Goldman Sachs Funds
| Semi-Annual Report |
February 28, 2022 | |||
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Access Fixed Income ETFs | ||||
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Access Emerging Markets USD Bond ETF (GEMD) | ||||
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Access High Yield Corporate Bond ETF (GHYB) | ||||
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Access Inflation Protected USD Bond ETF (GTIP) | ||||
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Access Investment Grade Corporate 1-5 Year Bond ETF (GSIG) | ||||
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Access Investment Grade Corporate Bond ETF (GIGB) | ||||
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Access Treasury 0-1 Year ETF (GBIL) | ||||
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Access U.S. Aggregate Bond ETF (GCOR) | ||||
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Access Ultra Short Bond ETF (GSST) | ||||
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 |
| 1 | ||||
| 3 | ||||
| 19 | ||||
| 85 | ||||
| 93 | ||||
| 93 | ||||
| 94 | ||||
| 95 | ||||
| 96 | ||||
| 97 | ||||
| 98 | ||||
| 99 | ||||
| 100 | ||||
| 101 | ||||
| 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.
| • |
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
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 |
|
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| 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
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
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
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 |
| ||||||||||||
| 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 |
| ||||||||||||
| 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. |
| ||||||||||||
| 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 |
| ||||||||||||
| 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 |
| ||||||||||||
| 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 |
| ||||||||||||
| 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 |
| ||||||||||||
| 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 |
| ||||||||||||
| 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 |
| ||||||||||||
| 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 / |
| ||||||||||||
| 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./ |
|||||||||||||
| 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, |
| ||||||||||||
| 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, |
| ||||||||||||
| 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 |
| ||||||||||||
| 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 |
| ||||||||||||
| 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 |
| ||||||||||||
| 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.- |
|||||||||||||
| 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 |
| ||||||||||||
| 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 / |
| ||||||||||||
| 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 | 748,825 | |||||||||||
| 790,000 | 4.250 | 07/01/28 | 730,750 | |||||||||||
|
Lumen Technologies, Inc.(a) |
||||||||||||||
| 1,520,000 | 5.125 | 12/15/26 | 1,415,500 | |||||||||||
| 242,000 | 4.500 | 01/15/29 | 202,977 | |||||||||||
|
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC(a) |
||||||||||||||
| 192,000 | 7.875 | 02/15/25 | 199,320 | |||||||||||
|
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC(a) |
||||||||||||||
| 250,000 | 4.750 | 04/15/28 | 237,500 | |||||||||||
| 250,000 | 6.500 | 02/15/29 | 231,875 | |||||||||||
|
Windstream Escrow LLC / Windstream Escrow Finance Corp.(a) |
||||||||||||||
| 774,000 | 7.750 | 08/15/28 | 777,870 | |||||||||||
|
Zayo Group Holdings, Inc.(a) |
||||||||||||||
| 452,000 | 4.000 | 03/01/27 | 432,225 | |||||||||||
| 384,000 | 6.125 | 03/01/28 | 357,600 | |||||||||||
|
|
|
|||||||||||||
| 7,601,586 | ||||||||||||||
|
|
|
|||||||||||||
| TOTAL CORPORATE OBLIGATIONS | ||||||||||||||
| (Cost $200,012,672) | $ | 194,117,899 | ||||||||||||
|
|
|
|||||||||||||
| Foreign Corporate Debt – 4.9% | ||||||||||||||
| Aerospace & Defense – 0.7% | ||||||||||||||
|
Bombardier, Inc.(a) (Canada) |
||||||||||||||
| 350,000 | 7.500 | 03/15/25 | 353,937 | |||||||||||
| 522,000 | 7.125 | 06/15/26 | 522,000 | |||||||||||
| 610,000 | 7.875 | 04/15/27 | 615,338 | |||||||||||
|
|
|
|||||||||||||
| 1,491,275 | ||||||||||||||
|
|
|
|||||||||||||
| Basic Industry – 0.5% | ||||||||||||||
|
Methanex Corp. (Canada) |
||||||||||||||
| 368,000 | 5.250 | 12/15/29 | 374,336 | |||||||||||
|
NOVA Chemicals Corp.(a) (Canada) |
||||||||||||||
| 221,000 | 5.000 | 05/01/25 | 223,575 | |||||||||||
| 452,000 | 5.250 | 06/01/27 | 456,520 | |||||||||||
|
|
|
|||||||||||||
| 1,054,431 | ||||||||||||||
|
|
|
|||||||||||||
| Capital Goods – 0.7% | ||||||||||||||
|
ARD Finance SA(a)(b) (Luxembourg) (PIK 7.250%, Cash 6.500%) |
||||||||||||||
| 400,000 | 6.500 | 06/30/27 | 383,267 | |||||||||||
|
GFL Environmental, Inc.(a) (Canada) |
||||||||||||||
| 500,000 | 4.250 | 06/01/25 | 501,875 | |||||||||||
| 500,000 | 4.750 | 06/15/29 | 478,125 | |||||||||||
|
|
|
|||||||||||||
| 1,363,267 | ||||||||||||||
|
|
|
|||||||||||||
| Communications – 0.3% | ||||||||||||||
|
Videotron Ltd.(a) (Canada) |
||||||||||||||
| 534,000 | 5.125 | 04/15/27 | 542,678 | |||||||||||
|
|
|
|||||||||||||
| Consumer Cyclical – 1.6% | ||||||||||||||
|
1011778 BC ULC / New Red Finance, Inc.(a) (Canada) |
||||||||||||||
| 379,000 | 3.875 | 01/15/28 | 369,525 | |||||||||||
| 477,000 | 4.375 | 01/15/28 | 469,845 | |||||||||||
| 450,000 | 3.500 | 02/15/29 | 423,000 | |||||||||||
| 720,000 | 4.000 | 10/15/30 | 665,100 | |||||||||||
| |
Brookfield
Residential Properties, Inc. / Brookfield Residential |
| ||||||||||||
| 383,000 | 6.250 | 09/15/27 | 383,957 | |||||||||||
|
Garda World Security Corp.(a) (Canada) |
||||||||||||||
| 194,000 | 4.625 | 02/15/27 | 188,907 | |||||||||||
| 305,000 | 9.500 | 11/01/27 | 315,294 | |||||||||||
|
Mattamy Group Corp.(a) (Canada) |
||||||||||||||
| 480,000 | 5.250 | 12/15/27 | 480,460 | |||||||||||
| 60,000 | 4.625 | 03/01/30 | 56,700 | |||||||||||
|
|
|
|||||||||||||
| 3,352,788 | ||||||||||||||
|
|
|
|||||||||||||
| Energy – 0.1% | ||||||||||||||
|
MEG Energy Corp.(a) (Canada) |
||||||||||||||
| 250,000 | 7.125 | 02/01/27 | 262,187 | |||||||||||
|
|
|
|||||||||||||
| Food – 0.1% | ||||||||||||||
|
NBM US Holdings, Inc.(a) (Brazil) |
||||||||||||||
| 200,000 | 7.000 | 05/14/26 | 208,000 | |||||||||||
|
|
|
|||||||||||||
| Mining – 0.6% | ||||||||||||||
|
First Quantum Minerals Ltd.(a) (Zambia) |
||||||||||||||
| 200,000 | 7.250 | 04/01/23 | 200,254 | |||||||||||
| 361,000 | 6.500 | 03/01/24 | 363,752 | |||||||||||
| 414,000 | 7.500 | 04/01/25 | 420,836 | |||||||||||
| 250,000 | 6.875 | 03/01/26 | 256,994 | |||||||||||
|
|
|
|||||||||||||
| 1,241,836 | ||||||||||||||
|
|
|
|||||||||||||
| The accompanying notes are an integral part of these financial statements. | 29 |
GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
| Foreign Corporate Debt – (continued) | ||||||||||||||
| Software – 0.3% | ||||||||||||||
|
Open Text Holdings, Inc.(a) (Canada) |
||||||||||||||
| $ | 745,000 | 4.125 | % | 02/15/30 | $ | 712,406 | ||||||||
|
|
|
|||||||||||||
| TOTAL FOREIGN CORPORATE DEBT | ||||||||||||||
| (Cost $10,394,912) | $ | 10,228,868 | ||||||||||||
|
|
|
|||||||||||||
| Shares | Dividend Rate |
Value | ||||
| Investment Company– 1.4%(d) | ||||||
|
Goldman Sachs Financial Square Government Fund – Institutional Shares |
| |||||
| 2,889,777 | 0.026% | $ | 2,889,777 | |||
| (Cost $2,889,777) | ||||||
|
|
||||||
| TOTAL INVESTMENTS – 98.6% |
| |||||
| (Cost $213,297,361) | $ | 207,236,544 | ||||
|
|
||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES – 1.4% |
3,089,131 | |||||
|
|
||||||
| NET ASSETS – 100.0% | $ | 210,325,675 | ||||
|
|
||||||
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
|
(a) |
Exempt from registration under Rule 144A of the Securities Act of 1933. | |
|
(b) |
Pay-in-kind securities. | |
|
(c) |
Issued with a zero coupon. Income is recognized through the accretion of discount. | |
|
(d) |
Represents an affiliated issuer. | |
|
| ||
|
Investment Abbreviations: | ||
|
LP |
—Limited Partnership | |
|
MTN |
—Medium Term Note | |
|
PLC |
—Public Limited Company | |
|
REIT |
—Real Estate Investment Trust | |
|
| ||
| 30 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS INFLATION PROTECTED USD BOND ETF
Schedule of Investments
February 28, 2022 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
| U.S. Treasury Inflation Indexed Bonds – 99.7% | ||||||||||||||
|
U.S. Treasury Inflation Indexed Bonds |
||||||||||||||
| $ | 5,447,153 | 0.625 | % | 04/15/23 | $ | 5,715,908 | ||||||||
| 8,522,785 | 0.375 | 07/15/23 | 9,008,779 | |||||||||||
| 10,547,206 | 0.625 | 01/15/24 | 11,208,528 | |||||||||||
| 1,393,960 | 0.500 | 04/15/24 | 1,482,489 | |||||||||||
| 12,729,252 | 0.125 | 10/15/24 | 13,538,363 | |||||||||||
| 9,601,605 | 0.250 | 01/15/25 | 10,234,674 | |||||||||||
| 8,708,188 | 0.375 | 07/15/25 | 9,386,254 | |||||||||||
| 12,898,418 | 0.125 | 10/15/25 | 13,788,199 | |||||||||||
| 9,600,350 | 0.625 | 01/15/26 | 10,432,414 | |||||||||||
| 13,900,269 | 0.375 | 07/15/27 | 15,194,329 | |||||||||||
| 15,066,632 | 0.500 | 01/15/28 | 16,564,065 | |||||||||||
| 7,732,624 | 0.750 | 07/15/28 | 8,693,633 | |||||||||||
| 3,132,401 | 3.875 | 04/15/29 | 4,263,602 | |||||||||||
| 6,104,810 | 0.250 | 07/15/29 | 6,697,045 | |||||||||||
| 11,896,200 | 0.125 | 01/15/30 | 12,929,887 | |||||||||||
| 7,599,908 | 0.125 | 07/15/30 | 8,308,119 | |||||||||||
| 9,310,643 | 2.125 | 02/15/40 | 13,535,491 | |||||||||||
| 7,942,292 | 0.750 | 02/15/42 | 9,413,952 | |||||||||||
| 6,598,344 | 0.875 | 02/15/47 | 8,204,983 | |||||||||||
| 4,362,985 | 1.000 | 02/15/48 | 5,620,787 | |||||||||||
| 936,226 | 1.000 | 02/15/49 | 1,217,913 | |||||||||||
| 3,178,464 | 0.250 | 02/15/50 | 3,484,331 | |||||||||||
|
|
|
|||||||||||||
| TOTAL U.S. TREASURY INFLATION INDEXED BONDS | ||||||||||||||
| (Cost $199,893,474) | $ | 198,923,745 | ||||||||||||
|
|
|
|||||||||||||
| Shares | Dividend Rate |
Value | ||||
| Investment Company – 0.1%(a) | ||||||
|
Goldman Sachs Financial Square Government Fund – Institutional Shares |
| |||||
| 158,958 | 0.026% | $ | 158,958 | |||
| (Cost $158,958) | ||||||
|
|
||||||
| TOTAL INVESTMENTS – 99.8% |
| |||||
| (Cost $200,052,432) | $ | 199,082,703 | ||||
|
|
||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES – 0.2% |
470,461 | |||||
|
|
||||||
| NET ASSETS – 100.0% | $ | 199,553,164 | ||||
|
|
||||||
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
|
(a) |
Represents an affiliated issuer. | |
| The accompanying notes are an integral part of these financial statements. | 31 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND
Schedule of Investments
February 28, 2022 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
| Corporate Obligations – 76.2% | ||||||||||||||
| Aerospace & Defense – 1.9% | ||||||||||||||
|
Boeing Co. (The) |
||||||||||||||
| $ | 83,000 | 2.750 | % | 02/01/26 | $ | 82,913 | ||||||||
| 83,000 | 2.196 | 02/04/26 | 80,577 | |||||||||||
|
L3Harris Technologies, Inc. |
||||||||||||||
| 55,000 | 3.850 | 06/15/23 | 56,418 | |||||||||||
|
Northrop Grumman Corp. |
||||||||||||||
| 65,000 | 2.930 | 01/15/25 | 66,192 | |||||||||||
|
Raytheon Technologies Corp. |
||||||||||||||
| 75,000 | 3.700 | 12/15/23 | 77,298 | |||||||||||
|
|
|
|||||||||||||
| 363,398 | ||||||||||||||
|
|
|
|||||||||||||
| Banks – 20.8% | ||||||||||||||
|
American Express Co. |
||||||||||||||
| 85,000 | 3.400 | 02/27/23 | 86,324 | |||||||||||
| 55,000 | 3.700 | 08/03/23 | 56,468 | |||||||||||
| 90,000 | 3.125 | 05/20/26 | 92,420 | |||||||||||
|
Bank of America Corp. |
||||||||||||||
|
(3M USD LIBOR + 0.780%) |
||||||||||||||
| 119,000 | 3.550 | (a) | 03/05/24 | 120,928 | ||||||||||
|
(SOFR + 0.960%) |
||||||||||||||
| 100,000 | 1.734 | (a) | 07/22/27 | 95,313 | ||||||||||
|
Bank of America Corp., MTN |
||||||||||||||
| 75,000 | 4.200 | 08/26/24 | 78,168 | |||||||||||
| 57,000 | 4.000 | 01/22/25 | 59,141 | |||||||||||
|
(SOFR + 1.150%) |
||||||||||||||
| 50,000 | 1.319 | (a) | 06/19/26 | 47,743 | ||||||||||
|
(SOFR + 1.010%) |
||||||||||||||
| 179,000 | 1.197 | (a) | 10/24/26 | 169,417 | ||||||||||
|
(3M USD LIBOR + 1.060%) |
||||||||||||||
| 96,000 | 3.559 | (a) | 04/23/27 | 98,675 | ||||||||||
|
Capital One Financial Corp. |
||||||||||||||
| 50,000 | 3.300 | 10/30/24 | 51,242 | |||||||||||
| 75,000 | 4.200 | 10/29/25 | 78,629 | |||||||||||
|
Charles Schwab Corp. (The) |
||||||||||||||
| 50,000 | 3.850 | 05/21/25 | 52,420 | |||||||||||
|
Citigroup, Inc. |
||||||||||||||
|
(SOFR + 1.667%) |
||||||||||||||
| 225,000 | 1.678 | (a) | 05/15/24 | 224,856 | ||||||||||
| 50,000 | 4.400 | 06/10/25 | 52,452 | |||||||||||
|
(SOFR + 2.842%) |
||||||||||||||
| 85,000 | 3.106 | (a) | 04/08/26 | 86,226 | ||||||||||
| 40,000 | 3.400 | 05/01/26 | 41,144 | |||||||||||
|
(SOFR + 0.765%) |
||||||||||||||
| 60,000 | 1.122 | (a) | 01/28/27 | 56,437 | ||||||||||
|
(SOFR + 0.770%) |
||||||||||||||
| 65,000 | 1.462 | (a) | 06/09/27 | 61,679 | ||||||||||
|
Citizens Financial Group, Inc. |
||||||||||||||
| 75,000 | 4.300 | 12/03/25 | 79,149 | |||||||||||
|
Fifth Third Bancorp |
||||||||||||||
| 50,000 | 3.650 | 01/25/24 | 51,463 | |||||||||||
|
Huntington Bancshares, Inc. |
||||||||||||||
| 96,000 | 4.000 | 05/15/25 | 100,375 | |||||||||||
|
JPMorgan Chase & Co. |
||||||||||||||
|
(SOFR + 1.455%) |
||||||||||||||
| 168,000 | 1.514 | (a) | 06/01/24 | 167,387 | ||||||||||
|
|
|
|||||||||||||
| Corporate Obligations – (continued) | ||||||||||||||
| Banks – (continued) | ||||||||||||||
|
JPMorgan Chase & Co. – (continued) |
||||||||||||||
|
(3M USD LIBOR + 0.890%) |
||||||||||||||
| 50,000 | 3.797 | %(a) | 07/23/24 | 51,196 | ||||||||||
| 50,000 | 3.875 | 09/10/24 | 51,863 | |||||||||||
|
(3 Mo. U.S. T-Bill MMY + 1.585%) |
||||||||||||||
| 87,000 | 2.005 | (a) | 03/13/26 | 85,382 | ||||||||||
|
(SOFR + 1.850%) |
||||||||||||||
| 57,000 | 2.083 | (a) | 04/22/26 | 56,261 | ||||||||||
| 75,000 | 3.200 | 06/15/26 | 77,026 | |||||||||||
| 96,000 | 2.950 | 10/01/26 | 97,619 | |||||||||||
|
(SOFR + 0.800%) |
||||||||||||||
| 50,000 | 1.045 | (a) | 11/19/26 | 47,184 | ||||||||||
|
(SOFR + 0.885%) |
||||||||||||||
| 80,000 | 1.578 | (a) | 04/22/27 | 76,557 | ||||||||||
|
Morgan Stanley |
||||||||||||||
|
(3M USD LIBOR + 0.847%) |
||||||||||||||
| 192,000 | 3.737 | (a) | 04/24/24 | 195,709 | ||||||||||
|
(SOFR + 1.990%) |
||||||||||||||
| 113,000 | 2.188 | (a) | 04/28/26 | 111,609 | ||||||||||
|
(SOFR + 0.879%) |
||||||||||||||
| 80,000 | 1.593 | (a) | 05/04/27 | 76,468 | ||||||||||
|
Morgan Stanley, GMTN |
||||||||||||||
| 80,000 | 3.875 | 01/27/26 | 83,769 | |||||||||||
|
(SOFR + 0.858%) |
||||||||||||||
| 40,000 | 1.512 | (a) | 07/20/27 | 37,822 | ||||||||||
|
Morgan Stanley, MTN |
||||||||||||||
| 75,000 | 3.125 | 07/27/26 | 76,253 | |||||||||||
|
PNC Financial Services Group, Inc. (The) |
||||||||||||||
| 75,000 | 3.900 | 04/29/24 | 77,878 | |||||||||||
|
State Street Corp.(a) |
||||||||||||||
|
(SOFR + 2.600%) |
||||||||||||||
| 80,000 | 2.901 | 03/30/26 | 81,619 | |||||||||||
|
Synchrony Financial |
||||||||||||||
| 65,000 | 4.250 | 08/15/24 | 67,405 | |||||||||||
|
Truist Bank(a) |
||||||||||||||
|
(3M USD LIBOR + 0.735%) |
||||||||||||||
| 128,000 | 3.689 | 08/02/24 | 131,204 | |||||||||||
|
Truist Financial Corp., MTN |
||||||||||||||
| 96,000 | 2.850 | 10/26/24 | 98,257 | |||||||||||
|
Wells Fargo & Co. |
||||||||||||||
| 50,000 | 4.480 | 01/16/24 | 52,238 | |||||||||||
| 8,000 | 3.000 | 04/22/26 | 8,116 | |||||||||||
|
(SOFR + 2.000%) |
||||||||||||||
| 141,000 | 2.188 | (a) | 04/30/26 | 139,109 | ||||||||||
| 100,000 | 3.000 | 10/23/26 | 101,386 | |||||||||||
|
Wells Fargo & Co., MTN |
||||||||||||||
|
(3M USD LIBOR + 0.750%) |
||||||||||||||
| 75,000 | 2.164 | (a) | 02/11/26 | 73,898 | ||||||||||
|
(3M USD LIBOR + 1.170%) |
||||||||||||||
| 65,000 | 3.196 | (a) | 06/17/27 | 66,117 | ||||||||||
|
|
|
|||||||||||||
| 4,030,001 | ||||||||||||||
|
|
|
|||||||||||||
| Basic Industry – 0.8% | ||||||||||||||
|
Linde, Inc. |
||||||||||||||
| 75,000 | 3.200 | 01/30/26 | 77,710 | |||||||||||
|
LYB International Finance BV |
||||||||||||||
| 84,000 | 4.000 | 07/15/23 | 86,520 | |||||||||||
|
|
|
|||||||||||||
| 164,230 | ||||||||||||||
|
|
|
|||||||||||||
| 32 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
| Corporate Obligations – (continued) | ||||||||||||||
| Broadcasting – 0.7% | ||||||||||||||
|
Discovery Communications LLC |
||||||||||||||
| $ | 50,000 | 3.800 | % | 03/13/24 | $ | 51,398 | ||||||||
|
Fox Corp. |
||||||||||||||
| 75,000 | 4.030 | 01/25/24 | 77,784 | |||||||||||
|
|
|
|||||||||||||
| 129,182 | ||||||||||||||
|
|
|
|||||||||||||
| Capital Goods – 3.3% | ||||||||||||||
|
Carrier Global Corp. |
||||||||||||||
| 35,000 | 2.242 | 02/15/25 | 34,907 | |||||||||||
|
Caterpillar Financial Services Corp. |
||||||||||||||
| 50,000 | 0.900 | 03/02/26 | 47,662 | |||||||||||
|
John Deere Capital Corp., MTN |
||||||||||||||
| 83,000 | 2.800 | 03/06/23 | 84,166 | |||||||||||
|
Johnson Controls International PLC |
||||||||||||||
| 75,000 | 3.900 | 02/14/26 | 79,172 | |||||||||||
|
Parker-Hannifin Corp. |
||||||||||||||
| 135,000 | 2.700 | 06/14/24 | 136,867 | |||||||||||
|
Republic Services, Inc. |
||||||||||||||
| 40,000 | 2.500 | 08/15/24 | 40,398 | |||||||||||
| 105,000 | 2.900 | 07/01/26 | 106,745 | |||||||||||
|
Waste Management, Inc. |
||||||||||||||
| 75,000 | 0.750 | 11/15/25 | 71,028 | |||||||||||
|
Westinghouse Air Brake Technologies Corp. |
||||||||||||||
| 40,000 | 4.375 | 08/15/23 | 40,873 | |||||||||||
|
|
|
|||||||||||||
| 641,818 | ||||||||||||||
|
|
|
|||||||||||||
| Communications – 3.5% | ||||||||||||||
| |
Charter
Communications Operating LLC / Charter |
| ||||||||||||
| 50,000 | 4.908 | 07/23/25 | 53,087 | |||||||||||
| |
Charter
Communications Operating LLC / Charter |
| ||||||||||||
| 75,000 | 4.500 | 02/01/24 | 78,009 | |||||||||||
|
Comcast Corp. |
||||||||||||||
| 74,000 | 3.700 | 04/15/24 | 76,742 | |||||||||||
| 90,000 | 3.150 | 03/01/26 | 92,925 | |||||||||||
|
Paramount Global |
||||||||||||||
| 57,000 | 4.750 | 05/15/25 | 60,927 | |||||||||||
|
Time Warner Entertainment Co. LP |
||||||||||||||
| 40,000 | 8.375 | 03/15/23 | 42,631 | |||||||||||
|
TWDC Enterprises 18 Corp., GMTN |
||||||||||||||
| 20,000 | 3.150 | 09/17/25 | 20,566 | |||||||||||
|
TWDC Enterprises 18 Corp., MTN |
||||||||||||||
| 100,000 | 1.850 | 07/30/26 | 98,259 | |||||||||||
|
Walt Disney Co. (The) |
||||||||||||||
| 85,000 | 1.750 | 08/30/24 | 84,650 | |||||||||||
| 75,000 | 3.350 | 03/24/25 | 77,618 | |||||||||||
|
|
|
|||||||||||||
| 685,414 | ||||||||||||||
|
|
|
|||||||||||||
| Consumer Cyclical – 6.5% | ||||||||||||||
|
Amazon.com, Inc. |
||||||||||||||
| 105,000 | 1.000 | 05/12/26 | 101,103 | |||||||||||
|
American Honda Finance Corp., MTN |
||||||||||||||
| 50,000 | 1.200 | 07/08/25 | 48,247 | |||||||||||
| 40,000 | 1.300 | 09/09/26 | 38,330 | |||||||||||
|
AutoNation, Inc. |
||||||||||||||
| 75,000 | 3.500 | 11/15/24 | 77,256 | |||||||||||
|
|
|
|||||||||||||
| Corporate Obligations – (continued) | ||||||||||||||
| Consumer Cyclical – (continued) | ||||||||||||||
|
DR Horton, Inc. |
||||||||||||||
| 55,000 | 4.750 | 02/15/23 | 56,139 | |||||||||||
|
eBay, Inc. |
||||||||||||||
| 40,000 | 3.450 | 08/01/24 | 41,084 | |||||||||||
|
General Motors Co. |
||||||||||||||
| 50,000 | 6.125 | 10/01/25 | 55,359 | |||||||||||
|
General Motors Financial Co., Inc. |
||||||||||||||
| 50,000 | 5.100 | 01/17/24 | 52,470 | |||||||||||
| 30,000 | 1.250 | 01/08/26 | 28,272 | |||||||||||
| 50,000 | 5.250 | 03/01/26 | 54,099 | |||||||||||
| 100,000 | 1.500 | 06/10/26 | 94,699 | |||||||||||
|
Hyatt Hotels Corp. |
||||||||||||||
| 50,000 | 3.375 | 07/15/23 | 50,662 | |||||||||||
| 30,000 | 5.375 | 04/23/25 | 32,501 | |||||||||||
|
Las Vegas Sands Corp. |
||||||||||||||
| 30,000 | 3.500 | 08/18/26 | 29,004 | |||||||||||
|
Lennar Corp. |
||||||||||||||
| 57,000 | 4.750 | 05/30/25 | 60,382 | |||||||||||
|
Marriott International, Inc., Series EE |
||||||||||||||
| 25,000 | 5.750 | 05/01/25 | 27,422 | |||||||||||
|
Marriott International, Inc., Series Z |
||||||||||||||
| 70,000 | 4.150 | 12/01/23 | 72,337 | |||||||||||
|
O’Reilly Automotive, Inc. |
||||||||||||||
| 75,000 | 3.550 | 03/15/26 | 78,048 | |||||||||||
|
PACCAR Financial Corp., MTN |
||||||||||||||
| 40,000 | 1.900 | 02/07/23 | 40,231 | |||||||||||
|
Ross Stores, Inc. |
||||||||||||||
| 40,000 | 4.600 | 04/15/25 | 42,541 | |||||||||||
|
Target Corp. |
||||||||||||||
| 66,000 | 3.500 | 07/01/24 | 68,662 | |||||||||||
|
Toyota Motor Credit Corp., MTN |
||||||||||||||
| 50,000 | 0.800 | 01/09/26 | 47,443 | |||||||||||
|
Walmart, Inc. |
||||||||||||||
| 75,000 | 1.050 | 09/17/26 | 71,983 | |||||||||||
|
|
|
|||||||||||||
| 1,268,274 | ||||||||||||||
|
|
|
|||||||||||||
| Consumer Noncyclical – 6.1% | ||||||||||||||
|
AbbVie, Inc. |
||||||||||||||
| 75,000 | 2.600 | 11/21/24 | 75,702 | |||||||||||
| 96,000 | 3.600 | 05/14/25 | 99,371 | |||||||||||
|
Altria Group, Inc. |
||||||||||||||
| 70,000 | 4.000 | 01/31/24 | 72,416 | |||||||||||
| 75,000 | 3.800 | 02/14/24 | 77,238 | |||||||||||
|
Becton Dickinson and Co. |
||||||||||||||
| 46,000 | 3.363 | 06/06/24 | 47,214 | |||||||||||
| 75,000 | 3.734 | 12/15/24 | 77,423 | |||||||||||
|
Equifax, Inc. |
||||||||||||||
| 60,000 | 2.600 | 12/01/24 | 60,520 | |||||||||||
|
Gilead Sciences, Inc. |
||||||||||||||
| 80,000 | 3.700 | 04/01/24 | 82,603 | |||||||||||
| 50,000 | 3.650 | 03/01/26 | 52,138 | |||||||||||
|
Johnson & Johnson |
||||||||||||||
| 100,000 | 0.550 | 09/01/25 | 95,163 | |||||||||||
| 50,000 | 2.450 | 03/01/26 | 50,817 | |||||||||||
|
Laboratory Corp of America Holdings |
||||||||||||||
| 75,000 | 3.600 | 02/01/25 | 77,081 | |||||||||||
|
|
|
|||||||||||||
| The accompanying notes are an integral part of these financial statements. | 33 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
| Corporate Obligations – (continued) | ||||||||||||||
| Consumer Noncyclical – (continued) | ||||||||||||||
|
Merck & Co., Inc. |
||||||||||||||
| $ | 50,000 | 0.750 | % | 02/24/26 | $ | 47,634 | ||||||||
|
Philip Morris International, Inc. |
||||||||||||||
| 68,000 | 2.875 | 05/01/24 | 69,288 | |||||||||||
|
Utah Acquisition Sub, Inc. |
||||||||||||||
| 70,000 | 3.950 | 06/15/26 | 72,380 | |||||||||||
|
Walgreens Boots Alliance, Inc. |
||||||||||||||
| 119,000 | 3.800 | 11/18/24 | 123,351 | |||||||||||
|
|
|
|||||||||||||
| 1,180,339 | ||||||||||||||
|
|
|
|||||||||||||
| Electric – 4.1% | ||||||||||||||
|
AES Corp. (The) |
||||||||||||||
| 50,000 | 1.375 | 01/15/26 | 47,420 | |||||||||||
|
CenterPoint Energy, Inc. |
||||||||||||||
| 50,000 | 1.450 | 06/01/26 | 47,827 | |||||||||||
|
CMS Energy Corp. |
||||||||||||||
| 50,000 | 3.000 | 05/15/26 | 50,841 | |||||||||||
|
Dominion Energy, Inc., Series A |
||||||||||||||
| 50,000 | 1.450 | 04/15/26 | 48,058 | |||||||||||
|
DTE Energy Co., Series F |
||||||||||||||
| 75,000 | 1.050 | 06/01/25 | 71,693 | |||||||||||
|
Duke Energy Carolinas LLC |
||||||||||||||
| 83,000 | 2.500 | 03/15/23 | 83,654 | |||||||||||
|
Exelon Corp. |
||||||||||||||
| 128,000 | 3.400 | 04/15/26 | 132,420 | |||||||||||
|
Georgia Power Co., Series A |
||||||||||||||
| 40,000 | 2.100 | 07/30/23 | 40,178 | |||||||||||
|
National Rural Utilities Cooperative Finance Corp. |
||||||||||||||
| 65,000 | 2.700 | 02/15/23 | 65,615 | |||||||||||
|
NextEra Energy Capital Holdings, Inc. |
||||||||||||||
| 75,000 | 1.875 | 01/15/27 | 72,583 | |||||||||||
|
Pacific Gas and Electric Co. |
||||||||||||||
| 40,000 | 3.450 | 07/01/25 | 40,253 | |||||||||||
|
Southern Co. (The) |
||||||||||||||
| 50,000 | 3.250 | 07/01/26 | 51,206 | |||||||||||
|
Southwestern Electric Power Co., Series N |
||||||||||||||
| 40,000 | 1.650 | 03/15/26 | 38,604 | |||||||||||
|
|
|
|||||||||||||
| 790,352 | ||||||||||||||
|
|
|
|||||||||||||
| Energy – 7.8% | ||||||||||||||
|
Chevron Corp. |
||||||||||||||
| 75,000 | 3.326 | 11/17/25 | 78,290 | |||||||||||
|
ConocoPhillips Co. |
||||||||||||||
| 50,000 | 4.950 | 03/15/26 | 54,747 | |||||||||||
|
Energy Transfer LP |
||||||||||||||
| 40,000 | 7.600 | 02/01/24 | 43,400 | |||||||||||
| 5,000 | 4.750 | 01/15/26 | 5,303 | |||||||||||
|
Enterprise Products Operating LLC |
||||||||||||||
| 50,000 | 3.750 | 02/15/25 | 51,921 | |||||||||||
|
Exxon Mobil Corp. |
||||||||||||||
| 50,000 | 3.176 | 03/15/24 | 51,394 | |||||||||||
| 75,000 | 3.043 | 03/01/26 | 77,568 | |||||||||||
| 40,000 | 2.275 | 08/16/26 | 40,206 | |||||||||||
|
Kinder Morgan Energy Partners LP |
||||||||||||||
| 75,000 | 4.150 | 02/01/24 | 77,104 | |||||||||||
|
Kinder Morgan, Inc. |
||||||||||||||
| 50,000 | 4.300 | 06/01/25 | 52,438 | |||||||||||
|
|
|
|||||||||||||
| Corporate Obligations – (continued) | ||||||||||||||
| Energy – (continued) | ||||||||||||||
|
Magellan Midstream Partners LP |
||||||||||||||
| 75,000 | 5.000 | 03/01/26 | 81,889 | |||||||||||
|
Marathon Petroleum Corp. |
||||||||||||||
| 35,000 | 4.700 | 05/01/25 | 37,188 | |||||||||||
|
MPLX LP |
||||||||||||||
| 75,000 | 4.875 | 12/01/24 | 79,594 | |||||||||||
| 76,000 | 1.750 | 03/01/26 | 73,055 | |||||||||||
|
ONEOK, Inc. |
||||||||||||||
| 90,000 | 7.500 | 09/01/23 | 95,921 | |||||||||||
|
Phillips 66 |
||||||||||||||
| 40,000 | 0.900 | 02/15/24 | 39,299 | |||||||||||
|
Pioneer Natural Resources Co. |
||||||||||||||
| 75,000 | 0.550 | 05/15/23 | 73,958 | |||||||||||
|
Plains All American Pipeline LP / PAA Finance Corp. |
||||||||||||||
| 50,000 | 4.650 | 10/15/25 | 52,969 | |||||||||||
|
Sabine Pass Liquefaction LLC |
||||||||||||||
| 140,000 | 5.625 | 04/15/23 | 144,637 | |||||||||||
| 50,000 | 5.625 | 03/01/25 | 53,844 | |||||||||||
|
Spectra Energy Partners LP |
||||||||||||||
| 135,000 | 4.750 | 03/15/24 | 140,995 | |||||||||||
|
Valero Energy Corp. |
||||||||||||||
| 50,000 | 2.850 | 04/15/25 | 50,550 | |||||||||||
|
Williams Cos., Inc. (The) |
||||||||||||||
| 50,000 | 4.000 | 09/15/25 | 52,205 | |||||||||||
|
|
|
|||||||||||||
| 1,508,475 | ||||||||||||||
|
|
|
|||||||||||||
| Financial Company – 1.5% | ||||||||||||||
|
Aircastle Ltd. |
||||||||||||||
| 90,000 | 5.000 | 04/01/23 | 92,650 | |||||||||||
|
Ally Financial, Inc. |
||||||||||||||
| 132,000 | 3.050 | 06/05/23 | 133,760 | |||||||||||
|
BGC Partners, Inc. |
||||||||||||||
| 65,000 | 5.375 | 07/24/23 | 67,583 | |||||||||||
|
|
|
|||||||||||||
| 293,993 | ||||||||||||||
|
|
|
|||||||||||||
| Food and Beverage – 0.9% | ||||||||||||||
|
Constellation Brands, Inc. |
||||||||||||||
| 55,000 | 4.250 | 05/01/23 | 56,522 | |||||||||||
|
PepsiCo, Inc. |
||||||||||||||
| 65,000 | 2.850 | 02/24/26 | 66,839 | |||||||||||
|
Tyson Foods, Inc. |
||||||||||||||
| 50,000 | 3.950 | 08/15/24 | 51,864 | |||||||||||
|
|
|
|||||||||||||
| 175,225 | ||||||||||||||
|
|
|
|||||||||||||
| Healthcare – 2.0% | ||||||||||||||
|
CVS Health Corp. |
||||||||||||||
| 75,000 | 2.625 | 08/15/24 | 75,895 | |||||||||||
| 50,000 | 3.875 | 07/20/25 | 52,355 | |||||||||||
| 75,000 | 3.000 | 08/15/26 | 76,269 | |||||||||||
|
HCA, Inc. |
||||||||||||||
| 75,000 | 5.000 | 03/15/24 | 78,703 | |||||||||||
| 60,000 | 5.375 | 02/01/25 | 63,675 | |||||||||||
|
Quest Diagnostics, Inc. |
||||||||||||||
| 50,000 | 3.450 | 06/01/26 | 51,780 | |||||||||||
|
|
|
|||||||||||||
| 398,677 | ||||||||||||||
|
|
|
|||||||||||||
| 34 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
| Corporate Obligations – (continued) | ||||||||||||||
| Insurance – 0.7% | ||||||||||||||
|
CNA Financial Corp. |
||||||||||||||
| $ | 40,000 | 3.950 | % | 05/15/24 | $ | 41,293 | ||||||||
|
Prudential Financial, Inc.(a) |
||||||||||||||
|
(3M USD LIBOR + 3.920%) |
||||||||||||||
| 30,000 | 5.625 | 06/15/43 | 30,797 | |||||||||||
|
Voya Financial, Inc.(a) |
||||||||||||||
|
(3M USD LIBOR + 3.580%) |
||||||||||||||
| 60,000 | 5.650 | 05/15/53 | 60,918 | |||||||||||
|
|
|
|||||||||||||
| 133,008 | ||||||||||||||
|
|
|
|||||||||||||
| Metals – 0.1% | ||||||||||||||
|
Nucor Corp. |
||||||||||||||
| 20,000 | 4.000 | 08/01/23 | 20,529 | |||||||||||
|
|
|
|||||||||||||
| REITs and Real Estate – 2.2% | ||||||||||||||
|
AvalonBay Communities, Inc., GMTN |
||||||||||||||
| 70,000 | 2.850 | 03/15/23 | 70,889 | |||||||||||
|
ERP Operating LP |
||||||||||||||
| 60,000 | 3.000 | 04/15/23 | 60,772 | |||||||||||
|
GLP Capital LP / GLP Financing II, Inc. |
||||||||||||||
| 38,000 | 5.375 | 04/15/26 | 40,515 | |||||||||||
|
Healthpeak Properties, Inc. |
||||||||||||||
| 50,000 | 3.250 | 07/15/26 | 51,674 | |||||||||||
|
Kimco Realty Corp. |
||||||||||||||
| 10,000 | 3.250 | 08/15/26 | 10,220 | |||||||||||
|
Public Storage |
||||||||||||||
| 40,000 | 1.500 | 11/09/26 | 38,679 | |||||||||||
|
Simon Property Group LP |
||||||||||||||
| 50,000 | 3.500 | 09/01/25 | 51,618 | |||||||||||
| 50,000 | 3.300 | 01/15/26 | 51,265 | |||||||||||
|
Welltower, Inc. |
||||||||||||||
| 50,000 | 4.000 | 06/01/25 | 52,344 | |||||||||||
|
|
|
|||||||||||||
| 427,976 | ||||||||||||||
|
|
|
|||||||||||||
| Revenue – 0.4% | ||||||||||||||
|
CommonSpirit Health |
||||||||||||||
| 70,000 | 4.200 | 08/01/23 | 72,385 | |||||||||||
|
|
|
|||||||||||||
| Software – 0.9% | ||||||||||||||
|
Oracle Corp. |
||||||||||||||
| 50,000 | 2.500 | 04/01/25 | 49,826 | |||||||||||
| 141,000 | 1.650 | 03/25/26 | 134,898 | |||||||||||
|
|
|
|||||||||||||
| 184,724 | ||||||||||||||
|
|
|
|||||||||||||
| Technology – 7.6% | ||||||||||||||
|
Alphabet, Inc. |
||||||||||||||
| 50,000 | 1.998 | 08/15/26 | 50,085 | |||||||||||
|
Apple, Inc. |
||||||||||||||
| 113,000 | 0.700 | 02/08/26 | 107,997 | |||||||||||
| 75,000 | 2.450 | 08/04/26 | 76,143 | |||||||||||
| 50,000 | 2.050 | 09/11/26 | 49,945 | |||||||||||
|
Broadcom Corp. / Broadcom Cayman Finance Ltd. |
||||||||||||||
| 100,000 | 2.650 | 01/15/23 | 100,863 | |||||||||||
|
Broadcom, Inc. |
||||||||||||||
| 50,000 | 4.700 | 04/15/25 | 53,129 | |||||||||||
|
Dell International LLC / EMC Corp. |
||||||||||||||
| 18,000 | 5.450 | 06/15/23 | 18,770 | |||||||||||
| 75,000 | 4.000 | 07/15/24 | 78,179 | |||||||||||
| 50,000 | 4.900 | 10/01/26 | 54,265 | |||||||||||
|
|
|
|||||||||||||
| Corporate Obligations – (continued) | ||||||||||||||
| Technology – (continued) | ||||||||||||||
|
Fiserv, Inc. |
||||||||||||||
| 40,000 | 3.800 | 10/01/23 | 41,179 | |||||||||||
| 57,000 | 3.850 | 06/01/25 | 59,304 | |||||||||||
| 75,000 | 3.200 | 07/01/26 | 76,798 | |||||||||||
|
Flex Ltd. |
||||||||||||||
| 90,000 | 5.000 | 02/15/23 | 92,291 | |||||||||||
|
Hewlett Packard Enterprise Co. |
||||||||||||||
| 75,000 | 4.900 | 10/15/25 | 80,502 | |||||||||||
|
HP, Inc. |
||||||||||||||
| 60,000 | 2.200 | 06/17/25 | 59,636 | |||||||||||
|
Intel Corp. |
||||||||||||||
| 75,000 | 3.400 | 03/25/25 | 77,751 | |||||||||||
|
Leidos, Inc. |
||||||||||||||
| 40,000 | 3.625 | 05/15/25 | 41,300 | |||||||||||
|
QUALCOMM, Inc. |
||||||||||||||
| 80,000 | 2.900 | 05/20/24 | 81,710 | |||||||||||
| 80,000 | 3.450 | 05/20/25 | 83,163 | |||||||||||
|
SYNNEX Corp.(b) |
||||||||||||||
| 50,000 | 1.250 | 08/09/24 | 48,596 | |||||||||||
| 40,000 | 1.750 | 08/09/26 | 37,985 | |||||||||||
|
VMware, Inc. |
||||||||||||||
| 90,000 | 1.000 | 08/15/24 | 87,435 | |||||||||||
| 20,000 | 1.400 | 08/15/26 | 18,993 | |||||||||||
|
|
|
|||||||||||||
| 1,476,019 | ||||||||||||||
|
|
|
|||||||||||||
| Transportation – 1.4% | ||||||||||||||
|
Ryder System, Inc., MTN |
||||||||||||||
| 65,000 | 3.400 | 03/01/23 | 66,056 | |||||||||||
|
Southwest Airlines Co. |
||||||||||||||
| 50,000 | 5.250 | 05/04/25 | 54,001 | |||||||||||
|
Union Pacific Corp. |
||||||||||||||
| 105,000 | 3.250 | 08/15/25 | 108,213 | |||||||||||
|
United Airlines Pass Through Trust, Class A, Series 20-1 |
||||||||||||||
| 43,754 | 5.875 | 10/15/27 | 46,160 | |||||||||||
|
|
|
|||||||||||||
| 274,430 | ||||||||||||||
|
|
|
|||||||||||||
| Wireless – 3.0% | ||||||||||||||
|
American Tower Corp. |
||||||||||||||
| 126,000 | 5.000 | 02/15/24 | 132,768 | |||||||||||
| 40,000 | 3.375 | 10/15/26 | 41,028 | |||||||||||
|
AT&T, Inc. |
||||||||||||||
| 50,000 | 3.400 | 05/15/25 | 51,778 | |||||||||||
| 132,000 | 1.700 | 03/25/26 | 128,563 | |||||||||||
|
Crown Castle International Corp. |
||||||||||||||
| 102,000 | 3.200 | 09/01/24 | 104,240 | |||||||||||
|
T-Mobile USA, Inc. |
||||||||||||||
| 75,000 | 1.500 | 02/15/26 | 71,981 | |||||||||||
|
Verizon Communications, Inc. |
||||||||||||||
| 50,000 | 1.450 | 03/20/26 | 48,335 | |||||||||||
|
|
|
|||||||||||||
| 578,693 | ||||||||||||||
|
|
|
|||||||||||||
| TOTAL CORPORATE OBLIGATIONS | ||||||||||||||
| (Cost $15,239,195) | $ | 14,797,142 | ||||||||||||
|
|
|
|||||||||||||
| The accompanying notes are an integral part of these financial statements. | 35 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
| Foreign Corporate Debt – 22.2% | ||||||||||||||
| Banks – 17.2% | ||||||||||||||
|
Banco Santander SA (Spain) |
||||||||||||||
| $ | 200,000 | 2.746 | % | 05/28/25 | $ | 200,120 | ||||||||
|
Bank of Montreal(a) (Canada) |
||||||||||||||
|
(5 Year USD Swap + 1.280%) |
||||||||||||||
| 35,000 | 4.338 | 10/05/28 | 36,094 | |||||||||||
|
Bank of Montreal, Series E (Canada) |
||||||||||||||
| 60,000 | 3.300 | 02/05/24 | 61,390 | |||||||||||
|
Bank of Nova Scotia (The) (Canada) |
||||||||||||||
| 50,000 | 1.050 | 03/02/26 | 47,173 | |||||||||||
| 100,000 | 2.700 | 08/03/26 | 100,922 | |||||||||||
|
Barclays PLC (United Kingdom) |
||||||||||||||
|
(3M USD LIBOR + 1.356%) |
||||||||||||||
| 240,000 | 4.338 | (a) | 05/16/24 | 246,953 | ||||||||||
|
(US 1 Year CMT T-Note + 1.050%) |
||||||||||||||
| 200,000 | 2.279 | (a) | 11/24/27 | 193,874 | ||||||||||
|
Canadian Imperial Bank of Commerce (Canada) |
||||||||||||||
| 100,000 | 1.250 | 06/22/26 | 94,707 | |||||||||||
|
Cooperatieve Rabobank UA, MTN (Netherlands) |
||||||||||||||
| 250,000 | 3.375 | 05/21/25 | 259,321 | |||||||||||
|
Deutsche Bank AG(a) (Germany) |
||||||||||||||
|
(SOFR + 2.581%) |
||||||||||||||
| 150,000 | 3.961 | 11/26/25 | 153,670 | |||||||||||
|
HSBC Holdings PLC (United Kingdom) |
||||||||||||||
| 225,000 | 4.300 | 03/08/26 | 237,698 | |||||||||||
|
Lloyds Banking Group PLC(a) (United Kingdom) |
||||||||||||||
|
(US 1 Year CMT T-Note + 1.000%) |
||||||||||||||
| 200,000 | 2.438 | 02/05/26 | 198,596 | |||||||||||
|
Mitsubishi UFJ Financial Group, Inc. (Japan) |
||||||||||||||
| 250,000 | 2.801 | 07/18/24 | 253,000 | |||||||||||
|
NatWest Group PLC (United Kingdom) |
||||||||||||||
| 158,000 | 6.000 | 12/19/23 | 167,712 | |||||||||||
|
Royal Bank of Canada, MTN (Canada) |
||||||||||||||
| 132,000 | 1.150 | 06/10/25 | 126,691 | |||||||||||
|
Santander UK Group Holdings PLC(a) (United Kingdom) |
||||||||||||||
|
(US 1 Year CMT T-Note + 1.250%) |
||||||||||||||
| 250,000 | 1.532 | 08/21/26 | 238,630 | |||||||||||
|
Sumitomo Mitsui Financial Group, Inc. (Japan) |
||||||||||||||
| 250,000 | 1.474 | 07/08/25 | 241,445 | |||||||||||
| 75,000 | 2.632 | 07/14/26 | 75,129 | |||||||||||
|
Toronto-Dominion Bank (The), MTN (Canada) |
||||||||||||||
| 90,000 | 0.750 | 01/06/26 | 84,813 | |||||||||||
| 100,000 | 1.250 | 09/10/26 | 94,703 | |||||||||||
|
Toronto-Dominion Bank (The), GMTN (Canada) |
||||||||||||||
| 90,000 | 3.250 | 03/11/24 | 92,416 | |||||||||||
|
Westpac Banking Corp. (Australia) |
||||||||||||||
| 143,000 | 1.150 | 06/03/26 | 137,297 | |||||||||||
|
|
|
|||||||||||||
| 3,342,354 | ||||||||||||||
|
|
|
|||||||||||||
| Brokerage – 0.1% | ||||||||||||||
|
Brookfield Finance, Inc. (Canada) |
||||||||||||||
| 25,000 | 4.000 | 04/01/24 | 25,866 | |||||||||||
|
|
|
|||||||||||||
| Consumer Cyclical – 1.0% | ||||||||||||||
|
Toyota Motor Corp. (Japan) |
||||||||||||||
| 96,000 | 3.419 | 07/20/23 | 98,461 | |||||||||||
| 100,000 | 1.339 | 03/25/26 | 96,691 | |||||||||||
|
|
|
|||||||||||||
| 195,152 | ||||||||||||||
|
|
|
|||||||||||||
| Foreign Corporate Debt – (continued) | ||||||||||||||
| Consumer Noncyclical – 1.4% | ||||||||||||||
|
BAT International Finance PLC (United Kingdom) |
||||||||||||||
| 100,000 | 1.668 | 03/25/26 | 94,799 | |||||||||||
|
Bayer US Finance II LLC(b) (Germany) |
||||||||||||||
| 75,000 | 3.375 | 07/15/24 | 76,410 | |||||||||||
|
GlaxoSmithKline Capital PLC (United Kingdom) |
||||||||||||||
| 90,000 | 3.000 | 06/01/24 | 92,047 | |||||||||||
|
|
|
|||||||||||||
| 263,256 | ||||||||||||||
|
|
|
|||||||||||||
| Energy – 1.2% | ||||||||||||||
|
Enbridge, Inc. (Canada) |
||||||||||||||
| 40,000 | 3.500 | 06/10/24 | 40,979 | |||||||||||
|
Equinor ASA (Norway) |
||||||||||||||
| 90,000 | 7.750 | 06/15/23 | 96,717 | |||||||||||
|
Shell International Finance BV (Netherlands) |
||||||||||||||
| 50,000 | 3.250 | 05/11/25 | 51,801 | |||||||||||
|
Suncor Energy, Inc. (Canada) |
||||||||||||||
| 30,000 | 3.100 | 05/15/25 | 30,670 | |||||||||||
|
|
|
|||||||||||||
| 220,167 | ||||||||||||||
|
|
|
|||||||||||||
| Financial Company – 0.7% | ||||||||||||||
| |
AerCap
Ireland Capital DAC / AerCap Global Aviation Trust |
| ||||||||||||
| 150,000 | 1.750 | 01/30/26 | 142,219 | |||||||||||
|
|
|
|||||||||||||
| Metals – 0.1% | ||||||||||||||
|
ArcelorMittal SA (Luxembourg) |
||||||||||||||
| 25,000 | 3.600 | 07/16/24 | 25,594 | |||||||||||
|
|
|
|||||||||||||
| Technology – 0.2% | ||||||||||||||
|
NXP BV / NXP Funding LLC(b) (China) |
||||||||||||||
| 30,000 | 4.875 | 03/01/24 | 31,484 | |||||||||||
|
|
|
|||||||||||||
| Wireless – 0.3% | ||||||||||||||
|
Vodafone Group PLC (United Kingdom) |
||||||||||||||
| 60,000 | 4.125 | 05/30/25 | 63,139 | |||||||||||
|
|
|
|||||||||||||
| TOTAL FOREIGN CORPORATE DEBT | ||||||||||||||
| (Cost $4,452,482) | $ | 4,309,231 | ||||||||||||
|
|
|
|||||||||||||
| Shares | Dividend Rate |
Value | ||||
| Investment Company – 0.5%(c) | ||||||
|
Goldman Sachs Financial Square Government Fund – Institutional Shares |
| |||||
| 104,765 | 0.026% | $ | 104,765 | |||
| (Cost $104,765) | ||||||
|
|
||||||
| TOTAL INVESTMENTS – 98.9% |
| |||||
| (Cost $19,796,442) | $ | 19,211,138 | ||||
|
|
||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES – 1.1% |
202,411 | |||||
|
|
||||||
| NET ASSETS – 100.0% | $ | 19,413,549 | ||||
|
|
||||||
| 36 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
|
(a) |
Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on February 28, 2022. | |
|
(b) |
Exempt from registration under Rule 144A of the Securities Act of 1933. | |
|
(c) |
Represents an affiliated issuer. | |
|
| ||
|
Investment Abbreviations: | ||
|
CMT |
—Constant Maturity Treasury Index | |
|
GMTN |
—Global Medium Term Note | |
|
LIBOR |
—London Interbank Offered Rate | |
|
LP |
—Limited Partnership | |
|
MTN |
—Medium Term Note | |
|
PLC |
—Public Limited Company | |
|
REIT |
—Real Estate Investment Trust | |
|
SOFR |
—Secured Overnight Financing Rate | |
|
| ||
| The accompanying notes are an integral part of these financial statements. | 37 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments
February 28, 2022 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
| Corporate Obligations – 80.2% | ||||||||||||||
| Aerospace & Defense – 2.4% | ||||||||||||||
|
Boeing Co. (The) |
||||||||||||||
| $ | 800,000 | 4.508 | % | 05/01/23 | $ | 822,102 | ||||||||
| 1,000,000 | 1.433 | 02/04/24 | 984,251 | |||||||||||
| 1,000,000 | 4.875 | 05/01/25 | 1,063,258 | |||||||||||
| 1,000,000 | 2.196 | 02/04/26 | 970,806 | |||||||||||
| 100,000 | 3.200 | 03/01/29 | 98,933 | |||||||||||
| 1,000,000 | 5.150 | 05/01/30 | 1,104,495 | |||||||||||
| 500,000 | 3.625 | 02/01/31 | 503,231 | |||||||||||
| 150,000 | 3.600 | 05/01/34 | 145,219 | |||||||||||
| 500,000 | 5.705 | 05/01/40 | 582,201 | |||||||||||
| 1,300,000 | 5.805 | 05/01/50 | 1,549,803 | |||||||||||
| 474,000 | 3.950 | 08/01/59 | 428,734 | |||||||||||
| 1,000,000 | 5.930 | 05/01/60 | 1,190,563 | |||||||||||
|
General Dynamics Corp. |
||||||||||||||
| 400,000 | 3.375 | 05/15/23 | 408,275 | |||||||||||
| 300,000 | 3.500 | 04/01/27 | 316,538 | |||||||||||
| 350,000 | 3.750 | 05/15/28 | 371,858 | |||||||||||
| 84,000 | 4.250 | 04/01/50 | 97,123 | |||||||||||
|
Northrop Grumman Corp. |
||||||||||||||
| 700,000 | 2.930 | 01/15/25 | 712,839 | |||||||||||
| 290,000 | 3.200 | 02/01/27 | 298,096 | |||||||||||
| 810,000 | 3.250 | 01/15/28 | 830,598 | |||||||||||
| 300,000 | 4.400 | 05/01/30 | 331,090 | |||||||||||
| 406,000 | 4.030 | 10/15/47 | 430,033 | |||||||||||
| 267,000 | 5.250 | 05/01/50 | 336,606 | |||||||||||
|
Raytheon Technologies Corp. |
||||||||||||||
| 1,100,000 | 3.950 | 08/16/25 | 1,158,497 | |||||||||||
| 100,000 | 3.125 | 05/04/27 | 103,098 | |||||||||||
| 300,000 | 4.125 | 11/16/28 | 324,576 | |||||||||||
| 243,000 | 4.450 | 11/16/38 | 269,115 | |||||||||||
| 500,000 | 4.500 | 06/01/42 | 560,186 | |||||||||||
| 100,000 | 4.150 | 05/15/45 | 106,419 | |||||||||||
| 296,000 | 3.750 | 11/01/46 | 300,311 | |||||||||||
| 304,000 | 4.350 | 04/15/47 | 336,655 | |||||||||||
| 292,000 | 4.625 | 11/16/48 | 337,395 | |||||||||||
| 592,000 | 3.125 | 07/01/50 | 545,996 | |||||||||||
| 260,000 | 2.820 | 09/01/51 | 224,408 | |||||||||||
|
|
|
|||||||||||||
| 17,843,308 | ||||||||||||||
|
|
|
|||||||||||||
| Agriculture – 0.1% | ||||||||||||||
|
Archer-Daniels-Midland Co. |
||||||||||||||
| 492,000 | 3.250 | 03/27/30 | 510,634 | |||||||||||
|
|
|
|||||||||||||
| Banks – 19.8% | ||||||||||||||
|
American Express Co. |
||||||||||||||
| 240,000 | 3.400 | 02/22/24 | 246,835 | |||||||||||
| 1,200,000 | 3.000 | 10/30/24 | 1,226,282 | |||||||||||
| 857,000 | 4.200 | 11/06/25 | 911,860 | |||||||||||
| 320,000 | 3.125 | 05/20/26 | 328,607 | |||||||||||
| 305,000 | 4.050 | 12/03/42 | 333,168 | |||||||||||
|
Bank of America Corp. |
||||||||||||||
| 100,000 | 4.100 | 07/24/23 | 103,261 | |||||||||||
|
(3M USD LIBOR + 0.780%) |
||||||||||||||
| 693,000 | 3.550 | (a) | 03/05/24 | 704,225 | ||||||||||
|
(3M USD LIBOR + 0.810%) |
||||||||||||||
| 824,000 | 3.366 | (a) | 01/23/26 | 839,854 | ||||||||||
|
|
|
|||||||||||||
| Corporate Obligations – (continued) | ||||||||||||||
| Banks – (continued) | ||||||||||||||
|
Bank of America Corp. – (continued) |
||||||||||||||
|
(SOFR + 0.960%) |
||||||||||||||
| 1,000,000 | 1.734 | %(a) | 07/22/27 | 953,133 | ||||||||||
|
(3M USD LIBOR + 1.512%) |
||||||||||||||
| 604,000 | 3.705 | (a) | 04/24/28 | 626,768 | ||||||||||
|
(3M USD LIBOR + 1.040%) |
||||||||||||||
| 1,398,000 | 3.419 | (a) | 12/20/28 | 1,429,561 | ||||||||||
|
(SOFR + 2.150%) |
||||||||||||||
| 1,000,000 | 2.592 | (a) | 04/29/31 | 960,364 | ||||||||||
|
(SOFR + 1.320%) |
||||||||||||||
| 1,300,000 | 2.687 | (a) | 04/22/32 | 1,252,601 | ||||||||||
|
(SOFR + 1.220%) |
||||||||||||||
| 290,000 | 2.299 | (a) | 07/21/32 | 268,934 | ||||||||||
|
(US 5 Year CMT T-Note + 1.200%) |
||||||||||||||
| 784,000 | 2.482 | (a) | 09/21/36 | 715,466 | ||||||||||
| 460,000 | 6.110 | 01/29/37 | 578,082 | |||||||||||
|
(3M USD LIBOR + 1.814%) |
||||||||||||||
| 990,000 | 4.244 | (a) | 04/24/38 | 1,079,592 | ||||||||||
| 370,000 | 7.750 | 05/14/38 | 536,413 | |||||||||||
|
(SOFR + 1.580%) |
||||||||||||||
| 700,000 | 3.311 | (a) | 04/22/42 | 669,750 | ||||||||||
|
(SOFR + 1.560%) |
||||||||||||||
| 900,000 | 2.972 | (a) | 07/21/52 | 802,561 | ||||||||||
|
Bank of America Corp., GMTN |
||||||||||||||
| 550,000 | 3.500 | 04/19/26 | 570,844 | |||||||||||
|
(3M USD LIBOR + 1.370%) |
||||||||||||||
| 540,000 | 3.593 | (a) | 07/21/28 | 557,094 | ||||||||||
|
Bank of America Corp., Series L |
||||||||||||||
| 275,000 | 3.950 | 04/21/25 | 284,899 | |||||||||||
| 408,000 | 4.183 | 11/25/27 | 428,406 | |||||||||||
|
Bank of America Corp., MTN |
||||||||||||||
| 740,000 | 4.000 | 04/01/24 | 767,801 | |||||||||||
|
(SOFR + 1.460%) |
||||||||||||||
| 119,000 | 1.486 | (a) | 05/19/24 | 118,250 | ||||||||||
|
(3M USD LIBOR + 0.940%) |
||||||||||||||
| 200,000 | 3.864 | (a) | 07/23/24 | 204,668 | ||||||||||
| 1,296,000 | 4.200 | 08/26/24 | 1,350,744 | |||||||||||
|
(SOFR + 0.740%) |
||||||||||||||
| 710,000 | 0.810 | (a) | 10/24/24 | 693,191 | ||||||||||
| 720,000 | 4.000 | 01/22/25 | 747,041 | |||||||||||
| 530,000 | 3.875 | 08/01/25 | 554,074 | |||||||||||
|
(3M USD LIBOR + 1.090%) |
||||||||||||||
| 850,000 | 3.093 | (a) | 10/01/25 | 859,429 | ||||||||||
|
(3M USD LIBOR + 0.870%) |
||||||||||||||
| 800,000 | 2.456 | (a) | 10/22/25 | 797,015 | ||||||||||
|
(3M USD LIBOR + 0.640%) |
||||||||||||||
| 70,000 | 2.015 | (a) | 02/13/26 | 68,799 | ||||||||||
| 200,000 | 4.450 | 03/03/26 | 212,564 | |||||||||||
|
(SOFR + 1.150%) |
||||||||||||||
| 70,000 | 1.319 | (a) | 06/19/26 | 66,840 | ||||||||||
| 558,000 | 4.250 | 10/22/26 | 591,759 | |||||||||||
|
(3M USD LIBOR + 1.060%) |
||||||||||||||
| 570,000 | 3.559 | (a) | 04/23/27 | 585,886 | ||||||||||
| 780,000 | 3.248 | 10/21/27 | 797,922 | |||||||||||
|
(3M USD LIBOR + 1.575%) |
||||||||||||||
| 482,000 | 3.824 | (a) | 01/20/28 | 502,320 | ||||||||||
|
|
|
|||||||||||||
| 38 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
| Corporate Obligations – (continued) | ||||||||||||||
| Banks – (continued) | ||||||||||||||
|
Bank of America Corp., MTN – (continued) |
||||||||||||||
|
(3M USD LIBOR + 1.070%) |
||||||||||||||
| $ | 150,000 | 3.970 | %(a) | 03/05/29 | $ | 156,802 | ||||||||
|
(3M USD LIBOR + 1.310%) |
||||||||||||||
| 1,030,000 | 4.271 | (a) | 07/23/29 | 1,099,153 | ||||||||||
|
(3M USD LIBOR + 1.210%) |
||||||||||||||
| 570,000 | 3.974 | (a) | 02/07/30 | 599,863 | ||||||||||
|
(3M USD LIBOR + 1.180%) |
||||||||||||||
| 300,000 | 3.194 | (a) | 07/23/30 | 301,122 | ||||||||||
|
(3M USD LIBOR + 1.190%) |
||||||||||||||
| 317,000 | 2.884 | (a) | 10/22/30 | 311,417 | ||||||||||
|
(3M USD LIBOR + 0.990%) |
||||||||||||||
| 425,000 | 2.496 | (a) | 02/13/31 | 404,913 | ||||||||||
|
(SOFR + 1.530%) |
||||||||||||||
| 750,000 | 1.898 | (a) | 07/23/31 | 680,134 | ||||||||||
|
(SOFR + 1.370%) |
||||||||||||||
| 500,000 | 1.922 | (a) | 10/24/31 | 454,217 | ||||||||||
