Goldman Sachs Funds

Annual Report August 31, 2023

Access Fixed Income ETFs

Access Emerging Markets USD Bond ETF (GEMD)
Access High Yield Corporate Bond ETF (GHYB)
Access Inflation Protected USD Bond ETF (GTIP)
Access Investment Grade Corporate 1-5 Year Bond ETF (GSIG)
Access Investment Grade Corporate Bond ETF (GIGB)
Access Treasury 0-1 Year ETF (GBIL)
Access U.S. Aggregate Bond ETF (GCOR)
Access Ultra Short Bond ETF (GSST)
Goldman Sachs Access Fixed Income ETFs

䡲 ACCESS EMERGING MARKETS USD BOND ETF

䡲 ACCESS HIGH YIELD CORPORATE BOND ETF

䡲 ACCESS INFLATION PROTECTED USD BOND ETF

䡲 ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND ETF

䡲 ACCESS INVESTMENT GRADE CORPORATE BOND ETF

䡲 ACCESS TREASURY 0-1 YEAR ETF

䡲 ACCESS U.S. AGGREGATE BOND ETF

䡲 ACCESS ULTRA SHORT BOND ETF

TABLE OF CONTENTS

Investment Process 1

Portfolio Results and Fund Basics 9

Schedules of Investments 47

Financial Statements 118

Financial Highlights 126

Access Emerging Markets USD Bond ETF 126

Access High Yield Corporate Bond ETF 127

Access Inflation Protected USD Bond ETF 128

Access Investment Grade Corporate 1-5 Year Bond ETF 129

Access Investment Grade Corporate Bond ETF 130

Access Treasury 0-1 Year ETF 131

Access U.S. Aggregate Bond ETF 132

Access Ultra Short Bond ETF 133

Notes to Financial Statements 134

Report of Independent Registered Public Accounting Firm 150

Other Information 151

NOT FDIC-INSURED May Lose Value No Bank Guarantee

 INVESTMENT PROCESS

Goldman Sachs Access Fixed Income ETFs

Principal Investment Strategies

GOLDMAN SACHS ACCESS EMERGING MARKETS USD BOND ETF
The Goldman Sachs Access Emerging Markets USD Bond ETF (the “Fund”) seeks to achieve its investment objective by investing
at least 80% of its assets (exclusive of collateral held from securities lending) in securities included in its underlying index.

The FTSE Goldman Sachs Emerging Markets USD Bond Index (the “Index”) is a rules-based index that is designed to measure the
performance of investment grade and high yield bonds issued by emerging market governments or quasi-government entities
denominated in U.S. dollars (“USD”) that meet certain liquidity, governance and fundamental screening criteria. As of August 31,
2023, there were 538 constituents in the Index and the Index had a weighted average maturity of 12.20 years.

The Index is a custom index that is owned and calculated by FTSE Fixed Income LLC (“FTSE”), a trading name of the London
Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). The Index is based
on the government and quasi-government bonds of the FTSE Emerging Markets Broad Bond Index (the “Reference Index”) using
concepts developed with Goldman Sachs Asset Management, L.P. (“GSAM”).

Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of
active investment management, which may involve buying and selling securities based upon analysis of economic and
market factors.

The Index Provider constructs the Index in accordance with a rules-based methodology that involves two steps.

Step 1 - In the first step, the Index Provider defines a universe of potential index constituents (the “Universe”) by applying
specified criteria to the constituents of the Reference Index. The Reference Index includes sovereign and quasi-sovereign debt
issued in USD with a minimum of $500 million and $250 million outstanding, respectively, that is rated at least C by S&P Global
Ratings (“S&P”) or Ca by Moody’s Investors Service, Inc. (“Moody’s”). Only constituents of the Reference Index that have a
minimum issue equivalent of $500 million outstanding, a minimum issuer size of $1 billion, and are rated at least B- by S&P or B3
by Moody’s are included in the Universe. The weight of each country within the Universe is capped at 5%. A maturity bucketing
process is used to approximate the average effective duration of the Reference Index.

Step 2 - In the second step, the Index Provider applies both governance and fundamental screens to the Universe. First, issuers are
ranked by improvement or deterioration in governance based on the Worldwide Governance Indicators. Based on this ranking, the
bottom 10% of issuing countries are excluded from the Universe. Second, issuers are ranked by improvement or deterioration in
two fundamental factors, import coverage and inflation. Based on this second ranking, the bottom 5% of issuing countries are
excluded from the Universe. Inclusion or exclusion of quasi-government bonds is based on the country of domicile.

As of August 31, 2023, issuers from 40 emerging market countries were included in the Index. The majority of these countries are
likely to be located in Africa, Asia, the Middle East, Eastern and Central Europe and Central and South America. The countries
included in the Index may change over time. The percentage of the portfolio exposed to any country or geographic region will vary
from time to time as the weightings of the securities within the Index change, and the Fund may not be invested in each country or
geographic region at all times.

The securities included in the Index include non-investment grade fixed income securities (commonly known as “junk bonds”).

Non-investment grade fixed income securities in the Index are securities rated below BBB- by S&P or Baa3 by Moody’s. The
Investment Adviser uses a representative sampling strategy to manage the Fund. “Representative sampling” is an indexing strategy
in which the Fund invests in a representative sample of constituent securities that has a collective investment profile similar to that
of the Index.

The securities selected for investment by the Fund are expected to have, in the aggregate, investment characteristics, governance
characteristics, fundamental characteristics and liquidity measures similar to those of the Index. The Fund may or may not hold all
of the securities in the Index.

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INVESTMENT PROCESS

The Fund may concentrate its investments (i.e., hold more than 25% of its total assets) in a particular industry or group of
industries to the extent that the Index is concentrated. The degree to which components of the Index represent certain sectors or
industries may change over time.

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

The Goldman Sachs Access High Yield Corporate Bond ETF (the “Fund”) seeks to achieve its investment objective by investing at
least 80% of its assets (exclusive of collateral held from securities lending) in securities included in its underlying index.

The FTSE Goldman Sachs High Yield Corporate Bond Index (the “Index”) is a rules-based index that is designed to measure the
performance of high yield corporate bonds denominated in U.S. dollars (“USD”) that meet certain liquidity and fundamental
screening criteria. “High yield” bonds are bonds that are rated below investment grade and are commonly referred to as “junk
bonds.” As of August 31, 2023, there were 875 constituents in the Index and the Index had a weighted average maturity of
4.90 years. The Index is a custom index that is owned and calculated by FTSE Fixed Income LLC (“FTSE”), a trading name of the
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). The Index
is based on the FTSE US High-Yield Market Index (the “Reference Index”) using concepts developed with Goldman Sachs Asset
Management, L.P. (“GSAM”).

Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of
active investment management, which may involve buying and selling securities based upon analysis of economic and
market factors.

The Index Provider constructs the Index in accordance with a rules-based methodology that involves two steps.

Step 1 - In the first step, the Index Provider defines a universe of potential index constituents (the “Universe”) by applying
specified criteria to the constituents of the Reference Index. The Reference Index includes high yield corporate bonds issued by
companies domiciled in the United States or Canada that have a minimum of one year to maturity and are rated a maximum of
BB+ by S&P Global Ratings (“S&P”) and Ba1 by Moody’s Investors Service, Inc. (“Moody’s”) and a minimum of C by S&P and
Ca by Moody’s. Only constituents of the Reference Index that (i) have a minimum of $400 million outstanding, a minimum issuer
size of $1 billion and a maximum final maturity of 15 years and (ii) if neither fundamental factor described below is available, are
rated at least CCC+ by S&P or Caa1 by Moody’s, are included in the Universe. A maturity bucketing process is used to
approximate the average effective duration of the Reference Index.

Step 2 - In the second step, the Index Provider applies a fundamental screen to the Universe. Issuers are first grouped into three
broad industry groups: financials, industrials and utilities. Within each industry group, issuers are measured by two fundamental
factors, debt service and leverage. The Index Provider ranks each issuer based on the two fundamental factors, equally weighted.
The Index is constructed by including the highest ranking eligible securities in each industry group, screening out lowest ranking
eligible securities.

GOLDMAN SACHS ACCESS INFLATION PROTECTED USD BOND ETF

The Goldman Sachs Access Inflation Protected USD Bond ETF (the “Fund”) seeks to achieve its investment objective by investing
at least 80% of its assets (exclusive of collateral held from securities lending) in securities included in its underlying index.

The FTSE Goldman Sachs Treasury Inflation Protected USD Bond Index (the “Index”) is designed to track the performance of
inflation-protected, fixed rate U.S. Treasury Securities denominated in U.S. dollars (“USD”) that meet certain screening criteria.
“U.S. Treasury Securities” refer to securities issued or guaranteed by the U.S. Treasury where the payment of principal and interest
is backed by the full faith and credit of the U.S. government. U.S. Treasury Securities include U.S. Treasury notes, U.S. Treasury
bills and U.S. Treasury floating rate bonds. As of August 31, 2023, there were 43 issues in the Index and the Index had a weighted
average maturity of 7.22 years and a weighted average duration of 6.77 years. The Index is a custom index that is owned and
calculated by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group
undertakings (collectively, the “LSE Group” or the “Index Provider”). The Index is based on the U.S. sleeve of the FTSE World
Inflation-Linked Securities Index (the “Reference Index”) using concepts developed with GSAM.
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 INVESTMENT PROCESS

Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of
active investment management, which may involve buying and selling securities based upon analysis of economic and
market factors.

The Index Provider constructs the Index in accordance with a rules-based methodology that involves two steps.

Step 1 - In the first step, the Index Provider defines a universe of potential index constituents (the “Universe”) by applying
specified criteria to the constituents of the Reference Index. The Reference Index includes fixed-rate, sovereign bonds denominated
in USD that are linked to an inflation index. Only constituents of the Reference Index that are U.S. Treasury Inflation-Protected
Securities (“TIPS”), have a minimum of 1 year to maturity and a minimum issue size of $5 billion outstanding (before taking into
account the Federal Reserve System Open Market Account (“SOMA”) holdings) are included in the Universe.

Step 2 - In the second step, the Index Provider screens the Universe to exclude securities that are unseasoned. The Index excludes
“on-the-run” bonds, or the newest issues for each security term. The Index is constructed by weighting each constituent to match
the weighted average real yield duration of the Universe.

THE FUND IS NOT A MONEY MARKET FUND AND DOES NOT ATTEMPT TO MAINTAIN A STABLE NET
ASSET VALUE.

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

The Goldman Sachs Access Investment Grade Corporate Bond ETF (the “Fund”) seeks to achieve its investment objective by
investing at least 80% of its assets (exclusive of collateral held from securities lending) in securities included in its underlying
index.

The FTSE Goldman Sachs Investment Grade Corporate Bond Index (the “Index”) is a rules-based index that is designed to
measure the performance of investment grade corporate bonds denominated in U.S. dollars that meet certain liquidity and
fundamental screening criteria. As of August 31, 2023, there were 3,033 constituents in the Index and the Index had a weighted
average maturity of 11.45 years. The Index is a custom index that is owned and calculated by FTSE Fixed Income LLC (“FTSE”),
a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index
Provider”). The Index is based on the FTSE US Broad Investment-Grade (USBIG®) Corporate Index (the “Reference Index”)
using concepts developed with Goldman Sachs Asset Management, L.P. (“GSAM”).

Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of
active investment management, which may involve buying and selling securities based upon analysis of economic and
market factors.

The Index Provider constructs the Index in accordance with a rules-based methodology that involves two steps.

Step 1 - In the first step, the Index Provider defines a universe of potential index constituents (the “Universe”) by applying
specified criteria to the constituents of the Reference Index. The Reference Index includes investment grade corporate bonds that
have a minimum of one year to maturity and are rated at least BBB- by S&P Global Ratings (“S&P”) or Baa3 by Moody’s
Investors Service, Inc. (“Moody’s”). Only corporate bond constituents of the Reference Index that have a minimum of
$750 million outstanding and a minimum issuer size of $2 billion are included in the Universe.

Step 2 - In the second step, the Index Provider applies a fundamental screen to the Universe. Issuers are first grouped into three
broad industry groups: financials, industrials and utilities. Within each industry group, issuers are measured by two fundamental
factors, operating margin and leverage. The Index Provider ranks each issuer based on the two fundamental factors, equally
weighted. The Index is constructed by including the highest ranking eligible securities in each industry group, screening out lowest
ranking eligible securities.

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND ETF
The Fund seeks to achieve its investment objective by investing at least 80% of its assets (exclusive of collateral held from
securities lending) in securities included in its underlying index.
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INVESTMENT PROCESS

The FTSE Goldman Sachs US Investment Grade Corporate Bond 1-5 Years Index (the “Index”) is a rules-based index that is
designed to measure the performance of investment grade, corporate bonds denominated in U.S. dollars (“USD”) with remaining
maturities between one and five years that meet certain liquidity and fundamental screening criteria. As of August 31, 2023, there
were 2,352 constituents in the Index and the Index had a weighted average maturity of 2.90 years. The Index is a custom index that
is owned and calculated by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its
group undertakings (collectively, the “LSE Group” or the “Index Provider”). The Index is based on the FTSE US Broad
Investment-Grade (USBIG®) Corporate Bond Index (the “Reference Index”) using concepts developed with Goldman Sachs Asset
Management, L.P. (the “Investment Adviser” or “GSAM”).

Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of
active investment management, which may involve buying and selling securities based upon analysis of economic and
market factors.

The Index Provider constructs the Index in accordance with a rules-based methodology that involves two steps.

Step 1 - In the first step, the Index Provider defines a universe of potential Index constituents (the “Universe”) by applying
specified criteria to the constituents of the Reference Index. The Reference Index includes investment grade corporate bonds that
have a minimum of a minimum of one year to maturity and are rated at least BBB- by S&P Global Ratings (“S&P”) or Baa3 by
Moody’s Investors Service, Inc. (“Moody’s”). Only corporate bond constituents of the Reference Index that have a minimum of
$250 million outstanding, remaining maturities between one and five years, and from issuers with at least two eligible bonds
outstanding are included in the Universe. A maturity bucketing process is used to approximate the average effective duration of
constituents of the Reference Index with remaining maturities between one and five years.

Step 2 - In the second step, the Index Provider applies a fundamental screen to the Universe. Issuers are first grouped into three
broad industry groups: financials, industrials and utilities. Within each industry group, issuers are measured by two fundamental
factors, operating margin and leverage, subject to certain exceptions. The Index Provider ranks each issuer based on the two
fundamental factors, equally weighted. The Index is constructed by including the highest ranking eligible securities in each
industry group, screening out lowest ranking eligible securities. An issuer weight cap is applied to each Index constituent.

GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF

The Goldman Sachs Access Treasury 0-1 Year ETF (the “Fund”) seeks to achieve its investment objective by investing at least
80% of its assets (exclusive of collateral held from securities lending) in securities included in its underlying index.

The FTSE US Treasury 0-1 Year Composite Select Index (the “Index”) is designed to measure the performance of U.S. Treasury
Securities with a maximum remaining maturity of 12 months. “U.S. Treasury Securities” refer to securities issued or guaranteed by
the U.S. Treasury where the payment of principal and interest is backed by the full faith and credit of the U.S. government. U.S.
Treasury Securities include U.S. Treasury notes, U.S. Treasury bills and U.S. Treasury floating rate bonds. The Fund expects to
invest 100% of its assets in (i) U.S. Treasury Securities with a maximum remaining maturity of 12 months and (ii) cash.

As of August 31, 2023, there were 90 issues in the Index and the Index had a weighted average maturity of 0.26 years. The Index
includes publicly-issued U.S. Treasury Securities that have a minimum remaining maturity of 1 month and a maximum remaining
maturity of 12 months at the time of rebalance and that have a minimum issue size of $5 billion. In addition, the securities in the
Index must be non-convertible and denominated in U.S. dollars. The Index excludes certain special issues, such as targeted
investor notes, state and local government series bonds and coupon issues that have been stripped from bonds. 10-year and 30-year
U.S. Treasury bonds are not eligible for inclusion in the Index.

The Index is sponsored by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its
group undertakings (collectively, the “LSE Group” or the “Index Provider”), which is not affiliated with the Fund or the
Investment Adviser. The Index is market capitalization-weighted and the securities in the Index are updated on the last business
day of each month.

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 INVESTMENT PROCESS

Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of
active investment management, which may involve buying and selling securities based upon analysis of economic and
market factors.

THE FUND IS NOT A MONEY MARKET FUND AND DOES NOT ATTEMPT TO MAINTAIN A STABLE NET
ASSET VALUE.

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

The Goldman Sachs Access U.S. Aggregate Bond ETF (the “Fund”) seeks to achieve its investment objective by investing at least
80% of its assets (exclusive of collateral held from securities lending) in securities included in its underlying index.
To-Be-Announced (“TBA”) transactions representing securities included in the Fund’s underlying index are counted towards the
Fund’s 80% investment policy.

The FTSE Goldman Sachs US Broad Bond Market Index (the “Index”) is a rules-based index that is designed to measure the
performance of investment grade, U.S. dollar (“USD”)-denominated bonds issued in the United States that meet certain liquidity
and fundamental screening criteria. The Index consists of the following fixed income asset class sectors: U.S. Treasury Securities,
corporate bonds, mortgage-backed securities, government-sponsored securities, non-U.S. sovereign and provincial securities and
asset-backed securities. As of August 31, 2023, there were 8,450 constituents in the Index and the Index had a weighted average
maturity of 9.08 years. In addition, as of August 31, 2023, the percentage breakdown of bonds included in the Index was as
follows: U.S. Treasury securities (41.6%), corporate bonds (25.3%), mortgage-backed securities (26.5%), asset-backed securities
(0.2%), government-sponsored securities (3.5%), emerging markets debt (2.7%) and non-U.S. sovereign and provincial securities
(0.1%). The Index is a custom index that is owned and calculated by FTSE Fixed Income LLC (“FTSE”), a trading name of the
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). The Index
is based on the FTSE US Broad Investment-Grade (USBIG®) Index (the “Reference Index”), using concepts developed with
Goldman Sachs Asset Management, L.P. (the “Investment Adviser” or “GSAM”).

Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of
active investment management, which may involve buying and selling securities based upon analysis of economic and
market factors.

The Index Provider constructs the Index in accordance with a rules-based methodology that involves two steps.

Step 1 - In the first step, the Index Provider defines a universe of potential index constituents (the “Universe”) by applying
specified criteria to constituents of the Reference Index as described below. All constituents of the Reference Index must have a
minimum of one year to maturity and are rated at least BBB- by S&P Global Ratings (“S&P”) or Baa3 by Moody’s Investors
Service, Inc. (“Moody’s”).

U.S. Treasury Securities: “U.S. Treasury Securities” refer to securities issued or guaranteed by the U.S. Treasury where the
payment of principal and interest is backed by the full faith and credit of the U.S. government. U.S. Treasury Securities include
U.S. Treasury notes, U.S. Treasury bills and U.S. Treasury floating rate bonds. U.S. Treasury Securities that are included in the
Reference Index must have a minimum of $5 billion outstanding (before taking into account the Federal Reserve System Open
Market Account (“SOMA”) holdings). Only fixed-rate U.S. Treasury Securities within the Reference Index are included in the
Universe.

Corporate Bonds: Corporate bonds that are included in the Reference Index must have a minimum of $250 million outstanding.
Only corporate bonds within the Reference Index from issuers with at least two eligible bonds outstanding are included in the
Universe. A maturity bucketing process is used to approximate the average effective duration of the Reference Index.

Mortgage-Backed Securities: Mortgage-backed securities that are included in the Reference Index must have a minimum issuer
size of $250 million. Only mortgage-backed securities within the Reference Index that have a minimum of $1 billion outstanding
per origination year generic when the coupon has a minimum amount outstanding of $5 billion are included in the Universe.
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INVESTMENT PROCESS

Government-Sponsored Securities, Non-U.S. Sovereign and Provincial Securities and Asset-Backed Securities: Government-
sponsored securities, non-U.S. sovereign and provincial securities and asset-backed securities that are included in the Reference
Index must have a minimum of $1 billion, $500 million and $250 million outstanding, respectively. All government-sponsored
securities, non-U.S. sovereign and provincial securities and asset-backed securities within the Reference Index are included in the
Universe, except for callable zero coupon bonds, bonds callable less than one year from the issue date, and bonds issued by
supranational entities.

Step 2 - In the second step, the Index Provider applies specified fundamental screens to each type of constituents in the Universe as
described below.

U.S. Treasury Securities: U.S. Treasury Securities within the Universe are screened to exclude securities that are “on-the-run”
bonds, or the newest issues for each security term. The remaining U.S. Treasury Securities are divided into “maturity sectors”
according to their weighted average maturities. The weight of each U.S. Treasury Security within its maturity sector is determined
through an optimization process with the goal of maximizing projected one-month return net of transaction costs subject to a cap
on volatility.

Corporate Bonds: Corporate bond issuers within the Universe are grouped into three broad industry groups: financials, industrials
and utilities. Within each industry group, issuers are measured by two fundamental factors, operating margin and leverage, subject
to certain exceptions. The Index Provider ranks each issuer based on the two fundamental factors, equally weighted. The Index is
constructed by including the highest ranking eligible securities in each industry group and screening out lowest ranking eligible
securities. An issuer weight cap is applied to each Index constituent.

Mortgage-Backed Securities: Mortgage-backed securities within the Universe are grouped by issuer agency and are ranked
within each issuer agency group based on “seasoning” (i.e., the length of time the security has been publicly traded). “Unseasoned”
mortgage-backed securities (i.e., securities with less than six months of loan age) within each issuer agency group are removed
from the Index. In addition, the most “negatively convex” mortgage-backed securities within each issuer agency group are
removed from the Index (“negative convexity” refers to the tendency for a security’s price to fall when interest rates fall). The
weights of the remaining mortgage-backed securities in the Index are determined according to their market capitalizations within
the Reference Index, and the weight of each issuer agency group is adjusted to match the weighted average effective duration of
such group within the Reference Index.

Government-Sponsored Securities, Non-U.S. Sovereign and Provincial Securities and Asset-Backed Securities: Government-
sponsored securities, non-U.S. sovereign and provincial securities and asset-backed securities within the Universe are included in
the Index in accordance with their market capitalizations.

ALL ABOVE FUNDS

Each of the FTSE Goldman Sachs Emerging Markets USD Bond Index, FTSE Goldman Sachs High Yield Corporate Bond Index,
FTSE Goldman Sachs Investment Grade Corporate Bond 1-5 Years Index, FTSE Goldman Sachs Investment Grade Corporate
Bond Index and FTSE Goldman Sachs US Broad Bond Market Index is rebalanced (i) monthly on the last business day of each
month, to account for changes in maturities, corporate actions or ratings migration, and (ii) quarterly, to account for updates to the
constituent securities on the basis of the fundamental factors (as described above). The FTSE US Treasury 0-1 Year Composite
Select Index is rebalanced monthly on the last day of the month. The FTSE Goldman Sachs Treasury Inflation Protected USD
Bond Index is rebalanced monthly on the last business day of the month to account for changes in maturities (i.e., removing
securities with less than 1 year to maturity), new issues and duration to closely match the weighted average real yield duration of
its Universe.

The Investment Adviser uses a representative sampling strategy to manage each Fund. “Representative sampling” is an indexing
strategy in which each Fund invests in a representative sample of constituent securities that has a collective investment profile
similar to that of its Index. The securities selected for investment by each Fund are expected to have, in the aggregate, investment
characteristics, fundamental characteristics and liquidity measures similar to those of its Index.

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Each Fund may or may not hold all of the securities in its Index. Each of the Goldman Sachs Access High Yield Corporate Bond
ETF, Goldman Sachs Investment Grade Corporate 1-5 Year Bond ETF, Goldman Sachs Access Investment Grade Corporate Bond
ETF and Goldman Sachs Access U.S. Aggregate Bond ETF may concentrate its investments (i.e., hold more than 25% of its total
assets) in a particular industry or group of industries to the extent that its Index is concentrated. The degree to which components
of its Index represent certain sectors or industries may change over time. Each of the Goldman Sachs Access Treasury 0-1 Year
ETF and Goldman Sachs Access Inflation Protected USD Bond ETF may concentrate its investments (i.e., hold more than 25% of
its total assets) in a particular industry or group of industries to the extent that its Index is concentrated. The U.S. government, state
and municipal governments and their agencies, authorities and instrumentalities are not deemed to be industries for this purpose.
At the end of each Fund’s Reporting Period, i.e., August 31, 2023, we continued to believe the Funds may provide investors with
smoother performance and less volatility, as a smart beta approach should provide liquidity while minimizing exposure to factors
historically associated with volatility and underperformance.*

GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF

The Goldman Sachs Access Ultra Short Bond ETF (the “Fund”) seeks to achieve its investment objective by investing, under
normal circumstances, at least 80% of its Net Assets in a broad range of U.S. dollar denominated bonds. The Fund primarily
invests in U.S. Government Securities, obligations of U.S. banks, corporate notes, commercial paper and other short-term
obligations of U.S. companies, states, municipalities and other entities, fixed and floating rate mortgage-backed securities, asset-
backed securities, collateralized loan obligations and repurchase agreements. The Fund may also invest in U.S. dollar-denominated
obligations issued or guaranteed by foreign banks, companies and governments or their agencies, authorities, instrumentalities or
sponsored enterprises. Shareholders will be provided with sixty days’ notice in the manner prescribed by the Securities and
Exchange Commission (“SEC”) before any change in the Fund’s policy to invest at least 80% of its Net Assets in the particular
type of investment suggested by its name.
The Fund will generally focus its investments in securities of issuers that, at the time of purchase, have a short-term credit rating of
at least investment grade by at least one NRSRO (at least A-2, P-2, or F2 by S&P Global Ratings (“S&P”), Moody’s Investor
Services (“Moody’s”) or Fitch Ratings Inc. (“Fitch”), respectively), have a long-term credit rating of at least investment grade by at
least one NRSRO (at least BBB-, Baa3, or BBB by S&P, Moody’s or Fitch, respectively) if such securities only maintain long-
term ratings, or, if unrated, are determined by the Investment Adviser to be of comparable credit quality at the time of purchase.
The Fund may also rely on the credit quality of a guarantee or demand feature in determining the credit quality of a security
supported by the guarantee or demand feature.
The Fund will concentrate its investments in the financial services group of industries. Therefore, under normal circumstances, the
Fund will invest more than 25% of its total assets in securities issued by companies in the financial services group of industries and
repurchase agreements secured by such obligations.
Under normal circumstances, the Fund’s effective duration is expected to be one year or less. “Duration” is a measure of a debt
security’s price sensitivity to changes in interest rates. The longer the duration of the Fund (or an individual debt security), the
more sensitive its market price to changes in interest rates. In computing duration, the Fund will estimate the duration of
obligations that are subject to prepayment or redemption by the issuer, taking into account the influence of interest rates on
prepayments and coupon flows. This method of computing duration is known as “option-adjusted” duration.
The Fund is an actively managed ETF, which is a fund that trades like other publicly-traded securities. The Fund is not an
index fund and does not seek to replicate the performance of a specified index.
The Fund may, from time to time, take temporary defensive positions that are inconsistent with the Fund’s principal investment
strategies in attempting to respond to adverse market, political or other conditions. For temporary defensive purposes, the Fund
may invest up to 100% of its total assets in U.S. Government Securities, commercial paper rated at least A-2 by S&P, P-2 by
Moody’s, or having a comparable credit rating by another NRSRO (or if unrated, determined by the Investment Adviser to be of
comparable credit quality), certificates of deposit, bankers’ acceptances, repurchase agreements, non-convertible preferred stocks

* Smart beta refers to quantitative index-based strategies. Liquidity is the ability to invest or redeem during market hours. Volatility refers to the
annualized standard deviation of returns.
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and non-convertible corporate bonds with a remaining maturity of less than one year, certain ETFs and other investment companies
and cash items. Cash items are not income-generating and, as a result, the Fund’s current yield may be adversely affected during
periods when such positions are held. Cash positions may also subject the Fund to additional risks and costs, such as increased
exposure to the custodian bank holding the assets and any fees imposed for large cash balances. When the Fund’s assets are
invested in such instruments, the Fund may not be achieving its investment objective.

THE FUND IS NOT A MONEY MARKET FUND AND DOES NOT ATTEMPT TO MAINTAIN A STABLE NET
ASSET VALUE.

The Fund is managed to seek to generate current income and secondarily maintain an emphasis on preservation of capital and
liquidity. The Investment Adviser follows a conservative, risk-managed investment process.

Global fixed income markets are constantly evolving and are highly diverse — with a large number of countries, currencies,
sectors, issuers and securities. We believe that inefficiencies in these complex markets cause bond prices to diverge from their fair
value. To capitalize on these inefficiencies and generate consistent risk-adjusted performance, we believe it is critical to:

• Thoughtfully combine diversified sources of return by employing multiple strategies

• Take a global perspective to uncover relative value opportunities

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

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

• Build a strong team of skilled investors who excel on behalf of our clients.
***
At the end of the Reporting Period, i.e. the 12-month period ended August 31, 2023, we believed the major factors that would
influence the fixed income markets included global economic conditions (with modest growth reflecting resilient consumer
demand, although softer China growth was likely to weigh on global activity); inflation (moderating further, reflecting supply-
chain improvements and slower wage growth); central bank policy decisions (with developed markets’ central banks remaining on
hold in the near term and emerging markets’ central banks taking the lead on interest rate cuts); geopolitical risk (especially related
to Russia and China); and the relative strength of the U.S. dollar (potential impact on commodity prices and global markets).

8
 PORTFOLIO RESULTS

Goldman Sachs Access Emerging Markets USD

Bond ETF

Investment Objective
The Goldman Sachs Access Emerging Markets USD Bond ETF (the “Fund”) seeks to provide investment results that closely
correspond, before fees and expenses, to the performance of the FTSE Goldman Sachs Emerging Markets USD Bond Index
(the “Index”).

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Global Fixed Income and Liquidity Solutions Team discusses the Fund’s performance and

positioning for the 12-month period ended August 31, 2023 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Income LLC (“FTSE”), a trading name of the London Stock
Period? Exchange Group plc and its group undertakings (collectively,
the “LSE Group” or the “Index Provider”). The Index is
A During the Reporting Period, the Fund returned 3.54% based
based on the government and quasigovernment bonds of the
on net asset value (“NAV”) and 4.80% based on market
FTSE Emerging Markets Broad Bond Index (the “Reference
price. The Index returned 4.06% during the same period.
Index”) using concepts developed with GSAM. The Index is
The Fund had an NAV of $40.58 per share on August 31, rules-based and the securities in the Index are updated on the
2022 and ended the Reporting Period with an NAV of $39.59 last business day of each month.
per share. The Fund’s market price on August 31, 2023 was
Given the Fund’s investment objective of attempting to
$39.64 per share.
track the Index, the Fund does not follow traditional
Effective February 17, 2023, Goldman Sachs Asset methods of active investment management, which may
Management, L.P. (“GSAM”), the Fund’s investment involve buying and selling securities based upon analysis
adviser, implemented a management fee waiver for the Fund of economic and market factors.
such that total annual fund operating expenses after the fee
During the Reporting Period, the Fund generated positive
waiver are 0.39% until February 17, 2025 or until terminated
absolute returns but modestly underperformed the Index, as
with the approval of the Board of Trustees.
measured by NAV. The Fund is passively managed to the
Q What key factors were responsible for the Fund’s Index and aims to minimize tracking error to the Index. The
performance during the Reporting Period? Fund invests in U.S. dollar-denominated sovereign and quasi-
sovereign debt of emerging market countries, both investment
A The Fund seeks to provide investment results that closely
grade and below investment grade bonds included.
correspond, before fees and expenses, to the performance of
the Index. The Fund’s performance reflects Fund expenses, Overall, the performance of the emerging debt markets are
including management fees and brokerage expenses. The driven by five key factors — duration (whether interest rates
Fund’s relative performance also reflects the impact of any are rising or falling), spreads (a widening or tightening of the
cash held in the Fund as well as any other differences yield differential to duration-equivalent U.S. Treasuries),
between the Fund’s holdings and the constituents of the value of the U.S. dollar, macroeconomic conditions and
Index. The Index is unmanaged, and Index returns do not geopolitical concerns.
reflect fees and expenses, which would reduce returns.
U.S. dollar-denominated emerging markets debt produced
The Index is designed to measure the performance of modest gains during the Reporting Period. The asset class
investment grade and high yield bonds issued by emerging benefited from narrowing spreads, which helped offset the
market governments or quasi-government entities impact of higher interest rates as central banks tightened
denominated in U.S. dollars that meet certain liquidity, monetary policy. Spreads on global sovereign emerging
governance and fundamental screening criteria. “High yield” markets debt tightened approximately 79 basis points during the
bonds are bonds that are rated below investment grade and Reporting Period, from 501 basis points to 422 basis points. (A
are commonly referred to as “junk bonds.” The Index is a basis point is 1/100th of a percentage point.) Geopolitical
custom index that is owned and calculated by FTSE Fixed concerns, such as the Russia/Ukraine war and overall tensions

9
PORTFOLIO RESULTS

between Western nations and China, dampened returns. The 2023. The 30-day standardized yield of the Fund at the end
value of the U.S. dollar, which fluctuated during the Reporting of the Reporting Period was 6.67%.
Period, had a rather neutral impact on the performance of U.S.
Q What was the Fund’s credit allocation at the end
dollar-denominated emerging markets debt.
of the Reporting Period?2
Q How did the Fund use derivatives and similar
A
instruments during the Reporting Period?
AA 5.44%
A The Fund does not employ derivatives. During the Reporting A 16.85%
Period, the Fund did not invest in derivatives or similar BBB 37.15%
instruments. The Fund does not employ derivatives as a BB 15.70%
source of alpha generation, although it may use them to B 22.42%
Not Rated 1.82%
equitize excess cash. Cash 0.63%
Q Were there any changes to the Fund’s portfolio
management team during the Reporting Period? Q What was the Fund’s regional allocation at the
end of the Reporting Period?3
A There were no changes to the Fund’s portfolio management
team during the Reporting Period. A Of the approximately 99.02% of the Fund’s assets invested in
emerging markets debt at the end of the Reporting Period,
Q What was the Fund’s weighted average duration, approximately 40.06% was in Latin America, 15.06% in
weighted average maturity, weighted average Europe, 23.87% in the Middle East and Africa, 19.78% in
coupon, weighted average yield to maturity and Asia and 0.25% elsewhere.
30-day standardized yield at the end of the
Reporting Period?1
A The Fund had a weighted average duration of 7.11 years, a
weighted average maturity of 12.30 years and a weighted
average coupon of 5.18% as of August 31, 2023. The Fund’s
weighted average yield to maturity was 6.94% on August 31,

1
Duration is a time measure of a bond’s interest-rate sensitivity, based
on the weighted average of the time periods over which a bond’s
cash flows accrue to the bondholder. Time periods are weighted by
multiplying by the present value of its cash flow divided by the
bond’s price. (A bond’s cash flows consist of coupon payments and
repayment of capital.) 2
The Fund and the Index have not been rated by an independent rating
A bond’s duration will almost always be shorter than its maturity, agency. The credit allocation provided refers to the Fund’s
with the exception of zero-coupon bonds, for which maturity and underlying portfolio securities. For the purpose of determining
duration are equal. Weighted average duration is a measure of the compliance with any credit rating requirement, the Fund assigns a
duration for the securities in the portfolio overall. Weighted average security, at the time of purchase, the highest rating by a Nationally
maturity (“WAM”) is the weighted average amount of time until the Recognized Statistical Rating Organization (“NRSRO”) if the
debt securities in a portfolio mature, or the weighted average of the security is rated by more than one NRSRO. For this purpose, the
remaining terms to maturity of the debt securities within a portfolio. Fund relies only on the ratings of the following NRSROs: S&P
The higher the WAM, the longer it takes for all of the bonds in the Global Ratings, Moody’s Investor Services and Fitch Ratings Inc.
portfolio to mature, and WAM is used to manage debt portfolios and This method may differ from the method independently used by the
to assess the performance of debt portfolio managers. Coupons are Index Provider. GSAM will use a single rating if that is the only one
fixed percentages paid out on a fixed income security on an annual available. Securities that are not rated by all three agencies are
basis. Weighted average coupon is calculated by weighting the reflected as such in the breakdown. Unrated securities may be
coupon of each debt security by its relative size in the portfolio. purchased by the Fund if they are determined by the Investment
Yield to maturity is the annual return that a bond is expected to Adviser to be of a credit quality consistent with the Fund’s credit rate
generate if it is held till its maturity given its coupon rate, payment requirements. Unrated securities do not necessarily indicate low
frequency and current market price. Yield to maturity is essentially quality, and for such securities the Investment Adviser will evaluate
the internal rate of return of a bond, i.e. the discount rate at which the the credit quality. GSAM converts all ratings to the equivalent S&P
present value of a bond’s coupon payments and maturity value is major rating category when illustrating credit rating breakdowns.
equal to its current market price. The 30-day standardized yield Ratings and Fund/Index credit quality may change over time.
calculation is based on a 30-day period ending on the last day of the
Reporting Period. It is computed by dividing the net investment 3
The Fund seeks to provide investment results that closely
income per share earned during the period by the maximum offering correspond, before fees and expenses, to the performance of the
price per share on the last day of the period. FTSE Goldman Sachs Emerging Markets USD Bond Index.
10
 FUND BASICS

Access Emerging Markets USD Bond ETF

as of August 31, 2023

FUND SNAPSHOT

As of August 31, 2023

Market Price1 $39.64

Net Asset Value (NAV)1 $39.59
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.

TOP TEN HOLDINGS AS OF 8/31/232

Holding % of Net Assets Line of Business

Brazilian Government International Bond, 6.00%, 10/20/33 1.5% Brazil

Philippine Government International Bond, 10.63%, 03/16/25 1.4 Philippines
Pertamina Persero PT, 3.10%, 08/27/30 1.3 Indonesia
Hungary Government International Bond, 7.63%, 03/29/41 1.2 Hungary
Republic of Kenya Government International Bond, 6.88%, 06/24/24 1.1 Kenya
Mexico Government International Bond, 4.88%, 05/19/33 1.1 Mexico
Bahrain Government International Bond, 7.00%, 01/26/26 1.1 Bahrain
Chile Government International Bond, 3.50%, 01/31/34 1.0 Chile
Turkey Government International Bond, 5.75%, 05/11/47 1.0 Turkey
Turkey Government International Bond, 5.60%, 11/14/24 1.0 Turkey
2
The top 10 holdings may not be representative of the Fund’s future investments.

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

INDUSTRY ALLOCATION AS OF 8/31/233

Sector Name Fund

Government 87.0%
Energy 7.1
Financials 2.5
Materials 2.0
Industrials 0.9
Investment Company 0.5
3
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.

11
GOLDMAN SACHS ACCESS EMERGING MARKETS USD BOND ETF

Performance Summary
August 31, 2023

The following graph shows the value, as of August 31, 2023, of a $10,000 investment made on February 15, 2022 (commencement
of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index, the FTSE Goldman
Sachs Emerging Markets USD Bond Index, is shown. Performance reflects applicable fee waivers and/or expense limitations in
effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes
that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the
underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and
expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past
performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate.
These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance
may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to
obtain the most recent month-end returns.

Goldman Sachs Access Emerging Markets USD Bond ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from February 15, 2022 through August 31, 2023.

$11,000

$10,000

Shares based on NAV

$9,000 FTSE Goldman Sachs
$8,686 Emerging Markets USD
$8,630 Bond Index

$8,000

$7,000
2/15/22 4/22 8/22 12/22 4/23 8/23

Average Annual Total Return through August 31, 2023* 1 Year Return Since Inception
Shares based on NAV (Commenced February 15, 2022) 3.54% -8.75%

Shares based on Market Price (Commenced February 15, 2022) 4.80% -8.69%

FTSE Goldman Sachs Emerging Markets USD Bond Index 4.06% -9.13%

* 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.

12
 PORTFOLIO RESULTS

Goldman Sachs Access High Yield Corporate

Bond ETF

Investment Objective
The Goldman Sachs Access High Yield Corporate Bond ETF (the “Fund”) seeks to provide investment results that closely
correspond, before fees and expenses, to the performance of the FTSE Goldman Sachs High Yield Corporate Bond Index
(the “Index”).

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Global Fixed Income and Liquidity Solutions Team discusses the Fund’s performance and

positioning for the 12-month period ended August 31, 2023 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Given the Fund’s investment objective of attempting to
Period? track the Index, the Fund does not follow traditional
methods of active investment management, which may
A During the Reporting Period, the Fund returned 7.13% based
involve buying and selling securities based upon analysis
on net asset value (“NAV”) and 8.09% based on market
of economic and market factors.
price. The Index returned 7.47% during the same period.
During the Reporting Period, the Fund posted positive
The Fund had an NAV of $42.70 per share on August 31,
absolute returns but modestly underperformed the Index, as
2022 and ended the Reporting Period with an NAV of $43.08
measured by NAV. The Fund is passively managed to the
per share. The Fund’s market price on August 31, 2023 was
Index and aims to minimize tracking error to the Index.
$43.04 per share.
Overall, high yield corporate bond returns are driven by two
Q What key factors were responsible for the Fund’s
primary factors — duration (whether interest rates are rising
performance during the Reporting Period?
or falling) and spreads (a widening or tightening of the yield
A The Fund seeks to provide investment results that closely differential to duration-equivalent U.S. Treasuries).
correspond, before fees and expenses, to the performance of During the Reporting Period, the performance of the broad
the Index. The Fund’s performance reflects Fund expenses, U.S. fixed income market was driven, in our view, by a
including management fees and brokerage expenses. The combination of higher interest rates and a generally healthy
Fund’s relative performance also reflects the impact of any U.S. economic backdrop. U.S. economic data was relatively
cash held in the Fund as well as any other differences robust, despite above-average inflation, with strong consumer
between the Fund’s holdings and the constituents of the spending, a tight labor market and rising wages. The U.S.
Index. The Index is unmanaged, and Index returns do not Federal Reserve (the “Fed”) continued to raise interest rates in
reflect fees and expenses, which would reduce returns. an effort to stem inflation, lifting the targeted federal funds
The Index is designed to measure the performance of high rate by a total of 300 basis points during the Reporting Period.
yield corporate bonds denominated in U.S. dollars that meet (A basis point is 1/100th of a percentage point.)
certain liquidity and fundamental screening criteria. “High Although bonds were pressured by higher interest rates, a
yield” bonds are bonds that are rated below investment grade number of fixed income sectors, including high yield
and are commonly referred to as “junk bonds.” The Index is corporate bonds, recorded positive returns. High yield
a custom index that is owned and calculated by FTSE Fixed corporate bonds benefited from the strong U.S. economic
Income LLC (“FTSE”), a trading name of the London Stock backdrop and the comparatively higher yields they offered.
Exchange Group plc and its group undertakings (collectively, The sector was also less hurt by rising interest rates than
the “LSE Group” or the “Index Provider”), using concepts some other fixed income sectors, as many high yield issuers
developed with Goldman Sachs Asset Management, L.P. had previously borrowed or refinanced their debt at lower
(“GSAM”). The Index is rules-based and the securities in the levels. In addition, high yield corporate bonds were helped
Index are updated on the last business day of each month. by spread tightening; high yield spreads narrowed from
486 basis points to 373 basis points during the Reporting
13
PORTFOLIO RESULTS

Period. Lastly, the high yield corporate bond sector benefited 2023. The 30-day standardized yield of the Fund at the end
from its historical correlation with equities, as stocks rose of the Reporting Period was 7.69%.
overall during the Reporting Period.1
Q What was the Fund’s credit allocation at the end
Q How did the Fund use derivatives and similar of the Reporting Period?3
instruments during the Reporting Period?
A
A The Fund does not employ derivatives. During the Reporting BB 51.90%
Period, the Fund did not invest in derivatives or similar B 39.04%
instruments. The Fund does not employ derivatives as a CCC 7.23%
source of alpha generation, although it may use them to C 0.58%
equitize excess cash. Cash 1.25%

Q Were there any changes to the Fund’s portfolio Q What was the Fund’s industry allocation at the
management team during the Reporting Period? end of the Reporting Period?
A There were no changes to the Fund’s portfolio management A Of the approximately 98.13% of the Fund’s assets invested in
team during the Reporting Period. high yield corporate bonds at the end of the Reporting
Period, approximately 85.29% was in industrials, 10.30% in
Q What was the Fund’s weighted average duration,
financials and 2.63% in utilities.4
weighted average maturity, weighted average
coupon, weighted average yield to maturity and Q What was the Fund’s sector positioning relative
30-day standardized yield at the end of the to the Index at the end of the Reporting Period?5
Reporting Period?2
A While the Index was 99.23% invested in high yield corporate
A The Fund had a weighted average duration of 3.55 years, a bonds, 0.77% invested in emerging market corporate bonds
weighted average maturity of 4.76 years and a weighted and 0.00% in cash, the Fund was 98.13% invested in high
average coupon of 5.65% as of August 31, 2023. The Fund’s yield corporate bonds, 0.62% in emerging markets corporate
weighted average yield to maturity was 7.81% on August 31, bonds and 1.25% in cash at the end of the Reporting Period.
1
Past performance does not guarantee future results, which may vary. income per share earned during the period by the maximum offering
The value of investments and the income derived from investments price per share on the last day of the period.
will fluctuate and can go down as well as up. A loss of principal may 3
The Fund and the Index have not been rated by an independent rating
occur. agency. The credit allocation provided refers to the Fund’s underlying
2 portfolio securities. For the purpose of determining compliance with
Duration is a time measure of a bond’s interest-rate sensitivity, based
on the weighted average of the time periods over which a bond’s any credit rating requirement, the Fund assigns a security, at the time
cash flows accrue to the bondholder. Time periods are weighted by of purchase, the highest rating by a Nationally Recognized Statistical
multiplying by the present value of its cash flow divided by the Rating Organization (“NRSRO”) if the security is rated by more than
bond’s price. (A bond’s cash flows consist of coupon payments and one NRSRO. For this purpose, the Fund relies only on the ratings of
repayment of capital.) the following NRSROs: S&P Global Ratings, Moody’s Investor
Services and Fitch Ratings Inc. This method may differ from the
A bond’s duration will almost always be shorter than its maturity,
method independently used by the Index Provider. GSAM will use a
with the exception of zero-coupon bonds, for which maturity and
single rating if that is the only one available. Securities that are not
duration are equal. Weighted average duration is a measure of the
rated by all three agencies are reflected as such in the breakdown.
duration for the securities in the portfolio overall. Weighted average
Unrated securities may be purchased by the Fund if they are
maturity (“WAM”) is the weighted average amount of time until the
determined by the Investment Adviser to be of a credit quality
debt securities in a portfolio mature, or the weighted average of the
consistent with the Fund’s credit rate requirements. Unrated securities
remaining terms to maturity of the debt securities within a portfolio.
do not necessarily indicate low quality, and for such securities the
The higher the WAM, the longer it takes for all of the bonds in the
Investment Adviser will evaluate the credit quality. GSAM converts
portfolio to mature, and WAM is used to manage debt portfolios and
all ratings to the equivalent S&P major rating category when
to assess the performance of debt portfolio managers. Coupons are
illustrating credit rating breakdowns. Ratings and Fund/Index credit
fixed percentages paid out on a fixed income security on an annual
quality may change over time.
basis. Weighted average coupon is calculated by weighting the 4
coupon of each debt security by its relative size in the portfolio. Industry classifications for securities may differ between the above
Yield to maturity is the annual return that a bond is expected to section and the Fund Basics section due to differing classification
generate if it is held till its maturity given its coupon rate, payment methodologies. The classification methodology used for the above
frequency and current market price. Yield to maturity is essentially section is as set forth by GSAM. The Fund’s composition may differ
the internal rate of return of a bond, i.e. the discount rate at which the over time. Consequently, the Fund’s overall industry allocations may
present value of a bond’s coupon payments and maturity value is differ from percentages contained in the above section.
5
equal to its current market price. The 30-day standardized yield The Fund seeks to provide investment results that closely
calculation is based on a 30-day period ending on the last day of the correspond, before fees and expenses, to the performance of the
Reporting Period. It is computed by dividing the net investment FTSE Goldman Sachs High Yield Corporate Bond Index.
14
 FUND BASICS

Access High Yield Corporate Bond ETF

as of August 31, 2023

FUND SNAPSHOT

As of August 31, 2023

Market Price1 $43.04

Net Asset Value (NAV)1 $43.08
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.

TOP TEN HOLDINGS AS OF 8/31/232

Holding % of Net Assets Line of Business

Medline Borrower LP, 3.88%, 04/01/29 0.9% Consumer Noncyclical

Carnival Corp., 7.63%, 03/01/26 0.8 Consumer Cyclical
Carnival Corp., 6.00%, 05/01/29 0.8 Consumer Cyclical
CommScope, Inc., 6.00%, 03/01/26 0.8 Hardware
TransDigm, Inc., 6.25%, 03/15/26 0.7 Aerospace & Defense
Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer, 4.25%, 10/15/27 0.7 Insurance
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/29 0.7 Transportation
Bombardier, Inc., 7.13%, 06/15/26 0.7 Aerospace & Defense
Caesars Entertainment, Inc., 6.25%, 07/01/25 0.7 Consumer Cyclical
Organon & Co. / Organon Foreign Debt Co.-Issuer BV, 4.13%, 04/30/28 0.7 Consumer Noncyclical
2
The top 10 holdings may not be representative of the Fund’s future investments.

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

INDUSTRY ALLOCATION AS OF 8/31/233

Sector Name Fund

Consumer, Cyclical 23.5%

Consumer, Non-cyclical 15.4
Energy 14.0
Telecommunication Services 13.2
Financials 11.6
Industrials 9.5
Materials 5.0
Information Technology 3.8
Utilities 3.0
Investment Company 1.0
3
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.

15
GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

Performance Summary
August 31, 2023

The following graph shows the value, as of August 31, 2023, of a $10,000 investment made on September 5, 2017
(commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index, the
FTSE Goldman Sachs High Yield Corporate Bond Index, is shown. Performance reflects applicable fee waivers and/or expense
limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the
deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of
constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund
operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below
represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return
may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current
performance may be lower or higher than the performance quoted below. Please visit our web site at
www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

Goldman Sachs Access High Yield Corporate Bond ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from September 5, 2017 through August 31, 2023.

$13,000

$12,000 $11,993
$11,762

Shares based on NAV

$11,000 FTSE Goldman Sachs High
Yield Corporate Bond Index

$10,000

$9,000
9/5/17 8/18 8/19 8/20 8/21 8/22 8/23

Average Annual Total Return through August 31, 2023* 1 Year Return 5 Year Return Since Inception
Shares based on NAV (Commenced September 5, 2017) 7.13% 2.79% 2.75%

Shares based on Market Price (Commenced September 5, 2017) 8.09% 2.79% 2.73%

FTSE Goldman Sachs High Yield Corporate Bond Index 7.47% 3.09% 3.08%

* 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.

16
 PORTFOLIO RESULTS

Goldman Sachs Access Inflation Protected USD

Bond ETF

Investment Objective
The Goldman Sachs Access Inflation Protected USD Bond ETF (the “Fund”) seeks to provide investment results that closely
correspond, before fees and expenses, to the performance of the FTSE Goldman Sachs Treasury Inflation Protected USD
Bond Index (the “Index”).

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Global Fixed Income Team discusses the Fund’s performance and positioning for the

12-month period ended August 31, 2023 (the “Reporting Period”).

Q How did the Fund perform during the Reporting FTSE World Inflation-Linked Securities Index (the
Period? “Reference Index”) using concepts developed with Goldman
Sachs Asset Management, L.P.
A During the Reporting Period, the Fund returned -3.64%
based on net asset value (“NAV”) and -3.48% based on Given the Fund’s investment objective of attempting to
market price. The Index returned -3.53% during the same track the Index, the Fund does not follow traditional
period. methods of active investment management, which may
involve buying and selling securities based upon analysis
The Fund had an NAV of $51.68 per share on August 31,
of economic and market factors.
2022 and ended the Reporting Period with an NAV of
$48.32 per share. The Fund’s market price on August 31, During the Reporting Period, the Fund posted negative
2023 was $48.36 per share. absolute returns that closely tracked the Index, as measured
by NAV. The Fund is passively managed to the Index and
Q What key factors were responsible for the Fund’s
aims to minimize tracking error to the Index.
performance during the Reporting Period?
Two key drivers of return for the Treasury inflation protected
A The Fund seeks to provide investment results that closely
securities (“TIPS”) market are interest rates, given the
correspond, before fees and expenses, to the performance of
sector’s longer duration profile, and inflation. During the
the Index. The Fund’s performance reflects Fund expenses,
Reporting Period, the yield on the 10-year U.S. Treasury rose
including management fees and brokerage expenses. The
by approximately 94 basis points to 4.09%. (A basis point is
Fund’s relative performance also reflects the impact of any
1/100th of a percentage point.) The increase in Treasury
cash held in the Fund as well as any other differences
yields was driven by the U.S. Federal Reserve’s (“Fed”)
between the Fund’s holdings and the constituents of the
hawkish monetary policy. (Hawkish tends to suggest higher
Index. The Index is unmanaged, and Index returns do not
interest rates; opposite of dovish.) The Fed raised the
reflect fees and expenses, which would reduce returns.
targeted federal funds rate by a total of 300 basis points
The Index is designed to track the performance of inflation during the Reporting Period in an effort to stem inflation. As
protected, fixed rate U.S. Treasury Securities denominated in for inflation, annualized Consumer Price Index readings fell
U.S. dollars that meet certain screening criteria. “U.S. from 8.2% at the start of the Reporting Period to 3.7% in
Treasury Securities” refer to securities issued or guaranteed August 2023. While declining dramatically, inflation
by the U.S. Treasury where the payment of principal and remained persistent and well above the Fed’s target of
interest is backed by the full faith and credit of the U.S. approximately 2%. Still, inflation was not at high enough
government. U.S. Treasury Securities include U.S. Treasury levels during the Reporting Period to offset the impact of
notes, U.S. Treasury bills and U.S. Treasury floating rate rising interest rates, which drove negative returns for the
bonds. The Index is a custom index that is owned and sector during the Reporting Period.
calculated by FTSE Fixed Income LLC (“FTSE”), a trading
name of the London Stock Exchange Group plc and its group
undertakings (collectively, the “LSE Group” or the “Index
Provider”). The Index is based on the U.S. sleeve of the
17
PORTFOLIO RESULTS

Q How did the Fund use derivatives and similar Q What was the Fund’s sector positioning relative
instruments during the Reporting Period? to the Index at the end of the Reporting Period?2
A The Fund does not employ derivatives. During the Reporting A While the Index was 100% allocated to U.S. TIPS, the Fund
Period, the Fund did not invest in derivatives or similar was 99.47% invested in U.S. TIPS and 0.53% in cash at the
instruments. The Fund does not employ derivatives as a end of the Reporting Period.
source of alpha generation, although it may use them to
equitize excess cash.
Q Were there any changes to the Fund’s portfolio
management team during the Reporting Period?
A There were no changes to the Fund’s portfolio management
team during the Reporting Period.
Q What was the Fund’s weighted average duration,
weighted average maturity, weighted average
coupon, weighted average yield to maturity and
30-day standardized yield at the end of the
Reporting Period?1
A The Fund had a weighted average duration of 6.72 years, a
weighted average maturity of 7.20 years and a weighted
average coupon of 0.56% as of August 31, 2023. The Fund’s
weighted average yield to maturity was 4.76% on August 31,
2023. The 30-day standardized yield of the Fund at the end
of the Reporting Period was 6.31%.
1 Duration is a time measure of a bond’s interest-rate sensitivity, based
on the weighted average of the time periods over which a bond’s
cash flows accrue to the bondholder. Time periods are weighted by
multiplying by the present value of its cash flow divided by the
bond’s price. (A bond’s cash flows consist of coupon payments and
repayment of capital.)
A bond’s duration will almost always be shorter than its maturity,
with the exception of zero-coupon bonds, for which maturity and
duration are equal. Weighted average duration is a measure of the
duration for the securities in the portfolio overall. Weighted average
maturity (“WAM”) is the weighted average amount of time until the
debt securities in a portfolio mature, or the weighted average of the
remaining terms to maturity of the debt securities within a portfolio.
The higher the WAM, the longer it takes for all of the bonds in the
portfolio to mature, and WAM is used to manage debt portfolios and
to assess the performance of debt portfolio managers. Coupons are
fixed percentages paid out on a fixed income security on an annual
basis. Weighted average coupon is calculated by weighting the
coupon of each debt security by its relative size in the portfolio.
Yield to maturity is the annual return that a bond is expected to
generate if it is held till its maturity given its coupon rate, payment
frequency and current market price. Yield to maturity is essentially
the internal rate of return of a bond, i.e. the discount rate at which the
present value of a bond’s coupon payments and maturity value is
equal to its current market price. The 30-day standardized yield 2
calculation is based on a 30-day period ending on the last day of the The Fund seeks to provide investment results that closely
Reporting Period. It is computed by dividing the net investment correspond, before fees and expenses, to the performance of the
income per share earned during the period by the maximum offering FTSE Goldman Sachs Treasury Inflation Protected USD Bond
price per share on the last day of the period. Index.

18
 FUND BASICS

Access Inflation Protected USD Bond ETF

as of August 31, 2023

FUND SNAPSHOT

As of August 31, 2023

Market Price1 $48.36

Net Asset Value (NAV)1 $48.32
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.

TOP TEN HOLDINGS AS OF 8/31/232

Holding % of Net Assets

U.S. Treasury Inflation Indexed Bond, 0.63%, 01/15/26 8.7%

U.S. Treasury Inflation Indexed Bond, 0.50%, 01/15/28 8.1
U.S. Treasury Inflation Indexed Bond, 0.13%, 07/15/26 7.5
U.S. Treasury Inflation Indexed Bond, 0.13%, 01/15/30 7.3
U.S. Treasury Inflation Indexed Bond, 0.13%, 04/15/26 7.3
U.S. Treasury Inflation Indexed Bond, 0.13%, 10/15/24 5.6
U.S. Treasury Inflation Indexed Bond, 0.13%, 07/15/30 5.1
U.S. Treasury Inflation Indexed Bond, 0.38%, 07/15/27 5.1
U.S. Treasury Inflation Indexed Bond, 2.13%, 02/15/40 4.8
U.S. Treasury Inflation Indexed Bond, 0.75%, 02/15/42 4.6
2
The holdings may not be representative of the Fund’s future investments.

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

INDUSTRY ALLOCATION AS OF 8/31/233

Sector Name Fund

Government 99.5%
Investment Company 0.5
3
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.

19
GOLDMAN SACHS ACCESS INFLATION PROTECTED USD BOND ETF

Performance Summary
August 31, 2023

The following graph shows the value, as of August 31, 2023, of a $10,000 investment made on October 2, 2018 (commencement
of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index, the FTSE Goldman
Sachs Treasury Inflation Protected USD Bond Index, is shown. Performance reflects applicable fee waivers and/or expense
limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the
deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of
constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund
operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below
represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return
may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current
performance may be lower or higher than the performance quoted below. Please visit our web site at
www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

Goldman Sachs Access Inflation Protected USD Bond ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from October 2, 2018 through August 31, 2023.

$13,000

$12,000

$11,331 Shares based on NAV

$11,274 FTSE Goldman Sachs
$11,000 Treasury Inflation Protected
USD Bond Index

$10,000

$9,000
10/2/18 8/19 8/20 8/21 8/22 8/23

Average Annual Total Return through August 31, 2023* 1 Year Return Since Inception
Shares based on NAV (Commenced October 2, 2018) -3.64% 2.47%

Shares based on Market Price (Commenced October 2, 2018) -3.48% 2.48%

FTSE Goldman Sachs Treasury Inflation Protected USD Bond Index 3.53% 2.57%

* 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.

20
 PORTFOLIO RESULTS

Goldman Sachs Access Investment Grade

Corporate 1-5 Year Bond ETF

Investment Objective
The Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF (the “Fund”) seeks to provide investment
results that closely correspond, before fees and expenses, to the performance of the FTSE Goldman Sachs US Investment
Grade Corporate Bond 1-5 Years Index (the “Index”).

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Global Fixed Income and Liquidity Solutions Team discusses the Fund’s performance and

positioning for the 12-month period ended August 31, 2023 (the “Reporting Period”).

Q How did the Fund perform during the Reporting maturities, duration, corporate actions or ratings migration,
Period? and (ii) quarterly, to account for updates to the constituents
on the basis of the fundamental factors.
A During the Reporting Period, the Fund returned 2.11% based
on net asset value (“NAV”) and 2.34% based on market Given the Fund’s investment objective of attempting to
price. The Index returned 2.31% during the same period. track the Index, the Fund does not follow traditional
methods of active investment management, which may
The Fund had an NAV of $46.46 per share on August 31,
involve buying and selling securities based upon analysis
2022 and ended the Reporting Period with an NAV of
of economic and market factors.
$46.01 per share. The Fund’s market price on August 31,
2023 was $46.03 per share. During the Reporting Period, the Fund generated positive
absolute returns that closely tracked the Index, as measured
Q What key factors were responsible for the Fund’s
by NAV. The Fund is passively managed to the Index and
performance during the Reporting Period?
aims to minimize tracking error to the Index.
A The Fund seeks to provide investment results that closely
Overall, investment grade corporate bond returns are driven
correspond, before fees and expenses, to the performance of
by two primary factors — duration (whether interest rates are
the Index. The Fund’s performance reflects Fund expenses,
rising or falling) and spreads (a widening or tightening of the
including management fees and brokerage expenses. The
yield differential to duration-equivalent U.S. Treasuries).
Fund’s relative performance also reflects the impact of any
cash held in the Fund as well as any other differences The performance of the fixed income markets was influenced
between the Fund’s holdings and the constituents of the during the Reporting Period by a combination of higher
Index. The Index is unmanaged, and Index returns do not interest rates and a generally healthy economic backdrop.
reflect fees and expenses, which would reduce returns. U.S. economic data was relatively robust, despite above-
average inflation, with strong consumer spending, a tight
The Index is a rules-based index that is designed to measure
labor market and rising wages. The U.S. Federal Reserve (the
the performance of investment grade, corporate bonds
“Fed”) continued to raise interest rates in an effort to stem
denominated in U.S. dollars with remaining maturities
inflation, lifting the targeted federal funds rate by a total of
between one and five years that meet certain liquidity and
300 basis points to a range between 5.25% and 5.50%. (A
fundamental screening criteria. The Index is a custom index
basis point is 1/100th of a percentage point.) Yields rose
that is owned and calculated by FTSE Fixed Income LLC
across the U.S. Treasury yield curve, or spectrum of
(“FTSE”), a trading name of the London Stock Exchange
maturities, with shorter-term yields rising more than longer-
Group plc and its group undertakings (collectively, the “LSE
term yields. The bellwether 10-year U.S. Treasury yield was
Group” or the “Index Provider”). The Index is based on the
up 94 basis points during the Reporting Period, from 3.15%
FTSE US Broad Investment-Grade (USBIG®) Corporate
to 4.09%. Shorter-term U.S. Treasury yields rose even more,
Bond Index (the “Reference Index”) using concepts
with the three-year U.S. Treasury yield increasing 103 basis
developed with Goldman Sachs Asset Management, L.P.
points, from 3.46% to 4.54% during the Reporting Period.
(“GSAM”). The Index is rebalanced (i) monthly on the last
business day of each month, to account for changes in
21
PORTFOLIO RESULTS

The two-year to 10-year portion of the U.S. Treasury yield Q What was the Fund’s weighted average duration,
curve remained inverted, meaning 10-year U.S. Treasury weighted average maturity, weighted average
yields were lower than those of two-year U.S. Treasury coupon, weighted average yield to maturity and
yields. Although an inverted yield curve has historically 30-day standardized yield at the end of the
foreshadowed a recession, disinflationary trends combined Reporting Period?1
with relatively strong economic data fueled market optimism
A The Fund had a weighted average duration of 2.60 years, a
about the possibility of a soft economic landing. (A soft
weighted average maturity of 2.88 years and a weighted
landing, in economics, is a cyclical slowdown in economic
average coupon of 3.62% as of August 31, 2023. The Fund’s
growth that avoids recession.)
weighted average yield to maturity was 5.61% on August 31,
Although bonds were pressured by higher interest rates, a 2023. The 30-day standardized yield of the Fund at the end
number of fixed income sectors, including investment grade of the Reporting Period was 5.44%.
corporate bonds, produced positive returns. Investment grade
corporate bonds benefited from tightening credit spreads,
which helped boost returns and offset the impact of higher
interest rates. Short-term investment grade corporate bond
spreads narrowed by approximately 11 basis points, from
98 basis points to 87 basis points, during the Reporting
Period. Corporate fundamentals generally remained healthy
despite pockets of stress, such as the regional banking
industry following the failure of Silicon Valley Bank.

