NPORT-EX 2 409796GS113023.htm
GOLDMAN
SACHS
ACCESS
EMERGING
MARKETS
USD
BOND
ETF
Schedule
of
Investments
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Sovereign
Debt
Obligations
83.6%
Bahamas
0.3%
Bahamas
Government
International
Bond
(
B+
/
B1
)
$
200,000
8.950
%
10/15/32
$
178,500
Bahrain
3.1%
Bahrain
Government
International
Bond
(
B+
/
B2
)
225,000
7.375
05/14/30
231,226
225,000
5.625
05/18/34
198,284
200,000
5.625
09/30/31
184,602
550,000
7.000
01/26/26
555,632
200,000
6.000
09/19/44
158,500
200,000
6.250
01/25/51
159,750
200,000
7.5
00
09/20/47
183,772
1,671,766
Bolivia
0.2%
Bolivian
Government
International
Bond
(
CCC+
/
Caa1
)
200,000
4.500
03/20/28
95,000
Brazil
3.2%
Brazilian
Government
International
Bond
(
BB-
/
Ba2
)
779,000
6.000
10/20/33
765,689
585,000
5.625
01/07/41
514,554
200,000
4.250
01/07/25
197,207
200,000
7.125
01/20/37
211,000
1,688,450
Chile
3.0%
Chile
Government
International
Bond
(
A
/
A2
)
600,000
3.500
01/31/34
515,491
200,000
5.330
01/05/54
187,462
225,000
3.250
09/21/71
138,529
200,000
4.000
01/31/52
153,166
400,000
3.240
02/06/28
373,424
210,000
3.125
01/21/26
201,189
1,569,261
China
3.0%
China
Government
International
Bond
(
A+
/
A1
)
200,000
0.750
10/26/24
192,280
200,000
1.750
10/26/31
166,170
200,000
2.750
12/03/39
152,163
250,000
4.000
10/19/48
215,983
200,000
3.500
10/19/28
192,905
400,000
1.250
10/26/26
363,547
390,000
1.200
10/21/30
318,240
1,601,288
Colombia
5.0%
Colombia
Government
International
Bond
(
BB+
/
Baa2
)
460,000
3.000
01/30/30
370,584
500,000
3.125
04/15/31
388,193
550,000
5.000
06/15/45
391,660
300,000
3.875
04/25/27
279,665
300,000
6.125
01/18/41
252,193
400,000
5.200
05/15/49
285,550
200,000
7.375
09/18/37
195,442
275,000
5.625
02/26/44
212,094
250,000
3.250
04/22/32
189,225
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Sovereign
Debt
Obligations
(Continued)
Colombia
(continued)
Colombia
Government
International
Bond
(BB+/Baa2)
(continued)
$
200,000
4.125
%
05/15/51
$
121,492
2,686,098
Costa
Rica
2.0%
Costa
Rica
Government
International
Bond
(
BB-
/
B1
)
450,000
6.125
02/19/31
452,250
400,000
7.158
03/12/45
409,000
200,000
6.550
04/03/34
202,500
1,063,750
Dominican
Republic
5.3%
Dominican
Republic
International
Bond
(
BB
/
Ba3
)
200,000
5.500
02/22/29
190,500
225,000
4.500
01/30/30
200,250
225,000
6.850
01/27/45
210,375
200,000
5.500
01/27/25
198,750
425,000
6.000
07/19/28
416,500
450,000
5.950
01/25/27
443,250
150,000
6.875
01/29/26
150,938
200,000
6.400
06/05/49
177,500
175,000
7.450
04/30/44
174,125
450,000
4.875
09/23/32
391,500
300,000
5.875
01/30/60
243,375
2,797,063
Ecuador
1.2%
Ecuador
Government
International
Bond
(a)
(
B-
/
Ba3
)
850,000
3.500
07/31/35
304,937
450,000
6.000
07/31/30
209,813
450,000
2.500
07/31/40
146,813
661,563
Egypt
3.7%
Egypt
Government
International
Bond
(
B-
/
Caa1
)
300,000
5.800
09/30/27
214,633
200,000
5.875
06/11/25
179,748
350,000
7.625
05/29/32
222,709
200,000
8.700
03/01/49
115,500
200,000
7.500
02/16/61
109,250
200,000
7.300
09/30/33
122,291
200,000
7.903
02/21/48
111,000
200,000
8.875
05/29/50
116,750
200,000
3.875
02/16/26
155,228
200,000
6.588
02/21/28
141,607
200,000
7.500
01/31/27
156,500
450,000
8.500
01/31/47
258,750
125,000
6.875
04/30/40
70,625
1,974,591
Guatemala
1.5%
Guatemala
Government
Bond
(
BB
/
NR
)
225,000
3.700
10/07/33
175,500
200,000
6.125
06/01/50
172,250
300,000
5.375
04/24/32
277,500
200,000
6.600
06/13/36
193,500
818,750
GOLDMAN
SACHS
ACCESS
EMERGING
MARKETS
USD
BOND
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Sovereign
Debt
Obligations
(Continued)
Hungary
2.6%
Hungary
Government
International
Bond
(
BBB-
/
Baa2
)
$
200,000
6.125
%
05/22/28
$
203,633
200,000
6.750
09/25/52
203,873
200,000
5.250
06/16/29
195,607
550,000
7.625
03/29/41
611,117
200,000
5.500
06/16/34
190,893
1,405,123
Indonesia
4.7%
Indonesia
Government
International
Bond
(
BBB
/
Baa2
)
400,000
4.650
09/20/32
384,805
325,000
7.750
01/17/38
397,654
225,000
4.200
10/15/50
185,761
275,000
3.050
03/12/51
191,339
200,000
3.850
07/18/27
191,843
350,000
2.850
02/14/30
308,858
330,000
4.125
01/15/25
325,721
200,000
3.550
03/31/32
178,581
200,000
4.300
03/31/52
167,573
125,000
8.500
10/12/35
158,525
2,490,660
Ivory
Coast
0.3%
Ivory
Coast
Government
International
Bond
(
BB-
/
Ba3
)
200,000
6.125
06/15/33
176,500
Jordan
1.3%
Jordan
Government
International
Bond
(
B+
/
B1
)
350,000
5.850
07/07/30
319,772
200,000
7.500
01/13/29
199,124
200,000
6.125
01/29/26
196,291
715,187
Kazakhstan
0.8%
Kazakhstan
Government
International
Bond
(
BBB-
/
Baa2
)
225,000
6.500
07/21/45
237,458
200,000
4.875
10/14/44
176,940
414,398
Kenya
2.0%
Republic
of
Kenya
Government
International
Bond
(
B
/
NR
)
606,000
6.875
06/24/24
583,575
350,000
7.000
05/22/27
315,942
200,000
8.250
02/28/48
152,000
1,051,517
Kuwait
0.7%