|
(3M USD LIBOR + 1.320%) |
||||||||||||||
| 360,000 | 4.078 | (a) | 04/23/40 | 381,460 | ||||||||||
|
(SOFR + 1.930%) |
||||||||||||||
| 900,000 | 2.676 | (a) | 06/19/41 | 792,337 | ||||||||||
| 248,000 | 5.875 | 02/07/42 | 320,901 | |||||||||||
| 364,000 | 5.000 | 01/21/44 | 430,499 | |||||||||||
|
(3M USD LIBOR + 1.990%) |
||||||||||||||
| 470,000 | 4.443 | (a) | 01/20/48 | 528,600 | ||||||||||
|
(3M USD LIBOR + 1.520%) |
||||||||||||||
| 718,000 | 4.330 | (a) | 03/15/50 | 796,539 | ||||||||||
|
(3M USD LIBOR + 3.150%) |
||||||||||||||
| 990,000 | 4.083 | (a) | 03/20/51 | 1,063,595 | ||||||||||
|
Bank of America Corp.(a), Series N |
||||||||||||||
|
(SOFR + 1.220%) |
||||||||||||||
| 500,000 | 2.651 | 03/11/32 | 478,583 | |||||||||||
|
Bank of New York Mellon Corp. (The), MTN |
||||||||||||||
| 300,000 | 0.350 | 12/07/23 | 294,450 | |||||||||||
| 250,000 | 2.100 | 10/24/24 | 250,819 | |||||||||||
| 125,000 | 2.800 | 05/04/26 | 127,775 | |||||||||||
| 1,050,000 | 3.400 | 01/29/28 | 1,101,902 | |||||||||||
|
(3M USD LIBOR + 1.069%) |
||||||||||||||
| 750,000 | 3.442 | (a) | 02/07/28 | 783,744 | ||||||||||
| 400,000 | 3.850 | 04/28/28 | 429,137 | |||||||||||
| 500,000 | 3.300 | 08/23/29 | 515,630 | |||||||||||
|
Capital One Bank USA NA |
||||||||||||||
| 250,000 | 3.375 | 02/15/23 | 253,786 | |||||||||||
|
Capital One Financial Corp. |
||||||||||||||
| 180,000 | 2.600 | 05/11/23 | 181,850 | |||||||||||
| 255,000 | 3.900 | 01/29/24 | 263,231 | |||||||||||
| 339,000 | 3.300 | 10/30/24 | 347,421 | |||||||||||
| 605,000 | 3.200 | 02/05/25 | 618,287 | |||||||||||
| 50,000 | 4.250 | 04/30/25 | 52,602 | |||||||||||
| 300,000 | 4.200 | 10/29/25 | 314,515 | |||||||||||
| 510,000 | 3.750 | 07/28/26 | 527,060 | |||||||||||
| 650,000 | 3.750 | 03/09/27 | 678,518 | |||||||||||
| 100,000 | 3.650 | 05/11/27 | 103,815 | |||||||||||
| 100,000 | 3.800 | 01/31/28 | 104,195 | |||||||||||
|
(SOFR + 1.337%) |
||||||||||||||
| 300,000 | 2.359 | (a) | 07/29/32 | 269,119 | ||||||||||
|
|
|
|||||||||||||
| Corporate Obligations – (continued) | ||||||||||||||
| Banks – (continued) | ||||||||||||||
|
Charles Schwab Corp. (The) |
||||||||||||||
| 300,000 | 0.750 | % | 03/18/24 | 293,785 | ||||||||||
| 500,000 | 2.300 | 05/13/31 | 479,552 | |||||||||||
| 300,000 | 1.950 | 12/01/31 | 277,761 | |||||||||||
|
Citibank NA |
||||||||||||||
| 1,130,000 | 3.650 | 01/23/24 | 1,168,238 | |||||||||||
|
Citigroup, Inc. |
||||||||||||||
|
(3M USD LIBOR + 1.023%) |
||||||||||||||
| 644,000 | 4.044 | (a) | 06/01/24 | 661,099 | ||||||||||
| 440,000 | 4.000 | 08/05/24 | 456,005 | |||||||||||
| 785,000 | 3.875 | 03/26/25 | 811,719 | |||||||||||
| 340,000 | 3.300 | 04/27/25 | 347,108 | |||||||||||
| 270,000 | 4.400 | 06/10/25 | 283,240 | |||||||||||
| 799,000 | 5.500 | 09/13/25 | 872,551 | |||||||||||
| 225,000 | 3.700 | 01/12/26 | 235,344 | |||||||||||
| 390,000 | 4.600 | 03/09/26 | 416,855 | |||||||||||
|
(SOFR + 2.842%) |
||||||||||||||
| 990,000 | 3.106 | (a) | 04/08/26 | 1,004,282 | ||||||||||
| 800,000 | 3.400 | 05/01/26 | 822,888 | |||||||||||
| 880,000 | 3.200 | 10/21/26 | 897,504 | |||||||||||
| 586,000 | 4.300 | 11/20/26 | 623,917 | |||||||||||
| 817,000 | 4.450 | 09/29/27 | 871,235 | |||||||||||
| 240,000 | 4.125 | 07/25/28 | 251,980 | |||||||||||
|
(3M USD LIBOR + 1.192%) |
||||||||||||||
| 300,000 | 4.075 | (a) | 04/23/29 | 316,630 | ||||||||||
|
(3M USD LIBOR + 1.338%) |
||||||||||||||
| 575,000 | 3.980 | (a) | 03/20/30 | 605,699 | ||||||||||
|
(SOFR + 1.422%) |
||||||||||||||
| 1,160,000 | 2.976 | (a) | 11/05/30 | 1,146,617 | ||||||||||
|
(SOFR + 1.146%) |
||||||||||||||
| 500,000 | 2.666 | (a) | 01/29/31 | 481,985 | ||||||||||
|
(SOFR + 2.107%) |
||||||||||||||
| 1,150,000 | 2.572 | (a) | 06/03/31 | 1,099,276 | ||||||||||
|
(SOFR + 1.167%) |
||||||||||||||
| 500,000 | 2.561 | (a) | 05/01/32 | 474,423 | ||||||||||
| 240,000 | 6.625 | 06/15/32 | 301,699 | |||||||||||
| 360,000 | 8.125 | 07/15/39 | 559,079 | |||||||||||
| 480,000 | 6.675 | 09/13/43 | 663,352 | |||||||||||
| 150,000 | 5.300 | 05/06/44 | 176,784 | |||||||||||
| 371,000 | 4.650 | 07/30/45 | 423,337 | |||||||||||
| 790,000 | 4.750 | 05/18/46 | 882,080 | |||||||||||
|
(3M USD LIBOR + 1.839%) |
||||||||||||||
| 180,000 | 4.281 | (a) | 04/24/48 | 198,423 | ||||||||||
| 596,000 | 4.650 | 07/23/48 | 692,242 | |||||||||||
|
Discover Bank |
||||||||||||||
| 815,000 | 3.350 | 02/06/23 | 826,548 | |||||||||||
| 700,000 | 2.450 | 09/12/24 | 700,933 | |||||||||||
|
Discover Financial Services |
||||||||||||||
| 175,000 | 4.100 | 02/09/27 | 183,252 | |||||||||||
|
Fifth Third Bancorp |
||||||||||||||
| 900,000 | 3.650 | 01/25/24 | 926,331 | |||||||||||
| 650,000 | 2.550 | 05/05/27 | 650,684 | |||||||||||
| 190,000 | 8.250 | 03/01/38 | 288,220 | |||||||||||
|
Fifth Third Bank NA |
||||||||||||||
| 560,000 | 3.850 | 03/15/26 | 585,923 | |||||||||||
|
|
|
|||||||||||||
| The accompanying notes are an integral part of these financial statements. | 39 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
| Corporate Obligations – (continued) | ||||||||||||||
| Banks – (continued) | ||||||||||||||
|
Huntington Bancshares, Inc. |
||||||||||||||
| $ | 1,040,000 | 2.625 | % | 08/06/24 | $ | 1,049,308 | ||||||||
| 400,000 | 2.550 | 02/04/30 | 389,032 | |||||||||||
|
JPMorgan Chase & Co. |
||||||||||||||
| 160,000 | 3.375 | 05/01/23 | 162,981 | |||||||||||
| 650,000 | 2.700 | 05/18/23 | 657,396 | |||||||||||
| 150,000 | 3.875 | 02/01/24 | 155,702 | |||||||||||
| 340,000 | 3.625 | 05/13/24 | 351,099 | |||||||||||
|
(3M USD LIBOR + 0.890%) |
||||||||||||||
| 450,000 | 3.797 | (a) | 07/23/24 | 460,765 | ||||||||||
| 515,000 | 3.875 | 09/10/24 | 534,184 | |||||||||||
|
(3 Mo. U.S. T-Bill MMY + 0.600%) |
||||||||||||||
| 200,000 | 0.653 | (a) | 09/16/24 | 196,160 | ||||||||||
|
(3M USD LIBOR + 1.000%) |
||||||||||||||
| 550,000 | 4.023 | (a) | 12/05/24 | 567,657 | ||||||||||
| 620,000 | 3.125 | 01/23/25 | 632,983 | |||||||||||
|
(3M USD LIBOR + 1.155%) |
||||||||||||||
| 340,000 | 3.220 | (a) | 03/01/25 | 345,343 | ||||||||||
| 600,000 | 3.900 | 07/15/25 | 627,410 | |||||||||||
|
(SOFR + 1.160%) |
||||||||||||||
| 300,000 | 2.301 | (a) | 10/15/25 | 298,767 | ||||||||||
|
(3 Mo. U.S. T-Bill MMY + 1.585%) |
||||||||||||||
| 170,000 | 2.005 | (a) | 03/13/26 | 166,838 | ||||||||||
| 1,290,000 | 3.300 | 04/01/26 | 1,329,014 | |||||||||||
|
(SOFR + 1.850%) |
||||||||||||||
| 1,240,000 | 2.083 | (a) | 04/22/26 | 1,223,916 | ||||||||||
| 1,250,000 | 3.200 | 06/15/26 | 1,283,774 | |||||||||||
| 460,000 | 4.125 | 12/15/26 | 488,989 | |||||||||||
|
(3M USD LIBOR + 1.245%) |
||||||||||||||
| 300,000 | 3.960 | (a) | 01/29/27 | 313,771 | ||||||||||
|
(SOFR + 0.885%) |
||||||||||||||
| 600,000 | 1.578 | (a) | 04/22/27 | 574,176 | ||||||||||
| 463,000 | 4.250 | 10/01/27 | 495,588 | |||||||||||
| 264,000 | 3.625 | 12/01/27 | 273,418 | |||||||||||
|
(3M USD LIBOR + 1.337%) |
||||||||||||||
| 415,000 | 3.782 | (a) | 02/01/28 | 433,227 | ||||||||||
|
(3M USD LIBOR + 1.380%) |
||||||||||||||
| 1,650,000 | 3.540 | (a) | 05/01/28 | 1,705,966 | ||||||||||
|
(SOFR + 1.890%) |
||||||||||||||
| 550,000 | 2.182 | (a) | 06/01/28 | 533,101 | ||||||||||
|
(3M USD LIBOR + 0.945%) |
||||||||||||||
| 200,000 | 3.509 | (a) | 01/23/29 | 205,617 | ||||||||||
|
(3M USD LIBOR + 1.120%) |
||||||||||||||
| 518,000 | 4.005 | (a) | 04/23/29 | 548,118 | ||||||||||
|
(3M USD LIBOR + 1.330%) |
||||||||||||||
| 450,000 | 4.452 | (a) | 12/05/29 | 487,411 | ||||||||||
|
(3M USD LIBOR + 1.160%) |
||||||||||||||
| 1,136,000 | 3.702 | (a) | 05/06/30 | 1,182,903 | ||||||||||
|
(SOFR + 1.510%) |
||||||||||||||
| 840,000 | 2.739 | (a) | 10/15/30 | 821,764 | ||||||||||
|
(SOFR + 3.790%) |
||||||||||||||
| 400,000 | 4.493 | (a) | 03/24/31 | 440,183 | ||||||||||
|
(SOFR + 2.040%) |
||||||||||||||
| 500,000 | 2.522 | (a) | 04/22/31 | 481,195 | ||||||||||
|
(SOFR + 2.515%) |
||||||||||||||
| 600,000 | 2.956 | (a) | 05/13/31 | 583,913 | ||||||||||
|
|
|
|||||||||||||
| Corporate Obligations – (continued) | ||||||||||||||
| Banks – (continued) | ||||||||||||||
|
JPMorgan Chase & Co. – (continued) |
||||||||||||||
|
(3 Mo. U.S. T-Bill MMY + 1.105%) |
||||||||||||||
| 250,000 | 1.764 | %(a) | 11/19/31 | 225,264 | ||||||||||
|
(SOFR + 1.065%) |
||||||||||||||
| 600,000 | 1.953 | (a) | 02/04/32 | 546,404 | ||||||||||
|
(SOFR + 1.250%) |
||||||||||||||
| 950,000 | 2.580 | (a) | 04/22/32 | 914,663 | ||||||||||
|
(SOFR + 1.180%) |
||||||||||||||
| 500,000 | 2.545 | (a) | 11/08/32 | 477,111 | ||||||||||
|
(SOFR + 1.260%) |
||||||||||||||
| 600,000 | 2.963 | (a) | 01/25/33 | 593,751 | ||||||||||
| 650,000 | 6.400 | 05/15/38 | 873,607 | |||||||||||
|
(3M USD LIBOR + 1.360%) |
||||||||||||||
| 485,000 | 3.882 | (a) | 07/24/38 | 512,493 | ||||||||||
| 147,000 | 5.500 | 10/15/40 | 183,277 | |||||||||||
|
(SOFR + 2.460%) |
||||||||||||||
| 250,000 | 3.109 | (a) | 04/22/41 | 236,541 | ||||||||||
| 126,000 | 5.600 | 07/15/41 | 159,298 | |||||||||||
| 450,000 | 5.400 | 01/06/42 | 556,760 | |||||||||||
|
(SOFR + 1.460%) |
||||||||||||||
| 100,000 | 3.157 | (a) | 04/22/42 | 95,080 | ||||||||||
| 10,000 | 5.625 | 08/16/43 | 12,663 | |||||||||||
| 650,000 | 4.850 | 02/01/44 | 770,050 | |||||||||||
| 230,000 | 4.950 | 06/01/45 | 271,748 | |||||||||||
|
(3M USD LIBOR + 1.580%) |
||||||||||||||
| 910,000 | 4.260 | (a) | 02/22/48 | 999,586 | ||||||||||
|
(3M USD LIBOR + 1.460%) |
||||||||||||||
| 304,000 | 4.032 | (a) | 07/24/48 | 324,403 | ||||||||||
|
(3M USD LIBOR + 1.380%) |
||||||||||||||
| 1,130,000 | 3.964 | (a) | 11/15/48 | 1,193,802 | ||||||||||
|
(3M USD LIBOR + 1.220%) |
||||||||||||||
| 140,000 | 3.897 | (a) | 01/23/49 | 146,623 | ||||||||||
|
(SOFR + 2.440%) |
||||||||||||||
| 652,000 | 3.109 | (a) | 04/22/51 | 604,788 | ||||||||||
|
(SOFR + 1.580%) |
||||||||||||||
| 650,000 | 3.328 | (a) | 04/22/52 | 625,008 | ||||||||||
|
KeyCorp, MTN |
||||||||||||||
| 500,000 | 2.250 | 04/06/27 | 493,930 | |||||||||||
| 500,000 | 4.100 | 04/30/28 | 535,973 | |||||||||||
| 240,000 | 2.550 | 10/01/29 | 233,530 | |||||||||||
|
Morgan Stanley |
||||||||||||||
|
(3M USD LIBOR + 0.847%) |
||||||||||||||
| 1,210,000 | 3.737 | (a) | 04/24/24 | 1,233,373 | ||||||||||
| 1,290,000 | 5.000 | 11/24/25 | 1,387,254 | |||||||||||
|
(SOFR + 0.720%) |
||||||||||||||
| 500,000 | 0.985 | (a) | 12/10/26 | 469,078 | ||||||||||
| 360,000 | 3.625 | 01/20/27 | 375,054 | |||||||||||
| 586,000 | 3.950 | 04/23/27 | 615,485 | |||||||||||
|
(3M USD LIBOR + 1.340%) |
||||||||||||||
| 85,000 | 3.591 | (a) | 07/22/28 | 87,936 | ||||||||||
| 290,000 | 7.250 | 04/01/32 | 388,087 | |||||||||||
|
(3M USD LIBOR + 1.455%) |
||||||||||||||
| 100,000 | 3.971 | (a) | 07/22/38 | 105,804 | ||||||||||
|
(SOFR + 1.485%) |
||||||||||||||
| 290,000 | 3.217 | (a) | 04/22/42 | 276,870 | ||||||||||
| 758,000 | 6.375 | 07/24/42 | 1,032,830 | |||||||||||
| 660,000 | 4.300 | 01/27/45 | 717,145 | |||||||||||
| 670,000 | 4.375 | 01/22/47 | 743,721 | |||||||||||
|
|
|
|||||||||||||
| 40 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
| Corporate Obligations – (continued) | ||||||||||||||
| Banks – (continued) | ||||||||||||||
|
Morgan Stanley, Series F |
||||||||||||||
| $ | 1,055,000 | 3.875 | % | 04/29/24 | $ | 1,089,351 | ||||||||
|
Morgan Stanley, GMTN |
||||||||||||||
| 125,000 | 3.700 | 10/23/24 | 129,242 | |||||||||||
| 655,000 | 4.000 | 07/23/25 | 686,274 | |||||||||||
| 800,000 | 3.875 | 01/27/26 | 837,690 | |||||||||||
| 804,000 | 4.350 | 09/08/26 | 853,387 | |||||||||||
|
(3M USD LIBOR + 1.628%) |
||||||||||||||
| 990,000 | 4.431 | (a) | 01/23/30 | 1,066,494 | ||||||||||
|
(SOFR + 1.143%) |
||||||||||||||
| 2,160,000 | 2.699 | (a) | 01/22/31 | 2,098,499 | ||||||||||
|
(SOFR + 4.840%) |
||||||||||||||
| 685,000 | 5.597 | (a) | 03/24/51 | 915,458 | ||||||||||
|
Morgan Stanley(a), Series I |
||||||||||||||
|
(SOFR + 0.745%) |
||||||||||||||
| 850,000 | 0.864 | 10/21/25 | 815,490 | |||||||||||
|
Morgan Stanley, MTN |
||||||||||||||
| 1,144,000 | 4.100 | 05/22/23 | 1,174,588 | |||||||||||
|
(SOFR + 1.152%) |
||||||||||||||
| 500,000 | 2.720 | (a) | 07/22/25 | 502,593 | ||||||||||
| 1,140,000 | 3.125 | 07/27/26 | 1,159,047 | |||||||||||
|
(SOFR + 3.120%) |
||||||||||||||
| 380,000 | 3.622 | (a) | 04/01/31 | 393,584 | ||||||||||
|
(SOFR + 1.034%) |
||||||||||||||
| 201,000 | 1.794 | (a) | 02/13/32 | 179,595 | ||||||||||
|
(SOFR + 1.020%) |
||||||||||||||
| 175,000 | 1.928 | (a) | 04/28/32 | 157,644 | ||||||||||
|
(SOFR + 1.430%) |
||||||||||||||
| 500,000 | 2.802 | (a) | 01/25/52 | 435,718 | ||||||||||
|
PNC Bank NA |
||||||||||||||
| 250,000 | 3.500 | 06/08/23 | 255,683 | |||||||||||
| 860,000 | 3.100 | 10/25/27 | 890,012 | |||||||||||
| 260,000 | 2.700 | 10/22/29 | 256,288 | |||||||||||
|
PNC Financial Services Group, Inc. (The) |
||||||||||||||
| 100,000 | 3.900 | 04/29/24 | 103,838 | |||||||||||
| 900,000 | 2.600 | 07/23/26 | 912,604 | |||||||||||
| 290,000 | 3.150 | 05/19/27 | 300,657 | |||||||||||
| 100,000 | 3.450 | 04/23/29 | 104,986 | |||||||||||
| 410,000 | 2.550 | 01/22/30 | 402,662 | |||||||||||
|
(SOFR + 0.979%) |
||||||||||||||
| 500,000 | 2.307 | (a) | 04/23/32 | 478,888 | ||||||||||
|
Santander Holdings USA, Inc. |
||||||||||||||
| 70,000 | 3.400 | 01/18/23 | 71,002 | |||||||||||
| 1,500,000 | 3.500 | 06/07/24 | 1,529,620 | |||||||||||
| 600,000 | 3.450 | 06/02/25 | 614,069 | |||||||||||
|
State Street Corp. |
||||||||||||||
| 200,000 | 3.100 | 05/15/23 | 203,529 | |||||||||||
| 690,000 | 3.700 | 11/20/23 | 713,902 | |||||||||||
| 40,000 | 3.550 | 08/18/25 | 41,896 | |||||||||||
| 50,000 | 2.200 | 03/03/31 | 47,112 | |||||||||||
|
Synchrony Financial |
||||||||||||||
| 760,000 | 4.250 | 08/15/24 | 788,123 | |||||||||||
| 448,000 | 4.500 | 07/23/25 | 469,185 | |||||||||||
| 224,000 | 3.950 | 12/01/27 | 230,845 | |||||||||||
|
Truist Bank |
||||||||||||||
| 764,000 | 3.200 | 04/01/24 | 783,633 | |||||||||||
| 500,000 | 1.500 | 03/10/25 | 491,283 | |||||||||||
| 300,000 | 2.250 | 03/11/30 | 283,919 | |||||||||||
|
|
|
|||||||||||||
| Corporate Obligations – (continued) | ||||||||||||||
| Banks – (continued) | ||||||||||||||
|
Truist Financial Corp., MTN |
||||||||||||||
| 1,140,000 | 3.750 | 12/06/23 | 1,176,243 | |||||||||||
| 605,000 | 2.850 | 10/26/24 | 619,224 | |||||||||||
| 300,000 | 3.700 | 06/05/25 | 313,510 | |||||||||||
|
(SOFR + 0.609%) |
||||||||||||||
| 300,000 | 1.267 | (a) | 03/02/27 | 287,023 | ||||||||||
| 500,000 | 1.950 | 06/05/30 | 468,128 | |||||||||||
|
US Bancorp, MTN |
||||||||||||||
| 650,000 | 3.700 | 01/30/24 | 673,219 | |||||||||||
| 310,000 | 3.600 | 09/11/24 | 321,961 | |||||||||||
| 455,000 | 3.100 | 04/27/26 | 468,376 | |||||||||||
| 705,000 | 3.900 | 04/26/28 | 755,701 | |||||||||||
| 800,000 | 3.000 | 07/30/29 | 806,740 | |||||||||||
|
US Bancorp, Series V |
||||||||||||||
| 50,000 | 2.375 | 07/22/26 | 50,329 | |||||||||||
|
US Bancorp, Series X |
||||||||||||||
| 775,000 | 3.150 | 04/27/27 | 803,122 | |||||||||||
|
US Bank NA |
||||||||||||||
| 300,000 | 2.050 | 01/21/25 | 300,334 | |||||||||||
|
Wells Fargo & Co. |
||||||||||||||
| 220,000 | 4.125 | 08/15/23 | 226,969 | |||||||||||
| 350,000 | 3.000 | 04/22/26 | 355,085 | |||||||||||
|
(SOFR + 2.000%) |
||||||||||||||
| 600,000 | 2.188 | (a) | 04/30/26 | 591,954 | ||||||||||
| 1,300,000 | 3.000 | 10/23/26 | 1,318,021 | |||||||||||
|
(SOFR + 2.530%) |
||||||||||||||
| 1,545,000 | 3.068 | (a) | 04/30/41 | 1,437,632 | ||||||||||
| 500,000 | 5.375 | 11/02/43 | 597,887 | |||||||||||
| 92,000 | 3.900 | 05/01/45 | 95,468 | |||||||||||
|
Wells Fargo & Co., GMTN |
||||||||||||||
| 500,000 | 4.900 | 11/17/45 | 566,171 | |||||||||||
|
Wells Fargo & Co., MTN |
||||||||||||||
| 1,200,000 | 3.750 | 01/24/24 | 1,234,929 | |||||||||||
|
(SOFR + 1.600%) |
||||||||||||||
| 1,300,000 | 1.654 | (a) | 06/02/24 | 1,295,631 | ||||||||||
| 500,000 | 3.000 | 02/19/25 | 509,179 | |||||||||||
| 300,000 | 3.550 | 09/29/25 | 310,509 | |||||||||||
|
(SOFR + 1.087%) |
||||||||||||||
| 500,000 | 2.406 | (a) | 10/30/25 | 498,694 | ||||||||||
|
(3M USD LIBOR + 0.750%) |
||||||||||||||
| 700,000 | 2.164 | (a) | 02/11/26 | 689,718 | ||||||||||
|
(3M USD LIBOR + 1.310%) |
||||||||||||||
| 200,000 | 3.584 | (a) | 05/22/28 | 206,732 | ||||||||||
|
(SOFR + 2.100%) |
||||||||||||||
| 125,000 | 2.393 | (a) | 06/02/28 | 122,532 | ||||||||||
| 900,000 | 4.150 | 01/24/29 | 959,227 | |||||||||||
|
(SOFR + 1.432%) |
||||||||||||||
| 2,100,000 | 2.879 | (a) | 10/30/30 | 2,066,011 | ||||||||||
|
(SOFR + 1.262%) |
||||||||||||||
| 700,000 | 2.572 | (a) | 02/11/31 | 673,906 | ||||||||||
|
(SOFR + 4.032%) |
||||||||||||||
| 200,000 | 4.478 | (a) | 04/04/31 | 218,184 | ||||||||||
| 389,000 | 4.400 | 06/14/46 | 417,896 | |||||||||||
| 100,000 | 4.750 | 12/07/46 | 112,222 | |||||||||||
|
(SOFR + 4.502%) |
||||||||||||||
| 1,530,000 | 5.013 | (a) | 04/04/51 | 1,882,530 | ||||||||||
|
|
|
|||||||||||||
| The accompanying notes are an integral part of these financial statements. | 41 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
| Corporate Obligations – (continued) | ||||||||||||||
| Banks – (continued) | ||||||||||||||
|
Wells Fargo Bank NA |
||||||||||||||
| $ | 400,000 | 6.600 | % | 01/15/38 | $ | 542,188 | ||||||||
|
|
|
|||||||||||||
| 149,765,668 | ||||||||||||||
|
|
|
|||||||||||||
| Basic Industry – 0.9% | ||||||||||||||
|
Air Products and Chemicals, Inc. |
||||||||||||||
| 500,000 | 2.800 | 05/15/50 | 449,836 | |||||||||||
|
CF Industries, Inc. |
||||||||||||||
| 300,000 | 4.950 | 06/01/43 | 324,750 | |||||||||||
| 395,000 | 5.375 | 03/15/44 | 446,863 | |||||||||||
|
Dow Chemical Co. (The) |
||||||||||||||
| 500,000 | 7.375 | 11/01/29 | 647,060 | |||||||||||
| 200,000 | 4.375 | 11/15/42 | 213,997 | |||||||||||
| 150,000 | 5.550 | 11/30/48 | 188,198 | |||||||||||
| 200,000 | 3.600 | 11/15/50 | 190,687 | |||||||||||
|
DuPont de Nemours, Inc. |
||||||||||||||
| 390,000 | 4.205 | 11/15/23 | 403,850 | |||||||||||
| 670,000 | 4.493 | 11/15/25 | 714,386 | |||||||||||
| 330,000 | 5.319 | 11/15/38 | 393,200 | |||||||||||
| 584,000 | 5.419 | 11/15/48 | 734,622 | |||||||||||
|
LYB International Finance BV |
||||||||||||||
| 220,000 | 4.875 | 03/15/44 | 242,929 | |||||||||||
|
LYB International Finance III LLC |
||||||||||||||
| 688,000 | 4.200 | 10/15/49 | 698,114 | |||||||||||
|
LyondellBasell Industries NV |
||||||||||||||
| 200,000 | 4.625 | 02/26/55 | 211,026 | |||||||||||
|
Weyerhaeuser Co. |
||||||||||||||
| 487,000 | 7.375 | 03/15/32 | 659,365 | |||||||||||
|
|
|
|||||||||||||
| 6,518,883 | ||||||||||||||
|
|
|
|||||||||||||
| Broadcasting – 0.5% | ||||||||||||||
|
Discovery Communications LLC |
||||||||||||||
| 158,000 | 2.950 | 03/20/23 | 159,544 | |||||||||||
| 355,000 | 3.950 | 03/20/28 | 366,927 | |||||||||||
| 320,000 | 4.125 | 05/15/29 | 334,280 | |||||||||||
| 643,000 | 5.200 | 09/20/47 | 701,034 | |||||||||||
| 365,000 | 4.000 | 09/15/55 | 334,724 | |||||||||||
|
Fox Corp. |
||||||||||||||
| 990,000 | 4.030 | 01/25/24 | 1,026,752 | |||||||||||
| 690,000 | 4.709 | 01/25/29 | 753,525 | |||||||||||
| 280,000 | 5.476 | 01/25/39 | 326,342 | |||||||||||
|
|
|
|||||||||||||
| 4,003,128 | ||||||||||||||
|
|
|
|||||||||||||
| Brokerage – 0.2% | ||||||||||||||
|
Intercontinental Exchange, Inc. |
||||||||||||||
| 40,000 | 0.700 | 06/15/23 | 39,554 | |||||||||||
| 750,000 | 1.850 | 09/15/32 | 670,039 | |||||||||||
| 200,000 | 3.000 | 06/15/50 | 178,058 | |||||||||||
| 700,000 | 3.000 | 09/15/60 | 595,947 | |||||||||||
|
Jefferies Group LLC / Jefferies Group Capital Finance, Inc. |
||||||||||||||
| 125,000 | 4.150 | 01/23/30 | 132,136 | |||||||||||
|
|
|
|||||||||||||
| 1,615,734 | ||||||||||||||
|
|
|
|||||||||||||
| Building Materials – 0.1% | ||||||||||||||
|
Stanley Black & Decker, Inc. |
||||||||||||||
| 300,000 | 2.750 | 11/15/50 | 256,821 | |||||||||||
|
|
|
|||||||||||||
| Corporate Obligations – (continued) | ||||||||||||||
| Building Materials – (continued) | ||||||||||||||
|
Stanley Black & Decker, Inc. – (continued) |
||||||||||||||
|
(US 5 Year CMT T-Note + 2.657%) |
||||||||||||||
| 467,000 | 4.000 | %(a) | 03/15/60 | 457,415 | ||||||||||
|
|
|
|||||||||||||
| 714,236 | ||||||||||||||
|
|
|
|||||||||||||
| Capital Goods – 1.7% | ||||||||||||||
|
3M Co. |
||||||||||||||
| 140,000 | 2.000 | 02/14/25 | 139,680 | |||||||||||
| 350,000 | 2.875 | 10/15/27 | 359,555 | |||||||||||
| 394,000 | 3.250 | 08/26/49 | 374,882 | |||||||||||
|
3M Co., MTN |
||||||||||||||
| 310,000 | 4.000 | 09/14/48 | 333,768 | |||||||||||
|
Berry Global, Inc. |
||||||||||||||
| 270,000 | 0.950 | 02/15/24 | 262,821 | |||||||||||
| 100,000 | 1.570 | 01/15/26 | 95,250 | |||||||||||
|
Carrier Global Corp. |
||||||||||||||
| 40,000 | 2.493 | 02/15/27 | 39,980 | |||||||||||
| 1,080,000 | 2.722 | 02/15/30 | 1,052,124 | |||||||||||
| 450,000 | 2.700 | 02/15/31 | 436,338 | |||||||||||
| 571,000 | 3.377 | 04/05/40 | 538,917 | |||||||||||
| 250,000 | 3.577 | 04/05/50 | 239,025 | |||||||||||
|
Caterpillar Financial Services Corp. |
||||||||||||||
| 350,000 | 0.650 | 07/07/23 | 346,711 | |||||||||||
|
Caterpillar, Inc. |
||||||||||||||
| 380,000 | 3.400 | 05/15/24 | 391,957 | |||||||||||
| 40,000 | 2.600 | 04/09/30 | 39,991 | |||||||||||
| 80,000 | 5.200 | 05/27/41 | 100,447 | |||||||||||
| 580,000 | 3.803 | 08/15/42 | 615,948 | |||||||||||
| 900,000 | 3.250 | 09/19/49 | 887,451 | |||||||||||
|
Deere & Co. |
||||||||||||||
| 620,000 | 3.900 | 06/09/42 | 675,787 | |||||||||||
|
General Electric Co., MTN |
||||||||||||||
| 135,000 | 6.750 | 03/15/32 | 174,144 | |||||||||||
|
Honeywell International, Inc. |
||||||||||||||
| 300,000 | 2.300 | 08/15/24 | 303,116 | |||||||||||
| 865,000 | 2.500 | 11/01/26 | 875,429 | |||||||||||
| 250,000 | 2.700 | 08/15/29 | 251,785 | |||||||||||
|
Illinois Tool Works, Inc. |
||||||||||||||
| 1,215,000 | 2.650 | 11/15/26 | 1,237,436 | |||||||||||
| 290,000 | 3.900 | 09/01/42 | 309,358 | |||||||||||
|
John Deere Capital Corp., MTN |
||||||||||||||
| 190,000 | 2.800 | 03/06/23 | 192,669 | |||||||||||
|
Otis Worldwide Corp. |
||||||||||||||
| 500,000 | 2.565 | 02/15/30 | 483,106 | |||||||||||
|
Republic Services, Inc. |
||||||||||||||
| 420,000 | 3.950 | 05/15/28 | 446,895 | |||||||||||
|
Westinghouse Air Brake Technologies Corp. |
||||||||||||||
| 800,000 | 3.450 | 11/15/26 | 816,970 | |||||||||||
| 700,000 | 4.950 | 09/15/28 | 762,320 | |||||||||||
|
|
|
|||||||||||||
| 12,783,860 | ||||||||||||||
|
|
|
|||||||||||||
| Communications – 4.9% | ||||||||||||||
| |
Charter
Communications Operating LLC / Charter |
| ||||||||||||
| 1,110,000 | 4.908 | 07/23/25 | 1,178,530 | |||||||||||
| 525,000 | 3.750 | 02/15/28 | 537,824 | |||||||||||
| 940,000 | 4.200 | 03/15/28 | 985,144 | |||||||||||
| 250,000 | 5.050 | 03/30/29 | 273,220 | |||||||||||
|
|
|
|||||||||||||
| 42 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
| Corporate Obligations – (continued) | ||||||||||||||
| Communications – (continued) | ||||||||||||||
| |
Charter
Communications Operating LLC / Charter |
| ||||||||||||
| $ | 593,000 | 6.384 | % | 10/23/35 | $ | 707,456 | ||||||||
| 130,000 | 5.375 | 04/01/38 | 138,107 | |||||||||||
| 884,000 | 6.484 | 10/23/45 | 1,059,207 | |||||||||||
| 534,000 | 5.375 | 05/01/47 | 566,271 | |||||||||||
| 495,000 | 5.750 | 04/01/48 | 549,455 | |||||||||||
| 625,000 | 5.125 | 07/01/49 | 638,286 | |||||||||||
| 350,000 | 4.800 | 03/01/50 | 344,006 | |||||||||||
| 320,000 | 3.700 | 04/01/51 | 270,753 | |||||||||||
| 40,000 | 3.900 | 06/01/52 | 34,794 | |||||||||||
| 500,000 | 3.850 | 04/01/61 | 416,355 | |||||||||||
| 254,000 | 4.400 | 12/01/61 | 229,304 | |||||||||||
| 282,000 | 3.950 | 06/30/62 | 235,670 | |||||||||||
| |
Charter
Communications Operating LLC / Charter |
| ||||||||||||
| 298,000 | 4.500 | 02/01/24 | 309,957 | |||||||||||
|
Comcast Corp. |
||||||||||||||
| 1,236,000 | 3.700 | 04/15/24 | 1,281,802 | |||||||||||
| 240,000 | 3.375 | 02/15/25 | 248,001 | |||||||||||
| 92,000 | 3.375 | 08/15/25 | 95,238 | |||||||||||
| 184,000 | 3.150 | 03/01/26 | 189,979 | |||||||||||
| 92,000 | 3.300 | 02/01/27 | 95,581 | |||||||||||
| 105,000 | 3.150 | 02/15/28 | 107,934 | |||||||||||
| 92,000 | 3.550 | 05/01/28 | 96,570 | |||||||||||
| 874,000 | 4.150 | 10/15/28 | 947,225 | |||||||||||
| 100,000 | 2.650 | 02/01/30 | 98,735 | |||||||||||
| 500,000 | 3.400 | 04/01/30 | 520,454 | |||||||||||
| 890,000 | 4.250 | 10/15/30 | 980,130 | |||||||||||
| 400,000 | 1.950 | 01/15/31 | 372,873 | |||||||||||
| 595,000 | 4.250 | 01/15/33 | 656,605 | |||||||||||
| 240,000 | 7.050 | 03/15/33 | 323,936 | |||||||||||
| 360,000 | 4.200 | 08/15/34 | 395,463 | |||||||||||
| 430,000 | 3.200 | 07/15/36 | 426,068 | |||||||||||
| 130,000 | 3.900 | 03/01/38 | 136,904 | |||||||||||
| 594,000 | 4.600 | 10/15/38 | 671,276 | |||||||||||
| 531,000 | 3.250 | 11/01/39 | 512,722 | |||||||||||
| 92,000 | 3.750 | 04/01/40 | 94,847 | |||||||||||
| 403,000 | 3.400 | 07/15/46 | 387,080 | |||||||||||
| 276,000 | 4.000 | 08/15/47 | 289,077 | |||||||||||
| 480,000 | 3.969 | 11/01/47 | 498,662 | |||||||||||
| 420,000 | 4.000 | 03/01/48 | 438,667 | |||||||||||
| 816,000 | 4.700 | 10/15/48 | 938,769 | |||||||||||
| 475,000 | 3.999 | 11/01/49 | 493,502 | |||||||||||
| 300,000 | 2.800 | 01/15/51 | 258,167 | |||||||||||
| 400,000 | 2.887 | (b) | 11/01/51 | 346,704 | ||||||||||
| 184,000 | 2.450 | 08/15/52 | 149,147 | |||||||||||
| 513,000 | 4.049 | 11/01/52 | 541,633 | |||||||||||
| 450,000 | 2.937 | (b) | 11/01/56 | 380,712 | ||||||||||
| 521,000 | 4.950 | 10/15/58 | 639,128 | |||||||||||
| 400,000 | 2.987 | (b) | 11/01/63 | 333,905 | ||||||||||
|
Netflix, Inc. |
||||||||||||||
| 400,000 | 5.875 | 02/15/25 | 433,750 | |||||||||||
| 75,000 | 4.375 | 11/15/26 | 78,984 | |||||||||||
| 75,000 | 6.375 | 05/15/29 | 87,141 | |||||||||||
|
|
|
|||||||||||||
| Corporate Obligations – (continued) | ||||||||||||||
| Communications – (continued) | ||||||||||||||
|
Omnicom Group, Inc. |
||||||||||||||
| 125,000 | 2.600 | 08/01/31 | 120,315 | |||||||||||
|
Omnicom Group, Inc. / Omnicom Capital, Inc. |
||||||||||||||
| 532,000 | 3.650 | 11/01/24 | 550,671 | |||||||||||
| 350,000 | 3.600 | 04/15/26 | 364,935 | |||||||||||
|
Paramount Global |
||||||||||||||
| 300,000 | 7.875 | 07/30/30 | 394,417 | |||||||||||
| 860,000 | 4.950 | 01/15/31 | 949,623 | |||||||||||
| 740,000 | 4.200 | 05/19/32 | 774,151 | |||||||||||
| 150,000 | 6.875 | 04/30/36 | 189,563 | |||||||||||
| 100,000 | 5.850 | 09/01/43 | 120,108 | |||||||||||
| 200,000 | 4.950 | 05/19/50 | 218,672 | |||||||||||
|
Time Warner Cable LLC |
||||||||||||||
| 70,000 | 6.550 | 05/01/37 | 84,525 | |||||||||||
| 498,000 | 7.300 | 07/01/38 | 626,025 | |||||||||||
| 592,000 | 6.750 | 06/15/39 | 718,534 | |||||||||||
| 180,000 | 5.875 | 11/15/40 | 201,377 | |||||||||||
| 511,000 | 5.500 | 09/01/41 | 544,816 | |||||||||||
|
Time Warner Entertainment Co. LP |
||||||||||||||
| 1,005,000 | 8.375 | 03/15/23 | 1,071,094 | |||||||||||
| 442,000 | 8.375 | 07/15/33 | 599,045 | |||||||||||
|
TWDC Enterprises 18 Corp., GMTN |
||||||||||||||
| 190,000 | 4.125 | 06/01/44 | 204,989 | |||||||||||
|
TWDC Enterprises 18 Corp., MTN |
||||||||||||||
| 705,000 | 1.850 | 07/30/26 | 692,727 | |||||||||||
| 290,000 | 2.950 | 06/15/27 | 296,839 | |||||||||||
|
Walt Disney Co. (The) |
||||||||||||||
| 680,000 | 1.750 | 08/30/24 | 677,201 | |||||||||||
| 440,000 | 2.200 | 01/13/28 | 431,528 | |||||||||||
| 800,000 | 2.000 | 09/01/29 | 763,112 | |||||||||||
| 498,000 | 3.800 | 03/22/30 | 534,289 | |||||||||||
| 1,200,000 | 2.650 | 01/13/31 | 1,187,389 | |||||||||||
| 75,000 | 6.400 | 12/15/35 | 100,646 | |||||||||||
| 420,000 | 4.625 | 03/23/40 | 480,467 | |||||||||||
| 270,000 | 4.700 | 03/23/50 | 319,951 | |||||||||||
| 975,000 | 3.800 | 05/13/60 | 1,008,393 | |||||||||||
|
|
|
|||||||||||||
| 37,247,112 | ||||||||||||||
|
|
|
|||||||||||||
| Consumer Cyclical – 7.4% | ||||||||||||||
|
Amazon.com, Inc. |
||||||||||||||
| 800,000 | 0.450 | 05/12/24 | 780,220 | |||||||||||
| 230,000 | 2.800 | 08/22/24 | 235,382 | |||||||||||
| 228,000 | 3.800 | 12/05/24 | 238,849 | |||||||||||
| 100,000 | 0.800 | 06/03/25 | 96,516 | |||||||||||
| 18,000 | 5.200 | 12/03/25 | 19,842 | |||||||||||
| 200,000 | 1.200 | 06/03/27 | 190,192 | |||||||||||
| 30,000 | 3.150 | 08/22/27 | 31,382 | |||||||||||
| 575,000 | 1.500 | 06/03/30 | 532,746 | |||||||||||
| 420,000 | 4.800 | 12/05/34 | 505,415 | |||||||||||
| 1,075,000 | 3.875 | 08/22/37 | 1,181,990 | |||||||||||
| 400,000 | 2.875 | 05/12/41 | 381,467 | |||||||||||
| 494,000 | 4.950 | 12/05/44 | 616,685 | |||||||||||
| 1,145,000 | 4.050 | 08/22/47 | 1,286,350 | |||||||||||
| 444,000 | 2.500 | 06/03/50 | 383,310 | |||||||||||
| 520,000 | 3.100 | 05/12/51 | 501,621 | |||||||||||
| 530,000 | 4.250 | 08/22/57 | 615,375 | |||||||||||
| 300,000 | 2.700 | 06/03/60 | 257,173 | |||||||||||
| 400,000 | 3.250 | 05/12/61 | 384,341 | |||||||||||
|
|
|
|||||||||||||
| The accompanying notes are an integral part of these financial statements. | 43 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
| Corporate Obligations – (continued) | ||||||||||||||
| Consumer Cyclical – (continued) | ||||||||||||||
|
American Honda Finance Corp., MTN |
||||||||||||||
| $ | 470,000 | 0.875 | % | 07/07/23 | $ | 465,515 | ||||||||
| 990,000 | 0.650 | 09/08/23 | 975,405 | |||||||||||
| 450,000 | 2.150 | 09/10/24 | 450,911 | |||||||||||
| 40,000 | 1.200 | 07/08/25 | 38,598 | |||||||||||
|
Costco Wholesale Corp. |
||||||||||||||
| 400,000 | 3.000 | 05/18/27 | 413,958 | |||||||||||
| 200,000 | 1.375 | 06/20/27 | 191,663 | |||||||||||
| 940,000 | 1.750 | 04/20/32 | 865,104 | |||||||||||
|
Dollar Tree, Inc. |
||||||||||||||
| 665,000 | 4.000 | 05/15/25 | 692,220 | |||||||||||
| 290,000 | 4.200 | 05/15/28 | 309,823 | |||||||||||
|
eBay, Inc. |
||||||||||||||
| 50,000 | 3.450 | 08/01/24 | 51,355 | |||||||||||
| 220,000 | 3.600 | 06/05/27 | 230,676 | |||||||||||
| 248,000 | 2.700 | 03/11/30 | 240,453 | |||||||||||
| 100,000 | 4.000 | 07/15/42 | 100,897 | |||||||||||
|
Expedia Group, Inc. |
||||||||||||||
| 150,000 | 2.950 | 03/15/31 | 143,825 | |||||||||||
|
General Motors Co. |
||||||||||||||
| 600,000 | 4.875 | 10/02/23 | 626,301 | |||||||||||
| 100,000 | 5.400 | 10/02/23 | 105,204 | |||||||||||
| 907,000 | 5.000 | 10/01/28 | 988,917 | |||||||||||
| 548,000 | 6.600 | 04/01/36 | 681,045 | |||||||||||
| 180,000 | 6.250 | 10/02/43 | 218,849 | |||||||||||
| 95,000 | 6.750 | 04/01/46 | 121,563 | |||||||||||
| 314,000 | 5.400 | 04/01/48 | 352,289 | |||||||||||
| 200,000 | 5.950 | 04/01/49 | 239,377 | |||||||||||
|
General Motors Financial Co., Inc. |
||||||||||||||
| 200,000 | 3.700 | 05/09/23 | 203,655 | |||||||||||
| 410,000 | 5.100 | 01/17/24 | 430,252 | |||||||||||
| 1,000,000 | 1.050 | 03/08/24 | 976,567 | |||||||||||
| 1,450,000 | 3.950 | 04/13/24 | 1,494,060 | |||||||||||
| 850,000 | 4.000 | 01/15/25 | 881,686 | |||||||||||
| 790,000 | 5.250 | 03/01/26 | 854,767 | |||||||||||
| 900,000 | 2.350 | 01/08/31 | 819,839 | |||||||||||
|
Global Payments, Inc. |
||||||||||||||
| 661,000 | 3.200 | 08/15/29 | 655,109 | |||||||||||
| 400,000 | 2.900 | 11/15/31 | 380,514 | |||||||||||
|
Home Depot, Inc. (The) |
||||||||||||||
| 300,000 | 3.350 | 09/15/25 | 312,255 | |||||||||||
| 300,000 | 3.000 | 04/01/26 | 311,085 | |||||||||||
| 600,000 | 3.900 | 12/06/28 | 647,107 | |||||||||||
| 600,000 | 2.950 | 06/15/29 | 612,707 | |||||||||||
| 400,000 | 1.375 | 03/15/31 | 358,505 | |||||||||||
| 400,000 | 1.875 | 09/15/31 | 372,208 | |||||||||||
| 700,000 | 5.875 | 12/16/36 | 922,496 | |||||||||||
| 300,000 | 4.250 | 04/01/46 | 334,418 | |||||||||||
| 300,000 | 4.500 | 12/06/48 | 348,468 | |||||||||||
| 300,000 | 3.125 | 12/15/49 | 282,816 | |||||||||||
| 300,000 | 3.350 | 04/15/50 | 294,233 | |||||||||||
| 600,000 | 2.375 | 03/15/51 | 493,455 | |||||||||||
| 300,000 | 3.500 | 09/15/56 | 299,443 | |||||||||||
|
Lowe’s Cos., Inc. |
||||||||||||||
| 300,000 | 3.375 | 09/15/25 | 311,086 | |||||||||||
| 300,000 | 3.650 | 04/05/29 | 314,171 | |||||||||||
|
|
|
|||||||||||||
| Corporate Obligations – (continued) | ||||||||||||||
| Consumer Cyclical – (continued) | ||||||||||||||
|
Lowe’s Cos., Inc. – (continued) |
||||||||||||||
| 500,000 | 4.500 | 04/15/30 | 552,804 | |||||||||||
| 1,500,000 | 1.700 | 10/15/30 | 1,350,643 | |||||||||||
| 600,000 | 4.050 | 05/03/47 | 616,586 | |||||||||||
|
Marriott International, Inc., Series FF |
||||||||||||||
| 500,000 | 4.625 | 06/15/30 | 540,411 | |||||||||||
|
Marriott International, Inc., Series GG |
||||||||||||||
| 300,000 | 3.500 | 10/15/32 | 298,922 | |||||||||||
|
Marriott International, Inc., Series R |
||||||||||||||
| 200,000 | 3.125 | 06/15/26 | 203,249 | |||||||||||
|
Mastercard, Inc. |
||||||||||||||
| 210,000 | 2.000 | 03/03/25 | 210,436 | |||||||||||
| 543,000 | 2.950 | 11/21/26 | 563,461 | |||||||||||
| 200,000 | 3.300 | 03/26/27 | 210,263 | |||||||||||
| 300,000 | 2.950 | 06/01/29 | 308,565 | |||||||||||
| 880,000 | 3.350 | 03/26/30 | 922,387 | |||||||||||
| 162,000 | 3.650 | 06/01/49 | 170,816 | |||||||||||
| 300,000 | 3.850 | 03/26/50 | 326,882 | |||||||||||
|
McDonald’s Corp., MTN |
||||||||||||||
| 336,000 | 3.350 | 04/01/23 | 342,025 | |||||||||||
| 370,000 | 3.700 | 01/30/26 | 388,546 | |||||||||||
| 690,000 | 3.500 | 03/01/27 | 723,030 | |||||||||||
| 350,000 | 3.800 | 04/01/28 | 372,044 | |||||||||||
| 100,000 | 2.625 | 09/01/29 | 98,424 | |||||||||||
| 282,000 | 2.125 | 03/01/30 | 267,342 | |||||||||||
| 150,000 | 3.600 | 07/01/30 | 157,653 | |||||||||||
| 859,000 | 4.700 | 12/09/35 | 975,189 | |||||||||||
| 320,000 | 4.875 | 12/09/45 | 366,398 | |||||||||||
| 296,000 | 4.450 | 09/01/48 | 324,261 | |||||||||||
| 122,000 | 4.200 | 04/01/50 | 130,715 | |||||||||||
|
NIKE, Inc. |
||||||||||||||
| 200,000 | 2.400 | 03/27/25 | 202,509 | |||||||||||
| 280,000 | 2.375 | 11/01/26 | 283,163 | |||||||||||
| 300,000 | 2.850 | 03/27/30 | 304,596 | |||||||||||
| 250,000 | 3.250 | 03/27/40 | 249,909 | |||||||||||
| 140,000 | 3.875 | 11/01/45 | 151,360 | |||||||||||
| 414,000 | 3.375 | 03/27/50 | 420,969 | |||||||||||
|
Starbucks Corp. |
||||||||||||||
| 100,000 | 3.850 | 10/01/23 | 102,876 | |||||||||||
| 100,000 | 4.000 | 11/15/28 | 107,019 | |||||||||||
| 600,000 | 3.550 | 08/15/29 | 622,988 | |||||||||||
| 500,000 | 4.450 | 08/15/49 | 538,904 | |||||||||||
|
Target Corp. |
||||||||||||||
| 450,000 | 3.500 | 07/01/24 | 468,152 | |||||||||||
| 265,000 | 2.350 | 02/15/30 | 261,102 | |||||||||||
| 629,000 | 4.000 | 07/01/42 | 699,202 | |||||||||||
|
Toyota Motor Credit Corp., GMTN |
||||||||||||||
| 460,000 | 3.450 | 09/20/23 | 472,670 | |||||||||||
|
Toyota Motor Credit Corp., MTN |
||||||||||||||
| 660,000 | 0.500 | 08/14/23 | 649,903 | |||||||||||
| 50,000 | 1.800 | 02/13/25 | 49,623 | |||||||||||
| 955,000 | 2.150 | 02/13/30 | 918,951 | |||||||||||
| 1,082,000 | 3.375 | 04/01/30 | 1,131,414 | |||||||||||
|
Visa, Inc. |
||||||||||||||
| 1,200,000 | 3.150 | 12/14/25 | 1,244,235 | |||||||||||
| 290,000 | 2.750 | 09/15/27 | 297,714 | |||||||||||
|
|
|
|||||||||||||
| 44 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
| Corporate Obligations – (continued) | ||||||||||||||
| Consumer Cyclical – (continued) | ||||||||||||||
|
Visa, Inc. – (continued) |
||||||||||||||
| $ | 209,000 | 2.050 | % | 04/15/30 | $ | 202,425 | ||||||||
| 870,000 | 4.150 | 12/14/35 | 976,051 | |||||||||||
| 300,000 | 2.700 | 04/15/40 | 282,189 | |||||||||||
| 889,000 | 4.300 | 12/14/45 | 1,031,409 | |||||||||||
| 40,000 | 3.650 | 09/15/47 | 42,568 | |||||||||||
|
Walmart, Inc. |
||||||||||||||
| 207,000 | 2.550 | 04/11/23 | 209,464 | |||||||||||
| 510,000 | 3.400 | 06/26/23 | 522,686 | |||||||||||
| 1,276,000 | 3.700 | 06/26/28 | 1,375,903 | |||||||||||
| 680,000 | 5.250 | 09/01/35 | 859,116 | |||||||||||
| 395,000 | 6.500 | 08/15/37 | 569,194 | |||||||||||
| 672,000 | 4.050 | 06/29/48 | 770,486 | |||||||||||
|
|
|
|||||||||||||
| 56,093,508 | ||||||||||||||
|
|
|
|||||||||||||
| Consumer Noncyclical – 7.2% | ||||||||||||||
|
Abbott Laboratories |
||||||||||||||
| 334,000 | 3.400 | 11/30/23 | 343,496 | |||||||||||
| 415,000 | 2.950 | 03/15/25 | 424,826 | |||||||||||
| 124,000 | 3.750 | 11/30/26 | 132,285 | |||||||||||
| 156,000 | 4.750 | 11/30/36 | 185,687 | |||||||||||
| 540,000 | 4.900 | 11/30/46 | 665,565 | |||||||||||
|
AbbVie, Inc. |
||||||||||||||
| 1,500,000 | 2.600 | 11/21/24 | 1,514,048 | |||||||||||
| 1,500,000 | 3.800 | 03/15/25 | 1,574,582 | |||||||||||
| 2,000,000 | 3.600 | 05/14/25 | 2,070,225 | |||||||||||
| 500,000 | 3.200 | 05/14/26 | 513,772 | |||||||||||
| 125,000 | 3.200 | 11/21/29 | 126,108 | |||||||||||
| 125,000 | 4.550 | 03/15/35 | 143,059 | |||||||||||
| 1,200,000 | 4.050 | 11/21/39 | 1,263,427 | |||||||||||
| 300,000 | 4.850 | 06/15/44 | 354,047 | |||||||||||
| 250,000 | 4.750 | 03/15/45 | 287,483 | |||||||||||
| 500,000 | 4.700 | 05/14/45 | 554,920 | |||||||||||
| 900,000 | 4.450 | 05/14/46 | 974,061 | |||||||||||
| 400,000 | 4.875 | 11/14/48 | 460,391 | |||||||||||
| 1,050,000 | 4.250 | 11/21/49 | 1,119,229 | |||||||||||
|
Altria Group, Inc. |
||||||||||||||
| 250,000 | 4.000 | 01/31/24 | 258,629 | |||||||||||
| 800,000 | 2.350 | 05/06/25 | 797,744 | |||||||||||
| 800,000 | 4.800 | 02/14/29 | 866,155 | |||||||||||
| 70,000 | 2.450 | 02/04/32 | 62,438 | |||||||||||
| 100,000 | 5.800 | 02/14/39 | 109,748 | |||||||||||
| 500,000 | 3.400 | 02/04/41 | 413,018 | |||||||||||
| 100,000 | 4.250 | 08/09/42 | 91,486 | |||||||||||
| 310,000 | 5.375 | 01/31/44 | 323,052 | |||||||||||
| 614,000 | 3.875 | 09/16/46 | 525,526 | |||||||||||
| 520,000 | 5.950 | 02/14/49 | 581,044 | |||||||||||
| 70,000 | 3.700 | 02/04/51 | 56,978 | |||||||||||
| 150,000 | 4.000 | 02/04/61 | 125,068 | |||||||||||
|
Amgen, Inc. |
||||||||||||||
| 500,000 | 3.375 | 02/21/50 | 460,799 | |||||||||||
| 900,000 | 4.663 | 06/15/51 | 1,006,634 | |||||||||||
|
Baxter International, Inc.(b) |
||||||||||||||
| 350,000 | 2.539 | 02/01/32 | 336,044 | |||||||||||
|
Becton Dickinson and Co. |
||||||||||||||
| 182,000 | 3.363 | 06/06/24 | 186,805 | |||||||||||
| 326,000 | 3.734 | 12/15/24 | 336,531 | |||||||||||
|
|
|
|||||||||||||
| Corporate Obligations – (continued) | ||||||||||||||
| Consumer Noncyclical – (continued) | ||||||||||||||
|
Becton Dickinson and Co. – (continued) |
||||||||||||||
| 350,000 | 3.700 | 06/06/27 | 367,735 | |||||||||||
| 200,000 | 2.823 | 05/20/30 | 196,813 | |||||||||||
| 300,000 | 4.685 | 12/15/44 | 334,894 | |||||||||||
| 420,000 | 4.669 | 06/06/47 | 470,198 | |||||||||||
|
Boston Scientific Corp. |
||||||||||||||
| 700,000 | 3.750 | 03/01/26 | 731,796 | |||||||||||
| 500,000 | 2.650 | 06/01/30 | 485,700 | |||||||||||
| 210,000 | 4.550 | 03/01/39 | 231,041 | |||||||||||
| 90,000 | 4.700 | 03/01/49 | 102,611 | |||||||||||
|
Bristol-Myers Squibb Co. |
||||||||||||||
| 600,000 | 4.550 | 02/20/48 | 704,455 | |||||||||||
| 1,000,000 | 4.250 | 10/26/49 | 1,128,774 | |||||||||||
| 600,000 | 2.550 | 11/13/50 | 505,732 | |||||||||||
|
Eli Lilly & Co. |
||||||||||||||
| 190,000 | 3.950 | 03/15/49 | 214,263 | |||||||||||
| 300,000 | 2.250 | 05/15/50 | 249,056 | |||||||||||
| 92,000 | 2.500 | 09/15/60 | 76,169 | |||||||||||
|
Gilead Sciences, Inc. |
||||||||||||||
| 1,000,000 | 3.500 | 02/01/25 | 1,034,098 | |||||||||||
| 300,000 | 4.800 | 04/01/44 | 341,821 | |||||||||||
| 600,000 | 4.500 | 02/01/45 | 654,106 | |||||||||||
| 500,000 | 4.750 | 03/01/46 | 566,714 | |||||||||||
| 300,000 | 4.150 | 03/01/47 | 314,956 | |||||||||||
| 400,000 | 2.800 | 10/01/50 | 337,402 | |||||||||||
|
Johnson & Johnson |
||||||||||||||
| 148,200 | 2.625 | 01/15/25 | 150,775 | |||||||||||
| 40,000 | 0.550 | 09/01/25 | 38,065 | |||||||||||
| 166,000 | 2.450 | 03/01/26 | 168,711 | |||||||||||
| 115,000 | 2.950 | 03/03/27 | 119,348 | |||||||||||
| 300,000 | 0.950 | 09/01/27 | 281,958 | |||||||||||
| 360,000 | 4.375 | 12/05/33 | 417,823 | |||||||||||
| 1,093,000 | 3.550 | 03/01/36 | 1,177,383 | |||||||||||
| 540,000 | 3.625 | 03/03/37 | 581,006 | |||||||||||
| 250,000 | 5.950 | 08/15/37 | 335,642 | |||||||||||
| 245,000 | 3.400 | 01/15/38 | 253,887 | |||||||||||
| 46,000 | 2.100 | 09/01/40 | 39,547 | |||||||||||
| 158,000 | 3.700 | 03/01/46 | 170,123 | |||||||||||
| 795,000 | 3.750 | 03/03/47 | 867,555 | |||||||||||
| 125,000 | 2.450 | 09/01/60 | 104,376 | |||||||||||
|
Medtronic, Inc. |
||||||||||||||
| 300,000 | 4.375 | 03/15/35 | 343,969 | |||||||||||
| 800,000 | 4.625 | 03/15/45 | 938,157 | |||||||||||
|
Merck & Co., Inc. |
||||||||||||||
| 500,000 | 2.750 | 02/10/25 | 510,935 | |||||||||||
| 400,000 | 0.750 | 02/24/26 | 381,067 | |||||||||||
| 600,000 | 3.400 | 03/07/29 | 630,888 | |||||||||||
| 500,000 | 2.150 | 12/10/31 | 478,749 | |||||||||||
| 250,000 | 4.150 | 05/18/43 | 277,404 | |||||||||||
| 900,000 | 3.700 | 02/10/45 | 936,212 | |||||||||||
| 300,000 | 4.000 | 03/07/49 | 330,820 | |||||||||||
|
Mylan, Inc. |
||||||||||||||
| 480,000 | 4.550 | 04/15/28 | 512,810 | |||||||||||
| 240,000 | 5.200 | 04/15/48 | 261,961 | |||||||||||
|
Pfizer, Inc. |
||||||||||||||
| 40,000 | 3.000 | 06/15/23 | 41,127 | |||||||||||
| 675,000 | 3.200 | 09/15/23 | 691,201 | |||||||||||
|
|
|
|||||||||||||
| The accompanying notes are an integral part of these financial statements. | 45 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
| Corporate Obligations – (continued) | ||||||||||||||
| Consumer Noncyclical – (continued) | ||||||||||||||
|
Pfizer, Inc. – (continued) |
||||||||||||||
| $ | 100,000 | 2.950 | % | 03/15/24 | $ | 102,400 | ||||||||
| 92,000 | 0.800 | 05/28/25 | 88,689 | |||||||||||
| 300,000 | 3.450 | 03/15/29 | 316,089 | |||||||||||
| 1,500,000 | 2.625 | 04/01/30 | 1,504,348 | |||||||||||
| 400,000 | 3.900 | 03/15/39 | 435,545 | |||||||||||
| 100,000 | 7.200 | 03/15/39 | 149,581 | |||||||||||
| 260,000 | 2.550 | 05/28/40 | 237,810 | |||||||||||
| 100,000 | 4.300 | 06/15/43 | 112,717 | |||||||||||
| 280,000 | 4.400 | 05/15/44 | 323,036 | |||||||||||
| 300,000 | 4.125 | 12/15/46 | 337,972 | |||||||||||
| 100,000 | 4.200 | 09/15/48 | 114,571 | |||||||||||
| 100,000 | 4.000 | 03/15/49 | 110,883 | |||||||||||
| 730,000 | 2.700 | 05/28/50 | 658,376 | |||||||||||
|
Philip Morris International, Inc. |
||||||||||||||
| 50,000 | 3.250 | 11/10/24 | 51,503 | |||||||||||
| 375,000 | 3.375 | 08/11/25 | 387,660 | |||||||||||
| 525,000 | 2.750 | 02/25/26 | 532,200 | |||||||||||
| 390,000 | 6.375 | 05/16/38 | 503,559 | |||||||||||
| 200,000 | 4.375 | 11/15/41 | 207,720 | |||||||||||
| 110,000 | 3.875 | 08/21/42 | 107,674 | |||||||||||
| 615,000 | 4.125 | 03/04/43 | 615,045 | |||||||||||
| 150,000 | 4.875 | 11/15/43 | 165,561 | |||||||||||
| 145,000 | 4.250 | 11/10/44 | 149,934 | |||||||||||
|
Regeneron Pharmaceuticals, Inc. |
||||||||||||||
| 484,000 | 2.800 | 09/15/50 | 401,833 | |||||||||||
|
Shire Acquisitions Investments Ireland DAC |
||||||||||||||
| 1,050,000 | 2.875 | 09/23/23 | 1,063,871 | |||||||||||
| 800,000 | 3.200 | 09/23/26 | 817,625 | |||||||||||
|
Thermo Fisher Scientific, Inc. |
||||||||||||||
| 416,000 | 4.100 | 08/15/47 | 462,564 | |||||||||||
|
Utah Acquisition Sub, Inc. |
||||||||||||||
| 1,150,000 | 3.950 | 06/15/26 | 1,189,107 | |||||||||||
|
Viatris, Inc. |
||||||||||||||
| 480,000 | 4.000 | 06/22/50 | 429,971 | |||||||||||
|
Walgreens Boots Alliance, Inc. |
||||||||||||||
| 474,000 | 3.800 | 11/18/24 | 491,332 | |||||||||||
| 450,000 | 3.450 | 06/01/26 | 466,680 | |||||||||||
| 550,000 | 4.800 | 11/18/44 | 596,998 | |||||||||||
|
Wyeth LLC |
||||||||||||||
| 578,000 | 6.500 | 02/01/34 | 766,942 | |||||||||||
| 100,000 | 5.950 | 04/01/37 | 131,362 | |||||||||||
|
Zoetis, Inc. |
||||||||||||||
| 214,000 | 3.000 | 09/12/27 | 217,914 | |||||||||||
| 790,000 | 4.700 | 02/01/43 | 905,417 | |||||||||||
|
|
|
|||||||||||||
| 54,489,232 | ||||||||||||||
|
|
|
|||||||||||||
| Consumer Products – 0.1% | ||||||||||||||
|
Procter & Gamble Co. (The) |
||||||||||||||
| 400,000 | 1.900 | 02/01/27 | 399,531 | |||||||||||
|
|
|
|||||||||||||
| Electric – 1.9% | ||||||||||||||
|
Berkshire Hathaway Energy Co. |
||||||||||||||
| 600,000 | 6.125 | 04/01/36 | 766,000 | |||||||||||
|
Consolidated Edison Co. of New York, Inc. |
||||||||||||||
| 150,000 | 4.625 | 12/01/54 | 166,305 | |||||||||||
| 500,000 | 3.600 | 06/15/61 | 469,931 | |||||||||||
|
|
|
|||||||||||||
| Corporate Obligations – (continued) | ||||||||||||||
| Electric – (continued) | ||||||||||||||
|
Consolidated Edison Co. of New York, Inc., Series 20B |
||||||||||||||
| 450,000 | 3.950 | 04/01/50 | 461,561 | |||||||||||
|
Constellation Energy Generation LLC |
||||||||||||||
| 200,000 | 3.250 | 06/01/25 | 204,325 | |||||||||||
| 210,000 | 6.250 | 10/01/39 | 244,811 | |||||||||||
| 120,000 | 5.600 | 06/15/42 | 131,791 | |||||||||||
|
Duke Energy Carolinas LLC |
||||||||||||||
| 275,000 | 3.200 | 08/15/49 | 258,190 | |||||||||||
|
Duke Energy Corp. |
||||||||||||||
| 500,000 | 3.750 | 04/15/24 | 514,738 | |||||||||||
| 390,000 | 2.650 | 09/01/26 | 390,600 | |||||||||||
| 100,000 | 2.450 | 06/01/30 | 94,900 | |||||||||||
| 552,000 | 3.750 | 09/01/46 | 529,594 | |||||||||||
| 400,000 | 3.500 | 06/15/51 | 369,865 | |||||||||||
|
Exelon Corp. |
||||||||||||||
| 92,000 | 4.050 | 04/15/30 | 97,842 | |||||||||||
| 392,000 | 4.700 | 04/15/50 | 446,401 | |||||||||||
|
Florida Power & Light Co. |
||||||||||||||
| 300,000 | 3.150 | 10/01/49 | 287,288 | |||||||||||
|
Georgia Power Co., Series A |
||||||||||||||
| 436,000 | 3.250 | 03/15/51 | 389,288 | |||||||||||
|
NextEra Energy Capital Holdings, Inc. |
||||||||||||||
| 500,000 | 2.250 | 06/01/30 | 464,178 | |||||||||||
| 500,000 | 2.440 | 01/15/32 | 467,771 | |||||||||||
|
NiSource, Inc. |
||||||||||||||
| 100,000 | 0.950 | 08/15/25 | 94,609 | |||||||||||
| 192,000 | 3.600 | 05/01/30 | 194,891 | |||||||||||
| 500,000 | 1.700 | 02/15/31 | 438,433 | |||||||||||
| 290,000 | 4.375 | 05/15/47 | 304,951 | |||||||||||
| 100,000 | 3.950 | 03/30/48 | 98,083 | |||||||||||
|
Pacific Gas and Electric Co. |
||||||||||||||
| 50,000 | 3.450 | 07/01/25 | 50,316 | |||||||||||
