Goldman Sachs ETF Trust

SECTOR ALLOCATION AS OF 2/28/22⁶

Sector Name

Government

Goldman Sachs Funds



Semi-Annual Report				February 28, 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

∎

ACCESS EMERGING MARKETS USD BOND ETF

∎

ACCESS HIGH YIELD CORPORATE BOND ETF

∎

ACCESS INFLATION PROTECTED USD BOND ETF

∎

ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND ETF

∎

ACCESS INVESTMENT GRADE CORPORATE BOND ETF

∎

ACCESS TREASURY 0-1 YEAR ETF

∎

ACCESS U.S. AGGREGATE BOND ETF

∎

ACCESS ULTRA SHORT BOND ETF


TABLE OF CONTENTS

Market and Economic Review			1

Fund Basics			3

Schedules of Investments			19

Financial Statements			85

Financial Highlights			93

Access Emerging Markets USD Bond ETF			93

Access High Yield Corporate Bond ETF			94

Access Inflation Protected USD Bond ETF			95

Access Investment Grade Corporate 1-5 Year Bond ETF			96

Access Investment Grade Corporate Bond ETF			97

Access Treasury 0-1 Year ETF			98

Access U.S. Aggregate Bond ETF			99

Access Ultra Short Bond ETF			100

Notes to Financial Statements			101

Other Information			116



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, 2022 (the “Reporting Period”). Attribution highlights are provided for the Goldman Sachs Access Ultra Short Bond ETF, an actively managed ETF, explaining its performance relative to its benchmark during the Reporting Period. A fuller review will appear in the Funds’ annual shareholder report covering the 12 months ended August 31, 2022.

Market and Economic Review

•

Government and non-government bonds broadly recorded negative returns during the Reporting Period, with emerging markets debt and U.S. investment grade corporate bonds among the weakest performing fixed income sectors.

•

Inflation rose in both developed and emerging economies, driven by supply-and-demand imbalances, higher energy prices and the effects of economic reopening amid the persistent overhangs of the COVID-19 pandemic. Inflation surged to new multi-decade highs in February 2022, with energy and commodity prices in particular jumping in response to Russia’s invasion of Ukraine.

•

Citing inflation and strong labor data, developed markets’ central banks delivered or hinted at sooner than previously consensus expected monetary policy normalization.

•

In the U.S., the Federal Reserve (the “Fed”) began scaling back its asset purchase program and then accelerated the pace of its tapering. U.S. policymakers additionally hinted they might raise interest rates in March 2022 in the Fed’s first federal funds rate increase since the end of 2018.

•

Government bond yields generally rose during the Reporting Period in anticipation of central bank action, though investors began pricing in less cumulative monetary policy tightening following escalation of the Russia/Ukraine conflict at the end of February 2022.

Fund Changes and Highlights

Goldman Sachs Access Emerging Markets USD Bond ETF

•

The Goldman Sachs Access Emerging Markets USD Bond ETF (the “Fund”) launched on February 15, 2022.

•

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”).

•

The Index employs a transparent process designed to identify an investable universe, then eliminates a subset of issuers with deteriorating fundamentals to potentially offer improved exposure to U.S. dollar-denominated emerging markets bonds.

•

Excluding a subset of issuers with deteriorating fundamentals, i.e., worsening Governance, Import Coverage Ratio and Inflation, can help reduce exposure to issuers more likely to underperform and experience higher volatility. This approach can help deliver smoother performance over the course of a market cycle.

•

Effective February 17, 2022, Goldman Sachs Asset Management, L.P., the Fund’s investment adviser, implemented a management fee waiver to achieve an effective net management fee rate of 0.00% as an annual percentage rate of average daily net assets of the Fund through at least February 17, 2023.

MARKET REVIEW

Goldman Sachs Access Ultra Short Bond ETF

•

The Fund underperformed its benchmark, the FTSE Three-Month U.S. Treasury Bill Index, during the Reporting Period, driven primarily by duration and yield curve positioning, as well as by sector allocation positioning, which more than offset the positive contributions from security selection.

•

The Fund had a longer duration than the FTSE Three-Month U.S. Treasury Bill Index, and yield curve positioning included longer maturities than the benchmark. As interest rates increased during the Reporting Period, this positioning hurt.

•

Sector positioning included allocations to corporate credit and agency mortgage-backed securities, which detracted from relative results, as spreads, or yield differentials of these sectors to duration-equivalent U.S. Treasuries, widened during the Reporting Period.

FUND BASICS

Access Emerging Markets USD Bond ETF

as of February 28, 2022


FUND SNAPSHOT

As of February 28, 2022

Market Price¹	$	47.14
Net Asset Value (NAV)¹	$	46.81

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

February 15, 2022–February 28, 2022	Fund Total Return (based on NAV)²			Fund Total Return (based on Market Price)²			FTSE Goldman Sachs Emerging Markets USD Bond Index
Shares		-5.80	%		-5.12	%		-6.17	%

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 Fund is newly incepted and does not have a substantial track record. 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 2/28/22⁴

Holding	% of Net Assets			Line of Business

Qatar Government International Bond, 9.75%, 06/15/30		1.1	%	Sovereign
Ecuador Government International Bond, 1.00%, 07/31/35		1.0		Sovereign
Indonesia Government International Bond, 8.50%, 10/12/35		1.0		Sovereign
Indonesia Government International Bond, 7.75%, 01/17/38		1.0		Sovereign
Bahrain Government International Bond, 7.38%, 05/14/30		1.0		Sovereign
Qatar Government International Bond, 5.10%, 04/23/48		0.9		Sovereign
Jamaica Government International Bond, 8.00%, 03/15/39		0.9		Sovereign
Qatar Government International Bond, 4.82%, 03/14/49		0.9		Sovereign
Uruguay Government International Bond, 5.10%, 06/18/50		0.9		Sovereign
Saudi Government International Bond, 5.00%, 04/17/49		0.9		Sovereign

⁴

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


SECTOR ALLOCATION AS OF 2/28/22⁵

Sector Name	Fund

Government		88.37	%
Energy		8.62
Industrials		0.68
Utilities		0.45
Financials		0.37

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, 2022


FUND SNAPSHOT

As of February 28, 2022

Market Price¹	$	47.82
Net Asset Value (NAV)¹	$	47.80

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, 2021–February 28, 2022	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		-3.03	%		-2.95	%		-2.85	%		-3.11	%

⁴

The Bloomberg Barclays 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.

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 2/28/22⁵

Holding	% of Net Assets			Line of Business

TransDigm, Inc., 6.25%, 03/15/26		0.7	%	Aerospace & Defense
Lumen Technologies, Inc., 5.13%, 12/15/26		0.7		Wirelines
Sirius XM Radio, Inc., 4.00%, 07/15/28		0.6		Broadcasting
Carnival Corp., 4.00%, 08/01/28		0.6		Consumer Cyclical
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/26		0.6		Transportation
WESCO Distribution, Inc., 7.25%, 06/15/28		0.5		Distribution & Logistics
Mozart Debt Merger Sub, Inc., 3.88%, 04/01/29		0.5		Consumer Noncyclical
EQT Corp., 3.90%, 10/01/27		0.5		Energy
Howmet Aerospace, Inc., 5.13%, 10/01/24		0.5		Aerospace & Defense
Weatherford International Ltd., 6.50%, 09/15/28		0.4		Energy

⁵

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


SECTOR ALLOCATION AS OF 2/28/22⁶

Sector Name	Fund

Consumer, Cyclical		21.77	%
Telecommunication Services		17.34
Consumer, Non-cyclical		15.92
Energy		15.08
Financials		9.17
Industrials		8.69
Utilities		3.25
Information Technology		3.15
Materials		2.79
Investment Company		1.37

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, 2022


FUND SNAPSHOT

As of February 28, 2022

Market Price¹	$	57.56
Net Asset Value (NAV)¹	$	57.43


PERFORMANCE REVIEW

September 1, 2021–February 28, 2022	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		0.13	%		0.34	%		0.24	%

