Goldman Sachs ETF Trust

SECTOR ALLOCATION AS OF 2/28/23⁶

Sector Name

Government

Goldman Sachs Funds



Semi-Annual Report				February 28, 2023

				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

Market and Economic Review			1

Fund Basics			3

Schedules of Investments			19

Financial Statements			91

Financial Highlights			99

Access Emerging Markets USD Bond ETF			99

Access High Yield Corporate Bond ETF			100

Access Inflation Protected USD Bond ETF			101

Access Investment Grade Corporate 1-5 Year Bond ETF			102

Access Investment Grade Corporate Bond ETF			103

Access Treasury 0-1 Year ETF			104

Access U.S. Aggregate Bond ETF			105

Access Ultra Short Bond ETF			106

Notes to Financial Statements			107

Other Information			127



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

MARKET REVIEW

Goldman Sachs Access Fixed Income ETFs

The following are highlights both of key factors affecting the fixed income market and of any key changes made to the Goldman Sachs Access Fixed Income ETFs (the “Funds”) during the six months ended February 28, 2023 (the “Reporting Period”). A fuller review will appear in the Funds’ annual shareholder report covering the 12 months ended August 31, 2023.

Market and Economic Review

•

During the Reporting Period, the performance of the global fixed income markets was broadly influenced by central bank monetary policy, inflationary trends and higher interest rates.

•

The broad global investment grade bond market, as represented by the Bloomberg Global Aggregate Index (gross, USD, hedged), returned -1.59%.

•

The Bloomberg U.S. Aggregate Bond Index, representing the broad U.S. fixed income market, returned -2.13%.

•

Inflation eased across most developed economies during the Reporting Period, though it remained at stubbornly high levels.

•

In September 2022, when the Reporting Period began, inflationary pressures increased, with U.S. food and energy prices reaching a four-decade high amid ongoing supply and demand imbalances driven by geopolitical turmoil, including the Russia/Ukraine war, and COVID-19 outbreaks in China.

•

Inflation moderated during the last months of 2022, as U.S. consumer price data surprised with lower than consensus anticipated levels and Europe benefited from falling energy prices.

•

In early 2023, inflation continued to decline, but concerns reemerged in the wake of unexpectedly strong economic data — especially in the U.S. labor market.

•

Many central banks around the world tightened monetary policy during the Reporting Period in an effort to contain inflation.

•

The People’s Bank of China was a notable exception, as its policymakers engaged in measured and selective easing to address economic growth headwinds from a property market downturn and COVID-19 restrictions in the country. In December, the Chinese government began to unwind its zero-COVID policies and finally lifted its stringent zero-COVID policy in January 2023.

•

The U.S. Federal Reserve (the “Fed”) continued its aggressive interest rate hikes but tempered its pace of tightening toward the end of the Reporting Period.

•

In September 2022, the Fed raised the targeted federal funds (“fed funds”) rate 75 basis points to a range of 3.00% to 3.25%. (A basis point is 1/100th of a percentage point.)

•

In October, Fed officials began to contend that inflation would likely decline in the upcoming months should demand weaken and supply-chain issues soften as policymakers anticipated. However, they also suggested they would end their current tightening cycle with short-term interest rates at a higher level than many market participants had expected.

•

In early November, the Fed raised the fed funds rate by another 75 basis points.

•

Policymakers stepped down the pace of their rate hikes in mid-December, lifting the fed funds rate by 50 basis points, but emphasized they were not stepping back from their efforts to tame inflation.

•

On February 1, 2023, the Fed noted the improving inflation picture when it announced its comparatively smaller interest rate hike of 25 basis points but indicated that ongoing rate hikes would likely be “appropriate.”

•

For the Reporting Period overall, U.S. Treasury yields rose across the yield curve, or spectrum of maturities, with shorter-term U.S. Treasury yields rising significantly more than intermediate- and longer-term U.S. Treasury yields.

•

The U.S. Treasury yield curve was inverted between two-year and 10-year maturities throughout the Reporting Period. When the yield curve is inverted, two-year yields are higher than 10-year yields. (Historically, an inverted U.S. Treasury yield curve often precedes an economic recession.)

MARKET REVIEW

•

Most non-government bond sectors outperformed U.S. Treasuries during the Reporting Period, led by U.S. high yield corporate bonds and emerging markets debt, each sector posting positive absolute returns overall. U.S. investment grade corporate bonds and securitized bonds, including mortgage-backed securities, posted negative absolute returns during the Reporting Period but still outperformed U.S. Treasuries. Treasury inflation protected securities underperformed U.S. Treasuries during the Reporting Period, as inflation levels, though persistently high, declined.

Fund Changes and Highlights

No material changes were made to the Funds during the Reporting Period.

FUND BASICS

Access Emerging Markets USD Bond ETF

as of February 28, 2023


FUND SNAPSHOT

As of February 28, 2023

Market Price¹	$	39.97
Net Asset Value (NAV)¹	$	40.04

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.


PERFORMANCE REVIEW

September 1, 2022–February 28, 2023	Fund Total Return (based on NAV)²			Fund Total Return (based on Market Price)²			FTSE Goldman Sachs Emerging Markets USD Bond Index
Shares		1.79	%		2.72	%		2.21	%

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.

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. The Index Provider may delay or change a scheduled rebalancing or reconstitution of the Index or the implementation of certain rules at its sole discretion.

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.

FUND BASICS


TOP TEN HOLDINGS AS OF 2/28/23⁴

Holding	% of Net Assets			Country

Pertamina Persero PT, 3.10%, 08/27/30		1.4	%	Indonesia
Chile Government International Bond, 3.13%, 01/21/26		1.2		Chile
Mexico Government International Bond, 4.88%, 05/19/33		1.2		Mexico
Chile Government International Bond, 3.50%, 01/31/34		1.1		Chile
Turkey Government International Bond, 5.60%, 11/14/24		1.0		Turkey
Turkey Government International Bond, 4.88%, 10/09/26		1.0		Turkey
Hungary Government International Bond, 7.63%, 03/29/41		0.9		Hungary
Romanian Government International Bond, 5.25%, 11/25/27		0.9		Romania
Peruvian Government International Bond, 5.63%, 11/18/50		0.9		Peru
Uruguay Government International Bond, 5.10%, 06/18/50		0.9		Uruguay

⁴

The top 10 holdings may not be representative of the Fund’s future investments.


SECTOR ALLOCATION AS OF 2/28/23⁵

Sector Name	Fund

Government		88.5	%
Energy		6.3
Materials		2.1
Industrials		1.0
Investment Company		0.9
Financials		0.8
Utilities		0.4

⁵

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the table may not sum to 100% due to the exclusion of other assets and liabilities.

For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

FUND BASICS

Access High Yield Corporate Bond ETF

as of February 28, 2023


FUND SNAPSHOT

As of February 28, 2023

Market Price¹	$	42.42
Net Asset Value (NAV)¹	$	42.56

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.


PERFORMANCE REVIEW

September 1, 2022–February 28, 2023	Fund Total Return (based on NAV)²			Fund Total Return (based on Market Price)²			FTSE Goldman Sachs High Yield Corporate Bond Index³			Bloomberg High Yield Very Liquid Index⁴
Shares		2.59	%		3.22	%		2.51	%		2.45	%

⁴

The Bloomberg High Yield Very Liquid Index (VLI) is a component of the US Corporate High Yield Index that is designed to track a more liquid component of the USD-denominated, high yield, fixed-rate corporate bond market.

FUND BASICS


TOP TEN HOLDINGS AS OF 2/28/23⁵

Holding	% of Net Assets			Line of Business

TransDigm, Inc., 6.25%, 03/15/26		0.8	%	Aerospace & Defense
Medline Borrower LP, 3.88%, 04/01/29		0.8		Consumer Noncyclical
Bausch Health Cos., Inc., 11.00%, 09/30/28		0.7		Pharmaceuticals
CommScope, Inc., 6.00%, 03/01/26		0.7		Hardware
Nexstar Media, Inc., 5.63%, 07/15/27		0.7		Broadcasting
Mauser Packaging Solutions Holding Co., 7.88%, 08/15/26		0.7		Capital Goods
CCO Holdings LLC / CCO Holdings Capital Corp., 7.38%, 03/01/31		0.7		Communications
Cloud Software Group Holdings, Inc., 6.50%, 03/31/29		0.6		Software
Bombardier, Inc., 7.13%, 06/15/26		0.6		Aerospace & Defense
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC, 10.50%, 02/15/28		0.6		Wirelines

⁵

The top 10 holdings may not be representative of the Fund’s future investments.


SECTOR ALLOCATION AS OF 2/28/23⁶

Sector Name	Fund

Consumer, Cyclical		21.5	%
Consumer, Non-cyclical		16.6
Energy		13.9
Telecommunication Services		12.7
Financials		11.7
Industrials		10.8
Materials		4.2
Utilities		3.9
Information Technology		3.2
Investment Company		1.5

⁶

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.