| 600,000 | 2.100 | 08/01/27 | 556,782 | |||||||||||
| 650,000 | 3.300 | 12/01/27 | 639,600 | |||||||||||
| 70,000 | 3.750 | 07/01/28 | 69,930 | |||||||||||
| 600,000 | 4.550 | 07/01/30 | 614,956 | |||||||||||
| 900,000 | 3.300 | 08/01/40 | 751,487 | |||||||||||
| 200,000 | 3.950 | 12/01/47 | 173,886 | |||||||||||
| 400,000 | 3.500 | 08/01/50 | 327,747 | |||||||||||
|
Southern California Edison Co. |
||||||||||||||
| 500,000 | 4.000 | 04/01/47 | 492,399 | |||||||||||
| 200,000 | 3.650 | 02/01/50 | 188,744 | |||||||||||
|
Southern California Edison Co., Series C |
||||||||||||||
| 200,000 | 4.125 | 03/01/48 | 201,101 | |||||||||||
|
Southern Co. (The) |
||||||||||||||
| 240,000 | 2.950 | 07/01/23 | 242,866 | |||||||||||
| 1,050,000 | 3.250 | 07/01/26 | 1,075,323 | |||||||||||
| 430,000 | 4.400 | 07/01/46 | 450,190 | |||||||||||
|
Virginia Electric and Power Co. |
||||||||||||||
| 500,000 | 2.450 | 12/15/50 | 407,674 | |||||||||||
|
|
|
|||||||||||||
| 14,129,347 | ||||||||||||||
|
|
|
|||||||||||||
| Energy – 6.5% | ||||||||||||||
|
Baker Hughes Holdings LLC |
||||||||||||||
| 50,000 | 5.125 | 09/15/40 | 57,259 | |||||||||||
|
|
|
|||||||||||||
| 46 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
| Corporate Obligations – (continued) | ||||||||||||||
| Energy – (continued) | ||||||||||||||
|
Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc. |
||||||||||||||
| $ | 330,000 | 3.337 | % | 12/15/27 | $ | 340,505 | ||||||||
| 200,000 | 4.080 | 12/15/47 | 202,614 | |||||||||||
|
BP Capital Markets America, Inc. |
||||||||||||||
| 700,000 | 2.721 | 01/12/32 | 670,758 | |||||||||||
|
Cheniere Corpus Christi Holdings LLC |
||||||||||||||
| 500,000 | 7.000 | 06/30/24 | 540,937 | |||||||||||
| 535,000 | 5.875 | 03/31/25 | 577,466 | |||||||||||
| 1,274,000 | 5.125 | 06/30/27 | 1,386,908 | |||||||||||
|
Chevron Corp. |
||||||||||||||
| 100,000 | 2.566 | 05/16/23 | 101,252 | |||||||||||
| 1,000,000 | 3.191 | 06/24/23 | 1,019,575 | |||||||||||
| 400,000 | 1.554 | 05/11/25 | 393,823 | |||||||||||
| 425,000 | 1.995 | 05/11/27 | 418,943 | |||||||||||
| 500,000 | 2.236 | 05/11/30 | 486,032 | |||||||||||
| 400,000 | 3.078 | 05/11/50 | 383,754 | |||||||||||
|
ConocoPhillips |
||||||||||||||
| 425,000 | 4.300 | (b) | 08/15/28 | 467,899 | ||||||||||
| 600,000 | 6.500 | 02/01/39 | 835,241 | |||||||||||
|
ConocoPhillips Co. |
||||||||||||||
| 500,000 | 4.950 | 03/15/26 | 547,466 | |||||||||||
| 100,000 | 6.950 | 04/15/29 | 128,222 | |||||||||||
| 300,000 | 4.300 | 11/15/44 | 330,403 | |||||||||||
|
Devon Energy Corp. |
||||||||||||||
| 100,000 | 5.600 | 07/15/41 | 116,750 | |||||||||||
| 205,000 | 4.750 | 05/15/42 | 220,631 | |||||||||||
| 100,000 | 5.000 | 06/15/45 | 111,750 | |||||||||||
|
Diamondback Energy, Inc. |
||||||||||||||
| 125,000 | 3.250 | 12/01/26 | 127,344 | |||||||||||
| 100,000 | 3.500 | 12/01/29 | 100,982 | |||||||||||
|
Energy Transfer LP |
||||||||||||||
| 100,000 | 4.250 | 03/15/23 | 101,789 | |||||||||||
| 100,000 | 4.500 | 04/15/24 | 104,227 | |||||||||||
| 600,000 | 4.050 | 03/15/25 | 618,813 | |||||||||||
| 740,000 | 2.900 | 05/15/25 | 743,878 | |||||||||||
| 200,000 | 4.750 | 01/15/26 | 212,103 | |||||||||||
| 200,000 | 5.500 | 06/01/27 | 221,090 | |||||||||||
| 100,000 | 4.000 | 10/01/27 | 103,048 | |||||||||||
| 250,000 | 4.950 | 06/15/28 | 269,869 | |||||||||||
| 151,000 | 5.250 | 04/15/29 | 165,682 | |||||||||||
| 100,000 | 3.750 | 05/15/30 | 100,672 | |||||||||||
| 100,000 | 6.500 | 02/01/42 | 117,250 | |||||||||||
| 201,000 | 5.300 | 04/15/47 | 208,507 | |||||||||||
| 828,000 | 5.400 | 10/01/47 | 877,677 | |||||||||||
| 412,000 | 6.000 | 06/15/48 | 461,481 | |||||||||||
| 201,000 | 6.250 | 04/15/49 | 234,402 | |||||||||||
| 400,000 | 5.000 | 05/15/50 | 414,570 | |||||||||||
|
Enterprise Products Operating LLC |
||||||||||||||
| 492,000 | 3.350 | 03/15/23 | 498,445 | |||||||||||
| 157,000 | 3.900 | 02/15/24 | 162,458 | |||||||||||
| 207,000 | 3.750 | 02/15/25 | 214,952 | |||||||||||
| 478,000 | 3.125 | 07/31/29 | 483,494 | |||||||||||
| 150,000 | 5.950 | 02/01/41 | 182,819 | |||||||||||
| 207,000 | 4.850 | 08/15/42 | 224,662 | |||||||||||
| 250,000 | 4.450 | 02/15/43 | 256,952 | |||||||||||
| 304,000 | 4.850 | 03/15/44 | 331,643 | |||||||||||
|
|
|
|||||||||||||
| Corporate Obligations – (continued) | ||||||||||||||
| Energy – (continued) | ||||||||||||||
|
Enterprise Products Operating LLC – (continued) |
||||||||||||||
| 710,000 | 5.100 | 02/15/45 | 796,155 | |||||||||||
| 250,000 | 4.900 | 05/15/46 | 276,128 | |||||||||||
| 414,000 | 4.800 | 02/01/49 | 453,138 | |||||||||||
| 368,000 | 4.200 | 01/31/50 | 370,677 | |||||||||||
| 128,000 | 3.950 | 01/31/60 | 119,726 | |||||||||||
|
Enterprise Products Operating LLC(a), Series E |
||||||||||||||
|
(3M USD LIBOR + 3.033%) |
||||||||||||||
| 164,000 | 5.250 | 08/16/77 | 156,210 | |||||||||||
|
EOG Resources, Inc. |
||||||||||||||
| 690,000 | 4.375 | 04/15/30 | 762,778 | |||||||||||
| 340,000 | 4.950 | 04/15/50 | 415,223 | |||||||||||
|
Exxon Mobil Corp. |
||||||||||||||
| 200,000 | 2.726 | 03/01/23 | 202,394 | |||||||||||
| 800,000 | 1.571 | 04/15/23 | 802,609 | |||||||||||
| 600,000 | 2.019 | 08/16/24 | 602,002 | |||||||||||
| 1,000,000 | 2.992 | 03/19/25 | 1,027,101 | |||||||||||
| 500,000 | 3.043 | 03/01/26 | 517,120 | |||||||||||
| 100,000 | 3.294 | 03/19/27 | 104,915 | |||||||||||
| 700,000 | 3.482 | 03/19/30 | 737,753 | |||||||||||
| 600,000 | 3.567 | 03/06/45 | 604,291 | |||||||||||
| 100,000 | 4.114 | 03/01/46 | 109,371 | |||||||||||
| 600,000 | 3.095 | 08/16/49 | 560,634 | |||||||||||
| 820,000 | 4.327 | 03/19/50 | 922,395 | |||||||||||
| 100,000 | 3.452 | 04/15/51 | 98,760 | |||||||||||
|
Halliburton Co. |
||||||||||||||
| 350,000 | 2.920 | 03/01/30 | 344,484 | |||||||||||
| 1,320,000 | 4.850 | 11/15/35 | 1,478,400 | |||||||||||
| 250,000 | 7.450 | 09/15/39 | 340,937 | |||||||||||
| 200,000 | 5.000 | 11/15/45 | 222,000 | |||||||||||
|
Hess Corp. |
||||||||||||||
| 290,000 | 4.300 | 04/01/27 | 306,782 | |||||||||||
| 148,000 | 6.000 | 01/15/40 | 176,860 | |||||||||||
| 273,000 | 5.600 | 02/15/41 | 315,656 | |||||||||||
|
Kinder Morgan Energy Partners LP |
||||||||||||||
| 600,000 | 5.500 | 03/01/44 | 671,472 | |||||||||||
|
Kinder Morgan, Inc. |
||||||||||||||
| 800,000 | 5.300 | 12/01/34 | 895,192 | |||||||||||
| 60,000 | 5.550 | 06/01/45 | 68,818 | |||||||||||
| 500,000 | 5.050 | 02/15/46 | 541,130 | |||||||||||
| 100,000 | 3.600 | 02/15/51 | 88,805 | |||||||||||
|
Kinder Morgan, Inc., GMTN |
||||||||||||||
| 300,000 | 7.750 | 01/15/32 | 398,494 | |||||||||||
|
Marathon Petroleum Corp. |
||||||||||||||
| 1,400,000 | 4.700 | 05/01/25 | 1,487,500 | |||||||||||
| 100,000 | 6.500 | 03/01/41 | 126,875 | |||||||||||
| 100,000 | 4.750 | 09/15/44 | 106,250 | |||||||||||
|
MPLX LP |
||||||||||||||
| 750,000 | 4.500 | 07/15/23 | 770,110 | |||||||||||
| 200,000 | 4.125 | 03/01/27 | 210,567 | |||||||||||
| 100,000 | 4.800 | 02/15/29 | 109,095 | |||||||||||
| 1,440,000 | 2.650 | 08/15/30 | 1,359,000 | |||||||||||
| 350,000 | 4.500 | 04/15/38 | 361,076 | |||||||||||
| 249,000 | 5.200 | 03/01/47 | 271,756 | |||||||||||
| 200,000 | 5.500 | 02/15/49 | 227,585 | |||||||||||
|
|
|
|||||||||||||
| The accompanying notes are an integral part of these financial statements. | 47 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
| Corporate Obligations – (continued) | ||||||||||||||
| Energy – (continued) | ||||||||||||||
|
ONEOK, Inc. |
||||||||||||||
| $ | 280,000 | 4.550 | % | 07/15/28 | $ | 295,845 | ||||||||
| 718,000 | 3.100 | 03/15/30 | 694,904 | |||||||||||
| 100,000 | 5.200 | 07/15/48 | 108,984 | |||||||||||
|
Phillips 66 |
||||||||||||||
| 1,000,000 | 0.900 | 02/15/24 | 982,479 | |||||||||||
| 390,000 | 4.650 | 11/15/34 | 436,594 | |||||||||||
| 150,000 | 5.875 | 05/01/42 | 190,625 | |||||||||||
| 200,000 | 4.875 | 11/15/44 | 227,562 | |||||||||||
|
Plains All American Pipeline LP / PAA Finance Corp. |
||||||||||||||
| 914,000 | 4.650 | 10/15/25 | 968,273 | |||||||||||
| 240,000 | 4.500 | 12/15/26 | 255,937 | |||||||||||
| 414,000 | 3.550 | 12/15/29 | 410,180 | |||||||||||
|
Sabine Pass Liquefaction LLC |
||||||||||||||
| 100,000 | 5.625 | 04/15/23 | 103,312 | |||||||||||
| 600,000 | 5.750 | 05/15/24 | 638,625 | |||||||||||
| 500,000 | 5.625 | 03/01/25 | 538,437 | |||||||||||
| 486,000 | 5.000 | 03/15/27 | 528,525 | |||||||||||
| 140,000 | 4.200 | 03/15/28 | 147,525 | |||||||||||
| 932,000 | 4.500 | 05/15/30 | 998,988 | |||||||||||
|
Schlumberger Investment SA |
||||||||||||||
| 500,000 | 3.650 | 12/01/23 | 513,881 | |||||||||||
|
Spectra Energy Partners LP |
||||||||||||||
| 400,000 | 4.750 | 03/15/24 | 417,763 | |||||||||||
|
Transcontinental Gas Pipe Line Co. LLC |
||||||||||||||
| 200,000 | 7.850 | 02/01/26 | 236,912 | |||||||||||
|
Valero Energy Corp. |
||||||||||||||
| 390,000 | 3.400 | 09/15/26 | 401,659 | |||||||||||
| 610,000 | 4.350 | 06/01/28 | 651,443 | |||||||||||
| 257,000 | 4.000 | 04/01/29 | 268,376 | |||||||||||
| 250,000 | 6.625 | 06/15/37 | 319,188 | |||||||||||
|
Williams Cos., Inc. (The) |
||||||||||||||
| 100,000 | 4.000 | 09/15/25 | 104,411 | |||||||||||
| 100,000 | 3.750 | 06/15/27 | 104,310 | |||||||||||
| 320,000 | 3.500 | 11/15/30 | 325,115 | |||||||||||
| 526,000 | 6.300 | 04/15/40 | 646,830 | |||||||||||
| 200,000 | 5.100 | 09/15/45 | 221,982 | |||||||||||
| 280,000 | 4.850 | 03/01/48 | 301,651 | |||||||||||
|
|
|
|||||||||||||
| 49,435,537 | ||||||||||||||
|
|
|
|||||||||||||
| Financial Company – 1.0% | ||||||||||||||
|
Ally Financial, Inc. |
||||||||||||||
| 680,000 | 3.050 | 06/05/23 | 689,064 | |||||||||||
| 789,000 | 1.450 | 10/02/23 | 779,691 | |||||||||||
| 270,000 | 3.875 | 05/21/24 | 278,714 | |||||||||||
| 532,000 | 8.000 | 11/01/31 | 701,843 | |||||||||||
|
Ares Capital Corp. |
||||||||||||||
| 1,780,000 | 4.200 | 06/10/24 | 1,830,860 | |||||||||||
| 70,000 | 2.150 | 07/15/26 | 66,204 | |||||||||||
|
Blackstone Private Credit Fund(b) |
||||||||||||||
| 53,000 | 2.625 | 12/15/26 | 49,334 | |||||||||||
|
GE Capital International Funding Co. Unlimited |
||||||||||||||
| 3,000,000 | 4.418 | 11/15/35 | 3,378,568 | |||||||||||
|
|
|
|||||||||||||
| 7,774,278 | ||||||||||||||
|
|
|
|||||||||||||
| Corporate Obligations – (continued) | ||||||||||||||
| Food and Beverage – 2.3% | ||||||||||||||
|
Coca-Cola Co. (The) |
||||||||||||||
| 50,000 | 3.375 | 03/25/27 | 52,752 | |||||||||||
| 50,000 | 1.450 | 06/01/27 | 48,064 | |||||||||||
| 520,000 | 1.000 | 03/15/28 | 480,448 | |||||||||||
| 1,000,000 | 2.125 | 09/06/29 | 976,003 | |||||||||||
| 500,000 | 3.450 | 03/25/30 | 529,543 | |||||||||||
| 500,000 | 1.650 | 06/01/30 | 463,155 | |||||||||||
| 300,000 | 2.000 | 03/05/31 | 284,514 | |||||||||||
| 380,000 | 2.500 | 06/01/40 | 344,186 | |||||||||||
| 300,000 | 2.875 | 05/05/41 | 284,323 | |||||||||||
| 430,000 | 2.600 | 06/01/50 | 377,614 | |||||||||||
| 100,000 | 3.000 | 03/05/51 | 94,974 | |||||||||||
| 220,000 | 2.750 | 06/01/60 | 191,080 | |||||||||||
|
Constellation Brands, Inc. |
||||||||||||||
| 40,000 | 3.150 | 08/01/29 | 40,050 | |||||||||||
|
Keurig Dr Pepper, Inc. |
||||||||||||||
| 266,000 | 4.057 | 05/25/23 | 273,033 | |||||||||||
| 300,000 | 0.750 | 03/15/24 | 293,025 | |||||||||||
| 510,000 | 4.597 | 05/25/28 | 557,156 | |||||||||||
| 1,100,000 | 3.200 | 05/01/30 | 1,111,645 | |||||||||||
|
Kraft Heinz Foods Co. |
||||||||||||||
| 890,000 | 3.000 | 06/01/26 | 893,347 | |||||||||||
| 250,000 | 6.875 | 01/26/39 | 330,889 | |||||||||||
| 552,000 | 4.375 | 06/01/46 | 568,465 | |||||||||||
| 490,000 | 4.875 | 10/01/49 | 544,448 | |||||||||||
|
Molson Coors Beverage Co. |
||||||||||||||
| 1,270,000 | 3.000 | 07/15/26 | 1,292,100 | |||||||||||
| 190,000 | 5.000 | 05/01/42 | 207,941 | |||||||||||
| 150,000 | 4.200 | 07/15/46 | 149,521 | |||||||||||
|
PepsiCo, Inc. |
||||||||||||||
| 50,000 | 2.750 | 03/01/23 | 50,790 | |||||||||||
| 640,000 | 2.250 | 03/19/25 | 645,358 | |||||||||||
| 120,000 | 2.750 | 04/30/25 | 122,529 | |||||||||||
| 216,000 | 2.850 | 02/24/26 | 222,112 | |||||||||||
| 222,000 | 2.375 | 10/06/26 | 224,718 | |||||||||||
| 100,000 | 3.000 | 10/15/27 | 103,871 | |||||||||||
| 96,000 | 2.625 | 07/29/29 | 97,028 | |||||||||||
| 210,000 | 2.750 | 03/19/30 | 212,719 | |||||||||||
| 400,000 | 1.625 | 05/01/30 | 372,285 | |||||||||||
| 100,000 | 1.400 | 02/25/31 | 90,929 | |||||||||||
| 400,000 | 1.950 | 10/21/31 | 379,743 | |||||||||||
| 300,000 | 4.450 | 04/14/46 | 356,073 | |||||||||||
| 300,000 | 3.450 | 10/06/46 | 310,769 | |||||||||||
| 200,000 | 2.875 | 10/15/49 | 189,365 | |||||||||||
| 300,000 | 3.625 | 03/19/50 | 319,809 | |||||||||||
|
Sysco Corp. |
||||||||||||||
| 604,000 | 3.300 | 07/15/26 | 622,407 | |||||||||||
| 635,000 | 3.250 | 07/15/27 | 654,365 | |||||||||||
| 365,000 | 5.950 | 04/01/30 | 435,565 | |||||||||||
| 270,000 | 6.600 | 04/01/50 | 376,331 | |||||||||||
|
Tyson Foods, Inc. |
||||||||||||||
| 120,000 | 3.950 | 08/15/24 | 124,474 | |||||||||||
| 342,000 | 4.000 | 03/01/26 | 358,282 | |||||||||||
| 500,000 | 3.550 | 06/02/27 | 519,583 | |||||||||||
| 110,000 | 4.550 | 06/02/47 | 122,546 | |||||||||||
| 300,000 | 5.100 | 09/28/48 | 361,127 | |||||||||||
|
|
|
|||||||||||||
| 17,661,054 | ||||||||||||||
|
|
|
|||||||||||||
| 48 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
| Corporate Obligations – (continued) | ||||||||||||||
| Hardware – 0.2% | ||||||||||||||
|
Micron Technology, Inc. |
||||||||||||||
| $ | 733,000 | 4.185 | % | 02/15/27 | $ | 773,315 | ||||||||
| 400,000 | 4.663 | 02/15/30 | 432,500 | |||||||||||
|
|
|
|||||||||||||
| 1,205,815 | ||||||||||||||
|
|
|
|||||||||||||
| Healthcare – 2.9% | ||||||||||||||
|
Aetna, Inc. |
||||||||||||||
| 200,000 | 2.800 | 06/15/23 | 202,675 | |||||||||||
| 250,000 | 3.500 | 11/15/24 | 257,121 | |||||||||||
| 410,000 | 6.625 | 06/15/36 | 546,305 | |||||||||||
| 268,000 | 3.875 | 08/15/47 | 268,879 | |||||||||||
|
Anthem, Inc. |
||||||||||||||
| 306,000 | 3.500 | 08/15/24 | 314,546 | |||||||||||
| 50,000 | 3.350 | 12/01/24 | 51,460 | |||||||||||
| 552,000 | 3.650 | 12/01/27 | 579,155 | |||||||||||
| 84,000 | 4.625 | 05/15/42 | 94,438 | |||||||||||
| 668,000 | 4.650 | 01/15/43 | 749,851 | |||||||||||
| 614,000 | 4.650 | 08/15/44 | 689,221 | |||||||||||
| 405,000 | 4.375 | 12/01/47 | 447,164 | |||||||||||
| 318,000 | 4.550 | 03/01/48 | 358,228 | |||||||||||
| 300,000 | 3.125 | 05/15/50 | 273,900 | |||||||||||
|
Cigna Corp. |
||||||||||||||
| 800,000 | 4.900 | 12/15/48 | 907,735 | |||||||||||
| 600,000 | 3.400 | 03/15/51 | 545,867 | |||||||||||
|
CVS Health Corp. |
||||||||||||||
| 520,000 | 2.625 | 08/15/24 | 526,209 | |||||||||||
| 154,000 | 4.100 | 03/25/25 | 161,398 | |||||||||||
| 400,000 | 3.875 | 07/20/25 | 418,837 | |||||||||||
| 100,000 | 2.875 | 06/01/26 | 101,324 | |||||||||||
| 400,000 | 3.000 | 08/15/26 | 406,771 | |||||||||||
| 530,000 | 3.625 | 04/01/27 | 554,006 | |||||||||||
| 725,000 | 4.300 | 03/25/28 | 782,236 | |||||||||||
| 730,000 | 3.250 | 08/15/29 | 743,919 | |||||||||||
| 1,320,000 | 4.780 | 03/25/38 | 1,474,195 | |||||||||||
| 350,000 | 4.125 | 04/01/40 | 362,855 | |||||||||||
| 350,000 | 2.700 | 08/21/40 | 304,409 | |||||||||||
| 240,000 | 5.300 | 12/05/43 | 286,963 | |||||||||||
| 728,000 | 5.125 | 07/20/45 | 843,441 | |||||||||||
| 1,500,000 | 5.050 | 03/25/48 | 1,748,636 | |||||||||||
|
HCA, Inc. |
||||||||||||||
| 470,000 | 4.750 | 05/01/23 | 483,806 | |||||||||||
| 516,000 | 5.000 | 03/15/24 | 541,477 | |||||||||||
| 520,000 | 5.250 | 04/15/25 | 558,350 | |||||||||||
| 600,000 | 5.250 | 06/15/26 | 649,500 | |||||||||||
| 555,000 | 4.500 | 02/15/27 | 585,872 | |||||||||||
| 404,000 | 4.125 | 06/15/29 | 422,180 | |||||||||||
| 500,000 | 3.500 | 09/01/30 | 496,250 | |||||||||||
| 415,000 | 5.125 | 06/15/39 | 460,650 | |||||||||||
| 345,000 | 5.500 | 06/15/47 | 404,513 | |||||||||||
| 410,000 | 5.250 | 06/15/49 | 464,325 | |||||||||||
|
UnitedHealth Group, Inc. |
||||||||||||||
| 700,000 | 3.750 | 07/15/25 | 734,138 | |||||||||||
| 600,000 | 2.300 | 05/15/31 | 579,526 | |||||||||||
| 700,000 | 3.250 | 05/15/51 | 679,873 | |||||||||||
|
|
|
|||||||||||||
| 22,062,204 | ||||||||||||||
|
|
|
|||||||||||||
| Corporate Obligations – (continued) | ||||||||||||||
| Insurance – 1.4% | ||||||||||||||
|
American International Group, Inc. |
||||||||||||||
| 600,000 | 2.500 | 06/30/25 | 603,587 | |||||||||||
| 100,000 | 3.900 | 04/01/26 | 105,242 | |||||||||||
| 200,000 | 4.200 | 04/01/28 | 216,569 | |||||||||||
| 500,000 | 3.875 | 01/15/35 | 524,691 | |||||||||||
| 100,000 | 4.500 | 07/16/44 | 111,318 | |||||||||||
| 300,000 | 4.800 | 07/10/45 | 345,119 | |||||||||||
| 40,000 | 4.750 | 04/01/48 | 46,123 | |||||||||||
| 100,000 | 4.375 | 06/30/50 | 111,168 | |||||||||||
| 500,000 | 4.375 | 01/15/55 | 542,280 | |||||||||||
|
American International Group, Inc.(a), Series A-9 |
||||||||||||||
|
(3M USD LIBOR + 2.868%) |
||||||||||||||
| 100,000 | 5.750 | 04/01/48 | 103,136 | |||||||||||
|
Chubb INA Holdings, Inc. |
||||||||||||||
| 955,000 | 4.350 | 11/03/45 | 1,081,197 | |||||||||||
|
Equitable Holdings, Inc. |
||||||||||||||
| 500,000 | 5.000 | 04/20/48 | 562,268 | |||||||||||
|
Marsh & McLennan Cos., Inc. |
||||||||||||||
| 175,000 | 4.375 | 03/15/29 | 190,965 | |||||||||||
| 100,000 | 2.250 | 11/15/30 | 94,388 | |||||||||||
| 496,000 | 4.900 | 03/15/49 | 593,102 | |||||||||||
|
MetLife, Inc. |
||||||||||||||
| 500,000 | 3.600 | 04/10/24 | 517,947 | |||||||||||
| 300,000 | 6.400 | 12/15/36 | 338,915 | |||||||||||
| 750,000 | 5.875 | 02/06/41 | 980,543 | |||||||||||
| 500,000 | 4.125 | 08/13/42 | 540,348 | |||||||||||
| 200,000 | 4.600 | 05/13/46 | 235,733 | |||||||||||
|
Prudential Financial, Inc. |
||||||||||||||
|
(3M USD LIBOR + 3.920%) |
||||||||||||||
| 500,000 | 5.625 | (a) | 06/15/43 | 513,284 | ||||||||||
|
(3M USD LIBOR + 3.031%) |
||||||||||||||
| 100,000 | 5.375 | (a) | 05/15/45 | 102,378 | ||||||||||
|
(3M USD LIBOR + 2.380%) |
||||||||||||||
| 530,000 | 4.500 | (a) | 09/15/47 | 514,190 | ||||||||||
| 210,000 | 3.905 | 12/07/47 | 221,700 | |||||||||||
| 46,000 | 3.935 | 12/07/49 | 48,357 | |||||||||||
|
Prudential Financial, Inc., MTN |
||||||||||||||
| 300,000 | 5.700 | 12/14/36 | 381,484 | |||||||||||
| 480,000 | 4.350 | 02/25/50 | 539,744 | |||||||||||
| 350,000 | 3.700 | 03/13/51 | 354,666 | |||||||||||
|
Travelers Cos., Inc. (The) |
||||||||||||||
| 400,000 | 3.050 | 06/08/51 | 373,772 | |||||||||||
|
|
|
|||||||||||||
| 10,894,214 | ||||||||||||||
|
|
|
|||||||||||||
| REITs and Real Estate – 0.4% | ||||||||||||||
|
Alexandria Real Estate Equities, Inc. |
||||||||||||||
| 200,000 | 3.375 | 08/15/31 | 205,612 | |||||||||||
| 300,000 | 1.875 | 02/01/33 | 265,683 | |||||||||||
|
Equinix, Inc. |
||||||||||||||
| 500,000 | 3.200 | 11/18/29 | 493,594 | |||||||||||
|
GLP Capital LP / GLP Financing II, Inc. |
||||||||||||||
| 917,000 | 5.375 | 04/15/26 | 977,688 | |||||||||||
| 368,000 | 5.300 | 01/15/29 | 402,776 | |||||||||||
|
Simon Property Group LP |
||||||||||||||
| 100,000 | 3.250 | 11/30/26 | 103,019 | |||||||||||
| 500,000 | 3.250 | 09/13/49 | 457,402 | |||||||||||
| 100,000 | 3.800 | 07/15/50 | 100,789 | |||||||||||
|
|
|
|||||||||||||
| The accompanying notes are an integral part of these financial statements. | 49 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
| Corporate Obligations – (continued) | ||||||||||||||
| REITs and Real Estate – (continued) | ||||||||||||||
|
Welltower, Inc. |
||||||||||||||
| $ | 300,000 | 4.250 | % | 04/15/28 | $ | 321,918 | ||||||||
| 50,000 | 3.100 | 01/15/30 | 49,985 | |||||||||||
|
|
|
|||||||||||||
| 3,378,466 | ||||||||||||||
|
|
|
|||||||||||||
| Revenue – 0.4% | ||||||||||||||
|
Ascension Health |
||||||||||||||
| 200,000 | 3.945 | 11/15/46 | 230,167 | |||||||||||
|
Ascension Health, Series B |
||||||||||||||
| 300,000 | 2.532 | 11/15/29 | 301,194 | |||||||||||
|
CommonSpirit Health |
||||||||||||||
| 100,000 | 2.760 | 10/01/24 | 100,913 | |||||||||||
| 220,000 | 3.347 | 10/01/29 | 225,600 | |||||||||||
| 633,000 | 4.350 | 11/01/42 | 670,644 | |||||||||||
| 200,000 | 4.187 | 10/01/49 | 218,262 | |||||||||||
|
Kaiser Foundation Hospitals |
||||||||||||||
| 580,000 | 4.150 | 05/01/47 | 650,955 | |||||||||||
|
Kaiser Foundation Hospitals, Series 2019 |
||||||||||||||
| 430,000 | 3.266 | 11/01/49 | 420,406 | |||||||||||
|
Kaiser Foundation Hospitals, Series 2021 |
||||||||||||||
| 125,000 | 2.810 | 06/01/41 | 117,584 | |||||||||||
|
|
|
|||||||||||||
| 2,935,725 | ||||||||||||||
|
|
|
|||||||||||||
| Software – 1.6% | ||||||||||||||
|
Oracle Corp. |
||||||||||||||
| 660,000 | 3.400 | 07/08/24 | 675,760 | |||||||||||
| 40,000 | 2.950 | 11/15/24 | 40,565 | |||||||||||
| 900,000 | 2.500 | 04/01/25 | 896,868 | |||||||||||
| 230,000 | 2.950 | 05/15/25 | 231,794 | |||||||||||
| 823,000 | 2.650 | 07/15/26 | 817,843 | |||||||||||
| 40,000 | 2.800 | 04/01/27 | 39,764 | |||||||||||
| 80,000 | 3.250 | 11/15/27 | 80,955 | |||||||||||
| 512,000 | 2.300 | 03/25/28 | 487,655 | |||||||||||
| 900,000 | 2.950 | 04/01/30 | 871,029 | |||||||||||
| 444,000 | 4.300 | 07/08/34 | 457,926 | |||||||||||
| 866,000 | 3.850 | 07/15/36 | 837,685 | |||||||||||
| 245,000 | 3.800 | 11/15/37 | 233,836 | |||||||||||
| 796,000 | 6.500 | 04/15/38 | 986,054 | |||||||||||
| 840,000 | 3.600 | 04/01/40 | 762,933 | |||||||||||
| 418,000 | 5.375 | 07/15/40 | 460,658 | |||||||||||
| 340,000 | 3.650 | 03/25/41 | 308,164 | |||||||||||
| 354,000 | 4.125 | 05/15/45 | 330,355 | |||||||||||
| 300,000 | 4.000 | 07/15/46 | 275,638 | |||||||||||
| 540,000 | 4.000 | 11/15/47 | 496,408 | |||||||||||
| 850,000 | 3.600 | 04/01/50 | 739,772 | |||||||||||
| 600,000 | 3.950 | 03/25/51 | 549,128 | |||||||||||
| 250,000 | 4.375 | 05/15/55 | 238,362 | |||||||||||
| 1,095,000 | 3.850 | 04/01/60 | 945,349 | |||||||||||
| 537,000 | 4.100 | 03/25/61 | 486,042 | |||||||||||
|
|
|
|||||||||||||
| 12,250,543 | ||||||||||||||
|
|
|
|||||||||||||
| Technology – 9.2% | ||||||||||||||
|
Activision Blizzard, Inc. |
||||||||||||||
| 800,000 | 3.400 | 09/15/26 | 838,108 | |||||||||||
|
Adobe, Inc. |
||||||||||||||
| 208,000 | 3.250 | 02/01/25 | 214,824 | |||||||||||
| 180,000 | 2.150 | 02/01/27 | 179,448 | |||||||||||
| 500,000 | 2.300 | 02/01/30 | 486,166 | |||||||||||
|
|
|
|||||||||||||
| Corporate Obligations – (continued) | ||||||||||||||
| Technology – (continued) | ||||||||||||||
|
Alphabet, Inc. |
||||||||||||||
| 274,000 | 1.998 | 08/15/26 | 274,466 | |||||||||||
| 300,000 | 1.100 | 08/15/30 | 271,509 | |||||||||||
| 400,000 | 1.900 | 08/15/40 | 336,504 | |||||||||||
| 957,000 | 2.050 | 08/15/50 | 776,825 | |||||||||||
| 549,000 | 2.250 | 08/15/60 | 441,269 | |||||||||||
|
Apple, Inc. |
||||||||||||||
| 1,420,000 | 2.400 | 05/03/23 | 1,437,741 | |||||||||||
| 180,000 | 3.000 | 02/09/24 | 184,487 | |||||||||||
| 489,000 | 3.450 | 05/06/24 | 506,676 | |||||||||||
| 495,000 | 2.850 | 05/11/24 | 505,984 | |||||||||||
| 500,000 | 2.750 | 01/13/25 | 511,863 | |||||||||||
| 300,000 | 2.500 | 02/09/25 | 305,424 | |||||||||||
| 300,000 | 1.125 | 05/11/25 | 292,941 | |||||||||||
| 40,000 | 3.200 | 05/13/25 | 41,456 | |||||||||||
| 1,521,000 | 3.250 | 02/23/26 | 1,586,569 | |||||||||||
| 214,000 | 2.450 | 08/04/26 | 217,261 | |||||||||||
| 210,000 | 3.000 | 06/20/27 | 218,072 | |||||||||||
| 1,620,000 | 2.900 | 09/12/27 | 1,672,892 | |||||||||||
| 830,000 | 3.000 | 11/13/27 | 863,590 | |||||||||||
| 500,000 | 1.200 | 02/08/28 | 470,253 | |||||||||||
| 500,000 | 1.400 | 08/05/28 | 472,875 | |||||||||||
| 400,000 | 1.650 | 05/11/30 | 374,121 | |||||||||||
| 600,000 | 1.650 | 02/08/31 | 555,200 | |||||||||||
| 985,000 | 4.500 | 02/23/36 | 1,157,552 | |||||||||||
| 150,000 | 2.375 | 02/08/41 | 133,259 | |||||||||||
| 637,000 | 3.850 | 05/04/43 | 689,830 | |||||||||||
| 310,000 | 4.450 | 05/06/44 | 362,494 | |||||||||||
| 305,000 | 3.450 | 02/09/45 | 310,353 | |||||||||||
| 380,000 | 4.375 | 05/13/45 | 441,330 | |||||||||||
| 888,000 | 4.650 | 02/23/46 | 1,080,716 | |||||||||||
| 156,000 | 3.850 | 08/04/46 | 168,626 | |||||||||||
| 296,000 | 4.250 | 02/09/47 | 340,541 | |||||||||||
| 550,000 | 3.750 | 11/13/47 | 591,072 | |||||||||||
| 977,000 | 2.950 | 09/11/49 | 919,388 | |||||||||||
| 995,000 | 2.650 | 05/11/50 | 885,349 | |||||||||||
| 239,000 | 2.400 | 08/20/50 | 203,707 | |||||||||||
| 125,000 | 2.800 | 02/08/61 | 109,876 | |||||||||||
|
Applied Materials, Inc. |
||||||||||||||
| 300,000 | 3.300 | 04/01/27 | 313,665 | |||||||||||
| 150,000 | 1.750 | 06/01/30 | 140,766 | |||||||||||
| 200,000 | 4.350 | 04/01/47 | 230,910 | |||||||||||
|
Broadcom Corp. / Broadcom Cayman Finance Ltd. |
||||||||||||||
| 100,000 | 3.625 | 01/15/24 | 102,696 | |||||||||||
| 1,019,000 | 3.875 | 01/15/27 | 1,061,153 | |||||||||||
| 210,000 | 3.500 | 01/15/28 | 214,595 | |||||||||||
|
Broadcom, Inc. |
||||||||||||||
| 500,000 | 3.150 | 11/15/25 | 509,145 | |||||||||||
| 310,000 | 4.250 | 04/15/26 | 329,019 | |||||||||||
| 431,000 | 3.459 | 09/15/26 | 444,181 | |||||||||||
| 470,000 | 4.750 | 04/15/29 | 510,864 | |||||||||||
| 986,000 | 5.000 | 04/15/30 | 1,089,122 | |||||||||||
| 760,000 | 4.150 | 11/15/30 | 798,393 | |||||||||||
| 600,000 | 2.450 | (b) | 02/15/31 | 553,563 | ||||||||||
| 640,000 | 4.300 | 11/15/32 | 675,916 | |||||||||||
| 425,000 | 3.419 | (b) | 04/15/33 | 415,800 | ||||||||||
|
|
|
|||||||||||||
| 50 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
| Corporate Obligations – (continued) | ||||||||||||||
| Technology – (continued) | ||||||||||||||
|
Broadcom, Inc. – (continued) |
||||||||||||||
| $ | 290,000 | 3.469 | %(b) | 04/15/34 | $ | 281,667 | ||||||||
| 600,000 | 3.137 | (b) | 11/15/35 | 557,500 | ||||||||||
| 600,000 | 3.500 | (b) | 02/15/41 | 553,566 | ||||||||||
| 170,000 | 3.750 | (b) | 02/15/51 | 158,386 | ||||||||||
|
Cisco Systems, Inc. |
||||||||||||||
| 400,000 | 5.900 | 02/15/39 | 532,165 | |||||||||||
| 400,000 | 5.500 | 01/15/40 | 515,066 | |||||||||||
|
Dell International LLC / EMC Corp. |
||||||||||||||
| 149,000 | 5.450 | 06/15/23 | 155,372 | |||||||||||
| 648,000 | 6.020 | 06/15/26 | 724,626 | |||||||||||
| 1,426,000 | 4.900 | 10/01/26 | 1,547,653 | |||||||||||
| 350,000 | 5.300 | 10/01/29 | 391,143 | |||||||||||
| 460,000 | 8.100 | 07/15/36 | 638,181 | |||||||||||
| 400,000 | 8.350 | 07/15/46 | 611,112 | |||||||||||
|
Fiserv, Inc. |
||||||||||||||
| 100,000 | 3.800 | 10/01/23 | 102,947 | |||||||||||
| 400,000 | 2.750 | 07/01/24 | 404,174 | |||||||||||
| 500,000 | 3.200 | 07/01/26 | 511,990 | |||||||||||
| 500,000 | 3.500 | 07/01/29 | 507,181 | |||||||||||
| 400,000 | 4.400 | 07/01/49 | 427,377 | |||||||||||
|
Hewlett Packard Enterprise Co. |
||||||||||||||
| 300,000 | 2.250 | 04/01/23 | 301,838 | |||||||||||
| 300,000 | 4.450 | 10/02/23 | 311,141 | |||||||||||
| 300,000 | 4.900 | 10/15/25 | 322,006 | |||||||||||
| 300,000 | 6.350 | 10/15/45 | 357,974 | |||||||||||
|
HP, Inc. |
||||||||||||||
| 300,000 | 3.400 | 06/17/30 | 303,095 | |||||||||||
| 368,000 | 6.000 | 09/15/41 | 441,883 | |||||||||||
|
Intel Corp. |
||||||||||||||
| 300,000 | 2.875 | 05/11/24 | 306,635 | |||||||||||
| 503,000 | 3.700 | 07/29/25 | 526,853 | |||||||||||
| 120,000 | 2.600 | 05/19/26 | 122,415 | |||||||||||
| 880,000 | 3.150 | 05/11/27 | 912,297 | |||||||||||
| 946,000 | 2.450 | 11/15/29 | 925,776 | |||||||||||
| 354,000 | 4.600 | 03/25/40 | 403,630 | |||||||||||
| 300,000 | 4.800 | 10/01/41 | 353,458 | |||||||||||
| 290,000 | 4.100 | 05/19/46 | 312,017 | |||||||||||
| 320,000 | 4.100 | 05/11/47 | 343,492 | |||||||||||
| 295,000 | 3.734 | 12/08/47 | 298,255 | |||||||||||
| 670,000 | 3.250 | 11/15/49 | 627,460 | |||||||||||
| 525,000 | 4.750 | 03/25/50 | 613,542 | |||||||||||
| 460,000 | 3.050 | 08/12/51 | 418,185 | |||||||||||
| 50,000 | 3.100 | 02/15/60 | 43,712 | |||||||||||
| 100,000 | 4.950 | 03/25/60 | 123,056 | |||||||||||
|
International Business Machines Corp. |
||||||||||||||
| 300,000 | 3.375 | 08/01/23 | 307,466 | |||||||||||
| 445,000 | 3.625 | 02/12/24 | 459,736 | |||||||||||
| 250,000 | 3.450 | 02/19/26 | 260,802 | |||||||||||
| 1,260,000 | 3.300 | 05/15/26 | 1,309,170 | |||||||||||
| 300,000 | 1.700 | 05/15/27 | 289,049 | |||||||||||
| 1,150,000 | 1.950 | 05/15/30 | 1,079,651 | |||||||||||
| 540,000 | 4.150 | 05/15/39 | 577,589 | |||||||||||
| 427,000 | 4.000 | 06/20/42 | 448,855 | |||||||||||
| 300,000 | 2.950 | 05/15/50 | 269,985 | |||||||||||
|
|
|
|||||||||||||
| Corporate Obligations – (continued) | ||||||||||||||
| Technology – (continued) | ||||||||||||||
|
KLA Corp. |
||||||||||||||
| 300,000 | 4.650 | 11/01/24 | 317,113 | |||||||||||
| 300,000 | 4.100 | 03/15/29 | 324,338 | |||||||||||
|
Lam Research Corp. |
||||||||||||||
| 640,000 | 4.000 | 03/15/29 | 693,004 | |||||||||||
| 280,000 | 1.900 | 06/15/30 | 261,979 | |||||||||||
| 220,000 | 4.875 | 03/15/49 | 266,512 | |||||||||||
| 500,000 | 2.875 | 06/15/50 | 447,815 | |||||||||||
|
Microsoft Corp. |
||||||||||||||
| 870,000 | 2.000 | 08/08/23 | 877,108 | |||||||||||
| 522,000 | 2.875 | 02/06/24 | 534,582 | |||||||||||
| 1,066,000 | 2.700 | 02/12/25 | 1,093,167 | |||||||||||
| 256,000 | 3.125 | 11/03/25 | 265,768 | |||||||||||
| 176,000 | 2.400 | 08/08/26 | 178,844 | |||||||||||
| 205,000 | 3.300 | 02/06/27 | 216,873 | |||||||||||
| 660,000 | 3.500 | 02/12/35 | 712,493 | |||||||||||
| 400,000 | 3.450 | 08/08/36 | 429,031 | |||||||||||
| 113,000 | 4.100 | 02/06/37 | 129,319 | |||||||||||
| 200,000 | 4.450 | 11/03/45 | 242,008 | |||||||||||
| 300,000 | 3.700 | 08/08/46 | 327,250 | |||||||||||
| 250,000 | 4.250 | 02/06/47 | 297,212 | |||||||||||
| 1,251,000 | 2.525 | 06/01/50 | 1,116,393 | |||||||||||
| 1,700,000 | 2.921 | 03/17/52 | 1,617,638 | |||||||||||
| 1,196,000 | 2.675 | 06/01/60 | 1,052,653 | |||||||||||
| 100,000 | 3.041 | 03/17/62 | 95,634 | |||||||||||
|
NVIDIA Corp. |
||||||||||||||
| 400,000 | 0.584 | 06/14/24 | 389,159 | |||||||||||
| 500,000 | 2.850 | 04/01/30 | 506,428 | |||||||||||
| 400,000 | 2.000 | 06/15/31 | 376,572 | |||||||||||
| 400,000 | 3.500 | 04/01/50 | 411,402 | |||||||||||
|
PayPal Holdings, Inc. |
||||||||||||||
| 400,000 | 2.400 | 10/01/24 | 402,931 | |||||||||||
| 400,000 | 1.650 | 06/01/25 | 391,813 | |||||||||||
| 200,000 | 2.850 | 10/01/29 | 199,304 | |||||||||||
|
QUALCOMM, Inc. |
||||||||||||||
| 216,000 | 2.900 | 05/20/24 | 220,617 | |||||||||||
| 330,000 | 3.450 | 05/20/25 | 343,048 | |||||||||||
| 320,000 | 3.250 | 05/20/27 | 333,643 | |||||||||||
| 126,000 | 2.150 | 05/20/30 | 121,221 | |||||||||||
| 200,000 | 4.650 | 05/20/35 | 232,831 | |||||||||||
| 736,000 | 4.800 | 05/20/45 | 879,647 | |||||||||||
| 250,000 | 4.300 | 05/20/47 | 283,022 | |||||||||||
|
Texas Instruments, Inc. |
||||||||||||||
| 300,000 | 2.250 | 09/04/29 | 295,745 | |||||||||||
| 552,000 | 4.150 | 05/15/48 | 627,256 | |||||||||||
|
VMware, Inc. |
||||||||||||||
| 75,000 | 4.500 | 05/15/25 | 79,399 | |||||||||||
| 50,000 | 3.900 | 08/21/27 | 52,255 | |||||||||||
| 400,000 | 2.200 | 08/15/31 | 367,182 | |||||||||||
|
Western Digital Corp. |
||||||||||||||
| 1,000,000 | 4.750 | 02/15/26 | 1,038,750 | |||||||||||
|
|
|
|||||||||||||
| 69,860,493 | ||||||||||||||
|
|
|
|||||||||||||
| Transportation – 1.2% | ||||||||||||||
|
CSX Corp. |
||||||||||||||
| 696,000 | 3.250 | 06/01/27 | 720,180 | |||||||||||
| 120,000 | 3.800 | 03/01/28 | 127,028 | |||||||||||
|
|
|
|||||||||||||
| The accompanying notes are an integral part of these financial statements. | 51 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
| Corporate Obligations – (continued) | ||||||||||||||
| Transportation – (continued) | ||||||||||||||
| $ | 46,000 | 4.100 | % | 03/15/44 | $ | 49,096 | ||||||||
| 490,000 | 3.800 | 11/01/46 | 502,461 | |||||||||||
|
FedEx Corp. |
||||||||||||||
| 540,000 | 3.100 | 08/05/29 | 548,143 | |||||||||||
| 92,000 | 5.100 | 01/15/44 | 106,686 | |||||||||||
| 250,000 | 4.750 | 11/15/45 | 277,469 | |||||||||||
| 234,000 | 4.550 | 04/01/46 | 255,448 | |||||||||||
| 260,000 | 4.400 | 01/15/47 | 276,915 | |||||||||||
| 584,000 | 4.950 | 10/17/48 | 672,189 | |||||||||||
| 160,000 | 5.250 | 05/15/50 | 192,625 | |||||||||||
|
FedEx Corp. Pass Through Trust, Series 2020-1 |
||||||||||||||
| 45,990 | 1.875 | 02/20/34 | 43,290 | |||||||||||
|
Southwest Airlines Co. |
||||||||||||||
| 270,000 | 4.750 | 05/04/23 | 279,175 | |||||||||||
| 170,000 | 5.250 | 05/04/25 | 183,604 | |||||||||||
| 125,000 | 5.125 | 06/15/27 | 138,690 | |||||||||||
|
Union Pacific Corp. |
||||||||||||||
| 414,000 | 3.950 | 09/10/28 | 445,044 | |||||||||||
| 500,000 | 2.400 | 02/05/30 | 489,590 | |||||||||||
| 310,000 | 3.799 | 10/01/51 | 323,294 | |||||||||||
| 95,000 | 2.950 | 03/10/52 | 86,539 | |||||||||||
| 408,000 | 3.839 | 03/20/60 | 421,367 | |||||||||||
| 950,000 | 3.799 | 04/06/71 | 956,924 | |||||||||||
|
United Parcel Service, Inc. |
||||||||||||||
| 92,000 | 3.050 | 11/15/27 | 96,067 | |||||||||||
| 792,000 | 3.400 | 03/15/29 | 836,593 | |||||||||||
| 330,000 | 3.750 | 11/15/47 | 357,041 | |||||||||||
| 734,000 | 5.300 | 04/01/50 | 989,950 | |||||||||||
|
|
|
|||||||||||||
| 9,375,408 | ||||||||||||||
|
|
|
|||||||||||||
| Wireless – 5.9% | ||||||||||||||
|
American Tower Corp. |
||||||||||||||
| 250,000 | 4.000 | 06/01/25 | 260,606 | |||||||||||
| 1,050,000 | 3.375 | 10/15/26 | 1,076,981 | |||||||||||
| 200,000 | 2.750 | 01/15/27 | 199,634 | |||||||||||
| 715,000 | 3.800 | 08/15/29 | 737,968 | |||||||||||
| 80,000 | 2.900 | 01/15/30 | 77,325 | |||||||||||
| 251,000 | 3.100 | 06/15/50 | 210,829 | |||||||||||
|
AT&T, Inc. |
||||||||||||||
| 880,000 | 4.125 | 02/17/26 | 939,850 | |||||||||||
| 915,000 | 3.800 | 02/15/27 | 967,288 | |||||||||||
| 900,000 | 4.250 | 03/01/27 | 969,360 | |||||||||||
| 339,000 | 2.300 | 06/01/27 | 335,090 | |||||||||||
| 75,000 | 1.650 | 02/01/28 | 70,778 | |||||||||||
| 660,000 | 4.100 | 02/15/28 | 708,020 | |||||||||||
| 715,000 | 4.350 | 03/01/29 | 777,991 | |||||||||||
| 497,000 | 4.300 | 02/15/30 | 542,022 | |||||||||||
| 595,000 | 2.750 | 06/01/31 | 578,606 | |||||||||||
| 1,000,000 | 2.250 | 02/01/32 | 921,703 | |||||||||||
| 500,000 | 2.550 | 12/01/33 | 465,118 | |||||||||||
| 435,000 | 4.500 | 05/15/35 | 478,801 | |||||||||||
| 551,000 | 5.250 | 03/01/37 | 649,123 | |||||||||||
| 140,000 | 4.850 | 03/01/39 | 155,996 | |||||||||||
| 90,000 | 5.350 | 09/01/40 | 106,737 | |||||||||||
| 450,000 | 4.300 | 12/15/42 | 466,964 | |||||||||||
| 330,000 | 4.350 | 06/15/45 | 340,722 | |||||||||||
|
|
|
|||||||||||||
| Corporate Obligations – (continued) | ||||||||||||||
| Wireless – (continued) | ||||||||||||||
|
AT&T, Inc. – (continued) |
||||||||||||||
| 435,000 | 4.750 | 05/15/46 | 477,823 | |||||||||||
| 250,000 | 5.650 | 02/15/47 | 312,108 | |||||||||||
| 545,000 | 4.500 | 03/09/48 | 586,022 | |||||||||||
| 317,000 | 4.550 | 03/09/49 | 343,838 | |||||||||||
| 335,000 | 5.150 | 02/15/50 | 388,543 | |||||||||||
| 770,000 | 3.650 | 06/01/51 | 729,387 | |||||||||||
| 100,000 | 3.300 | 02/01/52 | 89,286 | |||||||||||
| 1,350,000 | 3.500 | 09/15/53 | 1,236,372 | |||||||||||
| 2,072,000 | 3.550 | 09/15/55 | 1,882,765 | |||||||||||
| 300,000 | 3.800 | 12/01/57 | 283,706 | |||||||||||
| 1,702,000 | 3.650 | 09/15/59 | 1,562,718 | |||||||||||
| 92,000 | 3.850 | 06/01/60 | 85,593 | |||||||||||
|
CC Holdings GS V LLC / Crown Castle GS III Corp. |
||||||||||||||
| 450,000 | 3.849 | 04/15/23 | 462,289 | |||||||||||
|
Crown Castle International Corp. |
||||||||||||||
| 60,000 | 3.150 | 07/15/23 | 61,036 | |||||||||||
| 510,000 | 4.450 | 02/15/26 | 542,815 | |||||||||||
| 200,000 | 3.700 | 06/15/26 | 207,682 | |||||||||||
| 130,000 | 3.650 | 09/01/27 | 134,724 | |||||||||||
| 300,000 | 3.300 | 07/01/30 | 298,290 | |||||||||||
| 390,000 | 2.250 | 01/15/31 | 357,158 | |||||||||||
| 690,000 | 2.100 | 04/01/31 | 621,524 | |||||||||||
| 100,000 | 3.250 | 01/15/51 | 85,712 | |||||||||||
|
T-Mobile USA, Inc. |
||||||||||||||
| 500,000 | 3.500 | 04/15/25 | 514,790 | |||||||||||
| 700,000 | 3.750 | 04/15/27 | 728,398 | |||||||||||
| 1,300,000 | 3.875 | 04/15/30 | 1,338,704 | |||||||||||
| 800,000 | 2.550 | 02/15/31 | 749,440 | |||||||||||
| 750,000 | 2.250 | 11/15/31 | 676,534 | |||||||||||
| 500,000 | 3.000 | 02/15/41 | 436,323 | |||||||||||
| 590,000 | 4.500 | 04/15/50 | 617,733 | |||||||||||
| 820,000 | 3.300 | 02/15/51 | 714,697 | |||||||||||
|
Verizon Communications, Inc. |
||||||||||||||
| 650,000 | 3.500 | 11/01/24 | 672,389 | |||||||||||
| 184,000 | 3.376 | 02/15/25 | 190,690 | |||||||||||
| 450,000 | 4.125 | 03/16/27 | 481,840 | |||||||||||
| 1,070,000 | 2.100 | 03/22/28 | 1,031,195 | |||||||||||
| 722,000 | 4.329 | 09/21/28 | 786,895 | |||||||||||
| 860,000 | 4.016 | 12/03/29 | 915,730 | |||||||||||
| 471,000 | 3.150 | 03/22/30 | 476,328 | |||||||||||
| 300,000 | 1.500 | 09/18/30 | 266,368 | |||||||||||
| 1,350,000 | 2.550 | 03/21/31 | 1,288,269 | |||||||||||
| 50,000 | 2.355 | (b) | 03/15/32 | 46,645 | ||||||||||
| 485,000 | 4.500 | 08/10/33 | 534,857 | |||||||||||
| 750,000 | 4.400 | 11/01/34 | 823,603 | |||||||||||
| 220,000 | 4.272 | 01/15/36 | 238,355 | |||||||||||
| 510,000 | 5.250 | 03/16/37 | 613,365 | |||||||||||
| 1,070,000 | 2.650 | 11/20/40 | 930,262 | |||||||||||
| 510,000 | 3.400 | 03/22/41 | 493,158 | |||||||||||
| 450,000 | 3.850 | 11/01/42 | 452,477 | |||||||||||
| 60,000 | 6.550 | 09/15/43 | 85,961 | |||||||||||
| 204,000 | 4.125 | 08/15/46 | 211,999 | |||||||||||
| 700,000 | 4.862 | 08/21/46 | 827,419 | |||||||||||
| 815,000 | 4.522 | 09/15/48 | 910,417 | |||||||||||
| 400,000 | 2.875 | 11/20/50 | 336,257 | |||||||||||
|
|
|
|||||||||||||
| 52 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
| Corporate Obligations – (continued) | ||||||||||||||
| Wireless – (continued) | ||||||||||||||
|
Verizon Communications, Inc. – (continued) |
||||||||||||||
| $ | 800,000 | 3.550 | % | 03/22/51 | $ | 773,590 | ||||||||
| 394,000 | 5.012 | 08/21/54 | 476,749 | |||||||||||
| 469,000 | 4.672 | 03/15/55 | 557,496 | |||||||||||
| 850,000 | 2.987 | 10/30/56 | 727,658 | |||||||||||
| 500,000 | 3.000 | 11/20/60 | 406,159 | |||||||||||
| 725,000 | 3.700 | 03/22/61 | 691,808 | |||||||||||
|
|
|
|||||||||||||
| 44,811,461 | ||||||||||||||
|
|
|
|||||||||||||
| TOTAL CORPORATE OBLIGATIONS | ||||||||||||||
| (Cost $635,866,459) | $ | 607,759,379 | ||||||||||||
|
|
|
|||||||||||||
| Foreign Corporate Debt – 18.6% | ||||||||||||||
| Banks – 9.2% | ||||||||||||||
|
Banco Bilbao Vizcaya Argentaria SA (Spain) |
||||||||||||||
| $ | 1,000,000 | 0.875 | % | 09/18/23 | $ | 983,403 | ||||||||
| 200,000 | 1.125 | 09/18/25 | 189,904 | |||||||||||
|
Banco Santander SA (Spain) |
||||||||||||||
| 200,000 | 2.706 | 06/27/24 | 200,875 | |||||||||||
| 1,600,000 | 2.746 | 05/28/25 | 1,600,959 | |||||||||||
| 400,000 | 1.849 | 03/25/26 | 384,500 | |||||||||||
| 600,000 | 4.250 | 04/11/27 | 633,429 | |||||||||||
| 600,000 | 3.490 | 05/28/30 | 599,685 | |||||||||||
| 400,000 | 2.958 | 03/25/31 | 383,675 | |||||||||||
|
Bank of Montreal (Canada) |
||||||||||||||
|
(5 Year USD Swap + 1.280%) |
||||||||||||||
| 100,000 | 4.338 | (a) | 10/05/28 | 103,125 | ||||||||||
|
(5 Year USD Swap + 1.432%) |
||||||||||||||
| 1,750,000 | 3.803 | (a) | 12/15/32 | 1,798,125 | ||||||||||
|
Bank of Montreal, MTN (Canada) |
||||||||||||||
| 250,000 | 0.625 | 07/09/24 | 241,481 | |||||||||||
|
(SOFR + 0.603%) |
||||||||||||||
| 40,000 | 0.949 | (a) | 01/22/27 | 37,635 | ||||||||||
|
Bank of Montreal, Series E (Canada) |
||||||||||||||
| 50,000 | 3.300 | 02/05/24 | 51,158 | |||||||||||
|
Bank of Nova Scotia (The) (Canada) |
||||||||||||||
| 800,000 | 3.400 | 02/11/24 | 820,892 | |||||||||||
| 400,000 | 0.700 | 04/15/24 | 386,292 | |||||||||||
| 400,000 | 1.300 | 06/11/25 | 385,898 | |||||||||||
| 300,000 | 4.500 | 12/16/25 | 318,635 | |||||||||||
|
Barclays PLC (United Kingdom) |
||||||||||||||
|
(3M USD LIBOR + 1.356%) |
||||||||||||||
| 1,100,000 | 4.338 | (a) | 05/16/24 | 1,131,867 | ||||||||||
| 890,000 | 3.650 | 03/16/25 | 914,156 | |||||||||||
| 1,035,000 | 4.375 | 01/12/26 | 1,093,442 | |||||||||||
|
(SOFR + 2.714%) |
||||||||||||||
| 200,000 | 2.852 | (a) | 05/07/26 | 199,962 | ||||||||||
| 210,000 | 5.200 | 05/12/26 | 226,309 | |||||||||||
| 350,000 | 4.836 | 05/09/28 | 371,525 | |||||||||||
|
(US 5 Year CMT T-Note + 2.900%) |
||||||||||||||
| 200,000 | 3.564 | (a) | 09/23/35 | 190,835 | ||||||||||
|
(US 1 Year CMT T-Note + 1.700%) |
||||||||||||||
| 500,000 | 3.811 | (a) | 03/10/42 | 467,197 | ||||||||||
| 330,000 | 5.250 | 08/17/45 | 386,184 | |||||||||||
| 800,000 | 4.950 | 01/10/47 | 902,086 | |||||||||||
|
|
|
|||||||||||||
| Foreign Corporate Debt – (continued) | ||||||||||||||
| Banks – (continued) | ||||||||||||||
|
Canadian Imperial Bank of Commerce (Canada) |
||||||||||||||
| 1,160,000 | 3.500 | 09/13/23 | 1,191,940 | |||||||||||
| 450,000 | 3.100 | 04/02/24 | 459,103 | |||||||||||
| 300,000 | 2.250 | 01/28/25 | 299,109 | |||||||||||
|
Cooperatieve Rabobank UA (Netherlands) |
||||||||||||||
| 815,000 | 3.750 | 07/21/26 | 842,654 | |||||||||||
| 468,000 | 5.250 | 05/24/41 | 602,831 | |||||||||||
| 745,000 | 5.250 | 08/04/45 | 892,045 | |||||||||||
|
Credit Suisse Group AG (Switzerland) |
||||||||||||||
| 600,000 | 3.750 | 03/26/25 | 616,341 | |||||||||||
|
Deutsche Bank AG (Germany) |
||||||||||||||
| 130,000 | 3.700 | 05/30/24 | 132,949 | |||||||||||
|
(SOFR + 2.581%) |
||||||||||||||
| 800,000 | 3.961 | (a) | 11/26/25 | 819,574 | ||||||||||
|
(SOFR + 1.718%) |
||||||||||||||
| 700,000 | 3.035 | (a) | 05/28/32 | 656,707 | ||||||||||
|
HSBC Holdings PLC (United Kingdom) |
||||||||||||||
| 540,000 | 4.250 | 03/14/24 | 558,920 | |||||||||||
|
(3M USD LIBOR + 0.987%) |
||||||||||||||
| 800,000 | 3.950 | (a) | 05/18/24 | 817,622 | ||||||||||
| 400,000 | 4.250 | 08/18/25 | 415,546 | |||||||||||
|
(SOFR + 1.402%) |
||||||||||||||
| 550,000 | 2.633 | (a) | 11/07/25 | 550,502 | ||||||||||
| 750,000 | 4.300 | 03/08/26 | 792,326 | |||||||||||
| 1,390,000 | 3.900 | 05/25/26 | 1,445,149 | |||||||||||
|
(3M USD LIBOR + 1.348%) |
||||||||||||||
| 500,000 | 4.292 | (a) | 09/12/26 | 522,102 | ||||||||||
|
(3M USD LIBOR + 1.535%) |
||||||||||||||
| 700,000 | 4.583 | (a) | 06/19/29 | 748,270 | ||||||||||
| 1,080,000 | 4.950 | 03/31/30 | 1,191,662 | |||||||||||
|
(3M USD LIBOR + 1.610%) |
||||||||||||||
| 800,000 | 3.973 | (a) | 05/22/30 | 826,870 | ||||||||||
|
(SOFR + 2.387%) |
||||||||||||||
| 1,155,000 | 2.848 | (a) | 06/04/31 | 1,103,888 | ||||||||||
|
(SOFR + 1.947%) |
||||||||||||||
| 1,050,000 | 2.357 | (a) | 08/18/31 | 964,594 | ||||||||||
|
(SOFR + 1.187%) |
||||||||||||||
| 300,000 | 2.804 | (a) | 05/24/32 | 284,542 | ||||||||||
|
(SOFR + 1.410%) |
||||||||||||||
| 400,000 | 2.871 | (a) | 11/22/32 | 379,187 | ||||||||||
| 250,000 | 6.500 | 05/02/36 | 315,341 | |||||||||||
| 546,000 | 6.500 | 09/15/37 | 698,924 | |||||||||||
| 405,000 | 6.800 | 06/01/38 | 528,519 | |||||||||||
| 130,000 | 6.100 | 01/14/42 | 171,383 | |||||||||||
|
ING Groep NV (Netherlands) |
||||||||||||||
| 590,000 | 4.100 | 10/02/23 | 609,262 | |||||||||||
| 300,000 | 3.550 | 04/09/24 | 307,926 | |||||||||||
| 200,000 | 3.950 | 03/29/27 | 210,476 | |||||||||||
| 490,000 | 4.550 | 10/02/28 | 533,424 | |||||||||||
| 330,000 | 4.050 | 04/09/29 | 349,803 | |||||||||||
|
Lloyds Banking Group PLC (United Kingdom) |
||||||||||||||
| 700,000 | 4.050 | 08/16/23 | 721,587 | |||||||||||
|
(US 1 Year CMT T-Note + 3.500%) |
||||||||||||||
| 300,000 | 3.870 | (a) | 07/09/25 | 308,875 | ||||||||||
| 400,000 | 4.582 | 12/10/25 | 419,893 | |||||||||||
| 1,000,000 | 4.375 | 03/22/28 | 1,067,880 | |||||||||||
|
|
|
|||||||||||||
| The accompanying notes are an integral part of these financial statements. | 53 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
| Foreign Corporate Debt – (continued) | ||||||||||||||
| Banks – (continued) | ||||||||||||||
|
Lloyds Banking Group PLC (United Kingdom) – (continued) |
||||||||||||||
|
(3M USD LIBOR + 1.205%) |
||||||||||||||
| $ | 500,000 | 3.574 | %(a) | 11/07/28 | $ | 513,907 | ||||||||
| 200,000 | 5.300 | 12/01/45 | 229,642 | |||||||||||
| 490,000 | 4.344 | 01/09/48 | 503,270 | |||||||||||
|
Mitsubishi UFJ Financial Group, Inc. (Japan) |
||||||||||||||
| 290,000 | 3.761 | 07/26/23 | 298,404 | |||||||||||
| 690,000 | 3.407 | 03/07/24 | 707,781 | |||||||||||
| 600,000 | 2.193 | 02/25/25 | 595,208 | |||||||||||
| 850,000 | 3.850 | 03/01/26 | 889,742 | |||||||||||
| 830,000 | 3.677 | 02/22/27 | 867,705 | |||||||||||
| 150,000 | 3.287 | 07/25/27 | 153,541 | |||||||||||
| 524,000 | 3.961 | 03/02/28 | 552,976 | |||||||||||
| 100,000 | 3.741 | 03/07/29 | 104,369 | |||||||||||
| 500,000 | 3.195 | 07/18/29 | 502,390 | |||||||||||
| 640,000 | 2.559 | 02/25/30 | 614,387 | |||||||||||
| 200,000 | 2.048 | 07/17/30 | 183,092 | |||||||||||
|
(US 1 Year CMT T-Note + 0.950%) |
||||||||||||||
| 1,000,000 | 2.309 | (a) | 07/20/32 | 926,930 | ||||||||||
| 700,000 | 3.751 | 07/18/39 | 729,192 | |||||||||||
|
National Australia Bank Ltd. (Australia) |
||||||||||||||
| 940,000 | 2.500 | 07/12/26 | 951,236 | |||||||||||
|
NatWest Group PLC (United Kingdom) |
||||||||||||||
|
(3M USD LIBOR + 1.550%) |
||||||||||||||
| 490,000 | 4.519 | (a) | 06/25/24 | 504,671 | ||||||||||
|
(3M USD LIBOR + 1.762%) |
||||||||||||||
| 885,000 | 4.269 | (a) | 03/22/25 | 914,531 | ||||||||||
|
(US 1 Year CMT T-Note + 2.550%) |
||||||||||||||
| 355,000 | 3.073 | (a) | 05/22/28 | 357,314 | ||||||||||
|
(3M USD LIBOR + 1.754%) |
||||||||||||||
| 345,000 | 4.892 | (a) | 05/18/29 | 376,403 | ||||||||||
|
(US 5 Year CMT T-Note + 2.100%) |
||||||||||||||
| 600,000 | 3.754 | (a) | 11/01/29 | 608,907 | ||||||||||
|
(3M USD LIBOR + 1.905%) |
||||||||||||||
| 500,000 | 5.076 | (a) | 01/27/30 | 552,013 | ||||||||||
|
(3M USD LIBOR + 1.871%) |
||||||||||||||
| 370,000 | 4.445 | (a) | 05/08/30 | 395,108 | ||||||||||
|
(US 5 Year CMT T-Note + 2.350%) |
||||||||||||||
| 420,000 | 3.032 | (a) | 11/28/35 | 390,971 | ||||||||||
|
Royal Bank of Canada, GMTN (Canada) |
||||||||||||||
| 370,000 | 1.600 | 04/17/23 | 369,769 | |||||||||||
