Goldman Sachs Funds
Annual Report |
August 31, 2022 | |||
Access Fixed Income ETFs | ||||
Access Emerging Markets USD Bond ETF (GEMD) | ||||
Access High Yield Corporate Bond ETF (GHYB) | ||||
Access Inflation Protected USD Bond ETF (GTIP) | ||||
Access Investment Grade Corporate 1-5 Year Bond ETF (GSIG) | ||||
Access Investment Grade Corporate Bond ETF (GIGB) | ||||
Access Treasury 0-1 Year ETF (GBIL) | ||||
Access U.S. Aggregate Bond ETF (GCOR) | ||||
Access Ultra Short Bond ETF (GSST) |
Goldman Sachs Access Fixed Income ETFs
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ACCESS EMERGING MARKETS USD BOND ETF |
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ACCESS HIGH YIELD CORPORATE BOND ETF |
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ACCESS INFLATION PROTECTED USD BOND ETF |
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ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND ETF |
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ACCESS INVESTMENT GRADE CORPORATE BOND ETF |
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ACCESS TREASURY 0-1 YEAR ETF |
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ACCESS U.S. AGGREGATE BOND ETF |
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ACCESS ULTRA SHORT BOND ETF |
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NOT FDIC-INSURED | May Lose Value | No Bank Guarantee |
Goldman Sachs Access Fixed Income ETFs
Principal Investment Strategies
GOLDMAN SACHS ACCESS EMERGING MARKETS USD BOND ETF
The Goldman Sachs Access Emerging Markets USD Bond ETF (the “Fund”) seeks to achieve its investment objective by investing at least 80% of its assets (exclusive of collateral held from securities lending) in securities included in its underlying index.
The FTSE Goldman Sachs Emerging Markets USD Bond Index (the “Index”) is a rules-based index that is designed to measure the performance of investment grade and high yield bonds issued by emerging market governments or quasi-government entities denominated in U.S. dollars (“USD”) that meet certain liquidity, governance and fundamental screening criteria. As of August 31, 2022, there were 510 constituents in the Index and the Index had a weighted average maturity of 13.52 years.
The Index is a custom index that is owned and calculated by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). The Index is based on the government and quasi-government bonds of the FTSE Emerging Markets Broad Bond Index (the “Reference Index”) using concepts developed with Goldman Sachs Asset Management, L.P. (“GSAM”).
Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors.
The Index Provider constructs the Index in accordance with a rules-based methodology that involves two steps.
Step 1 - In the first step, the Index Provider defines a universe of potential index constituents (the “Universe”) by applying specified criteria to the constituents of the Reference Index. The Reference Index includes sovereign and quasi-sovereign debt issued in USD with a minimum of $500 million and $250 million outstanding, respectively, that is rated at least C by S&P Global Ratings (“S&P”) or Ca by Moody’s Investors Service, Inc. (“Moody’s”). Only constituents of the Reference Index that have a minimum issue equivalent of $500 million outstanding, a minimum issuer size of $1 billion, and are rated at least B- by S&P or B3 by Moody’s are included in the Universe. The weight of each country within the Universe is capped at 5%. A maturity bucketing process is used to approximate the average effective duration of the Reference Index.
Step 2 - In the second step, the Index Provider applies both governance and fundamental screens to the Universe. First, issuers are ranked by improvement or deterioration in governance based on the Worldwide Governance Indicators. Based on this ranking, the bottom 10% of issuing countries are excluded from the Universe. Second, issuers are ranked by improvement or deterioration in two fundamental factors, import coverage and inflation. Based on this second ranking, the bottom 5% of issuing countries are excluded from the Universe. Inclusion or exclusion of quasi-government bonds is based on the country of domicile.
As of August 31, 2022, issuers from 44 emerging market countries were included in the Index. The majority of these countries are likely to be located in Africa, Asia, the Middle East, Eastern and Central Europe and Central and South America. The countries included in the Index may change over time. The percentage of the portfolio exposed to any country or geographic region will vary from time to time as the weightings of the securities within the Index change, and the Fund may not be invested in each country or geographic region at all times.
The securities included in the Index include non-investment grade fixed income securities (commonly known as “junk bonds”). Non-investment grade fixed income securities in the Index are securities rated below BBB- by S&P or Baa3 by Moody’s.
The Investment Adviser uses a representative sampling strategy to manage the Fund. “Representative sampling” is an indexing strategy in which the Fund invests in a representative sample of constituent securities that has a collective investment profile similar to that of the Index. The securities selected for investment by the Fund are expected to have, in the aggregate, investment characteristics, governance characteristics, fundamental characteristics and liquidity measures similar to those of the Index. The Fund may or may not hold all of the securities in the Index.
The Fund may concentrate its investments (i.e., hold more than 25% of its total assets) in a particular industry or group of industries to the extent that the Index is concentrated. The degree to which components of the Index represent certain sectors or industries may change over time.
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INVESTMENT PROCESS
GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF
The Goldman Sachs Access High Yield Corporate Bond ETF (the “Fund”) seeks to achieve its investment objective by investing at least 80% of its assets (exclusive of collateral held from securities lending) in securities included in its underlying index.
The FTSE Goldman Sachs High Yield Corporate Bond Index (the “Index”) is a rules-based index that is designed to measure the performance of high yield corporate bonds denominated in U.S. dollars (“USD”) that meet certain liquidity and fundamental screening criteria. “High yield” bonds are bonds that are rated below investment grade and are commonly referred to as “junk bonds.” As of August 31, 2022. there were 888 constituents in the Index and the Index had a weighted average maturity of 5.64 years. The Index is a custom index that is owned and calculated by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). The Index is based on the FTSE US High-Yield Market Index (the “Reference Index”) using concepts developed with Goldman Sachs Asset Management, L.P. (“GSAM”).
Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors.
The Index Provider constructs the Index in accordance with a rules-based methodology that involves two steps.
Step 1 - In the first step, the Index Provider defines a universe of potential index constituents (the “Universe”) by applying specified criteria to the constituents of the Reference Index. The Reference Index includes high yield corporate bonds issued by companies domiciled in the United States or Canada that have a minimum of one year to maturity and are rated a maximum of BB+ by S&P Global Ratings (“S&P”) and Ba1 by Moody’s Investors Service, Inc. (“Moody’s”) and a minimum of C by S&P and Ca by Moody’s. Only constituents of the Reference Index that (i) have a minimum of $400 million outstanding, a minimum issuer size of $1 billion and a maximum final maturity of 15 years and (ii) if neither fundamental factor described below is available, are rated at least CCC+ by S&P or Caa1 by Moody’s, are included in the Universe. A maturity bucketing process is used to approximate the average effective duration of the Reference Index.
Step 2 - In the second step, the Index Provider applies a fundamental screen to the Universe. Issuers are first grouped into three broad industry groups: financials, industrials and utilities. Within each industry group, issuers are measured by two fundamental factors, debt service and leverage. The Index Provider ranks each issuer based on the two fundamental factors, equally weighted. The Index is constructed by including the highest ranking eligible securities in each industry group, screening out lowest ranking eligible securities.
GOLDMAN SACHS ACCESS INFLATION PROTECTED USD BOND ETF
The Goldman Sachs Access Inflation Protected USD Bond ETF (the “Fund”) seeks to achieve its investment objective by investing at least 80% of its assets (exclusive of collateral held from securities lending) in securities included in its underlying index.
The FTSE Goldman Sachs Treasury Inflation Protected USD Bond Index (the “Index”) is designed to track the performance of inflation-protected, fixed rate U.S. Treasury Securities denominated in U.S. dollars (“USD”) that meet certain screening criteria. “U.S. Treasury Securities” refer to securities issued or guaranteed by the U.S. Treasury where the payment of principal and interest is backed by the full faith and credit of the U.S. government. U.S. Treasury Securities include U.S. Treasury notes, U.S. Treasury bills and U.S. Treasury floating rate bonds. As of August 31, 2022, there were 41 issues in the Index and the Index had a weighted average maturity of 7.75 years and a weighted average duration of 7.29 years. The Index is a custom index that is owned and calculated by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). The Index is based on the U.S. sleeve of the FTSE World Inflation-Linked Securities Index (the “Reference Index”) using concepts developed with GSAM.
Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors.
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INVESTMENT PROCESS
The Index Provider constructs the Index in accordance with a rules-based methodology that involves two steps.
Step 1
In the first step, the Index Provider defines a universe of potential index constituents (the “Universe”) by applying specified criteria to the constituents of the Reference Index. The Reference Index includes fixed-rate, sovereign bonds denominated in USD that are linked to an inflation index. Only constituents of the Reference Index that are U.S. Treasury Inflation-Protected Securities (“TIPS”), have a minimum of 1 year to maturity and a minimum issue size of $5 billion outstanding (before taking into account the Federal Reserve System Open Market Account (“SOMA”) holdings) are included in the Universe.
Step 2
In the second step, the Index Provider screens the Universe to exclude securities that are unseasoned. The Index excludes “on-the-run” bonds, or the newest issues for each security term. The Index is constructed by weighting each constituent to match the weighted average real yield duration of the Universe.
THE FUND IS NOT A MONEY MARKET FUND AND DOES NOT ATTEMPT TO MAINTAIN A STABLE NET ASSET VALUE.
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
The Goldman Sachs Access Investment Grade Corporate Bond ETF (the “Fund”) seeks to achieve its investment objective by investing at least 80% of its assets (exclusive of collateral held from securities lending) in securities included in its underlying index.
The FTSE Goldman Sachs Investment Grade Corporate Bond Index (the “Index”) is a rules-based index that is designed to measure the performance of investment grade corporate bonds denominated in U.S. dollars that meet certain liquidity and fundamental screening criteria. As of August 31, 2022, there were 2,837 constituents in the Index and the Index had a weighted average maturity of 11.87 years. The Index is a custom index that is owned and calculated by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). The Index is based on the FTSE US Broad Investment-Grade (USBIG®) Corporate Index (the “Reference Index”) using concepts developed with Goldman Sachs Asset Management, L.P. (“GSAM”).
Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors.
The Index Provider constructs the Index in accordance with a rules-based methodology that involves two steps.
Step 1 - In the first step, the Index Provider defines a universe of potential index constituents (the “Universe”) by applying specified criteria to the constituents of the Reference Index. The Reference Index includes investment grade corporate bonds that have a minimum of one year to maturity and are rated at least BBB- by S&P Global Ratings (“S&P”) or Baa3 by Moody’s Investors Service, Inc. (“Moody’s”). Only corporate bond constituents of the Reference Index that have a minimum of $750 million outstanding and a minimum issuer size of $2 billion are included in the Universe.
Step 2 - In the second step, the Index Provider applies a fundamental screen to the Universe. Issuers are first grouped into three broad industry groups: financials, industrials and utilities. Within each industry group, issuers are measured by two fundamental factors, operating margin and leverage. The Index Provider ranks each issuer based on the two fundamental factors, equally weighted. The Index is constructed by including the highest ranking eligible securities in each industry group, screening out lowest ranking eligible securities.
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND ETF
The Fund seeks to achieve its investment objective by investing at least 80% of its assets (exclusive of collateral held from securities lending) in securities included in its underlying index.
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INVESTMENT PROCESS
The FTSE Goldman Sachs US Investment Grade Corporate Bond 1-5 Years Index (the “Index”) is a rules-based index that is designed to measure the performance of investment grade, corporate bonds denominated in U.S. dollars (“USD”) with remaining maturities between one and five years that meet certain liquidity and fundamental screening criteria.
As of August 31, 2022, there were 2,168 constituents in the Index and the Index had a weighted average maturity of 3.64 years. The Index is a custom index that is owned and calculated by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). The Index is based on the FTSE US Broad Investment-Grade (USBIG®) Corporate Bond Index (the “Reference Index”) using concepts developed with Goldman Sachs Asset Management, L.P. (the “Investment Adviser” or “GSAM”).
Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors.
The Index Provider constructs the Index in accordance with a rules-based methodology that involves two steps.
Step 1 - In the first step, the Index Provider defines a universe of potential Index constituents (the “Universe”) by applying specified criteria to the constituents of the Reference Index. The Reference Index includes investment grade corporate bonds that have a minimum of a minimum of one year to maturity and are rated at least BBB- by S&P Global Ratings (“S&P”) or Baa3 by Moody’s Investors Service, Inc. (“Moody’s”). Only corporate bond constituents of the Reference Index that have a minimum of $250 million outstanding, remaining maturities between one and five years, and from issuers with at least two eligible bonds outstanding are included in the Universe. A maturity bucketing process is used to approximate the average effective duration of constituents of the Reference Index with remaining maturities between one and five years.
Step 2 - In the second step, the Index Provider applies a fundamental screen to the Universe. Issuers are first grouped into three broad industry groups: financials, industrials and utilities. Within each industry group, issuers are measured by two fundamental factors, operating margin and leverage, subject to certain exceptions. The Index Provider ranks each issuer based on the two fundamental factors, equally weighted. The Index is constructed by including the highest ranking eligible securities in each industry group, screening out lowest ranking eligible securities. An issuer weight cap is applied to each Index constituent.
GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF
The Goldman Sachs Access Treasury 0-1 Year ETF (the “Fund”) seeks to achieve its investment objective by investing at least 80% of its assets (exclusive of collateral held from securities lending) in securities included in its underlying index.
The FTSE US Treasury 0-1 Year Composite Select Index (the “Index”) is designed to measure the performance of U.S. Treasury Securities with a maximum remaining maturity of 12 months. “U.S. Treasury Securities” refer to securities issued or guaranteed by the U.S. Treasury where the payment of principal and interest is backed by the full faith and credit of the U.S. government. U.S. Treasury Securities include U.S. Treasury notes, U.S. Treasury bills and U.S. Treasury floating rate bonds. The Fund expects to invest 100% of its assets in (i) U.S. Treasury Securities with a maximum remaining maturity of 12 months and (ii) cash.
As of August 31, 2022, there were 85 issues in the Index and the Index had a weighted average maturity of 0.38 years. The Index includes publicly-issued U.S. Treasury Securities that have a minimum remaining maturity of 1 month and a maximum remaining maturity of 12 months at the time of rebalance and that have a minimum issue size of $5 billion. In addition, the securities in the Index must be non-convertible and denominated in U.S. dollars. The Index excludes certain special issues, such as targeted investor notes, state and local government series bonds and coupon issues that have been stripped from bonds. 10-year and 30-year U.S. Treasury bonds are not eligible for inclusion in the Index.
The Index is sponsored by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”), which is not affiliated with the Fund or the Investment Adviser. The Index is market capitalization-weighted and the securities in the Index are updated on the last business day of each month. Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors.
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INVESTMENT PROCESS
THE FUND IS NOT A MONEY MARKET FUND AND DOES NOT ATTEMPT TO MAINTAIN A STABLE NET ASSET VALUE.
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
The Goldman Sachs Access U.S. Aggregate Bond ETF (the “Fund”) seeks to achieve its investment objective by investing at least 80% of its assets (exclusive of collateral held from securities lending) in securities included in its underlying index. To-Be-Announced (“TBA”) transactions representing securities included in the Fund’s underlying index are counted towards the Fund’s 80% investment policy.
The FTSE Goldman Sachs US Broad Bond Market Index (the “Index”) is a rules-based index that is designed to measure the performance of investment grade, U.S. dollar (“USD”)-denominated bonds issued in the United States that meet certain liquidity and fundamental screening criteria. The Index consists of the following fixed income asset class sectors: U.S. Treasury Securities, corporate bonds, mortgage-backed securities, government-sponsored securities, non-U.S. sovereign and provincial securities and asset-backed securities. As of August 31, 2022, there were 8,243 constituents in the Index and the Index had a weighted average maturity of 13.34 years. In addition, as of August 31, 2022, the percentage breakdown of bonds included in the Index was as follows: U.S. Treasury securities (41.2%), corporate bonds (24.8%), mortgage-backed securities (27.2%), asset-backed securities (0.2%), government-sponsored securities (3.7%) and non-U.S. sovereign and provincial securities (0.2%). The Index is a custom index that is owned and calculated by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). The Index is based on the FTSE US Broad Investment-Grade (USBIG®) Index (the “Reference Index”), using concepts developed with Goldman Sachs Asset Management, L.P. (the “Investment Adviser” or “GSAM”).
Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors.
The Index Provider constructs the Index in accordance with a rules-based methodology that involves two steps.
Step 1 - In the first step, the Index Provider defines a universe of potential index constituents (the “Universe”) by applying specified criteria to constituents of the Reference Index as described below. All constituents of the Reference Index must have a minimum of one year to maturity and are rated at least BBB- by S&P Global Ratings (“S&P”) or Baa3 by Moody’s Investors Service, Inc. (“Moody’s”).
U.S. Treasury Securities: “U.S. Treasury Securities” refer to securities issued or guaranteed by the U.S. Treasury where the payment of principal and interest is backed by the full faith and credit of the U.S. government. U.S. Treasury Securities include U.S. Treasury notes, U.S. Treasury bills and U.S. Treasury floating rate bonds. U.S. Treasury Securities that are included in the Reference Index must have a minimum of $5 billion outstanding (before taking into account the Federal Reserve System Open Market Account (“SOMA”) holdings). Only fixed-rate U.S. Treasury Securities within the Reference Index are included in the Universe.
Corporate Bonds: Corporate bonds that are included in the Reference Index must have a minimum of $250 million outstanding. Only corporate bonds within the Reference Index from issuers with at least two eligible bonds outstanding are included in the Universe. A maturity bucketing process is used to approximate the average effective duration of the Reference Index.
Mortgage-Backed Securities: Mortgage-backed securities that are included in the Reference Index must have a minimum issuer size of $250 million. Only mortgage-backed securities within the Reference Index that have a minimum of $1 billion outstanding per origination year generic when the coupon has a minimum amount outstanding of $5 billion are included in the Universe.
Government-Sponsored Securities, Non-U.S. Sovereign and Provincial Securities and Asset-Backed Securities: Government-sponsored securities, non-U.S. sovereign and provincial securities and asset-backed securities that are included in the Reference Index must have a minimum of $1 billion, $500 million and $250 million outstanding, respectively. All government-sponsored securities, non-U.S. sovereign and provincial securities and asset-backed securities within the Reference Index are included in the Universe, except for callable zero coupon bonds, bonds callable less than one year from the issue date, and bonds issued by supranational entities.
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INVESTMENT PROCESS
Step 2 - In the second step, the Index Provider applies specified fundamental screens to each type of constituents in the Universe as described below.
U.S. Treasury Securities: U.S. Treasury Securities within the Universe are screened to exclude securities that are “on-the-run” bonds, or the newest issues for each security term. The remaining U.S. Treasury Securities are divided into “maturity sectors” according to their weighted average maturities. The weight of each U.S. Treasury Security within its maturity sector is determined through an optimization process with the goal of maximizing projected one-month return net of transaction costs subject to a cap on volatility.
Corporate Bonds: Corporate bond issuers within the Universe are grouped into three broad industry groups: financials, industrials and utilities. Within each industry group, issuers are measured by two fundamental factors, operating margin and leverage, subject to certain exceptions. The Index Provider ranks each issuer based on the two fundamental factors, equally weighted. The Index is constructed by including the highest ranking eligible securities in each industry group and screening out lowest ranking eligible securities. An issuer weight cap is applied to each Index constituent.
Mortgage-Backed Securities: Mortgage-backed securities within the Universe are grouped by issuer agency and are ranked within each issuer agency group based on “seasoning” (i.e., the length of time the security has been publicly traded). “Unseasoned” mortgage-backed securities (i.e., securities with less than six months of loan age) within each issuer agency group are removed from the Index. In addition, the most “negatively convex” mortgage-backed securities within each issuer agency group are removed from the Index (“negative convexity” refers to the tendency for a security’s price to fall when interest rates fall). The weights of the remaining mortgage-backed securities in the Index are determined according to their market capitalizations within the Reference Index, and the weight of each issuer agency group is adjusted to match the weighted average effective duration of such group within the Reference Index.
Government-Sponsored Securities, Non-U.S. Sovereign and Provincial Securities and Asset-Backed Securities: Government-sponsored securities, non-U.S. sovereign and provincial securities and asset-backed securities within the Universe are included in the Index in accordance with their market capitalizations.
ALL ABOVE FUNDS
Each of the FTSE Goldman Sachs Emerging Markets USD Bond Index, FTSE Goldman Sachs High Yield Corporate Bond Index, FTSE Goldman Sachs Investment Grade Corporate Bond 1-5 Years Index, FTSE Goldman Sachs Investment Grade Corporate Bond Index and FTSE Goldman Sachs US Broad Bond Market Index is rebalanced (i) monthly on the last business day of each month, to account for changes in maturities, corporate actions or ratings migration, and (ii) quarterly, to account for updates to the constituent securities on the basis of the fundamental factors (as described above). The FTSE US Treasury 0-1 Year Composite Select Index is rebalanced monthly on the last day of the month. The FTSE Goldman Sachs Treasury Inflation Protected USD Bond Index is rebalanced monthly on the last business day of the month to account for changes in maturities (i.e., removing securities with less than 1 year to maturity), new issues and duration to closely match the weighted average real yield duration of its Universe.
The Investment Adviser uses a representative sampling strategy to manage each Fund. “Representative sampling” is an indexing strategy in which each Fund invests in a representative sample of constituent securities that has a collective investment profile similar to that of its Index. The securities selected for investment by each Fund are expected to have, in the aggregate, investment characteristics, fundamental characteristics and liquidity measures similar to those of its Index. Each Fund may or may not hold all of the securities in its Index.
Each of the Goldman Sachs Access High Yield Corporate Bond ETF, Goldman Sachs Investment Grade Corporate 1-5 Year Bond ETF, Goldman Sachs Access Investment Grade Corporate Bond ETF and Goldman Sachs Access U.S. Aggregate Bond ETF may concentrate its investments (i.e. hold more than 25% of its total assets) in a particular industry or group of industries to the extent that its Index is concentrated. The degree to which components of its Index represent certain sectors or industries may change over time. Each of the Goldman Sachs Access Treasury 0-1 Year ETF and Goldman Sachs Access Inflation Protected USD Bond ETF may concentrate its investments (i.e., hold more than 25% of its total assets) in a particular industry or group of industries to the
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INVESTMENT PROCESS
extent that its Index is concentrated. The U.S. government, state and municipal governments and their agencies, authorities and instrumentalities are not deemed to be industries for this purpose.
At the end of each Fund’s Reporting Period, i.e. August 31, 2022, we continued to believe the Funds may provide investors with smoother performance and less volatility, as a smart beta approach should provide liquidity while minimizing exposure to factors historically associated with volatility and underperformance.*
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF
The Goldman Sachs Access Ultra Short Bond ETF (the “Fund”) seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its Net Assets in a broad range of U.S. dollar denominated bonds. The Fund primarily invests in U.S. Government Securities, obligations of U.S. banks, corporate notes, commercial paper and other short-term obligations of U.S. companies, states, municipalities and other entities, fixed and floating rate mortgage-backed securities, asset-backed securities, CLOs and repurchase agreements. The Fund may also invest in U.S. dollar-denominated obligations issued or guaranteed by foreign banks, companies and governments or their agencies, authorities, instrumentalities or sponsored enterprises. Shareholders will be provided with sixty days’ notice in the manner prescribed by the Securities and Exchange Commission (“SEC”) before any change in the Fund’s policy to invest at least 80% of its Net Assets in the particular type of investment suggested by its name.
The Fund will generally focus its investments in securities of issuers that, at the time of purchase, have a short-term credit rating of at least investment grade by at least one NRSRO (at least A-2, P-2, or F2 by S&P, Moody’s or Fitch, respectively), have a long-term credit rating of at least investment grade by at least one NRSRO (at least BBB-, Baa3, or BBB by S&P, Moody’s or Fitch, respectively) if such securities only maintain long-term ratings, or, if unrated, are determined by the Investment Adviser to be of comparable credit quality at the time of purchase. The Fund may also rely on the credit quality of a guarantee or demand feature in determining the credit quality of a security supported by the guarantee or demand feature.
The Fund will concentrate its investments in the financial services group of industries. Therefore, under normal circumstances, the Fund will invest more than 25% of its total assets in securities issued by companies in the financial services group of industries and repurchase agreements secured by such obligations.
Under normal circumstances, the Fund’s effective duration is expected to be one year or less. “Duration” is a measure of a debt security’s price sensitivity to changes in interest rates. The longer the duration of the Fund (or an individual debt security), the more sensitive its market price to changes in interest rates. In computing duration, the Fund will estimate the duration of obligations that are subject to prepayment or redemption by the issuer, taking into account the influence of interest rates on prepayments and coupon flows. This method of computing duration is known as “option-adjusted” duration.
The Fund is an actively managed ETF, which is a fund that trades like other publicly-traded securities. The Fund is not an index fund and does not seek to replicate the performance of a specified index.
The Fund may, from time to time, take temporary defensive positions that are inconsistent with the Fund’s principal investment strategies in attempting to respond to adverse market, political or other conditions. For temporary defensive purposes, the Fund may invest up to 100% of its total assets in U.S. Government Securities, commercial paper rated at least A-2 by S&P, P-2 by Moody’s, or having a comparable credit rating by another NRSRO (or if unrated, determined by the Investment Adviser to be of comparable credit quality), certificates of deposit, bankers’ acceptances, repurchase agreements, non-convertible preferred stocks and non-convertible corporate bonds with a remaining maturity of less than one year, certain ETFs and other investment companies and cash items. Cash items are not income-generating and, as a result, the Fund’s current yield may be adversely affected during periods when such positions are held. Cash positions may also subject the Fund to additional risks and costs, such as increased exposure to the custodian bank holding the assets and any fees imposed for large cash balances. When the Fund’s assets are invested in such instruments, the Fund may not be achieving its investment objective.
THE FUND IS NOT A MONEY MARKET FUND AND DOES NOT ATTEMPT TO MAINTAIN A STABLE NET ASSET VALUE.
* | Smart beta refers to quantitative index-based strategies. Liquidity is the ability to invest or redeem during market hours. Volatility refers to the annualized standard deviation of returns. |
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INVESTMENT PROCESS
The Fund is managed to seek to generate current income and secondarily maintain an emphasis on preservation of capital and liquidity. The Investment Adviser follows a conservative, risk-managed investment process.
Global fixed income markets are constantly evolving and are highly diverse — with a large number of countries, currencies, sectors, issuers and securities. We believe that inefficiencies in these complex markets cause bond prices to diverge from their fair value. To capitalize on these inefficiencies and generate consistent risk-adjusted performance, we believe it is critical to:
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Thoughtfully combine diversified sources of return by employing multiple strategies |
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Take a global perspective to uncover relative value opportunities |
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Employ focused specialist teams to identify short-term mispricings and incorporate long-term views |
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Emphasize a risk-aware approach as we view risk management as both an offensive and defensive tool |
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Build a strong team of skilled investors who excel on behalf of our clients. |
* * *
At the end of the Reporting Period, we believed the major factors that would influence the fixed income markets in the coming months included geopolitical risk (especially the war in Ukraine), energy prices (particularly risks of supply constraints), inflation levels (persistently high or potentially declining), central bank policy decisions (especially U.S. Federal Reserve policy and its potential impact on the markets and the U.S. economy), relative strength of the U.S. dollar (potential impact on commodity prices and global markets) and U.S. recession risk (uncertain in terms of scope and time frame).
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Goldman Sachs Access Emerging Markets USD Bond ETF
Investment Objective
The Goldman Sachs Access Emerging Markets USD Bond ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the FTSE Goldman Sachs Emerging Markets USD Bond Index (the “Index”).
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Global Fixed Income and Liquidity Solutions Team discusses the Fund’s performance and positioning for the period since the Fund’s inception on February 15, 2022 through August 31, 2022 (the “Reporting Period”).
Q | How did the Fund perform during the Reporting Period? |
A | During the Reporting Period, the Fund returned -16.11% based on net asset value (“NAV”) and -17.04% based on market price. The Index returned -17.06% during the same period. |
The Fund had an NAV of $49.68 per share on the date of inception and ended the Reporting Period with an NAV of $40.58 per share. The Fund’s market price on August 31, 2022 was $40.13 per share. |
Effective February 17, 2022, Goldman Sachs Asset Management, L.P., the Fund’s investment adviser, implemented a management fee waiver for the Fund such that total annual fund operating expenses after the fee waiver are 0.00% through at least February 17, 2023. |
Q | What key factors were responsible for the Fund’s performance during the Reporting Period? |
A | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index. The Fund’s performance reflects Fund expenses, including management fees and brokerage expenses. The Fund’s relative performance also reflects the impact of any cash held in the Fund as well as any other differences between the Fund’s holdings and the constituents of the Index. The Index is unmanaged, and Index returns do not reflect fees and expenses, which would reduce returns. |
The Index is designed to measure the performance of investment grade and high yield bonds issued by emerging market governments or quasi-government entities denominated in U.S. dollars (“USD”) that meet certain liquidity, governance and fundamental screening criteria. “High yield” bonds are bonds that are rated below investment grade and are commonly referred to as “junk bonds.” The Index is a custom index that is owned and calculated by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). The Index is based on the government and quasi-government bonds of the FTSE Emerging Markets Broad Bond Index (the “Reference Index”) using concepts developed with Goldman Sachs Asset Management, L.P. (“GSAM”). The Index is rules-based and the securities in the Index are updated on the last business day of each month. |
Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors. |
During the Reporting Period, the Fund posted negative absolute returns but modestly outperformed the Index, as measured by NAV. The Fund is passively managed to the Index and aims to minimize tracking error to the Index. |
The Fund invests in U.S. dollar-denominated sovereign and quasi-sovereign debt of emerging market countries, both investment grade and below investment grade bonds included. Emerging market bonds began selling off after the Russian invasion of Ukraine in late February, just weeks after the Fund’s inception. These events broadened geopolitical concerns, particularly in countries more closely tied to the Russia/Ukraine conflict. Emerging market bonds were also impacted during the Reporting Period by the broad sell-off in risk assets and by widening credit spreads, driven, in turn, by global economic and inflation pressures. (Spreads are a widening or tightening of the yield differential to duration-equivalent U.S. Treasuries.) The strong U.S. dollar |
9
PORTFOLIO RESULTS
was also a factor, as many emerging market countries issue debt in U.S. dollars, effectively increasing the amount of debt they owe due to the lower valuation of their own currency. Spreads on global sovereign emerging markets debt widened approximately 121 basis points during the Reporting Period, from 304 basis points to 425 basis points. (A basis point is 1/100th of a percentage point.) |
Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
A | The Fund does not employ derivatives. During the Reporting Period, the Fund did not invest in derivatives or similar instruments. The Fund does not employ derivatives as a source of alpha generation, although it may use them to equitize excess cash. |
Q | What was the Fund’s weighted average duration, weighted average maturity, weighted average coupon, weighted average yield to maturity and 30-day standardized yield at the end of the Reporting Period?1 |
A | The Fund had a weighted average duration of 7.35 years, a weighted average maturity of 13.03 years and a weighted average coupon of 5.18% as of August 31, 2022. The Fund’s weighted average yield to maturity was 7.23% on August 31, 2022. The 30-day standardized yield of the Fund at the end of the Reporting Period was 6.90%. |
Q | What was the Fund’s credit allocation at the end of the Reporting Period?2 |
A |
AA | 6.87% | |||||
A | 12.70% | |||||
BBB | 33.65% | |||||
BB | 19.14% | |||||
B | 24.10% | |||||
CCC | 0.71% | |||||
Not Rated | 1.07% | |||||
Cash | 1.74% |
Q | What was the Fund’s regional allocation at the end of the Reporting Period?3 |
A | Of the approximately 98.26% of the Fund’s assets invested in emerging markets debt at the end of the Reporting Period, approximately 37.72% was in Latin America, 11.47% in Europe, 31.95% in the Middle East and Africa, 15.11% in Asia and 2.01% elsewhere. |
1 | Duration is a time measure of a bond’s interest-rate sensitivity, based on the weighted average of the time periods over which a bond’s cash flows accrue to the bondholder. Time periods are weighted by multiplying by the present value of its cash flow divided by the bond’s price. (A bond’s cash flows consist of coupon payments and repayment of capital.) |
A bond’s duration will almost always be shorter than its maturity, with the exception of zero-coupon bonds, for which maturity and duration are equal. Weighted average duration is a measure of the duration for the securities in the portfolio overall. Weighted average maturity (“WAM”) is the weighted average amount of time until the debt securities in a portfolio mature, or the weighted average of the remaining terms to maturity of the debt securities within a portfolio. The higher the WAM, the longer it takes for all of the bonds in the portfolio to mature, and WAM is used to manage debt portfolios and to assess the performance of debt portfolio managers. Coupons are fixed percentages paid out on a fixed income security on an annual basis. Weighted average coupon is calculated by weighting the coupon of each debt security by its relative size in the portfolio. Yield to maturity is the annual return that a bond is expected to generate if it is held till its maturity given its coupon rate, payment frequency and current market price. Yield to maturity is essentially the internal rate of return of a bond, i.e. the discount rate at which the present value of a bond’s coupon payments and maturity value is equal to its current market price. The 30-day standardized yield calculation is based on a 30-day period ending on the last day of the Reporting Period. It is computed by dividing the net investment income per share earned during the period by the maximum offering price per share on the last day of the period. |
2 | The Fund and the Index have not been rated by an independent rating agency. The credit allocation provided refers to the Fund’s underlying portfolio securities. For the purpose of determining compliance with any credit rating requirement, the Fund assigns a security, at the time of purchase, the highest rating by a Nationally Recognized Statistical Rating Organization (“NRSRO”) if the security is rated by more than one NRSRO. For this purpose, the Fund relies only on the ratings of the following NRSROs: S&P, Moody’s and Fitch, Inc. This method may differ from the method independently used by the Index Provider. GSAM will use a single rating if that is the only one available. Securities that are not rated by all three agencies are reflected as such in the breakdown. Unrated securities may be purchased by the Fund if they are determined by the Investment Adviser to be of a credit quality consistent with the Fund’s credit rate requirements. Unrated securities do not necessarily indicate low quality, and for such securities the Investment Adviser will evaluate the credit quality. GSAM converts all ratings to the equivalent S&P major rating category when illustrating credit rating breakdowns. Ratings and Fund/Index credit quality may change over time. |
3 | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the FTSE Goldman Sachs Emerging Markets USD Bond Index. |
10
FUND BASICS
Access Emerging Markets USD Bond ETF
as of August 31, 2022
FUND SNAPSHOT |
| |||||
As of August 31, 2022 | ||||||
Market Price1 | $ | 40.13 | ||||
Net Asset Value (NAV)1 | $ | 40.58 |
1 | The Market Price is the price at which the Fund’s shares are trading on the Cboe BZX Exchange, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of the Fund traded on Cboe BZX Exchange, Inc. at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com/ETFs. |
TOP TEN HOLDINGS AS OF 8/31/222 | ||||||||
Holding |
% of Net Assets |
Line of Business | ||||||
Chile Government International Bond, 3.50%, 01/31/34 |
1.6 | % |
Chile | |||||
Hungary Government International Bond, 5.38%, 03/25/24 |
1.2 |
Hungary | ||||||
Indonesia Government International Bond, 7.75%, 01/17/38 |
1.2 |
Indonesia | ||||||
Chile Government International Bond, 3.13%, 01/21/26 |
1.2 |
Chile | ||||||
Colombia Government International Bond, 5.00%, 06/15/45 |
1.1 |
Colombia | ||||||
Qatar Government International Bond, 4.82%, 03/14/49 |
1.1 |
Qatar | ||||||
Saudi Arabian Oil Co., 3.50%, 04/16/29 |
1.1 |
Saudi Arabia | ||||||
Bahrain Government International Bond, 7.00%, 01/26/26 |
1.1 |
Bahrain | ||||||
Croatia Government International Bond, 6.00%, 01/26/24 |
1.1 |
Croatia | ||||||
Uruguay Government International Bond, 5.10%, 06/18/50 |
1.1 |
Uruguay |
2 | The top 10 holdings may not be representative of the Fund’s future investments. |
For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
INDUSTRY ALLOCATION AS OF 8/31/223 | ||||||
Sector Name |
Fund |
|||||
Government |
87.6 | % | ||||
Energy |
6.0 | |||||
Basic Materials |
2.8 | |||||
Investment Company |
1.5 | |||||
Industrials |
0.9 | |||||
Financials |
0.6 | |||||
Utilities |
0.6 |
3 | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the table may not sum to 100% due to the exclusion of other assets and liabilities. |
11
GOLDMAN SACHS ACCESS EMERGING MARKETS USD BOND ETF
Performance Summary
August 31, 2022
The following graph shows the value, as of August 31, 2022, of a $10,000 investment made on February 15, 2022 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index, the FTSE Goldman Sachs Emerging Markets USD Bond Index is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.
Goldman Sachs Access Emerging Markets USD Bond ETF’s Lifetime Performance |
Performance of a $10,000 Investment, with distributions reinvested, from February 15, 2022 through August 31, 2022.
Average Annual Total Return through August 31, 2022* | Since Inception | |
Shares based on NAV (Commenced February 15, 2022) |
-16.11% | |
| ||
Shares based on Market Price (Commenced February 15, 2022) |
-17.04% | |
| ||
FTSE Goldman Sachs Emerging Markets USD Bond Index |
-17.06% | |
|
* | Total return for periods of less than one year represents cumulative total return. Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculations assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the Market Price returns. Total returns for periods less than one full year are not annualized. |
12
PORTFOLIO RESULTS
Goldman Sachs Access High Yield Corporate Bond ETF
Investment Objective
The Goldman Sachs Access High Yield Corporate Bond ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the FTSE Goldman Sachs High Yield Corporate Bond Index (the “Index”).
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Global Fixed Income and Liquidity Solutions Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2022 (the “Reporting Period”).
Q | How did the Fund perform during the Reporting Period? |
A | During the Reporting Period, the Fund returned -11.07% based on net asset value (“NAV”) and -11.90% based on market price. The Index returned -10.21% during the same period. |
The Fund had an NAV of $50.40 per share on August 31, 2021 and ended the Reporting Period with an NAV of $42.70 per share. The Fund’s market price on August 31, 2022 was $42.28 per share. |
Q | What key factors were responsible for the Fund’s performance during the Reporting Period? |
A | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index. The Fund’s performance reflects Fund expenses, including management fees and brokerage expenses. The Fund’s relative performance also reflects the impact of any cash held in the Fund as well as any other differences between the Fund’s holdings and the constituents of the Index. The Index is unmanaged, and Index returns do not reflect fees and expenses, which would reduce returns. |
The Index is designed to measure the performance of high yield corporate bonds denominated in U.S. dollars that meet certain liquidity and fundamental screening criteria. “High yield” bonds are bonds that are rated below investment grade and are commonly referred to as “junk bonds.” The Index is a custom index that is owned and calculated by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”), using concepts developed with Goldman Sachs Asset Management, L.P. (“GSAM”). The Index is rules-based and the securities in the Index are updated on the last business day of each month. |
Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors. |
During the Reporting Period, the Fund posted negative absolute returns that modestly underperformed the Index, as measured by NAV. The Fund is passively managed to the Index and aims to minimize tracking error to the Index. |
Overall, high yield corporate bond returns are driven by two primary factors — duration (whether interest rates are rising or falling) and spreads (a widening or tightening of the yield differential to duration-equivalent U.S. Treasuries). |
During the Reporting Period, the U.S. Federal Reserve (the “Fed”), after having kept its monetary policy accommodative for an extended span, with the targeted federal funds rate in a range of 0.00% to 0.25%, began raising interest rates in March 2022. In total, the Fed raised the targeted federal funds rate four times in the first eight months of 2022 for a total of 225 basis points, bringing the targeted federal funds to a range of 2.25% to 2.50% by the end of the Reporting Period. (A basis point is 1/100th of a percentage point.) As investors feared an economic slowdown in reaction to the interest rate hikes, the U.S. Treasury yield curve, or spectrum of maturities, flattened, meaning the spread, or yield differential, between shorter-term and longer-term maturities narrowed. Toward the end of the Reporting Period, as the Fed’s rapid responses to inflation heightened expectations it would move policy into restrictive territory and slow future economic growth, the two-year to 10-year portion of the U.S. Treasury yield curve actually inverted, meaning 10-year U.S. Treasury yields were lower than those of two-year U.S. Treasury yields, historically a foreshadow of a recession. All told, yields rose rapidly across the U.S. Treasury yield curve as the Fed began unwinding the COVID-19-related stimulus. |
13
PORTFOLIO RESULTS
The bellwether 10-year U.S. Treasury yield was up 185 basis points during the Reporting Period, from 1.30% to 3.15%. |
Virtually all fixed income sectors recorded negative absolute returns during the Reporting Period, hurt by the increase in market volatility, much of which stemmed from the uncertainty around how forcefully the Fed would act to slow the economy as it sought to quell inflation. The risk asset sell-off drove a widening of credit spreads. High yield corporate spreads widened from 289 basis points to 484 basis points during the Reporting Period. |
Toward the end of the Reporting Period, Fed Chair Powell articulated what had been increasingly clear for some time — that the Fed has limited tools to address inflation, but it intends to continue to forcefully react to inflation. |
Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
A | The Fund does not employ derivatives. During the Reporting Period, the Fund did not invest in derivatives or similar instruments. The Fund does not employ derivatives as a source of alpha generation, although it may use them to equitize excess cash. |
Q | What was the Fund’s weighted average duration, weighted average maturity, weighted average coupon, weighted average yield to maturity and 30-day standardized yield at the end of the Reporting Period?1 |
A | The Fund had a weighted average duration of 4.29 years, a weighted average maturity of 5.66 years and a weighted average coupon of 5.46% as of August 31, 2022. The Fund’s weighted average yield to maturity was 8.15% on August 31, 2022. The 30-day standardized yield of the Fund at the end of the Reporting Period was 7.19%. |
Q | What was the Fund’s credit allocation at the end of the Reporting Period?2 |
A |
BBB | 0.24% | |||||
BB | 50.71% | |||||
B | 36.21% | |||||
CCC | 7.94% | |||||
CC | 1.20% | |||||
Not Rated | 1.15% | |||||
Cash | 2.55% |
Q | What was the Fund’s industry allocation at the end of the Reporting Period? |
A | Of the approximately 95.98% of the Fund’s assets invested in high yield corporate bonds at the end of the Reporting Period, approximately 83% was in industrials, 9% in financials and 6% in utilities.3 |
Q | What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?4 |
A | While the Index was 99.13% invested in high yield corporate bonds, 0.87% invested in emerging market corporate bonds and 0.00% in cash, the Fund was 95.98% invested in high yield corporate bonds, 1.23% in emerging market corporate bonds and 2.55% in cash at the end of the Reporting Period. |
1 | Duration is a time measure of a bond’s interest-rate sensitivity, based on the weighted average of the time periods over which a bond’s cash flows accrue to the bondholder. Time periods are weighted by multiplying by the present value of its cash flow divided by the bond’s price. (A bond’s cash flows consist of coupon payments and repayment of capital.) |
A bond’s duration will almost always be shorter than its maturity, with the exception of zero-coupon bonds, for which maturity and duration are equal. Weighted average duration is a measure of the duration for the securities in the portfolio overall. Weighted average maturity (“WAM”) is the weighted average amount of time until the debt securities in a portfolio mature, or the weighted average of the remaining terms to maturity of the debt securities within a portfolio. The higher the WAM, the longer it takes for all of the bonds in the portfolio to mature, and WAM is used to manage debt portfolios and to assess the performance of debt portfolio managers. Coupons are fixed percentages paid out on a fixed income security on an annual basis. Weighted average coupon is calculated by weighting the coupon of each debt security by its relative size in the portfolio. Yield to maturity is the annual return that a bond is expected to generate if it is held till its maturity given its coupon rate, payment frequency and current market price. Yield to maturity is essentially the internal rate of return of a bond, i.e. the discount rate at which the present value of a bond’s coupon payments and maturity value is equal to its current market price. The 30-day standardized yield calculation is based on a 30-day period ending on the last day of the Reporting Period. It is computed by dividing the net investment income per share earned during the period by the maximum offering price per share on the last day of the period. |
2 | The Fund and the Index have not been rated by an independent rating agency. The credit allocation provided refers to the Fund’s underlying portfolio securities. For the purpose of determining compliance with any credit rating requirement, the Fund assigns a security, at the time of purchase, the highest rating by a Nationally Recognized Statistical Rating Organization (“NRSRO”) if the security is rated by more than one NRSRO. For this purpose, the Fund relies only on the ratings of the following NRSROs: S&P, Moody’s and Fitch, Inc. This method may differ from the method independently used by the Index Provider. GSAM will use a single rating if that is the only one available. Securities that are not rated by all three agencies are reflected as such in the breakdown. Unrated securities may be purchased by the Fund if they are determined by the Investment Adviser to be of a credit quality consistent with the Fund’s credit rate requirements. Unrated securities do not necessarily indicate low quality, and for such securities the Investment Adviser will evaluate the credit quality. GSAM converts all ratings to the equivalent S&P major rating category when illustrating credit rating breakdowns. Ratings and Fund/Index credit quality may change over time. |
3 | Industry classifications for securities may differ between the above section and the Fund Basics section due to differing classification methodologies. The classification methodology used for the above section is as set forth by GSAM. The Fund’s composition may differ over time. Consequently, the Fund’s overall industry allocations may differ from percentages contained in the above section. |
4 | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the FTSE Goldman Sachs High Yield Corporate Bond Index. |
14
FUND BASICS
Access High Yield Corporate Bond ETF
as of August 31, 2022
FUND SNAPSHOT |
| |||||
As of August 31, 2022 | ||||||
Market Price1 | $ | 42.28 | ||||
Net Asset Value (NAV)1 | $ | 42.70 |
1 | The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of the Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com/ETFs. |
TOP TEN HOLDINGS AS OF 8/31/222 | ||||||||
Holding |
% of Net Assets |
Line of Business | ||||||
TransDigm, Inc., 6.25%, 03/15/26 |
1.0 | % | Aerospace & Defense | |||||
Medline Borrower LP, 3.88%, 04/01/29 |
0.9 | Consumer Noncyclical | ||||||
CCO Holdings LLC / CCO Holdings Capital Corp., 5.13%, 05/01/27 |
0.7 | Communications | ||||||
Prime Security Services Borrower LLC / Prime Finance, Inc., 6.25%, 01/15/28 |
0.6 | Consumer Cyclical | ||||||
Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 5.88%, 08/15/27 |
0.6 | Communications | ||||||
Intelsat Jackson Holdings SA, 6.50%, 03/15/30 |
0.6 | Wireless | ||||||
Organon & Co. / Organon Foreign Debt Co.-Issuer BV, 4.13%, 04/30/28 |
0.6 | Consumer Noncyclical | ||||||
CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%, 05/01/32 |
0.6 | Communications | ||||||
Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer, 4.25%, 10/15/27 |
0.6 | Insurance | ||||||
Sirius XM Radio, Inc., 4.00%, 07/15/28 |
0.6 | Broadcasting |
2 | The top 10 holdings may not be representative of the Fund’s future investments. |
For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance
INDUSTRY ALLOCATION AS OF 8/31/223 | ||||||
Sector Name |
Fund |
|||||
Consumer, Cyclical |
21.0 | % | ||||
Consumer, Non-cyclical |
18.4 | |||||
Energy |
13.7 | |||||
Telecommunication Services |
13.0 | |||||
Financials | 11.2 | |||||
Industrials | 8.7 | |||||
Materials | 4.4 | |||||
Utilities |
3.7 | |||||
Information Technology |
3.5 | |||||
Investment Company |
2.4 |
3 | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the table may not sum to 100% due to the exclusion of other assets and liabilities. |
15
GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF
Performance Summary
August 31, 2022
The following graph shows the value, as of August 31, 2022, of a $10,000 investment made on September 5, 2017 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index, the FTSE Goldman Sachs High Yield Corporate Bond Index is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.
Goldman Sachs Access High Yield Corporate Bond ETF’s Lifetime Performance |
Performance of a $10,000 Investment, with distributions reinvested, from September 5, 2017 through August 31, 2022.
Average Annual Total Return through August 31, 2022* | 1 Year Return | Since Inception | ||
Shares based on NAV (Commenced September 5, 2017) |
-11.07% | 1.89% | ||
| ||||
Shares based on Market Price (Commenced September 5, 2017) |
-11.90% | 1.69% | ||
| ||||
FTSE Goldman Sachs High Yield Corporate Bond Index |
-10.21% | 2.22% | ||
|
* | Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculations assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the Market Price returns. |
16
PORTFOLIO RESULTS
Goldman Sachs Access Inflation Protected USD Bond ETF
Investment Objective
The Goldman Sachs Access Inflation Protected USD Bond ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the FTSE Goldman Sachs Treasury Inflation Protected USD Bond Index (the “Index”).
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Global Fixed Income Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2022 (the “Reporting Period”).
Q | How did the Fund perform during the Reporting Period? |
A | During the Reporting Period, the Fund returned -6.08% based on net asset value (“NAV”) and -6.20% based on market price. The Index returned -6.02% during the same period. |
The Fund had an NAV of $58.52 per share on August 31, 2021 and ended the Reporting Period with an NAV of $51.68 per share. The Fund’s market price on August 31, 2022 was $51.64 per share. |
Q | What key factors were responsible for the Fund’s performance during the Reporting Period? |
A | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index. The Fund’s performance reflects Fund expenses, including management fees and brokerage expenses. The Fund’s relative performance also reflects the impact of any cash held in the Fund as well as any other differences between the Fund’s holdings and the constituents of the Index. The Index is unmanaged, and Index returns do not reflect fees and expenses, which would reduce returns. |
The Index is designed to track the performance of inflation protected, fixed rate U.S. Treasury Securities denominated in U.S. dollars (“USD”) that meet certain screening criteria. “U.S. Treasury Securities” refer to securities issued or guaranteed by the U.S. Treasury where the payment of principal and interest is backed by the full faith and credit of the U.S. government. U.S. Treasury Securities include U.S. Treasury notes, U.S. Treasury bills and U.S. Treasury floating rate bonds. The Index is a custom index that is owned and calculated by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). The Index is based on the U.S. sleeve of the FTSE World Inflation-Linked Securities Index (the “Reference Index”) using concepts developed with Goldman Sachs Asset Management, L.P. (“GSAM”). |
Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors. |
During the Reporting Period, the Fund posted negative absolute returns that closely tracked the Index, as measured by NAV. The Fund is passively managed to the Index and aims to minimize tracking error to the Index. |
Two key drivers of return for the Treasury inflation protected securities (“TIPS”) market are interest rates, given the sector’s longer duration profile, and inflation. During the Reporting Period, the yield on the 10-year U.S. Treasury rose by approximately 185 basis points to 3.15%. (A basis point is 1/100th of a percentage point.) The move in U.S. Treasuries reflected market expectations of slowed economic growth on the back of U.S. Federal Reserve interest rate hikes, implemented, in turn, in an effort to reduce inflation. Annualized Consumer Price Index readings rose from 5.3% at the start of the Reporting Period to 8.3% in August 2022. Inflation increased across virtually all segments of the economy, but perhaps most noticeably in energy prices, with the U.S. Gasoline National Average increasing about 20% during the Reporting Period. Still, the U.S. labor market was strong. The U.S. unemployment rate declined from 5.1% to 3.6% during the Reporting Period, and annualized average hourly earnings rose from 4.3% to 5.2%. Supply-chain issues abated later in the Reporting Period, but demand remained high. All told, heightened inflation data was positive for TIPs, but it was not enough to offset the effect of rising interest rates, which drove negative returns for the sector during the Reporting Period. |
17
PORTFOLIO RESULTS
Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
A | The Fund does not employ derivatives. During the Reporting Period, the Fund did not invest in derivatives or similar instruments. The Fund does not employ derivatives as a source of alpha generation, although it may use them to equitize excess cash. |
Q | What was the Fund’s weighted average duration, weighted average maturity, weighted average coupon, weighted average yield to maturity and 30-day standardized yield at the end of the Reporting Period?1 |
A | The Fund had a weighted average duration of 7.23 years, a weighted average maturity of 7.73 years and a weighted average coupon of 0.64% as of August 31, 2022. The Fund’s weighted average yield to maturity was 3.63% on August 31, 2022. The 30-day standardized yield of the Fund at the end of the Reporting Period was 16.80%. |
Q | What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?2 |
A | While the Index was 100% allocated to U.S. TIPS, the Fund was 98.68% invested in U.S. TIPS and 1.32% in cash at the end of the Reporting Period. |
1 | Duration is a time measure of a bond’s interest-rate sensitivity, based on the weighted average of the time periods over which a bond’s cash flows accrue to the bondholder. Time periods are weighted by multiplying by the present value of its cash flow divided by the bond’s price. (A bond’s cash flows consist of coupon payments and repayment of capital.) |
A bond’s duration will almost always be shorter than its maturity, with the exception of zero-coupon bonds, for which maturity and duration are equal. Weighted average duration is a measure of the duration for the securities in the portfolio overall. Weighted average maturity (“WAM”) is the weighted average amount of time until the debt securities in a portfolio mature, or the weighted average of the remaining terms to maturity of the debt securities within a portfolio. The higher the WAM, the longer it takes for all of the bonds in the portfolio to mature, and WAM is used to manage debt portfolios and to assess the performance of debt portfolio managers. Coupons are fixed percentages paid out on a fixed income security on an annual basis. Weighted average coupon is calculated by weighting the coupon of each debt security by its relative size in the portfolio. Yield to maturity is the annual return that a bond is expected to generate if it is held till its maturity given its coupon rate, payment frequency and current market price. Yield to maturity is essentially the internal rate of return of a bond, i.e. the discount rate at which the present value of a bond’s coupon payments and maturity value is equal to its current market price. The 30-day standardized yield calculation is based on a 30-day period ending on the last day of the Reporting Period. It is computed by dividing the net investment income per share earned during the period by the maximum offering price per share on the last day of the period. |
2 | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the FTSE Goldman Sachs Treasury Inflation Protected USD Bond Index. |
18
FUND BASICS
Access Inflation Protected USD Bond ETF
as of August 31, 2022
FUND SNAPSHOT |
| |||||
As of August 31, 2022 | ||||||
Market Price1 | $ | 51.64 | ||||
Net Asset Value (NAV)1 | $ | 51.68 |
1 | The Market Price is the price at which the Fund’s shares are trading on the Cboe BZX Exchange, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of the Fund traded on Cboe BZX Exchange, Inc. at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com/ETFs. |
TOP TEN HOLDINGS AS OF 8/31/222 | ||||||||
Holding | % of Net Assets | Line of Business | ||||||
U.S. Treasury Inflation Indexed Bond, 0.50%, 01/15/28 | 8.8 | % | Government | |||||
U.S. Treasury Inflation Indexed Bond, 0.13%, 10/15/25 | 7.5 | Government | ||||||
U.S. Treasury Inflation Indexed Bond, 0.63%, 01/15/26 | 6.8 | Government | ||||||
U.S. Treasury Inflation Indexed Bond, 0.13%, 10/15/24 | 6.7 | Government | ||||||
U.S. Treasury Inflation Indexed Bond, 0.38%, 07/15/25 | 6.6 | Government | ||||||
U.S. Treasury Inflation Indexed Bond, 2.13%, 02/15/40 | 6.5 | Government | ||||||
U.S. Treasury Inflation Indexed Bond, 0.13%, 01/15/30 | 6.5 | Government | ||||||
U.S. Treasury Inflation Indexed Bond, 0.38%, 07/15/27 | 6.4 | Government | ||||||
U.S. Treasury Inflation Indexed Bond, 0.63%, 01/15/24 | 5.7 | Government | ||||||
U.S. Treasury Inflation Indexed Bond, 0.25%, 01/15/25 | 5.6 | Government |
2 | The holdings may not be representative of the Fund’s future investments. |
INDUSTRY ALLOCATION AS OF 8/31/223 |
| |||||
Sector Name | Fund | |||||
Government | 99.8 | % | ||||
Investment Company | 0.2 |
3 | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the table may not sum to 100% due to the exclusion of other assets and liabilities. |
For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
19
GOLDMAN SACHS ACCESS INFLATION PROTECTED USD BOND ETF
Performance Summary
August 31, 2022
The following graph shows the value, as of August 31, 2022, of a $10,000 investment made on October 2, 2018 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index, the FTSE Goldman Sachs Treasury Inflation Protected USD Bond Index is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.
Goldman Sachs Access Inflation Protected USD Bond ETF’s Lifetime Performance |
Performance of a $10,000 Investment, with distributions reinvested, from October 2, 2018 through August 31, 2022.
Average Annual Total Return through August 31, 2022* | 1 Year Return | Since Inception | ||
Shares based on NAV (Commenced October 2, 2018) |
-6.08% | 4.09% | ||
| ||||
Shares based on Market Price (Commenced October 2, 2018) |
-6.20% | 4.06% | ||
| ||||
FTSE Goldman Sachs Treasury Inflation Protected USD Bond Index |
-6.02% | 4.19% | ||
|
* | Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculations assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the Market Price returns. |
20
PORTFOLIO RESULTS
Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF
Investment Objective
The Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the FTSE Goldman Sachs US Investment Grade Corporate Bond 1-5 Years Index (the “Index”).
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Global Fixed Income and Liquidity Solutions Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2022 (the “Reporting Period”).
Q | How did the Fund perform during the Reporting Period? |
A | During the Reporting Period, the Fund returned -6.30% based on net asset value (“NAV”) and -6.51% based on market price. The Index returned -6.15% during the same period. |
The Fund had an NAV of $50.28 per share on August 31, 2021 and ended the Reporting Period with an NAV of $46.46 per share. The Fund’s market price on August 31, 2022 was $46.38 per share. |
Q | What key factors were responsible for the Fund’s performance during the Reporting Period? |
A | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index. The Fund’s performance reflects Fund expenses, including management fees and brokerage expenses. The Fund’s relative performance also reflects the impact of any cash held in the Fund as well as any other differences between the Fund’s holdings and the constituents of the Index. The Index is unmanaged, and Index returns do not reflect fees and expenses, which would reduce returns. |
The Index is a rules-based index that is designed to measure the performance of investment grade, corporate bonds denominated in U.S. dollars (“USD”) with remaining maturities between one and five years that meet certain liquidity and fundamental screening criteria. The Index is a custom index that is owned and calculated by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). The Index is based on the FTSE US Broad Investment-Grade (USBIG®) Corporate Bond Index (the “Reference Index”) using concepts developed with Goldman Sachs Asset Management, L.P. (the “Investment Adviser” or “GSAM”). The Index is rebalanced (i) monthly on the last business day of each month, to account for changes in maturities, duration, corporate actions or ratings migration, and (ii) quarterly, to account for updates to the constituents on the basis of the fundamental factors. |
Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors. |
During the Reporting Period, the Fund posted negative absolute returns that closely tracked the Index, as measured by NAV. The Fund is passively managed to the Index and aims to minimize tracking error to the Index. |
Overall, investment grade corporate bond returns are driven by two primary factors — duration (whether interest rates are rising or falling) and spreads (a widening or tightening of the yield differential to duration-equivalent U.S. Treasuries). |
During the Reporting Period, the U.S. Federal Reserve (the “Fed”), after having kept its monetary policy accommodative for an extended span, with the targeted federal funds rate in a range of 0.00% to 0.25%, began raising interest rates in March 2022. In total, the Fed raised the targeted federal funds rate four times in the first eight months of 2022 for a total of 225 basis points, bringing the targeted federal funds to a range of 2.25% to 2.50% by the end of the Reporting Period. (A basis point is 1/100th of a percentage point.) As investors feared an economic slowdown in reaction to the interest rate hikes, the U.S. Treasury yield curve, or spectrum of maturities, flattened, meaning the spread, or yield differential, between shorter-term and longer-term maturities narrowed. Toward the end of the Reporting Period, as the Fed’s rapid responses to inflation heightened expectations it would move policy into restrictive territory and slow future |
21
PORTFOLIO RESULTS
economic growth, the two-year to 10-year portion of the U.S. Treasury yield curve actually inverted, meaning 10-year U.S. Treasury yields were lower than those of two-year U.S. Treasury yields, historically a foreshadow of a recession. All told, yields rose rapidly across the U.S. Treasury yield curve as the Fed began unwinding the COVID-19-related stimulus. The bellwether 10-year U.S. Treasury yield was up 185 basis points during the Reporting Period, from 1.30% to 3.15%. Shorter-term U.S. Treasury security yields rose even more dramatically, with the three-year U.S. Treasury yield increasing 311 basis points, from 0.40% to 3.51% during the Reporting Period. |
Virtually all fixed income sectors recorded negative absolute returns during the Reporting Period, hurt by the increase in market volatility, much of which stemmed from the uncertainty around how forcefully the Fed would act to slow the economy as it sought to quell inflation. The risk asset sell-off drove a widening of credit spreads. Short-term investment grade corporate spreads widened by approximately 47 basis points, from 45 basis points to 92 basis points, during the Reporting Period. |
Toward the end of the Reporting Period, Fed Chair Powell articulated what had been increasingly clear for some time — that the Fed has limited tools to address inflation, but it intends to continue to forcefully react to inflation. |
Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
A | The Fund does not employ derivatives. During the Reporting Period, the Fund did not invest in derivatives or similar instruments. The Fund does not employ derivatives as a source of alpha generation, although it may use them to equitize excess cash. |
Q | What was the Fund’s weighted average duration, weighted average maturity, weighted average coupon, weighted average yield to maturity and 30-day standardized yield at the end of the Reporting Period?1 |
A | The Fund had a weighted average duration of 2.69 years, a weighted average maturity of 3.13 years and a weighted average coupon of 3.21% as of August 31, 2022. The Fund’s weighted average yield to maturity was 4.47% on August 31, 2022. The 30-day standardized yield of the Fund at the end of the Reporting Period was 4.02%. |
1 | Duration is a time measure of a bond’s interest-rate sensitivity, based on the weighted average of the time periods over which a bond’s cash flows accrue to the bondholder. Time periods are weighted by multiplying by the present value of its cash flow divided by the bond’s price. (A bond’s cash flows consist of coupon payments and repayment of capital.) |
A bond’s duration will almost always be shorter than its maturity, with the exception of zero-coupon bonds, for which maturity and duration are equal. Weighted average duration is a measure of the duration for the securities in the portfolio overall. Weighted average maturity (“WAM”) is the weighted average amount of time until the debt securities in a portfolio mature, or the weighted average of the remaining terms to maturity of the debt securities within a portfolio. The higher the WAM, the longer it takes for all of the bonds in the portfolio to mature, and WAM is used to manage debt portfolios and to assess the performance of debt portfolio managers. Coupons are fixed percentages paid out on a fixed income security on an annual basis. Weighted average coupon is calculated by weighting the coupon of each debt security by its relative size in the portfolio. Yield to maturity is the annual return that a bond is expected to generate if it is held till its maturity given its coupon rate, payment frequency and current market price. Yield to maturity is essentially the internal rate of return of a bond, i.e. the discount rate at which the present value of a bond’s coupon payments and maturity value is equal to its current market price. The 30-day standardized yield calculation is based on a 30-day period ending on the last day of the Reporting Period. It is computed by dividing the net investment income per share earned during the period by the maximum offering price per share on the last day of the period. |
22
PORTFOLIO RESULTS
Q | What was the Fund’s credit allocation at the end of the Reporting Period?2 |
A |
AAA | 1.05 | % | ||||
AA | 5.96 | % | ||||
A | 33.30 | % | ||||
BBB | 55.46 | % | ||||
BB | 2.65 | % | ||||
B | 0.29 | % | ||||
Cash | 1.28 | % |
Q | What was the Fund’s industry allocation at the end of the Reporting Period? |
A | Of the approximately 95.52% of the Fund’s assets invested in investment grade corporate bonds at the end of the Reporting Period, approximately 37.71% was in financials, 53.83% in industrials and 3.98% in utilities.3 |
Q | What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?4 |
A | While the Index was 97.52% allocated to investment grade corporate bonds, 1.57% allocated to high yield corporate bonds, 0.09% allocated to quasi-government securities, 0.82% to emerging markets debt and 0.00% in cash, the Fund was 95.52% invested in investment grade corporate bonds, 2.05% in high yield corporate bonds, 0.25% in quasi-government securities, 0.90% in emerging markets debt and 1.28% in cash at the end of the Reporting Period. |
2 | The Fund and the Index have not been rated by an independent rating agency. The credit allocation provided refers to the Fund’s underlying portfolio securities. For the purpose of determining compliance with any credit rating requirement, the Fund assigns a security, at the time of purchase, the highest rating by a Nationally Recognized Statistical Rating Organization (“NRSRO”) if the security is rated by more than one NRSRO. For this purpose, the Fund relies only on the ratings of the following NRSROs: S&P, Moody’s and Fitch, Inc. This method may differ from the method independently used by the Index Provider. GSAM will use a single rating if that is the only one available. Securities that are not rated by all three agencies are reflected as such in the breakdown. Unrated securities may be purchased by the Fund if they are determined by the Investment Adviser to be of a credit quality consistent with the Fund’s credit rate requirements. Unrated securities do not necessarily indicate low quality, and for such securities the Investment Adviser will evaluate the credit quality. GSAM converts all ratings to the equivalent S&P major rating category when illustrating credit rating breakdowns. Ratings and Fund/Index credit quality may change over time. |
3 | Industry classifications for securities may differ between the above section and the Fund Basics section due to differing classification methodologies. The classification methodology used for the above section is as set forth by GSAM. The Fund’s composition may differ over time. Consequently, the Fund’s overall industry allocations may differ from percentages contained in the above section. |
4 | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the FTSE Goldman Sachs Investment Grade Corporate Bond 1-5 Years Index. |
23
FUND BASICS
Access Investment Grade Corporate 1-5 Year Bond ETF
as of August 31, 2022
FUND SNAPSHOT |
| |||||
As of August 31, 2022 | ||||||
Market Price1 | $ | 46.38 | ||||
Net Asset Value (NAV)1 | $ | 46.46 |
1 | The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of the Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com/ETFs. |
TOP TEN HOLDINGS AS OF 8/31/222 | ||||||||
Holding | % of Net Assets | Line of Business | ||||||
Cooperatieve Rabobank UA, Series MTN, 3.38%, 05/21/25 | 1.5 | % | Banks | |||||
Santander UK Group Holdings PLC, 1.53%, 08/21/26 | 1.4 | Banks | ||||||
HSBC Holdings PLC, 4.30%, 03/08/26 | 1.4 | Banks | ||||||
Banco Santander SA, 2.75%, 05/28/25 | 1.2 | Banks | ||||||
Lloyds Banking Group PLC, 2.44%, 02/05/26 | 1.2 | Banks | ||||||
HSBC Holdings PLC, 2.25%, 11/22/27 | 1.1 | Banks | ||||||
Barclays PLC, 2.28%, 11/24/27 | 1.1 | Banks | ||||||
JPMorgan Chase & Co., 1.51%, 06/01/24 | 1.0 | Banks | ||||||
Deutsche Bank AG, 3.96%, 11/26/25 | 0.9 | Banks | ||||||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 1.75%, 01/30/26 | 0.8 | Financial Company |
2 | The top 10 holdings may not be representative of the Fund’s future investments. |
For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
INDUSTRY ALLOCATION AS OF 8/31/223 |
| |||||
Sector Name | Fund | |||||
Financials | 39.5 | % | ||||
Consumer, Non-cyclical | 10.0 | |||||
Industrials | 9.8 | |||||
Information Technology | 9.3 | |||||
Telecommunication Services | 8.8 | |||||
Energy | 8.5 | |||||
Consumer, Cyclical | 8.2 | |||||
Utilities | 4.3 | |||||
Investment Company | 1.0 | |||||
Materials | 0.6 |
3 | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the table may not sum to 100% due to the exclusion of other assets and liabilities. |
24
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND ETF
Performance Summary
August 31, 2022
The following graph shows the value, as of August 31, 2022, of a $10,000 investment made on July 7, 2020 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index, FTSE Goldman Sachs US Investment-Grade Corporate Bond 1-5 Years Index is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.
Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF’s Lifetime Performance |
Performance of a $10,000 Investment, with distributions reinvested, from July 7, 2020 through August 31, 2022.
Average Annual Total Return through August 31, 2022* | 1 Year Return | Since Inception | ||
Shares based on NAV (Commenced July 7, 2020) |
-6.30% | -2.17% | ||
| ||||
Shares based on Market Price (Commenced July 7, 2020) |
-6.51% | -2.25% | ||
| ||||
FTSE Goldman Sachs US Investment-Grade Corporate Bond 1-5 Years Index |
-6.15% | -1.96% | ||
|
* | Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculations assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the Market Price returns. |
25
PORTFOLIO RESULTS
Goldman Sachs Access Investment Grade Corporate Bond ETF
Investment Objective
The Goldman Sachs Access Investment Grade Corporate Bond ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the FTSE Goldman Sachs Investment Grade Corporate Bond Index (the “Index”).
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Global Fixed Income and Liquidity Solutions Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2022 (the “Reporting Period”).
Q | How did the Fund perform during the Reporting Period? |
A | During the Reporting Period, the Fund returned -14.96% based on net asset value (“NAV”) and -15.26% based on market price. The Index returned -14.79% during the same period. |
The Fund had an NAV of $55.24 per share on August 31, 2021 and ended the Reporting Period with an NAV of $45.81 per share. The Fund’s market price on August 31, 2022 was $45.61 per share. |
Q | What key factors were responsible for the Fund’s performance during the Reporting Period? |
A | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index. The Fund’s performance reflects Fund expenses, including management fees and brokerage expenses. The Fund’s relative performance also reflects the impact of any cash held in the Fund as well as any other differences between the Fund’s holdings and the constituents of the Index. The Index is unmanaged, and Index returns do not reflect fees and expenses, which would reduce returns. |
The Index is a rules-based index that is designed to measure the performance of investment grade, corporate bonds denominated in U.S. dollars (“USD”) that meet certain liquidity and fundamental screening criteria. The Index is a custom index that is owned and calculated by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”) and is based on the FTSE US Broad Investment-Grade (USBIG®) Corporate Index (the “Reference Index”) using concepts developed with Goldman Sachs Asset Management, L.P. (“GSAM”). The Index is rules-based and the securities in the Index are updated on the last business day of each month. |
Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors. |
During the Reporting Period, the Fund posted negative absolute returns that closely tracked the Index, as measured by NAV. The Fund is passively managed to the Index and aims to minimize tracking error to the Index. |
Overall, investment grade corporate bond returns are driven by two primary factors — duration (whether interest rates are rising or falling) and spreads (a widening or tightening of the yield differential to duration-equivalent U.S. Treasuries). |
During the Reporting Period, the U.S. Federal Reserve (the “Fed”), after having kept its monetary policy accommodative for an extended span, with the targeted federal funds rate in a range of 0.00% to 0.25%, began raising interest rates in March 2022. In total, the Fed raised the targeted federal funds rate four times in the first eight months of 2022 for a total of 225 basis points, bringing the targeted federal funds to a range of 2.25% to 2.50% by the end of the Reporting Period. (A basis point is 1/100th of a percentage point.) As investors feared an economic slowdown in reaction to the interest rate hikes, the U.S. Treasury yield curve, or spectrum of maturities, flattened, meaning the spread, or yield differential, between shorter-term and longer-term maturities narrowed. Toward the end of the Reporting Period, as the Fed’s rapid responses to inflation heightened expectations it would move policy into restrictive territory and slow future economic growth, the two-year to 10-year portion of the U.S. Treasury yield curve actually inverted, meaning 10-year U.S. Treasury yields were lower than those of two-year U.S. Treasury yields, historically a foreshadow of a recession. All told, yields rose rapidly across the U.S. Treasury yield curve as the Fed began unwinding the COVID-19-related stimulus. The bellwether 10-year U.S. Treasury yield was up 185 basis points during the Reporting Period, from 1.30% to 3.15%. |
26
PORTFOLIO RESULTS
Virtually all fixed income sectors recorded negative absolute returns during the Reporting Period, hurt by the increase in market volatility, much of which stemmed from the uncertainty around how forcefully the Fed would act to slow the economy as it sought to quell inflation. The risk asset sell-off drove a widening of credit spreads. Investment grade corporate spreads widened by approximately 53 basis points, from 87 basis points to 140 basis points, during the Reporting Period. |
Toward the end of the Reporting Period, Fed Chair Powell articulated what had been increasingly clear for some time — that the Fed has limited tools to address inflation, but it intends to continue to forcefully react to inflation. |
Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
A | The Fund does not employ derivatives. During the Reporting Period, the Fund did not invest in derivatives or similar instruments. The Fund does not employ derivatives as a source of alpha generation, although it may use them to equitize excess cash. |
Q | What was the Fund’s weighted average duration, weighted average maturity, weighted average coupon, weighted average yield to maturity and 30-day standardized yield at the end of the Reporting Period?1 |
A | The Fund had a weighted average duration of 7.43 years, a weighted average maturity of 11.62 years and a weighted average coupon of 3.67% as of August 31, 2022. The Fund’s weighted average yield to maturity was 4.82% on August 31, 2022. The 30-day standardized yield of the Fund at the end of the Reporting Period was 4.46%. |
Q | What was the Fund’s credit allocation at the end of the Reporting Period?2 |
A |
AAA | 1.55 | % | ||||
AA | 7.84 | % | ||||
A | 38.58 | % | ||||
BBB | 50.39 | % | ||||
BB | 1.14 | % | ||||
Cash | 0.49 | % |
Q | What was the Fund’s industry allocation at the end of the Reporting Period? |
A | Of the approximately 96.66% of the Fund’s assets invested in investment grade corporate bonds at the end of the Reporting Period, approximately 33.72% was in financials, 60.27% in industrials and 2.67% in utilities.3 |
1 | Duration is a time measure of a bond’s interest-rate sensitivity, based on the weighted average of the time periods over which a bond’s cash flows accrue to the bondholder. Time periods are weighted by multiplying by the present value of its cash flow divided by the bond’s price. (A bond’s cash flows consist of coupon payments and repayment of capital.) |
A bond’s duration will almost always be shorter than its maturity, with the exception of zero-coupon bonds, for which maturity and duration are equal. Weighted average duration is a measure of the duration for the securities in the portfolio overall. Weighted average maturity (“WAM”) is the weighted average amount of time until the debt securities in a portfolio mature, or the weighted average of the remaining terms to maturity of the debt securities within a portfolio. The higher the WAM, the longer it takes for all of the bonds in the portfolio to mature, and WAM is used to manage debt portfolios and to assess the performance of debt portfolio managers. Coupons are fixed percentages paid out on a fixed income security on an annual basis. Weighted average coupon is calculated by weighting the coupon of each debt security by its relative size in the portfolio. Yield to maturity is the annual return that a bond is expected to generate if it is held till its maturity given its coupon rate, payment frequency and current market price. Yield to maturity is essentially the internal rate of return of a bond, i.e. the discount rate at which the present value of a bond’s coupon payments and maturity value is equal to its current market price. The 30-day standardized yield calculation is based on a 30-day period ending on the last day of the Reporting Period. It is computed by dividing the net investment income per share earned during the period by the maximum offering price per share on the last day of the period. |
2 | The Fund and the Index have not been rated by an independent rating agency. The credit allocation provided refers to the Fund’s underlying portfolio securities. For the purpose of determining compliance with any credit rating requirement, the Fund assigns a security, at the time of purchase, the highest rating by a Nationally Recognized Statistical Rating Organization (“NRSRO”) if the security is rated by more than one NRSRO. For this purpose, the Fund relies only on the ratings of the following NRSROs: S&P, Moody’s and Fitch, Inc. This method may differ from the method independently used by the Index Provider. GSAM will use a single rating if that is the only one available. Securities that are not rated by all three agencies are reflected as such in the breakdown. Unrated securities may be purchased by the Fund if they are determined by the Investment Adviser to be of a credit quality consistent with the Fund’s credit rate requirements. Unrated securities do not necessarily indicate low quality, and for such securities the Investment Adviser will evaluate the credit quality. GSAM converts all ratings to the equivalent S&P major rating category when illustrating credit rating breakdowns. Ratings and Fund/Index credit quality may change over time. |
3 | Industry classifications for securities may differ between the above section and the Fund Basics section due to differing classification methodologies. The classification methodology used for the above section is as set forth by GSAM. The Fund’s composition may differ over time. Consequently, the Fund’s overall industry allocations may differ from percentages contained in the above section. |
27
PORTFOLIO RESULTS
Q | What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?4 |
A | While the Index was 97.25% allocated to investment grade corporate bonds, 1.07% allocated to high yield corporate bonds, 1.43% allocated to emerging market corporate bonds, 0.25% allocated to quasi-government securities and 0.00% in cash, the Fund was 96.66% invested in investment grade corporate bonds, 0.78% in high yield corporate bonds, 1.72% in emerging market corporate bonds, 0.34% in quasi-government securities and 0.49% in cash at the end of the Reporting Period. |
4 | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the FTSE Goldman Sachs Investment Grade Corporate Bond Index. |
28
FUND BASICS
Access Investment Grade Corporate Bond ETF
as of August 31, 2022
FUND SNAPSHOT |
| |||||
As of August 31, 2022 | ||||||
Market Price1 | $ | 45.61 | ||||
Net Asset Value (NAV)1 | $ | 45.81 |
1 | The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of the Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com/ETFs. |
TOP TEN HOLDINGS AS OF 8/31/222 | ||||||||||
Holding | % of Net Assets | Line of Business | Country | |||||||
American Express Co., 3.00%, 10/30/24 | 0.5 | % | Banks | United States | ||||||
Cigna Corp., 4.13%, 11/15/25 | 0.5 | Healthcare | United States | |||||||
Verizon Communications, Inc., 0.85%, 11/20/25 | 0.4 | Wireless | United States | |||||||
NVIDIA Corp., 0.58%, 06/14/24 | 0.4 | Technology | United States | |||||||
BP Capital Markets America, Inc., 3.02%, 01/16/27 | 0.4 | Energy | United States | |||||||
Starbucks Corp., 3.80%, 08/15/25 | 0.4 | Consumer Cyclical | United States | |||||||
Bristol-Myers Squibb Co., 0.75%, 11/13/25 | 0.4 | Consumer Noncyclical | United States | |||||||
Bank of Montreal, 4.34%, 10/05/28 | 0.3 | Banks | Canada | |||||||
AbbVie, Inc., 3.60%, 05/14/25 | 0.3 | Consumer Noncyclical | United States | |||||||
Westpac Banking Corp., 2.89%, 02/04/30 | 0.3 | Banks | Australia |
2 | The top 10 holdings may not be representative of the Fund’s future investments. |
For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
INDUSTRY ALLOCATION AS OF 8/31/223 |
| |||||
Sector Name | Fund | |||||
Financials | 35.7 | % | ||||
Consumer, Non-cyclical | 18.3 | |||||
Telecommunication Services | 13.5 | |||||
Energy | 10.1 | |||||
Information Technology | 8.6 | |||||
Consumer, Cyclical | 5.2 | |||||
Industrials | 4.5 | |||||
Utilities | 2.7 | |||||
Materials | 1.1 | |||||
Investment Company | 0.3 |
3 | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the table may not sum to 100% due to the exclusion of other assets and liabilities. |
29
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Performance Summary
August 31, 2022
The following graph shows the value, as of August 31, 2022, of a $10,000 investment made on June 6, 2017 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index, the FTSE Goldman Sachs Investment Grade Corporate Bond Index is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.
Goldman Sachs Access Investment Grade Corporate Bond ETF’s Lifetime Performance |
Performance of a $10,000 Investment, with distributions reinvested, from June 6, 2017 through August 31, 2022.
Average Annual Total Return through August 31, 2022* | 1 Year Return | Since Inception | ||
Shares based on NAV (Commenced June 6, 2017) |
-14.96% | 1.18% | ||
| ||||
Shares based on Market Price (Commenced June 6, 2017) |
-15.26% | 1.09% | ||
| ||||
FTSE Goldman Sachs Investment Grade Corporate Bond Index |
-14.79% | 1.39% | ||
|
* | Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculations assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the Market Price returns. |
30
PORTFOLIO RESULTS
Goldman Sachs Access Treasury 0-1 Year ETF
Investment Objective
The Goldman Sachs Access Treasury 0-1 Year ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the FTSE US Treasury 0-1 Year Composite Select Index (the “Index”).
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Global Fixed Income and Liquidity Solutions Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2022 (the “Reporting Period”).
Q | How did the Fund perform during the Reporting Period? |
A | During the Reporting Period, the Fund returned 0.01% based on net asset value (“NAV”) and 0.06% based on market price. The Index returned 0.18% during the same period. |
The Fund had an NAV of $100.09 on August 31, 2021 and ended the Reporting Period with an NAV of $99.84 per share. The Fund’s market price on August 31, 2022 was $99.88 per share. |
Q | What key factors were responsible for the Fund’s performance during the Reporting Period? |
A | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index. The Fund’s performance reflects Fund expenses, including management fees and brokerage expenses. The Fund’s relative performance also reflects the impact of any cash held in the Fund as well as any other differences between the Fund’s holdings and the constituents of the Index. The Index is unmanaged, and Index returns do not reflect fees and expenses, which would reduce returns. |
The Index is designed to measure the performance of U.S. Treasury Securities with a maximum remaining maturity of 12 months. “U.S. Treasury Securities” refer to securities issued or guaranteed by the U.S. Treasury where the payment of principal and interest is backed by the full faith and credit of the U.S. government. U.S. Treasury Securities include U.S. Treasury notes, U.S. Treasury bills and U.S. Treasury floating rate bonds. The Index is sponsored by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”), which is not affiliated with the Fund or the Investment Adviser. The Index is market capitalization-weighted and the securities in the Index are updated on the last business day of each month. |
Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors. |
During the Reporting Period, the Fund posted positive absolute returns that modestly lagged the Index, as measured by NAV. The Fund is passively managed to the Index and aims to minimize tracking error to the Index. |
The Fund’s and the Index’s performance was largely reflective of the performance of front-end, or short-term, U.S. Treasury rates, which were primarily affected, in turn, by U.S. Federal Reserve (“Fed”) policy. The Fed had kept the targeted federal funds rate low, i.e. a range of 0% to 0.25%, since the onset of the COVID-19 pandemic. However, higher inflation, combined with a strong labor market, resulted in the Fed beginning to hike interest rates in March 2022. Indeed, in an effort to slow the economy and dampen price increases, the Fed raised the targeted federal funds rate four times in the first eight months of 2022, for a total of 225 basis points. (A basis point is 1/100th of a percentage point.) This put upward pressure on short-term U.S. interest rates and downward pressure on short-term bond prices. In fact, short-term U.S. interest rates increased significantly, with six-month U.S. Treasury yields up from 0.05% to 3.33% during the Reporting Period. |
The Fund is an ultra-short bond fund, i.e. it invests in U.S. Treasury securities with maturities of one-month to one-year and thus its NAV has a low sensitivity to interest rate changes, but such Fed rate hikes resulted in the yield of the Fund increasing significantly during the Reporting Period. However, the sharp move higher in yields offset the positive effect of higher income, resulting in a rather neutral total return for the Fund for the Reporting Period. |
31
PORTFOLIO RESULTS
In August 2022, Fed Chair Jerome Powell articulated what had been increasingly clear throughout the Reporting Period — that the Fed has limited tools to address inflation, but it intends to continue to forcefully react to inflation. At the end of the Reporting Period, we expected key factors impacting the returns of the Fund to continue to be inflation, U.S. economic growth and Fed policy, as these factors will likely help drive the outcome and level of short-term interest rates in the U.S. |
Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
A | The Fund does not employ derivatives. During the Reporting Period, the Fund did not invest in derivatives or similar instruments. The Fund does not employ derivatives as a source of alpha generation, although it may use them to equitize excess cash. |
Q | What was the Fund’s weighted average duration, weighted average maturity, weighted average coupon, weighted average yield to maturity and 30-day standardized yield at the end of the Reporting Period?1 |
A | The Fund had a weighted average duration of 0.38 years, a weighted average maturity of 0.38 years and a weighted average coupon of 0.14% as of August 31, 2022. The Fund’s weighted average yield to maturity was 2.96% on August 31, 2022. The 30-day net standardized yield of the Fund at the end of the Reporting Period was 2.44%. |
Q | What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?2 |
A | The Index was 100% allocated to U.S. Treasury securities as the end of the Reporting Period, and the Fund was 99.92% invested in U.S. Treasury securities at the end of the Reporting Period, with the remainder in cash. |
On June 30, 2022, David Fishman, Managing Director and Head of Liquidity Solutions within Goldman Sachs Asset Management, L.P. (“GSAM”), announced his intention to retire from GSAM, effective December 31, 2022. On October 1, 2022, Mr. Fishman will no longer serve as a portfolio manager for the Fund. Todd Henry and David Westbrook, each a Vice President within GSAM’s Fixed Income Team, will continue to serve as portfolio managers for the Fund. By design, all investment decisions for the Fund are performed within a co-lead or team structure, with multiple subject matter experts. This strategic decision making has been a cornerstone of our approach and helps to ensure continuity in the Fund. |
1 | Duration is a time measure of a bond’s interest-rate sensitivity, based on the weighted average of the time periods over which a bond’s cash flows accrue to the bondholder. Time periods are weighted by multiplying by the present value of its cash flow divided by the bond’s price. (A bond’s cash flows consist of coupon payments and repayment of capital.) |
A bond’s duration will almost always be shorter than its maturity, with the exception of zero-coupon bonds, for which maturity and duration are equal. Weighted average duration is a measure of the duration for the securities in the portfolio overall. Weighted average maturity (“WAM”) is the weighted average amount of time until the debt securities in a portfolio mature, or the weighted average of the remaining terms to maturity of the debt securities within a portfolio. The higher the WAM, the longer it takes for all of the bonds in the portfolio to mature, and WAM is used to manage debt portfolios and to assess the performance of debt portfolio managers. Coupons are fixed percentages paid out on a fixed income security on an annual basis. Weighted average coupon is calculated by weighting the coupon of each debt security by its relative size in the portfolio. Yield to maturity is the annual return that a bond is expected to generate if it is held till its maturity given its coupon rate, payment frequency and current market price. Yield to maturity is essentially the internal rate of return of a bond, i.e. the discount rate at which the present value of a bond’s coupon payments and maturity value is equal to its current market price. The 30-day standardized yield calculation is based on a 30-day period ending on the last day of the Reporting Period. It is computed by dividing the net investment income per share earned during the period by the maximum offering price per share on the last day of the period. |
2 | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the FTSE US Treasury 0-1 Year Composite Select Index. |
32
FUND BASICS
Access Treasury 0-1 Year ETF
as of August 31, 2022
FUND SNAPSHOT |
| |||||
As of August 31, 2022 | ||||||
Market Price1 | $ | 99.88 | ||||
Net Asset Value (NAV)1 | $ | 99.84 |
1 | The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of the Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com/ETFs. |
TOP TEN HOLDINGS AS OF 8/31/222 |
| |||||||
Holding | Maturity Date | % of Net Assets | ||||||
U.S. Treasury Bill, 2.09% | 10/25/22 | 12.9 | % | |||||
U.S. Treasury Bill, 3.06% | 01/19/23 | 6.0 | ||||||
U.S. Treasury Bill, 2.63% | 11/03/22 | 5.8 | ||||||
U.S. Treasury Bill, 3.34% | 07/13/23 | 4.3 | ||||||
U.S. Treasury Bill, 2.97% | 12/22/22 | 3.9 | ||||||
U.S. Treasury Bill, 3.01% | 01/05/23 | 3.8 | ||||||
U.S. Treasury Bill, 2.82% | 03/23/23 | 3.8 | ||||||
U.S. Treasury Bill, 3.21% | 02/23/23 | 3.7 | ||||||
U.S. Treasury Bill, 3.29% | 02/23/23 | 3.7 | ||||||
U.S. Treasury Bill, 2.50% | 12/22/22 | 3.6 |
2 | The top 10 holdings may not be representative of the Fund’s future investments. |
For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
33
GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF
Performance Summary
August 31, 2022
The following graph shows the value, as of August 31, 2022, of a $10,000 investment made on September 6, 2016 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index, the FTSE US Treasury 0-1 Year Composite Select Index is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.
Goldman Sachs Access Treasury 0-1 Year ETF’s Lifetime Performance |
Performance of a $10,000 Investment, with distributions reinvested, from September 6, 2016 through August 31, 2022.
Average Annual Total Return through August 31, 2022* | 1 Year Return | 5 Year Return | Since Inception | |||
Shares based on NAV (Commenced September 6, 2016) |
0.01% | 1.03% | 0.95% | |||
| ||||||
Shares based on Market Price (Commenced September 6, 2016) |
0.06% | 1.04% | 0.95% | |||
| ||||||
FTSE US Treasury 0-1 Year Composite Select Index |
0.18% | 1.14% | 1.06% | |||
|
* | Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculations assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the Market Price returns. |
34
PORTFOLIO RESULTS
Goldman Sachs Access U.S. Aggregate Bond ETF
Investment Objective
The Goldman Sachs Access U.S. Aggregate Bond ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the FTSE Goldman Sachs US Broad Bond Market Index (the “Index”).
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Global Fixed Income and Liquidity Solutions Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2022 (the “Reporting Period”).