FUND BASICS

Access Inflation Protected USD Bond ETF

as of February 28, 2023


FUND SNAPSHOT

As of February 28, 2023

Market Price¹	$	48.78
Net Asset Value (NAV)¹	$	48.80


PERFORMANCE REVIEW

September 1, 2022–February 28, 2023	Fund Total Return (based on NAV)²			Fund Total Return (based on Market Price)²			FTSE Goldman Sachs Treasury Inflation Protected USD Bond Index³
Shares		-4.20	%		-4.16	%		-4.16	%

FUND BASICS


TOP TEN HOLDINGS AS OF 2/28/23⁴

Holding	% of Net Assets⁵			Line of Business

U.S. Treasury Inflation Indexed Bond, 0.50%, 01/15/28		8.9	%	Government
U.S. Treasury Inflation Indexed Bond, 0.13%, 10/15/25		8.6		Government
U.S. Treasury Inflation Indexed Bond, 0.63%, 01/15/26		8.5		Government
U.S. Treasury Inflation Indexed Bond, 0.13%, 01/15/30		7.2		Government
U.S. Treasury Inflation Indexed Bond, 0.38%, 07/15/25		6.9		Government
U.S. Treasury Inflation Indexed Bond, 2.13%, 02/15/40		6.3		Government
U.S. Treasury Inflation Indexed Bond, 0.13%, 10/15/24		5.4		Government
U.S. Treasury Inflation Indexed Bond, 0.38%, 07/15/27		4.9		Government
U.S. Treasury Inflation Indexed Bond, 0.75%, 02/15/42		4.3		Government
U.S. Treasury Inflation Indexed Bond, 0.13%, 07/15/30		4.1		Government

⁴

The holdings may not be representative of the Fund’s future investments.

⁵

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.


SECTOR ALLOCATION AS OF 2/28/23⁶

Sector Name	Fund

Government		99.7	%
Investment Company		0.4

⁶

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.

FUND BASICS

Access Investment Grade Corporate 1-5 Year Bond ETF

as of February 28, 2023


FUND SNAPSHOT

As of February 28, 2023

Market Price¹	$	45.76
Net Asset Value (NAV)¹	$	45.74


PERFORMANCE REVIEW

September 1, 2022–February 28, 2023	Fund Total Return (based on NAV)²			Fund Total Return (based on Market Price)²			FTSE Goldman Sachs US Investment-Grade Corporate Bond 1-5 Years Index³
Shares		-0.13	%		0.09	%		0.08	%

FUND BASICS


TOP TEN HOLDINGS AS OF 2/28/23⁴

Holding	% of Net Assets			Line of Business
Wells Fargo & Co., Series MTN, 2.16%, 02/11/26		1.0	%	Banks
Sumitomo Mitsui Financial Group, Inc., 3.36%, 07/12/27		1.0		Banks
Citigroup, Inc., 2.01%, 01/25/26		1.0		Banks
Bank of America Corp., Series MTN, 2.55%, 02/04/28		1.0		Banks
JPMorgan Chase & Co., 4.32%, 04/26/28		1.0		Banks
PNC Financial Services Group, Inc. (The), 3.90%, 04/29/24		0.8		Banks
Walgreens Boots Alliance, Inc., 3.80%, 11/18/24		0.8		Consumer Noncyclical
General Motors Co., 6.80%, 10/01/27		0.8		Consumer Cyclical
Air Lease Corp., 3.63%, 04/01/27		0.8		Financial Company
Citigroup, Inc., 4.14%, 05/24/25		0.7		Banks

⁴

The top 10 holdings may not be representative of the Fund’s future investments.


SECTOR ALLOCATION AS OF 2/28/23⁵

Sector Name	Fund

Financials		43.8	%
Consumer, Non-cyclical		10.3
Consumer, Cyclical		9.7
Energy		8.7
Industrials		7.5
Information Technology		7.3
Utilities		6.2
Telecommunication Services		6.0
Materials		0.5

⁵

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.

FUND BASICS

Access Investment Grade Corporate Bond ETF

as of February 28, 2023


FUND SNAPSHOT

As of February 28, 2023

Market Price¹	$	44.45
Net Asset Value (NAV)¹	$	44.48


PERFORMANCE REVIEW

September 1, 2022–February 28, 2023	Fund Total Return (based on NAV)²			Fund Total Return (based on Market Price)²			FTSE Goldman Sachs Investment Grade Corporate Bond Index³			Bloomberg US Corporate Investment Grade Index⁴
Shares		-1.27	%		-0.91	%		-1.24	%		-1.13	%

⁴

The Bloomberg US Corporate Investment Grade Index measures the investment grade, fixed-rate, taxable corporate bond market. It includes USD-denominated securities publicly issued by US and non-US industrial, utility and financial issuers.

FUND BASICS


TOP TEN HOLDINGS AS OF 2/28/23⁵

Holding	% of Net Assets			Line of Business	Country
Oracle Corp., 6.90%, 11/09/52		0.5	%	Software	United States
American Express Co., 3.00%, 10/30/24		0.5		Banks	United States
Cigna Group (The), 4.13%, 11/15/25		0.4		Healthcare	United States
Verizon Communications, Inc., 0.85%, 11/20/25		0.4		Wireless	United States
Oracle Corp., 6.25%, 11/09/32		0.3		Software	United States
NVIDIA Corp., 0.58%, 06/14/24		0.3		Technology	United States
Starbucks Corp., 3.80%, 08/15/25		0.3		Consumer Cyclical	United States
Lloyds Banking Group PLC, 3.75%, 01/11/27		0.3		Banks	United Kingdom
Citigroup, Inc., 1.12%, 01/28/27		0.3		Banks	United States
Bristol-Myers Squibb Co., 0.75%, 11/13/25		0.3		Consumer Noncyclical	United States

⁵

The top 10 holdings may not be representative of the Fund’s future investments.


SECTOR ALLOCATION AS OF 2/28/23⁶

Sector Name	Fund

Financials		37.1	%
Consumer, Non-cyclical		18.4
Telecommunication Services		11.4
Energy		9.3
Information Technology		9.0
Consumer, Cyclical		5.2
Industrials		5.0
Utilities		2.8
Materials		1.4
Investment Company		0.4

⁶

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.

FUND BASICS

Access Treasury 0-1 Year ETF

as of February 28, 2023


FUND SNAPSHOT

As of February 28, 2023

Market Price¹	$	99.92
Net Asset Value (NAV)¹	$	99.92


PERFORMANCE REVIEW

September 1, 2022–February 28, 2023	Fund Total Return (based on NAV)²			Fund Total Return (based on Market Price)²	FTSE US Treasury 0-1 Year Composite Select Index³
Shares		1.56	%	1.52%	1.66%

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. The Index Provider may delay or change a scheduled rebalancing or reconstitution of the Index or the implementation of certain rules at its sole discretion.

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. 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.

FUND BASICS


TOP TEN HOLDINGS AS OF 2/28/23⁴

Holding	Maturity Date		% of Net Assets⁵

U.S. Treasury Bill, 4.79%		05/18/23		7.8	%
U.S. Treasury Bill, 4.61%		04/25/23		7.7
U.S. Treasury Bill, 4.87%		06/13/23		5.0
U.S. Treasury Bill, 4.69%		06/08/23		4.2
U.S. Treasury Bill, 4.73%		05/23/23		3.3
U.S. Treasury Bill, 4.76%		01/25/24		3.0
U.S. Treasury Bill, 5.00%		01/25/24		2.9
U.S. Treasury Note, 4.76%		10/15/23		2.8
U.S. Treasury Bill, 4.68%		06/15/23		2.8
U.S. Treasury Bill, 4.63%		05/11/23		2.8

⁴

The holdings may not be representative of the Fund’s future investments.

⁵

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

⁶

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.

FUND BASICS

Access U.S. Aggregate Bond ETF

as of February 28, 2023


FUND SNAPSHOT

As of February 28, 2023

Market Price¹	$	41.17
Net Asset Value (NAV)¹	$	41.30


PERFORMANCE REVIEW

September 1, 2022–February 28, 2023	Fund Total Return (based on NAV)²			Fund Total Return (based on Market Price)²			FTSE Goldman Sachs US Broad Bond Market Index³
Shares		-2.28	%		-2.70	%		-2.04	%

FUND BASICS


TOP TEN HOLDINGS AS OF 2/28/23⁴

Holding	% of Net Assets			Line of Business
U.S. Treasury Note, 0.25%, 05/15/24		7.5	%	U.S. Treasury Notes
U.S. Treasury Note, 0.25%, 10/31/25		5.7		U.S. Treasury Notes
U.S. Treasury Note, 2.50%, 01/31/25		4.4		U.S. Treasury Notes
U.S. Treasury Note, 2.00%, 02/15/25		4.2		U.S. Treasury Notes
U.S. Treasury Bond, 2.75%, 08/15/42		3.0		U.S. Treasury Notes
U.S. Treasury Bond, 2.50%, 02/15/45		2.5		U.S. Treasury Notes
U.S. Treasury Note, 2.75%, 02/15/28		2.3		U.S. Treasury Notes
Federal Home Loan Mortgage Corporation, 2.00%, 03/01/52		2.1		Mortgage-Backed Securities
U.S. Treasury Note, 0.63%, 11/30/27		2.0		U.S. Treasury Notes
Federal Home Loan Mortgage Corporation, 2.00%, 05/01/52		1.9		Mortgage-Backed Securities

⁴

The top 10 holdings may not be representative of the Fund’s future investments.