Kuwait
International
Government
Bond
(
A+
/
NR
)
400,000
3.500
03/20/27
384,578
Mexico
3.4%
Mexico
Government
International
Bond
(
BBB
/
Baa2
)
200,000
6.338
05/04/53
192,694
200,000
3.750
01/11/28
190,038
600,000
4.875
05/19/33
561,289
325,000
4.500
04/22/29
313,884
150,000
5.550
01/21/45
136,416
50,000
6.050
01/11/40
48,565
Mexico
Government
International
Bond
,
MTN
(
BBB
/
Baa2
)
175,000
7.500
04/08/33
195,431
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Sovereign
Debt
Obligations
(Continued)
Mexico
(continued)
Mexico
Government
International
Bond,
MTN
(BBB/Baa2)
(continued)
$
150,000
4.750
%
03/08/44
$
122,135
50,000
8.300
08/15/31
59,872
1,820,324
Morocco
1.4%
Morocco
Government
International
Bond
(
BB+
/
Ba1
)
200,000
6.500
09/08/33
202,841
350,000
4.000
12/15/50
233,188
300,000
5.950
03/08/28
301,968
737,997
Nigeria
2.7%
Nigeria
Government
International
Bond
(
B-
/
Caa1
)
200,000
8.250
09/28/51
151,287
200,000
6.500
11/28/27
177,750
200,000
7.625
11/28/47
145,750
200,000
7.696
02/23/38
152,332
200,000
7.375
09/28/33
159,521
249,000
6.125
09/28/28
211,973
200,000
8.747
01/21/31
180,688
275,000
7.875
02/16/32
233,025
1,412,326
Panama
4.5%
Panama
Government
International
Bond
(
BBB
/
Baa3
)
200,000
6.853
03/28/54
179,250
200,000
3.875
03/17/28
180,750
225,000
3.750
03/16/25
217,969
250,000
4.500
04/16/50
164,375
150,000
6.700
01/26/36
143,625
245,000
3.870
07/23/60
140,262
275,000
4.500
04/01/56
176,344
260,000
8.875
09/30/27
280,475
400,000
2.252
09/29/32
283,000
410,000
3.160
01/23/30
338,763
200,000
4.500
01/19/63
125,000
200,000
4.300
04/29/53
125,750
50,000
9.375
04/01/29
55,937
2,411,500
Philippines
4.5%
Philippine
Government
International
Bond
(
BBB+
/
Baa2
)
650,000
10.625
03/16/25
693,108
283,000
3.200
07/06/46
198,930
200,000
6.375
10/23/34
217,641
400,000
3.000
02/01/28
369,922
200,000
3.700
02/02/42
157,768
200,000
3.700
03/01/41
159,467
480,000
2.950
05/05/45
329,526
450,000
2.650
12/10/45
290,591
2,416,953
Poland
1.9%
Republic
of
Poland
Government
International
Bond
(
A-
/
A2
)
400,000
5.500
11/16/27
409,473
300,000
4.875
10/04/33
291,745
300,000
5.500
04/04/53
290,540
991,758
GOLDMAN
SACHS
ACCESS
EMERGING
MARKETS
USD
BOND
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Sovereign
Debt
Obligations
(Continued)
Qatar
3.3%
Qatar
Government
International
Bond
(
AA
/
Aa3
)
$
350,000
4.817
%
03/14/49
$
311,541
400,000
4.400
04/16/50
335,001
550,000
3.750
04/16/30
521,819
220,000
5.103
04/23/48
203,628
200,000
3.400
04/16/25
194,664
200,000
4.625
06/02/46
175,574
1,742,227
Romania
2.8%
Romanian
Government
International
Bond
(
BBB-
/
Baa3
)
250,000
3.625
03/27/32
207,871
280,000
5.125
06/15/48
223,307
460,000
5.250
11/25/27
451,095
180,000
6.125
01/22/44
166,339
170,000
3.000
02/14/31
138,110
300,000
7.125
01/17/33
310,649
1,497,371
Saudi
Arabia
3.7%
Saudi
Government
International
Bond
(
NR
/
A1
)
400,000
2.500
02/03/27
370,956
400,000
3.250
10/22/30
358,740
200,000
5.500
10/25/32
205,565
225,000
4.500
04/17/30
218,813
225,000
4.375
04/16/29
219,131
200,000
4.625
10/04/47
164,946
200,000
4.500
04/22/60
157,464
350,000
4.500
10/26/46
284,837
1,980,452
Serbia
0.7%
Serbia
International
Bond
(
BB+
/
Ba2
)
200,000
6.500
09/26/33
196,993
200,000
2.125
12/01/30
154,250
351,243
Trinidad
and
Tobago
0.4%
Trinidad
&
Tobago
Government
International
Bond
(
BBB-
/
Ba2
)
200,000
4.500
08/04/26
194,500
Turkey
5.4%
Turkiye
Government
International
Bond
(
NR
/
B3
)
350,000
7.375
02/05/25
353,892
525,000
5.750
05/11/47
372,094
362,000
6.875
03/17/36
320,913
330,000
4.250
03/13/25
320,076
525,000
5.600
11/14/24
520,877
525,000
4.875
10/09/26
493,805
200,000
9.375
03/14/29
212,412
200,000
6.000
01/14/41
154,491
100,000
11.875
01/15/30
120,125
2,868,685
United
Arab
Emirates
1.3%
UAE
Government
International
Bond
(
NR
/
Aa2
)
375,000
3.250
10/19/61
246,529
350,000
2.000
10/19/31
287,522
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Sovereign
Debt
Obligations
(Continued)
United
Arab
Emirates
(continued)
UAE
Government
International
Bond
(NR/Aa2)
(continued)
$
200,000
2.875
%
10/19/41
$
141,933
675,984
Uruguay
3.4%
Uruguay
Government
International
Bond
(b)
(
BBB+
/
Baa2
)
240,000
4.975
04/20/55
220,800
200,000
5.750
10/28/34
211,000
408,000
4.375
01/23/31
398,310
200,000
4.125
11/20/45
172,000
150,000
4.375
10/27/27
150,750
350,000
5.100
06/18/50
331,406
200,000
7.625
03/21/36
241,000
50,000
7.875
01/15/33
59,500
1,784,766
Uzbekistan
0.3%
Republic
of
Uzbekistan
International
Bond
(
BB-
/
NR
)
200,000
3.900
10/19/31
158,266
TOTAL
SOVEREIGN
DEBT
OBLIGATIONS
(Cost
$47,501,436)
44,488,395
a
Corporate
Obligations
14.5%
Brazil
1.1%
Petrobras
Global
Finance
BV
(
BB-
/
Ba1
)
200,000
7.375
01/17/27
209,000
200,000
5.999
01/27/28
200,500
209,000
6.850
06/05/15
183,920
593,420
Chile
2.1%
Corp.
