Goldman Sachs ETF Trust

FUND SNAPSHOT

As of August 31, 2022

Market Price¹

Net Asset Value (NAV)¹

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)

LOGO

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


TABLE OF CONTENTS

Investment Process			1

Portfolio Results and Fund Basics			9

Schedules of Investments			47

Financial Statements			117

Financial Highlights			125

Access Emerging Markets USD Bond ETF			125

Access High Yield Corporate Bond ETF			126

Access Inflation Protected USD Bond ETF			127

Access Investment Grade Corporate 1-5 Year Bond ETF			128

Access Investment Grade Corporate Bond ETF			129

Access Treasury 0-1 Year ETF			130

Access U.S. Aggregate Bond ETF			131

Access Ultra Short Bond ETF			132

Notes to Financial Statements			133

Report of Independent Registered Public Accounting Firm			149

Other Information			151



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

INVESTMENT PROCESS

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.

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”).

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.

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”).

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.

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”).

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.

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”).

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.

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

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.

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:

•

Thoughtfully combine diversified sources of return by employing multiple strategies

•

Take a global perspective to uncover relative value opportunities

•

Employ focused specialist teams to identify short-term mispricings and incorporate long-term views

•

Emphasize a risk-aware approach as we view risk management as both an offensive and defensive tool

•

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).

PORTFOLIO RESULTS

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”).

How did the Fund perform during the Reporting Period?

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.

What key factors were responsible for the Fund’s performance during the Reporting Period?

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.

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

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 1/100^th of a percentage point.)

How did the Fund use derivatives and similar instruments during the Reporting Period?

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.

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

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%.

What was the Fund’s credit allocation at the end of the Reporting Period?²


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%

What was the Fund’s regional allocation at the end of the Reporting Period?³

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.

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.

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.

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.

FUND BASICS

Access Emerging Markets USD Bond ETF

as of August 31, 2022

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

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

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.

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.

LOGO


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.

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”).

How did the Fund perform during the Reporting Period?

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.

What key factors were responsible for the Fund’s performance during the Reporting Period?

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.

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 1/100^th 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.

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.

How did the Fund use derivatives and similar instruments during the Reporting Period?

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%.

What was the Fund’s credit allocation at the end of the Reporting Period?²


BBB		0.24%
BB		50.71%
B		36.21%
CCC		7.94%
CC		1.20%
Not Rated		1.15%
Cash		2.55%

What was the Fund’s industry allocation at the end of the Reporting Period?

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

What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?⁴

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.

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.

FUND BASICS

Access High Yield Corporate Bond ETF

as of August 31, 2022

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

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

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.

LOGO


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.

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”).

How did the Fund perform during the Reporting Period?

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.

What key factors were responsible for the Fund’s performance during the Reporting Period?

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”).

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.

PORTFOLIO RESULTS

How did the Fund use derivatives and similar instruments during the Reporting Period?

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%.

What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?²

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.

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.

FUND BASICS

Access Inflation Protected USD Bond ETF

as of August 31, 2022


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

The 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.

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.

LOGO


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%

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

How did the Fund perform during the Reporting Period?

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.

What key factors were responsible for the Fund’s performance during the Reporting Period?

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.

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).

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.

How did the Fund use derivatives and similar instruments during the Reporting Period?

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%.

PORTFOLIO RESULTS

What was the Fund’s credit allocation at the end of the Reporting Period?²


AAA	1.05	%
AA	5.96	%
A	33.30	%
BBB	55.46	%
BB	2.65	%
B	0.29	%
Cash	1.28	%

What was the Fund’s industry allocation at the end of the Reporting Period?

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

What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?⁴

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.

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.

FUND BASICS

Access Investment Grade Corporate 1-5 Year Bond ETF

as of August 31, 2022


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

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

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.

LOGO


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%

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

How did the Fund perform during the Reporting Period?

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.

What key factors were responsible for the Fund’s performance during the Reporting Period?

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.

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%.

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.

How did the Fund use derivatives and similar instruments during the Reporting Period?

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%.

What was the Fund’s credit allocation at the end of the Reporting Period?²


AAA	1.55	%
AA	7.84	%
A	38.58	%
BBB	50.39	%
BB	1.14	%
Cash	0.49	%

What was the Fund’s industry allocation at the end of the Reporting Period?

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

PORTFOLIO RESULTS

What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?⁴

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.

FUND BASICS

Access Investment Grade Corporate Bond ETF

as of August 31, 2022


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

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

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.

LOGO


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%

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

How did the Fund perform during the Reporting Period?

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.

What key factors were responsible for the Fund’s performance during the Reporting Period?

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.

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.

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.

How did the Fund use derivatives and similar instruments during the Reporting Period?

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%.

What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?²

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.

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.

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


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

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.

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.

LOGO


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%

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

How did the Fund perform during the Reporting Period?

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.

What key factors were responsible for the Fund’s performance during the Reporting Period?

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.

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).

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.

How did the Fund use derivatives and similar instruments during the Reporting Period?

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%.

PORTFOLIO RESULTS

What was the Fund’s credit allocation at the end of the Reporting Period?²


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	%

What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?³



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	%

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.

FUND BASICS

Access U.S. Aggregate Bond ETF

as of August 31, 2022


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

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

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.

LOGO


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%

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

How did the Fund perform during the Reporting Period?

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.

What key factors were responsible for the Fund’s performance during the Reporting Period?

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 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

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.

How did the Fund use derivatives and similar instruments during the Reporting Period?

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%.

PORTFOLIO RESULTS

What was the Fund’s credit allocation at the end of the Reporting Period?²


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	%

What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?²

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.

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.

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


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

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

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.

LOGO


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%

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

Access Inflation Protected USD Bond ETF

Access Investment Grade Corporate 1-5 Year Bond ETF

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

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

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.

GOLDMAN SACHS ACCESS EMERGING MARKETS USD BOND ETF

Schedule of Investments

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 (BB-/Ba2)
	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) (B+/B2)
	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) (CCC+/Caa2)
	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 Corp.^(a) (BB-/Ba2)
	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 Packaging Finance PLC^(a) (B+/B3)
	700,000		4.000			09/01/29		575,312
	Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc.^(a) (B-/Caa1)
	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 (BB+/Ba2)
	228,000		4.250			09/30/26		214,035
	Crown Americas LLC / Crown Americas Capital Corp. VI (BB+/Ba2)
	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) (BB/Ba3)
	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 10.000%) (CCC-/Caa3)
	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 Management Corp. / Millennium Op^(a) (BB-/Ba2)
	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., Inc.^(a) (B/B2)
	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 Vacations Borrower Esc^(a) (B/B2)
	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 Entertainment Finance In^(a) (B/B3)
	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 Corp.^(a) (CCC+/B3)
	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) (B-/B3)
	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) (B+/B2)
	284,000		5.250			05/15/27		257,020
	Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.^(a) (B+/B2)
	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 / Albertsons LLC^(a) (BB/Ba3)
	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) (CCC+/Caa1)
	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./ Atlas Luxco 4 Sarl^(a) (B/B2)
	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, Inc.^(a) (B-/Caa1)
	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) (BB/Ba2)
	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, Inc.^(a) (CCC+/Caa1)
	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