		SECTOR ALLOCATION AS OF 2/28/23⁵



Sector Name	Fund

U.S. Treasury Notes		31.5	%
Mortgage-Backed Securities		29.6
Corporate Obligations		19.9
Investment Company		12.4
U.S. Treasury Bonds		7.7
Foreign Corporate Debt		5.2
U.S. Treasury Obligations		4.5
Sovereign Debt Obligations		2.1

⁵

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.

FUND BASICS

Access Ultra Short Bond ETF

as of February 28, 2023


FUND SNAPSHOT

As of February 28, 2023

Market Price¹	$	49.92
Net Asset Value (NAV)¹	$	49.92


PERFORMANCE REVIEW

September 1, 2022–February 28, 2023	Fund Total Return (based on NAV)²			Fund Total Return (based on Market Price)²			FTSE Three-Month U.S. Treasury Bill Index³
Shares		1.68	%		1.69	%		1.80	%

The FTSE Three-Month U.S. Treasury Bill Index is intended to track the daily performance of three-month U.S. Treasury bills. The index is designed to operate as a reference rate for a series of funds. The Fund does not attempt to track an index and takes a more active approach.

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. 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.

FUND BASICS


TOP TEN HOLDINGS AS OF 2/28/23⁴

Holding	% of Net Assets			Line of Business

U.S. Treasury Floating Rate Note, 4.95%, 10/31/24		3.4	%	NOTES
FNMA REMIC, Class BM, Series 2020-6347, 3.68%, 02/01/41		2.0		ARM
Suncor Energy, Inc., 04/18/23		1.6		Energy
FNMA REMIC, Class FC, Series 2005-103, 5.12%, 07/25/35		1.6		CMO
U.S. Treasury Floating Rate Note, 4.84%, 10/31/23		1.5		NOTES
FHLMC REMIC, 3.74%, 01/01/46		1.4		ARM
Capital One Financial Corp., 5.27%, 12/06/24		1.0		Banks
Federal Home Loan Banks, 5.17%, 03/08/24		1.0		AGY GUARANTEE
Thermo Fisher Scientific, Inc., 0.80%, 10/18/23		0.8		Consumer Noncyclical
GS Mortgage Securities Trust, Class A4, Series 2014-GC18, 4.07%, 01/10/47		0.8		CMBS

⁴

The top 10 holdings may not be representative of the Fund’s future investments.


SECTOR ALLOCATION AS OF 2/28/23⁵

Sector Name	Fund

Corporate Obligations		22.0	%
Mortgage-Backed Securities		19.4
Asset- Backed Securities		19.3
Foreign Corporate Debt		15.5
Commercial Papers		8.5
Certificate of Deposits		6.3
U.S. Treasury Notes		5.0
U.S. Government Agency Obligations		2.9
Investment Company		0.2

⁵

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

Figures in the table may not sum to 100% due to the exclusion of other assets and liabilities.

For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

GOLDMAN SACHS ACCESS EMERGING MARKETS USD BOND ETF

Schedule of Investments

February 28, 2023 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Sovereign Debt Obligations – 85.0%
Angola – 1.5%
	Angolan Government International Bond (NR/B3)
$	400,000		8.250	%		05/09/28	$	369,933
	200,000		9.375			05/08/48		171,744
	200,000		9.125			11/26/49		169,500

								711,177

Bahamas – 0.4%
	Bahamas Government International Bond (B+/B1)
	200,000		8.950			10/15/32		177,500

Bahrain – 3.3%
	Bahrain Government International Bond (B+/NR)
	350,000		7.000			01/26/26		361,205
	225,000		7.375			05/14/30		233,002
	200,000		5.625			09/30/31		186,171
	225,000		5.625			05/18/34		197,918
	325,000		6.000			09/19/44		258,791
	200,000		7.500			09/20/47		186,120
	200,000		6.250			01/25/51		162,249

								1,585,456

Chile – 3.7%
	Chile Government International Bond (A/A2)
	610,000		3.125			01/21/26		583,384
	400,000		3.240			02/06/28		372,056
	600,000		3.500			01/31/34		517,258
	200,000		4.000			01/31/52		158,916
	225,000		3.250			09/21/71		141,558

								1,773,172

China – 2.4%
	China Government International Bond (NR/NR)
	400,000		1.250			10/26/26		355,761
	400,000		2.750			12/03/39		319,260
	250,000		4.000			10/19/48		231,055
	400,000		2.250			10/21/50		260,313

								1,166,389

Colombia – 5.6%
	Colombia Government International Bond (BB+/Baa2)
	300,000		3.875			04/25/27		266,935
	460,000		3.000			01/30/30		348,014
	500,000		3.125			04/15/31		364,252
	250,000		3.250			04/22/32		178,159
	380,000		7.375			09/18/37		356,448
	300,000		6.125			01/18/41		239,609
	275,000		5.625			02/26/44		199,661
	550,000		5.000			06/15/45		365,218
	400,000		5.200			05/15/49		267,792
	200,000		4.125			05/15/51		118,194

								2,704,282

Costa Rica – 0.9%
	Costa Rica Government International Bond (B+/B2)
	250,000		6.125			02/19/31		242,812
	200,000		7.158			03/12/45		194,500

								437,312


Sovereign Debt Obligations – (continued)
Dominican Republic – 4.2%
	Dominican Republic International Bond (BB/Ba3)
	450,000		5.950			01/25/27		442,687
	225,000		6.000			07/19/28		218,250
	225,000		4.500			01/30/30		194,625
	450,000		4.875			09/23/32		379,125
	175,000		7.450			04/30/44		169,094
	225,000		6.850			01/27/45		202,219
	200,000		6.400			06/05/49		168,000
	300,000		5.875			01/30/60		227,250

								2,001,250

Ecuador – 1.4%
	Ecuador Government International Bond (B-/NR)
	450,000		5.500	^(a)		07/31/30		222,750
	850,000		2.500	^(a)		07/31/35		303,875
	450,000		1.500	^(a)		07/31/40		142,875

								669,500

Egypt – 5.1%
	Egypt Government International Bond (NR/B3)
	300,000		5.750			05/29/24		286,079
	200,000		5.875			06/11/25		179,274
	200,000		3.875			02/16/26		160,818
	200,000		7.500			01/31/27		173,248
	300,000		5.800			09/30/27		235,795
	200,000		6.588			02/21/28		157,464
	350,000		7.625			05/29/32		251,361
	200,000		7.300			09/30/33		137,158
	125,000		6.875			04/30/40		76,249
	450,000		8.500			01/31/47		291,375
	200,000		7.903			02/21/48		122,750
	200,000		8.700			03/01/49		129,249
	200,000		8.875			05/29/50		130,746
	200,000		7.500			02/16/61		118,746

								2,450,312

Guatemala – 1.3%
	Guatemala Government Bond (NR/NR)
	300,000		5.375			04/24/32		288,750
	200,000		3.700			10/07/33		165,500
	200,000		6.125			06/01/50		191,000

								645,250

Hungary – 3.0%
	Hungary Government International Bond (BBB-/Baa2)
	200,000		5.750			11/22/23		200,423
	400,000		5.375			03/25/24		399,941
	200,000		5.250			06/16/29		195,250
	200,000		5.500			06/16/34		192,483
	400,000		7.625			03/29/41		450,728

								1,438,825

Indonesia – 4.5%
	Indonesia Government International Bond (BBB/Baa2)
	330,000		4.125			01/15/25		324,540
	350,000		2.850			02/14/30		309,541
	400,000		4.650			09/20/32		390,129


The accompanying notes are an integral part of these financial statements.		19

GOLDMAN SACHS ACCESS EMERGING MARKETS USD BOND ETF

Schedule of Investments (continued)

February 28, 2023 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Sovereign Debt Obligations – (continued)
Indonesia – (continued)
	Indonesia Government International Bond (BBB/Baa2) – (continued)
$	125,000		8.500	%		10/12/35	$	159,006
	325,000		7.750			01/17/38		398,505
	225,000		4.200			10/15/50		191,400
	275,000		3.050			03/12/51		200,677
	200,000		4.300			03/31/52		172,131