Nacional
del
Cobre
de
Chile
(
A
/
Baa1
)
200,000
3.000
09/30/29
173,375
200,000
3.150
01/14/30
173,938
400,000
4.500
08/01/47
305,214
200,000
3.625
08/01/27
186,582
200,000
3.700
01/30/50
131,968
Empresa
de
Transporte
de
Pasajeros
Metro
SA
(
NR
/
A3
)
200,000
4.700
05/07/50
154,844
1,125,921
China
1.7%
China
Development
Bank
,
EMTN
(
A+
/
A1
)
200,000
3.000
06/01/26
190,477
China
Development
Bank
Financial
Leasing
Co.
Ltd.
(c)
(
BBB+
/
NR
)
(US
5
Year
CMT
T-Note
+
2.750%)
200,000
2.875
09/28/30
187,253
Export-Import
Bank
of
China
(The)
(
A+
/
A1
)
350,000
3.625
07/31/24
345,682
Export-Import
Bank
of
China
(The)
,
EMTN
(
A+
/
A1
)
200,000
4.000
11/28/47
167,857
891,269
Hungary
0.4%
Magyar
Export-Import
Bank
Zrt
(
BBB-
/
NR
)
200,000
6.125
12/04/27
198,785
GOLDMAN
SACHS
ACCESS
EMERGING
MARKETS
USD
BOND
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
(Continued)
India
2.9%
Export-Import
Bank
of
India
(
NR
/
Baa3
)
$
200,000
3.875
%
02/01/28
$
188,446
250,000
3.250
01/15/30
220,407
200,000
3.375
08/05/26
190,194
Indian
Railway
Finance
Corp.
Ltd.
(
BBB-
/
Baa3
)
200,000
3.570
01/21/32
172,236
350,000
2.800
02/10/31
290,946
Power
Finance
Corp.
Ltd.
(
NR
/
Baa3
)
200,000
3.950
04/23/30
179,500
REC
Ltd.
(
NR
/
Baa3
)
303,000
5.625
04/11/28
302,456
1,544,185
Indonesia
1.1%
Pertamina
Persero
PT
(
NR
/
Baa2
)
457,000
3.100
08/27/30
398,732
200,000
6.450
05/30/44
202,000
600,732
Mexico
2.3%
Petroleos
Mexicanos
(
BBB
/
B1
)
180,000
6.500
03/13/27
162,231
200,000
4.500
01/23/26
182,680
428,000
6.750
09/21/47
261,651
250,000
5.950
01/28/31
187,229
100,000
6.875
10/16/25
96,833
100,000
6.840
01/23/30
80,758
50,000
5.625
01/23/46
28,191
50,000
6.500
01/23/29
41,873
75,000
7.690
01/23/50
49,792
100,000
6.950
01/28/60
61,135
25,000
6.625
06/15/35
17,594
25,000
6.500
06/02/41
15,969
25,000
5.350
02/12/28
20,776
1,206,712
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
193,619
Qatar
0.8%
QatarEnergy
(
AA
/
Aa3
)
309,000
2.250
07/12/31
253,248
300,000
3.300
07/12/51
200,478
453,726
Saudi
Arabia
1.3%
Gaci
First
Investment
Co.
(
NR
/
A1
)
200,000
4.875
02/14/35
187,089
Saudi
Arabian
Oil
Co.
(
NR
/
A1
)
375,000
3.500
04/16/29
345,127
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
(Continued)
Saudi
Arabia
(continued)
Saudi
Arabian
Oil
Co.
(NR/A1)
(continued)
$
200,000
4.250
%
04/16/39
$
167,512
699,728
TOTAL
CORPORATE
OBLIGATIONS
(Cost
$8,148,881)
7,713,347
Shares
Dividend
Rate
Value
aa
a
Investment
Company
0.4%
(d)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
223,956
5.259%
223,956
(Cost
$223,956)
TOTAL
INVESTMENTS
98.5%
(Cost
$55,874,273)
$
52,425,698
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
1.5%
807,091
NET
ASSETS
100.0%
$
53,232,789
  a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
(a)
Step
coupon.
(b)
Pay-in-kind
securities.
(c)
Variable
rate
security.
Interest
rate
or
distribution
rate
disclosed
is
that
which
is
in
effect
on
November
30,
2023.
(d)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
CMT
Constant
Maturity
Treasury
Index
MTN
Medium
Term
Note
GOLDMAN
SACHS
ACCESS
HIGH
YIELD
CORPORATE
BOND
ETF
Schedule
of
Investments
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
91.0%
Advertising
1.0%
Clear
Channel
Outdoor
Holdings,
Inc.
$
516,000
5.125
%
08/15/27
(a)(b)
$
481,170
236,000
7.500
06/01/29
(a)(b)
186,440
Lamar
Media
Corp.
179,000
3.750
02/15/28
(a)
165,575
234,000
4.000
02/15/30
(a)
208,845
1,042,030
Aerospace
&
Defense
2.4%
Howmet
Aerospace,
Inc.
40,000
5.125
10/01/24
(a)
39,900
590,000
6.875
05/01/25
(a)
597,375
TransDigm,
Inc.
704,000
6.250
03/15/26
(a)(b)
701,360
46,000
7.500
03/15/27
(a)
46,230
523,000
5.500
11/15/27
(a)
504,695
698,000
4.625
01/15/29
(a)
631,690
2,521,250
Banks
0.3%
Freedom
Mortgage
Corp.
$
297,000
7.625
(a)(b)
05/01/26
(a)(b)
284,377
Basic
Industry
2.0%
Axalta
Coating
Systems
LLC
280,000
3.375
02/15/29
(a)(b)
243,950
Chemours
Co.
(The)
213,000
5.750
11/15/28
(a)(b)
193,830
Olin
Corp.
269,000
5.625
08/01/29
(a)
258,240
210,000
5.000
02/01/30
(a)
193,463
Olympus
Water  U.S.
Holding
Corp.
280,000
4.250
10/01/28
(a)(b)
243,250
SCIH
Salt
Holdings,
Inc.
303,000
6.625
05/01/29
(a)(b)
269,291
Tronox,
Inc.
417,000
4.625
03/15/29
(a)(b)
355,492
Valvoline,
Inc.
236,000
3.625
06/15/31
(a)(b)
194,700
WR
Grace
Holdings
LLC
188,000
4.875
06/15/27
(a)(b)
179,070
2,131,286
Broadcasting
2.7%
CMG
Media
Corp.
302,000
8.875
12/15/27
(a)(b)
245,375
iHeartCommunications,
Inc.
200,000
6.375
05/01/26
(a)
170,500
200,000
8.375
05/01/27
(a)
140,250
250,000
5.250
08/15/27
(a)(b)
191,250
Nexstar
Media,
Inc.
396,000
5.625
07/15/27
(a)(b)
375,210
Sirius
XM
Radio,
Inc.
476,000
5.000
08/01/27
(a)(b)
453,390
626,000
4.000
07/15/28
(a)(b)
560,270
319,000
3.875
09/01/31
(a)(b)
258,191
TEGNA,
Inc.
126,000
4.625
03/15/28
(a)
115,132
343,000
5.000
09/15/29
(a)
306,128
2,815,696
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
(continued)
Brokerage
0.7%
Coinbase
Global,
Inc.