FUND BASICS


TOP TEN HOLDINGS AS OF 2/28/22⁴

Holding	% of Net Assets⁵			Line of Business

U.S. Treasury Inflation Indexed Bond, 0.50%, 01/15/28		8.3	%	Government
U.S. Treasury Inflation Indexed Bond, 0.38%, 07/15/27		7.6		Government
U.S. Treasury Inflation Indexed Bond, 0.13%, 10/15/25		6.9		Government
U.S. Treasury Inflation Indexed Bond, 0.13%, 10/15/24		6.8		Government
U.S. Treasury Inflation Indexed Bond, 2.13%, 02/15/40		6.8		Government
U.S. Treasury Inflation Indexed Bond, 0.13%, 01/15/30		6.5		Government
U.S. Treasury Inflation Indexed Bond, 0.63%, 01/15/24		5.6		Government
U.S. Treasury Inflation Indexed Bond, 0.63%, 01/15/26		5.2		Government
U.S. Treasury Inflation Indexed Bond, 0.25%, 01/15/25		5.1		Government
U.S. Treasury Inflation Indexed Bond, 0.75%, 02/15/42		4.7		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 2/28/22⁶

Sector Name	Fund

Government		99.68	%
Investment Company		0.08

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, 2022


FUND SNAPSHOT

As of February 28, 2022

Market Price¹	$	48.57
Net Asset Value (NAV)¹	$	48.53


PERFORMANCE REVIEW

September 1, 2021–February 28, 2022	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		-2.93	%		-2.89	%		-2.86	%

FUND BASICS


TOP TEN HOLDINGS AS OF 2/28/22⁴

Holding	% of Net Assets			Line of Business
Cooperatieve Rabobank UA, Series MTN, 3.38%, 05/21/25		1.3	%	Banks
Mitsubishi UFJ Financial Group, Inc., 2.80%, 07/18/24		1.3		Banks
Barclays PLC, 4.34%, 05/16/24		1.3		Banks
Sumitomo Mitsui Financial Group, Inc., 1.47%, 07/08/25		1.2		Banks
Santander UK Group Holdings PLC, 1.53%, 08/21/26		1.2		Banks
HSBC Holdings PLC, 4.30%, 03/08/26		1.2		Banks
Citigroup, Inc., 1.68%, 05/15/24		1.2		Banks
Banco Santander SA, 2.75%, 05/28/25		1.0		Banks
Lloyds Banking Group PLC, 2.44%, 02/05/26		1.0		Banks
Morgan Stanley, 3.74%, 04/24/24		1.0		Banks

⁴

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


SECTOR ALLOCATION AS OF 2/28/22⁵

Sector Name	Fund

Financials		44.68	%
Consumer, Non-cyclical		10.13
Energy		8.90
Consumer, Cyclical		7.96
Information Technology		7.54
Telecommunication Services		7.06
Industrials		7.00
Utilities		4.07
Materials		1.08
Investment Company		0.54

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, 2022


FUND SNAPSHOT

As of February 28, 2022

Market Price¹	$	51.24
Net Asset Value (NAV)¹	$	51.20


PERFORMANCE REVIEW

September 1, 2022-February 28, 2022	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		-6.26	%		-6.12	%		-6.18	%		-6.08	%

⁴

The Bloomberg Barclays 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 2/28/22⁵

Holding	% of Net Assets			Line of Business	Country
GE Capital International Funding Co. Unlimited, 4.42%, 11/15/35		0.5	%	Financial Company	United States
Morgan Stanley, Series GMTN, 2.70%, 01/22/31		0.3		Banks	United States
AbbVie, Inc., 3.60%, 05/14/25		0.3		Consumer Noncyclical	United States
Wells Fargo & Co., Series MTN, 2.88%, 10/30/30		0.3		Banks	United States
Toronto-Dominion Bank (The), Series GMTN, 3.50%, 07/19/23		0.3		Banks	Canada
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., 4.90%, 02/01/46		0.3		Food and Beverage	Belgium
AT&T, Inc., 3.55%, 09/15/55		0.3		Wireless	United States
Wells Fargo & Co., Series MTN, 5.01%, 04/04/51		0.3		Banks	United States
Ares Capital Corp., 4.20%, 06/10/24		0.2		Financial Company	United States
Bank of Montreal, 3.80%, 12/15/32		0.2		Banks	Canada

⁵

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


SECTOR ALLOCATION AS OF 2/28/22⁶

Sector Name	Fund

Financials		34.00	%
Consumer, Non-cyclical		16.20
Telecommunication Services		13.97
Information Technology		10.65
Energy		9.17
Industrials		5.83
Consumer, Cyclical		5.57
Utilities		1.86
Materials		1.58
Investment Company		0.19

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, 2022


FUND SNAPSHOT

As of February 28, 2022

Market Price¹	$	99.97
Net Asset Value (NAV)¹	$	99.97


PERFORMANCE REVIEW

September 1, 2021–February 28, 2022	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		-0.12	%	-0.11%	-0.05%

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 2/28/22⁴

Holding	Maturity Date		% of Net Assets⁵

U.S. Treasury Bill, 0.20%		04/26/22		8.7	%
U.S. Treasury Bill, 0.05%		03/01/22		6.5
U.S. Treasury Bill, 0.15%		04/12/22		6.4
U.S. Treasury Bill, 0.07%		04/07/22		5.9
U.S. Treasury Note, 1.00%		01/15/23		5.3
U.S. Treasury Bill, 0.10%		05/26/22		4.9
U.S. Treasury Bill, 0.32%		06/16/22		4.6
U.S. Treasury Bill, 0.08%		05/05/22		4.5
U.S. Treasury Bill, 0.33%		05/26/22		4.4
U.S. Treasury Bill, 0.41%		06/16/22		3.9

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, 2022


FUND SNAPSHOT

As of February 28, 2022

Market Price¹	$	46.94
Net Asset Value (NAV)¹	$	47.00


PERFORMANCE REVIEW

September 1, 2021–February 28, 2022	Fund Total Return (based on NAV)²			Fund Total Return (based on Market Price)²			FTSE Goldman Sachs US Broad Bond Market Index³
Shares		-4.39	%		-4.48	%		-4.49	%

FUND BASICS


TOP TEN HOLDINGS AS OF 2/28/22⁴

Holding	% of Net Assets
U.S. Treasury Note, 2.00%, 11/15/26		8.9	%
Federal National Mortgage Association, 2.00%		6.8
U.S. Treasury Note, 2.13%, 05/31/26		6.6
U.S. Treasury Note, 2.00%, 02/15/25		3.7
U.S. Treasury Note, 2.75%, 02/15/28		3.4
Federal National Mortgage Association, 2.50%		3.1
U.S. Treasury Note, 2.50%, 01/31/25		3.0
U.S. Treasury Note, 1.50%, 02/15/30		3.0
U.S. Treasury Note, 2.88%, 08/15/28		2.9
Federal National Mortgage Association, 3.00%		2.8

⁴

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


		SECTOR ALLOCATION AS OF 2/28/22⁵



Sector Name	Fund

Mortgage-Backed Securities		27.31	%
U.S. Treasury Notes		27.16
Investment Company		24.53
Corporate Obligations		21.26
U.S. Treasury Bonds		8.21
U.S. Treasury Obligations		7.57
Foreign Corporate Debt		5.34
Foreign Debt Obligations		2.63

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, 2022


FUND SNAPSHOT

As of February 28, 2022

Market Price¹	$	50.36
Net Asset Value (NAV)¹	$	50.36


PERFORMANCE REVIEW

September 1, 2021–February 28, 2022	Fund Total Return (based on NAV)²			Fund Total Return (based on Market Price)²			FTSE Three-Month U.S. Treasury Bill Index³
Shares		-0.36	%		-0.36	%		0.03	%

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 2/28/22⁴

Holding	% of Net Assets

FNMA REMIC, Class AF, Series 2015-66, 0.44%, 09/25/45		2.9	%
FNMA REMIC, Class BM, Series 2020-6347, 2.03%, 02/01/41		2.9
FHLMC REMIC, Class F, Series 2019-4944, 0.64%, 01/25/50		2.7
U.S. Treasury Floating Rate Note, 0.42%, 10/31/23		2.5
FHLMC REMIC, 2.21%, 01/01/46		2.5
U.S. Treasury Floating Rate Note, 0.41%, 04/30/23		1.5
FNMA REMIC, Class AF, Series 2016-67, 0.59%, 09/25/46		1.2
FHLMC REMIC, 2.08%, 10/01/43		1.1
Royal Bank of Canada, Series GMTN, 0.49%, 01/21/25		1.1
U.S. Treasury Bill, 0.68%, 09/01/22		1.1