								2,145,929

Jamaica – 1.2%
	Jamaica Government International Bond (B+/B2)
	200,000		6.750			04/28/28		210,500
	100,000		8.000			03/15/39		120,500
	200,000		7.875			07/28/45		235,250

								566,250

Jordan – 1.1%
	Jordan Government International Bond (B+/B1)
	200,000		6.125			01/29/26		197,636
	350,000		5.850			07/07/30		317,257

								514,893

Kazakhstan – 1.2%
	Kazakhstan Government International Bond (BBB-/Baa2)
	400,000		4.875			10/14/44		364,216
	225,000		6.500			07/21/45		237,025

								601,241

Kenya – 1.0%
	Republic of Kenya Government International Bond (B/NR)
	350,000		7.000			05/22/27		314,775
	200,000		8.250			02/28/48		154,800

								469,575

Kuwait – 0.4%
	Kuwait International Government Bond (A+/NR)
	200,000		3.500			03/20/27		192,859

Mexico – 3.4%
	Mexico Government International Bond (BBB/Baa2)
	200,000		3.750			01/11/28		187,580
	325,000		4.500			04/22/29		309,644
	600,000		4.875			05/19/33		560,434
	50,000		6.050			01/11/40		50,111
	150,000		5.550			01/21/45		139,204
	Mexico Government International Bond, MTN (BBB/Baa2)
	50,000		8.300			08/15/31		58,755
	175,000		7.500			04/08/33		196,160
	150,000		4.750			03/08/44		125,750

								1,627,638

Mongolia – 0.4%
	Mongolia Government International Bond (B/B3)
	200,000		5.125			04/07/26		183,502

Morocco – 0.5%
	Morocco Government International Bond (BB+/NR)
	350,000		4.000			12/15/50		225,325


Sovereign Debt Obligations – (continued)
Nigeria – 1.9%
	Nigeria Government International Bond (B-/Caa1)
	200,000		6.500			11/28/27		166,748
	275,000		7.875			02/16/32		212,732
	200,000		7.375			09/28/33		147,042
	200,000		7.696			02/23/38		140,528
	200,000		7.625			11/28/47		135,000
	200,000		8.250			09/28/51		140,468

								942,518

Panama – 4.7%
	Panama Government International Bond (BBB/Baa2)
	225,000		3.750			03/16/25		218,250
	260,000		8.875			09/30/27		299,650
	200,000		3.875			03/17/28		188,250
	50,000		9.375			04/01/29		60,187
	410,000		3.160			01/23/30		354,138
	400,000		2.252			09/29/32		299,000
	150,000		6.700			01/26/36		159,187
	250,000		4.500			04/16/50		188,750
	200,000		4.300			04/29/53		144,750
	275,000		4.500			04/01/56		202,813
	245,000		3.870			07/23/60		158,025

								2,273,000

Paraguay – 1.0%
	Paraguay Government International Bond (BB/Ba1)
	100,000		5.000			04/15/26		97,654
	200,000		4.950			04/28/31		189,250
	225,000		5.400			03/30/50		188,156

								475,060

Peru – 4.5%
	Peruvian Government International Bond (BBB/Baa1)
	410,000		2.392			01/23/26		382,219
	200,000		4.125			08/25/27		194,163
	350,000		2.783			01/23/31		290,314
	100,000		1.862			12/01/32		73,145
	200,000		8.750			11/21/33		248,921
	150,000		3.000			01/15/34		118,570
	75,000		6.550			03/14/37		80,534
	450,000		5.625			11/18/50		445,628
	150,000		3.550			03/10/51		107,558
	340,000		2.780			12/01/60		199,189
	60,000		3.600			01/15/72		39,023

								2,179,264

Poland – 0.9%
	Republic of Poland Government International Bond (A-/A2)
	200,000		5.500			11/16/27		204,557
	200,000		5.750			11/16/32		210,034

								414,591

Qatar – 3.4%
	Qatar Government International Bond (AA/Aa3)
	200,000		3.400			04/16/25		193,445
	350,000		3.750			04/16/30		333,300
	200,000		4.625			06/02/46		186,732


20		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)
Qatar – (continued)
	Qatar Government International Bond (AA/Aa3) – (continued)
$	220,000		5.103	%		04/23/48	$	217,283
	350,000		4.817			03/14/49		332,857
	400,000		4.400			04/16/50		359,033

								1,622,650

Romania – 2.2%
	Romanian Government International Bond (BBB-/Baa3)
	170,000		4.875			01/22/24		169,374
	460,000		5.250			11/25/27		447,346
	170,000		3.000			02/14/31		138,395
	180,000		6.125			01/22/44		171,559
	180,000		5.125			06/15/48		150,607

								1,077,281

Saudi Arabia – 3.8%
	Saudi Government International Bond (NR/A1)
	400,000		2.500			02/03/27		367,026
	225,000		4.375			04/16/29		220,050
	225,000		4.500			04/17/30		220,544
	400,000		3.250			10/22/30		361,580
	350,000		4.500			10/26/46		302,733
	200,000		4.625			10/04/47		175,552
	200,000		4.500			04/22/60		171,234

								1,818,719

Senegal – 0.3%
	Senegal Government International Bond (B+/Ba3)
	200,000		6.750			03/13/48		143,000

South Africa – 4.6%
	Republic of South Africa Government International Bond (BB-/Ba2)
	350,000		5.875			09/16/25		348,422
	335,000		4.850			09/27/27		316,693
	350,000		4.300			10/12/28		311,317
	350,000		5.875			06/22/30		324,718
	200,000		5.375			07/24/44		148,656
	600,000		5.750			09/30/49		440,760
	400,000		7.300			04/20/52		347,517

								2,238,083

Trinidad and Tobago – 0.5%
	Trinidad & Tobago Government International Bond (BBB-/Ba2)
	250,000		4.375			01/16/24		246,663

Turkey – 5.6%
	Turkey Government International Bond (NR/B3)
	325,000		6.350			08/10/24		318,116
	525,000		5.600			11/14/24		501,513
	350,000		7.375			02/05/25		345,791
	330,000		4.250			03/13/25		304,854
	525,000		4.875			10/09/26		459,819
	100,000		11.875			01/15/30		114,752
	362,000		6.875			03/17/36		294,979
	500,000		5.750			05/11/47		337,764

								2,677,588


Sovereign Debt Obligations – (continued)
United Arab Emirates – 1.5%
	UAE Government International Bond (NR/Aa2)
	350,000		2.000			10/19/31		290,862
	200,000		2.875			10/19/41		152,344
	375,000		3.250			10/19/61		271,676

								714,882

Uruguay – 3.6%
	Uruguay Government International Bond (BBB/Baa2)
	150,000		4.375			10/27/27		149,813
	408,000		4.375			01/23/31		399,330
	50,000		7.875			01/15/33		61,750
	200,000		7.625			03/21/36		250,000
	200,000		4.125			11/20/45		181,500
	450,000		5.100			06/18/50		443,531
	240,000		4.975			04/20/55		232,800

								1,718,724

	TOTAL SOVEREIGN DEBT OBLIGATIONS
	(Cost $43,714,545)						$	40,829,660



Corporate Obligations – 12.5%
Chile – 2.1%
	Corp. Nacional del Cobre de Chile (A/A3)
$	200,000		3.625	%		08/01/27	$	186,878
	200,000		3.000			09/30/29		173,937
	200,000		3.150			01/14/30		174,688
	400,000		4.500			08/01/47		333,394
	200,000		3.700			01/30/50		146,250

								1,015,147

China – 1.5%
	China Development Bank, Series EMTN (A+/A1)
	200,000		3.000			06/01/26		188,056
	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		185,857
	Export-Import Bank of China (The) (A+/A1)
	350,000		3.625			07/31/24		342,284

								716,197

India – 2.3%
	Export-Import Bank of India (BBB-/Baa3)
	200,000		3.875			02/01/28		185,131
	250,000		3.250			01/15/30		217,311
	Export-Import Bank of India, GMTN (NR/Baa3)
	275,000		3.875			03/12/24		270,024
	Indian Railway Finance Corp Ltd. (BBB-/Baa3)
	350,000		2.800			02/10/31		284,216
	200,000		3.570			01/21/32		170,015

								1,126,697

Indonesia – 1.8%
	Pertamina Persero PT (NR/Baa2)
	757,000		3.100			08/27/30		650,074
	200,000		6.450			05/30/44		208,750

								858,824


The accompanying notes are an integral part of these financial statements.		21

GOLDMAN SACHS ACCESS EMERGING MARKETS USD BOND ETF

Schedule of Investments (continued)