$
138,000
3.375
%
10/01/28
(a)(b)
$
110,918
Jefferies
Finance
LLC
/
JFIN
Co.-Issuer
Corp.
470,000
5.000
08/15/28
(a)(b)
401,474
Ladder
Capital
Finance
Holdings
LLLP
/
Ladder
Capital
Finance
Corp.
284,000
4.750
06/15/29
(a)(b)
247,790
760,182
Building
Materials
0.9%
American
Builders
&
Contractors
Supply
Co.,
Inc.
171,000
4.000
01/15/28
(a)(b)
157,961
50,000
3.875
11/15/29
(a)(b)
43,375
Builders
FirstSource,
Inc.
88,000
5.000
03/01/30
(a)(b)
82,280
292,000
4.250
02/01/32
(a)(b)
251,485
Standard
Industries,
Inc.
329,000
4.375
07/15/30
(a)(b)
289,081
171,000
3.375
01/15/31
(a)(b)
140,434
964,616
Capital
Goods
3.2%
ASP
Unifrax
Holdings,
Inc.
320,000
5.250
09/30/28
(a)(b)
222,400
Ball
Corp.
482,000
2.875
08/15/30
(a)
400,662
Clydesdale
Acquisition
Holdings,
Inc.
51,000
6.625
04/15/29
(a)(b)
49,151
210,000
8.750
04/15/30
(a)(b)
189,000
Covanta
Holding
Corp.
321,000
4.875
12/01/29
(a)(b)
267,427
Crown
Americas
LLC
/
Crown
Americas
Capital
Corp.
V
198,000
4.250
09/30/26
(a)
190,327
Crown
Americas
LLC
/
Crown
Americas
Capital
Corp.
VI
148,000
4.750
02/01/26
(a)
144,485
Emerald
Debt
Merger
Sub
LLC
400,000
6.625
12/15/30
(a)(b)
401,000
Herc
Holdings,
Inc.
214,000
5.500
07/15/27
(a)(b)
208,918
LABL,
Inc.
233,000
6.750
07/15/26
(a)(b)
223,389
152,000
10.500
07/15/27
(a)(b)
138,890
Mauser
Packaging
Solutions
Holding
Co.
645,000
7.875
08/15/26
(a)(b)
640,969
Sensata
Technologies,
Inc.
406,000
3.750
02/15/31
(a)(b)
344,593
3,421,211
Communications
5.8%
AMC
Networks,
Inc.
175,000
4.250
02/15/29
(a)
123,375
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
300,000
5.125
05/01/27
(a)(b)
286,500
375,000
5.000
02/01/28
(a)(b)
352,500
279,000
5.375
06/01/29
(a)(b)
258,424
428,000
4.750
03/01/30
(a)(b)
376,640
300,000
4.500
08/15/30
(a)(b)
258,000
350,000
4.250
02/01/31
(a)(b)
293,125
440,000
7.375
03/01/31
(a)(b)
441,650
532,000
4.500
05/01/32
(a)
438,235
388,000
4.250
01/15/34
(a)(b)
304,580
GOLDMAN
SACHS
ACCESS
HIGH
YIELD
CORPORATE
BOND
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
(continued)
Communications
(continued)
CSC
Holdings
LLC
$
400,000
5.500
%
04/15/27
(a)(b)
$
354,500
250,000
7.500
04/01/28
(a)(b)
171,250
400,000
6.500
02/01/29
(a)(b)
340,000
240,000
5.750
01/15/30
(a)(b)
137,400
250,000
4.125
12/01/30
(a)(b)
178,750
400,000
4.625
12/01/30
(a)(b)
220,000
250,000
3.375
02/15/31
(a)(b)
170,625
Directv
Financing
LLC
/
Directv
Financing
Co.-Obligor,
Inc.
543,000
5.875
08/15/27
(a)(b)
489,379
Live
Nation
Entertainment,
Inc.
425,000
4.750
10/15/27
(a)(b)
401,625
WMG
Acquisition
Corp.
232,000
3.875
07/15/30
(a)(b)
203,000
293,000
3.000
02/15/31
(a)(b)
243,190
6,042,748
Consumer
Cyclical
19.0%
ADT
Security
Corp.
(The)
86,000
4.125
08/01/29
(a)(b)
76,648
46,000
4.875
07/15/32
(b)
40,422
Allison
Transmission,
Inc.
279,000
3.750
01/30/31
(a)(b)
234,360
AMC
Entertainment
Holdings,
Inc.
200,000
10.000
06/15/26
(a)
(b)(c)
162,000
American
Axle
&
Manufacturing,
Inc.
246,000
6.875
07/01/28
(a)
228,165
126,000
5.000
10/01/29
(a)
104,580
Anywhere
Real
Estate
Group
LLC
/
Anywhere
Co.-Issuer
Corp.
250,000
7.000
04/15/30
(a)(b)
217,187
Asbury
Automotive
Group,
Inc.
292,000
4.625
11/15/29
(a)(b)
262,435
Bath
&
Body
Works,
Inc.
194,000
6.875
11/01/35
183,815
100,000
6.750
07/01/36
93,250
Boyd
Gaming
Corp.
108,000
4.750
12/01/27
(a)
102,330
146,000
4.750
06/15/31
(a)(b)
130,122
Caesars
Entertainment,
Inc.
632,000
6.250
07/01/25
(a)(b)
628,840
305,000
8.125
07/01/27
(a)(b)
310,678
358,000
4.625
10/15/29
(a)(b)
315,488
Carnival
Corp.
841,000
7.625
03/01/26
(a)(b)
849,410
50,000
5.750
03/01/27
(a)(b)
47,563
871,000
6.000
05/01/29
(a)(b)
804,586
Carnival
Holdings
Bermuda
Ltd.
273,000
10.375
05/01/28
(a)(b)
297,229
Cedar
Fair
LP
/
Canada's
Wonderland
Co.
/
Magnum
Management
Corp.
/
Millennium
Op
219,000
5.500
05/01/25
(a)(b)
218,179
Clarios
Global
LP
/
Clarios  U.S.
Finance
Co.
289,000
8.500
05/15/27
(a)(b)
291,168
Fertitta
Entertainment
LLC
/
Fertitta
Entertainment
Finance
Co.,
Inc.
147,000
4.625
01/15/29
(a)(b)
130,279
44,000
6.750
01/15/30
(a)(b)
37,125
Ford
Motor
Co.
240,000
4.346
12/08/26
(a)
227,536
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
(continued)
Consumer
Cyclical
(continued)
Ford
Motor
Co.
(continued)
$
390,000
9.625
%
04/22/30
(a)
$
448,150
Ford
Motor
Credit
Co.