Q How did the Fund use derivatives and similar

instruments during the Reporting Period?
A The Fund does not employ derivatives. During the Reporting
Period, the Fund did not invest in derivatives or similar
instruments. The Fund does not employ derivatives as a
source of alpha generation, although it may use them to 1
Duration is a time measure of a bond’s interest-rate sensitivity, based
equitize excess cash. on the weighted average of the time periods over which a bond’s
cash flows accrue to the bondholder. Time periods are weighted by
Q Were there any changes to the Fund’s portfolio multiplying by the present value of its cash flow divided by the
bond’s price. (A bond’s cash flows consist of coupon payments and
management team during the Reporting Period? repayment of capital.)
A There were no changes to the Fund’s portfolio management A bond’s duration will almost always be shorter than its maturity,
team during the Reporting Period. with the exception of zero-coupon bonds, for which maturity and
duration are equal. Weighted average duration is a measure of the
duration for the securities in the portfolio overall. Weighted average
maturity (“WAM”) is the weighted average amount of time until the
debt securities in a portfolio mature, or the weighted average of the
remaining terms to maturity of the debt securities within a portfolio.
The higher the WAM, the longer it takes for all of the bonds in the
portfolio to mature, and WAM is used to manage debt portfolios and
to assess the performance of debt portfolio managers. Coupons are
fixed percentages paid out on a fixed income security on an annual
basis. Weighted average coupon is calculated by weighting the
coupon of each debt security by its relative size in the portfolio.
Yield to maturity is the annual return that a bond is expected to
generate if it is held till its maturity given its coupon rate, payment
frequency and current market price. Yield to maturity is essentially
the internal rate of return of a bond, i.e. the discount rate at which the
present value of a bond’s coupon payments and maturity value is
equal to its current market price. The 30-day standardized yield
calculation is based on a 30-day period ending on the last day of the
Reporting Period. It is computed by dividing the net investment
income per share earned during the period by the maximum offering
price per share on the last day of the period.

22
 PORTFOLIO RESULTS

Q What was the Fund’s credit allocation at the end Q What was the Fund’s sector positioning relative
of the Reporting Period?2 to the Index at the end of the Reporting Period?4
A A While the Index was 98.21% allocated to investment grade
AAA 0.33% corporate bonds, 0.71% allocated to high yield corporate
AA 8.34% bonds, 0.17% allocated to quasi-government securities,
A 38.04% 0.89% to emerging markets debt, 0.02% allocated to asset
BBB 51.90% backed securities and 0.00% in cash, the Fund was 98.60%
BB 0.87% invested in investment grade corporate bonds, 0.87% in high
Cash 0.53% yield corporate bonds and 0.53% in cash at the end of the
Reporting Period.
Q What was the Fund’s industry allocation at the
end of the Reporting Period?
A Of the approximately 98.60% of the Fund’s assets invested in
investment grade corporate bonds at the end of the Reporting
Period, approximately 39.96% was in financials, 52.66% in
industrials and 5.98% in utilities.3

2
The Fund and the Index have not been rated by an independent rating
agency. The credit allocation provided refers to the Fund’s underlying
portfolio securities. For the purpose of determining compliance with
any credit rating requirement, the Fund assigns a security, at the time
of purchase, the highest rating by a Nationally Recognized Statistical
Rating Organization (“NRSRO”) if the security is rated by more than
one NRSRO. For this purpose, the Fund relies only on the ratings of
the following NRSROs: S&P Global Ratings, Moody’s Investor
Services and Fitch Ratings Inc. This method may differ from the
method independently used by the Index Provider. GSAM will use a
single rating if that is the only one available. Securities that are not
rated by all three agencies are reflected as such in the breakdown.
Unrated securities may be purchased by the Fund if they are
determined by the Investment Adviser to be of a credit quality
consistent with the Fund’s credit rate requirements. Unrated securities
do not necessarily indicate low quality, and for such securities the
Investment Adviser will evaluate the credit quality. GSAM converts
all ratings to the equivalent S&P major rating category when
illustrating credit rating breakdowns. Ratings and Fund/Index credit
quality may change over time.
3
Industry classifications for securities may differ between the above
section and the Fund Basics section due to differing classification
methodologies. The classification methodology used for the above 4
The Fund seeks to provide investment results that closely correspond,
section is as set forth by GSAM. The Fund’s composition may differ before fees and expenses, to the performance of the FTSE Goldman
over time. Consequently, the Fund’s overall industry allocations may Sachs Investment Grade Corporate Bond 1-5 Years Index.
differ from percentages contained in the above section.
23
FUND BASICS

Access Investment Grade Corporate 1-5 Year Bond ETF

as of August 31, 2023

FUND SNAPSHOT

As of August 31, 2023

Market Price1 $46.03

Net Asset Value (NAV)1 $46.01
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.

TOP TEN HOLDINGS AS OF 8/31/232

Holding % of Net Assets Line of Business

JPMorgan Chase & Co., 5.30%, 07/24/29 1.1% Banks

Morgan Stanley, Series MTN, 5.16%, 04/20/29 1.1 Banks
Mitsubishi UFJ Financial Group, Inc., 3.78%, 03/02/25 1.1 Banks
Royal Bank of Canada, 3.63%, 05/04/27 1.0 Banks
International Business Machines Corp., 6.22%, 08/01/27 1.0 Technology
Apple, Inc., 4.00%, 05/10/28 1.0 Technology
Westpac Banking Corp., 5.46%, 11/18/27 0.8 Banks
Amazon.com, Inc., 3.80%, 12/05/24 0.8 Consumer Cyclical
Canadian Imperial Bank of Commerce, 1.25%, 06/22/26 0.8 Banks
Bank of America Corp., Series MTN, 2.55%, 02/04/28 0.7 Banks
2
The top 10 holdings may not be representative of the Fund’s future investments.

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

INDUSTRY ALLOCATION AS OF 8/31/233

Sector Name Fund

Financials 41.9%
Industrials 10.5
Energy 10.2
Consumer, Non-cyclical 9.3
Consumer, Cyclical 8.3
Information Technology 7.1
Utilities 6.2
Telecommunication Services 5.6
Materials 0.9
3
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.

24
 GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND ETF

Performance Summary
August 31, 2023

The following graph shows the value, as of August 31, 2023, of a $10,000 investment made on July 7, 2020 (commencement of
operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index, FTSE Goldman Sachs
US Investment-Grade Corporate Bond 1-5 Years Index, is shown. Performance reflects applicable fee waivers and/or expense
limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the
deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of
constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund
operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below
represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return
may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current
performance may be lower or higher than the performance quoted below. Please visit our web site at
www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from July 7, 2020 through August 31, 2023.

$10,500

$10,000
Shares based on NAV
$9,805
$9,740 FTSE Goldman Sachs US Investment-
Grade Corporate Bond 1-5 Years Index
$9,500

$9,000
7/7/20 8/20 2/21 8/21 2/22 8/22 2/23 8/23

Average Annual Total Return through August 31, 2023* 1 Year Return Since Inception
Shares based on NAV (Commenced July 7, 2020) 2.11% -0.83%

Shares based on Market Price (Commenced July 7, 2020) 2.34% -0.82%

FTSE Goldman Sachs US Investment-Grade Corporate Bond 1-5 Years Index 2.31% -0.62%

* 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.

25
PORTFOLIO RESULTS

Goldman Sachs Access Investment Grade

Corporate Bond ETF

Investment Objective
The Goldman Sachs Access Investment Grade Corporate Bond ETF (the “Fund”) seeks to provide investment results that
closely correspond, before fees and expenses, to the performance of the FTSE Goldman Sachs Investment Grade Corporate
Bond Index (the “Index”).

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Global Fixed Income and Liquidity Solutions Team discusses the Fund’s performance and

positioning for the 12-month period ended August 31, 2023 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Given the Fund’s investment objective of attempting to
Period? track the Index, the Fund does not follow traditional
methods of active investment management, which may
A During the Reporting Period, the Fund returned 0.84% based
involve buying and selling securities based upon analysis
on net asset value (“NAV”) and 1.29% based on market
of economic and market factors.
price. The Index returned 0.84% during the same period.
During the Reporting Period, the Fund posted positive
The Fund had an NAV of $45.81 per share on August 31,
absolute returns that closely tracked the Index, as measured
2022 and ended the Reporting Period with an NAV of
by NAV. The Fund is passively managed to the Index and
$44.63 per share. The Fund’s market price on August 31,
aims to minimize tracking error to the Index.
2023 was $44.63 per share.
Overall, investment grade corporate bond returns are driven
Q What key factors were responsible for the Fund’s
by two primary factors — duration (whether interest rates are
performance during the Reporting Period?
rising or falling) and spreads (a widening or tightening of the
A The Fund seeks to provide investment results that closely yield differential to duration-equivalent U.S. Treasuries).
correspond, before fees and expenses, to the performance of
The performance of the fixed income markets was influenced
the Index. The Fund’s performance reflects Fund expenses,
during the Reporting Period by a combination of higher interest
including management fees and brokerage expenses. The
rates and a generally healthy economic backdrop. U.S.
Fund’s relative performance also reflects the impact of any
economic data was relatively robust, despite above-average
cash held in the Fund as well as any other differences
inflation, with strong consumer spending, a tight labor market
between the Fund’s holdings and the constituents of the
and rising wages. The U.S. Federal Reserve (the “Fed”)
Index. The Index is unmanaged, and Index returns do not
continued to raise interest rates in an effort to stem inflation,
reflect fees and expenses, which would reduce returns.
lifting the targeted federal funds rate by a total of 300 basis
The Index is a rules-based index that is designed to measure points to a range between 5.25% and 5.50%. (A basis point is
the performance of investment grade, corporate bonds 1/100th of a percentage point.) Yields rose across the U.S.
denominated in U.S. dollars that meet certain liquidity and Treasury yield curve, or spectrum of maturities, with shorter-
fundamental screening criteria. The Index is a custom index term yields rising more than longer-term yields. The bellwether
that is owned and calculated by FTSE Fixed Income LLC 10-year U.S. Treasury yield was up 94 basis points during the
(“FTSE”), a trading name of the London Stock Exchange Reporting Period, from 3.15% to 4.09%. Shorter-term U.S.
Group plc and its group undertakings (collectively, the “LSE Treasury security yields rose even more, with the three-year
Group” or the “Index Provider”) and is based on the FTSE U.S. Treasury yield increasing 103 basis points, from 3.46% to
US Broad Investment-Grade (USBIG®) Corporate Index (the 4.54% during the Reporting Period.
“Reference Index”) using concepts developed with Goldman
The two-year to 10-year portion of the U.S. Treasury yield
Sachs Asset Management, L.P. (“GSAM”). The Index is
curve remained inverted, meaning 10-year U.S. Treasury
rules-based and the securities in the Index are updated on the
yields were lower than those of two-year U.S. Treasury
last business day of each month.
yields. Although an inverted yield curve has historically
26
 PORTFOLIO RESULTS

foreshadowed a recession, disinflationary trends combined Q Were there any changes to the Fund’s portfolio
with relatively strong economic data fueled market optimism management team during the Reporting Period?
about the possibility of a soft economic landing. (A soft
A There were no changes to the Fund’s portfolio management
landing, in economics, is a cyclical slowdown in economic
team during the Reporting Period.
growth that avoids recession.)
Q What was the Fund’s weighted average duration,
Although bonds were pressured by higher interest rates, a
weighted average maturity, weighted average
number of fixed income sectors, including investment grade
coupon, weighted average yield to maturity and
corporate bonds, produced positive returns. Investment grade
30-day standardized yield at the end of the
corporate bonds benefited from tightening credit spreads,
Reporting Period?1
which helped boost returns and offset the impact of higher
interest rates. Investment grade corporate spreads narrowed A The Fund had a weighted average duration of 6.93 years, a
by approximately 23 basis points, from 140 basis points to weighted average maturity of 10.68 years and a weighted
117 basis points, during the Reporting Period. Corporate average coupon of 3.87% as of August 31, 2023. The Fund’s
fundamentals generally remained healthy despite pockets of weighted average yield to maturity was 5.61% on August 31,
stress, such as the regional banking industry following the 2023. The 30-day standardized yield of the Fund at the end
failure of Silicon Valley Bank. of the Reporting Period was 5.43%.

Q How did the Fund use derivatives and similar

instruments during the Reporting Period?
A The Fund does not employ derivatives. During the Reporting
Period, the Fund did not invest in derivatives or similar
instruments. The Fund does not employ derivatives as a
source of alpha generation, although it may use them to
equitize excess cash.

1 Duration is a time measure of a bond’s interest-rate sensitivity, based

on the weighted average of the time periods over which a bond’s
cash flows accrue to the bondholder. Time periods are weighted by
multiplying by the present value of its cash flow divided by the
bond’s price. (A bond’s cash flows consist of coupon payments and
repayment of capital.)
A bond’s duration will almost always be shorter than its maturity,
with the exception of zero-coupon bonds, for which maturity and
duration are equal. Weighted average duration is a measure of the
duration for the securities in the portfolio overall. Weighted average
maturity (“WAM”) is the weighted average amount of time until the
debt securities in a portfolio mature, or the weighted average of the
remaining terms to maturity of the debt securities within a portfolio.
The higher the WAM, the longer it takes for all of the bonds in the
portfolio to mature, and WAM is used to manage debt portfolios and
to assess the performance of debt portfolio managers. Coupons are
fixed percentages paid out on a fixed income security on an annual
basis. Weighted average coupon is calculated by weighting the
coupon of each debt security by its relative size in the portfolio.
Yield to maturity is the annual return that a bond is expected to
generate if it is held till its maturity given its coupon rate, payment
frequency and current market price. Yield to maturity is essentially
the internal rate of return of a bond, i.e., the discount rate at which
the present value of a bond’s coupon payments and maturity value is
equal to its current market price. The 30-day standardized yield
calculation is based on a 30-day period ending on the last day of the
Reporting Period. It is computed by dividing the net investment
income per share earned during the period by the maximum offering
price per share on the last day of the period.

27
PORTFOLIO RESULTS

Q What was the Fund’s credit allocation at the end Q What was the Fund’s sector positioning relative
of the Reporting Period?2 to the Index at the end of the Reporting Period?4
A A While the Index was 98.42% allocated to investment grade
AAA 1.17% corporate bonds, 0.43% allocated to high yield corporate
AA 7.70% bonds, 0.92% allocated to emerging markets corporate
A 40.48% bonds, 0.22% allocated to quasi-government securities and
BBB 49.84% 0.00% in cash, the Fund was 98.07% invested in investment
BB 0.39% grade corporate bonds, 0.39% in high yield corporate bonds,
Cash 0.42% 0.69% in emerging markets corporate bonds, 0.43% in quasi-
government securities and 0.49% in cash at the end of the
Q What was the Fund’s industry allocation at the
Reporting Period.
end of the Reporting Period?
A Of the approximately 98.07% of the Fund’s assets invested in
investment grade corporate bonds at the end of the Reporting
Period, approximately 36.19% was in financials, 59.44% in
industrials and 2.43% in utilities.3

2 The Fund and the Index have not been rated by an independent rating
agency. The credit allocation provided refers to the Fund’s
underlying portfolio securities. For the purpose of determining
compliance with any credit rating requirement, the Fund assigns a
security, at the time of purchase, the highest rating by a Nationally
Recognized Statistical Rating Organization (“NRSRO”) if the
security is rated by more than one NRSRO. For this purpose, the
Fund relies only on the ratings of the following NRSROs: S&P
Global Ratings, Moody’s Investor Services and Fitch Ratings Inc.
This method may differ from the method independently used by the
Index Provider. GSAM will use a single rating if that is the only one
available. Securities that are not rated by all three agencies are
reflected as such in the breakdown. Unrated securities may be
purchased by the Fund if they are determined by the Investment
Adviser to be of a credit quality consistent with the Fund’s credit rate
requirements. Unrated securities do not necessarily indicate low
quality, and for such securities the Investment Adviser will evaluate
the credit quality. GSAM converts all ratings to the equivalent S&P
major rating category when illustrating credit rating breakdowns.
Ratings and Fund/Index credit quality may change over time.
3 Industry classifications for securities may differ between the above

section and the Fund Basics section due to differing classification

methodologies. The classification methodology used for the above
section is as set forth by GSAM. The Fund’s composition may differ 4 TheFund seeks to provide investment results that closely
over time. Consequently, the Fund’s overall industry allocations may correspond, before fees and expenses, to the performance of the
differ from percentages contained in the above section. FTSE Goldman Sachs Investment Grade Corporate Bond Index.

28
 FUND BASICS

Access Investment Grade Corporate Bond ETF

as of August 31, 2023

FUND SNAPSHOT

As of August 31, 2023

Market Price1 $44.63

Net Asset Value (NAV)1 $44.63
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.

TOP TEN HOLDINGS AS OF 8/31/232

Holding % of Net Assets Line of Business

American Express Co., 3.00%, 10/30/24 0.4% Banks

Morgan Stanley, 2.19%, 04/28/26 0.4 Banks
Oracle Corp., 6.90%, 11/09/52 0.4 Software
Morgan Stanley, 2.94%, 01/21/33 0.4 Banks
Cigna Group (The), 4.13%, 11/15/25 0.4 Healthcare
AbbVie, Inc., 3.60%, 05/14/25 0.4 Consumer Noncyclical
Morgan Stanley, Series MTN, 1.79%, 02/13/32 0.3 Banks
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., 4.90%, 02/01/46 0.3 Food and Beverage
NVIDIA Corp., 0.58%, 06/14/24 0.3 Technology
Oracle Corp., 6.25%, 11/09/32 0.3 Software
2
The top 10 holdings may not be representative of the Fund’s future investments.

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

INDUSTRY ALLOCATION AS OF 8/31/233

Sector Name Fund

Financials 37.5%
Consumer, Non-cyclical 19.1
Telecommunication Services 11.7
Information Technology 8.8
Energy 8.2
Consumer, Cyclical 5.7
Industrials 5.2
Utilities 2.4
Materials 1.2
Investment Company 0.2
3
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.

29
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Performance Summary
August 31, 2023

The following graph shows the value, as of August 31, 2023, of a $10,000 investment made on June 6, 2017 (commencement of
operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index, the FTSE Goldman
Sachs Investment Grade Corporate Bond Index, is shown. Performance reflects applicable fee waivers and/or expense limitations
in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of
taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents
of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating
fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent
past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may
fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current
performance may be lower or higher than the performance quoted below. Please visit our web site at
www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

Goldman Sachs Access Investment Grade Corporate Bond ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from June 6, 2017 through August 31, 2023.

$13,000

$12,000

Shares based on NAV

$11,000 FTSE Goldman Sachs
$10,838 Investment Grade
$10,722 Corporate Bond Index

$10,000

$9,000
6/6/17 8/17 8/18 8/19 8/20 8/21 8/22 8/23

Average Annual Total Return through August 31, 2023* 1 Year Return 5 Year Return Since Inception

Shares based on NAV (Commenced June 6, 2017) 0.84% 1.38% 1.12%

Shares based on Market Price (Commenced June 6, 2017) 1.29% 1.40% 1.12%

FTSE Goldman Sachs Investment Grade Corporate Bond Index 0.84% 1.54% 1.30%

* 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.

30
 PORTFOLIO RESULTS

Goldman Sachs Access Treasury 0-1 Year ETF

Investment Objective
The Goldman Sachs Access Treasury 0-1 Year ETF (the “Fund”) seeks to provide investment results that closely correspond,
before fees and expenses, to the performance of the FTSE US Treasury 0-1 Year Composite Select Index (the “Index”).

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Global Fixed Income and Liquidity Solutions Team discusses the Fund’s performance and

positioning for the 12-month period ended August 31, 2023 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Given the Fund’s investment objective of attempting to
Period? track the Index, the Fund does not follow traditional
methods of active investment management, which may
A During the Reporting Period, the Fund returned 3.99% based
involve buying and selling securities based upon analysis
on net asset value (“NAV”) and 4.00% based on market
of economic and market factors.
price. The Index returned 4.23% during the same period.
During the Reporting Period, the Fund posted positive
The Fund had an NAV of $99.84 on August 31, 2022 and
absolute returns but modestly underperformed the Index, as
ended the Reporting Period with an NAV of $100.07 per
measured by NAV. The Fund is passively managed to the
share. The Fund’s market price on August 31, 2023 was
Index and aims to minimize tracking error to the Index.
$100.12 per share.
The Fund’s and the Index’s performance was largely
Q What key factors were responsible for the Fund’s
reflective of the performance of front-end, or short-term,
performance during the Reporting Period?
U.S. Treasury rates, which were primarily affected, in turn,
A The Fund seeks to provide investment results that closely by U.S. Federal Reserve (“Fed”) policy. During the
correspond, before fees and expenses, to the performance of Reporting Period, the Fed continued to raise interest rates,
the Index. The Fund’s performance reflects Fund expenses, increasing the targeted federal funds rate by a total of
including management fees and brokerage expenses. The 300 basis points — to a range between 5.25% and 5.50% —
Fund’s relative performance also reflects the impact of any in an effort to stem inflation. (A basis point is 1/100th of a
cash held in the Fund as well as any other differences percentage point.) This put upward pressure on short-term
between the Fund’s holdings and the constituents of the U.S. interest rates and downward pressure on short-term
Index. The Index is unmanaged, and Index returns do not bond prices. In fact, short-term U.S. interest rates increased
reflect fees and expenses, which would reduce returns. significantly during the Reporting Period, with six-month
U.S. Treasury yields up from 3.32% to 5.48%.
The Index is designed to measure the performance of U.S.
Treasury Securities with a maximum remaining maturity of 12 The Fund is an ultra-short bond fund, i.e., it invests in U.S.
months. “U.S. Treasury Securities” refer to securities issued or Treasury securities with maturities of one-month to one-year,
guaranteed by the U.S. Treasury where the payment of and thus its NAV has a low sensitivity to interest rate
principal and interest is backed by the full faith and credit of changes, which helped insulate the Fund from the increase in
the U.S. government. U.S. Treasury Securities include U.S. interest rates during the Reporting Period. In addition, rising
Treasury notes, U.S. Treasury bills and U.S. Treasury floating yields provided additional income as maturing bonds were
rate bonds. The Index is sponsored by FTSE Fixed Income reinvested, bolstering the Fund’s return during the Reporting
LLC (“FTSE”), a trading name of the London Stock Exchange Period.
Group plc and its group undertakings (collectively, the “LSE
Q How did the Fund use derivatives and similar
Group” or the “Index Provider”), which is not affiliated with
instruments during the Reporting Period?
the Fund or Goldman Sachs Asset Management, L.P. The
Index is market capitalization-weighted and the securities in A The Fund does not employ derivatives. During the Reporting
the Index are updated on the last business day of each month. Period, the Fund did not invest in derivatives or similar

31
PORTFOLIO RESULTS

instruments. The Fund does not employ derivatives as a Q What was the Fund’s sector positioning relative
source of alpha generation, although it may use them to to the Index at the end of the Reporting Period?2
equitize excess cash.
A While the Index was 100% allocated to U.S. Treasury
Q Were there any changes to the Fund’s portfolio securities at the end of the Reporting Period, the Fund was
management team during the Reporting Period? 99.99% invested in U.S. Treasury securities, with the
remainder in cash.
A Effective October 1, 2022, David Fishman no longer served
as a portfolio manager for the Fund. Todd Henry and
David Westbrook continue to serve as portfolio managers for
the Fund. By design, all investment decisions for the Fund
are performed within a co-lead or team structure, with
multiple subject matter experts. This strategic decision
making has been a cornerstone of our approach and helps to
ensure continuity in the Fund.

Q What was the Fund’s weighted average duration,

weighted average maturity, weighted average
coupon, weighted average yield to maturity and
30-day standardized yield at the end of the
Reporting Period?1

A The Fund had a weighted average duration of 0.32 years, a

weighted average maturity of 0.32 years and a weighted
average coupon of 0.01% as of August 31, 2023. The Fund’s
weighted average yield to maturity was 5.37% on August 31,
2023. The 30-day net standardized yield of the Fund at the
end of the Reporting Period was 5.18%.
1
Duration is a time measure of a bond’s interest-rate sensitivity, based
on the weighted average of the time periods over which a bond’s
cash flows accrue to the bondholder. Time periods are weighted by
multiplying by the present value of its cash flow divided by the
bond’s price. (A bond’s cash flows consist of coupon payments and
repayment of capital.)
A bond’s duration will almost always be shorter than its maturity,
with the exception of zero-coupon bonds, for which maturity and
duration are equal. Weighted average duration is a measure of the
duration for the securities in the portfolio overall. Weighted average
maturity (“WAM”) is the weighted average amount of time until the
debt securities in a portfolio mature, or the weighted average of the
remaining terms to maturity of the debt securities within a portfolio.
The higher the WAM, the longer it takes for all of the bonds in the
portfolio to mature, and WAM is used to manage debt portfolios and
to assess the performance of debt portfolio managers. Coupons are
fixed percentages paid out on a fixed income security on an annual
basis. Weighted average coupon is calculated by weighting the
coupon of each debt security by its relative size in the portfolio.
Yield to maturity is the annual return that a bond is expected to
generate if it is held till its maturity given its coupon rate, payment
frequency and current market price. Yield to maturity is essentially
the internal rate of return of a bond, i.e., the discount rate at which
the present value of a bond’s coupon payments and maturity value is
equal to its current market price. The 30-day standardized yield
calculation is based on a 30-day period ending on the last day of the
2
Reporting Period. It is computed by dividing the net investment The Fund seeks to provide investment results that closely
income per share earned during the period by the maximum offering correspond, before fees and expenses, to the performance of the
price per share on the last day of the period. FTSE US Treasury 0-1 Year Composite Select Index.
32
 FUND BASICS

Access Treasury 0-1 Year ETF

as of August 31, 2023

FUND SNAPSHOT

As of August 31, 2023

Market Price1 $100.12

Net Asset Value (NAV)1 $100.07
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.

TOP TEN HOLDINGS AS OF 8/31/232

Holding Maturity Date % of Net Assets

U.S. Treasury Bill, 5.40% 10/12/23 7.5%

U.S. Treasury Bill, 5.47% 11/30/23 7.4
U.S. Treasury Bill, 4.98% 10/05/23 6.8
U.S. Treasury Bill, 5.40% 10/12/23 6.6
U.S. Treasury Bill, 5.28% 10/05/23 4.0
U.S. Treasury Bill, 5.45% 01/04/24 3.5
U.S. Treasury Bill, 5.47% 02/01/24 3.0
U.S. Treasury Bill, 5.40% 12/07/23 3.0
U.S. Treasury Bill, 5.38% 11/09/23 2.7
U.S. Treasury Bill, 5.48% 02/08/24 2.7
2
The top 10 holdings may not be representative of the Fund’s future investments.

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

33
GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF

Performance Summary
August 31, 2023

The following graph shows the value, as of August 31, 2023, of a $10,000 investment made on September 6, 2016
(commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index, the
FTSE US Treasury 0-1 Year Composite Select Index, is shown. Performance reflects applicable fee waivers and/or expense
limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the
deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of
constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund
operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below
represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return
may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current
performance may be lower or higher than the performance quoted below. Please visit our web site at
www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

Goldman Sachs Access Treasury 0-1 Year ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from September 6, 2016 through August 31, 2023.

$12,000

$11,103
$11,000 $11,003
Shares based on NAV
FTSE US Treasury 0-1 Year
Composite Select Index

$10,000

$9,000
9/6/16 8/17 8/18 8/19 8/20 8/21 8/22 8/23

Average Annual Total Return through August 31, 2023* 1 Year Return 5 Year Return Since Inception
Shares based on NAV (Commenced September 6, 2016) 3.99% 1.55% 1.38%

Shares based on Market Price (Commenced September 6, 2016) 4.00% 1.55% 1.38%

FTSE US Treasury 0-1 Year Composite Select Index 4.23% 1.69% 1.51%

* 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.

34
 PORTFOLIO RESULTS

Goldman Sachs Access U.S. Aggregate Bond ETF

Investment Objective
The Goldman Sachs Access U.S. Aggregate Bond ETF (the “Fund”) seeks to provide investment results that closely
correspond, before fees and expenses, to the performance of the FTSE Goldman Sachs US Broad Bond Market Index (the
“Index”).

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Global Fixed Income and Liquidity Solutions Team discusses the Fund’s performance and

positioning for the 12-month period ended August 31, 2023 (the “Reporting Period”).

Q How did the Fund perform during the Reporting rebalanced (i) monthly on the last business day of each
Period? month, to account for changes in maturities, duration,
corporate actions or ratings migration, and (ii) quarterly, to
A During the Reporting Period, the Fund returned -1.58%
account for updates to the corporate bond constituents of the
based on net asset value (“NAV”) and -1.44% based on
Index on the basis of the fundamental factors.
market price. The Index returned -1.26% during the same
period. Given the Fund’s investment objective of attempting to
track the Index, the Fund does not follow traditional
The Fund had an NAV of $42.88 per share on August 31,
methods of active investment management, which may
2022 and ended the Reporting Period with an NAV of
involve buying and selling securities based upon analysis
$40.88 per share. The Fund’s market price on August 31,
of economic and market factors.
2023 was $40.99 per share.
During the Reporting Period, the Fund posted negative
Q What key factors were responsible for the Fund’s
absolute returns that modestly underperformed the Index, as
performance during the Reporting Period?
measured by NAV. The Fund is passively managed to the
A The Fund seeks to provide investment results that closely Index and aims to minimize tracking error to the Index.
correspond, before fees and expenses, to the performance of
Overall, U.S. bond returns are driven by two primary
the Index. The Fund’s performance reflects Fund expenses,
factors — duration (whether interest rates are rising or
including management fees and brokerage expenses. The
falling) and spreads (a widening or tightening of the yield
Fund’s relative performance also reflects the impact of any
differential to duration-equivalent U.S. Treasuries).
cash held in the Fund as well as any other differences
between the Fund’s holdings and the constituents of the The performance of the fixed income markets was driven
Index. The Index is unmanaged, and Index returns do not during the Reporting Period by a combination of higher
reflect fees and expenses, which would reduce returns. interest rates and a generally healthy economic backdrop.
U.S. economic data was relatively robust, despite above-
The Index is a rules-based index that is designed to measure
average inflation, with strong consumer spending, a tight
the performance of investment grade, U.S. dollar
labor market and rising wages. The U.S. Federal Reserve (the
denominated bonds issued in the United States that meet
“Fed”) continued to raise interest rates in an effort to stem
certain liquidity and fundamental screening criteria. The
inflation, lifting the targeted federal funds rate by a total of
Index is a custom index that is owned and calculated by
300 basis points to a range between 5.25% and 5.50%. (A
FTSE Fixed Income LLC (“FTSE”), a trading name of the
basis point is 1/100th of a percentage point.) Higher interest
London Stock Exchange Group plc and its group
rates put downward pressure on bond prices, resulting in a
undertakings (collectively, the “LSE Group” or the “Index
negative return for the broad U.S. fixed income market.
Provider”). The Index is based on the FTSE US Broad
Investment-Grade (USBIG®) Index (the “Reference Index”) The Fund had a duration of six to seven years during the
using concepts developed with Goldman Sachs Asset Reporting Period, which means moves in the U.S. Treasury
Management, L.P. (“GSAM”). The Index is normally yield curve, particularly in the five-year to 10-year segment

35
PORTFOLIO RESULTS

of the maturity spectrum, made the Fund sensitive to moves Q Were there any changes to the Fund’s portfolio
in this intermediate segment of the curve. During the management team during the Reporting Period?
Reporting Period, five-year U.S. Treasury yields increased
A There were no changes to the Fund’s portfolio management
approximately 93 basis points, while the bellwether 10-year
team during the Reporting Period.
U.S. Treasury yield was up 94 basis points, from 3.15% to
4.09%. Q What was the Fund’s weighted average duration,
weighted average maturity, weighted average
Investment grade corporate spreads narrowed by
coupon, weighted average yield to maturity and
approximately 23 basis points during the Reporting Period,
30-day standardized yield at the end of the
from 140 basis points to 117 basis points. U.S. mortgage-
Reporting Period?1
backed securities spreads widened by 13 basis points, from
40 basis points to 53 basis points, during the Reporting A The Fund had a weighted average duration of 6.30 years, a
Period. weighted average maturity of 8.95 years and a weighted
average coupon of 2.70% as of August 31, 2023. The Fund’s
Q How did the Fund use derivatives and similar
weighted average yield to maturity was 5.04% on August 31,
instruments during the Reporting Period?
2023. The 30-day standardized yield of the Fund at the end
A The Fund does not employ derivatives. During the Reporting of the Reporting Period was 4.77%.
Period, the Fund did not invest in derivatives or similar
instruments. The Fund does not employ derivatives as a
source of alpha generation, although it may use them to
equitize excess cash.

1
Duration is a time measure of a bond’s interest-rate sensitivity, based
on the weighted average of the time periods over which a bond’s
cash flows accrue to the bondholder. Time periods are weighted by
multiplying by the present value of its cash flow divided by the
bond’s price. (A bond’s cash flows consist of coupon payments and
repayment of capital.)
A bond’s duration will almost always be shorter than its maturity,
with the exception of zero-coupon bonds, for which maturity and
duration are equal. Weighted average duration is a measure of the
duration for the securities in the portfolio overall. Weighted average
maturity (“WAM”) is the weighted average amount of time until the
debt securities in a portfolio mature, or the weighted average of the
remaining terms to maturity of the debt securities within a portfolio.
The higher the WAM, the longer it takes for all of the bonds in the
portfolio to mature, and WAM is used to manage debt portfolios and
to assess the performance of debt portfolio managers. Coupons are
fixed percentages paid out on a fixed income security on an annual
basis. Weighted average coupon is calculated by weighting the
coupon of each debt security by its relative size in the portfolio.
Yield to maturity is the annual return that a bond is expected to
generate if it is held till its maturity given its coupon rate, payment
frequency and current market price. Yield to maturity is essentially
the internal rate of return of a bond, i.e. the discount rate at which the
present value of a bond’s coupon payments and maturity value is
equal to its current market price. The 30-day standardized yield
calculation is based on a 30-day period ending on the last day of the
Reporting Period. It is computed by dividing the net investment
income per share earned during the period by the maximum offering
price per share on the last day of the period.
36
 PORTFOLIO RESULTS

Q What was the Fund’s credit allocation at the end

of the Reporting Period?2
A
U.S. Treasuries 45.34%
Agency Securities 26.13%
AAA 0.25%
AA 2.79%
A 10.95%
BBB 14.18%
BB 0.31%
Cash 0.04%

Q What was the Fund’s sector positioning relative

to the Index at the end of the Reporting Period?3
A
Sector Fund Index

U.S. Treasuries 45.34% 41.62%

Foreign Government Securities 0.00% 0.13%
Quasi-Government Securities 0.46% 3.50%
Asset-Backed Securities 0.00% 0.20%
Commercial Mortgage-Backed
Securities 0.00% 0.00%
Residential Mortgage-Backed
Securities 26.13% 26.53%
Investment Grade Corporate Bonds 24.71% 25.11%
High Yield Corporate Bonds 0.19% 0.18%
Emerging Markets Debt 3.13% 2.74%
Cash 0.04% 0.00%

2
The Fund and the Index have not been rated by an independent rating
agency. The credit allocation provided refers to the Fund’s
underlying portfolio securities. For the purpose of determining
compliance with any credit rating requirement, the Fund assigns a
security, at the time of purchase, the highest rating by a Nationally
Recognized Statistical Rating Organization (“NRSRO”) if the
security is rated by more than one NRSRO. For this purpose, the
Fund relies only on the ratings of the following NRSROs: S&P
Global Ratings, Moody’s Investor Services and Fitch Ratings Inc.
This method may differ from the method independently used by the
Index Provider. GSAM will use a single rating if that is the only one
available. Securities that are not rated by all three agencies are
reflected as such in the breakdown. Unrated securities may be
purchased by the Fund if they are determined by the Investment
Adviser to be of a credit quality consistent with the Fund’s credit rate
requirements. Unrated securities do not necessarily indicate low
quality, and for such securities the Investment Adviser will evaluate
the credit quality. GSAM converts all ratings to the equivalent S&P
major rating category when illustrating credit rating breakdowns.
Ratings and Fund/Index credit quality may change over time.
3
The Fund seeks to provide investment results that closely
correspond, before fees and expenses, to the performance of the
FTSE Goldman Sachs US Broad Bond Market Index.
37
FUND BASICS

Access U.S. Aggregate Bond ETF

as of August 31, 2023

FUND SNAPSHOT

As of August 31, 2023

Market Price1 $40.99

Net Asset Value (NAV)1 $40.88
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.

TOP TEN HOLDINGS AS OF 8/31/232

Holding % of Net Assets

U.S. Treasury Note, 0.25%, 10/31/25 9.9%

U.S. Treasury Note, 1.50%, 10/31/24 6.9
U.S. Treasury Note, 1.63%, 05/15/26 4.9
U.S. Treasury Note, 2.00%, 02/15/25 4.2
U.S. Treasury Note, 2.50%, 01/31/25 3.8
U.S. Treasury Bond, 2.50%, 02/15/45 2.5
U.S. Treasury Bond, 2.75%, 08/15/42 2.4
U.S. Treasury Bond, 2.25%, 02/15/52 1.9
Federal National Mortgage Association, 5.00%, 04/01/53 1.8
Federal National Mortgage Association, 3.00%, 09/15/53 1.8
2
The top 10 holdings may not be representative of the Fund’s future investments.

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

INDUSTRY ALLOCATION AS OF 8/31/233

Sector Name Fund

U.S. Treasury Notes 28.1%

Mortgage-Backed Securities 27.5
Corporate Obligations 17.4
Investment Company 8.1
U.S. Treasury Bonds 7.7
Foreign Corporate Debt 5.2
U.S. Treasury Obligations 3.9
Foreign Debt Obligations 2.1
3
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.

38
 GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

Performance Summary
August 31, 2023

The following graph shows the value, as of August 31, 2023, of a $10,000 investment made on September 8, 2020
(commencement of operations) in Shares at NAV. For comparative purposes, the performance of a broad-based securities market
index, the FTSE Goldman Sachs US Broad Bond Market Index, is shown. Performance reflects applicable fee waivers and/or
expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect
the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Certain factors may affect
Fund performance including, but not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption
in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future
results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be
worth more or less than their original cost. Current performance may be lower or higher than the performance quoted
below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

Goldman Sachs Access U.S. Aggregate Bond ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from September 8, 2020 through August 31, 2023.

$11,000

$10,000
Shares based on NAV
FTSE Goldman Sachs US
Broad Bond Market Index

$9,000
$8,663
$8,604

$8,000
9/8/20 2/21 8/21 2/22 8/22 2/23 8/23

Average Annual Total Return through August 31, 2023* 1 Year Return Since Inception

Shares based on NAV (Commenced September 8, 2020) -1.58% -4.92%

Shares based on Market Price (Commenced September 8, 2020) -1.44% -4.84%

FTSE Goldman Sachs US Broad Bond Market Index -1.26% -4.70%

* 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.

39
PORTFOLIO RESULTS

Goldman Sachs Access Ultra Short Bond ETF

Investment Objective
The Goldman Sachs Access Ultra Short Bond ETF (the “Fund”) seeks to provide current income with preservation of capital.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Global Fixed Income and Liquidity Solutions Team discusses the Fund’s performance and

positioning for the 12-month period ended August 31, 2023 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Investors Service, Inc. (“Moody’s”) or Fitch Ratings, Inc.
Period? (“Fitch”), respectively), have a long-term credit rating of at
least investment grade by at least one NRSRO (at least BBB-,
A During the Reporting Period, the Fund returned 4.25% based
Baa3, or BBB by S&P, Moody’s or Fitch, respectively) if
on net asset value (“NAV”) and 4.28% based on market
such securities only maintain long-term ratings, or, if unrated,
price. The Fund’s benchmark, the FTSE Three-Month U.S.
are determined by Goldman Sachs Asset Management, L.P.
Treasury Bill Index (the “Index”), returned 4.44% for the
(“GSAM”) to be of comparable credit quality at the time of
same period.
purchase. The Fund may also rely on the credit quality of a
The Fund had an NAV of $49.95 per share on August 31, guarantee or demand feature in determining the credit quality
2022 and ended the Reporting Period with an NAV of $49.98 of a security supported by the guarantee or demand feature.
per share. The Fund’s market price on August 31, 2023 was
The Fund will concentrate its investments in the financial
$49.99 per share.
services group of industries. Therefore, under normal
Q What key factors were responsible for the Fund’s circumstances, the Fund will invest more than 25% of its
performance during the Reporting Period? total assets in securities issued by companies in the financial
services group of industries and repurchase agreements
A The Fund seeks to achieve its investment objective by
secured by such obligations.
investing, under normal circumstances, at least 80% of its net
assets plus any borrowings for investment purposes Under normal circumstances, the Fund’s effective duration is
(measured at the time of purchase) (“Net Assets”) in a broad expected to be one year or less. “Duration” is a measure of a
range of U.S. dollar denominated bonds. The Fund primarily debt security’s price sensitivity to changes in interest rates. The
invests in obligations issued or guaranteed by the U.S. longer the duration of the Fund (or an individual debt security),
Government, its agencies, authorities, instrumentalities or the more sensitive its market price to changes in interest rates.
sponsored enterprises (“U.S. Government Securities”), In computing duration, the Fund will estimate the duration of
obligations of U.S. banks, corporate notes, commercial paper obligations that are subject to prepayment or redemption by the
and other short-term obligations of U.S. companies, states, issuer, taking into account the influence of interest rates on
municipalities and other entities, fixed and floating rate prepayments and coupon flows. This method of computing
mortgage-backed securities, asset-backed securities, duration is known as “option-adjusted” duration.
collateralized loan obligations and repurchase agreements.
The Fund is an actively managed exchange-traded fund
The Fund may also invest in U.S. dollar-denominated
(“ETF”), which is a fund that trades like other publicly
obligations issued or guaranteed by foreign banks, companies
traded securities. The Fund is not an index fund and does not
and governments or their agencies, authorities,
seek to replicate the performance of a specified index.
instrumentalities or sponsored enterprises.

The Fund will generally focus its investments in securities of THE FUND IS NOT A MONEY MARKET FUND AND
issuers that, at the time of purchase, have a short-term credit DOES NOT ATTEMPT TO MAINTAIN A STABLE
rating of at least investment grade by at least one nationally NET ASSET VALUE.
recognized statistical rating organization (“NRSRO”) (at least During the Reporting Period, the Fund generated positive
A-2, P-2, or F2 by S&P Global Ratings (“S&P”), Moody’s absolute returns but modestly lagged the Index. The Fund, as
40
 PORTFOLIO RESULTS

an actively managed, broadly diversified portfolio of high instruments. The Fund does not employ derivatives as a
quality short-term holdings across multiple spread, or source of alpha generation, although it may use them to
non-U.S. Treasury, sectors, slightly underperformed the equitize excess cash.
Index during the Reporting Period due primarily to
differences in sector positioning and duration and yield curve Q Were there any changes to the Fund’s portfolio
positioning relative to that of the Index. management team during the Reporting Period?

Overall, short term bond returns are driven by two primary A Effective October 1, 2022, David Fishman no longer served
factors — short-term interest rates and sector yields. as a portfolio manager for the Fund. Todd Henry and David
Westbrook continue to serve as portfolio managers for the
During the Reporting Period, in a continuing effort to stem
Fund. By design, all investment decisions for the Fund are
inflation, the U.S. Federal Reserve (the “Fed”) raised the
performed within a co-lead or team structure, with multiple
targeted federal funds rate by a total of 300 basis points — to
subject matter experts. This strategic decision making has
a range between 5.25% and 5.50%. (A basis point is 1/100th
been a cornerstone of our approach and helps to ensure
of a percentage point.) As the Fed tightened monetary policy,
continuity in the Fund.
yields rose across the U.S. Treasury yield curve, or spectrum
of maturities, with shorter-term yields rising more than Q What was the Fund’s weighted average duration,
longer-term yields. The bellwether 10-year U.S. Treasury weighted average maturity, weighted average
yield was up 94 basis points during the Reporting Period, coupon, weighted average yield to maturity and
from 3.15% to 4.09%. Shorter-term interest rates rose even 30-day standardized yield at the end of the
more significantly, with six-month U.S. Treasury yields up Reporting Period?1
212 basis points, from 3.32% to 5.48% during the Reporting
Period. A The Fund had a weighted average duration of 0.65 years, a
weighted average maturity of 2.03 years and a weighted
The increase in short-term interest rates put downward
average coupon of 4.93% as of August 31, 2023. The Fund’s
pressure on short-term bond prices during the Reporting
weighted average yield to maturity was 5.78% on August 31,
Period, but since the Fund is an ultra-short bond fund, i.e., it
2023. The 30-day standardized yield of the Fund at the end
maintains an effective duration of less than one year, its
of the Reporting Period was 5.11%.
NAV has a low sensitivity to interest rate changes, thus
mitigating the impact of higher rates. The Fund’s allocation 1 Duration is a time measure of a bond’s interest-rate sensitivity, based
to floating rate assets also helped reduce the effect of rising on the weighted average of the time periods over which a bond’s
cash flows accrue to the bondholder. Time periods are weighted by
rates, enabling the yield of the strategy to increase along with multiplying by the present value of its cash flow divided by the
the market. Lastly, the Fund benefited from credit spread bond’s price. (A bond’s cash flows consist of coupon payments and
tightening. (Credit spreads are yield differentials versus repayment of capital.) A bond’s duration will almost always be
shorter than its maturity, with the exception of zero-coupon bonds,
duration-equivalent U.S. Treasuries.) During the Reporting for which maturity and duration are equal. Weighted average
Period, short-dated, i.e. maturities of one to three years, duration is a measure of the duration for the securities in the
portfolio overall. Weighted average maturity (“WAM”) is the
investment grade credit yields tightened by approximately weighted average amount of time until the debt securities in a
3 basis points, from 76 basis points to 73 basis points. portfolio mature, or the weighted average of the remaining terms to
maturity of the debt securities within a portfolio. The higher the
A broad diversified portfolio of high quality short-term WAM, the longer it takes for all of the bonds in the portfolio to
holdings, across investment grade corporate credit, U.S. mature, and WAM is used to manage debt portfolios and to assess
the performance of debt portfolio managers. Coupons are fixed
Treasuries, mortgage-backed securities and other securitized percentages paid out on a fixed income security on an annual basis.
credit, helped the Fund achieve a high level of current Weighted average coupon is calculated by weighting the coupon of
each debt security by its relative size in the portfolio. Yield to
income for investors while also providing reduced volatility maturity is the annual return that a bond is expected to generate if it
as yields of various individual sectors fluctuated during the is held till its maturity given its coupon rate, payment frequency and
Reporting Period. current market price. Yield to maturity is essentially the internal rate
of return of a bond, i.e. the discount rate at which the present value
Q How did the Fund use derivatives and similar of a bond’s coupon payments and maturity value is equal to its
current market price. The 30-day standardized yield calculation is
instruments during the Reporting Period? based on a 30-day period ending on the last day of the Reporting
Period. It is computed by dividing the net investment income per
A The Fund does not employ derivatives. During the Reporting share earned during the period by the maximum offering price per
Period, the Fund did not invest in derivatives or similar share on the last day of the period.
41
PORTFOLIO RESULTS

Q What was the Fund’s credit allocation at the end

of the Reporting Period?2
A
U.S. Treasuries 5.61%
Agency Securities 22.22%
AAA 28.64%
AA 7.07%
A 20.37%
BBB 4.86%
Cash 11.24%

Q What was the Fund’s sector positioning relative

to the Index at the end of the Reporting Period?
A While the Index was 100% allocated to U.S. Treasury
securities, the Fund was 5.61% invested in U.S. Treasury
securities, 1.69% in quasi-government securities, 18.34% in
asset-backed securities, 8.71% in commercial mortgage-
backed securities, 22.22% in residential mortgage-backed
securities, 32.20% in investment grade corporate bonds and
11.24% in cash at the end of the Reporting Period.

2 The Fund and the Index have not been rated by an independent rating
agency. The credit allocation provided refers to the Fund’s
underlying portfolio securities. For the purpose of determining
compliance with any credit rating requirement, the Fund assigns a
security, at the time of purchase, the highest rating by a Nationally
Recognized Statistical Rating Organization (“NRSRO”) if the
security is rated by more than one NRSRO. For this purpose, the
Fund relies only on the ratings of the following NRSROs: S&P,
Moody’s and Fitch, Inc. This method may differ from the method
independently used by the Index Provider. GSAM will use a single
rating if that is the only one available. Securities that are not rated by
all three agencies are reflected as such in the breakdown. Unrated
securities may be purchased by the Fund if they are determined by
the Investment Adviser to be of a credit quality consistent with the
Fund’s credit rating requirements. Unrated securities do not
necessarily indicate low quality, and for such securities the
Investment Adviser will evaluate the credit quality. GSAM converts
all ratings to the equivalent S&P major rating category when
illustrating credit rating breakdowns. Ratings and Fund/Index credit
quality may change over time.
42
 FUND BASICS

Access Ultra Short Bond ETF

as of August 31, 2023

FUND SNAPSHOT

As of August 31, 2023

Market Price1 $49.99

Net Asset Value (NAV)1 $49.98
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.

TOP TEN HOLDINGS AS OF 8/31/232

Holding % of Net Assets

FNMA REMIC, Class BM, Series 2023-7266, 4.42%, 05/01/44 3.1%

FNMA REMIC, Class BM, Series 2023-7262, 4.66%, 02/01/45 2.0
U.S. Treasury Floating Rate Note, 5.55%, 10/31/24 1.9
FNMA REMIC, Class BM, Series 2020-6347, 4.34%, 02/01/41 1.7
FNMA REMIC, Class AL, Series 2016-9335, 4.59%, 12/01/40 1.6
U.S. Treasury Note, 3.88%, 03/31/25 1.4
FNMA REMIC, Class FC, Series 2005-103, 5.90%, 07/25/35 1.3
FHLMC REMIC, 4.80%, 01/01/46 1.1
Morgan Stanley Bank NA, 6.10%, 07/16/25 1.0
American Express Credit Account Master Trust, Class A, Series 2022-2, 3.39%, 05/15/27 1.0
2
The top 10 holdings may not be representative of the Fund’s future investments.

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

SECTOR ALLOCATION AS OF 8/31/233

Sector Name Fund

Asset-Backed Securities 26.0%

Mortgage-Backed Securities 23.6
Foreign Corporate Debt 17.2
Corporate Obligations 14.8
Commercial Papers 6.2
U.S. Treasury Notes 5.6
Certificate of Deposits 4.6
U.S. Government Agency Obligations 1.2
Investment Company 0.3

TOTAL INVESTMENTS 99.5

3
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.

43
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF

Performance Summary
August 31, 2023

The following graph shows the value, as of August 31, 2023, of a $10,000 investment made on April 15, 2019 (commencement of
operations) in Shares at NAV. For comparative purposes, the performance of a broad-based securities market index, the FTSE
Three-Month U.S. Treasury Bill Index, is shown. Performance reflects applicable fee waivers and/or expense limitations in effect
during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a
shareholder would pay on Fund distributions or the sale of Fund shares. Certain factors may affect Fund performance including,
but not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The
returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV
and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their
original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at
www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

Goldman Sachs Access Ultra Short Bond ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from April 15, 2019 through August 31, 2023.

$11,000

$10,850
$10,716

$10,500
Shares based on NAV
FTSE Three-Month U.S.
Treasury Bill Index

$10,000

$9,500
4/15/19 8/19 2/20 8/20 2/21 8/21 2/22 8/22 2/23 8/23

Average Annual Total Return through August 31, 2023* 1 Year Return Since Inception

Shares based on NAV (Commenced April 15, 2019) 4.25% 1.88%

Shares based on Market Price (Commenced April 15, 2019) 4.28% 1.88%

FTSE Three-Month U.S. Treasury Bill Index 4.44% 1.59%

* 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.

44
 FUND BASICS

Index Definitions and Industry Terms

Alpha: The excess returns of a fund relative to the return of a benchmark index is the fund’s alpha.

Access Emerging Markets USD Bond ETF

The Index was developed and is calculated and maintained by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock
Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). FTSE is not affiliated with the
Fund or GSAM. The Fund is not sponsored, endorsed, sold or promoted by FTSE or any of its affiliates and FTSE makes no representation to
any owner or prospective owner of the Fund regarding the advisability of investing in securities generally or in the Fund particularly, or the
ability of the Fund to track the price and yield performance of the Index or the ability of the Index to track general bond market
performance. FTSE’s only relationship to GSAM (“Licensee”) is the licensing of certain information, data, trademarks and trade names of
FTSE or its affiliates. The Index is determined, composed and calculated by FTSE without regard to the Fund. FTSE has no obligation to
take the needs of the owners or prospective owners of the Fund into consideration in determining, composing or calculating the Index.
FTSE is not responsible for and has not participated in the determination of the prices and amount of the shares to be issued by the Fund
or the timing of the issuance or sale of the shares to be issued by the Fund or in the determination or calculation of the equation by which
the shares to be issued by the Fund are to be converted into cash. FTSE has no obligation or liability in connection with the administration,
marketing or trading of the Fund.

Access High Yield Corporate Bond ETF

The Index was developed and is calculated and maintained by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock
Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). FTSE is not affiliated with the
Fund or GSAM. The Fund is not sponsored, endorsed, sold or promoted by FTSE or any of its affiliates and FTSE makes no representation to
any owner or prospective owner of the Fund regarding the advisability of investing in securities generally or in the Fund particularly, or the
ability of the Fund to track the price and yield performance of the Index or the ability of the Index to track general bond market
performance. FTSE’s only relationship to GSAM (“Licensee”) is the licensing of certain information, data, trademarks and trade names of
FTSE or its affiliates. The Index is determined, composed and calculated by FTSE without regard to the Fund. FTSE has no obligation to
take the needs of the owners or prospective owners of the Fund into consideration in determining, composing or calculating the Index.
FTSE is not responsible for and has not participated in the determination of the prices and amount of the shares to be issued by the Fund
or the timing of the issuance or sale of the shares to be issued by the Fund or in the determination or calculation of the equation by which
the shares to be issued by the Fund are to be converted into cash. FTSE has no obligation or liability in connection with the administration,
marketing or trading of the Fund.

Access Inflation Protected USD Bond ETF

The Index was developed and is calculated and maintained by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock
Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). FTSE is not affiliated with the
Fund or GSAM. The Fund is not sponsored, endorsed, sold or promoted by FTSE or any of its affiliates and FTSE makes no representation to
any owner or prospective owner of the Fund regarding the advisability of investing in securities generally or in the Fund particularly, or the
ability of the Fund to track the price and yield performance of the Index or the ability of the Index to track general bond market
performance. FTSE’s only relationship to GSAM (“Licensee”) is the licensing of certain information, data, trademarks and trade names of
FTSE or its affiliates. The Index is determined, composed and calculated by FTSE without regard to the Fund. FTSE has no obligation to
take the needs of the owners or prospective owners of the Fund into consideration in determining, composing or calculating the Index.
FTSE is not responsible for and has not participated in the determination of the prices and amount of the shares to be issued by the Fund
or the timing of the issuance or sale of the shares to be issued by the Fund or in the determination or calculation of the equation by which
the shares to be issued by the Fund are to be converted into cash. FTSE has no obligation or liability in connection with the administration,
marketing or trading of the Fund.

Access Investment Grade Corporate 1-5 Year Bond ETF

The Index was developed and is calculated and maintained by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock
Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). FTSE is not affiliated with the
Fund or GSAM. The Fund is not sponsored, endorsed, sold or promoted by FTSE or any of its affiliates and FTSE makes no representation to
any owner or prospective owner of the Fund regarding the advisability of investing in securities generally or in the Fund particularly, or the
ability of the Fund to track the price and yield performance of the Index or the ability of the Index to track general bond market
performance. FTSE’s only relationship to GSAM (“Licensee”) is the licensing of certain information, data, trademarks and trade names of

45
FUND BASICS

FTSE or its affiliates. The Index is determined, composed and calculated by FTSE without regard to the Fund. FTSE has no obligation to
take the needs of the owners or prospective owners of the Fund into consideration in determining, composing or calculating the Index.
FTSE is not responsible for and has not participated in the determination of the prices and amount of the shares to be issued by the Fund
or the timing of the issuance or sale of the shares to be issued by the Fund or in the determination or calculation of the equation by which
the shares to be issued by the Fund are to be converted into cash. FTSE has no obligation or liability in connection with the administration,
marketing or trading of the Fund.

Access Investment Grade Corporate Bond ETF

The Index was developed and is calculated and maintained by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock
Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). FTSE is not affiliated with the
Fund or GSAM. The Fund is not sponsored, endorsed, sold or promoted by FTSE or any of its affiliates and FTSE makes no representation to
any owner or prospective owner of the Fund regarding the advisability of investing in securities generally or in the Fund particularly, or the
ability of the Fund to track the price and yield performance of the Index or the ability of the Index to track general bond market
performance. FTSE’s only relationship to GSAM (“Licensee”) is the licensing of certain information, data, trademarks and trade names of
FTSE or its affiliates. The Index is determined, composed and calculated by FTSE without regard to the Fund. FTSE has no obligation to
take the needs of the owners or prospective owners of the Fund into consideration in determining, composing or calculating the Index.
FTSE is not responsible for and has not participated in the determination of the prices and amount of the shares to be issued by the Fund
or the timing of the issuance or sale of the shares to be issued by the Fund or in the determination or calculation of the equation by which
the shares to be issued by the Fund are to be converted into cash. FTSE has no obligation or liability in connection with the administration,
marketing or trading of the Fund.

Access Treasury 0-1 Year ETF

The Index is designed to measure the performance of U.S. Treasury Securities with a maximum remaining maturity of 12 months. “U.S.
Treasury Securities” refer to securities issued or guaranteed by the U.S. Treasury where the payment of principal and interest is backed by
the full faith and credit of the U.S. government. U.S. Treasury Securities include U.S. Treasury notes, U.S. Treasury bills and U.S. Treasury
floating rate bonds. The Index is sponsored by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc
and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). FTSE is not affiliated with the Fund or GSAM. The
Index is determined, composed and calculated by FTSE without regard to the Fund. It is not possible to invest directly in an unmanaged
index.

Access U.S. Aggregate Bond ETF

The Index was developed and is calculated and maintained by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock
Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). FTSE is not affiliated with the
Fund or GSAM. The Fund is not sponsored, endorsed, sold or promoted by FTSE or any of its affiliates and FTSE makes no representation to
any owner or prospective owner of the Fund regarding the advisability of investing in securities generally or in the Fund particularly, or the
ability of the Fund to track the price and yield performance of the Index or the ability of the Index to track general bond market
performance. FTSE’s only relationship to GSAM (“Licensee”) is the licensing of certain information, data, trademarks and trade names of
FTSE or its affiliates. The Index is determined, composed and calculated by FTSE without regard to the Fund. FTSE has no obligation to
take the needs of the owners or prospective owners of the Fund into consideration in determining, composing or calculating the Index.
FTSE is not responsible for and has not participated in the determination of the prices and amount of the shares to be issued by the Fund
or the timing of the issuance or sale of the shares to be issued by the Fund or in the determination or calculation of the equation by which
the shares to be issued by the Fund are to be converted into cash. FTSE has no obligation or liability in connection with the administration,
marketing or trading of the Fund.

Access Ultra Short Bond ETF

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.

Goldman Sachs Access Ultra Short Bond ETF (GSST) does not attempt to track an index and takes a more active approach.