⁴

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


SECTOR ALLOCATION AS OF 2/28/22⁵

Sector Name	Fund

Mortgage-Backed Securities		33.08	%
Corporate Obligations		20.38
Asset-Backed Securities		18.53
Foreign Corporate Debt		17.62
Investment Company		7.66
U.S. Treasury Notes		5.74
Certificate of Deposits		1.20
U.S. Treasury Bill		1.12
Commercial Paper		0.56

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, 2022 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Foreign Debt Obligations – 88.0%
Sovereign – 88.0%
	Bahrain Government International Bond (Bahrain)
$	350,000		7.000	%		01/26/26	$	376,334
	425,000		7.375			05/14/30		452,070
	325,000		6.000			09/19/44		272,594
	Brazilian Government International Bond (Brazil)
	350,000		4.250			01/07/25		363,563
	250,000		8.750			02/04/25		296,250
	125,000		10.125			05/15/27		163,281
	250,000		4.625			01/13/28		254,459
	100,000		8.250			01/20/34		125,375
	150,000		7.125			01/20/37		171,937
	200,000		5.625			01/07/41		193,500
	225,000		5.000			01/27/45		198,000
	275,000		4.750			01/14/50		228,594
	Colombia Government International Bond (Colombia)
	275,000		8.125			05/21/24		304,592
	300,000		3.875			04/25/27		288,035
	225,000		3.000			01/30/30		192,361
	250,000		3.125			04/15/31		210,846
	250,000		3.250			04/22/32		208,207
	200,000		7.375			09/18/37		222,691
	300,000		6.125			01/18/41		292,396
	275,000		5.625			02/26/44		248,002
	350,000		5.000			06/15/45		291,797
	325,000		5.200			05/15/49		274,894
	Costa Rica Government International Bond (Costa Rica)
	250,000		6.125			02/19/31		248,125
	200,000		7.158			03/12/45		194,750
	Croatia Government International Bond (Croatia)
	350,000		6.000			01/26/24		373,625
	Dominican Republic International Bond (Dominican Republic)
	250,000		5.950			01/25/27		260,625
	225,000		6.000			07/19/28		233,437
	225,000		4.500			01/30/30		209,250
	175,000		7.450			04/30/44		184,844
	225,000		6.850			01/27/45		222,188
	200,000		6.500			02/15/48		189,500
	200,000		6.400			06/05/49		187,250
	300,000		5.875			01/30/60		255,000
	Ecuador Government International Bond^(a) (Ecuador)
	350,000		5.000			07/31/30		308,438
	700,000		1.000			07/31/35		485,625
	350,000		0.500			07/31/40		214,375
	El Salvador Government International Bond (El Salvador)
	150,000		5.875			01/30/25		91,312
	175,000		6.375			01/18/27		97,563
	100,000		8.625			02/28/29		55,500
	100,000		8.250			04/10/32		57,000
	175,000		7.650			06/15/35		91,437
	Ghana Government International Bond (Ghana)
	350,000		8.125			01/18/26		274,750
	350,000		6.375			02/11/27		245,438
	300,000		8.125			03/26/32		202,875
	275,000		8.950			03/26/51		180,812
	Guatemala Government Bond (Guatemala)
	325,000		4.375			06/05/27		327,438
	200,000		6.125			06/01/50		205,000


Foreign Debt Obligations – (continued)
Sovereign – (continued)
	Indonesia Government International Bond (Indonesia)
	350,000		2.850			02/14/30		346,480
	325,000		8.500			10/12/35		475,719
	325,000		7.750			01/17/38		453,362
	300,000		4.200			10/15/50		308,401
	275,000		3.050			03/12/51		246,253
	Iraq International Bond (Iraq)
	262,500		5.800			01/15/28		253,313
	Ivory Coast Government International Bond^(a) (Ivory Coast)
	229,931		5.750			12/31/32		224,757
	Jamaica Government International Bond (Jamaica)
	325,000		8.000			03/15/39		429,000
	Jordan Government International Bond (Jordan)
	350,000		5.850			07/07/30		329,707
	Kazakhstan Government International Bond (Kazakhstan)
	350,000		5.125			07/21/25		375,515
	225,000		6.500			07/21/45		269,186
	Kuwait International Government Bond (Kuwait)
	350,000		3.500			03/20/27		370,305
	Mexico Government International Bond (Mexico)
	325,000		4.500			04/22/29		345,511
	150,000		6.050			01/11/40		171,662
	150,000		5.550			01/21/45		164,849
	Mexico Government International Bond, MTN (Mexico)
	150,000		8.300			08/15/31		206,364
	75,000		7.500			04/08/33		99,718
	75,000		6.750			09/27/34		92,301
	150,000		4.750			03/08/44		148,983
	Mexico Government International Bond, GMTN (Mexico)
	100,000		5.750			10/12/10		102,366
	Morocco Government International Bond (Morocco)
	350,000		4.000			12/15/50		278,645
	Nigeria Government International Bond (Nigeria)
	300,000		6.500			11/28/27		286,759
	250,000		6.125	^(b)		09/28/28		228,125
	275,000		7.143			02/23/30		258,952
	275,000		7.875			02/16/32		254,612
	200,000		7.696			02/23/38		169,711
	Oman Government International Bond (Oman)
	200,000		4.875			02/01/25		204,165
	200,000		4.750			06/15/26		200,824
	275,000		5.375			03/08/27		280,035
	325,000		5.625			01/17/28		332,324
	325,000		6.500			03/08/47		305,716
	350,000		6.750			01/17/48		336,707
	Pakistan Government International Bond (Pakistan)
	350,000		6.875			12/05/27		326,639
	300,000		7.375			04/08/31		258,083
	Panama Government International Bond (Panama)
	350,000		7.125			01/29/26		404,250
	150,000		8.875			09/30/27		194,625
	150,000		9.375			04/01/29		204,375
	250,000		6.700			01/26/36		305,625
	250,000		4.500			04/16/50		242,188
	200,000		4.300			04/29/53		186,000
	275,000		4.500			04/01/56		263,312
	325,000		3.870			07/23/60		276,656


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, 2022 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Foreign Debt Obligations – (continued)
Sovereign – (continued)
	Paraguay Government International Bond (Paraguay)
$	350,000		5.000	%		04/15/26	$	364,219
	225,000		5.400			03/30/50		218,250
	Pertamina Persero PT (Indonesia)
	250,000		6.000			05/03/42		276,250
	Peruvian Government International Bond (Peru)
	100,000		7.350			07/21/25		114,988
	200,000		2.392			01/23/26		196,093
	375,000		2.783			01/23/31		354,432
	200,000		8.750			11/21/33		291,986
	200,000		3.000			01/15/34		184,246
	125,000		6.550			03/14/37		158,670
	150,000		3.300			03/11/41		134,222
	250,000		3.550			03/10/51		227,547
	250,000		2.780			12/01/60		191,052
	150,000		3.600			01/15/72		125,349
	150,000		3.230			07/28/21		111,339
	Philippine Government International Bond (Philippines)
	325,000		10.625			03/16/25		406,078
	225,000		9.500			02/02/30		323,845
	175,000		7.750			01/14/31		234,281
	175,000		6.375			01/15/32		219,187
	275,000		6.375			10/23/34		351,312
	275,000		3.950			01/20/40		273,237
	300,000		2.650			12/10/45		245,882
	325,000		3.200			07/06/46		289,425
	Qatar Government International Bond (Qatar)
	350,000		3.750			04/16/30		377,615
	350,000		9.750			06/15/30		528,244
	350,000		5.103			04/23/48		438,816
	350,000		4.817			03/14/49		424,111
	Republic of Azerbaijan International Bond (Azerbaidjan)
	275,000		4.750			03/18/24		285,313
	Republic of Kenya Government International Bond (Kenya)
	350,000		7.000			05/22/27		336,295
	325,000		8.000			05/22/32		309,814
	Republic of Poland Government International Bond (Poland)
	350,000		4.000			01/22/24		361,541
	200,000		3.250			04/06/26		207,232
	Republic of South Africa Government International Bond (South Africa)
	350,000		5.875			09/16/25		374,083
	350,000		4.300			10/12/28		336,987
	350,000		5.875			06/22/30		368,009
	275,000		5.375			07/24/44		241,124
	350,000		5.750			09/30/49		302,976
	Romanian Government International Bond (Romania)
	150,000		4.875			01/22/24		155,969
	170,000		3.000			02/14/31		155,230
	250,000		6.125			01/22/44		285,171
	180,000		5.125			06/15/48		183,337
	Russian Foreign Bond – Eurobond (Russia)
	200,000		4.750			05/27/26		81,000
	200,000		4.250			06/23/27		79,000
	250,000		12.750			06/24/28		111,250
	400,000		4.375			03/21/29		134,000