LLC
200,000
3.664
09/08/24
196,080
200,000
4.063
11/01/24
(a)
195,581
200,000
4.687
06/09/25
(a)
194,146
200,000
4.271
01/09/27
(a)
188,025
210,000
4.125
08/17/27
(a)
194,323
300,000
3.815
11/02/27
(a)
273,508
400,000
5.113
05/03/29
(a)
376,606
280,000
7.350
03/06/30
(a)
292,071
Ford
Motor
Credit
Co.
LLC
,
Series
GMTN
200,000
4.389
01/08/26
191,929
Gap,
Inc.
(The)
207,000
3.875
10/01/31
(a)(b)
164,565
Goodyear
Tire
&
Rubber
Co.
(The)
50,000
9.500
05/31/25
(a)
50,937
50,000
5.000
05/31/26
(a)
48,625
150,000
4.875
03/15/27
(a)
142,500
170,000
5.000
07/15/29
(a)
155,975
180,000
5.250
04/30/31
(a)
158,400
103,000
5.250
07/15/31
(a)
89,610
Hilton
Domestic
Operating
Co.,
Inc.
50,000
5.375
05/01/25
(a)(b)
49,750
220,000
5.750
05/01/28
(a)(b)
216,975
145,000
3.750
05/01/29
(a)(b)
130,862
45,000
4.875
01/15/30
(a)
42,300
283,000
4.000
05/01/31
(a)(b)
249,497
259,000
3.625
02/15/32
(a)(b)
218,683
Hilton
Grand
Vacations
Borrower
Escrow
LLC
/
Hilton
Grand
Vacations
Borrower
Esc
419,000
5.000
06/01/29
(a)(b)
371,339
Iron
Mountain,
Inc.
200,000
4.875
09/15/27
(a)(b)
190,000
239,000
5.250
03/15/28
(a)(b)
227,349
319,000
5.250
07/15/30
(a)(b)
295,075
400,000
4.500
02/15/31
(a)(b)
347,750
KFC
Holding
Co./Pizza
Hut
Holdings
LLC/Taco
Bell
of
America
LLC
150,000
4.750
06/01/27
(a)(b)
146,813
LCM
Investments
Holdings
II
LLC
290,000
4.875
05/01/29
(a)(b)
253,025
Light
&
Wonder
International,
Inc.
145,000
7.000
05/15/28
(a)(b)
145,906
146,000
7.250
11/15/29
(a)(b)
147,095
Macy's
Retail
Holdings
LLC
190,000
5.875
04/01/29
(a)(b)
179,312
101,000
6.125
03/15/32
(a)(b)
90,774
MGM
Resorts
International
79,000
5.750
06/15/25
(a)
78,802
161,000
4.625
09/01/26
(a)
155,164
180,000
5.500
04/15/27
(a)
174,825
160,000
4.750
10/15/28
(a)
148,800
Mohegan
Tribal
Gaming
Authority
354,000
8.000
02/01/26
(a)(b)
332,318
NCL
Corp.
Ltd.
196,000
3.625
12/15/24
(a)(b)
189,875
327,000
5.875
03/15/26
(a)(b)
311,467
114,000
7.750
02/15/29
(a)(b)
108,300
GOLDMAN
SACHS
ACCESS
HIGH
YIELD
CORPORATE
BOND
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
(continued)
Consumer
Cyclical
(continued)
NMG
Holding
Co.,
Inc.
/
Neiman
Marcus
Group
LLC
$
240,000
7.125
%
04/01/26
(a)(b)
$
223,800
PetSmart,
Inc.
/
PetSmart
Finance
Corp.
250,000
4.750
02/15/28
(a)(b)
228,750
250,000
7.750
02/15/29
(a)(b)
236,875
Premier
Entertainment
Sub
LLC
/
Premier
Entertainment
Finance
Corp.
100,000
5.625
09/01/29
(a)(b)
72,750
100,000
5.875
09/01/31
(a)(b)
71,500
Prime
Security
Services
Borrower
LLC
/
Prime
Finance,
Inc.
88,000
3.375
08/31/27
(a)(b)
79,640
358,000
6.250
01/15/28
(a)(b)
345,470
QVC,
Inc.
50,000
4.450
02/15/25
(a)
46,750
150,000
4.750
02/15/27
(a)
115,125
RHP
Hotel
Properties
LP
/
RHP
Finance
Corp.
299,000
4.500
02/15/29
(a)(b)
269,100
Royal
Caribbean
Cruises
Ltd.
420,000
4.250
07/01/26
(a)(b)
399,525
140,000
3.700
03/15/28
(a)
125,650
351,000
5.500
04/01/28
(a)(b)
336,082
200,000
8.250
01/15/29
(a)(b)
209,750
Sabre
GLBL,
Inc.
300,000
8.625
06/01/27
(a)(b)
251,625
Six
Flags
Entertainment
Corp.
250,000
5.500
04/15/27
(a)(b)
239,063
Staples,
Inc.
233,000
7.500
04/15/26
(a)(b)
207,370
Taylor
Morrison
Communities,
Inc.
243,000
5.125
08/01/30
(a)(b)
224,168
Tenneco,
Inc.
200,000
8.000
11/17/28
(a)(b)
165,500
Travel
+
Leisure
Co.
355,000
6.625
07/31/26
(a)(b)
355,887
Williams
Scotsman,
Inc.
254,000
6.125
06/15/25
(a)(b)
252,413
Wynn
Las
Vegas
LLC
/
Wynn
Las
Vegas
Capital
Corp.
179,000
5.500
03/01/25
(a)(b)
176,763
200,000
5.250
05/15/27
(a)(b)
192,500
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp.
200,000
5.125
10/01/29
(a)(b)
181,500
Yum!
Brands,
Inc.
161,000
4.750
01/15/30
(a)(b)
149,931
164,000
3.625
03/15/31
(a)
141,245
354,000
5.375
04/01/32
(a)
335,415
19,790,629
Consumer
Noncyclical
3.7%
Allied
Universal
Holdco
LLC
/
Allied
Universal
Finance
Corp.
62,000
6.625
07/15/26
(a)(b)
60,295
207,000
9.750
07/15/27
(a)(b)
190,828
280,000
6.000
06/01/29
(a)(b)
213,500
Allied
Universal
Holdco
LLC
/Allied
Universal
Finance
Corp.
/
Atlas
Luxco
4
Sarl
200,000
4.625
06/01/28
(a)(b)
175,000
Hologic,
Inc.
104,000
4.625
02/01/28
(a)(b)
98,670
375,000
3.250
02/15/29
(a)(b)
330,938
Medline
Borrower
LP
986,000
3.875
04/01/29
(a)(b)
877,540
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
(continued)
Consumer
Noncyclical
(continued)
Medline
Borrower
LP
(continued)
$
121,000
5.250
%
10/01/29
(a)(b)
$
109,959
Molina
Healthcare,
Inc.
450,000
4.375
06/15/28
(a)(b)
417,375
Organon
&
Co
/
Organon
Foreign
Debt
Co.-Issuer
BV
720,000
4.125
04/30/28
(a)(b)
641,700
290,000
5.125
04/30/31
(a)(b)
230,550
RegionalCare
Hospital
Partners
Holdings
Inc
/
LifePoint
Health,
Inc.