| 1,100,000 | 3.700 | 10/05/23 | 1,133,674 | |||||||||||
| 500,000 | 2.250 | 11/01/24 | 499,882 | |||||||||||
| 500,000 | 4.650 | 01/27/26 | 537,079 | |||||||||||
|
Royal Bank of Canada, MTN (Canada) |
||||||||||||||
| 100,000 | 0.500 | 10/26/23 | 97,932 | |||||||||||
| 500,000 | 1.150 | 06/10/25 | 479,889 | |||||||||||
|
Royal Bank of Canada (Canada) |
||||||||||||||
| 300,000 | 1.200 | 04/27/26 | 285,210 | |||||||||||
|
Santander UK Group Holdings PLC(a) (United Kingdom) |
||||||||||||||
|
(3M USD LIBOR + 1.570%) |
||||||||||||||
| 200,000 | 4.796 | 11/15/24 | 208,396 | |||||||||||
|
Santander UK PLC (United Kingdom) |
||||||||||||||
| 1,100,000 | 4.000 | 03/13/24 | 1,141,023 | |||||||||||
|
Sumitomo Mitsui Financial Group, Inc. (Japan) |
||||||||||||||
| 300,000 | 2.696 | 07/16/24 | 302,931 | |||||||||||
| 300,000 | 0.948 | 01/12/26 | 282,160 | |||||||||||
|
|
|
|||||||||||||
| Foreign Corporate Debt – (continued) | ||||||||||||||
| Banks – (continued) | ||||||||||||||
|
Sumitomo Mitsui Financial Group, Inc. (Japan) – (continued) |
||||||||||||||
| 400,000 | 3.784 | 03/09/26 | 418,190 | |||||||||||
| 50,000 | 2.632 | 07/14/26 | 50,086 | |||||||||||
| 300,000 | 1.402 | 09/17/26 | 285,619 | |||||||||||
| 910,000 | 3.010 | 10/19/26 | 922,351 | |||||||||||
| 100,000 | 3.446 | 01/11/27 | 103,389 | |||||||||||
| 150,000 | 3.364 | 07/12/27 | 154,669 | |||||||||||
| 500,000 | 3.040 | 07/16/29 | 497,418 | |||||||||||
| 1,000,000 | 2.750 | 01/15/30 | 973,869 | |||||||||||
| 1,240,000 | 2.130 | 07/08/30 | 1,158,464 | |||||||||||
| 1,000,000 | 2.222 | 09/17/31 | 923,490 | |||||||||||
|
Toronto-Dominion Bank (The), MTN (Canada) |
||||||||||||||
| 800,000 | 2.650 | 06/12/24 | 808,624 | |||||||||||
| 290,000 | 1.150 | 06/12/25 | 279,116 | |||||||||||
| 300,000 | 0.750 | 01/06/26 | 282,709 | |||||||||||
|
Toronto-Dominion Bank (The)(a) (Canada) |
||||||||||||||
|
(5 Year USD Swap + 2.205%) |
||||||||||||||
| 50,000 | 3.625 | 09/15/31 | 51,625 | |||||||||||
|
Toronto-Dominion Bank (The), GMTN (Canada) |
||||||||||||||
| 1,885,000 | 3.500 | 07/19/23 | 1,930,846 | |||||||||||
|
Westpac Banking Corp. (Australia) |
||||||||||||||
| 100,000 | 3.300 | 02/26/24 | 102,931 | |||||||||||
| 300,000 | 1.019 | 11/18/24 | 293,935 | |||||||||||
| 100,000 | 2.350 | 02/19/25 | 100,746 | |||||||||||
| 500,000 | 2.850 | 05/13/26 | 512,765 | |||||||||||
| 290,000 | 1.150 | 06/03/26 | 278,435 | |||||||||||
| 100,000 | 3.350 | 03/08/27 | 104,351 | |||||||||||
| 100,000 | 3.400 | 01/25/28 | 104,664 | |||||||||||
| 300,000 | 2.650 | 01/16/30 | 300,274 | |||||||||||
|
(US 5 Year CMT T-Note + 1.350%) |
||||||||||||||
| 195,000 | 2.894 | (a) | 02/04/30 | 193,529 | ||||||||||
| 400,000 | 2.150 | 06/03/31 | 379,341 | |||||||||||
|
(US 5 Year CMT T-Note + 2.000%) |
||||||||||||||
| 100,000 | 4.110 | (a) | 07/24/34 | 103,832 | ||||||||||
|
(US 5 Year CMT T-Note + 1.750%) |
||||||||||||||
| 300,000 | 2.668 | (a) | 11/15/35 | 274,672 | ||||||||||
| 600,000 | 4.421 | 07/24/39 | 645,499 | |||||||||||
| 100,000 | 2.963 | 11/16/40 | 88,292 | |||||||||||
|
Westpac Banking Corp.(a), GMTN (Australia) |
||||||||||||||
|
(5 Year USD Swap + 2.236%) |
||||||||||||||
| 400,000 | 4.322 | 11/23/31 | 417,330 | |||||||||||
|
|
|
|||||||||||||
| 69,863,656 | ||||||||||||||
|
|
|
|||||||||||||
| Beverages – 0.1% | ||||||||||||||
|
Coca-Cola Femsa SAB de CV (Mexico) |
||||||||||||||
| 700,000 | 2.750 | 01/22/30 | 670,565 | |||||||||||
|
|
|
|||||||||||||
| Brokerage – 0.1% | ||||||||||||||
|
Brookfield Finance, Inc. (Canada) |
||||||||||||||
| 120,000 | 4.850 | 03/29/29 | 131,270 | |||||||||||
| 125,000 | 4.350 | 04/15/30 | 134,676 | |||||||||||
| 309,000 | 4.700 | 09/20/47 | 336,437 | |||||||||||
|
|
|
|||||||||||||
| 602,383 | ||||||||||||||
|
|
|
|||||||||||||
| Consumer Noncyclical – 1.3% | ||||||||||||||
|
BAT Capital Corp. (United Kingdom) |
||||||||||||||
| 300,000 | 3.215 | 09/06/26 | 299,482 | |||||||||||
|
|
|
|||||||||||||
| 54 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
| Foreign Corporate Debt – (continued) | ||||||||||||||
| Consumer Noncyclical – (continued) | ||||||||||||||
|
BAT Capital Corp. (United Kingdom) – (continued) |
||||||||||||||
| $ | 300,000 | 2.259 | % | 03/25/28 | $ | 279,910 | ||||||||
| 300,000 | 2.726 | 03/25/31 | 275,376 | |||||||||||
| 1,500,000 | 4.540 | 08/15/47 | 1,372,869 | |||||||||||
| 400,000 | 4.758 | 09/06/49 | 379,553 | |||||||||||
|
BAT International Finance PLC (United Kingdom) |
||||||||||||||
| 300,000 | 1.668 | 03/25/26 | 284,399 | |||||||||||
|
GlaxoSmithKline Capital, Inc. (United Kingdom) |
||||||||||||||
| 600,000 | 6.375 | 05/15/38 | 829,953 | |||||||||||
|
Novartis Capital Corp. (Switzerland) |
||||||||||||||
| 70,000 | 3.400 | 05/06/24 | 72,421 | |||||||||||
| 200,000 | 1.750 | 02/14/25 | 198,914 | |||||||||||
| 489,000 | 3.000 | 11/20/25 | 503,531 | |||||||||||
| 702,000 | 3.100 | 05/17/27 | 728,585 | |||||||||||
| 700,000 | 2.200 | 08/14/30 | 679,705 | |||||||||||
| 220,000 | 4.400 | 05/06/44 | 256,450 | |||||||||||
| 300,000 | 4.000 | 11/20/45 | 332,621 | |||||||||||
| 225,000 | 2.750 | 08/14/50 | 206,546 | |||||||||||
|
Reynolds American, Inc. (United Kingdom) |
||||||||||||||
| 575,000 | 4.450 | 06/12/25 | 601,138 | |||||||||||
| 300,000 | 5.850 | 08/15/45 | 324,880 | |||||||||||
|
Takeda Pharmaceutical Co., Ltd. (Japan) |
||||||||||||||
| 500,000 | 5.000 | 11/26/28 | 563,562 | |||||||||||
| 750,000 | 2.050 | 03/31/30 | 691,810 | |||||||||||
| 750,000 | 3.175 | 07/09/50 | 674,602 | |||||||||||
|
|
|
|||||||||||||
| 9,556,307 | ||||||||||||||
|
|
|
|||||||||||||
| Consumer Products – 0.1% | ||||||||||||||
|
Unilever Capital Corp. (United Kingdom) |
||||||||||||||
| 100,000 | 2.900 | 05/05/27 | 102,145 | |||||||||||
| 500,000 | 3.500 | 03/22/28 | 526,198 | |||||||||||
| 500,000 | 2.125 | 09/06/29 | 482,424 | |||||||||||
|
|
|
|||||||||||||
| 1,110,767 | ||||||||||||||
|
|
|
|||||||||||||
| Energy – 2.3% | ||||||||||||||
|
BP Capital Markets PLC (United Kingdom) |
||||||||||||||
| 600,000 | 3.279 | 09/19/27 | 618,906 | |||||||||||
|
Canadian Natural Resources Ltd. (Canada) |
||||||||||||||
| 800,000 | 3.850 | 06/01/27 | 835,327 | |||||||||||
|
Canadian Natural Resources Ltd., GMTN (Canada) |
||||||||||||||
| 210,000 | 4.950 | 06/01/47 | 235,548 | |||||||||||
|
Cenovus Energy, Inc. (Canada) |
||||||||||||||
| 100,000 | 4.400 | 04/15/29 | 106,471 | |||||||||||
| 777,000 | 6.750 | 11/15/39 | 969,086 | |||||||||||
| 102,000 | 5.400 | 06/15/47 | 115,546 | |||||||||||
|
Enbridge, Inc. (Canada) |
||||||||||||||
| 320,000 | 4.000 | 10/01/23 | 329,237 | |||||||||||
| 782,000 | 3.125 | 11/15/29 | 785,301 | |||||||||||
|
(3M USD LIBOR + 3.641%) |
||||||||||||||
| 300,000 | 6.250 | (a) | 03/01/78 | 313,500 | ||||||||||
|
Equinor ASA (Norway) |
||||||||||||||
| 500,000 | 2.875 | 04/06/25 | 509,498 | |||||||||||
| 200,000 | 1.750 | 01/22/26 | 196,106 | |||||||||||
| 300,000 | 3.125 | 04/06/30 | 308,398 | |||||||||||
| 100,000 | 2.375 | 05/22/30 | 97,350 | |||||||||||
| 140,000 | 3.950 | 05/15/43 | 148,117 | |||||||||||
| 752,000 | 3.250 | 11/18/49 | 720,938 | |||||||||||
| 250,000 | 3.700 | 04/06/50 | 258,422 | |||||||||||
|
|
|
|||||||||||||
| Foreign Corporate Debt – (continued) | ||||||||||||||
| Energy – (continued) | ||||||||||||||
|
Shell International Finance BV (Netherlands) |
||||||||||||||
| 700,000 | 2.000 | 11/07/24 | 702,966 | |||||||||||
| 500,000 | 3.250 | 05/11/25 | 518,012 | |||||||||||
| 500,000 | 2.875 | 05/10/26 | 514,417 | |||||||||||
| 800,000 | 3.875 | 11/13/28 | 857,942 | |||||||||||
| 400,000 | 2.375 | 11/07/29 | 390,714 | |||||||||||
| 500,000 | 4.125 | 05/11/35 | 547,463 | |||||||||||
| 936,000 | 6.375 | 12/15/38 | 1,274,488 | |||||||||||
| 492,000 | 4.375 | 05/11/45 | 546,496 | |||||||||||
| 674,000 | 4.000 | 05/10/46 | 712,884 | |||||||||||
| 379,000 | 3.750 | 09/12/46 | 388,791 | |||||||||||
| 282,000 | 3.125 | 11/07/49 | 261,937 | |||||||||||
|
Suncor Energy, Inc. (Canada) |
||||||||||||||
| 434,000 | 4.000 | 11/15/47 | 435,880 | |||||||||||
| 100,000 | 3.750 | 03/04/51 | 96,759 | |||||||||||
|
TotalEnergies Capital International SA (France) |
||||||||||||||
| 300,000 | 3.750 | 04/10/24 | 311,191 | |||||||||||
| 500,000 | 2.829 | 01/10/30 | 499,715 | |||||||||||
| 500,000 | 2.986 | 06/29/41 | 461,741 | |||||||||||
| 400,000 | 3.461 | 07/12/49 | 389,000 | |||||||||||
| 450,000 | 3.127 | 05/29/50 | 418,479 | |||||||||||
| 300,000 | 3.386 | 06/29/60 | 279,147 | |||||||||||
|
TotalEnergies Capital SA (France) |
||||||||||||||
| 244,000 | 3.883 | 10/11/28 | 259,174 | |||||||||||
|
TransCanada PipeLines Ltd. (Canada) |
||||||||||||||
| 600,000 | 4.625 | 03/01/34 | 656,488 | |||||||||||
| 500,000 | 7.625 | 01/15/39 | 714,582 | |||||||||||
|
|
|
|||||||||||||
| 17,786,017 | ||||||||||||||
|
|
|
|||||||||||||
| Financial Company – 0.6% | ||||||||||||||
| |
AerCap
Ireland Capital DAC / AerCap Global Aviation Trust |
| ||||||||||||
| 500,000 | 3.150 | 02/15/24 | 505,433 | |||||||||||
| 500,000 | 3.500 | 01/15/25 | 507,452 | |||||||||||
| 300,000 | 6.500 | 07/15/25 | 330,778 | |||||||||||
| 1,000,000 | 2.450 | 10/29/26 | 961,048 | |||||||||||
| 300,000 | 3.000 | 10/29/28 | 289,732 | |||||||||||
| 1,000,000 | 3.300 | 01/30/32 | 950,009 | |||||||||||
| 300,000 | 3.400 | 10/29/33 | 283,700 | |||||||||||
| 500,000 | 3.850 | 10/29/41 | 465,832 | |||||||||||
|
|
|
|||||||||||||
| 4,293,984 | ||||||||||||||
|
|
|
|||||||||||||
| Food and Beverage – 1.7% | ||||||||||||||
| |
Anheuser-Busch
Cos. LLC / Anheuser-Busch InBev Worldwide, |
| ||||||||||||
| 785,000 | 3.650 | 02/01/26 | 820,541 | |||||||||||
| 950,000 | 4.700 | 02/01/36 | 1,051,531 | |||||||||||
| 1,685,000 | 4.900 | 02/01/46 | 1,919,748 | |||||||||||
|
Anheuser-Busch InBev Finance, Inc. (Belgium) |
||||||||||||||
| 100,000 | 4.000 | 01/17/43 | 101,324 | |||||||||||
| 535,000 | 4.625 | 02/01/44 | 579,265 | |||||||||||
| 300,000 | 4.900 | 02/01/46 | 342,448 | |||||||||||
|
Anheuser-Busch InBev Worldwide, Inc. (Belgium) |
||||||||||||||
| 790,000 | 4.000 | 04/13/28 | 842,046 | |||||||||||
| 1,100,000 | 4.750 | 01/23/29 | 1,222,951 | |||||||||||
| 317,000 | 4.900 | 01/23/31 | 363,014 | |||||||||||
| 620,000 | 4.375 | 04/15/38 | 664,069 | |||||||||||
|
|
|
|||||||||||||
| The accompanying notes are an integral part of these financial statements. | 55 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
| Foreign Corporate Debt – (continued) | ||||||||||||||
| Food and Beverage – (continued) | ||||||||||||||
|
Anheuser-Busch InBev Worldwide, Inc. (Belgium) – (continued) |
||||||||||||||
| $ | 500,000 | 5.450 | % | 01/23/39 | $ | 594,490 | ||||||||
| 100,000 | 4.350 | 06/01/40 | 106,657 | |||||||||||
| 790,000 | 4.950 | 01/15/42 | 903,067 | |||||||||||
| 605,000 | 4.600 | 04/15/48 | 664,040 | |||||||||||
| 210,000 | 4.439 | 10/06/48 | 225,328 | |||||||||||
| 836,000 | 5.550 | 01/23/49 | 1,032,415 | |||||||||||
| 150,000 | 4.500 | 06/01/50 | 165,254 | |||||||||||
| 310,000 | 4.750 | 04/15/58 | 343,438 | |||||||||||
| 434,000 | 5.800 | 01/23/59 | 559,274 | |||||||||||
|
Diageo Capital PLC (United Kingdom) |
||||||||||||||
| 400,000 | 2.625 | 04/29/23 | 404,096 | |||||||||||
|
|
|
|||||||||||||
| 12,904,996 | ||||||||||||||
|
|
|
|||||||||||||
| Forest Products & Paper – 0.1% | ||||||||||||||
|
Suzano Austria GmbH (Brazil) |
||||||||||||||
| 564,000 | 3.125 | 01/15/32 | 503,273 | |||||||||||
|
|
|
|||||||||||||
| Internet – 0.4% | ||||||||||||||
|
Alibaba Group Holding Ltd. (China) |
||||||||||||||
| 500,000 | 3.600 | 11/28/24 | 513,232 | |||||||||||
| 840,000 | 3.400 | 12/06/27 | 853,144 | |||||||||||
| 600,000 | 2.125 | 02/09/31 | 539,171 | |||||||||||
| 400,000 | 4.000 | 12/06/37 | 391,993 | |||||||||||
| 550,000 | 4.200 | 12/06/47 | 532,110 | |||||||||||
| 300,000 | 3.150 | 02/09/51 | 243,257 | |||||||||||
| 200,000 | 4.400 | 12/06/57 | 197,563 | |||||||||||
|
|
|
|||||||||||||
| 3,270,470 | ||||||||||||||
|
|
|
|||||||||||||
| Lodging – 0.1% | ||||||||||||||
|
Sands China Ltd. (Macau) |
||||||||||||||
| 280,000 | 5.125 | 08/08/25 | 277,200 | |||||||||||
| 500,000 | 5.400 | 08/08/28 | 491,250 | |||||||||||
|
|
|
|||||||||||||
| 768,450 | ||||||||||||||
|
|
|
|||||||||||||
| Media – 0.1% | ||||||||||||||
|
Grupo Televisa SAB (Mexico) |
||||||||||||||
| 200,000 | 5.000 | 05/13/45 | 218,068 | |||||||||||
| 200,000 | 6.125 | 01/31/46 | 250,062 | |||||||||||
| 200,000 | 5.250 | 05/24/49 | 228,572 | |||||||||||
|
|
|
|||||||||||||
| 696,702 | ||||||||||||||
|
|
|
|||||||||||||
| Metals and Mining – 0.2% | ||||||||||||||
|
BHP Billiton Finance USA Ltd. (Australia) |
||||||||||||||
| 150,000 | 4.125 | 02/24/42 | 162,552 | |||||||||||
| 650,000 | 5.000 | 09/30/43 | 784,159 | |||||||||||
|
Rio Tinto Finance USA Ltd. (Australia) |
||||||||||||||
| 80,000 | 7.125 | 07/15/28 | 100,192 | |||||||||||
| 525,000 | 5.200 | 11/02/40 | 642,635 | |||||||||||
|
Rio Tinto Finance USA PLC (Australia) |
||||||||||||||
| 80,000 | 4.125 | 08/21/42 | 87,688 | |||||||||||
|
|
|
|||||||||||||
| 1,777,226 | ||||||||||||||
|
|
|
|||||||||||||
| Mining – 0.5% | ||||||||||||||
|
Southern Copper Corp. (Peru) |
||||||||||||||
| 341,000 | 7.500 | 07/27/35 | 455,105 | |||||||||||
| 331,000 | 6.750 | 04/16/40 | 433,293 | |||||||||||
| 386,000 | 5.250 | 11/08/42 | 449,796 | |||||||||||
| 291,000 | 5.875 | 04/23/45 | 365,431 | |||||||||||
|
|
|
|||||||||||||
| Foreign Corporate Debt – (continued) | ||||||||||||||
| Mining – (continued) | ||||||||||||||
|
Vale Overseas Ltd. (Brazil) |
||||||||||||||
| 930,000 | 6.250 | 08/10/26 | 1,043,925 | |||||||||||
| 350,000 | 6.875 | 11/21/36 | 427,219 | |||||||||||
| 552,000 | 6.875 | 11/10/39 | 685,860 | |||||||||||
|
|
|
|||||||||||||
| 3,860,629 | ||||||||||||||
|
|
|
|||||||||||||
| Oil Company-Exploration & Production – 0.1% | ||||||||||||||
|
CNOOC Finance 2013 Ltd. (China) |
||||||||||||||
| 300,000 | 3.000 | 05/09/23 | 304,154 | |||||||||||
|
CNOOC Finance 2015 USA LLC (China) |
||||||||||||||
| 200,000 | 4.375 | 05/02/28 | 217,847 | |||||||||||
|
|
|
|||||||||||||
| 522,001 | ||||||||||||||
|
|
|
|||||||||||||
| Oil Company-Integrated – 0.2% | ||||||||||||||
|
Ecopetrol SA (Colombia) |
||||||||||||||
| 250,000 | 5.875 | 09/18/23 | 260,938 | |||||||||||
| 150,000 | 4.125 | 01/16/25 | 148,875 | |||||||||||
| 200,000 | 5.375 | 06/26/26 | 205,125 | |||||||||||
| 300,000 | 6.875 | 04/29/30 | 313,125 | |||||||||||
| 468,000 | 7.375 | 09/18/43 | 461,565 | |||||||||||
| 400,000 | 5.875 | 05/28/45 | 345,000 | |||||||||||
|
|
|
|||||||||||||
| 1,734,628 | ||||||||||||||
|
|
|
|||||||||||||
| Semiconductors – 0.0% | ||||||||||||||
|
TSMC Arizona Corp. (Taiwan) |
||||||||||||||
| 400,000 | 3.250 | 10/25/51 | 382,866 | |||||||||||
|
|
|
|||||||||||||
| Technology – 0.2% | ||||||||||||||
|
NXP BV / NXP Funding LLC(b) (China) |
||||||||||||||
| 170,000 | 4.875 | 03/01/24 | 178,408 | |||||||||||
|
NXP BV / NXP Funding LLC / NXP USA, Inc.(b) (China) |
||||||||||||||
| 500,000 | 3.400 | 05/01/30 | 505,079 | |||||||||||
| 500,000 | 2.500 | 05/11/31 | 467,878 | |||||||||||
|
|
|
|||||||||||||
| 1,151,365 | ||||||||||||||
|
|
|
|||||||||||||
| Telecommunications – 0.2% | ||||||||||||||
|
America Movil SAB de CV (Mexico) |
||||||||||||||
| 266,000 | 2.875 | 05/07/30 | 259,460 | |||||||||||
| 640,000 | 6.125 | 03/30/40 | 802,146 | |||||||||||
| 470,000 | 4.375 | 04/22/49 | 517,391 | |||||||||||
|
|
|
|||||||||||||
| 1,578,997 | ||||||||||||||
|
|
|
|||||||||||||
| Transportation – 0.1% | ||||||||||||||
|
Canadian Pacific Railway Co. (Canada) |
||||||||||||||
| 350,000 | 2.450 | 12/02/31 | 336,501 | |||||||||||
| 350,000 | 3.100 | 12/02/51 | 316,990 | |||||||||||
|
|
|
|||||||||||||
| 653,491 | ||||||||||||||
|
|
|
|||||||||||||
| Wireless – 0.6% | ||||||||||||||
|
Rogers Communications, Inc. (Canada) |
||||||||||||||
| 70,000 | 4.100 | 10/01/23 | 71,820 | |||||||||||
| 200,000 | 4.300 | 02/15/48 | 200,130 | |||||||||||
| 500,000 | 4.350 | 05/01/49 | 499,540 | |||||||||||
|
Vodafone Group PLC (United Kingdom) |
||||||||||||||
| 1,000,000 | 3.750 | 01/16/24 | 1,035,580 | |||||||||||
| 50,000 | 4.125 | 05/30/25 | 52,616 | |||||||||||
| 300,000 | 5.000 | 05/30/38 | 340,506 | |||||||||||
| 700,000 | 5.250 | 05/30/48 | 800,538 | |||||||||||
|
|
|
|||||||||||||
| 56 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
| Foreign Corporate Debt – (continued) | ||||||||||||||
| Wireless – (continued) | ||||||||||||||
|
Vodafone Group PLC (United Kingdom) – (continued) |
||||||||||||||
| $ | 450,000 | 4.875 | % | 06/19/49 | $ | 497,442 | ||||||||
| 700,000 | 4.250 | 09/17/50 | 711,516 | |||||||||||
|
|
|
|||||||||||||
| 4,209,688 | ||||||||||||||
|
|
|
|||||||||||||
| Wirelines – 0.4% | ||||||||||||||
|
British Telecommunications PLC (United Kingdom) |
||||||||||||||
| 300,000 | 9.625 | 12/15/30 | 420,220 | |||||||||||
|
Deutsche Telekom International Finance BV (Germany) |
||||||||||||||
| 650,000 | 8.750 | 06/15/30 | 898,270 | |||||||||||
|
Telefonica Emisiones SA (Spain) |
||||||||||||||
| 200,000 | 4.103 | 03/08/27 | 211,859 | |||||||||||
| 100,000 | 7.045 | 06/20/36 | 129,317 | |||||||||||
| 450,000 | 4.665 | 03/06/38 | 466,039 | |||||||||||
| 600,000 | 5.213 | 03/08/47 | 654,000 | |||||||||||
| 415,000 | 4.895 | 03/06/48 | 435,681 | |||||||||||
|
|
|
|||||||||||||
| 3,215,386 | ||||||||||||||
|
|
|
|||||||||||||
| TOTAL FOREIGN CORPORATE DEBT | ||||||||||||||
| (Cost $148,177,653) | $ | 141,113,847 | ||||||||||||
|
|
|
|||||||||||||
| Shares | Dividend Rate |
Value | ||||
| Investment Company – 0.2%(c) | ||||||
|
Goldman Sachs Financial Square Government Fund – Institutional Shares |
| |||||
| 1,444,342 | 0.026% | $ | 1,444,342 | |||
| (Cost $1,444,342) | ||||||
|
|
||||||
| TOTAL INVESTMENTS – 99.0% |
| |||||
| (Cost $785,488,454) | $ | 750,317,568 | ||||
|
|
||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES – 1.0% |
7,401,578 | |||||
|
|
||||||
| NET ASSETS – 100.0% | $ | 757,719,146 | ||||
|
|
||||||
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
|
(a) |
Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on February 28, 2022. | |
|
(b) |
Exempt from registration under Rule 144A of the Securities Act of 1933. | |
|
(c) |
Represents an affiliated issuer. | |
|
| ||
|
Investment Abbreviations: | ||
|
CMT |
—Constant Maturity Treasury Index | |
|
GMTN |
—Global Medium Term Note | |
|
LIBOR |
—London Interbank Offered Rate | |
|
LP |
—Limited Partnership | |
|
MTN |
—Medium Term Note | |
|
PLC |
—Public Limited Company | |
|
REIT |
—Real Estate Investment Trust | |
|
SOFR |
—Secured Overnight Financing Rate | |
|
| ||
| The accompanying notes are an integral part of these financial statements. | 57 |
GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF
Schedule of Investments
February 28, 2022 (Unaudited)
| Principal Amount |
Interest Rate(a) |
Maturity Date |
Value | |||||||||
| U.S. Treasury Bills – 84.4% | ||||||||||||
|
U.S. Treasury Bills |
||||||||||||
| $ | 2,960,000 | 0.011% | 03/01/22 | $ | 2,960,000 | |||||||
| 800,000 | 0.029 | 03/01/22 | 800,000 | |||||||||
| 2,000,000 | 0.035 | 03/01/22 | 2,000,000 | |||||||||
| 900,000 | 0.036 | 03/01/22 | 900,000 | |||||||||
| 2,560,000 | 0.037 | 03/01/22 | 2,560,000 | |||||||||
| 960,000 | 0.038 | 03/01/22 | 960,000 | |||||||||
| 320,000 | 0.039 | 03/01/22 | 320,000 | |||||||||
| 320,000 | 0.040 | 03/01/22 | 320,000 | |||||||||
| 3,120,000 | 0.041 | 03/01/22 | 3,120,000 | |||||||||
| 7,280,000 | 0.046 | 03/01/22 | 7,280,000 | |||||||||
| 7,040,000 | 0.047 | 03/01/22 | 7,040,000 | |||||||||
| 240,000 | 0.052 | 03/01/22 | 240,000 | |||||||||
| 139,871,700 | 0.054 | 03/01/22 | 139,871,700 | |||||||||
| 126,951,800 | 0.068 | 04/07/22 | 126,938,624 | |||||||||
| 2,590,000 | 0.076 | 04/07/22 | 2,589,731 | |||||||||
| 700,000 | 0.086 | 04/07/22 | 699,927 | |||||||||
| 280,000 | 0.095 | 04/07/22 | 279,971 | |||||||||
| 2,450,000 | 0.098 | 04/07/22 | 2,449,746 | |||||||||
| 5,307,000 | 0.102 | 04/07/22 | 5,306,449 | |||||||||
| 1,400,000 | 0.116 | 04/07/22 | 1,399,855 | |||||||||
| 2,800,000 | 0.117 | 04/07/22 | 2,799,709 | |||||||||
| 700,000 | 0.122 | 04/07/22 | 699,927 | |||||||||
| 700,000 | 0.127 | 04/07/22 | 699,927 | |||||||||
| 2,870,000 | 0.132 | 04/07/22 | 2,869,702 | |||||||||
| 700,000 | 0.138 | 04/07/22 | 699,927 | |||||||||
| 792,000 | 0.142 | 04/07/22 | 791,918 | |||||||||
| 1,056,000 | 0.144 | 04/07/22 | 1,055,890 | |||||||||
| 770,000 | 0.152 | 04/07/22 | 769,920 | |||||||||
| 1,750,000 | 0.184 | 04/07/22 | 1,749,818 | |||||||||
| 840,000 | 0.187 | 04/07/22 | 839,913 | |||||||||
| 276,000 | 0.123 | 04/12/22 | 275,950 | |||||||||
| 2,553,000 | 0.137 | 04/12/22 | 2,552,540 | |||||||||
| 137,922,600 | 0.145 | 04/12/22 | 137,897,751 | |||||||||
| 1,311,000 | 0.152 | 04/12/22 | 1,310,764 | |||||||||
| 5,185,000 | 0.157 | 04/12/22 | 5,184,066 | |||||||||
| 759,000 | 0.171 | 04/12/22 | 758,863 | |||||||||
| 1,725,000 | 0.218 | 04/12/22 | 1,724,689 | |||||||||
| 828,000 | 0.222 | 04/12/22 | 827,851 | |||||||||
| 61,645,800 | 0.024 | 04/21/22 | 61,629,190 | |||||||||
| 4,000,000 | 0.036 | 04/21/22 | 3,998,922 | |||||||||
| 300,000 | 0.038 | 04/21/22 | 299,919 | |||||||||
| 750,000 | 0.040 | 04/21/22 | 749,798 | |||||||||
| 300,000 | 0.041 | 04/21/22 | 299,919 | |||||||||
| 6,480,000 | 0.046 | 04/21/22 | 6,478,254 | |||||||||
| 1,655,000 | 0.047 | 04/21/22 | 1,654,554 | |||||||||
| 3,322,100 | 0.048 | 04/21/22 | 3,321,205 | |||||||||
| 600,000 | 0.050 | 04/21/22 | 599,838 | |||||||||
| 1,300,000 | 0.051 | 04/21/22 | 1,299,650 | |||||||||
| 3,800,000 | 0.052 | 04/21/22 | 3,798,976 | |||||||||
| 1,500,000 | 0.056 | 04/21/22 | 1,499,596 | |||||||||
| 459,000 | 0.057 | 04/21/22 | 458,876 | |||||||||
| 350,000 | 0.064 | 04/21/22 | 349,906 | |||||||||
| 300,000 | 0.070 | 04/21/22 | 299,919 | |||||||||
| 700,000 | 0.076 | 04/21/22 | 699,811 | |||||||||
| 500,000 | 0.085 | 04/21/22 | 499,865 | |||||||||
| 2,050,000 | 0.132 | 04/21/22 | 2,049,448 | |||||||||
|
|
|
|||||||||||
| U.S. Treasury Bills – (continued) | ||||||||||||
|
U.S. Treasury Bills – (continued) |
||||||||||||
| 200,000 | 0.133 | 04/21/22 | 199,946 | |||||||||
| 2,000,000 | 0.162 | 04/21/22 | 1,999,461 | |||||||||
| 1,000,000 | 0.166 | 04/21/22 | 999,731 | |||||||||
| 500,000 | 0.167 | 04/21/22 | 499,865 | |||||||||
| 867,000 | 0.171 | 04/21/22 | 866,766 | |||||||||
| 756,000 | 0.173 | 04/21/22 | 755,796 | |||||||||
| 4,869,000 | 0.174 | 04/21/22 | 4,867,688 | |||||||||
| 1,887,000 | 0.178 | 04/21/22 | 1,886,492 | |||||||||
| 3,843,000 | 0.193 | 04/21/22 | 3,841,965 | |||||||||
| 510,000 | 0.194 | 04/21/22 | 509,863 | |||||||||
| 561,000 | 0.222 | 04/21/22 | 560,849 | |||||||||
| 1,275,000 | 0.229 | 04/21/22 | 1,274,657 | |||||||||
| 612,000 | 0.233 | 04/21/22 | 611,835 | |||||||||
| 204,000 | 0.243 | 04/21/22 | 203,945 | |||||||||
| 187,050,600 | 0.198 | 04/26/22 | 186,998,150 | |||||||||
| 770,000 | 0.077 | 05/05/22 | 769,666 | |||||||||
| 385,000 | 0.080 | 05/05/22 | 384,833 | |||||||||
| 97,186,300 | 0.084 | 05/05/22 | 97,144,130 | |||||||||
| 1,430,000 | 0.090 | 05/05/22 | 1,429,380 | |||||||||
| 550,000 | 0.132 | 05/05/22 | 549,761 | |||||||||
| 2,145,000 | 0.146 | 05/05/22 | 2,144,069 | |||||||||
| 4,290,000 | 0.183 | 05/05/22 | 4,288,139 | |||||||||
| 2,200,000 | 0.184 | 05/05/22 | 2,199,045 | |||||||||
| 550,000 | 0.188 | 05/05/22 | 549,761 | |||||||||
| 807,000 | 0.198 | 05/05/22 | 806,650 | |||||||||
| 560,000 | 0.227 | 05/05/22 | 559,757 | |||||||||
| 4,209,000 | 0.244 | 05/05/22 | 4,207,174 | |||||||||
| 2,072,000 | 0.269 | 05/05/22 | 2,071,101 | |||||||||
| 224,000 | 0.290 | 05/05/22 | 223,903 | |||||||||
| 616,000 | 0.294 | 05/05/22 | 615,733 | |||||||||
| 1,400,000 | 0.330 | 05/05/22 | 1,399,393 | |||||||||
| 672,000 | 0.334 | 05/05/22 | 671,708 | |||||||||
| 427,000 | 0.089 | 05/26/22 | 426,684 | |||||||||
| 840,000 | 0.092 | 05/26/22 | 839,377 | |||||||||
| 106,030,000 | 0.097 | 05/26/22 | 105,951,412 | |||||||||
| 1,586,000 | 0.117 | 05/26/22 | 1,584,825 | |||||||||
| 600,000 | 0.118 | 05/26/22 | 599,555 | |||||||||
| 2,100,000 | 0.171 | 05/26/22 | 2,098,444 | |||||||||
| 240,000 | 0.176 | 05/26/22 | 239,822 | |||||||||
| 4,680,000 | 0.219 | 05/26/22 | 4,676,531 | |||||||||
| 600,000 | 0.227 | 05/26/22 | 599,555 | |||||||||
| 2,400,000 | 0.232 | 05/26/22 | 2,398,221 | |||||||||
| 1,200,000 | 0.233 | 05/26/22 | 1,199,111 | |||||||||
| 288,000 | 0.255 | 05/26/22 | 287,787 | |||||||||
| 4,575,000 | 0.315 | 05/26/22 | 4,571,609 | |||||||||
| 93,870,000 | 0.326 | 05/26/22 | 93,800,425 | |||||||||
| 244,000 | 0.345 | 05/26/22 | 243,819 | |||||||||
| 2,257,000 | 0.355 | 05/26/22 | 2,255,327 | |||||||||
| 671,000 | 0.412 | 05/26/22 | 670,503 | |||||||||
| 1,525,000 | 0.447 | 05/26/22 | 1,523,870 | |||||||||
| 732,000 | 0.451 | 05/26/22 | 731,457 | |||||||||
| 300,000 | 0.051 | 06/16/22 | 299,635 | |||||||||
| 1,340,000 | 0.052 | 06/16/22 | 1,338,371 | |||||||||
| 600,000 | 0.055 | 06/16/22 | 599,271 | |||||||||
| 2,360,000 | 0.056 | 06/16/22 | 2,357,131 | |||||||||
| 660,000 | 0.061 | 06/16/22 | 659,198 | |||||||||
|
|
|
|||||||||||
| 58 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF
| Principal Amount |
Interest Rate(a) |
Maturity Date |
Value | |||||||||
| U.S. Treasury Bills – (continued) | ||||||||||||
|
U.S. Treasury Bills – (continued) |
||||||||||||
| $ | 1,520,000 | 0.062 % | 06/16/22 | $ | 1,518,152 | |||||||
| 28,295,900 | 0.067 | 06/16/22 | 28,261,506 | |||||||||
| 180,000 | 0.077 | 06/16/22 | 179,781 | |||||||||
| 120,000 | 0.085 | 06/16/22 | 119,854 | |||||||||
| 8,932,000 | 0.094 | 06/16/22 | 8,921,143 | |||||||||
| 175,000 | 0.111 | 06/16/22 | 174,787 | |||||||||
| 225,000 | 0.117 | 06/16/22 | 224,727 | |||||||||
| 650,000 | 0.122 | 06/16/22 | 649,210 | |||||||||
| 250,000 | 0.147 | 06/16/22 | 249,696 | |||||||||
| 875,000 | 0.194 | 06/16/22 | 873,936 | |||||||||
| 100,000 | 0.208 | 06/16/22 | 99,878 | |||||||||
| 1,950,000 | 0.258 | 06/16/22 | 1,947,630 | |||||||||
| 250,000 | 0.259 | 06/16/22 | 249,696 | |||||||||
| 1,000,000 | 0.268 | 06/16/22 | 998,785 | |||||||||
| 500,000 | 0.269 | 06/16/22 | 499,392 | |||||||||
| 99,686,200 | 0.316 | 06/16/22 | 99,565,030 | |||||||||
| 84,814,400 | 0.406 | 06/16/22 | 84,711,307 | |||||||||
| 5,551,000 | 0.415 | 06/16/22 | 5,544,253 | |||||||||
| 296,000 | 0.452 | 06/16/22 | 295,640 | |||||||||
| 2,738,000 | 0.461 | 06/16/22 | 2,734,672 | |||||||||
| 814,000 | 0.481 | 06/16/22 | 813,011 | |||||||||
| 1,850,000 | 0.519 | 06/16/22 | 1,847,751 | |||||||||
| 888,000 | 0.523 | 06/16/22 | 886,921 | |||||||||
| 4,240,000 | 0.051 | 07/14/22 | 4,231,410 | |||||||||
| 318,000 | 0.052 | 07/14/22 | 317,356 | |||||||||
| 795,000 | 0.055 | 07/14/22 | 793,389 | |||||||||
| 69,705,300 | 0.059 | 07/14/22 | 69,564,085 | |||||||||
| 2,070,000 | 0.066 | 07/14/22 | 2,065,806 | |||||||||
| 15,589,300 | 0.067 | 07/14/22 | 15,557,718 | |||||||||
| 265,000 | 0.071 | 07/14/22 | 264,463 | |||||||||
| 159,000 | 0.076 | 07/14/22 | 158,678 | |||||||||
| 477,000 | 0.086 | 07/14/22 | 476,034 | |||||||||
| 318,000 | 0.096 | 07/14/22 | 317,356 | |||||||||
| 8,872,200 | 0.114 | 07/14/22 | 8,854,226 | |||||||||
| 522,000 | 0.131 | 07/14/22 | 520,943 | |||||||||
| 1,508,000 | 0.178 | 07/14/22 | 1,504,945 | |||||||||
| 406,000 | 0.179 | 07/14/22 | 405,178 | |||||||||
| 580,000 | 0.202 | 07/14/22 | 578,825 | |||||||||
| 232,000 | 0.273 | 07/14/22 | 231,530 | |||||||||
| 2,030,000 | 0.274 | 07/14/22 | 2,025,887 | |||||||||
| 2,320,000 | 0.330 | 07/14/22 | 2,315,300 | |||||||||
| 5,104,000 | 0.334 | 07/14/22 | 5,093,660 | |||||||||
| 1,160,000 | 0.335 | 07/14/22 | 1,157,650 | |||||||||
| 348,000 | 0.400 | 07/14/22 | 347,295 | |||||||||
| 83,747,000 | 0.414 | 07/14/22 | 83,577,339 | |||||||||
| 7,381,000 | 0.549 | 07/14/22 | 7,366,047 | |||||||||
| 392,000 | 0.558 | 07/14/22 | 391,206 | |||||||||
| 3,626,000 | 0.590 | 07/14/22 | 3,618,654 | |||||||||
| 1,078,000 | 0.619 | 07/14/22 | 1,075,816 | |||||||||
| 2,450,000 | 0.646 | 07/14/22 | 2,445,037 | |||||||||
| 1,176,000 | 0.651 | 07/14/22 | 1,173,618 | |||||||||
| 45,000 | 0.086 | 08/11/22 | 44,876 | |||||||||
| 26,548,400 | 0.096 | 08/11/22 | 26,475,094 | |||||||||
| 135,000 | 0.158 | 08/11/22 | 134,627 | |||||||||
| 105,000 | 0.186 | 08/11/22 | 104,710 | |||||||||
| 390,000 | 0.197 | 08/11/22 | 388,923 | |||||||||
|
|
|
|||||||||||
| U.S. Treasury Bills – (continued) | ||||||||||||
|
U.S. Treasury Bills – (continued) |
||||||||||||
| 150,000 | 0.223 | 08/11/22 | 149,586 | |||||||||
| 525,000 | 0.290 | 08/11/22 | 523,550 | |||||||||
| 60,000 | 0.300 | 08/11/22 | 59,834 | |||||||||
| 1,170,000 | 0.362 | 08/11/22 | 1,166,769 | |||||||||
| 750,000 | 0.371 | 08/11/22 | 747,929 | |||||||||
| 300,000 | 0.386 | 08/11/22 | 299,172 | |||||||||
| 84,000 | 0.432 | 08/11/22 | 83,768 | |||||||||
| 1,098,000 | 0.620 | 08/11/22 | 1,094,968 | |||||||||
| 60,000 | 0.630 | 08/11/22 | 59,834 | |||||||||
| 63,020,000 | 0.641 | 08/11/22 | 62,845,987 | |||||||||
| 555,000 | 0.682 | 08/11/22 | 553,468 | |||||||||
| 165,000 | 0.701 | 08/11/22 | 164,544 | |||||||||
| 375,000 | 0.739 | 08/11/22 | 373,965 | |||||||||
| 180,000 | 0.743 | 08/11/22 | 179,503 | |||||||||
| 45,000 | 0.107 | 10/06/22 | 44,808 | |||||||||
| 26,557,400 | 0.125 | 10/06/22 | 26,444,354 | |||||||||
| 135,000 | 0.202 | 10/06/22 | 134,425 | |||||||||
| 105,000 | 0.236 | 10/06/22 | 104,553 | |||||||||
| 390,000 | 0.259 | 10/06/22 | 388,340 | |||||||||
| 150,000 | 0.285 | 10/06/22 | 149,362 | |||||||||
| 525,000 | 0.335 | 10/06/22 | 522,765 | |||||||||
| 60,000 | 0.340 | 10/06/22 | 59,745 | |||||||||
| 750,000 | 0.436 | 10/06/22 | 746,808 | |||||||||
| 1,170,000 | 0.437 | 10/06/22 | 1,165,020 | |||||||||
| 300,000 | 0.446 | 10/06/22 | 298,723 | |||||||||
| 84,000 | 0.505 | 10/06/22 | 83,642 | |||||||||
| 60,000 | 0.688 | 10/06/22 | 59,745 | |||||||||
| 1,098,000 | 0.712 | 10/06/22 | 1,093,326 | |||||||||
| 555,000 | 0.770 | 10/06/22 | 552,638 | |||||||||
| 165,000 | 0.784 | 10/06/22 | 164,298 | |||||||||
| 375,000 | 0.832 | 10/06/22 | 373,404 | |||||||||
| 180,000 | 0.835 | 10/06/22 | 179,234 | |||||||||
| 15,955,000 | 0.210 | 11/03/22 | 15,875,083 | |||||||||
| 90,000 | 0.220 | 11/03/22 | 89,549 | |||||||||
| 63,000 | 0.236 | 11/03/22 | 62,684 | |||||||||
| 29,316,300 | 0.260 | 11/03/22 | 29,169,458 | |||||||||
| 250,000 | 0.296 | 11/03/22 | 248,748 | |||||||||
| 875,000 | 0.365 | 11/03/22 | 870,617 | |||||||||
| 100,000 | 0.366 | 11/03/22 | 99,499 | |||||||||
| 1,000,000 | 0.463 | 11/03/22 | 994,991 | |||||||||
| 250,000 | 0.464 | 11/03/22 | 248,748 | |||||||||
| 1,950,000 | 0.469 | 11/03/22 | 1,940,233 | |||||||||
| 425,000 | 0.483 | 11/03/22 | 422,871 | |||||||||
| 75,000 | 0.484 | 11/03/22 | 74,624 | |||||||||
| 126,000 | 0.550 | 11/03/22 | 125,369 | |||||||||
| 100,000 | 0.708 | 11/03/22 | 99,499 | |||||||||
| 1,891,000 | 0.744 | 11/03/22 | 1,881,528 | |||||||||
| 925,000 | 0.760 | 11/03/22 | 920,367 | |||||||||
| 275,000 | 0.795 | 11/03/22 | 273,623 | |||||||||
| 625,000 | 0.856 | 11/03/22 | 621,869 | |||||||||
| 300,000 | 0.859 | 11/03/22 | 298,497 | |||||||||
| 60,036,300 | 0.738 | 12/29/22 | 59,593,701 | |||||||||
| 2,257,000 | 0.895 | 12/29/22 | 2,240,361 | |||||||||
| 120,000 | 0.961 | 12/29/22 | 119,115 | |||||||||
| 1,110,000 | 0.992 | 12/29/22 | 1,101,817 | |||||||||
| 330,000 | 1.013 | 12/29/22 | 327,567 | |||||||||
|
|
|
|||||||||||
| The accompanying notes are an integral part of these financial statements. | 59 |
GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
| Principal Amount |
Interest Rate(a) |
Maturity Date |
Value | |||||||||
| U.S. Treasury Bills – (continued) | ||||||||||||
|
U.S. Treasury Bills – (continued) |
||||||||||||
| $ | 750,000 | 1.043 % | 12/29/22 | $ | 744,471 | |||||||
| 360,000 | 1.046 | 12/29/22 | 357,346 | |||||||||
|
|
|
|||||||||||
| TOTAL U.S. TREASURY BILLS | ||||||||||||
| (Cost $1,823,008,251) | $ | 1,822,190,667 | ||||||||||
|
|
|
|||||||||||
| U.S. Treasury Notes – 22.9% | ||||||||||||
|
U.S. Treasury Notes |
||||||||||||
| $ | 39,276,900 | 0.089% | 05/31/22 | $ | 39,412,681 | |||||||
| 198,000 | 0.138 | 05/31/22 | 198,684 | |||||||||
| 220,000 | 0.178 | 05/31/22 | 220,761 | |||||||||
| 572,000 | 0.191 | 05/31/22 | 573,977 | |||||||||
| 770,000 | 0.197 | 05/31/22 | 772,662 | |||||||||
| 154,000 | 0.208 | 05/31/22 | 154,532 | |||||||||
| 88,000 | 0.216 | 05/31/22 | 88,304 | |||||||||
| 880,000 | 0.250 | 05/31/22 | 883,042 | |||||||||
| 1,716,000 | 0.263 | 05/31/22 | 1,721,932 | |||||||||
| 220,000 | 0.267 | 05/31/22 | 220,761 | |||||||||
| 440,000 | 0.294 | 05/31/22 | 441,521 | |||||||||
| 126,000 | 0.317 | 05/31/22 | 126,436 | |||||||||
| 1,647,000 | 0.373 | 05/31/22 | 1,652,694 | |||||||||
| 88,000 | 0.472 | 05/31/22 | 88,304 | |||||||||
| 506,000 | 0.490 | 05/31/22 | 507,749 | |||||||||
| 814,000 | 0.495 | 05/31/22 | 816,814 | |||||||||
| 550,000 | 0.502 | 05/31/22 | 551,901 | |||||||||
| 26,166,100 | 0.090 | 06/15/22 | 26,264,734 | |||||||||
| 135,000 | 0.164 | 06/15/22 | 135,509 | |||||||||
| 390,000 | 0.187 | 06/15/22 | 391,470 | |||||||||
| 105,000 | 0.202 | 06/15/22 | 105,396 | |||||||||
| 150,000 | 0.215 | 06/15/22 | 150,565 | |||||||||
| 525,000 | 0.230 | 06/15/22 | 526,979 | |||||||||
| 60,000 | 0.242 | 06/15/22 | 60,226 | |||||||||
| 600,000 | 0.291 | 06/15/22 | 602,262 | |||||||||
| 1,170,000 | 0.292 | 06/15/22 | 1,174,410 | |||||||||
| 150,000 | 0.296 | 06/15/22 | 150,565 | |||||||||
| 300,000 | 0.321 | 06/15/22 | 301,131 | |||||||||
| 84,000 | 0.341 | 06/15/22 | 84,317 | |||||||||
| 1,098,000 | 0.453 | 06/15/22 | 1,102,139 | |||||||||
| 60,000 | 0.484 | 06/15/22 | 60,226 | |||||||||
| 345,000 | 0.499 | 06/15/22 | 346,301 | |||||||||
| 555,000 | 0.505 | 06/15/22 | 557,092 | |||||||||
| 375,000 | 0.509 | 06/15/22 | 376,414 | |||||||||
| 28,129,300 | 0.078 | 08/15/22 | 28,244,674 | |||||||||
| 96,000 | 0.127 | 08/15/22 | 96,394 | |||||||||
| 18,930,900 | 0.144 | 08/15/22 | 19,008,546 | |||||||||
| 243,000 | 0.191 | 08/15/22 | 243,997 | |||||||||
| 702,000 | 0.250 | 08/15/22 | 704,879 | |||||||||
| 270,000 | 0.253 | 08/15/22 | 271,107 | |||||||||
| 189,000 | 0.289 | 08/15/22 | 189,775 | |||||||||
| 945,000 | 0.327 | 08/15/22 | 948,876 | |||||||||
| 108,000 | 0.343 | 08/15/22 | 108,443 | |||||||||
| 2,106,000 | 0.360 | 08/15/22 | 2,114,638 | |||||||||
| 270,000 | 0.371 | 08/15/22 | 271,107 | |||||||||
| 540,000 | 0.388 | 08/15/22 | 542,215 | |||||||||
| 1,080,000 | 0.393 | 08/15/22 | 1,084,430 | |||||||||
|
|
|
|||||||||||
| U.S. Treasury Notes – (continued) | ||||||||||||
|
U.S. Treasury Notes – (continued) |
||||||||||||
| 147,000 | 0.434 | 08/15/22 | 147,603 | |||||||||
| 2,013,000 | 0.608 | 08/15/22 | 2,021,256 | |||||||||
| 108,000 | 0.663 | 08/15/22 | 108,443 | |||||||||
| 999,000 | 0.667 | 08/15/22 | 1,003,097 | |||||||||
| 297,000 | 0.700 | 08/15/22 | 298,218 | |||||||||
| 324,000 | 0.763 | 08/15/22 | 325,329 | |||||||||
| 675,000 | 0.767 | 08/15/22 | 677,769 | |||||||||
| 70,860,300 | 0.120 | 09/30/22 | 70,600,110 | |||||||||
| 360,000 | 0.233 | 09/30/22 | 358,678 | |||||||||
| 280,000 | 0.277 | 09/30/22 | 278,972 | |||||||||
| 1,040,000 | 0.281 | 09/30/22 | 1,036,181 | |||||||||
| 400,000 | 0.329 | 09/30/22 | 398,531 | |||||||||
| 160,000 | 0.376 | 09/30/22 | 159,413 | |||||||||
| 1,400,000 | 0.380 | 09/30/22 | 1,394,859 | |||||||||
| 3,120,000 | 0.435 | 09/30/22 | 3,108,544 | |||||||||
| 400,000 | 0.441 | 09/30/22 | 398,531 | |||||||||
| 1,600,000 | 0.463 | 09/30/22 | 1,594,125 | |||||||||
| 800,000 | 0.464 | 09/30/22 | 797,063 | |||||||||
| 183,000 | 0.514 | 09/30/22 | 182,328 | |||||||||
| 3,050,000 | 0.758 | 09/30/22 | 3,038,801 | |||||||||
| 164,000 | 0.807 | 09/30/22 | 163,398 | |||||||||
| 1,517,000 | 0.819 | 09/30/22 | 1,511,430 | |||||||||
| 451,000 | 0.852 | 09/30/22 | 449,344 | |||||||||
| 1,025,000 | 0.874 | 09/30/22 | 1,021,236 | |||||||||
| 492,000 | 0.878 | 09/30/22 | 490,193 | |||||||||
| 78,422,200 | 0.207 | 10/31/22 | 79,028,747 | |||||||||
| 396,000 | 0.266 | 10/31/22 | 399,063 | |||||||||
| 1,144,000 | 0.307 | 10/31/22 | 1,152,848 | |||||||||
| 308,000 | 0.331 | 10/31/22 | 310,382 | |||||||||
| 440,000 | 0.357 | 10/31/22 | 443,403 | |||||||||
| 1,540,000 | 0.425 | 10/31/22 | 1,551,911 | |||||||||
| 176,000 | 0.429 | 10/31/22 | 177,361 | |||||||||
| 440,000 | 0.479 | 10/31/22 | 443,403 | |||||||||
| 3,432,000 | 0.490 | 10/31/22 | 3,458,544 | |||||||||
| 1,760,000 | 0.492 | 10/31/22 | 1,773,613 | |||||||||
| 880,000 | 0.525 | 10/31/22 | 886,806 | |||||||||
| 204,000 | 0.596 | 10/31/22 | 205,578 | |||||||||
| 3,355,000 | 0.833 | 10/31/22 | 3,380,949 | |||||||||
| 180,000 | 0.861 | 10/31/22 | 181,392 | |||||||||
| 1,665,000 | 0.876 | 10/31/22 | 1,677,878 | |||||||||
| 495,000 | 0.936 | 10/31/22 | 498,829 | |||||||||
| 540,000 | 0.961 | 10/31/22 | 544,177 | |||||||||
| 1,125,000 | 0.965 | 10/31/22 | 1,133,701 | |||||||||
| 26,880,200 | 0.357 | 12/15/22 | 27,029,826 | |||||||||
| 150,000 | 0.410 | 12/15/22 | 150,835 | |||||||||
| 60,000 | 0.455 | 12/15/22 | 60,334 | |||||||||
| 525,000 | 0.462 | 12/15/22 | 527,922 | |||||||||
| 150,000 | 0.539 | 12/15/22 | 150,835 | |||||||||
| 600,000 | 0.551 | 12/15/22 | 603,340 | |||||||||
| 1,170,000 | 0.553 | 12/15/22 | 1,176,513 | |||||||||
| 300,000 | 0.563 | 12/15/22 | 301,670 | |||||||||
| 30,000 | 0.667 | 12/15/22 | 30,167 | |||||||||
| 54,000 | 0.668 | 12/15/22 | 54,301 | |||||||||
| 1,098,000 | 0.917 | 12/15/22 | 1,104,112 | |||||||||
| 60,000 | 0.943 | 12/15/22 | 60,334 | |||||||||
| 555,000 | 1.005 | 12/15/22 | 558,089 | |||||||||
|
|
|
|||||||||||
| 60 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF
| Principal Amount |
Interest Rate(a) |
Maturity Date |
Value | |||||||||
| U.S. Treasury Notes – (continued) | ||||||||||||
|
U.S. Treasury Notes – (continued) |
||||||||||||
| $ | 165,000 | 1.023 % | 12/15/22 | $ | 165,918 | |||||||
| 180,000 | 1.061 | 12/15/22 | 181,002 | |||||||||
| 375,000 | 1.063 | 12/15/22 | 377,087 | |||||||||
| 9,871,000 | 0.770 | 01/15/23 | 9,912,065 | |||||||||
| 114,755,100 | 1.001 | 01/15/23 | 115,232,499 | |||||||||
| 366,000 | 1.022 | 01/15/23 | 367,523 | |||||||||
| 20,000 | 1.038 | 01/15/23 | 20,083 | |||||||||
| 185,000 | 1.080 | 01/15/23 | 185,770 | |||||||||
| 55,000 | 1.109 | 01/15/23 | 55,229 | |||||||||
| 60,000 | 1.144 | 01/15/23 | 60,250 | |||||||||
| 125,000 | 1.145 | 01/15/23 | 125,520 | |||||||||
| 12,547,900 | 1.047 | 02/15/23 | 12,586,622 | |||||||||
|
|
|
|||||||||||
| TOTAL U.S. TREASURY NOTES | ||||||||||||
| (Cost $495,521,572) | $ | 494,541,455 | ||||||||||
|
|
|
|||||||||||
| TOTAL INVESTMENTS – 107.3% | ||||||||||||
| (Cost $2,318,529,823) | $ | 2,316,732,122 | ||||||||||
|
|
|
|||||||||||
| |
LIABILITIES IN EXCESS
OF ASSETS – (7.3)% |
(158,431,529 | ) | |||||||||
|
|
|
|||||||||||
| NET ASSETS – 100.0% | $ | 2,158,300,593 | ||||||||||
|
|
|
|||||||||||
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
|
(a) |
Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices. | |
| The accompanying notes are an integral part of these financial statements. | 61 |
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Schedule of Investments
February 28, 2022 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
| Mortgage-Backed Securities – 27.3% | ||||||||||||||
|
Federal Home Loan Mortgage Corporation |
||||||||||||||
| $ | 397,209 | 4.500 | % | 07/01/48 | $ | 422,274 | ||||||||
|
Federal National Mortgage Association |
||||||||||||||
| 2,900,000 | 1.500 | TBA-30yr | (a) | 2,689,297 | ||||||||||
| 1,400,000 | 1.500 | TBA-15yr | (a) | 1,362,047 | ||||||||||
| 18,400,000 | 2.000 | TBA-30yr | (a) | 17,646,750 | ||||||||||
| 2,600,000 | 2.000 | TBA-15yr | (a) | 2,580,297 | ||||||||||
| 8,300,000 | 2.500 | TBA-30yr | (a) | 8,187,820 | ||||||||||
| 2,000,000 | 2.500 | TBA-15yr | (a) | 2,023,594 | ||||||||||
| 7,200,000 | 3.000 | TBA-30yr | (a) | 7,271,438 | ||||||||||
| 1,000,000 | 3.000 | TBA-15yr | (a) | 1,025,078 | ||||||||||
| 5,200,000 | 3.500 | TBA-30yr | (a) | 5,355,594 | ||||||||||
| 3,700,000 | 4.000 | TBA-30yr | (a) | 3,862,453 | ||||||||||
| 700,000 | 4.500 | TBA-30yr | (a) | 738,773 | ||||||||||
| 400,000 | 5.000 | TBA-30yr | (a) | 431,625 | ||||||||||
| 1,000,000 | 1.750 | 07/02/24 | 1,004,196 | |||||||||||
| 93,338 | 4.500 | 06/01/48 | 98,486 | |||||||||||
| 40,567 | 5.000 | 12/01/48 | 43,966 | |||||||||||
| 61,076 | 4.500 | 08/01/49 | 64,963 | |||||||||||
| 215,693 | 5.000 | 12/01/49 | 233,473 | |||||||||||
| 42,988 | 4.500 | 01/01/50 | 45,359 | |||||||||||
| 182,331 | 4.500 | 03/01/50 | 193,539 | |||||||||||
| 111,956 | 5.000 | 04/01/50 | 123,109 | |||||||||||
| 118,773 | 4.500 | 10/01/50 | 127,362 | |||||||||||
|
Government National Mortgage Association |
||||||||||||||
| 5,000,000 | 2.000 | TBA-30yr | (a) | 4,889,062 | ||||||||||
| 1,000,000 | 2.500 | TBA-30yr | (a) | 999,297 | ||||||||||
| 1,000,000 | 2.500 | TBA-30yr | (a) | 997,422 | ||||||||||
| 1,300,000 | 3.000 | TBA-30yr | (a) | 1,321,430 | ||||||||||
| 1,000,000 | 3.000 | TBA-30yr | (a) | 1,014,063 | ||||||||||
| 2,000,000 | 3.500 | TBA-30yr | (a) | 2,063,906 | ||||||||||
| 1,000,000 | 3.500 | TBA-30yr | (a) | 1,028,594 | ||||||||||
| 900,000 | 4.000 | TBA-30yr | (a) | 935,016 | ||||||||||
| 400,000 | 4.500 | TBA-30yr | (a) | 418,000 | ||||||||||
| 79,557 | 5.000 | 12/20/48 | 85,411 | |||||||||||
| 43,530 | 5.000 | 05/20/49 | 46,733 | |||||||||||
| 381,144 | 3.000 | 09/20/49 | 388,614 | |||||||||||
| 150,635 | 4.500 | 03/20/50 | 157,559 | |||||||||||
| 81,152 | 5.000 | 05/20/50 | 87,101 | |||||||||||
| 297,693 | 4.000 | 09/20/50 | 310,155 | |||||||||||
| 948,612 | 3.000 | 07/20/51 | 965,316 | |||||||||||
|
|
|
|||||||||||||
| TOTAL MORTGAGE-BACKED SECURITIES | ||||||||||||||
| (Cost $71,353,077) | $ | 71,239,172 | ||||||||||||
|
|
|
|||||||||||||
| U.S. Treasury Notes – 27.2% | ||||||||||||||
|
U.S. Treasury Notes |
||||||||||||||
| $ | 7,572,000 | 2.500 | % | 01/31/25 | $ | 7,757,931 | ||||||||
| 9,578,000 | 2.000 | 02/15/25 | 9,675,514 | |||||||||||
| 22,875,000 | 2.000 | 11/15/26 | 23,136,229 | |||||||||||
| 8,402,000 | 2.750 | 02/15/28 | 8,858,061 | |||||||||||
| 7,079,000 | 2.875 | 08/15/28 | 7,535,824 | |||||||||||
| 2,008,000 | 2.375 | 05/15/29 | 2,083,959 | |||||||||||
| 7,906,000 | 1.500 | 02/15/30 | 7,729,557 | |||||||||||
| 3,688,000 | 0.875 | 11/15/30 | 3,409,227 | |||||||||||
| 700,000 | 1.250 | 08/15/31 | 664,899 | |||||||||||
|
|
|
|||||||||||||
| TOTAL U.S. TREASURY NOTES | ||||||||||||||
| (Cost $73,566,773) | $ | 70,851,201 | ||||||||||||
|
|
|
|||||||||||||
| Corporate Obligations – 21.3% | ||||||||||||||
| Aerospace & Defense – 0.6% | ||||||||||||||
|
Boeing Co. (The) |
||||||||||||||
| 100,000 | 4.875 | 05/01/25 | 106,326 | |||||||||||
| 200,000 | 3.200 | 03/01/29 | 197,866 | |||||||||||
| 200,000 | 5.150 | 05/01/30 | 220,899 | |||||||||||
| 50,000 | 3.625 | 02/01/31 | 50,323 | |||||||||||
| 150,000 | 3.900 | 05/01/49 | 139,919 | |||||||||||
| 100,000 | 5.805 | 05/01/50 | 119,216 | |||||||||||
|
General Dynamics Corp. |
||||||||||||||
| 90,000 | 3.375 | 05/15/23 | 91,862 | |||||||||||
| 15,000 | 3.625 | 04/01/30 | 15,952 | |||||||||||
|
Hexcel Corp. |
||||||||||||||
| 40,000 | 4.200 | 02/15/27 | 41,166 | |||||||||||
|
Northrop Grumman Corp. |
||||||||||||||
| 100,000 | 7.875 | (b) | 03/01/26 | 118,316 | ||||||||||
| 40,000 | 4.030 | 10/15/47 | 42,368 | |||||||||||
|
Raytheon Technologies Corp. |
||||||||||||||
| 200,000 | 3.950 | 08/16/25 | 210,636 | |||||||||||
| 30,000 | 4.450 | 11/16/38 | 33,224 | |||||||||||
| 60,000 | 4.875 | 10/15/40 | 69,485 | |||||||||||
|
Textron, Inc. |
||||||||||||||
| 80,000 | 3.000 | 06/01/30 | 79,118 | |||||||||||
|
|
|
|||||||||||||
| 1,536,676 | ||||||||||||||
|
|
|
|||||||||||||
| Banks – 3.8% | ||||||||||||||
|
American Express Co. |
||||||||||||||
| 80,000 | 3.625 | 12/05/24 | 82,889 | |||||||||||
|
Bank of America Corp. |
||||||||||||||
| 40,000 | 4.100 | 07/24/23 | 41,304 | |||||||||||
|
(3M USD LIBOR + 0.780%) |
||||||||||||||
| 100,000 | 3.550 | (c) | 03/05/24 | 101,620 | ||||||||||
|
(3M USD LIBOR + 1.040%) |
||||||||||||||
| 200,000 | 3.419 | (c) | 12/20/28 | 204,515 | ||||||||||
|
(SOFR + 2.150%) |
||||||||||||||
| 180,000 | 2.592 | (c) | 04/29/31 | 172,866 | ||||||||||
| 100,000 | 7.750 | 05/14/38 | 144,976 | |||||||||||
|
Bank of America Corp., Series L |
||||||||||||||
| 73,000 | 4.750 | 04/21/45 | 84,269 | |||||||||||
|
Bank of America Corp., MTN |
||||||||||||||
| 40,000 | 4.125 | 01/22/24 | 41,585 | |||||||||||
|
(SOFR + 0.410%) |
||||||||||||||
| 300,000 | 0.523 | (c) | 06/14/24 | 294,374 | ||||||||||
|
(3M USD LIBOR + 1.060%) |
||||||||||||||
| 80,000 | 3.559 | (c) | 04/23/27 | 82,230 | ||||||||||
|
(3M USD LIBOR + 0.990%) |
||||||||||||||
| 200,000 | 2.496 | (c) | 02/13/31 | 190,547 | ||||||||||
|
(SOFR + 1.530%) |
||||||||||||||
| 40,000 | 1.898 | (c) | 07/23/31 | 36,274 | ||||||||||
|
(3M USD LIBOR + 3.150%) |
||||||||||||||
| 300,000 | 4.083 | (c) | 03/20/51 | 322,301 | ||||||||||
|
(SOFR + 1.880%) |
||||||||||||||
| 60,000 | 2.831 | (c) | 10/24/51 | 52,451 | ||||||||||
|
Bank of America Corp.(c), Series N |
||||||||||||||
|
(SOFR + 1.650%) |
||||||||||||||
| 100,000 | 3.483 | 03/13/52 | 98,322 | |||||||||||
|
Bank of New York Mellon Corp. (The), MTN |
||||||||||||||
| 200,000 | 1.650 | 01/28/31 | 184,475 | |||||||||||
|
|
|
|||||||||||||
| 62 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
| Corporate Obligations – (continued) | ||||||||||||||
| Banks – (continued) | ||||||||||||||
|
Capital One Financial Corp. |
||||||||||||||
| $ | 25,000 | 3.900 | % | 01/29/24 | $ | 25,807 | ||||||||
| 120,000 | 4.200 | 10/29/25 | 125,806 | |||||||||||
|
Charles Schwab Corp. (The) |
||||||||||||||
| 300,000 | 0.900 | 03/11/26 | 284,023 | |||||||||||
|
Citigroup, Inc. |
||||||||||||||
| 50,000 | 3.875 | 10/25/23 | 51,622 | |||||||||||
|
(SOFR + 0.686%) |
||||||||||||||
| 250,000 | 0.776 | (c) | 10/30/24 | 244,003 | ||||||||||
| 200,000 | 3.400 | 05/01/26 | 205,722 | |||||||||||
|
(3M USD LIBOR + 1.563%) |
||||||||||||||
| 40,000 | 3.887 | (c) | 01/10/28 | 41,825 | ||||||||||