Q | How did the Fund perform during the Reporting Period? |
A | During the Reporting Period, the Fund returned -12.12% based on net asset value (“NAV”) and -11.99% based on market price. The Index returned -12.07% during the same period. |
The Fund had an NAV of $49.40 per share on August 31, 2021 and ended the Reporting Period with an NAV of $42.88 per share. The Fund’s market price on August 31, 2022 was $42.93 per share. |
Q | What key factors were responsible for the Fund’s performance during the Reporting Period? |
A | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index. The Fund’s performance reflects Fund expenses, including management fees and brokerage expenses. The Fund’s relative performance also reflects the impact of any cash held in the Fund as well as any other differences between the Fund’s holdings and the constituents of the Index. The Index is unmanaged, and Index returns do not reflect fees and expenses, which would reduce returns. |
The Index is a rules-based index that is designed to measure the performance of investment grade, U.S. dollar (“USD”)-denominated bonds issued in the United States that meet certain liquidity and fundamental screening criteria. The Index is a custom index that is owned and calculated by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). The Index is based on the FTSE US Broad Investment-Grade (USBIG®) Index (the “Reference Index”) using concepts developed with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”). The Index is normally rebalanced (i) monthly on the last business day of each month, to account for changes in maturities, duration, corporate actions or ratings migration, and (ii) quarterly, to account for updates to the corporate bond constituents of the Index on the basis of the fundamental factors. |
Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors. |
During the Reporting Period, the Fund posted negative absolute returns that closely tracked the Index, as measured by NAV. The Fund is passively managed to the Index and aims to minimize tracking error to the Index. |
Overall, U.S. bond returns are driven by two primary factors — duration (whether interest rates are rising or falling) and spreads (a widening or tightening of the yield differential to duration-equivalent U.S. Treasuries). |
During the Reporting Period, the U.S. Federal Reserve (the “Fed”), after having kept its monetary policy accommodative for an extended span, with the targeted federal funds rate in a range of 0.00% to 0.25%, began raising interest rates in March 2022. In total, the Fed raised the targeted federal funds rate four times in the first eight months of 2022 for a total of 225 basis points, bringing the targeted federal funds to a range of 2.25% to 2.50% by the end of the Reporting Period. (A basis point is 1/100th of a percentage point.) As investors feared an economic slowdown in reaction to the interest rate hikes, the U.S. Treasury yield curve, or spectrum of maturities, flattened, meaning the spread, or yield differential, between shorter-term and longer-term maturities narrowed. Toward the end of the Reporting Period, as the Fed’s rapid responses to inflation heightened expectations it would move policy into restrictive territory and slow future economic growth, the two-year to 10-year portion of the |
35
PORTFOLIO RESULTS
U.S. Treasury yield curve actually inverted, meaning 10-year U.S. Treasury yields were lower than those of two-year U.S. Treasury yields, historically a foreshadow of a recession. All told, yields rose rapidly across the U.S. Treasury yield curve as the Fed began unwinding the COVID-19-related stimulus. |
The Fund had a duration of six to seven years during the Reporting Period, which means moves in the U.S. Treasury yield curve, particularly in the five-year to 10-year segment of the maturity spectrum, made the Fund sensitive to moves in this intermediate segment of the curve. During the Reporting Period, five-year U.S. Treasury yields increased approximately 257 basis points, and the bellwether 10-year U.S. Treasury yield was up 185 basis points during the Reporting Period, from 1.30% to 3.15%. |
During the Reporting Period, investment grade corporate spreads ended August 2022 at approximately 319 basis points, widening by approximately 233 basis points. U.S. mortgage-backed securities spreads ended August 2022 at approximately 40 basis points, widening by approximately seven basis points during the Reporting Period. |
Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
A | The Fund does not employ derivatives. During the Reporting Period, the Fund did not invest in derivatives or similar instruments. The Fund does not employ derivatives as a source of alpha generation, although it may use them to equitize excess cash. |
Q | What was the Fund’s weighted average duration, weighted average maturity, weighted average coupon, weighted average yield to maturity and 30-day standardized yield at the end of the Reporting Period?1 |
A | The Fund had a weighted average duration of 6.46 years, a weighted average maturity of 13.97 years and a weighted average coupon of 2.74% as of August 31, 2022. The Fund’s weighted average yield to maturity was 3.89% on August 31, 2022. The 30-day standardized yield of the Fund at the end of the Reporting Period was 3.22%. |
1 | Duration is a time measure of a bond’s interest-rate sensitivity, based on the weighted average of the time periods over which a bond’s cash flows accrue to the bondholder. Time periods are weighted by multiplying by the present value of its cash flow divided by the bond’s price. (A bond’s cash flows consist of coupon payments and repayment of capital.) |
A bond’s duration will almost always be shorter than its maturity, with the exception of zero-coupon bonds, for which maturity and duration are equal. Weighted average duration is a measure of the duration for the securities in the portfolio overall. Weighted average maturity (“WAM”) is the weighted average amount of time until the debt securities in a portfolio mature, or the weighted average of the remaining terms to maturity of the debt securities within a portfolio. The higher the WAM, the longer it takes for all of the bonds in the portfolio to mature, and WAM is used to manage debt portfolios and to assess the performance of debt portfolio managers. Coupons are fixed percentages paid out on a fixed income security on an annual basis. Weighted average coupon is calculated by weighting the coupon of each debt security by its relative size in the portfolio. Yield to maturity is the annual return that a bond is expected to generate if it is held till its maturity given its coupon rate, payment frequency and current market price. Yield to maturity is essentially the internal rate of return of a bond, i.e. the discount rate at which the present value of a bond’s coupon payments and maturity value is equal to its current market price. The 30-day standardized yield calculation is based on a 30-day period ending on the last day of the Reporting Period. It is computed by dividing the net investment income per share earned during the period by the maximum offering price per share on the last day of the period. |
36
PORTFOLIO RESULTS
Q | What was the Fund’s credit allocation at the end of the Reporting Period?2 |
A |
U.S. Treasuries | 44.94 | % | ||||
Agency Securities | 26.57 | % | ||||
AAA | 0.41 | % | ||||
AA | 2.52 | % | ||||
A | 10.32 | % | ||||
BBB | 13.95 | % | ||||
BB | 0.49 | % | ||||
B | 0.00 | % | ||||
Not Rated | 0.03 | % | ||||
Cash | 0.76 | % |
Q | What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?3 |
A |
Sector | Fund | Index | ||||||||
U.S. Treasuries | 44.94 | % | 41.40 | % | ||||||
Quasi-Government Securities | 0.36 | % | 3.65 | % | ||||||
Asset-Backed Securities | 0.00 | % | 0.17 | % | ||||||
Commercial Mortgage-Backed Securities | 0.00 | % | 0.00 | % | ||||||
Residential Mortgage-Backed Securities | 26.57 | % | 27.21 | % | ||||||
Investment Grade Corporate Bonds | 24.31 | % | 24.49 | % | ||||||
High Yield Corporate Bonds | 0.38 | % | 0.28 | % | ||||||
Emerging Markets Debt | 2.68 | % | 2.80 | % | ||||||
Cash | 0.76 | % | 0.00 | % |
2 | The Fund and the Index have not been rated by an independent rating agency. The credit allocation provided refers to the Fund’s underlying portfolio securities. For the purpose of determining compliance with any credit rating requirement, the Fund assigns a security, at the time of purchase, the highest rating by a Nationally Recognized Statistical Rating Organization (“NRSRO”) if the security is rated by more than one NRSRO. For this purpose, the Fund relies only on the ratings of the following NRSROs: S&P, Moody’s and Fitch, Inc. This method may differ from the method independently used by the Index Provider. GSAM will use a single rating if that is the only one available. Securities that are not rated by all three agencies are reflected as such in the breakdown. Unrated securities may be purchased by the Fund if they are determined by the Investment Adviser to be of a credit quality consistent with the Fund’s credit rate requirements. Unrated securities do not necessarily indicate low quality, and for such securities the Investment Adviser will evaluate the credit quality. GSAM converts all ratings to the equivalent S&P major rating category when illustrating credit rating breakdowns. Ratings and Fund/Index credit quality may change over time. |
3 | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the FTSE Goldman Sachs US Broad Bond Market Index. |
37
FUND BASICS
Access U.S. Aggregate Bond ETF
as of August 31, 2022
FUND SNAPSHOT |
| |||||
As of August 31, 2022 | ||||||
Market Price1 | $ | 42.93 | ||||
Net Asset Value (NAV)1 | $ | 42.88 |
1 | The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of the Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com/ETFs. |
TOP TEN HOLDINGS AS OF 8/31/222 |
| |||||
Holding | % of Net Assets | |||||
U.S. Treasury Note, 2.00%, 11/15/26 | 12.1 | % | ||||
Federal National Mortgage Association, 2.00%, 09/15/50 | 6.2 | |||||
U.S. Treasury Note, 2.75%, 02/15/28 | 4.8 | |||||
U.S. Treasury Note, 2.88%, 08/15/28 | 4.3 | |||||
Federal National Mortgage Association, 2.50%, 09/15/51 | 3.9 | |||||
U.S. Treasury Note, 2.00%, 02/15/25 | 3.6 | |||||
U.S. Treasury Note, 0.25%, 05/15/24 | 3.3 | |||||
U.S. Treasury Note, 2.13%, 05/31/26 | 2.8 | |||||
U.S. Treasury Note, 2.50%, 01/31/25 | 2.5 | |||||
Federal National Mortgage Association, 3.00%, 09/15/51 | 2.4 |
2 | The top 10 holdings may not be representative of the Fund’s future investments. |
For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
INDUSTRY ALLOCATION AS OF 8/31/223 |
| |||||
Sector Name | Fund | |||||
U.S. Treasury Notes | 26.9 | % | ||||
Mortgage-Backed Securities | 22.0 | |||||
Investment Company | 18.9 | |||||
Corporate Obligations | 16.7 | |||||
U.S. Treasury Bonds | 5.5 | |||||
U.S. Treasury Obligations | 4.4 | |||||
Foreign Corporate Debt | 4.1 | |||||
Foreign Debt Obligations | 1.5 |
3 | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the table may not sum to 100% due to the exclusion of other assets and liabilities. |
38
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Performance Summary
August 31, 2022
The following graph shows the value, as of August 31, 2022, of a $10,000 investment made on September 8, 2020 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of a broad-based securities market index, the FTSE Goldman Sachs US Broad Bond Market Index is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Certain factors may affect Fund performance including, but not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.
Goldman Sachs Access U.S. Aggregate Bond ETF’s Lifetime Performance |
Performance of a $10,000 Investment, with distributions reinvested, from September 8, 2020 through August 31, 2022.
Average Annual Total Return through August 31, 2022* | 1 Year Return | Since Inception | ||
Shares based on NAV (Commenced September 8, 2020) |
-12.12% | -6.57% | ||
| ||||
Shares based on Market Price (Commenced September 8, 2020) |
-11.99% | -6.51% | ||
| ||||
FTSE Goldman Sachs US Broad Bond Market Index |
-12.07% | -6.40% | ||
|
* | Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculations assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the Market Price returns. |
39
PORTFOLIO RESULTS
Goldman Sachs Access Ultra Short Bond ETF
Investment Objective
The Goldman Sachs Access Ultra Short Bond ETF (the “Fund”) seeks to provide current income with preservation of capital.
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Global Fixed Income and Liquidity Solutions Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2022 (the “Reporting Period”).
Q | How did the Fund perform during the Reporting Period? |
A | During the Reporting Period, the Fund returned -0.58% based on net asset value (“NAV”) and -0.59% based on market price. The Fund’s benchmark, the FTSE Three-Month U.S. Treasury Bill Index (the “Index”), returned 0.44% for the same period. |
The Fund had an NAV of $50.71 per share on August 31, 2021 and ended the Reporting Period with an NAV of $49.95 per share. The Fund’s market price on August 31, 2022 was $49.95 per share. |
Q | What key factors were responsible for the Fund’s performance during the Reporting Period? |
A | The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) (“Net Assets”) in a broad range of U.S. dollar denominated bonds. The Fund primarily invests in obligations issued or guaranteed by the U.S. Government, its agencies, authorities, instrumentalities or sponsored enterprises (“U.S. Government Securities”), obligations of U.S. banks, corporate notes, commercial paper and other short-term obligations of U.S. companies, states, municipalities and other entities, fixed and floating rate mortgage-backed securities, asset-backed securities, collateralized loan obligations and repurchase agreements. The Fund may also invest in U.S. dollar-denominated obligations issued or guaranteed by foreign banks, companies and governments or their agencies, authorities, instrumentalities or sponsored enterprises. |
The Fund will generally focus its investments in securities of issuers that, at the time of purchase, have a short-term credit rating of at least investment grade by at least one nationally recognized statistical rating organization (“NRSRO”) (at least A-2, P-2, or F2 by S&P Global Ratings (“S&P”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch Ratings, Inc. (“Fitch”), respectively), have a long-term credit rating of at least investment grade by at least one NRSRO (at least BBB-, Baa3, or BBB by S&P, Moody’s or Fitch, respectively) if such securities only maintain long-term ratings, or, if unrated, are determined by the Investment Adviser to be of comparable credit quality at the time of purchase. The Fund may also rely on the credit quality of a guarantee or demand feature in determining the credit quality of a security supported by the guarantee or demand feature. |
The Fund will concentrate its investments in the financial services group of industries. Therefore, under normal circumstances, the Fund will invest more than 25% of its total assets in securities issued by companies in the financial services group of industries and repurchase agreements secured by such obligations. |
Under normal circumstances, the Fund’s effective duration is expected to be one year or less. “Duration” is a measure of a debt security’s price sensitivity to changes in interest rates. The longer the duration of the Fund (or an individual debt security), the more sensitive its market price to changes in interest rates. In computing duration, the Fund will estimate the duration of obligations that are subject to prepayment or redemption by the issuer, taking into account the influence of interest rates on prepayments and coupon flows. This method of computing duration is known as “option-adjusted” duration. |
The Fund is an actively managed exchange-traded fund (“ETF”), which is a fund that trades like other publicly-traded securities. The Fund is not an index fund and does not seek to replicate the performance of a specified index. |
THE FUND IS NOT A MONEY MARKET FUND AND DOES NOT ATTEMPT TO MAINTAIN A STABLE NET ASSET VALUE. |
During the Reporting Period, the Fund posted negative absolute returns that modestly underperformed the Index. The Fund, as an actively managed, broadly diversified |
40
PORTFOLIO RESULTS
portfolio of high quality short-term holdings across multiple spread, or non-U.S. Treasury, sectors, slightly underperformed the Index during the Reporting Period due primarily to differences in sector positioning and duration and yield curve positioning relative to that of the Index. |
Overall, short term bond returns are driven by two primary factors--short-term interest rates and sector yields. |
During the Reporting Period, the U.S. Federal Reserve (the “Fed”), after having kept its monetary policy accommodative for an extended span, with the targeted federal funds rate in a range of 0.00% to 0.25%, began raising interest rates in March 2022. In total, the Fed raised the targeted federal funds rate four times in the first eight months of 2022 for a total of 225 basis points, bringing the targeted federal funds to a range of 2.25% to 2.50% by the end of the Reporting Period. (A basis point is 1/100th of a percentage point.) As investors feared an economic slowdown in reaction to the interest rate hikes, the U.S. Treasury yield curve, or spectrum of maturities, flattened, meaning the spread, or yield differential, between shorter-term and longer-term maturities narrowed. Toward the end of the Reporting Period, as the Fed’s rapid responses to inflation heightened expectations it would move policy into restrictive territory and slow future economic growth, the two-year to 10-year portion of the U.S. Treasury yield curve actually inverted, meaning 10-year U.S. Treasury yields were lower than those of two-year U.S. Treasury yields, historically a foreshadow of a recession. All told, yields rose rapidly across the U.S. Treasury yield curve as the Fed began unwinding the COVID-19-related stimulus. The bellwether 10-year U.S. Treasury yield was up 185 basis points during the Reporting Period, from 1.30% to 3.15%. Short-term U.S. interest rates increased even more significantly, with six-month U.S. Treasury yields up from 0.05% to 3.33% during the Reporting Period. |
The increase in short-term interest rates put downward pressure on bond prices during the Reporting Period, but since the Fund is an ultra-short bond fund, i.e. it maintains an effective duration of less than one year, its NAV has a low sensitivity to interest rate changes, thus mitigating the impact of higher rates. The Fund’s allocation to floating rate assets also helped reduce the effect of rising rates, enabling the yield of the strategy to increase along with the market. However, credit spread widening was a detracting factor. During the Reporting Period, short-dated, i.e. maturities of one to three years, investment grade credit yields widened by approximately 43 basis points, from 33 basis points to 76 basis points. |
A broad diversified portfolio of high quality short-term holdings, across investment grade corporate credit, U.S. Treasuries, mortgage-backed securities and other securitized credit, helped the Fund achieve a high level of current income for investors while also providing reduced volatility as yields of various individual sectors fluctuated during the Reporting Period. |
Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
A | The Fund does not employ derivatives. During the Reporting Period, the Fund did not invest in derivatives or similar instruments. The Fund does not employ derivatives as a source of alpha generation, although it may use them to equitize excess cash. |
Q | What was the Fund’s weighted average duration, weighted average maturity, weighted average coupon, weighted average yield to maturity and 30-day standardized yield at the end of the Reporting Period?1 |
A | The Fund had a weighted average duration of 0.47 years, a weighted average maturity of 9.03 years and a weighted average coupon of 2.70% as of August 31, 2022. The Fund’s weighted average yield to maturity was 4.18% on August 31, 2022. The 30-day standardized yield of the Fund at the end of the Reporting Period was 2.69%. |
1 | Duration is a time measure of a bond’s interest-rate sensitivity, based on the weighted average of the time periods over which a bond’s cash flows accrue to the bondholder. Time periods are weighted by multiplying by the present value of its cash flow divided by the bond’s price. (A bond’s cash flows consist of coupon payments and repayment of capital.) |
A bond’s duration will almost always be shorter than its maturity, with the exception of zero-coupon bonds, for which maturity and duration are equal. Weighted average duration is a measure of the duration for the securities in the portfolio overall. Weighted average maturity (“WAM”) is the weighted average amount of time until the debt securities in a portfolio mature, or the weighted average of the remaining terms to maturity of the debt securities within a portfolio. The higher the WAM, the longer it takes for all of the bonds in the portfolio to mature, and WAM is used to manage debt portfolios and to assess the performance of debt portfolio managers. Coupons are fixed percentages paid out on a fixed income security on an annual basis. Weighted average coupon is calculated by weighting the coupon of each debt security by its relative size in the portfolio. Yield to maturity is the annual return that a bond is expected to generate if it is held till its maturity given its coupon rate, payment frequency and current market price. Yield to maturity is essentially the internal rate of return of a bond, i.e. the discount rate at which the present value of a bond’s coupon payments and maturity value is equal to its current market price. The 30-day standardized yield calculation is based on a 30-day period ending on the last day of the Reporting Period. It is computed by dividing the net investment income per share earned during the period by the maximum offering price per share on the last day of the period. |
41
PORTFOLIO RESULTS
Q | What was the Fund’s credit allocation at the end of the Reporting Period?2 |
A |
U.S. Treasuries | 4.39 | % | ||||
Agency Securities | 29.42 | % | ||||
AAA | 16.79 | % | ||||
AA | 3.76 | % | ||||
A | 23.20 | % | ||||
BBB | 12.24 | % | ||||
Not Rated | 4.59 | % | ||||
Cash | 5.60 | % |
Q | What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?2 |
A | While the Index was 100% allocated to U.S. Treasury securities, the Fund was 4.39% invested in U.S. Treasury securities, 1.31% in quasi-government securities, 14.44% in asset-backed securities, 5.75% in commercial mortgage-backed securities, 29.42% in residential mortgage-backed securities, 39.09% in investment grade corporate bonds and 5.60% in cash at the end of the Reporting Period. |
On June 30, 2022, David Fishman, Managing Director and Head of Liquidity Solutions within Goldman Sachs Asset Management, L.P. (“GSAM”), announced his intention to retire from GSAM, effective December 31, 2022. On October 1, 2022, Mr. Fishman will no longer serve as a portfolio manager for the Fund. Todd Henry and David Westbrook, each a Vice President within GSAM’s Fixed Income Team, will continue to serve as portfolio managers for the Fund. By design, all investment decisions for the Fund are performed within a co-lead or team structure, with multiple subject matter experts. This strategic decision making has been a cornerstone of our approach and helps to ensure continuity in the Fund. |
2 | The Fund and the Index have not been rated by an independent rating agency. The credit allocation provided refers to the Fund’s underlying portfolio securities. For the purpose of determining compliance with any credit rating requirement, the Fund assigns a security, at the time of purchase, the highest rating by a Nationally Recognized Statistical Rating Organization (“NRSRO”) if the security is rated by more than one NRSRO. For this purpose, the Fund relies only on the ratings of the following NRSROs: S&P, Moody’s and Fitch, Inc. This method may differ from the method independently used by the Index Provider. GSAM will use a single rating if that is the only one available. Securities that are not rated by all three agencies are reflected as such in the breakdown. Unrated securities may be purchased by the Fund if they are determined by the Investment Adviser to be of a credit quality consistent with the Fund’s credit rating requirements. Unrated securities do not necessarily indicate low quality, and for such securities the Investment Adviser will evaluate the credit quality. GSAM converts all ratings to the equivalent S&P major rating category when illustrating credit rating breakdowns. Ratings and Fund/Index credit quality may change over time. |
42
FUND BASICS
Access Ultra Short Bond ETF
as of August 31, 2022
FUND SNAPSHOT |
| |||||
As of August 31, 2022 | ||||||
Market Price1 | $ | 49.95 | ||||
Net Asset Value (NAV)1 | $ | 49.95 |
1 | The Market Price is the price at which the Fund’s shares are trading on the Cboe BZX Exchange, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of the Fund traded on Cboe BZX Exchange, Inc. at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com/ETFs. |
TOP TEN HOLDINGS AS OF 8/31/222 |
| |||||
Holding | % of Net Assets | |||||
FNMA REMIC, Class BM, Series 2020-6347, 2.31%, 02/01/41 | 2.3 | % | ||||
FNMA REMIC, Class AF, Series 2015-66, 2.69%, 09/25/45 | 2.3 | |||||
U.S. Treasury Floating Rate Note, 2.94%, 10/31/23 | 2.2 | |||||
FHLMC REMIC, Class F, Series 2019-4944, 2.89%, 01/25/50 | 2.1 | |||||
FNMA REMIC, Class FG, Series 2017-82, 2.69%, 11/25/32 | 1.8 | |||||
FNMA REMIC, Class FC, Series 2005-103, 2.94%, 07/25/35 | 1.8 | |||||
FHLMC REMIC, 2.74%, 01/01/46 | 1.6 | |||||
FNMA REMIC, Class NF, Series 2011-86, 2.99%, 09/25/41 | 1.2 | |||||
Capital One Financial Corp., 2.99%, 12/06/24 | 1.1 | |||||
Federal Home Loan Bank Discount Note, 1.86%, 09/16/22 | 1.0 |
2 | The top 10 holdings may not be representative of the Fund’s future investments. |
For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
SECTOR ALLOCATION AS OF 8/31/223 |
| |||||
Sector Name | Fund | |||||
Mortgage-Backed Securities | 31.1 | % | ||||
Corporate Obligations | 21.5 | |||||
Asset- Backed Securities | 18.7 | |||||
Foreign Corporate Debt | 17.6 | |||||
U.S. Treasury Notes | 3.1 | |||||
Commercial Papers | 2.9 | |||||
Certificate of Deposits | 1.7 | |||||
U.S. Treasury Bills | 1.3 | |||||
U.S. Government Agency Obligations | 1.2 | |||||
Investment Company | 0.9 |
3 | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the table may not sum to 100% due to the exclusion of other assets and liabilities. |
43
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF
Performance Summary
August 31, 2022
The following graph shows the value, as of August 31, 2022, of a $10,000 investment made on April 15, 2019 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of a broad-based securities market index, the FTSE 3 Month T-Bill Index is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Certain factors may affect Fund performance including, but not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.
Goldman Sachs Access Ultra Short Bond ETF’s Lifetime Performance |
Performance of a $10,000 Investment, with distributions reinvested, from April 15, 2019 through August 31, 2022.
Average Annual Total Return through August 31, 2022* | 1 Year Return | Since Inception | ||
Shares based on NAV (Commenced April 15, 2019) |
-0.58% | 1.19% | ||
| ||||
Shares based on Market Price (Commenced April 15, 2019) |
-0.59% | 1.19% | ||
| ||||
FTSE Three-Month U.S. Treasury Bill Index |
0.44% | 0.76% | ||
|
* | Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculations assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the Market Price returns. |
44
FUND BASICS
Index Definitions and Industry Terms
Alpha: The excess returns of a fund relative to the return of a benchmark index is the fund’s alpha.
Access Emerging Markets USD Bond ETF
The Index was developed and is calculated and maintained by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). FTSE is not affiliated with the Fund or GSAM. The Fund is not sponsored, endorsed, sold or promoted by FTSE or any of its affiliates and FTSE makes no representation to any owner or prospective owner of the Fund regarding the advisability of investing in securities generally or in the Fund particularly, or the ability of the Fund to track the price and yield performance of the Index or the ability of the Index to track general bond market performance. FTSE’s only relationship to GSAM (“Licensee”) is the licensing of certain information, data, trademarks and trade names of FTSE or its affiliates. The Index is determined, composed and calculated by FTSE without regard to the Fund. FTSE has no obligation to take the needs of the owners or prospective owners of the Fund into consideration in determining, composing or calculating the Index. FTSE is not responsible for and has not participated in the determination of the prices and amount of the shares to be issued by the Fund or the timing of the issuance or sale of the shares to be issued by the Fund or in the determination or calculation of the equation by which the shares to be issued by the Fund are to be converted into cash. FTSE has no obligation or liability in connection with the administration, marketing or trading of the Fund.
Access High Yield Corporate Bond ETF
The Index was developed and is calculated and maintained by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). FTSE is not affiliated with the Fund or GSAM. The Fund is not sponsored, endorsed, sold or promoted by FTSE or any of its affiliates and FTSE makes no representation to any owner or prospective owner of the Fund regarding the advisability of investing in securities generally or in the Fund particularly, or the ability of the Fund to track the price and yield performance of the Index or the ability of the Index to track general bond market performance. FTSE’s only relationship to GSAM (“Licensee”) is the licensing of certain information, data, trademarks and trade names of FTSE or its affiliates. The Index is determined, composed and calculated by FTSE without regard to the Fund. FTSE has no obligation to take the needs of the owners or prospective owners of the Fund into consideration in determining, composing or calculating the Index. FTSE is not responsible for and has not participated in the determination of the prices and amount of the shares to be issued by the Fund or the timing of the issuance or sale of the shares to be issued by the Fund or in the determination or calculation of the equation by which the shares to be issued by the Fund are to be converted into cash. FTSE has no obligation or liability in connection with the administration, marketing or trading of the Fund.
Access Inflation Protected USD Bond ETF
The Index was developed and is calculated and maintained by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). FTSE is not affiliated with the Fund or GSAM. The Fund is not sponsored, endorsed, sold or promoted by FTSE or any of its affiliates and FTSE makes no representation to any owner or prospective owner of the Fund regarding the advisability of investing in securities generally or in the Fund particularly, or the ability of the Fund to track the price and yield performance of the Index or the ability of the Index to track general bond market performance. FTSE’s only relationship to GSAM (“Licensee”) is the licensing of certain information, data, trademarks and trade names of FTSE or its affiliates. The Index is determined, composed and calculated by FTSE without regard to the Fund. FTSE has no obligation to take the needs of the owners or prospective owners of the Fund into consideration in determining, composing or calculating the Index. FTSE is not responsible for and has not participated in the determination of the prices and amount of the shares to be issued by the Fund or the timing of the issuance or sale of the shares to be issued by the Fund or in the determination or calculation of the equation by which the shares to be issued by the Fund are to be converted into cash. FTSE has no obligation or liability in connection with the administration, marketing or trading of the Fund.
Access Investment Grade Corporate 1-5 Year Bond ETF
The Index was developed and is calculated and maintained by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). FTSE is not affiliated with the Fund or GSAM. The Fund is not sponsored, endorsed, sold or promoted by FTSE or any of its affiliates and FTSE makes no representation to any owner or prospective owner of the Fund regarding the advisability of investing in securities generally or in the Fund particularly, or the ability of the Fund to track the price and yield performance of the Index or the ability of the Index to track general bond market performance. FTSE’s only relationship to GSAM (“Licensee”) is the licensing of certain information, data, trademarks and trade names of
45
FUND BASICS
FTSE or its affiliates. The Index is determined, composed and calculated by FTSE without regard to the Fund. FTSE has no obligation to take the needs of the owners or prospective owners of the Fund into consideration in determining, composing or calculating the Index. FTSE is not responsible for and has not participated in the determination of the prices and amount of the shares to be issued by the Fund or the timing of the issuance or sale of the shares to be issued by the Fund or in the determination or calculation of the equation by which the shares to be issued by the Fund are to be converted into cash. FTSE has no obligation or liability in connection with the administration, marketing or trading of the Fund.
Access Investment Grade Corporate Bond ETF
The Index was developed and is calculated and maintained by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). FTSE is not affiliated with the Fund or GSAM. The Fund is not sponsored, endorsed, sold or promoted by FTSE or any of its affiliates and FTSE makes no representation to any owner or prospective owner of the Fund regarding the advisability of investing in securities generally or in the Fund particularly, or the ability of the Fund to track the price and yield performance of the Index or the ability of the Index to track general bond market performance. FTSE’s only relationship to GSAM (“Licensee”) is the licensing of certain information, data, trademarks and trade names of FTSE or its affiliates. The Index is determined, composed and calculated by FTSE without regard to the Fund. FTSE has no obligation to take the needs of the owners or prospective owners of the Fund into consideration in determining, composing or calculating the Index. FTSE is not responsible for and has not participated in the determination of the prices and amount of the shares to be issued by the Fund or the timing of the issuance or sale of the shares to be issued by the Fund or in the determination or calculation of the equation by which the shares to be issued by the Fund are to be converted into cash. FTSE has no obligation or liability in connection with the administration, marketing or trading of the Fund.
Access Treasury 0-1 Year ETF
The Index is designed to measure the performance of U.S. Treasury Securities with a maximum remaining maturity of 12 months. “U.S. Treasury Securities” refer to securities issued or guaranteed by the U.S. Treasury where the payment of principal and interest is backed by the full faith and credit of the U.S. government. U.S. Treasury Securities include U.S. Treasury notes, U.S. Treasury bills and U.S. Treasury floating rate bonds. The Index is sponsored by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). FTSE is not affiliated with the Fund or GSAM. The Index is determined, composed and calculated by FTSE without regard to the Fund. It is not possible to invest directly in an unmanaged index.
Access U.S. Aggregate Bond ETF
The Index was developed and is calculated and maintained by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). FTSE is not affiliated with the Fund or GSAM. The Fund is not sponsored, endorsed, sold or promoted by FTSE or any of its affiliates and FTSE makes no representation to any owner or prospective owner of the Fund regarding the advisability of investing in securities generally or in the Fund particularly, or the ability of the Fund to track the price and yield performance of the Index or the ability of the Index to track general bond market performance. FTSE’s only relationship to GSAM (“Licensee”) is the licensing of certain information, data, trademarks and trade names of FTSE or its affiliates. The Index is determined, composed and calculated by FTSE without regard to the Fund. FTSE has no obligation to take the needs of the owners or prospective owners of the Fund into consideration in determining, composing or calculating the Index. FTSE is not responsible for and has not participated in the determination of the prices and amount of the shares to be issued by the Fund or the timing of the issuance or sale of the shares to be issued by the Fund or in the determination or calculation of the equation by which the shares to be issued by the Fund are to be converted into cash. FTSE has no obligation or liability in connection with the administration, marketing or trading of the Fund.
Access Ultra Short Bond ETF
The FTSE Three-Month U.S. Treasury Bill Index is intended to track the daily performance of 3 month US Treasury bills. The index is designed to operate as a reference rate for a series of funds.
Goldman Sachs Access Ultra Short Bond ETF (GSST) does not attempt to track an index and takes a more active approach.
46
GOLDMAN SACHS ACCESS EMERGING MARKETS USD BOND ETF
August 31, 2022
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Sovereign Debt Obligations – 82.9% | ||||||||||||||
Angola – 1.1% | ||||||||||||||
Angolan Government International Bond (NR/B3) |
||||||||||||||
$ | 400,000 | 8.250 | % | 05/09/28 | $ | 349,632 | ||||||||
|
|
|||||||||||||
Bahrain – 2.6% | ||||||||||||||
Bahrain Government International Bond (B+/NR) |
||||||||||||||
350,000 | 7.000 | 01/26/26 | 360,225 | |||||||||||
225,000 | 7.375 | 05/14/30 | 227,119 | |||||||||||
325,000 | 6.000 | 09/19/44 | 244,793 | |||||||||||
|
|
|||||||||||||
832,137 | ||||||||||||||
|
|
|||||||||||||
Chile – 3.4% | ||||||||||||||
Chile Government International Bond (A/A1) |
||||||||||||||
400,000 | 3.125 | 01/21/26 | 382,841 | |||||||||||
200,000 | 3.240 | 02/06/28 | 186,272 | |||||||||||
600,000 | 3.500 | 01/31/34 | 521,533 | |||||||||||
|
|
|||||||||||||
1,090,646 | ||||||||||||||
|
|
|||||||||||||
China – 2.3% | ||||||||||||||
China Government International Bond (NR/NR) |
||||||||||||||
400,000 | 2.750 | 12/03/39 | 344,802 | |||||||||||
250,000 | 4.000 | 10/19/48 | 255,677 | |||||||||||
200,000 | 2.250 | 10/21/50 | 145,837 | |||||||||||
|
|
|||||||||||||
746,316 | ||||||||||||||
|
|
|||||||||||||
Colombia – 5.4% | ||||||||||||||
Colombia Government International Bond (BB+/Baa2) |
||||||||||||||
300,000 | 3.875 | 04/25/27 | 269,130 | |||||||||||
200,000 | 3.000 | 01/30/30 | 155,085 | |||||||||||
250,000 | 3.125 | 04/15/31 | 188,739 | |||||||||||
250,000 | 3.250 | 04/22/32 | 184,622 | |||||||||||
200,000 | 7.375 | 09/18/37 | 190,395 | |||||||||||
100,000 | 6.125 | 01/18/41 | 80,575 | |||||||||||
275,000 | 5.625 | 02/26/44 | 200,307 | |||||||||||
550,000 | 5.000 | 06/15/45 | 368,748 | |||||||||||
200,000 | 4.125 | 05/15/51 | 118,327 | |||||||||||
|
|
|||||||||||||
1,755,928 | ||||||||||||||
|
|
|||||||||||||
Costa Rica – 1.3% | ||||||||||||||
Costa Rica Government International Bond (B/B2) |
||||||||||||||
250,000 | 6.125 | 02/19/31 | 235,625 | |||||||||||
200,000 | 7.158 | 03/12/45 | 178,500 | |||||||||||
|
|
|||||||||||||
414,125 | ||||||||||||||
|
|
|||||||||||||
Croatia – 1.1% | ||||||||||||||
Croatia Government International Bond (BBB+/Baa2) |
||||||||||||||
350,000 | 6.000 | 01/26/24 | 360,059 | |||||||||||
|
|
|||||||||||||
Dominican Republic – 4.7% | ||||||||||||||
Dominican Republic International Bond (BB-/Ba3) |
||||||||||||||
250,000 | 5.950 | 01/25/27 | 245,625 | |||||||||||
225,000 | 6.000 | 07/19/28 | 216,281 | |||||||||||
225,000 | 4.500 | 01/30/30 | 189,562 | |||||||||||
200,000 | 4.875 | 09/23/32 | 163,000 | |||||||||||
175,000 | 7.450 | 04/30/44 | 160,563 | |||||||||||
225,000 | 6.850 | 01/27/45 | 191,813 | |||||||||||
200,000 | 6.400 | 06/05/49 | 158,500 | |||||||||||
300,000 | 5.875 | 01/30/60 | 214,500 | |||||||||||
|
|
|||||||||||||
1,539,844 | ||||||||||||||
|
|
|||||||||||||
Sovereign Debt Obligations – (continued) | ||||||||||||||
Ecuador – 1.5% | ||||||||||||||
Ecuador Government International Bond (B-/NR)(a) |
||||||||||||||
250,000 | 5.500 | 07/31/30 | 134,375 | |||||||||||
650,000 | 2.500 | 07/31/35 | 258,375 | |||||||||||
250,000 | 1.500 | 07/31/40 | 88,750 | |||||||||||
|
|
|||||||||||||
481,500 | ||||||||||||||
|
|
|||||||||||||
Egypt – 5.3% | ||||||||||||||
Egypt Government International Bond (B/NR) |
||||||||||||||
300,000 | 5.750 | 05/29/24 | 278,316 | |||||||||||
200,000 | 7.500 | 01/31/27 | 171,998 | |||||||||||
300,000 | 5.800 | 09/30/27 | 238,489 | |||||||||||
200,000 | 6.588 | 02/21/28 | 159,482 | |||||||||||
350,000 | 7.625 | 05/29/32 | 249,548 | |||||||||||
200,000 | 7.300 | 09/30/33 | 137,568 | |||||||||||
200,000 | 8.500 | 01/31/47 | 128,100 | |||||||||||
200,000 | 8.700 | 03/01/49 | 127,783 | |||||||||||
200,000 | 8.875 | 05/29/50 | 129,986 | |||||||||||
200,000 | 7.500 | 02/16/61 | 116,359 | |||||||||||
|
|
|||||||||||||
1,737,629 | ||||||||||||||
|
|
|||||||||||||
Ghana – 0.7% | ||||||||||||||
Ghana Government International Bond (CCC+/Caa1) |
||||||||||||||
300,000 | 8.125 | 03/26/32 | 118,125 | |||||||||||
275,000 | 8.950 | 03/26/51 | 99,688 | |||||||||||
|
|
|||||||||||||
217,813 | ||||||||||||||
|
|
|||||||||||||
Guatemala – 0.6% | ||||||||||||||
Guatemala Government Bond (BB-/Ba1) |
||||||||||||||
200,000 | 6.125 | 06/01/50 | 183,000 | |||||||||||
|
|
|||||||||||||
Hungary – 2.6% | ||||||||||||||
Hungary Government International Bond (BBB/Baa2) |
||||||||||||||
200,000 | 5.750 | 11/22/23 | 203,249 | |||||||||||
400,000 | 5.375 | 03/25/24 | 403,502 | |||||||||||
200,000 | 7.625 | 03/29/41 | 233,363 | |||||||||||
|
|
|||||||||||||
840,114 | ||||||||||||||
|
|
|||||||||||||
Indonesia – 4.4% | ||||||||||||||
Indonesia Government International Bond (BBB/Baa2) |
||||||||||||||
330,000 | 4.125 | 01/15/25 | 332,024 | |||||||||||
350,000 | 2.850 | 02/14/30 | 320,988 | |||||||||||
125,000 | 8.500 | 10/12/35 | 161,567 | |||||||||||
325,000 | 7.750 | 01/17/38 | 400,546 | |||||||||||
275,000 | 3.050 | 03/12/51 | 209,897 | |||||||||||
|
|
|||||||||||||
1,425,022 | ||||||||||||||
|
|
|||||||||||||
Ivory Coast – 0.3% | ||||||||||||||
Ivory Coast Government International Bond(a) (BB-/NR) |
||||||||||||||
94,042 | 5.750 | 12/31/32 | 85,108 | |||||||||||
|
|
|||||||||||||
Jamaica – 0.4% | ||||||||||||||
Jamaica Government International Bond (B+/B2) |
||||||||||||||
100,000 | 8.000 | 03/15/39 | 118,250 | |||||||||||
|
|
|||||||||||||
Jordan – 1.5% | ||||||||||||||
Jordan Government International Bond (B+/B1) |
||||||||||||||
200,000 | 6.125 | 01/29/26 | 194,440 | |||||||||||
350,000 | 5.850 | 07/07/30 | 308,529 | |||||||||||
|
|
|||||||||||||
502,969 | ||||||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 47 |
GOLDMAN SACHS ACCESS EMERGING MARKETS USD BOND ETF
Schedule of Investments (continued)
August 31, 2022
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Sovereign Debt Obligations – (continued) | ||||||||||||||
Kazakhstan – 0.7% | ||||||||||||||
Kazakhstan Government International Bond (BBB-/Baa2) |
||||||||||||||
$ | 225,000 | 6.500 | % | 07/21/45 | $ | 226,800 | ||||||||
|
|
|||||||||||||
Kenya – 0.8% | ||||||||||||||
Republic of Kenya Government International Bond (B/NR) |
||||||||||||||
350,000 | 7.000 | 05/22/27 | 277,564 | |||||||||||
|
|
|||||||||||||
Mexico – 2.4% | ||||||||||||||
Mexico Government International Bond (BBB/Baa2) |
||||||||||||||
325,000 | 4.500 | 04/22/29 | 318,900 | |||||||||||
50,000 | 6.050 | 01/11/40 | 50,054 | |||||||||||
150,000 | 5.550 | 01/21/45 | 140,297 | |||||||||||
Mexico Government International Bond, MTN (BBB/Baa2) |
||||||||||||||
50,000 | 8.300 | 08/15/31 | 62,358 | |||||||||||
75,000 | 7.500 | 04/08/33 | 88,640 | |||||||||||
150,000 | 4.750 | 03/08/44 | 127,228 | |||||||||||
|
|
|||||||||||||
787,477 | ||||||||||||||
|
|
|||||||||||||
Morocco – 0.7% | ||||||||||||||
Morocco Government International Bond (BB+/NR) |
||||||||||||||
350,000 | 4.000 | 12/15/50 | 230,541 | |||||||||||
|
|
|||||||||||||
Nigeria – 2.7% | ||||||||||||||
Nigeria Government International Bond (B-/B2) |
||||||||||||||
200,000 | 6.500 | 11/28/27 | 154,480 | |||||||||||
275,000 | 7.875 | 02/16/32 | 200,617 | |||||||||||
200,000 | 7.375 | 09/28/33 | 134,909 | |||||||||||
200,000 | 7.696 | 02/23/38 | 129,469 | |||||||||||
200,000 | 7.625 | 11/28/47 | 124,148 | |||||||||||
200,000 | 8.250 | 09/28/51 | 128,149 | |||||||||||
|
|
|||||||||||||
871,772 | ||||||||||||||
|
|
|||||||||||||
Pakistan – 1.3% | ||||||||||||||
Pakistan Government International Bond (NR/B3) |
||||||||||||||
200,000 | 8.250 | 04/15/24 | 145,750 | |||||||||||
300,000 | 7.375 | 04/08/31 | 173,190 | |||||||||||
200,000 | 8.875 | 04/08/51 | 109,024 | |||||||||||
|
|
|||||||||||||
427,964 | ||||||||||||||
|
|
|||||||||||||
Panama – 4.5% | ||||||||||||||
Panama Government International Bond (BBB/Baa2) |
||||||||||||||
150,000 | 8.875 | 09/30/27 | 178,500 | |||||||||||
50,000 | 9.375 | 04/01/29 | 61,250 | |||||||||||
200,000 | 3.160 | 01/23/30 | 176,750 | |||||||||||
200,000 | 2.252 | 09/29/32 | 156,500 | |||||||||||
150,000 | 6.700 | 01/26/36 | 162,375 | |||||||||||
250,000 | 4.500 | 04/16/50 | 199,688 | |||||||||||
200,000 | 4.300 | 04/29/53 | 154,000 | |||||||||||
275,000 | 4.500 | 04/01/56 | 214,500 | |||||||||||
245,000 | 3.870 | 07/23/60 | 170,581 | |||||||||||
|
|
|||||||||||||
1,474,144 | ||||||||||||||
|
|
|||||||||||||
Paraguay – 0.9% | ||||||||||||||
Paraguay Government International Bond (BB/Ba1) |
||||||||||||||
100,000 | 5.000 | 04/15/26 | 99,860 | |||||||||||
225,000 | 5.400 | 03/30/50 | 188,438 | |||||||||||
|
|
|||||||||||||
288,298 | ||||||||||||||
|
|
|||||||||||||
Sovereign Debt Obligations – (continued) | ||||||||||||||
Peru – 4.0% | ||||||||||||||
Peruvian Government International Bond (BBB/Baa1) |
||||||||||||||
350,000 | 2.783 | 01/23/31 | 298,634 | |||||||||||
100,000 | 1.862 | 12/01/32 | 76,102 | |||||||||||
200,000 | 8.750 | 11/21/33 | 257,877 | |||||||||||
150,000 | 3.000 | 01/15/34 | 122,717 | |||||||||||
75,000 | 6.550 | 03/14/37 | 82,266 | |||||||||||
250,000 | 5.625 | 11/18/50 | 259,382 | |||||||||||
150,000 | 3.550 | 03/10/51 | 111,647 | |||||||||||
100,000 | 2.780 | 12/01/60 | 62,336 | |||||||||||
60,000 | 3.600 | 01/15/72 | 41,439 | |||||||||||
|
|
|||||||||||||
1,312,400 | ||||||||||||||
|
|
|||||||||||||
Qatar – 4.2% | ||||||||||||||
Qatar Government International Bond (AA-/Aa3) |
||||||||||||||
200,000 | 3.400 | 04/16/25 | 198,878 | |||||||||||
350,000 | 3.750 | 04/16/30 | 352,741 | |||||||||||
200,000 | 4.625 | 06/02/46 | 202,968 | |||||||||||
220,000 | 5.103 | 04/23/48 | 237,209 | |||||||||||
350,000 | 4.817 | 03/14/49 | 362,605 | |||||||||||
|
|
|||||||||||||
1,354,401 | ||||||||||||||
|
|
|||||||||||||
Romania – 2.4% | ||||||||||||||
Romanian Government International Bond (BBB-/Baa3) |
||||||||||||||
150,000 | 4.375 | 08/22/23 | 150,188 | |||||||||||
170,000 | 4.875 | 01/22/24 | 171,085 | |||||||||||
170,000 | 3.000 | 02/14/31 | 135,588 | |||||||||||
180,000 | 6.125 | 01/22/44 | 171,579 | |||||||||||
180,000 | 5.125 | 06/15/48 | 149,397 | |||||||||||
|
|
|||||||||||||
777,837 | ||||||||||||||
|
|
|||||||||||||
Saudi Arabia – 3.0% | ||||||||||||||
Saudi Government International Bond (NR/A1) |
||||||||||||||
225,000 | 4.375 | 04/16/29 | 234,095 | |||||||||||
225,000 | 4.500 | 04/17/30 | 235,015 | |||||||||||
350,000 | 4.500 | 10/26/46 | 328,352 | |||||||||||
200,000 | 4.625 | 10/04/47 | 189,582 | |||||||||||
|
|
|||||||||||||
987,044 | ||||||||||||||
|
|
|||||||||||||
South Africa – 5.3% | ||||||||||||||
|
Republic
of South Africa Government International Bond |
| ||||||||||||
350,000 | 5.875 | 09/16/25 | 356,426 | |||||||||||
335,000 | 4.850 | 09/27/27 | 317,199 | |||||||||||
350,000 | 4.300 | 10/12/28 | 311,848 | |||||||||||
350,000 | 5.875 | 06/22/30 | 330,947 | |||||||||||
200,000 | 5.375 | 07/24/44 | 145,138 | |||||||||||
350,000 | 5.750 | 09/30/49 | 251,399 | |||||||||||
|
|
|||||||||||||
1,712,957 | ||||||||||||||
|
|
|||||||||||||
Trinidad and Tobago – 0.8% | ||||||||||||||
Trinidad & Tobago Government International Bond (BBB-/Ba2) |
||||||||||||||
250,000 | 4.375 | 01/16/24 | 248,299 | |||||||||||
|
|
|||||||||||||
Turkey – 5.2% | ||||||||||||||
Turkey Government International Bond (NR/B3) |
||||||||||||||
325,000 | 6.350 | 08/10/24 | 308,486 | |||||||||||
325,000 | 5.600 | 11/14/24 | 300,266 | |||||||||||
350,000 | 7.375 | 02/05/25 | 334,787 | |||||||||||
|
|
48 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS EMERGING MARKETS USD BOND ETF
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Sovereign Debt Obligations – (continued) | ||||||||||||||
Turkey – (continued) | ||||||||||||||
Turkey Government International Bond (NR/B3) – (continued) |
||||||||||||||
$ | 330,000 | 4.250 | % | 03/13/25 | $ | 290,078 | ||||||||
325,000 | 4.875 | 10/09/26 | 271,693 | |||||||||||
100,000 | 11.875 | 01/15/30 | 108,403 | |||||||||||
100,000 | 6.875 | 03/17/36 | 76,201 | |||||||||||
|
|
|||||||||||||
1,689,914 | ||||||||||||||
|
|
|||||||||||||
United Arab Emirates – 1.8% | ||||||||||||||
UAE Government International Bond (NR/Aa2) |
||||||||||||||
350,000 | 2.000 | 10/19/31 | 303,229 | |||||||||||
375,000 | 3.250 | 10/19/61 | 300,088 | |||||||||||
|
|
|||||||||||||
603,317 | ||||||||||||||
|
|
|||||||||||||
Uruguay – 3.0% | ||||||||||||||
Uruguay Government International Bond (BBB/Baa2) |
||||||||||||||
150,000 | 4.375 | 10/27/27 | 154,875 | |||||||||||
200,000 | 4.375 | 01/23/31 | 205,500 | |||||||||||
350,000 | 5.100 | 06/18/50 | 358,531 | |||||||||||
240,000 | 4.975 | 04/20/55 | 243,600 | |||||||||||
|
|
|||||||||||||
962,506 | ||||||||||||||
|
|
|||||||||||||
TOTAL SOVEREIGN DEBT OBLIGATIONS | ||||||||||||||
(Cost $30,751,710) | $ | 26,913,327 | ||||||||||||
|
|
|||||||||||||
Corporate Obligations – 13.9% | ||||||||||||||
Chile – 2.7% | ||||||||||||||
Corp. Nacional del Cobre de Chile (A/A3) |
||||||||||||||
$ | 200,000 | 3.625 | % | 08/01/27 | $ | 190,478 | ||||||||
200,000 | 3.000 | 09/30/29 | 177,500 | |||||||||||
200,000 | 3.150 | 01/14/30 | 177,750 | |||||||||||
400,000 | 4.500 | 08/01/47 | 339,780 | |||||||||||
|
|
|||||||||||||
885,508 | ||||||||||||||
|
|
|||||||||||||
China – 1.7% | ||||||||||||||
China Development Bank Financial Leasing Co. Ltd.(b) (BBB+/NR) |
||||||||||||||
(US 5 Year CMT T-Note + 2.750%) |
||||||||||||||
200,000 | 2.875 | 09/28/30 | 188,746 | |||||||||||
Export-Import Bank of China (The) (A+/A1) |
||||||||||||||
350,000 | 3.625 | 07/31/24 | 349,013 | |||||||||||
|
|
|||||||||||||
537,759 | ||||||||||||||
|
|
|||||||||||||
India – 3.0% | ||||||||||||||
Export-Import Bank of India (BBB-/Baa3) |
||||||||||||||
200,000 | 3.875 | 02/01/28 | 190,255 | |||||||||||
250,000 | 3.250 | 01/15/30 | 223,102 | |||||||||||
Export-Import Bank of India, GMTN (NR/Baa3) |
||||||||||||||
275,000 | 3.875 | 03/12/24 | 273,085 | |||||||||||
Indian Railway Finance Corp Ltd. (BBB-/Baa3) |
||||||||||||||
350,000 | 2.800 | 02/10/31 | 290,418 | |||||||||||
|
|
|||||||||||||
976,860 | ||||||||||||||
|
|
|||||||||||||
Indonesia – 1.5% | ||||||||||||||
Pertamina Persero PT (NR/Baa2) |
||||||||||||||
325,000 | 3.100 | 08/27/30 | 292,094 | |||||||||||
200,000 | 6.450 | 05/30/44 | 207,750 | |||||||||||
|
|
|||||||||||||
499,844 | ||||||||||||||
|
|
|||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Mexico – 2.1% | ||||||||||||||
Petroleos Mexicanos (BBB/B1) |
||||||||||||||
100,000 | 6.875 | 10/16/25 | 97,306 | |||||||||||
180,000 | 6.500 | 03/13/27 | 158,548 | |||||||||||
25,000 | 5.350 | 02/12/28 | 20,308 | |||||||||||
50,000 | 6.500 | 01/23/29 | 41,618 | |||||||||||
100,000 | 6.840 | 01/23/30 | 81,265 | |||||||||||
50,000 | 5.950 | 01/28/31 | 37,495 | |||||||||||
25,000 | 6.625 | 06/15/35 | 17,873 | |||||||||||
25,000 | 6.500 | 06/02/41 | 16,031 | |||||||||||
50,000 | 5.625 | 01/23/46 | 29,552 | |||||||||||
100,000 | 6.750 | 09/21/47 | 62,934 | |||||||||||
75,000 | 7.690 | 01/23/50 | 51,836 | |||||||||||
100,000 | 6.950 | 01/28/60 | 62,917 | |||||||||||
|
|
|||||||||||||
677,683 | ||||||||||||||
|
|
|||||||||||||
Peru – 0.4% | ||||||||||||||
Petroleos del Peru SA (BB/NR) |
||||||||||||||
200,000 | 5.625 | 06/19/47 | 141,631 | |||||||||||
|
|
|||||||||||||
Qatar – 0.8% | ||||||||||||||
Qatar Energy (AA-/Aa3) |
||||||||||||||
300,000 | 3.300 | 07/12/51 | 241,358 | |||||||||||
|
|
|||||||||||||
Saudi Arabia – 1.1% | ||||||||||||||
Saudi Arabian Oil Co. (NR/A1) |
||||||||||||||
375,000 | 3.500 | 04/16/29 | 362,345 | |||||||||||
|
|
|||||||||||||
South Africa – 0.6% | ||||||||||||||
Eskom Holdings SOC Ltd. (BB-/Ba2) |
||||||||||||||
200,000 | 4.314 | 07/23/27 | 177,250 | |||||||||||
|
|
|||||||||||||
TOTAL CORPORATE OBLIGATIONS | ||||||||||||||
(Cost $4,862,563) | $ | 4,500,238 | ||||||||||||
|
|
Shares | Dividend Rate |
Value | ||||||
Investment Company – 1.5%(c) | ||||||||
Goldman Sachs Financial Square Government Fund – Institutional Shares |
| |||||||
483,412 | 2.154 | % | $ | 483,412 | ||||
(Cost $483,412) |
| |||||||
|
||||||||
TOTAL INVESTMENTS – 98.3% |
| |||||||
(Cost $36,097,685) |
|
$ | 31,896,977 | |||||
|
||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES – 1.7% |
|
565,269 | ||||||
|
||||||||
NET ASSETS – 100.0% |
|
$ | 32,462,246 | |||||
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
(a) |
Step coupon. | |
(b) |
Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on August 31, 2022. | |
(c) |
Represents an affiliated issuer. |
The accompanying notes are an integral part of these financial statements. | 49 |
GOLDMAN SACHS ACCESS EMERGING MARKETS USD BOND ETF
Schedule of Investments (continued)
August 31, 2022
| ||
Investment Abbreviations: | ||
CMT |
—Constant Maturity Treasury Index | |
GMTN |
—Global Medium Term Note | |
MTN |
—Medium Term Note | |
|
50 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF
Schedule of Investments
August 31, 2022
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Corporate Obligations – 90.8% | ||||||||||||||
Advertising – 1.6% | ||||||||||||||
Clear Channel Outdoor Holdings, Inc.(a) (B/B1) |
||||||||||||||
$ | 476,000 | 5.125 | % | 08/15/27 | $ | 427,805 | ||||||||
260,000 | 7.500 | 06/01/29 | 210,925 | |||||||||||
Lamar Media Corp. (BB/Ba3) |
||||||||||||||
179,000 | 3.750 | 02/15/28 | 161,100 | |||||||||||
536,000 | 4.000 | 02/15/30 | 474,360 | |||||||||||
Nielsen Finance LLC / Nielsen Finance Co.(a) (BB/B2) |
||||||||||||||
540,000 | 5.625 | 10/01/28 | 543,375 | |||||||||||
|
Outfront
Media Capital LLC / Outfront Media Capital Corp.(a) |
| ||||||||||||
375,000 | 6.250 | 06/15/25 | 373,594 | |||||||||||
|
|
|||||||||||||
2,191,159 | ||||||||||||||
|
|
|||||||||||||
Aerospace – 0.2% | ||||||||||||||
Triumph Group, Inc.(a) (B/B1) |
||||||||||||||
200,000 | 8.875 | 06/01/24 | 202,000 | |||||||||||
|
|
|||||||||||||
Aerospace & Defense – 2.5% | ||||||||||||||
Howmet Aerospace, Inc. (BB+/Ba1) |
||||||||||||||
600,000 | 6.875 | 05/01/25 | 619,500 | |||||||||||
Spirit AeroSystems, Inc. (CCC+/Caa1) |
||||||||||||||
245,000 | 4.600 | 06/15/28 | 195,387 | |||||||||||
TransDigm, Inc. (B+/Ba3) |
||||||||||||||
101,000 | 8.000 | (a) | 12/15/25 | 103,336 | ||||||||||
1,405,000 | 6.250 | (a) | 03/15/26 | 1,383,925 | ||||||||||
180,000 | 6.375 | 06/15/26 | 173,700 | |||||||||||
46,000 | 7.500 | 03/15/27 | 45,080 | |||||||||||
300,000 | 5.500 | 11/15/27 | 271,500 | |||||||||||
542,000 | 4.625 | 01/15/29 | 462,055 | |||||||||||
Wesco Aircraft Holdings, Inc.(a) (CCC-/WR) |
||||||||||||||
97,000 | 9.000 | 11/15/26 | 59,655 | |||||||||||
|
|
|||||||||||||
3,314,138 | ||||||||||||||
|
|
|||||||||||||
Banks – 0.5% | ||||||||||||||
Freedom Mortgage Corp.(a) (B/B2) |
||||||||||||||
642,000 | 8.250 | 04/15/25 | 560,947 | |||||||||||
197,000 | 7.625 | 05/01/26 | 162,279 | |||||||||||
|
|
|||||||||||||
723,226 | ||||||||||||||
|
|
|||||||||||||
Basic Industry – 1.3% | ||||||||||||||
Chemours Co. (The)(a) (BB/B1) |
||||||||||||||
455,000 | 5.750 | 11/15/28 | 411,206 | |||||||||||
Olin Corp. (BB+/Ba1) |
||||||||||||||
386,000 | 5.625 | 08/01/29 | 369,112 | |||||||||||
70,000 | 5.000 | 02/01/30 | 64,925 | |||||||||||
SCIH Salt Holdings, Inc.(a) (CCC+/Caa2) |
||||||||||||||
303,000 | 6.625 | 05/01/29 | 250,733 | |||||||||||
Tronox, Inc.(a) (BB-/B1) |
||||||||||||||
279,000 | 4.625 | 03/15/29 | 232,268 | |||||||||||
Valvoline, Inc.(a) (BB-/Ba3) |
||||||||||||||
340,000 | 3.625 | 06/15/31 | 274,550 | |||||||||||
WR Grace Holdings LLC(a) (CCC+/B3) |
||||||||||||||
200,000 | 5.625 | 08/15/29 | 159,500 | |||||||||||
|
|
|||||||||||||
1,762,294 | ||||||||||||||
|
|
|||||||||||||
Broadcasting – 3.9% | ||||||||||||||
Audacy Capital Corp.(a) (CCC-/B3) |
||||||||||||||
100,000 | 6.750 | 03/31/29 | 33,000 | |||||||||||
|
|
|||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Broadcasting – (continued) | ||||||||||||||
CMG Media Corp.(a) (CCC+/Caa1) |
||||||||||||||
301,000 | 8.875 | 12/15/27 | 263,375 | |||||||||||
|
Diamond
Sports Group LLC / Diamond Sports Finance Co.(a) |
| ||||||||||||
632,000 | 5.375 | 08/15/26 | 121,660 | |||||||||||
382,000 | 6.625 | 08/15/27 | 36,290 | |||||||||||
iHeartCommunications, Inc. (BB-/B1) |
||||||||||||||
229,000 | 8.375 | 05/01/27 | 201,520 | |||||||||||
666,000 | 4.750 | (a) | 01/15/28 | 577,755 | ||||||||||
Nexstar Media, Inc.(a) (B+/B2) |
||||||||||||||
730,000 | 5.625 | 07/15/27 | 699,887 | |||||||||||
Scripps Escrow, Inc.(a) (B/B3) |
||||||||||||||
154,000 | 5.875 | 07/15/27 | 141,488 | |||||||||||
Sinclair Television Group, Inc.(a) (B+/Ba2) |
||||||||||||||
299,000 | 4.125 | 12/01/30 | 243,685 | |||||||||||
Sirius XM Radio, Inc.(a) (BB/Ba3) |
||||||||||||||
200,000 | 5.000 | 08/01/27 | 188,500 | |||||||||||
838,000 | 4.000 | 07/15/28 | 735,345 | |||||||||||
730,000 | 3.875 | 09/01/31 | 590,388 | |||||||||||
TEGNA, Inc. (BB/Ba3) |
||||||||||||||
140,000 | 4.625 | 03/15/28 | 134,050 | |||||||||||
361,000 | 5.000 | 09/15/29 | 346,560 | |||||||||||
Univision Communications, Inc.(a) (B+/B1) |
||||||||||||||
176,000 | 5.125 | 02/15/25 | 171,380 | |||||||||||
254,000 | 6.625 | 06/01/27 | 246,380 | |||||||||||
540,000 | 4.500 | 05/01/29 | 475,200 | |||||||||||
|
|
|||||||||||||
5,206,463 | ||||||||||||||
|
|
|||||||||||||
Brokerage – 0.6% | ||||||||||||||
Coinbase Global, Inc.(a) (BB/Ba1) |
||||||||||||||
130,000 | 3.375 | 10/01/28 | 85,313 | |||||||||||
Jefferies Finance LLC / JFIN Co.-Issuer Corp.(a) (BB-/B1) |
||||||||||||||
470,000 | 5.000 | 08/15/28 | 412,819 | |||||||||||
|
Ladder
Capital Finance Holdings LLLP / Ladder Capital Finance |
| ||||||||||||
383,000 | 4.750 | 06/15/29 | 323,635 | |||||||||||
|
|
|||||||||||||
821,767 | ||||||||||||||
|
|
|||||||||||||
Building Materials – 0.9% | ||||||||||||||
American Builders & Contractors Supply Co., Inc.(a) (BB+/Ba2) |
||||||||||||||
314,000 | 4.000 | 01/15/28 | 285,347 | |||||||||||
Builders FirstSource, Inc.(a) (BB-/Ba2) |
||||||||||||||
355,000 | 4.250 | 02/01/32 | 284,000 | |||||||||||
Standard Industries, Inc. (a) (BB/B1) |
||||||||||||||
369,000 | 4.375 | 07/15/30 | 293,363 | |||||||||||
409,000 | 3.375 | 01/15/31 | 305,263 | |||||||||||
|
|
|||||||||||||
1,167,973 | ||||||||||||||
|
|
|||||||||||||
Capital Goods – 3.6% | ||||||||||||||
|
Ardagh
Metal Packaging Finance USA LLC / Ardagh Metal |
| ||||||||||||
700,000 | 4.000 | 09/01/29 | 575,312 | |||||||||||
|
Ardagh
Packaging Finance PLC / Ardagh Holdings USA, Inc.(a) |
| ||||||||||||
400,000 | 5.250 | 08/15/27 | 292,390 | |||||||||||
200,000 | 5.250 | 08/15/27 | 146,446 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 51 |
GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF
Schedule of Investments (continued)
August 31, 2022
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Capital Goods – (continued) | ||||||||||||||
ASP Unifrax Holdings, Inc.(a) (CCC+/Caa2) |
||||||||||||||
$ | 204,000 | 7.500 | % | 09/30/29 | $ | 149,940 | ||||||||
Ball Corp. (BB+/Ba1) |
||||||||||||||
85,000 | 4.000 | 11/15/23 | 84,362 | |||||||||||
359,000 | 4.875 | 03/15/26 | 349,128 | |||||||||||
452,000 | 3.125 | 09/15/31 | 368,380 | |||||||||||
Covanta Holding Corp.(a) (B/B2) |
||||||||||||||
440,000 | 4.875 | 12/01/29 | 371,230 | |||||||||||
|
Crown
Americas LLC / Crown Americas Capital Corp V |
| ||||||||||||
228,000 | 4.250 | 09/30/26 | 214,035 | |||||||||||
|
Crown
Americas LLC / Crown Americas Capital Corp. VI |
| ||||||||||||
167,000 | 4.750 | 02/01/26 | 161,572 | |||||||||||
Herc Holdings, Inc.(a) (B+/B1) |
||||||||||||||
488,000 | 5.500 | 07/15/27 | 463,600 | |||||||||||
LABL, Inc.(a) (B-/B2) |
||||||||||||||
283,000 | 6.750 | 07/15/26 | 270,265 | |||||||||||
152,000 | 10.500 | 07/15/27 | 144,400 | |||||||||||
Madison IAQ LLC(a) (CCC+/Caa1) |
||||||||||||||
366,000 | 5.875 | 06/30/29 | 301,950 | |||||||||||
Mauser Packaging Solutions Holding Co.(a) (B-/B2) |
||||||||||||||
350,000 | 5.500 | 04/15/24 | 341,250 | |||||||||||
Owens-Brockway Glass Container, Inc.(a) (B/B2) |
||||||||||||||
115,000 | 5.875 | 08/15/23 | 114,425 | |||||||||||
Sealed Air Corp.(a) (BB+/Ba2) |
||||||||||||||
115,000 | 5.125 | 12/01/24 | 114,138 | |||||||||||
130,000 | 5.500 | 09/15/25 | 130,325 | |||||||||||
177,000 | 6.875 | 07/15/33 | 181,425 | |||||||||||
|
|
|||||||||||||
4,774,573 | ||||||||||||||
|
|
|||||||||||||
Communications – 4.6% | ||||||||||||||
AMC Networks, Inc. (BB/Ba3) |
||||||||||||||
93,000 | 5.000 | 04/01/24 | 90,617 | |||||||||||
429,000 | 4.750 | 08/01/25 | 400,042 | |||||||||||
CCO Holdings LLC / CCO Holdings Capital Corp.(a) (BB-/B1) |
||||||||||||||
340,000 | 5.500 | 05/01/26 | 336,600 | |||||||||||
1,000,000 | 5.125 | 05/01/27 | 956,250 | |||||||||||
760,000 | 5.000 | 02/01/28 | 698,250 | |||||||||||
200,000 | 5.375 | 06/01/29 | 184,750 | |||||||||||
700,000 | 4.750 | 02/01/32 | 583,625 | |||||||||||
964,000 | 4.500 | 05/01/32 | 784,455 | |||||||||||
|
Directv
Financing LLC / Directv Financing Co.-Obligor, Inc.(a) |
| ||||||||||||
889,000 | 5.875 | 08/15/27 | 818,991 | |||||||||||
Lions Gate Capital Holdings LLC(a) (CCC+/B3) |
||||||||||||||
279,000 | 5.500 | 04/15/29 | 222,503 | |||||||||||
Live Nation Entertainment, Inc.(a) (B-/B3) |
||||||||||||||
518,000 | 4.750 | 10/15/27 | 475,265 | |||||||||||
Radiate Holdco LLC / Radiate Finance, Inc.(a) (CCC+/Caa1) |
||||||||||||||
396,000 | 6.500 | 09/15/28 | 297,000 | |||||||||||
WMG Acquisition Corp.(a) (BB+/Ba3) |
||||||||||||||
379,000 | 3.000 | 02/15/31 | 302,726 | |||||||||||
|
|
|||||||||||||
6,151,074 | ||||||||||||||
|
|
|||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Consumer Cyclical – 18.1% | ||||||||||||||
ADT Security Corp. (The)(a) (BB-/Ba3) |
||||||||||||||
258,000 | 4.125 | 08/01/29 | 221,880 | |||||||||||
169,000 | 4.875 | 07/15/32 | 142,805 | |||||||||||
Allison Transmission, Inc.(a) (NR/Ba2) |
||||||||||||||
454,000 | 3.750 | 01/30/31 | 371,145 | |||||||||||
|
AMC
Entertainment Holdings, Inc.(a) (b) (PIK
12.000%, Cash |
| ||||||||||||
452,000 | 10.000 | 06/15/26 | 364,990 | |||||||||||
American Axle & Manufacturing, Inc. (B+/B2) |
||||||||||||||
278,000 | 6.875 | 07/01/28 | 264,447 | |||||||||||
136,000 | 5.000 | 10/01/29 | 116,280 | |||||||||||
APX Group, Inc.(a) (B/B1) |
||||||||||||||
200,000 | 6.750 | 02/15/27 | 196,500 | |||||||||||
Asbury Automotive Group, Inc.(a) (BB/B1) |
||||||||||||||
537,000 | 4.625 | 11/15/29 | 461,820 | |||||||||||
Bath & Body Works, Inc. (BB/Ba2) |
||||||||||||||
333,000 | 5.250 | 02/01/28 | 299,060 | |||||||||||
315,000 | 6.625 | (a) | 10/01/30 | 287,165 | ||||||||||
320,000 | 6.875 | 11/01/35 | 280,928 | |||||||||||
Boyd Gaming Corp. (BB-/B3) |
||||||||||||||
108,000 | 4.750 | 12/01/27 | 101,054 | |||||||||||
298,000 | 4.750 | (a) | 06/15/31 | 260,750 | ||||||||||
Caesars Entertainment, Inc.(a) (B/B1) |
||||||||||||||
550,000 | 6.250 | 07/01/25 | 536,587 | |||||||||||
423,000 | 8.125 | 07/01/27 | 416,823 | |||||||||||
185,000 | 4.625 | 10/15/29 | 148,694 | |||||||||||
|
Cedar
Fair LP / Canada’s Wonderland Co. / Magnum |
| ||||||||||||
245,000 | 5.500 | 05/01/25 | 240,712 | |||||||||||
Century Communities, Inc.(a) (BB-/Ba2) |
||||||||||||||
90,000 | 3.875 | 08/15/29 | 72,900 | |||||||||||
Churchill Downs, Inc.(a) (B+/B1) |
||||||||||||||
241,000 | 5.500 | 04/01/27 | 231,962 | |||||||||||
236,000 | 4.750 | 01/15/28 | 215,350 | |||||||||||
|
Fertitta
Entertainment LLC / Fertitta Entertainment Finance Co., |
| ||||||||||||
400,000 | 4.625 | 01/15/29 | 349,500 | |||||||||||
200,000 | 6.750 | 01/15/30 | 163,500 | |||||||||||
Ford Motor Co. (BB+/Ba2) |
||||||||||||||
119,000 | 9.000 | 04/22/25 | 133,281 | |||||||||||
151,000 | 4.346 | 12/08/26 | 145,924 | |||||||||||
358,000 | 6.625 | 10/01/28 | 367,977 | |||||||||||
301,000 | 7.450 | 07/16/31 | 322,199 | |||||||||||
Ford Motor Credit Co. LLC (BB+/Ba2) |
||||||||||||||
200,000 | 3.810 | 01/09/24 | 195,482 | |||||||||||
200,000 | 3.664 | 09/08/24 | 192,323 | |||||||||||
200,000 | 4.063 | 11/01/24 | 194,526 | |||||||||||
200,000 | 4.687 | 06/09/25 | 192,457 | |||||||||||
500,000 | 5.125 | 06/16/25 | 488,291 | |||||||||||
400,000 | 4.134 | 08/04/25 | 378,832 | |||||||||||
200,000 | 4.542 | 08/01/26 | 186,966 | |||||||||||
400,000 | 2.700 | 08/10/26 | 349,305 | |||||||||||
200,000 | 4.271 | 01/09/27 | 183,702 | |||||||||||
590,000 | 5.113 | 05/03/29 | 551,608 | |||||||||||
200,000 | 4.000 | 11/13/30 | 167,062 | |||||||||||
|
|
52 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Consumer Cyclical – (continued) | ||||||||||||||
Ford Motor Credit Co. LLC, GMTN (BB+/Ba2) |
||||||||||||||
$ | 200,000 | 4.389 | % | 01/08/26 | $ | 188,506 | ||||||||
Goodyear Tire & Rubber Co. (The) (BB-/B2) |
||||||||||||||
469,000 | 4.875 | 03/15/27 | 442,032 | |||||||||||
306,000 | 5.250 | 04/30/31 | 264,690 | |||||||||||
Hilton Domestic Operating Co., Inc. (BB+/Ba2) |
||||||||||||||
165,000 | 3.750 | (a) | 05/01/29 | 142,718 | ||||||||||
267,000 | 4.875 | 01/15/30 | 243,637 | |||||||||||
429,000 | 4.000 | (a) | 05/01/31 | 365,513 | ||||||||||
299,000 | 3.625 | (a) | 02/15/32 | 241,709 | ||||||||||
|
Hilton
Grand Vacations Borrower Escrow LLC / Hilton Grand |
| ||||||||||||
585,000 | 5.000 | 06/01/29 | 520,650 | |||||||||||
Iron Mountain, Inc.(a) (BB-/Ba3) |
||||||||||||||
242,000 | 4.875 | 09/15/27 | 223,245 | |||||||||||
362,000 | 5.250 | 03/15/28 | 334,850 | |||||||||||
665,000 | 5.250 | 07/15/30 | 591,850 | |||||||||||
551,000 | 4.500 | 02/15/31 | 460,085 | |||||||||||
Lithia Motors, Inc.(a) (BB+/Ba2) |
||||||||||||||
300,000 | 3.875 | 06/01/29 | 256,500 | |||||||||||
Macy’s Retail Holdings LLC(a) (BB/Ba2) |
||||||||||||||
480,000 | 6.125 | 03/15/32 | 406,488 | |||||||||||
MGM Resorts International (B+/B1) |
||||||||||||||
365,000 | 5.750 | 06/15/25 | 355,419 | |||||||||||
210,000 | 4.625 | 09/01/26 | 191,887 | |||||||||||
190,000 | 5.500 | 04/15/27 | 175,513 | |||||||||||
180,000 | 4.750 | 10/15/28 | 158,625 | |||||||||||
Michaels Cos., Inc. (The)(a) (CCC+/Caa1) |
||||||||||||||
367,000 | 7.875 | 05/01/29 | 245,890 | |||||||||||
Mohegan Gaming & Entertainment(a) (B-/Caa1) |
||||||||||||||
341,000 | 8.000 | 02/01/26 | 299,227 | |||||||||||
NCL Corp Ltd.(a) (B-/Caa1) |
||||||||||||||
277,000 | 3.625 | 12/15/24 | 241,682 | |||||||||||
NCL Corp. Ltd.(a) (B-/Caa1) |
||||||||||||||
130,000 | 5.875 | 03/15/26 | 105,950 | |||||||||||
385,000 | 7.750 | 02/15/29 | 313,775 | |||||||||||
Nordstrom, Inc. (BB+/Ba1) |
||||||||||||||
350,000 | 4.375 | 04/01/30 | 270,375 | |||||||||||
|
Peninsula
Pacific Entertainment LLC / Peninsula Pacific |
| ||||||||||||
447,000 | 8.500 | 11/15/27 | 481,642 | |||||||||||
PetSmart, Inc. / PetSmart Finance Corp.(a) (CCC+/B3) |
||||||||||||||
250,000 | 4.750 | 02/15/28 | 225,625 | |||||||||||
250,000 | 7.750 | 02/15/29 | 235,937 | |||||||||||
Picasso Finance Sub, Inc.(a) (B+/B2) |
||||||||||||||
220,000 | 6.125 | 06/15/25 | 220,825 | |||||||||||
|
Premier
Entertainment Sub LLC / Premier Entertainment Finance |
| ||||||||||||
255,000 | 5.625 | 09/01/29 | 189,337 | |||||||||||
223,000 | 5.875 | 09/01/31 | 156,379 | |||||||||||
|
Prime
Security Services Borrower LLC / Prime Finance, Inc.(a) |
| ||||||||||||
272,000 | 3.375 | 08/31/27 | 234,600 | |||||||||||
932,000 | 6.250 | 01/15/28 | 825,985 | |||||||||||
QVC, Inc. (BB+/Ba2) |
||||||||||||||
240,000 | 4.750 | 02/15/27 | 198,872 | |||||||||||
|
|
|||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Consumer Cyclical – (continued) | ||||||||||||||
RHP Hotel Properties LP / RHP Finance Corp.(a) (B+/B1) |
||||||||||||||
185,000 | 4.500 | 02/15/29 | 161,413 | |||||||||||
Royal Caribbean Cruises Ltd. (B/B3) |
||||||||||||||
380,000 | 11.500 | (a) | 06/01/25 | 399,950 | ||||||||||
404,000 | 3.700 | 03/15/28 | 275,730 | |||||||||||
627,000 | 5.500 | (a) | 04/01/28 | 476,520 | ||||||||||