Foreign Debt Obligations – (continued)
Sovereign – (continued)
	Russian Foreign Bond – Eurobond (Russia) – (continued)
	400,000		5.100			03/28/35		128,000
	400,000		5.625			04/04/42		132,000
	200,000		5.250			06/23/47		65,000
	Saudi Government International Bond (Saudi Arabia)
	350,000		4.000			04/17/25		368,951
	325,000		3.625			03/04/28		343,540
	225,000		4.375			04/16/29		248,605
	225,000		4.500			04/17/30		252,219
	350,000		4.500			10/26/46		379,906
	350,000		5.000			04/17/49		407,155
	Senegal Government International Bond (Senegal)
	250,000		6.750			03/13/48		212,813
	Trinidad & Tobago Government International Bond (Trinidad and Tobago)
	250,000		4.375			01/16/24		253,595
	Turkey Government International Bond (Turkey)
	325,000		6.350			08/10/24		322,290
	325,000		5.600			11/14/24		315,832
	350,000		7.375			02/05/25		353,747
	325,000		4.875			10/09/26		290,521
	200,000		11.875			01/15/30		243,986
	150,000		8.000			02/14/34		149,730
	250,000		6.875			03/17/36		219,061
	150,000		7.250			03/05/38		135,426
	225,000		6.750			05/30/40		187,930
	300,000		4.875			04/16/43		206,809
	UAE Government International Bond (United Arab Emirates)
	350,000		2.000			10/19/31		332,985
	Ukraine Government International Bond (Ukraine)
	175,000		7.750			09/01/23		76,125
	225,000		7.750			09/01/24		79,875
	200,000		7.750			09/01/25		69,000
	150,000		7.750			09/01/26		51,750
	175,000		7.750			09/01/27		60,375
	300,000		7.375			09/25/32		95,250
	250,000		7.253			03/15/33		77,500
	Uruguay Government International Bond (Uruguay)
	350,000		4.500			08/14/24		361,884
	75,000		7.875			01/15/33		103,875
	100,000		7.625			03/21/36		141,750
	125,000		4.125			11/20/45		135,156
	350,000		5.100			06/18/50		413,219
	300,000		4.975			04/20/55		352,500

	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $44,313,633)						$	41,175,382



Foreign Corporate Debt – 10.5%
Banks – 1.0%
	Export-Import Bank of India (India)
$	250,000		3.250	%		01/15/30	$	240,275
	250,000		2.250			01/13/31		219,798

								460,073


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

Foreign Corporate Debt – (continued)
Electric – 0.8%
	Comision Federal de Electricidad, MTN (Mexico)
$	216,667		5.150	%		07/13/47	$	209,625
	Power Sector Assets & Liabilities Management Corp. (Philippines)
	150,000		7.390			12/02/24		170,250

								379,875

Oil Company-Exploration & Production – 0.7%
	Pertamina Persero PT (Indonesia)
	325,000		3.100			08/27/30		312,812

Oil Company-Integrated – 6.1%
	Petrobras Global Finance BV (Brazil)
	150,000		5.299			01/27/25		158,062
	50,000		8.750			05/23/26		58,781
	75,000		7.375			01/17/27		84,094
	100,000		5.999			01/27/28		105,500
	25,000		5.750			02/01/29		25,986
	25,000		5.093			01/15/30		24,813
	125,000		6.900			03/19/49		124,669
	Petroleos Mexicanos (Mexico)
	100,000		4.250			01/15/25		99,898
	100,000		6.875			10/16/25		106,110
	50,000		6.875			08/04/26		52,972
	75,000		6.490			01/23/27		77,347
	100,000		6.500			03/13/27		102,889
	25,000		5.350			02/12/28		24,119
	50,000		6.500			01/23/29		50,187
	100,000		6.840			01/23/30		100,351
	50,000		5.950			01/28/31		47,212
	75,000		6.625			06/15/35		68,119
	25,000		6.500			06/02/41		21,177
	100,000		6.750			09/21/47		83,013
	75,000		6.350			02/12/48		60,531
	175,000		7.690			01/23/50		157,284
	100,000		6.950			01/28/60		83,160
	Qatar Energy (Qatar)
	275,000		1.375			09/12/26		261,426
	300,000		3.300			07/12/51		282,530
	Saudi Arabian Oil Co. (Saudi Arabia)
	300,000		2.875			04/16/24		301,305
	300,000		4.375			04/16/49		321,082

								2,882,617

Oil Refining & Marketing – 0.7%
	Petroleos del Peru SA (Peru)
	325,000		4.750			06/19/32		312,219

Pipelines – 0.5%
	Southern Gas Corridor CJSC (Azerbaidjan)
	225,000		6.875			03/24/26		252,004


Foreign Corporate Debt – (continued)
Transportation – 0.7%
	Indian Railway Finance Corp Ltd. (India)
	350,000		2.800			02/10/31		319,855

	TOTAL FOREIGN CORPORATE DEBT
	(Cost $4,946,237)						$	4,919,455

	TOTAL INVESTMENTS – 98.5%
	(Cost $49,259,870)						$	46,094,837

	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.5%							715,464

	NET ASSETS – 100.0%						$	46,810,301



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

(a)		Step coupon.

(b)		Exempt from registration under Rule 144A of the Securities Act of 1933.



Investment Abbreviations:
GMTN		—Global Medium Term Note
MTN		—Medium Term Note


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

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

Schedule of Investments

February 28, 2022 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – 92.3%
Advertising – 1.6%
	Clear Channel Outdoor Holdings, Inc.^(a)
$	500,000		5.125	%		08/15/27	$	500,000
	275,000		7.500			06/01/29		284,625
	Lamar Media Corp.
	614,000		3.750			02/15/28		592,510
	414,000		4.000			02/15/30		398,475
	Nielsen Finance LLC / Nielsen Finance Co.^(a)
	555,000		5.625			10/01/28		534,881
	684,000		5.875			10/01/30		660,060
	Outfront Media Capital LLC / Outfront Media Capital Corp.^(a)
	384,000		6.250			06/15/25		399,600

								3,370,151

Aerospace & Defense – 2.5%
	Howmet Aerospace, Inc.
	920,000		5.125			10/01/24		966,602
	600,000		6.875			05/01/25		662,250
	Spirit AeroSystems, Inc.
	550,000		4.600			06/15/28		528,000
	TransDigm, Inc.
	324,000		8.000	^(a)		12/15/25		337,770
	1,401,000		6.250	^(a)		03/15/26		1,441,279
	340,000		6.375			06/15/26		345,737
	46,000		7.500			03/15/27		47,668
	460,000		5.500			11/15/27		458,850
	200,000		4.625			01/15/29		189,500
	Wolverine Escrow LLC^(a)
	333,000		9.000			11/15/26		334,665

								5,312,321

Banks – 0.4%
	Freedom Mortgage Corp.
	353,000		8.250	^(a)		04/15/25		352,559
	460,000		7.625	^(a)		05/01/26		441,600

								794,159

Basic Industry – 0.9%
	Chemours Co. (The)^(a)
	499,000		5.750			11/15/28		491,515
	Olin Corp.
	300,000		5.625			08/01/29		314,250
	230,000		5.000			02/01/30		233,450
	SCIH Salt Holdings, Inc.^(a)
	360,000		6.625			05/01/29		341,100
	Tronox, Inc.^(a)
	376,000		4.625			03/15/29		354,850
	WR Grace Holdings LLC^(a)
	200,000		5.625			08/15/29		192,500

								1,927,665

Broadcasting – 3.8%
	Diamond Sports Group LLC / Diamond Sports Finance Co.^(a)
	652,000		5.375			08/15/26		270,580
	550,000		6.625			08/15/27		130,625
	Gray Television, Inc.^(a)
	500,000		7.000			05/15/27		527,812