46
 GOLDMAN SACHS ACCESS EMERGING MARKETS USD BOND ETF

Schedule of Investments
August 31, 2023

Principal Interest Maturity Principal Interest Maturity

Amount Rate Date Value Amount Rate Date Value

Sovereign Debt Obligations – 83.4% Sovereign Debt Obligations – (continued)

Bahamas – 0.3% Costa Rica – 1.7%

Bahamas Government International Bond (B+/B1) Costa Rica Government International Bond (B+/B2)
$200,000 8.950% 10/15/32 $ 173,000 $450,000 6.125% 02/19/31 $ 451,125
400,000 7.158 03/12/45 404,000
Bahrain – 3.3%
Bahrain Government International Bond (B+/NR) 855,125
550,000 7.000 01/26/26 559,163 Dominican Republic – 5.3%
225,000 7.375 05/14/30 230,971 Dominican Republic International Bond (BB/Ba3)
200,000 5.625 09/30/31 184,623 200,000 5.500 01/27/25 198,500
225,000 5.625 05/18/34 198,586 150,000 6.875 01/29/26 151,500
200,000 6.000 09/19/44 160,750 450,000 5.950 01/25/27 441,000
200,000 7.500 09/20/47 184,781 425,000 6.000 07/19/28 412,250
200,000 6.250 01/25/51 160,250 200,000 5.500 02/22/29 188,000
1,679,124 225,000 4.500 01/30/30 196,875
450,000 4.875 09/23/32 384,750
Bolivia – 0.2% 175,000 7.450 04/30/44 169,750
Bolivian Government International Bond (B-/Caa1) 225,000 6.850 01/27/45 202,500
200,000 4.500 03/20/28 125,750 200,000 6.400 06/05/49 168,500
Brazil – 3.3% 300,000 5.875 01/30/60 231,750
Brazilian Government International Bond (BB-/Ba2) 2,745,375
200,000 4.250 01/07/25 195,898
Ecuador – 1.3%
779,000 6.000 10/20/33 760,698
200,000 7.125 01/20/37 210,000 Ecuador Government International Bond (B-/NR)
450,000 6.000(a) 07/31/30 223,875
585,000 5.625 01/07/41 516,263
850,000 3.500(a) 07/31/35 318,750
1,682,859 450,000 2.500(a) 07/31/40 150,188
Chile – 3.1% 692,813
Chile Government International Bond (A/A2)
Egypt – 3.5%
410,000 3.125 01/21/26 391,153
Egypt Government International Bond (B/B3)
400,000 3.240 02/06/28 372,856
200,000 5.875 06/11/25 162,752
600,000 3.500 01/31/34 517,370
200,000 3.875 02/16/26 143,731
200,000 4.000 01/31/52 158,089
200,000 7.500 01/31/27 144,250
225,000 3.250 09/21/71 139,764 300,000 5.800 09/30/27 198,489
1,579,232 200,000 6.588 02/21/28 130,589
350,000 7.625 05/29/32 201,609
China – 3.1%
200,000 7.300 09/30/33 110,475
China Government International Bond (A+/A1)
125,000 6.875 04/30/40 64,687
200,000 0.750 10/26/24 190,317
450,000 8.500 01/31/47 240,187
400,000 1.250 10/26/26 358,464
200,000 7.903 02/21/48 102,500
200,000 3.500 10/19/28 192,628 200,000 8.700 03/01/49 106,750
390,000 1.200 10/21/30 319,966 200,000 8.875 05/29/50 107,750
200,000 2.750 12/03/39 156,315 200,000 7.500 02/16/61 101,500
250,000 4.000 10/19/48 224,812
200,000 2.250 10/21/50 125,428 1,815,269

1,567,930 Guatemala – 1.3%

Guatemala Government Bond (NR/NR)
Colombia – 5.2% 300,000 5.375 04/24/32 286,500
Colombia Government International Bond (BB+/Baa2) 225,000 3.700 10/07/33 182,250
300,000 3.875 04/25/27 276,385 200,000 6.125 06/01/50 183,750
460,000 3.000 01/30/30 365,089
500,000 3.125 04/15/31 385,845 652,500
250,000 3.250 04/22/32 187,495 Hungary – 2.7%
200,000 7.375 09/18/37 194,340 Hungary Government International Bond (BBB-/Baa2)
300,000 6.125 01/18/41 248,238 200,000 6.125 05/22/28 203,039
275,000 5.625 02/26/44 208,072 200,000 5.250 06/16/29 195,534
550,000 5.000 06/15/45 385,599 200,000 5.500 06/16/34 189,852
400,000 5.200 05/15/49 280,574 550,000 7.625 03/29/41 607,315
200,000 4.125 05/15/51 120,087 200,000 6.750 09/25/52 203,109
2,651,724 1,398,849

The accompanying notes are an integral part of these financial statements. 47

GOLDMAN SACHS ACCESS EMERGING MARKETS USD BOND ETF

Schedule of Investments (continued)

August 31, 2023

Principal Interest Maturity Principal Interest Maturity

Amount Rate Date Value Amount Rate Date Value

Sovereign Debt Obligations – (continued) Sovereign Debt Obligations – (continued)

Indonesia – 4.5% Nigeria – (continued)

Indonesia Government International Bond (BBB/Baa2) Nigeria Government International Bond (B-/Caa1) – (continued)
$330,000 4.125% 01/15/25 $ 324,408 $200,000 7.375% 09/28/33 $ 153,494
200,000 3.850 07/18/27 191,198 200,000 7.696 02/23/38 145,548
350,000 2.850 02/14/30 307,389 200,000 7.625 11/28/47 138,000
400,000 4.650 09/20/32 386,218 200,000 8.250 09/28/51 142,985
125,000 8.500 10/12/35 158,935 1,358,266
325,000 7.750 01/17/38 400,007
225,000 4.200 10/15/50 187,170 Panama – 5.1%
275,000 3.050 03/12/51 195,614 Panama Government International Bond (BBB/Baa2)
200,000 4.300 03/31/52 167,017 225,000 3.750 03/16/25 218,531
260,000 8.875 09/30/27 293,475
2,317,956
200,000 3.875 03/17/28 188,750
Jordan – 1.0% 50,000 9.375 04/01/29 59,437
Jordan Government International Bond (B+/B1) 410,000 3.160 01/23/30 358,238
200,000 6.125 01/29/26 199,328 400,000 2.252 09/29/32 306,500
350,000 5.850 07/07/30 324,209 150,000 6.700 01/26/36 158,250
250,000 4.500 04/16/50 189,688
523,537
200,000 4.300 04/29/53 145,000
Kazakhstan – 1.2% 200,000 6.853 03/28/54 206,000
Kazakhstan Government International Bond (BBB-/Baa2) 275,000 4.500 04/01/56 201,781
400,000 4.875 10/14/44 357,220 245,000 3.870 07/23/60 158,331
225,000 6.500 07/21/45 236,450 200,000 4.500 01/19/63 144,500
593,670 2,628,481
Kenya – 2.0% Philippines – 4.7%
Republic of Kenya Government International Bond (B/NR) Philippine Government International Bond (BBB+/Baa2)
606,000 6.875 06/24/24 574,612 650,000 10.625 03/16/25 702,013
350,000 7.000 05/22/27 310,729 400,000 3.000 02/01/28 368,169
200,000 8.250 02/28/48 149,750 200,000 6.375 10/23/34 219,026
1,035,091 200,000 3.700 03/01/41 160,114
200,000 3.700 02/02/42 159,366
Kuwait – 0.7% 480,000 2.950 05/05/45 329,690
Kuwait International Government Bond (A+/NR) 450,000 2.650 12/10/45 291,275
400,000 3.500 03/20/27 382,424 283,000 3.200 07/06/46 200,987
Mexico – 3.5% 2,430,640
Mexico Government International Bond (BBB/Baa2)
200,000 3.750 01/11/28 189,657 Poland – 1.9%
325,000 4.500 04/22/29 313,838 Republic of Poland Government International Bond (A-/A2)
600,000 4.875 05/19/33 568,897 400,000 5.500 11/16/27 407,006
50,000 6.050 01/11/40 50,043 300,000 4.875 10/04/33 291,035
150,000 5.550 01/21/45 139,822 300,000 5.500 04/04/53 291,576
200,000 6.338 05/04/53 199,946 989,617
Mexico Government International Bond, MTN (BBB/Baa2)
Qatar – 3.1%
50,000 8.300 08/15/31 59,090
Qatar Government International Bond (AA/Aa3)
175,000 7.500 04/08/33 196,299
200,000 3.400 04/16/25 194,152
150,000 4.750 03/08/44 125,865
350,000 3.750 04/16/30 331,533
1,843,457 200,000 4.625 06/02/46 183,452
Morocco – 0.5% 220,000 5.103 04/23/48 211,235
Morocco Government International Bond (BB+/NR) 350,000 4.817 03/14/49 326,146
350,000 4.000 12/15/50 230,125 400,000 4.400 04/16/50 352,026

Nigeria – 2.6% 1,598,544

Nigeria Government International Bond (B-/Caa1) Romania – 3.0%
200,000 6.500 11/28/27 172,500 Romanian Government International Bond (BBB-/Baa3)
249,000 6.125 09/28/28 206,064 460,000 5.250 11/25/27 453,141
200,000 8.747 01/21/31 174,926 170,000 3.000 02/14/31 140,532
275,000 7.875 02/16/32 224,749 250,000 3.625 03/27/32 209,548

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

 GOLDMAN SACHS ACCESS EMERGING MARKETS USD BOND ETF

Principal Interest Maturity Principal Interest Maturity

Amount Rate Date Value Amount Rate Date Value

Sovereign Debt Obligations – (continued) Corporate Obligations – 14.5%

Romania – (continued) Brazil – 1.2%

Romanian Government International Bond (BBB-/ Petrobras Global Finance BV (BB-/Ba1)
Baa3) – (continued) $200,000 7.375% 01/17/27 $ 206,750
$300,000 7.125% 01/17/33 $ 315,370 200,000 5.999 01/27/28 199,500
180,000 6.125 01/22/44 170,460 209,000 6.850 06/05/15 182,722
280,000 5.125 06/15/48 232,823
588,972
1,521,874
Chile – 2.2%
Saudi Arabia – 3.5% Corp. Nacional del Cobre de Chile (A/Baa1)
Saudi Government International Bond (NR/A1) 200,000 3.625 08/01/27 185,271
400,000 2.500 02/03/27 367,546 200,000 3.000 09/30/29 172,937
225,000 4.375 04/16/29 218,611 200,000 3.150 01/14/30 172,938
225,000 4.500 04/17/30 219,146 400,000 4.500 08/01/47 322,192
400,000 3.250 10/22/30 359,936 200,000 3.700 01/30/50 139,500
350,000 4.500 10/26/46 296,060 Empresa de Transporte de Pasajeros Metro SA (NR/NR)
200,000 4.625 10/04/47 169,967 200,000 4.700 05/07/50 162,003
200,000 4.500 04/22/60 165,045
1,154,841
1,796,311
China – 1.4%
Serbia – 0.4%
China Development Bank, Series EMTN (A+/A1)
Serbia International Bond (BB+/Ba2)
200,000 3.000 06/01/26 189,408
200,000 6.500 09/26/33 197,754
China Development Bank Financial Leasing Co. Ltd.(c)
Trinidad and Tobago – 0.4% (BBB+/NR)
Trinidad & Tobago Government International Bond (NR/NR) (US 5 Year CMT T-Note + 2.750%)
200,000 4.500 08/04/26 193,500 200,000 2.875 09/28/30 186,161
Turkey – 6.0% Export-Import Bank of China (The) (A+/A1)
Turkey Government International Bond (NR/B3) 350,000 3.625 07/31/24 343,967
325,000 6.350 08/10/24 324,069 719,536
525,000 5.600 11/14/24 516,397
350,000 7.375 02/05/25 351,778 Hungary – 0.4%
330,000 4.250 03/13/25 316,017 Magyar Export-Import Bank Zrt (BBB-/NR)
525,000 4.875 10/09/26 484,014 200,000 6.125% 12/04/27 199,343
100,000 11.875 01/15/30 118,000 India – 2.6%
362,000 6.875 03/17/36 318,654 Export-Import Bank of India (BBB-/Baa3)
200,000 6.000 01/14/41 154,497 200,000 3.375 08/05/26 189,079
725,000 5.750 05/11/47 516,562 200,000 3.875 02/01/28 187,340
3,099,988 250,000 3.250 01/15/30 217,507
Indian Railway Finance Corp. Ltd. (BBB-/Baa3)
United Arab Emirates – 1.3%
350,000 2.800 02/10/31 288,621
UAE Government International Bond (NR/Aa2)
200,000 3.570 01/21/32 171,372
350,000 2.000 10/19/31 288,591
REC Ltd. (NR/Baa3)
200,000 2.875 10/19/41 146,213
375,000 3.250 10/19/61 256,316 303,000 5.625 04/11/28 299,415

691,120 1,353,334
Indonesia – 1.7%
Uruguay – 3.7%
Uruguay Government International Bond (BBB+/Baa2) Pertamina Persero PT (NR/Baa2)
150,000 4.375 10/27/27 148,875 757,000 3.100 08/27/30 655,751
408,000 4.375 01/23/31 399,330 200,000 6.450 05/30/44 202,500
50,000 7.875(b) 01/15/33 60,750 858,251
200,000 5.750 10/28/34 214,500
Mexico – 2.3%
200,000 7.625 03/21/36 241,250
200,000 4.125 11/20/45 174,250 Petroleos Mexicanos (BBB/B1)
450,000 5.100 06/18/50 432,844 100,000 6.875 10/16/25 94,590
240,000 4.975 04/20/55 225,300 200,000 4.500 01/23/26 175,440
180,000 6.500 03/13/27 157,738
1,897,099 25,000 5.350 02/12/28 20,058
TOTAL SOVEREIGN DEBT OBLIGATIONS 50,000 6.500 01/23/29 40,624
(Cost $45,876,770) $42,949,004 100,000 6.840 01/23/30 79,385
The accompanying notes are an integral part of these financial statements. 49
GOLDMAN SACHS ACCESS EMERGING MARKETS USD BOND ETF

Schedule of Investments (continued)

August 31, 2023

Principal Interest Maturity

Amount Rate Date Value

The percentage shown for each investment category

Corporate Obligations – (continued)
reflects the value of investments in that category as a
Mexico – (continued) percentage of net assets.
Petroleos Mexicanos (BBB/B1) – (continued) (a) Step coupon.
$250,000 5.950% 01/28/31 $ 181,286 (b) Pay-in-kind securities.
25,000 6.625 06/15/35 17,093 (c) Variable rate security. Interest rate or distribution rate disclosed is that
25,000 6.500 06/02/41 15,531 which is in effect on August 31, 2023.
50,000 5.625 01/23/46 28,693 (d) Represents an affiliated issuer.
428,000 6.750 09/21/47 264,874
75,000 7.690 01/23/50 50,263
Investment Abbreviations:
100,000 6.950 01/28/60 61,637
CMT—Constant Maturity Treasury Index
1,187,212 MTN—Medium Term Note

Philippines – 0.4%
Power Sector Assets & Liabilities Management Corp.
(BBB+/Baa2)
200,000 7.390 12/02/24 205,250
Poland – 0.4%
Bank Gospodarstwa Krajowego (NR/A2)
200,000 5.375 05/22/33 198,326
Qatar – 0.9%
QatarEnergy (NR/NR)
309,000 2.250 07/12/31 254,153
300,000 3.300 07/12/51 210,253
464,406
Saudi Arabia – 1.0%
Saudi Arabian Oil Co. (NR/A1)
375,000 3.500 04/16/29 343,519
200,000 4.250 04/16/39 171,613
515,132
TOTAL CORPORATE OBLIGATIONS
(Cost $7,915,355) $ 7,444,603

Dividend
Shares Rate Value

Investment Company – 0.5%(d)

Goldman Sachs Financial Square Government Fund –

Institutional Shares
255,051 5.234% $ 255,051
(Cost $255,051)

TOTAL INVESTMENTS – 98.4%

(Cost $54,047,176) $50,648,658

OTHER ASSETS IN EXCESS OF

LIABILITIES – 1.6% 811,974
NET ASSETS – 100.0% $51,460,632

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

 GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

Schedule of Investments
August 31, 2023

Principal Interest Maturity Principal Interest Maturity

Amount Rate Date Value Amount Rate Date Value

Corporate Obligations – 91.2% Corporate Obligations – (continued)

Advertising – 0.7% Broadcasting – (continued)

Clear Channel Outdoor Holdings, Inc. (B/B1) TEGNA, Inc. (BB+/Ba3)
$ 316,000 5.125%(a) 08/15/27 $ 282,820 $ 126,000 4.625% 03/15/28 $ 113,400
136,000 7.500(a) 06/01/29 101,320 361,000 5.000 09/15/29 319,485
Lamar Media Corp. (BB/Ba3) Univision Communications, Inc. (B+/B1)
179,000 3.750 02/15/28 163,785 102,000 5.125(a) 02/15/25 100,598
234,000 4.000 02/15/30 205,920 94,000 6.625(a) 06/01/27 91,180
753,845 280,000 4.500(a) 05/01/29 240,800

Aerospace & Defense – 2.8% 2,619,229

Howmet Aerospace, Inc. (BB+/Ba1) Brokerage – 0.7%
50,000 5.125 10/01/24 49,687 Coinbase Global, Inc.(a) (BB-/B1)
590,000 6.875 05/01/25 594,425 148,000 3.375 10/01/28 108,595
TransDigm UK Holdings PLC (B-/B3) Jefferies Finance LLC / JFIN Co.-Issuer Corp.(a) (BB-/B1)
200,000 6.875 05/15/26 204,190 470,000 5.000 08/15/28 403,468
TransDigm, Inc. (B+/Ba3) Ladder Capital Finance Holdings LLLP / Ladder Capital Finance
758,000 6.250(a) 03/15/26 752,315 Corp.(a) (BB-/Ba2)
62,000 6.375 06/15/26 61,969 297,000 4.750 06/15/29 250,594
46,000 7.500 03/15/27 46,172
523,000 5.500 11/15/27 497,504 762,657
730,000 4.625 01/15/29 654,263 Building Materials – 1.0%
2,860,525 American Builders & Contractors Supply Co., Inc. (BB+/Ba2)
177,000 4.000(a) 01/15/28 160,849
Banks – 0.3%
50,000 3.875(a) 11/15/29 43,187
Freedom Mortgage Corp. (B/B2) Builders FirstSource, Inc. (BB-/Ba2)
179,000 8.250(a) 04/15/25 176,315
88,000 5.000(a) 03/01/30 80,960
197,000 7.625(a) 05/01/26 181,733
301,000 4.250(a) 02/01/32 256,603
358,048 Standard Industries, Inc. (BB/B1)
Basic Industry – 2.3% 329,000 4.375(a) 07/15/30 283,333
Axalta Coating Systems LLC(a) (BB-/B1) 179,000 3.375(a) 01/15/31 142,750
280,000 3.375 02/15/29 238,350 967,682
Chemours Co. (The)(a) (BB/B1)
Capital Goods – 3.7%
213,000 5.750 11/15/28 191,700
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal
Olin Corp. (BB+/Ba1)
Packaging Finance PLC(a) (B+/Caa1)
289,000 5.625 08/01/29 277,801
300,000 4.000 09/01/29 243,187
220,000 5.000 02/01/30 202,950
Olympus Water US Holding Corp.(a) (B-/B3) Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc.
280,000 4.250 10/01/28 221,550 (B-/Caa1)
SCIH Salt Holdings, Inc.(a) (CCC+/Caa2) 400,000 5.250(a) 08/15/27 346,000
317,000 6.625 05/01/29 280,941 200,000 5.250(a) 08/15/27 171,000
Tronox, Inc.(a) (BB-/B1) ASP Unifrax Holdings, Inc.(a) (CCC/Caa2)
438,000 4.625 03/15/29 360,255 204,000 7.500 09/30/29 107,100
Valvoline, Inc.(a) (B+/Ba3) Ball Corp. (BB+/Ba1)
247,000 3.625 06/15/31 198,218 500,000 2.875 08/15/30 411,875
WR Grace Holdings LLC (B/B1) Clydesdale Acquisition Holdings, Inc. (CCC+/Caa2)
200,000 4.875(a) 06/15/27 187,000 51,000 6.625(a) 04/15/29 48,641
160,000 5.625(a) 08/15/29 135,800 215,000 8.750(a) 04/15/30 193,500
Covanta Holding Corp.(a) (B/B3)
2,294,565
337,000 4.875 12/01/29 289,682
Broadcasting – 2.6% Crown Americas LLC / Crown Americas Capital Corp V
CMG Media Corp.(a) (CCC+/Caa1) (BB+/Ba2)
315,000 8.875 12/15/27 248,063 213,000 4.250 09/30/26 201,019
Nexstar Media, Inc.(a) (BB+/B2) Crown Americas LLC / Crown Americas Capital Corp. VI
407,000 5.625 07/15/27 383,597 (BB+/Ba2)
Sirius XM Radio, Inc. (BB/Ba3) 148,000 4.750 02/01/26 142,820
476,000 5.000(a) 08/01/27 440,300 Herc Holdings, Inc.(a) (B+/Ba3)
494,000 4.000(a) 07/15/28 428,545 226,000 5.500 07/15/27 217,807
326,000 3.875(a) 09/01/31 253,261

The accompanying notes are an integral part of these financial statements. 51

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

Schedule of Investments (continued)

August 31, 2023

Principal Interest Maturity Principal Interest Maturity

Amount Rate Date Value Amount Rate Date Value

Corporate Obligations – (continued) Corporate Obligations – (continued)

Capital Goods – (continued) Consumer Cyclical – (continued)

LABL, Inc. (B-/B2) Caesars Entertainment, Inc. (B/Ba3)
$ 233,000 6.750%(a) 07/15/26 $ 228,923 $ 680,000 6.250%(a) 07/01/25 $ 675,750
152,000 10.500(a) 07/15/27 145,160 305,000 8.125(a) 07/01/27 309,582
Mauser Packaging Solutions Holding Co.(a) (B/B2) 375,000 4.625(a) 10/15/29 329,063
645,000 7.875 08/15/26 635,325 Carnival Corp. (B/B3)
Sensata Technologies, Inc.(a) (BB+/Ba2) 841,000 7.625(a) 03/01/26 841,000
428,000 3.750 02/15/31 357,380 50,000 5.750(a) 03/01/27 47,125
908,000 6.000(a) 05/01/29 822,875
3,739,419
Carnival Holdings Bermuda Ltd.(a) (B+/B2)
Communications – 5.6% 273,000 10.375 05/01/28 297,570
AMC Networks, Inc. (BB-/Ba3) Carvana Co. (D/Ca)
175,000 4.250 02/15/29 112,000 400,000 5.875(a) 10/01/28 246,000
CCO Holdings LLC / CCO Holdings Capital Corp. (BB-/B1) 400,000 10.250(a) 05/01/30 317,000
300,000 5.125(a) 05/01/27 283,875 Cedar Fair LP / Canada’s Wonderland Co. / Magnum
400,000 5.000(a) 02/01/28 369,000 Management Corp. / Millennium Op(a) (BB+/Ba2)
300,000 5.375(a) 06/01/29 274,125 235,000 5.500 05/01/25 233,531
450,000 4.750(a) 03/01/30 389,812 Churchill Downs, Inc. (B+/B1)
300,000 4.500(a) 08/15/30 253,500 277,000 5.500(a) 04/01/27 266,959
350,000 4.250(a) 02/01/31 288,313 215,000 4.750(a) 01/15/28 199,950
440,000 7.375(a) 03/01/31 438,350 Clarios Global LP / Clarios US Finance Co.(a) (B-/Caa1)
550,000 4.500 05/01/32 446,875 296,000 8.500 05/15/27 297,480
400,000 4.250(a) 01/15/34 307,500 Fertitta Entertainment LLC / Fertitta Entertainment Finance Co.,
CSC Holdings LLC (B/B2) Inc. (B/B2)
200,000 5.500(a) 04/15/27 173,000 147,000 4.625(a) 01/15/29 127,339
250,000 7.500(a) 04/01/28 158,750 44,000 6.750(a) 01/15/30 36,465
400,000 6.500(a) 02/01/29 331,000 Ford Motor Co. (BB+/Ba1)
240,000 5.750(a) 01/15/30 132,900 240,000 4.346 12/08/26 231,251
250,000 4.125(a) 12/01/30 178,750 390,000 9.625 04/22/30 451,113
400,000 4.625(a) 12/01/30 210,000 Ford Motor Credit Co. LLC (BB+/Ba1)
250,000 3.375(a) 02/15/31 171,875 200,000 3.664 09/08/24 193,998
Directv Financing LLC / Directv Financing Co.-Obligor, Inc.(a) 200,000 4.063 11/01/24 193,740
(BB/Ba3) 200,000 4.687 06/09/25 192,450
558,000 5.875 08/15/27 498,015 200,000 4.271 01/09/27 185,637
Live Nation Entertainment, Inc.(a) (B+/B2) 210,000 4.125 08/17/27 190,687
442,000 4.750 10/15/27 413,822 300,000 3.815 11/02/27 268,167
WMG Acquisition Corp. (BB+/Ba2) 400,000 5.113 05/03/29 367,423
232,000 3.875(a) 07/15/30 202,420 280,000 7.350 03/06/30 285,301
93,000 3.000(a) 02/15/31 76,260 Ford Motor Credit Co. LLC, GMTN (BB+/Ba1)
5,710,142 200,000 4.389 01/08/26 189,470
Gap, Inc. (The)(a) (BB/B1)
Consumer Cyclical – 19.2%
212,000 3.875 10/01/31 153,700
ADT Security Corp. (The) (BB/Ba3) Goodyear Tire & Rubber Co. (The) (BB-/B2)
86,000 4.125(a) 08/01/29 75,357 50,000 9.500 05/31/25 51,062
46,000 4.875(a) 07/15/32 39,963 50,000 5.000 05/31/26 48,375
Allison Transmission, Inc.(a) (NR/Ba2) 50,000 4.875 03/15/27 47,250
289,000 3.750 01/30/31 242,037 170,000 5.000 07/15/29 151,725
American Axle & Manufacturing, Inc. (B+/B2) 180,000 5.250 04/30/31 157,500
263,000 6.875 07/01/28 241,960 110,000 5.250 07/15/31 95,150
126,000 5.000 10/01/29 103,635 Hilton Domestic Operating Co., Inc. (BB+/Ba2)
Asbury Automotive Group, Inc.(a) (BB/B1) 50,000 5.375(a) 05/01/25 49,562
300,000 4.625 11/15/29 265,125 220,000 5.750(a) 05/01/28 216,150
Bath & Body Works, Inc. (BB/Ba2)
145,000 3.750(a) 05/01/29 128,144
200,000 6.875 11/01/35 187,250 45,000 4.875 01/15/30 41,906
100,000 6.750 07/01/36 92,000 303,000 4.000(a) 05/01/31 264,118
Boyd Gaming Corp. (BB/B1)
259,000 3.625(a) 02/15/32 215,780
108,000 4.750 12/01/27 101,655
146,000 4.750(a) 06/15/31 129,392
52 The accompanying notes are an integral part of these financial statements.
 GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

Principal Interest Maturity Principal Interest Maturity

Amount Rate Date Value Amount Rate Date Value

Corporate Obligations – (continued) Corporate Obligations – (continued)

Consumer Cyclical – (continued) Consumer Cyclical – (continued)

Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Staples, Inc. (B-/B3)
Vacations Borrower Esc(a) (B+/B2) $ 238,000 7.500%(a) 04/15/26 $ 197,540
$ 438,000 5.000% 06/01/29 $ 389,272 376,000 10.750(a) 04/15/27 206,800
Iron Mountain, Inc. (BB-/Ba3) Taylor Morrison Communities, Inc.(a) (BB/Ba2)
200,000 4.875(a) 09/15/27 189,000 143,000 5.125 08/01/30 131,203
256,000 5.250(a) 03/15/28 241,280 Travel + Leisure Co.(a) (BB-/Ba3)
341,000 5.250(a) 07/15/30 308,605 260,000 6.625 07/31/26 258,700
400,000 4.500(a) 02/15/31 343,750 Williams Scotsman International, Inc.(a) (BB-/B2)
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America 273,000 6.125 06/15/25 271,635
LLC(a) (BB+/Ba2) Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. (B+/B2)
50,000 4.750 06/01/27 48,437 179,000 5.500(a) 03/01/25 176,986
LCM Investments Holdings II LLC(a) (B+/B2) 100,000 5.250(a) 05/15/27 95,625
300,000 4.875 05/01/29 260,250 Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.(a)
Light & Wonder International, Inc. (B+/B3) (B+/B2)
145,000 7.000(a) 05/15/28 145,181 200,000 5.125 10/01/29 179,500
46,000 7.250(a) 11/15/29 46,345 Yum! Brands, Inc. (BB/Ba3)
Macy’s Retail Holdings LLC (BB+/Ba2) 161,000 4.750(a) 01/15/30 148,724
200,000 5.875(a) 04/01/29 181,750 164,000 3.625 03/15/31 139,400
101,000 6.125(a) 03/15/32 86,860 375,000 5.375 04/01/32 352,969
MGM Resorts International (BB-/B1) 19,469,551
79,000 5.750 06/15/25 78,012
173,000 4.625 09/01/26 163,269 Consumer Noncyclical – 4.3%
190,000 5.500 04/15/27 182,400 Allied Universal Holdco LLC / Allied Universal Finance Corp.
160,000 4.750 10/15/28 145,800 (CCC+/Caa2)
Mohegan Tribal Gaming Authority(a) (B-/B3) 62,000 6.625(a) 07/15/26 58,900
209,000 8.000 02/01/26 193,847 220,000 9.750(a) 07/15/27 202,262
NCL Corp Ltd.(a) (B-/Caa1) 280,000 6.000(a) 06/01/29 215,600
207,000 3.625 12/15/24 198,461 Allied Universal Holdco LLC/Allied Universal Finance Corp./
NCL Corp. Ltd. (B-/Caa1) Atlas Luxco 4 Sarl(a) (B/B3)
340,000 5.875(a) 03/15/26 321,300 200,000 4.625 06/01/28 171,000
119,000 7.750(a) 02/15/29 113,348 Avantor Funding, Inc.(a) (BB/B2)
NMG Holding Co., Inc. / Neiman Marcus Group LLC(a) 396,000 4.625 07/15/28 368,775
(B-/Caa1) Hologic, Inc. (BB+/Ba2)
240,000 7.125 04/01/26 229,200 104,000 4.625(a) 02/01/28 98,280
Nordstrom, Inc. (BB+/Ba1) 399,000 3.250(a) 02/15/29 348,127
251,000 4.375 04/01/30 200,173 Medline Borrower LP (B+/B1)
PetSmart, Inc. / PetSmart Finance Corp. (B-/B3) 998,000 3.875(a) 04/01/29 874,498
250,000 4.750(a) 02/15/28 225,000 121,000 5.250(a) 10/01/29 107,690
250,000 7.750(a) 02/15/29 239,375 Molina Healthcare, Inc.(a) (BB-/Ba3)
Premier Entertainment Sub LLC / Premier Entertainment Finance 470,000 4.375 06/15/28 431,813
Corp. (CCC+/B3) Organon & Co. / Organon Foreign Debt Co.-Issuer BV (BB/Ba2)
120,000 5.625(a) 09/01/29 96,000 730,000 4.125(a) 04/30/28 661,562
120,000 5.875(a) 09/01/31 93,300 290,000 5.125(a) 04/30/31 248,313
Prime Security Services Borrower LLC / Prime Finance, Inc. RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health,
(B/B3) Inc.(a) (CCC+/Caa2)
88,000 3.375(a) 08/31/27 78,430 393,000 9.750 12/01/26 367,455
358,000 6.250(a) 01/15/28 342,785 Vector Group Ltd.(a) (B-/Caa1)
RHP Hotel Properties LP / RHP Finance Corp.(a) (B+/B1) 160,000 10.500 11/01/26 160,800
205,000 4.500 02/15/29 180,144 4,315,075
Royal Caribbean Cruises Ltd. (BB+/Ba1)
Consumer Products – 0.5%
78,000 11.500(a) 06/01/25 82,388
Coty, Inc.(a) (BB/Ba2)
437,000 4.250(a) 07/01/26 408,595
150,000 3.700 03/15/28 130,687 382,000 5.000 04/15/26 367,675
351,000 5.500(a) Tempur Sealy International, Inc.(a) (BB/Ba2)
04/01/28 329,940
200,000 4.000 04/15/29 172,250
Six Flags Entertainment Corp.(a) (B/B3)
150,000 5.500 04/15/27 141,563 539,925

The accompanying notes are an integral part of these financial statements. 53

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

Schedule of Investments (continued)

August 31, 2023

Principal Interest Maturity Principal Interest Maturity

Amount Rate Date Value Amount Rate Date Value

Corporate Obligations – (continued) Corporate Obligations – (continued)

Distribution & Logistics – 0.2% Energy – (continued)

WESCO Distribution, Inc.(a) (BB/Ba3) Endeavor Energy Resources LP / EER Finance, Inc.(a) (BB+/Ba2)
$ 171,000 7.250% 06/15/28 $ 173,993 $ 243,000 5.750% 01/30/28 $ 236,925
EnLink Midstream LLC (BB+/Ba1)
Electric – 2.6%
363,000 5.375 06/01/29 346,562
Calpine Corp. (BB+/Ba2)
EnLink Midstream Partners LP (BB+/Ba1)
191,000 5.250(a) 06/01/26 187,180
335,000 4.850 07/15/26 322,233
150,000 4.625(a) 02/01/29 130,125
EQM Midstream Partners LP (BB-/Ba3)
68,000 5.000(a) 02/01/31 57,800
315,000 6.000(a) 07/01/25 313,425
277,000 3.750(a) 03/01/31 231,295
50,000 7.500(a) 06/01/27 50,563
Clearway Energy Operating LLC(a) (BB/Ba2)
497,000 3.750 02/15/31 407,540 170,000 6.500(a) 07/01/27 169,362
67,000 5.500 07/15/28 64,152
FirstEnergy Corp. (BB+/Ba1)
210,000 4.500(a) 01/15/29 191,100
520,000 2.650 03/01/30 436,909
246,000 4.750(a) 01/15/31 218,018
FirstEnergy Corp., Series B (BB+/Ba1)
Hess Midstream Operations LP (BB+/Ba2)
126,000 4.150 07/15/27 119,303
82,000 5.125(a) 06/15/28 77,490
PG&E Corp. (BB-/B1)
248,000 4.250(a) 02/15/30 217,620
514,000 5.250 07/01/30 457,460
100,000 5.500(a) 10/15/30 93,500
Vistra Operations Co. LLC (BB/Ba2)
Hilcorp Energy I LP / Hilcorp Finance Co. (BB+/Ba3)
187,000 5.625(a) 02/15/27 180,455
75,000 6.250(a) 11/01/28 72,375
385,000 5.000(a) 07/31/27 361,900
277,000 5.750(a) 02/01/29 258,995
84,000 4.375(a) 05/01/29 73,920
50,000 6.000(a) 02/01/31 46,000
2,643,887 ITT Holdings LLC(a) (B/B2)
Energy – 11.4% 260,000 6.500 08/01/29 235,950
Antero Midstream Partners LP / Antero Midstream Finance Corp. Moss Creek Resources Holdings, Inc. (B+/B3)
(BB/Ba3) 139,000 7.500(a) 01/15/26 133,614
167,000 5.750(a) 03/01/27 161,990 265,000 10.500(a) 05/15/27 264,337
71,000 5.750(a) 01/15/28 68,160 Nabors Industries Ltd.(a) (CCC/B3)
Antero Resources Corp. (BB+/Ba2) 199,000 7.250 01/15/26 192,284
126,000 7.625(a) 02/01/29 128,835 Nabors Industries, Inc. (CCC/Caa1)
50,000 5.375(a) 03/01/30 46,750 81,000 5.750 02/01/25 79,785
Archrock Partners LP / Archrock Partners Finance Corp.(a) New Fortress Energy, Inc.(a) (BB/B1)
(B+/B2) 578,000 6.500 09/30/26 539,708
297,000 6.875 04/01/27 292,545 PBF Holding Co. LLC / PBF Finance Corp. (BB/Ba3)
Ascent Resources Utica Holdings LLC / ARU Finance Corp.(a) 81,000 7.250 06/15/25 81,008
(B+/B3) 340,000 6.000 02/15/28 323,850
159,000 5.875 06/30/29 145,286 Range Resources Corp. (BB/Ba3)
Buckeye Partners LP (BB-/B1) 199,000 4.875 05/15/25 195,020
68,000 3.950 12/01/26 62,985 164,000 8.250 01/15/29 169,740
144,000 4.125 12/01/27 130,330 100,000 4.750(a) 02/15/30 90,250
152,000 4.500(a) 03/01/28 138,700 SM Energy Co. (BB-/B1)
Callon Petroleum Co.(a) (BB-/B3) 90,000 6.750 09/15/26 89,775
351,000 8.000 08/01/28 357,142 199,000 6.625 01/15/27 197,508
CITGO Petroleum Corp.(a) (B+/B3) Southwestern Energy Co. (BB+/Ba2)
75,000 6.375 06/15/26 73,688 293,000 5.375 03/15/30 273,955
Civitas Resources, Inc.(a) (BB-/B1) 200,000 4.750 02/01/32 177,500
200,000 8.750 07/01/31 207,125 Sunoco LP / Sunoco Finance Corp. (BB/Ba3)
Comstock Resources, Inc. (B+/B2) 130,000 6.000 04/15/27 129,188
108,000 6.750(a) 03/01/29 101,250 200,000 4.500 05/15/29 181,250
132,000 5.875(a) 01/15/30 116,820 Transocean Titan Financing Ltd.(a) (B-/B2)
CQP Holdco LP / BIP-V Chinook Holdco LLC(a) (BB/B1) 100,000 8.375 02/01/28 103,125
500,000 5.500 06/15/31 457,500 Transocean, Inc. (B-/B2)
CrownRock LP / CrownRock Finance, Inc.(a) (BB-/B1) 87,000 11.500(a) 01/30/27 91,894
391,000 5.625 10/15/25 385,135 627,000 8.750(a) 02/15/30 646,594
DT Midstream, Inc.(a) (BB+/Ba2) USA Compression Partners LP / USA Compression Finance
197,000 4.375 06/15/31 170,651 Corp. (B+/B3)
340,000 6.875 04/01/26 336,600

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

 GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

Principal Interest Maturity Principal Interest Maturity

Amount Rate Date Value Amount Rate Date Value

Corporate Obligations – (continued) Corporate Obligations – (continued)

Energy – (continued) Food and Beverage – (continued)

Venture Global Calcasieu Pass LLC (BB+/Ba2) Post Holdings, Inc. (B+/B2)
$ 548,000 3.875%(a) 08/15/29 $ 476,075 $ 279,000 5.750%(a) 03/01/27 $ 272,722
247,000 3.875(a) 11/01/33 200,996 180,000 5.625(a) 01/15/28 173,025
Venture Global LNG, Inc.(a) (BB/B1) 273,000 5.500(a) 12/15/29 253,890
260,000 8.125 06/01/28 262,600 370,000 4.500(a) 09/15/31 319,588
Weatherford International Ltd.(a) (BB-/Ba3) US Foods, Inc.(a) (BB-/B2)
300,000 6.500 09/15/28 302,250 200,000 4.750 02/15/29 182,250
11,498,068 2,636,588
Financial Company – 5.0% Hardware – 1.6%
Coinbase Global, Inc.(a) (BB-/B1) CommScope Technologies LLC(a) (CCC+/Caa1)
250,000 3.625 10/01/31 167,812 300,000 5.000 03/15/27 166,500
HUB International Ltd. (B-/Caa2) CommScope, Inc. (B/B1)
290,000 7.000(a) 05/01/26 290,362 879,000 6.000(a) 03/01/26 799,890
70,000 5.625(a) 12/01/29 61,950 80,000 7.125(a) 07/01/28 44,900
Icahn Enterprises LP / Icahn Enterprises Finance Corp. (BB/Ba3) NCR Corp. (B+/B2)
591,000 6.375 12/15/25 563,936 341,000 5.750(a) 09/01/27 345,262
317,000 5.250 05/15/27 279,753 54,000 5.000(a) 10/01/28 49,545
LD Holdings Group LLC(a) (CCC+/Caa1) 62,000 6.125(a) 09/01/29 63,550
239,000 6.125 04/01/28 155,947 190,000 5.250(a) 10/01/30 171,238
Midcap Financial Issuer Trust(a) (B+/B1) 1,640,885
500,000 6.500 05/01/28 446,875
Nationstar Mortgage Holdings, Inc. (B/B1) Healthcare – 5.0%
130,000 6.000(a) 01/15/27 124,800 AdaptHealth LLC(a) (B/B1)
253,000 5.500(a) 08/15/28 229,597 200,000 5.125 03/01/30 165,500
Navient Corp. (B+/Ba3) CHS/Community Health Systems, Inc. (B-/B3)
108,000 5.875 10/25/24 107,122 226,000 6.000(a) 01/15/29 190,405
164,000 6.750 06/25/25 163,795 238,000 6.875(a) 04/15/29 145,775
171,000 6.750 06/15/26 168,322 497,000 5.250(a) 05/15/30 392,630
Navient Corp., MTN (B+/Ba3) 419,000 4.750(a) 02/15/31 314,250
197,000 5.625 08/01/33 149,474 DaVita, Inc. (B+/B1)
NFP Corp.(a) (CCC+/Caa2) 376,000 4.625(a) 06/01/30 323,360
342,000 6.875 08/15/28 302,243 163,000 3.750(a) 02/15/31 130,604
OneMain Finance Corp. (BB/Ba2) Encompass Health Corp. (B+/B1)
120,000 3.500 01/15/27 104,850 421,000 4.750 02/01/30 385,215
390,000 3.875 09/15/28 321,263 IQVIA, Inc.(a) (BB/Ba2)
240,000 4.000 09/15/30 186,360 280,000 5.000 05/15/27 270,200
PennyMac Financial Services, Inc. (B+/Ba3) Legacy LifePoint Health LLC(a) (B/B2)
302,000 5.375(a) 10/15/25 293,317 342,000 4.375 02/15/27 297,540
50,000 5.750(a) 09/15/31 42,063 Owens & Minor, Inc.(a) (B/B2)
Rocket Mortgage LLC(a) (BB/Ba1) 130,000 4.500 03/31/29 110,825
244,000 5.250 01/15/28 230,911 Service Corp. International (BB/Ba3)
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc. 115,000 4.625 12/15/27 108,675
(BB/Ba1) 468,000 5.125 06/01/29 442,260
386,000 3.875(a) 03/01/31 316,473 Tenet Healthcare Corp. (B-/B3)
120,000 4.000(a) 10/15/33 95,387 397,000 4.875 01/01/26 386,082
United Wholesale Mortgage LLC(a) (NR/Ba3) 290,000 6.250 02/01/27 285,650
281,000 5.500 04/15/29 245,173 205,000 5.125 11/01/27 195,775
93,000 4.625 06/15/28 86,025
5,047,785 468,000 6.125 10/01/28 451,620
Food and Beverage – 2.6% 420,000 4.250 06/01/29 375,900
Aramark Services, Inc.(a) (BB-/B1) 5,058,291
413,000 5.000 02/01/28 386,155
Lamb Weston Holdings, Inc.(a) (BB+/Ba3) Insurance – 1.3%
655,000 4.125 01/31/30 578,038 Acrisure LLC / Acrisure Finance, Inc. (CCC+/Caa2)
Performance Food Group, Inc.(a) (BB/B2) 80,000 7.000(a) 11/15/25 77,508
488,000 5.500 10/15/27 470,920 163,000 10.125(a) 08/01/26 167,890
The accompanying notes are an integral part of these financial statements. 55
GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

Schedule of Investments (continued)

August 31, 2023

Principal Interest Maturity Principal Interest Maturity

Amount Rate Date Value Amount Rate Date Value

Corporate Obligations – (continued) Corporate Obligations – (continued)

Insurance – (continued) REITs and Real Estate – (continued)

Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer Kennedy-Wilson, Inc. (BB-/B2)
(B/B2) $ 249,000 5.000% 03/01/31 $ 189,862
$ 783,000 4.250%(a) 10/15/27 $ 714,488 Park Intermediate Holdings LLC / PK Domestic Property LLC /
210,000 6.750(a) 10/15/27 198,712 PK Finance Co.-Issuer(a) (B+/B1)
AssuredPartners, Inc.(a) (CCC+/Caa2) 316,000 4.875 05/15/29 275,710
150,000 5.625 01/15/29 131,063 Service Properties Trust (BB/B1)
239,000 7.500 09/15/25 236,639
1,289,661 60,000 4.950 10/01/29 47,400
Metals – 0.5% 278,000 4.375 02/15/30 212,670
Novelis Corp. (BB/Ba3) Starwood Property Trust, Inc. (BB-/Ba3)
471,000 4.750(a) 01/30/30 423,900 434,000 3.750(a) 12/31/24 417,709
60,000 3.875(a) 08/15/31 49,800 60,000 4.750 03/15/25 58,350
473,700 2,087,313
Metals and Mining – 0.4% Rental Equipment – 1.5%
Cleveland-Cliffs, Inc.(a) (BB+/Ba2) H&E Equipment Services, Inc.(a) (BB-/B1)
386,000 6.750 03/15/26 385,518 460,000 3.875 12/15/28 401,350
Hertz Corp. (The)(a) (B+/Caa1)
Natural Gas – 2.7% 300,000 5.000 12/01/29 247,500
AmeriGas Partners LP / AmeriGas Finance Corp. (NR/B1) United Rentals North America, Inc. (BB+/Ba2)
295,000 5.500 05/20/25 290,944 228,000 5.500 05/15/27 223,421
75,000 5.750 05/20/27 69,750 180,000 4.875 01/15/28 172,125
Crestwood Midstream Partners LP / Crestwood Midstream 240,000 5.250 01/15/30 228,600
Finance Corp. (BB/Ba3) 281,000 3.875 02/15/31 241,660
50,000 5.750 04/01/25 49,562
1,514,656
69,000 5.625(a) 05/01/27 67,103
382,000 6.000(a) 02/01/29 373,405 Software – 1.7%
Ferrellgas LP / Ferrellgas Finance Corp.(a) (B/B2) Clarivate Science Holdings Corp.(a) (B+/B1)
376,000 5.375 04/01/26 354,380 400,000 3.875 07/01/28 352,000
Genesis Energy LP / Genesis Energy Finance Corp. (B/B3) Cloud Software Group, Inc. (B/B2)
601,000 8.000 01/15/27 591,985 587,000 6.500(a) 03/31/29 526,832
NGL Energy Operating LLC / NGL Energy Finance Corp.(a) 500,000 9.000(a) 09/30/29 448,125
(B+/B2) SS&C Technologies, Inc.(a) (B+/B2)
128,000 7.500 02/01/26 127,680 412,000 5.500 09/30/27 396,905
NuStar Logistics LP (BB-/Ba3) 1,723,862
100,000 6.000 06/01/26 98,750
Technology – 2.8%
100,000 5.625 04/28/27 97,250
Arches Buyer, Inc. (CCC+/Caa1)
Rockies Express Pipeline LLC(a) (BB+/Ba2)
152,000 4.250(a) 06/01/28 132,620
268,000 4.950 07/15/29 245,890 247,000 6.125(a) 12/01/28 211,185
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. Imola Merger Corp.(a) (BB-/B1)
(BB-/B1) 328,000 4.750 05/15/29 292,740
153,000 6.000(a) 03/01/27 146,689 McAfee Corp.(a) (CCC+/Caa2)
111,000 5.500(a) 01/15/28 102,536 302,000 7.375 02/15/30 265,005
150,000 6.000(a) 09/01/31 132,937 Presidio Holdings, Inc.(a) (CCC+/Caa1)
2,748,861 130,000 8.250 02/01/28 125,937
Seagate HDD Cayman (BB/Ba3)
Pharmaceuticals – 0.7% 150,000 8.250(a) 12/15/29 157,500
Bausch Health Cos., Inc. (CCC+/Caa1) 400,000 9.625(a) 12/01/32 443,000
450,000 5.500(a) 11/01/25 406,125 Uber Technologies, Inc.(a) (B/B1)
500,000 4.875(a) 06/01/28 298,750 650,000 4.500 08/15/29 598,813
704,875 Veritas US, Inc. / Veritas Bermuda Ltd.(a) (B-/B3)
310,000 7.500 09/01/25 252,758
REITs and Real Estate – 2.1%
Verscend Escrow Corp.(a) (CCC+/Caa2)
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR 215,000 9.750 08/15/26 213,790
Nimbus LLC / GGSI Sellco LL(a) (BB+/B1) Xerox Holdings Corp.(a) (BB/Ba2)
500,000 5.750 05/15/26 459,583 200,000 5.500 08/15/28 174,500
Howard Hughes Corp. (The)(a) (B+/Ba3)
236,000 4.375 02/01/31 189,390 2,867,848

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

 GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

Principal Interest Maturity Principal Interest Maturity

Amount Rate Date Value Amount Rate Date Value

Corporate Obligations – (continued) Foreign Corporate Debt – (continued)

Transportation – 2.3% Basic Industry – 0.7%

American Airlines, Inc.(a) (BB/Ba2) Methanex Corp. (Canada) (BB/Ba1)
$ 371,000 11.750% 07/15/25 $ 407,173 $ 200,000 5.125% 10/15/27 $ 188,500
American Airlines, Inc./AAdvantage Loyalty IP Ltd. (NR/Ba1) 102,000 5.250 12/15/29 92,928
554,583 5.500(a) 04/20/26 546,958 NOVA Chemicals Corp. (Canada) (BB/Ba3)
726,000 5.750(a) 04/20/29 694,316 201,000 5.000(a) 05/01/25 190,447
Fortress Transportation and Infrastructure Investors LLC(a) 283,000 5.250(a) 06/01/27 252,224
(B/Ba2) 724,099
95,000 6.500 10/01/25 94,288
United Airlines, Inc. (BB/Ba1) Capital Goods – 0.8%
88,000 4.375(a) 04/15/26 83,090 ARD Finance SA(a)(b) (Luxembourg) (0) (B-/Caa3)
535,000 4.625(a) 04/15/29 477,198 200,000 6.500 06/30/27 160,750
GFL Environmental, Inc. (Canada) (B-/B3)
2,303,023 271,000 4.250(a) 06/01/25 263,547
Wireless – 0.3% 50,000 3.750(a) 08/01/25 47,688
SBA Communications Corp. (BB/Ba3) 342,000 4.750(a) 06/15/29 312,075
300,000 3.875 02/15/27 277,405 784,060
Wirelines – 2.8%
Consumer Cyclical – 1.7%
Cablevision Lightpath LLC(a) (B-/Caa1) 1011778 BC ULC / New Red Finance, Inc. (Canada) (B+/B2)
200,000 5.625 09/15/28 154,500 316,000 3.875(a) 01/15/28 289,140
Consolidated Communications, Inc.(a) (B-/B3) 54,000 4.375(a) 01/15/28 49,680
208,000 6.500 10/01/28 160,680 117,000 3.500(a) 02/15/29 102,814
Embarq Corp. (CCC/Caa2) 469,000 4.000(a) 10/15/30 397,477
200,000 7.995 06/01/36 122,500 Brookfield Residential Properties, Inc. / Brookfield Residential
Frontier Communications Holdings LLC (B/B3) US LLC(a) (Canada) (B+/B1)
300,000 5.000(a) 05/01/28 257,250 80,000 4.875 02/15/30 66,300
200,000 6.750(a) 05/01/29 155,500 Garda World Security Corp. (Canada) (B/B2)
290,000 5.875 11/01/29 215,687 167,000 4.625(a) 02/15/27 154,684
150,000 6.000(a) 01/15/30 111,188 135,000 9.500(a) 11/01/27 130,613
Level 3 Financing, Inc. (B/B1) Mattamy Group Corp. (Canada) (BB/Ba3)
150,000 4.250(a) 07/01/28 99,000 197,000 5.250(a) 12/15/27 184,714
100,000 3.625(a) 01/15/29 60,000 117,000 4.625(a) 03/01/30 103,252
125,000 3.750(a) 07/15/29 75,000 Odeon Finco PLC(a) (United Kingdom) (B/B3)
390,000 3.875(a) 11/15/29 347,587 260,000 12.750 11/01/27 258,050
Lumen Technologies, Inc.(a) (B/Caa2)
200,000 4.000 02/15/27 127,000 1,736,724
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC(a) Energy – 0.1%
(B/B2) MEG Energy Corp.(a) (Canada) (BB-/B1)
500,000 4.750 04/15/28 423,750 70,000 7.125 02/01/27 71,050
Windstream Escrow LLC / Windstream Escrow Finance Corp.(a)
Mining – 1.0%
(B-/B3)
First Quantum Minerals Ltd. (Zambia) (B+/NR)
452,000 7.750 08/15/28 368,945
207,000 7.500(a) 04/01/25 206,557
Zayo Group Holdings, Inc.(a) (B-/B3)
410,000 6.875(a) 03/01/26 403,564
225,000 4.000 03/01/27 169,313
Hudbay Minerals, Inc.(a) (Canada) (B/B2)
2,847,900 435,000 4.500 04/01/26 411,619
TOTAL CORPORATE OBLIGATIONS 1,021,740
(Cost $97,079,107) $ 92,314,782
Natural Gas – 0.3%
Parkland Corp.(a) (Canada) (BB/Ba3)
Foreign Corporate Debt – 6.1% 363,000 4.625 05/01/30 320,347
Transportation – 0.1%
Aerospace & Defense – 1.0%
VistaJet Malta Finance PLC / Vista Management Holding, Inc.(a)
Bombardier, Inc. (Canada) (B/B2) (Switzerland) (B-/B3)
$ 704,000 7.125%(a) 06/15/26 $ 693,440 100,000 9.500 06/01/28 92,750
359,000 7.875(a) 04/15/27 359,000
1,052,440

The accompanying notes are an integral part of these financial statements. 57

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

Schedule of Investments (continued)

August 31, 2023

Principal Interest Maturity

Amount Rate Date Value

Foreign Corporate Debt – (continued)

Wireless – 0.4%
Intelsat Jackson Holdings SA(a) (Luxembourg) (B+/B3)
$ 392,000 6.500% 03/15/30 $ 361,130
TOTAL FOREIGN CORPORATE DEBT
(Cost $6,392,124) $ 6,164,340

Dividend
Shares Rate Value

Investment Company – 1.0%(c)

Goldman Sachs Financial Square Government Fund –

Institutional Shares
1,043,475 5.234% $ 1,043,475
(Cost $1,043,475)

TOTAL INVESTMENTS – 98.3%

(Cost $104,514,706) $ 99,522,597

OTHER ASSETS IN EXCESS OF

LIABILITIES – 1.7% 1,724,779
NET ASSETS – 100.0% $101,247,376

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) Represents an affiliated issuer.

Investment Abbreviations:
GMTN—Global Medium Term Note
LP —Limited Partnership
MTN —Medium Term Note
PLC —Public Limited Company
REIT —Real Estate Investment Trust

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

 GOLDMAN SACHS ACCESS INFLATION PROTECTED USD BOND ETF

Schedule of Investments
August 31, 2023

Principal Interest Maturity

Amount Rate Date Value

U.S. Treasury Inflation Indexed Bonds – 99.4%

U.S. Treasury Inflation Indexed Bonds

$ 6,388,436 0.125% 10/15/24 $ 6,176,525
3,253,917 0.250 01/15/25 3,127,865
1,814,106 0.375 07/15/25 1,738,940
3,899,251 0.125 10/15/25 3,702,181
10,109,483 0.625 01/15/26 9,643,244
8,600,075 0.125 04/15/26 8,069,427
8,889,724 0.125 07/15/26 8,351,348
5,993,228 0.375 07/15/27 5,607,935
9,682,688 0.500 01/15/28 9,027,338
4,965,277 0.750 07/15/28 4,684,657
2,809,939 3.875 04/15/29 3,074,835
4,863,005 0.250 07/15/29 4,417,002
9,114,751 0.125 01/15/30 8,112,652
6,430,814 0.125 07/15/30 5,703,096
3,721,364 0.125 07/15/31 3,247,180
4,268,398 0.125 01/15/32 3,681,378
2,853,149 0.625 07/15/32 2,563,988
5,156,684 2.125 02/15/40 5,286,128
6,313,909 0.750 02/15/42 5,120,363
3,697,054 0.875 02/15/47 2,910,113
2,335,985 1.000 02/15/48 1,880,561
1,511,988 1.000 02/15/49 1,208,585
3,207,812 0.250 02/15/50 2,064,451
1,774,489 0.125 02/15/52 1,073,060
TOTAL U.S. TREASURY INFLATION INDEXED BONDS
(Cost $128,080,755) $110,472,852

Dividend
Shares Rate Value

Investment Company – 0.5%(a)

Goldman Sachs Financial Square Government Fund –
Institutional Shares
536,220 5.234% $ 536,220
(Cost $536,220)

TOTAL INVESTMENTS – 99.9%

(Cost $128,616,975) $111,009,072

OTHER ASSETS IN EXCESS OF

LIABILITIES – 0.1% 133,602
NET ASSETS – 100.0% $111,142,674

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. 59

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND

Schedule of Investments
August 31, 2023

Principal Interest Maturity Principal Interest Maturity

Amount Rate Date Value Amount Rate Date Value

Corporate Obligations – 81.5% Corporate Obligations – (continued)

Aerospace & Defense – 2.4% Banks – (continued)

Boeing Co. (The) Capital One Financial Corp. – (continued)
$ 10,000 4.875% 05/01/25 $ 9,878 (SOFR + 2.640%)
20,000 2.196 02/04/26 18,494 $ 60,000 6.312%(a) 06/08/29 $ 59,892
70,000 3.250 03/01/28 63,904 Charles Schwab Corp. (The)
General Dynamics Corp. 33,000 3.000 03/10/25 31,627
16,000 1.150 06/01/26 14,458 40,000 3.300 04/01/27 37,028
Huntington Ingalls Industries, Inc. Citigroup, Inc.
20,000 3.483 12/01/27 18,475 (SOFR + 0.694%)
L3Harris Technologies, Inc. 50,000 2.014(a) 01/25/26 47,273
16,000 3.850 12/15/26 15,302 (SOFR + 0.765%)
Lockheed Martin Corp. 60,000 1.122(a) 01/28/27 53,621
50,000 3.550 01/15/26 48,382 34,000 4.450 09/29/27 32,517
Northrop Grumman Corp. (3M U.S. T-Bill MMY + 1.825%)
8,000 3.200 02/01/27 7,557 24,000 3.887(a) 01/10/28 22,683
RTX Corp. Citizens Financial Group, Inc.
16,000 3.500 03/15/27 15,111 50,000 2.850 07/27/26 45,405
Textron, Inc. Comerica, Inc.
13,000 3.650 03/15/27 12,233 13,000 3.800 07/22/26 11,845
Discover Financial Services
223,794
40,000 3.750 03/04/25 38,289
Banks – 22.7% 20,000 4.100 02/09/27 18,565
American Express Co. Fifth Third Bancorp(a)
29,000 3.125 05/20/26 27,408 (SOFRINDX + 2.192%)
20,000 5.850 11/05/27 20,446 65,000 6.361 10/27/28 65,638
Bank of America Corp. Huntington Bancshares, Inc.
(SOFR + 1.290%) 18,000 4.000 05/15/25 17,365
30,000 5.080(a) 01/20/27 29,660 JPMorgan Chase & Co.
(SOFR + 0.960%) 34,000 3.875 09/10/24 33,329
32,000 1.734(a) 07/22/27 28,645 (3M U.S. T-Bill MMY + 1.585%)
(SOFR + 1.580%) 28,000 2.005(a) 03/13/26 26,482
32,000 4.376(a) 04/27/28 30,727 (SOFR + 1.850%)
(SOFR + 1.630%) 21,000 2.083(a) 04/22/26 19,785
30,000 5.202(a) 04/25/29 29,593 27,000 3.200 06/15/26 25,569
Bank of America Corp., MTN 30,000 2.950 10/01/26 28,014
21,000 4.000 01/22/25 20,484 (SOFR + 0.800%)
(SOFR + 1.010%) 17,000 1.045(a) 11/19/26 15,343
21,000 1.197(a) 10/24/26 19,039 (SOFR + 0.885%)
(3M U.S. T-Bill MMY + 1.322%) 25,000 1.578(a) 04/22/27 22,455
25,000 3.559(a) 04/23/27 23,697 (SOFR + 1.170%)
(SOFR + 1.050%) 25,000 2.947(a) 02/24/28 22,954
76,000 2.551(a) 02/04/28 68,477 (SOFR + 1.560%)
(SOFR + 2.040%) 47,000 4.323(a) 04/26/28 45,234
50,000 4.948(a) 07/22/28 48,752 (SOFR + 1.450%)
(3M U.S. T-Bill MMY + 1.572%) 100,000 5.299(a) 07/24/29 99,523
60,000 4.271(a) 07/23/29 56,458 KeyCorp, MTN
Bank of America Corp.(a), Series N 35,000 2.250 04/06/27 30,093
(SOFR + 0.910%) M&T Bank Corp.(a)
17,000 1.658 03/11/27 15,361 (SOFRINDX + 1.780%)
Bank of New York Mellon Corp. (The), MTN 20,000 4.553 08/16/28 18,736
20,000 1.600 04/24/25 18,795 Morgan Stanley
50,000 3.350 04/25/25 48,353 (SOFR + 1.990%)
(3M U.S. T-Bill MMY + 1.331%) 60,000 2.188(a) 04/28/26 56,532
34,000 3.442(a) 02/07/28 32,073 (SOFR + 1.295%)
Capital One Financial Corp. 20,000 5.050(a) 01/28/27 19,795
(SOFR + 2.080%) Morgan Stanley, GMTN
20,000 5.468(a) 02/01/29 19,332 20,000 3.875 01/27/26 19,250

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

 GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND

Principal Interest Maturity Principal Interest Maturity

Amount Rate Date Value Amount Rate Date Value

Corporate Obligations – (continued) Corporate Obligations – (continued)

Banks – (continued) Building Materials – 0.2%

Morgan Stanley(a), MTN Owens Corning
(SOFR + 1.590%) $ 16,000 4.200% 12/01/24 $ 15,698
$100,000 5.164% 04/20/29 $ 98,124
Capital Goods – 5.6%
Northern Trust Corp.(a)
3M Co., MTN
(3M USD LIBOR + 1.131%)
20,000 3.000 08/07/25 19,218
50,000 3.375 05/08/32 44,651
Berry Global, Inc.
PNC Financial Services Group, Inc. (The)(a)
20,000 1.650 01/15/27 17,327
(SOFR + 1.620%)
Carrier Global Corp.
20,000 5.354 12/02/28 19,673
12,000 2.242 02/15/25 11,427
Santander Holdings USA, Inc.
Caterpillar Financial Services Corp.
13,000 3.450 06/02/25 12,458
17,000 0.900 03/02/26 15,398
20,000 4.500 07/17/25 19,548
Caterpillar Financial Services Corp., MTN
(SOFR + 1.249%)
60,000 4.900 01/17/25 59,811
20,000 2.490(a) 01/06/28 17,586
20,000 3.600 08/12/27 19,143
(SOFR + 2.356%)
Honeywell International, Inc.
20,000 6.499(a) 03/09/29 19,888
60,000 4.850 11/01/24 59,687
State Street Corp.
Hubbell, Inc.
20,000 3.300 12/16/24 19,412
40,000 3.500 02/15/28 37,312
(SOFR + 2.600%)
John Deere Capital Corp., MTN
13,000 2.901(a) 03/30/26 12,473
Synovus Financial Corp. 50,000 5.150 03/03/25 49,947
30,000 5.200 08/11/25 28,806 17,000 2.350 03/08/27 15,608
Truist Financial Corp., MTN 20,000 4.750 01/20/28 19,925
(SOFR + 1.626%) 20,000 1.500 03/06/28 17,301
50,000 5.900(a) 10/28/26 50,073 Lennox International, Inc.
(SOFR + 1.435%) 40,000 1.350 08/01/25 36,747
20,000 4.873(a) 01/26/29 19,206 Otis Worldwide Corp.
US Bancorp, MTN 30,000 2.293 04/05/27 27,242
(SOFR + 0.730%) Republic Services, Inc.
10,000 2.215(a) 01/27/28 8,930 9,000 2.900 07/01/26 8,483
(SOFR + 1.660%) Roper Technologies, Inc.
30,000 4.548(a) 07/22/28 28,736 16,000 1.000 09/15/25 14,648
US Bancorp, Series X 16,000 3.850 12/15/25 15,453
21,000 3.150 04/27/27 19,461 Sonoco Products Co.
Wells Fargo & Co. 16,000 2.250 02/01/27 14,328
6,000 3.000 04/22/26 5,624 Trane Technologies Luxembourg Finance SA
(SOFR + 2.000%) 40,000 3.500 03/21/26 38,319
26,000 2.188(a) 04/30/26 24,464 Westinghouse Air Brake Technologies Corp.
23,000 3.000 10/23/26 21,313 16,000 3.200 06/15/25 15,267
Wells Fargo & Co., MTN 512,591
(3M U.S. T-Bill MMY + 1.012%)
Communications – 1.0%
51,000 2.164(a) 02/11/26 48,241
(3M U.S. T-Bill MMY + 1.432%) Charter Communications Operating LLC / Charter
11,000 3.196(a) 06/17/27 10,240 Communications Operating Capital
(SOFR + 1.510%) 17,000 4.908 07/23/25 16,702
16,000 3.526(a) 03/24/28 14,888 Moody’s Corp.
(3M U.S. T-Bill MMY + 1.572%) 50,000 3.750 03/24/25 48,706
15,000 3.584(a) 05/22/28 13,933 TWDC Enterprises 18 Corp., MTN
(SOFR + 2.100%) 8,000 1.850 07/30/26 7,327
15,000 2.393(a) 06/02/28 13,352 Walt Disney Co. (The)
(SOFR + 1.980%) 24,000 3.350 03/24/25 23,290
16,000 4.808(a) 07/25/28 15,456 96,025
2,088,678 Consumer Cyclical – 9.4%
Basic Industry – 0.3% Amazon.com, Inc.
Linde, Inc. 70,000 3.800 12/05/24 68,811
24,000 3.200 01/30/26 23,077 20,000 0.800 06/03/25 18,579

The accompanying notes are an integral part of these financial statements. 61

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND

Schedule of Investments (continued)

August 31, 2023

Principal Interest Maturity Principal Interest Maturity

Amount Rate Date Value Amount Rate Date Value

Corporate Obligations – (continued) Corporate Obligations – (continued)

Consumer Cyclical – (continued) Consumer Noncyclical – (continued)

Amazon.com, Inc. – (continued) AbbVie, Inc.
$ 33,000 1.000% 05/12/26 $ 29,838 $ 25,000 2.600% 11/21/24 $ 24,142
15,000 4.550 12/01/27 14,963 31,000 3.600 05/14/25 30,074
American Honda Finance Corp., GMTN Amgen, Inc.
20,000 3.500 02/15/28 18,760 15,000 5.150 03/02/28 15,013
American Honda Finance Corp., MTN Becton Dickinson & Co.
13,000 1.200 07/08/25 12,053 18,000 3.734 12/15/24 17,561
13,000 1.300 09/09/26 11,608 Equifax, Inc.
AutoNation, Inc. 19,000 2.600 12/01/24 18,268
18,000 3.500 11/15/24 17,438 Gilead Sciences, Inc.
Booking Holdings, Inc. 60,000 3.500 02/01/25 58,411
43,000 3.600 06/01/26 41,319 20,000 1.200 10/01/27 17,207
DR Horton, Inc. Merck & Co., Inc.
13,000 2.500 10/15/24 12,528 16,000 0.750 02/24/26 14,488
10,000 1.300 10/15/26 8,830 Royalty Pharma PLC
General Motors Co. 50,000 1.200 09/02/25 45,621
34,000 6.800 10/01/27 35,104 Shire Acquisitions Investments Ireland DAC
General Motors Financial Co., Inc. 50,000 3.200 09/23/26 46,957
70,000 4.000 01/15/25 67,982 Utah Acquisition Sub, Inc.
21,000 1.250 01/08/26 18,859 13,000 3.950 06/15/26 12,308
20,000 2.700 08/20/27 17,822 Walgreens Boots Alliance, Inc.
Home Depot, Inc. (The) 37,000 3.800 11/18/24 36,151
40,000 4.000 09/15/25 39,189
21,000 2.800 09/14/27 19,510 353,469
Las Vegas Sands Corp. Consumer Products – 0.6%
10,000 3.500 08/18/26 9,276 Procter & Gamble Co. (The)
Lennar Corp. 50,000 4.100 01/26/26 49,284
32,000 4.750 05/30/25 31,486 8,000 1.900 02/01/27 7,319
20,000 4.750 11/29/27 19,478
56,603
Marriott International, Inc., Series EE
8,000 5.750 05/01/25 8,012 Electric – 5.9%
McDonald’s Corp., MTN AES Corp. (The)
70,000 3.300 07/01/25 67,682 17,000 1.375 01/15/26 15,301
NIKE, Inc. Black Hills Corp.
50,000 2.750 03/27/27 46,719 20,000 5.950 03/15/28 20,264
Ross Stores, Inc. Dominion Energy, Inc., Series A
13,000 4.600 04/15/25 12,779 17,000 1.450 04/15/26 15,345
Starbucks Corp. DTE Energy Co., Series F
16,000 2.000 03/12/27 14,443 24,000 1.050 06/01/25 22,149
20,000 3.500 03/01/28 18,788 Duke Energy Corp.
Toll Brothers Finance Corp. 20,000 0.900 09/15/25 18,271
16,000 4.875 11/15/25 15,700 16,000 2.650 09/01/26 14,807
Toyota Motor Credit Corp., MTN 40,000 4.300 03/15/28 38,465
16,000 0.800 01/09/26 14,493 Eastern Energy Gas Holdings LLC
40,000 3.050 03/22/27 37,600 40,000 3.600 12/15/24 38,822
Visa, Inc. Edison International
16,000 1.900 04/15/27 14,498 40,000 4.125 03/15/28 37,360
50,000 2.750 09/15/27 46,413 Entergy Louisiana LLC
Walmart, Inc. 50,000 5.590 10/01/24 49,872
24,000 1.050 09/17/26 21,522 Exelon Corp.
Western Union Co. (The) 11,000 3.400 04/15/26 10,467
40,000 1.350 03/15/26 35,762 NextEra Energy Capital Holdings, Inc.
867,844 13,000 1.875 01/15/27 11,590
27,000 3.550 05/01/27 25,459
Consumer Noncyclical – 3.8% 30,000 4.900 02/28/28 29,527
Abbott Laboratories (US 5 Year CMT T-Note + 2.547%)
20,000 1.150 01/30/28 17,268 20,000 3.800(a) 03/15/82 16,862
62 The accompanying notes are an integral part of these financial statements.
 GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND

Principal Interest Maturity Principal Interest Maturity

Amount Rate Date Value Amount Rate Date Value

Corporate Obligations – (continued) Corporate Obligations – (continued)

Electric – (continued) Energy – (continued)