Scientific Games International, Inc.(a) (B+/B3) |
||||||||||||||
145,000 | 7.000 | 05/15/28 | 142,100 | |||||||||||
270,000 | 7.250 | 11/15/29 | 266,288 | |||||||||||
Six Flags Entertainment Corp.(a) (B-/B3) |
||||||||||||||
150,000 | 5.500 | 04/15/27 | 137,813 | |||||||||||
Sonic Automotive, Inc.(a) (BB-/B1) |
||||||||||||||
200,000 | 4.625 | 11/15/29 | 170,750 | |||||||||||
Staples, Inc.(a) (B/B3) |
||||||||||||||
442,000 | 7.500 | 04/15/26 | 375,700 | |||||||||||
202,000 | 10.750 | 04/15/27 | 153,773 | |||||||||||
Taylor Morrison Communities, Inc.(a) (BB/Ba3) |
||||||||||||||
143,000 | 5.125 | 08/01/30 | 122,801 | |||||||||||
Tenneco, Inc. (B+/Ba3) |
||||||||||||||
85,000 | 5.000 | 07/15/26 | 81,813 | |||||||||||
400,000 | 5.125 | (a) | 04/15/29 | 393,000 | ||||||||||
Travel + Leisure Co.(a) (BB-/Ba3) |
||||||||||||||
321,000 | 6.625 | 07/31/26 | 312,162 | |||||||||||
|
Wynn
Las Vegas LLC / Wynn Las Vegas Capital Corp.(a) |
| ||||||||||||
284,000 | 5.250 | 05/15/27 | 257,020 | |||||||||||
|
Wynn
Resorts Finance LLC / Wynn Resorts Capital Corp.(a) |
| ||||||||||||
282,000 | 5.125 | 10/01/29 | 237,233 | |||||||||||
Yum! Brands, Inc. (BB/Ba3) |
||||||||||||||
475,000 | 4.750 | (a) | 01/15/30 | 435,813 | ||||||||||
350,000 | 3.625 | 03/15/31 | 299,250 | |||||||||||
|
|
|||||||||||||
24,303,934 | ||||||||||||||
|
|
|||||||||||||
Consumer Noncyclical – 4.5% | ||||||||||||||
|
Albertsons
Cos., Inc. / Safeway, Inc. / New Albertsons LP / |
| ||||||||||||
240,000 | 4.625 | 01/15/27 | 219,900 | |||||||||||
488,000 | 3.500 | 03/15/29 | 403,210 | |||||||||||
433,000 | 4.875 | 02/15/30 | 380,499 | |||||||||||
|
Allied
Universal Holdco LLC / Allied Universal Finance Corp.(a) |
| ||||||||||||
241,000 | 6.625 | 07/15/26 | 225,335 | |||||||||||
680,000 | 6.000 | 06/01/29 | 511,700 | |||||||||||
|
Allied
Universal Holdco LLC/Allied Universal Finance Corp./ |
|||||||||||||
200,000 | 4.625 | 06/01/28 | 168,000 | |||||||||||
Avantor Funding, Inc.(a) (BB-/B2) |
||||||||||||||
440,000 | 4.625 | 07/15/28 | 401,500 | |||||||||||
|
Change
Healthcare Holdings LLC / Change Healthcare Finance, |
| ||||||||||||
170,000 | 5.750 | 03/01/25 | 167,131 | |||||||||||
Hologic, Inc. (BB+/Ba2) |
||||||||||||||
119,000 | 4.625 | (a) | 02/01/28 | 112,455 | ||||||||||
261,000 | 3.250 | (a) | 02/15/29 | 225,765 | ||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 53 |
GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF
Schedule of Investments (continued)
August 31, 2022
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Consumer Noncyclical – (continued) | ||||||||||||||
Medline Borrower LP(a) (B+/B1) |
||||||||||||||
$ | 1,469,000 | 3.875 | % | 04/01/29 | $ | 1,243,141 | ||||||||
106,000 | 5.250 | 10/01/29 | 89,570 | |||||||||||
Molina Healthcare, Inc.(a) (BB-/Ba3) |
||||||||||||||
200,000 | 4.375 | 06/15/28 | 185,500 | |||||||||||
|
Organon &
Co. / Organon Foreign Debt Co.-Issuer BV(a) |
| ||||||||||||
900,000 | 4.125 | 04/30/28 | 807,750 | |||||||||||
470,000 | 5.125 | 04/30/31 | 411,838 | |||||||||||
Perrigo Finance Unlimited Co. (BB-/Ba2) |
||||||||||||||
200,000 | 3.900 | 12/15/24 | 190,750 | |||||||||||
|
RegionalCare
Hospital Partners Holdings, Inc. / LifePoint Health, |
| ||||||||||||
338,000 | 9.750 | 12/01/26 | 323,486 | |||||||||||
|
|
|||||||||||||
6,067,530 | ||||||||||||||
|
|
|||||||||||||
Consumer Products – 0.5% | ||||||||||||||
Coty, Inc.(a) (BB-/Ba3) |
||||||||||||||
390,000 | 5.000 | 04/15/26 | 370,988 | |||||||||||
Mattel, Inc.(a) (BB+/Ba2) |
||||||||||||||
332,000 | 5.875 | 12/15/27 | 332,415 | |||||||||||
|
|
|||||||||||||
703,403 | ||||||||||||||
|
|
|||||||||||||
Distribution & Logistics – 0.5% | ||||||||||||||
IAA, Inc.(a) (B/B2) |
||||||||||||||
121,000 | 5.500 | 06/15/27 | 114,345 | |||||||||||
WESCO Distribution, Inc.(a) (BB/B1) |
||||||||||||||
591,000 | 7.250 | 06/15/28 | 596,910 | |||||||||||
|
|
|||||||||||||
711,255 | ||||||||||||||
|
|
|||||||||||||
Electric – 3.3% | ||||||||||||||
Calpine Corp.(a) (B+/B2) |
||||||||||||||
542,000 | 4.625 | 02/01/29 | 464,765 | |||||||||||
278,000 | 5.000 | 02/01/31 | 234,215 | |||||||||||
161,000 | 3.750 | 03/01/31 | 133,227 | |||||||||||
Clearway Energy Operating LLC(a) (BB/Ba2) |
||||||||||||||
298,000 | 3.750 | 02/15/31 | 251,810 | |||||||||||
FirstEnergy Corp. (BB+/Ba1) |
||||||||||||||
710,000 | 2.650 | 03/01/30 | 609,666 | |||||||||||
FirstEnergy Corp., Series B (BB+/Ba1) |
||||||||||||||
340,000 | 4.400 | 07/15/27 | 325,332 | |||||||||||
NRG Energy, Inc. a) (BB+/Ba2) |
||||||||||||||
258,000 | 5.250 | 06/15/29 | 232,200 | |||||||||||
535,000 | 3.625 | 02/15/31 | 425,325 | |||||||||||
232,000 | 3.875 | 02/15/32 | 185,600 | |||||||||||
PG&E Corp. (BB-/B1) |
||||||||||||||
389,000 | 5.000 | 07/01/28 | 346,210 | |||||||||||
185,000 | 5.250 | 07/01/30 | 160,719 | |||||||||||
TerraForm Power Operating LLC(a) (BB-/Ba3) |
||||||||||||||
348,000 | 4.750 | 01/15/30 | 311,460 | |||||||||||
Vistra Operations Co. LLC(a) (BB/Ba2) |
||||||||||||||
87,000 | 5.625 | 02/15/27 | 83,901 | |||||||||||
340,000 | 5.000 | 07/31/27 | 317,050 | |||||||||||
484,000 | 4.375 | 05/01/29 | 422,895 | |||||||||||
|
|
|||||||||||||
4,504,375 | ||||||||||||||
|
|
|||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Energy – 11.5% | ||||||||||||||
|
Antero
Midstream Partners LP / Antero Midstream Finance |
| ||||||||||||
403,000 | 5.750 | 01/15/28 | 383,857 | |||||||||||
Antero Resources Corp.(a) (BB+/Ba2) |
||||||||||||||
136,000 | 7.625 | 02/01/29 | 140,080 | |||||||||||
Apache Corp. (BB+/Ba1) |
||||||||||||||
185,000 | 6.000 | 01/15/37 | 175,750 | |||||||||||
|
Archrock
Partners LP / Archrock Partners Finance Corp.(a) |
| ||||||||||||
307,000 | 6.875 | 04/01/27 | 291,266 | |||||||||||
|
Ascent
Resources Utica Holdings LLC / ARU Finance Corp.(a) |
| ||||||||||||
169,000 | 5.875 | 06/30/29 | 152,734 | |||||||||||
Buckeye Partners LP (BB/B1) |
||||||||||||||
132,000 | 3.950 | 12/01/26 | 117,154 | |||||||||||
94,000 | 4.125 | 12/01/27 | 83,595 | |||||||||||
162,000 | 4.500 | (a) | 03/01/28 | 143,775 | ||||||||||
Callon Petroleum Co.(a) (B+/B3) |
||||||||||||||
261,000 | 8.000 | 08/01/28 | 251,865 | |||||||||||
Cheniere Energy Partners LP (BB+/Ba2) |
||||||||||||||
333,000 | 4.500 | 10/01/29 | 307,192 | |||||||||||
541,000 | 4.000 | 03/01/31 | 470,670 | |||||||||||
Cheniere Energy, Inc. (BB+/Ba3) |
||||||||||||||
435,000 | 4.625 | 10/15/28 | 418,687 | |||||||||||
Comstock Resources, Inc.(a) (B+/B2) |
||||||||||||||
250,000 | 6.750 | 03/01/29 | 239,375 | |||||||||||
226,000 | 5.875 | 01/15/30 | 208,485 | |||||||||||
CQP Holdco LP / BIP-V Chinook Holdco LLC(a) (B+/B2) |
||||||||||||||
500,000 | 5.500 | 06/15/31 | 443,750 | |||||||||||
CrownRock LP / CrownRock Finance, Inc.(a) (BB-/B1) |
||||||||||||||
387,000 | 5.625 | 10/15/25 | 382,162 | |||||||||||
DCP Midstream Operating LP (BBB+/Ba1) |
||||||||||||||
58,000 | 5.375 | 07/15/25 | 58,145 | |||||||||||
260,000 | 5.625 | 07/15/27 | 263,900 | |||||||||||
DT Midstream, Inc.(a) (BB+/Ba2) |
||||||||||||||
456,000 | 4.375 | 06/15/31 | 391,590 | |||||||||||
Endeavor Energy Resources LP / EER Finance, Inc.(a) (BB+/Ba2) |
||||||||||||||
231,000 | 5.750 | 01/30/28 | 228,112 | |||||||||||
EnLink Midstream LLC (BB+/Ba1) |
||||||||||||||
143,000 | 5.375 | 06/01/29 | 134,442 | |||||||||||
EnLink Midstream Partners LP (BB+/Ba1) |
||||||||||||||
469,000 | 4.850 | 07/15/26 | 462,587 | |||||||||||
EQM Midstream Partners LP (BB-/Ba3) |
||||||||||||||
421,000 | 6.000 | (a) | 07/01/25 | 408,370 | ||||||||||
220,000 | 6.500 | (a) | 07/01/27 | 213,125 | ||||||||||
185,000 | 5.500 | 07/15/28 | 169,737 | |||||||||||
200,000 | 4.500 | (a) | 01/15/29 | 173,000 | ||||||||||
320,000 | 4.750 | (a) | 01/15/31 | 276,800 | ||||||||||
Hess Midstream Operations LP(a) (BB+/Ba2) |
||||||||||||||
471,000 | 5.125 | 06/15/28 | 440,385 | |||||||||||
100,000 | 5.500 | 10/15/30 | 91,750 | |||||||||||
Hilcorp Energy I LP / Hilcorp Finance Co.(a) (BB+/Ba3) |
||||||||||||||
231,000 | 6.250 | 11/01/28 | 219,450 | |||||||||||
287,000 | 5.750 | 02/01/29 | 264,757 | |||||||||||
ITT Holdings LLC(a) (B/B2) |
||||||||||||||
220,000 | 6.500 | 08/01/29 | 188,100 | |||||||||||
|
|
54 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Energy – (continued) | ||||||||||||||
Moss Creek Resources Holdings, Inc.(a) (B/B3) |
||||||||||||||
$ | 151,000 | 7.500 | % | 01/15/26 | $ | 137,788 | ||||||||
161,000 | 10.500 | 05/15/27 | 156,975 | |||||||||||
Nabors Industries Ltd.(a) (CCC/Caa1) |
||||||||||||||
119,000 | 7.250 | 01/15/26 | 108,588 | |||||||||||
Nabors Industries, Inc. (CCC/Caa2) |
||||||||||||||
325,000 | 5.750 | 02/01/25 | 301,438 | |||||||||||
New Fortress Energy, Inc.(a) (BB-/B1) |
||||||||||||||
418,000 | 6.500 | 09/30/26 | 397,100 | |||||||||||
Occidental Petroleum Corp. (BB+/Ba1) |
||||||||||||||
87,000 | 6.950 | 07/01/24 | 90,853 | |||||||||||
170,000 | 6.375 | 09/01/28 | 178,288 | |||||||||||
83,000 | 8.875 | 07/15/30 | 97,110 | |||||||||||
439,000 | 6.625 | 09/01/30 | 470,279 | |||||||||||
235,000 | 6.125 | 01/01/31 | 244,988 | |||||||||||
295,000 | 7.500 | 05/01/31 | 332,756 | |||||||||||
157,000 | 7.875 | 09/15/31 | 180,860 | |||||||||||
554,000 | 6.450 | 09/15/36 | 592,779 | |||||||||||
401,000 | 0.00 | (c) | 10/10/36 | 209,967 | ||||||||||
PBF Holding Co. LLC / PBF Finance Corp. (BB-/B1) |
||||||||||||||
100,000 | 7.250 | 06/15/25 | 97,250 | |||||||||||
459,000 | 6.000 | 02/15/28 | 415,395 | |||||||||||
Range Resources Corp. (BB/Ba3) |
||||||||||||||
199,000 | 4.875 | 05/15/25 | 194,025 | |||||||||||
182,000 | 8.250 | 01/15/29 | 192,010 | |||||||||||
SM Energy Co. (BB-/B2) |
||||||||||||||
100,000 | 6.750 | 09/15/26 | 98,250 | |||||||||||
273,000 | 6.625 | 01/15/27 | 264,128 | |||||||||||
Southwestern Energy Co. (BB+/Ba2) |
||||||||||||||
71,000 | 7.750 | 10/01/27 | 73,485 | |||||||||||
250,000 | 5.375 | 03/15/30 | 233,750 | |||||||||||
232,000 | 4.750 | 02/01/32 | 207,060 | |||||||||||
Sunoco LP / Sunoco Finance Corp. (BB/Ba3) |
||||||||||||||
130,000 | 6.000 | 04/15/27 | 127,400 | |||||||||||
200,000 | 4.500 | 05/15/29 | 172,000 | |||||||||||
Transocean, Inc.(a) (CCC/Caa3) |
||||||||||||||
307,000 | 11.500 | 01/30/27 | 297,790 | |||||||||||
|
USA
Compression Partners LP / USA Compression Finance |
| ||||||||||||
414,000 | 6.875 | 04/01/26 | 387,090 | |||||||||||
Venture Global Calcasieu Pass LLC(a) (BB/Ba2) |
||||||||||||||
652,000 | 3.875 | 08/15/29 | 571,315 | |||||||||||
Weatherford International Ltd.(a) (B+/Ba3) |
||||||||||||||
515,000 | 6.500 | 09/15/28 | 487,963 | |||||||||||
|
|
|||||||||||||
15,513,327 | ||||||||||||||
|
|
|||||||||||||
Financial Company – 4.4% | ||||||||||||||
Coinbase Global, Inc.(a) (BB/Ba1) |
||||||||||||||
278,000 | 3.625 | 10/01/31 | 172,012 | |||||||||||
HUB International Ltd.(a) (CCC+/Caa2) |
||||||||||||||
416,000 | 7.000 | 05/01/26 | 409,240 | |||||||||||
Icahn Enterprises LP / Icahn Enterprises Finance Corp. (BB/Ba3) |
||||||||||||||
444,000 | 6.375 | 12/15/25 | 433,683 | |||||||||||
627,000 | 5.250 | 05/15/27 | 572,921 | |||||||||||
LD Holdings Group LLC(a) (CCC+/B3) |
||||||||||||||
335,000 | 6.125 | 04/01/28 | 181,738 | |||||||||||
|
|
|||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Financial Company – (continued) | ||||||||||||||
Midcap Financial Issuer Trust(a) (B+/B1) |
||||||||||||||
500,000 | 6.500 | 05/01/28 | 430,000 | |||||||||||
Nationstar Mortgage Holdings, Inc.(a) (B+/B1) |
||||||||||||||
310,000 | 6.000 | 01/15/27 | 277,450 | |||||||||||
626,000 | 5.500 | 08/15/28 | 530,535 | |||||||||||
Navient Corp. (B+/Ba3) |
||||||||||||||
130,000 | 5.875 | 10/25/24 | 125,310 | |||||||||||
380,000 | 6.750 | 06/25/25 | 367,391 | |||||||||||
391,000 | 6.750 | 06/15/26 | 370,400 | |||||||||||
Navient Corp., MTN (B+/Ba3) |
||||||||||||||
154,000 | 6.125 | 03/25/24 | 150,369 | |||||||||||
247,000 | 5.625 | 08/01/33 | 186,297 | |||||||||||
NFP Corp.(a) (CCC+/Caa2) |
||||||||||||||
680,000 | 6.875 | 08/15/28 | 561,850 | |||||||||||
Rocket Mortgage LLC(a) (BB+/Ba1) |
||||||||||||||
244,000 | 5.250 | 01/15/28 | 217,718 | |||||||||||
|
Rocket
Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc.(a) |
| ||||||||||||
751,000 | 3.875 | 03/01/31 | 586,692 | |||||||||||
United Wholesale Mortgage LLC(a) (NR/Ba3) |
||||||||||||||
364,000 | 5.500 | 04/15/29 | 284,830 | |||||||||||
|
|
|||||||||||||
5,858,436 | ||||||||||||||
|
|
|||||||||||||
Food and Beverage – 1.9% | ||||||||||||||
Aramark Services, Inc.(a) (B+/B1) |
||||||||||||||
380,000 | 5.000 | 02/01/28 | 352,925 | |||||||||||
Lamb Weston Holdings, Inc.(a) (BB+/Ba3) |
||||||||||||||
681,000 | 4.125 | 01/31/30 | 616,305 | |||||||||||
Performance Food Group, Inc.(a) (BB-/B2) |
||||||||||||||
200,000 | 5.500 | 10/15/27 | 190,750 | |||||||||||
Post Holdings, Inc.(a) (B+/B2) |
||||||||||||||
200,000 | 5.750 | 03/01/27 | 196,500 | |||||||||||
180,000 | 5.625 | 01/15/28 | 171,900 | |||||||||||
500,000 | 5.500 | 12/15/29 | 459,375 | |||||||||||
500,000 | 4.500 | 09/15/31 | 427,500 | |||||||||||
US Foods, Inc.(a) (B+/B3) |
||||||||||||||
200,000 | 4.750 | 02/15/29 | 178,500 | |||||||||||
|
|
|||||||||||||
2,593,755 | ||||||||||||||
|
|
|||||||||||||
Hardware – 0.7% | ||||||||||||||
CommScope Technologies LLC(a) (CCC+/Caa1) |
||||||||||||||
240,000 | 5.000 | 03/15/27 | 191,100 | |||||||||||
NCR Corp. (B/B3) |
||||||||||||||
240,000 | 5.750 | (a) | 09/01/27 | 233,700 | ||||||||||
240,000 | 5.000 | (a) | 10/01/28 | 226,200 | ||||||||||
240,000 | 5.250 | (a) | 10/01/30 | 225,300 | ||||||||||
|
|
|||||||||||||
876,300 | ||||||||||||||
|
|
|||||||||||||
Healthcare – 5.3% | ||||||||||||||
Catalent Pharma Solutions, Inc.(a) (BB-/B1) |
||||||||||||||
434,000 | 3.125 | 02/15/29 | 361,848 | |||||||||||
CHS/Community Health Systems, Inc.(a) (B/B2) |
||||||||||||||
425,000 | 8.000 | 03/15/26 | 398,969 | |||||||||||
285,000 | 5.625 | 03/15/27 | 244,387 | |||||||||||
350,000 | 8.000 | 12/15/27 | 309,750 | |||||||||||
187,000 | 6.875 | 04/01/28 | 97,707 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 55 |
GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF
Schedule of Investments (continued)
August 31, 2022
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Healthcare – (continued) | ||||||||||||||
CHS/Community Health Systems, Inc.(a) (B/B2) – (continued) |
||||||||||||||
$ | 428,000 | 6.875 | % | 04/15/29 | $ | 268,570 | ||||||||
366,000 | 6.125 | 04/01/30 | 228,293 | |||||||||||
540,000 | 4.750 | 02/15/31 | 406,350 | |||||||||||
DaVita, Inc.(a) (B+/Ba3) |
||||||||||||||
240,000 | 4.625 | 06/01/30 | 193,800 | |||||||||||
240,000 | 3.750 | 02/15/31 | 177,000 | |||||||||||
Encompass Health Corp. (B+/B1) |
||||||||||||||
491,000 | 4.750 | 02/01/30 | 422,874 | |||||||||||
IQVIA, Inc.(a) (BB/Ba3) |
||||||||||||||
600,000 | 5.000 | 05/15/27 | 580,500 | |||||||||||
Legacy LifePoint Health LLC(a) (B/B1) |
||||||||||||||
384,000 | 4.375 | 02/15/27 | 343,200 | |||||||||||
MPH Acquisition Holdings LLC(a) (B-/B3) |
||||||||||||||
300,000 | 5.750 | 11/01/28 | 239,625 | |||||||||||
Service Corp. International (BB/Ba3) |
||||||||||||||
125,000 | 4.625 | 12/15/27 | 117,500 | |||||||||||
403,000 | 3.375 | 08/15/30 | 333,986 | |||||||||||
Tenet Healthcare Corp. (B-/B3) |
||||||||||||||
114,000 | 4.625 | 07/15/24 | 111,364 | |||||||||||
148,000 | 4.625 | (a) | 09/01/24 | 144,368 | ||||||||||
407,000 | 4.875 | (a) | 01/01/26 | 387,922 | ||||||||||
300,000 | 6.250 | (a) | 02/01/27 | 289,774 | ||||||||||
397,000 | 5.125 | (a) | 11/01/27 | 367,721 | ||||||||||
327,000 | 4.625 | (a) | 06/15/28 | 298,387 | ||||||||||
660,000 | 6.125 | (a) | 10/01/28 | 608,850 | ||||||||||
220,000 | 4.250 | (a) | 06/01/29 | 191,812 | ||||||||||
|
|
|||||||||||||
7,124,557 | ||||||||||||||
|
|
|||||||||||||
Insurance – 0.9% | ||||||||||||||
Acrisure LLC / Acrisure Finance, Inc.(a) (CCC+/Caa2) |
||||||||||||||
329,000 | 7.000 | 11/15/25 | 311,411 | |||||||||||
185,000 | 10.125 | 08/01/26 | 186,850 | |||||||||||
|
Alliant
Holdings Intermediate LLC / Alliant Holdings Co.- |
|||||||||||||
839,000 | 4.250 | 10/15/27 | 761,392 | |||||||||||
|
|
|||||||||||||
1,259,653 | ||||||||||||||
|
|
|||||||||||||
Metals – 0.6% | ||||||||||||||
Alcoa Nederland Holding BV(a) (BB+/Baa3) |
||||||||||||||
200,000 | 5.500 | 12/15/27 | 191,750 | |||||||||||
Novelis Corp.(a) (BB/Ba3) |
||||||||||||||
494,000 | 4.750 | 01/30/30 | 434,720 | |||||||||||
210,000 | 3.875 | 08/15/31 | 171,150 | |||||||||||
|
|
|||||||||||||
797,620 | ||||||||||||||
|
|
|||||||||||||
Metals and Mining – 0.5% | ||||||||||||||
Cleveland-Cliffs, Inc.(a) (BB/Ba2) |
||||||||||||||
342,000 | 6.750 | 03/15/26 | 346,702 | |||||||||||
340,000 | 4.875 | 03/01/31 | 299,625 | |||||||||||
|
|
|||||||||||||
646,327 | ||||||||||||||
|
|
|||||||||||||
Natural Gas – 2.4% | ||||||||||||||
AmeriGas Partners LP / AmeriGas Finance Corp. (NR/B1) |
||||||||||||||
352,000 | 5.500 | 05/20/25 | 335,720 | |||||||||||
361,000 | 5.750 | 05/20/27 | 342,950 | |||||||||||
|
|
|||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Natural Gas – (continued) | ||||||||||||||
|
Crestwood
Midstream Partners LP / Crestwood Midstream |
| ||||||||||||
69,000 | 5.625 | 05/01/27 | 64,515 | |||||||||||
132,000 | 6.000 | 02/01/29 | 122,595 | |||||||||||
Ferrellgas LP / Ferrellgas Finance Corp.(a) (B/B2) |
||||||||||||||
444,000 | 5.375 | 04/01/26 | 392,940 | |||||||||||
Genesis Energy LP / Genesis Energy Finance Corp. (B/B2) |
||||||||||||||
384,000 | 8.000 | 01/15/27 | 363,360 | |||||||||||
|
NGL
Energy Operating LLC / NGL Energy Finance Corp.(a) |
| ||||||||||||
650,000 | 7.500 | 02/01/26 | 594,750 | |||||||||||
|
NGL
Energy Partners LP / NGL Energy Finance Corp. |
| ||||||||||||
100,000 | 7.500 | 11/01/23 | 95,000 | |||||||||||
NuStar Logistics LP (BB-/Ba3) |
||||||||||||||
100,000 | 6.000 | 06/01/26 | 95,000 | |||||||||||
100,000 | 5.625 | 04/28/27 | 92,250 | |||||||||||
Rockies Express Pipeline LLC(a) (BB+/Ba2) |
||||||||||||||
288,000 | 4.950 | 07/15/29 | 261,720 | |||||||||||
|
Tallgrass
Energy Partners LP / Tallgrass Energy Finance Corp.(a) |
| ||||||||||||
153,000 | 6.000 | 03/01/27 | 140,760 | |||||||||||
361,000 | 5.500 | 01/15/28 | 314,070 | |||||||||||
|
|
|||||||||||||
3,215,630 | ||||||||||||||
|
|
|||||||||||||
Pharmaceuticals – 1.6% | ||||||||||||||
Bausch Health Americas, Inc.(a) (CC/Caa3) |
||||||||||||||
627,000 | 9.250 | 04/01/26 | 376,940 | |||||||||||
648,000 | 8.500 | 01/31/27 | 311,736 | |||||||||||
Bausch Health Cos., Inc.(a) (B/B3) |
||||||||||||||
347,000 | 5.500 | 11/01/25 | 289,745 | |||||||||||
352,000 | 9.000 | 12/15/25 | 222,174 | |||||||||||
330,000 | 5.750 | 08/15/27 | 241,624 | |||||||||||
349,000 | 7.000 | 01/15/28 | 134,711 | |||||||||||
469,000 | 6.250 | 02/15/29 | 176,408 | |||||||||||
454,000 | 5.250 | 01/30/30 | 169,682 | |||||||||||
476,000 | 5.250 | 02/15/31 | 184,450 | |||||||||||
|
|
|||||||||||||
2,107,470 | ||||||||||||||
|
|
|||||||||||||
REITs and Real Estate – 2.3% | ||||||||||||||
|
Brookfield
Property REIT, Inc. / BPR Cumulus LLC / BPR |
| ||||||||||||
320,000 | 5.750 | 05/15/26 | 300,734 | |||||||||||
Diversified Healthcare Trust (BB/B2) |
||||||||||||||
371,000 | 4.375 | 03/01/31 | 255,256 | |||||||||||
Howard Hughes Corp. (The)(a) (BB-/Ba3) |
||||||||||||||
416,000 | 4.375 | 02/01/31 | 332,800 | |||||||||||
iStar, Inc. (BB/Ba2) |
||||||||||||||
439,000 | 4.750 | 10/01/24 | 439,585 | |||||||||||
Kennedy-Wilson, Inc. (BB/B1) |
||||||||||||||
616,000 | 5.000 | 03/01/31 | 509,355 | |||||||||||
|
Park
Intermediate Holdings LLC / PK Domestic Property LLC / |
| ||||||||||||
402,000 | 4.875 | 05/15/29 | 355,770 | |||||||||||
Realogy Group LLC / Realogy Co.-Issuer Corp.(a) (B+/B2) |
||||||||||||||
559,000 | 5.250 | 04/15/30 | 420,997 | |||||||||||
|
|
56 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
REITs and Real Estate – (continued) | ||||||||||||||
Service Properties Trust (B+/B1) |
||||||||||||||
$ | 369,000 | 4.950 | % | 10/01/29 | $ | 281,624 | ||||||||
292,000 | 4.375 | 02/15/30 | 214,849 | |||||||||||
|
|
|||||||||||||
3,110,970 | ||||||||||||||
|
|
|||||||||||||
Rental Equipment – 2.1% | ||||||||||||||
|
Avis
Budget Car Rental LLC / Avis Budget Finance, Inc.(a) |
| ||||||||||||
498,000 | 5.375 | 03/01/29 | 435,750 | |||||||||||
H&E Equipment Services, Inc.(a) (BB-/B2) |
||||||||||||||
582,000 | 3.875 | 12/15/28 | 493,245 | |||||||||||
Hertz Corp. (The)(a) (B+/Caa1) |
||||||||||||||
677,000 | 5.000 | 12/01/29 | 544,985 | |||||||||||
United Rentals North America, Inc. (BB+/Ba2) |
||||||||||||||
84,000 | 5.500 | 05/15/27 | 83,205 | |||||||||||
266,000 | 4.875 | 01/15/28 | 249,375 | |||||||||||
459,000 | 5.250 | 01/15/30 | 435,476 | |||||||||||
691,000 | 3.875 | 02/15/31 | 599,992 | |||||||||||
|
|
|||||||||||||
2,842,028 | ||||||||||||||
|
|
|||||||||||||
Software – 2.5% | ||||||||||||||
Clarivate Science Holdings Corp.(a) (B/B1) |
||||||||||||||
736,000 | 3.875 | 07/01/28 | 634,800 | |||||||||||
Gartner, Inc.(a) (BB+/Ba1) |
||||||||||||||
778,000 | 4.500 | 07/01/28 | 720,622 | |||||||||||
MSCI, Inc.(a) (BB+/Ba1) |
||||||||||||||
185,000 | 3.625 | 09/01/30 | 157,250 | |||||||||||
625,000 | 3.875 | 02/15/31 | 537,500 | |||||||||||
549,000 | 3.250 | 08/15/33 | 437,141 | |||||||||||
SS&C Technologies, Inc.(a) (B+/B2) |
||||||||||||||
689,000 | 5.500 | 09/30/27 | 652,674 | |||||||||||
Veritas US, Inc. / Veritas Bermuda Ltd.(a) (B-/B3) |
||||||||||||||
300,000 | 7.500 | 09/01/25 | 231,143 | |||||||||||
|
|
|||||||||||||
3,371,130 | ||||||||||||||
|
|
|||||||||||||
Technology – 1.5% | ||||||||||||||
Arches Buyer, Inc.(a) (B/B1) |
||||||||||||||
160,000 | 4.250 | 06/01/28 | 130,000 | |||||||||||
107,000 | 6.125 | 12/01/28 | 84,262 | |||||||||||
Condor Merger Sub, Inc.(a) (CCC+/Caa2) |
||||||||||||||
600,000 | 7.375 | 02/15/30 | 501,000 | |||||||||||
Imola Merger Corp.(a) (BB-/B1) |
||||||||||||||
459,000 | 4.750 | 05/15/29 | 394,740 | |||||||||||
Rackspace Technology Global, Inc.(a) (B-/Caa1) |
||||||||||||||
185,000 | 5.375 | 12/01/28 | 104,525 | |||||||||||
Seagate HDD Cayman (BB+/Ba1) |
||||||||||||||
332,000 | 3.375 | 07/15/31 | 260,620 | |||||||||||
363,000 | 5.750 | 12/01/34 | 323,978 | |||||||||||
Verscend Escrow Corp.(a) (CCC+/Caa2) |
||||||||||||||
225,000 | 9.750 | 08/15/26 | 227,433 | |||||||||||
|
|
|||||||||||||
2,026,558 | ||||||||||||||
|
|
|||||||||||||
Transportation – 2.1% | ||||||||||||||
American Airlines, Inc.(a) (B/Ba3) |
||||||||||||||
489,000 | 11.750 | 07/15/25 | 538,888 | |||||||||||
American Airlines, Inc./AAdvantage Loyalty IP Ltd.(a) (NR/Ba2) |
||||||||||||||
697,000 | 5.500 | 04/20/26 | 665,635 | |||||||||||
677,000 | 5.750 | 04/20/29 | 612,134 | |||||||||||
|
|
|||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Transportation – (continued) | ||||||||||||||
|
Fortress
Transportation and Infrastructure Investors LLC(a) |
| ||||||||||||
240,000 | 6.500 | 10/01/25 | 225,600 | |||||||||||
United Airlines, Inc.(a) (BB-/Ba1) |
||||||||||||||
516,000 | 4.375 | 04/15/26 | 470,710 | |||||||||||
391,000 | 4.625 | 04/15/29 | 344,529 | |||||||||||
|
|
|||||||||||||
2,857,496 | ||||||||||||||
|
|
|||||||||||||
Wireless – 0.7% | ||||||||||||||
Ligado Networks LLC(a) (b) (PIK) (NR/Caa1) |
||||||||||||||
696,028 | 15.500 | 11/01/23 | 358,454 | |||||||||||
SBA Communications Corp. (BB-/B1) |
||||||||||||||
300,000 | 3.875 | 02/15/27 | 274,196 | |||||||||||
Viasat, Inc.(a) (BB/Ba3) |
||||||||||||||
180,000 | 5.625 | 04/15/27 | 166,950 | |||||||||||
170,000 | 6.500 | 07/15/28 | 131,963 | |||||||||||
|
|
|||||||||||||
931,563 | ||||||||||||||
|
|
|||||||||||||
Wirelines – 3.2% | ||||||||||||||
Consolidated Communications, Inc.(a) (B-/B2) |
||||||||||||||
494,000 | 6.500 | 10/01/28 | 405,080 | |||||||||||
Frontier Communications Holdings LLC(a) (B/B3) |
||||||||||||||
369,000 | 5.875 | 10/15/27 | 344,784 | |||||||||||
822,000 | 5.000 | 05/01/28 | 720,278 | |||||||||||
451,000 | 6.750 | 05/01/29 | 389,551 | |||||||||||
Level 3 Financing, Inc.(a) (BB/Ba3) |
||||||||||||||
240,000 | 4.625 | 09/15/27 | 212,400 | |||||||||||
Lumen Technologies, Inc.(a) (BB-/B2) |
||||||||||||||
240,000 | 4.500 | 01/15/29 | 179,700 | |||||||||||
240,000 | 5.375 | 06/15/29 | 187,800 | |||||||||||
|
Uniti
Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC(a) |
| ||||||||||||
392,000 | 7.875 | 02/15/25 | 387,345 | |||||||||||
|
Uniti
Group LP / Uniti Group Finance, Inc. / CSL Capital LLC(a) |
| ||||||||||||
530,000 | 4.750 | 04/15/28 | 446,525 | |||||||||||
141,000 | 6.500 | 02/15/29 | 107,689 | |||||||||||
|
Windstream
Escrow LLC / Windstream Escrow Finance Corp.(a) |
| ||||||||||||
384,000 | 7.750 | 08/15/28 | 336,000 | |||||||||||
Zayo Group Holdings, Inc.(a) (B/B2) |
||||||||||||||
644,000 | 4.000 | 03/01/27 | 553,035 | |||||||||||
73,000 | 6.125 | 03/01/28 | 55,936 | |||||||||||
|
|
|||||||||||||
4,326,123 | ||||||||||||||
|
|
|||||||||||||
TOTAL CORPORATE OBLIGATIONS | ||||||||||||||
(Cost $137,840,229) | $ | 122,064,107 | ||||||||||||
|
|
|||||||||||||
Foreign Corporate Debt – 5.3% | ||||||||||||||
Aerospace & Defense – 0.6% | ||||||||||||||
Bombardier, Inc.(a) (Canada) (B-/B3) |
||||||||||||||
$ | 302,000 | 7.500 | % | 03/15/25 | $ | 297,847 | ||||||||
247,000 | 7.125 | 06/15/26 | 235,268 | |||||||||||
353,000 | 7.875 | 04/15/27 | 337,556 | |||||||||||
|
|
|||||||||||||
870,671 | ||||||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 57 |
GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF
Schedule of Investments (continued)
August 31, 2022
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Foreign Corporate Debt – (continued) | ||||||||||||||
Basic Industry – 0.6% | ||||||||||||||
Methanex Corp. (Canada) (BB/Ba1) |
||||||||||||||
$ | 449,000 | 5.250 | % | 12/15/29 | $ | 379,370 | ||||||||
NOVA Chemicals Corp.(a) (Canada) (BB/Ba3) |
||||||||||||||
281,000 | 5.000 | 05/01/25 | 263,744 | |||||||||||
271,000 | 5.250 | 06/01/27 | 241,190 | |||||||||||
|
|
|||||||||||||
884,304 | ||||||||||||||
|
|
|||||||||||||
Capital Goods – 0.7% | ||||||||||||||
|
ARD
Finance SA(a) (b)
(Luxembourg) (PIK 7.250%, Cash 6.500%) |
| ||||||||||||
400,000 | 6.500 | 06/30/27 | 309,399 | |||||||||||
GFL Environmental, Inc.(a) (Canada) (BB-/Ba3) |
||||||||||||||
325,000 | 4.250 | 06/01/25 | 314,031 | |||||||||||
340,000 | 4.750 | 06/15/29 | 297,674 | |||||||||||
|
|
|||||||||||||
921,104 | ||||||||||||||
|
|
|||||||||||||
Consumer Cyclical – 1.1% | ||||||||||||||
1011778 BC ULC / New Red Finance, Inc. (a) (Canada) (B+/B2) |
||||||||||||||
284,000 | 3.875 | 01/15/28 | 254,180 | |||||||||||
172,000 | 4.375 | 01/15/28 | 155,445 | |||||||||||
127,000 | 3.500 | 02/15/29 | 110,014 | |||||||||||
530,000 | 4.000 | 10/15/30 | 435,925 | |||||||||||
Garda World Security Corp. a) (Canada) (B/B2) |
||||||||||||||
167,000 | 4.625 | 02/15/27 | 149,048 | |||||||||||
145,000 | 9.500 | 11/01/27 | 132,312 | |||||||||||
Mattamy Group Corp.(a) (Canada) (BB/Ba3) |
||||||||||||||
216,000 | 5.250 | 12/15/27 | 191,802 | |||||||||||
60,000 | 4.625 | 03/01/30 | 49,275 | |||||||||||
|
|
|||||||||||||
1,478,001 | ||||||||||||||
|
|
|||||||||||||
Energy – 0.2% | ||||||||||||||
MEG Energy Corp.(a) (Canada) (BB-/B2) |
||||||||||||||
232,000 | 7.125 | 02/01/27 | 234,320 | |||||||||||
|
|
|||||||||||||
Food – 0.3% | ||||||||||||||
NBM US Holdings, Inc.(a) (Brazil) (BB+/NR) |
||||||||||||||
400,000 | 7.000 | 05/14/26 | 404,000 | |||||||||||
|
|
|||||||||||||
Mining – 1.2% | ||||||||||||||
First Quantum Minerals Ltd.(a) (Zambia) (B+/NR) |
||||||||||||||
361,000 | 6.500 | 03/01/24 | 357,515 | |||||||||||
414,000 | 7.500 | 04/01/25 | 409,061 | |||||||||||
450,000 | 6.875 | 03/01/26 | 434,580 | |||||||||||
Hudbay Minerals, Inc.(a) (Canada) (B/B2) |
||||||||||||||
407,000 | 4.500 | 04/01/26 | 369,861 | |||||||||||
|
|
|||||||||||||
1,571,017 | ||||||||||||||
|
|
|||||||||||||
Wireless – 0.6% | ||||||||||||||
Intelsat Jackson Holdings SA(a) (Luxembourg) (B+/B3) |
||||||||||||||
896,000 | 6.500 | 03/15/30 | 814,240 | |||||||||||
|
|
|||||||||||||
TOTAL FOREIGN CORPORATE DEBT | ||||||||||||||
(Cost $7,720,708) | $ | 7,177,657 | ||||||||||||
|
|
Shares | Dividend Rate |
Value | ||||||
Investment Company – 2.3%(d) | ||||||||
Goldman Sachs Financial Square Government Fund – Institutional Shares |
| |||||||
3,157,357 | 2.154 | % | $ | 3,157,357 | ||||
(Cost $3,157,357) |
| |||||||
|
||||||||
TOTAL INVESTMENTS – 98.4% |
| |||||||
(Cost $148,718,294) |
|
$ | 132,399,121 | |||||
| ||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES – 1.6% |
|
2,110,233 | ||||||
|
||||||||
NET ASSETS – 100.0% |
|
$ | 134,509,354 | |||||
|
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: | ||
GMTN |
—Global Medium Term Note | |
LP |
—Limited Partnership | |
MTN |
—Medium Term Note | |
PLC |
—Public Limited Company | |
REIT |
—Real Estate Investment Trust | |
|
58 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS INFLATION PROTECTED USD BOND ETF
Schedule of Investments
August 31, 2022
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
U.S. Treasury Inflation Indexed Bonds – 98.6% | ||||||||||||||
U.S. Treasury Inflation Indexed Bonds |
||||||||||||||
$ | 9,547,259 | 0.625 | % | 01/15/24 | $ | 9,458,829 | ||||||||
1,376,948 | 0.500 | 04/15/24 | 1,362,325 | |||||||||||
11,267,400 | 0.125 | 10/15/24 | 11,092,504 | |||||||||||
9,392,733 | 0.250 | 01/15/25 | 9,248,857 | |||||||||||
11,055,576 | 0.375 | 07/15/25 | 10,920,141 | |||||||||||
12,607,570 | 0.125 | 10/15/25 | 12,372,948 | |||||||||||
11,294,441 | 0.625 | 01/15/26 | 11,224,259 | |||||||||||
10,723,816 | 0.375 | 07/15/27 | 10,572,268 | |||||||||||
14,675,916 | 0.500 | 01/15/28 | 14,462,653 | |||||||||||
8,173,367 | 0.750 | 07/15/28 | 8,200,853 | |||||||||||
3,792,355 | 3.875 | 04/15/29 | 4,538,287 | |||||||||||
6,557,702 | 0.250 | 07/15/29 | 6,367,458 | |||||||||||
11,169,090 | 0.125 | 01/15/30 | 10,669,453 | |||||||||||
5,867,489 | 0.125 | 07/15/30 | 5,612,774 | |||||||||||
5,366,340 | 0.125 | 07/15/31 | 5,099,716 | |||||||||||
9,101,538 | 2.125 | 02/15/40 | 10,806,598 | |||||||||||
7,264,824 | 0.750 | 02/15/42 | 6,800,736 | |||||||||||
4,844,982 | 0.875 | 02/15/47 | 4,540,940 | |||||||||||
3,906,402 | 1.000 | 02/15/48 | 3,785,178 | |||||||||||
1,270,566 | 1.000 | 02/15/49 | 1,243,541 | |||||||||||
5,807,599 | 0.250 | 02/15/50 | 4,677,073 | |||||||||||
|
|
|||||||||||||
TOTAL U.S. TREASURY INFLATION INDEXED BONDS | ||||||||||||||
(Cost $182,183,611) | $ | 163,057,391 | ||||||||||||
|
|
Shares | Dividend Rate |
Value | ||||||
Investment Company – 0.2%(a) | ||||||||
Goldman Sachs Financial Square Government Fund – Institutional Shares |
| |||||||
350,717 | 2.154 | % | $ | 350,717 | ||||
(Cost $350,717) |
| |||||||
|
||||||||
TOTAL INVESTMENTS – 98.8% |
| |||||||
(Cost $182,534,328) |
|
$ | 163,408,108 | |||||
|
||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES – 1.2% |
|
1,963,936 | ||||||
|
||||||||
NET ASSETS – 100.0% |
|
$ | 165,372,044 | |||||
|
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. |
The accompanying notes are an integral part of these financial statements. | 59 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND
Schedule of Investments
August 31, 2022
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Corporate Obligations – 79.6% | ||||||||||||||
Aerospace & Defense – 2.6% | ||||||||||||||
General Dynamics Corp. |
||||||||||||||
$ | 50,000 | 3.250 | % | 04/01/25 | $ | 49,180 | ||||||||
50,000 | 3.500 | 05/15/25 | 49,572 | |||||||||||
50,000 | 1.150 | 06/01/26 | 45,142 | |||||||||||
Hexcel Corp. |
||||||||||||||
50,000 | 4.950 | 08/15/25 | 49,608 | |||||||||||
L3Harris Technologies, Inc. |
||||||||||||||
50,000 | 3.850 | 12/15/26 | 48,704 | |||||||||||
Northrop Grumman Corp. |
||||||||||||||
65,000 | 2.930 | 01/15/25 | 63,354 | |||||||||||
25,000 | 3.200 | 02/01/27 | 24,049 | |||||||||||
Raytheon Technologies Corp. |
||||||||||||||
50,000 | 3.500 | 03/15/27 | 48,564 | |||||||||||
Textron, Inc. |
||||||||||||||
40,000 | 3.650 | 03/15/27 | 38,311 | |||||||||||
|
|
|||||||||||||
416,484 | ||||||||||||||
|
|
|||||||||||||
Banks – 18.0% | ||||||||||||||
American Express Co. |
||||||||||||||
55,000 | 3.700 | 08/03/23 | 54,934 | |||||||||||
90,000 | 3.125 | 05/20/26 | 86,827 | |||||||||||
Bank of America Corp. (a) |
||||||||||||||
(SOFR + 0.960%) |
||||||||||||||
100,000 | 1.734 | 07/22/27 | 88,710 | |||||||||||
(SOFR + 1.050%) |
||||||||||||||
75,000 | 2.551 | 02/04/28 | 67,970 | |||||||||||
(SOFR + 1.580%) |
||||||||||||||
100,000 | 4.376 | 04/27/28 | 97,553 | |||||||||||
Bank of America Corp., MTN |
||||||||||||||
39,000 | 4.200 | 08/26/24 | 38,999 | |||||||||||
30,000 | 4.000 | 01/22/25 | 29,682 | |||||||||||
(SOFR + 1.150%) |
||||||||||||||
50,000 | 1.319 | (a) | 06/19/26 | 45,497 | ||||||||||
(SOFR + 1.010%) |
||||||||||||||
99,000 | 1.197 | (a) | 10/24/26 | 88,408 | ||||||||||
(3M USD LIBOR + 1.060%) |
||||||||||||||
76,000 | 3.559 | (a) | 04/23/27 | 72,764 | ||||||||||
Bank of America Corp.(a), Series N |
||||||||||||||
(SOFR + 0.910%) |
||||||||||||||
50,000 | 1.658 | 03/11/27 | 44,882 | |||||||||||
Bank of New York Mellon Corp. (The)(a), MTN |
||||||||||||||
(3M USD LIBOR + 1.069%) |
||||||||||||||
50,000 | 3.442 | 02/07/28 | 47,945 | |||||||||||
Capital One Financial Corp. |
||||||||||||||
50,000 | 3.300 | 10/30/24 | 49,015 | |||||||||||
75,000 | 4.200 | 10/29/25 | 74,075 | |||||||||||
Charles Schwab Corp. (The) |
||||||||||||||
40,000 | 3.000 | 03/10/25 | 39,103 | |||||||||||
30,000 | 3.850 | 05/21/25 | 30,056 | |||||||||||
Comerica, Inc. |
||||||||||||||
40,000 | 3.800 | 07/22/26 | 39,151 | |||||||||||
Fifth Third Bancorp |
||||||||||||||
50,000 | 3.650 | 01/25/24 | 49,756 | |||||||||||
Huntington Bancshares, Inc. |
||||||||||||||
56,000 | 4.000 | 05/15/25 | 55,579 | |||||||||||
|
|
|||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Banks – (continued) | ||||||||||||||
JPMorgan Chase & Co. |
||||||||||||||
(SOFR + 1.455%) |
||||||||||||||
168,000 | 1.514 | (a) | 06/01/24 | 164,451 | ||||||||||
(3M USD LIBOR + 0.890%) |
||||||||||||||
50,000 | 3.797 | (a) | 07/23/24 | 49,749 | ||||||||||
50,000 | 3.875 | 09/10/24 | 49,797 | |||||||||||
(3M U.S. T-Bill MMY + 1.585%) |
||||||||||||||
87,000 | 2.005 | (a) | 03/13/26 | 81,529 | ||||||||||
(SOFR + 1.850%) |
||||||||||||||
30,000 | 2.083 | (a) | 04/22/26 | 28,070 | ||||||||||
39,000 | 3.200 | 06/15/26 | 37,591 | |||||||||||
96,000 | 2.950 | 10/01/26 | 91,200 | |||||||||||
(SOFR + 0.800%) |
||||||||||||||
25,000 | 1.045 | (a) | 11/19/26 | 22,269 | ||||||||||
(SOFR + 0.885%) |
||||||||||||||
80,000 | 1.578 | (a) | 04/22/27 | 71,344 | ||||||||||
(SOFR + 1.560%) |
||||||||||||||
70,000 | 4.323 | (a) | 04/26/28 | 68,427 | ||||||||||
Morgan Stanley(a) |
||||||||||||||
(SOFR + 1.990%) |
||||||||||||||
63,000 | 2.188 | 04/28/26 | 59,093 | |||||||||||
(SOFR + 0.879%) |
||||||||||||||
60,000 | 1.593 | 05/04/27 | 53,451 | |||||||||||
(SOFR + 1.610%) |
||||||||||||||
50,000 | 4.210 | 04/20/28 | 48,849 | |||||||||||
(3M USD LIBOR + 1.340%) |
||||||||||||||
50,000 | 3.591 | 07/22/28 | 47,245 | |||||||||||
Morgan Stanley, GMTN |
||||||||||||||
50,000 | 3.875 | 01/27/26 | 49,359 | |||||||||||
40,000 | 4.350 | 09/08/26 | 39,487 | |||||||||||
(SOFR + 0.858%) |
||||||||||||||
30,000 | 1.512 | (a) | 07/20/27 | 26,528 | ||||||||||
Morgan Stanley, MTN |
||||||||||||||
45,000 | 3.125 | 07/27/26 | 42,864 | |||||||||||
PNC Financial Services Group, Inc. (The) |
||||||||||||||
55,000 | 3.900 | 04/29/24 | 55,061 | |||||||||||
Santander Holdings USA, Inc. |
||||||||||||||
40,000 | 3.450 | 06/02/25 | 38,429 | |||||||||||
State Street Corp.(a) |
||||||||||||||
(SOFR + 2.600%) |
||||||||||||||
40,000 | 2.901 | 03/30/26 | 38,423 | |||||||||||
Synchrony Financial |
||||||||||||||
45,000 | 4.250 | 08/15/24 | 44,442 | |||||||||||
Truist Bank(a) |
||||||||||||||
(3M USD LIBOR + 0.735%) |
||||||||||||||
68,000 | 3.689 | 08/02/24 | 67,723 | |||||||||||
Truist Financial Corp., MTN |
||||||||||||||
96,000 | 2.850 | 10/26/24 | 94,059 | |||||||||||
US Bancorp(a), MTN |
||||||||||||||
(SOFR + 0.730%) |
||||||||||||||
30,000 | 2.215 | 01/27/28 | 27,439 | |||||||||||
US Bancorp, Series X |
||||||||||||||
30,000 | 3.150 | 04/27/27 | 28,961 | |||||||||||
Wells Fargo & Co. |
||||||||||||||
50,000 | 4.480 | 01/16/24 | 50,198 | |||||||||||
8,000 | 3.000 | 04/22/26 | 7,603 | |||||||||||
|
|
60 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Banks – (continued) | ||||||||||||||
Wells Fargo & Co. – (continued) |
||||||||||||||
(SOFR + 2.000%) |
||||||||||||||
$ | 81,000 | 2.188 | %(a) | 04/30/26 | $ | 75,731 | ||||||||
70,000 | 3.000 | 10/23/26 | 66,269 | |||||||||||
Wells Fargo & Co., MTN(a) |
||||||||||||||
(3M USD LIBOR + 0.750%) |
||||||||||||||
75,000 | 2.164 | 02/11/26 | 70,500 | |||||||||||
(3M USD LIBOR + 1.170%) |
||||||||||||||
33,000 | 3.196 | 06/17/27 | 31,131 | |||||||||||
(SOFR + 1.510%) |
||||||||||||||
50,000 | 3.526 | 03/24/28 | 47,179 | |||||||||||
(SOFR + 1.980%) |
||||||||||||||
50,000 | 4.808 | 07/25/28 | 49,917 | |||||||||||
|
|
|||||||||||||
2,925,274 | ||||||||||||||
|
|
|||||||||||||
Basic Industry – 0.4% | ||||||||||||||
Linde, Inc. |
||||||||||||||
75,000 | 3.200 | 01/30/26 | 73,637 | |||||||||||
|
|
|||||||||||||
Broadcasting – 0.8% | ||||||||||||||
Discovery Communications LLC |
||||||||||||||
50,000 | 3.800 | 03/13/24 | 49,490 | |||||||||||
Fox Corp. |
||||||||||||||
75,000 | 4.030 | 01/25/24 | 74,785 | |||||||||||
|
|
|||||||||||||
124,275 | ||||||||||||||
|
|
|||||||||||||
Brokerage – 0.7% | ||||||||||||||
Ameriprise Financial, Inc. |
||||||||||||||
40,000 | 4.000 | 10/15/23 | 40,030 | |||||||||||
BlackRock, Inc. |
||||||||||||||
40,000 | 3.500 | 03/18/24 | 39,899 | |||||||||||
Invesco Finance PLC |
||||||||||||||
40,000 | 3.750 | 01/15/26 | 39,076 | |||||||||||
|
|
|||||||||||||
119,005 | ||||||||||||||
|
|
|||||||||||||
Building Materials – 0.6% | ||||||||||||||
Fortune Brands Home & Security, Inc. |
||||||||||||||
50,000 | 4.000 | 09/21/23 | 49,922 | |||||||||||
Owens Corning |
||||||||||||||
50,000 | 4.200 | 12/01/24 | 49,995 | |||||||||||
|
|
|||||||||||||
99,917 | ||||||||||||||
|
|
|||||||||||||
Capital Goods – 4.0% | ||||||||||||||
Carrier Global Corp. |
||||||||||||||
35,000 | 2.242 | 02/15/25 | 33,233 | |||||||||||
Caterpillar Financial Services Corp. |
||||||||||||||
50,000 | 0.900 | 03/02/26 | 45,485 | |||||||||||
Illinois Tool Works, Inc. |
||||||||||||||
50,000 | 3.500 | 03/01/24 | 49,726 | |||||||||||
John Deere Capital Corp. |
||||||||||||||
50,000 | 3.650 | 10/12/23 | 50,035 | |||||||||||
John Deere Capital Corp., MTN |
||||||||||||||
50,000 | 3.450 | 03/13/25 | 49,699 | |||||||||||
50,000 | 2.350 | 03/08/27 | 46,953 | |||||||||||
Johnson Controls International PLC |
||||||||||||||
75,000 | 3.900 | 02/14/26 | 74,192 | |||||||||||
Republic Services, Inc. |
||||||||||||||
20,000 | 2.500 | 08/15/24 | 19,409 | |||||||||||
29,000 | 2.900 | 07/01/26 | 27,625 | |||||||||||
|
|
|||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Capital Goods – (continued) | ||||||||||||||
Roper Technologies, Inc. |
||||||||||||||
50,000 | 3.650 | 09/15/23 | 49,842 | |||||||||||
Sonoco Products Co. |
||||||||||||||
50,000 | 2.250 | 02/01/27 | 45,425 | |||||||||||
Waste Management, Inc. |
||||||||||||||
75,000 | 0.750 | 11/15/25 | 68,036 | |||||||||||
Westinghouse Air Brake Technologies Corp. |
||||||||||||||
40,000 | 4.375 | 08/15/23 | 39,856 | |||||||||||
50,000 | 4.400 | 03/15/24 | 49,715 | |||||||||||
|
|
|||||||||||||
649,231 | ||||||||||||||
|
|
|||||||||||||
Communications – 4.1% | ||||||||||||||
|
Charter
Communications Operating LLC / Charter |
| ||||||||||||
50,000 | 4.908 | 07/23/25 | 49,899 | |||||||||||
|
Charter
Communications Operating LLC / Charter |
| ||||||||||||
75,000 | 4.500 | 02/01/24 | 75,056 | |||||||||||
Comcast Corp. |
||||||||||||||
90,000 | 3.150 | 03/01/26 | 87,569 | |||||||||||
40,000 | 3.300 | 02/01/27 | 38,623 | |||||||||||
Magallanes, Inc.(b) |
||||||||||||||
50,000 | 3.755 | 03/15/27 | 46,777 | |||||||||||
Netflix, Inc. |
||||||||||||||
50,000 | 5.750 | 03/01/24 | 50,750 | |||||||||||
50,000 | 5.875 | 02/15/25 | 51,250 | |||||||||||
50,000 | 4.375 | 11/15/26 | 48,750 | |||||||||||
Paramount Global |
||||||||||||||
25,000 | 4.750 | 05/15/25 | 25,210 | |||||||||||
TWDC Enterprises 18 Corp., GMTN |
||||||||||||||
10,000 | 3.150 | 09/17/25 | 9,781 | |||||||||||
TWDC Enterprises 18 Corp., MTN |
||||||||||||||
25,000 | 1.850 | 07/30/26 | 23,091 | |||||||||||
Walt Disney Co. (The) |
||||||||||||||
85,000 | 1.750 | 08/30/24 | 81,654 | |||||||||||
75,000 | 3.350 | 03/24/25 | 73,923 | |||||||||||
|
|
|||||||||||||
662,333 | ||||||||||||||
|
|
|||||||||||||
Consumer Cyclical – 6.1% | ||||||||||||||
Amazon.com, Inc. |
||||||||||||||
105,000 | 1.000 | 05/12/26 | 95,057 | |||||||||||
American Honda Finance Corp., MTN |
||||||||||||||
40,000 | 1.200 | 07/08/25 | 37,068 | |||||||||||
40,000 | 1.300 | 09/09/26 | 36,051 | |||||||||||
AutoNation, Inc. |
||||||||||||||
55,000 | 3.500 | 11/15/24 | 53,881 | |||||||||||
Booking Holdings, Inc. |
||||||||||||||
40,000 | 3.600 | 06/01/26 | 39,441 | |||||||||||
DR Horton, Inc. |
||||||||||||||
40,000 | 2.500 | 10/15/24 | 38,561 | |||||||||||
30,000 | 1.300 | 10/15/26 | 26,020 | |||||||||||
eBay, Inc. |
||||||||||||||
40,000 | 3.450 | 08/01/24 | 39,590 | |||||||||||
Hyatt Hotels Corp. |
||||||||||||||
25,000 | 3.375 | 07/15/23 | 24,600 | |||||||||||
30,000 | 5.625 | 04/23/25 | 30,357 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 61 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND
Schedule of Investments (continued)
August 31, 2022
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Consumer Cyclical – (continued) | ||||||||||||||
Las Vegas Sands Corp. |
||||||||||||||
$ | 50,000 | 3.200 | % | 08/08/24 | $ | 47,341 | ||||||||
30,000 | 3.500 | 08/18/26 | 26,945 | |||||||||||
Lennar Corp. |
||||||||||||||
37,000 | 4.750 | 05/30/25 | 37,519 | |||||||||||
Marriott International, Inc., Series EE |
||||||||||||||
25,000 | 5.750 | 05/01/25 | 25,770 | |||||||||||
Marriott International, Inc., Series Z |
||||||||||||||
70,000 | 4.150 | 12/01/23 | 70,044 | |||||||||||
O’Reilly Automotive, Inc. |
||||||||||||||
75,000 | 3.550 | 03/15/26 | 73,247 | |||||||||||
Ross Stores, Inc. |
||||||||||||||
40,000 | 4.600 | 04/15/25 | 40,284 | |||||||||||
Starbucks Corp. |
||||||||||||||
50,000 | 2.000 | 03/12/27 | 45,783 | |||||||||||
Toll Brothers Finance Corp. |
||||||||||||||
50,000 | 4.875 | 11/15/25 | 49,375 | |||||||||||
Toyota Motor Credit Corp., MTN |
||||||||||||||
50,000 | 0.800 | 01/09/26 | 45,192 | |||||||||||
Visa, Inc. |
||||||||||||||
50,000 | 1.900 | 04/15/27 | 46,139 | |||||||||||
Walmart, Inc. |
||||||||||||||
75,000 | 1.050 | 09/17/26 | 68,086 | |||||||||||
|
|
|||||||||||||
996,351 | ||||||||||||||
|
|
|||||||||||||
Consumer Noncyclical – 5.3% | ||||||||||||||
AbbVie, Inc. |
||||||||||||||
75,000 | 2.600 | 11/21/24 | 72,556 | |||||||||||
96,000 | 3.600 | 05/14/25 | 94,342 | |||||||||||
Altria Group, Inc. |
||||||||||||||
70,000 | 4.000 | 01/31/24 | 70,035 | |||||||||||
75,000 | 3.800 | 02/14/24 | 74,717 | |||||||||||
Becton Dickinson and Co. |
||||||||||||||
55,000 | 3.734 | 12/15/24 | 54,582 | |||||||||||
Equifax, Inc. |
||||||||||||||
60,000 | 2.600 | 12/01/24 | 57,883 | |||||||||||
Johnson & Johnson |
||||||||||||||
25,000 | 0.550 | 09/01/25 | 22,862 | |||||||||||
50,000 | 2.450 | 03/01/26 | 48,173 | |||||||||||
Kroger Co. (The) |
||||||||||||||
25,000 | 3.850 | 08/01/23 | 24,992 | |||||||||||
Laboratory Corp of America Holdings |
||||||||||||||
75,000 | 3.600 | 02/01/25 | 73,981 | |||||||||||
Merck & Co., Inc. |
||||||||||||||
50,000 | 0.750 | 02/24/26 | 45,275 | |||||||||||
Philip Morris International, Inc. |
||||||||||||||
68,000 | 2.875 | 05/01/24 | 66,894 | |||||||||||
Utah Acquisition Sub, Inc. |
||||||||||||||
40,000 | 3.950 | 06/15/26 | 37,605 | |||||||||||
Walgreens Boots Alliance, Inc. |
||||||||||||||
119,000 | 3.800 | 11/18/24 | 118,540 | |||||||||||
|
|
|||||||||||||
862,437 | ||||||||||||||
|
|
|||||||||||||
Consumer Products – 0.7% | ||||||||||||||
Hasbro, Inc. |
||||||||||||||
40,000 | 3.550 | 11/19/26 | 38,227 | |||||||||||
|
|
|||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Consumer Products – (continued) | ||||||||||||||
Newell Brands, Inc. |
||||||||||||||
50,000 | 4.875 | 06/01/25 | 49,187 | |||||||||||
Procter & Gamble Co. (The) |
||||||||||||||
25,000 | 1.900 | 02/01/27 | 23,366 | |||||||||||
|
|
|||||||||||||
110,780 | ||||||||||||||
|
|
|||||||||||||
Electric – 3.9% | ||||||||||||||
AEP Transmission Co. LLC |
||||||||||||||
50,000 | 3.100 | 12/01/26 | 47,607 | |||||||||||
AES Corp. (The) |
||||||||||||||
50,000 | 1.375 | 01/15/26 | 44,271 | |||||||||||
CenterPoint Energy, Inc. |
||||||||||||||
50,000 | 1.450 | 06/01/26 | 44,890 | |||||||||||
CMS Energy Corp. |
||||||||||||||
50,000 | 3.000 | 05/15/26 | 47,346 | |||||||||||
Dominion Energy, Inc., Series A |
||||||||||||||
50,000 | 1.450 | 04/15/26 | 45,536 | |||||||||||
DTE Energy Co., Series F |
||||||||||||||
75,000 | 1.050 | 06/01/25 | 68,685 | |||||||||||
Duke Energy Corp. |
||||||||||||||
50,000 | 2.650 | 09/01/26 | 46,956 | |||||||||||
Exelon Corp. |
||||||||||||||
35,000 | 3.400 | 04/15/26 | 33,805 | |||||||||||
NextEra Energy Capital Holdings, Inc. |
||||||||||||||
39,000 | 1.875 | 01/15/27 | 35,058 | |||||||||||
Pacific Gas and Electric Co. |
||||||||||||||
20,000 | 3.450 | 07/01/25 | 19,072 | |||||||||||
25,000 | 3.300 | 03/15/27 | 22,221 | |||||||||||
San Diego Gas & Electric Co. |
||||||||||||||
50,000 | 6.000 | 06/01/26 | 52,883 | |||||||||||
Southern Co. (The) |
||||||||||||||
50,000 | 3.250 | 07/01/26 | 47,934 | |||||||||||
Southern Co. Gas Capital Corp. |
||||||||||||||
50,000 | 3.875 | 11/15/25 | 49,128 | |||||||||||
Southwestern Electric Power Co., Series N |
||||||||||||||
40,000 | 1.650 | 03/15/26 | 36,293 | |||||||||||
|
|
|||||||||||||
641,685 | ||||||||||||||
|
|
|||||||||||||
Energy – 7.4% | ||||||||||||||
Chevron Corp. |
||||||||||||||
75,000 | 3.326 | 11/17/25 | 74,345 | |||||||||||
Energy Transfer LP |
||||||||||||||
40,000 | 7.600 | 02/01/24 | 41,400 | |||||||||||
5,000 | 4.750 | 01/15/26 | 4,970 | |||||||||||
Enterprise Products Operating LLC |
||||||||||||||
50,000 | 3.750 | 02/15/25 | 49,575 | |||||||||||
Exxon Mobil Corp. |
||||||||||||||
30,000 | 3.176 | 03/15/24 | 29,803 | |||||||||||
75,000 | 3.043 | 03/01/26 | 73,220 | |||||||||||
40,000 | 2.275 | 08/16/26 | 37,866 | |||||||||||
Kinder Morgan Energy Partners LP |
||||||||||||||
75,000 | 4.150 | 02/01/24 | 74,744 | |||||||||||
Kinder Morgan, Inc. |
||||||||||||||
50,000 | 4.300 | 06/01/25 | 49,843 | |||||||||||
Magellan Midstream Partners LP |
||||||||||||||
75,000 | 5.000 | 03/01/26 | 76,382 | |||||||||||
|
|
62 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Energy – (continued) | ||||||||||||||
Marathon Petroleum Corp. |
||||||||||||||
$ | 35,000 | 4.700 | % | 05/01/25 | $ | 35,350 | ||||||||
MPLX LP |
||||||||||||||
75,000 | 4.875 | 12/01/24 | 75,634 | |||||||||||
38,000 | 1.750 | 03/01/26 | 34,390 | |||||||||||
National Fuel Gas Co. |
||||||||||||||
50,000 | 5.500 | 01/15/26 | 50,486 | |||||||||||
ONEOK, Inc. |
||||||||||||||
45,000 | 7.500 | 09/01/23 | 45,967 | |||||||||||
Phillips 66 |
||||||||||||||
20,000 | 0.900 | 02/15/24 | 19,096 | |||||||||||
Plains All American Pipeline LP / PAA Finance Corp. |
||||||||||||||
50,000 | 4.650 | 10/15/25 | 49,518 | |||||||||||
Sabine Pass Liquefaction LLC |
||||||||||||||
30,000 | 5.625 | 03/01/25 | 30,581 | |||||||||||
100,000 | 5.000 | 03/15/27 | 99,938 | |||||||||||
Spectra Energy Partners LP |
||||||||||||||
55,000 | 4.750 | 03/15/24 | 55,322 | |||||||||||
Valero Energy Corp. |
||||||||||||||
50,000 | 2.850 | 04/15/25 | 48,305 | |||||||||||
Western Midstream Operating LP |
||||||||||||||
50,000 | 3.350 | 02/01/25 | 47,375 | |||||||||||
50,000 | 3.950 | 06/01/25 | 47,875 | |||||||||||
Williams Cos., Inc. (The) |
||||||||||||||
50,000 | 4.000 | 09/15/25 | 49,445 | |||||||||||
|
|
|||||||||||||
1,201,430 | ||||||||||||||
|
|
|||||||||||||
Financial Company – 1.8% | ||||||||||||||
Ares Capital Corp. |
||||||||||||||
50,000 | 2.875 | 06/15/27 | 43,748 | |||||||||||
BGC Partners, Inc. |
||||||||||||||
65,000 | 5.375 | 07/24/23 | 65,299 | |||||||||||
FS KKR Capital Corp. |
||||||||||||||
40,000 | 4.625 | 07/15/24 | 39,735 | |||||||||||
50,000 | 3.250 | 07/15/27 | 43,430 | |||||||||||
GATX Corp. |
||||||||||||||
50,000 | 3.250 | 09/15/26 | 47,429 | |||||||||||
Sixth Street Specialty Lending, Inc. |
||||||||||||||
50,000 | 3.875 | 11/01/24 | 48,024 | |||||||||||
|
|
|||||||||||||
287,665 | ||||||||||||||
|
|
|||||||||||||
Food and Beverage – 0.8% | ||||||||||||||
Keurig Dr Pepper, Inc. |
||||||||||||||
30,000 | 3.130 | 12/15/23 | 29,748 | |||||||||||
McCormick & Co., Inc. |
||||||||||||||
50,000 | 0.900 | 02/15/26 | 44,665 | |||||||||||
PepsiCo, Inc. |
||||||||||||||
35,000 | 2.850 | 02/24/26 | 34,019 | |||||||||||
Tyson Foods, Inc. |
||||||||||||||
30,000 | 3.950 | 08/15/24 | 29,915 | |||||||||||
|
|
|||||||||||||
138,347 | ||||||||||||||
|
|
|||||||||||||
Hardware – 0.3% | ||||||||||||||
Micron Technology, Inc. |
||||||||||||||
50,000 | 4.185 | 02/15/27 | 49,000 | |||||||||||
|
|
|||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Healthcare – 2.7% | ||||||||||||||
CVS Health Corp. |
||||||||||||||
75,000 | 2.625 | 08/15/24 | 73,284 | |||||||||||
39,000 | 3.000 | 08/15/26 | 37,535 | |||||||||||
Evernorth Health, Inc. |
||||||||||||||
40,000 | 3.500 | 06/15/24 | 39,723 | |||||||||||
HCA, Inc. |
||||||||||||||
75,000 | 5.000 | 03/15/24 | 75,516 | |||||||||||
30,000 | 5.375 | 02/01/25 | 30,337 | |||||||||||
50,000 | 4.500 | 02/15/27 | 48,969 | |||||||||||
McKesson Corp. |
||||||||||||||
30,000 | 3.796 | 03/15/24 | 29,981 | |||||||||||
Quest Diagnostics, Inc. |
||||||||||||||
50,000 | 3.450 | 06/01/26 | 48,776 | |||||||||||
UnitedHealth Group, Inc. |
||||||||||||||
50,000 | 3.375 | 04/15/27 | 48,948 | |||||||||||
|
|
|||||||||||||
433,069 | ||||||||||||||
|
|
|||||||||||||
Insurance – 0.3% | ||||||||||||||
CNA Financial Corp. |
||||||||||||||
40,000 | 3.950 | 05/15/24 | 39,744 | |||||||||||
Prudential Financial, Inc.(a) |
||||||||||||||
(3M USD LIBOR + 3.920%) |
||||||||||||||
15,000 | 5.625 | 06/15/43 | 14,924 | |||||||||||
|
|
|||||||||||||
54,668 | ||||||||||||||
|
|
|||||||||||||
Other – 1.8% | ||||||||||||||
3M Co., MTN |
||||||||||||||
50,000 | 3.000 | 08/07/25 | 48,772 | |||||||||||
50,000 | 2.250 | 09/19/26 | 46,883 | |||||||||||
Otis Worldwide Corp. |
||||||||||||||
50,000 | 2.056 | 04/05/25 | 47,283 | |||||||||||
Roper Technologies, Inc. |
||||||||||||||
50,000 | 1.000 | 09/15/25 | 45,325 | |||||||||||
50,000 | 3.850 | 12/15/25 | 49,272 | |||||||||||
Westinghouse Air Brake Technologies Corp. |
||||||||||||||
50,000 | 3.200 | 06/15/25 | 47,626 | |||||||||||
|
|
|||||||||||||
285,161 | ||||||||||||||
|
|
|||||||||||||
Pharmaceuticals – 0.3% | ||||||||||||||
Viatris, Inc. |
||||||||||||||
50,000 | 2.300 | 06/22/27 | 43,168 | |||||||||||
|
|
|||||||||||||
REITs and Real Estate – 2.7% | ||||||||||||||
Equinix, Inc. |
||||||||||||||
70,000 | 1.800 | 07/15/27 | 61,352 | |||||||||||
ERP Operating LP |
||||||||||||||
50,000 | 3.375 | 06/01/25 | 48,750 | |||||||||||
GLP Capital LP / GLP Financing II, Inc. |
||||||||||||||
50,000 | 5.375 | 11/01/23 | 49,787 | |||||||||||
28,000 | 5.375 | 04/15/26 | 27,700 | |||||||||||
Healthpeak Properties, Inc. |
||||||||||||||
50,000 | 3.250 | 07/15/26 | 48,062 | |||||||||||
Kimco Realty Corp. |
||||||||||||||
10,000 | 3.250 | 08/15/26 | 9,467 | |||||||||||
Public Storage |
||||||||||||||
40,000 | 1.500 | 11/09/26 | 36,332 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 63 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND
Schedule of Investments (continued)
August 31, 2022
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
REITs and Real Estate – (continued) | ||||||||||||||
Simon Property Group LP |
||||||||||||||
$ | 50,000 | 3.500 | % | 09/01/25 | $ | 49,329 | ||||||||
50,000 | 3.300 | 01/15/26 | 48,559 | |||||||||||
Spirit Realty LP |
||||||||||||||
20,000 | 3.200 | 01/15/27 | 18,358 | |||||||||||
Welltower, Inc. |
||||||||||||||
50,000 | 4.000 | 06/01/25 | 49,461 | |||||||||||
|
|
|||||||||||||
447,157 | ||||||||||||||
|
|
|||||||||||||
Revenue – 0.2% | ||||||||||||||
CommonSpirit Health |
||||||||||||||
40,000 | 4.200 | 08/01/23 | 40,127 | |||||||||||
|
|
|||||||||||||
Software – 0.6% | ||||||||||||||
Oracle Corp. |
||||||||||||||
100,000 | 2.800 | 04/01/27 | 91,693 | |||||||||||
|
|
|||||||||||||
Technology – 8.1% | ||||||||||||||
Alphabet, Inc. |
||||||||||||||
50,000 | 0.450 | 08/15/25 | 45,653 | |||||||||||
50,000 | 1.998 | 08/15/26 | 47,094 | |||||||||||
Apple, Inc. |
||||||||||||||
113,000 | 0.700 | 02/08/26 | 102,217 | |||||||||||
75,000 | 2.450 | 08/04/26 | 71,365 | |||||||||||
50,000 | 2.050 | 09/11/26 | 46,811 | |||||||||||
100,000 | 3.350 | 02/09/27 | 98,338 | |||||||||||
Broadcom Corp. / Broadcom Cayman Finance Ltd. |
||||||||||||||
50,000 | 3.875 | 01/15/27 | 48,108 | |||||||||||
Dell International LLC / EMC Corp. |
||||||||||||||
55,000 | 4.000 | 07/15/24 | 54,844 | |||||||||||
30,000 | 4.900 | 10/01/26 | 30,133 | |||||||||||
Fiserv, Inc. |
||||||||||||||
37,000 | 3.850 | 06/01/25 | 36,440 | |||||||||||
75,000 | 3.200 | 07/01/26 | 71,509 | |||||||||||
Genpact Luxembourg Sarl |
||||||||||||||
50,000 | 3.375 | 12/01/24 | 48,938 | |||||||||||
Hewlett Packard Enterprise Co. |
||||||||||||||
45,000 | 4.900 | 10/15/25 | 45,746 | |||||||||||
HP, Inc. |
||||||||||||||
30,000 | 2.200 | 06/17/25 | 28,364 | |||||||||||
Intel Corp. |
||||||||||||||
75,000 | 3.400 | 03/25/25 | 74,032 | |||||||||||
International Business Machines Corp. |
||||||||||||||
100,000 | 2.200 | 02/09/27 | 92,226 | |||||||||||
Intuit, Inc. |
||||||||||||||
50,000 | 1.350 | 07/15/27 | 43,853 | |||||||||||
Microchip Technology, Inc. |
||||||||||||||
50,000 | 4.250 | 09/01/25 | 49,336 | |||||||||||
Microsoft Corp. |
||||||||||||||
100,000 | 3.300 | 02/06/27 | 98,338 | |||||||||||
Motorola Solutions, Inc. |
||||||||||||||
40,000 | 7.500 | 05/15/25 | 41,861 | |||||||||||
NetApp, Inc. |
||||||||||||||
40,000 | 3.300 | 09/29/24 | 39,131 | |||||||||||
QUALCOMM, Inc. |
||||||||||||||
80,000 | 2.900 | 05/20/24 | 79,100 | |||||||||||
20,000 | 3.450 | 05/20/25 | 19,790 | |||||||||||
|
|
|||||||||||||
1,313,227 | ||||||||||||||
|
|
|||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Transportation – 2.4% | ||||||||||||||
CSX Corp. |
||||||||||||||
50,000 | 3.250 | 06/01/27 | 48,198 | |||||||||||
Delta Air Lines, Inc. |
||||||||||||||
50,000 | 2.900 | 10/28/24 | 46,860 | |||||||||||
Norfolk Southern Corp. |
||||||||||||||
50,000 | 3.850 | 01/15/24 | 49,902 | |||||||||||
Ryder System, Inc., MTN |
||||||||||||||
15,000 | 1.750 | 09/01/26 | 13,543 | |||||||||||
25,000 | 2.900 | 12/01/26 | 23,264 | |||||||||||
Southwest Airlines Co. |
||||||||||||||
50,000 | 5.250 | 05/04/25 | 51,241 | |||||||||||
Union Pacific Corp. |
||||||||||||||
53,000 | 3.250 | 08/15/25 | 52,170 | |||||||||||
United Airlines Pass Through Trust, Series A |
||||||||||||||
38,992 | 4.150 | 04/11/24 | 37,427 | |||||||||||
United Airlines Pass Through Trust, Class A, Series 20-1 |
||||||||||||||
40,931 | 5.875 | 10/15/27 | 40,726 | |||||||||||
United Airlines Pass-Through Trust, Series A |
||||||||||||||
30,155 | 4.300 | 08/15/25 | 28,359 | |||||||||||
|
|
|||||||||||||
391,690 | ||||||||||||||
|
|
|||||||||||||
Wireless – 3.0% | ||||||||||||||
American Tower Corp. |
||||||||||||||
126,000 | 5.000 | 02/15/24 | 126,927 | |||||||||||
40,000 | 3.375 | 10/15/26 | 37,842 | |||||||||||
AT&T, Inc. |
||||||||||||||
20,000 | 0.900 | 03/25/24 | 19,165 | |||||||||||
66,000 | 1.700 | 03/25/26 | 60,344 | |||||||||||
Crown Castle, Inc. |
||||||||||||||
102,000 | 3.200 | 09/01/24 | 100,420 | |||||||||||
Sprint Corp. |
||||||||||||||
50,000 | 7.625 | 03/01/26 | 53,081 | |||||||||||
T-Mobile USA, Inc. |
||||||||||||||
50,000 | 3.750 | 04/15/27 | 47,836 | |||||||||||
Verizon Communications, Inc. |
||||||||||||||
50,000 | 1.450 | 03/20/26 | 45,664 | |||||||||||
|
|
|||||||||||||
491,279 | ||||||||||||||
|
|
|||||||||||||
TOTAL CORPORATE OBLIGATIONS | ||||||||||||||
(Cost $13,651,256) | $ | 12,949,090 | ||||||||||||
|
|
|||||||||||||
Foreign Corporate Debt – 18.3% | ||||||||||||||
Banks – 12.9% | ||||||||||||||
Banco Santander SA (Spain) |
||||||||||||||
$ | 200,000 | 2.746 | % | 05/28/25 | $ | 189,179 | ||||||||
Bank of Montreal(a) (Canada) |
||||||||||||||
(5 Year USD Swap + 1.280%) |
||||||||||||||
25,000 | 4.338 | 10/05/28 | 24,969 | |||||||||||
Bank of Montreal, Series E (Canada) |
||||||||||||||
30,000 | 3.300 | 02/05/24 | 29,732 | |||||||||||
Bank of Nova Scotia (The) (Canada) |
||||||||||||||
50,000 | 1.050 | 03/02/26 | 44,900 | |||||||||||
50,000 | 2.700 | 08/03/26 | 47,179 | |||||||||||
30,000 | 1.300 | 09/15/26 | 26,559 | |||||||||||
|
|
64 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Foreign Corporate Debt – (continued) | ||||||||||||||
Banks – (continued) | ||||||||||||||
Barclays PLC(a) (United Kingdom) |
||||||||||||||
(US 1 Year CMT T-Note + 1.050%) |
||||||||||||||
$ | 200,000 | 2.279 | % | 11/24/27 | $ | 175,397 | ||||||||
Canadian Imperial Bank of Commerce (Canada) |
||||||||||||||
50,000 | 1.250 | 06/22/26 | 44,528 | |||||||||||
Cooperatieve Rabobank UA, MTN (Netherlands) |
||||||||||||||
250,000 | 3.375 | 05/21/25 | 244,644 | |||||||||||
Deutsche Bank AG(a) (Germany) |
||||||||||||||
(SOFR + 2.581%) |
||||||||||||||
150,000 | 3.961 | 11/26/25 | 144,257 | |||||||||||
HSBC Holdings PLC (United Kingdom) |
||||||||||||||
225,000 | 4.300 | 03/08/26 | 222,446 | |||||||||||
(SOFR + 1.100%) |
||||||||||||||
200,000 | 2.251 | (a) | 11/22/27 | 176,323 | ||||||||||
Lloyds Banking Group PLC(a) (United Kingdom) |
||||||||||||||
(US 1 Year CMT T-Note + 1.000%) |
||||||||||||||
200,000 | 2.438 | 02/05/26 | 188,087 | |||||||||||
Royal Bank of Canada, MTN (Canada) |
||||||||||||||
72,000 | 1.150 | 06/10/25 | 66,328 | |||||||||||
Santander UK Group Holdings PLC(a) (United Kingdom) |
||||||||||||||
(US 1 Year CMT T-Note + 1.250%) |
||||||||||||||
250,000 | 1.532 | 08/21/26 | 224,213 | |||||||||||
Toronto-Dominion Bank (The), MTN (Canada) |
||||||||||||||
50,000 | 0.750 | 01/06/26 | 44,720 | |||||||||||
50,000 | 1.250 | 09/10/26 | 44,277 | |||||||||||
Toronto-Dominion Bank (The), GMTN (Canada) |
||||||||||||||
90,000 | 3.250 | 03/11/24 | 88,946 | |||||||||||
Westpac Banking Corp. (Australia) |
||||||||||||||
73,000 | 1.150 | 06/03/26 | 65,449 | |||||||||||
|
|
|||||||||||||
2,092,133 | ||||||||||||||
|
|
|||||||||||||
Brokerage – 0.2% | ||||||||||||||
Brookfield Finance, Inc. (Canada) |
||||||||||||||
25,000 | 4.000 | 04/01/24 | 24,951 | |||||||||||
|
|
|||||||||||||
Capital Goods – 0.2% | ||||||||||||||
CNH Industrial NV (United Kingdom) |
||||||||||||||
40,000 | 4.500 | 08/15/23 | 40,094 | |||||||||||
|
|
|||||||||||||
Consumer Cyclical – 0.5% | ||||||||||||||
Toyota Motor Corp. (Japan) |
||||||||||||||
90,000 | 1.339 | 03/25/26 | 82,606 | |||||||||||
|
|
|||||||||||||
Consumer Noncyclical – 1.2% | ||||||||||||||
BAT International Finance PLC (United Kingdom) |
||||||||||||||
50,000 | 1.668 | 03/25/26 | 44,546 | |||||||||||
Bayer US Finance II LLC(b) (Germany) |
||||||||||||||
55,000 | 3.375 | 07/15/24 | 53,820 | |||||||||||
GlaxoSmithKline Capital PLC (United Kingdom) |
||||||||||||||
90,000 | 3.000 | 06/01/24 | 89,109 | |||||||||||
|
|
|||||||||||||
187,475 | ||||||||||||||
|
|
|||||||||||||
Energy – 0.4% | ||||||||||||||
Enbridge, Inc. (Canada) |
||||||||||||||
20,000 | 3.500 | 06/10/24 | 19,778 | |||||||||||
Shell International Finance BV (Netherlands) |
||||||||||||||
50,000 | 3.250 | 05/11/25 | 49,228 | |||||||||||
|
|
|||||||||||||
69,006 | ||||||||||||||
|
|
|||||||||||||
Foreign Corporate Debt – (continued) | ||||||||||||||
Financial Company – 0.8% | ||||||||||||||
|
AerCap
Ireland Capital DAC / AerCap Global Aviation Trust |
| ||||||||||||
150,000 | 1.750 | 01/30/26 | 132,712 | |||||||||||
|
|
|||||||||||||
Metals – 0.2% | ||||||||||||||
ArcelorMittal SA (Luxembourg) |
||||||||||||||
25,000 | 3.600 | 07/16/24 | 24,625 | |||||||||||
|
|
|||||||||||||
Oil Company-Integrated – 0.9% | ||||||||||||||
Ecopetrol SA (Colombia) |
||||||||||||||
50,000 | 5.875 | 09/18/23 | 50,187 | |||||||||||
100,000 | 4.125 | 01/16/25 | 94,500 | |||||||||||
|
|
|||||||||||||
144,687 | ||||||||||||||
|
|
|||||||||||||
Technology – 0.2% | ||||||||||||||
NXP BV / NXP Funding LLC (China) |
||||||||||||||
30,000 | 4.875 | 03/01/24 | 30,170 | |||||||||||
|
|
|||||||||||||
Wireless – 0.8% | ||||||||||||||
Rogers Communications, Inc. (Canada) |
||||||||||||||
50,000 | 4.100 | 10/01/23 | 50,009 | |||||||||||
50,000 | 3.200 | (b) | 03/15/27 | 47,586 | ||||||||||
Vodafone Group PLC (United Kingdom) |
||||||||||||||
40,000 | 4.125 | 05/30/25 | 39,838 | |||||||||||
|
|
|||||||||||||
137,433 | ||||||||||||||
|
|
|||||||||||||
TOTAL FOREIGN CORPORATE DEBT | ||||||||||||||
(Cost $3,214,111) | $ | 2,965,892 | ||||||||||||
|
|
Shares | Dividend Rate |
Value | ||||||
Investment Company – 1.0%(c) | ||||||||
Goldman Sachs Financial Square Government Fund – Institutional Shares |
| |||||||
155,769 | 2.154 | % | $ | 155,769 | ||||
(Cost $155,769) |
| |||||||
|
||||||||
TOTAL INVESTMENTS – 98.9% |
| |||||||
(Cost $17,021,136) |
|
$ | 16,070,751 | |||||
|
||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES – 1.1% |
|
191,693 | ||||||
|
||||||||
NET ASSETS – 100.0% |
|
$ | 16,262,444 | |||||
|
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 August 31, 2022. | |
(b) |
Exempt from registration under Rule 144A of the Securities Act of 1933. | |
(c) |
Represents an affiliated issuer. |
The accompanying notes are an integral part of these financial statements. | 65 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND
Schedule of Investments (continued)
August 31, 2022
| ||
Investment Abbreviations: | ||
CMT |
—Constant Maturity Treasury Index | |
GMTN |
—Global Medium Term Note | |
LIBOR |
—London Interbank Offered Rate | |
LP |
—Limited Partnership | |
MTN |
—Medium Term Note | |
PLC |
—Public Limited Company | |
REIT |
—Real Estate Investment Trust | |
SOFR |
—Secured Overnight Financing Rate | |
|
66 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments
August 31, 2022
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Corporate Obligations – 78.1% | ||||||||||||||
Aerospace & Defense – 1.8% | ||||||||||||||
Boeing Co. (The) |
||||||||||||||
$ | 2,000,000 | 2.950 | % | 02/01/30 | $ | 1,718,614 | ||||||||
2,000,000 | 3.900 | 05/01/49 | 1,465,830 | |||||||||||
100,000 | 5.805 | 05/01/50 | 96,334 | |||||||||||
General Dynamics Corp. |
||||||||||||||
50,000 | 3.250 | 04/01/25 | 49,180 | |||||||||||
300,000 | 3.500 | 04/01/27 | 294,039 | |||||||||||
650,000 | 3.750 | 05/15/28 | 637,819 | |||||||||||
84,000 | 4.250 | 04/01/50 | 81,071 | |||||||||||
Lockheed Martin Corp. |
||||||||||||||
820,000 | 4.070 | 12/15/42 | 762,718 | |||||||||||
380,000 | 3.800 | 03/01/45 | 337,799 | |||||||||||
100,000 | 4.700 | 05/15/46 | 101,765 | |||||||||||
68,000 | 4.090 | 09/15/52 | 63,431 | |||||||||||
Northrop Grumman Corp. |
||||||||||||||
476,000 | 2.930 | 01/15/25 | 463,946 | |||||||||||
290,000 | 3.200 | 02/01/27 | 278,967 | |||||||||||
738,000 | 3.250 | 01/15/28 | 703,816 | |||||||||||
300,000 | 4.400 | 05/01/30 | 299,185 | |||||||||||
406,000 | 4.030 | 10/15/47 | 356,569 | |||||||||||
267,000 | 5.250 | 05/01/50 | 282,954 | |||||||||||
Raytheon Technologies Corp. |
||||||||||||||
1,080,000 | 3.950 | 08/16/25 | 1,077,949 | |||||||||||
100,000 | 3.125 | 05/04/27 | 95,680 | |||||||||||
300,000 | 4.125 | 11/16/28 | 292,564 | |||||||||||
243,000 | 4.450 | 11/16/38 | 230,504 | |||||||||||
500,000 | 4.500 | 06/01/42 | 473,008 | |||||||||||
100,000 | 4.150 | 05/15/45 | 88,674 | |||||||||||
208,000 | 3.750 | 11/01/46 | 174,632 | |||||||||||
304,000 | 4.350 | 04/15/47 | 279,085 | |||||||||||
292,000 | 4.625 | 11/16/48 | 278,990 | |||||||||||
486,000 | 3.125 | 07/01/50 | 363,189 | |||||||||||
260,000 | 2.820 | 09/01/51 | 183,435 | |||||||||||
|
|
|||||||||||||
11,531,747 | ||||||||||||||
|
|
|||||||||||||
Agriculture – 0.0% | ||||||||||||||
Archer-Daniels-Midland Co. |
||||||||||||||
162,000 | 3.250 | 03/27/30 | 152,637 | |||||||||||
|
|
|||||||||||||
Banks – 18.9% | ||||||||||||||
American Express Co. |
||||||||||||||
50,000 | 3.700 | 08/03/23 | 49,940 | |||||||||||
240,000 | 3.400 | 02/22/24 | 237,616 | |||||||||||
250,000 | 2.500 | 07/30/24 | 243,677 | |||||||||||
3,432,000 | 3.000 | 10/30/24 | 3,367,796 | |||||||||||
819,000 | 4.200 | 11/06/25 | 821,842 | |||||||||||
470,000 | 3.125 | 05/20/26 | 453,427 | |||||||||||
250,000 | 1.650 | 11/04/26 | 226,392 | |||||||||||
(SOFR + 2.255%) |
||||||||||||||
192,000 | 4.989 | (a) | 05/26/33 | 190,933 | ||||||||||
305,000 | 4.050 | 12/03/42 | 277,778 | |||||||||||
Bank of America Corp. |
||||||||||||||
100,000 | 4.100 | 07/24/23 | 100,178 | |||||||||||
(SOFR + 0.690%) |
||||||||||||||
500,000 | 0.976 | (a) | 04/22/25 | 470,919 | ||||||||||
(3M USD LIBOR + 0.810%) |
||||||||||||||
584,000 | 3.366 | (a) | 01/23/26 | 564,922 | ||||||||||
|
|
|||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Banks – (continued) | ||||||||||||||
Bank of America Corp. – (continued) |
||||||||||||||
(SOFR + 0.960%) |
||||||||||||||
944,000 | 1.734 | (a) | 07/22/27 | 837,422 | ||||||||||
(3M USD LIBOR + 1.512%) |
||||||||||||||
548,000 | 3.705 | (a) | 04/24/28 | 520,427 | ||||||||||
(3M USD LIBOR + 1.040%) |
||||||||||||||
1,398,000 | 3.419 | (a) | 12/20/28 | 1,296,831 | ||||||||||
(SOFR + 2.150%) |
||||||||||||||
941,000 | 2.592 | (a) | 04/29/31 | 794,579 | ||||||||||
(SOFR + 1.320%) |
||||||||||||||
1,300,000 | 2.687 | (a) | 04/22/32 | 1,087,288 | ||||||||||
(SOFR + 1.220%) |
||||||||||||||
290,000 | 2.299 | (a) | 07/21/32 | 232,929 | ||||||||||
(SOFR + 1.210%) |
||||||||||||||
500,000 | 2.572 | (a) | 10/20/32 | 410,069 | ||||||||||
(US 5 Year CMT T-Note + 1.200%) |
||||||||||||||
570,000 | 2.482 | (a) | 09/21/36 | 442,207 | ||||||||||
560,000 | 6.110 | 01/29/37 | 597,285 | |||||||||||
(3M USD LIBOR + 1.814%) |
||||||||||||||
555,000 | 4.244 | (a) | 04/24/38 | 505,125 | ||||||||||
370,000 | 7.750 | 05/14/38 | 457,806 | |||||||||||
(SOFR + 1.580%) |
||||||||||||||
588,000 | 3.311 | (a) | 04/22/42 | 465,666 | ||||||||||
(SOFR + 1.560%) |
||||||||||||||
597,000 | 2.972 | (a) | 07/21/52 | 417,983 | ||||||||||
Bank of America Corp., GMTN |
||||||||||||||
220,000 | 3.500 | 04/19/26 | 214,392 | |||||||||||
(3M USD LIBOR + 1.370%) |
||||||||||||||
488,000 | 3.593 | (a) | 07/21/28 | 460,679 | ||||||||||
Bank of America Corp., Series L |
||||||||||||||
110,000 | 3.950 | 04/21/25 | 108,818 | |||||||||||
258,000 | 4.183 | 11/25/27 | 251,859 | |||||||||||
Bank of America Corp., MTN |
||||||||||||||
500,000 | 4.125 | 01/22/24 | 501,787 | |||||||||||
380,000 | 4.000 | 04/01/24 | 380,184 | |||||||||||
(3M USD LIBOR + 0.940%) |
||||||||||||||
200,000 | 3.864 | (a) | 07/23/24 | 198,718 | ||||||||||
836,000 | 4.200 | 08/26/24 | 835,971 | |||||||||||
(SOFR + 0.740%) |
||||||||||||||
710,000 | 0.810 | (a) | 10/24/24 | 679,949 | ||||||||||
340,000 | 4.000 | 01/22/25 | 336,398 | |||||||||||
(3M USD LIBOR + 0.970%) |
||||||||||||||
500,000 | 3.458 | (a) | 03/15/25 | 491,995 | ||||||||||
215,000 | 3.875 | 08/01/25 | 214,624 | |||||||||||
(3M USD LIBOR + 1.090%) |
||||||||||||||
490,000 | 3.093 | (a) | 10/01/25 | 474,946 | ||||||||||
(3M USD LIBOR + 0.870%) |
||||||||||||||
800,000 | 2.456 | (a) | 10/22/25 | 762,192 | ||||||||||
(3M USD LIBOR + 0.640%) |
||||||||||||||
700,000 | 2.015 | (a) | 02/13/26 | 654,779 | ||||||||||
180,000 | 4.450 | 03/03/26 | 179,338 | |||||||||||
(SOFR + 1.150%) |
||||||||||||||
2,014,000 | 1.319 | (a) | 06/19/26 | 1,832,607 | ||||||||||
486,000 | 4.250 | 10/22/26 | 480,105 | |||||||||||
(3M USD LIBOR + 1.060%) |
||||||||||||||
570,000 | 3.559 | (a) | 04/23/27 | 545,733 | ||||||||||
760,000 | 3.248 | 10/21/27 | 718,366 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 67 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
August 31, 2022
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Banks – (continued) | ||||||||||||||
Bank of America Corp., MTN – (continued) |
||||||||||||||
(3M USD LIBOR + 1.575%) |
||||||||||||||
$ | 462,000 | 3.824 | %(a) | 01/20/28 | $ | 442,142 | ||||||||
(3M USD LIBOR + 1.070%) |
||||||||||||||
150,000 | 3.970 | (a) | 03/05/29 | 142,542 | ||||||||||
(3M USD LIBOR + 1.310%) |
||||||||||||||
886,000 | 4.271 | (a) | 07/23/29 | 848,853 | ||||||||||
(3M USD LIBOR + 1.210%) |
||||||||||||||
570,000 | 3.974 | (a) | 02/07/30 | 535,212 | ||||||||||
(3M USD LIBOR + 1.180%) |
||||||||||||||
280,000 | 3.194 | (a) | 07/23/30 | 249,310 | ||||||||||
(3M USD LIBOR + 1.190%) |
||||||||||||||
317,000 | 2.884 | (a) | 10/22/30 | 276,319 | ||||||||||
(3M USD LIBOR + 0.990%) |
||||||||||||||
425,000 | 2.496 | (a) | 02/13/31 | 356,251 | ||||||||||
(SOFR + 1.530%) |
||||||||||||||
830,000 | 1.898 | (a) | 07/23/31 | 659,217 | ||||||||||
(SOFR + 1.370%) |
||||||||||||||
500,000 | 1.922 | (a) | 10/24/31 | 396,844 | ||||||||||
(3M USD LIBOR + 1.320%) |
||||||||||||||
296,000 | 4.078 | (a) | 04/23/40 | 260,261 | ||||||||||
(SOFR + 1.930%) |
||||||||||||||
880,000 | 2.676 | (a) | 06/19/41 | 635,264 | ||||||||||
248,000 | 5.875 | 02/07/42 | 270,605 | |||||||||||
364,000 | 5.000 | 01/21/44 | 353,765 | |||||||||||
(3M USD LIBOR + 1.990%) |
||||||||||||||
354,000 | 4.443 | (a) | 01/20/48 | 325,435 | ||||||||||
(3M USD LIBOR + 1.520%) |
||||||||||||||
570,000 | 4.330 | (a) | 03/15/50 | 514,614 | ||||||||||
(3M USD LIBOR + 3.150%) |
||||||||||||||
990,000 | 4.083 | (a) | 03/20/51 | 853,286 | ||||||||||
Bank of America Corp.(a), Series N |
||||||||||||||
(SOFR + 1.220%) |
||||||||||||||
500,000 | 2.651 | 03/11/32 | 414,916 | |||||||||||
Bank of New York Mellon Corp. (The), MTN |
||||||||||||||
120,000 | 0.350 | 12/07/23 | 115,658 | |||||||||||
100,000 | 2.100 | 10/24/24 | 96,884 | |||||||||||
