
1.510%
)
16,000
3.526
03/24/28
(a)
15,205
(
3M
U.S.
T-Bill
MMY
+
1.572%
)
15,000
3.584
05/22/28
(a)
14,252
(
SOFR
+
2.100%
)
15,000
2.393
06/02/28
(a)
13,777
(
SOFR
+
1.980%
)
16,000
4.808
07/25/28
(a)
15,746
(
SOFR
+
1.740%
)
50,000
5.574
07/25/29
(a)
50,347
2,123,761
Basic
Industry
–
0.3%
Linde,
Inc.
24,000
3.200
01/30/26
23,225
Broadcasting
–
0.2%
Discovery
Communications
LLC
20,000
3.950
03/20/28
18,745
Building
Materials
–
0.6%
Stanley
Black
&
Decker,
Inc.
40,000
3.400
03/01/26
38,594
Vulcan
Materials
Co.
20,000
4.500
04/01/25
19,815
58,409
Capital
Goods
–
2.5%
Berry
Global,
Inc.
20,000
1.650
01/15/27
18,123
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Capital
Goods
–
(continued)
John
Deere
Capital
Corp.
,
MTN
$
20,000
4.750
%
01/20/28
$
19,892
20,000
1.500
03/06/28
17,652
Otis
Worldwide
Corp.
30,000
2.293
04/05/27
27,807
Republic
Services,
Inc.
9,000
2.900
07/01/26
8,612
Roper
Technologies,
Inc.
16,000
1.000
09/15/25
15,093
16,000
3.850
12/15/25
15,618
Trane
Technologies
Financing
Ltd.
40,000
3.500
03/21/26
38,759
Waste
Management,
Inc.
20,000
7.000
07/15/28
21,546
Westinghouse
Air
Brake
Technologies
Corp.
16,000
3.200
06/15/25
15,600
20,000
4.700
09/15/28
19,553
Xylem,
Inc.
20,000
1.950
01/30/28
17,893
236,148
Communications
–
1.9%
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
4,000
4.908
07/23/25
3,958
20,000
5.050
03/30/29
19,169
Comcast
Corp.
40,000
5.350
11/15/27
40,448
40,000
3.550
05/01/28
37,793
TWDC
Enterprises
18
Corp.
,
MTN
8,000
1.850
07/30/26
7,453
Walt
Disney
Co.
(The)
40,000
3.700
03/23/27
38,707
Warnermedia
Holdings,
Inc.
30,000
4.054
03/15/29
27,670
175,198
Consumer
Cyclical
–
10.1%
Amazon.com,
Inc.
15,000
4.550
12/01/27
14,863
American
Honda
Finance
Corp.
20,000
5.650
11/15/28
20,442
American
Honda
Finance
Corp.
,
GMTN
20,000
3.500
02/15/28
18,944
American
Honda
Finance
Corp.
,
MTN
13,000
1.200
07/08/25
12,419
Booking
Holdings,
Inc.
43,000
3.600
06/01/26
41,703
Dollar
Tree,
Inc.
30,000
4.200
05/15/28
28,770
DR
Horton,
Inc.
10,000
1.300
10/15/26
9,098
Ford
Motor
Co.
50,000
4.346
12/08/26
48,571
50,000
6.625
10/01/28
51,942
General
Motors
Co.
34,000
6.800
10/01/27
35,268
General
Motors
Financial
Co.,
Inc.
40,000
4.350
04/09/25
39,544
21,000
1.250
01/08/26
19,637
GOLDMAN
SACHS
ACCESS
INVESTMENT
GRADE
CORPORATE
1-5
YEAR
BOND
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Consumer
Cyclical
–
(continued)
General
Motors
Financial
Co.,
Inc.
–
(continued)
$
20,000
2.700
%
08/20/27
$
18,430
30,000
3.850
01/05/28
28,394
Global
Payments,
Inc.
40,000
1.200
03/01/26
37,076
10,000
4.450
06/01/28
9,631
Home
Depot,
Inc.
(The)
40,000
4.000
09/15/25
39,377
21,000
2.800
09/14/27
19,654
Las
Vegas
Sands
Corp.
10,000
3.500
08/18/26
9,502
Lennar
Corp.
20,000
4.750
11/29/27
19,775
Lowe's
Cos.,
Inc.
50,000
4.800
04/01/26
49,640
20,000
1.700
09/15/28
17,397
Marriott
International,
Inc.
,
Series
EE
8,000
5.750
05/01/25
8,004
McDonald's
Corp.
,
MTN
40,000
3.500
03/01/27
38,349
Starbucks
Corp.
16,000
2.000
03/12/27
14,718
20,000
3.500
03/01/28
18,922
Toll
Brothers
Finance
Corp.
16,000
4.875
11/15/25
15,880
Toyota
Motor
Credit
Corp.
50,000
5.400
11/20/26
50,267
Toyota
Motor
Credit
Corp.
,
MTN
16,000
0.800
01/09/26
14,914
40,000
3.050
03/22/27
37,826
Visa,
Inc.
40,000
0.750
08/15/27
35,309
50,000
2.750
09/15/27
46,780
Walmart,
Inc.
50,000
3.900
09/09/25
49,254
24,000
1.050
09/17/26
22,017
942,317
Consumer
Noncyclical
–
3.2%
Abbott
Laboratories
20,000
1.150
01/30/28
17,591
AbbVie,
Inc.
30,000
4.800
03/15/27
29,823
30,000
4.800
03/15/29
29,755
Bristol-Myers
Squibb
Co.
50,000
4.900
02/22/29
49,716
Centene
Corp.
20,000
4.250
12/15/27
19,125
Eli
Lilly
&
Co.
24,000
3.100
05/15/27
22,864
Gilead
Sciences,
Inc.
20,000
1.200
10/01/27
17,705
Johnson
&
Johnson
30,000
2.900
01/15/28
28,232
Merck
&
Co.,
Inc.
16,000
0.750
02/24/26
14,882
Merck
Sharp
&
Dohme
Corp.
20,000
6.400
03/01/28
20,990
Philip
Morris
International,
Inc.
30,000
4.875
02/15/28
29,681
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Consumer
Noncyclical
–
(continued)
Utah
Acquisition
Sub,
Inc.
$
13,000
3.950
%
06/15/26
$
12,560
292,924
Consumer
Products
–
0.8%
Kenvue,
Inc.
20,000
5.050
03/22/28
20,058
Procter
&
Gamble
Co.
(The)
50,000
4.100
01/26/26
49,319
8,000
1.900
02/01/27
7,427
76,804
Electric
–
7.1%
Black
Hills
Corp.
20,000
5.950
03/15/28
20,414
Dominion
Energy,
Inc.
,
Series
A
20,000
3.300
03/15/25
19,618
17,000
1.450
04/15/26
15,798
DTE
Electric
Co.
20,000
3.375
03/01/25
19,659
DTE
Energy
Co.
20,000
4.875
06/01/28
19,707
DTE
Energy
Co.
,
Series
F
24,000
1.050
06/01/25
22,973
Duke
Energy
Corp.
20,000
0.900
09/15/25
18,871
16,000
2.650
09/01/26
15,098
40,000
4.300
03/15/28
38,782
Edison
International
14,000
4.125
03/15/28
13,338
Exelon
Corp.
11,000
3.400
04/15/26
10,643
30,000
5.150
03/15/28
29,901
FirstEnergy
Corp.
,
Series
B
20,000
4.150
07/15/27
19,087
National
Rural
Utilities
Cooperative
Finance
Corp.
,
MTN
40,000
3.450
06/15/25
39,147
NextEra
Energy
Capital
Holdings,
Inc.
40,000
4.900
02/28/28
39,622
NSTAR
Electric
Co.
50,000
2.700
06/01/26
47,325
Pacific
Gas
and
Electric
Co.
7,000
3.450
07/01/25
6,830
28,000
3.300
03/15/27
26,376
20,000
5.450
06/15/27
19,978
Public
Service
Co.
of
Colorado
30,000
2.900
05/15/25
29,309
Public
Service
Electric
and
Gas
Co.
,
MTN
30,000
3.650
09/01/28
28,428
San
Diego
Gas
&
Electric
Co.
40,000
6.000
06/01/26
40,522
Southern
California
Edison
Co.
15,000
5.850
11/01/27
15,297
Southern
Co.
(The)
16,000
3.250
07/01/26
15,362
Southern
Co.
Gas
Capital
Corp.
16,000
3.875
11/15/25
15,617
Southern
Power
Co.
50,000
0.900
01/15/26
46,439
GOLDMAN
SACHS
ACCESS
INVESTMENT
GRADE
CORPORATE
1-5
YEAR
BOND
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Electric
–
(continued)
Southwestern
Electric
Power
Co.
,
Series
M
$
30,000
4.100
%
09/15/28
$
28,456
662,597
Electrical
–
0.2%
Hubbell,
Inc.
22,000
3.500
02/15/28
20,739
Energy
–
5.9%
Baker
Hughes
Holdings
LLC
/
Baker
Hughes
Co.-Obligor,
Inc.
15,000
3.337
12/15/27
14,115
Boardwalk
Pipelines
LP
40,000
4.450
07/15/27
38,959
Chevron
Corp.
35,000
1.995
05/11/27
32,262
DCP
Midstream
Operating
LP
26,000
5.375
07/15/25
25,968
Energy
Transfer
LP
40,000
4.750
01/15/26
39,502
40,000
5.550
02/15/28
40,272
Exxon
Mobil
Corp.
24,000
3.043
03/01/26
23,184
13,000
2.275
08/16/26
12,253
Hercules
Capital,
Inc.
20,000
3.375
01/20/27
18,402
Kinder
Morgan,
Inc.
16,000
4.300
06/01/25
15,793
20,000
5.000
02/01/29
19,721
Marathon
Petroleum
Corp.
11,000
4.700
05/01/25
10,895
MPLX
LP
12,000
1.750
03/01/26
11,251
Occidental
Petroleum
Corp.
50,000
5.875
09/01/25
50,026
ONEOK,
Inc.
24,000
5.000
03/01/26
23,812
Plains
All
American
Pipeline
LP
/
PAA
Finance
Corp.
16,000
4.650
10/15/25
15,790
Sabine
Pass
Liquefaction
LLC
31,000
5.000
03/15/27
30,768
Targa
Resources
Corp.
20,000
6.150
03/01/29
20,549
Targa
Resources
Partners
LP
/
Targa
Resources
Partners
Finance
Corp.
40,000
6.500
07/15/27
40,325
Western
Midstream
Operating
LP
16,000
3.950
06/01/25
15,708
Williams
Cos.,
Inc.
(The)
54,000
4.000
09/15/25
53,020
552,575
Financial
Company
–
3.1%
Air
Lease
Corp.
37,000
3.625
04/01/27
35,246
20,000
3.625
12/01/27
18,838
Air
Lease
Corp.
,
GMTN
40,000
3.750
06/01/26
38,586
Ally
Financial,
Inc.
30,000
4.625
03/30/25
29,690
15,000
7.100
11/15/27
15,585
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Financial
Company
–
(continued)
Ares
Capital
Corp.
$
17,000
2.875
%
06/15/27
$
15,617
Bain
Capital
Specialty
Finance,
Inc.
20,000
2.950
03/10/26
18,826
20,000
2.550
10/13/26
18,415
BGC
Group,
Inc.
40,000
4.375
12/15/25
38,959
FS
KKR
Capital
Corp.
16,000
3.250
07/15/27
14,519
GATX
Corp.
50,000
3.850
03/30/27
47,888
292,169
Food
and
Beverage
–
1.0%
Campbell
Soup
Co.
20,000
4.150
03/15/28
19,296
Coca-Cola
Co.
(The)
50,000
1.500
03/05/28
44,458
McCormick
&
Co.,
Inc.
16,000
0.900
02/15/26
14,840
PepsiCo,
Inc.
11,000
2.850
02/24/26
10,607
89,201
Hardware
–
0.5%
CDW
LLC
/
CDW
Finance
Corp.
50,000
4.125
05/01/25
49,000
Healthcare
–
3.5%
Cigna
Group
(The)
50,000
1.250
03/15/26
46,521
CVS
Health
Corp.
13,000
3.000
08/15/26
12,367
50,000
4.300
03/25/28
48,221
Evernorth
Health,
Inc.
40,000
4.500
02/25/26
39,354
HCA,
Inc.
16,000
4.500
02/15/27
15,600
40,000
5.875
02/01/29
40,550
Illumina,
Inc.
50,000
5.800
12/12/25
49,962
Quest
Diagnostics,
Inc.
16,000
3.450
06/01/26
15,445
UnitedHealth
Group,
Inc.
16,000
3.375
04/15/27
15,323
40,000
5.250
02/15/28
40,425
323,768
Insurance
–
2.0%
Berkshire
Hathaway
Finance
Corp.
40,000
2.300
03/15/27
37,416
Horace
Mann
Educators
Corp.
30,000
7.250
09/15/28
31,542
Lincoln
National
Corp.
30,000
3.800
03/01/28
28,464
Loews
Corp.
50,000
3.750
04/01/26
48,640
Prudential
Financial,
Inc.
(
3M
USD
LIBOR
+
2.665%
)
20,000
5.700
09/15/48
(a)
19,725
GOLDMAN
SACHS
ACCESS
INVESTMENT
GRADE
CORPORATE
1-5
YEAR
BOND
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Insurance
–
(continued)
Radian
Group,
Inc.
$
20,000
4.875
%
03/15/27
$
19,475
185,262
Media
Non
Cable
–
0.2%
Netflix,
Inc.
16,000
4.375
11/15/26
15,768
Mining
–
0.1%
Freeport-McMoRan,
Inc.
10,000
4.125
03/01/28
9,550
Pharmaceuticals
–
0.2%
Viatris,
Inc.
16,000
2.300
06/22/27
14,525
REITs
and
Real
Estate
–
2.8%
AvalonBay
Communities,
Inc.
,
MTN
20,000
3.200
01/15/28
18,746
Boston
Properties
LP
20,000
4.500
12/01/28
18,853
Brixmor
Operating
Partnership
LP
20,000
3.900
03/15/27
19,133
EPR
Properties
8,000
4.500
06/01/27
7,623
Equinix,
Inc.
23,000
1.800
07/15/27
20,666
ERP
Operating
LP
16,000
3.375
06/01/25
15,658
GLP
Capital
LP
/
GLP
Financing
II,
Inc.
9,000
5.375
04/15/26
8,929
Realty
Income
Corp.
35,000
5.050
01/13/26
34,782
Simon
Property
Group
LP
16,000
3.500
09/01/25
15,625
16,000
3.300
01/15/26
15,488
Ventas
Realty
LP
20,000
4.400
01/15/29
19,149
VICI
Properties
LP
50,000
4.375
05/15/25
49,335
Welltower
OP
LLC
16,000
4.000
06/01/25
15,737
259,724
REVENUE
–
0.3%
CommonSpirit
Health
16,000
1.547
10/01/25
15,134
SSM
Health
Care
Corp.
10,000
4.894
06/01/28
9,901
25,035
Software
–
0.9%
Oracle
Corp.
35,000
1.650
03/25/26
32,763
50,000
3.250
11/15/27
47,004
79,767
Technology
–
5.3%
Apple,
Inc.
32,000
3.350
02/09/27
30,772
50,000
4.000
05/10/28
48,907
Autodesk,
Inc.
22,000
3.500
06/15/27
20,981
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Technology
–
(continued)
Broadcom
Corp.
/
Broadcom
Cayman
Finance
Ltd.
$
17,000
3.875
%
01/15/27
$
16,413
Cisco
Systems,
Inc.
35,000
4.800
02/26/27
34,886
Dell
International
LLC
/
EMC
Corp.
35,000
5.250
02/01/28
35,165
Fiserv,
Inc.
12,000
3.850
06/01/25
11,769
24,000
3.200
07/01/26
22,986
Hewlett
Packard
Enterprise
Co.
15,000
4.900
10/15/25
14,858
Intel
Corp.
40,000
4.875
02/10/28
39,714
International
Business
Machines
Corp.
46,000
6.220
08/01/27
47,512
Intuit,
Inc.
16,000
1.350
07/15/27
14,311
Jabil,
Inc.
40,000
4.250
05/15/27
38,666
Keysight
Technologies,
Inc.
8,000
4.600
04/06/27
7,831
Microsoft
Corp.
31,000
3.300
02/06/27
29,863
Motorola
Solutions,
Inc.
13,000
7.500
05/15/25
13,207
TD
SYNNEX
Corp.
10,000
2.375
08/09/28
8,832
VeriSign,
Inc.
28,000
5.250
04/01/25
27,790
VMware
LLC
20,000
4.500
05/15/25
19,794
Vontier
Corp.
10,000
2.400
04/01/28
8,787
493,044
Transportation
–
1.3%
CSX
Corp.
17,000
3.250
06/01/27
16,144
Ryder
System,
Inc.
,
MTN
5,000
1.750
09/01/26
4,609
8,000
2.900
12/01/26
7,534
20,000
5.650
03/01/28
20,248
Union
Pacific
Corp.
17,000
3.250
08/15/25
16,569
Union
Pacific
Railroad
Co.
Pass-Through
Trust
,
Series
14-1
32,800
3.227
05/14/26
31,565
United
Airlines,
Inc.
Pass-Through
Trust
,
Series
20-1
11,570
5.875
10/15/27
11,626
United
Airlines,
Inc.
Pass-Through
Trust
,
Series
A
14,793
4.300
08/15/25
14,539
122,834
Water
–
0.2%
American
Water
Capital
Corp.
20,000
3.750
09/01/28
18,976
Wireless
–
3.7%
American
Tower
Corp.
13,000
3.375
10/15/26
12,410
40,000
5.500
03/15/28
40,189
GOLDMAN
SACHS
ACCESS
INVESTMENT
GRADE
CORPORATE
1-5
YEAR
BOND
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Wireless
–
(continued)
AT&T,
Inc.
$
30,000
5.539
%
02/20/26
$
29,993
21,000
1.700
03/25/26
19,643
10,000
1.650
02/01/28
8,850
20,000
4.350
03/01/29
19,273
Crown
Castle,
Inc.
35,000
5.000
01/11/28
34,500
Sprint
LLC
30,000
7.625
03/01/26
30,769
T-Mobile
USA,
Inc.
16,000
3.750
04/15/27
15,368
70,000
2.050
02/15/28
62,657
Verizon
Communications,
Inc.
25,000
2.100
03/22/28
22,439
50,000
4.329
09/21/28
48,449
344,540
TOTAL
CORPORATE
OBLIGATIONS
(Cost
$7,780,948)
7,710,145
a
Foreign
Corporate
Debt
–
15.4%
Banks
–
10.6%
Bank
of
Montreal
(
Canada
)
30,000
5.203
02/01/28
30,035
25,000
5.717
09/25/28
25,501
Bank
of
Nova
Scotia
(The)
(
Canada
)
17,000
1.050
03/02/26
15,792
17,000
2.700
08/03/26
16,067
50,000
2.951
03/11/27
47,088
Barclays
PLC
(
United
Kingdom
)
(
3M
USD
LIBOR
+
1.902%
)
200,000
4.972
05/16/29
(a)
194,920
Canadian
Imperial
Bank
of
Commerce
(
Canada
)
40,000
5.001
04/28/28
39,615
HSBC
Holdings
PLC
(
United
Kingdom
)
(
SOFR
+
1.970%
)
200,000
6.161
03/09/29
(a)
204,365
Mitsubishi
UFJ
Financial
Group,
Inc.
(
Japan
)
100,000
3.777
03/02/25
98,680
20,000
3.287
07/25/27
18,917
Royal
Bank
of
Canada
(
Canada
)
31,000
3.625
05/04/27
29,746
Royal
Bank
of
Canada
,
GMTN
(
Canada
)
40,000
1.150
07/14/26
36,700
20,000
4.240
08/03/27
19,483
Sumitomo
Mitsui
Financial
Group,
Inc.
(
Japan
)
20,000
3.446
01/11/27
19,128
30,000
3.352
10/18/27
28,258
50,000
3.544
01/17/28
47,078
20,000
3.944
07/19/28
19,113
Westpac
Banking
Corp.
(
Australia
)
23,000
1.150
06/03/26
21,256
70,000
5.457
11/18/27
70,963
982,705
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Foreign
Corporate
Debt
–
(continued)
Brokerage
–
0.5%
Brookfield
Finance,
Inc.
(
Canada
)
$
50,000
3.900
%
01/25/28
$
47,870
Consumer
Cyclical
–
0.8%
Magna
International,
Inc.
(
Canada
)
50,000
4.150
10/01/25
49,093
Toyota
Motor
Corp.
(
Japan
)
28,000
1.339
03/25/26
26,189
75,282
Consumer
Noncyclical
–
0.5%
AstraZeneca
PLC
(
United
Kingdom
)
50,000
3.375
11/16/25
48,750
Energy
–
1.0%
Canadian
Natural
Resources
Ltd.
(
Canada
)
50,000
2.050
07/15/25
47,990
Enbridge,
Inc.
(
Canada
)
(
3M
U.S.
T-Bill
MMY
+
3.903%
)
16,000
6.250
03/01/78
(a)
15,260
TransCanada
PipeLines
Ltd.
(
Canada
)
30,000
6.203
03/09/26
29,868
93,118
Financial
Company
–
0.3%
ORIX
Corp.
(
Japan
)
30,000
5.000
09/13/27
29,640
Food
and
Beverage
–
0.6%
Anheuser-Busch
InBev
Worldwide,
Inc.
(
Belgium
)
50,000
4.750
01/23/29
49,635
Insurance
–
0.6%
Manulife
Financial
Corp.
(
Canada
)
60,000
2.484
05/19/27
55,618
Oil
Company-Integrated
–
0.1%
Ecopetrol
SA
(
Colombia
)
10,000
8.625
01/19/29
10,467
Technology
–
0.4%
NXP
BV
/
NXP
Funding
LLC
/
NXP
USA,
Inc.
(
China
)
40,000
3.875
06/18/26
38,897
TOTAL
FOREIGN
CORPORATE
DEBT
(Cost
$1,430,723)
1,431,982
TOTAL
INVESTMENTS
–
98.3%
(Cost
$9,211,671)
$
9,142,127
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
1.7%
156,154
NET
ASSETS
–
100.0%
$
9,298,281
  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
May
31,
2024.
Investment
Abbreviations:
GMTN
—
Global
Medium
Term
Note
LIBOR
—
London
Interbank
Offered
Rate
LP
—
Limited
Partnership
GOLDMAN
SACHS
ACCESS
INVESTMENT
GRADE
CORPORATE
1-5
YEAR
BOND
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Investment
Abbreviations:
(continued)
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
GOLDMAN
SACHS
ACCESS
INVESTMENT
GRADE
CORPORATE
BOND
ETF
Schedule
of
Investments
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
80.5%
Aerospace
&
Defense
–
2.1%
Boeing
Co.
(The)
$
300,000
2.196
%
02/04/26
$
282,027
262,000
2.700
02/01/27
240,509
540,000
3.250
02/01/28
492,604
360,000
3.200
03/01/29
316,107
262,000
2.950
02/01/30
223,276
1,400,000
5.150
05/01/30
1,332,452
450,000
3.625
02/01/31
392,138
480,000
3.600
05/01/34
381,591
300,000
3.250
02/01/35
225,893
800,000
5.705
05/01/40
733,469
249,000
3.900
05/01/49
167,656
270,000
3.750
02/01/50
177,610
1,000,000
5.805
05/01/50
900,532
990,000
6.858
05/01/54
(a)
1,006,463
500,000
5.930
05/01/60
444,321
General
Dynamics
Corp.
600,000
3.500
04/01/27
577,094
250,000
4.250
04/01/40
220,076
384,000
4.250
04/01/50
321,983
L3Harris
Technologies,
Inc.
620,000
4.400
06/15/28
600,104
Lockheed
Martin
Corp.
250,000
5.100
11/15/27
251,377
620,000
5.250
01/15/33
628,286
1,000,000
4.750
02/15/34
970,247
193,000
4.070
12/15/42
162,543
260,000
3.800
03/01/45
206,228
100,000
4.700
05/15/46
90,244
168,000
4.090
09/15/52
134,652
220,000
4.150
06/15/53
177,703
200,000
5.700
11/15/54
206,126
148,000
5.900
11/15/63
156,066
RTX
Corp.
330,000
5.750
11/08/26
333,143
1,600,000
6.000
03/15/31
1,659,458
1,000,000
6.100
03/15/34
1,047,591
520,000
4.500
06/01/42
451,329
960,000
4.150
05/15/45
774,804
300,000
4.625
11/16/48
258,941
16,544,643
Agriculture
–
0.2%
Archer-Daniels-Midland
Co.
462,000
3.250
03/27/30
418,744
500,000
2.900
03/01/32
424,595
JBS
USA
Holding
Lux
Sarl/
JBS
USA
Food
Co/
JBS
Lux
Co.
Sarl
250,000
2.500
01/15/27
230,625
100,000
3.000
05/15/32
81,375
200,000
5.750
04/01/33
197,500
150,000
7.250
11/15/53
(a)
164,625
1,517,464
Banks
–
18.1%
American
Express
Co.
649,000
4.200
11/06/25
638,989
660,000
4.900
02/13/26
655,273
470,000
3.125
05/20/26
451,004
250,000
1.650
11/04/26
229,370
300,000
3.300
05/03/27
285,085
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Banks
–
(continued)
American
Express
Co.
–
(continued)
$
200,000
5.850
%
11/05/27
$
204,855
600,000
4.050
05/03/29
575,181
200,000
4.050
12/03/42
168,317
(
SOFR
+
1.330%
)
850,000
6.338
10/30/26
(b)
860,107
(
SOFR
+
0.970%
)
200,000
5.389
07/28/27
(b)
200,054
(
SOFRINDX
+
1.280%
)
1,000,000
5.282
07/27/29
(b)
998,912
(
SOFR
+
2.255%
)
192,000
4.989
05/26/33
(b)
184,481
Bank
of
America
Corp.
(
SOFR
+
0.960%
)
1,739,000
1.734
07/22/27
(b)
1,600,025
(
SOFR
+
1.340%
)
660,000
5.933
09/15/27
(b)
664,189
(
3M
U.S.
T-Bill
MMY  +
1.774
)
485,000
3.705
04/24/28
(b)
460,959
(
SOFR
+
1.990%
)
720,000
6.204
11/10/28
(b)
741,910
(
3M
U.S.
T-Bill
MMY  +
1.302%
)
1,148,000
3.419
12/20/28
(b)
1,073,904
(
SOFR
+
2.150%
)
519,000
2.592
04/29/31
(b)
445,844
(
SOFR
+
1.320%
)
1,070,000
2.687
04/22/32
(b)
896,124
(
SOFR
+
1.220%
)
882,000
2.299
07/21/32
(b)
715,278
(
SOFR
+
1.210%
)
700,000
2.572
10/20/32
(b)
578,230
(
SOFR
+
1.910%
)
930,000
5.288
04/25/34
(b)
919,633
(
US
5
Year
CMT
T-Note
+
1.200%
)
234,000
2.482
09/21/36
(b)
187,485
860,000
6.110
01/29/37
893,418
370,000
7.750
05/14/38
441,099
(
US
5
Year
CMT
T-Note
+
2.000%
)
100,000
3.846
03/08/37
(b)
87,522
(
3M
U.S.
T-Bill
MMY  +
2.076%
)
418,000
4.244
04/24/38
(b)
368,840
(
SOFR
+
1.580%
)
619,000
3.311
04/22/42
(b)
467,994
(
3M
U.S.
T-Bill
MMY  +
1.452
)
210,000
3.946
01/23/49
(b)
165,754
Bank
of
America
Corp.
,
GMTN
320,000
3.500
04/19/26
309,921
(
3M
U.S.
T-Bill
MMY  +
1.632
)
588,000
3.593
07/21/28
(b)
558,609
Bank
of
America
Corp.
,
MTN
215,000
3.875
08/01/25
211,396
253,000
4.450
03/03/26
248,043
GOLDMAN
SACHS
ACCESS
INVESTMENT
GRADE
CORPORATE
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Banks
–
(continued)
Bank
of
America
Corp.,
MTN
–
(continued)
$
423,000
4.250
%
10/22/26
$
411,923
594,000
3.248
10/21/27
558,439
248,000
5.875
02/07/42
261,220
334,000
5.000
01/21/44
315,631
(
SOFR
+
1.150%
)
1,718,000
1.319
06/19/26
(b)
1,642,089
(
SOFR
+
1.750%
)
300,000
4.827
07/22/26
(b)
297,237
(
SOFR
+
1.010%
)
960,000
1.197
10/24/26
(b)
903,866
(
3M
U.S.
T-Bill
MMY  +
1.322%
)
760,000
3.559
04/23/27
(b)
733,365
(
3M
U.S.
T-Bill
MMY  +
1.837
)
628,000
3.824
01/20/28
(b)
604,296
(
SOFR
+
1.050%
)
490,000
2.551
02/04/28
(b)
454,055
(
SOFR
+
2.040%
)
900,000
4.948
07/22/28
(b)
889,344
(
3M
U.S.
T-Bill
MMY  +
1.332
)
150,000
3.970
03/05/29
(b)
142,863
(
SOFR
+
1.060%
)
680,000
2.087
06/14/29
(b)
597,239
(
3M
U.S.
T-Bill
MMY  +
1.572
)
1,445,000
4.271
07/23/29
(b)
1,389,155
(
3M
U.S.
T-Bill
MMY  +
1.472%
)
504,000
3.974
02/07/30
(b)
474,152
(
3M
U.S.
T-Bill
MMY  +
1.442
)
200,000
3.194
07/23/30
(b)
180,722
(
3M
U.S.
T-Bill
MMY  +
1.452
)
281,000
2.884
10/22/30
(b)
248,294
(
3M
U.S.
T-Bill
MMY  +
1.252%
)
525,000
2.496
02/13/31
(b)
449,683
(
SOFR
+
1.530%
)
830,000
1.898
07/23/31
(b)
677,007
(
SOFR
+
1.370%
)
600,000
1.922
10/24/31
(b)
487,097
(
SOFR
+
1.330%
)
622,000
2.972
02/04/33
(b)
522,570
(
3M
U.S.
T-Bill
MMY  +
1.582
)
208,000
4.078
04/23/40
(b)
176,087
(
SOFR
+
1.930%
)
704,000
2.676
06/19/41
(b)
494,051
(
3M
U.S.
T-Bill
MMY  +
2.252
)
354,000
4.443
01/20/48
(b)
302,502
(
3M
U.S.
T-Bill
MMY  +
1.782
)
477,000
4.330
03/15/50
(b)
398,384
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Banks
–
(continued)
(
3M
U.S.
T-Bill
MMY  +
3.412%
)
$
2,826,000
4.083
%
03/20/51
(b)
$
2,258,272
Bank
of
America
Corp.
,
Series
L
1,123,000
4.183
11/25/27
1,082,827
Bank
of
America
Corp.
,
Series
N
(
SOFR
+
1.220%
)
500,000
2.651
03/11/32
(b)
418,857
Bank
of
America
NA
250,000
5.526
08/18/26
251,607
500,000
6.000
10/15/36
520,352
Bank
of
New
York
Mellon
Corp.
(The)
,
MTN
50,000
2.800
05/04/26
47,828
1,000,000
2.050
01/26/27
926,604
290,000
3.250
05/16/27
276,177
636,000
3.400
01/29/28
600,538
372,000
3.850
04/28/28
357,564
144,000
3.300
08/23/29
131,056
(
3M
U.S.
T-Bill
MMY  +
1.331
)
1,087,000
3.442
02/07/28
(b)
1,038,724
(
SOFR
+
1.845%
)
810,000
6.474
10/25/34
(b)
872,777
Capital
One
Financial
Corp.
50,000
4.200
10/29/25
49,006
450,000
3.750
03/09/27
430,744
300,000
3.650
05/11/27
286,651
690,000
3.800
01/31/28
653,754
(
SOFR
+
2.160%
)
150,000
4.985
07/24/26
(b)
148,644
(
SOFR
+
0.855%
)
200,000
1.878
11/02/27
(b)
182,185
(
SOFR
+
2.057%
)
250,000
4.927
05/10/28
(b)
246,526
(
SOFR
+
2.080%
)
200,000
5.468
02/01/29
(b)
198,502
(
SOFR
+
2.640%
)
1,000,000
6.312
06/08/29
(b)
1,017,548
(
SOFR
+
1.337%
)
180,000
2.359
07/29/32
(b)
140,621
(
SOFR
+
2.370%
)
1,200,000
5.268
05/10/33
(b)
1,158,970
(
SOFR
+
2.600%
)
1,000,000
5.817
02/01/34
(b)
988,023
(
SOFR
+
2.860%
)
500,000
6.377
06/08/34
(b)
511,913
Charles
Schwab
Corp.
(The)
1,220,000
0.900
03/11/26
1,129,438
Citibank
NA
2,000,000
5.570
04/30/34
2,030,041
Citigroup,
Inc.
(
SOFR
+
2.086%
)
600,000
4.910
05/24/33
(b)
577,414
(
SOFR
+
4.548%
)
240,000
5.316
03/26/41
(b)
233,224
Citizens
Bank
NA
(
SOFR
+
2.000%
)
655,000
4.575
08/09/28
(b)
627,673
GOLDMAN
SACHS
ACCESS
INVESTMENT
GRADE
CORPORATE
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Banks
–
(continued)
Citizens
Financial
Group,
Inc.
$
100,000
3.250
%
04/30/30
$
87,164
Discover
Financial
Services
100,000
4.100
02/09/27
95,845
1,640,000
6.700
11/29/32
1,711,901
Fifth
Third
Bancorp
456,000
2.550
05/05/27
423,179
190,000
8.250
03/01/38
222,447
(
SOFRINDX
+
2.192%
)
300,000
6.361
10/27/28
(b)
305,437
(
SOFRINDX
+
2.127%
)
1,100,000
4.772
07/28/30
(b)
1,059,199
Fifth
Third
Bank
NA
560,000
3.850
03/15/26
541,201
JPMorgan
Chase
&
Co.
138,000
3.900
07/15/25
135,791
730,000
3.300
04/01/26
706,017
690,000
3.200
06/15/26
663,770
290,000
4.125
12/15/26
282,057
251,000
4.250
10/01/27
244,201
184,000
3.625
12/01/27
175,170
513,000
6.400
05/15/38
569,194
147,000
5.500
10/15/40
147,963
226,000
5.600
07/15/41
231,249
328,000
5.400
01/06/42
329,449
60,000
5.625
08/16/43
61,552
381,000
4.850
02/01/44
353,077
554,000
4.950
06/01/45
521,279
(
SOFR
+
0.800%
)
800,000
1.045
11/19/26
(b)
748,816
(
3M
U.S.
T-Bill
MMY  +
1.507
)
500,000
3.960
01/29/27
(b)
487,570
(
SOFR
+
0.885%
)
600,000
1.578
04/22/27
(b)
558,177
(
3M
U.S.
T-Bill
MMY  +
1.599%
)
653,000
3.782
02/01/28
(b)
624,465
(
SOFR
+
1.170%
)
655,000
2.947
02/24/28
(b)
615,025
(
SOFR
+
0.930%
)
120,000
5.571
04/22/28
(b)
120,775
(
SOFR
+
1.560%
)
950,000
4.323
04/26/28
(b)
925,209
(
3M
U.S.
T-Bill
MMY  +
1.642%
)
1,064,000
3.540
05/01/28
(b)
1,013,425
622,000
3.964
11/15/48
(b)
500,320
(
SOFR
+
1.890%
)
1,002,000
2.182
06/01/28
(b)
916,036
(
SOFR
+
1.990%
)
535,000
4.851
07/25/28
(b)
527,856
(
3M
U.S.
T-Bill
MMY  +
1.207
)
1,922,000
3.509
01/23/29
(b)
1,809,151
(
3M
U.S.