Pacific Gas and Electric Co. Sabine Pass Liquefaction LLC
$ 7,000 3.450% 07/01/25 $ 6,650 $ 10,000 5.625% 03/01/25 $ 9,969
28,000 3.300 03/15/27 25,542 31,000 5.000 03/15/27 30,535
20,000 5.450 06/15/27 19,461 Targa Resources Partners LP / Targa Resources Partners Finance
Public Service Electric and Gas Co., MTN Corp.
50,000 3.050 11/15/24 48,541 40,000 6.500 07/15/27 40,175
Sempra Western Midstream Operating LP
34,000 3.250 06/15/27 31,466 16,000 3.100 02/01/25 15,380
Southern California Edison Co. 16,000 3.950 06/01/25 15,460
15,000 5.850 11/01/27 15,338 Williams Cos., Inc. (The)
Southern Co. (The) 34,000 4.000 09/15/25 32,980
16,000 3.250 07/01/26 15,162 725,455
Southern Co. Gas Capital Corp.
16,000 3.875 11/15/25 15,408 Financial Company – 2.1%
Air Lease Corp.
542,129 37,000 3.625 04/01/27 34,439
Energy – 7.9% Ally Financial, Inc.
Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc. 50,000 5.125 09/30/24 49,260
15,000 3.337 12/15/27 13,929 15,000 7.100 11/15/27 15,202
Boardwalk Pipelines LP Ares Capital Corp.
40,000 4.450 07/15/27 37,970 17,000 2.875 06/15/27 14,928
BP Capital Markets America, Inc. Bain Capital Specialty Finance, Inc.
20,000 3.796 09/21/25 19,453 20,000 2.550 10/13/26 17,262
40,000 3.017 01/16/27 37,532 BGC Partners, Inc.
Chevron Corp. 40,000 4.375 12/15/25 37,320
25,000 3.326 11/17/25 24,274 FS KKR Capital Corp.
50,000 1.995 05/11/27 45,271 16,000 3.250 07/15/27 13,830
DCP Midstream Operating LP Sixth Street Specialty Lending, Inc.
40,000 5.375 07/15/25 39,700 16,000 3.875 11/01/24 15,480
Energy Transfer LP 197,721
40,000 4.750 01/15/26 39,147
Food and Beverage – 2.1%
40,000 5.550 02/15/28 39,859
Coca-Cola Co. (The)
Enterprise Products Operating LLC
50,000 1.500 03/05/28 43,808
16,000 3.750 02/15/25 15,569
General Mills, Inc.
Exxon Mobil Corp.
20,000 4.000 04/17/25 19,502
24,000 3.043 03/01/26 22,926
30,000 5.241 11/18/25 29,912
13,000 2.275 08/16/26 12,125
Kellogg Co.
Hercules Capital, Inc.
50,000 3.250 04/01/26 47,583
20,000 3.375 01/20/27 17,727
McCormick & Co., Inc.
Kinder Morgan, Inc.
16,000 0.900 02/15/26 14,422
16,000 4.300 06/01/25 15,660
PepsiCo, Inc.
Magellan Midstream Partners LP
26,000 2.250 03/19/25 24,886
24,000 5.000 03/01/26 23,783 11,000 2.850 02/24/26 10,478
Marathon Petroleum Corp.
11,000 4.700 05/01/25 10,811 190,591
MPLX LP Hardware – 0.5%
24,000 4.875 12/01/24 23,722 CDW LLC / CDW Finance Corp.
12,000 1.750 03/01/26 10,937 50,000 4.125 05/01/25 48,375
National Fuel Gas Co.
Healthcare – 0.9%
16,000 5.500 01/15/26 15,846
CVS Health Corp.
Occidental Petroleum Corp.
13,000 3.000 08/15/26 12,178
50,000 5.875 09/01/25 49,859
HCA, Inc.
ONEOK Partners LP
10,000 5.375 02/01/25 9,950
50,000 4.900 03/15/25 49,235
16,000 4.500 02/15/27 15,450
Plains All American Pipeline LP / PAA Finance Corp.
Quest Diagnostics, Inc.
16,000 4.650 10/15/25 15,621
16,000 3.450 06/01/26 15,295

The accompanying notes are an integral part of these financial statements. 63

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND

Schedule of Investments (continued)

August 31, 2023

Principal Interest Maturity Principal Interest Maturity

Amount Rate Date Value Amount Rate Date Value

Corporate Obligations – (continued) Corporate Obligations – (continued)

Healthcare – (continued) Technology – (continued)

UnitedHealth Group, Inc. Alphabet, Inc.
$ 16,000 3.375% 04/15/27 $ 15,200 $ 16,000 1.998% 08/15/26 $ 14,817
15,000 5.250 02/15/28 15,266 Apple, Inc.
25,000 2.450 08/04/26 23,386
83,339
17,000 2.050 09/11/26 15,688
Insurance – 0.3% 32,000 3.350 02/09/27 30,551
Lincoln National Corp. 90,000 4.000 05/10/28 87,965
30,000 3.800 03/01/28 27,444 Arrow Electronics, Inc.
Media Non Cable – 0.3% 50,000 4.000 04/01/25 48,552
Netflix, Inc. Autodesk, Inc.
16,000 5.875 02/15/25 16,137 40,000 3.500 06/15/27 37,779
16,000 4.375 11/15/26 15,620 Broadcom Corp. / Broadcom Cayman Finance Ltd.
17,000 3.875 01/15/27 16,160
31,757 Fiserv, Inc.
Pharmaceuticals – 0.2% 12,000 3.850 06/01/25 11,649
Viatris, Inc. 24,000 3.200 07/01/26 22,651
16,000 2.300 06/22/27 14,017 Genpact Luxembourg Sarl
16,000 3.375 12/01/24 15,480
REITs and Real Estate – 3.6%
Hewlett Packard Enterprise Co.
Boston Properties LP
15,000 4.900 10/15/25 14,831
20,000 3.200 01/15/25 19,204
International Business Machines Corp.
Brandywine Operating Partnership LP
90,000 6.220 08/01/27 94,352
20,000 3.950 11/15/27 16,501
Intuit, Inc.
Brixmor Operating Partnership LP
16,000 1.350 07/15/27 14,033
20,000 3.900 03/15/27 18,557
Jabil, Inc.
Equinix, Inc.
40,000 4.250 05/15/27 38,181
23,000 1.800 07/15/27 20,059
Keysight Technologies, Inc.
ERP Operating LP
40,000 4.600 04/06/27 39,149
16,000 3.375 06/01/25 15,403
Microchip Technology, Inc.
GLP Capital LP / GLP Financing II, Inc.
16,000 4.250 09/01/25 15,537
40,000 3.350 09/01/24 38,825
Microsoft Corp.
9,000 5.375 04/15/26 8,818
31,000 3.300 02/06/27 29,815
Healthpeak OP LLC
Motorola Solutions, Inc.
16,000 3.250 07/15/26 15,142
13,000 7.500 05/15/25 13,341
Highwoods Realty LP
NetApp, Inc.
20,000 4.125 03/15/28 17,978
13,000 3.300 09/29/24 12,580
Public Storage Operating Co.
40,000 2.375 06/22/27 36,279
13,000 1.500 11/09/26 11,713
QUALCOMM, Inc.
Simon Property Group LP
7,000 3.450 05/20/25 6,794
16,000 3.500 09/01/25 15,434
VeriSign, Inc.
16,000 3.300 01/15/26 15,250
40,000 5.250 04/01/25 39,750
Spirit Realty LP
7,000 3.200 01/15/27 6,373 717,527
Tanger Properties LP Transportation – 1.7%
30,000 3.875 07/15/27 26,867 CSX Corp.
VICI Properties LP 17,000 3.250 06/01/27 16,015
50,000 4.375 05/15/25 48,539 Delta Air Lines, Inc.
Vornado Realty LP 20,000 2.900 10/28/24 19,361
20,000 2.150 06/01/26 17,127 Ryder System, Inc., MTN
Welltower OP LLC 5,000 1.750 09/01/26 4,504
16,000 4.000 06/01/25 15,515 8,000 2.900 12/01/26 7,364
327,305 20,000 5.650 03/01/28 20,079
Southwest Airlines Co.
Technology – 7.8%
40,000 5.125 06/15/27 39,455
Activision Blizzard, Inc.
Union Pacific Corp.
40,000 3.400 09/15/26 38,207
17,000 3.250 08/15/25 16,383

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

 GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND

Principal Interest Maturity Principal Interest Maturity

Amount Rate Date Value Amount Rate Date Value

Corporate Obligations – (continued) Foreign Corporate Debt – (continued)

Transportation – (continued) Banks – (continued)

United Airlines Pass Through Trust, Series 20-1 Sumitomo Mitsui Financial Group, Inc. (Japan) – (continued)
$ 14,339 5.875% 10/15/27 $ 14,268 $ 30,000 3.352% 10/18/27 $ 27,617
United Airlines Pass Through Trust, Series A 50,000 3.544 01/17/28 46,233
15,491 4.300 08/15/25 14,961 Toronto-Dominion Bank (The) (Canada)
50,000 5.103 01/09/26 49,614
152,390
15,000 5.156 01/10/28 14,859
Wireless – 2.2% Toronto-Dominion Bank (The), MTN (Canada)
American Tower Corp. 34,000 0.750 01/06/26 30,539
13,000 3.375 10/15/26 12,197 16,000 1.250 09/10/26 14,184
AT&T, Inc. Westpac Banking Corp. (Australia)
21,000 1.700 03/25/26 19,135 23,000 1.150 06/03/26 20,672
10,000 1.650 02/01/28 8,549 70,000 5.457 11/18/27 71,244
Crown Castle, Inc.
911,389
33,000 3.200 09/01/24 32,066
Sprint LLC Consumer Cyclical – 0.3%
30,000 7.625 03/01/26 31,144 Toyota Motor Corp. (Japan)
T-Mobile USA, Inc. 28,000 1.339 03/25/26 25,530
16,000 3.750 04/15/27 15,147 Consumer Noncyclical – 1.4%
70,000 2.050 02/15/28 61,206 AstraZeneca PLC (United Kingdom)
Verizon Communications, Inc. 50,000 3.375 11/16/25 48,044
25,000 2.100 03/22/28 21,841 BAT Capital Corp. (United Kingdom)
201,285 20,000 2.789 09/06/24 19,362
BAT International Finance PLC (United Kingdom)
TOTAL CORPORATE OBLIGATIONS
67,000 1.668 03/25/26 60,723
(Cost $7,724,397) $7,497,114
128,129
Energy – 2.5%
Foreign Corporate Debt – 16.8% BP Capital Markets PLC (United Kingdom)
Banks – 9.9% 21,000 3.279 09/19/27 19,774
Bank of Montreal, MTN (Canada) Canadian Natural Resources Ltd. (Canada)
$ 50,000 1.250% 09/15/26 $ 44,256 50,000 2.050 07/15/25 46,892
30,000 2.650 03/08/27 27,266 Enbridge, Inc.(a) (Canada)
Bank of Montreal(a) (Canada) (3M U.S. T-Bill MMY + 3.903%)
(5 Year USD Swap + 1.432%) 50,000 6.250 03/01/78 46,312
40,000 3.803 12/15/32 35,350 Equinor ASA (Norway)
Bank of Nova Scotia (The) (Canada) 60,000 1.750 01/22/26 55,628
17,000 1.050 03/02/26 15,244 Shell International Finance BV (Netherlands)
17,000 2.700 08/03/26 15,794 50,000 2.000 11/07/24 48,088
21,000 1.300 09/15/26 18,611 16,000 3.250 05/11/25 15,495
50,000 2.951 03/11/27 46,001 232,189
Canadian Imperial Bank of Commerce (Canada)
Financial Company – 0.3%
77,000 1.250 06/22/26 68,625
ORIX Corp. (Japan)
Deutsche Bank AG (Germany)
30,000 5.000 09/13/27 29,674
50,000 4.100 01/13/26 47,628
Mitsubishi UFJ Financial Group, Inc. (Japan) Insurance – 0.6%
100,000 3.777 03/02/25 97,125 Manulife Financial Corp. (Canada)
20,000 3.287 07/25/27 18,614 60,000 2.484 05/19/27 54,921
Royal Bank of Canada (Canada)
Metals and Mining – 0.7%
101,000 3.625 05/04/27 95,294 BHP Billiton Finance USA Ltd. (Australia)
Royal Bank of Canada, GMTN (Canada) 60,000 4.750 02/28/28 59,419
20,000 4.240 08/03/27 19,229
Royal Bank of Canada, MTN (Canada) Technology – 0.4%
23,000 1.150 06/10/25 21,304 NXP BV / NXP Funding LLC / NXP USA, Inc. (China)
Sumitomo Mitsui Financial Group, Inc. (Japan) 40,000 4.400 06/01/27 38,478
20,000 3.446 01/11/27 18,719
51,000 3.364 07/12/27 47,367

The accompanying notes are an integral part of these financial statements. 65

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND

Schedule of Investments (continued)

August 31, 2023

Principal Interest Maturity

Amount Rate Date Value

Foreign Corporate Debt – (continued)

Transportation – 0.4%
Canadian Pacific Railway Co. (Canada)
$ 40,000 3.700% 02/01/26 $ 38,268
Wireless – 0.3%
Rogers Communications, Inc. (Canada)
34,000 3.200 03/15/27 31,524
TOTAL FOREIGN CORPORATE DEBT
(Cost $1,588,978) $1,549,521
TOTAL INVESTMENTS – 98.3%
(Cost $9,313,342) $9,046,635

OTHER ASSETS IN EXCESS OF

LIABILITIES – 1.7% 155,345
NET ASSETS – 100.0% $9,201,980

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 August 31, 2023.

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
SOFRINDX—Secured Overnight Financing Rate Index

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

 GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments
August 31, 2023

Principal Interest Maturity Principal Interest Maturity

Amount Rate Date Value Amount Rate Date Value

Corporate Obligations – 79.2% Corporate Obligations – (continued)

Aerospace & Defense – 2.5% Banks – 19.4%

Boeing Co. (The) American Express Co.
$ 300,000 2.196% 02/04/26 $ 277,410 $2,912,000 3.000% 10/30/24 $ 2,828,041
290,000 2.700 02/01/27 265,834 649,000 4.200 11/06/25 631,135
400,000 3.250 02/01/28 365,929 470,000 3.125 05/20/26 444,200
400,000 3.200 03/01/29 359,693 250,000 1.650 11/04/26 223,163
290,000 2.950 02/01/30 252,348 (SOFR + 2.255%)
1,500,000 5.150 05/01/30 1,480,231 192,000 4.989(a) 05/26/33 182,404
500,000 3.600 05/01/34 423,932 Bank of America Corp.
300,000 3.250 02/01/35 241,710 (3M U.S. T-Bill MMY + 1.072%)
300,000 5.705 05/01/40 292,772 584,000 3.366(a) 01/23/26 562,603
275,000 3.900 05/01/49 206,863 (SOFR + 0.960%)
300,000 3.750 02/01/50 220,126 696,000 1.734(a) 07/22/27 623,033
400,000 5.805 05/01/50 392,143 (3M U.S. T-Bill MMY + 1.774%)
500,000 5.930 05/01/60 487,234 485,000 3.705(a) 04/24/28 452,243
General Dynamics Corp. (SOFR + 1.990%)
50,000 3.250 04/01/25 48,472 800,000 6.204(a) 11/10/28 820,466
600,000 3.500 04/01/27 571,548 (3M U.S. T-Bill MMY + 1.302%)
250,000 4.250 04/01/40 223,339 1,148,000 3.419(a) 12/20/28 1,052,958
384,000 4.250 04/01/50 337,602 (SOFR + 2.150%)
Lockheed Martin Corp. 519,000 2.592(a) 04/29/31 430,200
250,000 5.100 11/15/27 252,847 (SOFR + 1.320%)
620,000 5.250 01/15/33 638,135 1,130,000 2.687(a) 04/22/32 925,333
533,000 4.070 12/15/42 462,800 (SOFR + 1.220%)
260,000 3.800 03/01/45 212,620 1,140,000 2.299(a) 07/21/32 899,578
100,000 4.700 05/15/46 93,279 (SOFR + 1.210%)
168,000 4.090 09/15/52 141,616 700,000 2.572(a) 10/20/32 561,589
640,000 4.150 06/15/53 541,611 (SOFR + 1.910%)
428,000 5.900 11/15/63 470,563 630,000 5.288(a) 04/25/34 616,301
Northrop Grumman Corp. (US 5 Year CMT T-Note + 1.200%)
476,000 2.930 01/15/25 460,076 278,000 2.482(a) 09/21/36 211,876
290,000 3.200 02/01/27 273,926 860,000 6.110 01/29/37 888,249
738,000 3.250 01/15/28 686,817 (3M U.S. T-Bill MMY + 2.076%)
400,000 4.400 05/01/30 385,131 418,000 4.244(a) 04/24/38 364,254
1,016,000 4.030 10/15/47 835,381 370,000 7.750 05/14/38 434,072
267,000 5.250 05/01/50 261,722 (SOFR + 1.580%)
RTX Corp. 519,000 3.311(a) 04/22/42 391,948
1,080,000 3.950 08/16/25 1,050,426 (3M U.S. T-Bill MMY + 1.452%)
100,000 3.125 05/04/27 93,374 750,000 3.946(a) 01/23/49 586,668
300,000 4.125 11/16/28 286,347 (SOFR + 1.560%)
620,000 1.900 09/01/31 486,305 457,000 2.972(a) 07/21/52 301,556
250,000 2.375 03/15/32 201,404 Bank of America Corp., GMTN
243,000 4.450 11/16/38 214,983 220,000 3.500 04/19/26 209,376
500,000 4.500 06/01/42 436,498 (3M U.S. T-Bill MMY + 1.632%)
870,000 4.150 05/15/45 707,851 588,000 3.593(a) 07/21/28 547,427
208,000 3.750 11/01/46 157,692 Bank of America Corp., Series L
554,000 4.350 04/15/47 467,192 110,000 3.950 04/21/25 106,620
292,000 4.625 11/16/48 256,281 580,000 4.183 11/25/27 550,843
406,000 3.125 07/01/50 276,034 Bank of America Corp., MTN
260,000 2.820 09/01/51 162,693 596,000 4.200 08/26/24 585,612
340,000 4.000 01/22/25 331,637
16,960,790
215,000 3.875 08/01/25 209,324
Agriculture – 0.1% (3M U.S. T-Bill MMY + 1.352%)
Archer-Daniels-Midland Co. 820,000 3.093(a) 10/01/25 794,793
462,000 3.250 03/27/30 420,099 (3M U.S. T-Bill MMY + 1.132%)
500,000 2.900 03/01/32 431,140 1,000,000 2.456(a) 10/22/25 961,432
851,239

The accompanying notes are an integral part of these financial statements. 67

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments (continued)

August 31, 2023

Principal Interest Maturity Principal Interest Maturity

Amount Rate Date Value Amount Rate Date Value

Corporate Obligations – (continued) Corporate Obligations – (continued)

Banks – (continued) Banks – (continued)

Bank of America Corp., MTN – (continued) Capital One Financial Corp.
(3M U.S. T-Bill MMY + 0.902%) $ 50,000 4.200% 10/29/25 $ 47,910
$ 700,000 2.015%(a) 02/13/26 $ 660,548 (SOFR + 1.290%)
180,000 4.450 03/03/26 175,061 550,000 2.636(a) 03/03/26 519,164
(SOFR + 1.150%) (SOFR + 2.160%)
1,718,000 1.319(a) 06/19/26 1,581,106 150,000 4.985(a) 07/24/26 147,000
629,000 4.250 10/22/26 604,081 250,000 3.750 03/09/27 232,588
(3M U.S. T-Bill MMY + 1.322%) 300,000 3.650 05/11/27 279,404
760,000 3.559(a) 04/23/27 720,399 690,000 3.800 01/31/28 634,122
670,000 3.248 10/21/27 624,497 (SOFR + 2.057%)
(3M U.S. T-Bill MMY + 1.837%) 250,000 4.927(a) 05/10/28 240,873
628,000 3.824(a) 01/20/28 592,112 (SOFR + 2.640%)
(SOFR + 1.050%) 1,000,000 6.312(a) 06/08/29 998,197
490,000 2.551(a) 02/04/28 441,497
(SOFR + 1.337%)
(SOFR + 2.040%)
500,000 2.359(a) 07/29/32 356,934
1,000,000 4.948(a) 07/22/28 975,039
(SOFR + 2.860%)
(3M U.S. T-Bill MMY + 1.332%)
500,000 6.377(a) 06/08/34 494,390
150,000 3.970(a) 03/05/29 140,122
Charles Schwab Corp. (The)
(3M U.S. T-Bill MMY + 1.572%)
450,000 2.000 03/20/28 386,457
710,000 4.271(a) 07/23/29 668,087
(3M U.S. T-Bill MMY + 1.472%) 700,000 2.300 05/13/31 562,270
504,000 3.974(a) 02/07/30 464,257 300,000 1.950 12/01/31 229,341
(3M U.S. T-Bill MMY + 1.442%) Citigroup, Inc.
200,000 3.194(a) 07/23/30 175,026 250,000 4.000 08/05/24 245,542
(3M U.S. T-Bill MMY + 1.452%) 500,000 3.875 03/26/25 484,775
281,000 2.884(a) 10/22/30 241,105 100,000 3.700 01/12/26 95,925
(3M U.S. T-Bill MMY + 1.252%) (SOFR + 0.694%)
1,345,000 2.496(a) 02/13/31 1,118,985 1,018,000 2.014(a) 01/25/26 962,465
(SOFR + 1.530%) (SOFR + 2.842%)
830,000 1.898(a) 07/23/31 654,729 640,000 3.106(a) 04/08/26 613,986
(SOFR + 1.370%) (SOFR + 0.765%)
500,000 1.922(a) 10/24/31 392,116 1,857,000 1.122(a) 01/28/27 1,659,567
(3M U.S. T-Bill MMY + 1.582%) (SOFR + 0.770%)
208,000 4.078(a) 04/23/40 175,074 275,000 1.462(a) 06/09/27 244,429
(SOFR + 1.930%) 700,000 4.450 09/29/27 669,475
704,000 2.676(a) 06/19/41 486,598 (3M U.S. T-Bill MMY + 1.825%)
248,000 5.875 02/07/42 256,078 100,000 3.887(a) 01/10/28 94,512
334,000 5.000 01/21/44 317,910 (SOFR + 1.280%)
(3M U.S. T-Bill MMY + 2.252%) 1,530,000 3.070(a) 02/24/28 1,401,611
354,000 4.443(a) 01/20/48 302,407 (SOFR + 1.887%)
(3M U.S. T-Bill MMY + 1.782%) 300,000 4.658(a) 05/24/28 292,612
477,000 4.330(a) 03/15/50 404,414 (3M U.S. T-Bill MMY + 1.652%)
(3M U.S. T-Bill MMY + 3.412%) 1,180,000 3.668(a) 07/24/28 1,098,108
826,000 4.083(a) 03/20/51 668,389 600,000 4.125 07/25/28 560,013
Bank of America Corp.(a), Series N (3M U.S. T-Bill MMY + 1.413%)
(SOFR + 1.220%) 1,150,000 3.520(a) 10/27/28 1,060,829
500,000 2.651 03/11/32 410,549
(3M U.S. T-Bill MMY + 1.600%)
Bank of America NA
200,000 3.980(a) 03/20/30 184,056
250,000 5.526 08/18/26 251,471
(SOFR + 1.422%)
Bank of New York Mellon Corp. (The), MTN
800,000 2.976(a) 11/05/30 687,452
100,000 2.100 10/24/24 96,412
(SOFR + 2.107%)
50,000 2.800 05/04/26 47,000
1,000,000 2.572(a) 06/03/31 828,927
290,000 3.250 05/16/27 272,158
636,000 3.400 01/29/28 592,988 (SOFR + 1.167%)
(3M U.S. T-Bill MMY + 1.331%) 800,000 2.561(a) 05/01/32 646,692
887,000 3.442(a) 02/07/28 836,728 544,000 6.625 06/15/32 564,289
400,000 3.850 04/28/28 379,758 (SOFR + 1.939%)
144,000 3.300 08/23/29 128,680 600,000 3.785(a) 03/17/33 521,651

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

 GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Principal Interest Maturity Principal Interest Maturity

Amount Rate Date Value Amount Rate Date Value

Corporate Obligations – (continued) Corporate Obligations – (continued)

Banks – (continued) Banks – (continued)

Citigroup, Inc. – (continued) JPMorgan Chase & Co. – (continued)
(SOFR + 2.086%) (3M U.S. T-Bill MMY + 1.207%)
$ 500,000 4.910%(a) 05/24/33 $ 476,419 $2,142,000 3.509%(a) 01/23/29 $ 1,974,649
(SOFR + 2.338%) (3M U.S. T-Bill MMY + 1.382%)
(a)
1,000,000 6.270(a) 11/17/33 1,045,753 518,000 4.005 04/23/29 486,758
(3M U.S. T-Bill MMY + 1.430%) (3M U.S. T-Bill MMY + 1.592%)
300,000 3.878(a) 01/24/39 245,736 450,000 4.452(a) 12/05/29 429,323
650,000 6.675 09/13/43 683,839 (3M U.S. T-Bill MMY + 1.422%)
540,000 5.300 05/06/44 492,100 114,000 3.702(a) 05/06/30 103,993
500,000 4.750 05/18/46 416,640 (3M U.S. T-Bill MMY + 1.510%)
(3M U.S. T-Bill MMY + 2.101%) 692,000 2.739(a) 10/15/30 593,337
300,000 4.281(a) 04/24/48 250,331 (3M U.S. T-Bill MMY + 3.790%)
Citizens Bank NA (a) 400,000 4.493(a) 03/24/31 379,194
(SOFR + 2.040%)
(SOFR + 2.000%)
1,130,000 2.522(a) 04/22/31 948,534
300,000 4.575 08/09/28 279,339
(3M U.S. T-Bill MMY + 2.515%)
Discover Financial Services
422,000 2.956(a) 05/13/31 359,825
100,000 6.700 11/29/32 99,605
(3M U.S. T-Bill MMY + 1.105%)
Fifth Third Bancorp
80,000 1.764(a) 11/19/31 62,638
506,000 2.550 05/05/27 455,284 (SOFR + 1.065%)
(SOFRINDX + 2.192%) 1,052,000 1.953(a) 02/04/32 827,496
100,000 6.361(a) 10/27/28 100,982 (3M U.S. T-Bill MMY + 1.250%)
190,000 8.250 03/01/38 214,820 1,104,000 2.580(a) 04/22/32 905,022
Fifth Third Bank NA (SOFR + 1.180%)
560,000 3.850 03/15/26 521,791 1,067,000 2.545(a) 11/08/32 861,859
Huntington Bancshares, Inc. (SOFR + 1.260%)
870,000 2.625 08/06/24 839,998 600,000 2.963(a) 01/25/33 499,611
328,000 2.550 02/04/30 267,711 513,000 6.400 05/15/38 561,734
JPMorgan Chase & Co. (3M U.S. T-Bill MMY + 1.622%)
325,000 3.875 09/10/24 318,585 485,000 3.882(a) 07/24/38 408,130
240,000 3.125 01/23/25 231,786 147,000 5.500 10/15/40 148,374
378,000 3.900 07/15/25 367,214 (3M U.S. T-Bill MMY + 2.460%)
(SOFR + 0.490%) 230,000 3.109(a) 04/22/41 169,967
800,000 0.768(a) 08/09/25 760,562 126,000 5.600 07/15/41 128,025
(SOFR + 1.160%) 328,000 5.400 01/06/42 327,235
630,000 2.301(a) 10/15/25 604,370 (SOFR + 1.460%)
(SOFR + 0.915%) 200,000 3.157(a) 04/22/42 146,636
250,000 2.595(a) 02/24/26 238,944 60,000 5.625 08/16/43 59,545
(3M U.S. T-Bill MMY + 1.585%) 423,000 4.850 02/01/44 395,440
170,000 2.005(a) 03/13/26 160,782 614,000 4.950 06/01/45 558,604
730,000 3.300 04/01/26 693,107 (3M U.S. T-Bill MMY + 1.842%)
(SOFR + 1.850%) 471,000 4.260(a) 02/22/48 395,125
840,000 2.083(a) 04/22/26 791,415 (3M U.S. T-Bill MMY + 1.722%)
690,000 3.200 06/15/26 653,436 268,000 4.032(a) 07/24/48 216,080
290,000 4.125 12/15/26 279,363 (3M U.S. T-Bill MMY + 1.642%)
(3M U.S. T-Bill MMY + 1.507%) 622,000 3.964(a) 11/15/48 492,710
(3M U.S. T-Bill MMY + 1.482%)
300,000 3.960(a) 01/29/27 288,527
190,000 3.897(a) 01/23/49 148,668
(SOFR + 0.885%)
(SOFR + 2.440%)
600,000 1.578(a) 04/22/27 538,910
368,000 3.109(a) 04/22/51 250,864
293,000 4.250 10/01/27 283,683
(SOFR + 1.580%)
184,000 3.625 12/01/27 172,454 (a)
820,000 3.328 04/22/52 579,099
(3M U.S. T-Bill MMY + 1.599%)
KeyBank NA
213,000 3.782(a) 02/01/28 201,197 300,000 4.900 08/08/32 250,292
(3M U.S. T-Bill MMY + 1.642%) KeyCorp, MTN
1,064,000 3.540(a) 05/01/28 993,541 467,000 2.250 04/06/27 401,526
(SOFR + 1.890%) 516,000 4.100 04/30/28 461,487
1,002,000 2.182(a) 06/01/28 890,449 274,000 2.550 10/01/29 219,330

The accompanying notes are an integral part of these financial statements. 69

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments (continued)

August 31, 2023

Principal Interest Maturity Principal Interest Maturity

Amount Rate Date Value Amount Rate Date Value

Corporate Obligations – (continued) Corporate Obligations – (continued)

Banks – (continued) Banks – (continued)

M&T Bank Corp.(a) Truist Bank
(SOFR + 1.850%) $ 500,000 1.500% 03/10/25 $ 466,777
$ 260,000 5.053% 01/27/34 $ 236,748 (US 5 Year CMT T-Note + 1.150%)
Manufacturers & Traders Trust Co. 750,000 2.636(a) 09/17/29 695,901
840,000 2.900 02/06/25 798,269 550,000 2.250 03/11/30 435,973
Morgan Stanley Truist Financial Corp., MTN
(SOFR + 1.990%) 250,000 2.500 08/01/24 241,933
3,000,000 2.188(a) 04/28/26 2,826,614 605,000 2.850 10/26/24 583,598
600,000 3.591(a) 07/22/28 555,267 280,000 3.700 06/05/25 269,929
(SOFR + 1.290%) 150,000 1.200 08/05/25 137,594
3,000,000 2.943(a) 01/21/33 2,454,066 (SOFR + 0.609%)
(SOFR + 2.620%) 550,000 1.267(a) 03/02/27 492,414
1,720,000 5.297(a) 04/20/37 1,604,906 750,000 1.950 06/05/30 595,585
(3M U.S. T-Bill MMY + 1.693%) US Bancorp
2,000,000 4.457(a) 04/22/39 1,763,782 250,000 1.450 05/12/25 234,020
Morgan Stanley, GMTN (US 5 Year CMT T-Note + 0.950%)
1,000,000 3.875 01/27/26 962,483 300,000 2.491(a) 11/03/36 221,790
(SOFR + 1.143%) US Bancorp, MTN
500,000 2.699(a) 01/22/31 421,426 290,000 3.600 09/11/24 283,184
Morgan Stanley, MTN 286,000 3.100 04/27/26 268,410
(SOFR + 1.034%) (SOFR + 0.730%)
3,000,000 1.794(a) 02/13/32 2,315,073 300,000 2.215(a) 01/27/28 267,900
(SOFR + 1.430%) 755,000 3.900 04/26/28 708,978
2,110,000 2.802(a) 01/25/52 1,336,315 387,000 3.000 07/30/29 332,176
Morgan Stanley Bank NA 300,000 1.375 07/22/30 227,536
1,000,000 5.479 07/16/25 1,000,693 (SOFR + 1.020%)
Northern Trust Corp. 950,000 2.677(a) 01/27/33 756,799
100,000 4.000 05/10/27 96,095 US Bancorp, Series V
300,000 6.125 11/02/32 306,637 100,000 2.375 07/22/26 92,153
PNC Bank NA US Bancorp, Series X
1,150,000 3.100 10/25/27 1,044,630 535,000 3.150 04/27/27 495,791
260,000 2.700 10/22/29 217,223 US Bank NA
PNC Financial Services Group, Inc. (The) 550,000 2.050 01/21/25 524,066
502,000 2.600 07/23/26 466,580 800,000 2.800 01/27/25 768,337
290,000 3.150 05/19/27 268,837 Wells Fargo & Co.
(SOFR + 1.620%) 815,000 3.000 04/22/26 763,886
300,000 5.354(a) 12/02/28 295,092 (SOFR + 2.000%)
100,000 3.450 04/23/29 90,353 600,000 2.188(a) 04/30/26 564,559
410,000 2.550 01/22/30 343,874 1,234,000 3.000 10/23/26 1,143,467
(SOFR + 2.530%)
(SOFR + 0.979%)
1,119,000 3.068(a) 04/30/41 800,672
500,000 2.307(a) 04/23/32 403,452
550,000 5.375 11/02/43 505,176
Santander Holdings USA, Inc.
492,000 3.900 05/01/45 384,736
1,310,000 3.500 06/07/24 1,283,013
Wells Fargo & Co., GMTN
440,000 3.450 06/02/25 421,654
250,000 4.300 07/22/27 239,506
(SOFR + 1.249%)
404,000 4.900 11/17/45 346,864
444,000 2.490(a) 01/06/28 390,409
Wells Fargo & Co., MTN
State Street Corp.
50,000 3.300 09/09/24 48,815
40,000 3.550 08/18/25 38,544
460,000 3.000 02/19/25 442,837
160,000 2.650 05/19/26 150,425
272,000 3.550 09/29/25 261,103
100,000 2.200 03/03/31 79,634
(3M U.S. T-Bill MMY + 1.087%)
Synchrony Bank
500,000 2.406(a) 10/30/25 479,768
400,000 5.400 08/22/25 387,157
(3M U.S. T-Bill MMY + 1.012%)
Synchrony Financial
530,000 2.164(a) 02/11/26 501,325
770,000 4.250 08/15/24 752,104
(SOFR + 1.320%)
392,000 4.500 07/23/25 374,322
150,000 3.908(a) 04/25/26 145,116
724,000 3.950 12/01/27 648,440
250,000 4.100 06/03/26 239,931
70 The accompanying notes are an integral part of these financial statements.
 GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Principal Interest Maturity Principal Interest Maturity

Amount Rate Date Value Amount Rate Date Value

Corporate Obligations – (continued) Corporate Obligations – (continued)

Banks – (continued) Basic Industry – (continued)

Wells Fargo & Co., MTN – (continued) Sherwin-Williams Co. (The) – (continued)
(SOFR + 1.560%) $ 300,000 4.500% 06/01/47 $ 256,310
$ 200,000 4.540%(a) 08/15/26 $ 195,151
5,445,592
(3M U.S. T-Bill MMY + 1.432%)
320,000 3.196(a) 06/17/27 297,899 Broadcasting – 0.0%
(SOFR + 1.510%) Discovery Communications LLC
50,000 3.526(a) 03/24/28 46,526 310,000 5.200 09/20/47 251,349
(3M U.S. T-Bill MMY + 1.572%) Brokerage – 0.5%
168,000 3.584(a) 05/22/28 156,050 BlackRock, Inc.
(SOFR + 2.100%) 200,000 2.400 04/30/30 171,796
955,000 2.393(a) 06/02/28 850,055 200,000 1.900 01/28/31 162,492
(SOFR + 1.740%) 150,000 2.100 02/25/32 119,512
1,470,000 5.574(a) 07/25/29 1,467,107 CME Group, Inc.
(3M U.S. T-Bill MMY + 1.432%) 50,000 2.650 03/15/32 41,971
976,000 2.879(a) 10/30/30 835,750 100,000 5.300 09/15/43 101,125
(3M U.S. T-Bill MMY + 1.262%) Intercontinental Exchange, Inc.
900,000 2.572(a) 02/11/31 752,340 340,000 2.100 06/15/30 280,490
(3M U.S. T-Bill MMY + 4.032%) 830,000 1.850 09/15/32 632,527
200,000 4.478(a) 04/04/31 187,511 360,000 4.600 03/15/33 344,290
(SOFR + 1.500%) 566,000 3.000 06/15/50 377,840
750,000 3.350(a) 03/02/33 629,457
392,000 4.950 06/15/52 366,271
(SOFR + 2.100%)
416,000 3.000 09/15/60 258,245
900,000 4.897(a) 07/25/33 845,296
Jefferies Financial Group, Inc.
293,000 4.400 06/14/46 233,132
125,000 4.150 01/23/30 112,384
400,000 4.750 12/07/46 331,941
600,000 2.625 10/15/31 467,310
(3M U.S. T-Bill MMY + 4.502%)
1,192,000 5.013(a) 04/04/51 1,077,327 3,436,253
Wells Fargo Bank NA Capital Goods – 1.0%
1,470,000 5.550 08/01/25 1,474,560 3M Co.
400,000 6.600 01/15/38 423,365 500,000 2.375 08/26/29 432,382
132,345,853 3M Co., MTN
550,000 4.000 09/14/48 445,618
Basic Industry – 0.8%
Carrier Global Corp.
Air Products and Chemicals, Inc.
40,000 2.493 02/15/27 36,452
300,000 2.700 05/15/40 218,132
565,000 2.722 02/15/30 485,419
CF Industries, Inc.
307,000 2.700 02/15/31 257,786
500,000 5.150 03/15/34 472,188
438,000 3.377 04/05/40 330,579
220,000 4.950 06/01/43 186,450
250,000 3.577 04/05/50 179,570
375,000 5.375 03/15/44 331,914
Caterpillar, Inc.
Dow Chemical Co. (The)
40,000 2.600 04/09/30 35,177
690,000 7.375 11/01/29 758,075
80,000 5.200 05/27/41 81,309
200,000 4.375 11/15/42 164,976
450,000 5.550 11/30/48 426,579 88,000 3.803 08/15/42 74,849
200,000 3.600 11/15/50 142,850 246,000 3.250 09/19/49 185,404
DuPont de Nemours, Inc. Deere & Co.
500,000 4.493 11/15/25 489,322 266,000 3.900 06/09/42 233,374
400,000 5.319 11/15/38 390,252 190,000 3.750 04/15/50 162,693
LYB International Finance BV Emerson Electric Co.
753,000 4.875 03/15/44 639,848 180,000 2.800 12/21/51 116,731
LYB International Finance III LLC General Electric Co., MTN
240,000 4.200 10/15/49 178,060 135,000 6.750 03/15/32 150,430
308,000 4.200 05/01/50 227,846 Honeywell International, Inc.
200,000 3.625 04/01/51 135,116 112,000 2.300 08/15/24 108,757
LyondellBasell Industries NV 763,000 2.500 11/01/26 712,248
200,000 4.625 02/26/55 156,874 80,000 2.700 08/15/29 71,192
Sherwin-Williams Co. (The) 290,000 1.750 09/01/31 230,391
288,000 3.450 06/01/27 270,800 300,000 5.000 02/15/33 303,167

The accompanying notes are an integral part of these financial statements. 71

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments (continued)

August 31, 2023

Principal Interest Maturity Principal Interest Maturity

Amount Rate Date Value Amount Rate Date Value

Corporate Obligations – (continued) Corporate Obligations – (continued)

Capital Goods – (continued) Communications – (continued)

Illinois Tool Works, Inc. Comcast Corp. – (continued)
$ 321,000 2.650% 11/15/26 $ 300,621 $ 600,000 2.887% 11/01/51 $ 385,614
290,000 3.900 09/01/42 248,904 400,000 2.450 08/15/52 234,740
Otis Worldwide Corp. 750,000 5.350 05/15/53 736,889
624,000 2.565 02/15/30 534,427 750,000 2.937 11/01/56 468,052
Parker-Hannifin Corp. 400,000 4.950 10/15/58 368,825
300,000 3.650 06/15/24 294,959 560,000 2.650 08/15/62 320,724
Republic Services, Inc. 400,000 2.987 11/01/63 242,272
390,000 3.950 05/15/28 370,443 Meta Platforms, Inc.
Westinghouse Air Brake Technologies Corp. 50,000 4.800 05/15/30 49,809
326,000 3.450 11/15/26 306,921 Netflix, Inc.
340,000 4.950 09/15/28 328,286 400,000 5.875 02/15/25 403,420
325,000 4.375 11/15/26 317,281
7,018,089
690,000 5.875 11/15/28 710,700
Communications – 4.0% 227,000 6.375 05/15/29 238,645
Charter Communications Operating LLC / Charter Omnicom Group, Inc.
Communications Operating Capital 125,000 2.600 08/01/31 102,397
798,000 4.908 07/23/25 784,043 Omnicom Group, Inc. / Omnicom Capital, Inc.
261,000 3.750 02/15/28 239,035 362,000 3.650 11/01/24 353,650
414,000 4.200 03/15/28 386,042 850,000 3.600 04/15/26 813,882
250,000 2.250 01/15/29 207,897 Time Warner Cable Enterprises LLC
128,000 5.050 03/30/29 121,834 216,000 8.375 07/15/33 240,577
370,000 2.800 04/01/31 297,733 Time Warner Cable LLC
200,000 2.300 02/01/32 151,126 70,000 6.550 05/01/37 66,357
425,000 6.384 10/23/35 412,161 304,000 7.300 07/01/38 306,383
338,000 5.375 04/01/38 285,673 322,000 6.750 06/15/39 311,916
300,000 3.500 06/01/41 198,946 180,000 5.875 11/15/40 156,710
590,000 6.484 10/23/45 541,851 431,000 5.500 09/01/41 353,447
466,000 5.375 05/01/47 373,101 TWDC Enterprises 18 Corp., GMTN
432,000 5.750 04/01/48 364,848 290,000 4.125 06/01/44 243,002
430,000 5.125 07/01/49 330,331 TWDC Enterprises 18 Corp., MTN
350,000 4.800 03/01/50 258,833 705,000 1.850 07/30/26 645,683
748,000 3.700 04/01/51 465,196 102,000 2.950 06/15/27 95,534
250,000 3.900 06/01/52 160,128 Walt Disney Co. (The)
354,000 3.850 04/01/61 211,850 632,000 1.750 08/30/24 609,477
254,000 4.400 12/01/61 167,136 400,000 3.350 03/24/25 388,162
282,000 3.950 06/30/62 170,321 202,000 2.200 01/13/28 182,065
Comcast Corp. 330,000 2.000 09/01/29 279,840
400,000 3.150 02/15/28 371,171 498,000 3.800 03/22/30 464,943
400,000 3.550 05/01/28 377,682 1,180,000 2.650 01/13/31 1,010,130
400,000 4.150 10/15/28 385,984 75,000 6.400 12/15/35 82,362
700,000 4.550 01/15/29 685,334 100,000 6.650 11/15/37 112,622
150,000 2.650 02/01/30 130,585 250,000 4.625 03/23/40 231,051
400,000 3.400 04/01/30 364,313 1,100,000 2.750 09/01/49 708,969
300,000 4.250 10/15/30 285,466 270,000 4.700 03/23/50 245,863
500,000 4.650 02/15/33 487,016 383,000 3.800 05/13/60 288,740
300,000 7.050 03/15/33 340,892 Warnermedia Holdings, Inc.
250,000 4.800 05/15/33 244,931 1,000,000 3.755 03/15/27 938,744
150,000 4.200 08/15/34 137,139 1,000,000 5.391 03/15/62 796,295
880,000 3.900 03/01/38 747,178
400,000 3.969 11/01/47 319,983 26,980,495
300,000 4.000 03/01/48 242,009 Consumer Cyclical – 6.9%
400,000 4.700 10/15/48 362,260 Amazon.com, Inc.
400,000 3.999 11/01/49 319,307 212,000 2.800 08/22/24 206,745
400,000 3.450 02/01/50 291,951 379,000 3.800 12/05/24 372,562
400,000 2.800 01/15/51 253,437 670,000 0.800 06/03/25 622,392

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

 GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Principal Interest Maturity Principal Interest Maturity

Amount Rate Date Value Amount Rate Date Value

Corporate Obligations – (continued) Corporate Obligations – (continued)

Consumer Cyclical – (continued) Consumer Cyclical – (continued)

Amazon.com, Inc. – (continued) Global Payments, Inc.
$ 118,000 5.200% 12/03/25 $ 118,410 $ 400,000 2.900% 11/15/31 $ 327,539
200,000 1.200 06/03/27 176,300 Home Depot, Inc. (The)
780,000 3.150 08/22/27 734,097 220,000 3.350 09/15/25 212,475
575,000 1.500 06/03/30 468,725 800,000 4.000 09/15/25 783,766
600,000 3.600 04/13/32 553,452 556,000 3.000 04/01/26 531,774
420,000 4.800 12/05/34 421,250 244,000 3.900 12/06/28 234,793
715,000 3.875 08/22/37 643,036 390,000 2.950 06/15/29 354,180
400,000 2.875 05/12/41 300,948 400,000 1.375 03/15/31 313,061
284,000 4.950 12/05/44 280,626 400,000 1.875 09/15/31 321,931
731,000 4.050 08/22/47 632,933 680,000 5.875 12/16/36 728,926
444,000 2.500 06/03/50 284,368 460,000 3.300 04/15/40 362,667
1,086,000 3.100 05/12/51 777,473 500,000 4.200 04/01/43 436,448
482,000 4.250 08/22/57 417,775 150,000 4.875 02/15/44 141,530
400,000 2.700 06/03/60 247,651 130,000 4.400 03/15/45 113,719
400,000 3.250 05/12/61 278,454 300,000 4.250 04/01/46 257,355
500,000 4.100 04/13/62 413,067 300,000 4.500 12/06/48 268,397
American Honda Finance Corp., MTN 300,000 3.125 12/15/49 210,523
430,000 2.150 09/10/24 415,374 300,000 3.350 04/15/50 219,723
40,000 1.200 07/08/25 37,086 406,000 2.375 03/15/51 241,632
Aptiv PLC 300,000 3.500 09/15/56 220,062
300,000 3.100 12/01/51 183,108 Las Vegas Sands Corp.
Aptiv PLC / Aptiv Corp. 116,000 3.200 08/08/24 112,302
216,000 4.150 05/01/52 159,531 190,000 3.500 08/18/26 176,244
Booking Holdings, Inc. 320,000 3.900 08/08/29 282,110
150,000 4.625 04/13/30 146,781 Lowe’s Cos., Inc.
Costco Wholesale Corp. 500,000 4.800 04/01/26 495,039
232,000 3.000 05/18/27 219,167 280,000 1.700 10/15/30 222,426
200,000 1.375 06/20/27 176,817 250,000 3.750 04/01/32 224,630
100,000 1.600 04/20/30 82,528 1,750,000 5.150 07/01/33 1,730,502
876,000 1.750 04/20/32 695,159 700,000 5.625 04/15/53 681,783
Dollar Tree, Inc. Marriott International, Inc., Series FF
236,000 4.200 05/15/28 224,048 236,000 4.625 06/15/30 224,093
eBay, Inc. Marriott International, Inc., Series GG
250,000 1.900 03/11/25 236,879 300,000 3.500 10/15/32 255,111
550,000 4.000 07/15/42 429,776 Marriott International, Inc., Series R
Expedia Group, Inc. 200,000 3.125 06/15/26 188,099
300,000 3.250 02/15/30 261,682 Mastercard, Inc.
General Motors Co. 90,000 2.000 03/03/25 86,029
500,000 6.125 10/01/25 502,544 143,000 2.950 11/21/26 134,936
250,000 5.000 10/01/28 241,609 144,000 3.300 03/26/27 137,076
500,000 5.600 10/15/32 482,030 132,000 2.950 06/01/29 119,676
300,000 6.600 04/01/36 302,722 508,000 3.350 03/26/30 467,184
300,000 5.150 04/01/38 261,589 250,000 2.000 11/18/31 203,232
404,000 6.750 04/01/46 397,496 162,000 3.650 06/01/49 130,267
200,000 5.400 04/01/48 166,943 400,000 3.850 03/26/50 332,318
550,000 5.950 04/01/49 495,256 McDonald’s Corp., MTN
General Motors Financial Co., Inc. 370,000 3.700 01/30/26 358,025
200,000 5.250 03/01/26 196,796 304,000 3.500 03/01/27 289,531
400,000 2.350 02/26/27 356,398 350,000 3.800 04/01/28 334,729
100,000 5.000 04/09/27 97,439 100,000 2.625 09/01/29 88,438
600,000 2.700 08/20/27 534,667 282,000 2.125 03/01/30 237,748
200,000 6.000 01/09/28 200,681 150,000 3.600 07/01/30 138,172
1,100,000 2.350 01/08/31 856,563 941,000 4.700 12/09/35 896,995
250,000 2.700 06/10/31 197,096 150,000 4.875 12/09/45 138,763
500,000 4.450 03/01/47 432,795

The accompanying notes are an integral part of these financial statements. 73

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments (continued)

August 31, 2023

Principal Interest Maturity Principal Interest Maturity

Amount Rate Date Value Amount Rate Date Value

Corporate Obligations – (continued) Corporate Obligations – (continued)

Consumer Cyclical – (continued) Consumer Noncyclical – (continued)

McDonald’s Corp., MTN – (continued) AbbVie, Inc.
$ 296,000 4.450% 09/01/48 $ 257,203 $ 100,000 2.600% 11/21/24 $ 96,565
372,000 4.200 04/01/50 308,803 1,452,000 3.800 03/15/25 1,414,745
NIKE, Inc. 2,482,000 3.600 05/14/25 2,407,878
80,000 2.400 03/27/25 76,583 291,000 3.200 05/14/26 276,711
115,000 2.375 11/01/26 106,552 250,000 4.250 11/14/28 241,820
550,000 2.750 03/27/27 513,911 625,000 3.200 11/21/29 564,015
204,000 2.850 03/27/30 182,133 425,000 4.550 03/15/35 401,710
250,000 3.250 03/27/40 201,638 1,006,000 4.050 11/21/39 866,524
140,000 3.875 11/01/45 119,694 300,000 4.850 06/15/44 274,848
340,000 3.375 03/27/50 263,263 379,000 4.750 03/15/45 341,618
Starbucks Corp. 500,000 4.700 05/14/45 448,786
2,012,000 3.800 08/15/25 1,956,948 304,000 4.450 05/14/46 262,221
100,000 4.000 11/15/28 95,710 320,000 4.875 11/14/48 295,463
300,000 3.000 02/14/32 257,641 950,000 4.250 11/21/49 804,680
250,000 4.500 11/15/48 214,080 Altria Group, Inc.
358,000 4.450 08/15/49 303,673 800,000 2.350 05/06/25 758,152
290,000 3.500 11/15/50 209,879 780,000 4.800 02/14/29 755,434
Target Corp. 370,000 2.450 02/04/32 288,986
600,000 2.250 04/15/25 573,013 100,000 5.800 02/14/39 97,020
Toyota Motor Credit Corp., MTN 270,000 3.400 02/04/41 184,167
20,000 1.800 02/13/25 19,012 220,000 4.250 08/09/42 166,779
500,000 3.000 04/01/25 483,013 310,000 5.375 01/31/44 288,084
1,428,000 1.900 01/13/27 1,292,092 348,000 3.875 09/16/46 239,785
200,000 3.050 03/22/27 188,000 690,000 5.950 02/14/49 642,711
535,000 2.150 02/13/30 454,738 70,000 3.700 02/04/51 45,556
487,000 3.375 04/01/30 443,515 150,000 4.000 02/04/61 100,810
Visa, Inc. Amgen, Inc.
473,000 3.150 12/14/25 453,623 300,000 3.125 05/01/25 288,742
100,000 1.900 04/15/27 90,616 500,000 2.200 02/21/27 455,063
315,000 2.750 09/15/27 292,401 800,000 3.200 11/02/27 744,168
201,000 2.050 04/15/30 170,607 800,000 5.150 03/02/28 800,689
980,000 4.150 12/14/35 923,918 400,000 1.650 08/15/28 341,914
300,000 2.700 04/15/40 223,307 150,000 3.000 02/22/29 135,769
729,000 4.300 12/14/45 658,433 500,000 2.000 01/15/32 392,223
300,000 3.650 09/15/47 244,731 460,000 4.200 03/01/33 423,274
200,000 2.000 08/15/50 118,536 300,000 3.150 02/21/40 224,945
Walmart, Inc. 610,000 4.563 06/15/48 519,726
150,000 2.850 07/08/24 146,631 712,000 3.375 02/21/50 500,444
900,000 4.663 06/15/51 772,823
300,000 3.050 07/08/26 286,863
334,000 2.770 09/01/53 200,241
466,000 3.700 06/26/28 449,348
1,280,000 4.400 02/22/62 1,016,838
300,000 1.500 09/22/28 259,315
360,000 5.750 03/02/63 355,288
220,000 1.800 09/22/31 180,003
Baxter International, Inc.
455,000 5.250 09/01/35 476,230
450,000 2.539 02/01/32 362,504
330,000 6.500 08/15/37 380,356
Biogen, Inc.
465,000 4.050 06/29/48 409,349
372,000 5.200 09/15/45 350,314
400,000 2.650 09/22/51 270,099
Bristol-Myers Squibb Co.
1,000,000 4.500 09/09/52 932,377
1,922,000 0.750 11/13/25 1,753,407
47,394,620 430,000 4.550 02/20/48 383,417
Consumer Noncyclical – 7.6% 714,000 4.250 10/26/49 605,170
Abbott Laboratories 600,000 2.550 11/13/50 365,324
763,000 2.950 03/15/25 740,266 750,000 3.700 03/15/52 574,878
68,000 3.750 11/30/26 65,874 400,000 3.900 03/15/62 305,195
538,000 4.750 11/30/36 534,962 Centene Corp.
540,000 4.900 11/30/46 527,409 860,000 4.250 12/15/27 808,400
400,000 2.450 07/15/28 343,500
74 The accompanying notes are an integral part of these financial statements.
 GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Principal Interest Maturity Principal Interest Maturity

Amount Rate Date Value Amount Rate Date Value

Corporate Obligations – (continued) Corporate Obligations – (continued)

Consumer Noncyclical – (continued) Consumer Noncyclical – (continued)

Centene Corp. – (continued) Pfizer, Inc. – (continued)
$ 904,000 4.625% 12/15/29 $ 833,940 $ 100,000 4.300% 06/15/43 $ 90,014
550,000 3.000 10/15/30 462,688 110,000 4.400 05/15/44 100,485
1,046,000 2.500 03/01/31 836,171 300,000 4.125 12/15/46 260,518
Elevance Health, Inc. 352,000 4.200 09/15/48 311,206
400,000 6.100 10/15/52 423,419 100,000 4.000 03/15/49 86,034
Eli Lilly & Co. 525,000 2.700 05/28/50 355,174
190,000 3.950 03/15/49 163,801 Regeneron Pharmaceuticals, Inc.
300,000 2.250 05/15/50 184,913 346,000 2.800 09/15/50 215,510
292,000 2.500 09/15/60 173,474 Stryker Corp.
Gilead Sciences, Inc. 220,000 4.625 03/15/46 195,437
500,000 2.950 03/01/27 466,617 Utah Acquisition Sub, Inc.
476,000 4.000 09/01/36 420,392 565,000 3.950 06/15/26 534,920
300,000 4.800 04/01/44 275,897 200,000 5.250 06/15/46 159,218
300,000 4.750 03/01/46 272,255 Viatris, Inc.
528,000 4.150 03/01/47 443,488 423,000 4.000 06/22/50 279,288
500,000 2.800 10/01/50 323,330 Walgreens Boots Alliance, Inc.
Johnson & Johnson 574,000 3.800 11/18/24 560,831
1,500,000 0.550 09/01/25 1,375,078 450,000 3.450 06/01/26 425,409
106,000 4.800 11/18/44 82,960
Kenvue, Inc.(b)
50,000 4.100 04/15/50 34,130
150,000 5.200 03/22/63 147,058
Wyeth LLC
Kroger Co. (The)
388,000 6.500 02/01/34 432,866
500,000 3.950 01/15/50 387,657
300,000 5.950 04/01/37 321,807
Medtronic, Inc.
Zoetis, Inc.
580,000 4.375 03/15/35 547,773
158,000 3.000 09/12/27 146,933
385,000 4.625 03/15/45 361,263
410,000 4.700 02/01/43 370,585
Merck & Co., Inc.
528,000 2.750 02/10/25 511,278 52,227,849
102,000 0.750 02/24/26 92,361 Consumer Products – 0.4%
240,000 3.400 03/07/29 223,635 Haleon US Capital LLC
800,000 1.450 06/24/30 645,313 300,000 3.625 03/24/32 265,612
500,000 2.150 12/10/31 409,880 400,000 4.000 03/24/52 319,832
800,000 4.500 05/17/33 781,563 Procter & Gamble Co. (The)
100,000 3.900 03/07/39 87,452 80,000 0.550 10/29/25 72,876
250,000 4.150 05/18/43 220,644 50,000 2.450 11/03/26 46,811
540,000 3.700 02/10/45 440,975 214,000 1.900 02/01/27 195,791
300,000 4.000 03/07/49 252,863 250,000 2.850 08/11/27 234,324
846,000 2.450 06/24/50 528,323 680,000 3.000 03/25/30 620,645
300,000 2.750 12/10/51 196,344 500,000 1.200 10/29/30 399,429
Mylan, Inc. 300,000 1.950 04/23/31 251,881
195,000 4.550 04/15/28 184,422 110,000 2.300 02/01/32 93,881
254,000 5.200 04/15/48 197,604 2,501,082
Pfizer Investment Enterprises Pte Ltd.
1,000,000 4.650 05/19/25 988,571 Electric – 2.4%
1,000,000 4.450 05/19/28 978,214 Consolidated Edison Co. of New York, Inc.
1,000,000 4.750 05/19/33 986,071 250,000 4.625 12/01/54 211,325
1,000,000 5.110 05/19/43 975,674 134,000 3.600 06/15/61 92,560
1,000,000 5.300 05/19/53 1,000,047 Consolidated Edison Co. of New York, Inc., Series 20B
380,000 5.340 05/19/63 375,695 400,000 3.950 04/01/50 316,572
Pfizer, Inc. Duke Energy Carolinas LLC
92,000 0.800 05/28/25 85,390 345,000 3.200 08/15/49 237,651
276,000 3.450 03/15/29 258,507 Duke Energy Corp.
390,000 2.650 09/01/26 360,905
618,000 2.625 04/01/30 543,644
480,000 2.450 06/01/30 399,152
400,000 3.900 03/15/39 347,505
504,000 3.750 09/01/46 367,980
425,000 7.200 03/15/39 510,090
350,000 3.500 06/15/51 240,250
260,000 2.550 05/28/40 185,410
370,000 5.000 08/15/52 325,034
The accompanying notes are an integral part of these financial statements. 75
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments (continued)

August 31, 2023

Principal Interest Maturity Principal Interest Maturity

Amount Rate Date Value Amount Rate Date Value

Corporate Obligations – (continued) Corporate Obligations – (continued)

Electric – (continued) Energy – (continued)

Duke Energy Florida LLC BP Capital Markets America, Inc.
$ 300,000 6.400% 06/15/38 $ 322,768 $ 150,000 3.119% 05/04/26 $ 142,568
Entergy Louisiana LLC 1,842,000 3.017 01/16/27 1,728,335
250,000 0.950 10/01/24 237,110 250,000 4.234 11/06/28 241,534
1,770,000 4.000 03/15/33 1,590,219 230,000 1.749 08/10/30 185,823
242,000 4.200 09/01/48 194,116 700,000 2.721 01/12/32 587,151
Exelon Corp. 548,000 2.772 11/10/50 345,645
92,000 4.050 04/15/30 85,112 578,000 2.939 06/04/51 376,933
288,000 4.700 04/15/50 244,501 Cheniere Corpus Christi Holdings LLC
Florida Power & Light Co. 617,000 5.875 03/31/25 615,457
200,000 5.050 04/01/28 200,593 1,196,000 5.125 06/30/27 1,182,545
250,000 3.950 03/01/48 203,145 Cheniere Energy Partners LP
342,000 3.150 10/01/49 237,110 400,000 4.500 10/01/29 370,000
Georgia Power Co. 400,000 4.000 03/01/31 353,500
1,000,000 4.950 05/17/33 966,991 400,000 3.250 01/31/32 330,500
100,000 5.125 05/15/52 92,991 Cheniere Energy, Inc.
Georgia Power Co., Series A 248,000 4.625 10/15/28 233,740
436,000 3.250 03/15/51 296,493 Chevron Corp.
NextEra Energy Capital Holdings, Inc. 200,000 1.554 05/11/25 188,210
1,050,000 6.051 03/01/25 1,053,565 110,000 3.326 11/17/25 106,805
1,060,000 2.250 06/01/30 872,290 255,000 1.995 05/11/27 230,882
800,000 2.440 01/15/32 640,162 590,000 2.236 05/11/30 506,223
Pacific Gas and Electric Co. 352,000 3.078 05/11/50 249,170
1,000,000 6.100 01/15/29 989,616 Chevron USA, Inc.
PacifiCorp 174,000 0.687 08/12/25 160,074
1,000,000 5.500 05/15/54 884,943 ConocoPhillips
Sempra 410,000 6.500 02/01/39 456,143
548,000 3.250 06/15/27 507,151 ConocoPhillips Co.
250,000 3.400 02/01/28 230,703 100,000 6.950 04/15/29 110,434
300,000 6.000 10/15/39 299,365 100,000 3.758 03/15/42 81,253
240,000 4.000 02/01/48 182,802 300,000 4.300 11/15/44 259,260
(US 5 Year CMT T-Note + 2.868%) 100,000 5.300 05/15/53 97,596
640,000 4.125(a) 04/01/52 518,400 250,000 4.025 03/15/62 190,947
Southern California Edison Co. Devon Energy Corp.
250,000 4.650 10/01/43 214,094 170,000 5.600 07/15/41 157,750
687,000 4.000 04/01/47 532,771 355,000 4.750 05/15/42 297,573
318,000 3.650 02/01/50 229,999 100,000 5.000 06/15/45 85,892
Southern California Edison Co., Series 20A Diamondback Energy, Inc.
220,000 2.950 02/01/51 139,521 515,000 3.250 12/01/26 484,100
Southern California Edison Co., Series C 92,000 3.500 12/01/29 83,157
200,000 4.125 03/01/48 157,947
896,000 6.250 03/15/33 925,439
Southern Co. (The)
Energy Transfer LP
856,000 3.250 07/01/26 811,173
608,000 4.050 03/15/25 591,749
430,000 4.400 07/01/46 352,668
668,000 2.900 05/15/25 635,559
Southern Co. (The)(a), Series B
200,000 4.750 01/15/26 195,736
(US 5 Year CMT T-Note + 3.733%)
200,000 5.500 06/01/27 199,019
300,000 4.000 01/15/51 281,250
100,000 4.000 10/01/27 93,722
Virginia Electric and Power Co.
230,000 4.950 06/15/28 222,855
492,000 2.450 12/15/50 283,618
151,000 5.250 04/15/29 147,618
16,404,616 100,000 3.750 05/15/30 89,535
Energy – 6.3% 100,000 6.500 02/01/42 99,180
Baker Hughes Holdings LLC 201,000 5.300 04/15/47 170,975
50,000 5.125 09/15/40 47,393 283,000 5.400 10/01/47 243,176
Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc. 277,000 6.000 06/15/48 256,256
240,000 3.337 12/15/27 222,862 431,000 6.250 04/15/49 411,313
300,000 4.080 12/15/47 238,256 480,000 5.000 05/15/50 395,480

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

 GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Principal Interest Maturity Principal Interest Maturity

Amount Rate Date Value Amount Rate Date Value

Corporate Obligations – (continued) Corporate Obligations – (continued)

Energy – (continued) Energy – (continued)