50,000 | 2.800 | 05/04/26 | 48,425 | |||||||||||
690,000 | 3.400 | 01/29/28 | 659,758 | |||||||||||
(3M USD LIBOR + 1.069%) |
||||||||||||||
598,000 | 3.442 | (a) | 02/07/28 | 573,417 | ||||||||||
400,000 | 3.850 | 04/28/28 | 392,170 | |||||||||||
314,000 | 3.300 | 08/23/29 | 292,449 | |||||||||||
Capital One Financial Corp. |
||||||||||||||
255,000 | 3.900 | 01/29/24 | 253,854 | |||||||||||
339,000 | 3.300 | 10/30/24 | 332,318 | |||||||||||
557,000 | 3.200 | 02/05/25 | 543,379 | |||||||||||
50,000 | 4.250 | 04/30/25 | 49,971 | |||||||||||
280,000 | 4.200 | 10/29/25 | 276,547 | |||||||||||
510,000 | 3.750 | 07/28/26 | 490,372 | |||||||||||
888,000 | 3.750 | 03/09/27 | 852,841 | |||||||||||
100,000 | 3.650 | 05/11/27 | 95,744 | |||||||||||
100,000 | 3.800 | 01/31/28 | 94,949 | |||||||||||
(SOFR + 1.337%) |
||||||||||||||
300,000 | 2.359 | (a) | 07/29/32 | 233,874 | ||||||||||
(SOFR + 2.370%) |
||||||||||||||
260,000 | 5.268 | (a) | 05/10/33 | 255,534 | ||||||||||
|
|
|||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Banks – (continued) | ||||||||||||||
Charles Schwab Corp. (The) |
||||||||||||||
244,000 | 0.750 | 03/18/24 | 233,121 | |||||||||||
500,000 | 2.300 | 05/13/31 | 426,584 | |||||||||||
300,000 | 1.950 | 12/01/31 | 245,291 | |||||||||||
Fifth Third Bancorp |
||||||||||||||
792,000 | 3.650 | 01/25/24 | 788,136 | |||||||||||
650,000 | 2.550 | 05/05/27 | 598,868 | |||||||||||
190,000 | 8.250 | 03/01/38 | 245,227 | |||||||||||
Fifth Third Bank NA |
||||||||||||||
560,000 | 3.850 | 03/15/26 | 547,394 | |||||||||||
Huntington Bancshares, Inc. |
||||||||||||||
1,040,000 | 2.625 | 08/06/24 | 1,009,125 | |||||||||||
400,000 | 2.550 | 02/04/30 | 342,787 | |||||||||||
JPMorgan Chase & Co. |
||||||||||||||
150,000 | 3.875 | 02/01/24 | 150,263 | |||||||||||
320,000 | 3.625 | 05/13/24 | 319,280 | |||||||||||
(3M USD LIBOR + 0.890%) |
||||||||||||||
410,000 | 3.797 | (a) | 07/23/24 | 407,941 | ||||||||||
495,000 | 3.875 | 09/10/24 | 492,991 | |||||||||||
(3M U.S. T-Bill MMY + 0.600%) |
||||||||||||||
200,000 | 0.653 | (a) | 09/16/24 | 192,320 | ||||||||||
(3M USD LIBOR + 1.000%) |
||||||||||||||
550,000 | 4.023 | (a) | 12/05/24 | 547,468 | ||||||||||
240,000 | 3.125 | 01/23/25 | 236,642 | |||||||||||
(3M USD LIBOR + 1.155%) |
||||||||||||||
284,000 | 3.220 | (a) | 03/01/25 | 278,470 | ||||||||||
378,000 | 3.900 | 07/15/25 | 375,781 | |||||||||||
(SOFR + 1.160%) |
||||||||||||||
300,000 | 2.301 | (a) | 10/15/25 | 286,270 | ||||||||||
(SOFR + 0.915%) |
||||||||||||||
150,000 | 2.595 | (a) | 02/24/26 | 142,633 | ||||||||||
(3M U.S. T-Bill MMY + 1.585%) |
||||||||||||||
170,000 | 2.005 | (a) | 03/13/26 | 159,310 | ||||||||||
930,000 | 3.300 | 04/01/26 | 902,165 | |||||||||||
(SOFR + 1.850%) |
||||||||||||||
840,000 | 2.083 | (a) | 04/22/26 | 785,947 | ||||||||||
890,000 | 3.200 | 06/15/26 | 857,838 | |||||||||||
460,000 | 4.125 | 12/15/26 | 454,872 | |||||||||||
(3M USD LIBOR + 1.245%) |
||||||||||||||
300,000 | 3.960 | (a) | 01/29/27 | 291,651 | ||||||||||
(SOFR + 0.885%) |
||||||||||||||
600,000 | 1.578 | (a) | 04/22/27 | 535,083 | ||||||||||
463,000 | 4.250 | 10/01/27 | 458,749 | |||||||||||
184,000 | 3.625 | 12/01/27 | 176,498 | |||||||||||
(3M USD LIBOR + 1.337%) |
||||||||||||||
383,000 | 3.782 | (a) | 02/01/28 | 367,752 | ||||||||||
(3M USD LIBOR + 1.380%) |
||||||||||||||
1,234,000 | 3.540 | (a) | 05/01/28 | 1,162,050 | ||||||||||
(SOFR + 1.890%) |
||||||||||||||
550,000 | 2.182 | (a) | 06/01/28 | 489,372 | ||||||||||
(3M USD LIBOR + 0.945%) |
||||||||||||||
1,162,000 | 3.509 | (a) | 01/23/29 | 1,073,708 | ||||||||||
(3M USD LIBOR + 1.120%) |
||||||||||||||
518,000 | 4.005 | (a) | 04/23/29 | 493,073 | ||||||||||
(3M USD LIBOR + 1.330%) |
||||||||||||||
450,000 | 4.452 | (a) | 12/05/29 | 436,044 | ||||||||||
|
|
68 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Banks – (continued) | ||||||||||||||
JPMorgan Chase & Co. – (continued) |
||||||||||||||
(3M USD LIBOR + 1.160%) |
||||||||||||||
$ | 114,000 | 3.702 | %(a) | 05/06/30 | $ | 104,850 | ||||||||
(SOFR + 1.510%) |
||||||||||||||
942,000 | 2.739 | (a) | 10/15/30 | 818,407 | ||||||||||
(SOFR + 3.790%) |
||||||||||||||
400,000 | 4.493 | (a) | 03/24/31 | 388,520 | ||||||||||
(SOFR + 2.040%) |
||||||||||||||
1,500,000 | 2.522 | (a) | 04/22/31 | 1,271,656 | ||||||||||
(SOFR + 2.515%) |
||||||||||||||
672,000 | 2.956 | (a) | 05/13/31 | 576,659 | ||||||||||
(3M U.S. T-Bill MMY + 1.105%) |
||||||||||||||
250,000 | 1.764 | (a) | 11/19/31 | 197,389 | ||||||||||
(SOFR + 1.065%) |
||||||||||||||
752,000 | 1.953 | (a) | 02/04/32 | 596,577 | ||||||||||
(SOFR + 1.250%) |
||||||||||||||
1,104,000 | 2.580 | (a) | 04/22/32 | 923,036 | ||||||||||
(SOFR + 1.180%) |
||||||||||||||
1,500,000 | 2.545 | (a) | 11/08/32 | 1,239,508 | ||||||||||
(SOFR + 1.260%) |
||||||||||||||
600,000 | 2.963 | (a) | 01/25/33 | 509,646 | ||||||||||
582,000 | 6.400 | 05/15/38 | 663,264 | |||||||||||
(3M USD LIBOR + 1.360%) |
||||||||||||||
485,000 | 3.882 | (a) | 07/24/38 | 426,203 | ||||||||||
147,000 | 5.500 | 10/15/40 | 154,279 | |||||||||||
(SOFR + 2.460%) |
||||||||||||||
250,000 | 3.109 | (a) | 04/22/41 | 195,565 | ||||||||||
126,000 | 5.600 | 07/15/41 | 132,897 | |||||||||||
450,000 | 5.400 | 01/06/42 | 461,039 | |||||||||||
(SOFR + 1.460%) |
||||||||||||||
100,000 | 3.157 | (a) | 04/22/42 | 78,295 | ||||||||||
10,000 | 5.625 | 08/16/43 | 10,468 | |||||||||||
560,000 | 4.850 | 02/01/44 | 553,319 | |||||||||||
230,000 | 4.950 | 06/01/45 | 221,397 | |||||||||||
(3M USD LIBOR + 1.580%) |
||||||||||||||
734,000 | 4.260 | (a) | 02/22/48 | 652,164 | ||||||||||
(3M USD LIBOR + 1.460%) |
||||||||||||||
304,000 | 4.032 | (a) | 07/24/48 | 260,786 | ||||||||||
(3M USD LIBOR + 1.380%) |
||||||||||||||
923,000 | 3.964 | (a) | 11/15/48 | 778,469 | ||||||||||
(3M USD LIBOR + 1.220%) |
||||||||||||||
140,000 | 3.897 | (a) | 01/23/49 | 117,599 | ||||||||||
(SOFR + 2.440%) |
||||||||||||||
584,000 | 3.109 | (a) | 04/22/51 | 423,582 | ||||||||||
(SOFR + 1.580%) |
||||||||||||||
650,000 | 3.328 | (a) | 04/22/52 | 495,050 | ||||||||||
KeyCorp, MTN |
||||||||||||||
700,000 | 2.250 | 04/06/27 | 629,661 | |||||||||||
570,000 | 4.100 | 04/30/28 | 554,609 | |||||||||||
390,000 | 2.550 | 10/01/29 | 334,177 | |||||||||||
Morgan Stanley |
||||||||||||||
890,000 | 5.000 | 11/24/25 | 902,455 | |||||||||||
(SOFR + 0.720%) |
||||||||||||||
500,000 | 0.985 | (a) | 12/10/26 | 444,066 | ||||||||||
328,000 | 3.625 | 01/20/27 | 319,560 | |||||||||||
562,000 | 3.950 | 04/23/27 | 538,393 | |||||||||||
|
|
|||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Banks – (continued) | ||||||||||||||
Morgan Stanley – (continued) |
||||||||||||||
(SOFR + 1.000%) |
||||||||||||||
500,000 | 2.475 | (a) | 01/21/28 | 454,389 | ||||||||||
(3M USD LIBOR + 1.340%) |
||||||||||||||
85,000 | 3.591 | (a) | 07/22/28 | 80,318 | ||||||||||
290,000 | 7.250 | 04/01/32 | 342,167 | |||||||||||
(3M USD LIBOR + 1.455%) |
||||||||||||||
68,000 | 3.971 | (a) | 07/22/38 | 60,582 | ||||||||||
(SOFR + 1.485%) |
||||||||||||||
290,000 | 3.217 | (a) | 04/22/42 | 226,897 | ||||||||||
758,000 | 6.375 | 07/24/42 | 869,005 | |||||||||||
608,000 | 4.300 | 01/27/45 | 546,249 | |||||||||||
340,000 | 4.375 | 01/22/47 | 312,960 | |||||||||||
Morgan Stanley, Series F |
||||||||||||||
1,055,000 | 3.875 | 04/29/24 | 1,051,313 | |||||||||||
Morgan Stanley, GMTN |
||||||||||||||
125,000 | 3.700 | 10/23/24 | 123,987 | |||||||||||
427,000 | 4.000 | 07/23/25 | 423,789 | |||||||||||
780,000 | 3.875 | 01/27/26 | 770,003 | |||||||||||
754,000 | 4.350 | 09/08/26 | 744,340 | |||||||||||
(3M USD LIBOR + 1.628%) |
||||||||||||||
990,000 | 4.431 | (a) | 01/23/30 | 962,819 | ||||||||||
(SOFR + 1.143%) |
||||||||||||||
1,750,000 | 2.699 | (a) | 01/22/31 | 1,515,473 | ||||||||||
(SOFR + 1.178%) |
||||||||||||||
520,000 | 2.239 | (a) | 07/21/32 | 419,984 | ||||||||||
(SOFR + 4.840%) |
||||||||||||||
629,000 | 5.597 | (a) | 03/24/51 | 684,027 | ||||||||||
Morgan Stanley(a), Series I |
||||||||||||||
(SOFR + 0.745%) |
||||||||||||||
850,000 | 0.864 | 10/21/25 | 787,633 | |||||||||||
Morgan Stanley, MTN |
||||||||||||||
(SOFR + 1.152%) |
||||||||||||||
500,000 | 2.720 | (a) | 07/22/25 | 483,644 | ||||||||||
(SOFR + 0.560%) |
||||||||||||||
576,000 | 1.164 | (a) | 10/21/25 | 534,023 | ||||||||||
1,120,000 | 3.125 | 07/27/26 | 1,066,848 | |||||||||||
(SOFR + 3.120%) |
||||||||||||||
380,000 | 3.622 | (a) | 04/01/31 | 349,147 | ||||||||||
(SOFR + 1.034%) |
||||||||||||||
841,000 | 1.794 | (a) | 02/13/32 | 660,532 | ||||||||||
(SOFR + 1.020%) |
||||||||||||||
175,000 | 1.928 | (a) | 04/28/32 | 138,522 | ||||||||||
(SOFR + 1.430%) |
||||||||||||||
500,000 | 2.802 | (a) | 01/25/52 | 342,084 | ||||||||||
PNC Bank NA |
||||||||||||||
860,000 | 3.100 | 10/25/27 | 819,352 | |||||||||||
260,000 | 2.700 | 10/22/29 | 226,335 | |||||||||||
PNC Financial Services Group, Inc. (The) |
||||||||||||||
100,000 | 3.900 | 04/29/24 | 100,111 | |||||||||||
900,000 | 2.600 | 07/23/26 | 848,972 | |||||||||||
290,000 | 3.150 | 05/19/27 | 278,823 | |||||||||||
100,000 | 3.450 | 04/23/29 | 94,726 | |||||||||||
410,000 | 2.550 | 01/22/30 | 359,485 | |||||||||||
(SOFR + 0.979%) |
||||||||||||||
500,000 | 2.307 | (a) | 04/23/32 | 418,657 | ||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 69 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
August 31, 2022
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Banks – (continued) | ||||||||||||||
Santander Holdings USA, Inc. |
||||||||||||||
$ | 1,310,000 | 3.500 | % | 06/07/24 | $ | 1,290,872 | ||||||||
580,000 | 3.450 | 06/02/25 | 557,226 | |||||||||||
(SOFR + 1.249%) |
||||||||||||||
850,000 | 2.490 | (a) | 01/06/28 | 738,948 | ||||||||||
State Street Corp. |
||||||||||||||
670,000 | 3.700 | 11/20/23 | 671,428 | |||||||||||
40,000 | 3.550 | 08/18/25 | 39,580 | |||||||||||
160,000 | 2.650 | 05/19/26 | 153,743 | |||||||||||
100,000 | 2.200 | 03/03/31 | 83,320 | |||||||||||
Synchrony Financial |
||||||||||||||
770,000 | 4.250 | 08/15/24 | 760,446 | |||||||||||
392,000 | 4.500 | 07/23/25 | 382,672 | |||||||||||
224,000 | 3.950 | 12/01/27 | 203,478 | |||||||||||
Truist Bank |
||||||||||||||
674,000 | 3.200 | 04/01/24 | 667,979 | |||||||||||
500,000 | 1.500 | 03/10/25 | 471,521 | |||||||||||
550,000 | 2.250 | 03/11/30 | 461,357 | |||||||||||
Truist Financial Corp., MTN |
||||||||||||||
1,120,000 | 3.750 | 12/06/23 | 1,121,979 | |||||||||||
250,000 | 2.500 | 08/01/24 | 243,511 | |||||||||||
605,000 | 2.850 | 10/26/24 | 592,765 | |||||||||||
280,000 | 3.700 | 06/05/25 | 277,338 | |||||||||||
150,000 | 1.200 | 08/05/25 | 137,818 | |||||||||||
(SOFR + 0.609%) |
||||||||||||||
550,000 | 1.267 | (a) | 03/02/27 | 493,386 | ||||||||||
750,000 | 1.950 | 06/05/30 | 621,716 | |||||||||||
US Bancorp |
||||||||||||||
250,000 | 2.400 | 07/30/24 | 244,097 | |||||||||||
250,000 | 1.450 | 05/12/25 | 235,144 | |||||||||||
(US 5 Year CMT T-Note + 0.950%) |
||||||||||||||
300,000 | 2.491 | (a) | 11/03/36 | 243,118 | ||||||||||
US Bancorp, MTN |
||||||||||||||
630,000 | 3.700 | 01/30/24 | 629,687 | |||||||||||
290,000 | 3.600 | 09/11/24 | 288,902 | |||||||||||
537,000 | 3.100 | 04/27/26 | 519,206 | |||||||||||
755,000 | 3.900 | 04/26/28 | 742,853 | |||||||||||
736,000 | 3.000 | 07/30/29 | 666,989 | |||||||||||
300,000 | 1.375 | 07/22/30 | 240,332 | |||||||||||
US Bancorp, Series V |
||||||||||||||
100,000 | 2.375 | 07/22/26 | 94,186 | |||||||||||
US Bancorp, Series X |
||||||||||||||
535,000 | 3.150 | 04/27/27 | 516,478 | |||||||||||
US Bank NA |
||||||||||||||
550,000 | 2.050 | 01/21/25 | 527,495 | |||||||||||
Wells Fargo & Co. |
||||||||||||||
98,000 | 4.125 | 08/15/23 | 98,096 | |||||||||||
626,000 | 3.000 | 04/22/26 | 594,907 | |||||||||||
(SOFR + 2.000%) |
||||||||||||||
600,000 | 2.188 | (a) | 04/30/26 | 560,970 | ||||||||||
1,300,000 | 3.000 | 10/23/26 | 1,230,715 | |||||||||||
(SOFR + 2.530%) |
||||||||||||||
1,259,000 | 3.068 | (a) | 04/30/41 | 971,405 | ||||||||||
550,000 | 5.375 | 11/02/43 | 549,938 | |||||||||||
492,000 | 3.900 | 05/01/45 | 418,195 | |||||||||||
|
|
|||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Banks – (continued) | ||||||||||||||
Wells Fargo & Co., GMTN |
||||||||||||||
250,000 | 4.300 | 07/22/27 | 246,057 | |||||||||||
654,000 | 4.900 | 11/17/45 | 605,913 | |||||||||||
Wells Fargo & Co., MTN |
||||||||||||||
1,100,000 | 3.750 | 01/24/24 | 1,097,521 | |||||||||||
(SOFR + 1.600%) |
||||||||||||||
862,000 | 1.654 | (a) | 06/02/24 | 844,602 | ||||||||||
50,000 | 3.300 | 09/09/24 | 49,303 | |||||||||||
460,000 | 3.000 | 02/19/25 | 447,706 | |||||||||||
272,000 | 3.550 | 09/29/25 | 267,489 | |||||||||||
(SOFR + 1.087%) |
||||||||||||||
500,000 | 2.406 | (a) | 10/30/25 | 478,327 | ||||||||||
(3M USD LIBOR + 0.750%) |
||||||||||||||
700,000 | 2.164 | (a) | 02/11/26 | 658,002 | ||||||||||
250,000 | 4.100 | 06/03/26 | 245,345 | |||||||||||
(3M USD LIBOR + 1.170%) |
||||||||||||||
320,000 | 3.196 | (a) | 06/17/27 | 301,878 | ||||||||||
(3M USD LIBOR + 1.310%) |
||||||||||||||
168,000 | 3.584 | (a) | 05/22/28 | 158,408 | ||||||||||
(SOFR + 2.100%) |
||||||||||||||
1,125,000 | 2.393 | (a) | 06/02/28 | 1,006,508 | ||||||||||
900,000 | 4.150 | 01/24/29 | 873,973 | |||||||||||
(SOFR + 1.432%) |
||||||||||||||
1,666,000 | 2.879 | (a) | 10/30/30 | 1,462,983 | ||||||||||
(SOFR + 1.262%) |
||||||||||||||
680,000 | 2.572 | (a) | 02/11/31 | 579,648 | ||||||||||
(SOFR + 4.032%) |
||||||||||||||
200,000 | 4.478 | (a) | 04/04/31 | 192,424 | ||||||||||
(SOFR + 1.500%) |
||||||||||||||
750,000 | 3.350 | (a) | 03/02/33 | 660,604 | ||||||||||
293,000 | 4.400 | 06/14/46 | 258,842 | |||||||||||
150,000 | 4.750 | 12/07/46 | 137,502 | |||||||||||
(SOFR + 4.502%) |
||||||||||||||
1,442,000 | 5.013 | (a) | 04/04/51 | 1,423,897 | ||||||||||
Wells Fargo Bank NA |
||||||||||||||
400,000 | 6.600 | 01/15/38 | 460,415 | |||||||||||
|
|
|||||||||||||
119,970,045 | ||||||||||||||
|
|
|||||||||||||
Basic Industry – 0.4% | ||||||||||||||
CF Industries, Inc. |
||||||||||||||
300,000 | 4.950 | 06/01/43 | 268,125 | |||||||||||
375,000 | 5.375 | 03/15/44 | 352,653 | |||||||||||
Dow Chemical Co. (The) |
||||||||||||||
500,000 | 7.375 | 11/01/29 | 577,181 | |||||||||||
200,000 | 4.375 | 11/15/42 | 175,584 | |||||||||||
150,000 | 5.550 | 11/30/48 | 153,525 | |||||||||||
200,000 | 3.600 | 11/15/50 | 153,521 | |||||||||||
LYB International Finance BV |
||||||||||||||
220,000 | 4.875 | 03/15/44 | 199,424 | |||||||||||
LYB International Finance III LLC |
||||||||||||||
240,000 | 4.200 | 10/15/49 | 193,464 | |||||||||||
350,000 | 4.200 | 05/01/50 | 283,232 | |||||||||||
LyondellBasell Industries NV |
||||||||||||||
200,000 | 4.625 | 02/26/55 | 170,232 | |||||||||||
Sherwin-Williams Co. (The) |
||||||||||||||
188,000 | 3.450 | 06/01/27 | 179,909 | |||||||||||
|
|
|||||||||||||
2,706,850 | ||||||||||||||
|
|
70 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Broadcasting – 0.5% | ||||||||||||||
Discovery Communications LLC |
||||||||||||||
$ | 335,000 | 3.950 | % | 03/20/28 | $ | 308,946 | ||||||||
152,000 | 4.125 | 05/15/29 | 138,935 | |||||||||||
264,000 | 3.625 | 05/15/30 | 231,316 | |||||||||||
293,000 | 5.200 | 09/20/47 | 245,548 | |||||||||||
232,000 | 5.300 | 05/15/49 | 193,450 | |||||||||||
365,000 | 4.000 | 09/15/55 | 242,799 | |||||||||||
Fox Corp. |
||||||||||||||
990,000 | 4.030 | 01/25/24 | 987,170 | |||||||||||
690,000 | 4.709 | 01/25/29 | 683,749 | |||||||||||
280,000 | 5.476 | 01/25/39 | 272,989 | |||||||||||
|
|
|||||||||||||
3,304,902 | ||||||||||||||
|
|
|||||||||||||
Brokerage – 0.6% | ||||||||||||||
BlackRock, Inc. |
||||||||||||||
70,000 | 3.500 | 03/18/24 | 69,824 | |||||||||||
200,000 | 2.400 | 04/30/30 | 176,010 | |||||||||||
200,000 | 1.900 | 01/28/31 | 166,528 | |||||||||||
150,000 | 2.100 | 02/25/32 | 124,792 | |||||||||||
Intercontinental Exchange, Inc. |
||||||||||||||
500,000 | 2.100 | 06/15/30 | 422,334 | |||||||||||
330,000 | 1.850 | 09/15/32 | 261,141 | |||||||||||
360,000 | 4.600 | 03/15/33 | 357,372 | |||||||||||
680,000 | 3.000 | 06/15/50 | 497,720 | |||||||||||
392,000 | 4.950 | 06/15/52 | 387,599 | |||||||||||
520,000 | 3.000 | 09/15/60 | 356,280 | |||||||||||
Jefferies Group LLC / Jefferies Group Capital Finance, Inc. |
||||||||||||||
125,000 | 4.150 | 01/23/30 | 112,247 | |||||||||||
794,000 | 2.625 | 10/15/31 | 616,842 | |||||||||||
|
|
|||||||||||||
3,548,689 | ||||||||||||||
|
|
|||||||||||||
Capital Goods – 1.3% | ||||||||||||||
3M Co. |
||||||||||||||
65,000 | 2.000 | 02/14/25 | 61,977 | |||||||||||
140,000 | 2.875 | 10/15/27 | 132,251 | |||||||||||
274,000 | 3.250 | 08/26/49 | 205,011 | |||||||||||
3M Co., MTN |
||||||||||||||
310,000 | 4.000 | 09/14/48 | 262,149 | |||||||||||
Berry Global, Inc. |
||||||||||||||
270,000 | 0.950 | 02/15/24 | 255,600 | |||||||||||
600,000 | 1.570 | 01/15/26 | 536,250 | |||||||||||
Carrier Global Corp. |
||||||||||||||
40,000 | 2.493 | 02/15/27 | 36,856 | |||||||||||
800,000 | 2.722 | 02/15/30 | 697,419 | |||||||||||
426,000 | 2.700 | 02/15/31 | 363,299 | |||||||||||
531,000 | 3.377 | 04/05/40 | 420,171 | |||||||||||
250,000 | 3.577 | 04/05/50 | 191,443 | |||||||||||
Caterpillar Financial Services Corp. |
||||||||||||||
154,000 | 0.650 | 07/07/23 | 150,284 | |||||||||||
Caterpillar, Inc. |
||||||||||||||
155,000 | 3.400 | 05/15/24 | 154,994 | |||||||||||
40,000 | 2.600 | 04/09/30 | 36,232 | |||||||||||
80,000 | 5.200 | 05/27/41 | 85,980 | |||||||||||
258,000 | 3.803 | 08/15/42 | 234,543 | |||||||||||
246,000 | 3.250 | 09/19/49 | 203,886 | |||||||||||
Deere & Co. |
||||||||||||||
266,000 | 3.900 | 06/09/42 | 249,180 | |||||||||||
190,000 | 3.750 | 04/15/50 | 174,029 | |||||||||||
|
|
|||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Capital Goods – (continued) | ||||||||||||||
Emerson Electric Co. |
||||||||||||||
180,000 | 2.800 | 12/21/51 | 131,736 | |||||||||||
General Electric Co., MTN |
||||||||||||||
135,000 | 6.750 | 03/15/32 | 153,233 | |||||||||||
Honeywell International, Inc. |
||||||||||||||
112,000 | 2.300 | 08/15/24 | 109,178 | |||||||||||
865,000 | 2.500 | 11/01/26 | 820,397 | |||||||||||
250,000 | 2.700 | 08/15/29 | 229,338 | |||||||||||
Illinois Tool Works, Inc. |
||||||||||||||
491,000 | 2.650 | 11/15/26 | 470,010 | |||||||||||
290,000 | 3.900 | 09/01/42 | 256,795 | |||||||||||
Otis Worldwide Corp. |
||||||||||||||
404,000 | 2.565 | 02/15/30 | 348,767 | |||||||||||
Republic Services, Inc. |
||||||||||||||
420,000 | 3.950 | 05/15/28 | 411,715 | |||||||||||
Westinghouse Air Brake Technologies Corp. |
||||||||||||||
326,000 | 3.450 | 11/15/26 | 304,710 | |||||||||||
340,000 | 4.950 | 09/15/28 | 330,349 | |||||||||||
|
|
|||||||||||||
8,017,782 | ||||||||||||||
|
|
|||||||||||||
Communications – 5.0% | ||||||||||||||
|
Charter
Communications Operating LLC / Charter |
| ||||||||||||
798,000 | 4.908 | 07/23/25 | 796,389 | |||||||||||
381,000 | 3.750 | 02/15/28 | 352,063 | |||||||||||
644,000 | 4.200 | 03/15/28 | 607,152 | |||||||||||
250,000 | 2.250 | 01/15/29 | 205,969 | |||||||||||
400,000 | 5.050 | 03/30/29 | 384,505 | |||||||||||
400,000 | 2.800 | 04/01/31 | 323,582 | |||||||||||
425,000 | 6.384 | 10/23/35 | 423,175 | |||||||||||
130,000 | 5.375 | 04/01/38 | 114,711 | |||||||||||
300,000 | 3.500 | 06/01/41 | 209,663 | |||||||||||
590,000 | 6.484 | 10/23/45 | 567,560 | |||||||||||
502,000 | 5.375 | 05/01/47 | 428,597 | |||||||||||
495,000 | 5.750 | 04/01/48 | 441,706 | |||||||||||
487,000 | 5.125 | 07/01/49 | 395,030 | |||||||||||
350,000 | 4.800 | 03/01/50 | 277,285 | |||||||||||
600,000 | 3.700 | 04/01/51 | 404,546 | |||||||||||
250,000 | 3.900 | 06/01/52 | 170,333 | |||||||||||
354,000 | 3.850 | 04/01/61 | 229,833 | |||||||||||
254,000 | 4.400 | 12/01/61 | 181,136 | |||||||||||
282,000 | 3.950 | 06/30/62 | 187,005 | |||||||||||
|
Charter
Communications Operating LLC / Charter |
| ||||||||||||
548,000 | 4.500 | 02/01/24 | 548,408 | |||||||||||
Comcast Corp. |
||||||||||||||
1,236,000 | 3.700 | 04/15/24 | 1,233,972 | |||||||||||
240,000 | 3.375 | 02/15/25 | 236,350 | |||||||||||
92,000 | 3.375 | 08/15/25 | 90,315 | |||||||||||
184,000 | 3.150 | 03/01/26 | 179,030 | |||||||||||
92,000 | 3.300 | 02/01/27 | 88,831 | |||||||||||
73,000 | 3.150 | 02/15/28 | 69,298 | |||||||||||
92,000 | 3.550 | 05/01/28 | 88,789 | |||||||||||
398,000 | 4.150 | 10/15/28 | 394,105 | |||||||||||
100,000 | 2.650 | 02/01/30 | 88,565 | |||||||||||
220,000 | 3.400 | 04/01/30 | 206,164 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 71 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
August 31, 2022
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Communications – (continued) | ||||||||||||||
Comcast Corp. – (continued) |
||||||||||||||
$ | 400,000 | 4.250 | % | 10/15/30 | $ | 394,284 | ||||||||
352,000 | 1.950 | 01/15/31 | 292,792 | |||||||||||
300,000 | 1.500 | 02/15/31 | 240,296 | |||||||||||
595,000 | 4.250 | 01/15/33 | 578,355 | |||||||||||
240,000 | 7.050 | 03/15/33 | 285,546 | |||||||||||
360,000 | 4.200 | 08/15/34 | 345,154 | |||||||||||
430,000 | 3.200 | 07/15/36 | 362,823 | |||||||||||
130,000 | 3.900 | 03/01/38 | 117,201 | |||||||||||
272,000 | 4.600 | 10/15/38 | 263,139 | |||||||||||
447,000 | 3.250 | 11/01/39 | 365,038 | |||||||||||
92,000 | 3.750 | 04/01/40 | 79,568 | |||||||||||
403,000 | 3.400 | 07/15/46 | 317,830 | |||||||||||
156,000 | 4.000 | 08/15/47 | 135,036 | |||||||||||
446,000 | 3.969 | 11/01/47 | 383,566 | |||||||||||
225,000 | 4.000 | 03/01/48 | 194,282 | |||||||||||
486,000 | 4.700 | 10/15/48 | 465,149 | |||||||||||
475,000 | 3.999 | 11/01/49 | 409,592 | |||||||||||
600,000 | 2.800 | 01/15/51 | 417,197 | |||||||||||
400,000 | 2.887 | 11/01/51 | 281,951 | |||||||||||
184,000 | 2.450 | 08/15/52 | 120,582 | |||||||||||
477,000 | 4.049 | 11/01/52 | 409,685 | |||||||||||
450,000 | 2.937 | 11/01/56 | 307,643 | |||||||||||
439,000 | 4.950 | 10/15/58 | 431,220 | |||||||||||
400,000 | 2.987 | 11/01/63 | 268,864 | |||||||||||
Magallanes, Inc. |
||||||||||||||
1,100,000 | 4.279 | (b) | 03/15/32 | 954,041 | ||||||||||
1,100,000 | 5.050 | (b) | 03/15/42 | 906,120 | ||||||||||
1,100,000 | 5.141 | (b) | 03/15/52 | 884,370 | ||||||||||
Netflix, Inc. |
||||||||||||||
400,000 | 5.875 | 02/15/25 | 410,000 | |||||||||||
325,000 | 4.375 | 11/15/26 | 316,875 | |||||||||||
690,000 | 5.875 | 11/15/28 | 699,487 | |||||||||||
397,000 | 6.375 | 05/15/29 | 414,369 | |||||||||||
Omnicom Group, Inc. |
||||||||||||||
125,000 | 2.600 | 08/01/31 | 104,367 | |||||||||||
Omnicom Group, Inc. / Omnicom Capital, Inc. |
||||||||||||||
532,000 | 3.650 | 11/01/24 | 526,693 | |||||||||||
850,000 | 3.600 | 04/15/26 | 833,391 | |||||||||||
Paramount Global |
||||||||||||||
120,000 | 7.875 | 07/30/30 | 135,680 | |||||||||||
432,000 | 4.950 | 01/15/31 | 411,856 | |||||||||||
360,000 | 4.200 | 05/19/32 | 317,083 | |||||||||||
250,000 | 6.875 | 04/30/36 | 259,672 | |||||||||||
480,000 | 5.850 | 09/01/43 | 441,043 | |||||||||||
200,000 | 4.950 | 05/19/50 | 164,503 | |||||||||||
Time Warner Cable LLC |
||||||||||||||
70,000 | 6.550 | 05/01/37 | 69,377 | |||||||||||
474,000 | 7.300 | 07/01/38 | 490,353 | |||||||||||
352,000 | 6.750 | 06/15/39 | 345,809 | |||||||||||
180,000 | 5.875 | 11/15/40 | 162,545 | |||||||||||
411,000 | 5.500 | 09/01/41 | 358,363 | |||||||||||
Time Warner Entertainment Co. LP |
||||||||||||||
386,000 | 8.375 | 07/15/33 | 443,951 | |||||||||||
TWDC Enterprises 18 Corp., GMTN |
||||||||||||||
190,000 | 4.125 | 06/01/44 | 173,595 | |||||||||||
|
|
|||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Communications – (continued) | ||||||||||||||
TWDC Enterprises 18 Corp., MTN |
||||||||||||||
705,000 | 1.850 | 07/30/26 | 651,169 | |||||||||||
202,000 | 2.950 | 06/15/27 | 192,575 | |||||||||||
Walt Disney Co. (The) |
||||||||||||||
632,000 | 1.750 | 08/30/24 | 607,124 | |||||||||||
202,000 | 2.200 | 01/13/28 | 183,776 | |||||||||||
330,000 | 2.000 | 09/01/29 | 285,214 | |||||||||||
498,000 | 3.800 | 03/22/30 | 480,242 | |||||||||||
1,180,000 | 2.650 | 01/13/31 | 1,042,078 | |||||||||||
75,000 | 6.400 | 12/15/35 | 87,071 | |||||||||||
420,000 | 4.625 | 03/23/40 | 414,285 | |||||||||||
300,000 | 2.750 | 09/01/49 | 216,740 | |||||||||||
270,000 | 4.700 | 03/23/50 | 270,713 | |||||||||||
383,000 | 3.800 | 05/13/60 | 323,319 | |||||||||||
|
|
|||||||||||||
31,968,709 | ||||||||||||||
|
|
|||||||||||||
Consumer Cyclical – 6.7% | ||||||||||||||
Amazon.com, Inc. |
||||||||||||||
500,000 | 2.730 | 04/13/24 | 494,235 | |||||||||||
812,000 | 0.450 | 05/12/24 | 768,137 | |||||||||||
212,000 | 2.800 | 08/22/24 | 208,964 | |||||||||||
179,000 | 3.800 | 12/05/24 | 179,712 | |||||||||||
70,000 | 0.800 | 06/03/25 | 64,713 | |||||||||||
18,000 | 5.200 | 12/03/25 | 18,704 | |||||||||||
200,000 | 1.200 | 06/03/27 | 177,786 | |||||||||||
780,000 | 3.150 | 08/22/27 | 753,522 | |||||||||||
575,000 | 1.500 | 06/03/30 | 478,748 | |||||||||||
600,000 | 3.600 | 04/13/32 | 576,747 | |||||||||||
420,000 | 4.800 | 12/05/34 | 443,716 | |||||||||||
715,000 | 3.875 | 08/22/37 | 672,225 | |||||||||||
400,000 | 2.875 | 05/12/41 | 320,057 | |||||||||||
284,000 | 4.950 | 12/05/44 | 297,786 | |||||||||||
860,000 | 4.050 | 08/22/47 | 798,335 | |||||||||||
444,000 | 2.500 | 06/03/50 | 310,255 | |||||||||||
1,020,000 | 3.100 | 05/12/51 | 796,377 | |||||||||||
530,000 | 4.250 | 08/22/57 | 501,323 | |||||||||||
400,000 | 2.700 | 06/03/60 | 270,297 | |||||||||||
400,000 | 3.250 | 05/12/61 | 304,558 | |||||||||||
American Honda Finance Corp., MTN |
||||||||||||||
188,000 | 0.875 | 07/07/23 | 183,741 | |||||||||||
444,000 | 0.650 | 09/08/23 | 430,506 | |||||||||||
430,000 | 2.150 | 09/10/24 | 416,006 | |||||||||||
40,000 | 1.200 | 07/08/25 | 37,068 | |||||||||||
Aptiv PLC / Aptiv Corp. |
||||||||||||||
496,000 | 4.150 | 05/01/52 | 366,353 | |||||||||||
Costco Wholesale Corp. |
||||||||||||||
232,000 | 3.000 | 05/18/27 | 225,443 | |||||||||||
200,000 | 1.375 | 06/20/27 | 179,615 | |||||||||||
100,000 | 1.600 | 04/20/30 | 84,301 | |||||||||||
876,000 | 1.750 | 04/20/32 | 721,532 | |||||||||||
Dollar Tree, Inc. |
||||||||||||||
665,000 | 4.000 | 05/15/25 | 658,402 | |||||||||||
236,000 | 4.200 | 05/15/28 | 230,279 | |||||||||||
eBay, Inc. |
||||||||||||||
50,000 | 3.450 | 08/01/24 | 49,487 | |||||||||||
188,000 | 3.600 | 06/05/27 | 181,969 | |||||||||||
248,000 | 2.700 | 03/11/30 | 214,175 | |||||||||||
100,000 | 4.000 | 07/15/42 | 83,916 | |||||||||||
|
|
72 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Consumer Cyclical – (continued) | ||||||||||||||
Expedia Group, Inc. |
||||||||||||||
$ | 1,200,000 | 2.950 | % | 03/15/31 | $ | 1,008,345 | ||||||||
Home Depot, Inc. (The) |
||||||||||||||
220,000 | 3.350 | 09/15/25 | 217,375 | |||||||||||
726,000 | 3.000 | 04/01/26 | 705,091 | |||||||||||
244,000 | 3.900 | 12/06/28 | 241,844 | |||||||||||
560,000 | 2.950 | 06/15/29 | 519,639 | |||||||||||
400,000 | 1.375 | 03/15/31 | 320,788 | |||||||||||
400,000 | 1.875 | 09/15/31 | 331,084 | |||||||||||
680,000 | 5.875 | 12/16/36 | 764,804 | |||||||||||
460,000 | 3.300 | 04/15/40 | 384,903 | |||||||||||
150,000 | 4.875 | 02/15/44 | 149,948 | |||||||||||
300,000 | 4.400 | 03/15/45 | 282,465 | |||||||||||
300,000 | 4.250 | 04/01/46 | 277,247 | |||||||||||
300,000 | 4.500 | 12/06/48 | 288,462 | |||||||||||
300,000 | 3.125 | 12/15/49 | 232,070 | |||||||||||
300,000 | 3.350 | 04/15/50 | 238,453 | |||||||||||
548,000 | 2.375 | 03/15/51 | 363,884 | |||||||||||
300,000 | 3.500 | 09/15/56 | 239,677 | |||||||||||
Las Vegas Sands Corp. |
||||||||||||||
116,000 | 3.200 | 08/08/24 | 109,832 | |||||||||||
190,000 | 3.500 | 08/18/26 | 170,651 | |||||||||||
170,000 | 3.900 | 08/08/29 | 144,746 | |||||||||||
Lowe’s Cos., Inc. |
||||||||||||||
300,000 | 3.375 | 09/15/25 | 293,987 | |||||||||||
300,000 | 3.650 | 04/05/29 | 284,353 | |||||||||||
1,678,000 | 4.500 | 04/15/30 | 1,658,740 | |||||||||||
1,026,000 | 1.700 | 10/15/30 | 824,255 | |||||||||||
568,000 | 4.050 | 05/03/47 | 475,489 | |||||||||||
Marriott International, Inc., Series FF |
||||||||||||||
420,000 | 4.625 | 06/15/30 | 401,810 | |||||||||||
Marriott International, Inc., Series GG |
||||||||||||||
300,000 | 3.500 | 10/15/32 | 257,777 | |||||||||||
Marriott International, Inc., Series R |
||||||||||||||
200,000 | 3.125 | 06/15/26 | 190,717 | |||||||||||
Mastercard, Inc. |
||||||||||||||
90,000 | 2.000 | 03/03/25 | 86,349 | |||||||||||
313,000 | 2.950 | 11/21/26 | 303,339 | |||||||||||
144,000 | 3.300 | 03/26/27 | 141,089 | |||||||||||
132,000 | 2.950 | 06/01/29 | 123,565 | |||||||||||
240,000 | 3.350 | 03/26/30 | 228,835 | |||||||||||
162,000 | 3.650 | 06/01/49 | 143,547 | |||||||||||
300,000 | 3.850 | 03/26/50 | 274,452 | |||||||||||
McDonald’s Corp., MTN |
||||||||||||||
370,000 | 3.700 | 01/30/26 | 367,064 | |||||||||||
474,000 | 3.500 | 03/01/27 | 465,194 | |||||||||||
350,000 | 3.800 | 04/01/28 | 343,817 | |||||||||||
100,000 | 2.625 | 09/01/29 | 89,826 | |||||||||||
282,000 | 2.125 | 03/01/30 | 241,977 | |||||||||||
150,000 | 3.600 | 07/01/30 | 142,752 | |||||||||||
741,000 | 4.700 | 12/09/35 | 737,354 | |||||||||||
320,000 | 4.875 | 12/09/45 | 313,205 | |||||||||||
296,000 | 4.450 | 09/01/48 | 275,723 | |||||||||||
122,000 | 4.200 | 04/01/50 | 109,373 | |||||||||||
NIKE, Inc. |
||||||||||||||
80,000 | 2.400 | 03/27/25 | 77,389 | |||||||||||
115,000 | 2.375 | 11/01/26 | 108,990 | |||||||||||
|
|
|||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Consumer Cyclical – (continued) | ||||||||||||||
NIKE, Inc. – (continued) |
||||||||||||||
300,000 | 2.850 | 03/27/30 | 275,376 | |||||||||||
250,000 | 3.250 | 03/27/40 | 212,672 | |||||||||||
140,000 | 3.875 | 11/01/45 | 126,898 | |||||||||||
370,000 | 3.375 | 03/27/50 | 309,124 | |||||||||||
Starbucks Corp. |
||||||||||||||
100,000 | 3.850 | 10/01/23 | 100,078 | |||||||||||
2,382,000 | 3.800 | 08/15/25 | 2,370,471 | |||||||||||
100,000 | 4.000 | 11/15/28 | 98,177 | |||||||||||
512,000 | 3.550 | 08/15/29 | 480,340 | |||||||||||
300,000 | 3.000 | 02/14/32 | 263,448 | |||||||||||
388,000 | 4.450 | 08/15/49 | 347,715 | |||||||||||
290,000 | 3.500 | 11/15/50 | 224,804 | |||||||||||
Toyota Motor Credit Corp., GMTN |
||||||||||||||
368,000 | 3.450 | 09/20/23 | 367,141 | |||||||||||
Toyota Motor Credit Corp., MTN |
||||||||||||||
248,000 | 0.500 | 08/14/23 | 240,575 | |||||||||||
20,000 | 1.800 | 02/13/25 | 18,992 | |||||||||||
1,598,000 | 1.900 | 01/13/27 | 1,471,726 | |||||||||||
595,000 | 2.150 | 02/13/30 | 516,634 | |||||||||||
657,000 | 3.375 | 04/01/30 | 620,931 | |||||||||||
Visa, Inc. |
||||||||||||||
706,000 | 3.150 | 12/14/25 | 690,183 | |||||||||||
100,000 | 1.900 | 04/15/27 | 92,278 | |||||||||||
55,000 | 2.750 | 09/15/27 | 52,441 | |||||||||||
459,000 | 2.050 | 04/15/30 | 403,451 | |||||||||||
510,000 | 4.150 | 12/14/35 | 505,136 | |||||||||||
300,000 | 2.700 | 04/15/40 | 243,731 | |||||||||||
895,000 | 4.300 | 12/14/45 | 874,452 | |||||||||||
40,000 | 3.650 | 09/15/47 | 35,750 | |||||||||||
200,000 | 2.000 | 08/15/50 | 131,185 | |||||||||||
Walmart, Inc. |
||||||||||||||
696,000 | 3.700 | 06/26/28 | 685,373 | |||||||||||
250,000 | 1.800 | 09/22/31 | 210,720 | |||||||||||
515,000 | 5.250 | 09/01/35 | 564,860 | |||||||||||
375,000 | 6.500 | 08/15/37 | 466,196 | |||||||||||
608,000 | 4.050 | 06/29/48 | 584,544 | |||||||||||
400,000 | 2.650 | 09/22/51 | 301,798 | |||||||||||
|
|
|||||||||||||
42,338,466 | ||||||||||||||
|
|
|||||||||||||
Consumer Noncyclical – 7.7% | ||||||||||||||
Abbott Laboratories |
||||||||||||||
278,000 | 3.400 | 11/30/23 | 277,356 | |||||||||||
363,000 | 2.950 | 03/15/25 | 357,188 | |||||||||||
68,000 | 3.750 | 11/30/26 | 68,158 | |||||||||||
308,000 | 4.750 | 11/30/36 | 325,095 | |||||||||||
540,000 | 4.900 | 11/30/46 | 570,647 | |||||||||||
AbbVie, Inc. |
||||||||||||||
1,452,000 | 2.600 | 11/21/24 | 1,404,687 | |||||||||||
1,452,000 | 3.800 | 03/15/25 | 1,434,032 | |||||||||||
1,932,000 | 3.600 | 05/14/25 | 1,898,640 | |||||||||||
500,000 | 3.200 | 05/14/26 | 479,929 | |||||||||||
125,000 | 3.200 | 11/21/29 | 114,223 | |||||||||||
425,000 | 4.550 | 03/15/35 | 408,966 | |||||||||||
1,116,000 | 4.050 | 11/21/39 | 983,059 | |||||||||||
300,000 | 4.850 | 06/15/44 | 287,216 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 73 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
August 31, 2022
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Consumer Noncyclical – (continued) | ||||||||||||||
AbbVie, Inc. – (continued) |
||||||||||||||
$ | 730,000 | 4.750 | % | 03/15/45 | $ | 693,373 | ||||||||
500,000 | 4.700 | 05/14/45 | 466,830 | |||||||||||
304,000 | 4.450 | 05/14/46 | 275,125 | |||||||||||
400,000 | 4.875 | 11/14/48 | 389,342 | |||||||||||
950,000 | 4.250 | 11/21/49 | 840,512 | |||||||||||
Altria Group, Inc. |
||||||||||||||
250,000 | 4.000 | 01/31/24 | 250,127 | |||||||||||
800,000 | 2.350 | 05/06/25 | 766,285 | |||||||||||
780,000 | 4.800 | 02/14/29 | 754,661 | |||||||||||
70,000 | 2.450 | 02/04/32 | 53,001 | |||||||||||
100,000 | 5.800 | 02/14/39 | 93,047 | |||||||||||
440,000 | 3.400 | 02/04/41 | 297,817 | |||||||||||
220,000 | 4.250 | 08/09/42 | 164,701 | |||||||||||
310,000 | 5.375 | 01/31/44 | 274,105 | |||||||||||
563,000 | 3.875 | 09/16/46 | 389,053 | |||||||||||
360,000 | 5.950 | 02/14/49 | 324,670 | |||||||||||
70,000 | 3.700 | 02/04/51 | 45,666 | |||||||||||
150,000 | 4.000 | 02/04/61 | 100,253 | |||||||||||
Amgen, Inc. |
||||||||||||||
500,000 | 2.200 | 02/21/27 | 460,266 | |||||||||||
300,000 | 3.150 | 02/21/40 | 236,814 | |||||||||||
1,500,000 | 4.563 | 06/15/48 | 1,398,188 | |||||||||||
882,000 | 3.375 | 02/21/50 | 672,972 | |||||||||||
900,000 | 4.663 | 06/15/51 | 844,593 | |||||||||||
682,000 | 2.770 | 09/01/53 | 456,729 | |||||||||||
480,000 | 4.400 | 02/22/62 | 418,911 | |||||||||||
Biogen, Inc. |
||||||||||||||
372,000 | 5.200 | 09/15/45 | 361,308 | |||||||||||
Bristol-Myers Squibb Co. |
||||||||||||||
2,412,000 | 0.750 | 11/13/25 | 2,193,367 | |||||||||||
600,000 | 4.550 | 02/20/48 | 586,018 | |||||||||||
980,000 | 4.250 | 10/26/49 | 912,996 | |||||||||||
600,000 | 2.550 | 11/13/50 | 415,212 | |||||||||||
500,000 | 3.700 | 03/15/52 | 425,604 | |||||||||||
Centene Corp. |
||||||||||||||
1,500,000 | 4.250 | 12/15/27 | 1,425,000 | |||||||||||
1,000,000 | 4.625 | 12/15/29 | 943,750 | |||||||||||
750,000 | 3.000 | 10/15/30 | 630,000 | |||||||||||
1,386,000 | 2.500 | 03/01/31 | 1,103,024 | |||||||||||
Eli Lilly & Co. |
||||||||||||||
190,000 | 3.950 | 03/15/49 | 183,734 | |||||||||||
300,000 | 2.250 | 05/15/50 | 207,101 | |||||||||||
92,000 | 2.500 | 09/15/60 | 62,624 | |||||||||||
Gilead Sciences, Inc. |
||||||||||||||
500,000 | 3.700 | 04/01/24 | 498,816 | |||||||||||
500,000 | 2.950 | 03/01/27 | 475,220 | |||||||||||
500,000 | 4.000 | 09/01/36 | 458,304 | |||||||||||
500,000 | 2.800 | 10/01/50 | 342,358 | |||||||||||
Johnson & Johnson |
||||||||||||||
110,200 | 2.625 | 01/15/25 | 107,867 | |||||||||||
100,000 | 0.550 | 09/01/25 | 91,450 | |||||||||||
98,000 | 2.450 | 03/01/26 | 94,418 | |||||||||||
83,000 | 2.950 | 03/03/27 | 80,865 | |||||||||||
382,000 | 0.950 | 09/01/27 | 336,969 | |||||||||||
250,000 | 2.900 | 01/15/28 | 240,554 | |||||||||||
|
|
|||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Consumer Noncyclical – (continued) | ||||||||||||||
Johnson & Johnson – (continued) |
||||||||||||||
50,000 | 1.300 | 09/01/30 | 42,115 | |||||||||||
360,000 | 4.375 | 12/05/33 | 368,378 | |||||||||||
665,000 | 3.550 | 03/01/36 | 621,302 | |||||||||||
372,000 | 3.625 | 03/03/37 | 348,075 | |||||||||||
250,000 | 5.950 | 08/15/37 | 292,396 | |||||||||||
245,000 | 3.400 | 01/15/38 | 219,266 | |||||||||||
46,000 | 2.100 | 09/01/40 | 33,528 | |||||||||||
208,000 | 3.700 | 03/01/46 | 186,886 | |||||||||||
388,000 | 3.750 | 03/03/47 | 348,578 | |||||||||||
125,000 | 2.450 | 09/01/60 | 83,902 | |||||||||||
Medtronic, Inc. |
||||||||||||||
580,000 | 4.375 | 03/15/35 | 575,973 | |||||||||||
516,000 | 4.625 | 03/15/45 | 518,059 | |||||||||||
Merck & Co., Inc. |
||||||||||||||
128,000 | 2.750 | 02/10/25 | 125,183 | |||||||||||
272,000 | 0.750 | 02/24/26 | 246,299 | |||||||||||
240,000 | 3.400 | 03/07/29 | 231,139 | |||||||||||
500,000 | 2.150 | 12/10/31 | 427,861 | |||||||||||
250,000 | 4.150 | 05/18/43 | 233,020 | |||||||||||
540,000 | 3.700 | 02/10/45 | 467,845 | |||||||||||
300,000 | 4.000 | 03/07/49 | 274,400 | |||||||||||
1,112,000 | 2.450 | 06/24/50 | 773,615 | |||||||||||
Mylan, Inc. |
||||||||||||||
195,000 | 4.550 | 04/15/28 | 182,945 | |||||||||||
370,000 | 5.200 | 04/15/48 | 287,243 | |||||||||||
Pfizer, Inc. |
||||||||||||||
579,000 | 3.200 | 09/15/23 | 577,050 | |||||||||||
100,000 | 2.950 | 03/15/24 | 99,039 | |||||||||||
50,000 | 3.400 | 05/15/24 | 49,890 | |||||||||||
92,000 | 0.800 | 05/28/25 | 85,208 | |||||||||||
276,000 | 3.450 | 03/15/29 | 266,324 | |||||||||||
532,000 | 2.625 | 04/01/30 | 480,277 | |||||||||||
400,000 | 3.900 | 03/15/39 | 374,661 | |||||||||||
100,000 | 7.200 | 03/15/39 | 129,072 | |||||||||||
260,000 | 2.550 | 05/28/40 | 200,431 | |||||||||||
100,000 | 4.300 | 06/15/43 | 96,441 | |||||||||||
280,000 | 4.400 | 05/15/44 | 270,567 | |||||||||||
300,000 | 4.125 | 12/15/46 | 287,627 | |||||||||||
400,000 | 4.200 | 09/15/48 | 389,864 | |||||||||||
100,000 | 4.000 | 03/15/49 | 94,262 | |||||||||||
594,000 | 2.700 | 05/28/50 | 447,399 | |||||||||||
Philip Morris International, Inc. |
||||||||||||||
50,000 | 3.250 | 11/10/24 | 49,242 | |||||||||||
770,000 | 3.375 | 08/11/25 | 754,483 | |||||||||||
525,000 | 2.750 | 02/25/26 | 497,867 | |||||||||||
200,000 | 2.100 | 05/01/30 | 160,558 | |||||||||||
390,000 | 6.375 | 05/16/38 | 404,037 | |||||||||||
200,000 | 4.375 | 11/15/41 | 164,306 | |||||||||||
110,000 | 3.875 | 08/21/42 | 83,569 | |||||||||||
411,000 | 4.125 | 03/04/43 | 318,624 | |||||||||||
150,000 | 4.875 | 11/15/43 | 130,489 | |||||||||||
145,000 | 4.250 | 11/10/44 | 114,124 | |||||||||||
Regeneron Pharmaceuticals, Inc. |
||||||||||||||
426,000 | 2.800 | 09/15/50 | 285,705 | |||||||||||
Stryker Corp. |
||||||||||||||
220,000 | 4.625 | 03/15/46 | 208,590 | |||||||||||
|
|
74 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Consumer Noncyclical – (continued) | ||||||||||||||
Utah Acquisition Sub, Inc. |
||||||||||||||
$ | 807,000 | 3.950 | % | 06/15/26 | $ | 758,675 | ||||||||
370,000 | 5.250 | 06/15/46 | 295,075 | |||||||||||
Viatris, Inc. |
||||||||||||||
480,000 | 4.000 | 06/22/50 | 311,552 | |||||||||||
Walgreens Boots Alliance, Inc. |
||||||||||||||
474,000 | 3.800 | 11/18/24 | 472,167 | |||||||||||
450,000 | 3.450 | 06/01/26 | 436,459 | |||||||||||
106,000 | 4.800 | 11/18/44 | 93,534 | |||||||||||
50,000 | 4.100 | 04/15/50 | 39,761 | |||||||||||
Wyeth LLC |
||||||||||||||
388,000 | 6.500 | 02/01/34 | 457,497 | |||||||||||
100,000 | 5.950 | 04/01/37 | 114,124 | |||||||||||
Zoetis, Inc. |
||||||||||||||
158,000 | 3.000 | 09/12/27 | 149,973 | |||||||||||
410,000 | 4.700 | 02/01/43 | 392,916 | |||||||||||
|
|
|||||||||||||
48,882,243 | ||||||||||||||
|
|
|||||||||||||
Consumer Products – 0.3% | ||||||||||||||
Procter & Gamble Co. (The) |
||||||||||||||
250,000 | 0.550 | 10/29/25 | 227,130 | |||||||||||
50,000 | 2.450 | 11/03/26 | 47,882 | |||||||||||
384,000 | 1.900 | 02/01/27 | 358,894 | |||||||||||
250,000 | 2.850 | 08/11/27 | 239,831 | |||||||||||
300,000 | 3.000 | 03/25/30 | 282,581 | |||||||||||
670,000 | 1.200 | 10/29/30 | 545,050 | |||||||||||
300,000 | 1.950 | 04/23/31 | 258,687 | |||||||||||
110,000 | 2.300 | 02/01/32 | 97,404 | |||||||||||
|
|
|||||||||||||
2,057,459 | ||||||||||||||
|
|
|||||||||||||
Electric – 2.6% | ||||||||||||||
Consolidated Edison Co. of New York, Inc. |
||||||||||||||
150,000 | 4.625 | 12/01/54 | 142,920 | |||||||||||
304,000 | 3.600 | 06/15/61 | 241,045 | |||||||||||
Consolidated Edison Co. of New York, Inc., Series 20B |
||||||||||||||
430,000 | 3.950 | 04/01/50 | 371,595 | |||||||||||
Constellation Energy Generation LLC |
||||||||||||||
200,000 | 3.250 | 06/01/25 | 194,383 | |||||||||||
410,000 | 6.250 | 10/01/39 | 434,443 | |||||||||||
88,000 | 5.600 | 06/15/42 | 87,454 | |||||||||||
Duke Energy Carolinas LLC |
||||||||||||||
375,000 | 3.200 | 08/15/49 | 289,627 | |||||||||||
Duke Energy Corp. |
||||||||||||||
500,000 | 3.750 | 04/15/24 | 498,357 | |||||||||||
390,000 | 2.650 | 09/01/26 | 366,254 | |||||||||||
100,000 | 2.450 | 06/01/30 | 84,548 | |||||||||||
504,000 | 3.750 | 09/01/46 | 398,694 | |||||||||||
380,000 | 3.500 | 06/15/51 | 288,763 | |||||||||||
Duke Energy Florida LLC |
||||||||||||||
300,000 | 6.400 | 06/15/38 | 345,878 | |||||||||||
Entergy Louisiana LLC |
||||||||||||||
330,000 | 4.000 | 03/15/33 | 311,247 | |||||||||||
272,000 | 4.200 | 09/01/48 | 243,637 | |||||||||||
Exelon Corp. |
||||||||||||||
92,000 | 4.050 | 04/15/30 | 88,789 | |||||||||||
288,000 | 4.700 | 04/15/50 | 270,573 | |||||||||||
|
|
|||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Electric – (continued) | ||||||||||||||
Florida Power & Light Co. |
||||||||||||||
50,000 | 3.950 | 03/01/48 | 45,304 | |||||||||||
352,000 | 3.150 | 10/01/49 | 282,382 | |||||||||||
Georgia Power Co., Series A |
||||||||||||||
436,000 | 3.250 | 03/15/51 | 320,880 | |||||||||||
NextEra Energy Capital Holdings, Inc. |
||||||||||||||
1,220,000 | 2.250 | 06/01/30 | 1,030,055 | |||||||||||
500,000 | 2.440 | 01/15/32 | 416,456 | |||||||||||
NiSource, Inc. |
||||||||||||||
100,000 | 0.950 | 08/15/25 | 90,928 | |||||||||||
192,000 | 3.600 | 05/01/30 | 176,463 | |||||||||||
1,832,000 | 1.700 | 02/15/31 | 1,435,967 | |||||||||||
376,000 | 4.375 | 05/15/47 | 335,036 | |||||||||||
68,000 | 3.950 | 03/30/48 | 56,215 | |||||||||||
Pacific Gas and Electric Co. |
||||||||||||||
50,000 | 3.450 | 07/01/25 | 47,681 | |||||||||||
600,000 | 2.100 | 08/01/27 | 507,748 | |||||||||||
650,000 | 3.300 | 12/01/27 | 571,413 | |||||||||||
70,000 | 3.750 | 07/01/28 | 62,188 | |||||||||||
600,000 | 4.550 | 07/01/30 | 533,347 | |||||||||||
731,000 | 3.300 | 08/01/40 | 517,991 | |||||||||||
340,000 | 3.950 | 12/01/47 | 237,165 | |||||||||||
100,000 | 4.950 | 07/01/50 | 79,678 | |||||||||||
400,000 | 3.500 | 08/01/50 | 266,002 | |||||||||||
Sempra Energy |
||||||||||||||
718,000 | 3.250 | 06/15/27 | 680,752 | |||||||||||
250,000 | 3.400 | 02/01/28 | 235,567 | |||||||||||
300,000 | 6.000 | 10/15/39 | 321,386 | |||||||||||
240,000 | 4.000 | 02/01/48 | 201,407 | |||||||||||
Southern California Edison Co. |
||||||||||||||
494,000 | 4.000 | 04/01/47 | 404,954 | |||||||||||
470,000 | 3.650 | 02/01/50 | 361,543 | |||||||||||
Southern California Edison Co., Series 20A |
||||||||||||||
300,000 | 2.950 | 02/01/51 | 202,751 | |||||||||||
Southern California Edison Co., Series C |
||||||||||||||
200,000 | 4.125 | 03/01/48 | 167,387 | |||||||||||
Southern Co. (The) |
||||||||||||||
114,000 | 2.950 | 07/01/23 | 113,214 | |||||||||||
1,050,000 | 3.250 | 07/01/26 | 1,006,622 | |||||||||||
430,000 | 4.400 | 07/01/46 | 380,431 | |||||||||||
Southern Co. (The)(a), Series B |
||||||||||||||
(US 5 Year CMT T-Note + 3.733%) |
||||||||||||||
300,000 | 4.000 | 01/15/51 | 277,714 | |||||||||||
Virginia Electric and Power Co. |
||||||||||||||
500,000 | 2.450 | 12/15/50 | 336,105 | |||||||||||
|
|
|||||||||||||
16,360,939 | ||||||||||||||
|
|
|||||||||||||
Energy – 7.0% | ||||||||||||||
Baker Hughes Holdings LLC |
||||||||||||||
50,000 | 5.125 | 09/15/40 | 48,452 | |||||||||||
Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc. |
||||||||||||||
240,000 | 3.337 | 12/15/27 | 223,987 | |||||||||||
200,000 | 4.080 | 12/15/47 | 166,119 | |||||||||||
BP Capital Markets America, Inc. |
||||||||||||||
150,000 | 3.119 | 05/04/26 | 145,119 | |||||||||||
2,500,000 | 3.017 | 01/16/27 | 2,391,170 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 75 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
August 31, 2022
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Energy – (continued) | ||||||||||||||
BP Capital Markets America, Inc. – (continued) |
||||||||||||||
$ | 400,000 | 1.749 | % | 08/10/30 | $ | 331,065 | ||||||||
700,000 | 2.721 | 01/12/32 | 611,512 | |||||||||||
1,150,000 | 2.772 | 11/10/50 | 808,995 | |||||||||||
Cheniere Corpus Christi Holdings LLC |
||||||||||||||
500,000 | 7.000 | 06/30/24 | 513,125 | |||||||||||
367,000 | 5.875 | 03/31/25 | 374,799 | |||||||||||
1,196,000 | 5.125 | 06/30/27 | 1,194,505 | |||||||||||
Chevron Corp. |
||||||||||||||
200,000 | 1.554 | 05/11/25 | 188,857 | |||||||||||
280,000 | 3.326 | 11/17/25 | 277,554 | |||||||||||
425,000 | 1.995 | 05/11/27 | 392,377 | |||||||||||
500,000 | 2.236 | 05/11/30 | 437,896 | |||||||||||
400,000 | 3.078 | 05/11/50 | 318,655 | |||||||||||
Chevron USA, Inc. |
||||||||||||||
174,000 | 0.687 | 08/12/25 | 158,821 | |||||||||||
ConocoPhillips |
||||||||||||||
580,000 | 6.500 | 02/01/39 | 681,179 | |||||||||||
ConocoPhillips Co. |
||||||||||||||
100,000 | 6.950 | 04/15/29 | 112,994 | |||||||||||
300,000 | 4.300 | 11/15/44 | 276,438 | |||||||||||
Devon Energy Corp. |
||||||||||||||
170,000 | 5.600 | 07/15/41 | 170,000 | |||||||||||
205,000 | 4.750 | 05/15/42 | 186,806 | |||||||||||
100,000 | 5.000 | 06/15/45 | 93,250 | |||||||||||
Diamondback Energy, Inc. |
||||||||||||||
515,000 | 3.250 | 12/01/26 | 495,688 | |||||||||||
92,000 | 3.500 | 12/01/29 | 83,558 | |||||||||||
Energy Transfer LP |
||||||||||||||
200,000 | 4.500 | 04/15/24 | 199,654 | |||||||||||
608,000 | 4.050 | 03/15/25 | 598,071 | |||||||||||
838,000 | 2.900 | 05/15/25 | 795,020 | |||||||||||
200,000 | 4.750 | 01/15/26 | 198,806 | |||||||||||
200,000 | 5.500 | 06/01/27 | 202,780 | |||||||||||
100,000 | 4.000 | 10/01/27 | 95,276 | |||||||||||
230,000 | 4.950 | 06/15/28 | 226,945 | |||||||||||
151,000 | 5.250 | 04/15/29 | 149,023 | |||||||||||
100,000 | 3.750 | 05/15/30 | 90,582 | |||||||||||
100,000 | 6.500 | 02/01/42 | 102,000 | |||||||||||
201,000 | 5.300 | 04/15/47 | 176,444 | |||||||||||
453,000 | 5.400 | 10/01/47 | 407,326 | |||||||||||
277,000 | 6.000 | 06/15/48 | 265,382 | |||||||||||
461,000 | 6.250 | 04/15/49 | 454,959 | |||||||||||
480,000 | 5.000 | 05/15/50 | 414,844 | |||||||||||
Enterprise Products Operating LLC |
||||||||||||||
157,000 | 3.900 | 02/15/24 | 156,411 | |||||||||||
207,000 | 3.750 | 02/15/25 | 205,242 | |||||||||||
478,000 | 3.125 | 07/31/29 | 431,633 | |||||||||||
150,000 | 2.800 | 01/31/30 | 132,323 | |||||||||||
150,000 | 5.950 | 02/01/41 | 157,883 | |||||||||||
207,000 | 4.850 | 08/15/42 | 195,841 | |||||||||||
250,000 | 4.450 | 02/15/43 | 221,223 | |||||||||||
304,000 | 4.850 | 03/15/44 | 281,102 | |||||||||||
346,000 | 5.100 | 02/15/45 | 330,392 | |||||||||||
250,000 | 4.900 | 05/15/46 | 234,256 | |||||||||||
414,000 | 4.800 | 02/01/49 | 379,920 | |||||||||||
368,000 | 4.200 | 01/31/50 | 312,286 | |||||||||||
128,000 | 3.950 | 01/31/60 | 99,746 | |||||||||||
|
|
|||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Energy – (continued) | ||||||||||||||
Enterprise Products Operating LLC(a), Series E |
||||||||||||||
(3M USD LIBOR + 3.033%) |
||||||||||||||
164,000 | 5.250 | 08/16/77 | 144,730 | |||||||||||
EOG Resources, Inc. |
||||||||||||||
916,000 | 4.150 | 01/15/26 | 916,664 | |||||||||||
312,000 | 4.375 | 04/15/30 | 311,536 | |||||||||||
236,000 | 4.950 | 04/15/50 | 245,550 | |||||||||||
Exxon Mobil Corp. |
||||||||||||||
472,000 | 2.019 | 08/16/24 | 457,439 | |||||||||||
912,000 | 2.992 | 03/19/25 | 892,676 | |||||||||||
480,000 | 3.043 | 03/01/26 | 468,604 | |||||||||||
300,000 | 2.275 | 08/16/26 | 283,995 | |||||||||||
100,000 | 3.294 | 03/19/27 | 97,859 | |||||||||||
700,000 | 3.482 | 03/19/30 | 669,780 | |||||||||||
100,000 | 4.227 | 03/19/40 | 95,072 | |||||||||||
600,000 | 3.567 | 03/06/45 | 507,417 | |||||||||||
100,000 | 4.114 | 03/01/46 | 92,477 | |||||||||||
600,000 | 3.095 | 08/16/49 | 471,410 | |||||||||||
798,000 | 4.327 | 03/19/50 | 759,034 | |||||||||||
260,000 | 3.452 | 04/15/51 | 215,362 | |||||||||||
Halliburton Co. |
||||||||||||||
598,000 | 2.920 | 03/01/30 | 531,201 | |||||||||||
958,000 | 4.850 | 11/15/35 | 919,680 | |||||||||||
250,000 | 7.450 | 09/15/39 | 292,812 | |||||||||||
200,000 | 5.000 | 11/15/45 | 183,000 | |||||||||||
Hess Corp. |
||||||||||||||
290,000 | 4.300 | 04/01/27 | 284,246 | |||||||||||
148,000 | 6.000 | 01/15/40 | 152,070 | |||||||||||
373,000 | 5.600 | 02/15/41 | 364,607 | |||||||||||
Kinder Morgan Energy Partners LP |
||||||||||||||
439,000 | 5.500 | 03/01/44 | 414,891 | |||||||||||
Kinder Morgan, Inc. |
||||||||||||||
396,000 | 5.550 | 06/01/45 | 386,347 | |||||||||||
432,000 | 5.050 | 02/15/46 | 394,166 | |||||||||||
100,000 | 3.600 | 02/15/51 | 74,825 | |||||||||||
Kinder Morgan, Inc., GMTN |
||||||||||||||
300,000 | 7.750 | 01/15/32 | 350,235 | |||||||||||
Marathon Petroleum Corp. |
||||||||||||||
680,000 | 4.700 | 05/01/25 | 686,800 | |||||||||||
200,000 | 4.750 | 09/15/44 | 177,750 | |||||||||||
MPLX LP |
||||||||||||||
256,000 | 4.500 | 07/15/23 | 256,398 | |||||||||||
136,000 | 4.125 | 03/01/27 | 132,107 | |||||||||||
100,000 | 4.800 | 02/15/29 | 98,188 | |||||||||||
1,356,000 | 2.650 | 08/15/30 | 1,133,955 | |||||||||||
350,000 | 4.500 | 04/15/38 | 311,026 | |||||||||||
349,000 | 5.200 | 03/01/47 | 321,275 | |||||||||||
550,000 | 5.500 | 02/15/49 | 527,039 | |||||||||||
ONEOK, Inc. |
||||||||||||||
280,000 | 4.550 | 07/15/28 | 270,772 | |||||||||||
634,000 | 3.100 | 03/15/30 | 547,737 | |||||||||||
100,000 | 5.200 | 07/15/48 | 90,297 | |||||||||||
Phillips 66 |
||||||||||||||
1,000,000 | 0.900 | 02/15/24 | 954,829 | |||||||||||
390,000 | 4.650 | 11/15/34 | 378,598 | |||||||||||
150,000 | 5.875 | 05/01/42 | 159,830 | |||||||||||
200,000 | 4.875 | 11/15/44 | 192,171 | |||||||||||
|
|
76 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Energy – (continued) | ||||||||||||||
Plains All American Pipeline LP / PAA Finance Corp. |
||||||||||||||
$ | 846,000 | 4.650 | % | 10/15/25 | $ | 837,849 | ||||||||
240,000 | 4.500 | 12/15/26 | 233,944 | |||||||||||
414,000 | 3.550 | 12/15/29 | 362,690 | |||||||||||
Sabine Pass Liquefaction LLC |
||||||||||||||
600,000 | 5.750 | 05/15/24 | 608,955 | |||||||||||
500,000 | 5.625 | 03/01/25 | 509,687 | |||||||||||
1,252,000 | 5.875 | 06/30/26 | 1,292,659 | |||||||||||
430,000 | 5.000 | 03/15/27 | 429,731 | |||||||||||
108,000 | 4.200 | 03/15/28 | 103,680 | |||||||||||
Schlumberger Investment SA |
||||||||||||||
480,000 | 3.650 | 12/01/23 | 479,211 | |||||||||||
300,000 | 2.650 | 06/26/30 | 264,712 | |||||||||||
Spectra Energy Partners LP |
||||||||||||||
400,000 | 4.750 | 03/15/24 | 402,343 | |||||||||||
Transcontinental Gas Pipe Line Co. LLC |
||||||||||||||
144,000 | 7.850 | 02/01/26 | 157,071 | |||||||||||
Valero Energy Corp. |
||||||||||||||
610,000 | 4.350 | 06/01/28 | 599,912 | |||||||||||
257,000 | 4.000 | 04/01/29 | 246,417 | |||||||||||
320,000 | 6.625 | 06/15/37 | 348,361 | |||||||||||
Western Midstream Operating LP |
||||||||||||||
300,000 | 5.500 | 02/01/50 | 261,000 | |||||||||||
Williams Cos., Inc. (The) |
||||||||||||||
280,000 | 4.000 | 09/15/25 | 276,891 | |||||||||||
318,000 | 3.750 | 06/15/27 | 306,955 | |||||||||||
480,000 | 3.500 | 11/15/30 | 433,593 | |||||||||||
432,000 | 6.300 | 04/15/40 | 464,589 | |||||||||||
200,000 | 5.100 | 09/15/45 | 186,536 | |||||||||||
240,000 | 4.850 | 03/01/48 | 216,977 | |||||||||||
|
|
|||||||||||||
44,438,511 | ||||||||||||||
|
|
|||||||||||||
Financial Company – 0.6% | ||||||||||||||
Air Lease Corp. |
||||||||||||||
250,000 | 1.875 | 08/15/26 | 219,778 | |||||||||||
Air Lease Corp., MTN |
||||||||||||||
200,000 | 2.875 | 01/15/26 | 184,789 | |||||||||||
Ally Financial, Inc. |
||||||||||||||
789,000 | 1.450 | 10/02/23 | 765,471 | |||||||||||
270,000 | 3.875 | 05/21/24 | 268,980 | |||||||||||
532,000 | 8.000 | 11/01/31 | 592,640 | |||||||||||
Blackstone Private Credit Fund |
||||||||||||||
49,000 | 2.625 | 12/15/26 | 41,400 | |||||||||||
GE Capital International Funding Co. Unlimited |
||||||||||||||
1,772,000 | 4.418 | 11/15/35 | 1,668,983 | |||||||||||
|
|
|||||||||||||
3,742,041 | ||||||||||||||
|
|
|||||||||||||
Food and Beverage – 2.6% | ||||||||||||||
Coca-Cola Co. (The) |
||||||||||||||
50,000 | 3.375 | 03/25/27 | 49,406 | |||||||||||
50,000 | 1.450 | 06/01/27 | 45,214 | |||||||||||
240,000 | 1.000 | 03/15/28 | 207,023 | |||||||||||
272,000 | 2.125 | 09/06/29 | 241,772 | |||||||||||
462,000 | 3.450 | 03/25/30 | 446,622 | |||||||||||
500,000 | 1.650 | 06/01/30 | 423,493 | |||||||||||
300,000 | 2.000 | 03/05/31 | 256,744 | |||||||||||
360,000 | 2.500 | 06/01/40 | 279,583 | |||||||||||
|
|
|||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Food and Beverage – (continued) | ||||||||||||||
Coca-Cola Co. (The) – (continued) |
||||||||||||||
280,000 | 2.875 | 05/05/41 | 227,570 | |||||||||||
430,000 | 2.600 | 06/01/50 | 315,214 | |||||||||||
100,000 | 3.000 | 03/05/51 | 78,633 | |||||||||||
250,000 | 2.500 | 03/15/51 | 177,953 | |||||||||||
220,000 | 2.750 | 06/01/60 | 156,768 | |||||||||||
Keurig Dr Pepper, Inc. |
||||||||||||||
300,000 | 0.750 | 03/15/24 | 284,956 | |||||||||||
1,019,000 | 3.200 | 05/01/30 | 915,352 | |||||||||||
Kraft Heinz Foods Co. |
||||||||||||||
890,000 | 3.000 | 06/01/26 | 844,600 | |||||||||||
250,000 | 6.875 | 01/26/39 | 277,338 | |||||||||||
653,000 | 5.000 | 06/04/42 | 612,974 | |||||||||||
552,000 | 4.375 | 06/01/46 | 473,542 | |||||||||||
490,000 | 4.875 | 10/01/49 | 446,433 | |||||||||||
Molson Coors Beverage Co. |
||||||||||||||
1,370,000 | 3.000 | 07/15/26 | 1,285,037 | |||||||||||
190,000 | 5.000 | 05/01/42 | 176,950 | |||||||||||
540,000 | 4.200 | 07/15/46 | 446,278 | |||||||||||
Mondelez International, Inc. |
||||||||||||||
760,000 | 2.750 | 04/13/30 | 672,995 | |||||||||||
600,000 | 2.625 | 09/04/50 | 402,010 | |||||||||||
PepsiCo, Inc. |
||||||||||||||
56,000 | 2.250 | 03/19/25 | 53,973 | |||||||||||
112,000 | 2.750 | 04/30/25 | 109,255 | |||||||||||
160,000 | 2.850 | 02/24/26 | 155,514 | |||||||||||
166,000 | 2.375 | 10/06/26 | 157,424 | |||||||||||
68,000 | 3.000 | 10/15/27 | 65,543 | |||||||||||
96,000 | 2.625 | 07/29/29 | 88,002 | |||||||||||
210,000 | 2.750 | 03/19/30 | 192,900 | |||||||||||
380,000 | 1.625 | 05/01/30 | 321,077 | |||||||||||
100,000 | 1.400 | 02/25/31 | 81,771 | |||||||||||
400,000 | 1.950 | 10/21/31 | 338,572 | |||||||||||
460,000 | 2.625 | 10/21/41 | 362,505 | |||||||||||
300,000 | 4.450 | 04/14/46 | 304,657 | |||||||||||
280,000 | 3.450 | 10/06/46 | 244,273 | |||||||||||
200,000 | 2.875 | 10/15/49 | 155,959 | |||||||||||
300,000 | 3.625 | 03/19/50 | 267,500 | |||||||||||
Sysco Corp. |
||||||||||||||
604,000 | 3.300 | 07/15/26 | 586,088 | |||||||||||
547,000 | 3.250 | 07/15/27 | 518,708 | |||||||||||
365,000 | 5.950 | 04/01/30 | 390,349 | |||||||||||
270,000 | 6.600 | 04/01/50 | 314,970 | |||||||||||
Tyson Foods, Inc. |
||||||||||||||
120,000 | 3.950 | 08/15/24 | 119,659 | |||||||||||
342,000 | 4.000 | 03/01/26 | 338,460 | |||||||||||
340,000 | 3.550 | 06/02/27 | 326,494 | |||||||||||
110,000 | 4.550 | 06/02/47 | 101,578 | |||||||||||
834,000 | 5.100 | 09/28/48 | 833,635 | |||||||||||
|
|
|||||||||||||
16,173,326 | ||||||||||||||
|
|
|||||||||||||
Hardware – 0.2% | ||||||||||||||
Micron Technology, Inc. |
||||||||||||||
677,000 | 4.185 | 02/15/27 | 663,460 | |||||||||||
250,000 | 4.663 | 02/15/30 | 237,500 | |||||||||||
628,000 | 2.703 | 04/15/32 | 490,439 | |||||||||||
|
|
|||||||||||||
1,391,399 | ||||||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 77 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
August 31, 2022
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Healthcare – 4.2% | ||||||||||||||
Aetna, Inc. |
||||||||||||||
$ | 250,000 | 3.500 | % | 11/15/24 | $ | 247,206 | ||||||||
310,000 | 6.625 | 06/15/36 | 344,274 | |||||||||||
248,000 | 3.875 | 08/15/47 | 205,595 | |||||||||||
Cigna Corp. |
||||||||||||||
2,852,000 | 4.125 | 11/15/25 | 2,834,674 | |||||||||||
300,000 | 4.800 | 07/15/46 | 282,425 | |||||||||||
674,000 | 4.900 | 12/15/48 | 640,616 | |||||||||||
290,000 | 3.400 | 03/15/50 | 218,776 | |||||||||||
552,000 | 3.400 | 03/15/51 | 421,120 | |||||||||||
CVS Health Corp. |
||||||||||||||
520,000 | 2.625 | 08/15/24 | 508,102 | |||||||||||
154,000 | 4.100 | 03/25/25 | 154,349 | |||||||||||
256,000 | 3.875 | 07/20/25 | 254,215 | |||||||||||
100,000 | 2.875 | 06/01/26 | 95,392 | |||||||||||
368,000 | 3.000 | 08/15/26 | 354,179 | |||||||||||
488,000 | 3.625 | 04/01/27 | 475,368 | |||||||||||
825,000 | 4.300 | 03/25/28 | 814,511 | |||||||||||
672,000 | 3.250 | 08/15/29 | 615,856 | |||||||||||
1,116,000 | 4.780 | 03/25/38 | 1,066,148 | |||||||||||
246,000 | 4.125 | 04/01/40 | 215,972 | |||||||||||
350,000 | 2.700 | 08/21/40 | 255,471 | |||||||||||
176,000 | 5.300 | 12/05/43 | 175,482 | |||||||||||
616,000 | 5.125 | 07/20/45 | 594,890 | |||||||||||
1,372,000 | 5.050 | 03/25/48 | 1,324,875 | |||||||||||
Danaher Corp. |
||||||||||||||
340,000 | 2.800 | 12/10/51 | 244,419 | |||||||||||
Elevance Health, Inc. |
||||||||||||||
306,000 | 3.500 | 08/15/24 | 302,883 | |||||||||||
50,000 | 3.350 | 12/01/24 | 49,297 | |||||||||||
552,000 | 3.650 | 12/01/27 | 535,682 | |||||||||||
84,000 | 4.625 | 05/15/42 | 81,319 | |||||||||||
428,000 | 4.650 | 01/15/43 | 414,460 | |||||||||||
254,000 | 4.650 | 08/15/44 | 241,771 | |||||||||||
385,000 | 4.375 | 12/01/47 | 359,845 | |||||||||||
318,000 | 4.550 | 03/01/48 | 302,866 | |||||||||||
300,000 | 3.125 | 05/15/50 | 226,158 | |||||||||||
HCA, Inc. |
||||||||||||||
556,000 | 5.000 | 03/15/24 | 559,823 | |||||||||||
520,000 | 5.250 | 04/15/25 | 525,200 | |||||||||||
600,000 | 5.250 | 06/15/26 | 603,750 | |||||||||||
100,000 | 5.375 | 09/01/26 | 100,875 | |||||||||||
555,000 | 4.500 | 02/15/27 | 543,553 | |||||||||||
300,000 | 5.625 | 09/01/28 | 303,375 | |||||||||||
404,000 | 4.125 | 06/15/29 | 377,235 | |||||||||||
500,000 | 3.500 | 09/01/30 | 439,375 | |||||||||||
345,000 | 5.500 | 06/15/47 | 321,713 | |||||||||||
476,000 | 5.250 | 06/15/49 | 431,375 | |||||||||||
492,000 | 3.500 | 07/15/51 | 340,255 | |||||||||||
448,000 | 4.625 | (b) | 03/15/52 | 374,043 | ||||||||||
MPT Operating Partnership LP / MPT Finance Corp. |
||||||||||||||
700,000 | 4.625 | 08/01/29 | 588,000 | |||||||||||
270,000 | 3.500 | 03/15/31 | 204,010 | |||||||||||
UnitedHealth Group, Inc. |
||||||||||||||
700,000 | 3.750 | 07/15/25 | 699,267 | |||||||||||
600,000 | 2.300 | 05/15/31 | 514,825 | |||||||||||
|
|
|||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Healthcare – (continued) | ||||||||||||||
UnitedHealth Group, Inc. – (continued) |
||||||||||||||
800,000 | 4.200 | 05/15/32 | 796,966 | |||||||||||
916,000 | 4.625 | 07/15/35 | 918,119 | |||||||||||
880,000 | 4.250 | 03/15/43 | 822,548 | |||||||||||
818,000 | 4.450 | 12/15/48 | 779,913 | |||||||||||
300,000 | 3.700 | 08/15/49 | 256,917 | |||||||||||
700,000 | 3.250 | 05/15/51 | 548,469 | |||||||||||
698,000 | 4.750 | 05/15/52 | 697,084 | |||||||||||
|
|
|||||||||||||
26,604,886 | ||||||||||||||
|
|
|||||||||||||
Insurance – 1.5% | ||||||||||||||
American International Group, Inc. |
||||||||||||||
600,000 | 2.500 | 06/30/25 | 573,006 | |||||||||||
100,000 | 3.900 | 04/01/26 | 98,835 | |||||||||||
204,000 | 4.800 | 07/10/45 | 190,830 | |||||||||||
40,000 | 4.750 | 04/01/48 | 37,955 | |||||||||||
100,000 | 4.375 | 06/30/50 | 90,235 | |||||||||||
American International Group, Inc.(a), Series A-9 |
||||||||||||||
(3M USD LIBOR + 2.868%) |
||||||||||||||
540,000 | 5.750 | 04/01/48 | 516,239 | |||||||||||
Berkshire Hathaway Finance Corp. |
||||||||||||||
300,000 | 1.450 | 10/15/30 | 244,259 | |||||||||||
500,000 | 2.875 | 03/15/32 | 444,578 | |||||||||||
Chubb INA Holdings, Inc. |
||||||||||||||
472,000 | 4.350 | 11/03/45 | 447,454 | |||||||||||
Corebridge Financial, Inc.(b) |
||||||||||||||
444,000 | 3.650 | 04/05/27 | 417,622 | |||||||||||
Equitable Holdings, Inc. |
||||||||||||||
626,000 | 5.000 | 04/20/48 | 588,563 | |||||||||||
Everest Reinsurance Holdings, Inc. |
||||||||||||||
470,000 | 3.500 | 10/15/50 | 356,682 | |||||||||||
Marsh & McLennan Cos., Inc. |
||||||||||||||
175,000 | 4.375 | 03/15/29 | 174,919 | |||||||||||
100,000 | 2.250 | 11/15/30 | 85,440 | |||||||||||
376,000 | 4.900 | 03/15/49 | 377,539 | |||||||||||
MetLife, Inc. |
||||||||||||||
500,000 | 3.600 | 04/10/24 | 500,412 | |||||||||||
796,000 | 6.400 | 12/15/36 | 817,800 | |||||||||||
440,000 | 4.125 | 08/13/42 | 397,533 | |||||||||||
50,000 | 4.875 | 11/13/43 | 49,131 | |||||||||||
200,000 | 4.600 | 05/13/46 | 193,350 | |||||||||||
Prudential Financial, Inc. |
||||||||||||||
(3M USD LIBOR + 3.920%) |
||||||||||||||
420,000 | 5.625 | (a) | 06/15/43 | 417,871 | ||||||||||
(3M USD LIBOR + 3.031%) |
||||||||||||||
332,000 | 5.375 | (a) | 05/15/45 | 324,826 | ||||||||||
(3M USD LIBOR + 2.380%) |
||||||||||||||
228,000 | 4.500 | (a) | 09/15/47 | 214,900 | ||||||||||
210,000 | 3.905 | 12/07/47 | 183,917 | |||||||||||
46,000 | 3.935 | 12/07/49 | 40,131 | |||||||||||
(US 5 Year CMT T-Note + 3.035%) |
||||||||||||||
192,000 | 3.700 | (a) | 10/01/50 | 165,580 | ||||||||||
Prudential Financial, Inc., MTN |
||||||||||||||
300,000 | 5.700 | 12/14/36 | 324,029 | |||||||||||
376,000 | 4.350 | 02/25/50 | 351,751 | |||||||||||
350,000 | 3.700 | 03/13/51 | 291,161 | |||||||||||
|
|
78 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Insurance – (continued) | ||||||||||||||
Travelers Cos., Inc. (The) |
||||||||||||||
$ | 400,000 | 3.050 | % | 06/08/51 | $ | 306,071 | ||||||||
|
|
|||||||||||||
9,222,619 | ||||||||||||||
|
|
|||||||||||||
Mining – 0.1% | ||||||||||||||
Freeport-McMoRan, Inc. |
||||||||||||||
70,000 | 5.400 | 11/14/34 | 67,113 | |||||||||||
550,000 | 5.450 | 03/15/43 | 500,500 | |||||||||||
|
|
|||||||||||||
567,613 | ||||||||||||||
|
|
|||||||||||||
Pharmaceuticals – 0.0% | ||||||||||||||
Viatris, Inc. |
||||||||||||||
360,000 | 3.850 | 06/22/40 | 250,604 | |||||||||||
|
|
|||||||||||||
REITs and Real Estate – 0.7% | ||||||||||||||
Boston Properties LP |
||||||||||||||
916,000 | 2.550 | 04/01/32 | 729,981 | |||||||||||
420,000 | 2.450 | 10/01/33 | 318,847 | |||||||||||
Equinix, Inc. |
||||||||||||||
250,000 | 2.625 | 11/18/24 | 240,737 | |||||||||||
500,000 | 3.200 | 11/18/29 | 448,088 | |||||||||||
300,000 | 2.150 | 07/15/30 | 245,787 | |||||||||||
200,000 | 2.500 | 05/15/31 | 164,262 | |||||||||||
GLP Capital LP / GLP Financing II, Inc. |
||||||||||||||
675,000 | 5.375 | 04/15/26 | 667,779 | |||||||||||
340,000 | 5.300 | 01/15/29 | 328,793 | |||||||||||
150,000 | 3.250 | 01/15/32 | 121,779 | |||||||||||
Simon Property Group LP |
||||||||||||||
68,000 | 3.250 | 11/30/26 | 65,343 | |||||||||||
300,000 | 2.650 | 07/15/30 | 257,807 | |||||||||||
284,000 | 3.250 | 09/13/49 | 209,844 | |||||||||||
100,000 | 3.800 | 07/15/50 | 81,754 | |||||||||||
Welltower, Inc. |
||||||||||||||
300,000 | 4.250 | 04/15/28 | 293,030 | |||||||||||
604,000 | 3.100 | 01/15/30 | 532,790 | |||||||||||
|
|
|||||||||||||
4,706,621 | ||||||||||||||
|
|
|||||||||||||
Revenue – 0.3% | ||||||||||||||
Ascension Health |
||||||||||||||
200,000 | 3.945 | 11/15/46 | 181,521 | |||||||||||
Ascension Health, Series B |
||||||||||||||
588,000 | 2.532 | 11/15/29 | 527,638 | |||||||||||
CommonSpirit Health |
||||||||||||||
100,000 | 2.760 | 10/01/24 | 96,932 | |||||||||||
220,000 | 3.347 | 10/01/29 | 196,372 | |||||||||||
239,000 | 4.350 | 11/01/42 | 214,055 | |||||||||||
200,000 | 4.187 | 10/01/49 | 165,617 | |||||||||||
Kaiser Foundation Hospitals |
||||||||||||||
375,000 | 4.150 | 05/01/47 | 348,112 | |||||||||||
Kaiser Foundation Hospitals, Series 2019 |
||||||||||||||
396,000 | 3.266 | 11/01/49 | 312,901 | |||||||||||
Kaiser Foundation Hospitals, Series 2021 |
||||||||||||||
125,000 | 2.810 | 06/01/41 | 96,317 | |||||||||||
|
|
|||||||||||||
2,139,465 | ||||||||||||||
|
|
|||||||||||||
Technology – 8.5% | ||||||||||||||
Activision Blizzard, Inc. |
||||||||||||||
536,000 | 3.400 | 09/15/26 | 524,625 | |||||||||||
280,000 | 2.500 | 09/15/50 | 189,793 | |||||||||||
|
|
|||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Technology – (continued) | ||||||||||||||
Adobe, Inc. |
||||||||||||||
192,000 | 3.250 | 02/01/25 | 190,057 | |||||||||||
82,000 | 2.150 | 02/01/27 | 76,912 | |||||||||||
500,000 | 2.300 | 02/01/30 | 442,676 | |||||||||||
Alphabet, Inc. |
||||||||||||||
182,000 | 1.998 | 08/15/26 | 171,421 | |||||||||||
50,000 | 0.800 | 08/15/27 | 43,638 | |||||||||||
132,000 | 1.100 | 08/15/30 | 107,584 | |||||||||||
400,000 | 1.900 | 08/15/40 | 283,921 | |||||||||||
823,000 | 2.050 | 08/15/50 | 543,515 | |||||||||||
803,000 | 2.250 | 08/15/60 | 512,920 | |||||||||||
Analog Devices, Inc. |
||||||||||||||
75,000 | 3.500 | 12/05/26 | 73,877 | |||||||||||
250,000 | 1.700 | 10/01/28 | 219,160 | |||||||||||
Apple, Inc. |
||||||||||||||
75,000 | 3.000 | 02/09/24 | 74,371 | |||||||||||
188,000 | 3.450 | 05/06/24 | 187,519 | |||||||||||
138,000 | 2.850 | 05/11/24 | 136,322 | |||||||||||
184,000 | 2.750 | 01/13/25 | 179,909 | |||||||||||
112,000 | 2.500 | 02/09/25 | 108,975 | |||||||||||
91,000 | 1.125 | 05/11/25 | 84,881 | |||||||||||
40,000 | 3.200 | 05/13/25 | 39,491 | |||||||||||
50,000 | 0.550 | 08/20/25 | 45,603 | |||||||||||
129,000 | 0.700 | 02/08/26 | 116,691 | |||||||||||
531,000 | 3.250 | 02/23/26 | 522,489 | |||||||||||
144,000 | 2.450 | 08/04/26 | 137,021 | |||||||||||
150,000 | 2.050 | 09/11/26 | 140,432 | |||||||||||
100,000 | 3.000 | 06/20/27 | 96,856 | |||||||||||
692,000 | 2.900 | 09/12/27 | 662,380 | |||||||||||
218,000 | 3.000 | 11/13/27 | 208,963 | |||||||||||
88,000 | 1.200 | 02/08/28 | 76,599 | |||||||||||
500,000 | 1.400 | 08/05/28 | 435,337 | |||||||||||
400,000 | 1.650 | 05/11/30 | 339,286 | |||||||||||
250,000 | 1.250 | 08/20/30 | 203,533 | |||||||||||
850,000 | 1.650 | 02/08/31 | 706,275 | |||||||||||
625,000 | 4.500 | 02/23/36 | 648,798 | |||||||||||
102,000 | 2.375 | 02/08/41 | 76,961 | |||||||||||
617,000 | 3.850 | 05/04/43 | 568,087 | |||||||||||
310,000 | 4.450 | 05/06/44 | 308,383 | |||||||||||
305,000 | 3.450 | 02/09/45 | 263,512 | |||||||||||
380,000 | 4.375 | 05/13/45 | 373,385 | |||||||||||
858,000 | 4.650 | 02/23/46 | 877,416 | |||||||||||
306,000 | 3.850 | 08/04/46 | 279,269 | |||||||||||
208,000 | 4.250 | 02/09/47 | 202,234 | |||||||||||
300,000 | 3.750 | 09/12/47 | 268,867 | |||||||||||
506,000 | 3.750 | 11/13/47 | 454,309 | |||||||||||
861,000 | 2.950 | 09/11/49 | 671,895 | |||||||||||
878,000 | 2.650 | 05/11/50 | 642,593 | |||||||||||
239,000 | 2.400 | 08/20/50 | 166,030 | |||||||||||
680,000 | 2.650 | 02/08/51 | 498,696 | |||||||||||
125,000 | 2.800 | 02/08/61 | 87,934 | |||||||||||
Applied Materials, Inc. |
||||||||||||||
300,000 | 3.300 | 04/01/27 | 293,763 | |||||||||||
150,000 | 1.750 | 06/01/30 | 126,033 | |||||||||||
136,000 | 4.350 | 04/01/47 | 132,861 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 79 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
August 31, 2022
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Technology – (continued) | ||||||||||||||
Broadcom Corp. / Broadcom Cayman Finance Ltd. |
||||||||||||||
$ | 100,000 | 3.625 | % | 01/15/24 | $ | 99,274 | ||||||||
659,000 | 3.875 | 01/15/27 | 634,062 | |||||||||||
98,000 | 3.500 | 01/15/28 | 90,500 | |||||||||||
Broadcom, Inc. |
||||||||||||||
500,000 | 3.150 | 11/15/25 | 482,853 | |||||||||||
431,000 | 3.459 | 09/15/26 | 414,188 | |||||||||||
686,000 | 4.750 | 04/15/29 | 674,039 | |||||||||||
656,000 | 4.150 | 11/15/30 | 600,974 | |||||||||||
600,000 | 2.450 | (b) | 02/15/31 | 479,806 | ||||||||||
640,000 | 4.300 | 11/15/32 | 580,741 | |||||||||||
725,000 | 3.419 | (b) | 04/15/33 | 599,007 | ||||||||||
290,000 | 3.469 | (b) | 04/15/34 | 235,858 | ||||||||||
600,000 | 3.137 | (b) | 11/15/35 | 456,254 | ||||||||||
600,000 | 3.500 | (b) | 02/15/41 | 452,714 | ||||||||||
360,000 | 3.750 | (b) | 02/15/51 | 264,690 | ||||||||||
Dell International LLC / EMC Corp. |
||||||||||||||
748,000 | 6.020 | 06/15/26 | 779,267 | |||||||||||
494,000 | 4.900 | 10/01/26 | 496,184 | |||||||||||
379,000 | 8.100 | 07/15/36 | 441,954 | |||||||||||
464,000 | 8.350 | 07/15/46 | 564,578 | |||||||||||
Fidelity National Information Services, Inc. |
||||||||||||||
220,000 | 1.650 | 03/01/28 | 188,256 | |||||||||||
Fiserv, Inc. |
||||||||||||||
150,000 | 3.800 | 10/01/23 | 149,690 | |||||||||||
400,000 | 2.750 | 07/01/24 | 390,351 | |||||||||||
500,000 | 3.200 | 07/01/26 | 476,725 | |||||||||||
300,000 | 4.200 | 10/01/28 | 291,151 | |||||||||||
500,000 | 3.500 | 07/01/29 | 459,037 | |||||||||||
400,000 | 4.400 | 07/01/49 | 347,592 | |||||||||||
Hewlett Packard Enterprise Co. |
||||||||||||||
280,000 | 4.450 | 10/02/23 | 281,047 | |||||||||||
300,000 | 4.900 | 10/15/25 | 304,974 | |||||||||||
300,000 | 6.350 | 10/15/45 | 302,061 | |||||||||||
HP, Inc. |
||||||||||||||
300,000 | 3.400 | 06/17/30 | 261,182 | |||||||||||
40,000 | 2.650 | 06/17/31 | 32,004 | |||||||||||
368,000 | 6.000 | 09/15/41 | 363,259 | |||||||||||
Intel Corp. |
||||||||||||||
204,000 | 2.875 | 05/11/24 | 201,092 | |||||||||||
203,000 | 3.700 | 07/29/25 | 202,153 | |||||||||||
60,000 | 2.600 | 05/19/26 | 57,545 | |||||||||||
168,000 | 3.150 | 05/11/27 | 161,596 | |||||||||||
916,000 | 2.450 | 11/15/29 | 805,277 | |||||||||||
250,000 | 2.000 | 08/12/31 | 206,386 | |||||||||||
292,000 | 4.600 | 03/25/40 | 279,855 | |||||||||||
300,000 | 4.800 | 10/01/41 | 291,953 | |||||||||||
290,000 | 4.100 | 05/19/46 | 257,087 | |||||||||||
224,000 | 4.100 | 05/11/47 | 196,156 | |||||||||||
295,000 | 3.734 | 12/08/47 | 240,731 | |||||||||||
542,000 | 3.250 | 11/15/49 | 401,630 | |||||||||||
483,000 | 4.750 | 03/25/50 | 460,684 | |||||||||||
440,000 | 3.050 | 08/12/51 | 315,431 | |||||||||||
50,000 | 3.100 | 02/15/60 | 34,422 | |||||||||||
100,000 | 4.950 | 03/25/60 | 96,383 | |||||||||||
150,000 | 3.200 | 08/12/61 | 105,242 | |||||||||||
|
|
|||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Technology – (continued) | ||||||||||||||
International Business Machines Corp. |
||||||||||||||
300,000 | 3.375 | 08/01/23 | 298,998 | |||||||||||