February 28, 2023 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Mexico – 2.6%
	Petroleos Mexicanos (BBB/B1)
$	100,000		6.875	%		10/16/25	$	99,700
	200,000		4.500			01/23/26		184,898
	180,000		6.500			03/13/27		164,117
	25,000		5.350			02/12/28		21,240
	50,000		6.500			01/23/29		43,844
	100,000		6.840			01/23/30		83,847
	250,000		5.950			01/28/31		192,311
	25,000		6.625			06/15/35		18,464
	25,000		6.500			06/02/41		17,132
	50,000		5.625			01/23/46		29,865
	428,000		6.750			09/21/47		278,103
	75,000		7.690			01/23/50		53,020
	100,000		6.950			01/28/60		64,899

								1,251,440

Peru – 0.3%
	Petroleos del Peru SA (BB/NR)
	200,000		5.625			06/19/47		134,250

Qatar – 0.4%
	QatarEnergy (AA/Aa3)
	300,000		3.300			07/12/51		219,452

Saudi Arabia – 1.1%
	Saudi Arabian Oil Co. (NR/A1)
	375,000		3.500			04/16/29		343,356
	200,000		4.250			04/16/39		174,999

								518,355

South Africa – 0.4%
	Eskom Holdings SOC Ltd. (BB-/Ba2)
	200,000		4.314			07/23/27		178,250

	TOTAL CORPORATE OBLIGATIONS
	(Cost $6,404,224)						$	6,018,612


Shares		Dividend Rate	Value

Investment Company – 0.9%^(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	423,537	4.475%	$	423,537
	(Cost $423,537)

	TOTAL INVESTMENTS – 98.4%
	(Cost $50,542,306)		$	47,271,809

	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.6%			770,259

	NET ASSETS – 100.0%		$	48,042,068



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 February 28, 2023.

(c)		Represents an affiliated issuer.



Investment Abbreviations:
CMT		—Constant Maturity Treasury Index
GMTN		—Global Medium Term Note
MTN		—Medium Term Note


22		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

Schedule of Investments

February 28, 2023 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – 91.8%
Advertising – 1.1%
	Clear Channel Outdoor Holdings, Inc. (B/B1)
$	476,000		5.125	%^(a)		08/15/27	$	426,615
	346,000		7.500	^(a)		06/01/29		281,557
	Lamar Media Corp. (BB/Ba3)
	179,000		3.750			02/15/28		159,310
	476,000		4.000			02/15/30		410,550
	Outfront Media Capital LLC / Outfront Media Capital Corp.^(a) (B+/B2)
	365,000		6.250			06/15/25		363,175

								1,641,207

Aerospace – 0.1%
	Triumph Group, Inc.^(a) (B/B1)
	194,000		8.875			06/01/24		202,730

Aerospace & Defense – 2.8%
	Howmet Aerospace, Inc. (BB+/Ba1)
	590,000		6.875			05/01/25		602,538
	Spirit AeroSystems, Inc.^(a) (BB-/Ba2)
	550,000		9.375			11/30/29		584,375
	TransDigm, Inc. (B+/Ba3)
	289,000		8.000	^(a)		12/15/25		295,900
	1,208,000		6.250	^(a)		03/15/26		1,195,920
	270,000		6.375			06/15/26		263,250
	46,000		7.500			03/15/27		45,540
	550,000		5.500			11/15/27		507,375
	770,000		4.625			01/15/29		663,162

								4,158,060

Banks – 0.7%
	Freedom Mortgage Corp. (B/B2)
	929,000		8.250	^(a)		04/15/25		882,550
	197,000		7.625	^(a)		05/01/26		168,189

								1,050,739

Basic Industry – 1.6%
	Chemours Co. (The)^(a) (BB/B1)
	417,000		5.750			11/15/28		368,524
	Olin Corp. (BB+/Ba1)
	333,000		5.625			08/01/29		318,847
	170,000		5.000			02/01/30		155,550
	SCIH Salt Holdings, Inc.^(a) (CCC+/Caa2)
	367,000		6.625			05/01/29		300,481
	Tronox, Inc.^(a) (BB-/B1)
	494,000		4.625			03/15/29		403,845
	Valvoline, Inc.^(a) (B+/Ba3)
	287,000		3.625			06/15/31		233,905
	WR Grace Holdings LLC (B/B1)
	520,000		4.875	^(a)		06/15/27		481,000
	200,000		5.625	^(a)		08/15/29		161,500

								2,423,652

Broadcasting – 4.0%
	CMG Media Corp.^(a) (CCC+/Caa1)
	355,000		8.875			12/15/27		238,738
	Diamond Sports Group LLC / Diamond Sports Finance Co. (D/Caa2)
	974,000		5.375	^(a)		08/15/26		112,010
	310,000		6.625	^(a)		08/15/27		8,912


Corporate Obligations – (continued)
Broadcasting – (continued)
	Gray Escrow II, Inc.^(a) (B/B3)
	225,000		5.375	%		11/15/31		167,062
	Gray Television, Inc.^(a) (B/B3)
	500,000		4.750			10/15/30		369,375
	Nexstar Media, Inc.^(a) (B+/B2)
	1,076,000		5.625			07/15/27		1,000,680
	Scripps Escrow II, Inc.^(a) (BB/Ba3)
	538,000		3.875			01/15/29		430,400
	Scripps Escrow, Inc.^(a) (B/B3)
	354,000		5.875			07/15/27		284,970
	Sinclair Television Group, Inc.^(a) (BB-/Ba2)
	289,000		4.125			12/01/30		225,420
	Sirius XM Radio, Inc. (BB/Ba3)
	500,000		5.000	^(a)		08/01/27		460,000
	978,000		4.000	^(a)		07/15/28		841,080
	656,000		3.875	^(a)		09/01/31		512,500
	TEGNA, Inc. (BB/Ba3)
	126,000		4.625			03/15/28		112,770
	361,000		5.000			09/15/29		323,095
	Univision Communications, Inc. (B+/B1)
	144,000		5.125	^(a)		02/15/25		140,760
	254,000		6.625	^(a)		06/01/27		243,205
	493,000		4.500	^(a)		05/01/29		415,353

								5,886,330

Brokerage – 0.7%
	Coinbase Global, Inc.^(a) (BB-/B1)
	428,000		3.375			10/01/28		280,875
	Jefferies Finance LLC / JFIN Co.-Issuer Corp.^(a) (BB-/B1)
	470,000		5.000			08/15/28		398,692
	Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.^(a) (BB-/Ba2)
	347,000		4.750			06/15/29		283,672

								963,239

Building Materials – 1.2%
	American Builders & Contractors Supply Co., Inc.^(a) (BB+/Ba2)
	484,000		4.000			01/15/28		434,995
	Builders FirstSource, Inc. (BB-/Ba2)
	248,000		5.000	^(a)		03/01/30		223,510
	341,000		4.250	^(a)		02/01/32		287,292
	Camelot Return Merger Sub, Inc.^(a) (B/B2)
	303,000		8.750			08/01/28		288,608
	Standard Industries, Inc. (BB/B1)
	329,000		4.375	^(a)		07/15/30		274,727
	387,000		3.375	^(a)		01/15/31		298,496

								1,807,628

Capital Goods – 4.3%
	Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC^(a) (B+/B3)
	700,000		4.000			09/01/29		561,312
	Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. (B-/Caa1)
	400,000		5.250	^(a)		08/15/27		331,500
	200,000		5.250	^(a)		08/15/27		165,500


The accompanying notes are an integral part of these financial statements.		23

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

Schedule of Investments (continued)

February 28, 2023 (Unaudited)


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	$	139,740
	Ball Corp. (BB+/Ba1)
	323,000		4.875			03/15/26		314,521
	399,000		3.125			09/15/31		321,195
	Chart Industries, Inc.^(a) (NR/Ba3)
	600,000		7.500			01/01/30		610,500
	Clydesdale Acquisition Holdings, Inc. (CCC+/Caa2)
	143,000		6.625	^(a)		04/15/29		137,280
	265,000		8.750	^(a)		04/15/30		239,825
	Covanta Holding Corp.^(a) (B/B2)
	377,000		4.875			12/01/29		319,890
	Crown Americas LLC / Crown Americas Capital Corp V (BB+/Ba2)
	265,000		4.250			09/30/26		247,444
	Crown Americas LLC / Crown Americas Capital Corp. VI (BB+/Ba2)
	148,000		4.750			02/01/26		141,710
	Herc Holdings, Inc.^(a) (B+/B1)
	450,000		5.500			07/15/27		424,688
	LABL, Inc. (B-/B2)
	273,000		6.750	^(a)		07/15/26		260,715
	152,000		10.500	^(a)		07/15/27		142,500
	Mauser Packaging Solutions Holding Co.^(a) (B/B2)
	1,000,000		7.875			08/15/26		997,500
	Sealed Air Corp. (BB+/Ba2)
	91,000		5.125	^(a)		12/01/24		89,749
	120,000		5.500	^(a)		09/15/25		118,500
	167,000		6.875	^(a)		07/15/33		170,757
	Sensata Technologies, Inc.^(a) (BB+/Ba3)
	500,000		3.750			02/15/31		418,125
	Stericycle, Inc.^(a) (BB-/NR)
	306,000		3.875			01/15/29		263,925