Enterprise Products Operating LLC MPLX LP – (continued)
$ 207,000 3.750% 02/15/25 $ 201,428 $ 914,000 2.650% 08/15/30 $ 759,670
326,000 3.125 07/31/29 292,480 350,000 4.500 04/15/38 295,419
150,000 2.800 01/31/30 130,249 310,000 5.200 03/01/47 268,290
150,000 5.950 02/01/41 153,371 520,000 5.500 02/15/49 463,053
207,000 4.850 08/15/42 185,935 Occidental Petroleum Corp.
220,000 4.450 02/15/43 187,603 250,000 6.625 09/01/30 258,750
268,000 4.850 03/15/44 239,775 165,000 6.125 01/01/31 167,063
176,000 5.100 02/15/45 161,357 130,000 7.500 05/01/31 141,340
220,000 4.900 05/15/46 195,694 224,000 6.450 09/15/36 229,600
414,000 4.800 02/01/49 363,134 1,600,000 0.000(c) 10/10/36 838,679
368,000 4.200 01/31/50 294,465 350,000 6.600 03/15/46 359,361
775,000 3.950 01/31/60 568,801 ONEOK, Inc.
Enterprise Products Operating LLC(a), Series E 200,000 4.550 07/15/28 190,727
(3M U.S. T-Bill MMY + 3.295%) 378,000 3.100 03/15/30 324,254
164,000 5.250 08/16/77 144,459 680,000 6.100 11/15/32 691,524
EOG Resources, Inc. 100,000 5.200 07/15/48 85,861
916,000 4.150 01/15/26 895,649 Phillips 66
216,000 4.375 04/15/30 209,643 100,000 3.900 03/15/28 94,687
390,000 4.650 11/15/34 365,924
236,000 4.950 04/15/50 222,897
150,000 5.875 05/01/42 152,932
Exxon Mobil Corp.
450,000 4.875 11/15/44 406,291
302,000 2.019 08/16/24 292,307
Plains All American Pipeline LP / PAA Finance Corp.
742,000 2.992 03/19/25 718,371
750,000 3.600 11/01/24 730,622
310,000 3.043 03/01/26 296,128
766,000 4.650 10/15/25 747,840
130,000 2.275 08/16/26 121,253
240,000 4.500 12/15/26 232,288
100,000 3.294 03/19/27 95,309
339,000 3.550 12/15/29 298,119
476,000 3.482 03/19/30 441,159
Sabine Pass Liquefaction LLC
100,000 4.227 03/19/40 89,099
500,000 5.625 03/01/25 498,437
430,000 3.567 03/06/45 336,021
1,252,000 5.875 06/30/26 1,256,539
100,000 4.114 03/01/46 84,271 430,000 5.000 03/15/27 423,550
408,000 3.095 08/16/49 286,168 108,000 4.200 03/15/28 102,465
628,000 4.327 03/19/50 544,093 Targa Resources Corp.
260,000 3.452 04/15/51 193,346 400,000 4.950 04/15/52 325,419
Halliburton Co. Transcontinental Gas Pipe Line Co. LLC
368,000 2.920 03/01/30 321,410 144,000 7.850 02/01/26 150,139
493,000 4.850 11/15/35 461,503 Valero Energy Corp.
500,000 7.450 09/15/39 578,899 820,000 6.625 06/15/37 870,628
200,000 5.000 11/15/45 180,631 Western Midstream Operating LP
Hess Corp. 470,000 5.250 02/01/50 381,288
290,000 4.300 04/01/27 279,485 Williams Cos., Inc. (The)
148,000 6.000 01/15/40 144,930 280,000 4.000 09/15/25 271,600
373,000 5.600 02/15/41 350,543 318,000 3.750 06/15/27 299,448
Kinder Morgan Energy Partners LP 384,000 3.500 11/15/30 339,451
388,000 5.500 03/01/44 346,017 250,000 2.600 03/15/31 205,463
Kinder Morgan, Inc. 432,000 6.300 04/15/40 441,811
396,000 5.550 06/01/45 358,628 200,000 5.100 09/15/45 174,832
402,000 5.050 02/15/46 338,967 240,000 4.850 03/01/48 203,633
100,000 3.600 02/15/51 67,021
42,802,751
Kinder Morgan, Inc., GMTN
1,000,000 7.750 01/15/32 1,120,640 Financial Co. – 0.0%
Marathon Petroleum Corp. Ally Financial, Inc.
250,000 3.625 09/15/24 244,569 139,000 7.100 11/15/27 140,873
200,000 4.750 09/15/44 166,285 Financial Company – 0.7%
MPLX LP Air Lease Corp.
136,000 4.125 03/01/27 130,212 80,000 1.875 08/15/26 71,567
100,000 4.800 02/15/29 96,226 550,000 3.125 12/01/30 458,858

The accompanying notes are an integral part of these financial statements. 77

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments (continued)

August 31, 2023

Principal Interest Maturity Principal Interest Maturity

Amount Rate Date Value Amount Rate Date Value

Corporate Obligations – (continued) Corporate Obligations – (continued)

Financial Company – (continued) Food and Beverage – (continued)

Air Lease Corp., MTN PepsiCo, Inc. – (continued)
$1,170,000 2.875% 01/15/26 $ 1,094,142 $ 210,000 1.625% 05/01/30 $ 173,105
Ally Financial, Inc. 100,000 1.400 02/25/31 79,645
100,000 5.750 11/20/25 96,950 400,000 1.950 10/21/31 326,503
469,000 8.000 11/01/31 485,870 290,000 2.625 10/21/41 211,040
Ares Capital Corp. 300,000 4.450 04/14/46 279,356
475,000 2.150 07/15/26 417,244 280,000 3.450 10/06/46 221,891
300,000 2.875 06/15/28 253,284 200,000 2.875 10/15/49 141,399
Blackstone Private Credit Fund 130,000 3.625 03/19/50 104,966
49,000 2.625 12/15/26 42,136 Sysco Corp.
500,000 3.250 03/15/27 435,661 604,000 3.300 07/15/26 573,355
GE Capital International Funding Co. Unlimited 547,000 3.250 07/15/27 510,232
1,772,000 4.418 11/15/35 1,641,646 329,000 5.950 04/01/30 340,971
270,000 6.600 04/01/50 296,549
4,997,358
13,575,869
Food and Beverage – 2.0%
Coca-Cola Co. (The) Healthcare – 5.2%
300,000 3.375 03/25/27 287,386 Aetna, Inc.
250,000 1.450 06/01/27 222,990 450,000 3.500 11/15/24 437,883
240,000 1.000 03/15/28 206,088 140,000 6.625 06/15/36 150,035
102,000 2.125 09/06/29 89,085 348,000 3.875 08/15/47 262,463
852,000 3.450 03/25/30 792,407 Cigna Group (The)
226,000 1.650 06/01/30 186,491 2,482,000 4.125 11/15/25 2,416,168
300,000 2.000 03/05/31 249,200 1,270,000 4.375 10/15/28 1,225,860
500,000 1.375 03/15/31 394,933 500,000 2.400 03/15/30 422,108
610,000 2.500 06/01/40 438,874 300,000 4.800 08/15/38 277,291
110,000 2.875 05/05/41 83,088 130,000 4.800 07/15/46 115,209
430,000 2.600 06/01/50 285,228 674,000 4.900 12/15/48 599,753
100,000 3.000 03/05/51 72,347 290,000 3.400 03/15/50 203,860
250,000 2.500 03/15/51 161,378 472,000 3.400 03/15/51 329,245
220,000 2.750 06/01/60 142,476 CVS Health Corp.
Keurig Dr Pepper, Inc. 850,000 2.625 08/15/24 825,082
1,019,000 3.200 05/01/30 902,626 1,154,000 4.100 03/25/25 1,129,894
100,000 3.800 05/01/50 76,030 556,000 3.875 07/20/25 539,468
560,000 4.500 04/15/52 475,174 100,000 2.875 06/01/26 93,773
Kraft Heinz Foods Co. 368,000 3.000 08/15/26 344,721
565,000 3.000 06/01/26 532,459 488,000 3.625 04/01/27 462,212
250,000 6.875 01/26/39 274,047 750,000 1.300 08/21/27 647,692
507,000 5.000 06/04/42 463,903 825,000 4.300 03/25/28 794,462
552,000 4.375 06/01/46 455,423 523,000 3.250 08/15/29 468,031
410,000 4.875 10/01/49 364,845 150,000 5.125 02/21/30 147,509
Molson Coors Beverage Co. 260,000 1.750 08/21/30 206,799
880,000 3.000 07/15/26 824,933 410,000 5.250 02/21/33 401,672
190,000 5.000 05/01/42 172,073 1,116,000 4.780 03/25/38 1,004,207
370,000 4.200 07/15/46 293,212 246,000 4.125 04/01/40 200,331
Mondelez International, Inc. 520,000 2.700 08/21/40 349,599
435,000 2.750 04/13/30 377,159 176,000 5.300 12/05/43 162,344
490,000 2.625 09/04/50 304,174 616,000 5.125 07/20/45 549,167
PepsiCo, Inc. 1,468,000 5.050 03/25/48 1,292,984
456,000 2.250 03/19/25 436,465 50,000 4.250 04/01/50 39,596
112,000 2.750 04/30/25 107,761 1,300,000 5.875 06/01/53 1,274,237
160,000 2.850 02/24/26 152,406 Danaher Corp.
166,000 2.375 10/06/26 155,409 340,000 2.800 12/10/51 224,682
68,000 3.000 10/15/27 63,856 Elevance Health, Inc.
96,000 2.625 07/29/29 85,947 506,000 3.500 08/15/24 495,722
210,000 2.750 03/19/30 186,984 50,000 3.350 12/01/24 48,649

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

 GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Principal Interest Maturity Principal Interest Maturity

Amount Rate Date Value Amount Rate Date Value

Corporate Obligations – (continued) Corporate Obligations – (continued)

Healthcare – (continued) Insurance – (continued)

Elevance Health, Inc. – (continued) Aon Corp. / Aon Global Holdings PLC
$ 552,000 3.650% 12/01/27 $ 520,884 $ 352,000 3.900% 02/28/52 $ 270,715
300,000 2.550 03/15/31 251,000 Berkshire Hathaway Finance Corp.
84,000 4.625 05/15/42 74,584 130,000 1.450 10/15/30 104,576
309,000 4.650 01/15/43 275,154 530,000 2.875 03/15/32 462,935
174,000 4.650 08/15/44 152,009 430,000 2.850 10/15/50 287,598
340,000 4.375 12/01/47 287,562 50,000 2.500 01/15/51 31,102
318,000 4.550 03/01/48 274,687 850,000 3.850 03/15/52 677,621
300,000 3.125 05/15/50 202,744 Berkshire Hathaway, Inc.
HCA, Inc. 100,000 4.500 02/11/43 93,776
1,820,000 5.250 04/15/25 1,804,075 Chubb INA Holdings, Inc.
528,000 5.250 06/15/26 521,400 472,000 4.350 11/03/45 414,587
308,000 5.375 09/01/26 306,460 Equitable Holdings, Inc.
555,000 4.500 02/15/27 535,922 426,000 5.000 04/20/48 357,108
500,000 5.200 06/01/28 493,716 Everest Reinsurance Holdings, Inc.
300,000 5.625 09/01/28 299,625 470,000 3.500 10/15/50 323,387
50,000 5.875 02/01/29 50,187 Marsh & McLennan Cos., Inc.
404,000 4.125 06/15/29 373,347 175,000 4.375 03/15/29 168,931
500,000 3.500 09/01/30 436,546 100,000 2.250 11/15/30 82,657
100,000 5.125 06/15/39 91,125 206,000 4.900 03/15/49 188,816
315,000 5.500 06/15/47 285,272 MetLife, Inc.
410,000 5.250 06/15/49 358,910 150,000 4.550 03/23/30 146,005
220,000 3.500 07/15/51 147,109 400,000 5.700 06/15/35 409,066
415,000 4.625 03/15/52 337,531 556,000 6.400 12/15/36 552,958
Humana, Inc. 304,000 4.125 08/13/42 250,982
300,000 3.700 03/23/29 278,235 250,000 4.875 11/13/43 227,789
1,000,000 5.875 03/01/33 1,034,860 460,000 4.600 05/13/46 401,938
UnitedHealth Group, Inc. 270,000 5.000 07/15/52 246,965
548,000 3.750 07/15/25 534,168 Prudential Financial, Inc.
100,000 3.100 03/15/26 95,599 250,000 4.600 05/15/44 220,220
100,000 3.450 01/15/27 95,835 (3M USD LIBOR + 3.031%)
400,000 2.950 10/15/27 371,339 1,162,000 5.375(a) 05/15/45 1,135,871
600,000 2.300 05/15/31 501,694 (3M USD LIBOR + 2.380%)
688,000 4.200 05/15/32 651,325 228,000 4.500(a) 09/15/47 204,788
500,000 5.350 02/15/33 512,428 210,000 3.905 12/07/47 162,336
758,000 4.625 07/15/35 733,980 246,000 3.935 12/07/49 190,005
838,000 4.250 03/15/43 732,844 (US 5 Year CMT T-Note + 3.035%)
631,000 4.450 12/15/48 552,799 192,000 3.700(a) 10/01/50 162,712
300,000 3.700 08/15/49 233,105 Prudential Financial, Inc., MTN
700,000 3.250 05/15/51 497,805 300,000 5.700 12/14/36 306,123
307,000 4.350 02/25/50 255,621
511,000 4.750 05/15/52 467,009
308,000 3.700 03/13/51 229,292
500,000 3.875 08/15/59 386,580
Travelers Cos., Inc. (The)
1,500,000 6.050 02/15/63 1,637,696
440,000 3.050 06/08/51 303,399
35,539,858
10,313,060
Insurance – 1.5%
Metals and Mining – 0.0%
American International Group, Inc.
Newmont Corp.
386,000 2.500 06/30/25 365,907
300,000 2.250 10/01/30 244,174
50,000 3.900 04/01/26 48,278
204,000 4.800 07/10/45 180,248 Pharmaceuticals – 0.1%
301,000 4.750 04/01/48 265,765 Viatris, Inc.
100,000 4.375 06/30/50 83,169 610,000 3.850 06/22/40 426,853
American International Group, Inc.(a), Series A-9 REITs and Real Estate – 1.0%
(3M USD LIBOR + 2.868%) Alexandria Real Estate Equities, Inc.
338,000 5.750 04/01/48 327,644 50,000 3.375 08/15/31 43,145
Aon Corp. 250,000 2.950 03/15/34 197,518
200,000 2.800 05/15/30 172,170 210,000 3.550 03/15/52 143,055
The accompanying notes are an integral part of these financial statements. 79
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments (continued)

August 31, 2023

Principal Interest Maturity Principal Interest Maturity

Amount Rate Date Value Amount Rate Date Value

Corporate Obligations – (continued) Corporate Obligations – (continued)

REITs and Real Estate – (continued) Software – (continued)

Boston Properties LP Oracle Corp. – (continued)
$ 726,000 2.550% 04/01/32 $ 544,712 $ 250,000 4.125% 05/15/45 $ 193,934
390,000 2.450 10/01/33 276,132 490,000 4.000 11/15/47 365,097
Digital Realty Trust LP 2,530,000 6.900 11/09/52 2,765,867
900,000 3.600 07/01/29 812,535 1,000,000 4.375 05/15/55 770,317
Equinix, Inc. 500,000 3.850 04/01/60 339,688
80,000 2.625 11/18/24 77,104 500,000 4.100 03/25/61 356,512
270,000 3.200 11/18/29 236,396 Salesforce, Inc.
204,000 2.150 07/15/30 164,824 800,000 3.700 04/11/28 765,876
200,000 2.500 05/15/31 162,209 500,000 1.950 07/15/31 407,230
GLP Capital LP / GLP Financing II, Inc. 700,000 2.900 07/15/51 468,551
594,000 5.375 04/15/26 581,990 11,394,227
236,000 5.300 01/15/29 222,793
150,000 3.250 01/15/32 121,379 Technology – 7.7%
Simon Property Group LP Activision Blizzard, Inc.
440,000 3.300 01/15/26 419,387 620,000 2.500 09/15/50 394,630
68,000 3.250 11/30/26 63,720 Adobe, Inc.
440,000 2.450 09/13/29 371,123 192,000 3.250 02/01/25 186,912
204,000 2.650 07/15/30 171,922 82,000 2.150 02/01/27 75,290
284,000 3.250 09/13/49 185,053 500,000 2.300 02/01/30 433,898
220,000 3.800 07/15/50 158,616 Alphabet, Inc.
VICI Properties LP 182,000 1.998 08/15/26 168,537
300,000 4.750 02/15/28 285,393 50,000 0.800 08/15/27 43,350
400,000 4.950 02/15/30 376,712 132,000 1.100 08/15/30 105,837
400,000 5.125 05/15/32 371,135 1,500,000 1.900 08/15/40 1,007,588
Welltower OP LLC 823,000 2.050 08/15/50 491,531
300,000 4.250 04/15/28 284,476 747,000 2.250 08/15/60 437,009
276,000 3.100 01/15/30 240,487 Analog Devices, Inc.
75,000 3.500 12/05/26 71,868
6,511,816 250,000 1.700 10/01/28 214,554
Revenue – 0.4% Apple, Inc.
Ascension Health 184,000 2.750 01/13/25 177,949
200,000 3.945 11/15/46 164,095 112,000 2.500 02/09/25 108,078
Ascension Health, Series B 91,000 1.125 05/11/25 85,111
440,000 2.532 11/15/29 380,883 50,000 0.550 08/20/25 45,979
CommonSpirit Health 179,000 0.700 02/08/26 162,037
1,100,000 2.760 10/01/24 1,065,107 1,111,000 3.250 02/23/26 1,069,669
220,000 3.347 10/01/29 196,540 944,000 2.450 08/04/26 883,078
239,000 4.350 11/01/42 203,619 150,000 2.050 09/11/26 138,424
200,000 4.187 10/01/49 158,866 360,000 3.000 06/20/27 339,893
Kaiser Foundation Hospitals 692,000 2.900 09/12/27 648,575
295,000 4.150 05/01/47 252,227 218,000 3.000 11/13/27 205,037
Kaiser Foundation Hospitals, Series 2019 488,000 1.200 02/08/28 421,497
286,000 3.266 11/01/49 205,719 330,000 1.400 08/05/28 283,551
Kaiser Foundation Hospitals, Series 2021 400,000 1.650 05/11/30 333,908
125,000 2.810 06/01/41 89,326 400,000 1.250 08/20/30 322,269
300,000 3.002 06/01/51 203,324 850,000 1.650 02/08/31 698,842
300,000 1.700 08/05/31 244,348
2,919,706
625,000 4.500 02/23/36 625,300
Software – 1.7% 102,000 2.375 02/08/41 72,586
Oracle Corp. 545,000 3.850 05/04/43 473,078
1,500,000 6.150 11/09/29 1,558,334 310,000 4.450 05/06/44 295,982
300,000 2.950 04/01/30 260,073 305,000 3.450 02/09/45 246,868
2,000,000 6.250 11/09/32 2,098,537 350,000 4.375 05/13/45 320,754
600,000 3.900 05/15/35 513,653 642,000 4.650 02/23/46 614,183
550,000 3.600 04/01/40 417,279 306,000 3.850 08/04/46 259,421
150,000 3.650 03/25/41 113,279
80 The accompanying notes are an integral part of these financial statements.
 GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Principal Interest Maturity Principal Interest Maturity

Amount Rate Date Value Amount Rate Date Value

Corporate Obligations – (continued) Corporate Obligations – (continued)

Technology – (continued) Technology – (continued)

Apple, Inc. – (continued) International Business Machines Corp. – (continued)
$ 208,000 4.250% 02/09/47 $ 190,704 $ 300,000 2.950% 05/15/50 $ 194,401
270,000 3.750 09/12/47 226,384 500,000 4.900 07/27/52 453,637
446,000 3.750 11/13/47 370,980 KLA Corp.
793,000 2.950 09/11/49 563,373 87,000 4.650 11/01/24 86,263
594,000 2.650 05/11/50 397,080 130,000 4.100 03/15/29 124,999
239,000 2.400 08/20/50 153,190 100,000 3.300 03/01/50 71,982
940,000 2.650 02/08/51 625,095 Lam Research Corp.
325,000 2.800 02/08/61 210,231 238,000 4.000 03/15/29 228,149
Applied Materials, Inc. 228,000 1.900 06/15/30 188,512
130,000 3.300 04/01/27 123,545 220,000 4.875 03/15/49 206,013
650,000 1.750 06/01/30 534,726 352,000 2.875 06/15/50 235,762
236,000 4.350 04/01/47 212,144 Leidos, Inc.
Broadcom Corp. / Broadcom Cayman Finance Ltd. 300,000 4.375 05/15/30 276,750
659,000 3.875 01/15/27 626,441 50,000 2.300 02/15/31 39,649
598,000 3.500 01/15/28 552,671 500,000 5.750 03/15/33 496,684
Broadcom, Inc. Meta Platforms, Inc.
440,000 3.150 11/15/25 418,688 1,000,000 4.600 05/15/28 990,273
380,000 3.459 09/15/26 360,638 100,000 3.850 08/15/32 91,921
500,000 1.950(b) 02/15/28 433,602 750,000 4.950 05/15/33 746,383
605,000 4.750 04/15/29 582,920 800,000 4.450 08/15/52 679,987
274,000 4.150 11/15/30 250,455 Microchip Technology, Inc.
570,000 2.450(b) 02/15/31 460,341 120,000 4.250 09/01/25 116,528
470,000 4.300 11/15/32 424,327 Microsoft Corp.
805,000 3.419(b) 04/15/33 669,269 1,348,000 2.700 02/12/25 1,304,028
290,000 3.469(b) 04/15/34 236,830 154,000 3.125 11/03/25 148,684
600,000 3.137(b) 11/15/35 458,595 680,000 2.400 08/08/26 637,863
500,000 3.187(b) 11/15/36 377,440 87,000 3.300 02/06/27 83,675
600,000 3.500(b) 02/15/41 440,234 960,000 3.500 02/12/35 874,998
360,000 3.750(b) 02/15/51 258,689 470,000 3.450 08/08/36 418,481
Dell International LLC / EMC Corp. 81,000 4.100 02/06/37 76,806
50,000 5.750 02/01/33 50,035 264,000 4.450 11/03/45 251,189
250,000 8.100 07/15/36 287,837 300,000 3.700 08/08/46 255,036
Fiserv, Inc. 470,000 4.250 02/06/47 437,372
150,000 3.850 06/01/25 145,606 1,047,000 2.525 06/01/50 695,035
440,000 3.200 07/01/26 415,276 1,040,000 2.921 03/17/52 735,488
300,000 4.200 10/01/28 286,162 632,000 2.675 06/01/60 405,560
500,000 3.500 07/01/29 456,432 400,000 3.041 03/17/62 276,546
400,000 4.400 07/01/49 326,028 Motorola Solutions, Inc.
Hewlett Packard Enterprise Co. 692,000 4.600 05/23/29 671,948
300,000 4.900 10/15/25 296,615 NVIDIA Corp.
300,000 6.350 10/15/45 307,732 2,198,000 0.584 06/14/24 2,117,043
Intel Corp. 80,000 1.550 06/15/28 69,508
1,000,000 3.700 07/29/25 972,141 400,000 2.000 06/15/31 330,859
1,000,000 4.875 02/10/26 994,508 400,000 3.500 04/01/50 315,886
600,000 4.000 08/05/29 570,912 PayPal Holdings, Inc.
700,000 5.125 02/10/30 701,404 400,000 2.400 10/01/24 386,946
International Business Machines Corp. 250,000 1.650 06/01/25 234,205
500,000 4.000 07/27/25 488,687 1,060,000 4.400 06/01/32 1,012,510
250,000 3.450 02/19/26 239,762 50,000 3.250 06/01/50 35,542
1,510,000 3.300 05/15/26 1,438,619 QUALCOMM, Inc.
300,000 1.700 05/15/27 265,756 135,000 3.450 05/20/25 131,017
1,086,000 1.950 05/15/30 896,842 304,000 3.250 05/20/27 287,222
540,000 4.150 05/15/39 463,330 126,000 2.150 05/20/30 107,287
200,000 4.000 06/20/42 164,380 320,000 4.650 05/20/35 313,365
300,000 4.250 05/15/49 247,516 396,000 4.800 05/20/45 372,245

The accompanying notes are an integral part of these financial statements. 81

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments (continued)

August 31, 2023

Principal Interest Maturity Principal Interest Maturity

Amount Rate Date Value Amount Rate Date Value

Corporate Obligations – (continued) Corporate Obligations – (continued)

Technology – (continued) Wireless – (continued)

QUALCOMM, Inc. – (continued) AT&T, Inc. – (continued)
$ 250,000 4.300% 05/20/47 $ 217,730 $ 300,000 4.100% 02/15/28 $ 283,931
470,000 4.500 05/20/52 409,655 912,000 4.350 03/01/29 862,740
Texas Instruments, Inc. 1,789,000 4.300 02/15/30 1,666,953
232,000 2.250 09/04/29 201,671 389,000 2.750 06/01/31 321,435
300,000 4.900 03/14/33 301,671 428,000 2.250 02/01/32 334,761
669,000 4.150 05/15/48 581,157 630,000 2.550 12/01/33 481,773
VMware, Inc. 685,000 4.500 05/15/35 607,767
50,000 1.400 08/15/26 44,317 140,000 4.850 03/01/39 124,729
330,000 4.350 06/15/45 261,581
52,852,031
435,000 4.750 05/15/46 363,884
Transportation – 1.4% 293,000 4.500 03/09/48 233,858
Burlington Northern Santa Fe LLC 225,000 4.550 03/09/49 180,320
120,000 4.450 01/15/53 106,511 538,000 3.650 06/01/51 369,428
CSX Corp. 130,000 3.300 02/01/52 84,757
400,000 4.100 03/15/44 331,298 1,560,000 3.500 09/15/53 1,026,618
600,000 3.800 11/01/46 470,686 1,358,000 3.550 09/15/55 882,897
500,000 4.500 11/15/52 436,892 530,000 3.800 12/01/57 359,080
FedEx Corp. 1,319,000 3.650 09/15/59 856,973
500,000 2.400 05/15/31 413,334 92,000 3.850 06/01/60 62,893
408,000 5.100 01/15/44 372,316 Crown Castle, Inc.
510,000 4.750 11/15/45 439,183 467,000 4.450 02/15/26 454,717
1,334,000 4.550 04/01/46 1,121,105 506,000 3.700 06/15/26 481,441
FedEx Corp. Pass Through Trust, Series 2020-1 649,000 1.050 07/15/26 573,618
41,979 1.875 02/20/34 33,983 98,000 3.650 09/01/27 91,277
Southwest Airlines Co. 200,000 3.800 02/15/28 186,039
270,000 5.250 05/04/25 268,145 220,000 3.300 07/01/30 191,913
125,000 5.125 06/15/27 123,298 180,000 2.250 01/15/31 144,558
Union Pacific Corp. 301,000 2.100 04/01/31 237,704
500,000 2.400 02/05/30 430,932 300,000 2.900 04/01/41 202,875
1,950,000 2.800 02/14/32 1,666,679 100,000 3.250 01/15/51 64,821
278,000 3.799 10/01/51 220,887 Sprint Capital Corp.
95,000 2.950 03/10/52 63,845 700,000 6.875 11/15/28 739,628
408,000 3.839 03/20/60 312,571 1,400,000 8.750 03/15/32 1,669,500
646,000 3.799 04/06/71 470,630 T-Mobile USA, Inc.
United Parcel Service, Inc. 500,000 2.250 02/15/26 462,485
292,000 3.050 11/15/27 273,603 800,000 3.750 04/15/27 757,344
792,000 3.400 03/15/29 740,740 300,000 4.950 03/15/28 295,193
570,000 3.750 11/15/47 462,395 50,000 4.800 07/15/28 48,953
500,000 4.250 03/15/49 432,416 100,000 2.625 02/15/29 86,396
448,000 5.300 04/01/50 455,129 700,000 3.375 04/15/29 627,705
9,646,578 900,000 3.875 04/15/30 821,647
1,280,000 2.550 02/15/31 1,057,218
Wireless – 5.6%
300,000 2.875 02/15/31 252,130
American Tower Corp. 408,000 2.250 11/15/31 323,556
250,000 4.000 06/01/25 242,823 408,000 2.700 03/15/32 332,218
556,000 3.375 10/15/26 521,638 500,000 5.050 07/15/33 482,109
200,000 2.750 01/15/27 182,756 700,000 4.375 04/15/40 602,560
361,000 3.800 08/15/29 328,461 500,000 3.000 02/15/41 352,001
80,000 2.900 01/15/30 68,285 600,000 4.500 04/15/50 497,328
300,000 1.875 10/15/30 233,772 400,000 3.300 02/15/51 268,837
251,000 3.100 06/15/50 157,317 500,000 5.750 01/15/54 495,061
AT&T, Inc. 300,000 3.600 11/15/60 201,122
611,000 3.800 02/15/27 581,409 Verizon Communications, Inc.
346,000 4.250 03/01/27 333,588 394,000 3.500 11/01/24 384,924
339,000 2.300 06/01/27 303,361 434,000 3.376 02/15/25 421,297
75,000 1.650 02/01/28 64,119
82 The accompanying notes are an integral part of these financial statements.
 GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Principal Interest Maturity Principal Interest Maturity

Amount Rate Date Value Amount Rate Date Value

Corporate Obligations – (continued) Foreign Corporate Debt – (continued)

Wireless – (continued) Banks – (continued)

Verizon Communications, Inc. – (continued) Bank of Montreal, MTN (Canada) – (continued)
$1,988,000 0.850% 11/20/25 $ 1,806,595 (SOFR + 0.603%)
559,000 4.125 03/16/27 538,348 $ 40,000 0.949%(a) 01/22/27 $ 35,904
250,000 3.000 03/22/27 232,849 264,000 2.650 03/08/27 239,944
710,000 2.100 03/22/28 620,295 Bank of Nova Scotia (The) (Canada)
722,000 4.329 09/21/28 691,231 75,000 0.650 07/31/24 71,540
786,000 4.016 12/03/29 729,122 448,000 1.300 06/11/25 414,895
471,000 3.150 03/22/30 414,100 626,000 4.500 12/16/25 606,724
280,000 1.500 09/18/30 218,869 220,000 2.700 08/03/26 204,393
100,000 1.680 10/30/30 78,006 80,000 1.950 02/02/27 71,747
1,330,000 2.550 03/21/31 1,097,319 750,000 4.850 02/01/30 724,925
50,000 2.355 03/15/32 39,525 530,000 2.450 02/02/32 426,854
1,000,000 5.050 05/09/33 967,891 Barclays PLC (United Kingdom)
220,000 4.272 01/15/36 194,871 1,140,000 3.650 03/16/25 1,099,393
478,000 5.250 03/16/37 466,774 1,035,000 4.375 01/12/26 996,738
550,000 2.650 11/20/40 368,404 (SOFR + 2.714%)
510,000 3.400 03/22/41 379,659 200,000 2.852(a) 05/07/26 189,372
60,000 6.550 09/15/43 65,826 210,000 5.200 05/12/26 204,276
704,000 4.862 08/21/46 618,927 850,000 4.836 05/09/28 785,899
455,000 4.522 09/15/48 382,225 (US 1 Year CMT T-Note + 1.200%)
400,000 2.875 11/20/50 247,093
424,000 2.667(a) 03/10/32 332,751
800,000 3.550 03/22/51 561,095
(SOFR + 2.980%)
364,000 5.012 08/21/54 323,524
1,000,000 6.224(a) 05/09/34 986,218
150,000 2.987 10/30/56 89,690
(US 5 Year CMT T-Note + 2.900%)
500,000 3.000 11/20/60 295,008
960,000 3.564(a) 09/23/35 762,066
555,000 3.700 03/22/61 376,829
(US 1 Year CMT T-Note + 1.700%)
37,996,157 500,000 3.811(a) 03/10/42 352,274
TOTAL CORPORATE OBLIGATIONS 330,000 5.250 08/17/45 296,229
(Cost $607,343,930) $541,179,138 436,000 4.950 01/10/47 376,694
Canadian Imperial Bank of Commerce (Canada)
110,000 2.250 01/28/25 104,708
Foreign Corporate Debt – 19.4% 300,000 1.250 06/22/26 267,369
150,000 3.450 04/07/27 140,094
Banks – 11.9% 150,000 3.600 04/07/32 133,747
Australia & New Zealand Banking Group Ltd. (Australia) Cooperatieve Rabobank UA (Netherlands)
$ 300,000 5.088% 12/08/25 $ 298,679 1,105,000 3.750 07/21/26 1,039,054
Banco Bilbao Vizcaya Argentaria SA (Spain) 186,000 5.250 05/24/41 189,801
200,000 1.125 09/18/25 182,732 250,000 5.750 12/01/43 243,459
Banco Santander SA (Spain) 485,000 5.250 08/04/45 442,673
200,000 2.706 06/27/24 194,541 Credit Suisse AG (Switzerland)
1,432,000 2.746 05/28/25 1,352,513 750,000 7.950 01/09/25 766,957
800,000 5.179 11/19/25 782,128 1,210,000 2.950 04/09/25 1,152,444
600,000 1.849 03/25/26 541,182 1,350,000 1.250 08/07/26 1,186,370
600,000 4.250 04/11/27 567,188 Deutsche Bank AG (Germany)
(US 1 Year CMT T-Note + 0.900%) (SOFR + 2.581%)
600,000 1.722(a) 09/14/27 527,575
800,000 3.961(a) 11/26/25 773,632
325,000 3.490 05/28/30 280,376
(SOFR + 1.870%)
(US 1 Year CMT T-Note + 1.600%)
1,000,000 2.129(a) 11/24/26 907,922
336,000 3.225(a) 11/22/32 262,201
(SOFR + 1.219%)
Bank of Montreal (Canada)
1,694,000 2.311(a) 11/16/27 1,487,313
(5 Year USD Swap + 1.432%)
(SOFR + 3.180%)
341,000 3.803(a) 12/15/32 301,360
800,000 6.720(a) 01/18/29 807,630
(US 5 Year CMT T-Note + 1.400%)
(SOFR + 3.043%)
204,000 3.088(a) 01/10/37 157,056
260,000 3.547(a) 09/18/31 217,452
Bank of Montreal, MTN (Canada)
150,000 1.500 01/10/25 141,828 (SOFR + 1.718%)
425,000 1.250 09/15/26 376,174 370,000 3.035(a) 05/28/32 294,625

The accompanying notes are an integral part of these financial statements. 83

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments (continued)

August 31, 2023

Principal Interest Maturity Principal Interest Maturity

Amount Rate Date Value Amount Rate Date Value

Foreign Corporate Debt – (continued) Foreign Corporate Debt – (continued)

Banks – (continued) Banks – (continued)

HSBC Holdings PLC (United Kingdom) Mitsubishi UFJ Financial Group, Inc. (Japan) – (continued)
$ 260,000 4.375% 11/23/26 $ 248,210 (US 1 Year CMT T-Note + 1.900%)
(SOFR + 1.290%) $ 300,000 5.354%(a) 09/13/28 $ 297,341
580,000 1.589(a) 05/24/27 516,194 (US 1 Year CMT T-Note + 1.380%)
(3M U.S. T-Bill MMY + 1.808%) 1,800,000 5.422(a) 02/22/29 1,792,841
1,100,000 4.041(a) 03/13/28 1,032,815 250,000 3.741 03/07/29 230,876
(SOFR + 2.610%) (US 1 Year CMT T-Note + 1.100%)
710,000 5.210(a) 08/11/28 693,349 300,000 2.852(a) 01/19/33 245,123
(SOFR + 3.350%) (US 1 Year CMT T-Note + 1.630%)
290,000 7.390(a) 11/03/28 304,670 1,000,000 5.441(a) 02/22/34 988,930
(3M U.S. T-Bill MMY + 1.796%) Mizuho Financial Group, Inc. (Japan)
900,000 4.583(a) 06/19/29 850,658 490,000 2.839 09/13/26 451,445
(3M U.S. T-Bill MMY + 1.872%) (US 1 Year CMT T-Note + 0.670%)
416,000 3.973(a) 05/22/30 374,060 500,000 1.234(a) 05/22/27 442,647
(SOFR + 2.870%) (3M U.S. T-Bill MMY + 1.532%)
550,000 5.402(a) 08/11/33 524,934 800,000 4.254(a) 09/11/29 747,815
(SOFR + 4.250%) (3M U.S. T-Bill MMY + 1.392%)
1,100,000 8.113(a) 11/03/33 1,196,207 430,000 3.153(a) 07/16/30 371,556
(SOFR + 2.390%) 300,000 2.564 09/13/31 233,848
1,700,000 6.254(a) 03/09/34 1,723,473 National Australia Bank Ltd. (Australia)
(SOFR + 2.980%) 940,000 2.500 07/12/26 874,598
1,000,000 6.547(a) 06/20/34 980,085 NatWest Group PLC (United Kingdom)
1,470,000 6.500 09/15/37 1,435,545 846,000 4.800 04/05/26 822,465
(SOFR + 2.650%) (US 1 Year CMT T-Note + 2.550%)
400,000 6.332(a) 03/09/44 403,399 355,000 3.073(a) 05/22/28 320,694
ING Groep NV (Netherlands) (3M USD LIBOR + 1.754%)
(SOFR + 1.640%) 345,000 4.892(a) 05/18/29 329,514
260,000 3.869(a) 03/28/26 252,291 (US 5 Year CMT T-Note + 2.100%)
200,000 3.950 03/29/27 189,556 748,000 3.754(a) 11/01/29 711,324
(SOFR + 1.005%) (3M USD LIBOR + 1.905%)
800,000 1.726(a) 04/01/27 720,200 470,000 5.076(a) 01/27/30 447,354
(SOFR + 1.830%) (3M USD LIBOR + 1.871%)
500,000 4.017(a) 03/28/28 471,245 370,000 4.445(a) 05/08/30 339,559
490,000 4.550 10/02/28 470,115 (US 5 Year CMT T-Note + 2.350%)
330,000 4.050 04/09/29 305,688 420,000 3.032(a) 11/28/35 325,439
(SOFR + 1.316%) Royal Bank of Canada (Canada)
690,000 2.727(a) 04/01/32 562,580 130,000 1.200 04/27/26 116,658
Lloyds Banking Group PLC (United Kingdom) 800,000 3.625 05/04/27 754,806
940,000 4.450 05/08/25 915,842 Royal Bank of Canada, GMTN (Canada)
400,000 4.582 12/10/25 386,011 500,000 2.250 11/01/24 480,929
1,500,000 3.750 01/11/27 1,411,542 980,000 0.875 01/20/26 881,876
940,000 4.375 03/22/28 888,037 308,000 4.650 01/27/26 302,602
(3M USD LIBOR + 1.205%) 264,000 1.400 11/02/26 233,949
1,220,000 3.574(a) 11/07/28 1,106,116 500,000 4.240 08/03/27 480,726
200,000 5.300 12/01/45 174,770 250,000 2.300 11/03/31 200,488
490,000 4.344 01/09/48 365,238 300,000 5.000 02/01/33 290,597
Mitsubishi UFJ Financial Group, Inc. (Japan) Royal Bank of Canada, MTN (Canada)
290,000 2.193 02/25/25 274,523 257,000 1.150 06/10/25 238,045
(US 1 Year CMT T-Note + 1.080%) Santander UK Group Holdings PLC (United Kingdom)
260,000 5.719(a) 02/20/26 258,901 (SOFR + 2.749%)
(US 1 Year CMT T-Note + 0.830%) 870,000 6.833(a) 11/21/26 879,742
1,300,000 2.341(a) 01/19/28 1,168,228 (SOFR + 0.989%)
290,000 3.961 03/02/28 274,966 1,790,000 1.673(a) 06/14/27 1,578,292
(US 1 Year CMT T-Note + 1.950%) (3M USD LIBOR + 1.400%)
800,000 5.017(a) 07/20/28 780,886 1,260,000 3.823(a) 11/03/28 1,138,279

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

 GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Principal Interest Maturity Principal Interest Maturity

Amount Rate Date Value Amount Rate Date Value

Foreign Corporate Debt – (continued) Foreign Corporate Debt – (continued)

Banks – (continued) Beverages – 0.0%

Sumitomo Mitsui Financial Group, Inc. (Japan) Coca-Cola Femsa SAB de CV (Mexico)
$1,030,000 1.474% 07/08/25 $ 953,747 $ 280,000 2.750% 01/22/30 $ 244,019
400,000 3.784 03/09/26 382,710 Brokerage – 0.4%
664,000 3.364 07/12/27 616,705 Brookfield Finance, Inc. (Canada)
200,000 5.520 01/13/28 199,921 814,000 3.900 01/25/28 758,268
550,000 3.544 01/17/28 508,567 120,000 4.850 03/29/29 114,792
1,390,000 3.944 07/19/28 1,297,044 425,000 4.350 04/15/30 392,177
1,000,000 3.040 07/16/29 873,222 237,000 4.700 09/20/47 195,895
490,000 2.750 01/15/30 417,623 Nomura Holdings, Inc. (Japan)
500,000 2.130 07/08/30 403,582 300,000 2.679 07/16/30 243,106
500,000 2.222 09/17/31 394,869 550,000 2.608 07/14/31 430,848
500,000 5.766 01/13/33 507,343 780,000 2.999 01/22/32 622,142
Toronto-Dominion Bank (The) (Canada)
2,757,228
290,000 4.108 06/08/27 277,040
(5 Year USD Swap + 2.205%) Consumer Cyclical – 0.1%
338,000 3.625(a) 09/15/31 316,181 Honda Motor Co., Ltd. (Japan)
Toronto-Dominion Bank (The), MTN (Canada) 300,000 2.967 03/10/32 262,292
830,000 2.650 06/12/24 810,383 Toyota Motor Corp. (Japan)
270,000 1.150 06/12/25 250,481 80,000 1.339 03/25/26 72,943
643,000 0.750 01/06/26 577,547 335,235
330,000 1.250 09/10/26 292,549
440,000 2.800 03/10/27 403,787 Consumer Noncyclical – 1.2%
340,000 2.000 09/10/31 269,274 Astrazeneca Finance LLC (United Kingdom)
481,000 3.200 03/10/32 409,784 300,000 2.250 05/28/31 250,239
AstraZeneca PLC (United Kingdom)
Toronto-Dominion Bank (The), Series FXD (Canada)
400,000 6.450 09/15/37 449,179
50,000 1.950 01/12/27 44,948
BAT Capital Corp. (United Kingdom)
UBS Group AG (Switzerland)
150,000 3.222 08/15/24 146,320
660,000 3.750 03/26/25 637,333
634,000 3.215 09/06/26 592,044
250,000 4.550 04/17/26 242,169
352,000 4.700 04/02/27 341,387
(SOFR + 3.730%)
792,000 3.557 08/15/27 733,206
621,000 4.194(a)(b) 04/01/31 560,598
330,000 2.259 03/25/28 283,917
300,000 4.875 05/15/45 267,097
410,000 2.726 03/25/31 324,435
Westpac Banking Corp. (Australia)
524,000 4.390 08/15/37 416,583
1,000,000 5.350 10/18/24 998,468 353,000 4.540 08/15/47 256,242
112,000 1.019 11/18/24 105,958 204,000 4.758 09/06/49 150,712
40,000 2.350 02/19/25 38,365 318,000 3.984 09/25/50 208,401
200,000 2.850 05/13/26 188,550 BAT International Finance PLC (United Kingdom)
550,000 1.150 06/03/26 494,315 259,000 1.668 03/25/26 234,735
290,000 3.350 03/08/27 273,699 1,346,000 4.448 03/16/28 1,275,743
350,000 5.457 11/18/27 356,221 GlaxoSmithKline Capital, Inc. (United Kingdom)
40,000 3.400 01/25/28 37,493 910,000 3.875 05/15/28 877,309
247,000 2.650 01/16/30 215,922 511,000 6.375 05/15/38 581,570
(US 5 Year CMT T-Note + 1.350%) Reynolds American, Inc. (United Kingdom)
1,126,000 2.894(a) 02/04/30 1,062,793 500,000 5.700 08/15/35 462,650
400,000 2.150 06/03/31 328,016 324,000 5.850 08/15/45 280,308
(US 5 Year CMT T-Note + 2.000%) Takeda Pharmaceutical Co., Ltd. (Japan)
400,000 4.110(a) 07/24/34 350,464 250,000 3.175 07/09/50 167,795
(US 5 Year CMT T-Note + 1.750%)
8,032,775
300,000 2.668(a) 11/15/35 230,292
186,000 4.421 07/24/39 150,280 Consumer Products – 0.2%
100,000 2.963 11/16/40 64,871 Unilever Capital Corp. (United Kingdom)
Westpac Banking Corp.(a), GMTN (Australia) 100,000 2.900 05/05/27 93,440
(5 Year USD Swap + 2.236%) 500,000 3.500 03/22/28 475,682
146,000 4.322 11/23/31 136,493 500,000 2.125 09/06/29 435,416
132,000 5.900 11/15/32 142,401
81,057,015
1,146,939

The accompanying notes are an integral part of these financial statements. 85

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments (continued)

August 31, 2023

Principal Interest Maturity Principal Interest Maturity

Amount Rate Date Value Amount Rate Date Value

Foreign Corporate Debt – (continued) Foreign Corporate Debt – (continued)

Energy – 1.8% Energy – (continued)

BP Capital Markets PLC (United Kingdom) Transcanada Trust(a) (Canada)
$ 764,000 3.279% 09/19/27 $ 719,405 (3M USD LIBOR + 3.208%)
168,000 3.723 11/28/28 157,974 $ 100,000 5.300% 03/15/77 $ 87,108
(US 5 Year CMT T-Note + 4.036%) 12,610,651
400,000 4.375(a) 09/22/71 383,500
(US 5 Year CMT T-Note + 4.398%) Financial Company – 0.4%
400,000 4.875(a) 12/22/71 363,772 AerCap Ireland Capital DAC / AerCap Global Aviation Trust
Canadian Natural Resources Ltd. (Canada) (Ireland)
513,000 3.850 06/01/27 485,663 500,000 3.500 01/15/25 483,509
Canadian Natural Resources Ltd., GMTN (Canada) 450,000 6.500 07/15/25 452,761
214,000 4.950 06/01/47 186,035 952,000 2.450 10/29/26 857,784
Cenovus Energy, Inc. (Canada) 300,000 3.000 10/29/28 260,091
172,000 6.750 11/15/39 178,741 432,000 3.300 01/30/32 350,604
322,000 5.400 06/15/47 289,524 300,000 3.400 10/29/33 237,763
Enbridge, Inc. (Canada) 480,000 3.850 10/29/41 356,712
484,000 3.125 11/15/29 427,142 2,999,224
400,000 2.500 08/01/33 310,807
Food and Beverage – 1.6%
(3M U.S. T-Bill MMY + 3.903%)
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide,
570,000 6.250(a) 03/01/78 527,963
Inc. (Belgium)
Equinor ASA (Norway)
458,000 3.650 02/01/26 442,578
460,000 2.875 04/06/25 443,601
1,630,000 4.700 02/01/36 1,561,191
200,000 1.750 01/22/26 185,425
2,466,000 4.900 02/01/46 2,296,663
204,000 3.125 04/06/30 184,914
Anheuser-Busch InBev Finance, Inc. (Belgium)
100,000 2.375 05/22/30 85,642
1,026,000 4.625 02/01/44 930,769
430,000 3.950 05/15/43 360,001
600,000 4.900 02/01/46 558,799
114,000 3.250 11/18/49 80,746
Anheuser-Busch InBev Worldwide, Inc. (Belgium)
250,000 3.700 04/06/50 193,113
536,000 4.000 04/13/28 515,399
Shell International Finance BV (Netherlands)
628,000 4.750 01/23/29 622,166
662,000 2.000 11/07/24 636,684
281,000 4.900 01/23/31 281,627
682,000 3.250 05/11/25 660,459
293,000 4.375 04/15/38 267,856
330,000 2.875 05/10/26 312,942
340,000 5.450 01/23/39 344,850
130,000 2.500 09/12/26 121,105
100,000 4.350 06/01/40 89,630
352,000 3.875 11/13/28 337,814
244,000 4.950 01/15/42 232,763
240,000 2.375 11/07/29 208,637
299,000 4.600 04/15/48 269,021
300,000 2.750 04/06/30 264,662
146,000 4.439 10/06/48 128,054
328,000 4.125 05/11/35 299,197
632,000 5.550 01/23/49 646,535
521,000 6.375 12/15/38 570,354
280,000 4.500 06/01/50 249,487
352,000 4.375 05/11/45 305,351
214,000 4.750 04/15/58 191,899
306,000 4.000 05/10/46 251,973
262,000 5.800 01/23/59 275,015
230,000 3.750 09/12/46 180,523
Diageo Capital PLC (United Kingdom)
282,000 3.125 11/07/49 196,336
200,000 1.375 09/29/25 184,654
300,000 3.000 11/26/51 200,128
700,000 2.375 10/24/29 603,895
Suncor Energy, Inc. (Canada)
230,000 6.800 05/15/38 239,720 10,692,851
264,000 4.000 11/15/47 197,169 Insurance – 0.1%
100,000 3.750 03/04/51 71,074 Manulife Financial Corp. (Canada)
TotalEnergies Capital International SA (France) 600,000 3.703 03/16/32 538,341
192,000 2.829 01/10/30 170,415 186,000 5.375 03/04/46 179,041
231,000 2.986 06/29/41 169,415
370,000 3.461 07/12/49 274,840 717,382
220,000 3.386 06/29/60 152,450 Lodging – 0.2%
TotalEnergies Capital SA (France) Sands China Ltd. (Macau)
344,000 3.883 10/11/28 327,869 290,000 5.375 08/08/25 280,213
TransCanada PipeLines Ltd. (Canada) 500,000 4.300 01/08/26 469,375
800,000 6.200 10/15/37 810,458 740,000 5.650 08/08/28 697,450
1,447,038
86 The accompanying notes are an integral part of these financial statements.
 GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Principal Interest Maturity Principal Interest Maturity

Amount Rate Date Value Amount Rate Date Value

Foreign Corporate Debt – (continued) Foreign Corporate Debt – (continued)

Metals and Mining – 0.1% Wirelines – (continued)

BHP Billiton Finance USA Ltd. (Australia) Telefonica Emisiones SA (Spain)
$ 351,000 4.125% 02/24/42 $ 307,478 $ 200,000 4.103% 03/08/27 $ 190,714
274,000 5.000 09/30/43 265,096 500,000 4.665 03/06/38 412,648
500,000 4.895 03/06/48 400,172
572,574
2,834,839
Mining – 0.3%
Southern Copper Corp. (Mexico) TOTAL FOREIGN CORPORATE DEBT
941,000 7.500 07/27/35 1,067,768 (Cost $143,593,935) $132,442,637
242,000 6.750 04/16/40 262,444
166,000 5.250 11/08/42 152,415 Dividend
306,000 5.875 04/23/45 298,232 Shares Rate Value
1,780,859 (d)
Investment Company – 0.2%
Oil Company-Exploration & Production – 0.0%
CNOOC Finance 2015 USA LLC (China) Goldman Sachs Financial Square Government Fund –
200,000 4.375 05/02/28 195,634 Institutional Shares
1,389,970 5.234% $ 1,389,970
Semiconductors – 0.1%
(Cost $1,389,970)
TSMC Arizona Corp. (Taiwan)
260,000 1.750 10/25/26 233,847 TOTAL INVESTMENTS – 98.8%
300,000 2.500 10/25/31 249,030 (Cost $752,327,835) $675,011,745
720,000 3.250 10/25/51 520,077
OTHER ASSETS IN EXCESS OF
1,002,954 LIABILITIES – 1.2% 7,828,775
Technology – 0.2% NET ASSETS – 100.0% $682,840,520
NXP BV / NXP Funding LLC / NXP USA, Inc. (China)
226,000 3.400 05/01/30 198,432
263,000 2.500 05/11/31 212,624 The percentage shown for each investment category
579,000 2.650 02/15/32 464,236 reflects the value of investments in that category as a
300,000 5.000 01/15/33 284,460 percentage of net assets.
1,159,752 (a) Variable rate security. Interest rate or distribution rate disclosed is that
which is in effect on August 31, 2023.
Transportation – 0.0%
(b) Exempt from registration under Rule 144A of the Securities Act of
Canadian Pacific Railway Co. (Canada) 1933.
400,000 3.100 12/02/51 272,656 (c) Issued with a zero coupon. Income is recognized through the accretion
Wireless – 0.4% of discount.
Rogers Communications Inc/Ontario (Canada) (d) Represents an affiliated issuer.
594,000 4.300 02/15/48 444,407
500,000 4.350 05/01/49 378,731 Investment Abbreviations:
500,000 3.700 11/15/49 338,601 CMT —Constant Maturity Treasury Index
Rogers Communications, Inc. (Canada) GMTN —Global Medium Term Note
200,000 5.000 03/15/44 170,460 LIBOR —London Interbank Offered Rate
Vodafone Group PLC (United Kingdom) LP —Limited Partnership
150,000 4.125 05/30/25 146,580 MTN —Medium Term Note
PLC —Public Limited Company
419,000 6.150 02/27/37 428,773
REIT —Real Estate Investment Trust
50,000 4.375 02/19/43 40,720 SOFR —Secured Overnight Financing Rate
450,000 4.875 06/19/49 380,758 SOFRINDX—Secured Overnight Financing Rate Index
330,000 4.250 09/17/50 253,982
2,583,012
Wirelines – 0.4%
Deutsche Telekom International Finance BV (Germany)
650,000 8.750 06/15/30 764,417
Orange SA (France)
800,000 9.000 03/01/31 970,894
100,000 5.375 01/13/42 95,994

The accompanying notes are an integral part of these financial statements. 87

GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF

Schedule of Investments
August 31, 2023

Principal Interest Maturity Principal Interest Maturity

Amount Rate(a) Date Value Amount Rate(a) Date Value

U.S. Treasury Bills – 95.7% U.S. Treasury Bills – (continued)

U.S. Treasury Bills U.S. Treasury Bills – (continued)

$ 396,000 4.456% 10/05/23 $ 394,032 $ 752,000 5.088% 10/05/23 $ 748,264
126,000 4.458 10/05/23 125,374 940,000 5.093 10/05/23 935,329
774,000 4.476 10/05/23 770,154 234,000 5.095 10/05/23 232,837
450,000 4.483 10/05/23 447,764 288,000 5.121 10/05/23 286,569
126,000 4.531 10/05/23 125,374 1,786,000 5.131 10/05/23 1,777,126
558,000 4.544 10/05/23 555,227 1,120,000 5.256 10/05/23 1,114,435
720,000 4.568 10/05/23 716,423 238,931,600 5.279 10/05/23 237,744,421
162,000 4.584 10/05/23 161,195 9,632,000 5.284 10/05/23 9,584,141
1,044,000 4.588 10/05/23 1,038,813 6,608,000 5.310 10/05/23 6,575,167
180,000 4.589 10/05/23 179,106 2,128,000 5.312 10/05/23 2,117,427
90,000 4.595 10/05/23 89,553 3,360,000 5.316 10/05/23 3,343,305
691,800 4.597 10/05/23 688,363 1,386,000 5.344 10/05/23 1,379,113
702,000 4.601 10/05/23 698,512 4,158,000 5.346 10/05/23 4,137,340
72,000 4.618 10/05/23 71,642 770,000 5.349 10/05/23 766,174
10,692,000 4.620 10/05/23 10,638,875 1,550,000 5.350 10/05/23 1,542,299
54,000 4.628 10/05/23 53,732 924,000 5.351 10/05/23 919,409
108,000 4.631 10/05/23 107,463 7,677,000 5.354 10/05/23 7,638,855
18,000 4.635 10/05/23 17,911 2,002,000 5.356 10/05/23 1,992,053
324,000 4.645 10/05/23 322,390 1,248,000 5.357 10/05/23 1,241,799
378,000 4.653 10/05/23 376,122 560,000 5.358 10/05/23 557,218
36,000 4.662 10/05/23 35,821 1,248,000 5.359 10/05/23 1,241,799
92,000 4.663 10/05/23 91,543 94,787,900 5.360 10/05/23 94,316,927
1,944,000 4.684 10/05/23 1,934,341 9,360,000 5.361 10/05/23 9,313,493
144,000 4.756 10/05/23 143,285 61,749,000 5.362 10/05/23 61,442,188
72,000 4.767 10/05/23 71,642 1,768,000 5.364 10/05/23 1,759,215
198,000 4.795 10/05/23 197,016 8,321,000 5.368 10/05/23 8,279,655
2,160,000 4.801 10/05/23 2,149,268 770,000 5.372 10/05/23 766,174
2,772,000 4.802 10/05/23 2,758,227 1,792,000 5.374 10/05/23 1,783,096
666,000 4.811 10/05/23 662,691 640,000 5.376 10/05/23 636,820
460,000 4.837 10/05/23 457,714 1,872,000 5.396 10/05/23 1,862,699
630,000 4.838 10/05/23 626,870 11,550,000 5.523 10/05/23 11,492,612
126,000 4.850 10/05/23 125,374 600,000 5.348 10/12/23 596,402
270,000 4.872 10/05/23 268,658 3,975,000 5.353 10/12/23 3,951,160
207,000 4.880 10/05/23 205,971 600,000 5.356 10/12/23 596,402
72,000 4.887 10/05/23 71,642 2,714,000 5.359 10/12/23 2,697,723
126,000 4.900 10/05/23 125,374 29,333,000 5.367 10/12/23 29,157,078
198,000 4.905 10/05/23 197,016 675,000 5.369 10/12/23 670,952
558,000 4.910 10/05/23 555,227 9,060,000 5.371 10/12/23 9,005,663
378,000 4.924 10/05/23 376,122 693,000 5.373 10/12/23 688,844
900,000 4.927 10/05/23 895,528 3,075,000 5.374 10/12/23 3,056,558
1,296,000 4.938 10/05/23 1,289,561 455,105,800 5.395 10/12/23 452,376,337
270,000 4.942 10/05/23 268,658 401,563,800 5.398 10/12/23 399,155,451
306,000 4.943 10/05/23 304,480 118,523,900 4.668 11/02/23 117,450,985
9,396,000 4.961 10/05/23 9,349,314 20,476,000 4.711 11/02/23 20,290,645
162,000 4.967 10/05/23 161,195 432,000 4.766 11/02/23 428,089
500,000 4.970 10/05/23 497,516 1,998,000 4.837 11/02/23 1,979,913
407,813,900 4.983 10/05/23 405,787,595 6,480,000 4.842 11/02/23 6,421,341
342,000 4.988 10/05/23 340,301 702,000 4.849 11/02/23 695,645
564,000 4.989 10/05/23 561,198 2,120,000 4.860 11/02/23 2,100,809
72,000 4.994 10/05/23 71,642 378,000 4.880 11/02/23 374,578
288,000 5.000 10/05/23 286,569 56,856,800 4.891 11/02/23 56,342,115
2,632,000 5.005 10/05/23 2,618,922 378,000 4.914 11/02/23 374,578
144,000 5.025 10/05/23 143,285 630,000 4.932 11/02/23 624,297
752,000 5.027 10/05/23 748,264 1,140,000 4.940 11/02/23 1,129,680
1,128,000 5.032 10/05/23 1,122,395 1,672,000 4.941 11/02/23 1,656,865
360,000 5.044 10/05/23 358,211 2,700,000 4.942 11/02/23 2,675,559

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

 GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF

Principal Interest Maturity Principal Interest Maturity

Amount Rate(a) Date Value Amount Rate(a) Date Value

U.S. Treasury Bills – (continued) U.S. Treasury Bills – (continued)

U.S. Treasury Bills – (continued) U.S. Treasury Bills – (continued)

$ 1,400,000 4.948% 11/02/23 $ 1,387,327 $ 1,368,000 5.436% 11/30/23 $ 1,349,904
594,000 4.952 11/02/23 588,623 3,192,000 5.437 11/30/23 3,149,777
810,000 4.954 11/02/23 802,668 452,483,800 5.471 11/30/23 446,498,457
918,000 4.966 11/02/23 909,690 181,181,100 5.402 12/07/23 178,611,918
318,000 4.970 11/02/23 315,121 1,800,000 5.413 12/07/23 1,774,476
486,000 4.980 11/02/23 481,601 27,000 5.431 12/19/23 26,569
1,026,000 5.007 11/02/23 1,016,712 1,200,000 5.433 12/19/23 1,180,841
4,312,000 5.022 11/02/23 4,272,966 1,007,000 5.434 12/19/23 990,923
1,484,000 5.035 11/02/23 1,470,566 80,000 5.457 12/19/23 78,723
27,054,000 5.042 11/02/23 26,809,099 180,000 5.465 12/19/23 177,126
636,000 5.043 11/02/23 630,243 113,731,100 5.469 12/19/23 111,915,332
424,000 5.097 11/02/23 420,162 140,000 5.475 12/19/23 137,765
530,000 5.115 11/02/23 525,202 1,500,000 5.454 12/26/23 1,474,443
1,216,000 5.146 11/02/23 1,204,992 151,205,200 5.485 12/26/23 148,628,937
1,007,000 5.153 11/02/23 997,884 2,160,000 5.435 01/04/24 2,120,527
6,622,000 5.291 11/02/23 6,562,056 212,244,500 5.453 01/04/24 208,365,859
770,000 5.306 11/02/23 763,030 96,000 5.435 01/11/24 94,147
1,463,000 5.315 11/02/23 1,449,756 1,380,000 5.441 01/11/24 1,353,369
4,543,000 5.354 11/02/23 4,501,875 216,000 5.444 01/11/24 211,832
2,310,000 5.360 11/02/23 2,289,089 168,000 5.452 01/11/24 164,758
1,092,000 5.370 11/02/23 1,082,115 137,262,100 5.475 01/11/24 134,613,280
35,217,000 5.373 11/02/23 34,898,205 102,116,300 4.755 01/25/24 99,934,728
693,000 5.377 11/02/23 686,727 296,000 4.819 01/25/24 289,676
5,460,000 5.378 11/02/23 5,410,574 481,000 4.916 01/25/24 470,724
1,204,000 5.380 11/02/23 1,193,101 555,000 5.000 01/25/24 543,143
5,481,000 5.381 11/02/23 5,431,384 89,948,800 5.003 01/25/24 88,027,170
1,001,000 5.383 11/02/23 991,939 407,000 5.014 01/25/24 398,305
2,079,000 5.384 11/02/23 2,060,180 333,000 5.032 01/25/24 325,886
846,000 5.387 11/02/23 838,342 2,664,000 5.052 01/25/24 2,607,087
847,000 5.389 11/02/23 839,333 703,000 5.064 01/25/24 687,981
728,000 5.390 11/02/23 721,410 18,537,000 5.067 01/25/24 18,140,983
819,000 5.391 11/02/23 811,586 1,056,000 5.171 01/25/24 1,033,440
385,000 5.392 11/02/23 381,515 486,000 5.433 01/25/24 475,617
728,000 5.393 11/02/23 721,410 266,000 5.455 01/25/24 260,317
376,000 5.394 11/02/23 372,596 2,372,000 5.457 01/25/24 2,321,326
84,080,000 5.397 11/02/23 83,318,882 342,000 5.476 01/25/24 334,694
126,871,600 5.404 11/02/23 125,723,119 1,961,000 5.485 01/25/24 1,919,106
1,232,000 5.408 11/02/23 1,220,848 1,860,000 5.440 02/01/24 1,818,529
770,000 5.431 11/02/23 763,030 182,692,100 5.474 02/01/24 178,618,736
5,775,000 5.531 11/02/23 5,722,723 1,680,000 5.447 02/08/24 1,640,820
192,000 5.367 11/09/23 190,065 167,220,400 5.478 02/08/24 163,320,563
864,000 5.373 11/09/23 855,293 435,000 5.481 02/08/24 424,855
180,000 5.374 11/09/23 178,186 3,000,000 5.474 02/29/24 2,920,925
165,519,200 5.376 11/09/23 163,851,227 144,286,400 5.542 02/29/24 140,483,265
528,000 5.377 11/09/23 522,679 152,642,200 5.590 02/29/24 148,618,821
2,748,000 5.379 11/09/23 2,720,308 75,284,800 4.828 04/18/24 72,792,011
603,000 5.381 11/09/23 596,923 110,307,800 5.260 04/18/24 106,655,348
17,593,000 5.383 11/09/23 17,415,711 1,860,000 5.449 04/18/24 1,798,413
2,992,000 5.385 11/09/23 2,961,849 413,000 5.463 04/18/24 399,325
352,000 5.391 11/09/23 348,453 304,000 5.173 05/16/24 292,708
160,000 5.400 11/09/23 158,388 480,000 5.221 05/16/24 462,170
716,000 5.405 11/09/23 708,785 80,000 5.231 05/16/24 77,028
1,804,000 5.407 11/09/23 1,785,821 944,000 5.242 05/16/24 908,935
352,000 5.409 11/09/23 348,453 75,094,500 5.259 05/16/24 72,305,096
68,204,100 5.413 11/09/23 67,516,792 1,376,000 5.271 05/16/24 1,324,888
2,400,000 5.502 11/09/23 2,375,815 256,000 5.277 05/16/24 246,491

The accompanying notes are an integral part of these financial statements. 89

GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF

Schedule of Investments (continued)

August 31, 2023

Principal Interest Maturity Principal Interest Maturity

Amount Rate(a) Date Value Amount Rate(a) Date Value

U.S. Treasury Bills – (continued) U.S. Treasury Bills – (continued)

U.S. Treasury Bills – (continued) U.S. Treasury Bills – (continued)