445,000 | 3.625 | 02/12/24 | 443,865 | |||||||||||
250,000 | 3.450 | 02/19/26 | 245,124 | |||||||||||
1,510,000 | 3.300 | 05/15/26 | 1,465,460 | |||||||||||
300,000 | 1.700 | 05/15/27 | 269,875 | |||||||||||
1,086,000 | 1.950 | 05/15/30 | 905,937 | |||||||||||
540,000 | 4.150 | 05/15/39 | 485,884 | |||||||||||
407,000 | 4.000 | 06/20/42 | 352,211 | |||||||||||
300,000 | 4.250 | 05/15/49 | 264,379 | |||||||||||
300,000 | 2.950 | 05/15/50 | 212,697 | |||||||||||
KLA Corp. |
||||||||||||||
87,000 | 4.650 | 11/01/24 | 88,377 | |||||||||||
300,000 | 4.100 | 03/15/29 | 297,198 | |||||||||||
100,000 | 3.300 | 03/01/50 | 78,460 | |||||||||||
Lam Research Corp. |
||||||||||||||
238,000 | 4.000 | 03/15/29 | 233,527 | |||||||||||
258,000 | 1.900 | 06/15/30 | 216,405 | |||||||||||
220,000 | 4.875 | 03/15/49 | 226,095 | |||||||||||
440,000 | 2.875 | 06/15/50 | 327,889 | |||||||||||
Microchip Technology, Inc. |
||||||||||||||
120,000 | 4.250 | 09/01/25 | 118,407 | |||||||||||
Microsoft Corp. |
||||||||||||||
262,000 | 2.000 | 08/08/23 | 257,958 | |||||||||||
516,000 | 2.875 | 02/06/24 | 510,860 | |||||||||||
548,000 | 2.700 | 02/12/25 | 537,159 | |||||||||||
154,000 | 3.125 | 11/03/25 | 151,363 | |||||||||||
80,000 | 2.400 | 08/08/26 | 76,553 | |||||||||||
87,000 | 3.300 | 02/06/27 | 85,554 | |||||||||||
260,000 | 3.500 | 02/12/35 | 248,773 | |||||||||||
470,000 | 3.450 | 08/08/36 | 442,637 | |||||||||||
81,000 | 4.100 | 02/06/37 | 81,282 | |||||||||||
200,000 | 4.450 | 11/03/45 | 204,239 | |||||||||||
300,000 | 3.700 | 08/08/46 | 275,760 | |||||||||||
250,000 | 4.250 | 02/06/47 | 249,722 | |||||||||||
1,251,000 | 2.525 | 06/01/50 | 910,898 | |||||||||||
1,500,000 | 2.921 | 03/17/52 | 1,179,352 | |||||||||||
861,000 | 2.675 | 06/01/60 | 611,552 | |||||||||||
580,000 | 3.041 | 03/17/62 | 449,219 | |||||||||||
Motorola Solutions, Inc. |
||||||||||||||
692,000 | 4.600 | 05/23/29 | 668,207 | |||||||||||
NVIDIA Corp. |
||||||||||||||
2,538,000 | 0.584 | 06/14/24 | 2,402,025 | |||||||||||
250,000 | 1.550 | 06/15/28 | 217,930 | |||||||||||
500,000 | 2.850 | 04/01/30 | 451,343 | |||||||||||
400,000 | 2.000 | 06/15/31 | 338,159 | |||||||||||
400,000 | 3.500 | 04/01/50 | 333,321 | |||||||||||
PayPal Holdings, Inc. |
||||||||||||||
1,060,000 | 4.400 | 06/01/32 | 1,044,576 | |||||||||||
QUALCOMM, Inc. |
||||||||||||||
152,000 | 2.900 | 05/20/24 | 150,290 | |||||||||||
135,000 | 3.450 | 05/20/25 | 133,582 | |||||||||||
474,000 | 3.250 | 05/20/27 | 462,354 | |||||||||||
126,000 | 2.150 | 05/20/30 | 110,056 | |||||||||||
320,000 | 4.650 | 05/20/35 | 323,270 | |||||||||||
596,000 | 4.800 | 05/20/45 | 602,293 | |||||||||||
250,000 | 4.300 | 05/20/47 | 237,584 | |||||||||||
320,000 | 4.500 | 05/20/52 | 310,885 | |||||||||||
|
|
80 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Technology – (continued) | ||||||||||||||
Texas Instruments, Inc. |
||||||||||||||
$ | 232,000 | 2.250 | % | 09/04/29 | $ | 206,937 | ||||||||
532,000 | 4.150 | 05/15/48 | 510,926 | |||||||||||
Western Digital Corp. |
||||||||||||||
1,182,000 | 4.750 | 02/15/26 | 1,140,630 | |||||||||||
|
|
|||||||||||||
53,779,990 | ||||||||||||||
|
|
|||||||||||||
Transportation – 1.2% | ||||||||||||||
CSX Corp. |
||||||||||||||
664,000 | 3.250 | 06/01/27 | 640,073 | |||||||||||
120,000 | 3.800 | 03/01/28 | 117,618 | |||||||||||
46,000 | 4.100 | 03/15/44 | 41,000 | |||||||||||
470,000 | 3.800 | 11/01/46 | 401,782 | |||||||||||
378,000 | 4.300 | 03/01/48 | 346,150 | |||||||||||
FedEx Corp. Pass Through Trust, Series 2020-1 |
||||||||||||||
44,653 | 1.875 | 02/20/34 | 38,176 | |||||||||||
Southwest Airlines Co. |
||||||||||||||
270,000 | 5.250 | 05/04/25 | 276,703 | |||||||||||
125,000 | 5.125 | 06/15/27 | 127,433 | |||||||||||
Union Pacific Corp. |
||||||||||||||
500,000 | 2.400 | 02/05/30 | 440,095 | |||||||||||
1,980,000 | 2.800 | 02/14/32 | 1,764,947 | |||||||||||
278,000 | 3.799 | 10/01/51 | 239,232 | |||||||||||
95,000 | 2.950 | 03/10/52 | 70,101 | |||||||||||
408,000 | 3.839 | 03/20/60 | 343,983 | |||||||||||
676,000 | 3.799 | 04/06/71 | 547,158 | |||||||||||
United Parcel Service, Inc. |
||||||||||||||
292,000 | 3.050 | 11/15/27 | 283,609 | |||||||||||
792,000 | 3.400 | 03/15/29 | 764,232 | |||||||||||
330,000 | 3.750 | 11/15/47 | 295,228 | |||||||||||
200,000 | 4.250 | 03/15/49 | 193,524 | |||||||||||
558,000 | 5.300 | 04/01/50 | 620,914 | |||||||||||
|
|
|||||||||||||
7,551,958 | ||||||||||||||
|
|
|||||||||||||
Water – 0.1% | ||||||||||||||
American Water Capital Corp. |
||||||||||||||
426,000 | 4.450 | 06/01/32 | 423,766 | |||||||||||
|
|
|||||||||||||
Wireless – 5.3% | ||||||||||||||
American Tower Corp. |
||||||||||||||
250,000 | 4.000 | 06/01/25 | 246,220 | |||||||||||
666,000 | 3.375 | 10/15/26 | 630,065 | |||||||||||
200,000 | 2.750 | 01/15/27 | 183,306 | |||||||||||
631,000 | 3.800 | 08/15/29 | 584,313 | |||||||||||
80,000 | 2.900 | 01/15/30 | 69,355 | |||||||||||
300,000 | 1.875 | 10/15/30 | 236,806 | |||||||||||
251,000 | 3.100 | 06/15/50 | 175,269 | |||||||||||
AT&T, Inc. |
||||||||||||||
111,000 | 3.800 | 02/15/27 | 108,866 | |||||||||||
346,000 | 4.250 | 03/01/27 | 342,860 | |||||||||||
339,000 | 2.300 | 06/01/27 | 308,313 | |||||||||||
75,000 | 1.650 | 02/01/28 | 64,421 | |||||||||||
300,000 | 4.100 | 02/15/28 | 292,200 | |||||||||||
1,595,000 | 4.350 | 03/01/29 | 1,553,974 | |||||||||||
459,000 | 4.300 | 02/15/30 | 440,368 | |||||||||||
595,000 | 2.750 | 06/01/31 | 506,155 | |||||||||||
620,000 | 2.250 | 02/01/32 | 500,165 | |||||||||||
|
|
|||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Wireless – (continued) | ||||||||||||||
AT&T, Inc. – (continued) |
||||||||||||||
800,000 | 2.550 | 12/01/33 | 640,292 | |||||||||||
435,000 | 4.500 | 05/15/35 | 408,769 | |||||||||||
140,000 | 4.850 | 03/01/39 | 134,117 | |||||||||||
330,000 | 4.350 | 06/15/45 | 282,875 | |||||||||||
435,000 | 4.750 | 05/15/46 | 400,151 | |||||||||||
401,000 | 4.500 | 03/09/48 | 349,931 | |||||||||||
399,000 | 4.550 | 03/09/49 | 354,525 | |||||||||||
738,000 | 3.650 | 06/01/51 | 565,502 | |||||||||||
300,000 | 3.300 | 02/01/52 | 219,548 | |||||||||||
1,430,000 | 3.500 | 09/15/53 | 1,056,112 | |||||||||||
1,928,000 | 3.550 | 09/15/55 | 1,416,856 | |||||||||||
300,000 | 3.800 | 12/01/57 | 226,281 | |||||||||||
1,654,000 | 3.650 | 09/15/59 | 1,205,295 | |||||||||||
92,000 | 3.850 | 06/01/60 | 69,621 | |||||||||||
Crown Castle, Inc. |
||||||||||||||
60,000 | 3.150 | 07/15/23 | 59,650 | |||||||||||
760,000 | 4.450 | 02/15/26 | 757,838 | |||||||||||
930,000 | 3.700 | 06/15/26 | 902,837 | |||||||||||
1,000,000 | 1.050 | 07/15/26 | 879,046 | |||||||||||
98,000 | 3.650 | 09/01/27 | 93,448 | |||||||||||
200,000 | 3.800 | 02/15/28 | 189,424 | |||||||||||
300,000 | 3.300 | 07/01/30 | 268,127 | |||||||||||
180,000 | 2.250 | 01/15/31 | 146,955 | |||||||||||
301,000 | 2.100 | 04/01/31 | 240,243 | |||||||||||
300,000 | 2.900 | 04/01/41 | 217,445 | |||||||||||
100,000 | 3.250 | 01/15/51 | 70,894 | |||||||||||
T-Mobile USA, Inc. |
||||||||||||||
900,000 | 3.875 | 04/15/30 | 833,700 | |||||||||||
680,000 | 2.550 | 02/15/31 | 565,971 | |||||||||||
300,000 | 2.250 | 11/15/31 | 240,549 | |||||||||||
600,000 | 2.700 | 03/15/32 | 500,890 | |||||||||||
600,000 | 4.500 | 04/15/50 | 523,860 | |||||||||||
Verizon Communications, Inc. |
||||||||||||||
650,000 | 3.500 | 11/01/24 | 643,400 | |||||||||||
184,000 | 3.376 | 02/15/25 | 181,438 | |||||||||||
2,942,000 | 0.850 | 11/20/25 | 2,647,800 | |||||||||||
559,000 | 4.125 | 03/16/27 | 555,736 | |||||||||||
710,000 | 2.100 | 03/22/28 | 628,210 | |||||||||||
722,000 | 4.329 | 09/21/28 | 712,334 | |||||||||||
840,000 | 4.016 | 12/03/29 | 807,692 | |||||||||||
471,000 | 3.150 | 03/22/30 | 422,680 | |||||||||||
280,000 | 1.500 | 09/18/30 | 223,373 | |||||||||||
940,000 | 1.680 | 10/30/30 | 746,206 | |||||||||||
1,330,000 | 2.550 | 03/21/31 | 1,120,091 | |||||||||||
50,000 | 2.355 | 03/15/32 | 40,853 | |||||||||||
220,000 | 4.272 | 01/15/36 | 204,763 | |||||||||||
478,000 | 5.250 | 03/16/37 | 484,311 | |||||||||||
710,000 | 2.650 | 11/20/40 | 511,445 | |||||||||||
510,000 | 3.400 | 03/22/41 | 412,172 | |||||||||||
60,000 | 6.550 | 09/15/43 | 71,502 | |||||||||||
704,000 | 4.862 | 08/21/46 | 686,706 | |||||||||||
455,000 | 4.522 | 09/15/48 | 423,908 | |||||||||||
400,000 | 2.875 | 11/20/50 | 275,068 | |||||||||||
800,000 | 3.550 | 03/22/51 | 634,305 | |||||||||||
394,000 | 5.012 | 08/21/54 | 396,761 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 81 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
August 31, 2022
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Wireless – (continued) | ||||||||||||||
Verizon Communications, Inc. – (continued) |
||||||||||||||
$ | 150,000 | 2.987 | % | 10/30/56 | $ | 101,186 | ||||||||
500,000 | 3.000 | 11/20/60 | 334,805 | |||||||||||
725,000 | 3.700 | 03/22/61 | 563,759 | |||||||||||
|
|
|||||||||||||
33,893,912 | ||||||||||||||
|
|
|||||||||||||
TOTAL CORPORATE OBLIGATIONS | ||||||||||||||
(Cost $569,052,632) | $ | 495,727,179 | ||||||||||||
|
|
|||||||||||||
Foreign Corporate Debt – 20.5% | ||||||||||||||
Banks – 10.8% | ||||||||||||||
Banco Bilbao Vizcaya Argentaria SA (Spain) |
||||||||||||||
$ | 1,000,000 | 0.875 | % | 09/18/23 | $ | 965,293 | ||||||||
200,000 | 1.125 | 09/18/25 | 181,020 | |||||||||||
Banco Santander SA (Spain) |
||||||||||||||
200,000 | 2.706 | 06/27/24 | 194,167 | |||||||||||
1,432,000 | 2.746 | 05/28/25 | 1,354,519 | |||||||||||
600,000 | 1.849 | 03/25/26 | 534,357 | |||||||||||
600,000 | 4.250 | 04/11/27 | 575,792 | |||||||||||
(US 1 Year CMT T-Note + 0.900%) |
||||||||||||||
600,000 | 1.722 | (a) | 09/14/27 | 517,123 | ||||||||||
925,000 | 3.490 | 05/28/30 | 804,386 | |||||||||||
800,000 | 2.958 | 03/25/31 | 655,467 | |||||||||||
(US 1 Year CMT T-Note + 1.600%) |
||||||||||||||
536,000 | 3.225 | (a) | 11/22/32 | 408,015 | ||||||||||
Bank of Montreal (Canada) |
||||||||||||||
(5 Year USD Swap + 1.280%) |
||||||||||||||
2,104,000 | 4.338 | (a) | 10/05/28 | 2,101,370 | ||||||||||
(5 Year USD Swap + 1.432%) |
||||||||||||||
983,000 | 3.803 | (a) | 12/15/32 | 903,131 | ||||||||||
(US 5 Year CMT T-Note + 1.400%) |
||||||||||||||
204,000 | 3.088 | (a) | 01/10/37 | 164,628 | ||||||||||
Bank of Montreal, MTN (Canada) |
||||||||||||||
230,000 | 0.625 | 07/09/24 | 216,325 | |||||||||||
75,000 | 1.250 | 09/15/26 | 66,594 | |||||||||||
(SOFR + 0.603%) |
||||||||||||||
40,000 | 0.949 | (a) | 01/22/27 | 35,797 | ||||||||||
Bank of Montreal, Series E (Canada) |
||||||||||||||
50,000 | 3.300 | 02/05/24 | 49,553 | |||||||||||
Bank of Nova Scotia (The) (Canada) |
||||||||||||||
800,000 | 3.400 | 02/11/24 | 793,514 | |||||||||||
400,000 | 0.700 | 04/15/24 | 377,974 | |||||||||||
75,000 | 0.650 | 07/31/24 | 70,216 | |||||||||||
368,000 | 1.300 | 06/11/25 | 339,892 | |||||||||||
280,000 | 4.500 | 12/16/25 | 279,840 | |||||||||||
220,000 | 2.700 | 08/03/26 | 207,588 | |||||||||||
250,000 | 1.950 | 02/02/27 | 224,611 | |||||||||||
500,000 | 2.450 | 02/02/32 | 412,508 | |||||||||||
Barclays PLC (United Kingdom) |
||||||||||||||
890,000 | 3.650 | 03/16/25 | 863,914 | |||||||||||
1,035,000 | 4.375 | 01/12/26 | 1,016,690 | |||||||||||
(SOFR + 2.714%) |
||||||||||||||
200,000 | 2.852 | (a) | 05/07/26 | 187,508 | ||||||||||
210,000 | 5.200 | 05/12/26 | 208,079 | |||||||||||
600,000 | 4.836 | 05/09/28 | 565,576 | |||||||||||
|
|
|||||||||||||
Foreign Corporate Debt – (continued) | ||||||||||||||
Banks – (continued) | ||||||||||||||
Barclays PLC (United Kingdom) – (continued) |
||||||||||||||
(US 1 Year CMT T-Note + 1.200%) |
||||||||||||||
900,000 | 2.667 | (a) | 03/10/32 | 707,414 | ||||||||||
(US 5 Year CMT T-Note + 2.900%) |
||||||||||||||
960,000 | 3.564 | (a) | 09/23/35 | 768,752 | ||||||||||
(US 1 Year CMT T-Note + 1.700%) |
||||||||||||||
500,000 | 3.811 | (a) | 03/10/42 | 362,968 | ||||||||||
330,000 | 5.250 | 08/17/45 | 306,061 | |||||||||||
736,000 | 4.950 | 01/10/47 | 671,307 | |||||||||||
Canadian Imperial Bank of Commerce (Canada) |
||||||||||||||
1,064,000 | 3.500 | 09/13/23 | 1,059,908 | |||||||||||
450,000 | 3.100 | 04/02/24 | 443,632 | |||||||||||
280,000 | 2.250 | 01/28/25 | 267,017 | |||||||||||
Cooperatieve Rabobank UA (Netherlands) |
||||||||||||||
815,000 | 3.750 | 07/21/26 | 778,862 | |||||||||||
186,000 | 5.250 | 05/24/41 | 203,060 | |||||||||||
745,000 | 5.250 | 08/04/45 | 724,844 | |||||||||||
Credit Suisse AG (Switzerland) |
||||||||||||||
950,000 | 2.950 | 04/09/25 | 903,239 | |||||||||||
950,000 | 1.250 | 08/07/26 | 820,265 | |||||||||||
Credit Suisse Group AG (Switzerland) |
||||||||||||||
850,000 | 3.750 | 03/26/25 | 812,895 | |||||||||||
250,000 | 4.550 | 04/17/26 | 240,137 | |||||||||||
(SOFR + 3.730%) |
||||||||||||||
1,000,000 | 4.194 | (a) (b) | 04/01/31 | 843,993 | ||||||||||
300,000 | 4.875 | 05/15/45 | 242,382 | |||||||||||
Deutsche Bank AG (Germany) |
||||||||||||||
130,000 | 3.700 | 05/30/24 | 127,640 | |||||||||||
(SOFR + 2.581%) |
||||||||||||||
800,000 | 3.961 | (a) | 11/26/25 | 769,370 | ||||||||||
(SOFR + 1.219%) |
||||||||||||||
1,694,000 | 2.311 | (a) | 11/16/27 | 1,446,807 | ||||||||||
(SOFR + 1.318%) |
||||||||||||||
1,702,000 | 2.552 | (a) | 01/07/28 | 1,450,688 | ||||||||||
HSBC Holdings PLC (United Kingdom) |
||||||||||||||
540,000 | 4.250 | 03/14/24 | 537,985 | |||||||||||
400,000 | 4.250 | 08/18/25 | 393,088 | |||||||||||
(SOFR + 1.402%) |
||||||||||||||
800,000 | 2.633 | (a) | 11/07/25 | 758,810 | ||||||||||
750,000 | 4.300 | 03/08/26 | 741,486 | |||||||||||
(SOFR + 1.538%) |
||||||||||||||
250,000 | 1.645 | (a) | 04/18/26 | 227,745 | ||||||||||
1,326,000 | 3.900 | 05/25/26 | 1,289,735 | |||||||||||
(3M USD LIBOR + 1.348%) |
||||||||||||||
500,000 | 4.292 | (a) | 09/12/26 | 485,944 | ||||||||||
(SOFR + 1.100%) |
||||||||||||||
480,000 | 2.251 | (a) | 11/22/27 | 423,176 | ||||||||||
(SOFR + 1.732%) |
||||||||||||||
250,000 | 2.013 | (a) | 09/22/28 | 210,936 | ||||||||||
(3M USD LIBOR + 1.535%) |
||||||||||||||
1,450,000 | 4.583 | (a) | 06/19/29 | 1,370,543 | ||||||||||
1,080,000 | 4.950 | 03/31/30 | 1,051,842 | |||||||||||
(3M USD LIBOR + 1.610%) |
||||||||||||||
800,000 | 3.973 | (a) | 05/22/30 | 726,818 | ||||||||||
(SOFR + 2.387%) |
||||||||||||||
205,000 | 2.848 | (a) | 06/04/31 | 169,462 | ||||||||||
(SOFR + 1.947%) |
||||||||||||||
1,050,000 | 2.357 | (a) | 08/18/31 | 832,639 | ||||||||||
|
|
82 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Foreign Corporate Debt – (continued) | ||||||||||||||
Banks – (continued) | ||||||||||||||
HSBC Holdings PLC (United Kingdom) – (continued) |
||||||||||||||
(SOFR + 1.187%) |
||||||||||||||
$ | 550,000 | 2.804 | %(a) | 05/24/32 | $ | 439,420 | ||||||||
(SOFR + 1.410%) |
||||||||||||||
400,000 | 2.871 | (a) | 11/22/32 | 317,758 | ||||||||||
250,000 | 6.500 | 05/02/36 | 261,979 | |||||||||||
546,000 | 6.500 | 09/15/37 | 570,862 | |||||||||||
405,000 | 6.800 | 06/01/38 | 434,323 | |||||||||||
90,000 | 6.100 | 01/14/42 | 98,453 | |||||||||||
300,000 | 5.250 | 03/14/44 | 273,893 | |||||||||||
ING Groep NV (Netherlands) |
||||||||||||||
590,000 | 4.100 | 10/02/23 | 589,421 | |||||||||||
300,000 | 3.550 | 04/09/24 | 296,605 | |||||||||||
200,000 | 3.950 | 03/29/27 | 191,984 | |||||||||||
490,000 | 4.550 | 10/02/28 | 473,705 | |||||||||||
330,000 | 4.050 | 04/09/29 | 309,115 | |||||||||||
Lloyds Banking Group PLC (United Kingdom) |
||||||||||||||
700,000 | 4.050 | 08/16/23 | 699,118 | |||||||||||
1,060,000 | 4.450 | 05/08/25 | 1,050,829 | |||||||||||
(US 1 Year CMT T-Note + 3.500%) |
||||||||||||||
300,000 | 3.870 | (a) | 07/09/25 | 294,030 | ||||||||||
400,000 | 4.582 | 12/10/25 | 391,818 | |||||||||||
1,880,000 | 3.750 | 01/11/27 | 1,792,714 | |||||||||||
940,000 | 4.375 | 03/22/28 | 907,626 | |||||||||||
(3M USD LIBOR + 1.205%) |
||||||||||||||
500,000 | 3.574 | (a) | 11/07/28 | 462,287 | ||||||||||
200,000 | 5.300 | 12/01/45 | 183,369 | |||||||||||
490,000 | 4.344 | 01/09/48 | 398,498 | |||||||||||
Mizuho Financial Group, Inc. (Japan) |
||||||||||||||
(3M USD LIBOR + 1.000%) |
||||||||||||||
500,000 | 3.922 | (a) | 09/11/24 | 496,276 | ||||||||||
(US 1 Year CMT T-Note + 0.670%) |
||||||||||||||
500,000 | 1.234 | (a) | 05/22/27 | 434,357 | ||||||||||
National Australia Bank Ltd. (Australia) |
||||||||||||||
940,000 | 2.500 | 07/12/26 | 883,057 | |||||||||||
NatWest Group PLC (United Kingdom) |
||||||||||||||
(3M USD LIBOR + 1.550%) |
||||||||||||||
460,000 | 4.519 | (a) | 06/25/24 | 457,722 | ||||||||||
(3M USD LIBOR + 1.762%) |
||||||||||||||
885,000 | 4.269 | (a) | 03/22/25 | 874,987 | ||||||||||
1,066,000 | 4.800 | 04/05/26 | 1,060,669 | |||||||||||
(US 1 Year CMT T-Note + 2.550%) |
||||||||||||||
355,000 | 3.073 | (a) | 05/22/28 | 321,298 | ||||||||||
(3M USD LIBOR + 1.754%) |
||||||||||||||
345,000 | 4.892 | (a) | 05/18/29 | 331,952 | ||||||||||
(US 5 Year CMT T-Note + 2.100%) |
||||||||||||||
558,000 | 3.754 | (a) | 11/01/29 | 530,732 | ||||||||||
(3M USD LIBOR + 1.905%) |
||||||||||||||
470,000 | 5.076 | (a) | 01/27/30 | 456,265 | ||||||||||
(3M USD LIBOR + 1.871%) |
||||||||||||||
370,000 | 4.445 | (a) | 05/08/30 | 345,880 | ||||||||||
(US 5 Year CMT T-Note + 2.350%) |
||||||||||||||
420,000 | 3.032 | (a) | 11/28/35 | 330,836 | ||||||||||
Royal Bank of Canada, GMTN (Canada) |
||||||||||||||
740,000 | 3.700 | 10/05/23 | 739,924 | |||||||||||
500,000 | 2.250 | 11/01/24 | 481,283 | |||||||||||
50,000 | 0.875 | 01/20/26 | 44,712 | |||||||||||
|
|
|||||||||||||
Foreign Corporate Debt – (continued) | ||||||||||||||
Banks – (continued) | ||||||||||||||
Royal Bank of Canada, GMTN (Canada) – (continued) |
||||||||||||||
320,000 | 4.650 | 01/27/26 | 321,558 | |||||||||||
300,000 | 1.400 | 11/02/26 | 267,077 | |||||||||||
250,000 | 2.300 | 11/03/31 | 207,911 | |||||||||||
Royal Bank of Canada, MTN (Canada) |
||||||||||||||
100,000 | 0.500 | 10/26/23 | 96,369 | |||||||||||
460,000 | 1.150 | 06/10/25 | 423,764 | |||||||||||
Royal Bank of Canada (Canada) |
||||||||||||||
300,000 | 1.200 | 04/27/26 | 269,387 | |||||||||||
Santander UK Group Holdings PLC (United Kingdom) |
||||||||||||||
(3M USD LIBOR + 1.570%) |
||||||||||||||
200,000 | 4.796 | (a) | 11/15/24 | 199,331 | ||||||||||
(SOFR + 0.989%) |
||||||||||||||
1,790,000 | 1.673 | (a) | 06/14/27 | 1,554,558 | ||||||||||
Sumitomo Mitsui Financial Group, Inc. (Japan) |
||||||||||||||
500,000 | 2.696 | 07/16/24 | 485,174 | |||||||||||
468,000 | 3.364 | 07/12/27 | 441,952 | |||||||||||
500,000 | 2.222 | 09/17/31 | 401,294 | |||||||||||
Toronto-Dominion Bank (The) (Canada) |
||||||||||||||
50,000 | 1.950 | 01/12/27 | 45,325 | |||||||||||
(5 Year USD Swap + 2.205%) |
||||||||||||||
550,000 | 3.625 | (a) | 09/15/31 | 525,250 | ||||||||||
Toronto-Dominion Bank (The), MTN (Canada) |
||||||||||||||
800,000 | 2.650 | 06/12/24 | 781,730 | |||||||||||
270,000 | 1.150 | 06/12/25 | 248,691 | |||||||||||
500,000 | 0.750 | 01/06/26 | 447,201 | |||||||||||
75,000 | 1.250 | 09/10/26 | 66,416 | |||||||||||
Toronto-Dominion Bank (The), GMTN (Canada) |
||||||||||||||
1,111,000 | 3.500 | 07/19/23 | 1,109,466 | |||||||||||
Westpac Banking Corp. (Australia) |
||||||||||||||
40,000 | 3.300 | 02/26/24 | 39,799 | |||||||||||
112,000 | 1.019 | 11/18/24 | 105,417 | |||||||||||
40,000 | 2.350 | 02/19/25 | 38,555 | |||||||||||
200,000 | 2.850 | 05/13/26 | 191,304 | |||||||||||
125,000 | 1.150 | 06/03/26 | 112,070 | |||||||||||
40,000 | 3.350 | 03/08/27 | 38,641 | |||||||||||
40,000 | 3.400 | 01/25/28 | 38,268 | |||||||||||
280,000 | 2.650 | 01/16/30 | 249,958 | |||||||||||
(US 5 Year CMT T-Note + 1.350%) |
||||||||||||||
1,957,000 | 2.894 | (a) | 02/04/30 | 1,841,117 | ||||||||||
400,000 | 2.150 | 06/03/31 | 336,562 | |||||||||||
(US 5 Year CMT T-Note + 2.000%) |
||||||||||||||
100,000 | 4.110 | (a) | 07/24/34 | 89,851 | ||||||||||
(US 5 Year CMT T-Note + 1.750%) |
||||||||||||||
300,000 | 2.668 | (a) | 11/15/35 | 236,680 | ||||||||||
356,000 | 4.421 | 07/24/39 | 314,009 | |||||||||||
100,000 | 2.963 | 11/16/40 | 71,434 | |||||||||||
Westpac Banking Corp.(a), GMTN (Australia) |
||||||||||||||
(5 Year USD Swap + 2.236%) |
||||||||||||||
316,000 | 4.322 | 11/23/31 | 301,421 | |||||||||||
|
|
|||||||||||||
68,572,194 | ||||||||||||||
|
|
|||||||||||||
Beverages – 0.1% | ||||||||||||||
Coca-Cola Femsa SAB de CV (Mexico) |
||||||||||||||
620,000 | 2.750 | 01/22/30 | 555,792 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 83 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
August 31, 2022
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Foreign Corporate Debt – (continued) | ||||||||||||||
Brokerage – 0.2% | ||||||||||||||
Brookfield Finance, Inc. (Canada) |
||||||||||||||
$ | 466,000 | 3.900 | % | 01/25/28 | $ | 437,431 | ||||||||
120,000 | 4.850 | 03/29/29 | 117,654 | |||||||||||
125,000 | 4.350 | 04/15/30 | 117,947 | |||||||||||
237,000 | 4.700 | 09/20/47 | 205,378 | |||||||||||
Nomura Holdings, Inc. (Japan) |
||||||||||||||
500,000 | 2.999 | 01/22/32 | 409,634 | |||||||||||
|
|
|||||||||||||
1,288,044 | ||||||||||||||
|
|
|||||||||||||
Consumer Cyclical – 0.0% | ||||||||||||||
Toyota Motor Corp. (Japan) |
||||||||||||||
250,000 | 1.339 | 03/25/26 | 229,460 | |||||||||||
|
|
|||||||||||||
Consumer Noncyclical – 1.2% | ||||||||||||||
BAT Capital Corp. (United Kingdom) |
||||||||||||||
300,000 | 3.215 | 09/06/26 | 280,955 | |||||||||||
600,000 | 4.700 | 04/02/27 | 583,879 | |||||||||||
600,000 | 3.557 | 08/15/27 | 551,062 | |||||||||||
300,000 | 2.259 | 03/25/28 | 255,047 | |||||||||||
264,000 | 2.726 | 03/25/31 | 211,944 | |||||||||||
614,000 | 4.390 | 08/15/37 | 486,853 | |||||||||||
568,000 | 4.540 | 08/15/47 | 416,793 | |||||||||||
204,000 | 4.758 | 09/06/49 | 154,156 | |||||||||||
BAT International Finance PLC (United Kingdom) |
||||||||||||||
322,000 | 1.668 | 03/25/26 | 286,878 | |||||||||||
GlaxoSmithKline Capital, Inc. (United Kingdom) |
||||||||||||||
910,000 | 3.875 | 05/15/28 | 895,949 | |||||||||||
580,000 | 6.375 | 05/15/38 | 682,268 | |||||||||||
Novartis Capital Corp. (Switzerland) |
||||||||||||||
70,000 | 3.400 | 05/06/24 | 69,477 | |||||||||||
158,000 | 1.750 | 02/14/25 | 151,125 | |||||||||||
285,000 | 3.000 | 11/20/25 | 278,758 | |||||||||||
214,000 | 3.100 | 05/17/27 | 207,517 | |||||||||||
262,000 | 2.200 | 08/14/30 | 230,516 | |||||||||||
220,000 | 4.400 | 05/06/44 | 216,290 | |||||||||||
350,000 | 4.000 | 11/20/45 | 323,985 | |||||||||||
225,000 | 2.750 | 08/14/50 | 172,182 | |||||||||||
Reynolds American, Inc. (United Kingdom) |
||||||||||||||
575,000 | 4.450 | 06/12/25 | 569,209 | |||||||||||
498,000 | 5.850 | 08/15/45 | 426,929 | |||||||||||
|
|
|||||||||||||
7,451,772 | ||||||||||||||
|
|
|||||||||||||
Consumer Products – 0.2% | ||||||||||||||
Unilever Capital Corp. (United Kingdom) |
||||||||||||||
100,000 | 2.900 | 05/05/27 | 95,952 | |||||||||||
500,000 | 3.500 | 03/22/28 | 488,963 | |||||||||||
500,000 | 2.125 | 09/06/29 | 437,678 | |||||||||||
132,000 | 5.900 | 11/15/32 | 150,259 | |||||||||||
|
|
|||||||||||||
1,172,852 | ||||||||||||||
|
|
|||||||||||||
Energy – 2.6% | ||||||||||||||
BP Capital Markets PLC (United Kingdom) |
||||||||||||||
794,000 | 3.279 | 09/19/27 | 760,905 | |||||||||||
168,000 | 3.723 | 11/28/28 | 162,640 | |||||||||||
Canadian Natural Resources Ltd. (Canada) |
||||||||||||||
612,000 | 3.850 | 06/01/27 | 586,101 | |||||||||||
Canadian Natural Resources Ltd., GMTN (Canada) |
||||||||||||||
214,000 | 4.950 | 06/01/47 | 204,278 | |||||||||||
|
|
|||||||||||||
Foreign Corporate Debt – (continued) | ||||||||||||||
Energy – (continued) | ||||||||||||||
Cenovus Energy, Inc. (Canada) |
||||||||||||||
100,000 | 4.400 | 04/15/29 | 97,193 | |||||||||||
385,000 | 6.750 | 11/15/39 | 424,128 | |||||||||||
352,000 | 5.400 | 06/15/47 | 345,242 | |||||||||||
Enbridge, Inc. (Canada) |
||||||||||||||
152,000 | 4.000 | 10/01/23 | 151,637 | |||||||||||
1,038,000 | 3.125 | 11/15/29 | 941,660 | |||||||||||
(3M USD LIBOR + 3.641%) |
||||||||||||||
600,000 | 6.250 | (a) | 03/01/78 | 570,000 | ||||||||||
Equinor ASA (Norway) |
||||||||||||||
70,000 | 2.650 | 01/15/24 | 68,928 | |||||||||||
70,000 | 3.700 | 03/01/24 | 69,979 | |||||||||||
460,000 | 2.875 | 04/06/25 | 447,524 | |||||||||||
200,000 | 1.750 | 01/22/26 | 185,537 | |||||||||||
300,000 | 3.125 | 04/06/30 | 278,512 | |||||||||||
100,000 | 2.375 | 05/22/30 | 87,961 | |||||||||||
630,000 | 3.950 | 05/15/43 | 570,747 | |||||||||||
284,000 | 3.250 | 11/18/49 | 227,267 | |||||||||||
250,000 | 3.700 | 04/06/50 | 216,856 | |||||||||||
Shell International Finance BV (Netherlands) |
||||||||||||||
532,000 | 2.000 | 11/07/24 | 514,639 | |||||||||||
682,000 | 3.250 | 05/11/25 | 671,468 | |||||||||||
500,000 | 2.875 | 05/10/26 | 483,224 | |||||||||||
300,000 | 2.500 | 09/12/26 | 284,760 | |||||||||||
352,000 | 3.875 | 11/13/28 | 345,561 | |||||||||||
400,000 | 2.375 | 11/07/29 | 352,424 | |||||||||||
300,000 | 2.750 | 04/06/30 | 269,276 | |||||||||||
328,000 | 4.125 | 05/11/35 | 312,716 | |||||||||||
761,000 | 6.375 | 12/15/38 | 884,150 | |||||||||||
352,000 | 4.375 | 05/11/45 | 330,273 | |||||||||||
620,000 | 4.000 | 05/10/46 | 555,893 | |||||||||||
379,000 | 3.750 | 09/12/46 | 324,644 | |||||||||||
282,000 | 3.125 | 11/07/49 | 219,567 | |||||||||||
Suncor Energy, Inc. (Canada) |
||||||||||||||
250,000 | 6.800 | 05/15/38 | 276,101 | |||||||||||
414,000 | 4.000 | 11/15/47 | 349,298 | |||||||||||
100,000 | 3.750 | 03/04/51 | 80,268 | |||||||||||
TotalEnergies Capital International SA (France) |
||||||||||||||
264,000 | 3.750 | 04/10/24 | 264,566 | |||||||||||
420,000 | 2.829 | 01/10/30 | 382,936 | |||||||||||
380,000 | 2.986 | 06/29/41 | 302,643 | |||||||||||
400,000 | 3.461 | 07/12/49 | 331,676 | |||||||||||
300,000 | 3.386 | 06/29/60 | 232,320 | |||||||||||
TotalEnergies Capital SA (France) |
||||||||||||||
344,000 | 3.883 | 10/11/28 | 338,732 | |||||||||||
TransCanada PipeLines Ltd. (Canada) |
||||||||||||||
680,000 | 2.500 | 10/12/31 | 563,975 | |||||||||||
558,000 | 4.625 | 03/01/34 | 533,699 | |||||||||||
420,000 | 7.625 | 01/15/39 | 513,514 | |||||||||||
120,000 | 4.875 | 05/15/48 | 115,438 | |||||||||||
150,000 | 5.100 | 03/15/49 | 148,400 | |||||||||||
Transcanada Trust(a), Series 16-A (Canada) |
||||||||||||||
(3M USD LIBOR + 4.640%) |
||||||||||||||
368,000 | 5.875 | 08/15/76 | 361,560 | |||||||||||
|
|
|||||||||||||
16,740,816 | ||||||||||||||
|
|
84 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Foreign Corporate Debt – (continued) | ||||||||||||||
Financial Company – 0.6% | ||||||||||||||
|
AerCap
Ireland Capital DAC / AerCap Global Aviation Trust |
| ||||||||||||
$ | 500,000 | 3.150 | % | 02/15/24 | $ | 485,185 | ||||||||
500,000 | 3.500 | 01/15/25 | 479,469 | |||||||||||
300,000 | 6.500 | 07/15/25 | 308,138 | |||||||||||
952,000 | 2.450 | 10/29/26 | 841,993 | |||||||||||
300,000 | 3.000 | 10/29/28 | 254,953 | |||||||||||
952,000 | 3.300 | 01/30/32 | 767,742 | |||||||||||
300,000 | 3.400 | 10/29/33 | 235,579 | |||||||||||
480,000 | 3.850 | 10/29/41 | 354,008 | |||||||||||
|
|
|||||||||||||
3,727,067 | ||||||||||||||
|
|
|||||||||||||
Food and Beverage – 1.6% | ||||||||||||||
|
Anheuser-Busch
Cos. LLC / Anheuser-Busch InBev Worldwide, |
| ||||||||||||
745,000 | 3.650 | 02/01/26 | 733,267 | |||||||||||
950,000 | 4.700 | 02/01/36 | 918,465 | |||||||||||
1,877,000 | 4.900 | 02/01/46 | 1,781,321 | |||||||||||
Anheuser-Busch InBev Finance, Inc. (Belgium) |
||||||||||||||
100,000 | 4.000 | 01/17/43 | 84,187 | |||||||||||
396,000 | 4.625 | 02/01/44 | 363,018 | |||||||||||
300,000 | 4.900 | 02/01/46 | 286,141 | |||||||||||
Anheuser-Busch InBev Worldwide, Inc. (Belgium) |
||||||||||||||
706,000 | 4.000 | 04/13/28 | 697,973 | |||||||||||
712,000 | 4.750 | 01/23/29 | 726,486 | |||||||||||
317,000 | 4.900 | 01/23/31 | 327,037 | |||||||||||
486,000 | 4.375 | 04/15/38 | 454,415 | |||||||||||
500,000 | 5.450 | 01/23/39 | 515,179 | |||||||||||
100,000 | 4.350 | 06/01/40 | 91,533 | |||||||||||
398,000 | 4.950 | 01/15/42 | 388,970 | |||||||||||
605,000 | 4.600 | 04/15/48 | 549,523 | |||||||||||
146,000 | 4.439 | 10/06/48 | 130,163 | |||||||||||
802,000 | 5.550 | 01/23/49 | 833,414 | |||||||||||
450,000 | 4.500 | 06/01/50 | 409,338 | |||||||||||
310,000 | 4.750 | 04/15/58 | 282,991 | |||||||||||
382,000 | 5.800 | 01/23/59 | 407,863 | |||||||||||
|
|
|||||||||||||
9,981,284 | ||||||||||||||
|
|
|||||||||||||
Forest Products & Paper – 0.1% | ||||||||||||||
Suzano Austria GmbH (Brazil) |
||||||||||||||
564,000 | 3.125 | 01/15/32 | 448,380 | |||||||||||
|
|
|||||||||||||
Insurance – 0.0% | ||||||||||||||
Manulife Financial Corp. (Canada) |
||||||||||||||
186,000 | 5.375 | 03/04/46 | 194,736 | |||||||||||
|
|
|||||||||||||
Internet – 0.5% | ||||||||||||||
Alibaba Group Holding Ltd. (China) |
||||||||||||||
500,000 | 3.600 | 11/28/24 | 491,862 | |||||||||||
744,000 | 3.400 | 12/06/27 | 702,139 | |||||||||||
560,000 | 2.125 | 02/09/31 | 464,308 | |||||||||||
400,000 | 4.000 | 12/06/37 | 333,814 | |||||||||||
550,000 | 4.200 | 12/06/47 | 440,551 | |||||||||||
300,000 | 3.150 | 02/09/51 | 198,439 | |||||||||||
200,000 | 4.400 | 12/06/57 | 159,695 | |||||||||||
|
|
|||||||||||||
2,790,808 | ||||||||||||||
|
|
|||||||||||||
Foreign Corporate Debt – (continued) | ||||||||||||||
Lodging – 0.1% | ||||||||||||||
Sands China Ltd. (Macau) |
||||||||||||||
480,000 | 5.625 | 08/08/25 | 439,200 | |||||||||||
|
|
|||||||||||||
Media – 0.0% | ||||||||||||||
Grupo Televisa SAB (Mexico) |
||||||||||||||
200,000 | 6.125 | 01/31/46 | 217,565 | |||||||||||
|
|
|||||||||||||
Metals and Mining – 0.2% | ||||||||||||||
BHP Billiton Finance USA Ltd. (Australia) |
||||||||||||||
550,000 | 4.125 | 02/24/42 | 504,866 | |||||||||||
274,000 | 5.000 | 09/30/43 | 276,929 | |||||||||||
Rio Tinto Finance USA Ltd. (Australia) |
||||||||||||||
80,000 | 7.125 | 07/15/28 | 89,636 | |||||||||||
306,000 | 5.200 | 11/02/40 | 319,005 | |||||||||||
Rio Tinto Finance USA PLC (Australia) |
||||||||||||||
80,000 | 4.125 | 08/21/42 | 73,415 | |||||||||||
|
|
|||||||||||||
1,263,851 | ||||||||||||||
|
|
|||||||||||||
Mining – 0.3% | ||||||||||||||
Southern Copper Corp. (Peru) |
||||||||||||||
341,000 | 7.500 | 07/27/35 | 400,639 | |||||||||||
272,000 | 6.750 | 04/16/40 | 305,771 | |||||||||||
336,000 | 5.250 | 11/08/42 | 323,367 | |||||||||||
271,000 | 5.875 | 04/23/45 | 281,350 | |||||||||||
Vale Overseas Ltd. (Brazil) |
||||||||||||||
224,000 | 6.250 | 08/10/26 | 234,640 | |||||||||||
350,000 | 6.875 | 11/21/36 | 362,906 | |||||||||||
222,000 | 6.875 | 11/10/39 | 231,713 | |||||||||||
|
|
|||||||||||||
2,140,386 | ||||||||||||||
|
|
|||||||||||||
Oil Company-Exploration & Production – 0.0% | ||||||||||||||
CNOOC Finance 2015 USA LLC (China) |
||||||||||||||
200,000 | 4.375 | 05/02/28 | 201,018 | |||||||||||
|
|
|||||||||||||
Oil Company-Integrated – 0.3% | ||||||||||||||
Ecopetrol SA (Colombia) |
||||||||||||||
376,000 | 5.875 | 09/18/23 | 377,410 | |||||||||||
150,000 | 4.125 | 01/16/25 | 141,750 | |||||||||||
200,000 | 5.375 | 06/26/26 | 188,625 | |||||||||||
568,000 | 6.875 | 04/29/30 | 532,500 | |||||||||||
348,000 | 7.375 | 09/18/43 | 292,755 | |||||||||||
400,000 | 5.875 | 05/28/45 | 279,000 | |||||||||||
|
|
|||||||||||||
1,812,040 | ||||||||||||||
|
|
|||||||||||||
Semiconductors – 0.1% | ||||||||||||||
TSMC Arizona Corp. (Taiwan) |
||||||||||||||
260,000 | 1.750 | 10/25/26 | 235,399 | |||||||||||
720,000 | 3.250 | 10/25/51 | 575,661 | |||||||||||
|
|
|||||||||||||
811,060 | ||||||||||||||
|
|
|||||||||||||
Technology – 0.2% | ||||||||||||||
NXP BV / NXP Funding LLC (China) |
||||||||||||||
80,000 | 4.875 | 03/01/24 | 80,452 | |||||||||||
NXP BV / NXP Funding LLC / NXP USA, Inc. (China) |
||||||||||||||
500,000 | 3.400 | 05/01/30 | 443,755 | |||||||||||
296,000 | 2.500 | 05/11/31 | 239,445 | |||||||||||
370,000 | 2.650 | 02/15/32 | 301,269 | |||||||||||
|
|
|||||||||||||
1,064,921 | ||||||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 85 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
August 31, 2022
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Foreign Corporate Debt – (continued) | ||||||||||||||
Telecommunications – 0.2% | ||||||||||||||
America Movil SAB de CV (Mexico) |
||||||||||||||
$ | 266,000 | 2.875 | % | 05/07/30 | $ | 235,985 | ||||||||
640,000 | 6.125 | 03/30/40 | 704,968 | |||||||||||
470,000 | 4.375 | 04/22/49 | 432,343 | |||||||||||
|
|
|||||||||||||
1,373,296 | ||||||||||||||
|
|
|||||||||||||
Wireless – 0.7% | ||||||||||||||
Rogers Communications, Inc. (Canada) |
||||||||||||||
70,000 | 4.100 | 10/01/23 | 70,012 | |||||||||||
750,000 | 4.300 | 02/15/48 | 625,743 | |||||||||||
500,000 | 4.350 | 05/01/49 | 424,564 | |||||||||||
Vodafone Group PLC (United Kingdom) |
||||||||||||||
1,000,000 | 3.750 | 01/16/24 | 1,000,213 | |||||||||||
150,000 | 4.125 | 05/30/25 | 149,393 | |||||||||||
586,000 | 6.150 | 02/27/37 | 614,130 | |||||||||||
300,000 | 5.000 | 05/30/38 | 284,980 | |||||||||||
498,000 | 5.250 | 05/30/48 | 466,518 | |||||||||||
450,000 | 4.875 | 06/19/49 | 401,935 | |||||||||||
440,000 | 4.250 | 09/17/50 | 360,778 | |||||||||||
|
|
|||||||||||||
4,398,266 | ||||||||||||||
|
|
|||||||||||||
Wirelines – 0.5% | ||||||||||||||
British Telecommunications PLC (United Kingdom) |
||||||||||||||
300,000 | 9.625 | 12/15/30 | 369,535 | |||||||||||
Deutsche Telekom International Finance BV (Germany) |
||||||||||||||
650,000 | 8.750 | 06/15/30 | 806,604 | |||||||||||
Telefonica Emisiones SA (Spain) |
||||||||||||||
200,000 | 4.103 | 03/08/27 | 194,260 | |||||||||||
100,000 | 7.045 | 06/20/36 | 110,370 | |||||||||||
410,000 | 4.665 | 03/06/38 | 356,063 | |||||||||||
1,100,000 | 5.213 | 03/08/47 | 969,375 | |||||||||||
415,000 | 4.895 | 03/06/48 | 347,635 | |||||||||||
|
|
|||||||||||||
3,153,842 | ||||||||||||||
|
|
|||||||||||||
TOTAL FOREIGN CORPORATE DEBT | ||||||||||||||
(Cost $147,528,107) | $ | 130,028,650 | ||||||||||||
|
|
Shares | Dividend Rate |
Value | ||||||
Investment Company – 0.3%(c) | ||||||||
Goldman Sachs Financial Square Government Fund – Institutional Shares |
| |||||||
1,956,966 | 2.154 | % | $ | 1,956,966 | ||||
(Cost $1,956,966) |
|
|||||||
| ||||||||
TOTAL INVESTMENTS – 98.9% |
| |||||||
(Cost $718,537,705) |
|
$ | 627,712,795 | |||||
|
||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES – 1.1% |
|
6,816,822 | ||||||
|
||||||||
NET ASSETS – 100.0% |
|
$ | 634,529,617 | |||||
|
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 August 31, 2022. | |
(b) |
Exempt from registration under Rule 144A of the Securities Act of 1933. | |
(c) |
Represents an affiliated issuer. |
| ||
Investment Abbreviations: | ||
CMT |
—Constant Maturity Treasury Index | |
GMTN |
—Global Medium Term Note | |
LIBOR |
—London Interbank Offered Rate | |
LP |
—Limited Partnership | |
MTN |
—Medium Term Note | |
PLC |
—Public Limited Company | |
REIT |
—Real Estate Investment Trust | |
SOFR |
—Secured Overnight Financing Rate | |
|
86 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF
Schedule of Investments
August 31, 2022
Principal Amount |
Interest Rate(a) |
Maturity Date |
Value | |||||||||||
U.S. Treasury Bills – 84.4% | ||||||||||||||
U.S. Cash Management Bills |
||||||||||||||
$ | 79,199,500 | 2.594 | % | 11/22/22 | $ | 78,701,633 | ||||||||
1,020,000 | 2.627 | 11/22/22 | 1,013,588 | |||||||||||
120,000 | 2.649 | 11/22/22 | 119,246 | |||||||||||
1,050,000 | 2.658 | 11/22/22 | 1,043,399 | |||||||||||
2,460,000 | 2.661 | 11/22/22 | 2,444,536 | |||||||||||
1,500,000 | 2.664 | 11/22/22 | 1,490,571 | |||||||||||
360,000 | 2.686 | 11/22/22 | 357,737 | |||||||||||
330,000 | 2.687 | 11/22/22 | 327,926 | |||||||||||
90,000 | 2.723 | 11/22/22 | 89,434 | |||||||||||
300,000 | 2.750 | 11/22/22 | 298,114 | |||||||||||
540,000 | 2.772 | 11/22/22 | 536,605 | |||||||||||
750,000 | 2.775 | 11/22/22 | 745,285 | |||||||||||
300,000 | 2.802 | 11/22/22 | 298,114 | |||||||||||
1,736,000 | 2.816 | 11/22/22 | 1,725,087 | |||||||||||
2,058,000 | 2.827 | 11/22/22 | 2,045,063 | |||||||||||
798,000 | 2.828 | 11/22/22 | 792,984 | |||||||||||
2,688,000 | 2.846 | 11/22/22 | 2,671,103 | |||||||||||
U.S. Treasury Bills |
||||||||||||||
525,000 | 2.060 | 10/25/22 | 522,961 | |||||||||||
13,825,000 | 2.071 | 10/25/22 | 13,771,311 | |||||||||||
2,100,000 | 2.079 | 10/25/22 | 2,091,845 | |||||||||||
3,850,000 | 2.082 | 10/25/22 | 3,835,049 | |||||||||||
400,029,500 | 2.094 | 10/25/22 | 398,476,003 | |||||||||||
4,025,000 | 2.107 | 10/25/22 | 4,009,369 | |||||||||||
1,575,000 | 2.182 | 10/25/22 | 1,568,884 | |||||||||||
2,625,000 | 2.195 | 10/25/22 | 2,614,806 | |||||||||||
8,050,000 | 2.359 | 10/25/22 | 8,018,738 | |||||||||||
5,882,000 | 2.364 | 10/25/22 | 5,859,157 | |||||||||||
6,125,000 | 2.385 | 10/25/22 | 6,101,214 | |||||||||||
8,225,000 | 2.393 | 10/25/22 | 8,193,059 | |||||||||||
1,903,000 | 2.411 | 10/25/22 | 1,895,610 | |||||||||||
3,150,000 | 2.434 | 10/25/22 | 3,137,767 | |||||||||||
519,000 | 2.435 | 10/25/22 | 516,984 | |||||||||||
692,000 | 2.456 | 10/25/22 | 689,313 | |||||||||||
14,186,000 | 2.475 | 10/25/22 | 14,130,909 | |||||||||||
4,025,000 | 2.484 | 10/25/22 | 4,009,369 | |||||||||||
692,000 | 2.485 | 10/25/22 | 689,313 | |||||||||||
3,114,000 | 2.496 | 10/25/22 | 3,101,907 | |||||||||||
5,600,000 | 2.501 | 10/25/22 | 5,578,253 | |||||||||||
2,975,000 | 2.502 | 10/25/22 | 2,963,447 | |||||||||||
1,225,000 | 2.505 | 10/25/22 | 1,220,243 | |||||||||||
4,325,000 | 2.525 | 10/25/22 | 4,308,204 | |||||||||||
2,076,000 | 2.556 | 10/25/22 | 2,067,938 | |||||||||||
1,730,000 | 2.565 | 10/25/22 | 1,723,282 | |||||||||||
1,730,000 | 2.572 | 10/25/22 | 1,723,282 | |||||||||||
11,872,000 | 2.635 | 10/25/22 | 11,825,896 | |||||||||||
110,047,500 | 2.651 | 10/25/22 | 109,620,135 | |||||||||||
27,459,000 | 2.661 | 10/25/22 | 27,352,364 | |||||||||||
4,617,000 | 2.679 | 10/25/22 | 4,599,070 | |||||||||||
15,955,000 | 0.210 | 11/03/22 | 15,881,868 | |||||||||||
90,000 | 0.220 | 11/03/22 | 89,587 | |||||||||||
63,000 | 0.236 | 11/03/22 | 62,711 | |||||||||||
29,316,300 | 0.260 | 11/03/22 | 29,181,924 | |||||||||||
250,000 | 0.296 | 11/03/22 | 248,854 | |||||||||||
875,000 | 0.365 | 11/03/22 | 870,989 | |||||||||||
100,000 | 0.366 | 11/03/22 | 99,542 | |||||||||||
|
|
|||||||||||||
U.S. Treasury Bills – (continued) | ||||||||||||||
U.S. Treasury Bills – (continued) |
||||||||||||||
1,000,000 | 0.463 | 11/03/22 | 995,416 | |||||||||||
250,000 | 0.464 | 11/03/22 | 248,854 | |||||||||||
1,950,000 | 0.469 | 11/03/22 | 1,941,062 | |||||||||||
425,000 | 0.483 | 11/03/22 | 423,052 | |||||||||||
75,000 | 0.484 | 11/03/22 | 74,656 | |||||||||||
126,000 | 0.550 | 11/03/22 | 125,422 | |||||||||||
100,000 | 0.663 | 11/03/22 | 99,542 | |||||||||||
100,000 | 0.708 | 11/03/22 | 99,542 | |||||||||||
750,000 | 0.743 | 11/03/22 | 746,562 | |||||||||||
566,000 | 0.744 | 11/03/22 | 563,406 | |||||||||||
525,000 | 0.750 | 11/03/22 | 522,594 | |||||||||||
225,000 | 0.759 | 11/03/22 | 223,969 | |||||||||||
9,723,300 | 0.987 | 11/03/22 | 9,678,732 | |||||||||||
90,000 | 1.325 | 11/03/22 | 89,587 | |||||||||||
420,000 | 1.332 | 11/03/22 | 418,075 | |||||||||||
690,000 | 1.356 | 11/03/22 | 686,837 | |||||||||||
120,000 | 1.361 | 11/03/22 | 119,450 | |||||||||||
150,000 | 1.362 | 11/03/22 | 149,312 | |||||||||||
390,000 | 1.378 | 11/03/22 | 388,212 | |||||||||||
240,000 | 1.402 | 11/03/22 | 238,900 | |||||||||||
1,124,000 | 1.414 | 11/03/22 | 1,118,848 | |||||||||||
101,675,100 | 1.428 | 11/03/22 | 101,209,055 | |||||||||||
252,000 | 1.433 | 11/03/22 | 250,845 | |||||||||||
740,000 | 1.479 | 11/03/22 | 736,608 | |||||||||||
1,702,000 | 1.498 | 11/03/22 | 1,694,199 | |||||||||||
296,000 | 1.525 | 11/03/22 | 294,643 | |||||||||||
888,000 | 1.710 | 11/03/22 | 883,930 | |||||||||||
3,621,000 | 2.018 | 11/03/22 | 3,604,402 | |||||||||||
6,414,800 | 2.038 | 11/03/22 | 6,385,397 | |||||||||||
6,004,000 | 2.052 | 11/03/22 | 5,976,480 | |||||||||||
228,000 | 2.072 | 11/03/22 | 226,955 | |||||||||||
1,110,000 | 2.074 | 11/03/22 | 1,104,912 | |||||||||||
912,000 | 2.089 | 11/03/22 | 907,820 | |||||||||||
888,000 | 2.099 | 11/03/22 | 883,930 | |||||||||||
1,672,000 | 2.108 | 11/03/22 | 1,664,336 | |||||||||||
1,748,000 | 2.139 | 11/03/22 | 1,739,988 | |||||||||||
684,000 | 2.220 | 11/03/22 | 680,865 | |||||||||||
1,140,000 | 2.227 | 11/03/22 | 1,134,775 | |||||||||||
5,313,000 | 2.479 | 11/03/22 | 5,288,647 | |||||||||||
308,000 | 2.502 | 11/03/22 | 306,588 | |||||||||||
308,000 | 2.503 | 11/03/22 | 306,588 | |||||||||||
2,432,000 | 2.516 | 11/03/22 | 2,420,852 | |||||||||||
3,542,000 | 2.527 | 11/03/22 | 3,525,765 | |||||||||||
1,386,000 | 2.528 | 11/03/22 | 1,379,647 | |||||||||||
7,161,000 | 2.544 | 11/03/22 | 7,128,176 | |||||||||||
231,000 | 2.546 | 11/03/22 | 229,941 | |||||||||||
1,456,000 | 2.548 | 11/03/22 | 1,449,326 | |||||||||||
1,925,000 | 2.559 | 11/03/22 | 1,916,176 | |||||||||||
770,000 | 2.589 | 11/03/22 | 766,471 | |||||||||||
770,000 | 2.613 | 11/03/22 | 766,471 | |||||||||||
178,290,600 | 2.628 | 11/03/22 | 177,473,375 | |||||||||||
5,194,000 | 2.644 | 11/03/22 | 5,170,192 | |||||||||||
7,672,000 | 2.668 | 11/03/22 | 7,636,834 | |||||||||||
6,784,000 | 2.674 | 11/03/22 | 6,752,904 | |||||||||||
2,014,000 | 2.716 | 11/03/22 | 2,004,768 | |||||||||||
3,854,000 | 2.471 | 12/22/22 | 3,818,081 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 87 |
GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF
Schedule of Investments (continued)
August 31, 2022
Principal Amount |
Interest Rate(a) |
Maturity Date |
Value | |||||||||||
U.S. Treasury Bills – (continued) | ||||||||||||||
U.S. Treasury Bills – (continued) |
||||||||||||||
$ | 564,000 | 2.485 | % | 12/22/22 | $ | 558,744 | ||||||||
111,980,200 | 2.496 | 12/22/22 | 110,936,557 | |||||||||||
1,034,000 | 2.533 | 12/22/22 | 1,024,363 | |||||||||||
1,081,000 | 2.553 | 12/22/22 | 1,070,925 | |||||||||||
705,000 | 2.620 | 12/22/22 | 698,429 | |||||||||||
423,000 | 2.636 | 12/22/22 | 419,058 | |||||||||||
846,000 | 2.765 | 12/22/22 | 838,115 | |||||||||||
1,645,000 | 2.772 | 12/22/22 | 1,629,669 | |||||||||||
1,598,000 | 2.786 | 12/22/22 | 1,583,107 | |||||||||||
2,162,000 | 2.794 | 12/22/22 | 2,141,850 | |||||||||||
1,081,000 | 2.807 | 12/22/22 | 1,070,925 | |||||||||||
1,504,000 | 2.827 | 12/22/22 | 1,489,983 | |||||||||||
188,000 | 2.852 | 12/22/22 | 186,248 | |||||||||||
188,000 | 2.872 | 12/22/22 | 186,248 | |||||||||||
3,854,000 | 2.874 | 12/22/22 | 3,818,081 | |||||||||||
517,000 | 2.881 | 12/22/22 | 512,182 | |||||||||||
141,000 | 2.886 | 12/22/22 | 139,686 | |||||||||||
564,000 | 2.893 | 12/22/22 | 558,744 | |||||||||||
470,000 | 2.950 | 12/22/22 | 465,620 | |||||||||||
846,000 | 2.954 | 12/22/22 | 838,115 | |||||||||||
120,569,500 | 2.973 | 12/22/22 | 119,445,805 | |||||||||||
1,175,000 | 2.994 | 12/22/22 | 1,164,049 | |||||||||||
470,000 | 3.001 | 12/22/22 | 465,620 | |||||||||||
3,234,000 | 3.004 | 12/22/22 | 3,203,859 | |||||||||||
1,254,000 | 3.051 | 12/22/22 | 1,242,313 | |||||||||||
4,224,000 | 3.060 | 12/22/22 | 4,184,633 | |||||||||||
4,928,000 | 3.066 | 12/22/22 | 4,882,072 | |||||||||||
60,036,300 | 0.738 | 12/29/22 | 59,441,912 | |||||||||||
120,000 | 0.787 | 12/29/22 | 118,812 | |||||||||||
1,033,000 | 0.895 | 12/29/22 | 1,022,773 | |||||||||||
900,000 | 0.909 | 12/29/22 | 891,090 | |||||||||||
360,000 | 1.425 | 12/29/22 | 356,436 | |||||||||||
420,000 | 1.449 | 12/29/22 | 415,842 | |||||||||||
90,000 | 1.470 | 12/29/22 | 89,109 | |||||||||||
690,000 | 1.479 | 12/29/22 | 683,169 | |||||||||||
120,000 | 1.480 | 12/29/22 | 118,812 | |||||||||||
210,000 | 1.494 | 12/29/22 | 207,921 | |||||||||||
210,000 | 1.499 | 12/29/22 | 207,921 | |||||||||||
210,000 | 1.509 | 12/29/22 | 207,921 | |||||||||||
82,000 | 1.516 | 12/29/22 | 81,188 | |||||||||||
270,000 | 1.526 | 12/29/22 | 267,327 | |||||||||||
300,000 | 1.537 | 12/29/22 | 297,030 | |||||||||||
150,000 | 1.551 | 12/29/22 | 148,515 | |||||||||||
390,000 | 1.556 | 12/29/22 | 386,139 | |||||||||||
240,000 | 1.572 | 12/29/22 | 237,624 | |||||||||||
252,000 | 1.592 | 12/29/22 | 249,505 | |||||||||||
1,770,000 | 1.608 | 12/29/22 | 1,752,476 | |||||||||||
300,000 | 1.684 | 12/29/22 | 297,030 | |||||||||||
690,000 | 1.761 | 12/29/22 | 683,169 | |||||||||||
120,000 | 1.776 | 12/29/22 | 118,812 | |||||||||||
360,000 | 1.999 | 12/29/22 | 356,436 | |||||||||||
690,000 | 2.283 | 12/29/22 | 683,169 | |||||||||||
840,000 | 2.284 | 12/29/22 | 831,684 | |||||||||||
940,000 | 2.290 | 12/29/22 | 930,694 | |||||||||||
2,670,000 | 2.326 | 12/29/22 | 2,643,566 | |||||||||||
2,370,000 | 2.509 | 12/29/22 | 2,346,536 | |||||||||||
|
|
|||||||||||||
U.S. Treasury Bills – (continued) | ||||||||||||||
U.S. Treasury Bills – (continued) |
||||||||||||||
90,000 | 2.513 | 12/29/22 | 89,109 | |||||||||||
360,000 | 2.528 | 12/29/22 | 356,436 | |||||||||||
660,000 | 2.556 | 12/29/22 | 653,466 | |||||||||||
1,050,000 | 2.805 | 12/29/22 | 1,039,604 | |||||||||||
1,380,000 | 2.831 | 12/29/22 | 1,366,337 | |||||||||||
1,020,000 | 2.846 | 12/29/22 | 1,009,901 | |||||||||||
2,460,000 | 2.874 | 12/29/22 | 2,435,645 | |||||||||||
120,000 | 2.883 | 12/29/22 | 118,812 | |||||||||||
330,000 | 2.897 | 12/29/22 | 326,733 | |||||||||||
120,000 | 2.906 | 12/29/22 | 118,812 | |||||||||||
90,000 | 2.908 | 12/29/22 | 89,109 | |||||||||||
360,000 | 2.916 | 12/29/22 | 356,436 | |||||||||||
300,000 | 2.975 | 12/29/22 | 297,030 | |||||||||||
540,000 | 2.986 | 12/29/22 | 534,654 | |||||||||||
750,000 | 2.991 | 12/29/22 | 742,575 | |||||||||||
300,000 | 3.011 | 12/29/22 | 297,030 | |||||||||||
2,058,000 | 3.016 | 12/29/22 | 2,037,625 | |||||||||||
3,486,000 | 3.053 | 12/29/22 | 3,451,487 | |||||||||||
1,680,000 | 3.067 | 12/29/22 | 1,663,367 | |||||||||||
119,901,200 | 3.012 | 01/05/23 | 118,648,377 | |||||||||||
2,240,000 | 3.059 | 01/05/23 | 2,216,595 | |||||||||||
186,244,500 | 3.062 | 01/19/23 | 184,054,289 | |||||||||||
3,528,000 | 3.102 | 01/19/23 | 3,486,511 | |||||||||||
116,906,000 | 3.213 | 02/23/23 | 115,078,967 | |||||||||||
115,726,500 | 3.286 | 02/23/23 | 113,917,901 | |||||||||||
1,026,000 | 3.291 | 02/23/23 | 1,009,965 | |||||||||||
4,424,000 | 3.311 | 02/23/23 | 4,354,861 | |||||||||||
1,064,000 | 3.312 | 02/23/23 | 1,047,372 | |||||||||||
7,104,000 | 3.322 | 02/23/23 | 6,992,977 | |||||||||||
120,539,000 | 2.822 | 03/23/23 | 118,568,318 | |||||||||||
2,240,000 | 2.988 | 03/23/23 | 2,203,378 | |||||||||||
128,000 | 1.889 | 04/20/23 | 125,457 | |||||||||||
132,000 | 1.897 | 04/20/23 | 129,377 | |||||||||||
48,000 | 1.904 | 04/20/23 | 47,046 | |||||||||||
224,000 | 1.911 | 04/20/23 | 219,549 | |||||||||||
103,671,100 | 1.929 | 04/20/23 | 101,611,240 | |||||||||||
64,000 | 1.936 | 04/20/23 | 62,728 | |||||||||||
368,000 | 1.937 | 04/20/23 | 360,688 | |||||||||||
80,000 | 1.973 | 04/20/23 | 78,410 | |||||||||||
208,000 | 1.994 | 04/20/23 | 203,867 | |||||||||||
112,000 | 2.010 | 04/20/23 | 109,775 | |||||||||||
112,000 | 2.025 | 04/20/23 | 109,775 | |||||||||||
112,000 | 2.032 | 04/20/23 | 109,775 | |||||||||||
610,000 | 2.034 | 04/20/23 | 597,880 | |||||||||||
32,067,000 | 2.058 | 04/20/23 | 31,429,855 | |||||||||||
944,000 | 2.067 | 04/20/23 | 925,243 | |||||||||||
1,403,000 | 2.127 | 04/20/23 | 1,375,123 | |||||||||||
244,000 | 2.163 | 04/20/23 | 239,152 | |||||||||||
732,000 | 2.459 | 04/20/23 | 717,456 | |||||||||||
4,819,000 | 2.615 | 04/20/23 | 4,723,250 | |||||||||||
5,429,000 | 2.668 | 04/20/23 | 5,321,130 | |||||||||||
1,525,000 | 2.680 | 04/20/23 | 1,494,699 | |||||||||||
183,000 | 2.683 | 04/20/23 | 179,364 | |||||||||||
732,000 | 2.692 | 04/20/23 | 717,456 | |||||||||||
915,000 | 2.705 | 04/20/23 | 896,820 | |||||||||||
732,000 | 2.710 | 04/20/23 | 717,456 | |||||||||||
|
|
88 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF
Principal Amount |
Interest Rate(a) |
Maturity Date |
Value | |||||||||||
U.S. Treasury Bills – (continued) | ||||||||||||||
U.S. Treasury Bills – (continued) |
||||||||||||||
$ | 737,000 | 2.720 | % | 04/20/23 | $ | 722,356 | ||||||||
1,342,000 | 2.750 | 04/20/23 | 1,315,336 | |||||||||||
1,403,000 | 2.794 | 04/20/23 | 1,375,123 | |||||||||||
2,100,000 | 2.921 | 04/20/23 | 2,058,275 | |||||||||||
2,760,000 | 2.983 | 04/20/23 | 2,705,161 | |||||||||||
2,040,000 | 2.993 | 04/20/23 | 1,999,467 | |||||||||||
240,000 | 3.025 | 04/20/23 | 235,231 | |||||||||||
720,000 | 3.032 | 04/20/23 | 705,694 | |||||||||||
4,920,000 | 3.039 | 04/20/23 | 4,822,244 | |||||||||||
240,000 | 3.048 | 04/20/23 | 235,231 | |||||||||||
1,500,000 | 3.077 | 04/20/23 | 1,470,196 | |||||||||||
600,000 | 3.092 | 04/20/23 | 588,078 | |||||||||||
1,080,000 | 3.103 | 04/20/23 | 1,058,541 | |||||||||||
600,000 | 3.104 | 04/20/23 | 588,078 | |||||||||||
660,000 | 3.114 | 04/20/23 | 646,886 | |||||||||||
4,165,000 | 3.141 | 04/20/23 | 4,082,245 | |||||||||||
180,000 | 3.161 | 04/20/23 | 176,424 | |||||||||||
1,615,000 | 3.193 | 04/20/23 | 1,582,911 | |||||||||||
3,416,000 | 3.203 | 04/20/23 | 3,348,127 | |||||||||||
5,440,000 | 3.223 | 04/20/23 | 5,331,912 | |||||||||||
18,664,000 | 2.043 | 05/18/23 | 18,248,361 | |||||||||||
184,000 | 2.199 | 05/18/23 | 179,902 | |||||||||||
32,000 | 2.246 | 05/18/23 | 31,287 | |||||||||||
96,000 | 2.533 | 05/18/23 | 93,862 | |||||||||||
632,000 | 2.623 | 05/18/23 | 617,926 | |||||||||||
24,000 | 2.662 | 05/18/23 | 23,465 | |||||||||||
96,000 | 2.671 | 05/18/23 | 93,862 | |||||||||||
890,000 | 2.697 | 05/18/23 | 870,180 | |||||||||||
150,000 | 2.699 | 05/18/23 | 146,660 | |||||||||||
250,000 | 2.706 | 05/18/23 | 244,433 | |||||||||||
176,000 | 2.713 | 05/18/23 | 172,081 | |||||||||||
120,000 | 2.764 | 05/18/23 | 117,328 | |||||||||||
184,000 | 2.776 | 05/18/23 | 179,902 | |||||||||||
280,000 | 2.927 | 05/18/23 | 273,764 | |||||||||||
368,000 | 3.025 | 05/18/23 | 359,805 | |||||||||||
272,000 | 3.028 | 05/18/23 | 265,943 | |||||||||||
40,000 | 3.076 | 05/18/23 | 39,109 | |||||||||||
656,000 | 3.078 | 05/18/23 | 641,391 | |||||||||||
120,000 | 3.084 | 05/18/23 | 117,328 | |||||||||||
40,000 | 3.113 | 05/18/23 | 39,109 | |||||||||||
280,000 | 3.137 | 05/18/23 | 273,764 | |||||||||||
786,000 | 3.147 | 05/18/23 | 768,496 | |||||||||||
250,000 | 3.164 | 05/18/23 | 244,433 | |||||||||||
266,000 | 3.191 | 05/18/23 | 260,076 | |||||||||||
560,000 | 3.210 | 05/18/23 | 547,529 | |||||||||||
896,000 | 3.221 | 05/18/23 | 876,046 | |||||||||||
137,392,200 | 3.340 | 07/13/23 | 133,401,648 | |||||||||||
2,576,000 | 3.466 | 07/13/23 | 2,501,180 | |||||||||||
53,590,400 | 3.442 | 08/10/23 | 51,866,209 | |||||||||||
1,008,000 | 3.538 | 08/10/23 | 975,569 | |||||||||||
|
|
|||||||||||||
TOTAL U.S. TREASURY BILLS | ||||||||||||||
(Cost $2,608,845,537) | $ | 2,605,435,586 | ||||||||||||
|
|
|||||||||||||
U.S. Treasury Notes – 15.5% | ||||||||||||||
U.S. Treasury Notes |
||||||||||||||
$ | 78,422,200 | 0.207 | % | 10/31/22 | $ | 78,325,704 | ||||||||
396,000 | 0.266 | 10/31/22 | 395,513 | |||||||||||
1,144,000 | 0.307 | 10/31/22 | 1,142,592 | |||||||||||
308,000 | 0.331 | 10/31/22 | 307,621 | |||||||||||
440,000 | 0.357 | 10/31/22 | 439,459 | |||||||||||
1,540,000 | 0.425 | 10/31/22 | 1,538,105 | |||||||||||
176,000 | 0.429 | 10/31/22 | 175,783 | |||||||||||
440,000 | 0.479 | 10/31/22 | 439,459 | |||||||||||
3,432,000 | 0.490 | 10/31/22 | 3,427,777 | |||||||||||
1,760,000 | 0.492 | 10/31/22 | 1,757,834 | |||||||||||
880,000 | 0.525 | 10/31/22 | 878,917 | |||||||||||
204,000 | 0.596 | 10/31/22 | 203,749 | |||||||||||
176,000 | 0.778 | 10/31/22 | 175,783 | |||||||||||
2,711,000 | 0.833 | 10/31/22 | 2,707,664 | |||||||||||
180,000 | 0.861 | 10/31/22 | 179,779 | |||||||||||
540,000 | 1.295 | 10/31/22 | 539,336 | |||||||||||
2,520,000 | 1.337 | 10/31/22 | 2,516,899 | |||||||||||
132,000 | 1.382 | 10/31/22 | 131,838 | |||||||||||
176,000 | 1.419 | 10/31/22 | 175,783 | |||||||||||
1,012,000 | 1.427 | 10/31/22 | 1,010,755 | |||||||||||
308,000 | 1.429 | 10/31/22 | 307,621 | |||||||||||
616,000 | 1.430 | 10/31/22 | 615,242 | |||||||||||
572,000 | 1.431 | 10/31/22 | 571,296 | |||||||||||
495,000 | 1.435 | 10/31/22 | 494,391 | |||||||||||
1,466,000 | 1.438 | 10/31/22 | 1,464,196 | |||||||||||
220,000 | 1.444 | 10/31/22 | 219,729 | |||||||||||
120,000 | 1.447 | 10/31/22 | 119,852 | |||||||||||
308,000 | 1.467 | 10/31/22 | 307,621 | |||||||||||
308,000 | 1.474 | 10/31/22 | 307,621 | |||||||||||
176,000 | 1.481 | 10/31/22 | 175,783 | |||||||||||
1,012,000 | 1.559 | 10/31/22 | 1,010,755 | |||||||||||
176,000 | 1.593 | 10/31/22 | 175,783 | |||||||||||
528,000 | 1.747 | 10/31/22 | 527,350 | |||||||||||
88,000 | 2.037 | 10/31/22 | 87,892 | |||||||||||
2,684,000 | 2.079 | 10/31/22 | 2,680,697 | |||||||||||
1,012,000 | 2.082 | 10/31/22 | 1,010,755 | |||||||||||
3,916,000 | 2.123 | 10/31/22 | 3,911,181 | |||||||||||
1,232,000 | 2.128 | 10/31/22 | 1,230,484 | |||||||||||
1,100,000 | 2.129 | 10/31/22 | 1,098,646 | |||||||||||
3,740,000 | 2.172 | 10/31/22 | 3,735,398 | |||||||||||
528,000 | 2.181 | 10/31/22 | 527,350 | |||||||||||
132,000 | 2.191 | 10/31/22 | 131,838 | |||||||||||
528,000 | 2.192 | 10/31/22 | 527,350 | |||||||||||
968,000 | 2.194 | 10/31/22 | 966,809 | |||||||||||
396,000 | 2.225 | 10/31/22 | 395,513 | |||||||||||
1,408,000 | 2.226 | 10/31/22 | 1,406,267 | |||||||||||
1,012,000 | 2.246 | 10/31/22 | 1,010,755 | |||||||||||
396,000 | 2.307 | 10/31/22 | 395,513 | |||||||||||
660,000 | 2.363 | 10/31/22 | 659,188 | |||||||||||
484,000 | 2.475 | 10/31/22 | 483,404 | |||||||||||
1,540,000 | 2.500 | 10/31/22 | 1,538,105 | |||||||||||
284,000 | 2.519 | 10/31/22 | 283,651 | |||||||||||
528,000 | 2.580 | 10/31/22 | 527,350 | |||||||||||
176,000 | 2.609 | 10/31/22 | 175,783 | |||||||||||
792,000 | 2.683 | 10/31/22 | 791,025 | |||||||||||
440,000 | 2.692 | 10/31/22 | 439,459 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 89 |
GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF
Schedule of Investments (continued)
August 31, 2022
Principal Amount |
Interest Rate(a) |
Maturity Date |
Value | |||||||||||
U.S. Treasury Notes – (continued) | ||||||||||||||
U.S. Treasury Notes – (continued) |
||||||||||||||
$ | 2,989,000 | 2.725 | % | 10/31/22 | $ | 2,985,322 | ||||||||
440,000 | 2.757 | 10/31/22 | 439,459 | |||||||||||
2,520,000 | 2.762 | 10/31/22 | 2,516,899 | |||||||||||
1,100,000 | 2.769 | 10/31/22 | 1,098,646 | |||||||||||
1,159,000 | 2.831 | 10/31/22 | 1,157,574 | |||||||||||
3,904,000 | 2.856 | 10/31/22 | 3,899,196 | |||||||||||
26,880,200 | 0.357 | 12/15/22 | 26,784,124 | |||||||||||
150,000 | 0.410 | 12/15/22 | 149,464 | |||||||||||
60,000 | 0.455 | 12/15/22 | 59,786 | |||||||||||
525,000 | 0.462 | 12/15/22 | 523,124 | |||||||||||
150,000 | 0.539 | 12/15/22 | 149,464 | |||||||||||
600,000 | 0.551 | 12/15/22 | 597,855 | |||||||||||
1,170,000 | 0.553 | 12/15/22 | 1,165,818 | |||||||||||
300,000 | 0.563 | 12/15/22 | 298,928 | |||||||||||
30,000 | 0.667 | 12/15/22 | 29,893 | |||||||||||
54,000 | 0.668 | 12/15/22 | 53,807 | |||||||||||
60,000 | 0.833 | 12/15/22 | 59,786 | |||||||||||
936,000 | 0.917 | 12/15/22 | 932,655 | |||||||||||
180,000 | 1.405 | 12/15/22 | 179,357 | |||||||||||
840,000 | 1.514 | 12/15/22 | 836,998 | |||||||||||
126,000 | 1.523 | 12/15/22 | 125,550 | |||||||||||
120,000 | 1.529 | 12/15/22 | 119,571 | |||||||||||
195,000 | 1.532 | 12/15/22 | 194,303 | |||||||||||
345,000 | 1.562 | 12/15/22 | 343,767 | |||||||||||
45,000 | 1.565 | 12/15/22 | 44,839 | |||||||||||
315,000 | 1.569 | 12/15/22 | 313,874 | |||||||||||
105,000 | 1.586 | 12/15/22 | 104,625 | |||||||||||
60,000 | 1.592 | 12/15/22 | 59,786 | |||||||||||
150,000 | 1.614 | 12/15/22 | 149,464 | |||||||||||
385,000 | 1.615 | 12/15/22 | 383,624 | |||||||||||
165,000 | 1.616 | 12/15/22 | 164,410 | |||||||||||
345,000 | 1.678 | 12/15/22 | 343,767 | |||||||||||
60,000 | 1.797 | 12/15/22 | 59,786 | |||||||||||
180,000 | 1.988 | 12/15/22 | 179,357 | |||||||||||
420,000 | 2.324 | 12/15/22 | 418,499 | |||||||||||
30,000 | 2.332 | 12/15/22 | 29,893 | |||||||||||
345,000 | 2.340 | 12/15/22 | 343,767 | |||||||||||
1,335,000 | 2.348 | 12/15/22 | 1,330,228 | |||||||||||
915,000 | 2.352 | 12/15/22 | 911,730 | |||||||||||
375,000 | 2.356 | 12/15/22 | 373,660 | |||||||||||
225,000 | 2.399 | 12/15/22 | 224,196 | |||||||||||
1,185,000 | 2.401 | 12/15/22 | 1,180,765 | |||||||||||
90,000 | 2.406 | 12/15/22 | 89,678 | |||||||||||
330,000 | 2.411 | 12/15/22 | 328,821 | |||||||||||
345,000 | 2.416 | 12/15/22 | 343,767 | |||||||||||
45,000 | 2.437 | 12/15/22 | 44,839 | |||||||||||
360,000 | 2.442 | 12/15/22 | 358,713 | |||||||||||
135,000 | 2.510 | 12/15/22 | 134,517 | |||||||||||
525,000 | 2.562 | 12/15/22 | 523,124 | |||||||||||
275,000 | 2.656 | 12/15/22 | 274,017 | |||||||||||
510,000 | 2.658 | 12/15/22 | 508,177 | |||||||||||
60,000 | 2.673 | 12/15/22 | 59,786 | |||||||||||
180,000 | 2.674 | 12/15/22 | 179,357 | |||||||||||
60,000 | 2.731 | 12/15/22 | 59,786 | |||||||||||
150,000 | 2.735 | 12/15/22 | 149,464 | |||||||||||
270,000 | 2.744 | 12/15/22 | 269,035 | |||||||||||
|
|
|||||||||||||
U.S. Treasury Notes – (continued) | ||||||||||||||
U.S. Treasury Notes – (continued) |
||||||||||||||
375,000 | 2.806 | 12/15/22 | 373,660 | |||||||||||
150,000 | 2.823 | 12/15/22 | 149,464 | |||||||||||
1,029,000 | 2.850 | 12/15/22 | 1,025,322 | |||||||||||
399,000 | 2.861 | 12/15/22 | 397,574 | |||||||||||
1,344,000 | 2.873 | 12/15/22 | 1,339,196 | |||||||||||
840,000 | 2.885 | 12/15/22 | 836,998 | |||||||||||
5,504,000 | 3.068 | 01/15/23 | 5,471,427 | |||||||||||
2,449,000 | 2.799 | 05/15/23 | 2,394,089 | |||||||||||
93,000 | 2.867 | 05/15/23 | 90,915 | |||||||||||
372,000 | 2.875 | 05/15/23 | 363,659 | |||||||||||
73,774,200 | 2.898 | 05/15/23 | 72,120,044 | |||||||||||
682,000 | 2.903 | 05/15/23 | 666,708 | |||||||||||
713,000 | 2.957 | 05/15/23 | 697,013 | |||||||||||
1,050,000 | 2.979 | 05/15/23 | 1,026,457 | |||||||||||
279,000 | 3.006 | 05/15/23 | 272,744 | |||||||||||
465,000 | 3.020 | 05/15/23 | 454,574 | |||||||||||
1,020,000 | 3.062 | 05/15/23 | 997,130 | |||||||||||
992,000 | 3.063 | 05/15/23 | 969,757 | |||||||||||
1,380,000 | 3.093 | 05/15/23 | 1,349,058 | |||||||||||
2,460,000 | 3.142 | 05/15/23 | 2,404,842 | |||||||||||
120,000 | 3.155 | 05/15/23 | 117,309 | |||||||||||
120,000 | 3.180 | 05/15/23 | 117,309 | |||||||||||
360,000 | 3.184 | 05/15/23 | 351,928 | |||||||||||
540,000 | 3.191 | 05/15/23 | 527,892 | |||||||||||
330,000 | 3.225 | 05/15/23 | 322,601 | |||||||||||
90,000 | 3.226 | 05/15/23 | 87,982 | |||||||||||
300,000 | 3.227 | 05/15/23 | 293,273 | |||||||||||
300,000 | 3.239 | 05/15/23 | 293,273 | |||||||||||
750,000 | 3.273 | 05/15/23 | 733,184 | |||||||||||
2,107,000 | 3.275 | 05/15/23 | 2,059,757 | |||||||||||
817,000 | 3.308 | 05/15/23 | 798,681 | |||||||||||
2,752,000 | 3.366 | 05/15/23 | 2,690,295 | |||||||||||
1,736,000 | 3.376 | 05/15/23 | 1,697,076 | |||||||||||
1,343,000 | 2.816 | 06/15/23 | 1,310,186 | |||||||||||
51,000 | 2.871 | 06/15/23 | 49,754 | |||||||||||
204,000 | 2.879 | 06/15/23 | 199,016 | |||||||||||
34,375,200 | 2.913 | 06/15/23 | 33,535,290 | |||||||||||
374,000 | 2.919 | 06/15/23 | 364,862 | |||||||||||
80,449,100 | 2.922 | 06/15/23 | 78,483,439 | |||||||||||
391,000 | 2.962 | 06/15/23 | 381,446 | |||||||||||
1,575,000 | 2.996 | 06/15/23 | 1,536,517 | |||||||||||
544,000 | 3.085 | 06/15/23 | 530,708 | |||||||||||
2,070,000 | 3.099 | 06/15/23 | 2,019,422 | |||||||||||
1,530,000 | 3.108 | 06/15/23 | 1,492,617 | |||||||||||
3,690,000 | 3.160 | 06/15/23 | 3,599,840 | |||||||||||
180,000 | 3.172 | 06/15/23 | 175,602 | |||||||||||
540,000 | 3.179 | 06/15/23 | 526,806 | |||||||||||
180,000 | 3.199 | 06/15/23 | 175,602 | |||||||||||
495,000 | 3.238 | 06/15/23 | 482,905 | |||||||||||
810,000 | 3.242 | 06/15/23 | 790,209 | |||||||||||
450,000 | 3.244 | 06/15/23 | 439,005 | |||||||||||
450,000 | 3.247 | 06/15/23 | 439,005 | |||||||||||
1,125,000 | 3.275 | 06/15/23 | 1,097,512 | |||||||||||
3,087,000 | 3.327 | 06/15/23 | 3,011,573 | |||||||||||
1,197,000 | 3.358 | 06/15/23 | 1,167,753 | |||||||||||
4,032,000 | 3.395 | 06/15/23 | 3,933,484 | |||||||||||
|
|
90 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF
Principal Amount |
Interest Rate(a) |
Maturity Date |
Value | |||||||||||
U.S. Treasury Notes – (continued) | ||||||||||||||
U.S. Treasury Notes – (continued) |
||||||||||||||
$ | 2,520,000 | 3.424 | % | 06/15/23 | $ | 2,458,427 | ||||||||
51,001,000 | 2.924 | 07/15/23 | 49,532,729 | |||||||||||
216,000 | 3.230 | 07/15/23 | 209,782 | |||||||||||
324,000 | 3.286 | 07/15/23 | 314,672 | |||||||||||
180,000 | 3.299 | 07/15/23 | 174,818 | |||||||||||
180,000 | 3.323 | 07/15/23 | 174,818 | |||||||||||
450,000 | 3.334 | 07/15/23 | 437,045 | |||||||||||
1,225,000 | 3.372 | 07/15/23 | 1,189,733 | |||||||||||
475,000 | 3.403 | 07/15/23 | 461,325 | |||||||||||
1,600,000 | 3.430 | 07/15/23 | 1,553,937 | |||||||||||
1,008,000 | 3.516 | 07/15/23 | 978,981 | |||||||||||
|
|
|||||||||||||
TOTAL U.S. TREASURY NOTES | ||||||||||||||
(Cost $479,808,086) | $ | 478,142,711 | ||||||||||||
|
|
|||||||||||||
TOTAL INVESTMENTS – 99.9% | ||||||||||||||
(Cost $3,088,653,623) | $ | 3,083,578,297 | ||||||||||||
|
|
|||||||||||||
|
OTHER ASSETS IN EXCESS
OF LIABILITIES – 0.1% |
|
3,483,179 | |||||||||||
|
|
|||||||||||||
NET ASSETS – 100.0% | $ | 3,087,061,476 | ||||||||||||
|
|
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. |
The accompanying notes are an integral part of these financial statements. | 91 |
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Schedule of Investments
August 31, 2022
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
U.S. Treasury Notes – 32.7% | ||||||||||||||
U.S. Treasury Notes |
||||||||||||||
$ | 15,000,000 | 0.250 | % | 05/15/24 | $ | 14,205,500 | ||||||||
10,852,000 | 2.500 | 01/31/25 | 10,604,278 | |||||||||||
16,103,000 | 2.000 | 02/15/25 | 15,544,209 | |||||||||||
55,285,000 | 2.000 | 11/15/26 | 52,202,883 | |||||||||||
21,602,000 | 2.750 | 02/15/28 | 20,935,558 | |||||||||||
19,079,000 | 2.875 | 08/15/28 | 18,577,245 | |||||||||||
2,008,000 | 2.375 | 05/15/29 | 1,893,771 | |||||||||||
8,500,000 | 1.625 | 08/15/29 | 7,648,582 | |||||||||||
|
|
|||||||||||||
TOTAL U.S. TREASURY NOTES | ||||||||||||||
(Cost $149,151,370) | $ | 141,612,026 | ||||||||||||
|
|
|||||||||||||
Mortgage-Backed Securities – 26.7% | ||||||||||||||
Federal Home Loan Mortgage Corporation |
||||||||||||||
$ | 328,360 | 4.500 | % | 07/01/48 | $ | 326,785 | ||||||||
2,951,266 | 2.500 | 05/01/51 | 2,654,212 | |||||||||||
216,668 | 4.500 | 05/01/52 | 215,645 | |||||||||||
Federal National Mortgage Association |
||||||||||||||
1,000,000 | 1.750 | 07/02/24 | 968,971 | |||||||||||
3,400,000 | 1.500 | TBA-15yr | (a) | 3,046,187 | ||||||||||
5,600,000 | 2.000 | TBA-15yr | (a) | 5,159,000 | ||||||||||
2,000,000 | 2.500 | TBA-15yr | (a) | 1,891,094 | ||||||||||
2,000,000 | 3.000 | TBA-15yr | (a) | 1,936,562 | ||||||||||
2,861,517 | 3.500 | 07/01/45 | 2,774,037 | |||||||||||
76,441 | 4.500 | 06/01/48 | 77,026 | |||||||||||
426,287 | 4.500 | 07/01/48 | 429,544 | |||||||||||
29,168 | 5.000 | 12/01/48 | 29,446 | |||||||||||
53,213 | 4.500 | 01/01/49 | 53,514 | |||||||||||
45,458 | 4.500 | 08/01/49 | 45,221 | |||||||||||
743,540 | 4.500 | 08/01/49 | 739,660 | |||||||||||
198,191 | 5.000 | 12/01/49 | 201,586 | |||||||||||
32,543 | 4.500 | 01/01/50 | 32,373 | |||||||||||
136,916 | 4.500 | 03/01/50 | 137,016 | |||||||||||
111,026 | 5.000 | 04/01/50 | 115,322 | |||||||||||
31,400,000 | 2.000 | TBA-30yr | (a) | 27,016,265 | ||||||||||
82,610 | 4.500 | 10/01/50 | 83,062 | |||||||||||
60,056 | 4.500 | 10/01/50 | 59,743 | |||||||||||
3,900,000 | 1.500 | TBA-30yr | (a) | 3,184,289 | ||||||||||
19,000,000 | 2.500 | TBA-30yr | (a) | 16,967,891 | ||||||||||
11,200,000 | 3.000 | TBA-30yr | (a) | 10,366,125 | ||||||||||
5,200,000 | 3.500 | TBA-30yr | (a) | 4,957,062 | ||||||||||
6,000,000 | 4.000 | TBA-30yr | (a) | 5,856,094 | ||||||||||
1,000,000 | 4.500 | TBA-30yr | (a) | 994,219 | ||||||||||
400,000 | 5.000 | TBA-30yr | (a) | 403,656 | ||||||||||
Government National Mortgage Association |
||||||||||||||
62,340 | 5.000 | 12/20/48 | 63,881 | |||||||||||
34,390 | 5.000 | 05/20/49 | 35,241 | |||||||||||
328,203 | 3.000 | 09/20/49 | 308,943 | |||||||||||
121,965 | 4.500 | 03/20/50 | 124,294 | |||||||||||
67,295 | 5.000 | 05/20/50 | 69,574 | |||||||||||
256,391 | 4.000 | 09/20/50 | 253,473 | |||||||||||
847,256 | 3.000 | 07/20/51 | 798,885 | |||||||||||
3,000,000 | 2.000 | TBA-30yr | (a) | 2,647,266 | ||||||||||
7,000,000 | 2.500 | TBA-30yr | (a) | 6,376,016 | ||||||||||
4,300,000 | 3.000 | TBA-30yr | (a) | 4,033,265 | ||||||||||
|
|
|||||||||||||
Mortgage-Backed Securities – (continued) | ||||||||||||||
Government National Mortgage Association – (continued) |
||||||||||||||
4,000,000 | 3.500 | TBA-30yr | (a) | 3,857,187 | ||||||||||
1,900,000 | 4.000 | TBA-30yr | (a) | 1,872,391 | ||||||||||
1,400,000 | 4.500 | TBA-30yr | (a) | 1,400,875 | ||||||||||
3,789,788 | 2.000 | 09/20/51 | 3,347,007 | |||||||||||
|
|
|||||||||||||
TOTAL MORTGAGE-BACKED SECURITIES | ||||||||||||||
(Cost $119,559,116) | $ | 115,909,905 | ||||||||||||
|
|
|||||||||||||
Corporate Obligations – 20.4% | ||||||||||||||
Aerospace & Defense – 0.4% | ||||||||||||||
Boeing Co. (The) |
||||||||||||||
$ | 600,000 | 5.150 | % | 05/01/30 | $ | 591,406 | ||||||||
General Dynamics Corp. |
||||||||||||||
90,000 | 3.375 | 05/15/23 | 89,724 | |||||||||||
215,000 | 3.625 | 04/01/30 | 207,070 | |||||||||||
Hexcel Corp. |
||||||||||||||
40,000 | 4.200 | 02/15/27 | 38,457 | |||||||||||
Northrop Grumman Corp. |
||||||||||||||
100,000 | 7.875 | 03/01/26 | 111,082 | |||||||||||
40,000 | 4.030 | 10/15/47 | 35,130 | |||||||||||
Raytheon Technologies Corp. |
||||||||||||||
200,000 | 3.950 | 08/16/25 | 199,620 | |||||||||||
100,000 | 2.375 | 03/15/32 | 83,973 | |||||||||||
30,000 | 4.450 | 11/16/38 | 28,457 | |||||||||||
60,000 | 4.875 | 10/15/40 | 59,151 | |||||||||||
400,000 | 2.820 | 09/01/51 | 282,207 | |||||||||||
Textron, Inc. |
||||||||||||||
80,000 | 3.000 | 06/01/30 | 69,501 | |||||||||||
|
|
|||||||||||||
1,795,778 | ||||||||||||||
|
|
|||||||||||||
Banks – 4.1% | ||||||||||||||
American Express Co. |
||||||||||||||
80,000 | 3.625 | 12/05/24 | 79,595 | |||||||||||
Bank of America Corp. |
||||||||||||||
(SOFR + 0.690%) |
||||||||||||||
425,000 | 0.976 | (b) | 04/22/25 | 400,281 | ||||||||||
(SOFR + 0.960%) |
||||||||||||||
300,000 | 1.734 | (b) | 07/22/27 | 266,130 | ||||||||||
(3M USD LIBOR + 1.040%) |
||||||||||||||
200,000 | 3.419 | (b) | 12/20/28 | 185,527 | ||||||||||
(SOFR + 2.150%) |
||||||||||||||
180,000 | 2.592 | (b) | 04/29/31 | 151,992 | ||||||||||
(US 5 Year CMT T-Note + 1.200%) |
||||||||||||||
200,000 | 2.482 | (b) | 09/21/36 | 155,160 | ||||||||||
(3M USD LIBOR + 1.814%) |
||||||||||||||
300,000 | 4.244 | (b) | 04/24/38 | 273,041 | ||||||||||
100,000 | 7.750 | 05/14/38 | 123,731 | |||||||||||
Bank of America Corp., Series L |
||||||||||||||
125,000 | 4.183 | 11/25/27 | 122,024 | |||||||||||
73,000 | 4.750 | 04/21/45 | 66,656 | |||||||||||
Bank of America Corp., MTN |
||||||||||||||
40,000 | 4.125 | 01/22/24 | 40,143 | |||||||||||
(SOFR + 0.410%) |
||||||||||||||
500,000 | 0.523 | (b) | 06/14/24 | 483,274 | ||||||||||
|
|
92 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Banks – (continued) | ||||||||||||||
Bank of America Corp., MTN – (continued) |
||||||||||||||
(3M USD LIBOR + 1.060%) |
||||||||||||||
$ | 80,000 | 3.559 | % (b) | 04/23/27 | $ | 76,594 | ||||||||
75,000 | 3.248 | 10/21/27 | 70,891 | |||||||||||
(3M USD LIBOR + 1.210%) |
||||||||||||||
300,000 | 3.974 | (b) | 02/07/30 | 281,691 | ||||||||||
(3M USD LIBOR + 0.990%) |
||||||||||||||
200,000 | 2.496 | (b) | 02/13/31 | 167,647 | ||||||||||
(SOFR + 1.530%) |
||||||||||||||
40,000 | 1.898 | (b) | 07/23/31 | 31,770 | ||||||||||
(SOFR + 1.930%) |
||||||||||||||
300,000 | 2.676 | (b) | 06/19/41 | 216,567 | ||||||||||
(3M USD LIBOR + 3.150%) |
||||||||||||||
300,000 | 4.083 | (b) | 03/20/51 | 258,572 | ||||||||||
(SOFR + 1.880%) |
||||||||||||||
60,000 | 2.831 | (b) | 10/24/51 | 41,051 | ||||||||||
Bank of America Corp.(b), Series N |
||||||||||||||
(SOFR + 1.650%) |
||||||||||||||
100,000 | 3.483 | 03/13/52 | 78,019 | |||||||||||
Bank of New York Mellon Corp. (The), MTN |
||||||||||||||
300,000 | 2.800 | 05/04/26 | 290,548 | |||||||||||
200,000 | 1.650 | 01/28/31 | 161,914 | |||||||||||
850,000 | 1.800 | 07/28/31 | 688,017 | |||||||||||
Charles Schwab Corp. (The) |
||||||||||||||
300,000 | 0.900 | 03/11/26 | 270,708 | |||||||||||
Citigroup, Inc. |
||||||||||||||
(SOFR + 1.372%) |
||||||||||||||
800,000 | 4.140 | (b) | 05/24/25 | 793,310 | ||||||||||
(SOFR + 1.887%) |
||||||||||||||
300,000 | 4.658 | (b) | 05/24/28 | 296,862 | ||||||||||
(SOFR + 2.086%) |
||||||||||||||
700,000 | 4.910 | (b) | 05/24/33 | 688,361 | ||||||||||
Comerica, Inc. |
||||||||||||||
300,000 | 3.700 | 07/31/23 | 299,324 | |||||||||||
25,000 | 4.000 | 02/01/29 | 24,170 | |||||||||||
Fifth Third Bancorp |
||||||||||||||
25,000 | 4.300 | 01/16/24 | 25,048 | |||||||||||
40,000 | 8.250 | 03/01/38 | 51,627 | |||||||||||
Huntington National Bank (The) |
||||||||||||||
390,000 | 3.550 | 10/06/23 | 388,416 | |||||||||||
JPMorgan Chase & Co. |
||||||||||||||
40,000 | 3.875 | 02/01/24 | 40,070 | |||||||||||
(3M USD LIBOR + 0.730%) |
||||||||||||||
80,000 | 3.559 | (b) | 04/23/24 | 79,595 | ||||||||||
(SOFR + 1.455%) |
||||||||||||||
50,000 | 1.514 | (b) | 06/01/24 | 48,944 | ||||||||||
(SOFR + 0.540%) |
||||||||||||||
300,000 | 0.824 | (b) | 06/01/25 | 280,884 | ||||||||||
(3M U.S. T-Bill MMY + 1.585%) |
||||||||||||||
165,000 | 2.005 | (b) | 03/13/26 | 154,624 | ||||||||||
40,000 | 7.625 | 10/15/26 | 44,887 | |||||||||||
(SOFR + 0.800%) |
||||||||||||||
100,000 | 1.045 | (b) | 11/19/26 | 89,077 | ||||||||||
300,000 | 8.000 | 04/29/27 | 344,852 | |||||||||||
80,000 | 4.250 | 10/01/27 | 79,265 | |||||||||||
(3M USD LIBOR + 1.337%) |
||||||||||||||
400,000 | 3.782 | (b) | 02/01/28 | 384,075 | ||||||||||
|
|