393,000
9.750
12/01/26
(a)(b)
381,210
Vector
Group
Ltd.
154,000
10.500
11/01/26
(a)(b)
154,770
3,882,335
Consumer
Products
0.7%
Coty,
Inc.
382,000
5.000
04/15/26
(a)(b)
374,838
Tempur
Sealy
International,
Inc.
300,000
4.000
04/15/29
(a)(b)
259,500
634,338
Distribution
&
Logistics
0.2%
WESCO
Distribution,
Inc.
171,000
7.250
(a)(b)
06/15/28
(a)(b)
174,206
Electric
2.7%
Calpine
Corp.
191,000
5.250
06/01/26
(a)(b)
187,180
150,000
4.625
02/01/29
(a)(b)
135,750
68,000
5.000
02/01/31
(a)(b)
59,925
277,000
3.750
03/01/31
(a)(b)
237,527
Clearway
Energy
Operating
LLC
473,000
3.750
02/15/31
(a)(b)
394,955
FirstEnergy
Corp.
487,000
2.650
03/01/30
(a)
413,169
FirstEnergy
Corp.
,
Series
B
126,000
4.150
07/15/27
(a)
120,120
PG&E
Corp.
487,000
5.250
07/01/30
(a)
460,148
Vistra
Operations
Co.
LLC
187,000
5.625
02/15/27
(a)(b)
182,325
385,000
5.000
07/31/27
(a)(b)
366,231
284,000
4.375
05/01/29
(a)(b)
257,020
2,814,350
Energy
12.0%
Antero
Midstream
Partners
LP
/
Antero
Midstream
Finance
Corp.
167,000
5.750
03/01/27
(a)(b)
163,869
71,000
5.750
01/15/28
(a)(b)
69,047
Antero
Resources
Corp.
126,000
7.625
02/01/29
(a)(b)
129,150
150,000
5.375
03/01/30
(a)(b)
141,375
Archrock
Partners
LP
/
Archrock
Partners
Finance
Corp.
297,000
6.875
04/01/27
(a)(b)
296,258
Ascent
Resources
Utica
Holdings
LLC
/
ARU
Finance
Corp.
152,000
5.875
06/30/29
(a)(b)
140,410
Buckeye
Partners
LP
68,000
3.950
12/01/26
(a)
64,430
134,000
4.125
12/01/27
(a)
123,949
146,000
4.500
03/01/28
(a)(b)
133,955
Callon
Petroleum
Co.
332,000
8.000
08/01/28
(a)(b)
337,810
GOLDMAN
SACHS
ACCESS
HIGH
YIELD
CORPORATE
BOND
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
(continued)
Energy
(continued)
CITGO
Petroleum
Corp.
$
70,000
6.375
%
06/15/26
(a)(b)
$
69,387
Civitas
Resources,
Inc.
200,000
8.375
07/01/28
(a)(b)
205,500
200,000
8.750
07/01/31
(a)(b)
207,500
Comstock
Resources,
Inc.
108,000
6.750
03/01/29
(a)(b)
99,900
132,000
5.875
01/15/30
(a)(b)
115,170
CQP
Holdco
LP
/
BIP-V
Chinook
Holdco
LLC
500,000
5.500
06/15/31
(a)(b)
462,500
CrownRock
LP
/
CrownRock
Finance,
Inc.
364,000
5.625
10/15/25
(a)(b)
362,180
DT
Midstream,
Inc.
297,000
4.375
06/15/31
(a)(b)
261,731
Endeavor
Energy
Resources
LP
/
EER
Finance,
Inc.
243,000
5.750
01/30/28
(a)(b)
238,140
EnLink
Midstream
LLC
343,000
5.375
06/01/29
(a)
330,006
EnLink
Midstream
Partners
LP
312,000
4.850
07/15/26
(a)
304,361
EQM
Midstream
Partners
LP
293,000
6.000
07/01/25
(a)(b)
291,901
50,000
7.500
06/01/27
(a)(b)
51,125
170,000
6.500
07/01/27
(a)(b)
170,637
67,000
5.500
07/15/28
(a)
65,493
199,000
4.500
01/15/29
(a)(b)
182,085
239,000
4.750
01/15/31
(a)(b)
213,606
Hess
Midstream
Operations
LP
77,000
5.125
06/15/28
(a)(b)
73,631
233,000
4.250
02/15/30
(a)(b)
208,535
100,000
5.500
10/15/30
(a)(b)
94,250
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.
75,000
6.250
11/01/28
(a)(b)
73,312
269,000
5.750
02/01/29
(a)(b)
252,860
150,000
6.000
02/01/31
(a)(b)
139,125
ITT
Holdings
LLC
260,000
6.500
08/01/29
(a)(b)
228,475
Moss
Creek
Resources
Holdings,
Inc.
130,000
7.500
01/15/26
(a)(b)
127,888
265,000
10.500
05/15/27
(a)(b)
267,650
Nabors
Industries
Ltd.
189,000
7.250
01/15/26
(a)(b)
180,967
Nabors
Industries,
Inc.
81,000
5.750
02/01/25
(a)
81,203
New
Fortress
Energy,
Inc.
547,000
6.500
09/30/26
(a)(b)
519,650
PBF
Holding
Co.
LLC
/
PBF
Finance
Corp.
323,000
6.000
02/15/28
(a)
311,695
Range
Resources
Corp.
185,000
4.875
05/15/25
(a)
182,688
153,000
8.250
01/15/29
(a)
158,546
250,000
4.750
02/15/30
(a)(b)
227,500
SM
Energy
Co.
90,000
6.750
09/15/26
(a)
89,325
199,000
6.625
01/15/27
(a)
197,010
Southwestern
Energy
Co.
293,000
5.375
03/15/30
(a)
278,716
341,000
4.750
02/01/32
(a)
304,343
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
(continued)
Energy
(continued)
Sunoco
LP
/
Sunoco
Finance
Corp.
$
130,000
6.000
%
04/15/27
(a)
$
129,837
200,000
4.500
05/15/29
(a)
183,000
Transocean
Titan
Financing
Ltd.
193,000
8.375
02/01/28
(a)(b)
197,342
Transocean,
Inc.
187,000
11.500
01/30/27
(a)(b)
194,246
627,000
8.750
02/15/30
(a)(b)
641,891
USA
Compression
Partners
LP
/
USA
Compression
Finance
Corp.
316,000
6.875
04/01/26
(a)
315,210
Venture
Global
Calcasieu
Pass
LLC
520,000
3.875
08/15/29
(a)(b)
456,950
247,000
3.875
11/01/33
(a)(b)
201,614
Venture
Global
LNG,
Inc.
510,000
8.125
06/01/28
(a)(b)
506,175
250,000
9.500
02/01/29
(a)(b)
258,125
Weatherford
International
Ltd.
250,000
6.500
09/15/28
(a)(b)
253,750
12,566,984
Financial
Company
5.3%
Coinbase
Global,
Inc.
