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.

 

1


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.

 

2


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  

 

1    The Market Price is the price at which the Fund’s shares are trading on the Cboe BZX Exchange, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of the Fund traded on Cboe BZX Exchange, Inc. at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com/ETFs.

 

  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

 

2    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.

 

3    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.

 

3


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.

 

4


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  

 

1    The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of the Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com/ETFs.

 

  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

 

2    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. Total returns for periods less than one full year are not annualized.

 

3    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.

 

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.

 

5


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    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.

 

6


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  

 

1    The Market Price is the price at which the Fund’s shares are trading on the Cboe BZX Exchange, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of the Fund traded on Cboe BZX Exchange, Inc. at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com/ETFs.

 

  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

 

2    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.

 

3    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.

 

7


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    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.

 

8


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  

 

1    The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of the Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com/ETFs.

 

  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

 

2    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. Total returns for periods less than one full year are not annualized.

 

3    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.

 

9


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    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.

 

10


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  

 

1    The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of the Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com/ETFs.

 

  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

 

2    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. Total returns for periods less than one full year are not annualized.

 

3    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.

 

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.

 

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.

 

11


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    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.

 

12


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  

 

1    The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of the Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com/ETFs.

 

  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%

 

2    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. Total returns for periods less than one full year are not annualized.

 

3    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.

 

13


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.

 

 

  SECTOR ALLOCATION AS OF 2/28/226
     Sector Name   Fund  
    Government     107.34

 

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

 

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.

 

14


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  

 

1    The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of the Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com/ETFs.

 

  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

 

2    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. Total returns for periods less than one full year are not annualized.

 

3    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.

 

15


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    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.

 

16


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  

 

1    The Market Price is the price at which the Fund’s shares are trading on the Cboe BZX Exchange, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of the Fund traded on Cboe BZX Exchange, Inc. at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com/ETFs.

 

  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

 

2    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. Total returns for periods less than one full year are not annualized.

 

3    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.

 

17


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.

 

18


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