Corporate Obligations – (continued)
Broadcasting – (continued)
	iHeartCommunications, Inc.
	320,000		8.375			05/01/27		334,800
	815,000		4.750	^(a)		01/15/28		786,475
	Nexstar Media, Inc.^(a)
	544,000		5.625			07/15/27		556,240
	Scripps Escrow, Inc.^(a)
	154,000		5.875			07/15/27		153,615
	Sinclair Television Group, Inc.^(a)
	600,000		4.125			12/01/30		538,500
	Sirius XM Radio, Inc.^(a)
	200,000		5.000			08/01/27		203,000
	1,380,000		4.000			07/15/28		1,326,525
	650,000		3.875			09/01/31		599,625
	TEGNA, Inc.
	330,000		4.625			03/15/28		331,650
	768,000		5.000			09/15/29		772,800
	Terrier Media Buyer, Inc.^(a)
	308,000		8.875			12/15/27		318,010
	Univision Communications, Inc.^(a)
	227,000		5.125			02/15/25		228,135
	505,000		6.625			06/01/27		526,463
	424,000		4.500			05/01/29		403,595

								8,008,450

Brokerage – 0.6%
	Coinbase Global, Inc.^(a)
	200,000		3.375			10/01/28		182,250
	Jefferies Finance LLC / JFIN Co.-Issuer Corp.^(a)
	470,000		5.000			08/15/28		456,564
	Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.^(a)
	580,000		4.750			06/15/29		559,700

								1,198,514

Building Materials – 0.8%
	American Builders & Contractors Supply Co., Inc.^(a)
	593,000		4.000			01/15/28		581,881
	Builders FirstSource, Inc.^(a)
	215,000		4.250			02/01/32		206,938
	Standard Industries, Inc.^(a)
	384,000		4.375			07/15/30		363,314
	484,000		3.375			01/15/31		433,190

								1,585,323

Capital Goods – 3.4%
	Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc.^(a)
	400,000		5.250			08/15/27		379,321
	200,000		5.250			08/15/27		189,661
	ASP Unifrax Holdings, Inc.^(a)
	210,000		7.500			09/30/29		192,675
	Ball Corp.
	100,000		4.000			11/15/23		102,500
	450,000		4.875			03/15/26		473,625
	500,000		3.125			09/15/31		458,125
	Crown Americas LLC / Crown Americas Capital Corp V
	325,000		4.250			09/30/26		333,125


22		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)
Capital Goods – (continued)
	Crown Americas LLC / Crown Americas Capital Corp. VI
$	194,000		4.750	%		02/01/26	$	197,485
	Flex Acquisition Co., Inc.^(a)
	130,000		6.875			01/15/25		130,177
	243,000		7.875			07/15/26		251,834
	Graham Packaging Co., Inc.^(a)
	164,000		7.125			08/15/28		158,670
	Herc Holdings, Inc.^(a)
	560,000		5.500			07/15/27		576,800
	LABL, Inc.^(a)
	203,000		6.750			07/15/26		204,523
	309,000		10.500			07/15/27		318,656
	Madison IAQ LLC^(a)
	490,000		5.875			06/30/29		444,675
	Mauser Packaging Solutions Holding Co.^(a)
	458,000		5.500			04/15/24		456,855
	Owens-Brockway Glass Container, Inc.^(a)
	133,000		5.875			08/15/23		136,990
	Sealed Air Corp.^(a)
	295,000		4.875			12/01/22		298,319
	130,000		5.125			12/01/24		135,362
	200,000		5.500			09/15/25		210,000
	204,000		6.875			07/15/33		235,620
	Sensata Technologies BV^(a)
	336,000		4.875			10/15/23		344,400
	314,000		5.000			10/01/25		324,205
	Sensata Technologies, Inc.^(a)
	610,000		3.750			02/15/31		570,350

								7,123,953

Communications – 4.9%
	AMC Networks, Inc.
	88,000		5.000			04/01/24		87,945
	424,000		4.750			08/01/25		423,205
	CSC Holdings LLC^(a)
	700,000		5.500			04/15/27		701,313
	250,000		5.375			02/01/28		244,375
	250,000		7.500			04/01/28		250,000
	440,000		6.500			02/01/29		444,400
	500,000		5.750			01/15/30		445,000
	200,000		4.125			12/01/30		181,500
	500,000		4.625			12/01/30		415,000
	200,000		3.375			02/15/31		170,000
	500,000		4.500			11/15/31		451,875
	250,000		5.000			11/15/31		208,281
	Directv Financing LLC / Directv Financing Co.-Obligor, Inc.^(a)
	762,000		5.875			08/15/27		762,952
	DISH DBS Corp.
	602,000		5.000			03/15/23		607,644
	454,000		5.875			11/15/24		454,568
	486,000		7.750			07/01/26		492,075
	350,000		5.250	^(a)		12/01/26		343,000
	110,000		7.375			07/01/28		103,606
	300,000		5.750	^(a)		12/01/28		288,000
	561,000		5.125			06/01/29		474,746


Corporate Obligations – (continued)
Communications – (continued)
	IHS Markit Ltd.^(a)
	533,000		4.750			02/15/25		564,314
	564,000		4.000			03/01/26		596,430
	Lions Gate Capital Holdings LLC^(a)
	200,000		5.500			04/15/29		190,250
	Live Nation Entertainment, Inc.^(a)
	690,000		4.750			10/15/27		679,650
	Radiate Holdco LLC / Radiate Finance, Inc.^(a)
	326,000		6.500			09/15/28		307,662
	WMG Acquisition Corp.^(a)
	409,000		3.000			02/15/31		371,168

								10,258,959

Consumer Cyclical – 18.3%
	ADT Security Corp. (The)^(a)
	394,000		4.125			08/01/29		370,360
	356,000		4.875			07/15/32		335,530
	Allison Transmission, Inc.^(a)
	484,000		3.750			01/30/31		447,700
	AMC Entertainment Holdings, Inc.^(a)(b) (PIK 12.000%, Cash 10.000%)
	443,000		10.000			06/15/26		411,990
	American Axle & Manufacturing, Inc.
	420,000		6.875			07/01/28		433,650
	230,000		5.000			10/01/29		217,637
	Asbury Automotive Group, Inc.^(a)
	450,000		4.625			11/15/29		439,875
	Bath & Body Works, Inc.
	472,000		5.250			02/01/28		490,382
	350,000		6.625	^(a)		10/01/30		378,906
	368,000		6.875			11/01/35		406,643
	Boyd Gaming Corp.
	108,000		4.750			12/01/27		108,207
	410,000		4.750	^(a)		06/15/31		404,875
	Brink’s Co. (The)^(a)
	268,000		5.500			07/15/25		275,035
	Caesars Entertainment, Inc.^(a)
	550,000		6.250			07/01/25		570,077
	590,000		8.125			07/01/27		634,114
	200,000		4.625			10/15/29		190,250
	Carnival Corp.^(a)
	790,000		7.625			03/01/26		810,737
	800,000		5.750			03/01/27		779,000
	1,228,000		4.000			08/01/28		1,174,275
	Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op^(a)
	284,000		5.500			05/01/25		292,520
	Century Communities, Inc.^(a)
	350,000		3.875			08/15/29		324,625
	Churchill Downs, Inc.^(a)
	320,000		5.500			04/01/27		325,600
	342,000		4.750			01/15/28		336,870
	Clarios Global LP / Clarios US Finance Co.^(a)
	210,000		6.250			05/15/26		217,350
	555,000		8.500			05/15/27		580,669


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, 2022 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Consumer Cyclical – (continued)
	Dana Financing Luxembourg Sarl^(a)
$	232,000		5.750	%		04/15/25	$	234,755
	Dana, Inc.
	400,000		5.625			06/15/28		411,000
	202,000		4.250			09/01/30		191,269
	Ford Motor Co.
	370,000		9.000			04/22/25		429,329
	175,000		4.346			12/08/26		179,156
	448,000		6.625			10/01/28		507,037
	385,000		7.450			07/16/31		479,065
	Ford Motor Credit Co. LLC
	670,000		3.087			01/09/23		673,068
	500,000		4.375			08/06/23		508,296
	380,000		5.584			03/18/24		397,198
	500,000		5.125			06/16/25		521,168
	200,000		4.134			08/04/25		202,486
	200,000		4.542			08/01/26		206,218
	400,000		4.271			01/09/27		405,613
	825,000		3.815			11/02/27		820,759
	420,000		5.113			05/03/29		448,924
	Gap, Inc. (The)^(a)
	450,000		3.625			10/01/29		408,673
	450,000		3.875			10/01/31		403,419
	Goodyear Tire & Rubber Co. (The)
	648,000		4.875			03/15/27		649,620
	590,000		5.250			04/30/31		575,987
	Hanesbrands, Inc.^(a)
	583,000		4.625			05/15/24		593,202
	Hilton Domestic Operating Co., Inc.
	250,000		3.750	^(a)		05/01/29		241,749
	300,000		4.875			01/15/30		308,625
	250,000		4.000	^(a)		05/01/31		245,145
	682,000		3.625	^(a)		02/15/32		648,489
	Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc^(a)
	200,000		5.000			06/01/29		197,500
	IRB Holding Corp.^(a)
	555,000		7.000			06/15/25		582,056
	Iron Mountain, Inc.^(a)
	366,000		4.875			09/15/27		366,457
	397,000		5.250			03/15/28		397,993
	640,000		5.250			07/15/30		636,000
	543,000		4.500			02/15/31		510,420
	Lithia Motors, Inc.^(a)
	300,000		3.875			06/01/29		294,750
	MGM Resorts International
	268,000		6.000			03/15/23		276,710
	65,000		5.750			06/15/25		67,600
	334,000		4.625			09/01/26		336,505
	229,000		5.500			04/15/27		237,015
	250,000		4.750			10/15/28		250,625
	Michaels Cos., Inc. (The)^(a)
	612,000		7.875			05/01/29		535,500
	Mohegan Gaming & Entertainment^(a)
	410,000		8.000			02/01/26		414,100