T-Bill
MMY  +
1.382
)
518,000
4.005
04/23/29
(b)
492,435
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Banks
–
(continued)
(
SOFR
+
1.015%
)
$
450,000
2.069
%
06/01/29
(b)
$
395,666
(
SOFR
+
1.570%
)
1,000,000
6.087
10/23/29
(b)
1,029,674
(
3M
U.S.
T-Bill
MMY  +
1.592%
)
2,450,000
4.452
12/05/29
(b)
2,372,484
(
3M
U.S.
T-Bill
MMY  +
1.422
)
114,000
3.702
05/06/30
(b)
106,073
(
SOFR
+
1.750%
)
230,000
4.565
06/14/30
(b)
222,307
(
3M
U.S.
T-Bill
MMY  +
1.510%
)
692,000
2.739
10/15/30
(b)
604,255
(
3M
U.S.
T-Bill
MMY  +
3.790%
)
400,000
4.493
03/24/31
(b)
384,941
(
SOFR
+
2.040%
)
1,130,000
2.522
04/22/31
(b)
970,232
(
3M
U.S.
T-Bill
MMY  +
2.515
)
358,000
2.956
05/13/31
(b)
310,086
(
3M
U.S.
T-Bill
MMY  +
1.105%
)
80,000
1.764
11/19/31
(b)
64,447
(
SOFR
+
1.065%
)
1,052,000
1.953
02/04/32
(b)
851,441
(
3M
U.S.
T-Bill
MMY  +
1.25
)
1,104,000
2.580
04/22/32
(b)
922,611
(
SOFR
+
1.180%
)
1,067,000
2.545
11/08/32
(b)
882,465
(
SOFR
+
1.260%
)
600,000
2.963
01/25/33
(b)
507,109
(
SOFR
+
1.800%
)
500,000
4.586
04/26/33
(b)
474,056
(
SOFR
+
1.845%
)
1,000,000
5.350
06/01/34
(b)
994,841
(
SOFR
+
1.810%
)
680,000
6.254
10/23/34
(b)
718,731
(
3M
U.S.
T-Bill
MMY  +
1.622%
)
485,000
3.882
07/24/38
(b)
414,367
(
3M
U.S.
T-Bill
MMY  +
2.46
)
110,000
3.109
04/22/41
(b)
82,977
(
3M
U.S.
T-Bill
MMY  +
1.51
)
360,000
2.525
11/19/41
(b)
246,079
(
SOFR
+
1.460%
)
100,000
3.157
04/22/42
(b)
74,615
(
3M
U.S.
T-Bill
MMY  +
1.842
)
271,000
4.260
02/22/48
(b)
227,853
(
3M
U.S.
T-Bill
MMY  +
1.722
)
268,000
4.032
07/24/48
(b)
217,983
(
3M
U.S.
T-Bill
MMY  +
1.482
)
290,000
3.897
01/23/49
(b)
230,720
GOLDMAN
SACHS
ACCESS
INVESTMENT
GRADE
CORPORATE
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Banks
–
(continued)
(
SOFR
+
2.440%
)
$
368,000
3.109
%
04/22/51
(b)
$
249,858
(
SOFR
+
1.580%
)
760,000
3.328
04/22/52
(b)
535,272
JPMorgan
Chase
Bank
NA
250,000
5.110
12/08/26
249,295
KeyBank
NA
640,000
4.900
08/08/32
566,537
KeyCorp
,
MTN
690,000
2.550
10/01/29
582,738
M&T
Bank
Corp.
(
SOFR
+
2.800%
)
700,000
7.413
10/30/29
(b)
737,382
Manufacturers
&
Traders
Trust
Co.
1,610,000
4.700
01/27/28
1,540,330
Morgan
Stanley
(
SOFR
+
1.669%
)
200,000
4.679
07/17/26
(b)
197,925
(
SOFR
+
1.770%
)
500,000
6.138
10/16/26
(b)
503,038
250,000
3.950
04/23/27
240,868
600,000
3.591
07/22/28
(b)
569,334
645,000
3.971
07/22/38
(b)
545,948
600,000
6.375
07/24/42
666,592
510,000
4.300
01/27/45
436,944
(
SOFR
+
1.610%
)
450,000
4.210
04/20/28
(b)
434,427
(
SOFR
+
1.290%
)
3,780,000
2.943
01/21/33
(b)
3,189,706
(
SOFR
+
1.360%
)
755,000
2.484
09/16/36
(b)
593,970
(
SOFR
+
2.620%
)
2,015,000
5.297
04/20/37
(b)
1,920,989
(
US
5
Year
CMT
T-Note
+
2.430%
)
100,000
5.948
01/19/38
(b)
99,357
(
3M
U.S.
T-Bill
MMY  +
1.693
)
1,340,000
4.457
04/22/39
(b)
1,197,189
(
SOFR
+
1.485%
)
300,000
3.217
04/22/42
(b)
224,221
Morgan
Stanley
,
GMTN
200,000
4.000
07/23/25
197,206
920,000
3.875
01/27/26
896,283
(
3M
U.S.
T-Bill
MMY  +
1.402
)
460,000
3.772
01/24/29
(b)
434,173
(
SOFR
+
1.143%
)
650,000
2.699
01/22/31
(b)
563,396
(
SOFR
+
4.840%
)
100,000
5.597
03/24/51
(b)
101,572
Morgan
Stanley
,
MTN
(
SOFR
+
1.034%
)
2,280,000
1.794
02/13/32
(b)
1,818,393
815,000
4.375
01/22/47
695,149
(
SOFR
+
1.430%
)
4,820,000
2.802
01/25/52
(b)
3,027,806
Morgan
Stanley
Bank
NA
880,000
5.479
07/16/25
881,338
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Banks
–
(continued)
Morgan
Stanley
Bank
NA
–
(continued)
$
250,000
4.754
%
04/21/26
$
247,501
250,000
5.882
10/30/26
252,992
Northern
Trust
Corp.
1,000,000
3.950
10/30/25
979,794
PNC
Bank
NA
250,000
3.250
06/01/25
244,583
250,000
2.700
10/22/29
216,328
PNC
Financial
Services
Group,
Inc.
(The)
1,000,000
2.600
07/23/26
946,060
1,220,000
3.450
04/23/29
1,122,858
(
SOFRINDX
+
1.085%
)
100,000
4.758
01/26/27
(b)
98,862
(
SOFR
+
1.841%
)
1,300,000
5.582
06/12/29
(b)
1,310,497
(
SOFRINDX
+
2.140%
)
250,000
6.037
10/28/33
(b)
256,498
(
SOFR
+
2.284%
)
500,000
6.875
10/20/34
(b)
542,246
Santander
Holdings
USA,
Inc.
380,000
3.450
06/02/25
371,167
770,000
3.244
10/05/26
725,784
(
SOFR
+
1.249%
)
444,000
2.490
01/06/28
(b)
405,414
(
SOFR
+
2.356%
)
223,000
6.499
03/09/29
(b)
227,976
Synchrony
Bank
400,000
5.400
08/22/25
396,416
Synchrony
Financial
392,000
4.500
07/23/25
385,474
724,000
3.950
12/01/27
678,050
Truist
Financial
Corp.
,
MTN
(
SOFR
+
2.050%
)
570,000
6.047
06/08/27
(b)
574,522
(
SOFR
+
1.435%
)
1,250,000
4.873
01/26/29
(b)
1,224,114
(
SOFR
+
1.620%
)
1,000,000
5.435
01/24/30
(b)
994,486
(
SOFR
+
2.240%
)
1,610,000
4.916
07/28/33
(b)
1,484,550
(
SOFR
+
1.922%
)
330,000
5.711
01/24/35
(b)
329,084
U.S.
Bancorp
250,000
1.450
05/12/25
240,693
(
US
5
Year
CMT
T-Note
+
0.950%
)
300,000
2.491
11/03/36
(b)
234,240
U.S.
Bancorp
,
MTN
386,000
3.100
04/27/26
369,658
755,000
3.900
04/26/28
721,815
787,000
3.000
07/30/29
698,614
300,000
1.375
07/22/30
239,718
(
SOFR
+
0.730%
)
300,000
2.215
01/27/28
(b)
276,271
(
SOFR
+
1.660%
)
200,000
4.548
07/22/28
(b)
194,619
(
SOFR
+
1.020%
)
950,000
2.677
01/27/33
(b)
778,370
GOLDMAN
SACHS
ACCESS
INVESTMENT
GRADE
CORPORATE
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Banks
–
(continued)
U.S.
Bancorp
,
Series
V
$
100,000
2.375
%
07/22/26
$
94,290
U.S.
Bancorp
,
Series
X
535,000
3.150
04/27/27
507,379
Wells
Fargo
&
Co.
815,000
3.000
04/22/26
778,727
1,234,000
3.000
10/23/26
1,167,056
550,000
5.375
11/02/43
519,852
1,007,000
3.900
05/01/45
803,268
(
SOFR
+
2.000%
)
540,000
2.188
04/30/26
(b)
523,590
(
SOFR
+
1.070%
)
550,000
5.707
04/22/28
(b)
554,247
(
SOFR
+
2.060%
)
1,345,000
6.491
10/23/34
(b)
1,430,180
(
SOFR
+
2.530%
)
1,119,000
3.068
04/30/41
(b)
827,741
Wells
Fargo
&
Co.
,
GMTN
450,000
4.300
07/22/27
436,870
404,000
4.900
11/17/45
357,817
Wells
Fargo
&
Co.
,
MTN
272,000
3.550
09/29/25
264,608
226,000
4.100
06/03/26
220,332
293,000
4.400
06/14/46
239,915
400,000
4.750
12/07/46
343,922
(
SOFR
+
1.560%
)
501,000
4.540
08/15/26
(b)
495,004
(
3M
U.S.
T-Bill
MMY  +
1.432
)
320,000
3.196
06/17/27
(b)
306,296
976,000
2.879
10/30/30
(b)
853,640
(
SOFR
+
1.510%
)
50,000
3.526
03/24/28
(b)
47,517
(
3M
U.S.
T-Bill
MMY  +
1.572%
)
168,000
3.584
05/22/28
(b)
159,619
(
SOFR
+
2.100%
)
955,000
2.393
06/02/28
(b)
877,137
900,000
4.897
07/25/33
(b)
863,461
(
SOFR
+
1.980%
)
500,000
4.808
07/25/28
(b)
492,074
(
SOFR
+
1.740%
)
1,825,000
5.574
07/25/29
(b)
1,837,668
(
3M
U.S.
T-Bill
MMY  +
1.262%
)
900,000
2.572
02/11/31
(b)
775,139
(
3M
U.S.
T-Bill
MMY  +
4.032%
)
200,000
4.478
04/04/31
(b)
190,275
(
SOFR
+
1.500%
)
750,000
3.350
03/02/33
(b)
645,077
(
SOFR
+
1.990%
)
1,215,000
5.557
07/25/34
(b)
1,206,322
(
3M
U.S.
T-Bill
MMY  +
4.502
)
1,192,000
5.013
04/04/51
(b)
1,086,843
(
SOFR
+
2.130%
)
830,000
4.611
04/25/53
(b)
706,886
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Banks
–
(continued)
Wells
Fargo
Bank
NA
$
1,310,000
5.550
%
08/01/25
$
1,312,102
400,000
6.600
01/15/38
434,550
145,031,445
Basic
Industry
–
0.9%
Air
Products
and
Chemicals,
Inc.
270,000
2.700
05/15/40
192,492
Celanese  U.S.
Holdings
LLC
200,000
6.165
07/15/27
202,821
300,000
6.350
11/15/28
308,058
100,000
6.550
11/15/30
104,601
500,000
6.700
11/15/33
526,484
CF
Industries,
Inc.
360,000
5.150
03/15/34
343,998
187,000
4.950
06/01/43
165,261
115,000
5.375
03/15/44
106,111
Dow
Chemical
Co.
(The)
568,000
7.375
11/01/29
624,143
200,000
4.375
11/15/42
167,101
390,000
5.550
11/30/48
372,991
200,000
3.600
11/15/50
141,110
LYB
International
Finance
BV
1,090,000
5.250
07/15/43
997,650
693,000
4.875
03/15/44
609,902
LYB
International
Finance
III
LLC
240,000
4.200
10/15/49
184,894
263,000
4.200
05/01/50
201,780
200,000
3.625
04/01/51
139,675
LyondellBasell
Industries
NV
200,000
4.625
02/26/55
159,775
Sherwin-Williams
Co.
(The)
288,000
3.450
06/01/27
274,513
1,000,000
2.950
08/15/29
895,144
300,000
4.500
06/01/47
254,914
6,973,418
Broadcasting
–
0.4%
Discovery
Communications
LLC
310,000
5.200
09/20/47
250,767
780,000
5.300
05/15/49
636,153
500,000
4.000
09/15/55
320,979
Fox
Corp.
1,780,000
6.500
10/13/33
1,858,869
3,066,768
Brokerage
–
0.7%
BlackRock,
Inc.
580,000
3.250
04/30/29
537,922
300,000
2.400
04/30/30
260,847
200,000
1.900
01/28/31
165,300
150,000
2.100
02/25/32
122,150
1,870,000
4.750
05/25/33
1,826,616
Intercontinental
Exchange,
Inc.
330,000
2.100
06/15/30
277,579
290,000
1.850
09/15/32
223,828
360,000
4.600
03/15/33
343,496
510,000
3.000
06/15/50
333,745
392,000
4.950
06/15/52
359,691
416,000
3.000
09/15/60
251,178
450,000
5.200
06/15/62
421,277
GOLDMAN
SACHS
ACCESS
INVESTMENT
GRADE
CORPORATE
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Brokerage
–
(continued)
Jefferies
Financial
Group,
Inc.
$
200,000
5.875
%
07/21/28
$
201,659
125,000
4.150
01/23/30
114,902
244,000
2.625
10/15/31
196,295
Nasdaq,
Inc.
100,000
5.950
08/15/53
101,761
100,000
6.100
06/28/63
102,918
5,841,164
Capital
Goods
–
2.1%
3M
Co.
600,000
3.250
08/26/49
410,496
Carrier
Global
Corp.
40,000
2.493
02/15/27
37,280
505,000
2.722
02/15/30
443,442
107,000
2.700
02/15/31
91,771
378,000
3.377
04/05/40
291,876
350,000
3.577
04/05/50
256,246
Caterpillar
Financial
Services
Corp.
,
MTN
100,000
4.350
05/15/26
98,627
Caterpillar,
Inc.
40,000
2.600
04/09/30
35,321
80,000
5.200
05/27/41
78,514
388,000
3.803
08/15/42
318,267
246,000
3.250
09/19/49
175,165
Cummins,
Inc.
1,000,000
5.150
02/20/34
1,002,240
Deere
&
Co.
266,000
3.900
06/09/42
222,029
190,000
3.750
04/15/50
150,865
Eaton
Corp.
581,000
4.150
03/15/33
541,597
General
Electric
Co.
,
MTN
135,000
6.750
03/15/32
147,612
Honeywell
International,
Inc.
1,000,000
1.350
06/01/25
961,479
263,000
2.500
11/01/26
248,198
80,000
2.700
08/15/29
71,896
290,000
1.750
09/01/31
234,314
300,000
5.000
02/15/33
299,587
Illinois
Tool
Works,
Inc.
121,000
2.650
11/15/26
114,549
1,710,000
3.900
09/01/42
1,419,827
John
Deere
Capital
Corp.
,
MTN
1,100,000
3.400
06/06/25
1,079,878
100,000
0.700
01/15/26
93,218
100,000
4.700
06/10/30
98,685
John
Deere
Capital
Corp.
,
Series
I
540,000
5.150
09/08/33
543,602
Otis
Worldwide
Corp.
624,000
2.565
02/15/30
543,217
Parker-Hannifin
Corp.
660,000
3.250
06/14/29
603,762
200,000
4.500
09/15/29
194,477
Regal
Rexnord
Corp.
1,140,000
6.400
04/15/33
1,168,138
Republic
Services,
Inc.
390,000
3.950
05/15/28
374,186
1,000,000
4.875
04/01/29
987,753
500,000
5.000
04/01/34
487,466
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Capital
Goods
–
(continued)
Waste
Management,
Inc.
$
1,000,000
4.875
%
02/15/29
$
995,436
900,000
4.625
02/15/30
881,141
304,000
1.500
03/15/31
242,426
Westinghouse
Air
Brake
Technologies
Corp.
316,000
3.450
11/15/26
301,234
306,000
4.700
09/15/28
299,159
16,544,976
Communications
–
3.9%
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
184,000
4.908
07/23/25
182,054
237,000
3.750
02/15/28
219,775
374,000
4.200
03/15/28
351,666
194,000
2.250
01/15/29
164,940
128,000
5.050
03/30/29
122,685
323,000
2.800
04/01/31
263,213
180,000
2.300
02/01/32
138,083
405,000
6.384
10/23/35
395,399
388,000
5.375
04/01/38
335,698
300,000
3.500
06/01/41
200,970
572,000
6.484
10/23/45
527,548
401,000
5.375
05/01/47
323,080
432,000
5.750
04/01/48
363,076
410,000
5.125
07/01/49
314,809
430,000
4.800
03/01/50
318,002
674,000
3.700
04/01/51
411,401
350,000
3.900
06/01/52
220,540
100,000
5.250
04/01/53
79,067
354,000
3.850
04/01/61
208,507
254,000
4.400
12/01/61
165,453
262,000
3.950
06/30/62
156,201
580,000
5.500
04/01/63
452,111
Comcast
Corp.
1,000,000
3.375
08/15/25
978,954
400,000
3.150
02/15/28
374,286
400,000
3.550
05/01/28
377,927
400,000
4.150
10/15/28
386,109
700,000
4.550
01/15/29
685,843
150,000
2.650
02/01/30
131,847
400,000
3.400
04/01/30
364,853
270,000
4.250
10/15/30
256,807
500,000
5.500
11/15/32
509,916
600,000
4.250
01/15/33
557,788
500,000
4.650
02/15/33
480,385
300,000
7.050
03/15/33
334,329
250,000
4.800
05/15/33
241,784
150,000
4.200
08/15/34
136,727
320,000
5.650
06/15/35
326,428
400,000
4.400
08/15/35
367,019
540,000
3.900
03/01/38
456,210
400,000
3.969
11/01/47
311,505
200,000
4.000
03/01/48
156,827
400,000
4.700
10/15/48
355,125
400,000
3.999
11/01/49
310,501
400,000
3.450
02/01/50
281,943
400,000
2.800
01/15/51
245,791
800,000
2.887
11/01/51
496,280
400,000
2.450
08/15/52
224,254
GOLDMAN
SACHS
ACCESS
INVESTMENT
GRADE
CORPORATE
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Communications
–
(continued)
Comcast
Corp.
–
(continued)
$
210,000
5.350
%
05/15/53
$
200,346
750,000
2.937
11/01/56
449,978
336,000
4.950
10/15/58
298,285
472,000
2.650
08/15/62
255,934
400,000
2.987
11/01/63
233,363
Meta
Platforms,
Inc.
50,000
4.800
05/15/30
49,829
Netflix,
Inc.
325,000
4.375
11/15/26
320,281
600,000
4.875
04/15/28
596,860
690,000
5.875
11/15/28
710,466
227,000
6.375
05/15/29
238,382
Omnicom
Group
Inc
/
Omnicom
Capital,
Inc.
770,000
3.600
04/15/26
746,446
Omnicom
Group,
Inc.
113,000
2.600
08/01/31
94,766
Paramount
Global
800,000
4.375
03/15/43
547,932
1,000,000
5.850
09/01/43
813,426
Time
Warner
Cable
Enterprises
LLC
216,000
8.375
07/15/33
239,268
Time
Warner
Cable
LLC
170,000
6.550
05/01/37
160,836
304,000
7.300
07/01/38
307,311
422,000
6.750
06/15/39
408,850
180,000
5.875
11/15/40
155,731
431,000
5.500
09/01/41
360,920
TWDC
Enterprises
18
Corp.
,
GMTN
290,000
4.125
06/01/44
242,243
TWDC
Enterprises
18
Corp.
,
MTN
245,000
1.850
07/30/26
228,260
102,000
2.950
06/15/27
96,430
Walt
Disney
Co.
(The)
557,000
2.200
01/13/28
508,700
110,000
2.000
09/01/29
94,747
422,000
3.800
03/22/30
396,310
960,000
2.650
01/13/31
833,199
300,000
6.200
12/15/34
324,733
75,000
6.400
12/15/35
81,531
400,000
6.650
11/15/37
446,988
250,000
4.625
03/23/40
231,038
940,000
2.750
09/01/49
595,721
270,000
4.700
03/23/50
243,460
200,000
3.600
01/13/51
149,048
383,000
3.800
05/13/60
283,936
Warnermedia
Holdings,
Inc.
300,000
6.412
03/15/26
300,319
1,200,000
3.755
03/15/27
1,138,388
500,000
4.054
03/15/29
461,168
1,300,000
5.050
03/15/42
1,075,973
700,000
5.141
03/15/52
554,787
690,000
5.391
03/15/62
544,784
31,284,689
Consumer
Cyclical
–
7.7%
Amazon.com,
Inc.
391,000
0.800
06/03/25
374,040
203,000
5.200
12/03/25
203,285
200,000
1.200
06/03/27
179,850
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Consumer
Cyclical
–
(continued)
Amazon.com,
Inc.
–
(continued)
$
780,000
3.150
%
08/22/27
$
740,698
473,000
1.500
06/03/30
392,866
600,000
3.600
04/13/32
546,926
420,000
4.800
12/05/34
414,386
715,000
3.875
08/22/37
625,822
400,000
2.875
05/12/41
294,127
232,000
4.950
12/05/44
225,273
659,000
4.050
08/22/47
550,987
400,000
2.500
06/03/50
244,039
1,278,000
3.100
05/12/51
876,380
582,000
4.250
08/22/57
485,955
400,000
2.700
06/03/60
235,463
500,000
3.250
05/12/61
333,202
420,000
4.100
04/13/62
334,261
American
Honda
Finance
Corp.
1,000,000
5.000
05/23/25
996,005
American
Honda
Finance
Corp.
,
GMTN
200,000
5.800
10/03/25
201,180
250,000
5.125
07/07/28
250,323
American
Honda
Finance
Corp.
,
MTN
40,000
1.200
07/08/25
38,211
Booking
Holdings,
Inc.
100,000
3.600
06/01/26
96,984
136,000
4.625
04/13/30
132,813
Costco
Wholesale
Corp.
232,000
3.000
05/18/27
221,470
555,000
1.375
06/20/27
500,853
100,000
1.600
04/20/30
83,513
876,000
1.750
04/20/32
699,461
Dollar
Tree,
Inc.
414,000
4.200
05/15/28
397,029
eBay,
Inc.
490,000
4.000
07/15/42
392,729
Expedia
Group,
Inc.
300,000
3.250
02/15/30
268,204
Ford
Motor
Co.
100,000
4.346
12/08/26
97,142
1,000,000
3.250
02/12/32
820,069
550,000
5.291
12/08/46
481,125
Ford
Motor
Credit
Co.
LLC
500,000
4.134
08/04/25
490,745
500,000
4.542
08/01/26
486,952
200,000
4.271
01/09/27
192,140
1,455,000
5.800
03/05/27
1,452,236
500,000
2.900
02/16/28
451,008
400,000
6.800
05/12/28
411,892
1,500,000
6.798
11/07/28
1,551,159
300,000
2.900
02/10/29
263,118
500,000
5.113
05/03/29
482,610
500,000
7.350
03/06/30
524,682
1,000,000
7.122
11/07/33
1,064,773
General
Motors
Co.
450,000
6.125
10/01/25
451,902
545,000
5.000
10/01/28
537,304
408,000
5.600
10/15/32
405,291
880,000
6.600
04/01/36
920,892
273,000
5.150
04/01/38
250,242
368,000
6.750
04/01/46
386,629
GOLDMAN
SACHS
ACCESS
INVESTMENT
GRADE
CORPORATE
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Consumer
Cyclical
–
(continued)
General
Motors
Co.
–
(continued)
$
200,000
5.400
%
04/01/48
$
178,889
190,000
5.950
04/01/49
182,934
General
Motors
Financial
Co.,
Inc.
100,000
4.300
07/13/25
98,521
300,000
5.250
03/01/26
298,581
100,000
4.000
10/06/26
96,579
400,000
2.350
02/26/27
368,662
100,000
5.000
04/09/27
98,832
600,000
2.700
08/20/27
552,910
300,000
6.000
01/09/28
304,717
500,000
5.850
04/06/30
504,101
1,040,000
2.350
01/08/31
848,040
250,000
2.700
06/10/31
205,814
Global
Payments,
Inc.
1,000,000
2.900
05/15/30
867,651
510,000
2.900
11/15/31
426,226
Home
Depot,
Inc.
(The)
220,000
3.350
09/15/25
214,784
205,000
4.000
09/15/25
201,806
318,000
3.000
04/01/26
306,515
244,000
3.900
12/06/28
234,762
390,000
2.950
06/15/29
355,253
400,000
1.375
03/15/31
316,221
400,000
1.875
09/15/31
323,537
680,000
5.875
12/16/36
717,648
460,000
3.300
04/15/40
356,971
500,000
4.200
04/01/43
422,893
150,000
4.875
02/15/44
137,663
130,000
4.400
03/15/45
111,885
300,000
4.250
04/01/46
250,702
300,000
4.500
12/06/48
257,064
300,000
3.125
12/15/49
202,846
300,000
3.350
04/15/50
210,626
406,000
2.375
03/15/51
229,962
1,000,000
4.950
09/15/52
920,266
300,000
3.500
09/15/56
211,295
Las
Vegas
Sands
Corp.
190,000
3.500
08/18/26
180,532
396,000
3.900
08/08/29
359,882
Lowe's
Cos.,
Inc.
500,000
4.800
04/01/26
496,402
390,000
3.100
05/03/27
369,606
200,000
1.300
04/15/28
173,620
352,000
1.700
09/15/28
306,185
252,000
1.700
10/15/30
204,332
226,000
3.750
04/01/32
204,544
1,590,000
5.150
07/01/33
1,575,802
1,000,000
3.000
10/15/50
625,627
850,000
4.250
04/01/52
668,720
700,000
5.625
04/15/53
678,530
Marriott
International,
Inc.
100,000
4.900
04/15/29
98,407
Marriott
International,
Inc.
,
Series
FF
236,000
4.625
06/15/30
227,611
Marriott
International,
Inc.
,
Series
GG
300,000
3.500
10/15/32
259,108
Marriott
International,
Inc.
,
Series
R
170,000
3.125
06/15/26
162,601
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Consumer
Cyclical
–
(continued)
Mastercard,
Inc.
$
143,000
2.950
%
11/21/26
$
136,331
144,000
3.300
03/26/27
137,940
1,000,000
4.875
03/09/28
1,003,495
132,000
2.950
06/01/29
120,403
368,000
3.350
03/26/30
338,913
250,000
2.000
11/18/31
204,446
162,000
3.650
06/01/49
123,971
400,000
3.850
03/26/50
316,267
McDonald's
Corp.
900,000
5.450
08/14/53
873,926
McDonald's
Corp.
,
MTN
230,000
3.700
01/30/26
224,272
304,000
3.500
03/01/27
291,456
350,000
3.800
04/01/28
334,682
100,000
2.625
09/01/29
88,981
254,000
2.125
03/01/30
216,072
150,000
3.600
07/01/30
138,132
321,000
4.700
12/09/35
302,534
360,000
6.300
10/15/37
384,262
100,000
6.300
03/01/38
106,981
150,000
4.875
12/09/45
135,097
300,000
4.450
03/01/47
252,457
296,000
4.450
09/01/48
249,383
372,000
4.200
04/01/50
297,927
NIKE,
Inc.
115,000
2.375
11/01/26
108,185
190,000
2.750
03/27/27
179,300
204,000
2.850
03/27/30
182,718
250,000
3.250
03/27/40
195,538
390,000
3.875
11/01/45
315,486
340,000
3.375
03/27/50
245,884
Starbucks
Corp.
2,012,000
3.800
08/15/25
1,972,530
100,000
4.000
11/15/28
95,906
300,000
3.000
02/14/32
258,232
250,000
4.500
11/15/48
208,640
102,000
4.450
08/15/49
84,080
710,000
3.500
11/15/50
499,141
Tapestry,
Inc.
100,000
7.000
11/27/26
102,559
600,000
7.350
11/27/28
621,975
Target
Corp.
300,000
2.950
01/15/52
193,891
250,000
4.800
01/15/53
226,619
Toyota
Motor
Credit
Corp.
150,000
4.625
01/12/28
148,395
Toyota
Motor
Credit
Corp.
,
MTN
700,000
0.800
10/16/25
659,791
1,428,000
1.900
01/13/27
1,317,373
400,000
3.050
03/22/27
378,255
400,000
4.550
09/20/27
393,888
100,000
4.450
06/29/29
97,553
475,000
2.150
02/13/30
407,946
427,000
3.375
04/01/30
390,625
Visa,
Inc.
123,000
3.150
12/14/25
119,402
100,000
1.900
04/15/27
92,193
267,000
2.750
09/15/27
249,804
GOLDMAN
SACHS
ACCESS
INVESTMENT
GRADE
CORPORATE
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Consumer
Cyclical
–
(continued)
Visa,
Inc.
–
(continued)
$
174,000
2.050
%
04/15/30
$
148,740
288,000
1.100
02/15/31
227,125
920,000
4.150
12/14/35
857,089
100,000
2.700
04/15/40
72,713
729,000
4.300
12/14/45
635,221
100,000
3.650
09/15/47
77,730
200,000
2.000
08/15/50
111,003
Walmart,
Inc.
190,000
3.550
06/26/25
186,781
100,000
3.050
07/08/26
96,378
166,000
3.700
06/26/28
160,337
252,000
1.500
09/22/28
221,112
220,000
1.800
09/22/31
180,061
455,000
5.250
09/01/35
467,003
330,000
6.500
08/15/37
372,952
315,000
4.050
06/29/48
262,102
400,000
2.650
09/22/51
250,965
940,000
4.500
09/09/52
831,618
61,847,678
Consumer
Noncyclical
–
6.7%
Abbott
Laboratories
568,000
3.750
11/30/26
552,252
538,000
4.750
11/30/36
519,174
540,000
4.900
11/30/46
510,558
AbbVie,
Inc.
291,000
3.200
05/14/26
280,967
250,000
4.250
11/14/28
242,996
625,000
3.200
11/21/29
571,721
525,000
4.550
03/15/35
496,646
290,000
4.500
05/14/35
272,776
806,000
4.050
11/21/39
700,269
2,000,000
5.350
03/15/44
1,984,683
300,000
4.850
06/15/44
278,841
379,000
4.750
03/15/45
346,987
600,000
4.700
05/14/45
544,880
304,000
4.450
05/14/46
265,613
420,000
4.875
11/14/48
387,378
950,000
4.250
11/21/49
791,925
800,000
5.400
03/15/54
790,834
Altria
Group,
Inc.
800,000
2.350
05/06/25
776,304
780,000
4.800
02/14/29
764,462
370,000
2.450
02/04/32
297,557
100,000
5.800
02/14/39
99,584
270,000
3.400
02/04/41
193,485
220,000
4.250
08/09/42
175,398
280,000
5.375
01/31/44
266,144
148,000
3.875
09/16/46
107,392
690,000
5.950
02/14/49
676,557
670,000
3.700
02/04/51
452,021
150,000
4.000
02/04/61
104,388
Baxter
International,
Inc.
300,000
1.915
02/01/27
273,820
100,000
3.132
12/01/51
62,885
Becton
Dickinson
&
Co.
200,000
3.700
06/06/27
191,367
200,000
4.693
02/13/28
196,608
820,000
4.669
06/06/47
714,315
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Consumer
Noncyclical
–
(continued)
Bristol-Myers
Squibb
Co.
$
1,922,000
0.750
%
11/13/25
$
1,805,975
1,000,000
4.950
02/20/26
994,214
750,000
3.200
06/15/26
722,922
400,000
3.900
02/20/28
386,777
100,000
1.450
11/13/30
80,426
100,000
5.750
02/01/31
103,618
100,000
2.950
03/15/32
86,337
1,000,000
5.900
11/15/33
1,046,142
100,000
4.125
06/15/39
87,000
100,000
2.350
11/13/40
66,675
200,000
4.350
11/15/47
168,259
630,000
4.550
02/20/48
543,626
714,000
4.250
10/26/49
588,808
600,000
2.550
11/13/50
356,128
950,000
3.700
03/15/52
703,307
800,000
5.550
02/22/54
788,554
315,000
3.900
03/15/62
229,280
Centene
Corp.
1,083,000
4.250
12/15/27
1,035,619
400,000
2.450
07/15/28
353,000
760,000
4.625
12/15/29
715,350
471,000
3.000
10/15/30
400,939
638,000
2.500
03/01/31
521,476
511,000
2.625
08/01/31
416,465
Elevance
Health,
Inc.
120,000
5.375
06/15/34
119,430
304,000
6.100
10/15/52
319,292
Eli
Lilly
&
Co.
1,140,000
4.500
02/09/29
1,124,431
540,000
4.700
02/09/34
525,527
190,000
3.950
03/15/49
154,349
300,000
2.250
05/15/50
174,200
892,000
2.500
09/15/60
499,061
Gilead
Sciences,
Inc.
500,000
2.950
03/01/27
473,456
900,000
5.250
10/15/33
901,029
430,000
4.000
09/01/36
376,040
180,000
5.650
12/01/41
181,129
500,000
4.800
04/01/44
452,718
270,000
4.750
03/01/46
240,269
528,000
4.150
03/01/47
428,041
500,000
2.800
10/01/50
316,663
Johnson
&
Johnson
1,490,000
0.550
09/01/25
1,407,244
230,000
2.450
03/01/26
220,521
300,000
1.300
09/01/30
245,201
600,000
3.700
03/01/46
481,289
1,000,000
3.750
03/03/47
801,146
250,000
2.450
09/01/60
139,340
Kroger
Co.
(The)
500,000
3.950
01/15/50
384,516
Medtronic
Global
Holdings
SCA
1,000,000
4.500
03/30/33
960,109
Medtronic,
Inc.
580,000
4.375
03/15/35
544,260
385,000
4.625
03/15/45
351,508
Merck
&
Co.,
Inc.
750,000
0.750
02/24/26
697,587
GOLDMAN
SACHS
ACCESS
INVESTMENT
GRADE
CORPORATE
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Consumer
Noncyclical
–
(continued)
Merck
&
Co.,
Inc.
–
(continued)
$
1,100,000
4.500
%
05/17/33
$
1,060,287
500,000
2.750
12/10/51
314,060
100,000
5.000
05/17/53
94,105
100,000
2.900
12/10/61
59,892
1,000,000
5.150
05/17/63
950,540
Mylan,
Inc.
195,000
4.550
04/15/28
186,806
254,000
5.200
04/15/48
205,484
Philip
Morris
International,
Inc.
1,000,000
3.375
08/11/25
977,266
1,290,000
5.000
11/17/25
1,282,718
200,000
0.875
05/01/26
184,020
1,000,000
4.750
02/12/27
991,416
400,000
5.125
11/17/27
399,262
800,000
5.625
09/07/33
805,729
100,000
3.875
08/21/42
78,097
250,000
4.250
11/10/44
202,869
Regeneron
Pharmaceuticals,
Inc.
346,000
2.800
09/15/50
212,988
Shire
Acquisitions
Investments
Ireland
DAC
1,500,000
3.200
09/23/26
1,430,310
Stryker
Corp.
640,000
4.625
03/15/46
559,246
Thermo
Fisher
Scientific,
Inc.
1,000,000
5.086
08/10/33
992,106
470,000
2.800
10/15/41
337,860
Utah
Acquisition
Sub,
Inc.