$ 160,000 5.303% 05/16/24 $ 154,057 $118,892,900 5.448% 07/11/24 $ 113,604,698
342,000 5.347 05/16/24 329,296 207,000 5.472 07/11/24 197,793
328,000 5.382 05/16/24 315,816 161,000 5.483 07/11/24 153,839
494,000 5.383 05/16/24 475,650 1,080,000 5.419 08/08/24 1,027,944
228,000 5.388 05/16/24 219,531 106,352,500 5.468 08/08/24 101,226,357
328,000 5.392 05/16/24 315,816 TOTAL U.S. TREASURY BILLS
492,000 5.394 05/16/24 473,725
(Cost $5,753,238,447) $5,752,215,364
15,867,000 5.402 05/16/24 15,277,616
13,179,100 5.404 05/16/24 12,689,559
697,000 5.409 05/16/24 671,110 U.S. Treasury Notes – 4.3%
1,681,000 5.410 05/16/24 1,618,559
190,000 5.416 05/16/24 182,942 U.S. Treasury Notes
380,000 5.437 05/16/24 365,885 $132,038,600 4.761% 12/15/23 $ 130,091,546
369,000 5.440 05/16/24 355,293 264,000 4.799 12/15/23 260,107
2,173,000 5.447 05/16/24 2,092,283 1,880,000 4.861 12/15/23 1,852,277
168,000 5.461 05/16/24 161,760 440,000 4.862 12/15/23 433,512
2,460,000 5.473 05/16/24 2,368,623 528,000 4.864 12/15/23 520,214
190,000 5.476 05/16/24 182,942 352,000 4.876 12/15/23 346,809
1,026,000 5.484 05/16/24 987,889 1,232,000 4.886 12/15/23 1,213,833
378,000 5.488 05/16/24 363,959 352,000 4.922 12/15/23 346,809
294,000 5.496 05/16/24 283,079 836,000 5.020 12/15/23 823,672
121,706,100 5.505 05/16/24 117,185,297 378,000 5.079 12/15/23 372,426
2,850,000 5.545 05/16/24 2,744,136 462,000 5.089 12/15/23 455,187
189,000 5.314 06/13/24 181,287 798,000 5.101 12/15/23 786,233
352,000 5.363 06/13/24 337,634 3,024,000 5.113 12/15/23 2,979,408
352,000 5.367 06/13/24 337,634 1,080,000 5.117 12/15/23 1,064,074
396,000 5.376 06/13/24 379,839 51,709,300 5.118 12/15/23 50,946,790
1,930,000 5.377 06/13/24 1,851,234 21,042,000 5.131 12/15/23 20,731,713
378,000 5.378 06/13/24 362,573 1,005,000 5.154 12/15/23 990,180
17,028,000 5.385 06/13/24 16,333,063 1,474,000 5.176 12/15/23 1,452,264
352,000 5.388 06/13/24 337,634 1,320,000 5.229 12/15/23 1,300,535
528,000 5.395 06/13/24 506,452 6,380,000 5.257 12/15/23 6,285,920
210,000 5.415 06/13/24 201,430 264,000 5.259 12/15/23 260,107
126,825,400 5.422 06/13/24 121,649,472 132,000 5.260 12/15/23 130,054
396,000 5.423 06/13/24 379,839 1,188,000 5.280 12/15/23 1,170,482
180,000 5.424 06/13/24 172,654 264,000 5.283 12/15/23 260,107
2,332,000 5.438 06/13/24 2,236,828 440,000 5.285 12/15/23 433,512
105,000 5.439 06/13/24 100,715 1,232,000 5.288 12/15/23 1,213,833
2,640,000 5.445 06/13/24 2,532,258 871,000 5.306 12/15/23 858,156
567,000 5.456 06/13/24 543,860 220,000 5.308 12/15/23 216,756
405,000 5.473 06/13/24 388,471 836,000 5.310 12/15/23 823,672
315,000 5.482 06/13/24 302,144 352,000 5.328 12/15/23 346,809
109,029,200 5.494 06/13/24 104,579,561 352,000 5.334 12/15/23 346,809
1,575,000 5.530 06/13/24 1,510,722 1,804,000 5.339 12/15/23 1,777,398
176,000 5.347 07/11/24 168,172 17,028,000 5.343 12/15/23 16,776,904
176,000 5.348 07/11/24 168,172 1,276,000 5.345 12/15/23 1,257,184
902,000 5.355 07/11/24 861,880 1,072,000 5.350 12/15/23 1,056,192
176,000 5.365 07/11/24 168,172 3,300,000 5.351 12/15/23 3,251,338
264,000 5.373 07/11/24 252,258 396,000 5.366 12/15/23 390,161
8,514,000 5.381 07/11/24 8,135,308 2,640,000 5.374 12/15/23 2,601,070
198,000 5.395 07/11/24 189,193 405,000 5.384 12/15/23 399,028
1,166,000 5.409 07/11/24 1,114,138 180,000 5.407 12/15/23 177,346
198,000 5.419 07/11/24 189,193 2,332,000 5.418 12/15/23 2,297,612
2,520,000 5.426 07/11/24 2,407,914 396,000 5.423 12/15/23 390,161
118,092,300 5.444 07/11/24 112,839,707 528,000 5.429 12/15/23 520,214
92,000 5.446 07/11/24 87,908

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

 GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF

Principal Interest Maturity

Amount Rate(a) Date Value

U.S. Treasury Notes – (continued)

U.S. Treasury Notes – (continued)

$ 315,000 5.440% 12/15/23 $ 310,355
TOTAL U.S. TREASURY NOTES
(Cost $260,705,017) $ 260,518,769

TOTAL INVESTMENTS – 100.0%

(Cost $6,013,943,464) $6,012,734,133

OTHER ASSETS IN EXCESS OF

LIABILITIES – 0.0% 482,096
NET ASSETS – 100.0% $6,013,216,229

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. 91

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

Schedule of Investments
August 31, 2023

Principal Interest Maturity Principal Interest Maturity

Amount Rate Date Value Amount Rate Date Value

U.S. Treasury Notes – 32.0% Mortgage-Backed Securities – (continued)

U.S. Treasury Notes Federal National Mortgage Association – (continued)

$35,416,000 1.500% 10/31/24 $ 33,918,471 $ 1,218,819 2.500% 11/01/51 $ 1,024,500
19,564,000 2.500 01/31/25 18,859,943 7,740,214 2.000 02/01/52 6,165,773
21,549,000 2.000 02/15/25 20,612,019 6,863,280 2.500 04/01/52 5,690,432
53,773,000 0.250 10/31/25 48,825,064 85,420 2.000 10/01/52 67,947
26,275,000 1.625 05/15/26 24,301,839 793,592 5.000 10/01/52 770,083
3,803,000 2.875 08/15/28 3,566,204 978,852 5.000 11/01/52 949,863
3,130,000 2.875 04/30/29 2,913,415 40,228 2.500 12/01/52 33,388
4,928,000 2.750 05/31/29 4,552,365 1,303,486 5.000 02/01/53 1,264,265
447,394 5.000 03/01/53 433,881
TOTAL U.S. TREASURY NOTES
389,655 5.000 03/01/53 377,930
(Cost $160,282,518) $157,549,320 9,014,684 5.000 04/01/53 8,741,838
192,207 5.000 04/01/53 186,411
588,055 5.000 05/01/53 570,345
Mortgage-Backed Securities – 31.5% 3,900,000 1.500 TBA-30yr(a) 2,939,625
Federal Home Loan Mortgage Corporation 1,000,000 2.500 TBA-30yr(a) 828,437
$ 263,402 4.500% 07/01/48 $ 252,864 10,000,000 3.000 TBA-30yr(a) 8,613,281
235,564 2.500 11/01/50 198,540 9,000,000 3.500 TBA-30yr(a) 8,041,641
1,925,570 2.000 05/01/51 1,531,127 8,000,000 4.000 TBA-30yr(a) 7,386,250
1,000,000 4.500 TBA-30yr(a) 948,438
2,717,542 2.500 05/01/51 2,265,361
7,000,000 5.500 TBA-30yr(a) 6,915,234
924,437 2.500 11/01/51 767,735
Government National Mortgage Association
10,803,360 2.000 03/01/52 8,612,322
53,482 5.000 12/20/48 53,044
7,717,222 2.000 03/01/52 6,145,255
28,909 5.000 05/20/49 28,535
1,245,994 2.000 03/01/52 993,649
287,958 3.000 09/20/49 256,301
9,715,497 2.000 05/01/52 7,735,570
106,116 4.500 03/20/50 102,658
202,846 4.500 05/01/52 192,968
58,150 5.000 05/20/50 57,581
505,611 2.000 07/01/52 402,644
225,286 4.000 09/20/50 212,855
3,779,657 3.000 08/01/52 3,298,522
763,424 3.000 07/20/51 674,964
27,373 2.500 01/01/53 22,722 3,472,559 2.000 09/20/51 2,863,637
248,749 5.000 01/01/53 241,301 2,320,694 4.500 10/20/52 2,213,912
883,916 5.000 02/01/53 857,447 4,000,000 2.000 TBA-30yr(a) 3,290,000
799,748 5.000 04/01/53 775,533 6,000,000 2.500 TBA-30yr(a) 5,103,281
Federal National Mortgage Association 7,000,000 3.000 TBA-30yr(a) 6,153,437
1,000,000 1.750 07/02/24 970,715 6,000,000 3.500 TBA-30yr(a) 5,448,281
5,000,000 1.500 TBA-15yr(a) 4,259,766 3,000,000 4.000 TBA-30yr(a) 2,794,453
8,000,000 2.000 TBA-15yr(a) 7,004,375 1,000,000 5.000 TBA-30yr(a) 972,891
4,000,000 2.500 TBA-15yr(a) 3,597,812 1,000,000 5.500 TBA-30yr(a) 990,078
2,000,000 3.000 TBA-15yr(a) 1,846,094
TOTAL MORTGAGE-BACKED SECURITIES
2,567,002 3.500 07/01/45 2,345,196
(Cost $157,553,550) $155,145,959
65,372 4.500 06/01/48 63,963
351,542 4.500 07/01/48 343,968
25,904 5.000 12/01/48 25,779
Corporate Obligations – 20.6%
46,144 4.500 01/01/49 44,377
38,811 4.500 08/01/49 37,297 Aerospace & Defense – 0.6%
641,959 4.500 08/01/49 617,005 Boeing Co. (The)
194,907 5.000 12/01/49 191,469 $ 500,000 4.875% 05/01/25 $ 493,888
27,664 4.500 01/01/50 26,938 500,000 3.625 02/01/31 446,388
114,869 4.500 03/01/50 110,591 300,000 5.805 05/01/50 294,107
108,562 5.000 04/01/50 107,346 General Dynamics Corp.
1,549,099 2.500 06/01/50 1,303,428 215,000 3.625 04/01/30 200,294
80,993 4.500 10/01/50 77,922 Hexcel Corp.
51,621 4.500 10/01/50 50,281 40,000 4.200 02/15/27 37,561
99,288 2.500 02/01/51 82,468 Lockheed Martin Corp.
534,465 2.500 03/01/51 449,358 335,000 5.250 01/15/33 344,799
668,719 2.500 09/01/51 559,745 Northrop Grumman Corp.
2,671,013 2.500 10/01/51 2,246,487 200,000 4.700 03/15/33 194,075
1,575,192 2.500 11/01/51 1,324,549 40,000 4.030 10/15/47 32,889

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

 GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

Principal Interest Maturity Principal Interest Maturity

Amount Rate Date Value Amount Rate Date Value

Corporate Obligations – (continued) Corporate Obligations – (continued)

Aerospace & Defense – (continued) Banks – (continued)

RTX Corp. Bank of New York Mellon Corp. (The), MTN
$ 200,000 3.950% 08/16/25 $ 194,523 $ 300,000 2.800% 05/04/26 $ 282,001
100,000 2.375 03/15/32 80,562 646,000 1.800 07/28/31 507,661
30,000 4.450 11/16/38 26,541 Capital One Financial Corp.(b)
60,000 4.875 10/15/40 55,032 (SOFR + 2.600%)
400,000 2.820 09/01/51 250,296 400,000 5.817 02/01/34 378,646
Textron, Inc. Charles Schwab Corp. (The)
80,000 3.000 06/01/30 69,278 610,000 3.200 03/02/27 565,642
150,000 2.900 03/03/32 124,161
2,720,233
Citigroup, Inc.
Banks – 3.9% (SOFR + 1.372%)
American Express Co. 800,000 4.140(b) 05/24/25 790,747
80,000 3.625 12/05/24 77,843 (SOFR + 0.765%)
400,000 3.950 08/01/25 388,106 100,000 1.122(b) 01/28/27 89,368
Bank of America Corp. (3M U.S. T-Bill MMY + 1.825%)
(SOFR + 0.690%) 100,000 3.887(b) 01/10/28 94,512
425,000 0.976(b) 04/22/25 410,952 (SOFR + 1.887%)
(SOFR + 0.960%) 300,000 4.658(b) 05/24/28 292,612
300,000 1.734(b) 07/22/27 268,549 (SOFR + 1.351%)
(3M U.S. T-Bill MMY + 1.302%) 600,000 3.057(b) 01/25/33 494,918
200,000 3.419(b) 12/20/28 183,442 (SOFR + 2.086%)
(SOFR + 2.150%) 700,000 4.910(b) 05/24/33 666,987
180,000 2.592(b) 04/29/31 149,202 Citizens Bank NA
(US 5 Year CMT T-Note + 1.200%) 400,000 3.750 02/18/26 372,174
200,000 2.482(b) 09/21/36 152,429 Comerica, Inc.
(3M U.S. T-Bill MMY + 2.076%) 25,000 4.000 02/01/29 21,392
264,000 4.244(b) 04/24/38 230,055 Fifth Third Bancorp
100,000 7.750 05/14/38 117,317 300,000 3.950 03/14/28 276,909
Bank of America Corp., Series L 40,000 8.250 03/01/38 45,225
125,000 4.183 11/25/27 118,716 JPMorgan Chase & Co.
73,000 4.750 04/21/45 65,304 (3M U.S. T-Bill MMY + 0.540%)
Bank of America Corp., MTN 300,000 0.824(b) 06/01/25 288,184
100,000 3.875 08/01/25 97,360 (3M U.S. T-Bill MMY + 0.580%)
(SOFR + 1.010%) 500,000 0.969(b) 06/23/25 478,613
100,000 1.197(b) 10/24/26 90,661 (SOFR + 0.490%)
(3M U.S. T-Bill MMY + 1.322%) 300,000 0.768(b) 08/09/25 285,211
80,000 3.559(b) 04/23/27 75,831 (3M U.S. T-Bill MMY + 1.585%)
75,000 3.248 10/21/27 69,906 165,000 2.005(b) 03/13/26 156,053
(SOFR + 2.040%) 40,000 7.625 10/15/26 42,539
900,000 4.948(b) 07/22/28 877,535 (SOFR + 0.800%)
(3M U.S. T-Bill MMY + 1.472%) 100,000 1.045(b) 11/19/26 90,254
300,000 3.974(b) 02/07/30 276,344 300,000 8.000 04/29/27 327,645
(3M U.S. T-Bill MMY + 1.252%) 80,000 4.250 10/01/27 77,456
200,000 2.496(b) 02/13/31 166,392 (3M U.S. T-Bill MMY + 1.599%)
(SOFR + 1.530%) 400,000 3.782(b) 02/01/28 377,835
40,000 1.898(b) 07/23/31 31,553 (3M U.S. T-Bill MMY + 1.642%)
(SOFR + 1.930%) 50,000 3.540(b) 05/01/28 46,689
700,000 2.676(b) 06/19/41 483,834 (3M U.S. T-Bill MMY + 1.592%)
(3M U.S. T-Bill MMY + 3.412%) 40,000 4.452(b) 12/05/29 38,162
300,000 4.083(b) 03/20/51 242,756 (3M U.S. T-Bill MMY + 1.510%)
(SOFR + 1.880%) 90,000 2.739(b) 10/15/30 77,168
60,000 2.831(b) 10/24/51 38,446 (3M U.S. T-Bill MMY + 3.790%)
Bank of America Corp.(b), Series N 342,000 4.493(b) 03/24/31 324,211
(SOFR + 1.650%) (3M U.S. T-Bill MMY + 1.105%)
100,000 3.483 03/13/52 73,063 25,000 1.764(b) 11/19/31 19,574

The accompanying notes are an integral part of these financial statements. 93

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

Schedule of Investments (continued)

August 31, 2023

Principal Interest Maturity Principal Interest Maturity

Amount Rate Date Value Amount Rate Date Value

Corporate Obligations – (continued) Corporate Obligations – (continued)

Banks – (continued) Banks – (continued)

JPMorgan Chase & Co. – (continued) Wells Fargo & Co. – (continued)
(SOFR + 1.180%) $ 400,000 3.000% 10/23/26 $ 370,654
$ 300,000 2.545%(b) 11/08/32 $ 242,322 128,000 5.606 01/15/44 120,357
(3M U.S. T-Bill MMY + 1.622%) 60,000 3.900 05/01/45 46,919
152,000 3.882(b) 07/24/38 127,909 Wells Fargo & Co., MTN
15,000 5.400 01/06/42 14,965 (3M U.S. T-Bill MMY + 1.572%)
40,000 4.850 02/01/44 37,394 50,000 3.584(b) 05/22/28 46,444
(3M U.S. T-Bill MMY + 1.642%) 25,000 4.150 01/24/29 23,560
40,000 3.964(b) 11/15/48 31,685 (3M U.S. T-Bill MMY + 1.262%)
(SOFR + 2.440%) 400,000 2.572(b) 02/11/31 334,373
660,000 3.109(b) 04/22/51 449,920 (3M U.S. T-Bill MMY + 4.032%)
KeyCorp, MTN 340,000 4.478(b) 04/04/31 318,769
120,000 4.100 04/30/28 107,323 290,000 4.750 12/07/46 240,657
80,000 2.550 10/01/29 64,038 Wells Fargo Bank NA
(SOFRINDX + 2.060%) 300,000 6.600 01/15/38 317,524
250,000 4.789(b) 06/01/33 215,184
M&T Bank Corp.(b) 19,072,299
(SOFR + 1.850%) Basic Industry – 0.2%
400,000 5.053 01/27/34 364,227 CF Industries, Inc.
Manufacturers & Traders Trust Co. 100,000 5.150 03/15/34 94,438
280,000 3.400 08/17/27 251,095 100,000 5.375 03/15/44 88,510
Northern Trust Corp. Dow Chemical Co. (The)
315,000 3.950 10/30/25 305,061 60,000 3.600 11/15/50 42,855
56,000 3.650 08/03/28 52,612 DuPont de Nemours, Inc.
135,000 3.150 05/03/29 122,687 400,000 5.419 11/15/48 387,630
PNC Bank NA FMC Corp.
300,000 2.700 10/22/29 250,642 102,000 4.500 10/01/49 76,098
PNC Financial Services Group, Inc. (The) Linde, Inc.
290,000 3.450 04/23/29 262,024 85,000 1.100 08/10/30 66,841
State Street Corp. LYB International Finance III LLC
(SOFR + 0.560%) 40,000 2.250 10/01/30 32,386
40,000 1.684(b) 11/18/27 36,022 180,000 3.625 04/01/51 121,604
(3M U.S. T-Bill MMY + 1.292%) Sherwin-Williams Co. (The)
50,000 4.141(b) 12/03/29 47,994 200,000 3.450 06/01/27 188,056
100,000 2.200 03/03/31 79,634
(SOFR + 1.490%) 1,098,418
40,000 3.031(b) 11/01/34 34,475 Brokerage – 0.3%
Synchrony Financial Affiliated Managers Group, Inc.
150,000 3.950 12/01/27 134,345 130,000 3.300 06/15/30 109,596
100,000 2.875 10/28/31 73,920 CME Group, Inc.
Truist Financial Corp., MTN 375,000 3.000 03/15/25 362,049
(SOFR + 1.626%) Intercontinental Exchange, Inc.
400,000 5.900(b) 10/28/26 400,585 185,000 2.100 06/15/30 152,620
80,000 3.875 03/19/29 71,105 482,000 4.600 03/15/33 460,966
US Bancorp, MTN Jefferies Financial Group, Inc.
80,000 3.900 04/26/28 75,124 40,000 4.850 01/15/27 38,956
80,000 3.000 07/30/29 68,667 40,000 4.150 01/23/30 35,963
40,000 1.375 07/22/30 30,338 200,000 6.250 01/15/36 203,023
US Bancorp, Series V 20,000 6.500 01/20/43 20,017
300,000 2.375 07/22/26 276,459
US Bancorp, Series X 1,383,190
150,000 3.150 04/27/27 139,007 Capital Goods – 0.6%
US Bank NA 3M Co.
300,000 2.050 01/21/25 285,855 250,000 3.050 04/15/30 224,134
Wells Fargo & Co. Carrier Global Corp.
(SOFR + 2.000%) 100,000 3.577 04/05/50 71,828
300,000 2.188(b) 04/30/26 282,279

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

 GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

Principal Interest Maturity Principal Interest Maturity

Amount Rate Date Value Amount Rate Date Value

Corporate Obligations – (continued) Corporate Obligations – (continued)

Capital Goods – (continued) Communications – (continued)

Caterpillar Financial Services Corp., MTN Charter Communications Operating LLC / Charter
$ 400,000 3.400% 05/13/25 $ 387,741 Communications Operating Capital – (continued)
Caterpillar, Inc. $ 90,000 5.050% 03/30/29 $ 85,664
50,000 3.803 08/15/42 42,528 40,000 2.800 04/01/31 32,187
230,000 3.250 04/09/50 175,100 130,000 6.384 10/23/35 126,073
CNH Industrial Capital LLC 300,000 5.375 04/01/38 253,556
50,000 1.450 07/15/26 44,780 240,000 6.484 10/23/45 220,414
Cummins, Inc. 60,000 5.750 04/01/48 50,673
111,000 2.600 09/01/50 68,350 40,000 5.125 07/01/49 30,729
Deere & Co. 40,000 6.834 10/23/55 37,204
25,000 3.900 06/09/42 21,934 100,000 3.850 04/01/61 59,845
40,000 2.875 09/07/49 28,799 60,000 4.400 12/01/61 39,481
25,000 3.750 04/15/50 21,407 Comcast Corp.
Emerson Electric Co. 500,000 3.950 10/15/25 487,252
45,000 1.950 10/15/30 37,029 500,000 4.250 01/15/33 469,127
15,000 6.000 08/15/32 15,838 300,000 2.887 11/01/51 192,807
Fortive Corp. 400,000 5.350 05/15/53 393,008
15,000 4.300 06/15/46 11,665 Meta Platforms, Inc.
Honeywell International, Inc. 200,000 5.600 05/15/53 201,305
100,000 2.700 08/15/29 88,990 Omnicom Group, Inc.
188,000 1.950 06/01/30 156,411 511,000 2.450 04/30/30 423,734
Illinois Tool Works, Inc. 80,000 4.200 06/01/30 73,927
115,000 3.900 09/01/42 98,703 Time Warner Cable Enterprises LLC
John Deere Capital Corp., MTN 115,000 8.375 07/15/33 128,085
300,000 4.750 01/20/28 298,868 Time Warner Cable LLC
35,000 2.800 07/18/29 31,529 115,000 6.750 06/15/39 111,399
80,000 2.450 01/09/30 69,686 15,000 5.875 11/15/40 13,059
Leggett & Platt, Inc. 15,000 5.500 09/01/41 12,301
80,000 4.400 03/15/29 75,548 TWDC Enterprises 18 Corp.
100,000 3.500 11/15/51 69,025 15,000 4.375 08/16/41 13,137
Otis Worldwide Corp. TWDC Enterprises 18 Corp., GMTN
60,000 2.293 04/05/27 54,485 15,000 4.125 06/01/44 12,569
Republic Services, Inc. TWDC Enterprises 18 Corp., MTN
150,000 2.375 03/15/33 119,444 250,000 2.950 06/15/27 234,150
Trane Technologies Luxembourg Finance SA Walt Disney Co. (The)
50,000 3.800 03/21/29 46,499 400,000 1.750 08/30/24 385,745
Waste Management, Inc. 80,000 2.000 09/01/29 67,840
50,000 0.750 11/15/25 45,473 80,000 3.800 03/22/30 74,690
50,000 2.500 11/15/50 30,705 90,000 3.500 05/13/40 71,866
15,000 4.750 09/15/44 13,586
Westinghouse Air Brake Technologies Corp.
50,000 3.600 01/13/51 37,684
133,000 3.450 11/15/26 125,216
415,000 4.950 09/15/28 400,702 4,744,454
WW Grainger, Inc. Consumer Cyclical – 1.8%
100,000 1.850 02/15/25 94,923 Amazon.com, Inc.
60,000 4.600 06/15/45 55,078 500,000 3.300 04/13/27 476,064
100,000 3.750 05/15/46 79,922 250,000 3.150 08/22/27 235,288
Xylem, Inc. 100,000 2.100 05/12/31 82,943
15,000 3.250 11/01/26 14,120 80,000 4.050 08/22/47 69,268
3,106,460 15,000 2.500 06/03/50 9,607
200,000 3.950 04/13/52 167,505
Communications – 1.0%
75,000 4.250 08/22/57 65,006
Charter Communications Operating LLC / Charter
50,000 2.700 06/03/60 30,956
Communications Operating Capital
Booking Holdings, Inc.
190,000 4.908 07/23/25 186,677
200,000 4.625 04/13/30 195,708
140,000 3.750 02/15/28 128,218
Costco Wholesale Corp.
82,000 4.200 03/15/28 76,462
40,000 3.000 05/18/27 37,787

The accompanying notes are an integral part of these financial statements. 95

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

Schedule of Investments (continued)

August 31, 2023

Principal Interest Maturity Principal Interest Maturity

Amount Rate Date Value Amount Rate Date Value

Corporate Obligations – (continued) Corporate Obligations – (continued)

Consumer Cyclical – (continued) Consumer Cyclical – (continued)

DR Horton, Inc. Visa, Inc.
$ 80,000 2.500% 10/15/24 $ 77,092 $ 40,000 1.900% 04/15/27 $ 36,247
90,000 2.600 10/15/25 84,747 135,000 0.750 08/15/27 116,716
100,000 1.400 10/15/27 85,735 405,000 2.750 09/15/27 375,944
eBay, Inc. 40,000 4.300 12/14/45 36,128
200,000 6.300 11/22/32 210,555 Walmart, Inc.
General Motors Co. 340,000 2.850 07/08/24 332,364
400,000 5.600 10/15/32 385,624 100,000 7.550 02/15/30 115,840
General Motors Financial Co., Inc. 200,000 2.650 09/22/51 135,049
500,000 6.050 10/10/25 501,233 Western Union Co. (The)
Home Depot, Inc. (The) 50,000 1.350 03/15/26 44,703
250,000 2.800 09/14/27 232,265 9,023,880
300,000 4.500 09/15/32 292,987
237,000 3.125 12/15/49 166,313 Consumer Noncyclical – 1.7%
300,000 3.625 04/15/52 227,964 Abbott Laboratories
Las Vegas Sands Corp. 60,000 3.875 09/15/25 58,639
473,000 3.900 08/08/29 416,994 150,000 4.750 11/30/36 149,153
Lowe’s Cos., Inc. 100,000 6.000 04/01/39 109,192
400,000 5.150 07/01/33 395,543 40,000 4.750 04/15/43 38,111
200,000 5.625 04/15/53 194,795 AbbVie, Inc.
Marriott International, Inc., Series EE 600,000 2.950 11/21/26 561,786
200,000 5.750 05/01/25 200,307 100,000 4.625 10/01/42 88,981
Marriott International, Inc., Series FF 200,000 4.400 11/06/42 174,351
200,000 4.700 05/14/45 179,514
200,000 4.625 06/15/30 189,909
150,000 4.250 11/21/49 127,055
Mastercard, Inc.
Agilent Technologies, Inc.
60,000 2.000 03/03/25 57,352
100,000 2.750 09/15/29 87,609
15,000 3.300 03/26/27 14,279
Altria Group, Inc.
100,000 3.950 02/26/48 85,159
115,000 3.400 05/06/30 100,841
50,000 3.850 03/26/50 41,540
40,000 4.500 05/02/43 31,237
McDonald’s Corp., MTN
40,000 5.375 01/31/44 37,172
200,000 3.500 07/01/27 190,283
75,000 3.875 09/16/46 51,678
45,000 4.700 12/09/35 42,895
150,000 5.950 02/14/49 139,720
60,000 4.450 09/01/48 52,136
55,000 4.450 05/06/50 40,872
200,000 5.150 09/09/52 192,200
Amgen, Inc.
MDC Holdings, Inc.
200,000 2.600 08/19/26 186,122
434,000 2.500 01/15/31 337,978
200,000 2.200 02/21/27 182,025
40,000 6.000 01/15/43 34,800
500,000 5.250 03/02/33 496,706
NIKE, Inc.
400,000 5.600 03/02/43 394,867
20,000 3.375 03/27/50 15,486
200,000 4.663 06/15/51 171,738
O’Reilly Automotive, Inc.
Baxter International, Inc.
80,000 4.200 04/01/30 74,962
50,000 4.500 06/15/43 39,020
PulteGroup, Inc.
Bristol-Myers Squibb Co.
264,000 6.375 05/15/33 273,734 300,000 0.750 11/13/25 273,684
Starbucks Corp. 300,000 3.200 06/15/26 286,765
250,000 3.800 08/15/25 243,160 50,000 3.250 02/27/27 47,922
30,000 3.750 12/01/47 22,875 500,000 3.550 03/15/42 399,412
Tapestry, Inc. Centene Corp.
33,000 4.125 07/15/27 30,645 400,000 4.250 12/15/27 376,000
Target Corp. Elevance Health, Inc.
550,000 2.250 04/15/25 525,262 300,000 5.500 10/15/32 306,302
Toyota Motor Credit Corp. Eli Lilly & Co.
100,000 0.625 09/13/24 95,138 15,000 3.100 05/15/27 14,227
40,000 3.650 01/08/29 37,697 102,000 3.375 03/15/29 95,309
Toyota Motor Credit Corp., MTN 160,000 3.950 03/15/49 137,937
300,000 0.800 01/09/26 271,738 Equifax, Inc.
100,000 1.150 08/13/27 86,518 40,000 3.250 06/01/26 37,447
80,000 3.375 04/01/30 72,857 100,000 2.350 09/15/31 78,383
96 The accompanying notes are an integral part of these financial statements.
 GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

Principal Interest Maturity Principal Interest Maturity

Amount Rate Date Value Amount Rate Date Value

Corporate Obligations – (continued) Corporate Obligations – (continued)

Consumer Noncyclical – (continued) Electric – (continued)

Gilead Sciences, Inc. Atmos Energy Corp.
$ 479,000 2.800% 10/01/50 $ 309,750 $ 100,000 2.850% 02/15/52 $ 64,666
Kroger Co. (The) 100,000 5.750 10/15/52 103,970
25,000 3.875 10/15/46 18,752 Berkshire Hathaway Energy Co.
Medtronic, Inc. 400,000 4.050 04/15/25 391,722
50,000 4.375 03/15/35 47,222 300,000 4.600 05/01/53 248,024
Merck & Co., Inc. Black Hills Corp.
150,000 1.700 06/10/27 134,445 20,000 2.500 06/15/30 16,431
100,000 3.600 09/15/42 81,708 Cleco Corporate Holdings LLC
250,000 3.700 02/10/45 204,155 80,000 3.375 09/15/29 67,860
Mylan, Inc. Cleco Power LLC
210,000 5.400 11/29/43 174,209 15,000 6.000 12/01/40 14,259
135,000 5.200 04/15/48 105,026 Commonwealth Edison Co.
Pfizer Investment Enterprises Pte Ltd. 300,000 3.650 06/15/46 225,526
400,000 4.450 05/19/28 391,286 Commonwealth Edison Co., Series 123
300,000 5.300 05/19/53 300,014 40,000 3.750 08/15/47 30,463
Pfizer, Inc. Consolidated Edison Co. of New York, Inc.
290,000 0.800 05/28/25 269,165 170,000 3.850 06/15/46 129,616
245,000 4.000 12/15/36 221,894 40,000 4.625 12/01/54 33,812
10,000 4.100 09/15/38 8,937 100,000 4.500 05/15/58 81,433
40,000 2.700 05/28/50 27,061 Consolidated Edison Co. of New York, Inc., Series 08-B
Royalty Pharma PLC 10,000 6.750 04/01/38 11,009
200,000 1.750 09/02/27 173,423 Consolidated Edison Co. of New York, Inc., Series 12-A
Utah Acquisition Sub, Inc. 40,000 4.200 03/15/42 33,280
75,000 5.250 06/15/46 59,707 Consolidated Edison Co. of New York, Inc., Series A
Viatris, Inc. 15,000 4.125 05/15/49 11,883
150,000 2.700 06/22/30 122,201 Dominion Energy, Inc.
15,000 4.000 06/22/50 9,904 80,000 4.250 06/01/28 76,316
Walgreens Boots Alliance, Inc. Dominion Energy, Inc., Series C
40,000 4.800 11/18/44 31,306 300,000 3.375 04/01/30 265,203
15,000 4.650 06/01/46 11,572 DTE Electric Co.
Wyeth LLC 150,000 3.950 06/15/42 117,627
10,000 6.500 02/01/34 11,156 15,000 3.700 03/15/45 11,476
DTE Electric Co., Series A
8,212,670
40,000 4.000 04/01/43 32,331
Consumer Products – 0.3% DTE Energy Co.(c), Series C
Clorox Co. (The) 60,000 2.529 10/01/24 57,936
347,000 4.600 05/01/32 336,473 Duke Energy Carolinas LLC
Colgate-Palmolive Co., MTN 350,000 3.700 12/01/47 263,568
40,000 4.000 08/15/45 35,418 50,000 3.950 03/15/48 39,221
15,000 3.700 08/01/47 12,622 Duke Energy Corp.
Haleon US Capital LLC 300,000 3.750 09/01/46 219,036
250,000 4.000 03/24/52 199,895 Duke Energy Florida LLC
Kimberly-Clark Corp. 25,000 3.400 10/01/46 17,924
475,000 6.625 08/01/37 546,570 Duke Energy Indiana LLC
Procter & Gamble Co. (The) 50,000 6.350 08/15/38 53,231
40,000 0.550 10/29/25 36,438 40,000 6.450 04/01/39 42,139
40,000 1.000 04/23/26 36,382 Duke Energy Progress LLC
300,000 2.450 11/03/26 280,862 100,000 3.450 03/15/29 91,863
15,000 2.850 08/11/27 14,060 200,000 6.300 04/01/38 210,110
1,498,720 15,000 4.100 05/15/42 12,246
Edison International
Electric – 2.0%
485,000 5.750 06/15/27 485,949
Alabama Power Co., Series 20-A Entergy Corp.
15,000 1.450 09/15/30 11,791 50,000 2.800 06/15/30 42,062
Alabama Power Co., Series A
100,000 4.300 07/15/48 81,892
The accompanying notes are an integral part of these financial statements. 97
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

Schedule of Investments (continued)

August 31, 2023

Principal Interest Maturity Principal Interest Maturity

Amount Rate Date Value Amount Rate Date Value

Corporate Obligations – (continued) Corporate Obligations – (continued)

Electric – (continued) Electric – (continued)

Entergy Louisiana LLC Puget Sound Energy, Inc.
$ 250,000 0.950% 10/01/24 $ 237,110 $ 205,000 4.223% 06/15/48 $ 166,511
230,000 4.200 04/01/50 183,227 Sempra
Evergy Kansas Central, Inc. 400,000 3.800 02/01/38 325,499
40,000 4.250 12/01/45 32,192 100,000 4.000 02/01/48 76,168
50,000 5.700 03/15/53 49,736 Southern California Edison Co.
Evergy Metro, Inc. 40,000 2.850 08/01/29 35,094
200,000 4.200 03/15/48 162,838 200,000 5.700 03/01/53 193,953
Evergy Metro, Inc., Series 2019 Southern Co. (The)
15,000 4.125 04/01/49 11,841 110,000 5.113 08/01/27 108,784
Eversource Energy 250,000 4.400 07/01/46 205,039
60,000 3.450 01/15/50 42,092 Southern Co. (The)(b), Series 21-A
Exelon Corp. (US 5 Year CMT T-Note + 2.915%)
100,000 4.450 04/15/46 82,460 100,000 3.750 09/15/51 86,400
Florida Power & Light Co. Southern Co. Gas Capital Corp.
80,000 4.950 06/01/35 78,220 15,000 3.950 10/01/46 11,169
275,000 5.950 02/01/38 289,027 100,000 4.400 05/30/47 80,645
50,000 5.960 04/01/39 52,388 Tucson Electric Power Co.
100,000 5.690 03/01/40 102,299 300,000 4.850 12/01/48 257,169
15,000 4.125 02/01/42 12,718 Virginia Electric and Power Co., Series A
140,000 4.050 10/01/44 116,405 100,000 3.500 03/15/27 94,458
100,000 2.875 12/04/51 64,878 Virginia Electric and Power Co., Series B
Georgia Power Co., Series B 100,000 6.000 01/15/36 103,316
400,000 2.650 09/15/29 344,722 Virginia Electric and Power Co., Series C
15,000 3.700 01/30/50 11,083 150,000 4.000 11/15/46 114,879
Gulf Power Co., Series A Xcel Energy, Inc.
300,000 3.300 05/30/27 281,926 400,000 1.750 03/15/27 353,126
Interstate Power and Light Co. 10,031,843
200,000 2.300 06/01/30 164,144
40,000 3.500 09/30/49 28,029 Energy – 1.5%
National Rural Utilities Cooperative Finance Corp. Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc.
40,000 2.400 03/15/30 33,803 185,000 4.080 12/15/47 146,924
100,000 2.750 04/15/32 82,160 Boardwalk Pipelines LP
300,000 4.023 11/01/32 272,499 100,000 4.800 05/03/29 95,209
Northern States Power Co. BP Capital Markets America, Inc.
200,000 4.500 06/01/52 172,498 300,000 4.234 11/06/28 289,841
NSTAR Electric Co. Cheniere Corpus Christi Holdings LLC
15,000 3.200 05/15/27 14,001 80,000 5.875 03/31/25 79,800
100,000 3.950 04/01/30 93,106 40,000 5.125 06/30/27 39,550
Oncor Electric Delivery Co. LLC 300,000 2.742 12/31/39 232,416
250,000 3.100 09/15/49 170,815 Chevron Corp.
Pacific Gas and Electric Co. 300,000 3.326 11/17/25 291,287
100,000 3.450 07/01/25 95,007 Chevron USA, Inc.
200,000 2.100 08/01/27 172,982 200,000 2.343 08/12/50 121,253
210,000 4.300 03/15/45 146,424 ConocoPhillips Co.
150,000 4.000 12/01/46 99,240 250,000 3.758 03/15/42 203,131
PECO Energy Co. Devon Energy Corp.
100,000 4.800 10/15/43 87,889 9,000 4.500 01/15/30 8,414
PPL Capital Funding, Inc. Energy Transfer LP
25,000 5.000 03/15/44 20,710 140,000 3.750 05/15/30 125,348
Public Service Electric and Gas Co., MTN 75,000 6.125 12/15/45 69,966
100,000 1.900 08/15/31 79,875 225,000 5.300 04/15/47 191,390
300,000 3.800 03/01/46 236,280 55,000 6.250 04/15/49 52,488
100,000 3.000 03/01/51 66,916 Enterprise Products Operating LLC
Public Service Enterprise Group, Inc. 100,000 2.800 01/31/30 86,833
40,000 2.450 11/15/31 32,218 160,000 4.850 08/15/42 143,718

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

 GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

Principal Interest Maturity Principal Interest Maturity

Amount Rate Date Value Amount Rate Date Value

Corporate Obligations – (continued) Corporate Obligations – (continued)

Energy – (continued) Energy – (continued)

Enterprise Products Operating LLC – (continued) Sabine Pass Liquefaction LLC
$ 100,000 4.800% 02/01/49 $ 87,713 $ 110,000 5.625% 03/01/25 $ 109,656
60,000 4.200 01/31/50 48,011 120,000 4.200 03/15/28 113,850
15,000 3.950 01/31/60 11,009 15,000 4.500 05/15/30 14,138
Enterprise Products Operating LLC, Series D Spectra Energy Partners LP
80,000 6.875 03/01/33 88,563 125,000 3.375 10/15/26 117,707
EOG Resources, Inc. Transcontinental Gas Pipe Line Co. LLC
60,000 3.900 04/01/35 52,727 50,000 5.400 08/15/41 46,833
Exxon Mobil Corp. 40,000 3.950 05/15/50 29,875
75,000 2.709 03/06/25 72,349 Valero Energy Corp.
200,000 2.275 08/16/26 186,543 200,000 3.400 09/15/26 188,697
200,000 4.227 03/19/40 178,197 15,000 4.900 03/15/45 12,957
Halliburton Co. 60,000 3.650 12/01/51 41,152
50,000 5.000 11/15/45 45,158
Williams Cos., Inc. (The)
Hess Corp.
200,000 3.750 06/15/27 188,332
120,000 4.300 04/01/27 115,649
15,000 6.300 04/15/40 15,341
55,000 6.000 01/15/40 53,859
140,000 4.900 01/15/45 118,163
75,000 5.600 02/15/41 70,485
XTO Energy, Inc.
100,000 5.800 04/01/47 95,561
50,000 6.750 08/01/37 56,036
Kinder Morgan Energy Partners LP
300,000 7.300 08/15/33 326,032 7,272,360
Kinder Morgan, Inc.
Financial Company – 0.2%
40,000 4.300 06/01/25 39,151
Air Lease Corp.
56,000 2.000 02/15/31 44,106
300,000 2.200 01/15/27 267,897
200,000 5.200 03/01/48 172,425
Blackstone Private Credit Fund
Magellan Midstream Partners LP
300,000 4.200 10/03/47 220,921 150,000 3.250 03/15/27 130,698
MPLX LP GE Capital Funding LLC
100,000 4.875 12/01/24 98,839 300,000 4.550 05/15/32 286,488
200,000 1.750 03/01/26 182,289 GE Capital International Funding Co. Unlimited
476,000 2.650 08/15/30 395,627 200,000 4.418 11/15/35 185,288
140,000 4.700 04/15/48 112,441 870,371
100,000 5.500 02/15/49 89,049
Food and Beverage – 0.6%
NOV, Inc.
15,000 3.950 12/01/42 10,943 Coca-Cola Co. (The)
Occidental Petroleum Corp. 155,000 1.750 09/06/24 149,441
50,000 5.550 03/15/26 49,620 50,000 2.250 01/05/32 41,919
350,000 0.000(d) 10/10/36 183,461 593,000 3.000 03/05/51 429,015
ONEOK Partners LP Conagra Brands, Inc.
15,000 6.650 10/01/36 15,442 100,000 1.375 11/01/27 84,976
ONEOK, Inc. Constellation Brands, Inc.
80,000 2.200 09/15/25 74,592 40,000 3.150 08/01/29 35,741
100,000 3.400 09/01/29 88,033 291,000 4.750 05/09/32 279,351
25,000 6.350 01/15/31 25,570 Hershey Co. (The)
140,000 5.200 07/15/48 120,206 40,000 3.375 08/15/46 29,583
Ovintiv, Inc. 100,000 3.125 11/15/49 71,396
40,000 7.375 11/01/31 42,540 J M Smucker Co. (The)
65,000 6.500 08/15/34 65,804 40,000 2.125 03/15/32 31,720
Phillips 66 Co. 15,000 4.375 03/15/45 12,515
250,000 3.550 10/01/26 236,666 100,000 3.550 03/15/50 70,153
Plains All American Pipeline LP / PAA Finance Corp. Kellogg Co.
90,000 3.600 11/01/24 87,675 100,000 4.500 04/01/46 85,919
50,000 4.650 10/15/25 48,814 Keurig Dr Pepper, Inc.
40,000 4.500 12/15/26 38,715 100,000 4.420 12/15/46 83,341
92,000 3.550 12/15/29 80,905 100,000 4.500 04/15/52 84,852
35,000 6.700 05/15/36 34,170 Kraft Heinz Foods Co.
40,000 6.650 01/15/37 40,519 159,000 3.000 06/01/26 149,842
15,000 4.700 06/15/44 11,676 40,000 3.875 05/15/27 38,145
The accompanying notes are an integral part of these financial statements. 99
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

Schedule of Investments (continued)

August 31, 2023

Principal Interest Maturity Principal Interest Maturity

Amount Rate Date Value Amount Rate Date Value

Corporate Obligations – (continued) Corporate Obligations – (continued)

Food and Beverage – (continued) Healthcare – (continued)

Kraft Heinz Foods Co. – (continued) UnitedHealth Group, Inc. – (continued)
$ 80,000 3.750% 04/01/30 $ 73,289 $ 450,000 3.750% 10/15/47 $ 355,834
22,000 5.000 07/15/35 21,379 25,000 2.900 05/15/50 16,648
285,000 5.200 07/15/45 261,287 300,000 5.200 04/15/63 286,957
110,000 4.375 06/01/46 90,755 4,617,205
40,000 4.875 10/01/49 35,595
Molson Coors Beverage Co. Insurance – 0.8%
120,000 4.200 07/15/46 95,096 Allstate Corp. (The)
PepsiCo, Inc. 120,000 3.850 08/10/49 89,881
300,000 3.500 07/17/25 291,778 American International Group, Inc.
146,000 2.750 03/19/30 129,998 50,000 3.900 04/01/26 48,278
160,000 4.600 07/17/45 146,822 100,000 4.750 04/01/48 88,294
200,000 4.650 02/15/53 191,682 American International Group, Inc.(b), Series A-9
Sysco Corp. (3M USD LIBOR + 2.868%)
80,000 2.400 02/15/30 67,668 140,000 5.750 04/01/48 135,711
Aon Global Ltd.
3,083,258 100,000 4.600 06/14/44 85,991
Healthcare – 0.9% Arch Capital Group Ltd.
Aetna, Inc. 90,000 3.635 06/30/50 64,729
40,000 4.750 03/15/44 34,332 Arch Capital Group US, Inc.
Bio-Rad Laboratories, Inc. 40,000 5.144 11/01/43 35,442
100,000 3.700 03/15/32 87,525 Assurant, Inc.
Cigna Group (The) 100,000 2.650 01/15/32 75,109
400,000 4.375 10/15/28 386,098 AXIS Specialty Finance LLC
CVS Health Corp. 40,000 3.900 07/15/29 36,291
200,000 3.250 08/15/29 178,979 Berkshire Hathaway Finance Corp.
250,000 3.750 04/01/30 227,403 150,000 4.250 01/15/49 131,733
76,000 1.750 08/21/30 60,449 Berkshire Hathaway, Inc.
280,000 4.780 03/25/38 251,952 350,000 3.125 03/15/26 335,602
370,000 5.050 03/25/48 325,888 Brighthouse Financial, Inc.
100,000 4.250 04/01/50 79,193 40,000 5.625 05/15/30 38,588
Elevance Health, Inc. 75,000 4.700 06/22/47 56,054
150,000 2.550 03/15/31 125,500 Chubb INA Holdings, Inc.
15,000 4.650 08/15/44 13,104 150,000 3.350 05/03/26 143,873
40,000 4.850 08/15/54 33,848 100,000 1.375 09/15/30 78,673
Evernorth Health, Inc. CNO Financial Group, Inc.
120,000 4.500 02/25/26 117,698 200,000 5.250 05/30/29 190,500
HCA, Inc. Fidelity National Financial, Inc.
70,000 5.875 02/15/26 70,175 230,000 3.400 06/15/30 199,678
46,000 5.250 06/15/26 45,425 Hartford Financial Services Group, Inc. (The)
90,000 5.375 09/01/26 89,550 30,000 3.600 08/19/49 21,921
40,000 4.500 02/15/27 38,625 Jackson Financial, Inc.
25,000 5.625 09/01/28 24,969 100,000 3.125 11/23/31 78,604
785,000 5.875 02/01/29 787,944 Marsh & McLennan Cos., Inc.
75,000 4.125 06/15/29 69,309 80,000 3.500 06/03/24 78,536
50,000 3.500 09/01/30 43,654 100,000 2.375 12/15/31 81,532
40,000 5.500 06/15/47 36,225 100,000 4.350 01/30/47 84,446
Humana, Inc. MetLife, Inc.
100,000 2.150 02/03/32 78,576 15,000 4.125 08/13/42 12,384
McKesson Corp. 80,000 4.600 05/13/46 69,902
200,000 3.950 02/16/28 190,887 PartnerRe Finance B LLC
Quest Diagnostics, Inc. 150,000 3.700 07/02/29 135,875
100,000 2.800 06/30/31 84,952 (US 5 Year CMT T-Note + 3.815%)
UnitedHealth Group, Inc. 300,000 4.500(b) 10/01/50 252,345
250,000 4.625 07/15/35 242,078 Progressive Corp. (The)
250,000 4.750 07/15/45 233,428 100,000 4.125 04/15/47 83,092

100 The accompanying notes are an integral part of these financial statements.
 GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

Principal Interest Maturity Principal Interest Maturity

Amount Rate Date Value Amount Rate Date Value

Corporate Obligations – (continued) Corporate Obligations – (continued)

Insurance – (continued) REITs and Real Estate – (continued)

Prudential Financial, Inc. Prologis LP
$ 40,000 3.935% 12/07/49 $ 30,895 $ 80,000 4.000% 09/15/28 $ 76,096
Prudential Financial, Inc., MTN 200,000 2.250 04/15/30 167,935
15,000 6.625 06/21/40 16,205 40,000 1.250 10/15/30 30,729
50,000 4.600 05/15/44 44,044 120,000 2.125 10/15/50 64,910
120,000 4.418 03/27/48 101,444 Public Storage Operating Co.
15,000 4.350 02/25/50 12,490 60,000 3.094 09/15/27 55,943
60,000 3.700 03/13/51 44,667 Realty Income Corp.
Radian Group, Inc. 200,000 5.625 10/13/32 200,473
250,000 4.500 10/01/24 243,125 Sabra Health Care LP
Reinsurance Group of America, Inc. 85,000 5.125 08/15/26 82,256
430,000 3.900 05/15/29 392,208 100,000 3.200 12/01/31 76,528
Travelers Cos., Inc. (The) Simon Property Group LP
150,000 3.750 05/15/46 116,070 200,000 2.450 09/13/29 168,692
Voya Financial, Inc.(b) 100,000 2.200 02/01/31 79,807
(3M USD LIBOR + 2.084%) 10,000 6.750 02/01/40 10,728
40,000 4.700 01/23/48 32,364 250,000 5.850 03/08/53 244,958
W R Berkley Corp. UDR, Inc., MTN
40,000 4.750 08/01/44 34,223 100,000 1.900 03/15/33 73,111
Willis North America, Inc. Vornado Realty LP
200,000 5.050 09/15/48 167,372 220,000 3.500 01/15/25 208,321
Welltower OP LLC
3,968,171
200,000 4.000 06/01/25 193,941
Metals – 0.1% 200,000 4.250 04/15/28 189,651
Nucor Corp.
3,621,627
500,000 3.950 05/23/25 486,792
Steel Dynamics, Inc. Revenue – 0.1%
80,000 3.450 04/15/30 71,400 California Institute of Technology
145,000 3.250 01/15/31 126,875 15,000 3.650 09/01/19 9,804
Hackensack Meridian Health, Inc., Series 2020
685,067
15,000 2.675 09/01/41 10,413
REITs and Real Estate – 0.7% Stanford Health Care
Alexandria Real Estate Equities, Inc. 100,000 3.027 08/15/51 67,857
100,000 3.375 08/15/31 86,290 University of Chicago (The), Series 20B
Brandywine Operating Partnership LP 40,000 2.761 04/01/45 29,836
100,000 3.950 11/15/27 82,506 Yale University, Series 2020
CBRE Services, Inc. 190,000 1.482 04/15/30 155,876
129,000 2.500 04/01/31 103,540 80,000 2.402 04/15/50 50,207
Corporate Office Properties LP
323,993
490,000 2.750 04/15/31 378,720
Digital Realty Trust LP Software – 0.4%
40,000 3.700 08/15/27 37,324 Oracle Corp.
Equinix, Inc. 800,000 2.300 03/25/28 705,524
95,000 3.000 07/15/50 59,713 500,000 4.900 02/06/33 478,517
Extra Space Storage LP 300,000 3.600 04/01/40 227,607
140,000 2.400 10/15/31 109,894 500,000 4.000 07/15/46 375,459
GLP Capital LP / GLP Financing II, Inc. Salesforce, Inc.
50,000 3.350 09/01/24 48,532 20,000 2.900 07/15/51 13,387
90,000 5.250 06/01/25 88,642 1,800,494
40,000 5.750 06/01/28 38,878
255,000 4.000 01/15/30 222,128 Technology – 1.5%
72,000 4.000 01/15/31 61,738 Adobe, Inc.
Healthcare Realty Holdings LP 40,000 2.300 02/01/30 34,712
410,000 2.000 03/15/31 316,588 Alphabet, Inc.
Mid-America Apartments LP 150,000 2.250 08/15/60 87,753
100,000 2.875 09/15/51 63,055 Apple, Inc.
90,000 3.450 05/06/24 88,855
The accompanying notes are an integral part of these financial statements. 101
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

Schedule of Investments (continued)

August 31, 2023

Principal Interest Maturity Principal Interest Maturity

Amount Rate Date Value Amount Rate Date Value

Corporate Obligations – (continued) Corporate Obligations – (continued)

Technology – (continued) Technology – (continued)

Apple, Inc. – (continued) Microsoft Corp. – (continued)
$ 400,000 1.800% 09/11/24 $ 385,876 $ 15,000 3.500% 02/12/35 $ 13,672
50,000 3.200 05/13/25 48,542 203,000 4.200 11/03/35 196,198
200,000 4.421 05/08/26 198,250 220,000 4.250 02/06/47 204,727
230,000 2.450 08/04/26 215,157 200,000 4.000 02/12/55 174,278
15,000 3.350 02/09/27 14,321 20,000 2.675 06/01/60 12,834
15,000 3.200 05/11/27 14,248 Motorola Solutions, Inc.
60,000 2.900 09/12/27 56,235 624,000 2.750 05/24/31 506,847
40,000 1.650 02/08/31 32,887 NVIDIA Corp.
45,000 4.500 02/23/36 45,022 250,000 3.500 04/01/50 197,429
80,000 3.850 05/04/43 69,443 QUALCOMM, Inc.
80,000 4.450 05/06/44 76,382 250,000 4.300 05/20/47 217,730
100,000 3.450 02/09/45 80,940 VeriSign, Inc.
300,000 4.650 02/23/46 287,001 350,000 2.700 06/15/31 286,563
50,000 4.250 02/09/47 45,842 7,425,928
50,000 3.750 11/13/47 41,590
300,000 2.650 02/08/51 199,498 Transportation – 0.4%
160,000 2.550 08/20/60 100,571 Burlington Northern Santa Fe LLC
Applied Materials, Inc. 200,000 5.200 04/15/54 197,248
125,000 3.900 10/01/25 121,924 CSX Corp.
256,000 3.300 04/01/27 243,289 250,000 4.100 11/15/32 235,119
Broadcom, Inc. 100,000 4.500 11/15/52 87,379
300,000 4.110 09/15/28 282,992 FedEx Corp.
90,000 3.469(e) 04/15/34 73,499 40,000 3.900 02/01/35 34,889
60,000 3.187(e) 11/15/36 45,293 300,000 4.750 11/15/45 258,343
160,000 3.500(e) 02/15/41 117,395 40,000 4.400 01/15/47 32,975
Corning, Inc. 40,000 4.950 10/17/48 35,853
125,000 5.350 11/15/48 117,698 Southwest Airlines Co.
45,000 4.375 11/15/57 36,513 40,000 5.250 05/04/25 39,725
Dell International LLC / EMC Corp. Union Pacific Corp.
500,000 5.250 02/01/28 499,568 40,000 3.700 03/01/29 37,939
300,000 5.750 02/01/33 300,213 70,000 4.050 03/01/46 56,894
Fiserv, Inc. 10,000 4.500 09/10/48 8,687
235,000 4.400 07/01/49 191,541 80,000 3.799 10/01/51 63,564
Hewlett Packard Enterprise Co. 60,000 3.839 03/20/60 45,966
100,000 6.350 10/15/45 102,577 15,000 3.750 02/05/70 10,936
International Business Machines Corp. Union Pacific Railroad Co. Pass-Through Trust, Series 2015-1
15,000 5.875 11/29/32 15,930 181,330 2.695 05/12/27 163,954
150,000 4.150 05/15/39 128,703 United Parcel Service, Inc.
250,000 4.000 06/20/42 205,475 500,000 4.875 03/03/33 500,217
Jabil, Inc. 40,000 3.625 10/01/42 32,378
80,000 3.600 01/15/30 71,723 15,000 4.250 03/15/49 12,972
KLA Corp. 15,000 5.300 04/01/50 15,239
60,000 3.300 03/01/50 43,189 1,870,277
Kyndryl Holdings, Inc.
Water – 0.0%
323,000 2.700 10/15/28 270,266
Essential Utilities, Inc.
100,000 3.150 10/15/31 77,233
100,000 3.351 04/15/50 66,558
100,000 4.100 10/15/41 68,386
Lam Research Corp. Wireless – 1.0%
40,000 3.125 06/15/60 25,799 American Tower Corp.
Leidos, Inc. 200,000 3.375 10/15/26 187,640
100,000 4.375 05/15/30 92,250 40,000 3.950 03/15/29 36,824
Meta Platforms, Inc. 100,000 3.700 10/15/49 69,794
300,000 4.950 05/15/33 298,553 20,000 3.100 06/15/50 12,535
Microsoft Corp. AT&T, Inc.
65,000 3.300 02/06/27 62,516 320,000 2.750 06/01/31 264,419

102 The accompanying notes are an integral part of these financial statements.
 GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

Principal Interest Maturity Principal Interest Maturity

Amount Rate Date Value Amount Rate Date Value

Corporate Obligations – (continued) Foreign Corporate Debt – (continued)

Wireless – (continued) Banks – (continued)

AT&T, Inc. – (continued) Barclays PLC (United Kingdom)
$ 395,000 2.250% 02/01/32 $ 308,950 $ 200,000 4.375% 09/11/24 $ 196,197
250,000 4.500 05/15/35 221,813 200,000 5.200 05/12/26 194,549
400,000 3.500 06/01/41 292,988 (US 1 Year CMT T-Note + 3.050%)
140,000 3.650 06/01/51 96,134 300,000 7.325(b) 11/02/26 305,836
100,000 3.300 02/01/52 65,198 (US 1 Year CMT T-Note + 3.000%)
300,000 3.500 09/15/53 197,426 300,000 5.746(b) 08/09/33 286,980
310,000 3.550 09/15/55 201,545 Deutsche Bank AG(b) (Germany)
Crown Castle, Inc. (SOFR + 1.318%)
40,000 3.300 07/01/30 34,893 500,000 2.552 01/07/28 443,278
140,000 4.150 07/01/50 106,091 Export-Import Bank of China/The(e) (China)
T-Mobile USA, Inc. 400,000 3.625 07/31/24 393,136
400,000 3.750 04/15/27 378,672 Export-Import Bank of Korea (South Korea)
300,000 4.950 03/15/28 295,193 340,000 2.625 05/26/26 316,576
400,000 4.500 04/15/50 331,552 300,000 1.250 09/21/30 235,096
100,000 5.650 01/15/53 97,744 300,000 2.500 06/29/41 212,784
Verizon Communications, Inc. HSBC Holdings PLC (United Kingdom)
500,000 0.850 11/20/25 454,375 (SOFR + 3.030%)
500,000 2.355 03/15/32 395,254 500,000 7.336(b) 11/03/26 512,463
350,000 3.400 03/22/41 260,550 400,000 4.950 03/31/30 384,655
300,000 3.550 03/22/51 210,411 (SOFR + 2.390%)
300,000 2.987 10/30/56 179,380 400,000 6.254(b) 03/09/34 405,523
40,000 3.700 03/22/61 27,159 (SOFR + 2.650%)
200,000 6.332(b) 03/09/44 201,699
4,726,540
ING Groep NV (Netherlands)
TOTAL CORPORATE OBLIGATIONS 354,000 4.550 10/02/28 339,635
(Cost $112,194,709) $101,224,016 Korea Development Bank (The) (South Korea)
300,000 0.800 07/19/26 264,135
400,000 4.375 02/15/33 381,310
U.S. Treasury Bonds – 8.7%(f) Landwirtschaftliche Rentenbank (Germany)
15,000 3.125 11/14/23 14,921
U.S. Treasury Bonds 70,000 0.875 03/30/26 63,578
$ 950,000 4.500% 02/15/36 $ 993,348 Lloyds Banking Group PLC (United Kingdom)
5,480,000 4.375 02/15/38 5,615,041 300,000 4.375 03/22/28 283,416
7,889,000 3.875 08/15/40 7,492,588 Mitsubishi UFJ Financial Group, Inc. (Japan)
16,791,000 2.500 02/15/45 12,332,046 500,000 2.193 02/25/25 473,315
9,823,000 2.500 05/15/46 7,137,919 (US 1 Year CMT T-Note + 1.950%)
13,946,000 2.250 02/15/52 9,416,300 500,000 5.017(b) 07/20/28 488,054
TOTAL U.S. TREASURY BONDS (US 1 Year CMT T-Note + 1.970%)
(Cost $51,763,454) $ 42,987,242 400,000 5.406(b) 04/19/34 395,334
Mizuho Financial Group, Inc. (Japan)
(US 1 Year CMT T-Note + 0.750%)
Foreign Corporate Debt – 5.1% 200,000 1.554(b) 07/09/27 177,708
400,000 3.170 09/11/27 366,441
Banks – 2.5% NatWest Group PLC(b) (United Kingdom)
Banco Bilbao Vizcaya Argentaria SA (Spain) (US 5 Year CMT T-Note + 2.350%)
$ 200,000 1.125% 09/18/25 $ 182,732 300,000 3.032 11/28/35 232,456
Banco Santander SA (Spain) Royal Bank of Canada (Canada)
200,000 1.849 03/25/26 180,394 285,000 3.875 05/04/32 258,100
200,000 3.800 02/23/28 182,451 Royal Bank of Canada, GMTN (Canada)
Bank of Montreal(b) (Canada) 300,000 5.200 07/20/26 298,857
(5 Year USD Swap + 1.432%) Santander UK Group Holdings PLC(b) (United Kingdom)
110,000 3.803 12/15/32 97,213 (SOFR + 1.475%)
Bank of Montreal, MTN (Canada) 340,000 2.896 03/15/32 272,181
200,000 2.500 06/28/24 194,554 Sumitomo Mitsui Financial Group, Inc. (Japan)
Bank of Nova Scotia (The) (Canada) 400,000 3.364 07/12/27 371,509
500,000 5.250 06/12/28 495,639 400,000 2.930 09/17/41 277,632
The accompanying notes are an integral part of these financial statements. 103
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

Schedule of Investments (continued)

August 31, 2023

Principal Interest Maturity Principal Interest Maturity

Amount Rate Date Value Amount Rate Date Value

Foreign Corporate Debt – (continued) Foreign Corporate Debt – (continued)

Banks – (continued) Consumer Noncyclical – (continued)

Svensk Exportkredit AB, GMTN (Sweden) Takeda Pharmaceutical Co., Ltd. (Japan)
$ 200,000 0.375% 07/30/24 $ 190,918 $ 250,000 2.050% 03/31/30 $ 205,840
200,000 0.625 05/14/25 185,317
2,003,849
Toronto-Dominion Bank (The)(b) (Canada)
(5 Year USD Swap + 2.205%) Consumer Products – 0.0%
375,000 3.625 09/15/31 350,793 Unilever Capital Corp. (United Kingdom)
UBS Group AG (Switzerland) 100,000 0.626 08/12/24 95,688
400,000 3.750 03/26/25 386,262 Electric – 0.0%
Westpac Banking Corp. (Australia) Emera US Finance LP (Canada)
200,000 2.850 05/13/26 188,550 50,000 4.750 06/15/46 38,972
75,000 3.350 03/08/27 70,784
40,000 2.150 06/03/31 32,802 Energy – 0.6%
(US 5 Year CMT T-Note + 2.000%) BP Capital Markets PLC (United Kingdom)
10,000 4.110(b) 07/24/34 8,762 300,000 3.279 09/19/27 282,489
(US 5 Year CMT T-Note + 1.530%) Canadian Natural Resources Ltd. (Canada)
100,000 3.020(b) 11/18/36 76,809 85,000 6.250 03/15/38 85,661
100,000 2.963 11/16/40 64,871 Canadian Natural Resources Ltd., GMTN (Canada)
340,000 3.133 11/18/41 222,174 100,000 4.950 06/01/47 86,932
Cenovus Energy, Inc. (Canada)
12,158,379 100,000 2.650 01/15/32 80,571
Brokerage – 0.1% 50,000 5.250 06/15/37 45,830
Brookfield Finance, Inc. (Canada) Enbridge, Inc. (Canada)
150,000 4.350 04/15/30 138,415 110,000 3.125 11/15/29 97,078
15,000 3.500 03/30/51 9,761 15,000 5.500 12/01/46 13,806
Nomura Holdings, Inc. (Japan) 100,000 3.400 08/01/51 67,007
300,000 5.709 01/09/26 298,126 (3M U.S. T-Bill MMY + 3.903%)
446,302 15,000 6.250(b) 03/01/78 13,893
Equinor ASA (Norway)
Capital Goods – 0.0% 140,000 1.750 01/22/26 129,798
Johnson Controls International PLC 40,000 3.625 09/10/28 37,967
100,000 4.500 02/15/47 84,519 210,000 3.125 04/06/30 190,353
Communications – 0.0% 210,000 3.700 04/06/50 162,215
RELX Capital, Inc. (United Kingdom) Shell International Finance BV (Netherlands)
100,000 3.000 05/22/30 87,918 40,000 2.000 11/07/24 38,470
55,000 3.250 05/11/25 53,263
Consumer Cyclical – 0.1%
75,000 4.375 05/11/45 65,061
Honda Motor Co. Ltd. (Japan)
462,000 4.000 05/10/46 380,430
400,000 2.534 03/10/27 367,558
Suncor Energy, Inc. (Canada)
Consumer Noncyclical – 0.4% 100,000 4.000 11/15/47 74,685
Ahold Finance USA LLC (Netherlands) TotalEnergies Capital International SA (France)
360,000 6.875 05/01/29 384,645 250,000 2.434 01/10/25 240,374
BAT Capital Corp. (United Kingdom) 185,000 3.455 02/19/29 172,138
400,000 2.789 09/06/24 387,232 200,000 2.829 01/10/30 177,515
100,000 3.462 09/06/29 87,294 100,000 3.127 05/29/50 69,797
80,000 3.984 09/25/50 52,428 TransCanada PipeLines Ltd. (Canada)
140,000 5.650 03/16/52 117,099 400,000 6.203 03/09/26 399,699
BAT International Finance PLC (United Kingdom) Transcanada Trust(b) (Canada)
50,000 1.668 03/25/26 45,316 (SOFR + 4.416%)
Bayer US Finance II LLC (Germany) 50,000 5.500 09/15/79 42,063
100,000 3.375(e) 07/15/24 97,788
15,000 4.200(e) 07/15/34 13,131 3,007,095
50,000 4.400(e) 07/15/44 39,312 Financial Company – 0.1%
170,000 4.700(e) 07/15/64 129,857 AerCap Ireland Capital DAC / AerCap Global Aviation Trust
GlaxoSmithKline Capital, Inc. (United Kingdom) (Ireland)
200,000 6.375 05/15/38 227,620 455,000 3.300 01/30/32 369,271
Reynolds American, Inc. (United Kingdom)
250,000 5.850 08/15/45 216,287
104 The accompanying notes are an integral part of these financial statements.
 GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