| 40,000 | 4.125 | 07/25/28 | 41,997 | |||||||||||
|
(3M USD LIBOR + 1.338%) |
||||||||||||||
| 40,000 | 3.980 | (c) | 03/20/30 | 42,136 | ||||||||||
|
(SOFR + 1.146%) |
||||||||||||||
| 200,000 | 2.666 | (c) | 01/29/31 | 192,794 | ||||||||||
|
(SOFR + 2.107%) |
||||||||||||||
| 240,000 | 2.572 | (c) | 06/03/31 | 229,414 | ||||||||||
| 25,000 | 6.625 | 06/15/32 | 31,427 | |||||||||||
| 40,000 | 6.000 | 10/31/33 | 48,774 | |||||||||||
| 80,000 | 5.875 | 01/30/42 | 103,379 | |||||||||||
| 15,000 | 4.750 | 05/18/46 | 16,748 | |||||||||||
| 60,000 | 4.650 | 07/23/48 | 69,689 | |||||||||||
|
Citizens Financial Group, Inc. |
||||||||||||||
| 40,000 | 2.638 | 09/30/32 | 37,152 | |||||||||||
|
Comerica, Inc. |
||||||||||||||
| 25,000 | 4.000 | 02/01/29 | 26,835 | |||||||||||
|
Fifth Third Bancorp |
||||||||||||||
| 25,000 | 4.300 | 01/16/24 | 25,958 | |||||||||||
|
JPMorgan Chase & Co. |
||||||||||||||
| 40,000 | 3.875 | 02/01/24 | 41,520 | |||||||||||
|
(3M USD LIBOR + 0.730%) |
||||||||||||||
| 80,000 | 3.559 | (c) | 04/23/24 | 81,407 | ||||||||||
|
(SOFR + 1.455%) |
||||||||||||||
| 50,000 | 1.514 | (c) | 06/01/24 | 49,818 | ||||||||||
|
(3 Mo. U.S. T-Bill MMY + 1.585%) |
||||||||||||||
| 40,000 | 2.005 | (c) | 03/13/26 | 39,256 | ||||||||||
| 80,000 | 4.250 | 10/01/27 | 85,631 | |||||||||||
|
(3M USD LIBOR + 1.337%) |
||||||||||||||
| 400,000 | 3.782 | (c) | 02/01/28 | 417,569 | ||||||||||
|
(3M USD LIBOR + 1.380%) |
||||||||||||||
| 50,000 | 3.540 | (c) | 05/01/28 | 51,696 | ||||||||||
|
(3M USD LIBOR + 1.330%) |
||||||||||||||
| 40,000 | 4.452 | (c) | 12/05/29 | 43,325 | ||||||||||
|
(SOFR + 1.510%) |
||||||||||||||
| 90,000 | 2.739 | (c) | 10/15/30 | 88,046 | ||||||||||
|
(SOFR + 3.790%) |
||||||||||||||
| 360,000 | 4.493 | (c) | 03/24/31 | 396,165 | ||||||||||
|
(3 Mo. U.S. T-Bill MMY + 1.105%) |
||||||||||||||
| 25,000 | 1.764 | (c) | 11/19/31 | 22,526 | ||||||||||
|
(3M USD LIBOR + 1.360%) |
||||||||||||||
| 152,000 | 3.882 | (c) | 07/24/38 | 160,616 | ||||||||||
| 15,000 | 5.400 | 01/06/42 | 18,559 | |||||||||||
| 40,000 | 4.850 | 02/01/44 | 47,388 | |||||||||||
|
|
|
|||||||||||||
| Corporate Obligations – (continued) | ||||||||||||||
| Banks – (continued) | ||||||||||||||
|
JPMorgan Chase & Co. – (continued) |
||||||||||||||
|
(3M USD LIBOR + 1.380%) |
||||||||||||||
| 40,000 | 3.964 | %(c) | 11/15/48 | 42,259 | ||||||||||
|
(SOFR + 2.440%) |
||||||||||||||
| 60,000 | 3.109 | (c) | 04/22/51 | 55,655 | ||||||||||
|
KeyCorp, MTN |
||||||||||||||
| 120,000 | 4.100 | 04/30/28 | 128,634 | |||||||||||
| 80,000 | 2.550 | 10/01/29 | 77,843 | |||||||||||
|
Manufacturers & Traders Trust Co. |
||||||||||||||
| 280,000 | 3.400 | 08/17/27 | 289,612 | |||||||||||
|
Morgan Stanley |
||||||||||||||
|
(SOFR + 0.525%) |
||||||||||||||
| 40,000 | 0.790 | (c) | 05/30/25 | 38,506 | ||||||||||
|
(SOFR + 1.485%) |
||||||||||||||
| 300,000 | 3.217 | (c) | 04/22/42 | 286,418 | ||||||||||
| 80,000 | 4.300 | 01/27/45 | 86,927 | |||||||||||
| 75,000 | 4.375 | 01/22/47 | 83,252 | |||||||||||
|
Morgan Stanley, GMTN |
||||||||||||||
| 340,000 | 3.700 | 10/23/24 | 351,538 | |||||||||||
| 120,000 | 4.350 | 09/08/26 | 127,371 | |||||||||||
|
(SOFR + 1.143%) |
||||||||||||||
| 250,000 | 2.699 | (c) | 01/22/31 | 242,882 | ||||||||||
|
Northern Trust Corp. |
||||||||||||||
| 15,000 | 3.950 | 10/30/25 | 15,887 | |||||||||||
| 56,000 | 3.650 | 08/03/28 | 60,000 | |||||||||||
| 150,000 | 3.150 | 05/03/29 | 156,581 | |||||||||||
|
PNC Financial Services Group, Inc. (The) |
||||||||||||||
| 80,000 | 3.900 | 04/29/24 | 83,071 | |||||||||||
| 290,000 | 3.450 | 04/23/29 | 304,460 | |||||||||||
|
State Street Corp.(c) |
||||||||||||||
|
(3M USD LIBOR + 1.030%) |
||||||||||||||
| 50,000 | 4.141 | 12/03/29 | 54,429 | |||||||||||
|
Truist Bank |
||||||||||||||
| 40,000 | 3.200 | 04/01/24 | 41,028 | |||||||||||
|
Truist Financial Corp., MTN |
||||||||||||||
| 80,000 | 3.875 | 03/19/29 | 84,967 | |||||||||||
|
US Bancorp |
||||||||||||||
| 15,000 | 2.400 | 07/30/24 | 15,137 | |||||||||||
|
US Bancorp, MTN |
||||||||||||||
| 80,000 | 3.900 | 04/26/28 | 85,753 | |||||||||||
| 80,000 | 3.000 | 07/30/29 | 80,674 | |||||||||||
| 40,000 | 1.375 | 07/22/30 | 35,815 | |||||||||||
|
US Bancorp, Series X |
||||||||||||||
| 150,000 | 3.150 | 04/27/27 | 155,443 | |||||||||||
|
Wells Fargo & Co. |
||||||||||||||
|
(SOFR + 2.530%) |
||||||||||||||
| 150,000 | 3.068 | (c) | 04/30/41 | 139,576 | ||||||||||
| 128,000 | 5.606 | 01/15/44 | 157,369 | |||||||||||
| 60,000 | 3.900 | 05/01/45 | 62,262 | |||||||||||
|
Wells Fargo & Co., MTN |
||||||||||||||
|
(3M USD LIBOR + 1.310%) |
||||||||||||||
| 50,000 | 3.584 | (c) | 05/22/28 | 51,683 | ||||||||||
| 25,000 | 4.150 | 01/24/29 | 26,645 | |||||||||||
|
(SOFR + 1.262%) |
||||||||||||||
| 400,000 | 2.572 | (c) | 02/11/31 | 385,089 | ||||||||||
|
(SOFR + 4.032%) |
||||||||||||||
| 340,000 | 4.478 | (c) | 04/04/31 | 370,913 | ||||||||||
|
|
|
|||||||||||||
| The accompanying notes are an integral part of these financial statements. | 63 |
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
| Corporate Obligations – (continued) | ||||||||||||||
| Banks – (continued) | ||||||||||||||
|
Wells Fargo & Co., MTN – (continued) |
||||||||||||||
|
(SOFR + 4.502%) |
||||||||||||||
| $ | 140,000 | 5.013 | %(c) | 04/04/51 | $ | 172,258 | ||||||||
|
|
|
|||||||||||||
| 9,873,568 | ||||||||||||||
|
|
|
|||||||||||||
| Basic Industry – 0.4% | ||||||||||||||
|
Albemarle Corp. |
||||||||||||||
| 80,000 | 4.150 | 12/01/24 | 83,649 | |||||||||||
|
Dow Chemical Co. (The) |
||||||||||||||
| 60,000 | 3.600 | 11/15/50 | 57,206 | |||||||||||
|
DuPont de Nemours, Inc. |
||||||||||||||
| 54,000 | 4.205 | 11/15/23 | 55,918 | |||||||||||
| 150,000 | 4.493 | 11/15/25 | 159,937 | |||||||||||
| 15,000 | 5.419 | 11/15/48 | 18,869 | |||||||||||
|
Georgia-Pacific LLC |
||||||||||||||
| 10,000 | 8.000 | 01/15/24 | 11,133 | |||||||||||
|
Huntsman International LLC |
||||||||||||||
| 70,000 | 4.500 | 05/01/29 | 74,257 | |||||||||||
|
International Paper Co. |
||||||||||||||
| 15,000 | 4.400 | 08/15/47 | 16,443 | |||||||||||
| 15,000 | 4.350 | 08/15/48 | 16,411 | |||||||||||
|
Linde, Inc. |
||||||||||||||
| 100,000 | 1.100 | 08/10/30 | 89,024 | |||||||||||
|
LYB International Finance III LLC |
||||||||||||||
| 40,000 | 2.250 | 10/01/30 | 37,586 | |||||||||||
| 80,000 | 3.625 | 04/01/51 | 74,732 | |||||||||||
|
Mosaic Co. (The) |
||||||||||||||
| 80,000 | 4.875 | 11/15/41 | 87,246 | |||||||||||
|
Sherwin-Williams Co. (The) |
||||||||||||||
| 200,000 | 3.450 | 06/01/27 | 207,753 | |||||||||||
|
Westlake Corp. |
||||||||||||||
| 40,000 | 3.600 | 08/15/26 | 41,685 | |||||||||||
|
|
|
|||||||||||||
| 1,031,849 | ||||||||||||||
|
|
|
|||||||||||||
| Broadcasting – 0.1% | ||||||||||||||
|
Discovery Communications LLC |
||||||||||||||
| 80,000 | 4.125 | 05/15/29 | 83,570 | |||||||||||
| 40,000 | 3.625 | 05/15/30 | 40,136 | |||||||||||
|
Fox Corp. |
||||||||||||||
| 40,000 | 4.030 | 01/25/24 | 41,485 | |||||||||||
| 40,000 | 4.709 | 01/25/29 | 43,682 | |||||||||||
| 40,000 | 5.576 | 01/25/49 | 48,041 | |||||||||||
|
|
|
|||||||||||||
| 256,914 | ||||||||||||||
|
|
|
|||||||||||||
| Brokerage – 0.2% | ||||||||||||||
|
Affiliated Managers Group, Inc. |
||||||||||||||
| 130,000 | 3.300 | 06/15/30 | 132,231 | |||||||||||
|
Intercontinental Exchange, Inc. |
||||||||||||||
| 300,000 | 0.700 | 06/15/23 | 296,659 | |||||||||||
|
Jefferies Group LLC |
||||||||||||||
| 20,000 | 6.500 | 01/20/43 | 25,254 | |||||||||||
|
Jefferies Group LLC / Jefferies Group Capital Finance, Inc. |
||||||||||||||
| 40,000 | 4.850 | 01/15/27 | 43,593 | |||||||||||
| 40,000 | 4.150 | 01/23/30 | 42,283 | |||||||||||
|
Morgan Stanley Domestic Holdings, Inc. |
||||||||||||||
| 80,000 | 4.500 | 06/20/28 | 86,574 | |||||||||||
|
|
|
|||||||||||||
| 626,594 | ||||||||||||||
|
|
|
|||||||||||||
| Corporate Obligations – (continued) | ||||||||||||||
| Building Materials – 0.0% | ||||||||||||||
|
Mohawk Industries, Inc. |
||||||||||||||
| 120,000 | 3.850 | % | 02/01/23 | 121,698 | ||||||||||
|
|
|
|||||||||||||
| Capital Goods – 0.8% | ||||||||||||||
|
3M Co. |
||||||||||||||
| 220,000 | 3.250 | 08/26/49 | 209,325 | |||||||||||
|
Caterpillar, Inc. |
||||||||||||||
| 50,000 | 3.803 | 08/15/42 | 53,099 | |||||||||||
|
CNH Industrial Capital LLC |
||||||||||||||
| 50,000 | 1.450 | 07/15/26 | 47,907 | |||||||||||
|
Cummins, Inc. |
||||||||||||||
| 60,000 | 0.750 | 09/01/25 | 57,082 | |||||||||||
|
Deere & Co. |
||||||||||||||
| 25,000 | 3.900 | 06/09/42 | 27,249 | |||||||||||
| 40,000 | 2.875 | 09/07/49 | 37,018 | |||||||||||
| 25,000 | 3.750 | 04/15/50 | 26,901 | |||||||||||
|
Emerson Electric Co. |
||||||||||||||
| 60,000 | 1.950 | 10/15/30 | 56,463 | |||||||||||
| 15,000 | 6.000 | 08/15/32 | 18,880 | |||||||||||
|
Fortive Corp. |
||||||||||||||
| 15,000 | 4.300 | 06/15/46 | 16,109 | |||||||||||
|
Honeywell International, Inc. |
||||||||||||||
| 100,000 | 2.700 | 08/15/29 | 100,714 | |||||||||||
| 188,000 | 1.950 | 06/01/30 | 177,241 | |||||||||||
|
Illinois Tool Works, Inc. |
||||||||||||||
| 15,000 | 3.900 | 09/01/42 | 16,001 | |||||||||||
|
John Deere Capital Corp., MTN |
||||||||||||||
| 50,000 | 2.800 | 07/18/29 | 50,877 | |||||||||||
| 80,000 | 2.450 | 01/09/30 | 79,139 | |||||||||||
|
Leggett & Platt, Inc. |
||||||||||||||
| 80,000 | 4.400 | 03/15/29 | 86,583 | |||||||||||
|
Lennox International, Inc. |
||||||||||||||
| 80,000 | 1.700 | 08/01/27 | 76,366 | |||||||||||
|
Otis Worldwide Corp. |
||||||||||||||
| 60,000 | 2.293 | 04/05/27 | 59,104 | |||||||||||
|
Parker-Hannifin Corp. |
||||||||||||||
| 40,000 | 4.000 | 06/14/49 | 42,044 | |||||||||||
|
Parker-Hannifin Corp., MTN |
||||||||||||||
| 15,000 | 4.200 | 11/21/34 | 16,147 | |||||||||||
|
Republic Services, Inc. |
||||||||||||||
| 22,000 | 4.750 | 05/15/23 | 22,651 | |||||||||||
|
Trane Technologies Luxembourg Finance SA |
||||||||||||||
| 50,000 | 3.800 | 03/21/29 | 52,442 | |||||||||||
|
Waste Management, Inc. |
||||||||||||||
| 50,000 | 0.750 | 11/15/25 | 47,352 | |||||||||||
| 50,000 | 2.500 | 11/15/50 | 42,087 | |||||||||||
|
Westinghouse Air Brake Technologies Corp. |
||||||||||||||
| 110,000 | 4.400 | 03/15/24 | 114,141 | |||||||||||
| 133,000 | 3.450 | 11/15/26 | 135,821 | |||||||||||
| 115,000 | 4.950 | 09/15/28 | 125,239 | |||||||||||
|
WW Grainger, Inc. |
||||||||||||||
| 100,000 | 1.850 | 02/15/25 | 99,091 | |||||||||||
| 60,000 | 4.600 | 06/15/45 | 69,744 | |||||||||||
|
Xylem, Inc. |
||||||||||||||
| 15,000 | 3.250 | 11/01/26 | 15,410 | |||||||||||
|
|
|
|||||||||||||
| 1,978,227 | ||||||||||||||
|
|
|
|||||||||||||
| 64 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
| Corporate Obligations – (continued) | ||||||||||||||
| Communications – 0.9% | ||||||||||||||
| |
Charter
Communications Operating LLC / Charter |
| ||||||||||||
| $ | 90,000 | 4.908 | % | 07/23/25 | $ | 95,557 | ||||||||
| 40,000 | 3.750 | 02/15/28 | 40,977 | |||||||||||
| 82,000 | 4.200 | 03/15/28 | 85,938 | |||||||||||
| 90,000 | 5.050 | 03/30/29 | 98,359 | |||||||||||
| 40,000 | 2.800 | 04/01/31 | 37,365 | |||||||||||
| 40,000 | 6.484 | 10/23/45 | 47,928 | |||||||||||
| 40,000 | 5.375 | 05/01/47 | 42,417 | |||||||||||
| 60,000 | 5.750 | 04/01/48 | 66,601 | |||||||||||
| 40,000 | 5.125 | 07/01/49 | 40,850 | |||||||||||
| 40,000 | 6.834 | 10/23/55 | 50,117 | |||||||||||
| 60,000 | 4.400 | 12/01/61 | 54,166 | |||||||||||
|
Comcast Corp. |
||||||||||||||
| 40,000 | 3.150 | 03/01/26 | 41,300 | |||||||||||
| 75,000 | 3.300 | 04/01/27 | 78,036 | |||||||||||
| 50,000 | 3.150 | 02/15/28 | 51,397 | |||||||||||
| 232,000 | 2.650 | 02/01/30 | 229,065 | |||||||||||
| 80,000 | 4.400 | 08/15/35 | 89,344 | |||||||||||
| 60,000 | 4.000 | 08/15/47 | 62,843 | |||||||||||
| 25,000 | 3.969 | 11/01/47 | 25,972 | |||||||||||
| 75,000 | 4.000 | 03/01/48 | 78,333 | |||||||||||
| 40,000 | 3.999 | 11/01/49 | 41,558 | |||||||||||
| 80,000 | 2.800 | 01/15/51 | 68,844 | |||||||||||
| 15,000 | 2.450 | 08/15/52 | 12,159 | |||||||||||
| 160,000 | 2.987 | (b) | 11/01/63 | 133,562 | ||||||||||
|
NBCUniversal Media LLC |
||||||||||||||
| 50,000 | 6.400 | 04/30/40 | 68,402 | |||||||||||
|
Omnicom Group, Inc. |
||||||||||||||
| 80,000 | 4.200 | 06/01/30 | 86,767 | |||||||||||
|
Paramount Global |
||||||||||||||
| 80,000 | 3.875 | 04/01/24 | 83,200 | |||||||||||
| 80,000 | 4.000 | 01/15/26 | 83,520 | |||||||||||
| 11,000 | 6.875 | 04/30/36 | 13,901 | |||||||||||
| 15,000 | 4.900 | 08/15/44 | 16,040 | |||||||||||
|
Time Warner Cable LLC |
||||||||||||||
| 15,000 | 6.750 | 06/15/39 | 18,206 | |||||||||||
| 15,000 | 5.875 | 11/15/40 | 16,781 | |||||||||||
| 15,000 | 5.500 | 09/01/41 | 15,993 | |||||||||||
|
Time Warner Entertainment Co. LP |
||||||||||||||
| 40,000 | 8.375 | 03/15/23 | 42,630 | |||||||||||
| 15,000 | 8.375 | 07/15/33 | 20,330 | |||||||||||
|
TWDC Enterprises 18 Corp. |
||||||||||||||
| 15,000 | 4.375 | 08/16/41 | 16,607 | |||||||||||
|
TWDC Enterprises 18 Corp., GMTN |
||||||||||||||
| 15,000 | 4.125 | 06/01/44 | 16,183 | |||||||||||
|
Walt Disney Co. (The) |
||||||||||||||
| 80,000 | 2.000 | 09/01/29 | 76,311 | |||||||||||
| 80,000 | 3.800 | 03/22/30 | 85,830 | |||||||||||
| 90,000 | 3.500 | 05/13/40 | 90,118 | |||||||||||
| 15,000 | 4.750 | 09/15/44 | 17,472 | |||||||||||
| 50,000 | 3.600 | 01/13/51 | 50,769 | |||||||||||
|
|
|
|||||||||||||
| 2,391,748 | ||||||||||||||
|
|
|
|||||||||||||
| Corporate Obligations – (continued) | ||||||||||||||
| Consumer Cyclical – 1.8% | ||||||||||||||
|
Amazon.com, Inc. |
||||||||||||||
| 40,000 | 0.400 | % | 06/03/23 | 39,566 | ||||||||||
| 40,000 | 3.800 | 12/05/24 | 41,903 | |||||||||||
| 250,000 | 3.150 | 08/22/27 | 261,515 | |||||||||||
| 100,000 | 2.100 | 05/12/31 | 96,184 | |||||||||||
| 80,000 | 4.050 | 08/22/47 | 89,876 | |||||||||||
| 15,000 | 2.500 | 06/03/50 | 12,950 | |||||||||||
| 75,000 | 4.250 | 08/22/57 | 87,081 | |||||||||||
| 50,000 | 2.700 | 06/03/60 | 42,862 | |||||||||||
|
Amazon.Com, Inc. |
||||||||||||||
| 25,000 | 0.250 | 05/12/23 | 24,692 | |||||||||||
|
Costco Wholesale Corp. |
||||||||||||||
| 40,000 | 3.000 | 05/18/27 | 41,396 | |||||||||||
|
CyrusOne LP / CyrusOne Finance Corp. |
||||||||||||||
| 50,000 | 2.900 | 11/15/24 | 51,085 | |||||||||||
| 30,000 | 3.450 | 11/15/29 | 31,925 | |||||||||||
| 55,000 | 2.150 | 11/01/30 | 53,543 | |||||||||||
|
DR Horton, Inc. |
||||||||||||||
| 80,000 | 2.500 | 10/15/24 | 80,487 | |||||||||||
| 90,000 | 2.600 | 10/15/25 | 90,169 | |||||||||||
| 100,000 | 1.400 | 10/15/27 | 92,711 | |||||||||||
|
eBay, Inc. |
||||||||||||||
| 15,000 | 4.000 | 07/15/42 | 15,135 | |||||||||||
|
General Motors Co. |
||||||||||||||
| 100,000 | 5.400 | 10/02/23 | 105,204 | |||||||||||
| 15,000 | 6.750 | 04/01/46 | 19,194 | |||||||||||
| 40,000 | 5.950 | 04/01/49 | 47,875 | |||||||||||
|
General Motors Financial Co., Inc. |
||||||||||||||
| 90,000 | 3.700 | 05/09/23 | 91,645 | |||||||||||
| 100,000 | 4.250 | 05/15/23 | 102,953 | |||||||||||
| 50,000 | 1.700 | 08/18/23 | 49,807 | |||||||||||
| 25,000 | 1.050 | 03/08/24 | 24,414 | |||||||||||
| 80,000 | 2.900 | 02/26/25 | 80,635 | |||||||||||
| 80,000 | 3.850 | 01/05/28 | 82,600 | |||||||||||
|
Global Payments, Inc. |
||||||||||||||
| 120,000 | 4.800 | 04/01/26 | 128,802 | |||||||||||
|
Home Depot, Inc. (The) |
||||||||||||||
| 250,000 | 2.800 | 09/14/27 | 255,539 | |||||||||||
| 237,000 | 3.125 | 12/15/49 | 223,425 | |||||||||||
|
Lowe’s Cos., Inc. |
||||||||||||||
| 250,000 | 4.500 | 04/15/30 | 276,402 | |||||||||||
|
Marriott International, Inc., Series EE |
||||||||||||||
| 50,000 | 5.750 | 05/01/25 | 54,844 | |||||||||||
|
Mastercard, Inc. |
||||||||||||||
| 60,000 | 2.000 | 03/03/25 | 60,125 | |||||||||||
| 15,000 | 3.300 | 03/26/27 | 15,770 | |||||||||||
| 50,000 | 3.850 | 03/26/50 | 54,480 | |||||||||||
|
McDonald’s Corp., MTN |
||||||||||||||
| 45,000 | 4.700 | 12/09/35 | 51,087 | |||||||||||
| 60,000 | 4.450 | 09/01/48 | 65,728 | |||||||||||
|
MDC Holdings, Inc. |
||||||||||||||
| 40,000 | 6.000 | 01/15/43 | 43,050 | |||||||||||
|
NIKE, Inc. |
||||||||||||||
| 100,000 | 2.250 | 05/01/23 | 100,786 | |||||||||||
| 20,000 | 3.375 | 03/27/50 | 20,337 | |||||||||||
|
|
|
|||||||||||||
| The accompanying notes are an integral part of these financial statements. | 65 |
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
| Corporate Obligations – (continued) | ||||||||||||||
| Consumer Cyclical – (continued) | ||||||||||||||
|
O’Reilly Automotive, Inc. |
||||||||||||||
| $ | 80,000 | 4.200 | % | 04/01/30 | $ | 85,779 | ||||||||
|
Starbucks Corp. |
||||||||||||||
| 250,000 | 3.800 | 08/15/25 | 262,009 | |||||||||||
| 30,000 | 3.750 | 12/01/47 | 29,203 | |||||||||||
|
Tapestry, Inc. |
||||||||||||||
| 33,000 | 4.125 | 07/15/27 | 34,526 | |||||||||||
|
Target Corp. |
||||||||||||||
| 120,000 | 3.500 | 07/01/24 | 124,840 | |||||||||||
| 172,000 | 4.000 | 07/01/42 | 191,197 | |||||||||||
| 15,000 | 3.900 | 11/15/47 | 16,574 | |||||||||||
|
Toyota Motor Credit Corp. |
||||||||||||||
| 100,000 | 0.625 | 09/13/24 | 96,621 | |||||||||||
| 40,000 | 3.650 | 01/08/29 | 42,799 | |||||||||||
|
Toyota Motor Credit Corp., MTN |
||||||||||||||
| 80,000 | 3.375 | 04/01/30 | 83,654 | |||||||||||
|
Visa, Inc. |
||||||||||||||
| 40,000 | 1.900 | 04/15/27 | 39,471 | |||||||||||
| 50,000 | 0.750 | 08/15/27 | 46,368 | |||||||||||
| 15,000 | 2.750 | 09/15/27 | 15,399 | |||||||||||
| 40,000 | 4.300 | 12/14/45 | 46,407 | |||||||||||
|
Walmart, Inc. |
||||||||||||||
| 105,000 | 2.550 | 04/11/23 | 106,250 | |||||||||||
| 100,000 | 3.300 | 04/22/24 | 103,105 | |||||||||||
| 40,000 | 2.850 | 07/08/24 | 40,994 | |||||||||||
| 200,000 | 2.650 | 09/22/51 | 182,794 | |||||||||||
|
|
|
|||||||||||||
| 4,655,772 | ||||||||||||||
|
|
|
|||||||||||||
| Consumer Noncyclical – 1.3% | ||||||||||||||
|
Abbott Laboratories |
||||||||||||||
| 60,000 | 3.875 | 09/15/25 | 63,422 | |||||||||||
| 150,000 | 4.750 | 11/30/36 | 178,545 | |||||||||||
| 100,000 | 6.000 | 04/01/39 | 134,149 | |||||||||||
| 40,000 | 4.750 | 04/15/43 | 47,362 | |||||||||||
|
AbbVie, Inc. |
||||||||||||||
| 200,000 | 2.950 | 11/21/26 | 203,009 | |||||||||||
| 100,000 | 4.625 | 10/01/42 | 113,939 | |||||||||||
| 200,000 | 4.400 | 11/06/42 | 216,144 | |||||||||||
| 200,000 | 4.700 | 05/14/45 | 221,968 | |||||||||||
|
Agilent Technologies, Inc. |
||||||||||||||
| 100,000 | 2.750 | 09/15/29 | 98,509 | |||||||||||
|
Altria Group, Inc. |
||||||||||||||
| 115,000 | 3.400 | 05/06/30 | 113,667 | |||||||||||
| 40,000 | 4.500 | 05/02/43 | 37,422 | |||||||||||
| 40,000 | 5.375 | 01/31/44 | 41,684 | |||||||||||
| 75,000 | 3.875 | 09/16/46 | 64,193 | |||||||||||
| 55,000 | 4.450 | 05/06/50 | 50,741 | |||||||||||
|
Becton Dickinson and Co. |
||||||||||||||
| 80,000 | 3.794 | 05/20/50 | 79,618 | |||||||||||
|
Eli Lilly & Co. |
||||||||||||||
| 15,000 | 3.100 | 05/15/27 | 15,581 | |||||||||||
| 102,000 | 3.375 | 03/15/29 | 107,532 | |||||||||||
|
Equifax, Inc. |
||||||||||||||
| 40,000 | 3.250 | 06/01/26 | 40,906 | |||||||||||
|
Gilead Sciences, Inc. |
||||||||||||||
| 300,000 | 1.650 | 10/01/30 | 272,950 | |||||||||||
|
|
|
|||||||||||||
| Corporate Obligations – (continued) | ||||||||||||||
| Consumer Noncyclical – (continued) | ||||||||||||||
|
Johnson & Johnson |
||||||||||||||
| 76,000 | 0.550 | 09/01/25 | 72,324 | |||||||||||
| 15,000 | 0.950 | 09/01/27 | 14,098 | |||||||||||
| 90,000 | 2.900 | 01/15/28 | 92,927 | |||||||||||
| 40,000 | 1.300 | 09/01/30 | 36,647 | |||||||||||
| 25,000 | 3.625 | 03/03/37 | 26,898 | |||||||||||
| 25,000 | 4.500 | 12/05/43 | 29,443 | |||||||||||
| 35,000 | 3.700 | 03/01/46 | 37,686 | |||||||||||
|
Kroger Co. (The) |
||||||||||||||
| 25,000 | 3.875 | 10/15/46 | 25,202 | |||||||||||
|
Laboratory Corp. of America Holdings |
||||||||||||||
| 15,000 | 4.700 | 02/01/45 | 16,582 | |||||||||||
|
Merck & Co., Inc. |
||||||||||||||
| 250,000 | 3.700 | 02/10/45 | 260,059 | |||||||||||
|
Mylan, Inc. |
||||||||||||||
| 40,000 | 5.400 | 11/29/43 | 44,087 | |||||||||||
|
Pfizer, Inc. |
||||||||||||||
| 40,000 | 0.800 | 05/28/25 | 38,560 | |||||||||||
| 260,000 | 4.000 | 12/15/36 | 286,922 | |||||||||||
| 10,000 | 4.100 | 09/15/38 | 11,126 | |||||||||||
| 40,000 | 2.700 | 05/28/50 | 36,075 | |||||||||||
|
Philip Morris International, Inc. |
||||||||||||||
| 40,000 | 3.250 | 11/10/24 | 41,203 | |||||||||||
| 15,000 | 4.375 | 11/15/41 | 15,579 | |||||||||||
| 15,000 | 4.875 | 11/15/43 | 16,556 | |||||||||||
| 10,000 | 4.250 | 11/10/44 | 10,340 | |||||||||||
|
Utah Acquisition Sub, Inc. |
||||||||||||||
| 75,000 | 5.250 | 06/15/46 | 79,786 | |||||||||||
|
Viatris, Inc. |
||||||||||||||
| 15,000 | 4.000 | 06/22/50 | 13,437 | |||||||||||
|
Walgreens Boots Alliance, Inc. |
||||||||||||||
| 40,000 | 4.800 | 11/18/44 | 43,418 | |||||||||||
| 15,000 | 4.650 | 06/01/46 | 16,163 | |||||||||||
|
Wyeth LLC |
||||||||||||||
| 10,000 | 6.500 | 02/01/34 | 13,269 | |||||||||||
|
|
|
|||||||||||||
| 3,379,728 | ||||||||||||||
|
|
|
|||||||||||||
| Consumer Products – 0.1% | ||||||||||||||
|
Colgate-Palmolive Co., MTN |
||||||||||||||
| 40,000 | 4.000 | 08/15/45 | 45,201 | |||||||||||
| 15,000 | 3.700 | 08/01/47 | 16,491 | |||||||||||
|
Procter & Gamble Co. (The) |
||||||||||||||
| 40,000 | 0.550 | 10/29/25 | 38,075 | |||||||||||
| 40,000 | 1.000 | 04/23/26 | 38,439 | |||||||||||
| 15,000 | 2.850 | 08/11/27 | 15,544 | |||||||||||
|
Whirlpool Corp., MTN |
||||||||||||||
| 15,000 | 5.150 | 03/01/43 | 17,523 | |||||||||||
|
|
|
|||||||||||||
| 171,273 | ||||||||||||||
|
|
|
|||||||||||||
| Distributors – 0.0% | ||||||||||||||
|
PACCAR Financial Corp., MTN |
||||||||||||||
| 76,000 | 2.650 | 04/06/23 | 77,271 | |||||||||||
|
|
|
|||||||||||||
| Electric – 1.8% | ||||||||||||||
|
Alabama Power Co., Series 20-A |
||||||||||||||
| 15,000 | 1.450 | 09/15/30 | 13,411 | |||||||||||
|
|
|
|||||||||||||
| 66 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
| Corporate Obligations – (continued) | ||||||||||||||
| Electric – (continued) | ||||||||||||||
|
American Electric Power Co., Inc. |
||||||||||||||
| $ | 300,000 | 2.300 | % | 03/01/30 | $ | 281,348 | ||||||||
| 40,000 | 3.250 | 03/01/50 | 35,405 | |||||||||||
|
American Electric Power Co., Inc., Series J |
||||||||||||||
| 36,000 | 4.300 | 12/01/28 | 38,665 | |||||||||||
|
Black Hills Corp. |
||||||||||||||
| 20,000 | 2.500 | 06/15/30 | 18,783 | |||||||||||
|
Cleco Corporate Holdings LLC |
||||||||||||||
| 80,000 | 3.375 | 09/15/29 | 79,097 | |||||||||||
|
Cleco Power LLC |
||||||||||||||
| 15,000 | 6.000 | 12/01/40 | 19,146 | |||||||||||
|
Commonwealth Edison Co., Series 123 |
||||||||||||||
| 40,000 | 3.750 | 08/15/47 | 41,248 | |||||||||||
|
Consolidated Edison Co. of New York, Inc. |
||||||||||||||
| 170,000 | 3.850 | 06/15/46 | 168,676 | |||||||||||
| 40,000 | 4.625 | 12/01/54 | 44,348 | |||||||||||
|
Consolidated Edison Co. of New York, Inc., Series 08-B |
||||||||||||||
| 10,000 | 6.750 | 04/01/38 | 13,512 | |||||||||||
|
Consolidated Edison Co. of New York, Inc., Series 12-A |
||||||||||||||
| 40,000 | 4.200 | 03/15/42 | 41,687 | |||||||||||
|
Consolidated Edison Co. of New York, Inc., Series A |
||||||||||||||
| 15,000 | 4.125 | 05/15/49 | 15,662 | |||||||||||
|
Constellation Energy Generation LLC |
||||||||||||||
| 220,000 | 6.250 | 10/01/39 | 256,468 | |||||||||||
|
Consumers Energy Co. |
||||||||||||||
| 15,000 | 4.350 | 04/15/49 | 17,022 | |||||||||||
|
Dominion Energy, Inc. |
||||||||||||||
| 80,000 | 4.250 | 06/01/28 | 85,125 | |||||||||||
|
Dominion Energy, Inc., Series C |
||||||||||||||
| 300,000 | 3.375 | 04/01/30 | 303,902 | |||||||||||
|
DTE Electric Co. |
||||||||||||||
| 15,000 | 3.700 | 03/15/45 | 15,226 | |||||||||||
|
DTE Electric Co., Series A |
||||||||||||||
| 40,000 | 4.000 | 04/01/43 | 42,310 | |||||||||||
|
DTE Energy Co., Series C |
||||||||||||||
| 60,000 | 2.529 | 10/01/24 | 60,214 | |||||||||||
|
Duke Energy Carolinas LLC |
||||||||||||||
| 50,000 | 3.950 | 03/15/48 | 52,161 | |||||||||||
|
Duke Energy Corp. |
||||||||||||||
| 300,000 | 3.750 | 09/01/46 | 287,823 | |||||||||||
|
Duke Energy Florida LLC |
||||||||||||||
| 25,000 | 3.400 | 10/01/46 | 23,964 | |||||||||||
|
Duke Energy Indiana LLC |
||||||||||||||
| 50,000 | 6.350 | 08/15/38 | 65,012 | |||||||||||
| 40,000 | 6.450 | 04/01/39 | 52,831 | |||||||||||
|
Duke Energy Progress LLC |
||||||||||||||
| 15,000 | 4.100 | 05/15/42 | 15,712 | |||||||||||
|
Edison International |
||||||||||||||
| 315,000 | 5.750 | 06/15/27 | 350,379 | |||||||||||
|
Entergy Corp. |
||||||||||||||
| 50,000 | 2.800 | 06/15/30 | 48,140 | |||||||||||
|
Entergy Louisiana LLC |
||||||||||||||
| 250,000 | 0.950 | 10/01/24 | 242,709 | |||||||||||
|
Evergy Kansas Central, Inc. |
||||||||||||||
| 40,000 | 4.250 | 12/01/45 | 42,977 | |||||||||||
|
|
|
|||||||||||||
| Corporate Obligations – (continued) | ||||||||||||||
| Electric – (continued) | ||||||||||||||
|
Evergy Metro, Inc., Series 2019 |
||||||||||||||
| 15,000 | 4.125 | 04/01/49 | 16,098 | |||||||||||
|
Eversource Energy |
||||||||||||||
| 60,000 | 3.450 | 01/15/50 | 56,249 | |||||||||||
|
Florida Power & Light Co. |
||||||||||||||
| 15,000 | 3.125 | 12/01/25 | 15,454 | |||||||||||
| 80,000 | 4.950 | 06/01/35 | 93,162 | |||||||||||
| 15,000 | 4.125 | 02/01/42 | 16,210 | |||||||||||
| 140,000 | 4.050 | 10/01/44 | 150,507 | |||||||||||
|
Georgia Power Co., Series B |
||||||||||||||
| 400,000 | 2.650 | 09/15/29 | 388,328 | |||||||||||
| 15,000 | 3.700 | 01/30/50 | 14,257 | |||||||||||
|
Interstate Power and Light Co. |
||||||||||||||
| 40,000 | 3.500 | 09/30/49 | 38,837 | |||||||||||
|
Kentucky Utilities Co. |
||||||||||||||
| 25,000 | 4.375 | 10/01/45 | 27,414 | |||||||||||
| 40,000 | 3.300 | 06/01/50 | 37,567 | |||||||||||
|
National Rural Utilities Cooperative Finance Corp. |
||||||||||||||
| 40,000 | 2.400 | 03/15/30 | 39,507 | |||||||||||
|
NSTAR Electric Co. |
||||||||||||||
| 15,000 | 3.200 | 05/15/27 | 15,438 | |||||||||||
|
Ohio Power Co., Series D |
||||||||||||||
| 15,000 | 6.600 | 03/01/33 | 19,491 | |||||||||||
|
Pacific Gas and Electric Co. |
||||||||||||||
| 200,000 | 2.100 | 08/01/27 | 185,594 | |||||||||||
| 150,000 | 4.000 | 12/01/46 | 130,368 | |||||||||||
|
PPL Capital Funding, Inc. |
||||||||||||||
| 25,000 | 5.000 | 03/15/44 | 29,604 | |||||||||||
|
PPL Electric Utilities Corp. |
||||||||||||||
| 40,000 | 4.125 | 06/15/44 | 42,824 | |||||||||||
|
Public Service Co. of Colorado, Series 36 |
||||||||||||||
| 60,000 | 2.700 | 01/15/51 | 51,319 | |||||||||||
|
Public Service Electric and Gas Co., MTN |
||||||||||||||
| 100,000 | 3.000 | 03/01/51 | 91,790 | |||||||||||
|
Public Service Enterprise Group, Inc. |
||||||||||||||
| 40,000 | 2.450 | 11/15/31 | 37,974 | |||||||||||
|
Puget Sound Energy, Inc. |
||||||||||||||
| 55,000 | 4.223 | 06/15/48 | 59,455 | |||||||||||
|
Southern California Edison Co. |
||||||||||||||
| 40,000 | 2.850 | 08/01/29 | 39,630 | |||||||||||
|
Southern Co. (The) |
||||||||||||||
| 250,000 | 4.400 | 07/01/46 | 261,739 | |||||||||||
|
Southern Co. Gas Capital Corp. |
||||||||||||||
| 15,000 | 3.950 | 10/01/46 | 14,838 | |||||||||||
|
Xcel Energy, Inc. |
||||||||||||||
| 40,000 | 3.500 | 12/01/49 | 38,209 | |||||||||||
|
|
|
|||||||||||||
| 4,684,826 | ||||||||||||||
|
|
|
|||||||||||||
| Energy – 1.9% | ||||||||||||||
|
Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc. |
||||||||||||||
| 200,000 | 4.080 | 12/15/47 | 202,614 | |||||||||||
|
Cheniere Corpus Christi Holdings LLC |
||||||||||||||
| 80,000 | 5.875 | 03/31/25 | 86,350 | |||||||||||
| 40,000 | 5.125 | 06/30/27 | 43,545 | |||||||||||
|
Chevron Corp. |
||||||||||||||
| 40,000 | 2.895 | 03/03/24 | 40,859 | |||||||||||
|
|
|
|||||||||||||
| The accompanying notes are an integral part of these financial statements. | 67 |
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
| Corporate Obligations – (continued) | ||||||||||||||
| Energy – (continued) | ||||||||||||||
|
Chevron USA, Inc. |
||||||||||||||
| $ | 200,000 | 2.343 | % | 08/12/50 | $ | 164,902 | ||||||||
|
ConocoPhillips(b) |
||||||||||||||
| 300,000 | 3.750 | 10/01/27 | 318,187 | |||||||||||
|
Devon Energy Corp. |
||||||||||||||
| 9,000 | 4.500 | 01/15/30 | 9,405 | |||||||||||
|
Energy Transfer LP |
||||||||||||||
| 50,000 | 3.600 | 02/01/23 | 50,517 | |||||||||||
| 100,000 | 4.250 | 04/01/24 | 103,125 | |||||||||||
| 40,000 | 3.750 | 05/15/30 | 40,269 | |||||||||||
| 75,000 | 6.125 | 12/15/45 | 84,187 | |||||||||||
| 15,000 | 5.300 | 04/15/47 | 15,560 | |||||||||||
| 55,000 | 6.250 | 04/15/49 | 64,140 | |||||||||||
|
Energy Transfer LP / Regency Energy Finance Corp. |
||||||||||||||
| 120,000 | 4.500 | 11/01/23 | 123,675 | |||||||||||
|
Enterprise Products Operating LLC |
||||||||||||||
| 160,000 | 4.850 | 08/15/42 | 173,652 | |||||||||||
| 60,000 | 4.200 | 01/31/50 | 60,437 | |||||||||||
| 15,000 | 3.950 | 01/31/60 | 14,030 | |||||||||||
|
Enterprise Products Operating LLC, Series D |
||||||||||||||
| 80,000 | 6.875 | 03/01/33 | 103,564 | |||||||||||
|
EOG Resources, Inc. |
||||||||||||||
| 60,000 | 3.900 | 04/01/35 | 64,630 | |||||||||||
|
Exxon Mobil Corp. |
||||||||||||||
| 25,000 | 1.571 | 04/15/23 | 25,082 | |||||||||||
| 200,000 | 2.275 | 08/16/26 | 201,032 | |||||||||||
| 200,000 | 4.227 | 03/19/40 | 220,527 | |||||||||||
|
Halliburton Co. |
||||||||||||||
| 50,000 | 5.000 | 11/15/45 | 55,500 | |||||||||||
|
Hess Corp. |
||||||||||||||
| 120,000 | 4.300 | 04/01/27 | 126,944 | |||||||||||
| 15,000 | 6.000 | 01/15/40 | 17,925 | |||||||||||
|
Kinder Morgan Energy Partners LP |
||||||||||||||
| 50,000 | 3.450 | 02/15/23 | 50,463 | |||||||||||
|
Kinder Morgan, Inc. |
||||||||||||||
| 40,000 | 4.300 | 06/01/25 | 41,951 | |||||||||||
| 56,000 | 2.000 | 02/15/31 | 50,300 | |||||||||||
| 200,000 | 5.200 | 03/01/48 | 223,383 | |||||||||||
|
Magellan Midstream Partners LP |
||||||||||||||
| 15,000 | 4.200 | 10/03/47 | 14,783 | |||||||||||
|
MPLX LP |
||||||||||||||
| 100,000 | 4.875 | 12/01/24 | 106,125 | |||||||||||
| 200,000 | 1.750 | 03/01/26 | 192,250 | |||||||||||
| 100,000 | 2.650 | 08/15/30 | 94,375 | |||||||||||
| 40,000 | 4.700 | 04/15/48 | 41,355 | |||||||||||
|
NOV, Inc. |
||||||||||||||
| 15,000 | 3.950 | 12/01/42 | 13,481 | |||||||||||
|
ONEOK Partners LP |
||||||||||||||
| 15,000 | 6.650 | 10/01/36 | 18,087 | |||||||||||
|
ONEOK, Inc. |
||||||||||||||
| 80,000 | 2.200 | 09/15/25 | 78,816 | |||||||||||
| 25,000 | 6.350 | 01/15/31 | 29,614 | |||||||||||
| 40,000 | 5.200 | 07/15/48 | 43,594 | |||||||||||
|
Ovintiv, Inc. |
||||||||||||||
| 40,000 | 7.375 | 11/01/31 | 49,840 | |||||||||||
| 25,000 | 6.500 | 08/15/34 | 30,466 | |||||||||||
|
|
|
|||||||||||||
| Corporate Obligations – (continued) | ||||||||||||||
| Energy – (continued) | ||||||||||||||
|
Plains All American Pipeline LP / PAA Finance Corp. |
||||||||||||||
| 100,000 | 3.850 | 10/15/23 | 102,413 | |||||||||||
| 90,000 | 3.600 | 11/01/24 | 92,163 | |||||||||||
| 50,000 | 4.650 | 10/15/25 | 52,969 | |||||||||||
| 40,000 | 4.500 | 12/15/26 | 42,656 | |||||||||||
| 92,000 | 3.550 | 12/15/29 | 91,151 | |||||||||||
| 35,000 | 6.700 | 05/15/36 | 40,730 | |||||||||||
| 40,000 | 6.650 | 01/15/37 | 47,335 | |||||||||||
| 15,000 | 4.700 | 06/15/44 | 14,269 | |||||||||||
|
Sabine Pass Liquefaction LLC |
||||||||||||||
| 120,000 | 5.750 | 05/15/24 | 127,725 | |||||||||||
| 110,000 | 5.625 | 03/01/25 | 118,456 | |||||||||||
| 40,000 | 4.200 | 03/15/28 | 42,150 | |||||||||||
| 15,000 | 4.500 | 05/15/30 | 16,078 | |||||||||||
|
Schlumberger Investment SA |
||||||||||||||
| 50,000 | 3.650 | 12/01/23 | 51,388 | |||||||||||
|
Transcontinental Gas Pipe Line Co. LLC |
||||||||||||||
| 50,000 | 5.400 | 08/15/41 | 58,243 | |||||||||||
| 40,000 | 3.950 | 05/15/50 | 39,974 | |||||||||||
|
Valero Energy Corp. |
||||||||||||||
| 200,000 | 3.400 | 09/15/26 | 205,979 | |||||||||||
| 15,000 | 4.900 | 03/15/45 | 16,274 | |||||||||||
|
Williams Cos., Inc. (The) |
||||||||||||||
| 200,000 | 3.750 | 06/15/27 | 208,620 | |||||||||||
| 15,000 | 6.300 | 04/15/40 | 18,446 | |||||||||||
|
|
|
|||||||||||||
| 4,876,560 | ||||||||||||||
|
|
|
|||||||||||||
| Financial Company – 0.7% | ||||||||||||||
|
Air Lease Corp., GMTN |
||||||||||||||
| 40,000 | 3.750 | 06/01/26 | 41,080 | |||||||||||
|
Air Lease Corp., MTN |
||||||||||||||
| 250,000 | 0.700 | 02/15/24 | 241,791 | |||||||||||
| 125,000 | 3.000 | 02/01/30 | 119,803 | |||||||||||
|
Aircastle Ltd. |
||||||||||||||
| 80,000 | 5.000 | 04/01/23 | 82,356 | |||||||||||
| 15,000 | 4.250 | 06/15/26 | 15,480 | |||||||||||
|
Ally Financial, Inc. |
||||||||||||||
| 205,000 | 5.125 | 09/30/24 | 217,532 | |||||||||||
| 100,000 | 5.750 | 11/20/25 | 106,679 | |||||||||||
| 80,000 | 8.000 | 11/01/31 | 105,540 | |||||||||||
| 60,000 | 8.000 | 11/01/31 | 78,534 | |||||||||||
|
Ares Capital Corp. |
||||||||||||||
| 80,000 | 4.200 | 06/10/24 | 82,286 | |||||||||||
| 80,000 | 3.250 | 07/15/25 | 79,325 | |||||||||||
| 40,000 | 3.875 | 01/15/26 | 40,580 | |||||||||||
|
GE Capital Funding LLC |
||||||||||||||
| 300,000 | 4.550 | 05/15/32 | 334,071 | |||||||||||
|
GE Capital International Funding Co. Unlimited |
||||||||||||||
| 200,000 | 4.418 | 11/15/35 | 225,238 | |||||||||||
|
Lazard Group LLC |
||||||||||||||
| 50,000 | 4.500 | 09/19/28 | 53,760 | |||||||||||
|
|
|
|||||||||||||
| 1,824,055 | ||||||||||||||
|
|
|
|||||||||||||
| Food and Beverage – 0.6% | ||||||||||||||
|
Campbell Soup Co. |
||||||||||||||
| 40,000 | 4.800 | 03/15/48 | 45,455 | |||||||||||
|
|
|
|||||||||||||
| 68 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
| Corporate Obligations – (continued) | ||||||||||||||
| Food and Beverage – (continued) | ||||||||||||||
|
Coca-Cola Co. (The) |
||||||||||||||
| $ | 155,000 | 1.750 | % | 09/06/24 | $ | 154,936 | ||||||||
| 150,000 | 3.000 | 03/05/51 | 142,461 | |||||||||||
|
Constellation Brands, Inc. |
||||||||||||||
| 40,000 | 3.150 | 08/01/29 | 40,050 | |||||||||||
|
Hershey Co. (The) |
||||||||||||||
| 40,000 | 3.375 | 08/15/46 | 40,790 | |||||||||||
|
J M Smucker Co. (The) |
||||||||||||||
| 40,000 | 2.125 | 03/15/32 | 36,685 | |||||||||||
| 15,000 | 4.375 | 03/15/45 | 16,181 | |||||||||||
|
Kellogg Co. |
||||||||||||||
| 60,000 | 2.650 | 12/01/23 | 60,857 | |||||||||||
|
Keurig Dr Pepper, Inc. |
||||||||||||||
| 160,000 | 4.417 | 05/25/25 | 169,218 | |||||||||||
|
Kraft Heinz Foods Co. |
||||||||||||||
| 159,000 | 3.000 | 06/01/26 | 159,598 | |||||||||||
| 40,000 | 3.875 | 05/15/27 | 41,566 | |||||||||||
| 80,000 | 3.750 | 04/01/30 | 82,408 | |||||||||||
| 22,000 | 5.000 | 07/15/35 | 24,768 | |||||||||||
| 40,000 | 4.875 | 10/01/49 | 44,445 | |||||||||||
|
Molson Coors Beverage Co. |
||||||||||||||
| 120,000 | 4.200 | 07/15/46 | 119,617 | |||||||||||
|
PepsiCo, Inc. |
||||||||||||||
| 40,000 | 3.500 | 07/17/25 | 41,783 | |||||||||||
| 146,000 | 2.750 | 03/19/30 | 147,890 | |||||||||||
|
Sysco Corp. |
||||||||||||||
| 80,000 | 2.400 | 02/15/30 | 76,530 | |||||||||||
|
Tyson Foods, Inc. |
||||||||||||||
| 40,000 | 3.550 | 06/02/27 | 41,567 | |||||||||||
|
|
|
|||||||||||||
| 1,486,805 | ||||||||||||||
|
|
|
|||||||||||||
| Healthcare – 0.9% | ||||||||||||||
|
Aetna, Inc. |
||||||||||||||
| 40,000 | 4.750 | 03/15/44 | 45,439 | |||||||||||
|
Anthem, Inc. |
||||||||||||||
| 150,000 | 2.550 | 03/15/31 | 144,738 | |||||||||||
| 15,000 | 4.650 | 08/15/44 | 16,838 | |||||||||||
| 40,000 | 4.850 | 08/15/54 | 48,388 | |||||||||||
|
CVS Health Corp. |
||||||||||||||
| 200,000 | 3.250 | 08/15/29 | 203,813 | |||||||||||
| 76,000 | 1.750 | 08/21/30 | 68,802 | |||||||||||
| 70,000 | 5.050 | 03/25/48 | 81,603 | |||||||||||
| 100,000 | 4.250 | 04/01/50 | 107,245 | |||||||||||
|
Evernorth Health, Inc. |
||||||||||||||
| 120,000 | 4.500 | 02/25/26 | 128,443 | |||||||||||
|
HCA, Inc. |
||||||||||||||
| 80,000 | 5.375 | 02/01/25 | 84,900 | |||||||||||
| 40,000 | 5.250 | 04/15/25 | 42,950 | |||||||||||
| 70,000 | 5.875 | 02/15/26 | 75,600 | |||||||||||
| 46,000 | 5.250 | 06/15/26 | 49,795 | |||||||||||
| 90,000 | 5.375 | 09/01/26 | 96,750 | |||||||||||
| 40,000 | 4.500 | 02/15/27 | 42,225 | |||||||||||
| 25,000 | 5.625 | 09/01/28 | 27,719 | |||||||||||
| 25,000 | 5.875 | 02/01/29 | 27,906 | |||||||||||
| 75,000 | 4.125 | 06/15/29 | 78,375 | |||||||||||
| 40,000 | 5.500 | 06/15/47 | 46,900 | |||||||||||
|
|
|
|||||||||||||
| Corporate Obligations – (continued) | ||||||||||||||
| Healthcare – (continued) | ||||||||||||||
|
McKesson Corp. |
||||||||||||||
| 200,000 | 3.950 | 02/16/28 | 212,471 | |||||||||||
|
Quest Diagnostics, Inc. |
||||||||||||||
| 100,000 | 2.800 | 06/30/31 | 97,055 | |||||||||||
|
UnitedHealth Group, Inc. |
||||||||||||||
| 250,000 | 4.625 | 07/15/35 | 288,636 | |||||||||||
| 250,000 | 4.750 | 07/15/45 | 295,890 | |||||||||||
| 25,000 | 2.900 | 05/15/50 | 22,937 | |||||||||||
|
|
|
|||||||||||||
| 2,335,418 | ||||||||||||||
|
|
|
|||||||||||||
| Insurance – 0.5% | ||||||||||||||
|
Aflac, Inc. |
||||||||||||||
| 15,000 | 3.625 | 11/15/24 | 15,646 | |||||||||||
|
American International Group, Inc. |
||||||||||||||
| 100,000 | 3.900 | 04/01/26 | 105,242 | |||||||||||
| 40,000 | 4.375 | 01/15/55 | 43,382 | |||||||||||
|
Arch Capital Group Ltd. |
||||||||||||||
| 90,000 | 3.635 | 06/30/50 | 85,818 | |||||||||||
|
AXIS Specialty Finance LLC |
||||||||||||||
| 40,000 | 3.900 | 07/15/29 | 41,943 | |||||||||||
|
Brighthouse Financial, Inc. |
||||||||||||||
| 40,000 | 5.625 | 05/15/30 | 45,669 | |||||||||||
|
Chubb INA Holdings, Inc. |
||||||||||||||
| 150,000 | 3.350 | 05/03/26 | 155,781 | |||||||||||
|
CNO Financial Group, Inc. |
||||||||||||||
| 200,000 | 5.250 | 05/30/29 | 216,250 | |||||||||||
|
Hartford Financial Services Group, Inc. (The) |
||||||||||||||
| 30,000 | 3.600 | 08/19/49 | 29,367 | |||||||||||
|
Marsh & McLennan Cos., Inc. |
||||||||||||||
| 80,000 | 3.500 | 06/03/24 | 82,491 | |||||||||||
|
MetLife, Inc. |
||||||||||||||
| 15,000 | 4.125 | 08/13/42 | 16,211 | |||||||||||
| 80,000 | 4.600 | 05/13/46 | 94,293 | |||||||||||
|
Prudential Financial, Inc. |
||||||||||||||
| 40,000 | 3.935 | 12/07/49 | 42,050 | |||||||||||
|
Prudential Financial, Inc., MTN |
||||||||||||||
| 15,000 | 6.625 | 06/21/40 | 20,486 | |||||||||||
| 15,000 | 4.350 | 02/25/50 | 16,867 | |||||||||||
| 60,000 | 3.700 | 03/13/51 | 60,800 | |||||||||||
|
Travelers Cos., Inc. (The) |
||||||||||||||
| 40,000 | 3.750 | 05/15/46 | 41,568 | |||||||||||
|
Voya Financial, Inc.(c) |
||||||||||||||
|
(3M USD LIBOR + 2.084%) |
||||||||||||||
| 40,000 | 4.700 | 01/23/48 | 39,160 | |||||||||||
|
W R Berkley Corp. |
||||||||||||||
| 40,000 | 4.750 | 08/01/44 | 45,956 | |||||||||||
|
|
|
|||||||||||||
| 1,198,980 | ||||||||||||||
|
|
|
|||||||||||||
| Metals – 0.1% | ||||||||||||||
|
Steel Dynamics, Inc. |
||||||||||||||
| 80,000 | 3.450 | 04/15/30 | 81,200 | |||||||||||
| 145,000 | 3.250 | 01/15/31 | 144,456 | |||||||||||
|
|
|
|||||||||||||
| 225,656 | ||||||||||||||
|
|
|
|||||||||||||
| Metals and Mining – 0.0% | ||||||||||||||
|
Reliance Steel & Aluminum Co. |
||||||||||||||
| 80,000 | 4.500 | 04/15/23 | 81,680 | |||||||||||
|
|
|
|||||||||||||
| The accompanying notes are an integral part of these financial statements. | 69 |
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
| Corporate Obligations – (continued) | ||||||||||||||
| Other – 0.0% | ||||||||||||||
|
Yale University, Series 2020 |
||||||||||||||
| $ | 80,000 | 2.402 | % | 04/15/50 | $ | 69,840 | ||||||||
|
|
|
|||||||||||||
| REITs and Real Estate – 0.7% | ||||||||||||||
|
CBRE Services, Inc. |
||||||||||||||
| 129,000 | 2.500 | 04/01/31 | 121,571 | |||||||||||
|
Duke Realty LP |
||||||||||||||
| 80,000 | 4.000 | 09/15/28 | 85,899 | |||||||||||
|
Equinix, Inc. |
||||||||||||||
| 95,000 | 3.000 | 07/15/50 | 80,310 | |||||||||||
|
GLP Capital LP / GLP Financing II, Inc. |
||||||||||||||
| 50,000 | 3.350 | 09/01/24 | 50,759 | |||||||||||
| 90,000 | 5.250 | 06/01/25 | 95,473 | |||||||||||
| 40,000 | 5.750 | 06/01/28 | 44,310 | |||||||||||
| 45,000 | 4.000 | 01/15/30 | 45,461 | |||||||||||
| 72,000 | 4.000 | 01/15/31 | 72,903 | |||||||||||
|
Mid-America Apartments LP |
||||||||||||||
| 100,000 | 2.875 | 09/15/51 | 88,037 | |||||||||||
|
Omega Healthcare Investors, Inc. |
||||||||||||||
| 40,000 | 3.625 | 10/01/29 | 39,684 | |||||||||||
|
Prologis LP |
||||||||||||||
| 200,000 | 2.250 | 04/15/30 | 192,284 | |||||||||||
| 40,000 | 1.250 | 10/15/30 | 35,225 | |||||||||||
| 120,000 | 2.125 | 10/15/50 | 92,563 | |||||||||||
|
Sabra Health Care LP |
||||||||||||||
| 85,000 | 5.125 | 08/15/26 | 90,091 | |||||||||||
|
Simon Property Group LP |
||||||||||||||
| 100,000 | 3.750 | 02/01/24 | 102,754 | |||||||||||
| 200,000 | 2.450 | 09/13/29 | 193,236 | |||||||||||
|
Welltower, Inc. |
||||||||||||||
| 200,000 | 4.000 | 06/01/25 | 209,375 | |||||||||||
| 200,000 | 4.250 | 04/15/28 | 214,612 | |||||||||||
|
|
|
|||||||||||||
| 1,854,547 | ||||||||||||||
|
|
|
|||||||||||||
| Revenue – 0.0% | ||||||||||||||
|
California Institute of Technology |
||||||||||||||
| 15,000 | 3.650 | 09/01/19 | 14,385 | |||||||||||
|
Hackensack Meridian Health, Inc., Series 2020 |
||||||||||||||
| 15,000 | 2.675 | 09/01/41 | 13,790 | |||||||||||
|
University of Chicago (The), Series 20B |
||||||||||||||
| 40,000 | 2.761 | 04/01/45 | 38,101 | |||||||||||
|
|
|
|||||||||||||
| 66,276 | ||||||||||||||
|
|
|
|||||||||||||
| Software – 0.4% | ||||||||||||||
|
Oracle Corp. |
||||||||||||||
| 100,000 | 2.625 | 02/15/23 | 100,671 | |||||||||||
| 300,000 | 2.950 | 11/15/24 | 304,238 | |||||||||||
| 40,000 | 2.800 | 04/01/27 | 39,764 | |||||||||||
| 100,000 | 2.950 | 04/01/30 | 96,781 | |||||||||||
| 110,000 | 2.875 | 03/25/31 | 104,929 | |||||||||||
| 160,000 | 6.125 | 07/08/39 | 191,133 | |||||||||||
| 20,000 | 5.375 | 07/15/40 | 22,041 | |||||||||||
| 100,000 | 3.600 | 04/01/50 | 87,032 | |||||||||||
| 50,000 | 4.375 | 05/15/55 | 47,672 | |||||||||||
| 55,000 | 3.850 | 04/01/60 | 47,483 | |||||||||||
|
|
|
|||||||||||||
| 1,041,744 | ||||||||||||||
|
|
|
|||||||||||||
| Corporate Obligations – (continued) | ||||||||||||||
| Technology – 2.0% | ||||||||||||||
|
Adobe, Inc. |
||||||||||||||
| 40,000 | 2.300 | 02/01/30 | 38,893 | |||||||||||
|
Alphabet, Inc. |
||||||||||||||
| 15,000 | 1.998 | 08/15/26 | 15,025 | |||||||||||
| 100,000 | 2.250 | 08/15/60 | 80,377 | |||||||||||
|
Apple, Inc. |
||||||||||||||
| 45,000 | 2.400 | 05/03/23 | 45,562 | |||||||||||
| 90,000 | 3.450 | 05/06/24 | 93,253 | |||||||||||
| 400,000 | 1.800 | 09/11/24 | 399,953 | |||||||||||
| 40,000 | 2.500 | 02/09/25 | 40,723 | |||||||||||
| 50,000 | 3.200 | 05/13/25 | 51,820 | |||||||||||
| 40,000 | 2.450 | 08/04/26 | 40,610 | |||||||||||
| 15,000 | 3.350 | 02/09/27 | 15,811 | |||||||||||
| 15,000 | 3.200 | 05/11/27 | 15,714 | |||||||||||
| 40,000 | 1.650 | 02/08/31 | 37,013 | |||||||||||
| 160,000 | 4.500 | 02/23/36 | 188,029 | |||||||||||
| 80,000 | 3.850 | 05/04/43 | 86,635 | |||||||||||
| 80,000 | 4.450 | 05/06/44 | 93,547 | |||||||||||
| 50,000 | 3.750 | 11/13/47 | 53,734 | |||||||||||
| 160,000 | 2.550 | 08/20/60 | 133,675 | |||||||||||
|
Applied Materials, Inc. |
||||||||||||||
| 256,000 | 3.300 | 04/01/27 | 267,661 | |||||||||||
|
Automatic Data Processing, Inc. |
||||||||||||||
| 100,000 | 3.375 | 09/15/25 | 104,260 | |||||||||||
|
Broadcom Corp. / Broadcom Cayman Finance Ltd. |
||||||||||||||
| 160,000 | 3.625 | 01/15/24 | 164,314 | |||||||||||
|
Broadcom, Inc.(b) |
||||||||||||||
| 90,000 | 3.469 | 04/15/34 | 87,414 | |||||||||||
| 60,000 | 3.187 | 11/15/36 | 55,813 | |||||||||||
| 160,000 | 3.500 | 02/15/41 | 147,618 | |||||||||||
|
Corning, Inc. |
||||||||||||||
| 45,000 | 4.375 | 11/15/57 | 47,436 | |||||||||||
|
Dell International LLC / EMC Corp. |
||||||||||||||
| 26,000 | 5.450 | 06/15/23 | 27,112 | |||||||||||
| 100,000 | 6.020 | 06/15/26 | 111,825 | |||||||||||
|
Fiserv, Inc. |
||||||||||||||
| 250,000 | 4.400 | 07/01/49 | 267,111 | |||||||||||
|
Flex Ltd. |
||||||||||||||
| 160,000 | 4.875 | 06/15/29 | 173,424 | |||||||||||
|
HP, Inc. |
||||||||||||||
| 15,000 | 6.000 | 09/15/41 | 18,012 | |||||||||||
|
Intel Corp. |
||||||||||||||
| 120,000 | 2.875 | 05/11/24 | 122,654 | |||||||||||
| 200,000 | 3.700 | 07/29/25 | 209,484 | |||||||||||
| 80,000 | 3.734 | 12/08/47 | 80,883 | |||||||||||
|
International Business Machines Corp. |
||||||||||||||
| 15,000 | 5.875 | 11/29/32 | 18,823 | |||||||||||
| 150,000 | 4.150 | 05/15/39 | 160,442 | |||||||||||
| 250,000 | 4.000 | 06/20/42 | 262,795 | |||||||||||
|
Jabil, Inc. |
||||||||||||||
| 80,000 | 3.600 | 01/15/30 | 81,038 | |||||||||||
|
KLA Corp. |
||||||||||||||
| 60,000 | 3.300 | 03/01/50 | 56,707 | |||||||||||
|
Kyndryl Holdings, Inc.(b) |
||||||||||||||
| 341,000 | 2.700 | 10/15/28 | 316,127 | |||||||||||
|
|
|
|||||||||||||
| 70 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
| Corporate Obligations – (continued) | ||||||||||||||
| Technology – (continued) | ||||||||||||||
|
Lam Research Corp. |
||||||||||||||
| $ | 40,000 | 3.125 | % | 06/15/60 | $ | 36,142 | ||||||||
|
Microsoft Corp. |
||||||||||||||
| 40,000 | 2.000 | 08/08/23 | 40,327 | |||||||||||
| 65,000 | 3.300 | 02/06/27 | 68,764 | |||||||||||
| 15,000 | 3.500 | 02/12/35 | 16,193 | |||||||||||
| 220,000 | 4.250 | 02/06/47 | 261,547 | |||||||||||
| 200,000 | 4.000 | 02/12/55 | 228,504 | |||||||||||
| 20,000 | 2.675 | 06/01/60 | 17,603 | |||||||||||
|
QUALCOMM, Inc. |
||||||||||||||
| 160,000 | 4.300 | 05/20/47 | 181,134 | |||||||||||
|
VMware, Inc. |
||||||||||||||
| 80,000 | 4.700 | 05/15/30 | 87,932 | |||||||||||
|
Western Digital Corp. |
||||||||||||||
| 50,000 | 4.750 | 02/15/26 | 51,938 | |||||||||||
|
Xilinx, Inc. |
||||||||||||||
| 40,000 | 2.950 | 06/01/24 | 40,755 | |||||||||||
|
|
|
|||||||||||||
| 5,242,166 | ||||||||||||||
|
|
|
|||||||||||||
| Transportation – 0.3% | ||||||||||||||
|
CSX Corp. |
||||||||||||||
| 15,000 | 3.250 | 06/01/27 | 15,521 | |||||||||||
| 80,000 | 4.100 | 03/15/44 | 85,385 | |||||||||||
| 40,000 | 4.300 | 03/01/48 | 44,274 | |||||||||||
|
Delta Air Lines, Inc. |
||||||||||||||
| 50,000 | 4.375 | 04/19/28 | 49,905 | |||||||||||