455,000
3.950
06/15/26
439,600
200,000
5.250
06/15/46
164,708
Viatris,
Inc.
900,000
2.700
06/22/30
756,546
423,000
4.000
06/22/50
287,965
Walgreens
Boots
Alliance,
Inc.
450,000
3.450
06/01/26
428,474
106,000
4.800
11/18/44
88,616
50,000
4.100
04/15/50
36,424
Zoetis,
Inc.
158,000
3.000
09/12/27
147,723
410,000
4.700
02/01/43
366,316
53,651,473
Consumer
Products
–
0.5%
Haleon  U.S.
Capital
LLC
300,000
3.375
03/24/29
277,357
Haleon
US
Capital
LLC
300,000
3.625
03/24/32
268,930
400,000
4.000
03/24/52
318,691
Kenvue,
Inc.
300,000
5.050
03/22/28
300,869
500,000
5.100
03/22/43
482,543
100,000
5.050
03/22/53
94,128
150,000
5.200
03/22/63
141,646
Procter
&
Gamble
Co.
(The)
180,000
0.550
10/29/25
168,972
200,000
2.450
11/03/26
188,744
214,000
1.900
02/01/27
198,685
350,000
2.850
08/11/27
329,869
512,000
3.000
03/25/30
468,526
350,000
1.200
10/29/30
282,484
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Consumer
Products
–
(continued)
Procter
&
Gamble
Co.
(The)
–
(continued)
$
300,000
1.950
%
04/23/31
$
251,634
110,000
2.300
02/01/32
93,438
3,866,516
Electric
–
3.5%
American
Electric
Power
Co.,
Inc.
100,000
5.625
03/01/33
99,374
(
US
5
Year
CMT
T-Note
+
2.675%
)
300,000
3.875
02/15/62
(b)
274,524
Berkshire
Hathaway
Energy
Co.
100,000
5.150
11/15/43
94,125
300,000
4.450
01/15/49
246,652
600,000
4.250
10/15/50
468,098
Consolidated
Edison
Co.
of
New
York,
Inc.
600,000
5.900
11/15/53
618,644
250,000
4.625
12/01/54
212,378
134,000
3.600
06/15/61
92,526
Consolidated
Edison
Co.
of
New
York,
Inc.
,
Series
20B
400,000
3.950
04/01/50
312,135
Constellation
Energy
Generation
LLC
100,000
5.600
03/01/28
101,037
100,000
6.500
10/01/53
107,109
Dominion
Energy,
Inc.
500,000
5.375
11/15/32
495,258
Dominion
Energy,
Inc.
,
Series
A
(
US
5
Year
CMT
T-Note
+
2.386%
)
610,000
6.875
02/01/55
(b)
618,316
Duke
Energy
Carolinas
LLC
1,000,000
4.950
01/15/33
978,962
345,000
3.200
08/15/49
232,011
Duke
Energy
Corp.
390,000
2.650
09/01/26
368,024
480,000
2.450
06/01/30
416,564
100,000
2.550
06/15/31
83,655
604,000
3.750
09/01/46
446,340
350,000
3.500
06/15/51
238,280
316,000
5.000
08/15/52
276,316
100,000
6.100
09/15/53
102,726
Duke
Energy
Florida
LLC
400,000
6.400
06/15/38
427,515
Entergy
Louisiana
LLC
1,730,000
4.000
03/15/33
1,561,646
242,000
4.200
09/01/48
192,707
Exelon
Corp.
200,000
3.400
04/15/26
193,508
1,500,000
5.150
03/15/28
1,495,046
230,000
4.700
04/15/50
196,137
Georgia
Power
Co.
1,000,000
4.950
05/17/33
972,509
100,000
5.125
05/15/52
93,293
Georgia
Power
Co.
,
Series
A
756,000
3.250
03/15/51
510,881
NextEra
Energy
Capital
Holdings,
Inc.
200,000
4.450
06/20/25
198,152
500,000
4.950
01/29/26
497,141
550,000
3.550
05/01/27
523,921
400,000
4.625
07/15/27
393,302
GOLDMAN
SACHS
ACCESS
INVESTMENT
GRADE
CORPORATE
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Electric
–
(continued)
NextEra
Energy
Capital
Holdings,
Inc.
–
(continued)
$
260,000
4.900
%
02/28/28
$
257,544
200,000
5.250
03/15/34
195,594
450,000
5.550
03/15/54
437,225
NiSource,
Inc.
100,000
2.950
09/01/29
89,521
250,000
3.950
03/30/48
188,203
Northern
States
Power
Co.
100,000
5.100
05/15/53
92,940
Pacific
Gas
and
Electric
Co.
1,000,000
6.100
01/15/29
1,022,331
100,000
4.550
07/01/30
94,594
270,000
2.500
02/01/31
223,037
789,000
3.250
06/01/31
679,935
300,000
3.300
08/01/40
213,712
100,000
3.950
12/01/47
72,297
600,000
4.950
07/01/50
502,495
100,000
3.500
08/01/50
66,067
1,100,000
6.750
01/15/53
1,164,012
495,000
6.700
04/01/53
524,129
PacifiCorp
260,000
2.900
06/15/52
151,951
600,000
5.350
12/01/53
540,956
940,000
5.500
05/15/54
860,687
Public
Service
Co.
of
Colorado
550,000
5.750
05/15/54
548,832
San
Diego
Gas
&
Electric
Co.
,
Series
VVV
100,000
1.700
10/01/30
81,040
Sempra
538,000
3.250
06/15/27
506,465
250,000
3.400
02/01/28
234,991
450,000
6.000
10/15/39
453,047
240,000
4.000
02/01/48
182,861
(
US
5
Year
CMT
T-Note
+
2.868%
)
405,000
4.125
04/01/52
(b)
377,081
Southern
California
Edison
Co.
100,000
5.850
11/01/27
101,981
100,000
5.950
11/01/32
103,389
250,000
4.650
10/01/43
216,079
587,000
4.000
04/01/47
451,662
318,000
3.650
02/01/50
227,628
Southern
California
Edison
Co.
,
Series
20A
220,000
2.950
02/01/51
137,307
Southern
California
Edison
Co.
,
Series
C
200,000
4.125
03/01/48
156,353
Southern
Co.
(The)
1,056,000
3.250
07/01/26
1,013,914
430,000
4.400
07/01/46
362,342
Southern
Co.
(The)
,
Series
B
(
US
5
Year
CMT
T-Note
+
3.733%
)
300,000
4.000
01/15/51
(b)
290,296
Virginia
Electric
and
Power
Co.
100,000
5.000
04/01/33
96,904
444,000
2.450
12/15/50
251,801
Virginia
Electric
and
Power
Co.
,
Series
A
600,000
3.500
03/15/27
574,137
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Electric
–
(continued)
Xcel
Energy,
Inc.
$
100,000
5.450
%
08/15/33
$
98,402
27,982,554
Electrical
–
0.0%
Emerson
Electric
Co.
270,000
2.200
12/21/31
223,945
180,000
2.800
12/21/51
113,045
336,990
Energy
–
6.4%
Baker
Hughes
Holdings
LLC
50,000
5.125
09/15/40
47,696
Baker
Hughes
Holdings
LLC
/
Baker
Hughes
Co.-Obligor,
Inc.
394,000
3.337
12/15/27
370,743
300,000
4.080
12/15/47
238,251
BP
Capital
Markets
PLC
(
US
5
Year
CMT
T-Note
+
4.036%
)
385,000
4.375
09/22/72
(b)
379,706
Cheniere
Corpus
Christi
Holdings
LLC
1,136,000
5.125
06/30/27
1,126,060
Cheniere
Energy
Partners
LP
550,000
4.500
10/01/29
523,875
600,000
4.000
03/01/31
541,875
500,000
3.250
01/31/32
424,375
Cheniere
Energy,
Inc.
448,000
4.625
10/15/28
432,880
Chevron
Corp.
360,000
1.995
05/11/27
331,839
ConocoPhillips
Co.
1,850,000
5.550
03/15/54
1,823,637
Diamondback
Energy,
Inc.
1,000,000
3.500
12/01/29
917,344
Energy
Transfer
LP
668,000
2.900
05/15/25
649,982
200,000
4.750
01/15/26
197,508
100,000
6.050
12/01/26
101,627
200,000
5.500
06/01/27
200,531
100,000
4.000
10/01/27
95,769
230,000
4.950
06/15/28
226,341
551,000
5.250
04/15/29
546,728
540,000
3.750
05/15/30
493,322
410,000
6.400
12/01/30
429,214
400,000
6.500
02/01/42
413,510
201,000
5.300
04/15/47
177,011
283,000
5.400
10/01/47
253,416
277,000
6.000
06/15/48
267,706
431,000
6.250
04/15/49
428,505
480,000
5.000
05/15/50
409,555
400,000
5.950
05/15/54
385,522
Enterprise
Products
Operating
LLC
326,000
3.125
07/31/29
297,182
150,000
2.800
01/31/30
133,193
1,460,000
5.350
01/31/33
1,463,104
150,000
5.950
02/01/41
154,657
207,000
4.850
08/15/42
188,491
220,000
4.450
02/15/43
190,158
268,000
4.850
03/15/44
242,975
176,000
5.100
02/15/45
163,714
GOLDMAN
SACHS
ACCESS
INVESTMENT
GRADE
CORPORATE
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Energy
–
(continued)
Enterprise
Products
Operating
LLC
–
(continued)
$
220,000
4.900
%
05/15/46
$
199,653
414,000
4.800
02/01/49
367,592
368,000
4.200
01/31/50
296,963
753,000
3.950
01/31/60
552,165
Enterprise
Products
Operating
LLC
,
Series
E
(
3M
U.S.
T-Bill
MMY  +
3.295
)
249,000
5.250
08/16/77
(b)
239,583
EOG
Resources,
Inc.
233,000
4.150
01/15/26
229,126
186,000
4.375
04/15/30
180,039
236,000
4.950
04/15/50
216,719
Exxon
Mobil
Corp.
262,000
3.043
03/01/26
253,093
130,000
2.275
08/16/26
122,529
100,000
3.294
03/19/27
96,167
476,000
3.482
03/19/30
441,367
300,000
2.610
10/15/30
261,809
560,000
4.227
03/19/40
493,431
430,000
3.567
03/06/45
329,052
600,000
4.114
03/01/46
498,624
408,000
3.095
08/16/49
277,868
628,000
4.327
03/19/50
530,217
460,000
3.452
04/15/51
331,591
Halliburton
Co.
112,000
2.920
03/01/30
99,601
493,000
4.850
11/15/35
471,481
486,000
6.700
09/15/38
535,140
270,000
7.450
09/15/39
319,292
200,000
5.000
11/15/45
182,530
Hess
Corp.
248,000
4.300
04/01/27
241,507
148,000
6.000
01/15/40
151,816
323,000
5.600
02/15/41
319,496
Kinder
Morgan
Energy
Partners
LP
188,000
5.500
03/01/44
174,364
Kinder
Morgan
Energy
Partners
LP
,
MTN
1,100,000
6.950
01/15/38
1,196,986
Kinder
Morgan,
Inc.
690,000
4.300
06/01/25
681,086
420,000
2.000
02/15/31
342,232
396,000
5.550
06/01/45
370,644
142,000
5.050
02/15/46
124,499
500,000
5.200
03/01/48
443,091
200,000
3.600
02/15/51
137,262
100,000
5.450
08/01/52
91,787
Kinder
Morgan,
Inc.
,
GMTN
910,000
7.750
01/15/32
1,025,798
Marathon
Petroleum
Corp.
420,000
4.700
05/01/25
415,997
800,000
6.500
03/01/41
846,081
200,000
4.750
09/15/44
171,981
MPLX
LP
1,000,000
1.750
03/01/26
937,568
136,000
4.125
03/01/27
131,912
200,000
4.000
03/15/28
191,344
530,000
4.800
02/15/29
519,140
314,000
2.650
08/15/30
267,639
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Energy
–
(continued)
MPLX
LP
–
(continued)
$
350,000
4.500
%
04/15/38
$
304,065
310,000
5.200
03/01/47
278,294
320,000
4.700
04/15/48
264,279
180,000
5.500
02/15/49
166,359
600,000
4.950
03/14/52
511,414
Occidental
Petroleum
Corp.
350,000
6.625
09/01/30
366,625
165,000
6.125
01/01/31
168,919
230,000
7.500
05/01/31
253,771
854,000
6.450
09/15/36
893,497
350,000
6.600
03/15/46
368,131
ONEOK,
Inc.
450,000
5.550
11/01/26
451,674
180,000
4.550
07/15/28
174,953
342,000
3.100
03/15/30
303,176
640,000
6.100
11/15/32
658,837
200,000
5.200
07/15/48
176,918
928,000
6.625
09/01/53
996,264
Phillips
66
300,000
3.900
03/15/28
286,435
390,000
4.650
11/15/34
362,410
250,000
5.875
05/01/42
252,960
710,000
4.875
11/15/44
637,514
Pioneer
Natural
Resources
Co.
270,000
1.125
01/15/26
252,678
Plains
All
American
Pipeline
LP
/
PAA
Finance
Corp.
766,000
4.650
10/15/25
755,952
240,000
4.500
12/15/26
234,603
339,000
3.550
12/15/29
308,712
Sabine
Pass
Liquefaction
LLC
1,176,000
5.875
06/30/26
1,181,145
430,000
5.000
03/15/27
426,775
498,000
4.200
03/15/28
479,325
Shell
International
Finance
BV
350,000
5.500
03/25/40
353,617
Targa
Resources
Corp.
200,000
4.950
04/15/52
170,884
Targa
Resources
Partners
LP
/
Targa
Resources
Partners
Finance
Corp.
450,000
5.500
03/01/30
443,813
900,000
4.875
02/01/31
858,375
1,100,000
4.000
01/15/32
983,125
Transcontinental
Gas
Pipe
Line
Co.
LLC
744,000
7.850
02/01/26
768,706
Valero
Energy
Corp.
560,000
6.625
06/15/37
598,407
100,000
3.650
12/01/51
69,304
Western
Midstream
Operating
LP
1,000,000
4.050
02/01/30
924,101
270,000
5.250
02/01/50
235,676
Williams
Cos.,
Inc.
(The)
280,000
4.000
09/15/25
274,919
100,000
5.400
03/02/26
100,317
518,000
3.750
06/15/27
498,016
384,000
3.500
11/15/30
346,227
250,000
2.600
03/15/31
210,782
642,000
6.300
04/15/40
666,663
200,000
5.100
09/15/45
182,254
GOLDMAN
SACHS
ACCESS
INVESTMENT
GRADE
CORPORATE
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Energy
–
(continued)
Williams
Cos.,
Inc.
(The)
–
(continued)
$
240,000
4.850
%
03/01/48
$
207,620
50,984,355
Financial
Company
–
1.3%
Air
Lease
Corp.
180,000
1.875
08/15/26
166,406
100,000
2.200
01/15/27
91,999
362,000
3.125
12/01/30
314,582
Air
Lease
Corp.
,
MTN
1,000,000
2.875
01/15/26
955,824
400,000
2.875
01/15/32
334,516
Ally
Financial,
Inc.
400,000
5.750
11/20/25
398,194
439,000
7.100
11/15/27
456,129
569,000
8.000
11/01/31
621,953
(
SOFR
+
2.820%
)
100,000
6.848
01/03/30
(b)
103,565
Ares
Capital
Corp.
250,000
3.250
07/15/25
241,715
429,000
2.150
07/15/26
396,190
500,000
2.875
06/15/28
442,714
Blackstone
Private
Credit
Fund
1,000,000
7.050
09/29/25
1,010,716
349,000
2.625
12/15/26
318,472
630,000
3.250
03/15/27
580,756
GE
Capital
International
Funding
Co
Unlimited
Co.
1,772,000
4.418
11/15/35
1,630,507
Morgan
Stanley
(
SOFR
+
2.050%
)
2,300,000
6.627
11/01/34
(b)
2,468,136
10,532,374
Food
and
Beverage
–
2.1%
Coca-Cola
Co.
(The)
700,000
3.375
03/25/27
673,773
250,000
1.450
06/01/27
226,880
250,000
1.500
03/05/28
222,289
240,000
1.000
03/15/28
209,156
102,000
2.125
09/06/29
89,399
656,000
3.450
03/25/30
608,737
193,000
1.650
06/01/30
160,478
255,000
2.000
03/05/31
212,697
240,000
1.375
03/15/31
191,582
210,000
2.500
06/01/40
147,471
110,000
2.875
05/05/41
81,094
430,000
2.600
06/01/50
266,383
200,000
3.000
03/05/51
135,142
250,000
2.500
03/15/51
150,544
220,000
2.750
06/01/60
132,249
Conagra
Brands,
Inc.
200,000
1.375
11/01/27
175,251
200,000
5.300
11/01/38
186,532
Constellation
Brands,
Inc.
498,000
3.150
08/01/29
449,732
J
M
Smucker
Co.
(The)
500,000
6.500
11/15/53
533,599
Keurig
Dr
Pepper,
Inc.
299,000
3.200
05/01/30
268,337
100,000
3.800
05/01/50
74,731
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Food
and
Beverage
–
(continued)
Keurig
Dr
Pepper,
Inc.
–
(continued)
$
412,000
4.500
%
04/15/52
$
344,399
Kraft
Heinz
Foods
Co.
765,000
3.000
06/01/26
731,825
200,000
3.875
05/15/27
193,327
250,000
6.875
01/26/39
277,215
507,000
5.000
06/04/42
462,450
552,000
4.375
06/01/46
453,565
410,000
4.875
10/01/49
358,613
Molson
Coors
Beverage
Co.
820,000
3.000
07/15/26
781,437
190,000
5.000
05/01/42
173,700
370,000
4.200
07/15/46
297,393
Mondelez
International,
Inc.
435,000
2.750
04/13/30
382,109
490,000
2.625
09/04/50
295,999
PepsiCo,
Inc.
467,000
2.750
04/30/25
456,599
1,000,000
5.250
11/10/25
1,002,446
260,000
2.850
02/24/26
250,720
166,000
2.375
10/06/26
156,405
218,000
3.000
10/15/27
205,404
96,000
2.625
07/29/29
86,473
210,000
2.750
03/19/30
186,775
210,000
1.625
05/01/30
174,759
100,000
1.400
02/25/31
79,907
400,000
1.950
10/21/31
327,492
262,000
2.625
10/21/41
184,164
300,000
4.450
04/14/46
265,492
252,000
3.450
10/06/46
189,612
180,000
2.875
10/15/49
119,580
130,000
3.625
03/19/50
99,315
Pilgrim's
Pride
Corp.
300,000
4.250
04/15/31
271,125
590,000
6.250
07/01/33
601,062
Sysco
Corp.
200,000
3.750
10/01/25
195,299
550,000
3.300
07/15/26
527,764
547,000
3.250
07/15/27
516,739
329,000
5.950
04/01/30
341,588
270,000
6.600
04/01/50
301,655
16,488,463
Hardware
–
0.0%
CDW
LLC
/
CDW
Finance
Corp.
300,000
2.670
12/01/26
279,702
Healthcare
–
4.6%
Aetna,
Inc.
140,000
6.625
06/15/36
149,316
314,000
3.875
08/15/47
229,567
Cigna
Group
(The)
2,382,000
4.125
11/15/25
2,339,044
1,210,000
4.375
10/15/28
1,170,816
300,000
4.800
08/15/38
275,511
130,000
4.800
07/15/46
115,139
674,000
4.900
12/15/48
593,897
290,000
3.400
03/15/50
198,799
472,000
3.400
03/15/51
320,997
790,000
5.600
02/15/54
760,169
GOLDMAN
SACHS
ACCESS
INVESTMENT
GRADE
CORPORATE
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Healthcare
–
(continued)
CVS
Health
Corp.
$
656,000
3.875
%
07/20/25
$
643,651
90,000
2.875
06/01/26
85,714
358,000
3.000
08/15/26
340,572
478,000
3.625
04/01/27
456,216
350,000
1.300
08/21/27
308,201
815,000
4.300
03/25/28
786,007
570,000
5.400
06/01/29
568,684
613,000
3.250
08/15/29
554,207
140,000
5.125
02/21/30
137,528
210,000
1.750
08/21/30
169,861
1,680,000
5.550
06/01/31
1,679,739
400,000
5.250
02/21/33
389,456
1,016,000
4.780
03/25/38
907,946
246,000
4.125
04/01/40
198,799
160,000
2.700
08/21/40
106,497
176,000
5.300
12/05/43
161,139
520,000
5.125
07/20/45
461,118
968,000
5.050
03/25/48
837,481
50,000
4.250
04/01/50
38,106
1,078,000
5.875
06/01/53
1,041,693
Danaher
Corp.
340,000
2.800
12/10/51
213,098
Elevance
Health,
Inc.
200,000
1.500
03/15/26
187,060
552,000
3.650
12/01/27
525,490
1,000,000
4.101
03/01/28
964,676
150,000
2.875
09/15/29
133,713
300,000
2.550
03/15/31
255,013
84,000
4.625
05/15/42
74,553
309,000
4.650
01/15/43
273,610
174,000
4.650
08/15/44
152,791
340,000
4.375
12/01/47
285,321
118,000
4.550
03/01/48
100,533
300,000
3.125
05/15/50
200,345
GE
HealthCare
Technologies,
Inc.
100,000
5.600
11/15/25
100,031
1,780,000
5.905
11/22/32
1,823,847
HCA,
Inc.
430,000
5.875
02/15/26
431,075
628,000
5.250
06/15/26
624,860
388,000
5.375
09/01/26
387,515
555,000
4.500
02/15/27
541,125
180,000
5.200
06/01/28
178,487
100,000
5.625
09/01/28
100,625
680,000
5.875
02/01/29
689,350
404,000
4.125
06/15/29
379,848
500,000
3.500
09/01/30
447,106
100,000
5.125
06/15/39
92,500
315,000
5.500
06/15/47
291,178
410,000
5.250
06/15/49
365,590
220,000
3.500
07/15/51
147,242
415,000
4.625
03/15/52
323,699
Humana,
Inc.
300,000
3.700
03/23/29
279,619
864,000
5.875
03/01/33
878,501
Solventum
Corp.
1,460,000
5.400
03/01/29
(a)
1,453,074
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Healthcare
–
(continued)
UnitedHealth
Group,
Inc.
$
288,000
3.750
%
07/15/25
$
283,492
100,000
3.100
03/15/26
96,659
100,000
3.450
01/15/27
96,203
400,000
2.950
10/15/27
375,092
590,000
2.300
05/15/31
495,846
678,000
4.200
05/15/32
636,326
500,000
5.350
02/15/33
506,354
748,000
4.625
07/15/35
714,578
390,000
5.800
03/15/36
405,979
828,000
4.250
03/15/43
718,035
1,000,000
4.750
07/15/45
913,506
573,000
4.450
12/15/48
491,251
300,000
3.700
08/15/49
226,378
700,000
3.250
05/15/51
483,758
311,000
4.750
05/15/52
276,370
500,000
3.875
08/15/59
371,802
766,000
6.050
02/15/63
812,927
36,831,901
Insurance
–
1.9%
American
International
Group,
Inc.
204,000
4.800
07/10/45
184,228
301,000
4.750
04/01/48
266,904
200,000
4.375
06/30/50
167,325
American
International
Group,
Inc.
,
Series
A-9
(
3M
USD
LIBOR
+
2.868%
)
262,000
5.750
04/01/48
(b)
257,618
Aon
Corp.
340,000
2.800
05/15/30
296,271
Aon
Corp.
/
Aon
Global
Holdings
PLC
352,000
3.900
02/28/52
260,468
Aon
North
America,
Inc.
2,000,000
5.450
03/01/34
1,977,175
Berkshire
Hathaway
Finance
Corp.
112,000
1.450
10/15/30
91,125
530,000
2.875
03/15/32
461,417
100,000
4.250
01/15/49
85,362
430,000
2.850
10/15/50
276,739
50,000
2.500
01/15/51
30,338
850,000
3.850
03/15/52
653,836
Berkshire
Hathaway,
Inc.
100,000
4.500
02/11/43
93,590
Chubb
INA
Holdings
LLC
472,000
4.350
11/03/45
407,288
Corebridge
Financial,
Inc.
410,000
3.650
04/05/27
392,603
320,000
3.900
04/05/32
287,070
1,000,000
5.750
01/15/34
1,007,770
(
US
5
Year
CMT
T-Note
+
3.846%
)
200,000
6.875
12/15/52
(b)
202,666
Equitable
Holdings,
Inc.
650,000
4.350
04/20/28
622,484
426,000
5.000
04/20/48
381,556
Everest
Reinsurance
Holdings,
Inc.
424,000
3.500
10/15/50
283,881
Marsh
&
McLennan
Cos.,
Inc.
1,265,000
4.375
03/15/29
1,233,628
100,000
2.250
11/15/30
84,410
GOLDMAN
SACHS
ACCESS
INVESTMENT
GRADE
CORPORATE
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Insurance
–
(continued)
Marsh
&
McLennan
Cos.,
Inc.
–
(continued)
$
206,000
4.900
%
03/15/49
$
184,571
MetLife,
Inc.
150,000
4.550
03/23/30
146,837
400,000
5.700
06/15/35
408,015
468,000
6.400
12/15/36
476,520
256,000
4.125
08/13/42
212,503
250,000
4.875
11/13/43
227,820
350,000
4.600
05/13/46
305,230
270,000
5.000
07/15/52
246,421
Prudential
Financial,
Inc.
(
3M
USD
LIBOR
+
3.031%
)
1,007,000
5.375
05/15/45
(b)
997,022
(
3M
USD
LIBOR
+
2.380%
)
195,000
4.500
09/15/47
(b)
184,196
210,000
3.905
12/07/47
161,357
246,000
3.935
12/07/49
187,069
(
US
5
Year
CMT
T-Note
+
3.035%
)
192,000
3.700
10/01/50
(b)
166,261
Prudential
Financial,
Inc.
,
MTN
300,000
5.700
12/14/36
307,872
250,000
4.600
05/15/44
218,754
235,000
4.350
02/25/50
191,910
260,000
3.700
03/13/51
189,825
Travelers
Cos.,
Inc.
(The)
440,000
3.050
06/08/51
293,791
15,111,726
Metals
and
Mining
–
0.0%
Newmont
Corp.
270,000
2.250
10/01/30
227,754
Pharmaceuticals
–
0.1%
Viatris,
Inc.
540,000
3.850
06/22/40
393,183
REITs
and
Real
Estate
–
1.0%
Boston
Properties
LP
200,000
3.650
02/01/26
192,819
1,000,000
2.450
10/01/33
738,878
Digital
Realty
Trust
LP
450,000
5.550
01/15/28
453,210
830,000
3.600
07/01/29
765,038
Equinix,
Inc.
270,000
3.200
11/18/29
242,172
204,000
2.150
07/15/30
169,173
200,000
2.500
05/15/31
166,178
GLP
Capital
LP
/
GLP
Financing
II,
Inc.
580,000
5.375
04/15/26
575,394
336,000
5.300
01/15/29
330,253
130,000
3.250
01/15/32
107,843
Prologis
LP
100,000
2.250
04/15/30
85,239
140,000
1.250
10/15/30
111,198
1,000,000
5.125
01/15/34
985,210
Realty
Income
Corp.
200,000
3.250
01/15/31
177,125
Simon
Property
Group
LP
160,000
3.300
01/15/26
154,877
68,000
3.250
11/30/26
64,922
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
REITs
and
Real
Estate
–
(continued)
Simon
Property
Group
LP
–
(continued)
$
200,000
3.375
%
12/01/27
$
189,085
332,000
2.450
09/13/29
289,597
174,000
2.650
07/15/30
150,741
384,000
3.250
09/13/49
259,085
220,000
3.800
07/15/50
162,803
VICI
Properties
LP
300,000
4.750
02/15/28
291,062
750,000
4.950
02/15/30
720,293
400,000
5.125
05/15/32
378,848
Welltower
OP
LLC
290,000
4.250
04/15/28
279,489
276,000
3.100
01/15/30
246,808
8,287,340
Revenue
–
0.3%
Ascension
Health
200,000
3.945
11/15/46
166,073
Ascension
Health
,
Series
B
352,000
2.532
11/15/29
310,898
CommonSpirit
Health
220,000
3.347
10/01/29
201,506
217,000
4.350
11/01/42
185,866
400,000
4.187
10/01/49
319,274
Kaiser
Foundation
Hospitals
295,000
4.150
05/01/47
245,815
Kaiser
Foundation
Hospitals
,
Series
2019
286,000
3.266
11/01/49
203,034
Kaiser
Foundation
Hospitals
,
Series
2021
125,000
2.810
06/01/41
90,558
400,000
3.002
06/01/51
267,534
1,990,558
Software
–
1.6%
Oracle
Corp.
1,440,000
6.150
11/09/29
1,502,358
300,000
2.950
04/01/30
264,657
1,900,000
6.250
11/09/32
2,000,344
600,000
3.900
05/15/35
518,987
645,000
3.800
11/15/37
528,872
1,165,000
3.600
04/01/40
898,308
360,000
3.650
03/25/41
275,590
1,079,000
4.125
05/15/45
848,948
490,000
4.000
11/15/47
373,508
1,566,000
6.900
11/09/52
1,756,642
900,000
4.375
05/15/55
700,280
1,173,000
3.850
04/01/60
808,614
470,000
4.100
03/25/61
338,475
Salesforce,
Inc.
800,000
3.700
04/11/28
767,860
500,000
1.950
07/15/31
409,323
700,000
2.900
07/15/51
449,478
Workday,
Inc.
400,000
3.500
04/01/27
382,343
180,000
3.800
04/01/32
161,711
12,986,298
Technology
–
7.8%
Adobe,
Inc.
82,000
2.150
02/01/27
76,327
450,000
2.300
02/01/30
391,302
GOLDMAN
SACHS
ACCESS
INVESTMENT
GRADE
CORPORATE
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Technology
–
(continued)
Alphabet,
Inc.
$
182,000
1.998
%
08/15/26
$
170,858
50,000
0.800
08/15/27
44,303
114,000
1.100
08/15/30
92,463
1,240,000
1.900
08/15/40
808,159
823,000
2.050
08/15/50
469,168
747,000
2.250
08/15/60
414,795
Analog
Devices,
Inc.
75,000
3.500
12/05/26
72,251
204,000
1.700
10/01/28
178,318
Apple,
Inc.
91,000
1.125
05/11/25
87,475
50,000
0.550
08/20/25
47,358
479,000
0.700
02/08/26
445,637
717,000
3.250
02/23/26
696,396
424,000
2.450
08/04/26
402,069
750,000
2.050
09/11/26
703,418
120,000
3.000
06/20/27
114,018
692,000
2.900
09/12/27
652,467
218,000
3.000
11/13/27
206,132
488,000
1.200
02/08/28
429,137
210,000
1.400
08/05/28
183,730
320,000
3.250
08/08/29
298,109
336,000
1.650
05/11/30
281,503
118,000
1.250
08/20/30
95,871
712,000
1.650
02/08/31
584,922
300,000
1.700
08/05/31
244,379
625,000
4.500
02/23/36
609,179
102,000
2.375
02/08/41
70,515
695,000
3.850
05/04/43
579,974
310,000
4.450
05/06/44
283,975
505,000
3.450
02/09/45
394,786
350,000
4.375
05/13/45
312,599
422,000
4.650
02/23/46
391,306
306,000
3.850
08/04/46
250,069
208,000
4.250
02/09/47
183,277
270,000
3.750
09/12/47
215,751
446,000
3.750
11/13/47
356,641
793,000
2.950
09/11/49
538,768
594,000
2.650
05/11/50
377,536
239,000
2.400
08/20/50
144,524
940,000
2.650
02/08/51
594,097
570,000
3.950
08/08/52
461,031
325,000
2.800
02/08/61
197,494
960,000
2.850
08/05/61
587,035
Applied
Materials,
Inc.
130,000
3.300
04/01/27
124,657
650,000
1.750
06/01/30
542,302
236,000
4.350
04/01/47
206,756
Automatic
Data
Processing,
Inc.
350,000
3.375
09/15/25
342,430
500,000
1.700
05/15/28
444,706
Broadcom
Corp.
/
Broadcom
Cayman
Finance
Ltd.
659,000
3.875
01/15/27
636,250
598,000
3.500
01/15/28
563,724
Broadcom,
Inc.
100,000
3.150
11/15/25
96,713
380,000
3.459
09/15/26
364,909
550,000
1.950
02/15/28
(a)
488,413
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Technology
–
(continued)
Broadcom,
Inc.
–
(continued)
$
605,000
4.750
%
04/15/29
$
595,035
248,000
4.150
11/15/30
232,046
514,000
2.450
02/15/31
(a)
429,989
470,000
4.300
11/15/32
436,192
805,000
3.419
04/15/33
(a)
688,480
290,000
3.469
04/15/34
(a)
245,472
600,000
3.137
11/15/35
(a)
478,651
604,000
3.187
11/15/36
(a)
471,703
600,000
3.500
02/15/41
(a)
459,218
460,000
3.750
02/15/51
(a)
340,318
Cisco
Systems,
Inc.
600,000
5.900
02/15/39
637,424
Dell
International
LLC
/
EMC
Corp.
1,425,000
4.900
10/01/26
1,411,079
100,000
5.250
02/01/28
100,470
200,000
5.300
10/01/29
200,699
50,000
5.750
02/01/33
51,261
250,000
8.100
07/15/36
298,278
450,000
3.375
12/15/41
330,522
Fidelity
National
Information
Services,
Inc.
570,000
1.150
03/01/26
528,674
Fiserv,
Inc.
150,000
3.850
06/01/25
147,115
440,000
3.200
07/01/26
421,404
1,000,000
5.450
03/02/28
1,005,688
300,000
4.200
10/01/28
286,719
500,000
3.500
07/01/29
461,185
400,000
4.400
07/01/49
326,582
Hewlett
Packard
Enterprise
Co.
400,000
4.900
10/15/25
396,209
300,000
6.350
10/15/45
318,443
HP,
Inc.
1,000,000
5.500
01/15/33
999,602
IBM
International
Capital
Pte
Ltd.
910,000
5.300
02/05/54
852,857
Intel
Corp.
1,000,000
3.700
07/29/25
979,402
1,200,000
4.875
02/10/26
1,192,901
290,000
3.150
05/11/27
275,072
200,000
3.750
08/05/27
192,357
1,600,000
4.000
08/05/29
1,522,776
700,000
5.125
02/10/30
700,759
250,000
3.900
03/25/30
233,611
500,000
4.900
07/29/45
460,765
500,000
4.100
05/19/46
401,376
250,000
3.734
12/08/47
184,789
260,000
4.900
08/05/52
229,037
1,000,000
5.700
02/10/53
979,575
500,000
3.100
02/15/60
303,750
500,000
3.200
08/12/61
305,291
International
Business
Machines
Corp.
260,000
4.000
07/27/25
255,792
550,000
3.450
02/19/26
533,944
655,000
1.700
05/15/27
595,347
1,086,000
1.950
05/15/30
909,262
540,000
4.150
05/15/39
461,831
180,000
4.000
06/20/42
146,476
300,000
4.250
05/15/49
242,146
GOLDMAN
SACHS
ACCESS
INVESTMENT
GRADE
CORPORATE
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Technology
–
(continued)
International
Business
Machines
Corp.
–
(continued)
$
300,000
2.950
%
05/15/50
$
190,682
500,000
4.900
07/27/52
446,844
Intuit,
Inc.
500,000
5.200
09/15/33
500,551
100,000
5.500
09/15/53
100,186
KLA
Corp.
130,000
4.100
03/15/29
125,668
100,000
3.300
03/01/50
70,232
100,000
4.950
07/15/52
92,988
412,000
5.250
07/15/62
394,506
Lam
Research
Corp.