Principal Interest Maturity Principal Interest Maturity

Amount Rate Date Value Amount Rate Date Value

Foreign Corporate Debt – (continued) Foreign Corporate Debt – (continued)

Food and Beverage – 0.2% Technology – 0.1%

Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, NXP BV / NXP Funding LLC (China)
Inc. (Belgium) $ 40,000 5.350% 03/01/26 $ 39,707
$ 180,000 4.900% 02/01/46 $ 167,640 NXP BV / NXP Funding LLC / NXP USA, Inc. (China)
Anheuser-Busch InBev Finance, Inc. (Belgium) 120,000 3.400 05/01/30 105,362
55,000 4.700 02/01/36 52,678 244,000 2.500 05/11/31 197,263
100,000 4.900 02/01/46 93,133 375,000 5.000 01/15/33 355,575
Anheuser-Busch InBev Worldwide, Inc. (Belgium) 697,907
300,000 3.500 06/01/30 276,368
46,000 4.375 04/15/38 42,052 Telecommunications – 0.1%
40,000 4.600 04/15/48 35,990 America Movil SAB de CV (Mexico)
40,000 5.550 01/23/49 40,920 280,000 3.625 04/22/29 255,998
300,000 4.500 06/01/50 267,308 200,000 2.875 05/07/30 171,794
90,000 4.750 04/15/58 80,705 427,792
1,056,794 Transportation – 0.1%
Insurance – 0.1% Canadian National Railway Co. (Canada)
Fairfax Financial Holdings Ltd. (Canada) 50,000 3.500 11/15/42 37,261
400,000 3.375 03/03/31 335,297 40,000 4.450 01/20/49 35,352
Canadian Pacific Railway Co. (Canada)
Internet – 0.0%
250,000 2.450 12/02/31 222,358
JD.com, Inc. (China)
200,000 3.875 04/29/26 191,481 294,971

Lodging – 0.1% Wireless – 0.1%

Sands China Ltd. (Macau) Rogers Communications, Inc. (Canada)
400,000 3.500 08/08/31 322,500 170,000 4.500 03/15/42 136,977
Vodafone Group PLC (United Kingdom)
Media – 0.0%
250,000 4.125 05/30/25 244,299
Grupo Televisa SAB (Mexico) 300,000 4.375 05/30/28 294,836
100,000 6.625 03/18/25 100,570
676,112
Mining – 0.0%
Southern Copper Corp. (Mexico) Wirelines – 0.1%
55,000 3.875 04/23/25 53,080 Bell Telephone Co of Canada or Bell Canada/The (Canada)
100,000 5.875 04/23/45 97,462 80,000 4.300 07/29/49 63,872
Teck Resources Ltd. (Canada) Deutsche Telekom International Finance BV (Germany)
40,000 6.250 07/15/41 38,591 15,000 8.750 06/15/30 17,640
Orange SA (France)
189,133
140,000 9.000 03/01/31 169,907
Multi-National – 0.0% Telefonica Emisiones SA (Spain)
Inter-American Development Bank, GMTN (Supranational) 260,000 4.895 03/06/48 208,089
300,000 1.750 03/14/25 285,481 Telefonica Europe BV (Spain)
Oil Company-Integrated – 0.3%
50,000 8.250 09/15/30 57,049
Petroleos Mexicanos (Mexico) 516,557
225,000 6.875 08/04/26 205,011
TOTAL FOREIGN CORPORATE DEBT
100,000 5.350 02/12/28 80,230
(Cost $27,328,128) $ 25,351,586
250,000 5.950 01/28/31 181,286
250,000 10.000(e) 02/07/33 226,266
140,000 6.950 01/28/60 86,292
Sovereign Debt Obligations – 2.3%
QatarEnergy(e) (Qatar)
400,000 3.300 07/12/51 279,724 Sovereign – 2.3%
Saudi Arabian Oil Co.(e) (Saudi Arabia) Abu Dhabi Government International Bond (United Arab
300,000 2.250 11/24/30 246,686 Emirates)
1,305,495 $ 340,000 2.125%(e) 09/30/24 $ 327,467
200,000 2.500(e) 04/16/25 191,024
Pharmaceuticals – 0.1%
200,000 1.625(e) 06/02/28 174,856
Astrazeneca Finance LLC (United Kingdom) 200,000 2.700(e) 09/02/70 117,268
350,000 2.250 05/28/31 291,945

The accompanying notes are an integral part of these financial statements. 105
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

Schedule of Investments (continued)

August 31, 2023

Principal Interest Maturity Principal Interest Maturity

Amount Rate Date Value Amount Rate Date Value

Sovereign Debt Obligations – (continued) Sovereign Debt Obligations – (continued)

Sovereign – (continued) Sovereign – (continued)

Chile Government International Bond (Chile) Qatar Government International Bond (Qatar) – (continued)
$ 400,000 2.750% 01/31/27 $ 370,634 $ 300,000 3.750%(e) 04/16/30 $ 284,198
200,000 2.450 01/31/31 169,168 200,000 4.817(e) 03/14/49 186,126
200,000 3.500 01/25/50 143,559 Republic of Poland Government International Bond (Poland)
China Government International Bond(e) (China) 30,000 3.250 04/06/26 28,760
200,000 0.750 10/26/24 190,392 100,000 5.750 11/16/32 103,991
Colombia Government International Bond (Colombia) Romanian Government International Bond (Romania)
200,000 3.875 04/25/27 184,257 16,000 3.000(e) 02/14/31 13,216
200,000 4.500 03/15/29 178,136 50,000 5.125(e) 06/15/48 41,506
100,000 6.125 01/18/41 82,746 Saudi Government International Bond (Saudi Arabia)
220,000 5.000 06/15/45 154,239 300,000 2.900(e) 10/22/25 285,366
Hungary Government International Bond(e) (Hungary) 300,000 4.750(e) 01/18/28 296,930
300,000 6.125 05/22/28 304,559 500,000 4.875(e) 07/18/33 492,690
Indonesia Government International Bond (Indonesia) 300,000 5.000(e) 01/18/53 266,468
200,000 3.850 10/15/30 185,190 Uruguay Government International Bond (Uruguay)
200,000 4.650 09/20/32 193,109 15,000 4.375 01/23/31 14,681
300,000 4.850 01/11/33 294,301 250,000 5.100 06/18/50 240,469
200,000 5.650 01/11/53 204,136 11,158,084
Israel Government International Bond (Israel)
200,000 4.500 01/17/33 192,128 TOTAL SOVEREIGN DEBT OBLIGATIONS
Malaysia Sovereign Sukuk BHD(e) (Malaysia) (Cost $11,959,747) $ 11,158,084
300,000 3.043 04/22/25 290,433
Mexico Government International Bond (Mexico)
400,000 4.150 03/28/27 392,077 U.S. Treasury Obligations – 4.5%(f)
250,000 3.250 04/16/30 221,315
U.S. Treasury Bonds
400,000 4.750 04/27/32 379,515
$15,186,000 2.750% 08/15/42 $ 11,947,179
250,000 3.500 02/12/34 207,595
4,940,000 2.375 11/15/49 3,455,821
320,000 3.771 05/24/61 209,156
10,551,000 2.000 02/15/50 6,757,639
Panama Government International Bond (Panama)
250,000 6.700 01/26/36 263,750 TOTAL U.S. TREASURY OBLIGATIONS
360,000 4.500 04/01/56 264,150 (Cost $25,532,289) $ 22,160,639
200,000 4.500 01/19/63 144,500
Perusahaan Penerbit SBSN Indonesia III (Indonesia)
400,000 4.550(e) 03/29/26 395,000 Dividend
Shares Rate Value
200,000 2.800(e) 06/23/30 173,617
200,000 2.550(e) 06/09/31 167,902 (g)
Investment Company – 9.2%
Peruvian Government International Bond (Peru)
200,000 2.783 01/23/31 169,018 Goldman Sachs Financial Square Government Fund –
350,000 1.862 12/01/32 262,849 Institutional Shares
100,000 8.750 11/21/33 123,494 45,185,528 5.234% $ 45,185,528
100,000 3.300 03/11/41 73,724 (Cost $45,185,528)
Philippine Government International Bond (Philippines)
TOTAL INVESTMENTS – 113.9%
200,000 3.750 01/14/29 188,142
(Cost $591,799,923) $560,762,374
400,000 2.457 05/05/30 340,714
220,000 5.609 04/13/33 229,131 LIABILITIES IN EXCESS OF
250,000 6.375 10/23/34 273,783 ASSETS – (13.9)% (68,129,640)
Province of Alberta Canada (Canada)
NET ASSETS – 100.0% $492,632,734
50,000 3.300 03/15/28 47,382
Province of Ontario Canada (Canada)
30,000 1.050 05/21/27 26,372
30,000 1.600 02/25/31 24,543
Province of Quebec Canada (Canada)
90,000 0.600 07/23/25 82,880
25,000 2.750 04/12/27 23,409
Qatar Government International Bond (Qatar)
280,000 3.400(e) 04/16/25 272,063

106 The accompanying notes are an integral part of these financial statements.
 GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

The percentage shown for each investment category Investment Abbreviations:

reflects the value of investments in that category as a CMT —Constant Maturity Treasury Index
percentage of net assets. GMTN —Global Medium Term Note
LIBOR —London Interbank Offered Rate
(a) TBA (To Be Announced) Securities are purchased on a forward
LP —Limited Partnership
commitment basis with an approximate principal amount and no
MTN —Medium Term Note
defined maturity date. The actual principal and maturity date will be
PLC —Public Limited Company
determined upon settlement when the specific mortgage pools are
REIT —Real Estate Investment Trust
assigned. Total market value of TBA securities (excluding forward
SOFR —Secured Overnight Financing Rate
sales contracts, if any) amounts to $77,133,374 which represents
SOFRINDX—Secured Overnight Financing Rate Index
approximately 15.7% of the Fund’s net assets as of August 31, 2023.
(b) Variable rate security. Interest rate or distribution rate disclosed is that
which is in effect on August 31, 2023.
(c) Step coupon.
(d) Issued with a zero coupon. Income is recognized through the accretion
of discount.
(e) Exempt from registration under Rule 144A of the Securities Act of
1933.
(f) 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.
(g) Represents an affiliated issuer.

FORWARD SALES CONTRACTS — At August 31, 2023, the Fund had the following forward sales contracts:

Interest Maturity Settlement Principal

Description Rate Date(a) Date Amount Value

Federal National Mortgage

Association 2.000% TBA-30yr 09/15/53 $(14,000,000) $(11,134,375)
Federal National Mortgage
Association 5.000 TBA-30yr 09/15/53 (15,000,000) (14,546,484)

T o t a l (Proceed Receivable $(25,777,793)) $(25,680,859)

(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.

The accompanying notes are an integral part of these financial statements. 107
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF

Schedule of Investments
August 31, 2023

Principal Interest Maturity Principal Interest Maturity

Amount Rate Date Value Amount Rate Date Value

Asset-Backed Securities – 26.0% Asset-Backed Securities – (continued)

Access to Loans for Learning Student Loan Corp., Series 2010-I, CIFC Funding Ltd., Series 2017-3A, Class A1(a)(b)
Class A3(a) (3M U.S. T-Bill MMY + 1.482%) (Cayman Islands)
(SOFR + 1.062%) $ 2,128,166 6.808% 07/20/30 $ 2,124,880
$ 421,504 6.116% 04/25/37 $ 422,437 CIFC Funding Ltd., Series 2021-2A, Class AR(a)(b)
Access to Loans for Learning Student Loan Corp., Series 2012-1, (3M U.S. T-Bill MMY + 1.212%) (Cayman Islands)
Class A(a) 484,345 6.538 04/20/30 482,185
(SOFR + 0.814%) Citigroup Commercial Mortgage Trust, Series 2014-GC19,
14,917 6.102 07/25/36 14,830 Class A4
Ally Auto Receivables Trust, Series 2022-1, Class A3 2,400,000 4.023 03/11/47 2,385,196
3,170,000 3.310 11/15/26 3,105,791 Citigroup Commercial Mortgage Trust, Series 2014-GC21,
American Express Credit Account Master Trust, Series 2022-2, Class A5
Class A 600,000 3.855 05/10/47 590,489
6,000,000 3.390 05/15/27 5,814,920 Citigroup Commercial Mortgage Trust, Series 2015-GC29,
American Express Credit Account Master Trust 2023-1, Class AAB
Series 2023-1, Class A 106,155 2.984 04/10/48 104,483
2,100,000 4.870 05/15/28 2,091,658 Citigroup Commercial Mortgage Trust, Series 2015-GC33,
Anchorage Capital CLO Ltd., Series 2014-4RA, Class A(a)(b) Class A4
(3M U.S. T-Bill MMY + 1.312%) (Cayman Islands) 3,000,000 3.778 09/10/58 2,827,605
830,232 6.677 01/28/31 826,780 Citigroup Commercial Mortgage Trust, Series 2016-GC37,
Atlas Senior Loan Fund III Ltd., Series 2013-1A, Class AR(a)(b) Class A3
(3M U.S. T-Bill MMY + 1.092%) (Cayman Islands) 2,738,532 3.050 04/10/49 2,597,997
5,138 6.468 11/17/27 5,132 COMM Mortgage Trust, Series 2013-CR12, Class A4
BA Credit Card Trust, Series 2021-A1, Class A1 373,484 4.046 10/10/46 317,077
500,000 0.440 09/15/26 485,142 COMM Mortgage Trust, Series 2014-CR19, Class A5
BA Credit Card Trust, Series 2022-A2, Class A2 3,350,000 3.796 08/10/47 3,291,217
2,100,000 5.000 04/15/28 2,094,001 COMM Mortgage Trust, Series 2014-UBS2, Class A5
Barclays Dryrock Issuance Trust, Series 2021-1, Class A 5,000,000 3.961 03/10/47 4,937,394
2,400,000 0.630 07/15/27 2,285,177 COMM Mortgage Trust, Series 2015-CR24, Class ASB
Barings CLO Ltd., Series 2018-3A, Class A1(a)(b) 186,622 3.445 08/10/48 183,519
(3M U.S. T-Bill MMY + 1.212%) (Cayman Islands) COMM Mortgage Trust, Series 2015-CR25, Class A3
186,776 6.538 07/20/29 186,591 1,967,088 3.505 08/10/48 1,901,819
BBCMS Mortgage Trust, Series 2018-C2, Class ASB COMM Mortgage Trust, Series 2015-CR26, Class ASB
556,930 4.236 12/15/51 532,340 398,638 3.373 10/10/48 382,551
BlueMountain CLO Ltd., Series 2017-2A, Class A1R(a)(b) COMM Mortgage Trust, Series 2016-DC2, Class A4
(3M U.S. T-Bill MMY + 1.442%) (Cayman Islands) 486,012 3.497 02/10/49 467,560
801,959 6.787 10/22/30 799,299 CSAIL Commercial Mortgage Trust, Series 2015-C3, Class A4
BSPDF Issuer Ltd., Series 2021-FL1, Class A(a)(b) 1,300,000 3.718 08/15/48 1,233,407
(1M U.S. T-Bill MMY + 1.314%) (Cayman Islands) DBJPM Mortgage Trust, Series 2016-C3, Class ASB
1,150,000 6.625 10/15/36 1,117,768 206,837 2.756 08/10/49 196,870
BX, Series 2021-MFM1, Class A(a)(b) Discover Card Execution Note Trust, Series 2017-A5, Class A5(a)
(1M U.S. T-Bill MMY + 0.810%) (1M U.S. T-Bill MMY + 0.714%)
90,425 6.125 01/15/34 89,014 2,000,000 6.025 12/15/26 2,005,188
BX Trust, Series 2021-ARIA, Class A(a)(b) Discover Card Execution Note Trust, Series 2023-A1, Class A
(1M U.S. T-Bill MMY + 1.014%) 2,925,000 4.310 03/15/28 2,866,557
1,300,000 6.324 10/15/36 1,266,818 Dryden XXVI Senior Loan Fund, Series 2013-26A, Class AR(a)(b)
BXHPP Trust, Series 2021-FILM, Class A(a)(b) (3M U.S. T-Bill MMY + 1.162%) (Cayman Islands)
(1M U.S. T-Bill MMY + 0.764%) 194,814 6.470 04/15/29 194,098
1,850,000 6.075 08/15/36 1,742,716 Edsouth Indenture No 3 LLC, Series 2012-2, Class A(a)(b)
CARDS II Trust, Series 2021-1A, Class A(b) (SOFR + 0.844%)
(Canada) 18,347 6.132 04/25/39 18,283
3,125,000 0.602 04/15/27 3,031,320 Educational Funding of the South, Inc., Series 2011-1, Class A2(a)
Carlyle US CLO Ltd., Series 2017-2A, Class A1R(a)(b) (SOFR + 0.912%)
(3M U.S. T-Bill MMY + 1.312%) (Cayman Islands) 216,576 5.966 04/25/35 216,347
2,000,000 6.638 07/20/31 1,991,720 EFS Volunteer LLC, Series 2010-1, Class A2(a)(b)
CFCRE Commercial Mortgage Trust, Series 2016-C3, Class A3 (SOFR + 1.112%)
245,000 3.865 01/10/48 232,978 161,846 6.166 10/25/35 161,773

108 The accompanying notes are an integral part of these financial statements.
 GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF

Principal Interest Maturity Principal Interest Maturity

Amount Rate Date Value Amount Rate Date Value

Asset-Backed Securities – (continued) Asset-Backed Securities – (continued)

Extended Stay America Trust, Series 2021-ESH, Class A (a)(b)

LCM XV LP, Series 2021-15A, Class AR2(a)(b)
(1M U.S. T-Bill MMY + 1.194%) (3M U.S. T-Bill MMY + 1.262%) (Cayman Islands)
$ 1,383,747 6.505% 07/15/38 $ 1,369,924 $ 1,689,278 6.588% 07/20/30 $ 1,679,594
Flatiron CLO 19 Ltd., Series 2021-1A, Class AR(a)(b) LCM XX LP, Series 2018-20A, Class AR(a)(b)
(3M U.S. T-Bill MMY + 1.342%) (Cayman Islands) (3M U.S. T-Bill MMY + 1.302%) (Cayman Islands)
1,000,000 6.713 11/16/34 991,935 13,466 6.628 10/20/27 13,460
Ford Credit Auto Owner Trust 2022-A, Series 2022-A, Class A3 Madison Park Funding Ltd., Series 2021-37A, Class AR(a)(b)
2,908,652 1.290 06/15/26 2,817,069 (3M U.S. T-Bill MMY + 1.332%) (Cayman Islands)
GM Financial Consumer Automobile Receivables Trust, 1,500,000 6.640 07/15/33 1,492,474
Series 2022-1, Class A3 Madison Park Funding XLI Ltd., Series 2017-12A, Class AR(a)(b)
4,520,000 1.260 11/16/26 4,350,211 (3M U.S. T-Bill MMY + 1.092%) (Cayman Islands)
GMF Floorplan Owner Revolving Trust, Series 2020-2, Class A(b) 143,303 6.437 04/22/27 142,875
1,000,000 0.690 10/15/25 994,796 Marathon CLO Ltd., Series 2021-1A, Class AANR(a)(b)
GMF Floorplan Owner Revolving Trust, Series 2023-1, (3M U.S. T-Bill MMY + 1.582%) (Cayman Islands)
Class A1(b) 2,200,000 6.890 04/15/32 2,186,085
1,500,000 5.340 06/15/28 1,497,361 Master Credit Card Trust, Series 2021-1A, Class A(b)
Goal Capital Funding Trust, Series 2010-1, Class A(a)(b) (Canada)
(3M USD LIBOR + 0.700%) 1,400,000 0.530 11/21/25 1,350,245
125,269 6.353 08/25/48 122,322 Mercedes-Benz Auto Lease Trust 2021-B, Series 2021-B,
Great Wolf Trust, Series 2019-WOLF, Class A(a)(b) Class A3
(1M U.S. T-Bill MMY + 1.150%) 414,640 0.400 11/15/24 410,115
3,250,000 6.459 12/15/36 3,232,387 Mercedes-Benz Auto Receivables Trust 2022-1, Series 2022-1,
GS Mortgage Securities Trust, Series 2014-GC18, Class A4 Class A2
4,500,000 4.074 01/10/47 4,374,023 708,577 5.260 10/15/25 707,909
HalseyPoint CLO Ltd., Series 2020-3A, Class A1A(a)(b) Morgan Stanley Bank of America Merrill Lynch Trust 2016-C29,
(3M U.S. T-Bill MMY + 1.712%) (Cayman Islands) Series 2016-C29, Class A3
500,000 7.081 11/30/32 497,679 4,495,100 3.058 05/15/49 4,253,842
Hayfin US Ltd., Series 2018-8A, Class A(a)(b) Morgan Stanley Capital I Trust, Series 2016-BNK2, Class ASB
(3M U.S. T-Bill MMY + 1.382%) (Cayman Islands) 389,825 2.860 11/15/49 371,770
2,989,538 6.708 04/20/31 2,973,592 Nelnet Student Loan Trust, Series 2014-2A, Class A2(a)(b)
Honda Auto Receivables 2021-3 Owner Trust, Series 2021-3, (SOFR + 0.714%)
Class A3 25,017 6.002 03/25/30 25,011
829,030 0.410 11/18/25 802,215 Nelnet Student Loan Trust, Series 2016-1A, Class A(a)(b)
Honda Auto Receivables 2021-4 Owner Trust, Series 2021-4, (SOFR + 0.914%)
Class A3 330,408 6.202 09/25/65 327,423
2,289,708 0.880 01/21/26 2,209,107 Nissan Auto Lease Trust 2023-B, Series 2023-B, Class A2A
Honda Auto Receivables 2023-2 Owner Trust, Series 2023-2, 1,800,000 5.740 08/15/25 1,803,342
Class A2 Northstar Education Finance, Inc., Series 2012-1, Class A(a)(b)
1,900,000 5.410 04/15/26 1,899,146 (SOFR + 0.814%)
37,670 6.102 12/26/31 37,691
Hyundai Auto Lease Securitization Trust 2022-A, Series 2022-A,
NorthStar Student Loan Trust III, Series 2016-1, Class A(a)(b)
Class A4(b)
(1M U.S. T-Bill MMY + 1.364%)
3,800,000 1.320 12/15/25 3,693,514
5,671 6.679 05/27/36 5,672
Hyundai Auto Lease Securitization Trust 2023-B, Series 2023-B,
ONE PARK Mortgage Trust, Series 2021-PARK, Class A(a)(b)
Class A2A(b)
(1M U.S. T-Bill MMY + 0.810%)
1,800,000 5.470 09/15/25 1,798,637
908,000 6.125 03/15/36 862,197
Hyundai Auto Receivables Trust 2020-C, Series 2020-C,
OZLM Ltd., Series 2017-11A, Class A1R(a)(b)
Class A4
(3M U.S. T-Bill MMY + 1.512%) (Cayman Islands)
4,000,000 0.490 11/16/26 3,825,162
164,634 6.881 10/30/30 164,398
Hyundai Auto Receivables Trust 2021-C, Series 2021-C,
Regata Funding Ltd., Series 2021-1A, Class AR(a)(b)
Class A3
(3M U.S. T-Bill MMY + 1.362%) (Cayman Islands)
1,778,423 0.740 05/15/26 1,717,837
2,000,000 6.670 10/15/32 1,983,662
Hyundai Auto Receivables Trust 2022-C, Series 2022-C,
Rhode Island Student Loan Authority, Series 2012-1, Class A1(a)
Class A3
(SOFR + 1.014%)
3,625,000 5.390 06/15/27 3,627,688
543,198 6.326 07/01/31 542,849
JPMBB Commercial Mortgage Securities Trust, Series 2014-C18,
Rhode Island Student Loan Authority, Series 2014-1, Class A1(a)
Class ASB
(SOFR + 0.814%)
6,092 3.566 02/15/47 6,075
62,280 6.126 10/02/28 61,006
The accompanying notes are an integral part of these financial statements. 109
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF

Schedule of Investments (continued)

August 31, 2023

Principal Interest Maturity Principal Interest Maturity

Amount Rate Date Value Amount Rate Date Value

Asset-Backed Securities – (continued) Asset-Backed Securities – (continued)

(a)(b)
Shackleton 2015-VIII CLO Ltd., Series 2017-8A, Class A2R Voya CLO Ltd., Series 2015-1A, Class A1R(a)(b)
(3M U.S. T-Bill MMY + 1.182%) (Cayman Islands) (3M U.S. T-Bill MMY + 1.162%) (Cayman Islands)
$ 90,608 6.508% 10/20/27 $ 90,519 $ 109,777 6.472% 01/18/29 $ 109,471
SLC Student Loan Trust, Series 2007-1, Class A4(a) Wells Fargo Commercial Mortgage Trust, Series 2015-C31,
(SOFR + 0.322%) Class ASB
745,908 5.451 05/15/29 743,366 61,782 3.487 11/15/48 60,018
SLC Student Loan Trust, Series 2010-1, Class A(a) Wells Fargo Commercial Mortgage Trust 2016-C32,
(SOFR + 1.137%) Series 2016-C32, Class A3
165,868 6.300 11/25/42 165,884 1,422,360 3.294 01/15/59 1,353,254
SLM Student Loan Trust, Series 2005-7, Class A4(a) World Omni Automobile Lease Securitization Trust 2023-A,
(SOFR + 0.412%) Series 2023-A, Class A2A
35,538 5.466 10/25/29 35,423 1,400,000 5.470 11/17/25 1,399,753
SLM Student Loan Trust, Series 2018-10, Class A7B(a)(b) Zais CLO Ltd., Series 2021-15A, Class A1R(a)(b)
(SOFR + 0.862%) (3M U.S. T-Bill MMY + 1.612%) (Cayman Islands)
51,185 5.916 10/25/29 50,897 1,000,000 6.977 07/28/32 988,002
SOUND POINT CLO XXII Ltd., Series 2019-1A, Class AR(a)(b) TOTAL ASSET-BACKED SECURITIES
(3M U.S. T-Bill MMY + 1.342%) (Cayman Islands)
(Cost $149,932,389) $148,997,729
600,000 6.668 01/20/32 594,673
Stratus CLO 2021-2 Ltd., Series 2021-2A, Class A(a)(b)
(3M U.S. T-Bill MMY + 1.162%) (Cayman Islands) Mortgage-Backed Securities – 23.6%
3,529,559 6.488 12/28/29 3,510,327
STWD Trust, Series 2021-FLWR, Class A(a)(b) Federal Home Loan Mortgage Corporation Series MTN
(1M U.S. T-Bill MMY + 0.691%) $ 1,438,000 5.400% 06/11/24 $ 1,434,061
1,350,000 6.001 07/15/36 1,319,654 1,438,000 5.380 06/12/24 1,433,570
Sycamore Tree CLO 2023-2 Ltd., Series 2023-2A, Class A(a)(b) FHLMC REMIC(a) (12M USD LIBOR + 1.618%)
(3M U.S. T-Bill MMY + 2.330%) (Cayman Islands) 6,517,825 4.795 01/01/46 6,549,101
2,200,000 7.656 04/20/35 2,209,000 FHLMC REMIC(a) (12M USD LIBOR + 1.803%)
TCW CLO 2019-2 Ltd., Series 2022-2A, Class A1R(a)(b) 3,406,143 4.767 10/01/43 3,428,338
(3M U.S. T-Bill MMY + 1.280%) (Cayman Islands) FHLMC REMIC(a) (12M USD LIBOR + 1.779%)
3,500,000 6.606 10/20/32 3,472,249 625,729 4.872 10/01/44 629,132
TCW CLO AMR Ltd., Series 2021-1A, Class ASNR(a)(b) FHLMC REMIC Series 2003-2682, Class FB(a) (SOFR + 1.014%)
(3M U.S. T-Bill MMY + 1.482%) (Cayman Islands) 151,653 6.203 10/15/33 151,366
1,100,000 6.853 08/16/34 1,084,746 FHLMC REMIC Series 2003-2711, Class FA(a) (SOFR +
TCW CLO Ltd., Series 2022-1A, Class A1(a)(b) 1.114%)
(3M U.S. T-Bill MMY + 1.340%) (Cayman Islands) 161,618 6.303 11/15/33 164,401
3,500,000 6.686 04/22/33 3,466,886 FHLMC REMIC Series 2005-3033, Class FG(a) (SOFR +
Toyota Auto Receivables 2021-D Owner Trust, Series 2021-D, 0.464%)
Class A3 449,834 5.653 09/15/35 440,379
2,125,325 0.710 04/15/26 2,046,639 FHLMC REMIC Series 2007-3298, Class FC(a) (SOFR + 0.534%)
Toyota Auto Receivables 2022-D Owner Trust, Series 2022-D, 97,064 5.723 04/15/37 94,508
Class A3 FHLMC REMIC Series 2007-3314, Class FC(a) (SOFR + 0.514%)
1,825,000 5.300 09/15/27 1,826,916 21,406 5.703 12/15/36 20,946
Tralee CLO II Ltd., Series 2017-1A, Class AR(a)(b) FHLMC REMIC Series 2007-3316, Class FB(a) (SOFR + 0.414%)
(3M USD LIBOR + 1.320%) (Cayman Islands) 524,188 5.603 08/15/35 512,665
184,027 6.908 07/20/29 183,964 FHLMC REMIC Series 2007-3371, Class FA(a) (SOFR +
Trimaran Cavu Ltd., Series 2021-1A, Class A(a)(b) 0.714%)
(3M U.S. T-Bill MMY + 1.472%) (Cayman Islands) 104,684 5.903 09/15/37 103,039
1,000,000 6.817 04/23/32 991,710 FHLMC REMIC Series 2009-3593, Class CF(a) (SOFR + 0.714%)
Trysail CLO Ltd., Series 2021-1A, Class A1(a)(b) 1,161,789 5.903 02/15/36 1,159,888
(3M U.S. T-Bill MMY + 1.582%) (Cayman Islands) FHLMC REMIC Series 2011-3895, Class FM(a) (SOFR +
3,000,000 6.908 07/20/32 2,977,389 0.464%)
UBS Commercial Mortgage Trust 2017-C2, Series 2017-C2, 37,545 5.653 12/15/40 37,447
Class ASB FHLMC REMIC Series 2012-4040, Class FW(a) (SOFR +
809,050 3.264 08/15/50 772,825 0.484%)
Voya CLO 2019-2 Ltd., Series 2019-2A, Class A(a)(b) 334,766 5.673 05/15/32 330,289
(3M U.S. T-Bill MMY + 1.532%) (Cayman Islands) FHLMC REMIC Series 2012-4057, Class FE(a) (SOFR + 0.564%)
700,000 6.858 07/20/32 698,937 705,065 5.753 06/15/42 689,522

110 The accompanying notes are an integral part of these financial statements.
 GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF

Principal Interest Maturity Principal Interest Maturity

Amount Rate Date Value Amount Rate Date Value

Mortgage-Backed Securities – (continued) Mortgage-Backed Securities – (continued)

(a)
FHLMC REMIC Series 2012-4068, Class UF (SOFR + FHLMC STRIPS Series 2006-239, Class F30(a) (SOFR + 0.414%)
0.614%) $ 392,927 5.603% 08/15/36 $ 384,408
$ 178,446 5.803% 06/15/42 $ 170,607 FNMA REMIC Series 2002-53, Class FY(a) (SOFR + 0.614%)
FHLMC REMIC Series 2012-4098, Class MF(a) (SOFR + 177,878 5.902 08/25/32 176,279
0.414%) FNMA REMIC Series 2004-54, Class FL(a) (SOFR + 0.514%)
145,989 5.603 11/15/41 144,239 87,443 5.802 07/25/34 86,830
FHLMC REMIC Series 2012-4107, Class MF(a) (SOFR + FNMA REMIC Series 2004-54, Class FN(a) (SOFR + 0.564%)
0.514%) 245,401 5.852 07/25/34 242,879
1,508,449 5.703 09/15/42 1,466,660 FNMA REMIC Series 2005-103, Class FC(a) (SOFR + 0.614%)
FHLMC REMIC Series 2012-4126, Class GF(a) (SOFR + 7,717,685 5.902 07/25/35 7,605,176
0.514%) FNMA REMIC Series 2005-120, Class FE(a) (SOFR + 0.634%)
1,999,249 5.703 11/15/42 1,941,113 343,394 5.922 01/25/36 338,230
FHLMC REMIC Series 2013-4203, Class QF(a) (SOFR + FNMA REMIC Series 2005-87, Class FE(a) (SOFR + 0.564%)
0.364%) 392,533 5.852 10/25/35 386,157
1,022,801 5.553 05/15/43 994,688 FNMA REMIC Series 2006-110, Class AF(a) (SOFR + 0.444%)
FHLMC REMIC Series 2013-4215, Class NF(a) (SOFR + 2,147,705 5.732 11/25/36 2,101,435
0.464%) FNMA REMIC Series 2006-16, Class FC(a) (SOFR + 0.414%)
697,032 5.653 06/15/43 672,649 91,074 5.702 03/25/36 89,611
FHLMC REMIC Series 2013-4240, Class FA(a) (SOFR + FNMA REMIC Series 2006-36, Class FB(a) (SOFR + 0.414%)
0.614%) 42,408 5.702 05/25/36 41,374
2,426,634 5.803 08/15/43 2,348,925 FNMA REMIC Series 2006-42, Class PF(a) (SOFR + 0.524%)
FHLMC REMIC Series 2013-4248, Class FL(a) (SOFR + 0.564%) 80,213 5.812 06/25/36 78,926
74,715 5.753 05/15/41 73,291 FNMA REMIC Series 2006-44, Class FP(a) (SOFR + 0.514%)
FHLMC REMIC Series 2013-4263, Class FB(a) (SOFR + 0.514%) 859,675 5.802 06/25/36 844,473
53,737 5.703 11/15/43 51,828 FNMA REMIC Series 2006-61, Class FD(a) (SOFR + 0.474%)
FHLMC REMIC Series 2013-4272, Class FD(a) (SOFR + 158,141 5.762 07/25/36 154,736
0.464%) FNMA REMIC Series 2006-79, Class DF(a) (SOFR + 0.464%)
58,334 5.653 11/15/43 56,452 362,200 5.752 08/25/36 356,020
FHLMC REMIC Series 2017-4678, Class AF(a) (SOFR + FNMA REMIC Series 2006-88, Class AF(a) (SOFR + 0.574%)
0.514%) 328,265 5.862 09/25/36 322,022
1,710,493 4.613 12/15/42 1,691,078 FNMA REMIC Series 2007-35, Class PF(a) (SOFR + 0.364%)
FHLMC REMIC Series 2017-4719, Class AF(a) (SOFR + 57,013 5.652 04/25/37 55,513
0.464%) FNMA REMIC Series 2007-67, Class FB(a) (SOFR + 0.434%)
2,946,812 5.653 09/15/47 2,845,129 140,162 5.722 07/25/37 136,374
FHLMC REMIC Series 2018-4787, Class ZS FNMA REMIC Series 2008-1, Class CF(a) (SOFR + 0.814%)
728,832 5.000 07/01/48 719,434 43,141 6.102 02/25/38 42,530
FHLMC REMIC Series 2018-4818, Class FC(a) (SOFR + 0.414%) FNMA REMIC Series 2009-110, Class FG(a) (SOFR + 0.864%)
197,545 5.603 04/15/48 188,406 182,253 6.152 01/25/40 181,237
FHLMC REMIC Series 2018-4852, Class BF(a) (SOFR + 0.514%) FNMA REMIC Series 2010-113, Class FA(a) (SOFR + 0.514%)
1,268,666 5.703 12/15/48 1,223,082 129,854 5.802 10/25/40 127,707
FHLMC REMIC Series 2019-4897, Class F(a) (SOFR + 0.514%) FNMA REMIC Series 2010-116, Class FE(a) (SOFR + 0.514%)
1,079,099 5.703 07/15/49 1,048,764 161,724 5.802 10/25/40 158,827
FHLMC REMIC Series 2019-4903, Class F(a) (SOFR + 0.564%) FNMA REMIC Series 2010-141, Class FB(a) (SOFR + 0.584%)
164,884 5.753 09/15/48 158,193 96,735 5.872 12/25/40 94,619
FHLMC REMIC Series 2019-4906, Class NF(a) (SOFR + FNMA REMIC Series 2010-15, Class FJ(a) (SOFR + 1.044%)
0.514%) 314,141 6.332 06/25/36 314,167
1,415,920 4.904 03/15/38 1,379,956 FNMA REMIC Series 2010-39, Class FE(a) (SOFR + 0.884%)
FHLMC REMIC Series 2019-4942, Class FA(a) (SOFR + 496,586 6.172 06/25/37 493,791
0.614%) FNMA REMIC Series 2010-39, Class FG(a) (SOFR + 1.034%)
1,041,039 5.902 01/25/50 998,078 218,113 6.322 03/25/36 217,956
FHLMC REMIC Series 2020-5002, Class FJ(a) (SOFR + 0.514%) FNMA REMIC Series 2010-46, Class WF(a) (SOFR + 0.864%)
179,366 5.802 07/25/50 169,418 1,550,795 6.152 05/25/40 1,526,501
FHLMC REMIC Series 2020-5031, Class FA(a) (SOFR + FNMA REMIC Series 2010-49, Class FB(a) (SOFR + 0.864%)
0.300%) 145,983 6.152 05/25/40 144,402
2,355,866 5.489 08/15/43 2,249,422 FNMA REMIC Series 2010-59, Class FN(a) (SOFR + 0.844%)
FHLMC STRIPS Series 2006-239, Class F22(a) (SOFR + 0.464%) 1,689,712 6.132 06/25/40 1,667,273
157,171 5.653 08/15/36 153,691

The accompanying notes are an integral part of these financial statements. 111
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF

Schedule of Investments (continued)

August 31, 2023

Principal Interest Maturity Principal Interest Maturity

Amount Rate Date Value Amount Rate Date Value

Mortgage-Backed Securities – (continued) Mortgage-Backed Securities – (continued)

(a)
FNMA REMIC Series 2011-53, Class FT (SOFR + 0.694%) GNMA Series 2004-59, Class FP(a) (1M U.S. T-Bill MMY +
$ 141,924 5.982% 06/25/41 $ 139,535 0.414%)
FNMA REMIC Series 2011-87, Class FJ(a) (SOFR + 0.664%) $ 374,384 5.727% 08/16/34 $ 368,681
132,755 5.952 09/25/41 129,332 GNMA Series 2005-4, Class FA(a) (1M U.S. T-Bill MMY +
FNMA REMIC Series 2012-101, Class FC(a) (SOFR + 0.614%) 0.484%)
113,541 5.902 09/25/42 110,170 324,500 5.797 01/16/35 319,624
FNMA REMIC Series 2012-14, Class BF(a) (SOFR + 0.714%) GNMA Series 2007-26, Class FL(a) (1M U.S. T-Bill MMY +
717,135 6.002 03/25/42 691,523 0.314%)
FNMA REMIC Series 2012-37, Class BF(a) (SOFR + 0.614%) 2,275,857 5.629 05/20/37 2,214,595
144,032 5.902 12/25/35 141,806 GNMA Series 2007-59, Class FA(a) (1M U.S. T-Bill MMY +
FNMA REMIC Series 2013-10, Class KF(a) (SOFR + 0.414%) 0.614%)
94,327 5.702 02/25/43 91,847 109,551 5.929 10/20/37 107,954
FNMA REMIC Series 2013-130, Class FB(a) (SOFR + 0.564%) GNMA Series 2013-99, Class PF(a) (1M U.S. T-Bill MMY +
91,291 5.852 01/25/44 88,668 0.414%)
FNMA REMIC Series 2013-19, Class DF(a) (SOFR + 0.414%) 1,545,725 5.729 07/20/43 1,502,387
504,669 5.702 09/25/41 498,936 GNMA Series 2018-164, Class AF(a) (1M U.S. T-Bill MMY +
FNMA REMIC Series 2013-2, Class QF(a) (SOFR + 0.614%) 0.514%)
65,651 5.902 02/25/43 63,926 2,478,248 5.829 12/20/48 2,406,240
FNMA REMIC Series 2014-17, Class FE(a) (SOFR + 0.664%) GNMA Series 2019-110, Class F(a) (1M U.S. T-Bill MMY +
759,822 5.952 04/25/44 740,768 0.564%)
FNMA REMIC Series 2014-28, Class FD(a) (SOFR + 0.564%) 1,655,353 5.879 09/20/49 1,602,531
1,641,264 5.852 05/25/44 1,607,294 GNMA Series 2019-56, Class FB(a) (1M U.S. T-Bill MMY +
FNMA REMIC Series 2014-47, Class AF(a) (SOFR + 0.464%) 0.564%)
320,033 4.568 08/25/44 316,728 1,880,647 5.879 05/20/49 1,833,907
FNMA REMIC Series 2015-27, Class KF(a) (SOFR + 0.414%) GNMA Series 2019-58, Class FA(a) (1M U.S. T-Bill MMY +
83,171 5.702 05/25/45 80,662 0.514%)
FNMA REMIC Series 2015-87, Class BF(a) (SOFR + 0.414%) 806,174 5.829 05/20/49 782,813
360,847 5.702 12/25/45 349,828 JP Morgan Chase Commercial Mortgage Securities Trust
FNMA REMIC Series 2016-49, Class EF(a) (SOFR + 0.514%) Series 2016-JP2, Class ASB
831,044 5.802 08/25/46 814,517 340,436 2.713 08/15/49 325,642
FNMA REMIC Series 2016-9335, Class AL(a) (12M USD LIBOR JPMBB Commercial Mortgage Securities Trust Series 2015-C31,
+ 1.797%) Class ASB
8,838,479 4.592 12/01/40 8,978,507 287,298 3.540 08/15/48 277,424
FNMA REMIC Series 2017-16, Class FA(a) (SOFR + 0.564%) Morgan Stanley Bank of America Merrill Lynch Trust
681,872 5.852 03/25/47 657,360 Series 2014-C14, Class A5
FNMA REMIC Series 2017-91, Class GF(a) (SOFR + 0.464%) 2,128,694 4.064 02/15/47 2,113,391
1,644,844 5.752 11/25/47 1,576,784 Morgan Stanley Bank of America Merrill Lynch Trust
FNMA REMIC Series 2018-15, Class JF(a) (SOFR + 0.414%) Series 2015-C23, Class A4
893,218 5.702 03/25/48 853,529 550,000 3.719 07/15/50 526,577
FNMA REMIC Series 2018-3385, Class MA Morgan Stanley Bank of America Merrill Lynch Trust
838,750 4.500 06/01/48 808,984 Series 2015-C24, Class A3
FNMA REMIC Series 2018-4, Class FM(a) (SOFR + 0.414%) 2,053,239 3.479 05/15/48 1,959,154
2,187,303 5.702 02/25/48 2,089,918 TOTAL MORTGAGE-BACKED SECURITIES
FNMA REMIC Series 2019-41, Class FM(a) (SOFR + 0.564%)
(Cost $138,011,715) $134,874,924
1,062,094 5.852 08/25/49 1,021,738
FNMA REMIC Series 2019-6, Class KF(a) (SOFR + 0.564%)
1,774,434 5.852 03/25/49 1,720,009 Foreign Corporate Debt – 17.2%
FNMA REMIC Series 2020-6347, Class BM(a) (12M USD
LIBOR + 1.736%) Banks – 16.0%
9,438,314 4.336 02/01/41 9,575,675 ANZ New Zealand Int’l Ltd/London(a)(b) (New Zealand)
FNMA REMIC Series 2023-7262, Class BM(a) (12M USD (SOFR + 0.600%)
LIBOR + 1.796%) $ 500,000 5.935% 02/18/25 $ 498,899
11,200,107 4.658 02/01/45 11,361,649 Banco Santander SA (Spain)
FNMA REMIC Series 2023-7266, Class BM(a) (12M USD 200,000 3.892 05/24/24 196,950
LIBOR + 1.800%) (SOFR + 1.240%)
17,465,739 4.422 05/01/44 17,731,103 1,400,000 6.575(a) 05/24/24 1,406,657

112 The accompanying notes are an integral part of these financial statements.
 GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF

Principal Interest Maturity Principal Interest Maturity

Amount Rate Date Value Amount Rate Date Value

Foreign Corporate Debt – (continued) Foreign Corporate Debt – (continued)

Banks – (continued) Banks – (continued)

Banco Santander SA (Spain) – (continued) Lloyds Banking Group PLC (United Kingdom)
(US 1 Year CMT T-Note + 0.450%) $ 1,000,000 4.450% 05/08/25 $ 975,739
$ 1,000,000 5.742%(a) 06/30/24 $ 997,121 (US 1 Year CMT T-Note + 3.500%)
800,000 3.496 03/24/25 771,680 287,000 3.870(a) 07/09/25 281,393
Bank of Montreal, MTN (Canada) Macquarie Bank Ltd.(a)(b) (Australia)
573,000 2.150 03/08/24 562,502 (SOFR + 1.240%)
661,000 0.625 07/09/24 632,976 2,155,000 6.458 06/15/26 2,163,901
(SOFRINDX + 0.465%) Mitsubishi UFJ Financial Group, Inc. (Japan)
3,000,000 5.743(a) 01/10/25 2,987,470 1,000,000 2.193 02/25/25 948,995
Bank of Montreal(a) (Canada) (US 1 Year CMT T-Note + 0.550%)
(SOFRINDX + 1.330%) 1,040,000 0.953(a) 07/19/25 993,789
2,108,000 6.665 06/05/26 2,120,130 (SOFR + 1.385%)
Bank of Nova Scotia (The) (Canada) 1,529,000 6.581(a) 09/12/25 1,534,597
1,620,000 5.250 12/06/24 1,611,327 (SOFR + 0.940%)
2,241,000 5.450 06/12/25 2,229,534 2,400,000 6.275(a) 02/20/26 2,396,682
(SOFRINDX + 1.090%) Mizuho Financial Group, Inc.(a) (Japan)
1,191,000 6.294(a) 06/12/25 1,194,218 (3M U.S. T-Bill MMY + 0.872%)
Banque Federative du Credit Mutuel SA(b) (France) 1,259,000 0.849 09/08/24 1,258,377
1,298,000 0.650 02/27/24 1,265,586 National Australia Bank Ltd.(a)(b) (Australia)
Barclays PLC(a) (United Kingdom) (SOFR + 0.380%)
(US 1 Year CMT T-Note + 0.800%) 2,300,000 5.670 01/12/25 2,293,620
2,073,000 1.007 12/10/24 2,044,303 National Bank of Canada(a) (Canada)
BNP Paribas SA(b) (France) (SOFR + 0.490%)
1,970,000 3.800 01/10/24 1,953,087 655,000 5.825 08/06/24 653,276
BPCE SA (France) Nordea Bank Abp(b) (Finland)
238,000 5.700(b) 10/22/23 237,560 200,000 0.625 05/24/24 192,583
(SOFR + 0.570%) Royal Bank of Canada, GMTN (Canada)
1,100,000 5.865(a)(b) 01/14/25 1,095,118 (SOFRINDX + 0.340%)
Credit Suisse AG (Switzerland) 819,000 5.617(a) 10/07/24 815,666
396,000 7.950 01/09/25 404,199 (SOFRINDX + 0.440%)
Credit Suisse AG(a), Series FRN (Switzerland) 2,000,000 5.754(a) 01/21/25 1,990,569
(SOFRINDX + 1.260%) (SOFRINDX + 1.080%)
3,000,000 6.595 02/21/25 2,956,919 1,218,000 6.391(a) 07/20/26 1,218,147
Deutsche Bank AG, Series E (Germany) Santander UK Group Holdings PLC(a) (United Kingdom)
929,000 0.962 11/08/23 920,290 (SOFR + 0.787%)
(SOFR + 0.500%) 1,522,000 1.089 03/15/25 1,474,983
2,648,000 5.836(a) 11/08/23 2,645,703 Standard Chartered PLC(a)(b) (United Kingdom)
DNB Bank ASA(a)(b) (Norway) (US 1 Year CMT T-Note + 0.780%)
(SOFRINDX + 0.810%) 1,452,000 0.991 01/12/25 1,422,490
753,000 2.968 03/28/25 739,899 Sumitomo Mitsui Trust Bank Ltd. (Japan)
Federation des Caisses Desjardins du Quebec (Canada) (SOFR + 0.440%)
(SOFR + 0.430%) 1,854,000 5.655(a)(b) 09/16/24 1,847,001
1,895,000 5.765(a)(b) 05/21/24 1,891,244 (SOFR + 1.120%)
1,493,000 4.400(b) 08/23/25 1,451,046 2,699,000 6.306(a)(b) 03/09/26 2,704,822
HSBC Holdings PLC (United Kingdom) Svenska Handelsbanken AB(a)(b) (Sweden)
(SOFR + 0.580%) (SOFRINDX + 1.250%)
720,000 5.915(a) 11/22/24 718,623 2,950,000 6.468 06/15/26 2,976,499
(SOFR + 0.708%) Swedbank AB (Sweden)
1,033,000 0.976(a) 05/24/25 993,573 1,864,000 0.850(b) 03/18/24 1,814,493
ING Groep NV (Netherlands) (SOFRINDX + 1.380%)
4,181,000 3.550 04/09/24 4,123,418 3,991,000 6.598(a)(b) 06/15/26 4,019,893
(SOFRINDX + 1.640%) Toronto-Dominion Bank (The), MTN (Canada)
3,020,000 6.894(a) 03/28/26 3,038,959 (SOFR + 0.410%)
Intesa Sanpaolo SpA(b), Series XR (Italy) 4,000,000 5.688(a) 01/10/25 3,978,317
2,171,000 3.250 09/23/24 2,099,329 (SOFR + 1.080%)
2,000,000 6.378(a) 07/17/26 2,001,061

The accompanying notes are an integral part of these financial statements. 113
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF

Schedule of Investments (continued)

August 31, 2023

Principal Interest Maturity Principal Interest Maturity

Amount Rate Date Value Amount Rate Date Value

Foreign Corporate Debt – (continued) Corporate Obligations – (continued)

Banks – (continued) Banks – (continued)

Toronto-Dominion Bank (The), GMTN (Canada) Huntington National Bank (The)(a)
$ 859,000 3.250% 03/11/24 $ 847,547 (SOFRINDX + 1.190%)
UBS AG/London (Switzerland) $ 1,600,000 6.525% 05/16/25 $ 1,558,492
993,000 0.700(b) 08/09/24 946,989 JPMorgan Chase & Co.
(SOFR + 0.450%) (SOFR + 0.420%)
1,462,000 5.785(a)(b) 08/09/24 1,457,662 1,780,000 0.563%(a) 02/16/25 1,734,591
(SOFR + 0.470%) (3M U.S. T-Bill MMY + 0.540%)
3,500,000 5.762(a)(b) 01/13/25 3,488,116 1,043,000 0.824(a) 06/01/25 1,001,373
Westpac Banking Corp.(a) (Australia) (3M U.S. T-Bill MMY + 0.580%)
(SOFR + 0.300%) 4,283,000 0.969(a) 06/23/25 4,104,570
1,186,000 5.635 11/18/24 1,183,222 KeyBank NA
(SOFRINDX + 0.340%)
91,668,749
691,000 5.602(a) 01/03/24 689,833
Consumer Cyclical – 0.2% (SOFRINDX + 0.320%)
(a)(b)
BMW US Capital LLC (Germany) (SOFRINDX + 0.840%) 250,000 5.535(a) 06/14/24 245,026
1,231,000 6.102 04/01/25 1,236,260 Morgan Stanley(a)
Distributors – 0.4% (SOFR + 1.160%)
Daimler Truck Finance North America LLC(b) (Germany) 1,430,000 3.620 04/17/25 1,407,812
2,421,000 5.600 08/08/25 2,419,703 Morgan Stanley(a), MTN
(SOFR + 1.152%)
Energy – 0.1%
2,811,000 2.720 07/22/25 2,727,924
Enbridge, Inc.(a) (Canada) (SOFRINDX + 0.630%) Morgan Stanley Bank NA(a)
344,000 5.965 02/16/24 344,039 (SOFR + 0.780%)
Financial Company – 0.5% 5,913,000 6.096 07/16/25 5,918,321
AerCap Ireland Capital DAC / AerCap Global Aviation Trust State Street Corp.(a)
(Ireland) (SOFRINDX + 0.845%)
2,639,000 1.650 10/29/24 2,507,687 2,785,000 6.180 08/03/26 2,781,555
US Bancorp
TOTAL FOREIGN CORPORATE DEBT
960,000 3.375 02/05/24 950,081
(Cost $98,209,613) $ 98,176,438
US Bancorp, MTN
936,000 3.700 01/30/24 927,337
Wells Fargo Bank NA(a)
Corporate Obligations – 14.8%
(SOFR + 1.060%)
Banks – 7.9% 5,573,000 6.394 08/07/26 5,592,648
American Express Co. 45,323,272
(SOFR + 0.930%)
$ 1,854,000 6.265%(a) 03/04/25 $ 1,860,649 Basic Industry – 0.1%
(SOFR + 0.760%) Ecolab, Inc.
2,800,000 6.095(a) 02/13/26 2,793,643 272,000 0.900 12/15/23 268,142
Bank of America Corp.(a) Broadcasting – 0.1%
(SOFR + 1.100%) Fox Corp.
737,000 6.420 04/25/25 738,558 705,000 4.030 01/25/24 699,187
Bank of America Corp.(a), MTN
Consumer Cyclical – 1.2%
(SOFR + 0.670%)
7-Eleven, Inc.(b)
1,608,000 1.843 02/04/25 1,578,937
Bank of America NA(a) 544,000 0.800 02/10/24 531,742
(SOFR + 1.020%) General Motors Financial Co., Inc.(a)
(SOFRINDX + 1.300%)
3,000,000 6.355 08/18/26 3,009,377
3,000,000 6.576 04/07/25 3,002,139
Capital One Financial Corp.(a)
Starbucks Corp.(a)
(SOFR + 0.690%)
(SOFRINDX + 0.420%)
3,534,000 5.888 12/06/24 3,488,969
479,000 5.755 02/14/24 478,994
Charles Schwab Corp. (The)
Toyota Motor Credit Corp.(a)
1,250,000 0.750 03/18/24 1,215,679
(SOFRINDX + 0.890%)
(SOFRINDX + 0.500%)
2,461,000 6.225 05/18/26 2,471,374
1,000,000 5.722(a) 03/18/24 997,897

114 The accompanying notes are an integral part of these financial statements.
 GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF

Principal Interest Maturity Principal Interest Maturity

Amount Rate Date Value Amount Rate Date Value

Corporate Obligations – (continued) Corporate Obligations – (continued)

Consumer Cyclical – (continued) Insurance – (continued)

Toyota Motor Credit Corp.(a), MTN Principal Life Global Funding II(a)(b)
(SOFR + 0.380%) (SOFR + 0.900%)
$ 568,000 5.692% 02/22/24 $ 567,681 $ 2,340,000 6.233% 08/28/25 $ 2,339,824
7,051,930 Protective Life Global Funding(a)(b)
(SOFR + 0.980%)
Consumer Noncyclical – 1.3% 551,000 6.234 03/28/25 552,262
AbbVie, Inc.
2,000,000 2.600 11/21/24 1,930,418 15,233,680
Baxter International, Inc.(a) REITs and Real Estate – 0.2%
(SOFRINDX + 0.440%) Public Storage Operating Co.(a) (SOFR + 0.470%)
1,356,000 5.776 11/29/24 1,341,304 1,385,000 5.786 04/23/24 1,384,812
GE HealthCare Technologies, Inc.
Technology – 0.1%
3,067,000 5.550 11/15/24 3,058,565
Hewlett Packard Enterprise Co.
Pfizer Investment Enterprises Pte Ltd.
785,000 5.900 10/01/24 786,404
1,373,000 4.650 05/19/25 1,359,511
Take-Two Interactive Software, Inc.
7,689,798 23,000 3.300 03/28/24 22,643
Distributors – 0.2% 809,047
Hyundai Capital America(b)
TOTAL CORPORATE OBLIGATIONS
1,264,000 5.800 06/26/25 1,264,743
(Cost $84,775,806) $ 84,781,197
Electric – 0.6%
CenterPoint Energy, Inc.(a)
(SOFRINDX + 0.650%) U.S. Treasury Notes – 5.6%(c)
2,131,000 5.985 05/13/24 2,129,777
Eversource Energy U.S. Treasury Floating Rate Notes (3M USD T-Bill + 0.309%)
1,002,000 4.200 06/27/24 987,940 $10,803,600 5.553% 10/31/24 $ 10,812,683
NextEra Energy Capital Holdings, Inc. 1,215,400 5.582 04/30/25 1,215,747
41,000 6.051 03/01/25 41,170 U.S. Treasury Notes
8,149,000 3.875 03/31/25 8,001,299
3,158,887
4,322,000 3.875 04/30/25 4,243,157
Energy – 0.1% 3,460,400 4.625 06/30/25 3,441,071
Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc. 4,092,700 4.750 07/31/25 4,081,509
373,000 1.231 12/15/23 368,097
TOTAL U.S. TREASURY NOTES
Food and Beverage – 0.3% (Cost $31,914,542) $ 31,795,466
Kellogg Co.
1,542,000 2.650 12/01/23 1,529,602
Insurance – 2.7% Certificate of Deposits – 4.6%(c)
(a)(b)
Corebridge Global Funding Banco Santander SA (SOFR + 0.490%)
(SOFR + 0.380%) $ 2,000,000 5.790% 02/09/24 $ 2,000,180
1,390,000 5.598 12/15/23 1,389,501 Bayerische Landesbank/New York
Jackson National Life Global Funding(a)(b) 2,204,000 5.810 03/08/24 2,202,854
(SOFR + 1.150%) BNP Paribas
3,651,000 6.404 06/28/24 3,652,141 2,403,000 5.425 02/16/24 2,397,906
MassMutual Global Funding II Commonwealth Bank of Australia (SOFR + 0.400%)
(SOFR + 0.360%) 11,000 5.700 01/29/24 11,004
786,000 5.650(a)(b) 04/12/24 785,046 Cooperatieve Rabobank UA (SOFR + 0.490%)
(SOFR + 0.980%) 2,635,000 5.790 03/21/24 2,636,528
774,000 6.280(a)(b) 07/10/26 774,525 Landesbank Baden-Wuerttemberg/New York
New York Life Global Funding(a)(b) 2,437,000 5.215 01/17/24 2,431,273
(SOFRINDX + 0.610%)
Lloyds Bank Corporate Markets PLC (SOFR + 0.670%)
219,000 5.924 04/21/25 218,706
1,293,000 5.970 08/14/24 1,294,098
Pacific Life Global Funding II
Mizuho Bank Ltd. (SOFR + 0.180%)
(SOFRINDX + 0.860%)
65,000 5.480 09/05/23 65,000
1,004,000 6.081(a)(b) 06/16/25 1,006,229
Natixis NY
(SOFRINDX + 1.050%)
2,000,000 0.000(d) 07/25/24 2,000,680
4,500,000 6.383(a)(b) 07/28/26 4,515,446

The accompanying notes are an integral part of these financial statements. 115
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF

Schedule of Investments (continued)

August 31, 2023

Principal Interest Maturity Dividend

Amount Rate Date Value Shares Rate Value

(e)
Certificate of Deposits – (continued) Investment Company – 0.3%

Nordea Bank Abp (SOFR + 0.610%) Goldman Sachs Financial Square Government Fund –
$ 11,000 5.910% 01/04/24 $ 11,013 Institutional Shares
Royal Bank of Canada (SOFR + 0.700%) 1,456,006 5.234% $ 1,456,006
968,000 6.000 03/27/24 969,713 (Cost $1,456,006)
Standard Chartered Bank (SOFR + 0.640%)
2,388,000 5.940 02/20/24 2,390,483 Principal Interest Maturity
Sumitomo Mitsui Banking Corp. (SOFR + 0.700%) Amount Rate Date Value
3,295,000 6.000 08/14/24 3,295,817
Svenska Handelsbanken (SOFR + 0.570%) Short-Term Investments – 6.2%
1,884,000 5.870 01/09/24 1,886,091
Commercial Paper – 6.2%
Toronto Dominion Bank Bank of Montreal
1,633,000 5.510 04/03/24 1,635,343 $ 1,211,000 5.920% 09/02/24 $ 1,210,904
1,282,000 5.820 05/23/24 1,280,731 Bank of Nova Scotia
TOTAL CERTIFICATE OF DEPOSITS 2,951,000 5.580 02/09/24 2,875,779
(Cost $26,509,320) $ 26,508,714 Bayer Corp.
1,200,000 6.231 07/08/24 1,138,440
3,000,000 6.231 07/09/24 2,845,650
BofA Securities, Inc.
U.S. Government Agency Obligations – 1.2%(c)
964,000 5.440 02/08/24 961,956
Federal Farm Credit Banks Funding Corp. (SOFR + 0.160%) Collateralized Commercial Paper FLEX Co. LLC
$ 193,000 5.460% 08/04/25 $ 193,010 2,861,000 5.920 02/28/24 2,861,658
Federal Farm Credit Banks Funding Corp. (SOFR + 0.125%) Credit Suisse First Boston
157,000 5.425 02/04/25 157,005 1,949,000 7.117 11/02/23 1,930,777
Federal Farm Credit Banks Funding Corp. (SOFR + 0.145%) DNB Bank
3,236,000 5.841 07/31/24 3,068,343
123,000 5.445 04/28/25 123,014
Equitable Short Term Funding LLC
Federal Farm Credit Banks Funding Corp. (FEDL01 + 0.155%)
1,500,000 5.944 07/08/24 1,427,580
101,000 5.485 06/27/25 101,024 Federation des Caisses Desjardins du Quebec
Federal Farm Credit Banks Funding Corp. (SOFR + 0.115%) 2,365,000 5.452 02/14/24 2,303,936
58,000 5.415 12/03/24 57,993 Glencore Funding LLC
Federal Farm Credit Banks Funding Corp. (FCPR DLY + 2,174,000 6.031 02/01/24 2,120,368
-3.010%) HSBC Bank USA NA(a) (SOFR + 0.610%)
29,000 5.490 08/07/25 28,993 1,000,000 5.910 04/26/24 1,000,730
Federal Farm Credit Banks Funding Corp. (SOFR + 0.200%) HSBC USA Inc.
25,000 5.500 12/05/24 25,020 1,130,000 6.484 05/20/24 1,080,823
Federal Home Loan Banks 1,053,000 6.219 05/24/24 1,006,426
4,780,000 5.340 04/23/24 4,766,459 ING (US) Funding Corp
Federal Home Loan Banks (SOFR + 0.310%) 825,000 5.956 04/01/24 797,445
160,000 5.455 07/08/25 160,004 JP Morgan Securities LLC
335,000 5.455 08/22/25 334,872 994,000 5.960 08/02/24 994,354
Lloyds Bank Corporate Markets PLC
Federal Home Loan Banks (SOFR + 0.150%)
900,000 6.094 04/08/24 869,175
300,000 5.450 05/28/25 300,023
Macquarie Bank
Federal Home Loan Banks (SOFR + 0.120%) 1,725,000 5.570 02/15/24 1,726,000
100,000 5.420 01/03/25 100,011 Nordea Bank Abp(a)(b) (SOFR + 0.450%)
Federal Home Loan Banks (SOFR + 0.125%) 1,238,000 5.749 01/18/27 1,238,693
100,000 5.425 02/03/25 100,003 Skandinaviska Enskilda Banken AB
Federal Home Loan Banks (SOFR + 0.135%) 1,900,000 5.950 05/31/24 1,901,957
100,000 5.435 05/02/25 99,988 998,000 5.880 08/02/24 997,544
Federal Home Loan Banks (SOFR + 0.160%) Societe Generale SA
65,000 5.460 08/08/25 65,003 1,355,000 5.413 02/09/24 1,321,057
Federal Home Loan Banks (SOFR + 0.115%) TOTAL SHORT-TERM INVESTMENTS
50,000 5.415 11/06/24 50,003 (Cost $35,678,679) $ 35,679,595
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
TOTAL INVESTMENTS – 99.5%
(Cost $6,676,021) $ 6,662,425 (Cost $573,164,091) $568,932,494
OTHER ASSETS IN EXCESS OF
LIABILITIES – 0.5% 3,376,499
NET ASSETS – 100.0% $572,308,993
116 The accompanying notes are an integral part of these financial statements.
 GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF

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 August 31, 2023.
(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) Issued with a zero coupon. Income is recognized through the accretion
of discount.
(e) Represents an affiliated issuer.