|||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Banks – (continued) | ||||||||||||||
JPMorgan Chase & Co. – (continued) |
||||||||||||||
(3M USD LIBOR + 1.380%) |
||||||||||||||
50,000 | 3.540 | (b) | 05/01/28 | 47,085 | ||||||||||
(3M USD LIBOR + 1.330%) |
||||||||||||||
40,000 | 4.452 | (b) | 12/05/29 | 38,759 | ||||||||||
(SOFR + 1.510%) |
||||||||||||||
90,000 | 2.739 | (b) | 10/15/30 | 78,192 | ||||||||||
(SOFR + 3.790%) |
||||||||||||||
360,000 | 4.493 | (b) | 03/24/31 | 349,668 | ||||||||||
(3M U.S. T-Bill MMY + 1.105%) |
||||||||||||||
25,000 | 1.764 | (b) | 11/19/31 | 19,739 | ||||||||||
(SOFR + 1.180%) |
||||||||||||||
300,000 | 2.545 | (b) | 11/08/32 | 247,901 | ||||||||||
(3M USD LIBOR + 1.360%) |
||||||||||||||
152,000 | 3.882 | (b) | 07/24/38 | 133,573 | ||||||||||
15,000 | 5.400 | 01/06/42 | 15,368 | |||||||||||
40,000 | 4.850 | 02/01/44 | 39,523 | |||||||||||
(3M USD LIBOR + 1.380%) |
||||||||||||||
40,000 | 3.964 | (b) | 11/15/48 | 33,736 | ||||||||||
(SOFR + 2.440%) |
||||||||||||||
660,000 | 3.109 | (b) | 04/22/51 | 478,706 | ||||||||||
(SOFR + 1.580%) |
||||||||||||||
300,000 | 3.328 | (b) | 04/22/52 | 228,485 | ||||||||||
KeyCorp, MTN |
||||||||||||||
120,000 | 4.100 | 04/30/28 | 116,760 | |||||||||||
80,000 | 2.550 | 10/01/29 | 68,549 | |||||||||||
Manufacturers & Traders Trust Co. |
||||||||||||||
280,000 | 3.400 | 08/17/27 | 263,258 | |||||||||||
Morgan Stanley |
||||||||||||||
(SOFR + 0.525%) |
||||||||||||||
40,000 | 0.790 | (b) | 05/30/25 | 37,328 | ||||||||||
(SOFR + 1.360%) |
||||||||||||||
100,000 | 2.484 | (b) | 09/16/36 | 77,114 | ||||||||||
(SOFR + 1.485%) |
||||||||||||||
300,000 | 3.217 | (b) | 04/22/42 | 234,721 | ||||||||||
80,000 | 4.300 | 01/27/45 | 71,875 | |||||||||||
75,000 | 4.375 | 01/22/47 | 69,035 | |||||||||||
Morgan Stanley, GMTN |
||||||||||||||
340,000 | 3.700 | 10/23/24 | 337,244 | |||||||||||
120,000 | 4.350 | 09/08/26 | 118,463 | |||||||||||
(SOFR + 1.143%) |
||||||||||||||
250,000 | 2.699 | (b) | 01/22/31 | 216,496 | ||||||||||
(SOFR + 1.178%) |
||||||||||||||
200,000 | 2.239 | (b) | 07/21/32 | 161,532 | ||||||||||
Morgan Stanley, MTN |
||||||||||||||
100,000 | 6.250 | 08/09/26 | 106,729 | |||||||||||
(SOFR + 1.430%) |
||||||||||||||
300,000 | 2.802 | (b) | 01/25/52 | 205,250 | ||||||||||
Northern Trust Corp. |
||||||||||||||
315,000 | 3.950 | 10/30/25 | 313,810 | |||||||||||
56,000 | 3.650 | 08/03/28 | 54,379 | |||||||||||
150,000 | 3.150 | 05/03/29 | 140,329 | |||||||||||
PNC Bank NA |
||||||||||||||
300,000 | 2.700 | 10/22/29 | 261,156 | |||||||||||
PNC Financial Services Group, Inc. (The) |
||||||||||||||
80,000 | 3.900 | 04/29/24 | 80,089 | |||||||||||
400,000 | 2.600 | 07/23/26 | 377,321 | |||||||||||
290,000 | 3.450 | 04/23/29 | 274,705 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 93 |
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Schedule of Investments (continued)
August 31, 2022
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Banks – (continued) | ||||||||||||||
State Street Corp. |
||||||||||||||
(SOFR + 0.560%) |
||||||||||||||
$ | 40,000 | 1.684 | % (b) | 11/18/27 | $ | 36,157 | ||||||||
(3M USD LIBOR + 1.030%) |
||||||||||||||
50,000 | 4.141 | (b) | 12/03/29 | 48,763 | ||||||||||
100,000 | 2.200 | 03/03/31 | 83,319 | |||||||||||
(SOFR + 1.490%) |
||||||||||||||
40,000 | 3.031 | (b) | 11/01/34 | 35,044 | ||||||||||
Truist Bank |
||||||||||||||
40,000 | 3.200 | 04/01/24 | 39,643 | |||||||||||
Truist Financial Corp., MTN |
||||||||||||||
80,000 | 3.875 | 03/19/29 | 75,966 | |||||||||||
US Bancorp |
||||||||||||||
15,000 | 2.400 | 07/30/24 | 14,646 | |||||||||||
US Bancorp, MTN |
||||||||||||||
80,000 | 3.900 | 04/26/28 | 78,713 | |||||||||||
80,000 | 3.000 | 07/30/29 | 72,499 | |||||||||||
40,000 | 1.375 | 07/22/30 | 32,044 | |||||||||||
US Bancorp, Series V |
||||||||||||||
300,000 | 2.375 | 07/22/26 | 282,558 | |||||||||||
US Bancorp, Series X |
||||||||||||||
150,000 | 3.150 | 04/27/27 | 144,807 | |||||||||||
US Bank NA |
||||||||||||||
300,000 | 2.050 | 01/21/25 | 287,724 | |||||||||||
Wells Fargo & Co. |
||||||||||||||
(SOFR + 2.000%) |
||||||||||||||
300,000 | 2.188 | (b) | 04/30/26 | 280,485 | ||||||||||
400,000 | 3.000 | 10/23/26 | 378,682 | |||||||||||
(SOFR + 2.530%) |
||||||||||||||
150,000 | 3.068 | (b) | 04/30/41 | 115,735 | ||||||||||
128,000 | 5.606 | 01/15/44 | 130,660 | |||||||||||
60,000 | 3.900 | 05/01/45 | 50,999 | |||||||||||
Wells Fargo & Co., MTN |
||||||||||||||
(3M USD LIBOR + 1.310%) |
||||||||||||||
50,000 | 3.584 | (b) | 05/22/28 | 47,145 | ||||||||||
25,000 | 4.150 | 01/24/29 | 24,277 | |||||||||||
(SOFR + 1.262%) |
||||||||||||||
400,000 | 2.572 | (b) | 02/11/31 | 340,970 | ||||||||||
(SOFR + 4.032%) |
||||||||||||||
340,000 | 4.478 | (b) | 04/04/31 | 327,121 | ||||||||||
Wells Fargo Bank NA |
||||||||||||||
300,000 | 6.600 | 01/15/38 | 345,311 | |||||||||||
|
|
|||||||||||||
17,665,080 | ||||||||||||||
|
|
|||||||||||||
Basic Industry – 0.4% | ||||||||||||||
CF Industries, Inc. |
||||||||||||||
290,000 | 5.150 | 03/15/34 | 281,540 | |||||||||||
100,000 | 5.375 | 03/15/44 | 94,041 | |||||||||||
Dow Chemical Co. (The) |
||||||||||||||
60,000 | 3.600 | 11/15/50 | 46,056 | |||||||||||
FMC Corp. |
||||||||||||||
350,000 | 4.500 | 10/01/49 | 295,374 | |||||||||||
Georgia-Pacific LLC |
||||||||||||||
10,000 | 8.000 | 01/15/24 | 10,545 | |||||||||||
Huntsman International LLC |
||||||||||||||
70,000 | 4.500 | 05/01/29 | 64,858 | |||||||||||
|
|
|||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Basic Industry – (continued) | ||||||||||||||
Linde, Inc. |
||||||||||||||
100,000 | 1.100 | 08/10/30 | 80,135 | |||||||||||
LYB International Finance III LLC |
||||||||||||||
40,000 | 2.250 | 10/01/30 | 32,767 | |||||||||||
180,000 | 3.625 | 04/01/51 | 132,838 | |||||||||||
Mosaic Co. (The) |
||||||||||||||
80,000 | 4.875 | 11/15/41 | 71,402 | |||||||||||
Sherwin-Williams Co. (The) |
||||||||||||||
200,000 | 3.450 | 06/01/27 | 191,393 | |||||||||||
Westlake Corp. |
||||||||||||||
40,000 | 3.600 | 08/15/26 | 38,845 | |||||||||||
250,000 | 5.000 | 08/15/46 | 233,178 | |||||||||||
|
|
|||||||||||||
1,572,972 | ||||||||||||||
|
|
|||||||||||||
Broadcasting – 0.0% | ||||||||||||||
Fox Corp. |
||||||||||||||
40,000 | 4.030 | 01/25/24 | 39,886 | |||||||||||
40,000 | 4.709 | 01/25/29 | 39,638 | |||||||||||
40,000 | 5.576 | 01/25/49 | 38,915 | |||||||||||
|
|
|||||||||||||
118,439 | ||||||||||||||
|
|
|||||||||||||
Brokerage – 0.3% | ||||||||||||||
Affiliated Managers Group, Inc. |
||||||||||||||
130,000 | 3.300 | 06/15/30 | 114,617 | |||||||||||
CME Group, Inc. |
||||||||||||||
125,000 | 3.000 | 03/15/25 | 123,128 | |||||||||||
Intercontinental Exchange, Inc. |
||||||||||||||
200,000 | 2.100 | 06/15/30 | 168,933 | |||||||||||
530,000 | 4.600 | 03/15/33 | 526,132 | |||||||||||
Jefferies Group LLC |
||||||||||||||
200,000 | 6.250 | 01/15/36 | 201,707 | |||||||||||
20,000 | 6.500 | 01/20/43 | 20,465 | |||||||||||
Jefferies Group LLC / Jefferies Group Capital Finance, Inc. |
||||||||||||||
40,000 | 4.850 | 01/15/27 | 39,803 | |||||||||||
40,000 | 4.150 | 01/23/30 | 35,919 | |||||||||||
Morgan Stanley Domestic Holdings, Inc. |
||||||||||||||
80,000 | 4.500 | 06/20/28 | 78,994 | |||||||||||
|
|
|||||||||||||
1,309,698 | ||||||||||||||
|
|
|||||||||||||
Capital Goods – 0.6% | ||||||||||||||
Caterpillar Financial Services Corp., MTN |
||||||||||||||
400,000 | 3.400 | 05/13/25 | 394,758 | |||||||||||
Caterpillar, Inc. |
||||||||||||||
50,000 | 3.803 | 08/15/42 | 45,454 | |||||||||||
CNH Industrial Capital LLC |
||||||||||||||
50,000 | 1.450 | 07/15/26 | 44,400 | |||||||||||
Cummins, Inc. |
||||||||||||||
450,000 | 2.600 | 09/01/50 | 313,494 | |||||||||||
Deere & Co. |
||||||||||||||
25,000 | 3.900 | 06/09/42 | 23,419 | |||||||||||
40,000 | 2.875 | 09/07/49 | 31,457 | |||||||||||
25,000 | 3.750 | 04/15/50 | 22,899 | |||||||||||
Emerson Electric Co. |
||||||||||||||
60,000 | 1.950 | 10/15/30 | 50,945 | |||||||||||
15,000 | 6.000 | 08/15/32 | 16,880 | |||||||||||
Fortive Corp. |
||||||||||||||
15,000 | 4.300 | 06/15/46 | 13,295 | |||||||||||
|
|
94 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Capital Goods – (continued) | ||||||||||||||
Honeywell International, Inc. |
||||||||||||||
$ | 100,000 | 2.700 | % | 08/15/29 | $ | 91,735 | ||||||||
188,000 | 1.950 | 06/01/30 | 161,901 | |||||||||||
Illinois Tool Works, Inc. |
||||||||||||||
115,000 | 3.900 | 09/01/42 | 101,833 | |||||||||||
John Deere Capital Corp., MTN |
||||||||||||||
50,000 | 2.800 | 07/18/29 | 46,344 | |||||||||||
80,000 | 2.450 | 01/09/30 | 70,837 | |||||||||||
Leggett & Platt, Inc. |
||||||||||||||
80,000 | 4.400 | 03/15/29 | 77,545 | |||||||||||
100,000 | 3.500 | 11/15/51 | 77,377 | |||||||||||
Otis Worldwide Corp. |
||||||||||||||
60,000 | 2.293 | 04/05/27 | 54,800 | |||||||||||
Republic Services, Inc. |
||||||||||||||
22,000 | 4.750 | 05/15/23 | 22,035 | |||||||||||
Trane Technologies Luxembourg Finance SA |
||||||||||||||
50,000 | 3.800 | 03/21/29 | 47,150 | |||||||||||
Waste Management, Inc. |
||||||||||||||
50,000 | 0.750 | 11/15/25 | 45,358 | |||||||||||
50,000 | 2.500 | 11/15/50 | 33,986 | |||||||||||
Westinghouse Air Brake Technologies Corp. |
||||||||||||||
110,000 | 4.400 | 03/15/24 | 109,373 | |||||||||||
133,000 | 3.450 | 11/15/26 | 124,314 | |||||||||||
415,000 | 4.950 | 09/15/28 | 403,220 | |||||||||||
WW Grainger, Inc. |
||||||||||||||
100,000 | 1.850 | 02/15/25 | 95,185 | |||||||||||
60,000 | 4.600 | 06/15/45 | 57,849 | |||||||||||
100,000 | 3.750 | 05/15/46 | 86,210 | |||||||||||
Xylem, Inc. |
||||||||||||||
15,000 | 3.250 | 11/01/26 | 14,365 | |||||||||||
|
|
|||||||||||||
2,678,418 | ||||||||||||||
|
|
|||||||||||||
Communications – 1.2% | ||||||||||||||
|
Charter
Communications Operating LLC / Charter |
| ||||||||||||
190,000 | 4.908 | 07/23/25 | 189,616 | |||||||||||
140,000 | 3.750 | 02/15/28 | 129,367 | |||||||||||
82,000 | 4.200 | 03/15/28 | 77,308 | |||||||||||
90,000 | 5.050 | 03/30/29 | 86,514 | |||||||||||
40,000 | 2.800 | 04/01/31 | 32,358 | |||||||||||
130,000 | 6.384 | 10/23/35 | 129,442 | |||||||||||
300,000 | 5.375 | 04/01/38 | 264,718 | |||||||||||
40,000 | 6.484 | 10/23/45 | 38,479 | |||||||||||
60,000 | 5.750 | 04/01/48 | 53,540 | |||||||||||
40,000 | 5.125 | 07/01/49 | 32,446 | |||||||||||
40,000 | 6.834 | 10/23/55 | 40,247 | |||||||||||
60,000 | 4.400 | 12/01/61 | 42,788 | |||||||||||
|
Charter
Communications Operating LLC / Charter |
| ||||||||||||
60,000 | 4.500 | 02/01/24 | 60,044 | |||||||||||
Comcast Corp. |
||||||||||||||
40,000 | 3.150 | 03/01/26 | 38,920 | |||||||||||
325,000 | 3.300 | 04/01/27 | 313,730 | |||||||||||
50,000 | 3.150 | 02/15/28 | 47,464 | |||||||||||
232,000 | 2.650 | 02/01/30 | 205,471 | |||||||||||
80,000 | 4.400 | 08/15/35 | 77,376 | |||||||||||
|
|
|||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Communications – (continued) | ||||||||||||||
Comcast Corp. – (continued) |
||||||||||||||
100,000 | 6.500 | 11/15/35 | 115,083 | |||||||||||
60,000 | 4.000 | 08/15/47 | 51,937 | |||||||||||
25,000 | 3.969 | 11/01/47 | 21,500 | |||||||||||
375,000 | 4.000 | 03/01/48 | 323,803 | |||||||||||
40,000 | 3.999 | 11/01/49 | 34,492 | |||||||||||
80,000 | 2.800 | 01/15/51 | 55,626 | |||||||||||
15,000 | 2.450 | 08/15/52 | 9,830 | |||||||||||
160,000 | 2.987 | 11/01/63 | 107,546 | |||||||||||
NBCUniversal Media LLC |
||||||||||||||
50,000 | 6.400 | 04/30/40 | 57,946 | |||||||||||
270,000 | 4.450 | 01/15/43 | 248,013 | |||||||||||
Omnicom Group, Inc. |
||||||||||||||
550,000 | 2.450 | 04/30/30 | 464,787 | |||||||||||
80,000 | 4.200 | 06/01/30 | 76,492 | |||||||||||
Paramount Global |
||||||||||||||
250,000 | 4.750 | 05/15/25 | 252,101 | |||||||||||
80,000 | 4.000 | 01/15/26 | 78,853 | |||||||||||
150,000 | 7.875 | 07/30/30 | 169,600 | |||||||||||
100,000 | 4.950 | 01/15/31 | 95,337 | |||||||||||
11,000 | 6.875 | 04/30/36 | 11,426 | |||||||||||
150,000 | 4.850 | 07/01/42 | 122,629 | |||||||||||
15,000 | 4.900 | 08/15/44 | 12,040 | |||||||||||
Time Warner Cable LLC |
||||||||||||||
115,000 | 6.750 | 06/15/39 | 112,977 | |||||||||||
15,000 | 5.875 | 11/15/40 | 13,546 | |||||||||||
15,000 | 5.500 | 09/01/41 | 13,079 | |||||||||||
Time Warner Entertainment Co. LP |
||||||||||||||
115,000 | 8.375 | 07/15/33 | 132,265 | |||||||||||
TWDC Enterprises 18 Corp. |
||||||||||||||
15,000 | 4.375 | 08/16/41 | 14,249 | |||||||||||
TWDC Enterprises 18 Corp., GMTN |
||||||||||||||
15,000 | 4.125 | 06/01/44 | 13,705 | |||||||||||
Walt Disney Co. (The) |
||||||||||||||
400,000 | 1.750 | 08/30/24 | 384,256 | |||||||||||
80,000 | 2.000 | 09/01/29 | 69,143 | |||||||||||
80,000 | 3.800 | 03/22/30 | 77,147 | |||||||||||
90,000 | 3.500 | 05/13/40 | 77,055 | |||||||||||
15,000 | 4.750 | 09/15/44 | 14,816 | |||||||||||
50,000 | 3.600 | 01/13/51 | 41,878 | |||||||||||
|
|
|||||||||||||
5,132,985 | ||||||||||||||
|
|
|||||||||||||
Consumer Cyclical – 1.3% | ||||||||||||||
Amazon.com, Inc. |
||||||||||||||
25,000 | 0.250 | 05/12/23 | 24,440 | |||||||||||
40,000 | 0.400 | 06/03/23 | 39,021 | |||||||||||
40,000 | 3.800 | 12/05/24 | 40,159 | |||||||||||
250,000 | 3.150 | 08/22/27 | 241,514 | |||||||||||
100,000 | 2.100 | 05/12/31 | 85,639 | |||||||||||
80,000 | 4.050 | 08/22/47 | 74,264 | |||||||||||
15,000 | 2.500 | 06/03/50 | 10,482 | |||||||||||
75,000 | 4.250 | 08/22/57 | 70,942 | |||||||||||
50,000 | 2.700 | 06/03/60 | 33,787 | |||||||||||
Costco Wholesale Corp. |
||||||||||||||
40,000 | 3.000 | 05/18/27 | 38,869 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 95 |
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Schedule of Investments (continued)
August 31, 2022
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Consumer Cyclical – (continued) | ||||||||||||||
DR Horton, Inc. |
||||||||||||||
$ | 80,000 | 2.500 | % | 10/15/24 | $ | 77,123 | ||||||||
90,000 | 2.600 | 10/15/25 | 84,611 | |||||||||||
100,000 | 1.400 | 10/15/27 | 83,864 | |||||||||||
Home Depot, Inc. (The) |
||||||||||||||
250,000 | 2.800 | 09/14/27 | 237,494 | |||||||||||
237,000 | 3.125 | 12/15/49 | 183,335 | |||||||||||
Kohl’s Corp. |
||||||||||||||
240,000 | 3.375 | 05/01/31 | 173,106 | |||||||||||
Las Vegas Sands Corp. |
||||||||||||||
500,000 | 3.900 | 08/08/29 | 425,725 | |||||||||||
Lowe’s Cos., Inc. |
||||||||||||||
250,000 | 4.500 | 04/15/30 | 247,130 | |||||||||||
200,000 | 2.800 | 09/15/41 | 144,715 | |||||||||||
100,000 | 4.050 | 05/03/47 | 83,713 | |||||||||||
Marriott International, Inc., Series EE |
||||||||||||||
50,000 | 5.750 | 05/01/25 | 51,541 | |||||||||||
Mastercard, Inc. |
||||||||||||||
60,000 | 2.000 | 03/03/25 | 57,566 | |||||||||||
15,000 | 3.300 | 03/26/27 | 14,697 | |||||||||||
100,000 | 3.950 | 02/26/48 | 92,314 | |||||||||||
50,000 | 3.850 | 03/26/50 | 45,742 | |||||||||||
McDonald’s Corp., MTN |
||||||||||||||
200,000 | 3.500 | 07/01/27 | 194,874 | |||||||||||
45,000 | 4.700 | 12/09/35 | 44,778 | |||||||||||
60,000 | 4.450 | 09/01/48 | 55,890 | |||||||||||
MDC Holdings, Inc. |
||||||||||||||
500,000 | 2.500 | 01/15/31 | 356,562 | |||||||||||
40,000 | 6.000 | 01/15/43 | 32,925 | |||||||||||
NIKE, Inc. |
||||||||||||||
100,000 | 2.250 | 05/01/23 | 98,976 | |||||||||||
20,000 | 3.375 | 03/27/50 | 16,709 | |||||||||||
O’Reilly Automotive, Inc. |
||||||||||||||
80,000 | 4.200 | 04/01/30 | 77,176 | |||||||||||
PulteGroup, Inc. |
||||||||||||||
300,000 | 6.375 | 05/15/33 | 305,464 | |||||||||||
Starbucks Corp. |
||||||||||||||
250,000 | 3.800 | 08/15/25 | 248,790 | |||||||||||
30,000 | 3.750 | 12/01/47 | 24,446 | |||||||||||
Tapestry, Inc. |
||||||||||||||
33,000 | 4.125 | 07/15/27 | 31,746 | |||||||||||
Toyota Motor Credit Corp. |
||||||||||||||
100,000 | 0.625 | 09/13/24 | 93,956 | |||||||||||
40,000 | 3.650 | 01/08/29 | 38,717 | |||||||||||
Toyota Motor Credit Corp., MTN |
||||||||||||||
300,000 | 0.800 | 01/09/26 | 271,149 | |||||||||||
80,000 | 3.375 | 04/01/30 | 75,608 | |||||||||||
Visa, Inc. |
||||||||||||||
40,000 | 1.900 | 04/15/27 | 36,911 | |||||||||||
150,000 | 0.750 | 08/15/27 | 130,134 | |||||||||||
305,000 | 2.750 | 09/15/27 | 290,806 | |||||||||||
40,000 | 4.300 | 12/14/45 | 39,082 | |||||||||||
Walmart, Inc. |
||||||||||||||
105,000 | 2.550 | 04/11/23 | 104,257 | |||||||||||
70,000 | 3.400 | 06/26/23 | 69,855 | |||||||||||
100,000 | 3.300 | 04/22/24 | 99,424 | |||||||||||
|
|
|||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Consumer Cyclical – (continued) | ||||||||||||||
Walmart, Inc. – (continued) |
||||||||||||||
40,000 | 2.850 | 07/08/24 | 39,429 | |||||||||||
200,000 | 2.650 | 09/22/51 | 150,899 | |||||||||||
|
|
|||||||||||||
5,590,356 | ||||||||||||||
|
|
|||||||||||||
Consumer Noncyclical – 1.3% | ||||||||||||||
Abbott Laboratories |
||||||||||||||
60,000 | 3.875 | 09/15/25 | 60,117 | |||||||||||
150,000 | 4.750 | 11/30/36 | 158,325 | |||||||||||
100,000 | 6.000 | 04/01/39 | 114,405 | |||||||||||
40,000 | 4.750 | 04/15/43 | 40,583 | |||||||||||
AbbVie, Inc. |
||||||||||||||
200,000 | 2.950 | 11/21/26 | 188,686 | |||||||||||
100,000 | 4.625 | 10/01/42 | 92,907 | |||||||||||
200,000 | 4.400 | 11/06/42 | 181,022 | |||||||||||
200,000 | 4.700 | 05/14/45 | 186,732 | |||||||||||
Agilent Technologies, Inc. |
||||||||||||||
100,000 | 2.750 | 09/15/29 | 87,851 | |||||||||||
Altria Group, Inc. |
||||||||||||||
115,000 | 3.400 | 05/06/30 | 99,616 | |||||||||||
40,000 | 4.500 | 05/02/43 | 30,537 | |||||||||||
40,000 | 5.375 | 01/31/44 | 35,368 | |||||||||||
75,000 | 3.875 | 09/16/46 | 51,828 | |||||||||||
55,000 | 4.450 | 05/06/50 | 40,041 | |||||||||||
Amgen, Inc. |
||||||||||||||
200,000 | 3.625 | 05/22/24 | 199,241 | |||||||||||
200,000 | 2.600 | 08/19/26 | 189,358 | |||||||||||
200,000 | 2.200 | 02/21/27 | 184,107 | |||||||||||
200,000 | 4.663 | 06/15/51 | 187,687 | |||||||||||
BAT Capital Corp. |
||||||||||||||
100,000 | 3.462 | 09/06/29 | 86,365 | |||||||||||
Bristol-Myers Squibb Co. |
||||||||||||||
300,000 | 0.750 | 11/13/25 | 272,807 | |||||||||||
300,000 | 3.200 | 06/15/26 | 293,852 | |||||||||||
Centene Corp.(b) |
||||||||||||||
400,000 | 4.250 | 12/15/27 | 380,000 | |||||||||||
Eli Lilly & Co. |
||||||||||||||
15,000 | 3.100 | 05/15/27 | 14,573 | |||||||||||
102,000 | 3.375 | 03/15/29 | 98,884 | |||||||||||
Equifax, Inc. |
||||||||||||||
40,000 | 3.250 | 06/01/26 | 37,789 | |||||||||||
100,000 | 2.350 | 09/15/31 | 80,524 | |||||||||||
Gilead Sciences, Inc. |
||||||||||||||
500,000 | 2.800 | 10/01/50 | 342,357 | |||||||||||
Johnson & Johnson |
||||||||||||||
76,000 | 0.550 | 09/01/25 | 69,502 | |||||||||||
15,000 | 0.950 | 09/01/27 | 13,232 | |||||||||||
90,000 | 2.900 | 01/15/28 | 86,599 | |||||||||||
170,000 | 6.950 | 09/01/29 | 204,685 | |||||||||||
40,000 | 1.300 | 09/01/30 | 33,692 | |||||||||||
25,000 | 3.625 | 03/03/37 | 23,392 | |||||||||||
40,000 | 2.100 | 09/01/40 | 29,155 | |||||||||||
25,000 | 4.500 | 12/05/43 | 24,868 | |||||||||||
35,000 | 3.700 | 03/01/46 | 31,447 | |||||||||||
Kroger Co. (The) |
||||||||||||||
25,000 | 3.875 | 10/15/46 | 20,937 | |||||||||||
|
|
96 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Consumer Noncyclical – (continued) | ||||||||||||||
Laboratory Corp of America Holdings |
||||||||||||||
$ | 15,000 | 4.700 | % | 02/01/45 | $ | 13,598 | ||||||||
Merck & Co., Inc. |
||||||||||||||
100,000 | 3.600 | 09/15/42 | 86,682 | |||||||||||
250,000 | 3.700 | 02/10/45 | 216,595 | |||||||||||
Mylan, Inc. |
||||||||||||||
240,000 | 5.400 | 11/29/43 | 195,943 | |||||||||||
150,000 | 5.200 | 04/15/48 | 116,450 | |||||||||||
Pfizer, Inc. |
||||||||||||||
40,000 | 0.800 | 05/28/25 | 37,047 | |||||||||||
260,000 | 4.000 | 12/15/36 | 248,742 | |||||||||||
10,000 | 4.100 | 09/15/38 | 9,636 | |||||||||||
40,000 | 2.700 | 05/28/50 | 30,128 | |||||||||||
Philip Morris International, Inc. |
||||||||||||||
40,000 | 3.250 | 11/10/24 | 39,394 | |||||||||||
15,000 | 4.375 | 11/15/41 | 12,323 | |||||||||||
15,000 | 4.875 | 11/15/43 | 13,049 | |||||||||||
10,000 | 4.250 | 11/10/44 | 7,870 | |||||||||||
Utah Acquisition Sub, Inc. |
||||||||||||||
75,000 | 5.250 | 06/15/46 | 59,813 | |||||||||||
Viatris, Inc. |
||||||||||||||
15,000 | 4.000 | 06/22/50 | 9,736 | |||||||||||
Walgreens Boots Alliance, Inc. |
||||||||||||||
40,000 | 4.800 | 11/18/44 | 35,296 | |||||||||||
15,000 | 4.650 | 06/01/46 | 13,073 | |||||||||||
Wyeth LLC |
||||||||||||||
10,000 | 6.500 | 02/01/34 | 11,791 | |||||||||||
|
|
|||||||||||||
5,430,237 | ||||||||||||||
|
|
|||||||||||||
Consumer Products – 0.3% | ||||||||||||||
Clorox Co. (The) |
||||||||||||||
810,000 | 4.600 | 05/01/32 | 799,829 | |||||||||||
Colgate-Palmolive Co., MTN |
||||||||||||||
40,000 | 4.000 | 08/15/45 | 36,832 | |||||||||||
15,000 | 3.700 | 08/01/47 | 13,345 | |||||||||||
GSK Consumer Healthcare Capital US LLC(c) |
||||||||||||||
250,000 | 4.000 | 03/24/52 | 205,326 | |||||||||||
Procter & Gamble Co. (The) |
||||||||||||||
40,000 | 0.550 | 10/29/25 | 36,341 | |||||||||||
40,000 | 1.000 | 04/23/26 | 36,578 | |||||||||||
300,000 | 2.450 | 11/03/26 | 287,293 | |||||||||||
15,000 | 2.850 | 08/11/27 | 14,390 | |||||||||||
|
|
|||||||||||||
1,429,934 | ||||||||||||||
|
|
|||||||||||||
Distributors – 0.0% | ||||||||||||||
PACCAR Financial Corp., MTN |
||||||||||||||
76,000 | 2.650 | 04/06/23 | 75,609 | |||||||||||
|
|
|||||||||||||
Electric – 2.2% | ||||||||||||||
AEP Texas, Inc., Series G |
||||||||||||||
100,000 | 4.150 | 05/01/49 | 84,456 | |||||||||||
AEP Transmission Co. LLC |
||||||||||||||
100,000 | 3.750 | 12/01/47 | 84,233 | |||||||||||
AEP Transmission Co. LLC, Series M |
||||||||||||||
110,000 | 3.650 | 04/01/50 | 89,349 | |||||||||||
Alabama Power Co., Series 20-A |
||||||||||||||
15,000 | 1.450 | 09/15/30 | 12,195 | |||||||||||
|
|
|||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Electric – (continued) | ||||||||||||||
Alabama Power Co., Series A |
||||||||||||||
100,000 | 4.300 | 07/15/48 | 89,653 | |||||||||||
American Electric Power Co., Inc. |
||||||||||||||
300,000 | 2.300 | 03/01/30 | 252,775 | |||||||||||
40,000 | 3.250 | 03/01/50 | 28,574 | |||||||||||
American Electric Power Co., Inc., Series J |
||||||||||||||
36,000 | 4.300 | 12/01/28 | 35,035 | |||||||||||
Black Hills Corp. |
||||||||||||||
20,000 | 2.500 | 06/15/30 | 16,546 | |||||||||||
Cleco Corporate Holdings LLC |
||||||||||||||
80,000 | 3.375 | 09/15/29 | 70,587 | |||||||||||
Cleco Power LLC |
||||||||||||||
15,000 | 6.000 | 12/01/40 | 15,457 | |||||||||||
Commonwealth Edison Co. |
||||||||||||||
300,000 | 3.650 | 06/15/46 | 256,394 | |||||||||||
Commonwealth Edison Co., Series 123 |
||||||||||||||
40,000 | 3.750 | 08/15/47 | 34,888 | |||||||||||
Consolidated Edison Co. of New York, Inc. |
||||||||||||||
170,000 | 3.850 | 06/15/46 | 141,765 | |||||||||||
40,000 | 4.625 | 12/01/54 | 38,112 | |||||||||||
100,000 | 4.500 | 05/15/58 | 89,214 | |||||||||||
Consolidated Edison Co. of New York, Inc., Series 08-B |
||||||||||||||
10,000 | 6.750 | 04/01/38 | 11,453 | |||||||||||
Consolidated Edison Co. of New York, Inc., Series 12-A |
||||||||||||||
40,000 | 4.200 | 03/15/42 | 35,615 | |||||||||||
Consolidated Edison Co. of New York, Inc., Series A |
||||||||||||||
15,000 | 4.125 | 05/15/49 | 13,065 | |||||||||||
Constellation Energy Generation LLC |
||||||||||||||
220,000 | 6.250 | 10/01/39 | 233,116 | |||||||||||
Dominion Energy, Inc. |
||||||||||||||
80,000 | 4.250 | 06/01/28 | 78,673 | |||||||||||
Dominion Energy, Inc., Series C |
||||||||||||||
300,000 | 3.375 | 04/01/30 | 274,300 | |||||||||||
DTE Electric Co. |
||||||||||||||
15,000 | 3.700 | 03/15/45 | 12,783 | |||||||||||
DTE Electric Co., Series A |
||||||||||||||
40,000 | 4.000 | 04/01/43 | 35,613 | |||||||||||
DTE Energy Co.(d), Series C |
||||||||||||||
60,000 | 2.529 | 10/01/24 | 57,639 | |||||||||||
Duke Energy Carolinas LLC |
||||||||||||||
350,000 | 3.700 | 12/01/47 | 294,217 | |||||||||||
50,000 | 3.950 | 03/15/48 | 43,734 | |||||||||||
Duke Energy Corp. |
||||||||||||||
300,000 | 3.750 | 09/01/46 | 237,318 | |||||||||||
Duke Energy Florida LLC |
||||||||||||||
25,000 | 3.400 | 10/01/46 | 19,828 | |||||||||||
Duke Energy Indiana LLC |
||||||||||||||
50,000 | 6.350 | 08/15/38 | 55,730 | |||||||||||
40,000 | 6.450 | 04/01/39 | 44,993 | |||||||||||
Duke Energy Progress LLC |
||||||||||||||
100,000 | 3.450 | 03/15/29 | 94,761 | |||||||||||
15,000 | 4.100 | 05/15/42 | 13,410 | |||||||||||
Edison International |
||||||||||||||
485,000 | 5.750 | 06/15/27 | 490,976 | |||||||||||
Entergy Corp. |
||||||||||||||
50,000 | 2.800 | 06/15/30 | 42,807 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 97 |
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Schedule of Investments (continued)
August 31, 2022
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Electric – (continued) | ||||||||||||||
Entergy Louisiana LLC |
||||||||||||||
$ | 250,000 | 0.950 | % | 10/01/24 | $ | 234,894 | ||||||||
230,000 | 4.200 | 04/01/50 | 203,625 | |||||||||||
Entergy Texas, Inc. |
||||||||||||||
100,000 | 1.750 | 03/15/31 | 80,205 | |||||||||||
Evergy Kansas Central, Inc. |
||||||||||||||
40,000 | 4.250 | 12/01/45 | 35,659 | |||||||||||
Evergy Metro, Inc. |
||||||||||||||
200,000 | 4.200 | 03/15/48 | 177,667 | |||||||||||
Evergy Metro, Inc., Series 2019 |
||||||||||||||
15,000 | 4.125 | 04/01/49 | 13,085 | |||||||||||
Eversource Energy |
||||||||||||||
60,000 | 3.450 | 01/15/50 | 47,057 | |||||||||||
Exelon Corp. |
||||||||||||||
100,000 | 4.450 | 04/15/46 | 89,625 | |||||||||||
Florida Power & Light Co. |
||||||||||||||
15,000 | 3.125 | 12/01/25 | 14,704 | |||||||||||
80,000 | 4.950 | 06/01/35 | 82,770 | |||||||||||
300,000 | 5.690 | 03/01/40 | 326,965 | |||||||||||
15,000 | 4.125 | 02/01/42 | 13,985 | |||||||||||
140,000 | 4.050 | 10/01/44 | 127,073 | |||||||||||
Georgia Power Co., Series B |
||||||||||||||
400,000 | 2.650 | 09/15/29 | 349,648 | |||||||||||
15,000 | 3.700 | 01/30/50 | 11,868 | |||||||||||
Interstate Power and Light Co. |
||||||||||||||
200,000 | 2.300 | 06/01/30 | 168,687 | |||||||||||
40,000 | 3.500 | 09/30/49 | 31,321 | |||||||||||
National Rural Utilities Cooperative Finance Corp. |
||||||||||||||
40,000 | 2.400 | 03/15/30 | 34,968 | |||||||||||
100,000 | 2.750 | 04/15/32 | 87,459 | |||||||||||
300,000 | 4.023 | 11/01/32 | 287,838 | |||||||||||
NiSource, Inc. |
||||||||||||||
100,000 | 1.700 | 02/15/31 | 78,382 | |||||||||||
Northern States Power Co. |
||||||||||||||
200,000 | 4.500 | 06/01/52 | 194,752 | |||||||||||
NSTAR Electric Co. |
||||||||||||||
15,000 | 3.200 | 05/15/27 | 14,480 | |||||||||||
100,000 | 3.950 | 04/01/30 | 97,580 | |||||||||||
Ohio Power Co., Series D |
||||||||||||||
15,000 | 6.600 | 03/01/33 | 17,116 | |||||||||||
Pacific Gas and Electric Co. |
||||||||||||||
100,000 | 3.450 | 07/01/25 | 95,363 | |||||||||||
200,000 | 2.100 | 08/01/27 | 169,249 | |||||||||||
210,000 | 4.300 | 03/15/45 | 154,772 | |||||||||||
150,000 | 4.000 | 12/01/46 | 105,493 | |||||||||||
PPL Capital Funding, Inc. |
||||||||||||||
25,000 | 5.000 | 03/15/44 | 22,791 | |||||||||||
Public Service Electric and Gas Co., MTN |
||||||||||||||
100,000 | 1.900 | 08/15/31 | 83,065 | |||||||||||
300,000 | 3.800 | 03/01/46 | 259,607 | |||||||||||
100,000 | 3.000 | 03/01/51 | 75,282 | |||||||||||
Public Service Enterprise Group, Inc. |
||||||||||||||
40,000 | 2.450 | 11/15/31 | 33,344 | |||||||||||
Puget Sound Energy, Inc. |
||||||||||||||
205,000 | 4.223 | 06/15/48 | 182,578 | |||||||||||
Sempra Energy |
||||||||||||||
400,000 | 3.800 | 02/01/38 | 344,702 | |||||||||||
100,000 | 4.000 | 02/01/48 | 83,919 | |||||||||||
|
|
|||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Electric – (continued) | ||||||||||||||
Southern California Edison Co. |
||||||||||||||
40,000 | 2.850 | 08/01/29 | 35,266 | |||||||||||
Southern Co. (The) |
||||||||||||||
110,000 | 5.113 | 08/01/27 | 110,287 | |||||||||||
250,000 | 4.400 | 07/01/46 | 221,181 | |||||||||||
Southern Co. Gas Capital Corp. |
||||||||||||||
15,000 | 3.950 | 10/01/46 | 11,991 | |||||||||||
100,000 | 4.400 | 05/30/47 | 86,953 | |||||||||||
Southwestern Electric Power Co., Series L |
||||||||||||||
100,000 | 3.850 | 02/01/48 | 79,784 | |||||||||||
Tucson Electric Power Co. |
||||||||||||||
300,000 | 4.850 | 12/01/48 | 290,965 | |||||||||||
Union Electric Co. |
||||||||||||||
100,000 | 3.500 | 03/15/29 | 95,716 | |||||||||||
Virginia Electric and Power Co., Series A |
||||||||||||||
100,000 | 3.500 | 03/15/27 | 97,409 | |||||||||||
Virginia Electric and Power Co., Series B |
||||||||||||||
100,000 | 6.000 | 01/15/36 | 108,868 | |||||||||||
Virginia Electric and Power Co., Series C |
||||||||||||||
100,000 | 4.000 | 11/15/46 | 88,312 | |||||||||||
Xcel Energy, Inc. |
||||||||||||||
400,000 | 1.750 | 03/15/27 | 357,267 | |||||||||||
|
|
|||||||||||||
9,444,841 | ||||||||||||||
|
|
|||||||||||||
Energy – 1.8% | ||||||||||||||
Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc. |
||||||||||||||
200,000 | 4.080 | 12/15/47 | 166,119 | |||||||||||
Boardwalk Pipelines LP |
||||||||||||||
100,000 | 4.800 | 05/03/29 | 96,250 | |||||||||||
BP Capital Markets America, Inc. |
||||||||||||||
300,000 | 4.234 | 11/06/28 | 297,925 | |||||||||||
Cheniere Corpus Christi Holdings LLC |
||||||||||||||
80,000 | 5.875 | 03/31/25 | 81,700 | |||||||||||
40,000 | 5.125 | 06/30/27 | 39,950 | |||||||||||
300,000 | 2.742 | 12/31/39 | 231,401 | |||||||||||
Chevron Corp. |
||||||||||||||
40,000 | 2.895 | 03/03/24 | 39,534 | |||||||||||
300,000 | 3.326 | 11/17/25 | 297,379 | |||||||||||
Chevron USA, Inc. |
||||||||||||||
40,000 | 3.900 | 11/15/24 | 40,240 | |||||||||||
200,000 | 2.343 | 08/12/50 | 138,346 | |||||||||||
Coterra Energy, Inc.(c) |
||||||||||||||
390,000 | 4.375 | 06/01/24 | 388,050 | |||||||||||
Devon Energy Corp. |
||||||||||||||
9,000 | 4.500 | 01/15/30 | 8,674 | |||||||||||
Energy Transfer LP |
||||||||||||||
100,000 | 4.250 | 04/01/24 | 99,375 | |||||||||||
140,000 | 3.750 | 05/15/30 | 126,815 | |||||||||||
75,000 | 6.125 | 12/15/45 | 72,844 | |||||||||||
225,000 | 5.300 | 04/15/47 | 197,512 | |||||||||||
55,000 | 6.250 | 04/15/49 | 54,279 | |||||||||||
Energy Transfer LP / Regency Energy Finance Corp. |
||||||||||||||
120,000 | 4.500 | 11/01/23 | 120,150 | |||||||||||
Enterprise Products Operating LLC |
||||||||||||||
100,000 | 2.800 | 01/31/30 | 88,215 | |||||||||||
160,000 | 4.850 | 08/15/42 | 151,375 | |||||||||||
60,000 | 4.200 | 01/31/50 | 50,916 | |||||||||||
15,000 | 3.950 | 01/31/60 | 11,689 | |||||||||||
|
|
98 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Energy – (continued) | ||||||||||||||
Enterprise Products Operating LLC, Series D |
||||||||||||||
$ | 80,000 | 6.875 | % | 03/01/33 | $ | 91,044 | ||||||||
EOG Resources, Inc. |
||||||||||||||
60,000 | 3.900 | 04/01/35 | 55,336 | |||||||||||
Exxon Mobil Corp. |
||||||||||||||
25,000 | 1.571 | 04/15/23 | 24,713 | |||||||||||
75,000 | 2.709 | 03/06/25 | 72,966 | |||||||||||
200,000 | 2.275 | 08/16/26 | 189,330 | |||||||||||
200,000 | 4.227 | 03/19/40 | 190,144 | |||||||||||
Halliburton Co. |
||||||||||||||
50,000 | 5.000 | 11/15/45 | 45,750 | |||||||||||
Hess Corp. |
||||||||||||||
120,000 | 4.300 | 04/01/27 | 117,619 | |||||||||||
55,000 | 6.000 | 01/15/40 | 56,512 | |||||||||||
75,000 | 5.600 | 02/15/41 | 73,313 | |||||||||||
100,000 | 5.800 | 04/01/47 | 100,199 | |||||||||||
Kinder Morgan Energy Partners LP |
||||||||||||||
300,000 | 7.300 | 08/15/33 | 333,071 | |||||||||||
Kinder Morgan, Inc. |
||||||||||||||
40,000 | 4.300 | 06/01/25 | 39,874 | |||||||||||
56,000 | 2.000 | 02/15/31 | 44,408 | |||||||||||
200,000 | 5.200 | 03/01/48 | 187,204 | |||||||||||
Magellan Midstream Partners LP |
||||||||||||||
315,000 | 4.200 | 10/03/47 | 255,963 | |||||||||||
Marathon Oil Corp. |
||||||||||||||
300,000 | 6.800 | 03/15/32 | 321,750 | |||||||||||
MPLX LP |
||||||||||||||
100,000 | 4.875 | 12/01/24 | 100,845 | |||||||||||
200,000 | 1.750 | 03/01/26 | 181,000 | |||||||||||
500,000 | 2.650 | 08/15/30 | 418,125 | |||||||||||
140,000 | 4.700 | 04/15/48 | 120,645 | |||||||||||
100,000 | 5.500 | 02/15/49 | 95,825 | |||||||||||
NOV, Inc. |
||||||||||||||
15,000 | 3.950 | 12/01/42 | 10,987 | |||||||||||
ONEOK Partners LP |
||||||||||||||
15,000 | 6.650 | 10/01/36 | 15,171 | |||||||||||
ONEOK, Inc. |
||||||||||||||
80,000 | 2.200 | 09/15/25 | 74,179 | |||||||||||
100,000 | 3.400 | 09/01/29 | 88,781 | |||||||||||
25,000 | 6.350 | 01/15/31 | 26,049 | |||||||||||
140,000 | 5.200 | 07/15/48 | 126,416 | |||||||||||
Ovintiv, Inc. |
||||||||||||||
40,000 | 7.375 | 11/01/31 | 43,824 | |||||||||||
65,000 | 6.500 | 08/15/34 | 67,437 | |||||||||||
Plains All American Pipeline LP / PAA Finance Corp. |
||||||||||||||
100,000 | 3.850 | 10/15/23 | 99,289 | |||||||||||
90,000 | 3.600 | 11/01/24 | 88,009 | |||||||||||
50,000 | 4.650 | 10/15/25 | 49,518 | |||||||||||
40,000 | 4.500 | 12/15/26 | 38,991 | |||||||||||
92,000 | 3.550 | 12/15/29 | 80,598 | |||||||||||
35,000 | 6.700 | 05/15/36 | 34,840 | |||||||||||
40,000 | 6.650 | 01/15/37 | 40,182 | |||||||||||
15,000 | 4.700 | 06/15/44 | 11,898 | |||||||||||
Sabine Pass Liquefaction LLC |
||||||||||||||
120,000 | 5.750 | 05/15/24 | 121,791 | |||||||||||
110,000 | 5.625 | 03/01/25 | 112,131 | |||||||||||
|
|
|||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Energy – (continued) | ||||||||||||||
Sabine Pass Liquefaction LLC – (continued) |
||||||||||||||
120,000 | 4.200 | 03/15/28 | 115,200 | |||||||||||
15,000 | 4.500 | 05/15/30 | 14,363 | |||||||||||
Schlumberger Investment SA |
||||||||||||||
50,000 | 3.650 | 12/01/23 | 49,918 | |||||||||||
Spectra Energy Partners LP |
||||||||||||||
125,000 | 3.375 | 10/15/26 | 119,468 | |||||||||||
Transcontinental Gas Pipe Line Co. LLC |
||||||||||||||
50,000 | 5.400 | 08/15/41 | 49,836 | |||||||||||
40,000 | 3.950 | 05/15/50 | 33,533 | |||||||||||
Valero Energy Corp. |
||||||||||||||
200,000 | 3.400 | 09/15/26 | 195,406 | |||||||||||
15,000 | 4.900 | 03/15/45 | 13,950 | |||||||||||
Williams Cos., Inc. (The) |
||||||||||||||
200,000 | 3.750 | 06/15/27 | 193,053 | |||||||||||
15,000 | 6.300 | 04/15/40 | 16,132 | |||||||||||
|
|
|||||||||||||
7,845,324 | ||||||||||||||
|
|
|||||||||||||
Financial Company – 0.3% | ||||||||||||||
Aircastle Ltd. |
||||||||||||||
80,000 | 5.000 | 04/01/23 | 79,923 | |||||||||||
15,000 | 4.250 | 06/15/26 | 13,911 | |||||||||||
Ally Financial, Inc. |
||||||||||||||
205,000 | 5.125 | 09/30/24 | 207,465 | |||||||||||
325,000 | 5.750 | 11/20/25 | 329,026 | |||||||||||
80,000 | 8.000 | 11/01/31 | 89,119 | |||||||||||
60,000 | 8.000 | 11/01/31 | 66,094 | |||||||||||
GE Capital Funding LLC |
||||||||||||||
300,000 | 4.550 | 05/15/32 | 289,043 | |||||||||||
GE Capital International Funding Co. Unlimited |
||||||||||||||
200,000 | 4.418 | 11/15/35 | 188,373 | |||||||||||
Lazard Group LLC |
||||||||||||||
110,000 | 4.500 | 09/19/28 | 104,596 | |||||||||||
|
|
|||||||||||||
1,367,550 | ||||||||||||||
|
|
|||||||||||||
Food and Beverage – 0.8% | ||||||||||||||
Coca-Cola Co. (The) |
||||||||||||||
155,000 | 1.750 | 09/06/24 | 149,819 | |||||||||||
650,000 | 3.000 | 03/05/51 | 511,113 | |||||||||||
Constellation Brands, Inc. |
||||||||||||||
40,000 | 3.150 | 08/01/29 | 36,021 | |||||||||||
730,000 | 4.750 | 05/09/32 | 720,137 | |||||||||||
Hershey Co. (The) |
||||||||||||||
40,000 | 3.375 | 08/15/46 | 33,615 | |||||||||||
100,000 | 3.125 | 11/15/49 | 79,438 | |||||||||||
J M Smucker Co. (The) |
||||||||||||||
40,000 | 2.125 | 03/15/32 | 32,293 | |||||||||||
15,000 | 4.375 | 03/15/45 | 12,979 | |||||||||||
100,000 | 3.550 | 03/15/50 | 74,785 | |||||||||||
Kellogg Co. |
||||||||||||||
60,000 | 2.650 | 12/01/23 | 59,145 | |||||||||||
100,000 | 4.500 | 04/01/46 | 91,333 | |||||||||||
Keurig Dr Pepper, Inc. |
||||||||||||||
39,000 | 4.417 | 05/25/25 | 39,129 | |||||||||||
100,000 | 4.420 | 12/15/46 | 88,251 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 99 |
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Schedule of Investments (continued)
August 31, 2022
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Food and Beverage – (continued) | ||||||||||||||
Kraft Heinz Foods Co. |
||||||||||||||
$ | 159,000 | 3.000 | % | 06/01/26 | $ | 150,889 | ||||||||
40,000 | 3.875 | 05/15/27 | 38,648 | |||||||||||
80,000 | 3.750 | 04/01/30 | 74,285 | |||||||||||
22,000 | 5.000 | 07/15/35 | 21,464 | |||||||||||
300,000 | 5.200 | 07/15/45 | 283,241 | |||||||||||
110,000 | 4.375 | 06/01/46 | 94,365 | |||||||||||
40,000 | 4.875 | 10/01/49 | 36,444 | |||||||||||
Molson Coors Beverage Co. |
||||||||||||||
120,000 | 4.200 | 07/15/46 | 99,173 | |||||||||||
PepsiCo, Inc. |
||||||||||||||
300,000 | 0.400 | 10/07/23 | 289,482 | |||||||||||
40,000 | 3.500 | 07/17/25 | 39,742 | |||||||||||
146,000 | 2.750 | 03/19/30 | 134,111 | |||||||||||
Sysco Corp. |
||||||||||||||
80,000 | 2.400 | 02/15/30 | 68,850 | |||||||||||
Tyson Foods, Inc. |
||||||||||||||
40,000 | 3.550 | 06/02/27 | 38,411 | |||||||||||
|
|
|||||||||||||
3,297,163 | ||||||||||||||
|
|
|||||||||||||
Hardware – 0.1% | ||||||||||||||
Micron Technology, Inc. |
||||||||||||||
400,000 | 3.366 | 11/01/41 | 286,353 | |||||||||||
Xilinx, Inc. |
||||||||||||||
40,000 | 2.950 | 06/01/24 | 39,451 | |||||||||||
|
|
|||||||||||||
325,804 | ||||||||||||||
|
|
|||||||||||||
Healthcare – 0.9% | ||||||||||||||
Aetna, Inc. |
||||||||||||||
40,000 | 4.750 | 03/15/44 | 36,640 | |||||||||||
Cigna Corp. |
||||||||||||||
400,000 | 4.375 | 10/15/28 | 394,118 | |||||||||||
CVS Health Corp. |
||||||||||||||
200,000 | 3.250 | 08/15/29 | 183,291 | |||||||||||
76,000 | 1.750 | 08/21/30 | 61,394 | |||||||||||
280,000 | 4.780 | 03/25/38 | 267,492 | |||||||||||
70,000 | 5.050 | 03/25/48 | 67,596 | |||||||||||
100,000 | 4.250 | 04/01/50 | 86,069 | |||||||||||
Elevance Health, Inc. |
||||||||||||||
150,000 | 2.550 | 03/15/31 | 128,528 | |||||||||||
15,000 | 4.650 | 08/15/44 | 14,278 | |||||||||||
40,000 | 4.850 | 08/15/54 | 37,901 | |||||||||||
Evernorth Health, Inc. |
||||||||||||||
120,000 | 4.500 | 02/25/26 | 120,595 | |||||||||||
HCA, Inc. |
||||||||||||||
80,000 | 5.375 | 02/01/25 | 80,900 | |||||||||||
40,000 | 5.250 | 04/15/25 | 40,400 | |||||||||||
70,000 | 5.875 | 02/15/26 | 71,662 | |||||||||||
46,000 | 5.250 | 06/15/26 | 46,288 | |||||||||||
90,000 | 5.375 | 09/01/26 | 90,788 | |||||||||||
40,000 | 4.500 | 02/15/27 | 39,175 | |||||||||||
25,000 | 5.625 | 09/01/28 | 25,281 | |||||||||||
785,000 | 5.875 | 02/01/29 | 803,644 | |||||||||||
75,000 | 4.125 | 06/15/29 | 70,031 | |||||||||||
40,000 | 5.500 | 06/15/47 | 37,300 | |||||||||||
Humana, Inc. |
||||||||||||||
100,000 | 2.150 | 02/03/32 | 81,198 | |||||||||||
|
|
|||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Healthcare – (continued) | ||||||||||||||
McKesson Corp. |
||||||||||||||
200,000 | 3.950 | 02/16/28 | 195,096 | |||||||||||
Quest Diagnostics, Inc. |
||||||||||||||
100,000 | 2.800 | 06/30/31 | 85,282 | |||||||||||
Stanford Health Care |
||||||||||||||
100,000 | 3.027 | 08/15/51 | 74,902 | |||||||||||
UnitedHealth Group, Inc. |
||||||||||||||
250,000 | 4.625 | 07/15/35 | 250,578 | |||||||||||
250,000 | 4.750 | 07/15/45 | 249,050 | |||||||||||
450,000 | 3.750 | 10/15/47 | 388,268 | |||||||||||
25,000 | 2.900 | 05/15/50 | 18,500 | |||||||||||
|
|
|||||||||||||
4,046,245 | ||||||||||||||
|
|
|||||||||||||
Insurance – 0.6% | ||||||||||||||
Aflac, Inc. |
||||||||||||||
15,000 | 3.625 | 11/15/24 | 14,936 | |||||||||||
American International Group, Inc. |
||||||||||||||
100,000 | 3.900 | 04/01/26 | 98,835 | |||||||||||
AON Global Ltd. |
||||||||||||||
100,000 | 4.600 | 06/14/44 | 91,574 | |||||||||||
Arch Capital Group Ltd. |
||||||||||||||
90,000 | 3.635 | 06/30/50 | 70,140 | |||||||||||
Arch Capital Group US, Inc. |
||||||||||||||
40,000 | 5.144 | 11/01/43 | 38,562 | |||||||||||
Assurant, Inc. |
||||||||||||||
100,000 | 2.650 | 01/15/32 | 78,097 | |||||||||||
AXIS Specialty Finance LLC |
||||||||||||||
40,000 | 3.900 | 07/15/29 | 37,253 | |||||||||||
Brighthouse Financial, Inc. |
||||||||||||||
40,000 | 5.625 | 05/15/30 | 39,572 | |||||||||||
Chubb INA Holdings, Inc. |
||||||||||||||
150,000 | 3.350 | 05/03/26 | 146,742 | |||||||||||
100,000 | 1.375 | 09/15/30 | 80,335 | |||||||||||
CNO Financial Group, Inc. |
||||||||||||||
200,000 | 5.250 | 05/30/29 | 194,500 | |||||||||||
Fidelity National Financial, Inc. |
||||||||||||||
230,000 | 3.400 | 06/15/30 | 199,143 | |||||||||||
Hartford Financial Services Group, Inc. (The) |
||||||||||||||
30,000 | 3.600 | 08/19/49 | 23,849 | |||||||||||
Marsh & McLennan Cos., Inc. |
||||||||||||||
80,000 | 3.500 | 06/03/24 | 79,369 | |||||||||||
100,000 | 2.375 | 12/15/31 | 84,460 | |||||||||||
100,000 | 4.350 | 01/30/47 | 92,247 | |||||||||||
MetLife, Inc. |
||||||||||||||
15,000 | 4.125 | 08/13/42 | 13,552 | |||||||||||
80,000 | 4.600 | 05/13/46 | 77,340 | |||||||||||
PartnerRe Finance B LLC |
||||||||||||||
150,000 | 3.700 | 07/02/29 | 140,317 | |||||||||||
(US 5 Year CMT T-Note + 3.815%) |
||||||||||||||
300,000 | 4.500 | (b) | 10/01/50 | 270,422 | ||||||||||
Prudential Financial, Inc. |
||||||||||||||
40,000 | 3.935 | 12/07/49 | 34,896 | |||||||||||
Prudential Financial, Inc., MTN |
||||||||||||||
15,000 | 6.625 | 06/21/40 | 17,233 | |||||||||||
15,000 | 4.350 | 02/25/50 | 14,033 | |||||||||||
60,000 | 3.700 | 03/13/51 | 49,913 | |||||||||||
|
|
100 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Insurance – (continued) | ||||||||||||||
Reinsurance Group of America, Inc. |
||||||||||||||
$ | 430,000 | 3.900 | % | 05/15/29 | $ | 403,205 | ||||||||
Travelers Cos., Inc. (The) |
||||||||||||||
150,000 | 3.750 | 05/15/46 | 129,431 | |||||||||||
Voya Financial, Inc.(b) |
||||||||||||||
(3M USD LIBOR + 2.084%) |
||||||||||||||
40,000 | 4.700 | 01/23/48 | 33,310 | |||||||||||
W R Berkley Corp. |
||||||||||||||
40,000 | 4.750 | 08/01/44 | 37,088 | |||||||||||
Willis North America, Inc. |
||||||||||||||
200,000 | 5.050 | 09/15/48 | 185,203 | |||||||||||
|
|
|||||||||||||
2,775,557 | ||||||||||||||
|
|
|||||||||||||
Metals – 0.2% | ||||||||||||||
Nucor Corp. |
||||||||||||||
500,000 | 3.950 | 05/23/25 | 496,463 | |||||||||||
Steel Dynamics, Inc. |
||||||||||||||
80,000 | 3.450 | 04/15/30 | 71,700 | |||||||||||
145,000 | 3.250 | 01/15/31 | 126,331 | |||||||||||
|
|
|||||||||||||
694,494 | ||||||||||||||
|
|
|||||||||||||
Metals and Mining – 0.0% | ||||||||||||||
Reliance Steel & Aluminum Co. |
||||||||||||||
80,000 | 4.500 | 04/15/23 | 80,006 | |||||||||||
|
|
|||||||||||||
REITs and Real Estate – 0.7% | ||||||||||||||
Alexandria Real Estate Equities, Inc. |
||||||||||||||
100,000 | 3.375 | 08/15/31 | 88,954 | |||||||||||
CBRE Services, Inc. |
||||||||||||||
129,000 | 2.500 | 04/01/31 | 104,060 | |||||||||||
Corporate Office Properties LP |
||||||||||||||
490,000 | 2.750 | 04/15/31 | 386,001 | |||||||||||
Digital Realty Trust LP |
||||||||||||||
40,000 | 3.700 | 08/15/27 | 38,221 | |||||||||||
Duke Realty LP |
||||||||||||||
80,000 | 4.000 | 09/15/28 | 77,783 | |||||||||||
Equinix, Inc. |
||||||||||||||
95,000 | 3.000 | 07/15/50 | 65,023 | |||||||||||
GLP Capital LP / GLP Financing II, Inc. |
||||||||||||||
50,000 | 3.350 | 09/01/24 | 47,739 | |||||||||||
90,000 | 5.250 | 06/01/25 | 88,973 | |||||||||||
40,000 | 5.750 | 06/01/28 | 39,783 | |||||||||||
255,000 | 4.000 | 01/15/30 | 224,951 | |||||||||||
72,000 | 4.000 | 01/15/31 | 62,469 | |||||||||||
Healthcare Realty Holdings LP |
||||||||||||||
410,000 | 2.000 | 03/15/31 | 321,104 | |||||||||||
Life Storage LP |
||||||||||||||
140,000 | 2.400 | 10/15/31 | 112,280 | |||||||||||
Mid-America Apartments LP |
||||||||||||||
100,000 | 2.875 | 09/15/51 | 69,845 | |||||||||||
Prologis LP |
||||||||||||||
200,000 | 2.250 | 04/15/30 | 174,179 | |||||||||||
40,000 | 1.250 | 10/15/30 | 32,067 | |||||||||||
120,000 | 2.125 | 10/15/50 | 76,670 | |||||||||||
Public Storage |
||||||||||||||
60,000 | 3.094 | 09/15/27 | 57,349 | |||||||||||
|
|
|||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
REITs and Real Estate – (continued) | ||||||||||||||
Sabra Health Care LP |
||||||||||||||
85,000 | 5.125 | 08/15/26 | 82,492 | |||||||||||
100,000 | 3.200 | 12/01/31 | 79,681 | |||||||||||
Simon Property Group LP |
||||||||||||||
100,000 | 3.750 | 02/01/24 | 99,488 | |||||||||||
200,000 | 2.450 | 09/13/29 | 171,964 | |||||||||||
100,000 | 2.200 | 02/01/31 | 82,066 | |||||||||||
10,000 | 6.750 | 02/01/40 | 11,307 | |||||||||||
UDR, Inc., MTN |
||||||||||||||
100,000 | 1.900 | 03/15/33 | 75,202 | |||||||||||
Welltower, Inc. |
||||||||||||||
200,000 | 4.000 | 06/01/25 | 197,844 | |||||||||||
200,000 | 4.250 | 04/15/28 | 195,353 | |||||||||||
|
|
|||||||||||||
3,062,848 | ||||||||||||||
|
|
|||||||||||||
Revenue – 0.1% | ||||||||||||||
California Institute of Technology |
||||||||||||||
15,000 | 3.650 | 09/01/19 | 11,145 | |||||||||||
Hackensack Meridian Health, Inc., Series 2020 |
||||||||||||||
15,000 | 2.675 | 09/01/41 | 11,178 | |||||||||||
University of Chicago (The), Series 20B |
||||||||||||||
40,000 | 2.761 | 04/01/45 | 31,904 | |||||||||||
Yale University, Series 2020 |
||||||||||||||
190,000 | 1.482 | 04/15/30 | 159,543 | |||||||||||
80,000 | 2.402 | 04/15/50 | 56,950 | |||||||||||
|
|
|||||||||||||
270,720 | ||||||||||||||
|
|
|||||||||||||
Technology – 1.6% | ||||||||||||||
Adobe, Inc. |
||||||||||||||
40,000 | 2.300 | 02/01/30 | 35,414 | |||||||||||
Alphabet, Inc. |
||||||||||||||
15,000 | 1.998 | 08/15/26 | 14,128 | |||||||||||
100,000 | 2.250 | 08/15/60 | 63,876 | |||||||||||
Apple, Inc. |
||||||||||||||
45,000 | 2.400 | 05/03/23 | 44,626 | |||||||||||
90,000 | 3.450 | 05/06/24 | 89,770 | |||||||||||
400,000 | 1.800 | 09/11/24 | 385,788 | |||||||||||
40,000 | 2.500 | 02/09/25 | 38,920 | |||||||||||
50,000 | 3.200 | 05/13/25 | 49,364 | |||||||||||
40,000 | 2.450 | 08/04/26 | 38,061 | |||||||||||
15,000 | 3.350 | 02/09/27 | 14,751 | |||||||||||
15,000 | 3.200 | 05/11/27 | 14,641 | |||||||||||
60,000 | 2.900 | 09/12/27 | 57,432 | |||||||||||
40,000 | 1.650 | 02/08/31 | 33,236 | |||||||||||
160,000 | 4.500 | 02/23/36 | 166,092 | |||||||||||
80,000 | 3.850 | 05/04/43 | 73,658 | |||||||||||
80,000 | 4.450 | 05/06/44 | 79,583 | |||||||||||
300,000 | 4.650 | 02/23/46 | 306,789 | |||||||||||
50,000 | 3.750 | 11/13/47 | 44,892 | |||||||||||
300,000 | 2.650 | 02/08/51 | 220,013 | |||||||||||
160,000 | 2.550 | 08/20/60 | 107,204 | |||||||||||
Applied Materials, Inc. |
||||||||||||||
125,000 | 3.900 | 10/01/25 | 125,182 | |||||||||||
256,000 | 3.300 | 04/01/27 | 250,677 | |||||||||||
Broadcom Corp. / Broadcom Cayman Finance Ltd. |
||||||||||||||
160,000 | 3.625 | 01/15/24 | 158,838 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 101 |
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Schedule of Investments (continued)
August 31, 2022
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Technology – (continued) | ||||||||||||||
Broadcom, Inc.(c) |
||||||||||||||
$ | 90,000 | 3.469 | % | 04/15/34 | $ | 73,197 | ||||||||
60,000 | 3.187 | 11/15/36 | 44,443 | |||||||||||
160,000 | 3.500 | 02/15/41 | 120,724 | |||||||||||
Corning, Inc. |
||||||||||||||
125,000 | 5.350 | 11/15/48 | 126,238 | |||||||||||
45,000 | 4.375 | 11/15/57 | 37,913 | |||||||||||
Dell International LLC / EMC Corp. |
||||||||||||||
100,000 | 6.020 | 06/15/26 | 104,180 | |||||||||||
100,000 | 8.350 | 07/15/46 | 121,676 | |||||||||||
Fiserv, Inc. |
||||||||||||||
250,000 | 4.400 | 07/01/49 | 217,245 | |||||||||||
Hewlett Packard Enterprise Co. |
||||||||||||||
100,000 | 6.350 | 10/15/45 | 100,687 | |||||||||||
HP, Inc. |
||||||||||||||
15,000 | 6.000 | 09/15/41 | 14,807 | |||||||||||
Intel Corp. |
||||||||||||||
120,000 | 2.875 | 05/11/24 | 118,290 | |||||||||||
200,000 | 3.700 | 07/29/25 | 199,165 | |||||||||||
80,000 | 3.734 | 12/08/47 | 65,283 | |||||||||||
International Business Machines Corp. |
||||||||||||||
15,000 | 5.875 | 11/29/32 | 16,357 | |||||||||||
150,000 | 4.150 | 05/15/39 | 134,968 | |||||||||||
250,000 | 4.000 | 06/20/42 | 216,346 | |||||||||||
Jabil, Inc. |
||||||||||||||
80,000 | 3.600 | 01/15/30 | 70,380 | |||||||||||
KLA Corp. |
||||||||||||||
60,000 | 3.300 | 03/01/50 | 47,076 | |||||||||||
Kyndryl Holdings, Inc.(c) |
||||||||||||||
341,000 | 2.700 | 10/15/28 | 264,068 | |||||||||||
100,000 | 3.150 | 10/15/31 | 70,090 | |||||||||||
100,000 | 4.100 | 10/15/41 | 61,933 | |||||||||||
Lam Research Corp. |
||||||||||||||
40,000 | 3.125 | 06/15/60 | 29,456 | |||||||||||
Leidos, Inc. |
||||||||||||||
100,000 | 4.375 | 05/15/30 | 92,875 | |||||||||||
Microsoft Corp. |
||||||||||||||
40,000 | 2.000 | 08/08/23 | 39,383 | |||||||||||
100,000 | 2.875 | 02/06/24 | 99,004 | |||||||||||
65,000 | 3.300 | 02/06/27 | 63,919 | |||||||||||
15,000 | 3.500 | 02/12/35 | 14,352 | |||||||||||
290,000 | 4.200 | 11/03/35 | 294,749 | |||||||||||
220,000 | 4.250 | 02/06/47 | 219,755 | |||||||||||
200,000 | 4.000 | 02/12/55 | 190,124 | |||||||||||
20,000 | 2.675 | 06/01/60 | 14,206 | |||||||||||
Motorola Solutions, Inc. |
||||||||||||||
720,000 | 2.750 | 05/24/31 | 589,387 | |||||||||||
QUALCOMM, Inc. |
||||||||||||||
250,000 | 4.300 | 05/20/47 | 237,584 | |||||||||||
VeriSign, Inc. |
||||||||||||||
350,000 | 2.700 | 06/15/31 | 289,625 | |||||||||||
Western Digital Corp. |
||||||||||||||
50,000 | 4.750 | 02/15/26 | 48,250 | |||||||||||
|
|
|||||||||||||
6,860,670 | ||||||||||||||
|
|
|||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Transportation – 0.1% | ||||||||||||||
FedEx Corp. |
||||||||||||||
40,000 | 3.900 | 02/01/35 | 35,958 | |||||||||||
40,000 | 4.400 | 01/15/47 | 35,410 | |||||||||||
40,000 | 4.950 | 10/17/48 | 38,378 | |||||||||||
Norfolk Southern Corp. |
||||||||||||||
120,000 | 3.050 | 05/15/50 | 89,187 | |||||||||||
Southwest Airlines Co. |
||||||||||||||
40,000 | 5.250 | 05/04/25 | 40,993 | |||||||||||
Union Pacific Corp. |
||||||||||||||
40,000 | 3.700 | 03/01/29 | 38,960 | |||||||||||
70,000 | 4.050 | 03/01/46 | 63,169 | |||||||||||
10,000 | 4.500 | 09/10/48 | 9,471 | |||||||||||
80,000 | 3.799 | 10/01/51 | 68,844 | |||||||||||
60,000 | 3.839 | 03/20/60 | 50,586 | |||||||||||
15,000 | 3.750 | 02/05/70 | 11,971 | |||||||||||
Union Pacific Railroad Co. Pass-Through Trust, Series 2015-1 |
||||||||||||||
75,966 | 2.695 | 05/12/27 | 70,863 | |||||||||||
United Parcel Service, Inc. |
||||||||||||||
40,000 | 3.625 | 10/01/42 | 34,996 | |||||||||||
15,000 | 4.250 | 03/15/49 | 14,514 | |||||||||||
15,000 | 5.300 | 04/01/50 | 16,691 | |||||||||||
|
|
|||||||||||||
619,991 | ||||||||||||||
|
|
|||||||||||||
Water – 0.0% | ||||||||||||||
American Water Capital Corp. |
||||||||||||||
105,000 | 3.750 | 09/01/47 | 89,299 | |||||||||||
40,000 | 4.200 | 09/01/48 | 36,210 | |||||||||||
Essential Utilities, Inc. |
||||||||||||||
100,000 | 3.351 | 04/15/50 | 74,022 | |||||||||||
|
|
|||||||||||||
199,531 | ||||||||||||||
|
|
|||||||||||||
Wireless – 1.1% | ||||||||||||||
American Tower Corp. |
||||||||||||||
200,000 | 3.375 | 10/15/26 | 189,208 | |||||||||||
40,000 | 3.950 | 03/15/29 | 37,480 | |||||||||||
100,000 | 3.700 | 10/15/49 | 76,598 | |||||||||||
20,000 | 3.100 | 06/15/50 | 13,966 | |||||||||||
AT&T, Inc. |
||||||||||||||
50,000 | 0.900 | 03/25/24 | 47,913 | |||||||||||
320,000 | 2.750 | 06/01/31 | 272,218 | |||||||||||
500,000 | 2.250 | 02/01/32 | 403,359 | |||||||||||
250,000 | 4.500 | 05/15/35 | 234,924 | |||||||||||
400,000 | 3.500 | 06/01/41 | 314,584 | |||||||||||
140,000 | 3.650 | 06/01/51 | 107,277 | |||||||||||
300,000 | 3.500 | 09/15/53 | 221,562 | |||||||||||
310,000 | 3.550 | 09/15/55 | 227,814 | |||||||||||
Crown Castle, Inc. |
||||||||||||||
20,000 | 3.150 | 07/15/23 | 19,883 | |||||||||||
40,000 | 3.300 | 07/01/30 | 35,751 | |||||||||||
140,000 | 4.150 | 07/01/50 | 116,961 | |||||||||||
T-Mobile USA, Inc. |
||||||||||||||
400,000 | 3.750 | 04/15/27 | 382,684 | |||||||||||
400,000 | 4.500 | 04/15/50 | 349,240 | |||||||||||
Verizon Communications, Inc. |
||||||||||||||
200,000 | 1.450 | 03/20/26 | 182,655 | |||||||||||
200,000 | 2.625 | 08/15/26 | 188,543 | |||||||||||
|
|
102 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Wireless – (continued) | ||||||||||||||
Verizon Communications, Inc. – (continued) |
||||||||||||||
$ | 200,000 | 4.125 | % | 03/16/27 | $ | 198,832 | ||||||||
200,000 | 4.329 | 09/21/28 | 197,322 | |||||||||||
200,000 | 4.016 | 12/03/29 | 192,308 | |||||||||||
500,000 | 2.550 | 03/21/31 | 421,087 | |||||||||||
200,000 | 2.987 | 10/30/56 | 134,915 | |||||||||||
|
|
|||||||||||||
4,567,084 | ||||||||||||||
|
|
|||||||||||||
TOTAL CORPORATE OBLIGATIONS | ||||||||||||||
(Cost $98,241,402) | $ | 88,257,334 | ||||||||||||
|
|
|||||||||||||
U.S. Treasury Bonds – 6.7%(e) | ||||||||||||||
U.S. Treasury Bonds |
||||||||||||||
$ | 6,220,000 | 4.375 | % | 02/15/38 | $ | 7,105,936 | ||||||||
8,003,000 | 3.875 | 08/15/40 | 8,478,121 | |||||||||||
11,965,000 | 2.500 | 02/15/45 | 9,900,131 | |||||||||||
2,754,000 | 2.500 | 05/15/46 | 2,271,509 | |||||||||||
1,800,000 | 2.250 | 02/15/52 | 1,438,896 | |||||||||||
|
|
|||||||||||||
TOTAL U.S. TREASURY BONDS | ||||||||||||||
(Cost $35,231,161) | $ | 29,194,593 | ||||||||||||
|
|
|||||||||||||
Foreign Corporate Debt – 5.0% | ||||||||||||||
Banks – 2.1% | ||||||||||||||
Banco Bilbao Vizcaya Argentaria SA (Spain) |
||||||||||||||
$ | 200,000 | 0.875 | % | 09/18/23 | $ | 193,059 | ||||||||
200,000 | 1.125 | 09/18/25 | 181,020 | |||||||||||
Banco Santander SA (Spain) |
||||||||||||||
800,000 | 3.892 | 05/24/24 | 794,640 | |||||||||||
200,000 | 1.849 | 03/25/26 | 178,119 | |||||||||||
200,000 | 3.800 | 02/23/28 | 182,907 | |||||||||||
Bank of Montreal(b) (Canada) |
||||||||||||||
(5 Year USD Swap + 1.432%) |
||||||||||||||
110,000 | 3.803 | 12/15/32 | 101,062 | |||||||||||
Bank of Montreal, MTN (Canada) |
||||||||||||||
200,000 | 2.500 | 06/28/24 | 195,237 | |||||||||||
Bank of Nova Scotia (The) (Canada) |
||||||||||||||
200,000 | 3.400 | 02/11/24 | 198,379 | |||||||||||
Barclays PLC (United Kingdom) |
||||||||||||||
200,000 | 4.375 | 09/11/24 | 197,658 | |||||||||||
200,000 | 5.200 | 05/12/26 | 198,170 | |||||||||||
Canadian Imperial Bank of Commerce (Canada) |
||||||||||||||
70,000 | 0.450 | 06/22/23 | 68,180 | |||||||||||
100,000 | 0.950 | 06/23/23 | 97,747 | |||||||||||
130,000 | 3.500 | 09/13/23 | 129,500 | |||||||||||
Credit Suisse Group AG (Switzerland) |
||||||||||||||
400,000 | 3.750 | 03/26/25 | 382,539 | |||||||||||
Deutsche Bank AG(b) (Germany) |
||||||||||||||
(SOFR + 2.159%) |
||||||||||||||
200,000 | 2.222 | 09/18/24 | 193,025 | |||||||||||
Export-Import Bank of Korea (South Korea) |
||||||||||||||
400,000 | 2.625 | 05/26/26 | 382,228 | |||||||||||
|
|
|||||||||||||
Foreign Corporate Debt – (continued) | ||||||||||||||
Banks – (continued) | ||||||||||||||
HSBC Holdings PLC (United Kingdom) |
||||||||||||||
(3M USD LIBOR + 1.211%) |
||||||||||||||
350,000 | 3.803 | (b) | 03/11/25 | 343,389 | ||||||||||
200,000 | 4.300 | 03/08/26 | 197,729 | |||||||||||
(3M USD LIBOR + 1.348%) |
||||||||||||||
400,000 | 4.292 | (b) | 09/12/26 | 388,755 | ||||||||||
200,000 | 6.500 | 09/15/37 | 209,107 | |||||||||||
ING Groep NV (Netherlands) |
||||||||||||||
354,000 | 4.550 | 10/02/28 | 342,228 | |||||||||||
Korea Development Bank (The) (South Korea) |
||||||||||||||
300,000 | 0.800 | 07/19/26 | 265,559 | |||||||||||
Landwirtschaftliche Rentenbank (Germany) |
||||||||||||||
15,000 | 3.125 | 11/14/23 | 14,917 | |||||||||||
100,000 | 0.875 | 03/30/26 | 90,850 | |||||||||||
Lloyds Banking Group PLC (United Kingdom) |
||||||||||||||
300,000 | 4.375 | 03/22/28 | 289,668 | |||||||||||
Mizuho Financial Group, Inc. (Japan) |
||||||||||||||
(US 1 Year CMT T-Note + 0.750%) |
||||||||||||||
200,000 | 1.554 | (b) | 07/09/27 | 175,440 | ||||||||||
400,000 | 3.170 | 09/11/27 | 369,039 | |||||||||||
NatWest Group PLC(b) (United Kingdom) |
||||||||||||||
(US 5 Year CMT T-Note + 2.350%) |
||||||||||||||
300,000 | 3.032 | 11/28/35 | 236,311 | |||||||||||
Royal Bank of Canada, GMTN (Canada) |
||||||||||||||
130,000 | 1.600 | 04/17/23 | 128,294 | |||||||||||
Santander UK Group Holdings PLC(b) (United Kingdom) |
||||||||||||||
(SOFR + 1.475%) |
||||||||||||||
340,000 | 2.896 | 03/15/32 | 274,904 | |||||||||||
Sumitomo Mitsui Financial Group, Inc. (Japan) |
||||||||||||||
100,000 | 3.748 | 07/19/23 | 99,836 | |||||||||||
400,000 | 3.364 | 07/12/27 | 377,736 | |||||||||||
400,000 | 2.930 | 09/17/41 | 291,158 | |||||||||||
Svensk Exportkredit AB, GMTN (Sweden) |
||||||||||||||
200,000 | 0.625 | 05/14/25 | 184,339 | |||||||||||
Toronto-Dominion Bank (The)(b) (Canada) |
||||||||||||||
(5 Year USD Swap + 2.205%) |
||||||||||||||
375,000 | 3.625 | 09/15/31 | 358,125 | |||||||||||
Toronto-Dominion Bank (The), GMTN (Canada) |
||||||||||||||
130,000 | 3.500 | 07/19/23 | 129,821 | |||||||||||
Toronto-Dominion Bank (The), MTN (Canada) |
||||||||||||||
200,000 | 0.750 | 06/12/23 | 195,483 | |||||||||||
Westpac Banking Corp. (Australia) |
||||||||||||||
200,000 | 2.850 | 05/13/26 | 191,304 | |||||||||||
75,000 | 3.350 | 03/08/27 | 72,451 | |||||||||||
40,000 | 2.150 | 06/03/31 | 33,656 | |||||||||||
(US 5 Year CMT T-Note + 2.000%) |
||||||||||||||
10,000 | 4.110 | (b) | 07/24/34 | 8,985 | ||||||||||
(US 5 Year CMT T-Note + 1.530%) |
||||||||||||||
100,000 | 3.020 | (b) | 11/18/36 | 79,217 | ||||||||||
|
|
|||||||||||||
9,021,771 | ||||||||||||||
|
|
|||||||||||||
Basic Industry – 0.0% | ||||||||||||||
Nutrien Ltd. (Canada) |
||||||||||||||
100,000 | 2.950 | 05/13/30 | 88,578 | |||||||||||
|
|
|||||||||||||
Brokerage – 0.0% | ||||||||||||||
Brookfield Finance, Inc. (Canada) |
||||||||||||||
50,000 | 4.350 | 04/15/30 | 47,179 | |||||||||||
15,000 | 3.500 | 03/30/51 | 10,822 | |||||||||||
|
|
|||||||||||||
58,001 | ||||||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 103 |
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Schedule of Investments (continued)
August 31, 2022
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Foreign Corporate Debt – (continued) | ||||||||||||||
Capital Goods – 0.1% | ||||||||||||||
ABB Finance USA, Inc. (Switzerland) |
||||||||||||||
$ | 260,000 | 4.375 | % | 05/08/42 | $ | 241,142 | ||||||||
CNH Industrial NV (United Kingdom) |
||||||||||||||
80,000 | 4.500 | 08/15/23 | 80,189 | |||||||||||
Johnson Controls International PLC |
||||||||||||||
100,000 | 4.500 | 02/15/47 | 87,718 | |||||||||||
|
|
|||||||||||||
409,049 | ||||||||||||||
|
|
|||||||||||||
Communications – 0.0% | ||||||||||||||
RELX Capital, Inc. (United Kingdom) |
||||||||||||||
100,000 | 3.000 | 05/22/30 | 89,858 | |||||||||||
|
|
|||||||||||||
Consumer Cyclical – 0.1% | ||||||||||||||
Honda Motor Co. Ltd. (Japan) |
||||||||||||||
400,000 | 2.534 | 03/10/27 | 374,304 | |||||||||||
|
|
|||||||||||||
Consumer Noncyclical – 0.4% | ||||||||||||||
Ahold Finance USA LLC (Netherlands) |
||||||||||||||
360,000 | 6.875 | 05/01/29 | 393,297 | |||||||||||
BAT Capital Corp. (United Kingdom) |
||||||||||||||
400,000 | 2.789 | 09/06/24 | 388,919 | |||||||||||
80,000 | 3.984 | 09/25/50 | 54,314 | |||||||||||
140,000 | 5.650 | 03/16/52 | 120,154 | |||||||||||
Bayer US Finance II LLC(c) (Germany) |
||||||||||||||
100,000 | 3.375 | 07/15/24 | 97,854 | |||||||||||
15,000 | 4.200 | 07/15/34 | 13,485 | |||||||||||
170,000 | 4.700 | 07/15/64 | 140,397 | |||||||||||
GlaxoSmithKline Capital, Inc. (United Kingdom) |
||||||||||||||
200,000 | 6.375 | 05/15/38 | 235,265 | |||||||||||
Reynolds American, Inc. (United Kingdom) |
||||||||||||||
250,000 | 5.850 | 08/15/45 | 214,321 | |||||||||||
|
|
|||||||||||||
1,658,006 | ||||||||||||||
|
|
|||||||||||||
Energy – 0.7% | ||||||||||||||
BP Capital Markets PLC (United Kingdom) |
||||||||||||||
300,000 | 3.279 | 09/19/27 | 287,496 | |||||||||||
Canadian Natural Resources Ltd. (Canada) |
||||||||||||||
100,000 | 6.250 | 03/15/38 | 104,762 | |||||||||||
Canadian Natural Resources Ltd., GMTN (Canada) |
||||||||||||||
100,000 | 4.950 | 06/01/47 | 95,457 | |||||||||||
Cenovus Energy, Inc. (Canada) |
||||||||||||||
100,000 | 2.650 | 01/15/32 | 82,004 | |||||||||||
50,000 | 5.250 | 06/15/37 | 48,372 | |||||||||||
Enbridge, Inc. (Canada) |
||||||||||||||
110,000 | 3.125 | 11/15/29 | 99,790 | |||||||||||
15,000 | 5.500 | 12/01/46 | 15,410 | |||||||||||
(3M USD LIBOR + 3.641%) |
||||||||||||||
15,000 | 6.250 | (b) | 03/01/78 | 14,250 | ||||||||||
Equinor ASA (Norway) |
||||||||||||||
100,000 | 2.650 | 01/15/24 | 98,469 | |||||||||||
40,000 | 1.750 | 01/22/26 | 37,107 | |||||||||||
40,000 | 3.625 | 09/10/28 | 39,068 | |||||||||||
300,000 | 3.125 | 04/06/30 | 278,512 | |||||||||||
510,000 | 3.700 | 04/06/50 | 442,387 | |||||||||||
Shell International Finance BV (Netherlands) |
||||||||||||||
25,000 | 0.375 | 09/15/23 | 24,144 | |||||||||||
40,000 | 2.000 | 11/07/24 | 38,695 | |||||||||||
55,000 | 3.250 | 05/11/25 | 54,150 | |||||||||||
|
|
|||||||||||||
Foreign Corporate Debt – (continued) | ||||||||||||||
Energy – (continued) | ||||||||||||||
Shell International Finance BV (Netherlands) – (continued) |
||||||||||||||
75,000 | 4.375 | 05/11/45 | 70,371 | |||||||||||
462,000 | 4.000 | 05/10/46 | 414,230 | |||||||||||
TotalEnergies Capital International SA (France) |
||||||||||||||
250,000 | 2.434 | 01/10/25 | 241,849 | |||||||||||
200,000 | 3.455 | 02/19/29 | 191,319 | |||||||||||
100,000 | 3.127 | 05/29/50 | 77,594 | |||||||||||
TransCanada PipeLines Ltd. (Canada) |
||||||||||||||
300,000 | 2.500 | 10/12/31 | 248,812 | |||||||||||
|
|
|||||||||||||
3,004,248 | ||||||||||||||
|
|
|||||||||||||
Financial Company – 0.1% | ||||||||||||||
|
AerCap
Ireland Capital DAC / AerCap Global Aviation Trust |
| ||||||||||||
500,000 | 3.300 | 01/30/32 | 403,226 | |||||||||||
|
|
|||||||||||||
Food and Beverage – 0.3% | ||||||||||||||
|
Anheuser-Busch
Cos. LLC / Anheuser-Busch InBev Worldwide, |
| ||||||||||||
80,000 | 4.900 | 02/01/46 | 75,922 | |||||||||||
Anheuser-Busch InBev Finance, Inc. (Belgium) |
||||||||||||||
55,000 | 4.700 | 02/01/36 | 53,174 | |||||||||||
100,000 | 4.900 | 02/01/46 | 95,381 | |||||||||||
Anheuser-Busch InBev Worldwide, Inc. (Belgium) |
||||||||||||||
300,000 | 3.500 | 06/01/30 | 281,974 | |||||||||||
46,000 | 4.375 | 04/15/38 | 43,011 | |||||||||||
40,000 | 4.600 | 04/15/48 | 36,332 | |||||||||||
40,000 | 5.550 | 01/23/49 | 41,567 | |||||||||||
500,000 | 4.500 | 06/01/50 | 454,819 | |||||||||||
90,000 | 4.750 | 04/15/58 | 82,159 | |||||||||||
|
|
|||||||||||||
1,164,339 | ||||||||||||||
|
|
|||||||||||||
Forest Products & Paper – 0.0% | ||||||||||||||
Suzano Austria GmbH (Brazil) |
||||||||||||||
200,000 | 5.000 | 01/15/30 | 187,563 | |||||||||||
|
|
|||||||||||||
Insurance – 0.1% | ||||||||||||||
Fairfax Financial Holdings Ltd. (Canada) |
||||||||||||||
400,000 | 3.375 | 03/03/31 | 342,702 | |||||||||||
|
|
|||||||||||||
Internet – 0.2% | ||||||||||||||
Alibaba Group Holding Ltd. (China) |
||||||||||||||
400,000 | 3.600 | 11/28/24 | 393,490 | |||||||||||
240,000 | 3.400 | 12/06/27 | 226,496 | |||||||||||
JD.com, Inc. (China) |
||||||||||||||
200,000 | 3.875 | 04/29/26 | 195,558 | |||||||||||
|
|
|||||||||||||
815,544 | ||||||||||||||
|
|
|||||||||||||
Metals – 0.0% | ||||||||||||||
ArcelorMittal SA (Luxembourg) |
||||||||||||||
15,000 | 4.550 | 03/11/26 | 14,775 | |||||||||||
15,000 | 4.250 | 07/16/29 | 14,306 | |||||||||||
10,000 | 7.000 | 10/15/39 | 10,275 | |||||||||||
15,000 | 6.750 | 03/01/41 | 14,888 | |||||||||||
|
|
|||||||||||||
54,244 | ||||||||||||||
|
|
|||||||||||||
Mining – 0.1% | ||||||||||||||
Southern Copper Corp. (Peru) |
||||||||||||||
55,000 | 3.875 | 04/23/25 | 53,923 | |||||||||||
|
|
104 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Foreign Corporate Debt – (continued) | ||||||||||||||
Mining – (continued) | ||||||||||||||
Teck Resources Ltd. (Canada) |
||||||||||||||
$ | 40,000 | 6.250 | % | 07/15/41 | $ | 39,482 | ||||||||
Vale Overseas Ltd. (Brazil) |
||||||||||||||
230,000 | 6.250 | 08/10/26 | 240,925 | |||||||||||
115,000 | 3.750 | 07/08/30 | 99,790 | |||||||||||
|
|
|||||||||||||
434,120 | ||||||||||||||
|
|
|||||||||||||
Oil Company-Exploration & Production – 0.0% | ||||||||||||||
CNOOC Finance 2013 Ltd. (China) |
||||||||||||||
200,000 | 3.000 | 05/09/23 | 198,949 | |||||||||||
|
|
|||||||||||||
Oil Company-Integrated – 0.2% | ||||||||||||||
Petroleos Mexicanos (Mexico) |
||||||||||||||
225,000 | 6.875 | 08/04/26 | 210,581 | |||||||||||
100,000 | 5.350 | 02/12/28 | 81,232 | |||||||||||
250,000 | 5.950 | 01/28/31 | 187,476 | |||||||||||
Saudi Arabian Oil Co.(c) (Saudi Arabia) |
||||||||||||||
200,000 | 2.875 | 04/16/24 | 195,928 | |||||||||||
300,000 | 2.250 | 11/24/30 | 263,062 | |||||||||||
|
|
|||||||||||||
938,279 | ||||||||||||||
|
|
|||||||||||||
Technology – 0.2% | ||||||||||||||
NXP BV / NXP Funding LLC (China) |
||||||||||||||
40,000 | 5.350 | 03/01/26 | 40,752 | |||||||||||
NXP BV / NXP Funding LLC / NXP USA, Inc. (China) |
||||||||||||||
120,000 | 3.400 | 05/01/30 | 106,501 | |||||||||||
265,000 | 2.500 | 05/11/31 | 214,368 | |||||||||||
390,000 | 5.000 | 01/15/33 | 376,824 | |||||||||||
|
|
|||||||||||||
738,445 | ||||||||||||||
|
|
|||||||||||||
Telecommunications – 0.1% | ||||||||||||||
America Movil SAB de CV (Mexico) |
||||||||||||||
280,000 | 3.625 | 04/22/29 | 264,784 | |||||||||||
200,000 | 2.875 | 05/07/30 | 177,432 | |||||||||||
|
|
|||||||||||||
442,216 | ||||||||||||||
|
|
|||||||||||||
Transportation – 0.0% | ||||||||||||||
Canadian National Railway Co. (Canada) |
||||||||||||||
40,000 | 4.450 | 01/20/49 | 38,575 | |||||||||||
|
|
|||||||||||||
Wireless – 0.2% | ||||||||||||||
Rogers Communications, Inc.(c) (Canada) |
||||||||||||||
170,000 | 4.500 | 03/15/42 | 151,896 | |||||||||||
TELUS Corp. (Canada) |
||||||||||||||
300,000 | 3.400 | 05/13/32 | 266,275 | |||||||||||
Vodafone Group PLC (United Kingdom) |
||||||||||||||
250,000 | 4.125 | 05/30/25 | 248,988 | |||||||||||
50,000 | 5.250 | 05/30/48 | 46,839 | |||||||||||
|
|
|||||||||||||
713,998 | ||||||||||||||
|
|
|||||||||||||
Wirelines – 0.1% | ||||||||||||||
Bell Telephone Co of Canada or Bell Canada/The (Canada) |
||||||||||||||
80,000 | 4.300 | 07/29/49 | 71,143 | |||||||||||
British Telecommunications PLC (United Kingdom) |
||||||||||||||
100,000 | 9.625 | 12/15/30 | 123,178 | |||||||||||
Deutsche Telekom International Finance BV (Germany) |
||||||||||||||
15,000 | 8.750 | 06/15/30 | 18,614 | |||||||||||
|
|
|||||||||||||
Foreign Corporate Debt – (continued) | ||||||||||||||
Wirelines – (continued) | ||||||||||||||
Orange SA (France) |
||||||||||||||
140,000 | 9.000 | 03/01/31 | 179,952 | |||||||||||
|
|
|||||||||||||
392,887 | ||||||||||||||
|
|
|||||||||||||
TOTAL FOREIGN CORPORATE DEBT | ||||||||||||||
(Cost $23,580,169) | $ | 21,568,902 | ||||||||||||
|
|
|||||||||||||
Sovereign Debt Obligations – 1.9% | ||||||||||||||
Sovereign – 1.9% | ||||||||||||||
|
Abu
Dhabi Government International Bond(c) |
| ||||||||||||
$ | 200,000 | 0.750 | % | 09/02/23 | $ | 194,021 | ||||||||
400,000 | 2.125 | 09/30/24 | 387,516 | |||||||||||
200,000 | 2.500 | 04/16/25 | 194,416 | |||||||||||
200,000 | 1.625 | 06/02/28 | 178,579 | |||||||||||
200,000 | 2.700 | 09/02/70 | 137,423 | |||||||||||
Chile Government International Bond (Chile) |
||||||||||||||
400,000 | 2.750 | 01/31/27 | 370,629 | |||||||||||
200,000 | 2.450 | 01/31/31 | 168,912 | |||||||||||
China Government International Bond(c) (China) |
||||||||||||||
400,000 | 0.400 | 10/21/23 | 386,008 | |||||||||||
Colombia Government International Bond (Colombia) |
||||||||||||||
200,000 | 4.000 | 02/26/24 | 196,013 | |||||||||||
200,000 | 3.875 | 04/25/27 | 179,420 | |||||||||||
200,000 | 4.500 | 03/15/29 | 175,273 | |||||||||||
100,000 | 6.125 | 01/18/41 | 80,575 | |||||||||||
Indonesia Government International Bond (Indonesia) |
||||||||||||||
200,000 | 3.850 | 10/15/30 | 194,829 | |||||||||||
300,000 | 5.250 | 01/17/42 | 301,119 | |||||||||||
Malaysia Sovereign Sukuk BHD(c) (Malaysia) |
||||||||||||||
300,000 | 3.043 | 04/22/25 | 293,862 | |||||||||||
Mexico Government International Bond (Mexico) |
||||||||||||||
250,000 | 3.600 | 01/30/25 | 250,126 | |||||||||||
400,000 | 4.150 | 03/28/27 | 397,380 | |||||||||||
250,000 | 3.250 | 04/16/30 | 223,410 | |||||||||||
400,000 | 4.750 | 04/27/32 | 387,703 | |||||||||||
Panama Government International Bond (Panama) |
||||||||||||||
200,000 | 6.700 | 01/26/36 | 216,500 | |||||||||||
Perusahaan Penerbit SBSN Indonesia III(c) (Indonesia) |
||||||||||||||
400,000 | 4.550 | 03/29/26 | 408,000 | |||||||||||
200,000 | 2.800 | 06/23/30 | 181,000 | |||||||||||
Peruvian Government International Bond (Peru) |
||||||||||||||
200,000 | 2.783 | 01/23/31 | 170,648 | |||||||||||
300,000 | 1.862 | 12/01/32 | 228,305 | |||||||||||
100,000 | 8.750 | 11/21/33 | 128,939 | |||||||||||
Philippine Government International Bond (Philippines) |
||||||||||||||
200,000 | 3.750 | 01/14/29 | 198,678 | |||||||||||
400,000 | 2.457 | 05/05/30 | 359,854 | |||||||||||
Province of Alberta Canada (Canada) |
||||||||||||||
50,000 | 3.300 | 03/15/28 | 48,801 | |||||||||||
Province of British Columbia Canada (Canada) |
||||||||||||||
15,000 | 2.000 | 10/23/22 | 14,981 | |||||||||||
Province of Ontario Canada (Canada) |
||||||||||||||
30,000 | 1.050 | 05/21/27 | 26,543 | |||||||||||
30,000 | 1.600 | 02/25/31 | 25,356 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 105 |
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Schedule of Investments (continued)
August 31, 2022
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Sovereign Debt Obligations – (continued) | ||||||||||||||
Sovereign – (continued) | ||||||||||||||
Province of Quebec Canada (Canada) |
||||||||||||||
$ | 90,000 | 0.600 | % | 07/23/25 | $ | 82,464 | ||||||||
25,000 | 2.750 | 04/12/27 | 24,068 | |||||||||||
Qatar Government International Bond(c) (Qatar) |
||||||||||||||
280,000 | 3.400 | 04/16/25 | 278,085 | |||||||||||
200,000 | 4.817 | 03/14/49 | 205,739 | |||||||||||
Republic of Poland Government International Bond (Poland) |
||||||||||||||
30,000 | 3.250 | 04/06/26 | 29,542 | |||||||||||
Romanian Government International Bond(c) (Romania) |