238,000
4.000
03/15/29
227,880
228,000
1.900
06/15/30
191,030
220,000
4.875
03/15/49
201,879
352,000
2.875
06/15/50
230,795
Leidos,
Inc.
300,000
4.375
05/15/30
280,875
565,000
2.300
02/15/31
462,804
300,000
5.750
03/15/33
302,741
Meta
Platforms,
Inc.
1,000,000
4.600
05/15/28
993,753
100,000
3.850
08/15/32
92,162
750,000
4.950
05/15/33
750,095
800,000
4.450
08/15/52
682,244
Microchip
Technology,
Inc.
490,000
5.050
03/15/29
485,137
Microsoft
Corp.
133,000
3.125
11/03/25
129,380
240,000
2.400
08/08/26
227,381
87,000
3.300
02/06/27
83,810
960,000
3.500
02/12/35
862,346
470,000
3.450
08/08/36
406,963
81,000
4.100
02/06/37
75,280
238,000
4.450
11/03/45
221,153
300,000
3.700
08/08/46
245,419
270,000
4.250
02/06/47
244,946
1,047,000
2.525
06/01/50
658,136
620,000
2.500
09/15/50
(a)
381,565
1,540,000
2.921
03/17/52
1,039,307
632,000
2.675
06/01/60
383,592
400,000
3.041
03/17/62
260,463
Motorola
Solutions,
Inc.
624,000
4.600
05/23/29
606,573
430,000
2.750
05/24/31
362,678
NVIDIA
Corp.
475,000
1.550
06/15/28
420,384
400,000
2.000
06/15/31
333,723
150,000
3.500
04/01/40
123,960
660,000
3.500
04/01/50
504,874
PayPal
Holdings,
Inc.
250,000
1.650
06/01/25
240,773
1,060,000
4.400
06/01/32
1,008,774
50,000
3.250
06/01/50
34,140
QUALCOMM,
Inc.
235,000
3.450
05/20/25
230,739
304,000
3.250
05/20/27
290,594
200,000
1.300
05/20/28
174,547
126,000
2.150
05/20/30
107,846
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Technology
–
(continued)
QUALCOMM,
Inc.
–
(continued)
$
1,000,000
1.650
%
05/20/32
$
779,416
320,000
4.650
05/20/35
310,520
358,000
4.800
05/20/45
332,724
250,000
4.300
05/20/47
214,642
570,000
4.500
05/20/52
491,084
100,000
6.000
05/20/53
107,429
Texas
Instruments,
Inc.
1,000,000
4.150
05/15/48
829,287
VMware
LLC
300,000
1.400
08/15/26
274,520
100,000
3.900
08/21/27
95,496
62,725,072
Transportation
–
1.2%
Burlington
Northern
Santa
Fe
LLC
100,000
4.450
03/15/43
87,688
200,000
4.900
04/01/44
184,704
200,000
4.150
04/01/45
165,758
100,000
3.900
08/01/46
79,405
280,000
4.150
12/15/48
228,509
600,000
3.300
09/15/51
416,767
1,112,000
4.450
01/15/53
946,208
CSX
Corp.
250,000
3.800
03/01/28
240,174
270,000
4.100
03/15/44
223,245
700,000
3.800
11/01/46
544,943
300,000
4.500
11/15/52
256,953
FedEx
Corp.
200,000
4.250
05/15/30
191,481
180,000
2.400
05/15/31
151,072
344,000
5.100
01/15/44
311,421
430,000
4.750
11/15/45
369,258
878,000
4.550
04/01/46
730,070
FedEx
Corp.
2020-1
Class
AA
Pass
Through
Trust
,
Series
20-1,
AA
121,927
1.875
02/20/34
99,667
Southwest
Airlines
Co.
300,000
5.125
06/15/27
298,091
Union
Pacific
Corp.
180,000
2.400
02/05/30
156,515
1,588,000
2.800
02/14/32
1,361,573
278,000
3.799
10/01/51
213,266
95,000
2.950
03/10/52
61,509
408,000
3.839
03/20/60
298,595
446,000
3.799
04/06/71
314,347
United
Parcel
Service,
Inc.
100,000
3.400
03/15/29
93,813
940,000
4.875
03/03/33
923,492
1,000,000
3.750
11/15/47
766,981
9,715,505
Water
–
0.0%
American
Water
Capital
Corp.
355,000
4.450
06/01/32
337,989
Wireless
–
5.4%
American
Tower
Corp.
400,000
4.000
06/01/25
393,613
556,000
3.375
10/15/26
530,755
200,000
2.750
01/15/27
187,648
GOLDMAN
SACHS
ACCESS
INVESTMENT
GRADE
CORPORATE
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Wireless
–
(continued)
American
Tower
Corp.
–
(continued)
$
361,000
3.800
%
08/15/29
$
334,345
80,000
2.900
01/15/30
70,228
300,000
1.875
10/15/30
242,306
590,000
5.900
11/15/33
604,385
251,000
3.100
06/15/50
160,922
AT&T,
Inc.
900,000
5.539
02/20/26
899,787
551,000
3.800
02/15/27
532,007
346,000
4.250
03/01/27
338,328
539,000
2.300
06/01/27
495,990
75,000
1.650
02/01/28
66,374
300,000
4.100
02/15/28
289,275
912,000
4.350
03/01/29
878,874
1,629,000
4.300
02/15/30
1,551,861
389,000
2.750
06/01/31
330,605
428,000
2.250
02/01/32
345,272
1,630,000
2.550
12/01/33
1,283,936
690,000
5.400
02/15/34
683,659
685,000
4.500
05/15/35
625,824
140,000
4.850
03/01/39
128,128
330,000
4.350
06/15/45
275,291
435,000
4.750
05/15/46
379,784
293,000
4.500
03/09/48
242,408
225,000
4.550
03/09/49
187,063
538,000
3.650
06/01/51
381,195
130,000
3.300
02/01/52
87,028
1,560,000
3.500
09/15/53
1,055,179
1,358,000
3.550
09/15/55
916,626
530,000
3.800
12/01/57
368,987
1,119,000
3.650
09/15/59
750,986
192,000
3.850
06/01/60
134,432
Crown
Castle,
Inc.
420,000
3.700
06/15/26
405,733
500,000
5.000
01/11/28
492,853
Sprint
Capital
Corp.
576,000
6.875
11/15/28
606,960
994,000
8.750
03/15/32
1,185,966
T-Mobile
USA,
Inc.
390,000
1.500
02/15/26
365,086
600,000
2.250
02/15/26
568,966
900,000
3.750
04/15/27
864,486
655,000
4.950
03/15/28
649,501
50,000
4.800
07/15/28
49,308
300,000
2.625
02/15/29
267,719
700,000
3.375
04/15/29
644,190
900,000
3.875
04/15/30
835,956
1,060,000
2.550
02/15/31
895,146
270,000
2.875
02/15/31
232,896
408,000
2.250
11/15/31
331,343
408,000
2.700
03/15/32
339,916
500,000
5.050
07/15/33
486,683
1,430,000
5.750
01/15/34
1,466,773
640,000
4.375
04/15/40
558,101
500,000
3.000
02/15/41
359,222
750,000
4.500
04/15/50
626,463
500,000
3.300
02/15/51
337,329
100,000
3.400
10/15/52
68,057
200,000
5.650
01/15/53
196,766
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Wireless
–
(continued)
T-Mobile
USA,
Inc.
–
(continued)
$
500,000
5.750
%
01/15/54
$
499,255
400,000
3.600
11/15/60
269,928
100,000
5.800
09/15/62
99,875
Verizon
Communications,
Inc.
1,825,000
0.850
11/20/25
1,709,850
930,000
1.450
03/20/26
869,554
559,000
4.125
03/16/27
545,324
250,000
3.000
03/22/27
236,239
710,000
2.100
03/22/28
637,270
922,000
4.329
09/21/28
893,394
771,000
4.016
12/03/29
728,831
384,000
3.150
03/22/30
344,478
236,000
1.500
09/18/30
191,077
85,000
1.680
10/30/30
68,539
670,000
2.550
03/21/31
564,850
650,000
2.355
03/15/32
528,867
985,000
5.050
05/09/33
968,655
800,000
4.400
11/01/34
739,783
220,000
4.272
01/15/36
198,630
445,000
5.250
03/16/37
438,682
1,460,000
2.650
11/20/40
1,009,914
610,000
3.400
03/22/41
468,240
60,000
6.550
09/15/43
66,117
650,000
4.862
08/21/46
595,147
401,000
4.522
09/15/48
342,072
400,000
2.875
11/20/50
252,337
800,000
3.550
03/22/51
574,516
150,000
2.987
10/30/56
91,886
446,000
3.000
11/20/60
267,144
555,000
3.700
03/22/61
391,491
43,180,465
TOTAL
CORPORATE
OBLIGATIONS
(Cost
$695,782,683)
644,562,463
a
Foreign
Corporate
Debt
–
17.8%
Banks
–
12.0%
Australia
&
New
Zealand
Banking
Group
Ltd.
(
Australia
)
590,000
5.088
12/08/25
588,557
Australia
&
New
Zealand
Banking
Group
Ltd.
,
MTN
(
Australia
)
400,000
3.700
11/16/25
390,951
250,000
4.750
01/18/27
247,755
Banco
Bilbao
Vizcaya
Argentaria
SA
(
Spain
)
200,000
1.125
09/18/25
188,779
Banco
Santander
SA
(
Spain
)
1,432,000
2.746
05/28/25
1,391,222
800,000
5.179
11/19/25
792,193
600,000
1.849
03/25/26
561,991
800,000
4.250
04/11/27
773,947
2,000,000
5.294
08/18/27
1,983,558
310,000
4.379
04/12/28
297,334
600,000
6.607
11/07/28
630,324
325,000
3.490
05/28/30
288,676
(
US
1
Year
CMT
T-Note
+
0.900%
)
600,000
1.722
09/14/27
(b)
549,054
GOLDMAN
SACHS
ACCESS
INVESTMENT
GRADE
CORPORATE
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Foreign
Corporate
Debt
–
(continued)
Banks
–
(continued)
(
US
1
Year
CMT
T-Note
+
1.600%
)
$
336,000
3.225
%
11/22/32
(b)
$
281,215
Bank
of
Montreal
(
Canada
)
100,000
5.920
09/25/25
100,583
750,000
5.203
02/01/28
750,873
(
5
Year
USD
Swap
+
1.432%
)
810,000
3.803
12/15/32
(b)
757,392
(
US
5
Year
CMT
T-Note
+
1.400%
)
670,000
3.088
01/10/37
(b)
543,559
Bank
of
Montreal
,
MTN
(
Canada
)
750,000
1.850
05/01/25
725,535
Bank
of
Nova
Scotia
(The)
(
Canada
)
448,000
1.300
06/11/25
429,221
566,000
4.500
12/16/25
553,734
1,000,000
1.050
03/02/26
928,942
220,000
2.700
08/03/26
207,927
80,000
1.950
02/02/27
73,541
750,000
4.850
02/01/30
733,581
530,000
2.450
02/02/32
434,409
490,000
5.650
02/01/34
496,013
Barclays
PLC
(
United
Kingdom
)
1,035,000
4.375
01/12/26
1,015,278
210,000
5.200
05/12/26
207,328
850,000
4.836
05/09/28
821,880
330,000
5.250
08/17/45
315,213
436,000
4.950
01/10/47
393,011
(
SOFR
+
2.714%
)
200,000
2.852
05/07/26
(b)
194,998
(
US
1
Year
CMT
T-Note
+
3.300%
)
1,000,000
7.385
11/02/28
(b)
1,049,631
(
US
1
Year
CMT
T-Note
+
1.200%
)
424,000
2.667
03/10/32
(b)
351,284
(
US
1
Year
CMT
T-Note
+
3.000%
)
595,000
5.746
08/09/33
(b)
595,050
(
SOFR
+
2.980%
)
1,000,000
6.224
05/09/34
(b)
1,022,674
(
SOFR
+
3.570%
)
500,000
7.119
06/27/34
(b)
528,589
(
US
5
Year
CMT
T-Note
+
2.900%
)
960,000
3.564
09/23/35
(b)
824,433
(
US
1
Year
CMT
T-Note
+
1.700%
)
500,000
3.811
03/10/42
(b)
385,662
(
US
1
Year
CMT
T-Note
+
1.300%
)
1,000,000
3.330
11/24/42
(b)
724,922
Canadian
Imperial
Bank
of
Commerce
(
Canada
)
1,880,000
3.945
08/04/25
1,846,361
1,000,000
3.600
04/07/32
880,764
Cooperatieve
Rabobank
UA
(
Netherlands
)
1,105,000
3.750
07/21/26
1,063,703
145,000
5.250
05/24/41
143,333
250,000
5.750
12/01/43
250,541
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Foreign
Corporate
Debt
–
(continued)
Banks
–
(continued)
Cooperatieve
Rabobank
UA
(Netherlands)
–
(continued)
$
485,000
5.250
%
08/04/45
$
463,061
Deutsche
Bank
AG
(
Germany
)
(
SOFR
+
1.870%
)
1,000,000
2.129
11/24/26
(b)
946,751
(
SOFR
+
1.219%
)
1,574,000
2.311
11/16/27
(b)
1,441,350
(
SOFR
+
3.180%
)
800,000
6.720
01/18/29
(b)
828,095
(
SOFR
+
3.043%
)
410,000
3.547
09/18/31
(b)
360,382
(
SOFR
+
1.718%
)
370,000
3.035
05/28/32
(b)
309,887
(
SOFR
+
2.257%
)
600,000
3.742
01/07/33
(b)
497,690
HSBC
Holdings
PLC
(
United
Kingdom
)
260,000
4.375
11/23/26
252,794
694,000
6.500
09/15/37
717,962
302,000
6.100
01/14/42
322,682
(
3M
U.S.
T-Bill
MMY  +
1.808
)
1,455,000
4.041
03/13/28
(b)
1,400,737
(
SOFR
+
2.610%
)
710,000
5.210
08/11/28
(b)
701,477
(
SOFR
+
1.732%
)
200,000
2.013
09/22/28
(b)
179,099
(
SOFR
+
3.350%
)
290,000
7.390
11/03/28
(b)
305,377
(
SOFR
+
1.970%
)
1,155,000
6.161
03/09/29
(b)
1,180,207
(
3M
U.S.
T-Bill
MMY  +
1.796
)
1,100,000
4.583
06/19/29
(b)
1,058,266
(
SOFR
+
1.460%
)
2,000,000
5.546
03/04/30
(b)
2,002,846
(
3M
U.S.
T-Bill
MMY  +
1.872
)
771,000
3.973
05/22/30
(b)
718,654
(
SOFR
+
2.870%
)
502,000
5.402
08/11/33
(b)
496,691
(
SOFR
+
4.250%
)
1,036,000
8.113
11/03/33
(b)
1,178,171
(
SOFR
+
2.390%
)
1,420,000
6.254
03/09/34
(b)
1,474,742
(
SOFR
+
2.980%
)
1,000,000
6.547
06/20/34
(b)
1,035,373
(
SOFR
+
3.020%
)
300,000
7.399
11/13/34
(b)
326,976
(
SOFR
+
2.650%
)
400,000
6.332
03/09/44
(b)
422,138
ING
Groep
NV
(
Netherlands
)
200,000
3.950
03/29/27
192,850
490,000
4.550
10/02/28
475,892
330,000
4.050
04/09/29
313,605
(
SOFR
+
1.005%
)
800,000
1.726
04/01/27
(b)
747,414
(
SOFR
+
1.830%
)
500,000
4.017
03/28/28
(b)
481,666
GOLDMAN
SACHS
ACCESS
INVESTMENT
GRADE
CORPORATE
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Foreign
Corporate
Debt
–
(continued)
Banks
–
(continued)
(
SOFR
+
1.316%
)
$
690,000
2.727
%
04/01/32
(b)
$
582,919
(
SOFR
+
2.090%
)
940,000
6.114
09/11/34
(b)
971,239
Lloyds
Banking
Group
PLC
(
United
Kingdom
)
740,000
4.450
05/08/25
732,847
400,000
4.582
12/10/25
392,248
1,500,000
3.750
01/11/27
1,440,700
940,000
4.375
03/22/28
907,542
200,000
5.300
12/01/45
184,553
490,000
4.344
01/09/48
383,842
(
3M
USD
LIBOR
+
1.205%
)
1,420,000
3.574
11/07/28
(b)
1,330,794
Mitsubishi
UFJ
Financial
Group,
Inc.
(
Japan
)
(
US
1
Year
CMT
T-Note
+
0.830%
)
1,300,000
2.341
01/19/28
(b)
1,205,316
190,000
3.961
03/02/28
182,346
194,000
3.741
03/07/29
182,677
440,000
3.751
07/18/39
367,166
(
US
1
Year
CMT
T-Note
+
1.950%
)
800,000
5.017
07/20/28
(b)
794,116
(
US
1
Year
CMT
T-Note
+
1.900%
)
300,000
5.354
09/13/28
(b)
300,148
(
US
1
Year
CMT
T-Note
+
1.380%
)
1,800,000
5.422
02/22/29
(b)
1,808,816
(
US
1
Year
CMT
T-Note
+
0.950%
)
200,000
2.309
07/20/32
(b)
163,948
(
US
1
Year
CMT
T-Note
+
1.100%
)
300,000
2.852
01/19/33
(b)
253,449
(
US
1
Year
CMT
T-Note
+
2.125%
)
200,000
5.133
07/20/33
(b)
196,501
(
US
1
Year
CMT
T-Note
+
1.630%
)
1,000,000
5.441
02/22/34
(b)
1,008,478
Mizuho
Financial
Group,
Inc.
(
Japan
)
490,000
2.839
09/13/26
463,375
300,000
2.564
09/13/31
243,322
(
US
1
Year
CMT
T-Note
+
0.670%
)
500,000
1.234
05/22/27
(b)
459,970
(
US
1
Year
CMT
T-Note
+
1.500%
)
300,000
5.667
05/27/29
(b)
302,033
(
3M
U.S.
T-Bill
MMY  +
1.532
)
800,000
4.254
09/11/29
(b)
765,468
300,000
1.979
09/08/31
(b)
244,056
(
3M
U.S.
T-Bill
MMY  +
1.392
)
430,000
3.153
07/16/30
(b)
384,844
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Foreign
Corporate
Debt
–
(continued)
Banks
–
(continued)
(
US
1
Year
CMT
T-Note
+
1.300%
)
$
1,000,000
5.579
%
05/26/35
(b)
$
997,247
National
Australia
Bank
Ltd.
(
Australia
)
500,000
4.787
01/10/29
493,430
NatWest
Group
PLC
(
United
Kingdom
)
846,000
4.800
04/05/26
835,403
(
US
1
Year
CMT
T-Note
+
0.900%
)
870,000
1.642
06/14/27
(b)
800,337
(
US
1
Year
CMT
T-Note
+
2.550%
)
355,000
3.073
05/22/28
(b)
331,643
(
3M
USD
LIBOR
+
1.754%
)
345,000
4.892
05/18/29
(b)
335,318
(
3M
USD
LIBOR
+
1.905%
)
470,000
5.076
01/27/30
(b)
460,095
(
3M
USD
LIBOR
+
1.871%
)
370,000
4.445
05/08/30
(b)
352,835
(
US
5
Year
CMT
T-Note
+
2.350%
)
420,000
3.032
11/28/35
(b)
352,624
Royal
Bank
of
Canada
(
Canada
)
230,000
1.200
04/27/26
213,118
800,000
3.625
05/04/27
767,647
Royal
Bank
of
Canada
,
GMTN
(
Canada
)
920,000
0.875
01/20/26
859,557
243,000
4.650
01/27/26
239,908
250,000
5.200
07/20/26
249,418
264,000
1.400
11/02/26
241,646
500,000
4.240
08/03/27
487,073
1,000,000
4.900
01/12/28
990,547
1,000,000
4.950
02/01/29
992,959
250,000
2.300
11/03/31
205,171
300,000
5.000
02/01/33
294,123
300,000
5.000
05/02/33
295,205
Royal
Bank
of
Canada
,
MTN
(
Canada
)
230,000
1.150
06/10/25
220,405
Santander
UK
Group
Holdings
PLC
(
United
Kingdom
)
(
SOFR
+
0.989%
)
820,000
1.673
06/14/27
(b)
757,205
(
3M
USD
LIBOR
+
1.400%
)
1,260,000
3.823
11/03/28
(b)
1,183,779
Sumitomo
Mitsui
Financial
Group,
Inc.
(
Japan
)
900,000
2.632
07/14/26
850,022
580,000
1.402
09/17/26
529,732
240,000
3.446
01/11/27
229,535
2,550,000
5.808
09/14/33
2,637,000
Toronto-Dominion
Bank
(The)
(
Canada
)
2,000,000
5.156
01/10/28
1,994,668
(
5
Year
USD
Swap
+
2.205%
)
2,000,000
3.625
09/15/31
(b)
1,913,417
Toronto-Dominion
Bank
(The)
,
MTN
(
Canada
)
120,000
2.000
09/10/31
96,696
UBS
AG
(
Switzerland
)
930,000
5.000
07/09/27
917,147
500,000
4.500
06/26/48
440,278
UBS
Group
AG
(
Switzerland
)
440,000
4.550
04/17/26
432,495
GOLDMAN
SACHS
ACCESS
INVESTMENT
GRADE
CORPORATE
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Foreign
Corporate
Debt
–
(continued)
Banks
–
(continued)
UBS
Group
AG
(Switzerland)
–
(continued)
$
1,000,000
4.875
%
05/15/45
$
910,753
(
SOFR
+
3.730%
)
3,800,000
4.194
04/01/31
(a)(b)
3,546,981
Westpac
Banking
Corp.
(
Australia
)
200,000
2.850
05/13/26
191,137
190,000
1.150
06/03/26
175,590
290,000
3.350
03/08/27
277,632
130,000
5.457
11/18/27
131,789
40,000
3.400
01/25/28
37,852
211,000
2.650
01/16/30
186,691
400,000
2.150
06/03/31
332,141
186,000
4.421
07/24/39
162,823
100,000
2.963
11/16/40
69,840
550,000
3.133
11/18/41
384,737
(
US
5
Year
CMT
T-Note
+
2.000%
)
340,000
4.110
07/24/34
(b)
313,943
(
US
5
Year
CMT
T-Note
+
1.750%
)
300,000
2.668
11/15/35
(b)
246,646
(
US
5
Year
CMT
T-Note
+
1.530%
)
450,000
3.020
11/18/36
(b)
370,229
Westpac
Banking
Corp.
,
GMTN
(
Australia
)
(
5
Year
USD
Swap
+
2.236%
)
386,000
4.322
11/23/31
(b)
371,825
96,109,361
Beverages
–
0.0%
Coca-Cola
Femsa
SAB
de
CV
(
Mexico
)
280,000
2.750
01/22/30
246,955
Brokerage
–
0.4%
Brookfield
Finance,
Inc.
(
Canada
)
686,000
3.900
01/25/28
656,769
120,000
4.850
03/29/29
117,491
279,000
4.350
04/15/30
263,867
237,000
4.700
09/20/47
199,962
Nomura
Holdings,
Inc.
(
Japan
)
300,000
2.172
07/14/28
263,461
300,000
2.679
07/16/30
254,252
550,000
2.608
07/14/31
451,895
780,000
2.999
01/22/32
653,074
2,860,771
Consumer
Cyclical
–
0.0%
Honda
Motor
Co.
Ltd.
(
Japan
)
243,000
2.967
03/10/32
212,053
Toyota
Motor
Corp.
(
Japan
)
80,000
1.339
03/25/26
74,825
286,878
Consumer
Noncyclical
–
0.9%
Astrazeneca
Finance
LLC
(
United
Kingdom
)
100,000
1.200
05/28/26
92,563
400,000
4.875
03/03/28
398,443
1,000,000
4.850
02/26/29
992,789
300,000
2.250
05/28/31
252,790
AstraZeneca
PLC
(
United
Kingdom
)
1,000,000
3.375
11/16/25
974,997
1,000,000
4.000
01/17/29
961,408
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Foreign
Corporate
Debt
–
(continued)
Consumer
Noncyclical
–
(continued)
AstraZeneca
PLC
(United
Kingdom)
–
(continued)
$
500,000
6.450
%
09/15/37
$
554,272
200,000
4.375
08/17/48
173,190
100,000
3.000
05/28/51
67,413
GlaxoSmithKline
Capital,
Inc.
(
United
Kingdom
)
900,000
3.875
05/15/28
867,755
511,000
6.375
05/15/38
564,020
Novartis
Capital
Corp.
(
Switzerland
)
1,000,000
2.000
02/14/27
930,056
200,000
4.400
05/06/44
178,167
120,000
4.000
11/20/45
100,342
200,000
2.750
08/14/50
128,549
Takeda
Pharmaceutical
Co.
Ltd.
(
Japan
)
250,000
3.175
07/09/50
168,635
7,405,389
Consumer
Products
–
0.1%
Unilever
Capital
Corp.
(
United
Kingdom
)
100,000
2.900
05/05/27
94,740
500,000
3.500
03/22/28
476,182
500,000
2.125
09/06/29
436,383
132,000
5.900
11/15/32
140,023
1,147,328
Electric
–
0.0%
Emera  U.S.
Finance
LP
(
Canada
)
200,000
4.750
06/15/46
161,566
Energy
–
0.8%
Canadian
Natural
Resources
Ltd.
(
Canada
)
409,000
3.850
06/01/27
392,092
300,000
6.250
03/15/38
308,741
Canadian
Natural
Resources
Ltd.
,
GMTN
(
Canada
)
214,000
4.950
06/01/47
186,417
Enbridge,
Inc.
(
Canada
)
100,000
5.900
11/15/26
101,100
484,000
3.125
11/15/29
435,590
170,000
6.200
11/15/30
177,684
400,000
2.500
08/01/33
315,121
(
3M
U.S.
T-Bill
MMY  +
3.903%
)
570,000
6.250
03/01/78
(b)
543,637
TotalEnergies
Capital
International
SA
(
France
)
174,000
2.829
01/10/30
155,405
231,000
2.986
06/29/41
168,135
370,000
3.461
07/12/49
269,275
500,000
3.127
05/29/50
339,452
340,000
3.386
06/29/60
229,400
TotalEnergies
Capital
SA
(
France
)
96,000
3.883
10/11/28
92,186
950,000
5.150
04/05/34
951,265
1,490,000
5.488
04/05/54
1,479,161
6,144,661
Financial
Company
–
0.4%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
(
Ireland
)
450,000
6.500
07/15/25
453,665
952,000
2.450
10/29/26
884,489
300,000
3.000
10/29/28
271,541
200,000
5.100
01/19/29
196,505
632,000
3.300
01/30/32
540,348
GOLDMAN
SACHS
ACCESS
INVESTMENT
GRADE
CORPORATE
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Foreign
Corporate
Debt
–
(continued)
Financial
Company
–
(continued)
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
(Ireland)
–
(continued)
$
300,000
3.400
%
10/29/33
$
249,775
480,000
3.850
10/29/41
375,120
2,971,443
Food
and
Beverage
–
1.2%
Anheuser-Busch
Cos.
LLC
/
Anheuser-Busch
InBev
Worldwide,
Inc.
(
Belgium
)
1,480,000
4.700
02/01/36
1,397,790
1,866,000
4.900
02/01/46
1,712,834
Anheuser-Busch
InBev
Finance,
Inc.
(
Belgium
)
780,000
4.625
02/01/44
693,991
600,000
4.900
02/01/46
543,044
Anheuser-Busch
InBev
Worldwide,
Inc.
(
Belgium
)
628,000
4.750
01/23/29
623,413
281,000
4.900
01/23/31
280,241
293,000
4.375
04/15/38
264,646
340,000
5.450
01/23/39
341,192
100,000
4.350
06/01/40
87,761
244,000
4.950
01/15/42
229,177
58,000
4.600
04/15/48
50,915
756,000
4.439
10/06/48
644,663
632,000
5.550
01/23/49
632,009
214,000
4.750
04/15/58
188,514
832,000
5.800
01/23/59
860,177
Diageo
Capital
PLC
(
United
Kingdom
)
200,000
1.375
09/29/25
189,499
700,000
2.375
10/24/29
614,672
420,000
5.625
10/05/33
434,120
9,788,658
Forest
Products
&
Paper
–
0.2%
Suzano
Austria
GmbH
(
Brazil
)
800,000
6.000
01/15/29
792,577
Suzano
Austria
GmbH
,
Series
DM3N
(
Brazil
)
968,000
3.125
01/15/32
784,833
1,577,410
Insurance
–
0.2%
AXA
SA
(
France
)
560,000
8.600
12/15/30
650,880
Manulife
Financial
Corp.
(
Canada
)
(
5
Year
USD
Swap
+
1.647%
)
100,000
4.061
02/24/32
(b)
95,851
530,000
3.703
03/16/32
481,330
186,000
5.375
03/04/46
178,524
1,406,585
Internet
–
0.0%
Alibaba
Group
Holding
Ltd.
(
China
)
400,000
4.400
12/06/57
321,425
Lodging
–
0.2%
Sands
China
Ltd.
(
Macau
)
290,000
5.125
08/08/25
287,463
500,000
4.050
01/08/26
485,625
740,000
5.400
08/08/28
727,975
1,501,063
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Foreign
Corporate
Debt
–
(continued)
Metals
–
0.0%
ArcelorMittal
SA
(
Luxembourg
)
$
370,000
6.550
%
11/29/27
$
383,054
Mining
–
0.2%
Southern
Copper
Corp.
(
Mexico
)
941,000
7.500
07/27/35
1,079,544
186,000
6.750
04/16/40
203,013
166,000
5.250
11/08/42
153,782
206,000
5.875
04/23/45
203,256
1,639,595
Oil
Company-Integrated
–
0.1%
Ecopetrol
SA
(
Colombia
)
1,000,000
4.625
11/02/31
818,677
Technology
–
0.3%
NXP
BV
/
NXP
Funding
LLC
/
NXP
USA,
Inc.
(
China
)
1,000,000
4.300
06/18/29
955,287
226,000
3.400
05/01/30
204,859
263,000
2.500
05/11/31
219,625
533,000
2.650
02/15/32
440,148
285,000
5.000
01/15/33
277,672
2,097,591
Telecommunications
–
0.2%
America
Movil
SAB
de
CV
(
Mexico
)
200,000
4.700
07/21/32
192,430
916,000
6.375
03/01/35
986,046
100,000
6.125
03/30/40
103,942
440,000
4.375
07/16/42
375,423
1,657,841
Transportation
–
0.1%
Canadian
Pacific
Railway
Co.
(
Canada
)
530,000
2.450
12/02/31
480,475
Wirelines
–
0.5%
Bell
Telephone
Co.
of
Canada
or
Bell
Canada
(
Canada
)
1,000,000
5.100
05/11/33
973,741
Deutsche
Telekom
International
Finance
BV
(
Germany
)
590,000
8.750
06/15/30
687,911
Orange
SA
(
France
)
740,000
9.000
03/01/31
887,590
100,000
5.375
01/13/42
96,924
Telefonica
Emisiones
SA
(
Spain
)
500,000
7.045
06/20/36
545,199
700,000
4.895
03/06/48
601,431
3,792,796
TOTAL
FOREIGN
CORPORATE
DEBT
(Cost
$148,081,889)
142,799,522
GOLDMAN
SACHS
ACCESS
INVESTMENT
GRADE
CORPORATE
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Dividend
Rate
Value
aa
a
Investment
Company
–
0.6%
(c)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
4,800,912
5.227%
$
4,800,912
(Cost
$4,800,912)
TOTAL
INVESTMENTS
–
98.9%
(Cost
$848,665,484)
$
792,162,897
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
1.1%
8,461,157
NET
ASSETS
–
100.0%
$
800,624,054
  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
May
31,
2024.
(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
GOLDMAN
SACHS
ACCESS
TREASURY
0-1
YEAR
ETF
Schedule
of
Investments
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
(a)
Maturity
Date
Value
a
U.S.
Treasury
Bills
-
88.8%
U.S.
Treasury
Bills
$
615,000
5.330%
07/05/24
$
612,144
1,608,000
5.340
07/05/24
1,600,531
328,000
5.350
07/05/24
326,477
4,612,000
5.360
07/05/24
4,590,580
140,488,000
5.370
07/05/24
139,835,495
348,000
5.380
07/05/24
346,384
64,437,900
5.400
07/05/24
64,138,614
754,000
5.430
07/05/24
750,498
12,000
5.340
07/11/24
11,934
633,000
5.350
07/11/24
629,506
225,158,200
5.390
07/11/24
223,915,168
48,000
5.391
07/11/24
47,735
20,000
5.396
07/11/24
19,890
13,677,000
5.400
07/11/24
13,601,493
72,000
5.350
07/16/24
71,549
632,000
5.360
07/16/24
628,041
312,000
5.370
07/16/24
310,045
123,560,000
5.400
07/16/24
122,785,945
1,236,000
5.340
07/23/24
1,227,001
2,065,000
5.350
07/23/24
2,049,965
188,922,900
5.360
07/23/24
187,547,415
4,396,000
5.370
07/23/24
4,363,995
247,807,700
5.380
07/23/24
246,003,494
86,041,400
5.390
07/23/24
85,414,961
300,000,000
5.400
07/23/24
297,815,799
594,000
5.410
07/23/24
589,675
2,288,000
5.450
07/23/24
2,271,342
305,000
5.320
07/25/24
302,693
183,000
5.340
07/25/24
181,616
14,751,400
5.400
07/25/24
14,639,840
180,000
5.340
08/06/24
178,324
375,000
5.350
08/06/24
371,508
185,000
5.370
08/06/24
183,278
13,903,200
5.380
08/06/24
13,773,752
64,586,400
5.400
08/06/24
63,985,061
15,883,300
5.260
08/08/24
15,731,426
38,819,800
5.330
08/08/24
38,448,610
8,867,400
5.340
08/08/24
8,782,611
304,000
5.350
08/08/24
301,093
180,000
5.390
08/08/24
178,279
255,000
5.340
08/13/24
252,372
1,496,000
5.350
08/13/24
1,480,580
156,000
5.360
08/13/24
154,392
1,292,000
5.370
08/13/24
1,278,683
765,000
5.390
08/13/24
757,115
71,316,800
5.400
08/13/24
70,581,720
116,564,500
5.410
08/13/24
115,363,040
75,346,200
5.420
08/13/24
74,569,588
962,000
5.450
08/13/24
952,084
179,165,000
5.330
08/22/24
177,094,526
48,556,700
5.350
08/22/24
47,995,567
784,000
5.360
08/22/24
774,940
3,036,000
5.370
08/22/24
3,000,915
4,325,000
5.380
08/22/24
4,275,019
20,000,000
5.390
08/22/24
19,768,875
213,830,800
5.400
08/22/24
211,359,719
1,196,000
5.430
08/22/24
1,182,179
324,000
5.360
09/03/24
319,681
601,000
5.370
09/03/24
592,988
718,000
5.380
09/03/24
708,429
Principal
Amount
Interest
Rate
(a)
Maturity
Date
Value
a
U.S.
Treasury
Bills
–
(continued)
U.S.