Investment Abbreviations:
CLO —Collateralized Loan Obligation
CMT —Constant Maturity Treasury Index
FHLMC —Federal Home Loan Mortgage Corp.
FNMA —Federal National Mortgage Association
GNMA —Government National Mortgage Association
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

The accompanying notes are an integral part of these financial statements. 117
GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Statements of Assets and Liabilities

August 31, 2023
Access
Access Investment
Access Access Inflation Grade
Emerging High Yield Protected Corporate
Markets USD Corporate USD 1-5 Year
Bond ETF Bond ETF Bond ETF Bond ETF

Assets:

Investments in unaffiliated issuers, at value (cost $53,792,125,

$103,471,231, $128,080,755 and $9,313,342, respectively) $50,393,607 $ 98,479,122 $110,472,852 $9,046,635
Investments in affiliated issuers, at value (cost $255,051, $1,043,475,
$536,220 and $—, respectively) 255,051 1,043,475 536,220 —
Cash 64,871 58,516 50,001 42,339
Foreign currency, at value (cost $107, $—, $— and $—, respectively) 112 — — —
Receivables:
Dividends and interest 763,833 1,597,277 94,805 92,084
Investments sold — — — 297,970
Fund shares sold — 4,303,637 — —
Reimbursement from investment adviser — — — 16,502

Total assets 51,477,474 105,482,027 111,153,878 9,495,530

Liabilities:

Payables:
Management fees 16,842 27,694 11,204 —
Investments purchased — 4,205,662 — 293,550
Fund shares redeemed — 1,295 — —

Total liabilities 16,842 4,234,651 11,204 293,550

Net Assets:

Paid-in capital 59,656,409 109,313,052 133,525,088 9,692,603

Total distributable loss (8,195,777) (8,065,676) (22,382,414) (490,623)

NET ASSETS $51,460,632 $101,247,376 $111,142,674 $9,201,980

SHARES ISSUED AND OUTSTANDING

Shares outstanding no par value (unlimited shares authorized): 1,300,000 2,350,000 2,300,000 200,000
Net asset value per share: $39.59 $43.08 $48.32 $46.01

118 The accompanying notes are an integral part of these financial statements.
 GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Statements of Assets and Liabilities (continued)

August 31, 2023

Access
Investment Access
Grade Treasury Access U.S. Access Ultra
Corporate 0-1 Year Aggregate Short
Bond ETF ETF Bond ETF Bond ETF

Assets:

Investments in unaffiliated issuers, at value (cost $750,937,865,

$6,013,943,464, $546,614,395 and $571,708,085, respectively) $673,621,775 $6,012,734,133 $515,576,846 $567,476,488
Investments in affiliated issuers, at value (cost $1,389,970, $—,
$45,185,528 and $1,456,006, respectively) 1,389,970 — 45,185,528 1,456,006
Cash 51,338 18,267,931 7,671,389 680,041
Receivables:
Fund shares sold 55,724,627 60,041,396 — —
Dividends and interest 7,785,160 70,615 2,579,889 3,144,810
Investments sold — 15,008,883 25,777,793 198,976
Collateral on certain derivative contracts — — 260,000 —

Total assets 738,572,870 6,106,122,958 597,051,445 572,956,321

Liabilities:

Payables:
Investments purchased 55,658,665 77,318,090 78,686,039 568,972
Management fees 73,685 578,290 51,813 78,356
Fund shares redeemed — 15,010,349 — —
Forward sale contract, at value (proceeds received $–, $–,
$25,777,793 and $–) — — 25,680,859 —

Total liabilities 55,732,350 92,906,729 104,418,711 647,328

Net Assets:

Paid-in capital 766,932,292 6,000,314,049 556,101,479 577,075,058

Total distributable earnings (loss) (84,091,772) 12,902,180 (63,468,745) (4,766,065)

NET ASSETS $682,840,520 $6,013,216,229 $492,632,734 $572,308,993

SHARES ISSUED AND OUTSTANDING

Shares outstanding no par value (unlimited shares authorized): 15,300,000 60,090,000 12,050,000 11,450,000
Net asset value per share: $44.63 $100.07 $40.88 $49.98

The accompanying notes are an integral part of these financial statements. 119
GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Statements of Operations
For the Fiscal Year Ended August 31, 2023
Access
Access Investment
Access Access Inflation Grade
Emerging High Yield Protected Corporate
Markets USD Corporate USD 1-5 Year
Bond ETF Bond ETF Bond ETF Bond ETF

Investment income:

Interest $2,835,155 $ 7,442,384 $ 2,594,153 $ 233,715

Dividends from Affiliated Underlying Funds 10,344 65,895 14,605 456

Total investment income 2,845,499 7,508,279 2,608,758 234,171

Expenses:

Management fees 185,479 375,372 126,534 —

Trustee fees 19,539 28,221 28,627 10,069

Total expenses 205,018 403,593 155,161 10,069

Less — expense reductions (103,665) (2,766) (572) (25)

Net expenses 101,353 400,827 154,589 10,044

NET INVESTMENT INCOME 2,744,146 7,107,452 2,454,169 224,127

Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers (598,489) (1,537,579) (5,216,590) (90,151)
In-kind redemptions (391,630) (8,514,627) (4,696,766) (734,944)
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers 802,190 11,327,064 1,518,317 683,678
Foreign currency translations 5 — — —

Net realized and unrealized gain (loss) (187,924) 1,274,858 (8,395,039) (141,417)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM

OPERATIONS $2,556,222 $ 8,382,310 $(5,940,870) $ 82,710

120 The accompanying notes are an integral part of these financial statements.
 GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Statements of Operations (continued)

For the Fiscal Year Ended August 31, 2023

Access
Investment Access
Grade Treasury Access U.S. Access Ultra
Corporate 0-1 Year Aggregate Short
Bond ETF ETF Bond ETF Bond ETF

Investment income:

Interest $ 21,539,863 $209,636,255 $ 13,323,797 $23,524,441

Dividends from Affiliated Underlying Funds 75,243 — 2,560,135 468,432

Total investment income 21,615,106 209,636,255 15,883,932 23,992,873

Expenses:

Management fees 779,468 6,699,821 591,536 1,051,424

Trustee fees 39,683 120,655 35,579 37,653

Total expenses 819,151 6,820,476 627,115 1,089,077

Less — expense reductions (2,877) (974,746) (102,427) (235,958)

Net expenses 816,274 5,845,730 524,688 853,119

NET INVESTMENT INCOME 20,798,832 203,790,525 15,359,244 23,139,754

Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers (2,811,388) (7,344,918) (23,783,112) (1,318,987)
In-kind redemptions (32,226,204) (1,857,001) (283,693) —
Short sales — — 831,523 —
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers 13,508,820 3,865,995 295,470 1,300,628
Forward Sales Contracts — — 96,934 —

Net realized and unrealized loss (21,528,772) (5,335,924) (22,842,878) (18,359)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM

OPERATIONS $ (729,940) $198,454,601 $ (7,483,634) $23,121,395

The accompanying notes are an integral part of these financial statements. 121
GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Statements of Changes in Net Assets

Access Emerging Markets USD Access High Yield Corporate
Bond ETF Bond ETF

For the Period

For the Fiscal February 15, 2022* For the Fiscal For the Fiscal
Year Ended to Year Ended Year Ended
August 31, 2023 August 31, 2022 August 31, 2023 August 31, 2022

From operations:

Net investment income $ 2,744,146 $ 1,656,363 $ 7,107,452 $ 8,411,692

Net realized loss (990,119) (7,031,328) (10,052,206) (7,310,869)
Net change in unrealized gain (loss) 802,195 (4,200,708) 11,327,064 (22,228,548)

Net increase (decrease) in net assets resulting from

operations 2,556,222 (9,575,673) 8,382,310 (21,127,725)

Distributions to shareholders:

From distributable earnings (2,675,655) (1,465,872) (7,421,417) (8,962,167)

From share transactions:

Proceeds from sales of shares 29,017,966 80,817,061 63,776,945 114,021,025

Cost of shares redeemed (9,900,147) (37,313,270) (97,999,816) (181,256,065)

Net increase (decrease) in net assets resulting from share

transactions 19,117,819 43,503,791 (34,222,871) (67,235,040)

TOTAL INCREASE (DECREASE) 18,998,386 32,462,246 (33,261,978) (97,324,932)

Net assets:

Beginning of period $32,462,246 $ — $134,509,354 $ 231,834,286

End of period $51,460,632 $ 32,462,246 $101,247,376 $ 134,509,354

* Commencement of operations.

122 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 Inflation Protected Access Investment Grade Corporate
USD Bond ETF 1-5 Year Bond ETF

For the Fiscal For the Fiscal For the Fiscal For the Fiscal
Year Ended Year Ended Year Ended Year Ended
August 31, 2023 August 31, 2022 August 31, 2023 August 31, 2022

From operations:

Net investment income $ 2,454,169 $ 11,658,250 $ 224,127 $ 266,263

Net realized loss (9,913,356) (883,447) (825,095) (568,392)
Net change in unrealized gain (loss) 1,518,317 (22,100,414) 683,678 (1,047,201)

Net increase (decrease) in net assets resulting from operations (5,940,870) (11,325,611) 82,710 (1,349,330)

Distributions to shareholders:

From distributable earnings (4,179,323) (10,540,936) (224,601) (290,343)

From share transactions:

Proceeds from sales of shares 21,918,076 93,221,061 4,638,826 9,666,322

Cost of shares redeemed (66,027,253) (52,293,928) (11,557,399) (21,931,891)

Net increase (decrease) in net assets resulting from share

transactions (44,109,177) 40,927,133 (6,918,573) (12,265,569)

TOTAL INCREASE (DECREASE) (54,229,370) 19,060,586 (7,060,464) (13,905,242)

Net assets:

Beginning of year $165,372,044 $146,311,458 $ 16,262,444 $ 30,167,686

End of year $111,142,674 $165,372,044 $ 9,201,980 $ 16,262,444

The accompanying notes are an integral part of these financial statements. 123
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 Fiscal For the Fiscal For the Fiscal For the Fiscal
Year Ended Year Ended Year Ended Year Ended
August 31, 2023 August 31, 2022 August 31, 2023 August 31, 2022

From operations:

Net investment income $ 20,798,832 $ 18,155,167 $ 203,790,525 $ 11,318,812

Net realized loss (35,037,592) (23,226,589) (9,201,919) (4,211,303)
Net change in unrealized gain (loss) 13,508,820 (114,811,678) 3,865,995 (5,114,563)

Net increase (decrease) in net assets resulting from

operations (729,940) (119,883,100) 198,454,601 1,992,946

Distributions to shareholders:

From distributable earnings (20,409,959) (18,399,303) (182,430,853) (6,806,393)

From share transactions:

Proceeds from sales of shares 313,013,296 311,310,364 5,065,135,094 2,207,541,510

Cost of shares redeemed (243,562,494) (314,616,517) (2,155,004,089) (973,326,888)

Net increase (decrease) in net assets resulting from share

transactions 69,450,802 (3,306,153) 2,910,131,005 1,234,214,622

TOTAL INCREASE (DECREASE) 48,310,903 (141,588,556) 2,926,154,753 1,229,401,175

Net assets:

Beginning of year $ 634,529,617 $ 776,118,173 $ 3,087,061,476 $1,857,660,301

End of year $ 682,840,520 $ 634,529,617 $ 6,013,216,229 $3,087,061,476

124 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 U.S. Aggregate Bond ETF Access Ultra Short Bond ETF

For the Fiscal For the Fiscal For the Fiscal For the Fiscal
Year Ended Year Ended Year Ended Year Ended
August 31, 2023 August 31, 2022 August 31, 2023 August 31, 2022

From operations:

Net investment income $ 15,359,244 $ 4,477,355 $ 23,139,754 $ 4,094,472

Net realized loss (23,235,282) (11,130,499) (1,318,987) (195,941)
Net change in unrealized gain (loss) 392,404 (30,653,086) 1,300,628 (6,100,886)

Net increase (decrease) in net assets resulting from operations (7,483,634) (37,306,230) 23,121,395 (2,202,355)

Distributions to shareholders:

From distributable earnings (14,281,841) (3,918,777) (22,160,976) (4,021,476)

From share transactions:

Proceeds from sales of shares 89,594,586 254,499,846 261,247,087 290,217,807

Cost of shares redeemed (8,300,985) — (193,095,071) (111,670,925)

Net increase in net assets resulting from share transactions 81,293,601 254,499,846 68,152,016 178,546,882

TOTAL INCREASE 59,528,126 213,274,839 69,112,435 172,323,051

Net assets:

Beginning of year $433,104,608 $219,829,769 $ 503,196,558 $ 330,873,507

End of year $492,632,734 $433,104,608 $ 572,308,993 $ 503,196,558

The accompanying notes are an integral part of these financial statements. 125
GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Financial Highlights
Selected Data for a Share Outstanding Throughout Each Period

Access Emerging Markets USD Bond ETF

For the Period

For the Fiscal February 15, 2022*
Year Ended to
August 31, 2023 August 31, 2022

Per Share Operating Performance:

Net asset value, beginning of period $ 40.58 $ 49.68

Net investment income(a) 2.40 1.33

Net realized and unrealized loss (1.02) (9.29)

Total gain (loss) from investment operations 1.38 (7.96)

Distributions to shareholders from net investment income (2.37) (1.14)

Net asset value, end of period $ 39.59 $ 40.58

Market price, end of period $ 39.64 $ 40.13

Total Return at Net Asset Value(b) 3.54% (16.11)%

Net assets, end of period (in 000’s) $51,461 $32,462

Ratio of net expenses to average net assets 0.22% 0.00%(c)
Ratio of total expenses to average net assets 0.45% 0.45%(c)
Ratio of net investment income to average net assets 6.02% 5.67%(c)
Portfolio turnover rate(d) 8% 34%

* 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.

126 The accompanying notes are an integral part of these financial statements.
 GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year

Access High Yield Corporate Bond ETF

For the Fiscal Year Ended August 31,

2023 2022 2021 2020 2019

Per Share Operating Performance:

Net asset value, beginning of year $ 42.70 $ 50.40 $ 49.29 $ 49.42 $ 48.86

Net investment income(a) 2.55 2.21 2.24 2.49 2.75

Net realized and unrealized gain (loss) 0.39 (7.63) 1.15 (0.15) 0.61

Total gain (loss) from investment operations 2.94 (5.42) 3.39 2.34 3.36

Distributions to shareholders from net investment income (2.56) (2.28) (2.28) (2.47) (2.80)

Net asset value, end of year $ 43.08 $ 42.70 $ 50.40 $ 49.29 $ 49.42

Market price, end of year $ 43.04 $ 42.28 $ 50.38 $ 49.23 $ 49.24

Total Return at Net Asset Value(b) 7.13% (11.07)% 7.05% 4.94% 7.20%

Net assets, end of year (in 000’s) $101,247 $134,509 $231,834 $150,347 $76,602
Ratio of net expenses to average net assets 0.34% 0.34% 0.34% 0.34% 0.34%
Ratio of net investment income to average net assets 5.99% 4.69% 4.49% 5.15% 5.67%
Portfolio turnover rate(c) 14% 15% 22% 22% 23%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions and a complete sale of the investment at the net asset value at
the end of the year. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares.
(c) 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. 127
GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Access Inflation Protected USD Bond ETF

For the Period

For the Fiscal Year Ended August 31, October 2, 2018*
to
2023 2022 2021 2020 August 31, 2019

Per Share Operating Performance:

Net asset value, beginning of period $ 51.68 $ 58.52 $ 56.96 $ 53.11 $50.00

Net investment income(a) 0.93 3.70 2.85 0.33 1.27

Net realized and unrealized gain (loss) (2.78) (7.14) 0.30 4.18 2.98

Total gain (loss) from investment operations (1.85) (3.44) 3.15 4.51 4.25

Distributions to shareholders from net investment income (1.51) (3.40) (1.59) (0.61) (1.14)
Distributions to shareholders from net realized gains — — — (0.04) —
Distributions to shareholders from return of capital — — — (0.01) —

Total distributions to shareholders (1.51) (3.40) (1.59) (0.66) (1.14)

Net asset value, end of period $ 48.32 $ 51.68 $ 58.52 $ 56.96 $53.11

Market price, end of period $ 48.36 $ 51.64 $ 58.54 $ 57.00 $53.08

Total Return at Net Asset Value(b) (3.64)% (6.08)% 5.62% 8.57% 8.61%

Net assets, end of period (in 000’s) $111,143 $165,372 $146,311 $31,330 $7,966
Ratio of net expenses to average net assets 0.12% 0.12% 0.12% 0.12% 0.12%(c)
Ratio of net investment income to average net assets 1.90% 6.63% 4.96% 0.61% 2.74%(c)
Portfolio turnover rate(d) 30% 18% 56% 43% 36%

* 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.

128 The accompanying notes are an integral part of these financial statements.
 GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Access Investment Grade Corporate 1-5 Year Bond ETF

For the Period

For the Fiscal Year Ended August 31, July 7, 2020*
to
2023 2022 2021 August 31, 2020

Per Share Operating Performance:

Net asset value, beginning of period $46.46 $ 50.28 $ 50.21 $ 49.89

Net investment income(a) 1.43 0.62 0.41 0.06

Net realized and unrealized gain (loss) (0.47) (3.77) 0.14 0.29

Total gain (loss) from investment operations 0.96 (3.15) 0.55 0.35

Distributions to shareholders from net investment income (1.41) (0.67) (0.48) (0.03)

Net asset value, end of period $46.01 $ 46.46 $ 50.28 $ 50.21

Market price, end of period $46.03 $ 46.38 $ 50.30 $ 50.28

Total Return at Net Asset Value(b) 2.11% (6.30)% 1.10% 0.70%

Net assets, end of period (in 000’s) $9,202 $16,262 $30,168 $27,617
Ratio of net expenses to average net assets 0.14% 0.14% 0.14% 0.14%(c)
Ratio of net investment income to average net assets 3.12% 1.27% 0.82% 0.73%(c)
Portfolio turnover rate(d) 37% 45% 32% 3%

* 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. 129
GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year

Access Investment Grade Corporate Bond ETF

For the Fiscal Year Ended August 31,

2023 2022 2021 2020 2019

Per Share Operating Performance:

Net asset value, beginning of year $ 45.81 $ 55.24 $ 55.39 $ 52.87 $ 48.31
(a)
Net investment income 1.59 1.27 1.26 1.59 1.74
Net realized and unrealized gain (loss) (1.23) (9.43) (0.14) 2.54 4.52

Total gain (loss) from investment operations 0.36 (8.16) 1.12 4.13 6.26

Distributions to shareholders from net investment income (1.54) (1.27) (1.27) (1.61) (1.70)

Net asset value, end of year $ 44.63 $ 45.81 $ 55.24 $ 55.39 $ 52.87

Market price, end of year $ 44.63 $ 45.61 $ 55.19 $ 55.47 $ 52.90

(b)
Total Return at Net Asset Value 0.84% (14.96)% 2.07% 7.95% 13.35%

Net assets, end of year (in 000’s) $682,841 $634,530 $776,118 $642,578 $526,049
Ratio of net expenses to average net assets 0.14% 0.14% 0.14% 0.14% 0.14%
Ratio of net investment income to average net assets 3.55% 2.50% 2.30% 3.00% 3.54%
Portfolio turnover rate(c) 5% 12% 11% 9% 13%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions and a complete sale of the investment at the net asset value at
the end of the year. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares.
(c) 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.

130 The accompanying notes are an integral part of these financial statements.
 GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year

Access Treasury 0-1 Year ETF

For the Fiscal Year Ended August 31,

2023 2022 2021 2020 2019

Per Share Operating Performance:

Net asset value, beginning of year $ 99.84 $ 100.09 $ 100.44 $ 100.38 $ 100.16
(a)
Net investment income (loss) 4.17 0.52 (0.02) 1.13 2.23
Net realized and unrealized gain (loss) (0.26) (0.51) (0.01) 0.29 0.15

Total gain (loss) from investment operations 3.91 0.01 (0.03) 1.42 2.38

Distributions to shareholders from net investment income (3.68) (0.26) (0.27) (1.36) (2.16)
Distributions to shareholders from return of capital — — (0.05) — —

Total distributions to shareholders (3.68) (0.26) (0.32) (1.36) (2.16)

Net asset value, end of year $ 100.07 $ 99.84 $ 100.09 $ 100.44 $ 100.38

Market price, end of year $ 100.12 $ 99.88 $ 100.08 $ 100.45 $ 100.40

Total Return at Net Asset Value(b) 3.99% 0.01% (0.03)% 1.42% 2.40%

Net assets, end of year (in 000’s) $6,013,216 $3,087,061 $1,857,660 $3,045,396 $3,174,026
Ratio of net expenses to average net assets 0.12% 0.12% 0.12% 0.12% 0.12%
Ratio of total expenses to average net assets 0.14% 0.14% 0.14% 0.14% 0.14%
Ratio of net investment income (loss) to average net assets 4.18% 0.52% (0.02)% 1.13% 2.22%
Portfolio turnover rate(c) —% —% —% —% —%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions and a complete sale of the investment at the net asset value at
the end of the year. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares.
(c) 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. 131
GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Access U.S. Aggregate Bond ETF

For the Fiscal For the Period

Year Ended August 31, September 8, 2020*
to
2023 2022 August 31, 2021

Per Share Operating Performance:

Net asset value, beginning of period $ 42.88 $ 49.40 $ 50.03

Net investment income(a) 1.42 0.67 0.37

Net realized and unrealized loss (2.10) (6.62) (0.63)

Total loss from investment operations (0.68) (5.95) (0.26)

Distributions to shareholders from net investment income (1.32) (0.57) (0.37)

Net asset value, end of period $ 40.88 $ 42.88 $ 49.40

Market price, end of period $ 40.99 $ 42.93 $ 49.38

Total Return at Net Asset Value(b) (1.58)% (12.12)% (0.52)%

Net assets, end of period (in 000’s) $492,633 $433,105 $219,827

Ratio of net expenses to average net assets 0.12% 0.10% 0.11%(c)
Ratio of total expenses to average net assets 0.14% 0.14% 0.14%(c)
Ratio of net investment income to average net assets 3.43% 1.48% 0.77%(c)
Portfolio turnover rate(d) 481% 522% 525%

* 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.

132 The accompanying notes are an integral part of these financial statements.
 GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Access Ultra Short Bond ETF

For the Period

For the Fiscal Year Ended August 31, April 15, 2019*
to
2023 2022 2021 2020 August 31, 2019

Per Share Operating Performance:

Net asset value, beginning of period $ 49.95 $ 50.71 $ 50.77 $ 50.49 $ 50.00

Net investment income(a) 2.12 0.49 0.28 0.73 0.52

Net realized and unrealized gain (loss) (0.05) (0.79) 0.02 0.42 0.34

Total gain (loss) from investment operations 2.07 (0.30) 0.30 1.15 0.86

Distributions to shareholders from net investment income (2.04) (0.46) (0.36) (0.87) (0.37)

Net asset value, end of period $ 49.98 $ 49.95 $ 50.71 $ 50.77 $ 50.49

Market price, end of period $ 49.99 $ 49.95 $ 50.71 $ 50.78 $ 50.51

Total Return at Net Asset Value(b) 4.25% (0.58)% 0.59% 2.28% 1.75%

Net assets, end of period (in 000’s) $572,309 $503,197 $330,874 $149,765 $15,148
Ratio of net expenses to average net assets 0.16% 0.15% 0.16% 0.16% 0.16%(c)
Ratio of total expenses to average net assets 0.20% 0.20% 0.20% 0.20% 0.20%(c)
Ratio of net investment income to average net assets 4.25% 0.98% 0.55% 1.45% 2.72%(c)
Portfolio turnover rate(d) 76% 37% 51% 63% 66%

* 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. 133
GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Notes to Financial Statements

August 31, 2023

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:
Diversification
Fund 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

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.
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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. For treasury inflation protected securities, adjustments to principal due to inflation/
deflation are reflected as increases/decreases to interest income with a corresponding adjustment to cost.

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).

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Notes to Financial Statements (continued)

August 31, 2023

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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. With respect to a Fund’s investments
that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform
fair valuations pursuant to Rule 2a-5 under the Act (the “Valuation Designee”). GSAM has 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. 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.

i. Commercial Paper — Commercial paper normally represents short-term unsecured promissory notes issued in bearer
form by banks or bank holding companies, corporations, finance companies and other issuers. Commercial paper consists of
direct U.S. dollar-denominated obligations of domestic or foreign issuers. Asset-backed commercial paper is issued by a
special purpose entity that is organized to issue the commercial paper and to purchase trade receivables or other financial
assets.

ii. Mortgage-Backed and Asset-Backed Securities — Mortgage-backed securities represent direct or indirect
participations in, or are collateralized by and payable from, mortgage loans secured by residential and/or commercial real
estate property. Asset-backed securities include securities whose principal and interest payments are collateralized by pools of
other assets or receivables. The value of certain mortgage-backed and asset-backed securities (including adjustable rate
mortgage loans) may be particularly sensitive to changes in prevailing interest rates. The value of these securities may also
fluctuate in response to the market’s perception of the creditworthiness of the issuers.

Asset-backed securities may present credit risks that are not presented by mortgage-backed securities because they generally
do not have the benefit of a security interest in collateral that is comparable to mortgage assets. Some asset-backed securities
may only have a subordinated claim on collateral.

Stripped mortgage-backed securities are usually structured with two different classes: one that receives substantially all
interest payments (interest-only, or “IO” and/or high coupon rate with relatively low principal amount, or “IOette”), and the
other that receives substantially all principal payments (principal-only, or “PO”) from a pool of mortgage loans. Little to no
principal will be received at the maturity of an IO; as a result, periodic adjustments are recorded to reduce the cost of the
security until maturity. These adjustments are included in interest income.

iii. Treasury Inflation Protected Securities — TIPS are treasury securities in which the principal amount is adjusted
daily to keep pace with inflation, as measured by the U.S. Consumer Pricing Index for Urban Consumers. The repayment of
the original bond principal upon maturity is guaranteed by the full faith and credit of the U.S. Government.

iv. When-Issued Securities and Forward Commitments — When-issued securities, including TBA (“To Be
Announced”) securities, are securities that are authorized but not yet issued in the market and purchased in order to secure
what is considered to be an advantageous price or yield to a Fund. A forward commitment involves entering into a contract to
purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of
securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased
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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the
value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a
when-issued or forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose
of when-issued securities or forward commitments prior to settlement, which may result in a realized gain or loss. For
financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received,
if any, is reported separately on the Statement(s) of Assets and Liabilities as receivables/payables for collateral on other
investments. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Money Market
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 Money Market Fund’s accounting
policies and investment holdings, please see the Underlying Money Market 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 the Valuation Procedures. 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 and derivatives classified in the fair value
hierarchy as of August 31, 2023:
ACCESS EMERGING MARKETS USD BOND ETF

Investment Type Level 1 Level 2 Level 3

Assets
Fixed Income
Sovereign Debt Obligations $ — $42,949,004 $ —
Corporate Obligations — 7,444,603 —
Investment Company 255,051 — —

Total $ 255,051 $50,393,607 $ —

ACCESS HIGH YIELD CORPORATE BOND ETF

Investment Type Level 1 Level 2 Level 3

Assets
Fixed Income
Corporate Obligations $ — $92,314,782 $ —
Foreign Bonds — 6,164,340 —
Investment Company 1,043,475 — —

Total $1,043,475 $98,479,122 $ —

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Notes to Financial Statements (continued)

August 31, 2023

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 $ 110,472,852 $ — $ —
Investment Company 536,220 — —

Total $ 111,009,072 $ — $ —

ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND ETF

Investment Type Level 1 Level 2 Level 3

Assets
Fixed Income
Corporate Obligations $ — $ 7,497,114 $ —
Foreign Bonds — 1,549,521 —

Total $ — $ 9,046,635 $ —

ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Investment Type Level 1 Level 2 Level 3

Assets
Fixed Income
Corporate Obligations $ — $541,179,138 $ —
Foreign Bonds — 132,442,637 —
Investment Company 1,389,970 — —

Total $ 1,389,970 $673,621,775 $ —

ACCESS TREASURY 0-1 YEAR ETF

Investment Type Level 1 Level 2 Level 3

Assets
Fixed Income
U.S. Treasury Bills $5,752,215,364 $ — $ —
U.S. Treasury Notes 260,518,769 — —

Total $6,012,734,133 $ — $ —

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

ACCESS U.S. AGGREGATE BOND ETF

Investment Type Level 1 Level 2 Level 3

Assets
Fixed Income
U.S. Treasury Notes $157,549,320 $ — $ —
Mortgage-Backed Securities — 155,145,959 —
Corporate Obligations — 101,224,016 —
U.S. Treasury Bonds 42,987,242 — —
Foreign Corporate Debt — 25,351,586 —
U.S. Treasury Obligations 22,160,639 — —
Sovereign Debt Obligations 204,586 10,953,498 —
Investment Company 45,185,528 — —

Total $268,087,315 $292,675,059 $ —

Liabilities
Forward Sales Contracts $ — $ (25,680,859) $ —

ACCESS ULTRA SHORT BOND ETF

Investment Type Level 1 Level 2 Level 3

Assets
Fixed Income
Asset- Backed Securities $ — $148,997,729 $ —
Mortgage-Backed Securities — 134,874,924 —
Foreign Corporate Debt — 98,176,438 —
Corporate Obligations — 84,781,197 —
Commercial Paper — 35,679,595 —
U.S. Treasury Notes 31,795,466 — —
U.S. Government Agency Obligations — 6,662,425 —
Investment Company 1,456,006 — —
Certificate of Deposits — 26,508,714 —

Total $ 33,251,472 $535,681,022 $ —

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
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GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Notes to Financial Statements (continued)

August 31, 2023

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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.
For the fiscal year ended August 31, 2023, contractual and effective net unitary management fees with GSAM were at the
following rates:
Contractual Unitary Effective Net Unitary
Fund Management Fee Management Fee*

Access Emerging Markets USD Bond ETF 0.45% 0.22%

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% 0.12%

Access Ultra Short Bond ETF 0.20% 0.16%

* 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
0.39%, 0.12%, and 0.16% as an annual percentage rate of average daily net assets of the Access Emerging Markets USD Bond
ETF, Access Treasury 0-1 Year ETF, and Access Ultra Short Bond ETF, respectively. These arrangements will remain in effect
through at least December 29, 2023 for Access Treasury 0-1 Year ETF and Access Ultra Short Bond ETF and through at least
February 17, 2025 for Access Emerging Markets USD Bond ETF and prior to such dates the Investment Adviser may not
terminate the arrangements without the approval of the Board of Trustees. Prior to February 17, 2023, GSAM agreed to waive
100% of its management fee of the Access Emerging Markets USD Bond ETF. For the fiscal year ended August 31, 2023, GSAM
waived $103,665, $974,746 and $217,815 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 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 U.S.
Aggregate Bond ETF and Access Ultra Short 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 fiscal year ended August 31, 2023, the management fee waived by GSAM for each Fund was as follows:
Management Fee
Fund Waived

Access High Yield Corporate Bond ETF $ 2,766

Access Inflation Protected USD Bond ETF 572

Access Investment Grade Corporate 1-5 Year Bond ETF 25

Access Investment Grade Corporate Bond ETF 2,877

Access U.S. Aggregate Bond ETF 102,427

Access Ultra Short Bond ETF 18,143

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 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 fiscal year ended August 31, 2023:
Beginning Ending Shares
value as of Purchases Proceeds value as of as of Dividend
Fund August 31, 2022 at Cost from Sales August 31, 2023 August 31, 2023 Income

Access Emerging Markets USD Bond ETF $ 483,412 $ 3,164,341 $ (3,392,702) $ 255,051 $ 255,051 $ 10,344

Access High Yield Corporate Bond ETF 3,157,357 15,548,490 (17,662,372) 1,043,475 1,043,475 65,895

Access Inflation Protected USD Bond ETF 350,717 4,939,299 (4,753,796) 536,220 536,220 14,605

Access Investment Grade Corporate 1-5 Year Bond ETF 155,769 239,961 (395,730) — — 456

Access Investment Grade Corporate Bond ETF 1,956,966 34,207,707 (34,774,703) 1,389,970 1,389,970 75,243

Access U.S. Aggregate Bond ETF 99,745,844 69,852,001 (124,412,317) 45,185,528 45,185,528 2,560,135

Access Ultra Short Bond ETF 4,270,757 446,255,166 (449,069,917) 1,456,006 1,456,006 468,432

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 Fiscal Year Ended For the Period February 15, 2022*
August 31, 2023 through August 31, 2022

Shares Dollars Shares Dollars

Fund Share Activity

Shares Sold 750,000 $ 28,984,486 1,700,000 $ 80,549,718
Shares Redeemed (250,000) (9,894,477) (900,000) (37,275,101)

NET INCREASE IN SHARES 500,000 $ 19,090,009 800,000 $ 43,274,617

* Commencement of operations.

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Notes to Financial Statements (continued)

August 31, 2023

5. CREATION AND REDEMPTION OF CREATION UNITS (continued)

Access High Yield Corporate Bond ETF

For the Fiscal Year Ended For the Fiscal Year Ended
August 31, 2023 August 31, 2022

Shares Dollars Shares Dollars

Fund Share Activity

Shares Sold 1,500,000 $ 63,759,385 2,450,000 $ 114,019,983
Shares Redeemed (2,300,000) (97,932,564) (3,900,000) (181,106,517)

NET INCREASE/(DECREASE) IN SHARES (800,000) $ (34,173,179) (1,450,000) $ (67,086,534)

Access Inflation Protected USD Bond ETF

For the Fiscal Year Ended For the Fiscal Year Ended
August 31, 2023 August 31, 2022

Shares Dollars Shares Dollars

Fund Share Activity

Shares Sold 450,000 $ 21,918,076 1,625,000 $ 93,221,061
Shares Redeemed (1,350,000) (66,027,253) (925,000) (52,293,928)

NET INCREASE/(DECREASE) IN SHARES (900,000) $ (44,109,177) 700,000 $ 40,927,133

Access Investment Grade Corporate 1-5 Year Bond ETF

For the Fiscal Year Ended For the Fiscal Year Ended
August 31, 2023 August 31, 2022

Shares Dollars Shares Dollars

Fund Share Activity

Shares Sold 100,000 $ 4,636,503 200,000 $ 9,653,124
Shares Redeemed (250,000) (11,557,166) (450,000) (21,925,146)

NET INCREASE/(DECREASE) IN SHARES (150,000) $ (6,920,663) (250,000) $ (12,272,022)

Access Investment Grade Corporate Bond ETF

For the Fiscal Year Ended For the Fiscal Year Ended
August 31, 2023 August 31, 2022

Shares Dollars Shares Dollars

Fund Share Activity

Shares Sold 6,950,000 $ 312,852,286 6,200,000 $ 311,310,364
Shares Redeemed (5,500,000) (243,392,273) (6,400,000) (314,616,517)

NET INCREASE/(DECREASE) IN SHARES 1,450,000 $ 69,460,013 (200,000) $ (3,306,153)

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5. CREATION AND REDEMPTION OF CREATION UNITS (continued)

Access Treasury 0-1 Year ETF

For the Fiscal Year Ended For the Fiscal Year Ended
August 31, 2023 August 31, 2022

Shares Dollars Shares Dollars

Fund Share Activity

Shares Sold 50,760,000 $ 5,065,129,680 22,100,000 $2,207,541,510
Shares Redeemed (21,590,000) (2,155,003,879) (9,740,000) (973,326,888)

NET INCREASE IN SHARES 29,170,000 $ 2,910,125,801 12,360,000 $1,234,214,622

Access U.S. Aggregate Bond ETF

For the Fiscal Year Ended For the Fiscal Year Ended
August 31, 2023 August 31, 2022

Shares Dollars Shares Dollars

Fund Share Activity

Shares Sold 2,150,000 $ 89,552,204 5,650,000 $ 254,499,846
Shares Redeemed (200,000) (8,270,935) — —

NET INCREASE IN SHARES 1,950,000 $ 81,281,269 5,650,000 $ 254,499,846

Access Ultra Short Bond ETF

For the Fiscal Year Ended For the Fiscal Year Ended
August 31, 2023 August 31, 2022

Shares Dollars Shares Dollars

Fund Share Activity

Shares Sold 5,250,000 $ 261,247,087 5,775,000 $ 290,217,807
Shares Redeemed (3,875,000) (193,095,071) (2,225,000) (111,670,925)

NET INCREASE IN SHARES 1,375,000 $ 68,152,016 3,550,000 $ 178,546,882

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Notes to Financial Statements (continued)

August 31, 2023

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended August 31, 2023,
were as follows (with the exception of the Access Treasury 0-1 Year ETF which only owns short term securities):
Sales and Sales and
Purchases of Purchases (Excluding Maturities of Maturities (Excluding
U.S. Government and U.S. Government and U.S. Government and U.S. Government and
Fund Agency Obligations Agency Obligations) Agency Obligations Agency Obligations)

Access Emerging Markets USD Bond ETF $ — $ 32,271,215 $ — $ 3,502,945

Access High Yield Corporate Bond ETF — 79,666,430 — 16,353,404

Access Inflation Protected USD Bond ETF 38,533,702 — 40,525,584 —

Access Investment Grade Corporate 1-5 Year Bond ETF — 7,314,223 — 2,745,800

Access Investment Grade Corporate Bond ETF — 329,850,597 — 29,084,305

Access U.S. Aggregate Bond ETF 229,152,486 2,012,253,672 188,732,658 1,938,749,584

Access Ultra Short Bond ETF 49,433,991 329,439,290 33,129,432 314,641,430

The purchases and sales from in-kind creation and redemption transactions for the fiscal year ended August 31, 2023, were as
follows (with the exception of the Access Treasury 0-1 Year ETF which only owns short term securities):
Fund Purchases Sales

Access Emerging Markets USD Bond ETF $ — $ 9,785,342

Access High Yield Corporate Bond ETF — 95,617,321

Access Inflation Protected USD Bond ETF 21,817,347 65,847,951

Access Investment Grade Corporate 1-5 Year Bond ETF — 11,278,974

Access Investment Grade Corporate Bond ETF — 229,136,278

Access U.S. Aggregate Bond ETF — 4,443,919

7. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended August 31, 2023 was as follows:
Access
Access Access Investment Access
Emerging Access Inflation Grade Investment
Markets High Yield Protected Corporate Grade Access Access U.S. Access Ultra
USD Corporate USD 1-5 Year Corporate Treasury Aggregate Short
Bond ETF Bond ETF Bond ETF Bond ETF Bond ETF 0-1 Year ETF Bond ETF Bond ETF

Distributions paid from:

Ordinary Income $2,675,655 $7,421,417 $4,179,323 $224,601 $20,409,959 $182,430,853 $14,281,841 $22,160,976

Total taxable distributions 2,675,655 7,421,417 4,179,323 224,601 20,409,959 182,430,853 14,281,841 22,160,976

Return of Capital $ — $ — $ — $ — $ — $ — $ — $ —

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7. TAX INFORMATION (continued)

The tax character of distributions paid during the fiscal year ended August 31, 2022 was as follows:
Access
Access Access Investment Access
Emerging Access Inflation Grade Investment
Markets High Yield Protected Corporate Grade Access Access U.S. Access Ultra
USD Bond Corporate USD 1-5 Year Corporate Treasury Aggregate Short
ETF Bond ETF Bond ETF Bond ETF Bond ETF 0-1 Year ETF Bond ETF Bond ETF

Distributions paid from:

Ordinary Income $1,465,872 $8,962,167 $10,540,936 $290,343 $18,399,303 $6,806,393 $3,918,777 $4,021,476

Total taxable distributions 1,465,872 8,962,167 10,540,936 290,343 18,399,303 6,806,393 3,918,777 4,021,476

Return of Capital $ — $ — $ — $ — $ — $ — $ — $ —

As of August 31, 2023, the components of accumulated earnings (losses) on a tax basis were as follows:
Access
Investment Access
Access Access Access Grade Investment
Emerging High Yield Inflation Corporate Grade Access Access U.S. Access Ultra
Markets USD Corporate Protected USD 1-5 Year Corporate Treasury Aggregate Short
Bond ETF Bond ETF Bond ETF Bond ETF Bond ETF 0-1 Year ETF Bond ETF Bond ETF

Undistributed ordinary
income — net $ 260,726 $ 542,646 $ 354,507 $ 32,773 $ 2,162,990 $25,025,838 $ 2,010,010 $ 2,709,490

Total undistributed earnings $ 260,726 $ 542,646 $ 354,507 $ 32,773 $ 2,162,990 $25,025,838 $ 2,010,010 $ 2,709,490

Capital loss carryforwards:

Perpetual Short-Term $(4,719,239) $(1,711,525) $ (926,084) $ (43,914) $ (2,764,880) $ (5,045,995) $(16,536,773) $(1,050,052)
Perpetual Long-Term — (158,574) (1,048,175) (108,292) (2,529,605) — (4,356,844) (326,419)

Timing differences (Post-October

Capital Loss Deferral) (338,513) (1,489,472) (3,009,073) (100,634) (2,846,078) (5,815,184) (13,375,400) (1,853,131)
Unrealized gains (losses) — net (3,398,751) (5,248,751) (17,753,589) (270,556) (78,114,199) (1,262,479) (31,209,738) (4,245,951)

Total accumulated earnings

(losses) net $(8,195,777) $(8,065,676) $(22,382,414) $(490,623) $(84,091,772) $12,902,180 $(63,468,745) $(4,766,063)

As of August 31, 2023, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax
purposes were as follows:
Access
Investment Access
Access Access Access Grade Investment
Emerging High Yield Inflation Corporate Grade Access Access U.S. Access Ultra
Markets USD Corporate Protected USD 1-5 Year Corporate Treasury Aggregate Short
Bond ETF Bond ETF Bond ETF Bond ETF Bonds ETF 0-1 Year ETF Bond ETF Bond ETF

Tax Cost $54,047,414 $104,771,348 $128,762,661 $9,317,191 $753,125,944 $6,013,996,612 $592,069,046 $573,178,445

Gross unrealized gain 681,153 1,025,253 — 4,047 70,076 455,957 679,249 717,338
Gross unrealized loss (4,079,904) (6,274,004) (17,753,589) (274,603) (78,184,275) (1,718,436) (31,888,987) (4,963,289)

Net unrealized gains

(losses) on securities $ (3,398,751) $ (5,248,751) $ (17,753,589) $ (270,556) $ (78,114,199) $ (1,262,479) $ (31,209,738) $ (4,245,951)

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GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Notes to Financial Statements (continued)

August 31, 2023

7. TAX INFORMATION (continued)

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.
In order to present certain components of the Funds’ capital accounts on a tax-basis, certain reclassifications have been
recorded to the Funds’ accounts. These reclassifications have no impact on the NAV of the Funds’ and result primarily from
redemptions utilized as distributions and redemption in-kind transactions.

Total
Paid-in Distributable
Fund Capital Earnings

Access Emerging Markets USD Bond ETF $ (413,230) $ 413,230

Access High Yield Corporate Bond ETF $ (8,812,970) $ 8,812,970

Access Inflation Protected USD Bond ETF $ (6,204,261) $ 6,204,261

Access Investment Grade Corporate 1-5 Year Bond ETF $ (735,630) $ 735,630

Access Investment Grade Corporate Bond ETF $(32,328,299) $32,328,299

Access Treasury 0-1 Year ETF $ (2,034,574) $ 2,034,574

Access U.S. Aggregate Bond ETF $ (283,693) $ 283,693

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:

Calculation Methodology Risk — The Index relies on various sources of information to assess the criteria of issuers included
in the Index (or a Reference Index if applicable), including fundamental information that may be based on assumptions and
estimates. Neither the Fund, the Investment Adviser nor the Index Provider can offer assurances that the Index’s calculation
methodology or sources of information will provide a correct valuation of securities, nor can they guarantee the availability or
timeliness of the production of the Index.

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. 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
146
 GOLDMAN SACHS ACCESS FIXED INCOME ETFS

8. OTHER RISKS (continued)

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.

Industry Concentration Risk — In following its methodology, the Index from time to time may be concentrated to a significant
degree in securities of issuers located in a single industry or group of industries. To the extent that the Index concentrates in the
securities of issuers in a particular industry or group of industries, the Fund also may concentrate its investments to approximately
the same extent. By concentrating its investments in an industry or group of industries, the Fund may face more risks than if it were
diversified broadly over numerous industries or groups of industries. If the Index is not concentrated in a particular industry or
group of industries, the Fund will not concentrate in a particular industry or group of industries.

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. A wide variety of market factors can cause interest rates to rise, including central bank
monetary policy, rising inflation and changes in general economic conditions. Changing interest rates may have unpredictable
effects on the markets, may result in heightened market volatility and may detract from Fund’s performance. In addition, changes
in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations
will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in
interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds. A sudden or unpredictable
increase in interest rates may cause volatility in the market and may decrease the liquidity of the Fund’s investments, which would
make it harder for the Fund to sell its investments at an advantageous time.

Large Shareholder Transactions Risk — Certain shareholders, including other funds advised by the Investment Adviser, may
from time to time own a substantial amount of the Fund’s Shares. In addition, a third party investor, the Investment Adviser or an
affiliate of the Investment Adviser, an authorized participant, a lead market maker, or another entity (i.e., a seed investor) may
invest in the Fund and hold its investment solely to facilitate commencement of the Fund or to facilitate the Fund’s achieving a
specified size or scale. Any such investment may be held for a limited period of time. There can be no assurance that any large
shareholder would not redeem its investment, that the size of the Fund would be maintained at such levels or that the Fund would
continue to meet applicable listing requirements. Redemptions by large shareholders could have a significant negative impact on
the Fund, including on the Fund’s liquidity. In addition, transactions by large shareholders may account for a large percentage of
the trading volume on NYSE Arca and Cboe BZX and may, therefore, have a material upward or downward effect on the market
price of the Shares.

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. To the extent a Fund engages in
cash redemptions, then 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,
declining prices of the securities sold, 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 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
147
GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Notes to Financial Statements (continued)

August 31, 2023

8. OTHER RISKS (continued)

general economic conditions throughout the world due to increasingly interconnected global economies and financial markets.
Events such as war, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate
changes, supply chain disruptions, sanctions, 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 pay more for, or receive less than, the underlying value of the Shares, respectively. 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 trading individually or in the aggregate at any point in time.

Sampling Risk — The Fund’s use of a representative sampling approach will result in its holding a smaller number of securities
than are in the Index. As a result, an adverse development respecting a security held by the Fund could result in a greater decline in
NAV than would be the case if the Fund held all of the securities in the Index. Conversely, a positive development relating to a
security in the Index that is not held by the Fund could cause the Fund to underperform the Index. To the extent the assets in the
Fund are smaller, these risks will be greater.

Tracking Error Risk — 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. OTHER MATTERS

Pursuant to an effort to consolidate the membership of the Board of Trustees of the Trust (the “Board”) with the Board of Trustees
of each of Goldman Sachs ETF Trust II, Goldman Sachs Real Estate Diversified Income Fund, Goldman Sachs Trust, Goldman
Sachs Trust II and Goldman Sachs Variable Insurance Trust, in July 2023, the Board voted to nominate Gregory G. Weaver,
Dwight L. Bush, Kathryn A. Cassidy, John G. Chou, Joaquin Delgado, Eileen H. Dowling and Paul C. Wirth (the “Nominees”) for
election as Trustees of the Trust at a virtual special joint meeting of shareholders to be held on November 16, 2023. Each of the
Nominees currently serve as a Trustee of each of the Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust. If
elected, the Nominees will serve as Trustees alongside the current Trustees of the Trust. This annual report is not a proxy
statement. Information regarding the election of the Nominees is contained in the proxy materials filed with the SEC. The proxy
statement has been mailed to shareholders of record, and shareholders can also access the proxy statement, and any other relevant
documents, on the SEC’s website.
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 GOLDMAN SACHS ACCESS FIXED INCOME ETFS

11. 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.

149
 Report of Independent Registered Public
Accounting Firm
To the Board of Trustees of Goldman Sachs ETF Trust and Shareholders of 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, and Goldman
Sachs Access Ultra Short Bond ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds
indicated in the table below (eight of the funds constituting Goldman Sachs ETF Trust, hereafter collectively referred to as the
“Funds”) as of August 31, 2023, the related statements of operations and of changes in net assets for each of the periods indicated
in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below
(collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material
respects, the financial position of each of the Funds as of August 31, 2023, the results of each of their operations, the changes in
each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with
accounting principles generally accepted in the United States of America.
Fund Statement of Statement of Financial
operations changes in net assets highlights

Goldman Sachs Access High Yield For the year ended For the two years ended For each of the periods
Corporate Bond ETF, Goldman Sachs August 31, 2023 August 31, 2023 indicated therein
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
Goldman Sachs Access Emerging For the year ended For the year ended August 31, 2023, and for the period
Markets USD Bond ETF August 31, 2023 February 15, 2022 (commencement of operations)
through August 31, 2022

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the
Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting
Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the
U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require
that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material
misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to
error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis,
evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting
principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial
statements. Our procedures included confirmation of securities owned as of August 31, 2023 by correspondence with the
custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We
believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts
October 25, 2023

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.
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GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Fund Expenses — Six Month Period Ended 8/31/2023 (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.
This example is based on an investment of $1,000 invested at the beginning of the period from March 1, 2023 and held for the entire six months ended August 31, 2023, which represents a period of
184 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 Investment Grade Corporate
Access Emerging Markets USD Bond ETF Access High Yield Corporate Bond ETF Access Inflation Protected USD Bond ETF 1-5 Year Bond ETF
Beginning Ending Beginning Ending Beginning Ending Beginning Ending
Account Account Account Account Account Account Account Account
Value Value Expenses Value Value Expenses Value Value Expenses Value Value Expenses
3/1/23 8/31/23 Paid* 3/1/23 8/31/23 Paid* 3/1/23 8/31/23 Paid* 3/1/23 8/31/23 Paid*

Actual based on NAV $1,000 $1,017.16 $2.06 $1,000 $1,044.34 $1.75 $1,000 $1,005.88 $0.60 $1,000 $1,022.39 $0.71
Hypothetical 5% return 1,000 1,023.16+ 2.07 1,000 1,023.50+ 1.73 1,000 1,024.60+ 0.61 1,000 1,024.50+ 0.71
Access Investment Grade
Corporate Bond ETF Access Treasury 0-1 Year ETF Access U.S. Aggregate Bond ETF Access Ultra Short Bond ETF
Beginning Ending Beginning Ending Beginning Ending Beginning Ending
Account Account Account Account Account Account Account Account
Value Value Expenses Value Value Expenses Value Value Expenses Value Value Expenses
3/1/23 8/31/23 Paid* 3/1/23 8/31/23 Paid* 3/1/23 8/31/23 Paid* 3/1/23 8/31/23 Paid*

Actual based on NAV $1,000 $1,021.41 $0.71 $1,000 $1,023.93 $0.61 $1,000 $1,007.13 $0.63 $1,000 $1,025.28 $0.80
Hypothetical 5% return 1,000 1,024.50+ 0.71 1,000 1,024.60+ 0.61 1,000 1,024.58+ 0.63 1,000 1,024.41+ 0.80
+ 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 August 31, 2023. 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 annualized net expense ratio for the period is as follows:
Fund

Access Emerging Markets USD Bond ETF 0.39%

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 0.12
Access Ultra Short Bond ETF 0.16

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GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Trustees and Officers (Unaudited)

Independent Trustees
Number of
Term of Portfolios in
Office and Fund Complex Other
Name, Position(s) Held Length of Principal Occupation(s) Overseen by Directorships
Address and Age1 with the Trust Time Served2 During Past 5 Years Trustee3 Held by Trustee4

Cheryl K. Beebe Chair of the Since 2021 Ms. Beebe is retired. She is Director, Packaging 68 Packaging Corporation
Age: 67 Board of Trustees Corporation of America (2008-Present); Director, of America (producer of
The Mosaic Company (2019-Present); Director, container board); The
HanesBrands Inc. (2020-Present); and was Mosaic Company
formerly Director, Convergys Corporation (producer of phosphate
(a global leader in customer experience and potash fertilizer);
outsourcing) (2015-2018); and formerly held the HanesBrands Inc. (a
position of Executive Vice President, (2010- multinational clothing
2014); and Chief Financial Officer, Ingredion, Inc. company)
(a leading global ingredient solutions company)
(2004-2014).
Chair of the Board of Trustees — Goldman Sachs
ETF Trust; Goldman Sachs Trust II; Goldman
Sachs ETF Trust II; Goldman Sachs MLP and
Energy Renaissance Fund; and Goldman Sachs
Real Estate Diversified Income Fund.
Lawrence Hughes Trustee Since 2021 Mr. Hughes is retired. Formerly, he held senior 68 None
Age: 65 management positions with BNY Mellon Wealth
Management, a division of The Bank of New
York Mellon Corporation (a financial services
company) (1991-2015), most recently as Chief
Executive Officer (2010-2015). Previously,
Mr. Hughes served as an Advisory Board Member
of Goldman Sachs Trust II (February 2016-April
2016).
Trustee — Goldman Sachs ETF Trust; Goldman
Sachs ETF Trust II; Goldman Sachs Trust II;
Goldman Sachs MLP and Energy Renaissance
Fund; and Goldman Sachs Real Estate Diversified
Income Fund.
John F. Killian Trustee Since 2021 Mr. Killian is retired. He is Director, Consolidated 68 Consolidated Edison,
Age: 68 Edison, Inc. (2007-Present); and was formerly Inc. (a utility holding
Director, Houghton Mifflin Harcourt Publishing company)
Company (2011-2022). Previously, he held senior
management positions with Verizon
Communications, Inc., including Executive Vice
President and Chief Financial Officer (2009-
2010); and President, Verizon Business, Verizon
Communications, Inc. (2005-2009).
Trustee — Goldman Sachs ETF Trust; Goldman
Sachs ETF Trust II; Goldman Sachs Trust II;
Goldman Sachs MLP and Energy Renaissance
Fund; and Goldman Sachs Real Estate Diversified
Income Fund.
Steven D. Krichmar Trustee Since 2021 Mr. Krichmar is retired. Formerly, he held senior 68 None
Age: 65 management and governance positions with
Putnam Investments, LLC, a financial services
company (2001-2016). He was most recently
Chief of Operations and a member of the
Operating Committee of Putnam Investments,
LLC and Principal Financial Officer of The Putnam
Funds. Previously, Mr. Krichmar served as an
Audit Partner with PricewaterhouseCoopers LLP
and its predecessor company (1990-2001).
Trustee — Goldman Sachs ETF Trust; Goldman
Sachs ETF Trust II; Goldman Sachs Trust II;
Goldman Sachs MLP and Energy Renaissance
Fund; and Goldman Sachs Real Estate Diversified
Income Fund.

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 GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Trustees and Officers (Unaudited) (continued)

Independent Trustees
Number of
Term of Portfolios in
Office and Fund Complex Other
Name, Position(s) Held Length of Principal Occupation(s) Overseen by Directorships
Address and Age1 with the Trust Time Served2 During Past 5 Years Trustee3 Held by Trustee4

Michael Latham Trustee Since 2015 Mr. Latham is retired. Formerly, he held senior 69 None
Age: 57 management positions with the iShares
exchange-traded fund business owned by
BlackRock, Inc., including Chairman (2011-2014);
Global Head (2010-2011); U.S. Head (2007-2010);
and Chief Operating Officer (2003-2007).
Trustee — Goldman Sachs ETF Trust; Goldman
Sachs ETF Trust II; Goldman Sachs Trust II;
Goldman Sachs MLP and Energy Renaissance Fund;
Goldman Sachs Credit Income Fund; and Goldman
Sachs Real Estate Diversified Income Fund.
Lawrence W. Stranghoener Trustee Since 2015 Mr. Stranghoener is retired. He is Chairman, 69 Kennametal, Inc.
Age: 69 Kennametal, Inc. (a global manufacturer and (a global manufacturer
distributor of tooling and industrial materials) and distributor of
(2003-Present); and was formerly Director, Aleris tooling and industrial
Corporation and Aleris International, Inc. (a materials)
producer of aluminum rolled products) (2011-
2020); Interim Chief Executive Officer (2014) and
Executive Vice President and Chief Financial
Officer (2004-2014), Mosaic Company (a fertilizer
manufacturing company).
Trustee — Goldman Sachs ETF Trust; Goldman
Sachs Trust II; Goldman Sachs ETF Trust II;
Goldman Sachs MLP and Energy Renaissance
Fund; and Goldman Sachs Real Estate Diversified
Income Fund.
Chair of the Board of Trustees — Goldman
Sachs Credit Income Fund.

Interested Trustee*
Number of
Term of Portfolios in
Office and Fund Complex Other
Name, Position(s) Held Length of Principal Occupation(s) Overseen by Directorships
Address and Age1 with the Trust Time Served2 During Past 5 Years Trustee3 Held by Trustee4

James A. McNamara President and Since 2014 Advisory Director, Goldman Sachs (January 2018- 172 None
Age: 60 Trustee Present); Managing Director, Goldman Sachs
(January 2000-December 2017); Director of
Institutional Fund Sales, GSAM (April 1998-
December 2000); and Senior Vice President and
Manager, Dreyfus Institutional Service
Corporation (January 1993-April 1998).
President and Trustee — Goldman Sachs ETF
Trust; Goldman Sachs ETF Trust II; Goldman
Sachs Trust; Goldman Sachs Variable Insurance
Trust; Goldman Sachs Trust II; Goldman Sachs
MLP and Energy Renaissance Fund; Goldman
Sachs Credit Income Fund; and Goldman Sachs
Real Estate Diversified Income Fund.

* Mr. McNamara is considered to be an “Interested Trustee” because he holds a position with Goldman Sachs and owns securities issued by The Goldman Sachs
Group, Inc. The Interested Trustee holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment
adviser, administrator and/or distributor.
1
Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is
provided as of August 31, 2023.
2
Each Trustee holds office for an indefinite term, until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the
Board or shareholders, in accordance with the Trust’s Declaration of Trust; or (c) the termination of the Trust. The Board has adopted policies which provide that
each Independent Trustee shall retire as of December 31st of the calendar year in which he or she reaches (a) his or her 74th birthday or (b) the 15th anniversary of
the date he or she became a Trustee, whichever is earlier, unless a waiver of such requirements shall have been adopted by a majority of the other Trustees. These
policies may be changed by the Trustees without shareholder vote.
3
The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of August 31, 2023, Goldman Sachs ETF Trust
consisted of 67 portfolios (32 of which offered shares to the public); Goldman Sachs ETF Trust II consisted of 2 portfolios; Goldman Sachs Trust consisted of 87
portfolios; Goldman Sachs Variable Insurance Trust consisted of 15 portfolios (11 of which offered shares to the public); Goldman Sachs Trust II consisted of 18
portfolios (7 of which offered shares to the public); and Goldman Sachs MLP and Energy Renaissance Fund, Goldman Sachs Credit Income Fund and Goldman
Sachs Real Estate Diversified Income Fund each consisted of one portfolio. Goldman Sachs MLP and Energy Renaissance Fund and Goldman Sachs Credit Income
Fund each did not offer shares to the public.
4
This column includes only directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e.,
“public companies”) or other investment companies registered under the Act.
Additional information about the Trustees is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by
calling this toll-free number (in the United States of America): 1-800-526-7384.

153
GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*
Term of
Office and
Positions Held Length of
Name, Address and Age1 with the Trust Time Served2 Principal Occupation(s) During Past 5 Years

James A. McNamara Trustee and Since 2014 Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman
200 West Street President Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April
New York, NY 10282 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional
Age: 60 Service Corporation (January 1993-April 1998).
President and Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs
Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust II; Goldman
Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and
Goldman Sachs Real Estate Diversified Income Fund.
Caroline L. Kraus Secretary Since 2014 Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman
200 West Street Sachs (August 2006-December 2015); Senior Counsel, Goldman Sachs (January 2020-
New York, NY 10282 Present); Associate General Counsel, Goldman Sachs (2012-December 2019); Assistant
Age: 46 General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil,
Gotshal & Manges, LLP (2002–2006).
Secretary — Goldman Sachs ETF Trust; Goldman Sachs Trust (previously Assistant
Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary
(2012)); Goldman Sachs Trust II; Goldman Sachs ETF Trust II; Goldman Sachs BDC, Inc.;
Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market
Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP and
Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real
Estate Diversified Income Fund.
Joseph F. DiMaria Treasurer, Since 2017 Managing Director, Goldman Sachs (November 2015-Present) and Vice President-Mutual
30 Hudson Street Principal (Treasurer Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October
Jersey City, NJ 07302 Financial Officer and 2015).
Age: 55 and Principal Principal Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs
Accounting Financial ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs Trust (previously
Officer Officer since Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant
2019) Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017));
Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017));
Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real
Estate Diversified Income Fund.

* Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Funds’ Statement of Additional Information, which can
be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-621-2550.
1
Information is provided as of August 31, 2023.
2
Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with
certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.

Goldman Sachs Access Fixed Income ETFs — Tax Information (Unaudited)

During the fiscal year ended August 31, 2022, 100% of the net investment company taxable income
distributions paid by the Access Inflation Protected USD Bond ETF and Access Treasury 0-1 Year ETF were
designated as interest-related dividends pursuant to Section 871(k) of the Internal Revenue Code.

For the fiscal year ended August 31, 2023, the 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 and Access Ultra Short Bond ETF designated 100%, 99.05%, 100%, 100%, 100%,
100%, 100% and 100%, respectively, of the dividends paid from net investment company taxable income as
section 163(j) Interest Dividends.
154
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(This page intentionally left blank)
 FUNDS PROFILE

Goldman Sachs ETFs

THE GOLDMAN Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and
SACHS ADVANTAGE customized investment solutions in complex global markets.

Our goal is to deliver: Today, the Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide,
including private institutions, public entities and individuals. With approximately $2.46 trillion in assets
under supervision as of June 30, 2023, Goldman Sachs Asset Management has portfolio management
teams located around the world and our investment professionals bring firsthand knowledge of local
Strong, Consistent
markets to every investment decision. Assets under supervision includes assets under management and
Investment Results
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
Global Resources and regulatory restrictions.
Global Research
GOLDMAN SACHS EXCHANGE-TRADED FUNDS
Team Approach
Goldman Sachs ActiveBeta® Emerging Markets Equity ETF
Disciplined Processes Goldman Sachs ActiveBeta® Europe Equity ETF
Goldman Sachs ActiveBeta® International Equity ETF
Goldman Sachs ActiveBeta® Japan Equity ETF
Goldman Sachs ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF
Goldman Sachs Community Municipal Bond ETF
Innovative, Goldman Sachs Defensive Equity ETF
Value-Added Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF
Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF
Investment Products Goldman Sachs ActiveBeta® World Low Vol Plus Equity ETF
Goldman Sachs Bloomberg Clean Energy Equity ETF
Thoughtful Solutions Goldman Sachs Equal Weight U.S. Large Cap Equity ETF
Risk Management 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
Outstanding Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF
Client Service Goldman Sachs Access Investment Grade Corporate Bond ETF
Goldman Sachs Access Treasury 0-1 Year ETF
Goldman Sachs Access Ultra Short Bond ETF
Dedicated Service Goldman Sachs Access U.S. Aggregate Bond ETF
Teams Goldman Sachs MarketBeta® Emerging Markets Equity ETF
Excellence and Goldman Sachs MarketBeta® International Equity ETF
Integrity Goldman Sachs MarketBeta® U.S. Equity ETF
Goldman Sachs MarketBeta® U.S. 1000 Equity ETF
Goldman Sachs MarketBeta® Total International 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 North American Pipelines & Power Equity ETF
Goldman Sachs Small Cap Core Equity ETF

INDEX DISCLAIMERS
The 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 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 Access 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.
 TRUSTEES OFFICERS
Cheryl K. Beebe, Chair James A. McNamara, President
Lawrence Hughes Joseph F. DiMaria, Principal Financial Officer, Principal
John F. Killian Accounting Officer and Treasurer
Steven D. Krichmar Robert Griffith, Secretary*
Michael Latham
* Effective September 20, 2023
James A. McNamara
Lawrence W. Stranghoener

THE BANK OF NEW YORK MELLON

Transfer Agent

ALPS DISTRIBUTORS, INC. GOLDMAN SACHS ASSET MANAGEMENT, L.P.

Distributor 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 their 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 August 31, 2023 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.
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 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. 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’ objective, risks, and charges and expenses, and read the Summary Prospectus, if
available, and/or the Prospectus carefully before investing or sending money. The Summary Prospectus, 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.
ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.
©2023 Goldman Sachs. All rights reserved. 339815-OTU-10/2023 ACFIETFAR-23