								6,416,876

Communications – 4.5%
	AMC Networks, Inc. (BB-/Ba3)
	93,000		5.000			04/01/24		92,942
	429,000		4.750			08/01/25		404,869
	CCO Holdings LLC / CCO Holdings Capital Corp. (BB-/B1)
	300,000		5.125	^(a)		05/01/27		279,375
	450,000		4.750	^(a)		03/01/30		379,687
	350,000		4.250	^(a)		02/01/31		281,750
	1,000,000		7.375	^(a)		03/01/31		970,000
	350,000		4.500			05/01/32		278,250
	CSC Holdings LLC (CCC+/Caa1)
	475,000		5.250			06/01/24		463,125
	200,000		5.500	^(a)		04/15/27		175,500
	250,000		7.500	^(a)		04/01/28		168,125
	400,000		6.500	^(a)		02/01/29		340,000
	400,000		5.750	^(a)		01/15/30		231,000
	250,000		4.125	^(a)		12/01/30		180,000
	400,000		4.625	^(a)		12/01/30		217,000
	250,000		3.375	^(a)		02/15/31		172,500
	435,000		4.500	^(a)		11/15/31		311,025


Corporate Obligations – (continued)
Communications – (continued)
	Directv Financing LLC / Directv Financing Co.-Obligor, Inc.^(a) (BB/Ba3)
	870,000		5.875			08/15/27		783,000
	Live Nation Entertainment, Inc.^(a) (B/B3)
	482,000		4.750			10/15/27		435,607
	WMG Acquisition Corp. (BB+/Ba3)
	232,000		3.875	^(a)		07/15/30		196,620
	333,000		3.000	^(a)		02/15/31		265,568

								6,625,943

Consumer Cyclical – 18.8%
	ADT Security Corp. (The) (BB-/Ba3)
	246,000		4.125	^(a)		08/01/29		212,482
	256,000		4.875	^(a)		07/15/32		220,160
	Allison Transmission, Inc.^(a) (NR/Ba2)
	800,000		3.750			01/30/31		668,000
	AMC Entertainment Holdings, Inc.^(a)(b) (PIK 12.000%, Cash 10.000%) (CCC-/Caa3)
	730,000		10.000			06/15/26		379,600
	American Axle & Manufacturing, Inc. (B+/B2)
	303,000		6.875			07/01/28		272,700
	126,000		5.000			10/01/29		102,690
	APX Group, Inc.^(a) (B/B1)
	200,000		6.750			02/15/27		193,250
	Boyd Gaming Corp. (BB/B1)
	108,000		4.750			12/01/27		101,790
	384,000		4.750	^(a)		06/15/31		339,840
	Caesars Entertainment, Inc. (B/Ba3)
	680,000		6.250	^(a)		07/01/25		675,750
	491,000		8.125	^(a)		07/01/27		496,690
	175,000		4.625	^(a)		10/15/29		150,063
	Carnival Corp. (B/B3)
	500,000		10.500	^(a)		02/01/26		520,000
	883,000		7.625	^(a)		03/01/26		796,907
	550,000		5.750	^(a)		03/01/27		453,750
	976,000		6.000	^(a)		05/01/29		761,280
	Carnival Holdings Bermuda Ltd.^(a) (B+/B2)
	585,000		10.375			05/01/28		625,950
	Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op^(a) (BB+/Ba2)
	229,000		5.500			05/01/25		226,996
	Churchill Downs, Inc. (B+/B1)
	217,000		5.500	^(a)		04/01/27		206,693
	215,000		4.750	^(a)		01/15/28		197,262
	Clarios Global LP / Clarios US Finance Co.^(a) (CCC+/Caa1)
	500,000		8.500			05/15/27		498,125
	Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. (B/B2)
	360,000		4.625	^(a)		01/15/29		310,950
	244,000		6.750	^(a)		01/15/30		203,130
	Ford Motor Co. (BB+/Ba2)
	368,000		4.346			12/08/26		350,431
	293,000		6.625			10/01/28		295,040
	241,000		7.450			07/16/31		250,524
	250,000		3.250			02/12/32		191,048
	250,000		6.100			08/19/32		235,352


24		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 (BB+/Ba2)
$	200,000		3.810	%		01/09/24	$	195,672
	200,000		3.664			09/08/24		192,079
	200,000		4.063			11/01/24		191,706
	410,000		4.687			06/09/25		393,062
	665,000		5.125			06/16/25		642,792
	364,000		4.134			08/04/25		343,349
	200,000		4.542			08/01/26		185,782
	380,000		2.700			08/10/26		332,633
	200,000		4.271			01/09/27		183,042
	205,000		4.950			05/28/27		191,895
	240,000		4.125			08/17/27		214,672
	205,000		5.113			05/03/29		187,863
	200,000		4.000			11/13/30		167,901
	Ford Motor Credit Co. LLC, GMTN (BB+/Ba2)
	200,000		4.389			01/08/26		189,010
	Gap, Inc. (The)^(a) (BB/Ba3)
	420,000		3.875			10/01/31		302,400
	Goodyear Tire & Rubber Co. (The) (BB-/B2)
	421,000		4.875			03/15/27		391,530
	296,000		5.250			04/30/31		255,300
	Hilton Domestic Operating Co., Inc. (BB+/Ba2)
	475,000		5.750	^(a)		05/01/28		463,125
	145,000		3.750	^(a)		05/01/29		126,512
	245,000		4.875			01/15/30		225,094
	357,000		4.000	^(a)		05/01/31		305,436
	299,000		3.625	^(a)		02/15/32		246,538
	Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc^(a) (B/B2)
	501,000		5.000			06/01/29		442,759
	Iron Mountain, Inc. (BB-/Ba3)
	200,000		4.875	^(a)		09/15/27		185,500
	484,000		5.250	^(a)		03/15/28		447,095
	621,000		5.250	^(a)		07/15/30		544,151
	479,000		4.500	^(a)		02/15/31		397,271
	Macy’s Retail Holdings LLC (BB+/Ba2)
	200,000		5.875	^(a)		04/01/29		182,000
	399,000		6.125	^(a)		03/15/32		345,634
	MGM Resorts International (B+/B1)
	311,000		5.750			06/15/25		306,335
	173,000		4.625			09/01/26		161,755
	190,000		5.500			04/15/27		181,450
	160,000		4.750			10/15/28		144,200
	Mohegan Tribal Gaming Authority^(a) (B-/B3)
	695,000		8.000			02/01/26		646,350
	NCL Corp Ltd.^(a) (B-/Caa1)
	247,000		3.625			12/15/24		232,180
	NCL Corp. Ltd. (B-/Caa1)
	330,000		5.875	^(a)		03/15/26		287,100
	327,000		7.750	^(a)		02/15/29		285,307
	Nordstrom, Inc. (BB+/Ba1)
	301,000		4.375			04/01/30		238,542
	PetSmart, Inc. / PetSmart Finance Corp. (B-/B3)
	250,000		4.750	^(a)		02/15/28		230,000
	250,000		7.750	^(a)		02/15/29		244,375


Corporate Obligations – (continued)
Consumer Cyclical – (continued)
	Prime Security Services Borrower LLC / Prime Finance, Inc. (B-/B3)
	258,000		3.375	^(a)		08/31/27		224,460
	857,000		6.250	^(a)		01/15/28		798,081
	RHP Hotel Properties LP / RHP Finance Corp.^(a) (B+/B1)
	365,000		4.500			02/15/29		318,006
	Royal Caribbean Cruises Ltd. (B/B3)
	468,000		11.500	^(a)		06/01/25		498,420
	500,000		4.250	^(a)		07/01/26		438,750
	386,000		3.700			03/15/28		307,835
	575,000		5.500	^(a)		04/01/28		503,125
	Scientific Games International, Inc. (B+/B3)
	145,000		7.000	^(a)		05/15/28		142,100
	246,000		7.250	^(a)		11/15/29		243,848
	Six Flags Entertainment Corp.^(a) (B/B3)
	150,000		5.500			04/15/27		141,750
	Staples, Inc. (B/B3)
	442,000		7.500	^(a)		04/15/26		395,038
	176,000		10.750	^(a)		04/15/27		134,640
	Taylor Morrison Communities, Inc.^(a) (BB/Ba3)
	143,000		5.125			08/01/30		126,555
	Travel + Leisure Co.^(a) (BB-/Ba3)
	540,000		6.625			07/31/26		531,900
	Williams Scotsman International, Inc.^(a) (B+/B2)
	223,000		6.125			06/15/25		220,213
	Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. (B+/B2)
	470,000		5.500	^(a)		03/01/25		457,663
	100,000		5.250	^(a)		05/15/27		94,250
	Yum! Brands, Inc. (BB/Ba3)
	397,000		4.750	^(a)		01/15/30		363,255
	334,000		3.625			03/15/31		280,978
	390,000		5.375			04/01/32		363,675