Treasury
Bills
–
(continued)
$
135,951,000
5.420%
09/03/24
$
134,138,717
63,000
5.330
09/05/24
62,148
162,000
5.340
09/05/24
159,810
32,000
5.350
09/05/24
31,568
22,120,600
5.470
09/05/24
21,821,378
494,000
5.290
09/19/24
486,283
1,300,000
5.310
09/19/24
1,279,692
126,409,600
5.320
09/19/24
124,434,884
390,000
5.330
09/19/24
383,908
364,000
5.350
09/19/24
358,314
442,000
5.360
09/19/24
435,095
4,112,000
5.370
09/19/24
4,047,765
1,196,000
5.380
09/19/24
1,177,316
676,000
5.400
09/19/24
665,440
910,000
5.370
09/24/24
895,171
364,999,000
5.410
09/24/24
359,050,978
75,000
5.350
09/26/24
73,756
2,751,700
5.370
09/26/24
2,706,074
25,000,000
5.380
09/26/24
24,585,470
15,000
5.390
09/26/24
14,751
288,000
5.370
10/17/24
282,363
216,000
5.376
10/17/24
211,772
54,000
5.378
10/17/24
52,943
92,712,000
5.380
10/17/24
90,897,337
216,000
5.381
10/17/24
211,772
90,000
5.382
10/17/24
88,238
90,000
5.383
10/17/24
88,238
270,000
5.386
10/17/24
264,715
468,000
5.387
10/17/24
458,840
216,000
5.390
10/17/24
211,772
468,000
5.410
10/17/24
458,840
900,000
5.340
10/24/24
881,510
1,020,000
5.360
10/24/24
999,045
1,340,000
5.370
10/24/24
1,312,470
247,834,900
5.390
10/24/24
242,743,275
300,000
5.393
10/24/24
293,837
60,798,200
5.400
10/24/24
59,549,136
67,883,400
5.166
10/31/24
66,427,926
260,000
5.340
10/31/24
254,425
169,000
5.350
10/31/24
165,377
275,000
5.360
10/31/24
269,104
65,000
5.363
10/31/24
63,606
780,000
5.375
11/07/24
762,528
36,770,600
5.380
11/07/24
35,946,948
881,000
5.381
11/07/24
861,266
780,000
5.383
11/07/24
762,528
325,000
5.387
11/07/24
317,720
195,000
5.388
11/07/24
190,632
609,000
5.389
11/07/24
595,359
216,978,900
5.390
11/07/24
212,118,628
325,000
5.393
11/07/24
317,720
81,076,000
5.394
11/07/24
79,259,918
15,000,000
5.382
11/14/24
14,648,707
16,561,700
5.210
11/29/24
16,140,674
144,000
5.270
11/29/24
140,340
30,000
5.300
11/29/24
29,237
468,000
5.330
11/29/24
456,103
49,000
5.340
11/29/24
47,754
30,000
5.350
11/29/24
29,237
18,000
5.360
11/29/24
17,542
GOLDMAN
SACHS
ACCESS
TREASURY
0-1
YEAR
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
(a)
Maturity
Date
Value
a
U.S.
Treasury
Bills
–
(continued)
U.S.
Treasury
Bills
–
(continued)
$
2,315,200
5.387%
11/29/24
$
2,256,344
160,990,800
5.390
11/29/24
156,898,147
9,524,900
5.393
11/29/24
9,282,761
184,235,200
5.011
02/20/25
177,562,189
539,000
5.080
02/20/25
519,477
111,000
5.220
02/20/25
106,980
444,000
5.240
02/20/25
427,918
1,443,000
5.250
02/20/25
1,390,734
2,405,000
5.260
02/20/25
2,317,891
3,223,000
5.270
02/20/25
3,106,263
495,000
5.273
02/20/25
477,071
888,000
5.280
02/20/25
855,836
267,357,900
5.054
03/20/25
256,651,324
11,124,100
5.058
03/20/25
10,678,626
2,900,000
5.060
03/20/25
2,783,867
385,000
5.101
03/20/25
369,582
3,119,200
5.134
03/20/25
2,994,289
26,242,800
5.135
03/20/25
25,191,885
1,632,000
5.140
03/20/25
1,566,645
324,000
5.240
03/20/25
311,025
1,640,000
5.250
03/20/25
1,574,324
305,000
5.270
03/20/25
292,786
183,000
5.280
03/20/25
175,672
84,000
5.200
04/17/25
80,333
35,000
5.210
04/17/25
33,472
96,000
5.230
04/17/25
91,809
91,000
5.240
04/17/25
87,028
70,000
5.250
04/17/25
66,944
38,370,600
5.260
04/17/25
36,695,589
64,000
5.280
04/17/25
61,206
105,000
5.297
04/17/25
100,416
21,000
5.305
04/17/25
20,083
533,000
5.216
05/15/25
507,862
56,000
5.221
05/15/25
53,359
5,506,700
5.222
05/15/25
5,246,981
181,456,300
5.260
05/15/25
172,898,076
5,506,700
5.263
05/15/25
5,246,981
4,221,400
5.266
05/15/25
4,022,301
15,030,300
5.284
05/15/25
14,321,409
4,693,989,564
TOTAL
U.S.
TREASURY
BILLS
(Cost
$4,693,020,015)
4,693,989,564
a
U.S.
Treasury
Notes
-
11.0%
U.S.
Treasury
Notes
22,406,000
5.120
08/15/24
22,187,191
105,000
5.130
08/15/24
103,975
85,000
5.150
08/15/24
84,170
357,000
5.160
08/15/24
353,514
255,000
5.170
08/15/24
252,510
595,000
5.230
08/15/24
589,189
47,981,700
5.240
08/15/24
47,513,129
48,000
5.260
08/15/24
47,531
714,000
5.280
08/15/24
707,027
761,000
5.310
08/15/24
753,568
51,000
5.320
08/15/24
50,502
493,000
5.330
08/15/24
488,186
221,000
5.340
08/15/24
218,842
64,000
5.350
08/15/24
63,375
930,000
5.360
08/15/24
920,918
Principal
Amount
Interest
Rate
(a)
Maturity
Date
Value
a
U.S.
Treasury
Notes
–
(continued)
U.S.
Treasury
Notes
–
(continued)
$
534,000
5.370%
08/15/24
$
528,785
468,000
5.400
08/15/24
463,430
80,000
5.410
08/15/24
79,219
104,000
5.440
08/15/24
102,984
80,000
5.450
08/15/24
79,219
512,000
5.460
08/15/24
507,000
32,000
5.470
08/15/24
31,687
32,000
5.480
08/15/24
31,688
11,446,700
5.510
08/15/24
11,334,916
160,000
5.530
08/15/24
158,438
28,447,900
5.140
11/15/24
28,065,631
15,643,600
5.199
11/15/24
15,330,728
85,000
5.310
11/15/24
83,858
113,000
5.320
11/15/24
111,482
90,000
5.330
11/15/24
88,790
156,000
4.805
12/31/24
155,046
207,597,000
5.064
12/31/24
206,327,900
371,000
5.066
12/31/24
368,732
520,000
5.069
12/31/24
516,821
44,368,600
5.300
01/31/25
43,571,352
204,512,000
5.310
01/31/25
200,837,175
583,108,508
TOTAL
U.S.
TREASURY
NOTES
(Cost
$583,559,264)
583,108,508
TOTAL
INVESTMENTS
-
99.8%
(Cost
$5,276,579,279)
$
5,277,098,072
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
-
0.2%
9,151,464
NET
ASSETS
-
100.0%
$
5,286,249,536
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
(a)
Interest
rates
represent
either
the
stated
coupon
rate,
annualized
yield
on
date
of
purchase
for
discounted
securities,
or,
for
floating
rate
securities,
the
current
reset
rate,
which
is
based
upon
current
interest
rate
indices.
GOLDMAN
SACHS
ACCESS
ULTRA
SHORT
BOND
ETF
Schedule
of
Investments
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Asset-Backed
Securities
–
30.8%
Ally
Auto
Receivables
Trust
,
Series
2022-1,
Class
A3
$
2,140,760
3.310
%
11/15/26
$
2,113,925
American
Express
Credit
Account
Master
Trust
,
Series
2022-3,
Class
A
2,450,000
3.750
08/15/27
2,402,246
American
Express
Credit
Account
Master
Trust
,
Series
2023-1,
Class
A
2,100,000
4.870
05/15/28
2,088,822
BA
Credit
Card
Trust
,
Series
2022-A1,
Class
A1
3,075,000
3.530
11/15/27
3,016,609
BA
Credit
Card
Trust
,
Series
2022-A2,
Class
A2
2,100,000
5.000
04/15/28
2,087,443
Barclays
Dryrock
Issuance
Trust
,
Series
2021-1,
Class
A
2,400,000
0.630
07/15/27
2,365,534
Barclays
Dryrock
Issuance
Trust
,
Series
2022-1,
Class
A
4,500,000
3.070
02/15/28
4,407,627
BBCMS
Mortgage
Trust
,
Series
2018-C2,
Class
ASB
481,507
4.236
12/15/51
465,239
BSPDF
Issuer
Ltd.
,
Series
2021-FL1,
Class
A
(
1M
U.S.
T-Bill
MMY
+
1.314%
)
830,627
6.631
10/15/36
(a)(b)
819,447
BX
,
Series
2021-MFM1,
Class
A
(
1M
U.S.
T-Bill
MMY
+
0.814%
)
76,626
6.131
01/15/34
(a)(b)
76,171
BX
Trust
,
Series
2021-ARIA,
Class
A
(
1M
U.S.
T-Bill
MMY
+
1.014%
)
1,300,000
6.331
10/15/36
(a)(b)
1,289,908
BXHPP
Trust
,
Series
2021-FILM,
Class
A
(
1M
U.S.
T-Bill
MMY
+
0.764%
)
1,850,000
6.081
08/15/36
(a)(b)
1,777,075
CFCRE
Commercial
Mortgage
Trust
,
Series
2016-C3,
Class
A3
245,000
3.865
01/10/48
237,664
Chase
Auto
Owner
Trust
,
Series
2024-2A,
Class
A2
2,025,000
5.660
05/26/27
(a)
2,026,211
Citigroup
Commercial
Mortgage
Trust
,
Series
2015-GC29,
Class
AAB
24,732
2.984
04/10/48
24,630
Citigroup
Commercial
Mortgage
Trust
,
Series
2015-GC33,
Class
A4
3,000,000
3.778
09/10/58
2,900,751
Citigroup
Commercial
Mortgage
Trust
,
Series
2016-GC37,
Class
A3
2,738,532
3.050
04/10/49
2,646,408
COMM
Mortgage
Trust
,
Series
2014-CR19,
Class
A5
110,655
3.796
08/10/47
110,395
COMM
Mortgage
Trust
,
Series
2015-CR24,
Class
ASB
80,508
3.445
08/10/48
79,756
COMM
Mortgage
Trust
,
Series
2015-CR25,
Class
A3
1,877,302
3.505
08/10/48
1,845,417
COMM
Mortgage
Trust
,
Series
2015-CR26,
Class
ASB
221,095
3.373
10/10/48
218,467
COMM
Mortgage
Trust
,
Series
2016-DC2,
Class
A4
467,107
3.497
02/10/49
456,115
CSAIL
Commercial
Mortgage
Trust
,
Series
2015-C3,
Class
A4
1,300,000
3.718
08/15/48
1,267,648
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Asset-Backed
Securities
–
(continued)
DBJPM
Mortgage
Trust
,
Series
2016-C3,
Class
ASB
$
152,191
2.756
%
08/10/49
$
147,498
Discover
Card
Execution
Note
Trust
,
Series
2017-A5,
Class
A5
(
1M
U.S.
T-Bill
MMY
+
0.714%
)
2,000,000
6.031
12/15/26
(b)
2,000,335
Discover
Card
Execution
Note
Trust
,
Series
2022-A2,
Class
A
4,500,000
3.320
05/15/27
4,408,479
Extended
Stay
America
Trust
,
Series
2021-ESH,
Class
A
(
1M
U.S.
T-Bill
MMY
+
1.194%
)
1,323,848
6.511
07/15/38
(a)(b)
1,322,606
Ford
Credit
Auto
Owner
Trust
,
Series
2022-A,
Class
A3
1,496,646
1.290
06/15/26
1,466,386
GM
Financial
Automobile
Leasing
Trust
,
Series
2023-2,
Class
A3
5,235,000
5.050
07/20/26
5,213,156
GM
Financial
Automobile
Leasing
Trust
,
Series
2023-3,
Class
A3
3,500,000
5.380
11/20/26
3,496,692
GM
Financial
Consumer
Automobile
Receivables
Trust
,
Series
2022-1,
Class
A3
2,651,211
1.260
11/16/26
2,587,118
GMF
Floorplan
Owner
Revolving
Trust
,
Series
2023-1,
Class
A1
1,500,000
5.340
06/15/28
(a)
1,495,600
Honda
Auto
Receivables
2021-3
Owner
Trust
,
Series
2021-3,
Class
A3
332,927
0.410
11/18/25
327,322
Honda
Auto
Receivables
2021-4
Owner
Trust
,
Series
2021-4,
Class
A3
1,116,023
0.880
01/21/26
1,091,920
Honda
Auto
Receivables
2023-2
Owner
Trust
,
Series
2023-2,
Class
A2
1,323,962
5.410
04/15/26
1,322,630
Honda
Auto
Receivables
2023-4
Owner
Trust
,
Series
2023-4,
Class
A2
2,900,000
5.870
06/22/26
2,904,356
Hyundai
Auto
Lease
Securitization
Trust
,
Series
2023-B,
Class
A2A
1,037,979
5.470
09/15/25
(a)
1,038,052
Hyundai
Auto
Lease
Securitization
Trust
,
Series
2024-B,
Class
A3
2,400,000
5.410
05/17/27
(a)
2,403,461
Hyundai
Auto
Receivables
Trust
,
Series
2020-C,
Class
A4
2,812,115
0.490
11/16/26
2,779,162
Hyundai
Auto
Receivables
Trust
,
Series
2021-C,
Class
A3
829,486
0.740
05/15/26
814,127
Hyundai
Auto
Receivables
Trust
,
Series
2022-C,
Class
A3
3,625,000
5.390
06/15/27
3,621,350
Hyundai
Auto
Receivables
Trust
,
Series
2023-C,
Class
A2A
2,993,942
5.800
01/15/27
2,998,446
Mercedes-Benz
Auto
Receivables
Trust
,
Series
2022-1,
Class
A2
96,430
5.260
10/15/25
96,412
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
,
Series
2016-C29,
Class
A3
4,367,304
3.058
05/15/49
4,198,229
Morgan
Stanley
Capital
I
Trust
,
Series
2016-BNK2,
Class
ASB
291,173
2.860
11/15/49
281,633
Nelnet
Student
Loan
Trust
,
Series
2016-1A,
Class
A
(
SOFR
+
0.914%
)
247,929
6.238
09/25/65
(a)(b)
247,188
Nissan
Auto
Lease
Trust
,
Series
2023-A,
Class
A3
6,000,000
4.910
01/15/26
5,987,357
GOLDMAN
SACHS
ACCESS
ULTRA
SHORT
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Asset-Backed
Securities
–
(continued)
Nissan
Auto
Lease
Trust
,
Series
2023-B,
Class
A2A
$
1,256,906
5.740
%
08/15/25
$
1,257,355
Northstar
Education
Finance,
Inc.
,
Series
2012-1,
Class
A
(
SOFR
+
0.814%
)
4,571
6.138
12/26/31
(a)(b)
4,562
ONE
PARK
Mortgage
Trust
,
Series
2021-PARK,
Class
A
(
1M
U.S.
T-Bill
MMY
+
0.814%
)
908,000
6.131
03/15/36
(a)(b)
884,022
Rhode
Island
Student
Loan
Authority
,
Series
2012-1,
Class
A1
(
SOFR
+
1.014%
)
384,232
6.336
07/01/31
(b)
384,143
Rhode
Island
Student
Loan
Authority
,
Series
2014-1,
Class
A1
(
SOFR
+
0.814%
)
26,544
6.143
10/02/28
(b)
26,301
SLC
Student
Loan
Trust
,
Series
2007-1,
Class
A4
(
SOFR
+
0.322%
)
349,138
5.669
05/15/29
(b)
348,376
SLC
Student
Loan
Trust
,
Series
2010-1,
Class
A
(
SOFR
+
1.137%
)
57,827
6.485
11/25/42
(b)
57,886
SLM
Student
Loan
Trust
,
Series
2004-10,
Class
A7B
(
SOFR
+
0.862%
)
21,265
6.209
10/25/29
(a)(b)
21,264
STWD
Trust
,
Series
2021-FLWR,
Class
A
(
1M
U.S.
T-Bill
MMY
+
0.691%
)
1,350,000
6.008
07/15/36
(a)(b)
1,336,494
Toyota
Auto
Receivables
Owner
Trust
,
Series
2021-D,
Class
A3
1,065,387
0.710
04/15/26
1,042,328
Toyota
Auto
Receivables
Owner
Trust
,
Series
2022-D,
Class
A3
1,825,000
5.300
09/15/27
1,823,681
Trinitas
CLO
VI
Ltd.
,
Series
2017-6A,
Class
ARRR
(
3M
U.S.
T-Bill
MMY
+
1.330%
)
5,900,000
–
01/25/34
(a)(b)(c)(d)
5,900,000
UBS
Commercial
Mortgage
Trust
,
Series
2017-C2,
Class
ASB
623,481
3.264
08/15/50
603,873
Wells
Fargo
Commercial
Mortgage
Trust
,
Series
2015-C31,
Class
ASB
38,036
3.487
11/15/48
37,290
Wells
Fargo
Commercial
Mortgage
Trust
,
Series
2016-C32,
Class
A3
1,422,360
3.294
01/15/59
1,373,569
World
Omni
Automobile
Lease
Securitization
Trust
,
Series
2023-
A,
Class
A2A
762,946
5.470
11/17/25
762,812
102,836,979
1988
CLO
3
Ltd.
,
Series
2023-3A,
Class
A1
(
3M
U.S.
T-Bill
MMY
+
2.000%
)
6,500,000
7.329
10/15/38
(a)(b)
6,587,626
Barings
CLO
Ltd.
,
Series
2018-3A,
Class
A1
(
3M
U.S.
T-Bill
MMY
+
1.212%
)
40,933
6.536
07/20/29
(a)(b)
40,960
Barings
CLO
Ltd.
,
Series
2022-4A,
Class
A
(
3M
U.S.
T-Bill
MMY
+
1.990%
)
1,150,000
7.315
10/20/34
(a)(b)
1,154,874
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Asset-Backed
Securities
–
(continued)
Battalion
CLO
XXIV
Ltd.
,
Series
2022-24A,
Class
A
(
3M
U.S.
T-Bill
MMY
+
2.650%
)
$
1,800,000
7.979
%
01/14/34
(a)(b)
$
1,806,620
BlueMountain
CLO
Ltd.
,
Series
2013-2A,
Class
A1R
(
3M
U.S.
T-Bill
MMY
+
1.442%
)
448,800
6.766
10/22/30
(a)(b)
449,903
Bryant
Park
Funding
Ltd.
,
Series
2023-21A,
Class
A1
(
3M
U.S.
T-Bill
MMY
+
2.050%
)
4,200,000
7.377
10/18/36
(a)(b)
4,258,720
Carlyle
US
CLO
Ltd.
,
Series
2017-2A,
Class
A1R
(
3M
U.S.
T-Bill
MMY
+
1.312%
)
1,342,460
6.636
07/20/31
(a)(b)
1,343,118
CIFC
Falcon
2020
Ltd.
,
Series
2019-FAL,
Class
A
(
3M
U.S.
T-Bill
MMY
+
1.262%
)
3,800,000
6.586
01/20/33
(a)(b)
3,806,452
CIFC
Funding
Ltd.
,
Series
2017-2A,
Class
AR
(
3M
U.S.
T-Bill
MMY
+
1.212%
)
363,440
6.536
04/20/30
(a)(b)
364,122
Dryden
XXVI
Senior
Loan
Fund
,
Series
2013-26A,
Class
AR
(
3M
U.S.
T-Bill
MMY
+
1.162%
)
165,875
6.490
04/15/29
(a)(b)
166,090
Flatiron
CLO
19
Ltd.
,
Series
2019-1A,
Class
AR
(
3M
U.S.
T-Bill
MMY
+
1.342%
)
1,000,000
6.668
11/16/34
(a)(b)
1,002,811
HalseyPoint
CLO
Ltd.
,
Series
2020-3A,
Class
A1A
(
3M
U.S.
T-Bill
MMY
+
1.712%
)
500,000
7.041
11/30/32
(a)(b)
500,383
Hayfin
US
XII
Ltd.
,
Series
2018-8A,
Class
A
(
3M
U.S.
T-Bill
MMY
+
1.382%
)
1,966,498
6.706
04/20/31
(a)(b)
1,969,517
Jamestown
CLO
XV
Ltd.
,
Series
2020-15A,
Class
A1R
(
3M
U.S.
T-Bill
MMY
+
1.370%
)
4,400,000
–
07/15/35
(a)(b)(c)(d)
4,402,367
LCM
XV
LP
,
Series
2021-15A,
Class
AR2
(
3M
U.S.
T-Bill
MMY
+
1.262%
)
775,104
6.586
07/20/30
(a)(b)
775,879
Marathon
CLO
XIII
Ltd.
,
Series
2019-1A,
Class
AAR2
(
3M
U.S.
T-Bill
MMY
+
1.200%
)
2,200,000
6.534
04/15/32
(a)(b)
2,201,100
Mountain
View
CLO
XVI
Ltd.
,
Series
2022-1A,
Class
A1R
(
3M
U.S.
T-Bill
MMY
+
1.460%
)
2,325,000
6.789
04/15/34
(a)(b)
2,327,000
OZLM
Ltd.
,
Series
2015-11A,
Class
A1R
(
3M
U.S.
T-Bill
MMY
+
1.512%
)
64,592
6.841
10/30/30
(a)(b)
64,704
GOLDMAN
SACHS
ACCESS
ULTRA
SHORT
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Asset-Backed
Securities
–
(continued)
Regata
Funding
Ltd.
,
Series
2019-1A,
Class
AR
(
3M
U.S.
T-Bill
MMY
+
1.362%
)
$
2,000,000
6.690
%
10/15/32
(a)(b)
$
2,005,196
SOUND
POINT
CLO
XXII
Ltd.
,
Series
2019-1A,
Class
AR
(
3M
U.S.
T-Bill
MMY
+
1.342%
)
600,000
6.666
01/20/32
(a)(b)
601,208
TCW
CLO
AMR
Ltd.
,
Series
2019-1A,
Class
ASNR
(
3M
U.S.
T-Bill
MMY
+
1.482%
)
1,100,000
6.808
08/16/34
(a)(b)
1,101,009
TCW
CLO
Ltd.
,
Series
2019-2A,
Class
A1R
(
3M
U.S.
T-Bill
MMY
+
1.280%
)
3,500,000
6.605
10/20/32
(a)(b)
3,504,001
TCW
CLO
Ltd.
,
Series
2022-1A,
Class
A1
(
3M
U.S.
T-Bill
MMY
+
1.340%
)
3,500,000
6.665
04/22/33
(a)(b)
3,509,408
Trimaran
Cavu
Ltd.
,
Series
2021-1A,
Class
A
(
3M
U.S.
T-Bill
MMY
+
1.472%
)
1,000,000
6.798
04/23/32
(a)(b)
1,002,390
Trysail
CLO
Ltd.
,
Series
2021-1A,
Class
A1
(
3M
U.S.
T-Bill
MMY
+
1.300%
)
2,700,000
6.625
07/20/32
(a)(b)
2,701,102
Zais
CLO
Ltd.
,
Series
2020-15A,
Class
A1R
(
3M
U.S.
T-Bill
MMY
+
1.612%
)
1,000,000
6.936
07/28/32
(a)(b)
1,001,001
48,647,561
American
Express
Credit
Account
Master
Trust
,
Series
2022-2,
Class
A
6,000,000
3.390
05/15/27
5,882,657
Bank
of
America
Auto
Trust
,
Series
2023-2A,
Class
A2
1,325,000
5.850
08/17/26
(a)
1,326,324
Barclays
Dryrock
Issuance
Trust
,
Series
2023-2,
Class
A
(
SOFR
+
0.900%
)
2,050,000
6.224
08/15/28
(b)
2,063,328
Capital
One
Multi-Asset
Execution
Trust
,
Series
2022-A2,
Class
A
8,975,000
3.490
05/15/27
8,806,840
Capital
One
Multi-Asset
Execution
Trust
,
Series
2022-A3,
Class
A
3,000,000
4.950
10/15/27
2,983,778
Citibank
Credit
Card
Issuance
Trust
,
Series
2023-A1,
Class
A1
1,300,000
5.230
12/08/27
1,297,263
Discover
Card
Execution
Note
Trust
,
Series
2023-A1,
Class
A
2,925,000
4.310
03/15/28
2,875,890
Ford
Credit
Auto
Owner
Trust
,
Series
2023-C,
Class
A2A
2,425,000
5.680
09/15/26
2,426,925
Hyundai
Auto
Lease
Securitization
Trust
,
Series
2022-A,
Class
A4
826,044
1.320
12/15/25
(a)
824,223
Toyota
Auto
Receivables
Owner
Trust
,
Series
2023-B,
Class
A3
2,595,000
4.710
02/15/28
2,568,447
31,055,675
TOTAL
ASSET-BACKED
SECURITIES
(Cost
$182,261,331)
182,540,215
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Mortgage-Backed
Securities
–
19.7%
a
FHLMC
REMIC
(
RFUCCT1Y
+
1.796%
)
$
2,785,019
6.113
%
10/01/43
(b)
$
2,841,032
(
RFUCCT1Y
+
1.780%
)
548,328
5.990
10/01/44
(b)
558,468
(
RFUCCT1Y
+
1.619%
)
5,684,965
6.032
01/01/46
(b)
5,784,061
FHLMC
REMIC
,
Series
2003-2682,
Class
FB
(
SOFR
+
1.014%
)
133,746
6.338
10/15/33
(b)
133,967
FHLMC
REMIC
,
Series
2003-2711,
Class
FA
(
SOFR
+
1.114%
)
130,740
6.438
11/15/33
(b)
131,395
FHLMC
REMIC
,
Series
2005-3033,
Class
FG
(
SOFR
+
0.464%
)
400,173
5.788
09/15/35
(b)
393,561
FHLMC
REMIC
,
Series
2007-3298,
Class
FC
(
SOFR
+
0.534%
)
80,251
5.858
04/15/37
(b)
78,466
FHLMC
REMIC
,
Series
2007-3314,
Class
FC
(
SOFR
+
0.514%
)
19,192
5.838
12/15/36
(b)
18,867
FHLMC
REMIC
,
Series
2007-3316,
Class
FB
(
SOFR
+
0.414%
)
469,592
5.738
08/15/35
(b)
461,641
FHLMC
REMIC
,
Series
2007-3371,
Class
FA
(
SOFR
+
0.714%
)
97,501
6.038
09/15/37
(b)
96,363
FHLMC
REMIC
,
Series
2009-3593,
Class
CF
(
SOFR
+
0.714%
)
1,037,099
6.038
02/15/36
(b)
1,031,020
FHLMC
REMIC
,
Series
2011-3895,
Class
FM
(
SOFR
+
0.464%
)
13,846
5.788
12/15/40
(b)
13,836
FHLMC
REMIC
,
Series
2012-4040,
Class
FW
(
SOFR
+
0.484%
)
289,173
5.808
05/15/32
(b)
286,506
FHLMC
REMIC
,
Series
2012-4057,
Class
FE
(
SOFR
+
0.564%
)
661,716
5.888
06/15/42
(b)
649,592
FHLMC
REMIC
,
Series
2012-4068,
Class
UF
(
SOFR
+
0.614%
)
165,182
5.938
06/15/42
(b)
162,976
FHLMC
REMIC
,
Series
2012-4098,
Class
MF
(
SOFR
+
0.414%
)
127,714
5.738
11/15/41
(b)
126,695
FHLMC
REMIC
,
Series
2012-4107,
Class
MF
(
SOFR
+
0.514%
)
1,396,798
5.838
09/15/42
(b)
1,363,772
FHLMC
REMIC
,
Series
2012-4126,
Class
GF
(
SOFR
+
0.514%
)
1,937,838
5.838
11/15/42
(b)
1,889,092
FHLMC
REMIC
,
Series
2013-4203,
Class
QF
(
SOFR
+
0.364%
)
904,682
5.688
05/15/43
(b)
885,928
FHLMC
REMIC
,
Series
2013-4215,
Class
NF
(
SOFR
+
0.464%
)
651,067
5.788
06/15/43
(b)
630,799
GOLDMAN
SACHS
ACCESS
ULTRA
SHORT
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Mortgage-Backed
Securities
–
(continued)
a
FHLMC
REMIC
,
Series
2013-4240,
Class
FA
(
SOFR
+
0.614%
)
$
2,225,574
5.938
%
08/15/43
(b)
$
2,193,618
FHLMC
REMIC
,
Series
2013-4248,
Class
FL
(
SOFR
+
0.564%
)
65,808
5.888
05/15/41
(b)
64,852
FHLMC
REMIC
,
Series
2013-4263,
Class
FB
(
SOFR
+
0.514%
)
47,134
5.838
11/15/43
(b)
46,504
FHLMC
REMIC
,
Series
2013-4272,
Class
FD
(
SOFR
+
0.464%
)
50,301
5.788
11/15/43
(b)
49,577
FHLMC
REMIC
,
Series
2017-4678,
Class
AF
(
SOFR
+
0.514%
)
1,487,421
5.837
12/15/42
(b)
1,466,272
FHLMC
REMIC
,
Series
2017-4719,
Class
AF
(
SOFR
+
0.464%
)
2,721,003
5.788
09/15/47
(b)
2,633,299
FHLMC
REMIC
,
Series
2018-4787,
Class
ZS
667,499
5.000
07/01/48
654,272
FHLMC
REMIC
,
Series
2018-4818,
Class
FC
(
SOFR
+
0.414%
)
185,366
5.738
04/15/48
(b)
177,177
FHLMC
REMIC
,
Series
2018-4852,
Class
BF
(
SOFR
+
0.514%
)
1,199,585
5.838
12/15/48
(b)
1,158,249
FHLMC
REMIC
,
Series
2019-4897,
Class
F
(
SOFR
+
0.514%
)
988,537
5.838
07/15/49
(b)
964,632
FHLMC
REMIC
,
Series
2019-4903,
Class
F
(
SOFR
+
0.564%
)
153,896
5.888
09/15/48
(b)
148,128
FHLMC
REMIC
,
Series
2019-4906,
Class
NF
(
SOFR
+
0.514%
)
1,204,600
5.837
03/15/38
(b)
1,173,662
FHLMC
REMIC
,
Series
2019-4942,
Class
FA
(
SOFR
+
0.614%
)
970,539
5.938
01/25/50
(b)
949,008
FHLMC
REMIC
,
Series
2020-5002,
Class
FJ
(
SOFR
+
0.514%
)
166,118
5.838
07/25/50
(b)
162,559
FHLMC
REMIC
,
Series
2020-5031,
Class
FA
(
SOFR
+
0.300%
)
2,196,662
5.624
08/15/43
(b)
2,109,187
FHLMC
STRIPS
,
Series
2006-239,
Class
F22
(
SOFR
+
0.464%
)
142,630
5.788
08/15/36
(b)
140,164
FHLMC
STRIPS
,
Series
2006-239,
Class
F30
(
SOFR
+
0.414%
)
356,574
5.738
08/15/36
(b)
350,617
FNMA
REMIC
,
Series
2002-53,
Class
FY
(
SOFR
+
0.614%
)
150,226
5.938
08/25/32
(b)
149,448
FNMA
REMIC
,
Series
2004-54,
Class
FL
(
SOFR
+
0.514%
)
69,486
5.838
07/25/34
(b)
69,207
FNMA
REMIC
,
Series
2004-54,
Class
FN
(
SOFR
+
0.564%
)
208,919
5.888
07/25/34
(b)
207,915
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Mortgage-Backed
Securities
–
(continued)
a
FNMA
REMIC
,
Series
2005-103,
Class
FC
(
SOFR
+
0.614%
)
$
7,026,543
5.938
%
07/25/35
(b)
$
6,956,645
FNMA
REMIC
,
Series
2005-120,
Class
FE
(
SOFR
+
0.634%
)
301,564
5.958
01/25/36
(b)
298,175
FNMA
REMIC
,
Series
2005-87,
Class
FE
(
SOFR
+
0.564%
)
337,608
5.888
10/25/35
(b)
333,400
FNMA
REMIC
,
Series
2006-110,
Class
AF
(
SOFR
+
0.444%
)
1,905,263
5.768
11/25/36
(b)
1,872,405
FNMA
REMIC
,
Series
2006-16,
Class
FC
(
SOFR
+
0.414%
)
73,204
5.738
03/25/36
(b)
72,270
FNMA
REMIC
,
Series
2006-36,
Class
FB
(
SOFR
+
0.414%
)
37,796
5.738
05/25/36
(b)
37,068
FNMA
REMIC
,
Series
2006-42,
Class
PF
(
SOFR
+
0.524%
)
69,266
5.848
06/25/36
(b)
68,450
FNMA
REMIC
,
Series
2006-44,
Class
FP
(
SOFR
+
0.514%
)
756,692
5.838
06/25/36
(b)
746,782
FNMA
REMIC
,
Series
2006-61,
Class
FD
(
SOFR
+
0.474%
)
143,803
5.798
07/25/36
(b)
141,365
FNMA
REMIC
,
Series
2006-79,
Class
DF
(
SOFR
+
0.464%
)
321,040
5.788
08/25/36
(b)
316,933
FNMA
REMIC
,
Series
2006-88,
Class
AF
(
SOFR
+
0.574%
)
298,545
5.898
09/25/36
(b)
294,145
FNMA
REMIC
,
Series
2007-35,
Class
PF
(
SOFR
+
0.364%
)
51,736
5.688
04/25/37
(b)
50,620
FNMA
REMIC
,
Series
2007-67,
Class
FB
(
SOFR
+
0.434%
)
123,325
5.758
07/25/37
(b)
120,512
FNMA
REMIC
,
Series
2008-1,
Class
CF
(
SOFR
+
0.814%
)
40,831
6.138
02/25/38
(b)
40,395
FNMA
REMIC
,
Series
2009-110,
Class
FG
(
SOFR
+
0.864%
)
154,712
6.188
01/25/40
(b)
154,370
FNMA
REMIC
,
Series
2010-113,
Class
FA
(
SOFR
+
0.514%
)
113,913
5.838
10/25/40
(b)
112,535
FNMA
REMIC
,
Series
2010-116,
Class
FE
(
SOFR
+
0.514%
)
143,262
5.838
10/25/40
(b)
141,357
FNMA
REMIC
,
Series
2010-141,
Class
FB
(
SOFR
+
0.584%
)
87,630
5.908
12/25/40
(b)
86,048
FNMA
REMIC
,
Series
2010-15,
Class
FJ
(
SOFR
+
1.044%
)
275,807
6.368
06/25/36
(b)
276,818
GOLDMAN
SACHS
ACCESS
ULTRA
SHORT
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Mortgage-Backed
Securities
–
(continued)
a
FNMA
REMIC
,
Series
2010-39,
Class
FE
(
SOFR
+
0.884%
)
$
444,628
6.208
%
06/25/37
(b)
$
443,944
FNMA
REMIC
,
Series
2010-39,
Class
FG
(
SOFR
+
1.034%
)
187,293
6.358
03/25/36
(b)
187,855
FNMA
REMIC
,
Series
2010-46,
Class
WF
(
SOFR
+
0.864%
)
1,413,770
6.188
05/25/40
(b)
1,396,493
FNMA
REMIC
,
Series
2010-49,
Class
FB
(
SOFR
+
0.864%
)
131,321
6.188
05/25/40
(b)
130,410
FNMA
REMIC
,
Series
2010-59,
Class
FN
(
SOFR
+
0.844%
)
1,463,165
6.168
06/25/40
(b)
1,448,198
FNMA
REMIC
,
Series
2011-53,
Class
FT
(
SOFR
+
0.694%
)
125,561
6.018
06/25/41
(b)
123,901
FNMA
REMIC
,
Series
2011-87,
Class
FJ
(
SOFR
+
0.664%
)
122,985
5.988
09/25/41
(b)
120,573
FNMA
REMIC
,
Series
2012-101,
Class
FC
(
SOFR
+
0.614%
)
106,779
5.938
09/25/42
(b)
103,985
FNMA
REMIC
,
Series
2012-14,
Class
BF
(
SOFR
+
0.714%
)
627,697
6.038
03/25/42
(b)
622,860
FNMA
REMIC
,
Series
2012-37,
Class
BF
(
SOFR
+
0.614%
)
133,642
5.938
12/25/35
(b)
132,140
FNMA
REMIC
,
Series
2013-10,
Class
KF
(
SOFR
+
0.414%
)
84,526
5.738
02/25/43
(b)
82,733
FNMA
REMIC
,
Series
2013-130,
Class
FB
(
SOFR
+
0.564%
)
82,546
5.888
01/25/44
(b)
81,296
FNMA
REMIC
,
Series
2013-19,
Class
DF
(
SOFR
+
0.414%
)
449,976
5.738
09/25/41
(b)
446,468
FNMA
REMIC
,
Series
2013-2,
Class
QF
(
SOFR
+
0.614%
)
55,324
5.938
02/25/43
(b)
54,416
FNMA
REMIC
,
Series
2014-17,
Class
FE
(
SOFR
+
0.664%
)
708,335
5.988
04/25/44
(b)
692,272
FNMA
REMIC
,
Series
2014-28,
Class
FD
(
SOFR
+
0.564%
)
1,464,451
5.888
05/25/44
(b)
1,438,786
FNMA
REMIC
,
Series
2014-47,
Class
AF
(
SOFR
+
0.464%
)
280,373
5.787
08/25/44
(b)
277,107
FNMA
REMIC
,
Series
2015-27,
Class
KF
(
SOFR
+
0.414%
)
70,082
5.738
05/25/45
(b)
69,068
FNMA
REMIC
,
Series
2015-87,
Class
BF
(
SOFR
+
0.414%
)
320,122
5.738
12/25/45
(b)
312,911
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Mortgage-Backed
Securities
–
(continued)
a
FNMA
REMIC
,
Series
2016-49,
Class
EF
(
SOFR
+
0.514%
)
$
730,590
5.838
%
08/25/46
(b)
$
719,293
FNMA
REMIC
,
Series
2016-9335,
Class
AL
(
RFUCCT1Y
+
1.797%
)
7,726,803
6.135
12/01/40
(b)
7,927,125
FNMA
REMIC
,
Series
2017-16,
Class
FA
(
SOFR
+
0.564%
)
640,819
5.888
03/25/47
(b)
619,272
FNMA
REMIC
,
Series
2017-91,
Class
GF
(
SOFR
+
0.464%
)
1,509,277
5.788
11/25/47
(b)
1,451,014
FNMA
REMIC
,
Series
2018-15,
Class
JF
(
SOFR
+
0.414%
)
848,095
5.738
03/25/48
(b)
812,580
FNMA
REMIC
,
Series
2018-3385,
Class
MA
772,685
4.500
06/01/48
734,526
FNMA
REMIC
,
Series
2018-4,
Class
FM
(
SOFR
+
0.414%
)
2,027,196
5.738
02/25/48
(b)
1,941,746
FNMA
REMIC
,
Series
2019-41,
Class
FM
(
SOFR
+
0.564%
)
998,183
5.888
08/25/49
(b)
961,277
FNMA
REMIC
,
Series
2019-6,
Class
KF
(
SOFR
+
0.564%
)
1,650,894
5.888
03/25/49
(b)
1,604,684
FNMA
REMIC
,
Series
2020-6347,
Class
BM
(
RFUCCT1Y
+
1.735%
)
8,516,517
6.125
02/01/41
(b)
8,714,976
FNMA
REMIC
,
Series
2023-7262,
Class
BM
(
RFUCCT1Y
+
1.796%
)
9,755,117
6.388
02/01/45
(b)
9,951,233
FNMA
REMIC
,
Series
2023-7266,
Class
BM
(
RFUCCT1Y
+
1.801%
)
15,230,843
6.233
05/01/44
(b)
15,516,654
GNMA
,
Series
2004-59,
Class
FP
(
1M
U.S.