Corporate Obligations – (continued)
Consumer Cyclical – (continued)
	NCL Corp Ltd.^(a)
	452,000		3.625			12/15/24		424,880
	Nordstrom, Inc.
	200,000		4.375			04/01/30		182,500
	Peninsula Pacific Entertainment LLC / Peninsula Pacific Entertainment Finance In^(a)
	276,000		8.500			11/15/27		304,980
	PetSmart, Inc. / PetSmart Finance Corp.^(a)
	250,000		4.750			02/15/28		246,875
	250,000		7.750			02/15/29		262,500
	Picasso Finance Sub, Inc.^(a)
	256,000		6.125			06/15/25		265,280
	Premier Entertainment Sub LLC / Premier Entertainment Finance Corp.^(a)
	200,000		5.625			09/01/29		182,500
	184,000		5.875			09/01/31		167,440
	Prime Security Services Borrower LLC / Prime Finance, Inc.^(a)
	547,000		3.375			08/31/27		508,710
	490,000		6.250			01/15/28		475,300
	QVC, Inc.
	250,000		4.850			04/01/24		253,825
	250,000		4.450			02/15/25		248,852
	150,000		4.750			02/15/27		140,706
	200,000		4.375			09/01/28		182,002
	Royal Caribbean Cruises Ltd.
	380,000		11.500	^(a)		06/01/25		418,501
	278,000		3.700			03/15/28		250,547
	572,000		5.500	^(a)		04/01/28		562,705
	Scientific Games International, Inc.^(a)
	288,000		5.000			10/15/25		291,060
	310,000		8.250			03/15/26		324,531
	145,000		7.000			05/15/28		150,800
	270,000		7.250			11/15/29		287,888
	Six Flags Entertainment Corp.^(a)
	150,000		5.500			04/15/27		150,375
	Staples, Inc.^(a)
	457,000		7.500			04/15/26		453,573
	368,000		10.750			04/15/27		344,080
	Taylor Morrison Communities, Inc.^(a)
	400,000		5.125			08/01/30		399,000
	Tenneco, Inc.
	100,000		5.000			07/15/26		100,000
	470,000		5.125	^(a)		04/15/29		468,825
	Toll Brothers Finance Corp.
	283,000		4.375			04/15/23		288,129
	558,000		4.350			02/15/28		581,345
	Travel + Leisure Co.^(a)
	566,000		6.625			07/31/26		605,857
	VICI Properties LP / VICI Note Co., Inc.^(a)
	250,000		3.500			02/15/25		249,688
	250,000		4.125			08/15/30		248,750
	William Carter Co. (The)^(a)
	284,000		5.625			03/15/27		288,083
	Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.^(a)
	568,000		5.250			05/15/27		566,580


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)
	Yum! Brands, Inc.
$	647,000		4.750	%^(a)		01/15/30	$	659,940
	250,000		3.625			03/15/31		234,375

								38,521,340

Consumer Noncyclical – 4.3%
	Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC^(a)
	200,000		4.625			01/15/27		201,000
	950,000		3.500			03/15/29		888,250
	415,000		4.875			02/15/30		418,112
	Allied Universal Holdco LLC / Allied Universal Finance Corp.^(a)
	724,000		6.625			07/15/26		740,290
	680,000		6.000			06/01/29		637,500
	Allied Universal Holdco LLC/Allied Universal Finance Corp./ Atlas Luxco 4 Sarl^(a)
	200,000		4.625			06/01/28		189,500
	Avantor Funding, Inc.^(a)
	528,000		4.625			07/15/28		536,580
	Change Healthcare Holdings LLC / Change Healthcare Finance, Inc.^(a)
	469,000		5.750			03/01/25		464,625
	Envision Healthcare Corp.^(a)
	354,000		8.750			10/15/26		188,505
	Fresh Market, Inc. (The)^(a)
	284,000		9.750			05/01/23		285,491
	Hologic, Inc.^(a)
	140,000		4.625			02/01/28		145,075
	340,000		3.250			02/15/29		323,000
	Molina Healthcare, Inc.^(a)
	625,000		4.375			06/15/28		623,438
	Mozart Debt Merger Sub, Inc.^(a)
	1,050,000		3.875			04/01/29		993,563
	600,000		5.250			10/01/29		573,000
	Organon & Co. / Organon Foreign Debt Co.-Issuer BV^(a)
	500,000		4.125			04/30/28		491,250
	500,000		5.125			04/30/31		496,250
	RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc.^(a)
	440,000		9.750			12/01/26		459,882
	Vector Group Ltd.^(a)
	476,000		5.750			02/01/29		440,300

								9,095,611

Consumer Products – 0.5%
	Mattel, Inc.^(a)
	507,000		5.875			12/15/27		539,955
	Newell Brands, Inc.
	107,000		4.350			04/01/23		108,887
	471,000		4.700			04/01/26		487,153

								1,135,995

Distribution & Logistics – 0.6%
	IAA, Inc.^(a)
	281,000		5.500			06/15/27		286,620
	WESCO Distribution, Inc.^(a)
	934,000		7.250			06/15/28		1,001,715

								1,288,335


Corporate Obligations – (continued)
Electric – 3.3%
	Calpine Corp.^(a)
	396,000		4.625			02/01/29		369,389
	492,000		5.000			02/01/31		456,330
	439,000		3.750			03/01/31		401,685
	Clearway Energy Operating LLC^(a)
	550,000		3.750			02/15/31		511,500
	FirstEnergy Corp.
	600,000		2.650			03/01/30		567,240
	FirstEnergy Corp., Series B
	600,000		4.400			07/15/27		619,298
	NextEra Energy Operating Partners LP^(a)
	315,000		4.250			07/15/24		320,119
	285,000		4.500			09/15/27		288,918
	NRG Energy, Inc.^(a)
	621,000		5.250			06/15/29		636,525
	570,000		3.625			02/15/31		525,825
	324,000		3.875			02/15/32		302,130
	Talen Energy Supply LLC^(a)
	630,000		7.250			05/15/27		565,425
	TerraForm Power Operating LLC^(a)
	8,000		4.250			01/31/23		8,025
	541,000		4.750			01/15/30		534,238
	Vistra Operations Co. LLC^(a)
	120,000		5.625			02/15/27		122,475
	320,000		5.000			07/31/27		321,200
	300,000		4.375			05/01/29		291,000

								6,841,322

Energy – 13.3%
	Antero Midstream Partners LP / Antero Midstream Finance Corp.^(a)
	711,000		5.750			03/01/27		724,331
	427,000		5.750			01/15/28		433,405
	Antero Resources Corp.
	168,000		5.000			03/01/25		170,100
	372,000		7.625	^(a)		02/01/29		404,550
	Apache Corp.
	600,000		4.625			11/15/25		621,000
	Archrock Partners LP / Archrock Partners Finance Corp.^(a)
	620,000		6.875			04/01/27		632,400
	Ascent Resources Utica Holdings LLC / ARU Finance Corp.^(a)
	428,000		5.875			06/30/29		405,530
	Buckeye Partners LP
	210,000		3.950			12/01/26		203,301
	160,000		4.125			12/01/27		151,370
	340,000		4.500	^(a)		03/01/28		324,700
	Callon Petroleum Co.^(a)
	276,000		8.000			08/01/28		285,660
	Cheniere Energy Partners LP
	587,000		4.500			10/01/29		595,805
	400,000		4.000			03/01/31		395,000
	Cheniere Energy, Inc.
	756,000		4.625			10/15/28		772,065
	Comstock Resources, Inc.
	250,000		6.750	^(a)		03/01/29		255,625
	250,000		5.875	^(a)		01/15/30		241,719