250,000
3.625
10/01/31
(a)(b)
183,750
HUB
International
Ltd.
282,000
7.000
05/01/26
(a)(b)
282,000
170,000
5.625
12/01/29
(a)(b)
154,913
Icahn
Enterprises
LP
/
Icahn
Enterprises
Finance
Corp.
564,000
6.375
12/15/25
(a)
544,367
310,000
5.250
05/15/27
(a)
281,325
LD
Holdings
Group
LLC
226,000
6.125
04/01/28
(a)(b)
159,330
Midcap
Financial
Issuer
Trust
500,000
6.500
05/01/28
(a)(b)
435,000
Nationstar
Mortgage
Holdings,
Inc.
130,000
6.000
01/15/27
(a)(b)
126,912
353,000
5.500
08/15/28
(a)(b)
329,173
Navient
Corp.
108,000
5.875
10/25/24
107,662
164,000
6.750
06/25/25
165,845
271,000
6.750
06/15/26
270,109
Navient
Corp.
,
Series
MTN
297,000
5.625
08/01/33
231,289
NFP
Corp.
342,000
6.875
08/15/28
(a)(b)
305,235
OneMain
Finance
Corp.
120,000
3.500
01/15/27
(a)
107,550
375,000
3.875
09/15/28
(a)
322,969
235,000
4.000
09/15/30
(a)
192,112
PennyMac
Financial
Services,
Inc.
302,000
5.375
10/15/25
(a)(b)
294,450
150,000
5.750
09/15/31
(a)(b)
132,562
Rocket
Mortgage
LLC
244,000
5.250
01/15/28
(a)(b)
233,140
Rocket
Mortgage
LLC
/
Rocket
Mortgage
Co.-Issuer,
Inc.
371,000
3.875
03/01/31
(a)(b)
311,744
270,000
4.000
10/15/33
(a)(b)
218,735
United
Wholesale
Mortgage
LLC
269,000
5.500
04/15/29
(a)(b)
240,419
5,630,591
GOLDMAN
SACHS
ACCESS
HIGH
YIELD
CORPORATE
BOND
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
(continued)
Food
and
Beverage
2.7%
Aramark
Services,
Inc.
$
395,000
5.000
%
02/01/28
(a)(b)
$
376,238
Lamb
Weston
Holdings,
Inc.
620,000
4.125
01/31/30
(a)(b)
557,225
Performance
Food
Group,
Inc.
488,000
5.500
10/15/27
(a)(b)
473,970
Post
Holdings,
Inc.
279,000
5.750
03/01/27
(a)(b)
274,117
180,000
5.625
01/15/28
(a)(b)
175,950
273,000
5.500
12/15/29
(a)(b)
257,985
370,000
4.500
09/15/31
(a)(b)
323,288
U.S.
Foods,
Inc.
300,000
4.750
02/15/29
(a)(b)
278,625
2,717,398
Hardware
0.9%
CommScope
Technologies
LLC
294,000
5.000
03/15/27
(a)(b)
126,420
CommScope,
Inc.
429,000
6.000
03/01/26
(a)(b)
370,012
80,000
7.125
07/01/28
(a)(b)
37,600
NCR
Voyix
Corp.
254,000
5.000
10/01/28
(a)(b)
232,410
190,000
5.250
10/01/30
(a)(b)
166,962
933,404
Healthcare
5.7%
AdaptHealth
LLC
195,000
5.125
03/01/30
(a)(b)
156,000
CHS/Community
Health
Systems,
Inc.
226,000
6.000
01/15/29
(a)(b)
192,665
238,000
6.875
04/15/29
(a)(b)
141,015
476,000
5.250
05/15/30
(a)(b)
373,660
399,000
4.750
02/15/31
(a)(b)
296,257
DaVita,
Inc.
526,000
4.625
06/01/30
(a)(b)
447,100
313,000
3.750
02/15/31
(a)(b)
245,705
Encompass
Health
Corp.
400,000
4.750
02/01/30
(a)
366,000
IQVIA,
Inc.
280,000
5.000
05/15/27
(a)(b)
272,300
Legacy
LifePoint
Health
LLC
323,000
4.375
02/15/27
(a)(b)
281,818
MPH
Acquisition
Holdings
LLC
250,000
5.500
09/01/28
(a)(b)
219,063
250,000
5.750
11/01/28
(a)(b)
195,000
Service
Corp.
International
115,000
4.625
12/15/27
(a)
109,825
468,000
5.125
06/01/29
(a)
449,280
Tenet
Healthcare
Corp.
397,000
4.875
01/01/26
(a)
391,045
290,000
6.250
02/01/27
(a)
288,913
305,000
5.125
11/01/27
(a)
293,562
193,000
4.625
06/15/28
(a)
180,455
451,000
6.125
10/01/28
(a)
438,597
420,000
4.250
06/01/29
(a)
375,900
5,714,160
Insurance
1.4%
Acrisure
LLC
/
Acrisure
Finance,
Inc.
80,000
7.000
11/15/25
(a)(b)
78,982
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
(continued)
Insurance
(continued)
Acrisure
LLC
/
Acrisure
Finance,
Inc.
(continued)
$
157,000
10.125
%
08/01/26
(a)(b)
$
162,495
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co.-Issuer
973,000
4.250
10/15/27
(a)(b)
906,106
204,000
6.750
10/15/27
(a)(b)
196,095
AssuredPartners,
Inc.
150,000
5.625
01/15/29
(a)(b)
134,438
1,478,116
Metals
0.4%
Novelis
Corp.
451,000
4.750
01/30/30
(a)(b)
412,101
60,000
3.875
08/15/31
(a)(b)
50,775
462,876
Metals
and
Mining
0.4%
Cleveland-Cliffs,
Inc.
386,000
6.750
(a)(b)
03/15/26
(a)(b)
385,518
Natural
Gas
2.9%
Energy
Transfer
LP
50,000
5.750
04/01/25
(a)
49,938
69,000
5.625
05/01/27
(a)(b)
67,965
382,000
6.000
02/01/29
(a)(b)
378,180
Ferrellgas
LP
/
Ferrellgas
Finance
Corp.
359,000
5.375
04/01/26
(a)(b)
343,742
Genesis
Energy
LP
/
Genesis
Energy
Finance
Corp.
570,000
8.000
01/15/27
(a)
572,850
NGL
Energy
Operating
LLC
/
NGL
Energy
Finance
Corp.
128,000
7.500
02/01/26
(a)(b)
128,640
NuStar
Logistics
LP
193,000
6.000
06/01/26
(a)
193,000
100,000
5.625
04/28/27
(a)
98,500
Rockies
Express
Pipeline
LLC
251,000
4.950
07/15/29
(a)(b)
232,175
Tallgrass
Energy
Partners
LP
/
Tallgrass
Energy
Finance
Corp.