T-Bill
MMY
+
0.414%
)
328,419
5.734
08/16/34
(b)
324,875
GNMA
,
Series
2005-4,
Class
FA
(
1M
U.S.
T-Bill
MMY
+
0.484%
)
273,970
5.804
01/16/35
(b)
271,119
GNMA
,
Series
2007-26,
Class
FL
(
1M
U.S.
T-Bill
MMY
+
0.314%
)
2,063,996
5.635
05/20/37
(b)
2,019,756
GNMA
,
Series
2007-59,
Class
FA
(
1M
U.S.
T-Bill
MMY
+
0.614%
)
100,903
5.935
10/20/37
(b)
99,999
GNMA
,
Series
2013-99,
Class
PF
(
1M
U.S.
T-Bill
MMY
+
0.414%
)
1,431,611
5.735
07/20/43
(b)
1,398,410
GNMA
,
Series
2018-164,
Class
AF
(
1M
U.S.
T-Bill
MMY
+
0.514%
)
2,269,874
5.835
12/20/48
(b)
2,204,900
GOLDMAN
SACHS
ACCESS
ULTRA
SHORT
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Mortgage-Backed
Securities
–
(continued)
a
GNMA
,
Series
2019-110,
Class
F
(
1M
U.S.
T-Bill
MMY
+
0.564%
)
$
1,521,157
5.885
%
09/20/49
(b)
$
1,473,514
GNMA
,
Series
2019-56,
Class
FB
(
1M
U.S.
T-Bill
MMY
+
0.564%
)
1,754,491
5.885
05/20/49
(b)
1,721,043
GNMA
,
Series
2019-58,
Class
FA
(
1M
U.S.
T-Bill
MMY
+
0.514%
)
741,710
5.835
05/20/49
(b)
719,830
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust
,
Series
2016-JP2,
Class
ASB
236,892
2.713
08/15/49
231,111
JPMBB
Commercial
Mortgage
Securities
Trust
,
Series
2015-C31,
Class
ASB
178,946
3.540
08/15/48
175,298
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
,
Series
2015-C23,
Class
A4
550,000
3.719
07/15/50
537,878
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
,
Series
2015-C24,
Class
A3
2,053,239
3.479
05/15/48
2,011,715
TOTAL
MORTGAGE-BACKED
SECURITIES
(Cost
$118,887,187)
116,835,921
a
Foreign
Corporate
Debt
–
19.2%
Banks
–
16.1%
Banco
Santander
SA
(
Spain
)
1,200,000
2.746
05/28/25
1,165,344
Bank
of
Montreal
(
Canada
)
1,760,000
5.920
09/25/25
1,770,003
(
SOFRINDX
+
1.160%
)
3,133,000
6.512
12/11/26
(b)
3,169,310
Bank
of
Nova
Scotia
(The)
(
Canada
)
2,866,000
5.450
06/12/25
2,863,657
Banque
Federative
du
Credit
Mutuel
SA
(
France
)
2,089,000
4.524
07/13/25
(a)
2,067,089
(
SOFR
+
1.130%
)
3,096,000
6.488
01/23/27
(a)(b)
3,129,537
BPCE
SA
(
France
)
(
SOFR
+
0.960%
)
2,244,000
6.314
09/25/25
(a)(b)
2,257,677
2,062,000
1.000
01/20/26
(a)
1,921,563
3,133,000
5.100
01/26/26
(a)
3,100,357
Canadian
Imperial
Bank
of
Commerce
(
Canada
)
(
SOFR
+
1.220%
)
1,851,000
6.576
10/02/26
(b)
1,873,366
Cooperatieve
Rabobank
UA
(
Netherlands
)
(
SOFRINDX
+
0.900%
)
1,156,000
6.254
10/05/26
(b)
1,164,698
Credit
Agricole
SA
(
France
)
(
SOFR
+
0.870%
)
2,500,000
6.222
03/11/27
(a)(b)
2,512,605
Deutsche
Bank
AG
(
Germany
)
(
SOFR
+
2.581%
)
3,015,000
3.961
11/26/25
(b)
2,985,020
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Foreign
Corporate
Debt
–
(continued)
Banks
–
(continued)
DNB
Bank
ASA
(
Norway
)
(
US
1
Year
CMT
T-Note
+
0.330%
)
$
1,353,000
0.856
%
09/30/25
(a)(b)
$
1,330,526
HSBC
Holdings
PLC
(
United
Kingdom
)
(
3M
U.S.
T-Bill
MMY
+
1.402%
)
5,336,000
2.633
11/07/25
(b)
5,261,977
ING
Groep
NV
(
Netherlands
)
2,143,000
4.625
01/06/26
(a)
2,116,119
(
SOFRINDX
+
1.640%
)
2,716,000
6.996
03/28/26
(b)
2,738,911
Intesa
Sanpaolo
SpA
(
Italy
)
3,147,000
7.000
11/21/25
(a)
3,193,790
Intesa
Sanpaolo
SpA
,
Series
XR
(
Italy
)
2,827,000
3.250
09/23/24
(a)
2,804,318
Lloyds
Banking
Group
PLC
(
United
Kingdom
)
(
US
1
Year
CMT
T-Note
+
3.500%
)
1,913,000
3.870
07/09/25
(b)
1,908,862
Macquarie
Bank
Ltd.
(
Australia
)
(
SOFR
+
1.240%
)
1,851,000
6.593
06/15/26
(a)(b)
1,868,164
Mitsubishi
UFJ
Financial
Group,
Inc.
(
Japan
)
(
US
1
Year
CMT
T-Note
+
0.450%
)
1,961,000
0.962
10/11/25
(b)
1,926,549
(
SOFR
+
0.940%
)
2,546,000
6.303
02/20/26
(b)
2,552,260
NatWest
Markets
PLC
(
United
Kingdom
)
(
SOFR
+
0.900%
)
4,600,000
6.263
05/17/27
(a)(b)
4,607,325
Nordea
Bank
Abp
(
Finland
)
2,236,000
4.750
09/22/25
(a)
2,217,807
Skandinaviska
Enskilda
Banken
AB
(
Sweden
)
1,708,000
0.850
09/02/25
(a)
1,614,257
(
SOFR
+
0.890%
)
2,627,000
6.242
03/05/27
(a)(b)
2,639,637
Societe
Generale
SA
(
France
)
(
US
1
Year
CMT
T-Note
+
1.050%
)
3,455,000
2.226
01/21/26
(a)(b)
3,371,219
Standard
Chartered
PLC
(
United
Kingdom
)
(
3M
USD
LIBOR
+
1.209%
)
1,848,000
2.819
01/30/26
(a)(b)
1,810,627
Sumitomo
Mitsui
Financial
Group,
Inc.
(
Japan
)
2,405,000
1.474
07/08/25
2,302,444
Svenska
Handelsbanken
AB
(
Sweden
)
2,268,000
3.650
06/10/25
(a)
2,226,962
(
SOFR
+
1.250%
)
2,647,000
6.603
06/15/26
(a)(b)
2,686,264
Swedbank
AB
(
Sweden
)
(
SOFRINDX
+
1.380%
)
3,688,000
6.733
06/15/26
(a)(b)
3,742,768
Toronto-Dominion
Bank
(The)
,
MTN
(
Canada
)
(
SOFR
+
1.080%
)
2,506,000
6.437
07/17/26
(b)
2,534,719
UBS
AG
(
Switzerland
)
3,633,000
7.950
01/09/25
3,677,871
GOLDMAN
SACHS
ACCESS
ULTRA
SHORT
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Foreign
Corporate
Debt
–
(continued)
Banks
–
(continued)
(
SOFRINDX
+
1.260%
)
$
3,000,000
6.624
%
02/21/25
(b)
$
3,011,710
UBS
AG/London
(
Switzerland
)
(
SOFR
+
0.930%
)
1,462,000
6.282
09/11/25
(b)
1,471,266
UBS
Group
AG
(
Switzerland
)
(
US
1
Year
CMT
T-Note
+
1.600%
)
602,000
4.490
08/05/25
(a)(b)
600,363
1,300,000
4.125
09/24/25
(a)
1,273,038
95,469,979
Consumer
Cyclical
–
1.2%
Mercedes-Benz
Finance
North
America
LLC
(
Germany
)
(
SOFR
+
0.670%
)
1,519,000
6.024
01/09/26
(a)(b)
1,524,891
Volkswagen
Group
of
America
Finance
LLC
(
Germany
)
1,427,000
3.350
05/13/25
(a)
1,398,053
1,203,000
5.400
03/20/26
(a)
1,199,287
(
SOFR
+
0.930%
)
1,467,000
6.283
09/12/25
(a)(b)
1,474,962
(
SOFR
+
0.830%
)
1,641,000
6.183
03/20/26
(a)(b)
1,644,857
7,242,050
Consumer
Noncyclical
–
0.2%
BAT
Capital
Corp.
(
United
Kingdom
)
1,000,000
3.222
08/15/24
994,437
Distributors
–
0.4%
Daimler
Truck
Finance
North
America
LLC
(
Germany
)
2,421,000
5.600
08/08/25
(a)
2,420,861
Financial
Company
–
0.7%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
(
Ireland
)
4,584,000
1.650
10/29/24
4,507,143
Financials
Company
–
0.3%
LeasePlan
Corp.
NV
(
Netherlands
)
1,666,000
2.875
10/24/24
(a)
1,646,529
Insurance
–
0.3%
Great-West
Lifeco  U.S.
Finance
2020
LP
(
Canada
)
1,674,000
0.904
08/12/25
(a)
1,584,789
TOTAL
FOREIGN
CORPORATE
DEBT
(Cost
$113,366,504)
113,865,788
a
Corporate
Obligations
–
16.9%
Banks
–
7.9%
American
Express
Co.
(
SOFRINDX
+
1.350%
)
1,116,000
6.709
10/30/26
(b)
1,127,725
(
SOFR
+
0.750%
)
3,055,000
6.107
04/23/27
(b)
3,061,086
Bank
of
America
Corp.
,
MTN
(
3M
U.S.
T-Bill
MMY
+
1.352%
)
2,592,000
3.093
10/01/25
(b)
2,568,177
(
3M
U.S.
T-Bill
MMY
+
1.132%
)
2,403,000
2.456
10/22/25
(b)
2,371,869
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Banks
–
(continued)
Bank
of
America
NA
(
SOFR
+
1.020%
)
$
1,695,000
6.383
%
08/18/26
(b)
$
1,713,822
Charles
Schwab
Corp.
(The)
(
SOFRINDX
+
0.520%
)
1,259,000
5.882
05/13/26
(b)
1,258,182
Citibank
NA
(
SOFR
+
0.805%
)
1,229,000
6.161
09/29/25
(b)
1,234,603
(
SOFRINDX
+
0.590%
)
1,610,000
5.949
04/30/26
(b)
1,611,667
(
SOFRINDX
+
1.060%
)
2,366,000
6.410
12/04/26
(b)
2,392,309
Citigroup,
Inc.
(
SOFR
+
0.528%
)
1,000,000
1.281
11/03/25
(b)
980,870
(
SOFR
+
1.528%
)
1,419,000
6.882
03/17/26
(b)
1,429,550
HSBC
USA,
Inc.
(
SOFR
+
0.960%
)
3,602,000
6.310
03/04/27
(b)
3,627,506
JPMorgan
Chase
&
Co.
(
3M
U.S.
T-Bill
MMY
+
0.540%
)
1,043,000
0.824
06/01/25
(b)
1,043,000
(
SOFR
+
0.605%
)
2,886,000
1.561
12/10/25
(b)
2,823,367
JPMorgan
Chase
Bank
NA
(
SOFR
+
1.000%
)
2,161,000
6.352
12/08/26
(b)
2,189,166
Morgan
Stanley
(
SOFR
+
0.745%
)
2,089,000
0.864
10/21/25
(b)
2,048,895
Morgan
Stanley
,
MTN
(
SOFR
+
1.152%
)
1,000,000
2.720
07/22/25
(b)
995,541
(
SOFR
+
0.560%
)
3,248,000
1.164
10/21/25
(b)
3,189,379
Morgan
Stanley
Bank
NA
(
SOFR
+
1.165%
)
1,529,000
6.524
10/30/26
(b)
1,550,858
PNC
Bank
NA
1,504,000
3.250
06/01/25
1,470,386
State
Street
Corp.
(
SOFR
+
0.940%
)
1,278,000
2.354
11/01/25
(b)
1,259,809
(
SOFRINDX
+
0.845%
)
1,383,000
6.205
08/03/26
(b)
1,388,553
Wells
Fargo
&
Co.
,
MTN
(
3M
U.S.
T-Bill
MMY
+
1.087%
)
1,220,000
2.406
10/30/25
(b)
1,203,188
(
3M
U.S.
T-Bill
MMY
+
1.012%
)
1,822,000
2.164
02/11/26
(b)
1,777,400
Wells
Fargo
Bank
NA
,
Series
BNKT
(
SOFR
+
1.060%
)
2,339,000
6.421
08/07/26
(b)
2,362,370
46,679,278
GOLDMAN
SACHS
ACCESS
ULTRA
SHORT
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Brokerage
–
0.5%
Jefferies
Financial
Group,
Inc.
,
MTN
$
3,000,000
6.050
%
03/12/25
$
3,000,407
Consumer
Cyclical
–
1.2%
American
Honda
Finance
Corp.
,
GMTN
(
SOFRINDX
+
0.790%
)
1,450,000
6.145
10/03/25
(b)
1,454,130
1,055,000
4.950
01/09/26
1,049,940
American
Honda
Finance
Corp.
,
MTN
(
SOFR
+
0.600%
)
2,307,000
5.963
08/14/25
(b)
2,312,095
General
Motors
Co.
1,164,000
6.125
10/01/25
1,169,793
General
Motors
Financial
Co.,
Inc.
1,278,000
4.300
07/13/25
1,259,317
7,245,275
Distributors
–
1.6%
Hyundai
Capital
America
1,264,000
5.800
06/26/25
(a)
1,264,405
3,275,000
6.250
11/03/25
(a)
3,297,086
(
SOFR
+
1.500%
)
4,524,000
6.855
01/08/27
(a)(b)
4,583,671
9,145,162
Electric
–
1.1%
Avangrid,
Inc.
3,066,000
3.150
12/01/24
3,024,430
National
Rural
Utilities
Cooperative
Finance
Corp.
,
GMTN
(
SOFR
+
0.800%
)
3,304,000
6.160
02/05/27
(b)
3,318,575
6,343,005
Financial
Company
–
0.5%
Air
Lease
Corp.
,
MTN
2,724,000
2.300
02/01/25
2,658,541
Food
and
Beverage
–
0.4%
Keurig
Dr
Pepper,
Inc.
(SOFRINDX
+
0.880%)
2,500,000
6.236
03/15/27
(b)
2,511,840
Insurance
–
3.2%
Equitable
Financial
Life
Global
Funding
1,757,000
5.500
12/02/25
(a)
1,751,253
6,162,000
1.000
01/09/26
(a)
5,727,716
Guardian
Life
Global
Funding
1,883,000
0.875
12/10/25
(a)
1,758,448
Pacific
Life
Global
Funding
II
(
SOFRINDX
+
1.050%
)
3,915,000
6.409
07/28/26
(a)(b)
3,950,294
Principal
Life
Global
Funding
II
(
SOFR
+
0.900%
)
2,340,000
6.266
08/28/25
(a)(b)
2,350,680
Protective
Life
Global
Funding
1,005,000
1.170
07/15/25
(a)
957,715
(
SOFR
+
0.700%
)
2,666,000
6.055
04/10/26
(a)(b)
2,670,354
19,166,460
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Metals
and
Mining
–
0.5%
Newmont
Corp.
/
Newcrest
Finance
Pty
Ltd.
$
3,100,000
5.300
%
03/15/26
(a)
$
3,093,604
TOTAL
CORPORATE
OBLIGATIONS
(Cost
$99,326,823)
99,843,572
a
U.S.
Treasury
Notes
–
4.6%
U.S.
Treasury
Notes
592,700
4.982
(e)
07/31/25
590,177
2,391,000
5.097
(e)
08/31/25
2,387,419
7,262,500
5.057
(e)
10/31/25
7,256,540
5,317,200
4.721
(e)
01/31/26
5,256,440
United
States
Treasury
Floating
Rate
Note
(
3
Mo.
U.S.
T-Bill
MMY
+
0.140%
)
7,818,800
5.476
(e)
10/31/24
(b)
7,821,800
(
3
Mo.
U.S.
T-Bill
MMY
+
0.169%
)
1,215,400
5.495
(e)
04/30/25
(b)
1,216,446
(
3
Mo.
U.S.
T-Bill
MMY
+
0.125%
)
2,972,900
5.456
(e)
07/31/25
(b)
2,974,504
TOTAL
U.S.
TREASURY
NOTES
(Cost
$27,514,460)
27,503,326
a
Certificate
of
Deposits
–
3.4%
Bank
of
America,
National
Association
1,997,000
5.170
02/07/25
1,991,568
Bank
of
Montreal
1,211,000
5.930
09/03/24
1,212,473
Credit
Agricole
Corporate
and
Investment
Bank
(
SOFR
+
0.590%
)
2,987,000
5.920
08/28/25
(b)
2,993,943
Kookmin
Bank
(
SOFR
+
0.650%
)
3,412,000
5.980
01/29/25
(b)
3,417,136
Lloyds
Bank
Corporate
Markets
PLC
3,237,000
6.050
10/07/24
3,241,532
Lloyds
Bank
Corporate
Markets
PLC
(New
York)
1,718,000
5.510
05/22/25
1,717,948
National
Bank
of
Kuwait
2,774,000
5.730
08/20/24
2,774,472
Standard
Chartered
Bank
2,388,000
–
09/05/24
(d)
2,390,077
Sumitomo
Mitsui
Banking
Corp.
(
SOFR
+
0.700%
)
460,000
6.030
08/14/24
(b)
460,534
TOTAL
CERTIFICATE
OF
DEPOSITS
(Cost
$20,184,061)
20,199,683
a
U.S.
Government
Agency
Obligations
–
0.0%
(f)
Federal
Farm
Credit
Bank
(
SOFR
+
0.115%
)
58,000
5.445
12/03/24
(b)
58,029
(
SOFR
+
0.200%
)
25,000
5.530
12/05/24
(b)
25,024
GOLDMAN
SACHS
ACCESS
ULTRA
SHORT
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
**End
swaps
header**
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
U.S.
Government
Agency
Obligations
–
(continued)
Federal
Farm
Credit
Banks
Funding
Corp.
(
Prime
Rate
-
3.010%
)
$
29,000
5.490
%
08/07/25
(b)
$
29,046
TOTAL
U.S.
GOVERNMENT
AGENCY
OBLIGATIONS
(Cost
$112,009)
112,099
Aaa
a
Short-Term
Investment
–
5.2%
Commercial
Paper
–
4.7%
ASB
Bank
Limited
$
1,591,000
5.680
%
1,590,907
Banco
Santander
SA
1,500,000
5.750
1,500,301
Bank
of
Nova
Scotia
(The)
(SOFR
+
0.780%)
1,806,000
–
(b)(c)(d)
1,807,066
Deutsche
Bank
AG
2,882,000
5.790
2,883,873
Enel
Finance
America
LLC
1,531,000
5.807
1,490,352
First
Abu
Dhabi
Bank
USA
N.V.
1,205,000
5.593
1,166,464
General
Motors
Co.
1,215,000
5.777
1,187,079
HSBC
USA
Inc.
1,696,000
6.412
1,655,415
JP
Morgan
Securities
LLC
1,696,000
5.930
1,696,640
Macquarie
Bank
Ltd.
1,569,000
5.930
1,571,729
National
Bank
of
Canada,
GMTN
(SOFRINDX
+
0.900%)
5,000,000
6.245
(b)
5,008,814
Societe
Generale
4,038,000
5.610
3,923,078
Wells
Fargo
Bank
NA
(SOFR
+
1.070%)
2,122,000
6.415
(b)
2,149,414
27,631,132
U.S.
Treasury
Bills
–
0.5%
U.S.
Treasury
Bills
$
3,137,600
5.221
%
2,988,796
TOTAL
SHORT-TERM
INVESTMENT
(Cost
$30,575,326)
30,619,928
Shares
Dividend
Rate
Value
aa
a
Investment
Company
–
0.2%
(g)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
1,296,855
5.227%
$
1,296,855
(Cost
$1,296,855)
TOTAL
INVESTMENTS
–
100.0%
(Cost
$593,524,556)
$
592,817,387
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.0%
69,912
NET
ASSETS
–
100.0%
$
592,887,299
  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
or
floating
rate
security.
Except
for
floating
rate
notes
(for
which
final
maturity
is
disclosed),
maturity
date
disclosed
is
the
next
interest
reset
date.
Interest
rate
disclosed
is
that
which
is
in
effect
on
May
31,
2024.
(c)
When-issued
security.
(d)
Zero
coupon
bond
until
next
reset
date.
(e)
Interest
rates
represent
either
the
stated
coupon
rate,
annualized
yield
on
date
of
purchase
for
discounted
securities,
or,
for
floating
rate
securities,
the
current
reset
rate,
which
is
based
upon
current
interest
rate
indices.
(f)
Less
than
0.05%
(g)
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
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
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
U.S.
Treasury
Notes
–
30.7%
U.S.
Treasury
Notes
$
9,910,000
5.000
%
(a)
09/30/25
$
9,900,123
48,246,000
0.250
(a)
10/31/25
45,129,926
30,649,000
1.625
(a)
05/15/26
28,803,865
20,697,000
1.625
(a)
09/30/26
19,276,237
17,774,000
1.500
(a)
01/31/27
16,356,947
3,429,000
2.875
(a)
04/30/29
3,183,506
3,763,000
2.750
(a)
05/31/29
3,469,492
1,966,000
1.125
(a)
02/15/31
1,589,639
TOTAL
U.S.
TREASURY
NOTES
(Cost
$128,907,356)
127,709,735
a
Mortgage-Backed
Securities
–
26.6%
a
Federal
Home
Loan
Mortgage
Corporation
1,538,687
2.000
04/01/36
1,355,097
2,155,720
2.000
09/01/36
1,893,986
259,373
4.500
07/01/48
245,559
220,930
2.500
11/01/50
182,322
9,074,152
2.000
03/01/51
7,067,213
2,728,477
2.000
05/01/51
2,116,294
2,570,451
2.500
05/01/51
2,094,125
10,728,999
2.500
08/01/51
8,846,349
2,555,611
3.000
05/01/52
2,155,357
959,521
3.500
05/01/52
841,978
189,699
4.500
05/01/52
177,975
3,544,910
3.000
08/01/52
3,028,690
1,273,372
4.000
08/01/52
1,158,340
Federal
National
Mortgage
Association
386,000
1.750
07/02/24
384,876
100,000
0.375
08/25/25
94,378
3,717,173
2.000
08/01/36
3,254,701
4,000,000
1.500
TBA-15yr
(b)
3,400,625
3,000,000
2.500
TBA-15yr
(b)
2,693,203
2,000,000
3.000
TBA-15yr
(b)
1,838,438
2,397,509
3.500
07/01/45
2,155,506
61,663
4.500
06/01/48
58,381
321,105
4.500
07/01/48
304,008
23,498
5.000
12/01/48
23,191
42,768
4.500
01/01/49
40,794
34,623
4.500
08/01/49
33,155
525,252
4.500
08/01/49
500,671
192,351
5.000
12/01/49
189,415
25,190
4.500
01/01/50
23,888
105,323
4.500
03/01/50
99,819
106,912
5.000
04/01/50
106,405
1,464,020
2.500
06/01/50
1,201,299
47,541
4.500
10/01/50
45,099
79,780
4.500
10/01/50
75,358
1,895,772
2.500
11/01/50
1,561,103
1,890,496
2.500
01/01/51
1,542,892
94,093
2.500
02/01/51
77,719
507,432
2.500
03/01/51
418,084
903,335
2.000
04/01/51
698,244
3,950,613
2.000
05/01/51
3,064,260
634,818
2.500
09/01/51
518,116
2,512,330
2.500
10/01/51
2,069,807
1,154,001
2.500
11/01/51
951,754
1,485,517
2.500
11/01/51
1,223,787
2,390,246
4.500
10/01/52
2,242,406
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Mortgage-Backed
Securities
–
(continued)
a
Federal
National
Mortgage
Association
–
(continued)
$
775,048
5.000
%
10/01/52
$
747,275
926,587
5.000
11/01/52
892,814
1,256,621
3.500
12/01/52
1,103,916
1,250,160
4.000
12/01/52
1,136,189
2,000,000
1.500
TBA-30yr
(b)
1,467,031
1,000,000
2.000
TBA-30yr
(b)
770,859
4,000,000
3.000
TBA-30yr
(b)
3,366,562
5,000,000
4.000
TBA-30yr
(b)
4,540,234
1,000,000
5.500
TBA-30yr
(b)
984,453
3,000,000
6.000
TBA-30yr
(b)
3,004,922
5,000,000
3.500
TBA-30yr
(b)
4,382,422
Government
National
Mortgage
Association
48,714
5.000
12/20/48
48,110
26,136
5.000
05/20/49
25,755
268,037
3.000
09/20/49
234,597
96,732
4.500
03/20/50
91,476
52,359
5.000
05/20/50
51,722
203,996
4.000
09/20/50
190,067
3,057,048
2.000
11/20/50
2,453,199
714,609
3.000
07/20/51
618,579
3,277,715
2.000
09/20/51
2,625,469
5,494,327
2.500
09/20/51
4,579,639
2,197,983
4.500
10/20/52
2,080,354
1,701,891
4.000
05/20/53
1,565,460
5,000,000
3.000
TBA-30yr
(b)
4,322,266
6,000,000
3.500
TBA-30yr
(b)
5,355,938
1,000,000
5.000
TBA-30yr
(b)
971,172
1,000,000
5.500
TBA-30yr
(b)
992,656
TOTAL
MORTGAGE-BACKED
SECURITIES
(Cost
$112,877,791)
110,657,803
a
Corporate
Obligations
–
21.4%
Aerospace
&
Defense
–
0.5%
Boeing
Co.
(The)
195,000
4.875
05/01/25
192,973
326,000
3.625
02/01/31
284,082
300,000
5.805
05/01/50
270,160
General
Dynamics
Corp.
215,000
3.625
04/01/30
200,499
Hexcel
Corp.
40,000
4.200
02/15/27
38,325
Lockheed
Martin
Corp.
335,000
5.250
01/15/33
339,477
200,000
5.700
11/15/54
206,127
RTX
Corp.
400,000
6.100
03/15/34
419,037
200,000
6.400
03/15/54
217,447
Textron,
Inc.
80,000
3.000
06/01/30
70,019
2,238,146
Banks
–
3.7%
American
Express
Co.
400,000
3.950
08/01/25
393,299
Bank
of
America
Corp.
(
SOFR
+
0.960%
)
102,000
1.734
07/22/27
(c)
93,849
GOLDMAN
SACHS
ACCESS
U.S.
AGGREGATE
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Banks
–
(continued)
(
3M
U.S.
T-Bill
MMY
+
1.302%
)
$
160,000
3.419
%
12/20/28
(c)
$
149,673
(
SOFR
+
1.630%
)
500,000
5.202
04/25/29
(c)
497,912
(
SOFR
+
2.150%
)
180,000
2.592
04/29/31
(c)
154,628
(
SOFR
+
1.650%
)
500,000
5.468
01/23/35
(c)
498,047
(
US
5
Year
CMT
T-Note
+
1.200%
)
84,000
2.482
09/21/36
(c)
67,302
(
3M
U.S.
T-Bill
MMY
+
2.076%
)
204,000
4.244
04/24/38
(c)
180,008
100,000
7.750
05/14/38
119,216
Bank
of
America
Corp.
,
MTN
80,000
3.875
08/01/25
78,659
75,000
3.248
10/21/27
70,510
(
SOFR
+
1.010%
)
42,000
1.197
10/24/26
(c)
39,544
(
3M
U.S.
T-Bill
MMY
+
1.322%
)
80,000
3.559
04/23/27
(c)
77,196
(
SOFR
+
2.040%
)
210,000
4.948
07/22/28
(c)
207,514
(
3M
U.S.
T-Bill
MMY
+
1.472%
)
300,000
3.974
02/07/30
(c)
282,233
(
3M
U.S.
T-Bill
MMY
+
1.252%
)
160,000
2.496
02/13/31
(c)
137,046
(
SOFR
+
1.530%
)
40,000
1.898
07/23/31
(c)
32,627
(
SOFR
+
1.930%
)
176,000
2.676
06/19/41
(c)
123,513
(
3M
U.S.
T-Bill
MMY
+
3.412%
)
154,000
4.083
03/20/51
(c)
123,062
(
SOFR
+
1.880%
)
60,000
2.831
10/24/51
(c)
37,695
Bank
of
America
Corp.
,
Series
L
67,000
4.183
11/25/27
64,603
73,000
4.750
04/21/45
65,333
Bank
of
America
Corp.
,
Series
N
(
SOFR
+
1.650%
)
42,000
3.483
03/13/52
(c)
30,276
Bank
of
New
York
Mellon
Corp.
(The)
,
MTN
300,000
2.800
05/04/26
286,971
250,000
3.400
01/29/28
236,060
180,000
1.800
07/28/31
144,121
Capital
One
Financial
Corp.
(
SOFR
+
1.290%
)
88,000
2.636
03/03/26
(c)
85,823
(
SOFR
+
2.600%
)
349,000
5.817
02/01/34
(c)
344,820
Citizens
Bank
NA
250,000
2.250
04/28/25
242,049
376,000
3.750
02/18/26
363,127
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Banks
–
(continued)
Citizens
Financial
Group,
Inc.
$
215,000
2.850
%
07/27/26
$
202,454
Fifth
Third
Bancorp
88,000
2.550
05/05/27
81,666
300,000
3.950
03/14/28
284,573
40,000
8.250
03/01/38
46,831
JPMorgan
Chase
&
Co.
(
3M
U.S.
T-Bill
MMY
+
1.585%
)
121,000
2.005
03/13/26
(c)
117,606
40,000
7.625
10/15/26
42,104
245,000
8.000
04/29/27
263,610
80,000
4.250
10/01/27
77,833
15,000
5.400
01/06/42
15,066
40,000
4.850
02/01/44
37,068
(
SOFR
+
0.800%
)
42,000
1.045
11/19/26
(c)
39,313
(
3M
U.S.
T-Bill
MMY
+
1.599%
)
400,000
3.782
02/01/28
(c)
382,521
(
3M
U.S.
T-Bill
MMY
+
1.642%
)
50,000
3.540
05/01/28
(c)
47,623
40,000
3.964
11/15/48
(c)
32,175
(
SOFR
+
1.990%
)
718,000
4.851
07/25/28
(c)
708,413
(
3M
U.S.
T-Bill
MMY
+
1.592%
)
40,000
4.452
12/05/29
(c)
38,734
(
3M
U.S.
T-Bill
MMY
+
1.510%
)
190,000
2.739
10/15/30
(c)
165,908
(
3M
U.S.
T-Bill
MMY
+
3.790%
)
342,000
4.493
03/24/31
(c)
329,125
(
3M
U.S.
T-Bill
MMY
+
1.105%
)
25,000
1.764
11/19/31
(c)
20,140
(
SOFR
+
1.180%
)
240,000
2.545
11/08/32
(c)
198,493
(
3M
U.S.
T-Bill
MMY
+
1.622%
)
152,000
3.882
07/24/38
(c)
129,863
(
SOFR
+
2.440%
)
660,000
3.109
04/22/51
(c)
448,116
Morgan
Stanley
(
SOFR
+
0.879%
)
50,000
1.593
05/04/27
(c)
46,435
(
SOFR
+
1.360%
)
96,000
2.484
09/16/36
(c)
75,525
Morgan
Stanley
,
GMTN
980,000
3.875
01/27/26
954,736
Morgan
Stanley
,
MTN
(
SOFR
+
1.870%
)
832,000
5.250
04/21/34
(c)
815,258
244,000
4.375
01/22/47
208,118
PNC
Financial
Services
Group,
Inc.