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, 2022 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Energy – (continued)
	CQP Holdco LP / BIP-V Chinook Holdco LLC^(a)
$	500,000		5.500	%		06/15/31	$	498,125
	CrownRock LP / CrownRock Finance, Inc.^(a)
	423,000		5.625			10/15/25		427,759
	DCP Midstream Operating LP
	218,000		5.375			07/15/25		229,445
	348,000		5.625			07/15/27		373,665
	DT Midstream, Inc.^(a)
	490,000		4.375			06/15/31		476,219
	Endeavor Energy Resources LP / EER Finance, Inc.^(a)
	415,000		5.750			01/30/28		430,563
	EnLink Midstream LLC
	403,000		5.375			06/01/29		402,769
	EnLink Midstream Partners LP
	392,000		4.850			07/15/26		399,972
	EQM Midstream Partners LP
	500,000		6.000	^(a)		07/01/25		512,500
	220,000		6.500	^(a)		07/01/27		229,900
	200,000		5.500			07/15/28		197,250
	200,000		4.500	^(a)		01/15/29		188,000
	450,000		4.750	^(a)		01/15/31		424,125
	EQT Corp.
	180,000		6.625			02/01/25		194,400
	960,000		3.900			10/01/27		972,000
	Hilcorp Energy I LP / Hilcorp Finance Co.^(a)
	590,000		6.250			11/01/28		603,275
	320,000		5.750			02/01/29		322,400
	ITT Holdings LLC^(a)
	398,000		6.500			08/01/29		374,319
	Laredo Petroleum, Inc.
	370,000		10.125			01/15/28		394,975
	Moss Creek Resources Holdings, Inc.
	243,000		7.500			01/15/26		215,055
	194,000		10.500			05/15/27		183,815
	Nabors Industries Ltd.^(a)
	134,000		7.250			01/15/26		131,320
	Nabors Industries, Inc.
	294,000		5.750			02/01/25		285,180
	New Fortress Energy, Inc.^(a)
	670,000		6.500			09/30/26		644,875
	Occidental Petroleum Corp.
	428,000		6.950			07/01/24		465,672
	812,000		3.400			04/15/26		814,210
	170,000		6.375			09/01/28		191,675
	400,000		3.500			08/15/29		399,435
	243,000		8.875			07/15/30		314,381
	370,000		6.625			09/01/30		431,050
	328,000		6.125			01/01/31		375,560
	134,000		7.500			05/01/31		163,318
	180,000		7.875			09/15/31		223,930
	518,000		6.450			09/15/36		611,008
	600,000		3.883	^(c)		10/10/36		324,823
	PBF Holding Co. LLC / PBF Finance Corp.
	200,000		9.250	^(a)		05/15/25		203,000
	100,000		7.250			06/15/25		84,500
	250,000		6.000			02/15/28		183,750


Corporate Obligations – (continued)
Energy – (continued)
	Range Resources Corp.
	220,000		4.875			05/15/25		224,400
	342,000		8.250			01/15/29		374,490
	SM Energy Co.
	300,000		10.000	^(a)		01/15/25		327,375
	100,000		6.750			09/15/26		101,750
	100,000		6.625			01/15/27		101,750
	Southwestern Energy Co.
	370,000		7.750			10/01/27		391,737
	250,000		5.375			03/15/30		258,750
	250,000		4.750			02/01/32		248,594
	Sunoco LP / Sunoco Finance Corp.
	290,000		6.000			04/15/27		298,700
	Targa Resources Partners LP / Targa Resources Partners Finance Corp.
	264,000		5.875			04/15/26		272,415
	154,000		5.375			02/01/27		158,620
	200,000		6.500			07/15/27		211,750
	270,000		5.500			03/01/30		287,550
	500,000		4.000			01/15/32		496,250
	Transocean, Inc.^(a)
	591,000		11.500			01/30/27		593,216
	USA Compression Partners LP / USA Compression Finance Corp.
	434,000		6.875			04/01/26		435,085
	Venture Global Calcasieu Pass LLC^(a)
	794,000		3.875			08/15/29		780,601
	Weatherford International Ltd.^(a)
	900,000		6.500			09/15/28		929,250
	Western Midstream Operating LP
	413,000		4.650			07/01/26		428,488
	592,000		4.550			02/01/30		608,280

								28,043,830

Financial Company – 4.7%
	Coinbase Global, Inc.^(a)
	650,000		3.625			10/01/31		572,812
	Curo Group Holdings Corp.^(a)
	250,000		7.500			08/01/28		223,125
	HUB International Ltd.^(a)
	526,000		7.000			05/01/26		532,575
	Icahn Enterprises LP / Icahn Enterprises Finance Corp.
	570,000		6.375			12/15/25		573,504
	697,000		5.250			05/15/27		695,257
	LD Holdings Group LLC^(a)
	460,000		6.125			04/01/28		410,263
	Midcap Financial Issuer Trust^(a)
	300,000		6.500			05/01/28		291,563
	Nationstar Mortgage Holdings, Inc.^(a)
	400,000		6.000			01/15/27		408,000
	770,000		5.500			08/15/28		768,979
	Navient Corp.
	126,000		5.875			10/25/24		129,386
	279,000		6.750			06/25/25		290,455
	264,000		6.750			06/15/26		274,000


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)
Financial Company – (continued)
	Navient Corp., MTN
$	178,000		6.125	%		03/25/24	$	183,383
	317,000		5.625			08/01/33		275,869
	NFP Corp.^(a)
	580,000		6.875			08/15/28		542,300
	OneMain Finance Corp.
	76,000		5.625			03/15/23		77,948
	440,000		6.125			03/15/24		456,500
	248,000		6.875			03/15/25		264,740
	612,000		7.125			03/15/26		666,315
	340,000		6.625			01/15/28		362,100
	355,000		5.375			11/15/29		356,331
	Rocket Mortgage LLC^(a)
	412,000		5.250			01/15/28		415,364
	Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc.^(a)
	720,000		3.875			03/01/31		677,650
	United Wholesale Mortgage LLC^(a)
	570,000		5.500			04/15/29		525,825

								9,974,244

Food and Beverage – 0.5%
	Aramark Services, Inc.^(a)
	680,000		5.000			02/01/28		683,400
	Pilgrim’s Pride Corp.^(a)
	300,000		3.500			03/01/32		276,750
	US Foods, Inc.^(a)
	200,000		4.750			02/15/29		196,500

								1,156,650

Hardware – 1.2%
	Avaya, Inc.^(a)
	480,000		6.125			09/15/28		463,200
	CommScope Technologies LLC^(a)
	350,000		6.000			06/15/25		343,252
	100,000		5.000			03/15/27		88,500
	CommScope, Inc.^(a)
	350,000		8.250			03/01/27		350,000
	200,000		7.125			07/01/28		188,000
	NCR Corp.^(a)
	300,000		5.750			09/01/27		304,500
	500,000		5.000			10/01/28		491,875
	350,000		5.250			10/01/30		340,375

								2,569,702

Healthcare – 4.6%
	Catalent Pharma Solutions, Inc.^(a)
	596,000		3.125			02/15/29		552,790
	CHS/Community Health Systems, Inc.^(a)
	567,000		8.000			03/15/26		590,389
	285,000		5.625			03/15/27		286,425
	240,000		8.000			12/15/27		253,800
	472,000		6.875			04/01/28		438,960
	530,000		6.875			04/15/29		510,125
	350,000		6.125			04/01/30		326,812
	300,000		4.750			02/15/31		282,750
	DaVita, Inc.^(a)
	500,000		4.625			06/01/30		480,000
	580,000		3.750			02/15/31		530,700