||||||||||||||
16,000 | 3.000 | 02/14/31 | 12,719 | |||||||||||
Saudi Government International Bond (Saudi Arabia) |
||||||||||||||
300,000 | 2.900 | (c) | 10/22/25 | 293,857 | ||||||||||
500,000 | 4.625 | 10/04/47 | 470,755 | |||||||||||
Uruguay Government International Bond (Uruguay) |
||||||||||||||
15,000 | 4.375 | 01/23/31 | 15,413 | |||||||||||
|
|
|||||||||||||
8,117,461 | ||||||||||||||
|
|
|||||||||||||
TOTAL SOVEREIGN DEBT OBLIGATIONS | ||||||||||||||
(Cost $9,005,721) | $ | 8,117,461 | ||||||||||||
|
|
|||||||||||||
U.S. Treasury Obligations – 5.3%(e) | ||||||||||||||
U.S. Treasury Bonds |
||||||||||||||
$ | 6,000,000 | 2.750 | % | 08/15/42 | $ | 5,274,783 | ||||||||
7,677,000 | 2.000 | 02/15/50 | 5,812,734 | |||||||||||
U.S. Treasury Note |
||||||||||||||
12,519,000 | 2.125 | 05/31/26 | 11,942,120 | |||||||||||
|
|
|||||||||||||
TOTAL U.S. TREASURY OBLIGATIONS | ||||||||||||||
(Cost $24,253,938) | $ | 23,029,637 | ||||||||||||
|
|
Shares | Dividend Rate |
Value | ||||||
Investment Company – 23.0%(f) | ||||||||
|
Goldman
Sachs Financial Square Government Fund – |
| ||||||
99,745,844 | 2.154% | $ | 99,745,844 | |||||
(Cost $99,745,844) | ||||||||
|
|
|||||||
TOTAL INVESTMENTS – 121.7% | ||||||||
(Cost $558,768,721) | $ | 527,435,702 | ||||||
|
|
|||||||
|
LIABILITIES IN EXCESS
OF ASSETS – (21.7)% |
(94,331,094 | ) | |||||
|
|
|||||||
NET ASSETS – 100.0% | $ | 433,104,608 | ||||||
|
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
(a) |
TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $101,965,444 which represents approximately 23.5% of the Fund’s net assets as of August 31, 2022. | |
(b) |
Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on August 31, 2022. | |
(c) |
Exempt from registration under Rule 144A of the Securities Act of 1933. | |
(d) |
Step coupon. | |
(e) |
Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices. | |
(f) |
Represents an affiliated issuer. |
| ||
Investment Abbreviations: | ||
CMT |
— Constant Maturity Treasury Index | |
GMTN |
— Global Medium Term Note | |
LIBOR |
— London Interbank Offered Rate | |
LP |
— Limited Partnership | |
MTN |
— Medium Term Note | |
PLC |
— Public Limited Company | |
REIT |
— Real Estate Investment Trust | |
SOFR |
— Secured Overnight Financing Rate | |
|
106 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF
Schedule of Investments
August 31, 2022
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Mortgage-Backed Securities – 30.9% | ||||||||||||||
FHLMC REMIC(a) (12M USD LIBOR + 1.618%) |
||||||||||||||
$ | 8,036,810 | 2.736 | % | 01/01/46 | $ | 8,173,329 | ||||||||
FHLMC REMIC(a) (12M USD LIBOR + 1.803%) |
||||||||||||||
4,176,447 | 2.757 | 10/01/43 | 4,253,995 | |||||||||||
FHLMC REMIC(a) (12M USD LIBOR + 1.778%) |
||||||||||||||
763,347 | 2.904 | 10/01/44 | 775,630 | |||||||||||
|
FHLMC
REMIC Series 2003-2682, Class FB(a) (1M USD LIBOR |
| ||||||||||||
179,944 | 3.291 | 10/15/33 | 183,262 | |||||||||||
|
FHLMC
REMIC Series 2003-2711, Class FA(a) (1M USD LIBOR |
| ||||||||||||
186,283 | 3.391 | 11/15/33 | 189,933 | |||||||||||
|
FHLMC
REMIC Series 2005-3033, Class FG(a) (1M USD LIBOR |
| ||||||||||||
529,112 | 2.741 | 09/15/35 | 530,338 | |||||||||||
|
FHLMC
REMIC Series 2007-3298, Class FC(a) (1M USD LIBOR |
| ||||||||||||
157,978 | 2.811 | 04/15/37 | 158,261 | |||||||||||
|
FHLMC
REMIC Series 2007-3314, Class FC(a) (1M USD LIBOR |
| ||||||||||||
24,875 | 2.791 | 12/15/36 | 24,990 | |||||||||||
|
FHLMC
REMIC Series 2007-3316, Class FB(a) (1M USD LIBOR |
| ||||||||||||
614,355 | 2.691 | 08/15/35 | 615,086 | |||||||||||
|
FHLMC
REMIC Series 2007-3371, Class FA(a) (1M USD LIBOR |
| ||||||||||||
115,249 | 2.991 | 09/15/37 | 116,684 | |||||||||||
|
FHLMC
REMIC Series 2009-3593, Class CF(a) (1M USD LIBOR |
| ||||||||||||
1,341,512 | 2.991 | 02/15/36 | 1,350,596 | |||||||||||
|
FHLMC
REMIC Series 2011-3895, Class FM(a) (1M USD |
| ||||||||||||
75,462 | 2.741 | 12/15/40 | 75,557 | |||||||||||
|
FHLMC
REMIC Series 2012-4040, Class FW(a) (1M USD |
| ||||||||||||
406,390 | 2.761 | 05/15/32 | 406,515 | |||||||||||
|
FHLMC
REMIC Series 2012-4057, Class FE(a) (1M USD LIBOR |
| ||||||||||||
844,472 | 2.841 | 06/15/42 | 847,965 | |||||||||||
|
FHLMC
REMIC Series 2012-4068, Class UF(a) (1M USD LIBOR |
| ||||||||||||
205,844 | 2.891 | 06/15/42 | 206,438 | |||||||||||
|
FHLMC
REMIC Series 2012-4098, Class MF(a) (1M USD |
| ||||||||||||
194,208 | 2.691 | 11/15/41 | 194,099 | |||||||||||
|
FHLMC
REMIC Series 2012-4107, Class MF(a) (1M USD |
| ||||||||||||
1,741,214 | 2.791 | 09/15/42 | 1,742,274 | |||||||||||
|
FHLMC
REMIC Series 2012-4126, Class GF(a) (1M USD LIBOR |
| ||||||||||||
2,112,804 | 2.791 | 11/15/42 | 2,113,219 | |||||||||||
|
FHLMC
REMIC Series 2013-4203, Class QF(a) (1M USD LIBOR |
| ||||||||||||
1,141,203 | 2.641 | 05/15/43 | 1,135,119 | |||||||||||
|
FHLMC
REMIC Series 2013-4215, Class NF(a) (1M USD LIBOR |
| ||||||||||||
786,108 | 2.741 | 06/15/43 | 783,157 | |||||||||||
|
|
|||||||||||||
Mortgage-Backed Securities – (continued) | ||||||||||||||
|
FHLMC
REMIC Series 2013-4240, Class FA(a) (1M USD LIBOR |
| ||||||||||||
2,692,962 | 2.891 | 08/15/43 | 2,707,471 | |||||||||||
|
FHLMC
REMIC Series 2013-4248, Class FL(a) (1M USD LIBOR |
| ||||||||||||
86,642 | 2.841 | 05/15/41 | 87,063 | |||||||||||
|
FHLMC
REMIC Series 2013-4263, Class FB(a) (1M USD LIBOR |
| ||||||||||||
64,989 | 2.791 | 11/15/43 | 63,910 | |||||||||||
|
FHLMC
REMIC Series 2013-4272, Class FD(a) (1M USD LIBOR |
| ||||||||||||
71,171 | 2.741 | 11/15/43 | 70,850 | |||||||||||
|
FHLMC
REMIC Series 2017-4678, Class AF(a) (1M USD LIBOR |
| ||||||||||||
2,046,902 | 2.113 | 12/15/42 | 2,035,773 | |||||||||||
|
FHLMC
REMIC Series 2017-4719, Class AF(a) (1M USD LIBOR |
| ||||||||||||
3,379,197 | 2.741 | 09/15/47 | 3,384,382 | |||||||||||
FHLMC REMIC Series 2018-4787, Class ZS |
||||||||||||||
866,343 | 5.000 | 07/01/48 | 886,647 | |||||||||||
|
FHLMC
REMIC Series 2018-4818, Class FC(a) (1M USD LIBOR |
| ||||||||||||
224,123 | 2.691 | 04/15/48 | 222,810 | |||||||||||
|
FHLMC
REMIC Series 2018-4852, Class BF(a) (1M USD LIBOR |
| ||||||||||||
1,472,620 | 2.791 | 12/15/48 | 1,476,271 | |||||||||||
|
FHLMC
REMIC Series 2019-4897, Class F(a) (1M USD LIBOR |
| ||||||||||||
1,247,354 | 2.791 | 07/15/49 | 1,250,484 | |||||||||||
|
FHLMC
REMIC Series 2019-4903, Class F(a) (1M USD LIBOR |
| ||||||||||||
187,101 | 2.841 | 09/15/48 | 187,339 | |||||||||||
|
FHLMC
REMIC Series 2019-4906, Class NF(a) (1M USD LIBOR |
| ||||||||||||
1,710,545 | 2.113 | 03/15/38 | 1,695,272 | |||||||||||
|
FHLMC
REMIC Series 2019-4942, Class FA(a) (1M USD LIBOR |
| ||||||||||||
1,150,179 | 2.944 | 01/25/50 | 1,141,798 | |||||||||||
|
FHLMC
REMIC Series 2019-4944, Class F(a) (1M USD LIBOR |
| ||||||||||||
10,562,210 | 2.894 | 01/25/50 | 10,611,319 | |||||||||||
|
FHLMC
REMIC Series 2020-5002, Class FJ(a) (1M USD LIBOR |
| ||||||||||||
201,553 | 2.844 | 07/25/50 | 201,585 | |||||||||||
|
FHLMC
REMIC Series 2020-5031, Class FA(a) (SOFR
+ |
| ||||||||||||
2,606,216 | 2.183 | 08/15/43 | 2,570,349 | |||||||||||
|
FHLMC
STRIPS Series 2006-239,
Class F22(a)
(1M USD LIBOR |
| ||||||||||||
179,374 | 2.741 | 08/15/36 | 180,016 | |||||||||||
|
FHLMC
STRIPS Series 2006-239,
Class F30(a)
(1M USD LIBOR |
| ||||||||||||
448,434 | 2.691 | 08/15/36 | 449,968 | |||||||||||
|
FNMA
REMIC Series 2002-53,
Class FY(a)
(1M USD LIBOR + |
| ||||||||||||
219,051 | 2.944 | 08/25/32 | 221,097 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 107 |
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF
Schedule of Investments (continued)
August 31, 2022
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Mortgage-Backed Securities – (continued) | ||||||||||||||
|
FNMA
REMIC Series 2004-54,
Class FL(a)
(1M USD LIBOR + |
| ||||||||||||
$ | 128,863 | 2.844 | % | 07/25/34 | $ | 129,627 | ||||||||
|
FNMA
REMIC Series 2004-54,
Class FN(a)
(1M USD LIBOR + |
| ||||||||||||
291,000 | 2.894 | 07/25/34 | 293,029 | |||||||||||
|
FNMA
REMIC Series 2005-103,
Class FC(a)
(1M USD LIBOR + |
| ||||||||||||
8,923,310 | 2.944 | 07/25/35 | 9,033,385 | |||||||||||
|
FNMA
REMIC Series 2005-120,
Class FE(a)
(1M USD LIBOR + |
| ||||||||||||
442,518 | 2.964 | 01/25/36 | 446,413 | |||||||||||
|
FNMA
REMIC Series 2005-87,
Class FE(a)
(1M USD LIBOR + |
| ||||||||||||
471,765 | 2.894 | 10/25/35 | 473,909 | |||||||||||
|
FNMA
REMIC Series 2006-110,
Class AF(a)
(1M USD LIBOR + |
| ||||||||||||
2,508,285 | 2.774 | 11/25/36 | 2,511,953 | |||||||||||
|
FNMA
REMIC Series 2006-16,
Class FC(a)
(1M USD LIBOR + |
| ||||||||||||
121,207 | 2.744 | 03/25/36 | 121,136 | |||||||||||
|
FNMA
REMIC Series 2006-36,
Class FB(a)
(1M USD LIBOR + |
| ||||||||||||
50,889 | 2.744 | 05/25/36 | 50,911 | |||||||||||
|
FNMA
REMIC Series 2006-42,
Class PF(a)
(1M USD LIBOR + |
| ||||||||||||
101,493 | 2.854 | 06/25/36 | 101,932 | |||||||||||
|
FNMA
REMIC Series 2006-44,
Class FP(a)
(1M USD LIBOR + |
| ||||||||||||
1,012,126 | 2.844 | 06/25/36 | 1,016,376 | |||||||||||
|
FNMA
REMIC Series 2006-61,
Class FD(a)
(1M USD LIBOR + |
| ||||||||||||
198,745 | 2.804 | 07/25/36 | 199,274 | |||||||||||
|
FNMA
REMIC Series 2006-79,
Class DF(a)
(1M USD LIBOR + |
| ||||||||||||
424,737 | 2.794 | 08/25/36 | 425,987 | |||||||||||
|
FNMA
REMIC Series 2006-88,
Class AF(a)
(1M USD LIBOR + |
| ||||||||||||
360,543 | 2.904 | 09/25/36 | 362,987 | |||||||||||
|
FNMA
REMIC Series 2007-35,
Class PF(a)
(1M USD LIBOR + |
| ||||||||||||
68,123 | 2.694 | 04/25/37 | 68,013 | |||||||||||
|
FNMA
REMIC Series 2007-67,
Class FB(a)
(1M USD LIBOR + |
| ||||||||||||
207,565 | 2.764 | 07/25/37 | 207,578 | |||||||||||
|
FNMA
REMIC Series 2008-1,
Class CF(a)
(1M USD LIBOR + |
| ||||||||||||
54,871 | 3.144 | 02/25/38 | 55,500 | |||||||||||
|
FNMA
REMIC Series 2009-110,
Class FG(a)
(1M USD LIBOR + |
| ||||||||||||
230,508 | 3.194 | 01/25/40 | 233,557 | |||||||||||
|
FNMA
REMIC Series 2010-113,
Class FA(a)
(1M USD LIBOR + |
| ||||||||||||
155,359 | 2.844 | 10/25/40 | 155,962 | |||||||||||
|
FNMA
REMIC Series 2010-116,
Class FE(a)
(1M USD LIBOR + |
| ||||||||||||
189,929 | 2.844 | 10/25/40 | 190,711 | |||||||||||
|
|
|||||||||||||
Mortgage-Backed Securities – (continued) | ||||||||||||||
|
FNMA
REMIC Series 2010-141,
Class FB(a)
(1M USD LIBOR + |
| ||||||||||||
118,473 | 2.914 | 12/25/40 | 118,686 | |||||||||||
|
FNMA
REMIC Series 2010-15,
Class FJ(a)
(1M USD LIBOR + |
| ||||||||||||
370,678 | 3.374 | 06/25/36 | 377,001 | |||||||||||
|
FNMA
REMIC Series 2010-39,
Class FE(a)
(1M USD LIBOR + |
| ||||||||||||
579,609 | 3.214 | 06/25/37 | 589,081 | |||||||||||
|
FNMA
REMIC Series 2010-39,
Class FG(a)
(1M USD LIBOR + |
| ||||||||||||
249,991 | 3.364 | 03/25/36 | 255,730 | |||||||||||
|
FNMA
REMIC Series 2010-46,
Class WF(a)
(1M USD LIBOR + |
| ||||||||||||
1,761,742 | 3.194 | 05/25/40 | 1,788,443 | |||||||||||
|
FNMA
REMIC Series 2010-49,
Class FB(a)
(1M USD LIBOR + |
| ||||||||||||
172,642 | 3.194 | 05/25/40 | 175,345 | |||||||||||
|
FNMA
REMIC Series 2010-59,
Class FN(a)
(1M USD LIBOR + |
| ||||||||||||
2,083,768 | 3.174 | 06/25/40 | 2,115,039 | |||||||||||
|
FNMA
REMIC Series 2011-5,
Class PF(a)
(1M USD LIBOR + |
| ||||||||||||
59,928 | 3.044 | 11/25/40 | 60,058 | |||||||||||
|
FNMA
REMIC Series 2011-53,
Class FT(a)
(1M USD LIBOR + |
| ||||||||||||
168,725 | 3.024 | 06/25/41 | 170,313 | |||||||||||
|
FNMA
REMIC Series 2011-86,
Class NF(a)
(1M USD LIBOR + |
| ||||||||||||
5,754,565 | 2.994 | 09/25/41 | 5,804,391 | |||||||||||
|
FNMA
REMIC Series 2011-87,
Class FJ(a)
(1M USD LIBOR + |
| ||||||||||||
151,760 | 2.994 | 09/25/41 | 153,064 | |||||||||||
|
FNMA
REMIC Series 2012-101,
Class FC(a)
(1M USD LIBOR + |
| ||||||||||||
127,056 | 2.944 | 09/25/42 | 127,732 | |||||||||||
|
FNMA
REMIC Series 2012-14,
Class BF(a)
(1M USD LIBOR + |
| ||||||||||||
794,657 | 3.044 | 03/25/42 | 798,472 | |||||||||||
|
FNMA
REMIC Series 2012-37,
Class BF(a)
(1M USD LIBOR + |
| ||||||||||||
172,395 | 2.944 | 12/25/35 | 171,539 | |||||||||||
|
FNMA
REMIC Series 2013-10,
Class KF(a)
(1M USD LIBOR + |
| ||||||||||||
110,851 | 2.744 | 02/25/43 | 110,507 | |||||||||||
|
FNMA
REMIC Series 2013-130,
Class FB(a)
(1M USD LIBOR + |
| ||||||||||||
103,888 | 2.894 | 01/25/44 | 104,380 | |||||||||||
|
FNMA
REMIC Series 2013-19,
Class DF(a)
(1M USD LIBOR + |
| ||||||||||||
650,259 | 2.744 | 09/25/41 | 649,629 | |||||||||||
|
FNMA
REMIC Series 2013-2,
Class QF(a)
(1M USD LIBOR + |
| ||||||||||||
85,717 | 2.944 | 02/25/43 | 85,459 | |||||||||||
|
FNMA
REMIC Series 2014-17,
Class FE(a)
(1M USD LIBOR + |
| ||||||||||||
872,212 | 2.994 | 04/25/44 | 880,708 | |||||||||||
|
|
108 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Mortgage-Backed Securities – (continued) | ||||||||||||||
|
FNMA
REMIC Series 2014-28,
Class FD(a)
(1M USD LIBOR + |
| ||||||||||||
$ | 1,968,845 | 2.894 | % | 05/25/44 | $ | 1,976,569 | ||||||||
|
FNMA
REMIC Series 2014-47,
Class AF(a)
(1M USD LIBOR + |
| ||||||||||||
389,752 | 2.063 | 08/25/44 | 387,083 | |||||||||||
|
FNMA
REMIC Series 2015-27,
Class KF(a)
(1M USD LIBOR + |
| ||||||||||||
105,668 | 2.744 | 05/25/45 | 105,638 | |||||||||||
|
FNMA
REMIC Series 2015-66,
Class AF(a)
(1M USD LIBOR + |
| ||||||||||||
11,425,925 | 2.694 | 09/25/45 | 11,404,306 | |||||||||||
|
FNMA
REMIC Series 2015-87,
Class BF(a)
(1M USD LIBOR + |
| ||||||||||||
425,391 | 2.744 | 12/25/45 | 421,008 | |||||||||||
|
FNMA
REMIC Series 2016-49,
Class EF(a)
(1M USD LIBOR + |
| ||||||||||||
978,780 | 2.844 | 08/25/46 | 981,832 | |||||||||||
|
FNMA
REMIC Series 2016-67,
Class AF(a)
(1M USD LIBOR + |
| ||||||||||||
4,567,163 | 2.844 | 09/25/46 | 4,581,073 | |||||||||||
|
FNMA
REMIC Series 2017-16,
Class FA(a)
(1M USD LIBOR + |
| ||||||||||||
788,124 | 2.894 | 03/25/47 | 790,184 | |||||||||||
|
FNMA
REMIC Series 2017-82,
Class FG(a)
(1M USD LIBOR + |
| ||||||||||||
9,060,397 | 2.694 | 11/25/32 | 9,057,979 | |||||||||||
|
FNMA
REMIC Series 2017-91,
Class GF(a)
(1M USD LIBOR + |
| ||||||||||||
1,852,488 | 2.794 | 11/25/47 | 1,847,350 | |||||||||||
|
FNMA
REMIC Series 2018-15,
Class JF(a)
(1M USD LIBOR + |
| ||||||||||||
1,012,413 | 2.744 | 03/25/48 | 1,007,021 | |||||||||||
FNMA REMIC Series 2018-3385, Class MA |
||||||||||||||
961,660 | 4.500 | 06/01/48 | 957,728 | |||||||||||
|
FNMA
REMIC Series 2018-4,
Class FM(a)
(1M USD LIBOR + |
| ||||||||||||
2,495,094 | 2.744 | 02/25/48 | 2,481,738 | |||||||||||
|
FNMA
REMIC Series 2019-41,
Class FM(a)
(1M USD LIBOR + |
| ||||||||||||
1,224,909 | 2.894 | 08/25/49 | 1,226,885 | |||||||||||
|
FNMA
REMIC Series 2019-6,
Class KF(a)
(1M USD LIBOR + |
| ||||||||||||
2,003,667 | 2.894 | 03/25/49 | 2,009,913 | |||||||||||
|
FNMA
REMIC Series 2020-6347, Class BM(a) (12M USD |
| ||||||||||||
11,290,850 | 2.314 | 02/01/41 | 11,520,967 | |||||||||||
GNMA Series 2004-59, Class FP(a) (1M USD LIBOR + 0.300%) |
||||||||||||||
448,427 | 2.687 | 08/16/34 | 448,914 | |||||||||||
GNMA Series 2005-4, Class FA(a) (1M USD LIBOR + 0.370%) |
||||||||||||||
401,906 | 2.757 | 01/16/35 | 401,755 | |||||||||||
GNMA Series 2007-26, Class FL(a) (1M USD LIBOR + 0.200%) |
||||||||||||||
2,618,995 | 2.568 | 05/20/37 | 2,608,368 | |||||||||||
GNMA Series 2007-59, Class FA(a) (1M USD LIBOR + 0.500%) |
||||||||||||||
126,250 | 2.868 | 10/20/37 | 127,359 | |||||||||||
GNMA Series 2013-99, Class PF(a) (1M USD LIBOR + 0.300%) |
||||||||||||||
1,728,784 | 2.668 | 07/20/43 | 1,726,794 | |||||||||||
|
|
|||||||||||||
Mortgage-Backed Securities – (continued) | ||||||||||||||
|
GNMA
Series 2018-164,
Class AF(a)
(1M USD LIBOR + |
| ||||||||||||
2,839,030 | 2.768 | 12/20/48 | 2,848,701 | |||||||||||
GNMA Series 2019-110, Class F(a) (1M USD LIBOR + 0.450%) |
||||||||||||||
1,935,081 | 2.818 | 09/20/49 | 1,932,042 | |||||||||||
GNMA Series 2019-56, Class FB(a) (1M USD LIBOR + 0.450%) |
||||||||||||||
2,156,874 | 2.818 | 05/20/49 | 2,171,103 | |||||||||||
GNMA Series 2019-58, Class FA(a) (1M USD LIBOR + 0.400%) |
||||||||||||||
939,971 | 2.768 | 05/20/49 | 942,608 | |||||||||||
|
JP
Morgan Chase Commercial Mortgage Securities Trust |
| ||||||||||||
495,212 | 2.713 | 08/15/49 | 478,920 | |||||||||||
|
JPMBB
Commercial Mortgage Securities Trust Series 2015-C31, |
| ||||||||||||
441,301 | 3.540 | 08/15/48 | 431,878 | |||||||||||
|
Morgan
Stanley Bank of America Merrill Lynch Trust |
| ||||||||||||
132,292 | 2.655 | 02/15/46 | 131,487 | |||||||||||
|
Morgan
Stanley Bank of America Merrill Lynch Trust |
| ||||||||||||
3,073,812 | 4.064 | 02/15/47 | 3,026,336 | |||||||||||
|
Morgan
Stanley Bank of America Merrill Lynch Trust |
| ||||||||||||
550,000 | 3.719 | 07/15/50 | 535,412 | |||||||||||
|
Morgan
Stanley Bank of America Merrill Lynch Trust |
| ||||||||||||
2,242,079 | 3.479 | 05/15/48 | 2,176,070 | |||||||||||
|
Wells
Fargo Commercial Mortgage Trust
Series 2013-LC12, |
| ||||||||||||
700,000 | 4.218 | 07/15/46 | 692,584 | |||||||||||
WFRBS Commercial Mortgage Trust Series 2012-C10, Class A3 |
||||||||||||||
401,170 | 2.875 | 12/15/45 | 399,726 | |||||||||||
|
|
|||||||||||||
TOTAL MORTGAGE-BACKED SECURITIES | ||||||||||||||
(Cost $157,099,404) | $ | 155,771,999 | ||||||||||||
|
|
|||||||||||||
Corporate Obligations – 21.4% | ||||||||||||||
Banks – 7.2% | ||||||||||||||
American Express Co.(a) |
||||||||||||||
(SOFR + 0.930%) |
||||||||||||||
$ | 2,410,000 | 3.226 | % | 03/04/25 | $ | 2,403,802 | ||||||||
Bank of America Corp.(a) |
||||||||||||||
(3M USD LIBOR + 0.790%) |
||||||||||||||
1,622,000 | 3.004 | 12/20/23 | 1,616,150 | |||||||||||
(SOFR + 1.100%) |
||||||||||||||
1,950,000 | 3.368 | 04/25/25 | 1,937,445 | |||||||||||
Bank of America Corp.(a), Series 2025 |
||||||||||||||
(SOFR + 0.660%) |
||||||||||||||
2,735,000 | 2.954 | 02/04/25 | 2,697,652 | |||||||||||
Capital One Financial Corp.(a) |
||||||||||||||
(SOFR + 0.690%) |
||||||||||||||
5,409,000 | 2.986 | 12/06/24 | 5,280,680 | |||||||||||
Charles Schwab Corp. (The)(a) |
||||||||||||||
(SOFRINDX + 0.500%) |
||||||||||||||
1,000,000 | 2.430 | 03/18/24 | 994,745 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 109 |
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF
Schedule of Investments (continued)
August 31, 2022
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Banks – (continued) | ||||||||||||||
Citigroup, Inc.(a) |
||||||||||||||
(SOFR + 1.667%) |
||||||||||||||
$ | 1,676,000 | 1.678 | % | 05/15/24 | $ | 1,645,600 | ||||||||
Discover Bank |
||||||||||||||
2,000,000 | 3.350 | 02/06/23 | 1,996,153 | |||||||||||
Fifth Third Bancorp |
||||||||||||||
1,000,000 | 1.625 | 05/05/23 | 986,015 | |||||||||||
First Republic Bank(a) |
||||||||||||||
(SOFR + 0.620%) |
||||||||||||||
1,182,000 | 1.912 | 02/12/24 | 1,169,096 | |||||||||||
Huntington National Bank (The)(a) |
||||||||||||||
(SOFRINDX + 1.190%) |
||||||||||||||
1,600,000 | 3.485 | 05/16/25 | 1,581,499 | |||||||||||
JPMorgan Chase & Co.(a) |
||||||||||||||
(SOFR + 0.580%) |
||||||||||||||
1,910,000 | 0.697 | 03/16/24 | 1,873,966 | |||||||||||
(3M USD LIBOR + 0.730%) |
||||||||||||||
1,627,000 | 3.559 | 04/23/24 | 1,618,621 | |||||||||||
(SOFR + 0.970%) |
||||||||||||||
1,000,000 | 2.812 | 06/14/25 | 992,564 | |||||||||||
KeyBank NA(a) |
||||||||||||||
(SOFR + 0.320%) |
||||||||||||||
1,000,000 | 2.610 | 06/14/24 | 989,725 | |||||||||||
Morgan Stanley(a) |
||||||||||||||
(SOFR + 0.616%) |
||||||||||||||
2,049,000 | 0.731 | 04/05/24 | 2,004,561 | |||||||||||
(SOFR + 0.625%) |
||||||||||||||
1,764,000 | 2.893 | 01/24/25 | 1,735,909 | |||||||||||
MUFG Union Bank NA |
||||||||||||||
500,000 | 2.100 | 12/09/22 | 498,060 | |||||||||||
Wells Fargo & Co. |
||||||||||||||
462,000 | 4.125 | 08/15/23 | 462,287 | |||||||||||
Wells Fargo & Co., MTN |
||||||||||||||
941,000 | 3.750 | 01/24/24 | 938,622 | |||||||||||
(SOFR + 1.600%) |
||||||||||||||
3,000,000 | 1.654 | (a) | 06/02/24 | 2,940,185 | ||||||||||
|
|
|||||||||||||
36,363,337 | ||||||||||||||
|
|
|||||||||||||
Basic Industry – 0.7% | ||||||||||||||
Ecolab, Inc. |
||||||||||||||
272,000 | 0.900 | 12/15/23 | 263,158 | |||||||||||
Sherwin-Williams Co. (The) |
||||||||||||||
3,107,000 | 4.050 | 08/08/24 | 3,103,362 | |||||||||||
|
|
|||||||||||||
3,366,520 | ||||||||||||||
|
|
|||||||||||||
Broadcasting – 0.1% | ||||||||||||||
Fox Corp. |
||||||||||||||
705,000 | 4.030 | 01/25/24 | 702,389 | |||||||||||
|
|
|||||||||||||
Capital Goods – 0.2% | ||||||||||||||
Carlisle Cos., Inc. |
||||||||||||||
1,117,000 | 0.550 | 09/01/23 | 1,079,189 | |||||||||||
|
|
|||||||||||||
Consumer Cyclical – 1.0% | ||||||||||||||
7-Eleven, Inc.(b) |
||||||||||||||
1,245,000 | 0.625 | 02/10/23 | 1,226,806 | |||||||||||
General Motors Financial Co., Inc. |
||||||||||||||
300,000 | 3.700 | 05/09/23 | 299,402 | |||||||||||
|
|
|||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Consumer Cyclical – (continued) | ||||||||||||||
General Motors Financial Co., Inc. – (continued) |
||||||||||||||
(SOFRINDX + 1.300%) |
||||||||||||||
3,000,000 | 3.403 | (a) | 04/07/25 | 2,960,192 | ||||||||||
Starbucks Corp.(a) |
||||||||||||||
(SOFRINDX + 0.420%) |
||||||||||||||
479,000 | 2.714 | 02/14/24 | 476,772 | |||||||||||
|
|
|||||||||||||
4,963,172 | ||||||||||||||
|
|
|||||||||||||
Consumer Noncyclical – 1.7% | ||||||||||||||
Baxter International, Inc.(a) |
||||||||||||||
(SOFRINDX + 0.440%) |
||||||||||||||
1,356,000 | 2.736 | 11/29/24 | 1,332,145 | |||||||||||
GSK Consumer Healthcare Capital US LLC(a)(b) |
||||||||||||||
(SOFR + 0.890%) |
||||||||||||||
2,100,000 | 2.879 | 03/24/24 | 2,090,994 | |||||||||||
PerkinElmer, Inc. |
||||||||||||||
1,505,000 | 0.550 | 09/15/23 | 1,443,939 | |||||||||||
Thermo Fisher Scientific, Inc. |
||||||||||||||
(SOFRINDX + 0.350%) |
||||||||||||||
1,070,000 | 2.527 | (a) | 04/18/23 | 1,068,455 | ||||||||||
2,600,000 | 0.797 | 10/18/23 | 2,516,393 | |||||||||||
|
|
|||||||||||||
8,451,926 | ||||||||||||||
|
|
|||||||||||||
Consumer Products – 0.2% | ||||||||||||||
GSK Consumer Healthcare Capital US LLC(b) |
||||||||||||||
1,183,000 | 3.024 | 03/24/24 | 1,157,515 | |||||||||||
|
|
|||||||||||||
Electric – 3.5% | ||||||||||||||
American Electric Power Co., Inc.(a), Series A |
||||||||||||||
(3M USD LIBOR + 0.480%) |
||||||||||||||
625,000 | 3.262 | 11/01/23 | 623,532 | |||||||||||
Atmos Energy Corp. |
||||||||||||||
423,000 | 0.625 | 03/09/23 | 415,862 | |||||||||||
(3M USD LIBOR + 0.380%) |
||||||||||||||
747,000 | 2.070 | (a) | 03/09/23 | 745,903 | ||||||||||
CenterPoint Energy Resources Corp. |
||||||||||||||
900,000 | 0.700 | 03/02/23 | 885,462 | |||||||||||
(3M USD LIBOR + 0.500%) |
||||||||||||||
720,000 | 3.600 | (a) | 03/02/23 | 718,535 | ||||||||||
CenterPoint Energy, Inc.(a) |
||||||||||||||
(SOFRINDX + 0.650%) |
||||||||||||||
1,881,000 | 2.944 | 05/13/24 | 1,878,886 | |||||||||||
DTE Energy Co., Series H |
||||||||||||||
1,119,000 | 0.550 | 11/01/22 | 1,111,839 | |||||||||||
Duke Energy Corp.(a) |
||||||||||||||
(SOFR + 0.250%) |
||||||||||||||
850,000 | 2.049 | 06/10/23 | 845,644 | |||||||||||
Eversource Energy |
||||||||||||||
1,002,000 | 4.200 | 06/27/24 | 1,002,067 | |||||||||||
Florida Power & Light Co.(a) |
||||||||||||||
(SOFRINDX + 0.380%) |
||||||||||||||
1,250,000 | 2.506 | 01/12/24 | 1,239,504 | |||||||||||
National Rural Utilities Cooperative Finance Corp.(a), MTN |
||||||||||||||
(SOFR + 0.400%) |
||||||||||||||
1,884,000 | 2.694 | 08/07/23 | 1,879,998 | |||||||||||
NextEra Energy Capital Holdings, Inc.(a) |
||||||||||||||
(3M USD LIBOR + 0.270%) |
||||||||||||||
1,245,000 | 3.254 | 02/22/23 | 1,241,804 | |||||||||||
|
|
110 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Electric – (continued) | ||||||||||||||
NextEra Energy Capital Holdings, Inc.(a) – (continued) |
||||||||||||||
(SOFRINDX + 0.540%) |
||||||||||||||
$ | 500,000 | 2.837 | % | 03/01/23 | $ | 499,247 | ||||||||
OGE Energy Corp. |
||||||||||||||
226,000 | 0.703 | 05/26/23 | 220,610 | |||||||||||
Oklahoma Gas and Electric Co. |
||||||||||||||
522,000 | 0.553 | 05/26/23 | 510,090 | |||||||||||
PPL Electric Utilities Corp.(a) |
||||||||||||||
(SOFR + 0.330%) |
||||||||||||||
620,000 | 2.323 | 06/24/24 | 618,783 | |||||||||||
Southern Co. (The) |
||||||||||||||
1,500,000 | 2.950 | 07/01/23 | 1,488,718 | |||||||||||
Southern Co. (The)(a), Series 2021 |
||||||||||||||
(SOFR + 0.370%) |
||||||||||||||
1,636,000 | 2.664 | 05/10/23 | 1,627,926 | |||||||||||
|
|
|||||||||||||
17,554,410 | ||||||||||||||
|
|
|||||||||||||
Energy – 1.1% | ||||||||||||||
Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc. |
||||||||||||||
373,000 | 1.231 | 12/15/23 | 360,889 | |||||||||||
ConocoPhillips Co. |
||||||||||||||
2,206,000 | 2.125 | 03/08/24 | 2,157,268 | |||||||||||
Kinder Morgan Energy Partners LP |
||||||||||||||
649,000 | 3.450 | 02/15/23 | 647,510 | |||||||||||
MPLX LP |
||||||||||||||
704,000 | 4.500 | 07/15/23 | 706,306 | |||||||||||
Pioneer Natural Resources Co. |
||||||||||||||
1,436,000 | 0.550 | 05/15/23 | 1,401,564 | |||||||||||
|
|
|||||||||||||
5,273,537 | ||||||||||||||
|
|
|||||||||||||
Financial Company – 0.3% | ||||||||||||||
Air Lease Corp. |
||||||||||||||
1,037,000 | 2.250 | 01/15/23 | 1,029,327 | |||||||||||
500,000 | 3.875 | 07/03/23 | 498,461 | |||||||||||
|
|
|||||||||||||
1,527,788 | ||||||||||||||
|
|
|||||||||||||
Healthcare – 0.7% | ||||||||||||||
AmerisourceBergen Corp. |
||||||||||||||
1,263,000 | 0.737 | 03/15/23 | 1,240,892 | |||||||||||
Cigna Corp. |
||||||||||||||
2,250,000 | 3.050 | 11/30/22 | 2,249,740 | |||||||||||
|
|
|||||||||||||
3,490,632 | ||||||||||||||
|
|
|||||||||||||
Insurance – 2.5% | ||||||||||||||
AIG Global Funding(a)(b) |
||||||||||||||
(SOFR + 0.380%) |
||||||||||||||
1,390,000 | 2.263 | 12/15/23 | 1,379,162 | |||||||||||
Athene Global Funding(a)(b) |
||||||||||||||
(3M USD LIBOR + 0.730%) |
||||||||||||||
1,500,000 | 3.121 | 01/08/24 | 1,474,612 | |||||||||||
Equitable Financial Life Global Funding(b) |
||||||||||||||
1,623,000 | 0.500 | 04/06/23 | 1,593,651 | |||||||||||
Jackson National Life Global Funding(a)(b) |
||||||||||||||
(SOFR + 0.600%) |
||||||||||||||
1,300,000 | 2.677 | 01/06/23 | 1,300,484 | |||||||||||
MassMutual Global Funding II(a)(b) |
||||||||||||||
(SOFR + 0.360%) |
||||||||||||||
986,000 | 2.486 | 04/12/24 | 976,641 | |||||||||||
|
|
|||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Insurance – (continued) | ||||||||||||||
Metropolitan Life Global Funding I(b) |
||||||||||||||
710,000 | 3.600 | 01/11/24 | 707,636 | |||||||||||
Pacific Life Global Funding II(a)(b) |
||||||||||||||
(SOFR + 0.400%) |
||||||||||||||
750,000 | 2.668 | 01/27/25 | 738,172 | |||||||||||
Principal Life Global Funding II(a)(b) |
||||||||||||||
(SOFR + 0.450%) |
||||||||||||||
353,000 | 2.576 | 04/12/24 | 349,656 | |||||||||||
Protective Life Global Funding |
||||||||||||||
2,000,000 | 0.327 | (b) | 12/09/22 | 1,983,333 | ||||||||||
626,000 | 0.502 | (b) | 04/12/23 | 612,892 | ||||||||||
(SOFR + 0.980%) |
||||||||||||||
1,691,000 | 2.994 | (a)(b) | 03/28/25 | 1,683,454 | ||||||||||
|
|
|||||||||||||
12,799,693 | ||||||||||||||
|
|
|||||||||||||
REITs and Real Estate – 0.3% | ||||||||||||||
Public Storage(a) (SOFR + 0.470%) |
||||||||||||||
1,385,000 | 2.705 | 04/23/24 | 1,377,896 | |||||||||||
|
|
|||||||||||||
Software – 0.1% | ||||||||||||||
Oracle Corp. |
||||||||||||||
634,000 | 2.500 | 10/15/22 | 633,137 | |||||||||||
|
|
|||||||||||||
Technology – 0.5% | ||||||||||||||
Fidelity National Information Services, Inc. |
||||||||||||||
800,000 | 0.375 | 03/01/23 | 785,441 | |||||||||||
Hewlett Packard Enterprise Co. |
||||||||||||||
1,000,000 | 2.250 | 04/01/23 | 991,073 | |||||||||||
Take-Two Interactive Software, Inc. |
||||||||||||||
571,000 | 3.300 | 03/28/24 | 562,770 | |||||||||||
|
|
|||||||||||||
2,339,284 | ||||||||||||||
|
|
|||||||||||||
Transportation – 0.5% | ||||||||||||||
Penske Truck Leasing Co. LP / PTL Finance Corp.(b) |
||||||||||||||
1,390,000 | 4.250 | 01/17/23 | 1,390,694 | |||||||||||
Ryder System, Inc., MTN |
||||||||||||||
1,000,000 | 3.750 | 06/09/23 | 997,387 | |||||||||||
|
|
|||||||||||||
2,388,081 | ||||||||||||||
|
|
|||||||||||||
Wireless – 0.8% | ||||||||||||||
AT&T, Inc.(a) |
||||||||||||||
(SOFRINDX + 0.640%) |
||||||||||||||
2,154,000 | 2.635 | 03/25/24 | 2,145,941 | |||||||||||
Verizon Communications, Inc.(a) |
||||||||||||||
(SOFRINDX + 0.500%) |
||||||||||||||
2,116,000 | 2.455 | 03/22/24 | 2,099,440 | |||||||||||
|
|
|||||||||||||
4,245,381 | ||||||||||||||
|
|
|||||||||||||
TOTAL CORPORATE OBLIGATIONS | ||||||||||||||
(Cost $108,790,828) | $ | 107,713,887 | ||||||||||||
|
|
|||||||||||||
Asset- Backed Securities – 18.7% | ||||||||||||||
|
Access
to Loans for Learning Student Loan Corp., Series 2010-I, |
| ||||||||||||
$ | 641,559 | 3.583 | % | 04/25/37 | $ | 643,599 | ||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 111 |
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF
Schedule of Investments (continued)
August 31, 2022
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Asset- Backed Securities – (continued) | ||||||||||||||
|
Access
to Loans for Learning Student Loan Corp., Series 2012-1, |
| ||||||||||||
$ | 20,258 | 3.144 | % | 07/25/36 | $ | 20,078 | ||||||||
Ally Auto Receivables Trust, Series 2022-1, Class A3 |
||||||||||||||
3,170,000 | 3.310 | 11/15/26 | 3,139,483 | |||||||||||
|
American
Express Credit Account Master Trust, Series 2019-3, |
| ||||||||||||
1,070,000 | 2.000 | 04/15/25 | 1,069,569 | |||||||||||
|
Anchorage
Capital CLO Ltd., Series 2014-4RA, Class A(a)(b) |
| ||||||||||||
1,000,000 | 3.843 | 01/28/31 | 986,549 | |||||||||||
|
Atlas
Senior Loan Fund III Ltd., Series 2013-1A, Class AR(a)(b) |
| ||||||||||||
89,940 | 3.772 | 11/17/27 | 89,059 | |||||||||||
BA Credit Card Trust, Series 2021-A1, Class A1 |
||||||||||||||
500,000 | 0.440 | 09/15/26 | 473,480 | |||||||||||
Barclays Dryrock Issuance Trust, Series 2021-1, Class A |
||||||||||||||
2,400,000 | 0.630 | 07/15/27 | 2,236,074 | |||||||||||
|
Barings
CLO Ltd., Series 2018-3A,
Class A1(a)(b)
(3M USD |
| ||||||||||||
321,931 | 3.660 | 07/20/29 | 318,929 | |||||||||||
|
Birch
Grove CLO 4 Ltd., Series 2022-4A, Class A1(a)(b) (3M U.S. |
| ||||||||||||
3,000,000 | 2.198 | 04/15/34 | 2,947,059 | |||||||||||
|
BlueMountain
CLO Ltd., Series 2017-2A,
Class A1R(a)(b) |
| ||||||||||||
980,386 | 3.939 | 10/22/30 | 969,031 | |||||||||||
|
Brazos
Higher Education Authority, Inc., Series 2011-1, |
| ||||||||||||
339,918 | 3.797 | 02/25/30 | 339,646 | |||||||||||
|
BSPDF
Issuer Ltd., Series 2021-FL1, Class A(a)(b) (1M USD |
| ||||||||||||
1,150,000 | 3.591 | 10/15/36 | 1,119,660 | |||||||||||
|
BX,
Series 2021-MFM1, Class A(a)(b) (1M USD LIBOR
+ |
| ||||||||||||
100,000 | 3.091 | 01/15/34 | 97,003 | |||||||||||
|
BX
Trust, Series 2021-ARIA, Class A(a)(b) (1M USD LIBOR
+ |
| ||||||||||||
1,300,000 | 3.290 | 10/15/36 | 1,241,565 | |||||||||||
|
BXHPP
Trust, Series 2021-FILM, Class A(a)(b) (1M USD
LIBOR |
| ||||||||||||
1,850,000 | 3.041 | 08/15/36 | 1,779,469 | |||||||||||
CARDS II Trust, Series 2021-1A, Class A(b) (Canada) |
||||||||||||||
1,125,000 | 0.602 | 04/15/27 | 1,065,657 | |||||||||||
|
Carlyle
US CLO Ltd., Series 2017-2A,
Class A1R(a)(b) (3M USD |
| ||||||||||||
2,000,000 | 3.760 | 07/20/31 | 1,968,174 | |||||||||||
Chase Issuance Trust, Series 2020-A1, Class A1 |
||||||||||||||
400,000 | 1.530 | 01/15/25 | 397,104 | |||||||||||
|
CIFC
Funding Ltd., Series 2017-3A, Class A1(a)(b) (3M USD |
| ||||||||||||
2,350,000 | 3.930 | 07/20/30 | 2,321,988 | |||||||||||
|
CIFC
Funding Ltd., Series 2021-2A, Class AR(a)(b) (3M USD |
| ||||||||||||
500,000 | 3.660 | 04/20/30 | 493,628 | |||||||||||
|
Citigroup
Commercial Mortgage Trust, Series 2014-GC19, |
| ||||||||||||
2,400,000 | 4.023 | 03/10/47 | 2,364,725 | |||||||||||
|
|
|||||||||||||
Asset- Backed Securities – (continued) | ||||||||||||||
|
Citigroup
Commercial Mortgage Trust, Series 2014-GC21, |
| ||||||||||||
600,000 | 3.855 | 05/10/47 | 588,531 | |||||||||||
COMM Mortgage Trust, Series 2013-CR12, Class A4 |
||||||||||||||
800,000 | 4.046 | 10/10/46 | 788,761 | |||||||||||
COMM Mortgage Trust, Series 2013-CR7, Class A4 |
||||||||||||||
427,573 | 3.213 | 03/10/46 | 425,531 | |||||||||||
COMM Mortgage Trust, Series 2013-CR8, Class A5(a) |
||||||||||||||
700,000 | 3.612 | 06/10/46 | 694,145 | |||||||||||
COMM Mortgage Trust, Series 2013-CR9, Class A4(a) |
||||||||||||||
294,832 | 4.411 | 07/10/45 | 292,282 | |||||||||||
COMM Mortgage Trust, Series 2015-CR24, Class ASB |
||||||||||||||
308,522 | 3.445 | 08/10/48 | 298,783 | |||||||||||
DBJPM 2016-C3 Mortgage Trust, Series 2016-C3, Class ASB |
||||||||||||||
291,370 | 2.756 | 08/10/49 | 280,832 | |||||||||||
|
Discover
Card Execution Note Trust, Series 2017-A5, Class A5(a) |
| ||||||||||||
2,000,000 | 2.991 | 12/15/26 | 2,005,830 | |||||||||||
|
Discover
Card Execution Note Trust, Series 2017-A7, Class A7(a) |
| ||||||||||||
150,000 | 2.751 | 04/15/25 | 150,004 | |||||||||||
|
Dryden
80 CLO Ltd., Series 2022-80A, Class AR(a)(b) (3M U.S. |
| ||||||||||||
4,000,000 | 3.731 | 01/17/33 | 3,916,420 | |||||||||||
|
Dryden
XXVI Senior Loan Fund, Series 2013-26A, Class AR(a)(b) |
| ||||||||||||
227,671 | 3.412 | 04/15/29 | 224,984 | |||||||||||
|
Edsouth
Indenture No 10 LLC, Series 2015-2, Class A(a)(b) |
| ||||||||||||
88,479 | 3.444 | 12/25/56 | 88,738 | |||||||||||
|
Edsouth
Indenture No 2 LLC, Series 2012-1, Class A1(a)(b) |
| ||||||||||||
94,838 | 3.594 | 09/25/40 | 94,068 | |||||||||||
|
Edsouth
Indenture No 3 LLC, Series 2012-2, Class A(a)(b) |
| ||||||||||||
30,682 | 3.174 | 04/25/39 | 30,592 | |||||||||||
|
Educational
Funding of the South, Inc., Series 2011-1, Class A2(a) |
| ||||||||||||
693,735 | 3.433 | 04/25/35 | 690,867 | |||||||||||
|
EFS
Volunteer LLC, Series 2010-1, Class A2(a)(b) (3M USD |
| ||||||||||||
492,248 | 3.633 | 10/25/35 | 491,737 | |||||||||||
|
Extended
Stay America Trust, Series 2021-ESH, Class A(a)(b) |
| ||||||||||||
1,441,131 | 3.472 | 07/15/38 | 1,410,538 | |||||||||||
|
Flatiron
CLO 19 Ltd., Series 2021-1A,
Class AR(a)(b)
(3M USD |
| ||||||||||||
1,000,000 | 4.002 | 11/16/34 | 976,593 | |||||||||||
Ford Credit Auto Owner Trust, Series 2018-2, Class A(b) |
||||||||||||||
1,500,000 | 3.470 | 01/15/30 | 1,492,019 | |||||||||||
|
Ford
Credit Floorplan Master Owner Trust A, Series 2018-2, |
| ||||||||||||
1,000,000 | 3.170 | 03/15/25 | 996,022 | |||||||||||
|
GM
Financial Consumer Automobile Receivables Trust, |
| ||||||||||||
3,230,000 | 1.760 | 01/16/25 | 3,191,690 | |||||||||||
GMF Floorplan Owner Revolving Trust, Series 2020-2, Class A(b) |
||||||||||||||
1,000,000 | 0.690 | 10/15/25 | 960,577 | |||||||||||
|
|
112 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Asset- Backed Securities – (continued) | ||||||||||||||
|
Goal
Capital Funding Trust, Series 2010-1, Class A(a)(b) (3M USD |
| ||||||||||||
$ | 217,490 | 3.697 | % | 08/25/48 | $ | 217,048 | ||||||||
|
Great
Wolf Trust, Series 2019-WOLF, Class A(a)(b) (1M USD |
| ||||||||||||
3,250,000 | 3.425 | 12/15/36 | 3,180,819 | |||||||||||
|
HalseyPoint
CLO 3 Ltd., Series 2020-3A,
Class A1A(a)(b) (3M |
| ||||||||||||
500,000 | 4.232 | 11/30/32 | 493,268 | |||||||||||
|
Hayfin
US Ltd., Series 2018-8A,
Class A(a)(b)
(3M USD LIBOR + |
| ||||||||||||
3,000,000 | 3.830 | 04/20/31 | 2,945,385 | |||||||||||
|
Higher
Education Funding I, Series 2014-1, Class A(a)(b) (3M |
| ||||||||||||
573,869 | 4.047 | 05/25/34 | 572,566 | |||||||||||
Honda Auto Receivables Owner Trust, Series 2019-4, Class A3 |
||||||||||||||
270,996 | 1.830 | 01/18/24 | 269,716 | |||||||||||
|
ICG
US CLO Ltd., Series 2018-1A,
Class A1R(a)(b) (3M USD |
| ||||||||||||
678,801 | 3.878 | 10/19/28 | 671,377 | |||||||||||
|
JP
Morgan Chase Commercial Mortgage Securities Trust, |
| ||||||||||||
151,169 | 2.702 | 12/15/47 | 150,500 | |||||||||||
|
JP
Morgan Chase Commercial Mortgage Securities Trust, |
| ||||||||||||
821,089 | 3.994 | 01/15/46 | 816,276 | |||||||||||
|
JPMBB
Commercial Mortgage Securities Trust, Series 2013-C12, |
| ||||||||||||
2,529,000 | 3.664 | 07/15/45 | 2,502,191 | |||||||||||
|
JPMBB
Commercial Mortgage Securities Trust, Series 2014-C18, |
| ||||||||||||
228,019 | 3.566 | 02/15/47 | 225,762 | |||||||||||
|
KKR
Industrial Portfolio Trust, Series 2021-KDIP, Class A(a)(b) |
| ||||||||||||
409,014 | 2.941 | 12/15/37 | 395,224 | |||||||||||
|
KnowledgeWorks
Foundation, Series 2010-1,
Class A(a)
(3M |
| ||||||||||||
230,792 | 1.524 | 02/25/42 | 228,578 | |||||||||||
|
LCM
XV LP, Series 2021-15A,
Class AR2(a)(b) (3M USD
LIBOR |
| ||||||||||||
2,300,000 | 3.710 | 07/20/30 | 2,267,195 | |||||||||||
|
LCM
XX LP, Series 2018-20A,
Class AR(a)(b)
(3M USD LIBOR |
| ||||||||||||
733,734 | 3.750 | 10/20/27 | 727,562 | |||||||||||
|
Madison
Park Funding Ltd., Series 2021-37A, Class AR(a)(b) (3M |
| ||||||||||||
1,500,000 | 3.582 | 07/15/33 | 1,470,600 | |||||||||||
|
Madison
Park Funding XLI Ltd., Series 2017-12A, Class AR(a)(b) |
| ||||||||||||
223,140 | 3.589 | 04/22/27 | 220,490 | |||||||||||
|
Marathon
CLO Ltd., Series 2021-1A,
Class AANR(a)(b) (3M USD |
| ||||||||||||
2,200,000 | 3.832 | 04/15/32 | 2,152,715 | |||||||||||
Master Credit Card Trust, Series 2021-1A, Class A(b) (Canada) |
||||||||||||||
1,400,000 | 0.530 | 11/21/25 | 1,313,850 | |||||||||||
|
Mercedes-Benz Auto Lease Trust 2021-B, Series 2021-B, |
| ||||||||||||
850,000 | 0.400 | 11/15/24 | 822,705 | |||||||||||
|
|
|||||||||||||
Asset- Backed Securities – (continued) | ||||||||||||||
|
Navient
Student Loan Trust, Series 2016-6A, Class A2(a)(b) (1M |
| ||||||||||||
216,571 | 3.194 | 03/25/66 | 216,445 | |||||||||||
|
Nelnet
Student Loan Trust, Series 2014-2A, Class A2(a)(b) (1M |
| ||||||||||||
230,633 | 3.044 | 03/25/30 | 230,459 | |||||||||||
|
Nelnet
Student Loan Trust, Series 2014-4A, Class A1(a)(b) (1M |
| ||||||||||||
285,453 | 2.984 | 11/27/39 | 285,052 | |||||||||||
|
Nelnet
Student Loan Trust, Series 2016-1A, Class A(a)(b) (1M |
| ||||||||||||
444,895 | 3.244 | 09/25/65 | 442,469 | |||||||||||
|
Northstar
Education Finance, Inc., Series 2012-1, Class A(a)(b) |
| ||||||||||||
83,970 | 3.144 | 12/26/31 | 83,262 | |||||||||||
|
NorthStar
Student Loan Trust III, Series 2016-1, Class A(a)(b) (1M |
| ||||||||||||
965,312 | 3.694 | 05/27/36 | 966,748 | |||||||||||
|
ONE
PARK Mortgage Trust, Series 2021-PARK, Class A(a)(b) |
| ||||||||||||
908,000 | 3.091 | 03/15/36 | 875,635 | |||||||||||
|
OZLM
Ltd., Series 2017-11A,
Class A1R(a)(b) (3M USD LIBOR
+ |
| ||||||||||||
247,297 | 4.032 | 10/30/30 | 244,239 | |||||||||||
|
Pennsylvania
Higher Education Assistance Agency, |
| ||||||||||||
39,754 | 3.683 | 07/25/29 | 39,778 | |||||||||||
|
Regata
Funding Ltd., Series 2021-1A, Class AR(a)(b) (3M USD |
| ||||||||||||
2,000,000 | 3.612 | 10/15/32 | 1,953,976 | |||||||||||
|
Rhode
Island Student Loan Authority, Series 2012-1, Class A1(a) |
| ||||||||||||
800,135 | 3.464 | 07/01/31 | 799,323 | |||||||||||
|
Rhode
Island Student Loan Authority, Series 2014-1, Class A1(a) |
| ||||||||||||
123,263 | 3.264 | 10/02/28 | 122,622 | |||||||||||
|
Shackleton
2015-VIII CLO Ltd., Series 2017-8A, Class A2R(a)(b) |
| ||||||||||||
219,850 | 3.630 | 10/20/27 | 217,709 | |||||||||||
|
SLC
Student Loan Trust, Series 2003-14, Class A6(a) (3M USD |
| ||||||||||||
66,098 | 3.083 | 07/25/25 | 66,034 | |||||||||||
|
SLC
Student Loan Trust, Series 2005-3, Class A3(a) (3M USD |
| ||||||||||||
339,205 | 1.949 | 06/15/29 | 336,999 | |||||||||||
|
SLC
Student Loan Trust, Series 2005-5, Class A4(a) (3M USD |
| ||||||||||||
456,471 | 2.923 | 10/25/28 | 451,165 | |||||||||||
|
SLC
Student Loan Trust, Series 2007-1, Class A4(a) (3M USD |
| ||||||||||||
1,371,298 | 2.965 | 05/15/29 | 1,347,334 | |||||||||||
|
SLC
Student Loan Trust, Series 2010-1, Class A(a) (3M USD |
| ||||||||||||
300,770 | 3.872 | 11/25/42 | 300,404 | |||||||||||
|
SLM
Student Loan Trust, Series 2003-11, Class A6(a)(b) (3M USD |
| ||||||||||||
33,006 | 2.379 | 12/15/25 | 32,985 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 113 |
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF
Schedule of Investments (continued)
August 31, 2022
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Asset- Backed Securities – (continued) | ||||||||||||||
|
SLM
Student Loan Trust, Series 2004-1, Class A4(a) (3M USD |
| ||||||||||||
$ | 38,046 | 3.043 | % | 10/27/25 | $ | 37,999 | ||||||||
|
SLM
Student Loan Trust, Series 2005-7, Class A4(a) (3M USD |
| ||||||||||||
152,481 | 2.933 | 10/25/29 | 151,473 | |||||||||||
|
SLM
Student Loan Trust, Series 2018-10, Class A7B(a)(b) (3M |
| ||||||||||||
107,998 | 3.383 | 10/25/29 | 106,951 | |||||||||||
|
SOUND
POINT CLO XXII Ltd., Series 2019-1A, Class AR(a)(b) |
| ||||||||||||
600,000 | 3.790 | 01/20/32 | 588,274 | |||||||||||
|
South
Carolina Student Loan Corp., Series 2014-1, Class A1(a) |
| ||||||||||||
107,142 | 3.123 | 05/01/30 | 106,872 | |||||||||||
State of Illinois |
||||||||||||||
567,273 | 4.950 | 06/01/23 | 569,943 | |||||||||||
|
STWD
Trust, Series 2021-FLWR, Class A(a)(b) (1M USD
LIBOR |
| ||||||||||||
1,350,000 | 2.968 | 07/15/36 | 1,296,054 | |||||||||||
|
TCW
CLO 2019-2 Ltd., Series 2022-2A, Class A1R(a)(b) (3M U.S. |
| ||||||||||||
3,500,000 | 3.757 | 10/20/32 | 3,455,190 | |||||||||||
|
TCW
CLO AMR Ltd., Series 2021-1A,
Class ASNR(a)(b) (3M |
| ||||||||||||
1,100,000 | 4.142 | 08/16/34 | 1,072,940 | |||||||||||
|
TCW
CLO Ltd., Series 2022-1A,
Class A1(a)(b)
(3M U.S. T-Bill |
| ||||||||||||
3,500,000 | 2.087 | 04/22/33 | 3,431,971 | |||||||||||
|
Tralee
CLO II Ltd., Series 2017-1A,
Class AR(a)(b)
(3M USD |
| ||||||||||||
359,386 | 4.030 | 07/20/29 | 355,981 | |||||||||||
|
Trimaran
Cavu Ltd., Series 2021-1A,
Class A(a)(b)
(3M USD |
| ||||||||||||
1,000,000 | 3.993 | 04/23/32 | 978,846 | |||||||||||
|
Trysail
CLO Ltd., Series 2021-1A,
Class A1(a)(b)
(3M USD |
| ||||||||||||
3,000,000 | 4.030 | 07/20/32 | 2,940,390 | |||||||||||
|
UBS-Barclays Commercial Mortgage Trust,
Series 2013-C5, |
| ||||||||||||
46,437 | 2.687 | 03/10/46 | 46,250 | |||||||||||
|
Voya
CLO 2019-2 Ltd., Series 2019-2A, Class A(a)(b) (3M USD |
| ||||||||||||
700,000 | 3.980 | 07/20/32 | 687,658 | |||||||||||
|
Voya
CLO Ltd., Series 2015-1A,
Class A1R(a)(b) (3M USD |
| ||||||||||||
207,785 | 3.640 | 01/18/29 | 205,719 | |||||||||||
|
Wells
Fargo Commercial Mortgage Trust 2015-C31, |
| ||||||||||||
90,765 | 3.487 | 11/15/48 | 88,860 | |||||||||||
|
Zais
CLO Ltd., Series 2021-15A,
Class A1R(a)(b) (3M USD |
| ||||||||||||
1,000,000 | 4.143 | 07/28/32 | 980,985 | |||||||||||
|
|
|||||||||||||
TOTAL ASSET- BACKED SECURITIES | ||||||||||||||
(Cost $96,011,359) | $ | 93,929,894 | ||||||||||||
|
|
|||||||||||||
Foreign Corporate Debt – 17.5% | ||||||||||||||
Banks – 14.9% | ||||||||||||||
ANZ New Zealand Int’l Ltd/London(a)(b) (New Zealand) |
||||||||||||||
(SOFR + 0.600%) |
||||||||||||||
$ | 500,000 | 2.895 | % | 02/18/25 | $ | 501,205 | ||||||||
Banco Santander SA (Spain) |
||||||||||||||
(3M USD LIBOR + 1.090%) |
||||||||||||||
800,000 | 4.048 | (a) | 02/23/23 | 800,844 | ||||||||||
(SOFR + 1.240%) |
||||||||||||||
1,600,000 | 3.535 | (a) | 05/24/24 | 1,600,294 | ||||||||||
200,000 | 3.892 | 05/24/24 | 198,142 | |||||||||||
(US 1 Year CMT T-Note + 0.450%) |
||||||||||||||
1,000,000 | 0.701 | (a) | 06/30/24 | 967,592 | ||||||||||
Bank of Montreal, MTN(a) (Canada) |
||||||||||||||
(SOFRINDX + 0.680%) |
||||||||||||||
1,450,000 | 2.479 | 03/10/23 | 1,449,866 | |||||||||||
(SOFRINDX + 0.465%) |
||||||||||||||
3,000,000 | 2.582 | 01/10/25 | 2,945,288 | |||||||||||
Bank of Nova Scotia (The)(a) (Canada) |
||||||||||||||
(SOFRINDX + 0.550%) |
||||||||||||||
3,067,000 | 2.433 | 09/15/23 | 3,056,752 | |||||||||||
(SOFRINDX + 0.960%) |
||||||||||||||
1,400,000 | 2.770 | 03/11/24 | 1,395,560 | |||||||||||
Bank of Nova Scotia (The)(a), Series FRN (Canada) |
||||||||||||||
(SOFRINDX + 0.445%) |
||||||||||||||
425,000 | 2.614 | 04/15/24 | 420,163 | |||||||||||
Banque Federative du Credit Mutuel SA(b) (France) |
||||||||||||||
253,000 | 2.125 | 11/21/22 | 252,431 | |||||||||||
1,298,000 | 0.650 | 02/27/24 | 1,230,200 | |||||||||||
Barclays PLC(a) (United Kingdom) |
||||||||||||||
(3M USD LIBOR + 1.356%) |
||||||||||||||
1,161,000 | 4.338 | 05/16/24 | 1,155,351 | |||||||||||
BPCE SA(a)(b) (France) |
||||||||||||||
(SOFR + 0.570%) |
||||||||||||||
1,100,000 | 2.731 | 01/14/25 | 1,082,174 | |||||||||||
Canadian Imperial Bank of Commerce(a) (Canada) |
||||||||||||||
(SOFR + 0.800%) |
||||||||||||||
1,395,000 | 2.751 | 03/17/23 | 1,402,710 | |||||||||||
(SOFR + 0.940%) |
||||||||||||||
2,433,000 | 3.043 | 04/07/25 | 2,402,564 | |||||||||||
Cooperatieve Rabobank UA(a) (Netherlands) |
||||||||||||||
(SOFRINDX + 0.380%) |
||||||||||||||
1,185,000 | 2.497 | 01/10/25 | 1,166,879 | |||||||||||
Credit Suisse AG(a), Series FRN (Switzerland) |
||||||||||||||
(SOFRINDX + 1.260%) |
||||||||||||||
3,000,000 | 3.555 | 02/21/25 | 2,945,567 | |||||||||||
Deutsche Bank AG, Series E (Germany) |
||||||||||||||
512,000 | 0.962 | 11/08/23 | 491,478 | |||||||||||
(SOFR + 0.500%) |
||||||||||||||
2,665,000 | 2.794 | (a) | 11/08/23 | 2,644,069 | ||||||||||
Federation des Caisses Desjardins du Quebec(a)(b) (Canada) |
||||||||||||||
(SOFR + 0.430%) |
||||||||||||||
1,895,000 | 2.725 | 05/21/24 | 1,867,426 | |||||||||||
HSBC Holdings PLC(a) (United Kingdom) |
||||||||||||||
(3M USD LIBOR + 0.923%) |
||||||||||||||
1,000,000 | 3.033 | 11/22/23 | 996,588 | |||||||||||
(SOFR + 0.580%) |
||||||||||||||
1,713,000 | 2.875 | 11/22/24 | 1,671,609 | |||||||||||
|
|
114 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Foreign Corporate Debt – (continued) | ||||||||||||||
Banks – (continued) | ||||||||||||||
ING Groep NV (Netherlands) |
||||||||||||||
$ | 1,402,000 | 3.550 | % | 04/09/24 | $ | 1,386,169 | ||||||||
Intesa Sanpaolo SpA(b) (Italy) |
||||||||||||||
500,000 | 3.375 | 01/12/23 | 497,266 | |||||||||||
Lloyds Banking Group PLC (United Kingdom) |
||||||||||||||
1,367,000 | 4.050 | 08/16/23 | 1,365,605 | |||||||||||
(3M USD LIBOR + 0.810%) |
||||||||||||||
2,020,000 | 2.907 | (a) | 11/07/23 | 2,014,106 | ||||||||||
(US 1 Year CMT T-Note + 0.550%) |
||||||||||||||
1,192,000 | 0.695 | (a) | 05/11/24 | 1,157,847 | ||||||||||
Macquarie Bank Ltd.(b) (Australia) |
||||||||||||||
400,000 | 2.100 | 10/17/22 | 399,312 | |||||||||||
818,000 | 0.441 | 12/16/22 | 810,676 | |||||||||||
Macquarie Group Ltd.(a)(b) (Australia) |
||||||||||||||
(3M USD LIBOR + 1.330%) |
||||||||||||||
1,863,000 | 4.150 | 03/27/24 | 1,859,684 | |||||||||||
Mitsubishi UFJ Financial Group, Inc.(a) (Japan) |
||||||||||||||
(SOFR + 1.650%) |
||||||||||||||
2,662,000 | 3.856 | 07/18/25 | 2,674,665 | |||||||||||
Mizuho Financial Group, Inc.(a) (Japan) |
||||||||||||||
(SOFR + 1.252%) |
||||||||||||||
1,358,000 | 1.241 | 07/10/24 | 1,319,069 | |||||||||||
National Australia Bank Ltd.(a)(b) (Australia) |
||||||||||||||
(SOFR + 0.380%) |
||||||||||||||
2,300,000 | 2.506 | 01/12/25 | 2,271,086 | |||||||||||
National Bank of Canada(a) (Canada) |
||||||||||||||
(SOFR + 0.490%) |
||||||||||||||
655,000 | 2.784 | 08/06/24 | 645,742 | |||||||||||
Nationwide Building Society(b) (United Kingdom) |
||||||||||||||
3,000,000 | 2.000 | 01/27/23 | 2,972,800 | |||||||||||
NatWest Group PLC (United Kingdom) |
||||||||||||||
325,000 | 3.875 | 09/12/23 | 323,301 | |||||||||||
NatWest Markets PLC(b) (United Kingdom) |
||||||||||||||
1,000,000 | 2.375 | 05/21/23 | 985,125 | |||||||||||
Royal Bank of Canada, GMTN(a) (Canada) |
||||||||||||||
(SOFRINDX + 0.340%) |
||||||||||||||
819,000 | 2.443 | 10/07/24 | 803,646 | |||||||||||
(SOFRINDX + 0.440%) |
||||||||||||||
2,000,000 | 2.658 | 01/21/25 | 1,963,547 | |||||||||||
Societe Generale SA(b) (France) |
||||||||||||||
1,133,000 | 4.250 | 09/14/23 | 1,128,862 | |||||||||||
Standard Chartered PLC(a)(b) (United Kingdom) |
||||||||||||||
(SOFR + 1.250%) |
||||||||||||||
2,591,000 | 3.411 | 10/14/23 | 2,593,428 | |||||||||||
Sumitomo Mitsui Financial Group, Inc.(a) (Japan) |
||||||||||||||
(3M USD LIBOR + 0.740%) |
||||||||||||||
1,020,000 | 3.478 | 01/17/23 | 1,021,359 | |||||||||||
Sumitomo Mitsui Trust Bank Ltd.(a)(b) (Japan) |
||||||||||||||
(SOFR + 0.440%) |
||||||||||||||
1,854,000 | 2.282 | 09/16/24 | 1,831,170 | |||||||||||
Swedbank AB(b) (Sweden) |
||||||||||||||
700,000 | 1.300 | 06/02/23 | 686,353 | |||||||||||
Toronto-Dominion Bank (The), MTN(a) (Canada) |
||||||||||||||
(SOFR + 0.910%) |
||||||||||||||
1,781,000 | 2.675 | 03/08/24 | 1,776,577 | |||||||||||
(SOFR + 0.410%) |
||||||||||||||
4,000,000 | 2.527 | 01/10/25 | 3,915,881 | |||||||||||
|
|
|||||||||||||
Foreign Corporate Debt – (continued) | ||||||||||||||
Banks – (continued) | ||||||||||||||
UBS AG/London(a)(b) (Switzerland) |
||||||||||||||
(SOFR + 0.360%) |
||||||||||||||
702,000 | 2.654 | 02/09/24 | 697,908 | |||||||||||
(SOFR + 0.450%) |
||||||||||||||
769,000 | 2.744 | 08/09/24 | 762,448 | |||||||||||
(SOFR + 0.470%) |
||||||||||||||
3,500,000 | 2.622 | 01/13/25 | 3,452,892 | |||||||||||
Westpac Banking Corp.(a) (Australia) |
||||||||||||||
(SOFR + 0.300%) |
||||||||||||||
1,186,000 | 2.595 | 11/18/24 | 1,172,962 | |||||||||||
|
|
|||||||||||||
75,134,238 | ||||||||||||||
|
|
|||||||||||||
Capital Goods – 0.1% | ||||||||||||||
|
Siemens
Financieringsmaatschappij NV(a)(b) (Germany) (SOFR
+ |
| ||||||||||||
620,000 | 2.240 | 03/11/24 | 619,091 | |||||||||||
|
|
|||||||||||||
Consumer Cyclical – 1.0% | ||||||||||||||
BMW US Capital LLC (Germany) |
||||||||||||||
(SOFRINDX + 0.530%) |
||||||||||||||
710,000 | 2.582 | (a)(b) | 04/01/24 | 707,206 | ||||||||||
(SOFRINDX + 0.840%) |
||||||||||||||
1,231,000 | 2.892 | (a)(b) | 04/01/25 | 1,228,365 | ||||||||||
Mercedes-Benz Finance North America LLC(b) (Germany) |
||||||||||||||
1,000,000 | 1.750 | 03/10/23 | 989,011 | |||||||||||
Volkswagen Group of America Finance LLC (Germany) |
||||||||||||||
993,000 | 0.750 | (b) | 11/23/22 | 986,810 | ||||||||||
(SOFR + 0.950%) |
||||||||||||||
1,000,000 | 3.246 | (a)(b) | 06/07/24 | 997,586 | ||||||||||
|
|
|||||||||||||
4,908,978 | ||||||||||||||
|
|
|||||||||||||
Energy – 0.6% | ||||||||||||||
Enbridge, Inc. (Canada) |
||||||||||||||
(SOFR + 0.400%) |
||||||||||||||
1,924,000 | 2.695 | (a) | 02/17/23 | 1,917,150 | ||||||||||
726,000 | 0.550 | 10/04/23 | 698,088 | |||||||||||
(SOFRINDX + 0.630%) |
||||||||||||||
344,000 | 2.925 | (a) | 02/16/24 | 341,215 | ||||||||||
|
|
|||||||||||||
2,956,453 | ||||||||||||||
|
|
|||||||||||||
Food and Beverage – 0.4% | ||||||||||||||
Coca-Cola Europacific Partners PLC(b) (United Kingdom) |
||||||||||||||
1,917,000 | 0.500 | 05/05/23 | 1,869,445 | |||||||||||
Heineken NV(b) (Netherlands) |
||||||||||||||
298,000 | 2.750 | 04/01/23 | 296,119 | |||||||||||
|
|
|||||||||||||
2,165,564 | ||||||||||||||
|
|
|||||||||||||
Metals and Mining – 0.1% | ||||||||||||||
Glencore Finance Canada Ltd.(b) (Australia) |
||||||||||||||
366,000 | 4.250 | 10/25/22 | 366,264 | |||||||||||
|
|
|||||||||||||
Mining – 0.2% | ||||||||||||||
Anglo American Capital PLC(b) (South Africa) |
||||||||||||||
1,040,000 | 4.125 | 09/27/22 | 1,039,715 | |||||||||||
|
|
|||||||||||||
Wireless – 0.2% | ||||||||||||||
NTT Finance Corp.(b) (Japan) |
||||||||||||||
1,007,000 | 0.373 | 03/03/23 | 989,881 | |||||||||||
|
|
|||||||||||||
TOTAL FOREIGN CORPORATE DEBT | ||||||||||||||
(Cost $89,144,787) | $ | 88,180,184 | ||||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 115 |
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF
Schedule of Investments (continued)
August 31, 2022
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
U.S. Treasury Notes – 3.1%(c) | ||||||||||||||
U.S. Treasury Floating Rate Notes (3M USD T-Bill + 0.054%) |
||||||||||||||
$ | 3,698,000 | 2.935 | % | 04/30/23 | $ | 3,701,072 | ||||||||
11,200,000 | 2.936 | 10/31/23 | 11,205,317 | |||||||||||
700,000 | 2.886 | (c) | 01/31/24 | 699,655 | ||||||||||
|
|
|||||||||||||
TOTAL U.S. TREASURY NOTES | ||||||||||||||
(Cost $15,600,519) | $ | 15,606,044 | ||||||||||||
|
|
|||||||||||||
Certificate of Deposits – 1.7%(c) | ||||||||||||||
Credit Suisse AG |
||||||||||||||
$ | 2,000,000 | 0.590 | % | 03/17/23 | $ | 1,955,545 | ||||||||
Lloyds Bank Corporate Markets PLC |
||||||||||||||
(SOFR + 0.540%) |
||||||||||||||
1,395,000 | 2.830 | 01/31/24 | 1,383,222 | |||||||||||
Standard Chartered Bank (SOFR + 0.420%) |
||||||||||||||
1,972,000 | 2.710 | 07/28/23 | 1,969,707 | |||||||||||
Svenska Handelsbanken |
||||||||||||||
1,248,000 | 2.000 | 03/22/23 | 1,232,882 | |||||||||||
Svenska Handelsbanken AB-New York Branch |
||||||||||||||
1,160,000 | 2.795 | 05/25/23 | 1,150,268 | |||||||||||
Toronto Dominion Bk |
||||||||||||||
814,000 | 4.070 | 07/18/23 | 813,284 | |||||||||||
|
|
|||||||||||||
TOTAL CERTIFICATE OF DEPOSITS | ||||||||||||||
(Cost $8,588,155) | $ | 8,504,908 | ||||||||||||
|
|
|||||||||||||
U.S. Treasury Bills – 1.3%(c) | ||||||||||||||
U.S. Treasury Bills |
||||||||||||||
$ | 5,000,000 | 2.665 | % | 10/25/22 | $ | 4,980,631 | ||||||||
1,500,000 | 2.510 | 12/29/22 | 1,485,241 | |||||||||||
|
|
|||||||||||||
TOTAL U.S. TREASURY BILLS | ||||||||||||||
(Cost $6,468,191) | $ | 6,465,872 | ||||||||||||
|
|
|||||||||||||
U.S. Government Agency Obligations – 1.2%(c) | ||||||||||||||
Federal Home Loan Bank Discount Notes |
||||||||||||||
$ | 1,000,000 | 1.312 | % | 09/07/22 | $ | 999,411 | ||||||||
5,000,000 | 1.858 | 09/16/22 | 4,995,219 | |||||||||||
|
|
|||||||||||||
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS | ||||||||||||||
(Cost $5,995,930) | $ | 5,994,630 | ||||||||||||
|
|
Shares | Dividend Rate |
Value | ||||||||
Investment Company – 0.8%(d) | ||||||||||
|
Goldman
Sachs Financial Square Government Fund – |
| ||||||||
4,270,757 | 2.154 | % | $ | 4,270,757 | ||||||
(Cost $4,270,757) | ||||||||||
|
|
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Short-Term Investments – 2.9% | ||||||||||||||
Commercial Papers – 2.9% | ||||||||||||||
Alimentation Couche-Tard, Inc. |
||||||||||||||
$ | 1,907,000 | 2.780 | % | 09/01/22 | $ | 1,906,867 | ||||||||
BASF SE |
||||||||||||||
2,258,000 | 1.738 | 09/06/22 | 2,257,119 | |||||||||||
Ciesco LLC |
||||||||||||||
2,155,000 | 3.625 | 02/07/23 | 2,121,447 | |||||||||||
Entergy Corp. |
||||||||||||||
1,284,000 | 3.065 | 10/17/22 | 1,279,390 | |||||||||||
Mitsubishi UFJ Trust and Banking Corp. |
||||||||||||||
2,206,000 | 2.880 | 10/17/22 | 2,199,007 | |||||||||||
Raytheon Technologies |
||||||||||||||
1,200,000 | 3.153 | 10/24/22 | 1,194,516 | |||||||||||
Royal Bank Of Canada |
||||||||||||||
722,000 | 4.139 | 07/14/23 | 696,044 | |||||||||||
Westpac Banking Corp. |
||||||||||||||
3,000,000 | 3.109 | 12/28/22 | 2,970,210 | |||||||||||
|
|
|||||||||||||
TOTAL SHORT-TERM INVESTMENTS | ||||||||||||||
(Cost $14,625,070) | $ | 14,624,600 | ||||||||||||
|
|
|||||||||||||
TOTAL INVESTMENTS – 99.5% | ||||||||||||||
(Cost $506,595,000) | $ | 501,062,775 | ||||||||||||
|
|
|||||||||||||
|
OTHER ASSETS IN EXCESS
OF LIABILITIES – 0.5% |
|
2,133,783 | |||||||||||
|
|
|||||||||||||
NET ASSETS – 100.0% | $ | 503,196,558 | ||||||||||||
|
|
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 August 31, 2022. | |
(b) |
Exempt from registration under Rule 144A of the Securities Act of 1933. | |
(c) |
Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices. | |
(d) |
Represents an affiliated issuer. |
| ||
Investment Abbreviations: | ||
CLO |
— Collateralized Loan Obligation | |
CMT |
— Constant Maturity Treasury Index | |
FHLMC |
— Federal Home Loan Mortgage Corp. | |
FNMA |
— Federal National Mortgage Association | |
GNMA |
— Government National Mortgage Association | |
GMTN |
— Global Medium Term Note | |
LIBOR |
— London Interbank Offered Rate | |
LP |
— Limited Partnership | |
MTN |
— Medium Term Note | |
PLC |
— Public Limited Company | |
REIT |
— Real Estate Investment Trust | |
SOFR |
— Secured Overnight Financing Rate | |
SOFRINDX |
— Secured Overnight Financing Rate Index | |
|
116 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Statements of Assets and Liabilities
August 31, 2022
Access Emerging Markets USD Bond ETF |
Access High Yield Corporate Bond ETF |
Access Inflation Protected USD Bond ETF |
Access Investment Grade Corporate 1-5 Year Bond ETF |
|||||||||||||||
Assets: |
|
|||||||||||||||||
Investments in unaffiliated issuers, at value (cost $35,614,273, $145,560,937, $182,183,611 and $16,865,367, respectively) |
$ | 31,413,565 | $ | 129,241,764 | $ | 163,057,391 | $ | 15,914,982 | ||||||||||
Investments in affiliated issuers, at value (cost $483,412, $3,157,357, $350,717 and $155,769, respectively) |
483,412 | 3,157,357 | 350,717 | 155,769 | ||||||||||||||
Cash |
248,399 | 31,097 | 58,435 | 56,319 | ||||||||||||||
Foreign currency, at value (cost $48, $—, $— and $—, respectively) |
48 | — | — | — | ||||||||||||||
Receivables: |
||||||||||||||||||
Dividends and interest |
488,793 | 2,060,530 | 140,296 | 137,272 | ||||||||||||||
Investments sold |
43,987 | — | 2,816,849 | — | ||||||||||||||
Reimbursement from investment adviser |
14,875 | — | — | — | ||||||||||||||
Fund shares sold |
— | 8,541,322 | — | — | ||||||||||||||
Total assets | 32,693,079 | 143,032,070 | 166,423,688 | 16,264,342 | ||||||||||||||
Liabilities: | ||||||||||||||||||
Payables: |
||||||||||||||||||
Investments purchased |
216,334 | 8,485,330 | 1,034,649 | — | ||||||||||||||
Management fees |
14,499 | 37,386 | 16,995 | 1,898 | ||||||||||||||
Total liabilities | 230,833 | 8,522,716 | 1,051,644 | 1,898 | ||||||||||||||
Net Assets: | ||||||||||||||||||
Paid-in capital |
40,951,820 | 152,348,893 | 183,838,526 | 17,346,806 | ||||||||||||||
Total distributable loss |
(8,489,574 | ) | (17,839,539 | ) | (18,466,482 | ) | (1,084,362 | ) | ||||||||||
NET ASSETS | $ | 32,462,246 | $ | 134,509,354 | $ | 165,372,044 | $ | 16,262,444 | ||||||||||
SHARES ISSUED AND OUTSTANDING | ||||||||||||||||||
Shares outstanding no par value (unlimited shares authorized): |
800,000 | 3,150,000 | 3,200,000 | 350,000 | ||||||||||||||
Net asset value per share: |
$40.58 | $42.70 | $51.68 | $46.46 |
The accompanying notes are an integral part of these financial statements. | 117 |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Statements of Assets and Liabilities (continued)
August 31, 2022
Access Investment Grade Corporate Bond ETF |
Access Treasury 0-1 Year ETF |
Access
U.S. Aggregate Bond ETF |
Access Ultra Short Bond ETF |
|||||||||||||||
Assets: |
|
|||||||||||||||||
Investments in unaffiliated issuers, at value (cost $716,580,739, $3,088,653,623, $459,022,877 and $502,324,243, respectively) |
$ | 625,755,829 | $ | 3,083,578,297 | $ | 427,689,858 | $ | 496,792,018 | ||||||||||
Investments in affiliated issuers, at value (cost $1,956,966, $—, $99,745,844 and $4,270,757, respectively) |
1,956,966 | — | 99,745,844 | 4,270,757 | ||||||||||||||
Cash |
206,516 | 7,127,416 | 8,599,597 | 1,550,880 | ||||||||||||||
Receivables: |
||||||||||||||||||
Fund shares sold |
23,036,419 | 55,910,557 | — | — | ||||||||||||||
Dividends and interest |
6,733,029 | 1,230,311 | 1,988,156 | 1,420,176 | ||||||||||||||
Investments sold |
— | 15,606,307 | 32,762,758 | 463,290 | ||||||||||||||
Reimbursement from investment adviser |
— | 48,981 | — | 17,138 | ||||||||||||||
Total assets | 657,688,759 | 3,163,501,869 | 570,786,213 | 504,514,259 | ||||||||||||||
Liabilities: | ||||||||||||||||||
Payables: |
||||||||||||||||||
Investments purchased |
23,074,253 | 76,097,525 | 137,643,224 | 1,232,783 | ||||||||||||||
Management fees |
73,659 | 342,868 | 38,381 | 84,918 | ||||||||||||||
Fund shares redeemed |
11,230 | — | — | — | ||||||||||||||
Total liabilities | 23,159,142 | 76,440,393 | 137,681,605 | 1,317,701 | ||||||||||||||
Net Assets: | ||||||||||||||||||
Paid-in capital |
729,809,789 | 3,092,217,618 | 475,091,571 | 508,923,042 | ||||||||||||||
Total distributable loss |
(95,280,172 | ) | (5,156,142 | ) | (41,986,963 | ) | (5,726,484 | ) | ||||||||||
NET ASSETS | $ | 634,529,617 | $ | 3,087,061,476 | $ | 433,104,608 | $ | 503,196,558 | ||||||||||
SHARES ISSUED AND OUTSTANDING | ||||||||||||||||||
Shares outstanding no par value (unlimited shares authorized): |
13,850,000 | 30,920,000 | 10,100,000 | 10,075,000 | ||||||||||||||
Net asset value per share: |
$45.81 | $99.84 | $42.88 | $49.95 |
118 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Statements of Operations
For the Fiscal Year Ended August 31, 2022
Access Bond ETF* |
Access High Yield Corporate Bond ETF |
Access USD Bond ETF |
Access Investment Grade Corporate 1-5 Year Bond ETF |
|||||||||||||||
Investment income: |
|
|||||||||||||||||
Interest |
$ | 1,654,573 | $ | 9,004,419 | $ | 11,866,961 | $ | 295,051 | ||||||||||
Dividends from Affiliated Underlying Funds |
1,790 | 13,683 | 1,721 | 371 | ||||||||||||||
Total investment income | 1,656,363 | 9,018,102 | 11,868,682 | 295,422 | ||||||||||||||
Expenses: |
|
|||||||||||||||||
Management fees |
131,894 | 595,618 | 197,206 | 19,888 | ||||||||||||||
Trustee fees |
— | 13,931 | 13,688 | 9,437 | ||||||||||||||
Shareholder meeting expense |
— | 226 | — | — | ||||||||||||||
Total expenses | 131,894 | 609,775 | 210,894 | 29,325 | ||||||||||||||
Less — expense reductions |
(131,894 | ) | (3,365 | ) | (462 | ) | (166 | ) | ||||||||||
Net expenses | — | 606,410 | 210,432 | 29,159 | ||||||||||||||
NET INVESTMENT INCOME | 1,656,363 | 8,411,692 | 11,658,250 | 266,263 | ||||||||||||||
Realized and unrealized gain (loss): |
|
|||||||||||||||||
Net realized gain (loss) from: |
||||||||||||||||||
Investments — unaffiliated issuers |
(4,479,348 | ) | (110,328 | ) | (1,528,353 | ) | (109,743 | ) | ||||||||||
In-kind redemptions |
(2,551,971 | ) | (7,200,541 | ) | 644,906 | (458,649 | ) | |||||||||||
Foreign currency transactions |
(9 | ) | — | — | — | |||||||||||||
Net change in unrealized gain (loss) on: |
||||||||||||||||||
Investments — unaffiliated issuers |
(4,200,708 | ) | (22,228,548 | ) | (22,100,414 | ) | (1,047,201 | ) | ||||||||||
Net realized and unrealized loss | (11,232,036 | ) | (29,539,417 | ) | (22,983,861 | ) | (1,615,593 | ) | ||||||||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (9,575,673 | ) | $ | (21,127,725 | ) | $ | (11,325,611 | ) | $ | (1,349,330 | ) |
* | For the period February 15, 2022 (commencement of operations) through August 31, 2022. |
The accompanying notes are an integral part of these financial statements. | 119 |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Statements of Operations (continued)
For the Fiscal Year Ended August 31, 2022
Access Investment Grade Corporate Bond ETF |
Access Treasury 0-1 Year ETF |
Access U.S. Aggregate Bond ETF |
Access Ultra Short Bond ETF |
|||||||||||||||
Investment income: |
|
|||||||||||||||||
Interest |
$ | 19,158,029 | $ | 13,918,423 | $ | 4,343,248 | $ | 4,697,379 | ||||||||||
Dividends from Affiliated Underlying Funds |
9,838 | — | 444,735 | 41,966 | ||||||||||||||
Total investment income | 19,167,867 | 13,918,423 | 4,787,983 | 4,739,345 | ||||||||||||||
Expenses: |
|
|||||||||||||||||
Management fees |
986,398 | 2,966,392 | 407,643 | 815,149 | ||||||||||||||
Trustee fees |
29,527 | 66,487 | 16,478 | 20,377 | ||||||||||||||
Shareholder meeting expense |
848 | — | — | 408 | ||||||||||||||
Total expenses | 1,016,773 | 3,032,879 | 424,121 | 835,934 | ||||||||||||||
Less — expense reductions |
(4,073 | ) | (433,268 | ) | (113,493 | ) | (191,061 | ) | ||||||||||
Net expenses | 1,012,700 | 2,599,611 | 310,628 | 644,873 | ||||||||||||||
NET INVESTMENT INCOME | 18,155,167 | 11,318,812 | 4,477,355 | 4,094,472 | ||||||||||||||
Realized and unrealized gain (loss): |
|
|||||||||||||||||
Net realized gain (loss) from: |
||||||||||||||||||
Investments — unaffiliated issuers |
(5,012,076 | ) | (3,944,724 | ) | (11,130,499 | ) | (195,941 | ) | ||||||||||
In-kind redemptions |
(18,214,513 | ) | (266,579 | ) | — | — | ||||||||||||
Net change in unrealized gain (loss) on: |
||||||||||||||||||
Investments — unaffiliated issuers |
(114,811,678 | ) | (5,114,563 | ) | (30,653,086 | ) | (6,100,886 | ) | ||||||||||
Net realized and unrealized loss | (138,038,267 | ) | (9,325,866 | ) | (41,783,585 | ) | (6,296,827 | ) | ||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (119,883,100 | ) | $ | 1,992,946 | $ | (37,306,230 | ) | $ | (2,202,355 | ) |
120 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Statements of Changes in Net Assets
Access Emerging Markets USD Bond ETF |
Access High Yield Corporate Bond ETF |
|||||||||||||||||
For the
Period February 15, 2022* to August 31, 2022 |
For the Fiscal Year Ended August 31, 2022 |
For the Fiscal Year Ended August 31, 2021 |
||||||||||||||||
From operations: | ||||||||||||||||||
Net investment income |
$ | 1,656,363 | $ | 8,411,692 | $ | 8,132,934 | ||||||||||||
Net realized gain (loss) |
(7,031,328 | ) | (7,310,869 | ) | 2,218,432 | |||||||||||||
Net change in unrealized gain (loss) |
(4,200,708 | ) | (22,228,548 | ) | 2,202,441 | |||||||||||||
Net increase (decrease) in net assets resulting from operations | (9,575,673 | ) | (21,127,725 | ) | 12,553,807 | |||||||||||||
Distributions to shareholders: | ||||||||||||||||||
From distributable earnings |
(1,465,872 | ) | (8,962,167 | ) | (8,366,688 | ) | ||||||||||||
From share transactions: | ||||||||||||||||||
Proceeds from sales of shares |
80,817,061 | 114,021,025 | 139,703,025 | |||||||||||||||
Cost of shares redeemed |
(37,313,270 | ) | (181,256,065 | ) | (62,403,184 | ) | ||||||||||||
Net increase (decrease) in net assets resulting from share transactions | 43,503,791 | (67,235,040 | ) | 77,299,841 | ||||||||||||||
TOTAL INCREASE (DECREASE) | 32,462,246 | (97,324,932 | ) | 81,486,960 | ||||||||||||||
Net assets: | ||||||||||||||||||
Beginning of period |
$ | — | $ | 231,834,286 | $ | 150,347,326 | ||||||||||||
End of period |
$ | 32,462,246 | $ | 134,509,354 | $ | 231,834,286 |
* | Commencement of operations. |
The accompanying notes are an integral part of these financial statements. | 121 |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Statements of Changes in Net Assets (continued)
Access Inflation Protected USD Bond ETF |
Access Investment Grade Corporate 1-5 Year Bond ETF |
|||||||||||||||||||||
For the Fiscal Year Ended August 31, 2022 |
For the Fiscal Year Ended August 31, 2021 |
For the Fiscal Year Ended August 31, 2022 |
For the Fiscal Year Ended August 31, 2021 |
|||||||||||||||||||
From operations: |
|
|||||||||||||||||||||
Net investment income |
$ | 11,658,250 | $ | 3,362,212 | $ | 266,263 | $ | 227,413 | ||||||||||||||
Net realized gain (loss) |
(883,447 | ) | 589,140 | (568,392 | ) | 62,974 | ||||||||||||||||
Net change in unrealized gain (loss) |
(22,100,414 | ) | 1,158,564 | (1,047,201 | ) | 10,754 | ||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (11,325,611 | ) | 5,109,916 | (1,349,330 | ) | 301,141 | ||||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||||
From distributable earnings |
(10,540,936 | ) | (2,396,273 | ) | (290,343 | ) | (264,880 | ) | ||||||||||||||
From share transactions: | ||||||||||||||||||||||
Proceeds from sales of shares |
93,221,061 | 122,145,094 | 9,666,322 | 5,036,236 | ||||||||||||||||||
Cost of shares redeemed |
(52,293,928 | ) | (9,877,024 | ) | (21,931,891 | ) | (2,522,177 | ) | ||||||||||||||
Net increase (decrease) in net assets resulting from share transactions | 40,927,133 | 112,268,070 | (12,265,569 | ) | 2,514,059 | |||||||||||||||||
TOTAL INCREASE (DECREASE) | 19,060,586 | 114,981,713 | (13,905,242 | ) | 2,550,320 | |||||||||||||||||
Net assets: |
|
|||||||||||||||||||||
Beginning of year |
$ | 146,311,458 | $ | 31,329,745 | $ | 30,167,686 | $ | 27,617,366 | ||||||||||||||
End of year |
$ | 165,372,044 | $ | 146,311,458 | $ | 16,262,444 | $ | 30,167,686 |
122 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Statements of Changes in Net Assets (continued)
Access Investment Grade Corporate Bond ETF |
Access Treasury 0-1 Year ETF | |||||||||||||||||||||
For the Fiscal Year Ended August 31, 2022 |
For the Fiscal Year Ended August 31, 2021 |
For the Fiscal Year Ended August 31, 2022 |
For the Fiscal Year Ended August 31, 2021 |
|||||||||||||||||||
From operations: |
|
|||||||||||||||||||||
Net investment income (loss) |
$ | 18,155,167 | $ | 16,836,103 | $ | 11,318,812 | $ | (388,830 | ) | |||||||||||||
Net realized gain (loss) |
(23,226,589 | ) | 16,915,546 | (4,211,303 | ) | 831,348 | ||||||||||||||||
Net change in unrealized loss |
(114,811,678 | ) | (19,284,757 | ) | (5,114,563 | ) | (973,717 | ) | ||||||||||||||
Net increase (decrease) in net assets resulting from operations | (119,883,100 | ) | 14,466,892 | 1,992,946 | (531,199 | ) | ||||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||||
From distributable earnings |
(18,399,303 | ) | (17,024,132 | ) | (6,806,393 | ) | (8,240,322 | ) | ||||||||||||||
From return of capital |
— | — | — | (1,363,154 | ) | |||||||||||||||||
Total distributions to shareholders | (18,399,303 | ) | (17,024,132 | ) | (6,806,393 | ) | (9,603,476 | ) | ||||||||||||||
From share transactions: | ||||||||||||||||||||||
Proceeds from sales of shares |
311,310,364 | 567,153,110 | 2,207,541,510 | 382,587,046 | ||||||||||||||||||
Cost of shares redeemed |
(314,616,517 | ) | (431,055,691 | ) | (973,326,888 | ) | (1,560,188,346 | ) | ||||||||||||||
Net increase (decrease) in net assets resulting from share transactions | (3,306,153 | ) | 136,097,419 | 1,234,214,622 | (1,177,601,300 | ) | ||||||||||||||||
TOTAL INCREASE (DECREASE) | (141,588,556 | ) | 133,540,179 | 1,229,401,175 | (1,187,735,975 | ) | ||||||||||||||||
Net assets: |
|
|||||||||||||||||||||
Beginning of year |
$ | 776,118,173 | $ | 642,577,994 | $ | 1,857,660,301 | $ | 3,045,396,276 | ||||||||||||||
End of year |
$ | 634,529,617 | $ | 776,118,173 | $ | 3,087,061,476 | $ | 1,857,660,301 |
The accompanying notes are an integral part of these financial statements. | 123 |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Statements of Changes in Net Assets (continued)