(The)
(
SOFR
+
1.730%
)
299,000
6.615
10/20/27
(c)
306,129
GOLDMAN
SACHS
ACCESS
U.S.
AGGREGATE
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Banks
–
(continued)
(
SOFR
+
2.284%
)
$
200,000
6.875
%
10/20/34
(c)
$
216,898
Synchrony
Financial
150,000
3.950
12/01/27
140,480
100,000
2.875
10/28/31
80,651
Truist
Financial
Corp.
,
MTN
(
SOFR
+
1.620%
)
400,000
5.435
01/24/30
(c)
397,794
(
SOFR
+
1.922%
)
200,000
5.711
01/24/35
(c)
199,445
U.S.
Bancorp
,
MTN
80,000
3.900
04/26/28
76,484
80,000
3.000
07/30/29
71,015
40,000
1.375
07/22/30
31,962
U.S.
Bancorp
,
Series
V
300,000
2.375
07/22/26
282,870
U.S.
Bancorp
,
Series
X
150,000
3.150
04/27/27
142,256
Wells
Fargo
&
Co.
286,000
3.000
04/22/26
273,271
400,000
3.000
10/23/26
378,300
128,000
5.606
01/15/44
125,030
60,000
3.900
05/01/45
47,861
(
SOFR
+
2.000%
)
207,000
2.188
04/30/26
(c)
200,710
Wells
Fargo
&
Co.
,
MTN
(
3M
U.S.
T-Bill
MMY
+
1.572%
)
50,000
3.584
05/22/28
(c)
47,506
25,000
4.150
01/24/29
23,947
290,000
4.750
12/07/46
249,343
(
3M
U.S.
T-Bill
MMY
+
1.262%
)
400,000
2.572
02/11/31
(c)
344,506
(
3M
U.S.
T-Bill
MMY
+
4.032%
)
340,000
4.478
04/04/31
(c)
323,468
Wells
Fargo
Bank
NA
300,000
6.600
01/15/38
325,912
15,321,861
Basic
Industry
–
0.3%
Celanese  U.S.
Holdings
LLC
126,000
6.700
11/15/33
132,674
CF
Industries,
Inc.
100,000
5.150
03/15/34
95,555
100,000
5.375
03/15/44
92,271
Dow
Chemical
Co.
(The)
60,000
3.600
11/15/50
42,333
Linde,
Inc.
61,000
1.100
08/10/30
48,782
LYB
International
Finance
III
LLC
40,000
2.250
10/01/30
33,802
323,000
3.625
04/01/51
225,576
Sherwin-Williams
Co.
(The)
200,000
3.450
06/01/27
190,634
Westlake
Corp.
425,000
3.125
08/15/51
268,839
1,130,466
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Brokerage
–
0.3%
Affiliated
Managers
Group,
Inc.
$
130,000
3.300
%
06/15/30
$
114,615
Cboe
Global
Markets,
Inc.
110,000
3.650
01/12/27
106,207
CME
Group,
Inc.
105,000
3.000
03/15/25
103,105
Intercontinental
Exchange,
Inc.
100,000
3.100
09/15/27
93,881
185,000
2.100
06/15/30
155,613
308,000
4.600
03/15/33
293,880
78,000
3.000
06/15/50
51,043
Jefferies
Financial
Group,
Inc.
40,000
4.850
01/15/27
39,368
40,000
4.150
01/23/30
36,769
84,000
6.250
01/15/36
84,999
20,000
6.500
01/20/43
20,501
1,099,981
Capital
Goods
–
0.6%
Carrier
Global
Corp.
100,000
3.577
04/05/50
73,213
Caterpillar
Financial
Services
Corp.
,
MTN
110,000
3.400
05/13/25
108,048
Caterpillar,
Inc.
50,000
3.803
08/15/42
41,014
114,000
3.250
04/09/50
81,418
CNH
Industrial
Capital
LLC
50,000
1.450
07/15/26
46,069
Cummins,
Inc.
53,000
2.600
09/01/50
31,908
Deere
&
Co.
25,000
3.900
06/09/42
20,867
40,000
2.875
09/07/49
26,898
25,000
3.750
04/15/50
19,851
Flowserve
Corp.
140,000
3.500
10/01/30
124,156
Honeywell
International,
Inc.
100,000
2.700
08/15/29
89,870
188,000
1.950
06/01/30
159,173
Illinois
Tool
Works,
Inc.
115,000
3.900
09/01/42
95,485
John
Deere
Capital
Corp.
,
MTN
126,000
4.800
01/09/26
125,390
300,000
4.750
01/20/28
298,384
35,000
2.800
07/18/29
31,648
80,000
2.450
01/09/30
70,340
Otis
Worldwide
Corp.
60,000
2.293
04/05/27
55,614
Republic
Services,
Inc.
150,000
2.375
03/15/33
119,441
Trane
Technologies
Financing
Ltd.
50,000
3.800
03/21/29
47,344
Waste
Management,
Inc.
50,000
0.750
11/15/25
46,840
100,000
3.150
11/15/27
94,279
50,000
2.500
11/15/50
29,689
Westinghouse
Air
Brake
Technologies
Corp.
75,000
3.450
11/15/26
71,496
117,000
4.700
09/15/28
114,384
GOLDMAN
SACHS
ACCESS
U.S.
AGGREGATE
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Capital
Goods
–
(continued)
WW
Grainger,
Inc.
$
60,000
4.600
%
06/15/45
$
53,700
100,000
3.750
05/15/46
77,663
Xylem,
Inc.
15,000
3.250
11/01/26
14,294
420,000
1.950
01/30/28
375,749
2,544,225
Communications
–
0.8%
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
18,000
4.908
07/23/25
17,810
82,000
3.750
02/15/28
76,040
82,000
4.200
03/15/28
77,103
90,000
5.050
03/30/29
86,263
40,000
2.800
04/01/31
32,596
72,000
6.384
10/23/35
70,293
66,000
5.375
04/01/38
57,103
85,000
6.484
10/23/45
78,394
60,000
5.750
04/01/48
50,427
40,000
5.125
07/01/49
30,713
40,000
6.834
10/23/55
37,863
85,000
3.850
04/01/61
50,065
60,000
4.400
12/01/61
39,083
Comcast
Corp.
420,000
3.950
10/15/25
412,301
360,000
4.550
01/15/29
352,719
442,000
4.250
01/15/33
410,904
126,000
2.887
11/01/51
78,164
110,000
5.350
05/15/53
104,943
300,000
2.937
11/01/56
179,991
Meta
Platforms,
Inc.
200,000
5.600
05/15/53
202,610
Time
Warner
Cable
Enterprises
LLC
94,000
8.375
07/15/33
104,126
Time
Warner
Cable
LLC
57,000
6.750
06/15/39
55,224
15,000
5.875
11/15/40
12,978
57,000
5.500
09/01/41
47,732
TWDC
Enterprises
18
Corp.
15,000
4.375
08/16/41
13,059
TWDC
Enterprises
18
Corp.
,
GMTN
15,000
4.125
06/01/44
12,530
TWDC
Enterprises
18
Corp.
,
MTN
250,000
2.950
06/15/27
236,347
Walt
Disney
Co.
(The)
100,000
3.700
10/15/25
98,018
226,000
2.200
01/13/28
206,402
80,000
2.000
09/01/29
68,907
80,000
3.800
03/22/30
75,130
90,000
3.500
05/13/40
71,590
15,000
4.750
09/15/44
13,627
50,000
3.600
01/13/51
37,262
3,498,317
Consumer
Cyclical
–
2.0%
Amazon.com,
Inc.
152,000
3.300
04/13/27
145,356
250,000
3.150
08/22/27
237,403
42,000
2.100
05/12/31
35,142
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Consumer
Cyclical
–
(continued)
Amazon.com,
Inc.
–
(continued)
$
80,000
4.050
%
08/22/47
$
66,888
15,000
2.500
06/03/50
9,151
200,000
3.950
04/13/52
161,203
75,000
4.250
08/22/57
62,623
50,000
2.700
06/03/60
29,433
American
Honda
Finance
Corp.
,
GMTN
160,000
5.125
07/07/28
160,206
Best
Buy
Co.,
Inc.
190,000
4.450
10/01/28
184,256
Booking
Holdings,
Inc.
84,000
4.625
04/13/30
82,032
Costco
Wholesale
Corp.
40,000
3.000
05/18/27
38,184
116,000
1.750
04/20/32
92,623
DR
Horton,
Inc.
90,000
2.600
10/15/25
86,452
100,000
1.400
10/15/27
88,432
eBay,
Inc.
84,000
6.300
11/22/32
88,952
Expedia
Group,
Inc.
250,000
3.250
02/15/30
223,503
Ford
Motor
Credit
Co.
LLC
290,000
6.798
11/07/28
299,891
250,000
7.122
11/07/33
266,193
General
Motors
Co.
110,000
5.600
10/15/32
109,270
108,000
5.950
04/01/49
103,983
General
Motors
Financial
Co.,
Inc.
500,000
6.050
10/10/25
502,151
Home
Depot,
Inc.
(The)
250,000
2.800
09/14/27
233,975
300,000
4.500
09/15/32
290,759
63,000
3.125
12/15/49
42,598
300,000
3.625
04/15/52
220,085
Las
Vegas
Sands
Corp.
125,000
3.900
08/08/29
113,599
Lennar
Corp.
152,000
4.750
11/29/27
150,288
Lowe's
Cos.,
Inc.
92,000
2.625
04/01/31
78,188
340,000
5.150
07/01/33
336,964
200,000
5.625
04/15/53
193,866
100,000
4.450
04/01/62
77,629
Marriott
International,
Inc.
,
Series
EE
84,000
5.750
05/01/25
84,038
Marriott
International,
Inc.
,
Series
FF
200,000
4.625
06/15/30
192,890
Mastercard,
Inc.
60,000
2.000
03/03/25
58,419
15,000
3.300
03/26/27
14,369
100,000
3.950
02/26/48
81,729
50,000
3.850
03/26/50
39,533
McDonald's
Corp.
,
MTN
160,000
3.500
03/01/27
153,398
84,000
3.500
07/01/27
80,224
45,000
4.700
12/09/35
42,411
60,000
4.450
09/01/48
50,551
170,000
5.150
09/09/52
158,052
GOLDMAN
SACHS
ACCESS
U.S.
AGGREGATE
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Consumer
Cyclical
–
(continued)
MDC
Holdings,
Inc.
$
121,000
2.500
%
01/15/31
$
106,783
40,000
6.000
01/15/43
40,000
NIKE,
Inc.
20,000
3.375
03/27/50
14,464
O'Reilly
Automotive,
Inc.
80,000
4.200
04/01/30
75,627
PulteGroup,
Inc.
88,000
6.375
05/15/33
92,117
Starbucks
Corp.
250,000
3.800
08/15/25
245,096
30,000
3.750
12/01/47
22,462
Tapestry,
Inc.
33,000
4.125
07/15/27
31,352
Target
Corp.
550,000
2.250
04/15/25
535,929
Toyota
Motor
Credit
Corp.
76,000
3.950
06/30/25
74,957
40,000
3.650
01/08/29
37,781
126,000
5.550
11/20/30
128,869
Toyota
Motor
Credit
Corp.
,
MTN
126,000
0.800
01/09/26
117,450
100,000
1.150
08/13/27
88,691
80,000
3.375
04/01/30
73,185
Visa,
Inc.
40,000
1.900
04/15/27
36,877
77,000
0.750
08/15/27
67,970
115,000
2.750
09/15/27
107,594
40,000
4.300
12/14/45
34,854
Walmart,
Inc.
100,000
7.550
02/15/30
114,412
384,000
1.800
09/22/31
314,288
200,000
2.650
09/22/51
125,482
Western
Union
Co.
(The)
50,000
1.350
03/15/26
46,347
8,299,479
Consumer
Noncyclical
–
1.5%
Abbott
Laboratories
60,000
3.875
09/15/25
59,010
150,000
4.750
11/30/36
144,751
100,000
6.000
04/01/39
107,358
40,000
4.750
04/15/43
37,514
AbbVie,
Inc.
194,000
2.950
11/21/26
184,254
100,000
4.625
10/01/42
90,803
200,000
4.400
11/06/42
176,750
84,000
4.700
05/14/45
76,283
150,000
4.250
11/21/49
125,041
Agilent
Technologies,
Inc.
100,000
2.750
09/15/29
88,670
Altria
Group,
Inc.
115,000
3.400
05/06/30
103,421
40,000
4.500
05/02/43
32,832
40,000
5.375
01/31/44
38,021
75,000
3.875
09/16/46
54,422
92,000
5.950
02/14/49
90,207
55,000
4.450
05/06/50
42,152
Bristol-Myers
Squibb
Co.
300,000
0.750
11/13/25
281,890
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Consumer
Noncyclical
–
(continued)
Bristol-Myers
Squibb
Co.
–
(continued)
$
126,000
3.200
%
06/15/26
$
121,451
50,000
3.250
02/27/27
48,012
152,000
3.550
03/15/42
119,129
500,000
5.500
02/22/44
495,953
Centene
Corp.
400,000
4.250
12/15/27
382,500
Elevance
Health,
Inc.
300,000
5.500
10/15/32
303,417
Eli
Lilly
&
Co.
15,000
3.100
05/15/27
14,290
102,000
3.375
03/15/29
95,706
400,000
4.700
02/09/34
389,279
44,000
3.950
03/15/49
35,744
Equifax,
Inc.
40,000
3.250
06/01/26
38,281
42,000
2.350
09/15/31
34,426
Gilead
Sciences,
Inc.
479,000
2.800
10/01/50
303,363
Johnson
&
Johnson
384,000
2.100
09/01/40
255,284
Kroger
Co.
(The)
25,000
3.875
10/15/46
18,719
Medtronic,
Inc.
50,000
4.375
03/15/35
46,919
Merck
&
Co.,
Inc.
450,000
4.050
05/17/28
439,382
200,000
5.000
05/17/53
188,209
Mylan,
Inc.
92,000
5.400
11/29/43
79,698
77,000
5.200
04/15/48
62,292
Philip
Morris
International,
Inc.
350,000
4.875
02/13/26
347,599
250,000
5.375
02/15/33
248,819
Thermo
Fisher
Scientific,
Inc.
300,000
5.086
08/10/33
297,632
Utah
Acquisition
Sub,
Inc.
75,000
5.250
06/15/46
61,765
Viatris,
Inc.
92,000
2.700
06/22/30
77,336
15,000
4.000
06/22/50
10,211
Walgreens
Boots
Alliance,
Inc.
112,000
3.450
06/01/26
106,642
40,000
4.800
11/18/44
33,440
15,000
4.650
06/01/46
12,280
6,401,157
Consumer
Products
–
0.2%
Clorox
Co.
(The)
115,000
4.600
05/01/32
110,941
Colgate-Palmolive
Co.
,
MTN
40,000
4.000
08/15/45
33,593
15,000
3.700
08/01/47
11,914
Haleon
US
Capital
LLC
250,000
4.000
03/24/52
199,182
Kimberly-Clark
Corp.
125,000
6.625
08/01/37
142,228
Procter
&
Gamble
Co.
(The)
40,000
0.550
10/29/25
37,549
40,000
1.000
04/23/26
37,174
GOLDMAN
SACHS
ACCESS
U.S.
AGGREGATE
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Consumer
Products
–
(continued)
Procter
&
Gamble
Co.
(The)
–
(continued)
$
126,000
2.450
%
11/03/26
$
118,909
15,000
2.850
08/11/27
14,137
705,627
Electric
–
2.5%
AEP
Transmission
Co.
LLC
200,000
5.400
03/15/53
193,016
Alabama
Power
Co.
,
Series
20-A
15,000
1.450
09/15/30
12,108
Alabama
Power
Co.
,
Series
A
100,000
4.300
07/15/48
82,894
Ameren
Illinois
Co.
126,000
4.950
06/01/33
123,099
122,000
5.900
12/01/52
126,853
American
Electric
Power
Co.,
Inc.
226,000
5.625
03/01/33
224,585
Atmos
Energy
Corp.
80,000
2.850
02/15/52
49,991
80,000
5.750
10/15/52
82,042
Berkshire
Hathaway
Energy
Co.
110,000
4.050
04/15/25
108,674
260,000
4.600
05/01/53
216,327
Black
Hills
Corp.
20,000
2.500
06/15/30
16,624
CenterPoint
Energy
Resources
Corp.
400,000
5.250
03/01/28
399,854
Cleco
Corporate
Holdings
LLC
80,000
3.375
09/15/29
69,350
Cleco
Power
LLC
15,000
6.000
12/01/40
14,944
Commonwealth
Edison
Co.
300,000
3.650
06/15/46
225,011
Commonwealth
Edison
Co.
,
Series
123
40,000
3.750
08/15/47
30,078
Consolidated
Edison
Co.
of
New
York,
Inc.
170,000
3.850
06/15/46
131,127
40,000
4.625
12/01/54
33,980
80,000
4.500
05/15/58
65,475
Consolidated
Edison
Co.
of
New
York,
Inc.
,
Series
08-B
10,000
6.750
04/01/38
11,037
Consolidated
Edison
Co.
of
New
York,
Inc.
,
Series
12-A
40,000
4.200
03/15/42
33,405
Consolidated
Edison
Co.
of
New
York,
Inc.
,
Series
A
15,000
4.125
05/15/49
11,883
Constellation
Energy
Generation
LLC
150,000
6.125
01/15/34
156,546
Consumers
Energy
Co.
250,000
4.625
05/15/33
239,209
Dominion
Energy,
Inc.
80,000
4.250
06/01/28
77,098
Dominion
Energy,
Inc.
,
Series
C
300,000
3.375
04/01/30
269,380
DTE
Electric
Co.
150,000
3.950
06/15/42
119,610
15,000
3.700
03/15/45
11,608
DTE
Electric
Co.
,
Series
A
40,000
4.000
04/01/43
32,780
Duke
Energy
Carolinas
LLC
118,000
3.700
12/01/47
87,702
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Electric
–
(continued)
Duke
Energy
Carolinas
LLC
–
(continued)
$
50,000
3.950
%
03/15/48
$
38,658
Duke
Energy
Corp.
102,000
2.550
06/15/31
85,328
268,000
3.750
09/01/46
198,045
Duke
Energy
Florida
LLC
25,000
3.400
10/01/46
17,876
Duke
Energy
Indiana
LLC
50,000
6.350
08/15/38
53,121
40,000
6.450
04/01/39
42,974
130,000
2.750
04/01/50
78,576
Duke
Energy
Progress
LLC
100,000
3.450
03/15/29
93,092
200,000
6.300
04/01/38
212,307
15,000
4.100
05/15/42
12,298
Edison
International
214,000
5.750
06/15/27
215,653
184,000
4.125
03/15/28
175,300
Entergy
Corp.
50,000
2.800
06/15/30
43,448
Entergy
Louisiana
LLC
194,000
4.200
04/01/50
154,041
Exelon
Corp.
240,000
5.300
03/15/33
237,734
100,000
4.450
04/15/46
83,406
Georgia
Power
Co.
,
Series
B
168,000
2.650
09/15/29
148,986
15,000
3.700
01/30/50
11,144
Interstate
Power
and
Light
Co.
200,000
2.300
06/01/30
169,054
40,000
3.500
09/30/49
27,896
National
Rural
Utilities
Cooperative
Finance
Corp.
40,000
2.400
03/15/30
34,335
100,000
2.750
04/15/32
83,431
300,000
4.023
11/01/32
273,561
NextEra
Energy
Capital
Holdings,
Inc.
400,000
4.900
02/28/28
396,221
300,000
5.250
03/15/34
293,392
160,000
5.250
02/28/53
149,212
NiSource,
Inc.
184,000
5.250
03/30/28
183,599
Northern
States
Power
Co.
172,000
4.500
06/01/52
145,580
NSTAR
Electric
Co.
15,000
3.200
05/15/27
14,202
100,000
3.950
04/01/30
93,390
Oncor
Electric
Delivery
Co.
LLC
250,000
3.100
09/15/49
167,213
Pacific
Gas
and
Electric
Co.
100,000
3.450
07/01/25
97,576
200,000
2.100
08/01/27
180,194
210,000
4.300
03/15/45
161,962
150,000
4.000
12/01/46
109,766
50,000
5.250
03/01/52
43,284
PacifiCorp
214,000
5.500
05/15/54
195,944
PECO
Energy
Co.
100,000
4.800
10/15/43
90,145
GOLDMAN
SACHS
ACCESS
U.S.
AGGREGATE
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Electric
–
(continued)
Public
Service
Electric
and
Gas
Co.
,
MTN
$
42,000
1.900
%
08/15/31
$
33,850
248,000
3.800
03/01/46
198,956
80,000
3.000
03/01/51
52,591
Public
Service
Enterprise
Group,
Inc.
40,000
2.450
11/15/31
32,793
Puget
Sound
Energy,
Inc.
173,000
4.223
06/15/48
137,827
Sempra
110,000
3.800
02/01/38
90,034
100,000
4.000
02/01/48
76,192
Southern
California
Edison
Co.
40,000
2.850
08/01/29
35,655
200,000
5.700
03/01/53
195,380
Southern
Co.
(The)
110,000
5.113
08/01/27
109,343
202,000
4.400
07/01/46
170,217
Southern
Co.
(The)
,
Series
21-A
(
US
5
Year
CMT
T-Note
+
2.915%
)
100,000
3.750
09/15/51
(c)
93,528
Southern
Co.
Gas
Capital
Corp.
15,000
3.950
10/01/46
11,327
100,000
4.400
05/30/47
81,582
Tucson
Electric
Power
Co.
126,000
4.850
12/01/48
109,583
Virginia
Electric
and
Power
Co.
,
Series
A
100,000
3.500
03/15/27
95,690
Virginia
Electric
and
Power
Co.
,
Series
B
100,000
6.000
01/15/36
103,129
Virginia
Electric
and
Power
Co.
,
Series
C
150,000
4.000
11/15/46
117,867
Xcel
Energy,
Inc.
400,000
1.750
03/15/27
362,763
10,176,541
Electrical
–
0.0%
Emerson
Electric
Co.
45,000
1.950
10/15/30
37,833
15,000
6.000
08/15/32
15,743
Fortive
Corp.
15,000
4.300
06/15/46
12,444
66,020
Energy
–
1.4%
Baker
Hughes
Holdings
LLC
/
Baker
Hughes
Co.-Obligor,
Inc.
69,000
4.080
12/15/47
54,798
Boardwalk
Pipelines
LP
100,000
4.800
05/03/29
97,597
BP
Capital
Markets
America,
Inc.
300,000
4.234
11/06/28
290,356
Cheniere
Corpus
Christi
Holdings
LLC
40,000
5.125
06/30/27
39,650
126,000
2.742
12/31/39
100,261
Chevron
Corp.
300,000
3.326
11/17/25
291,132
Chevron
USA,
Inc.
200,000
2.343
08/12/50
115,865
ConocoPhillips
Co.
192,000
3.758
03/15/42
152,767
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Energy
–
(continued)
Energy
Transfer
LP
$
140,000
3.750
%
05/15/30
$
127,898
300,000
6.550
12/01/33
316,807
75,000
6.125
12/15/45
73,717
192,000
5.300
04/15/47
169,085
55,000
6.250
04/15/49
54,682
Enterprise
Products
Operating
LLC
100,000
2.800
01/31/30
88,796
160,000
4.850
08/15/42
145,694
100,000
4.800
02/01/49
88,790
60,000
4.200
01/31/50
48,418
15,000
3.950
01/31/60
10,999
Enterprise
Products
Operating
LLC
,
Series
D
80,000
6.875
03/01/33
88,761
EOG
Resources,
Inc.
60,000
3.900
04/01/35
53,872
Exxon
Mobil
Corp.
75,000
2.709
03/06/25
73,486
200,000
2.275
08/16/26
188,506
200,000
4.227
03/19/40
176,226
Halliburton
Co.
50,000
5.000
11/15/45
45,633
Hess
Corp.
62,000
4.300
04/01/27
60,377
55,000
6.000
01/15/40
56,418
75,000
5.600
02/15/41
74,186
42,000
5.800
04/01/47
42,044
Kinder
Morgan
Energy
Partners
LP
126,000
7.300
08/15/33
140,130
Kinder
Morgan,
Inc.
40,000
4.300
06/01/25
39,483
56,000
2.000
02/15/31
45,631
84,000
5.200
03/01/48
74,439
MPLX
LP
200,000
1.750
03/01/26
187,514
110,000
2.650
08/15/30
93,759
125,000
4.700
04/15/48
103,234
85,000
5.500
02/15/49
78,558
NOV,
Inc.
15,000
3.950
12/01/42
11,289
Occidental
Petroleum
Corp.
50,000
5.550
03/15/26
49,729
234,000
–
10/10/36
(d)
124,101
ONEOK
Partners
LP
15,000
6.650
10/01/36
15,807
ONEOK,
Inc.
80,000
2.200
09/15/25
76,629
100,000
3.400
09/01/29
91,302
25,000
6.350
01/15/31
26,133
126,000
4.200
10/03/47
96,829
140,000
5.200
07/15/48
123,842
Phillips
66
Co.
76,000
3.550
10/01/26
72,953
Plains
All
American
Pipeline
LP
/
PAA
Finance
Corp.
50,000
4.650
10/15/25
49,344
40,000
4.500
12/15/26
39,101
92,000
3.550
12/15/29
83,780
35,000
6.700
05/15/36
36,144
40,000
6.650
01/15/37
42,033
GOLDMAN
SACHS
ACCESS
U.S.
AGGREGATE
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Energy
–
(continued)
Plains
All
American
Pipeline
LP
/
PAA
Finance
Corp.
–
(continued)
$
15,000
4.700
%
06/15/44
$
12,413
Sabine
Pass
Liquefaction
LLC
52,000
5.625
03/01/25
51,903
120,000
4.200
03/15/28
115,500
15,000
4.500
05/15/30
14,306
Spectra
Energy
Partners
LP
67,000
3.375
10/15/26
64,005
Targa
Resources
Corp.
126,000
6.150
03/01/29
129,459
Transcontinental
Gas
Pipe
Line
Co.
LLC
50,000
5.400
08/15/41
48,672
40,000
3.950
05/15/50
30,631
Valero
Energy
Corp.
84,000
3.400
09/15/26
80,488
15,000
4.900
03/15/45
13,437
60,000
3.650
12/01/51
41,582
Williams
Cos.,
Inc.
(The)
200,000
3.750
06/15/27
192,284
15,000
6.300
04/15/40
15,576
140,000
4.900
01/15/45
122,926
XTO
Energy,
Inc.
50,000
6.750
08/01/37
55,857
5,817,624
Financial
Company
–
0.3%
Air
Lease
Corp.
300,000
2.200
01/15/27
275,998
Ally
Financial,
Inc.
(
SOFR
+
3.260%
)
100,000
6.992
06/13/29
(c)
103,136
Blackstone
Private
Credit
Fund
150,000
3.250
03/15/27
138,275
GATX
Corp.
50,000
4.000
06/30/30
46,176
GE
Capital
Funding
LLC
300,000
4.550
05/15/32
286,335
GE
Capital
International
Funding
Co
Unlimited
Co.
200,000
4.418
11/15/35
184,030
1,033,950
Food
and
Beverage
–
0.4%
Coca-Cola
Co.
(The)
50,000
2.250
01/05/32
41,804
187,000
3.000
03/05/51
126,358
Conagra
Brands,
Inc.
100,000
1.375
11/01/27
87,625
Constellation
Brands,
Inc.
40,000
3.150
08/01/29
36,123
117,000
4.750
05/09/32
112,140
Hershey
Co.
(The)
40,000
3.375
08/15/46
29,495
42,000
3.125
11/15/49
28,903
J
M
Smucker
Co.
(The)
40,000
2.125
03/15/32
31,890
15,000
4.375
03/15/45
12,447
100,000
3.550
03/15/50
68,395
Kellanova
100,000
4.500
04/01/46
84,304
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Food
and
Beverage
–
(continued)
Keurig
Dr
Pepper,
Inc.
$
100,000
4.420
%
12/15/46
$
83,725
100,000
4.500
04/15/52
83,592
Kraft
Heinz
Foods
Co.
43,000
3.000
06/01/26
41,135
40,000
3.875
05/15/27
38,665
80,000
3.750
04/01/30
74,421
22,000
5.000
07/15/35
21,395
111,000
5.200
07/15/45
102,629
52,000
4.375
06/01/46
42,727
40,000
4.875
10/01/49
34,987
McCormick
&
Co.,
Inc.
60,000
2.500
04/15/30
51,550
Molson
Coors
Beverage
Co.
120,000
4.200
07/15/46
96,452
PepsiCo,
Inc.
126,000
3.500
07/17/25
123,488
146,000
2.750
03/19/30
129,853
44,000
4.600
07/17/45
38,519
84,000
4.650
02/15/53
75,647
Sysco
Corp.
80,000
2.400
02/15/30
68,814
1,767,083
Healthcare
–
1.0%
Aetna,
Inc.
40,000
4.750
03/15/44
34,087
Bio-Rad
Laboratories,
Inc.
100,000
3.700
03/15/32
88,379
Cigna
Group
(The)
400,000
4.375
10/15/28
387,047
200,000
4.900
12/15/48
176,231
CVS
Health
Corp.
200,000
3.250
08/15/29
180,818
250,000
3.750
04/01/30
228,548
76,000
1.750
08/21/30
61,473
280,000
4.780
03/25/38
250,221
256,000
5.050
03/25/48
221,483
85,000
4.250
04/01/50
64,780
Elevance
Health,
Inc.
92,000
2.550
03/15/31
78,204
15,000
4.650
08/15/44
13,172
40,000
4.850
08/15/54
33,290
Evernorth
Health,
Inc.
120,000
4.500
02/25/26
118,061
HCA,
Inc.
70,000
5.875
02/15/26
70,175
46,000
5.250
06/15/26
45,770
90,000
5.375
09/01/26
89,888
40,000
4.500
02/15/27
39,000
25,000
5.625
09/01/28
25,156
205,000
5.875
02/01/29
207,819
75,000
4.125
06/15/29
70,516
50,000
3.500
09/01/30
44,711
40,000
5.500
06/15/47
36,975
200,000
5.900
06/01/53
194,731
Humana,
Inc.
100,000
2.150
02/03/32
79,438
McKesson
Corp.
200,000
3.950
02/16/28
192,075
GOLDMAN
SACHS
ACCESS
U.S.
AGGREGATE
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Healthcare
–
(continued)
Quest
Diagnostics,
Inc.
$
100,000
2.800
%
06/30/31
$
85,723
UnitedHealth
Group,
Inc.
400,000
4.250
01/15/29
386,928
190,000
4.625
07/15/35
181,510
74,000
4.750
07/15/45
67,599
160,000
3.750
10/15/47
123,291
25,000
2.900
05/15/50
16,258
240,000
5.200
04/15/63
224,216
4,117,573
Insurance
–
0.9%
Allstate
Corp.
(The)
120,000
3.850
08/10/49
90,068
American
International
Group,
Inc.
100,000
4.750
04/01/48
88,672
American
International
Group,
Inc.
,
Series
A-9
(
3M
USD
LIBOR
+
2.868%
)
140,000
5.750
04/01/48
(c)
137,659
Aon
Global
Ltd.
100,000
4.600
06/14/44
84,710
Arch
Capital
Group
Ltd.
90,000
3.635
06/30/50
65,353
Arch
Capital
Group
US,
Inc.
40,000
5.144
11/01/43
36,614
Assurant,
Inc.
100,000
2.650
01/15/32
81,373
AXIS
Specialty
Finance
LLC
40,000
3.900
07/15/29
37,729
Berkshire
Hathaway
Finance
Corp.
200,000
4.200
08/15/48
168,842
92,000
4.250
01/15/49
78,533
Berkshire
Hathaway,
Inc.
118,000
3.125
03/15/26
114,191
Brighthouse
Financial,
Inc.
40,000
5.625
05/15/30
39,924
75,000
4.700
06/22/47
58,039
Chubb
INA
Holdings
LLC
150,000
3.350
05/03/26
144,869
42,000
1.375
09/15/30
34,053
116,000
3.050
12/15/61
73,433
CNO
Financial
Group,
Inc.
200,000
5.250
05/30/29
193,250
Fidelity
National
Financial,
Inc.
230,000
3.400
06/15/30
201,789
Hartford
Financial
Services
Group,
Inc.
(The)
30,000
3.600
08/19/49
21,765
Jackson
Financial,
Inc.
100,000
3.125
11/23/31
83,061
Marsh
&
McLennan
Cos.,
Inc.
100,000
2.375
12/15/31
82,579
100,000
4.350
01/30/47
83,583
MetLife,
Inc.
126,000
5.375
07/15/33
127,355
15,000
4.125
08/13/42
12,451
80,000
4.600
05/13/46
69,767
Old
Republic
International
Corp.
150,000
3.875
08/26/26
144,852
PartnerRe
Finance
B
LLC
92,000
3.700
07/02/29
85,471
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Insurance
–
(continued)
(
US
5
Year
CMT
T-Note
+
3.815%
)
$
207,000
4.500
%
10/01/50
(c)
$
186,792
Progressive
Corp.
(The)
100,000
4.125
04/15/47
82,444
Prudential
Financial,
Inc.
40,000
3.935
12/07/49
30,418
Prudential
Financial,
Inc.
,
MTN
15,000
6.625
06/21/40
16,582
50,000
4.600
05/15/44
43,751
62,000
4.418
03/27/48
51,345
15,000
4.350
02/25/50
12,250
60,000
3.700
03/13/51
43,806
Reinsurance
Group
of
America,
Inc.
430,000
3.900
05/15/29
400,616
Travelers
Cos.,
Inc.
(The)
92,000
3.750
05/15/46
71,637
Voya
Financial,
Inc.
(
3M
USD
LIBOR
+
2.084%
)
40,000
4.700
01/23/48
(c)
34,329
W
R
Berkley
Corp.
40,000
4.750
08/01/44
35,038
Willis
North
America,
Inc.
200,000
5.050
09/15/48
175,666
3,624,659
Media
Non
Cable
–
0.3%
FactSet
Research
Systems,
Inc.
50,000
2.900
03/01/27
46,682
Omnicom
Group,
Inc.
163,000
2.450
04/30/30
139,310
80,000
4.200
06/01/30
75,565
Paramount
Global
300,000
4.200
05/19/32
250,242
180,000
4.950
05/19/50
129,475
Warnermedia
Holdings,
Inc.
300,000
4.279
03/15/32
262,978
200,000
5.050
03/15/42
165,534
200,000
5.141
03/15/52
158,511
1,228,297
Metals
–
0.1%
Nucor
Corp.
152,000
3.950
05/23/25
149,753
150,000
3.950
05/01/28
143,619
Steel
Dynamics,
Inc.
80,000
3.450
04/15/30
72,500
145,000
3.250
01/15/31
127,962
493,834
Mining
–
0.0%
Freeport-McMoRan,
Inc.
200,000
4.125
03/01/28
191,000
Publishing
–
0.0%
S&P
Global,
Inc.
126,000
2.900
03/01/32
108,524
REITs
and
Real
Estate
–
0.8%
CBRE
Services,
Inc.
71,000
2.500
04/01/31
58,525
GOLDMAN
SACHS
ACCESS
U.S.
AGGREGATE
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
REITs
and
Real
Estate
–
(continued)
COPT
Defense
Properties
LP
$
430,000
2.750
%
04/15/31
$
353,742
Digital
Realty
Trust
LP
450,000
3.700
08/15/27
429,198
Equinix,
Inc.