|
FedEx Corp. |
||||||||||||||
| 40,000 | 3.900 | 02/01/35 | 42,133 | |||||||||||
| 40,000 | 4.400 | 01/15/47 | 42,602 | |||||||||||
| 40,000 | 4.950 | 10/17/48 | 46,041 | |||||||||||
|
Norfolk Southern Corp. |
||||||||||||||
| 120,000 | 3.050 | 05/15/50 | 109,287 | |||||||||||
|
Southwest Airlines Co. |
||||||||||||||
| 40,000 | 5.250 | 05/04/25 | 43,201 | |||||||||||
|
Union Pacific Corp. |
||||||||||||||
| 40,000 | 3.700 | 03/01/29 | 42,492 | |||||||||||
| 80,000 | 3.799 | 10/01/51 | 83,430 | |||||||||||
| 60,000 | 3.839 | 03/20/60 | 61,966 | |||||||||||
| 15,000 | 3.750 | 02/05/70 | 14,942 | |||||||||||
|
Union Pacific Railroad Co. Pass-Through Trust, Series 2015-1 |
||||||||||||||
| 79,399 | 2.695 | 05/12/27 | 80,400 | |||||||||||
|
United Parcel Service, Inc. |
||||||||||||||
| 40,000 | 3.625 | 10/01/42 | 42,141 | |||||||||||
| 15,000 | 4.250 | 03/15/49 | 17,357 | |||||||||||
| 15,000 | 5.300 | 04/01/50 | 20,231 | |||||||||||
|
|
|
|||||||||||||
| 841,308 | ||||||||||||||
|
|
|
|||||||||||||
| Water – 0.1% | ||||||||||||||
|
American Water Capital Corp. |
||||||||||||||
| 105,000 | 3.750 | 09/01/47 | 104,928 | |||||||||||
| 40,000 | 4.200 | 09/01/48 | 42,474 | |||||||||||
|
|
|
|||||||||||||
| 147,402 | ||||||||||||||
|
|
|
|||||||||||||
| Wireless – 1.3% | ||||||||||||||
|
American Tower Corp. |
||||||||||||||
| 200,000 | 3.375 | 10/15/26 | 205,139 | |||||||||||
| 40,000 | 3.950 | 03/15/29 | 41,606 | |||||||||||
| 20,000 | 3.100 | 06/15/50 | 16,799 | |||||||||||
|
|
|
|||||||||||||
| Corporate Obligations – (continued) | ||||||||||||||
| Wireless – (continued) | ||||||||||||||
|
AT&T, Inc. |
||||||||||||||
| 50,000 | 0.900 | 03/25/24 | 49,090 | |||||||||||
| 320,000 | 2.750 | 06/01/31 | 311,183 | |||||||||||
| 250,000 | 4.500 | 05/15/35 | 275,173 | |||||||||||
| 400,000 | 3.500 | 06/01/41 | 378,622 | |||||||||||
| 300,000 | 3.500 | 09/15/53 | 274,750 | |||||||||||
|
CC Holdings GS V LLC / Crown Castle GS III Corp. |
||||||||||||||
| 50,000 | 3.849 | 04/15/23 | 51,365 | |||||||||||
|
Crown Castle International Corp. |
||||||||||||||
| 40,000 | 3.300 | 07/01/30 | 39,772 | |||||||||||
| 40,000 | 4.150 | 07/01/50 | 40,127 | |||||||||||
|
T-Mobile USA, Inc. |
||||||||||||||
| 200,000 | 3.750 | 04/15/27 | 208,114 | |||||||||||
| 200,000 | 3.875 | 04/15/30 | 205,955 | |||||||||||
| 60,000 | 3.600 | 11/15/60 | 53,139 | |||||||||||
|
Verizon Communications, Inc. |
||||||||||||||
| 300,000 | 0.850 | 11/20/25 | 285,375 | |||||||||||
| 75,000 | 4.329 | 09/21/28 | 81,741 | |||||||||||
| 322,000 | 3.150 | 03/22/30 | 325,642 | |||||||||||
| 106,000 | 2.355 | (b) | 03/15/32 | 98,886 | ||||||||||
| 21,000 | 4.500 | 08/10/33 | 23,159 | |||||||||||
| 100,000 | 4.272 | 01/15/36 | 108,343 | |||||||||||
| 15,000 | 3.400 | 03/22/41 | 14,505 | |||||||||||
| 100,000 | 3.850 | 11/01/42 | 100,551 | |||||||||||
| 80,000 | 5.500 | 03/16/47 | 102,841 | |||||||||||
| 40,000 | 4.000 | 03/22/50 | 40,399 | |||||||||||
| 45,000 | 2.875 | 11/20/50 | 37,829 | |||||||||||
|
|
|
|||||||||||||
| 3,370,105 | ||||||||||||||
|
|
|
|||||||||||||
| TOTAL CORPORATE OBLIGATIONS | ||||||||||||||
| (Cost $59,224,829) | $ | 55,448,686 | ||||||||||||
|
|
|
|||||||||||||
| U.S. Treasury Bonds – 8.2% | ||||||||||||||
|
U.S. Treasury Bonds |
||||||||||||||
| $ | 4,980,000 | 4.375 | % | 02/15/38 | $ | 6,605,232 | ||||||||
| 5,203,000 | 3.875 | 08/15/40 | 6,533,832 | |||||||||||
| 6,965,000 | 2.500 | 02/15/45 | 7,188,948 | |||||||||||
| 1,044,000 | 2.500 | 05/15/46 | 1,080,872 | |||||||||||
|
|
|
|||||||||||||
| TOTAL U.S. TREASURY BONDS | ||||||||||||||
| (Cost $23,163,444) | $ | 21,408,884 | ||||||||||||
|
|
|
|||||||||||||
| Foreign Corporate Debt – 5.3% | ||||||||||||||
| Banks – 2.2% | ||||||||||||||
|
Banco Bilbao Vizcaya Argentaria SA (Spain) |
||||||||||||||
| $ | 200,000 | 0.875 | % | 09/18/23 | $ | 196,680 | ||||||||
| 200,000 | 1.125 | 09/18/25 | 189,904 | |||||||||||
|
Banco Santander SA (Spain) |
||||||||||||||
| 200,000 | 1.849 | 03/25/26 | 192,250 | |||||||||||
|
Bank of Montreal, MTN (Canada) |
||||||||||||||
| 200,000 | 2.500 | 06/28/24 | 201,891 | |||||||||||
|
Bank of Nova Scotia (The) (Canada) |
||||||||||||||
| 200,000 | 3.400 | 02/11/24 | 205,223 | |||||||||||
|
|
|
|||||||||||||
| The accompanying notes are an integral part of these financial statements. | 71 |
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
| Foreign Corporate Debt – (continued) | ||||||||||||||
| Banks – (continued) | ||||||||||||||
|
Barclays PLC (United Kingdom) |
||||||||||||||
| $ | 200,000 | 4.375 | % | 09/11/24 | $ | 207,479 | ||||||||
| 200,000 | 5.200 | 05/12/26 | 215,533 | |||||||||||
|
Canadian Imperial Bank of Commerce (Canada) |
||||||||||||||
| 130,000 | 3.500 | 09/13/23 | 133,579 | |||||||||||
|
Deutsche Bank AG(c) (Germany) |
||||||||||||||
|
(SOFR + 2.159%) |
||||||||||||||
| 200,000 | 2.222 | 09/18/24 | 199,386 | |||||||||||
|
Export-Import Bank of Korea (South Korea) |
||||||||||||||
| 400,000 | 2.625 | 05/26/26 | 408,363 | |||||||||||
|
HSBC Holdings PLC (United Kingdom) |
||||||||||||||
|
(3M USD LIBOR + 1.211%) |
||||||||||||||
| 350,000 | 3.803 | (c) | 03/11/25 | 358,593 | ||||||||||
| 200,000 | 4.300 | 03/08/26 | 211,287 | |||||||||||
| 200,000 | 6.500 | 09/15/37 | 256,016 | |||||||||||
|
ING Groep NV (Netherlands) |
||||||||||||||
| 354,000 | 4.550 | 10/02/28 | 385,371 | |||||||||||
|
Korea Development Bank (The) (South Korea) |
||||||||||||||
| 300,000 | 0.800 | 07/19/26 | 284,415 | |||||||||||
|
Lloyds Banking Group PLC (United Kingdom) |
||||||||||||||
| 300,000 | 4.375 | 03/22/28 | 320,364 | |||||||||||
|
Mitsubishi UFJ Financial Group, Inc. (Japan) |
||||||||||||||
| 200,000 | 3.850 | 03/01/26 | 209,351 | |||||||||||
| 50,000 | 3.961 | 03/02/28 | 52,765 | |||||||||||
| 100,000 | 3.741 | 03/07/29 | 104,369 | |||||||||||
|
NatWest Group PLC (United Kingdom) |
||||||||||||||
| 100,000 | 6.000 | 12/19/23 | 106,147 | |||||||||||
|
Royal Bank of Canada, GMTN (Canada) |
||||||||||||||
| 130,000 | 1.600 | 04/17/23 | 129,919 | |||||||||||
|
Sumitomo Mitsui Financial Group, Inc. (Japan) |
||||||||||||||
| 200,000 | 3.936 | 10/16/23 | 206,415 | |||||||||||
| 120,000 | 3.010 | 10/19/26 | 121,629 | |||||||||||
| 75,000 | 2.930 | 09/17/41 | 67,597 | |||||||||||
|
Svensk Exportkredit AB, GMTN (Sweden) |
||||||||||||||
| 200,000 | 0.625 | 05/14/25 | 192,687 | |||||||||||
|
Toronto-Dominion Bank (The)(c) (Canada) |
||||||||||||||
|
(5 Year USD Swap + 2.205%) |
||||||||||||||
| 185,000 | 3.625 | 09/15/31 | 191,013 | |||||||||||
|
Toronto-Dominion Bank (The), GMTN (Canada) |
||||||||||||||
| 130,000 | 3.500 | 07/19/23 | 133,162 | |||||||||||
|
Westpac Banking Corp. (Australia) |
||||||||||||||
| 200,000 | 2.850 | 05/13/26 | 205,106 | |||||||||||
| 75,000 | 3.350 | 03/08/27 | 78,263 | |||||||||||
| 40,000 | 2.150 | 06/03/31 | 37,934 | |||||||||||
|
|
|
|||||||||||||
| 5,802,691 | ||||||||||||||
|
|
|
|||||||||||||
| Basic Industry – 0.0% | ||||||||||||||
|
Syngenta Finance NV (Switzerland) |
||||||||||||||
| 20,000 | 3.125 | 03/28/22 | 20,038 | |||||||||||
|
|
|
|||||||||||||
| Brokerage – 0.0% | ||||||||||||||
|
Brookfield Finance, Inc. (Canada) |
||||||||||||||
| 50,000 | 4.350 | 04/15/30 | 53,870 | |||||||||||
| 15,000 | 3.500 | 03/30/51 | 13,705 | |||||||||||
|
|
|
|||||||||||||
| 67,575 | ||||||||||||||
|
|
|
|||||||||||||
| Foreign Corporate Debt – (continued) | ||||||||||||||
| Capital Goods – 0.0% | ||||||||||||||
|
CNH Industrial NV (United Kingdom) |
||||||||||||||
| 80,000 | 4.500 | 08/15/23 | 82,662 | |||||||||||
|
|
|
|||||||||||||
| Consumer Noncyclical – 0.3% | ||||||||||||||
|
Bayer US Finance II LLC(b) (Germany) |
||||||||||||||
| 100,000 | 3.375 | 07/15/24 | 101,880 | |||||||||||
| 15,000 | 4.200 | 07/15/34 | 16,303 | |||||||||||
| 170,000 | 4.700 | 07/15/64 | 179,064 | |||||||||||
|
GlaxoSmithKline Capital, Inc. (United Kingdom) |
||||||||||||||
| 200,000 | 6.375 | 05/15/38 | 276,651 | |||||||||||
|
Reynolds American, Inc. (United Kingdom) |
||||||||||||||
| 250,000 | 5.850 | 08/15/45 | 270,733 | |||||||||||
|
|
|
|||||||||||||
| 844,631 | ||||||||||||||
|
|
|
|||||||||||||
| Energy – 0.5% | ||||||||||||||
|
Cenovus Energy, Inc. (Canada) |
||||||||||||||
| 50,000 | 5.250 | 06/15/37 | 55,583 | |||||||||||
|
Enbridge, Inc. (Canada) |
||||||||||||||
| 110,000 | 3.125 | 11/15/29 | 110,465 | |||||||||||
| 15,000 | 5.500 | 12/01/46 | 18,869 | |||||||||||
|
(3M USD LIBOR + 3.641%) |
||||||||||||||
| 15,000 | 6.250 | (c) | 03/01/78 | 15,675 | ||||||||||
|
Equinor ASA (Norway) |
||||||||||||||
| 100,000 | 2.650 | 01/15/24 | 101,402 | |||||||||||
| 40,000 | 1.750 | 01/22/26 | 39,221 | |||||||||||
| 40,000 | 3.625 | 09/10/28 | 42,362 | |||||||||||
| 300,000 | 3.125 | 04/06/30 | 308,398 | |||||||||||
|
Shell International Finance BV (Netherlands) |
||||||||||||||
| 25,000 | 0.375 | 09/15/23 | 24,557 | |||||||||||
| 40,000 | 2.000 | 11/07/24 | 40,170 | |||||||||||
| 55,000 | 3.250 | 05/11/25 | 56,981 | |||||||||||
| 75,000 | 4.375 | 05/11/45 | 83,307 | |||||||||||
| 312,000 | 4.000 | 05/10/46 | 330,000 | |||||||||||
|
TotalEnergies Capital International SA (France) |
||||||||||||||
| 100,000 | 3.127 | 05/29/50 | 92,995 | |||||||||||
|
|
|
|||||||||||||
| 1,319,985 | ||||||||||||||
|
|
|
|||||||||||||
| Financial Company – 0.1% | ||||||||||||||
| |
AerCap
Ireland Capital DAC / AerCap Global Aviation Trust |
| ||||||||||||
| 250,000 | 3.150 | 02/15/24 | 252,717 | |||||||||||
|
|
|
|||||||||||||
| Food and Beverage – 0.3% | ||||||||||||||
| |
Anheuser-Busch
Cos. LLC / Anheuser-Busch InBev Worldwide, |
| ||||||||||||
| 80,000 | 4.900 | 02/01/46 | 91,145 | |||||||||||
|
Anheuser-Busch InBev Finance, Inc. (Belgium) |
||||||||||||||
| 55,000 | 4.700 | 02/01/36 | 60,878 | |||||||||||
| 100,000 | 4.900 | 02/01/46 | 114,150 | |||||||||||
|
Anheuser-Busch InBev Worldwide, Inc. (Belgium) |
||||||||||||||
| 300,000 | 3.500 | 06/01/30 | 313,234 | |||||||||||
| 46,000 | 4.375 | 04/15/38 | 49,270 | |||||||||||
| 40,000 | 4.600 | 04/15/48 | 43,903 | |||||||||||
| 40,000 | 5.550 | 01/23/49 | 49,398 | |||||||||||
| 90,000 | 4.750 | 04/15/58 | 99,708 | |||||||||||
|
|
|
|||||||||||||
| 821,686 | ||||||||||||||
|
|
|
|||||||||||||
| 72 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
| Foreign Corporate Debt – (continued) | ||||||||||||||
| Forest Products & Paper – 0.1% | ||||||||||||||
|
Suzano Austria GmbH (Brazil) |
||||||||||||||
| $ | 200,000 | 5.000 | % | 01/15/30 | $ | 206,404 | ||||||||
|
|
|
|||||||||||||
| Internet – 0.4% | ||||||||||||||
|
Alibaba Group Holding Ltd. (China) |
||||||||||||||
| 400,000 | 3.600 | 11/28/24 | 410,586 | |||||||||||
| 240,000 | 3.400 | 12/06/27 | 243,755 | |||||||||||
|
JD.com, Inc. (China) |
||||||||||||||
| 200,000 | 3.875 | 04/29/26 | 209,287 | |||||||||||
|
Tencent Music Entertainment Group (China) |
||||||||||||||
| 300,000 | 2.000 | 09/03/30 | 269,414 | |||||||||||
|
|
|
|||||||||||||
| 1,133,042 | ||||||||||||||
|
|
|
|||||||||||||
| Metals – 0.0% | ||||||||||||||
|
ArcelorMittal SA (Luxembourg) |
||||||||||||||
| 15,000 | 4.550 | 03/11/26 | 15,731 | |||||||||||
| 15,000 | 4.250 | 07/16/29 | 15,338 | |||||||||||
| 10,000 | 7.000 | 10/15/39 | 12,238 | |||||||||||
| 15,000 | 6.750 | 03/01/41 | 18,206 | |||||||||||
|
|
|
|||||||||||||
| 61,513 | ||||||||||||||
|
|
|
|||||||||||||
| Mining – 0.2% | ||||||||||||||
|
Southern Copper Corp. (Peru) |
||||||||||||||
| 55,000 | 3.875 | 04/23/25 | 56,734 | |||||||||||
|
Vale Overseas Ltd. (Brazil) |
||||||||||||||
| 230,000 | 6.250 | 08/10/26 | 258,175 | |||||||||||
| 115,000 | 3.750 | 07/08/30 | 113,678 | |||||||||||
|
|
|
|||||||||||||
| 428,587 | ||||||||||||||
|
|
|
|||||||||||||
| Oil Company-Exploration & Production – 0.1% | ||||||||||||||
|
CNOOC Finance 2013 Ltd. (China) |
||||||||||||||
| 200,000 | 3.000 | 05/09/23 | 202,769 | |||||||||||
|
|
|
|||||||||||||
| Oil Company-Integrated – 0.4% | ||||||||||||||
|
Petroleos Mexicanos (Mexico) |
||||||||||||||
| 225,000 | 6.875 | 08/04/26 | 238,376 | |||||||||||
| 100,000 | 5.350 | 02/12/28 | 96,475 | |||||||||||
| 250,000 | 5.950 | 01/28/31 | 236,062 | |||||||||||
|
Saudi Arabian Oil Co.(b) (Saudi Arabia) |
||||||||||||||
| 200,000 | 2.875 | 04/16/24 | 200,870 | |||||||||||
| 300,000 | 2.250 | 11/24/30 | 279,562 | |||||||||||
|
|
|
|||||||||||||
| 1,051,345 | ||||||||||||||
|
|
|
|||||||||||||
| Technology – 0.2% | ||||||||||||||
|
NXP BV / NXP Funding LLC(b) (China) |
||||||||||||||
| 40,000 | 5.350 | 03/01/26 | 43,998 | |||||||||||
|
NXP BV / NXP Funding LLC / NXP USA, Inc.(b) (China) |
||||||||||||||
| 120,000 | 3.400 | 05/01/30 | 121,219 | |||||||||||
| 265,000 | 2.500 | 05/11/31 | 247,975 | |||||||||||
|
|
|
|||||||||||||
| 413,192 | ||||||||||||||
|
|
|
|||||||||||||
| Telecommunications – 0.2% | ||||||||||||||
|
America Movil SAB de CV (Mexico) |
||||||||||||||
| 280,000 | 3.625 | 04/22/29 | 288,071 | |||||||||||
| 200,000 | 2.875 | 05/07/30 | 195,083 | |||||||||||
|
|
|
|||||||||||||
| 483,154 | ||||||||||||||
|
|
|
|||||||||||||
| Foreign Corporate Debt – (continued) | ||||||||||||||
| Transportation – 0.0% | ||||||||||||||
|
Canadian National Railway Co. (Canada) |
||||||||||||||
| 40,000 | 4.450 | 01/20/49 | 46,106 | |||||||||||
|
|
|
|||||||||||||
| Wireless – 0.1% | ||||||||||||||
|
Vodafone Group PLC (United Kingdom) |
||||||||||||||
| 250,000 | 4.125 | 05/30/25 | 263,079 | |||||||||||
| 50,000 | 5.250 | 05/30/48 | 57,181 | |||||||||||
|
|
|
|||||||||||||
| 320,260 | ||||||||||||||
|
|
|
|||||||||||||
| Wirelines – 0.2% | ||||||||||||||
|
Bell Telephone Co of Canada or Bell Canada/The (Canada) |
||||||||||||||
| 80,000 | 4.300 | 07/29/49 | 86,363 | |||||||||||
|
Deutsche Telekom International Finance BV (Germany) |
||||||||||||||
| 15,000 | 8.750 | 06/15/30 | 20,729 | |||||||||||
|
Orange SA (France) |
||||||||||||||
| 40,000 | 9.000 | 03/01/31 | 57,316 | |||||||||||
|
Telefonica Emisiones SA (Spain) |
||||||||||||||
| 200,000 | 4.895 | 03/06/48 | 209,967 | |||||||||||
|
|
|
|||||||||||||
| 374,375 | ||||||||||||||
|
|
|
|||||||||||||
| TOTAL FOREIGN CORPORATE DEBT | ||||||||||||||
| (Cost $14,584,209) | $ | 13,932,732 | ||||||||||||
|
|
|
|||||||||||||
| Foreign Debt Obligations – 2.6% | ||||||||||||||
| Sovereign – 2.6% | ||||||||||||||
| |
Abu
Dhabi Government International Bond(b) (United
Arab |
| ||||||||||||
| $ | 200,000 | 0.750 | % | 09/02/23 | $ | 197,089 | ||||||||
| 400,000 | 2.125 | 09/30/24 | 401,689 | |||||||||||
| 200,000 | 2.500 | 04/16/25 | 202,247 | |||||||||||
| 200,000 | 1.625 | 06/02/28 | 191,467 | |||||||||||
| 200,000 | 2.700 | 09/02/70 | 166,425 | |||||||||||
|
China Government International Bond(b) (China) |
||||||||||||||
| 400,000 | 0.400 | 10/21/23 | 392,621 | |||||||||||
| 600,000 | 0.550 | 10/21/25 | 570,126 | |||||||||||
|
Colombia Government International Bond (Colombia) |
||||||||||||||
| 200,000 | 4.000 | 02/26/24 | 203,011 | |||||||||||
| 200,000 | 3.875 | 04/25/27 | 192,024 | |||||||||||
| 100,000 | 6.125 | 01/18/41 | 97,465 | |||||||||||
|
Hungary Government International Bond (Hungary) |
||||||||||||||
| 16,000 | 5.375 | 02/21/23 | 16,510 | |||||||||||
|
Indonesia Government International Bond (Indonesia) |
||||||||||||||
| 200,000 | 3.850 | 10/15/30 | 212,136 | |||||||||||
| 300,000 | 5.250 | 01/17/42 | 337,891 | |||||||||||
|
Landwirtschaftliche Rentenbank (Germany) |
||||||||||||||
| 15,000 | 3.125 | 11/14/23 | 15,395 | |||||||||||
|
Malaysia Sovereign Sukuk BHD(b) (Malaysia) |
||||||||||||||
| 300,000 | 3.043 | 04/22/25 | 308,677 | |||||||||||
|
Mexico Government International Bond (Mexico) |
||||||||||||||
| 250,000 | 3.600 | 01/30/25 | 259,981 | |||||||||||
| 250,000 | 3.250 | 04/16/30 | 243,139 | |||||||||||
|
Panama Government International Bond (Panama) |
||||||||||||||
| 200,000 | 6.700 | 01/26/36 | 244,500 | |||||||||||
|
Perusahaan Penerbit SBSN Indonesia III(b) (Indonesia) |
||||||||||||||
| 400,000 | 4.550 | 03/29/26 | 428,000 | |||||||||||
| 200,000 | 2.800 | 06/23/30 | 198,000 | |||||||||||
|
|
|
|||||||||||||
| The accompanying notes are an integral part of these financial statements. | 73 |
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
| Foreign Debt Obligations – (continued) | ||||||||||||||
| Sovereign – (continued) | ||||||||||||||
|
Philippine Government International Bond (Philippines) |
||||||||||||||
| $ | 200,000 | 3.750 | % | 01/14/29 | $ | 209,407 | ||||||||
|
Province of Alberta Canada (Canada) |
||||||||||||||
| 15,000 | 2.200 | 07/26/22 | 15,078 | |||||||||||
| 50,000 | 3.300 | 03/15/28 | 53,283 | |||||||||||
|
Province of British Columbia Canada (Canada) |
||||||||||||||
| 15,000 | 2.000 | 10/23/22 | 15,097 | |||||||||||
|
Province of Ontario Canada (Canada) |
||||||||||||||
| 30,000 | 1.050 | 05/21/27 | 28,627 | |||||||||||
| 30,000 | 1.600 | 02/25/31 | 28,571 | |||||||||||
|
Province of Quebec Canada (Canada) |
||||||||||||||
| 90,000 | 0.600 | 07/23/25 | 86,445 | |||||||||||
| 25,000 | 2.750 | 04/12/27 | 25,935 | |||||||||||
|
Qatar Government International Bond(b) (Qatar) |
||||||||||||||
| 280,000 | 3.400 | 04/16/25 | 290,546 | |||||||||||
| 200,000 | 4.817 | 03/14/49 | 244,192 | |||||||||||
|
Republic of Poland Government International Bond (Poland) |
||||||||||||||
| 30,000 | 3.250 | 04/06/26 | 31,085 | |||||||||||
|
Romanian Government International Bond(b) (Romania) |
||||||||||||||
| 16,000 | 3.000 | 02/14/31 | 14,662 | |||||||||||
|
Russian Foreign Bond – Eurobond(b) (Russia) |
||||||||||||||
| 200,000 | 5.250 | 06/23/47 | 70,000 | |||||||||||
|
Saudi Government International Bond (Saudi Arabia) |
||||||||||||||
| 300,000 | 2.900 | (b) | 10/22/25 | 307,557 | ||||||||||
| 500,000 | 4.625 | 10/04/47 | 552,140 | |||||||||||
|
Uruguay Government International Bond (Uruguay) |
||||||||||||||
| 15,000 | 4.375 | 01/23/31 | 16,406 | |||||||||||
|
|
|
|||||||||||||
| TOTAL FOREIGN DEBT OBLIGATIONS | ||||||||||||||
| (Cost $7,441,980) | $ | 6,867,424 | ||||||||||||
|
|
|
|||||||||||||
| U.S. Treasury Obligations – 7.6% | ||||||||||||||
|
U.S. Treasury Bond |
||||||||||||||
| $ | 2,677,000 | 2.000 | % | 02/15/50 | $ | 2,563,599 | ||||||||
|
U.S. Treasury Note |
||||||||||||||
| 16,919,000 | 2.125 | 05/31/26 | 17,178,040 | |||||||||||
|
|
|
|||||||||||||
| TOTAL U.S. TREASURY OBLIGATIONS | ||||||||||||||
| (Cost $20,654,771) | $ | 19,741,639 | ||||||||||||
|
|
|
|||||||||||||
| Shares | Dividend Rate |
Value | ||||
| Investment Company – 24.5%(d) | ||||||
|
Goldman Sachs Financial Square Government Fund – Institutional Shares |
| |||||
| 63,982,916 | 0.026% | $ | 63,982,916 | |||
| (Cost $63,982,916) | ||||||
|
|
||||||
| TOTAL INVESTMENTS – 124.0% |
| |||||
| (Cost $333,971,999) | $ | 323,472,654 | ||||
|
|
||||||
| LIABILITIES IN EXCESS
OF ASSETS – (24.0)% |
(62,637,931 | ) | ||||
|
|
||||||
| NET ASSETS – 100.0% | $ | 260,834,723 | ||||
|
|
||||||
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
|
(a) |
TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $66,841,556 which represents approximately 25.6% of the Fund’s net assets as of February 28, 2022. | |
|
(b) |
Exempt from registration under Rule 144A of the Securities Act of 1933. | |
|
(c) |
Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on February 28, 2022. | |
|
(d) |
Represents an affiliated issuer. | |
|
| ||
|
Investment Abbreviations: | ||
|
GMTN |
—Global Medium Term Note | |
|
LIBOR |
—London Interbank Offered Rate | |
|
LP |
—Limited Partnership | |
|
MTN |
—Medium Term Note | |
|
PLC |
—Public Limited Company | |
|
REIT |
—Real Estate Investment Trust | |
|
SOFR |
—Secured Overnight Financing Rate | |
|
| ||
| 74 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF
Schedule of Investments
February 28, 2022 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
| Mortgage-Backed Securities – 33.1% | ||||||||||||||
|
FHLMC REMIC(a) (12M USD LIBOR + 1.803%) |
||||||||||||||
| $ | 4,821,621 | 2.078 | % | 10/01/43 | $ | 5,057,740 | ||||||||
|
FHLMC REMIC(a) (12M USD LIBOR + 1.616%) |
||||||||||||||
| 10,576,842 | 2.210 | 01/01/46 | 10,890,384 | |||||||||||
|
FHLMC REMIC(a) (12M USD LIBOR + 1.781%) |
||||||||||||||
| 849,544 | 2.041 | 10/01/44 | 889,279 | |||||||||||
| |
FHLMC
REMIC Series 2003-2682,
Class FB(a)
(1M USD LIBOR |
| ||||||||||||
| 195,252 | 1.091 | 10/15/33 | 199,449 | |||||||||||
| |
FHLMC
REMIC Series 2003-2711,
Class FA(a)
(1M USD LIBOR |
| ||||||||||||
| 209,289 | 1.191 | 11/15/33 | 215,105 | |||||||||||
| |
FHLMC
REMIC Series 2005-3033,
Class FG(a)
(1M USD LIBOR |
| ||||||||||||
| 588,570 | 0.541 | 09/15/35 | 592,316 | |||||||||||
| |
FHLMC
REMIC Series 2007-3298,
Class FC(a)
(1M USD LIBOR |
| ||||||||||||
| 222,124 | 0.611 | 04/15/37 | 223,444 | |||||||||||
| |
FHLMC
REMIC Series 2007-3314,
Class FC(a)
(1M USD LIBOR |
| ||||||||||||
| 28,155 | 0.591 | 12/15/36 | 28,336 | |||||||||||
| |
FHLMC
REMIC Series 2007-3316,
Class FB(a)
(1M USD LIBOR |
| ||||||||||||
| 697,889 | 0.491 | 08/15/35 | 701,228 | |||||||||||
| |
FHLMC
REMIC Series 2007-3371,
Class FA(a)
(1M USD LIBOR |
| ||||||||||||
| 131,416 | 0.791 | 09/15/37 | 133,547 | |||||||||||
| |
FHLMC
REMIC Series 2009-3593,
Class CF(a)
(1M USD LIBOR |
| ||||||||||||
| 1,500,961 | 0.791 | 02/15/36 | 1,525,582 | |||||||||||
| |
FHLMC
REMIC Series 2011-3895,
Class FM(a)
(1M USD |
| ||||||||||||
| 112,827 | 0.541 | 12/15/40 | 113,054 | |||||||||||
| |
FHLMC
REMIC Series 2012-4040,
Class FW(a)
(1M USD |
| ||||||||||||
| 459,322 | 0.561 | 05/15/32 | 460,916 | |||||||||||
| |
FHLMC
REMIC Series 2012-4057,
Class FE(a)
(1M USD LIBOR |
| ||||||||||||
| 941,689 | 0.641 | 06/15/42 | 951,522 | |||||||||||
| |
FHLMC
REMIC Series 2012-4068,
Class UF(a)
(1M USD LIBOR |
| ||||||||||||
| 236,137 | 0.691 | 06/15/42 | 238,217 | |||||||||||
| |
FHLMC
REMIC Series 2012-4098,
Class MF(a)
(1M USD |
| ||||||||||||
| 236,215 | 0.491 | 11/15/41 | 236,559 | |||||||||||
| |
FHLMC
REMIC Series 2012-4107,
Class MF(a)
(1M USD |
| ||||||||||||
| 1,983,235 | 0.591 | 09/15/42 | 1,996,315 | |||||||||||
| |
FHLMC
REMIC Series 2012-4126,
Class GF(a)
(1M USD LIBOR |
| ||||||||||||
| 2,344,331 | 0.591 | 11/15/42 | 2,353,656 | |||||||||||
| |
FHLMC
REMIC Series 2013-4203,
Class QF(a)
(1M USD LIBOR |
| ||||||||||||
| 1,284,577 | 0.441 | 05/15/43 | 1,283,977 | |||||||||||
| |
FHLMC
REMIC Series 2013-4215,
Class NF(a)
(1M USD LIBOR |
| ||||||||||||
| 847,928 | 0.541 | 06/15/43 | 850,382 | |||||||||||
|
|
|
|||||||||||||
| Mortgage-Backed Securities – (continued) | ||||||||||||||
| |
FHLMC
REMIC Series 2013-4240,
Class FA(a)
(1M USD LIBOR |
| ||||||||||||
| $ | 2,927,386 | 0.691 | % | 08/15/43 | $ | 2,953,819 | ||||||||
| |
FHLMC
REMIC Series 2013-4248,
Class FL(a)
(1M USD LIBOR |
| ||||||||||||
| 97,217 | 0.641 | 05/15/41 | 98,153 | |||||||||||
| |
FHLMC
REMIC Series 2013-4263,
Class FB(a)
(1M USD LIBOR |
| ||||||||||||
| 73,443 | 0.591 | 11/15/43 | 74,041 | |||||||||||
| |
FHLMC
REMIC Series 2013-4272,
Class FD(a)
(1M USD LIBOR |
| ||||||||||||
| 84,685 | 0.541 | 11/15/43 | 85,186 | |||||||||||
| |
FHLMC
REMIC Series 2017-4678,
Class AF(a)
(1M USD LIBOR |
| ||||||||||||
| 2,367,763 | 0.502 | 12/15/42 | 2,361,439 | |||||||||||
| |
FHLMC
REMIC Series 2017-4719,
Class AF(a)
(1M USD LIBOR |
| ||||||||||||
| 3,876,074 | 0.541 | 09/15/47 | 3,898,627 | |||||||||||
|
FHLMC REMIC Series 2018-4787, Class ZS |
||||||||||||||
| 1,111,164 | 5.000 | 07/01/48 | 1,204,254 | |||||||||||
| |
FHLMC
REMIC Series 2018-4818,
Class FC(a)
(1M USD LIBOR |
| ||||||||||||
| 258,597 | 0.491 | 04/15/48 | 258,534 | |||||||||||
| |
FHLMC
REMIC Series 2018-4852,
Class BF(a)
(1M USD LIBOR |
| ||||||||||||
| 1,712,833 | 0.591 | 12/15/48 | 1,723,499 | |||||||||||
| |
FHLMC
REMIC Series 2019-4897,
Class F(a) (1M
USD LIBOR |
| ||||||||||||
| 1,404,557 | 0.591 | 07/15/49 | 1,416,238 | |||||||||||
| |
FHLMC
REMIC Series 2019-4903,
Class F(a) (1M
USD LIBOR |
| ||||||||||||
| 216,115 | 0.641 | 09/15/48 | 218,378 | |||||||||||
| |
FHLMC
REMIC Series 2019-4906,
Class NF(a)
(1M USD LIBOR |
| ||||||||||||
| 2,135,908 | 0.502 | 03/15/38 | 2,149,428 | |||||||||||
| |
FHLMC
REMIC Series 2019-4942,
Class FA(a)
(1M USD LIBOR |
| ||||||||||||
| 1,405,314 | 0.687 | 01/25/50 | 1,413,521 | |||||||||||
| |
FHLMC
REMIC Series 2019-4944,
Class F(a) (1M
USD LIBOR |
| ||||||||||||
| 11,994,584 | 0.637 | 01/25/50 | 12,099,376 | |||||||||||
| |
FHLMC
REMIC Series 2020-5002,
Class FJ(a)
(1M USD LIBOR |
| ||||||||||||
| 225,603 | 0.587 | 07/25/50 | 226,627 | |||||||||||
| |
FHLMC
REMIC Series 2020-5031,
Class FA(a)
(SOFR + |
| ||||||||||||
| 2,860,019 | 0.348 | 08/15/43 | 2,862,114 | |||||||||||
| |
FHLMC
STRIPS Series 2006-239,
Class F22(a)
(1M USD LIBOR |
| ||||||||||||
| 204,681 | 0.541 | 08/15/36 | 206,268 | |||||||||||
| |
FHLMC
STRIPS Series 2006-239,
Class F30(a)
(1M USD LIBOR |
| ||||||||||||
| 511,702 | 0.491 | 08/15/36 | 515,355 | |||||||||||
| |
FNMA
REMIC Series 2002-53,
Class FY(a)
(1M USD LIBOR + |
| ||||||||||||
| 234,887 | 0.687 | 08/25/32 | 237,759 | |||||||||||
|
|
|
|||||||||||||
| The accompanying notes are an integral part of these financial statements. | 75 |
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
| Mortgage-Backed Securities – (continued) | ||||||||||||||
| |
FNMA
REMIC Series 2004-54,
Class FL(a)
(1M USD LIBOR + |
| ||||||||||||
| $ | 141,953 | 0.587 | % | 07/25/34 | $ | 142,883 | ||||||||
| |
FNMA
REMIC Series 2004-54,
Class FN(a)
(1M USD LIBOR + |
| ||||||||||||
| 347,113 | 0.637 | 07/25/34 | 350,183 | |||||||||||
| |
FNMA
REMIC Series 2005-120,
Class FE(a)
(1M USD LIBOR + |
| ||||||||||||
| 504,604 | 0.707 | 01/25/36 | 511,300 | |||||||||||
| |
FNMA
REMIC Series 2005-87,
Class FE(a)
(1M USD LIBOR + |
| ||||||||||||
| 533,464 | 0.637 | 10/25/35 | 538,262 | |||||||||||
| |
FNMA
REMIC Series 2006-110,
Class AF(a)
(1M USD LIBOR + |
| ||||||||||||
| 2,808,865 | 0.517 | 11/25/36 | 2,824,384 | |||||||||||
| |
FNMA
REMIC Series 2006-16,
Class FC(a)
(1M USD LIBOR + |
| ||||||||||||
| 139,543 | 0.487 | 03/25/36 | 139,880 | |||||||||||
| |
FNMA
REMIC Series 2006-36,
Class FB(a)
(1M USD LIBOR + |
| ||||||||||||
| 55,915 | 0.487 | 05/25/36 | 56,130 | |||||||||||
| |
FNMA
REMIC Series 2006-42,
Class PF(a)
(1M USD LIBOR + |
| ||||||||||||
| 115,314 | 0.597 | 06/25/36 | 116,257 | |||||||||||
| |
FNMA
REMIC Series 2006-44,
Class FP(a)
(1M USD LIBOR + |
| ||||||||||||
| 1,138,138 | 0.587 | 06/25/36 | 1,147,473 | |||||||||||
| |
FNMA
REMIC Series 2006-61,
Class FD(a)
(1M USD LIBOR + |
| ||||||||||||
| 214,794 | 0.547 | 07/25/36 | 216,081 | |||||||||||
| |
FNMA
REMIC Series 2006-79,
Class DF(a)
(1M USD LIBOR + |
| ||||||||||||
| 475,756 | 0.537 | 08/25/36 | 478,736 | |||||||||||
| |
FNMA
REMIC Series 2006-88,
Class AF(a)
(1M USD LIBOR + |
| ||||||||||||
| 414,501 | 0.647 | 09/25/36 | 419,053 | |||||||||||
| |
FNMA
REMIC Series 2007-35,
Class PF(a)
(1M USD LIBOR + |
| ||||||||||||
| 77,533 | 0.437 | 04/25/37 | 77,762 | |||||||||||
| |
FNMA
REMIC Series 2007-67,
Class FB(a)
(1M USD LIBOR + |
| ||||||||||||
| 216,669 | 0.507 | 07/25/37 | 217,591 | |||||||||||
| |
FNMA
REMIC Series 2008-1,
Class CF(a)
(1M USD LIBOR + |
| ||||||||||||
| 58,745 | 0.887 | 02/25/38 | 59,561 | |||||||||||
| |
FNMA
REMIC Series 2009-110,
Class FG(a)
(1M USD LIBOR + |
| ||||||||||||
| 263,108 | 0.937 | 01/25/40 | 267,625 | |||||||||||
| |
FNMA
REMIC Series 2010-113,
Class FA(a)
(1M USD LIBOR + |
| ||||||||||||
| 175,588 | 0.587 | 10/25/40 | 176,929 | |||||||||||
| |
FNMA
REMIC Series 2010-116,
Class FE(a)
(1M USD LIBOR + |
| ||||||||||||
| 212,660 | 0.587 | 10/25/40 | 214,387 | |||||||||||
| |
FNMA
REMIC Series 2010-141,
Class FB(a)
(1M USD LIBOR + |
| ||||||||||||
| 133,965 | 0.657 | 12/25/40 | 134,991 | |||||||||||
|
|
|
|||||||||||||
| Mortgage-Backed Securities – (continued) | ||||||||||||||
| |
FNMA
REMIC Series 2010-15,
Class FJ(a)
(1M USD LIBOR + |
| ||||||||||||
| 417,426 | 1.117 | 06/25/36 | 426,196 | |||||||||||
| |
FNMA
REMIC Series 2010-39,
Class FE(a)
(1M USD LIBOR + |
| ||||||||||||
| 647,616 | 0.957 | 06/25/37 | 660,838 | |||||||||||
| |
FNMA
REMIC Series 2010-39,
Class FG(a)
(1M USD LIBOR + |
| ||||||||||||
| 280,504 | 1.107 | 03/25/36 | 287,675 | |||||||||||
| |
FNMA
REMIC Series 2010-46,
Class WF(a)
(1M USD LIBOR + |
| ||||||||||||
| 1,988,396 | 0.937 | 05/25/40 | 2,032,006 | |||||||||||
| |
FNMA
REMIC Series 2010-49,
Class FB(a)
(1M USD LIBOR + |
| ||||||||||||
| 193,962 | 0.937 | 05/25/40 | 198,088 | |||||||||||
| |
FNMA
REMIC Series 2010-59,
Class FN(a)
(1M USD LIBOR + |
| ||||||||||||
| 2,386,666 | 0.917 | 06/25/40 | 2,429,877 | |||||||||||
| |
FNMA
REMIC Series 2011-5,
Class PF(a)
(1M USD LIBOR + |
| ||||||||||||
| 104,337 | 0.787 | 11/25/40 | 104,588 | |||||||||||
| |
FNMA
REMIC Series 2011-53,
Class FT(a)
(1M USD LIBOR + |
| ||||||||||||
| 191,886 | 0.767 | 06/25/41 | 194,721 | |||||||||||
| |
FNMA
REMIC Series 2011-87,
Class FJ(a)
(1M USD LIBOR + |
| ||||||||||||
| 177,551 | 0.737 | 09/25/41 | 180,270 | |||||||||||
| |
FNMA
REMIC Series 2012-101,
Class FC(a)
(1M USD LIBOR + |
| ||||||||||||
| 145,637 | 0.687 | 09/25/42 | 146,917 | |||||||||||
| |
FNMA
REMIC Series 2012-14,
Class BF(a)
(1M USD LIBOR + |
| ||||||||||||
| 855,767 | 0.787 | 03/25/42 | 873,531 | |||||||||||
| |
FNMA
REMIC Series 2012-37,
Class BF(a)
(1M USD LIBOR + |
| ||||||||||||
| 189,384 | 0.687 | 12/25/35 | 191,342 | |||||||||||
| |
FNMA
REMIC Series 2013-10,
Class KF(a)
(1M USD LIBOR + |
| ||||||||||||
| 122,132 | 0.487 | 02/25/43 | 122,375 | |||||||||||
| |
FNMA
REMIC Series 2013-130,
Class FB(a)
(1M USD LIBOR + |
| ||||||||||||
| 119,689 | 0.637 | 01/25/44 | 121,015 | |||||||||||
| |
FNMA
REMIC Series 2013-19,
Class DF(a)
(1M USD LIBOR + |
| ||||||||||||
| 808,656 | 0.487 | 09/25/41 | 809,663 | |||||||||||
| |
FNMA
REMIC Series 2013-2,
Class QF(a)
(1M USD LIBOR + |
| ||||||||||||
| 95,113 | 0.687 | 02/25/43 | 96,116 | |||||||||||
| |
FNMA
REMIC Series 2014-17,
Class FE(a)
(1M USD LIBOR + |
| ||||||||||||
| 993,859 | 0.737 | 04/25/44 | 1,006,556 | |||||||||||
| |
FNMA
REMIC Series 2014-28,
Class FD(a)
(1M USD LIBOR + |
| ||||||||||||
| 2,481,498 | 0.637 | 05/25/44 | 2,506,605 | |||||||||||
| |
FNMA
REMIC Series 2014-47,
Class AF(a)
(1M USD LIBOR + |
| ||||||||||||
| 444,677 | 0.452 | 08/25/44 | 443,646 | |||||||||||
|
|
|
|||||||||||||
| 76 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
| Mortgage-Backed Securities – (continued) | ||||||||||||||
| |
FNMA
REMIC Series 2015-27,
Class KF(a)
(1M USD LIBOR + |
| ||||||||||||
| $ | 122,427 | 0.487 | % | 05/25/45 | $ | 122,806 | ||||||||
| |
FNMA
REMIC Series 2015-66,
Class AF(a)
(1M USD LIBOR + |
| ||||||||||||
| 13,031,000 | 0.437 | 09/25/45 | 13,051,609 | |||||||||||
| |
FNMA
REMIC Series 2015-87,
Class BF(a)
(1M USD LIBOR + |
| ||||||||||||
| 482,797 | 0.487 | 12/25/45 | 484,777 | |||||||||||
| |
FNMA
REMIC Series 2016-49,
Class EF(a)
(1M USD LIBOR + |
| ||||||||||||
| 1,111,284 | 0.587 | 08/25/46 | 1,118,596 | |||||||||||
| |
FNMA
REMIC Series 2016-67,
Class AF(a)
(1M USD LIBOR + |
| ||||||||||||
| 5,154,368 | 0.587 | 09/25/46 | 5,185,849 | |||||||||||
| |
FNMA
REMIC Series 2017-16,
Class FA(a)
(1M USD LIBOR + |
| ||||||||||||
| 871,463 | 0.637 | 03/25/47 | 877,383 | |||||||||||
| |
FNMA
REMIC Series 2017-91,
Class GF(a)
(1M USD LIBOR + |
| ||||||||||||
| 2,006,299 | 0.537 | 11/25/47 | 2,017,616 | |||||||||||
| |
FNMA
REMIC Series 2018-15,
Class JF(a)
(1M USD LIBOR + |
| ||||||||||||
| 1,139,905 | 0.487 | 03/25/48 | 1,144,367 | |||||||||||
|
FNMA REMIC Series 2018-3385, Class MA |
||||||||||||||
| 1,182,611 | 4.500 | 06/01/48 | 1,249,879 | |||||||||||
| |
FNMA
REMIC Series 2018-4,
Class FM(a)
(1M USD LIBOR + |
| ||||||||||||
| 3,014,972 | 0.487 | 02/25/48 | 3,027,764 | |||||||||||
| |
FNMA
REMIC Series 2019-41,
Class FM(a)
(1M USD LIBOR + |
| ||||||||||||
| 1,469,409 | 0.637 | 08/25/49 | 1,477,919 | |||||||||||
| |
FNMA
REMIC Series 2019-6,
Class KF(a)
(1M USD LIBOR + |
| ||||||||||||
| 2,401,620 | 0.637 | 03/25/49 | 2,423,811 | |||||||||||
| |
FNMA
REMIC Series 2020-6347,
Class BM(a)
(12M USD |
| ||||||||||||
| 12,239,734 | 2.034 | 02/01/41 | 12,848,560 | |||||||||||
|
GNMA Series 2004-59, Class FP(a) (1M USD LIBOR + 0.300%) |
||||||||||||||
| 491,667 | 0.426 | 08/16/34 | 493,621 | |||||||||||
|
GNMA Series 2005-4, Class FA(a) (1M USD LIBOR + 0.370%) |
||||||||||||||
| 463,367 | 0.496 | 01/16/35 | 464,935 | |||||||||||
|
GNMA Series 2007-26, Class FL(a) (1M USD LIBOR + 0.200%) |
||||||||||||||
| 2,955,421 | 0.362 | 05/20/37 | 2,957,554 | |||||||||||
|
GNMA Series 2007-59, Class FA(a) (1M USD LIBOR + 0.500%) |
||||||||||||||
| 141,430 | 0.662 | 10/20/37 | 143,398 | |||||||||||
|
GNMA Series 2013-99, Class PF(a) (1M USD LIBOR + 0.300%) |
||||||||||||||
| 1,917,467 | 0.462 | 07/20/43 | 1,927,287 | |||||||||||
| |
GNMA
Series 2018-164,
Class AF(a)
(1M USD LIBOR + |
| ||||||||||||
| 3,328,516 | 0.562 | 12/20/48 | 3,355,527 | |||||||||||
|
GNMA Series 2019-110, Class F(a) (1M USD LIBOR + 0.450%) |
||||||||||||||
| 2,221,438 | 0.612 | 09/20/49 | 2,230,280 | |||||||||||
|
GNMA Series 2019-56, Class FB(a) (1M USD LIBOR + 0.450%) |
||||||||||||||
| 2,442,603 | 0.612 | 05/20/49 | 2,462,319 | |||||||||||
|
GNMA Series 2019-58, Class FA(a) (1M USD LIBOR + 0.400%) |
||||||||||||||
| 1,156,734 | 0.562 | 05/20/49 | 1,165,089 | |||||||||||
|
|
|
|||||||||||||
| Mortgage-Backed Securities – (continued) | ||||||||||||||
| |
JP
Morgan Chase Commercial Mortgage Securities |
| ||||||||||||
| 557,921 | 2.713 | 08/15/49 | 562,006 | |||||||||||
| |
JPMBB
Commercial Mortgage Securities Trust Series 2015-C31, |
| ||||||||||||
| 516,927 | 3.540 | 08/15/48 | 527,655 | |||||||||||
| |
Morgan
Stanley Bank of America Merrill Lynch |
| ||||||||||||
| 154,366 | 2.655 | 02/15/46 | 154,299 | |||||||||||
| |
Wells
Fargo Commercial Mortgage Trust Series 2013-LC12, |
| ||||||||||||
| 700,000 | 4.218 | 07/15/46 | 710,049 | |||||||||||
|
WFRBS Commercial Mortgage Trust Series 2012-C10, Class A3 |
||||||||||||||
| 537,000 | 2.875 | 12/15/45 | 537,992 | |||||||||||
|
|
|
|||||||||||||
| TOTAL MORTGAGE-BACKED SECURITIES | ||||||||||||||
| (Cost $146,755,693) | $ | 146,588,064 | ||||||||||||
|
|
|
|||||||||||||
| Corporate Obligations – 20.4% | ||||||||||||||
| Banks – 4.8% | ||||||||||||||
|
Bank of America Corp.(a) |
||||||||||||||
|
(3M USD LIBOR + 0.790%) |
||||||||||||||
| $ | 1,622,000 | 3.004 | % | 12/20/23 | $ | 1,636,697 | ||||||||
|
Bank of America Corp.(a), Series 2025 |
||||||||||||||
|
(SOFR + 0.660%) |
||||||||||||||
| 2,735,000 | 0.710 | 02/04/25 | 2,736,734 | |||||||||||
|
Bank of America Corp.(a), GMTN |
||||||||||||||
|
(3M USD LIBOR + 0.930%) |
||||||||||||||
| 1,100,000 | 2.816 | 07/21/23 | 1,105,448 | |||||||||||
|
Bank of America Corp.(a), MTN |
||||||||||||||
|
(3M Bloomberg Short Term Bank Yield + 0.430%) |
||||||||||||||
| 2,000,000 | 0.909 | 05/28/24 | 2,000,660 | |||||||||||
|
Capital One Financial Corp.(a) |
||||||||||||||
|
(SOFR + 0.690%) |
||||||||||||||
| 2,000,000 | 0.740 | 12/06/24 | 2,000,142 | |||||||||||
|
Charles Schwab Corp. (The)(a) |
||||||||||||||
|
(SOFR + 0.500%) |
||||||||||||||
| 1,000,000 | 0.549 | 03/18/24 | 1,000,484 | |||||||||||
|
Citigroup, Inc.(a) |
||||||||||||||
|
(3M USD LIBOR + 0.950%) |
||||||||||||||
| 1,173,000 | 2.876 | 07/24/23 | 1,179,720 | |||||||||||
|
Discover Bank |
||||||||||||||
| 2,000,000 | 3.350 | 02/06/23 | 2,026,369 | |||||||||||
|
Fifth Third Bancorp |
||||||||||||||
| 600,000 | 2.600 | 06/15/22 | 602,033 | |||||||||||
|
JPMorgan Chase & Co. |
||||||||||||||
|
(3M USD LIBOR + 0.695%) |
||||||||||||||
| 2,807,000 | 3.207 | (a) | 04/01/23 | 2,811,180 | ||||||||||
|
(SOFR + 0.580%) |
||||||||||||||
| 980,000 | 0.629 | (a) | 03/16/24 | 980,841 | ||||||||||
|
Morgan Stanley(a) |
||||||||||||||
|
(SOFR + 0.625%) |
||||||||||||||
| 1,764,000 | 0.675 | 01/24/25 | 1,765,025 | |||||||||||
|
MUFG Union Bank NA |
||||||||||||||
| 300,000 | 3.150 | 04/01/22 | 300,000 | |||||||||||
| 500,000 | 2.100 | 12/09/22 | 503,215 | |||||||||||
|
|
|
|||||||||||||
| The accompanying notes are an integral part of these financial statements. | 77 |
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
| Corporate Obligations – (continued) | ||||||||||||||
| Banks – (continued) | ||||||||||||||
|
Wells Fargo & Co. |
||||||||||||||
| $ | 462,000 | 4.125 | % | 08/15/23 | $ | 476,398 | ||||||||
|
|
|
|||||||||||||
| 21,124,946 | ||||||||||||||
|
|
|
|||||||||||||
| Basic Industry – 0.1% | ||||||||||||||
|
Ecolab, Inc. |
||||||||||||||
| 272,000 | 0.900 | 12/15/23 | 267,465 | |||||||||||
|
|
|
|||||||||||||
| Brokerage – 0.2% | ||||||||||||||
|
Intercontinental Exchange, Inc. |
||||||||||||||
| 1,000,000 | 0.700 | 06/15/23 | 988,626 | |||||||||||
|
|
|
|||||||||||||
| Capital Goods – 0.3% | ||||||||||||||
|
Carlisle Cos., Inc. |
||||||||||||||
| 1,117,000 | 0.550 | 09/01/23 | 1,094,678 | |||||||||||
|
Roper Technologies, Inc. |
||||||||||||||
| 450,000 | 3.125 | 11/15/22 | 453,706 | |||||||||||
|
|
|
|||||||||||||
| 1,548,384 | ||||||||||||||
|
|
|
|||||||||||||
| Consumer Cyclical – 1.1% | ||||||||||||||
|
7-Eleven, Inc.(b) |
||||||||||||||
| 1,245,000 | 0.625 | 02/10/23 | 1,235,694 | |||||||||||
|
General Motors Financial Co., Inc. |
||||||||||||||
|
(3M USD LIBOR + 1.310%) |
||||||||||||||
| 900,000 | 1.528 | (a) | 06/30/22 | 902,071 | ||||||||||
| 300,000 | 3.700 | 05/09/23 | 305,428 | |||||||||||
|
NVR, Inc. |
||||||||||||||
| 2,027,000 | 3.950 | 09/15/22 | 2,043,400 | |||||||||||
|
Ralph Lauren Corp. |
||||||||||||||
| 78,000 | 1.700 | 06/15/22 | 78,188 | |||||||||||
|
Starbucks Corp.(a) |
||||||||||||||
|
(SOFRINDX + 0.420%) |
||||||||||||||
| 479,000 | 0.470 | 02/14/24 | 479,310 | |||||||||||
|
|
|
|||||||||||||
| 5,044,091 | ||||||||||||||
|
|
|
|||||||||||||
| Consumer Noncyclical – 2.2% | ||||||||||||||
|
AbbVie, Inc. |
||||||||||||||
| 700,000 | 3.250 | 10/01/22 | 704,889 | |||||||||||
| 1,500,000 | 3.200 | 11/06/22 | 1,514,330 | |||||||||||
|
Baxter International, Inc.(a)(b) |
||||||||||||||
|
(SOFR + 0.440%) |
||||||||||||||
| 1,356,000 | 0.490 | 11/29/24 | 1,352,306 | |||||||||||
|
Biogen, Inc. |
||||||||||||||
| 1,079,000 | 3.625 | 09/15/22 | 1,091,514 | |||||||||||
|
PerkinElmer, Inc. |
||||||||||||||
| 1,505,000 | 0.550 | 09/15/23 | 1,475,721 | |||||||||||
|
Thermo Fisher Scientific, Inc. |
||||||||||||||
|
(SOFR + 0.350%) |
||||||||||||||
| 1,070,000 | 0.399 | (a) | 04/18/23 | 1,069,054 | ||||||||||
| 2,600,000 | 0.797 | 10/18/23 | 2,563,729 | |||||||||||
|
|
|
|||||||||||||
| 9,771,543 | ||||||||||||||
|
|
|
|||||||||||||
| Electric – 3.5% | ||||||||||||||
|
American Electric Power Co., Inc.(a), Series A |
||||||||||||||
|
(3M USD LIBOR + 0.480%) |
||||||||||||||
| 625,000 | 0.797 | 11/01/23 | 624,817 | |||||||||||
|
Atmos Energy Corp. |
||||||||||||||
| 423,000 | 0.625 | 03/09/23 | 418,450 | |||||||||||
|
|
|
|||||||||||||
| Corporate Obligations – (continued) | ||||||||||||||
| Electric – (continued) | ||||||||||||||
|
Atmos Energy Corp. – (continued) |
||||||||||||||
|
(3M USD LIBOR + 0.380%) |
||||||||||||||
| 747,000 | 1.023 | %(a) | 03/09/23 | 747,009 | ||||||||||
|
CenterPoint Energy Resources Corp. |
||||||||||||||
| 900,000 | 0.700 | 03/02/23 | 890,459 | |||||||||||
|
(3M USD LIBOR + 0.500%) |
||||||||||||||
| 720,000 | 1.004 | (a) | 03/02/23 | 719,746 | ||||||||||
|
CenterPoint Energy, Inc.(a) |
||||||||||||||
|
(SOFR + 0.650%) |
||||||||||||||
| 881,000 | 0.700 | 05/13/24 | 880,963 | |||||||||||
|
DTE Energy Co., Series H |
||||||||||||||
| 1,119,000 | 0.550 | 11/01/22 | 1,112,697 | |||||||||||
|
Duke Energy Corp.(a) |
||||||||||||||
|
(SOFR + 0.250%) |
||||||||||||||
| 850,000 | 0.299 | 06/10/23 | 847,959 | |||||||||||
|
Entergy Corp. |
||||||||||||||
| 580,000 | 4.000 | 07/15/22 | 583,023 | |||||||||||
|
Florida Power & Light Co.(a) |
||||||||||||||
|
(SOFRINDX + 0.380%) |
||||||||||||||
| 1,250,000 | 0.429 | 01/12/24 | 1,249,966 | |||||||||||
|
National Rural Utilities Cooperative Finance Corp.(a), MTN |
||||||||||||||
|
(SOFR + 0.400%) |
||||||||||||||
| 1,884,000 | 0.450 | 08/07/23 | 1,886,553 | |||||||||||
|
NextEra Energy Capital Holdings, Inc. |
||||||||||||||
|
(3M USD LIBOR + 0.270%) |
||||||||||||||
| 1,245,000 | 0.750 | (a) | 02/22/23 | 1,243,249 | ||||||||||
|
(SOFR + 0.540%) |
||||||||||||||
| 500,000 | 0.590 | (a) | 03/01/23 | 500,975 | ||||||||||
|
OGE Energy Corp. |
||||||||||||||
| 226,000 | 0.703 | 05/26/23 | 222,933 | |||||||||||
|
Oklahoma Gas and Electric Co. |
||||||||||||||
| 522,000 | 0.553 | 05/26/23 | 514,815 | |||||||||||
|
PPL Electric Utilities Corp.(a) |
||||||||||||||
|
(SOFR + 0.330%) |
||||||||||||||
| 620,000 | 0.379 | 06/24/24 | 617,725 | |||||||||||
|
Southern Co. (The) |
||||||||||||||
| 1,500,000 | 2.950 | 07/01/23 | 1,518,987 | |||||||||||
|
Southern Co. (The)(a), Series 2021 |
||||||||||||||
|
(SOFR + 0.370%) |
||||||||||||||
| 900,000 | 0.420 | 05/10/23 | 898,806 | |||||||||||
|
|
|
|||||||||||||
| 15,479,132 | ||||||||||||||
|
|
|
|||||||||||||
| Energy – 1.2% | ||||||||||||||
|
Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc. |
||||||||||||||
| 373,000 | 1.231 | 12/15/23 | 369,067 | |||||||||||
|
ConocoPhillips Co. |
||||||||||||||
| 2,206,000 | 2.125 | 03/08/24 | 2,206,785 | |||||||||||
|
Kinder Morgan Energy Partners LP |
||||||||||||||
| 649,000 | 3.450 | 02/15/23 | 656,145 | |||||||||||
|
MPLX LP |
||||||||||||||
| 500,000 | 3.500 | 12/01/22 | 506,513 | |||||||||||
|
Pioneer Natural Resources Co. |
||||||||||||||
| 1,436,000 | 0.550 | 05/15/23 | 1,417,719 | |||||||||||
|
|
|
|||||||||||||
| 5,156,229 | ||||||||||||||
|
|
|
|||||||||||||
| Financial Company – 0.4% | ||||||||||||||
|
Air Lease Corp. |
||||||||||||||
| 350,000 | 2.625 | 07/01/22 | 351,307 | |||||||||||
|
|
|
|||||||||||||
| 78 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
| Corporate Obligations – (continued) | ||||||||||||||
| Financial Company – (continued) | ||||||||||||||
|
Air Lease Corp. – (continued) |
||||||||||||||
| $ | 1,037,000 | 2.250 | % | 01/15/23 | $ | 1,043,657 | ||||||||
| 500,000 | 3.875 | 07/03/23 | 510,325 | |||||||||||
|
|
|
|||||||||||||
| 1,905,289 | ||||||||||||||
|
|
|
|||||||||||||
| Food and Beverage – 0.6% | ||||||||||||||
|
Keurig Dr Pepper, Inc. |
||||||||||||||
| 1,380,000 | 4.057 | 05/25/23 | 1,415,663 | |||||||||||
|
Mondelez International, Inc. |
||||||||||||||
| 1,117,000 | 0.625 | 07/01/22 | 1,115,853 | |||||||||||
|
|
|
|||||||||||||
| 2,531,516 | ||||||||||||||
|
|
|
|||||||||||||
| Healthcare – 0.9% | ||||||||||||||
|
AmerisourceBergen Corp. |
||||||||||||||
| 1,879,000 | 0.737 | 03/15/23 | 1,863,016 | |||||||||||
|
Cigna Corp. |
||||||||||||||
| 2,250,000 | 3.050 | 11/30/22 | 2,277,322 | |||||||||||
|
|
|
|||||||||||||
| 4,140,338 | ||||||||||||||
|
|
|
|||||||||||||
| Insurance – 2.6% | ||||||||||||||
|
AIG Global Funding(a)(b) |
||||||||||||||
|
(SOFR + 0.380%) |
||||||||||||||
| 1,390,000 | 0.429 | 12/15/23 | 1,390,572 | |||||||||||
|
Athene Global Funding(a)(b) |
||||||||||||||
|
(3M USD LIBOR + 0.730%) |
||||||||||||||
| 1,500,000 | 0.961 | 01/08/24 | 1,503,186 | |||||||||||
|
Equitable Financial Life Global Funding(b) |
||||||||||||||
| 1,126,000 | 0.500 | 04/06/23 | 1,112,012 | |||||||||||
|
Jackson National Life Global Funding(a)(b) |
||||||||||||||
|
(SOFR + 0.600%) |
||||||||||||||
| 1,300,000 | 0.649 | 01/06/23 | 1,302,767 | |||||||||||
|
Markel Corp. |
||||||||||||||
| 600,000 | 4.900 | 07/01/22 | 607,367 | |||||||||||
|
MassMutual Global Funding II(a)(b) |
||||||||||||||
|
(SOFR + 0.360%) |
||||||||||||||
| 986,000 | 0.409 | 04/12/24 | 987,430 | |||||||||||
|
Principal Life Global Funding II |
||||||||||||||
|
(SOFR + 0.450%) |
||||||||||||||
| 353,000 | 0.499 | (a)(b) | 04/12/24 | 353,436 | ||||||||||
|
(SOFR + 0.380%) |
||||||||||||||
| 1,563,000 | 0.430 | (a)(b) | 08/23/24 | 1,561,916 | ||||||||||
|
Protective Life Global Funding |
||||||||||||||
| 2,000,000 | 0.327 | (b) | 12/09/22 | 1,986,945 | ||||||||||
| 626,000 | 0.502 | (b) | 04/12/23 | 618,488 | ||||||||||
|
|
|
|||||||||||||
| 11,424,119 | ||||||||||||||
|
|
|
|||||||||||||
| REITs and Real Estate – 0.3% | ||||||||||||||
|
Public Storage(a) (SOFR + 0.470%) |
||||||||||||||
| 1,385,000 | 0.520 | 04/23/24 | 1,384,948 | |||||||||||
|
|
|
|||||||||||||
| Software – 0.1% | ||||||||||||||
|
Oracle Corp. |
||||||||||||||
| 634,000 | 2.500 | 10/15/22 | 638,935 | |||||||||||
|
|
|
|||||||||||||
| Technology – 0.5% | ||||||||||||||
|
Fidelity National Information Services, Inc. |
||||||||||||||
| 800,000 | 0.375 | 03/01/23 | 789,689 | |||||||||||
|
|
|
|||||||||||||
| Corporate Obligations – (continued) | ||||||||||||||
| Technology – (continued) | ||||||||||||||
|
Hewlett Packard Enterprise Co. |
||||||||||||||
| 400,000 | 4.400 | 10/15/22 | 405,786 | |||||||||||
| 1,000,000 | 2.250 | 04/01/23 | 1,006,060 | |||||||||||
|
|
|
|||||||||||||
| 2,201,535 | ||||||||||||||
|
|
|
|||||||||||||
| Transportation – 0.6% | ||||||||||||||
|
Penske Truck Leasing Co. LP / PTL Finance Corp.(b) |
||||||||||||||
| 1,390,000 | 4.250 | 01/17/23 | 1,418,961 | |||||||||||
|
Ryder System, Inc., MTN |
||||||||||||||
| 1,000,000 | 3.750 | 06/09/23 | 1,022,119 | |||||||||||
|
|
|
|||||||||||||
| 2,441,080 | ||||||||||||||
|
|
|
|||||||||||||
| Wireless – 1.0% | ||||||||||||||
|
AT&T, Inc.(a) |
||||||||||||||
|
(SOFR + 0.640%) |
||||||||||||||
| 2,154,000 | 0.690 | 03/25/24 | 2,154,382 | |||||||||||
|
Verizon Communications, Inc.(a) |
||||||||||||||
|
(SOFR + 0.500%) |
||||||||||||||
| 2,116,000 | 0.549 | 03/22/24 | 2,121,635 | |||||||||||
|
|
|
|||||||||||||
| 4,276,017 | ||||||||||||||
|
|
|
|||||||||||||
| TOTAL CORPORATE OBLIGATIONS | ||||||||||||||
| (Cost $90,744,991) | $ | 90,324,193 | ||||||||||||
|
|
|
|||||||||||||
| Asset- Backed Securities – 18.5% | ||||||||||||||
| |
Access
to Loans for Learning Student Loan Corp., Series 2010-I, |
| ||||||||||||
| $ | 738,864 | 0.924 | % | 04/25/37 | $ | 741,621 | ||||||||
| |
Access
to Loans for Learning Student Loan Corp., Series 2012-1, |
| ||||||||||||
| 22,765 | 0.887 | 07/25/36 | 22,550 | |||||||||||
| |
American