153,000
6.000
03/01/27
(a)(b)
147,454
111,000
5.500
01/15/28
(a)(b)
102,953
150,000
6.000
09/01/31
(a)(b)
134,812
Venture
Global
LNG,
Inc.
550,000
8.375
06/01/31
(a)(b)
541,406
2,991,615
Pharmaceuticals
1.0%
Bausch
Health
Cos.,
Inc.
550,000
5.500
11/01/25
(a)(b)
481,250
200,000
6.125
02/01/27
(a)(b)
112,000
500,000
4.875
06/01/28
(a)(b)
252,500
250,000
11.000
09/30/28
(b)
156,875
100,000
6.250
02/15/29
(a)(b)
36,000
1,038,625
REITs
and
Real
Estate
1.5%
Howard
Hughes
Corp.
(The)
329,000
4.375
02/01/31
(a)(b)
274,715
Kennedy-Wilson,
Inc.
241,000
5.000
03/01/31
(a)
181,955
Service
Properties
Trust
239,000
7.500
09/15/25
(a)
239,939
60,000
4.950
10/01/29
(a)
46,950
263,000
4.375
02/15/30
(a)
193,634
GOLDMAN
SACHS
ACCESS
HIGH
YIELD
CORPORATE
BOND
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
(continued)
REITs
and
Real
Estate
(continued)
Starwood
Property
Trust,
Inc.
$
434,000
3.750
%
12/31/24
(a)(b)
$
421,414
60,000
4.750
03/15/25
(a)
59,325
1,417,932
Rental
Equipment
1.3%
H&E
Equipment
Services,
Inc.
440,000
3.875
12/15/28
(a)(b)
389,400
United
Rentals
North
America,
Inc.
228,000
5.500
05/15/27
(a)
225,102
280,000
4.875
01/15/28
(a)
270,200
240,000
5.250
01/15/30
(a)
230,100
281,000
3.875
02/15/31
(a)
245,524
1,360,326
Software
1.6%
Cloud
Software
Group,
Inc.
663,000
6.500
03/31/29
(a)(b)
613,275
650,000
9.000
09/30/29
(a)(b)
587,437
SS&C
Technologies,
Inc.
412,000
5.500
09/30/27
(a)(b)
398,948
1,599,660
Technology
2.8%
Arches
Buyer,
Inc.
152,000
4.250
06/01/28
(a)(b)
133,000
234,000
6.125
12/01/28
(a)(b)
201,240
Imola
Merger
Corp.
328,000
4.750
05/15/29
(a)(b)
299,710
McAfee
Corp.
297,000
7.375
02/15/30
(a)(b)
257,276
Presidio
Holdings,
Inc.
225,000
8.250
02/01/28
(a)(b)
219,656
Seagate
HDD
Cayman
150,000
8.250
12/15/29
(a)(b)
160,500
385,000
9.625
12/01/32
(a)(b)
432,162
Uber
Technologies,
Inc.
617,000
4.500
08/15/29
(a)(b)
571,496
Veritas  U.S.,
Inc.
/
Veritas
Bermuda
Ltd.
300,000
7.500
09/01/25
(a)(b)
233,336
Verscend
Escrow
Corp.
209,000
9.750
08/15/26
(a)(b)
210,167
Xerox
Holdings
Corp.
295,000
5.500
08/15/28
(a)(b)
247,431
2,965,974
Transportation
2.3%
American
Airlines,
Inc.
371,000
11.750
07/15/25
(b)
406,709
American
Airlines,
Inc.
/AAdvantage
Loyalty
IP
Ltd.
485,000
5.500
04/20/26
(b)
479,544
698,000
5.750
04/20/29
(b)
668,318
Fortress
Transportation
and
Infrastructure
Investors
LLC
95,000
6.500
10/01/25
(a)(b)
94,288
Spirit
Loyalty
Cayman
Ltd
/
Spirit
IP
Cayman
Ltd.
100,000
8.000
09/20/25
(a)(b)
72,250
United
Airlines,
Inc.
188,000
4.375
04/15/26
(a)(b)
179,130
513,000
4.625
04/15/29
(a)(b)
458,155
2,358,394
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Obligations
(continued)
Wireless
0.4%
SBA
Communications
Corp.
$
300,000
3.875
%
02/15/27
(a)
$
281,873
Viasat,
Inc.
100,000
7.500
05/30/31
(a)(b)
72,000
353,873
Wirelines
3.1%
Cablevision
Lightpath
LLC
200,000
5.625
09/15/28
(a)(b)
150,500
Consolidated
Communications,
Inc.
202,000
6.500
10/01/28
(a)(b)
167,913
Embarq
Corp.
200,000
7.995
06/01/36
115,500
Frontier
Communications
Holdings
LLC
500,000
5.000
05/01/28
(a)(b)
450,000
200,000
6.750
05/01/29
(a)(b)
169,750
273,000
5.875
11/01/29
(a)
218,741
150,000
6.000
01/15/30
(a)(b)
119,813
Level
3
Financing,
Inc.
150,000
4.250
07/01/28
(a)(b)
60,375
100,000
3.625
01/15/29
(a)(b)
36,500
125,000
3.750
07/15/29
(a)(b)
45,625
390,000
3.875
11/15/29
(a)(b)
300,788
Lumen
Technologies,
Inc.
200,000
4.000
02/15/27
(a)(b)
106,250
Uniti
Group
LP
/
Uniti
Group
Finance,
Inc.
/
CSL
Capital
LLC
300,000
10.500
02/15/28
(a)(b)
297,000
491,000
4.750
04/15/28
(a)(b)
409,985
150,000
6.500
02/15/29
(a)(b)
100,875
Windstream
Escrow
LLC
/
Windstream
Escrow
Finance
Corp.
202,000
7.750
08/15/28
(a)(b)
167,407
Zayo
Group
Holdings,
Inc.
420,000
4.000
03/01/27
(a)(b)
321,825
3,238,847
TOTAL
CORPORATE
OBLIGATIONS
(Cost
$98,329,534)
94,493,547
a
Foreign
Corporate
Debt
6.5%
Aerospace
&
Defense
0.8%
Bombardier,
Inc.
(
Canada
)
547,000
7.125
06/15/26
(a)(b)
548,367
291,000
7.875
04/15/27
(a)(b)
291,728
840,095
Basic
Industry
0.7%
Methanex
Corp.
(
Canada
)
188,000
5.125
10/15/27
(a)
177,895
102,000
5.250
12/15/29
(a)
94,196
NOVA
Chemicals
Corp.
(
Canada
)
190,000
5.000
05/01/25
(a)(b)
183,825
273,000
5.250
06/01/27
(a)(b)
244,335
700,251
Capital
Goods
0.7%
ARD
Finance
SA
(
Luxembourg
)
200,000
6.500
06/30/27
(a)
(b)(c)
106,000
GFL
Environmental,
Inc.
(
Canada
)
271,000
4.250
06/01/25
(a)(b)
264,903
50,000
3.750
08/01/25
(a)(b)
48,500
GOLDMAN
SACHS