Corporate Obligations – (continued)
Healthcare – (continued)
	Encompass Health Corp.
	388,000		4.750			02/01/30		371,510
	IQVIA, Inc.^(a)
	600,000		5.000			05/15/27		611,250
	Legacy LifePoint Health LLC^(a)
	269,000		4.375			02/15/27		255,550
	Select Medical Corp.^(a)
	292,000		6.250			08/15/26		293,825
	Service Corp. International
	125,000		4.625			12/15/27		127,188
	500,000		3.375			08/15/30		461,250
	Tenet Healthcare Corp.
	202,000		4.625			07/15/24		202,631
	332,000		4.625	^(a)		09/01/24		334,610
	637,000		4.875	^(a)		01/01/26		637,398
	300,000		6.250	^(a)		02/01/27		306,887
	663,000		5.125	^(a)		11/01/27		667,973
	650,000		4.625	^(a)		06/15/28		638,625
	250,000		6.125	^(a)		10/01/28		253,750
	200,000		4.250	^(a)		06/01/29		193,375

								9,608,573

Insurance – 0.6%
	Acrisure LLC / Acrisure Finance, Inc.^(a)
	395,000		7.000			11/15/25		393,418
	Alliant Holdings Intermediate LLC / Alliant Holdings Co.- Issuer^(a)
	814,000		4.250			10/15/27		791,615

								1,185,033

Metals – 0.6%
	Alcoa Nederland Holding BV^(a)
	200,000		5.500			12/15/27		209,250
	Novelis Corp.^(a)
	497,000		4.750			01/30/30		487,060
	575,000		3.875			08/15/31		530,437

								1,226,747

Metals and Mining – 0.1%
	Cleveland-Cliffs, Inc.^(a)
	199,000		9.875			10/17/25		221,512

Natural Gas – 1.8%
	AmeriGas Partners LP / AmeriGas Finance Corp.
	376,000		5.500			05/20/25		383,520
	145,000		5.750			05/20/27		146,813
	Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp.^(a)
	350,000		5.625			05/01/27		349,125
	362,000		6.000			02/01/29		364,715
	Ferrellgas LP / Ferrellgas Finance Corp.^(a)
	359,000		5.375			04/01/26		337,460
	Genesis Energy LP / Genesis Energy Finance Corp.
	384,000		8.000			01/15/27		387,840
	NGL Energy Operating LLC / NGL Energy Finance Corp.^(a)
	100,000		7.500			02/01/26		100,530
	NGL Energy Partners LP / NGL Energy Finance Corp.
	100,000		7.500			11/01/23		96,500


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, 2022 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Natural Gas – (continued)
	NuStar Logistics LP
$	100,000		6.000	%		06/01/26	$	101,500
	100,000		5.625			04/28/27		100,625
	PBF Logistics LP / PBF Logistics Finance Corp.
	171,000		6.875			05/15/23		169,931
	Rockies Express Pipeline LLC^(a)
	184,000		4.950			07/15/29		178,940
	Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.^(a)
	383,000		6.000			03/01/27		384,915
	669,000		5.500			01/15/28		643,076

								3,745,490

Pharmaceuticals – 2.5%
	Bausch Health Americas, Inc.^(a)
	256,000		9.250			04/01/26		265,631
	777,000		8.500			01/31/27		789,060
	Bausch Health Cos., Inc.^(a)
	447,000		6.125			04/15/25		450,386
	472,000		5.500			11/01/25		472,573
	303,000		9.000			12/15/25		315,115
	351,000		5.750			08/15/27		351,342
	379,000		7.000			01/15/28		347,526
	469,000		6.250			02/15/29		397,319
	273,000		7.250			05/30/29		239,158
	594,000		5.250			01/30/30		478,912
	434,000		5.250			02/15/31		346,115
	Endo Dac / Endo Finance LLC / Endo Finco, Inc.^(a)
	200,000		9.500			07/31/27		195,000
	200,000		6.000			06/30/28		133,000
	Par Pharmaceutical, Inc.^(a)
	500,000		7.500			04/01/27		500,000

								5,281,137

REITs and Real Estate – 1.5%
	Diversified Healthcare Trust
	480,000		4.375			03/01/31		414,388
	Howard Hughes Corp. (The)^(a)
	546,000		4.375			02/01/31		518,017
	iStar, Inc.
	354,000		4.750			10/01/24		357,241
	Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer^(a)
	570,000		4.875			05/15/29		547,913
	Realogy Group LLC / Realogy Co.-Issuer Corp.^(a)
	340,000		4.875			06/01/23		348,500
	200,000		5.250			04/15/30		190,375
	Service Properties Trust
	458,000		4.950			10/01/29		415,778
	314,000		4.375			02/15/30		273,587

								3,065,799

Rental Equipment – 1.5%
	Avis Budget Car Rental LLC / Avis Budget Finance, Inc.^(a)
	701,000		5.375			03/01/29		691,361
	H&E Equipment Services, Inc.^(a)
	580,000		3.875			12/15/28		540,125


Corporate Obligations – (continued)
Rental Equipment – (continued)
	United Rentals North America, Inc.
$	296,000		5.500	%		05/15/27	$	305,667
	550,000		4.875			01/15/28		561,000
	505,000		5.250			01/15/30		527,725
	500,000		3.875			02/15/31		483,959

								3,109,837

Software – 1.1%
	Clarivate Science Holdings Corp.^(a)
	460,000		3.875			07/01/28		436,425
	Gartner, Inc.^(a)
	416,000		4.500			07/01/28		423,280
	627,000		3.625			06/15/29		611,325
	MSCI, Inc.^(a)
	200,000		3.625			09/01/30		196,750
	SS&C Technologies, Inc.^(a)
	600,000		5.500			09/30/27		614,683

								2,282,463

Technology – 2.6%
	Arches Buyer, Inc.^(a)
	60,000		4.250			06/01/28		56,400
	282,000		6.125			12/01/28		261,202
	CDK Global, Inc.
	86,000		4.875			06/01/27		87,744
	745,000		5.250	^(a)		05/15/29		769,212
	Diebold Nixdorf, Inc.^(a)
	834,000		9.375			07/15/25		872,573
	Imola Merger Corp.^(a)
	792,000		4.750			05/15/29		767,250
	Rackspace Technology Global, Inc.^(a)
	200,000		5.375			12/01/28		180,500
	Seagate HDD Cayman
	530,000		4.750			06/01/23		547,225
	350,000		3.375			07/15/31		319,375
	272,000		5.750			12/01/34		282,880
	Uber Technologies, Inc.^(a)
	500,000		7.500			05/15/25		522,500
	100,000		8.000			11/01/26		105,767
	500,000		7.500			09/15/27		536,875
	Verscend Escrow Corp.^(a)
	257,000		9.750			08/15/26		267,841

								5,577,344

Transportation – 2.4%
	American Airlines, Inc.^(a)
	700,000		11.750			07/15/25		849,700
	American Airlines, Inc./AAdvantage Loyalty IP Ltd.^(a)
	1,130,000		5.500			04/20/26		1,161,004
	590,000		5.750			04/20/29		606,203
	Fortress Transportation and Infrastructure Investors LLC^(a)
	589,000		6.500			10/01/25		597,099
	United Airlines, Inc.^(a)
	376,000					04/15/26		375,157
	681,000		4.625			04/15/29		666,969
	XPO Logistics, Inc.^(a)
	688,000		6.250			05/01/25		715,520

								4,971,652


28		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)
Wireless – 3.8%
	Ligado Networks LLC^(a)(b) (PIK)
$	809,938		15.500	%		11/01/23	$	625,677
	Sprint Capital Corp.
	606,000		6.875			11/15/28		720,382
	480,000		8.750			03/15/32		667,800
	Sprint Corp.
	671,000		7.875			09/15/23		723,002
	319,000		7.125			06/15/24		345,318
	372,000		7.625			02/15/25		412,455
	560,000		7.625			03/01/26		640,076
	T-Mobile USA, Inc.
	115,000		5.375			04/15/27		118,522
	765,000		4.750			02/01/28		789,384
	650,000		3.375	^(a)		04/15/29		639,759
	450,000		3.375			04/15/29		442,660
	384,000		2.875			02/15/31		362,113
	704,000		3.500	^(a)		04/15/31		694,026
	350,000		3.500			04/15/31		347,453
	Viasat, Inc.^(a)
	200,000		5.625			04/15/27		199,500
	330,000		6.500			07/15/28		306,075

								8,034,202

Wirelines – 3.6%
	Consolidated Communications, Inc.^(a)
	400,000		6.500			10/01/28		400,000
	Embarq Corp.
	560,000		7.995			06/01/36		553,700
	Frontier Communications Holdings LLC^(a)
	270,000		5.875			10/15/27		272,869
	600,000		5.000			05/01/28		583,500
	470,000		6.750			05/01/29		457,075
	Level 3 Financing, Inc.^(a)
	770,000		4.625			09/15/27