Express Credit Account Master Trust, Series 2019-3, |
| ||||||||||||
| 1,070,000 | 2.000 | 04/15/25 | 1,076,218 | |||||||||||
| |
Anchorage
Capital CLO Ltd., Series 2014-4RA, Class A(a)(b) (3M |
| ||||||||||||
| 1,000,000 | 1.328 | 01/28/31 | 999,915 | |||||||||||
| |
Atlas
Senior Loan Fund III Ltd., Series 2013-1A, Class AR(a)(b) |
| ||||||||||||
| 106,648 | 1.299 | 11/17/27 | 106,307 | |||||||||||
| |
Atrium
XII, Series 2017-12A,
Class AR(a)(b)
(3M USD LIBOR + |
| ||||||||||||
| 236,907 | 1.089 | 04/22/27 | 235,468 | |||||||||||
|
BA Credit Card Trust, Series 2021-A1, Class A1 |
||||||||||||||
| 500,000 | 0.440 | 09/15/26 | 487,660 | |||||||||||
|
Barclays Dryrock Issuance Trust, Series 2021-1, Class A |
||||||||||||||
| 2,400,000 | 0.630 | 07/15/27 | 2,330,806 | |||||||||||
| |
Barings
CLO Ltd., Series 2018-3A,
Class A1(a)(b)
(3M USD |
| ||||||||||||
| 389,958 | 1.204 | 07/20/29 | 389,930 | |||||||||||
| |
BlueMountain
CLO Ltd., Series 2017-2A,
Class A1R(a)(b) (3M |
| ||||||||||||
| 980,386 | 1.439 | 10/22/30 | 979,750 | |||||||||||
|
|
|
|||||||||||||
| The accompanying notes are an integral part of these financial statements. | 79 |
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
| Asset- Backed Securities – (continued) | ||||||||||||||
| |
Brazos
Higher Education Authority, Inc., Series 2010-1, |
| ||||||||||||
| $ | 24,522 | 1.398 | % | 05/25/29 | $ | 24,522 | ||||||||
| |
Brazos
Higher Education Authority, Inc., Series 2011-1, |
| ||||||||||||
| 587,148 | 1.298 | 02/25/30 | 586,125 | |||||||||||
| |
Brazos
Higher Education Authority, Inc., Series 2011-2, |
| ||||||||||||
| 26,227 | 1.108 | 07/25/29 | 26,246 | |||||||||||
| |
BSPDF
Issuer Ltd., Series 2021-FL1, Class A(a)(b) (1M USD |
| ||||||||||||
| 1,150,000 | 1.391 | 10/15/36 | 1,141,467 | |||||||||||
| |
BX,
Series 2021-MFM1,
Class A(a)(b)
(1M USD LIBOR + |
| ||||||||||||
| 100,000 | 0.891 | 01/15/34 | 97,530 | |||||||||||
| |
BX
Trust, Series 2021-ARIA,
Class A(a)(b)
(1M USD LIBOR + |
| ||||||||||||
| 1,300,000 | 1.090 | 10/15/36 | 1,275,025 | |||||||||||
| |
BXHPP
Trust, Series 2021-FILM,
Class A(a)(b)
(1M USD LIBOR |
| ||||||||||||
| 1,850,000 | 0.841 | 08/15/36 | 1,806,187 | |||||||||||
|
CARDS II Trust, Series 2021-1A, Class A(b) (Canada) |
||||||||||||||
| 1,125,000 | 0.602 | 04/15/27 | 1,097,395 | |||||||||||
| |
Carlyle
US CLO Ltd., Series 2017-2A,
Class A1R(a)(b) (3M USD |
| ||||||||||||
| 2,000,000 | 1.304 | 07/20/31 | 1,989,502 | |||||||||||
|
Chase Issuance Trust, Series 2020-A1, Class A1 |
||||||||||||||
| 400,000 | 1.530 | 01/15/25 | 401,218 | |||||||||||
| |
CIFC
Funding Ltd., Series 2017-3A, Class A1(a)(b) (3M USD |
| ||||||||||||
| 2,350,000 | 1.474 | 07/20/30 | 2,347,584 | |||||||||||
| |
CIFC
Funding Ltd., Series 2021-2A, Class AR(a)(b) (3M USD |
| ||||||||||||
| 500,000 | 1.204 | 04/20/30 | 496,917 | |||||||||||
| |
CIM
Retail Portfolio Trust, Series 2021-RETL, Class A(a)(b) (1M |
| ||||||||||||
| 633,467 | 1.592 | 08/15/36 | 620,260 | |||||||||||
| |
Citigroup
Commercial Mortgage Trust, Series 2014-GC19, |
| ||||||||||||
| 500,000 | 4.023 | 03/10/47 | 513,124 | |||||||||||
| |
Citigroup
Commercial Mortgage Trust, Series 2014-GC21, |
| ||||||||||||
| 600,000 | 3.855 | 05/10/47 | 613,180 | |||||||||||
|
COMM Mortgage Trust, Series 2013-CR12, Class A4 |
||||||||||||||
| 800,000 | 4.046 | 10/10/46 | 815,661 | |||||||||||
|
COMM Mortgage Trust, Series 2013-CR7, Class A4 |
||||||||||||||
| 427,573 | 3.213 | 03/10/46 | 430,000 | |||||||||||
|
COMM Mortgage Trust, Series 2013-CR8, Class A5(a) |
||||||||||||||
| 700,000 | 3.612 | 06/10/46 | 707,275 | |||||||||||
|
COMM Mortgage Trust, Series 2013-CR9, Class A4(a) |
||||||||||||||
| 322,746 | 4.255 | 07/10/45 | 328,826 | |||||||||||
|
COMM Mortgage Trust, Series 2015-CR24, Class ASB |
||||||||||||||
| 371,241 | 3.445 | 08/10/48 | 377,911 | |||||||||||
|
DBJPM Mortgage Trust, Series 2016-C3, Class ASB |
||||||||||||||
| 329,184 | 2.756 | 08/10/49 | 329,932 | |||||||||||
| |
Discover
Card Execution Note Trust, Series 2017-A7, Class A7(a) |
| ||||||||||||
| 150,000 | 0.551 | 04/15/25 | 150,255 | |||||||||||
|
|
|
|||||||||||||
| Asset- Backed Securities – (continued) | ||||||||||||||
| |
Dryden
80 CLO Ltd., Series 2022-80A, Class AR(a)(b) (3M
U.S. |
| ||||||||||||
| 4,000,000 | 1.497 | 01/17/33 | 3,999,040 | |||||||||||
| |
Dryden
XXVI Senior Loan Fund, Series 2013-26A, Class AR(a)(b) |
| ||||||||||||
| 239,735 | 1.141 | 04/15/29 | 239,108 | |||||||||||
| |
Edsouth
Indenture No 10 LLC, Series 2015-2, Class A(a)(b) (1M |
| ||||||||||||
| 115,324 | 1.187 | 12/25/56 | 115,807 | |||||||||||
| |
Edsouth
Indenture No 2 LLC, Series 2012-1, Class A1(a)(b) (1M |
| ||||||||||||
| 150,444 | 1.337 | 09/25/40 | 150,444 | |||||||||||
| |
Edsouth
Indenture No 3 LLC, Series 2012-2, Class A(a)(b) (1M |
| ||||||||||||
| 38,358 | 0.917 | 04/25/39 | 38,224 | |||||||||||
| |
Educational
Funding of the South, Inc., Series 2011-1, Class A2(a) |
| ||||||||||||
| 956,060 | 0.908 | 04/25/35 | 953,348 | |||||||||||
| |
EFS
Volunteer LLC, Series 2010-1, Class A2(a)(b) (3M USD |
| ||||||||||||
| 660,170 | 1.108 | 10/25/35 | 659,314 | |||||||||||
| |
Extended
Stay America Trust, Series 2021-ESH, Class A(a)(b) (1M |
| ||||||||||||
| 1,441,131 | 1.272 | 07/15/38 | 1,426,725 | |||||||||||
| |
Flatiron
CLO 19 Ltd., Series 2021-1A,
Class AR(a)(b)
(3M USD |
| ||||||||||||
| 1,000,000 | 1.539 | 11/16/34 | 991,391 | |||||||||||
|
Ford Credit Auto Owner Trust, Series 2018-2, Class A(b) |
||||||||||||||
| 1,500,000 | 3.470 | 01/15/30 | 1,538,548 | |||||||||||
| |
Ford
Credit Floorplan Master Owner Trust A, Series 2018-2, |
| ||||||||||||
| 1,000,000 | 3.170 | 03/15/25 | 1,015,393 | |||||||||||
| |
GCO
Education Loan Funding Trust, Series 2006-1, |
| ||||||||||||
| 131,196 | 0.688 | 02/27/28 | 130,740 | |||||||||||
|
GMF Floorplan Owner Revolving Trust, Series 2020-2, Class A(b) |
||||||||||||||
| 1,000,000 | 0.690 | 10/15/25 | 988,707 | |||||||||||
| |
Goal
Capital Funding Trust, Series 2010-1, Class A(a)(b) (3M USD |
| ||||||||||||
| 304,065 | 1.198 | 08/25/48 | 303,322 | |||||||||||
| |
Great
Wolf Trust, Series 2019-WOLF, Class A(a)(b) (1M USD |
| ||||||||||||
| 3,250,000 | 1.225 | 12/15/36 | 3,238,675 | |||||||||||
| |
HalseyPoint
CLO 3 Ltd., Series 2020-3A,
Class A1A(a)(b) (3M |
| ||||||||||||
| 500,000 | 1.749 | 11/30/32 | 498,072 | |||||||||||
| |
Hayfin
US Ltd., Series 2018-8A,
Class A(a)(b)
(3M USD LIBOR + |
| ||||||||||||
| 3,000,000 | 1.374 | 04/20/31 | 2,987,508 | |||||||||||
| |
Higher
Education Funding I, Series 2014-1, Class A(a)(b) (3M |
| ||||||||||||
| 973,404 | 1.548 | 05/25/34 | 972,705 | |||||||||||
|
Honda Auto Receivables Owner Trust, Series 2019-4, Class A3 |
||||||||||||||
| 562,308 | 1.830 | 01/18/24 | 564,485 | |||||||||||
| |
ICG
US CLO Ltd., Series 2018-1A,
Class A1R(a)(b) (3M USD |
| ||||||||||||
| 800,230 | 1.388 | 10/19/28 | 800,117 | |||||||||||
|
|
|
|||||||||||||
| 80 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
| Asset- Backed Securities – (continued) | ||||||||||||||
| |
JP
Morgan Chase Commercial Mortgage Securities Trust, |
| ||||||||||||
| $ | 440,765 | 2.702 | % | 12/15/47 | $ | 442,570 | ||||||||
| |
JP
Morgan Chase Commercial Mortgage Securities Trust, |
| ||||||||||||
| 821,089 | 3.994 | 01/15/46 | 836,124 | |||||||||||
| |
JPMBB
Commercial Mortgage Securities Trust, Series 2014-C18, |
| ||||||||||||
| 342,132 | 3.566 | 02/15/47 | 345,130 | |||||||||||
| |
KKR
Industrial Portfolio Trust, Series 2021-KDIP, Class A(a)(b) |
| ||||||||||||
| 869,217 | 0.741 | 12/15/37 | 850,196 | |||||||||||
| |
KnowledgeWorks
Foundation, Series 2010-1,
Class A(a)
(3M |
| ||||||||||||
| 281,240 | 1.448 | 02/25/42 | 278,992 | |||||||||||
| |
LCM
XV LP, Series 2021-15A,
Class AR2(a)(b) (3M USD
LIBOR |
| ||||||||||||
| 2,300,000 | 1.254 | 07/20/30 | 2,287,893 | |||||||||||
| |
LCM
XX LP, Series 2018-20A,
Class AR(a)(b)
(3M USD LIBOR |
| ||||||||||||
| 862,463 | 1.294 | 10/20/27 | 859,287 | |||||||||||
| |
Madison
Park Funding Ltd., Series 2021-37A, Class AR(a)(b) (3M |
| ||||||||||||
| 1,500,000 | 1.311 | 07/15/33 | 1,487,601 | |||||||||||
| |
Marathon
CLO Ltd., Series 2021-1A,
Class AANR(a)(b) (3M USD |
| ||||||||||||
| 2,200,000 | 1.561 | 04/15/32 | 2,196,016 | |||||||||||
|
Master Credit Card Trust, Series 2021-1A, Class A(b) (Canada) |
||||||||||||||
| 1,400,000 | 0.530 | 11/21/25 | 1,358,333 | |||||||||||
| |
Mercedes-Benz
Auto Lease Trust 2021-B,
Series 2021-B, |
| ||||||||||||
| 850,000 | 0.400 | 11/15/24 | 835,211 | |||||||||||
| |
Navient
Student Loan Trust, Series 2016-6A, Class A2(a)(b) (1M |
| ||||||||||||
| 359,779 | 0.937 | 03/25/66 | 359,442 | |||||||||||
| |
Nelnet
Student Loan Trust, Series 2014-2A, Class A2(a)(b) (1M |
| ||||||||||||
| 347,926 | 0.787 | 03/25/30 | 347,718 | |||||||||||
| |
Nelnet
Student Loan Trust, Series 2014-4A, Class A1(a)(b) (1M |
| ||||||||||||
| 418,947 | 0.727 | 11/27/39 | 420,224 | |||||||||||
| |
Nelnet
Student Loan Trust, Series 2016-1A, Class A(a)(b) (1M |
| ||||||||||||
| 500,721 | 0.987 | 09/25/65 | 501,794 | |||||||||||
|
Nissan Auto Lease Trust, Series 2020-A, Class A3 |
||||||||||||||
| 42,760 | 1.840 | 01/17/23 | 42,812 | |||||||||||
| |
Northstar
Education Finance, Inc., Series 2012-1, Class A(a)(b) |
| ||||||||||||
| 111,409 | 0.887 | 12/26/31 | 111,580 | |||||||||||
| |
NorthStar
Student Loan Trust III, Series 2016-1, Class A(a)(b) (1M |
| ||||||||||||
| 1,476,269 | 1.358 | 05/27/36 | 1,479,462 | |||||||||||
| |
ONE
PARK Mortgage Trust, Series 2021-PARK, Class A(a)(b) |
| ||||||||||||
| 908,000 | 0.891 | 03/15/36 | 894,732 | |||||||||||
| |
OZLM
Ltd., Series 2017-11A,
Class A1R(a)(b) (3M USD LIBOR
+ |
| ||||||||||||
| 247,297 | 1.549 | 10/30/30 | 247,022 | |||||||||||
|
|
|
|||||||||||||
| Asset- Backed Securities – (continued) | ||||||||||||||
| |
Pennsylvania
Higher Education Assistance Agency, |
| ||||||||||||
| 73,428 | 1.158 | 07/25/29 | 73,512 | |||||||||||
| |
Regata
Funding Ltd., Series 2021-1A, Class AR(a)(b) (3M USD |
| ||||||||||||
| 2,000,000 | 1.341 | 10/15/32 | 1,988,270 | |||||||||||
| |
Rhode
Island Student Loan Authority, Series 2012-1, Class A1(a) |
| ||||||||||||
| 921,677 | 1.131 | 07/01/31 | 920,592 | |||||||||||
| |
Rhode
Island Student Loan Authority, Series 2014-1, Class A1(a) |
| ||||||||||||
| 151,571 | 0.931 | 10/02/28 | 150,682 | |||||||||||
| |
Shackleton
2015-VIII CLO Ltd., Series 2017-8A, Class A2R(a)(b) |
| ||||||||||||
| 269,913 | 1.174 | 10/20/27 | 269,684 | |||||||||||
| |
SLC
Student Loan Trust, Series 2003-14, Class A6(a) (3M USD |
| ||||||||||||
| 128,819 | 0.558 | 07/25/25 | 128,576 | |||||||||||
| |
SLC
Student Loan Trust, Series 2005-3, Class A3(a) (3M USD |
| ||||||||||||
| 588,701 | 0.323 | 06/15/29 | 586,760 | |||||||||||
| |
SLC
Student Loan Trust, Series 2005-5, Class A4(a) (3M USD |
| ||||||||||||
| 658,577 | 0.398 | 10/25/28 | 654,917 | |||||||||||
| |
SLC
Student Loan Trust, Series 2007-1, Class A4(a) (3M USD |
| ||||||||||||
| 1,622,367 | 0.566 | 05/15/29 | 1,587,778 | |||||||||||
| |
SLC
Student Loan Trust, Series 2010-1, Class A(a) (3M USD |
| ||||||||||||
| 360,233 | 1.373 | 11/25/42 | 357,447 | |||||||||||
| |
SLM
Student Loan Trust, Series 2003-11, Class A6(a)(b) (3M USD |
| ||||||||||||
| 76,750 | 0.753 | 12/15/25 | 76,721 | |||||||||||
| |
SLM
Student Loan Trust, Series 2004-1, Class A4(a) (3M USD |
| ||||||||||||
| 147,396 | 0.518 | 10/27/25 | 146,788 | |||||||||||
| |
SLM
Student Loan Trust, Series 2005-7, Class A4(a) (3M USD |
| ||||||||||||
| 206,578 | 0.408 | 10/25/29 | 204,540 | |||||||||||
| |
SLM
Student Loan Trust, Series 2018-10, Class A7B(a)(b) (3M |
| ||||||||||||
| 135,071 | 0.858 | 10/25/29 | 134,677 | |||||||||||
| |
SOUND
POINT CLO XXII Ltd., Series 2019-1A, Class AR(a)(b) |
| ||||||||||||
| 600,000 | 1.334 | 01/20/32 | 596,967 | |||||||||||
| |
South
Carolina Student Loan Corp., Series 2014-1, Class A1(a) |
| ||||||||||||
| 212,020 | 0.981 | 05/01/30 | 211,041 | |||||||||||
| |
STWD
Trust, Series 2021-FLWR,
Class A(a)(b)
(1M USD LIBOR |
| ||||||||||||
| 1,350,000 | 0.768 | 07/15/36 | 1,316,264 | |||||||||||
| |
TCW
CLO 2019-2 Ltd., Series 2022-2A, Class A1R(a)(b) (3M
U.S. |
| ||||||||||||
| 3,500,000 | 1.521 | 10/20/32 | 3,491,481 | |||||||||||
| |
TCW
CLO AMR Ltd., Series 2021-1A,
Class ASNR(a)(b) (3M |
| ||||||||||||
| 1,100,000 | 1.679 | 08/16/34 | 1,100,000 | |||||||||||
|
|
|
|||||||||||||
| The accompanying notes are an integral part of these financial statements. | 81 |
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
| Asset- Backed Securities – (continued) | ||||||||||||||
| |
Tralee
CLO II Ltd., Series 2017-1A,
Class AR(a)(b)
(3M USD |
| ||||||||||||
| $ | 468,336 | 1.574 | % | 07/20/29 | $ | 468,132 | ||||||||
| |
Trimaran
Cavu Ltd., Series 2021-1A,
Class A(a)(b)
(3M USD |
| ||||||||||||
| 1,000,000 | 1.469 | 04/23/32 | 994,791 | |||||||||||
| |
Trysail
CLO Ltd., Series 2021-1A,
Class A1(a)(b)
(3M USD |
| ||||||||||||
| 3,000,000 | 1.574 | 07/20/32 | 2,994,510 | |||||||||||
| |
UBS-Barclays
Commercial Mortgage Trust, Series 2013-C5, |
| ||||||||||||
| 120,183 | 2.687 | 03/10/46 | 120,693 | |||||||||||
| |
Utah
State Board of Regents, Series 2016-1, Class A(a) (1M USD |
| ||||||||||||
| 157,021 | 0.937 | 09/25/56 | 156,070 | |||||||||||
| |
Voya
CLO 2019-2 Ltd., Series 2019-2A, Class A(a)(b) (3M USD |
| ||||||||||||
| 700,000 | 1.524 | 07/20/32 | 697,746 | |||||||||||
| |
Voya
CLO Ltd., Series 2015-1A,
Class A1R(a)(b) (3M USD |
| ||||||||||||
| 232,246 | 1.141 | 01/18/29 | 230,792 | |||||||||||
| |
Wells
Fargo Commercial Mortgage Trust 2015-C31, |
| ||||||||||||
| 104,871 | 3.487 | 11/15/48 | 107,028 | |||||||||||
| |
Zais
CLO Ltd., Series 2021-15A,
Class A1R(a)(b) (3M USD |
| ||||||||||||
| 1,000,000 | 1.628 | 07/28/32 | 999,274 | |||||||||||
|
|
|
|||||||||||||
| TOTAL ASSET- BACKED SECURITIES | ||||||||||||||
| (Cost $82,889,370) | $ | 82,105,912 | ||||||||||||
|
|
|
|||||||||||||
| Foreign Corporate Debt – 17.6% | ||||||||||||||
| Banks – 14.1% | ||||||||||||||
|
ANZ New Zealand Int’l Ltd/London(a)(b) (New Zealand) |
||||||||||||||
|
(SOFR + 0.600%) |
||||||||||||||
| $ | 500,000 | 0.650 | % | 02/18/25 | $ | 500,443 | ||||||||
|
Banco Santander SA(a) (Spain) |
||||||||||||||
|
(3M USD LIBOR + 1.090%) |
||||||||||||||
| 800,000 | 1.554 | 02/23/23 | 805,369 | |||||||||||
|
Bank of Montreal,(a) MTN (Canada) |
||||||||||||||
|
(SOFR + 0.680%) |
||||||||||||||
| 1,450,000 | 0.729 | 03/10/23 | 1,454,877 | |||||||||||
|
(SOFR + 0.465%) |
||||||||||||||
| 3,000,000 | 0.515 | 01/10/25 | 3,002,313 | |||||||||||
|
Bank of Nova Scotia (The)(a) (Canada) |
||||||||||||||
|
(SOFR + 0.550%) |
||||||||||||||
| 1,200,000 | 0.599 | 09/15/23 | 1,201,829 | |||||||||||
|
Bank of Nova Scotia (The)(a), Series FRN (Canada) |
||||||||||||||
|
(SOFRINDX + 0.445%) |
||||||||||||||
| 425,000 | 0.494 | 04/15/24 | 425,067 | |||||||||||
|
Banque Federative du Credit Mutuel SA(b) (France) |
||||||||||||||
| 1,253,000 | 2.125 | 11/21/22 | 1,260,155 | |||||||||||
| 210,000 | 0.650 | 02/27/24 | 203,790 | |||||||||||
|
BPCE SA(a)(b) (France) |
||||||||||||||
|
(SOFR + 0.570%) |
||||||||||||||
| 1,100,000 | 0.619 | 01/14/25 | 1,098,389 | |||||||||||
|
|
|
|||||||||||||
| Foreign Corporate Debt – (continued) | ||||||||||||||
| Banks – (continued) | ||||||||||||||
|
BPCE SA(a), MTN (France) |
||||||||||||||
|
(3M USD LIBOR + 0.880%) |
||||||||||||||
| 250,000 | 1.403 | 05/31/22 | 250,378 | |||||||||||
|
Canadian Imperial Bank of Commerce(a) (Canada) |
||||||||||||||
|
(SOFR + 0.800%) |
||||||||||||||
| 1,395,000 | 0.849 | 03/17/23 | 1,401,100 | |||||||||||
|
Cooperatieve Rabobank UA(a) (Netherlands) |
||||||||||||||
|
(SOFRINDX + 0.380%) |
||||||||||||||
| 1,185,000 | 0.429 | 01/10/25 | 1,184,477 | |||||||||||
|
Deutsche Bank AG, Series E (Germany) |
||||||||||||||
|
(SOFR + 0.500%) |
||||||||||||||
| 2,665,000 | 0.550 | (a) | 11/08/23 | 2,659,439 | ||||||||||
| 512,000 | 0.962 | 11/08/23 | 502,852 | |||||||||||
|
DNB Bank ASA(a)(b) (Norway) |
||||||||||||||
|
(3M USD LIBOR + 0.620%) |
||||||||||||||
| 850,000 | 1.124 | 12/02/22 | 852,991 | |||||||||||
|
Federation des Caisses Desjardins du Quebec(a)(b) (Canada) |
||||||||||||||
|
(SOFR + 0.430%) |
||||||||||||||
| 1,895,000 | 0.480 | 05/21/24 | 1,894,321 | |||||||||||
|
HSBC Holdings PLC(a) (United Kingdom) |
||||||||||||||
|
(3M USD LIBOR + 1.055%) |
||||||||||||||
| 1,373,000 | 3.262 | 03/13/23 | 1,373,872 | |||||||||||
|
(3M USD LIBOR + 0.923%) |
||||||||||||||
| 1,000,000 | 3.033 | 11/22/23 | 1,008,355 | |||||||||||
|
(SOFR + 0.580%) |
||||||||||||||
| 1,713,000 | 0.630 | 11/22/24 | 1,713,374 | |||||||||||
|
ING Groep NV (Netherlands) |
||||||||||||||
|
(3M USD LIBOR + 1.150%) |
||||||||||||||
| 200,000 | 1.370 | (a) | 03/29/22 | 200,132 | ||||||||||
| 750,000 | 3.150 | 03/29/22 | 751,358 | |||||||||||
|
Intesa Sanpaolo SpA(b) (Italy) |
||||||||||||||
| 800,000 | 3.125 | 07/14/22 | 804,250 | |||||||||||
| 500,000 | 3.375 | 01/12/23 | 506,341 | |||||||||||
|
Lloyds Banking Group PLC (United Kingdom) |
||||||||||||||
| 1,367,000 | 4.050 | 08/16/23 | 1,408,106 | |||||||||||
|
Macquarie Bank Ltd.(b) (Australia) |
||||||||||||||
| 400,000 | 2.100 | 10/17/22 | 403,170 | |||||||||||
|
Mizuho Bank Ltd.(b) (Japan) |
||||||||||||||
| 1,175,000 | 2.950 | 10/17/22 | 1,185,340 | |||||||||||
|
National Australia Bank Ltd.(a)(b) (Australia) |
||||||||||||||
|
(SOFR + 0.380%) |
||||||||||||||
| 2,300,000 | 0.429 | 01/12/25 | 2,300,404 | |||||||||||
|
National Bank of Canada(a) (Canada) |
||||||||||||||
|
(SOFR + 0.490%) |
||||||||||||||
| 655,000 | 0.540 | 08/06/24 | 654,380 | |||||||||||
|
National Bank of Canada(a), MTN (Canada) |
||||||||||||||
|
(SOFR + 0.300%) |
||||||||||||||
| 2,000,000 | 0.350 | 05/16/23 | 1,997,061 | |||||||||||
|
Nationwide Building Society(b) (United Kingdom) |
||||||||||||||
| 3,000,000 | 2.000 | 01/27/23 | 3,013,446 | |||||||||||
|
NatWest Group PLC (United Kingdom) |
||||||||||||||
|
(3M USD LIBOR + 1.480%) |
||||||||||||||
| 546,000 | 3.498 | (a) | 05/15/23 | 547,921 | ||||||||||
| 325,000 | 3.875 | 09/12/23 | 332,853 | |||||||||||
|
NatWest Markets PLC(b) (United Kingdom) |
||||||||||||||
| 1,500,000 | 3.625 | 09/29/22 | 1,521,299 | |||||||||||
| 1,000,000 | 2.375 | 05/21/23 | 1,006,784 | |||||||||||
|
|
|
|||||||||||||
| 82 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
| Foreign Corporate Debt – (continued) | ||||||||||||||
| Banks – (continued) | ||||||||||||||
|
Royal Bank of Canada,(a) GMTN (Canada) |
||||||||||||||
|
(SOFRINDX + 0.340%) |
||||||||||||||
| $ | 819,000 | 0.390 | % | 10/07/24 | $ | 816,956 | ||||||||
|
(SOFRINDX + 0.440%) |
||||||||||||||
| 5,000,000 | 0.489 | 01/21/25 | 4,997,211 | |||||||||||
|
Societe Generale SA(b) (France) |
||||||||||||||
| 1,133,000 | 4.250 | 09/14/23 | 1,168,062 | |||||||||||
|
Standard Chartered PLC(a)(b) (United Kingdom) |
||||||||||||||
|
(SOFR + 1.250%) |
||||||||||||||
| 1,750,000 | 1.299 | 10/14/23 | 1,757,880 | |||||||||||
|
Sumitomo Mitsui Financial Group, Inc. (Japan) |
||||||||||||||
| 530,000 | 2.784 | 07/12/22 | 533,675 | |||||||||||
|
(3M USD LIBOR + 0.740%) |
||||||||||||||
| 1,020,000 | 0.981 | (a) | 01/17/23 | 1,024,969 | ||||||||||
|
Sumitomo Mitsui Trust Bank Ltd.(a)(b) (Japan) |
||||||||||||||
|
(SOFR + 0.440%) |
||||||||||||||
| 1,854,000 | 0.489 | 09/16/24 | 1,851,104 | |||||||||||
|
Swedbank AB(b) (Sweden) |
||||||||||||||
| 700,000 | 1.300 | 06/02/23 | 697,252 | |||||||||||
|
Toronto-Dominion Bank (The)(a), MTN (Canada) |
||||||||||||||
|
(SOFR + 0.410%) |
||||||||||||||
| 4,000,000 | 0.459 | 01/10/25 | 3,994,182 | |||||||||||
|
UBS AG/London(a)(b) (Switzerland) |
||||||||||||||
|
(SOFR + 0.450%) |
||||||||||||||
| 1,471,000 | 0.500 | 08/09/24 | 1,469,831 | |||||||||||
|
(SOFR + 0.470%) |
||||||||||||||
| 3,500,000 | 0.519 | 01/13/25 | 3,492,666 | |||||||||||
|
Westpac Banking Corp.(a) (Australia) |
||||||||||||||
|
(SOFR + 0.300%) |
||||||||||||||
| 1,186,000 | 0.350 | 11/18/24 | 1,183,713 | |||||||||||
|
|
|
|||||||||||||
| 62,413,737 | ||||||||||||||
|
|
|
|||||||||||||
| Brokerage – 0.2% | ||||||||||||||
|
Daiwa Securities Group, Inc.(b) (Japan) |
||||||||||||||
| 894,000 | 3.129 | 04/19/22 | 896,743 | |||||||||||
|
|
|
|||||||||||||
| Capital Goods – 0.2% | ||||||||||||||
| |
Siemens
Financieringsmaatschappij NV(a)(b) (Germany) (SOFR
+ |
| ||||||||||||
| 620,000 | 0.479 | 03/11/24 | 620,930 | |||||||||||
|
|
|
|||||||||||||
| Consumer Cyclical – 0.8% | ||||||||||||||
|
BMW US Capital LLC(a)(b) (Germany) |
||||||||||||||
|
(SOFR + 0.530%) |
||||||||||||||
| 710,000 | 0.580 | 04/01/24 | 712,800 | |||||||||||
|
Daimler Finance North America LLC(b) (Germany) |
||||||||||||||
| 1,000,000 | 1.750 | 03/10/23 | 1,001,822 | |||||||||||
|
Volkswagen Group of America Finance LLC(b) (Germany) |
||||||||||||||
| 1,993,000 | 0.750 | 11/23/22 | 1,984,439 | |||||||||||
|
|
|
|||||||||||||
| 3,699,061 | ||||||||||||||
|
|
|
|||||||||||||
| Consumer Noncyclical – 0.3% | ||||||||||||||
|
BAT Capital Corp. (United Kingdom) |
||||||||||||||
| 700,000 | 2.764 | 08/15/22 | 704,526 | |||||||||||
|
BAT International Finance PLC(b) (United Kingdom) |
||||||||||||||
| 430,000 | 3.250 | 06/07/22 | 432,333 | |||||||||||
|
|
|
|||||||||||||
| 1,136,859 | ||||||||||||||
|
|
|
|||||||||||||
| Foreign Corporate Debt – (continued) | ||||||||||||||
| Energy – 0.3% | ||||||||||||||
|
Enbridge, Inc. (Canada) |
||||||||||||||
|
(SOFR + 0.400%) |
||||||||||||||
| 401,000 | 0.450 | (a) | 02/17/23 | 400,639 | ||||||||||
| 726,000 | 0.550 | 10/04/23 | 711,134 | |||||||||||
|
(SOFRINDX + 0.630%) |
||||||||||||||
| 344,000 | 0.680 | (a) | 02/16/24 | 344,635 | ||||||||||
|
|
|
|||||||||||||
| 1,456,408 | ||||||||||||||
|
|
|
|||||||||||||
| Food and Beverage – 1.0% | ||||||||||||||
|
Coca-Cola Europacific Partners PLC(b) (United Kingdom) |
||||||||||||||
| 1,917,000 | 0.500 | 05/05/23 | 1,887,039 | |||||||||||
|
Danone SA(b) (France) |
||||||||||||||
| 1,216,000 | 3.000 | 06/15/22 | 1,223,477 | |||||||||||
|
Heineken NV(b) (Netherlands) |
||||||||||||||
| 298,000 | 2.750 | 04/01/23 | 301,478 | |||||||||||
|
Suntory Holdings Ltd.(b) (Japan) |
||||||||||||||
| 1,000,000 | 2.550 | 06/28/22 | 1,002,753 | |||||||||||
|
|
|
|||||||||||||
| 4,414,747 | ||||||||||||||
|
|
|
|||||||||||||
| Hardware – 0.2% | ||||||||||||||
|
Panasonic Corp.(b) (Japan) |
||||||||||||||
| 1,000,000 | 2.536 | 07/19/22 | 1,004,562 | |||||||||||
|
|
|
|||||||||||||
| Metals and Mining – 0.1% | ||||||||||||||
|
Glencore Finance Canada Ltd.(b) (Switzerland) |
||||||||||||||
| 366,000 | 4.250 | 10/25/22 | 372,516 | |||||||||||
|
|
|
|||||||||||||
| Mining – 0.2% | ||||||||||||||
|
Anglo American Capital PLC(b) (South Africa) |
||||||||||||||
| 1,040,000 | 4.125 | 09/27/22 | 1,055,697 | |||||||||||
|
|
|
|||||||||||||
| Wireless – 0.2% | ||||||||||||||
|
NTT Finance Corp.(b) (Japan) |
||||||||||||||
| 1,007,000 | 0.373 | 03/03/23 | 995,844 | |||||||||||
|
|
|
|||||||||||||
| TOTAL FOREIGN CORPORATE DEBT | ||||||||||||||
| (Cost $78,314,909) | $ | 78,067,104 | ||||||||||||
|
|
|
|||||||||||||
| U.S. Treasury Notes – 5.7% | ||||||||||||||
|
U.S. Treasury Floating Rate Notes(c) (3M USD T-Bill + 0.069%) |
||||||||||||||
| $ | 6,698,000 | 0.414 | % | 04/30/23 | $ | 6,705,762 | ||||||||
| 11,200,000 | 0.415 | 10/31/23 | 11,218,392 | |||||||||||
|
U.S. Treasury Notes |
||||||||||||||
| 3,750,000 | 1.500 | 01/15/23 | 3,765,234 | |||||||||||
| 3,750,000 | 1.500 | 02/28/23 | 3,764,837 | |||||||||||
|
|
|
|||||||||||||
| TOTAL U.S. TREASURY NOTES | ||||||||||||||
| (Cost $25,434,829) | $ | 25,454,225 | ||||||||||||
|
|
|
|||||||||||||
| Certificate of Deposits – 1.2% | ||||||||||||||
|
Credit Suisse AG (Switzerland) |
||||||||||||||
| $ | 2,000,000 | 0.590 | %(c) | 03/17/23 | $ | 1,976,197 | ||||||||
| |
Lloyds
Bank Corporate Markets PLC (SOFR + 0.540%) |
| ||||||||||||
| 1,395,000 | 0.590 | (c) | 01/31/24 | 1,389,411 | ||||||||||
|
|
|
|||||||||||||
| The accompanying notes are an integral part of these financial statements. | 83 |
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
| Certificate of Deposits – (continued) | ||||||||||||||
|
Standard Chartered Bank (SOFR + 0.420%) (United Kingdom) |
||||||||||||||
| $ | 1,972,000 | 0.470 | %(c) | 07/28/23 | $ | 1,966,343 | ||||||||
|
|
|
|||||||||||||
| TOTAL CERTIFICATE OF DEPOSITS | ||||||||||||||
| (Cost $5,366,113) | $ | 5,331,951 | ||||||||||||
|
|
|
|||||||||||||
| U.S. Treasury Bill – 1.1% | ||||||||||||||
|
U.S. Treasury Bill |
||||||||||||||
| $ | 5,000,000 | 0.677 | %(c) | 09/01/22 | $ | 4,983,000 | ||||||||
|
|
|
|||||||||||||
| TOTAL U.S. TREASURY BILL | ||||||||||||||
| (Cost $4,983,190) | $ | 4,983,000 | ||||||||||||
|
|
|
|||||||||||||
| Shares | Dividend Rate |
Value | ||||||||||||
| Investment Company – 7.7%(d) | ||||||||||||||
| |
Goldman
Sachs Financial Square Government Fund – |
| ||||||||||||
| 33,928,590 | 0.026% | $ | 33,928,590 | |||||||||||
| (Cost $33,928,590) | ||||||||||||||
|
|
|
|||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
| Short-Term Investments – 0.6% | ||||||||||||||
| Commercial Paper – 0.6% | ||||||||||||||
|
Entergy Corp. |
||||||||||||||
| $ | 2,500,000 | 0.777 | % | 05/17/22 | $ | 2,497,175 | ||||||||
|
|
|
|||||||||||||
| TOTAL SHORT-TERM INVESTMENTS | ||||||||||||||
| (Cost $2,496,012) | $ | 2,497,175 | ||||||||||||
|
|
|
|||||||||||||
| TOTAL INVESTMENTS – 105.9% | ||||||||||||||
| (Cost $470,913,697) | $ | 469,280,214 | ||||||||||||
|
|
|
|||||||||||||
| |
LIABILITIES IN EXCESS
OF ASSETS – (5.9)% |
(26,116,628 | ) | |||||||||||
|
|
|
|||||||||||||
| NET ASSETS – 100.0% | $ | 443,163,586 | ||||||||||||
|
|
|
|||||||||||||
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
|
(a) |
Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on February 28, 2022. | |
|
(b) |
Exempt from registration under Rule 144A of the Securities Act of 1933. | |
|
(c) |
Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices. | |
|
(d) |
Represents an affiliated issuer. | |
|
| ||
|
Investment Abbreviations: | ||
|
CLO |
—Collateralized Loan Obligation | |
|
GMTN |
—Global Medium Term Note | |
|
LIBOR |
—London Interbank Offered Rate | |
|
LP |
—Limited Partnership | |
|
MTN |
—Medium Term Note | |
|
PLC |
—Public Limited Company | |
|
REIT |
—Real Estate Investment Trust | |
|
SOFR |
—Secured Overnight Financing Rate | |
|
SOFRINDX |
—Secured Overnight Financing Rate Index | |
|
| ||
| 84 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Statements of Assets and Liabilities
February 28, 2022 (Unaudited)
| Access Emerging Markets USD Bond ETF |
Access High Yield Corporate Bond ETF |
Access Inflation Protected USD Bond ETF |
Access Investment Grade Corporate 1-5 Year Bond ETF |
|||||||||||||||
| Assets: | ||||||||||||||||||
|
Investments in unaffiliated issuers, at value (cost $49,259,870, $210,407,584, $199,893,474 and $19,691,677, respectively) |
$ | 46,094,837 | $ | 204,346,767 | $ | 198,923,745 | $ | 19,106,373 | ||||||||||
|
Investments in affiliated issuers, at value (cost $—, $2,889,777, $158,958 and $104,765, respectively) |
— | 2,889,777 | 158,958 | 104,765 | ||||||||||||||
|
Cash |
42,259 | 175,430 | 59,047 | 55,940 | ||||||||||||||
|
Receivables: |
||||||||||||||||||
|
Dividends and interest |
673,205 | 2,948,750 | 142,297 | 149,653 | ||||||||||||||
|
Investments sold |
— | — | 2,849,837 | — | ||||||||||||||
|
Fund shares sold |
— | 14,340,320 | 1,434,618 | — | ||||||||||||||
| Total assets | 46,810,301 | 224,701,044 | 203,568,502 | 19,416,731 | ||||||||||||||
| Liabilities: | ||||||||||||||||||
|
Payables: |
||||||||||||||||||
|
Management fees |
— | 50,915 | 18,498 | 2,076 | ||||||||||||||
|
Investments purchased |
— | 14,306,600 | 3,994,130 | — | ||||||||||||||
|
Fund shares redeemed |
— | 10,835 | — | — | ||||||||||||||
|
Accrued expenses |
— | 7,019 | 2,710 | 1,106 | ||||||||||||||
| Total liabilities | — | 14,375,369 | 4,015,338 | 3,182 | ||||||||||||||
| Net Assets: | ||||||||||||||||||
|
Paid-in capital |
49,890,846 | 216,085,700 | 199,842,912 | 20,120,879 | ||||||||||||||
|
Total distributable loss |
(3,080,545 | ) | (5,760,025 | ) | (289,748 | ) | (707,330 | ) | ||||||||||
| NET ASSETS | $ | 46,810,301 | $ | 210,325,675 | $ | 199,553,164 | $ | 19,413,549 | ||||||||||
| SHARES ISSUED AND OUTSTANDING | ||||||||||||||||||
|
Shares outstanding no par value (unlimited shares authorized): |
1,000,000 | 4,400,000 | 3,475,000 | 400,000 | ||||||||||||||
|
Net asset value per share: |
$46.81 | $47.80 | $57.43 | $48.53 | ||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 85 |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Statements of Assets and Liabilities (continued)
February 28, 2022 (Unaudited)
| Access Investment Grade Corporate Bond ETF |
Access
Treasury 0-1 Year ETF |
Access
U.S. Aggregate Bond ETF |
Access Ultra Short Bond ETF |
|||||||||||||||
| Assets: | ||||||||||||||||||
|
Investments in unaffiliated issuers, at value (cost $784,044,112, $2,318,529,823, $269,989,083 and $436,985,107, respectively) |
$ | 748,873,226 | $ | 2,316,732,122 | $ | 259,489,738 | $ | 435,351,624 | ||||||||||
|
Investments in affiliated issuers, at value (cost $1,444,342, $—, $63,982,916 and $33,928,590, respectively) |
1,444,342 | — | 63,982,916 | 33,928,590 | ||||||||||||||
|
Cash |
55,513 | 2,874,735 | 3,892,161 | 546,242 | ||||||||||||||
|
Receivables: |
||||||||||||||||||
|
Investments sold |
12,041,551 | 388,038,713 | 3,020,234 | 10,586,753 | ||||||||||||||
|
Dividends and interest |
7,267,968 | 1,404,968 | 1,082,037 | 778,776 | ||||||||||||||
|
Reimbursement from investment adviser |
— | 31,491 | — | 13,089 | ||||||||||||||
|
Fund shares sold |
— | 60,939,425 | — | 1,258,987 | ||||||||||||||
| Total assets | 769,682,600 | 2,770,021,454 | 331,467,086 | 482,464,061 | ||||||||||||||
| Liabilities: | ||||||||||||||||||
|
Payables: |
||||||||||||||||||
|
Investments purchased |
11,853,785 | 611,405,757 | 70,605,598 | 34,193,962 | ||||||||||||||
|
Management fees |
81,272 | 220,434 | 20,301 | 62,951 | ||||||||||||||
|
Fund shares redeemed |
— | — | — | 5,035,740 | ||||||||||||||
|
Accrued expenses |
28,397 | 94,670 | 6,464 | 7,822 | ||||||||||||||
| Total liabilities | 11,963,454 | 611,720,861 | 70,632,363 | 39,300,475 | ||||||||||||||
| Net Assets: | ||||||||||||||||||
|
Paid-in capital |
792,007,783 | 2,161,399,372 | 274,036,987 | 445,166,832 | ||||||||||||||
|
Total distributable loss |
(34,288,637 | ) | (3,098,779 | ) | (13,202,264 | ) | (2,003,246 | ) | ||||||||||
| NET ASSETS | $ | 757,719,146 | $ | 2,158,300,593 | $ | 260,834,723 | $ | 443,163,586 | ||||||||||
| SHARES ISSUED AND OUTSTANDING | ||||||||||||||||||
|
Shares outstanding no par value (unlimited shares authorized): |
14,800,000 | 21,590,000 | 5,550,000 | 8,800,000 | ||||||||||||||
|
Net asset value per share: |
$51.20 | $99.97 | $47.00 | $50.36 | ||||||||||||||
| 86 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Statements of Operations
For the Six Months Ended February 28, 2022 (Unaudited)
| 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 |
|||||||||||||||
| Investment income: | ||||||||||||||||||
|
Interest |
$ | 84,488 | $ | 4,658,233 | $ | 3,044,454 | $ | 130,404 | ||||||||||
|
Dividends from affiliated Underlying Funds |
— | 192 | 27 | 19 | ||||||||||||||
| Total investment income | 84,488 | 4,658,425 | 3,044,481 | 130,423 | ||||||||||||||
| Expenses: | ||||||||||||||||||
|
Management fees |
8,438 | 332,729 | 103,275 | 13,282 | ||||||||||||||
|
Trustee fees |
— | 4,477 | 4,219 | 3,124 | ||||||||||||||
| Total expenses | 8,438 | 337,206 | 107,494 | 16,406 | ||||||||||||||
|
Less — expense reductions |
(8,438 | ) | (1,174 | ) | (164 | ) | (114 | ) | ||||||||||
| Net expenses | — | 336,032 | 107,330 | 16,292 | ||||||||||||||
| NET INVESTMENT INCOME | 84,488 | 4,322,393 | 2,937,151 | 114,131 | ||||||||||||||
| Realized and unrealized gain (loss): | ||||||||||||||||||
|
Net realized gain (loss) from: |
||||||||||||||||||
|
Investments — unaffiliated issuers |
— | 312,153 | 19,990 | (66,223 | ) | |||||||||||||
|
In-kind redemptions |
— | 1,198,124 | 492,897 | (29,326 | ) | |||||||||||||
|
Net change in unrealized gain (loss) on: |
||||||||||||||||||
|
Investments — unaffiliated issuers |
(3,165,033 | ) | (11,970,192 | ) | (3,943,923 | ) | (682,120 | ) | ||||||||||
| Net realized and unrealized loss | (3,165,033 | ) | (10,459,915 | ) | (3,431,036 | ) | (777,669 | ) | ||||||||||
| NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (3,080,545 | ) | $ | (6,137,522 | ) | $ | (493,885 | ) | $ | (663,538 | ) | ||||||
| * | For the period February 15, 2022 (commencement of operations) through February 28, 2022. |
| The accompanying notes are an integral part of these financial statements. | 87 |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Statements of Operations (continued)
For the Six Months Ended February 28, 2022 (Unaudited)
| Access Investment Grade Corporate Bond ETF |
Access Treasury 0-1 Year ETF |
Access
U.S. Aggregate Bond ETF |
Access Ultra Short Bond ETF |
|||||||||||||||
| Investment income: | ||||||||||||||||||
|
Interest |
$ | 9,229,163 | $ | 724,555 | $ | 1,280,646 | $ | 1,092,295 | ||||||||||
|
Dividends from affiliated Underlying Funds |
267 | — | 7,493 | 2,580 | ||||||||||||||
| Total investment income | 9,229,430 | 724,555 | 1,288,139 | 1,094,875 | ||||||||||||||
| Expenses: | ||||||||||||||||||
|
Management fees |
533,095 | 1,292,403 | 165,090 | 345,172 | ||||||||||||||
|
Trustee fees |
9,023 | 17,034 | 4,754 | 5,482 | ||||||||||||||
| Total expenses | 542,118 | 1,309,437 | 169,844 | 350,654 | ||||||||||||||
|
Less — expense reductions |
(1,639 | ) | (187,062 | ) | (45,871 | ) | (85,926 | ) | ||||||||||
| Net expenses | 540,479 | 1,122,375 | 123,973 | 264,728 | ||||||||||||||
| NET INVESTMENT INCOME (LOSS) | 8,688,951 | (397,820 | ) | 1,164,166 | 830,147 | |||||||||||||
| Realized and unrealized gain (loss): | ||||||||||||||||||
|
Net realized gain (loss) from: |
||||||||||||||||||
|
Investments — unaffiliated issuers |
(426,735 | ) | (39,774 | ) | (2,590,960 | ) | (6,296 | ) | ||||||||||
|
In-kind redemptions |
850,351 | (17,231 | ) | — | — | |||||||||||||
|
Net change in unrealized gain (loss) on: |
||||||||||||||||||
|
Investments — unaffiliated issuers |
(59,157,654 | ) | (1,836,938 | ) | (9,819,412 | ) | (2,202,144 | ) | ||||||||||
| Net realized and unrealized loss | (58,734,038 | ) | (1,893,943 | ) | (12,410,372 | ) | (2,208,440 | ) | ||||||||||
| NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (50,045,087 | ) | $ | (2,291,763 | ) | $ | (11,246,206 | ) | $ | (1,378,293 | ) | ||||||
| 88 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Statements of Changes in Net Assets
| Access Emerging Markets USD Bond ETF |
Access High Yield Corporate Bond ETF | |||||||||||||||||
| For the Period February 15, 2022* to February 28, 2022 (Unaudited) |
For
the Six Months Ended February 28, 2022 (Unaudited) |
For the Fiscal Year Ended August 31, 2021 |
||||||||||||||||
| From operations: | ||||||||||||||||||
|
Net investment income |
$ | 84,488 | $ | 4,322,393 | $ | 8,132,934 | ||||||||||||
|
Net realized gain |
— | 1,510,277 | 2,218,432 | |||||||||||||||
|
Net change in unrealized gain (loss) |
(3,165,033 | ) | (11,970,192 | ) | 2,202,441 | |||||||||||||
| Net increase (decrease) in net assets resulting from operations | (3,080,545 | ) | (6,137,522 | ) | 12,553,807 | |||||||||||||
| Distributions to shareholders: | ||||||||||||||||||
|
From distributable earnings |
— | (4,624,900 | ) | (8,366,688 | ) | |||||||||||||
| From share transactions: | ||||||||||||||||||
|
Proceeds from sales of shares |
49,890,846 | 58,956,135 | 139,703,025 | |||||||||||||||
|
Cost of shares redeemed |
— | (69,702,324 | ) | (62,403,184 | ) | |||||||||||||
| Net increase (decrease) in net assets resulting from share transactions | 49,890,846 | (10,746,189 | ) | 77,299,841 | ||||||||||||||
| TOTAL INCREASE (DECREASE) | 46,810,301 | (21,508,611 | ) | 81,486,960 | ||||||||||||||
| Net assets: | ||||||||||||||||||
|
Beginning of period |
$ | — | $ | 231,834,286 | $ | 150,347,326 | ||||||||||||
| End of period | $ | 46,810,301 | $ | 210,325,675 | $ | 231,834,286 | ||||||||||||
| * | Commencement of operations. |
| The accompanying notes are an integral part of these financial statements. | 89 |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Statements of Changes in Net Assets (continued)
| Access Inflation Protected USD Bond ETF | Access Investment Grade Corporate 1-5 Year Bond ETF |
|||||||||||||||||||||
| For
the Six Months Ended February 28, 2022 (Unaudited) |
For the Fiscal Year Ended August 31, 2021 |
For
the Six Months Ended February 28, 2022 (Unaudited) |
For the Fiscal Year Ended August 31, 2021 |
|||||||||||||||||||
| From operations: |
|
|||||||||||||||||||||
|
Net investment income |
$ | 2,937,151 | $ | 3,362,212 | $ | 114,131 | $ | 227,413 | ||||||||||||||
|
Net realized gain (loss) |
512,887 | 589,140 | (95,549 | ) | 62,974 | |||||||||||||||||
|
Net change in unrealized gain (loss) |
(3,943,923 | ) | 1,158,564 | (682,120 | ) | 10,754 | ||||||||||||||||
| Net increase (decrease) in net assets resulting from operations | (493,885 | ) | 5,109,916 | (663,538 | ) | 301,141 | ||||||||||||||||
| Distributions to shareholders: | ||||||||||||||||||||||
|
From distributable earnings |
(3,570,783 | ) | (2,396,273 | ) | (139,964 | ) | (264,880 | ) | ||||||||||||||
| From share transactions: |
|
|||||||||||||||||||||
|
Proceeds from sales of shares |
75,765,889 | 122,145,094 | 4,979,700 | 5,036,236 | ||||||||||||||||||
|
Cost of shares redeemed |
(18,459,515 | ) | (9,877,024 | ) | (14,930,335 | ) | (2,522,177 | ) | ||||||||||||||
| Net increase (decrease) in net assets resulting from share transactions | 57,306,374 | 112,268,070 | (9,950,635 | ) | 2,514,059 | |||||||||||||||||
| TOTAL INCREASE (DECREASE) | 53,241,706 | 114,981,713 | (10,754,137 | ) | 2,550,320 | |||||||||||||||||
| Net assets: |
|
|||||||||||||||||||||
|
Beginning of period |
$ | 146,311,458 | $ | 31,329,745 | $ | 30,167,686 | $ | 27,617,366 | ||||||||||||||
|
End of period |
$ | 199,553,164 | $ | 146,311,458 | $ | 19,413,549 | $ | 30,167,686 | ||||||||||||||
| 90 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Statements of Changes in Net Assets (continued)
| Access Investment Grade Corporate Bond ETF |
Access Treasury 0-1 Year ETF | |||||||||||||||||||||
| For
the Six Months Ended February 28, 2022 (Unaudited) |
For the Fiscal Year Ended August 31, 2021 |
For
the Six Months Ended February 28, 2022 (Unaudited) |
For the Fiscal Year Ended August 31, 2021 |
|||||||||||||||||||
| From operations: |
|
|||||||||||||||||||||
|
Net investment income (loss) |
$ | 8,688,951 | $ | 16,836,103 | $ | (397,820 | ) | $ | (388,830 | ) | ||||||||||||
|
Net realized gain (loss) |
423,616 | 16,915,546 | (57,005 | ) | 831,348 | |||||||||||||||||
|
Net change in unrealized loss |
(59,157,654 | ) | (19,284,757 | ) | (1,836,938 | ) | (973,717 | ) | ||||||||||||||
| Net increase (decrease) in net assets resulting from operations | (50,045,087 | ) | 14,466,892 | (2,291,763 | ) | (531,199 | ) | |||||||||||||||
| Distributions to shareholders: | ||||||||||||||||||||||
|
From distributable earnings |
(8,914,802 | ) | (17,024,132 | ) | — | (9,603,476 | ) | |||||||||||||||
| From share transactions: |
|
|||||||||||||||||||||
|
Proceeds from sales of shares |
103,043,139 | 567,153,110 | 680,143,030 | 382,587,046 | ||||||||||||||||||
|
Cost of shares redeemed |
(62,482,277 | ) | (431,055,691 | ) | (377,210,975 | ) | (1,560,188,346 | ) | ||||||||||||||
| Net increase (decrease) in net assets resulting from share transactions | 40,560,862 | 136,097,419 | 302,932,055 | (1,177,601,300 | ) | |||||||||||||||||
| TOTAL INCREASE (DECREASE) | (18,399,027 | ) | 133,540,179 | 300,640,292 | (1,187,735,975 | ) | ||||||||||||||||
| Net assets: |
|
|||||||||||||||||||||
|
Beginning of period |
$ | 776,118,173 | $ | 642,577,994 | $ | 1,857,660,301 | $ | 3,045,396,276 | ||||||||||||||
|
End of period |
$ | 757,719,146 | $ | 776,118,173 | $ | 2,158,300,593 | $ | 1,857,660,301 | ||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 91 |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Statements of Changes in Net Assets (continued)
| Access U.S. Aggregate Bond ETF |
Access Ultra Short Bond ETF | |||||||||||||||||||||
| For
the Six Months Ended February 28, 2022 (Unaudited) |
For the
Period September 8, 2020* to August 31, 2021 |
For
the Six Months Ended February 28, 2022 (Unaudited) |
For the Fiscal Year Ended August 31, 2021 |
|||||||||||||||||||
| From operations: |
|
|||||||||||||||||||||
|
Net investment income |
$ | 1,164,166 | $ | 1,213,438 | $ | 830,147 | $ | 1,296,998 | ||||||||||||||
|
Net realized gain (loss) |
(2,590,960 | ) | 31,006 | (6,296 | ) | 188,583 | ||||||||||||||||
|
Net change in unrealized loss |
(9,819,412 | ) | (679,933 | ) | (2,202,144 | ) | (199,281 | ) | ||||||||||||||
| Net increase (decrease) in net assets resulting from operations | (11,246,206 | ) | 564,511 | (1,378,293 | ) | 1,286,300 | ||||||||||||||||
| Distributions to shareholders: | ||||||||||||||||||||||
|
From distributable earnings |
(1,194,102 | ) | (1,271,774 | ) | (1,122,300 | ) | (1,622,329 | ) | ||||||||||||||
| From share transactions: |
|
|||||||||||||||||||||
|
Proceeds from sales of shares |
53,445,262 | 235,354,179 | 150,147,607 | 209,360,754 | ||||||||||||||||||
|
Cost of shares redeemed |
— | (14,817,147 | ) | (35,356,935 | ) | (27,915,904 | ) | |||||||||||||||
| Net increase in net assets resulting from share transactions | 53,445,262 | 220,537,032 | 114,790,672 | 181,444,850 | ||||||||||||||||||
| TOTAL INCREASE | 41,004,954 | 219,829,769 | 112,290,079 | 181,108,821 | ||||||||||||||||||
| Net assets: |
|
|||||||||||||||||||||
|
Beginning of period |
$ | 219,829,769 | $ | — | $ | 330,873,507 | $ | 149,764,686 | ||||||||||||||
|
End of period |
$ | 260,834,723 | $ | 219,829,769 | $ | 443,163,586 | $ | 330,873,507 | ||||||||||||||
| * | Commencement of operations. |
| 92 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS EMERGING MARKETS USD BOND ETF
Selected Data for a Share Outstanding Throughout The Period
| * | Commencement of operations. |
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
| (c) | Annualized. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 93 |
GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
| * | Commencement of operations. |
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
| (c) | Annualized. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 94 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS INFLATION PROTECTED USD BOND ETF
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
| * | Commencement of operations. |
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
| (c) | Annualized. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 95 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND ETF
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
| * | Commencement of operations. |
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
| (c) | Annualized. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 96 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
| * | Commencement of operations. |
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
| (c) | Annualized. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| (e) | Less than 0.5% |
| The accompanying notes are an integral part of these financial statements. | 97 |
GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
| * | Commencement of operations. |
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
| (c) | Annualized. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 98 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
| * | Commencement of operations. |
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
| (c) | Annualized. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 99 |
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
| * | Commencement of operations. |
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
| (c) | Annualized. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 100 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
February 28, 2022 (Unaudited)
| 1. ORGANIZATION |
Goldman Sachs ETF Trust (the “Trust”) is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the “Act”), consisting of multiple series. The Trust was organized as a Delaware statutory trust on December 16, 2009. The following table lists those series of the Trust that are included in this report (collectively, the “Funds” or individually a “Fund”) along with their respective diversification status under the Act:
| Fund | Diversification Classification | |||
|
Goldman Sachs Access Emerging Markets USD Bond ETF (“Access Emerging Markets USD Bond ETF”)* |
Diversified | |||
|
Goldman Sachs Access High Yield Corporate Bond ETF (“Access High Yield Corporate Bond ETF”) |
Diversified | |||
|
Goldman Sachs Access Inflation Protected USD Bond ETF (“Access Inflation Protected USD Bond ETF”) |
Diversified | |||
|
Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF (“Access Investment Grade Corporate 1-5 Year Bond ETF”) |
Diversified | |||
|
Goldman Sachs Access Investment Grade Corporate Bond ETF (“Access Investment Grade Corporate Bond ETF”) |
Diversified | |||
|
Goldman Sachs Access Treasury 0-1 Year ETF (“Access Treasury 0-1 Year ETF”) |
Diversified | |||
|
Goldman Sachs Access U.S. Aggregate Bond ETF (“Access U.S. Aggregate Bond ETF”) |
Diversified | |||
|
Goldman Sachs Access Ultra Short Bond ETF (“Access Ultra Short Bond ETF”) |
Diversified |
| * | Commencement of operations on February 15, 2022. |
The investment objective of each Fund (except the Access Ultra Short Bond ETF) is to provide investment results that closely correspond, before fees and expenses, to the performance of its respective Index. The Access Ultra Short Bond ETF seeks to provide current income with preservation of capital.
Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to a management agreement (the “Agreement”) with the Trust. Each Fund is an exchange-traded fund (“ETF”). Shares of the Access High Yield Corporate Bond ETF, Access Investment Grade Corporate 1-5 Year Bond ETF, Access Investment Grade Corporate Bond ETF, Access Treasury 0-1 Year ETF and Access U.S. Aggregate Bond ETF are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”), and shares of the Access Emerging Markets USD Bond ETF, Access Inflation Protected USD Bond ETF and Access Ultra Short Bond ETF are listed and traded on the Cboe BZX Exchange, Inc. (“Cboe BZX”). Market prices for the Funds’ shares may be different from their net asset value (“NAV”). The Funds issue and redeem shares at their respective NAV only in blocks of a specified number of shares, or multiples thereof, referred to as “Creation Units”. Creation Units are issued and redeemed generally for a designated portfolio of securities (including any portion of such securities for which cash may be substituted) and a specified amount of cash. Shares generally trade in the secondary market in quantities less than a Creation Unit at market prices that change throughout the day. Only those that have entered into an authorized participant agreement with ALPS Distributors, Inc. (the “Distributor”) may do business directly with the Funds.
| 2. SIGNIFICANT ACCOUNTING POLICIES |
The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.
A. Investment Valuation — The Funds’ valuation policy is to value investments at fair value.
B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts.
101
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Notes to Financial Statements (continued)
February 28, 2022 (Unaudited)
| 2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily NAV calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds’ investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.
C. Expenses — Expenses incurred directly by a Fund are charged to the Fund, and certain expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis, depending upon the nature of the expenses, and are accrued daily.
D. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex- dividend date. For each Fund, income distributions, if any, are declared and paid monthly. Capital gains distributions, if any, are declared and paid annually.
Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.
The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS |
U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:
Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;
Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).
The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM
102
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.
A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:
Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service approved by the Trustees. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. With the exception of treasury securities of G7 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.
Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Fund”) are valued at the NAV per share of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding the Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.
B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.
C. Fair Value Hierarchy — The following is a summary of the Funds’ investments classified in the fair value hierarchy as of February 28, 2022:
| ACCESS EMERGING MARKETS USD BOND ETF |
| |||||||||||
| Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| Assets | ||||||||||||
|
Fixed Income |
| |||||||||||
|
Foreign Debt Obligations |
$ | — | $ | 41,175,382 | $ | — | ||||||
|
Foreign Corporate Debt |
— | 4,919,455 | — | |||||||||
| Total | $ | — | $ | 46,094,837 | $ | — | ||||||
| ACCESS HIGH YIELD CORPORATE BOND ETF |
| |||||||||||
| Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| Assets | ||||||||||||
|
Fixed Income |
| |||||||||||
|
Corporate Obligations |
$ | — | $ | 194,117,899 | $ | — | ||||||
|
Foreign Corporate Debt |
— | 10,228,868 | — | |||||||||
|
Investment Company |
2,889,777 | — | — | |||||||||
| Total | $ | 2,889,777 | $ | 204,346,767 | $ | — | ||||||
103
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Notes to Financial Statements (continued)
February 28, 2022 (Unaudited)
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
| ACCESS INFLATION PROTECTED USD BOND ETF |
| |||||||||||
| Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| Assets | ||||||||||||
|
Fixed Income |
| |||||||||||
|
U.S. Treasury Inflation Indexed Bonds |
$ | 198,923,745 | $ | — | $ | — | ||||||
|
Investment Company |
158,958 | — | — | |||||||||
| Total | $ | 199,082,703 | $ | — | $ | — | ||||||
| ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND ETF |
| |||||||||||
| Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| Assets | ||||||||||||
|
Fixed Income |
| |||||||||||
|
Corporate Obligations |
$ | — | $ | 14,797,142 | $ | — | ||||||
|
Foreign Corporate Debt |
— | 4,309,231 | — | |||||||||
|
Investment Company |
104,765 | — | — | |||||||||
| Total | $ | 104,765 | $ | 19,106,373 | $ | — | ||||||
| ACCESS INVESTMENT GRADE CORPORATE BOND ETF |
| |||||||||||
| Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| Assets | ||||||||||||
|
Fixed Income |
| |||||||||||
|
Corporate Obligations |
$ | — | $ | 607,759,379 | $ | — | ||||||
|
Foreign Corporate Debt |
— | 141,113,847 | — | |||||||||
|
Investment Company |
1,444,342 | — | — | |||||||||
| Total | $ | 1,444,342 | $ | 748,873,226 | $ | — | ||||||
| ACCESS TREASURY 0-1 YEAR ETF |
| |||||||||||
| Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| Assets(a) | ||||||||||||
|
Fixed Income |
||||||||||||
|
U.S. Treasury Bills |
$ | 1,822,190,667 | $ | — | $ | — | ||||||
|
U.S. Treasury Notes |
494,541,455 | — | — | |||||||||
| Total | $ | 2,316,732,122 | $ | — | $ | — | ||||||
104
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
| ACCESS U.S. AGGREGATE BOND ETF |
| |||||||||||
| Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| Assets | ||||||||||||
|
Fixed Income |
| |||||||||||
|
Mortgage-Backed Securities |
$ | — | $ | 71,239,172 | $ | — | ||||||
|
U.S. Treasury Notes |
70,851,201 | — | — | |||||||||
|
Corporate Obligations |
— | 55,448,686 | — | |||||||||
|
U.S. Treasury Bonds |
21,408,884 | — | — | |||||||||
|
U.S. Treasury Obligations |
19,741,639 | — | — | |||||||||
|
Foreign Corporate Debt |
— | 13,932,732 | — | |||||||||
|
Foreign Debt Obligations |
253,036 | 6,614,388 | — | |||||||||
|
Investment Company |
63,982,916 | — | — | |||||||||
| Total | $ | 176,237,676 | $ | 147,234,978 | $ | — | ||||||
| ACCESS ULTRA SHORT BOND ETF |
| |||||||||||
| Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| Assets | ||||||||||||
|
Fixed Income |
| |||||||||||
|
Mortgage-Backed Securities |
$ | — | $ | 146,588,064 | $ | — | ||||||
|
Corporate Obligations |
— | 90,324,193 | — | |||||||||
|
Asset- Backed Securities |
— | 82,105,912 | — | |||||||||
|
Foreign Corporate Debt |
— | 78,067,104 | — | |||||||||
|
U.S. Treasury Notes |
25,454,225 | — | — | |||||||||
|
U.S. Treasury Bill |
4,983,000 | — | — | |||||||||
|
Commercial Paper |
— | 2,497,175 | — | |||||||||
|
Certificate of Deposit |
— | 5,331,951 | — | |||||||||
|
Investment Company |
33,928,590 | — | — | |||||||||
| Total | $ | 64,365,815 | $ | 404,914,399 | $ | — | ||||||
For further information regarding security characteristics, see the Schedules of Investments.
| 4. AGREEMENTS AND AFFILIATED TRANSACTIONS |
A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.
As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund’s average daily net assets.
The Funds operate under a unitary management fee structure. Under the unitary fee structure, GSAM is responsible for paying substantially all the expenses of each such Fund, excluding payments under the Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses. As the Funds directly pay fees and expenses of the independent Trustees, the management fee collected by GSAM will be reduced by an amount equal to the fees and expenses paid by the Funds to the independent Trustees.
105
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Notes to Financial Statements (continued)
February 28, 2022 (Unaudited)
| 4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
For the six months ended February 28, 2022, contractual and effective net unitary management fees with GSAM were at the following rates:
| Fund | Contractual Unitary Management Fee |
Effective Net Unitary Management Fee* |
||||||||
|
Access Emerging Markets USD Bond ETF |
0.45 | % | 0.00 | % | ||||||
|
Access High Yield Corporate Bond ETF |
0.34 | % | 0.34 | % | ||||||
|
Access Inflation Protected USD Bond ETF |
0.12 | % | 0.12 | % | ||||||
|
Access Investment Grade Corporate 1-5 Year Bond ETF |
0.14 | % | 0.14 | % | ||||||
|
Access Investment Grade Corporate Bond ETF |
0.14 | % | 0.14 | % | ||||||
|
Access Treasury 0-1 Year ETF |
0.14 | % | 0.12 | % | ||||||
|
Access U.S. Aggregate Bond ETF |
0.14 | % | 0.14 | % | ||||||
|
Access Ultra Short Bond ETF |
0.20 | % | 0.15 | % | ||||||
| * | Effective Net Unitary Management Fee includes the impact of management fee waivers, if any. |
GSAM has agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.12% and 0.16% as an annual percentage rate of average daily net assets of the Access Treasury 0-1 Year ETF and the Access Ultra Short Bond ETF, respectively. These arrangements will remain in effect through at least December 29, 2022 and prior to such dates GSAM may not terminate the arrangements without the approval of the Board of Trustees. GSAM has agreed to waive its management fee in order to achieve an effective net management fee rate of 0.00% as an annual percentage rate of average daily net assets of the Access Emerging Markets USD Bond ETF through at least February 17, 2023, after which a portion of its management fee will be waived in order to achieve an effective net management fee rate of 0.39% as an annual percentage rate of average daily net assets of the Fund until February 17, 2025, and prior to such dates GSAM may not terminate the arrangements without the approval of the Board of Trustees. For the six months ended February 28, 2022, GSAM waived $8,438, $187,062 and $70,131 of the Funds’ management fees for the Access Emerging Markets USD Bond ETF, Access Treasury 0-1 Year ETF and the Access Ultra Short Bond ETF, respectively.
The Access 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 Ultra Short Bond ETF and Access U.S. Aggregate Bond ETF invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest. For the six months ended February 28, 2022, the management fee waived by GSAM for each Fund was as follows:
| Fund | Management Fee Waived |
|||||
|
Access High Yield Corporate Bond ETF |
$ | 1,174 | ||||
|
Access Inflation Protected USD Bond ETF |
164 | |||||
|
Access Investment Grade Corporate 1-5 Year Bond ETF |
114 | |||||
|
Access Investment Grade Corporate Bond ETF |
1,639 | |||||
|
Access U.S. Aggregate Bond ETF |
45,871 | |||||
|
Access Ultra Short Bond ETF |
15,795 | |||||
106
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
| 4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
B. Other Transactions with Affiliates — The following table provides information about the Funds’ investments in the Goldman Sachs Financial Square Government Fund for the six months ended February 28, 2022:
| Fund | Beginning value as of August 31, 2021 |
Purchases at Cost |
Proceeds from Sales |
Ending value as of February 28, 2022 |
Shares as of February 28, 2022 |
Dividend Income |
||||||||||||||||||
|
Access High Yield Corporate Bond ETF |
$ | 2,073,969 | $ | 17,582,069 | $ | (16,766,261 | ) | $ | 2,889,777 | $ | 2,889,777 | $ | 192 | |||||||||||
|
Access Inflation Protected USD Bond ETF |
809,851 | 2,433,009 | (3,083,902 | ) | 158,958 | 158,958 | 27 | |||||||||||||||||
|
Access Investment Grade Corporate 1-5 Year Bond ETF |
302,503 | 1,697,999 | (1,895,737 | ) | 104,765 | 104,765 | 19 | |||||||||||||||||
|
Access Investment Grade Corporate Bond ETF |
2,549,254 | 21,699,069 | (22,803,981 | ) | 1,444,342 | 1,444,342 | 267 | |||||||||||||||||
|
Access U.S. Aggregate Bond ETF |
51,438,327 | 43,354,823 | (30,810,234 | ) | 63,982,916 | 63,982,916 | 7,493 | |||||||||||||||||
|
Access Ultra Short Bond ETF |
25,760,750 | 177,993,580 | (169,825,740 | ) | 33,928,590 | 33,928,590 | 2,580 | |||||||||||||||||
| 5. CREATION AND REDEMPTION OF CREATION UNITS |
The Trust issues and redeems shares of the Funds only in Creation Units on a continuous basis through the Distributor, without an initial sales load, at NAV next determined after receipt, on any Business Day (as defined in the Statement of Additional Information), of an order in proper form. Shares of the Funds may only be purchased or redeemed by certain financial institutions (each an “Authorized Participant”). An Authorized Participant is either (1) a “Participating Party” or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation; or (2) a Depository Trust Company participant; which, in either case, must have executed an agreement with the Distributor. Retail investors will typically not qualify as an Authorized Participant or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors will purchase shares in the secondary market at market prices with the assistance of a broker and may be subject to customary brokerage commissions or fees. Fixed creation and redemption transaction fees are imposed in connection with creations and redemptions.
Authorized Participants transacting in Creation Units for cash may also pay a variable charge to compensate the relevant fund for certain transaction costs (e.g. taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in “Proceeds from sale of shares” in the Statements of Changes in Net Assets.
Share activity is as follows:
| Access Emerging Markets USD Bond ETF |
||||||||
| For the Period February 15, 2022* through February 28, 2022 (Unaudited) |
||||||||
| Shares | Dollars | |||||||
|
|
|
|||||||
| Fund Share Activity | ||||||||
|
Shares Sold |
1,000,000 | $ | 49,677,414 | |||||
|
Shares Redeemed |
— | — | ||||||
|
NET INCREASE IN SHARES |
1,000,000 | $ | 49,677,414 | |||||
| * | Commencement of operations. |
107
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Notes to Financial Statements (continued)
February 28, 2022 (Unaudited)
| 5. CREATION AND REDEMPTION OF CREATION UNITS (continued) |
| Access High Yield Corporate Bond ETF | ||||||||||||||||
| For the Six Months
Ended February 28, 2022 (Unaudited) |
For the Fiscal Year
Ended August 31, 2021 |
|||||||||||||||
|
|
|
|||||||||||||||
| Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|
|||||||||||||||
| Fund Share Activity | ||||||||||||||||
|
Shares Sold |
1,200,000 | $ | 58,956,135 | 2,800,000 | $ | 139,660,429 | ||||||||||
|
Shares Redeemed |
(1,400,000 | ) | (69,623,728 | ) | (1,250,000 | ) | (62,218,811 | ) | ||||||||
|
NET INCREASE/DECREASE IN SHARES |
(200,000 | ) | $ | (10,667,593 | ) | 1,500,000 | $ | 73,493,353 | ||||||||
| Access Inflation Protected USD Bond ETF | ||||||||||||||||
| For the Six Months
Ended February 28, 2022 (Unaudited) |
For the Fiscal Year
Ended August 31, 2021 |
|||||||||||||||
|
|
|
|||||||||||||||
| Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|
|||||||||||||||
| Fund Share Activity | ||||||||||||||||
|
Shares Sold |
1,300,000 | $ | 75,765,889 | 2,125,000 | $ | 122,145,094 | ||||||||||
|
Shares Redeemed |
(325,000 | ) | (18,458,640 | ) | (175,000 | ) | (9,875,297 | ) | ||||||||
|
NET INCREASE IN SHARES |
975,000 | $ | 57,307,249 | 400,000 | $ | 21,535,812 | ||||||||||
| Access Investment Grade Corporate 1-5 Year Bond ETF | ||||||||||||||||
| For the
Six Months Ended February 28, 2022 (Unaudited) |
For the Fiscal Year
Ended August 31, 2021 |
|||||||||||||||
|
|
|
|||||||||||||||
| Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|
|||||||||||||||
| Fund Share Activity | ||||||||||||||||
|
Shares Sold |
100,000 | $ | 4,975,911 | 100,000 | $ | 5,036,236 | ||||||||||
|
Shares Redeemed |
(300,000 | ) | (14,923,590 | ) | (50,000 | ) | (2,519,551 | ) | ||||||||
|
NET INCREASE/DECREASE IN SHARES |
(200,000 | ) | $ | (9,947,679 | ) | 550,000 | $ | 27,483,763 | ||||||||
| Access Investment Grade Corporate Bond ETF | ||||||||||||||||
| For the Six Months
Ended February 28, 2022 (Unaudited) |
For the Fiscal Year
Ended August 31, 2021 |
|||||||||||||||
|
|
|
|||||||||||||||
| Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|
|||||||||||||||
| Fund Share Activity | ||||||||||||||||
|
Shares Sold |
1,900,000 | $ | 103,043,139 | 10,300,000 | $ | 567,048,496 | ||||||||||
|
Shares Redeemed |
(1,150,000 | ) | (62,482,277 | ) | (7,850,000 | ) | (430,357,739 | ) | ||||||||
|
NET INCREASE IN SHARES |
750,000 | $ | 40,560,862 | 2,450,000 | $ | 136,690,757 | ||||||||||
108
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
| 5. CREATION AND REDEMPTION OF CREATION UNITS (continued) |
| Access Treasury 0-1 Year ETF | ||||||||||||||||
| For the Six Months
Ended February 28, 2022 (Unaudited) |
For the Fiscal Year
Ended August 31, 2021 |
|||||||||||||||
|
|
|
|||||||||||||||
| Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|
|||||||||||||||
| Fund Share Activity | ||||||||||||||||
|
Shares Sold |
6,800,000 | $ | 382,587,046 | 3,820,000 | $ | 382,587,046 | ||||||||||
|
Shares Redeemed |
(3,770,000 | ) | (1,560,188,346 | ) | (15,580,000 | ) | (1,560,188,346 | ) | ||||||||
|
NET INCREASE/DECREASE IN SHARES |
3,030,000 | $ | (1,177,601,300 | ) | (11,760,000 | ) | $ | (1,177,601,300 | ) | |||||||
| Access U.S. Aggregate Bond ETF | ||||||||||||||||
| For the Six Months
Ended February 28, 2022 (Unaudited) |
For the
Period September 8, 2020* through August 31, 2021 |
|||||||||||||||
|
|
|
|||||||||||||||
| Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|
|||||||||||||||
| Fund Share Activity | ||||||||||||||||
|
Shares Sold |
1,100,000 | $ | 53,445,262 | 4,750,000 | $ | 235,376,922 | ||||||||||
|
Shares Redeemed |
— | — | (300,000 | ) | (14,751,161 | ) | ||||||||||
|
NET INCREASE IN SHARES |
1,100,000 | $ | 53,445,262 | 4,450,000 | $ | 220,625,761 | ||||||||||
| * | Commencement of operations. |
| Access Ultra Short Bond ETF | ||||||||||||||||
| For the Six Months
Ended February 28, 2022 (Unaudited) |
For the Fiscal Year
Ended August 31, 2021 |
|||||||||||||||
|
|
|
|||||||||||||||
| Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|
|||||||||||||||
| Fund Share Activity | ||||||||||||||||
|
Shares Sold |
2,975,000 | $ | 150,147,607 | 4,125,000 | $ | 209,360,754 | ||||||||||
|
Shares Redeemed |
(700,000 | ) | (35,356,935 | ) | (550,000 | ) | (27,915,904 | ) | ||||||||
|
NET INCREASE IN SHARES |
2,275,000 | $ | 114,790,672 | 3,575,000 | $ | 181,444,850 | ||||||||||
109
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Notes to Financial Statements (continued)
February 28, 2022 (Unaudited)
| 6. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended February 28, 2022, were as follows (with the exception of the Access Treasury 0-1 Year ETF which only invests in short term securities):
| Fund | Purchases | Sales | ||||||||
|
Access Emerging Markets USD Bond ETF |
$ | 49,267,477 | $ | — | ||||||
|
Access High Yield Corporate Bond ETF |
70,665,093 | 12,687,868 | ||||||||
|
Access Inflation Protected USD Bond ETF |
8,653,627 | 10,570,356 | ||||||||
|
Access Investment Grade Corporate 1-5 Year Bond ETF |
7,737,820 | 7,634,440 | ||||||||
|
Access Investment Grade Corporate Bond ETF |
154,268,133 | 47,141,706 | ||||||||
|
Access U.S. Aggregate Bond ETF |
742,488,358 | 688,202,883 | ||||||||
|
Access Ultra Short Bond ETF |
179,981,294 | 63,551,505 | ||||||||
The purchases and sales from in-kind creation and redemption transactions for the six months ended February 28, 2022, were as follows:
| Fund | Purchases | Sales | ||||||||
|
Access Emerging Markets USD Bond ETF |
$ | — | $ | — | ||||||
|
Access High Yield Corporate Bond ETF |
— | 68,856,827 | ||||||||
|
Access Inflation Protected USD Bond ETF |
75,654,552 | 18,479,237 | ||||||||
|
Access Investment Grade Corporate 1-5 Year Bond ETF |
— | 9,601,508 | ||||||||
|
Access Investment Grade Corporate Bond ETF |
— | 62,080,132 | ||||||||
|
Access U.S. Aggregate Bond ETF |
— | — | ||||||||
|
Access Ultra Short Bond ETF |
— | — | ||||||||
| 7. TAX INFORMATION |
As of the Funds’ most recent fiscal year end, August 31, 2021, the Funds’ capital loss carryforwards and certain timing differences on a tax basis were as follows:
| Access Emerging Markets USD Bond ETF |
Access High Yield Corporate Bond ETF |
Access Inflation Protected USD Bond ETF |
Access Investment Grade Corporate 1-5 Year Bond ETF |
Access Investment Grade Corporate Bond ETF |
Access Treasury 0-1 Year ETF |
Access U.S. Aggregate Bond ETF |
Access Ultra Short Bond ETF |
|||||||||||||||||||||||||
|
Capital loss carryforwards: |
||||||||||||||||||||||||||||||||
|
Perpetual Short-Term |
$ | — | $ | (1,330,910 | ) | $ | — | $ | — | $ | (373,495 | ) | $ | — | $ | (223,794 | ) | $ | (287,255 | ) | ||||||||||||
|
Timing differences (Qualified Late Year Loss Deferral) |
— | — | — | — | — | (846,253 | ) | — | — | |||||||||||||||||||||||
110
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
| 7. TAX INFORMATION (continued) |
As of February 28, 2022, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
| Access Emerging Markets USD Bond ETF |
Access High Yield Corporate Bond ETF |
Access Inflation Protected USD Bond ETF |
Access Investment Grade Corporate 1-5 Year Bond ETF |
Access Investment Grade Corporate Bonds ETF |
Access Treasury 0-1 Year ETF |
Access U.S. Aggregate Bond ETF |
Access Ultra Short Bond ETF |
|||||||||||||||||||||||||
|
Tax Cost |
$ | 49,260,000 | $ | 213,710,503 | $ | 200,214,972 | $ | 19,823,401 | $ | 786,013,226 | $ | 2,318,529,823 | $ | 334,009,092 | $ | 471,018,053 | ||||||||||||||||
|
Gross unrealized gain |
20,740 | 1,355,863 | 614,792 | 1,428 | 3,520,662 | 4,289 | 142,664 | 455,380 | ||||||||||||||||||||||||
|
Gross unrealized loss |
(3,185,903 | ) | (7,829,822 | ) | (1,747,061 | ) | (613,691 | ) | (39,216,321 | ) | (1,801,990 | ) | (10,679,102 | ) | (2,193,220 | ) | ||||||||||||||||
|
Net unrealized gains (losses) on securities |
$ | (3,165,163 | ) | $ | (6,473,959 | ) | $ | (1,132,269 | ) | $ | (612,263 | ) | $ | (35,695,659 | ) | $ | (1,797,701 | ) | $ | (10,536,438 | ) | $ | (1,737,840 | ) | ||||||||
The difference between GAAP-basis and tax-basis unrealized gains (losses) is due to wash sales, and differences in tax treatment of market discount accretion and premium amortization, and inflation protected securities.
GSAM has reviewed the Funds’ tax positions for all open tax years (the current year, and prior three tax years, as applicable) and has concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax year remains subject to examination and adjustment by tax authorities.
| 8. OTHER RISKS |
The Funds’ risks include, but are not limited to, the following:
Floating and Variable Rate Obligations Risk — Floating rate and variable rate obligations are debt instruments issued by companies or other entities with interest rates that reset periodically (typically, daily, monthly, quarterly, or semiannually) in response to changes in the market rate of interest on which the interest rate is based. For floating and variable rate obligations, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit a Fund, depending on the interest rate environment or other circumstances. In a rising interest rate environment, for example, a floating or variable rate obligation that does not reset immediately would prevent a Fund from taking full advantage of rising interest rates in a timely manner. However, in a declining interest rate environment, a Fund may benefit from a lag due to an obligation’s interest rate payment not being immediately impacted by a decline in interest rates.
On March 5, 2021, the United Kingdom’s Financial Conduct Authority (“FCA”) and ICE Benchmark Authority formally announced that certain LIBOR benchmarks will cease publication after December 31, 2021 while others will cease publication after June 30, 2023. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain Fund investments and may result in costs incurred in connection with closing out positions and entering into new trades. Any pricing adjustments to a Fund’s investments resulting from a substitute reference rate may also adversely affect a Fund’s performance and/or NAV.
Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or problems with registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is
111
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Notes to Financial Statements (continued)
February 28, 2022 (Unaudited)
| 8. OTHER RISKS (continued) |
impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent the Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact the Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.
Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short- term fixed income securities or instruments. The risks associated with changing interest rates may have unpredictable effects on the markets and a Fund’s investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds.
Index Risk (each Fund except the Access Ultra Short Bond ETF) — FTSE Fixed Income LLC (the “Index Provider”) constructs each Fund’s Index in accordance with a rules-based methodology. A Fund will be negatively affected by general declines in the securities and asset classes represented in its Index. In addition, because the Funds are not “actively” managed, unless a specific security is removed from an Index, a Fund generally would not sell a security because the security’s issuer was in financial trouble. Market disruptions and regulatory restrictions could have an adverse effect on a Fund’s ability to adjust its exposure to the required levels in order to track the Index. A Fund also does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, a Fund’s performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers. When the Index is rebalanced and a Fund in turn rebalances its portfolio to attempt to increase the correlation between the Fund’s portfolio and the Index, any transaction costs and market exposure arising from such portfolio rebalancing may be borne directly by the Fund and its shareholders. The Index Provider may utilize third party data in constructing each Index, but it does not guarantee the accuracy or availability of any such third party data. The FTSE Goldman Sachs Investment Grade Corporate Bond 1-5 Years Index and FTSE Goldman Sachs US Broad Bond Market Index are new and have limited performance history. Errors in index data, index computation or the construction of an Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the applicable Fund and its shareholders. In addition, neither a Fund, the Investment Adviser nor the Index Provider can guarantee the availability or timeliness of the production of the Index.
Investments in Other Investment Companies Risk — As a shareholder of another investment company, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund.
Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, potentially causing increased supply in the market due
112
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
| 8. OTHER RISKS (continued) |
to selling activity. These risks may be more pronounced in connection with a Fund’s investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.
Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.
Market Trading Risk — Each Fund faces numerous market trading risks, including disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for Shares. If a shareholder purchases Shares at a time when the market price is at a premium to the NAV or sells Shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses. The Investment Adviser cannot predict whether Shares will trade below, at or above their NAV. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for Shares will be closely related to, but not identical to, the same forces influencing the prices of the securities of a Fund’s Index (except the Access Ultra Short Bond ETF) trading individually or in the aggregate at any point in time.
Tracking Error Risk (each Fund except the Access Ultra Short Bond ETF) — Tracking error is the divergence of a Fund’s performance from that of its Index. The performance of a Fund may diverge from that of its Index for a number of reasons. Tracking error may occur because of transaction costs, a Fund’s holding of cash, differences in accrual of dividends, changes to its Index or the need to meet new or existing regulatory requirements. Unlike a Fund, the returns of an Index are not reduced by investment and other operating expenses, including the trading costs associated with implementing changes to its portfolio of investments. Tracking error risk may be heightened during times of market volatility or other unusual market conditions.
| 9. INDEMNIFICATIONS |
Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.
| 10. SUBSEQUENT EVENTS |
Subsequent events after the Statements of Assets and Liabilities date have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.
113
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Voting Results of Special Meeting of Shareholders (Unaudited)
A Special Meeting (the “Meeting”) of the Goldman Sachs ETF Trust (“the Trust”) was held on December 3, 2021 to consider and act upon the proposal below. Each Fund has amortized its respective share of the proxy, shareholder meeting and other related costs and GSAM has agreed to reimburse the Fund in an amount equal to the portion of the increase in the Fund’s total expense ratio that exceeds a specified percentage.
At the Meeting, Cheryl K. Beebe, Lawrence Hughes, John F. Killian, Steven D. Krichmar and Linda A. Lang were elected to the Trust’s Board of Trustees. In electing trustees, the Trust’s shareholders voted as follows:
|
Proposal 1. Election of Trustees |
For | Against/Withheld | Abstain | |||||||||
|
Cheryl K. Beebe |
264,924,160 | 15,294,512 | 0 | |||||||||
|
Lawrence Hughes |
279,548,931 | 669,741 | 0 | |||||||||
|
John F. Killian |
264,883,857 | 15,334,814 | 0 | |||||||||
|
Steven D. Krichmar |
279,552,751 | 665,920 | 0 | |||||||||
|
Linda A. Lang |
279,620,511 | 598,160 | 0 | |||||||||
114
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Liquidity Risk Management Program
Each Fund has adopted and implemented a liquidity risk management program (the “Program”) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage each Fund’s liquidity risk, i.e., the risk that a Fund is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust has designated GSAM, each Fund’s investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.
The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence a Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of a Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under Rule 22e-4); (4) for a Fund that does not invest primarily in “highly liquid investments” (as defined under Rule 22e-4), the determination of a minimum percentage of the Fund’s assets that will generally be invested in highly liquid investments (a “Highly Liquid Investment Minimum”); and (5) periodic reporting to the Board of Trustees.
At a meeting of the Board of Trustees on February 3-4, 2022, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the period from January 1, 2021 through December 31, 2021 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; (3) the efficiency of the arbitrage function during the Reporting Period; and (4) the impact of local holidays in non-U.S. jurisdictions. The report concluded that the Program continues to be reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.
There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which it may be subject.
115
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Fund Expenses — Six Month Period Ended 2/28/2022 (Unaudited)
As a shareholder you incur ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Shares of a Fund and to compare these costs with the ongoing costs of investing in other exchange-traded funds. This example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares of a Fund.
Except with respect to the Goldman Sachs Access Emerging Markets USD Bond ETF, which commenced operations on February 15, 2022, the example is based on an investment of $1,000 invested at the beginning of the period from September 1, 2021 and held for the entire six months ended February 28, 2022, which represents a period of 181 days of a 365 day year (or less where indicated).
Actual Expenses — The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the six months. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes — The second line in the table below provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Access Emerging Markets USD Bond ETF | Access High Yield Corporate Bond ETF | Access Inflation Protected USD Bond ETF | Access Investment Grade Corporate
1-5 Year Bond ETF |
|||||||||||||||||||||||||||||||||||||||||||||
|
Beginning 2/15/22 |
Ending Account Value 2/28/22 |
Expenses Paid** |
Beginning Account Value 9/1/21 |
Ending Account Value 2/28/22 |
Expenses Paid* |
Beginning Account Value 9/1/21 |
Ending Account Value 2/28/22 |
Expenses Paid* |
Beginning Account Value 9/1/21 |
Ending Account Value 2/28/22 |
Expenses Paid* |
|||||||||||||||||||||||||||||||||||||
|
Actual based on NAV |
$ | 1,000 | $ | 942.00 | $ | 0.00 | $ | 1,000 | $ | 969.71 | $ | 1.66 | $ | 1,000 | $ | 1,001.29 | $ | 0.59 | $ | 1,000 | $ | 970.71 | $ | 0.68 | ||||||||||||||||||||||||
|
Hypothetical 5% return |
$ | 1,000 | $ | 1,001.92 | + | $ | 0.00 | $ | 1,000 | $ | 1,023.11 | + | $ | 1.70 | $ | 1,000 | $ | 1,024.20 | + | $ | 0.60 | $ | 1,000 | $ | 1,024.11 | + | $ | 0.70 | ||||||||||||||||||||
| Access Investment Grade Corporate Bond ETF | Access Treasury 0-1 Year ETF | Access U.S. Aggregate Bond ETF | Access Ultra Short Bond ETF | |||||||||||||||||||||||||||||||||||||||||||||
| Beginning Account Value 9/1/21 |
Ending Account Value 2/28/22 |
Expenses Paid* |
Beginning Account Value 9/1/21 |
Ending Account Value 2/28/22 |
Expenses Paid* |
Beginning Account Value 9/1/21 |
Ending Account Value 2/28/22 |
Expenses Paid* |
Beginning Account Value 9/1/21 |
Ending Account Value 2/28/22 |
Expenses Paid* |
|||||||||||||||||||||||||||||||||||||
| $ | 1,000 | $ | 937.35 | $ | 0.67 | $ | 1,000 | $ | 998.80 | $ | 0.59 | $ | 1,000 | $ | 956.10 | $ | 0.50 | $ | 1,000 | $ | 996.42 | $ | 0.75 | |||||||||||||||||||||||||
| $ | 1,000 | $ | 1,024.10 | + | $ | 0.70 | $ | 1,000 | $ | 1,024.20 | + | $ | 0.60 | $ | 1,000 | $ | 1,024.29 | + | $ | 0.51 | $ | 1,000 | $ | 1,024.05 | + | $ | 0.76 | |||||||||||||||||||||
|
+ Hypothetical expenses are based on each Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.
* Expenses for each Fund are calculated using the Fund’s annualized net expense ratio, which represents the ongoing expenses as a percentage of net assets for the six months ended February 28, 2022. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal year; and then dividing that result by the number of days in the fiscal year.
** The Fund commenced operations on February 15, 2022. Expenses are calculated using the Fund’s annualized expense ratio, multiplied by the ending value for the period, multiplied by 14/365, which represents a period of 14 days of a 365 day year (to reflect the Fund’s commencement of operation).
The annualized net expense ratio for the period is as follows: |
| Fund | ||
|
Access Emerging Markets USD Bond ETF |
0.00% | |
|
Access High Yield Corporate Bond ETF |
0.34 | |
|
Access Inflation Protected USD Bond ETF |
0.12 | |
|
Access Investment Grade Corporate 1-5 Year Bond ETF |
0.14 | |
|
Access Investment Grade Corporate Bond ETF |
0.14 | |
|
Access Treasury 0-1 Year ETF |
0.12 | |
|
Access U.S. Aggregate Bond ETF |
0.10 | |
|
Access Ultra Short Bond ETF |
0.15 |
116
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Statement Regarding Basis for Initial Approval of Management Agreement for Goldman Sachs Access Emerging Markets USD Bond ETF (Unaudited)
Background
The Goldman Sachs Access Emerging Markets USD Bond ETF (the “Fund”) is an investment portfolio of Goldman Sachs ETF Trust (the “Trust”) that commenced investment operations on February 15, 2022. At a meeting held on June 5-6, 2018 (the “Organizational Meeting”) in connection with the Fund’s organization, the Board of Trustees, including all of the Trustees present who are not parties to the Fund’s investment management agreement (the “Management Agreement”) or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”) approved the Management Agreement with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Fund. The Management Agreement was most recently approved for continuation until September 30, 2022 by the Board of Trustees, including the Independent Trustees, at a meeting held on September 13, 2021 (the “Annual Meeting,” and together with the Organizational Meeting, the “Meetings”).
At the Meetings, the Trustees reviewed the Management Agreement with respect to the Fund, including information regarding the terms of the Management Agreement; the nature, extent and quality of the Investment Adviser’s anticipated services; the fees and expenses to be paid by the Fund; a comparison of the Fund’s proposed management fee and anticipated expenses with those paid by other similar exchange-traded funds (“ETFs”); potential benefits to be derived by the Investment Adviser and its affiliates from their relationships with the Fund; and potential benefits to be derived by the Fund from its relationship with the Investment Adviser. Various information was also provided at prior meetings at which the Fund was discussed.
In connection with the Meetings, the Trustees received written materials and oral presentations on the topics covered, and were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval of registered fund investment management agreements under applicable law. In evaluating the Management Agreement at the Meetings, the Trustees relied upon information included in a presentation made by the Investment Adviser at the Meetings and information received at prior Board meetings, as well as on their knowledge of the Investment Adviser resulting from their meetings and other interactions over time.
Nature, Extent, and Quality of the Services Provided Under the Management Agreement
As part of their review, the Trustees considered the nature, extent, and quality of the services to be provided to the Fund by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that would be provided by the Investment Adviser and its affiliates. The Trustees noted the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the significant resources that the Investment Adviser devotes to risk management and the control environment in which the Fund would operate, the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Fund and its service providers would operate, including changes associated with the COVID-19 pandemic, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees considered that under the Management Agreement, the Fund pays a single management fee to the Investment Adviser, and the Investment Adviser pays all of the Fund’s ordinary operating expenses, excluding payments under the Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings and litigation, indemnification and extraordinary expenses. The Trustees also considered information about the Fund’s structure, investment objective, strategies and other characteristics. In particular, they noted that the Fund would operate as a passively-managed ETF that seeks to track an index owned and calculated by a third-party service provider using concepts developed with the Investment Adviser. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who would provide services to the Fund. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing fixed income investment strategies. The Trustees also considered information regarding the Investment Adviser’s business continuity planning and remote operations capabilities. The Trustees concluded that the Investment Adviser would be able to commit substantial financial and operational resources to the Fund. They also considered that although the Fund was new (and therefore had no performance data to evaluate), the Investment Adviser has committed substantial financial and operational resources to ETFs and has extensive experience managing other types of registered investment companies. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Fund and the Investment Adviser and its affiliates.
Unitary Fee Structure and Profitability
The Trustees considered the unitary management fee rate payable by the Fund, noting that the Management Agreement provides for a unitary fee structure, pursuant to which the Fund pays a single fee to the Investment Adviser and the Investment Adviser then pays all of the Fund’s ordinary operating expenses. In addition, the Trustees considered information on the services to
117
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Statement Regarding Basis for Initial Approval of Management Agreement for Goldman Sachs Access Emerging Markets USD Bond ETF (Unaudited) (continued)
be rendered by the Investment Adviser to the Fund, which would include both advisory and non-advisory services directed to the needs and operations of the Fund as an ETF. In addition, the Trustees considered the Investment Adviser’s undertaking to implement a fee waiver for the Fund. The Trustees noted that a license fee would be payable by the Investment Adviser to FTSE Fixed Income LLC for the use of its index and certain trademarks. The Trustees also considered information provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of the Fund’s fee rate and projected expense ratio were prepared by the Investment Adviser and a third-party provider of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing the Fund’s management fee rate and projected expense ratio to those of relevant peer funds. The Trustees concluded that the comparisons were useful in evaluating the reasonableness of the management fee and total expenses to be paid by the Fund. The Trustees concluded that the Investment Adviser’s management of the Fund likely would benefit the Fund and its shareholders.
In addition, the Trustees recognized that there was not yet profitability data to evaluate for the Fund, but considered the Investment Adviser’s representations that (i) such data would be provided after the Fund commenced operations, and (ii) the Fund was not expected to be profitable to the Investment Adviser and its affiliates initially.
Economies of Scale
The Trustees noted that the Fund, similar to many other ETFs, would not have management fee breakpoints. The Trustees considered the Fund’s projected asset levels and information comparing the fee rates charged by the Investment Adviser with fee rates charged to other ETFs in the Fund’s peer group. The Trustees further noted the Investment Adviser’s assertion that future economies of scale (among several factors) had been taken into consideration in determining the Fund’s unitary management fee rate.
Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits expected to be derived by the Investment Adviser and its affiliates from their relationships with the Fund as stated above, including: (a) trading efficiencies resulting from aggregation of orders of the Fund with those for other funds or accounts managed by the Investment Adviser; (b) the Investment Adviser’s ability to leverage the infrastructure designed to service the Fund on behalf of its other clients; (c) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (d) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Fund; and (e) the possibility that the working relationship between the Investment Adviser and the Fund’s third party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs & Co. LLC (“Goldman Sachs”).
Other Benefits to the Fund and Its Shareholders
The Trustees also noted that the Fund is expected to receive certain potential benefits as a result of its relationship with the Investment Adviser, including: (a) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (b) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (c) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Fund because of the reputation of the Goldman Sachs organization; (d) the Fund’s access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (e) the Fund’s access to certain affiliated distribution channels.
Conclusion
In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the unitary management fee to be paid by the Fund was reasonable in light of the services to be provided to it by the Investment Adviser, the Investment Adviser’s costs and the Fund’s reasonably foreseeable asset levels. The Trustees unanimously concluded that the engagement of the Investment Adviser likely would benefit the Fund and its shareholders and that the Management Agreement should be approved and continued until September 30, 2022.
118
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs Access High Yield Corporate Bond ETF, Goldman Sachs Access Inflation Protected USD Bond ETF, Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF, Goldman Sachs Access Investment Grade Corporate Bond ETF, Goldman Sachs Access Treasury 0-1 Year ETF, Goldman Sachs Access U.S. Aggregate Bond ETF and Goldman Sachs Access Ultra Short Bond ETF (Unaudited)
Background
The Goldman Sachs Access High Yield Corporate Bond ETF, Goldman Sachs Access Inflation Protected USD Bond ETF, Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF, Goldman Sachs Access Investment Grade Corporate Bond ETF, Goldman Sachs Access Treasury 0-1 Year ETF, Goldman Sachs Access U.S. Aggregate Bond ETF and Goldman Sachs Access Ultra Short Bond ETF (each, a “Fund” and together, the “Funds”) are investment portfolios of Goldman Sachs ETF Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.
The Management Agreement was most recently approved for continuation until September 30, 2022 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on September 13, 2021 (the “Annual Meeting”).
The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. The Committee held one meeting over the course of the year since the Management Agreement was last approved in 2020. At this Committee meeting, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to each Fund, such matters included:
| (a) | the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about: |
| (i) | the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams; |
| (ii) | the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training); |
| (iii) | trends in employee headcount; |
| (iv) | the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and |
| (v) | the parent company’s support of the Investment Adviser and its registered fund business, as expressed by the firm’s senior management; |
| (b) | information on the investment performance of the Fund, including comparisons to the performance of similar exchange-traded funds (“ETFs”), as provided by a third-party fund data provider engaged as part of the contract review process (the “Outside Data Provider”), and information on general investment outlooks in the markets in which the Fund invests, to the extent that a Fund had been existence for at least one year; |
| (c) | the terms of the Management Agreement entered into by the Trust on behalf of the Fund; |
| (d) | fee and expense information for the Fund, including the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider; |
| (e) | with respect to the investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund; |
| (f) | the undertakings of the Investment Adviser and its affiliates to implement fee waivers; |
| (g) | information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates; |
| (h) | whether the Fund’s existing management fee schedule adequately addressed any economies of scale; |
| (i) | a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund; |
| (j) | a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser; |
119
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs Access High Yield Corporate Bond ETF, Goldman Sachs Access Inflation Protected USD Bond ETF, Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF, Goldman Sachs Access Investment Grade Corporate Bond ETF, Goldman Sachs Access Treasury 0-1 Year ETF, Goldman Sachs Access U.S. Aggregate Bond ETF and Goldman Sachs Access Ultra Short Bond ETF (Unaudited) (continued)
| (k) | portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers; |
| (l) | the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and |
| (m) | the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund’s compliance program; and periodic compliance reports. |
The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other registered funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of registered fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.
Nature, Extent, and Quality of the Services Provided Under the Management Agreement
As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the significant resources that the Investment Adviser devotes to risk management and the control environment in which the Funds operate, the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Funds and their service providers operate, including changes associated with the COVID-19 pandemic, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees considered that under the Management Agreement, each Fund pays a single fee to the Investment Adviser, and the Investment Adviser pays each Fund’s ordinary operating expenses, excluding payments under each Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses. The Trustees also considered information about each Fund’s structure, investment objective, strategies and other characteristics. In particular, they noted that the Funds are passively-managed ETFs that seek to track indices developed and maintained by a third-party service provider, except for the Goldman Sachs Access Ultra Short Bond ETF, which is an actively managed ETF that does not seek to replicate the performance of a specified index. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who provide services to the Funds. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing fixed income investment strategies and portfolios that invest in short term U.S. Treasury securities. They also considered information regarding the Investment Adviser’s business continuity planning and remote operations capabilities. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.
Investment Performance
The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using data, rankings and/or ratings compiled by the Outside Data Provider as of March 31, 2021, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside
120
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs Access High Yield Corporate Bond ETF, Goldman Sachs Access Inflation Protected USD Bond ETF, Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF, Goldman Sachs Access Investment Grade Corporate Bond ETF, Goldman Sachs Access Treasury 0-1 Year ETF, Goldman Sachs Access U.S. Aggregate Bond ETF and Goldman Sachs Access Ultra Short Bond ETF (Unaudited) (continued)
Data Provider as of June 30, 2021. The information on each Fund’s investment performance was provided for the one- and three-year periods ending on the applicable dates, to the extent that each Fund had been in existence for those periods. As part of this review, they reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing each Fund’s performance to that of its respective index (except for the Goldman Sachs Access Ultra Short Bond ETF), a comparable market capitalization-weighted reference index, and/or a composite of separate accounts with comparable investment strategies, as applicable. The Trustees observed that the investment performance of each passively-managed Fund was consistent with the investment objective of tracking its respective index. They also noted that the Goldman Sachs Access Ultra Short Bond ETF’s investment performance was consistent with its investment objective of seeking to provide current income with preservation of capital.
In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.
Unitary Fee Structure and Profitability
The Trustees considered the unitary management fee rate payable by each Fund, noting that the Management Agreement provides for a unitary fee structure, pursuant to which each Fund pays a single fee to the Investment Adviser and the Investment Adviser then pays all of the Fund’s ordinary operating expenses. In addition, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and non-advisory services that were directed to the needs and operations of the Funds as ETFs.
In addition, the Trustees considered the Investment Adviser’s undertakings to implement management fee waivers for the Goldman Sachs Access Treasury 0-1 Year ETF and Goldman Sachs Access Ultra Short Bond ETF. The Trustees noted that license fees would be payable by the Investment Adviser to FTSE Fixed Income LLC for the use of its indices (except with respect to the Goldman Sachs Access Ultra Short Bond ETF). The Trustees also considered information previously provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of each Fund’s fee rate and expense ratio were prepared by the Investment Adviser and certain third-party providers of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing each Fund’s management fee rate and net expense ratio to those of relevant peer funds. The Trustees concluded that the comparisons were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.
The Trustees reviewed each Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had previously received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs & Co. LLC (“Goldman Sachs”) organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology and profitability analysis calculations.
Economies of Scale
The Trustees noted that the Funds, similar to many other ETFs, do not have management fee breakpoints. They considered information previously provided regarding each Fund’s fee structure, the amount of assets in each Fund, each Fund’s recent creation and redemption activity, and the costs of the services provided by the Investment Adviser and its affiliates. The Trustees further noted the Investment Adviser’s assertion that future economies of scale (among several factors) had been taken into consideration in determining each Fund’s unitary management fee rate.
121
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs Access High Yield Corporate Bond ETF, Goldman Sachs Access Inflation Protected USD Bond ETF, Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF, Goldman Sachs Access Investment Grade Corporate Bond ETF, Goldman Sachs Access Treasury 0-1 Year ETF, Goldman Sachs Access U.S. Aggregate Bond ETF and Goldman Sachs Access Ultra Short Bond ETF (Unaudited) (continued)
Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits derived (or expected to be derived) by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (b) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (c) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (d) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; and (e) the possibility that the working relationship between the Investment Adviser and the Funds’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.
Other Benefits to the Funds and Their Shareholders
The Trustees also noted that the Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (b) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (c) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; and (d) the Funds’ access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; (e) the Funds’ access to certain affiliated distribution channels.
Conclusion
In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the unitary fee paid by each Fund was reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreement with respect to each Fund should be approved and continued until September 30, 2022.
122
FUNDS PROFILE
Goldman Sachs ETFs
Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.
Today, the Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.21 trillion in assets under supervision as of December 31, 2021, Goldman Sachs Asset Management has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. Goldman Sachs Asset Management leverages the resources of Goldman Sachs & Co. LLC. subject to legal, internal and regulatory restrictions.
| GOLDMAN SACHS EXCHANGE-TRADED FUNDS |
| Goldman Sachs ActiveBeta® Emerging Markets Equity ETF |
| Goldman Sachs ActiveBeta® Europe Equity ETF |
| Goldman Sachs ActiveBeta® International Equity ETF |
| Goldman Sachs ActiveBeta® Japan Equity ETF |
| Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF |
| Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF |
| Goldman Sachs ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF |
| Goldman Sachs ActiveBeta® World Low Vol Plus Equity ETF |
| Goldman Sachs Bloomberg Clean Energy Equity ETF |
| Goldman Sachs Equal Weight U.S. Large Cap Equity ETF |
| Goldman Sachs Hedge Industry VIP ETF |
| Goldman Sachs Innovate Equity ETF |
| Goldman Sachs JUST U.S. Large Cap Equity ETF |
| Goldman Sachs Access Emerging Markets USD Bond ETF |
| Goldman Sachs Access High Yield Corporate Bond ETF |
| Goldman Sachs Access Inflation Protected USD Bond ETF |
| Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF |
| Goldman Sachs Access Investment Grade Corporate Bond ETF |
| Goldman Sachs Access Treasury 0-1 Year ETF |
| Goldman Sachs Access U.S. Aggregate Bond ETF |
| Goldman Sachs Access Ultra Short Bond ETF |
| Goldman Sachs MarketBetaTM Emerging Markets Equity ETF |
| Goldman Sachs MarketBetaTM International Equity ETF |
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Goldman Sachs MarketBetaTM U.S. Equity ETF Goldman Sachs Future Planet Equity ETF Goldman Sachs Future Tech Leaders Equity ETF Goldman Sachs Future Health Care Equity ETF Goldman Sachs Future Consumer Equity ETF Goldman Sachs Future Real Estate and Infrastructure Equity ETF Goldman Sachs Physical Gold ETF
|
Equity
INDEX DISCLAIMERS
The Goldman Sachs Access Emerging Markets USD Bond ETF, Access High Yield Corporate Bond ETF, Goldman Sachs Access Inflation Protected USD Bond ETF, Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF, Goldman Sachs Access Investment Grade Corporate Bond ETF, Goldman Sachs Access Treasury 0-1 Year ETF and Goldman Sachs Access U.S. Aggregate Bond ETF (the “Funds”) have been developed solely by GSAM. The Funds are not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). FTSE Russell is a trading name of certain of the LSE Group companies.
All rights in the FTSE Goldman Sachs Emerging Markets USD Bond Index, FTSE Goldman Sachs High Yield Corporate Bond Index, FTSE Goldman Sachs Treasury Inflation Protected USD Bond Index, FTSE Goldman Sachs US Investment-Grade Corporate Bond 1-5 Years Index, FTSE Goldman Sachs Investment Grade Corporate Bond Index, FTSE US Treasury 0-1 Year Composite Select Index, FTSE Goldman Sachs US Broad Bond Market Index, and FTSE Goldman Sachs US Treasury Index (each, an “Index” and collectively, the “Indexes”) vest in the relevant LSE Group company which owns each Index. FTSE® is a trademark of the relevant LSE Group company and is used by any other LSE Group company under license.
Each Index is calculated by or on behalf of FTSE Fixed Income, LLC or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the Funds. The LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Funds or the suitability of any Index for the purpose to which it is being put by GSAM.
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TRUSTEES Cheryl K. Beebe, Chair Lawrence Hughes John F. Killian Steven D. Krichmar Linda A. Lang Michael Latham James A. McNamara Lawrence W. Stranghoener |
OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary | |
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THE BANK OF NEW YORK MELLON Transfer Agent |
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ALPS DISTRIBUTORS, INC. Distributor |
GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser | |
Visit our Website at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.
Goldman Sachs Asset Management, L.P., 200 West Street, New York, New York 10282
The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how the Funds voted proxies relating to portfolio securities for the most recent 12-month period ended June 30, are available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC’’) web site at http://www.sec.gov.
The Funds will file portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-621-2550.
Fund holdings and allocations shown are as of February 28, 2022 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.
ETF Fund shares are not individually redeemable and are issued and redeemed by the Funds at their net asset value (“NAV”) only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns.
A Fund may be recently or newly organized and have limited operating history.
Economic and market forecasts presented herein reflect our judgment as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.
ETF Fund shares are not individually redeemable and are issued and redeemed by the Fund at their net asset value (“NAV”) only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns. Ordinary brokerage commissions apply.
This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider the Funds’ objectives, risks, and charges and expenses, and read the summary prospectuses, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectuses, if available, and the Prospectus contain this and other information about the Funds and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling 1-800-621-2550.
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ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.
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