								27,950,392

Consumer Noncyclical – 4.2%
	Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC (BB/Ba3)
	516,000		4.625	^(a)		01/15/27		486,975
	420,000		3.500	^(a)		03/15/29		357,525
	593,000		4.875	^(a)		02/15/30		535,182
	Allied Universal Holdco LLC / Allied Universal Finance Corp. (CCC+/Caa1)
	382,000		6.625	^(a)		07/15/26		362,900
	680,000		6.000	^(a)		06/01/29		510,000
	Allied Universal Holdco LLC/Allied Universal Finance Corp./ Atlas Luxco 4 Sarl^(a) (B/B2)
	200,000		4.625			06/01/28		166,250
	Avantor Funding, Inc.^(a) (BB-/B2)
	396,000		4.625			07/15/28		366,300
	Hologic, Inc. (BB+/Ba2)
	104,000		4.625	^(a)		02/01/28		97,500
	239,000		3.250	^(a)		02/15/29		206,436
	Medline Borrower LP (B+/B1)
	1,349,000		3.875	^(a)		04/01/29		1,126,415
	121,000		5.250	^(a)		10/01/29		100,430


The accompanying notes are an integral part of these financial statements.		25

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

Schedule of Investments (continued)

February 28, 2023 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Consumer Noncyclical – (continued)
	Molina Healthcare, Inc.^(a) (BB-/Ba3)
$	370,000		4.375	%		06/15/28	$	334,850
	Organon & Co. / Organon Foreign Debt Co.-Issuer BV (BB/Ba2)
	730,000		4.125	^(a)		04/30/28		647,875
	450,000		5.125	^(a)		04/30/31		385,875
	RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc.^(a) (CCC+/Caa1)
	393,000		9.750			12/01/26		335,033
	Vector Group Ltd.^(a) (B-/Caa1)
	230,000		10.500			11/01/26		231,150

								6,250,696

Consumer Products – 0.2%
	Coty, Inc.^(a) (BB/Ba2)
	342,000		5.000			04/15/26		327,038

Distribution & Logistics – 0.4%
	WESCO Distribution, Inc.^(a) (BB/Ba3)
	567,000		7.250			06/15/28		576,923

Electric – 3.5%
	Calpine Corp. (BB+/Ba2)
	768,000		5.250	^(a)		06/01/26		737,280
	462,000		4.625	^(a)		02/01/29		390,967
	268,000		5.000	^(a)		02/01/31		221,770
	291,000		3.750	^(a)		03/01/31		237,165
	Clearway Energy Operating LLC^(a) (BB/Ba2)
	518,000		3.750			02/15/31		421,522
	FirstEnergy Corp. (BB+/Ba1)
	616,000		2.650			03/01/30		512,892
	FirstEnergy Corp., Series B (BB+/Ba1)
	414,000		4.150			07/15/27		387,192
	NRG Energy, Inc. (BB/Ba2)
	258,000		5.250	^(a)		06/15/29		230,265
	467,000		3.625	^(a)		02/15/31		363,719
	322,000		3.875	^(a)		02/15/32		250,355
	PG&E Corp. (BB-/B1)
	570,000		5.250			07/01/30		513,133
	Vistra Operations Co. LLC (BB/Ba2)
	187,000		5.625	^(a)		02/15/27		177,650
	403,000		5.000	^(a)		07/31/27		374,790
	418,000		4.375	^(a)		05/01/29		362,615

								5,181,315

Energy – 11.5%
	Antero Midstream Partners LP / Antero Midstream Finance Corp. (BB/Ba3)
	478,000		5.750	^(a)		03/01/27		454,100
	377,000		5.750	^(a)		01/15/28		355,322
	Antero Resources Corp.^(a) (BB+/Ba2)
	126,000		7.625			02/01/29		127,575
	Apache Corp. (BB+/Ba1)
	159,000		6.000			01/15/37		147,472
	Archrock Partners LP / Archrock Partners Finance Corp.^(a) (B+/B2)
	337,000		6.875			04/01/27		326,890
	Ascent Resources Utica Holdings LLC / ARU Finance Corp.^(a) (B+/B3)
	159,000		5.875			06/30/29		139,324


Corporate Obligations – (continued)
Energy – (continued)
	Buckeye Partners LP (BB/B1)
	363,000		3.950			12/01/26		322,071
	144,000		4.125			12/01/27		124,951
	152,000		4.500	^(a)		03/01/28		134,140
	Callon Petroleum Co.^(a) (B+/B3)
	251,000		8.000			08/01/28		247,235
	Comstock Resources, Inc. (B+/B2)
	327,000		6.750	^(a)		03/01/29		302,475
	302,000		5.875	^(a)		01/15/30		261,230
	CQP Holdco LP / BIP-V Chinook Holdco LLC^(a) (BB/B1)
	500,000		5.500			06/15/31		438,750
	CrownRock LP / CrownRock Finance, Inc.^(a) (BB-/B1)
	619,000		5.625			10/15/25		603,525
	DT Midstream, Inc.^(a) (BB+/Ba2)
	772,000		4.375			06/15/31		647,515
	Endeavor Energy Resources LP / EER Finance, Inc.^(a) (BB+/Ba2)
	193,000		5.750			01/30/28		185,763
	EnLink Midstream LLC (BB+/Ba1)
	143,000		5.375			06/01/29		132,431
	EnLink Midstream Partners LP (BB+/Ba1)
	391,000		4.850			07/15/26		369,850
	EQM Midstream Partners LP (BB-/Ba3)
	365,000		6.000	^(a)		07/01/25		354,050
	210,000		6.500	^(a)		07/01/27		198,712
	275,000		5.500			07/15/28		246,125
	260,000		4.500	^(a)		01/15/29		218,400
	296,000		4.750	^(a)		01/15/31		241,240
	Hess Midstream Operations LP (BB+/Ba2)
	399,000		5.125	^(a)		06/15/28		368,078
	300,000		4.250	^(a)		02/15/30		252,750
	100,000		5.500	^(a)		10/15/30		90,250
	Hilcorp Energy I LP / Hilcorp Finance Co. (BB+/Ba3)
	371,000		6.250	^(a)		11/01/28		346,885
	277,000		5.750	^(a)		02/01/29		252,070
	ITT Holdings LLC^(a) (B/B2)
	300,000		6.500			08/01/29		247,500
	Moss Creek Resources Holdings, Inc. (B/B3)
	139,000		7.500	^(a)		01/15/26		125,795
	325,000		10.500	^(a)		05/15/27		312,000
	Nabors Industries Ltd.^(a) (CCC/B3)
	209,000		7.250			01/15/26		199,595
	Nabors Industries, Inc. (CCC/Caa1)
	281,000		5.750			02/01/25		269,058
	New Fortress Energy, Inc.^(a) (BB/B1)
	618,000		6.500			09/30/26		568,560
	Occidental Petroleum Corp. (BB+/Ba1)
	170,000		6.375			09/01/28		172,125
	83,000		8.875			07/15/30		94,577
	419,000		6.625			09/01/30		432,617
	467,000		6.125			01/01/31		471,086
	271,000		7.500			05/01/31		290,629
	157,000		7.875			09/15/31		170,953
	508,000		6.450			09/15/36		512,718
	363,000		0.000	^(c)		10/10/36		184,241
	PBF Holding Co. LLC / PBF Finance Corp. (BB/B1)
	331,000		7.250			06/15/25		331,000
	380,000		6.000			02/15/28		355,300


26		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Energy – (continued)
	Range Resources Corp. (BB/Ba3)
$	199,000		4.875	%		05/15/25	$	194,523
	164,000		8.250			01/15/29		168,920
	SM Energy Co. (BB-/B2)
	90,000		6.750			09/15/26		87,075
	239,000		6.625			01/15/27		227,050
	Southwestern Energy Co. (BB+/Ba2)
	333,000		5.375			03/15/30		304,695
	332,000		4.750			02/01/32		284,690
	Sunoco LP / Sunoco Finance Corp. (BB/Ba3)
	130,000		6.000			04/15/27		128,050
	200,000		4.500			05/15/29		177,000
	Transocean Titan Financing Ltd.^(a) (B-/B2)
	100,000		8.375			02/01/28		102,000
	Transocean, Inc. (B-/B2)
	297,000		11.500	^(a)		01/30/27		306,281
	620,000		8.750	^(a)		02/15/30		633,175
	USA Compression Partners LP / USA Compression Finance Corp. (B+/B3)
	380,000		6.875			04/01/26		367,650
	Venture Global Calcasieu Pass LLC (BB+/Ba2)
	588,000		3.875	^(a)		08/15/29		509,355
	440,000		3.875	^(a)		11/01/33		360,250
	Weatherford International Ltd.^(a) (BB-/Ba3)
	689,000		6.500			09/15/28		676,943