82,000
3.900
04/15/32
73,993
95,000
3.000
07/15/50
59,943
GLP
Capital
LP
/
GLP
Financing
II,
Inc.
90,000
5.250
06/01/25
89,371
40,000
5.750
06/01/28
39,830
50,000
5.300
01/15/29
49,145
85,000
4.000
01/15/30
77,084
51,000
4.000
01/15/31
45,465
Invitation
Homes
Operating
Partnership
LP
300,000
2.000
08/15/31
235,679
Kimco
Realty
OP
LLC
268,000
3.200
04/01/32
228,461
Mid-America
Apartments
LP
100,000
2.875
09/15/51
61,675
Prologis
LP
80,000
4.000
09/15/28
76,760
84,000
2.250
04/15/30
71,601
40,000
1.250
10/15/30
31,771
62,000
2.125
10/15/50
33,369
Realty
Income
Corp.
200,000
5.625
10/13/32
202,087
Sabra
Health
Care
LP
85,000
5.125
08/15/26
83,492
100,000
3.200
12/01/31
82,310
Simon
Property
Group
LP
140,000
2.450
09/13/29
122,119
70,000
2.200
02/01/31
57,704
84,000
2.650
02/01/32
69,899
10,000
6.750
02/01/40
10,917
190,000
5.850
03/08/53
188,221
UDR,
Inc.
,
MTN
100,000
1.900
03/15/33
75,328
Welltower
OP
LLC
200,000
4.000
06/01/25
196,712
200,000
4.250
04/15/28
192,751
3,297,152
Revenue
–
0.1%
California
Institute
of
Technology
15,000
3.650
09/01/19
9,896
Hackensack
Meridian
Health,
Inc.
,
Series
2020
15,000
2.675
09/01/41
10,420
NYU
Langone
Hospitals
300,000
4.784
07/01/44
281,411
Stanford
Health
Care
100,000
3.027
08/15/51
67,904
University
of
Chicago
(The)
,
Series
20B
40,000
2.761
04/01/45
30,138
Yale
University
,
Series
2020
190,000
1.482
04/15/30
157,650
80,000
2.402
04/15/50
49,278
606,697
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Software
–
0.3%
Oracle
Corp.
$
701,000
2.300
%
03/25/28
$
630,355
210,000
4.900
02/06/33
202,848
300,000
3.600
04/01/40
231,324
326,000
4.000
07/15/46
249,907
Salesforce,
Inc.
20,000
2.900
07/15/51
12,842
1,327,276
Technology
–
1.8%
Adobe,
Inc.
40,000
2.300
02/01/30
34,782
Alphabet,
Inc.
150,000
2.250
08/15/60
83,292
Apple,
Inc.
50,000
3.200
05/13/25
49,068
84,000
4.421
05/08/26
83,511
114,000
2.450
08/04/26
108,103
15,000
3.350
02/09/27
14,424
15,000
3.200
05/11/27
14,338
60,000
2.900
09/12/27
56,572
40,000
1.650
02/08/31
32,861
45,000
4.500
02/23/36
43,861
80,000
3.850
05/04/43
66,760
80,000
4.450
05/06/44
73,284
100,000
3.450
02/09/45
78,176
126,000
4.650
02/23/46
116,835
50,000
4.250
02/09/47
44,057
50,000
3.750
11/13/47
39,982
300,000
2.650
02/08/51
189,606
44,000
2.550
08/20/60
26,360
Applied
Materials,
Inc.
125,000
3.900
10/01/25
122,845
82,000
3.300
04/01/27
78,630
Broadcom
Corp.
/
Broadcom
Cayman
Finance
Ltd.
152,000
3.875
01/15/27
146,753
Broadcom,
Inc.
300,000
4.110
09/15/28
287,786
90,000
3.469
04/15/34
(e)
76,181
60,000
3.187
11/15/36
(e)
46,858
160,000
3.500
02/15/41
(e)
122,458
Cisco
Systems,
Inc.
300,000
4.850
02/26/29
298,916
200,000
5.050
02/26/34
198,659
Corning,
Inc.
67,000
5.350
11/15/48
62,647
45,000
4.375
11/15/57
35,097
Dell
International
LLC
/
EMC
Corp.
108,000
6.020
06/15/26
109,191
137,000
4.900
10/01/26
135,662
150,000
5.250
02/01/28
150,705
66,000
5.750
02/01/33
67,664
Fiserv,
Inc.
460,000
3.200
07/01/26
440,559
175,000
4.400
07/01/49
142,880
Hewlett
Packard
Enterprise
Co.
100,000
6.350
10/15/45
106,148
Intel
Corp.
500,000
4.875
02/10/28
496,420
305,000
5.700
02/10/53
298,770
GOLDMAN
SACHS
ACCESS
U.S.
AGGREGATE
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Technology
–
(continued)
International
Business
Machines
Corp.
$
402,000
4.500
%
02/06/26
$
398,244
15,000
5.875
11/29/32
15,647
150,000
4.150
05/15/39
128,286
250,000
4.000
06/20/42
203,439
Jabil,
Inc.
80,000
3.600
01/15/30
71,586
KLA
Corp.
60,000
3.300
03/01/50
42,139
Kyndryl
Holdings,
Inc.
227,000
2.700
10/15/28
201,438
42,000
3.150
10/15/31
35,312
70,000
4.100
10/15/41
53,781
Lam
Research
Corp.
40,000
3.125
06/15/60
25,436
Leidos,
Inc.
100,000
4.375
05/15/30
93,625
Meta
Platforms,
Inc.
300,000
4.950
05/15/33
300,038
Microsoft
Corp.
65,000
3.300
02/06/27
62,616
15,000
3.500
02/12/35
13,474
143,000
4.200
11/03/35
136,293
104,000
4.250
02/06/47
94,349
300,000
2.525
06/01/50
188,578
84,000
4.000
02/12/55
70,108
20,000
2.675
06/01/60
12,139
Motorola
Solutions,
Inc.
158,000
2.750
05/24/31
133,263
NVIDIA
Corp.
76,000
3.500
04/01/50
58,137
QUALCOMM,
Inc.
76,000
4.300
05/20/47
65,251
Texas
Instruments,
Inc.
400,000
4.900
03/14/33
397,649
VeriSign,
Inc.
118,000
2.700
06/15/31
98,383
7,479,912
Transportation
–
0.5%
Burlington
Northern
Santa
Fe
LLC
302,000
5.200
04/15/54
287,103
CSX
Corp.
250,000
4.100
11/15/32
232,704
100,000
4.500
11/15/52
85,651
FedEx
Corp.
40,000
3.900
02/01/35
35,250
126,000
4.750
11/15/45
108,201
40,000
4.400
01/15/47
32,317
40,000
4.950
10/17/48
35,130
Norfolk
Southern
Corp.
200,000
5.350
08/01/54
190,855
Union
Pacific
Corp.
40,000
3.700
03/01/29
37,936
300,000
4.500
01/20/33
287,424
70,000
4.050
03/01/46
56,586
10,000
4.500
09/10/48
8,590
80,000
3.799
10/01/51
61,372
60,000
3.839
03/20/60
43,911
15,000
3.750
02/05/70
10,492
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
–
(continued)
Transportation
–
(continued)
Union
Pacific
Railroad
Co.
Pass-Through
Trust
,
Series
2015-1
$
172,747
2.695
%
05/12/27
$
160,751
United
Parcel
Service,
Inc.
400,000
4.875
03/03/33
392,975
2,067,248
Water
–
0.0%
Essential
Utilities,
Inc.
100,000
3.351
04/15/50
67,110
Wireless
–
1.1%
American
Tower
Corp.
84,000
3.375
10/15/26
80,186
160,000
3.600
01/15/28
150,402
40,000
3.950
03/15/29
37,531
42,000
3.700
10/15/49
30,415
20,000
3.100
06/15/50
12,822
AT&T,
Inc.
50,000
1.650
02/01/28
44,249
88,000
2.750
06/01/31
74,790
395,000
2.250
02/01/32
318,650
250,000
4.500
05/15/35
228,403
400,000
3.500
06/01/41
304,749
140,000
3.650
06/01/51
99,196
100,000
3.300
02/01/52
66,945
207,000
3.500
09/15/53
140,014
213,000
3.550
09/15/55
143,771
Crown
Castle,
Inc.
400,000
5.800
03/01/34
403,445
T-Mobile
USA,
Inc.
110,000
3.750
04/15/27
105,659
50,000
4.750
02/01/28
48,938
300,000
4.950
03/15/28
297,481
340,000
4.500
04/15/50
283,997
100,000
5.650
01/15/53
98,383
Verizon
Communications,
Inc.
500,000
0.850
11/20/25
468,452
145,000
3.000
03/22/27
137,018
152,000
2.355
03/15/32
123,673
290,000
3.400
03/22/41
222,606
474,000
3.550
03/22/51
340,401
111,000
2.987
10/30/56
67,995
40,000
3.700
03/22/61
28,216
4,358,387
TOTAL
CORPORATE
OBLIGATIONS
(Cost
$96,442,052)
89,068,146
a
U.S.
Treasury
Bonds
–
10.2%
U.S.
Treasury
Bonds
4,349,000
4.500
(a)
02/15/36
4,384,901
6,043,000
4.375
(a)
02/15/38
5,971,664
5,980,000
3.875
(a)
08/15/40
5,472,123
14,816,000
2.500
(a)
02/15/45
10,443,021
10,650,000
2.500
(a)
05/15/46
7,400,241
14,136,600
2.250
(a)
02/15/52
8,857,865
TOTAL
U.S.
TREASURY
BONDS
(Cost
$50,021,308)
42,529,815
GOLDMAN
SACHS
ACCESS
U.S.
AGGREGATE
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Foreign
Corporate
Debt
–
6.0%
Banks
–
3.0%
Banco
Bilbao
Vizcaya
Argentaria
SA
(
Spain
)
$
200,000
1.125
%
09/18/25
$
188,779
Banco
Santander
SA
(
Spain
)
200,000
1.849
03/25/26
187,330
200,000
3.800
02/23/28
187,401
Bank
of
Montreal
(
Canada
)
400,000
5.300
06/05/26
399,554
Bank
of
Nova
Scotia
(The)
(
Canada
)
268,000
5.250
06/12/28
268,339
Barclays
PLC
(
United
Kingdom
)
200,000
5.200
05/12/26
197,455
(
US
1
Year
CMT
T-Note
+
3.050%
)
300,000
7.325
11/02/26
(c)
305,488
(
US
1
Year
CMT
T-Note
+
3.000%
)
300,000
5.746
08/09/33
(c)
300,025
Canadian
Imperial
Bank
of
Commerce
(
Canada
)
300,000
5.926
10/02/26
303,923
Cooperatieve
Rabobank
UA
(
Netherlands
)
300,000
5.500
10/05/26
301,763
Deutsche
Bank
AG
(
Germany
)
(
SOFR
+
1.318%
)
393,000
2.552
01/07/28
(c)
362,106
Export-Import
Bank
of
China
(The)
(
China
)
284,000
3.625
07/31/24
(e)
283,016
Export-Import
Bank
of
Korea
(
South
Korea
)
340,000
2.625
05/26/26
323,958
270,000
1.250
09/21/30
215,515
280,000
2.500
06/29/41
194,564
HSBC
Holdings
PLC
(
United
Kingdom
)
(
SOFR
+
3.030%
)
407,000
7.336
11/03/26
(c)
417,071
370,000
4.950
03/31/30
361,723
(
SOFR
+
1.187%
)
290,000
2.804
05/24/32
(c)
243,197
(
SOFR
+
2.390%
)
400,000
6.254
03/09/34
(c)
415,420
(
SOFR
+
2.650%
)
200,000
6.332
03/09/44
(c)
211,069
ING
Groep
NV
(
Netherlands
)
354,000
4.550
10/02/28
343,808
Japan
Bank
for
International
Cooperation
(
Japan
)
400,000
0.625
07/15/25
380,431
Korea
Development
Bank
(The)
(
South
Korea
)
270,000
0.800
07/19/26
246,927
320,000
4.375
02/15/33
304,246
Kreditanstalt
fuer
Wiederaufbau
(
Germany
)
500,000
0.375
07/18/25
474,820
Landwirtschaftliche
Rentenbank
(
Germany
)
70,000
0.875
03/30/26
65,149
Lloyds
Banking
Group
PLC
(
United
Kingdom
)
(
US
1
Year
CMT
T-Note
+
1.480%
)
280,000
5.985
08/07/27
(c)
280,370
300,000
4.375
03/22/28
289,641
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Foreign
Corporate
Debt
–
(continued)
Banks
–
(continued)
Mitsubishi
UFJ
Financial
Group,
Inc.
(
Japan
)
(
US
1
Year
CMT
T-Note
+
1.950%
)
$
458,000
5.017
%
07/20/28
(c)
$
454,631
(
US
1
Year
CMT
T-Note
+
1.970%
)
400,000
5.406
04/19/34
(c)
402,460
Mizuho
Financial
Group,
Inc.
(
Japan
)
(
US
1
Year
CMT
T-Note
+
0.750%
)
200,000
1.554
07/09/27
(c)
183,758
400,000
3.170
09/11/27
374,776
NatWest
Group
PLC
(
United
Kingdom
)
(
US
5
Year
CMT
T-Note
+
2.350%
)
300,000
3.032
11/28/35
(c)
251,874
Royal
Bank
of
Canada
(
Canada
)
111,000
3.875
05/04/32
101,223
Royal
Bank
of
Canada
,
GMTN
(
Canada
)
126,000
5.200
07/20/26
125,707
172,000
2.300
11/03/31
141,158
Santander
UK
Group
Holdings
PLC
(
United
Kingdom
)
(
SOFR
+
1.475%
)
282,000
2.896
03/15/32
(c)
236,264
Sumitomo
Mitsui
Financial
Group,
Inc.
(
Japan
)
400,000
5.520
01/13/28
403,489
400,000
5.766
01/13/33
410,181
Svensk
Exportkredit
AB
,
GMTN
(
Sweden
)
200,000
0.375
07/30/24
198,425
200,000
0.625
05/14/25
191,343
UBS
AG
(
Switzerland
)
400,000
7.500
02/15/28
427,666
Westpac
Banking
Corp.
(
Australia
)
84,000
2.850
05/13/26
80,278
75,000
3.350
03/08/27
71,801
40,000
2.150
06/03/31
33,214
100,000
2.963
11/16/40
69,840
272,000
3.133
11/18/41
190,270
(
US
5
Year
CMT
T-Note
+
2.000%
)
10,000
4.110
07/24/34
(c)
9,234
(
US
5
Year
CMT
T-Note
+
1.530%
)
42,000
3.020
11/18/36
(c)
34,555
12,445,235
Brokerage
–
0.2%
Brookfield
Finance,
Inc.
(
Canada
)
300,000
4.350
04/15/30
283,728
15,000
3.500
03/30/51
10,317
Nomura
Holdings,
Inc.
(
Japan
)
300,000
5.709
01/09/26
300,162
594,207
GOLDMAN
SACHS
ACCESS
U.S.
AGGREGATE
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Foreign
Corporate
Debt
–
(continued)
Capital
Goods
–
0.0%
Johnson
Controls
International
PLC
(
United
States
)
$
100,000
4.500
%
02/15/47
$
83,568
Communications
–
0.0%
RELX
Capital,
Inc.
(
United
Kingdom
)
100,000
3.000
05/22/30
88,902
Consumer
Cyclical
–
0.0%
Honda
Motor
Co.
Ltd.
(
Japan
)
110,000
2.534
03/10/27
102,841
Consumer
Noncyclical
–
0.1%
Ahold
Finance
USA
LLC
(
Netherlands
)
128,000
6.875
05/01/29
136,910
GlaxoSmithKline
Capital,
Inc.
(
United
Kingdom
)
84,000
6.375
05/15/38
92,716
Novartis
Capital
Corp.
(
Switzerland
)
126,000
2.000
02/14/27
117,187
Takeda
Pharmaceutical
Co.
Ltd.
(
Japan
)
250,000
2.050
03/31/30
209,913
556,726
Electric
–
0.0%
Emera  U.S.
Finance
LP
(
Canada
)
50,000
4.750
06/15/46
40,392
Energy
–
0.3%
Canadian
Natural
Resources
Ltd.
(
Canada
)
85,000
6.250
03/15/38
87,477
Canadian
Natural
Resources
Ltd.
,
GMTN
(
Canada
)
100,000
4.950
06/01/47
87,111
Cenovus
Energy,
Inc.
(
Canada
)
100,000
2.650
01/15/32
82,351
19,000
5.250
06/15/37
17,838
Enbridge,
Inc.
(
Canada
)
110,000
3.125
11/15/29
98,998
84,000
6.200
11/15/30
87,797
15,000
5.500
12/01/46
14,238
100,000
3.400
08/01/51
67,382
(
3M
U.S.
T-Bill
MMY
+
3.903%
)
15,000
6.250
03/01/78
(c)
14,306
TotalEnergies
Capital
International
SA
(
France
)
185,000
3.455
02/19/29
173,530
200,000
2.829
01/10/30
178,626
100,000
3.127
05/29/50
67,890
TransCanada
PipeLines
Ltd.
(
Canada
)
250,000
4.250
05/15/28
240,304
Transcanada
Trust
,
Series
16-A
(
Canada
)
(
3M
USD
LIBOR
+
4.640%
)
160,000
5.875
08/15/76
(c)
156,800
1,374,648
Financial
Company
–
0.1%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
(
Ireland
)
455,000
3.300
01/30/32
389,016
Food
and
Beverage
–
0.2%
Anheuser-Busch
Cos.
LLC
/
Anheuser-Busch
InBev
Worldwide,
Inc.
(
Belgium
)
180,000
4.900
02/01/46
165,225
Anheuser-Busch
InBev
Finance,
Inc.
(
Belgium
)
55,000
4.700
02/01/36
51,945
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Foreign
Corporate
Debt
–
(continued)
Food
and
Beverage
–
(continued)
Anheuser-Busch
InBev
Finance,
Inc.
(Belgium)
–
(continued)
$
100,000
4.900
%
02/01/46
$
90,507
Anheuser-Busch
InBev
Worldwide,
Inc.
(
Belgium
)
300,000
3.500
06/01/30
277,345
46,000
4.375
04/15/38
41,549
8,000
4.600
04/15/48
7,023
108,000
5.550
01/23/49
108,001
90,000
4.750
04/15/58
79,282
820,877
Forest
Products
&
Paper
–
0.1%
Suzano
Austria
GmbH
(
Brazil
)
200,000
6.000
01/15/29
198,144
Insurance
–
0.1%
Fairfax
Financial
Holdings
Ltd.
(
Canada
)
400,000
3.375
03/03/31
346,406
Internet
–
0.1%
JD.com,
Inc.
(
China
)
200,000
3.875
04/29/26
194,279
Lodging
–
0.1%
Sands
China
Ltd.
(
Macau
)
299,000
3.250
08/08/31
252,281
Media
–
0.0%
Grupo
Televisa
SAB
(
Mexico
)
100,000
6.625
03/18/25
100,372
Mining
–
0.0%
Southern
Copper
Corp.
(
Mexico
)
55,000
3.875
04/23/25
53,923
85,000
5.875
04/23/45
83,868
Teck
Resources
Ltd.
(
Canada
)
40,000
6.250
07/15/41
39,872
177,663
Multi-National
–
1.0%
Asian
Development
Bank
,
GMTN
(
Supranational
)
380,000
0.625
10/08/24
373,794
360,000
1.000
04/14/26
334,854
400,000
2.625
01/12/27
378,997
400,000
2.750
01/19/28
374,067
European
Investment
Bank
(
Supranational
)
400,000
0.375
03/26/26
369,078
400,000
3.875
03/15/28
389,134
Inter-American
Development
Bank
,
GMTN
(
Supranational
)
300,000
1.750
03/14/25
291,985
400,000
2.000
06/02/26
377,661
International
Bank
for
Reconstruction
&
Development
,
Series
GDIF
(
Supranational
)
400,000
2.500
07/29/25
388,292
International
Finance
Corp.
,
GMTN
(
Supranational
)
370,000
3.625
09/15/25
362,944
320,000
0.750
10/08/26
290,909
3,931,715
Oil
Company-Integrated
–
0.3%
Petroleos
Mexicanos
(
Mexico
)
170,000
6.875
08/04/26
165,275
100,000
5.350
02/12/28
89,255
235,000
5.950
01/28/31
190,697
229,000
10.000
02/07/33
230,756
70,000
6.375
01/23/45
45,868
GOLDMAN
SACHS
ACCESS
U.S.
AGGREGATE
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Foreign
Corporate
Debt
–
(continued)
Oil
Company-Integrated
–
(continued)
Petroleos
Mexicanos
(Mexico)
–
(continued)
$
140,000
6.950
%
01/28/60
$
93,147
QatarEnergy
(
Qatar
)
284,000
3.300
07/12/51
(e)
194,992
Saudi
Arabian
Oil
Co.
(
Saudi
Arabia
)
300,000
2.250
11/24/30
(e)
250,116
1,260,106
Pharmaceuticals
–
0.1%
Astrazeneca
Finance
LLC
(
United
Kingdom
)
118,000
2.250
05/28/31
99,430
400,000
5.000
02/26/34
395,673
495,103
Technology
–
0.1%
NXP
BV
/
NXP
Funding
LLC
(
China
)
40,000
5.350
03/01/26
39,847
NXP
BV
/
NXP
Funding
LLC
/
NXP
USA,
Inc.
(
China
)
102,000
3.400
05/01/30
92,459
129,000
2.500
05/11/31
107,725
83,000
5.000
01/15/33
80,866
320,897
Telecommunications
–
0.1%
America
Movil
SAB
de
CV
(
Mexico
)
280,000
3.625
04/22/29
260,142
200,000
2.875
05/07/30
175,493
435,635
Transportation
–
0.0%
Canadian
Pacific
Railway
Co.
(
Canada
)
192,000
2.450
12/02/31
174,059
Wirelines
–
0.1%
Deutsche
Telekom
International
Finance
BV
(
Germany
)
15,000
8.750
06/15/30
17,489
Orange
SA
(
France
)
82,000
9.000
03/01/31
98,355
Telefonica
Emisiones
SA
(
Spain
)
260,000
4.895
03/06/48
223,389
Telefonica
Europe
BV
(
Spain
)
50,000
8.250
09/15/30
56,504
395,737
TOTAL
FOREIGN
CORPORATE
DEBT
(Cost
$25,571,708)
24,778,809
a
Sovereign
Debt
Obligations
–
2.6%
Sovereign
–
2.6%
Abu
Dhabi
Government
International
Bond
282,000
2.125
09/30/24
(e)
278,338
200,000
2.500
04/16/25
(e)
194,727
200,000
1.625
06/02/28
(e)
175,943
200,000
2.700
09/02/70
(e)
112,401
Chile
Government
International
Bond
350,000
2.750
01/31/27
327,123
200,000
2.450
01/31/31
169,457
200,000
3.860
06/21/47
154,775
200,000
3.500
01/25/50
142,975
China
Government
International
Bond
200,000
0.750
10/26/24
(e)
196,360
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Sovereign
Debt
Obligations
–
(continued)
Sovereign
–
(continued)
Colombia
Government
International
Bond
$
200,000
3.875
%
04/25/27
$
187,275
200,000
4.500
03/15/29
181,500
100,000
6.125
01/18/41
83,942
220,000
5.000
06/15/45
154,984
Finance
Department
Government
of
Sharjah
300,000
4.000
07/28/50
(e)
193,293
Hungary
Government
International
Bond
300,000
6.125
05/22/28
(e)
305,751
Indonesia
Government
International
Bond
200,000
3.850
10/15/30
184,581
200,000
4.650
09/20/32
192,167
280,000
4.850
01/11/33
273,143
200,000
3.700
10/30/49
150,994
200,000
5.650
01/11/53
201,760
Israel
Government
International
Bond
200,000
4.500
01/17/33
180,125
Malaysia
Sovereign
Sukuk
Bhd
300,000
3.043
04/22/25
(e)
293,740
Mexico
Government
International
Bond
338,000
4.150
03/28/27
326,655
250,000
3.250
04/16/30
219,895
282,000
4.750
04/27/32
262,953
250,000
3.500
02/12/34
204,836
200,000
4.350
01/15/47
151,689
262,000
3.771
05/24/61
163,644
Panama
Government
International
Bond
192,000
6.700
01/26/36
185,280
244,000
4.500
04/01/56
157,990
200,000
4.500
01/19/63
127,500
Perusahaan
Penerbit
SBSN
Indonesia
III
350,000
4.550
03/29/26
(e)
346,938
200,000
2.800
06/23/30
(e)
175,333
200,000
2.550
06/09/31
(e)
168,117
Peruvian
Government
International
Bond
119,000
2.783
01/23/31
100,555
150,000
1.862
12/01/32
112,113
100,000
8.750
11/21/33
120,362
85,000
3.300
03/11/41
62,048
Philippine
Government
International
Bond
200,000
3.750
01/14/29
187,892
338,000
2.457
05/05/30
291,077
220,000
5.609
04/13/33
225,286
229,000
6.375
10/23/34
248,811
200,000
2.650
12/10/45
128,592
Province
of
Alberta
Canada
50,000
3.300
03/15/28
47,381
Province
of
Ontario
Canada
30,000
1.050
05/21/27
26,900
30,000
1.600
02/25/31
24,633
Province
of
Quebec
Canada
90,000
0.600
07/23/25
85,350
25,000
2.750
04/12/27
23,609
Qatar
Government
International
Bond
280,000
3.400
04/16/25
(e)
274,608
270,000
3.750
04/16/30
(e)
254,365
200,000
4.817
03/14/49
(e)
182,470
Republic
of
Poland
Government
International
Bond
30,000
3.250
04/06/26
29,113
GOLDMAN
SACHS
ACCESS
U.S.
AGGREGATE
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Additional
Investment
Information 
**End
swaps
header**
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Sovereign
Debt
Obligations
–
(continued)
Sovereign
–
(continued)
Republic
of
Poland
Government
International
Bond
–
(continued)
$
100,000
5.750
%
11/16/32
$
103,303
Romanian
Government
International
Bond
16,000
3.000
02/14/31
(e)
13,273
108,000
5.125
06/15/48
(e)
90,845
Saudi
Government
International
Bond
300,000
2.900
10/22/25
(e)
289,773
300,000
4.750
01/18/28
(e)
296,462
326,000
4.875
07/18/33
(e)
316,878
300,000
5.000
01/18/53
(e)
262,976
Uruguay
Government
International
Bond
15,000
4.375
01/23/31
14,550
174,000
5.100
06/18/50
162,799
TOTAL
SOVEREIGN
DEBT
OBLIGATIONS
(Cost
$11,625,179)
10,802,208
a
U.S.
Government
Agency
Obligations
–
0.2%
Federal
Home
Loan
Banks
200,000
0.375
09/04/25
188,557
250,000
1.250
12/21/26
229,068
Federal
Home
Loan
Mortgage
Corp.
,
MTN
700,000
–
11/15/38
(d)
341,381
TOTAL
U.S.
GOVERNMENT
AGENCY
OBLIGATIONS
(Cost
$797,636)
759,006
a
U.S.
Treasury
Obligations
–
4.2%
a
U.S.
Treasury
Bonds
10,493,000
2.750
(a)
08/15/42
7,971,810
6,084,000
2.375
(a)
11/15/49
3,981,355
9,291,000
2.000
(a)
02/15/50
5,557,244
TOTAL
U.S.
TREASURY
OBLIGATIONS
(Cost
$21,200,192)
17,510,409
Shares
Dividend
Rate
Value
aa
a
Investment
Company
–
5.2%
(f)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
21,498,916
5.227%
$
21,498,916
(Cost
$21,498,916)
TOTAL
INVESTMENTS
–
107.1%
(Cost
$468,942,138)
$
445,314,847
LIABILITIES
IN
EXCESS
OF
OTHER
ASSETS
–
(7.1)%
(29,429,414)
NET
ASSETS
–
100.0%
$
415,885,433
  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
$38,090,781
which
represents
approximately
9.2%
of
the
Fund’s
net
assets
as
of
May
31,
2024.
(c)
Variable
rate
security.
Interest
rate
or
distribution
rate
disclosed
is
that
which
is
in
effect
on
May
31,
2024.
(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
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
REIT
—
Real
Estate
Investment
Trust
SOFR
—
Secured
Overnight
Financing
Rate
T-Bill
—
Treasury
Bill
FORWARD
SALES
CONTRACTS
—
At
May
31,
2024,
the
Fund
had
the
following
forward
sales
contracts:
Description
Interest
Rate
Maturity
Date
 (a)
Settlement
Date
Principal
Amount
Value
FNMA
2.000
%
TBA-15yr
06/01/39
$
(1,000,000)
$
(874,141)
FNMA
2.500
TBA-30yr
06/01/54
(11,000,000)
(8,880,781)
FNMA
4.500
TBA-30yr
06/01/54
(1,000,000)
(936,953)
FNMA
5.000
TBA-30yr
06/01/54
(2,000,000)
(1,926,250)
GOLDMAN
SACHS
ACCESS
U.S.
AGGREGATE
BOND
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Description
Interest
Rate
Maturity
Date
 (a)
Settlement
Date
Principal
Amount
Value
GNMA
2.500
%
TBA-30yr
06/20/54
$
(1,000,000)
$
(832,578)
Total
(Proceed
Receivable
$13,508,945)
$
(13,450,703)
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.
Additional
Investment
Information 
(
continued
)
**End
swaps
header**
(continued)
Goldman
Sachs
Access
Fixed
Income
ETFs
Schedule
of
Investments
May
31,
2024
(Unaudited)
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Investment
Valuation
—
The
Funds’
valuation
policy
is
to
value
investments
at
fair
value.
Investments
and
Fair
Value
Measurements
—
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)
May
31,
2024
(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
May
31,
2024:
Access
Emerging
Markets
USD
Bond
ETF
Investment
Type
Level
1
Level
2
Level
3
Assets
Fixed
Income
Corporate
Obligations
$
—
$
7,751,430
$
—
Sovereign
Debt
Obligations
—
49,993,817
—
Investment
Company
116,933
—
—
Total
$
116,933
$
57,745,247
$
—
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Access
Fixed
Income
ETFs
Schedule
of
Investments
(continued)
May
31,
2024
(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
$
—
$
140,637,030
$
—
Foreign
Corporate
Debt
—
8,500,478
—
Investment
Company
1,752,062
—
—
Total
$
1,752,062
$
149,137,508
$
—
€
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
$
120,819,385
$
—
$
—
Investment
Company
475,624
—
—
Total
$
121,295,009
$
—
$
—
€
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
$
—
$
7,710,145
$
—
Foreign
Corporate
Debt
—
1,431,982
—
Total
$
—
$
9,142,127
$
—
€
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
$
—
$
644,562,463
$
—
Foreign
Corporate
Debt
—
142,799,522
—
Investment
Company
4,800,912
—
—
Total
$
4,800,912
$
787,361,985
$
—
€
1.00
€
1.00
€
1.00
Access
Treasury
0-1
Year
ETF
Investment
Type
Level
1
Level
2
Level
3
Assets
Fixed
Income
$
102,684,353
$
—
$
—
U.S.
Treasury
Bills
4,606,635,939
—
—
U.S.
Treasury
Notes
567,777,780
—
—
Total
$
5,277,098,072
$
—
$
—
€
1.00
€
1.00
€
1.00
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Access
Fixed
Income
ETFs
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
For
further
information
regarding
security
characteristics,
see
the
Schedules
of
Investments.
The
Funds’
risks
include,
but
are
not
limited
to,
the
following:
Calculation
Methodology
Risk
—
The
Index
relies
on
various
sources
of
information
to
assess
the
criteria
of
issuers
included
in
the
Index,(or
a
Reference
Index
if
applicable)
including
fundamental
information
that
may
be
based
on
assumptions
and
estimates.
Neither
the
Fund,
the
Investment
Adviser
nor
the
Index
Provider
can
offer
assurances
that
the
Index’s
calculation
methodology
or
sources
of
information
will
provide
a
correct
valuation
of
securities,
nor
can
they
guarantee
the
availability
or
timeliness
of
the
production
of
the
Index.
Index
Risk
(each
Fund
except
Goldman
Sachs
Access
Ultra
Short
Bond
ETF)
—
FTSE
Fixed
Income
LLC
(the
“Index
Provider”)
constructs
each
Fund’s
Index
in
accordance
with
a
rules-based
methodology.
A
Fund
will
be
negatively
affected
by
general
declines
in
the
securities
and
asset
classes
represented
in
its
Index.
In
addition,
because
the
Funds
are
not
“actively”
managed,
unless
a
specific
security
is
removed
from
an
Index,
a
Fund
generally
would
not
sell
a
security
because
the
security’s
issuer
was
in
financial
trouble.
Market
disruptions
and
regulatory
restrictions
could
have
an
adverse
effect
on
a
Fund’s
ability
to
adjust
its
exposure
to
the
required
levels
in
order
to
track
the
Index.
A
Fund
also
does
not
attempt
to
take
defensive
positions
under
any
market
conditions,
including
declining
markets.
Therefore,
a
Fund’s
performance
could
be
lower
than
funds
that
may
actively
shift
their
portfolio
assets
Derivative
Type
Access
Ultra
Short
Bond
ETF
Investment
Type
Level
1
Level
2
Level
3
Assets
Fixed
Income
Asset-Backed
Securities
$
—
$
182,540,215
$
—
Certificate
of
Deposit
—
20,199,683
—
Corporate
Obligations
—
99,843,572
—
Foreign
Corporate
Debt
—
113,865,788
—
Mortgage-Backed
Securities
—
116,835,921
—
U.S.
Government
Agency
Obligations
—
112,099
—
U.S.
Treasury
Notes
27,503,326
—
—
Short-Term
Investment
2,988,796
27,631,132
—
Investment
Company
1,296,855
—
—
Total
$
31,788,977
$
561,028,410
$
—
€
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
$
—
$
89,068,146
$
—
Foreign
Corporate
Debt
—
24,778,809
—
Mortgage-Backed
Securities
—
110,657,803
—
Sovereign
Debt
Obligations
207,873
10,594,335
—
U.S.
Government
Agency
Obligations
—
759,006
—
U.S.
Treasury
Bonds
42,529,815
—
—
U.S.
Treasury
Notes
127,709,735
—
—
U.S.
Treasury
Obligations
17,510,409
—
—
Investment
Company
21,498,916
—
—
Total
$
209,456,748
$
235,858,099
$
—
Liabilities
Fixed
Income
Forward
Sales
Contracts
$
—
$
(13,450,703)
$
—
€
1.00
€
1.00
€
1.00
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Access
Fixed
Income
ETFs
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
to
take
advantage
of
market
opportunities
or
to
lessen
the
impact
of
a
market
decline
or
a
decline
in
the
value
of
one
or
more
issuers.
When
the
Index
is
rebalanced
and
a
Fund
in
turn
rebalances
its
portfolio
to
attempt
to
increase
the
correlation
between
the
Fund’s
portfolio
and
the
Index,
any
transaction
costs
and
market
exposure
arising
from
such
portfolio
rebalancing
may
be
borne
directly
by
the
Fund
and
its
shareholders.
The
FTSE
Goldman
Sachs
Emerging
Markets
USD
Bond
Index
is
new
and
has
limited
performance
history.
Errors
in
index
data,
index
computation
or
the
construction
of
an
Index
in
accordance
with
its
methodology
may
occur
from
time
to
time
and
may
not
be
identified
and
corrected
by
the
Index
Provider
for
a
period
of
time
or
at
all,
which
may
have
a
adverse
impact
on
the
applicable
Fund
and
its
shareholders.
In
addition,
neither
a
Fund,
the
Investment
Adviser
nor
the
Index
Provider
can
guarantee
the
availability
or
timeliness
of
the
production
of
the
Index.
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.
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.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Access
Fixed
Income
ETFs
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
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.
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)