Access U.S. Aggregate Bond ETF | Access Ultra Short Bond ETF | |||||||||||||||||||||
For the Fiscal Year Ended August 31, 2022 |
For the
Period September 8, 2020* to August 31, 2021 |
For the Fiscal Year Ended August 31, 2022 |
For the Fiscal Year Ended August 31, 2021 |
|||||||||||||||||||
From operations: |
|
|||||||||||||||||||||
Net investment income |
$ | 4,477,355 | $ | 1,213,438 | $ | 4,094,472 | $ | 1,296,998 | ||||||||||||||
Net realized gain (loss) |
(11,130,499 | ) | 31,006 | (195,941 | ) | 188,583 | ||||||||||||||||
Net change in unrealized loss |
(30,653,086 | ) | (679,933 | ) | (6,100,886 | ) | (199,281 | ) | ||||||||||||||
Net increase (decrease) in net assets resulting from operations | (37,306,230 | ) | 564,511 | (2,202,355 | ) | 1,286,300 | ||||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||||
From distributable earnings |
(3,918,777 | ) | (1,271,774 | ) | (4,021,476 | ) | (1,622,329 | ) | ||||||||||||||
From share transactions: | ||||||||||||||||||||||
Proceeds from sales of shares |
254,499,846 | 235,354,179 | 290,217,807 | 209,360,754 | ||||||||||||||||||
Cost of shares redeemed |
— | (14,817,147 | ) | (111,670,925 | ) | (27,915,904 | ) | |||||||||||||||
Net increase in net assets resulting from share transactions | 254,499,846 | 220,537,032 | 178,546,882 | 181,444,850 | ||||||||||||||||||
TOTAL INCREASE | 213,274,839 | 219,829,769 | 172,323,051 | 181,108,821 | ||||||||||||||||||
Net assets: |
|
|||||||||||||||||||||
Beginning of period |
$ | 219,829,769 | $ | — | $ | 330,873,507 | $ | 149,764,686 | ||||||||||||||
End of period |
$ | 433,104,608 | $ | 219,829,769 | $ | 503,196,558 | $ | 330,873,507 |
* | Commencement of operations. |
124 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Selected Data for a Share Outstanding Throughout the Period
* | Commencement of operations. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 125 |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
* | Commencement of operations. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
126 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
* | Commencement of operations. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 127 |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
* | Commencement of operations. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
128 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the year. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. |
(c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 129 |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the year. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. |
(c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
130 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
* | Commencement of operations. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 131 |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
* | Commencement of operations. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
132 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
August 31, 2022
1. ORGANIZATION |
Goldman Sachs ETF Trust (the “Trust”) is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the “Act”), consisting of multiple series. The Trust was organized as a Delaware statutory trust on December 16, 2009. The following table lists those series of the Trust that are included in this report (collectively, the “Funds” or individually a “Fund”) along with their respective diversification status under the Act:
Fund | Diversification Classification | |||
Goldman Sachs Access Emerging Markets USD Bond ETF (“Access Emerging Markets USD Bond ETF”)* |
Diversified | |||
Goldman Sachs Access High Yield Corporate Bond ETF (“Access High Yield Corporate Bond ETF”) |
Diversified | |||
Goldman Sachs Access Inflation Protected USD Bond ETF (“Access Inflation Protected USD Bond ETF”) |
Diversified | |||
Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF (“Access Investment Grade Corporate 1-5 Year Bond ETF”) |
Diversified | |||
Goldman Sachs Access Investment Grade Corporate Bond ETF (“Access Investment Grade Corporate Bond ETF”) |
Diversified | |||
Goldman Sachs Access Treasury 0-1 Year ETF (“Access Treasury 0-1 Year ETF”) |
Diversified | |||
Goldman Sachs Access U.S. Aggregate Bond ETF (“Access U.S. Aggregate Bond ETF”) |
Diversified | |||
Goldman Sachs Access Ultra Short Bond ETF (“Access Ultra Short Bond ETF”) |
Diversified |
* | Commencement of operations on February 15, 2022. |
The investment objective of each Fund (except the Access Ultra Short Bond ETF) is to provide investment results that closely correspond, before fees and expenses, to the performance of its respective Index. The Access Ultra Short Bond ETF seeks to provide current income with preservation of capital.
Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to a management agreement (the “Agreement”) with the Trust. Each Fund is an exchange-traded fund (“ETF”). Shares of the Access High Yield Corporate Bond ETF, Access Investment Grade Corporate 1-5 Year Bond ETF, Access Investment Grade Corporate Bond ETF, Access Treasury 0-1 Year ETF and Access U.S. Aggregate Bond ETF are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”), and shares of the Access Emerging Markets USD Bond ETF, Access Inflation Protected USD Bond ETF and Access Ultra Short Bond ETF are listed and traded on the Cboe BZX Exchange, Inc. (“Cboe BZX”). Market prices for the Funds’ shares may be different from their net asset value (“NAV”). The Funds issue and redeem shares at their respective NAV only in blocks of a specified number of shares, or multiples thereof, referred to as “Creation Units”. Creation Units are issued and redeemed generally for a designated portfolio of securities (including any portion of such securities for which cash may be substituted) and a specified amount of cash. Shares generally trade in the secondary market in quantities less than a Creation Unit at market prices that change throughout the day. Only those that have entered into an authorized participant agreement with ALPS Distributors, Inc. (the “Distributor”) may do business directly with the Funds.
2. SIGNIFICANT ACCOUNTING POLICIES |
The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.
A. Investment Valuation — The Funds’ valuation policy is to value investments at fair value.
133
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Notes to Financial Statements (continued)
August 31, 2022
2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily NAV calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments.
C. Expenses — Expenses incurred directly by a Fund are charged to the Fund, and certain expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis, depending upon the nature of the expenses, and are accrued daily.
D. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. For each Fund, income distributions, if any, are declared and paid monthly. Capital gains distributions, if any, are declared and paid annually.
Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.
The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS |
U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:
Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;
Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).
134
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
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 Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Act (the “Valuation Designee”). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.
A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:
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. 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.
Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Money Market Fund”) are valued at the NAV per share of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding the Underlying Money Market Fund’s accounting policies and investment holdings, please see the Underlying Money Market Fund’s shareholder report.
B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under the Valuation Procedures. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.
135
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Notes to Financial Statements (continued)
August 31, 2022
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
C. Fair Value Hierarchy — The following is a summary of the Funds’ investments classified in the fair value hierarchy as of August 31, 2022:
ACCESS EMERGING MARKETS USD BOND ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Fixed Income |
| |||||||||||
Sovereign Debt Obligations |
$ | — | $ | 26,913,327 | $ | — | ||||||
Corporate Obligations |
— | 4,500,238 | — | |||||||||
Investment Company |
483,412 | — | — | |||||||||
Total | $ | 483,412 | $ | 31,413,565 | $ | — | ||||||
ACCESS HIGH YIELD CORPORATE BOND ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Fixed Income |
||||||||||||
Corporate Obligations |
$ | — | $ | 122,064,107 | $ | — | ||||||
Foreign Bonds |
— | 7,177,657 | — | |||||||||
Investment Company |
3,157,357 | — | — | |||||||||
Total | $ | 3,157,357 | $ | 129,241,764 | $ | — | ||||||
ACCESS INFLATION PROTECTED USD BOND ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Fixed Income |
||||||||||||
U.S. Treasury Inflation Indexed Bonds |
$ | 163,057,391 | $ | — | $ | — | ||||||
Investment Company |
350,717 | — | — | |||||||||
Total | $ | 163,408,108 | $ | — | $ | — | ||||||
ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Fixed Income |
||||||||||||
Corporate Obligations |
$ | — | $ | 12,949,090 | $ | — | ||||||
Foreign Bonds |
— | 2,965,892 | — | |||||||||
Investment Company |
155,769 | — | — | |||||||||
Total | $ | 155,769 | $ | 15,914,982 | $ | — |
136
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
ACCESS INVESTMENT GRADE CORPORATE BOND ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Fixed Income |
||||||||||||
Corporate Obligations |
$ | — | $ | 495,727,179 | $ | — | ||||||
Foreign Corporate Debt |
— | 130,028,650 | — | |||||||||
Investment Company |
1,956,966 | — | — | |||||||||
Total | $ | 1,956,966 | $ | 625,755,829 | $ | — | ||||||
ACCESS TREASURY 0-1 YEAR ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Fixed Income |
||||||||||||
U.S. Treasury Bills |
$ | 2,605,435,586 | $ | — | $ | — | ||||||
U.S. Treasury Notes |
478,142,711 | — | — | |||||||||
Total | $ | 3,083,578,297 | $ | — | $ | — | ||||||
ACCESS U.S. AGGREGATE BOND ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Fixed Income |
||||||||||||
U.S. Treasury Notes |
$ | 141,612,026 | $ | — | $ | — | ||||||
Mortgage-Backed Securities |
— | 115,909,905 | — | |||||||||
Corporate Obligations |
— | 88,257,334 | — | |||||||||
U.S. Treasury Bonds |
29,194,593 | — | — | |||||||||
U.S. Treasury Obligations |
23,029,637 | — | — | |||||||||
Foreign Corporate Debt |
— | 21,568,902 | — | |||||||||
Sovereign Debt Obligations |
222,213 | 7,895,248 | — | |||||||||
Investment Company |
99,745,844 | — | — | |||||||||
Total | $ | 293,804,313 | $ | 233,631,389 | $ | — |
137
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Notes to Financial Statements (continued)
August 31, 2022
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
ACCESS ULTRA SHORT BOND ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Fixed Income |
||||||||||||
Mortgage-Backed Securities |
$ | — | $ | 155,771,999 | $ | — | ||||||
Corporate Obligations |
— | 107,713,887 | — | |||||||||
Asset- Backed Securities |
— | 93,929,894 | — | |||||||||
Foreign Corporate Debt |
— | 88,180,184 | — | |||||||||
U.S. Treasury Notes |
15,606,044 | — | — | |||||||||
Commercial Papers |
— | 14,624,600 | — | |||||||||
Certificate of Deposits |
— | 8,504,908 | — | |||||||||
U.S. Treasury Bills |
6,465,872 | — | — | |||||||||
U.S. Government Agency Obligations |
— | 5,994,630 | — | |||||||||
Investment Company |
4,270,757 | — | — | |||||||||
Total | $ | 26,342,673 | $ | 474,720,102 | $ | — |
For further information regarding security characteristics, see the Schedules of Investments.
4. AGREEMENTS AND AFFILIATED TRANSACTIONS |
A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.
As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund’s average daily net assets.
The Funds operate under a unitary management fee structure. Under the unitary fee structure, GSAM is responsible for paying substantially all the expenses of each such Fund, excluding payments under the Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses. As the Funds directly pay fees and expenses of the independent Trustees, the management fee collected by GSAM will be reduced by an amount equal to the fees and expenses paid by the Funds to the independent Trustees.
For the year ended August 31, 2022, contractual and effective net unitary management fees with GSAM were at the following rates:
Fund | Contractual Unitary Management Fee |
Effective Net Unitary Management Fee* |
||||||||
Access Emerging Markets USD Bond ETF |
0.45 | % | 0.00 | % | ||||||
Access High Yield Corporate Bond ETF |
0.34 | % | 0.34 | % | ||||||
Access Inflation Protected USD Bond ETF |
0.12 | % | 0.12 | % | ||||||
Access Investment Grade Corporate 1-5 Year Bond ETF |
0.14 | % | 0.14 | % | ||||||
Access Investment Grade Corporate Bond ETF |
0.14 | % | 0.14 | % | ||||||
Access Treasury 0-1 Year ETF |
0.14 | % | 0.12 | % | ||||||
Access U.S. Aggregate Bond ETF |
0.14 | % | 0.10 | % | ||||||
Access Ultra Short Bond ETF |
0.20 | % | 0.15 | % |
* | Effective Net Unitary Management Fee includes the impact of management fee waivers, if any. |
138
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
GSAM has agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0%, 0.12% and 0.16% as an annual percentage rate of average daily net assets of the Access Emerging Markets USD Bond ETF, Access Treasury 0-1 Year ETF and the Access Ultra Short Bond ETF, respectively. These arrangements will remain in effect through at least December 29, 2022 for Access Treasury 0-1 Year ETF and Access Ultra Short Bond ETF and through at least February 17, 2023 for Access Emerging Markets USD Bond ETF and prior to such dates the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees. For the year ended August 31, 2022, GSAM waived $131,555, $433,268 and $167,105 of the Funds’ management fees for the Access Emerging Markets USD Bond ETF, Access Treasury 0-1 Year ETF and the Access Ultra Short Bond ETF, respectively.
The Access Emerging Markets USD Bond ETF, Access High Yield Corporate Bond ETF, Access Inflation Protected USD Bond ETF, Access Investment Grade Corporate 1-5 Year Bond ETF, Access Investment Grade Corporate Bond ETF, Access U.S. Aggregate Bond ETF and Access Ultra Short Bond ETF invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest. For the year ended August 31, 2022, the management fee waived by GSAM for each Fund was as follows:
Fund | Management Fee Waived |
|||||
Access Emerging Markets USD Bond ETF |
$ | 339 | ||||
Access High Yield Corporate Bond ETF |
3,365 | |||||
Access Inflation Protected USD Bond ETF |
462 | |||||
Access Investment Grade Corporate 1-5 Year Bond ETF |
166 | |||||
Access Investment Grade Corporate Bond ETF |
4,073 | |||||
Access U.S. Aggregate Bond ETF |
113,493 | |||||
Access Ultra Short Bond ETF |
23,956 |
B. Other Transactions with Affiliates — The following table provides information about the Funds’ investments in the Goldman Sachs Financial Square Government Fund for the year ended August 31, 2022:
Fund | Beginning value as of August 31, 2021 |
Purchases at Cost |
Proceeds from Sales |
Ending value as of August 31, 2022 |
Shares as of August 31, 2022 |
Dividend Income |
||||||||||||||||||
Access Emerging Markets USD Bond ETF* |
$ | — | $ | 3,497,250 | $ | (3,013,838 | ) | $ | 483,412 | 483,412 | $ | 1,790 | ||||||||||||
Access High Yield Corporate Bond ETF |
2,073,969 | 28,133,222 | (27,049,834 | ) | 3,157,357 | 3,157,357 | 13,683 | |||||||||||||||||
Access Inflation Protected USD Bond ETF |
809,851 | 9,707,673 | (10,166,807 | ) | 350,717 | 350,717 | 1,721 | |||||||||||||||||
Access Investment Grade Corporate 1-5 Year Bond ETF |
302,503 | 2,350,225 | (2,496,959 | ) | 155,769 | 155,769 | 371 | |||||||||||||||||
Access Investment Grade Corporate Bond ETF |
2,549,254 | 49,995,844 | (50,588,132 | ) | 1,956,966 | 1,956,966 | 9,838 | |||||||||||||||||
Access U.S. Aggregate Bond ETF |
51,438,327 | 138,532,687 | (90,225,170 | ) | 99,745,844 | 99,745,844 | 444,735 | |||||||||||||||||
Access Ultra Short Bond ETF |
25,760,750 | 353,537,565 | (375,027,558 | ) | 4,270,757 | 4,270,757 | 41,966 |
* | Commencement of operations on February 15, 2022. |
139
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Notes to Financial Statements (continued)
August 31, 2022
5. CREATION AND REDEMPTION OF CREATION UNITS |
The Trust issues and redeems shares of the Funds only in Creation Units on a continuous basis through the Distributor, without an initial sales load, at NAV next determined after receipt, on any Business Day (as defined in the Statement of Additional Information), of an order in proper form. Shares of the Funds may only be purchased or redeemed by certain financial institutions (each an “Authorized Participant”). An Authorized Participant is either (1) a “Participating Party” or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation; or (2) a Depository Trust Company participant; which, in either case, must have executed an agreement with the Distributor. Retail investors will typically not qualify as an Authorized Participant or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors will purchase shares in the secondary market at market prices with the assistance of a broker and may be subject to customary brokerage commissions or fees. Fixed creation and redemption transaction fees are imposed in connection with creations and redemptions.
Authorized Participants transacting in Creation Units for cash may also pay a variable charge to compensate the relevant fund for certain transaction costs (e.g. taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in “Proceeds from sale of shares” in the Statements of Changes in Net Assets.
Share activity is as follows:
Access Emerging Markets
USD Bond ETF |
||||||||
|
|
|||||||
For the Period February 15, 2022* through August 31, 2022 |
||||||||
|
|
|||||||
Shares | Dollars | |||||||
|
|
|||||||
Fund Share Activity | ||||||||
Shares Sold |
1,700,000 | $ | 80,549,718 | |||||
Shares Redeemed |
(900,000 | ) | (37,275,101 | ) | ||||
NET INCREASE IN SHARES |
800,000 | $ | 43,274,617 |
* | Commencement of operations. |
Access High Yield Corporate Bond ETF | ||||||||||||||||
For the Fiscal Year Ended August 31, 2022 |
For the Fiscal Year Ended August 31, 2021 |
|||||||||||||||
|
|
|||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold |
2,450,000 | $ | 114,019,983 | 2,800,000 | $ | 139,660,429 | ||||||||||
Shares Redeemed |
(3,900,000 | ) | (181,106,517 | ) | (1,250,000 | ) | (62,218,811 | ) | ||||||||
NET INCREASE/DECREASE IN SHARES |
(1,450,000 | ) | $ | (67,086,534 | ) | 1,550,000 | $ | 77,441,618 |
140
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
5. CREATION AND REDEMPTION OF CREATION UNITS (continued) |
Access Inflation Protected USD Bond ETF | ||||||||||||||||
For the Fiscal Year
Ended August 31, 2022 |
For the Fiscal Year
Ended August 31, 2021 |
|||||||||||||||
|
|
|||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold |
1,625,000 | $ | 93,221,061 | 2,125,000 | $ | 122,145,094 | ||||||||||
Shares Redeemed |
(925,000 | ) | (52,293,928 | ) | (175,000 | ) | (9,875,297 | ) | ||||||||
NET INCREASE IN SHARES |
700,000 | $ | 40,927,133 | 1,950,000 | $ | 112,269,797 | ||||||||||
Access Investment Grade Corporate 1-5 Year Bond ETF | ||||||||||||||||
For the Fiscal Year
Ended August 31, 2022 |
For the Fiscal Year
Ended August 31, 2021 |
|||||||||||||||
|
|
|||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold |
200,000 | $ | 9,653,124 | 100,000 | $ | 5,036,236 | ||||||||||
Shares Redeemed |
(450,000 | ) | (21,925,146 | ) | (50,000 | ) | (2,519,551 | ) | ||||||||
NET INCREASE/DECREASE IN SHARES |
(250,000 | ) | $ | (12,272,022 | ) | 50,000 | $ | 2,516,685 |
Access Investment Grade Corporate Bond ETF | ||||||||||||||||
For the Fiscal Year
Ended August 31, 2022 |
For the Fiscal Year
Ended August 31, 2021 |
|||||||||||||||
|
|
|||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold |
6,200,000 | $ | 311,310,364 | 10,300,000 | $ | 567,048,496 | ||||||||||
Shares Redeemed |
(6,400,000 | ) | (314,616,517 | ) | (7,850,000 | ) | (430,357,739 | ) | ||||||||
NET INCREASE IN SHARES |
(200,000 | ) | $ | (3,306,153 | ) | 2,450,000 | $ | 136,690,757 | ||||||||
Access Treasury 0-1 Year ETF | ||||||||||||||||
For the Fiscal Year
Ended August 31, 2022 |
For the Fiscal Year Ended August 31, 2021 |
|||||||||||||||
|
|
|||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold |
22,100,000 | $ | 2,207,541,510 | 3,820,000 | $ | 382,587,046 | ||||||||||
Shares Redeemed |
(9,740,000 | ) | (973,326,888 | ) | (15,580,000 | ) | (1,560,188,346 | ) | ||||||||
NET INCREASE/DECREASE IN SHARES |
12,360,000 | $ | 1,234,214,622 | (11,760,000 | ) | $ | (1,177,601,300 | ) |
141
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Notes to Financial Statements (continued)
August 31, 2022
5. CREATION AND REDEMPTION OF CREATION UNITS (continued) |
Access U.S. Aggregate Bond ETF | ||||||||||||||||
For the Fiscal Year
Ended August 31, 2022 |
For the
Period September 8, 2020* through August 31, 2021 |
|||||||||||||||
|
|
|||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold |
5,650,000 | $ | 254,499,846 | 4,750,000 | $ | 235,376,922 | ||||||||||
Shares Redeemed |
— | — | (300,000 | ) | (14,751,161 | ) | ||||||||||
NET INCREASE IN SHARES |
5,650,000 | $ | 254,499,846 | 4,450,000 | $ | 220,625,761 |
* | Commencement of operations. |
Access Ultra Short Bond ETF | ||||||||||||||||
For the Fiscal Year
Ended August 31, 2022 |
For the Fiscal Year
Ended August 31, 2021 |
|||||||||||||||
|
|
|||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold |
5,775,000 | $ | 290,217,807 | 4,125,000 | $ | 209,360,754 | ||||||||||
Shares Redeemed |
(2,225,000 | ) | (111,670,925 | ) | (550,000 | ) | (27,915,904 | ) | ||||||||
NET INCREASE IN SHARES |
3,550,000 | $ | 178,546,882 | 3,575,000 | $ | 181,444,850 |
6. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales and maturities of long-term securities for the year ended August 31, 2022, were as follows (with the exception of the Access Treasury 0-1 Year ETF which only owns short term securities):
Fund | Purchases of U.S. Government and Agency Obligations |
Purchases (Excluding U.S. Government and Agency Obligations) |
Sales and Maturities of U.S. Government and Agency Obligations |
Sales and Maturities (Excluding U.S. Government and Agency Obligations) |
||||||||||||||
Access Emerging Markets USD Bond ETF |
$ | — | $ | 82,101,557 | $ | — | $ | 17,090,657 | ||||||||||
Access High Yield Corporate Bond ETF |
— | 137,845,306 | — | 26,108,404 | ||||||||||||||
Access Inflation Protected USD Bond ETF |
30,546,969 | — | 40,757,161 | — | ||||||||||||||
Access Investment Grade Corporate 1-5 Year Bond ETF |
— | 14,219,767 | — | 9,387,430 | ||||||||||||||
Access Investment Grade Corporate Bond ETF |
— | 381,205,925 | — | 87,839,105 | ||||||||||||||
Access U.S. Aggregate Bond ETF |
473,180,163 | 1,366,842,419 | 337,596,693 | 1,249,643,147 | ||||||||||||||
Access Ultra Short Bond ETF |
40,154,298 | 303,997,553 | 14,523,700 | 128,814,994 |
142
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
6. PORTFOLIO SECURITIES TRANSACTIONS (continued) |
The purchases and sales from in-kind creation and redemption transactions for the year ended August 31, 2022, were as follows (with the exception of the Access Treasury 0-1 Year ETF which only owns short term securities):
Fund | Purchases | Sales | ||||||||
Access Emerging Markets USD Bond ETF |
$ | — | $ | 22,317,923 | ||||||
Access High Yield Corporate Bond ETF |
— | 178,278,060 | ||||||||
Access Inflation Protected USD Bond ETF |
93,086,362 | 52,276,332 | ||||||||
Access Investment Grade Corporate 1-5 Year Bond ETF |
— | 16,556,877 | ||||||||
Access Investment Grade Corporate Bond ETF |
— | 289,178,384 |
7. TAX INFORMATION |
The tax character of distributions paid during the fiscal year ended August 31, 2022 was as follows:
Access USD |
Access High Yield Corporate Bond ETF |
Access USD Bond ETF |
Access Investment Grade Corporate 1-5 Year Bond ETF |
Access Investment Grade Corporate Bond ETF |
Access Treasury 0-1 Year ETF |
Access U.S. Aggregate Bond ETF |
Access Ultra Short Bond ETF |
|||||||||||||||||||||||||
Distributions paid from: |
||||||||||||||||||||||||||||||||
Ordinary Income |
$ | 1,465,872 | $ | 8,962,167 | $ | 10,540,936 | $ | 290,343 | $ | 18,399,303 | $ | 6,806,393 | $ | 3,918,777 | $ | 4,021,476 | ||||||||||||||||
Total taxable distributions |
1,465,872 | 8,962,167 | 10,540,936 | 290,343 | 18,399,303 | 6,806,393 | 3,918,777 | 4,021,476 | ||||||||||||||||||||||||
Return of Capital |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — |
The tax character of distributions paid during the fiscal year ended August 31, 2021 was as follows:
Access High Yield Corporate Bond ETF |
Access Bond ETF |
Access Investment Grade Corporate 1-5 Year Bond ETF |
Access Investment Grade Corporate Bond ETF |
Access 0-1 Year ETF |
Access U.S. Aggregate Bond ETF |
Access Ultra Bond ETF |
||||||||||||||||||||||
Distributions paid from: |
||||||||||||||||||||||||||||
Ordinary Income |
$ | 8,366,688 | $ | 2,396,273 | $ | 264,880 | $ | 17,024,132 | $ | 8,240,322 | $ | 1,271,774 | $ | 1,622,329 | ||||||||||||||
Total taxable distributions |
8,366,688 | 2,396,273 | 264,880 | 17,024,132 | 8,240,322 | 1,271,774 | 1,622,329 | |||||||||||||||||||||
Return of Capital |
$ | — | $ | — | $ | — | $ | — | $ | 1,363,154 | $ | — | $ | — |
143
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Notes to Financial Statements (continued)
August 31, 2022
7. TAX INFORMATION (continued) |
As of August 31, 2022, the components of accumulated earnings (losses) on a tax basis were as follows:
Access Emerging Markets USD Bond ETF |
Access High Yield |
Access Inflation Protected USD Bond ETF |
Access Investment Grade Corporate 1-5 Year Bond ETF |
Access Investment Grade Corporate Bond ETF |
Access Treasury 0-1 Year ETF |
Access U.S. Aggregate Bond ETF |
Access Ultra Short Bond ETF |
|||||||||||||||||||||||||
Undistributed ordinary income — net |
$ | 192,043 | $ | 612,778 | $ | 2,079,661 | $ | 29,940 | $ | 1,573,374 | $ | 3,666,166 | $ | 876,371 | $ | 1,157,585 | ||||||||||||||||
Total undistributed earnings |
$ | 192,043 | $ | 612,778 | $ | 2,079,661 | $ | 29,940 | $ | 1,573,374 | $ | 3,666,166 | $ | 876,371 | $ | 1,157,585 | ||||||||||||||||
Capital loss carryforwards(1): |
||||||||||||||||||||||||||||||||
Perpetual Short-Term |
$ | (4,458,678 | ) | $ | (1,218,762 | ) | $ | — | $ | — | $ | (510,596 | ) | $ | (5,318 | ) | $ | (544,294 | ) | $ | (375,573 | ) | ||||||||||
Perpetual Long-Term |
— | — | — | — | (52,401 | ) | — | (93,028 | ) | (9,825 | ) | |||||||||||||||||||||
Timing differences (Post October Capital Loss Deferral) |
$ | — | $ | (591,528 | ) | $ | (916,813 | ) | $ | (146,090 | ) | $ | (4,518,995 | ) | $ | (3,698,392 | ) | $ | (10,786,231 | ) | $ | (925,114 | ) | |||||||||
Unrealized losses — net |
(4,222,939 | ) | (16,642,027 | ) | (19,629,330 | ) | (968,212 | ) | (91,771,554 | ) | (5,118,598 | ) | (31,439,781 | ) | (5,573,557 | ) | ||||||||||||||||
Total accumulated losses net |
$ | (8,489,574 | ) | $ | (17,839,539 | ) | $ | (18,466,482 | ) | $ | (1,084,362 | ) | $ | (95,280,172 | ) | $ | (5,156,142 | ) | $ | (41,986,963 | ) | $ | (5,726,484 | ) |
(1) | The Access High Yield Corporate Bond ETF utilized $112,148 of capital losses in the current fiscal year. |
As of August 31, 2022, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
Access Emerging Markets USD Bond ETF |
Access High Yield Corporate Bond ETF |
Access Inflation Protected USD Bond ETF |
Access Investment Grade Corporate 1-5 Year Bond ETF |
Access Investment Grade Corporate Bonds ETF |
Access Treasury 0-1 Year ETF |
Access U.S. Aggregate Bond ETF |
Access Ultra Short Bond ETF |
|||||||||||||||||||||||||
Tax Cost |
$ | 36,119,916 | $ | 149,041,148 | $ | 183,037,438 | $ | 17,038,963 | $ | 719,484,349 | $ | 3,088,696,895 | $ | 558,875,483 | $ | 506,636,332 | ||||||||||||||||
Gross unrealized gain |
1,118 | 275,257 | 2,804 | 6,322 | 116,630 | 6,208 | 79,391 | 337,773 | ||||||||||||||||||||||||
Gross unrealized loss |
(4,224,057 | ) | (16,917,284 | ) | (19,632,134 | ) | (974,534 | ) | (91,888,184 | ) | (5,124,806 | ) | (31,519,172 | ) | (5,911,330 | ) | ||||||||||||||||
Net unrealized losses |
$ | (4,222,939 | ) | $ | (16,642,027 | ) | $ | (19,629,330 | ) | $ | (968,212 | ) | $ | (91,771,554 | ) | $ | (5,118,598 | ) | $ | (31,439,781 | ) | $ | (5,573,557 | ) |
The difference between GAAP-basis and tax-basis unrealized gains (losses) is due to wash sales, and differences in tax treatment of market discount accretion and premium amortization, and inflation protected securities.
144
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
7. TAX INFORMATION (continued) |
In order to present certain components of the Funds’ capital accounts on a tax-basis, certain reclassifications have been recorded to the Funds’ accounts. These reclassifications have no impact on the NAV of the Funds’ and result primarily from redemptions utilized as distributions and redemption in-kind transactions.
Fund |
Paid-in Capital |
Total Distributable Earnings |
||||||||
Access Emerging Markets USD Bond ETF |
$ | (2,551,971 | ) | $ | 2,551,971 | |||||
Access High Yield Corporate Bond ETF |
$ | (7,247,956 | ) | $ | 7,247,956 | |||||
Access Inflation Protected USD Bond ETF |
$ | 374,855 | $ | (374,855 | ) | |||||
Access Investment Grade Corporate 1-5 Year Bond ETF |
$ | (459,139 | ) | $ | 459,139 | |||||
Access Investment Grade Corporate Bond ETF |
$ | (18,330,979 | ) | $ | 18,330,979 | |||||
Access Treasury 0-1 Year ETF |
$ | (464,321 | ) | $ | 464,321 | |||||
Access U.S. Aggregate Bond ETF |
$ | — | $ | — | ||||||
Access Ultra Short Bond ETF |
$ | — | $ | — |
GSAM has reviewed the Funds’ tax positions for all open tax years (the current year, and prior three tax years, as applicable) and has concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax year remains subject to examination and adjustment by tax authorities.
8. OTHER RISKS |
The Funds’ risks include, but are not limited to, the following:
Floating and Variable Rate Obligations Risk — Floating rate and variable rate obligations are debt instruments issued by companies or other entities with interest rates that reset periodically (typically, daily, monthly, quarterly, or semiannually) in response to changes in the market rate of interest on which the interest rate is based. Such market rates are generally the Secured Overnight Financing Rate, London Interbank Offered Rate (“LIBOR”), the Prime Rate of a designated U.S. bank, the Federal Funds Rate, or another base lending rate used by commercial lenders. For floating and variable rate obligations, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit a Fund, depending on the interest rate environment or other circumstances. In a rising interest rate environment, for example, a floating or variable rate obligation that does not reset immediately would prevent a Fund from taking full advantage of rising interest rates in a timely manner. However, in a declining interest rate environment, a Fund may benefit from a lag due to an obligation’s interest rate payment not being immediately impacted by a decline in interest rates.
At the end of 2021, certain LIBORs were discontinued, but the most widely used LIBORs may continue to be provided on a representative basis until June, 2023. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain Fund investments and may result in costs incurred in connection with closing out positions and entering into new trades. Any pricing adjustments to a Fund’s investments resulting from a substitute reference rate may also adversely affect a Fund’s performance and/or NAV.
Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property,
145
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Notes to Financial Statements (continued)
August 31, 2022
8. OTHER RISKS (continued) |
trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.
Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. A Fund may face a heightened level of interest rate risk in connection with the type and extent of certain monetary policy changes made by the Federal Reserve, such as target interest rate changes. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short term fixed income securities or instruments. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. The risks associated with changing interest rates may have unpredictable effects on the markets and a Fund’s investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds. A sudden or unpredictable increase in interest rates may cause volatility in the market and may decrease the liquidity of the Fund’s investments, which would make it harder for the Fund to sell its investments at an advantageous time.
Index Risk (each Fund except the Access Ultra Short Bond ETF) — FTSE Fixed Income LLC (the “Index Provider”) constructs each Fund’s Index in accordance with a rules-based methodology. A Fund will be negatively affected by general declines in the securities and asset classes represented in its Index. In addition, because the Funds are not “actively” managed, unless a specific security is removed from an Index, a Fund generally would not sell a security because the security’s issuer was in financial trouble. Market disruptions and regulatory restrictions could have an adverse effect on a Fund’s ability to adjust its exposure to the required levels in order to track the Index. A Fund also does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, a Fund’s performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers. When the Index is rebalanced and a Fund in turn rebalances its portfolio to attempt to increase the correlation between the Fund’s portfolio and the Index, any transaction costs and market exposure arising from such portfolio rebalancing may be borne directly by the Fund and its shareholders. The Index Provider may utilize third party data in constructing each Index, but it does not guarantee the accuracy or availability of any such third party data. The FTSE Goldman Sachs Emerging Markets USD Bond Index, FTSE Goldman Sachs Investment Grade Corporate Bond 1-5 Years Index and FTSE Goldman Sachs US Broad Bond Market Index are new and have limited performance history. Errors in index data, index computation or the construction of an Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the applicable Fund and its shareholders. In addition, neither a Fund, the Investment Adviser nor the Index Provider can guarantee the availability or timeliness of the production of the Index.
Investments in Other Investment Companies Risk — As a shareholder of another investment company, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund.
Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to
146
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
8. OTHER RISKS (continued) |
the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with a Fund’s investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.
Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.
Market Trading Risk — Each Fund faces numerous market trading risks, including disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for Shares. If a shareholder purchases Shares at a time when the market price is at a premium to the NAV or sells Shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses. The Investment Adviser cannot predict whether Shares will trade below, at or above their NAV. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for Shares will be closely related to, but not identical to, the same forces influencing the prices of the securities of a Fund’s Index (except the Access Ultra Short Bond ETF) trading individually or in the aggregate at any point in time.
Tracking Error Risk (each Fund except the Access Ultra Short Bond ETF) — Tracking error is the divergence of a Fund’s performance from that of its Index. The performance of a Fund may diverge from that of its Index for a number of reasons. Tracking error may occur because of transaction costs, a Fund’s holding of cash, differences in accrual of dividends, changes to its Index or the need to meet new or existing regulatory requirements. Unlike a Fund, the returns of an Index are not reduced by investment and other operating expenses, including the trading costs associated with implementing changes to its portfolio of investments. Tracking error risk may be heightened during times of market volatility or other unusual market conditions.
9. INDEMNIFICATIONS |
Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.
10. OTHER MATTERS |
In late February 2022, Russia began an invasion of Ukraine. Following such invasion, the United States, the European Union, and other countries and entities imposed wide-ranging sanctions on Russia and related entities. Certain Funds have limited market value in Russian and Ukrainian securities, which are being valued to reflect the limited liquidity and transferability in the current
147
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Notes to Financial Statements (continued)
August 31, 2022
10. OTHER MATTERS (continued) |
environment. With the closure of local Russian markets and imposition of sanctions in late February and early March, there are currently limited portfolio management actions possible as many of these assets are either sanctioned and/or cannot be transferred or settled. These sanctions and current environment could impair the ability of these funds to buy, sell, hold, receive, deliver or otherwise transact in certain securities and other instruments. The full impact of the sanctions and the conflict on these Funds, the financial markets and the global economy is not yet known. Management is continuing to monitor these developments and evaluate other impacts they may have on these Funds.
11. SUBSEQUENT EVENTS |
Subsequent events after the Statements of Assets and Liabilities date have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.
148
Report of Independent Registered Public
Accounting Firm
To the Board of Trustees of Goldman Sachs ETF Trust and Shareholders of Goldman Sachs Access Emerging Markets USD Bond ETF, Goldman Sachs Access High Yield Corporate Bond ETF, Goldman Sachs Access Inflation Protected USD Bond ETF, Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF, Goldman Sachs Access Investment Grade Corporate Bond ETF, Goldman Sachs Access Treasury 0-1 Year ETF, Goldman Sachs Access U.S. Aggregate Bond ETF, and Goldman Sachs Access Ultra Short Bond ETF
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds indicated in the table below (eight of the funds constituting Goldman Sachs ETF Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2022, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2022, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.
Fund | Statement of operations |
Statements of changes in net assets |
Financial highlights | |||
Goldman Sachs Access High Yield Corporate Bond ETF, Goldman Sachs Access Inflation Protected USD Bond ETF, Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF, Goldman Sachs Access Investment Grade Corporate Bond ETF, Goldman Sachs Access Treasury 0-1 Year ETF, and Goldman Sachs Access Ultra Short Bond ETF | For the year ended August 31, 2022 | For the two years ended August 31, 2022 | For each of the periods indicated therein | |||
Goldman Sachs Access U.S. Aggregate Bond ETF | For the year ended August 31, 2022 | For the year ended August 31, 2022 and for the period September 8, 2020 (commencement of operations) through August 31, 2021 | ||||
Goldman Sachs Access Emerging Markets USD Bond ETF | For the period February 15, 2022 (commencement of operations) through August 31, 2022 |
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test
149
basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
October 25, 2022
We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.
150
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Voting Results of Special Meeting of Shareholders (Unaudited)
A Special Meeting (the “Meeting”) of the Goldman Sachs ETF Trust (“the Trust”) was held on December 3, 2021 to consider and act upon the proposal below. Each Fund has amortized its respective share of the proxy, shareholder meeting and other related costs and GSAM has agreed to reimburse the Fund in an amount equal to the portion of the increase in the Fund’s total expense ratio that exceeds a specified percentage.
At the Meeting, Cheryl K. Beebe, Lawrence Hughes, John F. Killian, Steven D. Krichmar and Linda A. Lang were elected to the Trust’s Board of Trustees. In electing trustees, the Trust’s shareholders voted as follows:
Proposal 1. Election of Trustees |
For | Against/Withheld | Abstain | |||||||||
Cheryl K. Beebe |
264,924,160 | 15,294,512 | 0 | |||||||||
Lawrence Hughes |
279,548,931 | 669,741 | 0 | |||||||||
John F. Killian |
264,883,857 | 15,334,814 | 0 | |||||||||
Steven D. Krichmar |
279,552,751 | 665,920 | 0 | |||||||||
Linda A. Lang |
279,620,511 | 598,160 | 0 | |||||||||
151
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Fund Expenses — Six Month Period Ended 8/31/2022 (Unaudited)
As a shareholder you incur ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Shares of a Fund and to compare these costs with the ongoing costs of investing in other exchange-traded funds. This example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares of a Fund.
This example is based on an investment of $1,000 invested at the beginning of the period from March 1, 2022 and held for the entire six months ended August 31, 2022, which represents a period of 184 days of a 365 day year (or less where indicated).
Actual Expenses — The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the six months. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes — The second line in the table below provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Access Emerging Markets
USD Bond ETF |
Access High Yield
Corporate Bond ETF |
Access Inflation Protected
USD Bond ETF |
Access Investment Grade Corporate 1-5 Year |
Access Investment Grade
Corporate Bond ETF |
Access Treasury 0-1 Year ETF | Access U.S. Aggregate Bond ETF | Access Ultra Short Bond ETF | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Account Value 3/1/22 |
Ending Account Value 8/31/22 |
Expenses Paid* |
Beginning Account Value 3/1/22 |
Ending Account Value 8/31/22 |
Expenses Paid* |
Beginning Account Value 3/1/22 |
Ending Account Value 8/31/22 |
Expenses Paid* |
Beginning Expenses Account 3/1/22 |
Bond
ETF Ending Expenses Account 8/31/22 |
Expenses Paid* |
Beginning Account Value 3/1/22 |
Ending Account Value 8/31/22 |
Expenses Paid* |
Beginning Account Value 3/1/22 |
Ending Account Value 8/31/22 |
Expenses Paid* |
Beginning Account Value 3/1/22 |
Ending Account Value 8/31/22 |
Expenses Paid* |
Beginning Expenses Account 3/1/22 |
Bond
ETF Ending Expenses Account 8/31/22 |
Expenses Paid* |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Actual based on NAV |
$ | 1,000 | $ | 942.00 | $ | 0.00 | $ | 1,000 | $ | 917.08 | $ | 1.64 | $ | 1,000 | $ | 937.94 | $ | 0.59 | $ | 1,000 | $ | 965.23 | $ | 0.69 | $ | 1,000 | $ | 907.20 | $ | 0.67 | $ | 1,000 | $ | 1,001.28 | $ | 0.61 | $ | 1,000 | $ | 919.18 | $ | 0.48 | $ | 1,000 | $ | 997.74 | $ | 0.81 | ||||||||||||||||||||||||||||||||||||||||||||||||
Hypothetical 5% return |
$ | 1,000 | $ | 1,025.21 | + | $ | 0.00 | $ | 1,000 | $ | 1,023.49 | + | $ | 1.73 | $ | 1,000 | $ | 1,024.60 | + | $ | 0.61 | $ | 1,000 | $ | 1,024.50 | + | $ | 0.71 | $ | 1,000 | $ | 1,024.50 | + | $ | 0.71 | $ | 1,000 | $ | 1,024.60 | + | $ | 0.61 | $ | 1,000 | $ | 1,024.70 | + | $ | 0.51 | $ | 1,000 | $ | 1,024.40 | + | $ | 0.82 |
+ | Hypothetical expenses are based on each Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses. |
* | Expenses for each Fund are calculated using the Fund’s annualized net expense ratio, which represents the ongoing expenses as a percentage of net assets for the six months ended August 31, 2022. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal year; and then dividing that result by the number of days in the fiscal year. |
The annualized net expense ratio for the period is as follows: |
Fund | ||||
Access Emerging Markets USD Bond ETF |
0.00 | % | ||
Access High Yield Corporate Bond ETF |
0.34 | |||
Access Inflation Protected USD Bond ETF |
0.12 | |||
Access Investment Grade Corporate 1-5 Year Bond ETF |
0.14 | |||
Access Investment Grade Corporate Bond ETF |
0.14 | |||
Access Treasury 0-1 Year ETF |
0.12 | |||
Access U.S. Aggregate Bond ETF |
0.10 | |||
Access Ultra Short Bond ETF |
0.16 |
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GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Trustees and Officers (Unaudited)
Independent Trustees
Name, Address and Age1 |
Position(s)
Held with the Trust |
Term of Office and Length of |
Principal Occupation(s) During Past 5 Years |
Number of Portfolios in Fund Complex Overseen by Trustee3 |
Other Directorships Held by Trustee4 | |||||
Cheryl K. Beebe Age: 66 |
Chair of the Board of Trustees | Since 2021 |
Ms. Beebe is retired. She is Director, Packaging Corporation of America (2008-Present); Director, The Mosaic Company (2019-Present); Director, HanesBrands Inc. (2020-Present); and was formerly Director, Convergys Corporation (a global leader in customer experience outsourcing) (2015-2018); and formerly held the position of Executive Vice President, (2010-2014); and Chief Financial Officer, Ingredion, Inc. (a leading global ingredient solutions company) (2004-2014).
Chair of the Board of Trustees — Goldman Sachs ETF Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust II; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs Real Estate Diversified Income Fund. |
68 | Packaging Corporation of America (producer of container board); The Mosaic Company (producer of phosphate and potash fertilizer); HanesBrands Inc. (a multinational clothing company) | |||||
Lawrence Hughes Age: 64 |
Trustee | Since 2021 |
Mr. Hughes is retired. Formerly, he held senior management positions with BNY Mellon Wealth Management, a division of The Bank of New York Mellon Corporation (a financial services company) (1991-2015), most recently as Chief Executive Officer (2010-2015). He serves as a Member of the Board of Directors, (2012-Present) and formerly served as Chairman (2012-2019), Ellis Memorial and Eldredge House (a not-for-profit organization). Previously, Mr. Hughes served as an Advisory Board Member of Goldman Sachs Trust II (February 2016-April 2016).
Trustee — Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs Real Estate Diversified Income Fund. |
68 | None | |||||
John F. Killian Age: 67 |
Trustee | Since 2021 |
Mr. Killian is retired. He is Director, Consolidated Edison, Inc. (2007-Present); and was formerly Director, Houghton Mifflin Harcourt Publishing Company (2011-2022). Previously, he held senior management positions with Verizon Communications, Inc., including Executive Vice President and Chief Financial Officer (2009-2010); and President, Verizon Business, Verizon Communications, Inc. (2005-2009).
Trustee — Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs Real Estate Diversified Income Fund. |
68 | Consolidated Edison, Inc. (a utility holding company) | |||||
Steven D. Krichmar Age: 64 |
Trustee | Since 2021 |
Mr. Krichmar is retired. Formerly, he held senior management and governance positions with Putnam Investments, LLC, a financial services company (2001-2016). He was most recently Chief of Operations and a member of the Operating Committee of Putnam Investments, LLC and Principal Financial Officer of The Putnam Funds. Previously, Mr. Krichmar served as an Audit Partner with PricewaterhouseCoopers LLP and its predecessor company (1990-2001).
Trustee — Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs Real Estate Diversified Income Fund. |
68 | None | |||||
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GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Trustees and Officers (Unaudited) (continued)
Independent Trustees
Name, Address and Age1 |
Position(s)
Held with the Trust |
Term of Office and Length of |
Principal Occupation(s) During Past 5 Years |
Number of Portfolios in Fund Complex Overseen by Trustee3 |
Other Directorships Held by Trustee4 | |||||
Linda A. Lang Age: 64 |
Trustee | Since 2016 |
Ms. Lang is retired. She was formerly Chair of the Board of Directors (2016-2019); and Member of the Board of Directors, WD-40 Company (a global consumer products company) (2004-2019); Chairman and Chief Executive Officer (2005-2014); and Director, President and Chief Operating Officer, Jack in the Box, Inc. (a restaurant company) (2003-2005). Previously, Ms. Lang served as an Advisory Board Member of Goldman Sachs MLP and Energy Renaissance Fund (February 2016-March 2016).
Trustee — Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. |
69 | None | |||||
Michael Latham Age: 56 |
Trustee | Since 2015 |
Mr. Latham is retired. He currently serves as Chief Operating Officer and Director of FinTech Evolution Acquisition Group (a special purpose acquisition company) (2021-Present). Formerly, Mr. Latham held senior management positions with the iShares exchange-traded fund business owned by BlackRock, Inc., including Chairman (2011-2014); Global Head (2010-2011); U.S. Head (2007-2010); and Chief Operating Officer (2003-2007).
Trustee — Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. |
69 | FinTech Evolution Acquisition Group (a special purpose acquisition company) | |||||
Lawrence W. Stranghoener Age: 68 |
Trustee | Since 2015 |
Mr. Stranghoener is retired. He is Chairman, Kennametal, Inc. (a global manufacturer and distributor of tooling and industrial materials) (2003-Present); and was formerly Director, Aleris Corporation and Aleris International, Inc. (a producer of aluminum rolled products) (2011-2020); Interim Chief Executive Officer (2014) and Executive Vice President and Chief Financial Officer (2004-2014), Mosaic Company (a fertilizer manufacturing company).
Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust II; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs Real Estate Diversified Income Fund. Chair of the Board of Trustees — Goldman Sachs Credit Income Fund |
69 | Kennametal, Inc. (a global manufacturer and distributor of tooling and industrial materials) | |||||
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GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Trustees and Officers (Unaudited) (continued)
Interested Trustee*
Name, Address and Age1 |
Position(s)
Held with the Trust |
Term of Office and Length of |
Principal Occupation(s) During Past 5 Years |
Number of Portfolios in Fund Complex Overseen by Trustee3 |
Other Directorships Held by Trustee4 | |||||
James A. McNamara Age: 59 |
President and Trustee | Since 2014 |
Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998).
President and Trustee — Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. |
172 | None | |||||
* | Mr. McNamara is considered to be an “Interested Trustee” because he holds a position with Goldman Sachs and owns securities issued by The Goldman Sachs Group, Inc. The Interested Trustee holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor. |
1 | Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of August 31, 2022. |
2 | Each Trustee holds office for an indefinite term, until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board or shareholders, in accordance with the Trust’s Declaration of Trust; or (c) the termination of the Trust. The Board has adopted policies which provide that each Independent Trustee shall retire as of December 31st of the calendar year in which he or she reaches (a) his or her 74th birthday or (b) the 15th anniversary of the date he or she became a Trustee, whichever is earlier, unless a waiver of such requirements shall have been adopted by a majority of the other Trustees. These policies may be changed by the Trustees without shareholder vote. |
3 | The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of August 31, 2022, Goldman Sachs ETF Trust consisted of 46 portfolios (29 of which offered shares to the public); Goldman Sachs ETF Trust II consisted of 2 portfolios (1 of which offered shares to the public); Goldman Sachs Trust consisted of 88 portfolios; Goldman Sachs Variable Insurance Trust consisted of 15 portfolios (12 of which offered shares to the public); Goldman Sachs Trust II consisted of 18 portfolios (16 of which offered shares to the public); and Goldman Sachs MLP and Energy Renaissance Fund, Goldman Sachs Credit Income Fund and Goldman Sachs Real Estate Diversified Income Fund each consisted of one portfolio. Goldman Sachs Credit Income Fund did not offer shares to the public. |
4 | This column includes only directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act. |
Additional information about the Trustees is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-526-7384.
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GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Trustees and Officers (Unaudited) (continued)
Officers of the Trust*
Name, Address and Age1 | Positions
Held with the Trust |
Term
of Office and Length of Time Served2 |
Principal Occupation(s) During Past 5 Years | |||
James A. McNamara 200 West Street New York, NY 10282 Age: 59 |
Trustee and President | Since 2014 |
Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998).
President and Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | |||
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 45 |
Secretary | Since 2014 |
Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Senior Counsel, Goldman Sachs (January 2020-Present); Associate General Counsel, Goldman Sachs (2012-December 2019); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006).
Secretary — Goldman Sachs ETF Trust; Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs ETF Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | |||
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 54 |
Treasurer, Principal Financial Officer and Principal Accounting Officer |
Since 2017 (Treasurer and Principal Financial Officer since 2019) |
Managing Director, Goldman Sachs (November 2015-Present) and Vice President-Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015).
Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | |||
* | Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-621-2550. |
1 | Information is provided as of August 31, 2022. |
2 | Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor. |
Goldman Sachs Access Fixed Income ETFs - Tax Information (Unaudited)
During the fiscal year ended August 31, 2022, 100% of the net investment company taxable income distributions paid by the Access Inflation Protected USD Bond ETF and Access Treasury 0-1 Year ETF were designated as interest-related dividends pursuant to Section 871(k) of the Internal Revenue Code.
Pursuant to Section 871(k) of the Internal Revenue Code, the Access Investment Grade Corporate 1-5 Year Bond ETF designate $6,687 as short-term capital gain dividends paid during the fiscal year ended August 31, 2022.
For the fiscal year ended August 31, 2022, the Access Emerging Markets USD Bond ETF, Access High Yield Corporate Bond ETF, Access Inflation Protected USD Bond ETF, Access Investment Grade Corporate 1-5 Year Bond ETF, Access Investment Grade Corporate Bond ETF, Access Treasury 0-1 Year ETF, Access U.S. Aggregate Bond ETF and Access Ultra Short Bond ETF designate 100%, 97.82%, 100%, 100%, 100%, 100%, 100% and 100%, respectively, of the dividends paid from net investment company taxable income as section 163(j) Interest Dividends.
156
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Goldman Sachs Access Treasury 0-1 Year ETF
Effective from November 1, 2016 and solely for the purpose of marketing the Fund in the United Kingdom (“UK”), Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) identified itself as the alternative investment fund manager (“AIFM”) of the Fund. As AIFM, the Investment Adviser is responsible for complying with the UK marketing rules implementing the Alternative Investment Fund Managers Directive (Directive 2011/61/EU) (the “Directive”).
In accordance with these rules, the AIFM is required to make available an Annual Report for the financial year of the Fund, containing certain disclosures as set out in Article 22 and 23 of the Directive. The disclosures set out below are included to satisfy these requirements as they have not been disclosed elsewhere in this Annual Report.
I. Remuneration
The following disclosures are made in accordance with Article 107 of the EU Commission Delegated Regulation C (2012) 8370 in respect of the AIFM, which is part of The Goldman Sachs Group, Inc. (“GS Group”). GS Group’s global remuneration philosophy, structure and process for setting remuneration generally applies to employees of the AIFM in the same manner as other employees globally. References to the “firm” and “we” throughout this disclosure include GS Group and the AIFM and any subsidiaries and affiliates.
a. Remuneration Program Philosophy
The remuneration philosophy and the objectives of the remuneration program for the firm, including the AIFM, are reflected in GS Group’s Compensation principles as posted on the Goldman Sachs public website www.gs.com. Our compensation policy framework includes the following:
1. | We pay for performance – this is an absolute requirement under our compensation program and inherent in our culture. |
2. | We structure compensation, especially at senior levels, to align with GS Group’s shareholders’ long-term interests. |
3. | We use compensation as an important tool to attract, retain and motivate talent. |
4. | We align total compensation with corporate performance over the period. |
The AIFM’s remuneration program is intended to be flexible enough to allow responses to changes in market conditions, but grounded in a framework that maintains effective remuneration practices.
b. Remuneration Governance
The planning, implementation and revision of the compensation policy of the AIFM is subject to the oversight of the Compensation Committee of the Board of Directors of GS Group (the “GS Group Compensation Committee”), the ultimate parent of the AIFM.
The members of the Compensation Committee at the end of 2021 were M. Michele Burns (Chair), Drew G. Faust, Kimberley D. Harris, Ellen J. Kullman, Lakshmi N. Mittal and Adebayo O. Ogunlesi (ex-officio). None of the members of the Compensation Committee was an employee of the firm. All members of the Compensation Committee were “independent” within the meaning of the New York Stock Exchange Rules and the Group Board Policy on Director Independence.
The GS Group Compensation Committee has for several years recognised the importance of using an independent remuneration consultant that is appropriately qualified and that provides services solely to the GS Group Compensation Committee and not to the firm. The Compensation Committee continued to retain an independent remuneration consultant in 2021.
GS Group’s global process for setting variable remuneration (including the requirement to consider risk and compliance issues) applies to employees of the AIFM in the same way as to employees of other entities and in other regions and is subject to oversight by the senior management of the firm in the region.
c. Link Between Pay and Performance
Annual remuneration for employees is generally comprised of fixed and variable remuneration. The AIFM’s remuneration practices provide for variable remuneration determinations to be made on a discretionary basis. Variable remuneration is based on multiple factors and is not set as a fixed percentage of revenue or by reference to any other formula. Firmwide performance is a key factor in determining variable remuneration.
d. Performance Measurement
Year-end variable remuneration is determined through a discretionary process that relies on certain qualitative and quantitative metrics (amongst other factors) against which we assess performance at year-end. We do not set specific goals, targets or other objectives for purposes of determining year-end variable remuneration nor do we set an initial remuneration pool that is adjusted for any such goals, targets or other objectives. Such metrics are not formulaic nor given any specific weight. In addition, employees are evaluated annually as part of the performance review feedback process.
157
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Goldman Sachs Access Treasury 0-1 Year ETF (continued)
e. Risk Adjustment
Prudent risk management is a hallmark of both the firm’s and AIFM’s culture and sensitivity to risk and risk management are key elements in assessing employee performance, including as part of the performance review feedback process noted above.
We take risk into account in setting the amount and form of variable remuneration for employees. We provide guidelines to assist compensation managers when applying discretion during the remuneration process to promote consistent consideration of the different metrics/factors considered during the remuneration process. Further, to ensure the independence of control function employees, remuneration for those employees is not determined by individuals in revenue-producing positions but rather by the management of the relevant control function.
f. Structure of Remuneration
1. | Fixed Remuneration |
2. | Variable Remuneration: For employees with total and variable remuneration above a specific threshold, variable remuneration is generally paid in a combination of cash and equity-based remuneration. In general, the portion paid in the form of an equity-based award increases as variable remuneration increases. |
g. Total Remuneration
Staff remuneration for the financial period ending December 31, 2021:
Total remuneration for the financial year ending December 31, 2021 paid by the AIFM to 15 staff in respect of the management of the assets of the Fund |
US$47,166, made up of: • US$20,825 fixed remuneration • US$26,341 variable remuneration | |
Which includes: | ||
(a) Remuneration paid by the AIFM to senior management |
US$20,500 | |
(b) Remuneration paid by the AIFM to other staff members whose actions have a material impact on the risk profile of the Fund |
US$26,666 |
The remuneration figures above:
1. | relate to the proportion of time spent by those staff on the management of the assets of the Fund; and |
2. | do not include figures for those staff whose activities may impact the Fund but who provide services through other affiliates of the AIFM. |
II. Risk Management
The current risk profile of the Fund and the risk management framework employed by the AIFM to manage those risks are outlined in the Fund’s Prospectus and Statement of Additional Information. The Investment Manager’s risk management function will seek to ensure that the risk profile disclosed to investors is consistent with applicable risk limits, monitor compliance with those risk limits, promptly notify the risk management component of the portfolio management team managing the portfolio of any inconsistency, or risk or inconsistency, between the risk profile and risk limits.
III. Material Changes
Article 22 of the Directive requires disclosure of any material changes in the information listed in Article 23 of the Directive.
In respect of the period ended December 31, 2021, there have been no material changes to the information listed in Article 23 of the Directive.
158
FUNDS PROFILE
Goldman Sachs ETFs
Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.
Today, the Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.27 trillion in assets under supervision as of June 30, 2022, Goldman Sachs Asset Management has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. Goldman Sachs Asset Management leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.
GOLDMAN SACHS EXCHANGE-TRADED FUNDS |
Goldman Sachs ActiveBeta® Emerging Markets Equity ETF |
Goldman Sachs ActiveBeta® Europe Equity ETF |
Goldman Sachs ActiveBeta® International Equity ETF |
Goldman Sachs ActiveBeta® Japan Equity ETF |
Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF |
Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF |
Goldman Sachs ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF |
Goldman Sachs ActiveBeta® World Low Vol Plus Equity ETF |
Goldman Sachs Bloomberg Clean Energy Equity ETF |
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF |
Goldman Sachs Hedge Industry VIP ETF |
Goldman Sachs Innovate Equity ETF |
Goldman Sachs JUST U.S. Large Cap Equity ETF |
Goldman Sachs Access Emerging Markets USD Bond ETF |
Goldman Sachs Access High Yield Corporate Bond ETF |
Goldman Sachs Access Inflation Protected USD Bond ETF |
Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF |
Goldman Sachs Access Investment Grade Corporate Bond ETF |
Goldman Sachs Access Treasury 0-1 Year ETF |
Goldman Sachs Access U.S. Aggregate Bond ETF |
Goldman Sachs Access Ultra Short Bond ETF |
Goldman Sachs MarketBeta® Emerging Markets Equity ETF |
Goldman Sachs MarketBeta® International Equity ETF |
Goldman Sachs MarketBeta® U.S. Equity ETF |
Goldman Sachs MarketBeta® U.S. 1000 Equity ETF |
Goldman Sachs Future Planet Equity ETF Goldman Sachs Future Tech Leaders Equity ETF |
Goldman Sachs Future Health Care Equity ETF |
Goldman Sachs Future Consumer Equity ETF |
Goldman Sachs Future Real Estate and Infrastructure Equity ETF
|
INDEX DISCLAIMERS
The Goldman Sachs Access Emerging Markets USD Bond ETF, Goldman Sachs Access High Yield Corporate Bond ETF, Goldman Sachs Access Inflation Protected USD Bond ETF, Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF, Goldman Sachs Access Investment Grade Corporate Bond ETF, Goldman Sachs Access Treasury 0-1 Year ETF and Goldman Sachs Access U.S. Aggregate Bond ETF (the “Funds”) have been developed solely by GSAM. The Funds are not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). FTSE Russell is a trading name of certain of the LSE Group companies.
All rights in the FTSE Goldman Sachs Access Emerging Markets USD Bond Index, FTSE Goldman Sachs High Yield Corporate Bond Index, FTSE Goldman Sachs Treasury Inflation Protected USD Bond Index, FTSE Goldman Sachs US Investment-Grade Corporate Bond 1-5 Years Index, FTSE Goldman Sachs Investment Grade Corporate Bond Index, FTSE US Treasury 0-1 Year Composite Select Index, FTSE Goldman Sachs US Broad Bond Market Index, and FTSE Goldman Sachs US Treasury Index (each, an “Index” and collectively, the “Indexes”) vest in the relevant LSE Group company which owns each Index. FTSE® is a trademark of the relevant LSE Group company and is used by any other LSE Group company under license.
Each Index is calculated by or on behalf of FTSE Fixed Income, LLC or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the Funds. The LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Funds or the suitability of any Index for the purpose to which it is being put by GSAM.
TRUSTEES Cheryl K. Beebe, Chair Lawrence Hughes John F. Killian Steven D. Krichmar Linda A. Lang Michael Latham James A. McNamara Lawrence W. Stranghoener |
OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary | |
THE BANK OF NEW YORK MELLON Transfer Agent |
||
ALPS DISTRIBUTORS, INC. Distributor |
GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser |
Visit our Website at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.
Goldman Sachs Asset Management, L.P., 200 West Street, New York, New York 10282
The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how the Funds voted proxies relating to portfolio securities for the most recent 12-month period ended June 30, are available (i) without charge, upon request by 1-800-621-2550 and (ii) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov.
The Funds will file portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-621-2550.
Fund holdings and allocations shown are as of August 31, 2022 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.
ETF Fund shares are not individually redeemable and are issued and redeemed by the Funds at their net asset value (“NAV”) only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns.
A Fund may be recently or newly organized and have limited operating history.
Economic and market forecasts presented herein reflect our judgment as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.
ETF Fund shares are not individually redeemable and are issued and redeemed by the Fund at their net asset value (“NAV”) only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns. Ordinary brokerage commissions apply.
This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider the Funds’ objectives, risks, and charges and expenses, and read the summary prospectuses, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectuses, if available, and the Prospectus contain this and other information about the Funds and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling 1-800-621-2550.
ActiveBeta® is a registered trademark of GSAM.
ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.
© 2022 Goldman Sachs. All rights reserved. 294237-OTU-10/2022 ACFIETFAR-22