								17,154,590

Financial Company – 4.8%
	Coinbase Global, Inc.^(a) (BB-/B1)
	250,000		3.625			10/01/31		150,625
	Curo Group Holdings Corp.^(a) (CCC+/Caa1)
	380,000		7.500			08/01/28		161,500
	HUB International Ltd.^(a) (CCC+/Caa2)
	500,000		7.000			05/01/26		495,000
	Icahn Enterprises LP / Icahn Enterprises Finance Corp. (BB/Ba3)
	777,000		6.375			12/15/25		767,264
	845,000		5.250			05/15/27		790,075
	LD Holdings Group LLC^(a) (CCC+/Caa1)
	289,000		6.125			04/01/28		171,955
	Midcap Financial Issuer Trust^(a) (B+/B1)
	500,000		6.500			05/01/28		432,500
	Nationstar Mortgage Holdings, Inc. (B/B1)
	290,000		6.000	^(a)		01/15/27		268,250
	529,000		5.500	^(a)		08/15/28		451,798
	Navient Corp. (B+/Ba3)
	108,000		5.875			10/25/24		105,502
	336,000		6.750			06/25/25		333,060
	567,000		6.750			06/15/26		545,499
	Navient Corp., MTN (B+/Ba3)
	126,000		6.125			03/25/24		125,370
	237,000		5.625			08/01/33		178,639
	NFP Corp.^(a) (CCC+/Caa2)
	655,000		6.875			08/15/28		560,025
	PennyMac Financial Services, Inc.^(a) (B+/Ba3)
	638,000		5.375			10/15/25		582,175
	Rocket Mortgage LLC^(a) (BB/Ba1)
	244,000		5.250			01/15/28		220,272


Corporate Obligations – (continued)
Financial Company – (continued)
	Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc.^(a) (BB/Ba1)
	685,000		3.875			03/01/31		537,475
	United Wholesale Mortgage LLC^(a) (NR/Ba3)
	321,000		5.500			04/15/29		266,831

								7,143,815

Food and Beverage – 2.6%
	Aramark Services, Inc.^(a) (B+/B1)
	453,000		5.000			02/01/28		418,459
	Darling Ingredients, Inc.^(a) (BB+/Ba2)
	564,000		5.250			04/15/27		543,907
	HLF Financing Sarl LLC / Herbalife International, Inc.^(a) (B+/B1)
	50,000		4.875			06/01/29		38,750
	Lamb Weston Holdings, Inc.^(a) (BB+/Ba3)
	615,000		4.125			01/31/30		544,275
	Performance Food Group, Inc.^(a) (BB-/B2)
	668,000		5.500			10/15/27		636,270
	Post Holdings, Inc. (B+/B2)
	462,000		5.750	^(a)		03/01/27		452,760
	180,000		5.625	^(a)		01/15/28		172,800
	630,000		5.500	^(a)		12/15/29		579,600
	430,000		4.500	^(a)		09/15/31		363,888
	US Foods, Inc.^(a) (B+/B3)
	200,000		4.750			02/15/29		180,750

								3,931,459

Hardware – 1.8%
	CommScope Technologies LLC^(a) (CCC+/Caa1)
	620,000		5.000			03/15/27		477,400
	CommScope, Inc. (B/B1)
	1,100,000		6.000	^(a)		03/01/26		1,060,837
	250,000		7.125	^(a)		07/01/28		197,500
	NCR Corp. (B/B3)
	358,000		5.750	^(a)		09/01/27		349,945
	230,000		5.000	^(a)		10/01/28		200,100
	250,000		6.125	^(a)		09/01/29		243,750
	230,000		5.250	^(a)		10/01/30		191,762

								2,721,294

Healthcare – 4.7%
	CHS/Community Health Systems, Inc. (CCC/Caa2)
	466,000		6.000	^(a)		01/15/29		407,750
	700,000		6.875	^(a)		04/15/29		495,250
	477,000		5.250	^(a)		05/15/30		386,370
	473,000		4.750	^(a)		02/15/31		367,757
	DaVita, Inc. (B+/B1)
	640,000		4.625	^(a)		06/01/30		531,200
	340,000		3.750	^(a)		02/15/31		258,400
	Encompass Health Corp. (B+/B1)
	421,000		4.750			02/01/30		378,900
	IQVIA, Inc.^(a) (BB/Ba3)
	600,000		5.000			05/15/27		573,000
	Legacy LifePoint Health LLC^(a) (B/B1)
	340,000		4.375			02/15/27		287,300
	MPH Acquisition Holdings LLC^(a) (B-/B3)
	615,000		5.750			11/01/28		405,900


The accompanying notes are an integral part of these financial statements.		27

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

Schedule of Investments (continued)

February 28, 2023 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Healthcare – (continued)
	Service Corp. International (BB/Ba3)
$	115,000		4.625	%		12/15/27	$	107,669
	468,000		5.125			06/01/29		440,505
	Tenet Healthcare Corp. (B-/B3)
	94,000		4.625			07/15/24		93,060
	122,000		4.625			09/01/24		120,322
	397,000		4.875			01/01/26		379,135
	290,000		6.250			02/01/27		283,113
	365,000		5.125			11/01/27		344,925
	397,000		4.625			06/15/28		361,766
	628,000		6.125			10/01/28		580,115
	220,000		4.250			06/01/29		192,500

								6,994,937

Insurance – 1.0%
	Acrisure LLC / Acrisure Finance, Inc. (CCC+/Caa2)
	290,000		7.000	^(a)		11/15/25		273,911
	163,000		10.125	^(a)		08/01/26		163,408
	Alliant Holdings Intermediate LLC / Alliant Holdings Co.- Issuer^(a) (B/B2)
	949,000		4.250			10/15/27		844,610
	AssuredPartners, Inc.^(a) (CCC+/Caa2)
	250,000		5.625			01/15/29		213,750

								1,495,679

Metals – 0.4%
	Novelis Corp. (BB/Ba3)
	523,000		4.750	^(a)		01/30/30		460,240
	200,000		3.875	^(a)		08/15/31		162,750

								622,990

Metals and Mining – 0.3%
	Cleveland-Cliffs, Inc.^(a) (BB/Ba2)
	478,000		6.750			03/15/26		482,183

Natural Gas – 2.5%
	AmeriGas Partners LP / AmeriGas Finance Corp. (NR/B1)
	310,000		5.500			05/20/25		296,825
	347,000		5.750			05/20/27		322,710
	Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. (BB/Ba3)
	69,000		5.625	^(a)		05/01/27		63,911
	382,000		6.000	^(a)		02/01/29		349,530
	Ferrellgas LP / Ferrellgas Finance Corp.^(a) (B/B2)
	416,000		5.375			04/01/26		376,480
	Genesis Energy LP / Genesis Energy Finance Corp. (B/B2)
	641,000		8.000			01/15/27		621,770
	NGL Energy Operating LLC / NGL Energy Finance Corp.^(a) (B/B2)
	660,000		7.500			02/01/26		631,950
	NuStar Logistics LP (BB-/Ba3)
	100,000		6.000			06/01/26		96,000
	100,000		5.625			04/28/27		93,500
	Rockies Express Pipeline LLC^(a) (BB+/Ba2)
	308,000		4.950			07/15/29		269,115


Corporate Obligations – (continued)
Natural Gas – (continued)
	Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. (BB-/B1)
	153,000		6.000	^(a)		03/01/27		142,673
	549,000		5.500	^(a)		01/15/28		496,845

								3,761,309

Pharmaceuticals – 1.5%
	Bausch Health Americas, Inc.^(a) (CCC-/Ca)
	528,000		9.250			04/01/26		401,280
	Bausch Health Cos., Inc. (CCC+/Caa1)
	715,000		5.500	^(a)		11/01/25		622,050
	288,000		5.750	^(a)		08/15/27		192,240
	1,361,000		11.000	^(a)		09/30/28		1,078,592

								2,294,162

REITs and Real Estate – 2.4%
	Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL^(a) (BB+/B1)
	420,000		5.750			05/15/26		387,225
	Diversified Healthcare Trust (B/Caa3)
	318,000		4.375			03/01/31		222,849
	Howard Hughes Corp. (The)^(a) (BB-/Ba3)
	378,000		4.375			02/01/31		307,597
	iStar, Inc. (BB/Ba2)
	596,000		4.750